New Old Silver and New Silver Coins
New Old Silver and New Silver Coins by Rory – The Daily Coin
A few weeks ago my parents decided to, finally, clear out their “safe deposit box” at the bank. In the box was a bunch of silver coins and assorted other items handed down through the years. One, in particular, had my full undivided attention – an 1854 Seated Liberty Quarter. We were all very excited and once I began doing some research it became clear this coin could potentially command a very high premium as the coin is truly XF (Extra Fine) condition.
My original thought was to have it graded, the condition is that good, but before I made that type of investment I thought it would be a good idea to have some of my local coin dealers take a look and give me their thoughts. The flea market was in town, so, all the people that I do business with on a monthly basis were available.
First up – “the coin is in great condition, probably XF or better, but it has been cleaned”. Hearing the word “cleaned” is about as deflating as just learning it’s a counterfeit.
Not being deterred, I pressed forward and decided to speak with someone I respect but haven’t spoken with in some time. Unfortunately, I was told the exact same thing – almost verbatim.
So, the premium has been, literally, wiped away.
There is some good news – first, my Mom now understands to call me BEFORE she does anything with any coin of any type.
The real good news is when I took the 1854 Seated Liberty into a coin shop, that I last visited more than 3 years ago, there were two 2010 America the Beautiful (ATB) coins in a display case being offered just above spot! I couldn’t believe what I was seeing. The bad news is one of the coins was not in the airtight capsule that all ATB’s are shipped in. This means the coin has been handled and probably scratched. I didn’t bother looking at it through a loop and just picked up the one coin. Still a fruitful trip and worth the drive.
Out of the box came an assortment of Peace dollars, Kennedy halves and steel pennies. All in great condition and some in individual protection. I was super stoked in seeing all these coins then my Mom made the worst announcement possible “I cleaned all the silver dollars, see how nice they look!” She was very proud of herself until I explained this was the worst thing she could have done, aside from smashing them with a hammer.
Below are images of the coins that are now being properly cared for and appreciated. Click any image to enlarge.
Each month when I make my pilgrimage to the flea market I make it point to ask how business is going – are people selling back into the market, sales up/down/unchanged? This month – the four dealers that I spoke with all said the same thing – sales are up, but selling back into the market is way up versus the summer months of the past few years.
I use this as a gauge as to the health of the economy. If people are willing to return their gold and silver back to the market, at the current levels, this means they are in financial pain and really need the cash. Usually people returning precious metals to the market tend to be sensitive to what the market is doing and want to maximize how much fiat their metal will bring. It would appear this is not the case in the summer of 2017. As many analyst say – the greatest transfer of wealth in history is underway and, at least for a couple of weeks, this proved to be an absolute when I was able to pick up a 7 year old ATB just above spot.