Coin Collecting News

(Fallbrook, California) – Officials of the Professional Numismatists Guild (PNG), a non-profit organization composed of the nation’s top rare coin dealers, are advising consumers that recently offered “coins” honoring President-elect Barack Obama should be considered only as souvenirs and not be viewed as rare coins or an investment.

“All of the items we’ve seen offered so far on television and online are merely political mementos that certainly may be enjoyable as a keepsake, but typically will have little or no re-sale value later in the mainstream numismatic market. Privately-produced items are not legal tender U.S. coins. In cases where a marketer has altered an actual U.S. coin after it left the Mint, such as putting a sticker with Obama’s picture on it, knowledgeable collectors usually consider that to be merely defacing the coin,” said Gary Adkins of Edina, Minnesota, PNG President.

“Some of the so-called ‘Obama coins’ are layered or plated with a microscopically-thin layer of gold with the implication that they are potentially valuable bullion items. However, there usually is precious little precious metal value to plated pieces. Beware of bogus bargains,” Adkins cautioned.

In the PNG’s consumer protection pamphlet, “What You Should Know Before You Buy Rare Coins,” the section on modern coins advises: “If you like the subject theme represented by these coins, admire the beauty of the design or would like to own them as a souvenir or to show support for their particular cause, by all means buy them. But if your goal is capital appreciation or making a profit, you’re better off avoiding this type of material.” Continued

WHERE ARE THE LEADING NUMISMATIC ORGANIZATIONS IN THE FIGHT AGAINST COIN DOCTORING?

Yes, its been a little bit since I’ve written a HOT TOPICS. The delay was for no other reason than I have been really busy the past two months.

My pet project is and will always be to end coin doctoring. Until the last coin doctor is gone, I’ll keep on pushing this topic to #1 where ever and when ever I can. I am not doing this for any glory-I think it’s sick the destruction that these low lives are getting away with. Even with more pressure added in the past year, all the coin doctors have done is cut back submissions-not stopped working on coins. We still see plenty of glow in the dark colored Nickels, Indian Copper that has new color, resurfaced PR Gold, and grease on Morgan Dollar cheeks (this is the stuff that turns long after a coin is graded). Every coin they work on, becomes damaged-period.

The grading services have been fighting them as hard as they can. It is my opinion, they have been making some headway-but the fact these guys are still at it is bad enough. It’s going to take a serious and unified effort from dealers and collectors to stop them.

Recently, there was a beautiful fresh group of GEM copper coins in a major auction. One dealer overheard another (PNG member too) say: “I can work on them and get them in higher holders.” Fortunately, I helped make sure that person bought nothing out of that sale! This had me fuming for days-and I am still angered at the fact these guys are so brazen and think they can just destroy coins for their personal gains whenever they want. More clearly needs to be done. The message MUST be louder and clearer too. The big numismatic organizations need to start making their voices and powers felt about this subject.

Here is what I suggest:

It’s time for the two biggest and most powerful organizations to take a stand-a real stand. I am talking about ANA and PNG. They need to come squarely out and firmly denounce coin doctoring and anyone who aids in the sale of bad product, or finances a coin doctor. They MUST join with the grading services to stop the destruction of fresh original coins. I have not seen either of them mention this issue anywhere at anytime. Continued

Judd-110, Pollock-123, Unique

Regarded in the past as a hub impression of the modified Gobrecht Seated Liberty design. However, a hub impression would have the design reversed. We believe this is a trial from the master die. This is the With Drapery design that is struck on an oversized planchet. This impression was struck, according to the Judd book, after Robert M. Patterson asked Robert Ball Hughes to prepare a plaster medallion of Gobrecht’s design for use as the basis for a new hub.

After closely examining this piece and even after John Dannreuther examined it, we still have more questions than answers about these two pieces. The Judd-110 appears to have been made on a lathe with fine lines on the blank areas outside the design. Also, each side shows a prominent centering dot. First, while the piece has consistently been termed as brass, it is really brass coated. Close examination shows areas of the central design that show flaking of the brass, notably on the extended arm and torso of Liberty.

The underlying core appears to be a base metal, darkish gray in color. Why was it brass coated if it was meant to simulate a quarter? The eagle on the reverse is notably soft around the outline of the eagle’s body. Why would a master die impression lack highpoint detail? Why are the peripheral design elements raised? It appears that a circular inner border was scored in the master die, then the letters were individually punched in–note the unevenness of QUAR. The reverse field is considerably lower and seems to have been polished away from the raised “track” for the peripheral lettering.

To help answer some of these questions, researcher extraordinaire John Dannreuther rendered an extensive opinion on these two pieces.

“When the Contamin portrait lathe was introduced in February 1837, the Mint had only hired engravers as Chief Engravers or as second or assistant engravers … Scot, Kneass, Gobrecht, Gardner, etc. were either plate engravers or other type engravers.

“In late 1839 or early 1840 (I have not pinned down the exact date), Robert Ball Hughes, a sculptor who was famous for the day, was hired to modify Gobrecht’s Liberty Seated design. Thus, we have Judd-110. Continued