Jim Bisognani: Coindexters Always Have a Reference Point!

Well, since my last report, Punxsutawney Phil saw his shadow and we had a significant earthquake in my hometown. We also had three moderate snow "events" with two more major ones (oh, joy!!) planned by Old Man Winter this week.

First, I'll address the portly rodent who maintains the Keystone State as his residence. The fact that Phil saw his shadow suggests that we're in for six more weeks of winter. That's not surprising, as we here in New England often have snow to "enjoy" until late April. Did I mention that we're in the midst of a bitterly cold snowy weather pattern, which is a royal pain in the tookus?

Finally, the earthquake which was centered in York County — about 15 miles from my home — on January 27 was a robust reminder that Mother Nature is truly in charge and a powerful force, indeed! Initially registered as a 4.1-magnitude earthquake, it has been officially reported to be a 3.8 magnitude on the US Geological Survey website. Still, that's enough to register as the third-highest magnitude to rattle New Hampshire and Maine since the new millennium. This one was closer to the surface and you could hear and feel its wrath, my fellow coindexters! It was shake, rattle and boom — reminiscent of the time that we spent in southern California.

With neighboring York County in mind, as any coindexter would do after an earthquake, I immediately went rummaging through my collection and pulled out my 1936 York County Commemorative Half Dollar and gazed upon it.

Jim's 1936 York County Commemorative Half Dollar graded NGC MS 65. Click images to enlarge.

Yes, no matter what event besieges us, a true coindexter always has a reference point!

I've said it before and I will reiterate — in this high-flying metals market, with gold flirting with the almost unfathomable $3,000-per-ounce threshold and silver hovering around $32.50 per ounce, silver is still the highly affordable precious metal.

Just reflecting on when I first started collecting coins, one ounce of gold was trading at today's current price of silver! I know it dates me, but it's still fascinating to think that silver is now the same price as gold was when I first started squirreling away silver coins from circulation. Heck, with that logic, in 50 years silver could be trading at nearly $3,000 per ounce!

Today, gold spot is currently knocking on the door of $2,900 per ounce. A mere VF/XF Liberty Head Half Eagle is worth nearly $700 in melt value!

Just think, for the same outlay of one circulated US Gold Liberty Half Eagle, you could net a nice date mixture of around 18 Morgan Silver Dollars in AU/Uncirculated grades.

Yes, my fellow coindexters — higher-grade circulated Morgan Dollars trading at the $40 range are ideal coins to sock away for an investment, as well as having great trade bait down the road. Of course, US Silver Eagles are also an enormous favorite, and it is a great time to acquire graded or raw Mint State examples.

I believe that other silver collector coins, such as the classic commemoratives (1892-1954) are still a tremendous value in Gem MS 65 and better. Truthfully, they have everything going for them. The classic commemoratives have wonderfully executed designs, popular themes and their mintages are very low — in many instances, they're minted at 25,000 or less. In fact, coins that were issued within a few of the sub series — Boones, Arkansas, Oregon Trail and Texas, for example — each feature several dates with miniscule mintages as low as 2,000 to 3,000 pieces. And yes, my friends, you can buy many of those really-low-mintage coins within the 144-piece series for the price of one circulated Liberty Half Eagle gold coin.

Whether it is one of the most beautiful coins ever issued, the Oregon Trail memorial commemorative (my favorite!) or the Civil War-themed 1936 Gettysburg or 1937 Antietam, you can lay the foundation for an attractive and significant collection. Or you can even pick up a York County coin in commemoration of the recent earthquake! Seriously though, the York has a mintage of just 25,015 coins and a glorious NGC MS 65 example can still be had for around $250.

I can offer the following data: according to the NGC Census, of the 299,117 Classic Commemorative Mint State examples listed, the lion’s share (31%) are graded MS 65 (roughly 92,093 examples).

"But did these coins actually make it into commerce?" you ask. The answer is yes. Circulated examples in the NGC Census number 5,559. It's not a surprise that the majority of those circulated examples (around 1,448) were 1892-1893 Columbian Expo Half Dollars, as many of those inaugural Expo Half Dollars — whose price tag was $1 each — didn't sell and were put into circulation.

An 1893 Columbian Expo Half Dollar Commemorative from NGC Coin Explorer. Click images to enlarge.