Coining machines striking one-cent coins at the U.S. Branch Mint in Philadelphia.
The U.S. Mint has made it easy for the numismatic industry to complain. However, numismatists and the public should commend the U.S. Mint for its performance since the onset of the COVID-19 pandemic.
During the recent media availability, U.S. Mint Director David Ryder said that the U.S. Mint is the only sovereign mint in the world to produce its bullion products since the start of the pandemic without interruption.
When COVID-19 affected the entire population, nobody understood the virus. In a panic, the entire world shut down. We did not understand the effects, but people were getting sick, requiring ventilators and scarce resources, and filling hospitals. For the U.S. Mint, there was an outbreak at the West Point Mint that affected production. They moved production to Philadelphia while those in West Point went into quarantine.
Like many critical businesses, the U.S. Mint reworked its schedule, added health precautions to keep workers safe, and continued production. While the numismatic world was worried about grading bullion coins from Philadelphia as an attempt to make a buck, the U.S. Mint was dealing with the health and safety of their workers.
It puts the industry’s selfishness in perspective.
Analysts give us many reasons why precious metals have risen, and the demand for bullion coins defies the usual analysis. Still, the U.S. Mint has been operating to supply a clamoring market.
Bullion production did slow down. The temporary closing of the West Point Mint reduced the resources they could use to produce bullion coins. There were also production problems by the U.S. Mint’s suppliers in producing the blanks they use. Those businesses were also facing COVID-19 issues that limited their capacity. And do not forget about the mines that could not operate or operated with limited capacity so they can protect their workers.
Ryder said that the procurement staff was diligent in using their resources to ensure the U.S. Mint had the materials to manufacture bullion.
Further limiting the U.S. Mint’s ability to manufacture bullion was the requirement to satisfy the orders for circulating coinage from the Federal Reserve.
As retailers were opening with new precautions, they reported that it was not easy to change because there were not enough coins. Headlines of a “coin shortage” became a topic. When the Federal Reserve investigated the issue, they found there were enough coins in the economy. Because the economy was not moving, circulating coinage was not circulating.
The problem was that the supply chain was interrupted and not moving as expected.
The U.S. Mint was ordered to increase circulating coin production to satisfy politicians and others who misinterpreted the problem. The Federal Reserve’s solution was similar to the coin pusher arcade game where you drop a coin into the slot, hoping it lands in the right place so that a moving bar can push more coins into the bin for you to collect as a prize. The game is a windfall for the arcade owner. The player rarely wins.
In the pandemic version of the game, the U.S. Mint manufactured coins so the Federal Reserve could dump billions into the economic hopper, hoping that some would fall out into the circulating economy.
In 2020, the U.S. Mint struck 14.774 BILLION coins, 23.7-percent more than they struck in 2019. Nearly every industry reported a reduction in demand and the ability to produce products. And the supply chain continues to affect production in some industries, including tech, where there is a shortage of computer chips. But the U.S. Mint was able to add over 14 BILLION coins to the economy.
The U.S. federal government continues to operate under mandatory pandemic-related protocols. As a federal bureau, the U.S. Mint continues to do its part to maintain social distancing and keeping its workers safe. No company, industry, or government has continued or boosted its production in this manner in the last 18 months.
Remember, the U.S. Mint does this without using any money from the general treasury. Their operating budget comes from the seignorage (profit) from the coin manufacturing process. When the profit exceeds their needs, a portion of the money is deposited in the general treasury. The more money the U.S. Mint makes, the more money they deposit in the general treasury. Talk about a money-making operation.
The U.S. Mint continues to have problems dealing with the collector market. Given the circumstances they have faced over the last 18 months, you have to admire their accomplishments.
The ancient bundle of coins found on Habonim beach in Israel. (photo credit: OFIR HAYAT via The Jerusalem Post)
I regularly peruse online news sources looking for numismatic-related stories in non-numismatic media. The stories are not limited to geography or the news media. I find stories about numismatics on sites that cover news for different disciplines and industries.
Although I post a link to every story I read on Twitter, the stories I find the most interesting make it to the weekly post. Regular readers will notice that I find many stories about people finding ancient coins make the weekly post.
I do not collect ancient coins, but I am interested in their stories. Even though the concept of a minor was not offered when I went to college, I filled many of my electives with history and political science classes. So when I see stories about these discoveries, I read each article thoroughly. Most are very well written and include a context around the era that the coins are from.
Recently, a professor who teaches ancient history using coins to highlight his lectures said that much of what we know about rulers was learned from studying coins. He is excited about new finds because the coins could add to their knowledge of history.
While discussing the coin hoard unearthed in Israel, we discussed collecting ancient coins. He said that once the collector decides what to collect, they can compile a nice collection for the same amount of money as assembling a nice Mercury Dime collection.
An important suggestion was to buy ancient coins from a reputable dealer. It will prevent you from a claim that you have stolen cultural property by a foreign government. This is because the U.S. State Department Cultural Property Advisory Committee (CPAC) accepts any claim from any country without understanding how they hurt legitimate collectors. I have written many posts on this subject. Just search for ACCG (Ancient Coin Collectors Guild) to read those posts.
Even if you do not collect ancient coins, read the articles about the finds from around the world. The articles are fascinating and provide a look at the world’s collective history.
Israeli archaeologists working for the Israel Antiquities Authority (IAA) have discovered a Byzantine-era gold coin depicting Jesus’ Crucifixion. According to CBN News, the coin was one of several artifacts found during an excavation by Ramat Ha-Sharon, a city near Tel Aviv. → Read more at christianheadlines.com
This summer, tour guide Yotam Dahan was camping with his family on a beach near the town of Atlit, Israel, when he stumbled onto a greenish metal mass made up of 13 pounds of ancient coins. → Read more at smithsonianmag.com
August marks the 50th anniversary of Richard Nixon’s infamous decision to “close the gold window,” reneging on the U.S. government’s pledge to redeem dollars for gold. Although Nixon’s action spelled the end of the postwar Bretton Woods framework, the system in place circa 1970 was a pale shadow of the original gold standard. → Read more at thehill.com
The King of American Coins just fetched a princely, world-record sum. The single finest example of the 1804 US silver dollar sold for an astonishing $7.68 million at a Stack’s Bowers Galleries auction on Tuesday to become the most expensive coin of its kind. → Read more at robbreport.com
Madurai: Keeladi, with its rich storehouse of antiquities, has hogged the limelight, especially with the recent finding of a punch-marked silver coin dating back to the ancient Maurya dynasty. The silver coin was a hidden treasure with symbols of sun, flower and Nandi. → Read more at dtnext.in
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.
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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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!
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.
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
Last April, PCGS announced that they had certified the 1933 Saint-Gaudens Double Eagle Gold Coin that Stuart Weitzman recently sold at auction. The coin sold for $18.9 million to an undisclosed buyer on June 8, 2021, by Sotheby’s
On July 27, 2021, PCGS announced that they entombed the most expensive coin in the world in their plastic.
1933 $20 Obv – The 1933 Saint-Gaudens Double Eagle is a gold coin with a $20 face value that sold for nearly $19 million in June 2021 and was graded MS65 by Professional Coin Grading Service. The obverse, seen here, depicts a striding Miss Liberty before a sunrise over the U.S. Capitol in Washington, D.C. Courtesy of Professional Coin Grading Service.
1933 $20 Rev – A flying eagle graces the reverse of the 1933 Saint-Gaudens Double Eagle, a gold coin with the face value of $20 that was originally designed by namesake sculptor Augustus Saint-Gaudens in 1907. Courtesy of Professional Coin Grading Service.
While I acknowledge there is a place for third-party grading services in the collecting market, certifying and encasing the most valuable coin in the world does not qualify.
Although forgeries and fakes are infesting the market, a coin like this one-of-a-kind wonder with a story that reads like a best-selling whodunit the coin is so unique that encasing it away from the world has no equivalent in other collectibles.
Art collectors spend more money for the rarest of paintings only to display them without encapsulation. For example, Salvator Mundi attributed Leonardo da Vinci sold in 2017 for a world record of $450.3 million to Prince Badr bin Abdullah of Saudi Arabia. The prince intends to display it at the Louvre Abu Dhabi. Although the display will have security, the painting will be on display for all to see, not entombed in plastic.
Slabs give coins a homogenous feeling. All slabs look the same. There is little to distinguish the coins other than the information on the label. But the label is not the coin. It hides the differences away from the admirer. A row of slabbed coins does little to enhance the fact that each is different.
Coin collectors have given up eye appeal and the emotion of seeing a beautiful coin to the third-party grading services. Collectors have become mesmerized by labels, numbers, and even stickers without truly understanding what they mean.
Recently, a friend purchased a Carson City minted Morgan Dollar that we thought should grade DMPL (deep-mirrored proof-like). The coin was beautiful but had some slight inclusions. There were bag and handling marks on the coin, but we were confident that the coin would earn the DMPL designation.
When he sent the coin to a third-party grading service for encapsulation (not my coin, so it was not my decision), we played “guess the grade.” My guess was lower than my friend’s. He was more optimistic and overlooked some of the issues I saw. Even though the coin was graded MS-62 DMPL, it did not take anything away from the coin’s beauty.
Except my friend was upset, and the coin is in plastic.
He was conditioned by the phenomenon of grading every coin that the higher the grade, the better the coin. Forget that the coin was beautiful to look at, and he paid less for the coin than if it was graded. He really wanted the coin to grade MS-64. After all, MS-64 is better than MS-62, right?
Now that the coin is encased in plastic, it has lost its luster. I am sure the coin is fine, and the third-party grading service did not damage the coin, but the plastic mutes the impressive DMPL fields. I do not have the same emotional response to the coin in the plastic.
As a result, he wants to crack out the coin and send it to the other third-party grading service to see if he can get a higher grade. I shook my head and wished him good luck.
I am worried that by encasing the only 1933 Saint-Gaudens Double Eagle Gold Coin that is legal to own in a plastic case, the coin will lose its impressive look and make it like any other coin.
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According to reports, there continues to be a coin shortage. In areas of the country where the people primarily use cash, retailers tell news outlets that they are receiving fractions of their orders from the banks. The banks are countering that they are not receiving their complete orders from the Federal Reserve.
The Federal Reserve Banks have not commented on the problem, but the U.S. Coin Task Force continues their Get Coins Moving promotion. When speaking on background, sources say that there are coins in the Fed’s cash rooms but that the amount they keep in reserve for emergencies is lower than usual. Some report that there is an overabundance of dollar coins if someone wants them.
While other areas of the country are experiencing coin shortages, the D.C. area does not seem to have problems. The only advertising for the Get Coins Moving program is on national telecasts. Very few businesses have signs asking for customers to spend their coins.
To see what I can find in change, I have been paying with cash for local transactions. When traveling away from home, I will use cash to test the diversity of the change I receive. While doing this in the last three months, there is a lack of diversity in the change I receive.
Even though the U.S. Mint produced more coins than it had in its history in 2020, the change I receive is full of 2019 coins and older 50 State Quarters. Over the weekend, my change had six Ohio state quarters complete with the hanging astronaut.
We are getting close to the end of July, and I have not seen a 2021 coin, including the Washington Crossing the Delaware quarter.
There is money out there. People have to spend it for it to circulate. Please spend your pocket change so I can find something interesting.
Despite disruptions brought on by the pandemic, the SA Mint managed to produce the Reserve Bank's full order of 811 million coins in its 2020/21 financial year. → Read more at businessinsider.co.za
The silver market faces some short-term headwinds as focus on the potential for tighter monetary policy; however, the precious metal's drop to a three-month low below $25 an ounce has exaggerated the market's weakness, according to one research firm. → Read more at kitco.com
Historians are wondering how 118 coins minted during the Carolingian Empire, a Frankish dynasty who ruled over what is today much of France, Germany and Italy in the period 750–887 AD, managed to find their way to Poland. → Read more at thefirstnews.com
An unprovenanced ancient coin, identified as a Stater (c. 500-480 B.C.), was handed over to the Greek Ambassador to the US, Alexandra Papadopoulou, on Thursday, by officers of the US Immigration and Customs Enforcement. → Read more at ekathimerini.com
Archaeologists from the Institute of Archaeology of the Russian Academy of Sciences have announced the discovery of a coin hoard in the ancient city of Phanagoria. Phanagoria was founded by Teian colonists around 543 BC, and developed into a Greek centre of trade between the coast of the Maeotian, and the countries on the southern side of the Caucasus. → Read more at heritagedaily.com
August 18, 2021
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