February 17, 2009 | Vol. 9 Number 4
PCGS
Collectors Club Price Guide Pop Report CoinFacts Auction Prices Realized Set Registry
Long Beach Show Mirrors Coin Market
By Jaime Hernandez, eCollector Editor

With many coins being submitted and a lot of activity in our booth, the Long Beach Show was a successful one for PCGS. I was there on Wednesday, Thursday and Friday and for the most part, the show seemed busy as well. The PCGS booth featured David Hall in Meet the Expert, Sunnywood's Toned Morgan Dollar Collection, and part of the PCGS Grading Set (over 1,200 coins), attracting a lot of traffic.

We asked nearly 15 major dealers for their takes on the coin market so we could report back to our readers. For the most part, the dealers said the show was OK and doing well in some areas, especially for nice coins. If I had to choose one coin being actively traded, it was generic gold coins valued at $2,000 and under. The dealers and collectors I spoke to seemed to be mostly buying or selling gold-related coins. We were told that it is now a buyer's market – so now is a great time to buy.

Be sure to check back to see if you won our special coin, and please don't hesitate to e-mail to give us feedback on the eCollector.
eCollector Subscribers: WIN a Free Coin!
(For eCollector Subscribers only)

In each issue of eCollector, we randomly draw a name from our subscribers.

The winner in this issue will receive a FREE 2009 Uncirculated Silver Eagle in a special PCGS holder indicating eCollector issue #8. Check the next issue to see if you won. Good luck!

Last week's winner of the 2009 Silver Eagle was Robert Kimbrough of New Albany, Indiana. Congratulations, Robert!

View list of all past winners.

Offer good while supplies last, and may be altered or cancelled by PCGS at any time.
1804 – A Magical Year
by John Dannreuther

John Dannreuther co-founded the Professional Coin Grading Service in 1986 and is a prolific author and numismatic researcher. He is considered one of the top rare coin experts of all time.

Any numismatist will tell you that 1804 is one of those coin years that will perk up eyebrows when mentioned in a conversation. Mystery, intrigue and such are linked to that year.

The Mint was only complying with the Mint Act of 1792 when it struck silver and gold coins, as the amounts and fineness were dictated by the law. Although gold and silver coins were still struck after 1804, the largest denominations (silver dollars and gold eagles) were eliminated, at first probably by an order from Mint Director Boudinot.

When Robert Patterson replaced Boudinot in early 1806, this policy was formalized in a letter to Patterson from James Madison, the Secretary of State for Jefferson's two terms as President. This May 1, 1806 letter states in part: "...the President directs that all the silver to be coined at the mint shall be of small denominations, so that the value of the largest silver pieces shall not exceed half a dollar."

Although gold was not mentioned in this letter, 1804 was the last year this large denomination gold coin was struck until 1838. Both coins figured in international trade, but the silver dollar was a coin that the early 19th century consumer might actually see in commerce. The eagle, valued at ten silver dollars, was too large a sum to be useful in ordinary stateside commerce. The fact that 19,570 silver dollars were delivered in the first quarter of 1804, of course, would result in the production of the most famous 1804 issue – the King of American Coins, the 1804 silver dollar.

In 1834, Mint officials incorrectly assumed that these coins were dated 1804 and prepared 1804 silver dollars to include in presentation sets to be given to foreign leaders with whom the United States had signed trade treaties. The 321 dollars reported delivered in 1805 were a bookkeeping entry and no new silver dollars were struck after those delivered in early 1804.

Numismatic annals are filled with information about the 1804 silver dollar, but this article will focus on the other issues of this magical year. 1804 is filled with rare and interesting issues, although they have mostly been overshadowed by their large silver cousin. Read More...
Long Beach Expo Recap Through
the Eyes of the Collector

Watch video!
Breaking News:
Bulk Submissions Now Available to Collectors Club Members!
By Jaime Hernandez

Effective immediately bulk submissions will be open to all Collectors Club members.

Bulk submissions were closed to Club members last year due to frequent violations of submission rules. Improper submissions create a tremendous bottleneck as our operational staff has to reconcile each submission. Unfortunately that closure also penalized the submitters who were abiding by bulk submission rules. We are going to re-open the Bulk Submission Service with a couple new twists. Read More...

2009 Lincoln Cents Released
By Jaime Hernandez


2009 marks the 200th Anniversary of Lincoln's birth, and the 100th Anniversary of the Lincoln cent. The U.S. Mint is celebrating this historic coin by producing four new reverse designs. Read More...
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