Moy pop of only 20 coins Out of the entire 50,000 mintage, PCGS has only graded 123 total MS 70 PL coins. That is .002 of a percent that made the PL! That’s quite a small amount. Since there initial release in 2015, we’ve submitted thousands of coins and none have made a 69 or 70 PL designation. It’s a very good chance, these are the only coins available. We have not offered a 2015 $100 HR MS 70 PL Moy since January 2017. A very elusive coin!! 1 coin available at $12,650
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According to current U.S. government projections, it will need to increase outstanding debt by $12 trillion over the next decade. That is going to be a huge problem.
Such a massive increase in debt, by itself, is an indicator that the value of the U.S. dollar is destined to fall. If investors are looking for a place to allocate part of their portfolio, they would tend to shy away from assets that have the prospect of going down in value.
Already, China and Japan, the largest holders of U.S. Treasury debt, are scaling back on their holdings. Who will replace them, not only in continuing to purchase Treasury debt issued to offset existing obligations as they mature, but also in the huge increase in debt over the next decade?
There really is no outside party that will do so. Consequently, the Federal Reserve is almost certain to again engage in quantitative easing (meaning inflation of the money supply) to absorb the new Treasury debt issues. On Feb. 8, Federal Reserve Bank of San Francisco President Mary Daly told reporters that the Fed was likely to resume quantitative easing as a routine action rather than its current policy that it should only be considered in an emergency.
I have stated all along that the U.S. government would accelerate the depreciation of the U.S. dollar. In recent years, the Federal Open Market Committee had repeatedly stated that it sought to knock down the value at least 2% annually, though not worded so explicitly. How much faster the U.S. dollar will sink over the next several years is now the important question.
This development just adds to the reasons why I consider it prudent to allocate a part of one’s net worth or investment portfolio to ownership of physical bullion-priced gold and silver coins and ingots as “wealth insurance.” In years past, I suggested that the allocation be 5-10% of the total. With this latest development, I am upping the recommended allocation to at least 15%.
Patrick A. Heller was the American Numismatic Association 2018 Glenn Smedley Memorial Service Award, 2017 Exemplary Service Award, 2012 Harry Forman Dealer of the Year Award, and 2008 Presidential Award winner. He was also honored by the Numismatic Literary Guild in 2017 and 2016 for the Best Dealer-Published Magazine/Newspaper and for Best Radio Report. He is the communications officer of Liberty Coin Service in Lansing, Mich., and writes Liberty’s Outlook, a monthly newsletter on rare coins and precious metals subjects. Past newsletter issues can be viewed at http:// www.libertycoinservice.com. Some of his radio commentaries titled “Things You ‘Know’ That Just Aren’t So, And Important News You Need To Know” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio and text archives posted at http:// www.1320wils.com).
Posted on February 26, 2019 by World Coin News Staff
Masterwork: Kimon’s rendering of the nymph Arethousa dominates this Sicilian silver tetradrachm of the Second Democracy c. 406-405 BCE. The quality of this piece caused the CNG cataloger to wax poetic: “The composition’s beautiful three-dimensional perspective is augmented by a fluid style that effectively conveys the natural motion of the nymph’s hair in her liquid environment. [That] environment is further emphasized by the placement of the dolphins, who weave themselves within her hair in a playful manner. The serenity of Arethousa’s countenance, with her full, pouting lips and other-worldly gaze from her almond-shaped eyes, conveys a sense of her place aloof from the realm of man.” In EF the coin romped away to take $270,000. (Images courtesy CNG)In late January, the Classical Numismatic Group announced that their annual Triton sale had realized $10,482,153 on pre-sale total estimates of $7,831,550.
The catalog featured 1,456 lots of Greek, Celtic, Oriental Greek, Central Asian, Roman Provincial, Roman Republican & Imperatorial, and Roman Imperial coinage.
Thrown in for good measure was a selection of Byzantine, Early Medieval, Islamic, World, and British coinage plus a number of choice large lots.
Four outstanding collections dominated the sale:
• The Gasvoda Collection consisted of exceptional Greek and Roman coins with an emphasis on Magna Graecia and Sicily. It realized $3,047,376 on a $1,850,700 estimate.
• Seleukid coinage from the MNL Collection took $282,270 on a $172,250 estimate.
• The Michel Prieur Collection of Syro-Phoenician silver coinage sold for $500,844 on a $216,550 estimate.
• Roman Republican coins from the Alan J. Harlan Collection fetched $435,810 on a $273,950 estimate.
Top-selling lot from the Gasvoda Collection was a Sicilian silver tetradrachm by Kimon (26mm, 17.44 g) from the Second Democracy c. 406-405 BCE. The head of the nymph Arethousa fills much of the obverse, her sea-swept hair radiant about her. Adjectives fail to adequately describe this superb artwork. It is a true masterwork in the original sense of that word.
On the reverse, a charioteer drives his quadriga at breakneck speed with Nike hovering above waiting to crown him with a laurel wreath.
Graded EF with underlying luster, this coin shot past its $150,000 estimate to hammer at $225,000 for a total of $270,000.
A second tetradrachm came from the MNL collection and was sourced from the Seleukid Empire of Demetrios I Soter c. 155/4-150 BCE (31mm, 16.68 g). The obverse shows the king’s effigy within a laurel wreath in high relief. The reverse has Tyche seated (SC-1611.3).
Tetradrachm of the Seleukid Empire struck for Demetrios I Soter c. 155/4-150 BCE, which realized $14,400 in EF. (Images courtesy CNG)
In EF, it realized $14,400 on an estimate of $3,000.
Tetradrachm struck at Hierapolis for the Caracalla c. 215-217 CE whose reverse is devoted to cult figures of Haddad. An extremely rare coin, it fetched $16,800 in gVF, or over 5 times estimate. (Images courtesy CNG)
Top lot from the Michel Prieur Collection was a third tetradrachm (25mm, 10.58 g) struck at Hierapolis for Caracalla c. 215-217 CE (Prieur 925). The emperor is shown laureate, draped, and cuirassed. On the reverse are cult figures of Haddad seated on bulls and Atargatis seated on lions. Between is a semeion surmounted by a golden pigeon. All are supported by an eagle.
This is an extremely rare coin. Prieur cites just four examples. In gVF and toned, it made a most comfortable $16,800 on a highly conservative $5,000 estimate.
Silver denarius of Roman moneyer T. Carisius struck in 46 CE with a design that echoes a 350-300 BCE coin produced in the city of Gergis, near the site of Troy. In superb EF, it realized $5,700. (Images courtesy CNG)
From A.J. Harlan’s Imperial Roman coins came an exceptional example of a silver denarius (17 mm, 4.05 g) struck by moneyer T. Carisius for Imperatorial Rome c. 46 BCE. On the obverse, the head of Sibyl Herophile is displayed with her hair decorated with jewels and enclosed in bands. On the reverse is a Sphinx.
As the cataloger notes, this coin’s design shows that Roman moneyers were familiar with the legends and coin types of obscure Greek cities. In this instance, the city is Gergis, sited near ancient Troy. It was said to be the birthplace of the Sibyl Herophile, a priestess with prophetic powers. Coins of the city struck c. 350-300 BCE show the head of the Sibyl and a seated sphinx, a symbol of prophecy. These themes are repeated here.
Given its superb EF condition, the coin realized $5,700, or well over three times estimate.
Full catalog details and prices realized can be found at the CNG website: www.cngcoins.com. On the list, the number of each lot is hot-linked to the catalog description.
Prices and totals cited here included a buyer’s premium of 20%. However, those bidding online and who used The Saleroom.com would have paid 22.5%.
CNG is currently accepting consignments for its next mail bid auction, CNG 111, scheduled for May 8.
This article was originally printed in World Coin News.
This little jewel is obviously one of the finest survivors for this issue. It features satiny, golden surfaces that exhibit no noticeable abrasions or other imperfections. Additionally, it’s fully struck and boasts a great overall appearance. It is particularly well suited for a collector who is looking for a fabulous Liberty quarter eagle to include in a top-notch gold type set, or someone who simply buys great coins. The NGC population is 8 with none higher. Listed at $27,500 in the NGC price guide.
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Despite a mintage of more than 1.6 million coins, few 1899 twenties survive in high grades. In fact, the combined NGC and PCGS population for MS65 grade examples is fewer than 200 coins and the two companies together have graded only 9 pieces higher. Listed at $8,120 in the CDN CPG, $7,500 in the PCGS price guide, $10,750 in the NGC price guide and $8,500 in Trends. Those numbers speak for themselves…
We have three coins available…
Offered at $5,990 each delivered
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As February is Black History Month, we thought it would be appropriate to take a look at some of the recent Commemorative Issues that honor people and events highlighting the contributions of African-Americans to American History. In the late 1940s and early 1950s, tribute was paid to both Booker T. Washington and George Washington Carver as the “Vintage Commemorative” era drew to a close. After a roughly 30 year hiatus, the “Modern Commemorative” era began and since 1982, four issues have been struck to recognize various individuals and milestones on this topic.
The first Modern Commemorative in this series honored the great Jackie Robinson, who broke the color barrier in Major League Baseball at the beginning of the 1947 season when the Brooklyn Dodgers started him at first base. His talent and character served as an inspiration to the hundreds of African-American players who followed him in the ensuing years. Robinson was honored both with a dollar coin struck in silver as well as a five-dollar coin struck in gold on the 50th anniversary of his achievement.
The two coins struck in 1997 to honor Jackie Robinson
The next issue came the following year, in 1998, when Crispus Attucks was featured on a coin commemorating the contributions of black Revolutionary War patriots. Attucks was a stevedore and was the first person killed in the Boston Massacre, and thus was the first American killed in the Revolution.
The 1998 issue honoring Black American patriots portrayed Crispus Attucks, the first casualty of the American Revolution.
The desegregation of Little Rock High School, in September 1957, was marked by the issuance of a commemorative marking the 50th anniversary of the event. Nine African-American students were blocked from entering the segregated school by the Governor of Arkansas, Orval Faubus. After intervention from President Eisenhower, who deployed the 101st Airborne Division of the Army, the students were admitted.
The desegregation of the Little Rock’s Central High School was marked in 2007 with this dollar coin
Finally, the passage of the Civil Rights Act of 1964 was again recognized on its 50th anniversary by the issuance of this commemorative dollar coin in 2014. Signed into law in early July 1964 by President Lyndon Johnson, the act banned employment discrimination based on race, color, religion, sex or national origin and is considered one of the crowning legislative achievements of the civil rights movement.
The passage of the Civil Rights Act of 1964 was recognized on this 2014 commemorative dollar
The prevailing mood has shifted from extreme pessimism to extreme optimism
By MARK HULBERT
CHAPEL HILL, N.C. (MarketWatch) — Sentiment conditions on Wall Street are flashing short-term danger signs.
That’s because the mood has shifted from the extreme pessimism that prevailed in late December to nearly as extreme optimism today. Some call current conditions a “slope of hope.”
Consider the average recommended equity exposure among the Nasdaq-oriented market timers I monitor (as measured by the Hulbert Nasdaq Newsletter Sentiment Index, or HNNSI). In late December, this average was lower — at minus 72.2% — than at almost any other time since I began collecting data in 2000.
That’s why contrarians, in late December, were forecasting a powerful rally.
Read: Should stock-market investors freak out over an ‘earnings recession’? These charts say no
Today, in contrast, in the wake of a 17%-plus gain in the S&P 500 SPX, +1.09% and a 20%-plus rally in the Nasdaq COMP, +0.61% the HNNSI has risen to plus 73%. That’s higher than 90% of all comparable readings since 2000.
In other words, as you can see from the accompanying chart, in six weeks’ time this group of short-term stock-market timers has increased their average equity exposure by more than 140 percentage points: Away from being aggressively bearish (recommending that clients allocate three-fourths of their trading portfolios to short-selling) to being almost as aggressively bullish (now recommending that three-fourths of clients’ portfolios be long).
To be sure, this does not mean that a decline back to the December lows is imminent. Nevertheless, contrarian analysts are convinced that the sentiment winds are no longer blowing in the direction of higher prices.
The usual qualifications apply, of course. Contrarian analysis doesn’t always work. And, even when it does, the market doesn’t always immediately respond to the contrarian signals. This past summer, for example, as you can see from the chart, the HNNSI hit its high about six weeks prior to the market’s. That’s a longer lead time than usual, but not unprecedented. But when the market finally did succumb to the extreme optimism, the Nasdaq fell by more than 20%.
Another qualification about the HNNSI as a contrarian indicator: It works only as a very short-term timing indicator, providing insight about the market’s trend over perhaps the next few months at most. So it’s not inconsistent with the contrarian analysis of current market sentiment that the stock market could be headed to major new all-time market highs later this year.
What contrarians are saying, however, is that even if the market does hit new highs later this year, there may be lower prices first.
Mark Hulbert has been tracking the advice of more than 160 financial newsletters since 1980.
By MYRAP. SAEFONG & MARK DECAMBRE MARKETS/COMMODITIES REPORTERS
Gold futures marked the highest finish in two weeks Friday, as progress in trade talks in the final day of this week’s round of U.S.-China trade negotiations was seen as bullish for the yellow metal, overshadowing strength in the dollar and a pick up in global equity markets.
Meanwhile, palladium topped $1,400 an ounce to notch a record for futures prices, which settled with a weekly rise of nearly 3%.
April gold GCJ9, +0.84% gained $8.20, or 0.6%, to settle at a two-week high of $1,322.10 an ounce. Friday’s early gains erased a loss for the 5-day stretch, sending bullion up 0.3% for the week, based on last Friday’s settlement. The SPDR Gold Shares ETF GLD, +0.18% was up 0.5% in Friday dealings.
March silver SIH9, +1.46% meanwhile, added 21.5 cents, or 1.4%, to finish at $15.743 an ounce, with gold’s sister metal still down 0.4% for the week.
Weeklong discussions between Beijing and Washington to resolve a protracted tariff spat wrapped up on Friday in China, with reports negotiators remain deadlocked on key issues, but will continue talks next week in D.C. A 90-day truce between the parties is set to end at the start of March.
The Wall Street Journal reported that sharp divisions remain between the two sides, with the U.S. complaining that China pressures American businesses to share technology and that its policies favor state-owned companies.
Progress on trade negotiations can be bullish for gold because China is one of the biggest purchasers of the yellow metal, commodity traders said.
“Anything that is positive coming out of these [U.S.-China] talks is deemed to be supportive for gold,” Fawad Razaqzada, technical analyst at Forex.com, told MarketWatch.
The Forex.com analyst said that a trade deal could be supportive for the Chinese yuan USDCNY, +0.0133% USDCNH, -0.1372% strengthening the currency, which could help commodity buyers in Beijing purchase assets mostly traded in U.S. dollars like gold.
Meanwhile, the U.S. dollar on Friday, as measured by the ICE U.S. Dollar IndexDXY, -0.10% was trading 0.1% lower at 96.844, but was trading 0.2% higher for the week as gold futures settled. A stronger buck tends to, but not always, make purchasing dollar-priced assets comparatively more expensive for those using other monetary units.
“The dominate thinking of speculators is that [the] U.S. Federal Reserve is on the very verge of easing monetary policy,” said Ned Schmidt, editor of the Value View Gold Report. “General this view is built on belief th at [the] U.S. economy is about to fall into a recession this year.”
It “does not matter whether or not any of the above is true,” he said. “It is what speculators believe” that moves gold. Precious metals tend to draw buying in a low interest-rate climate. Rising rates make nonyielding gold less attractive to investors who will chase higher yields elsewhere.
Among other metals, March copper HGH9, +1.48% added 0.9% to $2.799 a pound, for a weekly loss of 0.4%. April platinum PLJ9, +2.43% rose 2.2% to $806.90 an ounce, ending down about 0.5% higher for the week.
March palladium PAH9, +1.65% settled up 1.5% at $1,407.20 an ounce — a fresh record high, based on FactSet data going back to November 1984. The most-active contract was up 2.6% for the week.
Prices for the metal have been climbing to new highs for months now, buoyed by rising demand, particularly from the auto sector, and tight supplies.
There are very few factors that could stop the “runaway” rise in palladium—among them, a “global economic collapse to stop car sales in their tracks,” or a “major palladium dump from a Russian stockpile” of the metal, both of which aren’t likely, R. Michael Jones, chief executive of Platinum Group MetalsPLG, -0.72% told MarketWatch.
By Jeffry Bartash, a reporter for MarketWatch in Washington.
U.S. financial picture getting worse in wake of Trump tax cuts
The U.S. national debt topped a record $22 trillion this week, less than a year after it crossed the $21 trillion mark, indicating a further deterioration in the nation’s finances.
The Peterson Foundation said the U.S. national debt has risen by $1 trillion in the past 11 months, calling it “the latest sign that our fiscal situation is not only unsustainable, but accelerating.”
The foundation drew its estimate from the Treasury Department’s daily statement on the government financial assets and liabilities. The group has long called for reducing the national debt to ensure the nation’s long-term financial health.
“We already pay an average of $1 billion every day in interest on the debt, and will spend a staggering $7 trillion in interest costs over the next decade,” asserted Michael Peterson, CEO of the foundation. “In order to build the strong and stable future that we want for America, we must put our fiscal house in order and begin to manage our national debt.”
Economists agree the U.S. will suffer in the long run if the government fails to rein in the debt, but that day may still be a long way off.
The standard method of judging a nation’s fiscal health is to look at the level of debt relative to GDP — or the size of the economy. The ratio of publicly held debt-to-GDP is seen rising from about 78% in 2019 to 106% by 2029 and to as high as 193% by 2049 under current tax and spending policies, the Brookings Institution calculates in a new report.
While the interest payments on such a large debt would siphon off a lots of money the government could use for other things, it’s by no means clear how much the economy would suffer.
Japan has run huge debt-to-GDP ratios for years and it still has one of the strongest economies in the world. The country’s debt is around 236% of GDP.
The U.S. national debt soared in the aftermath of the 2007-2009 recession, accelerated again after the Trump tax cuts in 2017 and an increase in federal spending.