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Certified Morgan Silver Dollars – A Beginner’s Investment Guide

This attractively rim-toned 1888 Morgan silver dollar resides in a desirable 1990s-vintage NGC “Fatty” slab with an MS-64 designation. With their prices currently near 30 year lows, high-grade certified Morgan silver dollars represent a compelling numismatic option for the more adventurous tangible asset investor.

The Morgan silver dollar is legendary, standing alone as the United State’s most iconic coin. It is undoubtedly the world’s most widely collected coin, and with good reason. These extraordinary coins embody both the American love of hard currency and the lore of the Old West, where they circulated widely during an age of cowboys, prospectors and gunfighters. The Morgan silver dollar’s classic design – the wreathed head of the personification of Liberty on the obverse and a majestic eagle with its wings proudly outstretched on the reverse – render it perhaps the most instantly recognizable coin on earth.

Not content simply to look pretty, the Morgan silver dollar is also a massive coin, with a diameter of 1.5 inches (38.1 mm) and a thickness of 0.0945 inches (2.4 mm). They are so large that they were nicknamed “cartwheels” because of their tendency to roll on their edge when casually tossed on a table or bar counter.

Morgan silver dollars weigh an impressive 0.8594 troy ounces (26.73 grams) and are composed of 90% silver and 10% copper. This gives every Morgan silver dollar a net silver content of 0.77344 troy ounces (24.06 grams) – more than 3/4 of a troy ounce.

The Morgan silver dollar was struck between 1878 and 1904, with a single encore year in 1921. The early years of its production overlapped with the final years of the U.S. trade dollar, a large silver coin specifically minted to compete with foreign silver trade dollars for commercial dominance in East Asia. At this point, every pre-1921 Morgan silver dollar is easily more than a century old, with the very oldest examples a stunning 140 years of age.

The origins of the famous silver dollar began with a piece of 1878 legislation known as the Bland-Allison Act. This law was a reaction to the Panic of 1873, a deep recession that prompted a public outcry to increase the money supply by legalizing the free coinage of silver (the U.S. was on a de facto gold standard at the time).

The Bland-Allison Act did not allow for the unlimited conversion of silver bullion into silver dollars. But the law did stipulate that the U.S. Treasury would purchase anywhere from $2 to $4 million worth of silver every year from mines in the Western U.S. and turn it into silver dollars. In conjunction with this, Bland-Allison authorized the issuance of silver certificates for the first time in U.S. history.

As a result, huge quantities of Morgan silver dollars were struck over the lifetime of the series. According to official U.S. Mint records, more than 650 million of the coins were struck (although over 270 million were later melted down). Most of these coins spent their lives in vault storage as backing for the silver certificates that were issued as part of the Bland-Allison Act. This helps explains why high quality Morgan silver dollars are readily available to collectors at such reasonable prices today.

Most of the high grade Morgan silver dollars available in the numismatic marketplace today have been third-party certified, or slabbed. This means the coins have been submitted to and evaluated by an independent grading company, which then encapsulates them in tamper-resistant, hard plastic cases. The two oldest and most respected third-party coin grading companies are PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation).

PCGS & NGC MS63 Certified Morgan Silver Dollars for Sale on eBay

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Third party certification transformed the coin industry almost overnight after its introduction in the mid 1980s. Before the development of slabbing, over-graded, harshly cleaned and other problem coins were common in the numismatic community. After the establishment of PCGS in 1986 and NGC in 1987, certified coins of the same grade and type began to be treated as semi-commodities. This meant that coin dealers trusted the grading services enough to buy and sell coins based primarily on their assigned grades. This tightened bid-ask spreads and streamlined transactions among coin professionals.

I want to point out that you will occasionally come across coins graded by services other than NGC or PCGS. Some of the more commonly encountered companies are PCI (Photo-Certified Coin Institute – now defunct), ICG (Independent Coin Grading) and ANACS (American Numismatic Association Certification Service). However, while these firms might have their niches, their slabs are generally less trusted and not as widely accepted in the numismatic world. Only PCGS or NGC slabs should be considered by those wishing to seriously invest in certified Morgan silver dollars.

Yet another third party grading service I want to mention is CAC (Coin Acceptance Corporation). This company is different from the other grading firms because it does not encapsulate raw (uncertified) coins. Instead, CAC exclusively accepts previously slabbed NGC and PCGS coins for evaluation. Coins that CAC believes are conservatively-graded receive a small, green oval sticker or “bean”, while coins thought to be under-graded get an oval gold sticker. CAC does not sticker over-graded or average-graded coins.

Due to the fact that they are only applied to coins already graded by NGC or PCGS, CAC certifications can be thought of as a double guarantee. As a result, green CAC stickers are highly sought after by Morgan silver dollar investors and collectors, giving these coins a healthy price premium over non-CAC stickered examples. Gold CAC stickered coins are even rarer and bring commensurately higher prices.

The greatest change that standardized third-party grading brought to numismatics was the possibility of using coins as an investment vehicle. Collectors and investors could finally be assured that the slabbed coins they purchased were not only completely genuine, but also conformed to their stated grade. Morgan silver dollars, with their impressive size, iconic design and rich historical context, were perfectly matched to the groundbreaking development of third-party certification.

PCGS Morgan and Peace Dollar Index (1970 to 2018)

Photo Credit: PCGS

But a funny thing happened on the way to investment nirvana. As you can see from the graph above, high grade Morgan silver dollars are more or less the same price in 2018 as they were in 1996, 1994 and 1985. Now, there are two ways to interpret this situation. One is that certified Morgan silver dollars are terrible investments and no one should ever buy them in the hopes of making money. I believe this analysis is shallow and excessively facile.

Instead, I subscribe to another theory – that Morgan silver dollars, along with most slabbed U.S. coins, experienced a massive asset bubble in the late 1980s and then spent the next 30 years slowly working off those price and inventory excesses. This bubble hangover was also compounded by the general underperformance of tangible assets during that period against a backdrop of distracting stock market bubbles.

Making money in coins works much the same way that it does in any other asset class – buy low and sell high. And it is difficult to argue that prices for mint-state certified Morgan Silver Dollars aren’t ridiculously low right now. In fact, the only other assets I can think of that currently trade for the same prices they did 30 years ago are all fellow 1980s bubble refugees – silver bullion, Japanese stocks and white diamonds. Slabbed Morgan silver dollars are sitting in very exclusive company.

You can currently buy common-date MS-63 certified Morgan silver dollars between $50 and $75 each. Superb MS-65 specimens start at just over $120. These are exceptionally low prices for such iconic coins in excellent states of preservation. Better yet, the prices are low enough that almost anybody can afford to invest.

PCGS & NGC MS65 Certified Morgan Silver Dollars for Sale on eBay

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Let’s talk for a moment about coin grading. According to the industry standard Sheldon Grading Scale, coins can be assigned a numerical grade ranging from MS-1 to MS-70. MS-1 represents an almost worn-smooth slug, with little detail remaining, while MS-70 is a theoretically perfect coin, with no wear or blemishes of any kind, even under magnification. Because most coins sent for third-party certification are higher grade specimens, the uncirculated grades – MS-60 to MS-70 – will be our primary focus.

Due to the fact that many Morgan silver dollars sat in canvas bags in vaults for most of their lives, there are a relatively high number of uncirculated specimens in existence. It is estimated that there may be as many as 50 million mint state Morgan silver dollars still around (excluding the high population 1921 date). This might seem like a massive number, but there are some mitigating factors.

First, if every one of the 125 million households in the United States decided they wanted to own a single uncirculated Morgan silver dollar, there wouldn’t even be enough coins for half of them. And this ignores the possibility that overseas coin collectors or investors might want to own a tangible piece of the American Old West. As you can see, 50 million coins don’t go nearly as far as you might think.

Second, although there are many surviving mint-state Morgan silver dollars, most of them are in lower MS-60 to MS-62 condition. This is because Morgan silver dollars were transported and stored in $1,000 face value canvas sacks, each of which weighed nearly 59 pounds (27 kilos). The silver dollars in these bags jingled and rattled against each other endlessly, leaving them heavily marked.

While technically uncirculated, MS-60 to MS-62 Morgan silver dollars are, with few exceptions, ugly coins. They may suffer from distracting bag marks, unattractive hairlines or obvious scuffs and rim nicks. MS-60 to MS-62 uncirculated coins generally lack eye appeal. And, as we will see, eye appeal is one of the most important attributes of an investment quality coin.

Once we step up to MS-63 coins, the situation changes dramatically. Suddenly we are presented with a coin that may still possess much of its original mint luster or have pleasing toning. It will still have visible marks, but they will not be nearly as visually disagreeable as those found on MS-60 to MS-62 specimens. MS-63 certified Morgan silver dollars can be beautiful, desirable coins.

In fact, if you are hunting for scarcer date or mint silver dollars and cannot afford them in MS-63 or higher grades, I recommend that you skip over acquiring MS-60 to MS-62 specimens entirely and drop down to AU-55 or AU-58 coins. Why? Because AU-55 and AU-58 coins are often extremely attractive, with great eye appeal. Their only drawback is that they are technically circulated, with a trace of wear on the highest points of the design.

Near the top end of the grading spectrum sit MS-65 certified Morgan silver dollars. These coins take all the good qualities of MS-63 examples and supercharge them. They have fewer hairlines or marks, and those they do have are not in obvious areas, like Liberty’s cheek. They often possess superb original mint luster, which is sometimes referred to as “blast white”. Slabbed MS-65 Morgan silver dollars are as good as it gets before you ascend to the truly exceptional (and exceptionally expensive) MS-66 grade and above.

For those who do not have the budget for MS-65 certified Morgan silver dollars but don’t want to descend to MS-63 territory, I find that MS-64 examples are often a good compromise between eye appeal, condition, and pricing. Slabbed MS-64 Morgan silver dollars begin at around $65 for common date coins.

PCGS & NGC MS64 Certified Morgan Silver Dollars for Sale on eBay

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Of course, there is more to certified Morgan silver dollars than just their grade – eye appeal is paramount. Coins with a superior strike, blazing original mint luster, rainbow toning or proof-like surfaces will look better than coins that do not have these attributes. As a result, NGC and PCGS slabbed Morgan silver dollars with exceptional eye appeal will always sell for more money than average coins, even those that are technically in the same condition. As the old numismatic saying goes, buy the coin, not the holder.

Highly coveted designations sometimes seen in certified Morgan silver dollars are proof-like (PL), deep proof-like (DPL) and deep mirror proof-like (DMPL). These are regular, business strike coins that randomly came from the mint with mirrored backgrounds and frosted devices, much like a true proof coin has. The contrast between the finish of the flat fields and the raised devices creates a highly desirable cameo effect.

The PL, DPL and DMPL designations awarded by PCGS and NGC are all highly coveted. The only differentiation between the three designations is one of magnitude, with PL having the least cameo effect and DMPL having the greatest cameo effect.

I feel compelled to give some words of warning to anyone intent on purchasing proof-like certified Morgan silver dollars. First, some less scrupulous sellers on auction sites (like eBay) characterize their coins as being some variation of proof-like in their listing title or description, without the coins actually having been designated as such by PCGS or NGC. If a coin doesn’t have PL, DPL or DMPL clearly printed on the NGC or PCGS holder, then it isn’t proof-like (although it may still be very attractive)!

And while proof-like Morgan silver dollars can be stunningly beautiful, lower grade uncirculated issues, including many MS-63 proof-like coins, often don’t look that great. This is because the flat, mirrored fields of a proof-like silver dollar accentuate any marks on the coin, making it appear worse than its actual grade. Because of this, many dedicated Morgan silver dollar collectors only stick to higher grade uncirculated proof-like coins, which are considerably more expensive.

Pricing for proof-like certified Morgan silver dollars starts at just over $100 for common date MS-63 examples and escalates quickly for better date coins in higher conditions.

PCGS & NGC Proof-Like Certified Morgan Silver Dollars for Sale on eBay

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I would like to note that serious silver dollar collectors and investors should avoid coins dated 1921 (unless you need that specific date to complete a set, of course). That is because the coins in this singular year were struck to excess. Over 86 million 1921 Morgan silver dollars were minted in aggregate at the Philadelphia, Denver and San Francisco mints, far in excess of any other year of production. In addition, because few of these coins circulated, mint state examples are quite common, with an estimated 10 to 15 million specimens still extant.

The sole exception to this advice would be the so-called “Zerbe Proof” or “Zerbe special strike” 1921 Morgan silver dollar. This was a custom strike, proof-like coin that was purportedly made to satisfy the request of the numismatist Farran Zerbe in the year 1921, as no official proofs were struck with that date. It is believed that only 150 to 200 of these specially struck coins were produced, making them quite rare today. Prices start in the mid thousands for low quality uncirculated Zerbe Proofs and rise quickly as condition improves.

Another factor to keep in mind when looking to collect or invest in certified Morgan silver dollars is toning. Toning is actually the early stages of tarnish on a coin, but it can be stunningly beautiful under certain circumstances. A toned coin can exhibit a rainbow of colors, including steel blues, golden oranges, delicate violets and sea greens, among others.

However, a toned coin can also display a palette of distinctly undesirable shades, such as mottled browns, spotty blacks or dull grays. Morgan silver dollars that are attractively toned possess tremendous eye appeal, boosting their value over non-toned coins of the same grade significantly. Of course, by the same token an ugly or unattractively toned specimen will usually sell for a discount compared to an un-toned coin.

Because of the premium that attractively toned coins can merit, some less-than-honest people have attempted to artificially tone silver dollars in their possession before reselling them. Therefore, I recommend that anyone looking to collect or invest in toned Morgan silver dollars stick exclusively to coins that have been certified by NGC or PCGS. These third-party grading services will refuse to certify any coin that they deem to have been artificially toned or otherwise doctored.

Pricing for toned certified Morgan silver dollars varies considerably depending on the eye appeal of the individual coin, but attractive MS-63 specimens can be found in the $100 to $250 range. Better date or higher grade coins are more expensive, as are examples with exceptionally beautiful toning.

PCGS & NGC Certified Toned Morgan Silver Dollars for Sale on eBay

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Over the four-odd decades that the series was in existence, Morgan silver dollars were struck at five different U.S. Mint facilities – Philadelphia (abbreviated “P”), San Francisco (S), New Orleans (O), Carson City (CC) and Denver (D). The mintmark on a Morgan silver dollar can be found on the reverse of the coin, just underneath the center of the wreath. Coins from each of these different mints have their own characteristics, which collectors and investors should familiarize themselves with.

For example, Philadelphia Morgan silver dollars tend to have healthy mintages and be well-struck, allowing specimens to be acquired at reasonable prices by those interested in high grade mint-state pieces. Coins from the Philadelphia mint do not display any mintmark, unlike coins issued by other mints. Therefore, a silver dollar with no mintmark is always a Philadelphia issue.

The Denver Mint was only opened in 1906, after the initial run of Morgan silver dollars had ended. As a result, the Denver Mint only produced Morgan silver dollars in a single year, 1921. Because these coins are exceedingly common, I would not recommend them for the aspiring collector of certified Morgan silver dollars.

San Francisco Mint coins are usually well-struck, especially the early dates in the series. They were also minted in large quantities to satisfy the considerable demand for hard coinage that existed in the late 19th century American West. This makes San Francisco issues some of the most readily available high grade certified Morgan silver dollars – a true boon to modern day collectors. The 1881-S, in particular, is probably the most common San Francisco Morgan silver dollar in uncirculated condition, with perhaps a million mint-state examples still around.

New Orleans mintmarked coins are much more of a challenge than Philadelphia or San Francisco ones. While mintages were generally ample, coins issued by the New Orleans Mint are often weakly struck, with soft features on the eagle and less detail overall. Therefore, anytime you find an exceptional New Orleans Morgan silver dollar at a reasonable price, it is an opportunity not to be missed.

Carson City Morgan silver dollars are the rarest and most challenging of the mints to collect. The Carson City Mint was established in order to convert bullion mined from Nevada’s nearby Comstock Lode into coinage. Carson City only produced coins between 1870 and 1893, and only did so in modest quantities. Because of the low mintages of these issues and their extreme popularity among collectors, Carson City Morgan silver dollars are among the most expensive and desirable coins of the entire series.

PCGS & NGC Certified Carson City Morgan Silver Dollars for Sale on eBay

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Knowledge is the greatest ally of anyone looking to purchase, collect or invest in old coins. Therefore, I recommend that the connoisseur of certified Morgan silver dollars purchase a copy of Q. David Bowers’ seminal work on this very popular coin titled “A Guide Book of Morgan Silver Dollars”. This authoritative book not only provides an extensive history of the famous coin, but also gives an invaluable year-by-year analysis of every date and mint struck.

Morgan silver dollars are one of the most iconic coin series ever created. And, when purchased in uncirculated condition, they are also one of the most undervalued coins in the world today, with prices hovering around mid 1980s levels! NGC and PCGS certified Morgan silver dollars in MS-63 or higher grades are a great way for coin collectors or alternative asset investors to buy these beautiful and historic coins with confidence.

Read more thought-provoking Antique Sage coin articles here.

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Vintage Must de Cartier Watches – The Perfect Starter Luxury Wristwatch

Photo Credit: Guy Sie

Here is a magnificent example of a vintage Must de Cartier wristwatch, circa 1980. Notice the cobalt-blue spinel crown, superb build quality and classic styling of the piece – characteristics shared by all Cartier watches.

The rectangular Cartier Tank wristwatch is one of the world’s most iconic watches. First developed in 1917, the Cartier Tank borrowed its design language (and name) from the most technologically advanced battlefield weapon of its time – the British Mark IV tank. Since that time, Cartier has continuously produced highly coveted luxury watches using this simple, yet instantly recognizable design.

Unfortunately, with a price tag easily exceeding $25,000, an original 1920s Cartier Tank wristwatch is beyond most people’s budget. But what if I told you there was a vintage Cartier Tank model that not only proudly displayed the rich traditions of the storied luxury house, but was also within financial reach?

Welcome to the wonderful world of Must de Cartier watches! These underrated timepieces are, in my opinion, the perfect starter wristwatch for the fledgling horological aficionado.

Must de Cartier’s origins date back to the early 1970s, when, according to legend, an employee who had been prompted for marketing ideas at a meeting exclaimed “Cartier, it’s a must!” This unique philosophy guided the luxury goods company as it sought to create a line of less expensive tank wristwatches that would be more widely accessible. Finally, in 1977, the world renowned Must de Cartier watch line was officially launched.

Because they were targeted at a lower price than traditional Cartier watches, Must de Cartier watches were designed as fashion accessories by the venerable luxury house. In fact, Must de Cartier watches became identified with haute couture in the 1980s after celebrated French fashion designer Yves Saint Laurent prominently wore one in his iconic 1983 photo portrait.

Irving Penn’s iconic 1980s black and white photo of the famously shy French fashion designer Yves Saint Laurent showing off his Must de Cartier wristwatch. Photo Credit: Delectant

As a result of this fashion-forward thinking, Cartier produced these watches in a dizzying array of styles. Although they all share the ubiquitous tank shape and Must de Cartier nameplate, a surprising number of dial colors and effects can be found. This almost ensures that there will be a vintage Must de Cartier wristwatch that will appeal to you, regardless of your tastes.

Although they were a tremendous commercial success for many decades, Cartier eventually discontinued its Must de Cartier tank line of watches in the mid 2000s. This was done because the company wanted to preserve its image as an extremely exclusive luxury brand, and felt that having a Cartier Tank available under the $2,000 price point might erode its reputation.

Cartier Tank Wristwatches for Sale on eBay

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Consequently, Must de Cartier watches are often treated as an afterthought in today’s vintage watch scene. This is a tragedy, as these high quality timepieces were built to very exacting standards. They allow the aspiring watch collector to own a genuine vintage Cartier Tank – a bona fide luxury watch – at a surprisingly reasonable price.

As a result of being frequently overlooked, information about classic Must de Cartier watches is difficult to come by. I hope that this article will prove to be a useful resource to any watch enthusiast interested in these beautiful horological treasures.

First let’s run down the specifications of vintage Must de Cartier watches. These Swiss-made, uni-sex luxury wristwatches measure approximately 30 mm (1.18 inches) long (including the lugs) by 23 mm (0.90 inches) wide. This makes them rather small by today’s standards. But, by the same token, they are also a refreshing change of pace from the grotesquely oversized 45mm+ sport watches that seem to be everywhere these days.

Vintage Must de Cartier watches are found with two different types of movements: a high quality quartz movement or a manual-wind mechanical movement. Quartz movements were more commonly employed, including the 4-jewel Cartier caliber 057, the 4-jewel Cartier caliber 157, the 7-jewel Cartier caliber 90 and the 7 or 8-jewel (opinions vary) Cartier caliber 690. Cartier produced these reliable in-house quartz movements in a joint-venture with the well-regarded Swiss firm of Ebel, one of the most prominent watchmakers of the 1980’s/1990’s.

Sometimes you’ll find Must de Cartier watches sporting the 17-jewel, manual-wind Cartier caliber 78-1 movement. This particular caliber is based on the ETA 2512-1, a workhorse movement that saw extensive use from the late 1970s through the early 1980s due to its compact size, durability and precision.

This list of Must de Cartier watch movements is undoubtedly incomplete. However, in my experience, Cartier always used good quality, well-finished movements in its Must de Cartier tank line. I find this to be especially remarkable given the relatively modest retail price points that the firm was targeting for these watches. This situation is a far cry from some modern Swiss luxury watch brands (cough *Tag Heuer* cough) that offer plastic cases and unfinished, $10 quartz movements on models in the $1,000 to $2,000 price range!

Now, under most circumstances I don’t recommend that you purchase vintage luxury watches (or new luxury watches for that matter) with quartz movements – especially if resale value or investment return is important to you. Vintage quartz watches almost always trade at substantial discounts to similar vintage mechanical watches in the secondary market.

Mechanical Vintage Must de Cartier Watches for Sale on eBay

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However, classic Must de Cartier watches are a notable exception to this rule. Vintage quartz and mechanical versions seem to sell for about the same price, provided they are in comparable condition. This is a testament to the outstanding reputation and timeless appearance of these vintage timepieces.

In addition, because both quartz and mechanical Must de Cartier watches are readily available, you can simply purchase whichever type of movement you prefer. This is a real boon to the budding watch addict!

Another benefit shared by all Must de Cartier watches is the fact that they were produced by a globally recognized luxury brand. This becomes especially important if you ever want to resell your watch. Wristwatches from no-name or second tier manufacturers are very difficult to sell for good money. The Cartier name, however, carries considerable cachet.

But let’s not make the mistake of believing that Must de Cartier watches have nothing but their good name going for them. To the contrary, Cartier spent considerable effort to ensure that this line of entry-level luxury watches met their exacting quality standards.

For example, they are made of vermeil, which is a solid sterling silver base coated in a thick layer of gold plating. Obviously, Must de Cartier watches couldn’t be made from solid karat gold or they would be far too expensive to hit their intended price point. But if you must gold plate a watch, this is absolutely the way to do it.

The underlying metal, sterling silver, is a precious metal in its own right. Most gold electroplated watches, on the other hand, use a copper-alloy base.

And the gold electroplate layer on vintage Must de Cartier watches is a full 20 microns (millionths of a meter) thick. This might not seem very impressive until you realize that the gold plating on most good quality fashion jewelry is only 2 or 3 microns thick. Cheap costume jewelry might only have a plating 0.5 microns thick!

In my experience, gold plate over sterling silver also wears much better than gold plate over a base metal. In the latter instance, any scratches or pinholes through the plating will quickly develop green spots or other corrosion. But scratches on vermeil – even deep scratches – will remain inert, allowing for a much more attractive, longer wearing watch.

Even heavily worn vermeil, where a significant amount of the underlying sterling silver is exposed, will still tone to a charming patina over time. Of course, having your well-loved vintage Must de Cartier wristwatch re-plated is always a viable option. These horological prizes are certainly worth the effort.

The fit and finish of Must de Cartier watches are also excellent – oftentimes equal to timepieces costing 2 or even 3 times as much money. They are held together by individual, miniature screws that perfectly secure the two halves of the watch case together. There are no sharp edges or sloppy joints. For being entry-level luxury timepieces, Must de Cartier watches are superlative.

Quartz Vintage Must de Cartier Watches for Sale on eBay

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The stunningly deep-blue synthetic spinel cabochon embedded in the crown of each watch is another famous hallmark of Cartier elegance. It is these small touches that set vintage Must de Cartier watches apart from lesser fashion timepieces.

But perhaps the best aspect of Must de Cartier watches is their relative affordability. Examples in mint or near-mint condition can be found in the $1,000 to $2,000 range. More worn specimens might trade for $600 to $1,200. In a world where vintage solid gold watches from well-regarded watchmakers such as Omega, Rolex or Vacheron Constantin typically sell for $5,000 and up, vintage Must de Cartier watches represent exceptional value.

Unfortunately, the popularity of the Cartier name means that it isn’t uncommon to come across fake Must de Cartier watches. This is slightly surprising, as I normally wouldn’t expect a $1,000 or $1,500 watch to be frequently counterfeited.

In any case, I recommend looking at the build quality of the case for clues to a prospective watch’s authenticity. The fit and finish should be superb, with no pitting, burrs or other manufacturing imperfections. In addition, the case should be screwed together absolutely seamlessly, without any misalignment. The dial should be similarly impeccable, with crisp lettering and markers.

The back of a Must de Cartier tank watch case should be inscribed with the French word for silver, “ARGENT” and either “PLAQUE OR G” or “PLAQUE OR G 20 M”, indicating the 20 micron thick gold plating. It should have full Swiss silver hallmarks as well, typically a canard (duck) inside an octagon border, in addition to two or three other stamps.

Moreover, the movement should always be Swiss-made, with the Cartier name clearly inscribed on it. A supposedly vintage Must de Cartier wristwatch housing a Japanese quartz movement is a clear indicator of a fake!

A Must de Cartier tank that comes with its original box and papers is another sign of authenticity, although this isn’t always foolproof.

As always, the best defense against accidentally purchasing a counterfeit Must de Cartier wristwatch is to buy from a reputable watch dealer, preferably one with an unconditional guarantee of authenticity and a warranty program. And remember, if a deal seems too good to be true, then it probably is!

Of course, watch lovers who aren’t satisfied with vintage Must de Cartier tanks can always step up to one of the luxury firm’s higher-end tank wristwatches. Current models include the Cartier Tank Française, the Tank Anglaise, the Tank Américaine, the Tank Solo, the Tank Louis Cartier and the Tank MC. However, don’t expect to be able to touch any of these watches for less than about $2,500. And some of them sell for far, far more money than that.

Regardless of which tank watch strikes your fancy, rest assured that you are getting Cartier quality and a classic, heirloom quality timepiece. If you are an aspiring watch enthusiast, vintage Must de Cartier watches are undoubtedly some of the best entry-level luxury wristwatches out there. The fact that they will also appreciate in value over time, just like any other high quality investment, is simply icing on the cake.

Read more in-depth Antique Sage vintage watch investment guides here.

The Investment Case for Hand-Poured Silver Bars

A set of artisan hand-poured silver bars from Prospector’s Gold & Gems. The wonderfully irregular surfaces and unique character of hand-poured silver bars are a big draw for silver stackers and investors.

Today’s hard asset investor has a multitude of choices when it comes to buying silver bullion. There are government-issued bullion coins, private-mint rounds, bars and junk silver, just to name a few. The number of silver investment options is so broad as to be overwhelming at times.

So it shouldn’t come as a surprise that many people who invest in physical silver default to the simplest choice possible. They purchase the cheapest silver available, regardless of its form. And while I certainly won’t fault anyone for choosing this approach to silver investing, it may leave some very tantalizing corners of the silver market untouched.

For instance, hand-poured silver bars are one of these curiously overlooked areas of the bullion market.

Now, I’ve already written an in-depth investment guide about vintage silver bullion bars. I love the look and feel of these older silver bars and the market agrees with me. Prices have risen for this type of vintage silver bullion dramatically over the past 10 to 15 years.

But today I want to examine the investment case for modern hand-poured silver bars.

Silver bars can be made via three basic methods – striking, extrusion and pouring. Today, most bullion bars are either struck (also called pressed) or extruded because these two production methods are easily automated. As a result, modern poured silver bars are generally slightly more expensive than their struck or extruded counterparts.

For example, the cheapest 10 troy ounce struck silver bar on APMEX in August 2018 had a premium of about 10% over spot. The poured silver bars that I looked up had premiums that ranged from 13% to 30%, depending on the manufacturer. However, a couple companies were offering poured bars for the same price as APMEX’s cheapest struck bar – 10% over spot.

So prices can, and do, vary!

In any case, we are interested in knowing if this premium over generic silver makes sense. Should you pay the extra couple dollars an ounce for hand-poured silver bars or are you better off buying the cheapest generic silver possible?

Funnily enough, you might already be buying high premium silver without realizing it. Anytime you buy a government issued silver bullion coin, such as an American Silver Eagle, Canadian Maple Leaf or Chinese Silver Panda, you are usually paying well above spot. In fact, even bulk lots of generic 1 troy ounce silver rounds normally trade at premiums to 100 troy ounce bars.

In light of these facts, I tend to think that modern hand-poured silver bars can make wonderful investments, provided you understand why you’re buying them. They not only possess substantial intrinsic value, but also have an alluring appearance and rich history – attributes that really make them stand out in the hard asset universe.

All of these traits combine to form an investment concept known as optionality. Optionality is any investment characteristic that you don’t pay much for today, but has the potential to be worth a lot of money later. Optionality is, simply put, the hidden potential of an investment.

And hand-poured silver bars possess a lot of it. In contrast, a modern struck silver bar that you buy today has little chance of ever trading significantly above its bullion value.

But a poured silver bar is a handcrafted work of art. It carries with it the gravitas of a proud monetary history stretching back centuries. And there is every probability that someday that appeal will be worth more than the extra couple dollars an ounce you pay today.

One only has to look at the burgeoning field of vintage silver bars to see that collectors love the appearance and quality of these classically-styled ingots. And they are willing to pay up for them, too. Older poured silver bars routinely trade for premiums of 40%, 50%, or even more on eBay. Is it really so strange to think that one day modern hand-poured silver bars will be just as desirable?

Another factor that makes hand-poured silver bars desirable is their historical connotations. The uniquely rugged looks of these silver bars echo the American Old West. More specifically, they are a throwback to the culture and traditions of mining in the Old West.

Several different locations in the U.S. were famous for their silver mining in the late 19th and early 20th centuries. The first major U.S. silver discovery was the famed Comstock Lode, in the mountains of Western Nevada in 1859. In the late 1870s, the towns of Aspen, Leadville and Telluride were founded as a result of the great Colorado Silver Boom. In 1884, the Coeur d’Alene mining district was discovered in the wilds of the Idaho panhandle. Coeur d’Alene has been one of the world’s most prolific silver mining regions, producing 1.2 billion troy ounces of silver to date.

Every single bit of ore extracted from these incredibly rich mines was laboriously hauled to the surface, crushed and smelted before being cast into countless hand-poured silver bars. Then these silver bars would be transported under armed guard to the local bank or depository before being carefully tallied and stacked in a vault. This age-old process didn’t change much between the inception of U.S. silver mining in the 1850s and the demonetization of the white metal in the 1960s.

It was only during the great commodities boom of the 1970s that newer silver bar manufacturing technology was developed. Struck and extruded silver bars could be made much more quickly and with less variation than was possible with hand-poured silver bars. These new production methods also had a cost advantage because poured silver bars cast in the traditional way were (and still are) very labor intensive to make.

To create a hand-poured silver bar, the correct weight of .999 fine silver shot must be melted in a crucible. Then a mold of the right size, either made from graphite or cast iron, must be pre-heated. Next the molten silver is carefully poured by hand into the mold. After it has solidified, the still hot bar is dumped out of the mold into a vat of water to finish the cooling process.

The work doesn’t stop there, though. After the poured silver bar is completely cool, it must be weighed to ensure it is within specification. Then it is hand-stamped with the weight, fineness and maker’s mark or logo. Finally, the silver bar is tumbled, sanded or chemically treated to clean up its surface, giving it the proper patina or finish.

If you are interest in seeing this process firsthand, this fascinating YouTube video by Yeager’s Poured Silver shows it quite clearly.

Because hand-poured silver bars are so labor-intensive to make, they tend to have much lower mintages than you’ll find with mass-produced struck or extruded bars. Shockingly, poured silver bar mintages are sometimes as low as just a few hundred specimens, although higher mintages are more common.

This might not matter very much today, but rarity is a key factor that impacts the desirability and pricing of older silver bars. And today’s new silver bars will eventually become tomorrow’s old silver bars.

Because they are often crafted in short runs, hand-poured silver bars are available in a dizzying variety of shapes and sizes. Do you want a few tiny 1/2 troy ounce poured silver bars to hand out as stocking stuffers at Christmas? You can get them. Do you want mammoth 100 troy ounce poured silver bricks in order to stack them high and deep? No problem.

In addition to traditionally-shaped loaf and kit-kat bars, it is also possible to find poured silver squares, wedges, cubes and buttons.

There is even a thriving market in 3-D hand-poured silver bars. These 3-D bars are available in an endless number of interesting designs, such as skulls, stars, pyramids, hearts, lions and more. This massive assortment of styles and designs is completely absent from the struck and extruded silver bar market.

Another aspect of hand-poured silver bars that many collectors love is the fact that you can handle them without worrying about damaging them or reducing their value. By comparison, casually holding your struck silver bars and private-mint rounds will often cause unsightly dings and scuffs.

Government-issued bullion coins – with their mirror-like surfaces – are even more sensitive. Bumps or scrapes on these coins will render them culls, which generally sell at heavily discounted prices.

But poured silver bars are meant to be jumbled together. They are meant to be cradled in your bare hands and allowed to drip through your fingers. Their rugged appearance is actually enhanced by the occasional blemish or mark. Owning poured silver bars means you never need to worry about fussy cotton gloves or sterile plastic holders when handling your stash.

Now that I’ve covered investment considerations, I want to give a brief synopsis of eight major poured silver bar producers that are currently active.

Our first poured silver bar maker is SilverTowne, based in small-town Winchester, Indiana. This firm started out in 1949 as a coin shop founded by Leon Hendrickson, who originally sold coins out of a cigar box under a lunch counter. However, in 1973 SilverTowne started minting its own silver bars and rounds in order to meet customer demand.

SilverTowne produces hand-poured silver bars in 5, 10, 50 and 100 troy ounce sizes, in addition to a 1 kilogram poured bar. The larger size bars (1 kilo and up) are emblazoned with SilverTowne’s famous prospector and burro logo.

The smaller 5 and 10 troy ounce sizes don’t have room for the full logo, so they use the SilverTowne name written in cursive script. Regardless, these smaller bars are longtime favorites with silver stackers because of their convenient size and sugar-frosted appearance.

Silvertowne Hand-Poured Silver Bars for Sale on eBay

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Vulture Peak Mines, also referred to as VPM, is another small company that sells hand-poured silver bars. It is located in Bandon, Oregon, on the Pacific Coast near the mouth of the Coquille River. Most of Vulture Peak Mine’s employees are former miners or veterans, all of whom share a passion for poured silver bullion.

Vulture Peak Mines produces hand-poured silver bars in a variety of sizes from diminutive 1/2 troy ounce bars to substantial 20 troy ounce examples. Each of their bars is proudly emblazoned with the Vulture Peak Mines logo – a crossed pickaxe and shovel – and comes with a certificate of authenticity that guarantees its weight and purity.

In addition, Vulture Peak Mines offers some silver bars that have been made with cast iron molds. This gives the bars a slightly rougher, pock-marked look that can’t be achieved via standard graphite molds.

Vulture Peak Mines Hand-Poured Silver Bars for Sale on eBay

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The next hand-poured silver bar manufacturer on our list is Prospector’s Gold & Gems. This company refines precious metals shipped from mines, jewelers and pawn shops and then uses it to create amazing poured gold and silver bullion bars. Founded in 1999 by David Emslie, Prospector’s Gold & Gems is based in Fort Collins, Colorado.

Prospector’s Gold & Gems produces silver bars from 1 to 10 troy ounces in size. These bars come in two distinct varieties: the first has the company logo, a crossed pickaxe and shovel over a gold pan, while the second uses a skull and crossbones theme. They also produce select sizes of silver bars that have a coiled Gadsden rattlesnake with the motto “Don’t Tread on Me” underneath.

Hand-poured silver bars from Prospector’s Gold & Gems have a unique, matte finish with a silky-sheen that I find very attractive.

Prospector’s Gold & Gems Hand-Poured Silver Bars for Sale on eBay

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Another major poured silver bar maker is Scottsdale Mint, based in sunny Scottsdale, Arizona. This firm is both a bullion dealer and a producer of gold and silver bullion products.

The Scottsdale Mint makes a variety of hand-poured silver bars stamped with their crowned lion logo, including 5, 10 and 20 troy ounce sizes. They also produce a slightly smaller 100 gram poured silver bar for those who prefer the metric system.

However, I think that Scottsdale Mint’s most intriguing offering is their “Tombstone Silver Nugget” series of bars. These captivating poured silver bars have a dimpled, honeycomb pattern and a rough oblong outline. Each one also comes with its own certificate of authenticity and a handy storage bag.

Scottsdale Mint Tombstone Silver Nugget bars are available in 5 and 10 troy ounce weights, along with a hefty 1 kilo size. These impressively chunky, hand-poured silver bars are a deliberate throwback to the prospecting and mining heritage of the old Arizona Territory. And I think that the Scottsdale Mint has perfectly captured the spirit of those pioneer days.

Scottsdale Mint Hand-Poured Silver Bars for Sale on eBay

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Monarch Precious Metals, sometimes known as MPM, is another maker of poured silver bullion bars. Located in Southern Oregon’s majestic Rogue Valley, Medford-based Monarch Precious Metals has been a favorite among hand poured silver bar enthusiasts since its founding in 2008. Their perennial popularity among silver stackers is undoubtedly because their poured silver bars have some of the lowest premiums in the marketplace.

Monarch Precious Metals offers a wide range of silver products, with sizes from 1/2 troy ounce right up to mammoth 100 troy ounce bars (and everything in-between). Poured silver bars from MPM feature the company’s crown logo and name.

Unlike many other poured silver bars, most MPM versions are squared-off, which they refer to as “flat stackable”. As the name implies, this makes their bars easier to pile high for bullion buyers.

Monarch Precious Metals used to produce larger, hand-poured silver bars in a classic loaf shape, but has since discontinued this type of bar. These older bars occasionally come up for sale on the secondary market, where they are still quite popular.

Monarch Precious Metals Hand-Poured Silver Bars for Sale on eBay

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Even the bullion giant APMEX has recently gotten into the poured silver bar game via its subsidiary, 9Fine Mint. These streamlined cast bars come in sizes ranging from chunky 100 gram squares to imposing 100 troy ounce bricks. APMEX only launched this line of boutique silver bars in the spring of 2018.

9Fine Mint products are characterized by their precise lines and highly polished surfaces. They also arrive in distinctive, custom-designed black and orange packaging.

9Fine Mint bars are an appealing option for investors who like the idea of hand-poured silver bars, but want to pay the lowest premium possible. In this regard, they are priced very similarly to Monarch Precious Metals poured bars. As an added bonus, all aspects of 9Fine Mint silver bar production occur in the United States, including their design, minting and packaging.

9Fine Mint Hand-Poured Silver Bars for Sale on eBay

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One of the smaller poured silver bar manufacturers is the Atlantis Mint. This family-owned firm is headquartered in Parsonsburg, Maryland, on the Delmarva Peninsula. The Atlantis Mint specializes exclusively in silver products in order to provide the best possible quality, price and experience for their customers.

Hand-poured silver bars from the Atlantis Mint vary in size from a miniscule 5 gram piece all the way up to a hulking 1 kilo bar. However, most of their production focuses on the smaller 1 to 5 troy ounce range.

Atlantis Mint silver bars often bear the triple skull and crossbones logo, which is the unofficial brand of the company. They also cater to silver bar enthusiasts looking for something a little more daring by offering a selection of 3-D hand-poured silver bars, such as skulls, dice and eagles.

Atlantis Mint Hand-Poured Silver Bars for Sale on eBay

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The last poured silver bar maker that I want to feature is Bison Bullion, located in rural Buffalo County, Nebraska. This silver foundry exclusively produces artisan hand-poured silver bars, eschewing any automated production methods.

This means that Bison Bullion doesn’t make any struck or extruded silver bars, unlike many larger refiners and manufacturers. In addition, they craft all of their 3-D molds in-house, resulting in the highest levels of craftsmanship.

Bison Bullion offers silver bars that range from 1 to 100 troy ounces. These poured silver masterpieces come in two broad categories: standard bullion bars and 3-D or “fancy” bullion bars.

Bison Bullion’s fancy silver bars often reflect Native American, Great Plains or other Wild West themes. Their standard poured silver bars are a classic loaf-style shape emblazoned with the firm’s namesake bison logo.

Bison Bullion Hand-Poured Silver Bars for Sale on eBay

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There are a number of other noteworthy hand-poured silver bar makers that I haven’t profiled above, including Yeager’s Poured Silver (YPS), MK Barz and Bullion, Shiny Bars, Pit Bullion, Mutiny Metals and Backyard Bullion. Unfortunately, I had to draw the line somewhere, so I won’t be giving a synopsis of these companies here. But if you are interested in small-batch, hand-poured silver bars or 3-D poured silver bars, these small firms are worth checking out.

Those of you who are curious about Yeager’s Poured Silver can check out my in-depth investment guide on YPS grab bags.

Before I bring this article to a close, I would like to leave you with a word of caution. Please don’t expect to be able to buy modern poured silver bars and then turn around and immediately flip them for a profit. It is highly unlikely you will be able to do so.

If you buy poured silver bars, you must be willing to wait for the collector’s market to mature in order to recover your premium. I estimate that 7 to 10 years is a good minimum holding period. If you are forced to liquidate your holdings shortly after buying due to unforeseen circumstances, you will likely only receive slightly above spot for most pieces.

Despite this minor drawback, hand-poured silver bars are definitely one of the best investments available in the bullion market today.

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

Investing in Americana – Old Semi-Numismatic U.S. Gold Coins

Pre-1933 semi-numismatic U.S. gold coins – like this 1904 Liberty Head quarter eagle ($2.50) gold piece struck in Philadelphia – are compelling investments that combine intrinsic and collector’s value. Premiums on semi-numismatic U.S. gold have collapsed in recent years, granting hard asset investors a unique opportunity to acquire these premiere tangible assets cheaply.

Choice, the presence of good options in one’s life, is a great thing. It can give you a sense of freedom as well as control. Unfortunately, many of us today have fewer good options than we might prefer. This is particularly the case when investing. Among the traditional investment classes, many stocks seem egregiously overvalued while most bonds don’t seem much better. However, there is one overlooked investment that is still a great choice: old, semi-numismatic U.S. gold coins.

Numismatics derives from the ancient Greek word for “coin” and refers to the study or collecting of coins. Therefore, numismatic coins, unlike common circulating pocket change, are pieces with special value to collectors. Semi-numismatic coins, therefore, trade partially on their bullion value and partially on their collector’s value, including their condition, design and history.

All semi-numismatic U.S. gold coins were struck at least 85 years ago, before 1933, when the United States was still on a classical gold standard. These beautiful and historic tangible investments feature some of the most aesthetically pleasing coin designs the U.S. has ever issued. Perhaps most importantly, semi-numismatic U.S. gold coins are the material expression of frontier America’s industry, invention and optimism. In short, they are the physical embodiment of traditional Americana stamped into solid gold.

Struck in 900 fine gold, these high denomination coins not only circulated freely in the Old West and the Great Plains, but also in the big East Coast cities like Boston, Washington D.C. and New York. In addition, many dates and denominations were minted in substantial quantities, ensuring a significant number have survived to the present. This is a great boon to modern-day tangible asset investors as it ensures there is a ready supply of these remarkable old coins available.

It is vital to understand the concept of premium when discussing semi-numismatic gold coins. The term “premium” refers to the amount over its bullion value that a coin sells for.

$5.00 Liberty Head (Half Eagle) Gold Coins for Sale on eBay

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South African Krugerrands, Canadian Maple Leafs and other bullion coins generally sell for premiums of less than 10%. But a 2,300 year old ancient Greek gold stater coin bearing the image of Alexander the Great is a strictly numismatic piece, with a premium of several hundred percent or more. Pre-1933 semi-numismatic U.S. gold coins trade between these two extremes with premiums that range from about 10% to around 100% of their bullion value.

This exceptional positioning makes old U.S. gold coins especially attractive investments. When you buy a semi-numismatic gold coin, most of what you are buying is gold, the bedrock of any good tangible asset portfolio. But semi-numismatic gold coins also include a modest dose of collector’s value, which is reflected in the premium.

These two components – bullion value and numismatic value – do not always move in lockstep. This gives semi-numismatic gold coins two distinct, non-correlated return components. Non-correlated assets are the holy grail of modern investment theory, as they provide diversification.

Worried about gold declining in value? No problem, the numismatic value of your coin may rise to offset a drop in the gold price. Likewise, a falling numismatic premium may be balanced by a rise in precious metal prices. In the best case scenario, you “win” twice via a rising gold price and rising premiums. Of course, in a worst case scenario both the bullion value and numismatic premium of an old gold coin can decline. Thankfully, this is a very rare occurrence.

$10.00 Indian Head (Eagle) Gold Coins for Sale on eBay

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It is important to point out that semi-numismatic U.S. gold coins have underperformed gold bullion over the last 15 years or so. Why has this happened? Well, the price of bullion is generally driven by economic instability and fear of currency debasement. And the last 15 years has seen a lot of both of those things with the Great Financial Crisis of 2008-2009 and global central banks’ subsequent policy of Quantitative Easing (money printing). Hence, the price of gold has risen strongly over that period.

Numismatic premiums, in contrast, are driven largely by strong economic growth and a booming economy. In fact, there is a direct relationship between the size of a country’s GDP and its coin prices. When a country’s economy is healthy and incomes rise, some of that wealth naturally bids up the value of collector’s coin. Therefore, it shouldn’t come as a shock that the recently stagnate U.S. economy has been reflected in broadly lower premiums for semi-numismatic U.S. gold coins.

Investors shouldn’t buy numismatic coins in anticipation of the end of the financial world. Instead, numismatics is a play on financial recovery – the economic dawn after the recessionary night. And while I strongly advocate that people buy bullion to protect themselves against severe economic dislocation, I also think it is prudent to invest in numismatics in the expectation of happier and more prosperous times in the future. Old semi-numismatic U.S. gold coins conveniently allow the savvy investor to do both in a single investment vehicle.

Some people, primarily bullion and rare coin dealers, don’t like semi-numismatic gold coins. You can read many internet articles by bullion dealers decrying how well-intentioned, but ignorant investors got scammed into paying outrageously high prices for old, common-date U.S. gold coins when they could have done much better just buying plain, no-frills gold bullion.

Of course, if you’re scammed into overpaying for any investment, you can expect to do poorly. So this is hardly a convincing argument.

$20.00 Liberty Head (Double Eagle) Gold Coins for Sale on eBay

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But bullion dealers also have another objection which is partially valid. They correctly claim that you will always be able to buy more ounces of physical gold for a given amount of money when buying bullion coins compared to semi-numismatic gold coins. But this criticism misses the point.

The numismatic premium that you pay for old gold coins is a potential source of future return. The premium level has the possibility of moving independently from the underlying price of gold. This gives rise to a financial idea known as optionality. In brief, numismatic optionality is the potential for a collector’s coin to rapidly increase in value at some indeterminate point in the future. An ingot of gold bullion, in contrast, possesses no numismatic optionality and is always completely dependent on the whims of the gold price.

Rare coin dealers also often criticize semi-numismatic gold coins. These self-interested dealers claim that only really rare gold coins make good investments. Semi-numismatic U.S. gold coins are relatively common, having been struck by the tens of millions. And, although huge quantities have been melted since their demonetization in the 1930s, these coins are still readily available in the marketplace.

Rare coin dealers’ assertion that only extremely rare and expensive coins make good investments is mostly based on the fact that this same class of coins has experienced superb investment performance over the last 20 years. But these abnormally high returns have been largely driven by the rise of the super rich over the same time period – our modern day robber baron class. These nouveau riche U.S. gold coin collectors have collectively poured hundreds of millions, if not billions, of dollars into their collecting passion.

$5.00 Indian Head (Half Eagle) Gold Coins for Sale on eBay

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This insatiable market demand has driven up the prices of legitimately rare U.S. gold coins to tremendous heights. In fact, it is doubtful if much investment upside remains in this part of the U.S. coin market. However, old semi-numismatic U.S. gold coins have been largely left behind, ignored in the rush to cater to bullion buyers on the one side and ultra-wealthy collectors on the other.

The historical origins of pre-1933 semi-numismatic U.S. gold coins add to their investment allure. In the late 1830s, the designs of the U.S. $2.50, $5.00 and $10.00 gold coins were updated by Christian Gobrecht, the Chief Engraver of the U.S. Mint. These iconic American coins, known as the Liberty Head series, feature a bust of the personification of Liberty wearing a coronet on the obverse. An eagle clutching an olive branch and bundle of arrows with its wings spread graces the reverse.

The Liberty Head series of U.S. gold coins were minted with only minor variations for approximately 70 years, from 1838 to 1908. These coins were, in many ways, foundational to the identity of the young American nation. They were witness to every major episode of U.S. history during this time, from the devastation of the Civil War to the taming of the Old West to the establishment of the National Park System.

Until the late 1840s the gold eagle, or $10.00 gold coin, was the highest denomination piece struck by the United States Mint. However, the discovery of a major gold find in California in 1848 prompted the U.S. government to investigate the striking of an even larger denomination gold coin, the legendary double eagle, or $20.00 piece. A unique Liberty Head design was created by Chief Engraver James B. Longacre for the new double eagle denomination and introduced into circulation in 1850. It was issued with few changes until its discontinuation in 1907.

$10.00 Liberty Head (Eagle) Gold Coins for Sale on eBay

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In the first decade of the 20th century, President Theodore Roosevelt wanted the nation to have gold coins that would rival the magnificent coinage of the ancient Greeks. To achieve this, he contracted the famous American sculpture Augustus Saint-Gaudens to prepare new coin designs. While Saint-Gaudens died before he could finish his work, his breathtaking designs were still adopted for the $10.00 and $20.00 gold coins.

The $10.00 Indian Head gold piece features the bust of a noble American Indian with a feathered headdress on the obverse and a perched eagle on the reverse. The $20.00 St. Gaudens double eagle depicts a robed Liberty, holding an olive branch and a torch, boldly stepping forward on the coin’s obverse and a majestic, powerful eagle in flight on the reverse. Struck from 1907 to 1933, these two gold coins are generally considered the most beautiful U.S. coins ever produced.

In fact, the obverse of the modern-day U.S. mint’s popular American Gold Eagle bullion coin series is almost an exact copy of the iconic St. Gauden’s design.

Due to the premature death of Augustus Saint-Gaudens, the $2.50 and $5.00 gold coins were redesigned by his former student, the American sculptor Bela Lyon Pratt. These two series are similar in design, although not identical, to the $10.00 gold coin created by Augustus Saint-Gaudens. The $2.50 and $5.00 Indian Head gold coins feature a Native American in full headdress on the obverse and a perched eagle on the reverse.

In addition to being attractive in their own right, the $2.50 quarter eagle and $5.00 half eagle Indian Head series are notable for being the only U.S. coins that were struck in incuse, with the design features sunk into the flat field of the coin. They were struck from 1908 until production ceased in 1929.

$2.50 Indian Head (Quarter Eagle) Gold Coins for Sale on eBay

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When considering pre-1933 semi-numismatic U.S. gold coins for investment purposes, eye appeal is paramount. Anything that helps make a coin look better is desirable, including attractive toning, a full strike and a minimum of ugly contact marks. However, condition is perhaps the most important characteristic.

Serious investors should only acquire specimens that grade Extra Fine (XF-40) or better in condition. This will help guarantee maximum eye appeal by ensuring that most of the coin’s details are intact. But this rule can be relaxed under certain circumstances, such as when dealing with less common, pre-Civil War dates and mints.

You can quickly enter full numismatic territory here though, so be careful.

Some collectors will not consider semi-numismatic U.S. gold coins unless they are in uncirculated (MS-60) condition or better. I don’t personally believe semi-numismatic gold must be in uncirculated condition to be investable. However, if you do choose to purchase uncirculated coins, you may want to consider pieces certified by a third party grading service.

The two most popular grading services for coins are PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation). These companies authenticate, grade and then encapsulate coins in tough, clear plastic holders called slabs. This allows coin collecting and investing novices to buy and sell these slabbed coins with confidence.

$20.00 St. Gaudens (Double Eagle) Gold Coins for Sale on eBay

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Anything that detracts from the beauty of a coin should be avoided. This advice is especially important for common-date semi-numismatic U.S. gold coins, as they can’t rely on rarity to enhance their appeal. Unattractively toned, weakly struck or harshly cleaned specimens should all be eschewed. Any sort of significant damage, such as major rim bumps, scuffs or scratches, is also unacceptable. You want to buy clean, problem free gold coins.

You should also beware of unscrupulous coin dealers or telemarketers that may try to sell semi-numismatic gold coins at extravagant mark-ups. They usually target those with little collecting knowledge. Do not fall prey to these scam artists. Nothing cripples the long-term performance of an investment more than overpaying.

As of mid 2018, with spot gold trading at around $1,270, prices range from just under $250 for $2.50 quarter eagles to around $1,400 or $1,500 for $20.00 double eagles. However, it is important to note that the prices of semi-numismatic U.S. gold coins fluctuate with any sizable movement in the price of gold.

If you are looking for maximum exposure to gold and minimum numismatic exposure, larger gold coins like the $10.00 Liberty Head, $20.00 Liberty Head or $20.00 St. Gaudens series are your best options. These coins currently have premiums that range from a modest 10% to 20% in the marketplace.

The $5.00 Liberty Head, $5.00 Indian Head and $10.00 Indian Head coins will give you a slightly higher exposure to numismatic value. These semi-numismatic coins have premiums between 15% and 35% right now.

$2.50 Liberty Head (Quarter Eagle) Gold Coins for Sale on eBay

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The Liberty Head and Indian Head $2.50 gold coins have the highest premiums among U.S. semi-numismatic gold coins, hovering around 80% at the moment. This gives quarter eagles an almost even split between bullion and numismatic value. These smaller gold pieces tend to have rather low mintages compared to the larger denominations and, in my opinion, represent exceptional value at this time.

I’ve compiled a table that shows the premiums on pre-1933 semi-numismatic U.S. gold coins as of the summer of 2018 below. This data was compiled using realized eBay sold prices for lightly circulated specimens; uncirculated examples would cost more. The gold price used in the calculations is $1,310 per troy ounce.

	Gold		Average
	Content	Bullion	eBay	Premium	Premium
Denomination	(in troy oz.)	Value	Price	(in %)	(in $)
$2.5 Liberty	0.12094	$158	$297	87%	$139
$2.5 Indian	0.12094	$158	$280	77%	$122
$5 Liberty	0.24187	$317	$375	18%	$58
$5 Indian	0.24187	$317	$415	31%	$98
$10 Liberty	0.48375	$634	$719	13%	$85
$10 Indian	0.48375	$634	$772	22%	$138
$20 Liberty	0.96750	$1,267	$1,422	12%	$155
$20 St. Gaudens	0.96750	$1,267	$1,450	14%	$183

The world may not be giving us as many good options as we would like, but there is at least one good investment option left to us – pre-1933 semi-numismatic U.S. gold coins. These overlooked pieces of historic Americana represent great value in an otherwise lackluster investment landscape.