The PCGS Sniffer shows up in a TrueView

I asked for Secure Service on the last group of coins I submitted to PCGS. I didn't really need it as these were just $5 Baseball Hall of Fame Gold proofs, but I like the label.  Honestly, I'd like to do all of my collection with that and PCGS True View.  That would be a fair outlaw of cash, but maybe I can swing a few at a time.

Anyway, one of the Secure photos came back looking like this.

PCGS explained

Secure images get cropped automatically via software, sometimes it doesn't work as it should. Our IT department) can go in and crop it manually. If anyone sees an error such as this let us know the cert number and we'll fix it. 

So what we are seen there is the "sniffer".   There's an odd video that shows how that works.  I say it is odd because the woman handling the coin is not wearing gloves.  I hope that's just because it is a demonstration!

You can see  more examples of confused cropping at Collectors Universe Forums - The inside of the Secure Plus scanner.

I actually think it's kind of cool :)

Note: All my coins are in a safe deposit box. I keep nothing in my home.

Contests and giveaways: http://coins.aplawrence.com/2014/05/contests-and-giveaways.html

Complaining about the mint

The delays in shipping the Baseball Hall of Fame coins have caused many complaints. I have to say that I'm not happy that the gold proofs I ordered were delayed so long and I do have complaints about packaging (see "Here's your crap: Baseball Hall of Fame Clad Proofs", but some of this carping is, I think, unfair.

One of the more frequent charges is that the Mint should have better computer systems as that has been where the blame has been placed.  People say that Google and Amazon have no trouble handling large volumes of customers, so why should the Mint be so hampered?

That's just ridiculous. Amazon and Google have billions of dollars at their disposal, but even they don't design for loads that they consider impossible to imagine. That would be a waste of money.  The demand for BHOF's far exceeded expectations - it would be like Amazon suddenly finding itself with billions of new Chinese customers tomorrow morning.

If the Mint (or really, Congress) had spent the money to handle that demand, the Tea Party folks would be screaming that it was a waste of their tax dollars and in this one case, I think they'd be right. The demand was unexpected. Nobody - NOBODY - builds servers to meet demand they cannot imagine happening.

There is plenty I do not like about how Congress handles the Mint. I don't like the Commemorative Coin programs, I don't like the sloppy way proofs are handled - everyone one of my BHOF gold proofs has very noticeable scratches and yes,I'd rather pay more for better coins and better packaging. I also don't like the large order limits that let dealers snatch up the majority of coins before ordinary collectors (see 2014 Kennedy Commemorative for more on that). 

By the way, my gold BHOF's were ordered 03/27/2014 at 01:18 PM (first day, order 42927xxx) and were finally shipped on June 3rd.

Clue for the second 2014 Silver Eagle Giveaway: Are there really 1001 ways to beat the draft?

Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 

Contests and giveaways: http://coins.aplawrence.com/2014/05/contests-and-giveaways.html

The gold Baseball Hall of Fames came yesterday

My order for gold BHOF's came yesterday. Two of them look good, but one may have a scratch.

I can't be sure. I think it is on the coin, but it could be on the capsule. The only way I could be sure would be to pop it out of the capsule. As I'm not the most adroit person, I'm afraid that I might screw that up and damage the coin.
Under the microscope, I can see something in that area. That makes me think it is more likely to be on the coin.

I decided to just send them all to PCGS. I chose Modern, Secure Plus, and added TrueView. I like the Secure Plus slab, especially for gold and the TrueView will make it easier to see why PCGS blinked if the coins are not PF70.

It is unfortunate that the Mint is so sloppy with expensive proofs. Scratches shouldn't happen. The other two coins don't appear to have scratches, but there are small scraps of black fibers sealed in with the coins. That really shouldn't happen either.  Although I think we already pay enough of a premium to expect better, I'd rather pay more if that's what it would take for better quality control.

Note: All my coins are in a safe deposit box. I keep nothing in my home.

Contests and giveaways: http://coins.aplawrence.com/2014/05/contests-and-giveaways.html

Second shipment of Baseball Hall of Fame Gold seems to be happening

It seems that a long delayed second wave of BHOF gold is finally shipping from the mint.

At a coin forum today someone said their credit card was hit on the 28th and when they called, the rep said it should ship the first week of June.

Another person said their order # 42926xxx shipped yesterday (Monday) morning.

My order 42927xxx hit my credit card on the 28th and was shipped today, June 3rd.

Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 

Contests and giveaways: http://coins.aplawrence.com/2014/05/contests-and-giveaways.html

Baseball Hall of Fame coins - flash in the pan?

I'm writing this in late May of 2014.  I just checked PCGS pricing on BHOF coins and found the following:

Halves (Clad):

MS69  $75     PR69DC  $75
MS70  $250   PR70DC  $250

One Dollar (Silver)

MS69  $175     PR69DC  $175
MS70  $275     PR70DC  $350

$5 (Gold)

MS69  $1,200    PR69DC  $1,250
MS70  $1,400     PR70DC  $1,450

As the delayed silver orders have now been shipping and as the gold are expected to ship next month, all the wise heads say that these prices will go down. They say that because that's what generally happens with things like this - an early flare up, a quick cool down.

 However, "past performance is not a predictor of future results" here or anywhere else and this situation is actually quite different from other commemoratives.

First, this three dimensional curved design is the first of its kind in United States Coinage.   As such, it's a desirable coin for type collectors as well as those who collect commemoratives.

If the Mint continues to make unusually shaped coins, that could create a new type of collector.  Let's call them the "neo-numia" collectors. As the first of its kind, the BHOF would be an absolute must for those collections.

Already people are collecting "shark jumpers" from around the world - the BHOF is obviously part of those, expanding them to a world wide market.

Then we have the sports fans and sports memorabilia collectors. Although other commemoratives have certainly appealed to their own interest groups, none has had the large numbers represented by those groups.

Given all that, it's hard to say what will happen with prices. Certainly I'd expect a dip, but I'm not sure how much. Nor am I sure what the longer term outlook is.

One very interesting possibility is noted at New coin technology dominates 2014 which says:

Once this technology is perfected it may at some later date join the British technology to produce “super coins” for circulation that hopefully will frustrate counterfeiters for a long time into the future. The technology should also make it interesting when a coin is flipped at the beginning of a sporting event.

If that happens, the BHOF's will be very, very important as the first of their kind in the United States.

Remember this: most of the wise heads did not anticipate the demand that these coins enjoyed. They generally predicted mild interest and some expected a total wash out. They were completely wrong and their current predictions may be just as off base.

Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 

Contests and giveaways: http://coins.aplawrence.com/2014/05/contests-and-giveaways.html

What makes a PR69DCAM not a PR70 DCAM?

The difference between  a PR69DCAM coin and a PR70 DCAM coin is not very much.  Sometimes it is really just a matter of opinion and sometimes sending a 69 back for reconsideration will cause it to come back as a 70.

In other cases, the defect is obvious. Here is one of the PR69's I recently got back from PCGS.

Do you see the dark spot above the "D"? In this photo, it looks like it could be a piece of thread or dust, but it really is on the coin. So is the other spot above the "T".

Other 69's aren't so easy to see.  In these coins, the defect appears as a reflective spot, but you need to tip the coins to see the spots and they are very hard to photograph.

Just below "L", above "in" 

Below "L", above "i" of "in"

Same area, but fainter - shows as slightly brighter here

But then there is this one.

I've tipped this every which way under a light. I've looked at it with a 5x glass, a 10x and even 20x.

I can't see anything.

I enlisted the support of my eagle-eyed, highly attentive to detail wife. If I have the slightest spot on my clothes, she'll see it. She can walk into the living room and point right at the one tiny spot I missed when dusting.

I showed her the 3 PR70's and the 69's where I had been able to pick out a defect. She agreed with me about those and didn't need a magnifier.  Then I showed her this coin.

She looked at it, hesitated, and looked again. She asked for the magnifier. She tipped it and turned it and sighed.

"Wait! I see it above the stitches!", she exclaimed. I handed her the two PR70's.  She examined those and decided that no, what she saw must be intended to be on the coin.

She spent a few more minutes.  "There's a tiny, tiny vertical line above the "N" of "ONE DOLLAR", she announced.  I took the glass and the coin back, but could not see it.

"It's there", she said. "You have to tip it just right, but it's there."

I looked again. I could not see it. I tried the 10x loupe again - I saw nothing.

Finally, under 20X magnification and with some adjustments to the lighting, I was able to faintly make out this mark.

That must be it, because neither of us can find anything else!

Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 

Contests and giveaways: http://coins.aplawrence.com/2014/05/contests-and-giveaways.html

The Baseball Hall of Fame coins are back from pcgs

I was surprised to find a box waiting for me today when I went to pick up our mail. I wasn't expecting anything, but when I got it home and opened it, I found this:

The coins did better than I expected: one 70 clad (which I didn't expect at all) and two from the silver $1 batch.

That's great and the new box is helpful too because I honestly didn't know how I was going to store these.

Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 

Contests and giveaways: http://coins.aplawrence.com/2014/05/contests-and-giveaways.html

Will the U.S. Mint jump the shark? Or maybe they have already?

I've decided that the 2014 Baseball Hall of Fame coins are going to be an important issue for U.S. collectors.   I say that with utter confidence: these will either be a coin that everyone wants for their collection or a coin that is remembered as the beginning of the end for any interest in the U.S. Mint Commemorative coins.

(From U.S. Mint image gallery) 

I actually like the BHOF's. The shape is unusual, but it's not like some of the silly other things that have been done (see my "Shark Jumpers" post).  I don't think it is ridiculous, but I have certainly heard that opinion expressed by others.

There is certainly good reason to say that the Mint had reached the "ridiculous" stage before this coin.   Giant silver quarters and gold buffalo nickels?  Then there are the inane subjects of other commemoratives like First Spouses and the appalling ugliness of the 2014 Civil Rights Act of 1964 Silver Dollar.

(From U.S. Mint image gallery)

The problem I see is that there may be worse to come.  The Baseball Hall of Fame coins have been a great success, selling out of both gold and silver very quickly. If the Mint (and Congress) attribute that to its quirky shape, they may decide to do a football shaped coin, a basketball, a soccer ball, a tennis racket and who knows what else?   With no apparent sense to restrain them, they could absolutely destroy all collector interest in any of it!

I hope that doesn't happen.

To grade or not to grade - Baseball Hall of Fame Coins

I am sending  my clad and silver Baseball Hall of Fame proofs to PCGS for grading and encapsulation this morning.  This was not an easy decision, especially for the lower value clad versions.  

Note: All my coins are in a safe deposit box. I keep nothing in my home.

First, there is the issue of cost. PCGS has a quarterly special for grading these specific coins of $39 each. That's twice the original cost of the clads from the Mint and almost as much as the silver, so it adds a significant price burden to each coin.

Second, non-numismatic buyers might prefer original Mint packaging.  The possible wide appeal of this particular coin might create an unusual situation where it could be harder to sell the certified versions!  I don't expect that to be true, but anything is possible.

These issues are of particular concern to "flippers" - those who bought hoping to turn around a quick sale and profit.  Many of them seem to believe that the opportunity for profit will be short lived - they expect values to crash after initial euphoria.

They do have some history on their side.  Quite a few modern commemorative issues have lost value.  There simply have been too many issued, not necessarily in terms of mintage, but in variety of design.  While many coin collectors might be able to accurately name each of the older 1892 to 1954 commemorative coins, I suspect that naming those issued since 1982 would be far more difficult.   Individual examples might have done well by themselves, as a group they become a bit overwhelming.

I think the Baseball coins are different.  The radical curved design sets these apart and baseball is an incredibly popular sport, so that creates wider appeal. There are also already baseball card collectors; collecting this coin could be an easy decision for them.  My guess is that values will stay strong and may even increase.

So, I won't be a flipper.  I'll be putting these away for a long time. It's quite possible that the next people to see these (after they return from PCGS) will be my children after my wife and I are gone.  If so, I hope they are pleasantly surprised by the value at that time.

Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 

This week's Coinweek Giveaway: http://www.coinweek.com/~cd53550787d934d

Also multiple contests going on at http://www.moderncoinmart.com/forum/forums/contests/

Here's your crap: Baseball Hall of Fame Clad Proofs

Because some people don't bother to read and leap to conclusions from the title, please understand that the coins are fine.  Other than one small scratch, the packaging is fine also. What I'm complaining about here is shoddy packing and disrespect for the coins and the customer.

Yesterday I received part of my Baseball Hall of Fame proof coins from the U.S. Mint.  These were not the silver or gold, but only the clad composition.

In case you don't know, let me explain what "proof" coins are.  This is straight from the U.S. Mint itself:

United States Mint proof coins feature sharp relief and a mirror-like background. Their frosted, sculpted foregrounds give them a special cameo effect. Proof blanks are specially treated, polished, and cleaned to ensure high quality strikes. The blanks are then fed into presses fitted with specially polished dies and struck at least twice to ensure sharp relief. The coins are then packaged in a protective lens to showcase and maintain their exceptional finish.

"Specially treated" - remember that.

Here's what the box looked like when I opened it.  

Upon lifting off that piece of packing paper, this is exactly what I saw.

You may be able to see that there is another thin layer of packing paper at the bottom. That dark colored thing with the gold icon is a "mint bag"- something they give away with larger orders. Just what everyone wants: a shopping bag that screams "I have valuable coins!".  I've had two others like this and got rid of them as quickly as I could!

But notice the blue boxes toward the back.

That's as I saw them after lifting off the top "packing".  Nothing packed around them, they were free to bounce around all they wanted.

Now yes, the coins are well protected inside plastic lenses inside those blue boxes. But still: these are presentation pieces, specially minted and handled.  What message does it send when they are carelessly tossed into a box like this?  To me it says "Here's your crap!"

Earlier this year I had ordered silver proof sets - I sent those all back because sloppy packaging had damaged the cases that were protecting the coins.   Here's what those looked like after bouncing over potholes on their way to me:

That rubbing was on the inside of the cases, plainly caused by the coins moving against it during shipment.   Here's your crap.

Fortunately the lenses of the Baseball coins seem to be a tighter fit, so they didn't suffer any damage.

Or did they? They hadn't been hurt by whatever jostling insults they had to endure in shipping.  But..

Do you see that?  It's a scratch.  Oh, not on the coin, but on the protective lens.  Specially treated is for coins, not lenses, apparently.  Thanks for your money, here's your crap!

That didn't happen in shipping.  That happened before that and is large and obvious enough that it should never have got past inspection.  But hey, we are way behind - we gotta ship this crap!

I haven't yet thoroughly examined the rest of the coins. There was nothing that jumped out at me like this, but it won't surprise me to find other evidence of sloppiness.

Here's your crap.

Note:  All my coins in a safe deposit box.  I keep nothing in my home. 

The Baseball Hall of Fame Coins are driving me bonkers

Unless I'm already senile, today is April 9th, 2014.   On 03/27/2014 at 01:18 PM, I placed an order with the mint for some of the new Baseball Hall of Fame coins.

U.S. Mint's BOFH Web page

No, I'm not a baseball fan. I think these coins are neat and I also think there's a chance of making some money from them (though there is a good chance of losing some, too).  Anyway, since two weeks ago, the mint has shown me this when I look up my order:

Note: "Expected to ship on 04/03".   Today is the 9th.

So I called them.  I had a pleasant fifteen minutes on hold and then spoke to a very nice woman who explained that nothing is wrong, they are just overloaded with orders.  All will be on its way "soon".  

That's all she could tell me, but she was very pleasant about it.

So, someday, someday "soon", I will get these coins and that will be the end of my fretting, right?

No, dammit.  My troubles just begin when I get the coins.  

What to do with them?  Prices have been steadily rising for the few that are already available (mostly bought directly at the Mint offices or at the recent Baltimore coin show), but I expect the price to dip when people like me start receiving our orders.   Should I sell, should I hang tight for later profit, or should I just hang on and pass them on to my kids someday?

Nor is that the only decision to make.  Should I have these certified by PCGS?  Certified coins usually sell for more and are easier to store than those in OGP (Original Government Packaging), but that neglects the crossover appeal: baseball aficionados may prefer the OGP.

I mentioned that the price could drop.  The mintage of the gold and silver is limited and they are both sold out, but if a lot of people bought to sell, it is possible for these to descend below original cost from the mint.  That's especially true for the gold versions as gold prices have been trending downward recently.

If that happens, these are definitely heading for the safe deposit box and my children.