Posts Tagged ‘Gold’

The Royal Mint, London, earlier this year released commemorative £2(2 Pound) coins celebrating the births of Robert Burns and Charles Darwin. This has now been followed by the release of precious metal versions of both these coins, in gold and silver.

The coins feature the same designs as the previous coins, with each design now being released in both a gold and silver version.

The two gold coins will be made from 22ct gold and have a limited mintage of only a 1000 coins each. These will be sold for £525 each, and be displayed in a beautiful walnut-veneer presentation case along with certificate of authenticity. Yellow and red gold will be used to maintain the bi-metallic design of the coin.

The silver versions of both coins will again be presented in a black presentation case with a certificate of authenticity. They will be struck from .925 sterling silver. The Darwin coin is limited to only 5000 coins and a strike limit of 20 000 has been placed on the Robert Burns silver coin. The silver coins are priced at £32.50 on the Royal Mint website. All the coins are struck to proof quality.

Bank Negara Malaysia(The Central Bank of Malaysia) has announced the issuance of three special commemorative coins to mark the 50th anniversary of Bank Negara Malaysia.

The commemorative coins were launched by The Honorable Prime Minister of Malaysia, Datuk Seri Abdullah Ahmad Badawi at the Kuala Lumpur Convention Center. The legal tender coins are minted from Gold, Silver and Nordic Gold with face values of 50, 10 and 1 Malaysian Ringit respectively.

The obverse of the coin depicts the silhouette of the skyline of Kuala Lumpur and Putrajaya reflecting the progress and economic development of Malaysia since its independence.The logo of the Bank appears in the center, within the outline of the star anise (bunga lawang). The star anise represents the significance of the spice trade which brought economic growth and prosperity to this region during the period of the Malay Sultanate. This star anise was depicted on the Dinar Matahari coin that was used during the Malay Sultanate. The words “Ulang Tahun ke-50 Bank Negara Malaysia” and the years “1959 - 2009″ appear as the rim text.

The reverse has the words “Bank Negara Malaysia” written in Jawi. A “14 pointed star” representing the 14 states in Malaysia including the Federal Territory, is depicted in the centre within the outline of the star anise. The denomination is reflected at the lower circumference of the coin.

All the coins are available on their own as well as in a Set of 3 and a Set of 2. The Set of 3 consists of the gold, silver and Nordic gold proof coins. It will be sold at RM1,500 per set with only 200 sets available. The Set of 2 consists of the silver and Nordic gold proof coins. This set will be sold at RM200 per set.

It has actually happened - the first Ultra High Relief Double Eagle Gold Coins are starting to arrive.

The Box

We received the first confirmed reports on Monday, February 9,  that the coin was delivered to a California based collector. The Lucky numismatist, who goes by the name of Lureuin, posted the good news on the Coin Network Forums along with a few select photo’s to celebrate the occasion. The posts can be viewed HERE.

The Book

In the days following this, while most are still receiving fluctuating delivery notifications,  numerous collectors have reported that their credit cards have been charged - a sure indication that their orders are being processed and that shipment is now imminent.

This means that the mint’s original delivery estimates were mot off by much, about a week. Most orders placed on the first few days of availability were marked for delivery around the January 28 to February 13 mark, and then subsequently adjusted to later dates.

In the meanwhile World Numismatic News would like to congratulate Lureuin to be the first confirmed collector to receive this sought after coin!

The Coin in the Display Case

For more information on the 2009 Ultra High Relief Double Eagle Gold Coin see our article published on January  27, 2009.

All Images curtasy of Lureuin via the CoinNetwork

Earlier this week I reported on the status of the Ultra High Relief Double Eagle Gold coin from the U.S. Mint, well this coin is so hot that an update is in order. A lot has happened in the last week, and this coin is causing quite a stir amongst collectors.

The most notable development will surely have to be the fact that, as expected by most, in accordance with the mint’s new pricing strategy for bullion coins the price of the UHR Double Eagle has increased. Sales were suspended on Wednesday 28 January and then re-opened on Thursday 29 January at 8:00 am(ET). The Price of the coin was increased from the original $1 189 to $1 239 - an increase of $50. There was some speculation that the price would have increased by between $40 and $100. This is all naturally due to the fact that the gold price rallied last week, and the average of London fix for the preceding week now lies within the $850 - $899 level.

It seems that shipping delays are also the order of the day, as collectors who already placed their orders received a message early on Tuesday morning notifying them that the expected shipping date has been pushed back. The average time delay seems to be around ten days, with some being pushed back by 4 days and other reports of a delay of as much as 14 to 20 days. I expect we will likely see more of these delays, but time will tell. At the time of writing this article the expected shipping date on the product order page is stated as 13 February 2009.

Another area of concern that seems to have been cleared up is the fact that billing only takes place at the time of shipment and not when the order is placed. According to Susan Headley of http://coins.about.com she contacted the Mint and they informed her that the price is locked in when the order is accepted. This certainly allays the fears of many that they might be receiving a shock on their credit card statement a few months down the line in the event that the gold price should rise any further.

Finally we have some sales figures for this bountiful coin, interesting numbers too. The weakened economy doesn’t appear to have too strong an affect on the finally realize vision of  Augustus Saint- Gaudens as the first week of sales revealed an astounding 41,664 coins sold as of Tuesday 27 January 2009. That comes to $ 49 538 496 or almost fifty million dollars for the U.S. Mint from the double eagle in it’s first week. Of those orders 28,173 (or almost $33 Million)were placed on the first day alone. Is it any wonder that the shipping dates were pushed back?

The 2009 Ultra High Relief Double Eagle Gold Coin from the United States Mint is surely one of the most highly anticipated coins of 2009. Well the moment has finally arrived - the coin has been available for order from the U.S. Mint for about a week now, as from 22nd of January 2009, or has it?
Well the answer is yes………but you may have to wait a while to collect your piece. When ordering first opened on Monday at 12:00 noon(ET) the Mint was inundated with orders for this sought after coin. Some reports of individuals waiting for between 1 and 2 hours simply to place an order. The online product pages and order facility crawled to an absolute snails pace as well during this period. The reason for all this excitement? Well the Mint is accepting orders on a first come first serve basis. According to the Mint : “Orders will be processed on a first-in, first-out basis, and could potentially take up to six to nine months to complete based on gold blank availability. ” At the time of writing this article the shipping date for the coin was listed as 13 February 2009(a 3 week delay).

Another reason might be because of the Mints new pricing strategy implemented on the 12th January 2009, reported by WNN on 8 January read the full story here, and the fact that billing takes place only before orders are shipped and not when they are placed. This of course means that collectors may end up paying more for the coins than the stated price when they are ordered if the gold price fluctuates enough. Despite all this most collectors are still excited about this magnificent coin.

In order to meet demand a household limit of 1 coin has also been placed in affect. The Mint has stated that the household order limit will be re-evaluated on a weekly basis and the United States Mint will either extend, adjust or remove the limit as needed.The price as of the time of writing was set at $1 189.

The Sain Gaudens $20 Ultra High Relief gold coin, also referred to as the St. Gaudens Double eagle, is widely considered to be one of the most beautiful coins produced by the United States Mint. The coin also has a storied history that lives on to this day. The 2009 Ultra High Relief Double Eagle Gold Coin is a digitally reproduced version of sculptor Augustus Saint-Gaudens’ original ultra high relief 1907 Double Eagle gold piece, never issued into circulation. The original coin plasters were digitally mapped, and the ultra high relief sculpture was updated to reflect the year “2009″ in Roman numerals (MMIX).  Four stars were added to the design to represent the last four states admitted to the Union.  The inscription IN GOD WE TRUST, which was not on the 1907 version, also was added, along with a small border to provide a more consistent edge.  Featured in raised lettering on the edge of the coin is the inscription E PLURIBUS UNUM, with each letter separated by a star.

The Obverse depicts Saint-Gaudens’ Liberty, personified by a statuesque woman striding powerfully forward. Liberty is leading the way with a torch in her front hand and an olive branch in the back hand. The United States Capitol dome is also depicted in the background.  With the reverse design showing a young eagle flying during a sunrise. The motto, “E PLURIBUS UNUM” is on the edge of the coin, allowing a cleaner design on the obverse and reverse. The coin weighs in at a troy ounce of 24ct pure gold measures 27 mm and is 4mm thick.

The original design was firs commissioned in 1905 by President Theodore Roosevelt in an attempt to beautify American coinage, what he referred to as a renaissance in American coinage.  Augustus Saint- Gaudens, a renowned sculptor and an artist who shared the President’s vision for expressing America’s national identity visually through art, was chosen to design the new series of circulating coins. Sadly he died after only finishing two designs - the double eagle $20 and the Indian Eagle $10 coins.

An early Augustus Saint-Gaudens Sketch Courtesy of Dartmouth College Library, Rauner Special Collections Library

The 1907 Double eagle was the first American coin to feature roman numerals and the first coins also did not have the inscription “In God We Trust” as it was not required or requested of the artist. In 1908 however congress passed a law requiring the inclusion of the motto on all circulating coins. There were 4 variants produced in 1907 namely the :

• 1907 Extremely High Relief Proof
• 1907 Very High Relief, Roman Numerals, Wire Rim
• 1907 Very High Relief, Roman Numerals, Flat Rim
• and then the standard 1907 that was widely circulated.

The original coin circulated from 1907 until 1933 when President Franklin Delano Roosevelt removed the United States from the gold standard. When this occurred many of the surviving coins were melted down including virtually all the 1933 coins, which were already struck but not yet released for circulation. An estimated 25 coins may have survived from this date. In 2002 a 1933 coin, from the collection of King Farouk of Egypt,  sold at auction by Sotheby’s in New York City for $7,590,020. The 1933 coins are a numismatic curiosity as they were never officially issued and are as such not recognised as legal tender coins by the Treasury despite having been officially minted.

For better resolution images of the Ultra High Relief Double Eagle coin vist the WNN Image Library

The United States Mint also has an excellent online excibition at http://www.usmint.gov/mint_programs/ultrahigh/index.cfm?action=UHRCHome

The People’s Bank of China has just released the 2009 Panda Gold and Silver legal tender coins. The Panda coins are always eagerly anticipated by collectors as an investment and collection piece. This year is no different.

These beautiful coins have a different reverse design every year, this combined with the limited mintages of the coins have made them rather sought after items. The reverse design of the 2009 coins all depict 2 baby pandas, sitting and eating in a field of bamboo. The face value & purity level of 99.9% are also prominently displayed on coin’s reverse side.

The obverse keep the traditional design that has been the hallmark of this series, featuring the Temple of Heaven in Beijing, the title of the People’s Republic of China(”Zhonghua Renmin Gongheguo”), and the year.

No less than ten different 99.9% pure coins will be released by years end - 7 gold and 3 silver. The gold coins will include face values of 20, 50, 100, 200, 500, 2000 and 10 000 Yuan respectively consisting of 1/20 oz, 1/10 oz, 1/4 oz, 1/2 oz, 1 oz, 5 oz and a massive 1 kg of gold. The three silver coins will similarly be made up of a 1 oz - 10 Yuan, 5 oz - 50 Yuan and a 1 kg 300 Yuan coins.

The Panda coin series was started in 1983 although these early dates were not 1 troy ounce of silver, it was only later that true troy ounce coins were produced. The 2009 coins are particularly attractive designs, although time will tell the success of the larger denominated 1 kg items, the 1 oz and smaller coins are sure to be popular as always.

To view more images of the 2009 Panda coins go to the WNN Image library at : http://www.worldnumismaticnews.com/all-images-3/

The United States Mint published a notification in the Federal Register on Tuesday that sets out the details of a new pricing methodology for all Bullion, gold and platinum, numismatic products for sale to collectors.  The new approach to pricing the gold and platinum coins comes as a much needed response to the wildly fluctuating precious metal prices of the last year.

According to the notification the Mint will now be able to change the price of these items as often as once a week, in response to fluctuating market prices of the underlying materials. Previously the prices were fixed regardless of the bullion values. This led to the mint suspending sales several times last year as a result of the prices being too far out of touch with the rest of the market.

The method works simply on a sliding scale with the prices of the numismatic items being fixed in relation to the current bullion price. The average London Fix price of gold and platinum for that week will be used to calculate the price, and when the London Fix breaches a predetermined threshold the price of the coins will increase or decrease accordingly. The notification also included the relevant pricing tables detailing the prices for all affected coins.

The new model will be implemented on Monday the 12th of January 2009, and prices will apparently be adjusted(if needed) every Thursday thereafter. Some of the coins affected by the new strategy are American Eagle Gold and Platinum Coins, American Buffalo Gold Coins, First Spouse Gold Coins, and the much anticipated 2009 United States Mint Ultra High Relief Double Eagle Gold Coin.

To see the full pricing tables click here

The new pricing methodology will give a greater appearance of transparency the the prices of these products and will also attempt to restore some confidence and predictability to the U.S. Mints bullion coins, as the interruption to sales we saw in the last year will now be done away with.

Here follows a summary of the notification as taken from the Federal Register / Vol. 74, No. 3 / Tuesday, January 6, 2009 :

DEPARTMENT OF THE TREASURY
United States Mint
Notification of New Pricing Methodology for Numismatic Products Containing Platinum and Gold Coins
SUMMARY:

The United States Mint is implementing a new pricing methodology for its numismatic products containing platinum and gold coins to mitigate the effect that fluctuating gold and platinum commodity costs has on the pricing of these products. The new pricing methodology is based primarily on the London Fix weekly average (average of the London Fix prices covering the previous Thursday a.m. Fix through the Wednesday a.m. Fix) platinum and gold prices, which reflect the market value of the platinum and gold bullion that these products contain. As required by law, the prices of these products also must be sufficient to recover all other costs incurred by the United States Mint, such as the cost of minting, marketing, and distributing such products (including labor, materials, dies, use of machinery, and promotional and overhead expenses). This pricing methodology will allow the United States Mint to change the prices of these products as often as weekly so they better reflect the costs of platinum and gold on the open markets.

DATES: The new pricing methodology, as further explained in the SUPPLEMENTARY INFORMATION section, will go into effect on January 12,
2009.

FOR FURTHER INFORMATION CONTACT: B.B. Craig, Associate Director for Sales and Marketing; United States Mint; 801 Ninth Street, NW.;
Washington , DC 20220; or call 202-354-7500.

SUPPLEMENTARY INFORMATION: Pursuant to the authority that 31 U.S.C. 5111(a)(3), 5112(i), 5112(k), 5112(o), and 5112(q) grant the Secretary of the Treasury to mint and issue gold and platinum coins and to prepare and distribute numismatic items, the United States Mint sells to the public numismatic products containing American Eagle Gold and Platinum Coins, American Buffalo Gold Coins, First Spouse Gold Coins, and the 2009 United States Mint Ultra High Relief Double Eagle Gold Coin. In accordance with 31 U.S.C. 9701(b)(2)(B), the United States Mint is changing the prices of these coins to reflect a new methodology in pricing.

Effective January 12, 2009, the United States Mint will commence selling numismatic products containing American Eagle Gold and Platinum Coins, American Buffalo Gold Coins, First Spouse Gold Coins, and the 2009 United States Mint Ultra High Relief Double Eagle Gold Coin at prices established by using the new pricing methodology. Specifically, each Wednesday, the United States Mint will apply the average London Fix for platinum and gold (average of the London Fix prices covering the previous Thursday A.M. Fix through the Wednesday A.M. Fix) to the below pricing schedules. Price adjustments as a result of this process, if any, will be effective at 10 a.m. E.S.T. on the immediately following Thursday.

The Lunar Zodiac Coin series of the Peoples Republic of China has consistently proven a very popular series over the years. With good design standards and limited mintages they have proven their place in contemporary  numismatics.

2009 sees the continuation of the series with release of the Year of the Ox coins.

Each coin bears the entrance to the forbidden city along with the date on the obverse. The reverse depicts the denomination and the dual images of the Ox. There is also a colorized design in the 10 Yuan silver and 50 Yuan gold coins.

The complete series consists of 1 oz silver and 1/10 oz, 1/2 oz and 5 oz gold coins, in rpund fan and flower shaped variants. The silver coins are i0 Yuan and 50 Yuan pieces with the Gold making up 50, 200 and 2000 Yuan denominations. Coins are consistant of 99.9% pure bullion and are legal tender.

In addition to these there will apparently also be a special 1 kg silver 300 Yuan proof coin in the same design as the 10 Yuan coins.

The ox symbolizes prosperity through steadfast, determined hard work. Utilizing original thought to patiently work towards achieving great success.

To view more images of the People’s Republic of China Zodiac 2009 Year of the Ox coins visit World Numismatic News Images Library at http://www.worldnumismaticnews.com/all-images-3/