NGC Certifies 2010-P Yellowstone 5 Ounce Error

By Numismatic Guaranty Corporation on July 25, 2011 10:22 AM

Multi-Million Collection of Cents on Display at Chicago’s World’s Fair of Money

By Stacks Bowers on July 25, 2011 8:08 AM

	Is Gold in a bubble? No!
	Laurentian Securities Analyst Eric Lemieuxwas headed out into the field a few days after this interview to check out the latest progress on some of his favorite exploration plays in the James Bay area of eastern Canada. In this exclusive interview with The Gold Report, he shared his latest insights on the gold market, and his current thinking on some of his favorite plays in the vast untapped areas of Quebec and Ontario now being opened up to expanded exploration efforts by both juniors and majors.Companies Mentioned: Adventure Gold Inc. – Balmoral Resources Ltd. – Detour Gold Corp. – Eastmain Resources Inc. – Goldcorp Inc. – Midland Exploration Inc. – PC Gold Inc. – Premier Gold Mines Ltd. – Virginia Mines Inc. The Gold Report: When you last spoke with The Gold Report in May of 2010, you gave Laurentian Securities’ price forecasts for gold that turned out to be pretty conservative pretty quickly. What are you predicting for gold prices now? Eric Lemieux: I was quite conservative, and obviously, I underestimated gold’s momentum. I think right now the price of $1,600/oz. is set to go even higher in light of the increasing global economic turmoil. The U.S. debt ceiling and credit rating will fuel gold’s price rise to even greater heights. Add in the European bankruptcy threats and you have the catalysts to justify gold’s further appreciation. Demand is largely based upon the view that gold is effectively a monetary instrument and a “valeur refuge” (store of value). Together, I think they explain the gold price action in the last year, which has been quite remarkable, but based on good fundamentals. TGR: So, you must have higher target prices for gold now? EL: Yes, those have been revised and our range is now between $1,650 and $1,750/oz. until 2015. I set a very long-term price of $1,000/oz., which I think is still conservative, but I think it’s justifiable since this is probably the marginal cost for producers. Gold still has some great upside, but I may not be the one who says it’s going to go up to $5,000/oz. I see price stability, less downside risk and I think the $1,500/oz. range is probably something that we can envision in the long term. TGR: Is gold in a bubble? EL: I think not at all. Right now, if you look at the fundamentals, there are reasons for the precious metals’ strength. On the supply side, there are still some challenges. Mine production has pretty much stayed constant, and the best deposits have been mined. We’re now going to lower grade deposits. There are more jurisdiction and social challenges to mine gold. So, from the supply side, these are elements that provide some support to the price of gold. TGR: Laurentian is based in Quebec and your focus is mainly on opportunities in Eastern Canada, from where most of the gold produced in Canada has come. As far as the recent changes in Quebec’s tax regulations, what effect do you envision that might have on exploration and the mining industry in general, especially for the junior companies that rely on certain tax benefits? EL: Obviously, I think there has been an impact. The government has made some questionable changes to mine legislation in line with the “resource nationalism” going on in the world. Governments have been pressed to increase royalties and tariffs on mining operations. The legislation in Quebec has tried to address this and an increase is probably acceptable to a certain measure. However, one thing that is really frightening in Quebec now is that some municipalities can have a say on claims and project status. That explains in part why Quebec has gone down in the Fraser Institute ranking because of the uncertainty that has been created in some aspects of the mining legislation. The fact that they’re increasing the royalties is perhaps fair in light of the strong commodity prices. There’s a bit of give and take and the industry eventually has to give a little. At the same time, I think the government has perhaps been very aggressive about raking in even more profits and caving into special interest groups. What is really dangerous right now in Quebec is this trend of wanting to control the claims and what can be done in terms of development and even exploration. TGR: Do you think there might be any re-thought or reversal here if they end up seeing opposition from the mining industry? EL: I think so. The metaphor we use is “Balkanization” of the mining resources, which is very dangerous. Once people are aware of the adverse impact that is having on the economy, I think they will realize that perhaps the government has gone too far, resulting in a readjustment. The pendulum swings from one side to the other, and now that we’re really going to one end, hopefully we’ll be able to eventually find a balance. TGR: Historically, most mining in Eastern Canada has been underground mining when gold prices were relatively low and you had to have fairly high grades to justify the costs of doing so. With $1,500/oz. gold, we seem to be seeing a lot more talk about companies doing open-pit mining in much lower grade areas with much larger tonnages. Is this something that is going to be happening more in the future? EL: This is definitely the wave of the future. Improvements in mining methods and economies of scale allow for bigger open-pit operations. The other thing that I think we will probably see also is bigger underground bulk mining scenarios such as Agnico-Eagle Mines Ltd. (TSX:AEM; NYSE:AEM) Goldex mine near Val d’Or. So, I think that will be another wave of the future where you will have these bulk mining operations. In the Abitibi Greenstone Belt, open-pit operations are fully justifiable. I think the fact that you saw Osisko Mining Corporation’s (TSX:OSK) Canadian Malartic project go ahead and perhaps be a success story is a catalyst for more of these operations. We will see these done in a sustainable manner in the sense that they will have to get community and First Nations acceptance with minimal impact on the environment. When you say an open pit, people think of an eyesore, but once they see the benefits that can be reaped for the local population in general, I think people will be more open to this sort of operation. In the long term, these big open pits can actually be transformed into lakes and it’s not necessarily a big eyesore after operations end. TGR: When you talked with us last year, you discussed a number of companies you liked, and Premier Gold Mines Ltd. (TSX:PG) was one of them. They just announced this deal to acquire Goldstone Resources Inc. Can you update us on what’s going on with Premier? EL: Premier has been very active on several fronts. The company has four key sector area plays located in safe jurisdictions and offering excellent infrastructures. In Nevada, the company acquired the Saddle gold project in 2010. In the Beardmore-Geraldton area, it is owns the Hardrock project and has reported a new, growing 3.6 million ounce (Moz.) global gold resource. Premier also has two projects in the Red Lake District, and the PQ North project in the Musselwhite District of Ontario. Premier just acquired Goldstone Resources and expanded its land package considerably in the Beardmore-Geraldton area. It now controls a strike of about 50 km., consolidating a mining camp district—which could be interesting for any major that wants to position itself there. So Premier has set itself up for discovery and it is ready to do some very good project development. TGR: Another one you talked about was PC Gold Inc. (TSX:PKL) and it is still quite active up there. What’s going on with that situation? EL: I have to say I don’t follow PC Gold closely; it’s not a company that I have actually covered, but I think the company just provided an update to its mineral resource, which now stands at 1.26 Moz. This, again, is a recipe of revisiting old mining camps with a new set of eyes and advanced geological concepts. It’s one that is interesting because it has an open-pit scenario with an underground component that, with time, may allow the company to play with different mining methods. .TGR: The James Bay region has turned into a hotbed of exploration and a lot of companies are looking at things up there. One that you talked about in the past was Eastmain Resources Inc. (TSX:ER). What’s going on with that situation? EL: The James Bay region is a hot area that is vast and underexplored. It will become even hotter as Goldcorp Inc.’s (TSX:G; NYSE:GG) Eleonore Project gets its permits for full blast construction toward the end of this summer. What I find interesting for the James Bay area and Northern Quebec is the fact that the Quebec Government has just announced the Quebec Plan-Nord that will provide even better road, power and communication infrastructure to the area. Although there is some amazing infrastructure right now in the James Bay area, potential expansion, on a sustainable development basis, should provide a competitive advantage. The Cree Nation, Inuit and Innu people are participating more and more, which opens up to sustainable development in that area and bodes well for social acceptability. Eastmain has three very good positions—the Eastmain Mine, Clearwater and Eleonore South projects. The last one is a joint venture with Azimut Exploration Inc. (TSX.V:AZM) and Goldcorp. Eastmain released a new global resource estimate of 1.6 Moz. in April on the Eau Claire deposit. There was a substantial increase in the measured component of the mineral resource estimate. The project includes both an open pit and an underground target. The open-pit component has about 4.1 million tons grading 4.7 grams/ton, which is at the higher end of grade for open-pit mined gold deposits. So that is a positive. Eastmain is currently drilling toward the west of the 450 West Zone in a new zone called the 850 West Zone that wasn’t part of the mineral resource estimate in April. There is a lot of upside to increase that mineral resource, both for the underground potential and the open pit scenarios. I expect that for the Eau Claire Project some news will emerge in the course of the year. I think some interesting things will come from the Eau Claire as the company has the advantage of good infrastructure and accessibility. Eastmain also has the Eastmain Mine Project, which was quite remote. It’s going toward Stornoway Diamond Corp.’s project where the Quebec government will soon extend Route 167, the Otish Mountain Route. Eventually, it will be accessible via a hard surface road rather than an old winter road. The Eastmain Mine Project has now started to drill and has about 15,000m planned. Again, this is a gold project with a known mineral resource that is open for expansion. The Eleonore South Project is a joint venture with Goldcorp and Azimut Exploration located to the southeast of the Eleonore deposit. Goldcorp is working very aggressively on the Eleonore project, and building a world-class mine there, but I know it is also active on the exploration front in areas further from the mine site. I believe the Eleonore South project will eventually be re-worked by the partners and could become an interesting development project in the long term. TGR: Another one up there is Virginia Mines Inc. (TSX:VGQ), which is also active. What’s been going on with that company since the last time we talked about them? EL: They’re very active. Virginia will have about a $17M exploration budget for 2011, of which $9M will be partner funded. New, high-quality partnerships include IAMGold Corporation (TSX:IMG; NYSE:IAG), Quadra FNX Mining Ltd. (TSX:QUX) and Anglo-American PLC (LSE:AAL). The key for Virginia is its strategic acreage in James Bay and northern Quebec, where the company has been able to develop expertise that continues to be recognized. Virginia has a lot of projects going on right now. It is very aggressive. It is manned by explorationists who are able to generate and advance projects. I think it is just a matter of time before the company makes more discoveries. With a $17M budget, we can expect a lot of important news from Virginia. Remember that Virginia discovered and holds a 2.2-3.5% NSR royalty on the Eleonore deposit, now going into production for Goldcorp by 2015. As the Eleonore project continues to grow, the project is being de-risked with the on-going exploration shaft and ramp sinking. TGR: That sounds pretty positive. How about Midland Exploration Inc. (TSX.V:MD)? You also talked about them last time and that company has some interesting things going on. EL: Yes, I always like to say that Midland is like a smaller version of Virginia in that it has the same sort of quality management and the same sort of explorationist business model. Midland also eventually farms out projects to quality partners. The company is active on several fronts. In the course of 2010-2011, it acquired new projects by staking. I always appreciate the fact that a company is able to acquire projects by itself through staking rather than acquiring a property with a partner or from someone for shares and money. I believe it is good when you can do a thorough geological assessment of an area, pinpoint areas that haven’t been staked, then go and get them for cheap. Here in Quebec, it’s not very expensive to acquire claims through map staking. I think it’s very positive that Midland can generate and acquire projects relatively inexpensively. Midland is active on several fronts—gold, base metals, rare earths. It is exploring for gold with Osisko Mining Corp. (TSX:OSK), Aurizon Mines Ltd. (TSX:ARZ; NYSE.A:AZK), North American Palladium Ltd. (TSX:PDL; NYSE:PAL) and Agnico-Eagle Mines Ltd. So, we can expect lots of news as projects are drilled. Midland just announced a gold and nickel discovery on the Laflamme property, which is a partnership with North American Palladium. Midland also has a project called Casault, which is east of Detour Lake on the Quebec side. It’s an area that I think will become a hot spot because of the size of the Detour deposit and the focus on possible satellite deposits. The Quebec side it hasn’t been explored much because it’s very swampy land, but a few companies are very well positioned in that area, including Balmoral Resources Ltd. (TSX.V:BAR) and Adventure Gold Inc. (TXS.V:AGE). Certainly the Detour/Sunday Lake Deformation Zone will be the most interesting revived gold belt to watch evolve and is well worth continuing to explore. So Balmoral, Midland, and Adventure Gold are well-positioned. The key words for Midland are diversification, partnerships and exploration. TGR: Another interesting one is Detour Gold Corp. (TSX:DGC), which is building the largest gold mine in Canada. You talked about this company last time. What is the update there? EL: I would summarize by saying: On track, on schedule and room to grow. I think it’s a 14.9 Moz. reserve with more room to grow and perform. The company is building a world-class mine with a strong operating team north of Cochrane in Northeast Ontario. The pieces are coming together and that’s very positive. The project is being de-risked in a very good and sustainable gold price environment. I think this project should be on a lot of people’s radar screens. TGR: Are there any other thoughts that you would like to leave us with at this point? EL: The Quebec Plan-Nord should put a spotlight on northern Quebec. The Ungava Peninsula, even higher up than the James Bay area, is perhaps the next frontier for Quebec exploration. Toward the east, near Labrador, the iron ore is a hot spot. There is even talk about expanding the railways in that area. Up in northern Quebec, a number of companies are working toward discovery and advancing some huge deposits in rare earth elements (REE), uranium, gold and copper. These are very early stage, but I think there are some good elements for long-term development. Global warming might even result in year-round shipping lanes. Virginia is probably the beacon. I wouldn’t be surprised if someday world-class deposits are developed up there. TGR: So we’ll have to stay tuned. Thanks for taking the time to bringing us up to date on these opportunities. EL: Thank you. Courtesy: The Energy Report

LONDON (Commodity Online): After a lacklustre performance in the past few months, the yellow metal has suddenly shot to record highs in the past week which has not surprised those who were consistently bullish on gold. “My forecast earlier this year..of $1700 Gold by year-end 2011 now seems within easy reach,” Precious Metals economist and Managing Director of American Precious Metals Advisors said in a note.

 

What is more surprising is that gold rally has taken place at a time when ‘seasonal weakness’ should actually keep prices subdued.

 

ABN Amro Metals Monthly prepared in association with VM Group has highlighted the following factors responsibe for the recent gold rally:

 

1) Global financial uncertainties: Deteriorating US economic data and deadlock over the $14.3bn debt ceiling
negotiations, Europe’s sovereign bond crisis, and hints from the Fed that additional policy stimulus may be on the horizon, all fuelled the rally.

 

2)Energy Inflation: The rapid rise in energy prices over the first half of this year, the fall-out from the Japanese earthquake and tsunami disasters as well as the end of QE2 have dented growth and sparked fears that the US may not be in a soft patch but rather entering a double dip recession.

 

3) Eurozonde Debt: Investors also focused on problems in the Eurozone, where risks of contagion from the Greek debt crisis also supported investment activity in gold. While disagreement over a Greek bailout plan continued Moody’s downgraded Ireland’s government paper to below investment grade (to junk status, from Ba1 from Baa3).

 

4)QE 3 possibilities: However, the key catalyst to drive gold over the $1,600-level was news that the Fed was considering further policy easing. The release of minutes from the FOMC’s June meeting revealed that various members were, dependent upon further weakening in the job market, in favour of fresh stimulus so long as inflation remained in check. On 13 July Bernanke in testimony before Congress made a statement long awaited by Gold investors: “On the one hand, the possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might re-emerge, implying a need for additional policy support.

 

According to Jeff Nichols, the present gold rally “..is just the beginning of gold’s next great leap upward, a move that very likely will carry the metal to $2000 an ounce in 2012 — with prices still headed higher, quite possibly to $3000, $4000, and maybe even $5000 an ounce by the mid-to-late years of the decade.”

 

“Contrary to the view expressed by most serious gold analysts, we said in past reports that gold would not pause for its typical summer vacation. And, it hasn’t! Now, however, seasonal factors will kick in — giving gold more firepower in the final months of the year,” Jeff Nichols said.

 

India gold demand remains robust despite high prices on weak equities.Gold demand has grown at an average 13-14% annually over the past 10 years and comprises nearly 15% of total global demand. Demand for gold jewelry in India’s tier-II and III towns are set to rise on increasing affluene and preference for branded jewelry.

Investor interest in gold received a fresh boost in July, ABN Amro report said. Investment inflows will continue to be supported by ongoing Eurozone debt woes, the weakening US economic backdrop and the potential downgrade of treasuries. However, most crucial will be the situation in housing, the jobs market and asset prices. The Fed’s mandates remain focused upon full employment and stable prices, yet in review of the latter during QE1-QE2, the Fed is clearly willing to tolerate a weaker dollar and higher prices, particularly in commodities. If the jobless rate creeps back towards 10% and home prices slide further, then there remains little doubt that further policy stimulus will be unveiled. News of a third round of QE (or targeting of yields on longer dated treasuries) will prompt a fresh gold rally, ABN Amro Monthly July report said.

Monday, July 25, 2011

US Mint Changes Direct Ship Program

Flowing Hair Design Starts Type Set

By Paul M. Green, Numismatic News July 25, 2011

This article was originally printed in Numismatic News.
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The half dollar is one of only two or possibly three silver coins of the United States to be produced in 1794. It is a denomination that has been produced on and off from that day to the present. Some question whether half dollars are really needed and point out that since 2002 it has been produced just for collectors.

The fact remains that half dollars continue to be produced and with production stretching all the way back to 1794 it makes a half dollar collection a large and very interesting one that quite literally traces the history of the nation and its coins.

2012 U.S. Coin Digest: Half Dollars This easy-to-search pricing and identification download is solely focused on U.S half dollars. Get your download today!

The half dollar like the other original denominations was authorized by Congress in April of 1792. That authorization, however, left a lot to be done before the first half dollar would be produced. The first item of business was to establish and outfit a mint. At the time the closest thing to a mint was the saw-making business of a fellow by the name of John Harper in Philadelphia, which was where it is believed the 1792 half disme was produced. That establishment, however, was not in the running to be the United States Mint. That meant Thomas Jefferson as Secretary of State was put to work quickly as he was responsible at the time trying for getting a Mint up and running. It wasn’t until 1873 that the Treasury took over oversight of the Mint.

In fact, Jefferson was able to get the Mint ready for operation in less than a year, but then a new problem arose as the officials had to post a bond before they were allowed to produce any coins made of gold and silver. They did not want to or were unable to post the bonds required. Jefferson’s considerable diplomatic skills were put to the test trying to solve that problem. While that went on, the Mint could only produce copper half cents and large cents in 1793.

Finally, in 1794 the bond issue was settled. The amount required was lowered. At that point officials made a curious decision. The largest press they had was not large enough to produce silver dollars. A larger press was expected to arrive the following year, but the decision was made to try to produce silver dollars even though the press was known to be inadequate for the purpose. The decision was made more on the political grounds of keeping merchants happy than technical ones.

The results were less than impressive as a total of 1,758 silver dollars were delivered. No one really believes that they set out to make exactly 1,758 coins. In all probability the attempt was to strike at least 2,000 and possibly more. The 1,758 were the number that managed to meet what were almost certainly very minimal quality standards. We can say that with some certainty as the known examples of the 1794 dollar tend to be weakly struck and they have other assorted problems as well.

The half dollar was next and a total of 23,464 1794 half dollars with a Flowing Hair obverse and Small Eagle reverse were delivered. These were the first examples of a type that would last through 1795. Fortunately for the budget of type collectors, you do not have to depend on the 1794 for inclusion in a set, although it is available. The 1795, however, with a mintage of 299,680 is much more available and much less expensive at a price of $1,025 for the most available variety in G-4 while an MS-60 begins around $46,500.

The best estimates are that at least 3,500 circulated examples of the type exist with perhaps 100 examples in Mint State. The total was helped by the discovery of a massive hoard of well over 100,000 coins in Economy, Pa., years ago. The Harmony Society hoard was primarily half dollars including dates from 1794-1836 and it has provided the market with significant numbers of types from the period, including significant percentages of our supply of both the 1794 and 1795 although the hoard is more important for later dates.

In the case of the coins available today of the first Flowing Hair type, it is likely that you will see most in grades of F-12 or lower. Assorted problems are to be expected even on the nicest examples as the planchets were routinely filed to reduce their weight, leaving adjustment marks. Strikes were also frequently light and that is especially common on the breast of the eagle.

In 1796 the design was changed to a Draped Bust rendition of Miss Liberty on obverse with a Small Eagle reverse. The type would last from 1796 to 1797, but it is extremely tough, causing Q. David Bowers in his book A Guide Book Of United States Type Coins to suggest that the type is “the Holy Grail, the rarest by far.”

The reason why the type is so tough is that half dollar mintages until 1804 tended to be determined by dollar totals. The people who brought in the silver were allowed to select denominations and if dollars were possible, they would routinely pick the larger dollars. If, however, there were no dollars being produced as was the case after 1804 the half dollar would become the largest silver denomination and its totals would rise.

In 1796 and 1797, however, there were dollars and that resulted in a combined half dollar mintage of the two dates of just 3,918 pieces. Moreover, these were not the first half dollars so there was basically no saving and even the large Harmony Society Hoard only had a couple examples. It all results in a G-4 price of $36,500 for the most available examples while an MS-60 is at about $300,000 and there are very few examples with any hope of being called Mint State. In all grades combined there are probably only a few hundred examples of the type, making it difficult to be too demanding as finding any example in any grade is a challenge.

The next half dollar would not be produced until 1801 at which time the reverse was changed to a large Heraldic eagle and that design would continue through 1807. While officials were apparently happy with the design it had a production problem as it would not strike up well almost always leaving at least one weak area. The 1806 and especially the 1807 are well known as being particularly troublesome to find with a decent strike.

While there are numbers of this type available, finding a well struck coin can be a real challenge potentially requiring you to pay more than the current price listings of $195 in G-4 and $9,750 in MS-60. Naturally the two dates that are most available are the 1806 and 1807, the very dates where the striking seems to be the biggest problem. The stars on the obverse and reverse tend to be the area most frequently poorly struck, but with this type a weak strike can be evident in almost any part of the design.

The long-lasting John Reich Capped Bust half dollar made its debut in 1807. The design would last until 1836 and with the production of silver dollars suspended in 1804, the half dollar mintages were frequently more than 1 million pieces. In addition, it was this type that was heavily represented in the Harmony Society Hoard thus making an already fairly large supply even larger. The result are prices starting at around $55 in G-4 while an MS-60 is $1,000 and up with a few MS-65 examples being available beginning around $11,500, Certainly there are nice examples of the type available but strikes can vary greatly and in some cases dies were used far too long, causing quality to suffer.

A modification of the design was required in 1836 with the denomination expressed as 50 CENTS with a reeded edge as opposed to the lettered edge used previously, which typically read FIFTY CENTS OR HALF A DOLLAR. The Bust was also changed being reduced in size. The reason for the changes was the introduction of a new steam-powered press. The type, however, was only produced in 1836 and 1837 and the 1836 mintage was really a trial estimated at 1,200 pieces. Fortunately, the 1837 total was 3,629,820 pieces, which makes it available at $58 in G-4, $1,100 in MS-60 and $24,500 in MS-65. Ironically although striking is better it seems to be the 1836, which is the better struck of the two, perhaps reflecting greater care taken as a test while the 1837 was produced in large numbers under routine circumstances.

While every collector knows that age does not necessarily mean rare and valuable, it still strikes me that it is a privilege to be able to buy a fairly large silver coin for less than $100 that was current when Andrew Jackson was President.

The change made for 1838 and 1839 was in the denomination, which was now expressed as HALF DOL. While there were only two years of production of the type but at both Philadelphia and New Orelans, the Philadelphia totals were large, making the type available at around $58 in G-4 with an 1838 in MS-60 being the most available at $1,125 with an MS-65 at $21,500.

In 1839 there was another half dollar in the form of the first Seated Liberty half dollar designed by Christian Gobrecht. The 1839 is considered by many to be a separate type as it had no drapery at the left elbow of Liberty. Later in the year Robert Ball Hughes would modify the design and add drapery making the 1839 without drapery slightly different. Without drapery the 1839 is $40 in G-4 but the type demand shows as it is $6,250 in MS-60 and $200,000 in MS-65. With the drapery added, the Seated Liberty design would remain basically unchanged until 1853, making it readily available at prices starting at around $30 for a G-4 with an MS-60 at $440 while an MS-65 starts at $4,500. Striking varies with New Orleans issues usually being weaker than those of other facilities but with solid supplies you can examine enough examples to find the coin you want.

There was a change in 1853 reflecting the fact that the amount of silver in the half dollar was reduced slightly. That had become necessary when gold was discovered in California as the huge amounts of gold had upset the traditional silver-to-gold ratio in the market, making the cost of producing silver coins higher than their face value. The public learned of this and immediately began to hoard silver coins with the Congress being forced to take action in 1853 to reduce slightly the amount of silver so that the regular silver issues could circulate. To mark coins made with the slightly lower amounts of silver, officials added arrows to each side of the date and rays on the reverse.

The 1853 Seated Liberty half dollar with arrows and rays would be a one-year type, but with mintages of 3,532,708 in Philadelphia and 1,328,000 in New Orleans and a surprising amount of saving, it is available but at higher prices than might be expected because of the type demand. The more available Philadelphia example is at $31 in G-4, $1,400 in MS-60 and $24,500 in MS-65 and it should be noted that they were produced in haste so they can be weakly struck.

In 1854 the rays were removed and for 1854 and 1855 there would only be arrows at the date. The mintages were fortunately large and the type can be found starting at $28 in G-4 with an MS-60 at about $675 while an MS-65 starts around $8,000 with the 1854-O with the largest mintage of over 5 million pieces being regarded by most as the most readily available date.

In 1856 the arrows at the date were removed and this would create yet another type that would last for a decade, although in reality it was basically a return to the design that had began in 1839 once the drapery was added. Produced for a decade and sometimes in large numbers the type is readily available at $28 in G-4 and around $350 in MS-60 and $4,800 in MS-65.

In 1866 the motto IN GOD WE TRUST was added to the reverse. Once again, finding an example is no problem as G-4 examples can be found at $28 and MS-60 at $350.

Arrows were put back at the date to denote an increase in the silver weight. These were used for two years. In 1875, the design reverted to the previous one.

An example of the arrows type can be purchased for $32 in G-4 and an MS-60 is $850.

For the 1875-1891 design, which matches the one in use 1866-1872, you can get G-4 examples for basically silver value while the MS-60 can be had for as little as $360.

The available supply tends to be from 1878 or before as after 1878 the mintages of half dollars dropped to basically token levels. The most available dates can be found for around $16 in G-4 while an MS-65 starts at about $3,500.

By the early 1890s officials were anxious to make a change in the design but they waited for Congress to decide whether congressional approval was needed or not. The Congress decided that any time after a design had been in use for 25 years it could be changed by the Secretary of the Treasury without consulting Congress. The Seated Liberty design at the time was basically at twice that total so attempts were made to find the best possible new design. The efforts did not work and ultimately Chief Engraver Charles Barber was assigned the task and the Barber half dollar was the result.

The Barber half dollar was never very popular or heavily saved and while there are still plenty around in lower circulated grades, finding a nice Barber half dollar for the current $465 MS-60 or $2,925 MS-65 listing can be a challenge.

The very law which had enabled officials to change designs in 1892 would be used to bring the Barber half dollar to an abrupt halt in 1916 when a design competition produced the A.A. Weinman Walking Liberty half dollar. The Walking Liberty half dollar is readily available at prices around $36 in MS-60 while an MS-65 would start at around $135.

It should be pointed out that while not considered a different type, the 1916 and some of the 1917 mintages from Denver and San Francisco had the mintmark below the word TRUST on the obverse. Starting with some of the 1917 mintage this would be change to a place on the reverse at about 8 o’clock. Many like to include an obverse mintmark coin in their type collection with the 1916-D at $360 in MS-60 and $2,500 in MS-65 being the least expensive of the uncirculated grades. In G-4, you can pick up a 1917-D for $23.50.

In 1948 it was Benjamin Franklin’s turn to be honored with a coin and the half dollar was the choice. The Franklin half dollar would be cut short after 1963 as it was decided to use the half dollar for the new John F. Kennedy coin. While it did not last 25 years, the Franklin half dollar is readily available as large numbers were saved over time. There was, however, virtually no attention paid to the quality of the Mint State coins and many are marked and relatively few have the full bell lines desired by demanding collectors today. That makes the Franklin half dollar slightly tougher than might be expected with an MS-65 starting at around $55 with an MS-65 with full bell lines will be $95 and up.

The first of the new Kennedy half dollars in 1964 would be 90 percent silver, but that would be the only year of the 90 percent silver composition. That makes the 1964 Kennedy half dollar a one-year type, but one with enormous mintages and that makes an MS-65 or even a Proof-65 about the same $15 price.

After 1964, the amount of silver in the half dollar was reduced to 40 percent and that would remain the composition through 1970. The mintages were frequently enormous, although the saving was limited as the 40 percent silver Kennedy half dollars were not very popular with collectors and later would be among the first of the silver coins to be melted as silver began its price rise to $50 an ounce in early 1980. Even with the melting, there are still significant numbers of 40 percent silver Kennedy half dollars around, putting the most available example in MS-65 at about $14.

As of 1971 except for special issues for sale to collectors, the Kennedy half dollar would contain no silver. As they remain the current Kennedy half dollars, the clads since 1971 are easily available and inexpensive although it is probably worth your while to spend a little extra and get an example on an extremely high grade like MS-69 or MS-70. The same can be said for the proofs and silver proofs offered to collectors each year as it is one time where quality does not cost a great deal.

There was one special issue in 1976 when the half dollar as well as the quarter and dollar celebrated the Bicentennial. That meant the half dollar had the dual 1776-1976 date and a reverse of Independence Hall designed by Seth Huntington and selected in a national competition. The special Bicentennial Kennedy half dollars thanks to large mintages are also readily available and here too paying a little extra for quality is worthwhile.

We certainly cannot predict the next new design for the half dollar although we are approaching the 50th anniversary of the Kennedy half dollar in 2014 and such anniversaries are frequently all the excuse officials need to change designs. Moreover, we know that at the time of the decision to make a Kennedy half dollar the Kennedy family was interested in a half length figure, but there was no time to consider one. Perhaps now with time such a change might be considered.

Whatever the future of the half dollar, it is already secure as a fascinating collection which virtually everyone can enjoy as the half dollar was really the top silver denomination seen by most Americans on a regular basis for much of the period up to the 1870s. Collectors who grew up in the 1950s and 1960s might also remember them fondly. That makes them an interesting collection and a great deal of fun for collectors of all ages.

CAC Offers $20 Million For 1933 Double Eagles

 

By Certified Acceptance Corporation on July 24, 2011 9:06 PM

By Deepak Rangan
Silver has always been a volatile commodity since it is often referred to as “cheap gold”. It allows people to bet on an economy without shelling out big bucks.

 

The following is a reconstruction of what I believe happened in the case of Silver’s wild rise till April and its wilder fall in May this year.

 

January: Silver was trading around $30. Analysts and speculators were betting on silver attaining $50 for the year. Headlines all over the media were screaming for Silver attaining $50 for the year.

 

February: Longs in Silver started heading northward as a grim global economy made people to invest in Silver.

 

March: In early march, silver broke $35. Investors still had their eye on the $50 mark and money came pouring in

 

April: By late April, Silver reached close to $50. The metal had appreciated too fast in too less a time. Investors whose target was $50 started closing their longs, investors who saw the wild rise of the metal knew that wild rises often are followed by an even wilder fall. As prices fell down from just about $50, further investors bet that $50 would be a strong resistance. Panic set in as prices continued to fall and then a flood of selling frenzy gripped the market. Comex raised their margins by over 80% which further compounded the problem

 

When you enter a buy position, look at 2 factors:

 

-General consensus of what the price of the commodity will be at a given time. In the case of silver, price was expected to hit $50 later in the second half of the year. But the price went near $50 within 4 months! Exception – If the economy had become unacceptably worser, this could have been justified. But the economy, even though grim, was not “unacceptably worser” when compared to the beginning of the year.

 

- When the commodity attains a price level earlier than expected, be cautious, don’t open new positions and be ready to close existing positions. Caution should be used for commodities that are seen as investment. Silver was the best example. The above exception still applies.

 

Commodities like wheat, corns etc are also exceptions in the sense that they are used for consumption, but silver is an investment. An acute shortage of crops will justify any sharp price rise. But the rise in price of silver was purely due to speculation not supported by an “unacceptably worser” economy. As such, it fell when common sense crept in and investors realized what was happening.

 

The market sentiment about the world economy remains negative, so silver is still a good investment. But unless the world “crashes on your head” be wary of wild moves and be smarter of cashing in on it when it does occur.

 

In short, if the rate of change in the price of a commodity cannot be explained by any fundamental factors, be wary.

 

(The author is a Content Editor at Commodity Online and may be contacted at deepak@commodityonline.com)

A Look at Advanced Rare Coin Collecting

By Mark Ferguson on July 21, 2011 4:03 PM

State Quarter Set Values Plummet

By Harry Miller, Numismatic News July 19, 2011

This article was originally printed in Numismatic News.
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Yikes! What is happening with proof state quarter sets? Several sets are now under $4. They have been weak and declining for months now, since the wind down of that program by the Mint.

However there is an underlying factor contributing to an oversupply. Many modern sets are being broken up because the silver has increased in value or there is demand for Kennedy halves and Lincolns, when this happens there is an increase in supply of the other items.

It takes new collectors and/or marketing companies to dry up such a supply, but most already have the quarters.

Be careful on any sets containing silver coins as the charts are behind in this issue because silver is moving up rapidly and buy/sell data is a day or two behind. In general, most non-silver proof sets are steady, but several mint sets of the last two decades are lower.

Morgan and Peace dollars are strong with some more aggressive bidding on the part of large trading houses. In the better date category the early scarcer Carson City issues are avidly sought in MS-60 to MS-63. The rarest issue (1893-S) has gained in Mint State as well. There is a deep pocketed individual bidding a cool million for a top graded MS-67 example. You could corner the 50 state proof quarter market with that amount of dough and your downside would be face value!

E-mail harrymkrause@optonline.net.

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