December 2017, Volume 23 Issue 12 Liberty Service’s Monthly Review of Precious Metals and December 6, 2017 Are New York COMEX And London Market Association Vaults Nearly Empty?

P.2: What About Cryptocurrencies Like Bitcoin?

Gold closed yesterday at its lowest lev- 2017 Year To Date Results Won -10.0% el since August 8, 2017. Today, Through December 5, 2017 Denmark Krone -11.0% finished on the COMEX at its lowest Euro -11.0% Precious Metals price since July 13, 2017. U.S. Dollar Index 93.37 -8.7% +46.2% With developments like that, it might Gold +9.7% US And World Market Indices seem hard to think that there would be +1.6 NASDAQ +25.6% much reason for significantly higher pre- Silver +0.6% Dow Jones Industrial Average +22.4% cious metals prices in the early months of Numismatics Dow Jones World (excluding US) +21.4% 2018—but there is. US MS-63 $20 St Gaudens +6.0% Sap Paulo Bovespa +20.5% It looks to me that behind-the-scenes US MS-63 $20 Liberty +3.9% Nikkei 225 +18.4% price suppression tactics are getting more US MS-65 Morgan Dollar, Pre-1921 -7.0% S&P 500 +17.5% desperate and blatant. To the extent that Frankfurt Xetra DAX +13.7% is occurring, that almost certainly por- US Dollar vs Foreign Russell 2000 +11.8% Argentine Peso +9.0% Shanghai Composite +6.5% tends the imminent release of terrible Philippines Peso +2.5% news that could clobber the values of pa- S&P/ASX 200 +5.4% Hong Kong Dollar +0.8% London FT 100 +2.6% per assets such as , bonds, and fiat Dollar +0.7% currencies. Indonesia Rupiah +0.0% 10 Year US Treasury Note interest rate 2.356% -3.7% So, while of gold and silver will Colombia Peso -0.3% still be worth ounces of gold and silver, Brazil Real -0.4% Energy and Other Metals the values of other assets are at a signifi- Rand -1.8% Cobalt +101.8% cant risk of falling in relation to them. Chile Peso -2.4% Zinc +23.7% Here are some of the shenanigans that Switzerland Franc -3.1% Aluminum +19.8% are going on now that point in that direc- Peru New Sol -3.5% Copper +20.7% tion. Japan Yen -3.8% Lead +26.6% 1. More maturing futures contracts Ruble -4.2% Nickel +10.6% Yuan -4.7% Crude Oil, Brent +12.6% are being settled by “exchange for de- India Rupee -5.3% Molybdenum +5.1% livery” rather than by delivery of the Australia Dollar -5.3% Tin -7.2% physical metals. Among the options for Dollar -5.6% Natural gas, Henry Hub -22.3% settling a COMEX gold contract are de- Singapore Dollar -6.9% livery of the physical commodity, pay- Taiwan Dollar -7.6% Metal Content Value Of U.S. ment in cash, transfer of equivalent Great Britain Pound -8.2% Lincoln cent, 1959-1982 2.01¢ shares in exchange traded funds, and ex- Sweden Krona -8.2% Lincoln cent, 1982-date 0.81¢ change for physical. Thailand Baht -8.9% Jefferson nickel, non-silver 3.87¢ Under exchange for physical, the hold- Shekel -8.9% Roosevelt dime, 1965-date 1.76¢ er of a long COMEX contract typically Ringgit -9.4% Washington quarter, 1965-date 4.39¢ Peso -9.6% Kennedy half dollar, 1971-date 8.79¢ receives some cash and ownership of a futures contract in another market, nor- Over the past two months, an average of So, what happens when people holding ma- mally in London. In effect, the holder of about 8,500 gold contracts a day this contract is being settled at what turing COMEX gold contracts get settled by (representing 850,000 ounces) have been exchange for delivery? would appear to be an above-market closed out on the COMEX by the exchange price. Because this form of settlement This is where the shortage of physical gold for physical mechanism. costs the party on the short side of the gets extreme. There are constant reports of Last Friday, for example, the number of contract more than the prevailing spot growing numbers of holders of London con- open gold contracts on the COMEX de- tracts who are eager to close them out by re- price of the commodity, this is a strong clined about 10,000. The COMEX, which incentive to avoid doing so. ceiving physical delivery. It turns out that has about 900,000 ounces of registered there is almost no physical metal available in The COMEX added the exchange for gold, did not deliver 1,000,000 ounces that physical option in 1974, but it had been London Bullion Market Association trading. day. Instead, there were about 15,000 con- rarely used and was considered an emer- Even parties looking to receive a mere 100,000 tracts (1,500,000 ounces) that were closed gency alternative. ounces may have to wait for months to find that by exchange for delivery. That has changed in recent months. quantity. Researchers Koos Jansen, James Turk, and Harvey Organ have documented that Inside this issue: Not All News Is Necessarily Gloomy page 2 such settlements are occurring in large Cryptocurrencies—Boom or Bust? page 2 quantities almost every trading day. A Holiday Wish page 4 (Continued from page 1) Not bad work if you can get away with it. But Patrick A. Heller’s Upcoming Speeches What this development implies is that such a manipulation can make it appear that there and Appearances actual physical gold is trading at prices is more physical silver available than actually ex- higher than paper contracts. The ists. March 8, 2018, Irving, Texas, American Shanghai Gold Exchange, where con- Of course, the Commodity Futures Trading Numismatic Association National mon- tracts cannot be listed for sale until af- Commission wouldn't dare examine these trades ey Show. “Oops! A Lighthearted Review ter the underlying physical gold had to see if they represent market manipulation, es- Of Design (?!) Mistakes On Circulating been received at SGE vaults and 94% pecially if the trades were conducted by one of US Coins” Time and room location to be of trades are settled by prompt delivery the US government's primary trading partners determined. Irving Convention Center, of physical metal, was today trading who dominate the trading of paper contracts in 500 West Las Colinas Blvd. No admis- gold at prices more than $9 higher than the silver market. sion charge for program, but non-ANA in London. At the beginning of No- 3. Banks in 120 nations to record accelerat- members must pay an admission fee to vember, the SGE premium was more ed loan losses starting January 1, 2018. A new enter the separate coin dealer bourse floor. than $24! International Financial Reporting Standard 9 will This crushing short supply of physi- become mandatory for banks in 120 countries, For more information on any event or to cal gold and silver is why these com- including every bank in a European Union mem- arrange for a presentation at schools, sen- modity markets are almost always in ber, as of January 1, 2018. A similar requirement ior citizen groups, Scout organizations, backwardation in recent months. Back- will affect US banks one year later. fraternal or business organizations, call wardation means that, because of im- Banks in these nations will be required to rec- 800-933-4720 or email mediate physical supply shortages, the ord a provision for bad debt losses at the time [email protected]. current spot month prices are higher that loans are granted instead of delaying doing than future month values, the opposite so until after the debtor stops making timely re- rates, that could increase the profitability of normal trading patterns. payments. of some companies by as much as 23%! If At some point settling so many con- The European Banking Authority estimates that this happens, that will help support higher tracts by exchange for physical is going this new requirement will hit European Union stock prices—though you have to consider to end up in delivery defaults in both banks with an immediate 13% increase in bad how much this tax cut has already been the COMEX and LBMA markets. debt provisions. factored into stock prices. With the exchange for physical volume While this new regulation will be spread over in the COMEX market now running at five years, the sudden decline in bank profits will What Does This Mean? more than double worldwide gold mine lead to tighter lending standards, which will re- Since the US government has the most to output, the day of reckoning may be strict business borrowings. With lower access to lose if gold and silver prices rise, has the sooner rather than later. capital, business profits will stall or decline. legal authority to manipulate the price of 2. Price manipulation using op- 4. Federal Open Market Committee federal gold, and declassified documents released tions contracts. On November 30, the funds interest rate increase next week. At the to date show that the US government has, number of put options contracts with a conclusion of the meeting next Wednesday, the in fact, manipulated gold prices continu- January 2018 expiration (that actually FOMC has pretty much guaranteed that it will in- ously in years past (see extensive docu- matures about December 26, 2017) crease the federal funds interest rate. When the mentation posted at www.gata.org), it is al- soared almost 110 million ounces, FOMC imposed its first rate increase two years most certain that it is involved in the which is about 1-1/2 months of global ago, that clobbered US stock values on a delayed strange behind-the-scenes interventions oc- silver mine output. basis. Look for something similar to happen curring today. A put contract gives the seller the op- again, though it may take until January. However, the price suppression tactics tion to force the counterparty to pay 5. Soaring government employee layoffs. are becoming more extreme and more bla- $15 per times the 5,000 ounces This week the Michigan state legislature is wran- tant than in years past. That is a signal that in the contract at any time before the gling with the issue of massive county and local we are closer to the time when such manip- contract expires. government and government school district un- ulation tactics will no longer work. Should the price of silver decline funded liabilities for retiree health care benefits. It scares me some to think that, after so from where it was when the puts were When governments incurred these liabilities in many years and decades of price manipula- sold, their value increases, even if silver years past, they typically set aside only meager or tion, that it could be possible that precious doesn't go anywhere close to $15.00. even no funds to pay these costs. metals prices could jump in early 2018. As a theoretical example, say a January Now that these governments are being required Not just by percentages, but possibly even 2018 $15.00 put costs 10 cents per to post these unfunded liabilities on their balance multiples of current price levels. But this ounce when the spot price of silver was sheets, this fiscal malfeasance is getting much just might finally happen. $16.80. If the spot price then drops 40 more public attention. Last week, several hun- Gold and silver prices are today at bar- cents per ounce, as approximately what dred police and firefighters protested at the State gain levels compared to what I expect they it did over two days last week, it might Capitol here in Lansing against any reduction of will be in the long term. If you do not al- be then possible to resell that put at 15 these promised benefits (which, under Michigan ready have your “wealth insurance” hold- cents per ounce today. That could be a law, are not protected from repudiation). ings of bullion-priced physical gold and 50% profit on a contract or over $5 mil- Funds to pay off these promises simply are not silver, call on us soon. Don’t wait until lion profit on all 110 million ounces. available. Government employees are almost prices start shooting upward and supplies certain to see some reductions in benefits. If the become non-existent.

Find more than a thousand nu- cuts are not sufficient, these governments will be mismatic items offered for sale forced to cut staff and services. What About Cryptocurren- today in our eBay stores and on When the city of San Jose, California renegoti- cies? our company’s website. Gold, ated its contract with the police union, the sav- When interviewing prospective new em- silver, and copper coins, , ings were too small. So, the city cut the police ployees, one question we usually ask them paper , and other collectibles. force from 1,400 back to 900. This story is al- is “What is something worth?” On eBay, search for sellers Treas- most certain to be repeated in state, county, and Although some adults give the correct urechestofliberty or Collectablesof- local governments, and government school dis- answer, we have only had one or two stu- dents employees who said, “Whatever liberty. Other items are for sale on tricts across the country over the next year of so. These job losses will hurt the US economy. someone is willing to pay for it.” our website at Not all the news is necessarily gloomy. Cryptocurrencies, especially Bitcoin, are www.libertycoinservice.com. Should the tax bill now in Congress be enacted now getting lots of media attention. with a substantial cut in corporate income tax (Continued from page 2) more than $6 trillion), it is defi- Bitcoin was created in 2009 and never nitely significant. Summary Of Current LCS traded higher than 39 cents during the  One risk factor is the hacking of Recommendations For Precious year 2010. At the end of 2016, its price cryptocurrency accounts. Over Metals and Rare Coins was still under $1,000. Today it traded the past seven years, Bitcoin for more than $14,000—which doesn’t alone has suffered 26 hacks How much of your total net worth should be in even include the value of the 2017 where $640 million of assets precious metals and rare coins? forks of Bitcoin Cash and Bitcoin Gold. were stolen. Conservative Moderate Aggressive Over the past two months, LCS has  Another risk factor is that these experienced a growing number of peo- 10-15% 20% 25-33% currencies are only accessible ple liquidating their precious metals to online. What that means is that How much to allocate for each category of use the proceeds to acquire Bitcoins or online access is required in order precious metals and rare coins?* other cryptocurrencies. to buy, sell, trade these crypto- Cryptocurrencies are electronic forms Conservative Moderate Aggressive currencies. When virtually all of of money, with no intrinsic assets back- Gold 35% 30% 20% Puerto Rico’s electrical service ing them and no government supporting Silver 65% 60% 55% failed after the hurricane in late them with their ‘full faith and credit” as Rare Coins 0% 10% 25% summer, people there could not they do for their own fiat currencies. TOTAL 100% 100% 100% access their accounts. Thus, these currencies are only worth  Cryptocurrencies require elec- *Platinum and palladium both have volatile markets “what someone will pay for them.” with long-term supply/demand fundamentals that are Among the arguments given for own- tronic wallets to store your hold- ings. This can be a physical not as attractive as those for gold, silver or rare coins. ing cryptocurrencies are the risk of de- While either or both might outperform gold, silver, or hardware wallet (maximum secu- clining values of government fiat cur- rare coins in the short- to long-term, to be conservative rencies (a major reason for demand in rity), a wallet on your computer we have omitted them from our allocation. China), the limited supply of each of than syncs with blockchain (also these currencies (which, in real world high security), or one hosted by a commerce, is actually a drawback), and third party (the least secure) If you lose the price could tumble. But buyers of financial privacy. login information for these wallets, the as- long contracts could boost prices. I am not an expert on cryptocurren- sets are gone unless you have the ability for Simply creating these futures mar- cies, so I can’t forecast how they will a password reset from a 3rd party. There are kets are likely to enhance the perform in the future. In my mind, I several security measures such as 2-step and “legitimacy” of such accounts in the expect that some form of cryptocurren- 3-step verification to prevent unauthorized minds of people not yet familiar cies will be the primary means of pay- withdrawals by someone who may have with them. your login credentials. The best security in- ment in years to come. It is possible  Assume that there will be no priva- volves lengthy passwords of at least 30 char- that it would be prudent to include cy from governments of your cryp- acters. some allocation to cryptocurrencies as tocurrency transactions. Last week, part of any investment portfolio.  A Bitcoin exchange can fail such as Mt. a California federal court ordered I am neither an advocate nor a Gox. Other “cryptocurrencies” were out- Coinbase to report details to the In- naysayer about cryptocurrencies in gen- right scams such as 8coin and Instapay. ternal Revenue Service of anyone eral, nor any specific one. Some LCS Customers who held accounts there lost who bought, sold, sent, or received employees own cryptocurrencies. I some or all of their assets. $20,000 or more in a single year be- have friends who are in large profit po-  Assume that there is no FDIC insurance tween 2013 and 2015. The infor- sitions with their holdings if they were coverage for most of these cryptocurrencies, mation provided will be name, birth to sell now, but they are still holding on though Bitcoin exchange Coinbase states date, address, taxpayer ID, and rec- to them. that their American customers do have this ords of every account transaction. In the past few weeks, we have field- coverage up to $250,000.  While the government of Japan de- ed several inquiries from people who  Those who may claim to be experts on cryp- clared Bitcoin eight admit they know little about cryptocur- tocurrencies can and do change their story. months ago, and several other gov- rencies but wanted to know if we could Not long ago, JPMorgan Chase CEO Jamie ernments and central banks are try- help them buy some. When we have Dimon called Bitcoin a “fraud.” Two weeks ing to incorporate them into their seen this mania in the past in gold and ago the bank said it was looking to trade systems, a few days ago the British silver markets, that almost invariably Bitcoin for its customers. government ordered a crackdown signaled a market top. But these mar- on Bitcoin out of concern that it is kets may not yet be close to peaking.  On December 11, CBOE will start trading a used to launder money and for tax Rather than a recommendation, let me futures market in Bitcoins, where individual evasion. Last week, the US Senate review some hard facts about crypto- account positions are limited to 1% of out- Judiciary Committee held hearings currencies to help you do your own due standing Bitcoins. On December 18, CME on S. 1241 which would expand the diligence on whether they are suitable Group (owner of the COMEX, NYMEX, definition of financial institutions to for you to acquire or continue to own. and Chicago Mercantile Exchange, among others) will open trading in its Bitcoin fu- include operators of cryptocurrency There are now hundreds, if not  tures market. Account positions there will exchanges. If enacted into law, thousands, of cryptocurrencies be limited to 5% of outstanding Bitcoins. Americans with cryptocurrency ac- available. More are being created counts would have their financial almost every day by people hoping  Once futures trading starts in Bitcoin, that effectively eliminates the supply limits that information either available to or to strike it rich. Total market capi- actually reported to the IRS. talization is somewhere around help prop up its price. The quantity of open  The IRS considers every disposition $200 billion. While that is futures contracts does not have to have any of a cryptocurrency, even for mak- dwarfed by the volume of gold relation to the quantity of the underlying ing payments for purchases, to be a traded on the London Bullion Mar- commodity. It would be theoretically possi- taxable event where the profits and ket Association for the first 10 ble for 20 traders in the CME Group ex- losses are required to be included months of 2017, and is tiny com- change to sell short 100% of the outstanding on tax returns and subject to income pared to the 5 billion ounces of Bitcoins. If there is substantial short-selling taxes. physical gold extant (now worth (a manipulation tactic used repeatedly to hold down gold and silver prices), Bitcoin’s (Continued on page 4) (Continued from page 3) The Month today, there is some risk of a further decline  While the foregoing pretty much points before prices recover. out risks, there are multiple positives for Gold Range 34.25 2.7% Late today, the US took an unprece- Net Change -11.25 dented step. It must have a far more inven- cryptocurrencies. Payments between in- dividuals have a high degree of ano- Silver Range 1.53 8.9% tory of 2017-dated US American Eagles nymity. They can even result in greater Net Change -1.27 (4.5-13.6%) and US Buffaloes (4.9%) than it privacy than using a bank account or wants to sell before the 2018-dated issues credit or debit care. Transfers are fast Gold/Silver Ratio 79.6 are released. It dropped the premiums it is and now have low fees, which would be Net change +5.2 charging the primary distributors—which has never happened before—but only while especially useful for international trans- Platinum Range 50.00 5.4% actions. supplies last. It may be possible in the next Net Change -32.00 few days to acquire these coins at slightly  Cryptocurrencies do not use banks, Platinum/Gold Ratio 0.71 lower premiums, so please call to check. which means that any assets in such ac- counts are outside the banking system. We continue to recommend low-premium, Date Gold Silver Platinum highly liquid gold products such as the US Banks do not like losing this business, Nov 01 1,274.00 17.13 933.00 but many individuals and even business- American Arts Medallions (1.9%), the Nov 02 1,275.00 17.09 924.00 100 Corona (1.5%), and the Mexico es like the idea of being outside the Nov 03 1,266.50 16.79 919.00 banking system. 50 Pesos (2.3%). For those looking for pure Nov 06 1,281.50 17.20 934.00 gold options, consider the Canada Maple  At a minimum, cryptocurrencies are al- Nov 07 1,273.25 16.90 922.00 Leaf (2.9%) or 1 Oz Ingots (2.8%). ready proving disruptive to financial Nov 08 1,281.50 17.10 940.00 Even with a lower gold spot price, last markets and to governments. Reactions Nov 09 1,285.50 16.94 937.00 month’s trend of rising Pre-1934 Common- have spanned the spectrum. Fortunes Nov 10 1,272.50 16.84 929.00 Date US prices continued. If have been made or lost with them, and Nov 13 1,277.25 17.02 932.00 you ever wanted to acquire any of these his- will continue to do so in the future. Nov 14 1,281.50 17.05 924.00 torical coins, especially at today’s levels that There are many other points to consider on Nov 15 1,276.50 16.95 930.00 are in many instances close to their all-time whether cryptocurrencies are appropriate for Nov 16 1,277.50 17.05 933.00 low premiums over gold value (for yourself your circumstances. So, please do your own Nov 17 1,295.75 17.36 951.00 or for a gift for someone special), give us a thorough research, checking multiple Nov 20 1,274.50 16.83 920.00 call. We are fortunate to be able to offer two sources, before making a decision. moderate groups of stunning quality Double Nov 21 1,281.00 16.94 934.00 Silver and Silver Coins Nov 22 1,291.50 17.10 937.00 Eagles. See offers of the Gem Mint State- Silver closed on the New York COMEX Nov 23 closed 65 1924 $20.00 St Gaudens and the Very today at $15.86, down a surprising $1.27 Nov 24 1,288.00 17.00 940.00 Choice Mint State-64 1900 $20.00 Liber- ties for details. (7.4%) from a five weeks ago. Like gold, Nov 27 1,293.75 17.00 948.00 most of this decline occurred over the past Nov 28 1,294.75 16.81 950.00 A Holiday Wish six trading days. Nov 29 1,282.00 16.46 940.00 The year 2017 was one of major contrast It is a typical pattern over Thanksgiving Nov 30 1,273.25 16.38 941.00 compared to almost any other year. Retail weekend for the prices of precious metals to Dec 01 1,278.75 16.30 939.00 bullion demand fell significantly in the US,

be suppressed, and not recover until Monday even as it remained strong in much of Eu- or Tuesday of the following week. As you Dec 04 1,274.25 16.28 924.00 Dec 05 1,261.50 15.97 916.00 rope, Russia, and in Far East Asia. At the can see in the chart at the right, that didn’t Dec 06 1,262.75 15.86 901.00 same time, demand for numismatic products happen this year. This non-event could be a was overall solid. So, even though sales vol- significant omen. Gold, silver and platinum quotes are work ume for US coin dealers dropped significant- -in spots at 1:45 EST/EDT each day, Supplies of bullion-priced silver and gold ly in 2017, the bottom lines for many were products are readily available for immediate quoted in U.S. dollars per troy ounce. little impacted. or short-term delivery. Shanghai Gold Exchange premiums above With all the economic and financial turbu- With retail customers doing more liquida- London spot prices as of newsletter date: lence in the US and world today, there are tion than acquisition in the US, the premium solid prospects for higher gold and silver on US 90% Silver Coins (1.8%) fell even Gold: +$ 9.38 Silver: +$ 1.20 prices in 2018. further over the past month. It now costs on- As we do each year, we thank you for your ly 29 cents per ounce above the ask spot Current Shanghai Gold Exchange patronage. It is our honor and privilege to price. At that bargain level, 90% Silver premiums can be tracked at serve you, the best customers in the world. Coins are my all-around recommendation for www.didthesystemcollapse.com If we could give each of you the gifts we bullion-priced physical silver. day Turkey, has witnessed military and politi- ourselves would like to receive, there would For those who prefer to own pure forms cal turmoil almost constantly over the past be two. First, we would bring you a world with exact weights, the lower premium op- 2,500 years. Yet you can own one of these of peace with liberty for everyone. Second, tions are the 100, 10, and 1 Ounce Ingots pieces of history for just 2-4 cents per year! we would wish for you a holiday season (5.0-6.3%). Please see our flyer. filled with the health and wealth of family US Common-Date Mint State Morgan and friends. May you be rich in the wonder- and Peace Silver Dollars are all down in Gold And Gold Coins ful gifts on which you cannot put price tags. price from last month, though somewhat in The price of gold fell $11.25 (0.9%) from Merry Christmas line with the lower spot price. last month. Most of this drop actually oc- This month we are fortunate to offer a Happy New Year curred over the past six trading days. moderate group of 2,300+ year-old silver As long as the spot price held above its 200 Brian, Ryan, Beau, Nicole, Mark, Mary, coins, the Chersonesus Silver Lions, which -day moving average, there was not much liq- Matt, Cheryl, Greg, David, Janet, Allan, we had certified by the Numismatic Guaran- uidation by technical traders. Since it fell be- Paul, Pat, and Tom ty Corporation. This peninsula, in modern low those levels yesterday and stayed under it 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 EST EST 12.6.1712.6.17 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 1,320.501,320.501320.501320.50 4.5%4.5% Gold:Gold: $1,263.75$1,263.75 *U.S.*U.S. 1/2 1/2 Oz Oz Gold Gold Eagle Eagle 1010 0.50000.5000 678.75678.751357.501357.50 7.4%7.4% Silver:Silver: $15.91$15.91 *U.S.*U.S. 1/4 1/4 Oz Oz Gold Gold Eagle Eagle 1010 0.25000.2500 349.50349.501398.001398.00 10.6%10.6% Platinum:Platinum: $907.00$907.00 *U.S.*U.S. 1/10 1/10 Oz Oz Gold Gold Eagle Eagle 1010 0.10000.1000 143.50143.501435.001435.00 13.6%13.6% Palladium:Palladium: $1,006.00$1,006.00 *U.S.*U.S. 1 1 Oz Oz Gold Gold Buffalo Buffalo 1010 1.00001.0000 1,325.751,325.751325.751325.75 4.9%4.9% *U.S.*U.S. 1 1 Oz Oz Medallion Medallion 1010 1.00001.0000 1,287.751,287.751287.751287.75 1.9%1.9% Notes from Liberty *U.S.*U.S. 1/2 1/2 Oz Oz Medallion Medallion 1010 0.50000.5000 645.25645.251290.501290.50 2.1%2.1% By Allan Beegle LCS Chief Numismatist *Australia*Australia 1 1 Oz Oz Kangaroo Kangaroo 1010 1.00001.0000 1,322.001,322.001322.001322.00 4.6%4.6% Although we were plenty busy in No- *Austria*Austria 100 100 Corona Corona 1010 0.98020.9802 1,257.251,257.251282.651282.65 1.5%1.5% vember, it was our lowest volume sales *Austria*Austria 1 1 Oz Oz Philharmonic Philharmonic 1010 1.00001.0000 1,311.751,311.751311.751311.75 3.8%3.8% month of the year. That was due to an *Canada*Canada 1 1 Oz Oz Maple Maple Leaf Leaf 1010 1.00001.0000 1,300.501,300.501300.501300.50 2.9%2.9% even lower retail demand to purchase bul- lion-priced products. Our numismatic *Canada*Canada 1x25 1x25 Maplegram Maplegram 1010 0.80390.8039 1,146.001,146.001425.551425.55 12.8%12.8% sales continued to be solid. *China*China 30 30 Gram Gram Panda Panda 1010 0.96460.9646 1,306.751,306.751354.711354.71 7.2%7.2% Last month’s offer of the 25 Gifts Of *China*China 1 1 Oz Oz Panda Panda 1010 1.00001.0000 1,351.001,351.001351.001351.00 6.9%6.9% Christmas 2017 pretty much sold out all *Mexico*Mexico 50 50 Peso Peso 1010 1.20571.2057 1,558.751,558.751292.821292.82 2.3%2.3% the individually listed items there. Don’t worry though, there are still lots of lovely *S.*S. Africa Africa Krugerrand 1010 1.00001.0000 1,306.751,306.751306.751306.75 3.4%3.4% gifts of enduring value to choose from. *1*1 Oz Oz Ingot Ingot 1010 1.00001.0000 1,299.251,299.251299.251299.25 2.8%2.8% Just stop by our store or call one of our traders. *Austria*Austria 1 1 Ducat Ducat 1010 0.11070.1107 152.00152.001373.081373.08 8.7%8.7% Two weeks ago, LCS General Manager, *British*British Sovereign 1010 0.23540.2354 315.00315.001338.151338.15 5.9%5.9% Tom Coulson, LCS Jewelry Manager Da- *France*France 20 20 Franc Franc 1010 0.18670.1867 250.50250.501341.721341.72 6.2%6.2% vid Hartung, LCS Communications Of- ficer Pat Heller, and I staffed the LCS *Swiss*Swiss 20 20 Franc Franc 1010 0.18670.1867 251.00251.001344.401344.40 6.4%6.4% booth at the Michigan State Numismatic Show in Warren, which is normally the $20$20 Liberty Liberty BU BU 1010 0.96750.9675 1,340.001,340.001385.011385.01 9.6%9.6% largest and busiest coin show in the state $20$20 St St Gaudens Gaudens BU BU 1010 0.96750.9675 1,340.001,340.001385.011385.01 9.6%9.6% every year. Even though we had a larger $20$20 Liberty Liberty Extremely Extremely Fine Fine 1010 0.96750.9675 1,325.001,325.001369.511369.51 8.4%8.4% staff than usual, we were exceedingly busy $10$10 Liberty Liberty Extremely Extremely Fine Fine 1010 0.48380.4838 665.00665.001374.531374.53 8.8%8.8% the first day. Our sales were higher than at many of the national shows we attended $10$10 Indian Indian Extremely Extremely Fine Fine 1010 0.48380.4838 695.00695.001436.541436.54 13.7%13.7% this year. On the other side, finding bar- $5$5 Liberty Liberty Extremely Extremely Fine Fine 1010 0.24190.2419 345.00345.001426.211426.21 12.9%12.9% gains was a real challenge. $5$5 Indian Indian Extremely Extremely Fine Fine 1010 0.24190.2419 405.00405.001674.251674.25 32.5%32.5% Fortunately, our many decades in busi- $2.50$2.50 Liberty Liberty Extreme Extreme Fine Fine 1010 0.12090.1209 315.00315.002605.462605.46 106.2%106.2% ness and our long-term retail and whole- sale relationships brought us several fresh $2.50$2.50 Indian Indian Extreme Extreme Fine Fine 1010 0.12090.1209 290.00290.002398.682398.68 89.8%89.8% deals. From a few collectors that we helped assemble collections of One-Of-A- *U.S.*U.S. 90% 90% Silver Coin 1,0001,000 71571511,585.0011,585.00 16.2016.20 1.8%1.8% Kind Large Size US Paper Money over *U.S.*U.S. 40% 40% Silver Silver Coin Coin 1,0001,000 295295 4,795.004,795.00 16.2516.25 2.2%2.2% the past 30 years, we recently repurchased *U.S.*U.S. Peace Peace Dollars, Dollars, VG+ VG+ 1,0001,000 76076017,350.0017,350.00 22.8322.83 43.5%43.5% some lovely notes. We sent some of the *U.S.*U.S. Silver Silver Eagles Eagles 1,0001,000 1,0001,00018,510.0018,510.00 18.5118.51 16.3%16.3% best of them to Paper Money Guaranty (PMG) for certifications, then picked out *Canada*Canada Silver Silver Maple Maple Leaf Leaf 1,0001,000 1,0001,00018,000.0018,000.00 18.0018.00 13.1%13.1% the most desirable and popular issues to tempt you. *100*100 Oz Oz Silver Silver Ingot Ingot 1010 100100 1,671.001,671.00 16.7116.71 5.0%5.0% At close to the same time, we came up *10*10 Oz Oz Silver Silver Ingot Ingot 100100 1010 169.10169.10 16.9116.91 6.3%6.3% *1*1 Oz Oz Silver Silver Ingot Ingot 1,0001,000 1 1 16.9116.91 16.9116.91 6.3%6.3% LCS Postage Charges Value of Contents Postage Charge *1*1 Oz Oz Platinum Platinum Ingot Ingot 1010 1.00001.0000 951.00951.00 951.00951.00 4.9%4.9% Under $100 $5 *U.S.*U.S. 1 1 Oz Oz Platinum Platinum Eagle Eagle 1010 1.00001.0000 1,047.001,047.001047.001047.00 15.4%15.4% $100-249 $10 $250-499 $18 *Canada*Canada Palladium Palladium ML ML 1010 1.00001.0000 1,035.001,035.001035.001035.00 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 Lansing,Lansing, MI MI 48912 48912 (517)(517) 351-3466 351-3466 Fax Fax be closed on Monday, December 25 for web:web: www.libertycoinservice.com www.libertycoinservice.com email: email: [email protected] [email protected] Christmas and on Saturday, December 30, and Monday, January 1 for New Years. 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 12.6.1712.6.17 Spot Spot Prices Prices

Coins,Coins, Rolls Rolls and and Sets Sets Gold:Gold: $1,263.75$1,263.75 U.S.U.S. 10 10 pc pc Gold Gold Medallion Medallion Set, Set, 1980-1984, 1980-1984, BU BU $10,965$10,965 Silver:Silver: $15.91$15.91 U.S.U.S. Morgan Morgan Dollar, Dollar, 1921, 1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $590$590 Platinum:Platinum: $907.00$907.00 U.S.U.S. Morgan Morgan Dollar, Dollar, Pre-1921, Pre-1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $840$840 Palladium: Palladium:$1,006.00$1,006.00 U.S.U.S. Peace Peace Dollar, Dollar, Brilliant Brilliant Uncirclated Uncirclated Roll/20 Roll/20 $515$515

NumismaticNumismatic Coins Coins (PCGS/NGC/ICG (PCGS/NGC/ICG Graded) Graded) MS-63MS-63MS-64MS-64 MS-65MS-65 Pre-World War I Canada Gold U.S.U.S. $20.00 $20.00 St St Gaudens Gaudens 1,4051,405 1,4601,460 1,7351,735$5.00 and $10.00 Bargains: Even U.S.U.S. $20.00 $20.00 Liberty Liberty 1,4701,470 1,6401,640 2,6802,680though Canada was (and still is) part of the U.S.U.S. $10.00 $10.00 Liberty Liberty 855855 1,1901,190 2,5002,500British Commonwealth, it used dollars and cents for its monetary system, often match- U.S.U.S. $5.00 $5.00 Liberty Liberty 510510 705705 1,7751,775ing US coins in face value. From 1912 U.S.U.S. 4 4 pc pc Indian Indian Gold Gold Type Type Set Set 3,7553,755 5,3205,320 13,09513,095through 1914, it issued moderate quantities U.S.U.S. 4 4 pc pc Liberty Liberty Gold Gold Type Type Set Set 3,2403,240 4,0354,035 7,7057,705of $5.00 and $10.00 gold coins with the U.S.U.S. 8 8 pc pc Gold Gold Type Type Set Set 6,9356,935 9,2059,205 20,35020,350exact same gold content (0.2419 and 0.4838 troy oz) as the corresponding US coins. Up U.S.U.S. Morgan Morgan Dollar Dollar (Pre-1921) (Pre-1921) 5757 68 68 132132until a few years ago, these carried signifi- U.S.U.S. Peace Peace Dollar Dollar 3939 48 48 120120cant numismatic premiums. The never put all of 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 the coins into circulation. A couple years closes.closes. Smaller Smaller lots lots are are available available at atslightly slightly higher higher prices. prices. No NoMichigan Michigan Sales Sales ago, it sold many previously uncirculated TaxTax on on rare rare coins coins or or precious precious metals metals bullion. bullion. Numismatic Numismatic purchases purchases have have coins out of its vaults, then melted those that did not sell. That drove down the prices of 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 the coins that were put into circulation a cen- returnablereturnable and, and, after after confirmation, confirmation, cannot cannot be be cancelled. cancelled. tury earlier. We picked up a handful of these interesting coins from another dealer, so can offer you the following at bullion prices (meaning you with two modest groups of spectacular quali- peror Galba Silver Denarius: A pop- must pay by cash or check, not with a charge ty Gold Double Eagles. The Gem Mint ular collection of ancient coins is a set of is- card). Call for prices. Here is how we will State-65 1924 $20.00 St Gaudens may be sues from the Twelve Caesars. The set be- price them in relation to the then current ask the most common surviving Saint, but few gins with Julius Caesar and ends with Emper- gold spot price: are as lovely as these high quality speci- or Domitian (81-96 AD). Among them, coins 1912 $5.00—Extremely Fine+ at 15%, mens. The Very Choice Mint State-64 issued by Emperor Galba (July 68-January 69 Mint State-62 at 25% 1900 $20.00 Liberties may be cataloged and AD) are among the most difficult to locate. 1913 $5.00—Mint State-60+ at 22% (2 priced the same as the far more common Galba was a provincial governor in Spain specimens available) 1904 date, but are several times less com- when Nero’s reign was drawing to a close. 1912 $10.00—Very Fine-Extremely Fine mon. The best news is that both are availa- Before Nero died, Galba’s troops declared at 15% ble now at semi-bullion premiums rather him to be the new Emperor. After Nero com- Mint State “1780” Maria Theresa than much higher premium levels of years mitted suicide, and the Roman Senate en- past. If you ever wanted a treasured near 1- Silver Thalers: Austria struck a silver dorsed Galba, he journeyed to Rome. Thaler, a dollar-sized coin, from 1740 to ounce gold coin of remarkable beauty to There was one problem, though. Galba did give to that someone special (or even your- 1780. Containing just over 3/4 of an not pay his troops the full payments that he ounce of silver, the 1780-dated issue self), here is the perfect opportunity! had promised. Otho, who hoped to be Gal- Finally, we acquired a 2,300+ year-old ba’s designated successor for Emperor, was became the best known and most widely mini-hoard of Chersonesus Silver Lions, passed over for someone else. When this circulated trade coin in the Middle East the hemidrachm coin issued in a land that happened, Otho organized a conspiracy and other Arab lands. It was so popular always seemed to be in the crosshairs of where the Praetorian Guard assassinated Gal- that this 1780-dated coin has been re- historical conflicts. We sent this group to ba after only seven months as emperor. struck in multiple countries almost con- NGC for certification of authenticity and At the MSNS show, Tom picked up two stantly since then. Issues struck from grade. Yet, for all this history, these coins lovely Ancient Roman Coins, but one sold are quite affordable for just about every 1850 onward all bear the matching de- almost instantly at our booth there. He did sign and silver content of the original budget. bring back this breathtaking Very Fine+ Gal- Quantities of these items range from one- coins dated 1780. ba Denarius. The centering of the design on Just for fun, you may want to own of-a-kind to a few dozen. When they sell both sides is almost perfect; the planchet is out, we may not be able to find any more at about as round as you could find of coins some of these “1780-dated” coins to give all, or at least not at the same price. For best from this era. Go to our website away as gifts or to keep as a semi- selection, call our Trading Desk toll-free at (www.libertycoinservice.com) to view the bullion coin. While our stock lasts, we 800-527-2375 to check on availability and photos of both sides of this piece to appreci- offer Mint State-60+ restrike specimens confirm your purchase. ate its beauty. At $1,750, this coin may seem at $16.99 each (1-9 coins), $16.75 each Here are some other bargains to brighten expensive. But when you consider the quali- your holidays: (10-19 coins), or just 16.50 apiece (20- ty and rarity, it is hard to resist. 40 coins). High Quality Ancient Rome Em-

One-Of-A-Kind Large Size US Paper Money!

by Patrick A. Heller, LCS Communications Officer and Paul Mander- day, toll-free, at 800-527-2375. Consult the chart on the scheid, LCS Inventory Manager Computer Quotes page for postage charges. For fastest In 1987, we co-authored a research report for Liberty shipment, you can use your Visa, Mastercard, or Discover Coin Service customers about the extraordinary prospects charge cards to have your purchase shipped to the credit for far higher prices for Large Size US Paper Money, the so card billing address. (Note: Michigan customers must add -called “horseblankets” (actual size almost 7-1/2” wide by 6% Michigan sales tax) more than 3” high) issued by the US government from 1861 As with all of our numismatic items, your satisfaction is to 1928. guaranteed. You have 14 days upon your receipt to return these notes for a full, prompt, no-questions refund. In this report, we identified 26 notes among eight differ- ent legal authorities (Demand Notes, Legal Tender Notes, US $5.00 Legal Tender Note, Series of 1878, Fr# 69, Silver Certificates, Treasury Notes, National , Choice Uncirculated-64, Federal Reserve Bank Notes, Federal Reserve Notes, and PMG—$1,795. This note Gold Certificates) in up to seven different grades that were is nicknamed the Wood- then available at prices under $500. In total there were 121 chopper for the man hold- grades of notes among these 26 types that we recommend- ing an axe in the center ed. vignette. He is surround- In August 1988, these 121 notes would have cost a total ed by his seated wife of $21,755 to purchase. holding a child and the Since then, prices rose. As of the end of 2016, purchasing family dog. President these same 121 notes would have cost you $88,520. Every Andrew Jackson is in the single one of these notes in every one of the recommended lower left. grades is now selling at a higher price than 30 years ago. Total printage of this Almost all early Large Size US Paper Money have inter- issue is a meager esting artwork, especially compared to today’s Federal Re- 6,032,000. PMG has cer- serve Notes. The meticulous artistry simply adds to the tified just 30 CU-64 spec- enjoyment of building a collection. imens plus 36 CU-64 While price increases have moderated over the past dec- EPQ (Exceptional Paper Quality), 29 in CU-65 EPQ, and 6 ade, they are still rising. One reason is that, with the advent in CU-66 EPQ condition. A coin of this rarity would be of currency certification services, collectors are becoming priced several times higher. more aware of just how rare these early US paper money US $10.00 Legal Tender Note, Series of 1901, FR #114, issues really are. Very Fine-25, PMG— Today, the Bureau of Engraving and Printing produces $1,095. This “Bison” more than 6 billion notes annually. Most wear out and are Note is one of the most in retired in less than a year. -demand of Large Size The survival rate of these older notes is even lower, espe- US Paper Money designs. cially when you consider the far smaller number issues. The bison “Pablo” is fea- We have helped a number of happy customers cash out tured in the center of the their profits on Large Size US Paper Money they have pur- front with the explorers chased from LCS. We recently repurchased a few collec- Lewis and Clark to the tions in a short period. From these, we sent the most attrac- left and right. The vi- tive specimens to Paper Money Guaranty (PMG), an affili- gnette in the center of the ate of the coin certification service Numismatic Guaranty reverse represents Pro- Corporation (NGC), and the official paper money certifica- gress. tion service of the American Numismatic Association and Printage of 46,500,000. the Professional Numismatists Guild. At a first look, this note We offer here seven one-of-a-kind notes. When you fig- appears to be of higher ure that the average survival rate on these issues in all grade, making it even more popular with collectors. This grades combined is a tiny fraction of 1%, you will realize may be the first note to sell in this offering. how rare they really are. With only a single specimen of each note available, we US $1.00 Silver Certificate, Series of 1896, FR# 224, have eliminated the order blank. Please call to check on Choice Uncirculated-64, PMG—$1,995. In 1896, the availability and lock in your purchase. Bureau of Engraving and Printing issued $1.00, $2.00, and Review the descriptions, then call our Trading Desk to- $5.00 Silver Certificates of what are called the Educational Series. The $1.00 of- collectors. Both symbolize the closing of the Old West (as fered here is the most did the issues of the $2.50 and $5.00 Gold Indian and the common denomination “Buffalo” Nickels that came later). with artwork reflecting This note is a “Mule,” which means that the front plate “History Instructing number (D54) toward the lower right is of a different type Youth.” size from the back plate number (1254) toward the upper Around the perimeter right. Sometimes mules can be worth significantly more of the obverse are than other specimens. wreaths bearing the This is another note that looks to be of higher grade at just names of authors, inven- a quick glance.

tors, military leaders, US $1.00 Treasury Note, Series of 1891, FR# 350, Gem and politicians. The Uncirculated-65 Exceptional Paper Quality, PMG— reverse has portraits of $1,895. This may be the highest quality 1891 $1.00 Treas- Martha and George ury Note we have ever handled! Printage is 13,160,000. Washington. The obverse portrait is Printage is 34,000,000. of Edwin Stanton, Sec- Researcher Gene Hessler estimates that only one out of retary of War under every 16,000 notes printed survive in all grades combined. Presidents Abraham This is another super popular note. We have been privi- Lincoln, and Andrew leged to handle at least a dozen uncirculated specimens Johnson. over the years, with this being among the nicest quality. Researcher Carson US $2.00 Silver Cer- Chambliss estimates that tificate, Series of 1899, only one out of 29,000 FR# 258, Choice Uncir- survive in all grades culated--64, PMG— combined. PMG has $1,295. The center por- certified a paltry 12 trait of George Washing- specimens in CU-65 ton is surrounded on the EPQ, another 8 in CU- left and right by allegori- 66 EPQ, and a mere 4 in cal representations of CU-67 EPQ. Mechanics and Agricul- Treasury Notes were a short-lived series created to enable ture. silver miners to convert their silver into gold. The miners Over almost 30 years, would turn their silver into the government to receive this design was issued Treasury Notes, but with the intent to immediately redeem with ten different signa- the Treasury Notes to obtain physical gold. ture combinations of the US $2.00 Federal Reserve Bank Note, Series of 1918, Register of the Treasury FR# 757, Gem Uncirculated--66 Exceptional Paper and of the Treasurer of the . Among them, Quality, PMG—$3,995. The Federal Reserve Bank Note this one, with a printage of 40,804,000 is only the 7th most Series was created to assist Great Britain with its debts common. Researcher Carson Chambliss projects that only from World War I. Britain’s currency was based on silver about one of every 30,000 of these notes survive today. We while most of the rest of the world was on gold, where sil- have handled a few uncirculated examples of this type, with ver depreciated relative to gold. this piece being close to, if not the highest, top condition of This note depicts the World War I Battleship New York them all. on the reverse, which is where its nickname of “Battleship” US $5.00 Silver Certificate, Series of 1899, FR# 280m comes from. Mule, Very Fine-30, PMG—$995. When Sioux Chief Printage is about Running Antelope posed 1,600,000 of which re- for the center vignette searcher Carson on the front of this note, Chambliss estimates that he refused to wear the one in 10,000 have sur- Pawnee headdress that vived. This piece is one appears in the design. of 22 specimens certi- The artist allowed the fied CU-66 EPQ by chief to wear his own PMG, with none graded headdress, then had higher. PCGS Currency someone else model the has graded at least two Pawnee headdress to pieces CU-67, one of finish his artwork. which sold in auction in Both the Bison and this January 2017 for Indian Chief Note are $9,400. This is, without extremely popular with question, the finest Bat-

The World’s Most Very Choice Mint Beautiful Coin? State-64 1900

A number of years ago there was a survey of the most beautiful coin $20.00 Liberties! design anywhere in the world over the past 125 years. What is better than purchasing a The US Gold $20.00 Double Eagle high-grade large US Gold Coin at a designed by famous sculptor money-saving price? Augustus Saint Gaudens easily came out on top. Answer—when you can purchase a less common issue I definitely understand and concur with that result. of the same condition at the very same money-saving In September 1976, I had some extra funds after price! selling a car. I already owned some bullion-priced When I was checking for bargain deals with an East Gold British Sovereigns but wanted to own my first Coast wholesaler in mid-November, he told me he had a ever numismatic gold coin. I went to Liberty Coin fresh group of ten pieces of US Gold Very Choice Mint Service and was served by founder R. W. Bradford. State-64 1900 $20.00 Liberty Double Eagles he had That day I bought a Mint State St Gaudens Double just received from the Professional Coin Grading Service Eagle. (PCGS). That coin was sold in early 1980 at a nice profit to There were too few coins to offer to many national get funds for the down payment on a home, but the marketers, but would be too much hassle for them to breathtaking design made me think twice before try to sell one at a time. If Liberty would take all the parting with it. coins that met our strict quality standards, he would This coin’s obverse depicts a proud Liberty striding sell them for an attractive discount. His price was even before a rising sun. The design was adapted from St. lower than his regular price for MS-64 1904 Double Ea- Gaudens’ sculpture of the Roman goddess Nike as gles, the most common $20.00 Liberty in high grades. “Victory” in front of his statue of Civil War Union I quickly checked with LCS General Manager Tom General William T. Sherman in New York’s Central Coulson, then told my friend to ship the lot. Park. When the coins arrived, these coins were even more The back portrays a soaring eagle, the symbol of a beautiful than what we had hoped. Only one piece was strong America, in front of rays from a rising sun. unacceptable for our customers. If you are like me, owning a Gold $20.00 St The 1900 $20.00 Liberty is the second most common Gaudens Double Eagle feels like owning a treasure of date in higher grades for this series. As a result, it cat- the best of what America stands for! These coins, alogs for the same value as the 1904 date. However, containing nearly an ounce of gold, would make the matching catalog value conceals the relative rarity perfect gifts for someone special, including yourself! of the 1900 coins: Two weeks ago, a dealer friend called to offer the highest quality specimens of a recently discovered Date Mintage MS-64+ PCGS/NGC Population mini-hoard of 1924 Saints. Each coin had been 1900 1,874,460 14,479 1904 6,256,699 84,610 certified Gem Mint State-65 grade by the Numismatic Guaranty Corporation (NGC). The 1900 date has less than 1/3 the mintage of the While this is the common-date of the series, the high 1904. In MS-64 and higher grades, it is almost six quality is much less common. As of early this week, times less common than the latter issue. the Professional Coin Grading Service (PCGS) and The Money-Saving Bargain Price! While they last, NGC had certified 517,304 Mint State 1924 Saints in you can pick up one or more of these for just flashy grades below MS-65. In MS-65 and higher condition, treasures for only $1,625 each. At that price, you are they had certified just 98,339. paying less than one-third above the gold value. That is Best of all, which this group lasts, you can own a far better deal than in mid-1989. Back then, when these top-quality coins for their lowest premium the gold spot price was about $360, these coins would above gold value this century—just $1,695 apiece. have cost you $5,000 apiece! (That is not a misprint!) But only while this handful of beauties lasts. To check on availability and to confirm your order, Call our Trading Desk Today! Reach us toll- Call our Trading Desk at 800-527-2375. free at 800-527-2375 to confirm your order. You For fastest shipment, you may use your Visa, Master- may use your Visa, Mastercard, or Discover charge card, or Discover charge cards for purchases shipped to cards for purchases shipped to the card’s billing the card’s billing address. As we guarantee with all of address. As with all of our numismatic offers, your our numismatic offers, you must be satisfied with your satisfaction is guaranteed. You have 14 days upon purchase. You have 14 days upon your receipt to re- your receipt to return this coin for a full, immediate turn any of these coins for a full refund. refund. —Allan Beegle, LCS Chief Numismatist —Patrick A. Heller, LCS Communications Officer Over 2,300 Years Old, Yet Affordable! Ancient Greek Chersonesus Silver Lions! by Tom Coulson, LCS General Manager, Thracian Chersonesus (sometimes spelled Cherso- nesos) on the modern-day Gallipoli peninsula in Turkey, was a key military and commercial location. The Aege- The peninsula was a major encampment for British and an Sea was on its west coast and the Dardanelles Strait French forces during the Crimean War, was a heavily to the east, which provided access to the Black Sea. It contested area during World War I, and saw fighting was the eastern edge of Europe, across the Strait from during the Greco-Turkish war of 1919-1922. It is now Asia. part of the nation of Turkey. The peninsula was a major source of wheat production. Numismatic researchers differ as to when Cherso- But, it was more important for its strategic location on nesus issued the Silver Hemidrachm, a denomination the main route between Europe and Asia. It also con- equal to half of a Greek drachm. While the range of trolled the shipping route from Crimea in the Black Sea. dates is from 480 BC to 310 BC, most estimate that they As you might imagine, Chersonesus became a ma- were struck from 400-350 BC or 386-338 BC. jor point of conflict among nearby powers. The obverse of these coins depicts the forepart of a Chersonesus was originally settled by the Thracian lion with its head turned back. The reverse features a tribe of Dolonci (Thrace is the Greek lands to the north quadripartite incuse square with alternating raised and and east of the Greek peninsula proper). Then Greeks sunken quarters on the reverse. Symbols in the two from Ionia and Aeolia built twelve cities on the peninsu- sunken quarters identify the origin of the coins. la during the 7th century BC. We acquired a moderate group of these above-average After Athens established its own city there in 560 BC, mostly problem-free specimens and sent them to the Nu- it gained authority over the entire peninsula. But, the mismatic Guaranty Corporation (NGC) for grading and peninsula was abandoned to the Persians in 493 BC, certification of authenticity. Most were certified in Fine during the Greco-Persian Wars. or Choice Fine condition, while a few were even graded Fifteen years later, Athens regained dominion there, Very Fine or Choice Very Fine. only to lose control to Sparta after the battle of Aegos- These coins are crudely struck, one-at-a-time, with the potami in 404 BC. In the early 4th Century BC Athens result that the lion on the obverse is almost always off – again took over Chersonesus. center and often only partially The peninsula became a focal point in a territorial dis- on the planchet. pute between Athens and Macedon, where it was ceded Some uncertified specimens to Macedonian King Philip II in 338 BC. have sold for prices as high as After the death of Philip’s son, Alexander the Great, $225 each. But we offer these Lysimachus became king of Thrace. He established his NGC-certified coins at more capital of Lysimachia on Chersonesus. reasonable prices. While they In 196 BC, Seleucid King Antiochus III (a descendant last, you may purchase one or of Alexander’s general who took over the Asian lands more of these ancient silver conquered by Alexander) captured the peninsula. The treasures from a land important Greeks sought the aid of the Romans to regain the terri- in world history: tory, eventually making it a Roman province. Fine at $49 each Chersonesus was part of the Eastern Roman Empire Choice Fine at $59 each established in 330 AD, then later part of the Byzantine Very Fine at $75 each Empire until 1356. Part of the peninsula was occupied Choice Very Fine at $95 each by forces of Attila the Hun in 443 AD. Also, from 1204 Call our Trading Desk today, toll-free, at 800-527- to 1235, Chersonesus was ruled by the Republic of Ven- 2375 to check availability and confirm your order. Con- ice. sult the chart on the Computer Quotes page for postage In 1354, the Ottoman Empire captured its first Europe- charges. For fastest shipment, you can use your Visa, an stronghold, the city of Gallipoli. Crusaders regained Mastercard, or Discover charge cards to have your pur- the land in 1366, but lost it a decade later. chase shipped to the billing address.