The Professional Coin Grading Service (PCGS) announced Wednesday the immediate launch of a new "Genuine" service for coin collectors and dealers. For the fee of $100 per coin, PCGS will authenticate and encapsulate problem coins — coins that have been cleaned, suffer environmental damage, altered on the surface, major scratches, etc.

It’s important to point out that coin grading is not included in the new service. The main Genuine service features offer:

• Encasing coins in normal PCGS holders
• Use of standard PCGS inserts
• Use of the word “GENUINE” in place of the usual grade
• Eligibility for inclusion in the PCGS Set Registry (with a grade value of 1)

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(Santa Ana, California) – Collectors Finance Corporation (CFC) has increased its loan-to-value rates to offer collectors and dealers additional cash for loans on PCGS-certified coins held as collateral.

“We’re now lending 75 percent of the value of PCGS-graded generic gold and vintage coins; 65 percent on certified modern coins; and 80 percent of metal value on certified bullion coins,” said Mike Lewis, President of CFC, a division of Collectors Universe, Inc. (NASDAQ: CLCT).

“Our key dealers requested that we increase our loan-to-value rates so they could have more opportunities to participate in the hot market for high-end, vintage coins.  We’ve been able to increase these rates for coins because of their recent history of limited negative-price variability and their improved market liquidity.”

The interest rate charged by CFC is Prime Rate plus four percent, and loans can be made for a maximum term of one year. 

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A heavy vault door wasn’t enough to stop thieves from stealing more than $200,000 in rare coins from a local Benbrook, Texas coin shop. Neither was steel rebar and 8 inches of concrete.

The theft happened in the middle of the night and it must have taken several hours to complete.

The thieves bypassed an impenetrable looking vault door, and instead dropped into the vault through the ceiling after meticulously drilling through 8-inches of concrete and rebar.

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A steamship that sank off the Louisiana coast during an 1846 storm has produced a trove of rare gold coins, including some produced at two largely forgotten U.S. Mints in the South, coin experts say.

Last year, four Louisiana residents salvaged hundreds of gold coins and thousands of silver coins from the wreckage of the SS New York in about 60 feet of water in the Gulf of Mexico, said David Bowers, co-chairman of New York-based Stack’s Rare Coins.

“Some of these are in uncirculated or mint condition,” Bowers said, predicting the best could bring $50,000 to $100,000 apiece at auction.

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Last Minute Amendment Could Have Shut Down Precious Metals Coin Dealers

ICTA recently helped defeat an 11th hour proposal that would have put precious metals dealers under the jurisdiction of the CFTC which may also have led to federal licensing and further regulation of the industry.

In late April, during Senate consideration of the 2008 farm bill (HR 2419), a section was added to reauthorize the Commodity Futures Trading Commission (CFTC) and amend the Commodity Exchange Act (CEA).

The House Agriculture Committee marked up similar legislation, so the two CFTC bills were both being considered by the joint Senate/House Conference Committee that would recommend the final bill.

A last minute amendment was introduced at the Conference Committee by Senator Tom Harkin (D-IA) that would have expanded the CFTC’s jurisdiction beyond the futures markets to include the cash markets.

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(Mandeville, Louisiana) – Nationally-known rare coin dealer Paul Hollis, 36, of Mandeville, Louisiana will formally announce his candidacy for the Republican Party’s nomination for the United States Senate on May 12.  A number of prominent numismatists are on his campaign committee, such as John Albanese, Jeff Garrett, Paul Montgomery and Douglas Winter. 

Hollis began collecting coins at the age of six after receiving a Peace dollar from his grandmother.  In recent years, millions of viewers watched him on air when he hosted “The Coin Vault” television program on the Shop at Home network, and he also is known by many collectors and dealers from his earlier work as chief numismatist at Blanchard and Company in New Orleans. 

A political science graduate of Louisiana State University, he is the owner of Paul Hollis Rare Coins in Mandeville, Louisiana.  In addition to rare U.S. numismatic items, he specializes in ancient coins that circulated during the lifetime of Jesus Christ. 

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Hobby Friendly Legislation Supported by ANA and Whitman

Maryland Gov. Martin O’Malley today signed legislation that will exempt coin dealers from the requirement to obtain a Maryland trader’s license for the American Numismatic Association’s World’s Fair of Money® in Baltimore, July 30-Aug. 3.

Whitman Publishing, LLC, along with the ANA and the Industry Council for Tangible Assets, worked together to successfully lobby to change Maryland’s trader’s license law. The resulting legislation removes burdens that numismatic dealers would have otherwise faced this year if they had participated in more than three coin shows in Maryland within a 365-day period.

With four major coin shows planned in Baltimore this year (three by Whitman Baltimore Coin and Collectibles Conventions plus the ANA World’s Fair of Money), dealers would have had to apply for a state trader’s license that would have created ongoing regulatory and taxation burdens. With the new legislation, that requirement now excludes the 2008 Baltimore World’s Fair of Money as it is promoted by the ANA, a non-profit national organization.

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Professional Coin Grading Service (PCGS) is offering a new service, the Roll Certification Program, for rolls of Brilliant Uncirculated coins.  Certified rolls are encapsulated in a new PCGS product, the clear, durable CrystalVue™ holder, which enables easy viewing of the obverse and reverse designs as well as the coins’ edges.

“In 1986, PCGS revolutionized the coin market by establishing the standard for third-party grading of individual coins.  Now, with so many people collecting coins such as Presidential dollars by the roll, PCGS is revolutionizing coin collecting again with the Roll Certification Program.  It gives collectors a safe, effective method of protecting their coins for future generations while guaranteeing the authenticity and Brilliant Uncirculated grade of an entire roll,” said Ron Guth, PCGS President.

PCGS now is accepting for roll certification Presidential dollars submitted in Mint-sealed boxes of government-wrapped rolls, and American silver Eagles in Mint boxes.  Acceptance of additional coin denominations and series will be announced in the coming weeks.

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Fallbrook, California. — Investors who want to purchase or sell gold or silver coins should avoid “impulse buying” and “uninformed selling,” according to the Professional Numismatists Guild (PNG), a nonprofit organization composed of the country’s top rare coin and bullion coin dealers (www.PNGdealers.com). 

The experts warn investors to be wary of cold-call solicitations because the telemarketer’s fees may be significantly higher than other sources for precious metals coins.

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Eleven sponsors contributed a total of $35,500 in support of the American Numismatic Association’s 2008 National Money Show™, March 7-9 at the Phoenix Convention Center, West Building.

“Our sponsors are responsible for the many free educational programs and amenities at every ANA convention,” said David Truesdell, ANA sales and sponsorship manager. “I’d like to thank everyone for showing their support in Phoenix.”

Title Sponsors receive several benefits including having their logos imprinted on bags distributed to the show’s projected 5,000 visitors, and on the welcome banner at the bourse entrance. Title as well as primary sponsors receive free or discounted convention program advertising, recognition on signage and sponsor ribbons for their staffs, plus other benefits.

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