It’s well into 2014 and most coin and set issues of the year have been released and are now available to buy from the US Mint, dealers and ebay sellers. If not released yet they will be soon and some dealers are offering pre-sales.
Among the new releases for 2014 no other coin has made such a splash as the 2014 National Baseball Hall Of Fame coin. It’s the first US “curved” or “concave” coin and was issued in gold, silver and clad half dollars. If you haven’t seen these coins yet then you’re in for a treat. You can buy a clad, gold or silver buy clicking these precious metal links.
Of course, no one can overlook the perennial favorites the 2014 U.S. proof sets and mint sets. You get all regular issue coins in these sets, the Kennedy Half Dollar, all five Park Quarters, Roosevelt Dime, Jefferson Nickel and all four of the Presidential Dollars in DCAM proof or satin finish mint sets. You can choose silver or clad, but either or are very nice sets.
Collectors often cherry these sets for graders to submit to grading services like PCGS and NGC in hope they can attain the perfect grade DCAM70 or even an ULTRACAM70. If you’re lucky and have a keen eye you might just discover a new variety in a 2014 set.
Also available now is 2014 business strike, single and in rolls, Native American Dollars, Presidential Dollars, Kennedy Half Dollars, Roosevelt Dimes, Jefferson Nickels and Roosevelt Dimes at ebay. You can see the offerings here 2014 Business Strike U.S. Coins For Sale
You also have the 2014 Civil Rights Acts of 1964 dollar and the fact that the 2014 American Silver Eagle will be released this month. So many nice choices to upgrade your collection to the most current year, but always look for the best deals and make sure everything you buy is authentic.
First, let me disclose that in no way, shape, or form am I accusing or suggesting that any certain person or seller is attempting to cheat, fool, scam, beguile, or rip you off with these “unsearched” rolls for sale. This guide I wrote should be considered as ‘my opinion only’ and used for educational purposes only. However, there’s a few sellers that who do use this as a trick to make more profit.
The first set of pictures show the tools used: A count tray, end rollers, and of course the empty ‘preformed’ coin tubes. Cost equals about $18.00 to get started.
Looking closely at picture #6, you can see inside the recessed rolling ring of the square plastic end crimper. Can you see the small raised bar or nub? This is the part of the ‘roller’ that curls the paper into its doughnut shape as you gently push in and twist the tool. Like everything else in life, the more you do it, the better you get and I have seen some “expert” work by some of these sellers.
Looking at the picture labeled ‘M’, you will see: ‘factory’ creasing (green arrows), a tight ‘paper split’ (blue lines), & the highest points that are ‘ROUNDED’. This is a factory, as they call it, end crimp. Expert roll makers are not even able to get this ‘true roundness’, due to the bar or nub on the roller we saw in the close up discussed earlier. They will look close, but if you inspect the pictures closely, the “non-factory” rolls will show some very faint ‘flatness’ to this top area and it’s not the same as storage “smashed”.
Have I ever purchased a ‘stacked’ roll before because the ‘end coin’ was a supposed ‘seller unaware’ rare variety. What’s the most I have ever seen a stacked roll sell for? Just over $1700.00 What was it? A roll advertised as a back-2-back BU/MS/RD 1909 VDB Lincoln Cent Roll. What did I see? 2 XF+ low contact, completely cleaned & dipped coins. (Was this a heavy shill bid auction? The second place bidder had a 96% bid ratio for that seller over the past 30 days, a 64 feedback, with 36 bids alone on this 1 item.)
Was there a “possible ‘S’ mintmark” in the description? Of course. Also beware, there is a lot of word-play going on, for instance, “double die”, “doubling”, “die double”, “with doubling”. The correct term is “Doubled Die” for those varieties so read the descriptions, they are not ‘lying’, as far as those “coin strikes” go, (letting you, not yet educated enough in that area, think that they are rare) but these are ‘striking anomalies’, but back to rolls.
If I have my pre-teen children at home making just 100 of these rolls a week to sell, and I close up the end, it is “un-searched” by me, right? However the big pile of coins used to make these rolls was searched by someone. So purchasing OBW’s (original bank wrapped) rolls is a bit of an art form and takes skill.
Someone at Heritage, whom I am not sure, figured the odds of a roll with BU/MSRD back to back 1909 S VDB’s somewhere around 1:170,000,000. Now this is common sense talking here. I don’t care who you are, if there is a roll with a high value or key date end coin showing, you’re not going to auction it for .99¢ no reserve!
You must also remember when looking at crimped and possibly unsearched rolls that you can see any possible damage to the rim nor can you see the other side. You just can’t be certain if the coin has been cleaned or damaged when it’s inside a wrapper, and it becomes a crap shoot when you buy these, hoping you’re getting something good for your money.
So, take a few minutes to look at the images posted. You should see some distinguishing characteristics that should tip you off on if the roll is not an old bank wrapped roll.
We’ve previously highlighted a few famous coin hoards and their impact on the coin industry, which can be found here and here. As is always the case, the circumstances surrounding the found coins are always interesting. Some of the stories that we’ve highlighted in the past include true hoarders who had thousands of coins squirreled away, NY subway employees who had access to millions of coins, and local and Federal Reserve Banks who came across large quantities of coins that they didn’t know existed. While all of the previously mentioned situations are unique, one recently found hoard has taken the coin industry by storm and has made headline news.
If you’re remotely connected to the coin industry, then you have probably heard of the recent lot of 1,427 $20 Liberty Head gold coins, which were found by an anonymous couple in Sandy Ridge, CA while taking a walk near their home. The coins, ranging in date from 1847 – 1894, were buried in rusted out tin cans, some as deep as a foot underground, and are thought to have been undisturbed in the same location for more than 100 years. While there has been a substantial amount of speculation as to where the coins came from and if they were stolen, the U.S. Treasury has confirmed that the coins were not stolen from the Mint, so unless someone from the public comes forward with solid evidence that the coins were stolen, the individuals who found the coins will remain the rightful owners.
While many large hoards have been found over the years, there are a couple of unique circumstances surrounding the Sandy Ridge hoard. For one, it is by far the most valuable hoard that has been dug up. The estimated value of the 1,427 coin hoard is $10mm. While the face value of the coins is $28,540 and the current gold value is approximately $1.86mm, the numismatic or collectible value of the coins far exceeds the gold value. Many of the coins are low mintage or key date coins, and the majority of the coins are in uncirculated condition. As to what the coins will eventually sell for, it’s anyone’s guess, but Amazon.com has been selected as the venue for selling the coins, which is sure to garner much attention.
To put the value of the Sandy Ridge coin hoard into perspective, prior to this most recent find, the most valuable coins unearthed in the U.S. were valued at less than $5,000. Surely, other valuable coin hoards have been found over the years, which have gone unreported, but it’s hard to fathom that any of the other finds were close in value to the Sandy Ridge hoard.
While some individuals may be of the opinion that large found hoards hurt the coin industry, as this affects the number of coins believed to exist in various grades, we’re of the opinion that large coin hoards that receive national attention can only benefit the coin industry in the long run. While we don’t have any hard numbers indicating how the coin hoard affected the attendance at the recent ANA money show in Atlanta, where the coins were on public display, it would be naive to assume that there wasn’t an impact. Furthermore, the coin hoard has the potential to revitalize an interest in coin collecting that has been dormant for years, or give individuals a nudge who have been waiting on the sidelines. Case in point is a gentleman that we heard from over the weekend, who last collected coins in 1974. He said that the Sandy Ridge hoard motivated him to acquire up to five certified $20 Liberty Head gold coins.
In summary, the recently found Sandy Ridge hoard has helped to place another gem in the crown of the “king of hobbies.” While owners of some of the same coins may have taken a short term hit to their investment due to the larger than expected survival rate of some of the coins found in this historic coin hoard, it’s difficult to argue that headline news, which most assuredly has attracted newcomers to the hobby, is not a positive development for the field of numismatics. It probably hasn’t hurt the metal detecting industry either!
Tony Davis is the owner of Atlanta Gold & Coin Buyers. Visit his website at www.atlantagoldandcoin.com for additional information on the products, services and educational resources offered by his company. Tony can be reached at firstname.lastname@example.org or at 404-236-9744. Be sure to “like” us on Facebook and follow us on Twitter to receive a feed to our blog to stay on top of all of the latest trends affecting the numismatic and bullion coin markets.
In a previous post for Coinauctionshelp.com, we highlighted two reasons why individuals should consider doing business with local coin dealers, which included taking physical delivery at the time of the sale and avoiding hard sell pressure tactics. We provided as examples The Tulving Company and Merit Financial, who were in the news for allegedly failing to ship products in a timely fashion and for preying on unknowledgeable investors. Unfortunately, the worst possible situation occurred to Tulving customers at the end of this past week, as The Tulving Company officially announced on Friday that they were closing their doors; failing to deliver on millions of dollars of unprocessed orders.
While it’s possible that the victims that failed to receive their items will receive partial compensation following bankruptcy proceedings, it’s thought that The Tulving Company’s outstanding liabilities far exceeded their assets and that very little restitution will be paid to the victims. As a reputable coin dealer, we’re outraged by the allegations made against The Tulving Company, and believe that the actions of a few can paint the entire industry in a negative light. While we sincerely feel for the victims of this unfortunate event, we wanted to share with our readers a few suggestions on how you can best protect yourself against unscrupulous coin dealers.
Many victims of The Tulving Company could have avoided their fate had they researched Tulving’s status with the Better Business Bureau. Individuals have been filing complaints with the Better Business Bureau against Tulving for quite some time. In fact, there have been 150 formal complaints filed since last summer and 5,600 inquiries made since 2010. This recent track record was a clear sign that Tulving was experiencing issues and that conducting business with this company could potentially be risky. While other regulatory agencies exist, the Better Business Bureau is oftentimes one of the frontrunners in identifying potential issues with companies.
In addition to researching a company’s status with the Better Business Bureau, we believe that it’s important to confirm when placing an order with an online coin and bullion dealer that they have the items in stock that you’re interested in purchasing; frequently referred to as “live” product. In addition to confirming that the stock is live, a scheduled shipment date should be obtained. If a coin dealer is unwilling to commit to shipping your items within a week, there’s a chance that they don’t have the items in stock that you desire or that there are other organizational issues with the company, which should raise a red flag.
In addition to researching a company’s status with the Better Business Bureau, confirming that the coins or bullion are “live” and obtaining a scheduled shipment date, we recommend that you subscribe to trade publications, read frequently updated coin blogs, such as our blog, or sign up to receive Google Alerts so that you receive immediate notification of any media attention that your preferred coin dealer may be receiving. These efforts should help you to stay current on any developments that may be potentially harmful to your wallet.
Many readers of this blog frequently purchase coins off of eBay, and we believe that this is a great venue if you prefer to do your buying online. For one, you can check the feedback history of the seller and avoid any dealers that have less than stellar feedback. Secondly, companies that list coins on eBay are offering the exact coin that is posted, so you can be assured that they have the coin in stock that you desire. Thirdly, buying coins on eBay provides the opportunity to purchase coins at coin dealer wholesale prices, as published by the Coin Dealer Newsletter. Lastly, many eBay sellers agree to ship coins within a couple of days; some as quickly as one day following the receipt of payment, which assures that the coin will be in your hands within a week.
In summary, while we’re still of the opinion that buying locally is the best strategy, we believe that certain precautions can be taken by customers of online coin dealers to help minimize any potential issues. Firstly, be sure to check the coin dealer’s reputation with the Better Business Bureau. Secondly, confirm that the item you’re purchasing is in stock and obtain a date by which the coins will be shipped. If not within one week, it’s probably best to move on. Thirdly, subscribe to industry publications, blogs or sign up for Google Alerts for the company that you desire to do business with. Lastly, consider eBay as an option for the benefits described above. Following these steps should help to increase your chances of a successful online transaction.
Tony Davisis 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.comfor additional information on the products, services and educational resources offered by his company.
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.
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.
If you collect complete coin collections then will will be faced with the decision to buy the key dates of the series. However if you don’t know how to identify or authentic key dates then you stand a good chance of buying a fake. We all want the best deal on expensive coins but you can’t allow the deal-seeker in you cloud your judgment. So here’s a few guides put together to help you identify popular key dates.