Business already is good for a Wilmington, Delaware bullion and rare coin depository that opened three years ago, but it’s expected to be even better in the weeks ahead now that a major New York City bank depository has told many of its customers to remove their valuables.

“As soon as the news broke that HSBC was kicking out individual investors and even some commercial accounts to accommodate storage for large institutional accounts at its facility in Manhattan, I started getting phone calls from worried investors and even executives of some commercial firms who suddenly need a safe place for their gold and silver coins and ingots,” said Robert L. Higgins, CEO of First State Depository Company LLC that opened in Wilmington in June 2004.

The door to the 5,000 square foot vault weighs over 5,600 pounds. The depository has up to $400 million capacity insurance with Lloyd’s of London for the gold and other valuables shipped in from investors and companies nationwide, but Higgins says that insurance coverage may have to be increased with the anticipated additional requests for secure storage.

“It was surprising to see how many people who never owned gold before started buying it this past year. We’ve had many first-timers contact us to store their coins and precious metals purchases. Many people have put gold bullion coins in their IRAs.”

Higgins advises investors facing eviction from the HSBC depository to transfer their valuables prior to January first, whether to his depository or somewhere else, as long as it’s by year’s end.

“That way, you won’t have to pay HSBC’s annual storage fee that is payable in January,” he explained. “There’s another advantage for investors to move their valuables to Delaware. Unlike New York, there is no tax imposed on the payment of depository storage fees in Delaware.” (more…)

By Doug Winter – RareGoldCoins.com

As a specialist in rare United States gold coins, there are few series that I find more interested than the Capped Head half eagles produced from 1813 through 1834.

I recently purchased (and quickly sold) a PCGS graded AU53 1823 half eagle. This date, by the standards of the type, is no big deal. But the more I researched the 1823, the more I realized that it is an underrated and enigmatic issue.

The so-called Fat Head series is typically divided into segments: dates that are obtainable (1813, 1814, 1818 and 1820) and those that range from virtually unobtainable to impossible. What’s interesting about the 1823 is that it is really the only issue of this type that is clearly rare but which is not an extreme rarity. Let’s take a more in-depth peek at this issue.

The 1823 has the lowest recorded mintage of any half eagle made between 1821 and 1834 with only 14,485 having been struck. There are an estimated 70-90 known and nearly all of these are in the AU58 to MS62 range. As with nearly all half eagles from the 1820’s, the 1823 saw very little in the way of actual circulation and virtually all of the mintage was melted in 1834 when the weight of gold coins was lowered.

It should be pointed out that mintage figures of half eagles from the 1820’s are probably highly inaccurate. I feel that many of the coins struck in 1820 were actually dated 1821, 1822 and 1823. At some point, it may be possible to breakdown these mintages more accurately but it is not currently possible.
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Lafayette, CO (PRWEB) May 13, 2009 — When a retirement investor wants to buy gold or other precious metals through their IRA, metals dealers frequently sell “proof coins” noting that proof American Eagles are specifically allowed by the IRS. These “proof coins” usually cost an additional 20-25% beyond the value of the coin itself and are not required for a self-directed IRA, according to Bill Humphrey, CPA and Vice President of Entrust New Direction IRA, Inc, a self-directed IRA/401(k) administrator. The investor may be having their IRA pay for the wrong proof.

No longer will retirement investors need to pay 20-25% extra. First State Depository, which provides precious metal storage, is now working with Numismatic Guaranty Corporation (NGC), the industry leader in coin certification, to offer a new service which provides proof of the metal content and purity of the coin for much less than the cost of “Proof” Gold Eagles.

Humphrey said, “People who buy gold with their IRAs are often not given the option of non-proof coins.” Often, the proof coin seems more valuable because of the description of a specialized minting process and the special mounting and special plastic capsule that the coin is shipped in. Humphrey explained, “Proof coins are not required for IRAs and often cost significantly more than the equivalent non-proof coin containing the exact same amount of metal. IRA owners investing in Gold coins with IRA funds should make sure they understand what they are buying.”

According to Humphrey, clients wanting the guarantee of gold content of the coins may want to look at a new service offered by First State Depository, a company which provides precious metal storage. First State is working with Numismatic Guaranty Corporation (NGC), the industry leader in coin certification, to offer a service which provides proof of the metal content and purity of the coin for much less than the cost of Proof Gold Eagles. (more…)