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Exclusive! The artists at the U.S. Mint who engrave our coins digitally now

Jason Cochran
Jun 28th 2010 at 2:00PM



Did you know that the new coins in your pocket are signed by the original artists who designed them? I went to the United States mint in Philadelphia to meet some of the faces who create the money we all spend every day.

I also found out how our national coin-making process has moved into the 21st century. As strange as it seems, a few years ago, one Mint employee's chance viewing of the Shrek DVD with his grandchildren ended up transforming the way our money is designed and delivered to us

The Mint doesn't just make coins that end up in your pocket. In fact, only two of its six facilities, in Philadelphia and in Denver, create circulating change. As part of the Department of the Treasury in the executive branch, it's also required by Congress to design and create official medals and non-circulating coins such as bullion, which give investors a way to add small amounts of nearly pure precious metals to their portfolios.

In fact, the Mint is one of the few wings of the government that actually turns a profit -- it makes money in both senses. It regularly returns more than $700 million back to the public coffers by way of collectors' coins, proofs, and other numismatic one-offs.

The 50 State Quarters program of the '00s was so popular with casual collectors that the Mint has kicked off a few more series its hopes will entice new collectors, including the Presidential Dollar program that runs from 2007 to 2016 (currently slated to end with Gerald Ford), and a recent series of Lincoln pennies that climaxed with a new shield-based design for its reverse, or back side.

On the day of my visit, the Mint was producing the new Yosemite quarter, the third in its new America the Beautiful series of 56 twenty-five cent pieces. Five designs will appear each year until 2021. Joseph Menna, one of the senior sculptor-engravers, is responsible for the back side of the Yosemite quarter, which will be released to the public on July 25.

All of the Mint's designers started out as gifted sculptors who are classically trained. Menna studied in Russia and is expert in handling bronze. In fact, as a mark of esteem, every engraver gets to add his or her initials to the money you use every day. Have a close look at the change in your pocket, and you'll find the signed handiwork of some of the only classically trained sculptors given a steady public forum in America today.

Look closely at this high-resolution image, and you can see Menna's initials, JFM, in the branch of the tree at the bottom of the coin. His name will be circulating in your pocket as long as the coin exists, just as it has for other coins, including the recent Hot Springs quarter, the William Henry Harrison $1 coin, and the new Lincoln penny.

But these masters don't work in clay much anymore; many of them now translate their skills to the virtual realm with specialized software called FreeForm, used by Hollywood and surgeons alike. Each software license costs as much as a down payment on a new house.

Menna explains how the old art of coin-making has moved into modern times, yet has never abandoned the practical, classical training that has been demanded of sculptors for centuries. He also talks about the gratification that comes with being the creative mind behind what's jangling in your pocket right now.

That's not all we've got from the U.S. Mint. Click here to go onto the coin production floor, which is off limits to the public, and watch the Yosemite coin in actual production.

Follow WalletPop's Jason Cochran on Facebook

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Bella Mia Jewels

Just wanted to send a shout out to our dear friends over at Bella Mia Jewels

(Who now has a new store location open to the general public)

If you are in the Pocono PA area stop over and see them..
and tell them Coin Docere®™ sent you..
We have dealt with Jeanine and Family for many years...
for a fair and honest deal...
Plus alot of years in the Jewelry business....
They do our Diamonds and Jewels....

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First Flight Worthy Cause for Commem

By Paul M. Green, Numismatic News
June 30, 2010

easy for another issue to get lost in all the excitement. That may very well be the case with the First Flight silver dollar marking the centennial of the first manned flight by Orville and Wilber Wright in Kitty Hawk, N.C. on Dec. 17, 1903.

Commemorating the centennial of the first manned flight probably seems much more important to older collectors than young ones who don’t even remember Alan Shepard lifting off for a short voyage into space. In fact, since you have to be in your 40s to remember the first landing on the moon, something as simple as a short flight on a North Carolina beach can seem like ancient times. It’s sort of like having a commemorative for the discovery of fire. That said, it was extremely important, but you could not really tell that by the first sales totals.

The First Flight commemorative program was a three-coin program, and that frequently results in low mintages for some of the coins involved than would normally be case. There is no precise reason for that, but it seems to happen with some regularity. Few commemorative silver dollars ever sell out their entire authorizations. Franklin silver dollars did when they were part of a two-dollar set. Their total authorization of 500,000 for the two was really the same as a normal authorization such as the First Flight dollar had, but only for one coin and not two. So even the Franklin dollars selling out is not really the same, as divided by two the authorization was about one-half the normal number.

The First Flight dollar was authorized by Public Law 105-124 and was designed by T. James Ferrell and Norman E. Nemeth.

The proof version was offered for $33 in the pre-issue period and $37 in the regular ordering period. The BU version was priced at $31 in the pre-issue period and $33 in the regular ordering period. It is hard to determine expected sales for dollars that are part of three-coin sets as the totals can vary significantly.

Certainly, had someone attempted to project the likely sales the totals of 190,240 proofs and 53,535 BU examples would probably have not been the estimates. Even more surprising is the latest proof price of $28.50, which is lower than the regular issue price. Today’s BU price is higher than the proof at $33.50, which is just slightly higher than its regular issue price.

What makes the prices surprising is that the First Flight dollar is actually fairly low mintage. In fact, with a combined total of roughly 243,000 pieces, you would think both the proof and the uncirculated coins would rise in price.

However, at a minimum, the uncirculated mintage of just over 50,000 would seem to suggest that a significant price increase is coming at some point once collectors realize that the fact that it did not sell out should have no influence on its price. Price at the end of the day should be based on supply and demand and in this instance supply is on the slim side. Demand could stay low, negating the advantage of a low mintage, but I wouldn’t want to bet on that fact

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Hot Springs quarter not a hot prospect

Posted by Dave

Have you found a Hot Springs, Ark., America the Beautiful quarter yet?

I have not.

Some Numismatic News readers have reported the new quarter in their change.

It usually takes a while for new designs to work their way to Iola, Wis., so I ordinarily would not be thinking about this yet, but my publisher, Scott Tappa, put the word out to all staff members this past week that he would like to see one and inquired if any one of us had one.

He had no luck.

As evidence of what is circulating around here in the past week I can report that I got two shiny new Guam quarters in one transaction at a large chain store in a nearby city. All the other coins were state quarters or the older eagle-reverse design.

Guam was the third design of six issues from last year’s District of Columbia and U.S. Territories offerings.

If the Guam quarters are any indication of the future, I am not likely to see a Hot Springs coin in anything other than a Mint-produced set before we celebrate the July 4th holiday in 2011.

Sorry, Scott.

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MORE BASHLOW CONFEDERATE COIN RESTRIKE SIX-COIN SETS

In response to Peter Bertram's query, David Gladfelter submitted these thoughts on the Bashlow Confederate coin restrike sets.

Editor:
Not only do I have one of these sets, but also the papers that go with it. According to the papers, these “restrikes” are more technically the “second restrikes” since John W. Haseltine restruck 74 of the cent pieces in 1874, and J. W. Scott restruck 500 of the half dollar pieces circa 1879.

Perhaps “copies” would be an even more correct term, since while the “first restrikes” were in fact made from original dies, these dies by 1962 were too deteriorated for further striking use, so copy dies were made from them to produce the “second restrikes”.

The “second restrikes” of both denominations were made by August C. Frank & Co., Philadelphia, to the order of Robert Bashlow during the Civil War centennial in 1962. They are not rare as individual pieces. According to the brochure, 5,000 pieces of both the cent and half dollar were struck in silver, a like amount in “goldine” (a brassy alloy developed for token planchets by the Osborne Coinage Co. in the 1930s), and 20,000 pieces of each of the denominations in bronze. These figures agree with those given by Walter Breen in the Complete Encyclopedia (cent only, Nos. 8011, 8014 and 8013 respectively).

Some of these pieces were put up in sets housed in “official holders” like the set shown in The E-Sylum. “Special offer,” the brochure said. “We are making the beautiful Official Lucite Holder illustrated above available to all who purchase the Confederate Half Dollar now (italics in original). This offer will not be good after the Half Dollar is advertised to the public, when the holder will sell for $2.00.” The silver pieces were priced at $7.50 each, the bronze at $2.50 each and the goldine at $4.50 each, making the cost of the set in the holder $31.00. The brochure does not state how many sets in holders were produced.

I had some correspondence about the Bashlow restrikes with Q. David Bowers circa 1988. He wrote about them in his column, Coins & Collectors, in The Numismatist 101:1059 (June 1988).

Scott Rubin writes:


I have one of the six coin sets of Bashlow's Confederate coins.


Jonathan Brecher writes:


Those six-coin Bashlow sets turn up on eBay from time to time. There was one "recently" -- maybe about 3 months ago. One of the current authorities seems to be Tom Jankovsky.






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V13 2010 INDEX E-SYLUM ARCHIVE







The E-Sylum: Volume 13, Number 26, June 27, 2010, Article 15

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MORE BASHLOW CONFEDERATE COIN RESTRIKE SIX-COIN SETS

In response to Peter Bertram's query, David Gladfelter submitted these thoughts on the Bashlow Confederate coin restrike sets. -Editor

Not only do I have one of these sets, but also the papers that go with it. According to the papers, these “restrikes” are more technically the “second restrikes” since John W. Haseltine restruck 74 of the cent pieces in 1874, and J. W. Scott restruck 500 of the half dollar pieces circa 1879.







Perhaps “copies” would be an even more correct term, since while the “first restrikes” were in fact made from original dies, these dies by 1962 were too deteriorated for further striking use, so copy dies were made from them to produce the “second restrikes”.



The “second restrikes” of both denominations were made by August C. Frank & Co., Philadelphia, to the order of Robert Bashlow during the Civil War centennial in 1962. They are not rare as individual pieces. According to the brochure, 5,000 pieces of both the cent and half dollar were struck in silver, a like amount in “goldine” (a brassy alloy developed for token planchets by the Osborne Coinage Co. in the 1930s), and 20,000 pieces of each of the denominations in bronze. These figures agree with those given by Walter Breen in the Complete Encyclopedia (cent only, Nos. 8011, 8014 and 8013 respectively).



Some of these pieces were put up in sets housed in “official holders” like the set shown in The E-Sylum. “Special offer,” the brochure said. “We are making the beautiful Official Lucite Holder illustrated above available to all who purchase the Confederate Half Dollar now (italics in original). This offer will not be good after the Half Dollar is advertised to the public, when the holder will sell for $2.00.” The silver pieces were priced at $7.50 each, the bronze at $2.50 each and the goldine at $4.50 each, making the cost of the set in the holder $31.00. The brochure does not state how many sets in holders were produced.



I had some correspondence about the Bashlow restrikes with Q. David Bowers circa 1988. He wrote about them in his column, Coins & Collectors, in The Numismatist 101:1059 (June 1988).



Scott Rubin writes:



I have one of the six coin sets of Bashlow's Confederate coins.



Jonathan Brecher writes:



Those six-coin Bashlow sets turn up on eBay from time to time. There was one "recently" -- maybe about 3 months ago. One of the current authorities seems to be Tom Jankovsky.



To read the earlier E-Sylum article, see: QUERY: BASHLOW CONFEDERATE COIN RESTRIKE SIX-COIN SETS

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Bank Notes: Obsolete paper money is very active in the marketplace

Posted on June 29th, 2010 by Q. David Bowers in Dave's Market Report

The secret that isn’t secret: obsolete paper money is very active in the marketplace, and interest is growing!

As I write these words, Stack’s sale of the 52 Collection is underway. This is a specialized offering subtitled “Art and Security on American paper currency.” Crossing the block are 781 lots of American paper money and related items, with emphasis on proof impressions and other special notes issued by state-chartered banks. These are “high end” examples within the specialty. This leads me to say a few words about the collecting of obsolete paper money:

The field generally described as obsolete bank notes sometimes erroneously as broken bank notes, comprises paper money issued in our country by several thousand banks from 1782 until 1866. In the late 1780s Americans were suffering from the depreciation of the government’s paper money—Continental Currency. Issued from 1775 to 1779, the paper money had no real backing in silver or gold coins, although it claimed to be payable in Spanish dollars. There was no United States dollar at the time. By the early 1790s Continental money was selling for a tiny fraction of its face value.

This $5 note was issued by the Wolfborough Bank in Wolfeboro (earlier known as Wolfeborough), New Hampshire, the site of Stack’s New Hampshire office today. The town name was misspelled in the bank title, omitting the “e.” This note was printed by Rawdon, Wright & Hatch, New York City, and is ink-dated May 1st, 1838. It is slightly scarce with perhaps a few dozen known. The market value is perhaps $300 to $400 or so, for the overall appearance of this particular example is nicer than usually found. A coin collector may find it curious that often a signed, circulated note is worth more than an Uncirculated one!


New paper money was needed to sustain and facilitate the commerce and expansion of the country. If the government had proposed issuing more, it would have been rejected. Instead, the various state governments reviewed the applications of various business people who desired to form banks, and granted charters to those that were considered fit. This explanation is somewhat simplified, but will do in general terms.

$1 note of the Bank of New England, East Haddam, Connecticut. Crisp Uncirculated, nicely printed with green security overprint, and with an engraving depicting the town of East Haddam as seen from the water. Printed circa 1860 by the American Bank Note Co., New York. The bank never distributed this note. It and related bills were later found and sold into the numismatic market, where they are common today and valued at perhaps $20 to $30 or so

The individual banks ordered individual notes as well as sheets of paper money from engravers and printers. These were mostly in lower denominations, with $1, $2, $3, $5, and $10 being the most popular, with higher values including $20, $50, and $100, sometimes even higher. Although the idea of a $3 bill seems curious today, in the early 19th century such notes were widely used. When the United States began issuing Legal Tender Notes in 1862 it planned to include a $3 note, but this never happened. In later years, the denomination was viewed as a curiosity.

As the “Market Report” is intended to focus on the market, I will change my historical drift to that of values. Today in 2010, obsolete bank notes are a niche in the numismatic marketplace, but a very dynamic one. Market values have been rising as more and more people learn of these interesting notes and the fact that even today, although prices are significantly higher than, say, 10 years ago, great rarities can be obtained for a few hundred dollars in many instances.

In 2006, Whitman Publishing Co. issued my book, Obsolete Paper Money Issued by Banks in the United States 1782 to 1866, which since then has been widely acclaimed, calling for extra copies to be printed. If you would like to learn more about this fascinating series, order a copy from us today. It is large format, completely illustrated, a hefty 616 pages, and has a foreword by Eric P. Newman. The book lists at $69.95, but with discount is just $54.85. Mention “Dave’s Market Report” when you do so, and not only will you get our discounted price, but we’ll pay the postage too! And, if you’d like me to personalize your copy with an autograph to you, I’d be happy to do that. So our Book Department can keep track of things, this offer will expire on July 31. If you do not want to buy a copy of your own, you can borrow one free of charge (plus postage) from the American Numismatic Association Library.

Either way a very interesting field beckons. Returning to the concept of the market, a selection of assorted obsolete notes in, say, Fine to Very Fine grade, that cost $100 ten years ago is probably worth $300 today. The time to buy is not at the top of the market, of course, but most dealers and collectors anticipate that the most activity is yet to come!

Comments? E-mail me at my private address: qdbarchive@metrocast.net

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Top 7 Ways to Ruin Your Coins

By Susan Headley

The seven best ways to ruin your coins are things that many beginning collectors do without even thinking about them. I've even seen expert coin dealers spitting on their coins! If you care about protecting the investment you're making in your coin collection, take the time to learn how to properly handle, clean, store, and protect your rare coins.

1. Touch Your Coins

Just touching your coins with your bare fingers is enough to cause damage to them, especially if you collect higher grade coins. And you will definitely damage them if your fingers come in contact with mint-state and proof coins. Your fingers contain oils and miniscule pieces of grit that will adhere to the coins and cause them to discolor or suffer microscopic scratching. When you handle your coins, wear cotton or latex gloves, and handle only the edges.

2. Clean Your Coins

With the exception of freshly dug-up detector finds, cleaning or polishing your coins will do more harm than good. Once metal has been exposed to the air, it is natural for it to oxidize, or tone. If you strip the coin of this toning, not only will you lose any remaining mint luster, the coin will appear harsh and unappealing, and suffer microscopic abrasions that lower its grade. Plus, toned coins are worth more than stripped coins. If you really must clean them, clean coins safely.

3. Spit on Your Coins

Talking about your coins can do just as much damage as touching them or cleaning them, if you do so with the coins exposed while you chatter away. Little bits of saliva escape from your mouth when you talk, and these can cause spotting and discolorations that are difficult to remove. Many uncirculated and mint-state coins have been ruined this way. Say whatever you want about your coin collection, just make sure your coins are safe when you say it!

4. Break Their Holders

You are certain to greatly decrease the value of your mint set and proof set coins by removing them from the mint-issued holders they come in. The holders, along with the box and literature (if any) are part of the "set" and should be kept intact and pristine. Similarly, coins that have been slabbed are worth a premium in their protective cases. Never remove coins from these types of permanent holders.

5. Expose Them to Acid

Storing your coins in envelopes, wrapped in paper, with your notations beside the coins, or in cardboard boxes is a good way to damage them unless you are careful to use acid-free paper materials. Over time, the paper material breaks down, releasing acidic chemicals around your coins. This causes spotting, discoloration, and can promote oxidation (toning) of your bright, mint surfaces. Be sure to buy only acid-free paper and cardboard supplies for your coin collection.

6. Coat Your Coins in Green Slime

Another good way to cause spotting and degraded surfaces is to store your coins in PVC-based plastic flips, holders, and boxes. Similar to the way the acid in paper can harm your coins, the chemical by-product of certain plastics can damage your coins over time. If you store coins in those handy food-grade plastic containers, or in soft, pliable coin flips, your coins will eventually develop a slimy green coating on their surfaces which will damage them permanently.

7. Expose Them to the Elements

If you store your coins in the attic or basement, you are probably exposing them to extremes of temperature and humidity that will promote their oxidation. In addition, these conditions will more quickly break down the storage materials (such as flips, paper and cardboard, plastic containers, etc.) your coins are organized in. To protect your collection the best, store it in a dark, dry, temperature-controlled environment (such as a safe deposit box or specialized coin cabinet.)

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Splits vs. Tears: What's the Difference?

Posted on 6/29/2010
Chad Hawk, PMG grader, explains the difference between splits and tears and how to detect them.


Have you ever received a note with the comment “Split” or “Tear” and didn’t understand exactly what it meant? Many have. In this article, I’ll explain the difference between these two similar terms and how to identify them. They have very different causes and appearances, so it’s important to know the distinction.

Let’s start with splits. Splits are created over time by repeated folding along the same line. Splits gradually move along the fold, separating the paper as it weakens. Each edge of the split usually has the same amount of wear due to this gradual effect. Splits are most commonly seen in the margins or body of notes grading VF and below. However, it is not uncommon for a note of a higher grade to have splits if heavy folds are present. On notes grading higher than VF, graders believe that a comment may be necessary, depending on the severity of the split.

Unlike splits, tears are created quickly as a result of mishandling. One side of the tear will show a paper pull and the separation will be rough. As mentioned before, splits appear smoother because they occur as the paper is slowly broken down. Like splits, tears can occur on notes of all grades but are most commonly seen on notes of lower grades. Notes with heavier circulation have weaker paper that is more susceptible to damage than notes with less circulation and therefore stronger paper.

One of the best ways to see splits or tears is by backlighting. Hold a note in front of a light so it appears translucent. This method will show dark areas where a split or tear has occurred. With additional magnification, you can determine the type of separation. If repaired, the split or repair will be closed with a visible bonding agent. It does not take much glue to secure a split or tear, so it is important to review any areas of speculation with magnification. These areas are detectable using basic 10x magnification.

Splits and tears are most commonly seen on early Legal Tender Notes, Treasury Notes, Interest Bearing Notes, Obsoletes and Confederate Issues due to the paper used for those types. Now that these features have been explained, you can hopefully distinguish between a split and a tear more easily.

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Changes to US Mint's Direct Ship Program

Tuesday, June 29, 2010
Posted by: Michael | Posted in: Presidential Dollars

A few weeks ago, the US Mint made some changes to their Direct Ship Program. This program has been tweaked many times as the Mint seemingly tries to preserve the utility of the program, while limiting the potential for abuses.

The Direct Ship Program was introduced in June 2008 as a way for businesses and individuals to obtain circulating dollar coins directly from the US Mint. The purpose of the program was to remove barriers and improve circulation of the dollar coin. In the most recent fiscal year, the US Mint reported distributing an astounding $85.2 million worth of coins through the program, representing 18.6% of the total dollar coin shipments.

Abuses of the product came to light in late 2009, when some mainstream publications ran stories about frequent fliers who were using the program to earn miles and other rewards on their credit cards. These individuals would order thousands of dollars worth of coins with their credit cards and then immediately deposit the coins into a bank account. The purchase and deposit would net to zero, as rewards and miles accrued.

The US Mint responded by cutting off some of the known offenders and adding bold messages to their product pages explaining the intended purpose of the program. Further, a message was added that: By clicking “Add to Cart” I agree that I understand, and will comply with, the intended purpose of the Program.

An article in the LA Times had also stated that purchases through the program would be coded as cash advances, so as not to earn rewards. However, I have subsequently confirmed that this is not correct. Orders are treated as regular credit card purchases.

The most recent change to the program has been to restrict orders based on time period, rather than cumulatively. A 4-box limit ($1,000 face value) now applies for every 10-day period across any and all Direct Ship orders. Before the change, the cumulative limits of 50 boxes of Native American Dollars and 2 boxes of Presidential Dollars were in place. Exemptions could be requested under both the old and new limits.

The US Mint currently has available 2001 Sacagawea Dollars; 2010 Native American Dollars; 2007 Presidential Dollars for George Washington, John Adams, Thomas Jefferson, James Madison; and 2008 Presidential Dollars for Andrew Jackson.

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Still No 2010 Proof Gold and Silver Eagles

Tuesday, June 29, 2010
Posted by: Michael | Posted in: US Mint

The US Mint has announced the release dates for their "remaining" 2010 products. The collectible Proof and Uncirculated 2010 Gold Eagles and 2010 Silver Eagles are still missing from the schedule, although the US Mint still preserves a glimmer of hope that these popular products might be produced.

The updated schedule includes exact on-sale dates for all previously listed products (although the dates are still stated as tentative). No new products have been added to the schedule, although I would have thought that the US Mint would release the "new" America the Beautiful Quarter Products this year. It's possible that they will be added to the scheduled later.

The 2010 Proof and Uncirculated Gold and Silver Eagles are listed on the schedule as "TBD." The US Mint has provided the now familiar explanation about the status of the products:

*Public Laws 99-61 and 99-185 mandate that the United States Mint mint and issue its American Eagle Silver and Gold Bullion Coins "in quantities sufficient to meet public demand..." There is no corresponding legal requirement to mint and issue the proof and uncirculated coins in quantities sufficient to meet public demand. The bureau, however, is continuing to work with current and potential blank suppliers to increase the supply of silver and gold blanks in amounts that may make it possible to offer the proof and uncirculated versions of American Eagle Silver and Gold Coins in 2010.

I suppose its somewhat favorable that the US Mint has not yet ruled out the offerings completely. At the ANA National Money Show in Fort Worth Texas held March 25-27, 2010, US Mint Director Edmund Moy raised the possibility that the 2010 Proof Silver Eagle would be canceled, citing demand for bullion coins. After that announcement, many collectors already began assuming that the cancellation was a foregone conclusion.

The 2009 Proof and Uncirculated Gold and Silver Eagles were finally announced as canceled in October.

The updated release schedule for 2010 US Mint Products is shown below:

Presidential $1 Coin  First Spouse Medal Set - Pierce 6/24/2010
Franklin Pierce $1 Coin Cover 07/01/10
2010 United States Mint Uncirculated Coin Set 07/15/10
2010 United States Mint Proof Set 07/22/10
Yosemite Quarter Bags and Two-Roll Sets 07/26/10
2010 American Eagle One Ounce Platinum Proof Coin 08/12/10
James Buchanan Presidential $1 Coin Rolls 08/19/10
2010 United States Mint Silver Proof Set 08/26/10
Buchanan's Liberty First Spouse Gold Coins 09/02/10
Buchanan's Liberty Bronze Medal 09/02/10
Grand Canyon Quarter Bags and Two-Roll Sets 09/20/10
Presidential $1 Coin & First Spouse Medal Set - Buchanan 09/23/10
James Buchanan Presidential $1 Coin Cover 09/30/10
Mount Hood Quarter Bags and Two-Roll Sets 11/15/10
Abraham Lincoln Presidential $1 Coin Rolls 11/18/10
Mary Todd Lincoln First Spouse Gold Coins 12/02/10
Mary Todd Lincoln Bronze Medal 12/02/10
First Spouse Bronze Four-Medal Set 12/02/10
Presidential $1 Coin & First Spouse Medal Set - Lincoln 12/23/10
Abraham Lincoln $1 Coin Cover 12/30/10
2010 American Eagle Silver Proof Coin TBD
2010 American Eagle Silver Uncirculated Coin TBD
2010 American Eagle Gold Proof Coin TBD
2010 American Eagle Gold Uncirculated Coin TBD


Coin Update News: Latest Weekly US Mint Sales Report

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UPDATE: Bishop’s Wood Hoard of Roman Coins Realize £46,964 in Baldwin Auction

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

Bishop’s Wood Hoard of Roman Coins Realize £46,964 – Click Image to Enlarge
The 1,661 coins and the restored jar that contained them were sold in 11 lots, including the purpose built cabinet in which they were housed. The lots drew worldwide interest amongst the ancient numismatic community prior to the auction as the expertly cleaned and preserved coins had remained out of circulation and in the family of the landowner since their discovery in 1895.
Serious pre-sale interest came mainly (and encouragingly) from UK based dealers and collectors but also from some important UK institutions.

Bidding was frenzied and busy, both in the room and on the book, but in the end the lots were all won by the same bidder. Baldwin’s are very happy to report that this part of the hoard remains intact. In total the 11 lots (lots 1152-1162) achieved £46,964, well over pre-sale estimate.

Baldwin’s Ancient expert Paul Hill commented after the auction ‘the sale of this hoard was an unprecedented success, it sold well beyond any of our expectations and the vendor is absolutely delighted with the result.’

The hoard was discovered at Bishop’s Wood, near Ross-on-Wye, just across the Herefordshire border and within the surroundings of the Forest of Dean. It was uncovered in a rough walling built against the hillside by workmen who were in the process of repairing a road and who struck an earthenware vessel containing the coins. The accidental strike from a pick broke the jar and scattered its contents in various directions.

Included with the hoard is a reprint of the article from the Numismatic Chronicle of 1896 where 17,550 coins were listed in total and a reprint of ‘Notes on a Great Hoard of Roman Coins found at Bishop’s Wood in 1895′ from the "Transactions of the Bristol and Gloucestershire Archaeological Society", vol. XIX, both written by Mary Bagnall- Oakeley.

The latter also includes the author’s handwritten annotations and a list, dated March 1898, of the
museums and institutions that she was aware had received portions of the hoard. They are listed as follows:

Hereford City Museum
Gloucester City Museum
Bristol City Museum
Rolls Hall Monmouth
Ludlow Museum
Newcastle on Tyne Museum
Norwich Museum
Newport (Monmouthshire)
Clifton College Museum
Monmouth School Museum
Sydney Museum (New South Wales) (by special request)
Caerleon Museum
Whitchurch School Museum (W. Ross)

Although 17,550 coins were listed originally a number had already been lifted and dispersed around the region by the time the coins were rescued.

The original intention of the hoard and why it was deposited at the findspot is uncertain. It is possible that the area in question was occupied by Roman soldiers at the time and, given its size, it has been suggested that the hoard formed part of a military treasure, intended as payment for the legions. Whatever the original purpose of the coins, the hoard is a fascinating primary source of information for the mints employed in supplying Britain with coinage

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Eagles on Coins Dull to Delightful

By Ginger Rapsus, Numismatic News
June 30, 2010


The eagle is one of the most magnificent birds found in nature. Large and bold, with a hooked beak and fierce-looking eyes, the eagle has long been a symbol of power, majesty and beauty. Bald eagles, found in different parts of the United States, became the national symbol in 1782. Many renderings of this bird can be found on coins, eagles in varying stands, flying, perched or in fanciful pose.

An eagle can be seen on the Massachusetts cent of 1787, holding arrows. The Excelsior pieces of the same year show an eagle perched on a globe. Washington pieces show an eagle with a shield on its breast, holding arrows and an olive branch. Variations on this pose have been used throughout the years, and can still be seen on the Presidential seal. Perhaps such a pose is not known in nature, but is familiar to numismatists and those who appreciate artistic design.

Coins of 1792 show eagles on the reverse; these eagles do not appear to be especially large or fierce. The bird on the reverse of the half disme looks more like a fledgling, a young bird to represent the new country. The bird appears to be flying out of its nest. The eagle on the disme looks more in a hovering position than flying.

Skinny, small eagles are seen on early federal coinage. The eagle on the first gold issues of 1795 holds a wreath in its mouth, while the famous small eagle on silver coins sits on a cloud. The gold $10 coin was known as an eagle, with $5 coins called half eagles – another tribute to the great bird.

The eagle on the Flowing Hair silver coins appears quite scrawny. The heraldic eagle appeared in 1795. The larger eagle holds a ribbon in its mouth and holds arrows and an olive branch in its talons; a shield is on the bird’s breast. Later Capped Bust silver coins show a perched eagle, its head turned upward, a shield on its breast. Seated Liberty silver coinage, minted for over 50 years, shows a similar eagle on the reverse.

A real bald eagle served as the Philadelphia Mint’s unofficial mascot for many years. Peter the eagle, as he was named, made a habit of visiting the Mint and would watch the goings-on. The Mint employees adopted the bird as a pet, and would feed it. After Peter died catching his wing in machinery, the bird was mounted, and still stands guard at the Mint.

Peter also served as a model for some famous United States coins. The Gobrecht silver dollar patterns of 1836-1838 show a lovely flying eagle on the reverse; Peter was probably the model. The first small-sized cents of 1856, the Flying Eagle cents, show a similar eagle. Many patterns exist, showing the eagle with angular wings, curved wings, large and small sized.

Not until 1873, and the Coinage Act of that year, was the law established that gold and larger silver coins bear “the figure of an eagle or representation thereof.”

Barber silver quarters and half dollars, first minted in 1892, show a heraldic eagle on the reverse, reminiscent of the one used on early silver coinage. The Standing Liberty quarter followed the Barber design in 1916, showing a flying eagle on the reverse. Nothing stylized or fancy about this bird; the proud eagle, shown in flight, was perhaps the most realistic-looking eagle used on regular issue coinage up to that time. The Standing Liberty quarter is recognized as one of the most beautiful regular issue coins, and not only for the famous rendering of Miss Liberty on the obverse.

Washington quarters, first struck in 1932, show a perched eagle with its head apparently squashed by the motto, “E Pluribus Unum,” required to appear on U.S. coins. The original design, by Laura Gardin Fraser, shows a proud eagle unencumbered by mottoes or required elements. The original design was finally used on a $5 coin in 1999, to commemorate the 200th anniversary of the death of George Washington. The gold coin does justice to the original design. The breast bone is prominent, and the feathers are quite pronounced, and almost seem to have some texture, something difficult to show on a coin.

The Walking Liberty half dollar, considered the most beautiful U.S. silver coin, features a bald eagle perched on a mountain. This bird shows a pose that a real eagle may take in the wild, wings slightly spread, looking to grab its prey. Another realistic eagle perched on a mount is seen on the Peace dollar. The eagle stands proudly and watches the sun rise.

Franklin half dollars show a small eagle on the reverse, to the right of the Liberty Bell. Some critics have claimed that the bird resembles a turkey more than a proud eagle – perhaps an appropriate remark, as Benjamin Franklin himself supposedly wanted the turkey to be America’s national bird.

Morgan silver dollars show a bald eagle on the reverse. The original 1878 coin featured an eagle with eight tail feathers; this was later corrected to show seven tail feathers. The anatomy of the eagle and its tail feathers had to be accurate, even though the pose by the eagle has probably never been seen in the wild. There are three distinct varieties of 1878 Morgan dollars involving the tail feathers, including a 7/8 feathers variety, and spaces to hold all three coins are found in albums.

“The Eagle has landed.” These words were spoken by the Apollo 11 astronauts in 1969 upon landing on the moon. This event was commemorated on the Eisenhower dollar, struck from 1971-1978. The bald eagle is shown landing on the moon, bearing an olive branch in its talon, recalling the words on the plaque left on the moon: “We came in peace for all mankind.” This was a replica of the official insignia of the Apollo 11 moon mission. The design was later used on the Susan B. Anthony dollar reverse from 1979-1981 and 1999.

Sacagawea dollar coins of the early years show an eagle in flight, wings extended.

Gold coins of the early 20th century show bald eagles perched proudly. The bird on the $10 piece, aptly called a gold eagle, especially looks tall and impressive, as befitting a bird of prey. This coin was designed by Augustus Saint-Gaudens; a similar eagle is seen on his Theodore Roosevelt medal.

Many commemorative coins show one or more bald eagles. The Panama-Pacific half dollar shows an eagle perched on a shield, while the Panama-Pacific quarter eagle shows a more defiant eagle. Some half dollars commemorating statehood show an eagle as part of the state’s seal, such as Alabama and Illinois. The Bridgeport half dollar features a modernistic eagle on the reverse, a very interesting rendering of the national bird.

Modern commemoratives featuring the bald eagle include the 1991 Mount Rushmore gold half eagle, showing an eagle about to land on the monument. This eagle is one of the more realistic birds shown on coinage. The bird is shown to great advantage, with its wings spread, reaching upward to the edge of the coin, its talons ready to perch.

One impressive and meaningful treatment of the bald eagle is seen on the 1994 Prisoner of War Museum silver dollar. An eagle flies, with a broken chain on one foot, surrounded by barbed wire, and the words “Liberty” and “Freedom.”

United States gold bullion pieces, the American Eagles, were struck beginning in 1986. The reverse shows a family of eagles. A male flies to its nest, to a female with two baby eagles, or eaglets.

The bald eagle was honored in 2008 with its own commemorative. Half dollars, silver dollars, and gold $5 pieces were minted showing different poses of the bald eagle. The half dollar shows two eaglets, in their nest, snuggled up to an egg.

The obverse shows Challenger, a famous bald eagle. This bird was probably the first real model for a coin since Peter, over 150 years before. Challenger was an eaglet thrown from his nest during a storm in Louisiana in 1991. The bird was cared for by humans, to the extent that this eagle cannot be released in the wild. Named for the lost space crew of 1986, Challenger has made many personal appearances over the years, including a number of sporting events.

The American Eagle Foundation made an appearance at the World’s Fair of Money in Baltimore in August 2008, bringing along a bald eagle (either Challenger or Mr. Lincoln) to publicize the bald eagle commemoratives. The great bird perched on its trainer’s arm, looked around the busy convention floor, and squawked.

The $5 coin shows two eagles on a branch; one appears to have just landed. Bald eagles in the wild often sit perched in trees, looking for their prey.

Modern platinum American Eagles of 1998-2002 show attractive reverse designs, showing a bald eagle flying over different areas of the country. The 2002 piece shows a bald eagle fishing in the Northwest, grabbing a fish out of water, as bald eagles often do in nature.

Quite a few pattern coins show eagles in different poses. The Schoolgirl pattern dollar, one of the most popular, shows a defiant eagle on the reverse. The eagle stands proudly, extending its wings, its beak open, taking a step forward. The viewer can almost hear the bird squawk.

The reverse of the “Shield Earring” design shows an eagle not quite as fierce as on the Schoolgirl dollar, but its head is held high, its wings uplifted, as if the bird is about to fly away. This eagle is also a bit more artistically posed, with curved wings and a smooth appearance. The eagle with shield on the Amazonian patterns stands proudly, holding a bundle of arrows. Different eagles in different poses are seen on other patterns. Many of the eagles are shown bearing a shield, holding arrows or an olive branch, used as a powerful symbol and not meant to be shown realistically.

The bald eagle, a symbol of America for over 200 years, still can be seen on U.S. coins, and will be seen for many years to come. Whether the great bird is shown perched, flying, realistically or more artistically, the beautiful bald eagle is a proud addition to any coin.

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Bombay Kept At Bay

By Jon Nadler
Jun 30 2010 10:18AM

Quarterly performance tallies started to trickle in as the last trading day of the month got underway this morning. Commodities tabulated their worst quarter since late 2008/early 2009 as a 10% decline in the complex was affected by Chinese growth contraction fears and investor sentiment about the fate of the rest of the world’s economies. Gold posted a third-best showing with a 12% gain, right behind natural gas and coffee (which rose 20%).

Meanwhile, silver turned up in fourth place with a 6.5% appreciation percentage. What did not do well? Industrial metals, for the most part. Consider zinc’s 25% plunge, or nickel’s 23% fall. Bellwether copper fell 16% on the quarter and black gold dropped more than 9% since the end of March. Bad as the quarter was for commodities, the index of world equities showed a 13% decline in values for the trimester.

Then again, one could have bought the Shanghai stock market –whose SCI barometer fell 27% in the current year. Such dismal performance has prompted more than one contrarian call for a giant rally. Morgan Stanley analysts envision something on the order of a 65% rally in the Shanghai index, give or take one year. Yesterday however, that market fell 4.3% after the Conference Board revised its leading economic index for the country.

The Dow, in turn, lost 268 points (2.7%) and dipped beneath the 10K level as the same Conference Board’s consumer confidence gauge crumbled on economic fears. Translation: what will happen if the US consumer is in no mood to consume at a time when the slack in the economy is nearly as wide as any worn by the zoot suit rioters in 1943 in Los Angeles? The economic pattern letter that comes to mind is just two alphabet positions ahead the letter “Z” according to some…

The euro regained some of the ground it lost on Tuesday this morning (it rose to above 1.2275 against the greenback), as the ECB announced that loan demand by the region’s banks was some 30 billion euros lower than anticipated. Such lessened need for funding may signal a better state of health among European banks than some market participants are seen as perceiving. However, the carry trade may continue its drunken orgy in various assets and still be able to tap into essentially free money until the last quarter of 2010 according to analysts.

Gold prices opened with modest losses this morning after an overnight range that remained on the narrow side (between $1238 and $1245). Spot gold bullion fell by $3.30 to the $1237.50 level on the bid side. The rest of the complex showed declines across the board, with the exception of silver which added $0.07 to rise to $18.58 mark the ounce. The summer lull could be upon the markets following the Independence Day holiday. Trading desks we tang up overnight already show neatly arranged workstations and clean (!) coffee mugs on the cafeteria racks.

No change was reported in rhodium at $2440.00 per ounce. Carmaker Ford is reported to be ready to pay some $4 billion in debt with the aim of bolstering its balance sheet. Its shares surged nearly 4% on the news.

This morning’s ADP report indicated that 13,000 jobs were added to the US economy’s private sector in June –less than the expected figure of circa 60,000 and one of the catalysts to a drop in US stock index futures just half an hour prior to their opening.

Indian buyers remained sidelined as gold at near 19,000 rupees per ten grams continued to weigh on their minds instead of the bazaar owners’ scales when ringing up a sale.

In fact, Indian market participants and analysts are zeroing in on the same disconcerting signs that show a gold market totally dependent on ETFs and derivative speculation vehicles’ (futures/options) offtake. As such, they see potential declines in value that might not be of the minor variety.

No less than the President of the Bombay Bullion Association was quoted to say that: “There is no demand in India or for that matter in the world for gold jewellery or coins. Reports have suggested that physical demand has been on a slide. We see demand only from ETFs. He added that, at this juncture, and with such near-record prices at hand: “Those holding ETFs can make profit booking and exit at any time in near future, leading to a severe downfall in the prices. Therefore, I believe this is not the right time to invest in gold. In short term gold prices may hover in the range of $1150 - $1300 an ounce before resorting to a fall.”

Part of this may be nostalgia for the good old days of physical gold buying as Mr. Hundia underscored that: “Earlier when exchanges did not exist, people bought more gold in physical form. But as exchange traded funds came into existence, the demand for physical gold started reducing and people preferred investing in ETFs rather than buying physical gold and keeping it with them.”

The other side of the coin, so to speak, it the fact that the very people involved in the local gold market (still the world’s premier source of physical demand –at a price) “are of the opinion that the current gold-rush is nothing but a bubble that can burst anytime in absence of physical gold demand, which has been shrinking in recent months owing to exorbitantly high prices.” So reports Commodity Online’s Rutam Vora from Ahmedabad this morning.

Then again, Aussie market strategists said as much over the weekend. Other still, disagree. All of this, coming at a time when a plethora of articles are still clogging the blogosphere and are erroneously theorizing about the presence/(or mostly, the presumed absence) of gold in ETFs, in the world’s mines, etc. For example, the (false) bit of ‘information’ that would have you believe that gold is actually traded on the LME. Well, Wikipedia certainly disagrees: “Contrary to popular belief, the precious metals, gold and silver are not traded on the London Metal Exchange, but on the OTC market usually referred to as the LBMA.” What exactly does it take to get one’s facts straight? A visit to Wikipedia, maybe? Nah, that would be asking for way too much.

Want evidence of a gold price manipulation/suppression scheme? An open and shut case, it would seem. Except for the series of squiggly lines which are then offered as ‘proof’ and deductions made based upon such patterns, which contain all of the conjectural ‘insight’ that can be applied to coffee-grounds readings by elderly ladies in any Istanbul bazaar. If the (chart) shoe fits (the UFO theory) wear it (foist it upon your readers, they’ll buy it). Welcome to “The Internets:” A series of Setvensian tubes in which sometime sewage disguised as ‘information’ flows rather freely. Bring your own mask.

This is not to say that there is a total absence of worthwhile reading out there. Take, for example, the erudite expose on Gold and the Theory of Storage that can currently be seen on the Kitco Commentary section. In it, authors Mack Frankfurter and Nell Sloane make a cogent presentation about gold, hedging, storage costs, and implications thereof on supplies and prices. Now there’s some real meat to bite into. No smell.

Happy Trading. Happy New Quarter.

Jon Nadler
Senior Analyst
Kitco Bullion Dealers

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Coin Rarities & Related Topics: an 1870-S Silver Dollar, an 1817/4 Half Dollar, and an 1854-O $20 gold coin

By Greg Reynolds on Wednesday, June 30, 2010


So far, I know of two Great Rarities that will be auctioned in Boston in August, and of a third coin that it is very likely to be a Great Rarity. It may be true that there are others of which I am not yet aware. B&M will offer an 1870-S silver dollar and an 1854-O Double Eagle ($20 gold coin). Heritage will put an 1817/4 overdate half dollar ‘on the block.’

For a coin issue to be a Great Rarity, there must be a maximum of twenty-five pieces known to exist in the present, including business strikes and Proofs. As Proofs of these three issues were never minted, there is no need to discuss the possibility of their existence.

Curiously, 1817/4 halves and 1870-S silver dollars seem to be equally rare. I am nearly certain that there are nine known 1870-S dollars. Specialists in Capped Bust Half Dollars have concluded that there are nine known 1817/4 halves. Seven have been known for many years, and two have, strangely in my view, somewhat recently surfaced, not long after the finest known 1817/4 sold for a then record $333,500 on Nov. 29, 2004.

The 1854-O Double Eagle is not as rare as either of these two silver coins. It is likely, though, that fewer than twenty-five exist. If there are thirty, than this issue is a ‘Near Great Rarity’!

Why are these Great Rarities and not 1794 silver dollars, which are more famous? In last week’s column, I discussed the Boyd-Cardinal 1794 dollar that will also be auctioned in Boston. While it is a very desirable coin that is of tremendous importance in the culture of coin collecting, it is not a Great Rarity. There are between 130 and 160 1794 silver dollars in existence. In 2004, Martin Logies, a leading expert on this issue, estimated that 140 survive.

Merely being popular does not make a coin a Great Rarity. In addition to the requirement that twenty-five or fewer be known to exist, each Great Rarity must be traditionally considered a component of an established series. Die varieties, particularly those that require a microscope to identify or are otherwise obscure, generally cannot be Great Rarities, though these are highly prized by some advanced collectors.

The meaning of a Great Rarity is not dependent upon emotions or opinions; there must be underlying facts that establish such a high level of rarity and the acceptance of the respective date. Some other Great Rarities are: the unique 1873-CC ‘No Arrows’ Dime, 1894-S dimes, 1873-CC ‘No Arrows’ Quarters, 1838-O half dollars, 1841 Quarter Eagles, 1854-S Quarter Eagles (and Half Eagles), 1815 Half Eagles, 1822 Half Eagles, 1875 Eagles and 1927-D Saints. There are more than ten others and I look forward to compiling a thorough list in the future. I just mentioned some famous and indisputable Great Rarities in order to illustrate the concept.

There are a few reasons as to why Great Rarities are important. Most have to do with the culture of coin collecting and cannot be simply explained. The most obvious reason, however, is that Great Rarities are needed to complete sets. Unlike the collecting of paintings or vintage automobiles, coin collecting often involves attempts to complete sets that are widely recognized.

For a collector, the hunt for a specific item is usually more enjoyable than a purchase that can be instantaneously completed after it is first considered. Though it is in some sense a key to a set of silver Roosevelt dimes, it would not take much time or effort to locate a 1949-S dime. Furthermore, I have attended several auctions that have each included more than a dozen 1893-S Morgan Dollars, which is the scarcest of all business strike Morgans. Finding a 1949-S dime or an 1893-S Morgan is not a challenge.

I am here ignoring the concept of a Condition Rarity, which refers to coin issues that are not rare in absolute terms, yet are extremely rare above a certain grade level. I have a strong affinity for both Condition Rarities and coins that are rare in absolute terms. Indeed, I have enthusiastically written large numbers of articles about rarities in both categories. The topic here, though, is Great Rarities that will be auctioned in Boston in August.

Richmond-Jack Lee 1870-S Dollar

The B&M pre-ANA Boston auction will feature an 1870-S silver dollar that is PCGS graded Extremely Fine-40. NINE ARE KNOWN TO EXIST. I emphasize the number nine because many published rosters include odd, unsubstantiated rumors of others or erroneous listings of additional 1870-S dollars. Of course, it is possible that there could be one or two more. Pedigrees for these nine, however, are well documented and cover substantial portions of time. There really is not significant evidence of another 1870-S dollar existing.

The 1870-S dollar coming ‘on the auction block’ was, somewhat recently, in the Richmond, Jack Lee, and “Joseph Thomas” collections. Please click here to see my Oct. 2007 article on 1870-S dollars and here to read additional paragraphs on 1870-S dollars in my preview of the April 2009 auction of the “Joseph Thomas” collection.

When I wrote my article on 1870-S dollars, I had seen six of the nine known. I have since examined two more, the Queller coin that Heritage auctioned in April 2008 and the worst known Boyd piece that has twice appeared at auction in recent years. I am now publicly requesting the cooperation of the owner of the Eureka 1870-S. I will sleep better if I have carefully evaluated all known 1870-S silver dollars.

This 1870-S is currently PCGS graded EF-40 and was NGC graded EF-40 when DLRC auctioned it on Nov. 29, 2004 in the Richmond II sale. It was the property of an Indiana collector and the Richmond collection is one of the fifteen all-time best collections of classic (pre-1934) U.S. coins. The Richmond collection featured many Great Rarities, including a very choice 1873-CC ‘No Arrows’ Quarter and the finest known 1894-S dime, plus an 1841 Quarter Eagle, an 1854-S Quarter Eagle, an 1875 Eagle and an 1856-O Double Eagle. Certainly, it is one of very few collections to include both 1884 and 1885 Trade Dollars.

On Nov. 29, 2004, the late Jack Lee was the successful bidder for the Richmond 1870-S dollar, and he placed it in his personal collection. He then paid $414,000. Sadly, Lee died not long afterwards.

At some point, this 1870-S was sold to the collector known as “Joseph Thomas,” which is not his real name. When Heritage auctioned the “Joseph Thomas” collection in April 2009, this 1870-S realized $503,125. Coin markets were then bottoming out and this 1870-S is expected to realize more in August 2010.

I declare that this 1870-S, the Ostheimer-Richmond-Lee coin, is of higher quality than the Stickney-Wolfson-Queller 1870-S Dollar. Heritage auctioned the Stickney-Queller 1870-S in April 2008, when coin market levels were dramatically higher than in April 2009. The Stickney-Queller 1870-S realized $805,000, which I thought was a high price.

It is true that the Ostheimer-Richmond-Lee 1870-S is characterized by several long scratches and a more than a few shorter ones. Even so, these are barely noticeable when the coin is viewed and are not very distracting. I could understand how some collectors might find these to be problematic, and, if this coin were a common date, then the assigned EF-40 grade might be challenged. There is a good chance, however, that graders at the PCGS and the NGC, determined that this coin has the sharpness of an EF-45 to AU-50 grade Liberty Seated Dollar and downgraded it to 40 because of the scratches, which are not very bothersome to me. The Stickney-Queller 1870-S is more problematic.

The Richmond-Lee 1870-S should be seen ‘in person’ to be fully appreciated. Its pleasant toning is mostly a rich, medium-gray color, with some blue tints. It has even wear and well-balanced natural toning. It is especially attractive for its grade

This is the fourth finest known 1870-S silver dollar. The PCGS graded AU-53 Eliasberg 1870-S is the third finest. The CAC purchased the Eliasberg 1870-S privately in January 2008 for $1.3 million.

 A Fresh 1817/4 Half Dollar

Of all ‘dates’ of the U.S. half dollar denomination, the 1817/4 is, by far, the rarest. Yes, it is an overdate rather than a whole date of its own. There also exist 1817/3 and 1817 “normal date” half dollars. Even so, readily apparent overdates are often listed as separate dates in standard coin references and are collected as such. In the traditions of coin collecting, the 1817/4 overdate is a distinct ‘date’!

A set of Buffalo Nickels is not complete without a 1918/7-D and a set of Standing Liberty Quarters is not complete without a 1918/7-S. A complete set of Proof Three Cent Nickels requires an 1887/6 overdate. Likewise, those who collect early large cents ‘by date’ (and not by die variety) demand an 1807/6 cent. Some overdates that are traditionally recognized, and can be identified without magnification, have the status of distinct ‘dates’!

The PCGS graded VF-20 1817/4 that will be auctioned by Heritage in August has not been publicly offered in a long time. As I have not seen this specific coin and I know little about it, I am not prepared to discuss it in detail.

I have carefully examined the finest known Eliasberg 1817/4 on a few occasions. Curiously, it has been auctioned five times since 1997. It realized $209,000 in the April 1997 Eliasberg sale. Superior auctioned it in 1999 for $187,000. Ironically, DLRC sold it during the exact same night as the Richmond 1870-S that is discussed above, yet it was not part of the Richmond collection, which lacked an 1817/4 half. It was part of a separate consignment of a collection of Capped Bust Half Dollars. A collector, George Byers, successfully bid on the Eliasberg 1817/4 on Nov 29. 2005. When Stack’s auctioned the Byers collection of half dollars in Oct. 2006, this coin brought $310,500. A collector-dealer from New Jersey was then the buyer. Soon afterwards, he sold it to a collector in the Midwest. Later, it was consigned, through a dealer, to the Stack’s pre-ANA Los Angeles auction on July 30, 2009. The Eliasberg 1817/4 half then sold for a record $356,500. (Please see my three articles relating to market conditions during the Summer of 2009: Part 1, Part 2 and The Widening Gap.)

Five of the last eight auction appearances of 1817/4 halves involve the finest known Eliasberg 1817/4, which is PCGS graded AU-50. The other three appearances are of the two relatively new discoveries, neither of which has received a numerical grade from the PCGS or the NGC, as far as I know. It is possible, though, that one of these two could have been graded Good-06 by the PCGS. I wonder how this PCGS graded Very Fine-20 1817/4 will fare in August.

An 1854-O Double Eagle

In Boston, B&M will auction an 1854-O Double Eagle that is PCGS graded “AU-55.” In my fourth column, I reported that Park Avenue Numismatics sold an NGC graded “AU-55” 1854-O for a price that was well above $500,000.

Neither the PCGS nor the NGC list an 1854-O as grading MS-60 or higher. In 2007, I discussed some of the highest quality 1854-O Double Eagles.

Although I spent considerable time researching pedigrees for my August 2007 article on 1854-O Double Eagles, I just have not had a chance to update my research on this topic. I then suggested that there exist twelve to seventeen different 1854-O Double Eagles that have been graded by the PCGS or the NGC, plus five to seven others. My estimate then of seventeen to twenty-four is in line with David Akers’ past estimate of twenty to twenty-five. Since 2007, more than a few have traded, and I am not as confident now in my estimate as I was.

Even so, the past grade-inflation of 1854-O Double Eagles is largely responsible for an illusion that there are more than truly exist. “There is considerable pressure to inflate the grading for this issue as much as possible,” wrote Jeff Garrett and Ron Guth (Whitman, 2006). They add that 1854-O Double Eagles “offered years ago as Very Fine are now considered Extremely Fine.” Plus, in their encyclopedia, Garrett & Guth mention a specific 1854-O that is certified as grading “AU-53,” yet truly grades just “AU-50.”

Although Garrett & Guth, and also Doug Winter, estimate that there exist substantially more than twenty-five, I am maintaining my hypothesis that there are fewer than twenty-five, and thus this issue is a Great Rarity. The PCGS and the NGC have together certified a total of twenty-nine, which is the same as the respective total in the middle of 2007.

Yes, it is puzzling that as many as twenty percent or more, by my count, of the total number of 1854-O Double Eagles have been ‘on the market’ in recent years. There are, though, understandable reasons for this phenomenon.

First, some (though not nearly all) of the newcomers who bought 1854-O Double Eagles lost interest in coins soon afterwards. Over the last decade, the marketing of early Double Eagles, especially those found in shipwrecks, has stimulated a lot of interest in early Double Eagles among people who were not previously buyers of rare coins. Inevitably, some buyers, who never were coin enthusiasts, do not stay excited and sold their coins after a few years or even in a matter of months.

Secondly, rare-date Double Eagles have been aggressively marketed to investors and speculators, some of whom feed on ‘action’ and sell coins often. Indeed, after the financial crisis of 2008, particularly in 2010, there has been substantial trading in rare-date Double Eagles. Third, the incredible rise in prices, from 2002 to 2008, for these, and the fact that 1854-O Double Eagles have held their values since 2008 more so than most rare coins, drew 1854-O Double Eagles ‘onto the market’ from those who wished to profit by selling, including collectors who shifted their attention to other types of coins.

In my columns, I have alluded to collectors who are each assembling a set of Liberty Head Double Eagles. Markets for rare date Double Eagles are not dominated by speculators. I wonder, though, about the extent of collector activity in Liberty Head Double Eagles and the influence that investors and telemarketers are having in this area. Given the unprecedented market activity regarding rare date Liberty Head Double Eagles in recent years, it will be fascinating to see how markets for 1854-O, 1856-O and 1870-CC Double Eagles fare in the near future. It may make sense for collectors to focus on other series, like Quarter Eagles, Half Eagles and Liberty Seated coins.

©2010 Greg Reynolds

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