January 2018, Volume 24 Issue 1 Liberty Service’s Monthly Review of Precious Metals and Numismatics January 10, 2018

In 2018, Gold And Silver Prices Poised To Rise Against Unstable US !

Gold’s 2017 Performance 2017 Annual Results Malaysia Ringgit -9.5% Israel Shekel -9.6% Versus Selected Precious Metals South Africa Rand -9.8% Palladium +58.4% Sweden Krona -10.2% 2017 Gold Price Change Gold +13.6% Argentine Peso +33.0% South Korea Won -11.7% Silver +7.4% Denmark Krone -12.2% Brazil Real +15.6% Platinum +3.7% Euro -12.4% Philippines Peso +14.7% Numismatics U.S. Dollar Index 92.22 -9.84% +14.4% US MS-63 $20 St Gaudens +9.8% US Dollar +13.6% US MS-63 $20 Liberty +6.4% US And World Stock Market Indices LCS US Currency Index +5.1% NASDAQ +28.2% Indonesia Rupiah +13.1% LCS Collector Key Date Coin Index -0.5% Sao Paulo Bovespa +26.9% Colombia Peso +12.9% LCS Investor Rare Index -1.1% Dow Jones Industrial Average +25.1% Dollar +10.1% LCS Collector Generic Coins Index -1.6% Dow Jones World (excluding US) +24.6% Peru New Sol +9.7% US Silver Proof Sets, 1950-1968 -1.7% S&P 500 +19.4% Japan Yen +9.4% LCS Invest Blue Chip Coins Index -2.1% Nikkei 225 +19.1% US Proof Sets, 1968-1998 -4.3% Russell 2000 +13.1% Switzerland Franc +8.6% US MS-65 Morgan Dollar, Pre-1921 -8.5% Frankfurt Xetra DAX +12.5% Mexico Peso +7.8% US Proof Silver Eagles, 1986-1998 -25.2% London FT 100 +7.6% S&P/ASX 200 +7.1% Russia Ruble +6.9% US Dollar vs Foreign Currencies Shanghai Composite +6.6% India Rupee +6.7% Argentina Peso +17.1% China Yuan +6.4% Brazil Real +1.8% 10 Year US Treasury Note interest rate 2.409% -1.51% Philippines Peso +1.0% Dollar +6.3% Hong Kong Dollar +0.7% Energy and Other Metals Dollar +4.9% Indonesia Rupiah -0.4% Cobalt +129.4% Australia Dollar +4.8% Colombia Peso -0.6% Aluminum +30.8% Chile Peso +4.4% -2.4% +30.1% Dollar +3.8% Peru New Sol -3.5% +29.1% Japan Yen -3.7% Lead +25.8% Great Britain Pound +3.8% Switzerland Franc -4.4% +22.4% Thailand Baht +3.4% Mexico Peso -5.1% Crude Oil, Brent +19.9% Malaysia Ringgit +2.8% Russia Ruble -5.9% Molybdenum +5.1% India Rupee -6.1% Natural Gas, Henry Hub -2.7% Israel Shekel +2.7% China Yuan -6.4% Tin -5.8% South Africa Rand +2.5% Canada Dollar -6.5% Metal Content Value Of U.S. Coins Sweden Krona +2.1% -7.6% Australia Dollar -7.8% Lincoln , 1959-1982 2.17¢ South Korea Won +0.4% Chile Peso -8.1% , 1982-date 0.85¢ Denmark Krone -0.3% Taiwan Dollar -8.6% , non-silver 4.22¢ Euro -0.5% Great Britain Pound -8.6% , 1965-date 1.91¢ Thailand Baht -9.0% , 1965-date 4.78¢ , 1971-date 9.56¢ In my judgment, the year 2018 has a It wasn’t that many decades ago when significant chance of bringing large in- in 2018, I think the most common theme creases in precious metals prices (with the US dollar was used for pricing and will be the failure of the US government to making payment for more than 90% of in- the possible exception of palladium). stabilize the value of the US dollar. But, In saying that, I am not predicting ternational transactions worldwide. To- before I detail what I expect will be some day, that is down to perhaps 60% of such that metals prices will be strong in of the major financial crises this year, let their own right. Instead, my thinking trading activity. That still means that no me make one thing clear: other currency is anywhere close to being is grounded on the likelihood of a con- No other fiat currency is anywhere tinuing decline in the relative values as widely accepted. close to being in a position to displace According to the Bank for International of unbacked fiat (paper) currencies. the US dollar as the most widely used As you can see in the list above, the Settlements, more than $5 trillion in cur- form of money in international com- rencies are traded every day. After the price of gold outperformed the over- merce. whelming majority of fiat currencies last year. I expect results in 2018 may Inside this issue: 2018 Risks To US Dollar Stability page 2 be even more dramatic. Will Platinum Soar In 2018? page 4 For a surprisingly high percentage of Pictured Rocks Quarter Debuts February 5 page 6 financial and economic developments (Continued from page 1) which should be its primary and perhaps only US dollar, the euro is the second function. Even the Federal Open Market 2017 Agricultural Com- most used, followed by the Japanese Committee (FOMC) explicitly made it clear modity Track Record

yen, British pound, Australia dollar, that a stable money is not a priority. Human Food , Swiss franc, Chi- In the announcement at the end of its mid- Wheat, hard KC +16.7% nese yuan, Mexican peso, and Swe- December meeting the FOMC stated, Eggs, large white Chicago +16.6% dish krona. “Consistent with its statutory mandate, the Sorghum (Milo) #2 Gulf +16.5% Hogs, Iowa +5.7% It is true that the Chinese govern- Committee seeks to foster maximum employ- Beef, choice +2.0% ment has been extremely active at in- ment and price stability.” This phrase is re- Cheddar cheese, bulk -7.2% creasing the use of the yuan in inter- peated in just about every Fed pronounce- Oats, #2 Minneapolis -6.8%

national commerce, signing bilateral ment. Butter, AA Chicago -2.7% and multilateral treaties with other Later, this announcement stated that the Fed Corn #2 yellow -4.2% countries to avoid using US seeks consumer price increases of at least two Soybeans #1 yellow -5.9% for pricing and payment in contracts percent annually. With a stable currency, the Cheddar cheese, bulk -7.2% among them. process of innovation almost always results in Corn oil, crude wet/dry -12.0%

Late in 2016, the yuan was added falling consumer prices. Think of computers, Comparisons of year-end wholesale as a component of the International televisions, cell phones, and the like. price changes do not reflect interim Monetary Fund’s Special Drawing Further, a stable monetary system encour- price volatility. Also, this is not a com- Rights. The Chinese economy is ages business investment, rising employment, prehensive analysis. However, they do now the world’s second largest. higher incomes, a reduction in poverty, and provide some indication of what to However, it will be years before the more freedom. If you need proof of this con- anticipate for consumer price changes yuan could possibly displace the US cept, just look at the history of America up in- in 2018. dollar as the world’s “reserve” cur- to the Twentieth Century. rency. Because the does not focus dead. Some of the decline in the use of on stability of the money, it is also destined to About 1973, the US government, as a the US dollar for international com- fail at its stated mandates. way to shore up the value of the US dol- merce simply reflects the fact that the For decades, the value of the US dollar was lar, struck a deal with the government of rest of the globe’s wealth has been fixed to gold, giving the dollar enormous sta- Saudi Arabia to price 100% of interna- increasing faster than America’s. bility. However, since the establishment of tional oil transactions in the dollar. This But, perhaps the dominant reason for the Federal Reserve Bank in 1913, the value slowed, but did not stop the decline of the past and future decline of the US of the US dollar had declined 98.4% against the American dollar. dollar has been its loss of stable val- gold. In 1913, the US dollar was worth Between 1973 and 1974, the Dow ue. 0.04838 of an ounce of gold. At today’s Jones Industrial Average fell 45% and Here’s why that is was and is so COMEX close, the dollar was only worth took a decade to recover. important. 0.00076 of an ounce of gold. For another example, then Treasury Although there are many attributes As long as the US dollar was readily con- Secretary James Baker announced on for what can serve as money, the pur- vertible into gold by all parties who desired to October 14, 1987 the US had run a huge pose of money comes down to three do so (up to 1933), its value was stable. Even deficit and that the solution was to de- basic functions: when the US government in 1933 restricted stabilize the dollar by letting it fall.  It is a measure of value. the ability of redeeming US dollars for gold American stock prices immediately  It is an instrument trusted by only to governments and central banks, its started to drop. Five days later, the Dow parties to facilitate transactions value stayed relatively stable. Jones Industrial Average plummeted between parties who may be to- This stability, where the US dollar had the 22% in a single day! tal strangers. appearance of being “as good as gold,” made Though I won’t go into all the details people, businesses, and governments around  It is a system of communication. here, even the Great Recession a decade the world comfortable holding and using the In order to serve as a form of meas- ago had its roots in the US government currency for commerce. urement, trust, and communication, it failing to make the stability of the US This relative stability didn’t last. is necessary that money be stable. If dollar its primary economic focus. The massive expansion of spending for the it is not, the economy suffers and, in By the way, if you still don’t think Vietnam War and President Johnson’s Great the worst instances, a society can be monetary stability is extremely im- Society programs in the late 1960s put pres- destroyed. portant, visualize this: sure on the US government’s ability to keep I have repeatedly stated that the Imagine that not only every state in the dollar stable to gold at $35 per ounce. Ra- Federal Reserve Bank is doomed to this country, but every county, and every ther than curtail spending, President Nixon’s fail in stabilizing America’s money, city and village had its own unique mon- advisers urged him to devalue the dollar by etary system. Had this condition existed adopting floating exchange rates. They told throughout American history, our com- Find more than a thousand nu- him the fluctuations would be mild. In Au- bined economy today would only be a mismatic items offered for sale gust 1971 Nixon “temporarily” closed the fraction of what it is. today in our eBay stores and on gold exchange window where other govern- our company’s website. Gold, ments had redeemed US dollars to obtain 2018 Risks To US Dollar silver, and copper coins, exonumia, gold. At the same time, temporary import tar- Stability paper money, and other collectibles. iffs and a 90-day wage and price freeze were There are a multitude of developing On eBay, search for sellers Treas- imposed. crises that just about guarantee that not urechestofliberty or Collectablesof- These actions failed. Instead of quickly reo- only will the US dollar not be stable in liberty. Other items are for sale on pening the gold exchange window to stabilize 2018, it will actually decline in value: our website at the US dollar, it still has not reopened to this  The explicit policy of the Federal www.libertycoinservice.com. day. By 1973, the Bretton Woods agreement Reserve does not put the stability of to stabilize world currencies was considered the US dollar as its top priority. (Continued from page 2)  Rising interest rates are highly like- Patrick A. Heller’s Upcoming Speeches Not only that, the Fed is actively ly. The FOMC has signaled an in- and Appearances seeking to damage and destabilize tention to hike the federal funds in- March 8, 2018, Irving, Texas, American the dollar by pushing down its val- terest rate three times this year. Ris- ue at least two percent annually. Numismatic Association National money ing interest costs will cut into the in- Show. “Oops! A Lighthearted Review Of  Unfunded liabilities for pensions crease in corporate profits that would Design Mistakes On Circulating US and retiree health care benefits for result from the lower federal income Coins,” 2:00 PM, Jr Ballroom C2, Irving employees of the federal state, tax rate enacted last month and tak- Convention Center, 500 West Las Colinas county, and local governments and ing effect this year. This restraint on Blvd. No admission charge for program, government schools are really go- higher profits will slow down job but non-ANA members must pay an admis- ing to hurt the dollar’s stability this creation. Employers will not have as sion fee to enter the separate coin dealer year. Just for Social Security and strong of an incentive to attract good bourse floor. Medicare, I calculate that the cur- workers with better compensation rent net present value of unfunded and benefit packages. For more information on any event or to arrange for a presentation at schools, senior liabilities are somewhere between  Rising interest rates are also likely to $70 to $90 trillion. At state and lo- citizen groups, coin clubs, Scout organiza- push even more people who recently tions, fraternal or business organizations, cal governments, the combined un- purchased homes, vehicles, or other funded liabilities probably exceed call 800-933-4720 or email major purchases into insolvency. [email protected]. $5 trillion. Look for bankruptcy filings to jump  Government manipulation to hold before the end of the year. down interest rates over the past chases of publicly-traded stocks,  The issue of unfunded liabilities for there is a significant risk that prices decade has resulted in the misallo- government employee pensions and cation of resources. Consumers could fall. A couple of years ago it retiree health care benefits will be- was reported that these entities bought homes and made other pur- come more contentious this year. chases they could not afford if owned more than 50% of the value Since the funds simply are not avail- of all publicly-traded stocks world- rates increase. Sub-prime home able to pay all the currently promised mortgages and vehicle loans are al- wide. What other parties will be obligations, taxpayers, existing gov- able to cash them out when these ready experiencing default rates at ernment employees, and retired gov- or higher than at the peak of the branches of governments need to ernment employees will strongly as- raise cash flow to pay unfunded lia- Great Recession in the last decade. sert that that the other stakeholders Business investments were made bilities, interest on debts, and the bear the brunt of the financial pain. like. that will fail as interest rates rise. What is likely to occur in govern- Savers will suffer, as low interest ment school districts and city, coun-  Another factor that helped support rates encouraged them to consider ty, and state governments across the US stock prices in 2017 was the an- risky investments to seek higher country will be parallel to what al- ticipation of a major tax cut. Now returns that could end up in losing ready happened with the San Jose, that this has occurred, what else can all of their original investment. California police department. That be done in 2018 that would have an  The best information I have is that city’s government renegotiated the equally positive impact on US stock governments, central banks, and union contract to obtain several con- prices in 2018? Will stock prices sovereign investment funds around cessions from employees. When fall if nothing else major develops? the world spent close to $2 trillion those expense cuts proved inade-  President Trump recently an- last year purchasing stocks in pub- quate, the city then abolished more nounced a reduction in foreign aid licly held companies. This has ar- than one-third of the positions in the paid to countries that objected to his tificially propped up stock prices, police department. Here in Lansing, statement that the American gov- which cannot continue indefinite- Michigan, the city government re- ernment will recognize Jerusalem as ly. cently received a consultant’s analy- the capital of Israel (which was a  By not focusing on the defense of sis outlining significant cuts in re- stated goal of each of the last sever- America, but instead serving poor- tirement benefits for current and al- al US presidents, both Democrat ly as the world’s policeman, the ready retired city employees, asset and Republican). One of those af- US government has created for- dispositions, reductions in govern- fected nations, Pakistan, quickly an- eign enemies and encouraged other ment services, and abolition of some nounced that it would be seeking governments to seek the decline of city employee positions. The fire- aid from China in return for estab- the dollar. works that will happen in the next lishing closer ties with that country. There are many more calamities than few months in Lansing will be re- As nations reduce or replace their this, but it would only take one or two peated at all levels across America. allegiance to the US to work more of these to ignite to clobber the value of  The Saudi Arabia government that closely with other countries, that is the US dollar. I can just about guaran- helped slow the decline of the value bound to decrease the international tee that will happen in 2018. of the US dollar since the 1970s may demand for US dollars. As foreign- be shifting allegiances. I think there held US dollars and Treasury debt How Bad Could It Get In is a strong prospect that nation will are repatriated to the US govern- 2018? turn more toward Russia before the ment in return for goods and ser- While there are many positive bits of year is out, and will begin pricing at vices, US real estate, and ownership news, here are some issues I don’t least some of its oil exports in Chi- in US companies, the dollar is des- think most of the general public, in- nese yuan. tined to lose value. cluding investors, are giving enough  If the governments, central banks,  President Trump has also an- consideration in their financial plans and sovereign investment funds are nounced multiple times that he for 2018. unable to maintain their pace of pur- (Continued on page 4) (Continued from page 3) Chinese government is suppressing the was not a groundswell of activity, it also wants the US dollar to decline in value of the yuan, it has actually appreci- indicates that there were other people value relative to other fiat curren- ated versus the dollar over the past 18 who purchased cryptocurrencies instead cies. He even nominated Jerome years. of acquiring precious metals. We only Powell to be the next chair of the Next let’s review what happened with noted a single customer who stated that Federal Reserve. Powell is a cur- precious metals prices last year. he was buying precious metals from the rent Fed governor who has consist- proceeds he received from cashing out ently supported Fed actions to re- Precious Metals Results For his cryptocurrency holdings. duce the dollar’s value. 2017 The number of people jumping into  Earlier this week the Chinese gov- Here is a snapshot of how the four pre- the cryptocurrency markets may have cious metals performed in 2017: been part of the reason gold and silver ernment signaled that it will slow down its rate of purchasing US Gold: prices sagged in early December. How- Treasury debt. The increase in the December 31, 2016 $1,150.00 ever, once Bitcoin demonstrated its ex- Treasury debt interest rates already Low for the year treme volatility by price swings on the indicate that the US government January 3, 2017 $1,160.50 order of 30% in a single day, its allure will have to budget at least another High for the year seems to have faded somewhat later in $30 billion in interest costs for the September 8, 2017 $1,346.00 December. next year. December 29, 2017 $1,306.25 Although there are other factors that Before I continue with other factors Net change for year +$156.25 contributed, I suspect that the volatility that portend higher precious metals of Bitcoin’s price is one reason for the Silver: prices in 2018, let me pause to reflect surge in investor demand in precious December 31, 2016 $15.88 on what happened in markets in 2017. metals in the last week of last month in- Low for the year to the early part of January. People see- Century-To-Date Results July 7, 2017 $15.37 ing an asset go up in value on almost a For Selected Financial As- High for the year daily basis by large percentages can be April 14, 2017 $18.53 tempted to jump into the market without sets December 29, 2017 $17.06 One year results do not represent a first doing their due diligence. But, Net change for year +$1.18 once a market shows that it can decline long-term track record. But, be care- ful—longer-term comparisons can al- Platinum: just as fast as it can go up, some of these ways be cherry-picked for the starting December 31, 2016 $901.00 people become too scared to risk their date so as to skew results. Low for the year funds. In recent years, I have compared cen- December 12 & 13, 2017 $874.00 Read on for further discussion of fac- tury-to-date results of various assets, as High for the year tors developing in the cryptocurrency measured in US dollars. The latest up- February 27 2017 $1,039.00 markets that will likely impact precious December 29, 2017 $934.00 metals prices in 2018. date is below. This is an absolute change, not a compounded annual cal- Net change for year +$33.00 Factors Impacting Precious culation. Just keep in mind that the re- Palladium: Metals Supply And Demand sults show precious metals more favor- December 31, 2016 $678.00 ably than if I had, for instance, used December 29, 2017 $1,074.00 In 2018 December 31, 1979 as my starting Net change for year +$396.00  As I discussed in last month’s issue, point. there are signs of supply shortages Even though all prices rose in 2017, of gold and silver in the New York Asset Change In Value As Measured In gold and silver results were dwarfed by US Dollars 12/31/1999 to 12/29/2017 COMEX and in the London mar- Gold +353.1% the returns of many US and world stock kets. Those conditions continued to Silver +215.3% exchanges. deteriorate over the past month. Russell 2000 +204.2% Palladium, was an outlier in rising This could signal a physical supply MS-63 $20 St Gaudens +172.0% more than 50% for the year. A tempo- shortage within a few months. rary supply shortage developed that may MS-63 $20 Liberty +155.1%  The price of oil reached its highest persist for another year or two. The bulk Palladium +144.1% of the world’s palladium supplies come price today since 2014. There is Platinum +119.3% from Russia, which adds a potential po- some general correlation, but not Dow Jones Indust Avg +115.0% litical monkey wrench to that market. causality, between rising oil and Standard & Poors 500 +82.2% A new financial development also im- higher precious metals prices. NASDAQ +69.7% pacted precious metals in 2017—the rise  The Federal Reserve has been claiming for years that consumer Switzerland Franc +63.5% of the cryptocurrency market. Bitcoin, prices were rising less than 2% an- MS-65 Morgan Dollar +41.3% the most widely traded cryptocurrency nually and that they had a goal to China Yuan +27.3% was trading for less than $1,000 at the boost it up to at least that level. Euro +19.2% end of 2016 but reached about $19,000 Multiple government statistics re- Australia Dollar +19.0% toward the end of 2017. leased in the past month report that Canada Dollar +15.7% As cryptocurrency prices soared, so did the news coverage on them. All this at- target has been surpassed. For in- Great Britain Pound -8.6% tention sparked more investor and specu- stance, today the Labor Department Japan Yen -9.4% lator interest, which further fanned high- reported that import prices in 2017 Brazil Real -45.4% er prices. rose 3% during the year, the great- South Africa Rand -50.2% At LCS, we have a number of custom- est annual increase since 2011. Ex- Mexico Peso -51.8% port prices for 2017 increased 2.6%. ers who liquidated gold and silver bullion Despite the pretense by many Ameri- products so they could use the proceeds  The decline in precious metals pric- can politicians and bureaucrats that the to acquire cryptocurrencies. While this (Continued on page 5) (Continued from page 4) summated through exchanges es, other than palladium, over will eventually be reported to Summary Of Current LCS the past few years has led to a the government. As different Recommendations For Precious

decline in exploration efforts to governments clamp down on Metals and Rare Coins develop new mines. Annual cryptocurrencies, look for pric- worldwide newly mined gold es in 2018 to become even How much of your total net worth should be in precious metals and rare coins? production has been declining more volatile. for the past several years and This does not exhaust the list of Conservative Moderate Aggressive there is a risk the same could all the factors that will influence the 10-15% 20% 25-33%

happen with silver production. prices of precious metals in 2018. How much to allocate for each category of However, it generally demonstrates  As you can see in the table on precious metals and rare coins?* page 1, the prices of a number of a good likelihood that prices will metals other than precious rose rise, if for no other reason, because Conservative Moderate Aggressive significantly during 2017. of a decline in the value of the US Gold 40% 35% 25% Stronger prices in general com- dollar. Silver 60% 55% 50% modities often spark higher pric- For this reason, we recommend Rare Coins 0% 10% 25% owning physical precious metals in TOTAL 100% 100% 100% es for precious metals.  Observers of the suppression of your direct custody or in a segregat- *Platinum and palladium both have volatile markets precious metals prices have ed vault storage arrangement in with long-term supply/demand fundamentals that are found that for much of the past your name as a form of “wealth in- not as attractive as those for gold, silver or rare coins. few years it took short sales of surance” that you possess until the While either or both might outperform gold, silver, or rare coins in the short- to long-term, to be about 100,000 ounces of paper day you die, then pass them onto your heirs. Don’t think of these conservative we have omitted them from our contracts in the COMEX gold allocation. futures market to restrain a price holdings as an investment. Instead, increase to just $1. In the past own them as a counterbalance to the eight trading days, it is taking paper investments in stocks, bonds, or curren- (4.1%) as the end of the year was ap- short sales of at least 500,000 cies that you own. When paper assets drop in proaching. For the first time that I re- ounces of gold to hold the price value, precious metals will almost certainly call, it lowered the premiums on these rice to just $1. This is not a sus- rise. You would hope that your paper assets coins charged to its primary distribu- tainable price suppression tactic. will perform well, but the future risks are high tors (called Authorized Purchasers) to enough that you need the safety of physical try to move out coins before year-end.  In the past, there was a rough precious metals. As a result, retail premiums have rule of thumb that a technical For the past decade or so, I have only advo- dropped on the 1-ounce coins in the application could use either one cated the ownership of gold or silver. Howev- past few weeks. On a hit-or-miss ba- ounce of platinum or two ounces er, with the skewed price relationship between sis, it may be possible to find some of of palladium to achieve the same platinum and palladium right now, you may the fractional-size Gold Eagles at a result. For the longest time, the also want to consider acquiring some platinum lower premium. price of palladium was less than right now. There may be two factors involved half that of platinum. The recent in the Mint taking this step. First, soaring price of palladium has Numismatics In 2017 since the Eagles are 22 karat and not pushed it higher than platinum, Unfortunately, I don’t have much space to pure gold, they do not sell well in with that metal reaching an all- discuss numismatics this month. As you can Asia and the Middle East. Conse- time record high (ignoring the see in the table on page 1, most of the niches quently, the US mint is highly de- effects of inflation of the money were relatively flat for results in 2017. The pendent on domestic demand for these supply) yesterday. This price Proof Silver Eagle Dollars, which were heavi- coins. During 2017, demand for bul- disparity is almost certain to re- ly promoted by some marketers for holdings lion-priced physical gold and silver sult in diminished industrial de- in a precious metals Individual Retirement coins and ingots in the US fell dramat- mand for palladium and higher Account (note: LCS recommended against ically, with some dealers reporting demand for platinum before the holding such coins in these accounts). When volumes down 50% from the year be- end of 2018. It is even possible these promotions tapered off, the value of fore. This drop in US demand for that the price of platinum may these coins plummeted. physical products was the opposite of rise enough to again surpass Pre-1934 US Gold Coins were weak for rising demand in China and India, the gold. much of the year, but started to come back to world’s two largest gold-consuming  Higher cryptocurrency prices life right near the end of 2017. nation, and in Germany and several have sparked new efforts by Over the course of the year, areas of strong other European countries. governments to regulate or ban demand was in US and World Paper Money Second, the Royal Canadian Mint a them. At a minimum, look for and in Ancient and Medieval Coinage. With year or so ago had dropped the premi- governments to go to great the rise of the middle class in India, interest in um it charged to its primary distribu- lengths to force cryptocurrency collecting coins from that part of the world tors for the 1 Oz Gold Canada Maple exchanges to report customer has been growing. Leaf (2.9%). Since that was done, transactions, under the guise of LCS’s sales of Maple Leafs have risen fighting terrorism or drug traf- Gold And Gold Coins Gold closed today at $1,317.50, a solid in- while sales of Gold Eagles have ficking. Some people were at- dropped. tracted to cryptocurrencies by crease of $55.75 (4.3%) from last month. Pretty much all products are in ready supply By cutting the premium on 2017- the prospect of financial privacy. dated Gold Eagles and Buffaloes, the While that is possible to a lim- for immediate or only short-delay delivery. The US Mint apparently had significant in- US Mint is running a risk. The gen- ited degree, owners should as- eral trend is that, over time, when sume that their transactions con- ventories of unsold 2017-dated US Gold American Eagles (3.9-13.6%) and Buffaloes (Continued on page 6) (Continued from page 5) The Month further. Whenever its retail premium falls enough bullion-priced gold coins have to 2% or lower, that means that the coins been issued, the secondary supply of coins Gold Range 76.50 6.1% are trading wholesale enough below silver being liquidated by owners also increases. Net Change +55.75 value that the coins can be shipped to re- As the secondary supply comes close to Silver Range 1.62 10.2% finers to melt down into pure 1,000 ounce meeting new demand for the coins, premi- Net Change +1.10 bars to deliver against commodity con- ums tend to fall—permanently. tracts. This decline in premiums long ago af- Gold/Silver Ratio 77.7 In the short-term, this situation will ease fected the US American Arts Medallions Net change -1.9 delivery problems on the commodity ex- (1.9%), the Austria 100 Corona (1.5%), Platinum Range 100.00 8.1% changes. But don’t expect that to last long. and the Mexico 50 Pesos (2.3%). Net Change +73.00 With any spark in demand to purchase It is the risk of lower premiums for mod- Platinum/Gold Ratio 0.74 physical precious metals, supplies of the ern bullion issues that LCS has long rec- remaining 90% Silver Coins will be even ommended purchasing widely-traded low- Date Gold Silver Platinum tighter than they are now. Don’t be sur- er premium coins instead of what are in Dec 06 1,262.75 15.86 901.00 prised to see the premium move back current production at the various mints. Dec 07 1, 249.75 15.71 893.00 Dec 08 1, 245.25 15.75 882.00 above 2% before too many months go buy. This may only make a difference of 1-3% Because of their low premium, high divisi- at the time someone wants to sell, but eve- Dec 11 1,243.75 15.69 891.00 bility, liquidity, and legal tender status, US ry little bit helps. Dec 12 1,238.50 15.58 874.00 90% Silver Coins are our top recommend- The risk for the US Mint is that it may Dec 13 1,245.50 15.78 874.00 ed form of silver to acquire. not be able to raise its premiums to Au- Dec 14 1,253.75 15.85 880.00 Dec 15 1, 254.25 15.98 889.00 For those who prefer pure silver forms, thorized Purchasers back up to where they the 100, 10, and 1 Ounce Ingots (4.7- were before the year-end sale (3% on the Dec 18 1,262.25 16.12 912.00 5.9%) offer the lowest premiums. 1 ounce, 5% on the half ounce, 7% on the Dec 19 1,260.75 16.06 913.00 quarter ounce, and 9% on the one-tenth Dec 20 1,266.00 16.19 921.00 Michigan’s 2018 Pictured ounce coins). The Mint may try to early Dec 21 1,267.25 16.15 918.00 Dec 22 1,276.75 16.35 922.00 Rocks National Lakeshore in 2018 and find that sales continue to fall Quarter Debuts February 5 flat while lower-premium issues from oth- Dec 25 closed Michigan’s entry in the US Mint’s er world mints expand their market share. Dec 26 1,284.00 16.52 923.00 Dec 27 1,289.00 16.72 923.00 America The Beautiful Quarter Series will Stay tuned for developments. be released on February 5. The Public Re- There were a number of price increases Dec 28 1,294.00 16.83 927.00 Dec 29 1,306.25 17.06 934.00 lease Ceremony takes place February 7 in among types and grades of Pre-1934 US Munising, Michigan at 10:00 AM at the Jan 01 closed Gold Coins that occurred before the spot Mather Elementary School, 810 State price rose in late December. Prices have Jan 02 1,313.75 17.12 943.00 Jan 03 1,316.25 17.20 957.00 Highway M-28 West. LCS CEO Tom mostly stabilized since then. In early Coulson and LCS Communications Officer 2017 it seemed for several months that Jan 04 1,319.50 17.18 966.00 Jan 05 1,320.25 17.20 971.00 Pat Heller will attend, but are not part of there was almost no demand for these the formal program. At the conclusion of coins, but that is gradually turning up- Jan 05 1,318.50 17.06 972.00 Jan 09 1,311.75 16.94 968.00 the program, the Munising State Bank will ward. You can acquire many of these conduct a quarter exchange where people coins at prices today much closer to the Jan 10 1,318.50 16.96 974.00 can acquire 1-10 rolls of quarters at face value of the gold content than has been Gold, silver and platinum quotes are work- value, by payment in cash ing spots at 1:45 EST/EDT each day, possible in decades. The US Mint will also host a forum the Last year, an unidentified central bank quoted in U.S. dollars per troy ounce. previous evening, February 6, at 6:00 PM liquidated some of its gold reserves that Shanghai Gold Exchange premiums above at the Munising Township Office, E9630 consisted of Pre-1934 US Gold Coins. London spot prices as of newsletter date: Prospect Street in Wetmore, MI. For de- This jump in supply contributed to falling Gold : +$6.14 tails go to https://www.usmint.gov/ premiums. Now that it seems that most of Silver : +$1.11 wordpress/wp-content/uploads/2017/12/ this overhang has been absorbed into cus- Current Shanghai Gold Exchange Pictured-Rocks-Invitation-Flyer.pdf tomer hands, I anticipate further gradual premiums can be tracked at There is no charge to attend either event. price increases without regard to changes www.didthesystemcollapse.com Registration is not required. in the spot price of gold. Last month, we had two offerings of 1873 Open 3 Type 2 $20.00 Liberties. some high quality US $20.00 Double Ea- Will prices on these also be higher a month gles. These coins sold out quickly—and from now? See our enclosed flyer. before the prices rose. The MS-64 1900 $20.00 Liberties that we sold for $1,625 Silver and Silver Coins would now cost you $1,765, if we could Silver settled on the COMEX today at find them. $16.96, up a healthy $1.10 (6.9%) from But don’t despair. In our store we ac- five weeks ago. quired two more groups of attractive Pre- As with gold, almost all bullion-priced 1934 US Gold Coins: Very Choice Mint silver coins and ingots are readily available State-63 $10.00 Liberties of dates other for immediate or short-delay delivery. than the most common and Mint State Over the past month, the premium or US 90% Silver Coins (1.7%) has fallen a bit 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 2018, all rights reserved. LibertyLiberty Coin Coin Service Service Computer Computer Quotes Quotes 2PM 2PM EST EST 1.10.181.10.18 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 1,370.001,370.001370.001370.00 3.9%3.9% Gold:Gold: $1,318.50$1,318.50 *U.S.*U.S. 1/2 1/2 Oz Oz Gold Gold Eagle Eagle 1010 0.50000.5000 708.00708.001416.001416.00 7.4%7.4% Silver:Silver: $17.01$17.01 *U.S.*U.S. 1/4 1/4 Oz Oz Gold Gold Eagle Eagle 1010 0.25000.2500 364.50364.501458.001458.00 10.6%10.6% Platinum:Platinum: $980.00$980.00 *U.S.*U.S. 1/10 1/10 Oz Oz Gold Gold Eagle Eagle 1010 0.10000.1000 149.70149.701497.001497.00 13.5%13.5% Palladium:Palladium: $1,085.00$1,085.00 *U.S.*U.S. 1 1 Oz Oz Gold Gold Buffalo Buffalo 1010 1.00001.0000 1,372.501,372.501372.501372.50 4.1%4.1% *U.S.*U.S. 1 1 Oz Oz Medallion Medallion 1010 1.00001.0000 1,343.501,343.501343.501343.50 1.9%1.9% Notes from Liberty *U.S.*U.S. 1/2 1/2 Oz Oz Medallion Medallion 1010 0.50000.5000 673.00673.001346.001346.00 2.1%2.1% By Allan Beegle LCS Chief Numismatist

*Australia*Australia 1 1 Oz Oz Kangaroo Kangaroo 1010 1.00001.0000 1,379.251,379.251379.251379.25 4.6%4.6% December sales dipped slightly from the *Austria*Austria 100 100 Corona Corona 1010 0.98020.9802 1,311.751,311.751338.251338.25 1.5%1.5% previous month to be our lowest sales *Austria*Austria 1 1 Oz Oz Philharmonic Philharmonic 1010 1.00001.0000 1,368.501,368.501368.501368.50 3.8%3.8% month of the year. December’s decline is typical as investors tend to wind down *Canada*Canada 1 1 Oz Oz Maple Maple Leaf Leaf 1010 1.00001.0000 1,356.751,356.751356.751356.75 2.9%2.9% such activities to devote more time to the *Canada*Canada 1x25 1x25 Maplegram Maplegram 1010 0.80390.8039 1,195.501,195.501487.131487.13 12.8%12.8% holidays. Consequently, the sales drop last *China*China 30 30 Gram Gram Panda Panda 1010 0.96460.9646 1,363.501,363.501413.541413.54 7.2%7.2% month was due to reduced trading in bul- *China*China 1 1 Oz Oz Panda Panda 1010 1.00001.0000 1,409.501,409.501409.501409.50 6.9%6.9% lion-priced precious metals products. Our numismatic and other sales, though small- *Mexico*Mexico 50 50 Peso Peso 1010 1.20571.2057 1,626.251,626.251348.801348.80 2.3%2.3% er in dollar volume compared to bullion, *S.*S. Africa Africa Krugerrand Krugerrand 1010 1.00001.0000 1,363.251,363.251363.251363.25 3.4%3.4% continued to be strong. *1*1 Oz Oz Ingot Ingot 1010 1.00001.0000 1,355.501,355.501355.501355.50 2.8%2.8% All but one of last month’s offer of Large Size US Paper Money quickly sold. *Austria*Austria 1 1 Ducat Ducat 1010 0.11070.1107 158.80158.801434.511434.51 8.8%8.8% The offerings of the Gem Mint State-65 *British*British Sovereign Sovereign 1010 0.23540.2354 328.75328.751396.561396.56 5.9%5.9% $20.00 Saint Gaudens and the Very Choice Mint State-64 1900 $20.00 Liber- *France*France 20 20 Franc Franc 1010 0.18670.1867 261.50261.501400.641400.64 6.2%6.2% ties were also fast sellouts. (If you pur- *Swiss*Swiss 20 20 Franc Franc 1010 0.18670.1867 262.00262.001403.321403.32 6.4%6.4% chased either of these gold coins, give yourself a pat on the back; prices are sig- $20$20 Liberty Liberty BU BU 1010 0.96750.9675 1,390.001,390.001436.691436.69 9.0%9.0% nificantly higher today!) Almost every- $20$20 St St Gaudens Gaudens BU BU 1010 0.96750.9675 1,400.001,400.001447.031447.03 9.7%9.7% thing else featured last month sold out as $20$20 Liberty Liberty Extremely Extremely Fine Fine 1010 0.96750.9675 1,370.001,370.001416.021416.02 7.4%7.4% well. Last week, LCS Communications Of- $10$10 Liberty Liberty Extremely Extremely Fine Fine 1010 0.48380.4838 690.00690.001426.211426.21 8.2%8.2% ficer Pat Heller went with me to “walk the $10$10 Indian Indian Extremely Extremely Fine Fine 1010 0.48380.4838 725.00725.001498.551498.55 13.7%13.7% floor” at the huge Florida United Numis- $5$5 Liberty Liberty Extremely Extremely Fine Fine 1010 0.24190.2419 360.00360.001488.221488.22 12.9%12.9% matists (FUN) show in Tampa. Even though it seemed like we didn’t take much $5$5 Indian Indian Extremely Extremely Fine Fine 1010 0.24190.2419 425.00425.001756.921756.92 33.3%33.3% inventory, our sales were surprisingly $2.50$2.50 Liberty Liberty Extreme Extreme Fine Fine 1010 0.12090.1209 310.00310.002564.102564.10 94.5%94.5% high. While we were not able to pick up $2.50$2.50 Indian Indian Extreme Extreme Fine Fine 1010 0.12090.1209 285.00285.002357.322357.32 78.8%78.8% any sizeable bargain groups, we did find a number of nice small-lot or one-of-a-kind *U.S.*U.S. 90% 90% Silver Silver Coin Coin 1,0001,000 71571512,370.0012,370.00 17.3017.30 1.7%1.7% treasures. *U.S.*U.S. 40% 40% Silver Silver Coin Coin 1,0001,000 295295 5,105.005,105.00 17.3117.31 1.7%1.7% But, perhaps our most exciting purchases *U.S.*U.S. Peace Peace Dollars, Dollars, VG+ VG+ 1,0001,000 76076017,950.0017,950.00 23.6223.62 38.9%38.9% were made in our store. From a collector, we purchased the largest group of Less *U.S.*U.S. Silver Silver Eagles Eagles 1,0001,000 1,0001,00019,660.0019,660.00 19.6619.66 15.6%15.6% Common Choice Mint State-63 $10.00 *Canada*Canada Silver Silver Maple Maple Leaf Leaf 1,0001,000 1,0001,00019,010.0019,010.00 19.0119.01 11.8%11.8% Liberties—At the Common Date Price that we have handled in a long time. With *100*100 Oz Oz Silver Silver Ingot Ingot 1010 100100 1,781.001,781.00 17.8117.81 4.7%4.7% the continuing gradual recovery in prices *10*10 Oz Oz Silver Silver Ingot Ingot 100100 1010 180.10180.10 18.0118.01 5.9%5.9% of Pre-1934 US Gold Coins, the time to *1*1 Oz Oz Silver Silver Ingot Ingot 1,0001,000 1 1 18.0118.01 18.0118.01 5.9%5.9% buy is now. Also, from a dealer friend, we purchased *1*1 Oz Oz Platinum Platinum Ingot Ingot 1010 1.00001.0000 1,028.001,028.001028.001028.00 4.9%4.9% an extraordinarily beautiful 7-coin group of *U.S.*U.S. 1 1 Oz Oz Platinum Platinum Eagle Eagle 1010 1.00001.0000 1,131.001,131.001131.001131.00 15.4%15.4% 1873 Open 3 Type 2 $20.00 Liberties. LCS Postage Charges *Canada*Canada Palladium Palladium ML ML 1010 1.00001.0000 1,116.001,116.001116.001116.00 2.9%2.9% Value of Contents Postage Charge Under $100 $5 LibertyLiberty Coin Coin Service Service CallCall Toll-Free: Toll-Free: (800)(800) 527-2375 527-2375 National National $100-249 $10 $250-499 $18 400400 Frandor Frandor Avenue Avenue (517)(517) 351-4720 351-4720 Local Local $500-999 $25 Lansing,Lansing, MI MI 48912 48912 (517)(517) 351-3466 351-3466 Fax Fax $1,000-4,999 $30 web:web: www.libertycoinservice.com www.libertycoinservice.com email: email: [email protected] [email protected] $5,000 and higher None

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 EST EST 1.10.181.10.18 Spot Spot Prices Prices

Coins,Coins, Rolls Rolls and and Sets Sets Gold:Gold: $1,318.50$1,318.50 U.S.U.S. 10 10 pc pc Gold Gold Medallion Medallion Set, Set, 1980-1984, 1980-1984, BU BU $11,440$11,440 Silver:Silver: $17.01$17.01 U.S.U.S. Morgan Morgan Dollar, Dollar, 1921, 1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $585$585 Platinum:Platinum: $980.00$980.00 U.S.U.S. Morgan Morgan Dollar, Dollar, Pre-1921, Pre-1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $840$840 Palladium: Palladium:$1,085.00$1,085.00 U.S.U.S. Peace , Dollar, Brilliant Brilliant Uncirclated Uncirclated Roll/20 Roll/20 $510$510

NumismaticNumismatic Coins Coins (PCGS/NGC/ICG (PCGS/NGC/ICG Graded) Graded) MS-63MS-63MS-64MS-64 MS-65MS-65United States except duties on imports and U.S.U.S. $20.00 $20.00 St St Gaudens Gaudens 1,4501,450 1,5151,515 1,7851,785also for all salaries and other debts and de- U.S.U.S. $20.00 $20.00 Liberty Liberty 1,4901,490 1,7651,765 2,7302,730mands owing by the United States owing to individuals corporations and associations U.S.U.S. $10.00 $10.00 Liberty Liberty 855855 1,1951,195 2,4902,490within the United States except interest on U.S.U.S. $5.00 $5.00 Liberty Liberty 510510 690690 1,7501,750the public debt.” U.S.U.S. 4 4 pc pc Indian Indian Gold Gold Type Type Set Set 3,8153,815 5,3905,390 13,19013,190 Awesome Ancient Greek Phrygia U.S.U.S. 4 4 pc pc Liberty Liberty Gold Gold Type Type Set Set 3,2803,280 4,1804,180 7,7507,750Silver Cistophorus: The kingdom of U.S.U.S. 8 8 pc pc Gold Gold Type Type Set Set 7,0357,035 9,4209,420 20,49020,490Phrygia is located in what is now central Turkey. Phrygian kings of note include U.S.U.S. Morgan Morgan Dollar Dollar (Pre-1921) (Pre-1921) 6060 69 69 130130Midas and Gordias (of the Gordian Knot). It U.S.U.S. Peace Peace Dollar Dollar 4242 49 49 120120dominated Asia Minor until conquered by Macedonian king Alexander III (The Great). 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 Alexander’s successor in this part of the closes.closes. Smaller Smaller lots lots are are available available at atslightly slightly higher higher prices. prices. No NoMichigan Michigan Sales Sales world, Seleucus I Nicator, named the capital TaxTax on on rare rare coins coins or or precious precious metals metals bullion. bullion. Numismatic Numismatic purchases purchases have have Apameia after his wife, which is the city where this coin was struck. 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 When slaves were freed in that country, returnablereturnable and, and, after after confirmation, confirmation, cannot cannot be be cancelled. cancelled. they wore a conical cap to signify their emancipation. This Phrygian Cap appears on some US Half Cents and Cents in the 1790s and on the Seated Liberty coinage We literally got them back from PCGS yes- ing interesting text, “This Note is a LEGAL (Half Dimes, Dimes, Twenty Cents, Quar- terday. The pieces are conservatively graded TENDER at its face value for all Debts, Pub- ters, Half Dollars, and Dollars) that were from Mint State-61 to Mint State-62+. Type lic and Private, except Duties on Imports and struck from the mid– to late-1800s. 2 $20.00 Liberties of this quality are many INTEREST ON THE PUBLIC DEBT. This NGC-certified Choice Extremely Fine times rarer than the later Type 3 variety, yet Counterfeiting or Altering this Note or pass- (strike 5/5 and surface 4/5) large silver coin the relative price difference makes these ing any counterfeit or alteration of it or hav- features a snake entering a Cista Mystica in older coins almost irresistible. ing in possession any false or counterfeit the center of the front. The Cista Mystica is We also offer some One-Of-A-Kind Bar- plate or impression of it, or any paper made a basket that housed sacred snakes used in gain US Rarities that we brought back from in imitation of the paper on which it is printed initiation ceremonies for the cult of Bacchus Tampa. If you are looking for low-mintage is Felony, and is punishable by $5,000 fine, (Dionysus). It is surrounded by a wreath. issues, you will find them here. or 15 years Imprisonment at Hard Labor or The reverse depicts a bow case around which Among all these offers combined, there are both.” two snakes are intertwined. Altogether, fewer than thirty coins available. That just Fr-232 $1.00 Silver Certificate, Series of there is lots of history, including influences about guarantees quick sellouts across the 1899, Gem Uncirculated-65 Exceptional on America, represented by this beauty. board. I recommend that you quickly call Paper Quality—$750. This note is nick- Only $395 for this beauty our Trading Desk toll-free at 800-527-2375 named the Black Eagle for the standing eagle A Few More Canada 2015 1-1/2 to check on availability and confirm your in the center of the front with its wings spread order. Ounce Silver Polar Bears: Last wide. Small vignettes of Presidents Lincoln September, we offered a moderate group Here are some other treasures we brought and Grant are at the bottom. The text on the back from FUN or picked up in our store: reverse is much shorter than for the previous of Mint State $8.00 Canada 2015 Silver More Large Size US Paper Mon- note, “This certificate is receivable for cus- Polar Bears. The design features a ey: We have received additional beautiful toms, taxes and all public dues, and when so mother Polar Bear and her Cub standing “horse blankets” from Paper Money Guaran- received may be reissued.” on an Arctic landscape. They sold out ty (PMG), the currency grading affiliate of Fr-598 $5.00 National Currency, Series almost instantly and we had to turn away NGC. Be sure to check our website at of 1902 Plain Back, Charter 2890 The Old a number of would-be purchasers. www.libertycoinservice.com and click on National Bank of Grand Rapids, Michigan, Good News! As I was finishing this, “Current Issue” under “Newsletter” to exam- About Uncirculated-53 Exceptional Paper we just purchased a few more 15-coin ine photographs of these stunning pieces of Quality—$450. The bank’s name dominates rolls of them in our store. If you missed history: the center of the obverse design. There is a out before, you can still pick them up for Fr-60 $2.00 Legal Tender Note, Series of portrait of assassinated President Benjamin 1917, Gem Uncirculated-65 Exceptional Harrison to the left. The reverse feature the the same LCS money-saving price: Paper Quality—$700. This note features a artwork of “Landing Of The Pilgrims,” under 1-9 Coins at $36.75 each central vignette of the US Capitol on the which it states, “This note is receivable at par 10-14 Coins at $35.75 each front with a large portrait of Thomas Jeffer- in all parts of the United States in payment of 15 Coins at $34.75 each son on the back. The reverse has the follow- all taxes and excises and all other dues to the Limit one 15-coin roll per customer.

Less Common Awesome Mint State Beauties! Choice MS-63 $10 1873 Open 3 Liberties—At The Type 2 Common-Date $20.00 Liberties! Price! When you pay customers high prices We love Choice Mint State-63 for their beautiful coins, the word gets $10.00 Liberties! At the last major rare coin market around. Then you purchase even more treasures. peak in mid-1989, these coins would have cost you Late last year, I was stunned when a dealer friend of- $3,800 apiece. Today you can purchase them for a fered us seven gorgeous and mostly flashy specimens of discount of more than 75% from then, even though the 1873 Open 3 $20.00 Liberties, from the short-lived Type spot price of gold has since more than tripled! 2 design of $20.00 Liberties (the most noticeable differ- There is even more to like about MS-63 $10.00 ences between this type and the more common Type 3 Liberties. They are less common than today’s relative issues are that it reads “TWENTY D.” at the bottom of the prices would lead you to expect. For instance, over the reverse instead of “TWENTY DOLLARS” and Liberty’s hair past 32 years, the Professional Coin Grading Service has less detail). When we offered more than the owner (PCGS) and Numismatic Guaranty Corporation (NGC) thought he would receive, he sold them on the spot. have certified more than 1.6 million MS-63 and higher These coins are among the finest quality specimens we quality $20,00 St Gaudens, but only about 112,600 of have handled in Type 2 $20.00 Liberties over the past the $10.00 Liberties in the same grade range. That quarter-century! We quickly sent them to the Profession- makes nice $10.00 Liberties more than 14 times rarer. al Coin Grading Service (PCGS) for certification. When In high quality $10.00 Liberties, the 1901-S is the most common date. However, there are several other they came back, two specimens graded Mint State-61, dates that are less common that you can buy at the two as Mint State-62, and three as Mint State-62+. same price—if you can find them! By mintages, Type 2 $20.00 Liberties are almost four In mid-December a customer sold us the largest group times rarer than the Type 3 issues. However, most Type of Choice MS-63 $10.00 Liberties that we have 2s entered circulation. As a result, lovely Mint State purchased from a retail customer in decades. Every specimens are far scarcer than the latter Type 3s. specimen had been certified by either PCGS or NGC. When you check the combined PCGS and NGC certified These coins had been purchased from another dealer. population, Type 2 $20.00 Liberties in Mint State-61 and Unfortunately, several specimens were not of nice nicer grades are more than 49 times rarer than Type 3s. enough quality to offer to our retail customers. After In MS-62 and higher quality, Type 2s are more than 112 removing those coins, we noticed that all but one times scarcer! When you consider only MS-62+ and lofti- specimen were of seven dates other than the 1901-S. er grades, the Type 2s are almost 500 times rarer than Even the most “common” of these dates other than the latter coins! the 1901-S have significantly lower PCGS and NGC In our judgment, these coins are conservatively grad- MS-63+ populations. In fact, three dates in this group ed—the exact quality we want our valued customers to have high-grade populations at least 84% lower than have the chance to own. They blow away almost any oth- the 1901-S. er specimens of the same grade you might ever examine. Because we were able to purchase these at the “bid” PCGS Retail catalogs these coins at $2,000 in MS-61, side of the market, we can offer these coins—while $2,750 in MS-62, and $3,500 in MS-62+. Coin Values they last—at just $829 apiece. That’s only about 30% lists MS-60 coins for $2,000 and at $3,350 in MS-62. above gold value! The Money-Saving Bargain Price! While they last, you Our total quantity is limited, so we must put a strict can pick up one or more of these flashy treasures for: limit of four coins per customer. Each coin you order will be a different date. If you purchase four coins, one Mint State-61 at $1,850 each will be either the 1881, 1897, or 1900 date—the coins Mint State-62 at $2,450 each with the lowest populations. Mint State-62+ at $2,995 each At this money saving price, we expect these less common Choice Mint State-63 $10.00 Liberties to sell To check on availability and to confirm your order, out quickly. Call our Trading Desk Today! Reach Call our Trading Desk at 800-527-2375. us toll-free at 800-527-2375 to confirm your order. For fastest shipment, you may use your Visa, Master- You may use your Visa, Mastercard, or Discover card, or Discover charge cards for purchases shipped to charge cards for purchases shipped to the card’s billing the card’s billing address. As we guarantee with all of our address. As with all of our numismatic offers, your numismatic offers, you must be satisfied with your pur- satisfaction is guaranteed. You have 14 days upon your chase. You have 14 days upon your receipt to return any receipt to return this coin for a full, immediate refund. of these coins for a full refund. —Patrick A. Heller, LCS Communications Officer —Allan Beegle, LCS Chief Numismatist

One-Of-A-Kind Bargain US Rarities!

1873 Arrows by Allan Beegle, LCS Chief Numismatist, and Patrick A. Heller, LCS Communications Officer Seated Liberty Half Last week, we scurried around the floor of the huge Flori- Dollar, Choice da United Numismatists (FUN) show in Tampa. As usual, Proof-63 Cameo, PCGS—$2,450. When the weight of US we were looking for attractive rarities as bargain prices. half dollars was increased from 12.44 grams to 12.50 grams Ideally, we would love to find a group of the same item, so in mid-1873, the US Mint added arrows underneath the date that several of our valued customers could have the oppor- to distinguish these coins from earlier issues of that year. tunity to own an example. But, we also kept our eyes out The arrows were only used on the design in 1873 and 1874. for the exceptional one-of-a-kind rarities at attractive prices. The US Mint struck 550 Proof specimens in 1873 and While we didn’t come up with any attractive lots, we cer- (depending on which research you check) only 700 or 750 tainly did come up with a handful of individual US coins at Proofs in 1874. The combined mintage of 1,250 or 1,300 prices hard to resist makes these coins about the scarcest type of Proof Silver Every coin listed here has been independently graded by Half Dollars in US Mint history! either the Professional Coin Grading Service (PCGS) or During production, the earliest Proofs struck in the era had Numismatic Guaranty Corporation (NGC) as well as meet- the greatest contrast of “white” design devices and the mir- ing our strict quality requirements. ror-like fields. As more coins were struck, this contrast di- The pieces listed here are among the finest we have ever minished. The coins with the most striking contrast are de- owned of the issues. The Proof 1873 Arrows Seated Liberty scribed as Deep Cameo (PCGS) or Ultra Cameo (NGC). Half Dollar may be the finest we have ever handled, with Coins with less striking contrast are denoted as Cameo. some chance that it might be the only one we have stocked Most pieces do not quality for the Cameo or Deep Cameo in our 47 years in business! description. If past experience is any guide, we could easily sell multi- For example, PCGS and NGC combined have certified ple specimens if only it were possible to obtain them. So, 189 of the 1873 Arrows Seated Halves in non-cameo Proof- with so few coins in stock there is no order blank. Please 63 or higher grades, a paltry 54 specimens in Proof-63 Cam- call to confirm availability and lock in your purchase. eo or better, and an almost non-existent two pieces as Deep Review the listed coins, then phone us today at our or Ultra Cameos. Trading Desk, toll-free, at 800-527-2375. For fastest ship- This specimen may be the finest quality of the date we ment, you can use your Visa, Mastercard, or Discover have ever handled. The coin is almost fully flashy white charge cards to have your purchase shipped to the credit with light toning at the bottom of the obverse. It’s sure to card billing address. please even the fussiest collector. As with all of our numismatic items, your satisfaction is You have to go back almost two years for the last time a guaranteed. You have 14 days upon your receipt to return Proof-63 Cameo example appeared in a major auction, these coins for a full, prompt, no-questions refund. where it sold for $2,468. PCGS Retail lists this coin for $2,800. Superb Gem Mint State-66 Lower Mintage Classic US Silver Commemorative Half Dollars

PCGS/NGC June 1989 PCGS Coin Coin Mintage MS-66+ Population Retail Retail Values LCS Price 1936 Daniel Boone* 12,012 806 $1,875 $285 $250 $229 1934 Maryland 25,015 1,356 $6,370 $275 $325 $259 1936 Oregon Trail* 10,006 1,574 $2,325 $275 $325 $249 1936 Texas* 8,911 1,589 $1,995 $275 $275 $249 1948-D Booker Washington* 8,005 673 $540 $165 $200 $170 1951-S Booker Washington* 7,004 963 $770 $150 $150 $139 1951-S Carver-Washington* 10,000 488 $685 $200 $200 $169

*Note: All coins listed other than the 1934 Maryland have other dates and mint marks of the same design struck by the US Mint. In some instances, mintages of other dates in the series are much higher than these specific coins. Collectors of a type set of Classic US Silver Commemoratives would only need a single piece from any of the dates. As a conse- quence, the 1934 Maryland coin is the scarcest design type among the coins on this list.

Photographs of these coins can be viewed at www.libertycoinservice.com by clicking on “Current Issue” at the right side of the home page.