Rare Coin Auctions and Gold Price

On December 13, a ceremonial first strike ceremony with members of the Friends of World War II Memorial was held at the U.S. Mint in Philadelphia for the 2024 Greatest Generation commemorative coins that will be released by the Mint on February 29.

On December 11, production began of the 2024 Harriet Tubman Bicentennial half dollars with the 2024-D half dollar coins struck at the Denver Mint and the 2023-S half dollars at the San Francisco Mint. These coins along with the silver dollars and $5 gold coins that are also being issued for Tubman will all go on sale, including a 3-coin proof set, on January 4.

On December 5, the Mint released the last numismatic product for 2023, the 2023 Uncirculated Coin Set, which includes two lenses – one for the 2023 circulation coins struck at the Philadelphia Mint and a second for those struck at the Denver Mint.

Gold hit a new all-time nominal high of $2,152 on December 3. It stayed at that level very briefly, falling back below $2,100 by the next day. The previous record was set in August 2020 when spot gold hit $2,072.

The main short-term reasons gold did well in late 2023 is the Israel-Hamas conflict and increased tensions in the Mideast since October as well as the Federal Reserve holding the line in recent months and pausing its interest rate increases from earlier this year, even suggesting recently that it will begin cutting interest rates next year.

On November 28a ceremonial first striking of the 2024 Harriet Tubman Bicentennial silver dollar took place at the Philadelphia Mint. U.S. Mint Director Ventris Gibson hosted members of the Harriet Tubman National Historical Park and other organizations participated along with members of congress.

On November 28, the Citizens Coinage Advisory Committee (CCAC) said of the U.S. Mint’s revised plan for the 2024 Flowing Hair silver dollar tribute gold coin and silver medal that the Mint should stick to the original designs and inscriptions without any modifications as suggested the other design review committee, the Commission on Fine Arts, or modern technological enhancements, which the CCAC also opposes. The group also recommended designs for the silver handover medals for the Summer 2024 Olympic and Paralympic Games to be held in Paris, France.

Coin Auction Highlights

December was a strong month for some major world coins. A trio of rare Chinese coins brought strong results, including a 1911 Long-Whiskered Dragon specimen pattern graded NGC SP-64+ that sold for $630,000; a 1927 specimen pattern Medallic Dollar from the Republic Chu Yu-pu graded PCGS SP-61 sold for $528,000; and a choice mint state Kiangnan Dollar that brought $504,000.

A famous 1839 Una and the Lion Victoria gold proof £5 (the most famous British coin) graded NGC PR-62 Ultra Cameo sold for $276,000.

On the U.S. coin front, recent auction standouts include: an 1880 Stella $4 Flowing Hair pattern struck in aluminum graded PCGS PF-68 Cameo sold for $143,438, An 1862 Liberty gold Double Eagle graded NGC MS-63+* sold for $112,500, and an 1815 B-1 Capped Bust graded CACG MS-67 that sold for $126,000.

Another gold Double Eagle this one a 1927-S Saint-Gaudens coin graded MS-64 sold for $108,000.

A 1799 Capped Bust gold eagle small stars obverse graded NGC MS-62 sold for $37,811.

An 1853-D Liberty half eagle graded PCGS MS-64+ CAC sold for a record for that issue of $90,000. Another Liberty half eagle from 1888 graded PCGS PF-67 DCAM CAC sold for $92,813.

An Indian half eagle from 1909-O – the series key -- graded PCGS MS-63 sold for $68,963. Another example is graded NGC AU-58 sold for $14,625.

A 1915-S Panama-Pacific Round $50 graded MS-63+ sold for $78,000.

Another popular classic commemorative, a 1900 Lafayette dollar, graded CACG MS-66 sold for $16,187.

An 1806 Draped Bust quarter graded PCGS MS-65 CAC sold for $81,563.

A 1937-D Buffalo nickel 3 Legged NGC MS-65, a very popular key issue, sold for $18,563.

An 1877 20 cent piece graded PCGS PF-64 Cameo CAC sold for $9.675.

A 1914 Lincoln cent that is the finest known example of this coin and is graded PCGS PF-67+ CAC sold for $37,800.

An 1880-CC Morgan dollar in an OGH (Old Green Holder used by PCGS during the early days of the company in the 1980s) graded PCGS MS-67 sold for $22,252.

An 1897 Morgan dollar, not a rare date in lower grades, that is graded PCGS MS-67+ CAC sold for $43,513.

An 1892 Barber half dollar graded PCGS MS-67 CAC sold for $11,813.

In terms of modern U.S. coins, standouts include a 1966 Washington quarter graded PCGS MS-68+, which is the finest example graded by PCGS of this otherwise common date, sold for a strong price of $20,400.

A fascinating wrong planchet erroralso brought a strong result. The coin is a 2014 $50 American Gold Eagle 1-ounce bullion coin stuck on a .9999 fine gold planchet that was intended to be used for an American Buffalo gold bullion coin. Graded PCGS MS-69 it brought $19,200.

A recently discovered Lincoln cent die variety – a 2023 cent in which the designer’s initials (“VDB”) at the bottom of Lincoln’s bust appears to have an extra “V” added after the normal initials. Graded NGC MS-68 Red, the coin sold for $780.

Finally, a special medal – one of the original bronze versions of one of the famous Comitia Americana medals authorized by Congress to celebrate major victories in the Revolutionary War and the officers who led the battles. The medal was a Daniel Morgan at Cowpens that sold for $264,000 and is one of just three original bronze medals of this type in private hands.

Coin of the Month: Sacagawea Dollar/Washington Quarter Mule

In January 2024 one of the two finest examples of arguably the most famous of all modern U.S. error coins will be sold at auction. The coin is the famous Sacagaweadollar/Washington quarter mule.

A mule is by far the mostdramatic type of all error coins. It is simply a coin made from two dies that were not intended to go together, usually from dies of different coins. Mules that were made unintentionally or without authorization are rarer than intentional ones that were sometimes made in small numbers for collectors long ago. In the modern era, they are not even supposed to exist.

One of the most valuable mules is thedouble-denomination and dateless 2000-P Washington Statehood quarter obverse struck with the reverse of a Sacagawea $1 coin. It has a total denomination of $1.25 by combining the two sides and no date since that would have been on the other side of either coin.

The Sacagawea Dollar/Washington Statehood Quarter mule has its origins back in 1979 with the introduction of the Susan B. Anthony dollar. The size of the new smaller dollar coin at 26.5 mm was sufficiently close enough to the quarter (24.3 mm) that the coins were frequently confused with quarters, prompting considerable complaints about the new coins. That led to the end of the Anthony dollars and a plan for a new Sacagawea dollar that would still be almost the same size as a quarter but would be struck on a golden-colored planchet.

Discovery and sales

The first example of this very rare mule was discovered in late May 2000 in Arkansas when it was found ina circulation roll of otherwise regular Sacagawea dollar coins. This “discovery example” of the coin that has what is known was Die Pair #1 is graded PCGS MS-66 was later sold for $30,000 at auction in 2000 and then garnered $67,000 the following year.

This was the first publicized discovery of a major U.S. error coin in the modern period. Coverage of the mule in local, state and national media helped lead to a frantic search through examples of Sacagawea dollars when they were in circulation from people hoping to find another example of this coin.

On June 19, 2000, the U.S. Mint confirmed the existence of this mule error.On August 4 the same year, the Mint issued a public letter statingthat in its 208-year history misstrikes and errors have been extremelyrare. It said that there were four confirmed examples and 15 unconfirmed ones of the mule in question out of what it said was a billion of the “Golden Dollars” (as it called them) were struck that first year of the series.

On September 6, 2019, the 19th known coin was sold at auction for $102,000. The record price paid for this mule was for the 15th known example that brought $192,000 in 2018 for an example that is graded PCGS MS-67.

Mint officials believe hundreds of thousands of them were accidentally made, perhaps when an employee grabbed the wrong die when another got damaged, and all but a small number are believed to have been destroyed at the Mint after they were discovered. But some made it into rolls of regular Sacagawea coins and were found in vending machines or in change.

It is further believed that the mules were created by an employee who was less familiar with different die sizes because they had not been in the position long because of a rule requiring this type of Mint employee be rotated among different positions at the Mint.

Three different die pairs are known to exist of the coin.This means that the die room would have to have given three different press operators the wrong dies – a strange but serendipitous development for coin collectors and one which boosted interest in this dollar coin substantially.

Since 2001, there have been very few sales of this legendary modern mule, which is sure to sell for over $200,000 in 2024.

FAQ

1. What is the current price of gold in 2024? The current price of gold can vary daily based on market conditions. For the most accurate and up-to-date gold price, it's recommended to check reputable financial news websites or commodities trading platforms that provide real-time gold prices.
2. What factors are expected to influence gold prices in 2024? Gold prices in 2024 are likely influenced by global economic conditions, inflation rates, monetary policies set by central banks (like the Federal Reserve), geopolitical tensions, and market demand for safe-haven assets. Changes in these areas can lead to fluctuations in gold prices.
3. How has the gold price trended in early 2024? To understand how gold prices have trended in early 2024, one would need to review historical price data from financial market resources that track commodities prices. Look for patterns or events that have led to significant price changes.
4. Are there predictions for gold prices by the end of 2024? Financial analysts and economic institutions often make predictions about gold prices based on current economic indicators and future forecasts. These predictions can vary widely and should be considered alongside broader market analyses.
5. How do currency values influence gold prices in 2024? Currency values, particularly the strength of the US dollar, have a significant impact on gold prices. A weaker dollar generally makes gold cheaper in other currencies, increasing demand and pushing prices up, whereas a stronger dollar can have the opposite effect.
6. What impact do interest rates have on gold prices in 2024? Interest rates can affect gold prices significantly. Typically, higher interest rates lead to lower gold prices as they increase the opportunity cost of holding non-yielding bullion. Conversely, lower interest rates can make gold more attractive as a safe investment.
7. How can investors hedge against inflation with gold in 2024? Investors often use gold as a hedge against inflation because its price tends to rise when the cost of living increases. By investing in gold, one can potentially protect their purchasing power in times of high inflation.
8. What are the risks of investing in gold in 2024? The risks include price volatility, liquidity issues, and the potential for loss if the price decreases. Additionally, holding physical gold requires secure storage and insurance, which can incur additional costs.
9. What are the best ways to invest in gold in 2024? Options include purchasing physical gold (like coins or bars), investing in gold ETFs (exchange-traded funds), gold mutual funds, or mining stocks. Each method has different levels of risk and exposure to gold prices.
10. How does political instability affect gold prices in 2024? Political instability, both domestically and internationally, can increase demand for gold as a safe-haven asset, typically driving up prices. Investors often turn to gold during times of uncertainty to preserve their wealth.