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My collector friend and I are arguing about the ban in the 1960s on melting U.S. silver coins. Did it also cover the silver war nickels?

From 1965 to 1967 it was illegal to melt any of the 90 percent silver coins but the lawmakers ignored the war nickels, apparently assuming that their 35 percent silver wasn’t worth bothering with. The smelters took advantage of this loophole and melted millions of them, right along with a lot of 90 percent silver that was claimed to be from Canadian coins. Because of conflicting laws, it was common practice to ship coins across the Canadian and Mexican borders to melt them wherever the opportunity arose.

How does the melting during the high-priced silver era (1980) compare with the available stock of silver coins?

One apt comparison noted that around 16 million ounces of silver was recovered from melted coins in the first three quarters of 1980. In 1965, the last year of silver usage in 90 percent silver coins, the Mint converted 320 million ounces into coins. The 1980 melt then was roughly 5 percent of a single year’s production. (The year 1965 is correct, as the Mint was still striking 1964-dated silver coins.)

This download allows you to focus your attention strictly on nickels!

Were there other important melts besides the big one when the Trade dollars were recalled?

Millions were melted in Asia for their silver content. Among the specific recorded melts, the Indian Mint at Calcutta melted 200,000 in 1874 and the Osaka Mint in Japan melted 530,000 in 1876. The U.S. Mint redeemed 7.7 million and melted them down to strike Morgan dollars and small change.

Is the mintage figure for the 1852-0 quarter accurate?

The figure of 96,000 does not reflect the reported melting of a quantity of this date that was slightly overweight. Tolerance for the silver quarter was 4.0 grains plus or minus, so the “heavy” ones would have to have weighed 107 grains or

Article source: http://feedproxy.google.com/~r/NumismaticNews/~3/RXQJrzVepVc/war-nickels-loophole-in-melting-ban

Last month I listed the annual gold closing prices for the previous decade. Several readers asked about silver. Here are the December closing prices for silver:

2001 – $4.58 no change
2002 – $4.80 + 4.8 percent
2003 – $5.95 +24 percent
2004 – $6.81 +14.3 percent
2005 – $8.82 +29.6 percent
2006 – $12.82 +45.3 percent
2007 – $14.80 +15.4 percent
2008 – $11.27 -26.8 percent
2009 – $16.82 +49.3 percent
2010 – $30.91 +83.7 percent
2011 – $27.88 -9.8 percent

As I write this on the second day of February silver is up about 20 percent over year end.

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Gold and silver American Eagles have done well over the last month. Strong bullion has had a major effect, but the premiums on proof issues have advanced slightly and there continues to be increased understanding and demand from the general public for silver Eagles. It seems that silver Eagles have become the item of preference for small silver investors even though the premiums are higher than alternative forms of silver.

Another factor stimulating the silver Eagle market is the current trading activity in the 25th anniversary sets. Many have complained over the Mint’s lack of accommodation in regard to the release and one-day sellout. But from a marketing standpoint it certainly increased awareness that has carried over to the other issues. We have noted an increase of dealer buy lists for specific dates in the series as well.

Set-up day for the Long Beach Coin, Stamp and Collectibles Expo saw some participants saying dealer attendance was light, but it seemed pretty normal to me. Business was being transacted with many scouting the floor for bargains and to fill customer want lists. In fact, I had more sales than normal for set-up day. Several respected

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Select coins from the Ted Williams Collection have been graded by Numismatic Guaranty Corporation in preparation for a charity auction at Boston’s Fenway Park.

The 91 coins were a part of the personal items of Baseball Hall of Fame member Ted Williams. Each coin is encapsulated with the pedigree, “Ted Williams Collection.”

Consisting of 78 U.S. and 13 world coins, the collection includes an 1873-S “Open 3” $20 graded XF-45, a 1926 Indian Head $10 graded MS-63, a 1978 South Africa 1 Krugerrand graded MS-67 and a 1909 France gold 20 franc graded MS-66.

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The coins are a part of a large quantity of Ted Williams’ personal items that will be offered to the public by Hunt Auctions at a live event on April 28 at Fenway Park. A portion of the proceeds from the sale will be donated to The Jimmy Fund, a Boston charity affiliated with Ted Williams, Dana-Farber Cancer Institute and the Boston Red Sox.

For more information about the coin collection or the auction, visit www.huntauctions.com.

Williams, regarded as the greatest batsman in Major League history, spent his 22-year career with the Boston Red Sox. His many records and accomplishments include six batting championships, a .344 career batting average and a .406 batting average in 1941.

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By David Allen Hines

On Jan. 3 Numismatic News featured an article by David L. Ganz discussing several commemorative coin proposals pending before Congress. But for these, or any other new commemorative coins to be successful, changes are needed, because the modern commemorative coin program has badly stagnated.

Recent issues have received little publicity, and sales have been mere fractions of the authorized mintages.

Collectors may be happy at the low sales figures for last year’s commemoratives, because this may portend a future increase in value due to perceived scarcity. But if the goal of a commemorative coin is to draw nation-wide attention to the topic being commemorated and generate surcharge revenue for the causes, recent issues haven’t done well.

The 65th edition of the world’s most popular retail price guide for United States Coins.

There has been legitimate debate over whether recent commemoratives were for causes or events that have enough widespread appeal for a national program, or how well the Mint has marketed the coins. But the most significant factor in the program’s decline has been a result of the tremendous increase in precious metals prices in recent years. The higher cost of gold and silver has resulted in commemorative silver dollars that now are priced at more than $50, and $5 gold pieces cost several hundred dollars.

Both prices are more than many regular collectors can, or are willing, to spend on modern mint issues that have tended to drop in value in the after-market, and the high prices also make the coins unappealing to the general public. Additionally, the designs on many of the coins have been of questionable artistic merit, further limiting their appeal.

But, with a few tweaks to the status quo, the commemorative program can be revived. Choosing topics of proven nationwide interest and appeal combined with an improved marketing campaign to the public can attract a larger potential sales base; changing the denominations to decrease precious metal content can make

Article source: http://feedproxy.google.com/~r/NumismaticNews/~3/i-VbqaopN7I/viewpoint-overhaul-commem-coin-program

Bank notes issued worldwide since 1961 are featured in the 2013 Standard Catalog of World Paper Money, Modern Issues 1961-Present, now available in the 18th edition from Krause Publications.

Among the highlights of the most comprehensive English language reference on the market are:

• 19,750 variety listings of world bank notes

• 12,750 illustrated bank notes for easy identification

• Current retail prices in two grades of condition

• Country signature charts for specific variety identifications

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A network of more than 80 international paper money collectors and dealers work with editor George S. Cuhaj, who has been on the Standard Catalog editorial staff since 1994, to ensure that the Standard Catalog of World Paper Money, Modern Issues is the most comprehensive resource available for the proper identification, description and valuation of modern world bank notes.

The 1,160-page reference is priced at $70. Order directly from KP through its online store, www.ShopNumisMaster.com, to receive the current sale price of $44.10. Orders can also be placed by phone at (800) 258-0929 8 a.m. to 5 p.m. CST Monday through Friday.

More Coin Collecting Resources:

• State Quarters Deluxe Folder By Warmans

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As the American Eagle moves into its second quarter century and as a number of collectors are wondering why they can’t put rare coins into their Individual Retirement Accounts, the suggestion has been floated (by me) that collectors ought to consider, and dealers who supply the coins should be encouraged to look at the mintage figures of uncirculated Eagle coins.

Lest anyone forget the nature of the mischief that caused the problem, in August 1981, Congress added section 314-b of the Economic Recovery Act (now section 408(m) of the Internal Revenue Code). The practical effect was to ban gold and silver coinage in self-directed individual retirement accounts.

(Before that, collectors could put collector coins in their IRA accounts; those who do it for income find themselves in the situation where the purchase of a coin (disapproved) causes the entire account to be labeled one that is in the process of “distribution,” which imposes a number of restrictions on them, including taxes and a prohibition against further contributions.

American Eagles (gold and silver) are permitted to be included in the account because Congress made clear that American Eagles could be put into the retirement plan contrary to the general rule.

This online seminar recording presentation is a great source of sound answers to how to begin investing in silver!

Here’s where that becomes interesting. Silver Eagles (containing an ounce of silver) have been around for 25 years. To the person who is looking for growth potential in these rare coins, certain mintages could most powerfully ally with your investment desires to invest in rare coins.

Let’s look at the 1-ounce silver (dollar) coin which has handed all if the statutory coins are included. Maximum mintage is more than 39 million pieces for the 2011 silver Eagle) while the 2010 date comes in at 34 million. Obviously, neither is rare by any definition.

Let’s look at them first simply in chronolocal order since the series began in 1986:

1986

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A Lyn Knight paper money auction will headline the 18th annual Chicago Paper Money Expo slated for March 8-11 at the Crowne Plaza O’Hare in the Chicago suburb of Rosemont, Ill.

Lot viewing begins at 9 a.m. March 7, with the first session, which will feature world bank notes, set for 5 p.m. March 8. United States paper money go on the block at 6 p.m. March 9 and 10.

CPMX opens for dealer setup at 10 a.m. March 8, and to the public for professional preview viewing at 2 p.m. (admission $50). General admission is $5 10 a.m.-6 p.m. March 9-10, and 10 a.m.-1 p.m. March 11.

Bank notes issued worldwide since 1961 are featured in the most comprehensive English language reference on the market.

Krause Publications’ paper money editors and experts will be in attendance, including Bank Note Reporter editor Bob Van Ryzin, Standard Catalog of World Paper Money editor George Cuhaj and U.S. paper money market analyst Bill Brandimore. Door prizes will also be given out periodically throughout the show.

To reserve a hotel room call (888) 233-9527 and mention rate code “Chicago Paper Money 2011” to receive the show rate.

More Coin Collecting Resources:

• State Quarters Deluxe Folder By Warmans

• Subscribe to our Coin Price Guide, buy Coin Books   Coin Folders and join the NumisMaster VIP Program

• Strike It Rich with Pocket Change, 2nd Edition

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Legislation in Congress that calls for a March of Dimes commemorative silver dollar has some collectors slapping their foreheads.

To them, the obvious commemorative vehicle to commemorate the national charity that helped to wipe out polio is the coin that is in the name: the dime.

It seems logical.

But if Congress did authorize such a coin, would collectors be friendly to it?

I would like to believe that they would, but my gut tells me there might be problems. The negative scenario is they would react to it like collectors did to uncirculated two-roll Lincoln cent sets that the Mint offered to get the 2009 commemorative cent designs into collector hands and again in 2010 to get the new Union Shield design to them.

Instead of looking at it as paying roughly 14 cent apiece for each of the cents offered, collectors figured two rolls at $8.95 plus the $4.95 handling charge for a total of $13.90 was price gouging.  Paying $12.90 for $1 face value in coins was considered too much.

That logic might easily be applied to a March of Dimes dime.

The silver value would be roughly 24 times face value, or $2.40 at present silver bullion prices, but the Mint would not be able to cover its costs if it essentially sold the coin for double silver value.

First off, there would be the surcharge that is placed on every commemorative coin to cover. How much would it be?

If the congressional sponsors set it low, there is no way it could raise much money unless multiple millions are sold.

If it were, say, $2 a coin and collectors went crazy and bought 2 million of them, it would raise $4 million. Would that potentially satisfy the sponsors?

Also, the Mint needs to make a little something.

At the current price of the Infantry Soldier uncirculated dollar, the Mint is charging $18.95 over silver value and $10 of that is the surcharge. Therefore, the Mint is working on roughly an $8.95 margin for each coin to cover packaging and all the costs of

Article source: http://feedproxy.google.com/~r/NumismaticNews/~3/eRp9dzxOGFE/would-a-silver-dime-work

Are you short of dimes?

You might think a lot of people are judging from January Mint production numbers.

The Denver and Philadelphia coining facilities teamed up to strike 194 million dimes. At that rate over the 12 months of the calendar year, output would rise by 55 percent to 2.328 billion dimes when compared to the 2011 mintage total of 1.502 billion pieces.

Not since the booming days before the recession has output of dimes been so high.

For comparison, dime production in 2006 totaled 2.828 billion pieces.

This easy-to-search pricing and identification download is solely focused on U.S dimes.

Production of cents, too, is climbing, but at a slower rate.

The 468.4 million struck in January annualizes to a rate of 5.6208 billion coins, up 13.8 percent from 2011, but still far below the 8.234 billion struck in 2006.

Nickel output in January of 83.28 million coins annualizes to roughly 1 billion coins, up by 10 million, or hardly any increase in output in 2012 as compared to 2011.

Quarter output is coming to life again. The 50.80 million struck in January annualizes to a rate of 609.6 million coins. That would be up 56 percent from 2011’s 391.2 million, but still the number is far below output levels in the heyday of state quarter production.

In 2006, the Mint churned out 2.9 billion quarters and that was not even a banner state quarter year.

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The big story in December was the suspension of production of dollar coins for circulation.

In January, the few dollar coins struck were destined to be offered to collectors.

Half dollar production was also limited as it has been since 2002 to those that will be offered for sale to collectors.

Overall, if the January coining pace is kept up, 9.63 billion coins will be produced in 2012, just about the 10-billion figure that Deputy Mint Director Richard A. Peterson said the Mint

Article source: http://feedproxy.google.com/~r/NumismaticNews/~3/xZKjTpEu9tE/dimes-make-strong-start-in-2012

The Essential Guide to Investing in Precious Metals

Gold. Silver. Platinum. Palladium.

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Gold and silver have been king and queen of metals for centuries. Today, they are joined by platinum and palladium in the precious metals arena. They are traded in the form of bars, rounds and ingots, tangible assets you can see and touch.

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