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Coin Rarities & Related Topics: 1856-O Double Eagles and other Great Rarities that I have seen

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #19

A Weekly Column by Greg Reynolds

This week, I wish to focus upon the topic of viewing Great Rarities. This topic relates to several key concepts:

(1) To understand and appreciate Great Rarities, there is a need to see them.

(2) Viewing Great Rarities is important for coin enthusiasts, especially for those who cannot afford them. At a major art museum, most of the people viewing paintings cannot afford to buy such paintings or commensurable ones. They may still learn a great deal by seeing and interpreting works of art. Coin enthusiasts can and should learn about coins and examining Great Rarities is part of a learning process.

(3) Of course, I realize that many coin enthusiasts do not have the time or the resources to travel to view many Great Rarities. I hope that this is a reason, among other reasons, why coin enthusiasts read my columns and articles. Indeed, I hope that readers care about my interpretations of important coins, as I have devoted innumerable hours to viewing, analyzing, and writing about Great Rarities.

(4) I strongly maintain that, to be qualified to analyze coins, there is a need to carefully examine them. Further, to become an expert, there is a need to direct questions to experts, and I often do so. Certainly, viewing coins and asking questions are not the only criteria to qualify someone to analyze Great Rarities. These activities, though, are crucial to attaining knowledge in the field of rare U.S. coins.

(5) Though digital images of coins are sometimes wonderful, and imaging technology, along with its implementations, continues to improve, there is a great deal about many coins that cannot be seen in pictures. It is necessary to view actual coins to understand them. This will always be true.

(6) My comments below regarding many of the Great Rarities that I have seen are not meant to be boastful. Rather, such discussions relate to my qualifications and I wish to share my enthusiasm for Great Rarities with others.

Why discuss the topic of viewing Great Rarities now? While viewing the 1856-O Double Eagle ($20 gold coin) that Heritage will auction in Long Beach, I thought about the number of 1856-O Double Eagles that I have personally examined and then about some recent open discussions among coin enthusiasts regarding the “coolest” coins that each has held in his or her hands. I have seen at least seven different 1856-O Double Eagles.

I. 1856-O $20 Gold Coins

In the official auction for the Sept. Long Beach (CA) Expo, Heritage will offer a recently discovered 1856-O Double Eagle that is NGC graded “EF-45+.” In regards to how circulated, early New Orleans Mint Double Eagles are typically graded by the NGC, the “45+” grade is fair. I must admit, though, that there are several 1856-O Double Eagles that I like more than this one. Even so, this coin is sharply struck for the 1856-O issue and has minimal noticeable contact marks. It may not be easy to find a better one. All 1856-O Double Eagles, which I have seen, have been cleaned and/or dipped at one time or another. Type One (1850-66) Double Eagles have surged in popularity over the last ten years, and prices for rare dates of this type rose dramatically from 2003 to 2008.

“The two key collectible Type One Double Eagles are the 1854-O and the 1856-O. These have appreciated in value more than virtually any other United States gold coin in the last five to seven years,” declared Doug Winter in Oct. 2008.

In 2007, I wrote an article about 1856-O Double Eagles and I then focused upon a PCGS certified 1856-O that B&M auctioned in March 2007. On July 31, 2009, Heritage sold two 1856-O Double Eagles in one Platinum Night event. One of the two very much appealed to me. It is PCGS certified EF-45 and has a CAC sticker of approval. It has nice color and a great overall look. It scores particularly high in the category of originality.

Just weeks earlier, also in Los Angeles County, Heritage sold the special striking, ‘Specimen-63′ 1856-O in the official auction of the Spring 2009 Long Beach Expo. For years, I had dreamed about viewing that coin, and I was not disappointed. It is truly astounding. It is perhaps the most memorable and important of all New Orleans Mint gold coins. (more…)

Commentary: Glenn Beck, Goldline and the “Precious Coins and Bullion Disclosure Act”

One of many factors pushing the price of gold upwards is the demand for physical gold from investors who strongly believe that the U.S. dollar and world currencies in general are becoming worthless scraps of paper. Distrust of the President’s social programs and Congress, combined with Trillion dollar deficits, inept oversight, huge government bailouts for mismanaged companies, greedy bankers, Wall Street Ponzi schemes and the Flash Crash make arguments supporting gold ownership an easy sell.

This is particularly true for the conservatives amongst us who see the path being taken since the election of President Obama as moving the country in the wrong direction.

Enter Glenn Beck and NY Congressman Anthony Weiner.

Since the inception of  both his Radio and TV show, Glenn Beck’s popularity along with the sarcastic analysis of the President,Congress and our financial condition has risen significantly. Part of Beck’s overall presentation is his belief in the security and benefits of owning gold.

This past April, Democratic Congressman Anthony Weiner (NY) launched an “investigation” into the sales practices of one of Beck’s sponsors, Goldline International of Santa Monica, California. His “concern” was twofold: First, that Beck and other conservative talk show/TV personalities had formed a “unholy Alliance” with Goldline by unduly influencing their trusting viewers to purchase gold from Goldline and second, that Goldline was ripping its customers off with “bait and switch ” and hard sell tactics, and “peddling overpriced collector coins.”

Basically, Beck was seen as scaring his viewers with doom and gloom analysis and then inappropriately influencing his viewers to buy gold from one of his sponsors, who were paying Beck a handsome sponsorship fee. In short, Weiner accused Beck of being a shill for Goldline, who in turn was running a scam and grossly overcharging customers.

Weiner strenuously insisted that there was no political agenda behind his attacks on Beck and Goldline, and that his primary objective was to expose this situation and to protect both the viewers of Beck’s show and customers of Goldline against the abuses he saw. Weiner also called for congressional hearings on the matter, which are scheduled to begin this week, September 23rd at 10:00am.

In tandem to all of this, Brian Ross at ABC News ran and “expose” about Beck and Goldline (07-19-10) outlining in greater detail the “questionable” practices of Goldline and the connection to Beck and other conservative TV and Radio personalities. The report included interviews with individuals who were “ripped off”, each describing pressure tactics used by the Goldline sales people: directing them away from low margin bullion coins to the high margin foreign gold coins that would not be subject to another Gold confiscation order like the one FDR signed in 1933. This order made it illegal to own certain types and quantities of gold.

Subsequently, Beck has posted up a rather sophomoric website called Weinerfacts.com which basically defends his position by mocking Representative Weiner and marginalizing his claims. The LA County prosecutors office has opened an investigation (See ABC News Report Here) based on about 100 complaints they have received and it was reported that Goldline had retained the services of Prime Policy Group, a Washington lobbying company to assist them in preparing for the upcoming congressional hearings. (more…)

Some Further Thoughts on Carson City Double Eagle Gold Coins

By Doug Winter – www.RareGoldCoins.com

I’ve been working on a third edition of my book on Carson City gold coins. For some odd reason, I’ve been working from back to front, meaning that I’ve done the new research of double eagles before following this with eagles and half eagles. I’ve been able to uncover some really eye-opening new information on the rarity and price levels of Carson City double eagles and I’d like to share a few tidbits.

The last Carson City book that I produced was published in 2001, so almost a full decade has passed. My first impression about the market for Carson City double eagles is that it has become far, far more active than ever. Prices have risen significantly since 2001, especially for rarities and for high grade pieces.

In 2001, the five rarest Carson City double eagles in terms of overall rarity (i.e., total known) were the 1870-CC, 1891-CC, 1871-CC, 1878-CC and 1879-CC (these last two issues were tied for fourth rarest). In 2010, the five rarest Carson City double eagles in terms of overall rarity are the 1870-CC, 1871-CC, 1891-CC, 1879-CC and 1885-CC (these last two issues were tied for fourth rarest).

The 1870-CC has remained an extremely rare coin, despite a surprisingly high frequency of auction appearance in the middle part of this decade. I had previously thought 35-45 were known. Today, I think that number is around 40-50. This includes a number of low grade coins and at least five or six that are either damaged or cleaned to the point that can not be graded by PCGS or NGC.

The rarity of the 1891-CC seems to have diminished quite a bit. I think there are two reasons for this. The first is that I overestimated its rarity in 2001. The second is that a significant number of examples have been found in Europe and other overseas sources. This date hasn’t become plentiful in higher grades but it is far more available in AU50 to AU55 than I ever remember it being before.

The 1871-CC seems more available as well. In 2001, this issue was very hard to find in any grade and it was almost never seen above AU50. Today it is more available and the number of coins graded AU53 to AU55 has risen dramatically. I would attribute much of this to gradeflation as the majority of the 1871-CC double eagles that I see in AU53 and AU55 holders are “enthusiastically” graded, to say the least. In properly graded Mint State, the 1871-CC remains exceedingly rare.

A date whose rarity has become more apparent is the 1885-CC. In the 2001 edition of my book, this date was not even listed in the top six rarest Carson City double eagles. I now rank it as being tied for fourth along with the 1879-CC.

Everyone loves a sleeper, right? The dates that I believe are underrated (and undervalued) in the Carson City double eagle series include the 1872-CC, 1877-CC, 1882-CC and 1892-CC.

In higher grades (AU50 and above), the rarity scale of the Carson City double eagle series has remained remarkably consistent. In 2001, I stated that the 1870-CC, 1871-CC, 1879-CC, 1878-CC, 1891-CC and 1872-CC were, in that order, the six rarest issues. In 2010, I believe the six rarest are the 1870-CC, 1871-CC, 1878-CC, 1879-CC, 1872-CC and 1891-CC. In other words, the same six dates are still the keys in higher grades but there are now some minor changes in the order. (more…)

Coin Rarities & Related Topics: The Sept. Goldbergs Coin Auction in Southern California

News and Analysis on scarce coins, coin markets, and the coin community #18

A Weekly Column by Greg Reynolds

For decades, the Long Beach (CA) Coin, Stamp and Collectible Expo has been a major event for coin collectors. The third Long Beach Expo of 2010 will start on Sept. 23 and end on Sep. 25. As usual, Heritage will conduct the official auction. Earlier, in Los Angles County, the firms of Bonhams and of the Goldbergs will also conduct auctions. The Goldbergs will offer a very wide variety of coins on Sept. 19th, 20th and 21st at the Beverly Hills Crowne Plaza.

I. Eliasberg 1893-S $5 Gold Coin

At the ANA Convention in Boston, I was fortunate to have the opportunity to closely examine some of the coins in the upcoming Goldbergs auction. One of my favorites is an 1893-S Half Eagle ($5 gold coin) that was formerly in the Louis Eliasberg collection, which is the greatest collection of U.S. coins that was ever formed.

Many gold coins with an Eliasberg pedigree are of tremendous quality, and this 1893-S is one of them. It is PCGS graded MS-66, and was certified at some point in the mid 1990s. I grade it as 66+. Furthermore, it has a sticker of approval from the CAC, which indicates that experts at the CAC determined that its grade is at least in the middle of the 66 range.

This 1893-S Half Eagle has great luster and an excellent strike. It is wonderfully brilliant. This coin has almost no contact marks or hairlines. The inner fields exhibit some pleasant, natural light green toning.

The 1893-S Half Eagle is somewhat common in grades up to MS-62, in which range it is valued only slightly higher than the most common Liberty Head ‘With Motto’ Half Eagles. In MS-63 and MS-64 grades, an 1893-S Half Eagle commands a substantial premium. In MS-65 and higher grades, it is an extreme condition rarity. At most, one half dozen true gems exist, and probably not even that many. This Eliasberg 1893-S is the only 1893-S that is graded MS-66 by the PCGS or the NGC, and none have been certified as grading higher than MS-66. There is certainly a good chance that it is the finest known.

In MS-66 grade, the PCGS price guide values this 1893-S at $22,500 and very common dates at $7500. A rival price guide at Numismedia.com values a MS-66 grade 1893-S, which must be this one, at $20,150. An old green PCGS label, an Eliasberg pedigree, and a CAC sticker all have the potential to bring about a price that is higher than would otherwise be realized. This coin, though, speaks for itself. It is exceptionally attractive and a delight to view.

II. Carter 1797 ‘small eagle’ $10 Gold Coin

In the upcoming Goldbergs auction, the re-appearance of the NGC graded MS-63 1797 ‘Small Eagle’ Eagle is newsworthy. Gold coins were first struck at the U.S. Mint in 1795. The major varieties of the first type of Eagles that are collected as if they were distinct dates are: the 1795 with thirteen leaves on the branch, the 1795 with nine leaves on the branch, the 1796, and the 1797 ‘small eagle’. This first type has a bust of Miss Liberty on the obverse (front) and a relatively small eagle on the reverse (back). The second type of Eagles, which date from 1797 to 1804, have the same general obverse (front) design along with a much different reverse (back) design. The new reverse features a large or heraldic eagle. It is not just the size of the eagle that is different; the style of the eagle and other reverse design devices are also different. (more…)

Gold Confiscation Past and Present

There was a recent article posted  by David Ganz in Numismatics News titled “Protect Your Gold Against Seizure” (actually it is just the first part of a multi-part article), where several topics were discussed, not the least of which was FDR’s Executive order from April 5, 1933.

Many “Gold Bugs” in addition to just regular investors who have moved into the gold marketplace are concerned that if the economic crisis worsens, there is or might be the possibility that we could see new efforts to confiscate gold on the part of the government.

Indeed the Glen Beck-Goldine controversy with NY Congressman Anthony Weiner is in part about what Rep Weiner calls misleading statements and fear-mongering on the part of Beck and Goldline, to use the 1933 Executive order to steer buyers into numismatic coins (and common date foreign gold coins) which were exempt under the 1933 confiscation order, rather than purchasing lower margin bullion products, such as American Gold Eagles, Krugerrands and the like.

CoinLink is going to have an article about the Beck-Goldline-Weiner story next week which is sure to piss off a number of people.

Back to David Ganz’s article. There were several thing in the piece that raised our eyebrows and were just interesting.  Mr Ganz is both an attorney and a highly intelligent and insightful coin enthusiast. We always follow his articles with the highest degree of interest.

FDR Ends Gold Standard in 1933

He related that there was some disagreement on whether or not FDR’s Executive order was indeed a confiscation order, or a request for voluntary compliance in the national interest.  It is true that the police did not come knocking at the doors to take all of their gold, but we would have to disagree with Maurice Rosen’s conclusion that this was a voluntary situation. Clearly Section 9 of the Executive Order  (See full text of Executive Order 6102 below) calls for a $10,000 fine and Up to 10 Years in prison for ‘non compliance. That does not sound very  “Voluntary” to me. (more…)

The Top Ten Mint State Saints

Much has been written about the $20 Saint-Gaudens series since it is quite possibly the most popular gold coin sought after today. I’d like to discuss the rarity/value relationship of the top ten scarcest dates, in mint state condition. I will exclude the 1933 from this discussion since there is only one coin legal to own and therefore unobtainable by the majority of registry collectors. Although most coins have appreciated in value over the last 10 years, the Saint-Gaudens series has been the area of some of the biggest increases. In compiling this list, PCGS and NGC population numbers are used as a starting point as well as CDN values over the last ten years. Needless to say, population report numbers are not entirely accurate due to resubmissions; however they do still represent a high degree of accuracy. The increasing popularity of registry sets makes such analysis important for current and future collectors. (All population data is current as of 2/2/07)

#10) 1908-S:

The 1908-S has the distinction of being the lowest mintage date (22,000) in the series (aside from the 1907 $20 High Relief) Since we are focusing on mint state examples today, some would be surprised to see this date in the top ten list, however with a certified PCGS population of 121 and an NGC population of 124 in all mint state grades I rank it number 10.

Most Uncirculated coins have soft satiny luster and an adequate strike. There are a small number of heavily abraded and unattractive lower grade mint state coins which came over from Europe in the last few years. None of those coins were above MS-63 in quality. This may be the reason that the CDN bid price has not adequately reflected this date’s value over the last 3 or 4 years. For example; 1908S has a current MS-63 CDN bid of $15,500. These have been trading at auction in the last year for between $19,578 and $21,850. The latter coin I purchased out of the ANR sale in Chicago, July of last year. Needless to say I resold the coin for a profit. The relative grey sheet value of the 1908S should therefore resemble the value of other key date Saints with equal rarity and population.

One date that comes to mind is the 1926-D. The combined certified population of both dates in MS-60-62 is 139(1908-S) and 123 for the 1926-D, roughly equal, yet the 26-D trades for over twice the price of the 08-S. Moreover in MS-63 the 1908-S has a certified population of only 31 while 1926-D has certified population of 50. (more…)

Heritage’s Upcoming Long Beach Coin Auction Highlights

The recently discovered Bullock specimen of the 1856-O double eagle, graded XF45+ by NGC, has already generating buzz in the numismatic community as the principal draw at the upcoming Heritage Auction’s U.S. Coin Auction, to be held Sept. 23-26 in Long Beach, CA.

The Bullock 1856-O double eagle is an incredible coin with an even more incredible story. After it was pulled from circulation by James Bullock, a Kentucky farmer, it spent more than 80 years in an Ohio family’s holdings. It was utterly unknown to collectors until John W. McCloskey was asked to examine it earlier this year. McCloskey went through an extensive verification process to reassure himself that this was a genuine 1856-O double eagle, the rarest and most famous gold coin struck at New Orleans. Fewer than two dozen examples are available to collectors, even after the discovery of the Bullock specimen. It is estimated at $300,000+. This is the first time it will be offered at auction.

Another golden treasure from the Old West is expected to bring $60,000+ and is the most important coin in The Dr. Mani and Kay Ehteshami Collection: The Single finest 1891-CC eagle.

“Even in the 21st century, the allure of the Old West remains powerful, and coins from the Carson City Mint are among the most evocative of that time,” said Greg Rohan, President of Heritage. “The Carson City Mint started striking coins in 1870, just six years after Nevada achieved statehood. It was effectively a frontier operation, and keeping it open was a constant struggle. Its minting operations were shut down from 1885 to 1889 and closed for good in 1893.”

The Carson City Mint struck silver and gold coinage. It is most famous for its largest coins, such as silver dollars and ten dollar and twenty dollar gold pieces, otherwise known as “eagles” and “double eagles.”

“Carson City had its highest production of $10 gold pieces in 1891, when just more than 100,000 pieces were struck,” said Rohan. “It never had a six-figure mintage for that denomination before or after. Many examples have survived, including a number of Mint State coins, but at MS65, the Ehteshami example is the best-preserved of all.”

Not only is the Ehteshami example the single finest example of the 1891-CC $10 issue, it is one of just three Carson City $10 coins graded MS65 or better, regardless of date. The others are dated 1874-CC and 1882-CC. While a high mintage or survival rate can create a supply of Mint State coins, the existence of a superior Mint State coin, such as an MS65, is far more random. The rough conditions of Carson City at the time make such a coin’s existence all the more remarkable.

“Careful preservation and the purest chance made the Ehteshami example what it is, and the world of Carson City coin collecting is the better for it,” said Rohan. “Our cataloger called it ‘the 1891-CC eagle that all others wish they could be.’ More than that, it is the 1891-CC eagle that all Carson City collectors wish they could own, but there can be only one winning bidder.” (more…)

HOW TO PRICE VERY RARE COINS

By Doug Winter CoinLink Content Partner

If you collect very rare or finest known coins, figuring out what to pay for an item that you need for your collection can be difficult. Here is a real-life example of how I came up with what I believe to be an accurate value for a one-of-a-kind coin.

The coin that we are going to use as our Coin Pricing Lab Experiment is the Finest Known 1860-C half eagle; an item that my firm recently handled.

When analyzing any complicated, rare issue, there are at least four things that I give major consideration to:

1860-C Half Eagle 1. Establishing rarity

2. Determining comparables

3. Gauging the depth of the market

4. How nice is the coin for the grade and for the issue

So let’s take the scenario that I am bidding on this 1860-C half eagle at auction (as opposed to selling it by private treaty) and assisting Collector X. The first thing that I am going to help him with is a basic understanding of the rarity of the issue.

According to the soon-to-be-released third edition of my book on Charlotte gold coinage, the 1860-C half eagle is a moderately scarce issue with an estimated 125-150 pieces known. My best estimate is that there are seven to eight properly graded Uncirculated examples with one in MS64 (the present example) as well as at least two or three in MS63. I would suggest to Collector X that he remember that with as many as three known in MS63, the chances are pretty good that at least one will magically transform into a second MS64 in the future. And should this happen—and his coin is no longer “population 1 with none better”– it will lose value.

Most collectors eventually check out the PCGS and NGC population reports. As of April 2008, PCGS had graded a total of eleven 1860-C half eagles in Uncirculated while NGC had graded twenty-five (!) in Uncirculated for a combined total of thirty-six. Now, I would be quick to tell this collector that these figures are dramatically inflated by resubmissions and that virtually every 1860-C half eagle that I have seen in a PCGS or NGC slab below MS62 is debatable about whether or not it truly is Uncirculated. But there is no denying the fact that there are enough purported Uncirculated 1860-C half eagles out there to make this MS64 lose a bit of its luster. It is a scarce coin but not one that could be called a fundamental rarity as it is readily obtainable in circulated grades and even available in the lower Uncirculated grades from time to time. (more…)

The Royal Mint’s Three Gold Coin Set to Commemorate the London 2012 Olympics

Faster Three-Coin Set to Commemorate the London 2012 Olympics

The Royal Mint launches its limited edition Gold Series – an exclusive three themed set created in fine 22 carat gold only. Inspired by the Olympic motto Faster, Higher, Stronger, the ‘Faster’ Series is the first set to go on sale in celebration of the 30th Olympiad in London 2012.

Including the rare £100 coin – the highest denomination for a coin available – the prestigious Gold Series is the ideal high-end memento of the first UK Olympics for over sixty years. With only 4,000 of these sets available to buy globally, this unique set is accompanied by an individually numbered Royal Mint certificate denoting the limited mintage of these coins and ensuring their high value investment in years to come.

The Faster Series coin set is presented in a luxurious hardwood walnut case with the Olympic Rings inscribed in gold foiling on the lid. The second and third three-coin sets of this singular collection, representing Altius (Higher) and Fortius (Stronger) will be available to purchase later in the countdown to London 2012.

Inspired by the classical heritage of the Olympic Games and combined with modern sporting achievement, each of the three coins in the distinctive Faster collection feature a different Roman God reflecting the first strand of the Olympic motto ‘Citius’ or ‘Faster’: Neptune, the God of the Sea, (1oz) watches over the sport of sailing; Diana, the Goddess of Hunting, (1/4oz) overlooks modern cyclists and Mercury, the God of Speed, (1/4oz) is depicted alongside track athletes.

The obverse of the coin has been designed by Ian Rank-Broadley FRBS with the Olympic reverse designed by sculptor John Bergdahl, who looked at both the classical and contemporary interpretations of the Olympic Games. Bergdahl explained: “The Olympic ideals span more than two and a half thousand years of history so I took inspiration from combining the classical ideology of the ancient Gods with images of modern athletes in modern attire and equipped with modern technology. And who knows, maybe those same Gods will still be smiling down on us in London 2012.”

Dave Knight, Director of Commemorative Coins, commented: “The Gold Series is incredibly exciting for us; it is the only collection in our London 2010 coin programme to feature the iconic Olympic rings and is the first ever £100 UK coin not featuring Britannia. As the name suggests, the collection is exclusively in gold and will not be available in any other metal. All these factors come together to make the Series highly prestigious and highly desirable. With the Faster set being the first launch from The Gold Series, I have no doubt that global demand will be incredibly strong and sell out quickly.” (more…)

Legend Offers Suggestions on Building Sets in Coin Collecting

Laura Sperber – Legend Numismatics

There is no magic wand or crystal ball that can tell you when the coin market will turn red hot again or when prices will finally rise across the board. Until then, there are many areas you can explore that we feel have awesome potential-and are actually completable.

GOLD BUGS READ THIS:

Its very interesting that we see the masses buying Saints in MS64 and higher. People have always enjoyed the feel of bigger gold. Because of this, many Gold Type coins have been drifting and actually have come down in value. WE SUGGEST YOU BUILD AN MS64 AND HIGHER GOLD TYPE SET. You can put in it whatever you want. So buy a slight better Gold Dollar for very little premium or buy an MS65 $3 Gold piece-of which we have seen so few around recently. All Indian Gold in GEM has actually fallen recently-and they are NOT easy coins to find.

ALL PROOF BARBERS

HELLO! We KNOW these are incredible values. For years we preached about PR64’s. They have since gone up and are ok, but you can do better in the higher grades. BUY PR 65-67 coins. You can build a COMPLETE 24 coin PR Barber 10C set in 66 for UNDER $60,000.00. Or how about a PR barber Quarter set in PR65? That about $50,000.00. The beauty is the coins look great and MOST have mintage’s of UNDER 1,000 pieces. We only own maybe one or two PR Barbers total-so do NOT accuse us of manipulating pr hyping a market to our benefit!

PROOF LIBERTY NICKELS

Do a PR65/66 Set. Even a semi mixed set of them should cost SUBSTANTIALLY UNDER $25,000.00! These are beautiful coins! You can’t go to a major show and finish the set in day, but you can build a set over a few months.

PROOF TWENTY CENT SET

There are ONLY 4 coins in this set-two of which are Proof ONLY! This set supplies it all: rarity, obsolete, beauty,and affordability. A set in PR64 can be built for UNDER $25,000.00. Or, go for the BEST and do a PR66 set: $50,000.00. Its all up to your tastes and budget.

WALKERS

We have learned from our McClaren Collection that the short set of Walkers (1941 PDS-1947 PD) in MS65/66 is probably one of the most popular collected areas in all of coins. Stunning GEM MS66 Walkers can be purchased for around $225-$275.00. Even the rare 1941S PCGS MS66 will only cost you $2,250.00 or so.

OUR ALL TIME FAVORITE RECOMMENDATION:

Build a Type set. A Type set is a representative of a series. It can contain the 50C 1905 PCGS MS68 we recently bought and sold for over $135,000.00, or it can contain an MS66 PL Morgan for $225.00. You simply pick the BEST examples you can afford and like. By building a Type set, opportunity does NOT pass by you. (more…)

Prices for Proof American Eagle Gold Coins Tumble

By Steve Roach – First published in the Aug. 30, 2010, issue of Coin World

Proof American Eagle gold coins have provided some sparks in the marketplace this past year, but the fast fall in prices over the past several weeks serves as a reminder that what goes up usually comes down.

Some major buyers have stopped buying these and prices have fallen sharply.

For some smaller dealers who were stockpiling the coins in anticipation of continued demand, the change in the market means they have lost substantial money, for now, as the coins are now worth substantially less than what the dealers paid for them.

During July, several large dealers were paying between $1,950 and $2,000 per ounce for Proof American Eagle gold coins in original Mint packaging – the inner and outer boxes, original capsules and original certificate of authenticity with the same year as the coins.

For example, on July 14 a major wholesaler was paying $2,025 per ounce; the dealer’s price gradually declined to $1,900 July 26. Then on July 27 the dealer’s buy price went down to $1,850. On July 29 in the morning the dealer’s buy price was $1,830 and by the afternoon it went to $1,800. On Aug. 3, the price hit $1,750 and then, with orders filled, that dealer stopped buying.

Incidentally, the price of gold on July 26 was $1,189 per ounce and the price on Aug. 3 was $1,184, meaning that the drop in demand was not directly related to the bullion market.

On Aug. 6, when gold increased to $1,205 per ounce, one dealer offered $1,650 per ounce for coins with original packaging, and for coins without the packaging, the price dropped sharply to $1,400 per ounce.

If those who are closest to the market are not buying at the high levels that have characterized these Proof issues for the last year, are they doing this because they know something that we at Coin World don’t know?

On Aug. 6, the U.S. Mint told Coin World that no decision has been made as to whether Proof 2010-W American Eagle 1-ounce gold coins would be struck.

If the U.S. Mint releases Proof American Eagle gold bullion coins in 2010, supplies will increase and less pressure will be placed on the current supply, likely ending the bull market for these issues.

Mr. Roach maintains a website/blog titled The Rare Coin Market Report

Coin Profile: An Analysis of The Johnson-Blue Collection of Liberty Head Eagles

by Doug Winter – RareGoldCoins.com

Every few years, an auction takes place that gives me a bad case of “Dinosaur Syndrome.” By this, I mean the coins bring so much more than what I bid that I think to myself that I’m a dinosaur and am out of touch with current Numismatic Reality. After I talk myself out of this and take a deep breath or two, I find that analyzing the sale is a useful tool for my bruised psyche.

Just prior to the 2010 Boston ANA convention, Stack’s sold a specialized group of Liberty Head eagles that they named the “Johnson Blue” collection. These coins were interesting for a number of reasons. First of all, they were clearly fresh to the market and, I am told, many of them were purchased by the consignor back in the 1980’s. Secondly, the coins mostly had original surfaces with a nice crusty appearance; a welcome change from the usual processed better date Liberty Head eagles that one sees available in today’s market. Finally, there were a number of dates that you typically don’t see much anymore (such as 1863, 1864 and 1865) in grades that were above-average.

I had a feeling that this was going to be a strong sale, but the final results were pretty stunning to me. In some cases my bids were close to winning a lot; in other cases they were laughably distant from the eventual final bid. Let’s take a look at some of the more significant eagles in this collection and ponder on their prices.

1842-O, Graded MS61 by PCGS. Lot 1094.

Stack’s sort of underplayed this lot in the catalog, but New Orleans eagle collectors knew that this was a special coin. There are just three Uncirculated examples known to me and this fresh example had excellent color and surfaces. The last Uncirculated piece to sell was Superior 5/08: 103, graded MS61 by NGC and pedigreed to the S.S. Republic shipwreck. It brought $29,900 but I discounted this price as the coin was not attractive. But given this prior sales record, I bid $40,000 for the Johnson-Blue example and thought I had a decent shot of buying it. I wasn’t even close. The coin brought $74,750 which, to me, is an incredibly strong price and one that shows me the depth of this market.

1848-O, Graded AU55 by PCGS. Lot 1101.

This was a nice example of a date that isn’t really all that rare in the higher AU grades. I figured it would grade AU58 at NGC. There have been at least seven different auction records between $5,000 and $6,000 in the last six years for AU55 coins and a nice AU58 is worth $7,500 to $8,500. This coin brought $12,650, or around double what I would have paid. And results like this set the tone for the whole evening. (more…)

New Coin Discovery: 1856-O Double Eagle Discovered in Ohio to Be Offered At Long Beach

This recently discovered coin made front-page news in the July 26, 2010 Coin World, with a headline proclaiming “1856-O gold double eagle surfaces in Ohio.” The double-decker headline added, “Rarest New Orleans Mint gold coin in family holdings.” Numismatic researcher John W. McCloskey relates in detail how this rare coin–one of about 20 to 30 1856-O twenties known–was turned over to him for evaluation as part of a “small accumulation of gold coins held by a family in Ohio for nearly 100 years.” The coin has now been authenticated, encapsulated, and certified XF45+ by NGC.

Gold coin specialist Doug Winter calls the 1856-O double eagle issue “the rarest New Orleans double eagle and the rarest gold coin struck at the New Orleans mint.”

The Discovery

McCloskey’s Coin World article describes how an Ohio resident asked him to evaluate the family holdings:

“He indicated that ownership of the coins could be traced back to James Bullock, a gentleman who owned a farm near the city of Livermore, KY., during the early years of the 20th century.

“When Bullock died on June 26, 1923, his estate included a collection of gold coins that were passed down to his heirs as treasured family heirlooms. These coins have passed through three generations of family descendents over the years since his death and are now spread out among several family members.”

The Realization

The Coin World story relates the owner’s gradual realization of how fabulous and rare the 1856-O twenty is:

“After my evaluation session with the new owner I went home and checked the June 2010 issue of Coin World’s Coin Values and realized that I had just stumbled upon a great rarity that was completely unknown to the numismatic community. I then called the owner and told him that the 1856-O double eagle was listed at $220,000 in an Extremely Fine grade and that the piece might bring considerably more than that at auction considering its beautiful original surfaces and minimal field marks. I don’t think that the family really believed my estimate of the coin’s value but it began to sink in after I showed them the price listing in my copy of Coin Values.”

The Authentication

McCloskey goes into great depth over how, after they realized that “we had a treasure on our hands,” he studied the present piece under a microscope and identified various surface diagnostics that helped in its authentication as a genuine 1856-O double eagle. His descriptions of those obverse and reverse criteria, as quoted from Coin World, follow: (more…)

Perth Mint Unveils the Gold and Silver Bullion Coins to be offered in 2011

Recognized throughout the world for their superior quality, superb artistry and Government guarantee of weight and purity, the Perth Mint has unveiled it’s 2011 Australian Bullion Coin Program. These pure gold and silver coins are actives sought after by both investors and collectors.

The comprehensive line-up for 2011 includes two designs for gold bullion coins ranging from 1/20oz up to 10 kilos and three designs for Silver bullion coins from 1/2oz up to 10 kilos.

Struck by The Perth Mint from 99.99% pure gold, each coin is issued as legal tender under the Australian Currency Act 1965, the undisputed guarantee of its weight and purity. Portraying creative new reverse artistry, every 2011 gold bullion coin also features The Perth Mint’s historic ‘P’ mintmark, a traditional symbol of quality trusted by investors worldwide. Uniquely, many of these releases are restricted by mintage, a feature that creates an exciting potential for even greater investment return in the form of a numismatic premium.

AUSTRALIAN KANGAROO GOLD BULLION COINS : 1 kilo, 1oz, 1/2oz, 1/4oz, 1/10oz
A kangaroo is the most instantly recognisable wildlife symbol of Australia. In 2011, The Perth Mint is releasing four small gold bullion coins portraying two kangaroos ‘boxing’ in the outback. In addition, a large 1 kilo Australian Kangaroo coin is available with a classic kangaroo design by Dr Stuart Devlin, AO CMG goldsmith and jeweller to Her Majesty Queen Elizabeth II.

No more than 350,000 1oz coins, 100,000 1/2oz coins, 150,000 1/4oz coins and 200,000 1/10oz coins will be produced in 2011.

AUSTRALIAN LUNAR GOLD BULLION COINS : 10 kilo, 1 kilo, 10oz, 2oz, 1oz, 1/2oz, 1/4oz, 1/10oz, 1/20oz
The Australian Lunar series of gold coins epitomizes The Perth Mint’s rich tradition of minting investor coins portraying Chinese themes. This year’s releases mark the 2011 Year of the Rabbit, one of 12 animals associated with the ancient Chinese lunar calendar. In Chinese culture, people born in the Year of the Rabbit – 1915, 1927, 1939, 1951, 1963, 1975, 1987, 1999 and 2011 – are articulate, talented, and ambitious. They are virtuous, reserved, and have excellent taste. Rabbit people are admired, trusted, and are often financially lucky. They are fond of gossip but are tactful and generally kind. Rabbit people seldom lose their temper. They are clever at business and being conscientious, never back out of a contract.

No mintage limit applies to 1 kilo, 10oz, 2oz, 1/2oz, 1/4oz, 1/10oz and 1/20oz coins. However, production will close at the end of 2011, when The Perth Mint will declare each coin’s official mintage. A maximum of 100 10 kilo coins will be produced on a made-to-order basis. However, production will close at the end of 2011, when the coin’s actual mintage will be declared. The Perth Mint will produce no more than 30,000 1oz coins. Production will cease when the mintage is fully sold or at the end of the series, whichever comes first. (more…)

Ancient Coins: Gold Octodrachm (Mnaieion) Coin Minted in Alexandria by Ptolemy V in 191 BCE Found In Israel

As recently reported in Art Daily and E-Sylum,  an extremely rare  ancient gold coin was uncovered recently in the excavations of the University of Michigan and University of Minnesota at Tell Kedesh in Israel near its Lebanese border.

The coin is 2,200 years old and was minted in Alexandria, Egypt in 191 BCE by Ptolemy V and bears the name of the wife of Ptolemy II, Arsinoe. The Israel Antiquities Authority says the coin is the heaviest and has the highest contemporary value of any coin ever found in an excavation in Israel. The coin weighs almost one ounce (27.71 grams), while most ancient gold coins weighed 4.5 grams.

The denomination is called a mnaieion, meaning a one-mina coin, and is equivalent to 100 silver drachms, or a mina of silver.

According to Dr. Donald T. Ariel, head of the Coin Department of the Israel Antiquities Authority, “This is an amazing numismatic find. The coin is beautiful and in excellent preservation. It is the heaviest gold coin with the highest contemporary value of any coin ever found in an excavation in Israel. The coin weighs almost one ounce (27.71 grams), while most ancient gold coins weighed 4.5 grams. In Ariel’s words, “This extraordinary coin was apparently not in popular or commercial use, but had a symbolic function. The coin may have had a ceremonial function related to a festival in honor of Queen Arsinoë, who was deified in her lifetime. The denomination is called a mnaieion, meaning a one-mina coin, and is equivalent to 100 silver drachms, or a mina of silver.

The obverse (‘head’) of the coin depicts Arsinoë II Philadelphus. The reverse (‘tail’) depicts two overlapping cornucopias (horns-of-plenty) decorated with fillets. The meaning of the word Philadelphus is brotherly love. Arsinoë II, daughter of Ptolemy I Soter, was married at age 15 to one of Alexander the Great’s generals, Lysimachus, king of Thrace. After Lysimachus’ death she married her brother, Ptolemy II, who established a cult in her honor. This mnaieion from Tel Kedesh attests to the staying power of the cult, since the coin was minted a full 80 years after the queen’s death.

According to Ariel, “It is rare to find Ptolemaic coins in Israel dating after the country came under Seleucid rule in 200 BCE. The only other gold Ptolemaic coin from an excavation in Israel (from `Akko) dates from the period of Ptolemaic hegemony, in the third century BCE, and weighs less than two grams.”

Ariel notes that although the inscription on the coin identifies the queen as Arsinoë Philadelphus, “it is plausible that the second-century BCE mnaieia actually depict cryptic portraits of the reigning queens. Consequently, the queen represented on the Tell Kedesh mnaieion may actually be Cleopatra I, daughter of Antiochus III, whose marriage to Ptolemy V in 193 sealed the formal end of the Fifth Syrian War.”

Some three years ago an Alexandrine hoard of Ptolemaic gold coins appeared on the world antiquities market. That hoard, however, contained no coins of Ptolemy V, so the extreme rarity of the mnaieion from Tell Kedesh remains unimpaired.

Over $22 Million in Coins Changes Hands in Boston Platinum Night Auction

The results are in from Platinum Night at the Boston Worlds’ Fair of Money! Nearly $22.4 million of high quality rare coins changed in our Platinum Night festivities, with strong bidding being seen throughout.

Overall, Heritage’s three Boston auctions are expected to realize over $40 million for thier happy consignors. (They may change this number; and actually wind up at $43-45mm total because they’re at $39.4mm now)

Leading the way in Platinum Night was the Eliasberg specimen of the 1851 Humbert $50 Lettered Edge slug, a coin that appeared on the catalog cover when that legendary collection was auctioned in 1996. Graded MS63, this standout coin, which sold for $40,700 in 1996, realized $546,250 in Platinum Night.

Two significant 20th century pattern gold rarities from The Jarosi Collection also lit up the podium in Boston. A Panama-Pacific Half Dollar struck in gold without a mintmark (3742), one of two known, sold for $460,000, with a unique 1907 Plain Edge Indian eagle with wire rim (3561) bringing in $359,375.

Additional highlights included:
* New England Shilling AU50 PCGS. CAC. From Dwight Manley’s NE Silver Collection. Sold for: $416,875.
* 1931 $20 MS67 PCGS. From The Dr. Brandon Smith Collection. Sold for: $322,000.
* 1796 25C MS65 PCGS. Ex: Norweb. Sold for: $322,000.
* 1797 50C AU58 PCGS. CAC. O-101a. From The Dr. and Mrs. Claude Davis Collection. Sold for: $253,000.
* 1652 Willow Tree Shilling VF35 PCGS. CAC. From Dwight Manley’s NE Silver Collection. Sold for: $230,000.
* 1797 $5 Small Eagle, 15 Stars MS60 NGC. Sold for: $218,500.
* 1817/4 50C VF20 PCGS. O-102a. From The Witham Collection of Capped Bust Half Dollars. Sold for: $184,000.
* 1836 Gobrecht Dollar struck in copper, Name Below Base, Judd-59 Restrike, PR64 Brown NGC. Sold for: $184,000.
* 1876 $20 PR65 Ultra Cameo NGC. From The Bob Simpson Collection. Sold for: $184,000.
* 1796 $2 1/2 No Stars AU58 PCGS. From The Dr. and Mrs. Claude Davis Collection. Sold for: $161,000.
* 1652 Oak Tree Shilling MS66 PCGS. CAC. From Dwight Manley’s NE Silver Collection. Sold for: $161,000.
* 1920-S $20 MS64+ PCGS Secure. CAC. From The Bob Simpson Collection. Sold for: $161,000.

More reviews and analysis of all the Heritage Auctions will be posted next week on CoinLink

Prooflike 1857-S Double Eagle Gold Coins from the Shipwreck of the S. S. Central America

by Greg Reynolds

In 1987, there was the greatest discovery of a shipwreck relating to the history of the United States. Yes, other shipwrecks may be especially important to the history of Spain and Latin America. The loss of the S.S. Central America in Sept. 1857, however, had an impact on the history of the United States. Although a recession had already started in 1856, and a major insurance company failed in August 1857, the loss of this ship caused upheaval in financial markets and exacerbated the “Panic of 1857.”

The Library of Congress website reveals that the S. S. Central America “had aboard 581 persons, many carrying great personal wealth, and more than $1 million in commercial gold. [This ship] also bore a secret shipment of 15 tons of federal gold, valued at $20 per ounce, intended for the Eastern banks”. In this context, the Library of Congress website cites several pertinent, recognized 19th century books and other contemporary sources. “As banking institutions of the day dealt in specie (gold and silver coins instead of paper money) the loss of some thirty thousand pounds of gold reverberated through the financial community.” In October, many banks suffered terribly or failed altogether. There were ‘runs’ on many banks by depositors.

The crisis reached its worse point on Oct. 14, about a month after the sinking of the S. S. Central America, which was “Suspension Day, when banking was suspended in New York and throughout New England [http://memory.loc.gov/ammem/today/aug24.html.” The U.S. economy did not fully recover for years.

In the wreckage of the S. S. Central America, there were thousands of 1857-S Double Eagles ($20 gold coins), which were very scarce before the salvaging of the S.S. Central America. Of all the Double Eagles found in the wreckage, however, only fifty were designated as being Prooflike, and only seven as Deep Mirror Prooflike, by the Professional Coin Grading Service (PCGS). In late 1999 and/or early 2000, the PCGS certified and graded most of the coins found in this shipwreck. As far as I know, these fifty-seven PCGS certified 1857-S Double Eagles and one NGC certified 1858-S Double Eagle coins are the only reliably certified, Prooflike gold coins from the early years of the San Francisco Mint, which formally began striking coins in 1854.

I. The Rarity of Type One Prooflike Double Eagles

The 1857-S Double Eagles that the PCGS has designated as Prooflike are unusual in that it is generally the policy of the Professional Coin Grading Service to not designate gold coins as being ‘Prooflike.’ In a Dec. 2000 Christie’s auction, it is stated that a PCGS certified ‘MS-65 PL’ 1857-S is “Tied with two others for finest of 50 PL examples from the S.S. Central America treasure certified by PCGS.” According to the Christie’s cataloguer, who is an expert regarding the histories of coins found on shipwrecks, nineteen 1857-S Double Eagles are (or then were) PCGS certified as ‘MS-64 PL.’

Sources indicate just seven of the S. S. Central America 1857-S Double Eagles were designated as Deep Mirror Prooflike (DMPL) by the PCGS. The NGC has not designated any 1857-S Double Eagles as PL or DMPL. Before the finding of the wreck of the S. S. Central America, it is likely that no Prooflike 1957-S Double Eagles were known to exist. Furthermore, probably all (or almost all) of these certified Prooflike 1857-S Double Eagles are in PCGS holders with their respective original gold foil inserts (labels) that were specially designed for coins found in the wreck of the S.S. Central America. Therefore, it seems that there exist fifty-seven Prooflike (PL) or Deep Mirror Prooflike (DMPL) 1857-S Double Eagles. Only a handful of these have been publicly sold since the initial offerings in 2000 when coins from the S.S. Central America appeared in coin markets. (more…)

The Ten Rarest Three Dollar Gold Pieces

top_10_three_dollarIn my continuing series that has focused on the ten rarest coins in each denomination of United States gold coin struck from the late 1830’s to the early 1900’s, I’ve nearly reached the end of the road. The last major denomination to discuss is the enigmatic Three Dollar gold piece.

This denomination was produced from 1854 to 1889. For more details and history behind the series I suggest that you read the book the Q. David Bowers and I wrote in 2005. It is available through Stack’s and fine numismatic booksellers everywhere.

The ten rarest Three Dollar gold pieces are as follows:

1. 1870-S:

The 1870-S is the only unique regular issue U.S. gold coin. The sole example resides in the Harry Bass core collection that is currently housed in the ANA Museum in Colorado Springs. Bass purchased it for $687,500 at the Eliasberg sale in 1982. It had been acquired by private treaty from Stack’s in January 1946 for $11,500. The coin is not visually impressive when you see it in person. It has the details of Extremely Fine/About Uncirculated but it was once used as a watch fob by the former Chief Coiner of the San Francisco mint. It has the numbers “893” scratched on the reverse above the wreath tips at 12:00. Nonetheless, it remains one of the two most desirable regular issue United States gold coins, along with the 1822 half eagle. What would this coin bring if sold in the near future? That’s a hard question to answer. There are not many collectors that specialize in this series and the coin itself, as I mentioned above, is not destined to win any beauty contests. That said, it’s unique and it’s a legitimate regular issue with no mystery or controversy trailing it. I’d set the over/under line at $5 million and probably take the over…if I were a betting man.

2. 1875:

This date has been a celebrated rarity for well over a century and it is the first United States coin to eclipse the $100,000 mark at public auction, all the way back in 1972. The mintage is traditionally said to be 20 pieces, all in a Proof format. We can deduce with certainty that more than this were made to satisfy contemporary demand. Today, there are between two and three dozen known. Ironically, the 1875 is among the least rare Three Dollar proofs from this era, in relation to the total numbers known. But the fact that business strikes do not exist make it a very rare issue from the standpoint of overall availability. Gems continue to sell in the $175,000-250,000+ range and the level of demand for the 1875 continues to be as strong as ever.
(more…)

San Francisco Double Eagles: A Date by Date Analysis Part Three

By Doug Winter – RareGoldCoins.com

Part One
Part Two

In 1877, a third type of double eagle was created when the reverse valuation was changed from TWENTY D to TWENTY DOLLARS. Liberty Head double eagles were produced with just one interruption (1886) from 1877 through 1907. This is a very easy series to complete as all thirty issues are readily available in the lower Uncirculated grades and many of the post-1890 date can even be found in Gem.

I would recommend this series for beginning collectors or advanced collectors who are more interested in grade than absolute rarity. What follows is a date-by-date analysis of each issue.

1877-S: This is the most common Type Three San Francisco double eagle from the 1870’s. It is common in grades up to an including MS62. It becomes scarce in MS63 and is very rare in MS64 and above. Most are seen with good luster and nice color but heavily abraded surfaces. The finest known is Stack’s 1/09: 1420, graded MS65 by NGC, which set a record price for the date at $29,900.

1878-S: The 1878-S is scarcer than the 1877-S but it is still a fairly easy date to find in grades up to an including MS62. In MS63 it is rare and it is extremely rare above this. The finest that I have personally seen is the high end PCGS MS63, ex Heritage 9/06: 4139, which sold for a strong $23,000. This date is characterized by soft, frosty luster and heavy abrasions on the surfaces.

1879-S:
This is easily the scarcest San Francisco Type Three double eagle from the 1870’s and it is one of the harder SF issues of this type to locate. It is scarce even in the lowest Uncirculated grades and it is very scarce in properly graded MS62. In MS63, the 1879-S is very rare and there is but one example graded better than this, a PCGS MS64, ex Heritage 9/07: 3851, which sold for an amazing $63,250. Virtually every known example is marred by excessive bagmarks and many have impaired luster as a result.

1880-S: The 1880-S is only marginally scarce in MS60 to MS61 but it becomes a hard date to find in properly graded MS62. It is rare in MS63 and very rare above this but there are a few very high quality pieces known. The best is a superb NGC MS66, ex Heritage 2004 ANA: 7626, which brought a hefty $92,000 and the second best is an NGC MS65, ex Bowers and Merena 2/06: 603 that was bid up to $54,625. These are the two best early date Type Three San Francisco double eagles that I have personally seen.

1881-S: The 1881-S is much more available in the MS60 to MS62 range than the 1879-S and 1880-S. It is only moderately scarce in MS62 but it becomes rare in MS63 and I have never seen one that graded higher than this. The best I am aware of are a small group of nice PCGS MS63 coins, the last of which to sell was Heritage 4/09: 2763 (at $17,250). As with all of the early S Mint Type Three issues, this date is characterized by good luster and color but heavy surface marks.

1882-S: Beginning with this issue, the Type Threes from San Francisco become more available in the lower Uncirculated grades. The 1882-S is very common through MS62 and slightly scarce in MS63. But it is very rare in properly graded MS64 and I am not aware of any Gems. The best I know of is ex Heritage 7/06: 1714; a PCGS MS63 that brought $23,000.

1883-S:
The 1883-S is very common through MS63 but it becomes very rare in MS64 and it may not exist in Gem. This date is seen with good luster and color but is almost always very heavily abraded. There is a small group of properly graded MS64’s known and the last of these to sell was Heritage 1/10: 2261, graded by NGC, which realized $16,100. (more…)

Previously Unknown Specimen of 1855 $50 Kellogg & Co. Fifty Dollar available at Heritage Boston ANA Coin Auction

In the words of B. Max Mehl, the Kellogg & Co. fifty dollar gold pieces are “the most beautiful of all Pioneer gold coins and one of the rarest.” While Heritage has handled Kellogg fifties on several occasions in the past, we take particular pleasure in offering this specimen, which seems to match none of the previously known examples of this extraordinary issue. A “new” Kellogg fifty is a numismatic landmark and an unparalleled opportunity for the Territorial gold collector.

For more than a century, numismatists have puzzled over the purpose of the Kellogg fifties and exactly how many were struck. All known specimens were minted in proof format, suggesting they may have served as presentation pieces for bankers and politicians: They were struck when the firm was considering a large business strike mintage to compete with the fifty dollar pieces of their competitors, Wass, Molitor and Company. The “regular-issue” coins never materialized, but the proof production has delighted and puzzled collectors since the coins appeared.

One disputed question about the Kellogg proof fifties has been the number struck. The proprietors of Kellogg & Co., John Glover Kellogg and Augustus Humbert, were partners in 1855. Both of them retained several examples of the Kellogg fifties long after they dissolved their partnership in 1860. Kellogg’s heirs, including his son Karl, remained in possession of three coins many years after Kellogg’s death in 1886. Humbert, who died in 1873, left his collection to his brother, Pierre. When Pierre died in 1901, his heirs sold the collection to Captain Andrew C. Zabriskie. As Henry Chapman relates in the introduction to the Zabriskie Collection (Henry Chapman, 6/1909):

“Capt. Zabriskie some years ago had the good fortune to purchase from his executors the collection of coins left by Mr. Humbert, the California Assayer, and from which collection he derived many of the most remarkable Pioneer Gold Coins, which , added to his collection that had been forming for many years, makes his Pioneer Gold the best ever offered at public sale.”

Later in the sale, Chapman described the Kellogg fifty in lot 341, which realized $1,250, a huge price at the time. To quote his description in part:

“Sharp, beautiful specimen. The finest known, as Capt. Zabriskie had his choice of the six which Mr. Humbert had preserved. So far as I am aware, it is possible about 10 are known, in fact, this is the number it is said was coined.”

Chapman thus reveals the startling fact that Humbert saved at least six specimens of this issue until his death. We can only wonder what Humbert’s purpose was, since $300 was a large sum in 1855, too large to tie up in souvenirs. Whatever his reasons, he deserves the thanks of all Pioneer gold collectors for preserving so many of these wonderful coins. In his catalog of Humbert’s collection, which he sold in 1902, Chapman mentioned one specimen in the collection of J.W. Scott, which would be the 10th coin in his census, after the three kept by Kellogg’s family and the six in Humbert’s estate.

The trouble with Chapman’s roster is this: More than 10 specimens have always been known to numismatists since the coins surfaced. The census of known examples has gone up and down over the years, but most catalogers agree at least 13 pieces were struck, even if fewer examples seemed to be extant at a particular time. With the appearance of the present coin, we have a pictorial record of what seem to be 14 different coins. (more…)

Champion Hong Kong Auction to Feature Tibet’s First Gold Coin

Tibet’s first gold coin has a very unique trait: it weighs 6.53g. While this legendary gold coin shares the same weight as the Chinese Kuping 1 Mace, it is not a common weight for Tibet. An absolute rarity, only six silver examples from the same dies have been found and, as of today, there are no known Tibetan gold coins struck to the same standard. For this reason, many believe it was struck for presentation purposes.

On August 23 this extremely rare gold coin, rated AU with an estimated price range US $30,000 – 60,000, will be one the Champion Auction 11 headliners at the Hyatt Regency Hotel Ballroom I, 18 Hanoi Road, Tsim Sha Tsui, Hong Kong.

It is well known that during the 17-18 centuries, no coins were struck in Tibet, but Nepalese coins circulated widely in the urban areas. On several occasions, the Tibetan authorities, rather than strike silver coins of their own, sent bullion to Nepal and received Nepalese coins in exchange. The exchange was made on a weight for weight basis, but as the Nepalese coins were only between 50% and 67% fine, the Nepalese were able to make significant profit.

In about 1750AD, the situation changed when Prithvi Narayan, the king of Gorkha, started to besiege the Kathmandu Valley. He closed the pages, and stopped any trading between the Newar kingdoms of the Valley and the outside world, including Tibet. As a result, the supply of coins in Tibet stagnated, but the demand did not stop increasing. Seeking to stem a potential economic crisis, the Tibetan authorities, for the first time, started striking their own coins.

Chinese reports from the time claim that the Demo Regent issued the first Tibetan struck coins in 1763 or 1764, and again in 1785 AD when the Dailai Lama issued coins, before a more regular coinage began in 1791 AD. It had been widely held that all Tibetan coins from this period were silver, in varying degrees of fineness. However, we now have tangible proof of a rare gold coin struck from uncommon dies.

The diameter of the gold coin is measured at 28mm with the previously noted weight of 6.53g, A. Lissanevitsch Collection. The obverse legend, “Sri Mangalam”, means auspicious, lucky or fortunate in Sanskrit and may have a similar significance to the Eight Lucky Signs (Asta Mangalam in Sanskrit) which appear on so many later Tibetan coin. The legends were designed four compartments arranged in a cross. The reverse legend, “dGa-ldan phyod-las rnam-par rgyal-ba” is Sanskrit for completely victorious in all directions, designed with eight petals around a wheel. The dGa-ldan palace, located in the Drepung monastery near Lhasa, was the traditional residence of the Dalai Lama. The mention of “dGa-ldan” leads many to believe that this coin was struck by the 8th Dalai Lama around 1785. (more…)

US Gold Coin Profiles: Revisiting The 1841 Quarter Eagle

ByDoug Winter – www.RareGoldCoins.com

A few years ago, I wrote a blog about 1841 quarter eagles that basically stated that the currently-accepted belief that all of the known examples were Proofs was wrong. After recently being able to examine no less than four 1841 quarter eagles at one time, I am now totally convinced that this issue exists in two distinct formats.

Numismatic tradition states that the 1841 quarter eagle was struck only as a Proof. This has never made sense to me. With as many as 15-17 pieces known, why would the Mint have made so many Proofs in 1841 when virtually none were struck in any other year between 1842 and 1853? And why would most of the survivors be in such low grades (EF40 to AU50) when most of the Proof gold coins from the 1840’s that still exist tend to be in reasonably high grades?

This enigma has become a semi-obsession of David Hall’s and when you are the head of Collector’s Universe/PCGS you can get things done. David was able to wrangle four different examples of the 1841 quarter eagle including a PR60 illustrated below. A few weeks ago, one of his security detail flew the four coins up to my office in Portland and I am now more convinced than ever that 1841 quarter eagles exist in two formats.

First, a few words about the Proofs. One of the main reasons that you can determine that a Proof 1841 quarter eagle actually is a Proof is that is “looks like one.” These coins are not weakly struck, nor is there any question about whether they have squared edges or incomplete reflectiveness to the fields. These coins look just like other Proof gold coins from the 1840’s. They may have some mint-made flaws such as pits in the planchet or lintmarks but their appearance is not much different than Proofs from the latter part of the 19th century either.

There appear to be just three or four Proofs known. The finest is a PCGS PR64 owned by a prominent Texas collector that is ex Heritage 6/04: 6204 where it brought $253,000; it was earlier in the Eliasberg sale and it sold for $82,500 in October 1982. The second Proof is owned by a customer of mine and it is graded PR60 by PCGS. I purchased it out of Bass II in October 1999 and paid $110,000 for it. A third Proof is in the Smithsonian. I have not seen the coin in person but it has been confirmed by Jeff Garrett whose opinion I respect. A possible fourth Proof is the ex Davis-Graves coin that was last sold as Superior 2/91: 2664 at $66,000. This coin might be the piece that appears in the PCGS population report as a PR62.

When I recently examined the Eliasberg and Bass Proofs, I made the following observations about them. I’m certain they apply to the other one or two Proofs as well.

*Proof 1841 quarter eagles have fully reflective fields that look like Proofs should. They are not “semi-prooflike” or “mostly prooflike.” They are Proofs, no ifs and or buts.

*On Proof 1841 quarter eagles, there is sharpness of strike on the curls below the ear of Liberty. This sharpness does not appear on business strikes. (more…)

UPWARD TREND IN GOLD PRICE DURING SECOND QUARTER 2010 BACKED BY STRONG FUNDAMENTALS, SAYS THE WORLD GOLD COUNCIL

Mixed economic news around the world, concerns over a double dip recession and significant fiat currency weakness meant gold retained its lustre as a protector of wealth during the second quarter 2010, according to the World Gold Council’s (WGC) latest Gold Investment Digest (GID).  The quarter recorded significant net inflows into various gold-backed investment vehicles, as investors sought to harness gold’s investment benefits at a time of weakness and pronounced volatility in other asset classes.

While China has remained resilient, GID also suggests that jewellery demand in other key markets has continued to recover from a weaker 2009.

The report, which was published today, showed:

  • Heightened investor activity supported an upward trend in the gold price throughout the quarter; on several occasions breaking record highs and reaching US$1,261.00/oz on the London PM fix on 28 June, as investors sought out assets offering protection, diversification and liquidity.
  • Investors bought 273.8 net tonnes of gold via exchange traded funds (ETFs) in Q2 2010.  This represents the second largest quarterly inflow on record and brought the total amount of gold held in the ETFs that the WGC monitors to over 2,000 tonnes (worth US$81.6 billion). In particular, SPDR Gold Shares (GLD) surpassed the US$50 billion milestone.
  • In the early part of the second quarter, many currencies around the globe not only fell against the US dollar but also experienced higher levels of volatility as credit woes in Europe had a negative impact on the outlook for the euro and the British pound. While the dollar appeared to fare better, investors sought out gold as a currency alternative as evidenced by large purchases of coins and small bars around the globe.
  • Many assets, including global equities and commodities, experienced a period of pronounced volatility, in some instances surpassing levels seen during the first quarter of 2009.  Gold price volatility, however, remained much lower than many of these assets during the period, meaning gold outperformed versus S&P 500 Total Return Index, the MSCI World ex US Index and S&P Goldman Sachs Commodities Index (S&P GSCI) on a risk-adjusted basis.
  • In Q2 2010, the diversity of gold’s demand base, less driven by industrial uses as many other commodities, meant that gold was one of the best performing commodities.  Oil fell by 9.1% and, similarly, metals with a greater degree of exposure to industrial cycles fell substantially: zinc, nickel and lead dropping by more than 20.0% quarter-on-quarter. Even platinum and palladium posted quarterly losses on the order of 6.7% and 7.9%, respectively.

Juan Carlos Artigas, Investment Research Manager, World Gold Council commented:

“During the second quarter, many financial assets, especially in Europe, suffered losses as risk aversion, credit concerns, and disappointing economic news around the world prompted investors to seek assets with little or no default risk, greater liquidity and lower volatility.  As a result, gold was, once again, one of very few assets that exhibited a positive price performance during the period.  However, it is important to note that while gold continued its upward trend during Q2 2010, its price, relative to the price of various assets is not overvalued by historical standards1 . (more…)

Heritage Summer FUN Rare Coin Auction Realizes $7.4 million+

Original 1867 Cameo Proof Shield Nickel Tops Sale at $57,500; demand for rare gold coinage steady

An original 1867 5C Rays PR65 Cameo NGC. Dannreuther-1A, State a/a, a highly desirable and celebrated rarity, brought $57,500 to lead Heritage’s $7,387,384 July Orlando, FL Summer FUN Signature US Coin Auction. Demand for high quality numismatic gold rarities continued in Orlando, with seven of the top 10 lots being gold rarities. All prices include 19.5% Buyer’s Premium.

“We’re quite happy with the result of this auction,” said Greg Rohan, President of Heritage Auctions. “It was a small auction by Heritage standards, but quite focused, and collectors responded. The result was a very successful auction.”

More than 3700 bidders competed for the offerings, which saw a 94% sell-through rate by total lots.

The 1867 Rays Gem Cameo Proof Shield Nickel is a coin well known to specialists and advanced numismatists and the competition for this specimen was indeed heated before landing in the collection of a smart buyer. Though there may be more 1867 Rays proofs known than originally thought, many are known to be later restrikes, while this piece bears every hallmark of being one of the few – likely 10-15 total – true originals struck

A momentous 1829 Quarter Eagle, BD-1, MS64 NGC, Breen-6132, High R.4. followed the 1867 Rays Gem Cameo Shield Nickel, competing for top honors and almost nabbing the top spot in auction with a final price of $51,750, a mark that was equaled by an historic 1803 $10 Small Stars Reverse MS61 NGC, Breen-6844, Taraszka-28, BD-3, R.4.

One of the most hotly contested non-gold lots of the top 10 was a magnificent 1865 25C MS66 PCGS, CAC, Briggs 1-A, an exceptional example from the concluding year of the Civil War, and an important opportunity for the Seated specialist, one of whom added the coin to their collection for a price realized of $48,875.

A remarkable 1907 $20 High Relief, Flat Rim MS65 PCGS, was close on the heels of the 1865 25C, with a price realized of $46,000. This coin was a result of the numismatically inclined President Theodore Roosevelt, who wanted to create coins for the United States that would rival the beauty of those struck by the ancient Greeks. The result was the 1907 High Relief double eagle, considered by many to be the crowning achievement of Roosevelt’s coinage renaissance.

Further highlights include, but are not limited to:

Coin Rarities & Related Topics: Collection of Carson City Half Eagles, WPE Classic Commemoratives & Summer Coin Shows

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #9

A Weekly Column by Greg Reynolds

I. Summer Topics

Today’s main discussions are about Carson City Half Eagles and commemorative silver coins. I admit that I am not a specialist in either area. I will not, however, limit my writings to my favorite topics, as other coins ‘make news’ and are important in a variety of ways. I aim to write for a wide audience. Plus, I have a fondness for most all rare coins and I learn when I prepare to write. I enjoy researching rare coins of almost every kind.

Typically, the coin business is relatively slow between the Spring Long Beach Expo and the Summer ANA Convention. Collectors and dealers often vacation, or are just less active, during this period.

The relatively new, Summer FUN Convention is moderately successful, though it makes far more sense to hold it in West Palm Beach or Fort Lauderdale. It was in West Palm Beach for three years and I attended all three events, which seemed successful. The Summer FUN Convention was developing a following in Southern Florida. Was it a good idea to move it to Orlando?

Many wealthy coin collectors live in Southern Florida, which is much more densely populated in general than Central Florida. As people are not eager to travel to Florida in the middle of the summer, a Southern Florida location, for a coin show, makes more sense in the summer than does Orlando, which is a city that has evolved into a destination for travelers. Besides, people elsewhere are more likely to have relatives, friends or business ties in Southern Florida than in Orlando. Consider the populations, wealth and business activities in the metropolitan areas of Fort Lauderdale and Miami!

Boston seems to be a good choice for a Summer ANA Convention. Many (though not all) rare coin sales are exempt from sales tax in Massachusetts. There are thousands of serious coin collectors within driving distance of Boston and hundreds more who may fly to Boston. Certainly, it is a city with attractions for girlfriends, spouses or kids. Besides, in relation to the founding of the United States, and the pre-revolutionary period, Boston is of tremendous historical importance.

It has been a very long time since an ANA Convention has been held in New England. Further, there are no longer any regularly held, first tier coin conventions in Massachusetts or the State of New York. CoinFest is held, annually each autumn, in Stamford (CT). In my view, CoinFest has been very successful and may eventually become a first tier event. It would be better if the fourth CoinFest, in October, were not scheduled within a week of the Fall Baltimore Expo. Could its time frame be moved a week or two earlier?

In August, both pre-convention shows will attract collectors. While the “Boston 2010” show at the Park Plaza Hotel has received some recent attention, the Bay State Coin Show has been a tradition in Boston for decades. The special summer Bay State Coin Show will be at the Radisson Hotel, at Park Square, from Friday, Aug 6th to Sunday, Aug 8th.
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Legend Market Report – THE SECOND HALF OF THE YEAR

Even though it was very volatile, the first half of 2010 was pretty amazing in the coin market. Gold hit an all time record price in excess of $1,200.00. A new “worlds most expensive coin” was crowned when the 1794 $1 PCGS MS66 sold for $7,850,00.00. We witnessed many coins hit record price levels at auction. And the hobby took several huge steps forward to self police itself (we still have a long way to go in that area). In all, we saw a lot of positive events happening.

THE SECOND HALF

We’re going to step out on a limb with a bold prediction. The second half of 2010 will be the strongest on record barring any major catastrophes or gold suddenly taking a prolonged plunge.

We can say that with total confidence from being a real “insider’ in the marketplace. If you thought that hamburger ad from years ago: “wheres the beef?” was dramatic, then just watch as time goes on and EVERYONE asks, “where are the coins”?. Right now there are many series we could not start or even finish MS64 or higher sets in. Gone are the days when we’d be offered one or two truly GEM Bust halves or rare high grade Morgans at a show. Rare gold? First, you have to wade through all the dreck to find the nice properly graded coins. Even then you won’t find many that are truely rare. Demand is not slowing one bit. The hobbies standards have changed back to the original ones that meant a GEM is a GEM.

To set the momentum, we believe that this years Boston ANA Show will be the BEST SHOW EVER. There has not been one held there since 1982-and that was a great show. Pent up demand in the area sure will help. People forget, back in the last 60’s-late 70’s, Boston had been the heart of numismatics. There are still many great collectors and incredible collections hidden up there. Plus, it seems everyone knows someone who lives there. We have heard of far more people going to attend than last years disaster in LA.

The coin market is actually quite healthy. Supply does NOT exceed demand. And demand is not weak. We think a small problem that does exist (and always has) is the fact no matter how many time you tell people, the coin market is NOT like the stock market. Yes, it is volatile on a short term basis, but you can not expect it do rise 10-15% every year. In reality, coins are a VERY long term hold. Even we have said 5 years, but realistically, its more like 10+ to feel the full effects. Just study the great old time collections. They put coins away for 30+ years and they blew away all other investment returns when they sold. The better the collector, the better the return.

Our optimism is not a case of a dealer hyping the market. In case you haven’t noticed, Legends customer base is affluent and can buck market trends easily, so we do not need to hype anyone or anything for sales. We see what really goes on and we report it to you like it is. The first half of 2010 we unexpectedly had RECORD sales. In June alone we SOLD $10,000,000.00! That’s a real number. In fact, in a few weeks (before the ANA Show) we will be making the first of SEVERAL major announcements concerning major acquisitions or sales we have done recently. If we could find the coins (we’re not even talking about the big game trophy stuff), our sales would be $20,000,000.00 immediately!

GOLD

Geez is this market crazy. The swings gold has taken recently have even stumped the group we call “forever gold bugs” (if gold is up-they say it will never stop going up, if its down, they buy all they can). We have still seen the bottom line of the large players continuing to stay their courses and buy. In the recent Heritage FUN Auction, ALL MS66 CAC $20 Saints sold for $3,750.00-$4,000.00. In fact, ALL CAC gold sold WELL ABOVE the current levels. You know it was not dealers buying the coins (for a fact we know of TWO MAJOR groups who are buying ONLY CAC MS65 or better generic-semi-generic gold). The quality DOES indeed make a huge difference in the case of gold coins. These days its easy to tell why one MS66 Saint is $2,700.00 while the others sell for $3,750.00 or more! Do NOT think for a minute the cheaper one is a bargain-we have a saying, “sometimes cheap is not cheap enough”.
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San Francisco Double Eagles Gold Coins: A Date by Date Analysis Part Two

By Doug Winter – www.RareGoldCoins.com

The second part of this study on San Francisco double eagles deals with the Type Two issues struck from 1866 to 1876. [EDITOR: Click Here To Read Part One]

There are no absolute rarities in this series as with the Type One issues but there are a number condition rarities as well as affordable dates that are easy to locate in Extremely Fine and About Uncirculated grades.

Let’s take a look at each date and focus on the higher grade coins as these tend to be the most interesting Type Two double eagles from this mint.

1866-S With Motto:

After a small number of No Motto double eagles were struck in San Francisco in 1866, the change was made to the new With Motto design. The 1866-S With Motto is desirable as a first year of issue date but it is not really rare in terms of overall rarity. It tends to be found in lower grades (EF40 to AU50) and is nearly always seen with heavily abraded surfaces and poor eye appeal. It is scarce in properly graded AU55 to AU58 and rare in Uncirculated with an estimated two to three dozen known. It is extremely rare in MS62 above and none have been graded better than this by PCGS or NGC. The population figures in MS61 seem to be very inflated at both services and a few of the coins that I have seen in MS61 holders are marginal at best for the grade. The current auction record is $39,100 set by Bowers and Merena 7/06: 1667, graded MS62 by PCGS.

1867-S:

The 1867-S is a bit more available than the 1866-S With Motto in terms of overall rarity. In Uncirculated it is actually more rare with an estimated 15 or so known. The finest is a single MS63 at NGC; another five or six are known in MS62. This date is typically seen with a flat strike, very “ticky” surfaces and poor luster. Examples with good eye appeal are quite hard to locate and are worth a good premium over typical coins. Properly graded AU55 to AU58 pieces are very scarce and any example that grades above MS61 is extremely rare. The current auction record is $22,425 set all the way back in 2002 by Superior during the ANA auction; this was for a coin graded MS62 that is still the best that I can recall having seen.

1868-S:

The 1868-S is the most common Type Two double eagle from San Francisco struck during the 1860’s. It is plentiful in grades below AU55 but it is scarce in properly graded AU58 and rare in Uncirculated. I think there are around three dozen known in Uncirculated with most in the MS60 to MS61. Above MS61, the 1868-S is extremely rare. The highest graded is a single MS64 at NGC; the services have combined to grade four in MS62 with just one of these at PCGS. This date comes better struck than the 1866-S and 1867-S and has better luster as well. Like all San Francisco double eagles of this type, it is plagued by excessive surface marks. The natural coloration is often a pleasing rose-gold; others are found with orange-gold or greenish-gold hues. The current auction record was set by Heritage 2006 ANA: 5644, an NGC MS62 that sold for $32,200.
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Coin Profile: The Farouk-Norweb 1915 No S Panama-Pacific Half Dollar in Gold

One of Only Two Known

Heritage will be offering one of only two known 1915 P50C Panama-Pacific Half Dollars struck in Gold (Judd-1960 PR64 NGC) during the Boston ANA Signature Sale in August Lot # 13007.

The design is the same as the regular-issue 1915-S Panama-Pacific commemorative half, but lacking the normal S mintmark. Struck in gold with a reeded edge. Other S-less Panama-Pacific half dollar patterns are also known in silver and copper. These extremely rare patterns were clearly clandestine strikes, produced at the Philadelphia Mint before mintmark punches were applied to the working dies. There are two known examples of the gold half dollar, both struck on cut-down, struck Saint-Gaudens double eagle coins. Similar examples are known of the 1915 Panama-Pacific gold dollar and of the round and octagonal fifty dollar pieces, all lacking the S mintmark. The website USPatterns.com comments of the pieces, “These could be die trials but it seems that they were really struck for profit.”

Pollock comments in his United States Patterns and Related Issues:

“Farran Zerbe, who was involved in the coining and distribution of the Panama-Pacific commemoratives in California, has been quoted by Walter Breen as saying that specimens ‘may have been struck as trial pieces at the Philadelphia Mint by the instructions of the Secretary of the Treasury, who was a coin collector.’ The Secretary of the Treasury at the time was W.G. McAdoo of New York, a name familiar to students of U.S. paper money.”

Anthony Swiatek, in his Commemorative Coins of the United States (2001), writes much more unequivocally concerning the 1915 Pan-Pac half dollar, “Extremely rare trial pieces, made at the Philadelphia Mint, were struck without the S Mint mark. Two were created in gold, six in silver and four in copper for Treasury Secretary William Gibbs McAdoo–a coin collector!”

Further along, Pollock records his notes on the present specimen:

“Careful examination of the Farouk-Norweb coin [the present coin, listed as No. 2 in the Census below] reveals planchet file marks and traces of an undertype, indicating that the half dollar dies were impressed on a cut-down $20 gold coin, which had been filed to remove high-relief details. This piece is remarkably thick: 2.4 mm at the edge versus 2.1 mm for a regular-issue Panama-Pacific half dollar.

“The characteristics of the coin suggest that it was made clandestinely. Since the piece is overstruck instead of being made using a new planchet of normal thickness, it can be inferred that there was a desire on the part of the manufacturer that no mention of the piece be made in the bullion account books, and thus it may have been produced secretly at the Mint in the same manner as the 1913 Liberty nickel or the Class III 1804 dollar. The only other known example of the variety [listed as No. 1 below] is reportedly also struck over a cut-down $20 gold piece.” (more…)