Jan 25, 2018 | News, PNG
(Temecula, California) January 25, 2018 – Gold is anticipated to reach $1,460 or potentially more, silver about $20 and platinum at about $1,150 by the end of the year, according to an informal survey conducted between January 16-24, 2018 of some of the country’s leading precious metals retail dealers, according to the nonprofit Professional Numismatists Guild (www.PNGdealers.org).
Members of the Guild’s Accredited Precious Metals Dealer program (www.APMDdealers.org) were asked if their estimates for precious metals prices at the end of 2018 now had changed since the year-end New York spot closing prices on December 29, 2017. Several respondents indicated they have increased their 2018 year-end projections for gold in the last few weeks because of such things as speculation about additional Federal Reserve interest hikes, potentially higher oil prices, higher inflation in the United States and Europe or a weaker U.S. dollar.
“A majority of the respondents, who are on the front lines of buying and selling physical precious metals coins and ingots with the public, have slightly revised their estimates upward. Of course, prices fluctuate during the year, but the average of their estimates now is for gold to be $1,461.33 an ounce at the end of 2018. Gold ended 2017 at $1,306.30, so a predicted close at $1,461.33 would be a $155.03 increase; 11.8 percent,” said PNG President Barry Stuppler.
Two of the 25 respondents thought gold would be a little lower than $1,400 by year’s end, and three thought it could be $1,500 or more.
Estimates on silver by the end of the year varied quite a bit, from a low of $16.25 to a predicted high of $30.70. The combined average estimate for the end of 2018 was $20.00. Silver closed in New York at $17.06 at the end of 2017.
Estimates for platinum by the end of 2018 ranged from a low of $1,000 to a high of $1,400, with the combined average estimate at $1,150.23. Platinum closed at $935 at the end of New York spot trading in 2017.
“Precious metals investors should consider cost averaging by making purchases over intervals of time, and always be mindful of the premiums being charged over the intrinsic value of the precious metal coins or ingots. You absolutely need to know your precious metals dealer,” advised Stuppler.
All members of the Professional Numismatists Guild Accredited Precious Metals Dealer (PNG-APMD) 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 directory of PNG-APMD members can be found at https://apmddealers.org/apmd-dealers.
Jan 24, 2018 | News, U.S. Mint
WASHINGTON – The United States Mint (Mint) is resuming its Mutilated Coin Redemption Program.
Established under the authority of 31 U.S.C. § 5120, the program provides an avenue through which individuals and businesses can exchange bent and partial coins (commonly referred to as “mutilated coins”) for reimbursement.
In 2015, the Mint suspended the program to assess the security of the program and develop additional safeguards to enhance the integrity of the acceptance and processing of mutilated coinage. The Mint engaged in the rulemaking process to revise the Treasury regulations appearing at 31 C.F.R. part 100, subpart C. Additionally, the Mint published on its website detailed information relevant to the revised procedures for the exchange of mutilated coins.
Acceptance criteria for the Mint’s Mutilated Coin Redemption Program are available at www.usmint.gov/news/consumer-alerts/mutilated-coin-program. Instructions for completing the application are available at www.usmint.gov/news/consumer-alerts/mutilated-coin-program/instructions.
Jan 23, 2018 | Bureau of Engraving and Printing, News
First Day of Sale: January 23, 2018 (8:00 a.m. ET) – The Bureau of Engraving and Printing is pleased to introduce, “Entry,” one of three cards in the “World War I – 100th Anniversary 2018” Intaglio Print Program. The Treasury Department issued Liberty Loans and Victory Bonds produced by the Bureau of Engraving and Printing to assist with financing the Great War. This collection highlights inspiring allegorical and historical figures featured on these bonds, engraved American iconography, and currency issued during the War. The complete three-card collection is available for $51.00.
Please visit our website for additional product information at www.moneyfactorystore.gov.
Jan 22, 2018 | News
by Dennis Tucker
I first met Rick Tomaska (virtually, through email and phone conversations) in the early weeks of 2005, not long after I came aboard as publisher at Whitman Publishing. Editorial work was under way on the 59th edition of the Guide Book of United States Coins (the hobby’s popular “Red Book”), and Rick shared his knowledge of Special Mint Sets, cameo designations, and coin pricing. He had recently contributed to David W. Lange’s Guide Book of Modern United States Proof Coin Sets. We kept in touch over the years on various numismatic book projects. Then in 2008 we started talking about Franklin half dollars, and the growing collector interest in these coins, especially in high grades. Rick had already written two editions of his Complete Guide to Franklin Half Dollars, published by DLRC Press. That May, after our conversations turned toward the potential of Rick writing a book for Whitman, I envisioned him in our Bowers Series lineup. In this format his work would be published in full color in our standard six-by-nine–inch trim.
I talked with Q. David Bowers (Whitman’s numismatic director) and with our sales team, studied the market and collector demand, and looked at activity in auctions and set registries. Would a book dedicated solely to Franklin half dollars be big enough for our publishing needs? Such a book would have been our first Bowers Series volume devoted to a single relatively short modern coinage series. (In 2007 we had covered Jefferson nickels, but we combined them with Buffalo nickels into a 288-page volume.) I began to wonder if we might broaden the scope of Rick’s book by including Kennedy half dollars. To gauge the strength of this idea I conducted an informal poll of 146 novice, intermediate, and advanced coin collectors. About one-third of them actively collected Kennedy half dollars—that included hobbyists who were constantly upgrading their sets, those who were filling holes in an album or folder, and enthusiasts who sought every Fivaz-Stanton die variety. Another 13 percent identified themselves as casual collectors of the coins (“Yes, I collect them, but not actively”). Another one-third said they owned some Kennedy half dollars but considered them more of an accumulation than a carefully assembled collection. And about one-quarter of the hobbyists I polled didn’t collect Kennedy half dollars at all. This information painted a picture of a coin with many passionate fans, a robust presence in the hobby community, and the potential to continue growing in popularity.
I asked Rick what he thought of covering Kennedy half dollars in his book. “An interesting proposition,” he opined. “The two series are closely tied together and they complement each other.” Dave Bowers agreed. “I think this is a dandy idea,” he emailed me in June. (Yes, conversations that started in early May were still ongoing in June! Decision-making in the publishing world can take a while.) “These are very popular,” Dave said, “and Rick Tomaska is a tried, tested, and true name.”
We moved forward. Rick tackled the million moving parts involved in putting together a book manuscript—researching, writing, photographing coins, gathering data—and the Guide Book of Franklin and Kennedy Half Dollars debuted in December of 2010 as volume 15 in the Bowers Series. It was the first book devoted substantially to the Kennedy half dollar, while also showcasing the author’s extensive knowledge of the Franklin series. It was immediately popular in the hobby, and our inventory sold out by the end of 2011. Rick updated the book in a second edition that came out in early 2012. It went through several printings over the next five years.
Since then much has happened in the world of Franklin and Kennedy half dollars. The latter coins were highlighted in William Rice’s acclaimed The Kennedy World in Medallic Art, a study of John F. Kennedy and his family in coins, tokens, medals, and other collectibles. The United States Mint issued, to great fanfare and excitement, a special gold Kennedy half dollar and several silver versions that celebrated the coin’s 50th anniversary. This brought national mainstream news coverage to the hobby. Meanwhile, collector interest has climbed for both series. The number of registry-set collections of Franklin half dollars has more than doubled since the first edition of this book was published. Auction records have continued to be broken, and numismatic research has been ongoing.
The newly expanded third edition of the Guide Book of Franklin and Kennedy Half Dollars will debut in a few weeks. Rick Tomaska has updated the market commentary, the pricing, auction records, and other details about each coin. He has increased the catalog to include more recent coins, added a section on Proof Liberty Walking half dollars (precursors to the Proofs of the Franklin series), shared his definition and analysis of exceptional cameo contrast, gathered auction and private-sale records, and included new photographs. Longtime collectors will appreciate the new information in this volume, while beginning collectors will benefit from an immersion in its two very popular and historically significant coin series.
As a publisher and as a numismatist, I’m pleased that Rick’s book has accomplished so much, resonated with so many collectors new and old, and taken a significant position in the body of important numismatic literature.
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Jan 20, 2018 | News
by Dennis Tucker
The Morgan silver dollar is one of the most popular American coins of recent generations. We see evidence of this all the time here at Whitman Publishing, in daily communication with coin collectors across the nation.
As a company we seek to publish books that help hobbyists understand their coins so they can build excellent collections, wisely and with as much useful knowledge as possible. The book Carson City Morgan Dollars, by Adam Crum, Selby Ungar, and Jeff Oxman, shines light on an exciting niche within the very popular Morgan dollar series. Its focus is on the coins struck in the 1800s at the United States Mint’s factory in the “Silver State,” Nevada.
The first edition of Carson City Morgan Dollars was released in late 2009. The new book satisfied a demand within the hobby community. Morgan dollars were so popular that even specialized subcategories, such as the Morgans struck at a particular mint, had large audiences of enthusiasts. This continues to be the case today.
In 2011 we published a second edition, expanded and revised. A few years later we updated the book to a third edition, which debuted at the American Numismatic Association’s National Money Show, held in Atlanta in March 2014. The third edition featured additional historical photographs, revisions from ongoing numismatic research, updated retail values and certified-coin populations, and new market commentary.
Today, nearly a decade after the first edition was published, the hobby’s appetite for information is as robust as ever. For the fourth edition of Carson City Morgan Dollars (due to be released next week) the authors have studied the rare-coin market and have updated the book’s valuation charts with a snapshot of today’s retail environment. Interestingly, some coin values have gone down in recent years—a reflection of market corrections in many areas of the hobby. Does this suggest interest in these historic coins is decreasing? I don’t believe so, at least not in an intellectual sense. Collectors remain as fascinated as ever by the romance and history wrapped up in Morgan dollars. If anything, today’s retail prices might offer fresh opportunities for newcomers (and longtime collectors) to acquire attractive coins for their collections at affordable prices.
In addition to updated valuations, the fourth edition has been expanded with 24 more pages that include a new photographic gallery of the Carson City Mint, drawing from government archives and other sources; a study of other coins minted there; a look at Morgan dollar values and numismatic research in the late 1940s; and more.
The fourth edition of Carson City Morgan Dollars takes its place on the bookshelf with other standard references such as Q. David Bowers’s Comprehensive U.S. Silver Dollar Encyclopedia (1992) and his hugely popular two-volume Silver Dollars and Trade Dollars of the United States: A Complete Encyclopedia (1993), and the Guide Book of Morgan Silver Dollars (first edition 2004, fifth edition 2016). It also joins other recent Morgan dollar–related publications such as The Private Sketchbook of George T. Morgan, America’s Silver Dollar Artist (Lee, 2013) and Morgan Dollar: America’s Love Affair With a Legendary Coin (Standish, 2014).
If the past is preface to the future, and if collector demand remains as strong as it is, we can happily look forward to more books on Morgan silver dollars—including continuing guidance and insight from Messrs. Crum, Ungar, and Oxman.
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Jan 18, 2018 | News, U.S. Mint
WASHINGTON – Former U.S. Senator Robert Joseph “Bob” Dole received a Congressional Gold Medal today during a ceremony in the Rotunda of the U.S. Capitol. Dole was presented the medal in recognition of his service to the nation as a soldier, legislator, and statesman.
Bob Dole proudly served the people of Kansas in Congress for 36 years, both in the House of Representatives and in the Senate. During his time in office, he was known for his bipartisan ability to “reach across the aisle,” which was illustrated by his work on the Americans with Disabilities Act. He was also a dedicated Army soldier during World War II, receiving two Purple Hearts and a Bronze Star with an Oak Leaf Cluster for his service. He also received an American Campaign Medal, a European-African Middle Eastern Campaign Medal, and a World War II Victory Medal.
Following his public career, Senator Dole became an advocate for the public good. Among other accomplishments, he served as National Chairman of the World War II Memorial Campaign, established the Robert J. Dole Institute of Politics at the University of Kansas to encourage bipartisanship in politics, and has been a life-long champion for the disabled.
The medal’s reverse (tails) displays a Kansas wheat field below a quote from Senator Dole: “FOR GREATNESS LIES NOT IN WHAT OFFICE YOU HOLD, BUT IN HOW HONEST YOU ARE, IN HOW YOU FACE ADVERSITY, AND IN YOUR WILLINGNESS TO STAND FAST IN HARD PLACES.” An additional inscription includes “ACT OF CONGRESS 2017.” United States Mint Sculptor-Engraver Phebe Hemphill created and engraved this design.
The public law that awards the Congressional Gold Medal to Bob Dole also authorizes the United States Mint to strike and sell bronze reproductions of the medal. The three-inch medal (product code 17MD), priced at $39.95, and the 1.5-inch medal (product code 17ME), priced at $6.95, will be available for purchase on January 17, 2018, at 3:00 p.m. Eastern Time through the bureau’s online catalog at https://www.catalog.usmint.gov/, and at 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may call 1-888-321-MINT (6468).
The Congressional Gold Medal is one of the nation’s highest civilian awards and is bestowed by Congress as an expression of gratitude for distinguished achievements and contributions by individuals, groups, or institutions.
Jan 16, 2018 | ICTA/NCBA, News
Some precious-metals bullion dealers recently have been advertising “home storage” as a legal and beneficial option for storing bullion that may be invested in an individual retirement account (IRA).
The “home storage” concept may conflict with the laws that allow for tax-advantaged IRA investments.
The Industry Council for Tangible Assets has produced a white paper which explains why the “home storage” concept may conflict with the laws that allow for tax-advantaged IRA investments. The purpose of the paper is to try and make it as simple as possible to understand.
The paper has been released to ICTA members to aid them in understanding how the Internal Revenue Code §408 applies to individual retirement accounts. To access the white paper, ICTA members log in at ictaonline.org and select Resources > White Papers > Miscellaneous > IRA Home Storage.
ICTA is also making the paper available to non-members. For information to obtain the white paper, visit ictaonline.org\ira-home-storage-white-paper.
About ICTA
ICTA is a 501(c)(6) non-profit association that represents the rare-coin, currency, and precious-metals communities. ICTA is supported solely by dues and donations. To join and/or learn more about ICTA, please visit our website — ictaonline.org.
Jan 16, 2018 | ICTA/NCBA, News
Industry Council for Tangible Assets chief operating officer David Crenshaw (right) and ICTA treasurer Patrick Heller (left), present Mitch Hyatt (center) with the organization’s Diane Piret Memorial Outstanding Service Award at the organization’s dinner and update cruise.
In the fall of 2016, Hyatt started collaborating with ICTA on a campaign to obtain a state coin, currency, and precious-metals bullion sales-tax exemption. Hyatt hired Chris Emanuel (C.G. Emanuel Group, Charlotte, North Carolina) as the campaign’s lobbyist. He also paid 100% of ICTA’s expenses in aiding the campaign.
Hyatt, Emanuel, ICTA treasurer Pat Heller, ICTA chief operating officer David Crenshaw, and others worked tirelessly to get the legislation enacted. The legislation passes in both the House and Senate in an unprecedented 10 months.
“The ICTA partnership, along with lobbyist Chris Emanuel, was invaluable to the success of our efforts,” said Hyatt.
The team effort these gentlemen displayed is an example of how ICTA members working together can accomplish the passage of such legislation.
About ICTA
ICTA is a 501(c)(6) non-profit association that represents the rare-coin, currency, and precious-metals communities. ICTA is supported solely by dues and donations. The Diane Piret Memorial Outstanding Service Award commemorates the 25-year ICTA career of the organization’s industry affairs director, who died in 2015. To join and/or learn more about ICTA, please visit our website — ictaonline.org.
Jan 8, 2018 | News
(Pelham, Alabama) — The sixth volume in Whitman Publishing’s library of collector book-albums is Search & Save: Half Dollars, available now for $9.95 retail from booksellers and hobby shops nationwide, and online (including at www.Whitman.com).
The Search & Save volumes are intended as a guided, hands-on way to get beginning and intermediate collectors involved in active coin collecting by denomination and type. The first five Search & Save books covered Lincoln cents, nickels, State quarters, America the Beautiful quarters, and dimes and quarters. Half Dollars consists of a 96-page hardcover book bound with a Whitman Classic® Coin Album page for storing and displaying a customized coin collection of U.S. 50-cent pieces dating from the 1800s to today.
Search & Save: Half Dollars offers a colorful exploration of American commerce and coinage from the colonial era to the start of the Philadelphia Mint in 1792. Subsequent chapters cover Capped Bust, Liberty Seated, and Barber half dollars (spanning from 1807 to 1915), Liberty Walking half dollars, Franklin half dollars, and Kennedy half dollars. A special chapter explores the field of U.S. commemorative half dollars from 1892 to date, and a final chapter tells how to collect each coin type. The book’s album page allows the collector to display 12 coins of different types and varieties, ranging from Capped Bust half dollars of the early 1800s to today’s Kennedys, plus three of their favorite commemorative half dollars.
The rigid coin-album page has protective plastic slides that are inserted on each side of the page’s openings, holding each coin firmly in place while allowing its obverse and reverse to be displayed.
Many Search & Save coins can be collected from circulation. Others, such as half dollars, require some hunting at local banks and coin shops, online, or at a coin show. The Half Dollars album page starts with relatively common and easily collectible coins beginning with the Capped Bust type of the early 1800s.
“Readers of our Search & Save books learn about each coin in the context of American and world history, and enjoy the fun and pride of building their own valuable collections,” said Whitman publisher Dennis Tucker. “The books encourage readers to explore beyond their pocket change, to build relationships with coin dealers and go to coin shows. When they’re done they not only have a personalized coin collection, but they can tell each coin’s story and share them with their friends and family. And, we hope, they will think of themselves as active and accomplished hobbyists.”
Because Whitman Publishing is the Official Supplier of the American Numismatic Association, ANA members receive 10% off the Search & Save books when purchasing directly.
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Dec 26, 2017 | News, PNG
(Temecula, California) December 26, 2017 — U.S. rare coins selling for $50,000 or more and those selling for $500 or less generally did well during 2017, according to the Professional Numismatists Guild (www.PNGdealers.org), a nonprofit organization composed of many of the top rare coin and paper money dealers. Four historic, vintage U.S. coins sold for $1 million or more during the year; two at public auctions and two by private transactions.
The PNG estimates the overall U.S. rare coin market in 2017 was between $3.4 and $3.8 billion, not including sales by the United States Mint or bullion coins, such as gold and silver American Eagles.
The aggregate prices realized for U.S. coins sold at major public auctions in 2017 totaled $306,199,305. Two auction houses accounted for nearly 80 percent of the overall total with Heritage Auctions reporting $169,100,000 sold at auction and Stack’s Bowers Galleries at $74,099,305.
Stack’s Bowers sold at auction an 1804-dated U.S. Class I silver dollar for $3,290,000 and a 1794 silver dollar for $2,820,000.
The most valuable U.S. rare coin purchased at auction in 2017 was the Dexter/Pogue 1804 Class I Draped Bust silver dollar (BB-304), PCGS Proof 65, sold by Stack’s Bowers Galleries for $3,290,000. (Image courtesy of Stack’s Bowers Galleries.)
All totals include the buyer’s premium to reflect the actual, full prices paid by winning bidders.
“Over the decades, the rare coin market has moved in cycles,” explained PNG President Barry Stuppler.
“High-grade, historic coins valued at over $50,000 and so-called ‘collector’ coins under $500 generally did well in 2017. Unlike the last few years, there were few old-time collections that came into the marketplace, and some of the investment money that may have gone into numismatic purchases went into the booming stock market and the speculative cybercurrency market,” said Stuppler. “Despite that, demand for extremely rare investor-collector coins rose in 2017.”
The auction firms that responded to the PNG survey are: Bonham’s; Ira & Larry Goldberg Auctioneers; GreatCollections Coin Auctions; Heritage Auctions; David Lawrence Rare Coins (which reported private sales of two coins for $1 million or more); Legend Rare Coin Auctions; Scotsman Coin & Jewelry; and Stack’s Bowers Galleries.
The Professional Numismatists Guild was founded in 1955. PNG member-dealers must adhere to a strict code of ethics in the buying and selling of numismatic merchandise.
For additional information about the PNG and a complete list of member-dealers, visit online at www.PNGdealers.org or call the PNG headquarters in Temecula, California at (951) 587-8300.
