The Chinese scammers are back after a brief hiatus. They are flooding social media with advertising for fake coins. I found three ads from these scammers offering American Silver Eagles for $9.95 on Facebook in the last two days.
NOBODY IS SELLING LEGITIMATE AMERICAN SILVER EAGLE COINS FOR LESS THAN THEIR SILVER VALUE!
As I type this, silver is $23.73 per troy ounce. It means that that the American Silver Eagle contains $23.73 worth of silver. Even with a modest numismatic premium of 5-percent (below the current market value), a silver bullion coin should cost around $25.00. A quick market survey shows that legitimate dealers are selling ungraded American Silver Eagles for $33-36 each. Coins with the Type 2 reverse are selling for $1-3 more.
Proof American Silver Eagles are more expensive because they cost more to purchase. If the U.S. Mint sells American Silver Eagle proof coins for $73.00 and dealers on the authorized purchase program receive a 5-percent discount, the wholesale price is $69.35 per coin.
Who would sell a proof coin less than the wholesale cost? If it is a genuine coin, then it is likely stolen merchandise. Otherwise, scammers are selling fakes.
Before you purchase these alleged “good deals,” please remember my five rules:
NO LEGITIMATE DEALER IS SELLING BULLION COINS FOR BELOW THE SPOT PRICE!
IF THE DEAL IS TOO GOOD TO BE TRUE, IT LIKELY IS NOT A GOOD DEAL!
IF THE DEALER DOES NOT IDENTIFY THEMSELVES ON THEIR WEBSITE, THEY ARE LIKELY HIDING SOMETHING.
Check the “About” or “Contact” page. If there is no contact information, then they are hiding. If the address is in China or the Middle East, they will sell you counterfeit merchandise.
IF THE SITE IS “POWERED BY SHOPLAZZA,” IT IS LIKELY A SCAMMER SITE.
According to contacts in the information security industry, the service is run by Chinese companies known to sell counterfeit merchandise.
IF THERE ARE ANY QUESTIONS, THEN DON’T PURCHASE THE COINS!
Please! Please! Please! Do not give these scammers your credit card information. You will be ripped off, and they will likely steal your credit card information, leading to other problems.
Last year, I purchased two coins knowing they are counterfeit for educational purposes only. I used gift cards to purchase the coins to prevent exposing my credit card information. Both coins are made of nickel-plated steel and contain no silver.
Two counterfeit American Silver Eagles purchased from LIACOO, a company based in China who advertised on Facebook.
The font for LIBERTY is too thin. Also, the stars in her flag draped over the shoulder are too small.
Aside from the rims being to thin, look at the U in United and the dash between SILVER and ONE. These are not correct for the 2020 ASE.
The following excerpt was part of an email sent by the ANA this afternoon:
Unfortunately, several dealers have notified the ANA that they have tested positive for COVID-19 since returning from the show. Although protective measures were in place, the potential for exposure is always a possibility when one leaves home. The ANA is unaware of when, where or how the dealers contracted the virus. (Due to privacy issues, we are unable to provide the names of the infected dealers.)
If you feel ill or are displaying any COVID symptoms, consider quarantining for 10 days and/or getting a COVID test.
I have made my feelings known about the COVID-19 pandemic. It is the primary reason why I did not attend the World’s Fair of Money.
Every time I write about COVID-19, I receive at least a dozen emails filled with vitriol. The fact is that over 99-percent of those hospitalized with COVID-19 are not vaccinated, and 100-percent of those deaths are not vaccinated. Today, Alabama announced they have run out of ICU beds.
In the meantime, I hope that the ANA did the responsible thing and notified the appropriate people in Cook County, Illinois. They should make sure that the convention center workers are safe.
I will not attend a coin show regardless of the size until the pandemic subsides, including the Whitman Expo scheduled for November. I will deal with the short-term inconvenience for my long-term health.
Please stay healthy and safe. Please get vaccinated!
In my day job working within the collecting world, there are two hobbies whose collectors have arguments about which way is best. Comics collectors argue whose universe is better. Most of these arguments are Marvel versus DC comics, but there are interested collectors in the smaller and independent (indy) publishers. But you can go to a Comicon and find that the differences are all in fun.
U.S. numismatics collectors are different. On one side, there are the collectors of old coins. If the coin was not circulated and made of precious metals, then it is not worth collecting. They look at modern coins as “trinkets” or not worth their time. The rest of us will happily collect modern (post-1964) coins and the new issues by the U.S. Mint.
As an aside, my company sells sets of 50 State Quarters for higher prices than in 2019. Although there is an active market for this material, they sell for less than collectors paid in the 2000s.
Enough people are collecting modern material that the Treasury Inspector General has noticed the problems collectors have experienced with ordering from the U.S. Mint. Modern products are selling out as fast as they are offered, and premiums are rising 100-percent and higher on the secondary market.
For this poll, I am asking if you are collecting the coins produced by the U.S. Mint in 2021, then what are you collecting?
As always, your comments are welcome!
Are you collecting the new releases from the U.S. Mint?
I am collecting the 2021 Peace Dollar (20%, 34 Votes)
I am collecting the new Morgan Dollars (19%, 32 Votes)
I am an American Eagle Collector (19%, 31 Votes)
I always check my pockets for what comes in my pocket change (15%, 25 Votes)
I cannot wait for the proof or mint sets to get here (10%, 16 Votes)
Yes, I am collecting everything! (6%, 10 Votes)
Those commemoratives are a great addition to my collection (5%, 8 Votes)
Those new silver medals look cool as part of my collection (3%, 5 Votes)
No, modern stuff doesn't interest me! (3%, 5 Votes)
Total Voters: 65
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According to Coin World, the Treasury Office of Inspector General (OIG) “may” investigate how the U.S. Mint has handled the sales of limited-edition numismatic collectibles. Coin World may have confirmed information provided to me on background.
Although the web-based ordering has sort-of worked, I reported on the systemic issues facing the U.S. Mint in moving forward. In summary, my investigation found:
The alleged silver shortage was not a shortage of silver but a failure of the U.S. Mint to manage its supply chain properly.
The U.S Mint’s insistence that Internet robots (BOTs) were the cause of their web-based issues was the symptom of a more significant problem that they have not learned from their past mistakes.
The U.S. Mint’s management managing like they were afraid of repercussions because the lawyers said so. The way it sounded, the U.S. Mint management was not managing but taking instructions. If they cannot manage, should they be replaced by lawyers?
An investigation by the Treasury OIG is an excellent first step. But experience has shown that an OIG report does not guarantee that U.S. Mint will fix the problems. I have seen government managers and appointees say all of the right things and do little to nothing.
It might require an act of Congress to fix the U.S. Mint. If it requires an act of Congress, don’t hold your breath waiting for changes.
What does it take to create, publish, and maintain a price guide for coins?
Readers who downloaded my first edition of the Coin Collectors Handbook: American Eagle Coins have asked about the lack of a price guide. I hesitated to add a price guide for American Eagle coins because, with very few exceptions, the spot price of metals affects the prices. Market watchers know that spot prices are volatile. Are there differences in prices that might make working on a price guide a good time investment?
To better understand pricing and price guides, I asked several dealers what they use for pricing guidance. Most of them said the Greysheet and what the coins were selling on eBay. A few larger dealers will start their eBay auctions at $1 and sell the coins regardless of the final bid. High-volume dealers say they are rarely disappointed with the results.
Smaller dealers will subscribe to a service that will automatically adjust the prices based on the spot price and the results of the eBay inventory. Depending on the service level these dealers have with the service, the price for coins can change every day.
The pricing service can query eBay for list prices, and the prices realized to come up with their formula.
In the past, I tried to ask the people who write the Greysheet how they come up with prices. The harsh rejection at that time prevented me from asking again. It was time to look at other guides to determine how they create their prices.
Information from PCGS’s website is clear that their price guides are for coins only in their holders. In the past, PCGS noted their price guides use the prices on the Certified Coin Exchange market, which Collector’s Universe, PCGS’s parent company, owns.
Similarly, NGC notes on its website that they base their prices on the market of NGC-graded coins only. Neither service considered the market perception of CAC-certified coins. Although the Greysheet has a publication that publishes guidance for CAC-certified coins, that information is available only to subscribers.
One of the price guides not affiliated with a grading service is Numismedia. They are similar to Greysheet in that they offer a range of publications that span the market. Although their website does not disclose how they determine prices, their Fair Market Value guide has been more comprehensive and closer to retail market values than I have experienced with the Greysheet’s retail guides.
Other price guides found around the web have different concerns. A few are crowd-sourced, meaning that collectors provide input based on what they paid. Although crowd-sourced prices report real-world transactions, the information is limited to what users report and not a market survey.
Then there is the Red Book, A Guild Book of United States Coins. For 75 years, it has been the bible of coin values for many collectors. Unfortunately, the Red Book has several problems. First, it is published once a year and released in April. It means that production for the Red Book must begin before then.
A few years ago, I volunteered to work as a pricing contributor for the Red Book. I felt prices for modern coins were too low for the market, and I tried to bring them up to reality. It was challenging to make the edits using the poorly design web form. Even with my effort, much of my input did not make the book. The following year’s pricing entry was a spreadsheet, but my attempts at aligning the prices with the market did not affect the published prices.
Another problem with the Red Book is that the contributors are not given sufficient time to provide input. The process should be ongoing rather than giving the pricing editors a few weeks to edit the prices, so there is no rush before closing the edition.
Although I was not involved with the Blue Book (Handbook of United States Coins) pricing, I suspect it has similar issues.
It appears that every method used to create a price guide is flawed. Publicly accessible price guides are too generic to be taken seriously. Unless the public is willing to pay high prices for the wholesale guides, there is an opaqueness in how the industry prices coins.
Creating price guides is a difficult task. Over the next few weeks, I will continue my market survey while compiling the price guide for the American Eagles Handbook. I will share what I find here on the blog. Stay tuned!
Although this past week was the World’s Fair of Money, there was not much news surrounding the event. According to individual reports, people said that it was a good show even with the COVID precautions. It was similar to reports from The National, which was held in the Stephens Convention Center the week before.
The week’s biggest news was the U.S. Mint publishing the lot numbers used to label the boxes with the American Eagle bullion coins.
Until last year, the U.S. Mint has not identified where they strike the American Eagle bullion coins. Spokespeople emphasize that since their production is for the investment market, the mint location is not relevant. Of course, collectors view the market differently. Dealers and third-party grading services have tried to determine where the coins were struck based on shipping labels and other factors. Although they are reasonably sure, there are mistakes in their assumptions.
In 2020, the COVID-19 pandemic caused the West Point Mint to close temporarily. To keep up with production, the U.S. Mint struck 240,000 bullion coins in Philadelphia. The third-party grading services asked the U.S. Mint about the production of these coins. Rather than leave the industry guessing, the U.S. Mint identified which boxes contained American Silver Eagle bullion coins struck in Philadelphia. As a result, the third-party grading services accurately noted the origin of the bullion coin on the label of their slab.
The U.S. Mint reports that some of the boxes marked with “BF” should not have the “F” since they were not part of the first production run.
Without the industry asking, the U.S. Mint released the lot information about the American Eagle bullion coins this year. Making this remarkable is the U.S. Mint broke published the lot numbers for the Type 1 and Type 2 reverses for both the silver and gold bullion coins. In fact, they noted that a few boxes had labeling errors incorrectly marking some of the coins as part of the first production.
Although the U.S. Mint has claimed it was always considerate to the collector community, it is the first time they voluntarily provided this information without prompting. Could the U.S. Mint finally be learning from past mistakes? Time will only tell.
'Remarkable' collection of 52 Tudor, Stuart and Commonwealth coins is set to sell for £500,000 at auction — including a Henry VIII coin struck in tribute to his first wife Catherine of Aragon → Read more at dailymail.co.uk
A scavenger hunt at a Talmud-era village in northern Israel took a surprising turn on Tuesday when an Israeli girl found a 1,500-year-old bronze coin. → Read more at israelhayom.com
While out camping with family on the beach, Yotam Dahan discovers 13-pound lump of coins from about 1,700 years ago which archeologists speculate belonged to a merchant ship that wrecked ashore → Read more at ynetnews.com
TEHRAN – Iranian authorities have seized some ancient coins from an illegal digger in the western province of Ilam, the provincial tourism chief announced on Wednesday. → Read more at tehrantimes.com
After cleaning out his house and gathering the coins hidden in many places, the entire collection was cataloged, imaged, and is now online for anyone to bid. The collection includes both United States and Israeli collectibles.
My father liked modern commemorative coins and collected almost everything produced by the U.S. Mint, including Mint Sets, Proof Sets, Prestige Proof Sets, commemorative coins, and American Silver Eagles. The collection has many Olympic commemorative coins. It was his way of supporting the Olympics and getting a coin in the process.
When you look at the coins from Israel, you can see that he collected nearly everything. In the piles of coins were appreciation medals from the Israel Government Coins and Medals Corporation for being a top customer. The collection includes many different sets that I learned about by going through this collection.
There are 557 lots of coins in this auction that will close on Sunday, August 29, beginning at 6:00 PM Eastern Time. To prevent sniping, it is a “soft close” auction. Bids received in the last 30 seconds before the auction closes will extend the bidding for another 30 seconds. Bidding will continue until at least 30 seconds passes after the final bid.
If you are a change hunter, you know the thrill that you can find in your pocket as you travel. Spend a few dollars here and there, drop the change in your pocket, then spend time later looking hoping that you find something interesting.
Earlier today, it was time to leave Atlanta. After the stress of dropping off a rental car, getting through the TSA checkpoint complete with physical and verbal molestation, I needed a cold drink. Braving airport prices, I bought a bottle of water and waited for my plane.
A few moments ago, I emptied my pockets and found the coins I have been hunting for since the beginning of the year: two nice 2021 quarters, the Tuskeegee Airmen National Historic Site and the Washington Crossing the Delaware quarters.
Obverse of the 2021 Tuskegee Airmen National Historic Site quarter on the left and the 2021 Washington Crossing the Delaware Quarter on the right.
The first noticeable thing is that the obverse of the Washington Crossing the Delaware quarter looks closest to the last regular issue quarter in 1998. Washington’s bust is more prominent, and there are smaller fields. The compromise in the design is to fit “LIBERTY” in the field left of the bust.
If the U.S. Mint designers can use a smaller font for “LIBERTY,” they can produce an obverse similar to this 2021 revival. Remember, congress has passed legislation for circulating commemorative quarters for the next ten years.
Reverse designs of the 2021 quarters
The images produced by the U.S. Mint show promise for the reverse designs. However, when you look at the coin in hand, the design has a smooth feel. The design lacks the depth needed to bring out the design. It can be a good design, but the U.S. Mint’s tradeoff to lower relief coins to extend the die’s life ruins the intended effect.
Although the Tuskeegee Airmen National Historic Site quarter was struck in a similar relief, it appears that the dies were engraved to give the design a better image of depth and texture. The design and engraving of this coin gives the America the Beautiful Quarter program a well-designed closed.
Athens is my first stop in a week-long commitment that I could not avoid. It will keep me from Chicago, but sometimes obligations take precedence. I am concerned about the Delta variant of the COVID-19 virus, and it is adding stress to the trip. But I will miss being at the World’s Fair of Money.
As of today, it looks like my next show will be the Whitman Expo in Baltimore next November.
Please don’t think that the trip is all work. When I come to Athens, I am reminded of my youthful days as a student at Georgia. It is always interesting to see how the area has changed, but it is fascinating as to what remains the same. Tonight’s dinner came from The Taco Stand on Milledge Avenue. The sign inside said it has been open since 1977, and I was a freshman in 1978. My Baja Burrito was a taste down memory lane.
When I received my change, one of the dimes is dated 2021. It marks the first time that I found a 2021 coin in my pocket change. It has only taken 219 days and a trip to Athens to find my first 2021 coin. I was hoping to find the new Washington Crossing the Delaware quarter first, but a dime is a good find with the year more than half-over.
Last week, The National Sports Card and Collectors Convention (The National) held its annual show in Rosemont. According to the reports from many collector publications, the show was a rousing success. Although there were a few complaints about Cook County’s mask mandate, the reports said it did not take away from the show and called it a success. Sports cards have made a big comeback that even some of the over-produced cards of the 1980s and 1990s are selling. It has helped players find ways to be accessible to fans and willing to sell their wares to anyone who will pay.
Finding new avenues to attract new collectors and existing collectors to spend more is always a challenge. Sports memorabilia collectors are beginning to see what can happen with the new market in college sports’ Name, Image, and Likeness (NIL) rules. The NIL rules allow college players to sell their name, image, and likeness and remain eligible for college sports.
There was always a potential for better college players to earn money for NIL, but the NCAA rules prevented this. The NCAA suspended Georgia’s Todd Gurley for four games for selling his jersey to a collector in 2014. He used the money to take his girlfriend to dinner. And I won’t talk about Reggie Bush who’s situation is a travesty given the new rules.
Numismatics has to consider what it will take to expand the base. The base is not going to be expanded by recycling the Morgan and Peace dollars. You expand the base by embracing everything new and welcoming everyone that does not care about the old. There is so much fun to have with modern coinage that I think I will explore more over the next few months.
In the meantime, if you can make it to Rosemont for the ANA World’s Fair of Money, have fun. If you are like me and have Real World commitments that prevent you from going, stay tuned. There is a lot more to come!
Archaeologists have uncovered 2,640- to 2,550-year-old clay moulds for casting spade coins as well as fragments of finished spade coins at Guanzhuang in Xingyang, Henan province, China. The technical characteristics of the moulds demonstrate that the site — which was part of the Eastern Zhou period (770-220 BCE) bronze foundry — functioned as a mint for producing standardized coins. → Read more at sci-news.com
CARSON CITY — See historic Coin Press No. 1 in action Saturdays in August at the Nevada State Museum, Carson City, before it goes on hiatus in September for maintenance. → Read more at carsonnow.org
A punch-marked silver coin that was dug out during the seventh phase of excavation at Keeladi last week has sent a wave of excitement among archaeologists, as they are further able to collate and establish trading activity of the civilisation believed to have flourished on the banks of Vaigai river more than 2,500 years ago. → Read more at thehindu.com
A Roman coin of the last pagan emperor which might have been deliberately damaged as an "act of erasure" was found by two metal detectorists. → Read more at bbc.com
Last week I spoke to a dealer who attended the Summer FUN show in Orlando. When asked how the show was, the answer was “HOT!”
The answer was not a response to the weather but the market. According to his partner, they had a difficult time stocking inventory. The number of buyers is outpacing the sellers a lot. The limited inventory is also impacting dealer-to-dealer transactions. The low supply and high demand are causing prices to rise.
Aside from the typical demand for collector coins, modern silver is in high demand. Anything made of silver is in high demand, that many dealers cannot find enough inventory.
One observation was that after silver, collectors are looking for something different. International coins are seeing increased interest. New collectors are discovering their past and are looking for coins that their grandparents may have used. One dealer said there is an increase in people looking for 20th-century coins from Eastern Europe.
Another area that is becoming popular is hometown collecting. A currency dealer said that collectors are asking about obsolete and national banknotes based on their location. After suggesting to speak with an exonumia dealer, I learned that new collectors are discovering transportation and other tokens from their hometowns or the hometown of their parents. The dealer told me that two young collectors almost cleaned out their inventory of Iowa tokens.
The lesson is that the market is hot, prices are rising, and new collectors are entering the market looking to have fun. It makes for a healthy
A collection of 80 copper staters discoverd by archeologists at the site of the ancient city of Phanagoria. Courtesy of the Russian Academy of Science’s Institute of Archaeology. → Read more at news.artnet.com
Nikola Tesla, pioneer of alternating current electricity, might have been shocked to know how his legacy would cause a row between European states. → Read more at bbc.com
Loose change was scarce last year. Retail and restaurant industries collected less cash from customers, so had fewer coins to deposit with their banks, while limited hours and new safety protocols at mints around the country slowed coin production. → Read more at newyorker.com
SALT LAKE CITY — In February 1848, Isaac Chase stalled the vigorous swing of his pick at the sound of something metallic in a hole by a creek in what is now Liberty Park. → Read more at ksl.com
The claim: Microwaving a penny for one minute will shrink the coin Most everyone knows some things are not meant to be microwaved, like metal for example. But some social media users are contradicting that, claiming microwaving a coin will shrink it. → Read more at usatoday.com
Numismatics – more commonly known as coin collecting – is a time-honoured pastime that has grown in popularity over the years. Often dubbed ‘the hobby of kings’ due to only the very wealthy being able to enjoy the activity – the good news is coin collecting is now something that pretty much anyone can take a shine to, regardless of status. → Read more at eadt.co.uk
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August 9, 2021
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