Coin News » Collecting Coins

Stolen Collection Traded in Coin Cash Machine, Protecting Your Coins

Mike Unser — Mon, 24 Mar 2008 16:27:38 +0000

A coin collector can hardly experience anything worse with a collection than having it stolen. After the theft, there is always the hope that some or all of the coins will eventually be recovered. But imagine if your coins were stolen and then spent or traded like every day circulating change, as if they had absolutely no collectible value.

That is exactly what happened to one man’s collection in Enfield, Connecticut. He found out that he had been taken to the cleaners by a woman he hired to clean.

The woman apparently discovered the collection, called another man into the home, and together they took the collectible coins and paper-money. Even worse, the coin collection was then swapped for cash using a coin cash machine at a local store.

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NGC Confirms Counterfeit Replica Coin Holders

CoinNews.net — Tue, 08 Jan 2008 05:22:33 +0000

Today, Jan. 7, the Numismatic Guaranty Corporation (NGC) has confirmed the existence of counterfeit replica holders.

NGC was founded in 1987 to objectively provide third party grades to coins. Coins sent to NGC are analyzed, graded, recorded and then encapsulated in tamper resistant, protective holders.

While there are several coin grading services in existence, NGC is considered to be one of the top two – PCGS being the other.

Counterfeiting certified coin holders is not new. Those who do it and are willing to risk jail time victimize the unsuspecting buyer into paying a large amount of money for a coin that may also be counterfeit, or not at the grade the fake holder indicates.

According to the NGC announcement:

The coin holder label is a copy of an actual NGC certified label, with matching information of an entry in their database
Trade Dollars and Bust Dollars are the coins most often counterfeited within the discovered fake holders, along with some Flowing Hair Dollars and foreign coins

Coin collectors should visit the NGC information page as they offer excellent photo comparisons that show how to detect the forged coin holders. NGC also indicates:

"The next generation NGC holder to be released in 2008 has incorporated many new anti-counterfeiting features. Counterfeiting is a regrettable component of the collectibles hobby that affects not only certification companies but plagues world mints and currency printing bureaus. NGC will aggressively pursue all available legal remedy. Furthermore, NGC is wholly committed to investing in technologies and fraud prevention methods to continue to offer the safest and most reliable product in the rare coin marketplace."

Unfortunately, crooks are willing to go to extremes in stealing from the honest. Coin collectors must always remain diligent.

CoinNews.net Offers Free Rate of Return Coin Calculator

CoinNews.net — Sun, 25 Nov 2007 19:23:42 +0000

The vast majority of coin collectors collect for the joy and experiences the hobby brings – not for financial gain. On the flip side, collecting coins can place a burden on the wallet so most collectors are savvy in at least the basics of finance.

To that end, CoinNews.net has added a FREE and simple Rate of Return (ROR) Coin Calculator. The calculator is a fast and easy tool that provides a mechanism for checking how much coins have made in value over time.

By entering a coin’s purchase price and date along with its selling price (or estimated current value) and date, the calculator will return its:

Annualized return rate
Return percentage for the entire period

You likely won’t use the rate of return coin calculator for any heavy financial analysis on a series of many coins. It’s not designed for that. Instead, it’s there to offer quick and interesting insights to coin or other investment purchases – you could, if you wish, even use it to find the rate of return on a home.

Coin Collector To Toss Coins for New TV and DVD Player

CoinNews.net — Thu, 18 Oct 2007 17:56:45 +0000

We’ve all stored change now and again. But few can claim the prize of hoarding coins for 7 years with the intention of buying a big screen TV and DVD player.

That’s exactly what Tim Thraves, a man from Hillsboro, did and plans to do.

Real coin collectors or numismatist, those who study and collect coins for that enjoyment alone, may feel some dismay, but also amusement.

Many collectors have a hard time parting with their collection. But if you’re going to give it up, few – well, at least most men – would argue against Thraves’ decision.

Amazingly, Thraves came up with the idea through a friend. Thraves’ friend has a coin collecting story of his own. He saved change for 16 years. Using that money alone, he purchased a car for his son’s 16th birthday.

In friendly arguments between the two, who can claim getting the best deal?

You can read the full story from kgw.com, Northwest NewsChannel 8.

New 2007 Uncirculated Coin Sets Arriving; Old 2006 Sets Departing

CoinNews.net — Sat, 29 Sep 2007 01:04:22 +0000

They’re not the home run makers in the series of Mint coinage but they do make a big hit every now and again… The 2007 Uncirculated Coin Sets are almost up to bat.

They’re on deck, in fact. Standby because on October 9th, you can purchase them through the United States Mint.

Them? In short, a complete set of 2007 uncirculated coins from the U.S. Mints at Denver and Philadelphia. The sets are a special breed of coins many collectors like to own because they’re different.

The Mint describes uncirculated as:

"…coins are struck on special presses using greater force than circulating coins, producing a sharp, intricately detailed image, and feature the satin finish introduced in 2005."

Price changes for the 2007 Uncirculated Coin Sets and improved packaging

This year the price of the set is $22.95, plus $4.95 for shipping and handling. The current 2006 Uncirculated Sets are being sold for $16.95 at the same shipping and handling rate.

At first blush, it looks like the Mint increased prices. However, although the price has gone up by $6, the new set reflects a better comparative deal.

Why? The 2007 coin sets are different from previous years:

The old traditional packaging is gone. The new packaging showcases the uncirculated coins within blister packs, letting you view the coin’s edge.
The coins are displayed within improved folders – one for Philadelphia coins and the other for Denver coins
And, most importantly, the set includes the four new Presidential $1 Coins honoring the first four Presidents of the United States (8 total since the set includes one presidential dollar from each mint)

The addition of the 8 Presidential $1 Coins, by themselves, reflects the improved pricing.

The coins included in the 2007 Uncirculated Coin Set

If you’re unfamiliar with the United States Uncirculated Coins Set® and what they include, here’s a table showing the 28 coins that are in the 2007 set:

Coin	Philadelphia Mint Mark	Denver Mint Mark
Lincoln one-cent	x	x
Jefferson 5-cent	x	x
Roosevelt dime	x	x
Montana state quarter	x	x
Washington state quarter	x	x
Idaho state quarter	x	x
Wyoming state quarter	x	x
Utah state quarter	x	x
Kennedy half-dollar	x	x
Golden Sacagawea Dollar	x	x
Washington $1 Coin	x	x
Adams $1 Coin	x	x
Jefferson $1 Coin	x	x
Madison $1 Coin	x	x

Time closing for the 2006 Uncirculated Sets and 2007 ordering details

Nearly 925,000 of the 2006 Uncirculated Sets have been sold so far. With the improved packaging and extra coins, there’s a good chance the 2007 set will show better mintage numbers this time next year, even though they’re a few dollars more. Of course, that’s pure speculation at this point…

If you haven’t already, you can still purchase the 2006 Uncirculated Coin Set, but you better hurry. The US Mint normally removes them for sale when the new sets are made available.

Orders can be placed at the U.S. Mint’s website, www.usmint.gov, or by telephone at the toll-free number 1-800-USA-MINT (872-6468).

Minting Variety Type Coins on Purpose – Why?

CoinNews.net — Thu, 27 Sep 2007 06:13:42 +0000

There’s nothing better than some variety between coins to peak a person’s interest and excitement. The 50 State Quarters® and new Presidential $1 Coins highlight how changing a coin’s design every few months can kindle passion with at least collectors.

What’s your excitement level when a batch of coins gets minted but a percentage of them have slight variations compared to others in that coin’s series?

Hold your thoughts… In this case, we’re not talking about coins with errors due to mint manufacturing mistakes or unintended die varieties. (Although these are very intriguing for many collectors too.) Let’s dig in a bit more…

Subtle design complexities can force a design variety and resulting type to happen

Do you remember the old Sesame Street game, "One Of These Things Is Not Like The Other…?" It was very easy to find that one thing.

That’s not the case for most variety type coins unless you have a well trained eye. These coins often have the same date and always the same basic design of their brethren coins, making their slight variations even more difficult to notice.

Yet, their variety and the quantity produced is significant enough to classify them into their own group or, specifically, a variety type.

In the early history of coinage, dies were created by hand, resulting in each being unique. As such, coins had subtle differences from comparable coins and many varieties existed even when the outmost care was taken.

If there are too many small or insignificant variations in a coin series, like some early coinage, it’s difficult to group or classify them into a specific variety type. Let’s set these aside too.

In the U.S. over that last 150 years or so, better standardization and automation improved the coin manufacturing process. Die and coin variations became less common.

But they still exist. In fact, some coin variety types since then have been created on purpose to improve a coin’s design and have major design variety types. That’s what we’re after here!

A variety type example with the Buffalo nickel

A popular example is the first year of the Buffalo nickel. There are two variety "Types" for this 1913 coin:

Type 1 has the “FIVE CENT” on a raised mound. After these coins were out in the public for just a few months, wear was noticed in the area. There was a focused effort to fix this.
Very quickly, the Type 2 Buffalo nickel was born. Here the design was changed and the “FIVE CENT” area was recessed.

The Buffalo nickel Type 1 lasted less than a year while the populous Type 2 coin design remained until the very end of Buffalo nickel series, which was 1938.

A more recent variety type example with the Eisenhower dollar

A more recent example of modifying designs within the same year happened with the Bicentennial Eisenhower Dollars.

There are also two variety types for this 1776-1976 coin. The most noticeable difference between the two can be seen by the naked eye:

Type 1 has bold and thick lettering on the coin’s reverse.
Type 2, on the other hand, has delicate; narrow lettering.

The Type 2 variety is also noted for having a sharper design while the Type 1 has lower relief.

Interestingly enough, the varieties occur across that year’s Philadelphia, Denver and San Francisco minted Eisenhower coins.

The rewards of variety type collecting

It’s now easier to understand why coin variety collecting is so exciting for many. It has an extra element of intrigue, history and uniqueness.

We only covered a small cross section of varieties in coins. When you throw in error coins and those unintended die varieties into the mix, things really stir.

This is a finely tuned area of coin collecting, requiring deeper knowledge and experience, certainly. But it can be hugely rewarding.

If you’re interested in diving into this area of numismatics, you may find Die Variety News of interest. It’s an excellent resource with detailing photo examples. It’s also free.

Wyoming First Day Coin Covers Available

CoinNews.net — Wed, 26 Sep 2007 05:16:16 +0000

The United States Mint has released the 2007 Wyoming Official First Day Coin Cover.

These limited edition covers hold two Wyoming state quarters that were each minted on the very first day of the coin’s production.

Just like the Jefferson $1 Coin Cover recently released, one coin included is from the United States Mint at Philadelphia while the other is from Denver.

Also placed on the cover is an American Flag postage stamp and a postmark date of September 4, 2007, which indicates the day the Wyoming state quarters were first released to the public.

The Wyoming First Day Coin Cover is the 44th released in the series.

Unlike the presidential coin covers, which had a limit of 50,000, the Wyoming covers are limited to 35,000 units. No household order limit is listed.

The price of the Wyoming Coin Cover is $14.95, plus shipping and handling.

To order the covers, you can visit the online store at the U.S. Mint website.

eBay Selects Coin Grading Companies

CoinNews.net — Mon, 24 Sep 2007 06:47:56 +0000

eBay’s trying to step up efforts to stymie fraudulent numismatic listings and the selling of counterfeit coins.

Last week they implemented an updated policy for how certified coins could be listed in online auctions. What’s changed?

In writing, not much. The policy guidelines aren’t exactly long. However, the changes they detail are significant.

eBay’s policy update for certified coins

In order to list a certified coin on eBay, you must now have that coin certified by one of only four certification companies:

Numismatic Guaranty Corporation (NGC)
Numismatic Conservation Services (NCS)
Professional Coin Grading Service (PCGS)
Independent Coin Grading (ICG)
ANACS

Most coin collectors recognize the names of these companies and know what they do. In summary, each is essentially known for appraising the condition of coins, giving them a grade and then encapsulating them in tamper resistant holders.

The coin holders, many times called slabs, not only help in protecting the coin but they also identify its name, condition by grade and other "guaranteed" coin characteristics.

It’s these standardization factors that offer many buyers increased confidence when buying coins from a distance. If you know the grading service and trust their experts when it comes to certifying coins by grade, you can worry less about getting burned by a bad deal from someone you don’t know.

What the new policy update doesn’t change or protect buyers from…

It’s important to recognize the eBay policy changes for what they are. Minimally, it’s hard to argue that they’re not a starting step forward – although the lesser known certification services aren’t likely happy… you’d like to see guidelines as to what the requirements are to be an authorized coin grading company on eBay.

Illegitimate grading claims for certified coins should indeed go down in the eBay marketplace. Sellers who used virtual "made up" grading services won’t be able to pass their coins off as easily in the higher grades that command higher premiums. And, thereby, ripoff the buyer.

However, a thief is a thief is a thief!

After some regrouping, you can guarantee those who bend or break laws will continue to strive forward in their attempts.

Just as there are those who have counterfeited coins for profit, you can guarantee there will be those who will do their best to "counterfeit" the certification services selected by eBay’s.

Or, steal images from other sources, use them as their own to indicate the coin has been certified properly and then sell them.

eBay’s new policy update shouldn’t forego your own common sense principles when buying any coin. And just because they’ve selected several coin grading companies, it doesn’t mean others out there aren’t exceptional in their offerings or that new ones won’t emerge.

The ANA supports eBay’s policy update

It’s worthwhile to note that eBay has worked with the American Numismatic Association (ANA), the largest nonprofit society in the world for numismatists. In that collaboration, they’ve provided some insights for eBay.

In regards to the policy update itself, ANA’s President, Barry Stuper, said:

“The ANA supports this effort to improve consumer protection for people buying and selling coins on eBay. Although the ANA is not responsible for this policy, we support any effort to reduce the potential for fraud and to help safeguard the coin-collecting hobby.”

You can learn about the ANA’s collaboration with eBay by reading their recent press release.

For further details about the eBay changes, you can visit eBay’s policy page.

Enforcement of the new policy will begin October 1st.

U.S. Mint Ships Jefferson Liberty Spouse Coins

CoinNews.net — Fri, 21 Sep 2007 18:31:46 +0000

For the lucky few able to get one of the Jefferson Liberty First Spouse Gold Coins, take heart. If you haven’t already received yours, they’re on the way.

And the coins are, if you’ll forgive me… SWEEET!

Although variation in delivery dates were given based on order times, no orders were actually shipped when the Jefferson Spouse coins were first sold on August 30th.

The U.S. Mint receipts listed the coins in the "backordered" category for everyone.

That was somewhat disappointing given there were only 20,000 of the proof and 20,000 of the uncirculated Jefferson Liberty Spouse gold coins made and many experienced a difficult and backlogged ordering process.

However, given the demand was large and the supply low, most who managed to get their order through were just happy about that.

In my case, I ordered both the proof and uncirculated coins and the shipping date provided was for next Monday, September 24th. To my surprise, FedEx delivered the coins this morning, September 21st.

The Jefferson Liberty Spouse Coins are worth the price

Each coin is well packaged within attractive wrapping and wooden-like cases. You’ll probably open one of the coin cases and initially find your coin loose – not placed in the circular coin holder slot that would prevent the coin from moving around.

When the coin is slotted, it can be quite challenging to remove.

The obverse (front) stands out the most. In my opinion, it ranks toward the very top for modern coins. Ironically, the design is a reproduction of the Draped Bust Half-Cent made minted back in the 1800′s.

The coin’s reverse (back) is attractive as well. The inscribed epitaph is a bit difficult to read because of the small font and area.

Also, although not as prominent, it has that presidential $1 coin token-ish appearance.

The reverse inscriptions are surrounded by circular lines. Taken together with the center of the coin, there’s an almost bulls eye-like appearance.

Now, that’s an exaggeration and, again, it’s not as bad as the new presidential coins. But that’s what really pulls the mind toward the token look, which is a negative.

Overall, the coins are very pleasing to the eye. Photos really don’t due them justice.

Including shipping and handling, I paid $890.80 for both the proof and uncirculated versions. A quick eBay® search shows "Buy It Now" prices as high as $1,599.00 for both and active bids with well over a day left currently at $1,125.

It looks like many could turn a quick profit by selling their coins. However, the uniqueness of the coins are enduring and will be a long term collector coin for many, like me.

Who’s Responsible for U.S. Coinage Design? CCAC? Mint? CFA?

CoinNews.net — Thu, 20 Sep 2007 00:19:33 +0000

Citizens Coinage Advisory Committee – who are they and what do they do?

Since the government is responsible for minting coins, you could suspect it’s more than one or two people who are responsible for designing them.

But wait, we’re talking about the government… Obviously, we need to be thinking about committees when it comes to decision making!

There are, in fact, many layers in getting a new coin design out the door. And although there’s some jest when it comes to talking about the government, the design of coinage – whether it’s good or bad – is no simple thing.

An interesting party in one phase of a coin’s design is the Citizens Coinage Advisory Committee, or CCAC for short.

Unless you read Public Law or have been in the numismatic world and have followed the development path of a new coin, the CCAC is likely foreign to you.

For sure, the committee’s existence is not exactly common knowledge even to some experienced coin collectors.

The CCAC is specifically named within the text of new coin legislation all the time. Usually it’s just a very small sentence in the design requirements section, stating: "review by the Citizens Coinage Advisory Committee".

The CCAC was established in 2003 by Congress under Public Law 108-15. As such, if you like how recent coins look, the CCAC should receive part credit.

Likewise, if you feel new coins – both circulated and those made just for coin collectors – are lacking in design, the CCAC is partly to blame.

The stages a new coin must pass through

To get a better understanding of the trip a new coin makes before it gets manufactured and the role CCAC plays in that, let’s cover some general and very basic beginning or development steps of a coin:

Someone has the "idea" for a coin
That idea is shaped into legislation and introduced in the House or Senate
The bill goes under scrutiny, through committees and gets reshaped, as necessary. That shaping consists of items like: why the coin should be made, its main specifications, the (very) basic design requirements, issue requirements, sales and any surcharges.
The bill has to pass through both the House and Senate
The President must sign to make it law

From there, the coin goes through creation aspects to get designed, and depending on the coin, certain people and entities are involved in that design. Always included are the following government entities:

U.S. Mint officials
The Commission of Fine Arts
And, finally, the CCAC

The Commission of Fine Arts was established in 1910 and advises all government entities on "matters of design and aesthetics, as they affect the Federal interest and preserve the dignity of the nation’s capital."

Their "design" advice covers a broad range of areas, including coinage, buildings, statues, monuments and much more.

Publicly, the U.S. Mint is best known for manufacturing, distributing and promoting coins. They have the largest power in the punch for producing coins, as you’d expect.

The U.S. Mint and the CCAC work under the Department of Treasury and obviously work very closely with each other. However, separation between them was structured to prevent the "rubber stamping" of designs.

Officially, the CCAC was established to mainly advise the Secretary of the Treasure on:

…theme or design proposals relating to circulating coinage, bullion coinage, congressional gold medals and national and other medals produced…

Before a coin even starts down the path of being manufactured, the CCAC will review its design. They’ll give a thumbs up or down for a coin as well as provide suggestions to the Mint.

The members of the Citizens Coinage Advisory Committee

All members of the CCAC are appointed by the Secretary of the Treasure. However, as a committee, there are obviously some politics in play for at least some of the appointments. Here’s part of the text from within the law that sets the requirements for CCAC appointments:

(i) one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience as a nationally or internationally recognized curator in the United States of a numismatic collection;

(ii) one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their experience in the metallic arts or sculpture;

(iii) one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience in American history;

(iv) one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience in numismatics; and

(v) three of whom shall be appointed from among individuals who can represent the interests of the general public in the coinage of the United States.

(vi) Four persons appointed by the Secretary on the basis of the recommendations of the following officials who shall make the selection for such recommendation from among citizens who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience:

(i) One person recommended by the Speaker of the House of Representatives.

(ii) One person recommended by the minority leader of the House of Representatives.

(iii) One person recommended by the majority leader of the Senate.

(iv) One person recommended by the minority leader of the Senate.

What’s the CCAC doing today?

Every few months the CCAC holds public meetings. You can visit the CCAC web site to find information about these meetings as well as read the minute notes from past meetings.

On September 25th, 2007, the CCAC will have their next public meeting from 9:00 am to 11:30 am at the Unites States Mint in Washington DC.

Their scheduled agenda is to review candidate designs for the 2009 Abraham Lincoln Bicentennial One-Cent Coin Redesign.

That should be interesting…