Realtor Kim Ogilvie closed a deal  this past week with an interesting twist; a golden one to be exact.

The buyer of a $1 million downtown Sarasota residence came to the closing  with a briefcase filled with $400,000 worth of South African Krugerrands. That is about 444 of the gold coins or 37 pounds based on a spot price of $900 per oz..

“This was a first,” Ogilvie stated, adding: “It really shows you the depth to which buyers will go to use their resources to acquire properties they think are well-priced. I represented the seller and were happy to complete the transaction in whatever form they wished to use.”

However just in case a foreign coin dealer was present to inspect the coins, They were genuine.

KRUGERRANDS
Krugerrands, first minted in 1967, were not allowed into the United States during the 1970s and ’80s to protest the South African policy of apartheid, although the ones already here continued to be traded as bullion. When political reforms came to South Africa in the early 1990s, the ban was lifted.

The Krugerrand was the first gold bullion coin to contain one troy ounce and became a world standard for the unit weight of a gold coin.

Developed later were the Canadian Maple Leaf, Chinese Panda, American Gold Eagle and Vienna Philharmonic.

The coin was named after Paul Kruger, the last president of the old South African Republic whose face adorns the coin.

By Doug Winter - www.raregoldcoins.com

As the year races towards its half way mark, let’s step back and take a quick overview of what’s happened in the rare gold coin market so far in 2008 and what’s on tap in the coming months.

Last year saw an almost unparalleled upwards spike in gold prices and, as a result, we saw levels for many generics that were hard to imagine. I remember wholesaling some very low end AU Saints at over $1,000 each and thinking “Jeez, this is a lot of money for junky Saints.”

Despite huge increases in commodities in 2008, the gold market has been weaker than what we saw in 2007. My guess is that we’ll see gold continue to hold in the $850-950 range but I wouldn’t be surprised if we saw some price increases as the election draws nearer.

The generic gold market is as weak right now as at any time I can recall. There is a lot of supply on the market and very little demand. There are exceptions to this rule, of course. CAC approved common date Saints in MS65 and better are very easy to sell and smaller denomination issues in MS63 and up have pockets of demand. But it appears to me that generics will stay weak for the immediate future.

The market for very rare United States gold coins has never been better. If you follow the top end of the market, you’ve probably noticed a scenario in which there are very few great coins available and lots of demand. Many of the really great six and seven figure rarities don’t trade at auction and are quietly placed by specialized dealers who have multiple collectors anxiously waiting to buy really great one-of-a-kind coins. (more…)

(Fallbrook, California) – An Atlanta area high school freshman, Dustin Reynolds, 15, is this year’s winner of the Professional Numismatist Guild’s (PNG) Young Numismatist Scholarship. The PNG scholarship covers tuition for a one-week session at the American Numismatic Association (ANA) annual Summer Seminar, airfare, meals and six nights of dormitory accommodations on the campus of Colorado College, site of the ANA headquarters.

“I was pretty excited,” said Reynolds, recalling his reaction when he was informed of the scholarship.

Dustin began collecting coins at the age of 13. At that time he was intrigued by Morgan dollars.

“The dollars had belonged to my grandfather and I always enjoyed looking at them. I bought a ‘Red Book’ (A Guide Book of United States Coins) at Barnes & Noble. My Father (Ed Reynolds) and I would visit local flea markets to buy coins. In July of 2006 my Mom and I attended a coin show in Dalton (Georgia). The show exposed me to coins at a whole new level, and I was very intrigued with the dealers that I met at the show. Now I’m also selling coins, and I really like it,” Reynolds explained.

He had a bourse table at a recent Georgia Numismatic Association show in Dalton.

“I’m balancing between being a collector and a dealer. I want to be a professional numismatist (for my career).”

Reynolds enjoys collecting varieties of early date large cents, such as the 1806/7 overdate, and says his favorite area of numismatics is “everything Seated.” He would like to enroll in the counterfeit detection class at this year’s ANA Summer Seminar. (more…)

By Gary B. Marks for Numismatic News

Charles Vanderwater reports in his letter (April 15) that he read that David Rice Atchison had served as President of the United States for one day due to a glitch in American law at the time. Based on this information, Vanderwater wondered if this one-day president is entitled to a dollar coin as part of the Presidential $1 Coin Program.

The claim that Atchison was president for a day is one that has drifted through American history for over 150 years. In fact, Atchison was not president du jour and he is certainly not entitled to a presidential coin.

The legend is as follows. President James Polk’s term expired midday on Sunday, March 4, 1849. Being a devout Christian, President-elect Zachary Taylor refused to be sworn into office on a Sunday because it was the Sabbath. Instead, Taylor was sworn in on the next day, Monday. Taylor’s vice president, Millard Fillmore, was also sworn in on Monday.

Since Polk’s term had ended midday on Sunday and Taylor did not take office until mid-day on Monday the legend claims that Atchison – who was the President pro tempore of the Senate – became President during the 24-hour gap in accordance with the terms of the Presidential Succession Act of 1792.

Read Full Numismatic News Article Here