Volume 21 Issue 8 Liberty Service’s Monthly Review of Precious Metals and Numismatics August 5, 2015 The US Will Not Collapse In October! Gold And Silver Fall To Five Year Lows; Physical Demand Soars!

Today, gold’s price settled in US 2015 Year To Date Results Dollar +4.2% markets at its lowest level since it Through August 4, 2015 Japan Yen +3.9% ended the day at $1,075.75 on Febru- Kuwait Dinar +3.5% Precious Metals ary 10, 2010. On July 24, the spot Philippines Peso +2.3% Silver -7.5% India Rupee +1.2% price of silver closed at its lowest Gold -18.6% Pakistan Rupee +1.0% level since it settled at $14.22 on Au- Platinum -19.6% Dollar +0.2% gust 27, 2009. Palladium -26.5% China Yuan +0.1%

Through today’s closes, gold has Numismatics Great Britain Pound +0.1% fallen $86.25 (7.4%) and silver US MS-65 Morgan Dollar, Pre-1921 +7.1% -0.1% dropped $0.95 (6.1%) since last US MS-63 $20 Liberty +0.3% Saudi Arabia Riyal -0.1% US MS-63 $20 St Gaudens -1.1% Switzerland Franc -1.6% month’s newsletter. Israel Shekel -2.4% Part of this increase can be attribut- US Dollar vs Foreign Brazil Real +30.6% U.S. Dollar Index 97.92 +8.69% ed to the rise in the value of the US dollar in the past few weeks against Colombia Peso +23.0% US And World Stock Market Indices Turkey Lira +19.2% other currencies. Even though the Shanghai Composite +16.1% Dollar +19.2% Tokyo Nikkei 225 +17.6% price of gold and silver are down Uruguay Peso +18.7% Frankfurt Xetra DAX +16.8% since the beginning of this year, as Dollar +13.5% Sao Paulo Bovespa +0.1% measured in US , there are a Chile Peso +12.5% NASDAQ +7.8% handful of nations where the price of Sweden Krona +11.6% Russell 2000 +2.0% Denmark Krone +11.4% Dow Jones World (ex-US) +2.1% gold in the local currencies has risen Norway Krone +11.3% thus far this year. The price of silver London FT 100 +1.8% Euro +11.2% S&P/ASX 200 +5.3% in 2015 has risen in more than twenty Australia Dollar +10.7% S&P 500 +1.7% foreign currencies, as you can see in Malaysia Ringgit +10.5% DJIA -1.5% Mexico Peso +10.4% the table to the right. 10 Year US Treasury Note interest rate While there is far more to discuss South Africa Rand +10.2% Egypt Pound +9.5% 2.211% +1.75% about developments in precious met- Hungary Forint +8.9% Intrinsic Metal Value Of U.S. als, there is a subject I need to cover, Argentina Peso +8.7% Lincoln , 1959-1982 1.57¢ which is now being brought up by Czech Republic Koruna +8.7% Lincoln cent, 1982-date 0.50¢ customers on almost a daily basis. Indonesia Rupiah +8.6% Jefferson , non-silver 3.31¢ Poland Zloty +8.5% Roosevelt dime, 1965-date 1.50¢ The US Dollar Will Not South Korea Won +6.9% Washington quarter, 1965-date 3.75¢ Collapse In October! Peru New Sol +6.9% Kennedy half dollar, 1971-date 7.51¢ Thailand Baht +6.7% Yesterday morning, I gave a presentation to a local Kiwanis group sell more subscriptions. Selling subscrip- titled “Collecting Coins For Fun And convinced that the US dollar was going to tions to financial investment newsletters Profit.” There were about 20 people collapse on October 20, about ten weeks is tough. First, the writer needs to be per- in the audience. Two attendees were from now. ceived as knowing what he or she is talk- Other people often tell me that the US ing about. Second, they also need to Value Of US Dollar government will outlaw the use of cash scoop other sources on coming out with As Measured Against Gold payments in October. new information first. Third, they need to Value of $1.00 at creation of A lot of this concern seems to be coming discuss subjects that are of direct concern Federal Reserve in 1913 0.0484 tr oz from investment newsletter writers try to Value of $1.00 today 0.0009 tr oz Inside this issue: How Can You Protect Yourself? page 2 Change in value of US dollar What About Puerto Rico? page 3 against gold since 1913 -98.1% Alongside Night Movie Videos On Sale page 4 (Continued from page 1) of truth in creating these stories that some Patrick A. Heller’s Upcoming Speech- to potential readers. people are panicking at the thought that they es and Appearances Like I suspect just about all of you might occur. Let me explain what is really do, I get my share of mail urging me to going on so that you can take a balanced per- September 19, Grand Rapids, Michigan, subscribe to a wide variety of publica- spective on what will then be happening. “Consumer Protections When Buying tions, all promising that they will It is true that there will be two events in and Selling Precious Metals,” part of guide me to the financial promised October which will impact people’s financ- the Michigan State Numismatic Society land if I first send them a payment. es. First, the Payment Networks’ Liability Educational Program, at the Neal E. Fonger Post #179 American Legion at Some claim to have secret information Shift will occur. This involves the Visa, 2327 Wilson Ave SW, Grand Rapids, (and there are a small percentage who Mastercard, and Europay credit and debit MI 49534. Registration required at legitimately have really good sources). cards. Worldwide, it will affect 1.24 billion http://www.michigancoinclub.org/ A number proclaim that they accurate- payment cards, 15.4 million point of sale ter- ly predicted a number of market turns westside%20seminar.html. Cost $20 to minals, and 360,000 automated teller ma- MSNS members, $25 for non-members. in the past. Many of these claims chines. What is involved is an attempt to Entire four programs run from 9AM to stretch the truth a bit and almost all of eliminate much of about $10 billion in annu- 4 PM, lunch and refreshments included them “forget” to mention their fore- al fraudulent payment card transactions and in the fee. casts that were duds. to facilitate mobile payment technology. In truth, there is a lot of uncertainty The means to achieve this transition is with November 23-24, San Francisco, Cali- in the world. There is no single finan- the abandonment of magnetic stripe payment fornia, Silver Summit at the Davenport cial expert who has a perfect crystal cards and replacing them with cards embed- Hotel, 10 S. Post Street. Subject and time to be determined. ball seeing into the future. How many ded with a smart chip. The smart chip pro- of these know-it-alls forecasted in ad- cesses each transaction using a unique set of For more information on any event or to vance the March 11, 2011 9.0 magni- codes instead of the card number. That way, arrange for a presentation by Patrick A. tude earthquake and following tsunami should someone hack into a computer that Heller, call 800-933-4720 or email that struck the east coast of Japan and has stored payment card numbers, it would [email protected]. the global economic impact it had? be impossible to use that information for Any guru who could be right even subsequent transactions. foreign banks and brokerages with ex- 60% of the time will, in the long run, The rest of the world is about 75% panding onerous regulations of the be highly successful and attract fol- switched over to smart chip-embedded pay- Foreign Account Tax Compliance Act lowers. But, there are even more self- ment cards. Some nations have already (FATCA). Other nations, such as proclaimed experts who are trying to banned the usage of magnetic stripe payment France and Italy, are lowering the size sell newsletters by taking a little bit of cards. The United States, where the greatest of cash transactions that must be re- truth about coming financial develop- number of payment cards, point of sale ter- ported to those governments. ments and exaggerating how it will minals, and ATMs exist, is the last to switch In America, the Federal Bureau of impact people’s lives. over. The costs in switching to the new Investigation and the Department of As I said, I am regularly asked about technology could be as much as $9 billion. Justice as part of their “Communities what people should do to protect them- That is a massive amount, but is actually less Against Terrorism” program have selves against the event that (in the than annual payment card fraud losses. prepared 25 flyers for businesses to most extreme descriptions) 1) the US As part of this conversion, every US mer- be on the lookout for terrorists (see government makes it illegal to spend chant needs to obtain new payment card pro- https://publicintelligence.net/fbi- cash, or 2) the US dollar collapses af- cessing equipment and software. LCS pur- suspicious-activity-reporting-flyers/). ter the Chinese yuan is added as a chased the needed hardware a few months To comply with these guidelines, a component of the International Mone- ago, but we cannot use all of its features un- few examples of people that mer- tary Fund’s Special Drawing Rights. til new software is created and installed. chants are supposed to keep an eye on The people asking me these questions Payment card users also need to receive are those who patronize a business all pinpoint the month of October as their chip-embedded cards to replace their more than once and wear different when these events will occur. current magnetic stripe cards by October. clothes each time, or who support Neither of these extreme develop- There are two other aspects to the reduced Ron Paul—or who pay for goods and ments will happen in October. How- use of cash which can make it appear that services with cash! ever, it is possible for newsletter pro- somehow the US’s catching up to the rest of As technology evolves, the need for moters to incorporate enough elements the world in payment card processing tech- cash is declining. Today people use nology seem to be part of a plot to eliminate cell phones instead of pay phones. Find hundreds of numismatic the use of cash entirely. More parking meters and vending ma- items offered for sale today in A reason given by some of these sensation- chines now accept payment cards in- our eBay store and on our web- alists trying to sell newsletters is that the US stead of coins. site. Gold, silver, and coins, government is anti-cash because it allows Even though the US and other gov- exonumia, paper money, and other people financial privacy from the govern- ernments are discouraging financial collectibles. On eBay, search for ment, and the government wants to eliminate privacy through the use of cash pay- seller Treasurechestofliberty. At such privacy. It is true that governments are ments and technology is displacing www.libertycoinservice.com, click reducing financial privacy. The US has crip- the need for and coins, there on the kinds of coins you wish to re- pled the ability of its citizens to have ac- is no full-blown effort to totally elimi- view. counts outside of the country by subjecting (Continued on page 3) (Continued from page 2) to about 60%. The trend is clear for the dollar The US dollar is still used for pay- nate financial privacy by prohibiting to be used in a lesser percentage of interna- ment in 60% of international transac- the use of cash payments in October. tional payments over time. This decline is be- tions. Beyond that, more than 50% of On the other subject, earlier this ing somewhat accelerated by China’s aggres- worldwide central bank reserves are year the Chinese government an- sive campaign to promote the international held in US dollars. This means that nounced that it wanted the Chinese use of the yuan. However, the yuan accounts there is strong international interest in yuan to be added to the other four for less than 3% of international payments. keeping the dollar a viable currency currencies (the US dollar, Japan yen, Even if the use of the yuan in international for the time being. British pound, and the euro) that are payments were to double in the next three Conclusion: There are plenty of ra- components of the International months, that would have a barely noticeable tional reasons to own physical pre- Monetary Fund’s Special Drawing impact on the foreign demand for US dollars. cious metals as insurance against the Rights (SDR) when modifications The use of the dollar in worldwide commerce risk of decline in the values of paper could be considered at a meeting in is so pervasive that it will take far longer for assets such as stocks, bonds, and cur- Lima, Peru October 9-11. it to be significantly displaced. In other rencies. Rushing out to buy some be- This request reflects the rise in the words, while the US dollar will continue to cause of the prospect of it becoming use of the yuan in international diminish in global importance over the com- illegal to hold cash or that the US dol- transactions and the growth in the ing decades, it will not crash or even fall lar could fall sharply or fail in Octo- Chinese economy. China’s economy sharply in value in October 2015. ber are not on that list of reasons. is the second largest worldwide and The foregoing was written before it was an- the nation’s reported gold reserves nounced yesterday that the IMF will not add Why Greece Will Never are the fifth highest of any central the Chinese yuan as a component of the Spe- Pay Off Its Government bank. The yuan is already the cial Drawing Rights at the October meeting. Debts world’s fifth most used currency for Instead, the IMF announced that it will de- While there may be some who have international transactions. fer consideration of adding the yuan to the hopes that Greece’s debt problems There are two requirements to be SDR until a November meeting. may be resolved without a financial considered for inclusion in the SDR. In a perfect combination of “saying yes” crisis, the long term prospects are vir- First, at least 60% of the IMF’s while simultaneously “saying no,” the IMF tually nil. A review of US monetary member nations must agree, which (which is effectively controlled by the US policy from 1944 to 1980 demon- has already been achieved. Second, government) report stated “If the RMB strates just how difficult it will be to at least 85% of the IMF’s voting (Chinese yuan) were determined to avoid an economic collapse, either in power has to support this change. be a freely usable currency, it would play a Greece, across the Eurozone, or possi- The US holds 16% of the IMF’s vot- more central role in the Fund’s financial oper- bly even globally. ing power, which means it can veto ations going forward, and it would qualify for Coming out of the 1944 Bretton this change. If the US government inclusion in the SDR basket.” Woods agreement and the end of supported China’s request, then Chi- The IMF report further said that any deci- World War Two, the US had the na will have surpassed the support sion to include the yuan in the SDR should world’s strongest economy and politi- threshold for this requirement. not be made before September 2016 to avoid cal clout. As such, a “gold-exchange” The US dollar currently makes up disrupting global financial markets on the system was set up. Under this sys- 41.9% of the value of the SDR, and first trading day of the calendar year. It was tem, the US dollar would be kept at a is the largest component. It is obvi- also stated that central banks and private asset hard peg against gold ($35.00 per troy ous that adding the Chinese yuan to managers would need six months of lead time ounce). Other nations could then fix the SDR will reduce the dollar’s to adjust to the forthcoming change. their currency against that of the US share of the value of the SDR. If the Separately, German Finance Minister Wolf- dollar. Should another nation receive yuan is added to the SDR, the US gang Schaeuble said in late May that the G-7 excess US dollars, it could turn them dollar will be perceived as somewhat Group of Nations agreed in principle that the back over to the US Treasury and re- less important in international com- yuan should eventually become a component ceive gold in exchange. The potential merce. The result of such a shift of the SDR. He stated, “We were completely risk of being forced to exchange gold would be 1) that some US currency agreed that it is desirable, in principle, that reserves for US dollars was, theoreti- and government debt now held in the technical conditions must be examined, cally, a sufficient discipline to pres- foreign hands would be repatriated, but there are no politically divergent views on sure the US government to maintain a forcing the government to pay a this. We are in full agreement on the goal, stable value of the dollar. higher interest rate to place its debt but it would not be good to rush it.” This system worked well for a num- with other parties, and 2) that the So, there you have it. The US government, ber of years. By the early 1960s, value of the US dollar against other through the IMF and the G-7 Group of Na- however, the US government began major currencies could decline fur- tions is saying “yes, but not right away.” But, to abuse its “exorbitant privilege” by ther. even when the yuan becomes a component of incurring more and more debt in US Decades ago, the US dollar was the Special Drawing Rights, that will only in- dollars. US federal budget deficits used for payment in more than 90% volve a minor diminution of the US dollar’s soared with the costs of the war in Vi- of all international transactions. As weight in the overall calculation. There etnam and the new War on Poverty. the rest of the world has grown eco- would not be an instant and total ejection of The US government borrowed so nomically faster than America, that the dollar from the SDR. much, in fact, that it exceeded the percentage has declined, now down Why can I say that so confidently? Easy. (Continued on page 4) and fiscal policy, US Paper Dollar Inflation, 1945-2015 Summary Of Current LCS From information in the July 27, 2015 issue of Barron’s continue to lose gold reserves, and Recommendations For Precious Outstanding Paper accelerate increas- Metals and Rare Coins Dollars per ounce es in consumer Event Year of US Treasury Gold How much of your total net worth should be in prices, or 2) cut Start Bretton Woods 1945 $39.00 precious metals and rare coins? Start London Gold Pool 1961 $64.97 back on monetary Kennedy Assassination 1963 $81.42 expansion and put Conservative Moderate Aggressive End London Gold Pool 1968 $135.01 the nation back in- 10-20% 20-25% 25-33%

Close US Gold Exchange 1971 $198.82 to a recession in How much to allocate for each category of Barron’s Article 7/27/15 2015 $5,234.84 the months leading precious metals and rare coins?* up to the 1972 Conservative Moderate Aggressive (Continued from page 3) elections. amount that the world wanted to ab- American politicians did neither. Gold 40% 35% 25% sorb. Instead, on August 15, 1971, Presi- Silver 60% 55% 50% The West German government, in dent Nixon “temporarily” closed Rare Coins 0% 10% 25% TOTAL 100% 100% 100% particular, experienced upward pres- the gold-exchange window (which sure on its currency, the mark. To has been closed continuously for *Platinum and palladium both have volatile markets help the US government, it resisted the past 44 years!). They also with long-term supply/demand fundamentals that are turning in dollars to get gold. How- floated the value of the US dollar not as attractive as those for gold, silver or rare coins. ever, other countries such as France and imposed wage and price con- While either or both might outperform gold, silver, or rare coins in the short- to long-term, to be conservative and the Netherlands challenged the trols on the populace. The impact we have omitted them from our allocation. Johnson administration to continue of the inflation of the money supply to honor its commitment to exchange did not lead to significant consumer gold for repatriated dollars. In theo- price increases until after the 1972 elections ment can pay for what it spends— ry, this demand for gold should have (how convenient for the incumbents, heh). taxes on the nation’s citizenry, bor- imposed monetary and fiscal disci- The Bretton Woods agreement collapsed and rowing the funds which will have to pline on the US government. In re- the US suffered a worse recession. be paid off by future generations of ality it did not. The US government did not learn to prac- taxpayers, and inflation of the money Instead of curtailing the excess is- tice monetary and fiscal restraint. During supply—which steals the wealth from sues of US dollar debt, the Johnson President Carter’s administration, foreign private sector now and into the future. administration imposed capital con- governments and central banks finally forced No matter what form of govern- trols, taxed foreign travel by Ameri- the US government to borrow money denomi- ment, politicians find it easier to paci- cans, and subsidized exports as ways nated in West German marks and Swiss fy the populace by spending to absorb the excess dollars outside francs (these were called “Carter Bonds”). “government” money rather than of US borders. This fiscal restraint resulted in lower federal practicing fiscal restraint. For this Then the London gold pool, estab- budget deficits, lower increases in consumer reason, paper currencies, with no lished in 1961 by governments to prices, and rapid economic growth during the backing other than the “full faith and suppress the price of gold, collapsed. Reagan administration. credit of the issuing government” are This led in 1968 to the US govern- If a nation like the United States, with the doomed to eventually fail. ment ending the gold backing of greatest economic and political power after In contrast, physical gold and silver Federal Reserve Notes (the predomi- World War Two and a currency initially have never failed as money over the nant form of outstanding US curren- convertible into gold, was unable to prac- course of thousands of years. An cy) and to using its political clout to tice monetary and fiscal self-restraint, why ounce of pure gold from long ago is pressure most other nations into not should this be expected of the Greek, Puer- still worth an ounce of gold today. redeeming United States Notes and to Rican, or any other government? So, Silver Certificates for gold. why should anyone expect a good result out Report From Alongside In the last year of Johnson’s presi- of the current Greek financial crisis? Night National Sales Cele- dency, a 10% surtax on personal and bration And Freedom Fest Why Governments Cannot Sus- business incomes was imposed. 2015 Coming Next Month When the West German government tain Their Currencies In July I attended two events in Las revalued the mark, a temporary sta- The life of an average paper currency is Vegas—the celebration of the start of bility was achieved. about forty years. Why is it that governments national sales for the Alongside Night Still, the US government would cannot sustain the value of their paper curren- Blu-Ray 3-disc Combo Pack and the not adopt prudent monetary policy. cies over the long term? annual Freedom Fest. There is signif- A mild recession in the US led the In my opinion, which history seems to back icant news to report from these government to adopt a loose policy. up, the reason is that when governments events. However, there are so many As 1971 began, the world was again spend money, it is not widely perceived ulti- developments in US and global fi- flooded with excess US dollars. By mately being paid for by that nation’s citizen- nance and the precious metals mar- mid-1971, US policy makers faced a ry. kets, that you will have to wait until dilemma. They could 1) continue The concept of government money is a fic- with a highly expansionary monetary tion. There are only three ways that govern- (Continued on page 5) (Continued from page 4) istic long-term solution is for the Greek gov- nounced last week that it will begin next month for a more in-depth re- ernment to quickly default on the debit it will accepting Chinese yuan as collateral port. never be able to repay. This would be ex- from banks and brokers. This is only In the meantime, Liberty Coin Ser- tremely painful for Greek citizens in the short the fifth currency to be accepted. vice has begun a new series of to intermediate term. It would be a disaster 10. Another national bullion dealer “Things You Need To Know Inter- for European central banks and private Euro- has filed for bankruptcy. Bullion Di- views.” By going to pean and US banks that hold the debt on their rect in Texas revealed that the bullion www.youtube.com you can do a books at full face value or are liable on deriv- it sold to customers who left it on search for Liberty Coin Service and atives contracts in the event of default on the storage at that dealership was never click to listen to seven interviews debt. Still, there is no solution, so the least purchased to fulfill such orders. It posted thus far that were recorded in pain would be to default now. looks like at least 6,000 customers Las Vegas. Enjoy listening to in- 2. This week, Puerto Rico defaulted on will lose almost everything. This fol- sights from guests such as Elizabeth paying most of a $58 million debt payment. lows just months after the bankruptcy Ames, Patrick Byrne, Adrian Day, The commonwealth has been going downhill of the Tulving Company, another Steve Forbes, Gary Johnson, Katie economically for decades, with the govern- once-active online bullion dealer. Kieffer, and Lawrence Reed ment constantly spending more than it col- 11. US government statistics are lected. There are now more than $70 billion become almost comical in their diver- Back To Recent Global Fi- in debts that will not ever be repaid without a gence from reality. Whether it is the nancial Crises bailout. President Obama has stated that monthly jobs and unemployment re- The Greek and Puerto Rico gov- there will be no bailout, as that would set a port, the consumer price index chang- ernment debt problems. A plummet- precedent for the federal government to do es, the growth or contraction of the ing Shanghai Composite Index. the same for Illinois, California, New York, Gross Domestic Product, or home Bankruptcies galore in the US coal and other governments that are also insolvent. sales, the numbers almost seem to be mining industry. Canada officially This week’s default will mostly hurt the made up rather than based on statisti- in recession. Commodities suffering credit unions in Puerto Rico and those who cally value survey data. Actually, the their worst month since October are members of them. However, many US Census Bureau and Bureau of Labor 2008. And much more. mutual funds and pension plans are holding Statistics has been forced to admit Yet, despite all these problems, last Puerto Rico debt. Eventually, a lot of Ameri- that some of the recent data gathering week the Federal Open Market Com- cans who don’t even realize that part of their efforts fell short of being statistically mittee (FOMC) declared that the US investments or retirement assets include this valid. economy was making progress to debt will also suffer losses. As it looks now, there is a chance making it possible to consider rais- 3. Canada has now experienced two con- that the jobs and unemployment re- ing the federal funds interest rate at secutive quarters of economic contraction port headline in two days may fall some point in the not to distant fu- (“negative growth” in the language of the rest well short of the consensus forecast of ture. of the media), which means they are officially +223,000 jobs. Of course, the under- Let’s review some of the problems in recession. lying data will reveal that the headline in a bit more detail so that you can 4. The July 20% oil price decline was the is faked. Full-time jobs are declining decide if the members of the FOMC largest for one month since October 2008. while part-time jobs are increasing. have any grounds for their assertion. The large declines across a wide swath of The percentage of males aged 25-64 1. As I explained last month, I ex- commodities, including gold and silver, were with no jobs and not looking for work pected the Greek government would possibly the worst since before the 2008 stock (therefore not counted among the un- eventually come to some kind of market crash. employed by the BLS) has increased agreement. Negotiations have been 5. Alpha Natural Resources, the largest from 9% to 12%. The job growth is rocky, at best. The Greek govern- miner of coal used in steelmaking, filed for coming from workers aged 55 and ment announced it was ready to ac- Chapter 11 bankruptcy two days ago. This older, while it is declining among cept a bailout under terms worse follows the bankruptcy of six other US coal those 54 and younger. And on and than it had previously rejected. mining companies in the past year. on. To make matters even worse, the 6. The Shanghai Stock Exchange is the I could go on for pages with prob- IMF now says that it will not partici- world’s second largest stock market by value lems threatening the US and global fi- pate in the forthcoming bailout. of its listed companies, behind only the New nancial stability. But I think you get German negotiators had extended York Stock Exchange. The Shanghai Com- the idea. the proposal to the Greek govern- posite Index fell 13.4% in July, is worst As the world’s financial situation ment on the condition that the IMF month since October 2009. gets more dire, the US government would again be part of the bailout 7. Exxon Mobil’s second quarter profit fell has even more incentive to suppress package. 51% from year-earlier levels, with the lowest gold and silver prices. As I have said Greek banks reopened after three profits since the first quarter of 2009. Chev- before, the price of gold is effectively weeks, but people were limited as to ron’s second quarterly earnings fell 90% from a report card on the US government, how much funds they could with- year earlier levels. US economy, and US dollar. The draw. This week, the Greek stock 8. JPMorgan Chase has been identified by worse things look for the US govern- market reopened with horrendous re- regulators as the US bank at greatest risk of ment, the greater the incentive to push sults. causing a financial crisis in this country. down gold and silver prices. As I said last month, the only real- 9. The London Metals Exchange an- (Continued on page 6) (Continued from page 5) The Month Liberty Half Dollars to pick up some The point to take away from here is that bargain lots. See our enclosed flyer. I expect to see major attempts to hold Gold Range 87.75 7.5% down gold and silver prices the closer we Net Change -86.25 Gold And Gold Coins Over the past five weeks, the price of get to the time when precious metals pric- Silver Range 1.25 8.0% gold fell $86.25 (7.4%). es will explode upwards. Net Change -0.95 Are we approaching the breaking point This spurred a surge in buying demand, when gold and silver prices will soar? Gold/Silver Ratio 74.3 though not on the scale of silver. Premi- Net change -1.1 ums are up on almost everything. You Possibly. Unfortunately, we will only know for sure later. Platinum Range 143.00 13.3% can occasionally find product for immedi- In the meantime, take advantage of Net Change -127.00 ate delivery, but usually you have to wait a much lower precious metals prices to add short time for coins and ingots to come in. Platinum/Gold Ratio 0.88 to your physical position. The longest delay right now is for Canada Date Gold Silver Platinum Maple Leafs (4.4%). The Royal Canadi- Silver and Silver Coins Jul 30 1,171.50 15.55 1,078.00 an Mint is now offering these coins pack- Silver closed today at $14.60, down an- Jul 01 1,169.00 15.55 1,087.00 aged in individual sleeves to protect them. other 95 cents (6.1%) from the end of Jul 02 1,163.00 15.54 1,094.00 While the RCM is preparing sufficient in- June. Jul 03 closed ventory to the official release next week, it With lower precious metals prices, in- Jul 06 1,173.00 15.73 1,066.00 is unable to fill continuing orders. vestors have mostly stopped liquidating Jul 07 1,152.50 14.95 1,041.00 Last month, I forecasted that prices for their physical holdings and buyers have Jul 08 1, 163.25 15.14 1,035.00 most Pre-1934 US Gold Coins would become extremely active. Demand for Jul 09 1, 159.00 15.34 1,022.00 continue to appreciate. Even though some silver is so much stronger than gold that Jul 10 1, 157.75 15.47 1,032.00 coins are down in price from last month, LCS’s sales dollars for silver far exceed Jul 13 1,155.25 15.44 1,036.00 premiums are up almost across the board. that for the other metal. Jul 14 1,153.25 15.30 1,028.00 In fact, most $2.50 to $10.00 denomina- As you would expect when there is a Jul 15 1,147.25 15.02 1,021.00 tion coins are now priced higher than they sudden buying surge, wholesale invento- Jul 16 1,143.75 14.96 1,011.00 Jul 17 1, 131.75 14.82 1,011.00 were five weeks ago. I would not be sur- ries have been exhausted. Deliveries for prised for price increases to continue. almost anything priced in relation to sil- Jul 20 1,106.75 14.75 989.00 In July we purchased a lovely group of ver value are running at least two weeks Jul 21 1,100.00 14.85 979.00 Mint State-60+ 1902-S Australian Sov- Jul 22 1,091.50 14.72 980.00 to as long as three months after payment ereigns. These coins, showing British is made. Jul 23 1,094.00 14.68 981.00 Jul 24 1,085.50 14.48 981.00 King Edward VII on the obverse, are less On June 3, the premium for US 90% common than the later King George V is- Silver Coin (29.1%) was 9.7%. At the Jul 27 1,095.50 14.59 989.00 sues. Recent pieces are selling for prices end of June it was 19.0%. Now, it would Jul 28 1,093.50 14.54 981.00 Jul 29 1,092.75 14.73 985.00 above catalog value, but was pass along a cost you about $2.87 per ounce of silver money-saving opportunity to you. See our to purchase 90% Silver coin compared to Jul 30 1,088.50 14.69 990.00 Jul 31 1,095.00 14.76 985.00 brochure for details.

the cost of a similar quantity of privately manufactured 1 Ounce Silver Ingots Aug 03 1,089.50 14.51 967.00 Sign Up For Automatic (9.2%). Aug 04 1,090.75 14.55 958.00 Emailed Issues Of Liberty’s The reason for the disparity is that 90% Aug 05 1,085.25 14.60 951.00 Outlook

Silver Coins have not been struck for 50 London Silver Market Premium To New At the end of April, we debuted a new years! Those who own it are reluctant to York Silver Market = 2¢ state-of-the-art website at sell at current levels unless they get a sig- www.libertycoin-service.com. As part of nificant premium. On the other side, pri- Gold, silver and platinum quotes are work -in spots at 1:45 EST/EDT each day, that expanded capability, we could send an vately manufactured Silver Ingots are still quoted in U.S. dollars per troy ounce. email of forthcoming issues of Liberty’s in current production. Although manu- Outlook, our monthly newsletter. facturers may be struggling to keep up up with the highest mintage of any year We have now made signing up for with soaring demand for physical silver, thus far. Don’t buy them because they are emailed copies even easier. At the right you can still wait for it to be made rather touted as being “scarce.” side of the home page of the website is a than having to acquire it, effectively, from Despite the major drop in the spot price, section to add your name and email ad- the holdings of another investor. demand for Common-Date Morgan and dress to our Mailing List. Right below Soaring silver demand caught the US Peace Silver Dollars in various Mint that is an “unsubscribe” option if you wish Mint short of US Silver Eagle Dollars State grades remained solid, with virtual- to discontinue receiving the newsletter by (23.1%). It cut off sales on July 7 for two ly no price changes. email. weeks. Still, the Mint has sold more than However, LCS Chief Numismatist Allan There is no charge to request Liberty’s 5 million of these coins in July. At cur- Beegle took advantage of price declines Outlook by email. rent pace, the 2015 Silver Eagles may end for Superb Gem Mint State-66 Walking

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. The publisher, its principals and associates may, from time to time, have a position in items recommended here. Copyright 2015, all rights reserved. LibertyLiberty Coin Coin Service Service Computer Computer Quotes Quotes 2PM 2PM EDT EDT 8.5.158.5.15 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 1,143.751,143.751143.751143.75 5.2%5.2% Gold:Gold: $1,087.25$1,087.25 *U.S.*U.S. 1/2 1/2 Oz Oz Gold Gold Eagle Eagle 1010 0.50000.5000 590.50590.501181.001181.00 8.6%8.6% Silver:Silver: $14.65$14.65 *U.S.*U.S. 1/4 1/4 Oz Oz Gold Gold Eagle Eagle 1010 0.25000.2500 302.00302.001208.001208.00 11.1%11.1% Platinum:Platinum: $961.00$961.00 *U.S.*U.S. 1/10 1/10 Oz Oz Gold Gold Eagle Eagle 1010 0.10000.1000 125.30125.301253.001253.00 15.2%15.2% Palladium:Palladium: $600.00$600.00 *U.S.*U.S. 1 1 Oz Oz Gold Gold Buffalo Buffalo 1010 1.00001.0000 1,143.751,143.751143.751143.75 5.2%5.2% Notes from Liberty *Australia*Australia 1 1 Oz Oz Kangaroo Kangaroo 1010 1.00001.0000 1,142.751,142.751142.751142.75 5.1%5.1% By Allan Beegle *Austria*Austria 100 100 Corona Corona 1010 0.98020.9802 1,089.251,089.251111.251111.25 2.2%2.2% LCS Chief Numismatist *Austria*Austria 1 1 Oz Oz Philharmonic Philharmonic 1010 1.00001.0000 1,135.001,135.001135.001135.00 4.4%4.4% July’s sales volume easily topped *Canada*Canada 1 1 Oz Oz Maple Maple Leaf Leaf 1010 1.00001.0000 1,135.001,135.001135.001135.00 4.4%4.4% June’s, which had been the best sales *China*China 1 1 Oz Oz Panda Panda 1010 1.00001.0000 1,162.251,162.251162.251162.25 6.9%6.9% month thus far in 2015! *Mexico*Mexico 50 50 Peso Peso 1010 1.20571.2057 1,342.251,342.251113.251113.25 2.4%2.4% The sudden decline in precious metals *S.*S. Africa Africa Krugerrand Krugerrand 1010 1.00001.0000 1,135.001,135.001135.001135.00 4.4%4.4% prices at several points during the *U.S.*U.S. Medallion Medallion 1010 1.00001.0000 1,117.751,117.751117.751117.75 2.8%2.8% month, especially in Asian markets on Monday, July 20 (late Sunday, July 19 in *50*50 Gram Gram Combibar Combibar 1010 1.60771.6077 1,922.751,922.751195.961195.96 10.0%10.0% the US) brought gold and silver prices *1*1 Oz Oz Ingot Ingot 1010 1.00001.0000 1,122.001,122.001122.001122.00 3.2%3.2% down to five year lows. In response, *Austria*Austria 1 1 Ducat Ducat 1010 0.11070.1107 135.30135.301222.221222.22 12.4%12.4% there has been a surge in demand for physical precious metals and little liqui- *Austria*Austria 4 4 Ducat Ducat 1010 0.44280.4428 551.25551.251244.921244.92 14.5%14.5% dation by investors. *British*British Sovereign Sovereign 1010 0.23540.2354 277.75277.751179.911179.91 8.5%8.5% As expected, most of the different Bet- *British*British Sovereign, Sovereign, BU BU 1010 0.23540.2354 295.75295.751256.371256.37 15.6%15.6% ter Date Early Morgan Silver Dollars *France*France 20 20 Franc Franc 1010 0.18670.1867 222.50222.501191.751191.75 9.6%9.6% offered last month sold out. We still *Swiss*Swiss 20 20 Franc Franc 1010 0.18670.1867 225.75225.751209.161209.16 11.2%11.2% have a specimen or two of a handful of dates, so please call in case we might $20$20 Liberty Liberty BU BU 1010 0.96750.9675 1,285.001,285.001328.171328.17 22.2%22.2% have what you seek. $20$20 St St Gaudens Gaudens BU BU 1010 0.96750.9675 1,300.001,300.001343.671343.67 23.6%23.6% Sales of the Alongside Night Blu-Ray/ $20$20 Liberty Liberty Extremely Extremely Fine Fine 1010 0.96750.9675 1,265.001,265.001307.491307.49 20.3%20.3% DVD Combo Packs and the items listed in this column were also satisfying. $10$10 Liberty Liberty Extremely Extremely Fine Fine 1010 0.48380.4838 640.00640.001322.861322.86 21.7%21.7% No one from Liberty attended any ma- $5$5 Liberty Liberty Extremely Extremely Fine Fine 1010 0.24190.2419 355.00355.001467.551467.55 35.0%35.0% jor coin shows since the last month, *U.S.*U.S. 90% 90% Silver Silver Coin Coin 1,0001,000 71571513,525.0013,525.00 18.9218.92 29.1%29.1% which is just as well. There were several days where customer activity was so *U.S.*U.S. 40% 40% Silver Silver Coin Coin 1,0001,000 295295 4,765.004,765.00 16.1516.15 10.3%10.3% strong that we sometimes had trouble *U.S.*U.S. Circulated Circulated Dollars Dollars 1,0001,000 76076022,000.0022,000.00 28.9528.95 97.6%97.6% serving all customers promptly. *U.S.*U.S. Silver Silver Eagle-2015 Eagle-2015 1,0001,000 1,0001,00018,040.0018,040.00 18.0418.04 23.1%23.1% Four weeks ago, LCS Owner Emeritus *Canada*Canada Silver Silver Maple Maple Leaf Leaf 1,0001,000 1,0001,00017,250.0017,250.00 17.2517.25 17.7%17.7% and Communications Officer Pat Heller flew to Las Vegas for the kickoff of na- *100*100 Oz Oz Silver Silver Ingot Ingot 1010 100100 1,585.001,585.00 15.8515.85 8.2%8.2% tional sales of the Alongside Night vid- *10*10 Oz Oz Silver Silver Ingot Ingot 100100 1010 160.00160.00 16.0016.00 9.2%9.2% eos and to attend Freedom Fest. There *1*1 Oz Oz Silver Silver Ingot Ingot 1,0001,000 1 1 16.0516.05 16.0516.05 9.6%9.6% he met a number of interesting people and was able to record interviews with *1*1 Oz Oz Platinum Platinum Ingot Ingot 1010 1.00001.0000 1,026.001,026.001026.001026.00 6.8%6.8% many of them. We have posted some of *U.S.*U.S. 1 1 Oz Oz Platinum Platinum Eagle Eagle 1010 1.00001.0000NotNot available available them at YouTube.com. Once you are on *U.S.*U.S. 1/2 1/2 Oz Oz Plat Plat Eagle Eagle 1010 0.50000.5000NotNot available available that website, search for Liberty Coin *U.S.*U.S. 1/4 1/4 Oz Oz Plat Plat Eagle Eagle 1010 0.25000.2500NotNot available available Service and they will pop up. From time to time, a customer comes *U.S.*U.S. 1/10 1/10 Oz Oz Plat Plat Eagle Eagle 1010 0.10000.1000NotNot available available in to our store to sell us an out-of-the- *Other*Other 1 1 Oz Oz Plat Plat Coins Coins 1010 1.00001.0000NotNot available available LCS Postage Charges *Canada*Canada Palladium Palladium ML ML 1010 1.00001.0000 640.00640.00 640.00640.00 6.7%6.7% Value of Contents Postage Charge Under $50 $4 LibertyLiberty Coin Coin Service Service CallCall Toll-Free: Toll-Free: (800)(800) 527-2375 527-2375 National National $51-250 $8 400400 Frandor Frandor Avenue Avenue (517)(517) 351-4720 351-4720 Local Local $250-499 $15 Lansing,Lansing, MI MI 48912 48912 (517)(517) 351-3466 351-3466 Fax Fax $500-999 $22 $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 8.5.158.5.15 Spot Spot Prices Prices

Coins,Coins, Rolls Rolls and and Sets Sets Gold:Gold: $1,087.25$1,087.25 U.S.U.S. 10 10 pc pc Gold Gold Medallion Medallion Set, Set, 1980-1984, 1980-1984, BU BU $9,325$9,325 Silver:Silver: $14.65$14.65 U.S.U.S. Morgan Morgan Dollar, Dollar, 1921, 1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $700$700 Platinum:Platinum: $961.00$961.00 U.S.U.S. Morgan Morgan Dollar, Dollar, Pre-1921, Pre-1921, Brilliant Brilliant Uncirculated Uncirculated Roll/20 Roll/20 $925$925 Palladium: Palladium: $600.00$600.00 U.S.U.S. Peace Peace Dollar, Dollar, Brilliant Brilliant Uncirclated Uncirclated Roll/20 Roll/20 $630$630

NumismaticNumismatic Coins Coins (PCGS/NGC/ICG (PCGS/NGC/ICG Graded) Graded) MS-63MS-63MS-64MS-64 MS-65MS-65Monument and the US Capitol. To the right U.S.U.S. $20.00 $20.00 St St Gaudens Gaudens 1,3901,390 1,4901,490 1,9751,975is the Preamble and beginning of the United U.S.U.S. $20.00 $20.00 Liberty Liberty 1,6001,600 1,8401,840 3,4553,455States Constitution. The overall design is U.S.U.S. $10.00 $10.00 Liberty Liberty 1,0601,060 1,6251,625 3,0553,055described as “History Instructing Youth.” U.S.U.S. $5.00 $5.00 Liberty Liberty 645645 915915 2,6702,670Vignettes of Martha and George Washington fill the reverse side. U.S.U.S. 4 4 pc pc Indian Indian Gold Gold Type Type Set Set 4,1554,155 6,0206,02014,80014,800 This well circulated note, at first glance, U.S.U.S. 4 4 pc pc Liberty Liberty Gold Gold Type Type Set Set 3,8503,850 5,0005,00010,14510,145appears to be of nicer quality than its techni- U.S.U.S. 8 8 pc pc Gold Gold Type Type Set Set 7,9457,94510,87010,87024,49524,495cal grade of Fine. There is a small spindle U.S.U.S. Morgan Morgan Dollar Dollar (Pre-1921) (Pre-1921) 65 65 80 80 166166hole that you can spot when you hold the note U.S.U.S. Peace Peace Dollar Dollar 52 52 62 62 123123up to the light. At $325, you would have to look far and wide to find a specimen of equal 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 qualify available at this price. closes.closes. Smaller Smaller lots lots are are available available at atslightly slightly higher higher prices. prices. No NoMichigan Michigan Sales Sales A Beautiful Classic US Silver TaxTax on on rare rare coins coins or or precious precious metals metals bullion. bullion. Numismatic Numismatic purchases purchases have have Commemorative: Early US Gold and aa 15 15 day day return return period. period. Orders Orders for for bullion-priced bullion-priced items items (marked (marked with with *) are *) notare not Silver Commemoratives are currently in kind of a limbo land. They are generally scarce returnablereturnable and, and, after after confirmation, confirmation, cannot cannot be becancelled. cancelled. enough that no promoter can obtain sufficient quantities to market them en masse. Yet, without promotions, prices lag the market ordinary batch of items that we can turn tured offers will sell out quickly. So, as compared their relative rarity and past price around to make a general offering of them. usual, I recommend you reach us early to history. In mid-July a customers sold us a variety of check on available supplies and to lock in At current low price levels, serious collec- items including a modest group of Mint your order. tors are mostly holding on to their beautiful State-60+ 1902-S Australia Sovereigns. Call our Trading Desk toll-free at 800-527 specimens. So, when you have the opportu- These were issued with the portrait of British -2375 to execute your order. nity to acquire nice looking coins today, don’t King Edward VII, whose coinage was only We also have some other treasures that hesitate to jump on them. We have a newly struck from 1902-1910. These coins are less have come in during the past month to tempt acquired exceptional specimen that demon- common than the later Sovereigns for the you: strates what we mean: reign of King George V, though catalogs US 2010 Perfect Mint State-70 1915-S Panama-Pacific Half Dollar, Su- don’t really show a higher value until speci- First Strike One Ounce Gold Buffa- perb Gem Mint State-66, NGC—$2,350. mens grade at least Choice Mint State-63. This is the highest quality specimen of this We just picked up five specimens of Still, our survey of coins auctions since the loes: issue that we have handled in decades, if not these PCGS-certified beauties. Mint State-70 beginning of the year found the 1902-S in our entire 44 years in business! is theoretical perfection—with no marks or specimens selling for much higher prices This and four gold commemoratives were flaws detectable at 10x magnification. than expected. Get yours at a near bullion issued to celebrate the opening of the Panama A few months ago these were selling for price wile they last. Canal. The packaging did not protect the around $1,700. Now we see them selling for When the silver spot price dropped, I no- coins very well from picking up scratches and $1,375 or more. Save money and buy one or ticed that the prices for Superb Gem Mint damage, with the result that wonderful exam- more of these for just $1,350. This is a cash State-66 Walking Liberty Half Dollars ples such as this piece are few and far be- or check price; credit card payments not ac- dropped 5-10%. So I got busy contacting tween. In 29 years, PCGS and NGC together cepted. dealer friends to see what I could find. have certified just 164 coins in higher grade. There weren’t a lot but I was able to come Series 1896 $1.00 Silver Certifi- This coin has a slim ring of toning around up with enough coins to offer them to you cate: In 1896, the Bureau of Engraving and the inside of the periphery, attesting to its this month. Printing unveiled new designs for the $1, $2, original surfaces. In mid-1989, this coin While we have enough of both coins to and $5.00 Silver certificates which are popu- would have cost your more than $17,500 if make an offering, that does not mean that we larly called the Educational Series. They you could have found it. Coin Values is now have large supplies. When we offered a were printed for just three years before new just $2,750. group of MS-66 Walkers over three years designs were adopted. Please Note: Liberty Coin Service will be ago, it took us several months to find addi- The $1.00 Educational depicts a seated Lib- closed Saturday, September 5, and tional coins to fill customers on the waiting erty with her right arm around a young boy. Monday, September 7 for the Labor Day list. I expect that both of this month’s fea- Her left arm is pointing to the Washington holiday. Less Common King Edward VII Issue!

Mint State-60+ 1902-S Australia Sovereigns! At A Near Bullion-Related Price! Many of our special offerings come from dealer more common coins. friends, either in our store, over the phone, or at However, because of our fortunate trade shows. purchase, we can offer these lovely Mint Much less often, a customer brings in State-60+ coins to you at a price lower S Mintmark something out of the ordinary that we are then than the About Uncirculated coins sold at for Sydney thrilled to be able to share with all customers. auction in April.

In July, a customer sold us a variety of items, While our supply lasts, you can own one, two, or up to including a nice selection of British Sovereigns. five of these flashy Mint State-60+ 1902-S Australian There were a handful of rarer date Sovereigns Gold Sovereigns for just $325 apiece. plus a small group of Mint State-60+ 1902-S Sovereigns struck at the Royal Mint in Sydney, As with all of our rare coin offerings, you must be Australia! satisfied with your purchase. You have fourteen days Mint State specimens of Gold Sovereigns upon your receipt to return any or all coins for a full, prompt refund of your purchase price. featuring British King Edward VII are much less common than those depicting his successor, King Don’t Delay! George V. Further, Australian Sovereigns tend Call Today! With strong nationwide demand for all to be less common than issues struck by the Gold Sovereigns at today’s lowest gold prices in more than Royal Mint in London. five years, we expect to sell out completely. To give more If you refer to the latest Standard Catalog of customers the opportunity to acquire them, we must limit World Coins, 1901-2000, the 1902-S Sovereign orders to five coins per customer. in Mint State-60 quality catalogs for no more Call us toll-free at 800-527-2375 to confirm your order. than the most common Sovereigns. However, in Or return the coupon below. Remember, you can use your Choice Mint State-63, they catalog for $525. Visa, Mastercard, or Discover card for purchases shipped That is $100 higher than the catalog value for to the credit card billing address. common-date Choice MS-63 Sovereigns. —Tom Coulson, LCS General Manager

The Hidden Value Upon checking auction records, we found two Please send me the Mint State-60+ 1902-S Australia Sovereigns Yes! that I have selected below. I understand that that each coin is certified specimens that have sold this year. In backed by LCS’s exclusive guarantees; I may return any of these coins for a January, a Choice Mint State-63 piece graded by prompt 100% refund at any time within 14 days of my receiving it. Limit 5 coins per customer. the Professional Grading Service sold for $646. Three months later, a Very Choice About _____Australia Sovereign, 1902-S, MS-60+ @ $325 = _____ Uncirculated-58 coin certified by the Postage (see table) _____ TOTAL _____ Numismatic Guaranty Corporation sold in auction for $332. In both instances, the selling Name ______price was well above catalog value! Address ______

An Unexpected Opportunity! City/State/Zip ______Because they are somewhat less common than the later Gold Sovereigns issued for King George Phone ______Confirmation #______

V, the Edward VII Sovereigns have traded on the Liberty Coin Service 400 Frandor Ave., Lansing, MI 48912 wholesale market at a slight premium to the Toll-free 800-527-2375

Superb Gem Mint State-66 Walking Liberty Half Dollars!

At Money Saving Prices! The Walking Liberty Half Dollar series that debuted in supplies of Superb Gem Mint State-66 Walking Liberty 1916 made an artistic statement of the emergence of the Half Dollars to again make an offering. United States of America as a world power. Each coin has been independently certified by either the The obverse shows Liberty striding toward a rising sun in Professional Coin Grading Service (PCGS) or Numismatic the East (and possibly toward war-torn Europe). She is Guaranty Corporation (NGC) as well as meeting our re- wrapped in an American flag and carrying oak and laurel quirements for eye appeal and quality. branches, symbols of military and civil honors. On the re- Together, PCGS and NGC have certified fewer than 43% verse, a proud eagle stands guard with partly spread wings. the number of MS-66 or higher quality Walking Liberty In front of the eagle is the sapling of a gnarled Mountain Halves compared to the MS-66 or better Morgan Dol- Pine, symbolic of America. Significantly, the eagle is not lars they have graded. clutching arrows in its talons, a symbol of war that appears Although this is the largest quantity of these high-grade on many other US coins (including US Half Dollars issued coins that we have handled in over three years, I’m not sure from 1801 through 1915 and from 1964 onward). that we have enough coins to meet possible demand.

Walking Liberty Half Dollars are so popular among col- The good news now is that prices for these lectors that the U.S. Mint adapted the obverse design for the coins have come down since 2012. While they new U.S. Silver Eagle Dollar series that debuted in 1986. last, you can pick up one or more of these Su- High-grade Walkers today trade for price levels that are a perb Gem Mint State-66 Walking Liberty Half small fraction of what they did in years past. For instance, Dollars for just $159 apiece. in mid-1989, common-date Superb Gem Mint State-66 specimens would have cost you $1,280 apiece. Save in quantity! If you order five to ten Today, the common-date Walking Liberty Half Dollar in coins, pay just $155 for each of them. Bonus: MS-66 quality catalogs in Coin Values from $200 to $225 Orders of 10 coins will receive the greatest va- riety of dates and mintmarks. or more. It has been three years since we last offered a group of As with all our numismatic offerings, your satisfaction is Walkers in this lofty grade. We sold out quickly and took guaranteed. You have 14 days upon your receipt to return months to locate enough coins to fill customer waiting lists. them for a full refund. As a result, we kept looking for more attractive groups of Since we could not locate as many coins as we hoped, we top condition Walkers at money saving prices. Coins were must limit orders to ten specimens of this large coin. We few and far between and often priced to us higher than rep- have also omitted the order blank. You must call to confirm resented a good value! availability and reserve your purchase. Call our Trading Good News! With the latest dip in the spot price of silver, Desk today at 800-527-2375! Visa, Mastercard, and Dis- the price of these coins have dropped enough that, in my cover charge cards are accepted for orders shipped to the judgment, they now represent great long-term value. By card’s billing address. calling some dealer friends, I was able to secure enough —Allan Beegle, Chief Numismatist