Author: Sirhc

Nearly Mint State $5 Indian Rarity – 1909-O Indian Half Eagle NGC AU58

Sirhc

The New Orleans Mint was the only Southern branch to resume coinage operations following the Civil War. Interestingly, its survival as a minting facility can be attributed in part to the same legislation that brought about the coinage of millions of unneeded standard silver dollars. The Bland-Allison Act of February 1878, called for the Treasury Department to purchase monthly 2 to 4 million dollars worth of silver bullion, and to have it coined into new silver dollars which would largely be stored in government vaults. The sudden demand in coinage operations mandated by the law virtually necessitated the reopening of the branch mint in New Orleans, which resumed coinage operations in 1879.

However, the New Orleans Mint’s days were nonetheless numbered. In 1904, coinage of Morgan silver dollars was discontinued and construction was begun on a modern, high-capacity branch mint in Denver, Colorado. Silver and gold coin production at the Louisiana branch dwindled after 1906, when the Denver Mint opened, and by 1909, the need for continued operations at the Southern facility was virtually dissolved. On April 1, of that year, coinage was suspended, and in 1911, the dismantling of the outdated machinery was begun.

Coinage in the first three months of 1909, prior to operations suspension, consisted primarily of dimes, with more than 2.2 million pieces struck; quarter production amounted to only 712,000 coins, and halves to just 945,400 pieces. The only gold coinage at New Orleans in 1909, consisted of a paltry 34,200 half eagles. Interestingly, this was the first issue of this denomination struck there since 1894.

In addition to its popularity as the only O-mint issue of Pratt’s Indian Head type, the 1909-O half eagle is also a significant key date within the series. The 1929 is rarer in the absolute sense, but in Mint State, the 1909-O is the less often seen coin.

Offered at $16,700 delivered

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The Sole Highest Graded – 1881 Liberty Quarter Eagle NGC PR67 Ultra Cameo

Sirhc

Prior to 1881, gold proofs are almost entirely sold only in complete denomination sets. Gold proof sets sales continued in 1881, with 40 distributed by the end of the first quarter, but individual proof quarter eagles were struck and sold throughout the year as well, bringing the mintage for this issue to 51 pieces. These coins are among the most contrasted proofs in the Liberty quarter eagle series, and the palindrome date makes them popular type coins. Type collector demand is further heightened by the fact that many later proof quarter eagles (such as those struck from 1902 through 1907), lack the same degree of cameo contrast seen on late 19th century proofs. In United States Proof Coins, Volume IV: Gold,  John Dannreuther estimates that only 18 to 22 proof 1881 quarter eagles survive. This is far less coins than the PCGS estimate of 30 to 35 pieces, but it might be more accurate. A significant number of the non-Cameo proofs reported by the grading services have likely been reconsidered in more recent years and redesignated Cameo or Deep Cameo. This is the only PR67 Ultra Cameo graded by NGC with none higher.

Listed at $80,000 in the NGC price guide.

Offered at $74,750

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Silver fell as optimism over Fed cutting interest rates this year faded

Sirhc

Source: Investing.com | Kedia Advisory | Commodities News 2023-05-11 03:46

Silver yesterday settled down by -0.99% at 76688 as optimism over the Federal Reserve cutting interest rates this year faded after the U.S. inflation report, triggering profit-taking among some investors. The headline inflation rate in the US unexpectedly declined to a 3-year low of 4.9% in April strengthening bets that the Federal Reserve may be over with the tightening cycle. The annual core consumer price inflation rate in the United States, which excludes volatile items such as food and energy, ticked down to 5.5% in April 2023, as expected, from 5.6% in the prior month, amid a downtick in the cost of rent.

On the other hand, the inflation rate in the UK was at 10.1% last month, staying above 10% for the 7th consecutive month and remaining close to the 40-year high of 11.1% reported in October. As a result, UK policymakers are widely expected to raise interest rates by 25 basis points to 4.5% on Thursday and the market forecasts rates to rise further to around 4.8% later this year. New York Fed President John Williams said inflation remains too high and the central bank will raise rates again if necessary, adding he doesn’t expect inflation to return to the Fed’s 2 per cent goal until the next two years.

Technically market is under long liquidation as the market has witnessed a drop in open interest by -7.99% to settle at 18563 while prices are down -768 rupees, now Silver is getting support at 75928 and below same could see a test of 75168 levels, and resistance is now likely to be seen at 77784, a move above could see prices testing 78880.

Very Tough 1911-D Indian Eagle PCGS MS63

Sirhc

The Saint-Gaudens Indian Head eagle series, which ran from 1907 through 1933 (the final production was nearly completely destroyed), is a deceptively challenging set to put together, particularly in high grades. Only a handful of issues are collectible in Gem condition or better, several have either low mintages – low survival rates or both – and just two of them (the 1926 and 1932) could be considered plentiful.
The 1911-D is a series semi-key struck to the limited extent of just 30,100 coins. That meager total represents the lowest production among all regular-issue Indian Head ten-dollar gold pieces and explains why examples are so highly sought-after. 

The PCGS population is 43 with 26 graded higher.

Offered at $19,500

Gold inches up on weaker dollar as investors focus on US inflation

Sirhc

Lower interest rate expectations from the Fed could cause the bullion to trend higher, analyst says

08 MAY 2023 – 07:46ASHITHA SHIVAPRASAD

Bengaluru — Gold prices edged up on Monday as the dollar eased, while investors awaited a key US inflation data due this week that could influence the Federal Reserve’s monetary policy stance.

Spot gold firmed 0.3% at $2,021.80 per ounce by 3.23am GMT (5.23am). US gold futures rose 0.2% at $2,028.20.

The dollar index dipped 0.1%, making bullion more attractive to overseas buyers.

The US consumer price index (CPI) data is due on Wednesday.

Any signs of inflation being subdued would hinder the greenback due to lower interest rate expectations from the Fed, which could cause gold to trend higher, said Tim Waterer, chief market analyst at KCM Trade.

Traders also keep a tab on the developments over the US banking sector and the US debt ceiling.

US Treasury secretary Janet Yellen on Sunday issued a stark warning that a failure by Congress to act on the debt ceiling could trigger a “constitutional crisis”.

Gold would be among the “prime beneficiaries” if there are further signs of weakness in the US economy and prices could move to $2,100 sooner rather than later, Waterer said.

Economic uncertainty and lower rates attract demand for zero-yielding bullion.

“We are constructive on precious metals going into May … We anticipate a trading range of $1,954-$2,080 per ounce for gold [in May],” Edward Meir, metals analyst at Marex, said in a note.

On the physical front, China held 66.76-million fine troy ounces of gold at end-April, up from 66.50-million ounces at end-March.

Spot silver was up 0.2% at $25.70 per ounce.

Platinum rose 0.2% at $1,061.36, and palladium gained 1.3% to $1,510.55.

“Platinum is regaining investors’ attention as fundamentals improve,” ANZ wrote in a note.

“SA mining challenges weigh on supply recovery this year, while demand is getting support from gold as well as substitution away from palladium.” 

Reuters