Silver Coin Collector

Nowadays, with the steady increase in silver it is becoming popular to be a silver coin collector. So it is important to keep in mind some guidelines when becoming a silver coin collector.

The most important thing to do when collecting silver coins is due diligence. Acquaint yourself with the world of silver coin collecting. Knowledge is power so you need to ensure you make a jolly good study of silver coins and what is available.

Knowledge of such things as the condition of coins, the types and how much silver is contained in silver coins will help you make good choices. You can collect silver coins from around the world and there are many articles on this web site that describe many of them.

You can collect entire rolls of silver coins as well as individual specially made silver coins such as Proof or commemorative coins.

Knowing who to buy from is important. Choosing a reputable dealer or even buying from a established mint is always advisable.

Understand the terms and conditions of the seller. For example, can you return the coins if you are not satisfied?

Buying coins from auctions is an area where extra due diligence and knowledge is needed. Perhaps not to be ventured into until one has some experience and a good understanding of the values of silver coins.

Antique and rare silver coins also require extra knowledge .

The good thing about being a silver coin collector is that it is an interesting and fascinating hobby or interest as well as potentially quite profitable. If one is interested purely in collecting silver coins then the value of the silver may not be an issue. Some people collect purely to own a beautiful coin or set of coins with a particular theme they like.

What ever the reason you collect silver coins to be a silver coin collector is truly an interesting and absorbing interest and, with the price of silver these days, can become an excellent asset for the future.
Source: goldprice.org

Mint Stats: Mint Runs Out of Some PR Quarter Options

Look at the Puerto Rico quarter numbers. The Mint says that the 1,000-coin bags for both Philadelphia and Denver are sold out. It has taken more than 10 years to achieve a rapid sellout like this. It simply didn't happen during the state quarter offerings.

The totals for the 100-coin bags nearly doubled for each minting facility. I wonder if these could sell out as well. The two-roll set sales number jumped by almost 50 percent.

Word must be spreading that the Puerto Rican quarters have the lowest mintage since the commemorative reverses began in 1999.

Harrison dollar roll numbers didn't change at all. Though official word hasn't come that the Denver roll is sold out, the fact that the number didn't move and it matches the sold-out "P" number probably means the end for it also.

The Mint seems to have cut back on its supplies of bags and rolls. Collectors being collectors will now want them all the more.

Sales numbers mostly went down for First Spouse coins this week. This is probably an indication that buyers got cold feet when gold bullion took a tumble below $900 and simply returned them while they could. Bullion speculation is a pretty poor reason to buy them, but some people perhaps are doing this.
Source: numismaster.com

Better dates pushed 1954 cent out of spotlight

At $17.50 in MS-65, the 1954 Lincoln cent currently looks to be a bit better than many other Lincoln cent dates from the 1950s. However, it is hard to use the grading services to show that it is less available than other Lincoln cents from the same time. Even if the coin comes back as an MS-65, it is financially pointless to have them graded since the price of grading is more than the coin is worth.

The possibility that the 1954 might be better than some other dates of the period would be due to a number of factors, some of which may also apply to other Lincoln cents.

There is a very traditional reason why the 1954 might be better, and that is a mintage of 71,873,350. While that total does not sound especially low, it was well below average for a cent in the 1950s.

The 1954 would not attract much if any attention as there were lower mintages, although only a couple. The 1949-S had a mintage of more than 64 million and the 1955-S was also lower at 44,610,000.

The 1955-S enters into the picture because in the 1950s the Lincoln cent was the most popular collection with many young collectors. As a general rule with the Lincoln cent, San Francisco dates tended to be lower mintage. As a result, there was a significant focus on any S-mint Lincoln cents. Rolls of mixed dates from San Francisco sold for much higher prices than rolls from Denver or Philadelphia, and it was just natural that between two Lincoln cents with basically the same mintage, the one from San Francisco would receive more attention than the other.

The 1955-S was heavily hoarded as it had the added advantage of being what everyone thought was the last cent produced in San Francisco. That fact alone would have probably cut into the amount of saving of the 1954.

By 1954, collectors and dealers were all excited by the 1950-D Jefferson nickel with its record low mintage for a Jefferson nickel of 2,630,030. It was rising rapidly in price and it could not be found in circulation in any numbers, which seemed to suggest it was going to go to even higher prices.

With everyone trying to acquire the 1950-D, that left relatively little money for other new issues such as the 1954 cent. Moreover, as is seen in the other mintages, even if there was money for things like rolls of dates other than the 1950-D Jefferson nickel, those funds were not likely to be spent on the 1954 Lincoln cent even if it looked to be slightly better than most Lincoln cents of the time.

Besides, if anyone needed a 1954 Lincoln cent, they could be found in the year proof or mint sets. However, it should be pointed out that the sales of such sets at the time were very low with the combined total being less than 300,000. So realistically, there are potentially no large supplies of the 1954.
Source: numismaticnews.net

A Sign of Unity

A wheat sheaf symbolizing unity is the choice for the reverse of the 2010 Lincoln cent by the U.S. Commission of Fine Arts.

"It represents the unity of the nation," said Commission Secretary Tom Luebke.

The commission, which met April 28 in Washington, D.C., preferred the wheat design over 17 other designs, primarily shields, eagles and buildings, presented for consideration.

"The commission focused on (the wheat) option No. 18, which they thought worked best at the scale of the penny," Luebke said.

Commission members were taken, however, with the design of an eagle on option No. 17, calling it one of the best depictions they'd seen, Luebke said.

The recommendation of the wheat sheaf for the design will go to the United States Mint, with one suggested alteration.

Commission members did ask that the words "One Cent" be spelled out and that the words "One Nation" be omitted, he said.

The reverse design for the 2010 Lincoln cent by law is to be "an image emblematic of President Lincoln's preservation of the United States of America as a single and united country."

The CFA also considered five design options for the reverse of the 2010 Native American dollar.

Four of the designs featured a tree, but the commission favored a design featuring bundled arrows representing the five nations, Luebke said.

That design was felt to have a better visual composition, noting that the designs featuring a tree were difficult to represent to scale on the coin.

The obverse of the coin will feature the Sacagawea portrait, with the reverse design changing annually to reflect Native American themes and culture.
Source: numismaster.com

'Rolled' Edge Achieved Through Shape in Die

Please explain the method of applying the "rolled edge" to the 1907 eagle $10 gold coins?

The coins have a beveled edge, rather than the square cornered edge with wire rim found on other gold coins. The difference is due only to the different shape of the die surface. "Rolled" is a misnomer, although over the years many attempts have been made to alter (other denomination) coins by actually rolling them through a die to round the edge.



Is there a half eagle variety similar to the 1922-D "No D" cent?

Examples of 1916-S half eagles exist that do not have a mintmark. So far as I know it has never been determined whether this was due to a filled die, or if they were struck with a die without a mintmark like the recent proof coins.



Just how rare is the 1916-D dime with repunched mintmark?

As with almost any minting variety, there are no exact numbers to work with, so estimates have to be made based on the numbers that are reported in the hobby. In this case we do know that there are two dies with repunched mintmarks for 1916-D dimes, and that there are four different reverse dies in all that have been identified. So in theory, half of the 1916-D dimes should show the repunch. Since the 1916-D dime is in itself a rarity, the two varieties with repunched mintmarks are just that much rarer.



I have several coins that I bought several years ago that have tilted mintmarks, and some are out of the normal position (low and high, etc.) Are they worth more today?

Unless you paid face value for them, they are probably worth less, as minor tilts and mintmark locations are too common to have any collector value. If the mintmark is tilted more than 45 degrees, repunched, or touching some other part of the design, then the collectors will be interested.



Is the 1942/1941-D dime from the same hub as the 1942/1941(-P) overdate?

Two hubs were used to produce this overdate, one with the 1941 date for the first impression, and a hub dated 1942 for the second impression. However, at least one of the hubs was not the same for the Denver die, since the positioning of the overdate is different than it is on the Philadelphia die.



When was the 1880/79-CC dollar variety first reported?

If my records are correct, it was first brought to public attention in 1965. There are several different dies with overdates for this date and mint. Veteran dealer Harry Forman reportedly discovered the overdate in 1964. Since then several dies for the date have been identified as overdates.
Source: numismaster.com

Ancient coins enthrall, educate pupils

The classroom at St. Louise de Marillac School in Upper St. Clair was quiet except for the sound of "ah."

Each third-grader was holding an authentic, small bronze Roman coin from the fourth century.

And it was theirs to keep.

"It's so cool to be holding a piece of the past and to know what they had for money back then," said 9-year-old Jake Cortes.

Teacher Zee Ann Poerio said her students usually have a sense of reverence when they open the small manila envelopes and see their own coin.

Coins are big in Mrs. Poerio's classroom.

She uses coins to spark interest in everything from Latin (many of the coins are Roman) to science (bronze includes the elements copper and tin).

While she had never taken Latin, Mrs. Poerio became interested because of her Italian heritage. After reading that Latin helps SAT scores, she began using Latin as a way to teach root words, culture, art, mythology, creative writing and problem solving.

She uses the book "Minimus: Starting out in Latin," and has children sing "Happy Birthday" and read "The Cat in the Hat" in Latin.

Students in fourth through eighth grades can participate in an after-school Latin Club.

Given that ancient coins have Latin inscriptions or Roman numerals, Mrs. Poerio decided to use coins as a way to help students make connections.

On the Internet, she found Ancient Coins for Education, which was started in 2001 by a small group of classical numismatists looking for a way to bring ancient history to life in the classroom. The organization provided the first group of coins for her students to try to identify.

She placed the coins on her desk, with magnifiers and microscopes, and the children loved the activity so much they told their siblings, who came over because they wanted a look, too.

That led to her starting an Ancient Coin Museum, which has grown to more than 300 identified coins and other small artifacts, most donated by numismatists and coin enthusiasts across the country.

Mrs. Poerio, certified in both art and elementary education, has made many of the displays, which include explanations and enlarged pictures of coin detail. All of the coins have identifiable images and are in good condition.

She periodically displays the museum in her classroom and uses coins from it for instruction.

This week -- National Coin Week -- she had two long tables in her classroom, draped with black and white cloths, and holding much of the collection.

During Open House and other public events, Latin Club members dress in traditional ancient clothing and mythological costumes and act as docents for the museum.

Students from classes throughout the school who visited the museum this week have found the coin display fascinating.

One Greek coin from 359 to 336 B.C. was issued in the reign of Philip II of Macedonia and displays the head of the god Apollo facing right on the front, known as the obverse, and a youth on a prancing horse on the reverse.

Philip is perhaps best remembered as the father of Alexander III, known as Alexander the Great, and there is a coin from his period, too. That one had the Greek mythological hero Heracles on the obverse and a bow and quiver on the reverse. A map depicts the legacy of Alexander the Great.

There's a "coin zoo," too, from 400 B.C., with coins depicting animals such as a lion, snake, dove, bull, goat, camel, owl, octopus, snake, elephant, hippo, eagle and the latest addition, a crocodile donated through Ancient Coins for Education in the form of an award.

The Ancient Coin Museum will be on display May 23 at the Pennsylvania Association of Numismatists annual coin show at Robert Morris University.

Mrs. Poerio also is coordinating several classics events for the summer for the American Classical League.

The small coins the third-graders received this week were well worn, making it difficult to decipher the markings on them. Children who join the Latin Club get a higher quality coin.

The period in which the coins were minted was one of great inflation, so they have been found buried in large quantities.

The students can take the clues they see on the coins and try to identify them through the Ancient Coins for Education Web site.

Student Stephen Hudock, 9, at first thought his coin depicted an alligator, but he decided it was more likely a person. The braid-like feature near the face at first looked scaly.

"I really never thought I would have something like this," he said. "I hope I don't lose it."

Classmate Alyssa Eicker thought she could make out a nose and chin on the front. "I think it's amazing," the 9-year-old said.

Rianna Piacquadio, 9, couldn't make out any markings but still said, "I think it's very special, and I'm lucky to have it."

Michael Gleason, 9, had been looking forward to his turn to get an ancient coin. His older sister, Marielle, now in fifth grade, had gotten one when she was in third grade.

Source: post-gazette

New Cent Reverse in 2010

The process of finding a new reverse design for the 2010 Lincoln cent has entered a public phase with the submission by the U.S. Mint of 18 different design possibilities to the U.S. Commission of Fine Arts.

On April 16 the Fine Arts Commission will meet as this issue of Numismatic News goes to press. It was established in 1910 and it is one of two public bodies that evaluate potential U.S. coin designs and then submit their recommendations to the Treasury secretary.

The other advisory body is the Citizens Coinage Advisory Committee Its next meeting is slated for April 28.

Under terms of the 2005 legislation that authorized the four Lincoln reverse designs for 2009 and one in 2010 is a requirement that the reverse design be "an image emblematic of President Lincoln's preservation of the United States of America as a single and united country."

Also to be reviewed by the the Fine Arts Commission are five possible reverse designs for the 2010 Native American dollar. The coin features the familiar Sacagawea portrait on obverse, but the reverse design changes annually to mark Native American themes and culture.
Source: numismaster.com

Peace Dollars in Steady Demand

All eyes are on Cincinnati and the upcoming annual Central States Convention where the high end of the market will be focused on one of the more affordable 1804 dollars that grades AU-58.

Personally, I am more interested in the outcome of the sale of the 1876-CC MS-66 20-cent piece and the 1794 MS-61 Flowing Hair dollar, I think these will be more indicative of that end of the market.

In the lower budget area where most of us live, Morgan dollars are very strong and have increased in all generic circulated issues. This demand seems to be well diversified, coming from collectors filling in dates, bulk silver investor/hoarders and continued promo demand from TV and mass media deals.

Peace dollars are somewhat quiet on the common date issues, but there is steady demand and several better-date issues in MS-64 and MS-65 have gained in price. However, the 1921 has softened in high grade with several offered at somewhat discounted levels.

The precious metals have been very active although there is not much difference from last week's price levels with gold $2 higher, and silver and platinum 3 percent lower. Many knowledgeable people think silver is the best buy at these levels and I have a tendency to agree, especially if you limit risk by including items of numismatic value.
Source: numismaster.com

Subtle Differences Distinguish Quarter Issues

Is there any way of telling a worn, dateless 1916 quarter from a 1917?

On the 1916 quarters, the leaves left of the "L" in "Liberty" are broad and close together. On the 1917, they are narrow and farther apart. The drapery above the "19" is different, and the position of Liberty's toes above the "6" or "7" differs. The 1916 has the big toe of Miss Liberty's right foot (viewer's left) protruding slightly beyond the front edge of the exergue, and the gown touches the right side of that foot (again, viewer's left). The star below the "W" in "We" on the 1916 is farther from the line, and the relief of the stars is not as high as it is on the 1917. After deciding all that, you still have a dateless coin worth only its bullion content.



What's the "reverse of 1838-O" in your charts for the 1839-O dime?

I had answered this question several times in the past, quoting Kamal Ahwash as to the 1838-O die being identified by some prominent rust spots. However, Breen has the correct answer in his encyclopedia. The mintmark used for the 1838-O reverse is a large, round "O," while that used for the 1839-O is either a tall, narrow "O" or a small, round "O." The "extremely rare" 1839-O dime with the 1838 reverse shows a large, round "O" that is 1.2 mm tall. The more common varieties have either a tall, narrow "O" or a small, round "O" that is only 0.8 mm tall. The rusted die is instead a variety of the 1838-O No Stars date.





Weren't the discoveries of the 1942/1941 doubled die overdate dime centered around New York City? The coins were apparently shipped to the New York Federal Reserve Bank, and the first discoveries were in that city. Reportedly, an employee of one of the New York subway lines collected over a thousand of the coins from the turnstile receipts in 1943 and 1944. Following the discovery of the overdate after most had reached circulation, the cashiers who sold tokens for the New York City subway system launched an all out campaign to find specimens. Hundreds of them were reportedly found in the daily receipts and one source indicates that these are the ones that provide most of the About Uncirculated grade examples of this overdate that are on the market today.



I have a Netherlands 10-cent coin that shows a lot of doubling of the letters on both sides. Does it have any value?

The doubling on both sides of the Netherlands coin is abrasion doubling, resulting from the use of a small hand grinder on the dies. This same effect is found on many late U.S. nickels, as well as on coins of Canada, Denmark and several other countries. No value, as it is too common.
Source: numismaster.com

Interest in Proof Sets Fluctuates Over Time

The plain vanilla proof set often has been out of the headlines and just a quiet part of the market. The present generation of collectors has so many sales options to choose from that the proof set commands less attention than it once did. If anything, the best way to describe the changing role of the proof set in the rare coin market might well be to simply suggest to owners, "You're not in Kansas anymore," as the historic proof set market could almost seem as old-fashioned as the "Wizard of Oz" might seem as a movie in today's Hollywood.

Into the 1960s the proof set as a collection was one of the most uneventful parts of yearly coin buying. In fact, it actually took a certain amount of effort even to get on the mailing list of the United States Mint, then called the Bureau of the Mint.

There were no toll-free numbers and assorted ordering options. You had to convince the Mint to send you an ordering form and then you had to get a money order and send it in to receive your set.

Months later a rather simple envelope would arrive and you would have your set, which you would examine briefly before putting it in a safe place where it would rest for months without ever being seen again.

The thought of selling the set or breaking it up to sell the individual coins was literally unknown. After all, the coins were from Philadelphia until the change to producing sets in San Francisco in 1968, and coming from Philadelphia if you needed a Philadelphia cent or half dollar from the year, you would simply get a business strike. No right thinking person it seemed at the time would consider breaking up their proof set simply to fill a hole in their regular collection.

As the coins were produced in Philadelphia there was also relatively little premium for most. With normally high mintages, there was simply minimal demand for something like a 1959 half dollar even if it was a proof. Moreover, the idea of proof singles was something that was not really frequently discussed as there had been no proof-only singles during the 20th century.

The proof-only single had been fairly common during the 19th century and as a result collectors of the 1800s were probably more concerned about proof- only singles than were collectors of the 1950s. In fact, the last proof-only single was probably the famous 1895 Morgan dollar and even that situation was not quite clear as the 1895 had a mintage that suggested there had been business strikes. The problem was that it appears the 1895 mintage was a clerical error. No one could find a business strike, leading everyone to the conclusion that the total listed in official records was 12,000 pieces too high.

If there had been significant historical price moves in proof coins it was primarily because the issues had very small mintages and were oftentimes not regularly available for all collectors. Proof prices if anything, moved because of the rarity of a given date and not because the proof set market had suddenly become active.

Actually, the history of proof coins was and to a degree still is unclear. Even today there is serious dispute as to whether 1907 high-relief Saint-Gaudens double eagles in a few cases were proofs and that is only one example of many as from the very first there is debate.

There is, for example, a truly extraordinary 1793 Chain Cent graded MS-67 by the Professional Coin Grading service. The coin was almost certainly specially made either as a first strike or as a very early strike. The fact that it has survived suggests it was probably a presentation piece and that raises all sorts of questions about such a special coin, but finding agreement as to exactly what it or other early issues were intended to be by those making them at the time or how they were made is nearly impossible as we simply do not know.

Certainly, there is no question that while there might have been what we would consider proofs, or what we at minimum call specially produced coins, any notion of an organized proof set program was still years in the future.

If you wanted to establish a date that virtually everyone would agree was a time where the Mint was in the business of making proofs that date might well be 1817, as roughly at that time there were proof coins being created with examples reported for large cents and half dollars with quarters and dimes known from the following years, while the first proof half cent would seemingly have appeared in 1825.

Our information is not perfect and discoveries can always be made and debated, but with relative certainty we can suggest that the period around 1817 was the first real period where proofs can be found.

The idea of a proof set probably took longer, but we know that by 1834 the concept existed for the simple reason that it was in that year that the State Department ordered proof sets for a diplomatic mission that included giving a set to the Sultan of Muscat and another to the King of Siam. That order for special sets proved to be significant for a number of reasons.

The most important aspect of the sets created in 1834 was that officials were confronted with a problem in that the silver dollar and gold eagle had not been produced since 1804 when their production had been suspended. Officials did not want to present sets lacking a couple of denominations, so they consulted the records to determine the last production date for both the gold eagle and silver dollar.

That date according to the records was 1804. What the records did not show was that the gold eagles made in 1804 were actually dated 1804, but that the silver dollars produced that year were dated 1803 as the practice of using dies even in years following the date on them was not at all unusual at the time.

The decision was to simply order special strikes of an 1804 gold eagle, which actually turned out to be slightly different from the original, as one had a plain and the other a crosslet "4," but in the case of the 1804 silver dollar, that was an entirely new issue that would become the most famous of all U.S. silver dollars.

The sets created in 1834 were, however, for the State Department and as a result they did not start a trend. What proof production there was tended to be individual coins and not a program offering complete sets. It is certainly possible that advanced collectors of the period might have assembled complete sets, but at least at the time there was no regular offering of sets.

There was another interesting event a few years later and that was the production of the first branch mint proof. While proofs produced at facilities other than Philadelphia would remain the exception to the rule where proofs were concerned, the fact is that there was a number made in other facilities over time and they usually were important.

The opening of the New Orleans Mint provided an opportunity to produce special issues and it appears that perhaps as many as 20 special 1838 half dollars were produced to mark the event. With such a small mintage, the 1838-O is a significant rarity today and one with a special place in history as it really opened the door in terms of proof production at facilities other than Philadelphia even though few would have considered it important for that reason back in 1838.

It is probably no accident that the Mint began to produce proofs routinely for sale starting around 1860. The roots of the idea of producing proofs for anticipated demand probably tapped events surrounding the 1856 Flying Eagle cent. The 1856 Flying Eagle cent was basically a pattern designed to show lawmakers what a new and smaller cent would be like. The little show and tell conducted in Congress resulted in approval for the new small cent and it also resulted in a number of the 1856 Flying Eagle samples being pocketed by members of Congress and others. The Flying Eagle cent was technically approved and released the following year, but word of the 1856 coins leaked out and collectors beat a path to the Mint asking for examples.

In the end, the Mint produced both proof and business strike 1856 Flying Eagle cents that were sold to collectors. That made collectors happy but the sale of perhaps a couple thousand 1856 Flying Eagle cents opened eyes at the Mint to the possibility that there was a small business possible in selling proof coins to collectors.

During the 1860s despite the fact that the Mint was busy with a Civil War and all of the complications that included a change in the composition of the cent, a new two-cent piece and the introduction of new copper-nickel three- and five-cent coins, a small and regular production of proofs took place. The program was still in its early stages and as a result some of the proofs of the period are better while others such as the small motto two-cent piece, 1864L Indian Head cent or 1867 "with rays" nickel are significant rarities in proof.

In some cases the mintages of the period are suspect. We have reasonable information as to the likely totals, but we are uncertain that the entire mintage was sold. In fact, there are stories of unsold coins being acquired for face value by some who had contacts at the Mint and that fact suggests that melting of unsold coins was a routine practice as a circulated coin would simply be slipped into the proof supply, which would be melted and as the coins were not checked no one would have discovered the trade.

We could hardly expect the proof program such as it was to grow during the difficult period of the Civil War. In addition, once the war was over, economic times were tough well into the 1870s, but despite the problems, the popularity of proofs with collectors is hard to dispute.

The mintage totals for proofs during the period from 1860-1890 would vary for a variety of reasons, but the long-term trend was definitely to higher mintages. In fact, there is very strong evidence that collectors of the period were happily assembling some sets using only proofs. The mintages might have been less than 1,000 pieces, but the supply of many proof dates from the period and especially in the case of key dates is actually far better than our supply of MS-65 pieces for the same period.

It might seem odd, but a number of denominations were only being made in Philadelphia and in the case of those denominations that included the lower denominations that were more popular with collectors, a proof would fill a hole for a date at least as well as a business strike. As it turned out, the proofs would generally receive good care as they were only acquired by collectors and that means today if you want a cheaper version of a date like the 1877 Indian Head cent, the way to get it is to buy a Proof-65.

The situation continued for many years and in addition there were periodic instances where a date would be produced only in proof. The proof-only dates were especially common during the period when Morgan dollar mintages were required. Perhaps the nation did not need some denominations or perhaps the strain of producing Morgans required lower mintages of other denominations, but whatever the reason, there were assorted proof-only dates.

The 1895 Morgan dollar is the most famous proof-only date for most and it was the only proof-only Morgan. It is not, however, the lowest mintage or most valuable proof-only date as proof gold coins of the 1800s are legendary, with mintages sometimes below 100 pieces with just a small number surviving, as there were few to collect and save such upper denominations at the time.

The dawning of a new century saw changes in proofs. Even the types of proofs being produced would change. The matte proof was introduced. Such a coin ended up with a dull or granular surface, while the satin finish proof would end up with a different appearance.

A sand blast proof is a variation on the matte proof, while a Roman finish proof is seen on some gold coins from 1909-1910 and it is a variation on the satin finish.

The evolution would continue with brilliant proofs being produced until the 1970s when they were replaced with frosted proofs still seen today, although in a couple of cases the Mint has dusted off the idea of matte proofs for special offers.

Around 1916 the relatively regular offering of proof singles or small sets was stopped. As there had never been an official program, there was no reason given for the decision, although there were definitely fewer proofs in the following years, there were still a few, such as matte finish 1921 Peace dollars and perhaps two dozen brilliant proof 1921 Morgans.

For roughly two decades it was definitely the exception to find a proof, but then in 1936 the first of what are considered the modern proofs appeared. The 1936 set including five denominations and had sales of 3,837 sets.

That results in a price today of $7,500, which is up from $5,600 in 2002 and $3,700 back in 1998. It and other early sets featuring the few proof Walking Liberty half dollars and Mercury dimes are popular, but difficult to find in their original holders. We see the situation in high prices such as $4,350 for the 1937 set while all others through 1942 are in a range from $1,375 to $1,900.

The proof set program was really just getting started when World War II broke out. The fewer than 4,000 sets sold in 1936 had reached 21,000 in 1942, but the impact of the war was seen immediately. The final year in 1942 saw both 5- and 6-coin sets reflecting the fact that the nickel was changed in the fall of 1942. The 6-coin set featured both the regular and new composition nickels, with the 6-coin set currently at $1,475 while the 5-coin set featuring only a regular composition nickel is at $1,375. The two sets of 1942 were the last until 1950 as the Mint turned its attention away from special sets and to the special needs of a nation at war.

The return of the proof set in 1950 saw a new price of $2.10 and that price would last until 1964. The sets of the 1950s tend to reflect the growing interest in coin collecting as the sets of 1950 and 1951 had sales in the 50,000 to 60,000 range, which results in price of $740 for the 1950 and $630 for the 1951 while the higher mintage 1952 and 1953 are $285 and $250, respectively.

Sales were increasing and the 1954 and 1955 sets reflect that fact as well as experiments with packaging as the 1955 set came in either a box or flat pack with prices today between $110 and $168.

The sets from 1956 through 1964 tend to be the most readily available group from the $2.10 proof set price era. The better sets from the period are the 1956 and 1958, although in the case of all sets from the era, there is a potentially surprising factor having an impact on supplies as the sets from the era were subject to melting when the price of silver rose to its peak in early 1980.

Historically, there has never been another period where proof sets were melted in quantity, but if silver reaches certain levels it could be tempting once again.

There were no proof sets during the period from 1965-1967 as the government in its attempt to discourage collecting was offering only so-called Special Mint Sets. Finally in 1968 with the national coin shortage over, the government returned to proof set production, but with some changes as the issue price was raised to $5, but the biggest change was that the sets were produced in San Francisco and not Philadelphia and the half dollar, quarter and dime were all proof-only.

The changes would continue with the nickel becoming proof-only in 1971 and the cent following in 1975, making every proof set since that time a set of five or more proof-only San Francisco coins and that has had a dramatic impact as collectors assembling sets need those San Francisco coins to complete their them. Moreover, the addition of silver sets in 1992 has added to the situation as the silver proof-only San Francisco coins in the silver sets are also potentially an addition to a regular collection of a denomination.

The proof-only singles alone are interesting, but the sets over the period have produced an interesting group of errors such as in 1971 when 1,655 sets had nickels lacking a mintmark, which puts those sets at $1,850 today. There have been others as well, including a no-mintmark dime in a few 1968 sets, which are now priced at $17,500, and the 1975 no-mintmark dime set is an even higher $46,500 price. Later sets included a 1983 with no- mintmark dimes and a 1990 set with a no-mintmark cent and with all error sets being at least $1,000, they make for an interesting group for the specialist and for those lucky enough to obtain one in their regular order as a pleasant surprise gift from the Mint.

The trend toward more offerings has included variations on the regular set, with commemoratives being added to create Prestige sets and other combinations. Of course, the once simple $2.10 proof set has given way to a situation where collectors can spend a good deal more simply acquiring the basic sets from a specific year. The $2.10 option of 1963 had been replaced with an explosion of proof set and partial proof set options.

The situation has also changed dramatically in terms of what happens to sets in the secondary market. A set used to move only slightly in price for long periods, but now with sets being broken up for the sale of certain singles, the supply of any given set is always in doubt and that has produced prices that can move up or down wildly in a relatively short period of time. A 2001-S silver set for example was priced at $31.95 from the government but it is now $89 while the regular 1992-S set has actually fallen below its issue price. The 1983-S set is also down, but the 1997-S set went from an issue price of $12.50 to $60 and then back to $26.50 while the 5-quarter 1999-S set which sold for $13.95 is also $49.95. Such price swings are totally foreign to those who paid $2.10 for a 1959 set only to see it at $2.20 in the mid-1960s.

The continued growth in interest in the proof-only San Francisco coins that include 50-state quarters is not likely to change in the near future and that means we are in for a period of very volatile prices when it comes to various proof sets.

A shortage of a specific date can very easily push a set higher and with so many dates to potentially be in short supply it seems likely that the future of proof sets will almost always see at least one set having a period of rising prices at any given time. Those who collect proof sets in the old-fashioned way simply to have a collection can ignore the ups and downs. But can anyone really ignore those price swings?
Source: numismaster.com

Free safes? Valuable coins? Probably not

The newspaper story sounded like a great deal: "Free armored safes being doled out to the public," the headline said. And they're stocked with "4,100 brilliant, never-circulated U.S. Govt. issued coins that by law will never be minted again."

Wow.

The story even featured a picture of a delighted senior from Perry Town, Ohio taking delivery of her waist-high steel vault from the very official-sounding "World Reserve."

Problem is, the item wasn't a news story. It was a full-page ad that ran in the Sentinel and in papers across the country last month. And, of course, there was nothing really free about the offer.

To get the safe, you have to pay for 19 monthly shipments of those ultra cool coins -- you know, those "brilliant, never-circulated" ones that "will never be minted again." But that's got to be a bargain right? I mean 4,100 super coins for the low, low price of $98 a month (for 19 months).

Let's do some math: $98 x 19 months = $1,862. Plus safe shipping costs.

And for that, you get 100, $1 coins (total value $100) and 4,000 nickels (total value $200). Hmm. Looks like you're paying $1,862 for $300 in coins and a "free" safe.

Don't take my word for it, I don't know anything about coins. Listen instead to Robert Hoge, curator of North American coins and currency at the American Numismatic Society.

"This basically just looks like a crafty method for selling safes, taking advantage of the feeling of financial panic that many people have. It seems ... to be clearly geared to take advantage of frightened elderly people."

I love a numismatist who cuts through the crap.

Here's the thing: When the economy sinks, a lot of people do a lot of things to separate you from your money. Fear is a terrific motivator and the ad here deals it out in spades. It uses the word "hoard" -- as in your "personal hoard" of coins -- a dozen times. It asks, "Are banks safe?" and answers, "Well, maybe."

It talks about the "frantic demand" for coins and promises that the offer "ends public worry for those who rush to buy up hoards of brilliant, never-circulated U.S. Gov't issued coins ..."

But my favorite part is the quote attributed to the elderly customer in Perry Town, Ohio (a place I couldn't find on Google, by the way) who says:

"I wanted this whole hoard of U.S. coins as a nice nest egg. I'll also set aside some of my hoard for my Grandchildren. Now I don't have to worry about where to keep my important papers and my Grandfather's gun ..."
Source: blogs.orlandosentinel.com

1804 $1 Class III Coin Brings $2.3 Million At Heritage Auction

The Adams-Carter Class III 1804 $1 coin sold for $2.3 million, including the buyer's premium, Thursday, April 30, as part of Heritage Auction Galleries' Platinum Night Auction at the Central States Numismatic Society's annual convention. The total represents a new world record for a Class III 1804 $1.

The coin takes its name from its second owner, Phineas Adams, and its most famous modern owner, Amon Carter Sr, the former publisher of the Fort Worth Star Telegram. The purchaser of the coin is Bedminster, N.J., coin dealer John Albanese, who is no stranger to famous and expensive coins: a few years ago he sold a 1913 nickel for more than $4 million.

Eight of the 1804 coins were ordered struck by the US Department of State in 1834 to be given to foreign heads of state, including the King of Siam and the Sultan of Muscat. One specimen was made in 1857, possibly illegally, and the other six, including the Adams-Carter dollar, were made sometime after that, also possibly illegally. It is precisely this mystery and intrigue, not to mention the numerous famous owners and stories surrounding the coins, that make it collectively the single most famous coin in the world.

The Adams-Carter is the best 1804 coin outside the specimen currently held by the Smithsonian.

Another issue, the 1933 double eagle $20 gold coin, with an auction record in excess of $7 million, holds the title of most expensive coin, at least based on past sales. However, no other US coin is popularly accepted as the "King of Coins." The 1804 silver dollar is clearly the most famous coin ever struck at a US mint. Its rarity has been documented for more than 150 years.

Source: antiquesandthearts.com

2 people arrested in coin theft case

Investigators in Utah County may have solved the burglary of more than $12,000 worth of gold coins. Two people have been arrested in connection with this twisted case.

Lone Peak police detectives didn't want to comment on the case because they say it is still under investigation, but court documents tell the story of the stolen gold coins, some of which appear to have been stolen twice.

The case began back on April 10 when police say 27-year-old Alexis Vanderhoeven burglarized a home in Alpine and took $12,000 in coins.

She was arrested a week ago and booked into jail, and from her interview with detectives, she directed them to a storage unit complex in Provo.

Police contacted the person who leased the unit, Kip Gneiting. He is said to have opened the unit for police, who found a suitcase with gold and silver coins.

According to the probable cause statement, Gneiting claimed he had inherited the coins.

Two days later, detectives got a tip Gneiting had gold coins at the relative's home he was staying in. It turns out Gneiting had stolen some of the coins from Vanderhoeven, who took them in the first place.

She remains in jail on several charges and has a long criminal history. Gneiting has posted bail and is out of the county jail.

Vanderhoeven was charged yesterday with felony burglary and theft. Charges against Gneiting are still pen
Source: ksl.com

Recession not an issue, coin collectors say

The Howard Johnson Plaza Hotel ballroom showed little sign of the recession as coin collectors milled about, trying to improve their collections.

David Bavousett said that the market for collectibles might be a tad down in some areas but that Sunday's Key City Coin Club show had no sign of a sluggish economy.

"I think the last several months have seen a slide -- not a plummet -- just a slip," said Bavousett, a member of the Key City Coin Club and bourse manager for the event.

Bavousett said that 80 were in attendance and that vendors came from as close as Abilene, Lubbock, Odessa and the Dallas-Fort Worth area with one vendor coming each from New Mexico and Arizona.

"Most vendors, except one I talked to, reported covering their expenses to come here," he said.

One Abilene coin collector who had a booth at the event said he's seen no effect on the coin collecting market from the economy.

"We had a good show; I've done well," said George Wright, of Abilene. "I don't see (an affect). I think it's holding up well."

Another vendor said he saw a coin collection sold to one vendor at the event for $22,000.

After buying the collection, Gabriel Menken said the vendor didn't have a hard time selling what he had just acquired.

"The market's here," said Menken, another local coin collector who had a table at the show. "I don't understand, but it's here."

Menken said he believes the high prices of silver and gold make coin collecting one of the easiest ways to acquire such metals.

Also, the hobby is not one that loses money. Though he said his wife may question some of the purchases he makes on coins, Menken said the money he's spent on coins has not gone to waste.

"With this I still have every dollar I've ever spent," he said.

Bavousett said there are some side affects on coin collecting because of the recession.

The 2009 pennies, for example, have a different printing on the back this year from previous years. However, Bavousett said people are not seeing the new pennies in circulation because banks are receiving more coins than normal from people cashing in loose change for extra money.

So the price for a 2009 penny at the show Sunday might seem a little skewed.

"Vendors were selling new pennies for a quarter," Bavousett said. "One dealer (asked) for $1, because they're hard to get."

The coin show was the first for the Key City Coin Club in two years, but the club meets on the first Thursday of every month at Rose Park Senior Citizens, Classroom B at 7 p.m. and are open to the public.

The meetings contain an educational portion and an auction on coins for adults and children under 18.

Bavousett said with the increase of variety on U.S. coins, more people are becoming interested in coin collecting.

"Prior to 1998, there were no substantive changes to U.S. coins -- nothing exciting," he said. "The mint is getting exciting again. We're starting to see new collectors."
Source: reporternews.com

Silver Roman Coin

Collectors of the silver roman coin will understand the long history behind roman silver coins and how they came to originate.

In fact there are even books written about the roman coins with lists of the coinage available.

Generally the silver coin range was from around 27BC to several hundred years AD, with most coins featuring the head of the Roman empire.

To acquire these sorts of coins one would have to have a keen interest and some experience to know just what you are buying. There are specialist dealers that deal exclusively in ancient coins so it pays to shop around.

Buying ancient roman silver coins would not be advisable through an auction such as eBay unless one is very well versed in the types and conditions of such coins and clearly knows what one is buying.

Nevertheless it can be a very interesting hobby and such coins can usually be had for a few hundred dollars or less.

Just some important points to keep in mind.

Pick a reputable dealer. There are some fake silver roman coins around and, although there are people who like to collect those, mostly they are sold with a view to cheat people and so you would not be getting genuine ancient silver roman coins.

Ensure you can get a certificate of authenticity or at least a guarantee that the coin is genuine.

Make sure you can return the coin of found not to your satisfaction.

Don’t buy coins from people you do not know or who advertise coins in newspapers.

Coin collecting clubs are also a good source of coins, especially clubs that specialize in ancient coins. This is also a valuable resource to learn more about roman coins.

You can build up a very good silver roman coin collection provided you do some due diligence and ensure you study well and know what you are buying.
Source: goldprice.org