Coin Collecting News

In Washington, a city known for multi-billion-dollar budget deficits, some members of Congress and the Bush administration are near a meltdown over a much more modest figure: the old copper penny.

The government fears that citizens will melt U.S. pennies minted before 1982 to extract the copper, which, despite recent dips, has shot up in price over the past five years. In December the U.S. Mint banned any melting of pennies and nickels (nickel prices are up too), sidetracking one Ohio metals expert’s plan to cash in.

The government explained that it could cost more than $1 million a day to replace coins withdrawn from circulation to extract the metal. The increase in metal prices means the coins are now more expensive to make than they are worth. Walter Luhrman, of Jackson, Ohio, figures he’d net $1.5 million a year. Read Full Story

Dallas, TX. Prices realized of $7,058,735 were posted by Heritage Auction Galleries for their early November Signature Auction in Dallas; a second Signature event will be held at the end of the month at the Money Show of the Southwest, taking place in Houston on November 29-30. Descriptions and images of all sold lots from the Dallas event are currently posted at www.HA.com, as are the upcoming lots for the Houston event (now available for bidding). When proceeds from Final Session Auction are concluded, plus Post Auction Buys from both events are combined, the total prices realized are expected to exceed $8 million.

According to Heritage President Greg Rohan, “We continue to be pleased with outstanding collector participation in our auctions; after the Final Session is concluded, we will have had some four thousand bidders participating. It is no surprise to us that Internet bidders once again won the lion’s share of coins in this auction, and Heritage Live Bidders are growing stronger with every event. Registry-level coins from all series continue to be strong, as collectors are willing to pay handsomely for the finest pieces known. Our year-end events continue to be extremely successful, and we are looking forward to our Houston Signature Auction later this month.”

By Greg Reynolds for CoinLink

Only one 1870 San Francisco Mint half dime is known to exist. It was on display on Oct. 27 & 28 at the first CoinFest, at the East Greenwich (CT) Civic Center. Please see my separate article about the CoinFest event. Most collectors have either never heard of the 1870-S half dime or do not know much about it.
The most famous coins are not the rarest. Almost all collectors know about 1909-S VDB and 1914-D Lincolns, 1877 Indian Cents, 1913 Liberty Nickels, 1894-S, 1895-O and 1916-D dimes, 1901-S and 1913-S quarters, 1916 and 1918/7-S Standing Liberty Quarters, and other key dates in series that are avidly collected. Moreover, 1804 silver dollars are the most famous of all coins. As fifteen 1804 dollars are known, there are quite a few other coins that are rarer. Most collectors are not familiar with the rarest U.S. coins.

There are three, privately owned U.S. coins that are each unique. Before itemizing the three, it makes sense to emphasize that I am referring to privately owned coins. There are unique pieces in the Smithsonian, and these are more complicated, for at least two reasons. Most unique pieces in the Smithsonian are patterns rather than true coins. Those unique pieces that are definitely true U.S. coins are not necessarily distinct dates. The issue of whether a particular die variety is a separate date is often controversial. There is no doubt that the three privately owned unique U.S. coins are true coins and are distinct dates.

Read Full Story in the Coin Guide Section of CoinLink

A collection of more than 30 gold dollars assembled by the late Pearl E. Pemberton that includes an MS-67 1855 will highlight Heritage Auction Galleries’ Nov. 29-30 sale in Houston, Texas.

The 1855 Type 2 gold dollar is rare in superb gem condition, sale catalogers said. Numismatic Guaranty Corp. has graded five examples MS-67 and Professional Coin Grading Service four, including the offered piece, with none certified in finer grade at either service.

Heritage’s Houston auction is the firm’s inaugural Signature Auction in conjunction with the Money Show of the Southwest. Nearly 4,000 lots of coinage will be auctioned via floor auction and Internet. Read Full Story