Weekly World Numismatic News for November 1, 2020

Here we are with the election on Tuesday. The numismatic-related news has some stories but nothing of significance. For bullion buyers, the metals market has been active. One analyst called the market schizophrenic while trying to figure out what economic conditions will be.

Another analyst that follows the silver market noted the decline of silver prices since September. Among the reasons is that early buyers of silver are looking to cash in on their holdings. Those who bought last year when the average price was around $18 per ozt have been looking to profit from the spot being over $22. When asked if the price of silver will decline, the response was to ask after the election.

Gold prices have been steadier but have shown a gradual decline since August. A gold analyst reminded me that gold is a safe haven for investors when markets are uncertain. This analyst did not think the markets will see certainty after the election. Their firm is telling clients that regardless of the outcome of the election, the lame-duck Congress will create a lot of infighting that will spill over into the markets.

The value of many modern collector coins is dependent on the value of the metals. Those coins will see their values fluctuate with the market. Unfortunately, none of the analysts consulted predicted stability in the market. They suggested that unless you had to sell that you might wait. One recommended setting a high and low price for buying and selling but would not recommend the spread.

Regardless of what you choose to do with your investment coin, be prepared for a bumpy ride because none of the analysts would predict any stability for the next six months.

And now the news…

 October 24, 2020
For almost three thousand years, humans have been using coins as payment. As that winds down in an increasingly cashless world, let’s take a look at how the Vikings dealt with money.  → Read more at lifeinnorway.net

 October 25, 2020
A man with a metal detector has found a long-hidden, 222-year-old coin under a few inches of soil outside a church in Maine. Shane Houston, of Charlotte, North Carolina, was on a metal-detecting trip with a friend from New Hampshire when he found the coin earlier this month, the Bangor Daily News reported.  → Read more at wbtv.com

 October 27, 2020
A rare King Harold II coin dating from 1066 that was found by a metal detecting teenager has made £4,000 at auction.  → Read more at bbc.com

 October 27, 2020
The Bank of Lithuania minted the first euro piece of currency containing Hebrew letters. The 10-euro coin was minted on Tuesday and is a limited-edition commemorative collector’s item celebrating the 300th anniversary of the birth of the Vilna Gaon, the 18th-century rabbinical luminary Elijah ben Solomon Zalman, who lived and died in the Lithuanian capital of Vilnius.  → Read more at jpost.com

 October 29, 2020
Heartbreaking message behind new $2 Aussie coin. Source: Royal Australian Mint  → Read more at au.finance.yahoo.com
Coin Collectors News
news.coinsblog.ws

 

If you like what you read, share, and show your support Buy Me A Coffee

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
Coin Collectors News
news.coinsblog.ws
 VIDEO: Walkabout Denver (Oct 19, 2020)

 

If you like what you read, share, and show your support Buy Me A Coffee

Weekly World Numismatic News for October 11, 2020

If you do not follow the U.S. Mint on Facebook or Twitter, they announced that there would be a price increase for silver coins as of October 13, 2020. Their statement read:

The United States Mint recently adopted a new strategy for pricing products in its silver numismatic products portfolio. As a result, prices for products containing silver will change EFFECTIVE October 13, 2020, with release of the 2020 American Eagle Silver Proof Coin with “S” mint mark (20EM). The new pricing will affect prices for silver products already on sale (including prior year) and those remaining to be released in 2020.

In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.

The Mint’s goal, as a fiscally responsible self-funded Federal agency, is to always provide the best quality numismatic products while maintaining fair prices. The first objective is to ensure that the numismatic portfolio (all product lines together) be self-sufficient and cover all associated costs. The new silver prices reflect a sound business decision aimed at meeting these obligations. (No tax dollars are used to fund numismatic operations.)

The United States Mint will continue to look for operations optimization and cost reduction efforts to deliver superior quality numismatic products at a fair price.

Kitco Silver Price as of 10/9/2020

Kitco YTD Silver Price as of 10/9/2020 (does not update, trendline added)

Although social media did not like the announcement, collectors should have expected the price increase. When the U.S. Mint set the price for silver coins at the beginning of 2020, the price of silver hovered around $18.00 per ounce. On March 19, the price closed as low as $12.005 per ounce. What followed was a steady rise until August 6 when the markets closed at $28.33.

From the $17.925 at the close of the markets on January 2 through August 6, silver rose 58-percent. If the U.S. Mint had to purchase silver in August to meet market demands, it was the most expensive silver they purchased.

U.S. Mint Price Update
Product Old Retail Price New Retail price Percent Increase
Presidential Silver Medals $46.00 $65.00 41.304%
America the Beautiful Quarters Silver Proof Set $42.50 $60.00 29.167%
American Eagle One Ounce Silver Proof Coin $64.50 $73.00 13.178%
American Eagle One Ounce Silver Uncirculated Coin $54.00 $67.00 24.074%
American Eagle One Ounce Silver Proof Coins—Bulk Pack $2,920.00
American Eagle One Ounce Silver Uncirculated Coin—Bulk Pack $2,680.00
Limited Edition Silver Proof Set $120.00‡ $201.00 67.500%
Silver Proof Set $63.25 $105.00 66.008%
America the Beautiful Five Ounce Silver Uncirculated Coin $178.25 $229.00 30.670%
End of World War II 75th Anniversary American Eagle Silver Proof Coin * $83.00
End of World War II 75th Anniversary One Ounce Silver Medal * $75.00
2019 America the Beautiful Quarters Silver Proof Set $36.95 $60.00 62.514%
2019 American Liberty High Relief Silver Medal $99.95¶ $175.00 75.088%
2019 Congratulations Set $56.95 $75.00 31.694%
2019 Silver Proof Set $54.95¶ $105.00 91.083%
† These products are sold directly to distributors who sell them to dealers. Prices are not on the U.S. Mint’s website.
‡ The only items for sale at the U.S. Mint that comes close to this is the Women’s Suffrage Centennial 2020 Proof Silver Dollar and Medal Set
* Item was not for sale prior to the price hike
¶ Listed as “Currently Unavailable” on the U.S. Mint’s website.

You cannot blame the U.S. Mint’s metals buyers. First, they are mandated to buy precious metals from U.S. sources at the market value. If they need additional inventory, then they buy it on the market like everyone else. Like any investor, the U.S. Mint can try to predict the market, but the results are variable like any investor.

Since August 6, the price of silver dropped to $24.315, a 14.17-percent decrease. However, the price of silver is up 35.65-percent for the year. If the price of materials rise, how long could the U.S. Mint maintain their prices?

Aside from the rising cost of silver, the U.S. Mint did not report how much other costs have risen. Aside from the dies and facilities costs, they must account for labor, design, and production costs. The U.S. Mint has not reported what additional costs they have incurred because of the pandemic.

The U.S. Mint is unlikely to report about these issues until the release of the annual report.

And now the news…

 October 6, 2020
The Ministry of Culture and Sports on Monday announced that five rare silver coins dating to the 5th and 4th centuries BC were returned to Greece, before being auctioned off in Munich and Zurich.  → Read more at greekcitytimes.com

 October 5, 2020
The executive officer said construction workers found the coins and rings in a brass box.  → Read more at newindianexpress.com

 October 9, 2020
Surprising as it may sound, there once was a time that our coinage system, backed by gold and silver, was mostly supplied by Spain and countries under Spanish rule, such as Mexico, Chile, Bolivia, Peru and Guatemala.  → Read more at yarmouth.wickedlocal.com

 October 10, 2020
An extremely rare Roman coin commemorating the assassination of Julius Caesar has surfaced and may be worth millions of dollars, according to coin experts.  → Read more at foxnews.com
Coin Collectors News
news.coinsblog.ws

 

If you like what you read, share, and show your support Buy Me A Coffee

Celebrating 100 Years of Fixing a Mistake

On August 18, 1920, Tennessee became the 36th state to ratify the 19th Amendment to the United States Constitution. After a battle in the Tennessee House, which was lead by an anti-suffragist leader, two members changed their votes at the last minute.

Although people in the United States tout the “right to vote,” suffrage has been a long and difficult fight since before the signing of the Constitution. It did not end with the 19th Amendment as its text did not eliminate the discrimination based on race.

The fight for the “right” continues today. Reduced access to polls, including the closing of precincts in minority districts and hindering the Postal Service’s ability to handle ballots, infringe on everyone’s suffrage rights.

The commemorative coin reflects the history of the movement by depicting women wearing different hat styles during the thick of the fight. The movement started to gain momentum in the 1870s when states and territories in the West allowed women to vote. The first attempt to pass an amendment for suffrage began in 1878, where the depiction of the commemorative coin begins.

On the reverse is a depiction of a ballot box. The box has an art deco design with the centennial anniversary year looming large as it is descending into the ballot box.

The coin was designed by Christina Hess, a member of the Artistic Infusion Program and sculpted by Phebe Hemphill. The dollar coin is .999 silver with a mintage limit of 400,000. The sale of each coin includes a $10 surcharge paid to the Smithsonian Institution’s American Women’s History Initiative.

It is an excellent design to depict the 100th Anniversary of the ratification of the 19th Amendment. Although I am not a collector of commemorative coins, this may be one that I will add to the coins I collect because the design is worthy of collecting.

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
news.coinsblog.ws

 

Weekly World Numismatic News for April 26, 2020

As the stay or safe at home orders continue, news in the investing world around coins and bullion is whether there will be a recovery and what will happen.

While investors are turning to gold as the equity markets are less than stable, reports that bullion and bullion-related warrants are outselling all coin offerings. Even though the West Point Mint briefly paused coin production, the markets have not felt the impact.

Silver prices are faring as well as gold. The area that silver is gaining strength is in the industrial markets. Driving the price is the demand for electronics. The primary use of silver is in the braising that ensures the connections between the chips are secure and with the production of LEDs.

Industrial silver is in more demand than industrial gold. As Asian electronics production begins to ramp up, some investors feel that there may be a temporary shortage of silver. One analyst suggested that silver prices could climb to $18 per ounce. Silver is currently $15.26 per troy ounce.

On the other hand, the reports of economic contraction have suggested that bullion prices will collapse. If this is the case, then there will be more to worry about than the market price of bullion.

And now the news…

 April 22, 2020
People have been collecting coins for about as long as coins have been made. That’s a passion that has endured for centuries, since roughly 600 to 800 BC. Coin collecting is a worthwhile hobby and can sometimes be a financially savvy investment.  → Read more at washtimesherald.com

 April 23, 2020
Gold coin demand makes up a small part of total demand, and thus doesn’t have much impact on the gold price. Demand for gold coins must be seen as a retail sentiment indicator.  → Read more at seekingalpha.com

 April 25, 2020
Copper is well documented for its impressive antibacterial properties. Even Ancient Egyptians used bronze filings (an alloy of copper and tin) from their freshly sharpened swords to treat their wounds.  → Read more at iflscience.com

 April 25, 2020
What's True The reverse of a U.S. quarter issued in 2020 honoring the National Park of American Samoa features a pair of fruit bats.  → Read more at snopes.com
Coin Collectors News
news.coinsblog.ws

 

Weekly World Numismatic News for April 5, 2020

I know it is difficult to turn away from the news. It is like watching an automobile accident in slow motion. Every day it seems like there is something else. Unfortunately, this is true about the precious metals market.

Europe, which appears to be taking the closings and stay-at-home orders better than the United States, is trying to figure out what will happen to the economy after everything reopens. That is wreaking havoc with the market.

In one story, Germany is beginning to buy gold in preparation for future spending while institutions in Italy are selling gold to stay afloat. While African mines continue to bring metals to the market, investors are buying gold as a hedge for an uncertain future.

In the last 30-days, the price of gold has bounced back almost to pre-market shaking announcements about COVID-19 in the United States. Other metals have not been as active. According to a source, the only thing keeping the price of silver somewhat stable is its industrial use.

Coins and other collectibles that are sensitive to the precious metals market will begin to see a disparity in prices. Common gold coins whose price is tied to the metals market will rise. Silver coins will likely not move on the metals market.

During a conversation with a professional metals trader, I asked what is next for the market. A person who usually has an answer said that he did not know. He said that most traders are not trying to predict the market but react to whatever happens. One of the problems is that the computer models are wrong. In many cases, firms have halted automated metals trading. He said that the situation is so fluid that some of the computer models were buying from themselves.

If you watch the business news on cable television, you will hear a different opinion from every guest. I plan to use the advice given to me: prepare for the worst and turn off the television.

And now the news…

 April 1, 2020
On that day, men shall fling away, To the flying foxes and the bats, The idols of silver And the idols of gold Which they made for worshiping. Isaiah 2:20  → Read more at breakingisraelnews.com

 April 2, 2020
When people are worried about the future they turn to gold to protect their savings. That’s rarely been more true than today.  → Read more at finance.yahoo.com

 April 2, 2020
I estimate that the Germans own 9000 tonnes in private gold-nearly as much gold as the French and Italians have combined. The World Gold Council (WGC) states there are roughly 198,000 tonnes of gold above ground, of which 35,000 tonnes is held by central banks.  → Read more at seekingalpha.com

 April 3, 2020
Polish archaeologists have uncovered a treasure trove of Roman denarii coins. They date from the first and the second century BC, and they probably belonged to a member of a Germanic people who lived in the area at the time.  → Read more at ancient-origins.net

 April 3, 2020
While removing the floor of the church in Obišovce near Košice, the foundations of the old church were uncovered. After this discovery, the archaeological company Triglav conducted research that took place at the beginning of February 2020, the Regional Monuments Board Košice reported.  → Read more at spectator.sme.sk
Coin Collectors News
news.coinsblog.ws

 

March 2020 Numismatic Legislation Review

Seal of the United States CongressAs part of an action-filled month, there was one numismatic-related bill introduced in congress. Rep. Andy Barr (R-KY) introduced the 1921 Silver Dollar Coin Anniversary Act (H.R. 6192) to allow the U.S. Mint to strike tributes to the 1921 Morgan and Peace Dollars.

H.R. 6192 is a replacement for the 1921 Silver Dollar Commemorative Coin Act (H.R. 3757). That bill will die in committee because two commemorative coin bills are already the law. The Christa McAuliffe Commemorative Coin Act of 2019 (Public Law No. 116-65) and the National Law Enforcement Museum Commemorative Coin Act (as part of Public Law No. 116-94) will appear in 2021.

The new bill is different in that it is not a commemorative coin bill. It was introduced is a bullion bill, which means that the government will keep all of the seigniorage. It would have been nice to have a commemorative bill that would raise money for the ANA.

The bill also does not have an end date. If passed, the U.S. Mint can strike bullion Morgan and Peace silver dollars starting in 2021 and into eternity. Although reports claim that the U.S. Mint “does not currently have any intention of creating an ongoing program and issuing coins after 2021,” does not mean they will not change their mind.

The only change I would recommend is to amend the bill to be like the 24-karat gold bullion bill. Allow the U.S. Mint to use the Morgan and Peace dollar designs the first year but allow the U.S. Mint to come up with new designs every year. Consider how much more successful the 2017 Centennial Coins would have been if they were struck in silver.

H.R. 6192: 1921 Silver Dollar Coin Anniversary Act
Sponsor: Rep. Andy Barr (R-KY)
Introduced: March 11, 2020
Introduced in House — Mar 11, 2020
Referred to the House Committee on Financial Services. — Mar 11, 2020
This bill can be tracked at http://bit.ly/116-HR6192.

Pin It on Pinterest