Rare Coins | New Coin Releases

Category Archives: Rare Coins

Dealer: Public buying gold on North Korea news, sales up 40% this week

(Beaumont, Texas) August 9, 2017 — “There’s been a lot of gold buying by the public since Tuesday. Gold coin purchases by collectors, investors and dealers are up dramatically this week. We’ve seen an increase of about 40 percent in gold coin sales this week compared to typical weeks,” said Michael Fuljenz, President of Universal Coin & Bullion, Inc. (www.UniversalCoin.com) in Beaumont, Texas.

“With the stock market reacting negatively to North Korea-related news, we’re seeing people liquidating some of their stocks and allocating more funds in gold. I’m hearing this from my customer service staff and from other dealers large and small across the country,” explained Fuljenz.

In his weekly Metals Market Report issued this past Tuesday morning, Fuljenz predicted: “…some unexpected international event could send gold soaring quickly – no matter what the dollar does – and such a moment may be brewing in North Korea.”  A short time later, following President Trump’s “fire and fury” warning, gold prices began to jump.

Fuljenz also advised: “If gold prices sharply rise from tensions with North Korea, watch for the U.S. rare coin market to also jump. Sharply higher gold prices have been the primary reason for past rare coin bull markets where prices rise 100% to 1000% in only a few years.” 

About Michael Fuljenz:

Universal Coin & Bullion President Michael Fuljenz has won dozens of prestigious national and regional awards and honors for his consumer education and protection work in rare coins and precious metals.  A respected community leader in his hometown of Beaumont, Texas, Mike also has served with distinction as a consultant to the Federal Trade Commission, United States Mint and Royal Canadian Mint, and is on the Boards of Directors of the influential Industry Council For Tangible Assets, Crime Stoppers of Beaumont, Texas, and is a member of the Professional Numismatists Guild (PNG) and a PNG Accredited Precious Metals Dealer. 

The First American Coin

David McCarthy of Kagin’s, Inc. showcases the first American coin struck by the U.S. Government. The 1783 plain obverse Nova Constellatio “quint” silver coin.

Source: American Numismatic Association

Kagin’s Researcher Pinpoints 1783 Plain Nova Constellatio Quint as First Official USA Coin Struck

(Tiburon, California) August 1, 2017 – David McCarthy, senior numismatist at Kagin’s, Inc. of Tiburon, California (www.Kagins.com), has pinpointed the 1783 plain obverse Nova Constellatio Quint pattern (Breen-1102, W-1830) as the first coin officially struck by authority of the United States government, a finding hailed by another U.S. rare coin expert as “one of the most exciting developments in modern numismatics.”

Results of McCarthy’s research on the unique, early American experimental silver coin, that once was in the hands of one of the USA’s Founding Fathers, Alexander Hamilton, are in the August 2017 edition of “The Numismatist,” the official journal of the American Numismatic Association (www.money.org).

Now insured for $5 million, the historic ancestor of the dollar as well as every coin in the western world using a decimal monetary system, will be publicly displayed at the Kagin’s booth, #700, during the ANA 2017 World’s Fair of Money (www.WorldsFairofMoney.com) in Denver, Colorado, August 1- 5.

“It’s a national treasure that was hiding in plain sight until all the pieces of the puzzle recently came together,” said Donald H. Kagin, Ph.D., President of Kagin’s.

“Although the coin was discovered in 1870, it was misattributed. We now have compelling evidence that it is, ‘the first that has been struck as an American coin,’ as described in the April 2, 1783 diary entry of Robert Morris, a signer of the Declaration of Independence and the U.S. government’s first Superintendent of Finance,” explained McCarthy.

“The Quint and a subsequent set of coins were created in Philadelphia in April of 1783 under authority of the Treasury some nine years before the next coins would be struck by the U.S. government.  It would have been valued at 500-units in a proposed system that would range from 5 to 1,000 units,” McCarthy said.

“This was the first use of the vital and enduring decimal system to be established in the western world,” stated Kagin.

During the 1770s and 1780s several states and private individuals manufactured coins, but this is the first coin that was struck and paid for by the U.S. government, according to McCarthy’s research, which a dozen other early American coin experts agreed with before he submitted it for publication.

After examining McCarthy’s research, early American coins researcher and writer John Dannreuther of Memphis, Tennessee, the American Numismatic Association’s 2007 Numismatist of the Year, summed up the findings:

“There is a first United States coin, as we have written evidence (in the April 2, 1783 diary entry of Robert Morris, U.S. Superintendent of Finance) that one was delivered:

‘I sent for (metallurgist) Mr. (Benjamin) Dudley who delivered me a Piece of Silver Coin being the first that has been struck as an American Coin.’

“The only coin that logically could be this coin is the Plain Obverse Quint.

“There are numerous things that bring us to this conclusion, the first being that “Nova Constellatio” is not found on the Plain Legend Quint. One does not remove legends, they are added,” explained Dannreuther.

“Secondly, the number of dies noted in the literature can be made to match only by having one die ground down and reengraved. After overlaying the two Quint types, it became obvious that the Plain Obverse die’s eye matched the with Legend eye. Since this is the highest point of the coin, it is the lowest part of the die, as well as the center, it would be logical to leave a small amount of this area as a starting point for the new die. The rest of the die’s detail was removed by the grinding process, of course.”

“Thirdly, the two Quint dies obviously were engraved by two different hands. Since, we know that the with Legend coins match the other denominations in style, as well as having the “Nova Constellatio” legend, the Plain Obverse has to be the first one – thus, it is the first United States coin,” stated Dannreuther.

American Numismatic Association President Jeff Garrett of Lexington, Kentucky also examined McCarthy’s study prior to publication and stated: “David McCarthy’s research makes a compelling case for the 1783 Nova Constellatio Quint being the ‘First American Coin.’  As such, the historical importance of his research, and the coin, is one of the most exciting developments in modern numismatics!”

Only two examples of the 500-unit coin are known, and each is distinctively different on the front. One has the words, NOVA CONSTELLATIO, Latin for “a new constellation,” while the other example does not have any words. The research demonstrates the coin without the words on the obverse was struck first.

After surfacing in New York City nearly 150 years ago, the coin was carefully preserved in several major collections including Lorin G. Parmelee, S.H. and H. Chapman and Wayte Raymond before becoming part of the Garrett Collection and into the possession of Johns Hopkins University where it resided for much of the 20th century.  Only now, though, has numismatic research brought together evidence that it was the first federal coin made by authority of the U.S. government.

Kagin’s acquired the coin at an auction in 2013 where it was graded PCGS AU53 Secure.  McCarthy began researching it through the writings of Morris and Thomas Jefferson, Continental Congress documents, and forensic evidence found on the coins themselves, and he consulted with other noted experts in early American numismatics.

“While the 1783 Plain Obverse Nova Constellatio Quint is among the most historically significant of all United States coins, it is also one of the most important artifacts in the world,” stated Kagin.  “Nothing defines a nation and its society more than its coinage. Just like great documents such as The Magna Carta or The Declaration of Independence established fundamental principles and tenets for western society, so does coinage reflect a nation’s most important ideals, becoming a primary source of communication for a nation’s beliefs.” 

“By examining the first coin of the United States and the new decimal monetary system that it ushered in, we gain significant insights to the thinking of America’s Founding Fathers concerning what kind of nation they wished to establish,” he continued.

Kagin said the coin’s inscriptions and symbols contain the most important aspects of our fledging nation:

On the Obverse the central devices are:

  • The Eye of Providence—symbolizing the creator’s approval of our nation.
  • A circle of 13 stars –a theme which has endured for 240 years—as an obvious reference to the new constellation formed by the original 13 colonies.

The Reverse central inscription includes:

  • “U.S.” as it proclaims the name of our country for all the world to acknowledge.

This is followed by the denomination—in this case, 500 units or a Quint.  Along with the date, two of the most fundamental and defining issues for Americans then and today are prominently inscribed in Latin so all nations could understand: LIBERTAS (Liberty) and JUSTITIA (Justice).

“This coin, struck in the precious metal silver, was also the very first artifact to present our nation’s new decimal system—in fact, the first use of such a vital and enduring system to be established in the western world,” concluded Kagin.

Kagin and McCarthy made international headlines in 2014 when they assisted an anonymous California couple who discovered the “Saddle Ridge Hoard,” nearly $10 million of 19th century U.S. gold coins buried in rusting tin cans.

Must-See Rarities at Denver World’s Fair of Money

To celebrate the American Numismatic Association’s (www.money.org) 50th anniversary in Colorado, the ANA is exhibiting Colorado Gold Rush era rarities and Lesher Referendum dollars along with other historic and famous numismatic treasures from the association’s Edward C. Rochette Money Museum at the World’s Fair of Money® (www.WorldsFairofMoney.com), August 1 – 5, 2017, at the Colorado Convention Center in Denver.

Highlights include:

  • the McDermott/Bebee Collection 1913 Liberty Head nickel, Idler/Bebee Class III 1804 Draped Bust dollar and error notes from the Bebee collection with upside down serial numbers and other printing mistakes;

“Only five 1913-dated Liberty Head nickels are known to exist today, and one of them will be displayed at the ANA Denver World’s Fair of Money, August 1 – 5, 2017. It is insured for $3 million.”

Photo credit: American Numismatic Association Money Museum

  • the High Relief and Ultra High Relief 1907 Saint-Gaudens Double Eagles from the Harry W. Bass, Jr. collection;
  • a set of 1860’s Clark, Gruber & Co. Colorado territorial gold pieces;

“During the early 1860’s Colorado Gold Rush, Clark, Gruber & Co. of Denver produced gold coins including this 1860-dated $20 denomination coin with a fanciful depiction of Pike’s Peak. It will be displayed at the ANA World’s Fair of Money, August 1 – 5, 2016, in Denver.”

Photo credit: American Numismatic Association Money Museum

  • a nearly complete set Lesher Referendum silver dollars from the early 1900s;
  • a 1933 Eagle, one of the greatest gold coin rarities of the 20th century with less than 40 known surviving examples from the last year that U.S. gold coins were struck for circulation;
  • and the Rittenhouse 1792 Half Disme along with the George Washington-signed document appointing David Rittenhouse as first Director of the United States Mint.

The Museum Showcase area (booth #1103) will be open during public hours of the convention in Hall F of the Colorado Convention Center, 700 14th Street.

“The ANA opened its Colorado Springs headquarters building in 1967, and as part of this year’s golden anniversary we want collectors and the public to see examples of Colorado’s colorful numismatic history as well as some of the other most popular items in the ANA museum collection,” explained ANA Executive Director Kim Kiick.

“We’ve been planning for many months to create Denver convention exhibits that will be must-see for collectors and will be an educational and appealing introduction to the fascinating hobby for the general public,” said ANA Museum Curator Douglas Mudd.

“One of the exhibits at the ANA World’s Fair of Money in Denver, August 1 – 5, 2017, features “funny money,” currency that was mistakenly misprinted, including this $1 bill with upside down serial numbers.”

Photo credit: American Numismatic Association Money Museum

“The 1913 Liberty Head nickel donated to the ANA by Aubrey and Adelle Bebee is always a favorite at the conventions. One of its previous owners, J.V. McDermott of Milwaukee, used to carry it in his pocket to show to strangers. Today it’s insured for $3 million and is one of only five known 1913 Liberty nickels,” said Mudd.

The Colorado Gold Rush era coins in the Museum Showcase will include an 1860 Clark, Gruber $20 gold piece with a design that has the word, DENVER, below a fanciful depiction of Pike’s Peak which actually is located in the Colorado Springs area, about 70 miles south.

Lesher Referendum dollars are an intriguing part of Colorado’s mining history.     

“To promote greater use of silver, Joseph Lesher of Victor, Colorado created eight-sided ‘dollars’ in 1900 and 1901 from silver mined in the Cripple Creek area. Lesher quickly gave up his plans for the coins, but today these octagonal, so-called dollars are an example of Old West history you can hold in your hands,” explained Mudd.

The Rittenhouse 1792 Half Disme is an example of the first coins authorized by President Washington during the early days of the U.S. Mint.  It is being displayed by the ANA, courtesy of Brian Hendelson, President of Classic Coin Company, in celebration of the Mint’s 225th anniversary this year.

“The U.S. Treasury Department Bureau of Engraving and Printing will display its educational $1 Billion Exhibit featuring high denomination currency, including $100,000 notes, at the ANA World’s Fair of Money in Denver, August 1 – 5, 2017.”

Photo credit: Donn Pearlman

The Denver World’s Fair of Money will be open to the public Tuesday to Saturday, August 1 – 5. Public hours will be Tuesday, 1 – 5:30 pm; Wednesday – Friday, 10 am – 5:30 pm; and Saturday, 10 am – 4 pm.

Admission is free for all ANA members.  Admission for non-ANA members is $8 for adults, with children 12 and under admitted free.  Admission is for everyone on Saturday, August 5.

For additional information about the Denver World’s Fair of Money, visit www.WorldsFairofMoney.com or call 719-632-2646.

Are Rare Coins a Good Investment?

The first edition of the Red Book was released in 1947. PCGS analyzed rare coin prices from the inception of the Red Book through the present day to answer the question, “are rare coins a good investment?”

Legend Buys Dexter/Pogue 1804 Dollar From Lipton and Albanese

(Lincroft, NJ) – The Class I Dexter/Pogue specimen 1804 Draped Bust U.S. silver dollar purchased at auction on Friday night, March 31, 2017, for $3,290,000 jointly by Kevin Lipton of Beverly Hills, California and John Albanese of Bedminster, New Jersey, was sold by them less than 48 hours later.  Graded PCGS Proof 65, it was bought on Sunday afternoon, April 2, 2017, by Laura Sperber of Legend Numismatics in Lincroft, New Jersey on behalf of well-known collector Bruce Morelan, owner of the all-time finest set of early American dollars listed in the PCGS Set Registry®.

Less than 36 hours after John Albanese and Kevin Lipton were the winning bidders for the Class I Dexter-Pogue 1804 Draped Bust silver dollar, PCGS Proof 65, it was purchased from them by Laura Sperber of Legend Numismatics on behalf of “Super Collector” Bruce Morelan. (Photo image courtesy of PCGSCoinFacts.com.)

“John and I bought the coin (at the Stack’s Bowers auction at the Whitman Baltimore Expo) in a moment of opportunity. We didn’t have any customers for it Friday night; we just thought at $3.3 million that it was the best buy of a high value rare coin in the last 20-plus years,” Lipton explained.

Then the offers started coming in.

“We purchased this coin on spec and were really quite shocked that our book bid of $2.8 million (plus buyer’s fee) was successful.  We both thought it would sell for $4 million or more Friday night.  By Sunday, we had six interested parties who were calling, sending emails and texts wanting to buy the coin from us.  Kevin and I are pleased it’s going to a good home,” said Albanese.

Sperber negotiated the sale on Sunday morning on behalf of Morelan. The purchase price was not disclosed.

Collector Bruce Morelan now is adding the Dexter-Pogue specimen 1804 Draped Bust dollar to his PCGS Set Registry® all-time finest set of early American dollars.  (Photo by Donn Pearlman.)

“It is a hell of a coin and a hell of a deal for Super Collector Bruce Morelan,” stated Sperber.  “After Friday night’s auction, I suggested we probably need this coin in his early American dollars set. The negotiations with John and Kevin took only a few minutes to work out and everyone involved is happy.”

Morelan also was surprised at the winning bid price for the coin at the auction.

“I was shocked when the coin sold so low.  I’m happy to pick it up for a few incremental bids over that level.  While the coin is not necessary for the circulation strike early dollars set, it certainly is complimentary to my set and collection as a whole,” Morelan said.

Among the world’s most famous rare coins, only 15 1804-dated silver dollars are known today, and eight of them are categorized as Class I, including the Dexter/Pogue specimen.

No silver dollars dated 1804 actually were struck that year. Researchers believe the surviving Class I examples were made by the United States Mint in the 1830s to be given as diplomatic gifts for a State Department mission to the Far East and Asia. Decades later, Mint employees made a handful of other, similar examples of 1804-dated dollars for collectors.

ANA Road Show to Exhibit Numismatic Rarities in Las Vegas

The American Numismatic Association (ANA) Road Show will make its next stop at the Las Vegas Numismatic Society Diamond Jubilee Coin Show, May 18-20, at the Westgate Las Vegas Resort and Casino, located at 3000 Paradise Rd., Las Vegas, NV 89109.

The ANA Road Show gives members and collectors around the country an opportunity to see some of the most impressive items from the ANA’s Edward C. Rochette Money Museum. Items to be displayed at the Diamond Jubilee Coin Show include:

  • The 1804 dollar—Recognized by collectors as “The King of U.S. Coins,” the specimen is extremely rare, with only 15 known examples. No U.S. dollars dated 1804 were actually struck in that year; Class I specimens were struck in 1834-1835 as diplomatic gifts (eight known), while Class II and III specimens (six known) were struck during the 1850s for collectors. The Class III Idler/Bebee specimen was donated to the ANA by Aubrey and Adeline Bebee in 1991.

  • The 1913 Liberty Head Nickel—One of the most valuable of all U.S. coins, it was one of five such nickels struck under mysterious circumstances at the Philadelphia Mint. The coins were unknown until 1920 when Samuel Brown, a former U.S. Mint employee, displayed all five at an ANA convention, causing a stir.

  • The Famous Errors exhibit—A highlight reel of some of the most notable numismatic bloopers, the exhibit includes the 1955 doubled-die Lincoln cent, the classic 1937 D “three legged” buffalo nickel, the 2004 Wisconsin “extra leaf” quarter and the 2007-2009 “godless” dollars. All of these coins feature errors that are easily visible to the naked eye, making them popular collector items and curiosity pieces.

“The ANA Road Show adds an extra level of excitement to the LVNS Diamond Jubilee celebration,” said Fred Kuch, LVNS Trust Chairman. “It’s a fantastic opportunity for hobbyists to see some of the most legendary numismatic treasures from the Money Museum.”

The Las Vegas Numismatic Society Diamond Jubilee Coin Show is open to the public interested in buying and selling rare coins, vintage paper money and other numismatic rarities. Hours are 10 a.m. to 6 p.m. on Thursday and Friday, May 18-19, and from 10 a.m. to 5 p.m. Saturday, May 20. Visit www.lvns.club for additional show details.

Coin Grading Workshop Offered Prior to LVNS Show

The ANA’s School of Numismatics is offering an educational seminar—“Fundamentals of Grading U.S. Coins”— on May 16-17, immediately prior to the Diamond Jubilee Coin Show.

This two-day seminar will help students learn and understand how United States coins should be graded according to the latest ANA and market standards. Attendees will gain confidence in evaluating surface marks, strike, luster, and eye appeal through interactive discussions, group activities, and individual study of hundreds of coins from the ANA grading set.

  • Instructor: Michael Faraone, professional numismatist and former grader, Professional Coin Grading Service.
  • Time: 9 a.m. to 5 p.m. (Mar. 16-17)
  • Cost: $259 for ANA and LVNS members/$359 for non-members

For additional information or to register, please contact seminars@money.org or call 719-482-9865.

The American Numismatic Association is a congressionally chartered, nonprofit educational

organization dedicated to encouraging the study and collection of coins and related items. The ANA helps its 25,000 members and the public discover and explore the world of money through its vast array of instructional and outreach programs, as well as its museum, library, publications and conventions. For more information, call 719-632-2646 or visit www.money.org.

Bronze Coins Engraved with Byzantine Emperors Found in Israel

About 1,400 years ago in Israel, a bag holding nine bronze coins was carefully hidden inside a niche in a building’s wall. Untouched since then, the coin cache recently emerged during excavations for a highway expansion near Ein Hemed, a national park located about 4 miles (7 kilometers) west of Jerusalem.

Read more: LiveScience

David Hall’s Rare Coin Market Report – March 13, 2017

More losers than gainers this week, but the coin market still remains strong.

Subscribe to the David Hall Rare Coin Market Report Email: http://www.pcgs.com/rcmr/

PCGS Official Site: http://www.PCGS.com
PCGS Facebook: https://www.facebook.com/PCGScoins
PCGS Instagram: https://www.instagram.com/PCGScoin
PCGS Twitter: https://twitter.com/PCGScoin

David Hall’s Rare Coin Market Report – March 6, 2017

David Hall’s Rare Coin Market Report – March 6, 2017