Weekly World Numismatic News for March 28, 2021
What is the price of a coin?
There are many answers to that question. Some will point to price guides. Others will argue that one price guide is better than others. Then some people will deliver a dissertation about supply and demand and the commodity price of the metals to explain their answer.
The price of a coin is whatever the price one person will pay.
In an auction, people will bid until the price exceeds what all but one participant will pay.
This past week, Heritage Auctions sold a 1935 George V silver Pattern “Waitangi” Crown sold for $72,000, a New Zealand coin record.
In Las Vegas, Stack’s Bowers Galleries sold the only privately owned 1822 Half Eagle for $8.4 million. The other two examples are in the Smithsonian Museum. It is the second-highest amount ever paid for a U.S. coin.
These sales come the week after a George VIII Gold Crown sold for £1 million, a record price for a British coin.
Back down to earth, those who were shut out of the 2010-W American Silver Eagle sale are finding the secondary market selling these coins for upward of $150, double their sale price. Collectors trying to maintain complete collections are paying these markups.
Over a year after the coronavirus pandemic shut down the country, there seems to pent-up demand by collectors. All types of numismatic auctions, except scripophily, are experiencing extraordinary realized prices from auctions.
The strong demand is bringing people out of the woodwork trying to cash in. Major auction houses are lowering their commission to attract new sellers of high-end merchandise. Medium-sized auction houses have been contacting collectors looking to sell smaller collections usually left to estate and liquidation auction services.
Collectors are paying higher prices for coins. A recent liquidation auction, an ungraded 1880-CC Morgan Dollar with many problems, including questionable toning, may be worth about $100 according to the price guides. The coin sold for over $200 with buyer’s premium.
If this is how the market is reacting while contact continues to be limited, imagine how it will be when everything is fully open for business.
And now the news…
March 22, 2021
→ Read more at counterview.net
March 22, 2021 → Read more at azbigmedia.com
March 25, 2021 → Read more at reviewjournal.com
March 26, 2021 → Read more at jerseyeveningpost.com
March 27, 2021 → Read more at nzherald.co.nz
March 27, 2021 → Read more at euroweeklynews.com
March 28, 2021 → Read more at americanlifestylemag.com
Look… up in the sky! What’s up doc?
2015 Canada Bugs Bunny $20 Silver Coin
Even though both coins were ordered at the same time, they were shipped separately. Packaged in plain envelopes with a nondescript United States address, the Bugs Bunny coin arrived four weeks later and the Superman coin arrived 10 days later. It appears like the Royal Canadian Mint is either mailing them from the United States or using a fulfillment center to do the mailing. In either case, shipping was free!
Coins are placed in a plastic capsule, which I hope is archival safe, with that capsule placed in a clear plastic envelope. The envelop is “sealed” with a sticker and then glued to the card. The card has the information about the coin in both English and French. All of the extra paperwork was added to the Superman coin, but that was inconsequential to the presentation.
2015 Canada Superman $20 Silver Coin
Before you go unleash yourself on the costs, remember that the $10.74 “markup” also includes manufacturing and packaging costs, shipping, and license fees the Royal Canadian Mint has to pay to Warner Brothers.
Growing up watching Bugs Bunny on television on the weekends and the reruns of the The Adventures of Superman after school starring George Reeves makes these a special collectible.
These are also struck coins without color enhancements. Although the texture is similar to that of the U.S. Mint’s enhanced uncirculated coins, as sculptured works of art, they are very accurate images and beautifully made.
It may be too late to buy these for a holiday present, unless you put an “I.O.U.” in the box. Maybe if you are near the Royal Canadian Mint facility in Ottawa you can check out their physical storefront. You may want to call ahead before making the trip expecting to find these coins.
Packaging Images
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- Front Cover
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- Inside Cover
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- Coin attached inside
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- Back Cover
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- Cover with the 2015 $20 Canada Superman coin
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- Inside Cover
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- Coin attached inside
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- Back Cover
U.S. Mint says “OOPS!”
The day after announcing the end to mail order purchasing, the U.S. Mint issued a statement saying, “The United States Mint is currently analyzing a policy change to discontinue the distribution of mail order forms in 2016.”
Product brochures that will be mailed in January will not contain a mail order form, probably because the production has been completed and would be too expensive to change at this time.
Word on the street says that a few people complained to their member of congress who then contacted the U.S. Mint. Although there are rumors as to the congress person that made contact with Treasury officials, there are no reports confirming the identity of the suspect.
Once again, congress proves that you cannot run the government like a business because in a business, the Board of Directors can demonstrate a modicum of common sense.
NGC Introduces new Numismentos
Exonumia are numismatic items that are items that represent money or something of value that is not considered legal tender coin or currency. When originally coined in 1960 by the founder of the Token and Medals Society (TAMS) Russell Rulau, the intent was to describe tokens, medals, and scrip. Over the course of time, other items have been added to exonumia category including some award medals and empherma like cancelled checks.
NGC John Mercanti Signature Label sample
Earlier this week, Numismatic Guaranty Corporation (NGC) announced that John Mercanti, the former 12th Chief Engraver of the U.S. Mint, has agreed to individually hand sign certification labels exclusively for NGC. Mercanti will autograph labels for coins bearing his design.
Last week, NGC announced that they struck a deal with Edmund C. Moy, the 38th Director of the U.S. Mint and currently the last full-time director, to autograph labels.
1982-S Washington Half with Elizabeth Jones Signature
In addition to signature labels, NGC has a primary brown label and lables for First Releases, Early Releases, Detailed Grade, 100 Greatest Modern Coins, Top 50 Most Popular Coins, and many others. Not to be outdone, the Professional Coin Grading Service (PCGS) has its own labels for First Strike, U.S. Marshals Service commemorative and 50th Anniversary Kennedy Half Dollar.
Even Independent Coin Graders (ICG) has been in the label business. Aside from their various label options, they also issued an autographed series as part of the 50 States Quarters program including the New York quarter designed by artist Daniel Carr that is part of my New York Hometown collection.
2001-P New York quarter with Daniel Carr’s autograph on ICG label
2001-D New York quarter with Daniel Carr’s autograph on ICG label
Autographs are not just limited to labels. Since becoming Treasurer of the United States, Rosie Rios has been a fixture at many numismatic events autographing Federal Reserve Notes that has her printed signature. Since Rios is a prolific signer, Rosie Dollars, as she as called them, are so common that her signed notes are not worth much more than face value.
Series 2009 Federal Reserve Note autographed by Treasurer of the U.S. Rosa Gumataotao Rios
Collecting numismatic-related souvenirs are not just limited to autographs, which also appear in books. Collectibles include show programs, badges, buttons, ribbons, tags, and other souvenirs related to shows, clubs, and other collecting endeavors.
Autographed slabs, money, books, programs, and other items that are collected because they are numismatic-related but not real numismatic items can be fun collectibles. As an effort to me more inclusive with all aspects of collecting items related to numismatics, it needs a name. Marketing folks will tell you that a good name helps promote your product.
I have an idea. We can call these collectibles numismentos. Numismento is a portmanteau of numismatic + memento.
For example, let’s say you have a collection of programs from the World’s Fair of Money shows you have attended? That would be a numismento. Are you a collector of the labels from the third-party grading services or their sample slabs? You are collecting numismentos. Collecting nametags, buttons, or other items from shows? These are also numismentos!
Numismentos. Numismentos are collectibles that demonstrate the culture of numismatics but are not numismatic items.
Happy numismentos collecting!
Other images are the property of the author.
U.S. Mint to save some trees
With the growing importance of electronic commerce especially for new products that sell out online with greater efficiency than even telephone order, the U.S. Mint has announced that it will be discontinuing all mail order processing at the end of the current fiscal year, on September 30, 2016.
According to the statement released by the U.S. Mint, “The reality of the digital environment means that paper orders placed through the mail are increasingly not accepted as inventory is depleted quickly through online and telephone channels in real time. This is especially true for high-demand products with limited mintages. By eliminating mail orders and encouraging all customers to shop online or by phone, the Mint will be offering more ordering consistency and eliminating those hard copy orders that take longer to receive, process and fulfill.”
While existing order forms will be accepted until the deadline, catalogs and other U.S. Mint advertising material will no longer include paper order forms. Order forms received after September 30, 2016 will be returned with instructions to place the order using the online catalog or by calling (800) USA-MINT (872-6468).
There will be some people upset by this move, but considering the direction of online retail services and the reduction in cost to serve the broader market, the few people that might feel they are being excluded will be inconsequential. Dealers and the secondary market will pick up the business the U.S. Mint is expected to lose.
As with any change, the U.S. Mint will not make everyone happy. Some may point out the previous failures in their online ordering process while others might even say that telephone ordering should also be reduced without realizing that the U.S. Mint’s customer service representatives use a similar version of the website to place an order.
For those who use smartphones, the U.S. Mint does have an app that can be used to place orders. I have used the app (and should write a review) but it might be better to ignore the app and directly use the website.
2011 American Silver Eagle 25th Anniversary Set
2013 Theodore Roosevelt Coin and Chronicles Set
2015 Dwight D. Eisenhower Coin & Chronicles Set
Summary of November 2015 Legislation
I know that there is little the U.S. Mint can do without congress’s permission, but sometimes sifting through what congress is doing can be tiresome. There is so much good that congress can do but the political in-fighting is so insidious that all one can do is shake their head in disgust. At least there is one interesting item to report:
H.R. 22: Developing a Reliable and Innovative Vision for the Economy Act
- SEC. 73002. AMERICAN EAGLE SILVER BULLION 30TH ANNIVERSARY: Proof and uncirculated versions of ASE coins during 2016 shall have a smooth edge incused with a designation that notes the 30th anniversary of the first issue of coins.
Track this bill at https://www.govtrack.us/congress/bills/114/hr22
In other words, congress is mandating a 30th Anniversary American Silver Eagle set. I wonder if it will match the 25th Anniversary set?
2011 American Silver Eagle 25th Anniversary Set
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