The availability of the 1924-S quarter in Full Head plummets above MS65, where it becomes one of the lesser-known condition rarities of the series. Coins are rarely seen in MS66 Full Head and are nearly unknown finer at PCGS. In fact, this is one of only sixteen MS66’s recognized by PCGS with a single (MS67) example graded higher. This one is very nicely detailed and exhibits plentiful luster.
Offered at $25,300 delivered
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On Oct. 31, the national debt hit $23 trillion. That’s equivalent to a credit card bill of $178,000 for every household in America.
This marks an enormous increase. Even after adjusting for inflation, it’s a jump of $60,000 over just 10 years for the average household.
In other words, even after accounting for inflation, the U.S. added more debt per household over the past 10 years than it did over its first 200 years.
Low interest rates today make our debt seemingly manageable, but the higher America’s debt grows, the more likely it is that rates could suddenly spike, sending terrible shocks throughout the economy.
Now, an obscure pension “fix” could hasten such a shock by opening the door to massive pension bailouts that could push our $23 trillion debt closer to $30 trillion, or $230,000 per household.
Unbeknownst to most Americans, Congress is considering legislation to “fix” underfunded private union pension plans that have promised at least $638 billion more in pension benefits than they’ve set aside to pay.
The “fix” that mismanaged pension plans have lobbied Congress for is to shift those broken promises onto taxpayers. Politicians who receive hefty donations from unions, along with some lawmakers who have lots of constituents that would benefit from a taxpayer bailout, are pushing for just that—a massive bailout without reform.
Because the proposed bailouts do nothing to penalize plans for their past recklessness and nothing to impose proper funding requirements going forward, those plans’ unfunded obligations would only rise further.
But this time, it would be on the taxpayers’ dime.
Worse, if Congress bails out private union pension plans, how will it say no to teachers, police, and firefighters who come to the federal government asking for a bailout of their state and local pensions that have an estimated $4 trillion to $6 trillion in unfunded pension promises?
Tacking as much as $6.7 trillion onto our national debt to cover broken pension promises would raise the average household’s debt burden by $52,000, to $230,000.
And that would come before Congress tackles Social Security’s $13.9 trillion shortfall that would require an additional $108,000 per household to fix.
All told, the current deficit plus Social Security’s and private and public pension plans’ shortfalls would amount to about $338,000 in debt for the average household.
That’s more than five times the median household’s income.
America’s debt already threatens our freedom and prosperity. Unfairly forcing taxpayers to take on the broken pension promises of private and public sector unions would raise that threat level.
Congress should help alleviate and prevent pension shortfalls—but not through taxpayer bailouts.
First, policymakers must tackle Social Security’s unfunded promises by updating the program and better focusing benefits on those who need them most.
Doing so would prevent massive tax increases—an additional $1,000 to $2,000 per year for middle-class households—on workers.
Congress should then address pension underfunding by maintaining the solvency of its pension insurance program and by enforcing proper funding rules to hold employers and unions liable for the benefits they promise.
The Last Year of Issue for Carson City Double Eagles
All Carson City Double Eagles are scarce in Mint Quality, and the 1893 is no exception – with collector demand increasing every year, Mint State examples of all dates are becoming less available.
On offer today is a lustrous MS 61 example, frosty with reddish highlights – it is a specimen worthy of serious consideration.
Offered at $11,600 delivered
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This incredible proof is pedigreed to the John Jay Pittman Collection, where it was part of Pittman’s “Complete 1845 Proof Set in Original Case.” In his discussion of this coin, David Akers wrote:
“This proof silver dollar is essentially perfect and is unquestionably the finest proof dollar of the decade that I have ever seen. It is fully struck with a sharp square edge and deep mirror fields that are immaculate and pristine. The few lines present in the fields are actually planchet lines that were not eliminated by the minting process; they are not hairlines. The toning is as extraordinary and perfect as the technical quality of the surfaces, a superb medium multicolored iridescent blend of reddish-gold, which is the predominant color, and considerate violet and blue. Every star is boldly defined with all of its radial lines, and the head and foot of Liberty are extremely sharp. All of the eagle’s features and talons are also fully struck.”
It’s estimated that there are approximately 15 Proof examples known. This is the only PR67 graded by NGC with none higher and PCGS hasn’t graded any higher than PR65.
Offered at $155,000 delivered
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Only San Francisco produced double eagles in 1916. Almost the entire mintage was initially put into storage, but quantities were later exported for trade, mainly to South America and Asia. In 1916, the United States exported more than $100 million worth of gold coin. Today, the 1916-S double eagle is moderately elusive in MS66 condition, and NGC lists only four MS66+ examples (including this one) with just 3 graded higher.
Offered at $12,250 delivered
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The 1831 Capped Bust quarter claims a mintage of 398,000 pieces, with seven die varieties known for the date. Chief Engraver William Kneass experimented with two different sized punches for the reverse lettering, creating Small Letters and Large Letters subtypes. While not designated on the NGC grading label, this is a Small Letters example. The one offered here is brighter and flashier than seen in our images. Only six 1831 quarters of various varieties have been graded higher by NGC.
Offered at$18,000 delivered
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When one just looks at the mintage of 73,700 pieces, the 1878 would appear to be moderately scarce but nothing would tip off the collector to just how rare it actually is in high grades. Our records show merely six MS64 appearances for the 1878 eagle in the past 10 years, attesting to the issue’s extreme rarity at this grade level. Both the NGC and PCGS population reports show just a single MS65 example with none graded higher.
Offered at $28,750 delivered
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The U.S. dollar has been the world’s major reserve currency for decades, but that status could come under threat as “very powerful countries” seek to undermine its importance, warned Anne Korin, from the Institute for the Analysis of Global Security.
Korin says China, Russia and the European Union are some “major movers” behind this push.
One of those reasons driving their shift away from the dollar is the prospect of being subject to U.S. jurisdiction if they transact in dollars.
The U.S. dollar has been the world’s major reserve currency for decades, but that status could come under threat as “very powerful countries” seek to undermine its importance, warned Anne Korin, from the Institute for the Analysis of Global Security.
“Major movers” such as China, Russia and the European Union have a strong “motivation to de-dollarize,” said Korin, co-director at the energy and security think tank, on Wednesday.
“We don’t know what’s going to come next, but what we do know is that the current situation is unsustainable,” Korin said. “You have a growing club of countries — very powerful countries.”
To be sure, the dollar is seen as one of the safest investments in the world, and it rises during times of economic or political tumult.
But one factor curbing countries’ enthusiasm for the greenback is the prospect of being subject to U.S. jurisdiction when they transact in dollars. When the U.S. dollar is used or transactions are cleared through an American bank, entities are subject to U.S. jurisdiction — even if they have “nothing to do with the U.S.,” Korin told CNBC’s “Squawk Box.”
Korin cited Washington’s unilateral withdrawal from the Iran nuclear deal in 2018, which was followed by the restoration of sanctions on Tehran. That situation left European multinational companies vulnerable to punishment from Washington if they continued to do business with Iran.
“Europe wants to do business with Iran. It doesn’t want to be subject to U.S. law for doing business with Iran, right?” she said. “Nobody wants to be picked up at an airport for doing business with countries that the U.S. isn’t happy that they’re doing business with.”
As a result, countries have a “very, very strong motivation” to shift away from using the greenback, she said.
‘Petro-yuan’ may be an early warning
But if the dollar declines in influence, other currencies could fill the role traditionally played by the greenback — especially China’s yuan.
In recent years, China has tried to internationalize the use of its currency, the Chinese yuan. Such moves have included the introduction of yuan-denominated crude oil futures and reports that China is preparing to pay for imported crude in its own currency rather than the U.S. dollar.
Yuan-denominated oil futures — also referred to as “petro-yuan” — could serve as an early warning sign for the dollar’s waning dominance, Korin said.
“I think it’s a canary in the coalmine. Look, 90% of … oil is traded in dollars,” she said. “If you have a sort of a beginning to crumble away (at) the dominance of the dollar over oil trade, that’s a nudge in the direction of de-dollarization.”
However, she added that while the petro-yuan may be a “necessary” condition for the international abandonment of the dollar, it’s “not sufficient” to make it happen on its own.
Coutesy of CNBC by Eutance Huang
PUBLISHED WED, OCT 30 20197:27 PM EDT UPDATED THU, OCT 31 20191:35 AM EDT
Even though a large number of examples of the 1879 silver dollar were struck for circulation, gem (or better) DMPL survivors are very rarely seen. This particular example offers ultimate contrast and reflectivity on untoned silver-white surfaces that are free of mentionable marks. The highly desired “silver-on-black” effect is seen in full force when this coin is tilted under a light and it looks far more impressive in hand than seen in our images. Tied with three others for the highest graded by PCGS.
Offered at $31,625 delivered
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Large Stars Obverse variety. The early Philadelphia Mint was concerned about the numbers of coins struck and the serviceability of the dies required for their production, and not at all about the particular date those dies bore (or in some extreme cases, even the design). While the first few eagle emissions, from the 1795 Small Eagle through the 1798 Large Eagle, are each known from at least one to at most five die marriages per year, the 1799 eagle, all struck with the Large Eagle or Heraldic Eagle reverse, were produced in 10 different die pairings known to collectors today.
Offered at $64,685 delivered
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