Weekly World Numismatic News for July 28, 2019
One of the indicators as to how the markets view the economy is the price of precious metals. When there is uncertainty in the markets, investors leave the equity markets and buy precious metals. When that happens, it will have an impact on most pre-1965 coins.
Marketwatch reported that silver hit a 13-month high about the same time Iran captured a Britsh tanker. Since then, the silver market leveled out with few signs of dropping. Silver is not selling for at the same level as seen during the economic crisis in as it approached 2011, there continues to be upward pressure on its price.
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- 30-day Silver Chart (will not update—Courtesy of Kitco)
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- 10-year Silver Chart (will not update—Courtesy of Kitco)
Silver investing is sometimes called the “poor man’s gold.” When the average investor is uncertain and looks for a safer investment, they will buy silver while the wealthier investors will buy gold. Palladium has emerged as the new investment vehicle for investors with means.
Gold has been more erratic with wild swings in both directions depending on the news of the day. A precious metals fund manager who manages several diverse portfolios called the divergence of the markets curious. There is not a clear explanation for the current rise of silver. If someone were trying to manipulate the market, the prices would climb faster. All she could tell was there were a lot of low-end investors buying into silver.
30-day Gold Chart (will not update—Courtesy of Kitco)
For numismatics, the rising price of silver can be problematics. As the price of silver rises, the value of your coins will increase. However, adding to your collection will cost more, especially on those collectible coins whose value is tied to the price of silver.
Those responsible for investing in these markets are beginning to worry. If investors are buying silver as a safe haven, there could be a feeling of a pending economic crisis. Only time will tell if they are right.
And now the news…
July 24, 2019Present-day tenants of home owned by Jewish family before the Holocaust find jars containing 2,800 coins from as far back as the Roman Empire and as far away as India 
→ Read more at timesofisrael.com
July 24, 2019A hoard of Roman coins dating from the time of Queen Boudicca have been found by a metal detectorist in a field. What makes this find especially fascinating is that they may have been hidden there during one of the most interesting periods in Britain’s early history, the revolt against Rome led by the Celtic Queen Boudicca. → Read more at thevintagenews.com
July 24, 2019Silver futures settle at a 13-month high on Monday, outpacing strength in gold, which saw prices eke out only a modest gain despite rising tensions between… → Read more at marketwatch.com
Celebrating Independence Day Numismatically
Now that we have seen the fireworks and enjoyed our barbecues, it is time to add a numismatic touch to the celebration. This one is a new purchase of a 1976 Type 2 Eisenhower Dollar with an error at the US Mint.
Struck in 1975 and 1976, the dollar, Kennedy Half-Dollar, and Washington Quarter were minted with the dual date 1776-1976 and commemorative reverses designed by Dennis Williams to honor the nation’s bicentennial. In 1975, the lettering on the Eisenhower Dollars had a bolder reverse that did not strike well. For 1976, the dies were changed and the letters were thinned giving us the Type 2 variety.
Thirty-two years later, I purchased a 1976 Type 2 dollar with an error from the US Mint. The dollar in the image on the right, you can see the lettering in “AMERICA” disappearing. The star after the word is also missing. This error is called strike through grease filled dies.
Strike through grease errors are relatively common and only add a small premium to the value of the coin. They occur during the Minting process when Mint employees apply a thin layer of grease on the dies to prevent the newly struck coins from sticking to the die after being hit with more than 40 tons of pressure. When the grease is not applied evenly, it creates a buildup. Those areas where the grease is applied too thickly prevents raised elements from striking properly.
This is not a commentary on the US Mint or the Independence Day celebration. Just something neat I found to add to the patriotic definition of the day. Enjoy your weekend and I hope you find something neat in coins, too.
American Buffalo Fractionals (sort of) Announced
While checking the US Mint’s Public Release RSS Feed, there was an announcement for the coming sale of the American Buffalo fractional coins. However, the press release pointed to by the feed does not exist. There is no listing for these coins in the online catalog and the product release schedule does not announce a date for their release.
The information in the RSS feed was as follows:
Washington – The United States Mint announced today that it will begin accepting orders for fractional denominations of the American Buffalo Coin, now available in proof and uncirculated versions, on July 15, at 12 noon Eastern Time. Both versions of the coin will be offered in four sizes – one ounce, one-half ounce, one-quarter ounce and one-tenth ounce, as well as a four-coin set which contains one coin in each size.
I am looking forward to see how the Mint treats the fractional Buffalo coins. Let’s see what happens over the next few days regarding this pseudo announcement.
US Virgin Islands Selects Quarter Design
Governor John P. deJongh, Jr. of the U.S. Virgin Islands announce the results of the people’s vote to choose the design of their quarter that will be released in 2009. The design chosen was Virgin Islands Beauty, Yellow Breast, Yellow Cedar Tyre Palm. The governor’s website describes the coin as:
A geographical rendition of the Virgin Islands, which includes the 3 major islands, and the official bird of the Virgin Islands (the Yellow Breast or Banana Quit (Coreba Flaveola) and the official flower of the Virgin Islands (Yellow Cedar or Yellow Elder (Tacoma Stans)) representing the natural wonder and beauty of our islands. These are placed on the background of a beach with the Tyre Palm (coccothrinax alta) native to the Virgin Islands, and the inscription “United in Pride and Hope” the Official Motto of the Territory found on the Virgin Islands Territorial Seal.
“I am proud to forward a recommendation to The United States Mint for the Virgin Islands Commemorative Quarter design. After a three week-long voting period, Virgin Islanders have collectively selected an overall favorite design, and I thank the community for its participation in this truly historic process,” deJongh said.
Three more territories to go!
Want To See Something Cool?
On the Collectors’ Society Message Boards, a user name Stefanie (handle: coinsarefun) created this image on her computer. It is a compilation of various portraits and other main elements from US coins. I thought it was so cool I wanted to share it with my readers.
To see it as a full size version, click on the image. Right-click (Mac users can CTRL-click) to save it or even set it as your wall paper. Enjoy!
CONECA 25th Anniversary Error Medals
Error collecting is an interesting part of the hobby. Combined with variety collectors, those interested in finding coins that are not what the U.S. Mint intended is a specialty that requires a bit of education and persistence. Some of the errors and varieties collectors look for are doubled dies, repunched mint marks, clipped planchets, off-centered coins, off-metal coins, strike-throughs, and even differences in one set of dies from another.
Error collecting is a relatively new specialty. The specialty can be traced to the discovery of the famous 1955 Lincoln Cent Double Obverse, now called the king of errors. Its discovery lead to people beginning to search for errors, varieties, and anything out of the ordinary.
As a result, two organizations were formed to serve various collectors. After two decades of competition, they joined forces to create the Combined Organizations of Numismatic Error Collectors of America (CONECA). CONECA now provides education services, publications, and attribution services. Its membership are responsible for some of the definitive guides to errors, including the Cherrypicker’s Guide to Rare Die Varieties by J.T. Stanton and Bill Fivaz.
This year marks the 25th Anniversary of CONECA. To commemorate this milestone, CONECA has created a medal that will be produced in silver, silver clad, and bronze. What makes these medals special is that CONECA will be offering various “error” versions of the medals. The five variety of errors will include an off-center and various form of double strikes. You can also buy a medal that does not simulate an error.
For ordering information, see the CONECA website. When you get there, search for “25th Anniversary Medals Program” to see the medals and ordering information.
Whomever thought of creating errors from the commemorative medal deserves a pat on the back. It is a wonderful idea!
Medal images courtesy of CONECA.
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