U.S. Coin Collecting: 6/24 Numismatic News

Bowers and Merena's June 2010 Baltimore Auction Tops $8 Million
June 23, 2010 at 11:36 PM

IRVINE, Calif. – Bowers and Merena Auctions, one of the world's preeminent auctioneers for rare coins and currency, realized more than $8 million as the Official Auctioneer of the June 2010 Whitman Coin & Collectibles Baltimore Expo.

This 1861-S Liberty Double Eagle realized $69,000 at Bowers and Merena's June 2010 Baltimore Auction. The rarest Type I Double Eagle struck in the San Francisco Mint, the 1861-S Paquet owes its ranking to both a limited mintage and heavy circulation on the frontier, aided by a lack of contemporary numismatic interest in these coins. A limited mintage of 19,250 pieces for this issue is attributed to the Mint's experimentation with a new reverse design for the Liberty Double Eagle. (Click image to enlarge)

The eight-session sale, occurring June 17-19, included more than 6,000 lots of U.S. coins and currency, ancient and foreign coins, and foreign paper money.

Prices realized for U.S. coins and currencies amounted to $6,438,778. Ponterio & Associates, a division of Bowers and Merena Auctions, added an additional $1,608,082 in prices realized with ancient and foreign coins and paper money.

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IAPN's 59th Annual Congress Held in Iceland
June 23, 2010 at 10:54 PM

IAPN The 59th annual congress of the International Association of Professional Numismatist (I.A.P.N.) took place in Reykjavik, Iceland in May of 2010.

Despite disruptive clouds of volcanic ash interfering with airlines flights the congress was well attended. Many of the world's top numismatic firms were in attendance, with eleven countries total being represented.

The congress began May 21st with opening ceremonies by I.A.P.N. President Paul Davies and Olafur Asgeirsson "Director of the National Archives of Iceland."

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Ponterio & Associates Realizes $1.6 Million in June Baltimore Auction
June 23, 2010 at 10:32 PM

IRVINE, Calif. – Ponterio & Associates, a division of Bowers and Merena Auctions, realized $1,608,082 as the Official Auctioneer of the June 2010 Whitman Coin & Collectibles Baltimore Expo.

This Khubilai Khan 50 Tael Ingot realized $64,900 at the 2010 Baltimore Auction. Dated the 14th year of the Zhiyuan era, it is inscribed with the denomination at upper left and ruler's name and date at lower center. It is among the earliest known Chinese 50 Tael Sycee ingots.
(Click image to enlarge)

The three-session sale, occurring June 17-19, featured ancient and foreign coins and paper money. Bowers and Merena added an additional $6,438,778 in sales with its five-session auction.

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Gold Prices Retreat, Silver Falls 2.3%
June 23, 2010 at 3:13 PM

Bullion update ... Gold prices fell $6 on Wednesday as the dollar gained against major world currencies for a fourth straight day.

A record slide in new U.S. home sales and the Federal Reserve's less than rosy assessment of the economic recovery were cited actions in pulling down commodities, including crude oil which fell for a second day.

U.S. stocks ended mixed during a volatile session which, in the end, resulted in only narrow changes from the closing levels on Tuesday. Major indexes ranged from loss of 0.33 percent to a gain of 0.05 percent.

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Lincoln Silver Dollar Values Tripling US Mint Issue Prices
June 23, 2010 at 10:57 AM

Lincoln Silver Dollar Proof Coin The 2009 Abraham Lincoln Commemorative Silver Dollars were released by the U.S. Mint on the bicentennial of the birth of the 16th President of the United States, February 12, 2009.

They were hot. The Mint's entire mintage of 450,000 single coins sold out in six weeks. Broken out between the two options issued, 325,000 proof and 125,000 uncirculated coins were scooped up by collectors.

50,000 proof dollars were kept in reserve for the Lincoln Coin and Chronicles Set, which was attractively packaged to also include proofs of the four redesigned 2009 Lincoln cents with their special 95% copper compositions. The sets debuted on October 15, 2009 and sold out in 30 hours, adding up to the 500,000 authorized Lincoln commemorative coin limit.

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Gold, Silver, Metal Prices Commentary – June 23, 2010
June 23, 2010 at 7:51 AM

Bullion update ... Judgements Day

Good Morning,

Perceptions that the global recovery process could be derailed by certain observed trends sank the euro to a one-week low overnight and reignited at least some of the recently faltering safe-haven quest for gold. Lack of strength exhibited by the European manufacturing sector and the slippage in US existing home sales recorded in May conspired to undermine risk appetite among speculators, especially as expectations were in place for a gain in said sales levels.

Meanwhile, sales of new homes in the US might show their biggest drop in nearly 16 years. This, just as the Fed gets ready to judge and then outline its interest rate policy statement later today. Bets that the 'extended period' language will be left in place at least until the next tete-a-tete of the FOMC's decision makers are about as unanimous as those of an election outcome in Cuba. The situation was not the same over in the UK, where the BoE's minutes revealed a split among policymakers as regards interest rates.

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© 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.