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Wednesday, June 30, 2010

6/30 Numismatic News






District of Columbia & US Territories First Day Coin Covers Sales End
June 29, 2010 at 11:37 PM

The U.S. Mint will stop selling the 2009 District of Columbia & U.S. Territories Quarters First Day Coin Covers today, June 30, at 5:00 PM Eastern Time, as it first reminded collectors in a mid-June announcement.

2009 District of Columbia & US Territories First Day Coin Covers

2009 District of Columbia & US Territories First Day Coin Covers

Each of the six covers may be purchased for $14.95, while available, plus a $4.95 shipping and handling fee. The coin covers include two quarter-dollars of the honored location, with one minted at Denver and the other at Philadelphia.(...)
Read the rest of District of Columbia & US Territories First Day Coin Covers Sales End (148 words)

 

Bishop's Wood Hoard of Roman Coins Sold at Baldwin Auctioned
June 29, 2010 at 8:21 PM

Sold as part of Baldwin's auction 64-65 on the 4th-5th May, the Bishop's Wood Hoard of Roman coins was amongst the lots in the Ancient section which opened the second day of the sale.

The 1,661 coins and the restored jar that contained them were sold in 11 lots, including the purpose built cabinet in which they were housed. The lots drew worldwide interest amongst the ancient numismatic community prior to the auction as the expertly cleaned and preserved coins had remained out of circulation and in the family of the landowner since their discovery in 1895.

Serious pre-sale interest came mainly (and encouragingly) from UK based dealers and collectors but also from some important UK institutions ...

Full Article: Bishop's Wood Hoard of Roman Coins - CoinNews

Related posts:

  1. Roman coin hoard to be bought after appeal
  2. Happy Days Again for Ancient Roman Hoard – NumisMaster

 

Bishop's Wood Hoard of Roman Coins Sold at Baldwin Auction
June 29, 2010 at 8:21 PM

Sold as part of Baldwin's auction 64-65 on the 4th-5th May, the Bishop's Wood Hoard of Roman coins was amongst the lots in the Ancient section which opened the second day of the sale.

The 1,661 coins and the restored jar that contained them were sold in 11 lots, including the purpose built cabinet in which they were housed. The lots drew worldwide interest amongst the ancient numismatic community prior to the auction as the expertly cleaned and preserved coins had remained out of circulation and in the family of the landowner since their discovery in 1895.

Serious pre-sale interest came mainly (and encouragingly) from UK based dealers and collectors but also from some important UK institutions ...

Full Article: Bishop's Wood Hoard of Roman Coins - CoinNews

Related posts:

  1. Roman coin hoard to be bought after appeal
  2. "Brand New" Ancient Roman Gold Coins in Heritage January 2009 NYINC Auction

 

World's Biggest Gold Coin, a Maple Leaf, Auctioned
June 29, 2010 at 8:18 PM

The world's largest gold coin, a Maple Leaf, sold for 3.27 million euros ($4.02 million) at the Dorotheum auction house in Vienna.

Gold dealer Oro Direct Sale S.L.U. said it bought the coin, which has a face value of C$1 million ($960,000), to exhibit to clients. The coin, made of pure gold, weighs 100 kilograms (3,215 ounces) and is 53 centimeters (21 inches) in diameter, according to the Dorotheum's website. The coin is worth 3.23 million euros ...

Full Article: World's Biggest Gold Coin Auctioned for $4.02 Million - Bloomberg Businessweek

Related posts:

  1. World's Biggest Gold Coin to Be Auctioned in Vienna
  2. Three men arrested for alleged Maple Leaf gold coin scam

 

Build a Portfolio with Affordable Coins
June 29, 2010 at 8:14 PM

What attracted me to coin collecting (and ultimately coin investing) some 50 years ago was the ease of entry. No forms to fill out. No disclosure. Just sift through your pocket change and transform money into MONEY – real money. Perhaps my story is typical, but in 1960 I used to check my pocket change for things that were unusual. I found a well-worn, circulated 1906 Indian head cent in my pocket change, probably from a comic book or baseball card purchase. That wasn't unusual, because D.C. Comics charged 12¢ for a Superman comic, which meant tendering a dime and a nickel, with three cents ...

Full Article: Build a Portfolio with Affordable Coins - NumisMaster

Related posts:

  1. Tribal Coin Sales Build African Communities – NumisMaster
  2. Cataloging Unusual World Coins

 

Southgate Coins Gives Back
June 29, 2010 at 8:13 PM

Coin collecting is a male-dominated hobby. Yet in the field of numismatics (the study and collecting of money and other related items), a gradual trend toward female involvement took root in the United States over the past 30 years. An organization called Women In Numismatics (WIN), founded in 1991, fosters female familiarity with the hobby. For years, the culture at Southgate Coins in Reno, Nevada has been female oriented. The owners ...

Full Article: Southgate Coins Gives Back to Community by Hiring College Students - ExpertClick.com

Related posts:

  1. Man accused of selling gold coins and not delivering them – Fosters
  2. Allen wins 1808 half dollar – Numismatic News

 

Fwd: 6/30 Collecting News » Featured





Classic Coin to Display Two Ultra Rare Double Eagles in Boston Valued at $18 Million
June 29, 2010 at 9:00 AM

"Coins Worthy of a King" the 1861-P Paquet and 1921 Proof Double Eagles in Historic ANA Exhibit

An $18 million display of two rare Double Eagles accompanied by Boston-related early Americana will be one of the exhibit highlights in the Museum Showcase area at the American Numismatic Association World's Fair of Money convention in Boston, August 10 – 14, 2010.

1861-P Paquet $20 NGC MS67:  Formerly in the famous Farouk and Norweb collections, this 1861 Philadelphia Mint "Paquet Reverse" gold $20, graded NGC MS67, will be displayed at the ANA World's Fair of Money in Boston courtesy of Brian Hendelson of Classic Coin Co.  (Photo courtesy of Numismatic Guaranty Corporation.)The coins in this first-ever display are the finer each of the two known 1861 Philadelphia Mint "Paquet Reverse" gold $20, graded NGC MS67, and 1921 Proof Roman Finish Saint-Gaudens Double Eagle, graded NGC SP64.

[PHOTO CAPTION: 1861-P Paquet $20 NGC MS67 - Formerly in the famous Farouk and Norweb collections, this 1861 Philadelphia Mint "Paquet Reverse" gold $20, graded NGC MS67, will be displayed at the ANA World's Fair of Money in Boston courtesy of Brian Hendelson of Classic Coin Co. (Photo courtesy of Numismatic Guaranty Corporation.)]

Insured for $8 million each, they are being provided for the ANA exhibit by Brian Hendelson, President of Classic Coin Co. of Bridgewater, New Jersey.

"This will be the first time both coins have ever been displayed at the same time and location. It will be a once-in-a-lifetime opportunity for thousands of visitors to see them together up close," he said.

In addition to these two coins, other historic items in the display from Hendelson's own collection include one of the few known surviving broadsides of the Declaration of Independence printed in Boston circa July 17, 1776 by printers Gill, Powars and Willis; seven silver spoons crafted by legendary Boston patriot Paul Revere; and a silver teapot and knee buckles made by fellow Colonial era Boston silversmith, Jacob Hurd, that were acquired by a New England family in 1785 and passed down to their heirs for over two centuries.

In descriptive text prepared for the exhibit, ANA Museum Curator Douglas Mudd headlines the Paquet design Double Eagle as "a coin fit for a king." One of its former owners was the notorious King Farouk of Egypt who amassed a fabled coin collection before he was deposed in 1952. It also was in the famous coin collection of Ambassador and Mrs. R. Henry Norweb.

Nearly three million Double Eagles were struck in 1861 at the Philadelphia Mint, but today only two are known with a slightly modified design on the reverse made by Assistant Mint Engraver, Anthony Paquet, who also engraved the first Congressional Medal of Merit. His lettering on the $20 coin is taller and more slender than the design originally created in 1857 by Chief Engraver James Longacre.

1921 $20 NGC SP64:  Not known to exist until 2006, this gem proof 1921 Saint-Gaudens Double Eagle, graded NGC SP64, is insured for $8 million by owner Brian Hendelson of Classic Coin Co. for its display at the ANA World's Fair of Money in Boston.  (Photo courtesy of Numismatic Guaranty Corporation.)Roman-finish proof gold Double Eagles were struck in 1909 and 1910, but no example of that kind of presentation strike for 1921 Double Eagles was known until only ten years ago when the first one publicly surfaced.

[PHOTO CAPTION:  1921 $20 NGC SP64: Not known to exist until 2006, this gem proof 1921 Saint-Gaudens Double Eagle, graded NGC SP64, is insured for $8 million by owner Brian Hendelson of Classic Coin Co. for its display at the ANA World's Fair of Money in Boston.  (Photo courtesy of Numismatic Guaranty Corporation.)]

"That coin traces its pedigree to Raymond T. Baker, who was director of the United States Mint in 1921," explained Mudd.

The specimen that will be exhibited at the ANA convention surfaced in 2006 and is "in superb, gem proof condition. Many in the numismatic fraternity feel that this coin will stand the test of time and join its place amongst the Olympians of numismatics," said Mudd.

"The Smithsonian will be displaying nearby the most valuable non-collectible Double Eagles — the unique 1849 and an example of a 1933. The two coins in this other exhibit are the most valuable collectible Double Eagles," said Hendelson. "The ANA World's Fair of Money in Boston will be a golden opportunity to see all these important gold coins in one place at one time."

For additional information about the ANA World's Fair of Money, go to www.WorldsFairOfMoney.com.

Related posts:

  1. ANA Museum Showcase Makes National Money Show Debut With Rare Double Eagles and Quintuple Stella
  2. 1804 Eagles from Harry W. Bass Jr. Collection on Display at Fort Worth
  3. Smithsonian to Display Rare Proof Coins at Numismatic Convention in Baltimore

 

6/30 Coin News






Gold Prices Rise Slightly, Silver Falls
June 29, 2010 at 3:14 PM

Bullion update ...U.S. gold prices edged $3.80 higher Tuesday, marking their third increase in four days as an unexpected drop in U.S. consumer confidence, signs of slower growth in China and continued fears over widening European debt woes boosted the yellow metal's safe-haven appeal.

Other commodities and stocks fell sharply. Crude oil plunged 3 percent — the most in more than three weeks, while major U.S. indexes plunged between 2.6 percent and 3.9 percent.

(...)
Read the rest of Gold Prices Rise Slightly, Silver Falls (1,902 words)


© CoinNews.net for Coin News, 2010. | Permalink | No comment | Want more on these topics? Browse the archive of posts filed under Bullion Articles and Precious Metal Reports, Business News.

 

D.C. & U.S. Territories Quarters First Day Coin Covers Sales Completion
June 29, 2010 at 11:33 AM

The United States Mint will end sales for all six D.C. and U.S. Territories Quarters First Day Coin Covers on Wednesday, June 30, 2010 at 5:00 pm Eastern Time.

2009 D.C. and U.S. Territories Quarters First Day Coin Covers

The U.S. Mint published a last chance product page at its online store in mid-May which listed the coin covers discontinued date and time, which followed the June 15, 2010 ending availability of its 2009 Lincoln cents and related products.

(...)
Read the rest of D.C. & U.S. Territories Quarters First Day Coin Covers Sales Completion (264 words)


© CoinNews.net for Coin News, 2010. | Permalink | No comment | Want more on these topics? Browse the archive of posts filed under Coin or Numismatic News, United States Mint News and Information.

 

$18 Million Rare Double Eagles Exhibit at ANA World's Fair of Money
June 29, 2010 at 9:50 AM

1861-P Paquet and 1921 Proof Double Eagles in Historic ANA Boston Exhibit

(Boston, MA) — An $18 million display of two rare Double Eagles accompanied by Boston-related early Americana will be one of the exhibit highlights in the Museum Showcase area at the American Numismatic Association World's Fair of Money convention in Boston, August 10 – 14, 2010.

1861-P Paquet and 1921 Proof Double Eagles
The 1861 Philadelphia Mint "Paquet Reverse" gold $20, graded NGC MS67, was formerly in the famous Farouk and Norweb collections. Not known to exist until 2006, the gem proof 1921 Saint-Gaudens Double Eagle, graded NGC SP64, is insured for $8 million. Both rare coins will be displayed at the ANA World's Fair of Money in Boston courtesy of Brian Hendelson of Classic Coin Co. (Photos courtesy of Numismatic Guaranty Corporation.) – Click image to enlarge

The coins in this first-ever display are the finer each of the two known 1861 Philadelphia Mint "Paquet Reverse" gold $20, graded NGC MS67, and 1921 Proof Roman Finish Saint-Gaudens Double Eagle, graded NGC SP64. Insured for $8 million each, they are being provided for the ANA exhibit by Brian Hendelson, President of Classic Coin Co. of Bridgewater, New Jersey.

(...)
Read the rest of $18 Million Rare Double Eagles Exhibit at ANA World's Fair of Money (505 words)


© CoinNews.net for Coin News, 2010. | Permalink | No comment | Want more on these topics? Browse the archive of posts filed under Auctions, Coin Shows and Numismatic Events, Coin or Numismatic News, Press Releases and Announcements.

 

Gold, Silver, Metal Prices Commentary – June 29, 2010
June 29, 2010 at 7:58 AM

Bullion update ...The Now and Zen of Gold

Good Morning,

Monday's double-digit losses in gold showed little in the way of reversal signs early this morning as news that [revised] Conference Board calculations indicate a possible slowdown underway in the economy of the now largest exporter globally: China. The corrected leading Chinese economic index figure showed an April gain of just 0.3% as compared to the previously reported 1.7% rise. The news undermined speculative appetite and dented a number of stock indices, commodities, and boosted the Japanese yen.

(...)
Read the rest of Gold, Silver, Metal Prices Commentary – June 29, 2010 (83 words)


© Jon Nadler, Kitco Metals Inc. for Coin News, 2010. | Permalink | No comment | Want more on these topics? Browse the archive of posts filed under Bullion Articles and Precious Metal Reports, Business News.

 

Tuesday, June 29, 2010

6/29 Collecting News





Coin Profile: The Farouk-Norweb 1915 No S Panama-Pacific Half Dollar in Gold
June 28, 2010 at 6:18 AM

One of Only Two Known

Heritage will be offering one of only two known 1915 P50C Panama-Pacific Half Dollars struck in Gold (Judd-1960 PR64 NGC) during the Boston ANA Signature Sale in August Lot # 13007.

The design is the same as the regular-issue 1915-S Panama-Pacific commemorative half, but lacking the normal S mintmark. Struck in gold with a reeded edge. Other S-less Panama-Pacific half dollar patterns are also known in silver and copper. These extremely rare patterns were clearly clandestine strikes, produced at the Philadelphia Mint before mintmark punches were applied to the working dies. There are two known examples of the gold half dollar, both struck on cut-down, struck Saint-Gaudens double eagle coins. Similar examples are known of the 1915 Panama-Pacific gold dollar and of the round and octagonal fifty dollar pieces, all lacking the S mintmark. The website USPatterns.com comments of the pieces, "These could be die trials but it seems that they were really struck for profit."

Pollock comments in his United States Patterns and Related Issues:

"Farran Zerbe, who was involved in the coining and distribution of the Panama-Pacific commemoratives in California, has been quoted by Walter Breen as saying that specimens 'may have been struck as trial pieces at the Philadelphia Mint by the instructions of the Secretary of the Treasury, who was a coin collector.' The Secretary of the Treasury at the time was W.G. McAdoo of New York, a name familiar to students of U.S. paper money."

Anthony Swiatek, in his Commemorative Coins of the United States (2001), writes much more unequivocally concerning the 1915 Pan-Pac half dollar, "Extremely rare trial pieces, made at the Philadelphia Mint, were struck without the S Mint mark. Two were created in gold, six in silver and four in copper for Treasury Secretary William Gibbs McAdoo–a coin collector!"

Further along, Pollock records his notes on the present specimen:

"Careful examination of the Farouk-Norweb coin [the present coin, listed as No. 2 in the Census below] reveals planchet file marks and traces of an undertype, indicating that the half dollar dies were impressed on a cut-down $20 gold coin, which had been filed to remove high-relief details. This piece is remarkably thick: 2.4 mm at the edge versus 2.1 mm for a regular-issue Panama-Pacific half dollar.

"The characteristics of the coin suggest that it was made clandestinely. Since the piece is overstruck instead of being made using a new planchet of normal thickness, it can be inferred that there was a desire on the part of the manufacturer that no mention of the piece be made in the bullion account books, and thus it may have been produced secretly at the Mint in the same manner as the 1913 Liberty nickel or the Class III 1804 dollar. The only other known example of the variety [listed as No. 1 below] is reportedly also struck over a cut-down $20 gold piece."

The reverse die of the present specimen is rotated about 40 degrees counterclockwise from normal coin turn with respect to the obverse. In contrast, the Brand-Johnson-ANA specimen, No. 2 in the census below which we auctioned in 2003, shows only a slight counterclockwise rotation, on the order of 10 percent. The reverse of this piece also shows considerable evidence of the remaining Saint-Gaudens double eagle obverse undertype on the reverse, as follows: In the central shield area and to the rim below and on either side, traces of Liberty, the peripheral stars, the rock, the gown outline, the ASG monogram, and portions of a date (possibly 1916) appear, the last seen beneath the AR of DOLLAR. The juncture of Liberty's head, neck, and left (facing) arm appear under TAT and IN / WE.

While the logical date to appear is, of course, 1915 rather than 1916, the last digit in the undertype date, while far from bold, appears tantalizingly to have a top loop that much more resembles a 6 than a 5. No trace of a mintmark appears above the date.

This piece is fairly conclusive evidence that, contrary to the prevailing view, chicanery and profiteering at the Mint did not die out in the 19th century. Farran Zerbe's reputation as a numismatic huckster is widely known, but others (possibly excluding Zerbe) may have been involved in the production of this piece–possibly some of the same personnel responsible for the 1913 Liberty nickels.

Census. Only two pieces are known.
1. Fred E. Olsen Collection (B. Max Mehl, 11/1944), lot 1769, which realized an astounding $4,250; King Farouk; Palace Collections of Egypt (Sotheby's, 1954), lot 309; Norweb Collection (Bowers and Merena, 11/1988), lot 3307; Lemus Collection (Heritage, 1/2009), lot 1962, where it brought $300,000. PR64 NGC. The present specimen.

2. Virgil Brand; Burdette G. Johnson; Celina Coin Co.; A. Friedman; ANA (New England Rare Coin Auctions, 7/1979), lot 1365; Sound Beach Collection (Heritage, 11/2003), lot 11252, which brought $165,000.85; Southern Collection; Simpson Collection. PR64 NGC. (#12176)

Related posts:

  1. Finest PCGS Certified 1915-S Panama-Pacific $50 Round Gold Commemorative to be sold in Baltimore
  2. Unusual Items: 1915 50C Pan-Pac Half Dollar in Gold
  3. Norweb 1797 MS-66 Half Dollar to be sold by Stacks

 

6/29 Numismatic News





1857 SS Central America Shipwreck Treasures at ANA World's Fair of Money
June 28, 2010 at 9:40 AM

The incredible "Ship of Gold" exhibit, showcasing California Gold Rush-era sunken treasure recovered from the 1857 shipwreck of the SS Central America, will make port in Boston at the American Numismatic Association's World's Fair of Money, August 10-14 at the Hynes Convention Center. The exhibit is courtesy of Monaco Rare Coins of Newport Beach, Calif.

Cargo box and coins
CLICK IMAGE TO ENLARGE: The remains of a wooden cargo box with approximately 110 gold coins as they were found on the ocean floor will be among the more than $10 million of recovered California Gold Rush-era sunken treasure from the SS Central America that will be publicly displayed in a "Ship of Gold" exhibit. (Photo credit: Monaco Rare Coins)

The SS Central America was recovered in 1988 from nearly 8,000 feet below the surface of the Atlantic Ocean. The ship sank in a hurricane in September 1857 while carrying California gold from Panama to New York City.

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Read the rest of 1857 SS Central America Shipwreck Treasures at ANA World's Fair of Money (374 words)


© American Numismatic Association for Coin News, 2010. | Permalink | No comment | Want more on these topics? Browse the archive of posts filed under Auctions, Coin Shows and Numismatic Events, Coin or Numismatic News, Press Releases and Announcements, Treasures and Shipwrecks.

 

PNG Members Assist News Media Probe of Traveling Gold Buyers
June 28, 2010 at 9:07 AM

Professional Numismatists Guild (PNG) member-dealers have been assisting the news media in their continuing investigations of several gold-buying companies that move from community to community across the United States.

1925-D Indian Head $2.50 gold coin
Traveling gold buyers offered only $60, significantly below bullion melt value, for this 1925-D Indian Head $2.50 coin graded NGC MS66 that PNG experts say is actually worth $10,000. (Photo credit: Universal Coin & Bullion) – Click image to enlarge

One of the buyers offered only $60 — significantly less than even its bullion melt value — for a 1925-D Indian Head $2.50 gold coin certified NGC MS66 and valued at $10,000 by PNG experts.

(...)
Read the rest of PNG Members Assist News Media Probe of Traveling Gold Buyers (921 words)


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Gold, Silver, Metal Prices Commentary – June 28, 2010
June 28, 2010 at 8:06 AM

Bullion update ... A Failure To Communique

Good Morning,

World leaders took the "oath of the deficits" over the weekend and gave every indication that they intend to cut difficult to sustain budget imbalances in their home countries. Although the Toronto G-20 communiqué faces the scrutiny of the markets this morning and appears to have been met with less than a convinced attitude, its substance points to significant changes on the horizon for the nations that have signed on its dotted lines.

The group of nations gathered in Toronto agreed to cut deficits as it ushers in an era of rising taxes and shrinking official expenditures. In terms of dramatic gravitas, the announcement certainly did not suffer from a shortage; the G-20 expressed that their goal is to cut deficits by 50% within 36 months. Protest that.

(...)
Read the rest of Gold, Silver, Metal Prices Commentary – June 28, 2010 (982 words)


© Jon Nadler, Kitco Metals Inc. for Coin News, 2010. | Permalink | No comment | Want more on these topics? Browse the archive of posts filed under Bullion Articles and Precious Metal Reports, Business News, Commentary.

 

Saturday, June 26, 2010

6/26 Coin Collecting News






US Mint Sales: Bullion Gold Coins, Silver Eagles Rise
June 25, 2010 at 7:33 PM

US Mint Coin Sales Report United States Mint weekly coin sales figures were mixed for collector products. More demand was visible in bullion gold and silver offerings.

Last week's sales report included the entry of 2010 Fractional American Gold Eagles, with 310,000 combined 1/2 oz, 1/4 oz and 1/10 oz bullion coins sold. Total sales from their launch on June 10 through to June 24 are now up to 340,000.

The popularity of the fractionals have been largely based on size, from smallest to largest. The 1/10 oz Gold Eagles account for nearly 78% of the total sales. With record bullion prices, investors and collectors are grabbing more of the least expensive, smaller gold pieces despite the fact that they carry the highest premiums over the spot price of gold.
(...)
Read the rest of US Mint Sales: Bullion Gold Coins, Silver Eagles Rise (1,383 words)

 

6/26 Collecting News » Featured






Coin Profile: The Mystery of the Proof 1875 Gold Dollar
June 25, 2010 at 7:30 AM

By Doug Winter – RareGoldCoins.com

As I have mentioned before, certified population figures can be helpful but they can also be confusing. Take, for instance, the 1875 gold dollar in Proof. This is a coin with a reported original mintage of 20. But it has a combined PCGS/NGC population of 24 (twelve at each service). Something is obviously not right here. But, for once, the fault does not lie with the population reports.

Despite being created with the best of intentions, the PCGS and NGC population figures are full of inaccurate information which can be misleading to collectors. This isn't necessarily the fault of the grading services. It is the fault of dealers (and collectors) who resubmit coins and do not send in their extra inserts. I've rambled on (and on) about this in the past and do not plan to offer my two cents this time on how I think that dealers who do this are doing themselves and the coin market a major disservice.

In the case of the Proof 1875 gold dollar the disconnect between the number struck and the number graded has to do with information from the Mint which is not necessarily accurate.

We know for a fact that 20 Proof gold dollars were struck on February 13 as parts of complete gold proof sets. For a number of reasons (some of which will be discussed below), the demand for Proof 1875 gold dollars was higher than expected and it is likely that another 20 or perhaps even a few more were made later in the year and sold to collectors. These appear to have been struck from the exact same dies and cannot be distinguished.

Looking at auction records for Proof 1875 gold dollars over the last few decades, it looks like the actual number known to exist might be as high as 20-25 pieces. Given the fact that survival rates for small denomination Proof gold coins of this era is typically around 50%, this is in line with an original mintage figure of around 40-50 coins.

Striking additional Proof gold coins to satisfy demand is not without precedent. It was clearly done in 1875 and 1876 for the Three Dollar gold piece.

There were a number of times that the Mint engaged in "questionable" practices in order to produce coins as special favors for VIPS or to use as trade bait to acquire coins for their collection. And there were also times that clandestine strikings of certain coins occurred in order for certain Mint employees to make extra money on the side. But in the case of the Proof 1875 gold dollars I don't think that anything sleazy occurred.

By the mid-1870's, collecting proof gold coins by date was fairly popular with collectors. This was not necessarily the case with the higher denominations as ten dollars or twenty dollars was an excessive amount of money for all but the wealthiest individual collectors. But the gold dollar, quarter eagle and three dollar denominations were within the range of many contemporary collectors.

My guess is that once the Mint reported that the total number of gold dollars struck in 1875 was so low (only 400 business strikes were made), a certain number of collectors were intrigued enough to buy an example. There were probably also dealers who were willing to speculate on a low mintage issue like an 1875 gold dollar, especially given the fact that a Proof could be obtained from the Mint for a relatively small premium above face value. Since few collectors differentiated between Proofs and business strikes in 1875 and the business strikes may have already been unavailable from the Mint, it seems likely that there was enough demand for the Mint to decide to have a second run of Proofs.

So why then was done in 1875 but not, say, 1876 or 1877 when Proof mintages were also tiny? My guess is that there were enough business strikes made this year to fulfill the demand. Or, maybe the speculators who bought Proof 1875 dollars didn't make the "killing" they thought they would.

The story of the Proof 1875 gold dollar is an interesting one and one that is likely not yet fully known. It is these little mysteries that make numismatics such an interesting hobby and keep me compelled to learn more about a subject that I have found compelling for the better part of my life.

Related posts:

  1. Coin Profile: 1871 Standard Silver Pattern Proof Set to be sold in Baltimore
  2. Coin Profile: 1849 Oregon Exchange Company Five Dollar Gold Territorial Coin
  3. Mystery of Lost Confederate Gold

 

Friday, June 25, 2010

6/25 Numismatic News » Featured





Simpson Collection of Bickford $10 Pattern Coins to be displayed at Boston ANA
June 24, 2010 at 5:46 AM

A complete set of 1874 Bickford $10 Pattern coins will be exhibited at the American Numismatic Associations Boston Money Show August 11-14th. 

The set is part of perhaps the most complete collection of US pattern coins ever assembled and include all seven of the  variations attributed according to Judd numbers (US Pattern Coins, Experimental & Trial Pieces by J. Hewitt Judd, Edited by Q. David Bowers), include Judd-1373, one of just two known examples struck in gold.

Texan Bob Simpson is the ultimate numismatic connoisseur, desiring only those coins that meet his exacting standards. He knows what he wants, and nothing less will do. Facilitating his efforts is his longtime numismatic consultant, Laura Sperber of Legend Numismatics. The old saying, "Know your coins or know your dealer" is particularly apt, as Mr. Simpson knows both, and this relationship has paid off with an epic collection of coins that compares favorably with the great named collections of the past.

Mr. Simpson's premier passion is United States pattern and trial coins, and his collection of these is unparalleled. Comprising most of the entries found in Dr. J. Hewitt Judd's standard reference work, United States Pattern Coins, now in its 10th edition, the Simpson Collection is the greatest assemblage of such coins since Judd's own collection was dispersed some 50 years ago.

The coins in the collection include the following:

The Bickford pattern ten dollar gold pieces, Judd-1373, were not known to numismatists of the 19th century. The design was struck in copper, aluminum, and nickel compositions, as well as gold, with both plain and reeded edges. Examples of the design in copper appeared in various auction catalogs of the period, but even the greatest pattern collections of the era did not include an example of Judd-1373. Robert Coulton Davis published the first important work on U.S. pattern coins in the Coin Collector's Journal in 1885, where he described both plain and reeded edge varieties of the design in copper, but he was unaware of the strikings in other metals.

The issue remained closeted in the early 20th century. A five-page article was published in the Numismatist in July 1906 that described the Bickford patterns in copper, but made no mention of the gold striking. Numismatists remained unaware of the existence of these patterns until the publication of United States Pattern, Trial, and Experimental Pieces, by Edgar Adams and William Woodin in 1913. Listed as number 1366 in that reference, the authors revealed the following information about the gold Bickford pattern eagles for the first time:

"Gold. Reeded Edge. (Only two specimens known in this metal, one of which is in the collection of W.W.C. Wilson of Montreal, Canada, and the other is owned by William H. Woodin of New York City.)"

Pattern collectors were amazed to learn of the existence of the familiar Bickford patterns in a precious metal variant, as the copper pieces had been well known since their date of striking. The dramatic tale of their discovery is still being pieced together today. In his United States Gold Patterns (1975) David Akers offers two possible sources for the new patterns. The first scenario involves the activities of William Idler, an old-time coin dealer with particularly good connections at the Mint. Idler's collection was being marketed by his son-in-law, John W. Haseltine, at the time. Alternatively, Akers suggests the coins may have been part of the hoard of patterns William Woodin received in the famous exchange for the gold half union patterns.

Origins and Background on the Bickford Design

Dana Bickford's proposal for an international coinage captured the public's attention in the mid-1870s. The following article explaining the situation was originally published in The Coin and Stamp Journal in Kansas City, Missouri (February 1876 issue). It has been reprinted in several sources since that time:

"The leading journals throughout this country and Europe are discussing the necessity for an 'international coin,' having been aroused to its importance by a resolution offered in the Senate by Senator Sherman. But Mr. Sherman's plan will meet with the same difficulty that our government has contended with for years, viz., to obtain a coin having a relation of value to the present coins of other nations, without having their denominational value and design changed. This difficulty has been overcome, and to Mr. Dana Bickford, of New York City, the original inventor of the automatic knitting machines, belongs the honor.

"Mr. Bickford, while traveling in Europe, experienced the difficulties and inconveniences that European travelers are subjected to, of having to provide money current in each country he visited, and at times ignorant of its value in our money. Having upon one occasion been particularly annoyed, he determined, if possible, to overcome the difficulty, and being a man of great inventive capacity, was not long in arriving at his present plan, and designed a coin that shows on its face its value in our money and that of the principal commercial nations of the world.

"The United States and foreign governments have endeavored for years, and spent thousands of dollars, to perfect a system of 'international coinage,' but have been unable to get a coin that would prove acceptable to the principal nations, as each one has a peculiar design for its coin, which it is unwilling to change entirely. With Mr. Bickford's coin this difficulty is removed, as each government can fully display its design and value on one side, and on the other show the value of the coin in the currencies of the different nations, also the fineness of the metal and number of grammes without altering their values, and but slightly changing designs.

"Shortly after Mr. Bickford returned from Europe he called on Dr. Henry R. Linderman, the director of the Mint, and submitted to him his design for an international coin. After carefully examining it the director was so impressed with its importance, and the great saving the adoption of such a coin would be to our government, that with his usual foresight and penetration he at once ordered sample coins struck off at the Philadelphia Mint, which proved entirely satisfactory and practical. It is not generally known that the annual expense to our government for recoinage and waste on coin entering this country from abroad is half a million dollars, and the same waste and expense is incurred by foreign governments."

Unfortunately, Bickford's idea was ahead of its time, and more than a century would pass before his dream was at least partially realized by the euro.

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6/25 Numismatic Collecting News






Franklin Pierce Dollar Coin Cover on Sale July 1
June 24, 2010 at 9:46 PM

WASHINGTON - The United States Mint will begin accepting orders for the Franklin Pierce $1 Coin Cover at noon Eastern Time (ET) on July 1, 2010.

2010 Franklin Pierce $1 Coin Cover

2010 Franklin Pierce $1 Coin Cover

The limited-edition coin cover, priced at $15.95, includes two circulating quality Franklin Pierce Presidential $1 Coins from the first day of mintage - March 8, 2010, for the United States Mint at Philadelphia, and March 1, 2010, for the United States Mint at Denver.  (...)
Read the rest of Franklin Pierce Dollar Coin Cover on Sale July 1 (299 words)

 

Detecting Counterfeit Coins by Examining Their Denticles
June 24, 2010 at 9:39 PM

This proof 1878 Shield Nickel looks pretty at first glance, but a more careful evaluation reveals that it's a fake. The old saying, "When a thief kisses you, count your teeth," can be applied to the world of business in many useful ways. And when it comes to counterfeit detection, it is also surprisingly apt, offering some very literal and practical advice.

Most classic coins display an ornamental border surrounding their rims, often consisting of beads or, more commonly, denticles ...

Full Article: Counterfeit Detection: The Kissing Thief - Numismatic Guaranty Corporation

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Security When Travelling with Coins
June 24, 2010 at 9:34 PM

During the last week, there were two more stories of dealers being robbed. One occurred in Wichita Falls, Texas and the other in Parisippany, New Jersey. In both cases, the dealers stopped at a restaurant after the show ended, and had their windows broken to take what was in the car. The incident in Wichita Falls also involved an assault on the dealer and his wife.

Earlier this year, a coin dealer was robbed in Acton, Massachusetts after leaving a coin show in Westford. Also, a coin dealer from Jacksonville, North Carolina was robbed in Wilmington when he went to visit someone's home he thought was interested in purchasing coins.

These incidents show that it is time for dealers to step up their security awareness and learn to protect themselves from the risks of robberies. Dealers with store fronts have a lot of options to protect their assets, although some have fatal ramifications. For the dealer who travels to and from shows, the security of their vehicle is very important ...

Full Article: Security Advice When Travelling with Coins - CoinNews

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Avoiding the Churn in Coin Collecting
June 24, 2010 at 9:31 PM

When talking to collectors, I often find myself giving them advice as to what makes a "good collector." I thought it would be interesting to share some of my thoughts and observations in a series of blogs entitled "Smart Collecting 101." These will run, from time to time, over the next few months.

One of the mistakes that many collectors make is allowing themselves to be "churned;" either by their dealer/adviser or by themselves. Churning is an expression that means too much buying and selling from an account (or in this case a collection) by a salesperson in order to generate profits for the company and commissions for the broker. ...

Full Article: Smart Collecting 101: Avoiding the Churn - RareGoldCoins.com

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Classic Greek Ancient Coins, Part V
June 24, 2010 at 9:29 PM

David Vagi finishes his discussion of some of the most familiar designs of ancient Greek coins in the last of a multi-part series.

1. Celts. Some of the most fascinating coins of the ancient world were struck by Celts and contemporary Iron Age cultures in Spain, Britain and Europe north of the Mediterranean rim. The Celts have long been admired for their ...

Full Article: Ancients: Classic Greek Coins, Part V - Numismatic Guaranty Corporation

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CCAC Meets on Commemorative Coins and Coin Designs June 28
June 24, 2010 at 9:27 PM

The Citizens Coinage Advisory Committee (CCAC) will hold a public meeting at 6:30 p.m. (MT) on Monday, June 28, 2010, at Gaylord Hall, in the Worner Center, on the campus of Colorado College, 902 N. Cascade Ave., Colorado Springs, CO, 80903.

The purpose of the meeting is to conduct business related to the CCAC's responsibility to advise the Secretary of the Treasury on themes and designs pertaining to United States coinage.(...)
Read the rest of CCAC Meets on Commemorative Coins and Coin Designs June 28 (196 words)

 

2010 World Cup Silver Coins on Sale
June 24, 2010 at 9:18 PM

2010 FIFA World Cup Silver CoinThe Royal Canadian Mint announced last week that it has become the exclusive retailer for the 2010 FIFA World Cup Silver Coins produced by the South African Mint to celebrate the renowned international soccer tournament held in its country this year.

The FIFA World Cup has been held every four years since the first tournament kicked off in 1930, with the exception of an interruption in 1942 and 1946 as a result of WWII.

Millions around the world are following the games during the month-long tournament. Millions will watch as the winner is awarded the World Cup Trophy, which is a prominent design feature on the coins...

Full Article: 2010 FIFA World Cup Silver Coins on Sale - SilverCoinsToday.com

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US Mint Gold and Silver Bullion Coin Sales
June 24, 2010 at 9:09 PM

United States Mint numismatic coin sales rose in a few areas last week, but Monday's record gold prices and near $19.50 an ounce level for silver naturally draws investors and collectors more toward gold and silver bullion coins.

The U.S. Mint updated sales figures for those coins Thursday morning, and a few areas draw attention:

  • American Silver Eagles are a stone's throw away from 18 million in sales this year, jumping 809,000 since last Wednesday, June 16, for 2,533,500 this month. Last year's annual record of 28.7 million is clearly within reach. The pace, however, will have to pick up for June to surpass the 3,636,500 sold in May — the highest monthly level since 1986.
  • 1 oz American Gold Eagle bullion coins just topped 600,000. 34,000 more were added since last Wednesday, bringing June's total to 79,500. The one ounce size is now competing with the three smaller 2010 fractional Gold Eagles. Those were released June 3 and now stand at a combined 339,500 for coins leaving Mint doors. Buyers have ordered 132,500 ounces of the four eagles this month. That already places June into the second best of month 2010.

Full Article: US Mint Bullion Coin Sales - CoinNews

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