Aug 10, 2020 | coins, commentary, Eagles, news, US Mint
The 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
Aug 2, 2020 | coins, commentary, news
Colorized Basketball Hall of Fame Half Dollar Clad Coin (Image courtesy of the U.S. Mint)
People invested in a tradition are afraid to change. It has always been that way and was successful, then why change?
At some point, change is necessary, or the tradition will stifle growth. Two areas where tradition is holding back activities are baseball and numismatics.
Hardcore baseball fans are the most traditional fans. They are the people who can tell you who was on deck when Bobby Thompson hit “the shot heard around the world,”† the nuance of the double switch, or why on-base percentage is a better statistic than batting average.
While trying to have a season amidst the COVID-19 pandemic, baseball had to look tradition in the face and calmly walk in another direction. Aside from adding the designated hitter (DH) in the National League was placing a runner on second base when the games go into extra innings. The purpose is to shorten games, especially those that go to extra innings.
We are used to the DH. When games are played in an American League Park, all teams use the DH. But putting the runner on second base who did not get a hit to be there is very different.
But the move seems to be working. In the first week of the new season, four games went to extra innings, and all of the games ended in the 10th inning. It is an unorthodox move for a sport bound in tradition.
Numismatics is the same in many respects. The U.S. Mint strikes real coins, not trinkets. To be a real collector, you have to collect all of the best stuff, including the highest grade versions of the most popular coins. Finally, coins have to be a good value.
A “real coin” is money that an issuing authority legally monetizes for a market. The market may be for collecting purposes, but the issuer has assigned a face value. Even though the U.S. Mint has issued commemorative coins that are not intended to circulate, the traditionalists have determined the new colorized coin is something less than a real coin.
Traditionalists may not want to hear that a general collector community has reacted favorably to the colorized Naismith Hall of Fame Commemorative Coins. On message boards where collectors discuss their collections, they are now beginning to realize that the U.S. Mint has issued other sports-related commemorative coins. In a recent discussion, some started to ask about the National Baseball Hall of Fame commemorative coins.
These collectors are not interested in Morgan Dollars, Standing Liberty Quarters, or Buffalo Nickels. They want the coins to add to their sports collections. A fan of Dr. J, Julius Erving, said that he plans to buy the colored and non-colored coins for his collection.
When it comes to numismatics, what defines a good value? How does one tell a person who may have inherited coins why a dealer would buy a coin for $20 but sell it for $45 or $50?
This past week, Michael Taylor, a financial writer for mysanantoinio.com, wrote the article, “Coin collecting a fine hobby, but not a good investment.” His fundamental question was, why is the spread between the bid and ask prices of coins so vast.
Briefly, Taylor acquired coins from his elderly father and tried to figure out their value. His mother had taken the small hoard to a coin shop and was offered about half of their retail value. As part of Taylor’s investigation, he used the Red Book (A Guide Book of United States Coins) and the Blue Book (Handbook of United States Coins) to understand pricing.
Taylor concluded that coins were not a good investment based on his analysis of the pricing differences found in both books.
Taylor is a published financial professional with many years of understanding markets. Most markets are very understandable that professionals who predict markets can do so with reasonable certainty. They can mitigate risks for wrong predictions and still make a good living.
Based on analyzing the Red and Blue books, how does one do that in the coin market? The problem is that there is so much more to the market that these books do not cover. A lot is based on tradition, unwritten lore, and irresponsible perceptions.
The general public has a better understanding of the automobile market than they do of the numismatic markets.
If you want to fix the hobby, it is time to look at these traditions, lore, and perceptions and act responsibly. Otherwise, the collectors may only be one-time coin buyers, and the hobby will continue to stagnate.
And now the news…
July 26, 2020
CINCINNATI, Ohio — It's been more than a month since the Federal Reserve declared a coin shortage in the U.S. Businesses like banks, grocery stores and laundromats have had to change their practices to keep change on hand, but one private mint based in Cincinnati is in a unique position to cash in.
→ Read more at
spectrumnews1.com
July 28, 2020
The U.S. Mint has reduced the volume of gold and silver coins it’s distributing to authorized purchasers as the coronavirus pandemic slows production, a document seen by Bloomberg shows.
→ Read more at
bloomberg.com
July 29, 2020
Coins don’t work well as investments, but they are OK as collectibles, according to columnist Michael Taylor.
→ Read more at
mysanantonio.com
July 30, 2020
South Carolina, introduced in 2000, was the eighth state quarter brought into circulation. Growing up in San Diego in the early 2000s, Kelsey Fehlberg proudly displayed her state quarters in a map with inserts for each coin.
→ Read more at
nytimes.com
August 1, 2020
The US Mint is slowing the production of gold and silver coins and limiting supply to authorized distributors – a sign that the pandemic is hampering the supply of physical money in the US.
→ Read more at
markets.businessinsider.com
August 1, 2020
The price of gold hit record highs earlier in the week, Friday morning the price was at about $1.957 per ounce. From gold rings, necklaces and bracelets, people have been bringing in their jewelry to Emerald Coast Coins in Pensacola wit hopes of getting some cash and they're walking out with a lot more than expected.
→ Read more at
weartv.com
August 1, 2020
The round £1 coin was demonetised at midnight on 15 October 2017 About 122m round £1 coins have not been returned to the Royal Mint, nearly three years after they stopped being legal tender.
→ Read more at
bbc.com
† For the non-baseball die-hards, the “Shot Heard ‘Round the World” was a game-winning home run by New York Giants outfielder Bobby Thomson off Brooklyn Dodgers pitcher Ralph Branca at the Polo Grounds in New York City on October 3, 1951, to win the National League pennant. You might have heard
the famous call by Giants Broadcaster Russ Hodges. Since there was one out when Thompson was at-bat, the next batter would have been a Giants rookie named Willie Mays.
Jul 31, 2020 | advice, counterfeit, education, news
Want more information about American Eagle Coins?
The Coin Collectors Handbook: American Eagle Coins has more information and is fully illustrated. Read more →
here;
Two counterfeit American Silver Eagles purchased from LIACOO, a company based in China.
- The scammers are in Shenzen, China
- It may be more than one person behind the scam, but they are working together.
- There appears to be a pocket of these scammers in the Middle East. Early analysis suggests they are in Doha, Qatar.
- All email addresses are either on Gmail or use Google’s professional services that allow Gmail to look like a real domain.
- Any of these sites that have a U.S.-based telephone number are using burner phones. For those not familiar with the term, a burner phone is one on a pay-as-you-go plan. The phones are cheap, easily disposed of, and are difficult to trace.
- Any of these sites that use a U.S.-based physical address use a dropbox service from a logistics company. The dropbox service is a locker that the company pays as a way to manage shipping remotely. There are legitimate uses for these dropbox services, but these scammers use them to make it look like they are located in the United States.
- The scammers are using branded gift cards to pay for these services.
While investigating these sites, I learned that there are five tips that, if followed, you will avoid being scammed.
- NO LEGITIMATE DEALER IS SELLING BULLION COINS FOR BELOW THE SPOT PRICE!
The current price of silver is $23.43 per troy ounce. If anyone is selling American Silver Eagles for less, they are likely trying to sell counterfeit coins.
- IF THE DEAL IS TOO GOOD TO BE TRUE, IT LIKELY IS NOT A GOOD DEAL!
When purchasing bullion and coins from dealers, the price between the spot price and the price the dealer will sell the coins for is called the spread. The spread can change based on inventory, availability, and other market forces. It is rare when the spread is less than 5-percent. Some of the largest dealers will lower their spread for their better customers or as a special to lure other customers. A good deal is when the spread is less than 5-percent. However, the spread is rarely less than 2-percent. If a legitimate dealer sells metals for less than 2-percent over the spot price, that is a good deal. These companies are not in business to lose money. Be very worried if someone is trying to sell bullion coins for less.
- IF THE DEALER DOES NOT IDENTIFY THEMSELVES ON THEIR WEBSITE, THEY ARE LIKELY HIDING SOMETHING.
On every website that is likely selling counterfeit coins, they have a wonderfully written “About Us” page that says nothing. The Of the four websites that readers have sent to ask if they were legitimate, all of the “About Us” pages were copies. A web search using sample passages from the page yielded thousands of results.
- IF THE CONTACT PAGE DOES NOT HAVE LEGITIMATE CONTACT INFORMATION, THEY ARE LIKELY HIDING SOMETHING.
One of the indicators of a site owned by Chinese scammers is if they give you hours in HKT or Hong Kong Time. These scammers are not in Hong Kong but are in Shenzen, which is in the same time zone.
- IF THE SITE IS “POWERED BY SHOPLAZZA,” IT IS LIKELY A SCAMMER SITE.
Go to the bottom of any page. If there is a copyright statement followed by “Powered by Shoplazza,” then run away. Shoplazza is a newly created service out of China that seems to be a Shopify clone made by reading Shopify’s HTML. While looking at the HTML code, there are indications that the site was created quickly. During a quick look at three sites highly suspected of selling counterfeit American Silver Eagle coins, I was able to confirm that their sites are hosted on Shoplazza.
IF THERE ARE ANY QUESTIONS ABOUT A WEBSITE THEN DON’T PURCHASE FROM THEM!
Since my first post about these Chinese scammers, I have received at least five notes per week saying they bought ten coins from these websites. Everyone that received the coins and was able to weigh them found they weigh only 25 grams. A real American Silver Eagle coin should weigh 31.103 grams.
Yes, I bought two coins from one of the sites, but I did so for educational purposes. I suspected that these would be counterfeit, and I wanted the coins to learn more about them. I believe they are silver plated. As for what is under the silver plate, I have to wait until I can visit a dealer with one of those devices that can analyze coins.
Please do not buy from them.
-
-
The font for LIBERTY is too thin. Also, the stars in her flag draped over the shoulder are too small.
-
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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.
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Jul 27, 2020 | coins, commemorative, news, US Mint
Colorized Basketball Hall of Fame Half Dollar Clad Coin (Image courtesy of the U.S. Mint)
No, the tragedy is not the alleged coin shortage.
Social media went berzerk because the U.S. Mint is going to sell colorized versions of the Basketball Hall of Fame Commemorative Coins.
How dare the U.S. Mint do something like this? It’s… it’s… un-American!
Calm down, folks. It is only a little color enhancing a commemorative coin.
But it’s not what the U.S. Mint is supposed to be about. They are supposed to produce real coins.
Real coins? Like the mess of coins in what we refer to as the Classic Commemorative Era? Can we also consider the circulating coinage disasters like the steel cent and Susan B. Anthony dollar?
It will turn us into Canada!
I can think of worse places. I like Canada. I have family in Canada. I collect Canadian coins. However, it is not going to turn the U.S. Mint into the Royal Canadian Mint. First, the Royal Canadian Mint produces more non-circulating legal tender (NCLT) coins that the U.S. Mint. Second, the Royal Canadian Mint uses technologies like lenticular printing to create the design. For the Basketball Hall of Fame coin, the colorization is an enhancement of a struck design.
Colorized Basketball Hall of Fame Silver Dollar Coin (Image courtesy of the U.S. Mint)
That is your opinion. I like what the U.S. Mint will do to the half-dollar coin by emphasizing the ball and rim. Based on the pictures I have seen, the colorized rim on the silver dollar is not enough.
It’s not what the U.S. Mint is supposed to do. I’m not buying it!
Good! It means that I will be able to buy one for myself without trying to fight the speculators.
It’s too expensive.
Finally, an argument I can agree with. Yes, the U.S. Mint is charging too much for the colorized coins. This is because instead of bringing the technology in-house, they have to pay a contractor to do the colorization.
It’s bad for the hobby!
How many times have we heard something is wrong for the hobby. Slabs signed by television reality stars were supposed to be the beginning of the end of the hobby. Endless series of circulating commemoratives are supposed to be bad for the hobby. Commemorative coins with unpopular themes were also going to kill the hobby.
To borrow a phrase: We’re still standing. Yeah! Yeah! Yeah!
Sorry, boys and girls (and we know the complaints are mostly coming from old men). Colorized commemorative coins are not bad for the hobby. It could be good for the hobby. These coins could attract people to the hobby that may not have been interested in the past.
If you want to know what is not good for the hobby, it is the U.S. Mint selling coins that did not sell at cut-rate prices to a television huckster like RCTV that pays NGC to slab the coins with special labels and then sells them at hugely inflated prices to unknowledgeable people on television.
You may also watch for the U.S. Mint’s “de-trashing” policy that is dumping other surplus coins on the market. These are coins that did not sell during the regular sales period that will have “special designation” labels from NGC. Not that the labels would make a difference, but we know that the dealers will over-hype these coins at prices far beyond their worth.
Remember what happened with the television hucksters selling state quarters at over-inflated prices? Or even RCTV selling a set of 31 American Silver Eagle bullion coins for more than you can buy a date run of 34 coins? Eventually, these coins will end up being brought to dealers who will tell them that they overpaid.
I will take colorized coins over the feeding crap to the television hucksters any day.
And now the news…
July 20, 2020
Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) Gold and silver prices are higher in early U.S. trading Monday, with silver notching a nearly four-year high just above $20.00.
→ Read more at
kitco.com
July 20, 2020
As if we needed any more challenges in 2020, earlier this month a national coin shortage hit America. That right, America doesn’t have enough physical change to go around.
→ Read more at
fastcompany.com
July 21, 2020
Coin finds: Looking at this rural scene of Thornhill where Roman coins were found not far away on the Overthorpe estate in 1938, it fires the imagination to think that the early Romans just might have passed by this picturesque spot and even decided to settle here.
→ Read more at
spenboroughguardian.co.uk
July 23, 2020
Old Masters seem to be a safe bet during the uncertain times. This painting, Pieter Brueghel the Younger, St.
→ Read more at
barrons.com
July 23, 2020
In recent weeks, you may have noticed that most shops and restaurants are not accepting cash. This isn’t because of COVID transmission, as some assume, but because of a national coin shortage.
→ Read more at
savingadvice.com
July 25, 2020
“Clare Duffy is a CNN Business associate writer covering the business of technology and the strategies of Big Tech companies. The opinions expressed in this commentary are her own.
→ Read more at
cnn.com
If you like what you read, share, and show your support
Jul 20, 2020 | coins, Federal Reserve, news
There is a coin shortage.
There is also a currency shortage, but it is not as severe as the coin shortage.
The shortage is not because the government has stopped the manufacturing process. There was a production slowdown in April and May, but that does not account for the lack of circulating coins. The West Point Mint briefly closed because the circumstances were different. West Point does not strike circulating coinage.
Although the Bureau of Engraving and Printing slowed down production in Washington, D.C., Fort Worth did not miss a beat.
The Federal Reserve, an independent organization, did not stop the circulation of money. There is money in the various cash rooms around the country. While some of the supply is lower than usual, Federal Reserve Chairman Jerome Powell testified to Congress that their supplies are adequate to meet the demand.
If the government is not causing the coin shortage, then where are the coins?
For nearly eight weeks beginning in mid-March, the amount of money circulating diminished to its lowest levels since the Great Depression. You have not been spending cash. The result is that the stores and banks were not circulating coins forcing the logistics companies to store what they can and deposit the rest with the Federal Reserve.
The Federal Reserve believes there are enough coins to satisfy commerce. The problem is that the supply chain has to restart. There is a limit to how fast the supply chain can move the coins around.
The warehouses where the coins are stored is like a gallon jug or your favorite beverage. To server your guests, you need to pour that gallon jug into glasses. But the only way to pour the jug is into a funnel to guide the liquid into each glass. How much is pouring slowed down by the bottleneck of the smaller opening at the bottom of the funnel?
In the case of coins, the smaller opening is the armored cars that deliver the money from the warehouses to the banks and other large institutions. The limited capacity of the opening will slow down the pouring of the beverage and the pouring of the coins back into the economy.
One Federal Reserve research group suggested that it could take 3-6 weeks for the supply chain to get back to normal. Compared to the lack of Clorox and Lysol cleaners in the supermarkets, that is lightning fast!
And now the news…
July 14, 2020
A recent social media post falsely said a coin shortage in the U.S. was a sign of an impending one-world government. The false claim included a photo of a sign in a grocery store asking customers to use exact change or noncash payments due to a "national coin shortage," according to PolitiFact.com.
→ Read more at
dailyherald.com
July 14, 2020
Editor's note: This is an excerpt of Planet Money's newsletter. You can sign up here.
→ Read more at
npr.org
July 15, 2020
People have been collecting coins since they became useful for bartering around 700BC. The hobby of collecting currency today is now one of the best activities that kids of all ages can become involved with. There isn’t a video game in existence that packs the same reward as collecting coins.
→ Read more at
williamsondailynews.com
July 15, 2020
Interest in gold is rising across the globe as confidence in paper currencies declines. Image: Chris Ratcliffe, Bloomberg Demand for Kruggerands, the top-selling gold coin in the world, is surging as buyers across the globe scramble for one of the few safe havens in times of economic distress.
→ Read more at
moneyweb.co.za
July 16, 2020
Maybe you’ve seen signs in retail stores about a coin shortage, which led to a widely shared conspiracy theory on Facebook. "National Coin Shortage Just Beginning. The national coin shortage was done intentionally, the mint is no longer releasing coins into circulation aka this is the beginning of the end of paper money," the July 2 post says in part, arguing it’s part of a decades-old plan toward enabling a "soon coming one world government" to track every private transaction.
→ Read more at
politifact.com
Jul 15, 2020 | ANA, news, shows
According to a source, the American Numismatic Association Board of Governors voted to hold the 2023 World’s Fair of Money in Pittsburgh. As part of the selection, the “ANA will be seeking a better deal from the venue than they got in 2020.” If they do not get a better deal, the source interpreted the discussion that the ANA will look elsewhere.
The vote was 7-2 in favor of the decision. President Steve Ellsworth and Governor Mary Lynn Garrett voted against the measure. Both believe that the show should exclusively be in Rosemont.
I have come out against holding the ANA premiere show in one location. Moving it around the country will help reach more people and include its educational agenda in more places. While I love Chicago and have friends in the Chicagoland area, moving the show is in the best interest of the ANA.
For a hobby that is not seeing growth and is having difficulties with diversity amongst its membership, having a traveling show should be an invitation to potential members.
I am still holding out hope for holding the World’s Fair of Money in Washington, D.C. While there have been roadblocks in the past, the environment for making the District more welcoming to the ANA a possibility. I have a few ideas to welcome minority communities to introduce them to numismatics. It would work well in the Washington community.
With all due respect to Ellsworth and Garrett, you miss out on an opportunity to reach out to potential new members. You have to look beyond your self-interests and work for the good of the association!
Jul 12, 2020 | Britain, coins, commentary, news
Reverse of the 2020 Elton John Uncirculated Coin (Courtesy of the Royal Mint)
Coins are available from the Royal Mint in gold, silver, and uncirculated. Uncirculated coins come in a special folder honoring Elton John.
There will be those that will complain that these coins hurt the hobby. To borrow a term from our British friends: RUBBISH! If these coins bring people into the hobby, then they are great.
What is bad for the hobby is buying surplus coins from the U.S. Mint and calling it a hoard! For years, the U.S. Mint has been selling off its excess inventory or melting precious metals. This time, someone bought them, sent them to be slabbed, and would jack up the prices under the guise of something special. When the buyer goes to sell them and finds out that they are not worth what they paid, that will have people running away from the hobby. It is similar to the overpriced crap sold on television during the 50 State Quarters program.
Even GovMint.com is getting into the junk selling hype. They have been on satellite radio hawking the emergency production bullion coins struck at Philadelphia after COVID-19 temporarily closed the West Point Mint. Their ad for “P-Mint designated” coins touts them as something special. They are not unique or rare, as the commercial insinuates. Bullion coins are struck at Philadelphia. The difference is that there was a way to determine which mint struck these coins.
What is more damaging to the hobby, selling over-priced bullion or common leftover coins or non-circulating legal tender (NCLT) coins with themes that some old-timers do not seem to like?
Here, let me make some of you upset. I visited the website for the Royal Mint and found something that I will add to my collection:
Queen Coin Cover is created in cooperation with the Royal Mint and Royal Mail (Image courtesy of the Royal Mint).
If that makes you upset, then you need to rethink your attitude on the hobby!
And now the news…
July 2, 2020
A flag flies in front of the federal courthouse in Salt Lake City on Tuesday, Feb. 18, 2020. Scott G Winterton, Deseret News
→ Read more at
deseret.com
July 6, 2020
Connor Shumate holding his metal detector and treasure. Photo: Malcolm Andrews. Rising Brownsville second grader Connor Shumate may have found pirate treasure right in his own yard!
→ Read more at
crozetgazette.com
July 7, 2020
Treasure hunters hit the jackpot as they discover Roman coins at racecourse
→ Read more at
gazette-news.co.uk
July 8, 2020
Royal Mint The coin depicts Sir Elton John's trademark glasses as musical notes Rock legend Elton John is to be commemorated on a £1,000 gold coin celebrating his musical legacy.
→ Read more at
bbc.com
July 8, 2020
The design for the new gold $1 Elizabeth Peratrovich coin was on display during the Elizabeth Peratrovich Day celebration at the Tlingit and Haida Community Council on Feb. 16, 2020.
→ Read more at
juneauempire.com
July 10, 2020
CRANSTON — Just weeks after being granted compassionate release from federal prison, the self-proclaimed “world’s greatest counterfeiter,” Louis “The Coin” Colavecchio, died Monday at age 78. He was in hospice care after struggling with dementia, chronic obstructive pulmonary disease, hypertension and other ailments.
→ Read more at
providencejournal.com
July 10, 2020
In the summer of 2020, we received multiple inquiries from readers about the accuracy of news reports and social media posts that referred to an ongoing shortage of coins across the United States.
→ Read more at
snopes.com
Jul 6, 2020 | advice, coins, Eagles, news
Want more information about American Eagle Coins?
The Coin Collectors Handbook: American Eagle Coins has more information and is fully illustrated. Read more →
here;
Two counterfeit American Silver Eagles purchased from LIACOO, a company based in China.
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.
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The font for LIBERTY is too thin. Also, the stars in her flag draped over the shoulder are too small.
-
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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.
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!
Jul 5, 2020 | gold, news
An article on Yahoo Finance asked the same question many have asked me: are the high premiums for physical gold a scam or a supply crisis?
Gold is in high demand. As a safe haven for uncertain markets, the current markets have driven investors looking to have some stability in their portfolio. Some have suggested that the preppers, those who prepare themselves for a pending disaster, have been hoarding gold. A favorite among preppers is the small 1 gram through 10 gram gold bars because they will be more useful in daily transactions.
According to market analysts, the demand outpaced the available supply. The available supply is what is available to buy. The problem was that the pandemic caused many supply chains to break down with precious metals stuck somewhere and not being delivered to the buyers.
Another problem in the supply was the perception that the demand could not be satisfied after the West Point Mint’s temporary closing. Although the Philadelphia Mint stepped in to produce silver coins, the gold coin production stopped. Subsequently, there were conflicting reports on whether there was enough physical gold entering the supply chain or whether the gold was not getting to the sellers because of the pandemic.
During the shutdown, there were reports that gold mining slowed or stopped as travel became limited. It was also a problem when the major Swiss gold retailers had to shut down because of the quarantine since most as near the Italian border. While gold was available on the secondary market, perception became that if these retailers were closed, there would not be enough for the future. The uncertainty caused the gold buyers to increase their purchases.
One gold dealer reported that they had sufficient gold to satisfy the market but not in the form the customers wanted. The demand for American Gold Eagle exceeded their supply while the non-Swiss made bars were not selling. Customers that demanded Canadian Gold Maple Leaf coins were also disappointed but refused to buy gold coins from other European mints.
There is also no consistency between the premiums dealers charge. Some of the larger dealers use software to calculate the market price that examines other online sales to determine an average. Smaller dealers have said that they watch what the larger dealers are charging and adjust their premium below the average.
Nearly every analyst is bullish on the future of gold pricing. Being bullish on gold means that those watching the markets are not comfortable with the equities market’s stability. We can be in for a bumpy ride.
And now the news…
June 26, 2020
During the coronavirus crisis many people couldn’t find physical gold, as there was a bullion shortage at dealerships. And these lucky individuals who managed to obtain bullion had to pay high premiums.
→ Read more at
finance.yahoo.com
June 27, 2020
COLUMBUS — Letters to Gov. Mike DeWine urging him to grant clemency to Coingate central figure Tom Noe came with something that could help in any plan for the former Toledo area coin dealer to pay back the $12.7 million in taxpayer funding he still owes — job offers.
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toledoblade.com
June 27, 2020
In Vermont, the year 1927 is primarily remembered for the great flood in November – the most devastating event in the Green Mountain State’s modern history. But it was also the year of Vermont’s sesquicentennial, or 150th birthday. Although the event was marked with a pageant in Bennington on Aug. 16, there were other celebrations and remembrances of the founding of the Vermont Republic. There were also two commemorations that originated from the federal government in Washington, D.C.: the issue of a two-cent postage stamp and the minting of a silver coin.
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timesargus.com
June 29, 2020
EDMONTON — The Royal Canadian Mint released a special medal Monday meant to recognize the everyday heroes of the COVID-19 pandemic. The wearable recognition medal was designed as a symbol of gratitude for essential workers and others who have helped keep Canadians safe, healthy and connected through the COVID-19 crisis.
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edmonton.ctvnews.ca
June 30, 2020
A rare silver penny found in a field dating to 1150 and made out to a local Yorkshire baron rather than King John is due to be auctioned.
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yorkshirepost.co.uk
July 1, 2020
CHAMPLAIN — U.S. Customs and Border Protection officers assigned to the Champlain Port of Entry Cargo Facility recently discovered seven Sasanian coins being shipped into the United States. CBP officers assigned to the cargo facility encountered a shipment manifested as documents on June 2 and found nine unrecognizable foreign coins upon further inspection of the package, according to a press release.
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pressrepublican.com
Jun 30, 2020 | coin design, commentary, news
Equestrian Statue of Theodore Roosevelt at the American Museum of Natural History in New York City. (Wikipedia)
Since Roosevelt’s death, Fraser was asked to design three different statues honoring the 26th President with themes picked by the sponsors. The theme was chosen for this statue by the Roosevelt Memorial Association. The statue would honor Roosevelt and the indigenous people in the Badlands of South Dakota and the Africans he met during his post-presidency safari. They were meant to be allegorical figures, not real people.
Theodore Roosevelt was a fascinating personality. TR was fond of the Badlands area, the area of the Dakota territory around the Little Missouri River. In his autobiography, Roosevelt admitted that he used his trips to the Badlands as an escape. The trips started after the death of his first wife, Alice, who died within days of giving birth to their only child.
Roosevelt stopped talking about Alice after her death. Until he wrote his autobiography, the last statement Roosevelt made about Alice was in his diary, where he wrote, “The light has gone out of my life.” Some scholars believe that Roosevelt’s trips to the Badlands were his attempt to combat depression or post-traumatic stress following Alice’s death.
Following his presidency, Roosevelt went on a safari in Africa and a trip through Europe. In Africa, Roosevelt’s safari was a research project sponsored by Andrew Carnegie that would bring back specimens for the Smithsonian Institue and the American Museum of Natural History.
His guide through Africa was a British national RJ Cunninghame. Aside from his knowledge of the region, Cunninghame knew many natives who can lead them around the land. In each of the countries, the local guides were natives.
In his autobiography, Roosevelt would credit the native people for helping on his trips. It was clear that Theodore Roosevelt would not have been associated with these people in other areas of his life. Still, his writing demonstrated a lot of respect for their guidance.
James Earle Fraser, ca. 1920 (Wikipedia)
Frasier’s style was called Beaux-Arts, which relied on neoclassical-like images. Frasier was the designer of the Buffalo Nickel and other commemorative coins. Frasier’s style was called Beaux-Arts, which relied on neoclassical-like images. Frasier took Beaux-Arts to a new level by studying his subjects’ history and incorporating them into the imagery.
All of Frasier’s work has many elements that have to be studied to be appreciated. Numismatists can see his attention to detail by studying a Type 1 Buffalo Nickel with a loupe. The detail gives the coin a lot of character that makes it an appealing collectible. When the U.S. Mint tried to recreate the design for the 2001 commemorative coin, collectors were not satisfied with the flatter image.
The 24-karat Gold Buffalo coin is a good representation of Frasier’s Type 1 Buffalo Nickel design. John Mercanti’s execution of Fraser’s design is phenomenal.
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1913 Buffalo Nickel Type 1 Reverse
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Reverse of the 2013-W American Buffalo gold reverse proof
Many of the statues in tribute to the 26th President show Roosevelt on a horse. Fraser was consulted about two other Roosevelt memorial statues. The statue Fraser proposed that is now on Roosevelt Island in New York’s East River was similar in design to the Equestrian Statue at the Museum of Natural History. The other was a statue to be part of the Theodore Roosevelt Island in the Potomac River near Georgetown. It depicted Roosevelt on a horse without the guides. Fraser died before funding for the statue was realized.
Fraser’s image for the statue was clear. It was the two indigenous people working to support Roosevelt’s adventures. These are not racist images, even when it has been badly misinterpreted by some media who call the person to Roosevelt’s left an African-American.
Unfortunately, the current society has lost the ability to reason beyond the surface at allegorical symbols that are supposed to honor rather than demean. It takes a higher sense of forethought to understand what is being depicted. A value that is lacking today. Understanding the history of the man and the imagery offered by Fraser something to be admired. It is a work of art that needs to be preserved and not run over by a politically correct freight train.
The U.S. Mint does it again by shutting out collectors with an unannounced change in procedures.
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