By PCGS
The Professional Coin Grading Service (PCGS) will display the only complete grading set of “Hot Lips” dollars, one of the most interesting of all the different varieties in the popular Morgan dollar series (1878-1921), at the Long Beach Coin, Stamp & Collectibles Expo, May 29 - 31, 2008.
"Some Morgan dollars were struck at the New Orleans Mint in 1888 with a doubled die obverse that produced significant doubling of Miss Liberty’s lips, nose and chin. A faint second eyelid is also visible," explained Ron Guth, PCGS President.
The unusual variety is listed as 1888-O VAM-4 (for the ‘VAM’ reference book created by Morgan dollar researchers, Leroy C. Van Allen and A. George Mallis), but many collectors refer to it simply as “Hot Lips.”
PCGS will display the Ashmore “Hot Lips” grading set during the show in the Long Beach, California Convention Center.
The 21-coin set is owned by Ash Harrison, President of the Society of Silver Dollar Collectors and owner of Ashmore Rare Coins in Greensboro, North Carolina, who has assembled examples of this unusual variety in grades ranging from Poor-1 to Mint State-61, according to BJ Searls, Manager of the PCGS Set Registry program.
Only two are certified PCGS MS-61, and none in higher grade by PCGS. The MS-60 coin in the set formerly was in Van Allen’s personal collection, and is the only Hot Lips variety example certified as Deep Mirror Prooflike (DMPL).
With the recent acquisition of this unique coin, Harrison completed the years-long hunt to assemble the first-ever “Hot Lips” set for all reported grades.
“This variety is very hard to find in high grade About Uncirculated condition, and is ultra rare in Mint State. It’s listed among the Top 100 Morgan VAMs. The complete grading set has taken seven years to assemble,” said Harrison.
“Every known grade of the 1888-O doubled die obverse is represented in this set. The premise for assembling it was that I wanted a true PCGS Grading Set, and this is the only Morgan dollar die pair that I knew could be positively identified all the way down to Poor-1 condition.
The lips on Lady Liberty are so prominently doubled that even a coin with no date or mintmark visible still can be identified from the die pair.”
"The grading set was truly an impressive sight when it was shown at a meeting of the Society of Silver Dollar Collectors. Visitors to the Long Beach Expo display at the PCGS booth now will be the first to see the expanded Ashmore “Hot Lips” grading set in person and receive a complimentary, educational booklet about the intriguing 1888-O VAM-4 Morgan dollar variety," said Searls.
For additional information about this and other VAM varieties, visit online at www.VAMworld.com. Information about the PCGS Set RegistrySM is available at www.PCGS.com/SetRegistry.
PCGS and Expos Unlimited, the organizer of the Long Beach Expo, are divisions of Collectors Universe, Inc. (NASDAQ: CLCT).
Tuesday, April 29, 2008
Monday, April 28, 2008
Fresh Buffalo Nickels Excite at B&M Auction
by Greg Reynolds
B&M auctioned an excellent group of Buffalo Nickels. The core of the offering was a selection of gem quality pieces from the Colorado collection of Buffalo Nickels, which was one of the finest collections of Buffaloes ever assembled. These nickels were ‘off the market’ for many years.
Most of the Buffalo Nickels in the B&M sale were not from the Colorado collection. The following NGC graded MS-66 nickels were from the Colorado collection: a 1918-S, a 1919-S, a 1923-S, a 1926-S, and a 1927-S. NGC graders awarded both the 1926-S and the 1927-S a star for eye appeal. These will be discussed below. Additionally, the NGC graded MS-66 1925-D in this auction is not from the Colorado collection, and the PCGS graded MS-65 1925-D is from the Colorado collection.
In all my years of reporting on coin auctions, it never occurred to me that a 1926-S Buffalo Nickel would ever realize more than $300,000! I was astounded that the Colorado 1926-S in this auction sold for $322,000!
To provide an idea of the reasons why certain Buffalo Nickels are worth great sums, it is necessary to discuss the relative scarcity of certain dates, and to mention some factors involved in completing sets of Buffalo Nickels in high grades. It will also be helpful to mention some past prices. One implication is that the $276,000 price for the 1916 “Doubled Die” Buffalo, in this auction, is not surprising.
As the doubling of the numerals is more important, and the rest of the doubling is not nearly as apparent, I call the 1916 Doubled Die obverse variety a ‘Doubled Date,’ which is actually clearer as it supports the point that most collectors refer to it as a separate date. David Schweitz agrees that the term ‘Doubled Date’ is better suited than ‘Doubled Die’ as “the doubling is most pronounced on the numbers.” Some other parts of the obverse (front) are “not very much doubled.”
In Nov. 2007, B&M auctioned a 1916 Doubled Date nickel for $316,250, and it thus became the second Buffalo Nickel to sell for more than $300,000 at auction. It is one of two that the PCGS has graded MS-64. The other was also auctioned by B&M, in August 2004, for $281,750, which may have been a record for the date and type, at the time.
The 1916 Doubled Date in this April 15, 2008 sale is NGC graded MS-64. Matt Kleinsteuber, a grader and trader for NFC coins, remarks that it is “a real nice coin, with natural color. It is strong for the [MS-64] grade.” Kleinsteuber had no financial interest in this coin, nor did he bid on it. He just liked it. Charles Browne was not enthusiastic about it. Evidently, at least two bidders were eager to get it. Although the two that PCGS has graded MS-64 have sold for more, $276,000 is an auction record for an NGC certified MS-64 1916 Doubled Date.
David Schweitz was extremely excited about this 1916 Doubled Date. Schweitz is perhaps the nation’s foremost expert in Buffalo Nickels. He never owned this particular coin and he did not bid on it.
Schweitz emphasizes that this is “the nicest 1916 Doubled Date that [Schweitz] has ever seen. It is certainly better than the two PCGS graded ‘64′ Doubled Date nickels.” Furthermore, he says that “it is better than two other 1916 Double Dates that are NGC certified 64.” The NGC reports that a total of five have been graded MS-64, which may not amount to five different coins. Schweitz maintains that “there are five separate 1916 Doubled Date nickels that are graded MS-64 by PCGS or NGC”; he has seen all of them, and this is the “best” of the five.
I estimate that there are four to five hundred 1916 ‘Doubled Date’ nickels in existence. It is thus rare. In contrast, for most dates in the Buffalo Nickel series, more than thirty thousand survive.
Consider the relatively low mintage dates: the 1913-S (Type 2), the 1915-S, the 1921-S, the 1924-S, the 1926-S and the 1931-S. For each, there are probably at least twelve thousand coins in existence, and maybe many more. Even for the 1937-D ‘3 Legs’ variety, which is often collected as a separate date, there must be more than seven thousand around.
Partly because San Francisco and Denver Mint Buffalo Nickels tend to be weakly struck, and partly because people spent better date Buffalo Nickels, especially during economic slowdowns, gem quality (MS-65 and higher grade) Buffalo Nickels of many dates are rare. Completing a mostly gem set of Buffalo Nickels is a challenge.
Traditionally, the 1918/7-D overdate has had the status of a separate date that is required for a complete set of Buffalo Nickels. It may be rare, but I doubt it. My guess is that there are more than a thousand in existence, though probably less than twenty-five hundred. It is considerably scarcer than the 1926-S. A 1918/7-D was the first Buffalo Nickel to sell for more than $300,000 at auction.
While there may not be any 1916 Doubled Date nickels that grade 65 or higher, the PCGS and the NGC have each certified three 1918/7-D nickels as MS-65. It is unlikely, though, that the total of six refers to six different coins, and the ones that have been NGC graded MS-65 may not qualify for a PCGS grade of MS-65.
The auction record for a Buffalo Nickel continues to be held by a 1918/7-D, and it is PCGS graded MS-65. It was in the Richard Hennessy collection of Buffalo Nickels when B&M auctioned it in August 2006, for $350,750. Two years earlier, this same exact coin was in the Carl Womack collection when B&M auctioned it for $287,500 in August 2004.
In the PCGS registry, a “Basic” set of Buffalo nickels does NOT include a 1916 Doubled Date, 1918/7-D a 1937-D with ‘3 legs.’ In my view, except in registries, these are the three varieties that are most often been regarded as dates that are needed for a typical set of Buffalo Nickels. Schweitz concurs, “these are the only major varieties that people collect as dates, and collectors usually want them for their sets.”
The Buffalo Nickel “Variety” set in the PCGS registry requires all the normal dates and the three major varieties just mentioned above, plus a 1914/3 overdate, a 1935 Doubled Die Reverse, and a 1936-D ‘3½ legs.’ The latter three are subtle varieties that most nickel enthusiasts would agree are not nearly as important as the 1916 Doubled Date, the 1918/7-D and the 1937-D ‘3 Legs.’
Regardless of how a set of business strike Buffalo Nickels is defined, a 1926-S is needed. The most stunning price in this April 15 auction was $322,500 for a 1926-S nickel.
In Jan. 2008, at the FUN Convention in Orlando, a gem collection of PCGS graded Buffalo nickels surfaced, including this 1926-S. This collection was sold, as a unit, by a Massachusetts dealer, who accepted sealed bids from those who were invited to participate. The winning bidder was a team of three dealers, two from Colorado and one from Florida. As this collection was never given a name, I will call it the Colorado collection. Without more information, I cannot formulate a name that relates to the collector who built the set. Certainly, these three dealers recognized its greatness and appreciated its contents; two of them live in Colorado.
The Colorado collection was photographed before these nickels were submitted to grading services in 2008. All were in old PCGS holders, some dating back to 1990 or so. None of the holders had blue labels. Several had been previously handled by the firm of David Hall. All were PCGS graded MS-65, except for one common date nickel that was graded MS-66.
Two of the three dealers have assured me that none of these Buffaloes were altered or artificially colored in any way. All have exactly the same appearance in April 2008 as they did in Jan. 2008, except the 1919-S. On a recommendation from the NGC, the lead dealer gave permission for the 1919-S to be sent to the NCS for the removal of a small amount of hazy film in the right obverse (front) field. After this patch of film was removed, an area of toning looks different now from the way it did in January. This area is no longer covered by film.
Separately and curiously, Charles Browne relates that he was “unsure” about the toning on the 1919-S. When Browne told me about this precise area of toning, neither he nor I knew that this 1919-S had ever been treated by NCS. Browne was not shown the collection in January, possibly because he was extremely busy at the FUN Convention.
Otherwise, Browne felt certain that the nickels from the Colorado collection in the B&M sale had slowly developed, “original, natural color.” He especially likes the “golden-brown” hues. Browne is a long-time opponent of artificial toning and other enhancements.
As for the Colorado 1926-S, Browne said that “it is a magnificent coin, about as nice as a ‘26-S comes.” He emphasizes that it “has nice original color.” He is “not sure,” though, “that it would ever cross into a PCGS MS-66 holder.”
Browne is a former PCGS grader and a current instructor of advanced grading courses conducted by the ANA. He has been attending major shows and auctions for more than a quarter-century. He did not have before, and currently does not have, a financial interest in any of the Buffalo Nickels in the April 15 B&M auction.
This Colorado piece is the only 1926-S that the NGC has certified as 66*, but another has been NGC graded 66 without a star. The PCGS has never certified a 1926-S Buffalo Nickel as MS-66. The other NGC graded “MS-66″ 1926-S is in the Gerald Forsythe NGC registry set. According to the NGC registry, it was added on Nov. 19, 2004.
The former auction record for a 1926-S was set when a PCGS graded MS-65 nickel sold for $132,250 in the B&M Nov. 2006 auction. It was from the “ADM collection.” In July 2006, the Anne Kate ‘26-S, also PCGS graded MS-65, brought $116,500.
Although Schweitz admits that he is biased when commenting upon 1926-S nickels, he boldly insists that the Colorado ‘26-S is of “much higher quality than the other 1926-S that is NGC certified MS-66.” He declares that there is a tremendous difference between the two.
As for the Colorado 1927-S, Browne states that “it is a very nice, original coin,” with natural “crusty, golden-brown color.” He adds, however, that “it is not fully struck,” and may not be the best 1927-S that he has ever seen. He emphasizes that it has “excellent eye appeal.” At $125,350, it realized the highest auction price, to my knowledge, for a 1927-S nickel.
The NGC reports grading two other 1927-S nickels “MS-66,” and all three have received the star designation for eye appeal. Curiously, though, Forsythe has a NGC graded MS-65 1927-S, which he added to his NGC registry set on April 4, 2008, less than two weeks before this auction. If there really are three distinct NGC graded MS-66 ‘27-S nickels, would Forsythe have bought one at some point?
The ADM collection 1927-S, PCGS graded MS-65, was auctioned by B&M for $24,150 in Nov. 2006, and, again in March 2007, for just $16,675! Before the Colorado piece sold on April 15, did a 1927-S nickel ever sell for as much as $25,000 at auction? If not, the Colorado 1927-S sold for more than five times the previous auction record!
In August 2006, B&M auctioned a PCGS graded MS-65 1918-S for $36,800, which I believe is the previous record for a 1918-S. The result of $125,350 for the Colorado 1918-S is thus more than three times the previous record. Browne likes “this coin a great deal.” He says that it is sharply struck, not fully struck,” and has “thick luster.”
Browne determined that its grade is a “mid to high-end 66.” The Colorado 1918-S is the only NGC certified MS-66 1918-S, and the PCGS has graded only one as MS-66, which has not recently been auctioned. Browne exclaims that the Colorado 1918-S has “great color and pizzazz”!
Although the NGC graded MS-66 1937-D ‘3 Legs’ in this sale is not from the Colorado Collection, it garnered a lot of attention. It realized $57,500. The variety was caused when a reverse (back) die was enhanced, to compensate for wear and imperfections, in such a way that one of the buffalo’s four legs was obliterated. This issue has always been very popular with collectors.
Matt Kleinsteuber asserts that “it is very pretty, a really nice coin for the grade. Schweitz remarks that “it is a great coin” which he “owned in the past.” Browne asserts that it would “probably cross over into a PCGS [MS-66] holder” if submitted, and Schweitz agrees. Further, Browne exclaims that this nickel is “a knockout, drop-dead gorgeous.” These are interesting words for a piece with three legs.
For more than five years, collectors have been paying megabucks for high quality Buffalo Nickels. Numerous collectors have built sets that are registered with PCGS or NGC, and other collectors also seek gems. It is hard to say that there is more demand in 2008 that there was in 2006 or 2007. Some of the gems from the Colorado collection may be the finest of their respective dates to be auctioned in a long time.
Previously, most buyers who paid megabucks for gem Buffaloes were in the process of building PCGS registry sets, or were buying only PCGS certified coins for other reasons. Schweitz states that “there is now more interest in gem NGC certified Buffalo Nickels, and people will pay much more for them than they used to, even just a year ago.”
The nickels from the Colorado consignment would not have brought anywhere near as much if there were not intense, dramatically increased demand for NGC certified Buffalo Nickels. This new demand publicly revealed itself in this April 15 auction.
B&M auctioned an excellent group of Buffalo Nickels. The core of the offering was a selection of gem quality pieces from the Colorado collection of Buffalo Nickels, which was one of the finest collections of Buffaloes ever assembled. These nickels were ‘off the market’ for many years.
Most of the Buffalo Nickels in the B&M sale were not from the Colorado collection. The following NGC graded MS-66 nickels were from the Colorado collection: a 1918-S, a 1919-S, a 1923-S, a 1926-S, and a 1927-S. NGC graders awarded both the 1926-S and the 1927-S a star for eye appeal. These will be discussed below. Additionally, the NGC graded MS-66 1925-D in this auction is not from the Colorado collection, and the PCGS graded MS-65 1925-D is from the Colorado collection.
In all my years of reporting on coin auctions, it never occurred to me that a 1926-S Buffalo Nickel would ever realize more than $300,000! I was astounded that the Colorado 1926-S in this auction sold for $322,000!
To provide an idea of the reasons why certain Buffalo Nickels are worth great sums, it is necessary to discuss the relative scarcity of certain dates, and to mention some factors involved in completing sets of Buffalo Nickels in high grades. It will also be helpful to mention some past prices. One implication is that the $276,000 price for the 1916 “Doubled Die” Buffalo, in this auction, is not surprising.
As the doubling of the numerals is more important, and the rest of the doubling is not nearly as apparent, I call the 1916 Doubled Die obverse variety a ‘Doubled Date,’ which is actually clearer as it supports the point that most collectors refer to it as a separate date. David Schweitz agrees that the term ‘Doubled Date’ is better suited than ‘Doubled Die’ as “the doubling is most pronounced on the numbers.” Some other parts of the obverse (front) are “not very much doubled.”
In Nov. 2007, B&M auctioned a 1916 Doubled Date nickel for $316,250, and it thus became the second Buffalo Nickel to sell for more than $300,000 at auction. It is one of two that the PCGS has graded MS-64. The other was also auctioned by B&M, in August 2004, for $281,750, which may have been a record for the date and type, at the time.
The 1916 Doubled Date in this April 15, 2008 sale is NGC graded MS-64. Matt Kleinsteuber, a grader and trader for NFC coins, remarks that it is “a real nice coin, with natural color. It is strong for the [MS-64] grade.” Kleinsteuber had no financial interest in this coin, nor did he bid on it. He just liked it. Charles Browne was not enthusiastic about it. Evidently, at least two bidders were eager to get it. Although the two that PCGS has graded MS-64 have sold for more, $276,000 is an auction record for an NGC certified MS-64 1916 Doubled Date.
David Schweitz was extremely excited about this 1916 Doubled Date. Schweitz is perhaps the nation’s foremost expert in Buffalo Nickels. He never owned this particular coin and he did not bid on it.
Schweitz emphasizes that this is “the nicest 1916 Doubled Date that [Schweitz] has ever seen. It is certainly better than the two PCGS graded ‘64′ Doubled Date nickels.” Furthermore, he says that “it is better than two other 1916 Double Dates that are NGC certified 64.” The NGC reports that a total of five have been graded MS-64, which may not amount to five different coins. Schweitz maintains that “there are five separate 1916 Doubled Date nickels that are graded MS-64 by PCGS or NGC”; he has seen all of them, and this is the “best” of the five.
I estimate that there are four to five hundred 1916 ‘Doubled Date’ nickels in existence. It is thus rare. In contrast, for most dates in the Buffalo Nickel series, more than thirty thousand survive.
Consider the relatively low mintage dates: the 1913-S (Type 2), the 1915-S, the 1921-S, the 1924-S, the 1926-S and the 1931-S. For each, there are probably at least twelve thousand coins in existence, and maybe many more. Even for the 1937-D ‘3 Legs’ variety, which is often collected as a separate date, there must be more than seven thousand around.
Partly because San Francisco and Denver Mint Buffalo Nickels tend to be weakly struck, and partly because people spent better date Buffalo Nickels, especially during economic slowdowns, gem quality (MS-65 and higher grade) Buffalo Nickels of many dates are rare. Completing a mostly gem set of Buffalo Nickels is a challenge.
Traditionally, the 1918/7-D overdate has had the status of a separate date that is required for a complete set of Buffalo Nickels. It may be rare, but I doubt it. My guess is that there are more than a thousand in existence, though probably less than twenty-five hundred. It is considerably scarcer than the 1926-S. A 1918/7-D was the first Buffalo Nickel to sell for more than $300,000 at auction.
While there may not be any 1916 Doubled Date nickels that grade 65 or higher, the PCGS and the NGC have each certified three 1918/7-D nickels as MS-65. It is unlikely, though, that the total of six refers to six different coins, and the ones that have been NGC graded MS-65 may not qualify for a PCGS grade of MS-65.
The auction record for a Buffalo Nickel continues to be held by a 1918/7-D, and it is PCGS graded MS-65. It was in the Richard Hennessy collection of Buffalo Nickels when B&M auctioned it in August 2006, for $350,750. Two years earlier, this same exact coin was in the Carl Womack collection when B&M auctioned it for $287,500 in August 2004.
In the PCGS registry, a “Basic” set of Buffalo nickels does NOT include a 1916 Doubled Date, 1918/7-D a 1937-D with ‘3 legs.’ In my view, except in registries, these are the three varieties that are most often been regarded as dates that are needed for a typical set of Buffalo Nickels. Schweitz concurs, “these are the only major varieties that people collect as dates, and collectors usually want them for their sets.”
The Buffalo Nickel “Variety” set in the PCGS registry requires all the normal dates and the three major varieties just mentioned above, plus a 1914/3 overdate, a 1935 Doubled Die Reverse, and a 1936-D ‘3½ legs.’ The latter three are subtle varieties that most nickel enthusiasts would agree are not nearly as important as the 1916 Doubled Date, the 1918/7-D and the 1937-D ‘3 Legs.’
Regardless of how a set of business strike Buffalo Nickels is defined, a 1926-S is needed. The most stunning price in this April 15 auction was $322,500 for a 1926-S nickel.
In Jan. 2008, at the FUN Convention in Orlando, a gem collection of PCGS graded Buffalo nickels surfaced, including this 1926-S. This collection was sold, as a unit, by a Massachusetts dealer, who accepted sealed bids from those who were invited to participate. The winning bidder was a team of three dealers, two from Colorado and one from Florida. As this collection was never given a name, I will call it the Colorado collection. Without more information, I cannot formulate a name that relates to the collector who built the set. Certainly, these three dealers recognized its greatness and appreciated its contents; two of them live in Colorado.
The Colorado collection was photographed before these nickels were submitted to grading services in 2008. All were in old PCGS holders, some dating back to 1990 or so. None of the holders had blue labels. Several had been previously handled by the firm of David Hall. All were PCGS graded MS-65, except for one common date nickel that was graded MS-66.
Two of the three dealers have assured me that none of these Buffaloes were altered or artificially colored in any way. All have exactly the same appearance in April 2008 as they did in Jan. 2008, except the 1919-S. On a recommendation from the NGC, the lead dealer gave permission for the 1919-S to be sent to the NCS for the removal of a small amount of hazy film in the right obverse (front) field. After this patch of film was removed, an area of toning looks different now from the way it did in January. This area is no longer covered by film.
Separately and curiously, Charles Browne relates that he was “unsure” about the toning on the 1919-S. When Browne told me about this precise area of toning, neither he nor I knew that this 1919-S had ever been treated by NCS. Browne was not shown the collection in January, possibly because he was extremely busy at the FUN Convention.
Otherwise, Browne felt certain that the nickels from the Colorado collection in the B&M sale had slowly developed, “original, natural color.” He especially likes the “golden-brown” hues. Browne is a long-time opponent of artificial toning and other enhancements.
As for the Colorado 1926-S, Browne said that “it is a magnificent coin, about as nice as a ‘26-S comes.” He emphasizes that it “has nice original color.” He is “not sure,” though, “that it would ever cross into a PCGS MS-66 holder.”
Browne is a former PCGS grader and a current instructor of advanced grading courses conducted by the ANA. He has been attending major shows and auctions for more than a quarter-century. He did not have before, and currently does not have, a financial interest in any of the Buffalo Nickels in the April 15 B&M auction.
This Colorado piece is the only 1926-S that the NGC has certified as 66*, but another has been NGC graded 66 without a star. The PCGS has never certified a 1926-S Buffalo Nickel as MS-66. The other NGC graded “MS-66″ 1926-S is in the Gerald Forsythe NGC registry set. According to the NGC registry, it was added on Nov. 19, 2004.
The former auction record for a 1926-S was set when a PCGS graded MS-65 nickel sold for $132,250 in the B&M Nov. 2006 auction. It was from the “ADM collection.” In July 2006, the Anne Kate ‘26-S, also PCGS graded MS-65, brought $116,500.
Although Schweitz admits that he is biased when commenting upon 1926-S nickels, he boldly insists that the Colorado ‘26-S is of “much higher quality than the other 1926-S that is NGC certified MS-66.” He declares that there is a tremendous difference between the two.
As for the Colorado 1927-S, Browne states that “it is a very nice, original coin,” with natural “crusty, golden-brown color.” He adds, however, that “it is not fully struck,” and may not be the best 1927-S that he has ever seen. He emphasizes that it has “excellent eye appeal.” At $125,350, it realized the highest auction price, to my knowledge, for a 1927-S nickel.
The NGC reports grading two other 1927-S nickels “MS-66,” and all three have received the star designation for eye appeal. Curiously, though, Forsythe has a NGC graded MS-65 1927-S, which he added to his NGC registry set on April 4, 2008, less than two weeks before this auction. If there really are three distinct NGC graded MS-66 ‘27-S nickels, would Forsythe have bought one at some point?
The ADM collection 1927-S, PCGS graded MS-65, was auctioned by B&M for $24,150 in Nov. 2006, and, again in March 2007, for just $16,675! Before the Colorado piece sold on April 15, did a 1927-S nickel ever sell for as much as $25,000 at auction? If not, the Colorado 1927-S sold for more than five times the previous auction record!
In August 2006, B&M auctioned a PCGS graded MS-65 1918-S for $36,800, which I believe is the previous record for a 1918-S. The result of $125,350 for the Colorado 1918-S is thus more than three times the previous record. Browne likes “this coin a great deal.” He says that it is sharply struck, not fully struck,” and has “thick luster.”
Browne determined that its grade is a “mid to high-end 66.” The Colorado 1918-S is the only NGC certified MS-66 1918-S, and the PCGS has graded only one as MS-66, which has not recently been auctioned. Browne exclaims that the Colorado 1918-S has “great color and pizzazz”!
Although the NGC graded MS-66 1937-D ‘3 Legs’ in this sale is not from the Colorado Collection, it garnered a lot of attention. It realized $57,500. The variety was caused when a reverse (back) die was enhanced, to compensate for wear and imperfections, in such a way that one of the buffalo’s four legs was obliterated. This issue has always been very popular with collectors.
Matt Kleinsteuber asserts that “it is very pretty, a really nice coin for the grade. Schweitz remarks that “it is a great coin” which he “owned in the past.” Browne asserts that it would “probably cross over into a PCGS [MS-66] holder” if submitted, and Schweitz agrees. Further, Browne exclaims that this nickel is “a knockout, drop-dead gorgeous.” These are interesting words for a piece with three legs.
For more than five years, collectors have been paying megabucks for high quality Buffalo Nickels. Numerous collectors have built sets that are registered with PCGS or NGC, and other collectors also seek gems. It is hard to say that there is more demand in 2008 that there was in 2006 or 2007. Some of the gems from the Colorado collection may be the finest of their respective dates to be auctioned in a long time.
Previously, most buyers who paid megabucks for gem Buffaloes were in the process of building PCGS registry sets, or were buying only PCGS certified coins for other reasons. Schweitz states that “there is now more interest in gem NGC certified Buffalo Nickels, and people will pay much more for them than they used to, even just a year ago.”
The nickels from the Colorado consignment would not have brought anywhere near as much if there were not intense, dramatically increased demand for NGC certified Buffalo Nickels. This new demand publicly revealed itself in this April 15 auction.
Sunday, April 27, 2008
The Perfect Error
By Paul M. Green
How a 1955 Lincoln cent with distinct doubling of the date and lettering on the obverse can qualify as the perfect error requires a little thought. First, the doubling on the obverse is very clear. Another dealer once suggested to me that if you need magnification to see the error it will never be important. While some might want to dispute that idea, the fact is that if an average non-collector cannot look at the coin and see that something is not right the error will never get much broader attention.
The 1955 doubled die obverse had more going for it: very good timing. Back in 1955 the United States was a nation of Lincoln cent collectors. The "baby boom" was just being felt in the hobby and a nearly endless stream of youngsters began appearing at the nation's coin shops, nearly all of them collecting Lincoln cents.
Also, the entire hobby was alive with interest as 1955 was supposed to be the final year of coin production at the San Francisco Mint. That would later turn out to not be true, but in 1955 everyone thought they were seeing their last new S-mint coins.
It had not been all that common for collectors and dealers to check new issues for errors, but back in 1955 people were checking for everything. The 1955 doubled die obverse did not last long in circulation before it was discovered, and the news spread like wildfire.
Perhaps the most important element was that the 1955 doubled die obverse seemed to have a nearly perfect mintage.We aren't sure what the exact mintage was, but the best guess is about 20,000. It was not found with any regularity, but there were enough that periodically another would turn up. The frenzy of the time gripped everyone.
In many cases speculation results in a coin going up and then down or perhaps nowhere in price. Certainly there was some speculation in the case of the 1955 doubled die obverse, but it has known only one price direction and that is up.
In 1998 it listed for $515 in XF-40, and today it's listing in XF-40 is $1,450. In MS-65 the 1955 doubled die obverse was $14,500 in 1998, and today it is up to $38,500. Those are not normal increases for Lincoln cents of the period - they are far better than the average Lincoln.
The 1955 doubled die obverse, by continuing to be a coin with enormous demand, has made an enormous difference not just in Lincoln cent collecting but especially in how we view errors. Before the 1950s there was not that much interest in errors except on the part of a few specialists. The idea of a nationally popular error was unknown, but the 1955 double die obverse changed everything. It's price today suggest it remains the perfect error.
How a 1955 Lincoln cent with distinct doubling of the date and lettering on the obverse can qualify as the perfect error requires a little thought. First, the doubling on the obverse is very clear. Another dealer once suggested to me that if you need magnification to see the error it will never be important. While some might want to dispute that idea, the fact is that if an average non-collector cannot look at the coin and see that something is not right the error will never get much broader attention.
The 1955 doubled die obverse had more going for it: very good timing. Back in 1955 the United States was a nation of Lincoln cent collectors. The "baby boom" was just being felt in the hobby and a nearly endless stream of youngsters began appearing at the nation's coin shops, nearly all of them collecting Lincoln cents.
Also, the entire hobby was alive with interest as 1955 was supposed to be the final year of coin production at the San Francisco Mint. That would later turn out to not be true, but in 1955 everyone thought they were seeing their last new S-mint coins.
It had not been all that common for collectors and dealers to check new issues for errors, but back in 1955 people were checking for everything. The 1955 doubled die obverse did not last long in circulation before it was discovered, and the news spread like wildfire.
Perhaps the most important element was that the 1955 doubled die obverse seemed to have a nearly perfect mintage.We aren't sure what the exact mintage was, but the best guess is about 20,000. It was not found with any regularity, but there were enough that periodically another would turn up. The frenzy of the time gripped everyone.
In many cases speculation results in a coin going up and then down or perhaps nowhere in price. Certainly there was some speculation in the case of the 1955 doubled die obverse, but it has known only one price direction and that is up.
In 1998 it listed for $515 in XF-40, and today it's listing in XF-40 is $1,450. In MS-65 the 1955 doubled die obverse was $14,500 in 1998, and today it is up to $38,500. Those are not normal increases for Lincoln cents of the period - they are far better than the average Lincoln.
The 1955 doubled die obverse, by continuing to be a coin with enormous demand, has made an enormous difference not just in Lincoln cent collecting but especially in how we view errors. Before the 1950s there was not that much interest in errors except on the part of a few specialists. The idea of a nationally popular error was unknown, but the 1955 double die obverse changed everything. It's price today suggest it remains the perfect error.
Friday, April 25, 2008
Market thats Hot and thats Not
By Jim Fehr
Which are the best markets today? With all the touting that goes on, it’s important to always keep in mind that no one knows which coins will perform best. Based on the history of the certified rare coin market, however, some areas appear more promising than others.
You probably already know which coins have been doing exceptionally well over the past five to ten years but lets take a look at them again.These are series that are widely collected by date or have such a strong collector or numismatic appeal that they have risen repeatedly over the past decade and still seem to be a good value today.
1. Key Date Coins; XF to MS65.The best performing area of the rare coin market for the past nine years running. Think maybe they are topping out? Prices seem a bit silly relative to other coins? Acquisition cost relative to bids are too high? Well it doesn’t matter. These coins are the best, rarest, most known and most sought after, and they are being bought up by coin buyers with the deepest of deep pockets. They are desirable, rare, and not often seen for years at a time.They rarely go down and if they do it’s proportionally less to the rest of the market. This all translates to plenty of upside.
2. Early Walking Liberty Halves, MS64 and higher.Rare date Walkers prior to 1929 have seen modest price increases over the last three years, but have done very well over the last ten. Rare dates from 1916 to 1928-S in gradesMS64 and higher are constantly in demand and are always on dealers want lists. Among the earlier dates, 1917-D , 1917-S , 1918-S, 1919-D, 1919-S, 1920-D, 1920-S, 1921-P, D and S, 1923-S and 1928-S are dates that inMS63 and higher grades have seen the strongest demand and the biggest price jumps in the series over the last nine years. A 1921-D in MS65 now trades for two half times more than it did in 2002
3. Lincoln Cents MS64RD and higher.Seems anything even close to low pop, prior to 1950, has skyrocketed in demand and price. 200% gains or more over the last five to ten years.
4. Morgan Dollars; Key and Semi-key dates.Low pop keys and semi-key dates in this series have doubled, but they are so sought after by date, they may double again. These rare dates in MS60 to MS65 continue to offer an explosive combination of rarity and popularity like no other date collected series with the possible exception of twenty dollar Saint Gaudens.
5. Early 18th and 19th century silver and gold type.This includes Flowing Hair (1794 and 1795) and Draped Bust (1796 - 1807) half dimes, dimes, quarters, halves, dollars, $2 1/2, $5, and $10 gold pieces. Hard to find issues that were apparently way to cheap seven to ten years ago. Remember when a 1799 $10 in AU was a popular coin available for $5,500? They were rare and we all knew it, but they were over looked because of the grade. Today the same coin runs about $22,000.What happened? First and most important is that they are rare. They just did not survive 200 plus years in good condition. They were melted at various times as gold prices rose and because of their high face value not as many people could afford to save them as they did with cents and nickels. Today collectors and investors recognize this, along with the stunning beauty of the coin, and have taken them off the market. Expect the trend to continue and with so few coins around, today’s prices will seem low in five to ten years.
6.Twenty Dollar Saint Gaudens.As I have mentioned before, better rare date $20 St. Gaudens have done exceptionally well over last decade.The rarest dates are up as much as 300% and in some cases 400%. Why have they done so well? Continued strong date demand for the most sought after dates by collectors, investors and set builders.Also, because of their beauty, size, and metal – they’re very popular! I think over the next decade or so some of the Key dates and Semi-key dates will out perform the general market five to ten times over. The great thing is you can buy many dates in grades that are still affordable. Thirteen dates to watch are the 1908-S, 1909-D, 1920-S, 1921-P, 1925-S, 1926-D, 1927-D, 1927-S, 1929-P, 1930-S, 1931-P, 1931-D and 1932.
The Best Coins from Undervalued IssuesThe rare coins above have certainly done well but what about the rest of the market?One area that I think will be tomorrows winners are better dates from mint state and proof type series.
There is a free lunch of sorts in buying better-than-routine dates from good Type coin series if you can acquire them at or near relatively small premiums to the Type level.
Braided Hair Large Cents. Though all large cents are scarce coins and cheap right now, the MS65RD braided hair cents (the last variety issued 1839-1857) go for only $4,500, which is very little when you consider that PCGS has certified only 205 large cents as MS65RD and the NGC population is only 131. They are too scarce to be marketed commercially. Since no one dealer can acquire any significant quantity of them, they are not promoted. Their cost comes solely from rarity, so you get a lot of coin for the money. Braided hair large cents such as 1850, 1851, 1852, 1854, and 1856 can be had for almost Type money, yet each has an MS65RD combined PCGS and NGC population of 22 pieces or less, making them five times rarer than Type dates. Any date prior to 1850 seems like a great buy in MS65 regardless of color. The trouble is finding them. PCGS and NGC combined have graded less than 450 coins MS65 in all colors: brown, red/brown and red. Prior to 1850 there are only 16 coins graded MS65RD and 108 MS65RB’s by both services combined. If you can find an MS65RD or MS65RB at a reasonable level, which most are, buy it.
Capped Bust Halves. I love these in MS63 or higher because they offer the same opportunity all better date type coins do, plus they are becoming more widely collected by date. Minted from 1807 to 1839 these coins are quietly disappearing off the market. Two distinctly different types exist, lettered edge minted from 1807 to1836 and reeded edge from1836 to1839.Within the reeded edge varieties two types exist, those with ‘50 cents’ stamped on the edge and those with ‘half dol.’ on the edge. PCGS and NGC also grades over 50 varieties within the lettered edge dates, mostly over dates and large and small numbers.
Because of all the varieties and the fact that PCGS and NGC have graded enough coins in grades AU toMS64, they are becoming strongly date collected.Yet the premiums for better dates are still small compared to other date collected series. It’s a great time to be picking these up. The dates from 1807 to 1821 have an average MS63 population of just 17 pieces per year, as opposed to an average of 63 pieces per year for the years from 1822 to 1839. There is a premium for the earlier dates. Eleven of these dates run under $3,500 in MS63 condition, most are less then $600 dollars more then later dates in the same grade - for over six times the rarity.
Seated Quarters No Motto. Minted from 1840 to1865.I recommend them in all gradesMS64 or higher, but if you can find dates other than 1857, 1858, or 1861, you’re getting a bonus. Those three make up nearly half of the series population, that’s 101MS65’s out of the 230 for the series. These “common” dates run about $4,000 each in MS65. 53 different dates make up the other 129 MS65’s. In the early dates I like all dates from 1840 to 1853 in MS63 and higher grades.
Prices for these vary with MS64’s running about $2,850 and up. Among the proof no motto quarters, they all offer great value. Dates prior to 1858 are pricey because of their low mintages – 5 to 40 pieces made for each year. From 1858 to 1865 they struck between 100 and 1,000 each year.These later dates run about $5,650 each in PR65 and they have PCGS and NGC combined populations of 40 coins or less per date.
Seated Halves No Motto. All MS65 no motto halves are rare in MS65 and higher grades.Most have single digit populations inMS65 by either PCGS or NGC. Any date from1839 to 1853 in the early dates are great value in MS64 and higher grades. The 1853-P and O Arrows and Rays half can be bought in MS63 or higher. In the early Arrows halves (1854-55), the O mints are most common but are still great coins in MS64 and higher. I like these arrows halves inMS64 and higher. Expect to pay $3,300 to $3,500 for any date in MS64 and $2,500 more for the 1855/54. Like the No Motto quarters there are good dates in the series with low populations that won’t break the bank. Any date will cost you about $2,350 in MS64 and $5,800 in MS65. Try locating some early dates inMS64 for $3,000 to $4,500. Some neat dates are the 1840-P Rev. of 1839, 1843-P, 1847-P 1850-O and 1851-O. They all have combined PCGS and NGC populations inMS64 of 27 or less and PCGS and NGC see these dates once every couple years at best and that’s in any grade!
In MS65 some better latter dates that cost right at Type price are the 1856-P,1859-P, 1860-P, 1862-P, and the 1864-P. Don’t be afraid to pay an extra 15-25% for these dates if you have to, they are good deals and are worth even more than that.
Like the Proof no motto quarters, all the dates are excellent low mintage pieces. Prices are the same for dates 1859 to 1865 at about $2,750 for PR64’s and $6,400 for PR65’s. These are really good deals today when you consider they have mintages of just 460 to 1,000 pieces. That’s the total made, not the PCGS and NGC populations. The 1858, with just 100minted,would be a great find in any grade PR63 and higher. As a date it will run around 50% more than the other proof dates above.
Seated Dollar series. (both varieties, no motto and with motto). The 44 date series runs from1840 to 1873 and starting in 1866 the motto, “In God We Trust”, was added to the reverse. All gem MS65s from this series are quite rare with just single digit populations on many of the dates.The three most plentiful dates are 1860, 1871, and 1873.There are an additional 21 dates in the series with MS63 populations of 15 or more. Look for business strike samples of these dates in all gradesMS63 or higher and all other dates in any BU grades. Prices start at $4,500 forMS63’s and move higher for rarer dates. Proof no motto dollars are very tough to find in any dates other than 1862, 1863, 1864 or 1865. In PR65, for example, those 4 dates make up half the population of the series.Try to get these dates in PR64 or higher and any of the other dates in PR63 or higher. Good thing is you won’t have to pay any big premiums for the rarer dates after 1859, except for the 1866 no motto as there are only two known. The no motto’s in PR63 will cost you about $5,300 and with motto’s in PR63 are around $3,900.
Trade Dollars. Like the Capped Bust half series they are becoming very popular to collect by date. The most common mint state dates are 1875-S, 1876-S, 1877-S and 1878-S. All are recommended inMS64 or higher, though you’re getting a bonus if you can buy a date other than these four at 10%to 50%above the Type price.The four dates above will run about $4,650 inMS64. But some dates like the 1873-P and S, 1874- P and S in MS64, offer great value. I also like the 1874-CC and 1875- CC in MS63 or higher. They are popular mint mark dates that the grading services rarely see anymore. Proof trade dollars have something in common with proof three cent nickels. In both series, the early dates are rarest. Proof trade dollars dated 1873 to 1878 have lower populations than the 1879 to1883 issues yet they all trade for about the same price.
Look for earlier dates in PR63 and higher and the latter dates in PR64 and higher. PR63’s will cost approximately $3,200 and PR64’s around $5,500. Any date trade dollar in PR65 is a good value coin and are available for about $10,750 to $11,500.
Will these Type coin series ever develop a strong date following? Impossible to say. But my money is on them becoming collected by date more and more over the next decade. You can see the trend beginning as buyers look for undervalued areas of the market. Rarity information is more available and buyers like getting extra value for their money.
Perhaps, a few years from now, when you put your “Type” coin in an auction, someone wanting or needing the date will attach a 50% to 200% premium to it that you never had to pay. Or better yet, maybe several bidders will.
Which are the best markets today? With all the touting that goes on, it’s important to always keep in mind that no one knows which coins will perform best. Based on the history of the certified rare coin market, however, some areas appear more promising than others.
You probably already know which coins have been doing exceptionally well over the past five to ten years but lets take a look at them again.These are series that are widely collected by date or have such a strong collector or numismatic appeal that they have risen repeatedly over the past decade and still seem to be a good value today.
1. Key Date Coins; XF to MS65.The best performing area of the rare coin market for the past nine years running. Think maybe they are topping out? Prices seem a bit silly relative to other coins? Acquisition cost relative to bids are too high? Well it doesn’t matter. These coins are the best, rarest, most known and most sought after, and they are being bought up by coin buyers with the deepest of deep pockets. They are desirable, rare, and not often seen for years at a time.They rarely go down and if they do it’s proportionally less to the rest of the market. This all translates to plenty of upside.
2. Early Walking Liberty Halves, MS64 and higher.Rare date Walkers prior to 1929 have seen modest price increases over the last three years, but have done very well over the last ten. Rare dates from 1916 to 1928-S in gradesMS64 and higher are constantly in demand and are always on dealers want lists. Among the earlier dates, 1917-D , 1917-S , 1918-S, 1919-D, 1919-S, 1920-D, 1920-S, 1921-P, D and S, 1923-S and 1928-S are dates that inMS63 and higher grades have seen the strongest demand and the biggest price jumps in the series over the last nine years. A 1921-D in MS65 now trades for two half times more than it did in 2002
3. Lincoln Cents MS64RD and higher.Seems anything even close to low pop, prior to 1950, has skyrocketed in demand and price. 200% gains or more over the last five to ten years.
4. Morgan Dollars; Key and Semi-key dates.Low pop keys and semi-key dates in this series have doubled, but they are so sought after by date, they may double again. These rare dates in MS60 to MS65 continue to offer an explosive combination of rarity and popularity like no other date collected series with the possible exception of twenty dollar Saint Gaudens.
5. Early 18th and 19th century silver and gold type.This includes Flowing Hair (1794 and 1795) and Draped Bust (1796 - 1807) half dimes, dimes, quarters, halves, dollars, $2 1/2, $5, and $10 gold pieces. Hard to find issues that were apparently way to cheap seven to ten years ago. Remember when a 1799 $10 in AU was a popular coin available for $5,500? They were rare and we all knew it, but they were over looked because of the grade. Today the same coin runs about $22,000.What happened? First and most important is that they are rare. They just did not survive 200 plus years in good condition. They were melted at various times as gold prices rose and because of their high face value not as many people could afford to save them as they did with cents and nickels. Today collectors and investors recognize this, along with the stunning beauty of the coin, and have taken them off the market. Expect the trend to continue and with so few coins around, today’s prices will seem low in five to ten years.
6.Twenty Dollar Saint Gaudens.As I have mentioned before, better rare date $20 St. Gaudens have done exceptionally well over last decade.The rarest dates are up as much as 300% and in some cases 400%. Why have they done so well? Continued strong date demand for the most sought after dates by collectors, investors and set builders.Also, because of their beauty, size, and metal – they’re very popular! I think over the next decade or so some of the Key dates and Semi-key dates will out perform the general market five to ten times over. The great thing is you can buy many dates in grades that are still affordable. Thirteen dates to watch are the 1908-S, 1909-D, 1920-S, 1921-P, 1925-S, 1926-D, 1927-D, 1927-S, 1929-P, 1930-S, 1931-P, 1931-D and 1932.
The Best Coins from Undervalued IssuesThe rare coins above have certainly done well but what about the rest of the market?One area that I think will be tomorrows winners are better dates from mint state and proof type series.
There is a free lunch of sorts in buying better-than-routine dates from good Type coin series if you can acquire them at or near relatively small premiums to the Type level.
Braided Hair Large Cents. Though all large cents are scarce coins and cheap right now, the MS65RD braided hair cents (the last variety issued 1839-1857) go for only $4,500, which is very little when you consider that PCGS has certified only 205 large cents as MS65RD and the NGC population is only 131. They are too scarce to be marketed commercially. Since no one dealer can acquire any significant quantity of them, they are not promoted. Their cost comes solely from rarity, so you get a lot of coin for the money. Braided hair large cents such as 1850, 1851, 1852, 1854, and 1856 can be had for almost Type money, yet each has an MS65RD combined PCGS and NGC population of 22 pieces or less, making them five times rarer than Type dates. Any date prior to 1850 seems like a great buy in MS65 regardless of color. The trouble is finding them. PCGS and NGC combined have graded less than 450 coins MS65 in all colors: brown, red/brown and red. Prior to 1850 there are only 16 coins graded MS65RD and 108 MS65RB’s by both services combined. If you can find an MS65RD or MS65RB at a reasonable level, which most are, buy it.
Capped Bust Halves. I love these in MS63 or higher because they offer the same opportunity all better date type coins do, plus they are becoming more widely collected by date. Minted from 1807 to 1839 these coins are quietly disappearing off the market. Two distinctly different types exist, lettered edge minted from 1807 to1836 and reeded edge from1836 to1839.Within the reeded edge varieties two types exist, those with ‘50 cents’ stamped on the edge and those with ‘half dol.’ on the edge. PCGS and NGC also grades over 50 varieties within the lettered edge dates, mostly over dates and large and small numbers.
Because of all the varieties and the fact that PCGS and NGC have graded enough coins in grades AU toMS64, they are becoming strongly date collected.Yet the premiums for better dates are still small compared to other date collected series. It’s a great time to be picking these up. The dates from 1807 to 1821 have an average MS63 population of just 17 pieces per year, as opposed to an average of 63 pieces per year for the years from 1822 to 1839. There is a premium for the earlier dates. Eleven of these dates run under $3,500 in MS63 condition, most are less then $600 dollars more then later dates in the same grade - for over six times the rarity.
Seated Quarters No Motto. Minted from 1840 to1865.I recommend them in all gradesMS64 or higher, but if you can find dates other than 1857, 1858, or 1861, you’re getting a bonus. Those three make up nearly half of the series population, that’s 101MS65’s out of the 230 for the series. These “common” dates run about $4,000 each in MS65. 53 different dates make up the other 129 MS65’s. In the early dates I like all dates from 1840 to 1853 in MS63 and higher grades.
Prices for these vary with MS64’s running about $2,850 and up. Among the proof no motto quarters, they all offer great value. Dates prior to 1858 are pricey because of their low mintages – 5 to 40 pieces made for each year. From 1858 to 1865 they struck between 100 and 1,000 each year.These later dates run about $5,650 each in PR65 and they have PCGS and NGC combined populations of 40 coins or less per date.
Seated Halves No Motto. All MS65 no motto halves are rare in MS65 and higher grades.Most have single digit populations inMS65 by either PCGS or NGC. Any date from1839 to 1853 in the early dates are great value in MS64 and higher grades. The 1853-P and O Arrows and Rays half can be bought in MS63 or higher. In the early Arrows halves (1854-55), the O mints are most common but are still great coins in MS64 and higher. I like these arrows halves inMS64 and higher. Expect to pay $3,300 to $3,500 for any date in MS64 and $2,500 more for the 1855/54. Like the No Motto quarters there are good dates in the series with low populations that won’t break the bank. Any date will cost you about $2,350 in MS64 and $5,800 in MS65. Try locating some early dates inMS64 for $3,000 to $4,500. Some neat dates are the 1840-P Rev. of 1839, 1843-P, 1847-P 1850-O and 1851-O. They all have combined PCGS and NGC populations inMS64 of 27 or less and PCGS and NGC see these dates once every couple years at best and that’s in any grade!
In MS65 some better latter dates that cost right at Type price are the 1856-P,1859-P, 1860-P, 1862-P, and the 1864-P. Don’t be afraid to pay an extra 15-25% for these dates if you have to, they are good deals and are worth even more than that.
Like the Proof no motto quarters, all the dates are excellent low mintage pieces. Prices are the same for dates 1859 to 1865 at about $2,750 for PR64’s and $6,400 for PR65’s. These are really good deals today when you consider they have mintages of just 460 to 1,000 pieces. That’s the total made, not the PCGS and NGC populations. The 1858, with just 100minted,would be a great find in any grade PR63 and higher. As a date it will run around 50% more than the other proof dates above.
Seated Dollar series. (both varieties, no motto and with motto). The 44 date series runs from1840 to 1873 and starting in 1866 the motto, “In God We Trust”, was added to the reverse. All gem MS65s from this series are quite rare with just single digit populations on many of the dates.The three most plentiful dates are 1860, 1871, and 1873.There are an additional 21 dates in the series with MS63 populations of 15 or more. Look for business strike samples of these dates in all gradesMS63 or higher and all other dates in any BU grades. Prices start at $4,500 forMS63’s and move higher for rarer dates. Proof no motto dollars are very tough to find in any dates other than 1862, 1863, 1864 or 1865. In PR65, for example, those 4 dates make up half the population of the series.Try to get these dates in PR64 or higher and any of the other dates in PR63 or higher. Good thing is you won’t have to pay any big premiums for the rarer dates after 1859, except for the 1866 no motto as there are only two known. The no motto’s in PR63 will cost you about $5,300 and with motto’s in PR63 are around $3,900.
Trade Dollars. Like the Capped Bust half series they are becoming very popular to collect by date. The most common mint state dates are 1875-S, 1876-S, 1877-S and 1878-S. All are recommended inMS64 or higher, though you’re getting a bonus if you can buy a date other than these four at 10%to 50%above the Type price.The four dates above will run about $4,650 inMS64. But some dates like the 1873-P and S, 1874- P and S in MS64, offer great value. I also like the 1874-CC and 1875- CC in MS63 or higher. They are popular mint mark dates that the grading services rarely see anymore. Proof trade dollars have something in common with proof three cent nickels. In both series, the early dates are rarest. Proof trade dollars dated 1873 to 1878 have lower populations than the 1879 to1883 issues yet they all trade for about the same price.
Look for earlier dates in PR63 and higher and the latter dates in PR64 and higher. PR63’s will cost approximately $3,200 and PR64’s around $5,500. Any date trade dollar in PR65 is a good value coin and are available for about $10,750 to $11,500.
Will these Type coin series ever develop a strong date following? Impossible to say. But my money is on them becoming collected by date more and more over the next decade. You can see the trend beginning as buyers look for undervalued areas of the market. Rarity information is more available and buyers like getting extra value for their money.
Perhaps, a few years from now, when you put your “Type” coin in an auction, someone wanting or needing the date will attach a 50% to 200% premium to it that you never had to pay. Or better yet, maybe several bidders will.
Wednesday, April 23, 2008
A town coined Carson City
By Andrew Pridgen
Mint offers events celebrating National Coin Week
Even during the most difficult economic times, someone’s making money.
This adage couldn’t be more true, both literally and figuratively, than it is this week in Carson City. As area numismatists are already well aware, this is National Coin Week.
Whether you’re looking through loose change for a newly minted Nevada state quarter or you’re Rusty Goe, owner of Reno-based Southgate Coins - who last week purchased an 1871 gold piece from the Carson City mint for $414,000, this week is literally one for the books for coin collectors.
“I think it’s a (hobby) that’s really starting to pick up a lot of new enthusiasts,” Goe said. “We have just a wide variety of customers. We have children on a budget, and we stock items to get kids started. And we have long-time collectors who have coins worth tens, sometimes hundreds of thousands of dollars.”
No matter the collector’s experience level, Goe said, one lesson is learned quickly for Northern Nevada hobbyists.
“Carson City is more than a special place,” he said. “For many, it’s the epicenter of their coin world.”
The Carson City Mint’s Coin Press No. 1 operated continuously from 1870-85 and again from 1889-93, according to the Nevada State Museum. It has also operated on a limited basis over the years, producing coins for three years beginning in 1964, and was again pressed into service to make bicentennial medals in 1976, according to the museum.
Mint offers events celebrating National Coin Week
Even during the most difficult economic times, someone’s making money.
This adage couldn’t be more true, both literally and figuratively, than it is this week in Carson City. As area numismatists are already well aware, this is National Coin Week.
Whether you’re looking through loose change for a newly minted Nevada state quarter or you’re Rusty Goe, owner of Reno-based Southgate Coins - who last week purchased an 1871 gold piece from the Carson City mint for $414,000, this week is literally one for the books for coin collectors.
“I think it’s a (hobby) that’s really starting to pick up a lot of new enthusiasts,” Goe said. “We have just a wide variety of customers. We have children on a budget, and we stock items to get kids started. And we have long-time collectors who have coins worth tens, sometimes hundreds of thousands of dollars.”
No matter the collector’s experience level, Goe said, one lesson is learned quickly for Northern Nevada hobbyists.
“Carson City is more than a special place,” he said. “For many, it’s the epicenter of their coin world.”
The Carson City Mint’s Coin Press No. 1 operated continuously from 1870-85 and again from 1889-93, according to the Nevada State Museum. It has also operated on a limited basis over the years, producing coins for three years beginning in 1964, and was again pressed into service to make bicentennial medals in 1976, according to the museum.
Monday, April 21, 2008
Heritage $44 Million CSNS Auctions
The 1804 Silver Dollar highlighting the amazing collection of silver dollars assembled by David Queller and his family reached $3,737,500 at the Official Auction of the Central States Numismatic Society convention held by Heritage Auction Galleries. Combining the rare coin and currency results, total prices realized currently exceed $42.6 million. After adding proceeds from all Post Auction Buys and Final Session auctions, total prices are expected to exceed $44 million.
More than 6,700 bidders participated in the Signature and Platinum Night events, and another 3,000-plus are anticipated to participate in the Final Sessions. The auctions were held in Rosemont, Illinois on April 16-18; Images, descriptions, and prices realized for all lots can be viewed at the Heritage website, HA.com.
“Heritage was very pleased with the auction wide results at Central States,” commented Heritage President Greg Rohan, “and especially so for the results of the wonderful Queller Family Collection. As anticipated, the market reacted well to the combination of rarity and quality that marked all of the coins assembled by a discerning eye. And also as anticipated, the most valuable three coins sold in Rosemont were all Queller coins. The prices further support claims that this was the greatest silver dollar collection ever assembled.”
“Heritage was also pleased at the total prices realized including currency. Over the past three years, Heritage achieved enviable results at our Central States auctions: 2005 - $24,265,967; 2006 - $24,145,105; and 2007 - $24,912,768. Frankly, we were beginning to wonder when we were going to exceed that $25 million level! Well, we have decisively smashed that barrier in 2008, and any concerns about the overall economy were decisively rejected by astute collectors willing to pursue quality.”
More than 6,700 bidders participated in the Signature and Platinum Night events, and another 3,000-plus are anticipated to participate in the Final Sessions. The auctions were held in Rosemont, Illinois on April 16-18; Images, descriptions, and prices realized for all lots can be viewed at the Heritage website, HA.com.
“Heritage was very pleased with the auction wide results at Central States,” commented Heritage President Greg Rohan, “and especially so for the results of the wonderful Queller Family Collection. As anticipated, the market reacted well to the combination of rarity and quality that marked all of the coins assembled by a discerning eye. And also as anticipated, the most valuable three coins sold in Rosemont were all Queller coins. The prices further support claims that this was the greatest silver dollar collection ever assembled.”
“Heritage was also pleased at the total prices realized including currency. Over the past three years, Heritage achieved enviable results at our Central States auctions: 2005 - $24,265,967; 2006 - $24,145,105; and 2007 - $24,912,768. Frankly, we were beginning to wonder when we were going to exceed that $25 million level! Well, we have decisively smashed that barrier in 2008, and any concerns about the overall economy were decisively rejected by astute collectors willing to pursue quality.”
Sunday, April 20, 2008
Cents and Sensibility
By Brian Kamsoke
History of U.S. currency helps make coin collecting popular
The first U.S. coin was struck in 1792 when President George Washington, Thomas Jefferson and others met in Philadelphia. The coin was a silver half-disme (a disme is the original spelling of dime, so a half-disme was equal to 5 cents). President Washington melted his own silverware to supply this first batch of U.S. coins.
Coin collecting first became popular around 1825, though it was considered a hobby of kings.
By 1875, coin collecting began to enter the mainstream, and today there are an estimated more than 5 million Americans of all ages and backgrounds who collect coins.
Indeed, coin collecting today has enjoyed renewed interest, especially with rising commodity and precious metal markets. Gold recently topped out at nearly $1,000 per troy ounce and silver touched $16 per ounce.
As well, commemorative coins and various promotional coin programs (such as the state quarter program, which ends this year) have maintained and inspired coin collecting through generations.
Nine-year-old Bryce McCarthy of Norwich was introduced to coin collecting by his grandfather.
"I find the coins Pop-pop's looking for. We've filled up this whole book," he says, holding up a book displaying their collection of state quarters.
"And this here is a wheat penny," he says, as he slides the coin across the tray table. And why is it called that?
"Because see here," he says, leaning in closer and eyeing the back of the penny, "this is wheat right here." He points to two stylized wheat stalks on the back of the coin. "This penny is worth twice as much as a regular penny."
That may not sound like a lot of money when you're talking about pennies, but don't tell that to the collector who recently auctioned 301 pennies for $10.7 million.
Of course, these were some of the first pennies struck at the start of the union.
"I get people coming in wanting to buy gold or silver coins as an investment, especially now. But most people are just looking for something like a 1909 penny for their collection," says George Beams of Buddy's Coins in Cooperstown Junction. "It's the satisfaction of completing a collection and that sense of history that goes with it."
How can you not feel nostalgic when holding a 150-year-old coin in the palm of your hand? Where has that coin traveled to reach where it is now? What was going on in the country when it was first minted? Who created it and why?
There's a story to each individual coin.
Beams related a story about the 1883 U.S. nickel referred to now as the "gangster" nickel. It seems the U.S. mint neglected to include the word "cent" on the coin when it was struck.
So, innovative thieves and con-artists gold plated some of the nickels and passed them off as $5 gold pieces.
Today, such details are usually not overlooked, as coins are created in mass quantity with sophisticated machinery. But it didn't use to be that way. In the first mints (the original in Philadelphia, and three branch mints in Dahlonega, Ga., Charlotte, N.C., and New Orleans) coins were created with a giant coin press that was so big it took two workers just to turn its lever.
A watchman was always on duty; the punishment for embezzling any coins from the mint was death by hanging.
In 1852, Congress authorized the San Francisco Mint in response to the Gold Rush in California. During the Civil War, the Confederate Army took control of the three southern mints; only the New Orleans mint was reopened after the war. Today, only the Philadelphia Mint, the Denver Mint, the San Francisco Mint and the West Point Mint remain.
In 1866, two mottos were included on all U.S. money. The first, E pluribus unum, is Latin for "one out of many." It refers to the time when the original 13 states joined together to form one union.
Before 1791 each state had its own coins, which of course made buying and selling goods across state lines rather confusing.
The second motto, "God, Our Trust," was first added to the two-cent piece in 1864, and later changed to "In God We Trust" and put on all U.S. coins. In 1955, a bill was passed paving the way for the motto to be included on all U.S. paper money as well.
Caring for your coin collection means being careful how you store, handle and clean it. (Actually, some experts recommend never cleaning your coins, because if not done properly, it could cause abrasions that will reduce the fineness). Never use metal polish or a wire brush to clean coins; instead, use cotton balls dipped in rubbing alcohol, or use soap and water and dry them thoroughly.
When handling your coin collection, always hold the coin by the rim between your thumb and forefinger. Never put your sticky fingers anywhere near coins; this will just make them dirty.
Mahogany wood trays are best for storing old precious metal coins. Don't use any other wood, or cardboard, because they can cause corrosion.
Paper envelopes do not contain any acid, which is corrosive and harmful to your coins, so they can be used for storing your coins.
Never use plastic envelopes because they get sticky and will cause corrosion.
Of course, it's up to you how you want to collect, store or display your coin collection.
One thing is for certain, with more than 18 billion American coins in circulation today, you won't run out of ideas anytime soon.
Friday, April 18, 2008
NGC Confirms Major Hub Variety of 2008-W Silver Eagles
NGC has confirmed that 2008-W Uncirculated Silver Eagles were struck with two different reverse types. Many are aware that Silver Eagles issued in 2008 show numerous subtle modifications to their design. NGC has now identified 2008-W Uncirculated Silver Eagles struck using reverse dies of the pre-modification style, or reverse type of 2007.
The two reverse styles are very easy to distinguish from one another. As NGC previously reported, the most obvious identification diagnostic is the U of UNITED on the coin’s reverse. On the Reverse of 2008, the U has a spur on the right side of the letter. The Reverse of 2007, has simply a bowl-shaped U, without spur or downstroke.
NGC is designating 2008-W Silver Eagles with reverse style of 2007 as REVERSE OF 2007. Coins of the newly modified style, or Reverse of 2008, are encapsulated without designation. "This is a significant hub variety," comments Rick Montgomery, NGC President. "It has very clear diagnostics, and appears on one of the most widely collected of all US coins. We’re also very proud to be the first to present this information to the numismatic community and to attribute the variety as part of the NGC certification process."
NGC will automatically assign the designation REVERSE OF 2007 when applicable during the course of grading, and there is no additional fee for this service. Reverse of 2007 coins graded before the discovery can be submitted for Designation Review service ($10 per coin) to have the variety recognized on the certification label. This variety can also be assigned with Early Releases designation to 2008-W Silver Eagles received by NGC or approved depository by Thursday, April 24, 2008. Redesignated coins already bearing the Early Releases designation will retain the Early Releases designation.
At present, it is not know whether bullion issue 2008 Uncirculated Silver Eagles, without W mintmark, can also be found with both reverse types. The relative rarity of Reverse of 2007 coins versus Reverse of 2008 coins has also not yet been established. NGC will report the newly discovered variety in the NGC Census.
Thursday, April 17, 2008
CCAC to Review Sacagawea and First Spouse Gold Coin Designs
By CoinNews.net
The Citizens Coinage Advisory Committee (CCAC) is placing new Sacagawea Golden Dollar and First Spouse Gold Coin Designs under the microscope.
The job of the CCAC is to review themes and design proposals for circulating coinage, commemorative coins, bullion coinage, Congressional Gold Medals and other medals. And that’s what they will do with the latest series of new coin designs.
The CCAC’s next public meeting has been set for Tuesday, April 22.
The major topics up for review and debate according to the planned agenda are:
Review 2009 design narratives for the Native American $1 Coin Program
Review design candidates for 2009 First Spouse Gold Coins and Bronze Medals After their appraisal, the CCAC will advise and provide their recommendations to various parties, including the Secretary of the Treasury.
Background of coin designs under review
2009 Native American $1 Coins, or more commonly known as Sacagawea coins
The Native American $1 Coin Act, signed by President Bush on September 20, 2007, details changes to Sacagawea coins. The major portions of the act require the United States Mint to:
Issue annual redesigns of the Sacagawea’s reverse image starting in 2009 Include edge-incused inscriptions similar to the new Presidential $1 Coins The act also sets Sacagawea mintage levels that are on par with the Presidential $1 coins.
2009 First Spouse Gold Coins
2007 was the kickoff year for collector $10 gold coins honoring U.S. first spouses.
The First Spouse Gold coins scheduled for release in 2009 and up for review by the CCAC are for:
Anna Harrison
Letitia Tyler
Julia Tyler
Sarah Polk
Margaret Taylor
Time and location of CCAC meeting
The Citizens Coinage Advisory Committee will meet Tuesday, April 22 from 1:00 p.m. to 4:00 p.m. (ET).
The location of the public meeting is at:
United States Mint
801 9th Street NW
8th Floor Board Room
Washington, D.C. 20220
The Citizens Coinage Advisory Committee (CCAC) is placing new Sacagawea Golden Dollar and First Spouse Gold Coin Designs under the microscope.
The job of the CCAC is to review themes and design proposals for circulating coinage, commemorative coins, bullion coinage, Congressional Gold Medals and other medals. And that’s what they will do with the latest series of new coin designs.
The CCAC’s next public meeting has been set for Tuesday, April 22.
The major topics up for review and debate according to the planned agenda are:
Review 2009 design narratives for the Native American $1 Coin Program
Review design candidates for 2009 First Spouse Gold Coins and Bronze Medals After their appraisal, the CCAC will advise and provide their recommendations to various parties, including the Secretary of the Treasury.
Background of coin designs under review
2009 Native American $1 Coins, or more commonly known as Sacagawea coins
The Native American $1 Coin Act, signed by President Bush on September 20, 2007, details changes to Sacagawea coins. The major portions of the act require the United States Mint to:
Issue annual redesigns of the Sacagawea’s reverse image starting in 2009 Include edge-incused inscriptions similar to the new Presidential $1 Coins The act also sets Sacagawea mintage levels that are on par with the Presidential $1 coins.
2009 First Spouse Gold Coins
2007 was the kickoff year for collector $10 gold coins honoring U.S. first spouses.
The First Spouse Gold coins scheduled for release in 2009 and up for review by the CCAC are for:
Anna Harrison
Letitia Tyler
Julia Tyler
Sarah Polk
Margaret Taylor
Time and location of CCAC meeting
The Citizens Coinage Advisory Committee will meet Tuesday, April 22 from 1:00 p.m. to 4:00 p.m. (ET).
The location of the public meeting is at:
United States Mint
801 9th Street NW
8th Floor Board Room
Washington, D.C. 20220
Wednesday, April 16, 2008
Majorities Prefer $1 Bills to Coins and Oppose Abolition of the Penny
But Large Majority Supports Use of More Colors in Bills of Different Denominations
Compared to some other countries, the United States uses bills rather than coins for relatively small denominations. The smallest Euro bill is for 5 Euros (approximately $8) and the smallest British bill is for 5 pounds (approximately $10). However, even through there have been several attempts to introduce a $1 coin -- and starting last year, the U.S. mint has issued new one dollar coins -- a very large (76% to 13%) majority of the public prefers a dollar bill to a coin.
Another idea that has been proposed from time to time has been the abolition of the penny. By more than a two-to-one majority (56% to 24%) most people oppose this idea also.
These are some of the results from the latest Harris Poll of 2,513 adults surveyed online between March 11 and 18, 2008 by Harris Interactive(R).
While there is a strong reluctance to abolish the penny or to use $1 coins, a large majority (68% to 16%) is in favor of using more colors in bills of different denominations to make it easier to tell them apart. This is, of course, normal practice in many other countries, but until recently all U.S. currency bills in all denominations were green.
Other interesting findings in this Harris Poll include:
-- While majorities of people of all ages want to keep the penny, support for abolishing it is much stronger among the more affluent and weaker among people with lower incomes. Only 16 percent of people with household incomes of less than $35,000 favor abolishing the penny, compared to 32 percent of people with household incomes of $75,000 or more;
-- Also, men are much more in favor of abolishing the penny than women are (34% versus 14%). This probably has something to do with carrying change in a pocket compared to in a purse. Yet, almost one in five men (18%) say they would prefer a $1 coin compared to just 8 percent of women;
-- Only 25 percent of adults have seen one of the new $1 coins even though they have been in circulation since 2007. Four coins were issued that year and four more are being issued each year until each US president is depicted on a coin;
-- These coins seem to be less used in the East than in other regions as just 19 percent of Easterners have seen one.
Methodology
The Harris Poll(R) was conducted online within the United States between March 11 and 18, 2008 among 2,513 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words "margin of error" as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.
These statements conform to the principles of disclosure of the National Council on Public Polls.
About Harris Interactive
Harris Interactive is a global leader in custom market research. With a long and rich history in multimodal research, powered by our science and technology, we assist clients in achieving business results. Harris Interactive serves clients globally through our North American, European and Asian offices and a network of independent market research firms.
To become a member of the Harris Poll Online and be invited to participate in online surveys, register at www.harrispollonline.com.
Compared to some other countries, the United States uses bills rather than coins for relatively small denominations. The smallest Euro bill is for 5 Euros (approximately $8) and the smallest British bill is for 5 pounds (approximately $10). However, even through there have been several attempts to introduce a $1 coin -- and starting last year, the U.S. mint has issued new one dollar coins -- a very large (76% to 13%) majority of the public prefers a dollar bill to a coin.
Another idea that has been proposed from time to time has been the abolition of the penny. By more than a two-to-one majority (56% to 24%) most people oppose this idea also.
These are some of the results from the latest Harris Poll of 2,513 adults surveyed online between March 11 and 18, 2008 by Harris Interactive(R).
While there is a strong reluctance to abolish the penny or to use $1 coins, a large majority (68% to 16%) is in favor of using more colors in bills of different denominations to make it easier to tell them apart. This is, of course, normal practice in many other countries, but until recently all U.S. currency bills in all denominations were green.
Other interesting findings in this Harris Poll include:
-- While majorities of people of all ages want to keep the penny, support for abolishing it is much stronger among the more affluent and weaker among people with lower incomes. Only 16 percent of people with household incomes of less than $35,000 favor abolishing the penny, compared to 32 percent of people with household incomes of $75,000 or more;
-- Also, men are much more in favor of abolishing the penny than women are (34% versus 14%). This probably has something to do with carrying change in a pocket compared to in a purse. Yet, almost one in five men (18%) say they would prefer a $1 coin compared to just 8 percent of women;
-- Only 25 percent of adults have seen one of the new $1 coins even though they have been in circulation since 2007. Four coins were issued that year and four more are being issued each year until each US president is depicted on a coin;
-- These coins seem to be less used in the East than in other regions as just 19 percent of Easterners have seen one.
Methodology
The Harris Poll(R) was conducted online within the United States between March 11 and 18, 2008 among 2,513 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words "margin of error" as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.
These statements conform to the principles of disclosure of the National Council on Public Polls.
About Harris Interactive
Harris Interactive is a global leader in custom market research. With a long and rich history in multimodal research, powered by our science and technology, we assist clients in achieving business results. Harris Interactive serves clients globally through our North American, European and Asian offices and a network of independent market research firms.
To become a member of the Harris Poll Online and be invited to participate in online surveys, register at www.harrispollonline.com.
Tuesday, April 15, 2008
United States Mint Release Schedule
By CoinNews.net
The United States Mint has updated their online product schedule to include coin and medal releases through May of 2008.
While the schedule is always subject to change and coin announcements will be released when new coins and medals become available, the release list at least provides a fairly accurate snapshot for what is likely to come and when.
Perhaps most notable on the updated list is the scheduled release of the 2008 Sacagawea Golden Dollar Bags and Rolls on April 28. The U.S. Mint had announced the upcoming sale of Sacagawea dollar coins earlier in the year, but quickly pulled its notice with concerns over the legal technicalities in minting them.
Those concerns were made mute when President Bush signed a new law enabling their legal mintage in 2008. In 2009, the Sacagawea coins will see new reverse or tails designs.
Here is the Mint’s latest schedule:
January 3
American Eagle Silver Proof Coin
January 15
Bald Eagle Commemorative Coin Program
January 17
Kennedy Half-Dollar Bag and Two-Roll Set
January 24
United States Mint 50 State Quarters Proof Set™
January 28
Oklahoma Quarter Bags and Two-Roll Sets
January 29
United States Mint Presidential $1 Coin Proof Set™
February 5
American Buffalo 2008 Celebration Coin
February 14
James Monroe $1 Coin Bags and Rolls
February 25
United States Mint 50 State Quarters Silver Proof Set™
February 27
Oklahoma Official First Day Coin Cover
February 28
United States Mint Presidential $1 Coins - Individual Proof Coin – James Monroe
February 28
First Spouse Series One-Half Ounce Gold Proof Coin – Elizabeth Monroe
February 28
First Spouse Series One-Half Ounce Gold Uncirculated Coin – Elizabeth Monroe
February 28
Elizabeth Monroe Bronze Medal 1 5/16″
March 4
American Eagle Gold Proof Coin
March 14
American Presidency $1 Coin Cover Series - James Monroe
March 17
American Eagle Silver Uncirculated One Ounce Coin
April 1
American Eagle Gold Proof Coins
April 7
New Mexico Quarter Bags and Two-Roll Sets
April 8
United States Mint Presidential $1 Coin Historical Signature Set™ - George Washington
April 23
Dr. Michael E. DeBakey, M.D. Bronze Medal
April 28
Sacagawea Golden Dollar Bags and Rolls
May 8
New Mexico Official First Day Coin Cover
May 15
John Quincy Adams $1 Coin Bags and Rolls
May 29
First Spouse Series One-Half Ounce Gold Proof Coin - Louisa Adams
May 29
First Spouse Series One-Half Ounce Gold Uncirculated Coin - Louisa Adams
May 29
Louisa Adams Bronze Medal 1 5/16″
The United States Mint has updated their online product schedule to include coin and medal releases through May of 2008.
While the schedule is always subject to change and coin announcements will be released when new coins and medals become available, the release list at least provides a fairly accurate snapshot for what is likely to come and when.
Perhaps most notable on the updated list is the scheduled release of the 2008 Sacagawea Golden Dollar Bags and Rolls on April 28. The U.S. Mint had announced the upcoming sale of Sacagawea dollar coins earlier in the year, but quickly pulled its notice with concerns over the legal technicalities in minting them.
Those concerns were made mute when President Bush signed a new law enabling their legal mintage in 2008. In 2009, the Sacagawea coins will see new reverse or tails designs.
Here is the Mint’s latest schedule:
January 3
American Eagle Silver Proof Coin
January 15
Bald Eagle Commemorative Coin Program
January 17
Kennedy Half-Dollar Bag and Two-Roll Set
January 24
United States Mint 50 State Quarters Proof Set™
January 28
Oklahoma Quarter Bags and Two-Roll Sets
January 29
United States Mint Presidential $1 Coin Proof Set™
February 5
American Buffalo 2008 Celebration Coin
February 14
James Monroe $1 Coin Bags and Rolls
February 25
United States Mint 50 State Quarters Silver Proof Set™
February 27
Oklahoma Official First Day Coin Cover
February 28
United States Mint Presidential $1 Coins - Individual Proof Coin – James Monroe
February 28
First Spouse Series One-Half Ounce Gold Proof Coin – Elizabeth Monroe
February 28
First Spouse Series One-Half Ounce Gold Uncirculated Coin – Elizabeth Monroe
February 28
Elizabeth Monroe Bronze Medal 1 5/16″
March 4
American Eagle Gold Proof Coin
March 14
American Presidency $1 Coin Cover Series - James Monroe
March 17
American Eagle Silver Uncirculated One Ounce Coin
April 1
American Eagle Gold Proof Coins
April 7
New Mexico Quarter Bags and Two-Roll Sets
April 8
United States Mint Presidential $1 Coin Historical Signature Set™ - George Washington
April 23
Dr. Michael E. DeBakey, M.D. Bronze Medal
April 28
Sacagawea Golden Dollar Bags and Rolls
May 8
New Mexico Official First Day Coin Cover
May 15
John Quincy Adams $1 Coin Bags and Rolls
May 29
First Spouse Series One-Half Ounce Gold Proof Coin - Louisa Adams
May 29
First Spouse Series One-Half Ounce Gold Uncirculated Coin - Louisa Adams
May 29
Louisa Adams Bronze Medal 1 5/16″
Monday, April 14, 2008
Teacher finds old coins worth over $20,000 in Central Russia
A total of 8,000 old coins worth over 500,000 rubles ($20,000) have been found in an abandoned church in central Russia's Lipetsk Region, a local scientist and archeologist said.
The find was discovered by a local teacher, who took her class to help in restoring an abandoned church near Lipetsk, used as a grain warehouse in Soviet times. The coins were discovered in a metal chest, which the teacher accidently found when her foot went through a floor board.
"The metal chest with coins was hidden under the church floor, near the altar. Many coins were wrapped in oiled paper," Alexander Bessudnov said.
He said that of almost 8,000 coins, 700 were silver. The treasure was taken to a nearby police station in buckets.
"The oldest coins dated back to 1737, while the newest one was minted in 1914, three medals were also found," the archaeologist said. "All [the coins] are well-preserved and are virtually uncorroded, probably, because the church stands on a hill."
Although the teacher will receive 25% of the treasure's value, it is still unclear what will happen to the rest of the coins.
"Russian law does not specifically cover procedures for handling treasure," the head of the local cultural heritage department, Andrei Naidenov, said. "That's why everything is up to the local authorities."
According to a member of the local Christian community, villagers expect the money will be used to restore the church.
It is still not known who the owner of the coins is and why they were buried in the church. One version said the chest may have been buried by a former church leader, who died in 1914, while other people say that a priest named Pyotr Nadezhdin buried the coins to save them from the Bolsheviks.
"Similar cases have occurred in other regions," Naidenov said.
This is the second archaeological find in Lipetsk in just over a year. In March 2007 archaeologists found a chest containing two silver goblets, a cigarette case and 1,050 coins in the foundations of an old house in downtown Lipetsk.
The find was discovered by a local teacher, who took her class to help in restoring an abandoned church near Lipetsk, used as a grain warehouse in Soviet times. The coins were discovered in a metal chest, which the teacher accidently found when her foot went through a floor board.
"The metal chest with coins was hidden under the church floor, near the altar. Many coins were wrapped in oiled paper," Alexander Bessudnov said.
He said that of almost 8,000 coins, 700 were silver. The treasure was taken to a nearby police station in buckets.
"The oldest coins dated back to 1737, while the newest one was minted in 1914, three medals were also found," the archaeologist said. "All [the coins] are well-preserved and are virtually uncorroded, probably, because the church stands on a hill."
Although the teacher will receive 25% of the treasure's value, it is still unclear what will happen to the rest of the coins.
"Russian law does not specifically cover procedures for handling treasure," the head of the local cultural heritage department, Andrei Naidenov, said. "That's why everything is up to the local authorities."
According to a member of the local Christian community, villagers expect the money will be used to restore the church.
It is still not known who the owner of the coins is and why they were buried in the church. One version said the chest may have been buried by a former church leader, who died in 1914, while other people say that a priest named Pyotr Nadezhdin buried the coins to save them from the Bolsheviks.
"Similar cases have occurred in other regions," Naidenov said.
This is the second archaeological find in Lipetsk in just over a year. In March 2007 archaeologists found a chest containing two silver goblets, a cigarette case and 1,050 coins in the foundations of an old house in downtown Lipetsk.
Sunday, April 13, 2008
Leroy Van Allen Morgan Varieties
By Heritage Auctions
Heritage will be offering a spectacular variety of coins from the collection of Leroy Van Allen at the April 16-18CSNS Signature Auction in Rosemont, IL. The selection from Van Allen’s personal collection of Morgan & Peace dollar varieties, plus errors, represents, “Some of the rarest, most historic Morgan silver dollars known and should be considered national treasures,” according to silver dollar specialist Michael S. Fey.
Perhaps the most unusual offering from the Van Allen collection is a certified “Presentation Piece,” one of the first twelve Morgan dollars struck on March 11, 1878 (VAM-9), accompanied by a handwritten certification by Walter Breen. Also included are spectacular examples of some of the best known Morgan varieties, including the “Hot Lips” 1888-O Doubled Die Obverse dollar in DMPL, an uncirculated 1888-O “Scarface” in late die state, and many other Top 100 Morgan dollar varieties.
As is quickly learned by even novice collectors, VAM is the acronym for Leroy Van Allen and A. George Mallis, who were first to comprehensively catalog Morgan and Peace Dollar varieties, assigning VAM numbers to each die pair.
Selections from The Leroy Van Allen collection include:
1878 8TF $1 VAM-14.7 “Flake on Ear” MS62 Prooflike PCGS. 1878 8TF $1 VAM-9 Presentation Piece MS62 Deep Mirror Prooflike ANACS. 1880 $1 8/7 VAM-6 “Spikes” MS64 PCGS. 1880 $1 8/7 VAM-7 “Crossbar” AU50 PCGS. 1884 $1 VAM-4 “Small Dot” MS64 PCGS. 1888-O $1 VAM-1B “Scarface” Die Break Obverse MS62 PCGS. 1888-O $1 VAM-4 “Hot Lips” Doubled Die Obverse AU55 PCGS. 1888-O $1 VAM-4 “Hot Lips” Doubled Die Obverse MS60 Deep Mirror Prooflike PCGS. 1891-CC $1–Partial Collar Strike–MS64 PCGS. 1903-S $1 VAM-2 Micro S XF40 PCGS. 1922 $1 VAM-2A “Earring” MS64 PCGS.
Heritage will be offering a spectacular variety of coins from the collection of Leroy Van Allen at the April 16-18CSNS Signature Auction in Rosemont, IL. The selection from Van Allen’s personal collection of Morgan & Peace dollar varieties, plus errors, represents, “Some of the rarest, most historic Morgan silver dollars known and should be considered national treasures,” according to silver dollar specialist Michael S. Fey.
Perhaps the most unusual offering from the Van Allen collection is a certified “Presentation Piece,” one of the first twelve Morgan dollars struck on March 11, 1878 (VAM-9), accompanied by a handwritten certification by Walter Breen. Also included are spectacular examples of some of the best known Morgan varieties, including the “Hot Lips” 1888-O Doubled Die Obverse dollar in DMPL, an uncirculated 1888-O “Scarface” in late die state, and many other Top 100 Morgan dollar varieties.
As is quickly learned by even novice collectors, VAM is the acronym for Leroy Van Allen and A. George Mallis, who were first to comprehensively catalog Morgan and Peace Dollar varieties, assigning VAM numbers to each die pair.
Selections from The Leroy Van Allen collection include:
1878 8TF $1 VAM-14.7 “Flake on Ear” MS62 Prooflike PCGS. 1878 8TF $1 VAM-9 Presentation Piece MS62 Deep Mirror Prooflike ANACS. 1880 $1 8/7 VAM-6 “Spikes” MS64 PCGS. 1880 $1 8/7 VAM-7 “Crossbar” AU50 PCGS. 1884 $1 VAM-4 “Small Dot” MS64 PCGS. 1888-O $1 VAM-1B “Scarface” Die Break Obverse MS62 PCGS. 1888-O $1 VAM-4 “Hot Lips” Doubled Die Obverse AU55 PCGS. 1888-O $1 VAM-4 “Hot Lips” Doubled Die Obverse MS60 Deep Mirror Prooflike PCGS. 1891-CC $1–Partial Collar Strike–MS64 PCGS. 1903-S $1 VAM-2 Micro S XF40 PCGS. 1922 $1 VAM-2A “Earring” MS64 PCGS.
Dubai gold demand 'to stay'
UAE Minister of Economy Eng Sultan bin Saeed Al Mansouri has vowed continued government support for Dubai's gold and jewellery industry.
The high demand and increased spending would sustain the strong gold trade in the city, he said in a keynote address at the 6th Dubai City of Gold Conference.
Mansouri said Dubai reported an almost 30 per cent increase in its gold trade despite the commodity's high price, which touched $1,000 per ounce last month, and the economic slowdown in global markets.
"Despite significant price increases, high demand and rising regional spending power will continue to sustain the strong and consistent performance of the gold and jewellery trade," he stressed.
Moaz Barakat, managing director for the Middle East, Turkey and Pakistan at the World Gold Council, an organisation of the world's leading mining companies, said the gold trade would have a sustainable growth in the long-term, despite concerns on the drop of gold sales due to higher prices.
The high demand and increased spending would sustain the strong gold trade in the city, he said in a keynote address at the 6th Dubai City of Gold Conference.
Mansouri said Dubai reported an almost 30 per cent increase in its gold trade despite the commodity's high price, which touched $1,000 per ounce last month, and the economic slowdown in global markets.
"Despite significant price increases, high demand and rising regional spending power will continue to sustain the strong and consistent performance of the gold and jewellery trade," he stressed.
Moaz Barakat, managing director for the Middle East, Turkey and Pakistan at the World Gold Council, an organisation of the world's leading mining companies, said the gold trade would have a sustainable growth in the long-term, despite concerns on the drop of gold sales due to higher prices.
Thursday, April 10, 2008
NGC Launches Online Coin Encyclopedia
By Mike Unser
NGC has introduced a new online resource, the NGC Coin Encyclopedia. The resource includes both US and world coin designs and sports a click and drill down menu approach to finding coin information and their images. The interface also includes a quick search feature.
The detailed content was developed by the NGC Research Department. A nice aspect to the online encyclopedia is the amount of information provided for each coin and the nice bevy of large coin images.
When selecting a coin to get more information, the results page includes its obverse and reverse image. Each of these images can be enlarged with a simple click.
For more examples, users can click on the "Image Gallery" feature located to the right of the page in a "dashboard" area. This dashboard includes coin detail toggle information, like "’Design History and Background", the already mentioned "Image Gallery", "Specifications and Bibliography" and Census details for the coin in MS or PDF format.
Currently, NGC indicates 200 coin designs are within their library.
The interface is intuitive to use and fast. Best of all, everything is absolutely free. The online resource is located on the NGC page,
NGC has introduced a new online resource, the NGC Coin Encyclopedia. The resource includes both US and world coin designs and sports a click and drill down menu approach to finding coin information and their images. The interface also includes a quick search feature.
The detailed content was developed by the NGC Research Department. A nice aspect to the online encyclopedia is the amount of information provided for each coin and the nice bevy of large coin images.
When selecting a coin to get more information, the results page includes its obverse and reverse image. Each of these images can be enlarged with a simple click.
For more examples, users can click on the "Image Gallery" feature located to the right of the page in a "dashboard" area. This dashboard includes coin detail toggle information, like "’Design History and Background", the already mentioned "Image Gallery", "Specifications and Bibliography" and Census details for the coin in MS or PDF format.
Currently, NGC indicates 200 coin designs are within their library.
The interface is intuitive to use and fast. Best of all, everything is absolutely free. The online resource is located on the NGC page,
Wednesday, April 09, 2008
Retirement investors concerned about economy are turning to precious metals
By Tim Grant
Newmont Mining via APIt used to be that an IRA could be funded with only cash, stocks or bonds, but Congress has expanded the rules governing individual retirement accounts to include gold and silver bars and coins. And more investors who are concerned about turbulence in the U.S. and global economies are taking advantage of that option.
"When you get into very volatile markets and people are afraid of stocks and bonds, they look for safe havens, and gold has always been a safe haven," said Nadav Baum, managing director of investments at BPU Investment Group, Downtown.
Transactions for precious metals IRAs have increased 523 percent in the past eight months at GoldStar Trust Co., a leading custodian for self-directed IRA accounts, based in Canyon, Texas, said Trey Hightower, a precious metals specialist.
GoldStar's IRAs allow investments in gold, silver, platinum and palladium bullion bars and coins. Its precious metal assets under management were valued at $312 million as of Dec. 31, 2007.
"The economy and the weak dollar is driving a lot of people into precious metals," Mr. Hightower said.
Traditional and Roth IRAs that contain precious metals operate under the same rules as conventional retirement accounts. The metals cannot be withdrawn from the account without penalty until the investor reaches 59 1/2 years old and withdrawals are required starting at age 70 1/2.
But the roundabout process of setting up a precious metals IRA is where the similarities end.
Investors must contact a self-directed IRA custodian who handles precious metals accounts. Once that account is open and funded with cash, the customer then contacts a coin dealer and locks in a price for the metals.
The IRA custodian issues a purchase order to the coin dealer and the metals are shipped to a depository, such as HSBC Bank in New York. Once the custodian gets confirmation from the depository that the metals have arrived, the custodian documents it into the IRA account and pays the coin dealer.
"The customer never holds the metals while they're in the IRA," Mr. Hightower said. "But they can sell the metals within the IRA and take a cash distribution or take the metals out as a distribution."
The combination of dollar weakness, falling interest rates and rising inflation has created an ideal environment for rising precious metals prices. Gold, which recently traded above $1,000 a troy ounce, is known as a crisis commodity. It tends to appreciate in value under the worse economic conditions.
In 1997, gold and silver bullion were approved for IRAs. But only gold coins having a purity of 24 karat are allowed in the retirement accounts, with the exception of the 22 karat U.S. Gold Eagle. The South African Krugerrand is not permitted in an IRA because it is a 22 karat bullion coin.
David Morgan, a world renowned silver expert and founder of silver-investor.com in Spokane, Wash., said he was familiar with the handful of IRA custodians who handle precious metals and was not aware of any problems with any of them.
"I'm not advocating you put all your IRA money into gold and silver," Mr. Morgan said. "There are a lot of people whose main savings is an IRA account, and therefore they should put at least 10 percent in precious metals."
One of the most innovative ways to buy and sell precious metals in an IRA was recently introduced by the Entrust Group, based in Reno, Nev. Through its partnership with GoldMoney.com, investors can buy and sell digital gold, which allows the movement of physical gold bullion in their IRAs from one account to another online.
James Turk, founder of GoldMoney.com, based in the British Channel Islands, said he believed that the trend in gold would continue upward until problems related to the U.S. dollar have been solved.
"Gold, as we know, is an inflation hedge," he said. "But people are starting to understand its other attribute, which is a catastrophe hedge. Gold is a tangible asset which is not dependant on someone else's promise."
Mr. Turk said GoldMoney is an online bank account that is denominated in gold grams and mills rather than dollars and cents. The precious metals in GoldMoney accounts are stored in Zurich, Switzerland. Investors can always sell their gold and have the proceeds sent to an IRA custodian in the United States.
The downside of holding precious metals in an IRA is the account owner must pay storage fees to the depository where the metals are held. And there are often big spreads in the buying and selling exchange rates.
Those fees can make bars and coins an expensive way to diversify a low-balance portfolio, which is why many financial advisers prefer to put clients into gold and silver exchange traded funds, which are traded on the stock market.
"There's not much advantage and a lot of disadvantages in having physical bullion," said Bruce Fenton, president of Atlantic Financial in Boston. "What happens if it's stolen or it melts? You don't have to worry about that if it's electronically protected."
Donald Gould, president of Gould Asset Management in Claremont, Calif., said it makes sense to own gold as part of a diversified portfolio, but that it doesn't make sense to hold gold bullion in an IRA.
"An IRA is a tax-deferred vehicle," he said. "It makes sense to put [assets] in there that have high current taxable income. Gold pays no interest or dividends.
So therefore, using your IRA to buy gold is an inefficient use of [the IRA] from a tax perspective."
Whether or not it's a good time to be buying gold is debatable, said Paul Burkemper, president and founder of Burkemper Group in St. Louis.
He thinks gold could be overpriced in the current environment. There will be an adjustment, and prices tend to fall faster than they rise.
"My concern is a lot of people will jump into gold chasing returns, thinking it won't go down," said Mr. Burkemper, whose firm specializes in IRA and retirement planning and distribution. "We thought home prices wouldn't go down, and we got a rude awakening."
Given all the factors that influence the price of gold and what's happening in the economy, James DiGeorgia, author of "The New Bull Market In Gold," is predicting gold will trade at $2,500 a troy ounce in three to five years. Silver will trade in the $30 an ounce range, and platinum will top $5,000 an ounce, he said.
Craig Smith, CEO of Swiss American Trust, a full service brokerage firm for early American coins in Phoenix, said customers who prefer to own the physical metal have a different psyche than those who want paper assets.
"Your physical gold is your asset and no one else's liability," Mr. Smith said. "You don't have to depend on anyone else to perform, and that's what we like about gold.
"When people plan for retirement they want to be sure the money they put away will be enough to maintain their standard of living, and gold always maintains its buying power."
Tim Grant can be reached at tgrant@post-gazette.com or 412-263-1591.
Newmont Mining via APIt used to be that an IRA could be funded with only cash, stocks or bonds, but Congress has expanded the rules governing individual retirement accounts to include gold and silver bars and coins. And more investors who are concerned about turbulence in the U.S. and global economies are taking advantage of that option.
"When you get into very volatile markets and people are afraid of stocks and bonds, they look for safe havens, and gold has always been a safe haven," said Nadav Baum, managing director of investments at BPU Investment Group, Downtown.
Transactions for precious metals IRAs have increased 523 percent in the past eight months at GoldStar Trust Co., a leading custodian for self-directed IRA accounts, based in Canyon, Texas, said Trey Hightower, a precious metals specialist.
GoldStar's IRAs allow investments in gold, silver, platinum and palladium bullion bars and coins. Its precious metal assets under management were valued at $312 million as of Dec. 31, 2007.
"The economy and the weak dollar is driving a lot of people into precious metals," Mr. Hightower said.
Traditional and Roth IRAs that contain precious metals operate under the same rules as conventional retirement accounts. The metals cannot be withdrawn from the account without penalty until the investor reaches 59 1/2 years old and withdrawals are required starting at age 70 1/2.
But the roundabout process of setting up a precious metals IRA is where the similarities end.
Investors must contact a self-directed IRA custodian who handles precious metals accounts. Once that account is open and funded with cash, the customer then contacts a coin dealer and locks in a price for the metals.
The IRA custodian issues a purchase order to the coin dealer and the metals are shipped to a depository, such as HSBC Bank in New York. Once the custodian gets confirmation from the depository that the metals have arrived, the custodian documents it into the IRA account and pays the coin dealer.
"The customer never holds the metals while they're in the IRA," Mr. Hightower said. "But they can sell the metals within the IRA and take a cash distribution or take the metals out as a distribution."
The combination of dollar weakness, falling interest rates and rising inflation has created an ideal environment for rising precious metals prices. Gold, which recently traded above $1,000 a troy ounce, is known as a crisis commodity. It tends to appreciate in value under the worse economic conditions.
In 1997, gold and silver bullion were approved for IRAs. But only gold coins having a purity of 24 karat are allowed in the retirement accounts, with the exception of the 22 karat U.S. Gold Eagle. The South African Krugerrand is not permitted in an IRA because it is a 22 karat bullion coin.
David Morgan, a world renowned silver expert and founder of silver-investor.com in Spokane, Wash., said he was familiar with the handful of IRA custodians who handle precious metals and was not aware of any problems with any of them.
"I'm not advocating you put all your IRA money into gold and silver," Mr. Morgan said. "There are a lot of people whose main savings is an IRA account, and therefore they should put at least 10 percent in precious metals."
One of the most innovative ways to buy and sell precious metals in an IRA was recently introduced by the Entrust Group, based in Reno, Nev. Through its partnership with GoldMoney.com, investors can buy and sell digital gold, which allows the movement of physical gold bullion in their IRAs from one account to another online.
James Turk, founder of GoldMoney.com, based in the British Channel Islands, said he believed that the trend in gold would continue upward until problems related to the U.S. dollar have been solved.
"Gold, as we know, is an inflation hedge," he said. "But people are starting to understand its other attribute, which is a catastrophe hedge. Gold is a tangible asset which is not dependant on someone else's promise."
Mr. Turk said GoldMoney is an online bank account that is denominated in gold grams and mills rather than dollars and cents. The precious metals in GoldMoney accounts are stored in Zurich, Switzerland. Investors can always sell their gold and have the proceeds sent to an IRA custodian in the United States.
The downside of holding precious metals in an IRA is the account owner must pay storage fees to the depository where the metals are held. And there are often big spreads in the buying and selling exchange rates.
Those fees can make bars and coins an expensive way to diversify a low-balance portfolio, which is why many financial advisers prefer to put clients into gold and silver exchange traded funds, which are traded on the stock market.
"There's not much advantage and a lot of disadvantages in having physical bullion," said Bruce Fenton, president of Atlantic Financial in Boston. "What happens if it's stolen or it melts? You don't have to worry about that if it's electronically protected."
Donald Gould, president of Gould Asset Management in Claremont, Calif., said it makes sense to own gold as part of a diversified portfolio, but that it doesn't make sense to hold gold bullion in an IRA.
"An IRA is a tax-deferred vehicle," he said. "It makes sense to put [assets] in there that have high current taxable income. Gold pays no interest or dividends.
So therefore, using your IRA to buy gold is an inefficient use of [the IRA] from a tax perspective."
Whether or not it's a good time to be buying gold is debatable, said Paul Burkemper, president and founder of Burkemper Group in St. Louis.
He thinks gold could be overpriced in the current environment. There will be an adjustment, and prices tend to fall faster than they rise.
"My concern is a lot of people will jump into gold chasing returns, thinking it won't go down," said Mr. Burkemper, whose firm specializes in IRA and retirement planning and distribution. "We thought home prices wouldn't go down, and we got a rude awakening."
Given all the factors that influence the price of gold and what's happening in the economy, James DiGeorgia, author of "The New Bull Market In Gold," is predicting gold will trade at $2,500 a troy ounce in three to five years. Silver will trade in the $30 an ounce range, and platinum will top $5,000 an ounce, he said.
Craig Smith, CEO of Swiss American Trust, a full service brokerage firm for early American coins in Phoenix, said customers who prefer to own the physical metal have a different psyche than those who want paper assets.
"Your physical gold is your asset and no one else's liability," Mr. Smith said. "You don't have to depend on anyone else to perform, and that's what we like about gold.
"When people plan for retirement they want to be sure the money they put away will be enough to maintain their standard of living, and gold always maintains its buying power."
Tim Grant can be reached at tgrant@post-gazette.com or 412-263-1591.
Tuesday, April 08, 2008
New Mexico Quarter Debuts, Now in Circulation
By CoinNews.net
The New Mexico state quarter entered circulation yesterday and it was kicked off with its ceremonial launch held at the state’s capitol building in Santa Fe.
Along with hundreds of people, including children and the Santa Fe All-Stars, on hand for the ceremony were New Mexico Governor Bill Richardson and United States Mint Director Ed Moy.
Governor Richardson was quoted as saying,
“Today is an historic day for New Mexico, I am honored to launch our state quarter into circulation The New Mexico state quarter showcases several of the unique features that help define our beautiful state, including the top two choices of the public- the world-famous Zia symbol and our beautiful landscape.”
Mint Director Moy commented,
“The New Mexico state quarter's Zia sun symbol design speaks to your State’s history and diversity. Your quarter will be immediately recognizable and serve New Mexico as an ambassador to the Nation.”
The Zia sun symbol reflects the influence of Native American cultures throughout New Mexico. According to its design description,
The Zia Pueblo believe the sun symbol represents the giver of all good, who gave gifts in groups of four. From the circle representing life and love without beginning or end, the four groups of four rays that emanate represent the four directions, the four seasons, the four phases of a day (sunrise, noon, evening, and night), and the four divisions of life (childhood, youth, middle years, and old age).
Ceremonial wrap up and New Mexico state quarter availability:
Children who were under 18 were given new quarters for free. At the conclusion of the event, the public lined up to purchase freshly minted $10 quarter rolls.
Roughly 500 million New Mexico state quarters will be produced in around 10 weeks. It takes time for those to fully enter circulation mostly through banks. However, special U.S. Mint-sewn bags and two-roll sets of the New Mexico state quarters are now available for purchase directly from the Mint.
The New Mexico state quarter is the second of 2008, following Oklahoma’s. It was the 47th coin released in the U.S. Mints 50 States Quarters® Program, which coincides with it becoming the 47th state to enter the Union on January 6, 1912.
Still to come this year are quarters from Arizona, Alaska and Hawaii.
The New Mexico state quarter entered circulation yesterday and it was kicked off with its ceremonial launch held at the state’s capitol building in Santa Fe.
Along with hundreds of people, including children and the Santa Fe All-Stars, on hand for the ceremony were New Mexico Governor Bill Richardson and United States Mint Director Ed Moy.
Governor Richardson was quoted as saying,
“Today is an historic day for New Mexico, I am honored to launch our state quarter into circulation The New Mexico state quarter showcases several of the unique features that help define our beautiful state, including the top two choices of the public- the world-famous Zia symbol and our beautiful landscape.”
Mint Director Moy commented,
“The New Mexico state quarter's Zia sun symbol design speaks to your State’s history and diversity. Your quarter will be immediately recognizable and serve New Mexico as an ambassador to the Nation.”
The Zia sun symbol reflects the influence of Native American cultures throughout New Mexico. According to its design description,
The Zia Pueblo believe the sun symbol represents the giver of all good, who gave gifts in groups of four. From the circle representing life and love without beginning or end, the four groups of four rays that emanate represent the four directions, the four seasons, the four phases of a day (sunrise, noon, evening, and night), and the four divisions of life (childhood, youth, middle years, and old age).
Ceremonial wrap up and New Mexico state quarter availability:
Children who were under 18 were given new quarters for free. At the conclusion of the event, the public lined up to purchase freshly minted $10 quarter rolls.
Roughly 500 million New Mexico state quarters will be produced in around 10 weeks. It takes time for those to fully enter circulation mostly through banks. However, special U.S. Mint-sewn bags and two-roll sets of the New Mexico state quarters are now available for purchase directly from the Mint.
The New Mexico state quarter is the second of 2008, following Oklahoma’s. It was the 47th coin released in the U.S. Mints 50 States Quarters® Program, which coincides with it becoming the 47th state to enter the Union on January 6, 1912.
Still to come this year are quarters from Arizona, Alaska and Hawaii.
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