August 2017, Volume 23 Issue 8 Liberty Service’s Monthly Review of Precious Metals and Numismatics August 8, 2017 US Government Declares War On The US Dollar!

"I like a dollar that's not too strong. I 2017 Year To Date Results Denmark Krone -10.4% mean, I've seen strong dollars. And Through August 8, 2017 Euro -10.5% Mexico Peso -13.9% frankly, other than the fact that it Precious Metals U.S. Dollar Index 93.52 -8.6% sounds good, lots of bad things hap- +32.4% pen with a strong dollar. And I do like Gold +9.3% US And World Stock Market Indices low interest rates. I mean, you know, Platinum +8.1% NASDAQ +18.3% Silver +3.0% Dow Jones World (excluding US) +17.2% I'm not making that a big secret. I Numismatics Sao Paulo Bovespa +12.7% think low interest rates are good." — Dow Jones Industrial Average +11.8% US President Donald Trump in an inter- US MS-63 $20 Liberty +7.1% US MS-63 $20 St Gaudens +6.4% S&P 500 +10.6% view last week US MS-65 Morgan Dollar, Pre-1921 -4.9% Frankfurt Xetra DAX +7.1% Shanghai Composite +5.7% Last Wednesday, US President US Dollar vs Foreign Currencies London FT 100 +5.6% Trump signed into law a bill establish- Argentine Peso +11.5% Nikkei 225 +4.6% ing economic sanctions on Russia, Philippines Peso +2.0% Russell 2000 +3.9% Iran, and North Korea. Hong Kong Dollar +0.9% S&P/ASX 200 +1.4% Colombia Peso -0.2% More appropriately, it could be de- Indonesia Rupiah -1.6% 10 Year US Treasury Note interest rate scribed as declaring war, at least eco- 2.282% -6.7% Russia Ruble -2.4% nomically, on these and other nations. Chile Peso -3.1% Energy and Other Metals Why other nations? That is because Yuan -3.2% Cobalt +74.3% the sanctions will impact businesses in Peru New Sol -3.3% Lead +18.4% countries that engage in trade with South Africa Rand -3.4% Copper +15.7% Brazil Real -3.9% Aluminum +15.6% Russian enterprises. Germany, for in- Switzerland Franc -4.4% Zinc +12.0% stance, is highly dependent on Russian Malaysia Ringgit -4.6% Molybdenum +5.1% natural gas. Therefore, these sanctions Great Britain Pound -5.0% Nickel +2.7% could damage the German economy New Zealand Dollar -5.5% Tin -2.1% along with other European allies of the Japan Yen -5.7% Crude Oil, Brent -6.5% US government.. Singapore Dollar -5.8% Natural gas, Henry Hub -24.7% Dollar -5.8% This new law has even worse impli- Israel Shekel -6.2% Metal Content Value Of U.S. cations. For instance, Russian Prime India Rupee -6.3% Lincoln cent, 1959-1982 1.92¢ Minister Dmitry Medvedev said, “the South Korea Won -6.5% Lincoln cent, 1982-date 0.74¢ signing of new sanctions on Russia by Taiwan Dollar -7.0% Jefferson nickel, non-silver 3.67¢ the president leads to several conse- Thailand Baht -7.1% Roosevelt dime, 1965-date 1.67¢ Australia Dollar -9.0% Washington quarter, 1965-date 4.16¢ quences. First, any hope of improving Sweden Krona -10.2% Kennedy half dollar, 1971-date 8.33¢ our relations with the new US admin- istration is over. Second, the US just both chambers of Congress with veto- declared a full-fledged trade war with At one time, well over 90% of all interna- proof almost unanimous support. tional commerce was priced using US dol- Russia. Third, the Trump administra- Does any politician or bureaucrat in tion demonstrated it is utterly power- lars and paid in that currency. The Society Washington, DC have any idea of what for Worldwide Interbank Financial Tele- less, and in the most humiliating man- will happen should these sanctions actu- ner transferred executive powers to communications (SWIFT) is technically a ally have any impact on Russia, Iran, or Belgium-based system to facilitate interna- Congress.” North Korea? Did you realize that, in this new law, tional transaction payments. However, in I don’t think so. practice it is dominated by the US govern- Congress has taken from the executive Effectively, enacting this law indi- branch the authority to recognize for- ment as a way to maintain the use of the US cates that the US government has now dollar as the linchpin of international com- eign governments? declared war against the US dollar! Although President Trump acknowl- merce. edged that the law contained “serious unconstitutional provisions,” he Inside this issue: The Prospect Of Military Conflict page 3 signed the bill because it had passed US Mint To Issue Palladium Eagles Soon page 4 LCS’s Heller Honored 3 Times In Denver page 4 (Continued from page 1) rencies other than the US dollar for pricing Patrick A. Heller’s Upcoming Speeches For instance, after the US Senate and paying for international transactions. and Appearances Banking Committee approved sanc- The best information I have is that there is tions against Iran in February 2012, currently about $12 trillion of US Treasury September 28, 2017, Livonia, Michigan, the SWIFT system disconnected all debt and dollars held by foreigners. This ex- Michigan Treasure Hunters meeting. Iranian banks that had been found in ported debt and currency reduces the US gov- “The Rise And Fall Of Rome’s Money, violation of US and European Union ernment’s budget deficit by at least $100 bil- And What It Means For American To- day.” Meeting starts at 7:00 PM at the sanctions. After the 2016 agreement lion per year. Holy Cross Lutheran Church, 30650 Six worked out with the Iranian govern- To the extent that the newly imposed sanc- Mile Road in Livonia. Guests are wel- ment, Iran’s banks were all re- tions have any impact, there will be multiple come at no charge. connected to SWIFT. kinds of damage inflicted to the US economy. Also, among the documents re- 1. Foreigners will likely be less willing to November 24-26, 2017, Warren, Michi- leased by Edward Snowden, it was trade with US entities. Those that do gan, Michigan State Numismatic Socie- revealed that the US National Secu- are more likely to refuse to price con- ty Fall Convention. Topic and time to be rity Agency (NSA) widely monitors tracts in US dollars or use them for set- determined. Macomb County Community SWIFT banking and credit card tling payments. College South Campus Building P, 14500 transactions. 2. The US dollars and Treasury debt that East 12 Mile Road in Warren. No charge China has already been aggressive- are no longer needed to facilitate inter- to attend presentation but there may be a ly expanding its alternative interna- national commerce will be repatriated charge to non-MSNS members who wish to enter the separate bourse floor. tional payments system that specifi- to the US government. In return, the cally excludes the use of the US dol- foreigners will expect to receive goods For more information on any event or to lar. With this new US law, their ef- and services or ownership of US busi- arrange for a presentation at schools, sen- forts are certain to attract more coop- nesses or real estate. ior citizen groups, Scout organizations, eration. 3. The federal government’s budget defi- fraternal or business organizations, call India and China had been sending cit will increase. However, foreigners 800-933-4720 or email gold to Iran to pay for oil, as those will be less willing to finance them, [email protected]. nations could not use the SWIFT which will push up the interest rate system to send payments for four paid by the US government to find al- and local governments in the state. The years. ternative creditors. committee released its report on July 18 As of now, depending on who you In other words, the US government will suf- (posted online at http:// ask, the use of US dollars in interna- fer a major financial hit as will the US dollar. www.michigan.gov/documents/snyder/ tional commerce is down to some- In turn, that will also hurt the US economy. R3_Task_Force_Report_579101_7.pdf. where between 60% to 80% of all I repeat: Effectively, the law enacted last ). In it is the disclosure that these gov- volume. week represents the US government de- ernments, that pretended to have bal- When foreign governments, central claring war on the US dollar. ance budgets over time, had a combined banks, and businesses have to hold The US government, economy, and dollar net present value of unfunded liabilities US dollars in order to conduct inter- were already going to get clobbered as the of $17.6 billion. national transactions, that effectively massive amounts of government unfunded li- Normally, such a committee would turns into interest-free or low interest abilities for employee pensions and retiree be charged with proposing solutions loans to the US government, which health care benefits are going to finally be of- to this massive financial crisis. Alt- helps subsidize budget deficits. For- ficially disclosed starting about the beginning hough the report does include four eigners seek to obtain US dollars and of this month. The new sanctions law passed recommendations on page 4, none of supply goods and services in return. last week will simply accelerate the decline of them offer suggestions on how to With the law passed a week ago, it the US dollar. manage the growing liabilities.

is virtually guaranteed that that other Government Unfunded Liabili- Two of the recommendations propose countries, including those considered more detailed financial disclosure of the American allies, will have a much ties Gaining Greater Media Cov- unfunded liabilities. A third recommen- stronger incentive to develop alter- erage dation proposes to establish a Michigan native payment systems outside of In some respects, it seems like I am close to state agency to oversee local govern- the domination of the US govern- being a lone voice warning of the imminent ment finances—which would duplicate ment. state, county, and local governments and gov- the work of a state agency that already Part of avoiding the domination of ernment school districts that will be forced to exists! The final recommendation is the US government means that such disclose on their balance sheets the net pre- that when local governments hire new alternative systems will be using cur- sent value of their unfunded liabilities for em- employees that they should pay the lia- ployee pensions and retiree health care bene- bility for retiree health care benefits in Find more than a thousand nu- fits beginning with fiscal year ends of June the year where it is actuarially owed, mismatic items offered for sale 30, 2017 and later. not waiting until the actual payments For example, the state of Michigan will be today in our eBay stores and on are made. forced to post on its balance sheet close to our company’s website. Gold, As you can see, none of these recom- $60 billion of unfunded liabilities for the first silver, and copper coins, exonumia, mendations address actually trying to time for its September 30, 2017 fiscal year paper money, and other collectibles. pay already existing liabilities or re- end. ducing the amounts owed. On eBay, search for sellers Treas- In January this year, Michigan Governor urechestofliberty or Collectablesof- Earlier in July, the Port Huron Rick Snyder finally appointed a Responsible liberty. Other items are for sale on (Michigan) Times Herald reported that Retirement Reform For Local Government our website at the city government of Port Huron pen- Tax Force to investigate the scope of unfund- www.libertycoinservice.com. sion contributions had increased from ed liabilities for the more than 1,800 county 62% of payroll in fiscal 2014 to 86% of (Continued from page 2) costs of the fighting. The net result payroll in fiscal 2017. City officials of such actions would be to reduce Summary Of Current LCS were already struggling with the fis- the value of the US dollar. Recommendations For Precious cal crisis imposed by these higher Of course, North Korea might not Metals and Rare Coins mandatory payments to catch up for be where the next war starts that in- past underfunding. volves the US government. The How much of your total net worth should be in precious metals and rare coins? Many state, county, and local gov- US government currently has ernments have June 30, 2017 fiscal troops stationed in at least 130 na- Conservative Moderate Aggressive year ends. The financial reports tions, so there are plenty of possi- 10-15% 20% 25-33% from these entities are just now start- bilities (I don’t regard them as How much to allocate for each category of ing to be released. The public will “opportunities”). precious metals and rare coins?* suddenly become much more aware In terms of protecting your finan- that a large number of these entities cial well-being, there will be little Conservative Moderate Aggressive are either insolvent or actually bank- difference between an economic Gold 35% 30% 20% rupt. and a military war. For either de- Silver 65% 60% 55% There are no painless, fast and easy velopment, you need to do what Rare Coins 0% 10% 25% TOTAL 100% 100% 100% ways to cover these unfunded liabili- large numbers of citizens are al- ties. For a more thorough discussion ready doing in China, India, West- *Platinum and palladium both have volatile markets of how these existing liabilities can ern Europe, and elsewhere— with long-term supply/demand fundamentals that are be managed, please refer to the July buying physical gold and silver. not as attractive as those for gold, silver or rare coins. 12, 2017 issue of Liberty’s Outlook Although only holding physical While either or both might outperform gold, silver, or at www.libertycoinservice.com. gold and silver will probably not be rare coins in the short- to long-term, to be conservative we have omitted them from our allocation. No matter what steps are taken to sufficient to help you ride out trou- try to manage these liabilities, jobs bled times, these assets can give will be lost, retirees will take a major you a lot more flexibility than if you just gold were dumped over 25 minutes financial hit, and consumer spending owned paper assets such as stocks, bonds, and on the CME Group’s GLOBEX Ex- will decline. In other words, the US currencies. change (CME Group also owns the will be in a major recession or even If tensions mount in the coming week with New York COMEX and NYMEX) a depression. North Korea, at some point I would expect starting at 7:06 PM on August 3. panic buying of groceries, household sup- This is the time of day when trading The Prospect Of Military plies, and medications to occur across the US. is extremely thin and any large trans- Conflict Since no one of knows what the near future actions would have a greater impact There is a timeless adage that will hold, the best plan would be to stock up, on prices. The price of gold dropped when goods and services don’t cross to the degree possible, on such items before $9 during this short period, which al- borders, eventually soldiers will. the stores are swamped with panicked buyers. so had the sympathetic effect of sup- The new US law passed last week If such purchases turn out not to have been pressing silver prices. will almost certainly have the impact necessary, you can still consume these items Before then, there had been a mod- of reducing the volume of goods and over time. est resurgence of bullion-priced silver services that cross national borders. The same idea applies to acquiring your po- demand during July, more than for So, how soon with military conflict sitions of physical gold and silver. You need gold. escalate? to buy them before you “have to.” It is safer Higher gold and silver prices yester- The scary answer is that it could to be weeks, months or years early than one day and today can be mostly attribut- come about soon. The US govern- day too late. ed to safe haven buying over concerns ment has ordered all Americans in If you want examples of the difference own- of what will occur between the US North Korea to leave there by the ing physical gold and silver makes, there are and North Korea. end of this month. Such an order several. You could study what happened in The premium to purchase US 90% could be a signal of near-term mili- Indonesia during the Far East currency crisis Silver Coins (5.6%) has fallen slight- tary action (although it may also be a of 1997. You could ask the Southeast Asian ly, but only because the spot price of bluff). refugees alive today in America only because silver has risen. The same holds true Then, this afternoon, the govern- they had some gold to pay their way out of for 100 Ounce Ingots (4.7%), a ment of North Korea threatened to their homelands. Or you could check on somewhat cheaper way to acquire sil- fire four missiles simultaneously by would-be home owners in Vietnam, where ver. If you wish to acquire bullion- the middle of August to land near the only gold is acceptable to purchase real estate priced silver right now, I would tend US territory of Guam in the Pacific and paper currencies are not. to recommend a mixture of these two Ocean. This is a fluid story, and it is products so that you can acquire low not possible to predict whether ten- Silver and Silver Coins premium silver and also a highly di- sions may escalate to actual military Silver’s price closed on the COMEX today visible form. violence this month. at $16.83, up exactly $1.00 (6.3%) from last The 10, and 1 Ounce Ingots (5.9%) If this occurs, even if kept on a month. are also worth considering. small scale and does not erupt into a Precious metals prices trended upward for Over the past month, numismatic regional or global conflict, there much of July. In my mind part of the boost silver coins such as Morgan and would be no winners. The “victors” could have come from major financial players Peace Dollars have mostly been soft, would suffer right along with the seeking protection against the damage to the despite the higher prices. At the huge vanquished, though maybe not to the US economy from the revelation of massive American Numismatic Association same degree. In response, govern- government unfunded liabilities. World’s Fair of Money in Denver, ments will almost certainly ramp up But, when prices threatened to top major Colorado last week, we took ad- inflation of the money supply and technical buying points a week ago, another (Continued on page 4) taxation as two means to pay for the “flash crash” sale of 1.077 million ounces of (Continued from page 3) The Month because, in industrial applications (and vantage of lower prices to acquire the palladium is really only an industrial met- largest quantity ever of Superb Gem Gold Range 56.75 4.7% al with no financial usage), it was often Mint State–66 Morgan Silver Dollars. Net Change +55.00 possible to use either platinum or twice Several dates and mintmarks in this group Silver Range 1.19 7.5% the amount of palladium to serve the merit our Highest Recommendation for Net Change +1.00 same purpose. appreciation potential. See our enclosed I am not enthusiastic since today’s pal- Gold/Silver Ratio 75.6 offer. ladium price is more than 90% of plati- Net change -1.3 Gold And Gold Coins num, far higher than about 50% in the Platinum Range 72.00 7.9% Gold closed on the COMEX today at past. While relative supply and demand Net Change +60.00 fundamentals can shift over time, at the $1,273.00, up a healthy $55.00 (4.5%) from four weeks ago. Platinum/Gold Ratio 0.77 current price of palladium I consider it Though the American public’s demand less attractive for value than for platinum. Date Gold Silver Platinum But, keep in mind that Russia is the for gold rose for most of July, it was not Jul 12 1,218.00 15.83 916.00 enough to push up premiums to speak of. Jul 13 1,216.25 15.64 904.00 world’s dominant supplier of palladium. Supplies of bullion-priced physical gold Jul 14 1,226.50 15.88 921.00 Any reduction in supply from there could

and silver are readily available for imme- have the result of temporarily pushing up Jul 17 1,232.75 16.05 928.00 prices in absolute terms and against the diate or short-delay deliver. But be Jul 18 1,241.00 16.22 928.00 prices of other precious metals. warned—several dealers simply do not Jul 19 1,241.00 16.25 921.00 stock as wide a selection of low-premium Jul 20 1,244.75 16.30 931.00 LCS’s Heller Honored Three gold as Liberty Coin Service does. Jul 21 1,254.25 16.41 935.00 Times Last Week My recommended low-premium issues Jul 24 1,254.00 16.40 929.00 At the American Numismatic Associa- such as the US American Arts Medal- Jul 25 1,251.75 16.50 929.00 tion (ANA) World’s Fair of Money in lions (1.9%), the Austria 100 Corona Jul 26 1,251.50 16.52 922.00 Denver, Colorado last week, LCS Com- (1.5%), and the Mexico 50 Pesos (2.3%) Jul 27 1,259.50 16.52 923.00 munications Officer Patrick A. Heller are available at the same premiums as Jul 28 1,268.50 16.66 933.00 was honored three times. they were last month, which are still low- Jul 31 1,266.50 16.75 937.00 First, the ANA recognized him with er than they were in May. Aug 01 1,268.25 16.68 943.00 this year’s Exemplary Service Award. The prices of Pre-1934 US Gold Coins Aug 02 1,271.75 16.69 950.00 This is given for services on behalf of the are all over the map in the past few Aug 03 1,267.75 16.59 964.00 Aug 04 1,258.25 16.22 969.00 ANA and the ANA’s mission. Heller has weeks. Some have actually dipped, oth- served on two ANA committees a total of ers are up about equal to the increase in Aug 07 1,258.25 16.22 971.00 twelve years thus far and has been an gold’s price. Others are up even more. Aug 08 1,256.50 16.36 974.00 ANA exhibit judge for the past three Overall, prices are up from last month. Aug 09 1,273.00 16.83 976.00 years. He has supported the ANA’s edu- At the ANA show last week, LCS Chief Gold, silver and platinum quotes are work- cation mission by teaching classes on Numismatist Allan Beegle and LCS Com- in spots at 1:45 EST/EDT each day, coin collecting and in using coins and pa- munications Officer Patrick A. Heller dis- quoted in U.S. dollars per troy ounce. per money to make hundreds of presenta- covered and brought home some Small Shanghai Gold Exchange premiums above tions in schools and before Scout, 4-H, Lot Bargains. See our flyer. London spot prices as of newsletter date: and a wide variety of adult organizations. US Mint To Issue Palladium Gold: +$ 8.59 Later, Heller was honored by the Nu- Silver: +$ 1.03 mismatic Literary Guild (NLG) with Eagles Next Month Last week, the US Mint announced that Current Shanghai Gold Exchange awards for Best Dealer-Published Maga- premiums can be tracked at zine or Newspaper and Best Radio Re- it will begin selling bullion-priced Palla- www.didthesystemcollapse.com dium Eagles to Authorized Purchasers port. These are the same awards for (i.e. primary distributors) in September. um coins. In the case of the Canadian Pal- which he was recognized in 2016. He A Proof version of the $25 face-value ladium Maple Leaf, price has fallen about has now received NLG awards for Best coin is planned for 2018. $15 per ounce relative to metal value over Radio Report in five of the seven years he Don’t be surprised if the initial release the past month. Although the retail premi- has done 3-minute commentaries on 1320 of the Palladium Eagle sells well, since it ums for the Palladium Eagles are not yet -AM WILS in Lansing, Michigan under will be the first US palladium coin. set, I would expect them to be higher than the title of “Things You ‘Know’ That Just From recent wholesale trading activity, for ingots and coin issues from other Aren’t So, And Important News You the coming debut of this coin has appar- countries. Need To Know” (archived online at ently hurt demand for prior bullion-priced Some have asked if it would be worth http://1320wils.com/pages/patrick-a.- palladium coins—the Russia Ballerina acquiring one or more of the Palladium heller-commentary). (1989-1995), the Australia Emu (1995- Eagles. I suggest not doing so. Incidentally, Heller was also asked, and 1998), and Canada Palladium Maple Leaf First, the current price of palladium is accepted, to again serve as chair of the (2005-2015, though it theoretically might near its highest levels in more than a dec- ANA’s Finance, Budget, and Investment still be in production if demand increas- ade. For a long time, the spot price of pal- Committee for the next two years. He es). ladium was roughly half that of platinum, has been on this committee for the past As a result, premiums have fallen on the a metal with which it shares similar chem- decade, including service as chair or co- previously issued bullion-priced palladi- ical properties. This ratio occurred partly chair from 2007-2015.

Liberty’s Outlook is published monthly by Liberty Coin Service, 400 Frandor Ave., Lansing, MI 48912. Telephone: National 800/527-2375 Fax: 517/351-3466 Website: www.libertycoinservice.com, E-mail: [email protected] Patrick A. Heller, Editor. Subscriptions are available at $159.00 per year (12 issues). Send subscription orders and changes of address to the above address. All information is derived from sources believed to be reliable, but accuracy cannot be guaranteed. No guarantee of profitability of any investment or recommendation contained herein is made or implied. Liberty Coin Service has been a dealer in rare coins and precious metals since 1971. Find recent commentaries and like our Facebook page at https://www.facebook.com/LibertyCoinService or on Twitter at @libertyfrandor. The publisher, its principals and associates may, from time to time, have a position in items recommended here. Copyright 2017, all rights reserved. LibertyLiberty Coin Coin Service Service Computer Computer Quotes Quotes 2PM 2PM EDT EDT 8.9.178.9.17 Spot Spot Prices Prices Item Item Qty Qty Fine Fine Wt Wt Price Price Cost/Oz Cost/Oz Premium Premium *U.S.*U.S. 1 1 Oz Oz Gold Gold Eagle Eagle 1010 1.00001.0000 1,328.751,328.751328.751328.75 4.3%4.3% Gold:Gold: $1,274.00$1,274.00 *U.S.*U.S. 1/2 1/2 Oz Oz Gold Gold Eagle Eagle 1010 0.50000.5000 684.25684.251368.501368.50 7.4%7.4% Silver:Silver: $16.88$16.88 *U.S.*U.S. 1/4 1/4 Oz Oz Gold Gold Eagle Eagle 1010 0.25000.2500 352.25352.251409.001409.00 10.6%10.6% Platinum:Platinum: $981.00$981.00 *U.S.*U.S. 1/10 1/10 Oz Oz Gold Gold Eagle Eagle 1010 0.10000.1000 144.70144.701447.001447.00 13.6%13.6% Palladium:Palladium: $896.00$896.00 *U.S.*U.S. 1 1 Oz Oz Gold Gold Buffalo Buffalo 1010 1.00001.0000 1,336.501,336.501336.501336.50 4.9%4.9% *U.S.*U.S. 1 1 Oz Oz Medallion Medallion 1010 1.00001.0000 1,298.251,298.251298.251298.25 1.9%1.9% Notes from Liberty *U.S.*U.S. 1/2 1/2 Oz Oz Medallion Medallion 1010 0.50000.5000 650.50650.501301.001301.00 2.1%2.1% By Allan Beegle LCS Chief Numismatist *Australia*Australia 1 1 Oz Oz Kangaroo Kangaroo 1010 1.00001.0000 1,332.501,332.501332.501332.50 4.6%4.6% July’s sales were our second highest of *Austria*Austria 100 100 Corona Corona 1010 0.98020.9802 1,267.501,267.501293.101293.10 1.5%1.5% any month thus far in 2017. Lower gold *Austria*Austria 1 1 Oz Oz Philharmonic Philharmonic 1010 1.00001.0000 1,322.501,322.501322.501322.50 3.8%3.8% and silver prices early in the month damp- *Canada*Canada 1 1 Oz Oz Maple Maple Leaf Leaf 1010 1.00001.0000 1,311.001,311.001311.001311.00 2.9%2.9% ened buyer enthusiasm. Recent higher prices have sparked a moderate surge in *Canada*Canada 1x25 1x25 Maplegram Maplegram 1010 0.80390.8039 1,155.251,155.251437.061437.06 12.8%12.8% customer demand. *China*China 30 30 Gram Gram Panda Panda 1010 0.96460.9646 1,317.501,317.501365.851365.85 7.2%7.2% Once again virtually everything offered *China*China 1 1 Oz Oz Panda Panda 1010 1.00001.0000 1,362.001,362.001362.001362.00 6.9%6.9% in last month’s newsletter found new *Mexico*Mexico 50 50 Peso Peso 1010 1.20571.2057 1,571.501,571.501303.391303.39 2.3%2.3% homes. Unfortunately, because many of these coins are genuinely rare, we often *S.*S. Africa Africa Krugerrand Krugerrand 1010 1.00001.0000 1,317.251,317.251317.251317.25 3.4%3.4% cannot locate any more specimens once we *1*1 Oz Oz Ingot Ingot 1010 1.00001.0000 1,309.751,309.751309.751309.75 2.8%2.8% sell out (especially at the same bargain price). However, we do have a few of *Austria*Austria 1 1 Ducat Ducat 1010 0.11070.1107 153.30153.301384.821384.82 8.7%8.7% some of the Better-Date Morgans still *British*British Sovereign Sovereign 1010 0.23540.2354 317.50317.501348.771348.77 5.9%5.9% available. **France 20 20 Franc Franc 1010 0.18670.1867 252.50252.501352.441352.44 6.2%6.2% Last week, I flew to Denver with LCS Communications Officer Pat Heller to *Swiss*Swiss 20 20 Franc Franc 1010 0.18670.1867 253.00253.001355.121355.12 6.4%6.4% attend the American Numismatic Associa- tion World’s Fair of Money. This is the $20$20 Liberty Liberty BU BU 1010 0.96750.9675 1,380.001,380.001426.361426.36 12.0%12.0% second largest coin show in America, ex- $20$20 St St Gaudens Gaudens BU BU 1010 0.96750.9675 1,385.001,385.001431.521431.52 12.4%12.4% ceeded only by the Florida United Numis- $20$20 Liberty Liberty Extremely Extremely Fine Fine 1010 0.96750.9675 1,360.001,360.001405.681405.68 10.3%10.3% matists show in January. $10$10 Liberty Liberty Extremely Extremely Fine Fine 1010 0.48380.4838 675.00675.001395.201395.20 9.5%9.5% I didn’t think we would sell much there, as we had comparatively little excess in- $10$10 Indian Indian Extremely Extremely Fine Fine 1010 0.48380.4838 725.00725.001498.551498.55 17.6%17.6% ventory to offer. To my surprise, by the $5$5 Liberty Liberty Extremely Extremely Fine Fine 1010 0.24190.2419 355.00355.001467.551467.55 15.2%15.2% end our sales were the most for any coin $5$5 Indian Indian Extremely Extremely Fine Fine 1010 0.24190.2419 405.00405.001674.251674.25 31.4%31.4% show thus far this year. Demand was that $2.50$2.50 Liberty Liberty Extreme Extreme Fine Fine 1010 0.12090.1209 320.00320.002646.822646.82 107.8%107.8% strong. Unfortunately, bargain hunting was just $2.50$2.50 Indian Indian Extreme Extreme Fine Fine 1010 0.12090.1209 275.00275.002274.612274.61 78.5%78.5% as difficult as it has been for the past cou- ple of years. When prices decline, collec- *U.S.*U.S. 90% 90% Silver Coin 1,0001,000 71571512,750.0012,750.00 17.8317.83 5.6%5.6% tors tend to hold off liquidating their hold- *U.S.*U.S. 40% 40% Silver Silver Coin Coin 1,0001,000 295295 5,230.005,230.00 17.7317.73 5.0%5.0% ings. As a result, there is comparatively *U.S.*U.S. Peace Peace Dollars, Dollars, VG+ VG+ 1,0001,000 76076017,500.0017,500.00 23.0323.03 36.4%36.4% little material available on the market at *U.S.*U.S. Silver Silver Eagles Eagles 1,0001,000 1,0001,00019,480.0019,480.00 19.4819.48 15.4%15.4% the bottom of price cycles. On the last day of the show, a Midwest *Canada*Canada Silver Silver Maple Maple Leaf Leaf 1,0001,000 1,0001,00018,970.0018,970.00 18.9718.97 12.4%12.4% dealer offered me the largest group of Superb Gem Mint State-66 Morgan Sil- *100*100 Oz Oz Silver Silver Ingot Ingot 1010 100100 1,768.001,768.00 17.6817.68 4.7%4.7% ver Dollars that we have handled in some *10*10 Oz Oz Silver Silver Ingot Ingot 100100 1010 178.80178.80 17.8817.88 5.9%5.9% *1*1 Oz Oz Silver Silver Ingot Ingot 1,0001,000 1 1 17.8817.88 17.8817.88 5.9%5.9% LCS Postage Charges Value of Contents Postage Charge *1*1 Oz Oz Platinum Platinum Ingot Ingot 1010 1.00001.0000 1,029.001,029.001029.001029.00 4.9%4.9% Under $100 $5 *U.S.*U.S. 1 1 Oz Oz Platinum Platinum Eagle Eagle 1010 1.00001.0000 1,084.001,084.001084.001084.00 10.5%10.5% $100-249 $10 $250-499 $18 *Canada*Canada Palladium Palladium ML ML 1010 1.00001.0000 922.00922.00 922.00922.00 2.9%2.9% $500-999 $25 $1,000-4,999 $30 $5,000 and higher None LibertyLiberty Coin Coin Service Service CallCall Toll-Free: Toll-Free: (800)(800) 527-2375 527-2375 National National 400400 Frandor Frandor Avenue Avenue (517)(517) 351-4720 351-4720 Local Local Please Note: Liberty Coin Service will be Lansing,Lansing, MI MI 48912 48912 (517)(517) 351-3466 351-3466 Fax Fax closed on Saturday, September 2 and web:web: www.libertycoinservice.com www.libertycoinservice.com email: email: [email protected] [email protected] Monday, September 4 for the Labor Day Holiday. TradingTrading Desk Desk Hours Hours (Eastern): (Eastern): Mon-Fri Mon-Fri 9:30AM-6PM, 9:30AM-6PM, Sat Sat 10AM-2PM 10AM-2PM -over- LibertyLiberty Coin Coin Service Service Computer Computer Quotes Quotes 2PM 2PM EDT EDT 8.9.178.9.17 Spot Spot Prices Prices

Coins,Coins, Rolls Rolls and and Sets Sets Gold:Gold: $1,274.00$1,274.00 U.S.U.S. 10 10 pc pc Gold Gold Medallion Medallion Set, Set, 1980-1984, 1980-1984, BU BU $11,020$11,020 Silver:Silver: $16.88$16.88 U.S.U.S. Morgan Morgan Dollar, Dollar, 1921, 1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $640$640 Platinum:Platinum: $981.00$981.00 U.S.U.S. Morgan Morgan Dollar, Dollar, Pre-1921, Pre-1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $850$850 Palladium: Palladium: $896.00$896.00 U.S.U.S. Peace Peace Dollar, Dollar, Brilliant Brilliant Uncirclated Uncirclated Roll/20 Roll/20 $540$540

NumismaticNumismatic Coins Coins (PCGS/NGC/ICG (PCGS/NGC/ICG Graded) Graded) MS-63MS-63MS-64MS-64 MS-65MS-65 Superb Gem Classic Silver Com- U.S.U.S. $20.00 $20.00 St St Gaudens Gaudens 1,4301,430 1,4951,495 1,7151,715memorative Half Dollars: Here are U.S.U.S. $20.00 $20.00 Liberty Liberty 1,5351,535 1,6401,640 2,6102,610two newly acquired lovely white speci- U.S.U.S. $10.00 $10.00 Liberty Liberty 765765 1,1301,130 2,5352,535mens. U.S.U.S. $5.00 $5.00 Liberty Liberty 530530 750750 1,8351,835 1936 Albany, New York, MS-67, PCGS—$850. Mintage is a low 17,671. U.S.U.S. 4 4 pc pc Indian Indian Gold Gold Type Type Set Set 3,5953,595 5,1105,110 12,62512,625PCGS and NGC together have certified only U.S.U.S. 4 4 pc pc Liberty Liberty Gold Gold Type Type Set Set 3,1953,195 3,9603,960 7,7007,700316 MS-67 pieces and a paltry 39 in higher U.S.U.S. 8 8 pc pc Gold Gold Type Type Set Set 6,7306,730 8,9208,920 19,87519,875grades. At one time this coin would have U.S.U.S. Morgan Morgan Dollar Dollar (Pre-1921) (Pre-1921) 5555 66 66 135135cost you close to $11,000. . Coin Values does not catalog this coin in MS-67 condi- U.S.U.S. Peace Peace Dollar Dollar 3838 47 47 122122tion. PCGS Retail is at a humorous $775, which is lower than what the most recent PricesPrices quoted quoted are are for for quantities quantities indicated, indicated, and and are are actual actual selling selling prices prices at today's at today's comparable coins have sold for in auction or closes.closes. Smaller Smaller lots lots are are available available at atslightly slightly higher higher prices. prices. No NoMichigan Michigan Sales Sales are listed for sale on wholesale trading sites. TaxTax on on rare rare coins coins or or precious precious metals metals bullion. bullion. Numismatic Numismatic purchases purchases have have Just try to find an equally nice specimen at aa 1414 day day return return period. period. Orders Orders for for bullion-priced bullion-priced items items (marked (marked with with *) are *) arenot not our price! Possibly the finest we have ever had in stock. returnablereturnable and, and, after after confirmation, confirmation, cannot cannot be be cancelled. cancelled. 1924 Huguenot-Walloon MS-66, PCGS—$475. Mintage 142,080 of which a large number entered circulation. PCGS and time. In fact, we have never before in our NGC together have graded 705 in MS-66 one-of-a-kind coins from Denver that have quality and only 152 higher. One of the nic- history had enough specimens in this lofty exceptional value. Enjoy reading about them: quality go make a general offer to all of our est examples we have ever handled. Has customers! Among this lot were multiple Awesome Very Choice Mint State- sold for as much as $8,000 in the past. To- dates and mintmarks that earn our Highest 64 1872 Seated Liberty Silver Half day Coin Values is $525 and PCGS Retail is Recommendation for appreciation potential. Dime: The US Mint is regularly striking $500. If you purchase ten or more of these coins, more than 1.5 billion Jefferson Nickels for $2.50 Quarter Eagle Rarities: We you will receive one of these desirable dates circulation every year. But things were much wish we could find the following coins in in your purchase at no extra charge. different in 1872, the next to last year that the multiple coin quantities so that several cus- Between Pat and I, we did pick up some US Mint struck a 5-cent coin out of silver. tomers would have the opportunity to own Small Lot Gold Coin Bargains. If you Called a Half Dime, this coin had a modest them. But, they are genuinely scarce. compare these coins to their catalog values mintage of just 2,947,000 coins. Virtually all 1877-S $2.50 Liberty, MS-62, PCGS— and what they are selling for elsewhere, you entered circulation. $1,095. How rare is this coin. First, it has a will understand the value. If you need any And talk about rarity! PCGS and NGC low mintage of just 35,400. Next, PCGS and more proof—another dealer that saw one of combined, over the past 31 years, have certi- NGC have certified a minuscule 111 MS-63 these groups at the ANA offered us a price fied a mere 190 examples of this date in MS- specimens and just 51 in all higher grades! not much less than we are offering them for 64 quality and a mere 107 in all higher Last, these are so scarce that we can only here to purchase the entire group from us. grades! find four MS-62 or higher grade specimens Last, I came across a Gem Mint State-65 From a dealer friend at the ANA last week, that have appeared in major auctions in the English King Cnut Silver Penny that is the I picked up this amazing PCGS-certified MS- past year. This coin is graded quite conser- highest quality specimen of the type ever 64 Seated Liberty Silver Half Dime. The vatively and may be nicer than any of those certified by NGC. Eight months ago, we obverse die had been so heavily polished that that appeared in recent auctions, including sold another Cnut Silver Penny in Very Fine horizontal grooves had worn into it, impart- the MS-63 coin that sold for $2,233. PCGS condition, which may have been the finest ing a flashy semi-proof-like from the raised Retail is $1,450 and Coin Values lists it at quality piece of his that we might have ever lines visible on the field of this specimen. It $1,350. Perhaps the finest we have owned. handled up to then. This coin blows away is mostly white with hints of brownish toning 1878-S $2.50 Liberty, MS-61, NGC— the beauty of any other 1,000-year-old coin around the periphery. This is the highest $450. Mintage a modest 178,000, PCGS/ we have ever had the pleasure of carrying in quality Silver Half Dime of any date we have NGC MS-61+ population of only 539. An- our inventory. Only one available. handled in some time. other coin that, at a quick glance, seems to With limited quantities of each of the bar- PCGS Retail catalogs this coin for $450. merit a higher grade. PCGS Retail catalogs gains offered this month, I suggest you re- Coin Values lists MS-63 grade pieces at $275 it for $500 while Coin Values lists it at $575 view the offers promptly. Then call our and MS-65 quality at $650. At one time this for MS-60 quality and $975 in MS-62. We Trading Desk toll-free at 800-527-2375 to coin was selling for more than $1,500, but could find only one specimen of this quality verify availability and lock in your order. you can own it now for $420. in major auctions over the past year. As usual, we also brought back some other

An Unexpected Bargain (with a quantity bonus!)

Superb Gem Mint State-66 Morgan Silver Dollars!

To: All Clients

From: Allan Beegle, LCS Chief Numismatist

Date: August 4, 2017

It’s like paying less than 15 cents on the dollar!

I have just returned from the American Numismatic Association World’s Fair of Money in Denver, Colorado. On my last day there, a dealer friend offered me a bargain deal that seemed too good to pass up—flashy white or lightly toned Superb Gem Mint State-66 Morgan Silver Dollars! I quickly checked with LCS Communications Officer Pat Heller, who attended the show with me. He immediately agreed that if we could only select specimens that met our strict quality standards to jump on the opportunity. I quickly reviewed the coins, rejecting a handful, and was able to purchase the rest at the offered price. While our inventory lasts, you can pick up one or more of these beautiful treasures for just $229 each—or less!

Why I love this opportunity. At the last major market peak in mid-1989, these coins were selling retail for $1,700 apiece, a price that was about 150% higher than that of Gem Mint State-65 quality specimens. Today, you could purchase more than seven coins for what one would have cost you back then—at a price that is barely 70% higher than for MS-65 coins.

And a quantity purchase bonus! Last year, LCS Communications Officer Patrick A. Heller updated his analysis of the Morgan Silver Dollar series in grades Choice Mint State-63 through Superb Gem Mint State-66. The analysis compared the prices of the coins at the last major market peak in June 1989 against their relative rarity and current catalog values. Then he compared this data against that of the 1881-S Morgan, the most common issue in high quality. From this analysis, he calculated an Undervaluation Index™ for each date and mintmark in all four of these grades of the Morgan series. Those coins earning an Undervaluation Index™ of 20 or higher were given our Highest Recommendation for appreciation potential. As you might suspect, our customers have eagerly sought these coins ever since we published our analysis. The attraction is easy to understand—as many of these coins can be acquired for 70%, 80%, or even 90% less than what they cost 27 years ago! One important caveat—the Undervaluation Index™ only compares the appreciation prospects relative to other dates and mintmarks of the same grade. It does not compare relative potential against coins of other grades. Pat updated this analysis in 2010 and again last year for changes in the supply of coins and current catalog values. In the process, he discovered that both times, in general, the Morgan Dollars that earned the Highest Recommendation outperformed those that did not. However, he noticed an anomaly with last month’s update. Most dates in the series that graded Superb Gem Mint State-66 fell in price from 2010—even though the coins with the highest Index performed better, on -over- average, than those with the lower Index rating. As a consequence , the Undervaluation Index™ for most dates in this grade have risen from six years ago. For example, even the most common date, the 1881-S, saw its Undervaluation Index™ increase from 3 (Not Recommended) to 6 (Recommended). The 1886 date jumped from an Index of 13 (High Recommendation) to 31 (Highest Recommendation). From our experience over the past several months, we have found all Superb Gem Mint State-66 Morgan Dollars to be more difficult to locate than in years past. As a results, price declines have slowed; some have started turning upward. When Pat later reviewed the coins in this group, he noticed that there were several pieces of the 1886 date (Undervaluation Index™ of 31) and another handful from dates such as 1885 and 1887, each with an Undervaluation Index™ of at least 80!

For those who purchase 10 or more coins, we are adding a bonus: for a purchase of 10-19 coins one of them will be the 1886 date. For those who purchase a 20-coin lot, one of the coins will have an Undervaluation Index of at least 80.

Each coin has been independently certified by either the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC) as well as passing our own fussy scrutiny.

They Won’t Last Long! After I acquired this group, I was not able to find more at the same money-saving price. As a complete sellout is likely, we must limit orders to twenty (20) coins. Act Today: Orders will be filled on a first come, first served basis. I urge you to telephone today to ensure availability and to confirm your purchase! To reserve your purchase, call us Toll-Free at 800-527- 2375. Or return the coupon below. Remember, you can use your Visa, Mastercard, and Discover charge cards to purchase these coins. For our mutual protection, all mail-order purchases paid by credit cards will be shipped only to the credit card billing address. Sincerely,

Allan Beegle LCS Chief Numismatist

------Yes! Please ship me the Superb Gem Mint State-66 Morgan Silver Dollars that I have indicated below. I understand that every coin has been independently certified by the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC) as well as being backed by LCS’s exclusive guarantees. I may return them for a full refund for any reason within 14 days of my re- ceipt. Limit 20 coins per order. Note: 10-19 coin orders will include an 1886 Morgan Dollar with an Undervaluation Index™ of 31; 20-coin orders will include a Morgan Dollar with an Undervaluation Index™ of at least 80!

_____ U. S. Morgan Silver Dollar, PCGS/NGC, Superb Gem Mint State-66 (1-4 Coins) @ $ 229 each = ______

_____ U. S. Morgan Silver Dollar, PCGS/NGC, Superb Gem Mint State-66 (5-9 Coins) @ $ 227 each = ______

_____ U. S. Morgan Silver Dollar, PCGS/NGC, Superb Gem Mint State-66 (10-20 Coins)@ $ 225 each = ______

Postage (see Computer Quotes Page) ______

Total Enclosed ______

name ______

address ______

city,state,zip ______

telephone number______

Confirmed by phone?______Confirmation #______

Liberty Coin Service, 400 Frandor Ave, Lansing, MI 48912 Toll-Free Nationwide 800-527-2375 Small Lot Gold Coin Bargains! combined! That makes the MS- by Allan Beegle, LCS Chief Numisma- tist, and Patrick A. Heller, LCS Com- 62 grade coins more than 194 munications Officer times scarcer than the 1904 date, It continues to be exceedingly while the MS-63 and nicer pieces difficult to find any sizeable are almost 500 times rarer than quantities of high-grade, less- the common-date 1904 in the common gold coins that we can offer to all of our valuable same grade. customers. Still, at the American Numismatic Association Yet, despite all this rarity, we can offer you these coins at World’s Fair of Money in Denver, Colorado last week, we desirable discounts. In MS-62 grade, this date catalogs for were able to find with some small lots of extra special coins. $2,250 apiece in both PCGS Retail and Coin Values; the MS- With so few coins on hand, which almost always sell out 63 coins list for $3,600 and $4,500, respectively. That com- quickly, we have eliminated the order blank. Please contact us pares to the 1904 $20 Liberty listing for $1,495 and $1,600 in early to confirm availability and lock in your purchase. MS-62 condition in the two catalogs or at $1,600 and $1,750 Review the coins listed here, then call our Trading Desk for MS-63 quality. Our price for the MS-62 coins is lower today, toll-free, at 800-527-2375. Be sure to consult the chart than all but one specimen sold for in a major auction over the on the Computer Quotes page for postage charges. For fastest past year. Over the past year, the handful of MS-63 specimens shipment, you can use your Visa, Mastercard, or Discover in major auctions have sold from $2,820 to $3,525 apiece. charge cards to have your purchase shipped to the credit card billing address. Foreign Coins 1869-A France Napoleon III 100 Francs, Mint State-60, As with all of our numismatic items, your satisfaction is NGC—$1,850 (3 coins available). These were the largest guaranteed. You have 14 days upon your receipt to return circulating French gold coins of the era, containing 0.9334 oz these coins for a full, prompt, no-questions refund. of gold. These issues during France’s Second Empire (1852- US Coins 1870) have a combined mintage of a meager 443,882 among 1882 $5.00 Liberty, Choice Mint State-63, NGC—$525 (4 25 different dates and mintmarks. The 29,000 pieces struck at coins available). We really love the value of Common-Date the Paris Mint in 1869, as were these coins, was the second Choice Mint State-63 $5.00 Liberties. These coins have sold highest mintage of the entire series. (Had these been US coins for as much as $3,550 at one time. Today, you can acquire of that era and mintage, they would almost certainly be great them at a fraction of that price. rarities today.) At a quick review, the 1882 $5.00 Liberty might not seem Louis-Napoleon Bonaparte was the nephew and designated like a special date. Its mintage of 2,514,250 is the fifth highest heir to the infamous Napoleon Bonaparte I. He became of all $5.00 Liberties struck during its 70 years of production. France’s first popularly elected president in 1848, the young- It is also not that scarce in high grade. But—it is about the est French president until Emmanuel Macron who was elected least common $5.00 Liberties in Choice Mint State-63 and this year. Barred from running for re-election, he organized a higher grades that you can purchase at the Common Date coup d'état and proclaimed himself Emperor in 1852. After price! So, if you seek a “Common-Date MS-63 $5.00 Liberty, failing to expand the French Empire in Mexico in the late these 135-year old beauties are the coins to own. 1860s, France was defeated by Prussia in the Franco-Prussian Since 1986, the Professional Coin grading Service (PCGS) War of 1870, which ended the Second Empire. and Numismatic Guaranty Corporation (NGC) have certified French Gold 100 Francs were not commonly seen in any just 3,107 MS-63 and nicer pieces. They are more than triple condition until a moderate hoard emerged a few years ago. the rarity of the 1900 $5.00 Liberty with PCGS/NGC MS-63+ Even this year, NGC-certified lower grade About Uncirculated populations of 10,442 coins. specimens have been selling in major auctions for more than These coins were thought to be even scarcer in years past. $1,900 apiece. We hand-selected these coins from a some- Even today, the PCGS Retail for the MS-63 1882 $5.00 Liber- what ty is still $1,250 versus $480 for the 1900 date of the same larger grade. In Coin Values the 1882 catalogs for $850 and the group, 1900 at $650. Obviously, at the LCS money-saving common- bought date price offered here, how can you resist? them at a real 1898 $20.00 Liberty, Mint State-62 , NGC—$1,750 (2 money- coins available), and Choice Mint State-63, NGC—$2,795 saving (4 coins available). The MS-63 examples in this group may price, be the finest specimens of this date we have ever handled. and pass Mintage is a modest 170,395 coins. Over the past 31 years, the sav- PCGS and NGC combined have certified a mere 1,838 pieces ings on in Mint State 62 and higher grades, a meager 400 graded to you. Choice MS-63, and a paltry 47 examples in all higher grades

Gem Mint State-65 English King Cnut Silver Penny!

Finest Known NGC-Certified Specimen Of A 1,000 -Year Old Treasure!

An Exciting Discovery Coin sisted on one provi- At the American Numismatic Association World’s Fair sion—that if we did of Money in Denver last week, LCS Chief Numismatist not sell the coin, he Allan Beegle was talking with a dealer friend who spe- would love to buy it cializes in early US Coinage. As Allan was chatting with back from us. him and reviewing his inventory, he came across a spec- This coin is obvious- tacular 1,000-year old English King Cnut (also called ly worth more than Canute) Silver Penny. unattributed Viking This “hammered” (for its crude method of production coins of comparable that involved striking the dies into the planchet with the quality—because this use of a hammer) coin has almost perfect surfaces. It is piece is attributed to also virtually perfectly centered. It has survived in such the issuing king and high condition that even a bit of rough extra metal around identified as the long the rim from the way it was struck is still there! helmet variety and Allan remembered that last December we had offered a because this coin was Very Fine or better uncertified Cnut Silver Penny that we issued by the famous could have sold multiple times over. At the time, this Cnut. coin had been possibly the finest Cnut Silver Penny we Cnut and his father, had ever handled. Out of curiosity, he asked the dealer Sweyn Forkbeard led for more background on this extraordinary example. a Viking invasion of The dealer said that, though it was outside of his normal England that succeed- interests, he had acquired it on the basis of its superior ed, with his father as- quality, especially when he learned that the Numismatic suming a partial crown in 1013. Cnut became king of all Guaranty Corporation (NGC) had certified only this one of England in 1016, king of Denmark in 1018, and of specimen of this type (catalog number S-1158) in the Norway in 1028, thus forming the North Sea Empire. grade of Gem Mint State-65 and that it was the finest Historians have called him the most effective of all Anglo they had graded! -Saxon kings. Allan promptly contacted me to come over to inspect Cnut is perhaps most famous for the apocryphal story the coin. Once I saw its beauty, I wanted to verify how where we was placed in the sea and unsuccessfully or- special a coin this was. dered the incoming tide to stop. This was a demonstra- NGC confirmed that it was the highest it had ever grad- tion of his humility and that he did not have the same ed of this type and that it was the only specimen to re- power as God. ceive this grade. When I consulted the archives of the To give one special LCS customer the opportunity to largest numismatic auction house in the US, they did not own it, we are pricing it at $2,250. We do have one re- show a single silver penny of this King ever being of- quest of the purchaser though. Like the last dealer who fered (though they had handled two specimens of another owned this coin, if the next owner were ever interested in English King Cnut from the early 800s). selling it we also would like the first option to buy it Checking further, I learned that nice circulated speci- back. mens of this King had sold for up to more than a thou- For fastest shipment, you can use your Visa, Master- sand dollars. I also found that unattributed Viking coin- card, or Discover charge cards to have your purchase age of that era that graded MS-65 were selling for $1,400 shipped to the credit card billing address. or so. As with all of our numismatic items, your satisfaction So, the price quoted by the dealer for the finest known is guaranteed. You have 14 days upon your receipt to NGC-certified specimen of this type was reasonable. As return these coins for a full, prompt, no-questions refund. we prepared to write the check, however, the dealer in- by Patrick A. Heller, LCS Communications Officer