Track your collections with Tellico

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By Shashank Sharma

Is there anyone who doesn't collect something? I, for instance, have a sizable collection of books. Remembering who gave me which ones, and keeping track of ones I've currently lent to friends, is a nightmarish chore. Happily, the Tellico collection manager can catalog all sorts of collections, including books, movies, games, cards, coins, comic books, and even wine.
To install this KDE application, Ubuntu and Fedora users can respectively use the sudo apt-get install tellico and su -c "yum install tellico" commands. Once installed, Tellico is listed in the Office menu.
The main Tellico window is split into two parts. On the left is a list of all items in a particular collection. Clicking on one of the items brings up its details in the bottom-right panel of the window.
To begin using Tellico, click File -> New and select your type of collection. You can then begin adding entries to the collection by clicking Collection -> New Entry. This will open the Edit Entry dialog box with text fields relevant to the collection you've chosen. For instance, if you choose coin collection, the fields would be country, denomination, and so on.
If you're in the habit of collecting esoteric items, be it Mother's Day cards or action figures, you can create your custom collection by clicking File -> New -> New Custom Collection. By default, Tellico will name all custom collections as My Collection. To specify a name to your collection, click Collection -> Rename Collection and type in the new name. Since Tellico knows nothing about your custom collection, it can't predict the fields of data you might wish to input. Click Collection -> Collection Fields to add new fields to your custom collection.
Adding entriesI was pleasantly surprised to find that when adding a new book entry, the Add Entry dialog box had several tabs to fill in details about the book, such as its title and sub-title, publisher, the date of purchase, comments, price, rating, genre, and condition. Tellico even gave me the option to enter the cover image and whether I had lent it to someone. All it was lacking was a field to enter the name of the person who had borrowed it from me.
If you find the default fields for your collection lacking in any fashion, click Collection -> Collection Fields to make the necessary changes. From here, you can add, remove, or modify existing fields. If you've created a custom collection, you must add collection fields to it from here.
The Collection Fields dialog box is divided into two panes. All fields are listed on the left pane. When you click on a field, its properties are displayed in the right pane of the dialog box. You can constrain a field's contents; for instance, you can allow a field to accept only numerical values by selecting Number from the Type drop-down list. You can't however make Tellico force users to input expected values, so you can't configure Tellico to accept only nine digits in a number field or eight letters in a text field. To add a new field, click New and in the Title enter the label you want to be displayed with the field. For my book collection, I entered "Lent to." Next, select Personal in the category drop-down list and click Ok.
While this is a way to add a field to your collection information, you don't actually have to do this to be able to add the name of the borrower, because Tellico offers extensive options for loaning items. Right-click an entry in your collection and click Check out. This opens up the Loan dialog box, where you can enter the name of the borrower, the loan date, and the due date.
When cataloging books or movies, Tellico offers an Internet search feature to make the task almost effortless. To catalog all your Harry Potter books, click Edit -> Internet Search and type Harry Potter in the search field. Select Amazon from the Search source drop-down list and click Search. Tellico will soon present its search results. Click on a search result and then click the Add Entry button to automatically add the book to your collection. Adding a book this way automatically fills in the ISBN, publisher, author, and all other information available at the book's Amazon page.
Tellico is smart enough to search depending on your kind of collection. If you search Amazon for Harry Potter when creating a movie collection, the results would be about the movies, and the books wouldn't even get listed.
By default, Tellico is configured to search within the Internet Movie Database, Amazon (US), Library of Congress (US), ISBNdb, Yahoo! Audio Search, and AnimeNfo.com. To add more data sources, click Settings -> Configure Tellico and click the Data Sources button at the bottom of the left pane of the new dialog window. You can click Download for a list of available sources. When you've found one that suits you, click Install and then Apply.
You can also extend Tellico's data sources by using plugins and scripts to search other information sources. For instance, to enable the Dark Horse Comics source, click New and choose Dark Horse Comics in source type. The Dark Horse Comics resource requires Python to be installed on your system since it runs a Python script stored in /usr/share/apps/tellico/data-sources. When you click OK, Dark Horse Comics would be added to the data sources, and when you next use the Internet search feature when creating your comic book collection, you'd be able to search the Dark Horse Comics Web site. For a list of all preset servers, click New and then click the Use preset server check box.
When you save your collection, Tellico saves it with a .tc extension. You can export the collection as an HTML or XML file by selecting the relevant option from the File -> Export menu.
VerdictMost of the collection managers I've come across are highly specialized for one particular collection. Tellico stand out because it can be used to record various types of collections. With the varied collection fields for each of the collections it supports, it ensures each item is carefully cataloged. To top it all of, its Internet search feature makes adding new entries a breeze and gives Tellico a distinct edge over other similar tools.

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Columbia arrests US dollar forgers

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The Colombian police have arrested four suspected US dollar counterfeiters, confiscating four million dollars of fake greenbacks. The suspects, who were also sought by the US, were arrested in Buga and Manizalez, western Colombia, in a joint Columbia-US operation, said Judicial Police deputy chief, Nicolas Munoz.

Munoz called the case 'very important' as the suspects had been on the US most wanted list for six years.

He said that the suspects had been allegedly smuggling fake dollars into the US since 2002.

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Building Better Money

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By Elizabeth Svoboda

Drug lords, millionaire wannabes and the North Korean government have perfected methods for knocking off our most valuable greenback. Now the scientists in charge of making the real dough are fighting back with an unfakeable (for now) $100 bill Every single American bank note is printed at Bureau of Engraving and Printing facilities, with ink and on paper each made, separately, in only one factory in the world. And yet at any given time, there is at least $70 million worth of fake U.S. currency floating around, 75 percent of which is in $100 bills. In large part because of the advent of inexpensive scanners and printers, more and more fake bills are entering circulation: From 1997 to 2007, the amount of passed counterfeit bills nearly doubled, to $64.9 million. Professional fakers are making bills that are more convincing than ever.Blame the digital revolution. "In the early 1990s, only 1 percent of all counterfeit currency was created with high-quality printers, scanners and copiers," says Michael Merritt, a deputy assistant director for the Secret Service, which is charged with policing counterfeit currency. "Now it's 56 percent." One notable offender is Art Williams, Jr., who has been arrested twice in the past decade—and has seven years left on his October 2007 sentence—for printing roughly $10 million in ersatz American currency using a scanner and a high-end printer.The Secret Service estimates that 75 percent of the $564 billion in U.S. $100 bills are circulating overseas. Because of its high profile and constant, known value, the American hundred has become, in many unstable economies, the de facto currency. But tracking down fakes all over the world is too difficult for one agency. And there are far more sinister counterfeiters and opportunists than millionaire wannabes like Williams. For at least the past two decades, North Korea has been using the same sophisticated money-printing processes as the U.S. to create a "superdollar"—a bill that matches nearly every one of its security features—in order to simultaneously fatten that country's coffers and devalue the American dollar. (According to the Secret Service, $5.3 million in supernotes were passed in 2005, all as $100 bills.) So although most of the American financial brain trust is logging extensive server hours to digitize your dough, the BEP is working to protect the hard copies with a combination of tried-and-true tricks and the latest in anti-counterfeiting tech. Once the new bill hits ATMs in the next few years, even the most tech-savvy counterfeiters will be forced to start from square one.

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PCGS Reinforces Rules for Suspected Doctored Coins

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Professional Coin Grading Service (PCGS) is advising its authorized dealers of the existing terms and policies regarding submission of so-called “doctored” coins, and is reinforcing the application of those policies.
“We’re seeing more and more coin doctoring than we’ve ever seen, and the methods used to alter the coins are more and more sophisticated,” said Ron Guth, President of PCGS, a division of Collectors Universe, Inc. (NASDAQ: CLCT).
“We are constantly trying to keep up with new and sophisticated techniques, such as micro surgery with lasers and various chemical treatments to alter the surfaces of coins. You name it, and the coin doctors are trying it. We’re giving public notice to those who alter coins that we’re clamping down on them.”
Guth said PCGS graders are frequently updated on what to watch for when analyzing coins submitted for certification. He compares the continuing education to combat coin doctoring and counterfeiting to anti-virus software makers who are on constant vigil against computer hackers and new viruses.
In addition to close examination and scrutiny by PCGS graders, coins suspected of tampering in violation of Title 18 of the U.S. Code, Section 331, may be submitted by PCGS to the Federal Bureau of Investigation (FBI) for review to determine if U.S. law has been violated. PCGS will cooperate fully if the FBI believes there is sufficient information to warrant an investigation.
“We are fighting the coin doctors who are trying to take advantage of the marketplace, deceive the public and perhaps pursue our money back guarantee.”
PCGS is reminding dealers of the specific language of their Authorized Dealer Agreement regarding impaired or altered coins. The contract states in part:
Dealer shall not “doctor” coins or knowingly submit to PCGS coins which have been “doctored”. Coin “doctoring” involves the alteration of the appearance of a coin to attempt to increase its value, and may involve, among other things, adding substances to coins (such as, among other things, putty, wax, facial oils, petroleum jelly or varnish); treating coins with chemicals (such as, among other things, potash, sulfur, cyanide, iodine or bleach); heat treating coins in any way to alter their appearance; re-matting (“skinning”) proof gold; “tapping” and “spooning” ( i.e., physically moving surface metal to hide marks); filing rim nicks; or repairing coins (re-tooling metal).
Dealer and PCGS agree that PCGS would suffer irreparable damages if Dealer were to engage in coin “doctoring” and that PCGS shall be entitled to not only compensatory damage but also preliminary and final injunctive relief for any breach of Dealer’s obligation not to “doctor” coins or knowingly to submit “doctored” coins to PCGS. Dealer agrees that in the event PCGS incurs any attorney fees and/or cost and expenses as a result of said “doctoring,” including but not limited to investigating claims of alleged “doctoring,” and engaging in legal proceedings with Dealer or any third party relating to same, PCGS shall be entitled to reimbursement of such fees and costs from Dealer.
“PCGS Authorized Dealers are encouraged to review and understand the dealer agreement and to understand the scope and application of Title 18 of the U.S. Code, Section 331,” said Guth.
Title 18, Section 331, involves the mutilation, diminution and falsification of coins, and states:
Whoever fraudulently alters, defaces, mutilates, impairs, diminishes, falsifies, scales, or lightens any of the coins coined at the mints of the United States, or any foreign coins which are by law made current or are in actual use or circulation as money within the United States; or
Whoever fraudulently possesses, passes, utters, publishes, or sells, or attempts to pass, utter, publish, or sell, or brings into the United States any such coin, knowing the same to be altered, defaced, mutilated, impaired, diminished falsified, scaled, or lightened;
Shall be fined under this title or imprisoned not more than five years, or both.
For additional information about PCGS, visit online at PCGS.com, or by e-mail at info@PCGS.com.

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What Determines a Coin's Value

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When Coin Collecting many collectors have come across a particular coin from time to time and wondered whether they had something of great value in their possession. This feature describes the main factors influencing a coin's value and provides some guidance in obtaining an estimate of such value. Remember, however, that the mere fact that a coin does not have significant monetary value does not mean that it is not interesting or that it should not form part of your collection.
Please Note: There are at least three values of a coin, the Price the owner thinks his coin is worth, the Price the Red Book or a Pricing Guide lists it at and then most important, the Actual Price that you can sell it for to a dealer, buyer, on eBay or at auction.
Factors Influencing Value
The value of a particular coin is influenced or determined primarily by the following four factors:
Scarcity or rarity is a major determinant of value. As a general matter, the rarer a coin the more it is worth. Note that rarity has little to do with the age of a coin. Many one thousand year old Chinese coins often sell for no more than a few dollars because there are a lot of them around, whereas a 1913 Liberty Head Nickel may sell for over $1,000,000 because there are only five known specimens in existence.
The condition or grade of the coin will influence its value. The better the condition a coin is in, the higher will be its assigned grade and the more it will be worth. An uncirculated coin that is in flawless mint state might be worth hundreds times more than the same coin in good condition but which has been circulated.
Many coins have a bullion value determined by the value of the precious metals it contains. A gold, silver or platinum coin does not generally sell for much less than its melt value.
The demand for the particular coin, or how many collectors want it, will also greatly influence coin values. Some coins that are relatively plentiful may command higher prices than scarcer coins because the former are more popular with collectors. For example, there are over 400,000 1916 D dimes in existence as compared to only about 30,000 1798 dimes. However, even though the 1798 dime is much rarer than its 1916D counterpart, the 1916D coin sells for significantly more. This is because many more people collect early 20th century mercury dimes than dimes from the 1700's.
Determining a Coin's Approximate Value
Accurately and properly identify the coin. You can obtain guidance on how to do this by using this site's How to Identify a Coin page
Grade the coin based on your careful observation of its condition. This can be done by referring to this site's Determining the Grade of a Coin page.
Look the coin up in a coin catalog to find listed retail selling prices or estimated retail values for your coin. For United States coins, use A Guide Book of United States Coins by R.S. Yeoman, commonly called "The Red Book" by collectors and dealers. It provides retail prices for United States coins. It is available in many public libraries and in major bookstores and coin shops. For World coins, the most widely used guide is a series of volumes called The Standard Catalog of World Coins by Krause and Mishler. These volumes are also available in many public libraries.
For more current prices, based on what dealers are actually selling the particular coin for, you should check coin newspapers and magazines or auction sites such as eBay, Yahoo, Amazon, Coin World or Teletrade. These sites provide price guides for many United States coins and some World coins.

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The Origins, History and Centralization of US Notes and Coins

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When you’re pulling out a few bills or loose change to pay for something, it just happens. There’s little if any consideration to how the US monetary system came to be or how it works. It just happens.
Numismatists will typically have a better grasp of information, but it’s easier to get caught into the history and dynamics of certain coins or banknotes and not take the time to study the origins of all US money, its centralized structure and why it was needed and created.

While numismatic related video content is scarce, there are several that are informational, engaging and entertaining. The History Channel has more than one. In particular, their free online video detailing the history and centralization of US money is worth watching.
The History Channel video, ‘Modern Marvels: Centralization of Money’
Like virtually all History Channel presentations, if you’re even slightly curious about a certain topic, they’re superb at relaying key information in an informative and entertaining way.
While a viewer at times could wish for more in depth coverage within a certain area, their videos relay in minutes what others fail to do in hours. They also offer interesting excerpts from numismatists and current and past US Mint and Bureau of Engraving and Printing officials.
The History Channel 7 minute and 7 second video, Modern Marvels: Centralization of Money, offers an excellent overview covering:
A chaotic monetary system that was inherited by Thomas Jefferson, as Secretary of State
How no unified form of currency existed in the early days. As an example, paper currency was controlled by the private sector.
How confusion was common with 1600 banks issuing over 7,000 different banknote varieties
The prolific use of currency from other countries creating further havoc with the differing exchange rates
Jefferson and Alexander Hamilton, Secretary of Treasury, understanding the need for reform and centralization
How the first gold rush in 1820’s complicated matters more - miners had no way to convert gold dust to coins
How the first "coin mint" was built by a gunsmith, making coins from gold
In 1838, the US government opened official mint branches in North Carolina, Georgia, Louisiana
The California Gold Rush in 1849 resulted in private mints creating coins.
Five years later (1854) the US government opened the San Francisco Mint
In the late 1850’s, the Nevada Comstock Lode triggered the Carson City Mint
The Pike’s Peak gold rush brought about the Denver Mint in Colorado
An overview of the 12 Federal Reserve Districts and distributing money


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Gold Breaks $900 Again, Platinum Surges to Record High

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By CoinNews.net

Gold broke the $900 per ounce plane once again and platinum peaked to a new historic record today. Gold had tumbled for a time this week but the Federal Reserve’s unexpected slashing of interest rates Tuesday helped change the momentum.
Spot gold hit an earlier high of $910.50 an ounce and was at $907 by 1:56 p.m. EST for a rise of $22.20 over yesterday. At the same time, spot platinum was at $1606 per ounce and up $56 compared to yesterday.
The rate change has been a catalyst, spurring climbs. The potential prospect of further interest cuts make gold and platinum more attractive, but precious metals were also helped along by the recovery of U.S. stocks and rising crude-oil prices.
Should rates drop again, the US dollar would weaken, making gold and platinum cheaper for non-U.S. investors. Regardless, many expect gold to remain bullish for the mid term. According to a Reuters global poll:
"50 traders and analysts forecast average gold prices surging more than 20 percent this year and gold retaining most gains in 2009 as dollar weakness, market turmoil and inflation fears stoke investor interest."
Tuesday’s federal funds rate drop of 75 basis points, from 4.25 percent to 3.5 percent, was the largest on record since 1990. It was also the first time rates had been changed between Fed meetings since the terrorist attacks in 2001.
Yet, some analysts expect another rate reduction at next week’s Fed policy meeting. At the same time, others are lowering their odds of any large cut.

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Which Mint Sets Make the Best Investments

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Susan Headley

The U.S. Mint offers a bewildering variety of coin sets each year, ranging from the old stand-by's such as Proof sets and Uncirculated (year) sets, to the special commemorative sets and coins that have limited mintages. Learn which ones typically skyrocket in value right away, and which ones are usually the duds.A. The answer, in a nutshell, is the limited mintage sets that have a unique coin in them that cannot be gotten in any other way are the sets that make the smartest buys. For example, the Twentieth Anniversary Silver Eagle 3-Coin Set that came out in late 2006 had a coin that could only be acquired as part of the set - the Reverse Proof Silver Eagle. This set had a mintage of 250,000 maximum sets, and the Reverse Proof immediately doubled the set's value. As of January 2008, the set sells for around $400 in PR-68 (a low-end grade for the set.) The issue price was only $100.
A recent example of a not-so-great Mint set is the 3-coin Bald Eagle Set. This set consists of the three Bald Eagle coins (gold, silver, and clad) that can be purchased individually anyway, so the set is unlikely to have a strong aftermarket value.
After all, we don't buy U.S. Mint sets for the fine packaging, we buy it for the coins! And in the case of the Bald Eagle, (like most U.S. Mint sets,) you pay a premium for that nice packaging! The total cost to buy all three coins separately at pre-release prices is $344.85. The 3-coin set costs $369.95. Therefore, you're paying an extra $25.10 for the nice box and a slick brochure (if the set even has one!)
In my opinion, one of the most overlooked set values in recent U.S. Mint history is the fabulous Botanic Gardens set. The set contains a 1997 Satin Finish Jefferson Nickel with the P Mint mark which could not be acquired in any other way. The mintage for the Botanic Gardens set was 25,000, so this very rare, key Jefferson Nickel made the Botanic Gardens set a real winner. At the time of this writing, you can still buy these sets on the aftermarket for below $200!
So, the next time you're thinking about buying a U.S. Mint set, evaluate the offering and ask yourself: Does the set offer a coin that cannot be acquired in any other way?
Can you buy the coins in the set separately for a lower cost?
Is the entire set package, including brochures, gilt box, and other trappings worth the extra cost of the set? Remember that you're buying coins here, not Mint packaging. Keep this fact in mind and you'll hardly ever go wrong when choosing which special sets to buy!

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The sound of a bad penny

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Acoustic method could quickly catch counterfeit coins.

Daniel Cressey

Now hear this: the jingle of a good coin is different from a fake.GETTYYou might assume that counterfeiters only bother with high-value bank notes, but there is a chance that some of the coins jangling around in your pocket right now are fake. If Mototsugu Suzuki gets his way, it may be that jangling that gives them away.
Suzuki, a researcher at the Tokyo Metropolitan Police Department’s Criminal Investigation Laboratory in Japan, has developed a way of examining coins based on the sound they make.
The traditional method of spotting a fake coin is to look at it — very closely. While this requires equipment no more specialist than a reasonable microscope, says Suzuki, it is time consuming and can cause "a lot of trouble" if the coins are heavily worn or when a large number of counterfeit coins are in the system.
This isn't just a theoretical problem. In Japan, so many counterfeit 500-yen coins (worth just under US$5 each) were found in cash dispensers in 2005 that the coin was temporarily removed from use.
In a paper in Forensic Science International 1, Suzuki proposes a quick and easy way of sorting the fakes from the genuine article.
The penny dropsIn Suzuki’s method, coins slide down a slope and then fall onto a brass block. The sound they make on impact is relayed via a microphone to a computer.
Although the human ear cannot usually tell the difference between real and fake, a computer can. Genuine 500-yen coins showed four distinctive peaks of natural resonance frequencies in the 5-20 kilohertz range. This was not the case for fakes; some fakes produced only three peaks, while others showed four but at different frequencies to genuine coins.
In addition to helping detect counterfeits, the sound data could be used to build up a database of fake coins, suggests Suzuki. This might help law enforcement officers to prove how many coins one counterfeit operation is responsible for.
Ka'chingRobert Matthews, who previously worked for the United Kingdom’s Royal Mint and now runs his own coin-authentication business, says that there is a long history of using sound to check coins — but only by ear. Experts at mints could often spot the 'ring' of badly cast coins when they dropped onto surfaces, he says. Poor-quality lead fakes could easily be detected from their dull 'thunk'.



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A few collectible 'predictions' for 2008

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I'm not sure what the new year has in store. Who does? OK, there are some who religiously adhere to soothsayers such as Nostradamus. I don't. His predictions tend to lean toward the bleak with prophesies of plagues, eruptions and Armageddon. Plus, Nostradamus's writings are so cryptic that any of them could be interpreted to mean either the onset of the war in Iraq or the making of the film "I Now Pronounce You Chuck and Larry" - whichever disaster you consider worse.
For now, let's stick to what's probable for 2008. For instance, we know by the end of the year, we'll have chosen a new president. All the current candidates espouse is that it's now time for change. That's a given. Over the next 12 months, some of our change will change - with the issuance of four new presidential golden dollars. Issued in 2008 will be dollar coins featuring William Henry Harrison, John Tyler, James K. Polk and Zachary Taylor.
Initially, 2008 was slated to be the 10th and final year for the immensely popular 50 State Quarters series. This year, rounding out the original 50 state quarters will be coins saluting Oklahoma, New Mexico, Arizona, Alaska and Hawaii. But, wait. There's been another change.
A few years back, some folks in the District of Columbia got bent out of shape that a quarter for Washington, D.C., wasn't on the docket. Plans are now to extend the series another year to include the District of Columbia as well as the U.S. Virgin Islands, Puerto Rico and other U.S. territories. So, collectors of the most popular coin series in history will have even more to look forward to in 2009. I'd wager even Nostradamus didn't see that coming.
Getting in on the popularity of the 50-states theme is the U.S. Postal Service. A new series of stamps will debut this year with the introduction of the "Flags of Our Nation" issue.
Scheduled to be printed and released over three years, the stamps will feature the 50 state flags along with a scene representative of the region. The Postal Service is avoiding the controversy of the state quarters by planning to include five territorial flags as well as the District of Columbia flag. Each year, 20 stamps will be issued, with 60 stamps released in total, including several appearances of the Stars and Stripes.
An even greater variety of notable stamp designs and subjects that will adorn our mail in 2008 include The Chinese Lunar "Year of The Rat," two sheets honoring American scientists and journalists, "Ol' Blue Eyes" Frank Sinatra, screen legend Bette Davis, vintage black cinema, the 2008 Olympic Games, artist Albert Bierstadt, Latin jazz and many more.
Finally, what are the predictions for the economy - specifically on Wall Street? The first trading day of the year wasn't promising, with the market dropping more than 100 points. Yet, there may be another economic indicator worth noting.
A few weeks ago, just in time for Christmas, Heritage Auction Galleries of Dallas brokered a transaction between two individuals in which one of the treasured "Inverted Jenny" 24-cent airmail stamps of 1918 traded hands. The stamp has a catalog value of $400,000. It's worth more than doubles if the gum on the reverse is undisturbed.
The brokered price for the stamp in December was a whopping $850,000 - not the most ever paid for a U.S. stamp but still a remarkable amount of money for a small sliver of paper. But, here's the catch. While the purchaser's name was not released, it was disclosed that the anonymous buyer is a Wall Street executive.
So, what does that say about the upcoming year in stocks vs. other investments? Probably nothing. I do, however, predict it will be a very interesting year for collectors.
Peter Rexford can be reached at P.O. Box 50377, St. Louis, MO 63124.



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Collect Rare Coins if Looking for a Profit

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Free Coin Guide

By J. Esposito
I would like to address the letter from Richard Allain, which appeared in the Dec. 18, 2007 issue of Numismatic News. While I agree with the heading for Mr. Allain's letter (i.e. "Coin grading way for companies to profit"), I also think that he may be partially missing the point.
No doubt coin grading is a cash cow for NGC, PCGS, etc. This is especially true now that a "fourth party" has decided to grade the third party graders. If the third party graders are doing their jobs, there is no need for an additional middleman. After all, how long will it be before we have a grader of the grader of the graders? That being said, the major grading services do provide a level of protection for the collector when they do their jobs well.
The real crux of Mr. Allain's letter, however, seems to be anger at being offered melt value for graded coins. His talk of MS-70 and PF-70 leads me to believe that he is talking about modern Mint products. If that is indeed the case, I can understand the reluctance of dealers to offer high prices.
Think a little about the dynamics of the "rare" coin market. Take for example the extremely popular Saint-Gaudens series of Double Eagles. This series has extreme rarities that are valued at millions of dollars. The series also has dates where literally tens of thousands of coins certify to high grades. Having looked at population statistics in an effort to understand how the market works, I have come up with a rule of thumb. If at a particular grade of Saint-Gaudens 2,000 or more coins are certified to that grade or higher, that date in that grade is likely to behave as a bullion coin with a small numismatic premium; it will go up and down with the price of gold - melt value plus a small premium. Note that this rule only applies to Saint-Gaudens $20, but I am sure that similar rules could be developed for other readily available coins (e.g. 1938-D Buffalo nickel).
Consider now a modern, limited-edition collector coin like the First Spouse gold coins. Even if you are lucky enough to purchase one of these coins directly from the Mint, there are still 39,999 other coins that would grade MS-69, PF-69, MS-70, or PF-70. In other words, your coin is 20 times less rare than a common date Saint-Gaudens $20, which does not trade for much more than melt. Dealers know that after the first burst of enthusiasm, people will likely lose interest in the First Spouse coins and the coins likely will fall to values approximating their value in gold. This is not to say that in 100 years, when 39,000 or so of these coins have met their fates, that these will not be rare coins. Just don't hold your breath waiting for it to happen.
As an example of my premise, I quickly checked a major auction site for a cheap Saint-Gaudens Double Eagle. I found a 1915 with the following statistics: PCGS at MS-62, 468; PCGS above MS-62, 804; NGC at MS-62, 599; NGC above MS-62, 585. Adding all the coins at MS-62 or greater at the two major grading services, one finds a grand total of 2,456 certified coins available. The buy-it-now price for this 93-year-old coin is $1,063.75, or approximately $200 over melt after nearly a 100-year wait.
Thus, if you want to gain some value from what the grading services provide, use them to verify that you have an authentic scarce or rare coin. Those are the only coins to own, if long-term profit is your motive. Modern coins are only good for flipping on e-Bay.


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Over $2 Million Worth of Coins Taken in Burglary, Reward Offered

Coins

A SIMCO Numismatics customer was burglarized for over $2,000,000 in coins and other personal property several days before Christmas. The Central Ohio owner used a large in-house safe, but it was brazenly taken from the home intact.
The owner, who would like to remain anonymous, is offering a substantial reward for information or assistance in recovering the property.
A list of several rare coins taken in the burglary and the SIMCO Numismatics contact to report information
While cash, jewelry and other valuables were stolen, a few of the more valuable and rare coins include:
1893-S $1 PCGS MS65 4501683
1884 Trade $1 PCGS PR50 5651088
1895 $1 PCGS PR67 1376127
1895-O $1 PCGS MS64 05700144
1895-O $1 PCGS MS62 4981148
1895-O $1 PCGS MS61 9790601
1884-S $1 NGC MS63 Eliasberg
1884-S $1 NGC MS62 275845-001
1892-S $1 NGC MS62 693511-001
1889-CC $1 NGC MS64DPL 650354-010
1889-CC $1 NGC MS62 348996-002
1886-O $1 NGC MS63DPL 688352-047
1903-S $1 PCGS MS66 8453503
1918/17-D 5c PCGS MS62 6582846
1795 $1 NGC AU58 Carter 56297-001

For a complete listing or if you have information that can help in recovering the coin and other personal property, you can contact:
Larry ShepherdSIMCO NumismaticsP.O. Box 54867Cincinnati, OH 45254513-702-4466 Cell859-635-6226 Officemailto:Officesimco@fuse.net

Free Coin Guide

TONED COINS

Coins

A. HOW DO COINS GET TONED.
Knowledge of coin toning is not only useful to know but can be a costly factor in determining the value of a coin. Many people like only "white" coins which more closely resemble the "original" or "virgin" color of a coin seen at the stage of it's minting. We use the term white for all the coins included in the silver category.. including the early type coins of the U.S. and fractional coinage from European nations and third world countries. Other colors of major concern are copper, nickel, and gold. But what do these colors or toning have to do with coins and how to grade them?
Knowledge of these colors and the process that coins get changed from their natural state to other states can be very useful to the collector. To an extent, a coin's value is determined by the attractiveness of it's coloration. Also, certain types of unnatural color might indicate that a coin has been cleaned or otherwise treated.
To gain a good idea of determining the original color and consequently a change in the "natural" color of various metals used in coinage, we should explore the four major metals used in producing U.S. coinage. We'll state what they are and then proceed to discuss the reactive processes that these metals can take and the consequences of those reactive processes.(2)
Copper -
Copper is among the most chemically active of all coinage metals. When a copper coin is first struck, it emerges from the dies with a brilliant pale orange surface.
Once a freshly minted copper coin enters the atmosphere it immediately begins to oxidize. Over a period of years, especially if exposed to actively circulating air or if placed in contact with sulphites, the coin will acquire a glossy brown surface. In between the brilliant glossy brown stages it will be part red and part brown.
An un-circulated coin with full original mint brilliance, usually slightly subdued in coloration, is typically described as Brilliant Un-circulated (our example here is for a typical Un-circulated or MS/60 coin); a Choice piece would be called Choice Brilliant Un-circulated, and so on. One which is part way between the brilliant and brown surface hues would be called Red and Brown Un-circulated. Specimens with brownish surfaces can be called Brown Un-circulated. Particularly valuable coins can have the coloration described in more detail. Generally, in any category of grading, the more explanation given, the more accurate the description.
Early copper coins with full original mint brilliance are more valuable than Red and Brown Un-circulated or Brown Un-circulated pieces. The more original mint brilliance present, the more valuable a coin will be. The same is true of Proofs.
Circulated copper coins are never fully brilliant, but are toned varying shades of brown.
Nickel -
Un-circulated nickel coins when first minted are silver/gray in appearance, not as bright as silver but still with much brilliance. Over a period of time nickel coins tend to tone a hazy gray. Circulated nickel coins have a gray appearance.
Silver -
When first minted, silver coins have a bright silvery-white surface. Over a period of time silver, a chemically active metal, tends to tone deep brow or black. Un-circulated and Proof silver pieces often exhibit very beautiful multi-colored iridescent hues after a few years. The presence of attractive toning often increases a silver coin s value. Advanced collectors will often prefer attractive toned coins. Beginners sometimes think that "brilliant is best". Circulated silver coins will often have a dull gray appearance, sometimes with a deep gray or black area.
Gold -
When first struck, gold coins are a bright yellow-orange color. As gold coins are not pure gold but are alloyed with copper and traces of other substances, they do tend to tone over a period of time. Over a period of decades, a gold coin will normally acquire a deep orange coloration, sometimes with light brown or orange-brow toning "stains" or streaks in certain areas (resulting from improperly mixed copper trace in the alloy). Light toning does not affect the value of a gold coin.
Very old gold coins, particularly those in circulated grades, will sometimes show a red oxidation. Gold coins which have been recovered from treasure wrecks after centuries at the sea bottom will sometimes have a minutely porous surface because of the corrosive action of sea water. Such pieces sell for less than specimens which have not been so affected. Care must be taken to distinguish these from cast copies which often have a similar surface.
Now that we've determined the forces that can change the natural planchets of a coin, we have set the foundation for distinguishing between artificial and naturally toned coins. In our experience, the majority of unnatural toned coins is easily detectable. However, as the reader will further read , the coin doctors are also aware of the information. That's why the interview with one of the so-called "coin doctors" shed even more light on a very complicated subject.
B. Artificial Toning.. .An Interview With a Coin Doctor
There have been many attempts to give a coin the appearance of being in a higher grade than it actually is. Numismatists refer to such treatments as "doctoring". This doctoring can include any different number of processes... .with chemical alteration being the number 1 method of enhancement.
As our reader has now discovered from Part (A), coloration is a powerful tool that put into the right hands, represents a tremendous profit possibility for those people we appropriately refer to as "Coin Doctors". People who doctor coins fall into two different categories.
Category 1 is the chemical and surface alteration of a coin while Category 2 is the mechanical alteration of a coin' s devices. Category 2 will be covered in a separate report and refers to date changes, added or removed mint marks and the physical metal movement in a coin. Category 1, however, will be discussed in this summary because it is such an informative part of the procedures used in "doctoring" coins.
The story of how a coin gets doctored begins with a lie.. It all started with the explanation that a group of coins which had "toned" considerably was from an old timey collection. This collection had apparently been stored in paper holders like 2 x 2's (envelope) or in the old style coin albums. The coins in question exhibited beautiful shades of purple, orange, sea green and light tinges of orange. These were blended in color hues that produced streaks and cameo target designs on several of the coins. As the reader may surmise at this point, the coins in question were all artificially enhanced to produce the most attractive array of color toning. These are the same shades that professional coin dealers recognize as "profit possibilities" even though some retail customers think otherwise. Now, back to the story.
The lie, began by the dealer selling the coins, was not only believable but was further reinforced by the crinkled cellophane with names of major numismatic auction companies and old time collector greats (like B. Maxmehl and others). At this point, money changes hands and the coins locked away for safe keeping. Months later, one of the foremost coin doctors who happens to be visiting the proud new owner of the "toned coins routinely engages to purchase coins from the host dealer. All at once, the doctor spots one of the treated coins. Further discussion between the dealer and the doctor blooms into a full scale conversation about chemically treated coins. Finally, the doctor admits working on some of the actual coins owed by the dealer, At this point, he admits extensive knowledge into the process and begins the education of the dealer. Here are some of his comments:
1) Coins that exhibit spotted toning no matter the colors are most likely artificially produced. These spots are normally mistakes that cannot be erased or diffed off so the doctor leaves them, He normally changes his method at this point to accentuate his error in order to salvage the coin. As one might expect, coins of higher value usually are the focus of such meticulous efforts. Let's go back to the spots. The chemicals used in producing the spots are normally mixed in crucibles and oftentimes heated to give the drying effort and time lapse normally needed. A small Bunsen burner is employed to keep the mixture thinned and homogenous. Q-tips and sometimes swabs or gauze are also part of the painting process. After the coin has been chemically treated, light heat is sometimes applied to give the appearance of age.
2) One of the most difficult colors to duplicate is the "sea green" that many dealers feel is the most sought after "toned effect". If the green is too dark, forget it.. .you probably have an artificial color. In many cases, the mixture of colors will actually change from light green (sea green) to a darker olive color simply from the interaction of oxygen and the cooling effect. At this point, the doctor will normally try to lighten up the unaltered areas of the coin with a light painting of green residue. This process normally fools the observer in thinking that the coin has been in an environmental atmosphere where the residue is perfectly a natural consequence. And because of this thought process, the observer feels confident that the toning is perfectly natural.
3) Target toning is another method you can use to determine of a color is genuine or not. The doctor pointed out for example on a proof Morgan dollar that he had processed how you do this. The dollar in question, he explained, had been a near white Proof 63 (slabbed) that he wanted to resubmit for a possible 64 or shot '65'. However, the coin had some small hairlines between the outer devices and Miss Liberty. The problem therefore was to hide these marks and simultaneously enhance the eye appeal. One of the best methods explained was the "target effect". Here's how it works.. The doctor has 2 problems. First, hide the hairlines. But to do this would involve spot toning or chemical arcing chat could possibly lower the value of the proof Morgan. Also, it could be too obvious that the problem area was also located in the same vicinity. The doctor surmises that the only natural- looking thing to do is give the coin a cameo look by producing a target appearance on the obverse. A target effect is accomplished by painting concentric circles on the outer periphery of the coin and continuing the circles inward, stopping at or near Miss Liberty's face. The toned circles are accented with the white face that is not painted. Colors usually include light blue and a tinge of purple until the toning begins to fade into the white area. As the doctor explained to us, natural coin toning does not happen this way. When you see a target toned coin ... be cautious. The coin should tone somewhat throughout the entire area although in very limited circumstances such an effect could occur naturally.
The coin doctor we interviewed relayed some real stories about the kind of treatments possible in changing a coin from one color to another. The apparent best safeguard that you can take as a coin buyer is to know the dealer you buy from. Also, look for coins that exhibit continuous tone or those that do not hide marks or scratches. Use a good 3-X or l0-X glass to examine the surface of the coin. If, after you purchase the coin you are still apprehensive, send it off to our grading service. Beautifully toned coins nearly always bring more money so it's very important that the surface is natural and environmentally undamaged.

C. Toning is Not a Grading Factor
Unlike popular belief, the toning that might be present on a coin and which might add considerably to the coin's overall eye appeal is not to be considered one of the grading elements. Toning is an enhancing feature that might affect the coin's final price but not it's grade. Coins that are toned are best graded as if they were fully brilliant. Toning, if present is described separately from the grade with such adjectives as "attractive rainbow toning" and so on. We will tell you that all of the grading services, however, do consider toning in their subjective eye appeal although maybe not in the technical point system of the final grade. It's just natural that anyone who sees an attractively toned coin, gives special attention to that eye appealing quality. Attractive, natural toning will enhance the grade if it adds to the eye appeal of the coin.
D. Toning Means Unique Collectibles
Beautifully toned Morgan and Peace dollars are one of the most diverse and collectible areas in numismatics. Indeed, many collectors consider each silver dollar with bright toning to be a unique work of art. While some individuals prefer to include only white coins in their collections, a growing number of numismatists have acquired a fondness for undipped, brightly toned specimens. An exploration of the aesthetic and technical benefits of beautiful toning can help equip collectors with the knowledge to avoid any pitfalls which we may encounter.
Toning may be defined as a thin layer or film which develops on the surface of a coin over an extended period of time. Thin film interference, the phenomenon which causes us to view different colors on a coin s surface, involves the reflection and cancellation of light at different wavelengths. (For an excellent explanation of the chemistry and optics associated with thin film interference, you may wish to consult Pages 43-44 of Wayne Miller's Morgan and Peace Dollar Textbook).
Silver dollars may acquire beautiful toning for any number of reasons. First, if a coin rests against the side of a U.S. Mint bag for many years, the sulfur used as a preservative in the canvas may react with the silver oxide patina on the coin to form bright iridescent toning. The intensity of the colors depends to a large extent upon the humidity of the environment in which the bag was stored, the length of time that the bag remained undisturbed and the exact location of the coin within the bag.
If the Mint bag has remained untouched in a damp basement for many decades, numerous brightly toned coins may emerge from the depths of the bag. Moreover, since a bag of silver dollars weighs more than 60 pounds, we would expect a fair number of brightly toned specimens to form near the bottom, since these coins are in strong contact with the canvas. The important point to remember is that toning develops only if a coin remains in constant contact with the canvas. Therefore, if the coins have been jostled around within the Mint bag (i.e. if the bag has been repeatedly opened or moved), fewer toned coins will result.
Superbly bright red, magenta, emerald green, electric blue and other rainbow hues are the hallmark of Mint bag toning. The coloration may be monochromatic, multicolored or lightly mottled. An arc of rainbow toning forms if a coin rests partially atop another, thus blocking the lower coin from complete contact with the canvas.
One of the most spectacular forms of Mint bag toning shows the intricate textile pattern of the canvas as a multicolored pattern on the surface of a coin, In such cases, a coin has remained absolutely immobile for decades, so the actual weave of the cloth has transferred to the toning scheme on the coin.
Extended enclosure within an original paper roll may also elicit iridescent toning. Since a small amount of sulfur was commonly used to preserve paper, old-time rolls of Morgan dollars may display bright peripheral toning or concentric rings of coloration.
Unlike Mint bag toning, which usually forms on only one side of a coin (since only one side is in contact with the canvas), original roll toning may be present on both the obverse and reverse of the same specimen. Since the paper in an original roll touches only the edge of the coin, the toning tends to develop on the edge and slowly spreads toward the center of both sides, thus allowing for two-side coloration.
Smooth, pastel shades of violet, sky blue, sea-green, lavender and light yellow are produced by long-term storage within original rolls. Seldom are the colors as intense as Mint bag toning, since the surfaces of original roll specimens do not come in direct contact with the paper. However, end roll coins may display bright, irregular toning as a result of the folding paper which covers the end of the roll.
Paper envelopes also act to produce light toning. Many of the beautifully toned coins in famous old-time collections (such as the Garrett and Norweb collections) reposed for generations in paper envelopes. While light golden or russett toning generally forms as a result of this method of storage, other brighter colors may result, depending upon other factors such as humidity, heat and handling the three H's.
Old-time albums constitute the final method of storage which regularly produces toning. The "National" albums issued by Wayte Raymond yield bright blue, gold and red toning, although the colors may be either mottled or smooth. Whitman albums yield similar shades of deep gold, lavender, and red.
There are several distinct benefits of purchasing beautifully toned silver dollars versus their un-toned counterparts. Generally speaking, most nicely toned dollars have never been cleaned, since even the mildest dipping removes a coin s natural coloration. Next, many toned coins boast absolutely fabulous eye appeal; viewing the interplay of bright, natural colors atop intensely lustrous surfaces has often been described as an emotional experience. Indeed, many collectors routinely express genuine emotion when viewing a toned dollar. They say that they "Love the color''!
Because the patination on every toned silver dollar is unique, such coins are extremely collectible - each is different from another.
Finally, because deep toning may de-emphasize hairlines or other surface abrasions, purchasing toned dollars sharpens our grading skills, for we must carefully look beneath the toning to accurately grade the coin.
Although the majority of toned silver dollars on the market have acquired their coloration over a long period of time, the beginning collector must beware of artificially toned coins.
The parameters which determine a coin to be artificially toned remain a topic of hot debate, but for the purpose of the present discussion, we shall define artificial toning as any rapid chemical, electrical or otherwise unorthodox process which produces or induces coloration on one or more surface of a coin. Since storing silver dollars in a Mint bag, an original roll, a paper envelope or an album allows toning to form over a period of many years, such toning must be considered natural.
Artificial toning frequently yields intensely fluorescent purple, blue or red toning. Furthermore, coins which have been literally "baked" display brown or deep gold coloration.
Other artificially toned dollars show a hazy or smoky patina on the surface. Simply smelling your coin is an excellent way to detect spurious coloration, If your coin smells electrical, burned, or generally "cooked", beware! If you have any questions concerning the veracity of a toned coin, consult your local professional numismatist.
Certification of toned silver dollars a third-party grading service remains the best method of weeding out artificially toned coins. Since none of the major grading services will encapsulate specimens with even "questionable" toning, collecting only "slabbed" coins may be your best insurance policy.
Furthermore, certification provides an excellent method of storage, since encapsulation protects coins from mishandling and environmental damage. Since beautiful toning adds tremendous eye-appeal to a coin, several of the grading services occasionally upgrade the most attractive specimens. If nothing else, toned dollars look good and are easily handled in the compact plastic holders.
Attractively toned common-date silver dollars routinely trade for more than their un-toned counterparts. The most spectacularly toned specimens often sell for more than twice the price of their white counterparts. Moreover, toned Morgan dollars remain relatively unaffected by the wildly fluctuating rare coin market.
Since the toning on each of these coins is unique, many toned dollar collectors do not concern themselves with sight-unseen generic price levels. Therefore, one may conclude that toned dollars remain one of the last stable areas in numismatics !
Beautifully toned Morgan dollars offer tremendous collect ability and a genuine degree of uniqueness with each coin. The guarantee of originality which accompanies brightly toned certified dollars will please those who insist upon un-cleaned, problem-free coins. If you possess a taste for the aesthetically beautiful, and if you appreciate the diversity of color which Mother Nature paints on each piece, you will enjoy exploring the world of beautifully toned Morgan dollars.

Free Coin Guide

PCGS Currency Releases Online Paper Money Population Report

Currency


An important new resource for paper money collectors now is available online. The extensive PCGS Currency Population ReportSM, a census database of more than 80,000 notes authenticated and certified by PCGS Currency, is updated daily and is available by subscription to members of the PCGS Currency Collectors Club and PCGS Currency authorized dealers.
“This is the most comprehensive and current listing of its kind. The information is crucial for anyone who is active in today’s currency market,” said Laura A. Kessler, Vice President of PCGS Currency, a division of Collectors Universe, Inc. (NASDAQ: CLCT). “Both buyers and sellers can use this information to make more informed decisions, as the PCGS Currency Population Report will accurately reflect the relative rarity of certified notes in specific grades.”
The population report lists the number of notes submitted to and certified by PCGS Currency at different grades for each series, denomination, Friedberg number and variety. The census currently includes Large Size and Small Size U.S. Currency, National Bank Notes, Fractional Currency, Military Payment Certificates, War of 1812 and Canadian paper money. Continental and Colonial Currency, as well as Obsolete Bank Notes and Confederate Currency, will be added soon.
“Having all this data online and available 24 hours a day literally puts important information at your fingertips. It’s easy to navigate and an important tool for making informed analysis and decisions, whether you’re a collector or dealer,” said Ms. Kessler.“Unlike some other paper money population reports, ours includes varieties, such as mules and light green and dark green seals, and also includes error notes.”
Membership in the PCGS Currency Collectors Club is available online starting at $49.95 per year. All members can submit notes directly to PCGS Currency, receive a free sample note and a copy of the PCGS Currency Grading Standards guide as well as access to information in the new, online population report.

Free Coin Guide

2008 American Bald Eagle Coins

American Bald Eagle

Available 01/15/08
BALD EAGLE RECOVERY ACT of January 14th, 2005
The "American Bald Eagle Recovery and National Emblem Commemorative Coin Act" (H.R. 4116) was been signed into law by President George W. Bush to celebrate and further aid the recovery of the American Bald Eagle. During the final hours of the 108th Congress, the House of Representatives and Senate passed the legislation by unanimous consent right after the Intelligence bill was voted on.

The new law authorizes the U.S. Mint to create and market a gold, silver and clad coin set ($5, $1 and $.50 pieces) in 2008 on the occasion of the 35th Anniversary of the Endangered Species Act (ESA). A surcharge from the sale of each coin sold will be earmarked to create a special American Eagle Fund endowment managed by the not-for-profit American Eagle Foundation. When the coin set sells out, it could raise $10 million for the eagle protection cause.
The final designs for each of the bald eagle commemorative coins.

A $5 gold coin, a $1 silver coin and a half-dollar clad coin all honor the American Bald Eagle in 2008.These three coins are also issued in special commemorate Proof and Uncirculated versions.

The half-dollar or $0.50 clad American Bald Eagle design
The obverse (face) of the half-dollar coin was designed by Donna Weaver with Charles Vickers sculpting. The coin’s reverse was sculpted by Joseph Menna and designed by Susan Gamble.
Mintage limits are set to a total of 750,000 for the proof and uncirculated versions.The price for these Bald Eagle Commemorative Coins are:
Product
Price*
Household Limit/Individual Limit
50c Proof Clad
$9.95
100/NA
50c Uncirculated Clad
$7.95
100/NA

*These are introductory prices that last from 12:00 p.m. (ET) on January 15, 2008 through 5:00 p.m. (ET) on February 14, 2008. After the 14th, each product price will go up by $1.00. ***
These prices include a $3 surcharge for the American Eagle Foundation.
$1 silver American Bald Eagle coin design and mintage limits
The obverse (front) of the $1 silver coin was designed by Joel Iskowitz and sculpted by Don Everhart. The coin’s reverse, sculpted by Jim Licaretz, comes from a replica of the first Great Seal of the United States that was used between 1782 and 1841.
Mintage limits are set to a total of 500,000 for the proof and uncirculated versions.The price for these Bald Eagle Commemorative Coins are:

Product
Price*
Household Limit/Individual Limit
$1 Proof Silver
$39.95
100/NA
$1 Uncirculated Silver
$35.95
100/NA

*These are introductory prices that last from 12:00 p.m. (ET) on January 15, 2008 through 5:00 p.m. (ET) on February 14, 2008. After the 14th, the Proof Silver Dollar will be $43.95 and the Uncirculated Silver Dollar $37.95.***
These prices include a $10 surcharge for the American Eagle Foundation.
$5 gold American Bald Eagle and mintage limits
The obverse (front) of the $5 gold coin sculpted by Phebe Hemphill and designed by Susan Gamble. The coin’s reverse was sculpted by Don Everhart and comes from an image of the 1903 engraved, Great Seal of the United States.
Mintage limits are set to a total of 100,000 for the proof and uncirculated versions. The price for these Bald Eagle Commemorative Coins are:

Product
Price*
Household Limit/Individual Limit
$5 Proof Gold
$294.95
100/NA
$5 Uncirculated Gold
$284.95
100/NA

*These are introductory prices that last from 12:00 p.m. (ET) on January 15, 2008 through 5:00 p.m. (ET) on February 14, 2008. After the 14th, the Proof $5 Gold coin will be $319.95 and the Uncirculated $5 Gold coin $309.95. ***
These prices include a $35 surcharge for the American Eagle Foundation.
2008 American Bald Eagle sets
In addition to the product offerings above, the Mint also has several interesting sets for sale:
Product
Coins Included
Price*
Household Limit/Individual Limit
Three-Coin Proof Set
Proof of $1 Silver, $5 Gold and 50c Clad
$369.95
One/25,000
Young Collector’s Set
Unc. 50c Clad and content designed for children
$14.95
NA/Offered only until 04/15/08
Coin and Medal Set
Unc. $1 Silver and Bronze Bald Eagle Medal
$44.95
Five/50,000

Free Coin Guide

Will Gold price crash in India?

Gold Coins


Commodity OnlineMUMBAI: Is the price of gold, which has hit an all-time high, set for a crash? On Tuesday, bear fever gripped the gold market as traders and dealers said that they are expecting a crash in the prices of gold in the Indian bullion market.Gold had hit an all-time high of Rs 11,492 on the Multi Commodity Exchange, the largest commodity bourse. The gold contract has gone up more than 7 percent so far in 2008. Traders said the demand for gold is dull, as many people are expecting that the prices will come down.Overseas gold touched an all-time high of $914 an ounce on Monday on investor buying driven by the dollar's slide and financial market turmoil. Bombay Bullion Association said that India's imports of gold in calendar year 2007 could have fallen by 20 percent due to a surge in prices. In 2006, India, the world's largest consumer of the precious metal, imported about 715 tonnes of gold. The country consumes anywhere between 600 to 700 tonnes of gold worth $6-7 billion annually. But domestic production of gold is only about 2 tonnes per annum. The consultancy said the net gold de-hedging in the second half of 2007 will be between 1.5 million and 2.5 million oz globally. And, who usurps all this gold in India. Mainly the gems and jewellery industry, which is competitive in the world market due to its low cost of production and availability of skilled labour. In addition, the industry has a worldwide distribution network, which has been established over a period of time. The strengthening of rupee against US dollar and rising consumer spending have raised India’s gold demand by as much as 72 per cent in the first half of the last year. A report from the World Gold Council says demand for gold in India reached an all-time high of 317 tonnes in the second quarter of 2007. The figures are nearly double of what was sold in 2006 and equal to half the global mined output for the same period. Of this, only 10-15 per cent was recycled gold, indicating strong demand for fresh imports. Latest reports say India has emerged as the fourth-largest merchandise gold export market for Australia in 2006-07. Gold exports comprise nearly half of all merchandise exports to India from Australia, says a report from the Australia India Business Council (AIBC). It said in 2006-07 India was Australia’s largest market for gold, second-largest market for coal and copper ore, and third-largest market for wool. Australia has also agreed to allow the export of uranium to India, subject to strict conditions. Australian exports to India rose 37 per cent in 2006-07 as against 22 per cent in 2005-06. Last year, merchandise exports from Australia to India were worth AU$10.1 billion, up AU$2.7 billion.

Gold Buffalo Coins

Gold hits record above $910

By Atul Prakash
LONDON (Reuters) - Gold surged to a historic high above $910 an ounce on Monday as investors rushed to buy the metal on further weakness in the dollar and expectations of a sharp cut in U.S. interest rates. But the metal pared gains in afternoon European trade as some investors decided to take profits from a rally that saw prices jumping 50 percent in the past year, including a 15 percent rise in the last 30 days.
Gold's surge on the day also prompted buyers to snap up other precious metals, with platinum hitting a record high before giving up some gains. Silver was quoted below a 27-year peak, while palladium traded off its highest in two months.
"It's human nature to buy into a market that is already showing strength. Most fund managers have a herd mentality and they are just attracted to gains. Gold could go higher still, but we don't think this is a right time for buying," said Robin Bhar, metals analyst at UBS Investment Bank.
"From a technical perspective, we would obviously need to see a close above $900 that would be construed as a bullish sign. But fundamentally, we are very cautious and would not advocate going long here because positioning is still extreme. There is a risk of $50-$100 dollar correction at any time."
Spot gold jumped as high as $914 an ounce before falling to $902.10/902.80 by New York's last quote of 2:15 p.m. EST, against $895.70/896.50 in New York late on Friday.
The most-active U.S. gold contract for February delivery at the COMEX division of the New York Mercantile Exchange settled up $5.70 to $903.40 an ounce.
Japanese gold futures were closed for a holiday.
"If you look at the overall situation, there is a lot of fear about more bad news related to the banking sector. This is one of the main drivers at the moment," said Wolfgang Wrzesniok-Rossbach, head of sales at Germany's Heraeus.
"There is some profit-taking from the metal's highs, but no big wave of selling is seen here. Gold is trading in a normal range and is likely to hover in a wide band of $880-$920 in the near term," he said.
The dollar dropped to the lowest level in seven weeks against the euro and yen on Monday as fears that weak U.S. corporate earnings will push the economy closer to a recession, requiring the Federal Reserve to cut interest rates.
Interest rate futures are reflecting a 50/50 chance that the Fed could reduce its interest rate by three-quarters of a point between now and the Jan 29-30 meeting.
A weaker dollar makes gold cheaper for holders of other currencies and often lifts bullion demand. Gold is also viewed as an alternative to holding the dollar, and thus the value of gold rises when the U.S. dollar falls.
SAFE HAVEN PLAY
"Option sellers are covering their positions. Also, hedgers are trying to undo forward sales after the $900 expected resistance was breached. In overnight trade, funds overseas also reacted to dollar weakness and rumors of rate cuts," said George Gero, vice president of RBC Capital Markets Global Futures in New York.
Gero also noted a big open interest of gold futures of more than 500,000 lots. Total open interest of COMEX gold futures eased 742 lots to a near-record 585,734 lots as of Friday, Reuters data showed.
"Risk averse investors jumped on the bandwagon as the $900 resistance was surpassed," Gero said.
Gold's appeal as a safe-haven investment has increased due to worries of further write-downs among major financial institutions and credit market meltdown in the United States, the world's biggest economy.
On charts, gold's 14-day relative strength indicator (RSI) rose to 89 from just 47 a month ago. The market views an RSI of 30 or less as oversold and 70 or more as overbought.
In Singapore, physical dealers noted selling from holders who cashed in on gold's gains as well as limited purchases from jewelers at lower levels.
Spot platinum hit a record high of $1,590.50 an ounce before falling to $1,572/1,577, against $1,562/1,566 late in New York on Friday. Silver rallied to $16.58 an ounce before easing to $16.35/16.40, up from its previous finish of $16.19/16.24. Palladium rose to $380 before falling to $379/384, versus its Friday finish of $375/379.