Gold Rises and Morgans Sought

Gold has clearly risen above that magical $900 level on all sorts of better economic news. Silver hit an impressive $14.10 and platinum is approaching $1,200 on strong oil prices. Demand for and therefore premiums for precious metals have firmed in the last several days while delivery time seems to be constant among most wholesale suppliers. In Cincinnati at the Central States show we had a large group of world gold coins from an old collection and were able to sell them at about 8 percent over our anticipated realization. Strong markets are a pleasure to deal in.

Speaking of strong markets the 1804 dollar brought a respectable $2.3 million to an Internet bidder who is well known in the trade. More importantly numerous items, including the 1876-CC 20 cents, showed strength across the board.

Morgan dollars remain strong on all the low-end issues. There is strong demand for many common date BU issues because of a new promotional buy list requiring several hundred each of about 20 different dates. The better date issues are mixed. Weakness shows in some of the previously overpromoted dates. Peace dollars have shown some weakness in the MS-64 range for a handful of scarcer dates.

Proof and mint sets are quietly firm with some noticeable strength in several later date silver sets beginning with the 1976 set.
Source: numismaster.com

Trial More Likely In Swift Case

Like two heavyweight champion boxers, the slugfest between the United States of America and the descendants of Philadelphia coin dealer and jeweler Israel Swift over the fate of 10 1933 double eagles continues in a titanic federal court battle.

Both sides are likely to stay in battle mode, thanks to a busy May 7 court date before federal Judge Legrome Davis of the U.S. District Court for the Eastern District of Pennsylvania that resulted in an opinion and four separate court orders on the now three-year-old matter.

In a 19-page, 5,800-word opinion on cross-motions or applications from both sides that were both aimed at knocking out the other side's star expert witness, Judge Davis found that neither side connected and ordered them to continue negotiating with each other while simultaneously moving the case toward summary judgment or a trial.

The pugilistic contest is over whether the 1933 double eagles lawfully left the Mint and now whether or not the government must allow the Langbord family to regain possession of 10 double eagles dated 1933 that were turned in for authentication. Mint laboratories say the coins are genuine.

One t.k.o. was scored by plaintiff's attorney Barry Berke who objected to being bombed with a request from the government that was hundreds of pages long, asking for various admissions, a technical way of speeding up the trial of the case. Berke said the questions were extraneous and irrelevant; the government said, in essence, tough tarts.

Judge Legrome tossed the admissions on the technical ground that the government failed to negotiate in good faith over the differences with Berke, who represents Joan Langbord and her two adult sons, the daughter and grandchildren of Swift.

The occasional coin dealer's imprimatur appears on virtually all known 1933 double eagles that escaped the Mint's melting cauldrons, including the King Farouk specimen that Sotheby's and Stack's sold for $7.59 million in 2002, and 10 more brought forth by the Langbord clan.

Berke also led the defense team when dealer Steve Fenton tried to sell King Farouk's specimen in the United States, only to have it seized by the government. That resolved itself successfully with the multi-million sale, and probably created the opportunity for the succeeding litigation.

In the latest skirmish between David and Goliath, the U.S. was trying to remove Berke's expert witness, Q. David Bowers, the well-known dealer, on the grounds that he was not an expert; that he had no direct knowledge of the coin's removal from the Philadelphia Mint and that his opinion was not scientific.

Not surprisingly, Langbord's trial team was trying to toss David Tripp, who cataloged the Fenton coin and wrote a best-selling book about the "illegal" coin, on the same grounds namely that he wasn't an educated historian or expert and had no direct knowledge about how the 1933 coin left the Mint.

Both experts took the same set of facts and came to different conclusions one that the coin left the Mint lawfully, the other that it left illegally. The judge essentially said both men were highly qualified, and that they used the facts to reach a hypothetical conclusion was permitted. The battle of the testifying Davids therefore will continue.

Summary judgment motion components are due to be filed by the week after Memorial Day, and either a decision or a trial will then follow.
Source: numismaster.com

Coins tossed in a fountain

Coins dropped into the fountain near the Lundquist Emergency Department at Torrance Memorial Medical Center are collected once a month, cleaned and provided to the Volunteer Auxiliary to support patient services such as pet visitations, clown visits, piano playing and knitting/sewing services, according to Torrance Memorial's Volunteer Services Department.

The Torrance Memorial Volunteer Auxiliary's more than 800 volunteers serve the patients, visitors and staff of the hospital by escorting patients in wheelchairs, playing piano, running errands, and operating the all- volunteer-run gift shop, according to the department.

In addition, the auxiliary holds several fundraisers throughout the year. All funds raised by the auxiliary support Torrance Memorial programs, which have included the new main tower and the expansion of the Emergency Department, among others, according to the department.

In 2009, the auxiliary donated $212,000, which included the coins tossed into the fountain. Coins thrown into the fountain amounted to $294 in 2008 and were included in the auxiliary's check presentation made in January to the Torrance Memorial Health Care Foundation, according to the department.

Surce: dailybreeze.com

Why the Silver Surfer Isn’t the Coin of the Realm

The studio behind a coming summer movie, “Fantastic Four: Rise of the Silver Surfer,” has roused the ire of the United States Mint with its promotional gimmick for the film, in which Marvel Comics superheroes battle a metallic alien.
The studio, 20th Century Fox, hired the Franklin Mint, a private company that manufactures scale models, statuettes, pocket knives, medallions and collectibles, to place a full-color image of the Silver Surfer, complete with Web address, on the backs of 40,000 California statehood quarters.

The altered coins (which are not in fact silver) were distributed nationwide in the period leading up to Memorial Day. Visitors to the Web site can compete to win a prize in connection with the movie’s June 15 release (finding one of the coins is not required).

But the United States Mint, which is the exclusive maker of American coinage, took exception to the stunt. Although it is not illegal to deface American coins as long as there is no intention to defraud, it is illegal to advertise on coins, the mint pointed out last week.

M. Moshe Malamud, chairman of the Franklin Mint, denied that what the company put on the coins was an advertisement. He said it “enhanced” the coins to make them “commemorative,” as it did a few years ago when it added images of Elvis Presley to millions of Tennessee state quarters.

A spokesman for the United States attorney’s office in Los Angeles, where Fox is based, declined to comment on the matter yesterday.

The United States Postal Service, meanwhile, plans to issue a sheet of 41 cent stamps in July featuring 10 Marvel Comics characters. Among them are the Silver Surfer and Spider-Man, the subject of another summer movie. A similar sheet showing DC Comics characters was issued last summer. Congress made it legal last year to use commercial images on postage.

Some of the Silver Surfer quarters have shown up on eBay, where collectors have paid as much as $149 each — a high price for a quarter, but modest in comparison to the $250-plus that was bid recently for an original copy of the first issue of the Silver Surfer comic book. The Silver Surfer first appeared in a Fantastic Four comic book in 1966; he was given his own title in 1968.
Source: nytimes.com

Lazy Deuce

One of the famous relics of the U.S. Civil War is the "Lazy Deuce" National Bank Note. It's readily apparent how this note acquired its colorful "supine two" sobriquet.

Since First Charter Lazy Deuces of the Original Series and Series of 1865 are the only notes of this denomination of large-size Nationals, these tilted twos are a significant type note. Also, no small-size $2 Nationals were issued, so these notes are a denominational type as well.

National Currency was introduced to marshal resources of the Northern financial machine behind the war effort to suppress the Southern Rebellion. Prior to this time our federal government struck and regulated the value of coinage, but left the field of paper money circulation in the hands of the states. Approximately 1,600 state banks were in business on the eve of the Civil War with a circulation of about $200 million.

The Lazy Deuce horizontal numeral "2" is actually a remnant of those halcyon days of state banking. One of the major problems of that era was raising the value on bank notes. For example, a $1 bill would be raised to a 10, or a two to a 20.

A countermeasure was to print an oversize horizontal two, or three, or five, etc., across the face of a note to foil alterations of its face value.

When war broke out and the central government needed to sell bonds to pay for arms and men, the Republican administration determined to set up a system of nationally chartered banks, whose note circulation would be secured by federal bonds. This improved bond sales and raised much needed funds for the war effort. A circulation tax on state notes impeded remnants of that system.

On Feb. 25, 1863, Congress authorized National Banks and National Bank Notes issued to the extent of 90 percent of qualified bonds deposited with the Comptroller of the Currency. Bank charters lasted 20 years. Notes were authorized in denominations of $5 to $1,000.

To increase the quantity of small notes in circulation, $1 and $2 National Bank Notes were authorized for issue by the Act of June 3, 1864, until such time as the U.S. Treasury resumed specie payments.

Production of plates for these $1 and $2 notes commenced Jan. 2, 1865. The initial delivery of $1 and $2 First Charter Nationals to the Comptroller of Currency for issuance to banks was on Mar. 28, 1865. The first $1 and $2 Nationals actually delivered to a bank was to the First National Bank of Akron, Ohio on April 1, 1865.

In addition to its large numeral "2" these notes have a vignette of a seated female holding "Old Glory," a particularly appropriate image for a wartime issue. The vignette, engraved by Louis Delnoce, is titled "Stars and Stripes."

Most Lazy Deuces were printed four-up: three $1 notes with one Lazy Deuce at the bottom of the sheet. A small number of banks received $1-$1-$2-$2 sheets. Records of the Comptroller of the Currency indicate that 7,747,519 in $2 Lazy Deuce National Bank Notes were issued in the two First Charter series. Approximately 80 percent of them were Original Series notes, and the remaining one-fifth Series 1875 notes. The quantity of Lazy Deuces in circulation peaked at about $3 million in 1869.

On Mar. 3, 1875, Congress prohibited circulation of further $1 and $2 National Bank Notes once specie payments were resumed. Last shipment of $1 and $2 Nationals occurred on Jan. 22, 1879, to the First National Bank of Warren, R.I.

Catalogs recognize seven varieties of Lazy Deuce, Friedberg Nos. 387-393. Records indicate that 1,430 banks in 41 states and territories issued $2 Nationals.

High point is New York, where 228 banks issued these notes.

Approximately 1,700 Lazy Deuces are known extant. Buyers - other than type collectors - are generally shopping by state, city or particular bank.

Issuance of additional small denomination $1 and $2 National Bank Notes was contemplated after the turn of the century.

An amendment to the National Bank Act of Oct. 5, 1917, authorized a token amount of no more than $25,000 by any bank, but these notes were never prepared.
Source: numismaster.com

Nevada's Storied Carson City Mint

The Carson City Mint is one of our more storied institutions. The coins struck there have long been a favorite of collectors and at the present time, for example, Morgan dollars with the CC mintmark are in strong demand for several key dates.

In many ways the rise of this mint parallels the Western mining boom in silver. Prior to 1859 little silver was mined in the United States but this was to change when Peter O'Reilly and Patrick McLaughlin discovered a large outcropping of silver near Johntown, Nev.

Prospector Henry Comstock later stumbled on the rich find and claimed he had found it days before. The discoverers, fearing a lawsuit, reluctantly gave Comstock an equal share; for some perverse reason the find later became known as the Comstock Lode. Comstock and McLaughlin sold out for relatively small sums and were soon broke. O'Reilly did a little better at $50,000 but unfortunately had a good ear for spirit voices, which told him to sink a worthless shaft in a barren mountain.

The outbreak of the Civil War in 1861 created an insatiable demand for gold and silver to fund the Union war effort. Great sums of money were needed to pay for war materiels imported from Europe. Every bit of ore that could be taken from the ground was important.

There was an unexpected result to all of this activity. Local citizens decided that, if California could have a mint, why not Nevada? By late 1861 this idea had crystallized and the Nevada territorial delegate to Congress was busy promoting it.

In June 1862 the House of Representatives asked Treasury Secretary Salmon P. Chase for his views. Chase had none, war-time finances occupying his attention, so he wrote Mint Director James Pollock in Philadelphia for an opinion. Pollock ridiculed the idea as a waste of money, noting that the San Francisco Mint could easily handle the Nevada output. Chase told Congress to forget the idea.

Congressional proponents slipped a bill authorizing the new mint past senators and representatives. In March 1863, faced with an accomplished fact, the Treasury dispatched H.P. Bennett to the Territory to find the best site. He returned in January 1864, having chosen Carson City. While Bennett was in Carson City, he met Abraham Curry, who was to be seen again and again as the history of the new mint unfolded.

Despite the law, the Treasury was less than enthused about the entire project and persuaded key congressmen to delay funding. However, the delaying tactics eventually failed and Congress approved $150,000 for the new mint, including machinery. Had Congress known of the eventual cost, the delaying tactics might have been a little more successful. The final tab for this mint came in at about $500,000.

Curry was appointed to the commission overseeing the erection of the mint building but also submitted a construction bid. He got the contact and promptly resigned as commissioner to become contractor Curry.

Various delays ensued and the cornerstone was not laid until Sept. 24, 1866. By late 1867 most of the building was finished but without the necessary touches in the interior rooms. During 1868 and 1869 the interior was completed and the machinery, sent from Philadelphia, was installed.

Enough of the building had been finished by April 1869 that it was now necessary to appoint a superintendent of the new mint. And who would it be? Why, none other than Abraham Curry.

All had gone reasonably well to date, but even Curry was not a magician. Two of the appointed officers, Thomas Luther as melter & refiner and D.W. Balch as assayer, refused to show up. Thinking that he would still be able to open in November or December, Curry requested 1869 dies and they arrived in late October.

Unfortunately Curry was unable to solve the officer problem until December, delaying the formal opening of the mint until Jan. 3, 1870. By then Frank Hetrich was onboard as assayer and Jacob Ringwalt as melter & refiner. Joining them was Ezra Staley as coiner.

The formal opening had its expected results with bullion brought in for coining. As the dies for 1870 had not yet been received, Curry asked Mint Director Pollock for permission to use the 1869 dies. Turned down, he was forced to wait until early February for the new dies.

There were 43 employees at the Carson City Mint by late January 1870 and this number would grow to 86 within six years. The work force included several women hired to adjust the planchets, as they were considered better at this task then men.

By late in January final preparations were underway for the first coinage. Coiner Staley delivered 2,303 silver dollars on Feb. 10; all had been struck that day. The coining operations probably took little more than two hours, even if one includes the usual ceremonies.

Curry lost little time in ordering the coinage of gold after that of the silver. On Feb. 15 Staley delivered 1,644 gold $10s. The first gold $5s came on March 1 while gold $20s would see the light of day on March 10.

Because Curry wanted to strike as many denominations as possible for publicity reasons, he was not able to return to the silver until April 1870. On the ninth of that month the first half dollars were minted, followed by quarter dollars 11 days later. Dimes were not struck until 1871.

In September 1870 Curry resigned his office to run for lieutenant governor. He lost, one of the few times in his life that this happened. His successor was Henry F. Rice, the local Wells Fargo agent. Rice in turn resigned in May 1873 and was replaced by Frank Hetrich. The latter proved to be somewhat skilled in antagonizing the wrong people.

In the meantime came one of those curious events that seemed almost normal at Carson City. The request for 1872 dies had been made in November 1871, but the order was not shipped until January 1872. Heavy snows then blocked the railroads and the dies did not arrive until Feb. 24.

Rice, however, had begun coinage earlier in February. The coiner had delivered 14,000 half dollars, 900 gold $10s, and 2,750 gold $20s. However, as the dies for 1872 had not yet been received, dies of 1871 had to have been used. Or were they?

Howard Hickson, in his history of the Carson City Mint, states that the superintendent had borrowed 1872 obverse dies from San Francisco. The coiner "could not use their mint mark so he ordered only one side of the coins struck. On February 19, the new dies arrived and the job was finished on the half-completed coins." This account, which used local newspaper stories, cannot be trusted as coins are not struck one side at a time. Perhaps obverse dies were borrowed and the coins struck normally, but if that was the case, why not just say so?

The low Carson City coinages of the early 1870s have been the cause of speculation. Some think the Treasury had a policy of small coinages to justify closing the Mint. This is inaccurate, however, as the level of coinage had nothing to do with politics.

In his report for the fiscal year 1872, Rice stated that $8.5 million worth of silver and gold bullion had been deposited. He went on to note, however, that very little of this had actually been turned into coin. Most of the depositors simply used the Mint as an refining institution to prepare ingots for shipment elsewhere.

The coinage of early 1873 is especially interesting. A new coinage law, slightly increasing the weight of the subsidiary silver coinage (the dollar was abolished and replaced by the Trade dollar), mandated that all old silver coinage on hand be melted. It was no longer legal for the mints to release silver coins struck under the old standard.

When the new law went into effect, a considerable amount of the old silver coinage was melted and used as bullion for the new coins struck after March 31, 1873. This action created instant rarities, such as the 1873-CC dime and quarter dollar without arrows. (Silver coins struck after March 31 had arrows at the date.)

Minor silver coinage was relatively heavy during the 1870s at Carson City but not due to local demand. The nation had finally begun to go off the curse of paper money caused by the Civil War and President Grant was determined that silver coins once more be used in American marketplaces. Carson City played a key role, with most of its coins being shipped to the East.

It was during this time that Hetrich's problems began to multiply. Complaints led the Mint bureau to send out an investigator in the summer of 1874. He reported that Hetrich was fully competent as superintendent but had the disability of being a drunken gambler. The investigator extracted a promise that the drinking and gambling would cease but two days later Hetrich appeared in a local hotel, drunk and making threats. James Crawford soon replaced him.

During the 1870s Carson City was also well known for striking the Trade dollar, a coin introduced in the summer of 1873 to combat the growing surplus of silver in this country. The idea was to send the coins to China and Henry Linderman, who became Mint director in April 1873, pushed the Trade dollar as his pet project.

Over the next several years there was a series of allegations over Carson City Trade dollars. Part of the problem was tied up in the domestic politics of the period. The Trades had been allowed a limited circulation in this country, with a legal tender of $5 in any one payment. The unwanted domestic circulation sharpened the eyes of those having to use them and there were frequent complaints about their quality, especially those from Carson City. As early as the fall of 1875 a special agent of the Treasury forwarded what he said were defective Carson City Trades to Washington.

Philadelphia experts decided that Carson City, which hardened its own dies, had done a poor job in this case. Chief engraver William Barber claimed that improper hardening at Carson had caused the dies to sink (collapse) around the rim. Philadelphia solved the problem by sending dies that were already hardened.

The beginning of the 20-cent coinage at Carson City in 1875 was to produce one of the classic rarities of American numismatics. The story began in 1874 when Sen. John Jones of Nevada introduced legislation calling for this denomination. He claimed storekeepers were shortchanging customers because of a lack of small change. He was successful and the 20-cent piece was soon coined for a public that would not use it.

Only 10,000 1876-CC 20-cent pieces were coined, but nearly all of these were melted when the denomination was abolished. Some people believe that the coins mysteriously disappeared from the Carson City vaults but the truth is a less dramatic. Local collectors could have gone to the Mint and simply asked for current coins.

The next challenge to face the Carson Mint was the Morgan dollar coinage of 1878. When the great experiment with the Trade dollar failed, silver producers combined with Populists and Greenbackers to demand additional silver coinage. Sen. Jones was a key element in this fight and his early "success" with the 20-cent piece made the political forces favoring silver aware of their own power.

Despite increasing strength of the silver forces, Eastern bankers fought the cheap money program with all the political force they could muster. The debtor class wanted silver and inflation. Those who were owed the money wanted the same value back. In February 1878 there was a compromise, called the Bland-Allison Act after the chief sponsors.

The Bland-Allison Act authorized an immense coinage of silver dollars with the government buying a large amount of bullion each month at the current market price. There were problems at first with the dies at Philadelphia and experimentation was the order of the day. A second reverse hub was then made and this was thought good enough for the time being. Dies were now sent out to the other mints.

The Carson City Mint would almost certainly have been closed had it not been for the new Morgan dollar. In 1862, when silver had left circulation because of the war, much of it was melted but an equally large amount went to Canada and Central America. In 1877 there was an unexpected inpouring of this silver from these same areas.

Combined with the heavy silver coinages of the mid-1870s, Treasury vaults were now filled to overflowing. The Treasury reacted by halting minor silver coinage and it was some years before subsidiary silver once again began to be struck in quantity, but not at Carson City.

Carson had few problems with the Morgan dollar coinage until 1880. In late 1878 the third reverse hub had been executed and within a short time all of the mints were using dies from the new hub. Dies from the second reverse were used until all were gone. All, that is, except at Carson, where some were stored in the coiner's vault.

Coiner Levi Dague began using these old dies in the fall of 1880 and found that they would not strike a quality coinage. He did not realize that the radius (curvature) of the dies had been altered and the old honing instruments would not work.

Crawford forwarded Dague's concerns to Philadelphia in October 1880 and chief engraver Charles E. Barber soon discovered the cause of the problem. Dague was ordered to return all of the reverse dies from the second hub and to be certain that basining (honing) instructions were carefully followed in the future.

Prior to 1879 there had been some minor mint shutdowns at Carson, for lack of bullion, lasting a month or two but after that they would be more frequent. During the summer of 1879, there had been a partial shutdown with only gold being coined for a few months. However, on Nov. 15, 1879, coinage was suspended completely although assaying work continued. Coinage did not resume until September 1880.

In 1881 coinage was again suspended from April through October. Production at the Carson Mint was now restricted to silver dollars and three gold denominations: $5s, $10s and $20s. It would continue to strike these coins until 1893.

Crawford died in March 1885 and was succeeded by William Garrard. Work was immediately stopped. All the workmen were discharged and key people replaced with political appointees. One employee was ordered by Garrard to resign and refused. He was then fired for insubordination. The Mint was closed completely in November 1885.

In October 1886, the Mint reopened for deposits and assaying of bullion but coinage did not resume until September 1889. On June 1, 1893, coining operations were permanently suspended at Carson City and no longer would the CC mark adorn U.S. coinage. The institution was turned into an assay office but in 1933 even that facility was closed.
Source: numismaster.com

Coin Dealers Sue State Dept. for Details on Import Bans

Three organizations representing coin collectors and dealers have filed a lawsuit against the State Department demanding greater disclosure of how the government makes decisions on the import of ancient artifacts from abroad.

The suit, filed jointly on Thursday by the three groups in Federal District Court in Washington, asserts that the State Department violated the Freedom of Information Act when it failed to release documents that the coin collectors had sought concerning recent decisions in which the State Department either considered or imposed import restrictions on ancient coins. The documents involve trade between the United States and Italy, China and the Republic of Cyprus.

If the coin collectors prevail, the State Department may be compelled to shed more light on the way it makes decisions on protecting the cultural property of other nations, a process that many art dealers, museum directors and collectors argue has been unnecessarily shrouded in secrecy.

The information sought from the State Department includes documents related to a May 2004 request from China that the United States restrict the import of a vast array of art and artifacts, including coins, dating from Chinese prehistory through the early 20th century. The State Department has repeatedly delayed action on the Chinese petition in the face of strong opposition from museum curators, art dealers, auction houses and collectors.

The Chinese request is supported by archaeologists, however, who believe that the antiquities market and the trade in ancient coins encourage the pillage of important historical sites.

The lawsuit also follows a controversial decision by the State Department in July to ban imports of ancient coins from Cyprus. It was the first time the government had barred trade in a broad category of ancient coins, and collectors and dealers were surprised. Archaeologists, who often use coins to help them date finds, supported that ban on the grounds that treasure hunters using metal detectors to search for coins frequently damage significant sites.

The coin collectors described their lawsuit as a last resort, taken only after the State Department ignored Freedom of Information Act requests over the last three years, as well as unsuccessful efforts by two Republican members of Congress, Representative John Culberson of Texas and Senator Christopher S. Bond of Missouri, to persuade the State Department to divulge more about its decision making.

“We have tried every other step,” said Wayne G. Sayles, executive director of the Ancient Coin Collectors Guild, one of the groups bringing the suit. “We are not getting any transparency in the process, and we need that transparency to make sure our position is considered and that our rights are maintained.” The other two plaintiffs are the International Association of Professional Numismatists and the Professional Numismatists Guild.

Darlene Kirk, a spokeswoman for the State Department’s Bureau of Educational and Cultural Affairs, said that as a matter of policy, the department would not comment on a pending lawsuit.

Peter K. Tompa, a lawyer who serves as president of the Ancient Coin Collectors Guild and has represented collectors before a committee that advises the State Department on the antiquities trade, said that if the lawsuit succeeds, it may yield evidence that will allow the coin collectors to challenge the ban on Cypriot coin imports.

Mr. Tompa said the collectors suspected that the State Department had imposed the restriction on coins against the advice of its own Cultural Property Advisory Committee — and perhaps in violation of the procedures established by a 1983 law governing cultural property protection. They want the State Department to release documents that could prove or disprove this assertion.

Source: nytimes.com

World's Greatest Mint Errors by Mike Byers Available May 15

World's Greatest Mint Errors is an enjoyable resource packed full of some of the most dramatic, rare and extraordinary mint errors and die trials ever assembled in one publication.

This book combines stunning imagery with the most accurate information available to provide anyone interested in mint errors with the latest information on mint error coins from the United States and around the world. Hundreds of spectacular mint errors are pictured. Each error coin photo is presented in full color, and enlarged to enhance the smallest details. Some of the error coins featured in this book have never been seen by the public before, and each is described in great detail as to the type of error, the assigned grade, rarity and estimated value.

· First published book on mint errors that accurately lists retail values.

· Accessible to any coin collector or numismatist, regardless of experience.

· Up to date with the latest information on new discoveries and new types of errors.

· Hundreds of rare, expensive, and famous coins to excite all collectors.

· Will educate and raise awareness in this fascinating area of numismatics.

The release of World's Greatest Mint Errors will ignite an interest in non-collectors and advanced collectors alike. This book is a must have for every numismatic library!
Source: coincommunity.com

Metal detectorist finds 1200 year old coin in plowed field

After six years of looking, the penny finally dropped for metal detectorist Clive Nobbs.

It was like finding a needle in a haystack, but uncovering the coin in the middle of a 20-acre plowed field was considerably more rewarding for the 47-year-old amateur archaeologist and historian.

This is no ordinary penny. More than 1200 years old, it is an exceptionally rare silver penny of Queen Cynethryth, valued at around £2,000. Cynethryth was the wife of King Offa of Mercia .

"This is easily the most important thing I've ever found," said Clive, an Assistant Quality Assurance Manager for an aircraft parts supplier. "It didn't look like much when I found it. It was about four or five inches down and black with age but it turns out to be incredibly rare."

The coin will be sold by specialist London auctioneers Morton & Eden on June 9. Specialist Tom Eden said: "This is an exciting discovery. All Cynethryth pennies are rare, but this example is very rare because it bears her portrait. Very little is known of Cynethryth herself, but she must have been held in high esteem for coins to have been issued in her name. Much more is known about her husband, King Offa, one of the great Anglo-Saxon rulers, famous for the dyke he built between Mercia and Wales.

"Cynethryth's coins are the only examples struck in the name of a queen throughout the Dark Ages, both in England and Europe. In fact, no other women appear on English coins until the 12th century, when very rare pennies depicting Matilda were struck during the civil war in the reign of King Stephen. So Cynethryth's coins are the first to depict an English woman and as such are of significant importance from an iconographic point of view."
Source: coincommunity.com

Coins sell for $30 million

An anonymous buyer has paid more than $30 million for a collection of rare U.S. prototype coins, some from the 1700s, that never went into circulation, according to the dealer that brokered the deal.

The collection consists of about 1,000 coins that collectors refer to as pattern coins — trial designs that never went into production because the U.S. Mint chose other designs.

"This collection is an incredible collection. ... These were some of the first coins ever, ever struck by the United States government," said Laura Sperber, a partner in Legend Numismatics of Lincroft, N.J., which brokered the deal.

The seller wanted to remain anonymous, and the buyer, concerned about security, agreed to be identified only as "Mr. Simpson, a Western states collector," Sperber said.

"Both the buyer and the seller are very competitive people. And they're very successful in their careers, and they both love the romance and collectability of coins," Sperber said.

The coins span the period from 1792 to 1942. Highlights include test designs for the first pennies made in 1792 and six coins from 1872 that are often referred to as "Amazonian" patterns because the female figure portraying liberty is much stronger and regal looking than earlier versions.

It took the seller about 10 years to assemble the collection, Sperber said.

Gathering such a large collection of pattern coins is difficult because so few were created in the first place. And they were usually supposed to stay in the possession of the Mint — after all, these were the rejects.

"To accumulate as many patterns as there are in this collection, that's incredible," said Douglas A. Mudd, Curator of the American Numismatic Association Money Museum in Colorado Springs

The coins could have made their way into private hands as gifts, or as trades with collectors for other coins that the Mint wanted to acquire, Sperber said.

Independent, third-party experts have verified the collection, Sperber said.

Many of the coins bear depictions of a woman representing liberty and not the profile of a former president, as displayed on coins currently circulating.

Until 1909, when Abraham Lincoln's face was placed on the penny, presidents weren't allowed on coins. At the time the first coins were minted in 1792, putting the nation's leader on a coin seemed too similar to the practice of kings being displayed on European coins. That wasn't considered the best example for a country less than a decade removed from the Revolutionary War.

"To put an individual on coinage was considered very unrepublican because the people have the power in a republic," Mudd said.

Sperber would not say how much her company earned for brokering the deal but said she hopes the magnitude of the sale will get more people interested in collecting coins.

Source: usatoday.com

Mint Suspends Production of More Gold and Silver Coins

The United States Mint has officially announced the suspension of another slate of gold and silver products. The affected products are 2009 dated American Gold and Silver Eagle coins produced for collectors. These coins are considered collectible versions of the bullion coins. Although these are collectible coins, they represent a sizable amount of precious metals sales and represent a method of gold and silver investment for many individuals. Last year, the US Mint sold 1,157,911 ounces of silver in the form of Silver Eagle coins minted for collectors. They also sold 155,740 ounces of gold in the form of Gold Eagle and Gold Buffalo coins minted for collectors. The following message was posted on the US Mint's website in the space where the collectible Gold Eagle coins typically appear. The proof coins has been offered uninterrupted since 1986. The uncirculated version has been offered since 2006. Production of United States Mint American Eagle Gold Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Gold Bullion Coins. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce these coins “in quantities sufficient to meet public demand . . . .” The United States Mint will resume the American Eagle Gold Proof and Uncirculated Coin Programs once sufficient inventories of gold bullion blanks can be acquired to meet market demand for all three American Eagle Gold Coin products. Additionally, as a result of the recent numismatic product portfolio analysis, fractional sizes of American Eagle Gold Uncirculated Coins will no longer be produced. A similar message is posted in the section where collectible American Silver Eagle coins would typically appear. The proof coins have also been offered uninterrupted since 1986 and the uncirculated coins since 2006. Production of United States Mint American Eagle Silver Proof and Uncirculated Coins has been temporarily suspended because of unprecedented demand for American Eagle Silver Bullion Coins. Currently, all available silver bullion blanks are being allocated to the American Eagle Silver Bullion Coin Program, as the United States Mint is required by Public Law 99-61 to produce these coins “in quantities sufficient to meet public demand . . . .” The United States Mint will resume the American Eagle Silver Proof and Uncirculated Coin Programs once sufficient inventories of silver bullion blanks can be acquired to meet market demand for all three American Eagle Silver Coin products. This adds to the lengthy list of 2009 dated precious metals products that have been "temporarily delayed" or suspended by the US Mint. In my previous post Actions of the US Mint Discourage Gold Ownership, I mentioned the delayed release of 2009 Gold Eagle fractional coins, 2009 Gold Buffalo coins, and all 2009 Platinum Eagle coins. The delay, which was first announced in November 2008, continues with no further explanation provided. For those keeping track, here is a list of the US Mint's 2009 precious metals products that have been "temporarily delayed" or suspended:
2009 American Gold Eagle 1/2 oz. (bullion)
2009 American Gold Eagle 1/4 oz. (bullion)
2009 American Gold Eagle 1/10 oz. (bullion)
2009 American Platinum Eagle 1 oz. (bullion)
2009 American Platinum Eagle 1/2 oz. (bullion)
2009 American Platinum Eagle 1/4 oz. (bullion)
2009 American Platinum Eagle 1/10 oz. (bullion)
2009 American Gold Buffalo 1 oz. (bullion)
2009-W Proof American Gold Eagle 1 oz. (collector)
2009-W Proof American Gold Eagle 1/2 oz. (collector)
2009-W Proof American Gold Eagle 1/4 oz. (collector)
2009-W Proof American Gold Eagle 1/10 oz. (collector)
2009-W Proof American Gold Eagle 4 Coin Set (collector)
2009-W Uncirculated American Gold Eagle 1 oz. (collector)
2009-W Proof American Silver Eagle (collector)
2009-W Uncirculated American Silver Eagle (collector)
In addition, the following precious metals related products were discontinued by the US Mint for 2009. These discontinuations were announced in November 2008. Amidst the environment of unprecedented demand for precious metals, the US Mint determined that these products were "unpopular."
Uncirculated American Gold Eagle 1/2 oz. (collector)
Uncirculated American Gold Eagle 1/4 oz. (collector)
Uncirculated American Gold Eagle 1/10 oz. (collector)
Unriculated American Gold Eagle 4 Coin Set (collector)
Uncirculated American Gold Buffalo 1 oz. (collector)
Uncirculated American Gold Buffalo 1/2 oz. (collector)
Uncirculated American Gold Buffalo 1/4 oz. (collector)
Uncirculated American Gold Buffalo 1/10 oz. (collector)
Unriculated American Gold Buffalo 4 Coin Set (collector)
Proof American Gold Buffalo 1/2 oz. (collector)
Proof American Gold Buffalo 1/4 oz. (collector)
Proof American Gold Buffalo 1/10 oz. (collector)
Proof American Gold Buffalo 4 Coin Set (collector)
Uncircualted American Platinum Eagle 1 oz. (collector)
Uncircualted American Platinum Eagle 1/2 oz. (collector)
Uncircualted American Platinum Eagle 1/4 oz. (collector)
Uncircualted American Platinum Eagle 1/10 oz. (collector)
Uncircualted American Platinum Eagle 4 Coin Set (collector)
Proof American Platinum Eagle 1/2 oz. (collector)
Proof American Platinum Eagle 1/4 oz. (collector)
Proof American Platinum Eagle 1/10 oz. (collector)
Proof American Platinum Eagle 4 Coin Set (collector)
That makes a total of 38 precious metals products which have been delayed, suspended, or discontinued by the US Mint. As it currently stands, investors or collectors looking to purchase newly minted American Eagle or American Buffalo precious metals products have only two options available. These are the 2009 1 oz. American Gold Eagle and the 2009 1 oz. American Silver Eagle. Both of these products continue to be subject to rationing.
Source: soundofcannons.blogspot.com

Huge Iron Age haul of coins found

The 824 so-called staters were found, using a metal detector, in a broken pottery jar buried in a field near Wickham Market.

Jude Plouviez, of the Suffolk County Council Archaeological Service, said the coins dated from 40BC to AD15.

They are thought to have been minted by predecessors of the Iceni Queen Boudicca.

Ms Plouviez said their value when in circulation had been estimated at a modern equivalent of between £500,000 and £1m, but they were likely to be worth less than that now.

Wealthy tribes

"It's a good, exciting find. It gives us a lot of new information about the late Iron Age, and particularly East Anglia in the late Iron Age.

"The discovery is important because it highlights the probable political, economic and religious importance of an area.

"It certainly suggests there was a significant settlement nearby. As far as we understand, it was occupied by wealthy tribes or subtribes," she said.

Ms Plouviez said the find was the largest collection of Iron Age gold coins found in Britain since 1849, when a farm worker unearthed between 800 and 2,000 gold staters in a field near Milton Keynes.

Secret excavations

She said secret excavations had been carried out on the latest find in Suffolk after a man reported it to the council's archaeological service in October.

The staters, which each weigh about 5g, will now be valued ahead of a treasure trove inquest.

"We don't know how much they will be worth but it will be less than they were at the time," said Ms Plouviez.

"After the treasure trove inquest, they will be offered to museums at their current value."

She said the exact location of the find would not be made public but added "thorough" searches of the area had not uncovered any further artefacts.
Source: news.bbc.co.uk