Coin Collecting Archives - Page 3 of 4

September 16, 2023September 30, 2024

Cashing Out When You Sell Coins

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Finding a box of old coins in the attic can be an exciting discovery, but deciding when and how to sell them can be complex. Whether you’re a novice or a seasoned coin collector, it’s crucial to understand the market dynamics and have a strategy for divestment. This guide provides insights into the best practices for selling your coins, from research and valuation to finding the right buyers and understanding tax implications.

Steps to Take Before You Sell Coins

Sort and Catalog Your Collection

Vintage stamp and coin collecting tips, Detailed collection of vintage stamps and coins displayed on a wooden desk, magnifying glass, soft lighting, warm tones, nostalgic and informative

Begin by sorting and cataloging your coin collection. Many collectors will organize the coins by denomination, country of origin, and year and will use a spreadsheet or coin collecting software to make it easy to sort and organize and provides a way to take notes of any unique traits or properties.

Research Resources

Research the coins you have using books, online resources, or contact local dealers to seek professional coin appraisals. Look for information on coin values, rarity, and historical significance.

Numismatic books and catalogs that focus on the specific type or era of coins often contain historical information, mintages, and pricing data. Coin guides and price guides that are commonly referenced in coin stores, pawn shops, and by coin dealers such as the “Red Book”, a Guidebook of United States Coins, are available from Amazon and other bookstores. This is one of the most widely used reference books by coin collectors and numismatists and provides detailed information and price estimates for thousands of different coins.

Additionally, online resources, such as Numista.com, FindBullionPrices.com, PCGS, and NGC offer extensive databases and can provide additional insights into coin values, history, mintages, composition, circulation and other worthwhile information. You can search by country, type, year, and denomination to find information about your coin.

Numismatic forums like Coin Community Forum and Collectors Universe are excellent places to ask questions, share photos, and learn from experienced collectors.

blank — Local Coin Shows and Club Meetings are great places to sell coins direct to other collectors and dealers.

Local coin shows and coin club meetings can help you meet other collectors who share a similar passion for collecting. These events are excellent opportunities to meet knowledgeable collectors, dealers, and experts who can provide information and guidance.

Once you’ve identified your coins, determine their approximate value. Keep in mind that a coin’s condition (graded on a scale from poor to mint state) has a significant impact on its worth.

Reputable coin dealers in your area can offer insights, appraisals, and information about the coins in their inventory.

For rare or valuable coins, consider getting a professional appraisal that can provide you with a more accurate assessment of your coin’s value.

Estimating Coin Values

Condition and Grading

Many older coins have been in circulation and have suffered wear and tear. For both collectors and investors, the condition of a coin can make the difference between a piece being worth its intrinsic metal value or thousands of dollars more.

Coins that remain in mint state (uncirculated) or proof condition are rarer because fewer have survived in such pristine condition and are more desirable to collectors.

Even common-date coins can carry a significant premium if they are in exceptional condition, particularly with coins that exhibit rare features such as Franklin Half Dollars with Full Bell Lines (FBL) or Deep Cameo on proof coins.

Places to Sell Coins and Find the Right Buyer

Visit local coin shops or contact coin dealers who specialize in your type of coins. They can provide offers based on their expertise.

Websites like eBay, Heritage Auctions, and GreatCollections allow you to list your coins for sale. Be prepared to handle shipping and potential fees.

When selling your coins, set a reasonable and competitive price based on their condition and market demand. Research recent sales of similar coins to gauge their market value.

Understand that dealers will be knowledgeable about current coin values, so be realistic in your expectations and have some understanding of the current market value.

Local Coin Shops and Dealers

One of the easiest ways to sell your coins is by visiting local coin shops or contacting coin dealers who specialize in your type of coins. These dealers have extensive knowledge and can provide you with an offer based on their expertise.

Keep in mind that coin shops often offer slightly less than full market value since they need to resell the coins for a profit. To ensure you’re getting a fair price, consider visiting multiple shops to compare offers.

Online Auctions and Selling Platforms

Websites like eBay, Heritage Auctions, and GreatCollections provide platforms where you can list your coins for sale. These sites allow you to reach a large audience of potential buyers, but be prepared to handle the logistics.

You’ll need to manage shipping, customer inquiries, and any associated fees that the platform may charge. For instance, eBay charges final value fees, while auction houses take a commission on sales. Before listing, it’s a good idea to research completed sales of similar coins to set a competitive price.

Online forums and communities such as Reddit and CoinTalk offer spaces where you can connect with other coin enthusiasts. These platforms are useful for getting advice, discussing the value of your coins, and even finding potential buyers.

Although these forums are less formal than auction houses or online marketplaces, they can be a valuable resource for learning more about the coin market and connecting with other collectors.

Coin Shows

Coin shows are a great way to connect with dealers and collectors in person. These events provide the opportunity to showcase your coins and negotiate directly with potential buyers.

Keep in mind that most dealers at coin shows are very knowledgeable about current coin values, so it’s important to set realistic expectations. Before attending, familiarize yourself with the market value of your coins to ensure you are prepared for negotiations and don’t sell for less than their worth.

Attend coin shows in your area where you can meet dealers and collectors interested in your coins. Understand the current market value to set realistic expectations.

Consignment Auctions

If you have rare or valuable coins, consigning them to a reputable auction house can be a smart move. Many auction houses specialize in rare coins and have a broad network of collectors and investors.

When you consign your coins, the auction house will usually have them appraised and professionally graded to determine their condition and true market value. This appraisal helps set appropriate prices and create detailed descriptions for your coins.

The consignee will then market your coins through various channels, including live auctions, online listings, and direct sales to their clientele. While auction houses typically take a percentage of the sale as a fee, they provide expert marketing and exposure that can help you achieve higher sale prices.

Tax Implications When You Sell Coins

Capital Gains Tax on Coins

In the U.S., coins are classified as collectibles under the tax code. When selling coins for a profit, you may be subject to capital gains tax. It is essential to understand how the tax works, the rates involved, and how it applies specifically to coin collectors and investors.

If you hold coins for one year or less before selling them, any profit is considered a short-term capital gain and is taxed at your ordinary income tax rate.

If you hold coins for more than one year before selling, the profit qualifies for the long-term capital gains tax rate.

Unlike other long-term investments like stocks or real estate, which are taxed at a maximum of 20%, collectibles are taxed at a higher maximum capital gains tax rate of 28%.

Factors such as the holding period (short-term vs. long-term gains) and your overall income can affect the tax rate.

Given the complexity of tax laws and regulations related to numismatic coins, it’s advisable to consult with a tax professional or accountant who can provide guidance on your specific situation.

Conclusion

If you have a substantial collection or are dealing with high-value coins, consider consulting with a professional coin broker or auction house to help you navigate the selling process.

Remember that selling coins can take time, and finding the right buyer at the right price may require patience. Be cautious of scams or deals that seem too good to be true, and prioritize safety when meeting buyers in person.

August 16, 2023November 17, 2023

The Basics of Coin Collecting

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Coins and currency are tangible artifacts that provide a window into the history, culture, politics, and economics of different time periods and civilizations.

Collecting coins and other numismatic items allows you to hold pieces of history in your hands and learn about the past through their collection. Prior to 1933, gold coins were part of the economy and were used for many every day transactions. Many of the Pre-1933 gold coins are now well over 100 years old.

Coin collecting originated as a pursuit driven by curiosity, fascination with history and the desire to preserve and understand the past through tangible artifacts. The origins of coin collecting, or numismatics, can be traced back to times as ancient as the coins themselves as some have been around for thousands of years. Over the centuries, it has grown into a well-established hobby with a diverse and enthusiastic community of collectors.

Coin Collecting Origins

The practice of coin collecting gained significant momentum during the Renaissance and Enlightenment periods. Scholars, artists, and thinkers of the era became interested in the history, artistry, and symbolism of coins.

One Italian poet, scholar and humanist in particular named Francesco Petrarch is often considered one of the earliest coin collectors. He owned a vast collection of coins, manuscripts, and artworks which he displayed in his “Cabinet of Antiquities.”

The concept of a “cabinet of curiosities” was popular during the Renaissance and Enlightenment. These cabinets, also known as Wunderkammer, were private collections that included various objects, including coins, fossils, natural specimens, artwork and antiquities.

Collectors like Petrarch saw coins as valuable artifacts that could provide insights into different and ancient cultures and historical periods, in addition to the intrinsic value.

Another notable early coin collector was English antiquary and politician Elias Ashmole. His eclectic collection included rare books, manuscripts and artifacts alongside a massive and significant collection of coins. Ashmole was one of the early members of the Royal Society and his collection formed the basis of the Ashmolean Museum in Oxford, one of the oldest public museums in the world.

Coin Collecting Catalogs

The emergence of coin catalogs began in the 18th and 19th centuries as numismatists began publishing books about coins, detailing their characteristics, origins, and historical context.

These catalogs helped collectors identify and classify coins, and they played a crucial role in the development of numismatic scholarship.

In the 19th century, organized coin collecting groups and societies began to form. These groups provided a platform for collectors to share their knowledge, exchange coins, and collaborate on research projects.

Founded in 1891, the American Numismatic Association (ANA) is one of the oldest and most influential coin collecting and numismatic organizations in the world. Their mission is to promote and advance the knowledge and enjoyment of numismatics, as well as to foster the exchange of information and ideas among collectors, dealers, and scholars.

Virgil Brand, an early American collector, assembled one of the most extensive and diverse coin collections of his time. His collection included an impressive array of rare U.S. coins, world coins, as well as rare and valuable ancient coins.

One of Brand’s notable contributions was the creation of the “Brand Book,” a multi-volume catalog of his collection.

The Brand Book provided descriptions and information about each item in his collection and remains an important resource for researchers and collectors.

The American Numismatic Association (ANA) is a nonprofit organization dedicated to the study and collection of coins and other related items.

Today, the “Red Book,” formally known as “A Guide Book of United States Coins,” is the most widely recognized and respected reference guide for collectors, dealers, and enthusiasts of United States coins. It is one of the most comprehensive and authoritative sources of information about U.S. coinage, providing essential details about coin values, mintage figures, historical background, and collecting tips.

The Red Book is published annually by Whitman Publishing with contributions from various numismatic experts. It has been in publication since 1947, making it a staple in the numismatic community for over seven decades.

The 77th edition of the Red Book covers everything from early colonial copper tokens to hefty Old West silver dollars and dazzling gold coins. The book includes more than 32,500+ prices and auction records for nearly 8,000 coins, tokens, medals, coin sets and other collectible species.

Diversification: Coin collecting can diversify an investment portfolio. Since the value of rare coins or coins made from precious metals can move independently of traditional financial markets, they can provide a hedge against market volatility.

Inheritance and Estate Value: Well-curated coin collections can become valuable family heirlooms, passed down through generations. Over time, the historical and monetary value of these collections can grow significantly.

Educational Value: The knowledge gained from coin collecting about history, economics, and numismatics can be invaluable. This expertise can aid collectors in making informed purchasing decisions, potentially leading to profitable sales or trades.

Enjoyment and Satisfaction: While not a direct financial gain, the enjoyment and satisfaction of building a collection should not be underestimated. For many collectors, the value of their collection is also in the journey and passion for the hobby.

Networking and Community: Engaging with the coin collecting community can lead to opportunities for profitable trades, sales, or purchases. Networking can also provide insights into market trends and valuable information about rare and valuable coins.

Market Timing and Strategy: Skilled collectors who understand market dynamics can buy coins when prices are low and sell when they are high, much like stock market investments.

Condition and Preservation: Collectors who skillfully maintain and preserve the condition of their coins can see an increase in value over time. The condition of a coin is a critical factor in its valuation.

However, it’s important to note that coin collecting as an investment strategy carries its own risks and requires knowledge and research. The market for coins can be volatile and influenced by numerous factors. Therefore, it’s recommended to approach coin collecting with both an interest in the hobby and a strategic investment perspective, and not solely for the purpose of wealth generation. As with any investment, diversification and not putting all your financial resources into one type of asset is a prudent strategy.

US Mint Pre-1933 Gold Coin Investments

Coin collecting can also be a method of building wealth, albeit with certain nuances compared to traditional investments.

Many collectible coins, such as older coins or special bullion issues, are made of precious metals like gold and silver. The intrinsic value of these metals fluctuates with the markets and gold has a history of being a hedge against inflation.

Beyond the intrinsic value of the metal, collectible coins can acquire a numismatic premium. This premium is based on factors like rarity, condition (grade), historical significance, and market demand.

Rare coins, especially those with historical significance, limited mintage, or unique features, can appreciate in value over time. The scarcity and demand for these coins can drive their prices higher in the collector market.

The Executive Order 6102 required U.S. citizens to surrender their gold coins, gold bullion, and gold certificates to the government. Many gold coins deemed of numismatic value were exempt, however, a significant number of coins were melted down. This reduced supply has added to the rarity and desirability of many pre-1933 gold coins.

Collecting pre-1933 gold coins can be a rewarding and strategic choice for investors with an interest in numismatists since these coins were minted during an era when the gold standard was in place..

Pre-1933 gold coins offer the additional advantage of physical ownership of a tangible asset. Holding these coins provides a sense of connection to the past as well as a hedge against economic uncertainty.

These coins contain a significant amount of gold. For example, a $20 Saint-Gaudens gold coin contains .9675 ounces of gold. The intrinsic value of the gold content provides a floor for their market value. Most pre-1933 gold coins also numismatic value, even in circulated condition. The numismatic premium is determined by factors like rarity, demand, condition, and historical significance. In certain market conditions, the numismatic premium on specimen coins can substantially exceed the melt value.

Including a collection of Pre-1933 gold coins in an investment portfolio can provide a level of diversification beyond traditional financial assets.

Coin Grading Scale

As numismatics evolved during the 20th century, collectors and experts recognized the need for standardized terminology and grading systems. The Sheldon Coin Grading Scale, developed in the mid-20th century by Dr. William Sheldon has become the most widely adopted system for assessing the condition of coins.

With advancements in communication and technology, coin collecting has become more accessible to a global audience. The internet allows collectors to connect, research, sell and buy gold coins from around the world. Online auction platforms and forums have expanded the reach of numismatics.

Coin collecting has evolved beyond merely acquiring coins for their monetary value. Many collectors now focus on various aspects, including historical significance, artistic appeal, rarity, and cultural context, with some collectors specializing in specific periods, rulers, or coin types.

Universities and museums often have numismatic departments that contribute to research and education. These institutions offer academic programs and conduct research to further the understanding of coins’ historical and cultural importance.

Today, numismatics is a global hobby with collectors from different countries sharing their passion and expertise. Numismatic events, exhibitions, and conferences provide opportunities for collectors to connect and learn from one another.

July 14, 2023September 14, 2024

Silver Dimes

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Until 1965, U.S. dimes were composed of 90% silver and 10% copper. However, because of rising silver prices, the U.S. Mint decided to continue debasement of coinage by changing the composition of dimes to a copper-nickel alloy, starting with the clad coin production in 1965. The US Mint not longer issues silver dimes, instead, today’s dimes are of an alloy that is 91.67% copper and 8.33% nickel.

Silver dimes are ten-cent coins that were minted from 1796 to 1964, made from an alloy called “coin silver.”

Six different styles of silver dimes had been issued by the US Mint before 1965. Those include the Draped Bust, Capped Bust, Seated Liberty, Barber, Mercury, and Roosevelt designs.

Until 1965, U.S. dimes were composed of 90% silver and 10% copper. However, because of rising silver prices, the U.S. Mint decided to continue debasement of coinage by changing the composition of dimes to a copper-nickel alloy, starting with the clad coin production in 1965. Today’s dimes are of an alloy that is 91.67% copper and 8.33% nickel.

Silver Dime Variations

Roosevelt Silver Dimes (1946-1964): These feature a portrait of President Franklin D. Roosevelt on the obverse side.
Mercury Dimes (1916-1945): Despite the name, these actually depict a young Lady Liberty wearing a winged cap, which was mistaken for Mercury, the Roman messenger god.
Barber Dimes (1892-1916): Named after their designer, Charles E. Barber, these dimes feature the head of Liberty on the obverse.
Seated Liberty Dimes (1837-1891): These depict Liberty seated on a rock, holding a shield in one hand and an olive branch in the other.
Capped Bust Dimes (1809-1837): These feature a portrait of Liberty wearing a cap, along with an eagle on the reverse.
Draped Bust Dimes (1796-1807): These feature a portrait of Liberty with flowing hair and draped bust.

Collectors seek out silver dimes for their historical and numismatic value, while investors purchase them for their silver content as a hedge against economic instability or inflation. The industry refers to this as “junk silver,” although the term doesn’t reflect on the condition or value of the coin but rather means that its value comes primarily from its metal content rather than its rarity or collectibility.

Face Value Bags of Junk Silver

Online bullion dealers typically offer 90% silver dimes based on the face value that each contains. For example, each $5 Face Value standard bank roll of silver dimes has fifty individual pieces minted Pre-1965. Each circulated silver dime contains approximately .0715 troy ounces, with each standard $5 Bank Roll of silver dimes having a total of 3.575 troy ounces ASW.

Buying $100 Face Value bags of silver dimes provides one thousand individual dimes. These face value bags a popular way for new collectors to better understand the many rare dates, die variations, mint marks and error coins that are available. The intrinsic value of this bag is much higher than the face value due to the silver content of the coins.

Books About Silver Dimes

Pre-made Ten-Cent Coin Albums from Dansco and Whitman are an easy way for collectors to keep things organized and are available from Amazon and other retailers.

As a reference guide, many coin dealers use the spiral bound Guide Book of United States Coins, typically referred to as the “Red Book”, to help with pricing of collectible coins. The publish updates the guidebook each year making it one of the most common guidebook for collectors and investors alike.

June 22, 2023June 22, 2023

1921 Silver Dollar

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Designs of the 1921 Morgan and 1921 Peace Dollars

The 1921 Silver Dollar holds significance as the last year of regular issue for the Morgan Silver Dollar series. After the passage of the Pittman Act in 1918, which authorized the melting and recoinage of silver dollars, the Morgan Silver Dollar production resumed in 1921 for a brief period before being replaced later in the year.

The United States saw an economic boom following the end of World War I and 90% silver coins were the bedrock of the economy.

The US Mint responded to shortages by restarting the production of the Morgan $1 Silver Dollar in March of that year, turning out 86,730,000 coins across three mint facilities:

Philadelphia (no mintmark) produced the highest number of 1921 Morgan Silver Dollar coins, roughly 44,690,000 with no mint mark.
Denver (D mintmark) minted roughly 20,345,000 1921-D coins.
San Francisco (S mintmark) minted 21,695,000 1921-S silver coins

At the same time, many politicians felt it would be a suitable time to change the design of the coins to have a more contemporary feel.

The Commission of Fine Arts petitioned an invitation-only competition in 1920 to find a suitable design to symbolize peace after the end of World War I.

The competition invited several prominent sculptors to submit designs for the new silver dollar coin. Among the participants were Anthony de Francisci, Hermon MacNeil, and Adolph A. Weinman. Each artist presented their proposed designs, which were reviewed by a panel of judges. Ultimately, the design created by Anthony de Francisci was selected as the winning design as the Peace Dollar silver coin.

Anthony de Francisci’s design featured a portrait of Lady Liberty wearing a radiant crown on the obverse side of the coin, with the word “LIBERTY” inscribed. The reverse side showcased a perched bald eagle resting on a rock, clutching an olive branch, symbolizing peace. The inscriptions “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” and “IN GOD WE TRUST” were also included on the coin.

The 1921 Peace Silver Dollar holds historical significance as the first year of issue for the series. However, it had a very limited mintage compared to the Morgan Silver Dollar, making it relatively scarcer and often more sought after by collectors. The Peace Silver Dollar series was produced from 1921 to 1935, with additional issues in 1964 and 1965.

The coin was only issued in a high-relief format, similar to a proof. In total, just 1,006,473 1921 Peace Silver Dollar coins were minted at the Philadelphia Mint, making it a single mint issue.

It’s worth noting that the availability and desirability of specific mintmarks can vary among collectors, and some command very high numismatic premiums due to their relative scarcity or historical significance.

With more than 80 million coins struck, it is very common to find 1921 Morgan Dollars in Brilliant Uncirculated that condition. Coins in finer condition and graded specimens tend to see higher increases in numismatic premiums over time.

Silver dollar coins often hold greater collector appeal compared to smaller denominations. Their larger size, historical context, and unique designs make them attractive to coin collectors and many build comprehensive collections spanning all mintage years and mintmarks. This collector demand influences the market value and potential appreciation of silver dollar coins over time with numismatic premiums.

June 13, 2023June 14, 2023

The Sheldon Scale: A Comprehensive Guide for Grading Gold and Silver Coins

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The coin grading system, known as the Sheldon Scale, has become a critical part of the numismatic world. It provides a standard for assessing the condition of both numismatic and bullion coins, significantly affecting their market value. Third party grading services widely use this system, applying it to various coins, from gold and silver coins to rarer items like Pre-1933 Gold Coins. With this guide, you will understand the background, usage, and impact of the Sheldon in numismatics.

What is the Sheldon Grading Scale?

The Sheldon grading Scale is a 70-point grading scale for evaluating the condition and quality of coins. Initially intended for large cents minted between 1793 and 1814, it has since been expanded to include all types of coins, numismatic and bullion alike.

This grading system ranges from a grade of 1, which represents a coin in poor condition (also known as “basal state”), to a grade of 70, denoting a coin in perfect, mint condition. The Sheldon Grading Scale evaluates coins based on their wear, marking, luster, color, and eye appeal. The key grades to note are:

Mint State (MS 60-70): No signs of wear, highest quality.
About Uncirculated (AU 50-58): Slight signs of wear or minor defects.
Extremely Fine (EF or XF 40-45): Light wear on the coin’s high points.
Very Fine (VF 20-35): Medium to medium-light wear.
Fine (F 12-15): Moderate to considerable even wear.
Very Good (VG 8-10): Well-worn with main features clear and bold.
Good (G 4-6): Heavily worn with lettering, date and figures visible but faint in spots.
About Good (AG 3): Very heavily worn with parts of date, lettering, etc. worn smooth.
Fair (F 2): Barely recognizable, may be damaged.
Poor (P or PR 1): Barely recognizable as to what coin it is, almost all detail worn off.

The Sheldon Grading Scale offers a unified, standardized grading system that is widely accepted across the numismatic world. It is used by professional dealers, collectors, and third party grading services to evaluate and trade graded coins.

The Sheldon grading Scale is widely used by various entities within the numismatic community. Third-party grading services are arguably the most notable users of the Sheldon grading Scale. These independent organizations, including the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC), provide expert coin grading services to collectors and dealers worldwide. They base their evaluations on the Sheldon Grading Scale, providing an unbiased assessment of a coin’s condition. These organizations also offer coin encapsulation or “slabbing” services, whereby the graded coins are sealed within clear, hard plastic cases. This helps to preserve the coin’s condition and provides an easy-to-view display. A label inside the case indicates the coin’s grade and other relevant information.

Coin dealers also utilize the Sheldon Grading Scale extensively. When buying and selling coins, dealers need to accurately determine the condition and hence the value of the coins. The Sheldon Grading Scale provides a standardized system to make this determination. For instance, a coin graded as Mint State 65 (MS 65) is more valuable than one graded as Extremely Fine 40 (EF 40). Dealers use these gradings to set prices for buying and selling coins, thus ensuring fairness and transparency in the market.

Coin collectors find the Sheldon Grading Scale invaluable for the same reasons dealers do. When adding to their collections, collectors need to know they’re getting a fair deal. A coin’s grade can dramatically affect its value, so knowing its Sheldon Grading Scale grade helps collectors make informed purchasing decisions. Additionally, many collectors derive satisfaction from acquiring high-grade coins, and the Sheldon Grading Scale provides a clear target for them to aim at.

Auction houses dealing in numismatics also use the Sheldon Grading Scale. When cataloging and listing coins for auction, the coins are often graded using this scale. This allows potential buyers to have a clear understanding of the coin’s condition, enabling them to bid appropriately. Coins graded by reputable third-party grading services often bring higher prices due to the confidence buyers have in the grading accuracy.

How does the Sheldon Scale apply to Gold & Silver Coins?

Applying the Sheldon Grading Scale to gold coins and silver coins involves evaluating various physical attributes. These include the coin’s wear, or lack thereof, the presence of any markings or damage, the luster or shine of the metal, the coin’s color, and its overall eye appeal. Each factor is meticulously inspected to assign an appropriate grade on the Sheldon Grading Scale. For instance, a coin that exhibits no signs of wear and maintains its original luster would likely receive a Mint State grade, while a coin with noticeable wear and damage would receive a lower grade.

While the Sheldon Grading Scale grading is universally applicable, its significance can vary depending on the type of coin. For bullion coins, which include many modern gold and silver coins, the value is often primarily derived from the metal content itself. Such coins are often bought and sold close to their “melt value,” the value of the precious metal content if the coin were melted down. In such cases, the Sheldon Grading Scale grading might not dramatically influence a bullion coin’s value, although some collectors still appreciate and seek out high-grade bullion coins.

On the other hand, numismatic coins, including rare and historical items like Pre-1933 Gold Coins, greatly depend on the Sheldon Grading Scale for valuation. Because these coins are valued for their rarity, historical significance, and condition, a high Sheldon Grading Scale grade can significantly increase their value. Therefore, collectors and dealers pay keen attention to the Sheldon Grading Scale grading when dealing with numismatic coins. Coins that have been graded and authenticated by a respected third-party grading service often command higher prices in the market, thanks to the added assurance of their grade and authenticity.

Who was Dr. William H. Sheldon?

Dr. William H. Sheldon was an American psychologist and numismatist who left a significant imprint on the world of coin collecting. Born in 1898, Sheldon is most famous for developing the Sheldon Grading Scale for grading coins, a system that revolutionized numismatics and is still in use today. Beyond his contribution to coin grading, he was also a notable figure in the field of psychology, where he proposed the theory of body types known as somatotypes. Despite his controversial theories in psychology, his contribution to numismatics is universally recognized and appreciated. His creation of the Sheldon Grading Scale was a pioneering effort in bringing a standardized grading system to coin collecting, significantly impacting how coins are evaluated and traded.

What role did Dr. William H. Sheldon play in 20th century numismatics?

In the realm of 20th-century numismatics, Dr. William H. Sheldon played a pivotal role in his development of the Sheldon Grading Scale. Before his intervention, there was no standardized, universally accepted system for grading coins. This lack of uniformity made it difficult for collectors and dealers to accurately value and trade coins. Sheldon introduced his scale in the 1940s, primarily for the grading of early American cents, but the system’s usefulness quickly led to its adoption for all types of coins. The Sheldon Grading Scale effectively revolutionized the field of numismatics by providing a common language to describe a coin’s condition.

Moreover, Dr. Sheldon’s contributions extended beyond just the creation of the grading scale. His book, “Penny Whimsy,” which outlines the Sheldon Scale in detail, is considered an essential read for serious coin collectors and dealers. His efforts, along with those of others in the numismatic community, led to the emergence of third-party grading services, which brought further standardization and credibility to the grading process. These services use the Sheldon Scale as a foundation for their grading, ensuring the system’s continued relevance and influence in numismatics. The legacy of Dr. Sheldon’s contributions continues to shape the world of coin collecting and trading to this day.

March 5, 2023March 5, 2023

Understanding Investment Grade Gold Coins

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While ETFs like SLV and GLD may help balance out your stock portfolio, the crypto markets continue to raise anxiety for investors, tucking away some gold coins in a discrete location can give you financial security and peace of mind. Gold Coins are an investment that you want to hold and it’s a wise idea to have a stack.

A key concept to understand is that gold ownership is a store of wealth. When you buy coins minted of precious metals you are transferring your hard-earned fiat currency into a physical asset. The value of gold is driven by the commodities markets, central bank buying and its innovative use by industry.

Which Gold Coin is Ideal for Stacking?

All major gold bullion coins that are manufacturered by government backed mints are widely recognized worldwide. While the full one troy ounce of gold coin is the most popular, various fractional ounce sizes are available for investors of all budgets.

The allure and luster of pure 24k gold is part of what draws investors to some coins. They prefer the beauty, color and the way pure gold reflects light.

Other investors have a preference for stacking coins that are more practical and made for the rigors of circulating in the economy. Modern and vintage 22k gold coins contain an alloy that incorporates other metals for durability and scratch resistance when handling.

The prestigious 1 ounce Gold American Buffalo from the US Mint is one of the best selling pure gold coins. This coin is highly revered for the immaculate detail in the design. However, the Gold Maple Leaf, Britannia and a variety of gold coins from the Perth Mint are also the same purity and often available for a significantly lower price from one or more online bullion dealers for the same amount of gold.

Modern Gold Coins

The US Mint produces millions of gold coins each year in the Eagle and Buffalo series’ plus a variety of commemorative issues that highlight and celebrate American values and culture.

Various laws passed by Congress require that the US Mint to charge wholesalers a premium over spot price to cover the costs of manufacturing, marketing, sales and distribution of newly minted coins. The pandemic lockdowns caused a chain reaction that led to increasing costs along the entire supply chain from mine to mint.

Sovereign owned mints, such as those in Canada, Europe and Asia also have large-scale operations for producing coins for investment. Lower foreign manufacturing costs combined with other market-driving factors put the prices of these legal tender coins at a lower premium over spot than those produced domestically.

Even though they have a nominal face value in a foreign currency, most are also eligible for inclusion in a precious metals IRA based on their legal-tender status and gold purity.

Vintage Gold Coins

Long before the invention of paper money and fiat, gold has a long traditional history as money that has proven to stand the test of time. Pure gold is very soft and easily damaged during circulation. Many vintage gold coins are minted from a 22k gold alloy, which blends other metals such as copper and silver to provide rigidness.

Gold coins were the acceptable currency for everyday spending, making major purchases and for international trade.

The lust for gold and wealth was the primary driver of Colonial expansion during the 18th and early 19th centuries.

European kings and monarchs built mints in far away places to create coins from their newly acquired riches. The Spanish were the first to establish a mint in North America in 1535 to melt down Aztec treasures into Spanish gold escudos coins.

The British established a branch of the Royal Mint in Western Australia to mint Gold Sovereign coins that later become the Perth Mint.

For hundreds of years, coins such as British Gold Sovereigns, the 20 francs and other European gold coins like the Gold Corona were minted with qualities that made them ideal for circulation and to withstand generations.

Gold is Insurance Against CBDC

The record amounts of stockpiling by central banks is recent years is a top indication that there is a global economic shift towards a gold-backed currency for international trade.

Many countries, particularly in the Middle East, Africa and Asia have been ramping up their gold buying in preparation for the introduction of a BRICS+ commodity-based basket currency.

Gold is a unique physical asset that is easily exchangeable into cash. Having a portion of your savings outside of the traditional banking system that is controlled by the government and central banks gives you more control of your money and your future.

The Federal Reserve and White House have both announced plans to roll out a CBDC. Many are correct in their beliefs that the government will attempt to force the use of a programmable currency in the coming years as the state of the economy worsens.

Owning even a small investment in gold coins can provide peace of mind and financial security that is expected to come with a collapse of our current financial system in the coming years.

Practical Gold Preps

It’s growing harder for families to maintain a budget when the cost of basic groceries and gas to fill up the car increases with each passing week.

Being able to set aside enough cash savings to cover a few months of expenses is nearly impossible in the current climate of skyrocketing inflation, alongside continually rising interest rates and massive layoffs in the job market.

The importance of having a stable, trusted and reliable store of value has never been more critical than it is today.

December 4, 2022September 11, 2024

Modern History of Silver Coins in the US Economy

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Precious metals coins have been found by archaeologists and historians that date back thousands of years.

Historians and archaeologists from around the world have unearthed precious metal coins from cultures that vanished long ago. Many notable examples from China, India, Ancient Greece and Egypt are on display in museums.

Silver, Gold and other precious metals are found in natural deposits throughout the world. Coins minted from silver and gold have been valued, exchanged as the purest form of money since ancient civilizations.

The earliest known was the Lydians, an ancient Mediterranean civilization that has been discovered in part of modern day Turkey.

The Lydians are the first known culture to create coins from gold and silver. The earliest coins discovered were minted of an alloy similar to electrum. Electrum is a naturally occurring alloy containing gold and silver that also contains trace amounts of copper and other metals.

The Lydian stater coins have often been reported to be struck from this naturally-occurring alloy. However, modern analysis has shown that many were actually made from a specific and rather consistent alloy. A mixture of approximately 55% gold, 45% silver, and a small balance of copper.

In Ancient Greece, the silver drachma was the standard used for hundreds of years even into the early Roman Empire. Each drachma was minted with 4.3 grams of silver. the largest know, the Decadrachm contained 43 grams of silver.

Colonial times and long ocean voyages to the new world helped to establish a new routes for international trade. The economies of the Europe were funded by exploits gained through colonial expansion. Ships returning to Europe brought goods like sugar, corn and tobacco. The New World was also filled with treasures made from gold and silver.

Locally struck coins dating to as early as 1497 have been discovered at early settlements in the Caribbean.

The Spanish were the first to establish a mint in the New World in what is today in Mexico City. La Casa de Moneda was built by Spanish Colonial settlers in 1536 by order of King Charles I of Spain.

La Casa de Moneda has operated continuously as the oldest operating mint in North America. The flagship bullion coin is the Mexican Libertad Silver Coins which are minted on an annual basis.

Silver coins were also struck in mints established throughout the British colonies. The US Mint was established in Philadelphia in 1792 following the American Revolution.

Silver Coinage in the US economy

Silver is a store of value and wealth that has stood the test of time and technology. Silver was part of the bedrock that the American economy was built on. The Founding Fathers even included a mention of gold and silver in the Constitution.

Everyday Americans carried and used silver coins in everyday life for more than 173 years. Coins minted from alloys of silver were in circulation up until the 1960s.

Congress passed the Coinage Act of 1965. The passage of this act led to further debasement and ushered in the transitioned the dollar away from a gold-standard.

Prior to 1965, all dimes, quarters, half-dollar and dollar coins were 90% silver. Half dollar coins were debased to 40% silver in 1965. The final 40% silver coins intended for circulation were minted in 1970.

The debasement of the dollar and removal from the gold standard continued during Nixon’s first term as president.

For good reason, people began to horde old circulated silver coins. Sometimes old jars of these coins are found buried in someones backyard while doing renovations.

Today, these old circulated silver coins are referred to as Junk Silver. They are bought, sold, traded by investors, stackers, preppers, collectors. Having a few rolls or stacks of old silver coins provides some additional financial security. It’s easy to buy

Modern Silver Bullion Coins

In the late 1970s the Hunt Brothers manipulated prices in the silver market. Their manipulation led to the famed Silver Thursday event in 1980.

The price of silver was driven up to over $50 per ounce on January 18, 1980. At the time the Hunt Brothers were reported to have been holding over 100 million physical ounces at the time.

In response, COMEX created a new trading rule called the “Silver Rule 7”. The new rule suddenly forced the brothers into covering debt borrowed to finance futures contracts. The abrupt change of rules caused the price of silver to drop by more than 50% in just four days.

American Silver Eagle Coins

The US economy suffered through a three year long recession in the early 1980s. In 1985, Congress passed the Liberty Coin Act as a way to help restore faith.

The law established that the first coins were to be released the following year meeting specifications for composition. The US Mint debuted the 1986 American Eagle, minted from .999 fine silver with a design that remained for 35 years.

In 2021, the US Mint updated the reverse with a new design that was introduced part-way into year. There are two distinct reverse designs for the 2021 American Silver Eagle.

During the first part of the year, the coins continued to be minted using the existing design. The coins featuring the new reverse that shows an eagle grasping an olive branch with both talons.

Today, American Silver Eagle investment coins are considered to be the most widely trusted and recognized silver bullion coin worldwide.

The number of coins manufactured each year varies on demand from investors. The coins are minted based on sales. This helps the US Mint to implement a business model that allows for flexibility in scaling capacity.

Silver bullion coins are sold only to Authorized Purchasers who are approved US Mint. The wholesalers acquire freshly minted silver eagle coins from the mint at a fixed premium over spot price. The premium from the mint to wholesalers is $2.35 over the LMBA silver spot price.

The list of Authorized Purchasers includes investment banks and online bullion dealers APMEX and A-Mark. A-Mark is the parent company of well-known online bullion dealers including JM Bullion, Silver.com, Provident Metals and BGASC.

This year, it has been widely reported that the US Mint has been unable to keep up with investor demand. This is the first time in the 36 year history of minting bullion coins. High premiums at retail have led to some investors to buy generic silver bullion.

Manufacturing delays of planchets from private refineries forced the mint to cancel several eagerly anticipated releases.

The American Silver Eagle coin is only available in a one troy ounce denomination which has a $1 USD face value legal tender designation.

April 7, 2022April 7, 2022

US Mint Halts Production of 2022 Morgan Dollar and Peace Dollar Coins

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The US Mint has announced a pause in the production of the new Morgan and Peace dollar coins. The suspension of sales and production is a result of supply chain constraints brought on by the pandemic.

The Mint has stated previously that they have been having difficulty procuring silver planchets to meet demand and production needs.

US Mint Deputy Director Ventris C Gibson said “I want to ensure that our customers know,” she said, “that the modern renditions of the historic Morgan and Peace Silver Dollars will continue next year. Our goal is straightforward: to give our loyal customers the products they want and the service they deserve.”

The modern renditions of the Morgan and Peace Dollar Silver Coins were introduced in 2021. Demand for the modern coins has been very strong amongst investors and collectors.

These coins are minted with .858 troy ounces of .999 fine silver.

Learn more about the 2021 Morgan and Peace Dollar Silver Coin series and find the best prices with FindBullionPrices.com

October 31, 2020October 31, 2020

2020 American Eagle Silver Privy Proof Coin – End of World War II 75th Anniversary

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2020 American Silver Eagle 75th Privy Proof - Anniversary of the End of World War II

End of World War II 75th Anniversary American Eagle Silver Proof Coin

The most anticipated coin release in recent time was last years’ 2019-S Reverse Proof American Silver Eagle coin. With only 30,000 coins minted, the coin was sold out in minutes from the US Mint website.

Many of those that were lucky enough to score one of these coins turned to eBay to sell for a quick flip. Some are still being sold in PR70 grades in PCGS and NGC slabs for over $2,000. PR69 Examples are selling for upwards of $1,000.

Pretty nice ROI for a coin that was sold by the US Mint for $65.95.

This year there seems to be a lot of hype lately around the US Mint’s upcoming release of a new Silver Eagle Proof coin. The coin is being marketed by the US Mint as a commemorative celebrating the 75th Anniversary of the End of World War II.

The coin is minted by the West Point Mint. It is a proof coin containing a special privy mark shaped like the reflecting pool at the World War II Memorial in Washington, DC. Inside the privy it is stamped with V75.

This is the first time the US Mint has release an American Silver Eagle coin with a privy mark.

The mintage will be limited to just 75,000 coins. Demand has been high for the coin. Some dealers have already begun listing the coins for sale on eBay for presale at prices ranging from $800 – $1,500.

The coin goes on sale next Thursday November 5 at 12 noon eastern time. You can sign up for reminder alerts on the product page at the US Mint website. I’m sure this coin will sell out quick.

If you’re lucky enough to buy one of the 75,000 coins being made available it should be an easy flip for a huge ROI.

Which are the Best Gold Coins for Investment?

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It is a cycle that may seem familiar. Collapse of the housing sector, collapse of the stock market, bank runs and shutdowns. You may remember some of the symptoms leading up to the 2008 financial crisis. It’s looking similar this time around. The stock market drops and trillions of dollars in wealth vanishes into thin air for millions of people.

Some investors started shifting money into more stable assets throughout the pandemic. Few assets are as trusted and as reliable as a store of value as is gold.

Shopping for gold coins can be overwhelming and confusing in the beginning. There hundreds of online bullion dealers to choose from, and almost every single one offers the exact same product at a different price.

A wise choice for if you’re interested enough to buy gold coins is to stick with holding items that are widely available and likely to be widely recognized. This will make it easier to sell later on.

The American Eagle and Maple Leaf are two of the most widely recognized modern gold coins in the world. Others include Krugerrands, Kangaroos and Britannias.

Vintage coins are also an excellent option. Especially for fractional gold. These coins are steeped in history.

Most of the world economies operated on a gold-standard up until the 1920s. Gold coins were commonplace and circulating for everyday transactions.

Historic gold coins are also a great example to show how gold is a long term store of value and wealth.

Many are still legal-tender today based on their face value. Though the intrinsic value of the metal is worth significantly more.

Coins like the Gold Corona, $10 gold eagle, British Sovereigns and Swiss 20 Francs are often some of the lowest premium fractional gold coins available to investors in current markets.

What makes sovereign gold coins a better investment?

Modern going coins are minted in mass quantities each year. The designs are widely known amongst investor and collectors. Many investment-grade coins, such as the Krugerrand, have had the same consistent design for decades.

Simply put: coins minted by a government come with a guarantee of the weight, purity and quality.

The purity, weight and specifications of these coins is well documented and a well-trained eye can usually identify counterfeits.

Vintage sovereign coins, such as British Sovereigns, 20 Francs Coins from the Latin Monetary Union and Gold Pesos from Mexico all make a solid gold investment.

Historic gold coins are most often in circulated condition and will show some signs of handling, light scratches and other minor imperfections and you can usually buy them at a better price than modern coins.