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Is the Financial Storm Underway?

Is the Financial Storm Underway?

April 2018, Volume 24 Issue 4 Liberty Service’s Monthly Review of Precious Metals and April 11, 2018

Is The Financial Storm Underway?

As expected, financial markets other 2018 Year To Date Results Japan Yen -4.9% than precious metals have become Through April 10, 2018 Mexico Peso -7.1% much more volatile in 2018 compared Colombia Peso -9.5% Precious Metals to recent years. U.S. Dollar Index 89.52 -2.93% +2.7% As of yesterday, for instance, the -0.8% US And World Stock Market Indices Dow Jones Industrial Average and the -2.9% Sao Paulo Bovespa +10.6% -11.6% NASDAQ +2.8% Standard & Poors 500 Indices were both down since the end of 2017. Numismatics Russell 2000 +0.5% US MS-65 , Pre-1921 +9.2% Dow Jones World (excluding US) -0.1% From their all-time peaks on January S&P 500 -0.6% 26, 2018, they were down 8.3% and US MS-63 $20 Liberty +3.7% US MS-63 $20 St Gaudens +1.0% Dow Jones Industrial Average -1.3% 7.5% respectively. While the Australia S&P/ASX 200 -3.4% NASDAQ was up 2.8% year-to-date US Dollar vs Foreign Shanghai Composite -3.5% yesterday, it was down 6.5% from its Russia Ruble +9.5% Frankfurt Xetra DAX -4.0% March 12, 2018 all-time high. Argentina Peso +8.5% Nikkei 225 -4.3% Peso +3.6% London FT 100 -5.5% Most major world stock indices were Brazil Real +2.9% also down year-to-date through yester- Indonesia Rupiah +1.9% 10 Year US Treasury Note interest rate 2.799% +16.19% day. India +1.7% The 10-Year US Treasury Note in- Sweden Krona +1.5% Energy and Other Metals terest rate was up more than 16% thus Australia Dollar +0.6% Molybdenum +54.8% Israel Shekel +0.6% Cobalt +21.3% far in 2018 and the US Dollar Index Hong Kong Dollar +0.5% +11.8% was down almost 3%. Canada Dollar +0.2% Tin +7.4% Even cryptocurrencies, which at- Peru New Sol +0.1% Crude Oil, Brent +5.4% tracted lots of attention last year, are South Korea Won -0.2% Zinc -2.1% scaring away potential buyers. For in- Taiwan Dollar -1.6% Aluminum -3.1% stance, Bitcoin peaked near $19,000 Switzerland Franc -1.8% -3.8% Singapore Dollar -2.1% -3.8% not long ago and is now under $7,000. Chile Peso -2.5% Natural Gas, Henry Hub -24.9% Volatile markets scare most inves- Rand -2.7% tors. There is a tendency to flee from Denmark Krone -2.8% Metal Content Value Of U.S. -2.9% , 1959-1982 2.09¢ currencies in nations with major politi- Lincoln cent, 1982-date 0.83¢ cal or financial problems, which today China Yuan -3.3% New Zealand Dollar -3.7% , non-silver 4.29¢ would include Venezuela, Russia, Ar- Thailand Baht -4.3% Roosevelt dime, 1965-date 1.95¢ gentina, the Philippines, and Brazil, to Great Britain Pound -4.7% , 1965-date 4.87¢ , 1971-date 9.74¢ the formerly strong US dollar or to Ringgit -4.7% other currencies that are currently Still, one thing to keep in mind is that stronger than the dollar such as the Why Aren’t Precious Metals , euro, China yuan, British the paper contract market for gold and sil- pound, or the Japanese yen. Prices Higher Now? ver is many times larger than the trading Many investors will also get out of While demand for physical gold and sil- in the physical products. paper assets such as stocks, bonds, and ver remain solid in the Far East and in Eu- In the gold and silver paper markets, fiat (paper) currencies for traditional ropean nations such as Germany and the such as the London Market Asso- safe haven assets such as physical pre- United Kingdom, it has been less so in the ciation and the New York COMEX show cious metals. US. indications that trading may have been Therefore, one might anticipate that In fact, there was net liquidation of gold manipulated in order to suppress prices. the prices of gold and silver would and silver by people seeking to purchase For example, at the end of 2017, the now be significantly higher than they cryptocurrencies in the second half of COMEX silver futures market had an were at the end of 2017. 2017. As a result, retail premiums on sev- open interest of about 960 million ounces. Well, that’s not exactly how things eral prior-year dated products such as US As of yesterday’s close, the open interest have worked out for gold and silver Gold American Eagles and US Silver Ea- had soared to 1.135 billion ounces. In just thus far in 2018. gle Dollars fell enough that it cut into the the past week, the open interest exceeded It is true that gold, through yester- US Mint’s ability to sell new 2017- and 1.2 billion ounces which far exceeded the day, had outperformed most US and 2018-dated coins. world stock indices thus far this year, Inside this issue: What Else Is Happening? page 2 but it was only up 2.7%. Updated Morgan Silver Dollar Analysis page 3 The price of silver was actually A Speculation On Platinum page 4 down thus far in 2018! (Continued from page 1) main stable or decline. Patrick A. Heller’s Upcoming Speeches previous high of open positions before Of course there are other political and and Appearances the end of 2017. economic stresses affecting the values of The COMEX itself contributed to financial assets, including physical pre- (tentative) August 15-17, 2018, Philadel- making it possible to have that many cious metals. phia, Pennsylvania, American Numis- ounces of silver sold short (each open matic Association World’s Fair of Mon- ey. “Oops! A Lighthearted Review Of US position has a party on the long side What Else Is Happening? Circulating Coin Design Mistakes.” De- and on the short side). Thus far in Of immediate concern is what is now happening in the Middle East. Today the tails to be determined. 2018, it has reduced the required mar- gins on leveraged accounts three times. government of Saudi Arabia announced For more information on any event or to Now a short-seller is only required to it had intercepted three missiles and two arrange for a presentation at schools, sen- put up $3,600 to sell 5,000 ounces of drones launched against the country by ior citizen groups, coin clubs, Scout organ- silver instead of having to own the far rebel forces in Yemen. Saudi Arabia has izations, fraternal or business organiza- more than $80,000 worth of silver been attacking those rebels for the past tions, call 800-933-4720 or email (which most short sellers do not have three years. [email protected]. at all. In addition, US President Trump today In the COMEX gold futures market, has threatened to launch missiles against to become more contentious in the com- a leveraged short-seller need only put targets under the control of the govern- ing months and the public becomes up $3,100 in order to sell 100 ounces ment of Syria. This is in response to a more fully informed of the extent of of gold rather than putting up 100 suspected chemical attack by that gov- these somewhat hidden liabilities (they ounces of gold that are worth more ernment against some of its own citizens. were not previously included on govern- than $135,000. The Russian government, an ally of Syr- ment balance sheets and statements of In the gold market, the indications of ia’s government, has vowed to shoot revenues and expenses—which the pri- manipulation come from a different di- down any missiles, which puts the US vate sector has been doing for more than rection. The number of open futures and Russia directly facing each other in two decades). contracts on the COMEX gold ex- military action. As one example, the state of Michigan change are not that different from the As a result of these two developments, Treasury released its very first list in end of 2017 to yesterday. However, gold and silver prices jumped more than March of 110 governmental units (out COMEX gold contracts are not only usual today. The US dollar and many of 490) in Michigan that have danger- settled by delivering the underlying American and world stock indices de- ously underfunded employee pensions metal. They can be settled for cash, clined. If the US does launch missiles and/or retiree health care benefits. You for equivalent shares of gold exchange against Syria and Russia attempts to in- can view this list at https:// traded fund or, as an emergency meas- tercept them, financial markets could www.michigan.gov/documents/ ure, by “exchange for physical.” This easily experience far more turmoil. treasury/Prelim- letter settlement option involves pay- These are not the only burning devel- nary_Underfunded_Status_3.12.18_617 ing a small amount of cash plus the de- opments. The US and Chinese govern- 111_7.pdf. Sadly, the city of Lansing, livery of a London gold contract for ments have imposed tariffs on some where Liberty Coin Service is located, the same quantity of gold. Since the goods imported from the other nation. is on the list for both categories. short seller is effectively settling his or Unless this dispute quickly diminishes, it Beyond this is the major problem of her position at a cost above the spot will wreak financial havoc in both na- record levels of debts by governments, price of gold, this is not a desirable op- tions, then around the rest of the globe. businesses, and individuals. As interest tion. Then there are the growing number of rates increase, defaults will increase. However, there have been massive signs of an economic downturn in the For governments, the risks are growing COMEX gold futures that have been US, despite statements by politicians and of major declines in the values of their settled by exchange for physical over bureaucrats and in the regular media to fiat currencies. about the past seven months. In just the contrary. The foregoing just scratches the list of the first six trading days of April about The Commerce Department has report- brewing problems that could eventually 6.15 million ounces of gold contracts ed three consecutive months of falling push gold and silver prices to far higher were settled in this fashion. retail sales. In car and truck markets, levels than they are today. My that I The trading tactics used in both the sales appear to be declining as the inter- mean multiples of current prices, not COMEX silver and gold markets indi- est costs are increasing, now at their just 25% or 50% increases. cate a major effort to suppress prices highest levels in nine years. General The problem is “when” such increases without actually delivering the imme- Motors recently announced it would stop will occur. No one knows. From past diate physical metal. To me, that is a reporting vehicle sales monthly and now experience though, it seems like it will major indicators that prices are far do so once a quarter, which could be a take longer than almost anyone thinks it more likely to rise in the future than re- tactic to delay showing declining sales. should take. When prices finally start to Higher mortgage interest rates are also move, they will start off slow. But, cutting into demand by home buyers, once prices start rising to stay, the in- Find more than a thousand numis- who can no longer afford to purchase matic items offered for sale today creases will eventually accelerate. For homes at as high of prices they could your own financial protection, I recom- in our eBay stores and on our when interest rates were lower. company’s website. Gold, silver, and mend that you establish your “wealth Then there are increasing disputes over insurance’ position of physical gold and copper coins, , paper , how to manage massive government un- and other collectibles. On eBay, search silver bullion-priced coins and ingots funded liabilities for employee pensions sooner rather than later. for sellers Treasurechestofliberty or and retiree health care benefits. In mid- Collectablesofliberty. Other items are March, teachers in Kentucky went on for sale on our website at strike to oppose threatened cuts in their (Continued on page 3) www.libertycoinservice.com. future pensions. Expect such wrangling (Continued from page 2) Grades Liberties and Indians have tended to re- Updated Numismatic Coin EF MS-63 MS-64 MS-65 main stable. The $2.50 Liberties and In- $5 Lib +2.7% +6.5% +2.3% -2.1% dians have mostly seen their prices and Analysis—Morgan Dollars $5 Ind +2.4% +1.1% +1.1% +1.4% premiums decline. Last month, we published updated $10 L +2.2% +5.0% +0.5% -3.5% For much of last year, there were large analyses of the Peace Silver Dollar $10 I +2.1% +4.2% +2.3% -3.9% quantities of US Gold Coins exported to and $20.00 Saint Gaudens Double $20 L +2.5% +3.3% +3.9% +7.5% the US. This increased supply was Eagle series. To better understand $20 St +2.5% +3.8% +4.1% +6.4% greater than the market could absorb at the value and the limitations of such At the same time, prices of $1.00 Gold former premium levels. Not it appears analyses, please refer to the March (Continued on page 4) 2018 issue of Liberty’s Outlook. Here is the updated analysis of the Best Values In Morgan Dollars 1890-S 23 19 30 37 US Morgan Dollar series. As with 1891 20 33 105 271 Today-2018 Update 1891-CC 1 3 11 9 the previous two analyses, most pric- es of Morgans have declined over Undervaluation Index™ 1891-O 10 32 50 xx Date MS-63 MS-64 MS-65 MS-66 1891-S 23 34 39 40 the past two years. Still, the dates and grades with the higher Underval- 1878 8 TF 4 22 58 71 1892 6 12 35 13 uation Index™ tended to fare better 1878 7/8 TF 8 33 53 89 1892-CC 0 2 8 12 than those with lower Indices. 1878 7 TF 9 27 85 112 1892-O 6 12 40 20 1878 7 TF R79 14 42 105 93 1892-S 2 5 7 4 Once again, my general recom- 1878-CC 0 3 12 10 1893 2 6 31 23 mendation would be to acquire an 1878-S 3 8 30 102 1893-CC 0 1 12 xx assortment of high Index coins rather 1879 23 74 92 40 1893-O 5 13 5 xx than multiple specimens of a single 1879-CC 1 1 8 25 1893-S 1 1 0 xx coin and grade. Although the gen- 1879-CC cd 2 7 34 xx 1894 3 4 15 27 eral trend applies that those with the 1879-O 8 11 32 23 1894-O 2 4 19 xx

highest Index tend to outperform the 1879-S Rev 78 23 49 301 106 1894-S 3 6 24 41 rest, there are many exceptions. 1879-S 3 6 7 13 1895-O 2 1 4 xx 1880 19 85 262 148 1895-S 1 4 32 13 Pre-1934 US Gold Coins 1880-CC Rev 78 4 5 12 xx 1896 6 14 59 85 Coming To Life 1880-CC 0 2 10 21 1896-O 9 5 11 xx Over the past month, the premiums 1880-O 15 18 102 1896-S 2 6 32 10 for Common-Date Pre-1934 US 1880-S 1 3 6 9 1897 14 51 151 200 Gold $5.00 through $20.00 have 1881 24 63 139 146 1897-O 19 20 12 8 mostly increased. Not only are pric- 1881-CC 0 1 4 14 1897-S 11 26 36 42 1881-O 25 74 68 43 1898 15 33 90 119 es are higher than the increase in the value of their gold content, they are 1881-S 1 2 4 6 1898-O 4 10 19 91 also up even more than that. 1882 17 39 76 79 1898-S 9 18 48 89 With the spot price of gold, here is 1882-CC 1 3 9 27 1899 2 11 42 45 1882-O 14 68 94 72 1899-O 4 15 29 175 how the prices for the various coins 1882-S 3 7 14 19 1899-S 5 11 27 72 have changed from four weeks ago: 1883 9 20 68 78 1900 8 26 124 169 1883-CC 1 2 5 21 1900-O 7 16 50 163 1883-O 2 7 42 103 1900-O/CC 2 6 28 34 Summary Of Current LCS 1883-S 3 8 39 xx 1900-S 8 12 42 73 Recommendations For 1901 7 7 2 xx 1884 13 35 65 85 Precious Metals and Rare 1884-CC 1 2 5 35 1901-O 7 24 101 217 1884-O 1 4 16 110 1901-S 6 11 55 83 Coins 1884-S 4 5 9 xx 1902 13 34 81 118 How much of your total net worth 1885 4 12 33 149 1902-O 5 13 64 210 should be in precious metals and rare 1885-CC 0 0 5 10 1902-S 4 14 59 62 coins? 1885-O 1 4 11 35 1903 14 29 59 84 1885-S 6 11 50 138 1903-O 2 4 23 46 Conservative Moderate Aggressive 10-15% 20% 25-33% 1886 3 6 15 19 1903-S 2 3 8 17 1886-O 8 13 26 xx 1904 19 48 115 152 How much to allocate for each 1886-S 9 26 71 73 1904-O 2 5 20 112 category of precious metals and rare 1904-S 2 4 17 40 1887 2 6 22 144 coins?* 1887/6 61 170 252 175 1921 2 9 50 88 Conservative Moderate Aggressive 1887-O 25 46 121 12 1921-D 10 32 89 83 Gold 40% 35% 25% 1887/6-O 21 85 xx xx 1921-S 13 34 95 56 Silver 60% 55% 50% 1887-S 15 24 102 258 Rare Coins 0% 10% 25% 1888 6 15 53 175 Coins with an Undervaluation Index™ of 6.00- TOTAL 100% 100% 100% 1888-O 9 29 53 116 9.99 are Recommended. Coins with an Under- 1888-S 7 14 47 142 valuation Index™ of 10.00-19.99 merit a High *Platinum and palladium both have volatile 1889 8 30 136 221 Recommendation. Coins with an Undervalua- markets with long-term supply/demand 1889-CC 0 1 3 xx tion Index™ of 20.00 or higher are given the fundamentals that are not as attractive as Highest Recommendation for potential future 1889-O 8 14 28 45 those for gold, silver or rare coins. While appreciation. Some coins may be far more ex- 1889-S 7 13 55 68 either or both might outperform gold, silver, pensive than most collectors can afford. See 1890 20 96 155 133 or rare coins in the short- to long-term, to detailed discussion in this newsletter for explana- be conservative we have omitted them from 1890-CC 1 8 33 18 our allocation. 1890-O 18 23 97 110 tion of the Undervaluation Index™ and its limita- tions. Bold Index should be available <$1,000. (Continued from page 3) The Month Gold settled today at $1,356.50, an in- that the flood of coins has abated. crease of $32.00 (2.4%) from a four weeks For the past couple of months, we have Gold Range 46.50 3.5% ago. US retail demand is definitely higher been aggressively seeking Better-Date Net Change +32.00 than it was in February, though still not US Gold Coins that were available at Silver Range 0.62 3.8% strong. prices much closer to those of Common- Net Change +0.28 As has been true for many months, just Date issues than you would expect from Gold/Silver Ratio 81.0 about all bullion-priced coins and ingots their relative rarity. Last month, we had are readily available for immediate or the good fortune to offer a lovely fresh Net change +0.5 short delay delivery, at reasonable to bar- group of Choice Mint State-63 1910 Platinum Range 51.00 5.3% gain premiums. $20.00 Saint Gaudens Double Eagles. Net Change -31.00 As usual, my low premium favorites are They sold out quickly. We were able to Platinum/Gold Ratio 0.68 the US American Arts Medallions locate just one more specimen at a major (1.9%), the Austria 100 Corona (1.5%), coin show two weeks ago. Date Gold Silver Platinum and the Mexico 50 Pesos (2.3%). Among Mar 14 1,324.50 16.46 960.00 We have not been able to find another smaller-sized issues, the US 1/2 Ounce equally-sized group of Better Date US Mar 15 1, 316.75 16.35 955.00 Mar 16 1, 311.25 16.20 948.00 American Arts Medallions (2.1%) have Gold this year. However, we have come the definite price advantage. up with a handful of smaller quantities of Mar 19 1,316.75 16.25 953.00 There has been a strange development in Better-Date US $10 Liberty Gold Ea- Mar 20 1,311.00 16.12 943.00 Mar 21 1,320.75 16.35 949.00 Pre-1934 US Gold Coins over the past gles At Bargain Prices. There are not as several weeks. The prices of many of many pieces as we would like to have for Mar 22 1,326.50 16.33 947.00 Mar 23 1, 349.25 16.53 947.00 these coins in circulated grades had fallen an offer, so I recommend checking the en- so low that some people were purchasing Mar 26 1,354.50 16.63 949.00 closed offer sooner rather than later. them as bullion! Premiums for most of Mar 27 1,341.25 16.48 945.00 A Speculation On Platinum Mar 28 1,324.25 16.20 934.00 the lower-premium issues are almost all For most of the past four decades, the Mar 29 1,322.75 16.22 927.00 higher than they were in mid-February. Mar 30 1,324.50 16.32 925.00 I can’t say for sure. However, I do think price of platinum has been higher than gold. But, a few years ago, when compar- Apr 02 1,342.25 16.58 932.00 that some of the higher grade Mint State ing the relative physical supply, demand Apr 03 1,332.75 16.34 925.00 coins are also at such low levels so that and inventory levels for both metals, I Apr 04 1,335.75 16.20 912.00 they can now be considered “bullion- predicted that the price of gold would Apr 05 1,324.25 16.32 909.00 related coins.” This could easily spark ad- Apr 06 1,332.00 16.33 912.00 ditional buying interest in the nicer quality eventually surpass that of platinum. Gold’s price did surpass that of plati- Apr 09 1,336.25 16.50 934.00 coins just as it has for the circulated exam- Apr 10 1,342.00 16.56 927.00 ples. num some time later and has remained at a premium ever since. In the long run, I Apr 11 1,356.50 16.74 929.00 Silver and Silver Coins anticipate that gold will remain more val- Gold, silver and platinum quotes are work- Silver closed today at $16.74, up a re- uable that platinum. ing spots at 1:45 EST/EDT each day, spectable 28 cents (1.7%) from a month However, I did not anticipate that the quoted in U.S. dollars per troy ounce. ago. There was a significant increase in price of platinum would decline to barely Shanghai Gold Exchange premiums above activity compared to February, but still not 2/3 of gold. London spot prices as of newsletter date: a huge volume. Also, at the beginning of this year, I Gold : -$9.92 Very rarely is it negative! Similar to gold products, nearly all bul- judged the ratio of prices between plati- Silver : +$1.17 lion-priced silver coins and ingots are num and palladium to be way out of pro- Current Shanghai Gold Exchange readily available for immediate or short- portion. This occurred because of a tem- premiums can be tracked at delay delivery. porary physical supply shortage of palla- www.didthesystemcollapse.com Again, US 90% Silver Coins (1.7%) are dium that is not yet fully resolved. our top recommendation for purchasing Still, after comparing the prices of plati- The low premium form we recommend bullion-priced physical silver because of num and palladium, I considered it likely is the 1 Oz Platinum Ingot (4.9%). How- its low premium, high divisibility, great li- that platinum would outperform the other ever, there is another tantalizing and spec- quidity, and status. metal going forward. Thus far, that is ulative opportunity. The Royal Mint has Last month we noticed that prices of happening. just released the 2018 1/10 Oz Platinum high grade Common-Date Morgan and Now that platinum has fallen to such a . Four other mints in decades Peace Silver Dollars were starting to rise. relatively low ratio to gold, it may be a past have issued 1/10 Oz platinum coins, For the most part, that continued. worthwhile speculation to add a small po- but stopped doing so because of low de- To celebrate the 30th Anniversary of the sition in physical platinum along with mand. Today, just about any of these debut of the Canada 1 Oz Silver Maple your gold and silver holdings. This is not coins are now selling for at least 50% and Leaf bullion coins, the Royal Canadian a recommendation to make a large acqui- sometimes 100% above their metal value. Mint issued the Canada 1018 Incuse Sil- sition, nor do I recommend swapping gold Do not count on the 1/10 Oz Platinum ver Maple Leaf. Unlike regular Silver or silver to acquire platinum. However, it Britannia ever selling at such high premi- Maples, this issue had a limited mintage. is possible that, going forward, the price ums. But future premiums could be higher The RCM and some wholesalers are al- of platinum could get closer to gold than than they are today. ready sold out, and premiums are rising. it is now, even if it never again trades as a Please review our enclosed offer. premium to the yellow metal. Gold And Gold Coins

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 EDT EDT 4.11.184.11.18 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 1,399.501,399.501399.501399.50 3.1%3.1% Gold:Gold: $1,357.50$1,357.50 *U.S.*U.S. 1/2 1/2 Oz Oz Gold Gold Eagle Eagle 1010 0.50000.5000 729.00729.001458.001458.00 7.4%7.4% Silver:Silver: $16.79$16.79 *U.S.*U.S. 1/4 1/4 Oz Oz Gold Gold Eagle Eagle 1010 0.25000.2500 375.25375.251501.001501.00 10.6%10.6% Platinum:Platinum: $935.00$935.00 *U.S.*U.S. 1/10 1/10 Oz Oz Gold Gold Eagle Eagle 1010 0.10000.1000 154.20154.201542.001542.00 13.6%13.6% Palladium:Palladium: $972.00$972.00 *U.S.*U.S. 1 1 Oz Oz Gold Gold Buffalo Buffalo 1010 1.00001.0000 1,413.251,413.251413.251413.25 4.1%4.1% *U.S.*U.S. 1 1 Oz Oz Medallion Medallion 1010 1.00001.0000 1,383.251,383.251383.251383.25 1.9%1.9% Notes from Liberty *U.S.*U.S. 1/2 1/2 Oz Oz Medallion Medallion 1010 0.50000.5000 693.00693.001386.001386.00 2.1%2.1% By Allan Beegle LCS Chief Numismatist *Australia*Australia 1 1 Oz Oz Kangaroo Kangaroo 1010 1.00001.0000 1,420.001,420.001420.001420.00 4.6%4.6% March’s bullion and numismatic sales *Austria*Austria 100 100 Corona Corona 1010 0.98020.9802 1,350.501,350.501377.781377.78 1.5%1.5% soared from a dismal February. *Austria*Austria 1 1 Oz Oz Philharmonic Philharmonic 1010 1.00001.0000 1,409.001,409.001409.001409.00 3.8%3.8% The featured offerings of Choice Mint *Canada*Canada 1 1 Oz Oz Maple Maple Leaf Leaf 1010 1.00001.0000 1,399.501,399.501399.501399.50 3.1%3.1% State-63 1910 $20.00 Saint Gaudens Dou- ble Eagles and Gem Mint State-65 Peace *Canada*Canada 1x25 1x25 Maplegram Maplegram 1010 0.80390.8039 1,231.001,231.001531.281531.28 12.8%12.8% Dollars sold out quickly. When I attended *China*China 30 30 Gram Gram Panda Panda 1010 0.96460.9646 1,403.751,403.751455.271455.27 7.2%7.2% the huge Baltimore Coin Expo two weeks *China*China 1 1 Oz Oz Panda Panda 1010 1.00001.0000 1,451.251,451.251451.251451.25 6.9%6.9% ago, I was only able to find one more of *Mexico*Mexico 50 50 Peso Peso 1010 1.20571.2057 1,674.501,674.501388.821388.82 2.3%2.3% the Saint and a mere handful of the Peace Dollars that met our strict quality stand- *S.*S. Africa Africa Krugerrand 1010 1.00001.0000 1,403.751,403.751403.751403.75 3.4%3.4% ards. All the rest of the featured items also *1*1 Oz Oz Ingot Ingot 1010 1.00001.0000 1,395.501,395.501395.501395.50 2.8%2.8% sold other than some of the low-priced ancient coins. *Austria*Austria 1 1 Ducat Ducat 1010 0.11070.1107 163.30163.301475.161475.16 8.7%8.7% Because of a snow storm, I arrived a day *British*British Sovereign 1010 0.23540.2354 338.50338.501437.981437.98 5.9%5.9% late at the Baltimore show, which cut into *France*France 20 20 Franc Franc 1010 0.18670.1867 269.25269.251442.151442.15 6.2%6.2% my ability to buy and sell. Still, sales were reasonably strong and I had some luck *Swiss*Swiss 20 20 Franc Franc 1010 0.18670.1867 269.75269.751444.831444.83 6.4%6.4% finding great bargains. Although I was not able to find any sizeable groups of a single $20$20 Liberty Liberty BU BU 1010 0.96750.9675 1,425.001,425.001472.871472.87 8.5%8.5% coin for a featured offering I was able to $20$20 St St Gaudens Gaudens BU BU 1010 0.96750.9675 1,425.001,425.001472.871472.87 8.5%8.5% add to the groups of Better-Date US $10 $20$20 Liberty Liberty Extremely Extremely Fine Fine 1010 0.96750.9675 1,410.001,410.001457.361457.36 7.4%7.4% Liberty Gold Eagles At Bargain Prices $10$10 Liberty Liberty Extremely Extremely Fine Fine 1010 0.48380.4838 705.00705.001457.211457.21 7.3%7.3% that LCS Communications Officer Patrick A. Heller had started to accumulate at $10$10 Indian Indian Extremely Extremely Fine Fine 1010 0.48380.4838 725.00725.001498.551498.55 10.4%10.4% shows in the prior four weeks. $5$5 Liberty Liberty Extremely Extremely Fine Fine 1010 0.24190.2419 375.00375.001550.231550.23 14.2%14.2% Back in the office, LCS was able to ac- $5$5 Indian Indian Extremely Extremely Fine Fine 1010 0.24190.2419 435.00435.001798.261798.26 32.5%32.5% quire a moderate supply of two interesting $2.50$2.50 Liberty Liberty Extreme Extreme Fine Fine 1010 0.12090.1209 295.00295.002440.032440.03 79.7%79.7% new 2018-dated coins. To celebrate the 30th Anniversary of the debut of the Cana- $2.50$2.50 Indian Indian Extreme Extreme Fine Fine 1010 0.12090.1209 285.00285.002357.322357.32 73.7%73.7% da $5.00 1 Ounce Silver Maple Leaf, the has issued a 2018 *U.S.*U.S. 90% 90% Silver Coin 1,0001,000 71571512,210.0012,210.00 17.0817.08 1.7%1.7% Incuse Silver Maple Leaf. The incuse *U.S.*U.S. 40% 40% Silver Silver Coin Coin 1,0001,000 295295 5,010.005,010.00 16.9816.98 1.1%1.1% features that are sunk down below the sur- *U.S.*U.S. Peace Peace Dollars, Dollars, VG+ VG+ 1,0001,000 76076017,500.0017,500.00 23.0323.03 37.1%37.1% face of the coin instead of raised above it *U.S.*U.S. Silver Silver Eagles Eagles 1,0001,000 1,0001,00019,440.0019,440.00 19.4419.44 15.8%15.8% are Queen Elizabeth II on the obverse and the Maple Leaf on the reverse. Because of *Canada*Canada Silver Silver Maple Maple Leaf Leaf 1,0001,000 1,0001,00018,790.0018,790.00 18.7918.79 11.9%11.9% extra production difficulties, few incuse design coins are ever struck. For this is- *100*100 Oz Oz Silver Silver Ingot Ingot 1010 100100 1,759.001,759.00 17.5917.59 4.8%4.8% sue, the RCM minted only 250,000 coins *10*10 Oz Oz Silver Silver Ingot Ingot 100100 1010 177.90177.90 17.7917.79 6.0%6.0% instead of millions of the usual Silver Ma- *1*1 Oz Oz Silver Silver Ingot Ingot 1,0001,000 1 1 17.7917.79 17.7917.79 6.0%6.0% ples. These coins have been so popular that the Mint has already sold out. Premi- *1*1 Oz Oz Platinum Platinum Ingot Ingot 1010 1.00001.0000 981.00981.00 981.00981.00 4.9%4.9% ums are on the way up, with one national *U.S.*U.S. 1 1 Oz Oz Platinum Platinum Eagle Eagle 1010 1.00001.0000 1,079.001,079.001079.001079.00 15.4%15.4% competitor charging $7.00 over spot for LCS Postage Charges *Canada*Canada Palladium Palladium ML ML 1010 1.00001.0000 1,000.001,000.001000.001000.00 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 400400 Frandor Frandor Avenue Avenue (517)(517) 351-4720 351-4720 Local Local $250-499 $18 $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 EDT EDT 4.11.184.11.18 Spot Spot Prices Prices

Coins,Coins, Rolls Rolls and and Sets Sets Gold:Gold: $1,357.50$1,357.50 U.S.U.S. 10 10 pc pc Gold Gold Medallion Medallion Set, Set, 1980-1984, 1980-1984, BU BU $11,695$11,695 Silver:Silver: $16.79$16.79 U.S.U.S. Morgan Morgan Dollar, Dollar, 1921, 1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $560$560 Platinum:Platinum: $935.00$935.00 U.S.U.S. Morgan Morgan Dollar, Dollar, Pre-1921, Pre-1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $825$825 Palladium: Palladium: $972.00$972.00 U.S.U.S. Peace , Dollar, Brilliant Brilliant Uncirclated Uncirclated Roll/20 Roll/20 $500$500

NumismaticNumismatic Coins Coins (PCGS/NGC/ICG (PCGS/NGC/ICG Graded) Graded) MS-63MS-63MS-64MS-64 MS-65MS-65is equal to the finest specimen we have had U.S.U.S. $20.00 $20.00 St St Gaudens Gaudens 1,4851,485 1,5301,530 1,8351,835in stock in our 47 years in business. It has a U.S.U.S. $20.00 $20.00 Liberty Liberty 1,5651,565 1,7301,730 2,6952,695bit of toning at the bottom of the obverse and a few specks you can see under close exami- U.S.U.S. $10.00 $10.00 Liberty Liberty 840840 1,1051,105 2,3602,360nation. Coin Values lists Proof-65 speci- U.S.U.S. $5.00 $5.00 Liberty Liberty 490490 675675 1,6701,670mens for $150 while PCGS Retail catalogs U.S.U.S. 4 4 pc pc Indian Indian Gold Gold Type Type Set Set 3,7253,725 5,2455,245 12,93512,935Proof-67 examples for $240. Your cost is U.S.U.S. 4 4 pc pc Liberty Liberty Gold Gold Type Type Set Set 3,2753,275 3,9603,960 7,3907,390just $195. U.S.U.S. 8 8 pc pc Gold Gold Type Type Set Set 6,9406,940 9,0559,055 19,87519,875 7-Piece Set Of Large .999 Fine Silver Apollo Mission Medals: The U.S.U.S. Morgan Morgan Dollar Dollar (Pre-1921) (Pre-1921) 6262 72 72 142142Medallic Art Company struck a series of 7 U.S.U.S. Peace Peace Dollar Dollar 4141 51 51 116116large 2-1/2” .999 silver medals, one for each of the Apollo flights that were meant to land 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 on the Moon, Apollo 11 through Apollo 17. closes.closes. Smaller Smaller lots lots are are available available at atslightly slightly higher higher prices. prices. No NoMichigan Michigan Sales Sales This set includes the Apollo 13 medal, the TaxTax on on rare rare coins coins or or precious precious metals metals bullion. bullion. Numismatic Numismatic purchases purchases have have flight that never landed on the Moon. Each medal weighs from just a little under 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 5 ounces to a bit more than 5 ounces, with returnablereturnable and, and, after after confirmation, confirmation, cannot cannot be be cancelled. cancelled. the total series containing around 35 ounces of silver. Each of these intricate works of art is en- cased in a rigid Capital Plastics holder to them. However, while this supply lasts, we to the west in Italy, and even further along the protect it in its original pristine condition. offer them at a much more reasonable premi- north coast of Africa. As a bonus, the holder for the Apollo 15 um. Unfortunately, these large military expendi- flight has been autographed by Lunar Mod- The second interesting coin is the Bullion- tures drained the Empire’s treasury. When he ule Pilot James Irwin. Irwin, along with priced 2018 Great Britain 1/10 Oz Plati- cut the military’s pay, they mutinied, appoint- Commander David Scott, spent three days on num Britannia. Other mints had struck this ed Phocas their new leader, and executed the Moon. This was the first mission to use size of a platinum bullion-priced coin from Maurice Tiberius and all of his sons. Under a lunar rover. (Trivia tidbit—all three mem- the 1980s up to ten years ago, then stopped Phocas, the Empire renewed a war with the bers of the Apollo 15 crew had degrees from production because of low demand. Today, Persians that so depleted both it resulted in the University of Michigan. While on the if you can find any of these coins, you are the Arab Muslims territorial expansion. Moon, Scott and Irwin held a Michigan likely to pay at least 50-100% above their Among Byzantine gold coins, the solidus of alumni association meeting, setting the rec- metal value. This new issue is available Maurice Tiberius is one of the more com- ord for the furthest distance such a meeting much closer to platinum value and may well monly encountered. What is rare is the quali- has been held from the home campus.) sell out quickly. ty of this specimen. NGC certified it as Mint This is the first such set we ever recall han- Last, one of our long-time customers sold State, with the strike and surfaces both rated dling. To try to assemble this set piece by back to us More One-Of-A-Kind Large 4 out of a possible 5. There is a bit of weak- piece would be a challenge. You can own all Size US Paper Money that he had acquired ness toward the edge of the design. this history for $895. more than a quarter century ago. We offer This piece may be the first Mint State Byz- here the most attractive popular specimens. Sealed Mint Boxes Of Canada antine Gold Coin we have ever handled in our 2015 $2.00 1/2 Oz Silver Bald Ea- As most items featured this month are one- history! Amazing history and quality. $650. of-a-kind or few-of-a-kind, I recommend gles: We just purchased four RCM-sealed that you act quickly. Call our Trading Desk Superb Gem Proof-67 1942 Silver boxes of these Mint State coins. Each con- toll-free at 800-527-2375 to confirm availa- Nickel: To save on nickel for the war ef- tains 240 coins (120 ounces of silver). We bility, price (on the bullion-priced coins) and fort, the US Mint struck from part cannot find mintage figures, though most to confirm your order. way through 1942 to 1945 out of a unique other Canada 1/2 Oz silver coins have mint- As usual, here are some other beautiful alloy of 56% copper, 35% silver, and 9% ages ranging from 5,000 to 40,000. bargains to tempt you: manganese. These coins were distinguished We could not find many US dealers with with the large mintmark above Monticello on any in stock . Their prices or those offered Mint State Byzantine Gold Soli- the reverse. Emperor Maurice Tiberius (582-602 online range from $11 to $27 each. dus: Because of World War 2, the US Mint Will these someday be numismatic rari- AD) was the last Byzantine to rule over a stopped producing Proof Sets after 1942, not relatively stable Empire. His defeat of Per- ties? Maybe or maybe not. You can pur- to resume until 1950. Therefore, Proof Silver chase one or more of these boxes today from sian forces and support for a deposed Persian Nickels were only struck in the year 1942, ruler saved the Empire from having to pay LCS for the bullion-related price of $2,395 with a paltry mintage of just 27,600. each. No credit cards accepted. You must gold tribute each year. He further expanded This NGC-certified Superb Gem Proof-67 the Empire northwest to the Danube River, send a check.

Better-Date US $10 Liberty Gold Eagles At Bargain Prices!

by Allan Beegle, LCS Chief Numismatist and Patrick A. Heller, LCS ty. Communications Officer When you consider that the 1901-S date currently With the prices of Pre-1934 US Gold Coins prices sells at $760 in MS-61 grade, $770 for MS-62 condi- sinking closer to the value of their intrinsic gold con- tion, and $835 in Choice MS-63 condition, you can tent, we have been more aggressive than every trying see how much more attractive these rarities are for not to find Better-Date coins at close to Common-Date all that much higher of prices. prices. As there are so few coins in stock, there is no order The problem with trying to do that is that collectors blank. Please call to confirm availability and lock in tend to hold onto their collections when prices are your purchase. low. As a consequence, finding these coins is a real Review the list, then call our Trading Desk today, challenge. LCS Communications Officer Pat Heller toll-free, at 800-527-2375. For fastest shipment, you was able to pick up a lovely group of Choice Mint can use your Visa, Mastercard, or Discover charge State-63 1910 $20.00 Saint Gaudens Double Eagles cards to have your purchase shipped to the credit card that we featured last month. They sold out quickly. billing address. While we have not been able to find any Better-Date As with all of our numismatic items, your satisfac- US Gold Coins in groups that large since, we have tion is guaranteed. You have 14 days upon your re- had modest luck when attending recent major coin ceipt to return these coins for a full, prompt, no- shows in coming up with smaller lots of a variety of questions refund. desirable dates of $10.00 Liberties in Mint State-61, 1880 $10.00 Liberty, Mint State-62, PCGS/ Mint State-62, and even Choice Mint State-63 condi- NGC—$795 (5 coins available). The mintage is tion. large—1,644,840 coins. However, US gold coins is- Each of these coins have been certified by the Pro- sued before the 1890s almost all entered circulation. fessional Coin Grading Service (PCGS) or Numis- As a consequence the number of pieces surviving in matic Guaranty Corporation (NGC) as well as passing Mint State grades are far smaller than the mintages our strict quality standards. might lead you to think. Despite these efforts, we can only offer a total of For example, PCGS and NGC together over the past 24 coins among seven different dates! That really 31 years have certified fewer than 1,000 MS-62 and isn’t enough coins to offer to our entire clientele. nicer coins of this date. That makes them more than However, a new problem has developed—prices are 34 times rarer than the 1901-S $10.00 Liberty in MS- starting to rise. 62 or higher grades! For instance, over the past few weeks the price of Yet, for all this rarity, these scarcer issues cost you Common-Date $10.00 Liberties in Choice Mint State- only $25 per coin above the common-date issue. 63 quality are up about 4% even though the spot price These coins catalog in PCGS Retail at $880 and in of gold is up much less than that. Coin Values for $1,100, but we offer them at a huge Here at LCS, we have faced this dilemma before. discount. Do we offer our smaller group of coins at the lowest possible price? Or to we risk a further price increase 1881 $10.00 Liberty, Mint State-62, NGC,—$770 while trying to find more specimens? (1 coin available), Choice Mint State-63, NGC— As we consistently decide in such situations, we pre- $875 (7 coins available). This date has the highest fer to offer our valued customers coins at the lower mintage of all $10.00 Liberties, at 3,877,220 coins. prices. So, while they last, you have a new opportuni- Still, because it is a relatively early issue, the number of nice surviving specimens is less than you might ues in MS60 quality lists this date at $850; in MS-62 condition it is at $900. Yet, for all this rarity, your cost isn’t all that much higher than for the common-date 1901-S.

1885 $10.00 Liberty, Mint State-62, NGC, $875 (2 coins available). This date has a moderate mintage was 253,462. Over the past 31 years, PCGS and NGC have certified fewer than 400 pieces in MS-62 and all higher grades. For a coin that is more than 84 times scarcer than the 1901-S in MS-62+ quality it is amaz- ing that you can acquire it so close in price to the common issue. This coin catalogs in PCGS Retail for $1,075 and in Coin Values for $900. These two are among the finest examples of this date we have ever hand in stock! expect. In MS-62 and higher grade, it is more than four times scarcer than the 1901-S, though you can 1885-S $10.00 Liberty, Mint State-62, PCGS— buy our specimen for the same price as the Common- $850 (2 coins available). Like the 1885, the 1885-S Date coin. In Choice MS-63 and higher quality, it is also has a moderate mintage, just 228,000 pieces. As more than 20 times rarer than the 1901-S. Just like of last week, PCGS and NGC combined had certified the 1880 date, you can acquire the MS-63 specimens a little over 700 MS-62 or nicer coins, making them for not much more than the same grade 1901-S over 46 times scarcer than the 1901-S issue in the coins—merely $40 more! PCGS and NGC have certi- same grades. We may or may not have handled other fied just 84 specimens nicer than MS-63. specimens of this rarity in the same quality—we just This rarity lists in Coin Values at $925 in MS-62 don’t recall any. quality and at $1,000 in MS-63 grade. In PCGS Re- PCGS Retail lists these coins at $975. Coin Values tail, the respective catalog values are $775 and $975. is at $900. But, as you may be getting used to by now, we can offer these at great discounts while our 1881-S $10.00 Liberty, Mint State-62, PCGS/ meager stock lasts. NGC—$825 (3 coins available). This date does not have a low mintage, 970,000 pieces. The combined 1890 $10.00 Liberty, Mint State-61, NGC, $850 (2 PCGS/NGC MS-62+ population is under 1,250 piec- coins available). This date has far and away the low- es, which makes them more than 26 times rarer that est mintage, a measly 57,980 coins, of those offered the 1901-S in the same grades. here. The combined PCGS/NGC population of just These coins catalog at $900 and $950, in PCGS Re- over 400+ also makes it the second rarest date in MS- tail and Coin Values, respectively. 61 or higher grades of those listed here. In a quarter century of seeking Mint State examples 1884 $10.00 Liberty, Mint State-61, NGC—$860 of this low mintage date we have handled maybe ten (2 coins available). The mintage is a tiny 76,860 and certainly no more than twenty specimens. coins. As of a week ago, PCGS and NGC together PCGS Retail catalogs these coins at $910. Coin have certified a minuscule 141 coins in MS-61 condi- Values is higher at $950 in MS-60 quality and a lofty tion and a meager 117 in all higher grades combined. $2,000 in MS-62 condition. That makes these coins 138 times rarer in MS-61+ condition that the 1901-S! This pair of pieces are, by far, the scarcest in this of- fering. We could not find any MS-61 specimens that have appeared in a major auction in more than two years! We have had a few other specimens of this quality in the past, but only because we actively searched for them. PCGS Retail lists this coin for $1,110. Coin Val-

Enlarged to show Canada 2018 detail. Actual size 16.5 Incuse millimeters (about 0.65”) Silver Maple Leaf! Bullion-priced 2018 Great Britain To celebrate the 30th 1/10 Oz Platinum Britannia! Anniversary of the introduction of the Mint State Canada $5.00 1 We are regularly asked for bullion-priced 1/10th ounce Ounce Silver Maple Leaf bullion coins, in 2018 platinum coins or ingots, especially since the price of the Royal Canadian Mint issued a limited- platinum to gold today is close to an historically low ra- edition (250,000 mintage) incuse Silver Maple tio. The options have been few and far between. Leaf. From 1983 through 1989, the Pobjoy Mint in the Isle of Demand for this one-year variety was so Man struck a 1/10 Oz Platinum . Canada issued a strong that the Mint has already sold out its bullion-priced 1/10 Oz Platinum Maple Leaf from 1988 entire mintage. through 2002. From 1988 through 2005, the The incuse design elements, which are sunken in Australia issued the 1/10 Oz Platinum Koala. From below the field of the coin instead of raised 1997 through 2008, the US Mint issued a bullion-priced above it, are Queen Elizabeth II on the obverse 1/10 Oz $10 Platinum Eagle. Unfortunately, demand for and the Maple Leaf on the reverse, the iconic these coins was so limited the none are in production Canadian symbol featured in the center of the today at bullion-levels. If you can find any, expect to pay nation’s flag. 50-100% above their metal value. Incuse designs are more difficult to properly Good news! Great Britain’s Royal Mint has introduced strike. Because of this, incuse designs are rare a bullion-priced 2018 1/10 Oz Platinum Britannia. With enough that only two circulating US coins, the a face value of 10 Pounds, the obverse bears the portrait $2.50 and $5.00 Indians in the early 20th of Queen Elizabeth II. The reverse design is adapted Century, have this feature. from the Silver Britannia bullion issues. It shows Bri- LCS was able to acquire a moderate supply tannia, a symbol of the British Isles since the days of the before prices started to rise. We now see dealers Roman Empire, standing firm against a gale-force wind. charging as much as more than $7.00 per coin One modification to the design was to add a radial sun- above the silver spot price. burst in the background for anti-counterfeiting protec- These coins come packaged in their original 25 tion. -coin RCM tubes. While our supply lasts, you The mintage will be low enough that there is only one can purchase one to four tubes of these coins American primary distributor, who allowed us to be one for of the first to obtain a moderate supply.

1-3 25-Coin Rolls at $3.59 per coin above While they last, pick up one or more of these beautiful coins for less than our competitors charge: the ask silver spot price 4 25-Coin Rolls at 3.29 per coin above the 1-9 Coins at 19.3% above the ask platinum spot val- ask silver spot price ue

At an ask silver spot price of $16.50, for 10-24 Coins at 18.3% above the ask platinum spot example, 1-3 rolls would each cost you $502.25 value ($20.09 per coin) or 4 rolls would each cost you 25-100 Coins at 17.3% above the ask platinum spot value $494.75 ($19.79 per coin). Because of our limited supply, we must limit At an ask spot price of $925.00, for instance, these orders to 4 25-coin tubes (100 coins total) per coins would cost you $110.35 down to $108.50 apiece. customer. No exceptions! Limit 100 coins per order. At this bullion-related price, Call our Trading Desk Today! Reach us toll- you cannot use a charge card. You must send a check free at 800-527-2375 to check on availability for payment. and to confirm your order. To confirm your order, Call our Trading Desk at 800 As these coins are offered at bullion-related -527-2375. prices, you cannot use a charge card to As these coins are offered at bullion-related prices, you purchase them. You must send a check for cannot use a charge card to purchase them. You must payment. send a check for payment. As with all of our numismatic offers, your As we guarantee with all of our numismatic offers, you satisfaction is guaranteed. You have 14 days must be satisfied. You have 14 days upon your receipt upon your receipt to return this coin for a full, to return any of these coins for a full refund. immediate refund. —Tom Coulson, LCS General Manager —Tom Coulson, LCS General Manager More One-Of-A-Kind Large Size US Paper Money! This is perhaps the most affordable by Patrick A. Heller, LCS Communications Officer US Large Size Paper money in high Our offerings of US Large Size Paper Money in recent months grade with a series date in the 1800s have enjoyed some of the strongest interest from our customers. (though this design was printed into So, you can imagine our delight when we recently repur- 1923). This is one of the nicest speci- chased from a long-time customer some notes we sold to him. mens we have had in inventory for The customer had send them all to Paper Money Guaranty several years. (PMG), an affiliate of the coin certification service Numismatic Guaranty Corporation (NGC), for certification. From the group, US $1.00 Federal Reserve Bank we selected the choicest specimens to offer to you. Note, Series of 1918, FR# 725, Ex- As before, with only a single specimen of each note available, tremely Fine-40 Exceptional Paper we have eliminated the order blank. Please call to check on Quality, PMG—$239. This note is availability and lock in your purchase. nicknamed the “Green Eagle” for the Review the descriptions, then call our Trading Desk today, large and proud spread-winged eagle on the reverse. On the toll-free, at 800-527-2375. Consult the chart on the Computer front is a portrait of at the left. This note Quotes page for postage charges. For fastest shipment, you can was issued for the Atlanta, Georgia Federal Reserve Bank. As use your Visa, Mastercard, or Discover charge cards to have your with other Federal Reserve Bank Notes, this specimen bears four purchase shipped to the credit card billing address. (Note: Mich- signatures—those of the Register of the Treasury, the Treasurer igan customers must add 6% Michigan sales tax) of the United States, and of the Cashier and the Governor of the As with all of our numismatic items, your satisfaction is guar- Atlanta Federal Reserve Bank. anteed. You have 14 days upon your receipt to return these notes As I mentioned in December, the Fed- for a full, prompt, no-questions refund. eral Reserve Bank Note series was cre- ated at the end of World War I to assist US $5.00 Legal Tender Note, Series of 1878, Fr# 69, Choice Great Britain with its debts. Uncirculated-64 Exceptional Paper Total printage of this type was Quality, PMG—$1,850. This note, 5,400,000. Researcher Carson nicknamed the Woodchopper for the Chambliss estimates that only about 1 man holding an axe in the center vi- of every 15,000 Green Eagles survive gnette, is a touch nicer than the speci- today, which would indicate a popula- men we offered five months ago. It tion of around 360. came out of the same mini-hoard that This particular note appears to be of we sold almost thirty years ago, where much higher grade unless you look at it extremely close. If may LCS was able to provide our custom- be among the most desirable examples of this note you could ers with several top-quality speci- ever find for the price. mens. As we noted in December, PMG at US $20.00 , Series of 1906, FR# 1185, Very that time had certified just 36 CU-64 Fine-25, PMG—$279. Gold Certificates featured gold-colored EPQ (Exceptional Paper Quality) examples, 29 in CU-65 EPQ, serial numbers and Treasury seals. In addition, this also bears a and 6 in CU-66 EPQ condition. Yet you can own this beauty for gold-colored “XX” to the left of the front as an indication of the a fraction of what you would pay for a coin of equal rarity. in Roman numerals. When President Franklin Roosevelt issued US $5.00 Legal Tender Note, Series of 1907, FR #91, Choice 6102 on April 5, 1933 it required all persons to deliver to the US Uncirculated-64 Exceptional Paper government all holdings of US gold coins in excess of $100 face Quality, PMG—$595. This later issue value in return for full compensation in Federal Reserve Notes. Woodchopper is perhaps the highest This Executive Order also required that people turn in any gold quality of this type we have handled in bullion and gold certificates that they were holding. As a conse- the past 20 years. While the reverses quence, the number of surviving Gold Certificates is also limited, are virtually identical to the above note, with researcher Chambliss estimating perhaps 500 extant of this there are two significant differences on type. This is an eye-appealing note for the front from the 1878 version. The the grade. red Treasury seal and the red “V” have The reason these notes were included exchanged positions, with the “V” in the 1933 gold redemption was that much smaller on this piece. they read, “This certifies there have US $1.00 Silver Certificate, Series been deposited in the Treasury of the of 1899, FR# 236, Choice Uncirculated-64, PMG—$395. This United States of America Twenty Dol- note is the famous “Black Eagle” for depicting a proud spread- lars in Gold Coin payable to bearer on winged eagle in the center of the front. In small vignettes at the demand.” When this clause was re- bottom of the front are US Presidents and Hi- voked, the US government sought to ram Ulysses Grant (more commonly known as Ulysses S. Grant). withdraw them from circulation.

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