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Finding Rare along with Collectible Coins

Article by lazaro 001

Locating Rare as well as Collectible Coins

Cash accumulating was began simply as being an activity for many individuals, however , you can easily hear what other men and women declare (or you probably be familiar with yourself) regarding media of men and women cashing inside on his or her old gold coin; understanding that motivated the best way to to be the coin-collecting skills. If you are some of those folks who desire to purchase coins, listed here are a number of places to begin your series.

Coin Retailers:

A lot of look owners are sellers that realize too much information online with regards to cash and are selling money too. These gold coin retailers are an useful place to come across as well as grow in information regarding cash along with coin amassing. These gold coin shops can be costly, though, because they are looking forward to offering their own loose change to get an income. With plenty of knowledge and/or getting someone that realize quite a lot about coin gathering as your trusted companion, you will get discount prices on your loose change.

Cash Exhibits:

There are occassions when your neighborhood local mall could have an exhibit from the 3 cash dealers and that will allow you to notice every one of the selections and invite you to buy a number of cash for less money due to competitors. You’ll likely in addition notice a number of fresh coins that are available and also well suited for your assortment.

These kind of money shows are wonderful not simply with regard to buyers and sellers but in addition for cash lovers who would like to notice exceptional along with nearly impossible to find coins.

Postal mail Orders/Web Web sites:

There are millions of traders worldwide and a lot of these have an online prescence that allow acquire loose change and purchase them by means of teleshopping or perhaps by means of virtually any on the internet transaction method including Paypal. You ought to seek information in these firms and study their particular terminology cautiously to make sure that you can get a refund when you’ve got an issue with the particular gold coin you bought and/or received.

For each and every reputable site, you will find could possibly be hundreds of phony websites which are only trying to get the dollars. Always require comments via past clients before you pay money anybody on the internet and remember to not provide just about any password or pin number figures.

Flea Marketplaces:

It would be astonishing destination to find uncommon money in a flea market, nevertheless new person important things have happened. These kinds of areas have got various concepts concerning rates and that is this can lack of knowledge associated with that the gold coin should be priced. You can find overpriced coins in case you are fortunate you might find a rare cash someplace in individuals heaps involving money that can ensure it is well worth it.

Flea markets sellers are generally hunting for a quick sell and also would probably provide you with special discounts once you acquire his or her items in mass. Make an effort to acquire various other goods and obtain the coins additional as being an extra.

Online auctions:

If you are looking to purchase truly, really uncommon coins, the absolute right place to go could be a sale. Sale are the only location where you can find folks offering his or her most rare and most expensive money. Several of these auctions tend to be taking place online simultaneously and most in the retailers are trying to find the best buyers. You should bear in mind along with warned in which some of these retailers are scams and will not make price worth it. You should attempt to understand more about these kind of coins as well as his or her well worth before attempting to buy one coming from an internet public sale.

Some other Cash Hobbyists:

Cash enthusiasts normally have copy money they are willing to sell for a cost under its market value. The only issue can it be is tough to locate yet another coin collector that will gathers exactly the same loose change while you. The most effective spots to check tend to be on the web groups, forums and also (should you have one) neighborhood groupings.

Some other coin enthusiasts work most effectively individuals to develop into when you wish to get started on your own personal series. They could supply you with guidelines, savings and some may try to ensure you get with their coins to be able to kick-start your own series.

Coin gathering is a lot like any other expense the value will certainly change: they could devalue inside worth and/or obtain benefit without notice. The simplest way to earnings in cash amassing can be keep current using the information and the price ranges of the loose change. This will likely not only assist you in not confused simply by vendors but through studying how to value a gold coin perhaps without a price tag listing.

Are you interested to know how a coin dealer makes his money? Well, it all depends on the dealer knowing the right type of people. And they are the people who have coins to sell, and those who want to buy.

The dealer tries to find coin collectors who are willing to pay the money he is asking. Coin collectors are looking to buy coins for less than their value. So, it is important that the coin dealer has a network of people seeking coins. He then has to persuade them that his price is worth paying and that the coin’s value is higher.

The question is - why don’t these collectors buy and sell the coins themselves? Why do they need a coin dealer? Well, although the collectors think their coins are incredibly interesting, rare, unique, and therefore valuable, it may be that they have over-estimated their worth. Quite likely, these coins aren’t desired by other collectors as much as they once desired them. So, the coin dealer is the person in between the seller and the buyer-rather like a real-estate agent but in the coin world.

If so many coins are available for selling, the second question is why doesn’t the dealer drop the price, sell more coins, and make more cash? Well, firstly the coin dealer has to make sure that his own collection of coins doesn’t become depleted. Therefore, he must ensure he recoups the money he paid to buy the coins. Secondly, if the dealer paid a goodly amount for the coin, why would he want to sell it for less? He’d lose money. Lastly, coin dealers are like Scrooge-they don’t like to let go of their money. And coin collectors are no better. Each of them is eager for a bargain and won’t pay more than necessary.

The dealer of coins is a risk-taker. If he pays a lot of money for a coin, his risk is higher because he has to ensure he recoups his outlay. Coin dealers also have to beware of collector spam. Yes, collectors can also be greedy and ask for more money than what the coin is valued. With so many coins on the market, the coin dealer knows that the collector can go elsewhere to sell his coins.

So how does a dealer of coins minimise these risks? Knowledge is the key. Without information, the dealer can be deceived. The dealer must know coins back and front-he must be an expert in grading the coins down to the finest detail. If the dealer can’t be trusted to know his stuff, he isn’t going to be the kind of bridge needed between the seller and buyer.

The dealer must also be a star-gazer and know the future of coin values. If he offers a price, he needs to know that it will one day fetch him a profit. This way he minimizes his risk and makes money. Like a spider waiting for a fly, the coin dealer will wait patiently for the right type of collector to come into his shop. This collector will pounce on the coin and not want to let go, willingly paying the price that the coin dealer asks.

Summary:

You must be speculating how a dealer of coins is capable of making so much money. It actually depends on the collectors and buyers of coins known to the dealer. To obtain coins, the coin dealer has to have a wide network of people who might be interested in selling their coins. Next he has to persuade them that they will get more price than the actual value of the coins by selling them. The coin dealer gambles in this trade.

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I am sure that many of you have come across coins that looked like they were filthy. When you looked at these coins you likely decided that the coins required to be cleansed so that their full economic value would be able to be seen. While this may sound like a good idea, cleaning coins can in truth damage certain valuable characteristics that are required for mint valuing. You may want to wait before doing any type of cleaning.

Coins that are rare often times will be dirty to some degree. And because of our human nature we will want them to shine. This has been a big mistake for many, because the coin loses it’s authenticity after the cleaning.

For this reason it is often suggested to leave the coins more or less in the condition that you have found them in. Once you have found a good place to store them you will need to find a reputable coin dealer. This person should be able to inform you of the monetary value that these coins you have are worth. Once you have gotten at least several coin appraisals carried out you can ask the coin expert how you should go about cleaning coins without causing any damage.

As mentioned above it is highly recommended to get several appraisals on your coins. As a coin collector you should network with others of the same interest. Well of course you say, one good reason for this is to find out how others are taking care of their coins. They too may have some suggestions that work well for cleaning the coins without damage.

This is very crucial to find out as these people will have the knowledge and the experience in handling coins for assorted collection purposes. With all of this info they can tell you the best methods for cleaning coins without losing the diverse characterizing marks. When the process of cleaning coins has been finished you should look to making sure that you have a protective mint folder handy so that you can place the coins inside quickly.

There are methods of cleaning coins and many are effective. We only suggest to talk with the experts who have been in the business and know what they are talking about. Trust me, you will be glad you did verses damaging one of your valuable coins.

Keeping your coins inside of a coin leaflet will ensure that they stay protected. You must remember that many cleansing solutions are abrasive with harmful chemicals that will damage your coins. Hence you should truly find what are the simplest ways of cleaning coins.

There is no real need for you to cleanse your coins as this will in all probability reduce the value. Consequently you will be better off if you keep these coins in a safe place and leave cleaning coins for the professionals, and only when you truly need it cleaned. Another words, outsource your cleaning needs when they are needed.

But if you are cleaning coins on your own, then you’re likely better off starting with a coin that isn’t valuable first. This way you can see the effect that your cleansing methods will have on them. After that you can graduate to cleaning coins that aren’t worth a fortune, but which might conceivably produce a handsome sum for you. Or you could just leave cleaning coins to the experts and hand it all over to a trusted professional service.

The bottom line is this: If you aren’t sure how to clean your coins, then don’t risk it. At least in their present state the value is in tacked.

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lunes 14 de febrero de 2011

The Central Bank of Bolivia presented on 9 February in honor session of the Legislative Assembly in the city Department of disbursing the commemorative coins in honor of the bicentennial of the Revolution of Oruro. And the night of February 11 Bicentennial give the coin of Oruro to the residents of this Andean region who live in the city of La Paz as part of the celebrations of the anniversary of his cry for freedom and urged the people of Oruro to maintain up whenever the emblem of freedom and equality.

The Commemorative Coin was delivered by the President of BCB, Marcelo Zabalaga, the Governor of Oruro, Santos Javier Tito Veliz and subsequently the President of the Multinational State, Evo Morales, as a symbol of membership of the Central Bank to the Bicentennial celebration liberal cause of October 6, 1810.
He reminded attendees that the October 6, 1810, is a civic date incorporated into the official calendar since 2005. This is not an isolated date, is the culmination of an ideal of freedom conceived in 1739, endorsed the February 10, 1781 by Sebastian Paymaster and spirit remained dormant in the city for more than 86 years until the declaration of Independence in 1825.

Zabalaga said that this is the contribution to the commitment to ensuring the best future for the country and the contribution made by the Bolivian Government in the search for better days for the Bolivian population and particularly for the people of Oruro, confirming the commitment of daily work support the productive power of his arms, Oruro.

Commemorative coin, the obverse bears the bust of Thomas Barron that the October 6, 1810 Village led the rebellion against the colonial power Oruro. On the reverse of the coin features the coat of arms of Bolivia.

The piece weighs 15 grams, has a cylindrical shape with a diameter of 29 mm, 2 mm thick and smooth edge. Its outer ring is silver (Ag900), while the core of brass and aluminum (Nordic gold).

The BCB issued seven thousand units of the Currency and is available in boxes of the institution in the city of La Paz and the Credit Bank city of Oruro.

 

Publicado por Franklin G. en 13:03

Etiquetas: America, Bolivia, Coin, Numismatic

 

How Should I Store My Coins?
There are two concerns when discussing the storage of coins. First, the storage of the individual coin, and Second, the storage of a group of coins, or an entire collection.
Storage of a Coin Collection

The Environment of the entire Collection, or Group of Coins is the focus, taking into consideration Temperature, Humidity and Light. A relatively constant, moderate to low temperature and low humidity are preferable for long term storage of numismatic collectibles. Placing packets of silica gel,While storing music and music videos on your R4 card you should ensure that you name the files properly. which absorbs moisture, in the coin storage areas helps control atmospheric humidity. The less light, the better; and absolutely no sunlight. This is why a safe or vault is ultimate storage container; because it controls Temperature, Light and Humidity, and provides Superior Safety.

Groups of Coins, or Collections are best stored in plastic coin boxes, such as sold by PCGS, NGC and Whitman, and which will hold 20, separated,you need a pair of shape ups to do exercise. “slabbed” coins. Another alternative is a cardboard coin storage box (single and double; red, blue or black), which stack easily on each other. Different sizes are available for slabs, as well as Vinyl and Cardboard Flips.

Storage of Individual Coins

Putting Individual coins into Holders is Imperative for all coins whose condition is BU and above, or MS60 and higher. Coins below these designations are considered “circulated” because they are found in the general circulation of money. Typically this will mean they are found in pocket change, or in rolls of coins purchased at a local bank. Although collecting Circulated coins is a great personal challenge for many collectors, the more serious Coin Collectors will concentrate on “Uncirculated” coins (BU+ and MS60+ ) because of their better condition (grade), value, and appearance.

Types of Containers or Holders.

Almost anything will do for coins with small or no numismatic value. A coin that is worth only face value, is not likely to have much numismatic value.We offer you beautiful ladies hat,silk scarves,rhinestone earrings,tiffany rings,human hair wigs for special occasions and more products. while nearly airtight holders made of inert materials are a better idea for valuable coins.

Jars and boxes are adequate for raw pocket change and circulated coins.

Paper Envelopes or Paper Flips of various sizes (usually 2 x 2) are still used for single coins. Be sure to use envelopes made explicitly for holding coins, otherwise your coins may change color (tone) over time due to reaction with sulfur or other chemicals present in the paper. Since the coin can not be seen,It is now out of favor with collectors.

The United States $5 American Eagle coin contains gold in what are called “troy ounces,” their actual gold weight. As of July 2010, the United States $5 American Gold Eagle coin is worth about $145. The Gold American gold Eagle series started in 1986; coins minted from 1986 to 1991 have Roman numerals’ dates, while those produced after 1992 use Arabic numbers. They are required to contain the actual amount of gold weight as stated in troy ounces, but also contain silver and copper alloy to make them more wear resistant, at a current specification of 0.9167, or 22 carat. This has been authorized by Congress and the United States Mint, for guarantees as to metal content and weight.

Read on for more information on the $5 gold american eagle .

Design

Originally the older 20 dollar gold eagle design from the early 20th century was used to design the current 5 dollar eagle; the design is by Augustus Saint-Gaudens, and even though similar to the original $20 gold piece, the United States mint nonetheless decided to use it for its new American Gold Eagle coin, on the reverse. (the older version was minted between 1907 and 1933.)

Now the $5 gold eagles resemble the older $20 gold coin. The front of the coin contains the LAdt Liberty with torch and olive branch and the capitol behind on the left. The back of the coins contains the bad eagle carying an olive branch in mouth and flying above the nest with the female and young eagles.

Although most know the story of the Statue of Liberty, many may not know why the eagle is so central to American symbolism and therefore to the United States $5 American Gold Eagle coin.

The eagle is the United States’ national emblem, originally chosen on June 20, 1782. It was chosen to represent America in part because it was thought to exist only on the North American continent. And it represents freedom. As the story goes that the sounds of one of the first battles of the Revolution woke up the eagles and the eagles flew over head during the battle. The Patriots are said to have stated, “They are shrieking for Freedom.”

Because of this, the eagle remains a prominent symbol of America, its freedoms, and all they stand for.

In addition to its design with a bald eagle as a centerpiece, the $5 gold piece also contains other information, including the amount of gold in the coin, how pure it is, and its face value at the time of minting (this changes day to day, as the market itself changes). These coins are mined from gold in the US.

These coins are also legal tender.

It’s indeed true that the United States $5 American Gold Eagle coin is still legal tender for its “face value” of $5s. However, given that its real value is significantly higher based upon market specifications, most people no longer use this coin as legal tender. Keep this coin in your collection!

Instead of gold or silver bullion, many investors opt for precious metals mining stocks because they normally yield higher percentage increases than gold and silver when metals prices rise. However, investing in precious metals stocks carries risks beyond buying gold or silver bullion.

The risks are many and varied, and sometimes unforeseen problems can send stock prices plummeting, which, of course, is true of all stocks. Management mistakes cause most mishaps. With precious metals and other mining stocks, the sizes and grades of ore deposits can be overestimated or the cost of extracting the ore can be greater than expected, resulting in lower profits or even losses.

Additionally, businesses always struggle with economic downturns, interest rate increases, labor troubles, governmental interventions, and environmental requirements. Increases in energy costs–even energy shortages–could plague some mining companies, notably those operating in Nevada’s famed Carlin Trend.

For disastrous management decisions, Sunshine Mining and Refining Company comes to mind. Once a favorite of silver stock investors, Sunshine traded at $13 in early 1998 on the NYSE. However, by 2000 Sunshine was in Chapter 11, and its stock has traded at less than a nickel on the NASDAQ.

In 1996, Sunshine’s management borrowed $30 million and in 1997 an additional $15 million for development of its West Chance ore body at the Sunshine Mine, after which the company is named. Part of the borrowed funds were used to delineate what the company calls a “world-class” ore body in Argentina.

Although management claims the West Chance efforts were successful, management misjudged cash flow and was unable to meet interest and principal payments on the $45 million. Efforts to refinance were unsuccessful, and the lenders took control of the company and mothballed the famed Sunshine Mine. Shareholders wound up with about 3.6% of the company. Unfortunately, this was not Sunshine’s only brush with disaster.

In 1972, a fire in the Sunshine Mine nearly destroyed the company. While Sunshine’s stock price suffered, the company managed to survive. Now, Sunshine Mining essentially has been taken over by its creditors.

Ashanti Goldfields (Ghana) and Cambior (Canada), two gold producers, also exemplify what can happen to share prices when managements make bad decisions. In early 1996, Ashanti (ASL) traded at $25; in 2000, Ashanti’s stock traded below $1.50. In early 1996, Cambior, traded at $16; in late 2000, Cambior’s stock traded at twenty-five cents.

Both companies got caught up in forward sales, and their balance sheets were severely damaged by margin calls in 1999 when gold rallied from the $250s level to $338 on the announcement that 15 European central banks would limit gold sales and leasing for five years (The Washington Gold Agreement). Gold’s price move caused Ashanti and Cambior to liquidate assets and/or convert loans to equity shares at rates that severely damaged the value of their stocks.

Forward selling remains a threat to other gold mining companies because the amount sold short via forward sales is disproportionate to the size of the gold market. Some estimates have total forward sales equivalent to three to five years of production. One or two small short positions could be unwound with only minor price increases. But, the total position is enormous, and reversing it without the price of gold skyrocketing will be difficult, if not impossible.

Forward selling involves borrowing gold and selling it, and it is done mostly by mining companies because, logically, they should be able to replace the borrowed gold out of future production. Forward selling is profitable because the lenders, primarily central banks, lend with charges (lease rates) of about 1%, sometimes even less. The borrowers sell the gold with effective returns of somewhere between 6% and 10%, depending on the borrower’s credit rating.

If the funds from the sales of the gold are invested in high-grade bonds, the borrowers receive probably 6% to 8%, for a tidy margin of 5% to 7%. However, if the borrowers use the funds in operations, thereby permitting those to forego borrowing in the credit markets, then they effectively receive higher rates, depending on the companies’ credit ratings.

Hundreds of millions of dollars are made via forwarding selling. The central banks earn fees on an otherwise “sterile” asset. The mining companies earn 5% to 9%, and the bullion houses that arrange the central bank loans and handle the gold sales earn huge fees. Forward selling pays off like a broken slot machine–except for gold mining companies’ shareholders. Shareholders lose because forward selling distorts gold’s supply/demand fundamentals and puts downward pressure on the price of gold. However, forward selling is not without its risks.

If the price of gold rises, the lenders want additional margin deposits, which is what hammered Ashanti and Cambior. (Despite the borrowers having millions of ounces of gold in the ground, the central banks require “margin deposits,” usually US treasuries. This works much the same way as margin deposits do on futures and stock exchanges.) It is believed that some bullion houses have even given the central banks guarantees that the borrowed gold will be replaced. If so, then adverse developments in the forward sales arena could force government bailouts, such as was the case with the Fed-engineered rescue of Long-Term Credit Management.

Precious metals stocks are a way to participate in the gold and silver market; however, compared to gold and silver bullion, stocks are risky. No one ever went broke holding gold or silver. The same cannot be said of paper assets. Call the <a rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);” href=”http://www.usgoldinvestors.com”>Superior Gold Group</a> today and start your account NOW!

The Saint-Gaudens double eagle (sometimes St. Gaudens double eagle) is a twenty dollar gold coin, or double eagle, produced by the United States Mint from 1907 to 1933. The coin is named after its designer, the sculptor Augustus Saint-Gaudens, who designed the obverse and reverse. It is considered by many the most beautiful of U.S. coins.

In 1904, President Theodore Roosevelt sought to beautify American coinage, and proposed Saint-Gaudens as an artist capable of the task. Although the sculptor had poor experiences with the Mint and its chief engraver, Charles E. Barber, Saint-Gaudens accepted Roosevelt’s call. The work was subject to considerable delays, due to Saint-Gaudens’s declining health and obstructions interposed by Barber. Saint-Gaudens died in 1907, after designing the eagle and double eagle.

After several versions of the design for the double eagle proved too difficult to strike, Barber finally modified Saint-Gaudens’s design, lowering the relief so the coin could be struck with only one blow. When the coins were finally released, they proved controversial as they lacked the words "In God We Trust", and Congress interceded to require the motto’s use. The coin was minted, primarily for use in international trade, until 1933. The 1933 double eagle is among the most expensive of U.S. coins, with the sole example presently known to be in private hands selling in 2002 for $7,590,020.

[edit] Background

The Liberty Head double eagle

The double eagle, or twenty-dollar gold piece, was first issued in 1850; its congressional authorization a response to the increasing amount of gold becoming available as the result of the California Gold Rush.^[1] The resulting Liberty Head double eagle, designed by Mint Engraver James Longacre, were struck for the remainder of the 19th century, though the design was modified several times. The double eagle, due to its very high face value, equivalent to several hundred dollars today, did not widely circulate, but was the coin most often used for large international transactions, in which settlement was to be in gold. In the West, where gold or silver coins were preferred to paper money—use of which was illegal in California in the aftermath of the Gold Rush—the coins saw some circulation.^[2]

Saint-Gaudens’s rejected design for the World Columbian Exposition medal

Sculptor Augustus Saint-Gaudens’s first association with the Mint was in 1891, when he served on a committee judging entries for the new silver coinage.^[3] The Mint had offered only a small prize to the winner, and all invited artists (including St. Gaudens himself) refused to submit entries. The competition was opened to the public, and the committee (which consisted of Saint-Gaudens, Mint Chief Engraver Charles E. Barber, and commercial engraver Henry Mitchell) found no entry suitable.^[4] This came as no surprise to Saint-Gaudens, who told Mint Director Edward Leech that there were only four men in the world capable of such work, of which three were in France and Saint-Gaudens was the fourth. Barber, who had been Chief Engraver since 1879, felt that Saint-Gaudens overstated the case, and there was only one man capable of such coinage work—Barber himself.^[5] Leech responded to the failed competition by directing Barber to prepare new designs for the dime, quarter dollar, and half dollar, resulting in the Barber coinage,^[4] an issue which attracted considerable public dissatisfaction.^[6]

In 1892, Saint-Gaudens was asked by the directors of the World Columbian Exposition in Chicago to design its official medal, which would be presented to prizewinning exhibitors. The obverse of Saint-Gaudens’s design, showing Columbus coming ashore, was noncontroversial; his reverse, which featured a torchbearing naked youth carrying wreaths to crown the victors, was attacked by the censorious postal agent, Anthony Comstock as obscene. The exposition directors hastily withdrew the reverse design and replaced it with one designed by Barber which, according to numismatic historian Walter Breen was "notable only for banality".^[3]. A furious Saint-Gaudens swore to have nothing more to do with the Mint or its employees, and for the next decade, refused all commissions which might involve him with that bureau.^[3]

[edit] Inception

An early concept for the reverse of the double eagle by Saint-Gaudens; the design was adapted for the eagle.

On December 27, 1904,^[7] President Theodore Roosevelt, a personal friend of Saint-Gaudens,^[3] wrote to his Secretary of the Treasury, Leslie Mortier Shaw: "I think the state of our coinage is artistically of atrocious hideousness. Would it be possible, without asking permission of Congress, to employ a man like Saint-Gaudens to give us a coinage which would have some beauty?"^[7] Roosevelt had Mint Director George E. Roberts write to Saint-Gaudens, who replied, "I am extremely interested in the matter of the new designs of the coinage … it will I assure you give me great pleasure to assist in the procuring of good work."^[8] The Mint, much to the disgruntlement of Barber, hired Saint-Gaudens to redesign the eagle and double eagle.^[9] No U.S. coin had ever been designed by anyone other than a Mint employee.^[10]

In November 1905, Roosevelt wrote to Saint-Gaudens to enquire how the gold coinage was progressing. The President mentioned that he had been looking at gold coins of Ancient Greece, and that the most beautiful ones were in high relief. Roosevelt suggested that the new designs could be in high relief, with a high rim to protect them. Saint-Gaudens replied agreeing with Roosevelt, and proposing a design for the double eagle

some kind of a (possibly winged) figure of Liberty, striding forward as if on a mountaintop, holding aloft on one arm a shield bearing the stars and stripes with the word Liberty marked across the field; in the other hand perhaps a flaming torch, the drapery [of Liberty's dress] would be flowing in the breeze. My idea is to make it a living thing, and typical of progress.^[11]

Roosevelt met with Secretary Shaw and secured his support for the redesign, although as the President wrote to Saint-Gaudens, "of course he thinks I am a crack-brained lunatic on the subject".^[12] Saint-Gaudens wrote to Roosevelt in January 1906, "Whatever I produce cannot be worse than the inanities now displayed on our coins.^[3] However, Saint-Gaudens foresaw resistance from Barber, who "has been in that institution since the foundation of the government, and will be found standing in its ruins".^[12] Barber indeed resisted Saint-Gaudens’s designs, and in May 1906, the sculptor wrote to Roosevelt that he had sent an assistant to Washington to obtain the technical details of the redesign, but "if you succeed in getting the best of the polite Mr. Barber or the others in charge, you will have done a greater work than putting through the Panama Canal. Nevertheless, I will stick at it, even unto death."^[12]

Early model for the obverse of the double eagle.

Roosevelt personally selected the designs for the double eagle; the figure of Liberty for the obverse, and a flying eagle design based on the copper nickel cent coined in the 1850s for the reverse.^[3] Saint-Gaudens’s health worsened through 1906, as the cancer which would kill him forced him to have his assistant, Henry Hering deal with many of the details of the work. Saint-Gaudens had the models for the coins made in Paris, rather than at the Mint, in order to bypass Barber’s obstruction.^[3] It was not until December 1906 that Roosevelt was finally given coin-sized models of Saint-Gaudens’ work by Hering, and Roosevelt wrote to the ailing sculptor, "I have instructed the Director of the Mint that these dies are to be reproduced just as quickly as possible and just as they are. It is simply splendid. I suppose I shall be impeached for it by Congress, but I shall regard that as a very cheap payment!"^[13]

The obverse of Saint-Gaudens’s final design shows a female figure of Liberty, who also represents victory. Saint-Gaudens based his design on the female figure he had designed in creating New York City’s monument to General William Tecumseh Sherman,^[14] but the sculptor’s ultimate inspiration was the Nike of Samothrace.^[15] The figure for the Sherman monument was modeled by Henrietta Anderson, one of the artist’s favorite subjects.^[14] On the coin, Liberty holds a torch in one hand, representing enlightenment; an olive branch in the other, a symbol of peace.^[16] She strides across a rocky outcrop; behind her is the United States Capitol and the rays of the sun. The figure is surrounded by 46 stars, one for each of the states at that time. The reverse is a side view of a flying eagle, seen slightly from below, with a rising sun and its rays behind it, complementing the obverse design.^[14] The edge bears the lettering "E Pluribus Unum".^[17]

[edit] From design to coin

Saint-Gaudens’s figure of Victory, part of the Sherman monument in New York City, on which the design for the obverse of the double eagle was based..

The models were brought to the Mint, where Barber took one look at them and rejected them. It was only after considerable discussion that he agreed to experiment. Hering had made the models in very high relief, assuming incorrectly that the Mint had a Janvier reducing lathe, which would allow for the determination of the maximum feasible relief.^[13] Experimental dies were made from the plaster model.^[18] Approximately 24 pieces were struck as patterns; even though the Mint presses were set for maximum pressure, it still took up to nine strokes of the press to fully bring out the design.^[13] These patterns are today known as the "Ultra High Relief" or "Extra High Relief" pieces, and only about 20 are known^[19]—one sold in 2005 for $2,990,000.^[20] On May 11, 1907, Saint-Gaudens wrote to Roosevelt, "I am grieved that the striking of the die did not bring better results. Evidently it is no trifling matter to make Greek art conform with modern numismatics."^[21]

A second set of dies was produced with the relief reduced somewhat, but still proved too high relief for practical coining.^[22] When Saint-Gaudens died on August 3, 1907, Hering was working on a third model. Uncertain where to find Hering, Roosevelt ordered the Mint to finalize the design and put the coin in circulation by September 1. The order was passed to Barber, who replied on August 14 that what Roosevelt wanted was impossible; he had no dies nor any clear idea of how Saint-Gaudens had planned to reduce the relief. The Mint chief engraver alleged that he could take no action with respect to the double eagle.^[22] On September 28, Hering finally appeared at the Mint with a new set of models, which Barber immediately rejected.^[23] Instead, Barber produced his own low relief version of Saint-Gaudens’s design, though Barber’s modifications were denounced by both the sculptor’s family and by Hering.^[24] Among other changes, Barber changed the Roman numeral MCMVII for the date to the Arabic numeral "1907".^[24] Despite Barber’s changes, according to R.S. Yeoman in his A Guide Book of United States Coins, many consider the Saint-Gaudens double eagles the most beautiful of U.S. coins.^[25]

In September 1907, Roosevelt appointed Edward Leach as Director of the Mint. In his memoirs, Leech recalled his interview with Roosevelt on the question of the double eagles:

Before I had become familiar with my surroundings the President sent for me. In the interview that followed he told me what he wanted, and what the failures and his disappointments had been, and proceeded to advise me as to what I should do to accomplish the purpose determined upon in the way of the new coinage. In this talk he suggested some details of action of a drastic character for my guidance, which he was positive were necessary to be adopted before success could be had. All this was delivered in his usual vigorous way, emphasizing many points by hammering on the desk with his fist.^[26]

On November 18, the impatient Roosevelt directed that the second set of dies be used to strike coins, directly ordering the Mint to "[b]egin the new issue, even if it takes you all day to strike one piece!"^[3] Over 12,000 of these "High Relief" pieces were struck and were released into circulation in 1907 and 1908.^[27] Barber wrote of these pieces to Mint Superintendent John Landis, "Mr. Hart has put the mill into operation and I send you two pieces showing the result; these are not selected as all the coins now made are the same as these two, which gives me alarm as they are so well made that I fear the President may demand the continuance of this particular coin."^[28] Barber finally completed work on his version of the design, and the new coin went into production on a large-scale basis, with 361,667 produced by the Mint in 1907; the "Low Relief" coins were released into circulation at the end of December 1907.^[29]

Despite the difficulties with the design, Roosevelt was very pleased with the new double eagle. Mint Director Leach recalled that when "I laid upon his desk a sample of beautifully executed double eagles of the Saint-Gaudens design, he was most enthusiastic in his expressions of pleasure and satisfaction. I certainly believed him when he declared he was ‘delighted’. He warmly congratulated me on my success, and was most complimentary in his comments."^[26] In January 1908, the President wrote to his friend, Dr. William Sturgis Bigelow:

I am very much pleased that you like that coin. I shall have all kinds of trouble over it, but I do feel what you say is true: that is, that it is the best coin that has been struck for two thousand years, and that no matter what is its temporary fate, it will serve as a model for future coin makers, and that eventually the difficulties in connection with making such coins will be surmounted.^[30]

[edit] Production

Roosevelt had specifically required Saint-Gaudens not to put "In God We Trust" on the new coin, feeling that the motto’s presence on coins was a debasement of God’s name, as the coins might be spent to further criminal activities.^[31] Saint-Gaudens was quite willing to omit the motto, as he felt the words detracted from the design elements.^[32] There was a public outcry about the omission of the motto, and what Breen describes as an "outraged and furious Congress" ordered the motto to appear. Barber duly reengraved the coin to include the motto, taking the opportunity to make several minor changes to the design, which, according to Breen, do not improve the coin.^[31] In 1912, two more stars were added to the obverse to make the admission of New Mexico and Arizona to the Union. The existing stars were not adjusted in position; the two new ones were placed on the outcropping at the lower right.^[31]

The only major variety of the series occurred in 1909, an overdate in which an 8 shows under the final nine in the date. This most likely happened when a 1908 die was struck by a 1909-dated hub, creating the overdate. Perhaps half of the 161,282 double eagles struck at Philadelphia that year display the overdate.^[33]

In 1916, minting of double eagles ceased, as bullion prices were rising because of World War I, which also caused an influx of American gold coins from Europe. Holders of gold coin, such as banks, refused to pay them out at par value, and they vanished from circulation. In the aftermath of the war, international demand for the coin was restored; many Europeans distrusted their local currencies and desired double eagles to hold. The coin was struck in large numbers once coinage was resumed in 1920, but it was now almost exclusively a coin of international trade, or was held by banks as backing for gold certificates. The coin itself rarely circulated in the United States.^[34] The onset of the Depression in 1929 did not halt the minting of double eagles, but the coins were for the most part held in Treasury vaults, and few were released. Many of the great rarities of the Saint-Gaudens series stem its the final years. Despite a mintage of almost 1.8 million pieces of the 1929 double eagle, it is estimated that less than 2,000 exist today.^[35]

[edit] End of the series; the 1933 double eagle

Double eagles were struck as usual during the early part of 1933, though the actual dates they were struck are uncertain. On March 15, 1933, 25,000 new double eagles were delivered to Mint Cashier Harry Powell, and by longstanding Mint custom, were available for paying out. On March 6, however, the newly-inaugurated president, Franklin Roosevelt had ordered the Treasury not to pay out any gold, and ordered that banks holding gold transmit it to their Federal Reserve bank. Numismatists and coin dealers were still allowed to possess and deal in gold coins; all others required a special license. The double eagle continued to be struck until May. On December 28, 1933, Acting Secretary of the Treasury Henry Morgenthau ordered Americans to turn in all gold coins and gold certificates, with limited exceptions, receiving paper money in payment.^[36] Millions of gold coins were melted down by the Treasury in the following years. Two 1933 double eagles were sent by the Mint to the Smithsonian Institution for the National Coin Collection, where they remain today.^[37]

Prominent coin dealer and numismatic writer Q. David Bowers suggests that despite the ban on paying out gold, examples could have been obtained from Mint Cashier Powell in an exchange for earlier double eagles. Bowers also notes that Secretary of the Treasury William Woodin was a numismatist who in addition to collecting coins, had written books on the subject.^[36] Dealer William Nagy later recalled visiting Secretary Woodin and being shown five 1933 double eagles, with the secretary stating that he had several more.^[38]

By the early 1940s, between eight and ten specimens were known; two of them were sold by Texas dealer B. Max Mehl.^[39] In 1944, a journalist enquired of the Mint regarding the 1933 double eagles. Mint officials could find no record of any issuance of the coins, and decided those in public hands must have been obtained illegally. Over the next few years, the Secret Service seized a number of specimens, which were subsequently melted. One piece, however, wound up in the hands of King Farouk of Egypt, who even obtained a U.S. export license for the coin. ^[40] What became of the Farouk specimen after his death is unclear, but the coin resurfaced in the late 1990s. When brought to New York for sale to a prospective buyer, it was seized by U.S. authorities. After litigation, a compromise was reached to allow the coin to be auctioned, with the proceeds to be divided equally between the government and the private owners. In 2002 this coin sold at auction by Sotheby’s for $7,590,020, ^[41]

In 2005, ten specimens of the 1933 double eagle were submitted to the Mint for authentication by the heirs of a Philadelphia jeweler who may have been involved in obtaining them from the Mint in 1933. The Mint authenticated them, and refused to give them back. Litigation regarding these pieces is ongoing.^[40]

[edit] Reuse of the design

The 2009 reduced-diameter reissue of the Saint-Gaudens design

The obverse has appeared on American gold bullion coinage issued since 1986. Saint-Gaudens’s original design was reused, with two stars added next to the two which Barber had added in 1912, recognizing the admission of Alaska and Hawaii to the Union. Saint-Gaudens’s reverse was not used, yielding its place to sculptor Miley Busiek’s depiction of a family of eagles.^[42]

In 1907, the Mint had experimented by striking about two dozen pieces of the same weight as the double eagle, but which used a smaller, thicker planchet. These "checker" pieces were destroyed (except two placed in the Mint’s coin collection) when it was discovered that the consent of Congress was needed to change the diameter of any coin.^[26] In 2009, the Mint struck a similar piece in .999 gold, using Saint-Gaudens’s original ultra high relief design for both sides of the coin, though modified to a fifty-star obverse design. These pieces contain one ounce of gold, slightly more than the original double eagle.^[43]

[edit] Mintages and rarity

The mintmark appears above the date between the second and third numbers.

• Blank (Philadelphia Mint in Philadelphia, Pennsylvania)
• D (Denver Mint in Denver, Colorado)
• S (San Francisco Mint in San Francisco, California)

The mintages are in many cases not a true indication of relative rarity. Coins remaining in bank vaults in the United States were melted after 1933; coins in bank vaults overseas were not.^[39] Millions of double eagles, of both the Liberty Head and Saint-Gaudens designs, were repatriated for numismatic and investment purposes once it was legal to do so.^[45] By way of example, the 1924 Saint-Gaudens double eagle was once thought to be rare although 4,323,500 were struck; when the Mint offered a list of coins available at face value plus postage in 1932, the 1924 was not on that list. Large quantities of 1924 double eagles were found in European bank vaults, and today the 1924 is one of the most common of the series. On the other hand, the 1925-S had 3,776,500 struck, but few were released or exported, remaining in Treasury and bank vaults—but available from the Treasury at face value in 1932. Fewer than a thousand are known to have survived;^[45] one, in almost-perfect condition (graded MS-67) sold in 2005 for $287,500.^[46]

[edit] Bibliography

• Bowers, Q. David (2004). A Guide Book of Double Eagle Gold Coins. Atlanta, Ga.: Whitman Publishing LLC. ISBN 079481784X. 
• Breen, Walter (1988). Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins. New York, N.Y.: Doubleday. ISBN 0385142072. 
• Garrett, Jeff; Guth, Ron (2008). Encyclopedia of U.S. Gold Coins, 1795–1833 (second ed.). Atlanta, Ga..: Whitman Publishing LLC. ISBN 0794822541. 
• Halperin, James L; Van Winkle, Mark; Amato, Jon; Rohan, Gregory J. (2006). The Coinage of Augustus Saint-Gaudens. Dallas, Tex.: Ivy Press.. ISBN 07941599670585. http://books.google.com/books?id=OwMz1EUU7UsC&dq=saint-gaudens+olive+branch&source=gbs_navlinks_s. 
• Lange, David W. (2006). History of the United States Mint and its Coinage. Atlanta, Ga.: Whitman Publishing LLC. ISBN 0794819729. 
• Taxay, Don (1983). The U.S. Mint and Coinage. New York, N.Y.: Sanford J. Durst Numismatic Publications. ISBN 0-915262-68-1. 
• Yeoman, R.S. (2010). A Guide Book to United States Coins (The Official Red Book) (64th ed.). Atlanta, GA: Whitman Publishing LLC. ISBN 0794831486. 

[edit] References

Instead of battling creatures and working on gathering emblems, I spent most of yesterday with my fishing rod and bait, standing by the fountain in Dalaran. I was determined to catch the last few bronze and gold coins I needed in order to finish off my collections, and after raising my fishing to 437 and casting my line more times then I can count, I was rewarded. I finally finished the achievement for finishing all three coin collections, and received the item pictured above in the mail. It’s a neat little role play item that has you flipping a coin to either heads or tails. Useful? No, not really. It’s these little trinkets and achievements that make my character unique to me and a lot of fun to play.

That’s not to say I didn’t run any instances, I did. The warlock found herself in heroic Halls of Reflection, a place I’d never been to even on regular mode with the character. The group was great, and even though I died once on the initial wave encounter, we completed the zone without too many issues. I even won myself a nice ring – and it also granted me enough emblems to purchase a second ring. The warlock is coming along nicely, and I really enjoy the class a great deal.

I also ran through a few dungeons on the priest, working towards finishing her set of gear. She is sporting the gloves and pants, next is the robe. Then hat and shoulders which each take 75 emblems so I’m just really not looking forward to it. Thankfully with each piece of gear upgrade instances also become easier to heal, and the more I run the more I realize that people will die no matter what depending on the situation, and it certainly is not always my fault.

I hope everyone else has been having a great weekend too, no matter where you find yourself. Happy gaming!

By Gordon H. Smith