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Wednesday, December 02, 2009
Spanish Royal Mint 2010 Coin Release Schedule
Sunday, November 29, 2009
The Benefits of Collecting Key Date U.S. Coins
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
Tuesday, November 17, 2009
What you must know about investing in gold
Friday, November 13, 2009
World gold supply runs out
Wednesday, October 07, 2009
3 arrested in Maple Leaf coin scam
Monday, August 31, 2009
Gold Rush Bars to Go on Display
Sunday, August 30, 2009
Mint Issues New Nationwide Call for New Artists
Thursday, August 27, 2009
Colonial-era coin at the center of lawsuit
Friday, May 22, 2009
Mint Considers Starting Coin Reserve
Wednesday, May 20, 2009
Mint Releases Guam Quarter May 26
Tuesday, May 19, 2009
Mint Launches John Tyler Dollar at 10th President’s Home
Friday, May 01, 2009
Mint Plans Huge Output Reduction
Sunday, March 22, 2009
Mint Releases 2009 Presidential Uncirculated Set 4/2
Friday, March 06, 2009
Mark Twain Coin Proposed for 2013
Friday, February 13, 2009
Long Beach Expo Sees Strong Business
Friday, February 06, 2009
Billion Dollar Shipwreck Mystery Solved
Tuesday, February 03, 2009
Are Standards Slipping or Being Fine Tuned?
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
Tuesday, January 27, 2009
2009 U.S. Mint Presidential $1 Coin Proof Set Available 2/10
Friday, January 23, 2009
NASA Gold and Silver Coin Legislation Again
Thursday, January 22, 2009
ACCG Gains Influence With Collectors
Wednesday, January 21, 2009
Quarters Detailed
Tuesday, January 20, 2009
When U.S. needs money in Civil War, it turns to Lincoln and demand notes
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.