When last available, the five ounce ATB silver coins were priced at $204.95 each, and the one ounce 2011-W Uncirculated Silver Eagles were priced at $45.95.

Sales have continued for other silver numismatic products with prices reflecting higher premiums to the intrinsic value. The 2011 September 11 National Medals with one ounce of silver content remain available priced at $66.95. The recently released 2012 Infantry Soldier Silver Dollars with 0.7736 troy ounces of silver content remain available priced between $44.95 and $51.95 for various packaging options. Finally, various annual coin sets which include 90% silver coins also remain available.

The suspended products are presumably in the process of having their prices adjusted to higher levels. Under typical procedures, the US Mint publishes new pricing within the Federal Register. Until the notification is published, product sales remain suspended.

During the past year, prices for these products types have already been adjusted on two occasions. The America the Beautiful Five Ounce Silver Coins were initially priced at $279.95. The price was reduced to $224.95 on October 7 and reduced again to $204.95 on December 27, 2011. Until the suspension, the US Mint was offering five different designs featuring Gettysburg National Military Park, Glacier National Park, Olympic National Park, Vicksburg National Military Park, and Chickasaw National Recreation Area.

The 2011-W Uncirculated Silver Eagles were originally priced at $60.45 for the start of sales on September 15, 2011. The price was lowered to $50.95 on October 7 and lowered again to $45.95 on December 27. As of the most recent sales report, the US Mint has recorded sales of 268,640 coins.

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1913 Buffalo Nickel, Type 1

The design itself, however familiar it might be, needs some explaining to fully understand where it came from. Liberty Nickels, predecessor to the Buffalo Nickel, had been in circulation since 1883 and had passed the required 25 years before they could be replaced. Thus, in 1909 the United States Mint created a number of patterns meant to replace the Liberty Nickel, all of which featured a bust of George Washington. This didn’t make it further than a few test designs, and it would take until 1911 until a new design was created for the five-cent denomination, which would not be produced until 1913.

Contrary to what most people think, the reverse does not display a Buffalo. Even though many people think that buffaloes once roamed the American West in huge numbers, providing Native Americans vital supplies for their life, they were not buffaloes at all. The buffalo is actually native to Africa (African Buffalo) and Asia (Water Buffalo, plus a number of extinct species) and has never been found in North America. What is generally referred to as the American Buffalo is in fact the American Bison, or known by its Latin name Bison bison. It is related to Bison bonasus, the European Bison or Wisent, but the American Bison is a different species. What is referred to as the Buffalo Nickel, should correctly be named Bison Nickel.

The American Bison that is seen on the Buffalo Nickel has some folklore related to it. It appears that Fraser’s comments later in his life about which animal he based his design on are inaccurate. The most likely candidate is an American Bison named Black Diamond, which resided in New York at the time the design was created. This however, is disputed by some, including Q. David Bowers in his Guide Book of Buffalo and Jefferson Nickels. Bowers says that the animals head has “its horns set much higher”, and seems an unlikely source. Another animal is called Pablo, which was supposed to have been the animal featured on the 1901 $10 note, even though some sources say that this is Black Diamond as well.

The obverse of the Buffalo Nickel is just as confusing. In his book, Bowers gives a full summary of the events related to the design, and is a worthwhile read if you are interested. Fraser seems to have indicated that the Native American was a composite image of several persons, creating what he called a “type”, not an actual person. Comments in the 1930's by Fraser named the Native Americans as Iron Tail, Big Tree, and Two Moons, who supposedly had visited him in New York while working on the design. Several other Native Americans tried to make a profit out of claims that they sat for Fraser, adding to the confusion. Simply stated, we do not know who the Native Americans are on the Buffalo Nickel, nor do we know which animal is portrayed. What we do know, is that they add to the mystery of the American West. Fraser’s comments did not help much, except to add to the confusion. The three people he named, however, seem to be the most likely clue.

1913 Buffalo Nickel, Type 2

The Buffalo Nickel design included elements required by law, such as the word LIBERTY in front of the Native American on the obverse, and E PLURIBUS UNUM on the reverse. The denomination is spelled out as FIVE CENTS, in capital letters, with the mintmark below it on Denver and San Francisco struck coins. Several patterns are known dated to 1913 which indicates that the Mint experimented somewhat with the design and the size of the obverse and reverse design. Additional change came in 1913, when the reverse design was slightly altered to solve problems that had resulted in fewer strikes per die pair than expected. The result would last until the late 1930s, leaving the American public with memories of a nickel not soon forgotten.       

Sources:
Bowers, David. A Guide Book of Buffalo and Jefferson Nickels. Atlanta: Whitman, 2007. Print.
Judd, J. Hewitt. United States Pattern Coins. Atlanta: Whitman, 2009. Print.

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Broadcast in December 1953 during her official commonwealth tour after her Coronation, it was the Queen's first and only Christmas Message broadcast outside Britain. The Queen's Christmas message is a highly anticipated part of Christmas Day both in the United Kingdom and throughout the Commonwealth.  It typically touches on the year's major events, as well as the sovereign's personal milestones.

The denomination of one Dollar ($1) and the inscription "QUEEN ELIZABETH II DIAMOND JUBILEE" is shown above the primary design. Additional inscriptions read "CHRISTMAS MESSAGE - NEW ZEALAND 1953". New Zealand native Christmas flowers (Pōhutukawa) are included as part of the design with color applied. These native flowers bloom at Christmas time in New Zealand, which falls at the height of summer. The pōhutukawa tree is therefore commonly referred to as the New Zealand Christmas tree.

The obverse side features the Ian Rank-Broadley profile of the Queen which has been used on British and Commonwealth coinage since 1998. Under the profile is the year of issue, "2012". The crown is struck in pure silver (.999) and in proof quality with a weight of 31.1 grams and a diameter of 40 mm. The total mintage is limited to 15,000 pieces.

For more information on this and other coins offered by New Zealand Post, official distributors of New Zealand coins and currency products, please visit their website at: www.nzcoins.co.nz

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She writes, "Of the last set of coins I sent to NGC, half came back ungraded due to having been improperly cleaned. Luckily, I learned from my first experience and instructed them not to slab if the coin was judged to have been cleaned. But because of my sensitivity to the issue, I took each of these coins to my lab (I'm a scientist) and examined them under the microscope to look for any change in luster and any pattern of small scratches, BEFORE I sent them in."

The Morgans dollars, she added, had the full cartwheel reflection. "I cannot imagine what the grader was looking at; I can only assume that I need to learn more about grading. Or do I? Should I resubmit to PCGS? I'd hate to do this without figuring out if I missed something when examining the coins myself."

I promised to dedicate a column to cleaning. Some pointers are listed below. Click on any image for an expanded version.

1. You should never clean coins. Conservation techniques, as practiced by NGC's sister company, Numismatic Conservation Services, are beyond the scope of this post. There are special chemicals and chemical mixes that remove grime and PVC poisoning (a green residue that taints coins in pliable plastic flips containing polyvinyl chloride). We won't share the chemical-mix recipes or over-the-counter products because more coins have been destroyed by hobbyists than ever have been conserved.

2. Distinguish slide marks from hairlines. Slide marks (caused by coins being removed and put back in albums containing plastic covers) sometimes are confused with hairlines caused by improper cleaning. (To bone up on slide marks, click here.) Bank-bag and stray marks can occur naturally due to circulation. Ones caused by cleaning are somewhat obvious because they leave tell-tale abrasive marks on the surface of a coin.

3. Be able to identify "almost uncirculated" coins from cleaned ones. "Slider coins"--ones that look uncirculated but really grade almost uncirculated (AU50-58)--often are rejected by grading companies as "cleaned," when they just have traces of wear. Whereas slide marks (see #1 above) are almost uniformly straight up and down the length of a coin, almost uncirculated coins can have bag marks running in several directions, resembling improper cleaning. The keys to telling one from the other concern (a) an absence of abrasive hairlines deeper than circulation marks and (b) a uniform amount of luster remaining on the coin's surface. If there are no rubs on a lustrous surface, it's probably an AU coin. But again, we're in the realm of judgment calls.

4. Know when a coin has been dipped. There are several coin brightening solutions that can actually enhance the appearance of a coin if done expertly. But more coins have been destroyed by dipping a coin in such a solution longer than necessary, without washing off the chemical adequately. Those coins have a grainy appearance with a washed-out look, easily discernible from uncirculated coins with cartwheel luster.

4. Identify cabinet rubs. Coins stored in boxes or drawers without protective flips or holders often slide on the wood, causing streaks. These are grade-worthy coins but often dubbed as cleaned. This 1879-S rev. of 78 graded MS63 by ICG failed to cross over to PCGS because of a such a rub on the cheek. I agree with PCGS, which graded the coin AU58.

5. Some coins are obviously cleaned ... with scouring pads (Brillo). Here's an example. These coins usually are destroyed, unless they are key dates, in which case, you can often buy them at 50% discount. Hobbyists know that one person's tomfoolery (cleaning an 1893-S Morgan with Brillo) can be another person's treasured key date coin completing a set.

Keep in mind when evaluating coins for cleaning, that some may have a trace of dip or rub and can go either way. If you use a loop, you may be able to see hairlines caused by abrasives. Or you may see traces of grain caused by dipping solution. These, again, are judgment calls. When you feel sure that a holdering company has made a mistake, submit the coin to a competitor. You just might get a grade.

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First issued by the Republic of the Seven United Netherlands provinces in 1589, these historic coins played an important part in the Dutch economy, especially in world trade from the sixteenth to the nineteenth centuries. The first examples of the one ducat coin were originally struck during the Dutch Republic (1581 – 1795). These coins, still issued under the Dutch coinage act are struck in the standard .873 silver fineness commonly used for this type of trade coin. The design of the modern series changes bi-annually, and several styles utilized over the more than 300 year period of the historic daalder have been re-created since this modern proof collector series was introduced in 1989.

The obverse of the latest release depicts a standing portrait of William III of Orange-Nassau in the armor of the anonymous knight. The Royal Knight is positioned on an outline of the province of Utrecht. Just under the standing Knight is the coat of arms of Utrecht along with the text “ MO. NO. ARG. REG. BELGII. TRAJ” (Moneta Argentea Ordinum Foederati Belgii Trajecti). The reverse carries the inscription “CONDORDIA RES PARAVE CRESCUNT” (In Harmony Small Things Grow) along with a crowned version of the present coat of arms of the modern Dutch state and the year of “2012” with two numerals placed on either side of the crest.

The coin is struck in proof quality with a weight of 28.2 grams and a diameter of 40 mm. The mintage is limited to 5,000 pieces. The Royal Dutch Mint are taking pre-orders for delivery in April.

For more information on this and other coins offered by the Royal Dutch Mint, please visit their website at: http://www.knm.nl/Zilveren-Dukaat-Utrecht-2012/nl/product/2171/

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The commemorative coins went on sale at the Mint on February 16, 2012. The available products include individual proof coins, individual uncirculated coins, and a special Defenders of Freedom Set that includes the proof version of the coin along with a replica dog tag on a miniature chain. For approximately the first month of sales, the individual options are available at lower introductory pricing.

Through the reporting date of February 20, 2012, the US Mint recorded sales of 26,262 individual proofs, 12,191 individual uncirculated coins, and 16,222 of the special sets. On a combined basis, this represents a total of 54,675 coins out of the maximum authorized mintage of 350,000.

Numbers throughout the rest of the sales report remained somewhat subdued. The strongest sellers for each product type tended to be the newest releases. The 2011-P Chickasaw Five Ounce Silver Uncirculated Coin added 2,078 units to bring the sales total to 10,736. The 2012 America the Beautiful Quarters Proof Set and Silver Proof Sets added 3,045 and 3,101 units, respectively. The recently released El Yunque National Park Quarter products were the strongest amongst the offerings of numismatic bags and rolls.

The complete US Mint numismatic product sales report appears below. The figures are compiled through February 20, 2012. The first number column represents total sales through the reporting date, and the second number column represents the change in sales since the last report. Products with sales followed by an asterisk (*) are no longer available from the United States Mint. Products listed in bold make their debut on this report. Currently available US Mint products can be found online at http://catalog.usmint.gov/

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The product was created as part of the US Mint's efforts to expand numismatic program revenue by targeting new market niches. This product involved working with another nation to create a limited edition product.

US Mint Director Henrietta Holsman Fore said, “Walking Liberty and Standing Britannia are beautiful, evocative images in defense of freedom. These allegorical women represent the strength and pride of their Nations.”

Each set included one 2003 American Silver Eagle bullion coin and one 2002 Silver Britannia bullion. The maximum product limit was 50,000 units, and the original pricing was $49.99 per set. At the time, the market price of silver was $6.39 per ounce.

The Silver Eagle is struck in .999 fine silver with a weight of one troy ounce. The obverse features Adolph A. Weinman's Walking Liberty design that was originally used for the circulating half dollar from 1916 to 1947. Liberty strides confidently forward with her right hand extended and her left hand carrying branches of laurel and oak. The reverse design features a heraldic eagle with shield designed by John Mercanti. Thirteen stars are placed above to represent the original 13 colonies.

The Silver Britannia is struck in .958 fine "Britannia silver" to contain one troy ounce of silver. The obverse design features Ian Rank-Broadley's portrait of Queen Elizabeth II. The reverse design for 2002 featured Philip Nathan's Standing Britannia. She is dressed in a wind blown gown with a warrior's helmet and holds a trident  in her right hand and a shield and sprig of olive in her left.

The final mintage for the 2003 Silver Eagle was 8,495,008, with the coins primarily distributed through bullion channels. The 2002 Silver Britannia had a maximum mintage of 100,000 coins.

For the Legacies of Freedom Set, the two silver coins were packaged together in an illustrated blister pack that allowed both sides of the coins to be viewed. The packaging also included the story of Walking Liberty, the story of Britannia, and information on the two sculptors behind the designs. A certificate of authenticity was signed by US Mint Director Henrietta Holsman Fore and Deputy Master and Chief Executive of the Royal Mint Gerald Sheehan.

US Auctions Australian Auctions Austrian Auctions Belgian Auctions Canadian Auctions French Auctions German Auctions Indian Auctions Irish Auctions Italian Auctions Dutch Auctions Spanish Auctions Swiss Auctions UK Auctions

Best Match Time: ending soonest Time: newly listed Price: lowest first Price: highest first Price + Shipping: lowest first Price + Shipping: highest first

2pc. US & UK Silver Bullion Set "Legacies of Freedom"    US $80.99

Legacies of Freedom US & UK Silver Bullion 2 Coin Set 2002 Britannia 2003 Eagle    US $81.57

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In attendance from the CCAC were Arthur Houghton, Chairman Gary Marks, Erik Jansen, Dr. Michael Bugeja, Dr. Doreen Bolger, Donald Scarinci, Mike Ross, Michael Olson, and Heidi Wastweet. Representing the Mint were Kaarina Budow, Don Everhart, Andy Fishburn, Greg Weinman, and Ron Harrigal.

Mr. Harrigal began with a review of the authorizing legislation for the American Platinum Eagle coins, and provided the committee with a description of each reverse design. The CFA previously reviewed these designs, and preferred design 10. Prior to the in-depth discussion, the committee conducted an elimination vote to exclude designs: the third, sixth, and seventh designs were so excluded, and would not be discussed.

On many of the designs, concerns about the large size of the valuations were expressed. There was a difference of opinions with regard to the use of a rifle in design 4: some saw it as symbol of offense, where others acknowledge it as a tool for defending one’s land. Other concerns surrounding the use of the classic spelling of “DEFENCE”, rather than the modern “DEFENSE”: it could be an opportunity for education. The size of the flag in design 9 was considered to be out of proportion. The use of shields in many of the designs seemed to have its supporters and detractors as well, overly simplifying the imagery.

The committee votes for the 2012 Proof Platinum Eagle reverse design candidates were as follows:

With 13 votes out of a possible 21, design 4 received the committee's recommendation.

Editor's Note: This article is published with a delay after the CCAC meeting took place. It was written as soon as possible after meeting transcript information was made available.

2012 American Platinum Eagle Design Candidates

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In the past 22 years, the GAO has now issued six reports on replacing the $1 bill with $1 coins, which have each estimated a financial benefit to the government over the longer term. During this time, the United States has introduced the Sacagawea Dollar, Presidential Dollar, and revamped the first series to become the Native American Dollar. The $1 coins from each series were allowed to co-circulate with $1 bills, rather than replacing them. This has served to impede the circulation and public acceptance of the $1 coins.

In 2002, the production of Sacagawea Dollars for circulation was suspended. In December 2011, the production of Presidential Dollars for circulation was also suspended. Henceforth, the production of Native American Dollars will most likely also be significantly reduced, since mintages for this series have been effectively driven by overall $1 coin production levels.

The newly issued GAO report (pdf link to full report) took into account several key changes that have occurred since the previous report. First, the expected life span of the $1 bill has increased from 40 months to an average of 56 months due to the use of new note processing equipment. Second, the Treasury Department has announced the suspension of production of Presidential $1 coins for circulation. Third, the estimates for future government borrowing costs have declined. Each of these developments has to served to reduce the expected benefits of replacing the $1 note with the $1 coin.

Taking into account these developments, the GAO's primary analysis found  net benefit to the government of $4.4 billion over the course of 30 years, representing an average yearly discounted net benefit of $146 million. A net loss would be realized for six out of the first seven years, with annual benefits occurring in all subsequent years. The net benefits occur due to the increased seigniorage driven by the greater number of coins than notes that would necessary within circulation to meet demand.

Alternative Scenarios

The GAO was asked to provide estimates of the specific benefit or loss to the government from replacing the $1 note with a $1 coin under alternative scenarios. These scenarios included a 10-year period under the same assumptions, a 10-year period with the interest savings due to seigniorage excluded, and a 10-year period with a lower replacement ratio of coins.

An evaluation of the replacement of the $1 note with the $1 coin over a 10-year period resulted in a net loss to the government of $531 million. Annual losses were estimated for six out of the first seven years, with annual benefits realized from the eighth year onwards.

In the scenario which excludes interest savings due to seigniorage, a net loss to the government of $1.8 billion is realized over a 10-year period. Annual losses were estimated for nine out of the ten years covered.

A final alternate scenario assumed that the replacement ratio of $1 notes to $1 coins would be 1-to-1. For the original analysis it had been assumed that each $1 note would be replaced by 1.5 $1 coins in circulation. Under this alternative scenario, the government would incur a net loss of $582 million over 10 years. Annual losses were estimated for nine out of the ten years covered.

Commenting on these alternative scenarios, the GAO indicated that their primary analysis was based on a 30-year period to coincide with the expected life span of the $1 coin. Large costs are necessary during the first few years to produce an initial supply of $1 coins, while the benefits are realized in later years.  With regards to the second alternative scenario, the GAO commented that not including interest savings omits a monetary benefit to the government. For the third alternative scenario, the GAO cautioned that a 1-to-1 replacement ratio might result in a shortage of currency that could have significant negative consequences for the economy. The replacement ratio of 1.5 $1 coins for each $1 note was based on the experience of Canada and the United Kingdom.

Federal Reserve and Treasury Department Comments

The Broad of Governors of the Federal Reserve System commented on GAO's primary analysis that estimated savings of $4.4 billion over 30 years by expressing concern that the benefits may be overstated, "perhaps substantially." All of the savings generated are the result of increased seigniorage and not reduced production costs, and the costs to the  private sector, state and local governments, and the Federal Reserve are not addressed. Additionally, potential changes in the costs of raw materials, changes in discount rates, and increased adoption of electronic payments are not addressed through a sensitivity analysis. The Federal Reserve also noted the increased risk of counterfeiting that may occur with a switch from the $1 note to the $1 coin.

The Federal Reserve comments concluded by stating, "We continue to believe that a fuller societal cost-benefit analysis and a sensitivity analysis that varies key assumptions that are subject to material uncertainty would provide policy-makers with a more complete basis for considering the future of the $1 note and $1 coin."

Comments from the Treasury Department reiterated their stance that they have not taken a position on whether the $1 note should be replaced by the $1 coin. They also noted that the GAO has not considered the total costs associated with replacing the $1 bill with the $1 coin, such as transportation, production, environmental, and other costs. They stated, "In our view, policymakers should consider both the direct financial benefit to the Government and the cost impact on the private sector and the environment."

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The obverse design of the coin features a modern Infantry soldier charging forward and beckoning troops to follow, symbolizing the "Follow Me" motto of the Infantry. Inscriptions include "Liberty", "In God We Trust", and "2012". The reverse design features the crossed rifles insignia, the branch insignia of the Infantry. Inscriptions include "United States of America", the denomination "One Dollar", and "E Pluribus Unum". The obverse was designed by Joel Iskowitz and sculpted by Michael Gaudioso, while the reverse was designed by Ronald D. Sanders and sculpted by Norman E. Nemeth.

The designs for the Infantry Soldier Silver Dollars were announced in October 2011 prior to a football game between the Fort Benning Doughboys and the Columbus State University Cougars. The selection of the designs was made by the Secretary of the Treasury following consultation with the National Infantry Foundation, Commission of Fine Arts, and review by the Citizens Coinage Advisory Committee.

Each coin is struck in 90% silver and 10% copper with a diameter of 1.5 inches and weight of 26.73 grams. The proof and uncirculated versions of the coin are both struck at the West Point Mint and carry the "W" mint mark. Across all product options, the mintage is limited to 350,000.

During an introductory period, prices for the coins are $44.95 for the uncirculated version and $49.95 for the proof version. After March 19, 2012, regular pricing of $49.95 for proofs and $49.95 for uncirculated coins will go into effect. No household ordering limits are imposed for the individual proof and uncirculated coin options and shipping is expected to begin within one to two weeks.

The US Mint is also offering the Infantry Soldier Silver Dollar Defenders of Freedom Set, which includes the proof version of the coin with a replica dog tag on a miniature chain. These are packaged within a custom folder containing a famous quote from President John F. Kennedy, “Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe, in order to assure the survival and the success of liberty.” These sets are limited to production of 50,000 units and priced at $51.95 each. The US Mint has imposed an initial ordering limit of 100 sets per household and shipping is expected to begin on May 31, 2012.

The prices for each coin include a surcharge of $10, which will be distributed to the National Infantry Foundation for the purpose of establishing an endowment to support the maintenance of the National Infantry Museum and Soldier Center after its completion.

For orders and additional information, visit the US Mint's website http://usmint.gov/

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