Shipwreck coins at auction

More booty recovered from the wreck of the S.S. New York will be sold at auction July 30-31 by Stack’s at the Tower Beverly Hills Hotel prior to the American Numismatic Association convention in Los Angeles.

Recovered from the wreck were 400 gold and 2,000 silver coins. Some of these were high-grade coins from Philadelphia and New Orleans of the 1830s and 1840s. The ship sank in 1846 in the Gulf of Mexico.

The bulk of recovered coins were sold by the firm last year.

Those that remain as well as some bottles, silverware and other artifacts will also go on the block in the 1,500-lot auction.
Source: numismaticnews.net

Fair tax treatment sought for gold investors

On June 25, Senator Mike Crapo, R-Idaho, entered a bill in the U.S. Senate entitled, “Fair Treatment for Precious Metals Investor Act.”

The bill seeks to amend the Internal Revenue Code so that capital gains tax treatment for precious metals investments will be comparable to that for investments in stocks, bonds and mutual funds.

Under current law, precious metals investments are penalized by being classified as “collectibles gains, which are taxed at the taxpayer’s top tax rate or 28 percent, whichever is lower. In contrast, stocks, bonds and mutual funds that are held for more than one year are currently taxed at the lower of the taxpayer’s top tax rate or 15 percent.

The long arm of the banking and financial services industry can be detected in current tax law for precious metals. People who own precious metals tend to be longer term holders that do not generate so many brokerage fees compared to investors in paper assets. That explains the interest in the banking and financial services industry in penalizing anyone who wants to own precious metals.

The lobbyists for the banking and financial services industry also had similar results with making it more difficult to own a precious metals Individual Retirement Account than a regular IRA, but that is a discussion for another time.

I don’t know how likely it is that this bill will be enacted, either by itself or by being amended onto other legislation that is enacted. Bills sponsored by members of the minority party in Congress get less attention than those brought up by legislators from the majority party. To really improve chances for action, you normally want a bill to be introduced, or at least co-sponsored, by the chair of the committee to which the bill is assigned.

The bill is written to exclude precious metal coins and ingots, as defined in the bill, from being classified as collectibles for capital gains tax purposes.

Even if this bill eventually becomes law, it does not automatically cover all precious metals coins and ingots. Here is what would qualify for the lower capital gains tax treatment:


• U.S. gold, silver and platinum American Eagles
• Coins issued under the laws of any state (I have not researched the definition of state, but believe this to apply to states of the United States)
• Gold, silver, platinum, or palladium coins or ingots of fineness equal to or exceeding the purity required for metals to be delivered in satisfaction of a regulation futures contract. That means that gold coins (and ingots) would have to have a minimum purity of .995, silver at least .999 pure, and platinum and palladium would have to be at least .9995 pure.


There are a number of platinum ingots and many gold coins that, because of their lower purity, do not appear to qualify to be taxed at the lower capital gains tax rate. Among coins that look like they would still be taxed at the higher rate are U.S. 90 percent and 40 percent silver coins, all U.S. gold coins minted before 1986, British sovereigns, South African Krugerrands, American Arts gold medallions, all Mexican gold coins, French Roosters and other 20-franc coins, Swiss 20 francs and just about all world gold coins issued by nations to circulate as money.

Should this bill eventually become law, and it could take a few years, the differences in tax treatment between different coins and ingots could have a significant impact on buyer demand in the United States. American Eagles and pure coins and ingots would almost certainly enjoy stronger demand while coins like those cited in the previous paragraph would lose part of their market.

In the current market, the bullion-priced coins that can be purchased closest to the intrinsic value of their metal content are all issues that would not qualify for the more favorable tax treatment. Such a law could drive their premium levels even lower. If enacted, might this law reduce demand for popular collector/investor coins like Morgan and Peace silver dollars and Saint-Gaudens $20 gold pieces? Only time will tell.
Source: numismaticnews.net

Gold tests $900; Seated soft

Gold is down 2 percent, silver 4 percent and platinum 6 percent. India, the world’s largest importer of gold, announced a doubling of the gold tax, resulting in a $15 drop. Talk of the Commodity Futures Trading Commission putting trading limits on energy-related futures contracts and hints that it could consider other contracts put negative bias on the metals. So with a stronger dollar and lower oil, we tested the $900 level again. Will it hold? I fear not, but that should present a buying opportunity.

Meanwhile U.S. type gold remains active and on the strong side. Check out the chart in this week's paper and look at those Indians.

Generic Seated half dimes, dimes and quarters along with Barbers are definitely weak in MS-60 and higher grades. This affects more common dates; better dates are not soft. The 1796 quarter has declined in mid-circulated grades as have a few other issues in higher grades. Why did this take so long? Some of these have tripled and quadrupled over the past several years.

For key coins there have been adjustments in several of the high flier issues of the past several years, but nothing major. Some issues have gone down in one grade and up in another. This is simply adjustment to supply and demand.

Washington quarters quieted down. That is evident in the overpriced 1932-D & S.
Source: numismaticnews.net

Date numbers mismatched on 1977 cent

Recently I discovered that I have a 1977 cent that has the last two digits of different shapes. Is this unusual?

When the Mint prepared the master die for 1977, they used the “197” from the previous year and added a “7” that was slightly different in shape. All of the 1977 cents have this feature, so it’s nothing unusual.



Why are there so many misspellings, reversed letters and other blunders on our Colonial coins?

You might say it was a lack of good help. At the time there were almost no places to learn engraving, as there were very few skilled artisans outside Europe. Since they were better paid than the average worker, there was little incentive for them to move to the Colonies.



When did the Whitman Journal cease publication?

December 1968 was the last issue I have a record of.



What is meant by “fining” a metal?

It means to make a metal, especially bullion, purer by the use of various methods to remove impurities or other metals that are alloyed with the bullion.



Years ago the post office sold half-ounce and 1-ounce gold medals. Were the sales of the medals a success?

My sources indicate that the post office sales were a flop, involving endless paperwork and dependence on the daily price of gold. Perhaps significantly, the U.S. Mint has not used the post office since.



Are you still collecting banana labels?

Sorry, but that was a previous conductor of this column, who apparently took his collection with him. That’s not to say that I wouldn’t collect them if the opportunity arose. I already have a shoe box of fruit box labels.



I happened upon a reference to a lenticular coin. What does that mean?

Actually, it’s a description of the coin shape. It’s round, like most other coins, but it is shaped like a lens, thick in the middle with a thin edge.



Was it legal for the Mint to strike 90 percent silver coins after Dec. 31, 1964?

The Coinage Act of 1965 ended silver coinage but specifically allowed coining silver after 1964, but with the 1964 date.
Source: numismaticnews.net

Krause Publications Reissues Haxby Set on CDs

With copies of the original four-book set nearly impossible to find and very costly to acquire, a large number of collectors have been without this all-inclusive and exceptionally detailed resource - until now. In an attempt to bring James A. Haxby's renowned reference to more fans of U.S. bank notes, the numismatics team at Krause Publications has put together this four-CD set, priced at $249.99.

"We are very excited to release the Haxby work in digital form," said Scott Tappa, numismatics publisher at Krause Publications. "If you own the four-book set, we hope these discs help you enjoy obsolete bank notes in an entirely different way. If this is your introduction to the work, prepare yourself for hours and hours of enjoyment and education."

This modern-version reissue of Haxby's history-making work includes the entire volume in four Mac and PC-compatible CDs. While much has changed in the world and the hobby since this premiere resource was first published, and many of the prices may fall outside what a collector could expect to find in today's market, there is no substitute for the historical details and identifying details found in the standard resource U.S. obsolete bank notes.

Arranged alphabetically by state/territory and organized by bank name and cross referenced with bank branches, each section includes engraver imprint details, versions of notes, date of issue and hundreds of detailed photographs. The CD-pdf format allows users to search each disc using keywords or a handy index, and enables users to enlarge the pages up to 400 percent to provide a closer view of details and descriptions of notes. Plus, collectors can print select pages of listings, or notes by state to take to shows or club meetings.
Source: numismaster.com

Nickel supplier behind 1857 cent lobbying

Who else besides the silver miners were involved in lobbying for favorable legislation?

Nickel supporters formed a significant group. The single supplier, Joseph Wharton, was responsible for lobbying the copper-nickel cent of 1857, the 3-cent nickel in 1865 and the 5-cent nickel in 1866.

How many quarters came out with just the 1976 date?

That’s a question that’s impossible to answer. The point is that if they had been spotted and counted they would not have been released. The class is a major die break caused by part of the face of the die with the 1776 date breaking away.

I’d like to prepare an exhibit for the American Numismatic Association’s World’s Fair of Money. How do I go about it?

First get a copy of the rules. You can write for them or go to the ANA Web site at www.money.org. Use the search box to find exhibit rules. Follow the instructions exactly. The judges will bend over backwards to help you, but if you ignore the rules there’s little they can do.

What is the number known of the 1825/24 half eagle overdates?

There are two known examples, one in the Eliasberg collection, the second in the Nathan Kaufman collection. The latter was sold by Bowers & Ruddy in 1982 for $200,000. The current listing is $350,000.

I want to donate some coins to a tax exempt club. How do I go about it.

First you need a written appraisal to establish the value. The club cannot appraise them for you. There have been changes in the tax laws affecting donations, so you will need to consult with your tax preparer.

Have they stopped making coin folders and albums? All I can find are used.

The manufacturers are still making and selling both albums and coin boards. Your dealer probably is overstocked. A rash of new folders greeted the state quarters, for example.


What’s the difference between the Canadian mint sets and specimen sets?

The specimen sets contain better quality coins. To quote the Royal Canadian Mint, “the very best struck by a pair of dies.” I’m sure the Swiss Mint would argue the point.



Are there any other periods besides the turn of the century when the Mint was buying prepared coin blanks rather than making their own?

The practice continued on an irregular basis all through the 1900s. A contemporary report noted that the Philadelphia Mint in 1940 purchased 60 million cent blanks from the Riverside Metal Co. of Riverside, N.J. The current practice is to buy all the copper-plated zinc cent planchets from outside suppliers, and either blanks or strip for the other denominations.
Source: numismaster.com

Nickels in June Production

A surprise Denver output of 480,000 nickels makes the June Mint production report interesting.

This small production run follows previous Mint statements saying that unless the Federal Reserve orders more, no more dimes or nickels will be struck this year. No nickels were produced in Philadelphia in June and neither mint struck dimes this month either.

Quarter production is trending higher. A combined 69,200,000 pieces for June compares to 39,800,000 in May and 46,120,000 in April. Is this one of those green shoots showing the economy is improving just a bit?

June cent production of 228,800,000 is lower than May's 281,200,000, but higher than April's 229,600,000. What perhaps makes June worth talking about is the fact that Philadelphia struck just 64,400,000 while Denver coined 164,400,000. This neatly reverses what occurred in April when the totals were almost precisely the other way.

Overall, the Mint likes to keep coin production consistent. It seems to be succeeding in this. The June total of 353,780,000 pieces of all denominations combined compares to 352,920,000 coins in May and 358,600,000 in April. You can hardly get more consistent than that.

It is time for James K. Polk dollar production and if the June totals are all there are to be, the 41,020,000 Philadelphia pieces but just 14,280,000 Denver pieces would make that an interesting issue to keep an eye on. July production will probably kick the totals back to even.

No Native American dollars or half dollars were struck in June.

For the first half of the calendar year just 2,263,180,000 coins have been produced.
Source: numismaticnews.net

G-8 leaders to receive books on Canova, gold coins

World leaders attending the Group of Eight summit opening Wednesday in Italy will each be presented with a gift from the past and one for the future.

Handmade books portraying works by Neoclassical sculptor Antonio Canova, as well as gold coins representing an imaginary future world currency will be given to the participants at the opening of the three-day summit.

There are 10 copies of the book, commissioned by Italy's Premier Silvio Berlusconi from the Bologna-based art publishing house Fondazione Marilena Ferrari, each with a personalized dedication for the leader who receives it.

The 28-inch by 17.5-inch (71-centimeter by 44.5-centimeter) Canova books were crafted at no cost by 23 Italian craftsmen using traditional techniques, the publishing house said. Each weighs 53 pounds (24 kilograms).

The books' covers are decorated with white marble bas-reliefs and the volumes are bound with silk and gold thread. They include etchings and dozens of black and white photographs of Canova's artworks, including artistic close-ups of his statues.

The coins, made by Belgian Luc Luycx, who designed one side of the Euro coins, are called "eurodollars," in a symbolic call for a common currency to unite Europe and the United States.

They have a value of euro2,800 ($3,900) and were produced by the United Future World Currency, a group pushing the idea of a global currency.

The works will go to the leaders of the Group of Eight industrialized countries as well as to the President of the European Council Fredrik Reinfeldt and EU Commission President Jose Manuel Barroso. The Group of Eight is Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States.

The summit is held in the central Italian city of L'Aquila, which was struck by a powerful earthquake in April that killed nearly 300 people.
Source: google.com

What Type Of Silver Coins You Can Add To Your Coin Collection?

Historically considered by many to be the most accessible and affordable precious metal, silver is always a great addition to any coin collection.

Prized for their beauty as well as their investment potential, silver coins have a long history in the United States.

Here is just a sample of the silver coins you might wish to obtain:

American eagle Silver Bullion Coins - Each containing at least one ounce of pure silver, these one-dollar silver coins were first minted in 1986, and then every year since then. This type of silver coins feature a design based on “Walking Liberty,” created by Adolph Weinman in 1916 for the half dollar.

Walking Liberty Half Dollar – struck at Philadelphia, San Francisco, and Denver between the years 1916 to 1947, this is the original design that was later updated for the American Eagle Silver Bullion Coin.

Morgan Silver Dollar – Struck from 1878 to 1904, this one-dollar coin features a design by George T. Morgan. One more minting of this silver coin occurred in 1921. Uncirculated coins from this series can be hard to find.

Standing Liberty Quarter – Designed in 1916, this coin’s artwork is considered one of the best in the history of American coins. It features Miss Liberty on the obverse, and an eagle with wings spread open on the reverse side.

Mercury Dime – So named because of the wings on the cap worn by Miss Liberty, this silver coin was struck between 1916 and 1945. It has the distinction of being the only silver coin minted in 1931, during the Great Depression. The design was created by Adolph Weinman, who also designed “Walking Liberty.”

Why you have to invest in silver coin to your vehicle?

Investing in silver goes back for thousands of years, dating to the Mesopotamian traders who used silver as currency. Ancient Greek drachmas were made of silver, as was the traditional Roman denarius. The English monarchy continued the tradition of trading in silver currency, and even the name, pounds sterling, signifies its original makeup.

As an investment vehicle, silver is often looked to as a hedge against hard times. Investors should be aware, of course, that any investment has the potential for loss as well as gain, and should proceed with caution and sound financial advice from reputable advisors.

Historically, silver tends to be a volatile investment, so a cool head is needed to ride this market. Recent spikes in the market have caused even more uncertainty.

Silver coins were minted by the US from 1792 through 1964. Silver coins have been minted in silver dollars, half dollars, quarter dollars, twenty cent pieces, silver dimes, silver half dimes and silver three cent pieces.

Silver bullion coins are available from a number of countries, including the stunning Canadian Maple Leaf, the friendly Australian Kookaburra, the China Panda coin, the Silver Monkey from Somalia, pure one ounce coins from Mexico, the beautiful Elephant coin from Zambia, and the Britannia bullion coin.

Experts recommend that you use the services of a coin broker when investing in silver coins. This will assure you that the coins you are buying are authentic and worth the price you are paying.

Make sure any coins you purchase are graded by one of the leading grading services. PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation) are two leading grading houses, and will assure you that the coins you hold are graded to the highest industry standards.

Most likely, silver will always be among the premier trading commodities. Invest carefully, and do your homework before you choose. Always deal with only reputable brokers, and be sure that your silver coin purchase comes with the appropriate authenticity verification.

Source:lifeinfozone.com

Man pays $510 debt with bags of coins

A $510 debt was paid by a man who brought 33 pounds of coins to the courthouse in the Russian Far East city of Vladivostok, officials said.

Bailiffs said the businessman from Partizansk, Russia, a town in the Primorye Territory, brought in 14 bags of coins to pay the debt owed to a Vladivostok man. He had initially refused to pay despite a court order, RIA Novosti reported.

After bailiffs threatened come to his office, the businessman brought in the cash in the form of mostly 1 and 2-ruble coins. The bags also contained a number of 5, 10 and 50-kopek coins.

The court accepted the money and said it would be counted, deposited in a bank and transferred to the complainant's account, the news agency reported.

Source:upi.com