Posted on

Silver Dimes

FindBullionPrices.com
Silver Dimes

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

  1. Roosevelt Silver Dimes (1946-1964): These feature a portrait of President Franklin D. Roosevelt on the obverse side.
  2. 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.
  3. Barber Dimes (1892-1916): Named after their designer, Charles E. Barber, these dimes feature the head of Liberty on the obverse.
  4. 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.
  5. Capped Bust Dimes (1809-1837): These feature a portrait of Liberty wearing a cap, along with an eagle on the reverse.
  6. 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.

Posted on

Simple & Easy Way to Compare Gold Coin Prices

FindBullionPrices.com

Gold is a globally traded commodity and gold prices change around the clock based on factors that contribute to the global marketplace. This means that gold coin prices can also fluctuate throughout the day and trading is active twenty-four hours a day.

Comparing gold coin prices from different dealers is a crucial step that is often overlooked, leading investors to pay more than they should with excessive premiums.

FindBullionPrices.com helps investors make informed buying decisions by offering tools to compare gold coin prices with product listing featuring the latest prices from dozens of trusted and reputable online dealers to help investors make informed buying decisions.

The Compare Gold Coin Prices page on our website features a both 1 troy oz and fractional modern gold coins that are a popular store of value amongst investors. The coins featured include the 1 oz Gold Eagle and the 1/10 oz fractional eagle counterpart, along with the Gold Maple Leaf and Gold Britannia coins.

For those interested in vintage gold bullion coins, we offer a similar gold coin price comparison table that includes 20 Francs gold coins, Gold Sovereigns, Corona Gold Coins and Pre-1933 US Mint Gold Coins in an easy to understand pricing table.

Our price comparison tools help save investors both time and money by showing the prices from multiple dealers side-by-side and noting any additional costs like shipping or insurance that may be in addition to the listed price. All of the prices shown are scraped from dealer websites around-the-clock providing investors with the most real-time information available to make choices when shopping for gold coins.

Additionally, our bullion dealer directory shows information about each seller, including reviews submitted based on the experiences of other customers, including customer service, return policies. Investing in gold coins is not just about finding the cheapest option, but about finding the best value from a trustworthy source.

Posted on

What is a Silver Certificate?

FindBullionPrices.com

The silver certificate was a type of representative money issued by the United States from 1878 to 1964. These certificates were some of the country’s first forms of paper money.

When silver certificates were first issued by the U.S. government in the 19th century, they were redeemable for their face value equivalent in silver dollar coins. Most typically, Morgan Dollar coins early on, then Peace Dollars. Though it is possible to have exchanged the certificates for any combination of silver coins, including dimes, quarters and half dollars as well.

As silver coins were being transitioned from the economy the Treasury stopped providing an exchange in silver coins. Instead, silver certificates were exchanged for raw silver bullion.

In 1968, the U.S. government halted the redemption of silver certificates for silver bullion entirely. While silver certificates are technically still fiat legal tender, most often they are kept as collector’s items or keepsakes, with some having significant numismatic value in certain conditions.

Key Facts About Silver Certificates

  • Silver certificates are a former legal tender paper currency that was issued by the U.S. government beginning in 1878.
  • Each certificate represented the face value amount in silver bullion, enabling individuals to carry and use paper currency for all the same transactions as silver and gold coins.
  • The Treasury Secretary declared that silver certificates would no longer be redeemable for silver dollars in 1964.
  • Silver certificates can still be redeemed for their face value in fiat currency today, however, many have historical and numismatic value beyond the face value.

Understanding Silver Certificates

On the front of each silver certificate, the following phrase was printed: “This certifies that there is on deposit in the Treasury of the United States of America X dollars in silver payable to the bearer on demand.” The ‘X’ represents the denomination of the certificate that ranged from $1 to $1,000.

When silver certificates were first introduced, silver and gold coins were considered to be real money. The value of each coin was based on the amount of silver that it was minted with. Each $1 USD silver coin has a gross weight of 26.73 g, with a silver content of 0.7734 ozt.

This means that for every ten Morgan Dollar coins someone was carrying, the weight of those coins was 8.6 troy ounces, a little more than half a pound. With the introduction of paper money, the same amount of silver value could be carried with just a few folded pieces of paper.

The key characteristic that helped insure that people adopted the use of silver certificates is that they were backed and guaranteed by the US Treasury and could be redeemed at anytime for the equivalent amount of silver coins.

Value of Silver Certificates

With precious metals removed from the economy completely in the early 1970s, modern U.S. currency, including paper bills and coins, is now fiat money with no underlying commodity providing backing.

This includes both Federal Reserve Notes and the no-longer-issued silver certificates, as neither are currently redeemable for a set amount of a silver or gold.

The value of individual silver certificate as numismatic collectibles can vary widely based on their age, condition, rarity, and specific print run, among other factors. Some are particularly valuable, especially specimens in good condition or with certain serial numbers, with many examples of PCGS graded large denomination silver certificates fetching hundreds of dollars.

Silver certificates continue to have strong appeal among silver stackers, currency collectors and those who appreciate the history and nostalgia they represent. They serves as a historical artifact that is a reminder of an era when silver was integrally woven into the fabric of the economy and how changes occur in the currency system regularly.

Posted on

UBS Issues Report on Central Bank Gold Buying

FindBullionPrices.com

Banking giant UBS says demand for gold from central banks around the world is likely to surge this year as countries continue to back away from the US dollar in favor of local currency and alternative currencies that are not subject to foreign government sanctions and the weaponization.

In a new report titled Three Reasons to Buy Gold Now, UBS says that it expects central banks demand to drive additional price growth this year.

Based on Q12023 data, the report estimates that central banks will accumulate 700 metric tons of gold worth $48.74 billion this year.

Many central banks have been adding to their precious metals holdings since 2008 and continue to do so at rates not seen since the 1970s.

President Nixon dropped the association of the dollar to the gold standard in 1971, referred to by historians as The Nixon Shock. This set the stage for replacing the gold standard with a petro-dollar standard, forcing central banks to divest their gold holdings and invest heavily in dollars for the import of oil and other commodities and abolishing the Bretton Woods agreement.

The 2008 financial crisis led to many foreign leaders, led by BRICS leaders, to reconsider the long term implications of the dollar based financial system. Over the last 15 years, various countries have been developing alternative systems that would allow them to buy pass G7 imposed sanctions.

The financial crisis was also the catalyst for the creation of Bitcoin. When Nakamoto generated the genesis block on January 3, 2009 the text included in the block included a headline from the The Times that read:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

The Times

While the data being released by the government shows that economic conditions are stable, everyday Americans are already starting to feel the impact of a long recession. Inflation continues to eat away at take home pay and spending, with many major retailers continuing to close locations and reduce hiring.

The continued weakening of the US dollar is a huge risk for foreign investors and central banks represent the largest group of investors.

With the risk of a full recession hitting the US economy are very high, central banks are wise to continue to move away from dollars and into a safe haven asset.

The core of the BRICS basket currency is expected to be based around gold, silver and other commodities.

UBS is predicting gold prices will continue to climb this year and in to next as the fiat currency wars begin to heat up.

Posted on

1921 Silver Dollar

FindBullionPrices.com
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.

Posted on

What are US Mint Pre-1933 Gold Coins?

FindBullionPrices.com

In the realm of numismatics, pre-1933 gold coins hold a special place. These gleaming pieces of history are valuable precious metal assets and windows into a fascinating era. With their unique designs, historical significance, and rarity, Pre-1933 US Gold Coins offer collectors and investors a glimpse into the past and a tangible connection to the stories of our ancestors. This article will delve into Pre-1933 US Gold Coins, discussing their historical significance, investment potential, and the difference between “Raw” and “Graded” coins.

What are US Mint Pre-1933 Gold Coins?

Pre-1933 US Gold Coins have an important position in US history and are strongly tied with the Gold Seizure that occurred in the early 1930s. This incident, also known as the Gold Confiscation, marked a watershed moment in the country’s monetary policy and had a long-lasting impact on how the government and its citizens viewed gold.

These coins are available in various values and designs, each representing a distinct epoch in American history. Some famous examples include the 10 Gold Eagle, 20 Gold Double Eagle, Liberty Gold Coin, Incuse Gold Indian, 2.50 Gold Coin, and 5 Half Eagle Gold Coin. These coins were widely used as currency during their time of circulation. Each denomination carries its own unique characteristics and historical context. For example, the $20 Double Eagle is the largest denomination, while the $2.50 Quarter Eagle is the smallest.

Are Pre-1933 Gold Coins Valuable?

Pre-1933 US Gold Coins are highly valued for several reasons. Firstly, their gold content gives them intrinsic value based on the current price of gold. Gold has long been considered a haven asset and a store of value, which makes these coins inherently valuable from an investment standpoint.

Additionally, these coins’ scarcity and historical significance contribute to their worth. The US government recalled most gold coins in 1933 as part of a national effort to stabilize the economy during the Great Depression. As a result, many of these coins were melted down, making the surviving specimens even rarer and more desirable among collectors and investors.

Do Pre-1933 Gold Coins Have Numismatic Value?

In addition to their intrinsic gold value, Pre-1933 US Gold Coins often have numismatic value. Numismatics is the study and collection of coins, and numismatic value refers to the worth of a coin based on factors such as rarity, condition, historical significance, and desirability among collectors.

Certain Pre-1933 US Gold Coins, especially those in excellent condition or with unique features, can command premiums far beyond their gold content. For example, coins with low mintages, coins from specific years or mints, or coins in exceptional states of preservation may have a numismatic value that exceeds their bullion value. The numismatic market for these coins is robust, with collectors and enthusiasts eager to acquire these pieces of history.

How to Invest in Pre-1933 Gold Coins?

Investing in Pre-1933 US Gold Coins can be thrilling and potentially lucrative. If you’re thinking about adding these currencies to your investment portfolio, bear the following points in mind:

Educate Yourself

Learn about the many sorts of US Mint Pre-1933 Gold Coins, their historical significance, and the variables that influence their value. This knowledge will allow you to make more informed judgments when purchasing coins.

Determine Your Budget

Set a budget that aligns with your investment goals and financial capabilities. Pre-1933 US Gold Coins can range in price, so it’s essential to establish a precise spending plan. Many online bullion dealers offer a random year selections based on available inventory. Many can also offer encapsulated coins that are authenticated by third-party grading services that can be purchased by its grade.

Choose a Reputable Dealer

When purchasing Pre-1933 US Gold Coins, working with a trusted and reputable dealer specializing in gold coins is vital—research dealers’ credentials, reviews, and track records before making any transactions. FindBullionPrices.com tracks gold coin prices from dozens of trusted and reputable online bullion dealers to help you find the absolute best prices.

Authenticity

Ensure that any coins you buy are genuine and authentic. Be cautious of counterfeit coins and buy from reputable dealers or auction houses with a record of dealing in rare coins.

Condition

Consider the state of the coin. Coins in better condition generally command higher prices, especially in the numismatic market. However, balancing need and affordability is essential, as pristine examples can be significantly more expensive.

Diversification

Diversification is essential in any investment. To spread your risk and maximize your profits, consider amassing a diversified collection of Pre-1933 US Gold Coins, including different denominations and varieties.

Storage and Security

Properly store and secure your investment. Pre-1933 Gold Co Pre-1933 US Gold Coins ins should be kept in a secure location, such as a safe or a bank safety deposit box, to protect them from theft or damage.

What is the difference between “Raw” & “Graded” Gold coins?

When discussing Pre-1933 US Gold Coins, you may come across the terms “raw” and “graded” to describe their condition and authenticity.

Raw gold coins are coins a professional coin grading service has not officially graded. These coins are typically bought and sold based on their bullion content, historical significance, and overall appearance. Raw coins may vary in condition, and their value is often subject to the buyer’s interpretation and the market’s sentiment.

Graded gold coins, on the other hand, have passed a thorough review process by expert coin grading agencies. Before providing a grade on a specified scale, these agencies evaluate a coin’s quality, authenticity, and other characteristics. The Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC) are two of the most well-known grading firms.

Graded coins are encased in a protective plastic holder known as a slab, which displays the coin’s grade and other relevant information. The grading procedure gives the coin’s condition legitimacy and transparency, making it easier for buyers and sellers to establish its value.

While raw coins offer more flexibility in pricing and personal interpretation, graded coins provide a standardized assessment and greater confidence in a coin’s authenticity and condition.

Pre-1933 US Gold Coins combine historical relevance, intrinsic worth, and numismatic appeal. Their gold content, rarity, and age add to their value, making them an appealing investment option for gold and numismatic enthusiasts. Investors can explore the potential rewards of owning these magnificent pieces of American history by knowing the market, interacting with trustworthy dealers, and considering issues such as coin condition and storage. Pre-1933 US Gold Coins are tangible memories of a bygone period, whether for their gold investment potential or numismatic worth.

Posted on

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

FindBullionPrices.com

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.

Posted on

SEC Tightens Crackdowns on Crypto Exchanges as Federal Reserve Forces Banks to Adopt FedNow CBDC

FindBullionPrices.com

The Securities and Exchange Commission launched another attack on crypto exchanges Coinbase and Binance this week, a move that had been expected. Given the overlap with the timeline of the Federal Reserve forcing banks across the country to implement FedNow as part of the backbone of an ongoing effort to implement a central bank digital currency.

The charges against Binance allege that the exchange “misled” its users about how their deposited funds for staking would be used, including by allegedly funneling customer assets into separate entities owned and controlled by its founder, Changpeng Zhao.

The charges against Coinbase allege that the company is acting as an unregistered broker and exchange. The government alleges that the Coinbase’s flagship prime brokerage, exchange and staking programs violate securities laws, adding that the company “has for years defied the regulatory structures and evaded the disclosure requirements” of U.S. securities law.

The SEC is demanding that the company be “permanently restrained and enjoined” from continuing to do so.

Gary Gensler, a long-time advisor to Sam Bankman-Fried and the FTX Exchange prior to becoming the Chair of the SEC, has made statements in the past that he believes that there should be less cryptocurrency options in the marketplace.

The cases are likely to extend for years and will likely have long-term implications for the future of crypto investing that extend far beyond only these two companies. The agency is targeting the marketplaces where trades are brokered and cleared, which is at the heart of the cryptocurrency industry’s critical infrastructure., an unwelcome development for pro-crypto groups like the Blockchain Association.

However, advocates for crypto claim that Congress is responsible for establishing the laws regarding digital assets, with two proposals currently circulating in Committees to create a federal framework for regulation for crypto assets.

“Contrary to what [SEC Chairman Gary Gensler] says, there is no regulatory clarity for digital assets,” said Kristin Smith in a statement Tuesday. She is the CEO of Blockchain Association, a pro-crypto lobbying group who also pointed to two regulatory proposals the House currently under debate.

The Federal Reserve continues to drive CBDC efforts, while gaslighting the public with denials about their ongoing efforts to implement a central bank digital currency as the use of the dollar continues to dwindle around the world.

While the FedNow service is being pitched as a solution to the high fees charged by private banking networks, the platform will also enable the Federal Reserve to launch an assortment of consumer-to-business, business-to-business or consumer-to-consumer.

Topics around CBDC implementations have organically risen as issues in the current presidential race.

Democrat presidential candidate Robert Kennedy Jr believes that the FedNow service is part of a long-term strategy to outlaw bitcoin and any cryptocurrency that competes with the Federal Reserve.

While the FedNow service is initially restricted to interbank transactions, Kennedy points out that this is “the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago today in 1933.”

He goes on to explain that digital currency could give the US government power to freeze and seize citizens’ assets or even limit your spending when you fail to “to comply with arbitrary diktats.”

Binance has announced that it will be halting all withdrawals of US dollars as soon as June 13 and transitioning to an all crypto model.

The exchange saw the withdrawal of more than $700 million dollars in customer assets this week, with huge sell-offs occurring for certain tokens that were outlined in the government’s lawsuit.

The government’s war against bitcoin and other cryptocurrencies is reminiscent of the efforts to restrict gold ownership and gold bank withdrawals leading up to the government seizure of all privately owned gold in 1933.

Many of the tactics being used by the government are to sow Fear, Uncertainty and Doubt (FUD) and to keep consumers and everyday Americans confused about cryptocurrencies and scared of risking their financial security to private digital tokens. While at the same time, failing to warn or be transparent with the public about the inherent dangers of a central bank controlled digital form of money.

The government does not like competition. The Federal Reserve sees the use of any non-central bank controlled digital currency as a competitor to the dollar. Compared to crypto, gold and silver are the most trusted and proven long term store of value.

Private ownership of precious metals like silver, gold and platinum has been legal since 1974. There are currently an assortment of States, such as Texas, that are pushing to return to the gold-standard with the introduction of precious metals backed digital tokens that can be exchanged for gold.

The Goldback is an existing physical gold-based private legal currency in several states, with the gold-foil notes being issued for New Hampshire, Utah, Wyoming and Nevada is also among the option available to investors.

If you’re an investor looking to use crypto to buy silver bars, you can find a variety of trusted and reputable online bullion dealers who accept various forms of crypto for payment and have the generic 10 oz silver bars shipped directly to your door.

Posted on

Understanding Silver Eagle Premiums

FindBullionPrices.com

The US Mint is one of the largest producers of coins and also happens to be one of the oldest continually operating minting operations in the world. However, this year a variety of production problems have struck the mint related to the production of bullion coins leading to tremendous volatility with Silver Eagle premiums in recent months.

Some investors have continued buying Silver Eagles, hoping that their dollar-cost average, along with rising commodities prices will offset the rising cost. Other investors are seeking out alternatives and buying bullion coins from other government mints.

Results from a recent third-party audit have shown that the Mint’s production techniques remain some of the most efficient because of regular and ongoing continuous improvements for the last 75 years.

Although newer processes exist for manufacturing large volumes of small parts (such as injection molding), the Mint’s ability to produce the quantity and quality of metal stampings are far more economically cost effective.

Silver Eagle Production Costs

The Mint does no longer operates refineries and provides limited assay services. Instead, the US Mint purchases raw materials for coins either in large rolls of sheets of metal strips or as ready-to-strike planchets from a select few approved suppliers such as Sunshine Minting, Coins’N’Things and other precious metals producers.

Prior to minting, the blanks are sent through a furnace in a process to soften the material, referred to as “annealing”. The blanks are then rinsed and cleaned before the “upsetting” step. The upsetting step raises the edges or rim of the blank to turn it into a planchet. The planchet is then ready to be struck into a coin.

In addition to wages, each of these steps in the production process cost the Mint resources, such as electricity, water, tools, dies and other materials. It is established by law that the Mint must charge a premium to cover the cost of production of each silver coin to prevent the program from operating at a loss.

The premium that the Mint charges at a wholesale level to the Authorized Purchasers includes the production costs reflect the amount of work the Mint does to produce, package and distribute each coin.

The West Point Mint is currently the only facility that produces Silver Eagle bullion coins.

Authorized Purchasers

Only companies that meet very stringent criteria are allowed to buy Silver Eagle coins wholesale directly from the mint. There are just ten companies in the US that are “Authorized Purchasers” of the US Mint. The criteria and process to become an AP is arduous and requires a significant amount of financial capital.

Some of the Authorized Purchasers are companies that are familiar to precious metals investors as they include wholesalers and one major online bullion dealer. Others include financial and banking institutions that provide an array of investment solutions.

CompanyHeadquartersAuthorized Metals
A-Mark Precious Metals Inc (AMRK)El Segundo, CASilver, Gold, Platinum & Palladium
American Precious Metals Exchange (APMEX) Oklahoma City, Oklahoma Silver, Gold Platinum & Palladium
Coins & Things, Inc. (CNT)Bridgewater, Mass.Silver, Gold Platinum & Palladium
Dillon Gage Inc. of DallasAddison, TexasSilver, Gold Platinum & Palladium
Fidelitrade, Inc.Wilmington, DelawareSilver, Gold Platinum & Palladium
Jack Hunt Coin Broker, Inc.Kenmore, New YorkSilver, Gold Platinum & Palladium
Manfra, Tordella, & Brookes, Inc. (MTB)New York, New YorkSilver, Gold Platinum & Palladium
ScotiaMocatta (Scotia Bank)New York, New YorkSilver, Gold Platinum & Palladium
StoneX BullionSanta Monica, CaliforniaSilver, Gold Platinum & Palladium
The Gold CenterSpringfield, IllinoisSilver only

Monthly Silver Eagle Sales Volume

The US Mint provides reports that show the monthly sales of bullion coins. The sales reports are effectively mintage reports since the Mint only manufactures coins based on pre-sales from Authorized Purchasers.

The largest mintage year for 1 oz Silver Eagle coins was 2015. That year, the Mint produced more than 47 million coins. This indicates that the West Point Mint is capable of producing nearly 4 million coins per month.

Yet, sales reports for the first few months of this year indicate that the mint has been producing only 900,000 coins per month, the equivalent to just 1,800 monster boxes. This is drastically lower than current demand and restricts the supply of current year coins.

Since restarting operations following pandemic shutdowns in 2020, the Mint has issued several press releases indicating difficulty sourcing suitable blank planchets from providers like Sunshine Minting, Coins’n’Things and other suppliers. This led to the cancellation of the 2022 Morgan Silver Dollar and Peace Silver Dollar commemorative issues from being produced. The fate of this and other coin programs remains unknown.

Coincidentally, the providers of blank planchets are owned by the same companies that are also Authorized Purchasers. This creates what is effectively closed-looped for the production and distribution of silver bullion coins, with the US Mint providing manufacturing services at a fixed cost. The control of the wholesale market is controlled by less than a dozen companies, with several of those companies also being primary suppliers of the raw materials and blank planchets.

As the future of the economy continues to be filled with uncertainty, many investors are driven to precious metals as a safe-haven.

Across the market, it is apparent that premiums on 1 oz silver coins from other sovereign mints have remained lower than Eagles throughout the recent financial crisis. Some investors perceive retail premiums on Silver Eagle coins to be artificially high.

There has been many posts on Reddit and other social media forums in recent months questioning the current Silver Eagle premiums. Some have speculated that suppliers may be intentionally restricting the supply of blanks as a mechanism to increase wholesale profits among the Authorized Purchasers.

Posted on

HSBC, Bank of Nova Scotia & Deutsche Bank Win Dismissal of Silver Price Manipulation Litigation

FindBullionPrices.com

The litigation began in 2014 with the government accusing the banks of being involved in a multi-bank trading conspiracy to manipulate the price of silver.

On Monday, U.S. District Judge Valerie Caproni in Manhattan dismissed the case against HSBC and Bank of Nova Scotia.

In 2016, Deutsche Bank settled with the government for $38M in 2016, and then another $130M in 2021.

In one of the settlements, it’s alleged that the price fixing by Deutsche began as early as 1999 and continued for more than a decade.

In the Deutsche Bank case, two traders were sentenced to prison terms for their involvement in the manipulation of silver prices. Their sentences were affirmed in January when their appeals to the Supreme Court were rejected. Each was sentenced to served only 1 year plus one day.