coin collecting

The World of Rare Coins: The Dollar With the Hole In It

Filed under: Auctions

You've probably never seen a U.S. coin like this before. The U.S. Mint began experimenting with different gold dollar patterns in 1852. The problem was simple, gold dollars were small and easily lost. And so the Mint tried out creating pattern gold dollars in 1852, producing the patterns now known as Judd-136 to Judd-148 which have a larger, more convenient diameter.

Instead a more practical solution eventually was decided on. The amount of silver was reduced in most subsidiary coinage in 1853, which returned the silver denominations to the channels of commerce rather than going to the melting pot. And the gold dollar diameter was eventually increased in 1854 when the design was changed to the Type Two format.

Heritage Auction's 2011 March Sacramento Signature ANA US Coin Auction features an 1852 annular (ring-shaped) gold dollar, with a wide center hole and the date, denomination, and country name along the outside. The lower half of the reverse shows a wreath. This pattern, known as Judd-145, is struck in gold with a plain edge. Heritage sold a similar coin to this one in 2008 for over $27,000.

Tags: annular coins, coin collecting, gold coin, gold dollars

Rarest U.S. Coin Is Worth $20 Million

by Deidre Woollard (RSS feed) —

Filed under: Wealth

What is the most valuable United States coin? The coin, shown at right is the Smithsonian's 1849-dated "Double Eagle" $20 denomination gold piece. The unique coin was struck by the United States Mint in Philadelphia during the early days of the California Gold Rush. The Professional Coin Grading Service (PCGS) has rounded-up the 2011 PCGS Million Dollar Coin Club and their experts agree that this coin has gone up in value from an estimated $15 million last year to $20 million now. The first $20 gold piece struck at the United States Mint is part of the National Numismatic Collection at the Smithsonian's National Museum of American History. It will be exhibited in Chicago in August at the World's Fair of Money.

Here's a reason to start collecting, the group says that the most valuable rare coins have increased in value by an estimated 25 to 50 percent the past year. There are currently 235 historic U.S. coins valued at $1 million or more that are in private collections or museums (an estimated total combined value of $548.6 million).

"It was only 15 years ago that a coin first broke the million dollar mark at auction. That coin is the finest of only five known 1913 Liberty Head nickels, and in 1996 it sold for $1,485,000. It now is valued at $4,500,000," explained David Hall, President of Collectors Universe, Inc.of Santa Ana, California.

The 2011 PCGS Million Dollar Coin Club listing was compiled by Hall and Ron Guth, President of PCGS CoinFacts, in consultation with four other well-known professional numismatists: Jim Halperin, Co-Chairman of Heritage Auctions, Dallas, Texas; Kevin Lipton, President of Kevin Lipton Rare Coins, Beverly Hills, California; Greg Rohan, President of Heritage Auctions; and Laura Sperber, President of Legend Numismatics, Lincroft, New Jersey.

Tags: coin collecting, coins, gold coins, nickels, pennies, silver dollar

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Unexpected Treasures: The Case of the Morgan Silver Dollar

by Deidre Woollard (RSS feed) —

Coins are some of the most easily passed down collectibles. They are small, often easily stored and immediately cherished as something of value which means they don't end up forgotten in an attic. Luxist reader Jerome sent us some photos of United States coins that he reports belonged to his late mother. The first was immediately recognizable to me as a Morgan silver dollar. The Morgan dollar takes its name from the designer, George T. Morgan and features a profile of Liberty wearing a "Liberty" coronet or small crown surrounded by stars on one side. The reverse shows an eagle with outstretched wings.

The Morgan dollar was minted intermittently from 1878 to 1921. This example dates from 1883 and was minted at the New Orleans Mint. The small "o" designating the New Orleans Mint appears between the the D and O in the word dollar. Judging by the photographs this piece appears to be in "good" condition meaning that it is heavily worn. the design and words are still visible but the sharp details such as the eagle's wings and Liberty's hair are worn smooth in parts.

Tags: coin collecting, coin collection, coins, liberty cents, morgan silver dollar, numismatics, old coins, unexpected treasures

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Rare Penny Sells For $1.7 Million

by Deidre Woollard (RSS feed) —

When is a penny worth $1.7 million? The cent shown at right is no average coin, it's a one-of-a-kind Lincoln cent, mistakenly struck in 1943 at the Denver Mint in bronze rather than the zinc-coated steel used that year to conserve copper for World War II. It has been sold by Legend Numismatics of Lincroft, New Jersey for $1.7 million to an unnamed Southwestern business executive. The coin's anonymous former owner made arrangements for the entire sale proceeds to go to a charitable organization.

"This is the world's most valuable penny. It's the only known example of a 1943-dated Lincoln cent incorrectly struck in a copper alloy at the Denver Mint. Zinc-coated steel was being used for pennies in 1943 to conserve copper for other uses during World War II, and this one was mistakenly struck on a bronze coin disc left over from 1942. It took four years of aggressive negotiations with the coin's owner until he agreed to sell it," said rare coin dealer Laura Sperber, President of Legend Numismatics of Lincroft, New Jersey who obtained the unique penny for the unnamed collector.

The new owner has been a coin collector since he was a teenager. When he was a kid he thought he had found a 1943 copper penny in circulation but it was not authentic. He is "the only person to ever assemble a complete set of genuine 1943 bronze cents, one each from the Philadelphia, Denver and San Francisco Mints, and he plans to display them," said Sperber.

Tags: coin collecting, coins, numismatics, rare coin, rare penny

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Rare Collection of Saint-Gaudens Coins Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Auctions

Beautiful and rare coins are headed to auction next week when Bonhams & Butterfields in Los Angeles presents an auction of Rare Coins, Medals and Banknotes. The September 20 auction includes the J.D. Collection of Saint-Gaudens $10 eagle coins which is comprised of approximately 30 highly sought after gold coins, date from 1907 to 1932. Most of the coins have been off the market for many yeas and many of them are in Choice to Gem Uncirculated condition and are graded by the both major numismatic entities, NGC and PCGS. Part one of the J.D. Collection, a rare and complete set of Gem Mint State $2.50 Indian Head quarter eagles was sold by Bonhams & Butterfields in early 2010.

The most expensive lot is a 1907 $10 with Wire Rim graded NGC MS64. There was an estimated mintage of only 500 pieces. Augustus Saint-Gaudens was commissioned by President Theodore Roosevelt to create completely new designs for United States coinage. The Wire Rim and Rolled Edge Indian eagles, along with High Relief double eagles, represent the original work of Augustus Saint-Gaudens as he intended these coins to look. The coin shown above is estimated to bring $36,000-44,000. Other rare coins include a 1910 $10 MS67 NGC (estimated at $18,000-25,000); 1911 MS66 NGC (estimated at $10,000-14,000); 1913-S MS63 PCGS (estimated at $20,000-24,000); 1914-S MS64 PCGS (estimated at $10,000-13,000); 1914-D MS65 NGC (estimated $11,000-13,000) and a 1915 MS66 NGC (estimated at $10,000-14,000).

Tags: auguste saint-gaudens, coin collecting, coin collection, coin collectors, numismatics, rare coins, saint-gaudens

Rare Nickel Could Fetch $3 Million

by Deidre Woollard (RSS feed) —

Filed under: Auctions

The rare U.S. nickel above has quite the interesting story. The 1913 Liberty Head nickel is one of only five known of that specific date and design. The coin, which was owned by King Farouk of Egypt was seen by viewers in an episode of 'Hawaii Five-O,' entitled 'The $100,000 Nickel' in 1973. In 1978 Los Angeles Lakers owner, Dr. Jerry Buss, paid $200,000 for the coin and it has changed hands several times since then, jumping in value each time.

The nickel will be auctioned off by Heritage Auctions at a coin collectors event in Orlando, Florida on January 6, 2010. It is expected to sell for $3 million or more. The coin is rare because while the U.S. Mint struck tens of millions of Liberty Head nickels from 1883 through 1912, it switched designs in 1913 to depict a Native American on the "head's" side and a bison on the "tail's" side. But five nickels with the new date, 1913, but the old Liberty design were secretly made at the Philadelphia Mint and eventually sold to collectors. One of the coins is in the Smithsonian Institution in Washington, DC; another belongs to the American Numismatic Association (ANA) Money Museum in Colorado Springs, Colorado; and the three others, including the coin in the January auction, are privately owned by collections.

UPDATE: This coin sold for $3,737,500 at auction. The winning bid is according to Heritage Auctions "a very advanced East Coast coin collector" who had wanted this rare piece to round out his collection.

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Tags: coin collecting, CoinCollecting, coins, liberty coin, LibertyCoin, rare coin, RareCoin

Numismatist Groups Warn Of Counterfeit Coins From China

by Deidre Woollard (RSS feed) —

We hear about a lot of counterfeit items from China but this one has coin collectors on alert. Five coin-collecting organizations have banded together to issue a warning. The American Numismatic Association, the Industry Council for Tangible Assets, Numismatic Guaranty Corporation , Professional Coin Grading Service and the Professional Numismatists Guild say that Chinese-made counterfeit coins pose a significant financial threat to unsuspecting consumers. They believe that the public is spending millions of dollars on fake U.S. coins offered in online auctions and offline in places like flea markets and swap meets.

These types of copies are illegal to resell. The U.S. Hobby Protection Act, first enacted in 1973 requires manufacturers and importers of imitation numismatic items to mark them plainly and permanently with the word, "COPY" in accordance with the Code of Federal Regulations. Many of the replica items do not bear these markings. Thousands of coins described as "copy" or "replica" are listed for sale in online auctions every day often using images of the genuine coins. More than a million of these coins may have already been sold in the U.S.

The groups say that customers should not purchase any "replica" coins because they may be in violation of federal law and that they should be very careful about who they buy from. "Even during the recession, the United States rare coin market remains vibrant and active with an estimated $5 billion in annual sales. We urge collectors and investors to become knowledgeable and use common sense when buying," says Steven R. Eichenbaum, Numismatic Guaranty Corporation Chief Executive Officer.

For a copy of the booklet, What You Should Know Before You Buy Rare Coins, send $1 to the Professional Numismatists Guild, 3950 Concordia Lane, Fallbrook, CA 92028.

Gallery: Counterfeit Coins

Tags: coin collecting, CoinCollecting, coins, numismatics

Obama Coins Are Not An Investment

by Deidre Woollard (RSS feed) —

No sooner was the election over than floods of Obama commemorative coins started to be advertised. Just in case you were thinking that these coins might be a smart investment, the Professional Numismatists Guild, a non-profit organization composed of the nation's top rare coin dealers, is advising consumers that the coins honoring President-elect Barack Obama are not now nor will be later an investment deal. They caution that the coins should be considered only as souvenirs. In other words, buy them because you like them, not because you think they might be worth something later.

"All of the items we've seen offered so far on television and online are merely political mementos that certainly may be enjoyable as a keepsake, but typically will have little or no re-sale value later in the mainstream numismatic market," said Gary Adkins of Edina, Minnesota, Professional Numismatists Guild President. He warns that some of the Obama coins are layered or plated with a very thin layer of gold and that there is usually very little bullion value on plated pieces. For more info on what not to buy when it comes to coin collecting, check out the PNG website.

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Tags: coin collecting, CoinCollecting, coins, numismatics, obama

Gold Coin Sells For $5 Million

by Deidre Woollard (RSS feed) —

Filed under: Auctions

The news last week of a $10 gold coin that sold for $5 million is particularly interesting because the date on the coin is not the date it was minted. The Eagle coin is stamped 1804 but was created in 1834 at the Philadelphia Mint for Andrew Jackson as a diplomatic gift. This coin has some pretty fast appreciation, it sold for $1 million in 2003 and then for $2.47 million in 2005. There are just four of them out in the world.

I wonder what is it about coins that makes the prices rise. In part it is because they are a tangible record of history but I suspect the real reason is something else. As David Albanese, the president of Albanese Rare Coins, the dealer of the coin, reported both the buyer and seller are "northeastern United States entrepreneurs who have been collecting coins since they were young boys." I think this is why some coins sell for such high prices. Many other collecting hobbies take root after one is established in the world, wine, art, jewelry and watches, the love of those often develop later in life. But so many young boys and girls are given coins as gifts, thereby establishing a lifelong love of numismatics.

[Thanks, Lana]

[Thanks, lana]

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Tags: coin collecting, coins, collecting, collectors, gold, gold coin, GoldCoin, numismatics