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Wednesday, December 02, 2009

Spanish Royal Mint 2010 Coin Release Schedule



By Peter Horsman


The Spanish Royal Mint has recently revealed their coin release schedule for the coming year. Included are coins to celebrate the Spanish Presidency of the European Union, Mexquita, Xacobeo 2010, FIFA World Cup, Francisco de Goya, and more. The coins and sets scheduled to be released for each month are detailed below.

January - The year will begin with coins celebrating the Spanish Presidency of the European Union. Every six months a new country is selected to take on the role of EU president, with Spain set to receive this honor from January 2010 to June 2010. There will be a 10 euro silver proof commemorative coin issued in January.

Spain's 2 euro commemorative coin will also be release during the month to pay tribute to the Mezquita, the Roman Catholic cathedral originally built as a Mosque in the Andalusian city of Córdoba.

Finally, the first of the Spanish coin sets will be released in January, with the standard mint set or Brilliant Uncirculated coinage appearing sometime during the month.

February - A 12 euro silver proof coin will be issued to celebrate the Spanish Presidency of the European Union. This coin comes in addition to the 10 euro silver proof issued in the previous month.

The next release in the popular Architecture series will also take place. The latest release will be dedicated to the famous Sagrada Família Temple (Temple Expiatori de la Sagrada Família) and the renowned Catalan architect Antoni Gaudí (1852–1926), for which the temple is considered his master-work.

March - The Spanish proof set of coins will be released this month, featuring all 8 circulating euro coins in the highest quality available by the mint. It is believed that a proof version of the 2 euro Mezquita commemorative coin will also be included in the set.

The month will also see the releaes of a 10 euro silver proof coin to celebrate Xacobeo 2010. Año Santo Jacobeo (or in galician language Ano Santo Xacobeo) is the holy year of St. James. It takes place in the year when the 25th of July (day of St. James) is a Sunday. Xacobeo 2010 is born out of a vocation to celebrate the spiritual and cultural essence of the Camino de Santiago, serving as an international showcase for knowledge and the arts.

April - This month will mark the releaes of a 10 euro silver proof and a 100 euro gold proof issued to celebrate the approaching FIFA World Cup held in South Africa between 11 June and 11 July.

May - The series of brilliant uncirculated coin sets dedicated to various Spanish regions and cities will continue in May with two new releases. Each set will contain the 8 circulating euro coins of Spain together with the 2010 2 euro commemorative. The sets this year will be in honor of the central region of La Mancha and the northwest city of León. La Mancha was made famous by Miguel de Cervantes in his book Don Quixote de La Mancha, while Leon has the famed Gothic cathedral Santa María de León.

Additional coins released in May will honor Spanish painter and printmaker Francisco de Goya. He was born in Fuendetodos, Aragón, Spain, in 1746 and is probably best remembered for his 1793–1794 series of 11 small darkly fantastical paintings. The coins honoring the life and work of Goya will be available in 10 euro silver proof, 50 euro silver proof and 200 euro gold proof.

September - After a gap of a few months the mint will release another set of three coins in either silver or gold dedicated to "Ancient Visigothic and Carthaginian coins". It's too early to know what designs will be featured on these coins but they will be available as a 10 euro silver proof, 100 euro gold proof and 25 euro gold proof issues.

October - The coins to be released for 2010 will be a series of "Historical" coins issued in varying denominations. The coins, struck in silver proof quality, will be dedicated to a number of different countries such as Argentina, Cuba, Portugal, Nicaragua, Mexico, Peru, Paraguay and Guatemala, where the Spanish dialect and culture flourish. The coins will be issued in the denominations of each respective country.

Sunday, November 29, 2009

The Benefits of Collecting Key Date U.S. Coins


by D. L. Crane


What is a Key Date Coin?
A coin that is typically the last to be placed in a collection is a key date coin, because the date or date and mint mark combination is particularly hard to find or unusual. Key date coins are coins of solid investment potential. This is the coin that most collectors want to complete their coin collection.
The rarity of the coins is a low mintage, often the lowest of the respective series. In coin collecting, a key date refers to a date or date and mint mark combination of a given coin series or set that is harder to obtain than other dates in the series. The next level of difficult to obtain coins in series is often referred to as semi-key dates or simply semi-keys.
A key date coin is normally the rarest or the most difficult to find coin of a series to obtain. Key date coins frequently carry an additional air of mystery and allure, besides their rarity. One of the primary reasons for this is they are typically the final coins needed to complete a set. Key date and ultra rare coins have in the past, been excellent investments. A key date coin is generally considered to be the most important coin in a series, usually the lowest mintage and, or most expensive. Rarity is based purely on the number of particular coins that are presently in existence.
The number of coins initially minted is not nearly as important as the continued existence rate. The age and original mintage of a coin in reality have little effect on the present value of a coin.
Rare coins are not being produced any more. Once a coin was minted, the original die was destroyed at the end of the year, that way they will never be minted again. However, the rarity of a coin today is actually decided by the number of them existing in a specific condition. Although original mintage figures show the number of coins struck generations ago, these figures do not automatically indicate rarity. Professional Coin Grading Service (PCGS) and Numismatic Guaranty Corporation (NGC) the two major independent grading services, publish population reports that have shown that many issues considered rare for years are in fact relatively common.
Why a Key Date Coin?
These are the low mintage rare coins in the most popular coin series, and so they appreciate at a higher rate than other coins. This would an excellent list of great coins in which to invest. The answer is then, for a buyer to know the coins worth collecting for the purpose of completing their collection or for reselling someday at a higher price.
Collecting key date coins is where coin collecting gets serious for the coin collector. It is these key date coins that set the marketplace for coin prices and also a rare coin of a popular series is more likely to increase in price. For any collector of a certain series of coins, you must know the key date coins because these are going to be the most difficult coins to buy. Finding these rare coins can be a challenge, but worth it because collecting rare coins can mean big money profits.
Always remember that focusing on keys has been a great strategy because having coins that have clearly outperformed the rest of the market during the last several years will pay off. These key coins are beneficial to increasing the value of your coin collection.

Saturday, November 28, 2009

Morgan Silver Dollars The Perfect Investment Coins


A History Lesson For Making The Right Investment
by D. L. Crane



The record and history of many United States coins is very intriguing, and for that reason, coin collecting has become a increasing investment. Their past shows us a quick look into a part of US history, including economic facts and other major events taking place worldwide. Specifically one coin in particular, the Morgan Silver Dollar, named after its designer, George T. Morgan, has a rich and very fascinating historical meaning in its birth. Besides being uncommon, the Morgan Silver Dollar has historical importance, and an added value to the coin is its silver content. Because of this, the Morgan Silver Dollar coin is highly desirable among the coin investors today.

Morgan silver dollars are the perfect addition to any coin investment collection. Because of the silver content, these coins were at risk to melting for profit. Many of these coins still survive and have a high value to numismatists (The study or collection of money, coins, and often medals.)

Morgan silver dollars were minted between 1878 and 1903, then again in 1921. It is composed of 90% silver and 10% copper. Production was stopped in 1904, and hundreds of millions of Morgan Dollars were melted down for their 90% silver content because the price of silver went up. To provide war-time silver for Great Britain in 1918, over 270 million Morgan Dollars were melted down. Today's admiration of the Morgan Dollars show in its rarity thus investors and collectors have made the Morgan Dollar one of the most desired and valuable American coins in the world. There is the feeling of tradition and American history in holding a Morgan Dollar in your hand feeling and knowing what the silver coin carries in its weight and worth. The owner of Morgan Dollar knows the rarity of the coin's true value and worth. From 1904 to 1920, the mint ceased the Morgan silver dollar. Many of the older silver dollars were melted and replaced with the Peace design after one final run of the Morgan silver dollar in 1921.

Morgan Dollars are a little difficult to give average values for because many dates of Morgan Dollars were never circulated in large amounts. They were sold by the Treasury Department straight to coin collectors. Consequently, the Morgan Dollar values are given in two grades, "average circulated" and "basic uncirculated."

One hundred and sixteen years ago the San Francisco Mint struck 100,000 of the 1893-S Morgan Dollars so there are no more than 100,000 people with a 93-S Morgan. The 1893-S Morgan is the "KEY" Morgan Silver Dollar with the highest grades valued well into the high hundred thousands of dollars. The Record Morgan Silver Dollar sold for over One Million dollars.

The Morgan Silver Dollar Series carries a number of Key Dates as well as some Semi-Key Dates that all have significant values. See Price Guide

1883-S is both a common date and a key date coin in the Morgan Dollar series. These coins were widely circulated, and so most became heavily worn. Therefore, in heavily worn condition, these coins are common. However, since they were so widely circulated, the number of remaining coins that did not get circulated is very low -- making this a key date in the upper grades.

Now I am listing some samples of Morgan Silver Dollar values to show what you have the chance to invest in. And remember the values continue to increase.

A 1884-S Morgan dollar retails for - $17 if very worn, - $28 with moderate wear, - $250 if almost like new

The 1889 CC Morgan Dollar in circulated condition is valued from $475 in well worn condition to $9500 in almost uncirculated condition. Uncirculated coins have a value from about $30,000 in an MS62 grade to $450,000 in an MS67 grade. These higher grade coins are scarce. Additionally, exceptional coins such as those displaying a proof like appearance or a deep mirror proof like appearance have values that range from about $30,000 for an MS62 to $90,000 in an MS64 grade.

1893-S is the highest value circulation issue, at least in better grades - while a worn specimen retails for \"only\" a couple of thousand, mint-state coins retail in the $85K-$100K range. When the Norweb 1893-San Francisco Mint dollar was auctioned for $355,500 in Nov. 1988, collectors were stunned. Nobody then thought that a Morgan Dollar could be worth more than a quarter of a million dollars. Indeed, until the Norweb III auction, a Morgan Dollar had probably never before sold for as much as $150,000. Just imagine the value now with the current economic situation!

A 1895-S in very fine condition is worth: $450.00

Click here for a price guide on Morgan Dollar Values

The Morgan silver dollar is arguably the most popular coin in the history of the world. If investing in premier rare coins is the way you want to go, remember these are the classic coins that have literally made fortunes for some of the richest investors and collectors in America. The Morgan Silver Dollar coins are timeless beauties. They continue to hold their value and will for decades continue to be loaded with appreciation potential and should be part of any rare coin collection.

Wednesday, November 25, 2009

Collecting coins for fun and profit




by D. L. Crane


Coin collecting is something that is a hobby for some, but is looked as as an investment by others. There are many who start collecting coins for fun and profit, and as such can be a hobby that will not only provide hours of enjoyment, but can also help put money in their pockets as well.

The common denominator of all coin collectors seems to be the fact that the coins they are collecting do present some value. This can be a time-consuming hobby, however, and that is why you will find that many coin collectors specialize in a specific area of coins. You may find that one collector has a collection of limited edition coins, while another may specialize in Statehood Quarters. Gold and silver coins seem to be a popular choice among many coin collectors.

No matter what kind of coin collecting someone is interested in, it may behoove them to investigate online auctions and other internet coin related websites rather than begin collecting through a dealer. Buying through a dealer, whether collecting for fun or profit, may not be able to present them as good of a deal as can be found somewhere online. While these professional coin dealers have some great knowledge about the coins they are selling, they also are involved in the industry to make a profit above all else. By searching for bargains through online auctions you may be able to find coins that can be bought at a fraction of what you would have to pay a professional dealer. This could be due to a number of reasons, including the fact that someone may just want to get rid of a collection they were given, or that they just don't have the time to build their collection anymore, and will be willing to accept much less than what the coins are said to be worth.

The experience of collecting coins for fun and profit can even be enhanced by coin collecting software that is now available. There is free software available that will provide checklists and pricing of coins, enabling you to keep track of any coins that are in your collection. There are also other software programs that can be purchased which can also give up to date values of coins. These can be very helpful whether you are a beginner or an experienced coin collector.

There are millions of people who have taken up coin collecting for fun and profit all across the world, with an estimated 125 million of them in the United States alone. Today's coin collectors range from young to old, and come from all walks of life. Rare coin collecting can provide a high range of profitability. The key thing to keep in mind is the longer you hold on to the coins, the more likely that they will become more valuable. Some coin collections that were worth tens of thousands of dollars 50 years ago may now be worth over a million to some collectors.

Tuesday, November 17, 2009

What you must know about investing in gold



by BankBazaar.com


India -- Non-Resident Indians included -- goes crazy when it comes to gold jewellery. With the World Gold Council (WGC) aggressively marketing social and religious functions as gold buying events, the demand has shot up in the recent years to record levels.

Research shows that over 16,000 tons of gold is there in Indian households predominantly in the form of jewellery. The value of this as per market price is a whooping Rs 27.2 lakh crores ($591 billion). That is close to twice the foreign exchange reserves held by the Reserve Bank of India [ Get Quote ].

Let's consider the factors one needs to be aware of and the knowhow of investing in gold.

Forms of buying gold

Any investor has to be aware of the different forms of buying gold.

Jewellery: The most traditional and the dominant form of buying gold in India is in fact not an investment idea.

The reason is that there are heavy losses in the form of wastage and making charges. This can vary from a minimum of 10 per cent to as high as 35 per cent for special and complex designs.

Bank coins: Again not an investment idea as the premium that banks charge for their coins is anywhere between 5 per cent and 10 per cent. Also the bank coins have lesser liquidity as they are not bought back by the banks.

World Gold Council coins: These are coins issued by jewelers who are part of the WGC network. They have lesser premium over the market price (1% to 2%) and are redeemed at the market price when one takes them for selling off.

Bullion bars: These are good modes for investment but the minimum investment here is much higher than a common investor can think of.

Gold Exchange Traded Funds: ETFs are a hot option these days. These are like mutual funds that invest only in gold. They are proving to be an easier and safer mode to buy gold. The charges are very less and the gold can be accessed electronically. The disadvantage is that one never gets to 'see' one's holdings.

Current income

Gold in any form does not give any current income. The only exception is the dividend option in the gold ETFs. If held in the physical form, there is only outflow of cash for the maintenance of lockers.

Capital appreciation

Historically, gold has been the perfect hedge for inflation. This is based on data from the year 1800 AD. But in terms of absolute returns gold has fared rather poorly giving returns at only 0.8% above inflation.

Real estate and shares beat gold squarely on the capital appreciation front. Real estate and shares have given returns of about 11% over inflation since 1979 (1979 as that was the year the index called Sensex was formed).

In the short run, however, gold is a very strong bet, compared to shares which are highly volatile. The idea for gold investment will be to use it at times when the markets are falling and when the inflation is very high.

A 5 per cent of the overall investment portfolio can be considered for gold investments (bullion, WGC coins, gold ETFs). Jewellery is not an investment as far as personal finance goes. It is only an expense for pleasure, symbolising wealth.

Risk

Gold does not carry much risk at least in India, as we hardly see deflation in the real sense. Even when the official figures where showing negative inflation (deflation) during the last year, the actual prices of food items were increasing. This was reflected in the gold prices too.

The real risk with buying gold is in the opportunity cost of investing in other avenues that can actually give higher returns.

Liquidity

Gold scores the highest in terms of liquidity, compared to all other investments. At anytime of the day and any day gold could literally be converted to cash. Banks would give you a jewellery loan. (Remember though that many banks do not give loans on coins, including their own).

So would your friendly neighborhood pawn shop. They can also be sold in some pawn shops, though many are cautious to purchase in these outlets for fear of 'stolen jewellery'.

Gold jewelers would exchange your gold possessions for other gold jewels. But the problem here is that there is going to be making and wastage charges involved again. Here we lose the value (to the extent of 10% to 35%) of gold jewels.

An unfortunate social aspect in most families in India related to liquidity is that, gold has sentiments attached and is the last item to leave the house in case of financial difficulties. This negates the entire purpose of gold having liquidity.

Tax treatment

Gold suffers capital gains tax as per the IT act. So it is better to ask your jeweler for the bill. Close to 90% of the gold jewellery traded in India is unbilled. This is a serious problem for those who look at gold as an investment. Only the branded jewelers would automatically give you a bill. At other places ask for one.

We can make use of indexation benefits when calculating the capital gains of gold. So the tax payable will not be much.

Gold does not have any other tax benefits.

Convenience

Gold scores very high here. But with the per gram price rising, the smallest single investment is becoming higher. With the emergence of Golf ETFs the convenience to hold gold for the short term has increased many folds. Instead of holding cash for the short term, one can today make investments in Gold ETFs.

Conclusion

Gold has proved itself time and again to be the perfect hedge for inflation. But to look at it as a hedge avenue, Indians are yet to consider this market actively as the purchases continue to be dominated by jewellery.

Gold only beats inflation. It fares poorly when compared to real estate or shares when compared on the basis of real inflation adjusted returns.

Any serious investor, however, is advised to have a certain percentage of investment in gold to hedge inflation.

Friday, November 13, 2009

World gold supply runs out



By Ambrose Evans-Pritchard


Global gold production is in terminal decline despite record prices and Herculean efforts by mining companies to discover fresh sources of ore in remote spots, according to the world's top producer Barrick Gold.

Aaron Regent, president of the Canadian gold giant, said that global output has been falling by roughly 1m ounces a year since the start of the decade. Total mine supply has dropped by 10pc as ore quality erodes, implying that the roaring bull market of the last eight years may have further to run.
"There is a strong case to be made that we are already at 'peak gold'," he told The Daily Telegraph at the RBC's annual gold conference in London.
"Production peaked around 2000 and it has been in decline ever since, and we forecast that decline to continue. It is increasingly difficult to find ore," he said.

Ore grades have fallen from around 12 grams per tonne in 1950 to nearer 3 grams in the US, Canada, and Australia. South Africa's output has halved since peaking in 1970.
The supply crunch has helped push gold to an all-time high, reaching $1,118 an ounce at one stage yesterday. The key driver over recent days has been the move by India's central bank to soak up half of the gold being sold by the International Monetary Fund. It is the latest sign that the rising powers of Asia and the commodity bloc are growing wary of Western paper money and debt.
China has quietly doubled holdings to 1,054 tonnes and is thought to be adding gradually on price dips, creating a market floor. Gold remains a tiny fraction of its $2.3 trillion in foreign reserves.
Gold exchange-traded funds (ETFs) – dubbed the "People's Central Bank" – have accumulated 1,778 tonnes, making them the fifth biggest holder after the US, Germany, France, and Italy.
Ross Norman, director of theBullionDesk.com, said exploration budgets had tripled since the start of the decade with stubbornly disappointing results so far.

Output fell a further 14pc in South Africa last year as companies were forced to dig ever deeper - at greater cost - to replace depleted reserves, not helped by "social uplift" rules and power cuts. Harmony Gold said yesterday that it may close two more mines over coming months due to poor ore grades.
Mr Norman said the "false mine of central banks" had been the only new source of gold supply this decade as they auction off reserves, but they are switching sides to become net buyers.
Barrick is moving fast to wind down the remaining 3m ounces of its infamous hedge book over the next twelve months, an implicit bet on rising gold prices over time.

Mr Regent said the company had waited too long to ditch the policy, which has made the company enemy number one among 'gold bug' enthusiasts. The hedges oblige Barrick to deliver part of its gold into futures contracts set long ago at levels far below today's spot prices.
The strategy worked well in the falling market of the 1990s, but has cost the company dear in lost profits this decade. "Hindsight is always 20/20," said Mr Regent, who was appointed from the outside earlier this year.

Barrick bit the bullet in the third quarter, taking a $5.7bn charge against earnings on hedge contracts. Liberation is at last in sight. In 2001 the hedge book topped 20m ounces.
Mr Regent said the hedge policy has weighed badly on the share price and irked investors, becoming a bone of contention at every meeting. The financial crisis brought matters to a head as markets fretted about counterparty risk. "It was clear to me that there were a significant number of institutions who wouldn't invest in Barrick because of the hedge book," he said.
Barrick produced 1.9m ounces of gold last quarter, down from 1.95m a year earlier. Costs have been "trending down" to $456 an ounce, though rising energy prices pose a fresh threat. Total reserves are 139m ounces, far ahead of rival Newmont Mining at 86m.

The hedge book venture has not been a happy one, but those who predicted that Barrick would eventually "blow up" on its contracts may owe the company an apology.

Wednesday, October 07, 2009

3 arrested in Maple Leaf coin scam



BY RANDY BOSWELL


A picture of a a one-ounce Gold Maple Leaf bullion coin. Using a few genuine coins and hundreds of fakes, three suspects are alleged to have enticed jewelry store owners into buying significant numbers of counterfeit ones.
Photograph by: Handout, Royal Canadian Mint
U.S. investigators have cracked what they're calling a "million-dollar gold coin scam" involving counterfeit versions of the Royal Canadian Mint's famous one-ounce Maple Leaf coin.

Prosecutors have announced three arrests after a New Jersey-based police sting targeted a "violent statewide criminal group" that has been swindling jewellers over the past year — or robbing them at gunpoint when the swindle fell through.

Using a few genuine Maple Leaf gold coins and hundreds of fakes, the suspects are alleged to have enticed jewelry store owners into buying significant numbers of counterfeit coins. Merchants were typically offered a cut-rate deal for a large shipment of coins after being given one or two real ones for authentication.

Jewellers who were duped ended up with a shipment of ersatz coins costing up to $100,000.

Those who discovered the ruse through additional testing, then rejected the deal and confronted the fraudsters, were victimized less subtly: by armed robbery.

In March, a jeweller in Red Bank, N.J., was drawn into a deal to acquire 100 of the Canadian coins, that have a symbolic face value of $50 but are currently selling for about $1,000 each.

The jeweller was given a single Maple Leaf coin for testing and agreed to pay cash for the entire collection, which the seller claimed he'd received as an inheritance.

A week after the initial meeting, the seller and an associate arrived to complete the transaction, but when the jeweller questioned the authenticity of the 99 other coins delivered by the pair, one of the suspects "pulled out a black handgun and demanded the cash," according to an account of the heist released by New Jersey prosecutor Robert Bianchi.

The pattern was repeated at various jewelry stores in New Jersey, and investigators discovered similar attempts at executing the Canadian coin "confidence scam" in New York and Maryland.

Three suspects who had been under surveillance were arrested on Sept. 19 at a shopping mall in Kinnelon, N.J.

The car in which the three had driven to the mall was searched by police, who found 200 counterfeit Maple Leaf gold coins.

Three men in their 50s — David Bell, William Gary and Hakim Shaheed, all New Jersey residents — face initial charges of theft by deception and conspiracy.

"While the Mint is happy to co-operate with law enforcement authorities to provide expert analysis of suspected counterfeit coins, we were not approached with regard to this particular case," mint spokesman Alex Reeves said in an e-mail.

He added that the jewellers and coin dealers approached by the New Jersey suspects appeared to be "very knowledgeable (as they typically are) and had no trouble detecting fakes on their own."

Monday, August 31, 2009

Gold Rush Bars to Go on Display



By Numismatic News



Two huge California Gold Rush era assayers' ingots, recovered from the fabled SS Central America and with a combined weight of more than 100 pounds of gold, will be on display at the Long Beach Coin, Stamp & Collectibles Expo Sept. 10-12 at the Long Beach, Calif., Convention Center.

"The display will feature a Kellogg & Humbert gold bar that weighs 662.28 ounces and a Justh & Hunter ingot that is 598.08 troy ounces," said Ronald J. Gillio, expo general chairman. "Both were recovered in the late 1980s from the Central America, the legendary Ship of Gold that was carrying tons of California Gold Rush coins and ingots to New York City when it sank during a hurricane in 1857."

The Kellogg & Humbert gold bar is stamped as number 804 with an 1857 value of $12,225.62. It is the fourth largest gold bar of the 532 ingots recovered from the Central America. The Justh & Hunter ingot is number 4255 and marked at the time as $11,089.95.

The ingots will be displayed by Monaco Rare Coins of Newport Beach, Calif.

"The exhibit also will include some of the finest known Augustus Humbert $50 denomination octagonal slugs produced in San Francisco during the height of the Gold Rush," said Adam Crum, Monaco vice president. "These colossal gold bars and big $50 coins, literally, are treasures of Wild West history."

During the three-day Long Beach Expo, more than 1,000 dealers will be buying and selling rare coins, paper money, stamps, postcards, historic documents, antiques, estate jewelry and other collectibles. Some will provide free, informal appraisals for visitors.

A free gold coin will be awarded daily to a registered visitor. Young numismatists' activities including a children's treasure hunt will be held on Sept. 12.

A half dozen educational programs and collector club meetings will be conducted during the show. Heritage Auction Galleries will hold a public sale of U.S. and world coins and paper money.

Expo public hours are 10 a.m. to 7 p.m. Sept. 10-11, and 10 a.m. to 5 p.m. Sept. 12. The show is closed on Sunday. A complete schedule of events is online at www.LongBeachShow.com.

General admission, good for all three days, is $6. Members of any coin or stamp club who display a valid membership card pay $4. Admission is $3 for seniors 65 and older. Children ages 7 and younger are admitted for free. Discount coupons are available on the Web site.

For more information, call Expos Unlimited at (805) 962-9939. Between Sept. 9-12, call the Long Beach Convention Center at (562) 436-3636.

The Long Beach Expo is a division of Collectors Universe, Inc.

Sunday, August 30, 2009

Mint Issues New Nationwide Call for New Artists



by U.S. Mint


The United States Mint is inviting artists from throughout the United States to apply for participation in its Artistic Infusion Program (AIP) to help enrich and invigorate the design of coins and medals.

The new invitations seek up to six associate designers who will join the current AIP designers under contract with the program. Applications will be accepted on a rolling basis beginning September 1, 2009. There will be three deadlines (November 9, 2009; March 8, 2010; and July 6, 2010), after which the artists who have applied will be evaluated for selection to the AIP. Applicants are encouraged to apply as early as possible prior to the deadline for which they wish to be considered.

"We are very excited about this unique program and its latest call to tap into the best artistic talent in the country," said United States Mint Director Ed Moy. "This is a tremendous opportunity for artists representing all types of backgrounds to inspire and educate the entire Nation."

The United States Mint encourages applications from artists representing diverse backgrounds and a variety of interests reflecting those of the American people. Applicants may apply online by submitting five to 10 works from their portfolios, a resume and a statement of intent. They will also complete a standard application coin design exercise. Applicants must be professional artists who are U.S. citizens. Those who wish to apply are invited to visit www.usmint.gov/artists, where they will find program details, eligibility requirements, artistic criteria and detailed application guidelines. Submissions will be evaluated on several factors, including drawing ability, compositional skills and the level to which the design demonstrates research of the subject matter.

Artists awarded contracts to participate in the program will be paid established fees for their work, and those whose designs are selected for coins and medals will be named as designer in historical documents, Certificates of Authenticity and promotional materials.

In the past, AIP artists have submitted successful designs for high-profile coins, such as commemorative quarter-dollar coins, American Eagle Platinum Coins, Presidential $1 Coins, First Spouse Gold Coins, 2009 Lincoln Bicentennial One-Cent Coins and commemorative coins.

There are two levels of artists who may participate in the AIP - master designers and associate designers. Master designers are those who have proven themselves as valuable AIP artists for at least two years as an associate designer. Associate designers are professional artists who are new to the program. All AIP artists must attend an annual orientation/designer symposium.

Master designers are awarded contracts that pay $2,500 per task order, while associate designers are awarded contracts that pay $2,000 per task order. All contracts provide for an additional $5,000 for each design selected for a coin or medal.

The United States Mint, created by Congress in 1792, is the Nation's sole manufacturer of legal tender coinage. Its primary mission is to produce an adequate volume of circulating coinage for the Nation to conduct its trade and commerce. The United States Mint also produces proof, uncirculated, and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

Thursday, August 27, 2009

Colonial-era coin at the center of lawsuit


By Dana Parsons


Plaintiff says the owners of a Brasher Doubloon reneged on a deal to pay him for information that he says shows the coin was the first made under the new U.S. government -- which would boost its value


The Brasher Doubloon is steeped in historic reverence and mystique. It dates to Colonial America and the dawning of the new federal government, when Spanish gold doubloons circulated alongside other foreign gold and silver as part of New World commerce.

The coin takes its name from Ephraim Brasher, a respected New York City gold- and silversmith who lived next door to George Washington. In 1787, Brasher began making gold coins, presumably to be used as currency for the soon-to-be-formed republic.

Seven of them remain and are sanctified as the first truly American gold coins. That fact, along with their distinctively American design and Brasher's friendship with Washington, attached a permanent legacy to the coins.

The coins are nearly identical, but one of them is first among equals. And it is that coin, worth $15 when Washington was president but most recently sold for nearly $3 million, that is at the heart of a lawsuit filed in Orange County Superior Court. Rare coin researcher William Swoger says he told the coin's owners that he had "specialized information" about the coin and that they reneged on finalizing a contract to pay him in exchange for the information.

Orange County coin dealer Steven Contursi and his Northern California partner, Donald Kagin, teamed up to buy the Brasher Doubloon in 2005 for $2.99 million, then the second-highest price ever paid for an American coin. Swoger's lawsuit alleges that he approached Kagin and Contursi several months ago and told them the coin was worth much more than they realized.

The key, he told them, is that the coin wasn't the first of the seven struck by Brasher beginning in 1787. Contrary to the prevailing view in numismatic circles, Swoger says it was the last, and probably not struck until 1793.

That later date is crucial, Swoger says, because this coin was fractionally heavier than the others and made to conform to a 1793 act of Congress that established weight standards for gold coins in the new republic. The other six coins are of identical weight and predate the formation of the new government, he says.

Kagin and Contursi "knew they had a unique coin," says Richard Herman, a Newport Beach attorney who is representing Swoger. "They knew it was very valuable, very rare. But they thought it was the first one [in the series] and not the last one. Turns out that makes all the difference in the world. One's a Colonial coin made by a jeweler, and it's a very nice coin, but the other is the first coin made for circulation under a law of the United States. That's heavy-duty."

One side of the coin shows an eagle with wings spread. Thirteen stars representing the original colonies surround its head, and its talons hold olive branches and the arrows of war. On six of the coins, Brasher's "EB" stamp appears on the eagle's wing. On Kagin and Contursi's coin, the "EB" stamp appears on a shield on the eagle's breast -- a unique design element that distinguishes it from the others and is part of the reason many numismatists call it America's most treasured coin.

One theory is that Brasher made the change for purely aesthetic reasons. But Swoger contends that, as the last coin in the series and made to conform to the congressional act, Brasher put it there to distinguish it from its predecessors.

According to the lawsuit, Swoger informed the owners that he had discovered information that would make their coin much more valuable and asked for a $500,000 fee. They countered with $250,000, the suit alleges, and then asked for a meeting at which Swoger would disclose the information.

Swoger met with Kagin, explained his thesis and was given a gold coin valued at $35,000 as a down payment, the suit alleges. Swoger alleges Kagin said he and Contursi would prepare a contract but never did. Swoger is suing for millions of dollars in damages.

On the advice of their attorney, Contursi and Kagin declined to discuss the matter. But Contursi, the president of Rare Coin Wholesalers in Dana Point and a two-thirds owner of the coin, wrote in an e-mail:

"I greatly regret that Mr. Swoger has chosen to sue me and my partner. We never sought anything from Mr. Swoger regarding the Brasher Doubloon and never benefited in any way from any information he volunteered to us. The lawsuit is utterly frivolous, and I urge him to withdraw it."

Armen Vartian, an attorney representing the coin's owners, said, "I don't think the complaint will survive a motion to dismiss."

In an interview, Swoger, who is 65 and lives in Lake Odessa, Mich., said he is confident he can prove the coin was the last in the series and not the first. He declined to provide details.

His attorney said an ad in a 1790s New York newspaper spurred Swoger's research about the sequencing of the doubloons. Swoger acknowledged that but said learning the exact weight of the historic doubloon -- that it was slightly heavier than the others in the set -- was what led him to conclude it was struck after the others and linked to the congressional act.

"Logic takes me right there," he said.

Asked if he'd been nervous about disclosing his information to Kagin without a contract, Swoger said, "Yes, I was, but how can they buy a pig in a poke? So, it was a necessary step."

Kagin subsequently said they weren't going to use his information and felt no need for further payment, Swoger said. "Whether they use it or not, I delivered it," he said. "They know it and now other people are going to know it. They can't give it back to me."

The lawsuit alleges that Swoger's theory would elevate the coin's value to $10 million.

"If I'm wrong and they can prove me wrong," Swoger said, "they owe me no money for the information. If my information is correct, it gives much more importance to Ephraim Brasher himself and his other gold coins, because it gives him a longevity that was not known before."

The lawsuit is an uncommon event in the world of rare-coin collecting, but there's no doubt that the Brasher Doubloon is fertile territory for intrigue.

"There's still quite a bit that's unknown about these coins," said Beth Deisher, editor of Coin World magazine, in a phone interview from her office in Sidney, Ohio.

The first "official" U.S. coin wasn't produced until 1793, she said. The country never authorized a $15 denomination, but that doesn't mean that a coin containing that precise gold value wouldn't be legal tender, she said.

Coin World will report on the lawsuit this week, but Deisher declined to express an opinion on it. Swoger has written for her magazine and is respected for his research in the coin-collecting world, she said. He has not published any documentation for his theory about the Brasher Doubloon.

And if Swoger's theory is correct?

"It would elevate the coin's historical importance," Deisher said. "Whether that translates to value is something that would have to be determined by the marketplace."

Friday, May 22, 2009

Mint Considers Starting Coin Reserve



By David C. Harper


Coins are in surplus now but the Mint is thinking about a reserve of coins to provide a buffer supply in times of high demand, or unexpected disruption, Mint Director Edmund C. Moy said in an interview with Coin Chat Radio May 20.

Right now the Mint produces coins month to month to match orders from the Federal Reserve System, which oversees the banking system's supply of coins and paper currency. It has no extra supply in on hand.

"It would be nice to have a bank of coins to draw on," he said.

During some recent months the orders for coins exceeded the Mint's capacity to produce them, Moy pointed out. A reserve of coins would allow the Mint to meet comfortably this higher demand.

"We've decided that the strategic reserve was a good idea to explore," Moy explained.

"If this costs a lot of money and it's cheaper for us to find other ways to meet the demand, that's where we're going to go."

Why examine this possibility in a year when coin demand and production is expected to drop by 70 percent from the 10 billion coin level of 2008?

Moy said it is a question that first came up two years ago when the Mint's distribution center was hit by a tornado.

With Washington intervening with the automobile manufacturers in Detroit, is a coin reserve some way to keep blank and strip suppliers to the Mint in business?

Moy said at this point suppliers have not officially been part of the discussion, but he noted that if one of them is acquired by another firm or goes out of business, it could create difficulties for the Mint. 

How big a stock of coins would be needed?

Moy said that is something that is under consideration and a specific target is not yet defined.

"We were created to create coins for use in commerce. The worst thing that can happen is that we have a shortage of coins," Moy said. "It's better to have a little bit extra."

To that end, "We're studying all the past trends," he said.

Because coin demand began falling even before the current recession, has there been a paradigm shift such that future demand for coins would be lower than what used to be the case?

Moy noted that coin demand at the commercial level has been holding up and coins are used in about one-third of commercial transactions. It is the demand for checks that has been declining. 

"Checking has gone down by roughly half its volume," Moy said.

He expected fundamental underlying demand for coins to continue to hold up.

The Mint is also evaluating the impact on Mint production of what Moy called coin aggregators, a term for Coinstar, which is a business that puts coin counters in commercial establishments and allows consumers to exchange coins for store credits or paper money.

This has the effect of meeting commercial demand for coins without additional new supplies being needed from the Mint.

"We hope to make some decision about this this year," Moy said.

Should the Mint decide to proceed with the concept of a strategic reserve, he said that nickels and dimes would be good denominations to strike for inclusion in it because so few of them have been struck this year and because their designs are not changing regularly as is the case for quarters and dollars.

This might be a warning to collectors who are drooling over the current relatively low mintages so far this year and the prospect that no more nickels and dimes will be produced.

Wednesday, May 20, 2009

Mint Releases Guam Quarter May 26



by U.S. Mint


Collectors may begin placing their orders for bags and rolls of Guam commemorative quarter-dollar coins on May 26, at noon Eastern Time.  The bags and rolls contain general circulating quality coins struck on the production floors at the United States Mint facilities at Denver and Philadelphia. 

The bags of Guam quarters are packaged in 100-coin bags ($32.95) and 1,000-coin bags ($309.95).  Each bag has a tag identifying the mint of origin and "GU."

The two-roll sets ($32.95) include one roll each of 40 coins bearing the "D" and "P" mint marks.  The distinctive packaging displays the mint of origin, "GU" and the dollar value of the contents. 

Both options display the genuine United States Mint logo. 

The Guam quarter-the third coin in the 2009 District of Columbia and U.S. Territories Quarters Program-is scheduled for release by the Federal Reserve on May 26.  The coin's reverse (tails side) design depicts the outline of the island, a flying proa (a seagoing craft built by the Chamorro people), and a latte stone (an architectural element used as the base of homes).  Inscriptions on the coin's reverse include GUAM and Guahan I Tanó ManChamorro, which means "Guam - Land of the Chamorro."

Tuesday, May 19, 2009

Mint Launches John Tyler Dollar at 10th President’s Home



by U.S. Mint


The United States Mint celebrates a new $1 coin today to honor John Tyler, the 10th President of the United States.  Former President Tyler's grandson, Harrison Tyler, joined United States Mint Deputy Director Andy Brunhart to celebrate the coin's release.  The event took place at Sherwood Forest Plantation, the home of President Tyler.  The official launch of the coin into general circulation is May 21.

"The John Tyler Presidential $1 Coin is the 10th coin issued by the United States Mint to honor those who have served in our Nation's highest office," Brunhart said.  "Americans will be reminded of President Tyler's contributions each time they use the coin, and we hope that will be often.  The Presidential $1 Coins are convenient to use for everyday commerce and 100 percent recyclable.  They also are great teaching tools." 

Brunhart and Tyler gave each child under 18 years old a new John Tyler Presidential $1 Coin to commemorate the event. There was no coin exchange at the event.  However, collectors may purchase rolls of John Tyler Presidential $1 Coins beginning at noon Eastern Time on May 21, at www.usmint.gov or by calling 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers may order by calling 1-888-321-MINT (6468).  There is no order limit on the rolls of Presidential $1 Coins. 

The obverse (heads side) of the John Tyler Presidential $1 Coin features a dramatic portrait of the former President and the inscriptions JOHN TYLER, IN GOD WE TRUST, 10TH PRESIDENT and 1841-1845.  The coin's reverse (tails) bears the image of the Statue of Liberty.  The inscriptions 2009, E PLURIBUS UNUM and the mint of origin (P or D) are incused on the coin's edge. 

John Tyler was born in 1790 to a prominent Virginia planter family.  Tyler, a lawyer, served as a Virginia state delegate and governor, U.S. Representative and U.S. Senator.  He also served as vice president for one month under President William Henry Harrison.  Tyler was the first vice president to take office following the death of his predecessor.  At that time, the U.S. Constitution was not clear on succession.  Rather than give up the office or accept limits on his power, President Tyler assumed all the duties and powers of an elected president, setting an important precedent.  President Tyler supported Texas statehood, a controversial proposition at the time.  He signed the bill annexing Texas three days before leaving office after his defeat in the election of 1844.  Tyler retired to his Virginia home, Sherwood Forest, named to reflect his political "outlaw" status.  He died in Richmond, Virginia, in 1862.

The Presidential $1 Coin Act of 2005 requires the Secretary of the Treasury to mint and issue Presidential $1 Coins to honor the U.S. Presidents in the order in which they served.  Four new designs will be released annually.

Friday, May 01, 2009

Mint Plans Huge Output Reduction



By David C. Harper

The U.S. Mint isn't about to tell its workers in Philadelphia and Denver to take a six-month vacation, but it could judging from the coin demand target it is aiming for in 2009.

The Federal Reserve System has placed orders for just 3 billion coins in 2009, down over 70 percent from the 2008 production level of 10.1 billion.

With approximately 1.2 billion coins struck already in the first three months of the year, that leaves eight months into which to divide production of just 1.8 billion coins. In the year 2000 the Mint was striking more than that per month.

The Mint says it will build a coin inventory, but unless the Treasury plans to stockpile the current commemorative Lincoln cents as it once did Morgan silver dollars, with its current business approach, it is hard to envisage the Mint going too far beyond projected coin needs.

Current workers, though, will embark on a six-month productivity maintenance effort that will assure future capacity. The Mint will also undertake capital improvements and maintenance that would be difficult to do with presses operating at a more normal pace.

A hiring freeze also has been imposed.

Already there is a scramble by collectors to acquire 2009 pieces because of their perceived scarcity. These target can only increase that perception.

Sunday, March 22, 2009

Mint Releases 2009 Presidential Uncirculated Set 4/2



by U.S. Mint


Uncirculated versions of the 2009-dated coins in the Presidential $1 Coin Program will be available beginning at noon Eastern Time (ET) on April 2, 2009.   The 2009 Presidential $1 Coin Uncirculated SetTM, priced at $15.95, contains coins bearing dramatic portraits of Presidents William Henry Harrison, John Tyler, James K. Polk and Zachary Taylor on the obverses (heads side). 

The Presidential $1 Coin Uncirculated Set includes eight beautifully crafted coins - four each from the United States Mint facilities at Philadelphia (P mint mark) and Denver (D mint mark).  A protective, rotatable blister encases each coin, allowing the edge-incused inscriptions to be fully visible.  The coins are displayed in an attractive folder that includes biographical sketches and portraits of each former President. 

Featured on the reverse (tails side) of all Presidential $1 Coins is a striking rendition of the Statue of Liberty.  The inscriptions E PLURIBUS UNUM, the year 2009 and the mint mark (P or D) are edge-incused on the coins.  The inscription IN GOD WE TRUST is featured on the obverse of the Presidential $1 Coins. 
 
Orders for the 2009 Presidential $1 Coin Uncirculated Set and other Presidential $1 Coin products can be placed by using the United States Mint's secure Web site, www.usmint.gov.  Orders are also accepted at the toll-free number, 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers may order by calling 1-888-321-MINT (6468).  Please add $4.95 shipping and handling fee to all domestic orders.

Note:  To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of noon ET on April, 2, 2009, shall not be deemed accepted by the United States Mint and will not be honored.  For more information, please review the United States Mint's "Frequently Asked Questions," Answer ID #175, on the Online Catalog.


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

Friday, March 06, 2009

Mark Twain Coin Proposed for 2013




By David L. Ganz



Identical bills have been introduced in the U.S. Senate and House of Representatives to require the Mint to produce a commemorative silver dollar and a $5 gold piece in 2013 honoring a pseudonym, Mark Twain, one of America's most beloved authors.

Born Samuel Langhorne Clemens, the author who created the characters of Huckleberry Finn and Tom Sawyer, who appear in his books mandated for reading for generations of American high school and college students, had a variety of careers including riverboat captain, newspaperman, humorist and book publisher. He published the highly successful memoirs of the dying Ulysses S. Grant.

Senate Banking committee chairman Chris Dodd, D-Conn., whose committee handles all coinage legislation backs S. 483 in the Senate. His may be the final word near session's end when many coin bills are finally pushed into law. 

The House version, H.R. 1195, is Connecticut's Rep. John B. Larson.

Clemens was a longtime resident of Connecticut.

Up to 300,000 gold coins and 500,000 silver dollars are called for. Proceeds benefit four different properties from a variety of locations that were important to Clemen's life.

Some 40 percent of the surcharges would go "to the Mark Twain House & Museum in Hartford, Conn., to support the continued restoration of the Mark Twain house and grounds, and to ensure continuing growth and innovation in museum programming to research, promote, and educate on the legacy of Mark Twain."

Then 20 percent each to "the Mark Twain Project at the Bancroft Library of the University of California, Berkeley, Calif., the Center for Mark Twain Studies at Elmira College, N.Y. and ... to the Mark Twain Boyhood Home & Museum in Hannibal, Mo., to preserve historical sites related to Mark Twain and to help support programs to study and promote Mark Twain's legacy."

Under House and Senate rules, two- thirds of each body must approve co-sponsorship before a hearing can be held; but with Dodd as committee chair, that is probably going to be inapplicable.

Friday, February 13, 2009

Long Beach Expo Sees Strong Business



By Numismatic News


"Coin and bank note collecting are still very much alive, despite the gloomy U.S. economy," said Ronald J. Gillio, general chairman of the Long Beach Coin, Stamp & Collectibles Expo.

Public and dealer attendance was good at the Feb. 5-7 show, he reported.

"Although some regulars notified us earlier they would not be taking their usual tables, we easily filled those spots with other dealers who've been on waiting lists," Gillio said. "We also sold a record number of 'early bird' admission badges to visiting dealers who did not set up tables."

Gillio said the $13 million sale by the official auctioneer of the Long Beach Expo, Heritage Auction Galleries of Dallas, Texas, and reports of many deals done on the bourse floor were encouraging.

"These are millions of dollars still being spent on numismatic items; millions of dollars not going into the stock market, the real estate market or even to buy food or clothing," he said.

National Basketball Association Hall of Fame player and former Los Angeles Lakers star, Kareem Abdul-Jabbar, was among the visitors to the show. 

"We also had Billy Gibbons, the lead vocalist for the group, ZZ Top, at the show on Friday afternoon," he said.

More than 100 children took part in the Saturday treasure hunt, including members of an Orange County California Boy Scout troop that came to the show with Scout leaders.

The next Long Beach Expo will be held May 28-30, 2009 in the Long Beach, California Convention Center. For additional information, call the Expo office at (805) 962-9939 or visit online at www.LongBeachShow.com. 

Friday, February 06, 2009

Billion Dollar Shipwreck Mystery Solved



By Catherine Cannon


American salvage workers say they have discovered the wreckage of one of the most important ships in British naval history.  Its location and treasure remained a mystery, until now.

HMS Victory fate

The fate of the HMS Victory has puzzled historians and treasure-hunters for centuries. In 1744, the ship sank somewhere in the English Channel. More than 1,000 men and treasure were on board.  

"It's not often that a vessel goes missing with all hands and no one has any idea what happened to it," Greg Stemm said. He and his team from Odyssey Marine Exploration believe they have solved the mystery.

Important finds

They recovered two bronze cannons from the wreckage, confirming it was the HMS Victory.  Their work was recorded by the US-based Discovery Channel.

"You can't appreciate it on the water," one crew member said. "You know it's big, but you don't appreciate it until you actually see it."

The team made the discovery nearly 100 kilometers from where the ship was believed to have gone down.  

Even though crew members are excited about the finds, they are hoping to find more.

Searching for treasure

"Treasure is, of course, what we're looking for. We have to pay the bills," said Tom Dettweiler, senior project manager at Odyssey Marine Exploration.

The team's researchers found documentation showing the ship was carrying four tons of gold, and they believe it could be worth more than $1 billion.

But the British government claims it owns the ship and its contents. The company hopes to strike a deal with Britain in exchange for excavating the wreckage.

"We are not doing it for free. We are hoping they will pay a minimum of our daily expenses," Dettweiler said. "And should we recover a very valuable cargo, we would like to see a split on that cargo." Their work is not cheap. It costs about $35,000 a day.

Underwater search

Archeologist Neil Dobson maneuvers a deep sea robot named Zeus to explore the shipwreck. "I can sit here relatively comfortable for hours on end, getting detail," Dobson explained.

The recovery process could take up to one year. For now, the Odyssey crew is enjoying the spotlight.

"Historically, this could be one of the greatest recoveries ever," Dettweiler said. "We are really going to tell this story."

But not just yet. The exact location of the shipwreck is still Odyssey's secret. And as for the treasure, time will tell if it rests with the HMS Victory.

Tuesday, February 03, 2009

Are Standards Slipping or Being Fine Tuned?

By F. Michael Fazzari



Today, Mint State Seventy (MS-70) denotes a perfect coin  or does it? That was not always the case. There was no MS-70 when I started collecting coins. Or perhaps I should write that I cannot recall ever seeing, hearing, or reading about an actual coin reaching this grade. In fact, the only coins that were graded using numbers were large cents.
As it is today, the numbers represented adjectival grades. An uncirculated large cent could be MS-60, MS-65, or MS-70 with much of its grade based on color. Numeric grades of -62, -63, -64, -66, -67, -68, and -69 did not exist; but that's a subject for another time as these grades eventually were added to the uncirculated range.
I cannot remember exactly when the numismatic community decided to actually use the MS-70 grade for coins. Up until then, MS-70 was just a number at the top end of the grading scale because it was believed that no coin could be perfect, without mark or blemish. Someone could always find some imperfection on a coin, especially those considered to be old or "vintage."
When I was an active collector, the cutoff date between vintage and modern coins was 1964; but who knows where it is now since we have entire generations of new collectors who never saw silver coins in circulation.
Back then, the most perfect coins were to be found in proof sets. These were special coins struck with great care for collectors. Many of these coins would rate a grade of MS-70, but it just wasn't used.
Now, let's fast forward to the mid-1980s. In addition to proof sets, the Mint started producing modern bulk gold and silver American Eagles. These coins were struck in proof or brilliant uncirculated and great care was used in their production.
It became extremely rare to find one of these coins that didn't grade over MS-67 right from an unopened tube. The major flaw for the silver coins (particularly for some dates) was spotting due to some process at the Mint that has since been virtually corrected.
As I think back, I recall that the grading standard used for these coins was almost comical. Since the MS-70 grade was not used at all, MS-69 became "code" for a perfect coin (which couldn't exist) so that made MS-68 the highest grade a flawless silver Eagle could achieve.
I know of one grading service that printed generic MS-67 labels and routinely encased every unspotted silver Eagle at that grade no matter what they looked like. At the time it was no big deal. These coins were simply silver bullion and they all came nice from the Mint  as I said, MS-67 or higher.
I'll admit that it was hard to justify grading a "perfect" silver Eagle MS-67 or MS-68 at the time, but, that is just what was done. Remember, many knowledgeable numismatists and industry leaders insisted that a perfect coin could not exist. At the time, MS-69 denoted a perfect coin because no one wanted to use the MS-70 grade.
I had to explain this anomaly to my grading seminar students when they would examine a coin under magnification having a full strike, full blazing luster or mirror surfaces, no marks, spots or hairlines and would ask me why the coin was not graded MS-70. Gradually, as collectors began saving these bullion coins by date, pressure was put on the grading services to use the highest grades.
Slowly the grade of MS-69 became commonplace; yet all was not well. If a collector had two similar coins graded MS-69 and one had no imperfections he could see while the other had micro problems, why were they both graded the same? The MS-70 barrier had to be broken. As for our older numismatic coins, there was a great hoopla when one or the other major grading services assigned an MS-69 grade to a Barber quarter or Morgan dollar.
I cannot recall which grading service took the first plunge but eventually all the other grading service hold-outs were forced to adopt the MS-70 grade or lose market share of the grading fee pie.
The plus for collectors was that there was a definite difference between an MS-70 Eagle and one that graded lower. At first, the MS-70 grade was used sparingly as it should have been. That's because if you examine most coins closely you will be able to find a defect or two. Nevertheless, there are perfect coins out there especially as proofs, modern commemoratives and Eagles.
What graders, dealers and collectors must safeguard is this idea of perfection. Sooner or later the MS-70 standard will slip in the commercial market. Dealers will say grading is evolving as pressure from collectors to possess a perfect MS-70 coin may force some graders to overlook a defect or two yet still assign the coin a perfect grade of MS-70. If we let this happen, what will we call a truly perfect coin? MS-70 with a "star?"

Friday, January 30, 2009

2009 Lincoln Commemorative Silver Dollar



by U.S. Mint


The United States Mint will release the 2009 Abraham Lincoln Commemorative Silver Dollar on February 12, 2009. This date will also mark the 200th aniversary of Lincoln's birth and the release date for the first 2009 Lincoln Cent design. While the commemorative coin's designs and release date had been known previously, there is some new information regarding price and ordering options.

The 2009 Lincoln Commemorative will be offered in both proof and uncirculated versions with a combined maximum authorized mintage of 500,000 coins. According to a recent article from Coin World, the proof coins will be priced at $37.95 and the uncirculated coins will be priced at $31.95. These prices will apply for coins ordered during the pre-issue discount period (February 12 - March 26, 2009). There will be an initial household limit of 100, each for proof and uncirculated coins.

This pricing actually represents a decrease from last year's pricing level for silver dollar commemoratives. The 2008 Bald Eagle Commemorative Silver Dollars were priced at $39.95 and $35.95 during the pre-issue discount period.

The US Mint will reserve 50,000 coins from the 500,000 maximum authorized mintage for inclusion within a special set. This set will feature proof versions of all four 2009 Lincoln Cents and the proof version of the 2009 Lincoln Commemorative. This set has not been listed on the US Mint's product release schedule, but should be available in the spring.

In my opinion, the 2009 Lincoln Commemorative will be popular and has the potential for a sell out. Lincoln is a well known historical figure, which usually bolsters commemorative coin sales. The release of the four newly designed 2009 Lincoln Cents should also serve to build collector and even mainstream awareness of the commemorative coin. Lastly, if the unavailability of the 2009-W Uncirculated Silver Eagles and 2009 Proof Silver Ealges continues, collectors may opt to purchase silver coins from the US Mint's commemoartive programs.

The last comemorative silver dollar to sell out was the 2006 Benjamin Franklin Commemorative. Prior to that was the 2001 American Buffalo Commemorative Silver Dollar. Last year's 2007 Bald Eagle Commemorative Silver Dollar came close with total combined sales across all product options of 415,122 out of a maximum 500,000.

Tuesday, January 27, 2009

2009 U.S. Mint Presidential $1 Coin Proof Set Available 2/10



by U.S. Mint


Proof versions of the circulating Presidential $1 Coins scheduled to be released this year will be available in one set beginning 12 noon Eastern Time on February 10, 2009.  The 2009 United States Mint Presidential $1 Coin Proof Set TM, priced at $14.95, contains coins honoring William Henry Harrison, John Tyler, James K. Polk and Zachary Taylor.  Each coin has a common reverse design featuring a striking rendition of the Statue of Liberty.

The term "proof" refers to a manufacturing process in which specially treated coin blanks are struck multiple times with specially polished dies to create a brilliant, sharp relief and mirror-like background.  A frosted, sculpted foreground gives the proof coin a special "cameo" effect.  The "S" mint mark, representing production at the United States Mint at San Francisco, is inscribed on the edge of each coin.

Customers may order the 2009 United States Mint Presidential $1 Coin Proof Set at www.usmint.gov or at 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers with TTY equipment may call 1-888-321-MINT (6468) to place an order.  A shipping and handling fee of $4.95 per order will be added to all domestic orders.  There is no order limit or mintage limit on this set.

Customers also may enroll in the United States Mint Online Subscription Program to receive automatic shipments of the United States Mint Presidential $1 Coin Proof Set and other select products when they become available.  Visit www.usmint.gov for more information on this convenient, carefree shopping method.

Presidential $1 Coins for general circulation will be released throughout 2009, beginning with the William Henry Harrison Presidential $1 Coin on February 19.

Friday, January 23, 2009

NASA Gold and Silver Coin Legislation Again




By CoinNews.net



Collectors who enjoy planetary themed proof coins may get another chance at adding ten more to their collection beginning in 2011.

A new NASA commemorative bill has been introduced again that seeks to "mint and issue $50 gold and $1 silver coins emblematic of the 50 years of exemplary and unparalleled achievements of NASA."

H.R. 255, entitled the NASA 50th Anniversary Commemorative Coin Act, was introduced by Rep. Sheila Jackson Lee on January 7, 2009.

The act may sound familiar as it has become a yearly tradition of late. In 2007, a nearly identical H.R. 2750 passed in the House. In 2008, the Senate passed S. 2159, which had but a few changes. The 110th congress was unable to synchronize either before its session ended, resulting in this latest attempt for the 111th congress to consider.

Ironically, NASA began operation on October 1, 1958 and celebrated its 50th anniversary last October. The legislators may minimally want to consider a new bill name.

As for the details, H.R. 255 calls for up to 50,000 gold coins with a reverse design honoring U.S. astronauts who lost their lives in the line of duty. The obverse or heads side would depict the sun.

A maximum of 300,000 $1 silver coins for each of 9 designs would be authorized as well. The obverse of these would bear an image consistent with the nine planets (in the case of Pluto, a dwarf planet). The legislation provides specific guidelines for the reverse of four designs:

EARTH COIN- The reverse of the $1 coins issued under this Act which bear an image of the Earth on the obverse shall bear images emblematic of, and honoring, the discoveries and missions of the National Aeronautics and Space Administration, the Mercury, Gemini, and Space Shuttle missions and other manned Earth-orbiting missions, and the Apollo missions to the Moon.

(II) JUPITER COIN- The reverse of the $1 coins issued under this Act which bear an image of the planet Jupiter on the obverse shall include a scientifically accurate depiction of the Galilean moon Europa and depict both a past and future mission to Europa.

(III) SATURN COIN- The reverse of the $1 coins issued under this Act which bear an image of the planet Saturn on the obverse shall include a scientifically accurate depiction of the moon Titan and depict both a past and a future mission to Titan.

(IV) PLUTO (AND OTHER DWARF PLANETS) COIN- The reverse of the $1 coins issued under this Act which bear an image of the planet Pluto on the obverse shall include a design that is emblematic of telescopic exploration of deep space by the National Aeronautics and Space Administration and the ongoing search for Earth-like planets orbiting other stars.

H.R. 255 additionally would authorize a bronze duplicate of the $50 proof gold coin.

Each coin would have a surcharge of:

(1) $50 per $50 coin;
(2) $10 per $1 coin; and
(3) $1 per coin for any bronze duplicate.

Thursday, January 22, 2009

ACCG Gains Influence With Collectors




By Richard Giedroyc



The Ancient Coin Collectors Guild is defending more than collectors of ancient coins against special interests in archaeogical circles who would outlaw collecting ancient coins if these people could legislate it. Readers should understand that the ACCG is defending all collectors regardless of the age of the coins in their collections, since these special interests claim just about any object of any significant age is the cultural patrimony of the country where it was either found or originated and for this reason should be repatriated to that country regardless of who has current title to that object. Defining what exactly these "objects" are is vague, but the archaeologists and legislators involved have ensured the definition is still clear enough to include coins.

Consider this a shameless plug for the ACCG if you like, but this is an organization worth plugging. The latest news of the organization is likely best explained by its director, Wayne G. Sayles.

Sayles is quoted in the December 2008 issue of The Celator, a magazine for collectors of ancient coins, as saying, "The ACCG has come a very long way in the four years of its existence, and is a force to be reckoned with on the cultural property scene."

Sayles is responding to an unintended compliment the ACCG received from archaeologist Paul Barford in a recent blog. In that blog Barford calls the ACCG "the most prominent ancient coin collectors' lobby group worldwide."

Sayles continues in The Celator, saying: "While antiquities dealers and organizations, with the exception of Hershel Shanks, have all but vanished from the cultural property debate, the ACCG has grown stronger, more capable, and more aggressive in defending the rights of private collectors of ancient coins. Even the museum community is unable to mount the sort of resistance that it once did."

Sayles makes a plug worth reiterating here, saying: "If you, as a collector or dealer, are not a member of the ACCG you simply must not understand what the ACCG does for you. The guild will be launching a membership campaign at the turn of the year, and I would hope - strike that - I would expect that every reader of The Celator would want to be a member of the ACCG. It is the only collector organization that aggressively opposes the formidable pressures against private collecting."

Sayles may have directed his comments towards readers of The Celator, but readers of World Coin News should understand that the term "ancient" is now being liberally applied to much more modern coins by nations that would like to prevent collectors and museums from owning what those nations have decided are their cultural patrimony. The Peoples' Republic of China, as an example, has been defining ancient coins of China as those being struck prior to 1911, while attempting to demand the return of their ancient coins from private collectors and museums by lobbying the U.S. government for legislation that would mandate it.

The ACCG can be contacted at www.accg.org.

Wednesday, January 21, 2009

Quarters Detailed




By Mike Thorne



How do you feel about the Standing Liberty quarter, minted from 1916-1930? If you're like most collectors, you probably think it's one of the most interesting and attractive 20th-century issues. That's certainly the way I feel about the series.

After all, Standing Liberty quarters were still circulating when I started collecting in the mid-1950s. Remember, that was only about 25 years after the Mint stopped making the coins. The next time you're at the bank, get a couple of quarter rolls and see how many 25+ year-old coins you can find.

As I said, Standing Liberty quarters turned up from time to time, and these weren't dateless coins either. The best find I can remember was a 1927-D my father retrieved from the coffee change at his office. A certification company assigned it a grade of About Uncirculated-58.

All of this is by way of introduction to J. H. Cline's fourth edition of Standing Liberty Quarters. Cline has the reputation of being an expert and aficionado of this series. His previous edition of this book was published in 1997, a decade before the 2007 publication date of this new edition.

Just a glance at the new edition informs me that Cline has added 60 pages. Published by Zyrus Press, the fourth edition appears to be more professionally done than the third edition, which was self-published. 

Still, Cline's latest work has the same personal touch as his earlier editions. It's obvious from his writing that this is a coin he dearly loves. As he puts it in "How I Got Started and Other Stories," "Like no other coin or series, I loved the Standing Liberty quarter at first sight and that love still burns white hot!" Cline was motivated to write about this love when he "began to look for anything in print about the series, and found nothing."

Cline doesn't begin this book with a look at the development of the coin, as you might expect. Instead, he talks about his visit in 1995 to the Smithsonian Institution, where he was able to examine the Standing Liberty quarters in the National Numismatic Collection. "It was a dream come true!" he exclaims. He ends this brief chapter with a description of some memorable pieces he studied at the museum. One that caught my eye was a 1927-D, which he writes "looks deep mirror prooflike and has a frosty eagle, but it is not a Full Head."

Chapter 3 tells about the artist, Hermon Atkins MacNeil, and the next chapter deals with the headaches involved in actually bringing the Standing Liberty quarter to fruition. The title of this chapter, appropriately, is "Government Bureaucracy." Cline's written material is supplemented with several pages of copies of the correspondence between MacNeil and various mint officials.

In Chapter 5, Cline briefly explores the possibility of two models for the final coin. Doris Doscher, the woman usually credited with modeling for MacNeil, was, according to Cline, "one of the first women to promote natural medicine and exercise for good health." She became a devotee of self-improvement following her successful recovery from polio.

The other possibility was Irene MacDowell, the wife of MacNeil's tennis partner. The Evening News of Newburgh, N.Y., published shortly before MacDowell's death, "carried almost a full page article of Irene MacDowell in which she finally admits to being the 'barebreasted' beauty that posed for her friend, Hermon MacNeil."

Cline is particularly fascinated with full head Standing Liberty quarters, which are analogous to full bell lines Franklin halves, full split bands Mercury dimes, etc. In other words, a fully struck Standing Liberty quarter can be identified by the detail on Liberty's head. In Chapter 7, "The Connoisseur Section," Cline includes a date-by-date examination of the series. As an illustration of what he has to say about individual dates, he writes of the 1927-S: "Very, very tough! Have handled less than 10 pieces in sharp Full Head MS65.& Probably a 10 piece or less availability. TOUGH!!!"

Chapter 8 is the heart of the book, as this is where Cline presents his "Year and Mintmark Analysis" of the series. The description of each coin takes approximately a page and a half. As you would expect, there's a picture of the coin's obverse and reverse along with the date's mintage. This is followed by the coin's rank in terms of price, then its quantity rank. To illustrate, for the 1927-S the mintage was 396,000, which gives it a quantity ranking of 3 (after the 1918/7-S and the 1916). The price rank is 2, as the coin is second only to the overdate in price in Mint State-65 with full head.

Next, Cline has a chart of "Estimated Population by Grade." According to this chart, he estimates that approximately 67 percent of the remaining coins grade from Good-Very Fine, and that only 3 percent of the date are in gem condition. "Less than 1% struck with Full Heads," he writes.

In one interesting paragraph, Cline compares the 1927-S with the 1916 in terms of the number of full heads. "Your author would rate it three to five times rarer than the 1916 in Full Head. With that said, the present price for a 1927-S FH is not in line with the real scarcity of the coin. In the 45 years your author has collected and admired these coins, the ratio I have observed is at least one 1927-S to twenty-five 1916s with Full Heads.

Near the end of the 1927-S section, Cline has a table based on Professional Coin Grading Service and Numismatic Guaranty Corp. population numbers giving the availability of full heads in mint-state grades from MS-64 to MS-67. For MS-65, the two major services have certified a total of seven full head pieces, with another 65 in this grade without full heads.

Note that I've merely scratched the surface of what you can find about Standing Liberty quarters in Cline's new edition. Fortunately, the list price of the book is quite low at $21.95. If you like and/or collect the series, if only by type, then Cline's book should be in your numismatic library. 

Tuesday, January 20, 2009

When U.S. needs money in Civil War, it turns to Lincoln and demand notes

By Jeff Starck



When the U.S. government got into the business of issuing paper money to support the nation during the Civil War, it relied on a well-known salesman to make the pitch.

Images courtesy of www.HeritageCurrency.com. Abraham Lincoln appears on the Series 1861 $10 demand notes, known also as "Greenbacks" for their colorful backs. The notes were part of an issue meant to fund the U.S. government's operation during the Civil War.
The $10 denomination of these Series 1861 non-interest-bearing notes, or demand notes, depict President Abraham Lincoln, a historical feat that was more than circumstantial.

Demand notes are notable for being the first federal paper money issued for circulation. The $5 and $20 demand notes depict allegorical figures but bear no portraits. Thus Lincoln's portrait made the $10 notes the first U.S. federal paper money to depict a living person.

Lincoln's appearance on these notes was a political act. Lincoln's portrait, engraved by Frederick Girsch based on a photograph by C.S. German, acted as "the visualization of a political myth into a commercial image," according to Fred Reed in Coin World (July 10, 2000, issue).

"On currency, we witness this materialization of metaphor: the federal government's money was valuable because it was identified with the president and the destiny of our federal Union."

It was a critical time for the Union as it approached bankruptcy while engaging in war.

Salmon P. Chase, secretary of the Treasury under Lincoln, proposed the production of non-interest-bearing notes to circulate as money to raise necessary funds.

According to Wesley Clair Mitchell in A History of the Greenbacks, in spite of doubts "that the government had the constitutional authority to issue paper money, Congress adopted Chase's plan in the Act of July 17, 1861, and the first U.S. government-issued paper money came into being."

The Acts of July 17 and Aug. 5, 1861, authorized the production of $60 million of the notes that became popularly known as "demand notes," a title based on certain provisions of their issuance.

Each note bears the promise to pay the bearer the designated number (five, 10 or 20) of dollars on demand. Payment, however, could be made by only the assistant treasurer of the United States at Boston, New York, Philadelphia, St. Louis or Cincinnati.

Demand notes were also nicknamed "Greenbacks" for the green ink used on the back.

According to Paper Money of the United States by Arthur L. and Ira S. Friedberg, the notes are additionally unique in U.S. currency in that "they alone bear neither the Treasury Seal nor the actual names of the Treasurer and Register of the Treasury. They also have the serial number imprinted only once."

Demand notes bear the dates July 17, 1861, and Aug. 10, 1861. The later date may represent the days the notes were first issued to the public.

An 1861 issue of notes totaling $50 million in face value was followed by an issue of $10 million in total face value in February 1862. The two issues were produced by both the American Bank Note Co. and the National Bank Note Co., each a private printer in New York under contract with the government.

The $10 note's face design features a bust of Abraham Lincoln to the left, a vignette of an eagle with draped shield in the top center and an allegorical female representing Art to the right.

On the back, the numeral 10 appears both to the right and left of a Roman numeral X, with ten dollars centered in the top and bottom of the bill.

According to Mitchell, demand notes were payable in gold on demand at the subtreasuries and receivable for taxes and custom dues.

The government suspended specie or in-kind payments after Dec. 28, 1861, and the new paper money could not be converted into coin, either silver or gold, explain the Friedbergs. Redemption was thus an empty promise, and the public was forced to accept the new currency purely on faith, believing that the money would be good.

That was a tough sell.

Merchants, store owners and railroad corporations refused them or restricted their use. Banks worried government money would drive their own issues from circulation, Mitchell states.

The notes gained some traction because the government used them to pay soldiers and creditors, and the secretary and other Treasury officials signed a paper agreeing to take them in payment of their salaries.

By 1862, demand notes had gained a foothold in the American consciousness, just as they were being withdrawn in favor of other paper money.

A small quantity of notes is extant, and Lincoln's image remains as a lesson in the politics of paper money during wartime.

Monday, January 19, 2009

Denver Lincolns in "S" Shadow
By Paul M. Green


New Lincoln cent designs in 2009 are likely to bring in new collectors of Lincoln cents. This will test existing supplies of 100 years of Lincoln cents. If there is one place you might very well want to look for good values today, that is in the usually overlooked Lincoln cents of Denver.

The Lincoln cents from Denver with the exception of the 1914-D and 1922 with no "D" receive very little attention. It should not be that way, but it has been a long-standing fact of life with Lincoln cents that the bulk of the attention goes to the generally lower mintage cents from San Francisco. That has meant that if you want some sleeping values in Lincoln cents, the cents of Denver are an awfully good place to look.

At the time Denver produced its first Lincoln cent in 1911 the facility was still less than a decade old. The delay in producing Lincoln cents, which had made their debut in 1909, is hard to explain beyond the simple fact that the priorities for the new facility were apparently not cents. In reality, it is not all that unusual as it would take until 1912 before Denver and San Francisco would produce their first nickels, so realistically it simply appears that it took time for the branch mints to begin producing the lower denominations once they had been authorized to do so. 

The first Denver cent was the 1911-D Lincoln and it was emerging into a world where collectors were just getting used to the idea of cents being produced outside Philadelphia. For years there could be no production of coins containing no gold or silver at facilities other than Philadelphia and that restriction had only been recently lifted. As a result, even San Francisco, which had been making coins since 1854 did not produce its first cent until 1908. Denver, on the other hand, had been striking coins only since 1906. 

The 1911-D cent had a mintage of 12,672,000 and although the thought is as the first cent from Denver it might have been heavily saved, there is no real evidence of especially strong saving by anybody. Certainly a few extra examples were set aside, but realistically the 1911-D is not like the 1909 VDB where rolls were being discovered for years.

At $5.25 in G-4, the 1911-D is basically at about the price you might expect for a coin of its age and mintage. In MS-60 at $92 it is cheaper than the 1912-D and the same is true of the $1,550 MS-65 price. This might be due to a little extra supply from a higher mintage.

There is a little evidence of saving as the Professional Coin Grading Service reports 145 examples in MS-65 or better and that is a little high for a Denver issue of the period, but that said the 1911-S is $3,300 in MS-65 and the PCGS total for the 1911-S in MS-65 or better is 110, so it can hardly be suggested that the 1911-D is available in extremely high numbers. In fact, you have to conclude with roughly 35 more examples of the 1911-D graded by PCGS its nearly $2,000 lower price makes it a pretty good deal.

The 1912-D seems to get more attention than the historic 1911-D perhaps in part because what limited extra saving there was in 1911 would not carry over into 1912 and perhaps because the 1912-D had a slightly lower mintage at just 10,411,000, which translates into a $7 G-4 price today with an MS-60 at $165 and an MS-65 at $2,800, which is significantly higher than the 1911-D and with good reason as PCGS reports just 83 examples, roughly 60 fewer than the 1911-D. 

The trend continues with the 1913-D, which had a higher 15,804,000 mintage. That makes it less costly in G-4 at just $3 while an MS-60 is $98, but an MS-65 is $2,100 and that price is supported by the fact that PCGS reports just 102 examples, a total still well below the 1911-D.

If any early Denver date is not overlooked it would have to be the 1914-D. With a mintage of 1,193,000, the 1914-D from the start was a better date but realistically it was not given the attention it might have received as its low mintage did not look all that low when compared to the 1909-S VDB.

In any grade the 1914-D is better with a G-4 at $220, which is a solid increase from a price around $80 in the same grade back in 1998 and among regular dates that $220 price puts it behind only the 1909-S VDB among the regular Lincoln dates. Where the 1914-D become special, however is in Mint State where it lists for $1,975 in MS-60 and $24,000 in MS-65 and that listing is up from just $3,900 back in 1998. 

Things are a little tricky with the 1914-D as in MS-65 PCGS reports a total of 90 coins, which is actually higher than the 1912-D, and which seems high when compared to a number of other issues. Perhaps the 1914-D is more available even in top grades than we expect but a more likely reason is a continuing flow of coins to the grading services in the hope of getting higher grades as any 1914-D that can come back with a grade higher than MS-65 is likely to be a featured coin at auction and a candidate for headlines with one of those surprising prices ultra- grade coins sometimes command.

It must also be remembered that with a reputation as the key Lincoln cent in MS-65, the demand for the 1914-D remains higher than usual, so we have a variety of factors potentially playing a role in producing what seems like a very high price considering the numbers graded.

The 1915-D would have a higher mintage of 22,050,000, although today that hardly appears to be a large number, but at the time it was the first Denver cent to top the 20 million mark. That higher total makes the 1915-D just a $1.75 coin in G-4 while an MS-60 is just $70 with an MS-65 at $1,350. The PCGS total of just over 120 examples graded in MS-65 makes the 1915-D a more available early date although it is still seen less often than the 1911-D.

In the dates that follow we see evidence that at least some are monitoring the availability of Denver dates more carefully than we might suspect. The dates from 1916-1920 had higher mintages in most cases and basically went unnoticed by collectors for many years. The dates while not very expensive in MS-60 today with prices safely under $100 are a very different matter in MS-65.

If you look at the dates from Denver during the period you find that the 1916-D and 1917-D are $3,300 and $3,000, respectively, in MS-65 with the 1918-D at $3,650 and the 1919-D at $2,700 and the 1920-D at $2,750. Those levels seem high when compared to the earlier lower mintage dates. In fact, the prices are not high as the grading services support the prices as the 1918-D for example has been seen by PCGS just 51 times in MS-65 a total about one-half the number of the 1914-D. It is that way with the other dates as well, so while not well known someone has learned that these dates are not as available as their mintage totals might suggest in top grades like MS-65.

The early 1920s were a confused period primarily because the mints were basically taken away from their normal activities to create large numbers of silver dollars. The Secretary of the Treasury wanted over 200 million silver dollars produced and he wanted them in a hurry to back a new issue of Silver Certificates. It was not an easy task as silver dollars take time to produce and 24 hours a day for six days a week the lights never went out and the machines never stopped at the mints as silver dollars poured out in record numbers. All that activity, however, meant that the mintages of cents and other denominations were reduced dramatically. It explains why there was no 1921-D Lincoln cent as Denver was simply too busy making dollars. 

The situation also explains why the 1922-D had a low mintage of just 7,160,000 pieces. With such a low total the 1922-D has become a better date at $17.50 in G-4, $108 in MS-60 and $2,450 in MS-65. In fact, it probably could be higher but the 1922-D gets overshadowed by another 1922 Lincoln cent produced at Denver.

The 1922 no "D" was a result of something clogging the mintmark. As production continued, the die filled, and the mintmark became progressively less visible until finally there was none at all. Though produced at Denver, the coin looks to have been produced at Philadelphia but we know that is not the case as Denver was the only facility to produce Lincoln cents in 1922.

The 1922 with no "D" is a very tough coin, listing for $750 in G-4 for the variety with a strong reverse and it gets tougher in higher grades. In MS-60 it lists for $11,000 while an MS-65 is at $200,000.

In fact the price is fair as PCGS reports only two examples seen in MS-65 and in this case the grading services are likely to be a good gauge of available supplies as the 1922 no "D" is a coin where you want expert help as the loss of the "D" was progressive and the coins that have a very weak "D" might appear to have none but in fact are significantly less valuable than a coin that actually has no trace of the "D," With the high prices especially in Mint State you want to be sure of your purchase and that makes having any 1922-D with no "D" certified a good idea.

The continuing need to make silver dollars or catch up on the production of other denominations resulted in no Denver cent production in 1923, but production would resume again in 1924 and become regular after that. The dates from 1924-1929 are all better in MS-65 perhaps in part because of a lack of saving, or more correctly in this case, a lack of careful selecting as the collectors and dealers of the day were usually simply content with saving an uncirculated example without spending much time and effort to examine the coin to determine if it was a better example or simply an average coin. That was important as the 1920s were a period especially in the case of branch mints where quality was frequently low.

The best of the group from the period in MS-65 is the 1924-D, which is currently priced at $9,500 in MS-65 with PCGS reporting only 59 graded. The 1924-D in addition to the high MS-65 price is a better date in all grades thanks to a mintage of just 2,520,000 pieces. While that total is very low, historically the 1924-D receives relatively little attention considering it is in a very small group of Lincoln cents to have a mintage of fewer than 3 million.

The 1929-D is an interesting date that might well be suggested to be a transitional date. The Denver Lincoln cents of the 1930s are usually more available with prices of less than $100 even in MS-65. In the case of the 1929-D it is certainly more available than a date like the 1924-D with an MS-65 listing of $625 while an MS-60 is just $24, but it is tougher than the dates that would follow.

The greater availability of the cents from the 1930s certainly traces to higher mintages, but also increasing interest during the decade. The Great Depression amazingly saw coin collecting increase in popularity. Perhaps at a time of such economic distress, the idea of finding valuable coins in circulation appealed to many. That increased interest was supported as great information became available and most importantly the first holders to house a collection began to appear.

There were, however, some lower mintage dates like the 4,480,000 mintage 1931-D, which can be found at $5 in G-4 while the 10,500,000 mintage 1932-D is $1.40 and the 6,200,000 mintage 1933-D is $3.50 in G-4. While such dates bring premium prices in circulated grades, in Mint State their prices and availability reflect the fact that cents in greater numbers were being saved by the collectors and dealers of the period.

The popularity of Lincoln cent collecting continued to grow with the passage of time. It was natural as new collectors would start with the lowest denomination and when you couple that added saving with higher mintages, the supply of Lincoln cents in top grades would improve dramatically. Basically all of the Denver Lincoln cent dates from the 1940s and 1950s are available today and many times at prices below $20 in MS-65.

There is a better date in the form of the 1944-D/S which is an unusual coin for at the time there were not many errors at least in Lincoln cents. The 1944-D/S was discovered fairly quickly, which was also unusual, resulting in a $235 XF-40 price. An example in MS-65 is $3,750, which is probably a good price when you realize that PCGS has only seen only 18 examples. Until there is greater demand, however, the 1944-D/S will probably not reach the price levels that seem possible based on the numbers known.

The zinc-coated steel 1943-D is one of the popular cents of 1943 that are souvenirs of World War II as the special composition was created to conserve on copper supplies, which it was thought would be needed for the war effort.

The 1943-D had a mintage of 217,660,000, but the demand today keeps price strong at $8.50 in MS-65. Like the other 1943 cents, the 1943-D has a higher than average demand as the three cents of the year are regularly packaged as the special war year cents.

Ironically, while popular today with their different color, back at the time the cents of 1943 were unpopular with the public, which is why they were produced for just one year. They could be confused with the dime by people in a hurry.

In 1959 the Wheat-back was changed to the Lincoln Memorial reverse and now is changing again. The 1959 change in design at a time when collecting and especially cent collecting was popular produced another significant wave of interest.

Normally interest in a new design decreases after a year, but in 1960 the new Lincoln Memorial reverse cents were the talk of numismatics as it was discovered that some 1960 cents from both Philadelphia and Denver had a shorter upper stem on the "6" making them small dates. The 1960 small dates were a real sensation, although as it turned out there were large numbers of the small date 1960-D and that is why today the small date 1960-D is at basically the same price as the large date 1960-D.

In 1982 there would be a major composition change in the Lincoln cent to the current copper-plated zinc, but 1982 would see production of both the old and new composition cents and because there was a date modification, they would come with both large and small dates. That would mean that Denver would produce large date cents of the old composition and both small and large dates of the new composition, with the large date of the new composition being slightly better than the others.

The saving of the new and old composition cents in 1982 probably helped to prevent a potential supply problem as 1982 was the first of two years when there were no mint sets offered. With other denominations, we have seen supply problems for these two years as the mint sets serve as a reserve supply of Mint State examples for a specific year, but that reserve supply does not exist for either 1982 or 1983.

As it has turned out because of the composition change of the cent in 1982 and the interest it created, the 1982 cents were saved in large numbers. The same is not true in the case of the 1983 cents and that makes the 1983-D a date where there is potential for higher prices in the future. In fact, the 1983-D is not alone as there are other Denver dates from recent years where prices have increased slightly both for MS-65 examples and for uncirculated rolls. It is a trend that might well continue.

Historically speaking, the bulk of the focus for Lincoln cent collectors has been on the issues from San Francisco. That is justified in many cases, but as is seen, astute buyers have discovered that Denver also produced some surprisingly good Lincoln cents. With grading service totals now giving us a better picture of what dates are available in what grades it would seem that the Denver Lincoln cents are going to be receiving much more attention in the future.