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Thursday, May 22, 2008

1846 Shipwreck Yields Southern Gold and Capped Bust Halves

By Stacks

A recent close examination of coins recovered a year ago from the 1846 Gulf of Mexico shipwreck of the SS New York has revealed some of the finest known Southern branch mint gold coins and a nearly complete set of Bust half dollars.

The New York was a side-wheel steamer that foundered during a hurricane about 60 miles off the coast of Cameron, Louisiana in 1846. Four New Iberia, Louisiana area residents found the 365-ton wooden hull ship in about 60 feet of water two years ago. The four, who call their recovery operation, “Gentlemen of Fortune,” are Gary and Reneè Hebert, Avery Munson and Craig DeRouen.

“We brought up the ship’s bell in the summer of 2006, staked a claim and obtained a federal court judgment granting us title to the site, then brought up several hundred coins from the underwater mud last year. We recently sent them to Numismatic Conservation Services and Numismatic Guaranty Corporation for certification,” said DeRouen.

“This is the most important group of Southern gold coins ever found on a treasure ship. There are some of the finest known Quarter Eagles and Half Eagles struck in Charlotte and Dahlonega, as well as examples of gold coins struck at the New Orleans Mint,” stated prominent numismatic researcher and author Q. David Bowers, co-chairman of Stack’s Rare Coins in New York City and Wolfeboro, New Hampshire.

“The recovered coins are worth more than $1 million,” said dealer John Albanese of Far Hills, New Jersey who recently appraised them.

“They include an 1845-D $2.50 graded NGC MS-64; 1844-D $5 graded NGC MS-63* prooflike; and an 1844-O $5 graded NGC MS-64. There’s also a nearly complete set of Capped Bust halves with over two dozen different dates including an 1815, and quite a few foreign gold coins as well,” said Albanese.

Capped Bust lettered-edge half dollars were produced from 1807 to 1836. Only 47,150 were struck in 1815.

“There really is a spectacular variety of coins from the SS New York, ranging from exceptional quality Southern mint gold to a run of Mexican Cap and Rays 8 reales. While it’s compelling to consider that such a great diversity of coins were used alongside each other in commerce, for me it’s even more exciting that NCS and NGC played a critical role in making these coins available to collectors. I’m very proud of the comprehensive services that we provide for shipwreck recovery coinage,” said Mark Salzberg, NGC Chairman.

Described as elegant for the time with polished mahogany walls and white satin damask curtains, the 160-foot long New York began shuttling passengers and cargo from New York City to Charleston, South Carolina in 1837. She was put into service between Galveston, Texas and New Orleans, Louisiana in 1842.

There were 53 passengers and crew members on board for the trip from Galveston to New Orleans when the New York went down during a storm in September 1846. Everyone evacuated the ship; however, 17 died later while clinging to pieces of floating wreckage for two days before the SS Galveston picked up 36 survivors.

For generations the sunken wreckage was noted on shrimp fishermen’s maps as a “hang,” an underwater obstruction where nets might get caught and entangled.

A complete inventory of the recovered coins will be released later, according to Albanese. Information about the planned sale of some of the coins in a public auction by Stack’s also will be announced later.

Thursday, May 15, 2008

No President dollar for Atchison?

By Gary B. Marks

Charles Vanderwater reports in his letter (April 15) that he read that David Rice Atchison had served as President of the United States for one day due to a glitch in American law at the time. Based on this information, Vanderwater wondered if this one-day president is entitled to a dollar coin as part of the Presidential $1 Coin Program.

The claim that Atchison was president for a day is one that has drifted through American history for over 150 years. In fact, Atchison was not president du jour and he is certainly not entitled to a presidential coin.

The legend is as follows. President James Polk’s term expired midday on Sunday, March 4, 1849. Being a devout Christian, President-elect Zachary Taylor refused to be sworn into office on a Sunday because it was the Sabbath. Instead, Taylor was sworn in on the next day, Monday. Taylor’s vice president, Millard Fillmore, was also sworn in on Monday.

Since Polk’s term had ended midday on Sunday and Taylor did not take office until mid-day on Monday the legend claims that Atchison – who was the President pro tempore of the Senate – became President during the 24-hour gap in accordance with the terms of the Presidential Succession Act of 1792.

Contrary to the legend, Atchison was never president. The bottom line is that Atchison’s term as President pro tempore of the Senate had expired the day before on March 3, 1849, when the 13th Congress adjourned. In fact, on March 4, 1849, there was a vacancy in the office of president, vice president, President pro tempore of the Senate and every other office named in the presidential succession act.

The reality is that the United States had an interregnum – or a time when a nation is without a government – for about 24 hours between March 4, 1849, and March 5, 1849.

Some diehards have contended that even if Atchison was not president for a day, he was at least president for a few minutes. It seems that Atchison was sworn in for his second term as President pro tempore of the Senate on Monday, March 5th, just minutes before Vice President Fillmore and President Taylor were sworn in. The problem with this claim is that the conditions necessary to trigger the succession act (which would have been necessary for him to become president) had not occurred – namely that there be a disability or a lack of qualification of the existing president. In fact, the nation simply lacked a president when Atchison took his oath as President pro tempore of the Senate. There was no president to become disabled or to lack qualifications.

Even if true believers wish to continue in their contention that Atchison was a momentary president, it does not appear the Constitution would have actually recognized him with the title of “President.” Rather, the Constitution provides that such a person will “act as president” and never calls such a person by the title of “President”.

If Atchison did “act as president” – and that is a very big “if” – it does not appear that he would be entitled to a coin under the Presidential $1 Coin Program. The Presidential $1 Coin Act of 2005 specifies that coins minted under the act shall have designs on the obverse “which are emblematic of the Presidents of the United States.” Having never obtained the title of “President of the United States,” it is impossible to see how David Rice Atchison would be entitled to a presidential dollar coin bearing his image.

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Gary B. Marks, a life-long coin collector, is as a member of the Citizens Coin Advisory Committee with the U.S. Mint. He resides in Whitefish, Mont.

To have your opinion considered for Viewpoint, write to David C. Harper, Editor, Numismatic News, 700 E. State St., Iola, WI 54990. Send e-mail to david.harper@fwpubs.com.

Tuesday, May 13, 2008

Coin dealers examining Louisiana coast gold

By ALAN SAYRE

A steamship that sank off the Louisiana coast during an 1846 storm has produced a trove of rare gold coins, including some produced at two, mostly forgotten U.S. mints in the South, coin experts say.

Last year, four Louisiana residents salvaged hundreds of gold coins and thousands of silver coins from the wreckage of the SS New York in about 60 feet of water in the Gulf of Mexico, said
David Bowers, co-chairman of Stack’s Rare Coins in New York.

“Some of these are in uncirculated or mint condition,” Bowers said, predicting the best could bring $50,000 to $100,000 each at auction.

Of particular interest to coin experts — numismatists — are gold pieces known as quarter eagles and half eagles, which carried face values of $2.50 and $5, respectively, in the days before the United States printed paper currency.

Those coins were struck at mints in New Orleans; Charlotte, N.C.; and Dahlonega, Ga. The Charlotte and Dahlonega mints operated from 1838, when the first significant U.S. gold deposits were found in those areas, until the start of the Civil War in 1861, said Douglas Mudd, curator of the American Numismatic Association’s Money Museum in Denver. Neither mint ever reopened.
The Dahlonega mint produced 1.38 million gold coins, while another 1.2 million were minted in Charlotte. That was only of the fraction of the tens of millions of gold coins minted in the United States before the federal government confiscated gold coins held by individuals, banks and the U.S. Treasury in 1933 and melted them into gold bars as the country abandoned the gold standard.

The treasure also includes $10 gold pieces, known as eagles, that were minted in Philadelphia and New Orleans, Mudd said.

“Relatively speaking, they are rare,” Mudd said of the Charlotte- and Dahlonega-minted coins. “The mints were set up to take advantage of the resources there.”

The New York was a 165-foot sidewheel steamer built in its namesake city in 1837. By 1846, it was making regular commercial runs between Galveston, Texas and New Orleans. A storm took the ship to the bottom, killing 17 of the 53 people aboard. The other 36 were rescued.

A group of four hobbyists, who enjoyed looking for sunken vessels in the Gulf, discovered what was left of the SS New York around 1990. After several trips in the ensuing years and bringing up a handful of coins at a time from the mud that virtually covered the ship, the four invested in a full-scale salvage operation in 2007.

“What we’ve found is varied, a little of everything,” said one of the four, Craig DeRouen, who is on a leave from his normal job as a mechanical engineer in the oil industry. “There are different denominations from different years, silver and gold.”

DeRouen, along with fellow New Iberia residents Avery Munson and Gary and Renee Hebert, have ownership of the coins after obtaining title to the wreck from a federal court.
Mudd said that although the coins are worth much more now because of current gold prices around $900 an ounce, that’s only a fraction of their value.

“The collector value may be three, five, eight thousand dollars more, depending upon their condition,” Mudd said. “It depends upon the individual piece and its individual rarity.”
John Albanese, a rare coin dealer in Far Hills, N.J. since 1978, appraised about 200 of the gold coins. “This is the most impressive Southern-minted gold I’ve seen in my lifetime,” he said.
Mudd said $100,000 for one coin likely would involve an exceptional piece, but a range of $8,000 to $16,000 wouldn’t be unusual for a coin in high-grade condition.

“Historically, they are interesting. These are the first coins produced by gold from the United States,” he said. “The California gold rush didn’t occur until about 1850.”

Gold resists saltwater corrosion, and mud that had collected on the coins was removed with a chemical compound that does not affect the metal, Bowers said. Meanwhile, the silver coins are etched by the sea water, giving them a “shipwreck effect” that is popular with collectors, Bowers said.

Monday, May 12, 2008

$2 Dallas Notes for Collectors

By CoinNews.net

The Bureau of Engraving and Printing (BEP) has announced that the new 2008 Dallas $2 Single Notes are available today, May 12, 2008.

The Dallas banknotes are the fifth $2 collector bill released in 2008. The Atlanta $2 single notes were first off printing presses in January followed by the New York $2 notes in February, the San Francisco $2 notes in March and the Chicago $2 notes in April.

Interested collectors should purchase early since previous $2 notes sold out almost within hours of their availability.

The Dallas collector’s $2 single note features:
Crisp, uncirculated Series 2003A Serial number beginning with "2008xxxxD" Designation from the Federal Reserve Bank of Dallas In addition to the above specifications, the new $2 note offering is also:
Limited in quantity to 10,000
Protected by a clear, acid-free polymer sleeve
Housed within a 2008 commemorative folder

The price for one Dallas note is $7.95. While discount orders of 50 or more have typically been available and priced at $6.95 per note, the BEP has lowered their household limit to 50 only with this offering. In addition, they warn that orders above 50 are subject to rejection.

The rest of the reserve bank notes will follow throughout 2008.

The new collector $2 notes are available from the Bureau of Engraving and Printing.

Sunday, May 11, 2008

ANA Offers Fundamentals of Grading U.S. Coins Course

By ANA

The American Numismatic Association’s School of Numismatics offers the opportunity to improve coin grading skills with their ‘Fundamentals of Grading U.S. Coins’ course by instructor Lane J. Brunner, Ph.D.

The American Numismatic Association’s School of Numismatics will offer its Fundamentals of Grading United States Coins, from 9 a.m. to 5 p.m. Nov. 8-9 during Coinfest in Stamford, Conn.
Students will learn and understand how U.S. coins should be graded according to the latest ANA and market standards during this highly enriched two-day seminar. Participants will gain confidence in evaluating surface marks, strike, luster and eye appeal through interactive discussions, group activities and individual study of hundreds of coins from the ANA grading set.

"A well-rounded education is the foundation of any successful collector," said ANA Executive Director Larry Shepherd. "Courses like Fundamentals of Grading United States Coins can teach hobbyists skills and information that will save them thousands on the bourse floor."
Summer Seminar instructor Lane J. Brunner, Ph.D., will teach the course.

Tuition is $345 for ANA members and $445 for all others. Become an ANA member at www.money.org. To register for Fundamentals of Grading United States Coins, call 719-482-9857 or visit www.money.org and select "School of Numismatics" from the "Numismatic Events" dropdown menu.

About American Numismatic AssociationThe American Numismatic Association is a nonprofit organization dedicated to educating and encouraging people to study and collect money and related items. The ANA helps its 32,000 members and the public discover and explore the world of money through its vast array of programs including its education and outreach programs, museum, library, publications, conventions and seminars.

For more information, call 719-632-2646 or visit www.money.org.

Wednesday, May 07, 2008

House puts in its 2 cents on making cheaper coins

By LAURIE KELLMAN

Surging prices for copper, zinc and nickel have some in Congress trying to bring back the steel-made pennies of World War II and maybe using steel for nickels, too.

Copper and nickel prices have tripled since 2003 and the price of zinc has quadrupled, said Rep. Luis Gutierrez, D-Ill., whose subcommittee oversees the U.S. Mint.

A penny, which consists of 97.5 percent zinc and 2.5 percent copper, cost 1.26 cents to make as of Tuesday. And a nickel — 75 percent copper and the rest nickel — cost 7.7 cents, based on current commodity prices, according to the Mint.

That's down from the end of 2007, when higher metal prices drove the penny's cost to 1.67 cents, according to the Mint. The cost of making a nickel then was nearly a dime.
Gutierrez estimated that striking the two coins at costs well above their face value set the Treasury and taxpayers back about $100 million last year.

A lousy deal, lawmakers have concluded. On Tuesday, the House debated a bill that directs the Treasury secretary to "prescribe" — suggest — a new, more economical composition of the nickel and the penny. A vote was delayed because of Republican procedural moves and is expected later in the week.

Unsaid in the legislation is the Constitution's delegation of power to Congress "to coin money [and] regulate the value thereof."

The Bush administration, like others before, chafes at that.

Just a few hours before the House vote, Mint Director Edmund Moy told House Financial Services Chairman Barney Frank, D-Mass., that the Treasury Department opposes the bill as "too prescriptive," in part because it does not explicitly delegate the power to decide the new coin composition.

The bill also gives the public and the metal industry too little time to weigh in, he said.
"We can't wholeheartedly support that bill," Moy said in a telephone interview. Moy said he could not say whether President Bush would veto the House version in the unlikely event that it survived the Senate.

Sen. Wayne Allard, R-Colo., who is retiring at the end of the year, is expected to present the Senate with a version more acceptable to the administration in the next few weeks.

Other coins cost less than their face value, according to the Mint. The dime costs a little more than 4 cents to make; the quarter costs almost 10 cents; the dollar coin, meanwhile, costs about 16 cents.

Tuesday, May 06, 2008

2008 Centenary of Australian Quarantine $1 Dollar Coin

By Royal Australian Mint

The Royal Australian Mint has released a special one dollar coin featuring a detector dog on duty to mark the centenary of Australian Quarantine.

The Australian Quarantine and Inspection Service (AQIS) is responsible for protecting Australia’s borders from exotic pets and diseases. AQIS also provides import and export inspection to support access to overseas markets.

The special uncirculated coin acknowledges the work and commitment of AQIS in protecting Australia’s unique environment and our multi-million dollar agricultural and tourism industries. The success of these quarantine practices has resulted in Australia remaining free from many of the world’s worst agriculture pests and diseases.

“Whilst many Australians are aware of the work carried out by detector dogs at airports, the dedication and extraordinary work carried out by many individuals and organisations is often less known”, AQIS Executive Director Stephen Hunter said.

“The centenary is a unique opportunity to acknowledge the work and commitment of the thousands of staff who inspect and clear millions of passenger items, ships, mail items, cargo containers, plants and animals and live imports and exports each year. Their integrity and professionalism helps protect Australia’s multi-billion-dollar industries and our natural flora and fauna.”

The coin design features a luggage bag shaped as Australia, with stickers identifying the key hazards and protection issues. Also featured is a Beagle detector dog on duty. Beagles are selected as AQIS detector dogs because of their friendly nature and their extraordinary sense of smell, which is said to be at least 100 times more acute than humans. Whilst Beagles are commonly selected, other breeds such as Labradors, Border Collies, Pointers and Terriers have also been found suitable as detector dogs.

To purchase the 2008 Centenary of Australian Quarantine $1 coin, please visit www.ramint.gov.au, call 1300 652 020 or visit the Royal Australian Mint’s premises in Deakin, ACT. Selected Australia Post outlets may also have stock available.

Saturday, May 03, 2008

Mint Moves Forward on Ultra-High Relief Gold

Secretary of the Treasury Henry Paulson has authorized the United States Mint to issue a one-ounce ultra-high relief 24-karat gold coin, creating a 2009 version of what many have called the most beautiful gold piece ever made: the 1907 Augustus Saint-Gaudens $20 Double Eagle. The mintage of the new coin will be unlimited for one year. Among the production specifications approved by Secretary Paulson are the new coin's business-strike finish and a diameter of 27 millimeters.

Only 2009-dated coins will be minted. The coins will go on sale in early 2009, although sales may continue into 2010 if inventory exists.

United States Mint Director Ed Moy announced at a meeting of the Citizens Coinage Advisory Committee (CCAC) on March 13, 2008, that the agency planned to recreate the Saint-Gaudens 1907 ultra-high relief $20 gold piece commonly referred to as the "Double Eagle." The initial proposal by the United States Mint to develop this 24-karat gold coin had also been authorized by Secretary Paulson.

Through advancements in technology, the United States Mint can today produce the ultra-high relief coin envisioned by Augustus Saint-Gaudens in the early 20th century. A 27-millimeter diameter gold blank, more than 50% thicker than other United States Mint one-ounce 24-karat gold coins, will be used, because of its historical significance and the opportunity it provides to achieve the greater depth and relief to which Saint-Gaudens had aspired.

In most respects, the new legal tender gold coin will authentically reproduce the ultra-high relief gold piece. The obverse design (heads side) will be based on the obverse of the original Saint-Gaudens design executed in 1907. The reverse (tails side) also will be based on those pieces and will include 14 sun rays. The edge of the coin will feature the same raised edge-lettering as the 1907 pieces. The edge-lettering features the inscription "E Pluribus Unum" with stars serving as delimiters between the letters.

As approved by Secretary Paulson, the new coin will have several modern elements. The obverse of the new coin will feature 50 stars, instead of the original 46 stars on the obverse (heads side), which represented the 46 states in the Union in 1907. The CCAC recommended that the obverse design be modified in this manner to honor all 50 states in the Union today. Also, responding to the recommendation of the Commission of Fine Arts, the United States Mint will inscribe the Roman numerals "MMIX" (2009) in a style similar to the original Saint-Gaudens design. Additionally, the inscription "In God We Trust" will appear on the reverse design of the new coin because current law requires placement of this inscription on all U.S. coinage.

The new coin is authorized under 31 U.S.C. § 5112(i)(4)(C), which allows the Secretary of the Treasury to prescribe program procedures and specifications for minting and issuing new gold coins. This provision also gives the Secretary the discretion to select each such coin's designs, varieties, quantities, denomination, and inscriptions.

The United States Mint will continue to mint and issue the 24-karat American Buffalo Gold Bullion and Proof Coins, the 24-karat First Spouse Gold Proof and Uncirculated Coins, and the 22-karat (91.67% fineness) American Eagle Gold Bullion, Proof and Uncirculated Coins.

1907 Ultra-High Relief Gold Coin Designs
In 1907 Augustus Saint-Gaudens sculpted what many have called the most beautiful piece ever created by the United States. There were four versions of the Saint-Gaudens $20 gold piece created in 1907. The first was a 34-millimeter diameter coin in ultra-high relief, with the date in Roman numerals. Approximately 20 of these coins were produced before it was determined that the minting process was too arduous for mass production. Most of the 20 coins are in private hands.

A second version with similar design elements and ultra-high relief was minted on a 27-millimeter diameter blank that had about twice the thickness of a $10 gold piece. However, the United States Mint realized that there was no authority to issue coins using those specifications. Of these gold pieces, there are two still known to exist, and they are housed at the Smithsonian Institution.
The third version returned to the 34-millimeter diameter. The design remained similar, but was executed in high relief, rather than ultra-high relief. Approximately 12,000 of these coins were minted and issued. The fourth and final version, which was minted at the end of 1907, lowered the relief even more, and replaced the Roman numerals with Arabic numerals. These coins were minted in mass quantities for circulation.

Contact: Press inquiries: Michael White (202) 354-7222
Customer Service information: (800) USA MINT (872-6468)

Thursday, May 01, 2008

2008 American Eagle Platinum Proof Coins

By CoinNews.net


The United States Mint has set the release date and prices for the 2008 series of American Eagle Platinum Proof coins. The collector proof coins are currently scheduled to go on sale Monday, May 5.

The limited mintage coins will be available in four sizes with the following weights: One-ounce, one-half ounce, one-quarter ounce, one-tenth ounce. There is also a four-coin set containing one coin in each denomination. The one ounce proof coin is priced at $2,299.95.

The Foundation of American Democracy designs 2006 began a new platinum three-year coin series entitled “The Foundation of American Democracy,” which celebrates the Executive Branch with a new reverse or tails design every year.

The “Legislative Muse” design was featured in 2006. According the the U.S. Mint:
The “Legislative Muse,” designed by United States Mint Artistic Infusion Program Master Designer Joel Iskowitz of Woodstock, NY, is inspired by, and based upon, the marble statue entitled “The Car of History” by Carlo Franzoni.

The figure of Clio, the Muse of History, combined with studio drawings from life, attempts to reincarnate this allegorical figure into the Muse, or Scribe, of the Legislative Branch of government. The composition includes eagles perched atop Corinthian columns, representing the chambers of the Senate and the House of Representatives. United States Mint Sculptor-Engraver Don Everhart executed the design.

The “Portrait of Liberty” was the design of choice in 2007.
Designed by United States Mint Artistic Infusion Master Designer Thomas Cleveland and engraved by United States Mint Sculptor-Engraver Phebe Hemphill, the reverse design depicts a bald eagle with its wings spread wide to represent freedom with a shield at the ready to enforce the laws that guarantee those freedoms.

When the U.S. Mint officially announces the 2008 design in their upcoming press release, details will be here.

The obverse or heads side features Lady Liberty, symbolizing vigilance and faithfulness to duty. It was designed and engraved by United States Mint Sculptor-Engraver John Mercanti.
The coins bear the “W” mint mark indicated they were minted at the United States Mint facility located in West Point.

2008 American Eagle Platinum proof prices and ordering The following table lists the coin prices by denomination:
Coin Denomination Price
One-ounce $2,299.95
One-half ounce $1,174.95
One-quarter ounce $609.95
One-tenth ounce $269.95
Four-coin set $4,119.95


The United States Mint will accept orders for American Eagle Platinum proof coins at 12:00 noon (ET) on May 5, 2008 and online through their secure page.

American Eagles Orders may also be placed via the Mint’s toll-free number, 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers may order by calling 1-888-321-MINT (6468).