RSS Feed

September, 2008

  1. Counterfeit FRNs floating around southern NJ

    September 30, 2008 by jasonogrady

    Following are pictures of a counterfeit $10 Federal Reserve Note that I received in change from the Almo Pools on Fire Road in Egg Harbor Township, NJ. I didn’t notice it until the next day, but confirmed that it was fake because it lacked the printed nylon thread that’s embedded in new FRN’s and also lacked the ghost portrait of Alexander Hamilton that appears on the right edge of the bill when held up to a light. Almo pools promptly took it back for a legit $10 FRN – although the nusimatic geek in me was tempted to keep it :)

    Click to see larger versions.

    Counterfeit $10 Federal Reserve Note

    Counterfeit $10 Federal Reserve Note


  2. Mark Twain coins proposed in U.S. House

    September 30, 2008 by jasonogrady

    Mark Twain Gold and Silver Coins Proposed in U.S. House Rep. John Larson and five other House members proposed on Friday gold and silver coins emblematic of the life and legacy of Mark Twain.

    Mark Twain was the pen name for Samuel Clemens, whose many works are still mostly in print after nearly a century past his death in 1910. Clemens is one of the best known Americans in the world with over 6,500 editions of his books translated into 75 languages.

    The commemorative uncirculated and proof coins for collectors would be issued in 2010, which is the year marking both the 175th anniversary of Mark Twain’s birth and the 125th anniversary of the publication of Adventures of Huckleberry Finn.

    Source: CoinNews.net


  3. Gold, silver and platinum fall as stocks rally

    September 30, 2008 by jasonogrady

    Bullion update ...New York precious metals retreated Tuesday as stocks rallied and the U.S. dollar surged amid hopes the passage of a financial rescue plan is still possible from Capital Hill. Nymex silver, gold and platinum futures lost, 5.8 percent, 1.5 percent, and 5.6 percent, respectively.

    November crude-oil recovered from Monday’s more than $10 loss to settle to $100.64 per barrel, gaining $4.27, or 4.4 percent. Its lowest point for the day was $97.80.

    December silver staggered down 75 cents to close to $12.28 an ounce.

    October platinum plunged $59.90 to end at $1,015.10 an ounce.

    December gold lost $13.60 to settle at $880.80 an ounce.

    As always, track bullion prices at Kitco.com.

    Source: CoinNews.net


  4. Boy Scouts silver dollar passes House and Senate

    September 29, 2008 by jasonogrady

    Boy Scout coin with approved stampThe Senate on Saturday joined the House in passing legislation that seeks to commemorate the centennial of the Boy Scouts of America (BSA) with 350,000 silver dollar coins in 2010.

    The bill, named the Boy Scouts of America Centennial Commemorative Coin Act or H.R. 5872, has overwhelming support and now moves to its next step — congressional packaging for the President, who is expected to sign it into law.

    Congressman Pete Sessions [R-TX] introduced the legislation in April and said,

    Source: CoinNews.net


  5. CFTC investigating silver market

    September 26, 2008 by jasonogrady

    Chart: 2008 London Fix Silver AveragesThe Wall Street Journal reported the Commodity Futures Trading Commission (CFTC) confirmed Wednesday that there’s a new investigation into the silver market. Apparently, the CFTC has received numerous complaints that silver was in short supply — verified by reported visits to various coin shops, yet prices were manipulated lower by large investors. WSJ writes:

    Silver investors have argued that a handful of U.S. banks have been controlling a large portion of silver’s short positions — or bets that prices will decline — on Comex division of the New York Mercantile Exchange. Official data from the CFTC showed that two U.S. banks had increased short positions in the silver futures market between July and August by 450% and controlled 25% of the total open interest.

    Source: CoinNews.net


  6. Seven coins with potential

    September 24, 2008 by jasonogrady

    1889 Gold $3 Piece

    Mark Benvenuto from Coins Magazine writes:

    What I’ve assembled here is a list of a “lucky 7″ coins for any collector who is buying. In making such a list, I went for good-quality coins. So they won’t be super cheap. All seven of these coins have good eye appeal, can be found with patience, have some solid value to them, and have the potential to go up if the market shifts favorably.

    1. 1902 Liberty Head Gold $5.

    This coin comes at the end of a long series of gold $5s, all bearing the engraving of the head of Liberty by Christian Gobrecht. Several years around the 1890s and the early 1900s saw mintages of more than 1 million gold $5s. The 1901-S alone had a tally of more than 3.6 million, making it one very common gold $5 piece. So, with a mintage of 172,562 (and only 162 in proof), the 1902 is a pretty scarce item.

    2. 1889 Gold $3 Piece.

    If the prices for the gold $5s I’ve just mentioned are too high, you might want to skip this next one. On the other hand, as some wise man once said, “You have to spend money to make money.” One coin with truly tremendous potential for growth is the 1889 gold $3 piece. There were only 2,429 of them minted and 129 in proof.

    3. 1868 Seated Liberty Half Dime.

    Not many collectors ever seem to sit down and decide to assemble a set of half dimes. So, the 1868 Seated Liberty half dime, with a tally of only 89,200 pieces often qualifies as one more overlooked coin in an overlooked series. But this specific date of Gobrecht’s very famous Seated Liberty design remains a coin that could go blasting through the roof if the market shifts in the right direction.

    4. 1952 Proof Franklin Half.

    If the first three coins were either too expensive or too exotic for you, how about the 1952 Franklin half in proof? As with my previous three coins, its mintage isn’t too high, with 81,980 in proof. Plus, we’re now talking Franklins, coins that just about every collector has been able to get his or her mitts on. This one is a mainstream coin with some very good prices attached.

    5. 1832 Half Cent.

    Let’s add another more exotic coin to this growing list – the 1832 Classic Head half cent. As with the half dimes we just looked at, there are not many collectors who set out to form a perfect collection of half cents. Yet there are some serious collectors who look at the denomination in some detail.

    6. 1927 Peace Dollar.

    I would be remiss if I didn’t add a silver dollar or two to this list of underpriced coins. The 1927 Peace dollar is not considered the key to the series. That title goes to the 1928, with its total of 360,649 coins. At 848,000 coins, the 1927 Peace dollar might actually seem common. Yet it remains the second-lowest mintage in the series.

    7. 1899 Morgan Dollar.

    The last coin on my list is the 1899 Morgan dollar, which comes in with a total of only 330,846 coins – not too far off the total of the lowest mintage Peace dollar, the 1928. The 1899 Morgan isn’t really one of the key dates of the series. The 1895 probably claims that. No, it’s the prices for this Morgan dollar, especially in lower mint-state grades, that make it so attractive.


  7. Half-Dime legislation introduced in House

    September 23, 2008 by jasonogrady

    Photos courtesy of Legend Numismatics

    Congressman Frank Lucas introduced House Resolution 6942 Thursday that would swap today’s Jefferson Nickel with a circulating half-dime of old.

    H.R. 6942 is officially entitled the ‘5 cent Restoration Act of 2008.’ Interestingly, it is at the top of the brevity scale when it comes to coin legislation with fewer than a dozen sentences. At the bill’s core are three lines that state its intent:

      (a) In General- Paragraph (5) of section 5112(a) of title 31, United States Code, is amended to read as follows:`(5) a clad half-dime that is based on the size and shape of the half-dime or 5-cent coin produced in the 1870s.’.

      (b) Effective Date- The amendment made by subsection (a) shall apply to coins issued after December 31, 2009.

    Lucas told The New Yorker in March:

    “I think we need to assess stepping back from the nickel, the five-cent piece, and consider readopting the traditional five-cent coin, the old half-dime.”

    The half-dime saw the beginning of its demise with the minting of the heavier and larger nickel in 1866, which has kept its size and weight to this day. Should H.R. 6942 follow the half-dime specifications, a new 5-cent coin would be smaller than a Roosevelt dime, and weigh half as much. In the words of Owen, “not light enough to blow away in a strong breeze, though almost.”

    Source: CoinNews.net


  8. How to avoid fraud when buying coins online

    September 23, 2008 by jasonogrady

    Gary Eggleston published an excellent list of Tips on How to Avoid Fraud on Collectible Coins

    1. A person should save the online photo of the coin he wants to purchase. Many sellers remove the image and the title of the item once a purchase has been made.

    2. A person should get the description and the auction information. It should either be e-mailed to the buyer or sent in writing by mail.

    3. If there are suspicions regarding an auction, a person should ask for clarification from to the seller. This will avoid misunderstandings and confusion on the part of the buyer.

    4. A person has the right to refuse any transaction where he thinks the price given on the coin is too high. One should be aware of the standard price of the specific coin and compare it to the price that was given during the online transaction.

    5. A person can ensure that there will be no fraud by asking the seller, before the auction closes, if there is any available escrow assistance for the bidder.


  9. October 2008 meeting: New Lincoln cent designs

    September 22, 2008 by admin

    This line art reverse features a log cabin that represents Lincoln’s humble beginnings in KentuckyThe one cent coin is getting a redesign to commemorate Abraham Lincoln’s 200th birthday and the 100th anniversary of the Lincoln cent in 1909. The U.S. Mint announced the final designs for the reverse of the venerable one cent piece (often incorrectly called the “penny”) on 22 September 2008.

    Authorized by Public Law 109-145, the four new designs celebrate the bicentennial of President Abraham Lincoln’s birth, as well as the 100th anniversary of the production of the Lincoln cent (penny).  The new designs will be issued in approximately three-month intervals throughout the year.  The first redesigned penny, which will honor Lincoln’s birth and early childhood, will be put into circulation on February 12, 2009.

    Four reverse designs will be released to celebrate the great statesman and U.S. President “Honest Abe” Lincoln. The Lincoln cent’s centennial is also tribute to the coin itself – the most collected coin in the world.

    The four designs to be featured on the reverse of the Lincoln pennies represent four major aspects of President Lincoln’s life:  his birth and childhood in Kentucky, his formative years in Indiana, his professional life in Illinois and his Presidency in Washington, D.C.  The inscriptions on the reverse of the coins will be “United States of America,” “E Pluribus Unum” and “One Cent.”

    The obverse (heads side) of the one-cent coins will continue to bear Victor David Brenner’s likeness of President Lincoln, introduced in 1909, and the motto “In God We Trust.”  At the end of the 2009 Lincoln Bicentennial One Cent Coin Program, the reverse of the penny will feature a design emblematic of President Lincoln’s preservation of the United States of America as a single and united country.

    A Lincoln commemorative silver dollar, authorized by Public Law 109-285, also will be released in 2009.

    (more…)


  10. PCGS enhances online price guide

    September 13, 2008 by admin

    PCGS has added some new and powerful features in their online price guide.pcgs_logo.gif (10343 bytes)

    New features, including online streaming video commentary from Collectors Universe President and Co-Founder David Hall have been added to the Professional Coin Grading Service’s authoritative Rare Coin Price Guide at www.PCGS.com/prices.  All of the information is available free to the public.

    The price guide includes the PCGS3000™ Coin Market Summary that tracks the values of over 3,000 different PCGS-certified coins in a wide range of grades. The new Price Changes feature lets collectors and dealers track the top ten “gainers and losers” for the previous day, as well as the previous two weeks, three months and the past year. There also are market values for bullion coins, such as American Eagles.

    Hall who co-founded PCGS in 1986.  “We’ve also added an online database for the price history of significant coins sold at public auctions since 1997.”

    Another new feature links Price Guide pages to their counterparts on Collectors Corner, PCGS’ secure, online coin marketplace.  For example, if a user is looking up prices for Morgan Dollars, they can then click a link at the top of the page that will take them straight to the up-to-the-minute listing of Morgan Dollars on Collectors Corner.  Another link will take users directly to the PCGS Set RegistrySM.

    The expanded PCGS Price Guide offers collectors, dealers and the genera public an unprecedented amount of online information about current marketplace values.

    “On any given day, there are more than 184,000 current prices listed in the Price Guide, and the historical data base contains more than 6.4 million prices,” said Ron Guth, President of PCGS.  ”We anticipate even greater use of the Price Guide now that these new features and enhancements have been added.”

    Source: CoinNews.net