Coins and Currency Weekly(c) is Published by Alan Cohen

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August 15, 1999

Issue #21

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Change of Mint Policy

The last issue saw a story about the change in the US Mint's policy about limits on the Delaware (and subsequent) stamp covers, where there was a limit of one per household. That limit was soon removed. Seems that the Mint is up to their old tricks again, this time with the Proof Coin Sets. The Mint announced that there would be a strict limit of two sets per household. The secondary market value of these sets rapidly increased based on the perceived shortages. This week, the Mint announced that there was no longer a limit of two, but of five. Also, if you had already ordered two, you could order five more sets. It's really unfortunate that they can not seem to stick to written policy. Personally, I have decided never again to trust what they say in print regards to limits or other restrictions. I am simply going to assume that as many sets or items will be available as needed.

PRESS RELEASES

A penny saved is $32,200 earned

(Rosemont, IL) ­ A rare penny, received by a western Illinois grandmother in change from a paper boy years ago, sold for $32,200 to a New Jersey physician Wednesday night (August 11) at a rare coin auction near Chicago. "The precious penny is dated 1943 and one of only a handful that

accidentally were made of bronze that year. All other pennies produced in 1943 were composed of zinc-coated steel because copper was needed for World War Two materials," explained Gregory J. Rohan, executive vice president of Heritage Numismatic Auctions of Dallas, Texas, the company conducting the $12 million sale of rare coins, including the extraordinary penny.

The coin was purchased by Dr. Harris S. Vernick, a central New Jersey internist, who said he bought the famous penny to start a coin collection for his two-week old grandson. "It is a piece of history, reminiscent of the war years. I decided to go for it," he explained.

Rohan said a Moline, Illinois area grandmother got the coin in change from the neighborhood paper boy in 1949. "She saved it for her small coin collection because she needed a 1943-dated penny, not realizing it was mistakenly-made of the wrong metal. In 1975, she showed the collection to

her visiting 12-year old grandson from Iowa, and he immediately recognized the rarity."

Now in his mid-30s, the anonymous Iowa grandson who consigned the coin to Heritage’s auction attended Wednesday night’s sale. He watched the bidding open at $5,000 and close two minutes later at $32,200 with applause from the collectors and dealers in the room.

"It was exciting," he said. "I’m thrilled and can’t wait to tell the rest of the family. Grandma would have been surprised."

The winning bid was three times greater than expected prior to the sale conducted by Heritage as part of the American Numismatic Association’s World’s Fair of Money® at the Rosemont, Illinois Convention Center. Calling in his bid by telephone, Dr. Vernick outbid about 200 people

who attended the sale in person and an online bidder who offered $23,000 via the Internet.

Normal 1943 steel pennies are gray in color and stick to a magnet. Most are worth only two-cents each. But 1943 bronze cents, accidentally made of the previous year’s copper-zinc-tin combination, do not stick to a magnet. "Less than three dozen genuine 1943 bronze cents are known to exist. The

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(NOTE: The grandmother passed away in 1978 at the age of 84.)

Fred Weinberg named PNG President

Fred Weinberg of Woodland Hills, California has been selected as the new president of the Professional Numismatists Guild (PNG), a nonprofit organization of some of the country’s top rare coin and paper money dealers. For the past two years, Weinberg has served as PNG vice president, and

previously held other offices in the organization.

Moving up to vice president for the next two years is Harlan Berk of Chicago, Illinois. Other PNG officers for the1999 - 2001 term are: Steve Ivy of Dallas, Texas as treasurer and Gary Adkins of Edina, Minnesota as secretary.

Also elected to two-year terms as members of the PNG Board of Directors are: John W. Dannreuther of Memphis, Tennessee; Jeff C. Garrett of Lexington, Kentucky; Silvano DiGenova of Laguna Beach, California; Paul Montgomery of Jefferson, Louisiana; and Richard J. Schwary of Inglewood, California, the immediate past PNG president.

Robert Brueggeman of Fallbrook, California, begins a new four-year term as PNG executive director.

PNG members vote to elect members of the board; board members then select from among themselves to fill the positions of officers in the organization.

PNG members must demonstrate knowledge, responsibility and integrity, and must abide by a strict Code of Ethics in the buying and selling of numismatic merchandise. The organization was founded in 1955 and has more than 200 full, associate and affiliate members in the United States and seven

other countries.

Teenaged book author wins PCGS $5,000 essay contest

(Newport Beach, CA) -- A 14-year old collector who is writing a book about United States proof gold coins has won the $5,000 first prize in the fourth annual Professional Coin Grading Service (PCGS) essay contest for high school students. Michael Berkman of Maryland submitted a 3,500-word

essay, "The History of American Numismatic Literature."

In addition to a $5,000 college scholarship, Berkman won a free trip to the American Numismatic Association World’s Fair of Money® convention in Chicago.

Two runners-up, Erin Theis of Ohio, and Cameron Keifer of California, each received $500 for finishing second and third, respectively. Theis wrote about "The King of Coins," and Keifer’s essay was entitled, "American Coinage During the Reign of Norton I of California: The Only Emperor of the United States."

Commenting on the contest results, PCGS Founder David Hall stated: "Once again, the quality of the essays was outstanding. The top five or ten entries easily could be published in major numismatic journals. It is gratifying and encouraging to see the dedication and level of knowledge of these young students. The future of the hobby looks good."

Contest winner Berkman will be entering the 10th grade this fall. He is writing a book about U.S. proof gold coins and plans to have it published next year.

"I’m fascinated with the history of the coin market. Additionally, books are an integral part my coin collecting," he said.

In his essay, Berkman wrote that the development of the complex art, science and business of numismatics in America "…has been and will be the direct result of literature, especially with the onset of the Information Age. If this intense pace of research is maintained, the future will

undoubtedly be a bright one for numismatic literature and the hobby of numismatics in general."

PCGS is a division of Collectors Universe, Inc., Newport Beach, California.

About Collectors Universe, Inc.

Collectors Universe maintains 49 Internet "Universes" as part of its website, with each Universe geared to a specific major collectibles market and providing price guides and weekly Internet auctions of high quality collectibles. Collectors Universe is also the world's largest provider of collectibles grading and authentication services. Divisions of Collectors Universe include: Professional Sports Authenticator (PSA), the world's largest sportscard grading service, currently grading over 100,000

sportscards per month; PSA/DNA Authentication Services, the authenticator of Mark McGwire's 70th home run ball; and Professional Coin Grading Service (PCGS), the world's leading rare coin grading service. PCGS has graded 5,553,515 coins with a declared value of $8,099,814,589 during the past 12 years.

"The King of Coins:"

World's most valuable rare coin to be auctioned in New York, August 30, by Bowers and Merena

(Wolfeboro, New Hampshire) - The world's most famous and most valuable rare coin will be offered for sale at a public auction in New York City, August 30, by Auctions by Bowers and Merena, Inc. of Wolfeboro, New Hampshire.

Known by collectors as "The King of Coins," it is a United States silver dollar dated 1804, but actually made in 1834 under mysterious circumstances for an overseas diplomatic mission on behalf of President Andrew Jackson."It is a spectacular, historical American treasure and expected to

challenge the current world’s record price for a rare coin, $1.8 million. Only 15 of the 1804 dollars are known to exist, and this one is far and away the finest. It is a superb gem," said Q. David Bowers, chairman of Bowers and Merena.

"No dollars dated 1804 actually were made in that year. The ones produced in 1804 carry the date 1803. In 1834, the U.S. State Department wanted to make special coins for presentation to important foreign dignitaries, and the Mint still had 1804-dated dies available for striking them. The 1804 silver dollar now offered for sale was presented to the Sultan of Muscat on October 1, 1835 by Edmund Roberts, a personal representative of President Andrew Jackson," Bowers explained. The pristine condition coin is from the renowned collection of the family of Walter H. Childs. Childs, of Brattleboro, Vermont, was one of the first licensees of the fledgling Bell Telephone Company in 1881. He began collecting in the 1870s, and the collection was continued by his descendants after his death in 1906.

"The family eventually assembled a nearly complete collection representing every date of United States coins produced from 1793 to the mid 20th century, from half-cent denomination copper coins to $5 denomination gold pieces. Many of these coins have been hidden away in bank vaults for decades," Bowers said.

In addition to the famous 1804 silver dollar purchased by Child’s son and grandson for $5,000 in 1945, the August 30th auction at The Helmsley Park Lane Hotel in New York City will include nearly a thousand other items from the family's fabled collection.

The 1804 dollar recently was certified as nearly perfect, labeled "Proof-68" (PF-68) on a 1 to 70 grading scale by Professional Coin Grading Service of Newport, Beach, California, the world's largest rare coin authentication and certification company.

The highest price ever paid for a rare coin, $1.8 million, was for another 1804 dollar, the one given to the legendary King of Siam by envoy Roberts during his 1835 - 1836 overseas trade mission. That coin was graded PF-65 and sold for a record price in April 1997 by Bowers and Merena. The company holds the auction records for six of the world's ten most valuable rare coins.

Copies of the illustrated Childs Collection catalog are available for $40 each. In addition, a 400+ page book by Bowers describing the fascinating story of "The King of American Coins" is being prepared for

publication.

The U.S. Mint Builds New Online Learning Community for Kids

U.S. Mint H.I.P. Pocket Change Is An Educational, Interactive Web Site For Kids, Grades

K-8.

WASHINGTON, Aug. 12 /PRNewswire/ -- The U.S. Mint today introduced its new online learning community, called ``U.S. Mint H.I.P. Pocket Change'' (History In your Pocket), which will provide a collaborative educational environment using coins as tools to teach American history, mathematics and language arts. The web site, developed in accordance with Vice President Al Gore's ``Information Superhighway'' initiative, seeks to build interest in coins as tangible artifacts of history, art and

math, and to encourage young people to build their own coin collections.

``Through the ages, coins have told the stories of the cultures they represent,'' said Philip N. Diehl, Director of the U.S. Mint. ``U.S. Mint H.I.P. Pocket Change is not only a great way for children and adults around the world to learn those stories, but it will also inspire them to hold onto a piece of history by collecting coins.''

The U.S. Mint H.I.P. Pocket Change site, located at http://www.usmint.gov, is a free Federal web site that was created by a team of web-savvy teachers, the Mint and the Numismatic Guaranty Corporation of America. The teacher-oriented portion of the site offers lesson plans and project ideas that incorporate the educational value of coins into the learning process. The site will continue to be supplemented and maintained by the Mint with support from partners, including the Numismatic

Guaranty Corporation of America, the American Numismatic Association and the educational community through Online Lesson Modules, which allow teachers to upload their new lesson plans, making them available to others.

Students in kindergarten through eighth grade will use U.S. Mint H.I.P. Pocket Change to design their own learning experiences through educational games. Kids can travel through time and cyberspace in a virtual time machine to answer coin-related questions from ``HPC Pals'' like Peter the Mint Eagle and Flip the Mint Seal. The project contemplates that kids will also have the opportunity to interact with students in classrooms nationwide, as well as coin experts and representatives from the U.S. Mint.

``Students learn more when they are having fun, and U.S. Mint H.I.P. Pocket Change provides plenty of entertaining graphics and animations while providing solid educational value,'' added Diehl. ``Parents will see their kids enjoy learning from the U.S. Mint H.I.P. Pocket Change web site, a safe place for children of all ages on the Internet.''

U.S. Mint H.I.P. Pocket Change was developed as part of Vice President Al Gore's campaign to ensure that teachers have the skills they need to use technology, and that children have access to learning tools that are as engaging as the best video games.

British Royal Mint Puts Shine on Solar Eclipse in Gold & Silver

LONDON, Aug. 10 /PRNewswire/ -- Wednesday's total eclipse of the Sun is actually getting a shine of its own with special gold and silver Proof coins struck by the British Royal Mint for the Channel Island of Alderney. Scientists regard Alderney as one of the best places in the world to observe this amazing natural phenomenon.

Magnificent 5-pound and 2-pound coins will offer collectors a real cross-section of appeal. Only 100 of the 2-pound gold Proof will be minted, while the more affordable 5-pound and 2-pound silver Proofs each have authorized mintages of 10,000 coins. The 5-pound coin is also issued as a Brilliant Uncirculated cupro-nickel coin in unlimited quantity in a superbly illustrated Presentation Folder full of interesting facts about the total eclipse of the Sun.

Speaking from the Royal Mint, Director Alan Wallace was excited about the upcoming event. ``The path of the eclipse will move at a rate of approximately 1900 m.p.h. from a spot some 400 miles south of Nova Scotia, across the Atlantic to the Black Sea and on to India. Areas like southern England and the other Channel Islands of Guernsey, Jersey, etc. will only enjoy a partial eclipse. On Alderney, the eclipse will be total, beginning at 11:16 a.m. (British Summer Time) and lasting for one minute

and forty-five seconds.''

The 2-pound coin, struck in 22 karat gold (916.7au) and sterling silver (.925ag) bears a splendid design showing an eclipsed Sun above Alderney's famous landmark, St. Anne's Church. A pair of seagulls, roosting because they think night has fallen, appear in the foreground -- fauna and flora too will be affected by the solar eclipse.

The 5-pound coin, struck in sterling silver and in cupro-nickel bears a special design using the latest numismatic technique of screen printing. The path of the Moon is shown as it passes across the face of the Sun, indicating the shadow it will cast over Southern England and Alderney. The solar segments of the design have been delicately screen printed in yellow, providing a brilliant contrast to the silver Proof finish of the coin.

Collector inquiries should be addressed to the British Royal Mint, Cheyenne, WY 82008-0031, or call toll-free 800-221-1215. Collectors in Canada should contact the British Royal Mint, P.O. Box 33518, Dundurn Postal Outlet, Hamilton, Ont. L8P 4X4. Telephone 800-563-5943. Royal Mint web site: http://www.royalmint.com. E-mail: admin@roymint.demon.co.uk. Contact: Michael Sedgwick, Orchard Communications, Inc. Telephone: 914-677-6112.

Best Rare Coin and Bullion Web Sites Honored at ANA Convention

CHICAGO, Aug. 13 /PRNewswire/ -- Coin Connoisseur (www.coinmag.com) presented its first annual ``Best on the Web'' awards today at the American Numismatic Association's 108th Anniversary Convention. Each of nine sites received a plaque honoring its contributions to rare coin and bullion collectors and investors who use the Internet to increase their knowledge and enjoyment. Over a thousand rare coin and bullion enthusiasts from eight countries voted to determine the winners.

Stuppler said that Coin Connoisseur, the international magazine for investors and collectors, sponsored the vote because the Internet is ``revolutionizing the rare coin and bullion marketplaces by providing unprecedented access to information.'' He added that Coin Connoisseur wants to encourage the trend ``of casual surfers in the fascinating world of rare coins and precious metals to become serious collectors and investors.''

Barry Stuppler, publisher of Coin Connoisseur, announced the winners.

Best Collector Sites

Numismatists Online (www.Numismatists.com) links visitors to current and future online coin auctions, and carries David Ganz's Coin Market Insiders Report.

Collectors Universe.com (CU), founded by coin-grading company PCGS, describes itself as ``the foremost facilitator, resource and authority in e-commerce collectibles.''

Classical Numismatic Group (www.historicalcoins.com) features CNG's coins and books, and a built-in search engine to help collectors find their area of interest.

Best Rare Coin Sites

eBay.com, a publicly traded Internet giant, lists over 40,000 coins for auction on any given day.

Teletrade.com conducts auctions containing over 3,000 certified coins every week. All transactions are fully insured and guaranteed.

NumisMedia.com features an ``ask-based'' Online Price Guide with listings for actual high-quality rare coins offered by dealers across the country.

Best Precious Metal Sites

World Gold Council (www.gold.org) presents a wide range of information about gold, gold products and the gold market.

Kitco.com provides charts, market price information, links, and discussion groups to the gold industry and interested individual investors.

The Goldsheet Mining Directory (goldsheet.simplenet.com), an unaffiliated worldwide resource for mining links, provides investors with ``information to make their own decisions.''

Until Next Time,

Alan Cohen

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