numismatics

Unexpected Treasures: The Case of the Morgan Silver Dollar

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

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

A Warning For Sellers Of Gold Coins

by Deidre Woollard (RSS feed) —

Our colleagues over at WalletPop recently mentioned some things you might need to know when looking to sell your gold. With the price of gold continuing to skirt $1,200 an ounce, there are reasons to be concerned about getting a top price, especially when it comes to gold coins. Gold coins may be worth far more than the mere weight on the scale. The Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the country's top rare coin and bullion coin dealers, warns that some traveling gold buyers are offering pennies on the dollar for valuable gold and silver coins. In one instance, an out-of-town buyer offered only $60 for the rare 1925-dated Denver Mint $2.50 gold coin shown at right which was valued at $10,000 by PNG experts.

"Recent news media investigations conducted with the assistance of Professional Numismatist Guild member-dealers from Texas revealed that some traveling gold buyers who set up for a few days in a hotel, then move on to another town, sometimes offered as little as three percent of the actual value of coins they were offered. You may see bigger promises than payouts," said Robert Brueggeman, PNG Executive Director. "The scales used by some itinerant buyers to weigh gold jewelry may not even be lawfully registered with government agencies. That could result in inaccurate weight measurements to your detriment when you're selling gold jewelry for its melt value," said Brueggeman.

Brueggeman encourages those interested in selling gold or silver to prepare in advance and get multiple offers. He suggests consulting with local merchants who have a good reputation in the community. Some traveling buyers have lawsuits filed against them or are targeting areas of the country undergoing economic distress. PNG Executive Director Brueggeman emphasizes: "If you don't know coins, you'd better know your coin buyer." The PNG has a strict Code of Ethics for its members in the buying and selling of numismatic items. For additional information and the locations of PNG member-dealers, call (760) 728-1300 or visit online at www.PNGdealers.com.

Tags: gold coins, goog, numismatics, professional numismatists guild, selling gold, selling gold for cash

Rare Coins Up For Auction In Los Angeles

by Deidre Woollard (RSS feed) —

Filed under: Auctions

Recently I took a class in silver appraisal and learned a new term, toning, which refers to the patina of older coins. There are plenty of toned coins on display as part of Bonhams & Butterfields Los Angeles' Coins, Medals and Banknotes Auction on May 30, 2010. The auction features a diverse grouping of rarities, many of which are fresh to market.

Shown above is an extremely rare 1847 $1 Proof. It is estimated that only 20-30 Proofs were struck, meaning of course that far fewer are around today, lost to the swirls of time. The lot listing reports that a number of deceptive prooflike business strikes are known and so real proofs are highly prized. The coin is colorfully toned over both sides in shades of cobalt-blue, pale golden, and violet. It is estimated at $10,000-12,000.

Tags: coins auction, gold coins, numismatics, silver coins

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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

Tiny Half Dime Sells For Over One Million Dollars

by Deidre Woollard (RSS feed) —

A tiny piece of change brought in some big money recently. The 1870-S half dime is a small silver coin struck at the San Francisco Mint in 1870. The coin was sold as part of a New Jersey man's collection of 93 mint-condition half dimes to Laura Sperber, President of Legend Numismatics of Lincroft, New Jersey. The entire collection went for $2.2 million and the 1870-S has a value of $1.4 million.

This tiny coin, a forerunner to the modern nickel, was not even known to exist until 1978. There were plans to create the coin but Mint records showed that no 1870-dated half dimes were made at San Francisco Mint. Then in 1978 this coin turned up in Chicago. It was sold for $425,000 and changed hands several times since then. It has been certified genuine by Professional Coin Grading Service of Newport Beach, California.

What's really interesting is that Sperber and Legend Numismatics originally bought the coin for $661,250 at an auction in 2004 and then sold to the New Jersey collector. The company re-purchased it five years later for more than double that price, and has already sold it along with the New Jersey man's other half dimes for an undisclosed amount.

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Tags: collectibles, half dime, HalfDime, numismatics, rare coin, RareCoin

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