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The Super-Rare 1825 O-118 Bust Half to be offered by Heritage

As a part of the May Long Beach Signature Auction, Heritage is offering the finest known O-118 variety of the 1825 half dollar - a newly discovered example and one of only three R.8 varieties within the entire Capped Bust half series.

1825 O-118 Bust Half DollarThe 1825 Overton-118 is identified by a heavy vertical die break between the 25 in the date. Two Bust half experts, Glenn Peterson and Brad Karoleff, believe the break occurred during hardening of the die prior to use. This die break undoubtedly led to early disposal of the obverse die. The reverse die continued in use, paired with a different obverse to strike O-103. The workhorse reverse die earlier struck the 1824 O-116.

Just three examples of O-118 are known. Al Overton, who died in 1972, was unaware of the variety. According to an April 7, 2008 Coin World article, the discovery piece was found at an Oregon coin shop by Olin Carter, circa 1983. Per Capped Bust authority Sheridan Downey, “it is the Overton plate coin, graded Fine for sharpness but with dull, washed out surfaces.”

The second O-118 to surface was sold unattributed within a group lot to Charles Erb, circa 1990. Erb’s example found its way to Charlton “Swampy” Meyer Jr., who owned the most complete die variety collection of Capped Bust halves. According to Downey and Coin World, that example “grades VF with attractive album toning on the obverse. The reverse is lightly wiped.”

Detail of Die Break Diagnostic on the 1825 O-118 50CThe April 7 Coin World article states, “based on the conditions of the other two examples of the variety, the new discovery [of O-118] would be the finest known… Sheridan Downey believes the new discovery … could bring from $75,000 to $100,000.”

The present piece, the third known O-118 1825 half, has been graded VF20 by ANACS and displays deep apple-green and gunmetal-gray toning. The fields are slightly glossy and exhibit a few hair-thin marks, made nearly imperceptible by the toning. A thin, slender mark near the ear is also unobtrusive. Wear is even and moderate, with ample plumage definition present on the eagle.

To the best of Heritage’s knowledge, this is the first major auction appearance for the variety, which was absent from the extensive and formidable die variety collections of Jules Reiver and Russell Logan. The next owner of this coin may hold it for many years, then sell it privately or even donate it to a museum and permanently take it off the market. The opportunity to acquire an O-118 1825 at public auction is here, but fleeting.

The Art of Money

Something has happened to our money. And no, not just that the American peso has dropped historically against the euro, making trips to France and Italy half-again more costly than they used to be.

$5 1896 Silver CertificateRather, our $5, $10 and $20 bills and our coins have suffered a severe drop in quality when considered as art.

Yes, money is art, whether it’s the engraving that makes up the bills or the bas-relief sculpture on our coins. There are long histories in both as art mediums, from the intricate lozenge-and-dot portraits of the 17th and 18th centuries and the commemorative medallions struck from the Renaissance on.

But craftsmanship at the mint and at the Bureau of Engraving and Printing has declined precipitously, leaving us with wallets full of bad art. This wouldn’t be so noticeable if the older coins and bills hadn’t been so beautifully made.

“When I compare our money with European money, ours has fallen quite flat in design and execution,” says Dan Mayer, printmaker for Pyracantha Press at Arizona State University.

Look at an old bill, before the anti-counterfeiting “improvements” of the 21st century. Not only are the portraits more lifelike - there’s a personality behind the eyes in Grant’s picture on the $50 bill - the designs also are fuller, more detailed and graceful, full of trailing acanthus and olive leaves.

The vegetative growth and architectural motifs that used to grace our bills announced our national fecundity. We were a waxing moon, a rising tide. The scrollwork and border ornament recalled the inventive bustle of the Renaissance. Read Full Arizona Republic Article

The Future for Gold

Gold FutureBy Larry Edelson

Gold fell from its record-high of $1,038 set on March 17 down to the recent $850 level. But Edelson does not believe this is the end of gold’s bull market based on two possible macroeconomic background scenarios for gold.

The first scenario Edelson outlines is if the Fed’s efforts to save the U.S. economy and financial system succeed and the credit crisis eases.

Under this scenario, the Fed’s recent actions of slashing interest rates and pumping money into the economy are successful — the U.S. economy recovers and global growth resumes.

As a result, the credit crunch eases, and money flows through the pipeline. The big commercial and investment banks finally stop taking massive write-downs on bad mortgage securities, foreclosures shrink, home prices stop hemorrhaging, and home sales pick up. Businesses start hiring and consumers resume spending.

In this scenario, many on Wall Street would say that gold’s bull market would be over. However, if the Fed is successful at turning the U.S. economy and credit crisis around, it will only be because it flooded the system with hundreds of billions of paper dollars, creating wild inflation. If the economy were to pick up on top of that, between inflation and resumed economic growth, global demand for gold would soar.

The argument could then be made that when the economy turns back up, the Fed will head off inflation by aggressively raising interest rates, choking off the bull market in gold. But, from late 2004 to mid-2006, the Fed raised interest rates 17 times, in steady quarter-point increments to 5.25% from a low of 1%. And over that period, gold surged 127%! Continued

Collectors Universe - Trade Show Revenues Drop - Coin Warranty Claims Hit $822,000

Collectors Universe, Inc. (Nasdaq: CLCT),  announced financial results for its third fiscal quarter of 2008 ended March 31, 2008.

Collectors Universe 3rd Qtr 2008 ResultsFor the third fiscal quarter of 2008, the Company reported net revenues of $10.9 million and a loss from continuing operations of $966,000, or $0.11 per diluted share. This compares to net revenues of $11.1 million and a loss from continuing operations of $68,000 or $0.01 per diluted share, for the third fiscal quarter of 2007. Results for the third quarter of fiscal 2008 reflect lower coin trade show revenues of approximately $950,000, reflecting one less trade show and more challenging conditions for trade show gold coin submissions in the quarter, due primarily to the rapid increase in gold bullion prices.

Operational and Financial Highlights for the third quarter:
* Despite a 10% decrease in coin revenues quarter-over-quarter, total revenues decreased by only 2% reflecting an 18% increase in our non coin and sportscards revenues.
* Jewelry revenues increased 30% quarter-over-quarter driven by colored gemstone volume increases.
* Reduced investment in diamond and gemstone grading business sales and marketing programs as we enter a more focused marketing phase.
* Reduced expenses in corporate general and administrative by 8% in 2008 March quarter compared to 2007 March quarter.
* A $0.25 cash dividend per common share for the quarter ended March 31, 2008, compared to $0.12 per common share for the same year ago quarter.

Michael Haynes, Chief Executive Officer, stated, “The coin revenues were down in our trade show business and not totally offset by increased revenues in our vintage and modern sectors. The trade shows business was adversely impacted by the considerable increase in gold prices, as a significant portion of the trade show business is associated with gold coins that trade with modest premiums over gold content. All other business segments, including our developing business segment in jewelry, reported higher revenues in the quarter as compared to the same quarter in the previous year. In addition, we began realizing increased operating efficiency in our corporate group which success we intend to expand into all of our operations.”

Continued

TELETRADE To Auction Collection Of PCGS “Green Holder” Coins

1861 Seated Half Dollar PCGS MS-66IRVINE, Calif. – Teletrade, America’s largest fully automated Internet auction company for certified coins and currency, will auction “The Green Holder Collection” on Sunday, June 1, 2008, in online Auction #2536. The auction will be live at www.teletrade.com from 3 p.m. to 10 p.m. eastern time and will include more than 1,500 certified coin lots. The complete catalog will be viewable on the Teletrade website beginning Friday, May 23. Highlights from “The Green Holder Collection” will be on display at the Long Beach Expo May 29-31 at table 427.

“The Green Holder Collection” is the result of the combined efforts of two California collectors and consists of more than 250 coins in classic PCGS “green holders,” including an interesting selection of first generation “rattlers.” These early generation PCGS holders characterized by their green labels were used throughout the 80s and 90s, dating back to the very first days of PCGS, and are coveted by a large segment of numismatic enthusiasts who appreciate the history of not only the coin but also the holder that encases it.

“It is unusual to see such an impressive hoard of early generation PCGS holders, and many have not been on the market since they were initially acquired by these collectors in the 80s and 90s,” said Ian Russell, president of Teletrade. “The coins tell the history of the country, and these holders speak to the history of coin collecting, which makes this collection even more fascinating and desirable to enthusiasts.”

“The Green Holder Collection” will be auctioned in individual lots. Highlights include: Continued

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