Striking gold, platinum, and silver bullion coins has become big business for several world mints, especially South Africa, Austria and Canada, as well as the United States. They are legal tender with a denomination stated on the coin. Since each coin contains substantially more bullion value than the stated denomination, nobody would spend them at face value.
Let us hedge on that statement. There are always a few lost souls who are unaware of this little bit of trickery. There is ample anecdotal evidence that someone who was hard up or had just stolen them, would try and exchange them for something since they might have no idea of their real worth.
Q: Is 100 percent pure silver possible?
A: Only in a lab. Usually the best you can get is .9999 fine, which means it has a trace of impurities.
You would expect that they are not collector coins, but it didn't work out that way. We have been told of lengthy searches through stacks of American Eagles in an effort to find examples in the upper five grades, (MS- 66-70 or PR-66-70) which in turn can be sold for a substantial premium.
Bullion coins are struck on nearly pure metal, at least .999 fine in most cases. The Royal Canadian Mint made a big splash by going to "four nines" or .9999. The difference between three or four nines is microscopic, but it was a good marketing ploy and other mints have followed suit. Even the hucksters tout their gold plated tokens as having .9999 fine plating.
Silver Eagle coins come only in the $1 denomination and are larger in diameter than the old silver dollars. The silver is 0.9993 fine.
Gold values have shot up dramatically, which puts the $50 gold bullion coins (1 ounce) out of the reach of many collectors and even many investors, who have been flocking to gold as an inflation hedge. However, there also are 1/10 ($5), 1/4 ($10) and 1/2 ounce ($25) gold bullion coins. All four are 0.9167 fine. The gold and silver Eagle coins were first produced in 1986 and theplatinum bullion coins were first struck in 1997.
Platinum denominations are the 1/10 ($10), 1/4 ($25), 1/2 ounce ($50) and 1 ounce ($100). All are 0.9995 fine. Most were struck at West Point.
Bullion Coin Types & Trends
The Bison bullion coinage began with the 2008-W $5, $10 and $25. The $50 gold series began in 2006, again at West Point. This series has the Indian facing right, with the buffalo facing left.
The First Spouse coins, honoring the wives of the Presidents are $10 gold bullion with a half ounce of gold, struck at West Point. This is one of two weights for the $10 gold bullion coins. The original Eagles (1838-1933) contained slightly less than half an ounce. The current American Eagle and Buffalo coins contain a quarter of an ounce. The old $10 fineness was also used for commemoratives in 1984 and 2003.
Q: What do the abbreviations ASW and AGW stand for?
A: Actual silver weight or actual gold weight. There's a third one - APW - for actual platinum weight. In all three cases the figure refers to the actual weight of the bullion metal, not the total weight of the coin.
The big fad of the 1970s was the collecting of silver art bars and rounds. Most contained an ounce of silver, with a few multiples. At least one large catalog was produced listing most of the existing bars and rounds. The bars had a multitude of different designs, hence the art bar label. When silver shot to $52 an ounce in 1980, many of the bars and rounds headed for the smelter. The multitude of private mints disappeared right along with the silver.
To retain the value and look of your coin collection, proper care and storing is essential.
Cleaning
While you may be tempted to clean your coins to make them look shiny and new - proceed with caution. Most of the time, cleaning coins reduces their value.
If you absolutely must clean a coin to remove dirt, use good-quality mild soap and water. Once you've washed the coin, pat it dry with a soft towel. Don't brush or rub it, which can scratch the coin's delicate surface. Believe it or not, older coins that show the deep coloration of age are far more desirable than coins whose surfaces have been stripped away by improper cleaning.
Handling Your Collection
To preserve the value and natural condition of your coins, it is important that you handle them carefully. A coin should be held by its edges between the thumb and forefinger. This protects the coin's surface and design from fingerprints and the natural oils on your skin that can be corrosive. Never hold a coin so that your fingers touch the obverse or reversesurface. Doing so can leave fingerprints, which are difficult to remove. Some experienced coin collectors use soft cotton gloves when handling their uncirculated or proof coins. If you choose not to wear gloves, make sure your hands are clean before handling your coins. Also, hold coins over a soft towel or other soft surface in case you drop them. Finally, don't talk directly over your coins because tiny, almost invisible droplets of saliva can drop onto the coin and show up later as spots. Just like fingerprints, those marks are difficult, if not impossible, to remove.
Source: http://www.usmint.gov/about_the_mint/collectors_corner/?action=Caring_for_coins ###################################################### Why Won't They Grade My Coin?
You've waited almost two months to get your coins back from the grading service. You open the package, hoping that your treasures have received the high numerical grades they (and you) so richly deserve. But alas, some of your coins aren't in slabs -they're not even graded at all. These coins have been returned to you in a flip similar to the one you used to submit the coin. Your check has been cashed and there is no refund enclosed. "They didn't grade my coins AND they kept my money." you think to yourself, "A grave injustice has been done!"In reality, it's not an injustice. More work has probably gone into NOT grading your coins than would have gone into grading them. For a variety of good reasons, PCGS, NGC, ANACS and Hallmark will not encapsulate certain coins. (ANACS will, however issue certificates for these coins. NCI will certify AND encapsulate these coins with the appropriate adjectival modifiers).
This doesn't mean that these coins are worthless. Far from it. It just means that the grading service has decided in the interest of preservation of the coin, protection of value, or sight-unseen trading that the coin should not be slabbed.
There are currently ten different categories of "nograde" classifications currently in use by PCGS. If a coin falls into one or more categories, it will be returned unslabbed. These categories are: 1. Questionable Toning/Color - This was formerly referred to as ARTIFICIAL toning or color, but since there is so much controversy and subjectivity about this, the designation was changed. In fact, there are some toned coins that are virtually impossible to determine whether they are toned naturally or artificially.
Furthermore, there is considerable disagreement over what is natural and what is artificial. Everyone agrees that a coin that is intentionally dipped in Clorox until it turns purple is artificially toned. And nearly all experts agree that a coin that was dipped 10 years ago, and left to tone naturally in a coin album or envelope is a naturally toned coin. But what about a coin that has been left out in the sun in an envelope for a few weeks? How about in an oven for four minutes?! Now you see the problem.
The graders who work at the grading services see every type of chemically related numismatic horror. They constantly see coins that have been toned with cigar smoke, sulfur, shoe polish and just about everything else ever thought up by a coin dealer's devious mind. Dealers are constantly trying to tone coins in such a way as to cover up defects or otherwise cause their coins to receive higher grades. The attempts people use to trick the graders are diverse, numerous and relentless. Graders are only human, and humans make mistakes. All the major grading services have graded some artificially toned coins, and have had to repurchase those coins. Naturally the graders responsible have been called to the carpet for their mistakes so it is Most of the time, the grading services can tell if the toning on a coin is natural or artificial. Still, it can be pretty maddening to buy a 1915 proof set from a family that has held the set since Great-Granddad purchased it in 1915, and have some of the coins come back "Questionable toning." But it happens. So you grit your teeth, spend another submission fee and send the coin back. Or send it to another grading service. It's just a cost of playing the game. 2. Cleaning - As recently as the early 1980's, a fully struck choice coin that had been lightly cleaned might sell for 20 to 30% less than the same coin if it were completely original. Today, since that coin will most likely never make it into a slab, it probably trades for 20 to 30% OF (i.e. 70 to 80% off) the price of an original coin in the same grade.
Severity of cleaning is very important, as is eye-appeal. A coin that was lightly wiped and has since attractively and naturally toned back will almost always be graded. A coin that has been polished or harshly cleaned stands little or no chance of being slabbed. 3. Planchet Flaw - Raised metal, missing metal, peeling metal and annealed planchets are just a few of the mint made flaws which, if large enough, will disqualify a coin from encapsulation.
Grease in the dies, clashed dies, die cracks and die scratches are another story. The grading services will almost always grade coins with these problems, even if they are rather severe. However, if these problems detract from the coin's appearance, the services might lower the final grade by a point or two. 4. Altered Surfaces - The Coin Doctor strikes again! That mischevious devil tries to cover a coin's defect to trick the graders into a higher grade. A coin with altered surfaces has generally had a foreign matter applied to it. Currently auto body putty seems to be the substance of choice. Some coin doctors will frost (almost literally paint) the cheek of a Morgan dollar in order to hide facial marks or make them appear less severe. It takes a lot of practice to tell when this has been done, but a good tip-off is when the bagmarks on the cheek appear to be nearly as frosty as the cheek itself. 5. Scratch - Location is extremely important here. A half inch scratch on the reverse of a Morgan dollar between the denticles and the lettering will usually cause the coin to be downgraded a point or two. That same scratch across the cheek of Ms. Liberty will probably render the coin ungradable. If you were bidding on MS-65 Morgan dollars sight unseen, would you want to receive one where the first thing you notice is a half inch scratch in the center of the obverse? I didn't think so. 6. Rim Nick - A minor rim nick might cause a coin to be downgraded a point or two. A severe rim nick will cause a coin not to be graded. Obviously, the smaller the coin is, the less severe a rim nick is allowed to be in order for the coin to remain gradable. 7. Environmental Damage - This is a catchall phrase for any defect which isn't mint caused, and isn't covered in the other categories. Some examples include corrosion, porosity, and PVC that has eaten into the coin's metal. Many gold coins have been recovered from shipwrecks, and some of these coins have been damaged by currents in the salt water which can create a sandblast effect. 8. Damage - Coins exhibiting unusual damage such as re-engraving of detail, initials scratched onto the coin, solder on the rim, or heavy and/or numerous cuts, digs or scratches. 9. Questionable Authority/Not Genuine - A coin deemed to be a counterfeit or reproduction. Most of these aren't even legal to own. 10. PVC - A coin designated as having PVC (polyvinylchloride) if caught early enough can be easily remedied. PVC leaves a slimy or oily greenish film which can usually be removed by dipping the coin either in acetone or Trichlorotriflouroethane Neutral Coin Solvent (available from E & T Kointainer Co., Box 103, Sidney, Ohio, 45365).
Many coins stored in soft vinyl flips, that are not inert, experience a chemical reaction and the ensuing PVC problem. If a coin you submit is returned due to PVC, you probably have nothing to worry about. It takes many years (often decades) for PVC to permanently damage most coins. The major grading services don't encapsulate coins with even minor traces of PVC. This is simply because they don't want this damage to occur after the coins are in their holders (for obvious reasons).
PCGS and most other services allow you to resubmit any coin rejected due to PVC, for only $10.00. just remove the PVC, and resubmit the coin along with the PVC flip. 11. Minimum Grade -This one is obvious. If you submit a coin and specify that it is not to be encapsulated unless it received your designated minimum grade, it won't be; but you still must pay the submission fee, since the coin went through the grading process.
NGC utilizes all of the above-mentioned "no grade" categories. In addition, NGC will not grade any coin dated 1965 and later or any Territorial coinage.
Hallmark utilizes all of the above-mentioned "no grade" categories.
ANACS utilizes all of the above-mentioned "no grade" categories on coins submitted for encapsulation. ANACS, like NCI, will grade impaired coins when a photo certificate is requested and will note the appropriate problem on the certificate.
ANACS will not accept for encapsulation Modern Proof coinage dated 1956 and later with two exceptions: error coins, and those proofs from 1956 - 1965 which merit the CAMEO superlative. Presently, ANACS does not have apertures to fit the Panama-Pacific $50 commemorative. These may be submitted only for the photo certificate option.
NCI will grade many coins the other services will not, but will usually state on the grading certificate and/or slab the specific problem the coin exhibits. NCI believes that the coin still has a grade, but the fact that the coin has been highly cleaned, restored, has a planchet flaw, bad scratch, rim nick, or solder, to name just a few, must also be noted next to the grade on the certificate. In some instances, the coin is downgraded because of the problem.
NCI, NGC, ANACS, Hallmark, and PCGS will not, under any circumstances, grade coins that are questionable as to authenticity.
$10M Gold Coin Hoard Found in Yard May Have Been Stolen From Mint
By DINA ABOU SALEM and BILL MCGUIRE | Good Morning America – Tue, Mar 4, 2014 4:34 PM EST
A California couple who found a stash of buried gold coins valued at $10 million may not be so lucky after all. The coins may have been stolen from the U.S. Mint in 1900 and thus be the property of the government, according to a published report.
The San Francisco Chronicle's website reported that a search of the Haithi Trust Digital Library provided by Northern California fishing guide Jack Trout, who is also a historian and collector of rare coins, turned up the news of the theft.
The California couple, who have not been identified, spotted the edge of an old can on a path they had hiked many times before several months ago. Poking at the can was the first step in uncovering a buried treasure of rare coins estimated to be worth $10 million.
"It was like finding a hot potato," the couple told coin expert Don Kagin from Kagin's, Inc. The couple hired the president of Kagin's, Inc. and Holabird-Kagin Americana, a western Americana dealer and auctioneer, to represent them.
The coins are mostly uncirculated and in mint condition, and they add up in face value to $27,000. "Those two facts are a match of the gold heist in 1900 from the San Francisco Mint," the newspaper reported.
Jack Trout told the paper that an 1866 Liberty $20 gold piece without the words "In God We Trust" was part of the buried stash, and the coin may fetch over $1 million at auction because it's so rare.
"This was someone's private coin, created by the mint manager or someone with access to the inner workings of the Old Granite Lady (San Francisco Mint)," Trout told the newspaper. "It was likely created in revenge for the assassination of Lincoln the previous year (April 14, 1865). I don't believe that coin ever left The Mint until the robbery. For it to show up as part of the treasure find links it directly to that inside job at the turn of the century at the San Francisco Mint."
Mint spokesman Adam Stump issued this statement when contacted today by ABC News: "We do not have any information linking the Saddle Ridge Hoard coins to any thefts at any United States Mint facility. Surviving agency records from the San Francisco Mint have been retired to the National Archives and Records Administration (NARA), under Record Group 104. Access to the records is under NARA's jurisdiction: http://www.archives.gov/."
Last week, when news of the stash first broke, coin dealer Kagin spoke about the rarity of such a find.
"Since 1981, people have been coming to us with one or two coins they find worth a few thousand dollars, but this is the first time we get someone with a whole cache of buried coins... It is a million to one chance, even harder than winning the lottery," Kagin told ABCNews.com.
The couple is trying to remain anonymous after finding the five cans of coins last spring on their Tiburon property in northern California and conducted an interview with Kagin.
"I never would have thought we would have found something like this. However, in a weird way I feel like I have been preparing my whole life for it," the couple said.
"I saw an old can sticking out of the ground on a trail that we had walked almost every day for many, many years. I was looking down in the right spot and saw the side of the can. I bent over to scrape some moss off and noticed that it had both ends on it," they said.
It was the first of five cans to be unearthed, each packed with gold coins.
"Nearly all of the 1,427 coins, dating from 1847 to 1894, are in uncirculated, mint condition," said Kagin told ABCNews.com.
He said that the couple plan to sell most of the coins, but before they do, they are "loaning some to the American Numismatic Association for its National Money Show, which opens Thursday in Atlanta."
"Some of the rarest coins could fetch as much as $1 million apiece," said Kagin. He also said that they wish to sell 90 percent of the collection through Amazon.com and on the company's website.
"We'd like to help other people with some of this money. There are people in our community who are hungry and don't have enough to eat. We'll also donate to the arts and other overlooked causes. In a way it has been good to have time between finding the coins and being able to sell them in order to prepare and adjust. It's given us an opportunity to think about how to give back," said the couple.
Kagin and his colleague David McCarthy, senior numismatist and researcher at Kagin's, met with the couple last April, two months after the hoard was found.
When McCarthy and Kagin told the couple that their bonanza will be in the annals of numismatic stories for quite some time, the couple said, "It would have been quite a pity not to share the magnitude of our find. We want to keep the story of these coins intact for posterity."
This nickel was struck through grease, or "mint goop," as shown by this characteristic roughness. This is one of many mint errors you can find in pocket change.
Photo by Ken Potter, NLG. Coin found by Vira Horwith
Findingerror coinsin your daily pocket change can be fun and profitable, and it's very easy to do. Follow the steps below carefully the first few times, so you develop coin-checking habits from the very beginning that are proven, productive methods of locating the error coins anddie varietiesthat are circulating right now, just waiting to be found.
You will need a good magnifier, at least 7x or stronger (I recommend a 10x loupe that you can keep on your key chain.) If possible, it's best to save up several dollars' worth of coins and do them all at once, but these instructions will work for any amount.
Difficulty: Easy
Time Required: A few minutes a day
Here's How:
Sort your coins into groups by denomination -Always examine your coins in batches of like types. For instance, check all of your pennies, and then your nickels, then your dimes, etc. Your eye will get used to seeing each type after the first couple of coins, so you can scan them more quickly once your brain has "mapped the landscape," so to speak. Also, you are more likely to notice differences from one coin to another when you check them in groups of like types.
Don't get caught up in minutiae! If the doubling or other flaw is so insignificant that it is hard to see with a 10x loupe, it's usually not worth much.
Examine the coin's obverse inscriptions - Look carefully for anything in the lettering that seems odd or unusual. Many doubled die varieties show doubling in only part of a word. Die abrasion, polishing, or greasy dirt collecting on the die face can cause letters to fail to strike up on the coin. Turn the coin around and look at it from different angles. Check carefully for missing letters, doubling, and other oddities in the inscriptions.
Examine the date and mintmark - The date and mintmark should be a special focus of your attention, because these are among the most valuable errors you are likely to find in circulation. There are many things that can go wrong in this area, including repunched mintmarks and dates, overpunches, various types of doubling, and other errors.
Note: If the mintmark or date is on the reverse side of the coin, (or the edge, as on thePresidential Dollars) don't turn the coin over to check now. Wait until you get to the reverse, but do be sure to check carefully when the time comes.
Examine the major devices and the coin as a whole - Take a look at the coin's major device, such as the portrait. Also consider the obverse side of the coin as a whole. Does it look right? Is there any obvious doubling anywhere? You want to look for die cracks, cuds, and missing elements. Pay close attention around the portrait's eyes, ears, mouth, and chin, looking for doubling. Be sure to look at the rim, too, watching for anything abnormal.
Turn the coin over, checking the die rotation - Carefully and systematically turn the coin over from top to bottom (not side-to-side). If the coin was right-side up before turning it over, the reverse should be exactly right-side up as well. The U.S. Mint takes great care to ensure that the die rotation on U.S. coins is correct, so coins which are significantly out of rotation are fairly valuable errors. Get in the habit of checking rotation on every coin you handle. You especially don't want to miss the 180 degree rotation errors, as they are the most valuable of all!
Examine the reverse - Following the same sequence as you used for the obverse, examine the reverse side of the coin, with the coin oriented upside down. Check the inscriptions and devices for any doubling, missing elements, or other oddness. Pay especially close attention to the mintmark, if present. Try tilting the coin at various angles to the light, which can sometimes make details easier to see.
Check the edge - The final step in checking your coin should be to examine the edge. Roll the coin along your palm, so you can see all of the edge, while you watch for seams, lines, missing reeded edges, and other abnormal factors of the edge. If the edge has lettering, look for doubled or missing letters.
Set aside anything that looks odd - Practice these steps until you can perform them very quickly. Each coin you examine should take no more than 15 to 20 seconds, and when you get used to seeing the detail on different coin types, you'll develop an eye for this that will allow you to scan coins even more quickly. Set aside any coins that you think might be different than normal, so you can examine them at your leisure under good lighting with strong magnification. At first, you might end up finding a lot of worthless varieties, but you'll be amazed at how much two seemingly alike coins can differ in the details!
Tips:
Don't get caught up trying to discern really minor details. If the doubling, or repunched mintmark, or die break cannot be seen easily and clearly under 10x magnification, the variety probably isn't worth much money. People typically pay the good money for varieties and errors they can see easily.
Get in the habit of tipping the coin at different angles to the light. Sometimes minor doubling can only be seen from a certain angle.
Get a couple of good reference books on error coins and die varieties written especially for beginners. For general information about mint errors and varieties, I recommend The Official Price Guide to Mint Errors by Alan Herbert.
Another excellent book for beginners is Strike It Rich With Pocket Change by Ken Potter and Brian Allen.
Both of the books I recommend are profusely illustrated with close-up images of what to look for on the coins, and both have rarity and pricing information. The first book is more of a reference for anything you might find, whereas the second book explains specific coins to look for.
What You Need
Your daily pocket change (or buy rolls of coins to search!)
A good magnifier or loupe, 7x power minimum, 10x preferred
If you do not learn how to become a good coin collector, you will not enjoy this hobby. This will become quickly apparent; especially the first time you have your rash, uninformed purchases looked at (and, probably, summarily dismissed) by a knowledgeable dealer or collector. There are a number of rules that all coin collectors should remember every time they make a purchase. Here are ten that I feel are especially important.
I. Education: The most successful coin collectors take time to learn as much as they can about numismatics. They not only study coins but the dynamics of the market as well. To learn about coins, I strongly suggest that you buy and read as many books as possible. You can supplement these books with specific catalogs that relate to your chosen field of specialization. A serious collector might even go as far as creating a database of prices that relate to his specialty. Other suggestions for new collectors include subscribing to periodicals such as Coin World and Numismatic News. You should join the American Numismatic Association and use their library (they will send books by mail to members). Become friendly with other collectors and communicate with them by phone or e-mail. And don't be afraid to ask questions.
II. Specialization: It is too hard to begin a coin collection without having goals and boundaries. I have always been a strong believer that it is better to view numismatics with a "micro" perspective as opposed to a "macro" perspective. As an example, if you start by collecting Charlotte gold coinage, your "world of focus" becomes 52 specific issues. It is realistic to assume that an intelligent individual who is willing to commit time to this area of study could become relatively knowledgeable within a year or two. To become similarly knowledgeable in a larger field of study (such as all branch mint US gold coins produced between 1838 and 1907) requires many more years. Becoming a well-versed specialist will allow you to level the playing field between you and dealers and it should enable you to make better purchases.
III. Patience: We live in an era of immediate gratification. New collectors often have the urge to jump in very quickly and complete their sets as fast as they can. The best coin collections are built over the course of many years. Sometimes, it is possible to purchase a number of great coins in a very short period of time. But most times, the opportunities to purchase great coins are few and far between. The new collector should avoid the temptation to buy the "wrong coin" just because he needs it for his set and he does not want to wait. Impetuous decisions are invariably incorrect and usually prove costly over the course of time.
IV. Connections: It amazes me how many serious collectors get their "meatiest" information on topics such as pricing, market conditions and future trends from such third-hand sources as newsletters, coin magazines and coin brokers. This information is almost always well out of date and totally biased. (Remember that most newsletters which recommend specific coins are written by dealers who have taken a position in what they are touting). The only way to get real information about the coin market is from a dealer or collector who regularly attends shows and auctions. This discounts most coin brokers/salesmen as they get diluted information from their superiors and then pass on these half-baked "truths" to the masses. I personally view it as my duty to pass on accurate information to good clients. Conversely, I will not willing pass this information onto "tire kickers." The best way to get good information is to establish a good working relationship with a well-connected, reliable dealer.
V. Thinking Like A Collector: Anyone who approaches numismatics with a dispassionate attitude is a virtual certainty to lose money. Conversely, most pure collectors make money; often times in spite of themselves. This is because they buy coins for the right reason: they love them. They what interests them and they carefully research their purchases. They know for example, that a coin similar to one they just purchased sold for 10% more at a major auction. They know that they are not buying overhyped coins at the height of a promotional period. They are not buying coins just because a voice at the other end of the phone told them to and they are not buying them because this person told them their new coins would "increase in value 50-75% over the next three years." Remember this rule because it may be the most important one of the ten listed here: learn to think and act like a true collector and you will have more fun now and have a better chance to expect a reasonable profit on your purchases over the course of time.
VI. Connoisseurship: I define connoisseurship as the ability to discern true quality in a specific field. In numismatics, the connoisseur is able to determine which coins have the most aesthetic eye appeal and which, literally, stand apart from the "typical" piece. A numismatic connoisseur, for instance, is able to appreciate a truly original gold coin with rich, "crusty" coloration. He is able to innately sense that 150 year old coins do not have to be big and bright in order to be desirable. Connoisseurship is a natural ability. You either are able to naturally determine the "best" or you are not. If you are not a born connoisseur (and very few people are) then you should find a dealer who has this ability to assist you with your purchases. I would estimate that less than 5% of all coin collections are "connoisseur quality" and those that are typically the ones that show the greatest financial appreciation over the course of time.
VII. Learning to Grade: I have seen people spend millions of dollars on rare coins without having the slightest idea how to grade. They put their complete trust in dealers and in third-party grading. Frankly, this attitude leaves me baffled. If I do not feel very comfortable grading a specific type of coin, I do not buy it. As an example, I think Indian Head half eagles are extremely hard to grade. To be totally honest, I can't grade the damn things. My solution? I don't buy them. By the same token, I feel that I am a world-class grader of Liberty Head half eagles. So I buy a lot of them. There are some simple rules when it comes to grading. First--and foremost--you need to view as many coins as possible. I would recommend that you attend shows and auctions and carefully look at coins. Secondly, I would take one of the grading classes offered by the American Numismatic Association at their annual Summer Seminars. Thirdly, I would make the decision to specialize, so that you have fewer types of coins to learn to grade. Fourthly, I would try to learn grading tips from the dealer(s) that I buy the majority of my coins from. Finally, I would always remember that while third-party grading is a great safety net for the beginner, there is nothing like your own knowledge.
VIII. Thinking Long Term: Coins are a terrible short-term investment. Even if you buy coins at a fair "retail" mark-up, you are still paying at least 10-20% over typical wholesale prices. This means that any coins that you purchase have to go up at least 10-20% for you to break even. When coins were heavily touted as investments in the 1980's, the common logic was that you needed to hold at least three to five years. I would suggest that you should plan to hold your coins at least ten years and preferably more. The greatest collections (Eliasberg, Pittman, Norweb, etc.) were built over the course of fifty+ years.
IX. Quality Not Quantity: Let's say that you have a coin budget of $20,000 per year. I would suggest that you purchase four or five really nice $4000-$5000 coins each year than twenty $1000 pieces. The coin market of the future will be even more predicated on quality than it already is. High quality coins will become harder to find and, consequently, more expensive. The decision to purchase the best coins you can afford will prove to be very intelligent over the course of time. A few years ago, another dealer had an advertising campaign that basically said that your entire collection should be able to fit into a PCGS shipping box (i.e., it would be twenty coins). While this never really caught on, I think his idea actually has some merit. If you have decided to be more of a "generalist" buyer than a "specialist," I like the concept of having a small collection of great coins instead of a large collection of nondescript coins.
X. Buying the Best You Can: Understand if you are new to coin collecting and you know next to nothing about coins and the coin market, you have no business purchasing $10,000+ items. I would strongly suggest that you start small and take at least three to six months to study the market. Once you feel more comfortable, you can take a bigger plunge into the coin market.
Conclusion: The regimen that I have discussed above is not easy to follow. Most people are not willing (or able) to follow this approach as it requires considerable discipline and a major commitment of time. If some of these steps seem practical to you and others do not, then I suggest you follow what you can and keep the other steps in the back of your mind as you become better acquainted with numismatics.
The 2014 Proof American Silver Eagle was the top selling product in the latest weekly United States Mint numismatic product sales report. Strong sales were also seen for the 2014 Baseball Hall of Fame Clad Half Dollars, which represent the only option remaining available from the popular commemorative coin program. For the weekly period ending April 20, the individual 2014 Proof Silver Eagles added sales of 25,926 units. Cumulative sales for the product have now risen to 484,075 units since the launch on January 23. In recent years, the Proof Silver Eagle has been the US Mint's top selling numismatic product by unit volume. The individual 2013-dated proof coin had reached final sales of 868,494, topping the sales numbers of traditionally popular offerings such as the annual proof set.The collectible uncirculated version of the 2014 Silver Eagle, which made its debut on last week's report marked a slower pace of sales. For the week, orders were received for 5,009 units, bringing the cumulative sales total to 111,358 units.Following the sell outs for the $5 gold coins and silver dollars, orders have been robust for the 2014 National Baseball Hall of Fame Half Dollars. These coins are struck in copper-nickel clad, but feature the same innovative curved shape and popular design carried on the precious metals versions. Weekly sales for the half dollars were 13,610 units across the proof and uncirculated versions. Cumulative sales across both versions have now reached 194,072 units from the maximum mintage of 750,000 pieces.The recently released 2014-P Great Smoky Mountains Five Ounce Silver Uncirculated Coin saw additional weekly sales of 1,426 units. Cumulative sales are now 22,841, which is quickly approaching the 25,000 maximum mintage established for the product.The full US Mint numismatic product sales report appears below. The figures are compiled through April 20, 2014. The first number column represents total sales through the reporting date, and the second number column represents the change in sales since the last report. Products with sales followed by an asterisk (*) are no longer available from the United States Mint. Currently available US Mint products can be found online at http://catalog.usmint.gov/
Product
Sales
Change
2014 AMERICAN EAGLE GOLD PROOF COINS
One ounce
6,678
1,097
One-half ounce
1,175
111
One-quarter ounce
1,537
155
One-tenth ounce
3,963
384
Four-coin set
3,918
315
2014 AMERICAN EAGLE SILVER PROOF COIN
484,075
25,926
2014 CONGRATULATIONS SET
3,011
152
2014 AMERICAN EAGLE SILVER UNCIRCULATED COIN
111,358
5,009
2013 AMERICAN EAGLE SILVER PROOF COIN
868,494*
0
2013 CONGRATULATIONS SET
16,998
15
2013 AMERICAN EAGLE SILVER UNCIRCULATED COIN
178,941*
0
2013 Annual Uncirculated Dollar Coin Set
38,575
639
2013 WEST POINT SILVER EAGLE SET
235,689*
0
FIRST SPOUSE GOLD COINS
Ida McKinley Proof (2013)
2,458
5
Ida McKinley Unc (2013)
1,703
2
Edith Roosevelt Proof (2013)
2,458
7
Edith Roosevelt Unc (2013)
1,664
1
Helen Taft Proof (2013)
2,209
6
Helen Taft Unc (2013)
1,531
1
Ellen Wilson Proof (2013)
2,091
7
Ellen Wilson Unc (2013)
1,432
2
Edith Wilson Proof (2013)
1,977
11
Edith Wilson Unc (2013)
1,396
9
2014 CIVIL RIGHTS ACT OF 1964 COMMEMORATIVE COINS
Proof Silver Dollar
48,750
432
Uncirculated Silver Dollar
20,270
260
2014 BASEBALL HALL OF FAME COMMEMORATIVE COINS
Proof $5 Gold Coin
32,026*
0
Uncirculated $5 Gold Coin
17,974*
0
Proof Silver Dollar
262,091*
0
Uncirculated Silver Dollar
137,909*
0
Proof Half Dollar
119,869
8,852
Uncirculated Half Dollar
74,203
4,758
2013 AMERICA THE BEAUTIFUL 5 OZ UNC COINS
2014-P Great Smoky Mountains
22,841
1,426
2014 PROOF SETS
2014 U.S. Mint Proof Set
257,391
7,966
2014 Presidential $1 Coin Proof Set
144,893
1,187
2014 America the Beautiful Quarters Proof Set
69,300
647
2014 Birth Set
9,604
287
2014 Happy Birthday Set
4,813
300
2014 SILVER PROOF SETS
2014 America the Beautiful Quarters Silver Proof Set
77,004
855
2013 PROOF SETS
2013 U.S. Mint Proof Set
795,042
372
2013 Presidential $1 Coin Proof Set
260,831
52
2013 America the Beautiful Quarters Proof Set
124,504
116
2013 Birth Set
36,909
103
2013 Happy Birthday Set
10,330
14
2013 SILVER PROOF SETS
2013 U.S. Mint Silver Proof Set
419,721*
0
2013 America the Beautiful Quarters Silver Proof Set
The recent major selloffs in Silver have given investors an excellent chance to accumulate a long-term position in physical holdings and silver companies. As the price has come down, I have been recommending for some time to dollar cost average and/or pyramid down into silver and silver equities. So what is the path to a surge in silver prices? My primary thesis is that the endless easy money policies from central banks around the globe have created a long-term tailwind for the various precious metals.
Despite the short-term pressure on the metals, the Federal Reserve’s continued accommodative and dovish policies should create a weaker dollar in the long run, inflation, and, in turn, bolster the prices of gold and silver. This thesis rests on silver being treated as a precious metal. Precious metals hold value and increase their buying power when inflation ticks up. While this has yet to occur in the U.S., it will be a likely result of a diluted money supply. While gold is the ultimate hedge against inflation, other precious metals — such as silver, Platinum, and Palladium— all tend to move higher when inflation creeps up.
Gold has long been considered the best of the precious metals, but as its price has been driven up, retail investors have turned to silver as an alternative precious metal. Unlike Gold, the great thing about silver is that there is huge industrial demand, as well. The second key driver that I believe could cause a surge in silver in the next few years off the recent lows is the multiple sources of demand for the metal, in particular technology.
Precious metal demand
There was a significant shortage of both American Silver Eagles from the U.S. Mint as well as junk silver available (that is, pre-1965 U.S. dimes, quarters, and half dollars) in 2013 as a result of record high demand. Further, silver ETFs have continued buying silver bullion at a record pace. Thus, demand for the metal is there from physical investors and has helped keep silver above the $18 mark.
In fact, the $18 mark has served as the floor for silver, only dipping slightly below this mark. This mark serves as an important technical resistance point. It has bounced off this level several times in the past year. Aside from silver being a precious metal, it also has many industrial and technological applications. Therefore, there will always be some level of demand, but such demand should pick up significantly when the global economy comes fully out of recession.
Despite stock markets in the U.S. setting all-time highs, the broader economy is still just limping along. The most recent GDP numbers are showing expansion. Further, the jobs picture has yet to improve markedly, though unemployment has come down, albeit slowly. This slow growth has led to industrial demand for silver, but the growth is slow enough to keep the Fed on the easing accelerator, which bolsters the precious metal side of the metal.
Industrial demand
When the economy rebounds, there will be a spike in demand in many areas. The demand will not be just in coin and bullion form but also in jewelry, silverware, and dentistry. On the technology front, silver is one of the most conductive metals out there, and thus is utilized in photography, electronic devices, optics, medical devices/tools, and most recently in nanotechnology.
One of the factors driving the forecasted improvements is demand for ethylene oxide, an intermediate chemical in industrial processes that requires silver. The production of that and other intermediaries will help the U.S. run countertrend to other industrialized nations, which, according to Thomson Reuter GFMS, will see slow growth. In absolute terms, GFMS expects China to achieve successive record highs in terms of its industrial use of silver over the forecast period, along with the United States.
Robust growth in demand from the auto sector is also expected, and it will help further underpin the performance of the electrical and electronics segment. Auto production is expected to rise, boosting silver usage due to the growing number of units. However, auto-related silver demand has already outpaced production because of the growing number of electronic accessories in each unit. GFMS expects this trend to continue as features once reserved for luxury vehicles become more standardized. Improvements in the economic backdrop are also expected to boost silver demand from the housing and construction industries.
One lesser-known growth area for silver use is in technology, and that is where a lot of demand will be generated as we further delve into an era dominated by Apple (NASDAQ:AAPL) iPhones, iPads, etc., as well as the company’s competitors’ similar products. Apple, with its millions of iPhones sold, has created massive industrial demand for silver. As its sales are strong this demand will continue. In fact, there is an average 20 cents of silver now used in each cellphone.
While that is not much for a single phone, considering there were nearly 6 billion mobile subscribers worldwide in 2011-2012, a number that’s growing in 2014, it becomes clear that new phones will always be in demand. Using the average of 20 cents per phone, we generate demand for more than $1 billion worth of silver in just new mobile devices alone.
There is a lot of silver in old cell phones, photography chemicals, and medical devices that already have been taken out of the market. Although there is a push to recycle electronics and reclaim costly elements like silver within them, in situations where silver is used in very small portions (such as new smartphones), it is not cost effective or even practical to recover the silver. Thus, new silver will be utilized in these devices.
Gold-to-silver price ratio
At the time of this writing, silver is priced around $19.53 per ounce, approximately 70 percent off its recent highs set in April 2011. Gold is currently priced at about $1,301 per ounce. That represents a 66-to-1 gold-to-silver price ratio, whereas the historical ratio is 16-to-1. The respective prices of gold and silver have not approached this historical ratio in many years, and I believe a reversion is long overdue.
To achieve this reversion, gold would have to fall almost $1,000 per ounce or silver will have to rise at a greater rate than gold in value in the coming years. I believe the latter is far more likely than the former, especially in a climate of endless monetary easing. Combine this with the rising demand in the technology sector and the fact that industrial demand will return in full force once we have moved completely out of the recession, and we have a strong case for an investment in silver. The ratio has crept up this year to date, but it has generally been in the 50-54 range for some time. Even a reversion to this range suggests upside for silver.
A few ways to play
There are three ways investors can gain exposure to silver. My top approach for silver exposure is purchasing physical silver bullion and coins, followed by purchasing shares of ETFs that track silver prices, and finally through the stock of the individual silver companies/miners.
Physical assets
In my opinion, the best way to invest in silver is through physical bullion or coins. There are dealers in most cities and merchants on the Internet where you can buy silver bullion bars and/or coins. I not only consider physical silver a wise investment given government stimulus, but I also consider it to be a form of insurance in the case of a total breakdown of the fiat currencies and modern financial systems we have in the world today.
If you decide to invest in physical silver assets, do so by only buying from a reputable dealer. The only downside from Internet purchases are high shipping and insurance costs, as well as the possibility of a required minimum purchase. Whenever possible, buy locally to avoid excessive shipping and handling fees.
Silver ETFs
Although I recommend owning physical assets, one option every silver bull should consider, especially those who do not feel comfortable with purchasing physical silver, is buying units of an ETF.
The iShares Silver Trust (ARCA:SLV) is a popular investment that seeks “to reflect the price of silver owned by the Trust, less the Trust’s expenses and liabilities. The fund is intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver.” Although the fund is not the exact equivalent of an investment in silver, it provides investors with an alternative that allows a level of participation in the silver market through the securities market.
The fund has $6.3 billion in assets with an annual expense ratio of approximately 0.5 percent. One important thing to note is that iShares recently announced an increase in fees. This increase makes this trust slightly less attractive than it once was. Although this trust tracks the price of silver, if silver were to remain stagnant for all of 2014, say at $20 per ounce, then the trust would lose value given the fees and expenses. Overall, it does a good job of tracking silver price moves in general, but this caveat is important to consider for a long-term investment. Shares currently trade at $18.60 on average volume of 6.6 million shares and have a 52-week range of $17.75-$23.84.
Silver companies
Finally there are the silver companies/miners to consider for exposure to silver. There are plenty of individual companies that I really like. The best way to gain exposure to silver miners as a whole is through the Global X Silver Miners ETF (NYSE:SIL). The Global X Silver Miners ETF currently trades at $12.13 on average daily volume of 255,000 shares. It has a 52-week range of $10.46 to $16.88.
For those willing to take on more risk and do the necessary homework, an individual silver company or miner on my recommended list could be considered in place of SIL, which potentially could offer better returns. However, the Global X Silver Miners ETF will offer exposure to the whole sector.
Conclusion
I maintain that long-term precious metals stand to gain significantly from balance sheet expansion at central banks and currency debasement. I believe silver and silver companies may outperform gold in the next few years. With the Federal Reserve once again reiterating that it will maintain its accommodative stance, the long-term tailwinds are in place for the precious metals despite recent price action and technical selling.
However, silver is not only a precious metal currency but also has massive industrial and technological demand, particularly in the technology sector. Smartphones alone generate billions of dollars in silver demand, much of it coming from technology giants. This article presents some bullish evidence to argue in favor of silver, and I believe each approach outlined can be profitable on the rebound. At current levels, I believe silver and silver companies are significant opportunity buys, especially for the long-term investor.
Courtesy: Christopher F. Davis via Wallstcheatsheet Credits: http://www.investing.com/analysis/here’s-why-you-should-buy-silver-213599 ###################################################
Special Report - How To Avoid Fake Silver & Counterfeit Gold Products
GoldSilver.com - Mike Maloney & James Anderson
If you have followed gold and silver market news over the past few years, it is likely you have seen various reports on fake gold and silver products. In March 2012, a 1 kilo tungsten gold bar turned up in the United Kingdom.
Then in September 2012 there were reports on a slew of 10 oz tungsten gold bars bought and sold in New York's jewelry district.
The big problem with these news reports is that they have given little to no solution on how the public at large can avoid fake bullion products.
We would like to raise the general awareness of this issue both with our customers, our industry, and the general gold and silver investing public at large. With more than a year of hands on research, we have identified some of the biggest fake silver and gold counterfeit threats facing the investing public today.
This Special Report on the growing threat of fake silver and counterfeit gold products will arm you with solutions on how to best avoid being ripped off by sellers of phony bullion products.
For many years in the silver bullion industry, rebuttals downplaying counterfeit product concerns would go something like this:
It is less likely that counterfeiters will make fake silver coins if they could make fake gold products or larger fake silver bars. It would also be very difficult to make high quality fake silver coins with exact weighting. Also the US gov't has very strict laws against counterfeiting making the production of private mint product fakes far more attractive for counterfeiters ( the punishment being less severe for producing private mint fake products vs gov't mint fake products ). Finally, there's just not enough profit in it for crooks to make counterfeit silver coins.
None of these arguments hold water now...
ABOVE - SCREENSHOT OF A FAKE SILVER MAPLE LEAF COIN
The fact is high quality fake silver coins and small fake silver bars are being produced in high volumes in China. In particular there are fake silver eagle coins being struck and distributed priced as low as 50¢ a piece ( with capacity of wholesale production lots of 100,000+ pieces ).
"As long as China allows these manufacturers to produce these ( fake ) legal tender coins, it is an act of war when one country counterfeits another country's legal tender currency. So this is very, very serious." states Mike Maloney, author of the #1 book on gold and silver investing.
ABOVE - IMAGES OF FAKE SILVER EAGLE COIN FACTORY IN CHINA
High quality fake silver coins and bars are a serious threat to your local coin shops, online bullion dealers everywhere, and to all physical bullion investors.
Many high quality silver fakes have exact weighting and dimensions, and to the untrained eye ( or to the dealer without counterfeit proofing technologies ) fake bullion products can easily be passed off ( mistakenly or knowingly ) as bonafide bullion products.
How bad is the counterfeiting problem?
You name the bullion product, we can most likely find a Chinese wholesaler making fake versions of them.
- The US Mint
- The Canadian Mint
- The Perth Mint
- The Mexican Mint
- The Austrian Mint
- The Chinese Mint
- The South African Mint
- Many Private Mint products
- Collectable Numismatic Coins ( Fake silver morgans, walking liberties, old fake coins from Great Britain, old fake Spanish & Austrian, etc. )
In 2012, the Industry Council for Tangible Assets ( ICTA ) unsuccessfully lobbied to have HR 5977 passed in the U.S. Congress. The proposed bill has since died ( referred to committee ).
How are these fake bullion products being produced?
There are basically two methods being utilized in fake gold and silver coin and bar production:
- There are plated gold and silver coins and bars, consisting of a thin layer of gold or silver covering base metal alloys underneath.
- Then there are hallowed out gold and silver bars and coins with thicker covers of gold and or silver, filled with tungsten, lead, copper, and or nickel.
ABOVE - IMAGE OF REAL SILVER EAGLE COIN VS. FAKE SILVER EAGLE COIN
- Make certain they have counterfeit proofing measurements in place to assure they never accidentally introduce fake bullion products into their inventories.
- Make certain your bullion dealer guarantees the authenticity of every product they sell.
The vast majority of bullion products we sell are new, freshly struck products which move through a chain of integrity. Meaning the bullion is moving from mints and refiners, to us, then to our customers.
Any secondary bullion products we sell are assayed and verified authentic utilizing multiple noninvasive, proprietary counterfeit-proofing methods to verify the authenticity of evert product we buy and sell.
Air. Exposure to the air oxidizes metal, changing its color. This does not reduce the value of your coins. It is advisable though, if you are storing your coins for a long period of time, you store them in a controlled environment.
Environment. A relatively constant, moderate temperature and low humidity are preferable for long term storage of numismatic collectibles. Placing packets of silica gel in coin storage areas helps control atmospheric moisture.
Holders. Several types of "containers" for coins are available. Most anything will do for coins with little numismatic value, while nearly airtight holders made of inert materials are a good idea for valuable coins.
Many modern numismatic coins come encapsulated to protect the coin from damage. Do not remove the coin from its capsule.
Bags, jars and boxes are adequate for pocket change and circulated bullion coins.
Paper envelopes of various sizes are sometimes used for one or more coins. Be sure to use envelopes made explicitly for holding coins, or your coins may change color (tone) over time due to reaction with sulfur or other chemicals present in the paper.
Various brands of folders and albums are sold for series and type sets. When properly used, they offer some protection from wear and handling. Over several years coins may tone due to reaction with sulfur or other chemicals present, and they are therefore not a good choice for long term storage of higher grade coins.
Plastic flips are available in various materials. "Soft" flips are made from polyvinyl chloride (PVC) which decomposes over time with disastrous results for coins. They are therefore not suitable for long term storage. Mylar and acetate flips do not contain PVC. However, they are hard (may scratch the coin if not inserted and removed carefully) and brittle. While not airtight, they are reasonable choices for moderate value coins that will be "left alone" for multiple years but less so for coins to be shipped or that will be removed and reinserted.
Mylar-line cardboard, often called "2x2s" but also available in other sizes, are similar to plastic flips. A coin is placed between the two halves, which are then stapled together (some brands contain an adhesive).
Tubes are plastic containers designed to hold a number of the same size coins. They are fine for bulk storage of circulated coins and can be used for higher grade coins, provided the coins do not move. A disadvantage is that the coins cannot be viewed without being removed from the tube.
Hard plastic holders are preferable for more valuable coins. They are not known to contain any materials that harm coins and offer good protection against scratches and other physical damage. They are available for individual and small sets of coins.
"Slabs" are sonically sealed hard plastic holders for individual coins. They offer good (though still not perfect) protection, but because of the expense of having a coin slabbed, they are generally suitable only for more valuable coins.
Coin shows are a lot of fun! Where else can you visit the equivalent of 40 to 50 (or more) coin stores in a single day? A palpable energy seems to electrify the bourse floor of a large, well attended coin show, as people from all over the world negotiate the buying and selling of rare and wonderful coins!
The coin show environment, as exciting as it can be, can also be intimidating to a first time coin show attendee. Even some long-time coin show fans regularly break the rules of etiquette and courtesy at coin shows, by doing things that aren't "dealer friendly." The most important rule that anybody can follow at a coin show is this:
Put Yourself in the Coin Show Dealer's Place
Coin show dealers often bring their best merchandise to coin shows, since they will have an opportunity to interact with other dealers and lots of customers who might be looking to buy the coins they are trying to sell. Since the offerings at coin shows usually represent the very best stock that dealers have, they are understandably more nervous about potential losses to that merchandise. Therefore, one of the most important things you, as a customer, must always keep in mind is making the dealer comfortable that you are not out to pilfer his prized possessions.
Coin Show Shopping With Purses and Bags
Keep bags, purses, satchels, and other containers away from the table.If you are standing at a coin show dealer's table and looking through boxes or trays of coins, keep your bags to your back side, either on your shoulder swung around back, or way up on your arms, so your hands and lower arms are free and open to view. The point is that you want the dealer to feel comfortable that you are not slipping coins into your purse or satchel.
If you sit down at the coin dealer's table, never put your purse or bags in your lap! Always place them on the back of your chair, if possible, or on the floor beneath your chair. Avoid putting bags on the floor between your legs, because the "peek and drop" is probably one of the most common ways that dealers lose coins at coin shows. (The thief takes the coin in hand, and at an opportune moment lets it drop down into his lap or between his legs into his bag.) Always put yourself in the dealer's place, and try to see how you would perceive someone's actions if you were at his side of the table.
Coin Show Cherrypicking Courtesy
At coin shows, be cognizant of where you take coins from, especially from fixed-price boxes. Sometimes coin show dealers put out boxes or trays of coins that have a fixed price on them. If you shop from these boxes, only look at one price group at a time, and then set those picks aside or have the dealer bag them up for you, so that you don't get merchandise from different priced boxes mixed up.
Always pay attention to where you took a coin from, so that you can be sure to replace it in the proper box or tray if you don't end up buying it. Not only is this just common courtesy to the dealer, but you save future customers some aggravation, too. There's nothing more disheartening than finding a $40 coin in the $5 pick box, only to learn that it should have been in the $40 box and some previous customer had misplaced it. This puts both the dealer and the customer an awkward position! So think about this when you buy from pick boxes.
Bookworms and Checklists at Coin Shows
Keep your books and checklists away from the coins. Coin show dealers usually aren't too thrilled to see customers pulling out books and checklists while they shop for coins. If you're a "checklister" type, keep the dealer's perspective in mind. Books and papers are really good places to slip a coin or two, and many dealers have lost coins this way, so always bring the minimum amount of paper onto the table. Keep the coins you pull out very separate from your reference material; don't let any coins get near your paper stuff. Don't keep your papers in your lap, though, because nothing looks more suspicious to a coin show dealer than a customer who is constantly bringing his hands from the boxes and coin trays down into his lap. Keep the papers on the table, but off to one side.
If the dealer's table gets busy, and you know you're likely to be a small customer for him, step away for a few minutes so others can have a look and move on. If you've pulled some coins you want to buy, ask the dealer to hold onto them for you for a bit. Never step away from a coin show dealer's table with unpaid for coins, even for a moment! This can get you thrown out of a coin show if the dealer thinks you were trying to steal his coins. As in all things, communication is key.
Handling Coin Show Merchandise
Always be aware of what your hands are doing when you're at a coin show. One thing I'm always doing is forgetting to take my loupe (magnifier) out before the show. Thus, the first dealer I get to where I want to examine some coins up close, I find I need to dig into my purse to find my loupe. I am always careful to set down the coin I am holding, (and I'm never holding more than one at a time, another good rule to follow,) and then I turn my hands palms up as I pull them away towards my purse. By turning my hands palms up, the dealer knows I haven't palmed anything. I also verbally announce that I am getting my loupe, so he knows what's going on. These actions pass casually, and nobody really takes any notice particularly, except that the dealer has a "good feeling" about me since he knows by my actions that I have a great deal of respect for his position on the other side of the table.
Other Coin Show Courtesies
Most coin show courtesy is simply common sense. Bring cash with you, since many dealers don't take credit cards, especially for bullion coins. Don't ask dealers to hold coins you know you aren't going to buy. Don't monopolize the "junk boxes." Wait your turn for service. Only handle coins and slabs by the edges! And remember to have a good time looking at all the great coins!
David Rittenhouse was appointed by George Washington as the first Director of the Mint.
The first Mint building was the first Federal building erected by the U.S. Government under the Constitution.
Past Mints have included Dahlonega, GA; Charlotte, NC; New Orleans, LA; and Carson City, NV.
The first Philadelphia Mint used harnessed horses to drive the machinery that produced coinage.
A two-cent coin was minted between 1864 and 1873 and was the first coin to bear the motto "In God We Trust".
Legend holds that George Washington donated some of his personal silver to the Mint for manufacturing early coinage.
The Mint's first delivery of coins occurred in 1793 and consisted of 11,178 copper cents.
Mint marks, "S", "D", "P", or "W" designate the Mint facility,which produced the coin.
Thomas Jefferson first proposed the decimal currency system,which we use today.
By provision of the Coinage Act of 1965, Mint marks were not carried on coins made in 1965, 1966, or 1967.
The first U.S. commemorative coin was produced in 1892 and featured Christopher Columbus.
The Mint's original coins were made of gold, silver, and copper.
In 1943, the content of the cent coins was changed to zinc-coated steel due to copper shortage during World War II.
According to the artist, the Indian head on the buffalo nickel (1913-1938) is a composite picture.
The Philadelphia Mint mark appears on each of its coins except the Lincoln cent.
Sacagawea, Susan B. Anthony, and Helen Keller are the only women honored on a circulating coin. Sacagawea appeared on the obverse of the golden Dollar, Susan B. Anthony appeared on the obverse of the dollar coin, and Helen Keller appeared on the reverse of the Alabama quarter.
The Philadelphia Mint covers five acres of land.
The first coin to feature an African-American was the Booker T. Washington Memorial Half Dollar.
Calvin Coolidge was the first President to have his portrait appear on a coin struck during his lifetime.
George Washington first appeared on a commemorative dollar, with the Marquis de Lafayette, in 1899.
In 1893, Queen Isabella of Spain became the first woman to be featured on a U.S. commemorative coin.
All commemorative coins legislated by the U.S. Mint are legal tender.
Original gold coinage included $10, $5, and $2.50 denominations.
The Act of April 2, 1792, which created the Mint, required coins to have "...an impression emblematic of liberty."
The Roosevelt dime torch, olive branch, and oak branch portray liberty, peace, and strength and independence.
The donation of $508,316 in gold to create the Smithsonian Institution was assayed in the [Philadelphia] U.S. Mint.
The first Lincoln cent was produced in 1909 and carried wheat ears patterns on the reverse side.
From 1799 to 1873, the Mint was an independent agency reporting directly to the President.
The Lincoln cent is the only circulating coin currently produced in which the portrait faces to the right.
The United States has two mottos that appear on each circulating coin, "In God We Trust" and "E Pluribus Unum."
Designers' initials can be found on each circulating coin.
The design on the back of the Kennedy Half Dollar is the presidential coat of arms.
The San Francisco Mint, established in 1854, survived the great earthquake of April 18, 1906.
Before creation of a national Mint, "currency" included foreign and colonial currency, livestock, produce, and wampum.
The Denver Mint opened in 1863 as a U.S. Assay Office.
The present Philadelphia Mint opened in 1969 and is the fourth facility which has been located in that city.
People have asked me, “What should I collect,” or, separately, “What are the best coins to buy now.” People frequently become angry when I decline to answer such questions with simple, encompassing statements. Much depends upon the budget and interests of the individual coin buyer. Each collector should read, learn, examine coins or at least view quality images of coins, and develop a plan before spending an amount that is ‘a lot’ to him or her.
With input from John Albaneseand Kris Oyster, recommendations for true beginners are presented here. Back on Sept. 22nd, my column focused upon advice for beginning and intermediate level collectors who are planning to spend from $250 to $1000 per coin. The discussion here is more general and much of it applies to collectors of ALL INCOME LEVELS. Collectors who plan on spending just a few dollars per coins and collectors who will spend thousands per coin will, I hope, find the material here to be helpful.
The current approach is very general and is aimed at true beginners, who are often puzzled as to how to get started. Although I believe that many rare world coins are excellent values, the advice provided pertains to U.S. coins. Realistically, most collectors in the U.S. prefer U.S. coins. Moreover, collecting world coins, colonial coins, or medals is more complicated. There are fewer resources available from which to learn. It is very easy to find a good deal of valuable reading material and pricing information relating to U.S. coins.
I. Decide on a Budget
A coin collecting budget should not be limited to one year; it should be part of a long run plan. A collector should decide how much he or she is willing and able to spend on coins each year, for ten years or more. If a collector is unsure how much he wants to spend, or can spend, then set an annual minimum, with the idea that, if the collector becomes much more interested or his financial situation improves, the maximum may be greater than the minimum. It is important, though, to be realistic about how much a collector can really afford to spend on coins.
A collector should not spend money that may be needed for retirement, health care or family emergencies. While this may sound obvious, it is common for collectors to financially over-extend themselves. A passion for coins may lead to runaway spending.
II. Read About Coins
Beginners should spend “time reading before buying anything,” Kris Oyster emphasizes. “ReadNumismatic News [weekly newspaper], CoinWeek.com, and books about coins.” Oyster is the managing director of numismatics for DGSE. (Click here to read my interview of him.)
“Buy the Redbook,” Oyster says, “don’t just look at the prices, read about the history of the coins and the types.” The Redbook is the guide book of U.S. coins that is published annually by Whitman. “First learn the basics,” Oyster adds, “types of coins, dates and mintmarks, think about how coins are made. Be open, don’t make quick decisions about what to collect,” Kris states. “Go out and explore. Don’t worry about spending a lot of money, learn about coins in general.”
John Albanese, too, recommends that each beginner buy a current Redbook. In 1987, Albanese was the sole founder of the NGC. In 2007, he was the founder of the CAC. After acquiring a Redbook, Albanese says, a beginner should “spend some time going through each series to see what types of coins catch your eye and fit your budget.”
In addition, Albanese advises obtaining an older Redbook that dates from the 1970 to 1977 time period. There are specialists in coin related literature, as well as a few vendors on the Internet, who buy and sell used coin reference books.
“If you can also find a Redbook from the 1950’s that would also be helpful.” Albanese is “betting most collectors want value for their hard-earned dollars. Forget the old rule of ‘buy the best grade you can afford’ and replace it,” John declares, with the maxim “buy the best value.” Due toPCGS and NGC pop reports and a registry bubble,” Albanese continues, “there are many coins that sold for less than $5 in the 1970’s that are selling for $5000 and up today. These should be avoided. Washington quarters in MS-67 and MS-68” are cited by John as examples of coins that are not good values “today.”
I (this writer) do not find the Redbook to be quite that useful. Certainly, in the Internet era, the Redbook is not as important as it was in earlier times. There is a great deal of educational information on the Internet. Of course, as Albanese, Oyster and others point out, there is an incredible amount of misleading information and coin related fraud stemming from websites on the Internet. Nonetheless, a beginner who spends a couple of months browsing coin related sites on the Internet, without even spending one cent, may learn a great deal.
In addition to the large number of past articles and columns on CoinWeek.com andCoinLink.com, there is much information on the PCGS and NGC websites. Leading auction companies maintain archives of past auctions with prices realized and quality images. TheHeritage, Stack’s + Bowers, Goldbergs and DLRC websites all include a wealth of useful information, though it is often necessary for a beginner to consult an expert to interpret such information. Before spending any money, it is a good idea to look and read.
Though I disagree with some of Scott Travers’ opinions and I do not recommend any kind of short term speculation, I have always liked Travers’ classic book, The Coin Collector’s Survival Manual. The seventh edition was released in November 2010. While a beginner may, initially, find this book to be a little confusing, the text will become clearer over time and much of the information included is very valuable.
After browsing coin related sites on the Internet for a month or more, hopefully including my articles, I suggest finding a copy of Walter Breen’s comprehensive encyclopedia of U.S. coins, which was published in 1988. Yes, this mammoth book contains a significant number of errors and some of the material is outdated. Even so, this book features s a wealth of very valuable information and some excellent discussions of U.S. coin types Unfortunately, Breen’s 1988 encyclopedia does tend to fall apart, literally, and a beginner who spends quite a few dollars for a copy that is barely staying together is probably getting a good deal.
For collectors who are interested in Proof coins, Breen’s “encyclopedia” that is devoted to Proof coins, which was published in 1977, is the only worthwhile book on this topic. Again, it contains errors and other faults. Nonetheless, it is extremely brilliant, and perhaps is Breen’s best work.
As for books on U.S. coins that are found in bookstores, libraries, and flea markets, many of them are written by authors who have little knowledge of coins. An effective author may often seem to be much more knowledgeable about a topic than he is in actuality. When I talk about sports memorabilia, for example, I often sound more knowledgeable than I really am. Maybe no one will discover that I really do not know much about baseball gloves, jerseys and bats, or even about autographed footballs.
Invariably, while searching and learning, beginners will come across other books about coins that are well written by knowledgeable authors. Indeed, beginners often find books by Jeff Ambio and Q. David Bowers to be very helpful.
III. Buy Classic, not Modern, U.S. coins
My belief is that the field of modern coins, like the field of contemporary abstract art, is largely a fad and certainly is not grounded in tradition. The pursuits of modern coins lack cultural rules, and stem, in part, from the whims (which are often profitable for the national government) of decision-makers in the U.S. Treasury Dept. and the U.S. Congress. Last year, I wrote a two part series (click for Part 1, or Part 2) on why 1933/34 is the true dividing line between classic and modern coinage. It is indisputable that U.S. coins minted after 1933 are typically much more common than corresponding coins minted before.
If a beginner is planning to spend an amount that he or she regards as “a lot” on an individual coin, it should be for a coin that is at least somewhat scarce and is not a generic commodity. One recently minted “Silver Eagle” coin looks almost the same as the next and these can be ordered over the Internet in seconds. They lack individuality and there is hardly any tradition of collecting them. Furthermore, U.S. ‘silver eagles’ are not scarce and many coin experts do not regard them as true coins. It makes logical sense for a collectible to be scarce and to have individual characteristics, rather than be something that was recently mass produced. Also, beginners should collect coins that sophisticated experts regard as meaningful; such coins do not have to be expensive.
“For the most part, stay with pre-1934 issues,” John Albanese asserts. “If you buy coins later than 1933, avoid top pop coins and coins [certified as grading] higher than MS-66.” Further, Albanese declares that there “is no need to pay a five or ten times premium for a [certified] MS-70 or Proof-70 grade. ” For more opinions of Albanese and Oyster regarding modern coins, along with those of Jeff Ambio, please see my column on Modern Coins.
Some collectors are under the impression that modern coins are less expensive than classic (pre-1934) coins. While I understand how my auction reviews may give that impression to beginners, the truth is that there are numerous pre-1934 coins that are not expensive. A quick perusal of the value estimates at Numismedia.com, PCGS.com and in the Redbook would indicate that there are many pre-1934 coin issues that can be purchased for small amounts of money. There are naturally toned, scarce pre-1934 coins available for collectors of all income levels. It only takes a few dollars to buy some neat coins.
IV. Buy Certified Coins?
Should beginners buy coins that are PCGS or NGC certified? In regard to modern coins, this question is tricky and is covered in my column on modern coins. As I suggest that everyone buy coins minted before 1934, the discussion in this section relates to pre-1934 U.S. coins. Again, colonial coins, medals, tokens and world coins are all different matters and would require separate discussions.
John Albanese notes that “it is a fact” that “most [U.S.] coins in the $3000 and up range are slabbed by NGC orPCGS. If you are not an expert and you buy $3000 and up coins” that are not PCGS or NGC certified, Albanese says, “you are playing Russian Roulette with your collection and your finances.” In another words, it is very risky to buy U.S. coins priced at over $3000 that are not PCGS or NGC certified.
Regardless of whether a beginner buys inexpensive coins or expensive coins, Albanese stresses the need to “find an honest expert advisor. There are experts who are not honest and there are honest dealers who are not experts.”
Kris Oyster agrees that it is important to find “reputable dealers.” Oyster emphasizes that beginners should “beware of sellers offering deals that sound good, [especially] on the Internet. Coins sell at market levels, not below market.” Additionally, Kris maintains that “a gold coin priced at more than 10% over melt, and all silver or nickel coins over $500, should be PCGS, NGC or ANACS certified.”
In my (this writer’s) view, the dividing line should be $250. If any collector is planning to buy a pre-1934 U.S. coin for more than $250, it should already be PCGS or NGC certified. Yes, I have written about grade-inflation and coin doctoring. No one is suggesting that all PCGS or NGC certified coins are desirable. U.S. coins valued at above $250 that are not PCGS or NGC certified often have serious problems, however, or are being mis-represented by sellers. Indeed, many such coins have been rejected and deemed ungradable by the PCGS or the NGC.
While a coin buyer should take other factors into consideration, not just the opinion from a certification service, PCGS or NGC certified coins are much more desirable and much better values, on average, than coins valued at over $250 that are not certified. Put differently, if a beginning or intermediate collector buys 100 coins that are PCGS or NGC certified and then buys 100 apparently very similar coins, in terms of type, rarity and represented quality, that are not certified, the group of 100 certified coins (on average) will usually be vastly superior, in terms of overall quality and originality in particular, than the corresponding group of non-certified coins.
For those buying coins valued at less than $250, the costs of certification may outweigh the benefits. It is really important to examine many such coins and to ask questions of experts. A beginner should spend only a small percentage of his or her coin collecting budget while attaining a basic understanding of the physical characteristics of coins. With experience and effort, knowledge may be attained and grading skills may be developed. Again, it is important to communicate with experts.
In sum, it is easy to get started collecting U.S. coins. Formulate a budget, read a great deal, think and explore, ask questions of experts, and then buy coins.
View the detail of our first curved coin! Drag up and down to rotate.
The National Baseball Hall of Fame Commemorative Coin Act (Public Law 112-152), signed into law on August 3, 2012, requires the Secretary of the Treasury to mint and issue up to:
50,000 $5 gold coins
400,000 $1 silver coins
750,000 half-dollar clad coins
These coins are being issued in recognition and celebration of the National Baseball Hall of Fame, which celebrates its 75th anniversary in 2014.
Prices for the coins will include surcharges of $35 for each gold coin, $10 for each silver coin, and $5 for each half-dollar, which are authorized to be paid to the National Baseball Hall of Fame, an independent not-for-profit educational institution, to help fund its operations.
From April 11-May 11, 2013, a nationwide competitionwas held to determine the obverse design for the coin.
Coin Designs
The common obverse (heads) design depicts a glove that, combined with the baseball design featured on the reverse, exemplifies the most basic elements of our national pastime or a simple game of catch in the backyard or at the local sandlot. The glove design also highlights the unique concavity of the coin.
The winning design, submitted by Cassie McFarland, was selected from the finalists by the Department of the Treasury on September 4, 2013, after consultation with the National Baseball Hall of Fame and U.S. Commission of Fine Arts and review by the Citizens Coinage Advisory Committee.
The common inscriptions on each coin's obverse are LIBERTY, IN GOD WE TRUST, and 2014. The obverse design was sculpted by United States Mint Sculptor-Engraver Don Everhart.
Common Obverse of the 2014 National Baseball Hall of Fame Commemorative Coin
Proof $5 Gold Obverse
Proof Silver Dollar Obverse
Proof Clad Half-Dollar Obverse
The common reverse (tails) design of each coin depicts a baseball similar to those used in Major League Baseball®. The final design, also designed and sculpted by Everhart, was approved by the Department of the Treasury on May 20, 2013, after consultation with the National Baseball Hall of Fame and U.S. Commission of Fine Arts and review by the Citizens Coinage Advisory Committee.
The common inscriptions on each coin's reverse are UNITED STATES OF AMERICA and E PLURIBUS UNUM. Additional inscriptions (seen below) are:
FIVE DOLLARS on the gold coin
ONE DOLLAR on the silver dollar
HALF DOLLAR on the clad coin
Reverses of the 2014 National Baseball Hall of Fame Commemorative Coin
The National Baseball Hall of Fame Commemorative $5 gold, $1 silver, and one-half dollar clad coins will have a shape such that the obverse is concave and the reverse is convex. While these will be the first curved coins ever minted by the United States Mint, it did produce the curved 1973 Roberto Walker Clemente Congressional Gold Medal in honor of the late Pittsburgh Pirates star right fielder.
The National Baseball Commemorative Coin Act specifically refers to modeling the coins after the convex/concave 2009 International Year of Astronomy Coins minted and issued by the Monnaie de Paris (French Mint). The United States Mint's National Baseball Hall of Fame Commemorative $5 gold, the $1 silver and one-half dollar clad coins will also be closely modeled after the Royal Australian Mint's Southern Cross curved coins.
Research and development on the curved National Baseball Hall of Fame Commemorative Coins is unprecedented in recent United States Mint history. It covered height of relief limitations; milling, turning and grinding operations; coinability issues; laser frosting and proof polishing; and proof, uncirculated and clad test strikes.
During the planning phase for the minting and production of its first-ever curved coins, the Royal Australian and Perth Mints provided valuable technical insight to the United States Mint.
Specifications
$5 GOLD COIN
Composition
90% gold, 10% alloy
Diameter
0.850 inch (± 0.005)
21.59 mm (± 0.127)
Weight
8.359 grams
Overall Height
0.141 inch (± 0.005)
Mintage Limit
50,000 across all gold product options
SILVER DOLLAR
Composition
90% silver, 10% copper
Diameter
1.500 inches (± 0.005)
38.10 mm (± 0.127)
Weight
26.73 grams
Overall Height
0.243 inch (± 0.010)
Mintage Limit
400,000 across all silver product options
CLAD HALF-DOLLAR
Composition
8.33% nickel, balance copper
Diameter
1.205 inches (± 0.005)
30.61 mm (± 0.127)
Weight
11.34 grams
Overall Height
0.123 inch (± 0.010)
Mintage Limit
750,000 across all clad product options
The National Baseball Hall of Fame and Museum
The National Baseball Hall of Fame and Museum is an independent not-for-profit educational institution dedicated to fostering an appreciation of the historical development of baseball and its impact on our culture. The Museum supports this mission by collecting, preserving, exhibiting and interpreting its collections for a global audience, as well as honoring those who have made outstanding contributions to the National Pastime.
The Baseball Hall of Fame's centerpiece is its historic gallery, where the plaques of all 300 members line the oak walls. Only 1 percent–one in 100–who have played baseball in the major leagues have a plaque in the Hall of Fame.
The museum's collections contain more than 40,000 three-dimensional artifacts representing all facets of the game, from its inception in the mid-19th century to the present. These include bats, baseballs, uniforms, player equipment, ballpark artifacts, awards, artwork, textiles, tickets, collectibles and assorted memorabilia. In addition, the institution's archives contain in excess of 130,000 baseball cards and 3 million library items, including photographs, books, magazines, newspaper clippings, films, video and audiotapes.
Since its opening in 1939, more than 15 million baseball fans have visited the National Baseball Hall of Fame and Museumto learn about the history of the sport and the game's unique connection to the American experience.
Last update: March 07, 2013. For the latest prices, check a US coin guide book. Scroll below to find our suggested coin resources and other interesting guides including part 2 of this guide More Rare and Valuable Coins.
Background: Most circulating pennies at that time were struck in zinc-coated steel because copper and nickel were needed for the the war.
About 40 1943 copper cents are estimated to remain in existence, and only about a dozen confirmed to exist.
They were most likely made by accident when copper blanks remained in the press as production began on the new steel pennies.
In 2008, Steve Contursi sold a 1943-S authenticated copper wheat penny for more than $100,000 to a private collector. Contursi had bought the coin only a week earlier for about $72,000. Nice profit.
How to spot it: The easiest way to determine if your 1943 cent is copper (and valuable) is to test it with a magnet. If it sticks to the magnet, it is a steel penny, and not valuable (but still pretty nifty).
If it does not stick, then you might have hit the jackpot...have a expert authenticate your coin, but be prepared for disappointment: there are many counterfeits of this coin.
Coin: 1982 "No P" Dime Estimated Value: $100+ (just saw one on ebay for $3000)
Background: Before 1980, dimes minted in Philadelphia didn't have a mint mark. Starting that year, a small letter "P" was placed on Philly dimes above the date.
In 1982 an error occurred when the mint mark was omitted from a small number of dimes, leaving them p-less.
How to spot it: 1982 dime, with no "p" above the date. Of course, this could be easy to fake -- an expert would need to authenticate the coin.
1955 Double Die Penny
Coin: 1955 Double Die Penny Estimated Value: $300 - $25,000+
Background: Double dies are caused when from a misalignment during the production of a coin.
About 24,000 1955 double die cents were put into circulation.
In un circulated condition, the 1955 Double Die wheat penny is worth over $25,000. Even circulated versions of the 1955 Double Die are worth $300-$1000+ depending on condition.
How to spot it: The doubling of the letters and numbers on this coin is pretty easy to see. Rare, but not too rare... these pop-up at auction every once and a while.
Other 1955 Penny values: Proof 1955 cents were minted in San Fransico and valued around $20. Normal circulated 1955 pennies are worth about $.15 - $.90 cents.
2001-P Double Struck New York Quarter
Coin: 2001-P Double Struck New York Quarter Estimated Value: $400 - $3000
Background: The coin is sadistic and is not satisfied being struck once. A production goof keeps the coin in the chamber for extra striking making a very odd looking coin.
How to spot it: Off center image doubling of Washington and the Statue of Liberty.
1965 Silver Dime
Coin: 1965 Silver Dime Estimated Value: $9000+
Background: The official production of silver dimes were discontinued in 1964.
Beginning in 1965 dimes were made out of copper and nickel. A silver 1965 dime is a mistake (and a rare one).
Only a few have been found, but more are believed to still be in circulation.
How to spot it: The silver coin has a silver edge; the common copper/nickel coin has a strip of brown around the edge.
A silver dime weighs 2.50 grams, while a copper/nickel dime weighs 2.27 grams
LOS ANGELES (Reuters) - A Beverly Hills rare coin dealer purchased a 1792 American penny for nearly $2.6 million, the most ever paid for a one-cent piece at auction.
Named after its engraver, Robert Birch, the so-called "Birch Cent" was among the first pennies struck for the United States, part of a series of prototype coins. Only 10 are believed to exist and collector Kevin Lipton said the coin he purchased is in the best condition of those 10.
"I felt elated, just wonderful,” Lipton, 55, of Lipton Rare Coins Inc said Monday of his winning bid made last Thursday at the Heritage Auctions sale in Orlando, Florida. "I thought the coin would bring more money. This was a really good buy."
One side of the Birch Cent features the profile of Lady Liberty with flowing hair and the motto “Liberty Parent of Science and Industry.” The other side says “United States of America” and gives the denomination “One Cent” within a wreath.
"It’s a gorgeous coin, breathtaking,” Lipton said. “And the history is important. This is our earliest depiction of what we thought of ourselves as a nation.”
This photo provided by Heritage Auctions shows an experimental U.S. penny struck to test a design in …
Jim Halperin, co-chairman of Heritage Auctions, said the $2,585,000 Lipton paid for the coin tops a record set the day before at the same auction: $2.35 million for a 1793 “chain cent,” named after the chains around the denomination.
Before that, the record was $1.38 million, also for a “chain cent,” in 2012, Halperin said.
Halperin said the auction brought in a total of $80 million over five days, with rare coins a hot commodity these days.
"The economy is pretty good right now and there isn't a lot of other things to put your money in. People recognize that diversity is a very good financial strategy. And coins are just cool," he said.
Lipton, who plans to hold onto his new purchase for himself for now, said he was so excited to get the coin that the next day he spent another $2,232,500 for the “Wright quarter,” America’s first quarter.
“For 26 cents,” he said, “I spent $4.8 million.”
(This version of the story corrects Lipton's age to 55, paragraph 3, corrects name to Heritage Auctions in paragraph 6)
(Editing by Dan Whitcomb, Bill Trott and Eric Walsh)
United States Mint sales of 2015 US Marshals products bounced by another 42,257 coins through Sunday after sales of 89,402 coins in the first 12 hours. That places their four-day total at 131,659 coins, or $11,628,537.
2015-W $5 Marshals Gold Proof Coin, one of the seven commemorative product options
Sales would have been higher but it’s been impossible to place orders for some of the coins. Ordering of the Three-Coin Proof Set lasted for slightly over 24 hours before the U.S. Mint tagged them in their online store as "out of stock." There are still 5,099 left based on the latest sales figures. Presumably, the Mint is now getting those readied.
The story is similar for the gold and silver coins. By Saturday, four of the seven US Marshal commemorative products were marked as "out of stock." By Monday, only the two clad half-dollars were available for immediate shipping. The gold coins have held in "out of stock" status while the two silver dollars have rotated between "out of stock" and "back order."
Plenty of US Marshals Commemorative Coins remain. It’s just a waiting game as the Mint strikes more and packages them. Also, those products listed as "out of stock" now have the "Remind Me" option to request an email when they return for sale. That hasn’t always been the case.
Here are the four-day sales splits across all the US Marshals Service 225th Commemorative Coin products:
Introductory Prices
4-Day Unit Sales
4-Day Coin Sales
Total Sold
Maximum Authorized
Remaining
Proof 50c Clad Half-Dollar
$14.95
22,953
32,854
46,177
750,000
708,823
Uncirculated 50c Clad Half-Dollar
$13.95
13,323
13,323
Proof Silver Dollar
$46.95
37,530
47,431
66,266
500,000
433,734
Uncirculated Silver Dollar
$43.95
18,835
18,835
Proof $5 Gold Coins
$412.60
4,759
14,660
19,216
100,000
80,784
Uncirculated $5 Gold Coins
$407.60
4,556
4,556
Three-Coin Proof Set
$473.60
9,901
N/A
9,901
15,000
5,099
Three-Coin Proof Sets have one proof $5 gold coin, one proof silver dollar, and one proof clad half-dollar.
US Marshals coins are available online from this U.S. Mint page, or by calling 1-800-USA-MINT (872-6468).
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has become big business for several world mints, especially South Africa, Austria and Canada, as well as the United States. They are legal tender with a denomination stated on the coin. Since each coin contains substantially more bullion value than the stated denomination, nobody would spend them at face value.
About 40 1943 copper cents are estimated to remain in existence, and only about a dozen confirmed to exist.
The 2014 Proof American Silver Eagle was the top selling product in the latest weekly United States Mint numismatic product sales report. Strong sales were also seen for the 2014 Baseball Hall of Fame Clad Half Dollars, which represent the only option remaining available from the popular commemorative coin program. For the weekly period ending April 20, the individual 2014 Proof Silver Eagles added sales of 25,926 units. Cumulative sales for the product have now risen to 484,075 units since the launch on January 23. In recent years, the Proof Silver Eagle has been the US Mint's top selling numismatic product by unit volume. The individual 2013-dated proof coin had reached final sales of 868,494, topping the sales numbers of traditionally popular offerings such as the annual proof set.The collectible uncirculated version of the 2014 Silver Eagle, which made its debut on last week's report marked a slower pace of sales. For the week, orders were received for 5,009 units, bringing the cumulative sales total to 111,358 units.Following the sell outs for the $5 gold coins and silver dollars, orders have been robust for the 2014 National Baseball Hall of Fame Half Dollars. These coins are struck in copper-nickel clad, but feature the same innovative curved shape and popular design carried on the precious metals versions. Weekly sales for the half dollars were 13,610 units across the proof and uncirculated versions. Cumulative sales across both versions have now reached 194,072 units from the maximum mintage of 750,000 pieces.The recently released 2014-P Great Smoky Mountains Five Ounce Silver Uncirculated Coin saw additional weekly sales of 1,426 units. Cumulative sales are now 22,841, which is quickly approaching the 25,000 maximum mintage established for the product.The full US Mint numismatic product sales report appears below. The figures are compiled through April 20, 2014. The first number column represents total sales through the reporting date, and the second number column represents the change in sales since the last report. Products with sales followed by an asterisk (*) are no longer available from the United States Mint. Currently available US Mint products can be found online at http://catalog.usmint.gov/.jpg)
With input from John Albaneseand Kris Oyster, recommendations for true beginners are presented here. Back on Sept. 22nd, my column focused upon advice for beginning and intermediate level collectors who are planning to spend from $250 to $1000 per coin. The discussion here is more general and much of it applies to collectors of ALL INCOME LEVELS. Collectors who plan on spending just a few dollars per coins and collectors who will spend thousands per coin will, I hope, find the material here to be helpful.
“Buy the Redbook,” Oyster says, “don’t just look at the prices, read about the history of the coins and the types.” The Redbook is the guide book of U.S. coins that is published annually by Whitman. “First learn the basics,” Oyster adds, “types of coins, dates and mintmarks, think about how coins are made. Be open, don’t make quick decisions about what to collect,” Kris states. “Go out and explore. Don’t worry about spending a lot of money, learn about coins in general.”
Though I disagree with some of Scott Travers’ opinions and I do not recommend any kind of short term speculation, I have always liked Travers’ classic book, The Coin Collector’s Survival Manual. The seventh edition was released in November 2010. While a beginner may, initially, find this book to be a little confusing, the text will become clearer over time and much of the information included is very valuable.
If a beginner is planning to spend an amount that he or she regards as “a lot” on an individual coin, it should be for a coin that is at least somewhat scarce and is not a generic commodity. One recently minted “Silver Eagle” coin looks almost the same as the next and these can be ordered over the Internet in seconds. They lack individuality and there is hardly any tradition of collecting them. Furthermore, U.S. ‘silver eagles’ are not scarce and many coin experts do not regard them as true coins. It makes logical sense for a collectible to be scarce and to have individual characteristics, rather than be something that was recently mass produced. Also, beginners should collect coins that sophisticated experts regard as meaningful; such coins do not have to be expensive.
John Albanese notes that “it is a fact” that “most [U.S.] coins in the $3000 and up range are slabbed by NGC orPCGS. If you are not an expert and you buy $3000 and up coins” that are not PCGS or NGC certified, Albanese says, “you are playing Russian Roulette with your collection and your finances.” In another words, it is very risky to buy U.S. coins priced at over $3000 that are not PCGS or NGC certified.
1982 "No P" Dime
1955 Double Die Penny
1965 Silver Dime
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