It worked… sort of!

I was able to order the 2021-W American Silver Eagle one-ounce proof coin today with only minor issues.

Like every other time I ordered new releases from the U.S. Mint, I logged into my account before the sale. I verified that the credit card I had registered was the correct card. The card was in front of me just in case something went wrong.

As the time closed in at noon, I tapped the refresh button. As soon as the button changed from “Remind Me” to “Add to Bag,” I began tapping.

When the page did not respond immediately, I panicked and tapped again. Of course, I should know better. But I am an anxious collector who cares what my background is. After tapping more than once, the coin appeared in my bag, and I pressed checkout.

I did not look at the contents of my bag as I scrolled down to my payment option. I selected my stored credit card then watched as it took too long to fill the form. As it took time, I was pressing buttons faster than the website responded. After the system finally filled in the form, I forgot to enter the CVV for my card. Then another tap.

Once the confirmation page appeared, I took a screenshot of the information for safekeeping. That is when I realized my nervous tapping added more than one coin to my bag. It looks like I ordered three coins. It also may explain an error I received during the tapping on the link when the system thought I was overfilling my bag.

As I type this, the coin sold out. I do not know how long it was before the coin sold out because I had to put down my iPad and go back to work. It looks like if you missed the opportunity to order, then you would have to purchase one on the secondary market.

A quick search on eBay suggests that the presale for graded coins is averaging $135-150.

Weekly World Numismatic News for January 10, 2021

2020 American Gold EagleThe Weekly World Numismatic News return finds that although 2020 was a stressful year and 2021 has not started with a promise for improvement, the rare coin and paper money market appears healthy.

Based on a survey of auction houses conducted by the Professional Numismatists Guild, they reported the total sales at auction to be over $419 million. With COVID-19 causing the cancellation of every major show, the auction moved online with success.

A consistent comment is that the auctions provided a means for collectors to liquidate all or parts of their collections to raise money during the pandemic. But for this type of sale to be effective, there have to be bidders to buy the coins. The buyers came.

HiBid, an online auction platform that supports many auction houses, has consistently reported weekly sales on the tens-of-millions of dollars. This year, HiBid reports that traffic to coins.hibid.com was their fastest growing platform.

Finally, with the stock markets soaring with the economic uncertainty growing because of the COVID-19 pandemic, the U.S. Mint saw the sale of American Eagle gold and silver coins increase dramatically. In 2020, the U.S. Mint sold 884,000 ounces of American Gold Eagle coins, increasing 455% from the 152,000 ounces sold in 2019.

The sale of American Silver Eagle coins doubled from last year by selling 30.01 million ounces of silver.

Since the U.S. Mint reports bullion coins more regularly than collector coin sales, those coins’ impact is not reflected in these numbers.

There are collectors out there. Unfortunately, they are not members of the American Numismatic Association or other numismatic organizations. Maybe the numismatic community should use this as a lesson to try to grow the hobby.

And now the news…

 December 29, 2020
One face of the coin features a typical Cyberpunk 2077 scene with towering skyscrapers and hulking mega-structures looming over a souped-up motor vehicle. The coin’s flip side depicts a bust of Queen Elizabeth II, Press materials  → Read more at thefirstnews.com

 January 4, 2021
Queen Elizabeth is just months away from a milestone birthday — and the U.K.'s Royal Mint is already celebrating. The Royal Mint unveiled five new commemorative coins for 2021, including a £5 coin to mark the monarch's 95th birthday in April.  → Read more at people.com

 January 4, 2021
Kitco News has launched its 2021 Outlook, which offers the most comprehensive coverage of precious metals markets in the new year. Trillions of dollars were pumped into financial markets in 2020 and that won't come without consequences.  → Read more at kitco.com

 January 4, 2021
A coin collection in a backroom of the Graveyard of the Atlantic Museum could one day reveal Outer Banks history  → Read more at pilotonline.com

 January 8, 2021
With an alarming level of uncertainties across-the-board courtesy of the COVID-19 pandemic, coupled with a return to high market volatility and unprecedented global economic stimulus, investors are increasingly seeking alternative investment strategies.  → Read more at thearmchairtrader.com
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Weekly World Numismatic News for October 25, 2020

Fake Silver Eagles

Two counterfeit American Silver Eagles purchased from LIACOO, a company based in China.

Although the number of reports about people buying counterfeit American Silver Eagle coins has diminished, they have not stopped. This week, I received four more inquiries about these coins.

I have tried my best to get the word out to as many people as possible, including the media. I spent a few hours scouring the Internet for the consumer reporters’ addresses in as many major markets as possible, even sending messages to competing stations. Nobody has responded.

Even though high traffic and Google statistics tracking has pushed the blog closer to the top of the search when people inquire about counterfeit American Silver Eagles, the fact remains that it is difficult or a one-man crusade to cut through the daily noise.

It would have been nice if I had help. I did post warnings on the ANA’s Facebook group. Even though there are Board members involved with the Facebook group, nobody has picked up the ball and tried to put the force of the ANA behind an educational campaign.

The email sent about these fake coins add up to over 150 counterfeit coins. Although it is a small fraction of the total American Silver Eagle population, counterfeits in the market can potentially turn potential collectors into someone who does not trust the market.

I will continue my part of the fight.

Other than the posts I made about these coins, I compiled a list of the websites identified by readers as selling counterfeit American Silver Eagle coins. Once I created the list, I checked the sites to see if they are still selling fakes.

Readers can find the list of dealers selling fake coins at coinsblog.ws/fakes. I will maintain that list with the information as I receive it. Maybe if we work together, we can educate the public and eliminate the demand these scammers use to dupe people.

And now the news…

 October 19, 2020
Special Indonesian exhibit unveiled at quiet vernissage Batik was the dress code of the day at Alliance Coin & Banknote, as a special exhibit on the currency of Indonesia was unveiled on October 5th in downtown Almonte.  → Read more at millstonenews.com

 October 22, 2020
The Harold II silver penny found by Reece Pickering Two nearly 1,000-year-old coins dug up this year by two unrelated teenagers may be worth thousands of pounds each.  → Read more at expressandstar.com

 October 22, 2020
JERSEY’S government could find out how much it will cost to buy 70,000 late Iron Age and Roman coins found in a field in Grouville before the end of the year, the Chief Minister has revealed.  → Read more at jerseyeveningpost.com

 October 23, 2020
Mother Lode Gold, a wooden currency circulates at the CalaverasGrown farmers markets in Calaveras County. The currency is crafted by local farmer and woodworker Sean Kriletich.  → Read more at calaverasenterprise.com
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 VIDEO: Walkabout Denver (Oct 19, 2020)

 

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The Failures of the U.S. Mint’s Website Continues

2019 American Silver Eagle Enhance Revers Proof obverseThe subject line of the email contained the entire note. My correspondent asked, “Did you try to buy the 2019 Reverse Proof?”

Reports said that the remainder of the products sold out in 10 seconds. That was probably the same 10 seconds the U.S. Mint’s website seemed to freeze.

I admit that I tried cheating. As a retired programmer, I tried to script the purchase. The script watched the clock, and right at noon, the script tried to place the coin in my bag then transfer the payment page to the browser. But for the seconds after high-noon, the site did not respond. Frozen!

The best solution offered for these situations is a lottery system. Reports suggested that the suggestion was made to Director David Ryder. Ryder, like the last appointed director, is tone-deaf to the collectors. Some day, the U.S. Mint will have a competent director.

Weekly World Numismatic News for August 9, 2020

2019 American Silver Eagle Enhance Revers Proof obverseThe U.S. Mint does it again by shutting out collectors with an unannounced change in procedures.

According to reports, 95 of the 2019-S American Silver Eagle Enhanced Reverse Proof did not sell the first time because of an alleged glitch. Rather than letting the general public know that the coins were available, they snuck it onto their website and sent messages to people who signed up for reminders only.

The U.S. Mint did not send the message to everyone on their reminder list. Only to those people who signed up for when the coin would be available again.

So let me get this straight. If you’ve signed up for the U.S. Mint reminder services but not for restocking notice, you did not get notified. But if you signed up for a restocking notice after the U.S. Mint announced that all 30,000 coins sold, you were sent a notice.

From the poorly designed website with a bad ordering experience to the sneaking the surplus coins by the general public, the U.S. Mint is not endearing itself to the collecting public.

How can the hobby expect to attract more collectors if the source of coins makes it difficult to purchase their products?

And now the news…

 July 29, 2020
Toilet paper, sanitizer and yeast were but a few of the top-of-mind goods hoarded by Canadians at the outset of the COVID-19 pandemic. In more recent weeks, however, another shortage – this of $50 banknotes – has come to light.  → Read more at canadiancoinnews.com

 August 3, 2020
Minelab Metal Detectors Luke Mahoney said the "feeling of scraping the dirt away and seeing the coins is indescribable" A metal detectorist who has spent 10 years searching for hidden treasure found "the biggest hoard of his life" in a field behind his village pub.  → Read more at bbc.com

 August 4, 2020
UK considers minting coin to commemorate Mahatma Gandhi  |  Photo Credit: BCCL Mahatma is poised to become the first-ever nonwhite person to feature on the British currency.  → Read more at timesnownews.com

 August 4, 2020
On July 27, 2020, gold prices hit an all-time high. Although the earliest traces of gold as a valuable material date back to the Paleolithic era in 40,000 B.C., about two-thirds of all the gold ever mined has been wrested from the ground since 1950. Throughout human history, it’s estimated that human beings have mined 197,576 tons of gold. One reason that gold has been so attractive to people across every corner of the Earth for all of recorded history is that it’s nearly indestructible, which means virtually all of that 197,576 tons is still around in one form or another. Even so, if you combined every ounce of gold ever mined into one large cube, that cube would only measure about 70 feet on each side.  → Read more at thestacker.com
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SCAM ALERT: LIACOO IS SELLING FAKE SILVER EAGLES!

Coin Collectors Handbook: American Eagle Coins

Want more information about American Eagle Coins? The Coin Collectors Handbook: American Eagle Coins has more information and is fully illustrated. Read more → here;

Fake Silver Eagles

Two counterfeit American Silver Eagles purchased from LIACOO, a company based in China.

Last month I posted an article about a potential scam by a company named LIACOO selling American Silver Eagle coins from China. I ordered two coins to confirm my suspicion.

THE COINS ARE COUNTERFEIT! FAKES!

I ordered the coins on June 4, the day I posted the article. The coins were shipped from China to California to New Jersey to my office. LIACOO used the services of Newgistics, which is now a subsidiary of Pitney-Bowes. By using a logistics company in this manner, they can hide behind the anonymity of the service.

Contacting Pitney-Bowes is nearly impossible. I left a very public message on Twitter. Let’s see if they respond.

When the coins arrived, I opened the package and started to examine the contents. The coins are in a slab-like holder similar to the Coin World holders but without the Coin World logo. At first glance, they look fine, and then a closer look revealed problems.

My first impression was that there are almost no rims on the coin. A closer look at the obverse, and the font is too thin for the LIBERTY around the coin. Then I turned the coin over to focus on the U in United. It is missing the tail on the right side of the U. I did not need to see any more to be convinced this was a fake coin.

Finally, I removed the coin to weigh it. An American Silver Eagle is supposed to weigh just slightly more than one troy ounce because it is only .999 silver. Since my scale only measures grams to the tenths of ounces, it should have weighed 31.1 grams. It weighed 25 grams.

The coin is not magnetic.

I will investigate further, but I wanted to report my initial findings.

DO NOT BUY CHEAP EAGLES FROM RANDOM WEBSITES!

I bought these coins to prove my point. I knew I was potentially buying fakes. I spent less than $30 for education aids.

Unfortunately, two correspondents wrote to tell me they each bought ten coins from different dealers. They spent $19.95 per coin. Both lost over $200 with the shipping costs.

IF YOU CANNOT IDENTIFY THE DEALER, THEIR EXACT LOCATION, AND THEIR BUSINESS STATUS, THEN DO NOT BUY THEIR COINS!

LIACOO is a scam. It is a company based in China. DO NOT BUT FROM THEM!

SCAM ALERT: Beware of Cheap Silver Eagles

Coin Collectors Handbook: American Eagle Coins

Want more information about American Eagle Coins? The Coin Collectors Handbook: American Eagle Coins has more information and is fully illustrated. Read more → here;
UPDATE: I BOUGHT TWO COINS FROM THIS COMPANY. THEY ARE FAKE, AS SUSPECTED. Read more → here!

If a deal is too good to be true, it probably is.

Device that could metallic analysis of a coin below the surface

Facebook users might have seen an advertisement trying to sell American Silver Eagle bullion coins for $9.99. DO NOT BUY FROM THAT ADVERTISEMENT. IT IS A SCAM!

The company is named LIACOO. Please note the two “ohs” because there is a legitimate company spelled with a single “oh.” LIACOO appears to be selling knock-off products made in China and representing them as genuine for less than market value.

A reader purchased five of these coins. After they arrived, this person said that something looked wrong and asked for help. The images that were sent makes the coins appear to be cast copies of American Silver Eagle coins. COUNTERFEITS!

First, you will NEVER find a legitimate seller sell American Silver Eagle for less than the wholesale price. You may be able to find someone who will round down your cost to the nearest dollar as a loss leader, but the price will never be more than 1-2% less than the spot price. The current spot price of silver is $17.84. If you find someone selling legitimate American Silver Eagle for $17.00-17.50, they will probably sell the coins to convince you to do further business with them. Otherwise, you may want to check the company further.

In this case, an examination of their website has no information about who they are.

  • There was no physical address.
  • There was no telephone number listed.
  • The site did not have a privacy policy required to do business with most of the world.
  • The site did not have any policies for shipping, returns, or customer service.
  • The pictures of legitimate monster boxes and roll containers were “borrowed” from another site.

There are two places where they provide contact information. On their FAQ page is an email address that uses a different domain. Contact information for the company’s domain name appears on one page that listed an email address, and that customer service was available between 9a and 5p HKT. HKT is the time zone abbreviation for Hong Kong Time.

If that was not enough to convince you that this deal is too good to be true, further research went into their Internet presence.

Their domain name registration shows that the name was purchased from a company in Guangdong, China, that appears to service small businesses. This service provider is reselling the services offered by Baidu. Baidu is a Chinese state-controlled search engine, sometimes called the Google of China. The Chinese government heavily regulates Baidu.

The website is hosted on servers owned by Alibaba. Alibaba is a China-based e-commerce conglomerate whose ties with the Chinese government is uncertain. Although founder Jack Ma has claimed to have no government ties, it is essential to remember that the Chinese government regulates everything and censor Internet traffic inside its borders.

Everything regarding their Internet presence confirms that they are a China-based company. Remember, many of the worst counterfeit coins have origins in China.

I provided the details of the clues I was looking for to help you understand how to spot a scammer. I went further by looking into their Internet presence since I have the background to understand the under-the-hood workings of the Internet. However, my examination of the website was enough to convince me not to buy the coins.

If anything about the offer makes you uneasy, then do not buy the coins. If you want me to look at the site, leave a message in the comment section below, or send me a note. “Let’s be careful out there.”

A Look at the American Eagles: The American Silver Eagles (UPDATED)

Coin Collectors Handbook: American Eagle Coins

Want more information about American Eagle Coins? The Coin Collectors Handbook: American Eagle Coins has more information and is fully illustrated. Read more → here;
This is first article of a 4 part series:

NOTE: This is an updated article that was first published on September 18, 2018.

After the Coinage Act of 1965 removed silver from United States coinage, the federal government held the silver in the national stockpile. By the 1980s, the supply that far exceeded the needs of the national stockpile. Following several years of discussion that almost led to the bulk auction and sale of the silver, congress decided to use the silver to create a silver investment coin, the American Silver Eagle.

The American Silver Eagle program was so successful that following the depletion of the Defense National Stockpile in 2002, the original law was changed to continue the program by purchasing silver from U.S.-based mines at market prices to be used for future production.

American Silver Eagle Design

The obverse of the coin is the much-beloved design that was used on the Walking Liberty Half-Dollar coin from 1916 to 1947, designed by Adolph A. Weinman, a former student of Augustus Saint-Gaudens. The reverse features a heraldic eagle using a design by John Mercanti. Mercanti engraved both sides of the coin that including copying Weinman’s original design. Mercanti would later become the 12th Chief Engraver of the U.S. Mint.

American Silver Eagle Specifications
 Composition .999 Fine Silver
 Weight One Troy Ounce (31.103 grams)
 Diameter 40.6 mm (1.598 inches)
 Thickness 2.98 mm (0.1173 inches)
 Edge Reeded
 Face Value $1.00
 Designers Adolph A. Weinman (obverse), John Mercanti (reverse)
 Engraver John Mercanti

Bullion American Silver Eagle Coins

The American Silver Eagle program produces bullion coins for the investment market and collectible versions of these coins. As bullion coins, the U.S. Mint tries to eliminate the factors that drive the price of collectible coins (mintage, rarity, and condition) by making each coin the same. The U.S. Mint strikes American Silver Eagle to meet the market demand and can be stuck at any branch mint. Bullion coins do not have a mintmark.

The U.S. Mint does not sell bullion coins directly to the public. They sell the coins to “Authorized Purchasers,” who then resell the coins to the market. Although the American Silver Eagle bullion coins are produced for the investment market, some people collect these coins.

As with other investments, American Silver Eagle bullion coins are subject to taxes when sold. Please consult with a financial advisor or tax professional for any tax implications.

Mint of Origin for Bullion Coins

The U.S. Mint branch facility in West Point, New York, has been the primary manufacturer of American Silver Eagle bullion coins. Over the years, the mint facilities in San Francisco and Philadelphia have supplemented production.

Following an investigation, researchers learned that the U.S. Mint struck American Silver Eagle bullion coins at San Francisco and Philadelphia from 2011-2017. Some have tried to use shipping records from the U.S. Mint, shipping labels, packaging materials, and other means to try to investigate the origin of the coins.

In 2015, the industry thought they understand how to tell which Mint struck the coins. According to a statement issued by the U.S. Mint in 2018, the Philadelphia Mint produced 79,640 bullion coins. However, 140 coins were “condemned” and not issued. They shipped 79,500 coins to West Point for distribution to authorized purchasers. Although the boxes contain labels and serial numbers, there was no attempt made to separate the coins by Mint. Further, the U.S. Mint acknowledges that they identified cases of duplicate labels and tracking numbers written on the box. The information creates a reasonable doubt as to determine the manufacturer of the coins.

The third-party grading services believe they identified strike characteristics of the 2015 bullion coins that occurred at the Philadelphia Mint. They have encased American Silver Eagle bullion coins with labels noting their Philadelphia pedigree with no additional evidence.

In 2020, the novel coronavirus (COVID-19) pandemic caused the U.S. Mint branch at West Point to close temporarily. In order 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. The grading services are noting the origin of the bullion coin on the label of their slab.

Unlike the 2015(-P) coins, the 2020(-P) coins have an identifiable trail that leaves little doubt to the origin of the coins.

Collector American Silver Eagle Coins

The U.S. Mint produces collector versions of the American Silver Eagle are sold directly to the public in specialty packaging. The U.S. Mint sells American Silver Eagle proof coins in a specially made capsule stored in a blue velvet-covered case in a blue box with a Certificate of Authenticity.

Beginning in 2006, the U.S. Mint has produced an uncirculated business strike coin for the collector market. Most uncirculated American Silver Eagle collector coins are struck in West Point and bear the “W” mintmark. Uncirculated coins are burnished, a process by treating the surface with fine particles to give the surface a smooth, satin finish. The U.S. Mint sells these coins in a capsule with packaging that varies from year to year.

The U.S. Mint has produced coins with reverse proof and enhanced uncirculated finishes. A reverse proof coin is when the elements show a mirror-like appearance and the fields have a matte finish.

In 2009, the U.S. Mint was unprepared for the financial collapse that increased the demand for silver bullion coins. So that the U.S. Mint could produce the coins to meet the investor demand, the U.S. Mint did not produce collector American Silver Eagle coins. Although the American Silver Eagle proof coin returned to the market in 2010, the U.S. Mint did not produce uncirculated burnished coins.

American Silver Eagle collector coins returned in 2011.

OGP vs. GRADED

2018-W American Silver Eagle Proof in Original Government Package

Collector American Silver Eagle coins can be purchased either in their original government package or graded. When searching for coins that are in their original government packaging on most online auction sites, it is recommended that you add “OGP” as part of the search.

Dealers and collectors will remove the collector American Silver Eagle coins from their original government package in order to submit them to a third-party grading service for grading. Collectors who prefer the encapsulated coins are not concerned with the package. Some dealers will sell the package without the coin for a few dollars, but for collectors of graded coins, this is not a priority.

2007 Reverse Variety

In 2008, the U.S. Mint updated the reverse dies of the American Silver Eagle, giving it a slightly different appearance. The reverse die was only supposed to be used on collector American Silver Eagle coins in 2008 before being used for bullion coins in 2009.

As a result of the human factor required with operating the minting equipment at the West Point Mint, the reverse dies used for the 2007 American Silver Eagle coins were mated with 2008 collector coins creating a new variety for collectors. These coins are known as a 2008-W Silver Eagle Reverse of 2007 Variety.

2008-W Silver Eagle Reverse of 2007 Variety
(Image courtesy of the Silver Eagle Guide)

The 1995-W

Tenth Anniversary American Eagle Set

In 1995, the U.S. Mint created the 10th Anniversary American Eagle set to celebrate the program’s decade. The set contained a 1995-W American Silver Eagle proof coin that was made available only to collectors buying the set. Collectors wanting to add the 1995-W American Silver Eagle proof coin to their collection had to purchase the entire five-coin set that included four American Gold Eagle proof coins ($5, $10, $25, and $50 gold American Eagles). The $999 price for the set helped limit the number of coins sold.

As gold prices have risen, collectors sold the gold coins separately. However, the limited availability has caused the 1995-W American Silver Eagle to rise significantly on the secondary market. Cost to purchase this coin averages about $5,000-6, depending on the grade and finding the entire set with the American Gold Eagle coins in their original government package averages over $8,000.

Special Sets

The Philadelphia SetIn 1993, the U.S. Mint offered The Philadelphia Set, which was issued to commemorate the 200th Anniversary of the striking of the first official U.S. coins at the Philadelphia Mint. This set included each of the Proof American Gold and Silver Eagles struck at the Philadelphia Mint and containing the “P” mintmark. The set included a 1993-P Proof Silver Eagle along with the one-half ounce, one-quarter ounce, and one-tenth ounce 1993-P Proof Gold Eagles. Also included was a silver Philadelphia Bicentennial Medal, which specially produced for this numismatic product.

To mark the launch of the new American Platinum Eagle bullion and collector coin series, the U.S. Mint offered the 1997 Impressions of Liberty Set. This set contained the one ounce 1997-W Proof Platinum Eagle, one ounce 1997-W Proof Gold Eagle, and one ounce 1997-P Proof Silver Eagle. Production was limited to 5,000 individually numbered units. The serial number for each set was engraved on a brass plate affixed to the wooden display case.

In 2004, the U.S. Mint worked with the United Kingdom’s Royal Mint to create a numismatic product containing the silver bullion coins from each country. The Legacies of Freedom Set contained one 2003 American Silver Eagle bullion coin and one 2002 British Silver Britannia bullion coin. The special packaging highlighted the importance of the two national icons.

To celebrate the 150th Anniversary of the founding of the Bureau of Engraving and Printing and the 220th Anniversary of the United States Mint, the two bureaus joined together to release the 2012 Making American History Coin and Currency Set. The set contained a 2012-S American Silver Eagle Proof coin and a $5 note with a serial number beginning in “150.”

As part of the 2016 Ronald Reagan Coin and Chronicles Set the U.S. Mint included a 2016 Proof American Silver Eagle along with a 2016 Ronald Reagan Presidential reverse proof dollar, and a Nancy Reagan Bronze Medal. To complete the set, it included a presidential portrait produced by the Bureau of Engraving and Printing and an informational booklet about President Reagan.

In 2019, the U.S. Mint partnered with the Royal Canadian Mint to issue the Pride of Two Nations silver coin set. The set contained a reverse proof American Silver Eagle struck at West Point and a reverse proof Silver Maple Leaf struck at the Royal Canadian Mint’s facility in Ottawa, Ontario. Production was limited to 100,000 sets in the United States and 10,000 sets in Canada.

Later in 2019, the U.S. Mint released an Enhanced Reverse Proof coin struck at the San Francisco Mint. Its mintage limit of 30,000 coins is less than the number of 1995-W coins issued.

Annual Sets

To extend the product line, the U.S. Mint began to create special annual issue sets to entice people to collect U.S. Mint products. The first annual set containing an American Silver Eagle coin was the Annual Uncirculated Dollar Coin Set. First offered in 2007, the set includes the issued uncirculated Presidential dollar coins, an uncirculated Native American dollar coin, and an uncirculated American Silver Eagle. Since the Presidential Dollar Program ended in 2016, it is unclear whether the U.S. Mint will issue the set in 2017.

Since 2012, the U.S. Mint has been producing the Limited Edition Silver Proof Set that contains 90% silver versions of the year’s five America the Beautiful Quarters, Kennedy Half Dollar, and Roosevelt Dime, along with the standard annual Proof American Silver Eagle. Sets are limited to 50,000 units annually.

Starting in 2013, the U.S. Mint has been producing the Congratulations Set as part of a new line of products targeted towards gift-giving occasions. The set includes the standard annual Proof Silver Eagle within specially designed packaging that allows the gift giver to add a personalized message.

Anniversary Sets

2011 American Silver Eagle 25th Anniversary Set

Since the American Eagle Program has been one of the most successful programs in the history of the U.S. Mint, they have used its popularity to extend the product line. Aside from celebrating the anniversary of the program, the U.S. Mint has produced anniversary sets to celebrate Mint facilities.

The Anniversary sets issued are as follows:

  • 1995 American Eagle 10th Anniversary Set included a 1995-W American Silver Eagle Proof coin and four American Gold Eagle coins.
  • 2006 20th Anniversary American Silver Eagle Set was a special three-coin box set included a 2006-W American Silver Eagle with a burnished (satin) finish, a 2006-W American Silver Eagle Proof coin, and a 2006-P American Silver Eagle Reverse Proof coin.
  • 2011 25th Anniversary American Silver Eagle Set was a five-coin box set that contained five different coins. The U.S. Mint produced only 100,000 sets that sold out within the first 10 minutes they were offered online. This extremely popular set is averaging $800 on the secondary market in the original government package. The set includes the following coins:
    • 2011-W (West Point) American Silver Eagle Uncirculated coin
    • 2011-S (San Francisco) American Silver Eagle Uncirculated coin
    • 2011-W (West Point) American Silver Eagle Proof coin
    • 2011-P (Philadelphia) American Silver Eagle Reverse Proof coin
    • 2011 (no mintmark) American Silver Eagle Bullion coin
  • 2012 American Eagle San Francisco Two Coin Silver Proof Set was issued to celebrate the 75th anniversary of the current San Francisco Mint. The set included a 2012-S American Silver Eagle Proof coin and a 2012-S American Silver Eagle Reverse Proof Coin.
  • 2013 West Point American Silver Eagle Set was issued to celebrate the 75th anniversary of the facility in West Point, New York. The set included a 2013-W American Silver Eagle Reverse Proof coin and a 2013-W American Silver Eagle Enhanced Uncirculated coin. The set was instantly popular with collectors since it was the first appearance of the Enhanced Uncirculated finishing process.

Although the U.S. Mint did not issue a set to celebrate the 30th Anniversary of the American Silver Eagle in 2016, West Point struck proof and burnished uncirculated collector coins with edge lettering that read “30TH ANNIVERSARY.”

Rolls and the Green Monster Box

Bullion coins are packaged in 20-coin hard plastic rolls with 25 rolls packed in a specially designed green box that contains 500 troy ounces of silver. The U.S. Mint seals the box before shipping them to authorized purchasers. The term Green Monster Box refers to the green box with 500 silver coins.

Resellers sell Green Monster Boxes with the intent of selling to investors. Resellers also sell unopened rolls from the Monster Box.

Sealed Green Monster Boxes have the benefit of being unsearched and unhandled since leaving the U.S. Mint. These boxes are usually offered for sale by bullion dealers at a small premium over the current market (spot) price of silver. Unsealed Monster Boxes with the U.S. Mint’s labels intact can attest to the authenticity of the coins.

In the next installment, we look at the American Gold Eagle coins.

All images courtesy of the U.S. Mint unless otherwise noted.

Weekly World Numismatic News for May 10, 2020

2020 American Eagle Silver Bullion CoinIs it Sunday already?

This past week, the numismatic world was greeted with the news that the Philidelphia Mint struck a limited number of American Silver Eagle bullion coins to help fill the demand.

Most of the production of the American Silver Eagle bullion coins are in the West Point Mint. Sometimes, the San Francisco and Philadelphia Mints add capacity when necessary, with San Francisco being the priority. Since the West Point and San Francisco Mints temporarily closed because of the effects of COVID-19, Philadelphia picked up the slack.

The U.S. Mint produces all bullion coins without mintmarks. In most cases, it is impossible to tell which mint struck the coins. An exception is the 2015 (P) American Silver Eagles. Collectors and the grading services have been trying to figure out where the green monster boxes came from by examining the serial number and other clues. In 2015, Philadelphia struck just under 80,000 bullion coins. Those handling monster boxes noticed a difference in the packaging and quality.

According to the U.S. Mint, “Monster boxes of 2020 American Eagle Silver Bullion Coins minted in Philadelphia were affixed with a typed label containing the box tracking number; additionally, box tracking numbers were handwritten directly on the boxes. Box tracking numbers 400,000 through and including 400,479 were used on boxes of coins minted in Philadelphia.”

The 480 monster boxes translate into about 240,000 coins.

With that knowledge, the third-party grading services will add a special label noting that the coins were struck at Philidelphia only if the monster box sent for grading has the proper label and seal.

Of course, the price gougers are out in force. Most reputable companies are selling MS-70 graded “emergency” coins at around $250. That is about $200 over a “First Strike” or “Early Release” graded coins. One online seller is offering a pre-sale of the “emergency release” coins in MS-70 PCGS slabs with John Mercanti autographs for $595.

Coins graded MS-69 are selling for $75-80, which is $40-45 over other MS-69 graded coins.

Remember, if the listing says “pre-sale” it means that the seller does not have the coins in inventory.

And now the news…

 May 6, 2020
With central banks spraying unprecedented amounts of printed money at the global economic system, it’s little wonder the gold price soared by 18% in the six weeks following the stockmarket meltdown. All the extra money sloshing around means the chances that consumer price inflation will take off and erode the value of your cash have risen sharply.  → Read more at theweek.co.uk

 May 6, 2020
(Kitco News) – The last time the U.S. Mint sold this many platinum coins, President Bill Clinton was being tried by the U.S. Senate and Spongebob SquarePants was premiering on Nickelodeon. As of last month, the U.S. Mint said sales of the 1 oz platinum Eagle in 2020 reached 56,500 oz.  → Read more at kitco.com

 May 8, 2020
A veritable gold mine of silver coins which had been hastily stashed inside a church in a ceramic jug hidden by a blind Polish priest over 300 years ago has been unearthed by workers removing rotting floorboards in the blind priest’s former church.  → Read more at thevintagenews.com
Coin Collectors News
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DON’T BUY COINS ON TELEVISION!

Coin Collectors Handbook: American Eagle Coins

Want more information about American Eagle Coins? The Coin Collectors Handbook: American Eagle Coins has more information and is fully illustrated. Read more → here;

Over the years, I have heard from many people regarding the problems with mailorder numismatics. Every few months, someone writes and asks about the value of something they bought from a non-numismatic magazine or from something they saw on television.

My answers tend to be upsetting because the market does not value these items as the television hucksters do.

Recently, I wrote about the experience with someone who brought in a box of coins he bought from television and magazines. I described his reaction as “The look on his face when I told him was as if I kicked his dog.” Then I was provided an example of why my words land very hard.

Sunday’s are my day off. Even though I have personal work to catch up on, I will play couch potato and watch television. This past Sunday, I entered the wrong number in the remote and landed on the Fox Business channel.

On the weekend, when the markets are not open, the business channels broadcast other programming. At this time, Fox Business was airing an infomercial for Coins TV.

When I tuned in, the camera was panning a display with graded American Silver Eagle coins. Of course, I stopped to stare at the shiny silver coins. Then I heard the pitch.

The pitchman is Rick Tomaska, owner of Rare Collectibles TV. Tomaska seemed pleasant and appeared knowledgable. His pitch was selling a date run of American Silver Eagle graded MS-69 by NGC for $1,995.00. It almost seemed reasonable until it was made clear that the pitch was for a date run of 31 coins from 1986-2016.

Is $1,995.00 a good deal for the 31 coins? My first instinct was to check the price guides. Since the online Greysheet does not include the retail price for graded bullion coins (why?), I used two other guides: Numismedia Fair Market Value Price Guide and the price guide from NGC. Based on a grade of MS-69, the guides provided the following information based on prices for the 1986-2016 34-coin set:

  Numismedia FMV
34 coins @ MS-69
NGC Price Guide
34 coins @ MS-69
RCTV Infomercial
31 coins @ MS-69
Total $1,240.00 $1,679.00 $1,995.00
Average $40.00 $54.16 $64.35

But Numismedia and NGC are price guides. Guides are not the retail prices a collector would pay. So we turn to the interwebs to search for “date run American Silver Eagle coins.” The search returned several entries on the first page that was not RCTV.

Taking the top three entries from the search, only one dealer was sold out. The others offered a complete set of 34 coins, 1986-2019, graded MS-69 by NGC for considerably less than Tomaska’s price. To be fair, where there was a difference between the cash and credit prices, I used the credit card price, which is usually higher. Then I searched eBay and sorted for the lowest price. The following is what I found:

Company Date Run Coins in Set Advertised Price Shipping Average per coin
RCTVcoins.com 1986‑2016 31 $1995.00   $64.35
JM Bullion 1986‑2019 34 $1541.70   $45.34
Mint Products.com 1986‑2019 34 $1399.99   $41.18
eBay Seller constitutionclct 1986‑2019 34 $1299.00 $14.95 $38.65

For the eBay dealer who was charging for shipping, the cost per coin was the lowest even after adding the shipping costs to the total price.

JM Bullion and Mint Products.com are reputable companies. Both firms are worth considering if you do not feel comfortable making this purchase from an eBay seller. Note that these companies will base the price of their bullion coins on the current spot price of silver. Their retail prices may fluctuate.

When you buy from these television advertisements, you will overpay.

To help enforce the issue, the JM Bullion website said that they would buy a complete date set of American Silver Eagle bullion coins for $1,094.12 when I looked up the price. If you purchased the set advertised on television, you would be LOSING $900!

As part of the pitch, if you ordered the set, Tomaska would send a copy of the 4th Edition of American Silver Eagle: A Guide to the U.S. Bullion Coin Program autographed by Miles Standish, the book’s co-author, who was present with Tomaska.

What is sad is that Miles Standish joined Tomaska as part of this infomercial. Although Standish did not assist Tomaska in his pitch for the set, his presence is an appearance of legitimacy. It is similar to the appearance of past ANA President David Ganz on an infomercial. Neither endorsed the product that was being sold, but their presence was used to suggest otherwise.

I would not recommend buying coins or any collectible from a television show. Every collectible I have seen being hawked on television was 45-60 percent over what might be considered wholesale value for its market.

As a small business owner, I would be foolish to criticize someone for making a profit. It’s the Ameican way. However, there is a difference between making a profit and price gouging. It is why I am warning you against purchasing collectibles from a pitch on television.

All images are screen shots taken using an external camera. Use of images are permitted and protected under the Fair Use Doctrine (17 U.S.Code §107).

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