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Coin Collecting University
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 Lincoln Wheat Cent (sometimes referred to as a Wheat penny, Wheatback, Wheat Head, or Wheatie) was a United States one-centcoin produced from 1909 to 1958.
Both the obverse and the reverse were designed by Victor David Brenner, a New York sculptor. Brenner’s initials, V.D.B., were originally included on the reverse of the coin below the two stylized wheat stalks when the coin were officially released on August 2, 1909. The secrecy surrounding the new design up to the release date created great media speculation and interest. When a reporter from the Washington Star inquited with the Treasury about the V.D.B. advertisement on the reverse, The Mint fumbled its response. There was no Treasury Secretary at the time, so the media storm fell to Assistant Tresrury Secretary Charles D. Norton. By August 5, 1909 the Treasury cut off the growing public relations disaster by removing the initials. 27,995,000 pieces had been struck in Philadelphia and 484,000 in San Francisco. These all entered circulation despite rumors of a recall. Both issues were widely saved at the time. In 1918, Brenner’s initials were restored to the obverse, below Lincoln’s shoulder.
One of the more valuable coins to collectors is the 1909 San Francisco, California-minted VDB cent, so-named because the designer’s initials were included between the stalks of wheat on the lower reverse side; only 484,000 were produced before the public outcry at the designer’s initials being so prominently displayed. Even poor-quality examples of the 1909-S VDB coin bring hundreds of dollars and a high-grade mint condition example can sell for $6,000 to $12,000 or more. By contrast, the Philadelphia mint produced nearly 28 million examples of the 1909 VDB cent and such coins are far less valuable. The other key date of the series is the 1914-D, with a mintage of just under 1.2 million. Uncirculated examples have auctioned for over $26,000.[1]
The only other wheat cents to command prices on par with the 1909-S VDB and 1914-D are both error coins: the 1922 plain ($5500 for uncirculated specimens[2]), the result of a worn die, and the 1955 doubled die ($1000+ for uncirculated specimens[3]).
As of 2010, most wheat cents are currently held in private collections and by dealers, often in bulk quantity. However, since the vast majority of wheat cents are only worth ten cents or less, an occasional wheat is still sometimes found in circulation, with a ratio of approximately 1 to 390 cents, most of the time being post-1940’s.[citation needed] An occasional 1943 steel cent is sometimes found in the reject area of a coin counting machine as well.
The wheat cents were minted from 1909 to 1958. Here are the mintage figures for all the wheat cents including P, D, and S mints. The rare coins included in the list are included in the normal coin’s mintage. The P cents have no mintmark. Proof coins are not included.
1909 P V.D.B. - 27,995,000
1909 S V.D.B. - 484,000
1909 P - 72,702,618
1909 S - 1,825,000
1909 S, S over horizontal S
1910 P - 146,801,218
1910 S - 6,045,000
1911 P - 101,177,787
1911 D - 12,672,000
1911 S - 4,026,000
1912 P - 68,153,060
1912 D - 10,411,000
1912 S - 4,431,000
1913 P - 76,532,352
1913 D - 15,804,000
1913 S - 6,101,000
1914 P - 75,238,432
1914 D - 1,193,000
1914 S - 4,137,000
1915 P - 29,092,120
1915 D - 22,050,000
1915 S - 4,833,000
1916 P - 131,833,677
1916 D - 35,956,000
1916 S - 22,510,000
1917 P - 196,429,785
1917, Doubled Die Obverse
1917 D - 55,120,000
1917 S - 32,620,000
1918 P - 288,104,634
1918 D - 47,830,000
1918 S - 34,680,000
1919 P - 392,021,000
1919 D - 57,154,000
1919 S - 139,760,000
1920 P - 310,165,000
1920 D - 49,280,000
1920 S - 46,220,000
1921 P - 39,157,000
1921 S - 15,264,000
1922 D - 7,160,000
1922, No D - identifiable, because the P mint did not produce cents in 1922.
1922, Weak D
1923 P - 74,723,000
1923 S - 8,700,000
1924 P - 5,178,000
1924 D - 72,520,000
1924 S - 11,696,000
1925 P - 139,949,000
1925 D - 22,580,000
1925 S - 26,380,000
1926 P - 157,088,000
1926 D - 28,020,000
1926 S - 4,550,000
1927 P - 144,440,000
1927 D - 27,170,000
1927 S - 14,276,000
1928 P - 134,116,000
1928 D - 31,170,000
1928 S - 17,266,000
1929 P - 185,262,000
1929 D - 41,730,000
1929 S - 50,148,000
1930 P - 157,415,000
1930 D - 40,100,000
1930 S - 24,286,000
1931 P - 19,396,000
1931 D - 4,480,000
1931 S - 866,000
1932 P - 9,062,000
1932 D - 10,500,000
1933 P - 14,360,000
1933 D - 6,200,000
1934 P - 219,080,000
1934 D - 28,446,000
1935 P - 245,388,000
1935 D - 47,000,000
1935 S - 38,702,000
1936 P - 309,632,000
1936 Doubled Die Obverse
1936 D - 40,620,000
1936 S - 29,130,000
1937 P - 309,170,000
1937 D - 50,430,000
1937 S - 34,500,000
1938 P - 156,682,000
1938 D - 20,010,000
1938 S - 15,180,000
1939 P - 316,466,000
1939 D - 15,160,000
1939 S - 52,070,000
1940 P - 586,810,000
1940 D - 81,390,000
1940 S - 112,940,000
1941 P - 887,018,000
1941 D - 128,700,000
1941 S - 92,360,000
1942 P - 657,796,000
1942 D - 206,698,000
1942 S - 85,590,000
Due to copper shortages in WWII, cents were made of zinc-coated steel in 1943. Some bronze cents exist, as there were some bronze cent plates left over from 1942. In 1944, when the cent composition was changed back to 95% copper and 5% tin and zinc, some steel cents were leftover, and therefore struck as steel 1944 cents. Both of these types are valuable and rare.
1943 P - 684,628,670
1943 D - 217,660,000
1943 D Repunched Mintmark That Appears Boldy Doubled
1943 S - 191,550,000
1944 P - 1,435,400,000
1944 D - 430,578,000
1944 D, D Over S
1944 S - 282,760,000
1945 P - 1,040,515,000
1945 D - 266,268,000
1945 S - 181,770,000
1946 P - 991,655,000
1946 D - 315,690,000
1946 S - 198,100,000
1946 S, S Over D
1947 P - 190,555,000
1947 D - 194,750,000
1947 S - 99,000,000
1948 P - 317,570,000
1948 D - 172,637,500
1948 S - 81,735,000
1949 P - 217,775,000
1949 D - 153,132,500
1949 S - 64,290,000
1950 P - 272,635,000
1950 D - 334,950,000
1950 S - 118,505,000
1951 P - 284,576,000
1951 D - 625,355,000
1951 S - 136,010,000
1952 P - 186,775,000
1952 D - 746,130,000
1952 S - 137,800,004
1953 P - 256,755,000
1953 D - 700,515,000
1953 S - 181,835,000
1954 P - 71,640,050
1954 D - 251,552,500
1954 S - 96,190,000
1955 P - 330,958,200
1955 P, Doubled Die Obverse. These are very clearly doubled cents. Ones that show less doubling are much less valuable.
1955 D - 563,257,500
1955 S - 44,610,000
1956 P - 420,745,000
1956 D - 1,098,201,100
1956 D - D Above Shadow D
1957 P - 282,540,000
1957 D - 1,051,342,000
1958 P - 252,525,000
1958 P, Doubled Die Obverse. Only three are known to exist.
1958 D - 800,953,300
Source: A Guide Book of United States Coins by R.S. Yeoman, 63rd Edition for 2010
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.
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]
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]
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]
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]
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]
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]
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]
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]
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!
Nobody is born a gold coin expert. Instead it takes training and education to become one. That is why their talents are in such high demand these days. Employing a good one can make or break your sale of gold coins.
All people are familiar with coins for some coins are being used by people to buy things such as food, candy and many others. There are many types of coins in the world, the types that we know are those for the consumer type of coins that is used to purchase something.
There are other types like the gold bullion coins for investors and gold coins for collectors. These types differ from one another by use and by value although they have the same shape a round metal thing but their function in the society is different.
Knowing about something is different from being an expert of something, like people know about coins but it does not mean that they are expert about them. Being a gold coin expert or a coin expert is not just learning something about them but studying and having a vast and wide information and knowledge regarding them.
Coin expert study and update their knowledge about coins they are like a walking book about them for when you ask them anything about coins they have something to answer you not just how they look but the difference from one type to another type of coins from its value to their history.
Most coin expert is also coin collectors for only those who are fascinated with coins loves to learn about them. Like one example of the common traits almost all people have in common is not being force for something that you don’t like so if you’re the type of person who does not like coins then you won’t enjoy reading about it all the more learning stuff about it.
But if you are interested on collecting coins or fascinated about them you’ll love to know anything that has to do about it. Also gold coin expert in not born overnight for these people’s expertise about them was not always learn in books or information but also through their experience with coins. People gain knowledge through experience after all as they said experience is the best teacher.
Gold coin expert also updates their knowledge on coins, they update themselves on what is new, expert also share their knowledge to new generation of collectors or to those who are interested to listen and learn about coins.
They do not only know about how to collect but also how to invest in coins and what the best ones to invest on. So if you are new on coin collecting or coin investing one way to seek or broaden your knowledge of the thing is to research some information or ask your friends or relatives that are also into coins for guidance and advices.
By doing this they can help you and teach you some tips in buying and choosing the right ones for your coin collection or help you invest on your gold coins.
Before you began to invest or even buy gold coin you should first make sure that you are prepared and you have set a budget for your investment or a budget to buy a gold coin for collectors. You have to think twice and see if you’ll benefit from it before you go into this type of investment so you won’t regret.
To find a local gold coin expert you should have a look online. They can help you with all aspects of collecting and buying gold bullion coins.
In 2005 the congress of the United States of America passed the presidential $1 coin act that gives authorization to the US mint to issue a 1 OZ 24K investment gold coin.
This coin is the famous American buffalo when it was released it became the investors favorite that on 2008 the mint suspend their sales for they cannot cope with the demands. The buffalo coin is made up of 24K gold meaning .9999 fine or pure.
The 1 OZ US gold coin has the face value of $50. On the obverse side you could see a head of Native American while on the reverse side you can see an American buffalo or bison.
The history of buffalo coin dated way back in 1913 with the introduction of the Indian head and the buffalo. The gold buffalo coin was made because the American eagle coin was not doing well with investors for most investors prefer pure gold while the American eagle only has 22K or 91 percent of gold. The buffalo coin was the first 24K gold coin that was ever issued or mint by the United States.
Until this day many still are investing in gold coins and you can still purchase these coins in authorized dealers or directly from the US mint. As they say the value of a gold bullion coins is different from the collectible coins.
For in the collector’s coins they will determine the value of your collector’s coin through its rarity and conditions. While in the gold bullion that’s not a collectible they base their value on the metal. So if ever you want to invest in gold bullion and your budget is not that big to invest in a bar you could go for the gold bullion coin instead.
Australian coins are those coins that have been released into circulation since colonial days till date. They are some of the most beautiful and unique coins of the world for a hobbyist and are profitable holdings for investors. They include decimal and pre-decimal coins. Pre-Decimal Coinage New South Wales, the first Australian colony, had no currency of its own and relied on barter system and coins of other countries. Australia adopted the British Sterling system of pounds, shillings and pence in the colonial days. Cartwheel pennies dated 1797 can be regarded as the first ever Australian coins with King George III on one side and Britannia on the other. Later, the Spanish dollar coins were holed in the centre to be called as Holey dollars and the centre piece was called the Dump. These went out of circulation when the British coins became the official currency after 1825. Unofficial gold coins were used during 1850’s. Australia’s first official mint at Sydney produced gold coins between 1855 and 1870 along with florins, shillings, sixpences and threepences with the portrait of King Edward VII on one side. Australian pennies and half-pennies were introduced into circulation.
In 1931, gold sovereigns with unique original designs were replaced with British designs. Pre-decimal Australian coins minted between 1910 and 1964, Australian penny of 1925 and 1930, the halfpenny of 1923, shilling of 1933, and sovereigns between 1855 and 1858 command good prices and are traded for their bullion value. Decimal Coinage In 1966, the pound system got converted to the decimal system of currency where One Dollar equaled Ten Shillings. The Royal Australian Mint at Canberra, the nation’s capital, started to produce the Australian coins. Sets of uncirculated coins and mint condition coins are produced each year. Special event coins are produced using precious metals like silver and gold. The 50 cent coin of 1966 can make up a kilogram of silver! In 1966, the Australian dollar was worth 980 milligrams of gold and in 2005, it was 57 milligrams of gold. The kangaroo in 99% gold and kookaburra in silver are highly attractive for their value and unique, spectacular designs. These coins portray Queen Elizabeth II of Australia on the obverse side and Australian native fauna on the reverse. The five, ten, twenty and fifty cent coins have Copper and Nickel, while the one and two dollar coins have Aluminum Bronze.
The five-cent Australian coin, the smallest silver coin, features echidna. The ten-cent coin shows Lyrebird, renowned for its ability to mimic all kinds of sounds. The twenty-cent coin displays platypus. The fifty-cent coin has the Australian Coat Of Arms with kangaroo and emu on either side of a shield. The one dollar coin has five kangaroos in various stylized poses. The two-dollar coin depicts a bearded, elder tribesman of the native Aborigines and the Southern Cross, the star constellation. The one and two cent coins had been withdrawn from circulation in 1990-1992. Australian coins are presented in extremely attractive packages, protecting them from damage. The Silver Kangaroo coin design in 2006 won the ‘Best Silver Coin 2006′ international award. All of these are highly sought after and are produced in limited numbers making them highly attractive for investments.
England. A brand-new website about gold coin bullion has just been launched which contains in-depth research gleaned from many different online sources. http://www.goldcoinbullion.org has been specifically designed to ensure that the general public has access to the most up-to-date news and information.The website’s owner, gold coin bullion, explained why they felt it was needed. "The Internet is great, but the fact that there is so much information out there, it’s not always easy to find what you’re looking for when investigating gold coin bullion. This is why the website was created - to cater for people who didn’t have a lot of time to search through thousands of sites".There are, of course, many thousands of websites online which cover gold coin bullion. However, gold coin bullion has specifically created this website so that anybody interested in it can easily find out what they need to know, with just a few clicks of their mouse.
Whilst the Internet continues to grow at an amazing speed, the general public is left behind as more and more information becomes widely available - yet it’s harder than ever to truly get to the bottom of such a broad subject - purely because of the volume of text, audio, and video out there.Very few websites take account of what the end-user wants as obviously they have a financial objective. However, this website is completely free of charge, as its creator feels that it was about time that someone did what the average surfer didn’t have time to do - namely, seperate the ‘truth’ from ‘fiction’.
A number of users have already given feedback on the website with a number commenting on how practical it was to have all the necessary resources in one place without having to search around the Internet to discover what they needed.If you want to find out more, please go to http://www.goldcoinbullion.org where all the information you need can now be found one of the Internet’s top new gold coin bullion websites.
If you collect coins, gold or invest it, there’sa good chance you sooner or later, a sample is introduced to doubt false, one might ask whether it is a real thing or not. It is not easy to identify counterfeit gold coins and you can not find them at first (and probably last, both), but you should know a few things that can help trap not to fall into
The oldest, if money was properly check Simply bite note – Please, advise me not to, but only talk. You must have seen in movies of old times, treasure hunters and pirates. It may seem strange but is actually a very rational explanation. Gold is very soft metal, with some of base metals like copper or bronze for, and bites a true piece of gold would leave the number of teeth marks or at least have the biteable feeling. Once again, I would not recommend false evidence> Gold coins in this manner for two reasons: it may be a false break teeth, and if something is true, it can ruin a bite (and may even break their teeth anyway).
Another way to check if the coin is a fake can be heard, like thunders. Fake gold tone deaf ears and dull for those who have much good. Again, this test can not always be reliable and you do not want to spend years listening to counterfeit gold coins to get real and, as you say,their part.
However, jokes aside, the surest way to ensure that your money is real, ask a professional. Take your coin coin dealer and he or she is probably the expertise to review and adequate facilities, where the treasure is real. E ‘for different devices such purposes are developed but can be very expensive, so not always available or accessible to the public for the movement of gold.
There are some things againYou can try, but have no access or desire to communicate with your local coin dealer:
Verify that the coin details. If you can not compare to real money, with, you will find a picture to compare online and check very little detail of the original with what you are. Look at the space between the letters, look at the size and number of elements – sounds silly, but counterfeiters miss these simple things for some reason, and also make grammatical mistakes, especially when they do thenin foreign languages, please check spelling as well.
Find a forum currency (CoinForum for example) to become a member to ask him – there are many real experts and will help, or at least give you some clues. Usually you can add a link to a website or place a photo of the currency in question.
Check the weight and size of the coin. If you are not a coin, you can almost always find this information online. Fake gold coins are usually mild and sometimes evensmaller diameter.
Check the edge of the coin (EDGE). Fake gold coins are sometimes made in half and then welded or glued together and occasionally we see a very thin (or not so subtle) stitching on the edge of a counterfeit coin.
Give your seller is a "litmus test" – Gold is a precious metal, so as not to react or dissolve in nitric acid or sulfuric acid. Hmm, is a bit ‘too extreme, as if your currency is 99.9% fine gold, gold is quite common, realThe coins, the test is still damage to the coin, this information.
Be very careful who you buy from. Buying online is great, but see where your seller is, control observations and verify that this feedback is for the sale of gold coins to buy postcards 5c.
The Canadian Maple Leaf Gold Coin is a fantastic investment today.The maple leaf is minted by the Royal Canadian Mint and is the countries official gold coin. The great thing about the Canadian maple leaf gold coin is that it is one of the purest gold coins in the world. It was in 1979 that the Canadian maple leaf was first minted. At that time the only other coin was the Krugerrand.
In 1982 the coin was changed from .999 to .9999, vertually pure gold.Because the coin was so pure they started getting handling marks, but it is still in hight investor demand.
With all thats going on in todays economy the Canadian maple leaf gold coin is still the investor main choice of precious metal. Due to the high gold content the coin has a very light yellow colour and great markings.
A big mistake of investors is thinking they don’t need to buy physical gold. It is ok to buy EFT’s or the mining stocks but it is more important to have a physical hold first. Keep your asset out of the financial turmoil by buying the physical metal first.
In recent news, the UK government are clearly in trouble aswel having to create an extra 25.5 billion pounds to help the RBS bank. This now makes the RBS the largest bailout in the world, the UK spending 45.5 billion pounds.
India have also just purchased another 200 tons of gold from the International Monatary Fund. China have also bought another huge amount increasing their holdings another 10%. Now is a fantastic time to buy, it maks it an easy decition when The main growth countries are buying.
The fundamentals for gold have never looked better. Even though today gold is hitting new highs it is still, compared to the last buller market of the 70-80′s has a lot more to go. Adjusting for the recent money creation gold should be over $10,000. Great news for investors. There is a fantastic chance to increase your wealth for the people who read these types of articles and take action. The Canadian maple leaf gold coin is a fantastic asset to have.
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