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Royal Mint Partners with NGC to Offer Certified UK Coins

The Royal Mint, the official mint of the United Kingdom, has partnered with Numismatic Guaranty Corporation (NGC), the world's largest third-party coin grading service. For the first time, The Royal... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

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2001 American Buffalo Dollar

A 2001 American Buffalo dollar graded MS-70 by ICG. (Images courtesy Heritage Auctions)

The 2001 American Buffalo silver dollar is not just a commemorative that has done extremely well in terms of price; it is also a fascinating issue that has more than its share of interesting aspects to consider. It leaves wide open the question of whether what worked for the American Buffalo dollar can be repeated or not.

It would be safe to suggest that the proposal for the American Buffalo dollar to use the famous James Earle Fraser Buffalo nickel design left some uncertain. Yes, the design is a popular one. In fact, it’s so popular it’s been used again on a 1-ounce bullion coin which gives it the unusual distinction of having been used on a copper-nickel 5-cent coin, a silver dollar and a gold coin.

Of course, dusting off old designs does not please everyone. After all, it does suggest that no one since 1913 can draw a buffalo or a Native American. Of course, classics never go out of style.

Both sides of the debate had their points, but the real issue was how well the American Buffalo dollar would sell, drawing on a 1913 design. In the balance were funds for the Smithsonian Institution’s National Museum of the American Indian.

The American Buffalo dollar was priced at $37 for a proof in the regular period while a BU in the regular period was $32. In the pre-order discount period, the proof had been $33 while the BU was $30. There were also 2-cent sets and a coinage and currency set and, while everyone waited, the orders poured in.

The simple fact is the American Buffalo silver dollar was wildly popular, selling out all 500,000 authorized coins quickly. This spurred on other ideas. The Smithsonian’s National Museum of the American Indian and Senator Ben Nighthorse Campbell, the only Native American in the Senate at the time, were two. They wanted an extra striking of 250,000 or even 500,000 more pieces.

To strike more commemoratives of any design just because it sells out is a bad idea. It’s, in many minds, breaking a contract, as you buy the coin knowing that only a certain number will ever be struck. Changing the rules after the sale is unwise, and fortunately, the Secretary of the Treasury Paul O’Neill decided to save the commemorative coin program. Stretching all the way back to at least the Hawaii half dollar of 1928, coins have sold out but never has there been additional production.

Saved by that decision, the American Buffalo silver dollar began to increase in price. Its price increase has been an interesting one to watch for a variety of reasons.

It has to be remembered that prior to the American Buffalo silver dollar, no modern commemorative had sold out its entire authorization since the White House silver dollar back in 1992. Ten years in modern commemoratives is nearly an eternity and the White House dollar, like the Statue of Liberty $5 gold before it, after selling out moved significantly higher in price in a short period of time. Both cases suggested some speculation and since both went down almost as fast as they went up, the suggestion of speculation became even stronger.

The American Buffalo silver dollar, however, went up in price strongly but not explosively. The prices are interesting as we might expect the lower mintage BU to be the more expensive as is the case with most other modern commemoratives but that has not happened. It also becomes a case where other lower-mintage commemoratives are much less expensive. In theory, they should be more expensive but that has also not happened.

In fact, basically every normal thing you would expect to happen has not been the case with the American Buffalo dollar. That makes it a difficult coin to predict but a very interesting one to watch, as from day one no one has ever been quite sure what would happen.

The post 2001 American Buffalo Dollar appeared first on Numismatic News.

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Heritage Readies Long Beach Paper Money Auction

By Tracy Schmidt 

There are many spectacular notes in Heritage’s upcoming Long Beach auction. The top five I will be keeping an eye on are notes of exceptional quality. I look forward to sharing the auction results with you next month.

The first note is Lot 20637, a $10,000 1934 Federal Reserve Note PMG-graded Unc. 66 EPQ. According to Heritage, the note is one of just three $10,000s certified by PMG at this level for all series and districts. Having perfect centering, ideal colors, and excellent eye appeal, it should be a great performer. The note is projected to exceed its estimate of $200,000-$300,000. At the time of writing, the note has 13 bids and registered phone bidders; the lot tracking activity stands at 94, and there have been 3,010 page views.

Lot 20637 is this $10,000 1934 Federal Reserve Note with signatures of Julien and Morgenthau. (Image courtesy of Heritage Auctions)

The second note I am tracking is Lot 20635, a $5,000 1934 Federal Reserve Note graded Very Choice New 64 by PCGS. While this note has been listed in census research, this is the first public offering of the note. Estimated at $175,000-$225,000, at the time of writing the note has had 542 page views.

Lot 20635 is this $5,000 1934 Federal Reserve Note with signatures of Julien and Morgenthau. (Image courtesy of Heritage Auctions)

The third note I have my eye on is Lot 20882, a $500 1882 Gold Certificate graded by PMG as Very Fine 30. The note is well centered and the back has a strong orange coloration. Estimated at $30,000 – up, at the time of writing, the lot has a tracking activity of  53 and has had 991 page views.

The fourth note is Lot 20776, a $5 1896 Silver Certificate graded by PMG as Very Fine 30. Estimated at $2,500 – up, the note is positioned on Sept. 14 heading toward the auction with a current bid of $3,000. There are 17 bids and registered phone bidders, the lot tracking activity sits at 81 and there have been 735 page views.

Lot 20776 is a $5 1896 Silver Certificate signed by Tillman and Morgan. (Image courtesy of Heritage Auctions)

Lot 20617 is a $1,000 1934 Mule Federal Reserve Note signed by Julien and Morgenthau. (Image courtesy of Heritage Auctions)

The final note I am observing, Lot 20617 is something a little different, a $1,000 1934 Mule Federal Reserve Note PMG-graded Choice Unc. 63. Estimated at $2,750-$3,250, today, the note is currently at $2,800. There are 10 bids and registered phone bidders, the lot tracking activity is 48, and there have been 215 page views so far.

For more information on this auction please visit HA.com. I am looking forward to seeing where these notes finalize at auction.

The post Heritage Readies Long Beach Paper Money Auction appeared first on Numismatic News.

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Gold, Silver and Platinum Rise on Monday, Sept. 14

Aside from palladium, precious metals futures gained in starting the new trading week on Monday. Platinum advanced the most, followed by silver and then gold. Gold for December delivery tacked on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

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Announcing the Coin Collectors Handbook and Guides

Today I am announcing the Coin Collector’s Handbook release and the Coin Collectors Handbook Series of Guides. Since writing the first article on the Coin Collectors Blog in October 2005, I shared my collecting experiences and collected knowledge with his worldwide audience. After 15 years, it was time to give back to the hobby by […]

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Mythology Featured on Early Indian Banknotes

The origin of the universe can be explained by modern astronomers and astrophysicists, while archaeologists and historians try to clarify the origin of human societies. A mythology is a collection of stories about a specific culture or religion. They often feature supernatural characters. Cultures around the world are filled with such ales about relationships between gods and humans. In the distant past, however, before any sciences existed, the beginnings of the world and of society were explained by MYTHOLOGY. Mythology is a common topic of expression through artwork. Not just dance; painting, sculpting, the mythology is a way of expression during many facets of day to day life. Even on Indian coins, stamps, and banknotes Mythology is featured with distinct concepts. The blog covers the topic: Mythology Featured on Early Indian Banknotes.

As the British colonial reign strengthened in India over the years, their paper currency became the new normal. More denominations came in, layouts evolved; more languages and details were introduced. In the 18th Century, the Bank of Hindostan General Bank in Bengal and the Bengal Bank became the first banks in India to issue paper currency i.e. during this time paper money was first issued in British India. Explained here is the Mythology Featured on Early Indian Banknotes.

Mythology Featured on Early Indian Banknotes – The Commercial Bank

The Commercial Bank of India, also known as Exchange Bank was a bank that was established in Bombay Presidency (now Mumbai), in 1845 of the British Raj period. Though the bank only operated for 20 years, it was the first step of Banking in India. The bank is known for Mythology Featured on the Banknotes. The uniface banknote of Eight Sicca rupees depicts at least three different mythologies on it; which are given as follows.

    Ganga: The River Ganga has a great spiritual and symbolic significance in Hinduism. It is undoubtedly the most sacred river of Hindus. In the Hindu pantheon and ritual worship, Ganga is revered as a goddess.  According to the legends and Puranas, the goddess Ganga used to flow in the heavens. It was brought to the earth by the penances of a sage named Bhagiratha. Ganga has been given a humanized form in India who appears in many stories and artwork. Ganga appears on the Eight Sicca Rupees in the Oval Vignette on the right corner. She is shown draped in Indian Clothes and holding a lotus flower in both the hands.

Britannia: Britannia is the Latin name of Britain. It has been used in several different senses, including that of the national personification of the United Kingdom. Britannia is the name given to the female personification of the island, and it is a term still used to refer to the whole island. In the 2nd century, Roman Britannia came to be personified as a goddess, armed with a trident and shield, and wearing a centurion helmet. Britannia’s Mythology Featured on Early Indian Banknotes in a sitting image holding a scepter and an olive branch.

    Mercury and Commerce: The Vignette in the center of the Eight Sicca Rupees depicts Mercury handing over money to personified ‘Commerce’ who is sitting on merchandise. Mercury is a major god in Roman religion and mythology. He is the god of financial gain, commerce, eloquence, messages, communication (including divination), travelers, boundaries, luck, trickery, and thieves. He is often depicted holding the caduceus in his left hand. Commerce, on the other hand

Mythology Featured on Early Indian Banknotes – 1750 Arcot Rupee of Madras Presidency

    Next in the Mythology Featured on Early Indian Banknotes is the 1750 Arcot Rupee of Madras Presidency which depicts the personification of “India”. Known as “Bharatmata” (Mother India), the country is believed to be the mother of every Indian citizen.

Till 1861 CE when the Paper Currency Act came into effect, the paper currency in the Madras Presidency was issued by various banks. Notes of denominations like 500 Star Pagodas or 1750 Arcot Rupees, 2 Star Pagodas or 7 Arcot Rupees, 5 Rupees, 15 Rupees, and 100 Rupees were issued.

The 500 Star Pagodas or 1750 Arcot Rupee note bore a vignette of the personification of “India” sitting under a pennant that reads “Asiatic 1804 Bank”. A tiger sits at her feet while she holds a snake in her left hand and a mace in the right. The background shows the scenery of hills and water.

With the Coinage Act of 1835, uniform coinage throughout the country comes. And in 1858, Mughal Empire subsequently ended and the British crown gained control over one hundred princely states and so, the images on the coins were replaced by portraits of the Monarch of Great Britain Supremacy. Mythology Featured on Early Indian Banknotes came to an end and was replaced by the portraits of the Kings and Queens of Britain.

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The post Mythology Featured on Early Indian Banknotes appeared first on Blog | Mintage World.

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ANA, ‘Remember the Member’

By Barbara J. Gregory

The September 2020 issue of The Numismatist (Page 55) carried a heartfelt plea from American Numismatic Association Executive Director Kim Kiick urging optimism with regard to the future of the hobby and the American Numismatic Association. Although her comments saddened me greatly, they were solidly on the mark.

Now, more than ever, collectors and families need fun, stimulating diversions from today’s challenges, much like American citizens did during the Great Depression and the years following World War II. Those dreary days provided a conducive climate for promoting coin collecting and launching a host of hobby products, from coin folders and guide books to monthly magazines and supplies. Eager for an affordable activity to take their minds off their troubles, many people dove into numismatics, pushing hobby participation to new heights.

ANA governors can learn from history and turn the present situation into an opportunity for growth and service. However, some appear to have another agenda – one that does not support members, facilitate headquarters staff and operations or ensure the continued health of the numismatic hobby and its advocate, the ANA. I fear a few elected officials and appointees have used the current COVID-19 pandemic as a convenient excuse to essentially cripple and dismantle the Association, with utter disregard for its legacy of education and guidance.

What is behind the board’s silence and fatalist attitude? With the steady erosion of the ANA’s foundation and the beginning of a board election cycle in December 2020, it is time for members and concerned hobbyists to ask such questions and for the Board of Governors to provide clear, honest answers.

I can think of no better use of the ANA’s ample endowment than for bolstering member services and strengthening the hobby during this difficult time. With contributions from many hundreds of members, the Association built its home and headquarters in Colorado Springs, Colo., in 1967. This facility – much improved and expanded over the years thanks to continued member support and trust – belongs to them.

In the words of former ANA President Matthew H. Rothert, the man who advocated the inclusion of IN GOD WE TRUST on our nation’s paper money, “Remember the member.” For the American Numismatic Association, this advice can illuminate the path forward, but ANA leadership is not listening or proactively responding.

  This “Viewpoint” was written by Barbara J. Gregory, ANA Life Member and former editor-in-chief of The Numismatist.

To have your opinion considered for Viewpoint, email submissions to numismatics@aimmedia.com.

Read more Viewpoints. 

The post ANA, ‘Remember the Member’ appeared first on Numismatic News.

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U.S. Mint Basketball Coin Surprise

Wife Plays Key Role in Obtaining Basketball Coin

OK, I see people all the time that say “I got this, or I got that,” so you can say  “Hey, it’s my turn.” I had read about the Basketball coins in one of your mags, and about all there would be offered. Then we got COVID-19 and things changed. So, now we had the proof, clad, or gold. So I got the proof. It was a great coin – but what about the other stuff?

Besides the magazine, I saw the coins advertised in an email, but you had to order it on Aug. 28 by noon. So I told my wife, “You have to get this coin for me!” She is really good at this stuff. And I told her “Remember, I want the clad one.” She gave me this funny look (I never go after clad stuff.). So Aug. 28 comes around and she said “nothing.”

When we got to the 30, I asked her “What’s up? Did you order the coin?” She said, “Oh. Yes, I did.” And so I waited. On Sept. 4, in my wife walks with a box from the Mint. I had a little smile but when I got to the box, I said: “It looks like the other box.” When I opened it up, there was a card inside – Certificate of Authenticity – but it had a name on it.

It said “David J. Ryder,” and he had signed it and numbered it 71. I was like, “How great is that?!” I was a happy man. And it’s all because my wife got it in there at – are you ready? – 12:01 p.m.

Told you she was good at it!

P.S. Fill me in on what they did?

Jimmi Reitzler National Park, N.J.

  ‘In God We Trust’ Traces Back to Earlier Origin

In reference to Steve McGowan’s Aug. 25 Numismatic News letter, “In God We Trust First Used on Notes in 1935,” technically, one can go back even farther.

The 1886 $5 Silver Certificate currency note (Rosecrans-Jordan) exhibits images of five Morgan silver dollars portrayed on its reverse. The center silver dollar reveals the obverse of the coin dated 1886. The reverse of the four remaining silver dollars each exhibit our motto, “In God We Trust” although the words are fragmented because the portraits of the coins were overlapped, possibly for space allocation, and to balance the overall design of the note.

Sam Lukes Visalia, Calif.

  What is Staking Compression?

I have just finished reading the Aug. 25 issue of Numismatic News and in F. Michael Fazzari’s column, “Making the Grade,” (which I always enjoy) he uses the term “staking compression.” Pardon my ignorance, but what the heck is that? I would really like to know.

Thanks!

William Mills Orlando, Fla.

  Editor’s Note: We have passed your question along to F. Michael Fazzari for response.

  Is the Rise in Silver Spot Good for Collector?

I have always had mixed feelings about whether higher silver spot prices are desirable. At a low silver price, someone on a fixed income can afford to buy more ounces than if the price were higher. The more one can buy at a low price, the more secure one may feel when inflation comes. Plus, a low spot price enables the purchase of silver Eagles and other beautiful silver coins at affordable prices.

When silver spot rises, then all current bullion holdings increase in value. If money is needed for living expenses, one may sell without taking a loss. Now that silver has jumped from an average of about $16 over the past eight years to $26 as this is written, I remain undecided about whether the increase was good for myself or for collectors in general.

The recent spot price rise reduced the silver purchasing power of a collector’s current monthly fixed income by about 40 percent. If prices of other commodities rise by a comparable amount, then our income will suffer a significant permanent reduction in purchasing power.

When the price of silver rises, does a silver owner’s real wealth increase or is he simply preserving wealth?

Although the value of silver holdings have been suppressed for years by market manipulators, the artificially low spot price has enabled collectors to acquire more silver than they otherwise could have afforded had spot been allowed to rise based on the law of supply and demand. Many lost money by investing in silver in 2012 when silver peaked near $48 an ounce.

A few years ago, I met a fellow in a coin shop selling a large amount of bullion silver. His willingness to sell at only $15 an ounce was surprising. He admitted that he had paid $27 per ounce and was taking a big loss. He said that silver is a lousy investment and that he had found a better place to put his money. 

When the spot price was low, deciding when and how much silver to buy was easy. A regular monthly purchase in a dead silver market made sense. Deciding to sell in the current market pandemonium is difficult.

So, at what price points should one sell? What percentage of the silver stash should one sell? Will the silver market crash as in the past or will the trajectory continue up? At what price will a peak be reached? If someone has purchased for the long term, should he hold and ride out the up and down or take a short term profit on some holdings and hope to buy back in later?

Including myself, most folks don’t know how to answer these questions. Any decision to sell can be genius or appear stupid in hindsight. No one wants to feel stupid, but making a lucky decision is euphoric.

What do fellow collectors have to say about the silver market and our holdings?  How should one answer some of the questions posed above? 

Experts often say more than they actually know. Their opinions are easy to find but may be wrong. What are your opinions?

Bruce Frohman Modesto, Calif.

  Read more Letters. 

The post U.S. Mint Basketball Coin Surprise appeared first on Numismatic News.

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American Innovation Proof Set to Become Available

For those who missed out on buying any of the coins in the American Innovation 2020 series so far, the Mint has you covered. On Oct. 8 at noon EST, the Mint is releasing the American Innovation 2020 $1 Coin Proof Set. The set features four coins celebrating and honoring significant American innovation and pioneering efforts of individuals or groups in Connecticut, Massachusetts, Maryland, and South Carolina.

The coins have sharp relief and mirror-like backgrounds with frosted foregrounds, giving them a cameo effect. Each coin weighs 8.1 grams, has a diameter of 1.043 inches and a lettered edge. The coins are produced at the San Francisco Mint, and each set comes with a certificate of authenticity. The cost is $24 and there is no mintage, product, or household order limit at the time of this writing.

These sets can be purchased online at catalog.usmint.gov. Phone ordering is currently unavailable due to the COVID-19 pandemic.

The post American Innovation Proof Set to Become Available appeared first on Numismatic News.

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Mythology Featured on Early Indian Banknotes

The origin of the universe can be explained by modern astronomers and astrophysicists, while archaeologists and historians try to clarify the origin of human societies. A mythology is a collection of stories about a specific culture or religion. They often feature supernatural characters. Cultures around the world are filled with such ales about relationships between gods and humans. In the distant past, however, before any sciences existed, the beginnings of the world and of society were explained by MYTHOLOGY. Mythology is a common topic of expression through artwork. Not just dance; painting, sculpting, the mythology is a way of expression during many facets of day to day life. Even on Indian coins, stamps, and banknotes Mythology is featured with distinct concepts. The blog covers the topic: Mythology Featured on Early Indian Banknotes.

As the British colonial reign strengthened in India over the years, their paper currency became the new normal. More denominations came in, layouts evolved; more languages and details were introduced. In the 18th Century, the Bank of Hindostan General Bank in Bengal and the Bengal Bank became the first banks in India to issue paper currency i.e. during this time paper money was first issued in British India. Explained here is the Mythology Featured on Early Indian Banknotes.

Mythology Featured on Early Indian Banknotes – The Commercial Bank

The Commercial Bank of India, also known as Exchange Bank was a bank that was established in Bombay Presidency (now Mumbai), in 1845 of the British Raj period. Though the bank only operated for 20 years, it was the first step of Banking in India. The bank is known for Mythology Featured on the Banknotes. The uniface banknote of Eight Sicca rupees depicts at least three different mythologies on it; which are given as follows.

    Ganga: The River Ganga has a great spiritual and symbolic significance in Hinduism. It is undoubtedly the most sacred river of Hindus. In the Hindu pantheon and ritual worship, Ganga is revered as a goddess.  According to the legends and Puranas, the goddess Ganga used to flow in the heavens. It was brought to the earth by the penances of a sage named Bhagiratha. Ganga has been given a humanized form in India who appears in many stories and artwork. Ganga appears on the Eight Sicca Rupees in the Oval Vignette on the right corner. She is shown draped in Indian Clothes and holding a lotus flower in both the hands.

Britannia: Britannia is the Latin name of Britain. It has been used in several different senses, including that of the national personification of the United Kingdom. Britannia is the name given to the female personification of the island, and it is a term still used to refer to the whole island. In the 2nd century, Roman Britannia came to be personified as a goddess, armed with a trident and shield, and wearing a centurion helmet. Britannia’s Mythology Featured on Early Indian Banknotes in a sitting image holding a scepter and an olive branch.

    Mercury and Commerce: The Vignette in the center of the Eight Sicca Rupees depicts Mercury handing over money to personified ‘Commerce’ who is sitting on merchandise. Mercury is a major god in Roman religion and mythology. He is the god of financial gain, commerce, eloquence, messages, communication (including divination), travelers, boundaries, luck, trickery, and thieves. He is often depicted holding the caduceus in his left hand. Commerce, on the other hand

Mythology Featured on Early Indian Banknotes – 1750 Arcot Rupee of Madras Presidency

    Next in the Mythology Featured on Early Indian Banknotes is the 1750 Arcot Rupee of Madras Presidency which depicts the personification of “India”. Known as “Bharatmata” (Mother India), the country is believed to be the mother of every Indian citizen.

Till 1861 CE when the Paper Currency Act came into effect, the paper currency in the Madras Presidency was issued by various banks. Notes of denominations like 500 Star Pagodas or 1750 Arcot Rupees, 2 Star Pagodas or 7 Arcot Rupees, 5 Rupees, 15 Rupees, and 100 Rupees were issued.

The 500 Star Pagodas or 1750 Arcot Rupee note bore a vignette of the personification of “India” sitting under a pennant that reads “Asiatic 1804 Bank”. A tiger sits at her feet while she holds a snake in her left hand and a mace in the right. The background shows the scenery of hills and water.

With the Coinage Act of 1835, uniform coinage throughout the country comes. And in 1858, Mughal Empire subsequently ended and the British crown gained control over one hundred princely states and so, the images on the coins were replaced by portraits of the Monarch of Great Britain Supremacy. Mythology Featured on Early Indian Banknotes came to an end and was replaced by the portraits of the Kings and Queens of Britain.

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The post Mythology Featured on Early Indian Banknotes appeared first on Blog | Mintage World.

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Gold, Silver and Platinum Score Weekly Gains

Gold, silver and platinum retreated on Friday, paring their gains on the week. Palladium also declined on Friday, barely, standing by itself with a weekly loss. Gold for December delivery declined... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

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Curved Colorized Silver Dollars Enter Ranks

August 28 saw a milestone for both the U.S. Mint and interested collectors: Sales began of the Mint’s first-ever colorized coins.

As part of the 2020 Basketball Hall of Fame offerings, a curved colorized silver dollar and a curved colorized clad half dollar became available for purchase. After 10 days on sale, the Mint reports that a total of 20,609 of the colorized silver dollar were sold and 24,996 of the colorized clad half dollar were picked up.

Best-sellers this week will be familiar to those who follow Mint Statistics. The top spot is occupied by the 10-coin clad proof set with “W” nickel; it totals 342,842 sold.

With silver still dominating the precious metals market, it comes as no surprise that the 2020-W proof silver American Eagle is a top contender, coming in a close second this week with a total of 341,948.

The number three spot goes to the Basketball Hall of Fame colorized half dollar. Number four is occupied by another silver Eagle, the 2020-W uncirculated version, with a total of 129,015 sold. Fifth place goes to the Basketball Hall of Fame colorized silver dollar.

The post Curved Colorized Silver Dollars Enter Ranks appeared first on Numismatic News.

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e-Letters: Sept. 29, 2020

From the Sept. 4 Numismatic News e-Newsletter. 

Do you think 90 percent silver is the best form of silver investment? Why or why not?

Here are some answers sent from our e-newsletter readers.

  Yes, I do think it is a good investment because the U.S. made 90 percent coins for years, so they are easy to come by and you can buy them cheap when silver is low and sell them for lots when silver is high.

Conner Hopfer Salem, Ore.

  Yes, I believe 90 percent silver, as well as 40 percent silver, are a good investment. It’s always a possibility that silver will rise in price. If not, it’s always worth face value.

Ken Batavia, Ohio

  Yes, because it’s not only the silver content but the numismatic value as well. Plus, it’s a thrill to watch over and over again the coins in your collection. It’s like family and not just bulk globs of silver.

John Essington Pennsylvania

  In a crisis situation, 90 percent United States silver coins would be the optimum means of paying for something. It comes in denominations of 10 cents, 25 cents, 50 cents and $1 and they are recognized by people. Obviously, their value would be more than their face value, but it would be easy to determine the value of a dime, a quarter, or a half dollar. For example, people would know a dime is worth $2.50, a quarter worth $6, a half dollar worth $12 and silver dollars worth $24. It’s easy to remember as a medium of exchange.

Name and address withheld

  If a coin, for example, has 1 ounce of silver in its composition, then I suppose it really doesn’t matter whether it’s 90 percent or 99 percent unless you intend on melting it down to plain silver. I’ve never understood why some so-called “collectors” would buy raw precious metals in ounce-weight when they could buy a collectible coin instead with the same weight of gold, silver or platinum, thereby increasing the value of what they own from two angles instead of just one.

Steve McGowan Algonac, Mich.

  No, I buy them for my collection but prefer bullion as an investment.

Name and address withheld

  I believe 90 percent U.S. silver coins are one of the best ways to buy and own silver. It is minted to an exact government standard and is dated. No need to have it assayed.

Michael McKinnon Southport, N.C.

  Yes, if you hunt you can find some fabulous deals on 90 percent silver at around spot or a wee bit over. Paying the premiums on silver Eagles, in my opinion, is silly and overrated. I got four rolls of proof Washington quarters for $162 a roll when the silver price was about $5 a coin, or $200 a roll.

Bill Zearfoss Philadelphia, Pa.

  Forget about 90 percent silver. If you want to invest in silver, buy the new American silver Eagles in 99.9 percent silver.

Name and address withheld

  Absolutely. One, it is easily recognized, is rarely questioned, retains its “spending face value,” which is most likely irrelevant to its silver content and can be brokered in small convenient units.

Most transactions are $1,000 face value bags; but, coin silver can be sold and bought in smaller increments. Also, there can be the “fun of the search” going through an accumulation of old silver; you might discover something.

Decades ago, one of my primary mentors, one referred to in a previous Friday Poll Question, preached, “purchase and save silver in various formats: coin, one ounce, small ounce bars and silver Eagles, which allows diversity in selling and unloading.”

So, yes “coin silver” is preferred but diversity offers more opportunity if the need or chance arises. Lately, that seems almost daily!

Michael S. Turrini Vallejo, Calif.

  Since this format encompasses most U.S. silver coins, I would say that is a good investment form. While pure silver bullion is an attractive format, I think that over time investing in regular-issue U.S. coins will probably be more valuable.

Robert Kane Johnstown, Pa.

The post e-Letters: Sept. 29, 2020 appeared first on Numismatic News.

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Disturbances, Interruptions on Coin Edges

The reeded edge of a coin I recently examined appears to be disturbed. Any thoughts on what this might indicate?

Disturbances or interruptions to the reeding on a coin’s edge may suggest the coin has been repaired, especially if the coin at some time was used as jewelry and a loop that had been fastened has since been removed. The reed count on coins in some series helps detect altered dates or counterfeit coins.

  Large and Small Mintmarks appear on several dates of Mercury dimes, yet only the 1945 S-dated coins are generally treated as varieties. Is there a reason why?

The Small Mintmark or Micro S variety of the dime of which you spoke has received more publicity than other dates. This impacts the interest and value of this Small Mintmark, but it doesn’t mean that as a specialist in Mercury dimes you should trivialize other lesser-known dates with Mint-produced varieties.

  I have a 1983-P Kennedy half dollar that has a completely plain edge. The die rotation is off by less than 5 percent. The obverse is in Very Fine at most, possibly even Fine, or is a weak strike – Kennedy’s hair is almost completely smooth – and the reverse in Extremely Fine. The obverse is covered with myriad tiny nicks. The reverse has less but does have some marks. The obverse mintmark is smooth but looks like a “P” to me. Do you think I have an error, a counterfeit, or merely a standard business strike?

It isn’t possible to be certain what you have without physically seeing it, but my first question regards its weight. The fact that the coin lacks a reeded edge suggests it should be likely lightweight due to it being struck on a faulty planchet. Your description also suggests the coinage blank didn’t fit properly in the coining machine, which would be why so much of the coin image is lacking. While I can’t rule out the coin being counterfeit without examining it, you likely have a striking error. The eye appeal may give the coin some additional collector value as it appears from your description that this coin’s manufacture was really blundered.

Read more Coin Clinic. 

      The post Disturbances, Interruptions on Coin Edges appeared first on Numismatic News.

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Scarce to Rare Coin Market Hot

Coins are selling, regardless of if they fit into the scarce to rare, available yet collectible, made for collectors only, or into the bullion-impacted categories. In an August auction in Las Vegas, the ESM Collection of U.S. large cents realized more than $4.6 million. The Bruce Morelan specimen of the 1794 Flowing Hair silver dollar is among other rarities soon to be auctioned. This silver dollar sold for $10 million when it was last offered seven years ago. Offerings of coins of this caliber draw attention to the hobby, but so does the rising spot price of both gold and silver.

Bullion and bullion-impacted coins are likewise in high demand. Many dealers are spending the bulk of their time buying business-strike silver coins and ingots rather than in selling to collectors. The supply of gold and silver intrinsically valued coins, be they 1964 and earlier dimes, quarters and half dollars or pre-1933 common date and condition gold denominations, is being outstripped by demand.

According to a recent Bloomberg news report, “It may be much harder to pry gold and silver from their current owners if they are unsure current prices are high enough to properly value them.”

Premiums on silver and gold American Eagles are rising for this reason. Collectors are finding themselves competing with investors and speculators, encouraging higher prices. How many of these non-collectors may join the hobby ranks has yet to be seen, but if the past is any indicator there will be many. Coin shows are beginning to cautiously re-emerge despite the coronavirus pandemic. The so-called “new normal” may yet be replaced with a different new normal for coins: a vibrant market with lots of participants.

Read more about the coin market. 

This article was originally printed in the Sept. 29 issue of Numismatic News. 

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The post Scarce to Rare Coin Market Hot appeared first on Numismatic News.

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U.S. Mint Produces Over 1.65 Billion Coins for Circulation in August

U.S. coin production soared for a third straight month, manufacturing figures from the United States Mint show. The new data also revealed mammoth mintages for U.S. Virgin Islands' Salt River Bay... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

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Perth Mint Gold Bullion Sales Hit 4-Month High in August

Australian bullion sales in August dipped for silver products and reached a four-month high for gold products, according to the latest sales figures from The Perth Mint of Australia. The monthly... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]