January 23rd, 2012 — 1896 Silver Dollar, Coin Collecting, US Coins
An 1896 silver dollar is one of the Morgan dollars that were minted from 1868 to 1904, and then later again in 1921. The image on these coins was designed by George T. Morgan, and while his dollar is a collector favorite today, easily found in online auctions, they were virtually ignored when they were created.
By 1873, the American collar coin was discontinued. Paper money was favored over coins. So when the large, Morgan dollar came onto the scene in 1878, few people were interested in using them. After the Comstock lode was discovered in Nevada, America’s richest silver strike to date, it was necessary to use that silver to keep Nevada’s economy from collapsing. Pressure was put on the government to make a silver dollar, so the US Treasury, despite the veto by President Rutherford B. Hayes, purchased a few million dollars worth of the silver for coinmaking. Some of that silver was used in the 1896 silver dollars, as well as other dollars from that era.
Morgan, a native of England, was brought over to be an engraver for the director of the Philadelphia Mint. Morgan’s design competed with the design by the normal designer and Chief Engraver, William Barger. Morgan’s coin was chosen, with its head of Lady Liberty on the front and a small eagle on the back. Soon after, Morgan became Chief Engraver and remained there for over 40 years, then became Chief Engraver for the United States Mint in his 70s. The 1896 silver dollar as well as all Morgan dollars produced, bear the distinction of being the only American coin Morgan ever designed.
Less than two weeks after Congress authorized the minting, the first Morgan dollars were struck, on March 11, 1878. Philadelphia produced most of the Morgan dollars, but a small mint in Carson City near the silver Comstock lode produced some dollars of that era. Though that mint closed in 1893, after the mine was essentially emptied of silver. The 1896 silver dollars was one of the 500 million Morgan dollars minted between 1878 and 1904. Despite their numbers, the coins weren’t popular with consumers. There were many used coins, in fact, that in 1918, over 270 million were melted to provide Great Britain with silver during the war. Morgan dollars were produced again in 1921, to the tune of 86 million, but stopped the following year so that the Peace dollar, which became popular, could be produced to commemorate the end of World War I.
Millions more Morgan dollars, including the 1896 silver dollar, were melted down for their silver content in the following years. In fact, it wasn’t until 1972, when the General Services Administration auctioned 2.9 million Morgan dollars, the rare ones produced by the Carson City mint that closed in 1893, that the Morgan dollar interested collectors at all. Then LaVere Redfield, a stock investor who had hoarded 400 bags of Morgan dollars, died in 1974 and his 11 tons of Morgan dollars were auctioned for $7.3 million dollars, giving the Morgan dollar real status in the coin world.
Originally posted 2008-10-14 14:00:58. Republished by Blog Post Promoter
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January 15th, 2012 — Coin Collecting, Gold Coins, Gold Eagle Coins
Gold Eagle coins are American currency, first released in 1986, that contains the stated amount of actual gold weight claimed in troy ounces, with a silver and copper alloy added to make the coins less soft and more wear resistant. The coins are an official US gold bullion coin, authorized by the Gold Bullion Coin Act of 1986.
The first Gold Eagle coins minted from 1986 to 1991 are dated with Roman numerals. Gold Eagle coins from 1992 onward switched to Arabic numbering. These coins are worth far more than their face value, because of their gold content. In the beginning of 2008, a $5 American Golden Eagle was actually worth about $110, with this amount varying daily, of course, based on the price of gold. The US Mint makes a proof suitable for collectors, most which carry the mint mark of “W” (which stands for the West Point mint in New York) beneath the date.
The design on Gold Eagle coins is often referred to as one of the most beautiful to grace an American coin. It features Lady Liberty holding a torch and an olive branch, her hair flowing, with the Capitol building in the background. The reverse of the coin boats an eagle above his nest of hatchlings, with the mother eagle watching over her brood. The male eagle carries an olive branch, long known as the symbol for peace. The coins come in four sizes: one-ounce, half-ounce, quarter-ounce and one-tenth ounce. The American Golden Eagle has become the most widely traded gold bullion coin in the world.
Gold Eagle coins are certainly valuable to coin collectors, and investors, thanks to their gold content. For collectors interested solely in the design, Golden Eagle proofs are a great addition to your collection. They’re designed specifically for coin collectors, and don’t carry the high price of the real gold bullion coins. These are widely available in places like flea markets, online stores and online auctions and their value is based on their condition. They should be graded like ordinary coins, from poor to uncirculated, and judged on that basis.
True Gold Eagle coins, though, are an actual investment whose gold content and purity are actually guaranteed by the US Government. American Eagles are actually even valid deposits for Individual Retirement Accounts, otherwise known as IRAs. Every major government holds gold in reserve because it’s a tangible asset. What you hold in your hand is what’s valuable, unlike paper money and coins, whose value is representative of assets like gold that are held in the treasury.
Gold Eagle coins are an easy and affordable way to invest in gold. Where big investors might trade for gold in thousands of dollars or more at a time, the average investor or beginning investor can choose to purchase American Eagle coins instead. The value may vary daily with the price of gold, but the rarity of real gold virtually ensures that the value won’t drop dramatically as other investments can.
Photo Credits: kevindooley
Originally posted 2008-10-16 05:00:50. Republished by Blog Post Promoter
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January 10th, 2012 — Coin Collecting, Finding Coins, US Coins
There are many different kinds of coins you can collect out there. Among the most popular to collect is the American coin. This is because to date the American coin collector is one of the preeminent collectors in the industry. Other countries like Australia and Canada are starting to grow in the amount of collectors, but they still do not compare to the amount of collectors which have established themselves in the United States. This presents an opportunity and a challenge for all people looking to get started collecting these types of coins.
If you are looking to get started with your own American coin collection, there are a few things you should keep in mind. The first thing that you will have to decide is how much you are willing to spend on your collection. Once you have this figured out, you may want to decide how you would like to display your collection. You should always make sure that the coins you purchase have been graded and certified so that you will know that you have a collection which is genuine and also you will know how much your collection is worth.
How Much You Will Pay
Coin collecting is a hobby which everyone can get involved in. If you do not have a lot of money, you can start by collecting some of the commemorative coins which are put out by the U.S. Mint. These include the state quarters and the recent President dollars. Those looking to spend more money can chase the Morgan silver dollar or even seek out the gold 1933 Eagle coin. Spending a lot of money only means that your collection will be worth a lot now. It is possible to spend a little and end up with treasures which will be worth a fortune later as long as you take good care of them.
Different Ways to Display Your Coin Collection
Collections can be displayed in a number of different ways. The most common way to display a collection is laid out on a luminescent surface. This is because you will likely have the coins in the slab that they were put into when they were certified. Others will decide to instead display their coins in a matted frame. These do not have to be reserved for just commemorative coins. You can use the mat for just about any kind of coin as long as you do not mind that it is out of reach.
Grading and Certification
Having your coins graded by a third party is a great way to make sure that your American coin collection is certified as the quality that it is. This is a great way to know what it is that you have in your collection. It is also a great way to make sure that you will be able to protect your coins for future generations to enjoy. The sooner you get it graded and certified, the sooner you will stop any aging problems the coin might encounter.
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Originally posted 2010-08-21 03:16:00. Republished by Blog Post Promoter
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November 28th, 2011 — Coin Collecting, Uncirculated Coins, US Coins
If you are new to the practice of American coin collecting, then there are a number of terms and types of coins that you are going to want to understand, otherwise they will seem confusing to you and may give you some trouble. The purpose of this post is to discuss a few common terms in the art of American coin collecting that you can apply to United States Mint coins such as the Silver Eagle coin, the Platinum Eagle coin, the Gold Eagle coin and the Gold Buffalo coin for example.
Mint – When a coin is described as being mint in American coin collecting, what that means is that the coin has been made to be a regular circulated coin, and yet it has just come from the mint and is not yet damaged or circulated. The Mint for the United States can sell these coins from their normal production batches.
Proof – If the coin is labeled as being proofed or if proof is mentioned in the description, then what that means is that the coin has been crafted using high pressure, giving it a shiny and mirrored finish. The images on coins like this in American coin collecting also tend to have more detail to them. These are not coins that are intended to be spent or circulated, but rather they are specifically intended for collecting.
W – If the coin is being described by its year but with a W at the end, this means that the coin has a mint mark on it that was used by the mint at the West Point branch in New York.
Uncirculated – What this term means, in American coin collecting, is that the coin has not been used or spent in any way. In other words, this term is used in order to describe a coin that is in the most perfect conditions, as if it were coming fresh from a Mint.
PCGS – This is a term that stands for Professional Coin Grading Service. When a coin is described as being PCGS, then that means that the service has graded the coin for American coin collecting purposes.
NGC – When a coin is described as being NGC, then what this means is that it has been graded by a service that is known as the Numismatic Guaranty Corporation.
Keep in mind that the above grading services do cost money in order for a coin to be graded. Should a coin be labeled as having been graded, what this means is that one of these services has guaranteed the quality and the authenticity of the coin, and this means that the coin is naturally going to be higher in value.
There are all kinds of American coin collecting for you to know and utilize. The above should be a good foundation for you to get started with. When you understand the basics in American coin collecting, you will be better able to find the coins that best suit you, ensuring that you get the best value for what you pay as well.
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Originally posted 2009-12-02 03:56:50. Republished by Blog Post Promoter
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October 1st, 2011 — Coin Collecting, Liberty Head Silver Dollars, Morgan Silver Dollar, US Coins
Liberty Head silver dollars have been referred to in many different ways over the years. First they were called Buzzard Dollars, because no one really liked the original design of the rather scrawny eagle on the back. The large, heavy coins were also referred to as Cartwheels, and are today most commonly referred to as Morgan Dollars, after their creator, George T. Morgan.
Though when they first appeared in 1878 these coins weren’t popular at all, today Liberty Head silver dollars are one of the most collectible coins in the world, among silver and all other types of coins. When these coins were minted, the dollar coin had been discontinued for 5 years already, with Americans showing a clear preference for paper dollars. The coins were minted because of the large silver surplus created by the purchase of silver from the Comstock lode in Nevada, to keep Nevada’s economy above water. To use the silver, these coins were commissioned.
George Morgan was an Englishman who designed the Liberty Head silver dollars, and despite his post as US Chief Engraver after that, one he held for over 40 years, these coins were the only American ones he ever designed. Because these coins weren’t popular and few people used them, production stopped in 1904. Many of the coins were melted down in 1918 to help Great Britain’s war efforts. Then more were minted in 1921, but only for a brief time before the Peace Dollar was minted to commemorate the end of the war, and quickly became the most popular silver dollar in America.
The Liberty Head silver dollars continued to be melted town, and the public showed little interest in collecting them until about 1972, when a large collection of over 400 bags of the rare Carson City minted dollars was discovered. The collection ended up selling at auction for over $7 million dollars. While all these dollars are collectible, some are more valuable and sought out than others.
The most rare Liberty Head silver dollars are those minted in 1895. Called the “king” of these dollars, some have sold for over $100,000 at auction. What makes these coins particularly valuable is their rarity, and the mystery surrounding them. Twelve-thousand 1895 coins were struck, according to mint records, yet only about 80 have ever been accounted for, and all of those were proofs. None of the regular circulation coins have been recovered. Whether they were ever minted at all comes into question, but doesn’t lessen the mystique of the coin.
Liberty Head silver dollars, aside from the 1895 strike, aren’t particularly rare because millions of these coins were minted. They were larger than typical coins, and the original eagle design wasn’t popular, yet today they’re consider one of the most collectible US coins available. Online auctions are an inexpensive and ideal way to purchase these collectible coins, whether you want to purchase them to begin investing in silver, or to make the Liberty Head silver dollars an important part of your coin collection.
Originally posted 2008-11-11 14:00:28. Republished by Blog Post Promoter
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