Friday, May 18, 2007
1877 Indian Head Cents
The 1877 Indian Head Cent has the second lowest mintage of any date in the series (the 1909-S has the lowest) and the lowest mintage of any Indian Head Cent produced at Philadelphia, thus making it one of the most desirable dates to own. Most examples of the 1877 Indian Head Cent are heavily circulated. While the 1877 is no rarer in Uncirculated condition than some of the other dates in the 1870's, collector demand has always placed a premium on this date. The same is true of Proof examples of this date. Many counterfeit 1877 Indian Head Cents exist, so certification is a must.
Golden Eagle Coins | Shipwreck found
Shipwreck yields estimated $500M haul
By MITCH STACY, Associated Press Writer2 hours, 39 minutes ago
Deep-sea explorers said Friday they have mined what could be the richest shipwreck treasure in history, bringing home 17 tons of colonial-era silver and gold coins from an undisclosed site in the Atlantic Ocean. Estimated value: $500 million.
A jet chartered by Tampa-based Odyssey Marine Exploration landed in the United States recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-chairman Greg Stemm said. The more than 500,000 pieces are expected to fetch an average of $1,000 each from collectors and investors.
"For this colonial era, I think (the find) is unprecedented," said rare coin expert Nick Bruyer, who examined a batch of coins from the wreck. "I don't know of anything equal or comparable to it."
Citing security concerns, the company declined to release any details about the ship or the wreck site Friday. Stemm said a formal announcement will come later, but court records indicate the coins might come from a 400-year-old ship found off England.
Because the shipwreck was found in a lane where many colonial-era vessels went down, there is still some uncertainty about its nationality, size and age, Stemm said, although evidence points to a specific known shipwreck. The site is beyond the territorial waters or legal jurisdiction of any country, he said.
"Rather than a shout of glee, it's more being able to exhale for the first time in a long time," Stemm said of the haul, by far the biggest in Odyssey's 13-year history.
He wouldn't say if the loot was taken from the same wreck site near the English Channel that Odyssey recently petitioned a federal court for permission to salvage.
In seeking exclusive rights to that site, an Odyssey attorney told a federal judge last fall that the company likely had found the remains of a 17th-century merchant vessel that sank with valuable cargo aboard, about 40 miles off the southwestern tip of England. A judge signed an order granting those rights last month.
In keeping with the secretive nature of the project dubbed "Black Swan," Odyssey also isn't talking yet about the types, denominations and country of origin of the coins.
Bruyer said he observed a wide range of varieties and dates of likely uncirculated currency in much better condition than artifacts yielded by most shipwrecks of a similar age.
The Black Swan coins — mostly silver pieces — likely will fetch several hundred dollars to several thousand dollars each, with some possibly commanding much more, he said. Value is determined by rarity, condition and the story behind them.
Controlled release of the coins into the market along with their expected high value to collectors likely will keep prices at a premium, he said.
The richest ever shipwreck haul was yielded by the Spanish galleon Nuestra Senora de Atocha, which sank in a hurricane off the Florida Keys in 1622. Treasure-hunting pioneer Mel Fisher found it in 1985, retrieving a reported $400 million in coins and other loot.
Odyssey likely will return to the same spot for more coins and artifacts.
"We have treated this site with kid gloves and the archaeological work done by our team out there is unsurpassed," Odyssey CEO John Morris said. "We are thoroughly documenting and recording the site, which we believe will have immense historical significance."
The news is timely for Odyssey, the only publicly traded company of its kind.
The company salvaged more than 50,000 coins and other artifacts from the wreck of the SS Republic off Savannah, Ga., in 2003, making millions. But Odyssey posted losses in 2005 and 2006 while using its expensive, state-of-the-art ships and deep-water robotic equipment to hunt for the next mother lode.
"The outside world now understands that what we do is a real business and is repeatable and not just a lucky one shot deal," Stemm said. "I don't know of anybody else who has hit more than one economically significant shipwreck."
In January, Odyssey won permission from the Spanish government to resume a suspended search for the wreck of the HMS Sussex, which was leading a British fleet into the Mediterranean Sea for a war against France in 1694 when it sank in a storm off Gibraltar.
Historians believe the 157-foot warship was carrying nine tons of gold coins to buy the loyalty of the Duke of Savoy, a potential ally in southeastern France. Odyssey believes those coins could also fetch more than $500 million.
But under the terms of a historic agreement Odyssey will have to share any finds with the British government. The company will get 80 percent of the first $45 million and about 50 percent of the proceeds thereafter.
___
On the Net:
Odyssey Marine Exploration: http://www.shipwreck.net/
By MITCH STACY, Associated Press Writer2 hours, 39 minutes ago
Deep-sea explorers said Friday they have mined what could be the richest shipwreck treasure in history, bringing home 17 tons of colonial-era silver and gold coins from an undisclosed site in the Atlantic Ocean. Estimated value: $500 million.
A jet chartered by Tampa-based Odyssey Marine Exploration landed in the United States recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-chairman Greg Stemm said. The more than 500,000 pieces are expected to fetch an average of $1,000 each from collectors and investors.
"For this colonial era, I think (the find) is unprecedented," said rare coin expert Nick Bruyer, who examined a batch of coins from the wreck. "I don't know of anything equal or comparable to it."
Citing security concerns, the company declined to release any details about the ship or the wreck site Friday. Stemm said a formal announcement will come later, but court records indicate the coins might come from a 400-year-old ship found off England.
Because the shipwreck was found in a lane where many colonial-era vessels went down, there is still some uncertainty about its nationality, size and age, Stemm said, although evidence points to a specific known shipwreck. The site is beyond the territorial waters or legal jurisdiction of any country, he said.
"Rather than a shout of glee, it's more being able to exhale for the first time in a long time," Stemm said of the haul, by far the biggest in Odyssey's 13-year history.
He wouldn't say if the loot was taken from the same wreck site near the English Channel that Odyssey recently petitioned a federal court for permission to salvage.
In seeking exclusive rights to that site, an Odyssey attorney told a federal judge last fall that the company likely had found the remains of a 17th-century merchant vessel that sank with valuable cargo aboard, about 40 miles off the southwestern tip of England. A judge signed an order granting those rights last month.
In keeping with the secretive nature of the project dubbed "Black Swan," Odyssey also isn't talking yet about the types, denominations and country of origin of the coins.
Bruyer said he observed a wide range of varieties and dates of likely uncirculated currency in much better condition than artifacts yielded by most shipwrecks of a similar age.
The Black Swan coins — mostly silver pieces — likely will fetch several hundred dollars to several thousand dollars each, with some possibly commanding much more, he said. Value is determined by rarity, condition and the story behind them.
Controlled release of the coins into the market along with their expected high value to collectors likely will keep prices at a premium, he said.
The richest ever shipwreck haul was yielded by the Spanish galleon Nuestra Senora de Atocha, which sank in a hurricane off the Florida Keys in 1622. Treasure-hunting pioneer Mel Fisher found it in 1985, retrieving a reported $400 million in coins and other loot.
Odyssey likely will return to the same spot for more coins and artifacts.
"We have treated this site with kid gloves and the archaeological work done by our team out there is unsurpassed," Odyssey CEO John Morris said. "We are thoroughly documenting and recording the site, which we believe will have immense historical significance."
The news is timely for Odyssey, the only publicly traded company of its kind.
The company salvaged more than 50,000 coins and other artifacts from the wreck of the SS Republic off Savannah, Ga., in 2003, making millions. But Odyssey posted losses in 2005 and 2006 while using its expensive, state-of-the-art ships and deep-water robotic equipment to hunt for the next mother lode.
"The outside world now understands that what we do is a real business and is repeatable and not just a lucky one shot deal," Stemm said. "I don't know of anybody else who has hit more than one economically significant shipwreck."
In January, Odyssey won permission from the Spanish government to resume a suspended search for the wreck of the HMS Sussex, which was leading a British fleet into the Mediterranean Sea for a war against France in 1694 when it sank in a storm off Gibraltar.
Historians believe the 157-foot warship was carrying nine tons of gold coins to buy the loyalty of the Duke of Savoy, a potential ally in southeastern France. Odyssey believes those coins could also fetch more than $500 million.
But under the terms of a historic agreement Odyssey will have to share any finds with the British government. The company will get 80 percent of the first $45 million and about 50 percent of the proceeds thereafter.
___
On the Net:
Odyssey Marine Exploration: http://www.shipwreck.net/
Friday, March 9, 2007
Mercury Dimes
Mercury dimes always in demand
Nothing seems to hurt the popularity of the Mercury dime. Even when dimes are not particularly active, the Mercury dime retains its popularity. This is in part because it makes for a fascinating collection but also because it features a design everyone seems to like.If we are looking for a hero other than Adolph Weinman behind the creation of the Mercury dime, it’s probably Teddy Roosevelt. His effort at reinvigorating U.S. coinage designs gave the momentum to the changes that came after he left office. That said, there is no doubt that the big story in 1916 was Weinman, who submitted the winning designs for the dime and half dollar.
Mint Director F.J.H. von Engelken described the dime’s design as follows:
“The obverse shows a head of Liberty with winged cap. The head is firm and simple in form; the profile forceful. The reverse shows a design of the bundle of rods, with battle-ax, known as ‘Fasces,’ and symbolical of unity, wherein lies the Nation’s strength. Surrounding the fasces is a full-foliaged branch of olive, symbolical of peace.”
What Von Engelken had to say is interesting in that it clears up one matter in that the new dime did not depict Mercury at all but Liberty with a winged cap. However, today it is still known most commonly as a Mercury dime.
Mintage of the new dime began with the release of 22,180,000 1916-dated coins from Philadelphia, 10,450,000 from San Francisco and a slight 264,000 from Denver. Explaining why the 1916-D ended up with a low mintage has bothered many for years. It suggests that in the area around Denver there was no commercial need for more dimes.
However, in his book, American Coin Treasures and Hoards, Q. David Bowers includes a story from Wayne Miller regarding a hoard of 135 “marginal to gem brilliant uncirculated” 1916-S Mercury dimes purchased from a Chinese family in Helena, Mont. The family had been in the area since 1916. And even though Denver was much closer than San Francisco, the 1916 dimes they received were from San Francisco. This suggests that either the 1916-D was made late in the year or that it did not have very good distribution.
Monday, March 5, 2007
Quick Facts
"Quick Circulating Coin Facts:
Life Span: The approximate life span of a coin is 30 years.
Mutilated Coins: United States Coins no longer fit for circulation are classified as 'uncurrent' or mutilated.
Uncurrent coins are coins that are worn yet recognizable as to genuineness and denomination, and are machine countable. Uncurrent coins are redeemed by the Federal Reserve Banks, then forwarded to the Mint for disposition.
Mutilated coins are coins that are chipped, fused and not machine countable. Mutilated coins are only redeemable through the United States Philadelphia Mint facility.
All uncurrent or mutilated coins received by the Mint are melted and reused in the manufacture of coinage strips."
Life Span: The approximate life span of a coin is 30 years.
Mutilated Coins: United States Coins no longer fit for circulation are classified as 'uncurrent' or mutilated.
Uncurrent coins are coins that are worn yet recognizable as to genuineness and denomination, and are machine countable. Uncurrent coins are redeemed by the Federal Reserve Banks, then forwarded to the Mint for disposition.
Mutilated coins are coins that are chipped, fused and not machine countable. Mutilated coins are only redeemable through the United States Philadelphia Mint facility.
All uncurrent or mutilated coins received by the Mint are melted and reused in the manufacture of coinage strips."
Coinlink Coin Dealer Directory with rare coin and currency news including coin shows, articles about coin collecing and numismatic resources
"A silver dekadrachm of Athens, issued circa 467-465 B.C.E. and one of approximately 33 known, brought a record $575,000 price for an ancient Greek coin sold in public auction. The price included the 15 percent buyer’s fee."
The United States Mint Key Topics
The United States Mint Key Topics: "First Spouse Program: Beginning 2007, the United States Mint will issue one-half ounce $10 gold coins featuring their images, in the order that they served as first spouse, beginning in 2007. "
Sunday, March 4, 2007
New Items from the US Mint
New Items from the US Mint:
"United States Mint
Presidential Dollars - George Washington
The United States is honoring our Nation’s presidents by issuing $1 circulating coins featuring their images in the order that they served, beginning with Presidents Washington, Adams, Jefferson and Madison in 2007. The United States Mint will mint and issue four Presidential $1 Coins per year, and each will have a reverse design featuring a striking rendition of the Statue of Liberty. These coins will feature larger, more dramatic artwork, as well as edge-incused inscriptions of the year of minting or issuance, 'E Pluribus Unum,' 'In God We Trust' and the mint mark.
2007 Montana State Quarter
The Montana commemorative quarter dollar coin, released to the American public today, features images of a bison skull hovering in the sky over mountainous terrain. The Montana quarter is the 41st introduced by the United States Mint in its popular 50 State Quarters® Program. “Montana’s history recalls a state composed of vast landscapes, mountains and high plains, big sky and bison, all of which are represented on the Montana quarter we launch today,” said Director Moy. “The bison skull is an evocative image of the American West, its bounty and hardships, familiar to Montanans as a symbol of their own rugged and resilient nature."
Rich Stelfox
Owner/CEO
Golden Eagle Coins: The Internet Coin Superstore!
www.goldeneaglecoin.com
"United States Mint
Presidential Dollars - George Washington
The United States is honoring our Nation’s presidents by issuing $1 circulating coins featuring their images in the order that they served, beginning with Presidents Washington, Adams, Jefferson and Madison in 2007. The United States Mint will mint and issue four Presidential $1 Coins per year, and each will have a reverse design featuring a striking rendition of the Statue of Liberty. These coins will feature larger, more dramatic artwork, as well as edge-incused inscriptions of the year of minting or issuance, 'E Pluribus Unum,' 'In God We Trust' and the mint mark.
2007 Montana State Quarter
The Montana commemorative quarter dollar coin, released to the American public today, features images of a bison skull hovering in the sky over mountainous terrain. The Montana quarter is the 41st introduced by the United States Mint in its popular 50 State Quarters® Program. “Montana’s history recalls a state composed of vast landscapes, mountains and high plains, big sky and bison, all of which are represented on the Montana quarter we launch today,” said Director Moy. “The bison skull is an evocative image of the American West, its bounty and hardships, familiar to Montanans as a symbol of their own rugged and resilient nature."
Rich Stelfox
Owner/CEO
Golden Eagle Coins: The Internet Coin Superstore!
www.goldeneaglecoin.com
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