J&T Coins LLC Blog » quarter http://blog.jtcoins.com Providing information on precious metals and coins from the USA and the rest of the world. Mon, 06 Feb 2012 15:59:14 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Inexpensive Type Coins Make Great Sets http://blog.jtcoins.com/inexpensive-type-coins-make-great-sets.html http://blog.jtcoins.com/inexpensive-type-coins-make-great-sets.html#comments Wed, 04 Jan 2012 15:53:53 +0000 Jim http://blog.jtcoins.com/?p=3775

Inexpensive Type Coins Make Great Sets

By Mike Thorne, Coins Magazine
January 03, 2012

This article was originally printed in Numismatic News.
>> Subscribe today!

At some point in every coin collector’s life, he or she realizes that collecting everything is out of the question. (Louis Eliasberg was the exception here, of course, as he formed a complete collection of all known U.S. issues.) Usually the issue is cost, as there are many coins that are simply too expensive for ordinary collectors to contemplate owning.

A Guide Book of United States Type Coins
A Guide Book of United States Type Coins
Learn how to begin the ideal numismatic pursuit: a collection of United States coins by type.
Get your copy today!

Another problem can be availability. That is, even if the collector is rich, there are some coins that are so rare that an appropriate example may not be offered during the individual’s collecting lifetime.

So what is the collector of modest means and finite life span to do? One possibility is to be satisfied with incomplete sets. As examples from my collecting life, I soon discovered that if I wanted to collect either Barber or Standing Liberty quarters, I would have to be content to form sets missing at least one key coin in each case (1901-S for the Barbers and 1916 for the Standing Liberties).

Another possibility that is particularly relevant for 19th-century issues is to collect by type rather than striving for complete date/mintmark collections. As Q. David Bowers explains in United States Coins by Design Types, “instead of collecting a single series or specialty by die varieties or mintmarks, a display is formed consisting of one each of many different motifs.”

In other words, rather than trying to assemble a set of all the different dates and varieties of nickel three-cent pieces, for example, the type collector is content to have just one nickel three-cent piece for his type collection. With this introduction, I will now list 10 early type coins that I consider to be interesting and relatively inexpensive. Each can be obtained in a nice, collectible grade at the present time for $100 or less. Note that my list is not intended to be exhaustive; I can think of at least as many additional early types that could be included in an inexpensive set as the ones I’ve chosen to discuss here.

1. Draped Bust half cent in Very Good-8. With a design by Robert Scot, a decent circulated Draped Bust half cent will be an impressive coin to show your non-collecting friends. Coined between 1800 and 1808, most of the dates had relatively large mintages, so finding one in VG-8 for $100 or less should not be terribly difficult.

If you have a choice of dates, the one to look for is 1803, with a mintage of just 97,900 pieces. The November 2011 edition of Numismatic News “Coin Market” assigns this date a value of $95 in VG-8 and $105 in Fine-12.

On one interesting variety of 1804 half cent, Liberty appears to have a spiked chin. With a listed value of $105 in VG-8, it’s possible that you can obtain a well circulated, but still presentable, example of this variety for $100 or less.

2. Draped Bust large cent in VG-8. Like the half cent, the large cent of this period was designed by Robert Scot. Also like the half cent, this is a suitably old and impressive type coin for your inexpensive early collection.

Although this series of large cents was minted between 1796 and 1807, you’re unlikely to find any of the pre-1800 varieties for less than $100, unless it’s in a condition that you wouldn’t want to include in your collection.

Beginning in 1801, however, you’ll find that most of the dates are valued at $100 or less in VG-8. Actually, the only date from 1801 to 1807 that is worth more than this is the 1804, which is a key date that lists for $1,000 even in About Good-3.

If you have a choice of dates, go for the 1806 at exactly $100 in VG-8. This is a coin with a mintage significantly below that of the 1909-S V.D.B. Lincoln cent, and you can be sure that 1806 large cents were not differentially saved.

3. Two-cent piece in About Uncirculated-Uncirculated. The two-cent piece was designed by James B. Longacre, who is better known for designing the Indian Head cent. This was a short-lived series minted between 1864 and 1872, with only proofs struck in 1873. The two-cent piece is perhaps most noteworthy as the first U.S. coin to display the motto “In God We Trust.”

If you haven’t priced two-cent pieces lately, you may be amazed to find that most of the early dates, between 1864 (large motto) and 1867, should still be available in AU-50 to Mint State-60 for $100 or less. The most expensive of these, the 1867, lists for $96 in AU-50; the earlier dates range between $88 and $98 in MS-60.

Of course, an MS-60 two-cent piece might be a real horror, with staining or damage but no wear. You may find that a nice AU-55 or -58 would be a more presentable coin for your set.

4. Nickel three cent piece in AU-Unc. Because of hoarding of all silver coins, including the silver three-cent piece, a nickel version of the denomination, with suitable design change, was introduced in 1865. The coin was also useful for retiring fractional currency of the three-cent denomination. Silver hoarding continued until 1876, after which the nickel three-cent piece became less useful and mintages (with one exception), dropped precipitously.

Designed by James B. Longacre, nickel three-cent pieces were coined between 1865 and 1889, with low mintages and some proof-only issues after 1876. The one exception to the low mintages in the latter years of the series occurred in 1881, when more than a million of the coin were struck. For type purposes, all of the dates through 1876 (and 1881) are valued at less than $100 in AU-50, with the 1876 (162,000 minted) having the highest value at $95 in this grade. In MS-60, three-cent pieces from 1865-1868 are worth exactly $100 each. As before, a coin in AU-55 or -58 might be more attractive than one in MS-60.

5. Capped Bust dime in Very Fine-20. Designed by John Reich, Capped Bust dimes were minted between 1809 and 1837, with minor design changes in 1828. Although some of the earlier dates are priced below $100 in F-12 (1820, 1821, 1823/22, 1825, 1827), dates with values appropriate for our inexpensive early type set are found in the dimes of the second variety, coined from 1828-1837.

Capped Bust dimes of the second variety valued at less than $100 in VF-12 are some of the 1829 varieties (medium 10 cents, small 10 cents), 1830 small and large 10 cents, and all of the dates from 1831-1837. Mintages are relatively large for the period, ranging from 485,000 to 1,410,000.

6. Seated Liberty dime in AU-50. Designed by Christian Gobrecht, Seated Liberty dimes, in one form or another, were minted between 1837 and 1891. Varieties include dimes with no stars on the obverse, dimes with stars, dimes on which the stars are replaced with “United States of America,” and dimes with arrows at the date. Seated Liberty dimes valued at less than $100 in AU-50 can be found in the group minted between 1875 and 1891.

Within this group, you’ll find a large number of dates to choose from. Examples include 1875, 1875-CC, 1875-S, 1882-1884, and 1887-1889. All of these have rather large mintages, which is why they’re so reasonably valued for coins in the late 19th century. Given the choice, I would probably opt for the 1875-CC because of the mintmark.

7. Capped Bust quarter in VG-8. There are two varieties of Capped Bust quarters, the large-size (27mm diameter) variety designed by John Reich and minted from 1815 to 1828 and the reduced-size version (24.3mm) designed by William Kneass and coined from 1831 to 1838. Kneass also omitted the motto above the eagle on the reverse.

Although several of the earlier version are valued at or below $100 in G-4 and would be well worth including in an inexpensive type collection, I’ve chosen to highlight the smaller coin, as it should be available in a slightly higher grade for the same money. In fact, with one exception (1834 O/F in OF), all of the dates from 1831 to 1838 are valued between $90 and $100 in VG-8. If you can afford a slightly better coin, you’ll find that the value listed for each in F-12 is either $110 or $115. With the exception of 1835, of which nearly 2 million were coined, mintages range from 156,000 (1833) to 832,000 (1838).

8. Seated Liberty quarter with motto in Extremely Fine-40. Designed by Christian Gobrecht, with motto Seated Liberty quarters were minted from 1875 to 1891. Several dates at the beginning of the series (1875-1878) and a few at the end (1888-S, 1891, 1891-S) had large mintages and should be available in a nice circulated grade for $100 or less. In EF-40, the following dates have values of $62.50: 1875, 1876, 1876-S, 1877-S, 1878, 1888-S, 1891, and 1891-S. In addition, the variety of 1876-CC with fine reeding lists for just $90 in EF-40.

Another Seated Liberty 25-cent type that I find appealing and remarkably inexpensive is the version with both arrows at the date and rays around the eagle. The purpose of the arrows and rays was to indicate that the weight of the coin had been reduced. All three date/mintmark varieties of this type are inexpensive, although none qualify for the under $100 in EF-40 category.

The 1853 arrows and rays quarter had a mintage of more than 15 million and lists for just $44 in VF-20. The same coin with a New Orleans mintmark had less than a tenth of the mintage and is worth $85 in VF-20.

In 1854 and 1855, the arrows were retained, but the rays were removed. With large mintages, both 1854 and 1855 list for $70 in EF-40. The “normal” variety of the 1854-O is worth just $60 in VF-20.

9. Bust Half Dollar in VF-20. Capped Bust half dollars, designed by John Reich and minted between 1807 and 1836, come in a bewildering array of variations and are great fun to collect. In fact, there’s even a well known organization of collectors of these coins. Called the Bust Half Nut Club, the club was formed “in the late 1960s as a group dedicated to collecting, studying, and sharing information among fellow members about Bust Half Dollars attributed by Overton [famous reference identifying different die pairs] die marriage.” Obviously, the BHNC is not appropriate for someone interested in just a type coin of this variety.

For the type collector, sizable mintages mean that there are many possibilities for your collecting pleasure. According to the second edition of the Professional Edition of the Red Book (A Guide Book of United States Coins), “Examples of most dates and overdates are easily found in just about any grade desired, from Fine and VF to MS.”

Dates listing for $100 or less in VF-20 begin to appear and become plentiful between 1821 and 1836. In fact, there’s at least one variety in the under-$100 category for each date during this period.

Of course, after you purchase one of these large and attractive coins, you may decide that you would like to pursue the whole series. From there, it’s an easy step to the BHNC.

10. Seated Liberty half dollar in VF-20. Seated Liberty half dollars were designed by Christian Gobrecht and were coined, often in sizable quantities, between 1839 and 1891. Within this lengthy period, there are varieties without the motto “In God We Trust,” with arrows and rays, with arrows only, and with the motto. In each case, the type collector should be able to find a number of dates that cost less than $100 apiece in VF-20. Toward the end of the run, from 1875 through 1891, several dates list for $100 or less even in EF-40.

In the first group of Seated Liberty halves, minted from 1839-1853, examples of dates worth less than $100 in VF-20 are 1839 with drapery, 1840 small letters, 1840-O, 1842 medium date, 1847, 1847-O, and 1850-O. The range of values for these dates is from $65 to $90.

As with the Seated quarters discussed above, 1853 brought a weight reduction to the Seated Liberty half dollar. In VF-20, the 1853 with arrows and rays lists for just $88.

In the run of motto-less Seated Liberty half dollars minted from 1856-1866, the majority of the dates list for less than $100 in VF-20. Several of these are valued at either $100 or $105 in EF-40.

The same can be said for many of the dates with mottoes, minted between 1866 and 1891. Mintages dropped a great deal after 1878, with the exception of 1891, and you will hard pressed to find any of these dates in the under $100 category in any grade.

Of course, it’s easy for me to list coins for an inexpensive type collection based on values found in “Coin Market.” The question is, “Can you really purchase nice coins at these prices?” From my limited experience, the answer is yes. In 2009, for example, I bought a certified VG-10 1831 Capped Bust quarter for $80. A little over a year later, I found an 1835 that I would conservatively grade F-12 for just $82.

I looked on eBay at finished auctions to see what some of these types were selling for. In each case, I was able to find coins that fit the grade and price criteria.

I will admit that some of the coins I saw were optimistically graded and sometimes wildly overpriced even when graded correctly. However, if you are willing to overlook the dross, you can find decent coins, and you should be able to obtain them for amounts in line with the information in this article.

Happy type collecting.

]]> http://blog.jtcoins.com/inexpensive-type-coins-make-great-sets.html/feed 0 What to Buy to Begin Investing In and Building a Collection of Rare Coins http://blog.jtcoins.com/what-to-buy-to-begin-investing-in-and-building-a-collection-of-rare-coins.html http://blog.jtcoins.com/what-to-buy-to-begin-investing-in-and-building-a-collection-of-rare-coins.html#comments Wed, 20 Jul 2011 16:27:52 +0000 Jim http://blog.jtcoins.com/?p=3315

What to Buy to Begin Investing In and Building a Collection of Rare Coins

By Mark Ferguson on July 14, 2011 3:06 PM

… Article Tools …

By Mark Ferguson for CoinWeek – MFrarecoins.com

Last week I wrote about “Basic Tools for Buying Rare Coins in Today’s Market.” As I talked about in that article, once you’ve learned the basics of how the rare coin market works, you can start focusing on developing a plan with which to begin building your investment in a collection of rare coins. This plan may even include attending coin shows and auctions just to look at lots of coins and to ask lots of questions. This is the way to learn.

Many dealers in the business stay away from using the word “investment” in association with rare coins. While we’re not selling investments in securities, we’re selling expensive physical objects. You may be spending $5,000, $50,000, or $350,000, for example, on a rare coin, and you don’t expect this money to be gone for good, like when you spend money on a vacation. No, you or your heirs expect to at least get your money back, and hopefully realize a handsome profit when your rare coins are sold.

Therefore, I think it’s fair to consider the financial aspect of owning rare coins. Rare coins are store of value assets. They aren’t intended to be income producing investments. They’re speculative, and could very well lose value. But, rare coins have also earned some very nice profits for astute and lucky collectors. Collecting rare coins involves outlays of significant sums of capital. That’s why I believe using the word “investment” is appropriate. And, that’s why collecting rare coins has been called, “The Hobby of Kings.”

That being said, before sinking (“investing”) a significant amount of money into rare coins, you’d do yourself a favor by trying to think of who will be buying your coins in the future – say, ten years into the future, for example. Will it be investors? Or, will it be collectors? (You might want to read my comments in last week’s article, referenced above, about the investment-driven coin market of the 1970s and early 1980s, versus a collector-driven market of the 2000s.)

Some things to think about are – What will the economy be like in ten years? Will average working people be buying coins? Will the wealthy be buying coins? If so, what will they be buying? Do you plan on selling the coins, or do you plan on passing them on to heirs?

I think it’s safest to say that the wealthy will be buying coins at the time we want to sell. What will they be buying? Probably not common coins, like late date Walking Liberty half dollars, even though they’re beautiful coins – they’ll most likely be buying coins that are scarce and rare, that are not easily replaced with like kind coins, like one of about 125 silver dollars of 1794 that are estimated by experts to exist. And, they’ll want such coins in tip top condition, frequently in MS 66 or MS 67 grades, for example. But, this isn’t to say that early U.S. coins minted during the 1700s and early 1800s won’t be in demand in eye appealing Extremely Fine or About Uncirculated condition. Those grades are becoming popular as prices climb over the generations.

Although we can imagine the kinds of coins well-heeled collectors will want to buy in ten years, it’s next to impossible to guess what series of coins will be in the greatest demand at that time. Therefore, I believe a great foundation upon which to start building a collection of rare coins is a “type coin” collection.
This is a collection of the different “design types” within a denomination, and extended across all the denominations, such as dimes, quarters, half dollars, and $1, $2 ½, $5, $10 and $20 gold coins, etc.

For example, the first half dollars were struck during 1794 using the “Flowing Hair” design for the first two years. Then the “Draped Bust” design was used, from 1796 to 1807, and replaced by the “Capped Bust” design, from 1807 through 1839. The “Seated Liberty” design came next, from 1839 through 1891, which is followed by the “Barber” half dollars, named after their designer, Charles Barber. These coins were minted from 1892 to 1916, the same year “Walking Liberty” half dollars were introduced, which were produced until 1947. The following year, 1948, the “Franklin” half dollar design came next, and this design was used through 1963. “Kennedy” half dollars were introduced in 1964 and are still in production, even though they are rarely encountered in daily commerce. So, collecting one of each of the design types for a denomination, and extending this throughout the denominations of U.S. coins is called a “type coin” collection.

Such a collection can also be extended to include “subtypes,” which are coins that have minor design changes to a series. For example, a subtype is a small change in reverse designs for the Draped Bust half dollar. On the 1796 and 1797 Draped Bust half dollars there’s a small eagle, and on the Draped Bust half dollars minted from 1801 through 1807 the reverse has a large eagle, called the “Heraldic Eagle” reverse. Another major design change to the Seated Liberty design half dollar revolves around the “With Motto” type and the “No Motto” type. The motto, “In God We Trust,” appears within a ribbon over the head of the eagle on the reverse of Seated Liberty dollars of later years, and for the earlier dated Seated Liberty half dollars, there is no motto.

There are different themes that can be used to build a type coin collection. One theme is to build a collection around first year of issue examples for each series. Another theme is to collect by key dates, which are the scarcest and most expensive coins in a particular series. By planning and developing a collecting plan, you can establish a budget and price limits for each coin in the collection. This will help determine the grades you collect.

A type coin collection will give you diversification across all the segments of U.S. coinage, from copper and nickel coins to silver and gold coins. In the process of building a type coin collection, many collectors discover one or more specific series they’re interested in, like Standing Liberty quarters or St. Gaudens $20 gold coins, for example, and begin building “date sets” in those series. A “date set” is a collection that comprises each date and mintmark combination for a series, like St. Gaudens $20 gold coins, minted from 1907 to 1933.

As rare coin prices have risen over the generations, type coin collecting has become increasingly popular, especially as prices for scarce and rare dates within a series have climbed so high. Collecting by design types allows one, if your budget permits, to own coins that are truly scarce and rare. I recommend going after coins that are difficult to replace, that only come on the market infrequently. More common coins that can be found all around a coin show are easy to replace and likely won’t appreciate anywhere near the rate scarce and rare coins will appreciate. So a great plan to begin investing in a collection of rare coins is with a foundation of a “type coin” collection.

Mark Ferguson was a coin grader for PCGS , a market analyst for Coin Values and has been a coin dealer for more than 40 years. He has written for the ANA, Coin Dealer Newsletter, Coin World, Numismatic News, , Coin Values, The Numismatist and currently has a weekly column on CoinWeek. Mark can be reached at Mark Ferguson Rare Coins ( www.mfrarecoins.com)

]]> http://blog.jtcoins.com/what-to-buy-to-begin-investing-in-and-building-a-collection-of-rare-coins.html/feed 0 Low Mintages To Create New Modern Rarities http://blog.jtcoins.com/low-mintages-to-create-new-modern-rarities.html http://blog.jtcoins.com/low-mintages-to-create-new-modern-rarities.html#comments Mon, 06 Dec 2010 19:32:25 +0000 Jim http://blog.jtcoins.com/?p=2533

Low Mintages To Create New Modern Rarities

By Steve Roach – The Rare Coin Market Report Blog

The U.S. Mint’s Dec. 1 announcement that it is placing tighter than expected mintage limits on the new 2010 America the Beautiful 5-ounce .999 fine silver bullion quarter dollars may result in the creation of some new modern rarities.

The large (3 inches in diameter) and undoubtedly impressive coins will surely be in hot demand, especially with such limited supplies.

The bullion issues are made available to authorized dealers who then resell the coins to the market. The mintages are strictly limited to not more than 33,000 of each design – a sharp decline from the 100,000 previously announced. The Mint will charge its distributors $9.75 per coin above the price of silver.

Uncirculated examples will be offered for sale directly to collectors during the first quarter of 2011. With mintage limits of 27,000 per coin, the 2010 issues seem destined to be modern classics, as the coins relate to circulating coins, are likely affordable to many collectors, and are simply big and flashy.

Of course, the long-term demand is largely dependent on whether collectors take to the large silver coins and seek to build sets.

Time will tell about the long-term popularity of these coins, but in the meantime, the lower-than-expected mintages should provide great action for speculators and spectators alike.

The American Eagle silver bullion coins provide a comparison point, having as key to the series the Proof 1995-W American Eagle with a mintage of 30,125 pieces. Examples of that issue regularly sell for $3,000.

Collectors’ difficulties in acquiring Proof 2010-W American Eagle silver bullion coins, with strict 100-coin per household ordering limits, have already created a robust aftermarket for these coins.

On eBay, ready-to-ship examples have been regularly selling for $55.

At least one major market-maker is offering $49 a coin for 100-coin confirmed orders of Proof 2010-W American Eagle silver coins. At an issue price of $45.95, this allows a profit of nearly $300 for dealers, and provides the market-maker a large group of coins to market during the holidays.

]]> http://blog.jtcoins.com/low-mintages-to-create-new-modern-rarities.html/feed 0 Grand Canyon National Park Quarter Available September 20 http://blog.jtcoins.com/grand-canyon-national-park-quarter-available-september-20.html http://blog.jtcoins.com/grand-canyon-national-park-quarter-available-september-20.html#comments Wed, 15 Sep 2010 17:12:16 +0000 Jim http://blog.jtcoins.com/?p=2098
Press Releases
September 15, 2010

Grand Canyon National Park Quarter Available September 20

WASHINGTON – The United States Mint will offer collectible bags and two-roll sets containing Grand Canyon National Park quarters beginning at noon Eastern Time (ET) on September 20.  The two-roll sets are priced at $32.95 each and the 100-coin bags are priced at $35.95 each.  The Grand Canyon National Park quarter is the fourth coin released through the United States Mint America the Beautiful Quarters® Program.

Collectors may place their orders at the United States Mint’s secure Web site, http://www.usmint.gov/catalog, or at the toll-free number, 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers may order at 1-888-321-MINT.  A shipping and handling fee of $4.95 will be added to all domestic orders.

The bags and rolls contain coins that were struck on the main production floors of the United States Mint facilities at Denver and Philadelphia for use in general circulation.  The two-roll set includes one roll each of 40 coins-one each bearing the “P” and “D” mint marks-wrapped in distinctive packaging displaying the name of the national park or site, state abbreviation, mint of origin, and “$10″, the face value of its contents.  A tag is attached to each 100-coin bag denoting the mint of origin, name of the national park or site, and the state abbreviation.

The coin’s reverse (tails side) design, by United States Mint Sculptor-Engraver Phebe Hemphill, features a view of the granaries above the Nankoweap Delta in Marble Canyon near the Colorado River.  (Marble Canyon is the northernmost section of the Grand Canyon.)  Inscriptions on the reverse are GRAND CANYON, ARIZONA, 2010 and E PLURIBUS UNUM.  The design featured on the coin’s obverse (heads side) is the 1932 portrait of George Washington by John Flanagan, restored to bring out subtle details and the beauty of the original model.  Inscriptions on the obverse are UNITED STATES OF AMERICA, LIBERTY, IN GOD WE TRUST and QUARTER DOLLAR.

The United States Mint, created by Congress in 1792, is the Nation’s sole manufacturer of legal tender coinage.  Its primary mission is to produce an adequate volume of circulating coinage for the Nation to conduct its trade and commerce.  The United States Mint also produces proof, uncirculated, and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

Note:  To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of September 20, 2010, noon ET, shall not be deemed accepted by the United States Mint and will not be honored.  For more information, please review the United States Mint’s Frequently Asked Questions, Answer ID #175.

###

The United States Mint – Connecting America through Coins

]]> http://blog.jtcoins.com/grand-canyon-national-park-quarter-available-september-20.html/feed 0 Buzz w/Dave Harper Mintage Numbers Collapse http://blog.jtcoins.com/buzz-wdave-harper-mintage-numbers-collapse.html http://blog.jtcoins.com/buzz-wdave-harper-mintage-numbers-collapse.html#comments Wed, 20 Jan 2010 17:16:12 +0000 Jim http://blog.jtcoins.com/?p=1107 Mintage Numbers Collapse
January 19, 2010

By Dave

Is this the year the Mint suspends the coinage of some denominations completely?

That is a question that needs to be asked in light of the collapse of production in 2009.

Overall production dropped by 65 percent last year, or 6,593,580,000 pieces from the 2008 level of 10,141,580,000.

The 3,548,000,000 total mintage from 2009 wouldn’t even be a reasonable number for cents from one facility alone in a normal year.

Collectors who grew up wondering things like why were no half dollars produced in the years 1930, 1931 and 1932, or no quarters in 1931 and 1933, now are seeing a replay of how a weak economy causes a rapid drop in the demand for coinage.

Economic statistics showed that retail sales dropped 6.5 percent last year, something not seen since the Depression.

Fewer transactions mean less demand for coins.

Throw in desperate people raiding every coin container they ever possessed just to try to keep food on the table and the combination adds up to a drastic fall in coin demand.

In 2009 the Mint tried to manage the production reductions at an even pace. Except for dimes, the Mint was remarkably able to divide what work there was evenly between the Philadelphia and Denver Mints.

The only high level of demand occurred for gold and silver coinage. Demand for those coins reflect fear of inflation and/or the unknown by buyers.

This, too, has a parallel in the high mintages of gold $10s and $20s during the Depression before President Roosevelt banned gold ownership in 1933.

The 4,463,000 mintage for the gold $10 in 1932, the record for the Saint-Gaudens Indian Head series, was caused by the same type of panicky demand for gold that we are seeing with American Eagles today.

This demand also is reflected to a lesser degree in the mintages of the 1931 and 1932 $20s.

Roosevelt after banning gold ownership to end the panic, devalued the dollar and tried to induce inflation. By this action he proved the hoarder’s fears to be justified, but persistent deflation rather than inflation dogged the economy.

Are we in a period of similar paradox where fear of inflation actually produces deflation?

]]> http://blog.jtcoins.com/buzz-wdave-harper-mintage-numbers-collapse.html/feed 0