NGC Certifies Additional Newman Selections
NGC has certified an additional 137 coins, medals and tokens from the Eric P. Newman Numismatic Education Society. These selections are included in Newman Part XI, the final iteration in a series of auctions of the legendary collection, which Heritage Auctions will hold November 7–10, 2018.
Among Newman’s many contributions to the field of numismatics was his comprehensive study of Continental Dollars, which were struck in brass, pewter and silver with a 1776 date. The obverse features a sundial at the center, with the words CONTINENTAL CURRENCY near the edge; the reverse shows circles with the 13 original colonies’ names linked together like a chain.
So important was Newman’s research on Continental Dollars that their varieties are named after him: Newman 1-A, Newman 1-B, Newman 1-C, Newman 2-C, Newman 3-D, Newman 4-D and Newman 5-D. They feature the word CURRENCY on the obverse with one of three different spellings, and other design elements differ, as well.
A pewter example of the “CURENCY” spelling, attributed as Newman 1-B and graded NGC AU 55, is one of the highlights of Newman Part XI. Only a half dozen specimens of this variety are known.
Other auction highlights include a Libertas Americana Bronze Medal, graded NGC MS 64 BN, and a 1792 Washington President Pattern Silver Half Dollar, graded NGC XF Details.
U.S. Mint Video: Block Island National Wildlife Refuge (2018)
U.S. Mint Sculptor-Engraver Phebe Hemphill talks about sculpting the Block Island National Wildlife Refuge coin, the final release in the 2018 America the Beautiful Quarters collection
View this video on YouTube here →
ANA Board of Governors Approves $5.79 Million Budget
American Numismatic Association Board of Governors Approves $5.79 Million Budget for FY 2018-19
At an Oct. 16 teleconference meeting, the American Numismatic Association (ANA) Board of Governors unanimously passed a $5.79 million budget for Fiscal Year 2018-19.
“The 2019 budget covers ANA operating expenditures while also continuing our investment in the future of numismatics and the hobby,” said ANA President Gary Adkins. “It expands our reach and capacity for engagement, grows our online outreach and education initiatives, and also addresses some infrastructure needs such as updating the ANA’s security system and changing the featured exhibit in the Money Museum.”
“If the ANA is to remain relevant, we must make the commitment to providing the necessary resources to propel the organization forward and engage a future generation of collectors,” said Adkins. “That also means committing to fiscal responsibility. We continue to seek and identify revenue sources to augment income whenever possible, but the future growth of the Association cannot risk dependence upon those opportunities alone.”
President Adkins commended Executive Director Kim Kiick on her fiscal prudence. “Kim and her team have done an outstanding job of keeping expenses as low as possible, but we recognize the increased costs of doing business is a fact of life.” The ANA adheres to the zero-based budgeting method, which means all expenses must be justified each year and every function within the organization is analyzed for its needs and costs.
As of October 31, 2017, the ANA had total assets of $79.48 million and net assets of $76.99 million. Net assets exclusive of the museum collection are $39.45 million. “The ANA’s financials are healthy,” said Budget and Finance Board Liaison Greg Lyon. “We had a 12.3% increase in assets for FY 2017 and expect to report an increase in assets for FY 2018.”
ANA Treasurer Larry Baber noted that the ANA is extremely fortunate to have received Kenneth Keith’s bequest in 1977 of Ben E. Keith corporate stock to support the Association’s mission and programs. “The value of the stock the ANA holds has grown from under $5 million in 2006 to nearly $23 million in 2018, with additional stock, currently held in trust for the ANA, to be received in the future,” he said.
Kenneth Keith of Jolly and Wichita Falls, Texas, was the nephew of Ben E. Keith and an heir to the food and beverage company bearing his uncle’s name. He also was an avid numismatist. In 1976 Kenneth Keith set up his will naming the American Numismatic Association one of the remainder beneficiaries to his shares of stock in the Ben E. Keith Company, a closely held company that is one of the largest Anheuser Busch Inbev distributors in the world. Kenneth Keith died the following year.
Ben E. Keith Company stock is held in trust for the income benefit of 13 individuals and as each one dies, half of his or her non-voting stock is distributed from the trust to the ANA. (The other half is distributed to Texas Tech University.) “When Kenneth Keith died in 1977, the stock received by the ANA was valued at several hundred thousand dollars,” said Baber. “Today, the 1,334 shares currently held by the ANA are valued at $22.8 million – a 23 percent increase over last year, which is an unprecedented increase in value. When the last four living shareholders pass, the ANA will receive an additional 2,442 shares of stock.”
“The Ben E. Keith Company is a tremendous success story,” Baber added. “It is very well diversified and not readily affected by the gyrations of the stock market.” The company was listed by Forbes in 2017 as the 127th largest privately held company in the United States.
A copy of the approved budget is available online at www.money.org/financial-reports.
The American Numismatic Association is a congressionally chartered nonprofit educational organization dedicated to encouraging people to study and collect coins and related items. The ANA helps its 25,000 members and the public discover and explore the world of money through its vast array of educational and outreach programs, as well as its museum, library, publications, conventions and seminars. For more information, call 719-632-2646 or visit www.money.org.
PNG Reports Physical Gold Buyers Returning
Century-old U.S. Liberty Head Eagles ($10 denomination gold coins). Photo courtesy of Donn Pearlman.
“Comments we’ve been hearing from members of our Accredited Precious Metals Dealer program (https://apmddealers.org) indicate that with the recent uptick in the spot price previous clients are again buying gold bullion coins. The dealers are also getting some inquiries and sales from new customers,” said PNG President Barry Stuppler of Woodland Hills, California.
“In addition to the U.S. American Eagle and Canadian Maple Leaf bullion coins, some common date, century-old U.S. gold coins are selling now for just a small fraction above their precious metal content. The same is true for some late 19th and early 20th century U.S. silver coins. There’s an opportunity now to acquire these kinds of coins at a low premium over their melt value,” said Stuppler.
“Many of the dealers I’ve talked to believe that inflation will be coming back by June 2019 and that will drive more gold and silver buyers,” added Stuppler.
“We actually started seeing interest when gold was in the $1,180 to $1,200 range with the return of long-time buyers,” said PNG Vice President Richard Weaver of Broomall, Pennsylvania. “We are seeing some new faces, but they’re not making large quantity purchases.”
“While precious metals are firming up from their June/July skid to 2018 lows, the strong declines in stocks have been a bigger driver of public buying of gold in my opinion,” stated former PNG President Dana Samuelson of Austin, Texas. “Investors are clearly taking some stock profits as Wall Street volatility increased and they’re moving some of those profits to safer or more opportune areas, including gold and silver.”
PNG-APMD member David Nelkin of Eugene Oregon cited apprehension as one of the motivating factors bringing buyers into the gold market again or for the first time: “Lots of customers feel like precious metals should go up given the present political and economic atmosphere in the country and the world. We also have many clients who see a collapse coming and think they will need precious metals to survive.”
PNG Treasurer Wayde Milas of Willowbrook, Illinois cited some of the historic U.S. gold coin types now selling close to melt value. “Some Liberty Head and Saint-Gaudens design $20 denomination Double Eagles, $10 Indian Head and $10 Liberty Head Eagles and $5 Liberty Head Half Eagle in Mint State 64 (on a 1 to 70 grading scale) are at or near premium lows,” he said.
Several Accredited Precious Metals Dealer program members believe the future depends on the stock market.
“Primarily from what our customers are saying, I am gathering that mostly they want to diversify their investments,” explained PNG-APMD member Tony Adkins of Bloomington, Minnesota.
Former PNG President Gary Adkins of Minneapolis, Minnesota called it “a mixed bag with less buyers than sellers taking advantage of the higher gold price to liquidate. Until we see higher interest rates, that will be the case.”
“We need a more sustained and stronger move up (for gold prices) and more downward pressure on the Dow,” stated PNG-APMD member Warren Mills of Milford, New Hampshire.
PNG-APMD member Diane P Rapanotti of Kingston, Washington says her customers’ outlook for gold is based on political affiliation: “My liberals don’t think the economy, as it is, can be sustained and metals will go up. My conservatives think we are in a great economy and it can be sustained through the Trump term. Thus, metals will go down.”
All members of the Professional Numismatists Guild Accredited Precious Metals Dealer program undergo a background check, must adhere to a strict code of ethics in the buying and selling of numismatic items and guarantee the authenticity of the numismatic merchandise they sell.
A nationwide directory of PNG-APMD members can be found at www.apmddealers.org/apmd-dealers.
PCGS offers Crossover Special at Baltimore Expo
The best coins, such as this crossed-over 1801 Draped Bust dollar, always end up in PCGS holders. Photo credit: Professional Coin Grading Service www.PCGS.com.
“The best coins always end up in PCGS holders because collectors and dealers know that PCGS certification helps maximize the value, liquidity, and security of their coins,” stated PCGS President Don Willis.
Each PCGS holder has covert and overt security features and is virtually impossible to replicate providing collectors and dealers with anti-counterfeiting as well as environmental protection for their PCGS-certified and encapsulated coins.
For the October 2018 Baltimore Winter Expo, PCGS will be at booth #1217 to accept coins for crossover submitted by PCGS Authorized Dealers and Collectors Club Members in either ANACS, ICG or NGC holders.
The standard grading fee (plus one percent Guarantee Premium) will apply to all qualifying coins that cross into a PCGS holder. An examination fee of $10 will be charged for coins that do not cross, and a $10 per order handling fee will apply to all orders.
PCGS Representatives will be on-site to answer questions, accept submissions (including Bulk on a limited basis), and provide specific hours for submission cutoff times. If your on-site submissions will include world coins, please contact PCGS Customer Service prior to the show at 800-447-8848 for pre-approval.
“This is an excellent opportunity for East Coast collectors and dealers to submit their coins to PCGS, the industry standard in third-party certification,” stated Willis.
For additional information about the PCGS Crossover Special, visit www.pcgs.com/crossover.
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