by mathaba.net
A large cache of the 264 gold coins was discovered during archaeological excavations which began about two years ago in the Giv`ati car park in the City of David in the Walls Around Jerusalem National Park.
The Israel Antiquities Authority announced Monday that 264 gold coins of 1300-year-old was exposed Sunday in Jerusalem.
A large cache of the 264 gold coins was discovered during archaeological excavations which began about two years ago in the Giv'ati car park in the City of David in the Walls Around Jerusalem National Park, the authority said in a statement.
According to the statement, the coins were among the ruins of the building that dates to about the seventh century CE, or the end of the Byzantine period and the beginning of the Umayyad period.
"This is one of the largest and most impressive coin hoards ever discovered in Jerusalem - certainly the largest and most important of its period," said Dr. Doron Ben-Ami and Yana Tchekhanovets, directors of the excavation at the site on behalf of the Israel Antiquities Authority.
The excavation of the large building, in which the hoard was discovered, is still in its early stages and the archaeologists are continuing collecting further data of the coins.
Tuesday, December 23, 2008
Friday, November 14, 2008
Details Important When Grading Coins
By F. Michael Fazzari
Recently, an exchange at our local coin show turned my thoughts to the details found on coins and how they relate to grading. A gentleman came up to the table and asked to see a copy of the new edition of the American Numismatic Association Grading Standards for United States Coins that was open near my microscope.
He handed it back to me saying; "Look at this"while pointing to the bottom photo of the 1871 Seated Liberty dime on Page 160.
"How can you grade this; there are no details?"
My table mates and I looked at the photo, then at each other, until someone said, "The photo is a dime in G-4 condition and there are not supposed to be any details on a coin in that grade." I don't think the gentleman understood; and he didn't stay around for any further discussion.
Remember, the grading books are guides. I'll bet we could take any of them and find a fuzzy photo, misprint, or a photo that is borderline for the grade that it represents; however, I think the gentleman's assertion went deeper than that.
What do you think of when you read the word "details?" Did you know that a coin grading Fine can have "major details" or that the word "details" is used to describe coins in Extremely Fine condition or less in the Red Book?
When I think of a coin with detail, I imagine the intricate die work found on German thalers, the reverse of an uncirculated 8 escudo, or any number of foreign coins from the 19th century. Those coins have minute details. I cannot think of many U.S. designs with that amount of detail unless we look at our commemorative coinage.
I've always considered a "detail" to be something very small. Pull out a Red Book and look at the reverse of a Columbian half dollar. I think of a "detail" as something about the size of a "block" in the rigging of Columbus' ship the Santa Maria on the half dollar. Perhaps I have been looking at coins with a microscope for far too long.
By definition, a detail is just an individual part or a particular part of the whole. So a detail does not necessarily need to be small at all. Taken to extreme, I guess the entire ship could be called a detail of the reverse!
Now it makes more sense to me that such characteristics as the large folds on Lincoln's coat have been referred to as details in the grading guides.
Since the gentleman's question did cause me to reappraise my thoughts on the meaning of "details," let's examine how important details are for graders.
Consider the Lincoln cent. The Red Book outlines the basic coin grades in an abbreviated manner using the design elements of the wheat ears and Lincoln's jaw. I don't recall that much has changed in these descriptions since I was a teenager.
The ANA grading guide uses the same basic criteria. With the addition of photographs and expanded descriptions, it allows a collector to see the changes taking place to the design as a coin drops in grade from about uncirculated to good. For grades less than Extra Fine that little word "details" creeps back into the descriptions.
A coin such as the 1871 dime that has a flat rim with mainly the outline of its relief visible has little detail. We only see the major design. With each increase in grade, more of the design becomes visible. Numismatists focus on specific design elements to help define the grade of each coin series.
The word "Liberty" is an important element of Gobrecht's Seated designs. For Lincoln cents a great deal of weight is placed on the wheat stalks on the coin's reverse.
While the amount of the design remaining on a coin should get you on base, there are other factors to consider, for circulated coins, especially for the higher grades. A coin's overall appearance and eye appeal as well as the amount of any remaining original luster becomes important for grades above Very Fine. This is when we will actually start to see the tiny details of its design pop out. I'm a detail man and coins begin to come alive when I see individual hair strands, flower buds and the veins in leaves on display.
Incidentally, I've found that the ANA publication is adequate for most graders. Newer guides seem to transpose words and phrases or paraphrase sentences found in the ANA guide in an attempt to appear "new and improved." Nevertheless, as you become more knowledgeable, you'll want to have a copy of every grading guide, including one of the forerunners, Photograde.
Each guide has some duplication, but the variety of photos will help expand your grading skills.
Recently, an exchange at our local coin show turned my thoughts to the details found on coins and how they relate to grading. A gentleman came up to the table and asked to see a copy of the new edition of the American Numismatic Association Grading Standards for United States Coins that was open near my microscope.
He handed it back to me saying; "Look at this"while pointing to the bottom photo of the 1871 Seated Liberty dime on Page 160.
"How can you grade this; there are no details?"
My table mates and I looked at the photo, then at each other, until someone said, "The photo is a dime in G-4 condition and there are not supposed to be any details on a coin in that grade." I don't think the gentleman understood; and he didn't stay around for any further discussion.
Remember, the grading books are guides. I'll bet we could take any of them and find a fuzzy photo, misprint, or a photo that is borderline for the grade that it represents; however, I think the gentleman's assertion went deeper than that.
What do you think of when you read the word "details?" Did you know that a coin grading Fine can have "major details" or that the word "details" is used to describe coins in Extremely Fine condition or less in the Red Book?
When I think of a coin with detail, I imagine the intricate die work found on German thalers, the reverse of an uncirculated 8 escudo, or any number of foreign coins from the 19th century. Those coins have minute details. I cannot think of many U.S. designs with that amount of detail unless we look at our commemorative coinage.
I've always considered a "detail" to be something very small. Pull out a Red Book and look at the reverse of a Columbian half dollar. I think of a "detail" as something about the size of a "block" in the rigging of Columbus' ship the Santa Maria on the half dollar. Perhaps I have been looking at coins with a microscope for far too long.
By definition, a detail is just an individual part or a particular part of the whole. So a detail does not necessarily need to be small at all. Taken to extreme, I guess the entire ship could be called a detail of the reverse!
Now it makes more sense to me that such characteristics as the large folds on Lincoln's coat have been referred to as details in the grading guides.
Since the gentleman's question did cause me to reappraise my thoughts on the meaning of "details," let's examine how important details are for graders.
Consider the Lincoln cent. The Red Book outlines the basic coin grades in an abbreviated manner using the design elements of the wheat ears and Lincoln's jaw. I don't recall that much has changed in these descriptions since I was a teenager.
The ANA grading guide uses the same basic criteria. With the addition of photographs and expanded descriptions, it allows a collector to see the changes taking place to the design as a coin drops in grade from about uncirculated to good. For grades less than Extra Fine that little word "details" creeps back into the descriptions.
A coin such as the 1871 dime that has a flat rim with mainly the outline of its relief visible has little detail. We only see the major design. With each increase in grade, more of the design becomes visible. Numismatists focus on specific design elements to help define the grade of each coin series.
The word "Liberty" is an important element of Gobrecht's Seated designs. For Lincoln cents a great deal of weight is placed on the wheat stalks on the coin's reverse.
While the amount of the design remaining on a coin should get you on base, there are other factors to consider, for circulated coins, especially for the higher grades. A coin's overall appearance and eye appeal as well as the amount of any remaining original luster becomes important for grades above Very Fine. This is when we will actually start to see the tiny details of its design pop out. I'm a detail man and coins begin to come alive when I see individual hair strands, flower buds and the veins in leaves on display.
Incidentally, I've found that the ANA publication is adequate for most graders. Newer guides seem to transpose words and phrases or paraphrase sentences found in the ANA guide in an attempt to appear "new and improved." Nevertheless, as you become more knowledgeable, you'll want to have a copy of every grading guide, including one of the forerunners, Photograde.
Each guide has some duplication, but the variety of photos will help expand your grading skills.
Monday, October 13, 2008
Hawaii quarter, last of 50, to be minted tomorrow
By Michael Levine
Just as Hawaii was the final territory to attain membership in the United States of America, the Aloha State’s quarter-dollar coin will conclude the 50 State Quarters Program when it is ceremonially struck tomorrow in Denver, Colo., according to an announcement from the United States Mint.
The official Hawaii Quarter Launch will be Nov. 10 in Honolulu, signaling the end of the 10-year program, which was started in 1999 in an effort “to promote the diffusion of knowledge among the youth of the United States about the individual states, their history and geography, and the rich diversity of the national heritage,” according to the Mint’s Web site.
Hawaii became state No. 50 on Aug. 21, 1959, and the near half-century since that event mark the longest stretch in American history without the addition of a new state.
The reverse of Hawaii’s quarter, designed and sculpted by United States Mint Sculptor-Engraver Don Everhart, features Hawaiian monarch King Kamehameha I stretching his hand toward the eight Main Hawaiian Islands, the announcement says.
Inscriptions on the coin include “Hawaii,” “1959” and “Ua mau ke ea o ka ‘aina i ka pono,” the state motto that translates to “the life of the land is perpetuated in righteousness.”
The 36-member Hawaii Commemorative Quarter Advisory Commission invited citizens to submit themes for the coin’s design, according to the Mint’s Web site. From the 400 ideas it received, the commission developed five narratives to be developed into design candidates by the Mint’s Sculptor-Engravers and artists in the Mint’s Artistic Infusion Program.
An online poll was then conducted to determine citizens’ preference, with more than 26,000 votes cast. On April 23, 2007, Gov. Linda Lingle announced her selection of the “Hawaii, the Island State” design featuring King Kamehameha I, which was the recommendation of the commission and also the winning design of the online poll, the Mint’s Web site said.
Four other designs were considered, including “Hawai‘i — Diverse but Unified,” an alternate design depicting the eight Main Hawaiian Islands and King Kamehameha I; “Aloha Spirit,” featuring a traditional female hula dancer; “Diamond Head,” featuring the iconic O‘ahu landmark; and “Surfing – Hawai‘i’s Gift to the World,” the site said.
Almost 34 billion state quarters representing more than $8 billion in U.S. currency have been produced in the last decade, according to the Mint’s Web site.
In 2005, the Congressional Budget Office estimated the federal government had created $4.6 billion in profit from the program because collectors purchased the coins and took them out of circulation, a phenomenon called seigniorage.
The coins, all of which feature the same front, or “heads” side, are each adorned with a reverse-side design unique to the states they represent. A new state coin has been released at the rate of roughly one every 10 weeks since the program’s inception.
Delaware, which attained statehood on Dec. 7, 1787, and is nicknamed the First State, became the first to have a quarter minted in January 1999. Alaska, which became the nation’s 49th state on Jan. 3, 1959, saw its quarter released on Aug. 25.
In 2009, the United States Mint will commemorate the District of Columbia and the U.S. Territories — the Commonwealth of Puerto Rico, Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands — by minting and issuing six newly designed quarters.
Friday, October 10, 2008
Gold and Silver Bald Eagles Popular
By CoinNews.net
The U.S. Mint’s 2008 American Bald Eagle coins are proving to be popular with coin collectors. Especially the $5 gold and $1 silver versions, with nearly 70% of their max mintage already sold.
All three legal tender coins (gold, silver & clad) celebrate the successful recovery and restoration of the Bald Eagle to America’s skies and the upcoming 35th Anniversary of the Endangered Species Act on December 28.
The popularity of the coins couldn’t make the American Eagle Foundation (AEF) happier since the not-for-profit organization receives a portion of each coin sale — $35 per gold piece, $10 per silver coin, and $3 for each clad.
AEF is dedicated to protecting the majestic Bald Eagle, the USA’s National Symbol, and its habitat by supporting and conducting eagle and environmental recovery and education programs.
"We’re grateful that so many patriots are stepping forward to support our nation’s living symbol of Freedom," said American Eagle Foundation President Al Cecere. "Every American should do their part to help keep this majestic bird thriving for generations to come."
Public Law 108-486, signed by President George W. Bush on December 23, 2004, calls for the U.S. Mint to issue up to 750,000 half-dollar clad coins, 500,000 silver dollars, and 100,000 $5 gold coins commemorating the Bald Eagle until December 12, 2008. There are proof an uncirculated versions of each.
If every coin in the series sells out by that deadline, nearly $11 million would be raised for AEF’s eagle preservation fund. To date, about 68,000 $5 gold, 338,000 silver dollar and 285,000 50-cent clad coins have been sold, raising about $6.6 million.
The beauty of the coins, the desire to own physical bullion and the fast approaching holiday season could potentially result in some sellouts. As for Christmas, Cecere said,
"With Christmas quickly approaching, these beautiful precious metal collectibles make wonderful gifts that will be valued forever. What better way to be bullish on America than to invest in the ongoing care of such a precious national treasure."
Bald Eagle coin order information and prices The following table contains U.S. Mint product page links and prices for each coin.
2008 Bald Eagle Coins
50c Proof Clad $10.95 5
0c Uncirculated Clad $8.95
$1 Proof Silver $43.95
$1 Uncirculated Silver $37.95
$5 Proof Gold $319.95
$5 Uncirculated Gold $309.95
There is an order limit 100 coins per household.
The gold, silver and clad coins have the following specifications:
Bald Eagle $5 Gold Coins
Weight: 8.359 grams nominalDiameter: 0.850 inches (± 0.003 inches)Composition: 90% gold, 10% alloyMintage Limit: 100,000 (across all product options)
Bald Eagle Silver Dollars
Weight: 26.730 grams nominalDiameter: 1.500 inches (± 0.003 inches)Composition: 90% silver, 10% alloyMintage Limit: 500,000 (across all product options)
Bald Eagle Half-dollars
Weight: 11.340 grams (± 0.454)Diameter: 1.205 inches (± 0.002 inches)Composition: 8.33% nickel, balance copperMintage Limit: 750,000 (across all product options)
The U.S. Mint’s 2008 American Bald Eagle coins are proving to be popular with coin collectors. Especially the $5 gold and $1 silver versions, with nearly 70% of their max mintage already sold.
All three legal tender coins (gold, silver & clad) celebrate the successful recovery and restoration of the Bald Eagle to America’s skies and the upcoming 35th Anniversary of the Endangered Species Act on December 28.
The popularity of the coins couldn’t make the American Eagle Foundation (AEF) happier since the not-for-profit organization receives a portion of each coin sale — $35 per gold piece, $10 per silver coin, and $3 for each clad.
AEF is dedicated to protecting the majestic Bald Eagle, the USA’s National Symbol, and its habitat by supporting and conducting eagle and environmental recovery and education programs.
"We’re grateful that so many patriots are stepping forward to support our nation’s living symbol of Freedom," said American Eagle Foundation President Al Cecere. "Every American should do their part to help keep this majestic bird thriving for generations to come."
Public Law 108-486, signed by President George W. Bush on December 23, 2004, calls for the U.S. Mint to issue up to 750,000 half-dollar clad coins, 500,000 silver dollars, and 100,000 $5 gold coins commemorating the Bald Eagle until December 12, 2008. There are proof an uncirculated versions of each.
If every coin in the series sells out by that deadline, nearly $11 million would be raised for AEF’s eagle preservation fund. To date, about 68,000 $5 gold, 338,000 silver dollar and 285,000 50-cent clad coins have been sold, raising about $6.6 million.
The beauty of the coins, the desire to own physical bullion and the fast approaching holiday season could potentially result in some sellouts. As for Christmas, Cecere said,
"With Christmas quickly approaching, these beautiful precious metal collectibles make wonderful gifts that will be valued forever. What better way to be bullish on America than to invest in the ongoing care of such a precious national treasure."
Bald Eagle coin order information and prices The following table contains U.S. Mint product page links and prices for each coin.
2008 Bald Eagle Coins
50c Proof Clad $10.95 5
0c Uncirculated Clad $8.95
$1 Proof Silver $43.95
$1 Uncirculated Silver $37.95
$5 Proof Gold $319.95
$5 Uncirculated Gold $309.95
There is an order limit 100 coins per household.
The gold, silver and clad coins have the following specifications:
Bald Eagle $5 Gold Coins
Weight: 8.359 grams nominalDiameter: 0.850 inches (± 0.003 inches)Composition: 90% gold, 10% alloyMintage Limit: 100,000 (across all product options)
Bald Eagle Silver Dollars
Weight: 26.730 grams nominalDiameter: 1.500 inches (± 0.003 inches)Composition: 90% silver, 10% alloyMintage Limit: 500,000 (across all product options)
Bald Eagle Half-dollars
Weight: 11.340 grams (± 0.454)Diameter: 1.205 inches (± 0.002 inches)Composition: 8.33% nickel, balance copperMintage Limit: 750,000 (across all product options)
Thursday, October 09, 2008
Heritage Executives Donate $15,000 for ANA Education Programs
By ANA
Heritage Auction Galleries President Greg Rohan and Co-Chairmen Steve Ivy and Jim Halperin donated $15,000 in support of educational initiatives offered by the American Numismatic Association. Rohan, Ivy and Halperin each presented personal checks in the amount of $5,000 on behalf of Heritage to ANA Executive Director Larry Shepherd on Sept. 20 at the Long Beach (Calif.) Coin, Stamp & Collectible Expo.
"We are thrilled that the top officers at Heritage have once again come forward in support of our educational mission," Shepherd said. "This generous donation will help fund programs such as Summer Seminar, Coins in the Classroom, and classes offered across the country through our School of Numismatics."
In a joint statement, Rohan, Ivy and Halperin said:
"The ANA is the foremost, fundamental resource for our hobby. We are proud to be lifetime members, we support the ANA’s important education mission and we encourage all members to contribute whatever they can to assist the Association."
Heritage Auction Galleries is based in Dallas, and is the world’s largest collectible auctioneer. The company is a longtime supporter of ANA educational efforts. For more information, visit www.HA.com.
About the American Numismatic Association:
The American Numismatic Association is a nonprofit educational organization dedicated to encouraging people to study and collect money and related items. The ANA helps its 32,000 members and the public discover and explore the world of money through its vast array of education and outreach programs, as well as its museum, library, publications, conventions and seminars. For more information, call 719-632-2646 or visit www.money.org.
Heritage Auction Galleries President Greg Rohan and Co-Chairmen Steve Ivy and Jim Halperin donated $15,000 in support of educational initiatives offered by the American Numismatic Association. Rohan, Ivy and Halperin each presented personal checks in the amount of $5,000 on behalf of Heritage to ANA Executive Director Larry Shepherd on Sept. 20 at the Long Beach (Calif.) Coin, Stamp & Collectible Expo.
"We are thrilled that the top officers at Heritage have once again come forward in support of our educational mission," Shepherd said. "This generous donation will help fund programs such as Summer Seminar, Coins in the Classroom, and classes offered across the country through our School of Numismatics."
In a joint statement, Rohan, Ivy and Halperin said:
"The ANA is the foremost, fundamental resource for our hobby. We are proud to be lifetime members, we support the ANA’s important education mission and we encourage all members to contribute whatever they can to assist the Association."
Heritage Auction Galleries is based in Dallas, and is the world’s largest collectible auctioneer. The company is a longtime supporter of ANA educational efforts. For more information, visit www.HA.com.
About the American Numismatic Association:
The American Numismatic Association is a nonprofit educational organization dedicated to encouraging people to study and collect money and related items. The ANA helps its 32,000 members and the public discover and explore the world of money through its vast array of education and outreach programs, as well as its museum, library, publications, conventions and seminars. For more information, call 719-632-2646 or visit www.money.org.
Friday, October 03, 2008
Rarest Half Cent Brings $345,000
Rarest Half Cent Brings $345,000
By Greg Reynolds
On Sunday, Sept. 14, the firm of Ira & Larry Goldberg auctioned a nearly-complete collection of U.S. half cents, dating from 1793 to 1857, which was assembled by Ray Rouse. The star of the collection was a 1796 ‘No Pole’ half cent. The price of $345,000 is the all-time, second highest auction price for a half cent.
The Rouse 1796 ‘No Pole’ half cent went to a dealer who was bidding by telephone. He was probably representing a collector. The underbidder was a New York dealer. I had expected the Rouse 1796 ‘No Pole’ to bring around $250,000. This coin is the fifth or sixth finest 1796 ‘No Pole’ half cent. Fewer than twenty are known to exist.
The sale of the Ray Rouse half cent collection was the opening event in the Goldbergs’ three-day auction extravaganza that included selections from the Ted Naftzger collection of large cents, a stellar run of ‘centuries-old’ British gold coins, and the second part of the extensive Ohringer collection of U.S. gold coins. All auction sessions were conducted at the Beverly Hills Crowne Plaza hotel. Many participants stayed in Southern California to attend the Long Beach Coin, Stamp & Collectible Expo, which was held from Sept. 18 to the 20th. Prominent half cent collectors traveled from various parts of the United States to bid in this auction.
While $345,000 was the highest price for a half cent in the Rouse collection, the lowest price was $46 for a counter-stamped “WWL” 1851 half cent. Such counterstamps usually served as advertising by private firms. Additionally, two 1804 half cents, each with technical problems, brought less than $200 each. In the Rouse collection, there were more than twenty-five half cents that realized less than $500 each.
The grand total for all of Rouse’s half cents and related items was more than $1.28 million. Rouse started collecting half cents in 1978. He decided to sell his half cent collection because he “took it as far as it could go.” As hard as he tried, Rouse was not able to obtain the very small number of half cent varieties that are missing. Rouse continues to collect colonial coins. He acquired his 1796 ‘No Pole’ half cent “privately in 2003 or 2003.”
Rich Uhrich exclaims that the Rouse 1796 ‘No Pole’ half cent “has a super amount of eye appeal.” He adds that “it is no wonder that it went for that huge amount of money. Overall, it is basically a wonderful coin.”
Chris McCawley also believes that it is a particularly impressive coin. The Goldbergs auctioned the Rouse collection in association with McCawley and Bob Grellman, who catalogued the coins. McCawley is a leading dealer in early copper coins. At the auction, he represented more than a half-dozen collectors.
McCawley states that this “is the finest circulated example” of a 1796 ‘No Pole’ half cent. “Even very unattractive 1796 No Pole half cents have brought close to six figures recently in private sales.”
Though the 1796 ‘No Pole’ is the most famous, there are many varieties of half cents. Both half cents and large cents were minted from 1793 to 1857. Large cents (pennies) of the 1790s are wider than quarters are now, and half cents are a little greater in diameter than five cent nickel coins are now. (Five cent nickels were first minted in 1866; Three Cent Nickels were first minted a year earlier.)
In the Rouse collection, there were 162 half cents, three related medals, one token, and a famous 19th century forgery (or “copy”) of a 1796 “With Pole’ half cent. Of course, this forgery (or ‘collectors copy’) is identified as such in the auction catalogue. It was created by Dr. Frank Edwards in New York prior to 1865. It sold for $11,500.
In 1796, half cents were minted both with and without poles in the obverse (front) design. All half cents dating from 1793 to 1797 feature a bust of Miss Liberty with flowing hair and a cap. On most issues, the cap is conceptually at the top of a pole. In 1795 and 1796, there are varieties for which there is a cap but ‘No Pole.’ The 1796 ‘With Pole’ is also a rarity. Indeed, there are probably fewer than one hundred of those in existence.
The 1796 ‘With Pole’ in the Rouse collection was formerly in the epic collection of John Pittman. This half cent was auctioned by the firm of David Akers in October 1997, at the Pittman I sale. At some point, it was graded Extremely Fine-40 by the Professional Coin Grading Service (PCGS). It was later removed from its PCGS holder. At the time of the auction, none of Rouse’s half cents were encapsulated by the PCGS or the NGC. McCawley & Grellman graded the Pittman-Rouse 1796 ‘With Pole’ half cent as Very Fine-30. It sold for $40,250.
Coins are graded on a scale from one to seventy. There is not space here to discuss coin grading. The Rouse 1796 ‘No Pole’ half cent is graded Fine-15 by McCawley & Grellman. Others have graded it as Very Fine-20, which would be fair.
It does have a rim nick and an edge bump. Rich Uhrich points out that “half cents from that era in Fine to Very Fine condition usually have a rim nick or two. A lot of them are corroded.” For 1796 Liberty Cap Cents, with or without poles, “this is one of the better circulated ones,” says Uhrich.
Uhrich was not a participant in the auction and he has no connection to the auction firm or to the consignor. Rich is a dealer and was a long-time half cent collector.
Uhrich collected half cents for more than twenty years. He started in the 1980s with “common dates” and “seriously” pursued half cents “from 1994 until 2007,” when he “finally completed that set. It took fourteen years to get [the] fourteen half cents” that Uhrich needed in 1994. Early in 2007, Rich “had a full date set including the Proofs.” He “sought Proofs that had circulated, for a challenge.”
At the 2007 ANA Convention, Uhrich sold his 1796 ‘No Pole’ for “less than $50,000.” Rich remarks that it has “Very Good [level] details” with a lot of problems.
“For many years,” Uhrich explains, “it used to be believed that there were nineteen” 1796 ‘No Pole’ half cents. “The nineteen included two that there were sold in the Cohen sale in 1992. It was proven that the two were not genuine.” Rich “now” believes “that there are seventeen. None have popped up in a long time.”
McCawley tentatively concludes that the Rouse 1796 ‘No Pole’ is the fifth finest known. McCawley declares that the coin known as the “Missouri” 1796 ‘No Pole’ and the Eliasberg piece are the two finest.
The third finest may be the Whitney piece. The John Whitney 1796 ‘No Pole’ half cent was graded “MS-64” when it was auctioned by Stack’s in May 1999.
The auction record for a half cent was set in May 1996, when the Eliasberg 1796 ‘No Pole’ realized $506,000. Until Jan. 2008, this was the auction record for a copper numismatic item of any kind. (Please see my related articles regarding such auction records, on the Husak 1793 Liberty Cap and on the Naftzger 1796 Liberty Cap cent.)
At the auction, McCawley and I discussed how much the Eliasberg 1796 ‘No Pole’ half cent would have brought IF it had been sold the same day as the Ray Rouse collection. Of course, this was just an event in our imaginations. McCawley stated that it would have brought “more than one million.” I believe that it would have realized around $1.25 million.
The Eliasberg 1796 ‘No Pole’ was certified, perhaps generously, as “MS-67 RB” (Red & Brown) by the PCGS, after the Eliasberg ‘96 auction. It is one of very few early half cents with any original Mint Red color. Though the cataloguer suggests that it may be a “Proof” or some kind of specimen striking, I maintain that it is just a business strike. Besides, the PCGS did not give it a prooflike designation.
I do not know whether the Missouri 1796 ‘No Pole’ half cent has any original Mint Red. I have been told that the Whitney and McGuigan pieces do not, and I vaguely remember having seen them. The presence of substantial, original Mint Red color on either probably would have stuck in my mind.
The McGuigan 1796 ‘No Pole’ is PCGS certified “MS-62 BN” (BN = Brown color). It was on display at the 2004 ANA Convention in Pittsburgh. Uhrich remarks that he “thought that it was all there” as a MS-62 grade half cent.
Though it grades only 15 or 20, the Rouse piece may be the fifth finest known because most of the other circulated 1796 ‘No Pole’ half cents have serious technical problems. The Rouse 1796 ‘No Pole’ has not suffered from corrosion, dippings, deep scratches, or harsh cleanings. Plus, it looks much better in actuality than it does in the catalogue images.
The small abrasions on the surface are not very noticeable. Even under three-times magnification, hardly a contact mark is noticeable on the obverse (front) and only a few show on the reverse (back). This coin has never been artificially smoothed. It just has honest wear. The reverse exhibits a nice blend of brown and gray tones.
The obverse fields are mostly a nice greenish-brown. Miss Liberty has naturally toned a very attractive gray-tan color. The coin is not dark. In fact, it is relatively light for a naturally toned, circulated, early copper coin. The portrait of Miss Liberty is much lighter in color than the surrounding green-brown fields. The resulting contrast is unusually appealing.
On most well-circulated coins, numerous small contact marks and abrasions can be seen with five-times to twenty-times magnification. These are less pronounced on this coin than on most other Fine to Extremely Fine grade early copper coins. Besides, some of the rough areas may be attributable to the planchet (prepared blank). Often, the planchets were not perfectly smooth.
The horizontal raised line on the obverse is not a defect. It stems from a slight fracture in the die, which was used to impart the design into the prepared blank circular piece of metal (planchet).
If it were not for the rim/edge issues, this coin would grade at least Very Fine-30, in my view. It has considerable technical merits and is very attractive for a Very Fine grade, very early U.S. copper coin. The Rouse 1796 ‘No Pole’ half cent is a pleasing and famous rarity.
Tuesday, September 30, 2008
Something for Everybody With Circ Morgans
By Paul M. Green
Anyone can collect Morgan dollars. The fact that some Morgans sell for very high prices in grades of MS-65 and above does not mean Morgan dollars are only for the rich. There is absolutely nothing wrong with a lower grade and lower priced Morgan dollar collection and in fact such collections may be even more fun.
I am not saying that merely because it sounds good. I have had enormous fun over the years with Morgan dollars and have probably never owned a single MS-65. It all started with my grandfather. Every Saturday he would come to the house and bring my brother and me a silver dollar. It was back in the 1950s and while not used in large numbers silver dollars were still circulating.
For a long time collecting dollars was way out of my league in terms of price as with an allowance of a quarter a week plus extra funds from mowing lawns and other odd jobs, you still cannot start a dollar collection. Over time, however, as I filled other albums to the point I could, I finally realized that silver dollars were not for spending on other coins as I had been doing but rather they too could be a collection.
It was definitely slow going. My basic quota of Morgan dollars was one a week but sometimes with a little luck I could get two or three. The Morgans in circulation back in the 1950s at least in New York were somewhat limited. Over time I was able to get about 20 different dates, but realistically as you did not see that many, it was not like cents or nickels where you could fill a lot of holes in a collection in a hurry. Of course, even if the dollars had been there, my funds were not, so it was very slow going.
There was one Morgan I wanted to find but had a simply terrible time finding it. I had at least one from all the other facilities that produced Morgans, including a 1921-D, but finding one from Carson City was a real problem. Of course at the time I did not know and neither did anyone else that a few million Carson City Morgan dollars were sitting in a vault a few hours away in Washington, D.C. I just simply assumed Carson City Morgans were extremely tough and in part with perhaps one-third of the dollars I did see being Peace dollars, having trouble finding dollars from a certain mint was not all that surprising.
Realistically I was not that upset as what must be remembered is that back in the 1950s with the exception of Morgan dollars, about the oldest coin you could expect to find in circulation were 1909 Lincoln cents. You might get lucky and find an Indian Head cent or a Barber coin, but the odds of finding any coin from before 1900 were very long.
Finally, after looking for a couple of years, the cash register at my grandfather's restaurant provided the one coin I really wanted in the form of an 1878-CC. It was well worn and the 1878-CC historically has been the most available Carson City Morgan dollar thanks to a mintage of 2,212,000, but that did not matter to me as finally I had my Carson City silver dollar and that was special.
Ironically, the period was one where the government was providing more Morgans than the rare coin market could ever hope to absorb as bag after bag were being sold by the Treasury at their face value of $1,000. As it would turn out, what the government giveth it also taketh away. When the Treasury stopped selling the bags in 1964 and silver was removed from the dime and quarter and reduced to 40 percent in the half dollar in 1965, any chance of taking my Morgan dollar collection any further from circulation finds was ended. At that point, discouraged, I saved one from each mint and spent the rest as they were not worth any premium at time.
The collection had been a great deal of fun for a couple years of and every time I added a new date I was excited especially if it was from the 1800s. For me and perhaps for others, the Morgan dollar had been the one opportunity at the time to collect a coin from the previous century. To me that was fascinating. I could check the date and go back in my history books to see who had been President and what had happened at the time that specific Morgan dollar was new.
As it turned out, my problem in finding any Carson City Morgan dollar went to the other extreme in the 1970s when the General Services Administration began to sell the Carson City dollars that had been found in the Treasury vaults. This too was extraordinary fun. I bought most of the dates offered at $30, but for me the real fun were the mixed lots of coins that were seen by the GSA as not uncirculated. I bid and won many times and while I never received an 1879-CC or 1889-CC or any major error, the fact is for the reduced prices of the dates they were in my estimation a great deal and a great deal of fun. Eventually I had over a roll of assorted grades and dates of Carson City dollars that almost made me feel like I was back in Carson City in the days of the Old West.
Part of the fun of Morgan dollars at least to me was that from the time I started you could never really predict what Morgans might be tougher based on their mintages. True, the 1893-S is a key date in virtually every grade, but part of the Morgan dollar story involves chance in terms of whether a certain date survived and if so in what grade.
Certainly government policy played a large role in the chances of a Morgan dollar surviving. The Bland-Allison Act that was followed by the Sherman Silver Purchase Act required the production of far more Morgan dollars than could ever have been used at the time they were struck.
When the last Morgans were produced under the original legislation in 1904, it was estimated that perhaps 50 million were in circulation but over 500 million were in vaults. That meant only about 10 percent of the original mintages were being circulated, but it could be any date in any number as it was not simply 10 percent of each mintage. Helping them stay in vaults was the fact that they were also used as backing for Silver Certificates. People didn't have to use a clunky, large silver coin when paper did the job for them.
The Pittman Act in 1918, which authorized the melting of up to 350 million dollars and which ended up seeing the destruction of 270,232,722, still meant that basically somewhere close to 50 percent of the coins sitting in vaults were destroyed. Once again there was no pattern as the coins melted were simply whatever bags were pulled from the vaults.
It appears that as Carson City dollars were shipped to the vault in Washington first in the early 1900s, that they might well have been in the back of the vault and consequently were less likely to be melted than others. It cannot be proven but that appears to have been the case especially when you consider that in the 1950s and 1960s as the vaults were emptied the last coins there turned out to be primarily Carson City dates and they made up the bulk of the three million coins that were later sold by the GSA.
There are other factors influencing supplies today in certain grades. Basically from the time the last silver dollar was produced in 1935 until the run on dollars in the late 1950s and early 1960s, bag after bag was paid out. Over the span of a couple decades, most of those bags ended up in regular commerce, meaning the coins they contained were circulated.
In the case of some bags that did find their way to coin dealers, they too were usually not saved in large numbers simply because there was very little demand for Morgan dollars in the 1930s and 1940s. A dealer might save a few examples from a bag, but many times the vast majority of the 1,000 coins in the bag did not find their way to collections. The face value alone was an enormous sum to tie up, so the idea was to search them rather than keep them.
When silver rose to $50 an ounce in 1980, the value of any Morgan dollar was around $35. At that point millions if not hundreds of millions were melted. By that time, better dates would have been identified and not included in the melting but the losses of average dates in circulated grades were probably very large and that could play a role in making some dates tougher than might be expected today.
The history of the Morgan dollar makes it one of the relatively few coins of the United States that is nearly impossible to gauge simply by mintages. For example, thanks to the GSA sales, we known many Carson City dollars came out in Mint State. That does not, however, mean that all Carson City dollars were suddenly available in Mint State as the 1889-CC, which has become the key in Mint State of the Carson City dollars and a major rarity, was not in the sale and neither were the 1892-CC and 1893-CC. The 1892-CC and 1893-CC are not as tough as the 1889-CC thanks to larger mintages and the fact that over the years as bags were paid out by the Treasury at least some numbers ended up in numismatic hands.
In fact, in the case of at least the 1893-CC, there were also a few bags in the Redfield Hoard, although typically of the twists and turns of fate that seem to be common with Morgan dollars, many of those coins were damaged by a counting machine used to inventory the hoard.
If you consider a circulated Morgan dollar collection today, it is a fascinating challenge and one many collectors can attempt. As it turns out, the dates that may be tough in circulated grades are not by definition the same dates that would be tough in MS-65 or better.
The best example is probably the 1885-CC. The 1885-CC is a tough date and there can be no doubt about that as it had a mintage of just 228,000. The 1885-CC it seems was never paid out in any numbers at the time they were produced. They must have ended up in the back of the vault at the Treasury when the Carson City dollars were shipped to Washington as the 1885-CC also appears to have never been paid out in any numbers until the 1950s. As a result, they did not circulate in Nevada casinos or other places and when the bags did hit the market in some numbers in the 1950s, many were saved. Later in the GSA sales, 148,285 were available and that is 65.03 percent of the entire mintage.
The result of the unusual distribution pattern is that the 1885-CC despite not being priced as the most expensive circulated Morgan dollar is in fact a good deal. Q. David Bowers in his book The Official Red Book of Morgan Silver Dollars puts it well, suggesting, "Ironically the 1885-CC is the rarest of all Morgan dollars in circulated grades, eclipsing the 1889-CC, 1893-S, and all other contenders."
If you think Q. David Bowers might be wrong guess again. At the Professional Coin Grading Service they have graded 14,324 1885-CC Morgan dollars and a grand total of 18 were circulated. It was even more dramatic at NGC where they have graded 4,753 and just three were circulated. No other dates came close other than the 1883-CC and 1884-CC. As for the keys, as Bowers suggests, the 1885-CC is much tougher and if you doubt Bowers, the grading services and me try to find a nice VG-8 at any price.
In fact the 1889-CC is more expensive in circulated grades as it too is tough. While a large number of Morgan dollar dates in circulated grades and even lower Mint State grades are available for extremely reasonable prices, frequently $25 in AU-50 and only a few dollars more in MS-60, finding Carson City dollars at such prices is not possible.
There are two reasons why the Carson City dates even in circulated grades will start at $100 or more in most cases. The first reason is the demand that is always extremely high. The second is the supply as there are not many circulated Carson City dollars around simply because the majority are Mint State. That makes them the most difficult single group in a circulated collection.
The most expensive dates might well be called the usual suspects. The 1893-S is a key date in any grade in a Morgan dollar collection. The 1893-S currently lists for $3,800 in VG-8 and they are tough to find at least in that grade. The reason is simply that the 100,000 mintage of the 1893-S appears to have circulated briefly before being pulled from circulation for one reason or another. That makes the majority of the thousands of known examples in large part VF-20 to perhaps XF-40. Lower or higher than such middle grades is unusual and that will make an 1893-S a significant challenge for a circulated set.
Another key date is the Philadelphia 1894 that had a mintage of just 110,000. At $1,450 in VG-8, the 1894 seems to be a case where the mintage tells the story. The 1894 seems to have no special stories as it is available in roughly the numbers that would be expected for a Morgan dollar with such a low mintage.
The drop off to the next group of Morgans is sharp. The 1889-CC is $625 in VG-8, but from there the next most expensive dates are the 1885-CC at $550 while the 1895-O is $335. As perhaps the least available circulated date, the 1885-CC is a good deal at that price and the 1895-O is a problem in most grades although of the number available from its small mintage of 450,000, a goodly number are found in upper circulated grades. The 1881-CC is also above $300 at $375 in VG-8 in another classic case of Carson City dollars being more available in Mint State than in circulated grades.
There are only a couple other dates even reaching $300 in VG-8. The 1903-O is at $325 and that is one of those glorious flukes of Morgan dollars as in MS-60 it is only $425. The reason for the odd pricing is simple in that the 1903-O basically never circulated. Until late 1962 it was the prime Morgan dollar rarity, a coin that was $1,500 in Mint State, but which could not be found in any grade. Then bag after bag was released by the Treasury. The numbers were large, with Bowers estimating that perhaps 200,000 to 350,000 were released. Large numbers were saved, making the 1903-O an available date in Mint State today, but a very elusive date in circulated grades. At the current prices, it is really hard to justify the $325 price for a VG-8 when you can pay just a small amount more and get a much higher grade.
The 1893-CC is $265 in VG-8. The 1895-S is interesting in that it is $450 in VG-8, which is more than double the $200 price of three years ago that ranked it below the 1893-CC. The 1895-S is another case of a lower mintage that seemingly resulted in a poor survival rate perhaps suggesting some percentage of the mintage was melted in the Pittman Act melting. We cannot really be sure, but we know the 1895-S is elusive in circulated grades and difficult as well in Mint State because most examples are heavily bag marked.
There are any number of dates currently in the $100-$200 range in VG-8, with most of the remaining Carson City dates falling into that price range along with a couple others. The rest of the Morgan dollars in circulated grades tend to be around $20 in VG-8. There are a few that bring small premiums, but the number of dates that are available for very modest prices is large enough to make for quite a collection, affordable to the kids of this generation who still cut lawns for their incomes.
There is one other date that you probably will not be able to add to a circulated Morgan dollar collection. The 1895, with a listed mintage of 12,880, was actually a proof-only issue that had a mintage believed to be 880. It was a simple clerical error or at least that is what we believe happened. There have been some who historically have suggested that perhaps the 12,000 business strikes of the 1895 were melted in the Pittman Act melting, but that seems increasingly unlikely as the 1895 should have at least had an example saved for the Assay Commission but that coin was also a proof. Realistically the 1895 was heavily saved as they only went to collectors with more than 50 percent of the entire mintage probably available today. There is a price listing of $21,500 in VG-8, but the problem is that there are probably no coins in that grade. There may be some impaired proofs, especially when there are hundreds known, but finding one in such a low grade is unlikely and that means an 1895 would cost much more as the grade would be much higher and when the coin is a significant rarity, there are always buyers looking for a lower priced example to fill that hole.
Otherwise, the Morgan dollar set is one everyone can attempt and in many cases come near completion. There are only 17 dates over $100 in VG-8, not counting VAM varieties. In fact, when you realize that the most expensive coin in the set other than the 1895 would cost $3,800 in VG-8 and that there are only a few coins even topping $500, it is suddenly not a set that is that costly.
You might not turn a lot of heads at a major show with a circulated Morgan dollar collection, but the fact is you will have a lot of fun assembling such a set and enjoying it and that is the main purpose of any collection.
Anyone can collect Morgan dollars. The fact that some Morgans sell for very high prices in grades of MS-65 and above does not mean Morgan dollars are only for the rich. There is absolutely nothing wrong with a lower grade and lower priced Morgan dollar collection and in fact such collections may be even more fun.
I am not saying that merely because it sounds good. I have had enormous fun over the years with Morgan dollars and have probably never owned a single MS-65. It all started with my grandfather. Every Saturday he would come to the house and bring my brother and me a silver dollar. It was back in the 1950s and while not used in large numbers silver dollars were still circulating.
For a long time collecting dollars was way out of my league in terms of price as with an allowance of a quarter a week plus extra funds from mowing lawns and other odd jobs, you still cannot start a dollar collection. Over time, however, as I filled other albums to the point I could, I finally realized that silver dollars were not for spending on other coins as I had been doing but rather they too could be a collection.
It was definitely slow going. My basic quota of Morgan dollars was one a week but sometimes with a little luck I could get two or three. The Morgans in circulation back in the 1950s at least in New York were somewhat limited. Over time I was able to get about 20 different dates, but realistically as you did not see that many, it was not like cents or nickels where you could fill a lot of holes in a collection in a hurry. Of course, even if the dollars had been there, my funds were not, so it was very slow going.
There was one Morgan I wanted to find but had a simply terrible time finding it. I had at least one from all the other facilities that produced Morgans, including a 1921-D, but finding one from Carson City was a real problem. Of course at the time I did not know and neither did anyone else that a few million Carson City Morgan dollars were sitting in a vault a few hours away in Washington, D.C. I just simply assumed Carson City Morgans were extremely tough and in part with perhaps one-third of the dollars I did see being Peace dollars, having trouble finding dollars from a certain mint was not all that surprising.
Realistically I was not that upset as what must be remembered is that back in the 1950s with the exception of Morgan dollars, about the oldest coin you could expect to find in circulation were 1909 Lincoln cents. You might get lucky and find an Indian Head cent or a Barber coin, but the odds of finding any coin from before 1900 were very long.
Finally, after looking for a couple of years, the cash register at my grandfather's restaurant provided the one coin I really wanted in the form of an 1878-CC. It was well worn and the 1878-CC historically has been the most available Carson City Morgan dollar thanks to a mintage of 2,212,000, but that did not matter to me as finally I had my Carson City silver dollar and that was special.
Ironically, the period was one where the government was providing more Morgans than the rare coin market could ever hope to absorb as bag after bag were being sold by the Treasury at their face value of $1,000. As it would turn out, what the government giveth it also taketh away. When the Treasury stopped selling the bags in 1964 and silver was removed from the dime and quarter and reduced to 40 percent in the half dollar in 1965, any chance of taking my Morgan dollar collection any further from circulation finds was ended. At that point, discouraged, I saved one from each mint and spent the rest as they were not worth any premium at time.
The collection had been a great deal of fun for a couple years of and every time I added a new date I was excited especially if it was from the 1800s. For me and perhaps for others, the Morgan dollar had been the one opportunity at the time to collect a coin from the previous century. To me that was fascinating. I could check the date and go back in my history books to see who had been President and what had happened at the time that specific Morgan dollar was new.
As it turned out, my problem in finding any Carson City Morgan dollar went to the other extreme in the 1970s when the General Services Administration began to sell the Carson City dollars that had been found in the Treasury vaults. This too was extraordinary fun. I bought most of the dates offered at $30, but for me the real fun were the mixed lots of coins that were seen by the GSA as not uncirculated. I bid and won many times and while I never received an 1879-CC or 1889-CC or any major error, the fact is for the reduced prices of the dates they were in my estimation a great deal and a great deal of fun. Eventually I had over a roll of assorted grades and dates of Carson City dollars that almost made me feel like I was back in Carson City in the days of the Old West.
Part of the fun of Morgan dollars at least to me was that from the time I started you could never really predict what Morgans might be tougher based on their mintages. True, the 1893-S is a key date in virtually every grade, but part of the Morgan dollar story involves chance in terms of whether a certain date survived and if so in what grade.
Certainly government policy played a large role in the chances of a Morgan dollar surviving. The Bland-Allison Act that was followed by the Sherman Silver Purchase Act required the production of far more Morgan dollars than could ever have been used at the time they were struck.
When the last Morgans were produced under the original legislation in 1904, it was estimated that perhaps 50 million were in circulation but over 500 million were in vaults. That meant only about 10 percent of the original mintages were being circulated, but it could be any date in any number as it was not simply 10 percent of each mintage. Helping them stay in vaults was the fact that they were also used as backing for Silver Certificates. People didn't have to use a clunky, large silver coin when paper did the job for them.
The Pittman Act in 1918, which authorized the melting of up to 350 million dollars and which ended up seeing the destruction of 270,232,722, still meant that basically somewhere close to 50 percent of the coins sitting in vaults were destroyed. Once again there was no pattern as the coins melted were simply whatever bags were pulled from the vaults.
It appears that as Carson City dollars were shipped to the vault in Washington first in the early 1900s, that they might well have been in the back of the vault and consequently were less likely to be melted than others. It cannot be proven but that appears to have been the case especially when you consider that in the 1950s and 1960s as the vaults were emptied the last coins there turned out to be primarily Carson City dates and they made up the bulk of the three million coins that were later sold by the GSA.
There are other factors influencing supplies today in certain grades. Basically from the time the last silver dollar was produced in 1935 until the run on dollars in the late 1950s and early 1960s, bag after bag was paid out. Over the span of a couple decades, most of those bags ended up in regular commerce, meaning the coins they contained were circulated.
In the case of some bags that did find their way to coin dealers, they too were usually not saved in large numbers simply because there was very little demand for Morgan dollars in the 1930s and 1940s. A dealer might save a few examples from a bag, but many times the vast majority of the 1,000 coins in the bag did not find their way to collections. The face value alone was an enormous sum to tie up, so the idea was to search them rather than keep them.
When silver rose to $50 an ounce in 1980, the value of any Morgan dollar was around $35. At that point millions if not hundreds of millions were melted. By that time, better dates would have been identified and not included in the melting but the losses of average dates in circulated grades were probably very large and that could play a role in making some dates tougher than might be expected today.
The history of the Morgan dollar makes it one of the relatively few coins of the United States that is nearly impossible to gauge simply by mintages. For example, thanks to the GSA sales, we known many Carson City dollars came out in Mint State. That does not, however, mean that all Carson City dollars were suddenly available in Mint State as the 1889-CC, which has become the key in Mint State of the Carson City dollars and a major rarity, was not in the sale and neither were the 1892-CC and 1893-CC. The 1892-CC and 1893-CC are not as tough as the 1889-CC thanks to larger mintages and the fact that over the years as bags were paid out by the Treasury at least some numbers ended up in numismatic hands.
In fact, in the case of at least the 1893-CC, there were also a few bags in the Redfield Hoard, although typically of the twists and turns of fate that seem to be common with Morgan dollars, many of those coins were damaged by a counting machine used to inventory the hoard.
If you consider a circulated Morgan dollar collection today, it is a fascinating challenge and one many collectors can attempt. As it turns out, the dates that may be tough in circulated grades are not by definition the same dates that would be tough in MS-65 or better.
The best example is probably the 1885-CC. The 1885-CC is a tough date and there can be no doubt about that as it had a mintage of just 228,000. The 1885-CC it seems was never paid out in any numbers at the time they were produced. They must have ended up in the back of the vault at the Treasury when the Carson City dollars were shipped to Washington as the 1885-CC also appears to have never been paid out in any numbers until the 1950s. As a result, they did not circulate in Nevada casinos or other places and when the bags did hit the market in some numbers in the 1950s, many were saved. Later in the GSA sales, 148,285 were available and that is 65.03 percent of the entire mintage.
The result of the unusual distribution pattern is that the 1885-CC despite not being priced as the most expensive circulated Morgan dollar is in fact a good deal. Q. David Bowers in his book The Official Red Book of Morgan Silver Dollars puts it well, suggesting, "Ironically the 1885-CC is the rarest of all Morgan dollars in circulated grades, eclipsing the 1889-CC, 1893-S, and all other contenders."
If you think Q. David Bowers might be wrong guess again. At the Professional Coin Grading Service they have graded 14,324 1885-CC Morgan dollars and a grand total of 18 were circulated. It was even more dramatic at NGC where they have graded 4,753 and just three were circulated. No other dates came close other than the 1883-CC and 1884-CC. As for the keys, as Bowers suggests, the 1885-CC is much tougher and if you doubt Bowers, the grading services and me try to find a nice VG-8 at any price.
In fact the 1889-CC is more expensive in circulated grades as it too is tough. While a large number of Morgan dollar dates in circulated grades and even lower Mint State grades are available for extremely reasonable prices, frequently $25 in AU-50 and only a few dollars more in MS-60, finding Carson City dollars at such prices is not possible.
There are two reasons why the Carson City dates even in circulated grades will start at $100 or more in most cases. The first reason is the demand that is always extremely high. The second is the supply as there are not many circulated Carson City dollars around simply because the majority are Mint State. That makes them the most difficult single group in a circulated collection.
The most expensive dates might well be called the usual suspects. The 1893-S is a key date in any grade in a Morgan dollar collection. The 1893-S currently lists for $3,800 in VG-8 and they are tough to find at least in that grade. The reason is simply that the 100,000 mintage of the 1893-S appears to have circulated briefly before being pulled from circulation for one reason or another. That makes the majority of the thousands of known examples in large part VF-20 to perhaps XF-40. Lower or higher than such middle grades is unusual and that will make an 1893-S a significant challenge for a circulated set.
Another key date is the Philadelphia 1894 that had a mintage of just 110,000. At $1,450 in VG-8, the 1894 seems to be a case where the mintage tells the story. The 1894 seems to have no special stories as it is available in roughly the numbers that would be expected for a Morgan dollar with such a low mintage.
The drop off to the next group of Morgans is sharp. The 1889-CC is $625 in VG-8, but from there the next most expensive dates are the 1885-CC at $550 while the 1895-O is $335. As perhaps the least available circulated date, the 1885-CC is a good deal at that price and the 1895-O is a problem in most grades although of the number available from its small mintage of 450,000, a goodly number are found in upper circulated grades. The 1881-CC is also above $300 at $375 in VG-8 in another classic case of Carson City dollars being more available in Mint State than in circulated grades.
There are only a couple other dates even reaching $300 in VG-8. The 1903-O is at $325 and that is one of those glorious flukes of Morgan dollars as in MS-60 it is only $425. The reason for the odd pricing is simple in that the 1903-O basically never circulated. Until late 1962 it was the prime Morgan dollar rarity, a coin that was $1,500 in Mint State, but which could not be found in any grade. Then bag after bag was released by the Treasury. The numbers were large, with Bowers estimating that perhaps 200,000 to 350,000 were released. Large numbers were saved, making the 1903-O an available date in Mint State today, but a very elusive date in circulated grades. At the current prices, it is really hard to justify the $325 price for a VG-8 when you can pay just a small amount more and get a much higher grade.
The 1893-CC is $265 in VG-8. The 1895-S is interesting in that it is $450 in VG-8, which is more than double the $200 price of three years ago that ranked it below the 1893-CC. The 1895-S is another case of a lower mintage that seemingly resulted in a poor survival rate perhaps suggesting some percentage of the mintage was melted in the Pittman Act melting. We cannot really be sure, but we know the 1895-S is elusive in circulated grades and difficult as well in Mint State because most examples are heavily bag marked.
There are any number of dates currently in the $100-$200 range in VG-8, with most of the remaining Carson City dates falling into that price range along with a couple others. The rest of the Morgan dollars in circulated grades tend to be around $20 in VG-8. There are a few that bring small premiums, but the number of dates that are available for very modest prices is large enough to make for quite a collection, affordable to the kids of this generation who still cut lawns for their incomes.
There is one other date that you probably will not be able to add to a circulated Morgan dollar collection. The 1895, with a listed mintage of 12,880, was actually a proof-only issue that had a mintage believed to be 880. It was a simple clerical error or at least that is what we believe happened. There have been some who historically have suggested that perhaps the 12,000 business strikes of the 1895 were melted in the Pittman Act melting, but that seems increasingly unlikely as the 1895 should have at least had an example saved for the Assay Commission but that coin was also a proof. Realistically the 1895 was heavily saved as they only went to collectors with more than 50 percent of the entire mintage probably available today. There is a price listing of $21,500 in VG-8, but the problem is that there are probably no coins in that grade. There may be some impaired proofs, especially when there are hundreds known, but finding one in such a low grade is unlikely and that means an 1895 would cost much more as the grade would be much higher and when the coin is a significant rarity, there are always buyers looking for a lower priced example to fill that hole.
Otherwise, the Morgan dollar set is one everyone can attempt and in many cases come near completion. There are only 17 dates over $100 in VG-8, not counting VAM varieties. In fact, when you realize that the most expensive coin in the set other than the 1895 would cost $3,800 in VG-8 and that there are only a few coins even topping $500, it is suddenly not a set that is that costly.
You might not turn a lot of heads at a major show with a circulated Morgan dollar collection, but the fact is you will have a lot of fun assembling such a set and enjoying it and that is the main purpose of any collection.
Friday, September 26, 2008
U.S. Mint Suspends Buffalo Gold Coin Sales
By CoinNews.net
The United States Mint has temporarily suspended sales of American Buffalo one-ounce bullion coins to their network of Authorized Purchasers, it was announced Thursday.
"Demand has exceeded supply for American Buffalo 24-karat gold one-ounce bullion coins, and our inventories have been depleted. We are, therefore, temporarily suspending sales of these coins," the Mint said in a memorandum.
The Mint has experienced past depletions in bullion coin inventories, and had to suspend American Eagle one-ounce gold coins back on August 17. Less than a week later, those sales resumed on an allocated basis, which continues to this day.
At the time of this writing, fractional proof and uncirculated collector American Buffalo gold coins, to include one-once versions, are still listed as available through the Mint’s website.
Physical demand for gold and bullion coins has risen sharply, according to many reports, as investors seek the yellow metal’s traditional safe haven status during times of financial uncertainly.
The United States Mint has temporarily suspended sales of American Buffalo one-ounce bullion coins to their network of Authorized Purchasers, it was announced Thursday.
"Demand has exceeded supply for American Buffalo 24-karat gold one-ounce bullion coins, and our inventories have been depleted. We are, therefore, temporarily suspending sales of these coins," the Mint said in a memorandum.
The Mint has experienced past depletions in bullion coin inventories, and had to suspend American Eagle one-ounce gold coins back on August 17. Less than a week later, those sales resumed on an allocated basis, which continues to this day.
At the time of this writing, fractional proof and uncirculated collector American Buffalo gold coins, to include one-once versions, are still listed as available through the Mint’s website.
Physical demand for gold and bullion coins has risen sharply, according to many reports, as investors seek the yellow metal’s traditional safe haven status during times of financial uncertainly.
Tuesday, September 23, 2008
Heads, It's Lincoln; Tails, It's Lincoln's Life
by washingtonpost.com
U.S. Mint Director Ed Moy announces a new penny design to mark Abraham Lincoln's 200th birthday.If you've been collecting the quarters from each state and have been bummed that this is the last year for that hobby, have we got news for you.
Starting next year, there will be four new pennies to collect, celebrating the 200th anniversary of the birth of Abraham Lincoln.
The obverse (or heads) part of the coin will stay the same, showing the 16th president facing to the right.
But the reverse (tails) part of the coin will show different times in the life of Lincoln, who is widely considered to be one of the country's greatest leaders for freeing the slaves and saving the Union during the Civil War.
The designs for the new pennies were shown for the first time yesterday near the Lincoln Memorial.
The first new penny will be available Feb. 12, Lincoln's 200th birthday. It will show a log cabin to honor his birth and childhood in Kentucky.
The others will show his life as a young man in Indiana, his professional life in Illinois and his presidential years in Washington (when the U.S. Capitol was being built).
The other side of the penny will continue to show the likeness of Lincoln designed by Victor David Brennan. It was introduced on the Lincoln penny 100 years ago.
A Lincoln commemorative silver dollar also will be issued next year.
Monday, September 22, 2008
Legend Market Report - Sept. 08 Long Beach Show
By Laura Sperber
“Lackluster” is how we would best describe activity at the show. Dealers definitely had some cash flow issues and we heard several major generic/bullion dealers had margin calls on gold while others battled just to pay their ANA auction bills. Take away the roll coaster ride of the financial markets and gold, and even with poorer cash flows, it was hard to distinguish this Long Beach Show from any other held during the same time period.
Typically, the fall show has always been the weakest. Attendance was surprisingly strong Thursday, but on Friday you roll a bowling ball down the isles. We really don’t think this show is a good representation to fully gauge the market, but we’ll try to comment on all significant happenings we saw.
CLEAR YOUR HEAD AND TAKE A DEEP BREATH
Too many people do not see what is happening. It is amazing to us how many people are in total denial that the roaring bull market is over for now. In our last Market Report we spooked many people (and had many dealers angry at us) for telling it like it is-that a correction was underway. What everyone failed to read was that the correction was occurring primarily in the following 3 areas: *”inferior”, *”product”, and *”widget” coins. These are clearly off by a full 10-20%. See the end of this report for our definitions of those areas.
The three groups listed rode the bull market harder and longer than they ever should have. They actually did hurt the pricing on “better’ and “rarer” coins for a long time as pieces lingered on the market and sapped cash flows. Now that a huge separation between quality and lesser coins is occurring (like with MS66 Saints, CAC stickered pieces are WHOLESALING for $2,750.00 while NON CAC coins are selling for $2,250.00) the better coins are finally free to move up in value with out being dragged down by an inferior piece.
There is no question, the truly rare and NICE coins are still bringing all the money and then some. So long as you have true quality and can sit through a potential short term correction, you will be fine and your coins will produce the sensational returns you expect.
THE CURRENT LEVELS
From what we experienced in our own little orbit in the coin galaxy, price levels overall (save for generics and the three areas we posted above) were either slightly lower or mostly unchanged. There wasn’t a huge amount of activity that took place wholesale to pass full positive judgement. However, we do know that when nice, fresh, and eye appealing rarities hit the floor, they were immediately sold for what ever the asking prices were so long as they weren’t totally stupid.
Price guides are still BELOW reality (example: we just bought and sold a PCGS MS65 1875CC 20C. WE PAID $17,250.00 for it. CDN WHOLESALE BID is only $8,900.00. We will buy them all for that!). Also, as usual, auction prices were hit or miss-with real coins bringing real money.
We were amazed that prices seemed to remain firm even with all the craziness in the world around us. Again, understand that when we say the market is correcting, we are talking about the shift to pure quality. Quality coins ALWAYS sell for more period. Junky coins are off by 10-20%. To a small degree they have slowed the entire market as well. A correction like this was percolating for a very long time.
PROOF THE MARKET STILL IS THERE FOR GREAT COINS
There is no question great coins still trade like there is no tomorrow. The key is the quality. Even if you have a tremendous rarity, if the quality is off, so will be the price. Coins like that are clearly off by as much as 20% since the ANA Show.
The Goldberg sale probably was the best of all the auctions to discuss. They started with the ultimate fresh deal: GEM Large Cents from the Nafzger Collection. Bidding was so intense and furious, we sat there like children just given detention and told to keep our hands on the chair seat at all times! Prices did what they should have-went insane. Here are 3 examples;
1C 1793 WREATH PCGS MS64BN $224,000.001C 1796 PCGS MS66RB $690,000.001C 1803 PCGS MS66BN $241,500.00 (and we were thinking a $150G hammer bid would make us hero’s)
We knew they would go for at least 5X the low ball estimates. How can you put a price on a coin that’s so fresh and unlike any other anyone has seen in decades? If the market were truly hurting, the room would not have been packed and these coins would not have brought anywhere near what they did. All of them were acquired by deep pocked collectors. It also proves out our favorite tag line” “there is no substitution for quality”.
The Ohringer Collection was a mishmash of great and not so great rarities. Here is where the market definitely gets proved out. Even though all the coins had low reserves, several ‘inferior” pieces failed to sell. Of course the great coins brought strong money (NOTE: none of the coins here were really fresh).
Here are a few examples:
G $2.5 1821 PCGS MS64 $149,500.00G $3 1873 OPEN 3 PCGS PR65 DCAM $212,750.00 (purchased by Legend)G $20 1870CC PCGS XF45 $345,000.00G $20 1887 PCGS PR65 DCAMEO $161,000.00
If you also notice, cost was NOT any barrier to buying a coin. There was tremendous strength exhibited in the Goldberg Sale for expensive rarities.
The Superior Sale saw a 20C 1876CC PCGS MS62 sell for $270,000.00 to a dealer! A monster 1824 1C PCGS MS64RB sold for a dizzying $57,500.00. We could go on and on.
The B+M and Heritage sales did well too (B+M Sold a fresh Octagonal Territorial for $460,000.00).
So unless a coin was so/so, the auction scene remained very solid.
THE BIGGEST SURPRISE
We hate surprises. We still can’t believe this-one of the softest areas at the show was generic gold. Save for a small mad rush on Thursday (we saw people buying AU58-MS62 gold), there was NO influx of orders. We expected to hear that dealers needed hundreds of coins. Every buyer for a top telemarketer told us they still had more than enough supply to handle the current demand. They said orders had not picked up except for straight bullion.
We still think there is time to buy gold while the premium over “melt” is still small. Or, in cases of higher grade generics, since most major market makers got hit with margin calls, they were not stocking up at all. So even there you’ll be able to find decent values in higher graded Saints, Libs, and Indians.
As time goes on and people realize their heads are still on their shoulders, we think orders will dramatically increase for generics. People will never again 100% trust the banks. It could be very interesting for generic demand and prices in the next 3 months.
COLLECTORS SELLING
Even though we have been swamped with collectors selling, there is no mad rush to the exit. We see mostly smart selling. People are heeding our advice and selling off their excess to get in cash positions. We still are getting fresh deals every day either on consignment or for outright purchase (just wait until you see the monster deal we are doing the first week of October). No one has said to us they had to sell due to the financial markets mess. We did have one customer who sold us a mid six figure collection (he took some lumps too) so he could buy gold. He makes our Hall of Fame as he bought gold last week near its recent low. WOW!
NOTE: You are far better off SELLING your excess or “lesser” coins now even if there is nothing around you want to buy. Having cash will always reduce your risk and set up to be in a better bargaining position when that”right” coin comes along. When you are rushed to sell, you rarely will get the prices you need. Your best deal is always for cash.
When selling these days, note that if you expect auction prices-sell in auction! Dealers need to make 10% and also have expenses and the costs of money to deal with. However, you should always get the most money if you go back to the dealer who sold you the coins. If they don’t support what they sell-time for a new dealer! An honest dealer will always pay the most they can. But if you expect unrealistic prices, don’t blame the dealer for not bucking up!
TO SUM UP
What do we think?
The sky isn’t falling. Hard assets will be sought out once everyone quits being so afraid.
On Wed. we thought for sure gold was going to hit 1,000 by Friday. Oops! We also thought the stock market was crash to 8500 (still a possibility). After neither happened we realized we still had all our extremities, were still breathing, and people still DID very much want to buy and sell coins. So our focus went back to sorting out the best values available.
It is our strong opinion the average buyer is taking a “wait and see” approach. So the faster the financial markets calm down, the faster we’ll be back to a healthier business as usual. We think coins will become extremely bullish by the end of the year.
Dealers will suffer for a little while with bad cash flows, but you won’t see any implosion or mass dumping. There are so few great coins on the market these days, it would be impossible for prices to fall. if it were to happen, that would mean the entire economy is kaput.
Sure, this will sound like hype, but now is probably the BEST buying opportunity all year!
WHAT IS HOT?
Early type-even Early Copper in true quality is on fire. MS Seated coins in 64 and finer. Blast white GEM “better” ($5,000.00 an up) Morgans with clean cheeks have high demand. And yes, even lowly Commems in GEM are in demand again.
WHAT IS NOT?
Still can’t believe no one cares for generics. GEM MS Liberty and Buffalo Nickels have been thrown aside due to massive coin doctoring. Low end widgets still linger-dealers want to much still.
DEFINITIONS
INFERIOR; A coin that is over-graded in a holder, low end, or unattractive in a holder.
PRODUCT: Decent B/C level coin that has no outstanding eye appeal or anything else.
WIDGET: A COMMON COIN YOU CAN FIND IN ANY GRADE ANYTIME. generally when we discuss these, we are talking about product pieces. Exceptional coins do sell strong. Example: a high relief in any grade is an expensive widget. An 82CC in MS66 is also a widget.
“Lackluster” is how we would best describe activity at the show. Dealers definitely had some cash flow issues and we heard several major generic/bullion dealers had margin calls on gold while others battled just to pay their ANA auction bills. Take away the roll coaster ride of the financial markets and gold, and even with poorer cash flows, it was hard to distinguish this Long Beach Show from any other held during the same time period.
Typically, the fall show has always been the weakest. Attendance was surprisingly strong Thursday, but on Friday you roll a bowling ball down the isles. We really don’t think this show is a good representation to fully gauge the market, but we’ll try to comment on all significant happenings we saw.
CLEAR YOUR HEAD AND TAKE A DEEP BREATH
Too many people do not see what is happening. It is amazing to us how many people are in total denial that the roaring bull market is over for now. In our last Market Report we spooked many people (and had many dealers angry at us) for telling it like it is-that a correction was underway. What everyone failed to read was that the correction was occurring primarily in the following 3 areas: *”inferior”, *”product”, and *”widget” coins. These are clearly off by a full 10-20%. See the end of this report for our definitions of those areas.
The three groups listed rode the bull market harder and longer than they ever should have. They actually did hurt the pricing on “better’ and “rarer” coins for a long time as pieces lingered on the market and sapped cash flows. Now that a huge separation between quality and lesser coins is occurring (like with MS66 Saints, CAC stickered pieces are WHOLESALING for $2,750.00 while NON CAC coins are selling for $2,250.00) the better coins are finally free to move up in value with out being dragged down by an inferior piece.
There is no question, the truly rare and NICE coins are still bringing all the money and then some. So long as you have true quality and can sit through a potential short term correction, you will be fine and your coins will produce the sensational returns you expect.
THE CURRENT LEVELS
From what we experienced in our own little orbit in the coin galaxy, price levels overall (save for generics and the three areas we posted above) were either slightly lower or mostly unchanged. There wasn’t a huge amount of activity that took place wholesale to pass full positive judgement. However, we do know that when nice, fresh, and eye appealing rarities hit the floor, they were immediately sold for what ever the asking prices were so long as they weren’t totally stupid.
Price guides are still BELOW reality (example: we just bought and sold a PCGS MS65 1875CC 20C. WE PAID $17,250.00 for it. CDN WHOLESALE BID is only $8,900.00. We will buy them all for that!). Also, as usual, auction prices were hit or miss-with real coins bringing real money.
We were amazed that prices seemed to remain firm even with all the craziness in the world around us. Again, understand that when we say the market is correcting, we are talking about the shift to pure quality. Quality coins ALWAYS sell for more period. Junky coins are off by 10-20%. To a small degree they have slowed the entire market as well. A correction like this was percolating for a very long time.
PROOF THE MARKET STILL IS THERE FOR GREAT COINS
There is no question great coins still trade like there is no tomorrow. The key is the quality. Even if you have a tremendous rarity, if the quality is off, so will be the price. Coins like that are clearly off by as much as 20% since the ANA Show.
The Goldberg sale probably was the best of all the auctions to discuss. They started with the ultimate fresh deal: GEM Large Cents from the Nafzger Collection. Bidding was so intense and furious, we sat there like children just given detention and told to keep our hands on the chair seat at all times! Prices did what they should have-went insane. Here are 3 examples;
1C 1793 WREATH PCGS MS64BN $224,000.001C 1796 PCGS MS66RB $690,000.001C 1803 PCGS MS66BN $241,500.00 (and we were thinking a $150G hammer bid would make us hero’s)
We knew they would go for at least 5X the low ball estimates. How can you put a price on a coin that’s so fresh and unlike any other anyone has seen in decades? If the market were truly hurting, the room would not have been packed and these coins would not have brought anywhere near what they did. All of them were acquired by deep pocked collectors. It also proves out our favorite tag line” “there is no substitution for quality”.
The Ohringer Collection was a mishmash of great and not so great rarities. Here is where the market definitely gets proved out. Even though all the coins had low reserves, several ‘inferior” pieces failed to sell. Of course the great coins brought strong money (NOTE: none of the coins here were really fresh).
Here are a few examples:
G $2.5 1821 PCGS MS64 $149,500.00G $3 1873 OPEN 3 PCGS PR65 DCAM $212,750.00 (purchased by Legend)G $20 1870CC PCGS XF45 $345,000.00G $20 1887 PCGS PR65 DCAMEO $161,000.00
If you also notice, cost was NOT any barrier to buying a coin. There was tremendous strength exhibited in the Goldberg Sale for expensive rarities.
The Superior Sale saw a 20C 1876CC PCGS MS62 sell for $270,000.00 to a dealer! A monster 1824 1C PCGS MS64RB sold for a dizzying $57,500.00. We could go on and on.
The B+M and Heritage sales did well too (B+M Sold a fresh Octagonal Territorial for $460,000.00).
So unless a coin was so/so, the auction scene remained very solid.
THE BIGGEST SURPRISE
We hate surprises. We still can’t believe this-one of the softest areas at the show was generic gold. Save for a small mad rush on Thursday (we saw people buying AU58-MS62 gold), there was NO influx of orders. We expected to hear that dealers needed hundreds of coins. Every buyer for a top telemarketer told us they still had more than enough supply to handle the current demand. They said orders had not picked up except for straight bullion.
We still think there is time to buy gold while the premium over “melt” is still small. Or, in cases of higher grade generics, since most major market makers got hit with margin calls, they were not stocking up at all. So even there you’ll be able to find decent values in higher graded Saints, Libs, and Indians.
As time goes on and people realize their heads are still on their shoulders, we think orders will dramatically increase for generics. People will never again 100% trust the banks. It could be very interesting for generic demand and prices in the next 3 months.
COLLECTORS SELLING
Even though we have been swamped with collectors selling, there is no mad rush to the exit. We see mostly smart selling. People are heeding our advice and selling off their excess to get in cash positions. We still are getting fresh deals every day either on consignment or for outright purchase (just wait until you see the monster deal we are doing the first week of October). No one has said to us they had to sell due to the financial markets mess. We did have one customer who sold us a mid six figure collection (he took some lumps too) so he could buy gold. He makes our Hall of Fame as he bought gold last week near its recent low. WOW!
NOTE: You are far better off SELLING your excess or “lesser” coins now even if there is nothing around you want to buy. Having cash will always reduce your risk and set up to be in a better bargaining position when that”right” coin comes along. When you are rushed to sell, you rarely will get the prices you need. Your best deal is always for cash.
When selling these days, note that if you expect auction prices-sell in auction! Dealers need to make 10% and also have expenses and the costs of money to deal with. However, you should always get the most money if you go back to the dealer who sold you the coins. If they don’t support what they sell-time for a new dealer! An honest dealer will always pay the most they can. But if you expect unrealistic prices, don’t blame the dealer for not bucking up!
TO SUM UP
What do we think?
The sky isn’t falling. Hard assets will be sought out once everyone quits being so afraid.
On Wed. we thought for sure gold was going to hit 1,000 by Friday. Oops! We also thought the stock market was crash to 8500 (still a possibility). After neither happened we realized we still had all our extremities, were still breathing, and people still DID very much want to buy and sell coins. So our focus went back to sorting out the best values available.
It is our strong opinion the average buyer is taking a “wait and see” approach. So the faster the financial markets calm down, the faster we’ll be back to a healthier business as usual. We think coins will become extremely bullish by the end of the year.
Dealers will suffer for a little while with bad cash flows, but you won’t see any implosion or mass dumping. There are so few great coins on the market these days, it would be impossible for prices to fall. if it were to happen, that would mean the entire economy is kaput.
Sure, this will sound like hype, but now is probably the BEST buying opportunity all year!
WHAT IS HOT?
Early type-even Early Copper in true quality is on fire. MS Seated coins in 64 and finer. Blast white GEM “better” ($5,000.00 an up) Morgans with clean cheeks have high demand. And yes, even lowly Commems in GEM are in demand again.
WHAT IS NOT?
Still can’t believe no one cares for generics. GEM MS Liberty and Buffalo Nickels have been thrown aside due to massive coin doctoring. Low end widgets still linger-dealers want to much still.
DEFINITIONS
INFERIOR; A coin that is over-graded in a holder, low end, or unattractive in a holder.
PRODUCT: Decent B/C level coin that has no outstanding eye appeal or anything else.
WIDGET: A COMMON COIN YOU CAN FIND IN ANY GRADE ANYTIME. generally when we discuss these, we are talking about product pieces. Exceptional coins do sell strong. Example: a high relief in any grade is an expensive widget. An 82CC in MS66 is also a widget.
Monday, September 15, 2008
Five-Star General Coins in Clad, Silver and Gold Proposed
By CoinNews.net
Senator Pat Roberts of Kansas introduced coin legislation to honor five-star Generals and the United States Army Command and General Staff College (CGSC) for its service in educating the nation’s military leaders since its founding in 1881.
The newly published bill, "Five-Star Generals Commemorative Coin Act, S. 3456," authorizes the Secretary of the Treasury to mint 100,000 five dollar gold coins, 500,000 one dollar silver coins, and 750,000 half-dollar copper-nickel clad coins for issuance in 2013.
The 50 cent clad, $1 silver and $5 gold coins would portray Five-Star Generals George Marshall, Douglas MacArthur, Dwight Eisenhower, Henry "Hap" Arnold, and Omar Bradley — each alumni of the CGSC, which was founded in 1881 at Ft. Leavenworth, Kansas.
"Kansas is proud to be the home of the oldest, largest and arguably the most prestigious military staff college in the United States. The school is a first class center of excellence for leadership development and joint operational education," said Senator Roberts.
The coin design honors the CGSC’s most famous graduates, who led U.S. forces to victory in World War II. Their minting would coincide with the celebration of the 132nd anniversary of the founding of the college.
S. 3456 includes surcharges of $35 for each $5 gold coin, $10 for every silver dollar coin, and $5 for each half-dollar clad coin. Surcharges would be paid to the Command and General Staff College Foundation, a not for profit organization that is chartered to support the CGSC.
For any legislation to become law, it must pass both the House and the Senate, and get signed by the President.
Senator Pat Roberts of Kansas introduced coin legislation to honor five-star Generals and the United States Army Command and General Staff College (CGSC) for its service in educating the nation’s military leaders since its founding in 1881.
The newly published bill, "Five-Star Generals Commemorative Coin Act, S. 3456," authorizes the Secretary of the Treasury to mint 100,000 five dollar gold coins, 500,000 one dollar silver coins, and 750,000 half-dollar copper-nickel clad coins for issuance in 2013.
The 50 cent clad, $1 silver and $5 gold coins would portray Five-Star Generals George Marshall, Douglas MacArthur, Dwight Eisenhower, Henry "Hap" Arnold, and Omar Bradley — each alumni of the CGSC, which was founded in 1881 at Ft. Leavenworth, Kansas.
"Kansas is proud to be the home of the oldest, largest and arguably the most prestigious military staff college in the United States. The school is a first class center of excellence for leadership development and joint operational education," said Senator Roberts.
The coin design honors the CGSC’s most famous graduates, who led U.S. forces to victory in World War II. Their minting would coincide with the celebration of the 132nd anniversary of the founding of the college.
S. 3456 includes surcharges of $35 for each $5 gold coin, $10 for every silver dollar coin, and $5 for each half-dollar clad coin. Surcharges would be paid to the Command and General Staff College Foundation, a not for profit organization that is chartered to support the CGSC.
For any legislation to become law, it must pass both the House and the Senate, and get signed by the President.
Friday, September 12, 2008
Rare glitch in some Wyoming quarters
By LISA BISBEE
Scattered Wyoming quarters may contain future collectors' items if they contain a rare flaw found when the die wobbles.
Like thousands of Americans, Gillette resident Gordon Evans has collected state quarters -- adding each state as it is released. Now, with news that the Wyoming bucking-horse-and-rider quarters might be worth more than 25 cents, Evans is rechecking the Cowboy State quarter in his possession to see if he has one with a unique characteristic.
Some of the Wyoming quarters have a rare flaw, called a double die. The mistake is caused when the die that stamps the quarter design is tilted and wobbles during the stamping process. The incident causes a second impression to be made at the center of the coin. The Wyoming quarter's flaw can be found around the bucking horse's saddlehorn -- where there's a tip of a 'ghost' saddlehorn.
Though the value of a double die coin depends on the type, position and rarity of the error, Dan Norris, owner of D&J Coins and Leathercraft in Sheridan, said the flaw is difficult to see without a magnifying glass.
"It may be far too minor to create too much interest," he said.
However, when a similar error was found in the Minnesota state quarter, many collectors bought the coins for more than $150. And the flawed Wisconsin state quarter, which appears to have an extra leaf on the left side of an ear of corn, has sold for more than $1,000.
"The Wisconsin quarter created much interest," Norris said. "But I haven't had anyone asking for this Wyoming quarter."
Janis Geer, co-owner of Pronghorn Trader in Gillette, said a lot of people collecting each state's quarters are not 'hardcore' collectors. Most are not looking for rare or old coins. Instead they are looking at each state's coin and putting them into a collection that will eventually represent all 50 states. Some are collecting for their grandkids or children. Others are intrigued by what each state chooses as its representation on the coin.
"A lot of people have collected with their kids to spark their interest in geography or the states," she said. "It's something that has spurred people into a different type of collecting. It's something they do because it's fun."
Wyoming's quarter was released last year as the 44th in the U.S. Mint's popular 50 State Quarters Program. In addition to the bucking horse and rider, the quarter features the inscriptions 'The Equality State,' 'Wyoming,' and '1890.' But the flaw only recently came to light.
Across the state line in Billings, Mont., Mark Allen of Ardie's Coins said he expects some collectors to look for the coin, but he also doesn't expect to see a whirlwind of activity created because of the flaw. That was not the case with the Wisconsin quarter, Allen said, which not only created a collector frenzy, but also has caused the quarter to hold an escalated price tag.
"This one is hard to see with the naked eye," Allen said. "My understanding is most of these (flawed quarters) run their course. They gain value and then they fall again."
In the meantime, many Wyomingites and Americans may scour the quarters jingling in their pockets or sitting in a collection to see if they can lay claim to a flawed Wyoming quarter.
"It's hard to say for sure what collectors are going to be interested in," Norris said. "It could catch fire."
Scattered Wyoming quarters may contain future collectors' items if they contain a rare flaw found when the die wobbles.
Like thousands of Americans, Gillette resident Gordon Evans has collected state quarters -- adding each state as it is released. Now, with news that the Wyoming bucking-horse-and-rider quarters might be worth more than 25 cents, Evans is rechecking the Cowboy State quarter in his possession to see if he has one with a unique characteristic.
Some of the Wyoming quarters have a rare flaw, called a double die. The mistake is caused when the die that stamps the quarter design is tilted and wobbles during the stamping process. The incident causes a second impression to be made at the center of the coin. The Wyoming quarter's flaw can be found around the bucking horse's saddlehorn -- where there's a tip of a 'ghost' saddlehorn.
Though the value of a double die coin depends on the type, position and rarity of the error, Dan Norris, owner of D&J Coins and Leathercraft in Sheridan, said the flaw is difficult to see without a magnifying glass.
"It may be far too minor to create too much interest," he said.
However, when a similar error was found in the Minnesota state quarter, many collectors bought the coins for more than $150. And the flawed Wisconsin state quarter, which appears to have an extra leaf on the left side of an ear of corn, has sold for more than $1,000.
"The Wisconsin quarter created much interest," Norris said. "But I haven't had anyone asking for this Wyoming quarter."
Janis Geer, co-owner of Pronghorn Trader in Gillette, said a lot of people collecting each state's quarters are not 'hardcore' collectors. Most are not looking for rare or old coins. Instead they are looking at each state's coin and putting them into a collection that will eventually represent all 50 states. Some are collecting for their grandkids or children. Others are intrigued by what each state chooses as its representation on the coin.
"A lot of people have collected with their kids to spark their interest in geography or the states," she said. "It's something that has spurred people into a different type of collecting. It's something they do because it's fun."
Wyoming's quarter was released last year as the 44th in the U.S. Mint's popular 50 State Quarters Program. In addition to the bucking horse and rider, the quarter features the inscriptions 'The Equality State,' 'Wyoming,' and '1890.' But the flaw only recently came to light.
Across the state line in Billings, Mont., Mark Allen of Ardie's Coins said he expects some collectors to look for the coin, but he also doesn't expect to see a whirlwind of activity created because of the flaw. That was not the case with the Wisconsin quarter, Allen said, which not only created a collector frenzy, but also has caused the quarter to hold an escalated price tag.
"This one is hard to see with the naked eye," Allen said. "My understanding is most of these (flawed quarters) run their course. They gain value and then they fall again."
In the meantime, many Wyomingites and Americans may scour the quarters jingling in their pockets or sitting in a collection to see if they can lay claim to a flawed Wyoming quarter.
"It's hard to say for sure what collectors are going to be interested in," Norris said. "It could catch fire."
Tuesday, September 09, 2008
Civil Rights Quarter Series Proposed in House
By CoinNews.net
A bill recently introduced by Rep. Melvin Watt [D-NC] proposes a 40-coin, eight-year series of circulating quarters to commemorate and be emblematic of "prominent civil rights leaders and important events that have advanced civil rights in America."
H.R. 6701, "Civil Rights Quarter Dollar Coin Act of 2008," was introduced July 31, and has an already large cosponsor list of 99 representatives.
Most collectors are now familiar with the H.R. 6184, "America’s Beautiful National Parks Quarter Dollar Coin Act of 2008," which the House passed July 9 and would continue circulating quarters commemorating national parks and sites for at least 11 years. Like it, H.R. 6701 would authorize a large silver version of the coin measuring 3 inches in diameter and weighing a 5 ounces.
These "super-sized" coins seem to be a new trend in congress, as the latest Senate version of the park quarters bill (S. 3290) includes language for a 3 inch diameter, 8 ounce silver coin.
The Civil Rights designs, as is typical in coin legislation, are not fully defined. But the bill does include recommendations for the following individuals and events portrayed on the reverse of quarters:
Martin Luther King, Jr.; Harriet Tubman and the Underground Railroad; The Little Rock Nine; Rosa Parks; Cesar Chavez; Antonia Pantoja; Dionisio (Dennis) Chavez; Patsy Mink; Philip Vera Cruz; and Thurgood Marshall The Treasury Secretary would determine each final design after consulting with the Congressional Black Caucus, the Congressional Hispanic Caucus, the Congressional Asian Pacific American Caucus, the Secretary of the Interior, and the Commission of Fine Arts.
Also unclear is when the quarter-dollar coin series would begin circulating. The legislation simply states "upon the completion of prior program," and that five quarters a year would be issued and the series is to end after 40 quarters.
Should this legislation pass and the national parks quarter bill get thrown aside, the series would likely begin in 2010 and after the D.C. and U.S. Territories quarters retire.
Congress returns from its several weeks of vacation on Monday, September 8. For a bill to become law, it must pass both houses and be signed by the President.
A bill recently introduced by Rep. Melvin Watt [D-NC] proposes a 40-coin, eight-year series of circulating quarters to commemorate and be emblematic of "prominent civil rights leaders and important events that have advanced civil rights in America."
H.R. 6701, "Civil Rights Quarter Dollar Coin Act of 2008," was introduced July 31, and has an already large cosponsor list of 99 representatives.
Most collectors are now familiar with the H.R. 6184, "America’s Beautiful National Parks Quarter Dollar Coin Act of 2008," which the House passed July 9 and would continue circulating quarters commemorating national parks and sites for at least 11 years. Like it, H.R. 6701 would authorize a large silver version of the coin measuring 3 inches in diameter and weighing a 5 ounces.
These "super-sized" coins seem to be a new trend in congress, as the latest Senate version of the park quarters bill (S. 3290) includes language for a 3 inch diameter, 8 ounce silver coin.
The Civil Rights designs, as is typical in coin legislation, are not fully defined. But the bill does include recommendations for the following individuals and events portrayed on the reverse of quarters:
Martin Luther King, Jr.; Harriet Tubman and the Underground Railroad; The Little Rock Nine; Rosa Parks; Cesar Chavez; Antonia Pantoja; Dionisio (Dennis) Chavez; Patsy Mink; Philip Vera Cruz; and Thurgood Marshall The Treasury Secretary would determine each final design after consulting with the Congressional Black Caucus, the Congressional Hispanic Caucus, the Congressional Asian Pacific American Caucus, the Secretary of the Interior, and the Commission of Fine Arts.
Also unclear is when the quarter-dollar coin series would begin circulating. The legislation simply states "upon the completion of prior program," and that five quarters a year would be issued and the series is to end after 40 quarters.
Should this legislation pass and the national parks quarter bill get thrown aside, the series would likely begin in 2010 and after the D.C. and U.S. Territories quarters retire.
Congress returns from its several weeks of vacation on Monday, September 8. For a bill to become law, it must pass both houses and be signed by the President.
Tuesday, July 29, 2008
Previously Unaccounted 1943-S Bronze Cent
By Rare Coin Wholesalers
A previously unrecorded 1943-S Lincoln cent, erroneously struck on a bronze planchet and found in circulation by a teenaged collector over a half century ago, has been acquired by Rare Coin Wholesalers of Dana Point, California. The discovery coin now is certified as AU-53 by Numismatic Guaranty Corporation.
“The coin was found in 1944 by Kenneth S. Wing Jr. of Long Beach, California who was assembling a set of Lincoln cents at the time,” said Steven L. Contursi, President of Rare Coin Wholesalers (www.RCW1.com).
Wing became a prominent Southern California architect who co-designed the Long Beach Arena in the late 1950s. He passed away in 1996.
“When his heirs recently asked me to examine the coin, I doubted it was genuine. But then I got a magnet and was surprised when the coin did not stick to it. So, on behalf of Mr. Wing’s heirs I submitted it for certification,” Contursi explained.
“It’s delightful and amazing there are still examples of great numismatic rarities to be ‘discovered’ and reported to the hobby.”
Contursi plans to publicly display the 1943-S bronze cent at various coin shows including the upcoming American Numismatic Association World’s Fair of Money® in Baltimore and the Long Beach Coin, Stamp & Collectibles Expo in September. To honor the memory of the coin’s finder and the family that owned it for 64 years, he requested that NGC include the notation on the encapsulation insert label, “Kenneth S. Wing Jr. Coll.”
“My Father was an avid penny collector. His parents would get him rolls of pennies from the bank every few weeks, and he’d search through them. He found the 1943 (bronze) penny in Long Beach in 1944 when he was 14 years old, but I’m not sure if it was from pocket change or from a roll (of circulating cents) from the bank. He took it to a local dealer who offered him $500 for it, but my Father said it wasn’t for sale.”
The coin was in a simple Capitol Plastics cent holder in a bank safe deposit box with the rest of Wing’s collection, found there after he died in 1996. Paul Wing says his father didn’t talk much about the coin over the years, and he didn’t actually see it until after his father passed away.
“My Father pulled most of his collection from circulation, and purchased a few coins he could not find. He found a 1922 ‘no D’ cent in change, but had to eventually buy a 1909-S V.D.B.,” explained the son.
Those coins remain in the collection inherited by Wing’s family.
“The 1943 bronze Lincoln cent really transcends a wrong planchet error. Today, it’s widely considered to be a classic twentieth century rarity, more kin to a transitional type, and now is collected as part of the regular series by devoted Lincoln cent enthusiasts,” commented Dave Camire, President of Numismatic Conservation Services and a mint error consultant to NGC.
“This piece is particularly important because it’s from San Francisco, a scarcer mint for the issue compared to better-known Philadelphia Mint specimens. This coin is also a recent discovery to the numismatic community,” Camire stated.
Common zinc-coated steel cents will stick to a magnet but the handful of known 1943-dated Lincoln cents mistakenly struck in bronze (in this case, an alloy of 95 percent copper and 5 percent tin and zinc) will not. The zinc-coated steel metallic composition was used in 1943 to conserve copper that was needed for U.S. efforts in World War II.
“When I purchased the coin I also received Mr. Wing’s interesting file of correspondence dating back to 1946 as he tried to verify the coin’s authenticity. Some of the responses he received from the Mint, the Smithsonian Institution and well-known dealer of the era, Abe Kosoff, may seem a little humorous today.”
In a letter to Wing dated August 20, 1946, Acting Director of the Mint Leland Howard wrote: “In reference to your letter of August 11th, there were no copper cents struck during the calendar year 1943 at any of the coinage Mints. Only the zinc coated steel cent was struck during that year.”
Today, though, the hobby is aware of more than a dozen 1943 bronze cents with at least one example known from each of the Mints producing Lincoln cents that year: Philadelphia, Denver and San Francisco.
Contursi acquired the coin and correspondence for $72,500. The letters from and to Wing indicate he tried for decades to get information about his historic, off-metal cent.
Wing wrote to Encino, California dealer Kosoff on October 3, 1958: “In 1948, on a trip to San Francisco, it (the coin) was shown to the Director of the mint and his ‘private’ opinion was that of authenticity. In 1957, my Father was in Washington, DC, (sic) he attempted to have the Treasury Department examine it, however, they refused and referred him to the Smithsonian Institution.”
In his response dated October 8, 1958, Kosoff replied: “It would be of prime importance to determine, beyond any doubt, that your 1943-S Cent is a genuine one. This would require a number of tests and the outlay of considerable cash.”
Additional correspondence regarding the coin’s journey to Washington with Wing’s father is a June 18, 1957 letter from V. Clain-Stefanelli, Curator of the Division of Numismatics at the Smithsonian in which he wrote: “The authenticity of this piece is in my opinion beyond doubt. In fact, as you certainly recall, Mr. Mendel L. Peterson, Acting Head Curator of the Department of History, fully concurred in this opinion.”
Contursi said his recently-acquired 1943 bronze Lincoln cent is quite special for him. “Of all the million dollar coins I’ve bought or sold – from Brasher Doubloons to the King of Siam set – this is the first 1943 ‘copper penny’ I’ve ever owned!”
For additional information, contact Rare Coin Wholesalers, P.O. Box 3873, Dana Point, CA 92629. Phone: (800) 347-3250. E-mail: RCWcoins@rcw1.com. Online: www.rcw1.com.
A previously unrecorded 1943-S Lincoln cent, erroneously struck on a bronze planchet and found in circulation by a teenaged collector over a half century ago, has been acquired by Rare Coin Wholesalers of Dana Point, California. The discovery coin now is certified as AU-53 by Numismatic Guaranty Corporation.
“The coin was found in 1944 by Kenneth S. Wing Jr. of Long Beach, California who was assembling a set of Lincoln cents at the time,” said Steven L. Contursi, President of Rare Coin Wholesalers (www.RCW1.com).
Wing became a prominent Southern California architect who co-designed the Long Beach Arena in the late 1950s. He passed away in 1996.
“When his heirs recently asked me to examine the coin, I doubted it was genuine. But then I got a magnet and was surprised when the coin did not stick to it. So, on behalf of Mr. Wing’s heirs I submitted it for certification,” Contursi explained.
“It’s delightful and amazing there are still examples of great numismatic rarities to be ‘discovered’ and reported to the hobby.”
Contursi plans to publicly display the 1943-S bronze cent at various coin shows including the upcoming American Numismatic Association World’s Fair of Money® in Baltimore and the Long Beach Coin, Stamp & Collectibles Expo in September. To honor the memory of the coin’s finder and the family that owned it for 64 years, he requested that NGC include the notation on the encapsulation insert label, “Kenneth S. Wing Jr. Coll.”
“My Father was an avid penny collector. His parents would get him rolls of pennies from the bank every few weeks, and he’d search through them. He found the 1943 (bronze) penny in Long Beach in 1944 when he was 14 years old, but I’m not sure if it was from pocket change or from a roll (of circulating cents) from the bank. He took it to a local dealer who offered him $500 for it, but my Father said it wasn’t for sale.”
The coin was in a simple Capitol Plastics cent holder in a bank safe deposit box with the rest of Wing’s collection, found there after he died in 1996. Paul Wing says his father didn’t talk much about the coin over the years, and he didn’t actually see it until after his father passed away.
“My Father pulled most of his collection from circulation, and purchased a few coins he could not find. He found a 1922 ‘no D’ cent in change, but had to eventually buy a 1909-S V.D.B.,” explained the son.
Those coins remain in the collection inherited by Wing’s family.
“The 1943 bronze Lincoln cent really transcends a wrong planchet error. Today, it’s widely considered to be a classic twentieth century rarity, more kin to a transitional type, and now is collected as part of the regular series by devoted Lincoln cent enthusiasts,” commented Dave Camire, President of Numismatic Conservation Services and a mint error consultant to NGC.
“This piece is particularly important because it’s from San Francisco, a scarcer mint for the issue compared to better-known Philadelphia Mint specimens. This coin is also a recent discovery to the numismatic community,” Camire stated.
Common zinc-coated steel cents will stick to a magnet but the handful of known 1943-dated Lincoln cents mistakenly struck in bronze (in this case, an alloy of 95 percent copper and 5 percent tin and zinc) will not. The zinc-coated steel metallic composition was used in 1943 to conserve copper that was needed for U.S. efforts in World War II.
“When I purchased the coin I also received Mr. Wing’s interesting file of correspondence dating back to 1946 as he tried to verify the coin’s authenticity. Some of the responses he received from the Mint, the Smithsonian Institution and well-known dealer of the era, Abe Kosoff, may seem a little humorous today.”
In a letter to Wing dated August 20, 1946, Acting Director of the Mint Leland Howard wrote: “In reference to your letter of August 11th, there were no copper cents struck during the calendar year 1943 at any of the coinage Mints. Only the zinc coated steel cent was struck during that year.”
Today, though, the hobby is aware of more than a dozen 1943 bronze cents with at least one example known from each of the Mints producing Lincoln cents that year: Philadelphia, Denver and San Francisco.
Contursi acquired the coin and correspondence for $72,500. The letters from and to Wing indicate he tried for decades to get information about his historic, off-metal cent.
Wing wrote to Encino, California dealer Kosoff on October 3, 1958: “In 1948, on a trip to San Francisco, it (the coin) was shown to the Director of the mint and his ‘private’ opinion was that of authenticity. In 1957, my Father was in Washington, DC, (sic) he attempted to have the Treasury Department examine it, however, they refused and referred him to the Smithsonian Institution.”
In his response dated October 8, 1958, Kosoff replied: “It would be of prime importance to determine, beyond any doubt, that your 1943-S Cent is a genuine one. This would require a number of tests and the outlay of considerable cash.”
Additional correspondence regarding the coin’s journey to Washington with Wing’s father is a June 18, 1957 letter from V. Clain-Stefanelli, Curator of the Division of Numismatics at the Smithsonian in which he wrote: “The authenticity of this piece is in my opinion beyond doubt. In fact, as you certainly recall, Mr. Mendel L. Peterson, Acting Head Curator of the Department of History, fully concurred in this opinion.”
Contursi said his recently-acquired 1943 bronze Lincoln cent is quite special for him. “Of all the million dollar coins I’ve bought or sold – from Brasher Doubloons to the King of Siam set – this is the first 1943 ‘copper penny’ I’ve ever owned!”
For additional information, contact Rare Coin Wholesalers, P.O. Box 3873, Dana Point, CA 92629. Phone: (800) 347-3250. E-mail: RCWcoins@rcw1.com. Online: www.rcw1.com.
Friday, July 25, 2008
Eagle and Buffalo in Prosperity Set
By Numismatic News
Just as the 2008 Buffalo one-ounce and fractional gold coins were put on sale July 22, the U.S. Mint announced a special 8-8-08 Double Prosperity Set also would be offered to collectors starting Aug. 1.
The set will feature two gold coins, one is an uncirculated 2008-W half-ounce Buffalo and the other is an uncirculated 2008-W half-ounce American Eagle.
This is the second issue in the Mint's Celebration series, which was launched in February. The Mint notes that the number "8" is traditionally associated with prosperity in Asia and the triple "8" date occurs just once every 100 years.
The set comes in a special hardwood box. Orders may be placed on the Web site at www.usmint.gov, or by telephone at (800) USA-MINT.
Just as the 2008 Buffalo one-ounce and fractional gold coins were put on sale July 22, the U.S. Mint announced a special 8-8-08 Double Prosperity Set also would be offered to collectors starting Aug. 1.
The set will feature two gold coins, one is an uncirculated 2008-W half-ounce Buffalo and the other is an uncirculated 2008-W half-ounce American Eagle.
This is the second issue in the Mint's Celebration series, which was launched in February. The Mint notes that the number "8" is traditionally associated with prosperity in Asia and the triple "8" date occurs just once every 100 years.
The set comes in a special hardwood box. Orders may be placed on the Web site at www.usmint.gov, or by telephone at (800) USA-MINT.
Tuesday, July 22, 2008
Coin market includes sight seen and unseen
By Jeff Starck
Trying to explain what sight-seen and sight-unseen bidding are is at once easy and confusing.
The market for sight-unseen coins is predominantly for “generic” gold coins, like this 1926 Saint-Gaudens gold $20 double eagle coin and other coins with large populations, several experts told Coin World.
There is little market for sight-unseen trading of certain collector coins, like the 1916-D Winged Liberty Head dime, one expert said.
“Sight-seen” and “sight-unseen” bidding are terms describing ways that dealers can buy and sell coins through dealer-to-dealer networks. But, it turns out, it’s much more complicated than that.
At the basic level, someone buying a coin “sight seen” has the option, once they’ve seen the coin, to buy it at a price already established between buyer and seller for a coin from a specific grading service and in a specific grade, or they can reject the purchase.
Buyers engaging in “sight-unseen” purchases may submit their bid for coins they wish to purchase, again for pieces certified by a third-party grading service, but without seeing the coins before agreeing to the deal.
The ability to pick-and-choose coins under the sight-seen method generally means those coins receive higher prices.
Technology changes market
As technology has evolved, the means and methods by which dealers trade coins has changed. In the 1960s, dealers used teletypewriter systems that transmitted their bid and sell messages to other dealers on the network.
Trying to explain what sight-seen and sight-unseen bidding are is at once easy and confusing.
The market for sight-unseen coins is predominantly for “generic” gold coins, like this 1926 Saint-Gaudens gold $20 double eagle coin and other coins with large populations, several experts told Coin World.
There is little market for sight-unseen trading of certain collector coins, like the 1916-D Winged Liberty Head dime, one expert said.
“Sight-seen” and “sight-unseen” bidding are terms describing ways that dealers can buy and sell coins through dealer-to-dealer networks. But, it turns out, it’s much more complicated than that.
At the basic level, someone buying a coin “sight seen” has the option, once they’ve seen the coin, to buy it at a price already established between buyer and seller for a coin from a specific grading service and in a specific grade, or they can reject the purchase.
Buyers engaging in “sight-unseen” purchases may submit their bid for coins they wish to purchase, again for pieces certified by a third-party grading service, but without seeing the coins before agreeing to the deal.
The ability to pick-and-choose coins under the sight-seen method generally means those coins receive higher prices.
Technology changes market
As technology has evolved, the means and methods by which dealers trade coins has changed. In the 1960s, dealers used teletypewriter systems that transmitted their bid and sell messages to other dealers on the network.
Monday, July 21, 2008
2008 Koala Coins
By CoinNews.net
Australia’s iconic Koala coins are more popular than ever. The Perth Mint of Australia has launched a new coin series of 2008 proof gold Koalas, its first Gilded Koala and their second pure silver Koala. Each bullion coin depicts the "cuddly" koala and her baby sitting on a tree branch.
All coin versions bear the same obverse or heads design with Ian Rank-Broadley’s effigy of Her Majesty Queen Elizabeth II, are Australian legal tender, and include the "P" mint mark, denoting The Perth Mint.
Proof Koala Gold Coin Series The Mint’s first annual gold proof Koala coins are struck from 2oz, 1oz, 1/10oz and 1/25oz of 99.99% pure gold in proof quality. The 1/10 ounce and 1/25 ounce coins are already on sale, and have the following specifications:
1/10oz 1/25oz Gold Content (Troy oz) 1/10 1/25 Monetary Denomination (AUD) 15 5 Fineness (% purity) 99.99 99.99 Minimum Gross Weight (g) 3.108 1.244 Maximum Diameter (mm) 16.10 14.10 Maximum Thickness (mm) 1.50 1.40
The Perth Mint will has a limit in place of 5,000 1/10oz coins and 15,000 1/25oz coins.
The proof 1/10 ounce gold coins are currently priced at:
$188.64 (AUS) $183.51 (US) The proof 1/25 ounce coins have a price of:
$97.73 (AUS) $95.07 (US)
Australian Koala 2008 Gold Proof Coin Series
Australian Koala Gilded Silver Coins The Perth Mint has added a new series in the mix this year with their attractive Gilded Koala silver dollar coins. These one-ounce, 99.9% pure silver coins have a limited mintage of 10,000. The koala and her young have a 24-carat gilding. The coin is struck in the Mint’s specimen quality.
The new series silver coin are currently priced at:
$68.19 (AUS) $66.34 (US)
Australian Koala 2008 Gilded Edition 1oz Silver Coin
Silver Dollar Koala Coins This year marks the second release for the popular Silver Koala $1 coins, but with the new mother and baby design. The coins are composed of 99.9% pure silver. While no mintage limits are stated, production will close when the 2009-dated coins are announced.
The silver coin is currently priced at:
$31.82 (AUS) $30.95 (US)
2008 Australian Koala 1oz Silver Coin
About the Perth Mint
The Perth Mint, wholly-owned by the State Government of Western Australia, is the official issuer of the Australian Federal Government’s Gold and Silver Bullion Coin Program. The Mint opened in 1899 in response to the discovery of rich gold deposits in Coolgardie and Kalgoorlie. It was Australia’s third branch of Britain’s Royal Mint - the others being the Sydney Mint and the Melbourne Mint (both closed).
The Perth Mint remained under Britain’s jurisdiction until 1 July 1970, when ownership transferred to the State Government of Western Australia.
In 2003, The Perth Mint officially opened an 8,400 square metre state-of-the-art manufacturing facility next door to its original limestone building. Dominating the Mint’s heritage precinct, these two important buildings are powerful symbols of more than 100 years of minting excellence in Western Australia.
Australia’s iconic Koala coins are more popular than ever. The Perth Mint of Australia has launched a new coin series of 2008 proof gold Koalas, its first Gilded Koala and their second pure silver Koala. Each bullion coin depicts the "cuddly" koala and her baby sitting on a tree branch.
All coin versions bear the same obverse or heads design with Ian Rank-Broadley’s effigy of Her Majesty Queen Elizabeth II, are Australian legal tender, and include the "P" mint mark, denoting The Perth Mint.
Proof Koala Gold Coin Series The Mint’s first annual gold proof Koala coins are struck from 2oz, 1oz, 1/10oz and 1/25oz of 99.99% pure gold in proof quality. The 1/10 ounce and 1/25 ounce coins are already on sale, and have the following specifications:
1/10oz 1/25oz Gold Content (Troy oz) 1/10 1/25 Monetary Denomination (AUD) 15 5 Fineness (% purity) 99.99 99.99 Minimum Gross Weight (g) 3.108 1.244 Maximum Diameter (mm) 16.10 14.10 Maximum Thickness (mm) 1.50 1.40
The Perth Mint will has a limit in place of 5,000 1/10oz coins and 15,000 1/25oz coins.
The proof 1/10 ounce gold coins are currently priced at:
$188.64 (AUS) $183.51 (US) The proof 1/25 ounce coins have a price of:
$97.73 (AUS) $95.07 (US)
Australian Koala 2008 Gold Proof Coin Series
Australian Koala Gilded Silver Coins The Perth Mint has added a new series in the mix this year with their attractive Gilded Koala silver dollar coins. These one-ounce, 99.9% pure silver coins have a limited mintage of 10,000. The koala and her young have a 24-carat gilding. The coin is struck in the Mint’s specimen quality.
The new series silver coin are currently priced at:
$68.19 (AUS) $66.34 (US)
Australian Koala 2008 Gilded Edition 1oz Silver Coin
Silver Dollar Koala Coins This year marks the second release for the popular Silver Koala $1 coins, but with the new mother and baby design. The coins are composed of 99.9% pure silver. While no mintage limits are stated, production will close when the 2009-dated coins are announced.
The silver coin is currently priced at:
$31.82 (AUS) $30.95 (US)
2008 Australian Koala 1oz Silver Coin
About the Perth Mint
The Perth Mint, wholly-owned by the State Government of Western Australia, is the official issuer of the Australian Federal Government’s Gold and Silver Bullion Coin Program. The Mint opened in 1899 in response to the discovery of rich gold deposits in Coolgardie and Kalgoorlie. It was Australia’s third branch of Britain’s Royal Mint - the others being the Sydney Mint and the Melbourne Mint (both closed).
The Perth Mint remained under Britain’s jurisdiction until 1 July 1970, when ownership transferred to the State Government of Western Australia.
In 2003, The Perth Mint officially opened an 8,400 square metre state-of-the-art manufacturing facility next door to its original limestone building. Dominating the Mint’s heritage precinct, these two important buildings are powerful symbols of more than 100 years of minting excellence in Western Australia.
Friday, July 18, 2008
Shifted-Edge Dollars Worth Search
By Ken Potter
Long after most folks have given up searching the 2007-dated George Washington Presidential dollars for the well-known smooth-edge "Godless dollars" a few die-hards are still at it obtaining what BU rolls can still be had from banks and still finding errors. One of those searchers is Mike Bozynski of Michigan.
He has reported what I refer to as a shifted edge inscription error. These shifts seem to be the result of at least two different causes (though both may be closely related).
We've previously discussed the first "type" where the shift is less pronounced, leaving a gap of space of greater or lesser degree between the mintmark and E PLURIBUS UNUM. Aside from EPU being shifted, there does not seem to be any other discernible variation to the edge of these coins; there is no rim damage and the entire inscription is present. There is also no explanation to why all the ones I've seen so far involve the spacing between the date and EPU and no spaces elsewhere (though other variations of this theme may be out there that I just have not seen yet).
The second "type" is those like Bozynski found. On his coin the date starts out normally but a deep gash obliterates the "7" of date, the mintmark and a small portion of the large space that is normally found between the date and E PLURIBUS UNUM.
At first this gash appears to be little more than post-mint damage that occurred to the coin after it was processed and left the mint. But upon closer inspection we see that immediately following the gash where there should be considerably more space preceding E PLURIBUS UNUM, the motto, IN GOD WE TRUST follows, completely skipping most of that large space and all of E PLURIBUS UNUM!
As we go along the rim further we see even more damage but none of it seems to affect the placement of the inscription. Since E PLURIBUS UNUM is completely missing, when we get to the end of IN GOD WE TRUST there is a large area of smooth edge in which we find yet another edge gash. In fact over 50 percent of the edge is smooth, so much so that at first glance Bozynski thought he found a smooth edge Washington.
Interestingly, he noticed that the scrapes repeated themselves in the same exact rim locations on four other examples of the error type that he found. All five were found in the same roll of Philadelphia minted Washington dollars.
Ken Potter is the official attributer of world doubled dies for the Combined Organizations of Numismatic Error Collectors of America and for the National Collectors Association of Die Doubling. He also privately lists other collectible variety types on both U.S. and world coins in the Variety Coin Register. More information on either of the clubs or how to get a coin listed in the Variety Coin Register may be obtained by sending a long, self-addressed envelope with 58 cents postage to P.O. Box 760232, Lathrup Village, MI 48076 or by contacting him via e-mail at KPotter256@aol.com. An educational image gallery may be viewed on his Web site at www.koinpro.com
Long after most folks have given up searching the 2007-dated George Washington Presidential dollars for the well-known smooth-edge "Godless dollars" a few die-hards are still at it obtaining what BU rolls can still be had from banks and still finding errors. One of those searchers is Mike Bozynski of Michigan.
He has reported what I refer to as a shifted edge inscription error. These shifts seem to be the result of at least two different causes (though both may be closely related).
We've previously discussed the first "type" where the shift is less pronounced, leaving a gap of space of greater or lesser degree between the mintmark and E PLURIBUS UNUM. Aside from EPU being shifted, there does not seem to be any other discernible variation to the edge of these coins; there is no rim damage and the entire inscription is present. There is also no explanation to why all the ones I've seen so far involve the spacing between the date and EPU and no spaces elsewhere (though other variations of this theme may be out there that I just have not seen yet).
The second "type" is those like Bozynski found. On his coin the date starts out normally but a deep gash obliterates the "7" of date, the mintmark and a small portion of the large space that is normally found between the date and E PLURIBUS UNUM.
At first this gash appears to be little more than post-mint damage that occurred to the coin after it was processed and left the mint. But upon closer inspection we see that immediately following the gash where there should be considerably more space preceding E PLURIBUS UNUM, the motto, IN GOD WE TRUST follows, completely skipping most of that large space and all of E PLURIBUS UNUM!
As we go along the rim further we see even more damage but none of it seems to affect the placement of the inscription. Since E PLURIBUS UNUM is completely missing, when we get to the end of IN GOD WE TRUST there is a large area of smooth edge in which we find yet another edge gash. In fact over 50 percent of the edge is smooth, so much so that at first glance Bozynski thought he found a smooth edge Washington.
Interestingly, he noticed that the scrapes repeated themselves in the same exact rim locations on four other examples of the error type that he found. All five were found in the same roll of Philadelphia minted Washington dollars.
Ken Potter is the official attributer of world doubled dies for the Combined Organizations of Numismatic Error Collectors of America and for the National Collectors Association of Die Doubling. He also privately lists other collectible variety types on both U.S. and world coins in the Variety Coin Register. More information on either of the clubs or how to get a coin listed in the Variety Coin Register may be obtained by sending a long, self-addressed envelope with 58 cents postage to P.O. Box 760232, Lathrup Village, MI 48076 or by contacting him via e-mail at KPotter256@aol.com. An educational image gallery may be viewed on his Web site at www.koinpro.com
Tuesday, July 15, 2008
Bank Failures Push Gold Prices
By Patrick A. Heller
The price of gold has been going up every day for the last week, despite several obvious attempts to manipulate the price downward. As the banks get into deeper trouble, I expect that will persuade more individuals to buy gold.
On Friday, July 11, the Federal Deposit Insurance Corporation shut down and assumed control of IndyMac Bank of Pasadena, Calif. With assets of $32 billion, IndyMac is the second largest bank failure in U.S. history. FDIC is expected to spend $4-$8 billion of its $52 billion in assets to settle claims for this bank.
The bank has been in difficulties over the past year from its position as one of the nation's largest mortgage issuers of subprime mortgages.
Two federally chartered private mortgage banks known by the nicknames of Fannie Mae and Freddie Mac had already written off billions of dollars of bad mortgages. It has been evident for some time that there were far more losses yet to be acknowledged from among the $5 trillion of mortgages the two companies are carrying, probably more than the reserve capital of the companies would cover. Late last week, the stock values of both companies fell sharply, especially after Treasury Secretary Paulson said Friday that the U.S. government would not bail them out.
These two companies hold roughly half the real estate mortgage debt in the United States. If they were to fail, the residential real estate market would more or less ground to a halt. It was obvious to almost everyone that Paulson's remarks were not the final word. On Sunday, government officials announced a series of measures to bail out Fannie Mae and Freddie Mac (but not their shareholders). Although the terms were couched to make it sound like the federal government was not really going to be on the hook for significant funds, they really were a guarantee that the huge losses incurred by these two companies will eventually be covered by taxpayer money.
Monday morning IndyMac reopened as IndyMac Federal Bank. Depositors started lining up outside branches as early as 4 a.m. to withdraw their accounts as soon as the bank opened.
The IndyMac Bank failure, compounded by the Fannie Mae and Freddie Mac troubles, has had fallout on other banks. I polled some local banks Monday and found that some were receiving a number of calls from concerned account holders who were wondering if their funds on account were guaranteed by FDIC or if they should be coming to withdraw their funds. Only one bank I called (about 11 a.m.) claimed that they did not receive any such calls yet.
The federal government/taxpayer bailout of Fannie Mae and Freddie Mac has temporarily lulled some investors into thinking that the worst may be over. Nothing could be further from the truth.
The American banking system is getting ready for a major onslaught of lawsuits over the mortgage crisis. First off, if the banks that issued mortgages neglected to satisfy 100 percent of the disclosure requirements of the 1968 Truth in Lending Act, then the borrowers can successfully sue the bank to cancel the loan. The borrower does not have to prove that they were defrauded or misled or suffered any damages, only that the disclosures were defective! A small survey by one California bankruptcy attorney found disclosure violations in half the loans reviewed.
The second large area of lawsuits is coming from investors in mortgage-backed securities sold by banks. Many such contracts contain clauses where the banks must take back loans that default unusually quickly or have any indications of mistakes or fraud. State and local governments are leading the way with such suits, with Massachusetts, California and the city of Cleveland getting the most publicity.
The bottom line for banks is that they have a high degree of risk of ending up having to absorb a lot of the mortgage losses (which may total another $1 trillion above what has already been recorded) which will swamp the less than $50 billion in assets that FDIC will have after paying off IndyMac's account holders.
I fear that we are close to seeing a nationwide run on banks. I don't see what the federal government could now do to reassure account holders to prevent it. If widespread bank runs start occurring, expect the federal government to quickly slap on restrictions limiting the ability to withdraw funds from bank accounts.
I don't want to be in the same league with Sen. Charles Schumer, D-N.Y., whom the Office of Thrift Supervision is blaming for his June 26 remarks as sparking the run on IndyMac. But, it might be time now to move some funds outside of the banking system just in case.
Some of those pulling the funds out of banks are buying gold and pushing the price towards $1,000.
The price of gold has been going up every day for the last week, despite several obvious attempts to manipulate the price downward. As the banks get into deeper trouble, I expect that will persuade more individuals to buy gold.
On Friday, July 11, the Federal Deposit Insurance Corporation shut down and assumed control of IndyMac Bank of Pasadena, Calif. With assets of $32 billion, IndyMac is the second largest bank failure in U.S. history. FDIC is expected to spend $4-$8 billion of its $52 billion in assets to settle claims for this bank.
The bank has been in difficulties over the past year from its position as one of the nation's largest mortgage issuers of subprime mortgages.
Two federally chartered private mortgage banks known by the nicknames of Fannie Mae and Freddie Mac had already written off billions of dollars of bad mortgages. It has been evident for some time that there were far more losses yet to be acknowledged from among the $5 trillion of mortgages the two companies are carrying, probably more than the reserve capital of the companies would cover. Late last week, the stock values of both companies fell sharply, especially after Treasury Secretary Paulson said Friday that the U.S. government would not bail them out.
These two companies hold roughly half the real estate mortgage debt in the United States. If they were to fail, the residential real estate market would more or less ground to a halt. It was obvious to almost everyone that Paulson's remarks were not the final word. On Sunday, government officials announced a series of measures to bail out Fannie Mae and Freddie Mac (but not their shareholders). Although the terms were couched to make it sound like the federal government was not really going to be on the hook for significant funds, they really were a guarantee that the huge losses incurred by these two companies will eventually be covered by taxpayer money.
Monday morning IndyMac reopened as IndyMac Federal Bank. Depositors started lining up outside branches as early as 4 a.m. to withdraw their accounts as soon as the bank opened.
The IndyMac Bank failure, compounded by the Fannie Mae and Freddie Mac troubles, has had fallout on other banks. I polled some local banks Monday and found that some were receiving a number of calls from concerned account holders who were wondering if their funds on account were guaranteed by FDIC or if they should be coming to withdraw their funds. Only one bank I called (about 11 a.m.) claimed that they did not receive any such calls yet.
The federal government/taxpayer bailout of Fannie Mae and Freddie Mac has temporarily lulled some investors into thinking that the worst may be over. Nothing could be further from the truth.
The American banking system is getting ready for a major onslaught of lawsuits over the mortgage crisis. First off, if the banks that issued mortgages neglected to satisfy 100 percent of the disclosure requirements of the 1968 Truth in Lending Act, then the borrowers can successfully sue the bank to cancel the loan. The borrower does not have to prove that they were defrauded or misled or suffered any damages, only that the disclosures were defective! A small survey by one California bankruptcy attorney found disclosure violations in half the loans reviewed.
The second large area of lawsuits is coming from investors in mortgage-backed securities sold by banks. Many such contracts contain clauses where the banks must take back loans that default unusually quickly or have any indications of mistakes or fraud. State and local governments are leading the way with such suits, with Massachusetts, California and the city of Cleveland getting the most publicity.
The bottom line for banks is that they have a high degree of risk of ending up having to absorb a lot of the mortgage losses (which may total another $1 trillion above what has already been recorded) which will swamp the less than $50 billion in assets that FDIC will have after paying off IndyMac's account holders.
I fear that we are close to seeing a nationwide run on banks. I don't see what the federal government could now do to reassure account holders to prevent it. If widespread bank runs start occurring, expect the federal government to quickly slap on restrictions limiting the ability to withdraw funds from bank accounts.
I don't want to be in the same league with Sen. Charles Schumer, D-N.Y., whom the Office of Thrift Supervision is blaming for his June 26 remarks as sparking the run on IndyMac. But, it might be time now to move some funds outside of the banking system just in case.
Some of those pulling the funds out of banks are buying gold and pushing the price towards $1,000.
Tuesday, July 08, 2008
Madison Presidential Coin Historical Signature Set
By CoinNews.net
The U.S. Mint has released the James Madison Presidential $1 Coin Historical Signature Set for a price of $19.95.
This set is the fourth in the series and features:
A proof James Madison Presidential Dollar, an intaglio print of the President from the Bureau of Engraving and Printing (BEP), an official James Madison signature, and a leather-like folder showcasing the coin, print and signature The proof coin is brilliant, with a sharp relief and mirror-like background. The frosted foreground gives a special cameo effect.
As a side note, the Bureau of Engraving and Printing is responsible for printing U.S. currency.
The previous three $1 Coin Historical Signature Sets featured George Washington, John Adams, and Thomas Jefferson.
All Presidential Dollar products by the U.S. Mint may be found at:
Presidential $1 Coin Products
Orders may also be placed via the Mint’s toll-free number, 1-800-USA-MINT (872-6468). Hearing and speech-impaired customers may order by calling 1-888-321-MINT (6468).
The U.S. Mint has released the James Madison Presidential $1 Coin Historical Signature Set for a price of $19.95.
This set is the fourth in the series and features:
A proof James Madison Presidential Dollar, an intaglio print of the President from the Bureau of Engraving and Printing (BEP), an official James Madison signature, and a leather-like folder showcasing the coin, print and signature The proof coin is brilliant, with a sharp relief and mirror-like background. The frosted foreground gives a special cameo effect.
As a side note, the Bureau of Engraving and Printing is responsible for printing U.S. currency.
The previous three $1 Coin Historical Signature Sets featured George Washington, John Adams, and Thomas Jefferson.
All Presidential Dollar products by the U.S. Mint may be found at:
Presidential $1 Coin Products
Orders may also be placed via the Mint’s toll-free number, 1-800-USA-MINT (872-6468). Hearing and speech-impaired customers may order by calling 1-888-321-MINT (6468).
Monday, July 07, 2008
National Park Quarters Gain
National Park Quarters Gain Senate and House Traction
By Mike Unser
The call for national park quarters grew louder with progress in the House and introduction in the Senate.
The joint quarter-dollar legislation seeks to:
"provide for a program for circulating quarter dollar coins that are emblematic of a national park or other national site in each State, the District of Columbia, and each territory of the United States."
Senate bill, S. 3214, is nearly identical to House version, H.R. 6184. They both, in fact, bear the same name: America’s Beautiful National Parks Quarter Dollar Coin Act of 2008.
Senator John Barrasso [R-WY] sponsored the Senate version and introduced it on June 26 — twenty-two days after the House version. S. 3214 is in its initial phase and before the U.S. Senate Committee on Banking, Housing and Urban Affairs.
H.R. 6184 was voted out of committee on June 25 with a recommendation for consideration and a vote by the entire House.
Should a reconciled version pass the House, Senate and Presidential signature, 5 new park quarters per year would be issued starting in 2010.
Friday, July 04, 2008
Add Ancient Coins To Your Collection
Ancient coins collecting use to be considered as the hobby of kings, but today it is the very best way to learn about the history of ancient civilizations. Adding ancient coins to your collection adds a degree of prestige to your own collection with the ability to take a journey through time.
There has been evidence that suggests the rulers of the Renaissance Age collected portraits of previous emperors on Roman coins. Roman nobles were fascinated by the culture of Greek and were thought to have collected ancient Greek coins when Augustus Caesar was ruler. So, throughout history the art and science of collecting coins has been displayed and mastered by various kings, rulers, and emperors. To build a top notch collection without spending the ransom of a king you need to collect ancients coins, which carry great historical value. Collectors have various areas of special interest that they like to personalize their collection with. These specialized collections seem to be rewarding over the long term, which are not necessarily expensive.
Prior to the invention of coins there was a wide variety of items being used for trade, which included beads, cattle, shells, and many others. With the introduction of minting, coins rapidly spread from Lydia to Greece with the first Greek coins being produced around 600 BC on the island of Aegina. These coins are known as silver drachma and obos, which features a turtle on the reverse as a symbol of Aegina.
Later the legendary figure of Pegasus, the winged horse, was featured on the reverse of the Cornith Greek coins. In 610 BC, Athens began producing more advanced artistic coins that featured a type of wine vessel design. During the periods of 336 to 323 BC, Alexander the Great began the practice of producing coins. Portraits were later introduced by his successors as regular features on coins, which ultimately recorded the posterity of many ancient kings and rulers.
The next major state to establish their coin were the Romans, which occurred from 269 BC when ever they began minting for gold, silver, and bronze. These coins portray ruling emperors and members of the imperial family with the reverse featuring inscriptions of the civic achievements or military triumphs of the ruling emperor. Even the assassination of Julius Caesar are shown on these ancient coins.
The artistic qualities of ancient Greek coins still fascinate collectors today, as well as Roman coins, Imperial coins, and Persian coins. The Imperial coins features realistic portraits of emperors and their families, while Persian coins seem to be desired by collectors interested in the historical culture of their region.
Some issues of ancient coins can be expensive, but the majority are priced within reason. Ancient coins used a variety of fine metals such as, gold, silver, brass, bronze, nickel, and even electrum, which is a natural silver-gold alloy. There are a variety of ancient coins to focus your individual collections on, which include the attractive Indo-Greek coins of southwest Asia.
Collectors who are interested in the ancient Jewish culture of even early Christianity have found biblical coins to be greatly desired, especially when they take the time to research each coins importance and their historical value.
Victor Epand is an expert consultant about rare coins, stamp collections, and rare collectibles. follow these links to find the best marketplace for: rare coins, collections, and ancient coins
There has been evidence that suggests the rulers of the Renaissance Age collected portraits of previous emperors on Roman coins. Roman nobles were fascinated by the culture of Greek and were thought to have collected ancient Greek coins when Augustus Caesar was ruler. So, throughout history the art and science of collecting coins has been displayed and mastered by various kings, rulers, and emperors. To build a top notch collection without spending the ransom of a king you need to collect ancients coins, which carry great historical value. Collectors have various areas of special interest that they like to personalize their collection with. These specialized collections seem to be rewarding over the long term, which are not necessarily expensive.
Prior to the invention of coins there was a wide variety of items being used for trade, which included beads, cattle, shells, and many others. With the introduction of minting, coins rapidly spread from Lydia to Greece with the first Greek coins being produced around 600 BC on the island of Aegina. These coins are known as silver drachma and obos, which features a turtle on the reverse as a symbol of Aegina.
Later the legendary figure of Pegasus, the winged horse, was featured on the reverse of the Cornith Greek coins. In 610 BC, Athens began producing more advanced artistic coins that featured a type of wine vessel design. During the periods of 336 to 323 BC, Alexander the Great began the practice of producing coins. Portraits were later introduced by his successors as regular features on coins, which ultimately recorded the posterity of many ancient kings and rulers.
The next major state to establish their coin were the Romans, which occurred from 269 BC when ever they began minting for gold, silver, and bronze. These coins portray ruling emperors and members of the imperial family with the reverse featuring inscriptions of the civic achievements or military triumphs of the ruling emperor. Even the assassination of Julius Caesar are shown on these ancient coins.
The artistic qualities of ancient Greek coins still fascinate collectors today, as well as Roman coins, Imperial coins, and Persian coins. The Imperial coins features realistic portraits of emperors and their families, while Persian coins seem to be desired by collectors interested in the historical culture of their region.
Some issues of ancient coins can be expensive, but the majority are priced within reason. Ancient coins used a variety of fine metals such as, gold, silver, brass, bronze, nickel, and even electrum, which is a natural silver-gold alloy. There are a variety of ancient coins to focus your individual collections on, which include the attractive Indo-Greek coins of southwest Asia.
Collectors who are interested in the ancient Jewish culture of even early Christianity have found biblical coins to be greatly desired, especially when they take the time to research each coins importance and their historical value.
Victor Epand is an expert consultant about rare coins, stamp collections, and rare collectibles. follow these links to find the best marketplace for: rare coins, collections, and ancient coins
Thursday, July 03, 2008
June 2008 Summer FUN Heritage Auction Tops $12 Million
By Heritage Auctions
Market demand remained strong for significant American numismatic rarities in the June 2008 Summer FUN Signature® Auction presented by Heritage Auction Galleries in West Palm Beach, June 26-27. Total prices realized for the American coins exceeded $12 million, and the total will rise further when the concluding session and post auction buys are finalized.
“The strong market is continuing to bring great rarities — and great prices realized — onto the Heritage auction block,” commented Heritage President Greg Rohan. “We note that Lot 1960, an 1880 $4 Flowing Hair (Judd-1657, Pollock-1857) and certified PR64 by PCGS, realized: $431,250. This auction contained a wide range of rarities at many price levels, to which more than 5000 bidders responded enthusiastically.”
Highlights from Heritage’s Summer FUN Signature Auction:
Lot 1960: 1880 $4 Flowing Hair, Judd-1657, Pollock-1857, R.6, PR64 PCGS.
The 1880 Flowing Hair “stella” is one of the most famous rarities in American numismatics. Technically a pattern issue, and never authorized for regular coinage, the stella has survived and prospered as a collectible issue, and is regularly listed in A Guide Book of United States Coins alongside regular U.S. gold coin types. From the Fern E. Wagner Trust. Price realized: $431,250
Lot 2106: 1803 BD-6 Large Stars Reverse Eagle, MS62 NGC. Breen-6845, B. 1-F, Taraszka-32, R.7.
Of 33 known die varieties in the 1795 to 1804 eagle series, Harry Bass was able to obtain 32 during his many years of collecting; the only die marriage that he never owned was the 1803 BD-6 (Breen 1-F) that is offered in this lot. Price realized: $172,500
Lot 1975: 1832 Half Eagle, 13 Stars, BD-1, High R.5, MS63
The 1832 half eagle is known in only two die pairings, BD-1 and BD-2, easily distinguished by the presence of either 13 or 12 obverse stars, respectively; the 13 Stars BD-1 has a straight-base 2, and only three examples of this variety have been certified finer. From The Charleston Collection.
Price realized: $132,250
Market demand remained strong for significant American numismatic rarities in the June 2008 Summer FUN Signature® Auction presented by Heritage Auction Galleries in West Palm Beach, June 26-27. Total prices realized for the American coins exceeded $12 million, and the total will rise further when the concluding session and post auction buys are finalized.
“The strong market is continuing to bring great rarities — and great prices realized — onto the Heritage auction block,” commented Heritage President Greg Rohan. “We note that Lot 1960, an 1880 $4 Flowing Hair (Judd-1657, Pollock-1857) and certified PR64 by PCGS, realized: $431,250. This auction contained a wide range of rarities at many price levels, to which more than 5000 bidders responded enthusiastically.”
Highlights from Heritage’s Summer FUN Signature Auction:
Lot 1960: 1880 $4 Flowing Hair, Judd-1657, Pollock-1857, R.6, PR64 PCGS.
The 1880 Flowing Hair “stella” is one of the most famous rarities in American numismatics. Technically a pattern issue, and never authorized for regular coinage, the stella has survived and prospered as a collectible issue, and is regularly listed in A Guide Book of United States Coins alongside regular U.S. gold coin types. From the Fern E. Wagner Trust. Price realized: $431,250
Lot 2106: 1803 BD-6 Large Stars Reverse Eagle, MS62 NGC. Breen-6845, B. 1-F, Taraszka-32, R.7.
Of 33 known die varieties in the 1795 to 1804 eagle series, Harry Bass was able to obtain 32 during his many years of collecting; the only die marriage that he never owned was the 1803 BD-6 (Breen 1-F) that is offered in this lot. Price realized: $172,500
Lot 1975: 1832 Half Eagle, 13 Stars, BD-1, High R.5, MS63
The 1832 half eagle is known in only two die pairings, BD-1 and BD-2, easily distinguished by the presence of either 13 or 12 obverse stars, respectively; the 13 Stars BD-1 has a straight-base 2, and only three examples of this variety have been certified finer. From The Charleston Collection.
Price realized: $132,250
Tuesday, July 01, 2008
Annie Oakley Gunshot Napoleon Coin
By Mike Unser
PBS’ History Detectives is dedicated to exploring historical mysteries that will, on Monday, investigate whether a 1853 French Napoleon coin was split by sharpshooter Annie Oakley.
Annie Oakley was a superstar attraction in Buffalo Bill Cody’s Wild West Show who became famous by performing daring shooting feats.
Annie’s marksmanship skills dazzled audiences by edge-splitting playing cards, snuffing out candles, and, of course, shooting coins.
Legendary Native American and Sioux warrior Sitting Bull, also in Buffalo Bill’s Wild West Show in the 1880’s, called Annie "Little Sure Shot."
And here’s where we return to Monday’s first History Detectives episode of season 6. Host Elyse Luray will take viewers through an investigative journey to try and uncover whether an inherited Napoleon coin full of family lore was indeed shot by Oakley.
Imagine the value of the Napoleon coin should evidence support the lore.
A video sneak peak of Season 6 highlights a portion of the show, where Luray "conducts ballistics tests, scours the Buffalo Bill Historical Center archives and recreates one of Oakley’s sure shots."
A contributor from Bath, Maine has an 1853 French Napoleon coin with a bent, split edge and a great bit of family lore: it’s said that the coin was shot by Annie Oakley and that Annie herself gave the coin to two of the contributor’s great-grand uncles.
It doesn’t look like any of the souvenir coins the Wild West icon typically handed out to her many fans. Can we prove that the sharp-shooting star of Buffalo Bill’s Wild West Show shot up the coin for the two brothers – and turn family lore into bona fide bragging rights?
To find out, History Detectives conducts ballistics tests, scours the Buffalo Bill Historical Center archives and recreates one of Oakley’s sure shots.
PBS’ History Detectives is dedicated to exploring historical mysteries that will, on Monday, investigate whether a 1853 French Napoleon coin was split by sharpshooter Annie Oakley.
Annie Oakley was a superstar attraction in Buffalo Bill Cody’s Wild West Show who became famous by performing daring shooting feats.
Annie’s marksmanship skills dazzled audiences by edge-splitting playing cards, snuffing out candles, and, of course, shooting coins.
Legendary Native American and Sioux warrior Sitting Bull, also in Buffalo Bill’s Wild West Show in the 1880’s, called Annie "Little Sure Shot."
And here’s where we return to Monday’s first History Detectives episode of season 6. Host Elyse Luray will take viewers through an investigative journey to try and uncover whether an inherited Napoleon coin full of family lore was indeed shot by Oakley.
Imagine the value of the Napoleon coin should evidence support the lore.
A video sneak peak of Season 6 highlights a portion of the show, where Luray "conducts ballistics tests, scours the Buffalo Bill Historical Center archives and recreates one of Oakley’s sure shots."
A contributor from Bath, Maine has an 1853 French Napoleon coin with a bent, split edge and a great bit of family lore: it’s said that the coin was shot by Annie Oakley and that Annie herself gave the coin to two of the contributor’s great-grand uncles.
It doesn’t look like any of the souvenir coins the Wild West icon typically handed out to her many fans. Can we prove that the sharp-shooting star of Buffalo Bill’s Wild West Show shot up the coin for the two brothers – and turn family lore into bona fide bragging rights?
To find out, History Detectives conducts ballistics tests, scours the Buffalo Bill Historical Center archives and recreates one of Oakley’s sure shots.
Friday, June 27, 2008
Sacagawea Makeover
By David L. Ganz
Weighing in on the new reverse design for the Sacagawea dollar mandated by Congress, the Citizens Coinage Advisory Committee viewed more than a dozen designs June 18 before selecting a female Indian planting maize (corn) in a field. The design is intended for use on the 2009 dollar coin, which is the first that will host a Native American theme.
Each year thereafter a different Native American design will appear.
The design on the obverse is not necessarily the old Sacagawea design. It is to be chosen by the Secretary of the Treasury, Henry Paulson, after consultation with the Commission of Fine Arts and review by the Citizens Coinage Advisory Committee.
There are two requirements: it must
" contain the so-called "Sacagawea design" and " the inscription "Liberty."Despite recent difficulties with edge-lettering, the law requires that the inscription of the year of minting and issuance of the coin and the inscriptions "E Pluribus Unum" and "In God We Trust" are required to be edge-incused into the coin. The CCAC formally recommended the date movement, too.
There is a specific requirement that the edge-incusing of the inscriptions be done in a manner that preserves the distinctive edge of the coin so that the denomination of the coin is readily discernible, including by individuals who are blind or visually impaired.
There is an additional consultation requirement: designs selected for the reverse shall be chosen by the Treasury Secretary after consultation with the Committee on Indian Affairs of the Senate, the Congressional Native American Caucus of the House of Representatives, the Commission of Fine Arts and the National Congress of American Indians. They must further be reviewed by the Citizens Coinage Advisory Committee.
Congress suggested some design themes to offer its guidance on how the coins should be designed which appears at odds with the end result honoring agriculture. Specific examples appear in the law.
They "may depict individuals and events such as the creation of Cherokee written language, the Iroquois Confederacy, Wampanoag Chief Massasoit, the 'Pueblo Revolt,' Olympian Jim Thorpe, Ely S. Parker, a general on the staff of Gen. Ulysses S. Grant, and later head of the Bureau of Indian Affairs, code talkers who served the U.S. Armed Forces during World War I and World War II."
Nothing that could be considered a "two headed" coin would be permitted.
The law requires that each design for the reverse of the $1 coins issued during each year shall be emblematic of a single important Native American. Each $1 coin minted "shall be available throughout the entire one-year period," the new law says.
They also shall be issued, to the maximum extent practicable, in the chronological order in which the Native Americans lived or the events occurred, until the termination of the coin program. Numismatic coins are specifically denominated: "the Secretary may mint and issue such number of $1 coins of each design selected in uncirculated and proof qualities as the Secretary determines to be appropriate."
As to how many: the number of $1 coins minted and issued in a year with the Sacagawea design on the obverse shall be not less than 20 percent of the total number of $1 coins minted and issued in such year. Thus, dollar coin demand will be shared between the Presidential dollar program and the Sacagawea design.
Recognizing that there are "barriers to circulation," the bill directs the Secretary of the Treasury to "carry out an aggressive, cost-effective, continuing campaign to encourage commercial enterprises to accept and dispense $1 coins that have as designs on the obverse the so-called 'Sacagawea design,'" and calls for an annual report on the success of the efforts to be submitted to Congress.
CCAC's second choice was a design featuring three female Indians surrounded by squash, corn and beans. It represented the traditional Three Sisters system of planting the crops. To the Iroquois people, corn, beans, and squash are the Three Sisters - the physical and spiritual sustainers of life. The three vegetables comprised their main food supply. Iroquois women mixed their crops, using a system called "interplanting."
"What ended up carrying the day for our selection was how clearly it represented the theme of Native Americans and agriculture," CCAC chairman Mitch Sanders said. "We liked its aesthetic appeal and the fact that a Native American woman is shown being strongly involved in agriculture."
The ongoing Sacagawea program is expected to last until at least until 2016. Next stop is a mandatory review by the Commission of Fine Arts. Then Treasury Secretary Henry Paulson will make a design choice for next year's dollar coinage.
Weighing in on the new reverse design for the Sacagawea dollar mandated by Congress, the Citizens Coinage Advisory Committee viewed more than a dozen designs June 18 before selecting a female Indian planting maize (corn) in a field. The design is intended for use on the 2009 dollar coin, which is the first that will host a Native American theme.
Each year thereafter a different Native American design will appear.
The design on the obverse is not necessarily the old Sacagawea design. It is to be chosen by the Secretary of the Treasury, Henry Paulson, after consultation with the Commission of Fine Arts and review by the Citizens Coinage Advisory Committee.
There are two requirements: it must
" contain the so-called "Sacagawea design" and " the inscription "Liberty."Despite recent difficulties with edge-lettering, the law requires that the inscription of the year of minting and issuance of the coin and the inscriptions "E Pluribus Unum" and "In God We Trust" are required to be edge-incused into the coin. The CCAC formally recommended the date movement, too.
There is a specific requirement that the edge-incusing of the inscriptions be done in a manner that preserves the distinctive edge of the coin so that the denomination of the coin is readily discernible, including by individuals who are blind or visually impaired.
There is an additional consultation requirement: designs selected for the reverse shall be chosen by the Treasury Secretary after consultation with the Committee on Indian Affairs of the Senate, the Congressional Native American Caucus of the House of Representatives, the Commission of Fine Arts and the National Congress of American Indians. They must further be reviewed by the Citizens Coinage Advisory Committee.
Congress suggested some design themes to offer its guidance on how the coins should be designed which appears at odds with the end result honoring agriculture. Specific examples appear in the law.
They "may depict individuals and events such as the creation of Cherokee written language, the Iroquois Confederacy, Wampanoag Chief Massasoit, the 'Pueblo Revolt,' Olympian Jim Thorpe, Ely S. Parker, a general on the staff of Gen. Ulysses S. Grant, and later head of the Bureau of Indian Affairs, code talkers who served the U.S. Armed Forces during World War I and World War II."
Nothing that could be considered a "two headed" coin would be permitted.
The law requires that each design for the reverse of the $1 coins issued during each year shall be emblematic of a single important Native American. Each $1 coin minted "shall be available throughout the entire one-year period," the new law says.
They also shall be issued, to the maximum extent practicable, in the chronological order in which the Native Americans lived or the events occurred, until the termination of the coin program. Numismatic coins are specifically denominated: "the Secretary may mint and issue such number of $1 coins of each design selected in uncirculated and proof qualities as the Secretary determines to be appropriate."
As to how many: the number of $1 coins minted and issued in a year with the Sacagawea design on the obverse shall be not less than 20 percent of the total number of $1 coins minted and issued in such year. Thus, dollar coin demand will be shared between the Presidential dollar program and the Sacagawea design.
Recognizing that there are "barriers to circulation," the bill directs the Secretary of the Treasury to "carry out an aggressive, cost-effective, continuing campaign to encourage commercial enterprises to accept and dispense $1 coins that have as designs on the obverse the so-called 'Sacagawea design,'" and calls for an annual report on the success of the efforts to be submitted to Congress.
CCAC's second choice was a design featuring three female Indians surrounded by squash, corn and beans. It represented the traditional Three Sisters system of planting the crops. To the Iroquois people, corn, beans, and squash are the Three Sisters - the physical and spiritual sustainers of life. The three vegetables comprised their main food supply. Iroquois women mixed their crops, using a system called "interplanting."
"What ended up carrying the day for our selection was how clearly it represented the theme of Native Americans and agriculture," CCAC chairman Mitch Sanders said. "We liked its aesthetic appeal and the fact that a Native American woman is shown being strongly involved in agriculture."
The ongoing Sacagawea program is expected to last until at least until 2016. Next stop is a mandatory review by the Commission of Fine Arts. Then Treasury Secretary Henry Paulson will make a design choice for next year's dollar coinage.
Thursday, June 26, 2008
Bowers and Merena 1,300 Coin Lots at Baltimore
Bowers and Merena 1,300 Coin Lots at Baltimore
By Bowers and Merena
Highlights of Bowers and Merena’s Baltimore Rarities Sale, which is prior to ANA World’s Fair of Money, include extraordinary 1866-S No Motto Liberty Double Eagle in NGC MS-60 and elusive 1808 Capped Bust Left Quarter Eagle in NGC MS-61
Bowers and Merena Auctions, America’s leading rare coin auction house, will host their Baltimore Rarities Sale in July at the Baltimore Marriott Waterfront, just prior to the ANA World’s Fair of Money. The auction of nearly 1,300 lots will be presented on Saturday, July 26, with lot viewing scheduled for Thursday to Saturday, July 24-26, and lot pick-up on Sunday, July 27. The catalog includes approximately 1,100 coin and 200 currency lots.
At the top of the highlights list is an impressive 1866-S No Motto Liberty Double Eagle graded MS-60 by NGC. It is described as a High Condition Census example, one of only three Mint State examples known to PCGS and NGC, and the type of Mint State rarity that is not often available to collectors for purchase.
Although Winter and Crum were unaware of any Mint State examples of the 1866-S No Motto in numismatic circles, PCGS and NGC have since certified a few coins at that level. The total is limited to just three pieces, however, the finest of which grades only MS-61. Clearly a very rare coin from both absolute and condition standpoints, the BU example that Bowers and Merena is offering represents a fleeting bidding opportunity for the advanced collector of 19th century U.S. gold coinage.
Additional highlights of note include an 1808 Capped Bust Left Quarter Eagle, BD-1, HBCC-3017, the only known dies, Rarity-4, graded MS-61 by NGC. This is an elusive and significant One-Year Type, one of no more than 150 Capped Bust Left Quarter Eagles that are estimated to remain to meet the demand of both early gold specialists and type collectors, the latter group, in particular, representing an ever-growing segment of the numismatic market.
Also, notable is a lovely prooflike 1795 Capped Bust Right Half Eagle, Small Eagle, BD-8, HBCC-3041, Miller-10, Rarity-5+, graded MS-63 PL by NGC, a nice coin, and a rarer die pairing of this historically significant and extremely popular federal gold issue.
"Bowers and Merena just returned from a very successful June auction in Baltimore where we realized over $6.2 million, and there was already a lot of talk and enthusiasm among attendees to return to Baltimore in July," said Steve Deeds, president of Bowers and Merena.
"We have a fantastic selection of very special coin and currency lots and we are looking forward to presenting an exceptional rarities auction that serious collectors will really appreciate."
Additional coin highlights include1918/7-D Buffalo Nickel. FS-016.5. MS-64 (PCGS). 1796 Capped Bust Right Quarter Eagle. BD-2, HBCC-3002. Rarity-4. No Stars. AU-53 (NGC). 1794 Flowing Hair Silver Dollar. BB-1, B-1, the only known dies. Rarity-4. F-15 (PCGS). 1931-D Saint-Gaudens Double Eagle. MS-64 (PCGS). 1882 Haiku Plantation One Real Token. TE-15. MS-66 RB (PCGS). 1915 Saint-Gaudens Double Eagle. Proof-66 (NGC). 1918/7-S Standing Liberty Quarter. FS-008.5. MS-65 (NGC). 1912 Saint-Gaudens Double Eagle Proof-66 (NGC) 1892-S Morgan Silver Dollar. MS-63 (PCGS). 1920-S Saint-Gaudens Double Eagle. MS-62 (PCGS). 1885 Three-Dollar Gold Piece. Proof-66 Cameo (PCGS). CAC. 1818 Capped Head Left Half Eagle. BD-3, HBCC-3131, Miller-125. Rarity-5. 5D Over 50. MS-64 (NGC). 1855 Wass, Molitor & Co. $50 Gold. K-9. Rarity-5. AU-50 (PCGS). 1937-D Buffalo Nickel. FS-020.2. 3-Legged. MS-66 (NGC). 1797 Draped Bust Silver Dollar. BB-72, B-2. Rarity-4. Stars 9×7, Small Letters. AU-50 (PCGS). 1798 Capped Bust Right Quarter Eagle. BD-2, HBCC-3006. Rarity-5. Wide Date. AU-58 (NGC). 1860 Clark, Gruber & Co. $10 Gold. K-3. Rarity-5. MS-61 (PCGS). 1859 Seated Liberty Silver Dollar. Proof-67 * (NGC). 1867 Shield Nickel. Rays. Proof-64 (PCGS). OGH (Old Green Holder). 1799 Capped Bust Right Eagle. BD-10, HBCC-3191, Taraszka-22. Rarity-3. Large Stars Obverse. MS-62 (PCGS). 1854 Gold Dollar. Type II. MS-65 (PCGS). OGH (Old Green Holder). 1825/’1′ Capped Head Left Half Eagle. BD-1, HBCC-3147, Miller-149. Rarity-5+. AU-58 (NGC). 1839 Gobrecht Silver Dollar. Name Omitted. Judd-104 Restrike, Pollock-116. Rarity-3. Proof-63 (NGC). Silver. Die Alignment IV. 1921-S Walking Liberty Half Dollar. MS-64 (NGC). Currency highlights includeFr. 2407 1928 $500 Gold Certificate. PMG Gem Uncirculated 65EPQ. Fr. 1177. 1882 $20 Gold Certificate. PCGS Extremely Fine 40. Marquette, MI. $20 1902 Red Seal. The FNB. Charter #(M)390. PMG Gem Uncirculated 66EPQ. Fr. 753. 1918 $2 Federal Reserve Bank Note. PMG Superb Gem Uncirculated 67EPQ. Fr. 364. 1891 $5 Treasury Note. PCGS Superb Gem New 67PPQ. Carrollton, IL. $5 1875. Fr. 404. The Greene County NB. Charter #2390. PMG About Uncirculated 55 All lots and images in the Bowers and Merena Baltimore Rarities Sale will be viewable online by early-July at www.bowersandmerena.com, and printed catalogs are available upon request by calling 800.458.4646.
Pre-auction bids are welcome at www.bowersandmerena.com; by e-mail at auction@bowersandmerena.com; by phone at 800.458.4646; by fax at 949.253.4091; and by postal mail addressed to Bowers and Merena, Baltimore Rarities July 2008, 18061 Fitch, Irvine, CA, 92614.
Interested bidders are also encouraged to bid in-person at the live auction on Saturday, July 26, 2008, or live online through the Bowers and Merena website. A complete auction and lot viewing schedule is available at www.bowersandmerena.com or by calling 800.458.4646.
About Bowers and Merena AuctionsBowers and Merena Auctions was founded in 1983 and has grown to become the world’s preeminent numismatic auctioneer with more than half a billion dollars in rare coin and currency sales. Bowers and Merena has handled four of the five most valuable United States coin collections ever sold, including the Louis E. Eliasberg Sr. Collection, the Harry W. Bass Jr. Collection, the Garrett Collection for The Johns Hopkins University, and the Norweb Collection.
For more information about Bowers and Merena and the Baltimore Rarities Sale in July, call 800.458.4646. For media inquiries, ask for president Steve Deeds. Complete prices realized for all past auctions are available at www.bowersandmerena.com.
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