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Tuesday, August 31, 2010

8/30 Numismatic News

   
Gold, Silver, Metal Prices Commentary – August 30, 2010
August 30, 2010 at 6:52 AM
 
Good Morning, Marginal declines were noted in gold prices as the new trading week got underway overseas last night. Mild profit-taking and an emerging modicum of risk appetite for equity assets arose...

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1856-O Double Eagle Gold Coin Debuts in Heritage September Long Beach Auction
August 30, 2010 at 6:00 AM
 
The Bullock Specimen of the famous 1856-O double eagle, recently discovered in Ohio and graded XF45+ by NGC, is the main attraction in Heritage Auctions' September 2010 U.S. Coin Auction, Sept....

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8/30 Numismatic Collecting News » Featured

   
Coin Collecting – Set Premiums: Fact or Fiction?
August 30, 2010 at 1:20 PM
 
By Doug Winter – RareGoldCoins.com

One of the things that new collectors are often told is that if they build a set, the collective value of the coins will be greater than the individual value when it is time to sell. Is this correct or is it just clever marketing hype?

I believe that the answer to this question is yes, no and maybe. Let's take a random example of a set–Charlotte quarter eagles–and look at instances where there would or would not be a premium factor established upon completion.

There is, in theory, a clear-cut instance of when a set of Charlotte quarter eagles would gain value if it were complete. This would occur if all the coins were very high high grade and the set would be almost impossible to duplicate at any price. But what if the coins themselves are not as impressive as the plastic they reside in? I have seen sets of Charlotte quarter eagles in which all the coins were accorded very high grades by PCGS and NGC but the coins themselves were unimpressive; some were recolored while others were puttied. Among well-informed collectors of Charlotte quarter eagles there are high grade sets that are famous for having great coins and there are sets that are (in)famous for having coins that are "maxed out" and unappealing despite impressive grades.

A set of Charlotte quarter eagles might not have to be high grade to be impressive and to gain value on a completed basis. I have seen sets where all of the coins were "only" in the EF to AU range but the individual coins were gorgeous with matched natural color, nice surfaces and strikes and strong overall eye appeal. In this instance, I think a set could gain as much as 10-15% premium. The reason it would gain value is that a potential buyer would realize that in today's market–where most Charlotte quarter eagles are stripped-n-dipped–the opportunity to acquire high quality coins is rare; and the opportunity to acquire a complete set of them is even more rare.

An instance where a "maybe" answer might have to be given is with a clearly mixed quality set. I know of a few sets of Charlotte quarter eagles where the quality is wildly uneven. There might be a common date in EF45 which isn't very nice alongside a rare date in MS63 that is spectacular. This lends itself to a sort of numismatic version of "which came first, the chicken or the egg?" Would you pay a premium for a set that had some great coins but which you knew that you would be forced to do significant upgrades on others? I think the answer has to be made on a case-by-case basis. If the highlights off the set were enough to offset the low-lights than I think a premium factor would be in order; just maybe not the 10-15% that I mentioned above.

There are other instances where I think that a set premium would be in order. I would pay a healthy premium for a set that all the coins had good pedigrees (not necessarily famous pedigrees but they may have come from good retail dealers or not-so-famous auctions that have a high regard among specialists). I would pay a premium for a set of coins that were original. And I would probably pay a premium for a set of early gold coins in which each piece was better produced than usual.

Here's the rub on set premiums. Most collectors enjoy the thrill of the hunt and putting together a set. But the concept of long-time collecting has becoming somewhat antiquated in the Internet age and today's faster-paced lifestyle has shortened the attention span of everyone; even middle-aged coin collectors. Not everyone has the patience to wait five or ten years to assemble a nice set of Extremely Fine Charlotte quarter eagles. The chance to knock out the whole set with one punch is appealing to certain collectors who can afford to write a one-time check.

In the very high end of the market, opportunity costs have to be considered. If you are a serious collector of Charlotte quarter eagles (or anything else for that matter…) the chance to buy an incredible one-of-a-kind set may truly be a once in a lifetime opportunity. In this instance, the chance to buy a great set for a 10% premium seems to me to be a great value.

Over the years I have purchased a number of superb specialized collections. There has never been a time that I didn't want to sell the collection intact, preferably to a loyal collector who, I hoped, would sell it back to me at a later date. I've even been willing to sell it at a discount price, as an intact set, knowing that there was a chance I could handle it again in the future. But in virtually every case I have had to break the set up and sell it two coins here and three coins there. Why? In the case of million-dollar and higher sets I think price has been as issue. There are not many collectors who can (or would) write a check for a million-plus dollar specialized collection.

As I mentioned above, the "set premium factor" is a term often used by marketers when selling coins to new collectors. This concept is typically negated by the fact that these marketers are selling lower end coins or they are in the midst of promoting material that is common and isn't ever worthy of some sort of premium factor down the road. But I do believe that set premium factors do exist and that savvy collectors can create their own mystique when it comes times to sell.

If you don't believe this, study the results of the recently-concluded Steve Duckor collection of Barber half dollars. Yes, the coins were great. Yes, the selling venue for them was ideal. And, yes, Heritage did a fine job cataloging and presenting them. But I honestly believe that many of the buyers, consciously or not, paid a strong premium factor because they believed (rightfully, in this case…) that "if the coin had a Duckor pedigree, it had to be good." This was a case where there was a set premium factor; in some cases a remarkably strong one.

Related posts:

  1. Collecting Strategies – Collecting Key Date Coins in All Series
  2. Smart Coin Collecting 101: Avoiding the Churn
  3. Smart Coin Collecting 101: Is It Ever Right to Buy the Wrong Coin?

 

 
   
   
     
   
Legend Offers Suggestions on Building Sets in Coin Collecting
August 30, 2010 at 4:34 AM
 
Laura Sperber – Legend Numismatics

There is no magic wand or crystal ball that can tell you when the coin market will turn red hot again or when prices will finally rise across the board. Until then, there are many areas you can explore that we feel have awesome potential-and are actually completable.

GOLD BUGS READ THIS:

Its very interesting that we see the masses buying Saints in MS64 and higher. People have always enjoyed the feel of bigger gold. Because of this, many Gold Type coins have been drifting and actually have come down in value. WE SUGGEST YOU BUILD AN MS64 AND HIGHER GOLD TYPE SET. You can put in it whatever you want. So buy a slight better Gold Dollar for very little premium or buy an MS65 $3 Gold piece-of which we have seen so few around recently. All Indian Gold in GEM has actually fallen recently-and they are NOT easy coins to find.

ALL PROOF BARBERS

HELLO! We KNOW these are incredible values. For years we preached about PR64's. They have since gone up and are ok, but you can do better in the higher grades. BUY PR 65-67 coins. You can build a COMPLETE 24 coin PR Barber 10C set in 66 for UNDER $60,000.00. Or how about a PR barber Quarter set in PR65? That about $50,000.00. The beauty is the coins look great and MOST have mintage's of UNDER 1,000 pieces. We only own maybe one or two PR Barbers total-so do NOT accuse us of manipulating pr hyping a market to our benefit!

PROOF LIBERTY NICKELS

Do a PR65/66 Set. Even a semi mixed set of them should cost SUBSTANTIALLY UNDER $25,000.00! These are beautiful coins! You can't go to a major show and finish the set in day, but you can build a set over a few months.

PROOF TWENTY CENT SET

There are ONLY 4 coins in this set-two of which are Proof ONLY! This set supplies it all: rarity, obsolete, beauty,and affordability. A set in PR64 can be built for UNDER $25,000.00. Or, go for the BEST and do a PR66 set: $50,000.00. Its all up to your tastes and budget.

WALKERS

We have learned from our McClaren Collection that the short set of Walkers (1941 PDS-1947 PD) in MS65/66 is probably one of the most popular collected areas in all of coins. Stunning GEM MS66 Walkers can be purchased for around $225-$275.00. Even the rare 1941S PCGS MS66 will only cost you $2,250.00 or so.

OUR ALL TIME FAVORITE RECOMMENDATION:

Build a Type set. A Type set is a representative of a series. It can contain the 50C 1905 PCGS MS68 we recently bought and sold for over $135,000.00, or it can contain an MS66 PL Morgan for $225.00. You simply pick the BEST examples you can afford and like. By building a Type set, opportunity does NOT pass by you.

WHAT LIES AHEAD FOR THE REST OF THE YEAR?

Typically the market rebounds starting in Mid September. This month there are TWO major shows (both in our opinion poorly planned on top of each other) that could actually slow the market a little. However, there is a 3 week recuperation of no major shows after that.

Price MUST move up sometime. For the past year we have not been able to buy ANY better date MS65 and higher Ten Indians. We have been hyper aggressive looking for them. So as more players come back from summer retreats and focus on coins-a series like that could pop up 10-20% overnight. For every series that happens in, there will be some commodity related price dips. Study the series you want to buy in carefully. Look around for what you do NOT see-those are the areas that have the biggest short term potential.

We strongly feel the market will be exceptionally healthy and active after the middle of September. We are NOT saying this for hype. We have spent millions to buy really neat coins and sit on them to preserve the freshness. If we are wrong, and there is even so much as a hiccup, we lose a ton of money. But the coin market seems to be following its classic summer pattern, so we are quite comfortable with our instincts.

Read the Complete Legend Market Report Here

Related posts:

  1. Collecting Date Sets of Liberty Seated Coinage Part 2: Quarters through Half Dimes
  2. Collecting Date Sets of Liberty Seated Coinage – Part 1: Dollars and Half Dollars
  3. CoinsTV.com Offers Free Collecting Videos Online

 

 
   
   

8/30 Numismatic Collecting News

   
Buchanan's Liberty First Spouse Gold Coin Availability
August 30, 2010 at 8:00 PM
 
 

Collectors may begin ordering James Buchanan's Liberty First Spouse Gold Coin at noon Eastern Time on September 2, 2010.

James Buchanan's Liberty First Spouse Gold Coins

James Buchanan's Liberty First Spouse Gold Coins

The one-half ounce 24-karat gold coin, struck at the United States Mint at West Point, will be available in proof and uncirculated qualities.

The Presidential $1 Coin Act of 2005 contains a provision for the continuity of the First Spouse Coin Program in the event that a President served without a spouse.(...)
Read the rest of Buchanan's Liberty First Spouse Gold Coin Availability (406 words)

 
   
   
     
   
US Silver Proof Set Launched
August 30, 2010 at 7:57 PM
 
 

2010 United States Mint Silver Proof Set

Coin collectors interested in purchasing the latest United States Mint Silver Proof Set may do so directly from the U.S. Mint's website for $56.95, plus $4.95 for shipping and handling.

The 14-coin set, which contains 7 clad proofs and 7 silver proofs, went on sale Thursday, August 26, 2010. The 2010 Silver Proof Set includes:(...)
Read the rest of US Silver Proof Set Launched (215 words)

 

 
   
   

Monday, August 30, 2010

8/29 Numismatic News

World's Fair of Money 2010 Exhibitor Awards Presented at Boston
August 29, 2010 at 10:50 PM
 
The American Numismatic Association presented 60 competitive exhibit awards at the 2010 World's Fair of Money in Boston. Winners were announced at the Exhibit Awards Presentation and Reception...

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8/29 Numismatic Collecting News

   
Collectors Can Help Repeal New 1099 Requirements
August 29, 2010 at 3:15 PM
 
 

ANAThe American Numismatic Association urges its members to contact their members of Congress and ask to repeal a law that could significantly increase the paperwork burden on dealers and increase the risk of identity theft for all collectors who buy and sell numismatic material.

Under Section 9006 of the Patient Protection and Affordable Care Act, commonly known as health care reform legislation, businesses will be required to report all goods and services purchased in excess of $600 with an IRS 1099 form.

As written, the law would, beginning in 2012, require all coin dealers to report on IRS form 1099 all goods and services (totaled across a taxable year) they purchase from other dealers and customers in excess of $600...

Full Article: Collectors Urged to Help Repeal New 1099 Requirements - CoinNews.net

Related posts:

  1. $600 in coin sales or purchases = Tax form?
  2. Coin collectors, art dealers fear restrictions on Chinese imports – The Hill

 

 
   
   
     
   
Why US Mint keeps producing dollar coins
August 29, 2010 at 3:06 PM
 
 

In hidden vaults across the country, the US government is building a stockpile of $1 coins. The hoard has topped $1.1bn - imagine a stack of coins reaching almost seven times higher than the International Space Station - and the piles have grown so large the US Federal Reserve is running out of storage space.

Americans won't use the coins, preferring $1 notes. But the US keeps minting them anyway, and the Fed estimates ...

Full Article: Why the US keeps minting coins people hate and won't use - BBC News

Related posts:

  1. U.S. Mint tries to get consumers to use dollar coins – USA Today
  2. United States Mint Markets Dollar Coins, Public Say No – Coin News

 

 
   
   
     
   
Coin Grading Coin Scale Explained
August 29, 2010 at 2:59 PM
 
 

The Sheldon Scale is the primary system in use for determining the grade of a coin.  The possible grades range from Poor-1 to Mint State-70 (usually expressed as MS-70).  Every possible number in between is theoretically available for describing a coin's state of preservation, but in practice only certain points of the scale are used (such as EF-45, but ...

Full Article: The Sheldon Scale for Grading Coins - Susan's Coins Blog

The Sheldon Scale is the primary system in use for determining the grade of a coin.  The possible grades range from Poor-1 to Mint State-70 (usually expressed as MS-70).  Every possible number in between is theoretically available for describing a coin's state of preservation, but in practice only certain points of the scale are used (such as EF-45, but

Related posts:

  1. DGS in-house grading service explained
  2. Coin Grading Made Simple

 

 
   
   
     
   
Susan Gamble, artist from New Braunfels does coin design
August 29, 2010 at 2:56 PM
 
 

You may not know who artist Susan Gamble is, but chances are you have one of her drawings. And you're carrying it in your pocket.

Gamble, who lives in New Braunfels, is one of five master designers in the country whose renderings are used as artwork on coins for the U.S. Mint.

She drew the leaping ...

Full Article: Artist from New Braunfels does coin design - TimesRecordNews.com

Related posts:

  1. Artist could earn $7000 for new coin design
  2. The Lincoln penny designed by Ogunquit artist

 

 
   
   

Sunday, August 29, 2010

8/28 Numismatic Coin News

Bullion Prices and Business Weekly Update – August 28, 2010
August 28, 2010 at 8:19 AM
 
U.S. gold prices edged 20 cents higher on Friday, capping a string of four consecutive weekly gains. Gold continued to ride on the back of safe-haven buying driven by recovery concerns. But it was...

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Friday, August 27, 2010

8/26 Numismatic News

   
Gold and Silver Prices Drop Slightly, Other Metals Rise
August 26, 2010 at 3:05 PM
 
U.S. gold retreated $3.60 on Thursday, breaking a two-day winning streak and dropping from its 8-week high. Commonly cited for stalling yellow-metal haven buying was a riskier investment environment,...

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US Mint Issues 2010 Silver Proof Set
August 26, 2010 at 11:56 AM
 
The United States Mint placed the 2010 US Mint Silver Proof Set on sale today, August 26, 2010, for a price of $56.95. This year's issue contains 14 proofs as compared to last year's set...

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Gold, Silver, Metal Prices Commentary – August 26, 2010
August 26, 2010 at 8:30 AM
 
Good Morning, Investors were seen awaiting the arrival of fresh economic news and data while remaining largely on hold overnight. Mild recovery rallies took place in crude oil (up for a second day,...

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US Mint Sales: Bullion Silver Eagles Rally, Buchanan Dollars Debut
August 26, 2010 at 8:10 AM
 
Collectors have been busier, purchasing greater amounts of United States Mint numismatic products which translated into nearly across-the-board weekly coin sales improvements. U.S. Mint bullion...

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