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The 2014 Chillicothe Coin Show event will he held Sunday, March 9, 2014 from 10am-4pm at the Christopher Conference Center. The Christopher Conference Center is located at 20 North Plaza Road, Chillicothe, Ohio 45601.
The show is free (no admission fees) and you can buy raffle tickets for great prizes plus there’s drawings for door prizes throughout the day.
The show is hosted by the Chillicothe Coin Club and they meet the first Tuesday of every month at the Westside Church of the Nazarene, 730 Orange Street, Chillicothe, Ohio 45601. The venue phone is 740-773-1526. For more information on joining the Chillicothe Coin Club call Sam Wood at 740-774-6414.
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We’ve highlighted in the past why we believe doing business with a local coin dealer is preferable to conducting business with a large online coin dealer/broker, but two additional benefits that we failed to mention are avoiding sales pitches and actually receiving your coins. While trying to direct individuals toward coins that may not best suit their investment needs is unethical, failing to ship coins for orders that have been placed and paid for is downright criminal! Unfortunately, Merit Financial and The Tulving Company, two of the largest online coin dealers in the nation, have recently been accused of doing just that. We’ll discuss in further detail the two additional benefits that we highlighted above as well as address some of the allegations made against these two prominent companies.
While you expect to receive a hard sell while shopping for a new vehicle, the last place that you should expect to receive a sales pitch is from your coin and bullion dealer. Professional sales people can be quite convincing, especially when they’re trying to upsell you or direct you toward higher premium numismatic coins. While numismatic coins can be great investments, your reason for buying the coins should be well thought out prior to doing so. Additionally, you should do your homework on the historical value of the coins and how they’ve appreciated over time and under different market conditions. Merit Financial, who advertises prices that are 1% over cost, has been accused of trying to upsell their clients and directing them toward more costly and profitable numismatic products. Some of the details of the allegations can be found in the following article from Coin Week.
To recap the allegations made against Merit, they’re being accused of telling their customers that numismatic coins are better investments and offer more privacy than bullion coins, are not reportable from a tax perspective and can’t be confiscated by the government. Some of these statements are outright mistruths, while others are debatable. Reporting profits on the sale of any coins, whether bullion or numismatic, is required. An exemption doesn’t exist for numismatic coins. Furthermore, there doesn’t appear to be a basis for the statement that numismatic coins offer more privacy than bullion coins. Certainly, the case can be made that numismatic coins offer the potential for higher returns, but it depends on the particular coin. As to the confiscation issue, it should be noted that very few individuals were prosecuted for failing to voluntarily exchange their gold coins for dollars following the passage of Executive Order 6102 in 1933, which is better known in the coin and bullion industry as the “Gold Confiscation Act.” Numismatic coins were exempt from the act, which makes them attractive to gold bugs that are concerned with potential confiscation of their coins. Details of the case can be found on Wikipedia’s site.
While hard selling customers and using bait and switch techniques is highly frowned upon in the industry, there’s absolutely no excuse for not delivering coins in a timely manner that have been purchased and paid for. Unfortunately, The Tulving Company, one of the nation’s leading online coin dealers, has been accused of doing just that. The following link provides additional details on the situation, but in a nutshell, The Tulving Company has been accused of failing to deliver on upwards of $500 million worth of orders placed and paid for by their customers. While formal complaints made to the BBB and BCA seem to be expediting the delivery of some orders, it appears as though Tulving may not be able to make good on all of the outstanding orders, which could eventually spell bankruptcy for the company. What’s particularly disturbing is that up until 2011, The Tulving Company had an impeccable reputation, which means that things can turn on a dime in the coin and bullion industry.
The best way to avoid subjecting yourself to a hard sell or non-delivery of your coins is by establishing a relationship with a local coin dealer. A coin dealer shouldn’t try to steer you in one direction or the other without having all of the facts. They should openly and honestly answer all of your questions, and only after having a clear picture as to your investment goals and needs, provide some recommendations. Of course, when you purchase coins from a local coin dealer, you take immediate possession of the coins, so you eliminate the risk of the coin dealer failing to deliver. However, it’s not uncommon or unreasonable for a coin dealer to request a deposit if a special order is requested. While it’s highly unlikely that some of the nation’s largest online coin dealers, such as APMEX, will fail to honor their obligations, the safest way to conduct business is with a local reputable coin dealer with whom you’ve established a relationship.
Tony Davis is the owner of Atlanta Gold & Coin Buyers, a full service Atlanta based coin and bullion dealer specializing in buying, selling and appraising coins and coin collections of all types and sizes. Visit his website at http://www.atlantagoldandcoin.com for additional information on the products, services and educational resources offered by his company.
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Silver has dropped below the $20 mark for the second time this year, the date of this writing is November 21, 2013. Remember the chart (it’s showing silver below $20 and is a live chart) to the left and the date of this article, since the pumping to buy silver will begin in earnest. All bullion companies, coin dealers, analyst and experts will begin to make excuses on why silver has dropped, then tell you all the reasons you should by for long term, and to buy from them.
I will agree with them on one point, buy silver now! I have always recommended buying silver when it drops, stop when it rises, then wait for it to fall again.
I buy and sell, so I rarely hold on to all the silver and gold I buy, but everyone should have some as part of their portfolio or coin collection.
However, I am fast falling of the long term benefit of holding onto silver. If you study the charts going back to the early 90′s then you will see the same ups and downs as we’re seeing now, it’s just a fact of the markets in general. If you go back to the 80′s charts then you can see when silver was at the all time high in history.
You have to fast forward twenty years from 1980 to 2011 before you see an equal silver market bull near $50, and that begun in a period of only a few years, as it did before, only to drop down to less than $15 an ounce this year (2013), and in a similar time period. What we’re seeing is history repeating itself although for different reasons this time around.
Let’s put this into perspective; If you bought silver at it’s height in 1980, you would be selling at a loss now, so what did twenty years do for the bullion silver investor? If you look at the facts then any long term silver investing advice would have been wrong based on buying during the bull markets. It doesn’t seem correct but that’s the facts. Unless you bought when it was down and immediately sold when it went up.
If you bought all the silver you could afford from the mid-80′s to 2010 then you would see a return on your investment and that would be considered long term. However, is this still doable if a person starts buying silver today for the next twenty years? No one can know this for a fact, but it’s possible that another bull is coming in less than twenty years, but will silver still maintain a bottom higher than, it appears to currently stand, after the next bull market? You would hope so, but there’s no guarantee.
It does makes sense to buy silver when it’s dropping, but keeping it and hoping for it to rise for retirement in several years, is what I am not sure about. It doesn’t seem to be a safe bet since we all heard a few years ago that silver was do to rise $100 and even $200 an ounce, but this was unfounded, so far. Now what makes things different now? Nothing! No one can know for certain what silver will be worth in the coming years, so watch out for their pumping of possible future gains.
A huge pump for buying silver usually proceeds a huge dump when it begins to rise from the stimulated demand. Furthermore, the pumps and analysis of the silver market use all kinds of excuses for why silver is dropping and why it will rise again. These excuses run the gambit but most involve foreign demand, foreign government economics or domestic economics as well as political reason, and these can be considered self-full filling prophecies to a degree.
For instance, all the large bullion companies, coin dealers, and experts often have huge mailing lists so they can send a pump-to-buy silver newsletter to hundreds of thousands of people, or include articles claiming that silver could drop if the Fed’s have something negative to say, or some politician or the government, or the strength of the Euro or US Dollar. So what do we see happening when all these subscribers and market watchers and day traders read these newsletters? They either buy silver or sell their holdings based on what’s being reported, and we know what that does to silver’s value, depending on their reactions to the latest news.
It seems the investor and traders hang on every word these experts have to say and try to play the game to make more money instantly when in reality they’re just a pawn in controlling and manipulating the market. I am not saying there’s anything wrong with making money but I am not for being a pawn in the big investors game. I don’t listen to it or read it anymore.
Therefore I buy the most silver when it’s down, then when it goes up a few dollars then I sell. I make money now, because I need it now, and not because I think I will get rich by holding onto it, at least not anymore.
Before you shrug me off on what I have said so far, I do believe in long term investments, just not bullion silver like bars, rounds or ETFs (Exchange Traded Fund). I just know that investing long term in silver US coins or US coins in general is a better investment than bullion silver. However, I do make an exception with the Silver Eagle, and the reason I refer to long term investing in US silver coins and the US Silver Eagle is due to their growth in numismatic value.
Coin values continue to rise, with some ups and downs, but on a continual steady pace and for long term gains. So I do recommend buying silver, gold, copper and semi-key dates, key dates and variety coins now to hold onto for your future. If you buy them frugally now then you will see a bit of a return in the future, if our future doesn’t see a dramatic change like our government falling or being took over by another country.
In my opinion, the numismatic value of coins is a better risk then buying silver bars and rounds or over-priced silver coins from the precious metal pumping companies. You can do better buying from certain coin dealers and online auctions like ebay. I stick with any coin that has a US Denomination and is highly collected and try to find the best bargains I can.
However, a study of United States History will prove that we have weathered many bad times economically and always seem to pull through it, so there’s nothing to lead me to believe the end is near, or that I need to hoard all the bulk silver bullion I can for the impending doom.
Disclaimer: The author of the article is not an expert investor and doesn’t promise any future gains or losses due to investing in coins, gold, silver or any precious metal. The author is also not responsible for any losses or gain incurred after reading this article. It is merely the opinion of the author and CoinHELP! and should not be taken as advice on investing.
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Why did you stop using ebay? It’s a question that doesn’t apply to me, so I wonder why you don’t. I personally can’t imagine life without ebay. I know that may sound corky to some but it’s the truth. I truly love and enjoy ebay everyday, it’s a few sellers that I can do without but that’s another issue to write on.
In actuality ebay provides my family with the means to pay our bills, by selling at ebay and promoting ebay on my website. Ebay is a money maker and it can save you money as well as make you money, it’s just not a easy as it used to be. I have sold at ebay since 2002, and I have promoted ebay as a partner since 2007, so I know what can be done by using your keen business mind.
Furthermore, ebay auctions can be fun and I can find things I have never seen before. I will never forget the viral auctions in the past, a boy selling his virginity or another person selling their kidney. The last two were pulled because they’re against ebay policy but it made people wonder “what would a person come up with next?”.
Recently I saw an auction for a Sleepy Hollow’s, Headless Horseman, Hobo Nickel. It amazed me how a person could take a Buffalo Nickel and etch such an intricate design into the surface. It’s not an easy metal to work with and takes a tremendous amount of skill to etch, let alone in any detail.
It was an accident that I found this auction and one of many reasons I enjoy browsing ebay, and it beats bumping buggies at Wal-Mart or the mall. I can look at items as much as I want without being herded along the aisles by impatient shoppers.
Do you remember the piece of toast with the likeness of Jesus that sold for several thousands of dollars? I do, and it was items like this that made ebay a pop culture icon and a place to list your junk and make some extra cash, or see the strange things people were selling. It’s still that place, but is now much more.
Of course, I still have to go to the store and buy groceries and household items, but for my coin collecting hobby and coin dealer business, nothing matches ebay. Period. Not even the coin shows, local auctions or even the flea markets beat the deals I can find at ebay.
I just don’t pay any attention to what other people have to say about ebay, I do my own thing and judge from my own merit and experiences. I have read many bad things people say about ebay, but after eleven plus years of buying and selling and using Paypal, I don’t have much to complain about. Furthermore, I would give ebay my own satisfaction rating of 97% or four and a half stars out of five stars.
I have come to a solid conclusion that most of the whiners were part of the problem in the first place. I don’t mean to judge those who had an unfortunate experience, but I can count the number of bad transactions I have had on my two hands, and that’s well over a decade of experience. So I just can’t accept that ebay is bad, far from perfect, but it’s not bad either.
I think a lot of the bad rap has come from sellers who started selling early on with ebay and with the fee hikes and feedback policies and selling policies in general, geared more for the buyer’s satisfaction, eventually drove many away. I can understand their frustration but in this ever changing world I choose to modify my style and business model to fit what I can’t change.
To put it in perspective, a new seller, that started selling today, would never miss the “old” ebay and start off using the most economical and sound business practices in order to sell items to maximize profit despite the fees. The newbie seller would also strive to be a Top Rated seller to get the discount on their fees, it’s not easy to maintain a Top Rated Seller status if you don’t care, but it’s worth it when you do.
However, they wouldn’t have any memories of what ebay used to be to miss lower fees and less policies that worked more in the seller’s favor. No, this seller would be the new breed of seller that would embrace ebay’s new mission statements, policies and fees. You can be that new seller if you wanted, or be a new buyer with a fresh out look on what ebay is now about and not what they used to be.
It used to be that a buyer was more at the mercy of the seller, sellers would hold back on leaving feedback until the buyer left feedback, and if the buyer left negative feedback then the seller would do so in retaliation. You had some buyer protection but it’s much improved save for some hiccups along the way, but now the buyer has more of a say and often more than the seller.
It might not sound fair but too many sellers were taking advantage of buyers and use their distance and poor images to hide behind the facts and the law. It had to change, and it did.
It’s been a growing trend in business for years, customer first and ebay was behind the times on this since they considered their business as nothing but a tool for selling. However no third party business wants to be involved in litigation because an independent seller defrauded a buyer. Remember, ebay is a just a tool for moving goods between buyers and sellers, but was forced to be more involved in the buyer’s and seller’s behalf because of complaints and litigation. Since this caused ebay to enact more policies, and to police the auctions more, it cost more money, so the fees had to rise.
Ebay is a business, and businesses have to make money, please employees, and investors, plus ebay has to please buyers and sellers. It’s a tough job when you consider the millions of people who use ebay daily. It takes a huge staff and a large amount of resources to accomplish all tasks. Furthermore it’s never possible to please everyone when you go to changing rules, regulations and how much you charge the people who use your services when there’s millions of people involved.
The seller rating system is another way to slowly weed out the sellers who don’t care, and no longer is 100% positive feedback the benchmark for a trusted seller. I personally think it’s a good thing, it made me more customer aware, and I am a Top Rated Power Seller by the way. Not bragging here, but I know what it takes and what it means to be one, and I weathered the changes and keep my business going, even though I feel like I am facing several obstacles against me.
Every small business faces several obstacles to stay in business, and maybe one day I will not be able to do business in the same capacity, but I don’t plan on quitting just because ebay changes or I think the new change is unfair. You can still make a lot of honest money at ebay. You just have to be a better wholesale buyer and seller. I never liked the old feedback system anyway.
As a buyer it has gotten a little more difficult to find the best deals on coins, but knowing this I take different approaches. I learn as I go when something stops working. I try to think of coins, varieties, grades that less people are looking for or I just look for collections and lots that look to have profit potential.
Currently there’s near 650 thousands US Coin auctions listed at ebay, on any given day, and that’s a huge coin show for me. It might even be the largest coin show on Earth and I can pick whom I buy from, if I want to buy from a big time dealer and pay their price I can, or I can search out sellers who rarely sell coins and try to bid a deal.
I don’t rely on ebay alone to buy things to sell anyway. However, I do buy my numismatic supplies, shipping supplies, books and holiday gifts at ebay, not all of them, but near 80%. My years of experience has taught me how to search ebay and pick through the sellers to find the best and most honest deals.
When I do find a great sellers then I just add them to my favorites and sign up so I get an email with their new offerings or deals. When it comes down to it you can’t beat, but maybe match, ebay’s services and how they try to protect the users from fraud and scams. Ebay might have a way to go in certain categories like collectibles and coins, but strides have been made.
So why did you stop using ebay? Did you base it on a bad experience or what another person said or wrote, or was it because you can’t afford the fees, or is it because you don’t trust the Internet with your money? I would like to know.
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Search ebay for mint error coins and you will find thousands of auctions listed, but not all of these auctions are mint errors, and many are just common and minor errors not worth the price that collectors are paying for them. The 1893 Barber Dime, pictured left, is a prime example that’s not a mint error but is damaged, referred to as PMD (Post Mint Damage)
It’s also apparent that many of these auctions are listed by individuals who don’t know much about errors, the coin minting process, or just desire to make a fast buck from the collectors who don’t know the facts about mint errors.
Certain people see something different about a coin and instead of seeking help from an expert they list the coin for potential profit at ebay, even if the coin is not a mint error or is of such a minor error type that they’re too numerous to be worth more than face value.
Consider the 1893 Barber Dime, pictured left, a lot of people would think this was a mint error or wouldn’t be certain either way.
You shouldn’t fall into this category, seek the facts or buy a book on the subject before you buy or try to sell a possible mint error. One book I recommend, and this will save you money and a future bad sell, is the Official Price Guide To Mint Errors by Alan Herbert. Mr. Herbert is at the forefront of mint error knowledge and if you buy his book, read it from cover to cover, then I promise you it will save you money!
You can find The Official Price Guide To Mint Errors at ebay or at Amazon, and often buy it in used condition. It’s worth buying even if the cover is missing. I just can’t stress enough how important and helpful this book will be in your collecting and selling of mint errors.
Now since I got that rant out of the way I think it important to cover a few misconceptions about mint errors that are most often found when looking through ebay auctions.
The term “mis-struck” is a generalized word used to describe something different about a coin, but there’s no such thing as a mis-struck coin mint error. Furthermore I have seen mis-stamped when referring to a possible mint error, but there’s no such words in variety or mint error terminology. It’s much more complex to identify a mint error than just using a handy and generalized term.
Just to gain an idea of the different terms used to describe and catalogue each mint error, visit our Mint Error and Variety page If it’s a mint error then there’s a proper name and classification for it.
You should know these classifications for mint errors. Not only will it save you money, but it can also make you money. Here’s our guide to the US Minting process and it shows you where and when each mint error and variety occurs during the minting process.
Just think, the more you learn about mint errors, plus varieties, the more your eyes are opened and you start to see and realize true mint errors and varieties. You will see things other people don’t and be able to buy errors and varieties at garage sales, flea markets and coin shows that for a decent deal because you knew more than the seller.
Errors And Varieties:
A variety is most often something different, either purposeful or accidental, to the coin die. It can be a doubled die, or the polishing off of a Buffalo Leg or a myriad of other things the mint employee or Chief Engraver has decided to change on a die, or something that accidentally happened and got past there’s quality control.
A mint error is a little more broad since it something that happens either during the planchet making process or during the striking of the planchet, or planchets. It’s become common to see pieces of metal being struck with a coin’s design being called mint errors. When something goes wrong during the striking of planchets or the creation of a planchet then it’s a mint error.
The high rate of speed the planchet fed into the coin chamber has created a huge amount of different errors to collect. Planchets can get jammed up and struck more than once, or they can be struck together, or something can get in the way and strike through the coins surface, a coin can get stuck on the die and and form a bottle cap shape and continue striking other planchets. The possibilities are near endless, but there’s a limit, and this is where most people get hung up, since they think every oddity is a mint error and has potential value.
Furthermore, there’s missing cladding issues and wrong planchet metal strikes and denominations struck on the wrong planchet and so forth. So you need the book I mentioned above and visit the pages I have linked to so far so you can identify mint errors. However don’t despair, it might be a bit overwhelming at first, but over-time it gets easier and easier to know what you’re looking at and how “that” happened to a coin.
Not All Varieties Are the Same:
Here’s another glaring problem I see at ebay. If you look in a price guide you will see a 1972 Doubled Die Obverse Lincoln (DDO) Cent Memorial listed for several hundred dollars, but what most sellers and you might not realize is that there’s several listed Doubled Die Obverse’s for the 1972 Lincoln Cent. It’s a fact that not all 1972 DDO Cents are worth several hundred dollars, and some are only worth a few dollars.
One look at coppercoins.com and you will see that within the variety classifications there’s actually attribution labels for each variety type.
We won’t get into this since it can cover volumes when considering the many different varieties among all coin types and denominations. I do encourage you to look over coppercoins.com listings just to get an idea of how many different varieties for each date and mint.
This brings us to another indispensable recommendation, buy both volumes of the Cherry Pickers Guide, the money you spend on the books I recommended will more than pay for themselves, and often with your first passed-on purchase since with this knowledge you knew better than to buy the coin.
This is a hot topic if there ever was one, some people who are fortunate to own a valuable mint error, but don’t know much if anything about the mint error market, and hope you don’t either, list the mint error with an over-the-top price then make all types of claims to defend how much they want for their coin.
I see this a lot with a denomination struck on the wrong planchet like a dime on a cent planchet or visa versa. It’s true that these errors sell for a lot of cash, but more in the range of a couple grand and not the five digit or more figures I have seen them listed for. The wrong planchet error is rare but the market doesn’t sustain an equal value for their rarity, let alone what some think they’re worth.
So if in doubt about a mint errors value then check out Heritage Coin Auctions Archived, Heritage provides ended auction archives for near every coin they’ve sold, mint errors included. It’s free to join and browse.
I know I didn’t cover everything, but there’s so much to consider when buying, collecting or selling mint errors and varieties that all can’t be covered in a single article. So if you have more questions then feel free to ask in a comment, or join our free forum and post your coin images and questions as much as you like, we never get tired of helping fellow collectors. CoinHELP! Coin Forum
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Most coin collectors don’t think of Eisenhower Dollars as rare and valuable and, for the most part, that would be a correct assumption. However, there’s enough exceptions to this assumption to make it worth learning which Eisenhower Dollars are rare and valuable and why. So let’s get started.
The first thing you should know about Eisenhower Dollars is the varieties found within their ranks. The 1971-S Peg Leg and the 1972 Type 2 and Type 3 Earth varieties can bring a lofty premium, then there’s the 1976 Bicentennial issues with Thin Letter or Type 2 reverses (the UNITED STATES OF AMERICA has thin letters). Here’s example images of the Type 2 and 3 Earth Type and reverse letters types, plus the Peg Leg variety.
Furthermore, might be the well known varieties but there’s several known doubled die reverses, doubled die obverses and repunched mint marks for all dates and mints. So there’s a good amount of varieties to be found and collected, plus a few lesser known like the “Friendly Eagle” and the “Tiger Claw”. More info on these can be found here.
The second aspect of collecting Eisenhower Dollars is searching for higher grade examples since most start becoming rare in MS65. The business strike (struck to be circulated or placed in mint sets) are most rare in MS67 and those grades boast the top population in PCGS’s population charts. However this doesn’t imply there’s not a few more to be discovered by astute collectors, if you’re willing to learn how to properly grade Eisenhower Dollars. Here’s some already graded images to help you get started.
It’s also worth mentioning that there’s 40% clad silver examples to look for and they come in cello with blue envelope, plastic GSA holder and brown box (proofs), then there’s the three coin Bicentennial sets that come in proof and mint state coins, and include the dollar, half dollar and quarter, and all clad in 40% silver.
If this got you interested in collecting Ike Dollars than let us know. You can also get you collection started by looking for great deals at ebay Eisenhower Dollars at ebay
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