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Louis Golino

Modern Numismatics

Louis Golino

Louis Golino has been a collector of American and world coins since childhood and has written about coins since 2009. In addition to writing about modern coins and other numismatic issues for Coin World, he also has written a regular column for CoinWeek.com since 2011, writes a monthy column for The Numismatist magazine and has written for other coin publications. In 2015, for his CoinWeek column “The Coin Analyst,” he was presented with the Numismatic Literary Guild's award for best online column. He is also a founding member of the Modern Coin Forum. 

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Archive for 'September 2016'

    30th Anniversary Deserves Much More

    September 29, 2016 5:15 PM by Louis Golino
    I have never been a fan of the rampant bashing of the U.S. Mint that takes place regularly in letters to the editors of numismatic publications and the blogosphere.  Often collectors venting their frustration about some issue of another simply do not have all the facts, or they allege some kind conspiracy between the Mint and the “big boy” dealers to prevent regular collectors from buying their coins at issue price. 

    But there are times when constructive criticism is warranted, and this is one of them.  The Mint delayed releasing the 2016-W proof and uncirculated versions of the American Silver Eagle for most of the year while they re-tooled their dies to enable them to add incuse edge lettering to the coins noting that this year is the 30th anniversary of the world’s best-selling and most widely traded silver coin.

    These coins are usually one of the first products released by the Mint early in the year, and this year buyers had to wait until September 16 to purchase them.  But having seen the coins in hand, I and every other collector I know who has also seen them is underwhelmed by the edge lettering with many using that same word to describe their reaction. 

    For one thing, it is hard to see inside the capsule because the lettering is not very distinctive and appears rather faint.  It is hard to understand why it took most of the year for the Mint to produce these pieces, whose edge lettering requirements were part of last December’s FAST Act.

    Moreover, if this is all the Mint is planning to do to mark the 30th anniversary of the Silver Eagle, that will be an enormous source of disappointment for most collectors, who are expecting some kind of special coin or set for this important occasion. 

    Collectors have been quite clear about this in the years leading up to this one with most saying they wanted to see the first high or ultra high-relief coin of the series.  With the decision not to issue the recent American Liberty silver medals in high relief, those coins would be the first silver issues produced by the Mint with greater than normal relief since the 1921 Peace Dollar.

    I know the Mint regularly surveys its customers and also know that many collectors have specifically requested the high relief eagles in those surveys.  With this year also being the 30th birthday for the American Gold Eagle, a two-coin set with a high relief version of each coin would be a huge success.

    Even if the high reliefs fail to materialize, some kind of special coin set or sets with at least one unique coin is an absolute minimum.  Different finishes and mintmarks have been done, which is why something more different like a high relief would be such a hit.

    There is still hope when you consider that the 20th anniversary set was issued in October.  Perhaps the Mint will reveal something at the upcoming forum it is holding at the Philadelphia Mint that month.

    Innovators Coin Program: Issue Quarters, Not Dollars

    September 21, 2016 2:38 PM by Louis Golino
    In December 2011 the Obama administration announced that it was immediately halting production of the Presidential $1 coins except for coins made for collectors and sold at a premium because this would save taxpayers $50 million a year in storage and other costs.

    But that overlooked the fact that because those coins cost about 30 cents to make, a seigniorage profit of 70 cents accrues for each coin, which means ending their production resulted in a net loss of $300 million per year, that could go toward reducing the Federal debt.

    But years after this had already been done, members of congress continued to propose legislation to end wasteful spending on dollar coins no one seems to want (which they won’t as long as paper dollars continue to be made), even though they last so much longer, which saves money.

    Anyone who is familiar with the state of modern coin collecting in our country knows that after the 50 state quarter program, which was followed by the national parks quarter program, and the Presidential dollar coin program begun in 2007 that ended with this year’s Reagan coin, collectors are weary of long-running series, though if done right, they could still work.

    So along comes legislation introduced on September 14 by Rep. Jim Himes (D- Conn.), the American Innovation $1 Coin Act (H.R. 6025), which proposes a 14-year program with 4 coins per year starting in 2017 of coins that honor innovators and pioneers from each state.

    To be clear, the coins proposed in this legislation would not be for circulation.  They would be numismatic issues, made for collectors and sold at a premium.

    With the end of the presidential program, it is perhaps inevitable that legislators would seek to create another such program, and there is certainly nothing wrong in principle with the theme.

    But I do not have the sense that collectors are at the moment interested in another series of $1 coins not made for circulation.

    Also, the legislation would not impact the Native American $1 coin program, which would continue.

    I think the Native American issues are sufficient for dollar collector coins, and their designs are widely admired.  To me it would be better to start thinking about the quarter dollar program, which will be ending in a couple years.

    In fact, the proposed innovation coin series would be better suited to a quarter program, and its plan to issue coins honoring innovators from each state would parallel the state focus of the current and previous quarter programs.

    Plus, this kind of program works best as a circulating one that has the potential to bring in new collectors the way the state quarters did, and it is great for kids too. 

    But that said, it is critical that coins be widely distributed by Federal Reserve banks.  This has been a problem with the America the Beautiful coins, which are hard to collect from change.

    The quarters worked and were a boon to numismatics because they really did circulate widely.  

    New Book Covers Modern U.S. Dollar Coins

    September 12, 2016 12:23 PM by Louis Golino
    Q. David Bowers, A Guide Book of Modern United States Dollar Coins (Whitman Publishing, 2016)


    As serious collectors, numismatists, and researchers know well, Whitman Publishing’s Official Red Book series of guides to specific coin series are an indispensable resource.  Whether your interests lie in one of the many popular classic coin series like Morgan and Peace dollars or Double Eagle gold coins, or a modern series such as Franklin and Kennedy halves, this is the go-to reference series for those who require information about each individual coin in a series and a detailed overview of the series.

    Most of the books in the series follow a similar approach, and that has a lot to do with the fact that most, though not all, are written by numismatic legend, Q. David Bowers, often called the dean of American numismatics because of his incomparable impact on the hobby, industry, and literature of numismatics.

    Modern dollar coins, those issued since 1971, include: Eisenhower, Susan B. Anthony, Sacagawea, Native American and Presidential dollars.  As former U.S. Mint Director Edmund Moy says in his foreword to the book, these coins are “underappreciated” compared to many other U.S. coins and deserve a closer look, and no other modern coins “have undergone so many versions in such a short period of time,” including different sizes and even shapes, various metal alloys, themes, and surface finishes. 

    Both are these aspects make dollar coins a source of endless fascination for modern coin collectors.  And unlike most coin series, assembling sets of modern dollars is very affordable unless you require one of the rare varieties, error coins, or a super-high grade example.

    Covering over 200 coins in depth and with over 800 color photos, no other book brings together anything coming close to the wealth of information contained in this remarkable volume.  Bowers’ own research was coupled with assistance from longtime collectors and dealers, U.S. Mint officials, and hobby groups such as the Ike Group to provide everything from the history of each series and current events and the coin scene for each year since 1971 to mintages, die varieties, grading standards, the keys to assembling a high-quality collection, and market analysis. 

    In addition, there are several appendices including one on error coins, an overview of the Eisenhower series from Charles Morgan, and a gallery of designs for the Native American dollar series that were proposed for coins issued from 2009 to 2016.

    This is a book that deserves a prominent place in the libraries of modern dollar collectors, and it is one to which you will return again and again, each time learning something new, or being reminded of an important detail you may have forgotten. 

    Keep in mind that ANA members who order the book from Whitman receive 10% off, and that you can also borrow it from the ANA’s library.  

    Eternal Sculptures: Cupid and Psyche

    September 6, 2016 5:21 PM by Louis Golino

    This week I would like to bring to your attention the third release for 2016 from Power Coin (www.PowerCoin.it), the Italian coin company that has partnered with Coin Invest Trust and B.H. Mayer to issue some very impressive and original world coins under the authority of the Pacific island nation of Palau.

    This one is the first of a new series called “Eternal Sculptures,” that will showcase important works of sculpture, starting with the famous piece, Psyche Revived by Cupid’s Kiss, which was made in the latter years of the 18th century and is masterpiece of neoclassical art by Antonio Canova.  It shows two lovers in a moment of great passion and emotion, and it resides in the Louvre Museum in Paris. 

    Considered perhaps the greatest neoclassical artist ever, Canova (1757-1822) was an Italian sculptor who produced amazing marble sculptures.  Although he viewed his art as above politics and greatly valued his independence, he eventually agreed to receive commissions from Napoleon Bonaparte, who admired his work, after pressure from the Vatican, though he had spurned similar offers from Czarina Catherine II. 

    New application of SmartMinting: “flip and see from both sides”

    Made of two ounces of silver but with a diameter of 38.61 millimeters, this piece utilizes the extra thickness in combination with CIT’s SmartMinting technique to allow the coin to show the sculpture from both sides in high relief.

    In addition, the statue on both sides has been treated with the marble paint that is also on the Guy Fawkes coin and also has the same black proof background as the other coin, which creates a more distinct contrast between the design devices and background than would be possible with a regular mirrored silver finish.

    The result is a beautiful coin, the first ever to show this particular work of art, and the first to my knowledge to show a statue on a coin from more than one perspective.  The date is inscribed in roman numerals, as it would be on the statue itself, and other inscriptions are done in a way to minimize their intrusion on the design.  Plus, the Palau shield is kept small, and there is an ornate inner border that complements the composition of the coin’s design.

    Only 999 of these coins will be made, and they are expected to ship around late October.  The piece can be ordered directly from Power Coin, or from The Coin Shoppe (www.TheCoinShoppe.ca) or First Coin Company (www.FirstCoinCompany.com), for 229 euros or the equivalent in other currencies. 


    Here is a video: https://www.youtube.com/watch?v=wThU5Xa-8Zo