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Thursday, January 31, 2008

2008 United States Mint 50 State Quarters Proof Set Available

The United States Mint announced that sales of the 2008 United States Mint 50 State Quarters Proof Set has begun. This year's set contains the five commemorative quarter-dollars honoring Oklahoma, New Mexico, Arizona, Alaska and Hawaii in proof condition. These are the final quarters in the popular 50 State Quarters® Program, which introduced the joy of coin collecting to millions of Americans. The term "proof" refers to a manufacturing process in which specially-treated coin blanks are struck multiple times using specially-polished dies. Proof coins-unlike coins produced for general circulation-are extraordinarily brilliant, with sharp relief and a mirror-like background. A frosted, sculpted foreground gives these coins a special cameo effect. Each proof coin in the 2008 United States Mint 50 State Quarters Proof Set bears the "S" mint mark denoting production at the United States Mint at San Francisco. The coins are sealed in a case that is housed in a specially printed box. A United States Mint Certificate of Authenticity is included. United States proof coins are extraordinarily brilliant with sharp relief and a mirror-like surface. Their frosted, sculpted foregrounds give them a special "cameo" effect, created by the exacting proofing process. Proof blanks are specially treated, polished, and cleaned to ensure high-quality strikes. The blanks are then fed into presses fitted with hand-polished dies and struck at least twice to ensure a sharp, high relief. The coins are then packaged in presentation cases to showcase and maintain their exceptional finish.From the very beginning of coin making, proof coins have represented the highest level of the craft. The term "proof" really refers to the manufacturing process by which the coin is made. The result of the process used by the United States Mint is a coin that is distinguished by a frosted cameo image and a brilliant mirror-like background. These coins are so beautiful that many people think of them as miniature works of art.The term "Proof" refers to a method of manufacture which produces a superior quality coin. Proofs are struck on specially prepared planchets using highly polished dies. They are struck multiple times at low speed and are made expressly for collectors in Proof Sets. Modern Proof coins are easily identified by their mirror-like finish and frosted features.The method for making a proof coin starts out as it does for any other coin: A United States Mint sculptor-engraver begins by sculpting a clay model of the coin design. Plaster is poured over the clay model, forming a negative plaster model. After the model is approved, a negative rubber mold is made and epoxy is poured into it to create an extremely durable model. The epoxy model is mounted on a machine called a transfer-engraver, which creates a “master hub.” Through a series of manufacturing processes, steel dies are then made. From this point on, the procedure differs from the process used to manufacture coins for general circulation. With proof coins the dies are given a special finish. A distinct feature of U.S. Mint proof coins is the two-tone surface consisting of a lightly frosted image against a shiny, mirror-like background. This effect is accomplished by a unique method of sandblasting and polishing different areas of the dies that are used to strike proof coins.Proof coins are also famous for the raised detail of the image (known as relief). The raised detail is achieved by striking a highly burnished die, not once but at least two times, in a lower speed coin press. The coins are then packed in acrylic cases to showcase and preserve their exceptional finish. In contrast, coins manufactured for general circulation are struck only once using high-speed presses.
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Wednesday, January 30, 2008

2008 United States Mint Presidential $1 Coin Proof Set™
2008 Four Presidents Presidential Proof Sets
WASHINGTON - The 2008 United States Mint Presidential $1 Coin Proof SetTM will be available at 12:00 noon (ET) today. The set, priced at $14.95, contains the coins for 2008 in the Presidential $1 Coin Program and honors James Monroe, John Quincy Adams, Andrew Jackson and Martin Van Buren.
The Presidential $1 Coin Program, launched in 2007, pays tribute to the Presidents of the United States in the order in which they served. The multi-year program, authorized by the Presidential $1 Coin Act of 2005, features four new obverse designs annually.
The coins in the 2008 United States Mint Presidential $1 Coin Proof Set are proof versions of the general circulating $1 coins scheduled for release, beginning with the James Monroe Presidential $1 Coin in February. These proof coins are struck multiple times with specially polished dies to create a brilliant, sharp relief and mirror-like background. Their frosted, sculpted foregrounds give them a special "cameo" effect. Each coin bears the "S" mint mark representing production at the United States Mint at San Francisco.T
here is no limit on the quantity of 2008 United States Mint Presidential $1 Coin Proof Sets produced or on the number of sets that can be ordered.
Customers may order the 2008 United States Mint Presidential $1 Coin Proof Set by calling 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may call 1-888-321-MINT (6468) to place an order. A shipping and handling fee of $4.95 per order will be added to all domestic orders.
Customers also may enroll in the United States Mint Online Subscription Program to receive automatic shipments of the United States Mint Presidential $1 Coin Proof Set and other select products when they become available. Visit www.usmint.gov for more information on this convenient, carefree shopping method.
Contact:
Press inquiries: Michael White (202) 354-7222

Customer Service information: (800) USA MINT (872-6468)
2008 Four Presidents Presidential Proof Sets

Tuesday, January 29, 2008

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High gold prices lure some to sell unwanted items
At $900 an ounce, glitter gives way to cold, hard cash
By Denise Flaim

Bob Hoffmann, 56, of Gillette, N.J., had some gold jewelry he hadn't worn in years -- a chain bracelet, a ring, a money clip. When he heard a radio commercial for a company that bought old gold, sight unseen, he visited its Web site, requested one of their shipping bags and sent his unwanted valuables on their way.
"The stuff sat in a drawer -- I had no use for it," says Hoffmann, who expected to get more than $100 for jewelry that had cost him four times that.
The amount of the check that the company promptly mailed him? A trifling $58.
"It's nothing like what people say," concludes Hoffmann. "And at the end of the day, I wouldn't do it again."
Coveted by cultures as ancient as the Aztecs, enshrined in myth thanks to the tales of Midas, gold has a history as the most precious of metals. It has served as the standard for many currencies -- hence the term gold standard. And it is the ultimate recycled commodity: That dated rope chain from your Saturday Night Fever days might have had another life as a tiny scissor on a Victorian chatelaine or an ancient Greek coin.
Hoffmann's experience to the contrary, today, more than ever, it pays to cash in old gold. The value of the shiny metal reached an all-time high of more than $900 an ounce this month, breaking the record of $875 set in 1980. (Then, as now, oil prices were skyrocketing, the dollar was in the toilet, and "stagflation" -- inflation paired with a flat economy -- drove investors to seek refuge in gold.)
"When the price of gold becomes newsworthy, we see quite a jump in people selling old gold, and we're seeing a large increase in business now," says Joshua Garfield, marketing director at Garfield Refining, a Philadelphia business that refines scrap gold. "And when people want to sell, people come out of the woodwork to buy."
But how happy you will be with the cash you receive depends on the purity of your gold, how much you are selling and how much research you do.
There are two options for selling gold: to a jeweler or other middleman, or to a refining company.
Cecilia Gardner, president of the Jewelers Vigilance Committee in New York, notes that all municipalities have laws requiring those who buy secondhand gold to obtain identification of the seller and hold the gold for a specified period.
"If a jeweler is not doing that," she warns, "something is wrong."
Comparison-shopping pays off, says Eileen Stewart of Roosevelt, N.Y., who visited several places, including an appraisal fair, to get the best price for some old jewelry and coins she was selling for her elderly neighbor.
"I walked out with $3,500," she said of her visit to the coin dealer who eventually bought the lot. "He must have spent 45 minutes to an hour with me, and he was helpful and informative."
A less-popular option is sending the gold directly to a refining company, not all of which deal with the public.
"The bulk of our business is from professions that use a lot of gold," such as dentists and dental labs, Garfield says. "But we have a few private customers as well."
As soon as a customer's scrap gold arrives at the company, it is logged, locking in the price of gold on the day of receipt. Then the gold is melted and assayed in the laboratory to determine its composition.
"For example, most dental golds contain palladium, which increases the strength of the gold without compromising some of its advantages," Garfield explains. "And while palladium is not a beautiful metal, it has a value in itself."
Other lesser metals that can be present in the gold alloy include copper, silver, zinc and nickel. The degree of the gold's purity is expressed in karats, with 24k being pure gold, 18k being 75 percent gold, and 14k being 58.5 percent pure.
"Sometimes, customers will request to be paid in bullion," a tradable commodity for which they pay a premium, Garfield says. Still others ask for the cash value of their gold to be used to purchase casting material -- small beads of gold alloy that can be worked by a jeweler.
Sellers can also have their gold refashioned into new pieces, although it's not the easiest route.
"Very few people have the facilities to melt gold at 2,200 degrees Fahrenheit," says Joe Parrella, vice president of Eastern Numismatics in Garden City, N.J. "And it's more costly," because the resulting jewelry will be custom work.
Gardner cautions that many jewelers might balk at working with scrap gold. Gold from a refiner has already been refined down to the percentage of gold they want, she says, "as opposed to bringing them an assortment of 10-, 12-, 14- and 18-karat gold."
Glenn Bradford, whose eponymous jewelry store is in Port Washington, N.Y., works only with 18-karat gold or better in the many custom pieces he designs.
He recently handmade a necklace out of a bracelet that a customer inherited.
"She feels like her uncle is hugging her every day she wears it," he says.
Although some jewelers tell customers that the small colored gemstones and even diamonds in their gold are worthless, Bradford disagrees.
"There's always an intrinsic value to gemstones -- if you go to buy them, they'll cost you money," he says.
"People are in the dark when they scrap the gold," he concludes. "Some jewelers offer pennies on the dollar."
The best defense? An educated consumer who will do the legwork for the best deal.

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Monday, January 28, 2008

Free Coin Guide

Some Unusual Items in Orlando Auctionsby Greg Reynolds
Of course, in Orlando, mainstream U.S. coins received more bids and attention than unusual numismatic items. After all, the Winter FUN Convention bourse, the official Heritage auction, and the pre-convention auctions altogether amount to the premier event of the year for high quality U.S. coins. Nevertheless, it is worth noting, and curious, that very unusual items realized high prices and generated much conversation this year. These items are well outside the paths that U.S. coin collectors tend to follow.
As I just wrote an article about it, I will not here discuss the Madison Collection’s 1792 ‘fusible alloy’ cent pattern, which is certainly cool and unusual. It sold, during Heritage’s Platinum Night event of Jan. 10, for $603,750.
The Proof 1876-CC dime is also something cool and unusual that will not be explained here. It may be the only Proof Carson City Mint dime. Please see my pre-auction article about this 1876-CC dime. At the Superior Auction in Orlando, on Jan. 5, a central New Jersey dealer was the successful bidder. He later sold a half interest in this dime to Rare Coin Wholesalers. It realized an impressive $178,250.
As the Superior auction event drew to a close, on the night of Jan. 6, five ring-shaped gold patterns were sold, all graded Proof-65 by the Professional Coin Grading Service (PCGS), though they do vary in quality. These were minted in 1852, three years after the U.S. began minting gold dollars in 1849. Four of the five were patterns for gold dollar coins, and are each of a different design. One piece seems to be a pattern for a gold half dollar!
While collectors often feel that gold dollars are cute, the people who used them for commerce in the mid 19th century thought that they were too small. From 1849 to 1854, gold dollars were a half-inch wide, which is considerably smaller than a dime. Since 1837, dimes have been seven-tenths of an inch in diameter. The width of gold dollars could have been greatly increased, while still having the same amount of gold and same percentage of gold, by minting ring-shaped gold dollars that have empty centers.
Four of the five gold dollar patterns in the Superior auction were earlier in the John Wilkison collection, and the Wilkison name is noted on the PCGS holders. Wilkison formed the greatest all-time collection of gold patterns that were actually struck in gold. Most patterns of gold denominations were struck in copper, as copper is much less expensive than gold. The Wilkison collection was distributed by David Akers more than a quarter-century ago.
On Jan. 6, 2008, Legend Numismatics was the successful bidder for all five of these ring-shaped gold patterns, on behalf of the collector known as ‘Simpson.’ Laura Sperber, a partner of Legend, exclaimed that seeing these five ring-shaped gold patterns “together was mind boggling”! Further, she declared that there “was no way that we weren’t going to get them.” These realized from $34,500 to $69,000 each, with a total for the five of $227,700.
Sperber was a frustrated underbidder when Stack’s sold an 1838 Gobrecht dollar in copper, on Jan. 7. One report suggests that a specialist in Gobrecht dollars bought it.
Gobrecht silver dollars are dated 1836, 1838 and 1839, though some were minted years later. The obverse design is similar to the design of Liberty Seated silver dollars, which were minted from 1840 to 1873. There are numerous varieties of Gobrecht dollars, several of which fall into the category of patterns, broadly defined.
Saul Teichman, an expert in patterns, has stated that only two 1838 copper Gobrecht dollars are known to exist. The other is in a museum in Nebraska, along with the remainder of the Byron Reed collection. This one, that Stack’s just auctioned, is PCGS certified “Proof-63.” Previously, Stack’s auctioned it in 1994 for $22,000, and Sotheby’s auctioned it in 1996 for $16,500, according to Teichman.
On Jan. 7, 2008, this 1838 Copper Gobrecht realized $529,000, an astounding price, even if it is the only privately owned example of this variety. There are a substantial number of patterns for which only one to three exist. Indeed, there are quite a few that are unique. None of these patterns, for which only one to three exist, has realized more than $500,000 at auction, as best as I can remember.
Among patterns for which only one to three exist, most of those that would be currently valued at more than $500,000 are gold patterns struck in gold. I mention the auction record for a pattern, which was set when an 1879 Quintuple Stella was sold, in my very recent article on the ‘Fusible Alloy’ 1792 cent that sold on Platinum Night for $603,750.
If this ‘Fusible alloy’ 1792 cent is made of copper, then it broke the auction record for a copper numismatic item, which was set three days earlier when Stack’s auctioned this 1838 Gobrecht dollar in copper. If this 1792 cent pattern is made in the historical ‘fusible alloy’ and is thus 25% silver, or is less than 90% copper for some other reason, then this 1838 Gobrecht dollar holds the auction record for a copper numismatic item, as far as I know.
In any event, $529,000 is an amazing record for a Gobrecht dollar. The fact that a Gobrecht dollar in silver has never been auctioned for as much as this Gobrecht dollar in copper is extremely curious. After all, silver dollars are usually thought of as being 90% silver. This may be the first time that an off-metal striking has realized a price far in excess of the last known price of the most valuable corresponding U.S. coin. Off-metal strikings have always fascinated advanced collectors, but are usually not needed for sets.
Some patterns are struck in several metals. Consider the 1869 ‘Standard Silver’ pattern half dollar. The traditional metal for a half dollar is, of course, silver. Strikings in aluminum and copper are clearly off-metal strikings, though the copper pieces may actually be die trials of patterns. The silver 1869 ‘Standard Silver’ half dollar patterns are not extremely rare. Aluminum and copper strikings are extremely rare, but may be obtained by a collector who has patience. Only one, however, is known in brass, which is a combination of copper and zinc and tends to be green in color. Generally for 19th century patterns, pieces struck in brass, when they exist, are much rarer than copper or aluminum strikings.
This unique brass 1869 ‘Standard Silver’ design half dollar pattern was in the Jan. 7th Stack’s auction. It is PCGS graded Proof-63 and it sold for $40,250, which is perhaps a better value than $529,000 for an 1838 copper Gobrecht dollar. Consider that coin collectors see copper coins often. Further, numerous copper patterns and die trials exist of various issues including many dollar-size copper pieces. Is a U.S. coin denomination in brass something more cool and unusual?
The most famous sets of off-metal strikings are the 1868 Proof sets in aluminum. These contain all copper, nickel, silver and gold denominations in aluminum.
Of the surviving aluminum sets, the Garrett set is the most famous as it resided in the epic Garrett family collection for decades and was auctioned with much fanfare in 1979. It was and still is accompanied by a 19th century case. Most of the pieces are of gem quality. All are very attractive. It is startling to see, in aluminum, an Indian Cent, a Two-Cent piece, a Three Cent Nickel, and a Shield Nickel, along with all silver and gold denominations. Looking at all the pieces at the same time is captivating. This Garrett set is now certified by the Numismatic Guaranty Corp. (NGC). At the 2008 FUN Convention, Bob Green, of Park Avenue Numismatics, sold this Garrett 1868 set to Rare Coin Wholesalers of Dana Point, California.
Off-metal strikings that are cool, in a different way, are 1944 steel cents. Most kids get started in coin collecting by putting Lincoln cents in designed folders or albums. All regularly issued U.S. cents of 1943 were intended to be struck in zinc-coated steel, and were intended to be so only in 1943. As steel cents look so much different from copper or bronze cents, these are particularly alluring to beginning coin collectors, and continue to be on the minds of advanced collectors as well. Cents that were accidentally struck in steel in 1944 are rare errors.
There was a MS-62 grade 1944-D cent in zinc coated steel in both the B&M and Heritage Orlando auctions. The one in the B&M auction is PCGS graded MS-62, and had earlier received the same grade from NGC. It realized $105,800. The one in the Heritage auction is NGC certified MS-62, and sold for $92,000. Though of the same grade, these two errors had markedly different appearances.
Even more curious than 1944 Steel cents are errors involving dies for U.S. coins and foreign blanks. A prepared blank is a planchet, and a planchet is struck in a coinage press with dies to produce a coin. The U.S. Mint has, over the years, contracted with many foreign governments to strike coins for their respective nations. On Heritage’s Platinum Night, two errors sold that relate to both foreign coinage and U.S coins.
Consider the use of regular dies for a 1942 Mercury Dime used on a planchet that was meant to become an Ecuador Five Centavos coin. The result is curious and enticing. The planchet is probably brass, a mix of copper and zinc. It may also contain traces of other metals. The toning on this piece is curiously and markedly different from toning found on U.S silver or copper coins. Although there are an extremely small number of brass U.S. patterns, U.S. coins were never minted in brass, unless it is technically argued (probably erroneously) that the copper-plated zinc cent planchets in use since 1982 are brass.
The yellow and green colors of this brass Mercury dime error captured my attention, and seem to be natural. I do not remember ever seeing a vividly toned, gem quality brass coin. After seeing so many Mercury dimes, which are 90% silver and 10% copper, this error was astounding. Indeed, its distinct toning was spellbinding. It is conservatively NGC graded MS-65. It sold for $14,375, and is certainly worth it to a connoisseur of unusual numismatic items.
The most oddly curious coin that was sold in Orlando this year is a Proof 1973-S Eisenhower Dollar. A coin-shaped area encompassing most of Eisenhower’s head is indented in the surface of the obverse (front). A planchet (prepared blank disc), originally intended for use to mint a foreign coin, somehow ended-up on top of the Eisenhower dollar planchet in the coinage press.
Matt Kleinsteuber, an analyst, grader and buyer for NFC coins, remarks that “Ike errors are generally scarcer than other modern errors.” He adds that this is “the neatest kind of Ike dollar error.” Kleinsteuber attends almost every major coin auction, and views most of the rare coins that are auctioned.
As this 1973-S Eisenhower dollar was struck, this foreign planchet was impressed into the dollar planchet. An image of most of Eisenhower’s head was struck on this foreign planchet, which was originally intended to become a copper (or mostly copper) coin of a Latin American nation. This foreign copper piece that features Eisenhower’s face survives, along with the indented Proof 1973-S dollar. This pair of errors is thus one numismatic item. Both parts are PCGS graded “Proof -67,” with the Eisenhower’s head on the foreign planchet receiving an “RB” designation. This ‘Red and Brown’ designation does not convey its terrific natural toning, which features blue and orange hues. The whole item, really a pair, is oddly very attractive and fascinating. Kleinsteuber described it best when he said that it is “an amazing error that is wickedly cool”!
Though not unusual in the sense that mint errors are unusual, an 1848-CAL Quarter Eagle is markedly different from a typical 1848 Quarter Eagle or any other U.S. gold coin. These must be among the most unusual of regular issue U.S. coins. On fewer than fifteen hundred 1848 Quarter Eagles, the letters CAL. were imparted into the reverse, above the eagle’s head and below the last three letters of ‘STATES.’ Other than these 1848 Quarter Eagles, the U.S. Mint did not use any such stamp on any other gold coins. In Superior’s Orlando auction, there was an 1848-CAL. Quarter Eagle that is fairly NGC graded AU-55, and sold for $60,375.
At Heritage’s Platinum Night, on Jan. 10, there was an 1848-CAL. Quarter Eagle that is NGC certified MS-68 with a “star” for additional eye appeal. It definitely has a lot of eye appeal. I have seen another, though, that I believe is of higher quality. Moreover, this coin has a finish that is different from all other 1848-CAL. Quarter Eagles that I remember examining. While it is not a Proof, it has some Proof characteristics, in terms of the frosting of design elements, the sharpness of some (not all) details, and some of the relationships between its design elements and adjacent fields.
At least two 1848-CAL. Quarter Eagles have been catalogued as Proofs, decades ago. This particular coin may very well have been one of those that were so catalogued. Though not a Proof, it is different, and may be special in an important way. At the very least, it is semi-prooflike; it could be some kind of specimen striking. I hope that, someday, I have the opportunity to see it again. It was part of the Madison collection, which includes an incredible U.S. type set. This Quarter Eagle went for $345,000 to a floor bidder.
While unusual and cool numismatic items are often not practical to collect, these tend to be fun to learn about, talk about, and view. These serve an educational purpose and make numismatics more interesting for everyone.

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Sunday, January 27, 2008

Free Coin Guide

Restrikes more than mere replicas; use earlier dies
Strictness of definitions can vary

By Eric Von Klinger

A restrike, the Coin World Almanac tells us, is "a numismatic item produced from original dies at a later date."
A "numismatic item" may be a coin, a medal or a token. It is clear that the item must bear a date earlier than when it is being made, and be struck for more than the purpose of continuing to use a die until it is too worn to use further, no matter what the date.
In the case of a coin, the Almanac states, restriking is usually not done with a view of meeting a monetary requirement but "to fill a demand for a numismatic rarity."
In the early days of the United States Mint, it was common for a dated die to continue in use into the next year, until it was ready to be retired. There appears to have been no consistency to when a date digit might be overpunched with a newer one or when the old date remained unchanged. Mintage reports reflected the times in which production runs were completed, not the date on the coins.
Consider the situation with "1804" Draped Bust silver dollars. Today, only 15 are known, yet the Mint recorded 19,570 silver dollars as having been coined in 1804.
Various fanciful explanations were offered for years about what happened to the "missing" coins.
1780-dated thalers of the Austro-Hungarian Empire and later Austria have been struck for years for use as a trade coin in Asia. Use of the older date and recreation of a coin that actually was minted in that year qualify this as a "restrike" in certain definitions. Finally, in the mid-20th century, a group of scholars successfully argued that the borders and some other elements of the coins' manufacture could not have been achieved until improvements were completed at the Mint a number of years after 1804. These findings were put together with other records, so that it is universally acknowledged today that the first "1804" Draped Bust dollars were made about 1834 for presentation to some Middle Eastern potentates. Several sets of the latest U.S. coins were ordered, and it was then duly noted that the last dollar coins had been dated 1804.
Eight of the 1804-dated dollars, those known as "originals," are attributed to this project, from which the Mint at first kept four.
One of the ways in which the 1804 Draped Bust dollars differed from earlier Mint products was that they were well-made Proofs. It did not take long for collectors to learn of the rare 1804 coins. Besides making a few more 1804 dollars, the Mint decided to produce other Proof silver dollars of the same fabric, dated 1801, 1802 and 1803.
All these were produced in years later than the dates they bore, but strictly speaking there were no "originals." Q. David Bowers and some other writers have borrowed a Russian term for such coins: novodels.
Now the chronology brings us to 1804 "restrikes."
These are seven pieces believed to have been minted in 1859 or later for sale to collectors. The original reverse die apparently could not be found, so the 1804-dated obverse die was mated with a new reverse, distinguishable by the position of the clouds. Because of the substitution of a die, these are not true restrikes.
Restrikes circa 1828 of the 1688 American Plantations token are sought in part because so many originals, being made of nearly pure tin, easily developed dark blemishes with age. A restrike is shown here. A Colonial-era item that is seen, and collected, more often as a "restrike" than as an original is the American Plantations token authorized by the crown in 1688. Originals were made of nearly pure tin, a metal that soon begins to show dark blemishes. Clean, well preserved "restrikes" from about 1828 are "fresher" and far less expensive than the original pieces.
"In the strictest definition," Bowers wrote in United States Pattern Coins, Experimental and Trial Pieces, a restrike must be from dies that were actually used in the earlier year.
Thus, quotation marks were used above around "restrike" in regard to the American Plantations token, because the dies may not have been used earlier; the later issue is distinguished from "originals" by slight die differences.
With so strict a definition, so many 1856 Flying Eagle cents would not be true restrikes, either.
Stricter usage has been the trend with this word for some decades. Even a careful numismatist might have used the word a little more loosely in the past.
For instance, for the 100th anniversary of American Independence in 1876, various imitations of the 1776 "Continental dollar" appeared, among the more notable and faithful reproductions being one by Montroville Dickeson. The copies were from new dies, and since then, transfer dies have been made from the Dickeson dies and even newer copies made.
It is not unusual to see the later copies of copies referred to as "restrikes" because of the connection to older dies.
In 1859, U.S. Mint Director James R. Snowden sought and apparently received permission from the secretary of the Treasury to restrike "specimens of pattern pieces of coin, and rare types" as a blow against "excessive prices" in the collector marketplace.
The 1856 Flying Eagle cent was a rage at the time. The number of official restrikes soon threatened to overwhelm the number of originals.
This is also when official restrikes of the very scarce 1851 and 1852 Seated Liberty silver dollars were made.
Snowden's successor in 1861, James Pollock, put a quick end to restriking.
Had he not done so, official later versions if 1799 Draped Bust cents and the like might have become a major Mint sideline.
A limited number of later restrikes appeared anyway, such as certain dates of Indian Head gold $3 coins from the 1870s.
"Restrike" has also been applied to pieces from mismatched, official U.S. coinage dies that were acquired by collector Joseph Mickley in the 19th century, from dies that had been discarded by the Mint.
Austria and predecessor Austria-Hungary have "restruck" 1780-dated Maria Theresa thalers for use as an Asian trade coin for years.



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Friday, January 25, 2008

Free Coin Guide

Historically Important 1792 Cent Pattern Sells

By Greg Reynolds

On Thursday, Jan. 10, in Orlando, an extremely rare pattern cent was auctioned. It is historically important as a central component in the series of the events that brought about the first widely circulating, official coinage of the United States. The auction of this 1792 cent pattern for $603,750 set auction records in several categories, as will be discussed below.
Photos and descriptions used with permission and courtesy of Heritage Auction Galleries
Matthew Kleinsteuber, an analyst and buyer for NFC Coins, examines most American coins in almost all major auctions. Kleinsteuber declares that this 1792 pattern “is a priceless historical artifact that is worth whatever a serious collector of Americana can afford to pay.” It “relates to the beginnings of America’s coinage and the struggles of the early years of America as a new nation.”
This 1792 cent pattern is of the so-called ‘fusible alloy’ issue, though it might not be made of a ‘fusible alloy’ at all. The considered idea was to seamlessly combine (fuse) silver and copper into an alloy.
Before ‘fusible alloy’ patterns, there were minted silver-center cent patterns. A small drop of silver was placed in the center of an otherwise copper cent. The bullion value of the silver was three-fourths of one cent while the surrounding copper was worth one-fourth of a cent. Hence, each cent with a silver-center would be worth one cent, not by decree, but by metallic or bullion content.
Not much regarding the ‘fusible alloy’ 1792 pattern issue is known, and there is not much data regarding the precise metallic content of these pattern cents. It is plausible, and may have been implied by Thomas Jefferson, that some cents of this 1792 pattern design were minted in the silver-copper ‘fusible alloy’ and others were minted in nearly 100% copper.
As reliable data regarding the precise metallic compositions is not available, it is traditional, and easiest, to refer to all pattern cents of this issue as ‘fusible alloy’ cents even if some or all of these do not really consist of the proposed ‘fusible alloy’ of three parts copper to one part silver.
In his 1988 book, researcher Walter Breen reproduced a letter, or just the pertinent passage of a letter, that Thomas Jefferson wrote to George Washington on Dec. 18, 1792. I have largely extracted Jefferson’s letter here, with his exact words properly kept in quotation marks, and some of my own words added so that the key points are clear to the 21st century reader. This letter is reported by Breen to be (or have been) held in “Record Group 104, Treasury Section,” of the National Archives.
Thomas Jefferson stated that he sent President Washington two 1792 cent patterns which had “a silver plug worth 3/4 of a cent” embedded “into a copper worth 1/4 cent.” The Mint Director “is about to make a few by mixing the same [silver] plug by fusion with the same quantity of copper. He will then make of copper alone” patterns “of the same size” as those that include silver. And “lastly, he will make the real cent as ordered by Congress, 4 times as big.” Patterns of alternatives for the cent “may now be delivered to the Committee of Congress” that “now has the subject before” it.
Cents were first minted for circulation in 1793, and were then larger than quarters are now. Large cents dated from 1793 to 1857. Large cents were nearly 100% copper. (Due to imperfections in refining processes, there were traces of other metals that sometimes affected the appearances of early U.S. copper, silver and gold coins.)
Of ‘regular issue’ 1793 cents, there were three distinct design types, a surprising number in just one year. All 1792 pattern cents are markedly different from any of the three. While it is debatable as to whether 1792 half dimes were regular issues, it is certain that 1793 is the first year in which thousands of U.S. coins were produced for circulation. More than 100,000 large cents were minted in 1793, and more than 35,000 half cents. In 1794, three silver denominations were minted, half dimes, half dollars and silver dollars. In 1795, U.S. gold coinage formally began with $5 and $10 gold coins. Dimes, quarter dollars and Quarter Eagles ($2½ gold coins) were not minted for circulation until 1796. Quarter dollar patterns of 1792 are much rarer than 1792 cent patterns. I feel fortunate to have examined one of two known 1792 quarter patterns in “white metal.”
“All 1792 patterns,” asserts David McCarthy, “are really exciting. They are almost magical.” While McCarthy is often regarded as a specialist in territorial gold, he is also an expert in early North American coins and patterns. McCarthy seems to be declaring that 1792 patterns are “almost magical” in that they played an incredible role in spawning a comprehensive U.S. coin production program. Many politicians, and many U.S. citizens, then thought that the costs of establishing a Mint and a coinage program outweighed the benefits.
The idea of a Federal (national) Mint was extremely controversial from the beginning, and the very young American nation had Revolutionary War debts to pay and other financial problems. As coins from the Spanish empire widely circulated in North America, many prominent Americans figured that it was wasteful and unnecessary for the U.S. government to issue coins.
If 1792 patterns did not impress influential people, would there have been any regular issues in the 1790s? Kleinsteuber maintains that “1792 patterns were crucial beginning steps in the production of U.S. coins. A 1792 cent is an important piece of history.”
This ‘Fusible Alloy’ 1792 cent was consigned to auction by the collector known as “Madison” though this collector is not related to Founding Father James Madison. This exact 1792 cent pattern was discovered in 2004. Descendants of one of the original signers of the Declaration of Independence, Oliver Wolcott, brought it to the 2004 annual ANA Convention, which was then held in Pittsburgh in August. It was auctioned by the Goldbergs in Feb. 2005, at which time it brought $437,000.
Before this Goldbergs auction, it was graded “Very Fine-30″ by the Professional Coin Grading Service (PCGS). It is certainly of higher quality than a few of the others. My impression is that there are six to eight pieces of this ‘fusible alloy’ issue known, though some or all of them may be more than 95% copper and thus not the silver and copper ‘fusible alloy.’
The Madison collection also contained a 1792 half dime. The Madison collection predominated Heritage’s FUN Platinum Night event, which is held every year during the Florida United Numismatists (FUN) Convention. The Madison collection consisted of an incredible type set of U.S. coins and an amazing assortment of extremely rare items, with many pieces qualifying as both rarities and type coins broadly defined. Though a 1792 cent pattern is a complement to, not a component of, a U.S. type set, does a 1792 half dime fit into such a type set of coins?
A non-collector or a beginning collector could easily mistake 1972 cent patterns for U.S. coins. These are clearly proposals for coinage, ideas to be considered, or experiments, not coins. Half dimes of 1792 are a different topic.
During most of the last century, 1792 half dimes were generally thought to be patterns, not coins. A competing theory, which has attracted a growing number of adherents over the past several decades, is that 1792 half dimes are really the first regular issue of U.S. coins. Both the pattern and ‘regular issue’ positions have been supported by logical arguments.
The Madison 1792 half dime was, curiously, one of four 1792 half dimes that sold on Platinum Night. Yes, I know that dime is spelled “disme” in relation to 1792 issues. The word ‘disme’ is really just an early form of the word dime. It is confusing and counter-productive to now spell it and pronounce it as if it is a different word. While it is likely that, in the early 1790s, at least some Americans pronounced ‘disme’ in accordance with its origins in the French language, it is now logical to substitute the English word dime for disme.
For information regarding gem quality 1792 half dimes, please see my article on the highest graded 1792 half dime. The Madison 1792 half dime is conservatively graded “MS-63″ by the PCGS.
The Madison 1792 half dime has excellent natural toning. The obverse (front) is mostly steel gray, with generous patches of blue and a few areas of brownish-russet. The reverse (back) was mostly brownish-russet (along with russet-brown) with much blue on the design elements and about the border. These half dimes tend to be struck with smooth or weak areas on some of the highpoints of the design. Assuming that all the smoothness on some highpoints on this specific half dime is attributable to the strike, and not to friction, then all that keeps this coin from a MS-65 or higher grade is a small, light cluster of scratches in the left obverse field. The Madison 1792 half dime probably grades MS-64, though I would need to examine it again to form a firm opinion.
During Platinum Night, a PCGS graded VF-20 1792 half dime sold for $74,750, a PCGS VF-30 half dime went for $83,375, and one that is graded VF-30 by the Numismatic Guaranty Corp. (NGC) brought $92,000. For the PCGS graded 63 Madison coin, Kevin Lipton was the successful bidder, for $503,125.
For the Madison collection’s ‘fusible alloy’ 1792 cent, bidding started at more than $500,000!After a short contest, Laura Sperber of Legend Numismatics was the successful bidder.
Sperber was representing the pattern collector known as ‘Simpson,’ who now owns hundreds of U.S. patterns. The price of $603,750 is a record for a one-cent piece including both one-cent patterns and one-cent coins. Sperber reveals that “we would have gone higher” to acquire this 1792 cent, if necessary. She says that this piece “was a steal relative to many coins that are now selling for $500,000 to $1,000,000″!
If this 1792 cent pattern is more than 90% copper (which it might not be), the $603,750 price would be an auction record for a copper numismatic item. At least two superb gem quality 1793 large cents have sold privately for substantially more than $600,000. A copper coin auction record was established when the Eliasberg 1796 ‘No Pole’ Half Cent brought $506,000 in May 1996. It was later graded MS-67 (with a Red & Brown designation) by the PCGS.
As for large cents, in January 2005, in Fort Lauderdale, ANR auctioned a 1793 Chain Cent, PCGS graded “MS-65,” for $431,250. Steve Contursi, president of Rare Coin Wholesalers, was the buyer. Earlier, on Nov. 30, 2004, ANR auctioned a Strawberry Leaf 1793 Wreath Cent, NGC graded “Fine-12,” for $414,000. A New Jersey dealer acquired it for his personal collection.
The $603,750 price is almost certainly an auction record for a non-gold pattern. To the best of my recollection, the record for a gold pattern was set at the Jan. 2007 FUN Platinum Night event, when an 1879 ‘Quintuple Stella’ $20 gold pattern was auctioned for $862,500? Ultra High Relief 1907 $20 gold coins have been auctioned for amounts well above $1 million, but Ultra High Reliefs should not be categorized as patterns.

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Thursday, January 24, 2008

Free Coin Guide

Replicas of U.S. Coins
The U.S. Mint
Some businesses produce copies or replicas of genuine U.S. coins. During the past several years, the United States Mint has received numerous calls from consumers expressing confusion regarding advertisements featuring such products. In many instances, the replicas are virtually identical to genuine U.S. coins. Thus, it can be extremely difficult for consumers to detect the difference prior to purchase. On some occasions, consumers have contacted the United States Mint with questions or to return the ordered replica, inadvertently believing the replica product to be a genuine United States Mint coin. Below is an example of a coin replica. In addition, the image of a genuine United States Mint coin is shown to help consumers distinguish between the two.

How can I distinguish between a genuine U.S. coin and a replica? It is often difficult to distinguish between genuine U.S. coins and replicas. Genuine U.S. coins feature the denomination (e.g., One Dollar), while replicas generally omit the denomination and feature a description of the product in its place, such as "giant proof" or "silver proof" or ".999 fine silver." Because the features vary from product to product, it is very difficult to offer general guidelines in this area. In an effort to assist consumers to discern the differences, the United States Mint is providing a side-by-side comparison of genuine U.S. coins and their replica counterparts in Tips on Identifying Genuine U.S. Coins. The United States Mint provides this information on a case-by-case basis as questions or confusion arise in Hot Items.
How can I distinguish between advertisements for genuine U.S. coins and those for coin replicas? Businesses that market replicas of genuine U.S. coins typically use terminology such as "copy," "replica," "reproduction," "adaptation," "miniature," "magnification," or "giant proof" in their advertisements to describe replica products. To avoid counterfeiting violations, businesses often produce replicas of U.S. coins in larger diameter (e.g., 3½ inches), quarter-pound, half-pound and one-pound versions. Thus, if you see this terminology used, or this size or weight advertised, it is likely that the advertised product is a replica and is not a genuine U.S. coin.
Are replicas U.S. legal tender? No, replicas are not legal tender. Under the U.S. Constitution, only the federal government can mint legal tender coins. Replicas of U.S. coins cannot be exchanged as legal tender or used as money.
Does a business need permission from the U.S. Government to produce replicas of U.S. coins? Businesses do not need the U.S. Government's permission to produce replicas of U.S. coins, unless the U.S. Government owns copyright in the coin design in question. Thus, consumers should not assume that the U.S. Government has approved or sponsored the advertised replicas. Of course, businesses are expected to ensure that their replicas do not violate U.S. counterfeiting laws and third party rights.
Are coin replicas considered to be a good numismatic investment? The United States Mint does not comment on coin grading issues or on a replica's current or future value as a collectible item. If you like a replica because of the way it looks (e.g., magnified image), then you may want to add it to your collection. However, if you're primarily concerned about the long-term investment value of a coin replica, you should contact a reputable coin dealer or coin grading service before you purchase the replica.
Where can I seek refund or redress if I purchased a replica believing it to be a genuine U.S. coin? If you bought a replica believing that you were purchasing a genuine United States Mint product, you may be entitled to a refund or redress from the business that sold the replica to you. Many businesses allow the return of merchandise within 30 days, no matter what the circumstances. If you believe that the business treated you unfairly, there are several federal, state and local government offices available to assist you. For your convenience, we have listed some of those offices for you at Consumer Links.

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Wednesday, January 23, 2008

Free Coin Guide

Cable TV gobbles coins
By Mark Ferguson

Until recently, tracking activity in collector coins was a fairly simple process. Call some coin shops and mail-order dealers, attend public auctions and visit shows to get the pulse of the market, and that was sufficient to establish what was happening in the hobby at the moment.
EBay and Internet coin trading has changed the old way of gathering information to some extent, but the format of those venues does allow (and even encourages) tracking coin values and collector interest over time.
The same can be done with printed lists sent by postal mail. File those prices away for future comparisons, and the data will provide a history of sorts.
One of the biggest forces in the modern coin market – cable television – doesn't lend itself to such information gathering. That's because cable shopping programs gobble up inventory at an incredible rate.
When mass marketers buy thousands – and even tens of thousands – of identical coins in a short time, it leads to sudden price jumps that fall as soon as the order is filled. To say that cable has absorbed and dispersed truckloads of coins in recent years is an understatement. Supplies of many common coins are thinner than they once were, and this can be attributed largely to these shop at home programs.
Although 1921 Morgan dollars are among the most common of all silver coins, normally abundant supplies dried up for a short time when a cable network decided to feature that date. Buy prices, typically low, surged for a few weeks, only until an adequate supply was obtained.
A promotion for a date set of Washington copper-nickel clad quarter dollars was stymied due to a lack of Mint State 1982 and 1983 pieces. One well-known wholesaler was told to sort through change to find circulated examples to meet the frenzied demand.
Although many novices do their coin shopping by television and toll-free numbers, the prices they pay tend to be well above what the same items would cost from a reputable dealer.
Every coin shop owner has multiple horror stories about uninformed buyers who bring their cable TV purchases for an appraisal only to find out they paid well above the going rate in the collector market.

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Tuesday, January 22, 2008

Free Coin Guide

2008 United States Mint 50 State Quarters Proof Set™ Available January 24

WASHINGTON-The United States Mint announced today that sales of the 2008 United States Mint 50 State Quarters Proof SetTM will open on January 24 at 12:00 noon (ET). This year's set, still priced at $13.95, contains the five commemorative quarter-dollars honoring Oklahoma, New Mexico, Arizona, Alaska and Hawaii in proof condition. These are the final quarters in the popular 50 State Quarters® Program, which introduced the joy of coin collecting to millions of Americans.
The term "proof" refers to a manufacturing process in which specially-treated coin blanks are struck multiple times using specially-polished dies. Proof coins-unlike coins produced for general circulation-are extraordinarily brilliant, with sharp relief and a mirror-like background. A frosted, sculpted foreground gives these coins a special cameo effect.
Each proof coin in the 50 State Quarters Proof Set bears the "S" mint mark denoting production at the United States Mint at San Francisco. The coins are sealed in a case that is housed in a specially printed box. A United States Mint Certificate of Authenticity is included.
To submit an order for the 2008 United States Mint 50 State Quarters Proof Set, customers may call the United States Mint's toll-free number, 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers may order by calling 1-888-321-MINT (6468). A shipping and handling fee of $4.95 will be added to all domestic orders.
Note: Orders placed before the designated date and time are subject to cancellation. For more information, please read our Frequently Asked Questions (FAQs), Answer ID #175.
Contact:
Press inquiries: Michael White (202) 354-7222

Customer Service information: (800) USA MINT (872-6468)



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Monday, January 21, 2008

Free Coin Guide

Central Bank commended over euro coins design

The design of the Maltese euro coins are among the most attractive in the euro area, the Central Bank of Malta has been told.
In reply to questions sent to the bank last week, a Bank spokesman said there were very positive comments about the design of the Maltese coins.
“Indeed, various people commented that the Maltese coins have some of the most attractive designs within the entire euro area,” the spokesman said.
The Bank was getting highly positive comments both locally and overseas about the euro coin set it has issued and its presentation.
One can practically say that the 40,000 euro coin sets issued by the Bank have been sold out.
The Central Bank has made available for sale 40,000 commemorative euro coin sets in a distinctive box which also includes an ingot with the Central Bank coat of arms and the year 2008 on the face. The coins in the set are in brilliant uncirculated quality.
Included with the sets is a numbered certificate of authenticity. Out of the 40,000 sets available, 25,000 were sold overseas and 10,000 sets were sold in Malta.
The Bank had set aside 5,000 euro coin sets through a scheme launched with the production of 2005, 2006 and 2007 decimal sets.
Through that scheme, the Bank had committed itself to make available these sets for sale to buyers who have the tokens issued by it when they bought the decimal sets and who present the tokens up to three months from the date of issue of the euro sets.
The Bank is reserving these sets until February 29 and if any sets are still available they will be offered for sale to the public on a first-come-first-served basis.
Lombard Bank reported last week that over 700,000 sets of uncirculated Malta euro coins were exported to various European countries in a joint venture between the bank and Maltapost.
The coins were designed by Noel Galea Bason, who has designed other coins and commemorative medals both for local use as well as abroad


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Sunday, January 20, 2008

The fine art of making a profit
by Kate Adamson

FINE art, gold and antiques, once the exclusive domain of the rich and famous, are stacking up as blue-chip investments for mum and dad investors seeking refuge from share market tumbles.
With a market roller-coaster ride tipped for the year ahead as fallout from a possible US recession looms, shareholders have begun looking elsewhere.
Buying a taxi licence and investing in emerging economies, including India, China and Latin America via managed funds were other potential investment havens, advisers said.
Record high international gold prices have sparked a gold rush.
Sales at Australia's gold bank, the Perth Mint, have jumped by 50 per cent in the past six months, with the price peaking at $US914 an ounce last week.
Australian Bullion Company spokeswoman Jane Simpson said that pouring savings into gold, one of the oldest forms of investment, was comforting in times of volatility.
"People look to an asset that holds its value or appreciates instead of watching their money disappear in shares," Ms Simpson said.
Buyers were paying $150,000 on average for gold bullion, ingots and coins, which start at $500.
Investors could take the gold with them or open a metal account, like a bank account, to trade.
"Silver, platinum and palladium are all travelling well," she said.
On the back of a record bumper year, premium art was set to continue its boom in the first quarter of 2008.
Rod Menzies, chairman of Australia's biggest art auction house, Menzies Art Brands, said national art auction sales jumped from $106 million in 2006 to $171 million last year.
"Demand in the first quarter to the end of March is going to remain very strong," Mr Menzies said.
Art investment adviser Barry Pang, from Artpreciation, said the trick to buying art was going for blue chip works.
"In property you say location, location, location. In art we say artist, artist, artist," Mr Pang said.
"Your Brett Whiteleys, your Sidney Nolans - the big name famous artists.
"You can buy an original Nolan for under $5000 that will go up in the same proportion as the million-dollar Nolan."
Art can easily be transported and sold in any market to get the best return.
"You might sell in Melbourne and not get your price, then try Perth with the mining boom and get your price there," Mr Pang said.
Returns for big names could be huge as known artists were snapped up by galleries, leaving fewer pieces on the market, he said.
A Brett Whiteley sold in 1977 for $22,500, then sold in 1999 for $1.98 million, boasting a 400 per cent rise each year, Mr Pang said.
"Quality art outperforms everything," he said.
But art, along with antiques, fine wine and rare collectables were often an emotional investment, according to Tony Negline, principal of financial services company www.allthingsconsidered.biz.
"It's part emotion and part logic," Mr Negline said.
"If you want a positive return, you are betting that, when you go to sell, it has gone up in value," he said.
"You really want to get it right."
Paying $100,000-$200,000 for a taxi licence to operate a cab was a "less sexy way" investors could go.
"Either the licence increases in value or you get payments by leasing it out to a cab company," Mr Negline said.
Taxi licences were issued by the Victorian Government and could be traded on the Bendigo Stock Exchange, but the value was often linked to the general economy.
"If times are good we'll spend money and hop in a cab. When times are tight we get a tram, train or bike," Mr Negline said.
Investors could also look overseas and buy into companies in booming economies such as China, India and Latin America via managed funds, with some reporting more than a 50 per cent increase.
"Some funds have been quite stellar but when those markets correct, they correct big as well," Mr Negline said.
Analyst Dale Gillham, from Wealth Within, recommends sticking with the local stockmarket, despite its volatility.
"Pick the top 10 stocks," Mr Gillham said.
"In the last 10 years, the top 10 shares have produced eight winning years and two losing ones."


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Friday, January 18, 2008

Free Coin Guide

What, US worry?By Jon Nadler
New York spot gold closed a hair above $880, adding a meager 60 cents on the final day of this roller-coaster ride of a week. While the US dollar rose to 76.38 on the index and crude oil remains very near $90, the focus has now shifted to the economic stimulus package and how it may/may not be too little, to late, both, or neither. A combination of tax relief and interest rate cuts have been called for in order to keep the US economy from sliding off the runway as it attempts a soft-landing. Rate cuts bets for the end of the month range from 50bp to a full point.
Markets (stocks and gold for that matter), on the other hand, -at least yesterday and then today as well- appeared to be thinking about something else in somewhat of a disconnect. Perhaps the Fed chief lacks the necessary "street cred" as yet. Participants remain undecided whether a recessionary contraction will dampen metals demand first, or fears of the eventual inflationary effects of these measures will spur demand and override such concerns. Silver gained 19 cents to finish at $16.09 and platinum dropped $13 to $1545.00 per ounce.
Gold finished the week some fifteen dollars under where it was last Friday, after capping a wild week indeed. Today's theme du jour was more hand-wringing about...everything. WaMu looks like a candidate for life support (another $2 billion to the credit shredder), leading economic indicators slipped in December, and officials tried to put a nice spin on things by offering...more of the same. Ah, but if ever there was a picture that speaks a library of volumes, here it is:
http://www.nytimes.com/2008/01/18/business/18cnd-econ.html
Notwithstanding that the appropriate body language would have had one of them covering his ears, the other his eyes, and the third one his mouth, these fellows look very worried and as if they had been up all night. Which, they probably were. Something has to be done, that much you've been told. Trouble is, people will take their rebate and put it into a savings account as they still fear for their jobs and already have nine iPods on average (ok, that's a stretch). But, being a political year and all, nice try. The best summation of this package and the likely outcome of its being placed into effect is found in this sharp article by the Wall Street Journal. For a change (and in the interest of space) we will provide the link only. Let's just say the title is " No Stimulus Gimmicks, Please" Happy reading.
http://online.wsj.com/article/SB120062391662399657.html?mod=opinion_main_commentaries
Last month we advised you of our projection that China was likely to capture the top spot in global gold production. Our visits and talks with various officials in Shanghai and Beijing reinforced our belief. We now have full confirmation of this amazing achievement. In just one year, China jumped nearly four spots on the top-ten list to plant its flag at the summit of gold producers. Laura Mandaro at Marketwatch reports on the record in a timely piece:
"China became the world's largest gold producer last year, helped by Canadian- and Australian-led projects that aim to add millions in ounces to the world gold supply. China produced 276 metric tons of gold last year, equal to about 9.7 million ounces, said London precious metals consultancy GFMS Ltd. in a report released Thursday. That's up 12% from the year-ago and represented just over one-tenth of the world's supply.
The ranking pushes South Africa into second place, the first time the gold giant has lost its top ranking since 1905, GFMS said. South Africa, whose late 19th century gold rush led to the founding of mining heavyweight Anglo American Plc saw its production decline 8% to 272 metric tons.
The title of top gold producer adds to a list of raw materials China can claim to produce more than any other country, including aluminum and steel. It's not likely to loose that lead anytime soon as more foreign producers make inroads in China's untapped mining fields.
Most of China's gold output stays in the country where it's transformed into jewelry and manufactured items, though the country's export role is increasing. Last year fabrication rose 18%, helped by demand from China's increasingly wealthy middle- and upper class."
Aside from this commendable performance by China, we also need to bear in mind the prospect of overall growth in global gold output. There are dozens of operations slated to come on line in the next 60 months in various parts of the world, and they could add anywhere from 15 to 25 percent to gold's annual production figures.
Stay on the nimble side as the great whites are still out in force in these waters. Some are visible, some not.

Gold Coins

Thursday, January 17, 2008

Free Coin Guide

NGC Expands Star Designation

On January 1, 2008, NGC expanded its Star Designation to all grades of US coinage up to MS 69 and PF 69. Previously, the Star Designation was limited to coins grading between MS 63/PF 63 and MS 69/PF 69.
The Star Designation is NGC’s unique identifier of coins with exceptional eye appeal or characteristics that distinguish them from other coins of the same technical grade. This does not mean that they just miss the next grade, but it can mean that they verge on the next designation. For example, an untoned PF 65 Cameo coin is not necessarily close to the PF 66 grade, but may be close to an Ultra Cameo designation.
The online NGC Census will show population figures for Star Designated coins on each coin’s respective coin detail page. All Star Designated coins will also be eligible for the NGC Registry where they receive a score premium to recognize their special characteristics.
All uncertified coins submitted to NGC are automatically reviewed for the Star Designation during the course of grading at no additional charge. Coins already certified by NGC may be reviewed for Star Designation under the Designation Review service for $10 per coin.

NGC Coins

Wednesday, January 16, 2008

Oklahoma Quarter Set To Launch Into History

State Quarter Values

Launch at Oklahoma History Center - Oklahomans Also Invited to Coin Forum on Eve of Launch
The Oklahoma History Center will be the site of the Oklahoma Quarter Launch on Monday, January 28, 2008 at 2 p.m. United States Mint Acting Deputy Director Dan Shaver and Governor Brad Henry will host the festivities. The public and news media are invited to this free event.
The Oklahoma quarter goes into circulation nationwide the same day. After the ceremony, the public may exchange their bills for $10 rolls of shiny, new Oklahoma quarters at the event. Each child under 18 attending the launch will receive a free Oklahoma quarter.
On the eve of the launch, the public and news media are also invited to a free Coin Collectors Forum in the Chesapeake Room of the Oklahoma History Center, hosted by United States Mint Acting Deputy Director Dan Shaver. The forum from 3 p.m.- 4:30 p.m. on January 27, 2008 will provide an opportunity for the public to let United States Mint officials know what they’d like to see on U.S. coinage in the future.The Oklahoma quarter is the 46th coin of the United States Mint’s popular 50 State Quarters® Program, because Oklahoma was the 46th State to be accepted into the Union in 1907. Oklahoma celebrated its centennial in 2007.


Free Coin Guide

Tuesday, January 15, 2008

2008 American Bald Eagle Coins Available 01/15/08

American Bald Eagle
Available 01/15/08
BALD EAGLE RECOVERY ACT of January 14th, 2005The "American Bald Eagle Recovery and National Emblem Commemorative Coin Act" (H.R. 4116) was been signed into law by President George W. Bush to celebrate and further aid the recovery of the American Bald Eagle. During the final hours of the 108th Congress, the House of Representatives and Senate passed the legislation by unanimous consent right after the Intelligence bill was voted on. The new law authorizes the U.S. Mint to create and market a gold, silver and clad coin set ($5, $1 and $.50 pieces) in 2008 on the occasion of the 35th Anniversary of the Endangered Species Act (ESA). A surcharge from the sale of each coin sold will be earmarked to create a special American Eagle Fund endowment managed by the not-for-profit American Eagle Foundation. When the coin set sells out, it could raise $10 million for the eagle protection cause.The final designs for each of the bald eagle commemorative coins.
A $5 gold coin, a $1 silver coin and a half-dollar clad coin all honor the American Bald Eagle in 2008.These three coins are also issued in special commemorate Proof and Uncirculated versions. The half-dollar or $0.50 clad American Bald Eagle designThe obverse (face) of the half-dollar coin was designed by Donna Weaver with Charles Vickers sculpting. The coin’s reverse was sculpted by Joseph Menna and designed by Susan Gamble. Mintage limits are set to a total of 750,000 for the proof and uncirculated versions.The price for these Bald Eagle Commemorative Coins are: Product Price*Household Limit/Individual Limit 50c Proof Clad$9.95100/NA50c Uncirculated Clad$7.95100/NA *These are introductory prices that last from 12:00 p.m. (ET) on January 15, 2008 through 5:00 p.m. (ET) on February 14, 2008. After the 14th, each product price will go up by $1.00. *** These prices include a $3 surcharge for the American Eagle Foundation.$1 silver American Bald Eagle coin design and mintage limits The obverse (front) of the $1 silver coin was designed by Joel Iskowitz and sculpted by Don Everhart. The coin’s reverse, sculpted by Jim Licaretz, comes from a replica of the first Great Seal of the United States that was used between 1782 and 1841. Mintage limits are set to a total of 500,000 for the proof and uncirculated versions.The price for these Bald Eagle Commemorative Coins are: ProductPrice*Household Limit/Individual Limit $1 Proof Silver$39.95100/NA$1 Uncirculated Silver$35.95100/NA *These are introductory prices that last from 12:00 p.m. (ET) on January 15, 2008 through 5:00 p.m. (ET) on February 14, 2008. After the 14th, the Proof Silver Dollar will be $43.95 and the Uncirculated Silver Dollar $37.95.***These prices include a $10 surcharge for the American Eagle Foundation.$5 gold American Bald Eagle and mintage limits The obverse (front) of the $5 gold coin sculpted by Phebe Hemphill and designed by Susan Gamble. The coin’s reverse was sculpted by Don Everhart and comes from an image of the 1903 engraved, Great Seal of the United States. Mintage limits are set to a total of 100,000 for the proof and uncirculated versions. The price for these Bald Eagle Commemorative Coins are: ProductPrice*Household Limit/Individual Limit $5 Proof Gold$294.95100/NA$5 Uncirculated Gold$284.95100/NA *These are introductory prices that last from 12:00 p.m. (ET) on January 15, 2008 through 5:00 p.m. (ET) on February 14, 2008. After the 14th, the Proof $5 Gold coin will be $319.95 and the Uncirculated $5 Gold coin $309.95. *** These prices include a $35 surcharge for the American Eagle Foundation.2008 American Bald Eagle sets In addition to the product offerings above, the Mint also has several interesting sets for sale: ProductCoins IncludedPrice*Household Limit/Individual Limit Three-Coin Proof Set Proof of $1 Silver, $5 Gold and 50c Clad $369.95One/25,000Young Collector’s Set Unc. 50c Clad and content designed for children $14.95NA/Offered only until 04/15/08 Coin and Medal Set Unc. $1 Silver and Bronze Bald Eagle Medal$44.95Five/50,000

Free Coin Guide
Gold Prices Rally Again
By Simon Constable

Gold Eagles
Gold prices were edging higher again Tuesday as gloomy economic reports added to the allure of the metal, which has been on a tear in the first days of 2008. February-dated bullion contracts were ahead by $5 at $908.40 an ounce in recent action on the Comex division of the New York Mercantile Exchange. On Monday, prices reached an all-time intraday high of $915.90 before pulling back to settle at $903.40. Spot prices have rallied from around $840 at the beginning of the year.
The exchange-traded funds that hold gold bars were gaining, too. iShares Comex Gold Trust (IAU - Cramer's Take - Stockpickr) and streetTracks Gold Shares (GLD - Cramer's Take - Stockpickr) were each rising 0.3%.
"The thing which has helped gold for a large part of this month to date is some reweighting in some metals indexes, but that's behind us now," says Ross Norman of TheBullionDesk.com in London.
As the demand eases, Norman says, gold prices could see a pullback in the near future, and he notes a huge speculative interest in the futures market that could easily reverse. Speculative buyers of futures contracts tend to hold positions for short periods of time before selling.
Elsewhere, the Commerce Department published data showing an unexpected decline in retail sales in December as weakness in the housing sector continues to spread into the wider economy.
A slowing U.S. economy tends to mean a weaker greenback, which in turn often buoys the value of dollar-denominated assets such as gold and silver.
In stocks, RBC Capital Markets boosted its price target on shares of Yamana Gold (AUY - Cramer's Take - Stockpickr) to $17 from $16, while at the same time trimming its target on Hecla Mining (HL - Cramer's Take - Stockpickr) to $11 from $12.
The bank reiterated sector perform ratings on both stocks. The shares were down 0.8% and 1.3%, respectively.


Free Coin Guide

Monday, January 14, 2008

Coin Collecting Can be Profitable

By Michael Russell

Coin collecting has been around for many years. To most people, it has always been a hobby. They collect coins for fun and their aesthetic value rather than their monetary value. To other people, coins can be a source of income, such as when one trades on the coin’s precious metal intrinsic value, like gold and silver. Also, people travel around the country setting up booths at special coin shows hoping to sell their coins for a profit to collectors. If you go to your local flea market, you will usually find at least one coin dealer there trying to sell coins to collectors for a profit. Some more sophisticated investors will try to use not only the coin’s precious metal value but will also trade using the exchange rate value on the open market. For example, buying Canadian maple leafs at a set value, then waiting for the exchange rate to become favorable and trading the coins for US silver dollars. If you own two Canadian maple leaf coins for example, you may be able to end up with three US silver dollars by taking advantage of the exchange rate. This practice is of course, not for novices as there is much risk involved. Coin collectors, also called numismatists, will visit coins shows, coin dealers and pawn shops in search of whatever coins they are trying add to their collections. Collectors cover the spectrum from collecting cents all the way up to silver dollars. Each denomination has certain dates that are rarer and therefore more valuable. An example would be Lincoln pennies, for which the following dates are rarer and more valuable: 1909-S, 1909-S VDB (for the designer, Victor David Brenner), 1914-D, 1922 with no mint mark and the 1931-S. The letter following the year represents the different mints where these coins are produced. D for Denver, S for San Francisco and no mint mark for Philadelphia. There are some collectors that specialize in areas like coins that are in circulation but have errors. The 1969-S Lincoln penny with a double die obverse, the 1970-S small date Lincoln penny with double die obverse, the 1972 Lincoln penny with a double die obverse are some examples of these. Also, more recent coins like the 2004-D Wisconsin quarter with an extra leaf on the ear of corn and the 2005-D speared bison reverse design Jefferson nickel which appears as though the bison was speared. There are many other examples and a search on the internet for rare coins will help you find these. Value to a hobbyist may be as simple as how pretty a coin looks. The shinier the more appealing. To a true coin collector, luster, lack of scratches and wear are very important to the coin’s value. A coin can be valuable because it is rare or because it is of top quality. This has become so important, that an actual rating scale has been developed to grade coins for purposes of value and insurance. Our next article will cover more on how coins are graded and the actual scales used. Until then, take that change out of your pocket and check. You may be walking around with hundreds of dollars and not even know it.