Coin News

Demand for United States Mint numismatic coins picked up for a second straight week, but interest in bullion coins was limited.

The U.S. Mint’s release of the 2010 Silver Proof Set went well with four-day debuting sales at a respectable 241,656. Their launch lifted other annual sets also as many registered sharp weekly increases over prior sales, including the:

• 2010 Proof Set which advanced 47,704 versus 30,669
• 2010 Quarters Silver Proof Set which added 5,950 against 4,884
• 2010 Mint Set which grew 39,617 over 19,981

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James Buchanan related products dominate United States Mint releases during the month of September.

Buchanan Presidential dollars were issued last month (August 19), but Buchanan was the only U.S. President never to marry and, therefore, his image will also be featured on the next two proof and uncirculated First Spouse Gold Coins as well as the companion bronze medal.

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U.S. Mint 2010 Silver Proof Set sales opened solid but they were also softer than the opening performances from the prior two years, according to newly released figures from the United States Mint.

From their Thursday, August 26, launch through to Sunday, buyers ordered 241,656 sets at $56.95 each, bringing the Mint more than $13.7 million dollars in revenue during the four-day period.

Annual silver proof sets are always popular with coin collectors, as the following table of past sales shows:

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The Bullock Specimen of the famous 1856-O double eagle, recently discovered in Ohio and graded XF45+ by NGC, is the main attraction in Heritage Auctions’ September 2010 U.S. Coin Auction, Sept. 22-25, in Long Beach, CA.

 "The 1856-O double eagle is a very rare date," said Greg Rohan, President of Heritage. "No more than two dozen are known, and the real number is probably smaller. Any example is a real treasure, and this piece made a remarkable debut. The announcement of its discovery was front-page news in Coin World, a sign of how important the 1856-O double eagle is to numismatists."

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The American Numismatic Association urges its members to contact their members of Congress and ask to repeal a law that could significantly increase the paperwork burden on dealers and increase the risk of identity theft for all collectors who buy and sell numismatic material.

Under Section 9006 of the Patient Protection and Affordable Care Act, commonly known as health care reform legislation, businesses will be required to report all goods and services purchased in excess of $600 with an IRS 1099 form.

As written, the law would, beginning in 2012, require all coin dealers to report on IRS form 1099 all goods and services (totaled across a taxable year) they purchase from other dealers and customers in excess of $600.

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