coins

Rarest U.S. Coin Is Worth $20 Million

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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Money Show Features Very Rare Gold Coin

by Deidre Woollard (RSS feed) —

Filed under: Events

World's Fair of Money, it has a lovely ring to it doesn't it? The annual show draws more than 1,000 of the nation's best coin dealers together to exhibit coins, paper money, medals, tokens and other numismatic items. The event takes place in Boston August 10 - 14, 2010 at the Hynes Convention Center.

The show is sponsored by the nonprofit American Numismatic Association and will also feature museum-quality exhibits from the Smithsonian Institution, the ANA Edward C. Rochette Money Museum and private collectors. One display will be
one of the three known proof 1804 Eagles made on behalf of President Andrew Jackson and a rare 1804 Eagle silver pattern which have been acquired by Legend Numismatics of Lincroft, New Jersey and sold to a Texas collector. Both coins will be publicly displayed together for the first time ever at the event.

"The 1804 proof gold Eagle is a classic American rarity and the silver pattern is an amazing companion to it. Both coins are now part of the incredible collection being assembled by Bob R. Simpson of Texas, a connoisseur of numismatic quality and rarity and a long-time client and friend," said Laura Sperber of Legend Numismatics (www.LegendCoin.com). The coins will be displayed at the Numismatic Guaranty Corporation booth (#704) at the show in the Hynes Convention Center.

The gold 1804 $10, graded NGC PF65 Ultra Cameo, was obtained by Legend from a private collector with the assistance of John Albanese of Certified Acceptance Corporation (CAC). The silver 1804 $10 (Judd-34), graded NGC PF64, was purchased from Steven L. Contursi, President of Rare Coin Wholesalers in Irvine, California. The purchase and sale prices were not disclosed for these transactions but the 1804 gold proof Eagle made headlines in 2007 when it sold for $5 million. It had sold for $1 million in 2003 and then for $2.47 million in 2005 so we can only assume another leap up in price. The Eagle coin is stamped 1804 but was created in 1834 at the Philadelphia Mint for Andrew Jackson as a diplomatic gift.

Tags: coins, gold coin, gold coins, numismatics, worlds fair of money

Huge Coin Hoard Found In Britain

by Deidre Woollard (RSS feed) —

One lucky treasure hunter in Britain hit the mother lode. Treasure hunter Dave Crisp was hunting in a field using a metal detector in April when he made an amazing discovery. He found a hoard of around 52,500 Roman coins dating from the third century AD, buried in a field in Frome, England. The coins were buried in a large jar and weighed about 350 pounds. Many of the coins bear the image of Marcus Aurelius Carausius, who seized power in Britain and northern France in the late third century and proclaimed himself emperor. He seized power in 286 A.D. and was assassinated in 293 A.D. The find will help draw attention to this little known historical figure, Britain's own emperor.

When Crisp began digging he unearthed a few coins but did not dig up the whole thing on his own. He wisely enlisted the help of the experts. Archaeologists from the Somerset County Council carefully excavated the jar and its contents. According to a report in the Guardian , archaeologists think they may represent the life savings of an entire community or possibly a votive offering to the gods. Because of the weight of the coins it is guessed that the pot was buried in the ground and then filled up.Part of the coins will be on display at the British Museum from July 22nd through the middle of August. it could take a year to clean up all the coins. If the find is declared a treasure, the value of the coins will be split between the finder and the owner of the land when the coins are bought by the government.

Tags: british museum, coins, dave crisp, england, metal detector, metal detectors, roman coins, treasure, treasure hunt

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

Double Eagle Coins Used To Pay A Wal-Mart Bill

by Deidre Woollard (RSS feed) —

Has the economy really come to this, people using rare gold coins to pay for groceries? A woman in St. George, Utah went to the Zions Bank and handed over 14 gold $20 Double Eagle coins, saying she had groceries waiting at Wal-Mart, which would not accept the coins as payment. The bank teller gave the woman $280 but the coins were worth far more. The oldest coin was minted in 1875 and the most recent was 1927. Now the search is on for the woman because she could be getting a lot more money. Double Eagles can fetch thousands of dollars or even up to $1 million depending on the date. Even melted down the coins would fetch around $900 each at today's gold prices. It is assumed the woman did not know the treasure that she surrendered but she's in for a big payday now.

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Tags: coins, double eagle, DoubleEagle, utah

A Hanukkah Surprise For Israeli Archaeologists

by Deidre Woollard (RSS feed) —

During Hanukkah, children, like the ones shown above, often receive gelt in the form of gold foil-covered chocolate coins. But some Israeli archaeologists got some gelt of their own this week when a British volunteer found a hoard of gold coins from the 7th century in Jerusalem on Sunday right around the start of the Hanukkah holiday at sunset. The hoard of 264 ancient gold coins minted during the early 7th Century was found in Jerusalem National Park. It is one of the biggest and most impressive gold coin finds ever discovered in Jerusalem. The coins were in a collapsed building that dates back to the 7th century, the end of the Byzantine period and they bear the face of Heraclius, who was the Byzantine emperor from 610 to 641. On one side, the emperor is wearing military garb and is holding a cross in his right hand. On the other side is the sign of the cross. The excavation of the building is continuing as archaeologists try to find out more about the building and how it was destroyed.

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Tags: coins, gelt, gold, israel, jerusalem

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

Wear Your Investments With A $275,000 Gold Coin Gown

by Deidre Woollard (RSS feed) —

Filed under: Apparel

This one isn't going to win any points for fashion design in my opinion but as an investment it might be pretty smart considering recent gold prices. Yesterday Japan's largest bullion house showed off a gleaming gown which is covered with hundreds of gold coins. Pity the poor model wearing it. Mayuka, the model weighs around 110 pounds and the dress is close to 18 pounds. The dress was made using 325 Austrian gold coins issued to commemorate the Vienna Philharmonic and is valued at $275,000. There are no plans to offer the dress for sale.

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Tags: coins, expire-images:2009-2-14, gold, gold dress

The World of Rare Coins: The Prized Double Eagle

by Rigel Celeste (RSS feed) —

It's everybody's dream to suddenly find a rare coin floating around in their pocket or purse and be an instant millionaire, and although that's always possible (not all the rare coins in the world are accounted for) it's pretty unlikely. Coin collecting is big business, both as a hobby and as a way to turn a profit. As a general rule the more rare a coin is the more it's worth, so what's the rarest coin ever? It's a debatable subject as not all experts always agree, but if the Double Eagle isn't at the top of that list it's sure near it. Back in 2002 the only Double Eagle coin left to be in private hands (or so everybody thought) sold for $7.9 million dollars.

Other rare coins include the Double Eagles smaller cousin the Quarter Eagle, and then the Brasher Doubloon, and the Eagle. More for fun then there's always the world's biggest coin, valued at $2 million+ (it's weights over 220 pounds and is the size of a pizza -- that would be a fun delivery!).

Good luck searching those pockets!

Gallery: Rare Coins

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Tags: coin, coins, double eagle, DoubleEagle, rare

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

How a Coin Worth $1.9 Million Travels Cross-Country

by Rigel Celeste (RSS feed) —

People buy and sell expensive things all the time, but here's an interesting story of how a dime worth $1.9 million dollars traveled across the country from its old home in San Jose to its new home in New York City. Who knew it was as simple as a guy in flip flops carrying it there in his pocket? Well I'm sure that guy, John Feigenbaum, would say it was anything but simple. He dressed in flip flops so he wouldn't attract undue attention, tried to fly coach (but got upgraded to first class anyway), and didn't sleep a wink on a red-eye flight for fear of losing the precious cargo somehow.

The 1894-S dime is one of nine known to have survived from only 24 minted in San Francisco that year. Of course the new owner, who is choosing to remain anonymous, has no intentions of doing anything with the dime other than keeping it stashed away in his vault as an investment for the future -- after spending a few minutes admiring it, of course.

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Tags: 10, 1894, 1894-S dime, 1894-sDime, cent, cents, coin, coins, dime, rare, ten, travel

US Mints 24K Gold Coin

by Nicole Weston (RSS feed) —

The US Mint is aiming to target both collectors and investors with their newest release: a 24-karat gold coin. It contains one ounce of 99.99% pure gold and is cast as a tribute to the popular buffalo-head nickel that was in circulation during the 1930s. The coin will be minted as a $50 piece, though it will be worth, and sold, for more. Two versions of the coin will be available: a bullion coin for investors, which will be sold to authorized buyers for coin shops, banks and other financial institutions, and a proof coin, aimed at collections. The proof coin has a higher quality strike and finer finish, both of which will add to the physical appeal of the coin over simply the gold it is made of. 300,000 proof coins will be made and sold at an initial price of $875 per coin.

Interested buyers can purchase the proof coins beginning Thursday by going to the US Mint's website.

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Tags: 24-karat, coin, coins, collectors, gold, investment, investors, mint