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Vintage Japanese Jewelry – Big in Japan

Vintage Japanese jewelry - like this elegant 1980s platinum, gold, sapphire and diamond brooch by Ito Hiroaki - is quickly finding an enthusiastic audience among jewelry lovers.
Vintage Japanese jewelry – like this elegant 1980s platinum, gold, sapphire and diamond brooch by Ito Hiroaki – is quickly finding an enthusiastic audience among jewelry lovers.

Vintage Japanese jewelry is sometimes overlooked by fine jewelry connoisseurs.  I should know because for a long time I was one of the collectors doing the overlooking.  Then, as I was browsing eBay a few months ago I unexpectedly fell in love.  I had stumbled upon an exquisite 1980s Japanese brooch of superb workmanship and quality.

But before I talk about that, let’s take a brief detour through the history of Japanese jewelry.

For most of its history, Japan did not have jewelry in a modern sense.  They did have ornamental objects crafted from precious materials, but these were nearly always functional items that had evolved to take on a broader prestige role in society.  Examples include women’s hair pins and hair combs, koshirae (samurai sword fittings) and inro (hard-cased wallets meant to be worn with a kimono).  Western jewelry forms such as earrings, pendants, bracelets or rings were nearly unknown in Japan during this time.

All of this changed once Japan ended feudalism and opened up to the broader world after the 1850s.  The island nation was suddenly flooded with foreign ideas and influences.  Western style jewelry was one of these new concepts.  And although it took a few decades to get started, by the late 19th century Japanese craftsman had begun experimenting with jewelry as we understand it today.

The house of Mikimoto is perhaps the best known creator of vintage Japanese jewelry.  Its founder, Kikuchi Mikimoto, created the first cultured pearl in 1893.  He then opened a retail shop to sell his pearl jewelry in 1900.  He also sent his artisans to Europe to study the latest advancements in jewelry making styles and techniques.  His eponymous firm quickly became the largest pearl jewelry company in the world.

Japanese militarism in the 1930s and then World War II in the 1940s largely interrupted jewelry production, making Japanese pieces from this time period scarce.  Likewise, Japan was still recovering from the devastation of the war throughout the 1950s.  As a result, fine jewelry production at scale only really resumed in the 1960s, accelerating dramatically during the 1970s and 1980s to match the red-hot Japanese economy of the time.  Therefore, most of the vintage Japanese jewelry you will find in the marketplace today dates from the 1960s or later.

In addition to Mikimoto, there are a handful of other well known vintage Japanese jewelry houses.  Founded in 1954, Tasaki is a pearl-centric firm that produces excellent quality jewelry.  Kyoto based atelier Niwaka has been creating treasures in gold and gemstones since 1983.  Japanese Jeweler Ponte Vecchio had its origins in 1981 and is best known for its delicate, playful style.

There are also a number of smaller independent Japanese jewelry studios in addition to those listed above.  A short (but not exhaustive) list of these artistic luminaries includes: Nobuko Ishikawa, Ito Hiroaki, Sachi Fukuhara, Koji Iwakura, Shunichi Tamura, Keiko Ikeda, Mitsuo Kaji and Ayano Kanazawa.  Vintage jewelry produced by these independents will tend to be a bit more adventuresome compared to the larger Japanese jewelry firms.

Japanese craftsmen are renowned as masters of the miniature, possessing excellent attention to detail.  This defining national characteristic is reflected in their jewelry making, which is often both precise in execution and striking in design.  In any case, Japanese fine jewelry is almost always of the highest quality, with clean metal work and quality materials.

Organic or natural themes – leaves, flowers, insects, fruits, animals, etc. – are ubiquitous among vintage Japanese jewelry.  Keeping in line with the Modernist ethos that has dominated jewelry design from circa 1960 to the present, simple geometric or abstract elements are also commonly encountered.  You’ll sometimes find traditional Japanese metalworking techniques/alloys such as shakudō (a dark-patinaed copper-gold alloy) or mokume-gane (different metal alloys layered together to create a wood-grain pattern) employed in vintage pieces, too.

Now that we’ve covered Japanese jewelry history, let’s revisit that stunning 1980s Japanese brooch that caught my eye on eBay.

Fabricated in 900 fine platinum and 18 karat yellow gold by respected Japanese jeweler Ito Hiroaki, the brooch features an oval ring with a hanging cluster of cabochon cut sapphire grapes accented by small brilliant-cut diamonds.  It is clear at a glance that this vintage Japanese brooch is more a work of art and less a mere piece of jewelry.  The workmanship of the brooch is nothing short of exquisite – a fact highlighted by several distinct features of the piece.

 

These marketing materials show Ito Hiroaki's rather high end "Basic Line" of jewelry from 1985.

Photo Credit: JapanDesigners
These marketing materials show Ito Hiroaki’s rather extravagant “Basic Line” of jewelry from 1985.

 

The heavy gauge platinum oval ring possesses a uniquely textured surface and is richly festooned with ropes of gold.  According to original marketing material from circa 1985, this brooch was part of a suite of jewelry Ito released to celebrate the 15th anniversary of the development of his signature “Mellow Gold” metalsmithing technique.

The luscious grape cluster that sits invitingly at the bottom of the brooch is actually articulated, meaning it moves independently from the main body of the piece.  This allows the grape cluster to swing with the movements of the wearer, causing the gemstones to effortlessly reflect any ambient light.

Designing and crafting articulated jewelry is a time consuming process that most jewelry makers avoid.  The last time (and only time, to the best of my knowledge) such a technique was in widespread use was during the mid-19th century when tremblers – brooches meant to quiver with the slightest movement – were popular among the wealthy.  These trembler brooches were invariably diamond-studded affairs set in lavish silver-topped gold settings.  You can just imagine how expensive they were; commoners need not apply.

The bezel set gemstones used in this masterpiece of vintage Japanese jewelry are also top-notch.  While not more than about 1/4 carat each, the midnight blue natural sapphire cabochons are of excellent quality: flawless, intensely hued and well-cut.  In addition they are perfectly matched for color, clarity and cut – a factor that significantly boosts the value of even seemingly modest stones.  Their total weight is also significant at 1.18 carats.

It is meaningful that we know the exact carat weight of the sapphires even though they are still mounted in the piece.  This is because Ito Hiroaki was thorough enough to stamp the carat weight of the gems used in the brooch alongside the standard platinum and gold purity hallmarks.  This is yet another sign of quality and attention to detail.

The small diamonds that accent the sapphire grape cluster are completely clean and white.  It is well known among jewelers that white metals like platinum, palladium and white gold are very unforgiving in regards to the color of any diamonds mounted in them.  When slightly yellowish or brownish diamonds are mounted in yellow gold it is hardly noticeable, but such a cost-cutting measure becomes immediately obvious in platinum.

However, there was no such cost-cutting here.

 

Designer Vintage Japanese Jewelry for Sale on eBay

(This is an affiliate link for which I may be compensated)

 

It is also notable that the piece drips with sapphires and diamonds and not lesser stones.  Back in the 1950s and 1960s, even mid-range fine jewelry heavily relied on the big four gemstones (diamonds, rubies, emeralds and sapphires) to achieve a luxurious appearance.  However, by the 1980s (when this brooch was produced) it was more common for jewelers to embrace lower value stones in an attempt to control costs.  This led to the rise of peridot, tourmaline, red garnet, blue topaz and other second tier stones in cost-conscious jewelry of the time.  Happily, this is much less common in vintage Japanese jewelry where creators like Ito Hiroaki stuck to the highest end materials available.

As a result, this vintage brooch is true extraordinary.

And here’s the best part: I paid less than $1,000 for this fantastic piece.  In fact I paid substantially less than $800.  Although it was originally listed for $757.05, the seller (Greeber Japan) was having a 15% off sale across their entire eBay store.  So I snagged this absolute designer jewel from the mid-1980s for a stunningly low $643.49.

Let’s slow down and think about that price for a moment.

Here is a gorgeous piece of vintage Japanese jewelry from the heyday of Japan’s glorious 1980s cultural apogee.  This was the time when Sony and Nintendo ruled the world.  This was the time when the Imperial Palace grounds in Tokyo were worth more than all the real estate in California.  This was the time when Japanese anime burst onto the international scene with classics like Bubblegum Crisis, Ranma 1/2 and Akira.  This was the Japan of perpetual nightlife, over-the-top parties and endless money.

Tokyo during the 1980s represented our glorious cyberpunk future, as shown in this YouTube video compilation:

 

 

So why was I able to buy a gem-studded piece of designer vintage Japanese jewelry from this mythical era for less than $700?

One of the things I always do before purchasing a piece of vintage jewelry is calculate its price per gram.  I know from experience that if you pay less than $100 per gram for a piece of gem-set, solid karat gold or platinum jewelry, you’ve done well.  This rule of thumb excludes low karat gold pieces (like 9 and 10 karat) and very common gemstones such as amethyst, citrine, small pearls and blue topaz.  In this case, I paid around $57 per gram.

How is finding a bargain this good even possible?  Is the vintage Japanese jewelry market broken?

I have a few theories about that.

First, demand for fine jewelry has been generally suppressed in the developed world ever since the Great Financial Crisis of 2008 – 2009.  This is because the world has been living through a depression for the last decade plus.  Slow job and wage growth has combined with an ever upward spiraling cost of living to eviscerate most households’ discretionary purchasing power.  Fine jewelry purchases must compete with exorbitant rents, utilities, grocery bills and car payments – a battle it rarely wins.

As a result, we still see fairly robust jewelry sales in the sub-$250 price range as most people have moved down-market.  Sales in the $10,000 and up luxury price range have also held up because the wealthy are still doing well financially.  But fine jewelry in the middle market, priced between approximately $250 and $10,000, has been left for dead – a doughnut hole attributable to the Silent Depression we have all been living through these past years.

 

Estate Mikimoto, Tasaki, Niwaka & Ponte Vecchio Jewelry for Sale on eBay

(This is an affiliate link for which I may be compensated)

 

Another reason my vintage Japanese jewelry find was so affordable is that brooches are hopelessly out of fashion right now.  There is an entire category of vintage and antique jewelry – brooches, stick pins, tie tacks, hair combs, tiaras and cufflinks – that I call fashion refugees.  These are types of jewelry that are rarely worn today because they are out of step with current trends in fashion.

While some of these forms of jewelry will probably never come back into style (tiaras are likely dead forever), I feel very strongly that brooches are an exception.  Brooches are one of the five basic jewelry forms alongside rings, bracelets, earrings and necklaces.  This alone almost ensures a renaissance for them at some future date.

But for now brooches are the red-headed step-child of the vintage fine jewelry market.  Brooches look best on lapels, collars and straps – more formal feminine attire.  Today’s extremely informal fashion for sweaters and t-shirts do not play to their strength.  That means that there is a healthy supply of vintage pieces on the market and limited demand.

This drives prices down, creating bargains for the discerning vintage Japanese jewelry buff.

 

This stunning vintage Japanese brooch by designer Nobuko Ishikawa is rendered in platinum, gold, diamonds and chrysoprase.

Photo Credit: Greeber Japan
This stunning vintage Japanese brooch by designer Nobuko Ishikawa is rendered in platinum, gold, diamonds and chrysoprase.

 

The third reason my vintage Japanese brooch was so affordable was due to the ridiculously low price of platinum.  As I write this, platinum is trading for about $1,000 a troy ounce, which is the exact same price it was selling for back in 2006.  That means platinum is priced at same level it was 18 years ago!

Can you name any other precious material that has stagnated in price for so long?  Silver is up 154% over that time period.  Gold is up around 262%.  Even colored gemstones – which have moved sideways in price since 2015 – are still up by 76% from 2006.

Remember, for the entirety of the 20th century and into the beginning of the 21st century platinum had always traded at a premium to gold.  It is only within the past 10 years or so that this normal relationship has been inverted.  This means that although platinum has traditionally been treated as the very finest of jewelry metals, it has recently been displaced by white gold when a white look is required.

This pricing anomaly in platinum gives jewelry collectors a golden opportunity to buy vintage and antique platinum jewelry for absurdly low prices.  And because the Japanese people have a strong affinity for platinum, it is commonly found in higher end vintage Japanese jewelry.  So I don’t find it very difficult to envision a future where platinum is once more priced at a premium to gold – with platinum jewelry regaining its ultra luxury status.  If this happens, vintage platinum jewelry will adjust upward in price rather quickly and violently.

The final reason for vintage Japanese jewelry being undervalued is really quite unexpected.  In the summer of 2024, the Japanese yen – U.S. dollar exchange rate hit a 34-year low of 160 yen to the dollar.  The last time the yen was this weak was briefly during 1990 and only on a sustained basis before 1987!

And because Japanese estate jewelry sellers’ costs are priced in yen, it means that your dollar goes further when converted to Japanese yen.  Their rent is priced in yen, their labor costs are priced in yen and even their utility costs are priced in yen.  As a result, they will often accept a lower dollar price if it gives them a similar or even higher yen price.

Let’s take the 1980s Japanese brooch I purchased as an example.  The price of $643.49 translates into just short of ¥103,000, assuming an exchange rate of 160 yen to the dollar.  But five years ago during 2019, that same $643.49 would have only been worth about ¥70,000.  This is because the yen/dollar exchange ratio was closer to 108 to 1 at the time.

So it’s easy to see how a Japanese seller might be motivated to accept a smaller number of dollars (or euros) today.  This gives lovers of vintage Japanese jewelry with access to non-yen hard currencies a special opportunity to buy fine pieces at deep discounts.

It took a confluence of these four factors I just mentioned for me to be able to purchase my exquisite piece of vintage Japanese jewelry at a sub-$1,000 price.  There is simply no way the price would have been this low under normal circumstances.  In fact, I suspect that if these four factors hadn’t been present, a reasonable price for my brooch would have been somewhere in the $2,500 to $3,000 range.

Now all of this might be a bad thing if you are looking to sell fine vintage Japanese jewelry, but if you are looking to buy it is truly wondrous.  I got an insane 75% discount from the fair value of the 1980s Japanese brooch I purchased.  And if I find any more great bargains I’ll happily snap them up, too.  I’m sure many other smart collectors are looking to do the same.

 

Fine Jewelry from Greeber Japan for Sale on eBay

(This is an affiliate link for which I may be compensated)

 

If you are interested in starting or adding to a collection of fine vintage Japanese jewelry I do have a few pointers.  Cufflinks and brooches – both fashion refugees – will give you your best bang for the buck.  But if you intend to wear the piece you buy, make certain it is a type of jewelry you like.  In other words, don’t buy a brooch just because it is cheaper if you hate brooches.

Next, consider purchasing vintage Japanese jewelry that is made out of platinum or mixed karat gold and platinum.  Only higher end pieces were fabricated from these metals and you are sure to get a bargain.  Of course, 14 karat or higher solid gold jewelry is excellent, too.  18 karat is the most commonly encountered gold alloy in Japan, so purity is rarely a problem.  Sterling silver (or mixed sterling and karat gold) is also perfectly acceptable as long as the piece is both impressive and rendered in a good Modernist style.

It is always nice when you can find vintage jewelry set with one or more of the big four gemstones: diamonds, rubies, emeralds or sapphires.  I would try to shoot for a minimum total weight of more than 1 carat, with each individual stone weighing at least 10 points.  These requirements are harder to meet than you might think at first.  But if the piece you love is set with second tier gems (tourmaline, tanzanite, fancy garnet, opal, spinel, jade, etc.) fear not – these can also be excellent finds if the price is right (and the stones are large enough).

Above all, make certain you skew towards quality.

Ideally we want signed pieces that have been painstakingly hand fabricated by a known firm or artist.  Always flip the piece over to view the back.  It should look almost as good as the front, without any unsightly blobs of metal, rough surfaces, damage or other distracting features.  Any vintage Japanese jewelry you consider should simply ooze quality, possessing a combination of high end materials, fine craftsmanship and original design.

Pricing will generally start at $400 per piece, escalating quickly if larger, more valuable gemstones are present.

Vintage Japanese jewelry is one of the great undiscovered bargains of the fine jewelry world right now.  And the fact that the Japanese yen is plumbing 40 year lows versus the dollar just makes the deals even sweeter.

 

Read more thought-provoking Antique Sage gems & jewelry articles here.

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Read in-depth Antique Sage vintage jewelry investment guides here.


Antique Brooches & Pins – A Dazzling Past

Antique Brooches & Pins - A Dazzling Past
This sumptuous calibre cut green tourmaline and yellow gold Edwardian bar pin was made in the United States circa 1915.  Antique brooches and pins represent one of the best values in vintage jewelry today, giving far more bang-for-your-buck than similar quality rings, pendants or bracelets.

I recently visited a local antique store in search of a piece of nice vintage furniture to spruce up my house.  Much to my chagrin, I discovered that everyone in my part of fly-over country apparently took the advice I had laid out in an article I wrote in late 2019 titled “Is 2020 Finally the Year to Buy Antique Furniture?”

In retrospect, the answer was clearly yes.  2020 was the year to buy antique furniture.

Who knew?

By the time I got around to browsing the aisles of this particular antique shop, any decent piece of old furniture was long gone.

But there was something else I saw there that caught my eye.  In a display case filled with vintage costume jewelry and mediocre low karat gold Victorian pieces there was a hidden gem.  Nestled in the corner amongst the dreck was a gorgeous yellow gold Edwardian bar pin set with a row of bright green stones.  The very first thing I noticed upon handling the piece was how heavy it was given its small size.  Even though it only measured 40 mm (1.6 inches) in length, the antique pin weighed in at a hefty 4.16 grams.  When a piece of vintage jewelry has great heft for its size it is almost always a sure sign of quality.

Upon closer inspection I determined that the brooch was solid 14 karat gold set with 10 immaculate, square-cut green tourmalines.  The tourmalines totaled a substantial 1.9 carats and were all calibre cut – a style where square or rectangular stones are precisely faceted to sit shoulder-to-shoulder with no gaps in-between.  Calibre cutting first became popular in French jewelry around the year 1900 before rapidly spreading across the globe.  But calibre cutting was very labor and material intensive; yields on calibre cut gems from the original rough were invariably low.  As a result, calibre cut stones are usually only found in better pieces of antique jewelry (and are almost never found in modern jewelry).

The overall effect was stunning.

The rich yellow-gold hue of the millegrain setting beautifully highlighted the luscious deep-green calibre cut tourmalines.  And the goldwork itself was flawless – solidly hand-worked without a trace of porosity or messy solder.  You would be amazed at how many pieces of supposedly fine jewelry have nasty, sloppy goldwork – things like bulky prongs or rough finishes in hidden areas.

We can use this tidbit of knowledge to our advantage, though.  You can learn the true quality level of a piece of jewelry by turning it over and looking at its back under magnification.  Any deficiency in a piece’s goldwork will be instantly visible.

But this gold and tourmaline Edwardian pin was a true jewel all around – even when viewed from behind.

By my estimate, the brooch was made in America around 1915.  Its simple, but boldly linear design foreshadowed the rise of the Art Deco movement in the early 1920s.  The brooch would have been a fairly high end piece for its time, with a retail price of at least $10 when new – equivalent to a hefty U.S. gold eagle coin containing about half a troy ounce of pure gold (the U.S. was still on a gold standard in the 1910s).

This is ideally what antique jewelry is all about.  Here was a chunk of finely wrought precious metal dripping with luxurious gemstones – a feast for the eyes.

The tag on the piece asked $325.  This was a good start.  If the asking price is too high, negotiating a reasonable final price becomes all but impossible.  I asked the woman behind the counter if the price was negotiable (pro-tip: the prices in antique stores are almost always negotiable).  Because the store was a co-op (several dealers sharing a single physical location), the clerk had to call the item’s dealer to inquire.  The final price proffered by the dealer was $275 – a $50 discount.

I wavered.  I had been hoping the dealer would come down to $250.  I said I would think about it and walked out of the store.

After several weeks of deep thought, I stopped back at the antique shop and asked if the discounted $275 price still stood.  A short phone call to the dealer confirmed that it did and I walked out of the store the happy owner of an exquisite piece of fine antique jewelry.  In the end I decided that a $25 difference in price – the cost for two people to eat at a fast food restaurant these days – was ultimately immaterial.

But my story raises an interesting question.  Why are antique brooches so cheap?

In a vintage jewelry market where it has become progressively more difficult to find any high quality pieces for less than $700 or $800, why could I walk out of an antique shop with a superlative Edwardian pin for under $300 – less than the cost of a monthly car payment?

 

Cartier Art Deco Diamond Brooch

This Cartier Art Deco diamond, pearl and rock crystal brooch is a stunning example of the “white look” that was popular in the 1920s.

Photo Credit: Tim Evanson (Creative Commons 2.0 License)

 

Brooches and pins have had a tough time of it lately.  The market for antique brooches has been soft for more than two decades.  As a result, prices for these wonderful pieces of history have been depressed.

As simple as it may seem, the primary reason vintage and antique brooches are so inexpensive is that they are currently out of fashion.

A brooch is a piece of jewelry meant to be worn on a blouse, jacket or dress.  But since the early 1990s we have trended towards less and less formal women’s clothing.  Brooches look best on lapels, collars, straps and other relatively formal fashion trim.  The formless, undulating sweaters and T-shirts of the modern age simply don’t accommodate pins or brooches well!

This means that a glut of vintage and antique brooches has flooded the market while demand has remained subdued.  Consequently, prices for old pins are often much, much lower than equivalent pieces of antique jewelry in other forms – like rings or pendants.

Of course, I don’t expect this state of affairs to persist forever.  Clothing styles make long round-trips from more formal to less formal attire and then back again.  Granted, these fashion trends can take decades to fully unfold, so this isn’t a situation I expect to positively resolve within the next few months!

Another thing that antique brooches have going for them is that there are a limited number of general jewelry types in existence.  For example, we have rings, earrings, necklaces and pendants, bracelets and anklets and, finally, brooches and pins.  Every other type of jewelry gets tossed in a minor catch-all category (i.e. tiaras, hat pins, nose studs, etc.)

In the final analysis there are just 5 broad classes of jewelry.  This fact alone practically guarantees that brooches and pins will come back into style at some point in the future.

Indeed, the brooch has been with us continuously since ancient times.  The Celts, Greeks and Romans used cloak pins called fibula that were made out of bronze from a very early period – before 1000 BC.  These fibulae were the very first brooches.

Although purely utilitarian to start, the fibula soon evolved into a full-fledged jewelry piece that was indispensable to any high-class ancient woman.  Instead of bronze, more expensive examples were wrought from silver or gold.  By late antiquity, enamel and gemstones were often liberally applied to fibulae as well, completing their journey from utilitarian fashion accessory to pure luxury good.

During the early medieval period the safety pin like form of the ancient fibula gradually changed into the annular brooch – a bejeweled circle with a pin behind it so it could be fastened onto a cloak or shirt.  Once the annular brooch developed, every other shape of brooch imaginably wasn’t far behind – squares, cruciforms, discs and, of course, the familiar bar pin.

So the brooch has been with us for a long, long time.  It isn’t going anywhere, regardless of how hopelessly unfashionable it might seem today.

But the real reason I like antique brooches as an investment is because they are incredibly undervalued.  Dollar for dollar they are one of the least expensive forms of vintage jewelry (along with other fashion refugees like cufflinks).  So a hypothetical $1,000 spent on antique brooches will go further than if the same amount was spent on vintage earrings or bracelets, for example.

 

Edwardian & Art Deco Antique Brooches & Pins for Sale on eBay

(This is an affiliate link for which I may be compensated)

 

Perhaps my favorite way to exploit this mispricing is to look for antique brooches that contain natural (non-synthetic) colored gemstones.  It has become clear that the modern world is facing a looming colored gemstone shortage.  Yet imminent disaster has been avoided over the past couple of decades by an improbable series of events.

First, there have been a handful of major colored gem field discoveries since the 1990s.  The resulting mine output hasn’t been massive on an absolute scale, but it has been sufficient to keep the global markets supplied at the margins.

Second, the Great Financial Crisis of 2008-2009 and the austerity policies adopted by most developed countries in its aftermath suppressed demand for jewelry and, by extension, colored gemstones during the 2010s.  However, these anti-middle class austerity policies are being abandoned due to a combination of COVID response (with its direct cash payments to citizens) and popular political support for higher wages for the average worker.

But before we can fully explore the economics of investing in antique brooches, I think it is important that we understand colored gems a bit better.

The colored gemstone market is both highly fragmented and relatively small.  It is estimated that more than $170 billion worth of gold is mined every year, compared to just $16 billion for rough diamonds and a piddling $3 billion for all rough colored gemstones combined (excluding jade).

Almost all colored gem mining is artisanal in scale.  Artisanal mining refers to small groups of individual miners that primarily use hand tools (or hand-held power tools) to extract gems.  Colored gemstone miners rarely enjoy the benefits of the massive mechanization seen in the diamond industry.  And it would hardly matter if they had access to all that expensive equipment anyway – most colored stone deposits are too small for large scale mining to make economic sense.

Due to God’s wonderfully dry sense of humor, almost all major colored gem deposits are located in geographically remote and politically unstable regions.  The biomes surrounding these mines are typically scorched deserts, burning savannas or primeval jungles.

Poor countries like Afghanistan, Madagascar, Sri Lanka, Myanmar and Tanzania are some of the places renowned for their rich deposits of colored stones.  But these are destinations few tourists would willingly visit.  As you can imagine, gem mining is an extremely challenging industry with deadly landslides, cave-ins and flash floods being commonplace.  And that is before one takes into consideration the tangential dangers inherent in bribing corrupt government officials, dodging armed rebel groups and side-stepping bloodthirsty bandits.

Another problem is that gemstone deposits do not last forever.  Many famous mines have now been completely, or nearly completely, exhausted over the centuries.  For instance, the last jewels of the renowned Golconda diamond mines of India reached the world about 300 years ago.  The legendary Kashmiri blue sapphire mines in the snow-capped Himalayas fell silent a century ago.  The fantastical Mt. Mica tourmaline workings located in the backwoods of Maine, U.S.A. have all but ceased production.  And the once prolific Thai ruby mines that provided almost the entire world’s supply of the noble red gem from the 1960s to the 1990s are effectively played out today.

In other words, now is a great time to buy colored gems as an investment.  And antique jewelry – especially antique brooches – represents a near ideal vehicle to exploit that trend.

 

Retro & Mid-Century Vintage Brooches & Pins for Sale on eBay

(This is an affiliate link for which I may be compensated)

 

So here are a few pointers when looking to buy antique brooches and pins.

First, look for examples that are well endowed with diamonds, colored gemstones or a combination of the two.  Although I am not a huge fan of white diamonds as stand-alone investments, they are still quite desirable in period jewelry – especially when they are old cuts.  Another benefit of buying antique brooches set with colored stones is that you are likely to get either completely untreated or lightly treated specimens – a great boon in a world where modern gem treatments are becoming ever more invasive and difficult to detect.

I do have a word of caution, though.

Synthetic colored gems were commonly mounted in jewelry starting at the end of the Victorian period/beginning of the Edwardian period, circa 1900.  Because they were the latest technological innovation, these synthetics (usually calibre cut Verneuil flame-fusion rubies or sapphires) were often mounted in very fine, expensive jewelry.  It isn’t unusual to see synthetic gems sitting side-by-side with natural diamonds in high karat gold or platinum settings.  In fact, antique jewelry mounted with synthetics is collectible in its own right, although it will never be as valuable as similar jewelry set with fully natural stones.

In the end, it is up to you whether or not to accept vintage brooches and pins set with synthetic colored stones.

When hunting for gem-laden antique brooches, I feel it is also important to avoid examples mounted with stones that are too small.  One of the age-old tricks of the jeweler who is trying to keep costs down is to mount a piece with a myriad of very small stones.

I consider gems of 5 points (0.05 carats) or smaller to fall into this category.  These tiny gems cost very little, so a dazzling effect could be created for very little money.  Very small gemstones are not completely valueless, but they add very little to the intrinsic value of a piece.

As investors, we want to see larger gems mounted in our jewelry if at all possible.

Our ideal antique brooch would have a central colored stone weighing in at over 1 carat, surrounded by other smaller gems greater than 5 points each in size.  But I have found this condition to be almost impossible to meet at a reasonable price point these days.

Therefore, I have become more opportunistic when hunting for antique brooches.  I’m willing to entertain specimens that have no large central stone at all, but are instead set with many smaller stones that are greater than 10 points each.  The yellow gold and green tourmaline Edwardian brooch I describe at the beginning of this article is just such a piece.

I’ve also become more flexible about the colored gemstones I’m willing to buy in antique jewelry.

I like almost all colored gems from an investment perspective.  The big three – rubies, sapphires and emeralds – are all classics.  But it is very difficult to find antique jewelry set with larger sized specimens for a fair price.  Synthetics are also a potential pitfall here.

Stepping down a tier, we come to aquamarine, beryl, spinel, tourmaline, topaz, opal and jade.  These are all solid choices that are generally more readily available than the big three.  These are the gem-laden antique brooches that I favor most at the moment.  They provide the best combination of large gemstones, reasonable availability and low price.

Pearl brooches are another interesting choice, but you want to stick to natural pearls if at all possible.  These are generally found in Victorian, Art Nouveau and Edwardian era pins – all created before circa 1915.  This is due to the fact that cultured pearls first became commercially available in the mid-1910s (for baroque shapes) and around 1920 (for fully round shapes).  Pearls set in jewelry from before this time will be natural.

Half pearls (also called split pearls) and tiny seed pearls are the least valuable types.  They are often found in Victorian brooches as accent stones.  Baroque pearls, which range from off-round to fantastically shaped, are greater in rarity and value.  But fully round pearls, especially fully round pearls that are matched for size and color, are the most valuable of all pearls.

Sometimes you will come across antique brooches mounted with ultra-rare gems like color-change alexandrite, green demantoid garnet or canary yellow diamonds.  These are all highly desirable, but imitations abound.  So I advise caution here.

Vintage or antique brooches set with (non-fancy) red garnets, zircons, peridot, citrine, amethyst and other quartzes round out our colored gemstone possibilities.  These types of stones were generally mounted in less valuable jewelry, although there are certainly exceptions to this rule.  I personally avoid jewelry set with these types of stones unless they are truly exceptional, one-of-a-kind works.  As a side note, garnets and peridot are up and coming in today’s gem market due to the fact that they are never treated.

 

Victorian Antique Brooches & Pins for Sale on eBay

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Of course, gems aren’t the only thing to consider when investing in antique jewelry.  You also want to look for antique brooches and pins that are good examples of their stylistic period.  You want your 1920s Art Deco pins looking sleek and angular and your 1940s Retro brooches looking big and bold.  Likewise, your 1880s Victorian brooches should be ornate and majestic while your 1900s Art Nouveau pins should exude whimsy and naturalism.

Choosing vintage jewelry with fine period style is so important that I’m often willing to loosen my gemstone requirements if I happen to find an otherwise perfect piece.

I won’t talk at length about the different styles of antique brooches or pins you may encounter when searching antique stores or online listings.  Instead I will list them in chronological order, followed by a brief description.  If you want more information, this excellent article at The Loupe covers vintage jewelry styles in greater detail:

 

  • Victorian (1830 to 1900) – Victorian jewelry was ornate, heavy and formal, reflecting the tremendous cultural influence of the grand British matriarch herself. Bright-cut engraved or granulated yellow gold was often combined with rubies, sapphires and diamonds to great effect.  But lower value stones such as amethyst, citrine and garnets were just as popular.
  • Art Nouveau (1890 to 1910) – At the close of the 19th century, jewelers became obsessed with the beauty of the natural world. Female forms with long, flowing hair, birds, flowers and vines were all prominent motifs of this style.  Yellow gold and enamel were favored mediums, often set with diamonds, peridot or opals.
  • Arts & Crafts (1890 to 1910) – In a rejection of the increasingly industrial nature of jewelry fabrication, Arts & Crafts jewelry was all artisan handmade. The forms incorporated into this style of jewelry could vary considerably; medieval revival, simple geometric shapes and naturalistic motifs were all experimented with at one point or another.  It was common for sterling silver, enamel and lower value gems to be used with an emphasis on the rustic, handmade nature of the finished piece.
  • Edwardian (1900 to 1915) – Also known in France as La Bell Époque (The Good Times), Edwardian style combined the best elements of Art Nouveau and Victorian jewelry to create colorful, dainty and somewhat fanciful pieces that still resonate with us today. Edwardian jewelry often featured expensive materials like diamonds, natural pearls, sapphires and other high value gems mounted in platinum or karat gold settings.
  • Art Deco (1920 to 1940) – With its precise, rectilinear forms, Art Deco took the world by storm in the 1920s. Sleek platinum or white gold settings dripped with calibre cut emeralds, sapphires, rubies and diamonds.  The dazzling “white look” was in (yellow gold was rarely seen), sometimes accented by colored stones, jet black onyx or carved Chinese jade plaques.  High value materials were de rigueur.
  • Retro (1935 to 1950) – A desire to escape the dreary, harsh world of the Great Depression sparked the advent of Retro jewelry. Retro design was characterized by its big, bold, often asymmetrical look.  Scrollwork, ribbons and pave settings were common, often rendered in multi-colored (green, pink, white or yellow) gold.  Due to the interruption of gem supplies from Southeast Asia during World War II, citrines, aquamarine, amethysts and other less expensive gems were used just as often as precious rubies, sapphires and diamonds.
  • Mid-Century (1950 to 1970) – Mid-Century jewelry reflected the revived traditionalism and newfound prosperity of the post-World War II era. Playful animal motifs, stylized floral sprays and simple geometric designs were all commonly employed in Mid-Century jewelry.  Diamonds, sapphires, emeralds, and rubies were favorite gems during this era.  But slightly less expensive stones like aquamarine, pearls, coral and jade were also popular.
  • Modernist (1960 to 1980) – The 1960s brought a renaissance in artist-driven jewelry design. Avant-garde jewelers experimented with abstract designs dominated by organic or hyper-angular forms, extreme textures and unusual gemstone combinations. Almost anything goes with Modernist jewelry; it isn’t unusual to see high value gems like diamonds or rubies sit side-by-side with low-value amber or moonstone.

 

As with any antique jewelry, I would only recommend picking up pins and brooches that are crafted in 14 karat gold or higher purity or platinum.  Palladium – a sister metal to platinum – is also acceptable.  However, palladium was only used in vintage jewelry for a short time during the 1940s as a platinum substitute when World War II caused the latter metal to be declared strategically important.

On a related note, good quality metalwork is too often overlooked in vintage jewelry.  You want clean, competent goldwork (or platinum-work).  Excess solder, porous castings, roughly finished surfaces and bulbous prongs are all to be avoided.  They are not only unattractive, but also indicative of poor workmanship.

Antique brooches are one of the greatest bargains in the world of vintage jewelry today.  Good examples combine the best elements of high intrinsic value, impeccable style and reasonable price in a way that no other type of vintage jewelry can rival at the moment.  Savvy investors interested in tangible assets would be wise to consider buying antique brooches and pins now, while they are still cheap.

 

Read more thought-provoking Antique Sage gems & jewelry articles here.

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Read in-depth Antique Sage vintage jewelry investment guides here.


Daniel Carr & The Moonlight Mint – Overstrikes, Bullion & Fantasy Coins

Daniel Carr & The Moonlight Mint - Overstrikes, Bullion & Fantasy Coins
Photo Credit: South Street Coin Company
Here is a stunning example of a 2011-dated 1000 Amero fantasy coin issued in pure .999 fine gold by Daniel Carr.  Overstrike, fantasy and bullion coins privately-struck by Daniel Carr and his Moonlight Mint have enjoyed strong secondary market prices due to robust collector demand.

Daniel Carr and his Moonlight Mint products are one of the best kept secrets in coin collecting.  He produces absolutely sublime coins – usually in ultra-high relief with proof-like surfaces.  His pieces call out to you to be possessed and cherished, before being passed onto future generations.

Yet when I first heard about him, I had a hard time figuring out who the man was and what exactly he did.  After coming across Carr’s name on numismatic forums all over the internet, I quickly discovered that many coin collectors loved his Moonlight Mint products while a few hated them.  I wanted to know why.

After extensive research, I got my answer.

Most collectors love his coins because they are as close to perfection as it is possible to get.  On the other hand, numismatic purists hate his coins because they are, ironically, too close to perfection!

I’ll talk about that more in a moment, but first let’s cover some important background information.

Daniel Carr specializes in an area of coin collecting known as exonumia.  This is a sub-section of numismatics that encompasses non-coin items such as medals, tokens, fantasy issues and bullion bars – anything that wasn’t issued by a sovereign government with a face value.  Many collectors are drawn to exonumia because of its rich history, endless choice and, of course, its strong dash of numismatic whimsy.

Daniel Carr strikes exonumia at his private Moonlight Mint facility located in Loveland, Colorado and then sells these products to the general public via his website.  The items he mints include medals, hard times tokens, trade coins, fantasy pieces, overstrikes and bullion coins and bars.

But the mainstay of Carr’s business is fantasy coins.  These are privately-struck pieces that were never officially issued by any national mint.  Yet they were often coins that almost came into existence, only to be stymied by some historical quirk of fate.  Daniel Carr enjoys meticulously recreating these improbable coins for discerning collectors.

Carr’s detractors believe he diminishes the hobby of coin collecting when he strikes what would, under normal circumstances, be near-perfect counterfeits.  But there are a couple important mitigating facts.  First, the date on Moonlight Mint fantasy issues never match any officially struck date.  Second, Daniel Carr never attempts to deceive his costumers about what they are buying.  Everyone laying down money for his coins knows exactly what they are getting – beautiful, but unofficial fantasy pieces.

And because a quick look at the date of any Carr fantasy coin will let even a novice collector know that it isn’t an official mint product, I’m enthusiastically siding with those who love Daniel Carr coins rather than those who hate them.  Carr and his Moonlight Mint strike incredibly desirable pieces that must by experienced firsthand to truly be appreciated.

Daniel Carr’s Biography & the History of the Moonlight Mint

Born in 1958 in Denver Colorado, Daniel Carr is a self-taught medal and coin engraver/designer who has had a love affair with numismatics since the age of 14.  Although art (primarily sculpture and engraving) was a hobby, he ultimately graduated from the University of Colorado with a Bachelor of Science in Mechanical Engineering in 1982.  Later in life, Carr decided to combine his diverse interests by entering the field of numismatic design.

In 1998, Daniel Carr submitted an Apollo Astronaut-themed design to the U.S. Mint for use on a proposed small-diameter circulating dollar coin.  However, his concept was passed-over in favor of the Sacagawea gold-dollar that was ultimately adopted.  Undeterred, Carr submitted several reverse designs for the U.S. Mint’s state quarter program in 1999.  Two of his designs were chosen – one for the 2001 New York state quarter and the other for the 2001 Rhode Island state quarter.  In addition, his proposed reverse for the 2003 Maine state quarter was adopted with modifications.

In 1998 Daniel Carr completed the first iteration of a unique software program – VS3D Virtual Sculptor – meant to digitally render coin designs.  He subsequently enhanced his software in 2004 to allow it to interface directly with CNC engraving machines.

In 2007, he bought himself a piece of decommissioned Denver Mint industrial equipment – a Grabener coin press.  This German-made coin press is capable of exerting up to 400 tons of striking force.  It operated at the U.S. Denver Mint between 1986 and 2001 before being retired and sold as surplus.  Once restored to working order in his Loveland, Colorado workshop, Carr began using the Grabener press in conjunction with his VS3D Virtual Sculptor software to design and strike his own line of privately-issued coins and medals.

Moonlight Mint's Grabener Coin Press

The Moonlight Mint’s Grabener Coin Press (Photo Credit: Moonlight Mint)

These moves culminated in Carr’s establishment of the Moonlight Mint in 2008 – a company dedicated to minting overstrikes, fantasy and bullion issues for coin collectors.  In 2013, Moonlight Mint acquired the rights to the storied Clark Gruber & Company name, allowing Carr to strike coins and bullion bars under this moniker.  He further enhanced the Moonlight Mint’s operations in 2016 with the acquisition and restoration of an antique Mossberg ingot rolling machine.

Fantasy Overstrikes

Daniel Carr is perhaps best known for issuing fantasy overstrike coins, which are highly regarded by many coin collectors.  An overstrike occurs when an existing, previously struck coin is used as the planchet (coin blank) for another, different coin strike.  In most instances an overstrike is an error when produced by a government mint.  However, Daniel Carr intentionally creates overstrikes as a private mint product.

Carr has minted a wide variety of fantasy overstrike coins including Peace dollars, Morgan dollars, large cents and silver American Eagle bullion coins, among others.  Most of the time he employs a genuine, vintage circulated coin as a blank to enhance the history and legitimacy of a freshly-struck piece of the same design.  In some cases, ghost images from the original coin are still faintly visible on the final, overstruck coin.

It is important to note that the defacing of U.S. coins is legal provided it isn’t done for fraudulent purposes.  All of Carr’s overstrike products fall under this safe-haven provision.

Daniel Carr’s most well-known fantasy overstrike coin by far is his 1964-D Peace silver dollar.  In August of 1964 Congress authorized the U.S. Mint to resume striking silver dollars – a coin that had not been minted since 1935.  The Denver Mint dutifully prepared new Peace dollar dies and struck a grand total of 316,076 coins.

Unfortunately, the United States was in the midst of a silver coinage crisis at the time and the decision was quickly made to melt all existing 1964-D Peace dollars without releasing any into circulation.  Despite persistent rumors to the contrary, there is no record of any original 1964-dated Peace dollar surviving.  But even if these coins did exist today it would be illegal to own one because the assumption would be that it had been stolen from the mint!

Enter Daniel Carr who meticulously reconstructed his own Peace dollar dies to strike this fantasy masterpiece.  In addition, nearly all examples were overstruck on circulated Peace dollars dating between 1922 and 1935.  Carr’s 1964-D Peace dollar allows the collector of silver dollars or unusual coins to own what would normally be an ultra-rare piece for as little as $200.

Daniel Carr 1902-S Philippine Silver 1 Peso Overstrike Fantasy Coin

Daniel Carr 1902-S Philippine Silver 1 Peso Overstrike Fantasy Coin (Photo Credit: Moonlight Mint)

Another interesting overstrike fantasy piece created by Carr is the 1934 Saint-Gaudens $20 gold piece.  The renowned St. Gaudens design was featured on the nation’s largest circulating gold coin from 1907 to 1933 and is widely regarded as one of the most beautiful U.S. coins ever minted.  While 445,500 of these coins dated 1933 were originally struck, nearly all of them were melted due to President FDR’s gold nationalization edict issued in April of that same year.  Only a handful of 1933 St. Gaudens double eagles survived, making it one of the rarest and most valuable coins in the world today.

The United States didn’t strike any gold coins in 1934.

Daniel Carr’s 1934 Saint-Gaudens $20 gold piece plays with the idea of an alternate history where the United States didn’t abandoned the gold standard in 1933.  All of these amazingly beautiful fantasy issues were overstruck on genuine St. Gaudens double eagle gold coins dated between 1908 and 1928.  A grand total of just 60 overstrikes were produced, making them very difficult to find in the secondary market.

Carr has also tried his hand at minting foreign fantasy overstrike coins.  Two of his most desirable foreign overstrikes are the 1907 and 1915 Mexican silver 1 peso.  This series was officially struck in Mexico from 1910 to 1914, with patterns struck in both 1908 and 1909.  It is affectionately nicknamed the “Caballito” (little horse) peso among numismatists due to its dynamic equine motif.

Although the coin’s design is stunningly beautiful, its original production run was plagued by technical difficulties due to poor quality dies and inadequate striking pressure.  Consequently, most Mexican Caballito silver pesos suffer from mushy details and uneven striking.  Even so, an original example in decent circulated condition will still cost you at least $100 while a gem Brilliant Uncirculated specimen can run close to $1,000.

Daniel Carr sought to solve the coin’s technical issues with his fantasy version.  First he consulted with the world’s foremost expert on Mexican Caballito pesos, Alan Schein, throughout the project.  Then Carr engraved high-relief dies with increased detail before fully striking the coins using his high-pressure Grabener coin press.  The resulting 1907 and 1915 Mexican Caballito pesos are spectacular fantasy issues that realize the true vision of the original design.

Carr only issued 64 of these coins dated 1907 and an additional 47 dated 1915.  All were overstruck on genuine Mexican Caballito silver pesos originally minted between 1910 and 1913.

The last of Daniel Carr’s overstrike fantasy coins that I wanted to highlight is the 1902-S Philippine silver 1 peso.  After the 1898 Spanish-American war, the United States gained control over the Philippines from Spain.  The Philadelphia and San Francisco mints began striking coinage for the newly acquired Philippine territories shortly afterwards, starting in 1903.  The Philippine silver 1 peso is a particularly gorgeous coin, with its dramatic depiction of Liberty on the obverse and a heraldic American eagle mounted atop a shield on the reverse.

The Philippine silver 1 peso coin was originally struck to the same standard as the U.S. silver dollar from 1903 to 1906, before being reduced in both weight and fineness starting in 1907 due to rising silver prices.  Survival rates for these early U.S.-Philippine silver issues are very low, resulting in the coins being rather scarce and difficult to obtain.

Daniel Carr decided to recreate this classic coin with a date of 1902 and a San Francisco mint mark.  His expertise in die engraving and minting produced a 1902-S Philippine silver 1 peso fantasy issue that is close to perfection in every dimension.  Although the total overstrike mintage is just 204 specimens, these proof-like beauties are still attainable with prices generally running between $150 and $350 each.  All of Carr’s 1902-S Philippine silver 1 peso fantasy coins were struck over genuine 1903 or 1904-dated Philippine 1 peso silver coins.

 

Daniel Carr Fantasy Overstrike Coins for Sale on eBay

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Amero Fantasy Issues

One of Daniel Carr’s early successes was his Amero series of fantasy coins, struck from 2007 to 2018.  The Amero is a fictional currency unit for a hypothetical North American monetary union between Canada, the United States and Mexico.  The imagined Amero would presumably function similarly to how the Euro is used across Europe today.

Carr’s designs for his Amero series are fanciful, yet superbly conceived.  They feature a variety of well-executed subjects on the obverse, ranging from the bust of a Native American chief with full headdress to an Art Deco-inspired personification of Liberty, among others.  The reverse typically depicts a majestic eagle with a map of North America and the legend “Union of North America”.  Denominations range from the modest 1/4 Amero struck in copper, to the hefty 1,000 Ameros minted from 1 troy ounce of pure 24 karat gold.  Silver coins also exist in the 5, 10 and 20 Amero denominations.

Daniel Carr’s Amero series hasn’t been without its share of controversy, though.  The modern concept of a shared North American currency originated in a 1999 research paper written by Canadian economist Herbert Grubel on behalf of the Fraser Institute.

By 2007 alternative radio talk show host Hal Turner, a hardcore conspiracy-theorist, had latched onto the shared-currency idea.  He falsely claimed that Daniel Carr’s Amero fantasy coins were proof that an ill-advised North American monetary union was imminent.  Although these wild speculations were quickly debunked, some people remained suspicious of the Amero fantasy issues.

In order to clear up any misunderstandings, Daniel Carr publicly stated that his Amero coins were solely meant for collectors and did not imply any political message.  A message on Carr’s website explained:

“My goal with these coins is not to endorse a Union of North America or a common “Amero” currency.  I fully support the United States Constitution, and I would not welcome (in any form) a diminishment of its provisions.  I expect that these coins will help make more people aware of the issue and the possible ramifications.  I leave it up to others to decide if they are in favor of, or against a North American Union.  And I encourage citizens to voice their approval or disapproval of government plans that impact them.”

 

Daniel Carr Amero Fantasy Coins for Sale on eBay

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The Moonlight Mint’s Clark Gruber & Company Bullion Issues

Daniel Carr has also issued an extensive line of bullion products – first under the Moonlight Mint name before switching over to the Clark Gruber & Company brand.  He has struck bullion coins and bars in metals as varied as silver, gold, platinum, palladium and even indium!  These bullion products are of particular interest to collectors because Carr has imbued their design and production with his own artistic sensibilities.

For example, Carr’s Moonlight Mint/Clark Gruber & Co. products draw heavily for inspiration on coin designs from both the 19th century Old West and the golden age of American numismatics, circa 1905 to 1920.  The resulting bullion pieces are uniquely American in their look and feel, representing an authentic embodiment of American monetary traditions.  Each non-legal tender piece is also stamped with a purely symbolic dollar denomination at the rate of $40 per troy ounce of pure silver and $2,000 per troy ounce of fine gold.

Privately-minted bullion bars and coins have a long, rich history in the mining districts of the American West.  Although first issued in North Carolina and Georgia in the 1830s and 1840s, privately-struck U.S. gold coins really hit their stride during the California Gold Rush of the early 1850s.  During this time legendary assayers such as Moffat & Co., Augustus Humbert and Kellogg & Co. minted California placer gold into a variety of beautiful coins.  Some of these bullion pieces were used locally for high-value transactions while others were shipped back east to the nation’s banking centers.

The next great renaissance in privately-struck bullion coins occurred during the Pike’s Peak Gold Rush in Colorado in the early 1860s.  The Denver firm of Clark, Gruber & Company minted copious quantities of $2.5, $5, $10 and $20 gold pieces from locally mined ore to satisfy demand for money in the region.

Honest to a fault, the company actually struck their coins with a slightly higher gold content than equivalent U.S. Mint issues.  Clark, Gruber & Company was so well respected that the United States government purchased their entire operation in 1863.  The resulting U.S. Assay Office was eventually converted into the Denver Mint in 1906.

It was no coincidence that Daniel Carr resurrected the Clark Gruber & Company name in 2013 for use on his Moonlight Mint bullion products.  He wanted to capture the pioneering spirit and unimpeachable honestly of that legendary firm.  And in my opinion, he has succeeded beyond all expectations.

Moonlight Mint's Mossberg Ingot Rolling Machine

The Moonlight Mint’s Mossberg Ingot Rolling Machine (Photo Credit: Moonlight Mint)

An interesting Moonlight Mint bullion product is the massive 100 gram silver “Union” coin featuring a winged Liberty design derived from the famous $20 St. Gaudens double eagle gold coin.  Carr actually based his work on Augustus Saint-Gaudens’ preliminary design sketch of the iconic coin.

In effect, Carr’s ultra high-relief, angelic-version of Liberty is what the $20 St. Gaudens gold piece might have looked like if history had taken a different turn.  Daniel Carr only plans to strike these impressive silver coins for a 3-year run from 2019 through 2021.

A pair of gold bullion pieces that I find fascinating are Carr’s 1/5 owl (symbolic face value: $200) and 1/2 eagle (symbolic face value: $500) gold coins that carry the Clark Gruber & Company branding.  The obverse designs of these attractive coins closely match the original Clark, Gruber & Co. gold coins issued back in the early 1860s.

The biggest difference between those privately-issued 1860s coins and the recent Moonlight Mint series is that the latter is minted from .999 fine gold in round fractions of a troy ounce – 0.1 troy ounces for the 1/5 gold owl and 0.25 troy ounces for the 1/2 gold eagle.  Carr’s coins are also a technical triumph, with far better details, luster and striking than you could ever hope for in a 19th century coin.  Struck every year from 2013 to the present, Carr has typically limited the mintage of these Clark Gruber & Co. pieces to less than 50 of each denomination per year.

The final Clark Gruber & Co. products I wanted to touch on are Carr’s silver ingots and octagonal slugs.  Gold and silver bullion bars were a mainstay of mining communities in the Old West and the Moonlight Mint keeps that old-time tradition alive.

Weighing between 1 and 5 troy ounces each, these silver bars are typically stamped with either the Moonlight Mint logo (an owl sitting on a crescent moon), a majestic eagle, or a bust of Liberty borrowed from 19th century circulating U.S. gold coins.  The stamping of a symbolic dollar value on each bar at the rate of $40 for each troy ounce of silver further enhances their monetary character.

Although unattainable for most collectors today, over-sized octagonal gold bullion coins with a face value of $50 were struck by the San Francisco U.S. Assay Office during the 1850s.  These pieces were termed slugs because they were technically considered ingots and not coins.

The United States even issued an octagonal $50 commemorative gold coin in 1915 to celebrate the opening of the Panama Canal.  In addition to being obscenely heavy (with a gross weight of nearly 84 grams – 2.69 troy ounces), the octagonal $50 Panama-Pacific gold piece is considered one of the most exquisite and desirable U.S. coins ever made.

Daniel Carr’s Moonlight Mint has perfectly replicated the look and feel of these massive octagonal bullion slugs in silver.  Weighing in at a hefty 1.5 troy ounces of .999 fine silver, each of Carr’s octagonal bullion pieces is emblazoned with the Clark Gruber & Co. name and a symbolic $60 face value.

The Moonlight Mint logo of an owl sitting on a crescent moon graces the reverse of these magnificent coins – an obvious nod to the famous reverse of the 1915 Pan-Pacific $50 gold piece.  The obverses vary, but always reference a classic U.S. coin design or pioneer theme.  Some examples of the obverse designs used on Carr’s octagonal slugs are Liberty with a puma, a Native American bust and a heraldic bald eagle inspired by an 1850s private California gold issue.

 

Moonlight Mint & Clark Gruber & Co. Bullion Coins for Sale on eBay

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The Investment Case for Daniel Carr and his Moonlight Mint Coins

The investment case for Daniel Carr and his Moonlight Mint overstrikes, bullion pieces and fantasy issues is remarkably straightforward.  He produces incredibly well-designed, technically-polished gold and silver coins with a lot of history and symbolism behind them.  Yet their mintages are usually quite limited.

It is normal for Daniel Carr to strike no more than 200 or 300 of a given coin.  He frequently limits mintages to less than 100 pieces.  Some issues have a total population of only 20 or 30 coins!  And Carr never goes back and restrikes older designs or dates, no matter how high prices might climb in the secondary market.

Fiercely dedicated collectors usually snap up any available inventory within weeks of its release on his website.  At that point, it is only possible to purchase his products on the secondary market (e.g. online platforms like eBay).  This means that buyers are limited by what’s on offer, so you may have to patiently wait for the exact piece that you want to show up.  Many Daniel Carr collectors are “strong hands”, meaning they have no intention of selling regardless of how high prices go.

Consequently, you can expect secondary market prices for Daniel Carr coins to be high (and remain high) relative to their bullion values.  As proof, the median realized price of Moonlight Mint issues sold in the secondary market (via eBay) during summer 2020 was $125.  This statistic excludes expensive gold coins but includes low-intrinsic value copper and bronze pieces, thus dragging down the average realized price.  Nonetheless, it is common for Daniel Carr silver coins and bullion bars to sell for $50 to $100 a troy ounce – a profound vote of market confidence in a world where the spot price of silver has been hovering between $25 and $30.

It is also noteworthy that third-party grading services ANACS and ICG currently certify Daniel Carr fantasy issues and tokens.  It is almost unheard of for professional third-party graders to accept submissions of modern fantasy issues from private mints.  So the fact that these firms do is telling (although it should be noted that the two gorillas in the coin-grading space – PCGS and NGC – do not certify Carr pieces at the present time).  In any case, a third-party certification is valuable because it can give novice collectors or those seeking a guaranteed ultra-high numerical grade (e.g. MS-69 or MS-70) the confidence to buy.

Right now in 2020 Daniel Carr is 62 years old and near the apogee of his creative and technical skills.  But he won’t be producing these wonderful pieces of exonumia forever.  The productivity of many artists and craftsmen declines dramatically as they age into their late 60s and early 70s due to creeping health issues or the desire to enjoy semi-retirement.

Even if Daniel Carr has another 10 or 15 good working years left (and I certainly hope he does), it will still amount to far less coin production than you’d think given the complex designs, exacting quality standards and limited mintages that he embraces.

As a result, it is easy to see a time 20 or 30 years in the future when Daniel Carr coins are widely recognized as legitimately rare works of desirable numismatic art.  In such a scenario, his coins would command much, much higher premiums than they do today.

As numismatic investors, we are looking for today’s $100 or $200 coin that will be a $1,000 or $2,000 coin a couple decades from now.  And although we cannot say for certain that Daniel Carr issues will achieve that prestigious distinction, their combination of stunning design, extreme rarity and cultural relevancy certainly gives his coins that potential.

 

Read more in-depth Antique Sage coin investment guides here.

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 Read more in-depth Antique Sage bullion & gemstone investment guides here.


The History and Romance of World War I Trench Watches

The History and Romance of World War I Trench Watches
Photo Credit: slake25
This beautiful World War I trench watch has a sterling silver case with import hallmarks from the London Assay office (circa 1918) and a 15-jewel Longines movement.  The dial bears the mark of the retailer – J.C. Vickery of London – instead of the watch manufacturer, which was common for the time.

Our story about trench watches begins, oddly enough, back in the mid-1990s when I was still in high school.  Unlike most high school students of my time (or any time for that matter), I loved antiques.  Happily, my grandmother also loved antiques.  So we would often take Saturday expeditions together to the nearest flea market, antique store or junk shop in search of that next great vintage treasure.

One weekend, my grandmother and I visited an antique shop that we both enjoyed frequenting – Three Sisters and Me.  Now long defunct, at the time this antique store was an eclectic mix of country primitives, odd Victorian pieces and vintage kitchenware.  My grandmother and I loved digging through the shop’s nooks and crannies, picking up whatever struck our fancy.

While browsing through its dusty shelves, I came across a plastic Ziploc grab-bag of vintage jewelry with a $5 price tag.  Now most of the items in this lot were costume jewelry or cheap trinkets – exactly what you’d expect for something priced at only a few dollars.  But I saw enough sterling silver items in the grab-bag to pique my interest.  If nothing else, I would be able to scrap the contents and make myself a small profit.

So with my grandmother’s encouragement, I laid down a five dollar bill on the shop counter and became the happy new owner of an odd, if not intriguing bag of junk jewelry.  It was only later on when I was back at my grandmother’s house that I discovered the secret treasure that bag held.

As I dug through my newfound entertainment for the afternoon, I saw it – a World War I era Waltham trench watch.  It featured a sterling silver “Admiral Benson” cushion-shaped case with wire lugs and an onion-style, fluted winding crown.  Despite not keeping time, the watch’s 15-jewel, manual-wind Waltham movement was still a miniature work of art.  The white enamel military dial, although cracked with age, still retained its original skeleton hands – complete with traces of radium lume!  The 6 o’clock sub-seconds and red 12 o’clock marker enhanced the dial’s bold, yet elegant Arabic numerals.  You simply knew that this piece, like so many other trench watches of its era, had been the prized possession of some unnamed Allied soldier on the Western Front.

Unfortunately, this story has a sad ending.  Due to my own ignorance and the folly of youth, I chose to scrap this amazing trench watch for its silver content.  After I carefully inspected the piece, I came to the determination that the watch’s defects were too great to justify the expense of a full restoration.  Its crystal was missing.  The case lugs were slightly bent.  The movement was both rusty and non-functional.  And the enamel dial had significant damage.

I have regretted that decision for the last 25 years of my life.  And I will probably regret it for the next 25 years, as well.

My remorse isn’t due to any financial loss incurred, although that is part of my cautionary tale.  If fully restored (at the cost of perhaps a few hundred dollars), I estimate that my $5 trench watch would be worth between $500 and $1,000 today.  No, I regret it because my poor decision represents the loss of yet another irreplaceable piece of World War I horological history.

 

Antique World War I Era Trench Watches for Sale on eBay

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Although made by the millions for the greatest war the world had ever known up until that point, trench watches are incredibly rare today.  Untold numbers were lost or blown up on the battlefield, thrown out when fashions changed or allowed to rust away over the course of the last 100 years.  As proof, a search for the term “trench watch” on the popular online watch site Chrono24 returns just 33 results out of over 474,000 watches for sale in total!

Frankly speaking, it is a wonder that any of these historically important World War I artifacts have survived intact for today’s vintage watch connoisseurs to enjoy.  But before I speak further about the details of trench watches, a short history lesson is in order.

 

The Great War

At the opening of the conflict in August 1914, the British diplomat Sir Edward Grey famously remarked that “The lamps are going out all over Europe; we shall not see them lit again in our lifetime.”  And in their place sprang up the bonfires of war, with all its accompanying horrors: disease, famine and deprivation.

The war split the great European powers into two opposing factions.  On one side was the Entente (also known as the Allied Powers) – Great Britain, France, Russia and, later in the war, Italy and the United States.  On the other side stood the Central Powers – Germany, Austria-Hungary and the Ottoman Empire.  Millions of young men from these countries (and many other smaller belligerents) dutifully marched off to war when called to serve.

But the realities of modern warfare circa 1914 were quite different than anyone had expected.  Military men and politicians on all sides had almost universally predicted a short, glorious war dominated by the Napoleonic cavalry charges of the early 19th century.  However, the invention of the machine gun in the late 19th century had largely invalidated traditional military tactics when no one was looking.

As a result, World War I quickly devolved from dynamic cavalry battles to static trench warfare.  Conditions were almost unbearably awful for all participants.  Soldiers lived in a maze of zig-zagging trench systems intended to provide interlocking fields of fire while also minimizing the concussive force and shrapnel damage from the inevitable lucky artillery round.  Mud, often ankle-deep and ice cold, was an omnipresent problem in these trenches – so much so that the malady known as “trench-foot” quickly entered the popular lexicon of the day.

 

No Man's Land - Flanders Field - Final

The worst part of the war for the average infantryman wasn’t the trenches, as horrid as those could be.  No, it was the death that awaited them outside the trenches when they were ordered “over the top” for a mass charge into the enemy’s waiting machine guns.  In between the two opposing trench systems lay “no man’s land” – a cratered, treeless moonscape filled with barbed wire that could easily be raked by enemy machine gun fire or bombarded with artillery shells.  Snipers, hand grenades and (later in the war) poison gas rounded out the omnipresent dangers on a World War I battlefield.

In spite of these travails most soldiers performed admirably, bravely charging into no man’s land on the orders of their commanding officers.  A common saying at the time about the British army was that it was “lions led by donkeys”.  This refers to how the British generals, like Douglas “Butcher” Haig, repeatedly ordered bloody charges across no man’s land, unmoved by their apparent futility.

 

Every Second Counted on the World War I Battlefield

In this grim new world of trench warfare, timing was paramount.  A handful of seconds might be the only thing separating a soldier from life – and a jubilant homecoming – and death – just another corpse on the battlefield.

For example, if a commander ordered his unit over the top a mere 15 or 20 seconds too early during an infantry assault, the outcome was often total annihilation for the unfortunate group.  Enemy machine gunners would naturally target any isolated unit out in no man’s land and wipe it out.

Seconds also counted for a new artillery strategy introduced during World War I called the creeping barrage.  In this new tactic, a volley of artillery fire was laid down on enemy position.  But instead of being static like artillery fire was early in the war, the creeping barrage methodically “walked” the rounds through no man’s land, then through the enemy’s perimeter defenses before finishing deep in the enemy trench system.

In order for the creeping barrage to be effective, friendly infantry forces had to charge just behind the incoming shells.  This meant that they would arrive at the first line of enemy trenches just as the barrage “walked” further into the enemy lines.  By using this technique, infantry soldiers could (in theory) avoid the murderous volley of machine gun fire that normally cut units to ribbons in no man’s land.

But in order to work, the timing of the creeping barrage had to be absolutely perfect.  If you charged out of your own trench line too soon, you would be torn to shreds by your own artillery fire.  If you waited too long, the enemy infantry that had taken cover during the artillery salvo would have time to come out of their bunkers and man their machine guns nests while you were still traversing no man’s land.

And of course, it wasn’t just the common infantryman who needed to know the time down to the second either.  Everyone from staff officers to pilots were dependant on a reliable watch in order to be able to coordinate the tremendous complexities of a modern war waged on an unprecedented, global scale.

So for a military man during World War I, a good watch was an absolute necessity.  But the old style pocket watches that had dominated fashion up until 1914 were ill-adapted to the demands of this new type of warfare.  A pocket watch required two hands to operate efficiently.  Removing the watch from a pocket occupied one hand, while opening the watch face (if it was a hunter case), winding it, or resetting the time used a second hand.  This situation was unacceptable to fighting men who not only needed to be able to reference the time quickly and easily, but also needed to have their rifles in hand at all times.

 

The Advent of the “Wristlet”

The natural solution to this problem was the wristwatch, or wristlet as it was often called at the time.  Now, wristwatches weren’t invented during World War I.  They had already existed for a number of years, albeit as a relatively uncommon style of timepiece with effeminate connotations.  In other words, wristwatches were widely considered to be a woman’s watch prior to 1914.

World War I trench watches both masculinized and perfected their predecessor wristlets.  Initially, the trench watch took the form of a conventional pocket watch with wire lugs attached at the 6 and 12 o’clock positions (or, alternatively, the 3 and 9 o’clock positions) to allow for the attachment of a leather strap.  This facilitated wearing the watch on the wrist – hence the name wristlet.

But watch manufacturers soon found that certain modifications were needed in order to get the most out of this radical new watch design.  One of the first changes was the relocation of the winding crown from the 12 o’clock position (where it resides on most pocket watches) to 3 o’clock, where it remains to this day on nearly all wristwatches.

The addition of radium lume to the watch hands and numerals on the watch face also proved to be indispensable.  Radium is a naturally radioactive element which, when combined with zinc sulfide, produces a glowing, phosphorescent material that could be applied like paint.  Radium lume enhanced trench watches were a boon on the battlefield, where it was common for soldiers to need to precisely know the time in preparation for night actions.

As an added bonus, although the glow from a radium lume dial was easy to make out for the watch’s owner, it was much too faint to be visible to enemy snipers hundreds of yards away.  This was in stark contrast to lit matches, which gave away the position of many an unfortunate soldier during the war.

Trench watches also had to overcome the rough realities of battlefield conditions.  Dust, mud and water were omnipresent hazards in trench warfare.  As a result, many watch manufacturers dedicated substantial resources to making their trench watches as dust-proof and moisture-resistant as possible.  They soon discovered that screw-back cases were generally superior to hinged-back or snap-back cases in terms of water and dust resistance.  However, plenty of hinged-back and snap-back trench watches were manufactured during the Great War due to their reduced complexity and lower cost.

Borgel Screw-Back Case Exploded

One of the best known and most highly prized of the World War I era, water-resistant trench watch cases is the Borgel case.  First patented by François Borgel in Geneva, Switzerland in 1891, the Borgel case was a screw-back case design that proved to be ideally suited to the rigors of trench warfare.

It should be noted, however, that although Borgel screw-back cases were relatively water-resistant by early 20th century standards, they are not water-proof by modern standards.  Please don’t wear your 100 year old trench watch in the pool, shower or Jacuzzi, as you are likely to ruin a wonderful timepiece!  True water-proof watches didn’t come into existence until the creation of the legendary Rolex Oyster in 1926.

Another issue that trench watches had to overcome was the propensity of their glass crystals to shatter.  This was especially problematic due to the ubiquity of artillery salvos on the battlefield.  Exploding shells would not only send primary shrapnel in all directions, but could also spawn secondary shrapnel – fragments of wood, steel or even bone dislodged from anything sitting close to the initial explosion.  Secondary shrapnel had a lower velocity than primary shrapnel and was, therefore, less likely to cause mortal wounds.  But it could still easily break the glass crystal on a soldier’s trench watch, rendering it inoperable at a critical moment.

Watch manufacturers solved this problem in two ways.  First, they equipped traditional mineral glass crystal watches with shrapnel guards – a cut-out metal grille that protected the watch face while still allowing the user to tell the time.  With their battlefield connotations and iconic styling, trench watches with shrapnel guards are cherished by both militaria collectors and military watch aficionados alike.

The second way that watchmakers improved the survivability of trench watches was through the development of the so-called “unbreakable crystal”.  These were watch crystals made from clear celluloid plastic instead of the normal mineral glass.  Contrary to the name, unbreakable crystals weren’t truly shatter-proof – just much more robust than mineral glass.

Celluloid, the world’s first thermoplastic, was originally commercialized in the 1860s and 1870s.  However, this wonder-material wasn’t patented for use in watch crystals until 1915, coming to market one year later in 1916.  Unfortunately, celluloid is unstable over long periods of time, with a tendency to yellow and warp.  Therefore, as a rule, surviving trench watches don’t retain their original unbreakable celluloid crystals.

 

Trench Watches for the Troops

Trench watches were in huge demand throughout the duration of World War I.  Millions of troops on all sides of the conflict desperately wanted – no, needed – to have a wristwatch in order to be better soldiers.  But with the exception of select signal corps members, wristwatches were not issued as standard military kit – a soldier was expected to buy his own.

Trench Watch Advertisement 1

The problem was that a good trench watch was expensive!  Period advertisements show that the lowest price a British soldier could realistically hope to pay for a wristwatch was somewhere around £2.  Better quality timepieces with more features often retailed for between £4 and £5.  If you wanted something truly extravagant, like a solid karat gold case, you could expect the price to be even higher.

To put these sums in perspective, the average British infantry private received a meager salary of 1 shilling a day during the Great War – only £1.5 per month.  So a trench watch was beyond the reach of most enlisted men.

British officers, on the other hand, were much better paid than their subordinates.  A British infantry lieutenant could expect to draw a princely salary of 8 shillings, 6 pence a day, or £12.75 per month – more than 8 times what a private earned!  So the officer corps – lieutenants, captains, majors and colonels – constituted the main source of demand for trench watches during the conflict.

This didn’t stop average enlisted men from coveting trench watches, though.  Some members of the lower ranks received wristwatches as gifts from friends or family, while others scrimped and saved in order to be able to afford one.  A considerable number of trench watches were also “liberated” from captured enemy soldiers or even looted from corpses strewn about the battlefield.  A wristwatch might also be gambled or bartered away during the exigencies of war.

 

Trench Watch Characteristics

Trench watches were produced by every major watch company of the time and probably all of the minor ones too.  Established Swiss and American firms had the highest production volumes, with other makers contributing smaller numbers.  Some of the brands commonly seen among antique trench watches include modern-day heavyweights like Omega, Rolex and Longines.  The primary American makers were Waltham, Elgin and Illinois.  Other notable manufacturers were Zenith and Cyma.

Because wristwatches were just emerging prior to World War I, watchmakers of the time didn’t use special, wristwatch-specific movements for trench watches.  Instead, they adapted existing pocket watch movements and simply implanted them into wristwatch cases.

Trench Watch Advertisement 2

These movements were usually smaller, women’s-sized pocket watch movements (such as 3/0s, 0s and 6s) out of necessity.  However, larger movements housed in over-sized cases (generally between 36 and 39 mm in diameter) were occasionally used.  15 or 17 jeweled movements were common in higher quality trench watches, while cheaper, more pedestrian examples would typically employ lower-jewel movements.  Seconds functionality was also highly prized in a military-grade trench watch – usually sub-seconds at the 6 o’clock position.

Trench watch cases were generally made from the same materials as pocket watches of the time.  An expensive solid karat gold watch might grace the wrist of a senior officer, while gold-filled or sterling silver examples would be more common among junior officers.  Steel or nickel-alloy base metal cases were also produced for soldiers looking for the cheapest, most utilitarian option available.

Trench watches almost always had either black or white enamel dials, or some combination of the two.  White enamel dials, in particular, were ubiquitous, often with radium outlined or enhanced hour markers and/or numerals.  This allowed maximum contrast between the numerals and the background, which was vital to easily telling the time during the chaos of combat.

While both Roman and Arabic numeral dials can be found on trench watches, the latter tend to dominate.  This is because Arabic numerals are easier to read at a glance under difficult conditions, with little possibility of confusion.  In addition, some watch manufacturers highlighted or outlined the 12 o’clock number (regardless of whether it was Roman or Arabic) in red to help soldiers remained oriented.

 

Trench Watches After the Guns Fell Silent

At the end of World War I in November 1918, blessed peace came once again to Europe.  Workers returned to their factories.  Farmers returned to their land.  And soldiers returned to their wives.  But the world of watches had changed forever.

Old style pocket watches, which had dominated timekeeping for more than a century, looked hopelessly outdated beside the sleek new trench watches.  Wristwatches, with their convenience and forward-looking design language, were in vogue.  And pocket watches, with their ponderous sizes and large movements, were out.  Pocket watch sales declined dramatically throughout the 1920s and 1930s, finally tapering off more or less completely in the 1940s.

The wristwatch was ascendant, albeit demilitarized and reimagined for the Roaring 1920s – a decade of unparalleled wealth, fashion and glamour.  But due to massive over-production during the war years, retailers continued to sell World War I trench watches from old inventory well into the 1920s and even up to the early 1930s.

 

Post Script

A few years before her death at the age of 95, my beloved grandmother, who had been by my side during so many antiquing adventures, confided in me about her very earliest childhood memory.  On November 11, 1918, she distinctly recalled marching around outside her family home banging her mother’s pots and pans together to celebrate the end of World War I.  It was the first Armistice Day and my grandmother was 5 years old.

May she forever fly with the angels, along with all those lost to us in the Great War.

 

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