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Redefining Rarity – Pattern, Trial, Essai & Piedfort Coins

Redefining Rarity - Pattern, Trial, Essai & Piedfort Coins
This is an attractive klippe (square or diamond-shaped), 1929 Hungarian silver 5 Pengo pattern coin in Proof condition.  It features Saint Ladislaus on the obverse, a chivalrous Hungarian king who ruled in the late 11th century AD.  The specimen is impressively large, weighing in at 50.3 grams (1.62 troy ounces) – almost double the weight of a U.S. silver dollar.  Technically, this coin is an official government restrike that was issued by the Hungarian Communist regime in the 1960s.  The total mintage was 1,084 pieces.

We live in an age of great abundance, a boon granted to us largely by the powers of mass production.  But our current era of plenty also has drawbacks.

You may be very proud of your shiny new iPhone, but it is hardly unique.  Tens of millions of iPhones are in use worldwide and hundreds of thousands more roll off the assembly line every day.  The same is true of your treasured BMW 3 series car; BMW typically churns out close to half a million units per year.  They may be very nice – even luxurious – products, but they certainly aren’t rare.

Rarity – true rarity – is an unusual and precious thing in today’s world of persistent industrial overcapacity.  This shortage of scarcity in modern society is a primary reason why ultra rare pattern, trial, essai and piedfort coins are so treasured by knowledgeable collectors and investors alike.

A pattern, also sometimes called a trial, is a coin struck by a national mint as a specimen for test purposes.  Patterns often have unique or experimental designs that are never adopted for mass circulation coinage.  This factor makes these unusual coins quite desirable to astute collectors.

Adding to their cachet is the fact that patterns generally have extremely limited production runs.  Mintages for a trial coin can run anywhere from a mere handful of pieces, or even just a single known example, to perhaps a few thousand at most.  This places patterns, as a class, among the rarest coins in existence.  As an added bonus, these little known numismatic masterpieces are often found in near pristine condition due to their non-circulating status.

Patterns are commonly struck in what is called “off metal”.  This is the practice of using a different metal to strike the pattern coin than the mint would typically employ for its circulating counterpart.  Every coinage metal under the sun can be found among pattern issues, including gold, silver, and all manner of aluminum, copper and nickel alloys, just to name a few.  There really are no firm rules when it comes to the metals used for pattern or trial coins.

 

Certified (Slabbed) World Pattern & French Essai Coins for Sale on eBay

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The history of pattern coins stretches back centuries, with many different nations having extensive catalogues of trial pieces from the 19th and 20th centuries.  The French, in particular, have a strong tradition of issuing scores of different varieties of patterns.  A French pattern coin is known as an “essai”, which is derived from the Latin “exagium”, meaning weighing.  This Latin word is also the root of the English word “assay”, meaning to test a metal for purity.

French essai pieces are invariably very attractive and of the highest quality.  Prices for investment grade foreign pattern coins generally range from around $250 to several thousand dollars per coin, depending on country of issue, condition, metal and other factors.

The United States has also issued a variety of trial coins since its inception, but most specimens available to collectors and investors today are from the 19th century.  With its prodigious output of trial pieces, the U.S. is perhaps second only to France in its love of patterns.

While tremendously beautiful, U.S. pattern coins are, to be blunt, expensive.  However, quintessentially American style and historical importance combine with very high demand and extremely limited supply to make U.S. pattern issues some of the most desirable U.S. coins in the market.  Don’t expect to be able to acquire any U.S. pattern specimens for less than about $1,200 to $1,600 each.  At the high-end, the sky is the limit with prices of tens of thousands of dollars being routine.

 

Certified (Slabbed) U.S. Pattern & Trial Coins for Sale on eBay

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Piedforts are another class of exclusive, non-standard coinage that is closely related to patterns and essais.  A piedfort (pronounced “pee-ay-for” and occasionally misspelled as piefort) refers to a presentation coin specially struck from a flan of double thickness.  Piedfort literally translates from the French as “heavy foot” or “strong foot”, but really means something more akin to “heavy weight”.

Piedfort coins originated during the medieval period in Europe as presentation pieces given to diplomats, important officials and other VIPs.  The practice of striking piedforts eventually died out but was later resurrected by France in the 19th century.

For shrewd coin collectors and investors, piedforts are truly a gift from the heavens.  Mintages of modern piedforts (those struck within the last 200 years) usually range from perhaps a couple dozen to several thousand specimens.  Commonly struck in off metals, silver, gold and even platinum piedforts give the discerning connoisseur plenty of precious metals from which to choose.  These modern day numismatic gems are also struck with the greatest care, ensuring every detail of their design is boldly visible.

Being coins of double thickness, piedforts are also usually double weight as well.  However, this weight relationship is only linear as long as the coin isn’t an off metal strike.  If the piedfort is a different metal than its circulating analogue, then the weight could be higher or lower than expected.

For example, a 10 gram circulating coin composed of nickel (density of 8.9 g/cm3) that is struck as a sterling silver (density of 10.4 g/cm3) piedfort would have a weight of 23.4 grams (weight of nickel coin x (density of sterling silver/density of nickel) x 2 – to account for the piedfort’s double thickness).

As you can see, the weight stacks up quickly when piedforts are struck in precious metals!  This extra thickness and heft, combined with their superlative striking, make precious metal piedfort coins uniquely attractive to both longtime collectors and coin novices alike.

 

Vintage French Silver Piedfort Coins for Sale on eBay

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As with most things artistic, French piedfort coins came first.  Starting in 1962, France began to regularly mint piedfort versions of its circulating coinage in their original metal as well as off metal silver and gold examples.  From the outset, this remarkable series has received intense interest from farsighted coin connoisseurs.  Vintage French piedforts usually have mintages that range from about 20 to 2,500.

Prices are surprisingly reasonable, given their impressive attributes.  Silver examples range from about $60 to $500 each, depending on the size of the coin.  Unfortunately, France began abusing its commemorative coin program in the mid 1980s by issuing large numbers of commemorative varieties that were also struck as piedforts.  Avoiding these over-issued commemorative French piedforts is advisable if investment performance is important to you.

Following France’s example, in 1982 Great Britain began striking piedfort coins exclusively in sterling silver.  Mintages for modern British silver piedforts are slightly higher than their French counterparts, with issuance generally fluctuating between a few thousand and 25,000.  Don’t let the slightly higher mintages deter you, as these piedforts are still incredibly rare relative to the mintages of circulating British coins.

As an example, in 1983 the British Royal Mint issued only 10,000 sterling silver piedfort one pound coins versus over 443 million circulating nickel-brass examples.  That comes out to a ratio of 1 piedfort for every 44,305 coins issued for circulation!  Now that is rarity!

Prices for British piedforts are even lower than for French piedforts, ranging from a mere $30 to about $150 per coin.  Unfortunately, the British, like the French before them, have also recently over-issued commemorative coins and then duplicated them as piedforts.  Once again, it is a good idea to exercise caution with modern British commemorative piedforts and instead concentrate on the piedforts of circulating issues.

 

Vintage British Silver Piedfort Coins for Sale on eBay

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No serious discussion of piedforts would be complete without mentioning French gold piedforts.  These coins are, without question, the magnum opus of contemporary piedforts.  Many different examples of these noble specimens were issued from 1962 to the present.  Struck in a fineness of 92% purity, vintage French gold piedfort coins are heavy, thick and undeniably impressive.  French gold piedforts are among the rarest of all piedforts, with mintages usually below 500 specimens.

The only downside to these kings among piedforts is their price.  Due to their heavy weight and high gold content, prices start at about $500 and rapidly escalate for larger specimens to over $5,000.  In spite of these higher prices, vintage French gold piedforts are overlooked by the market and represent exceptional value, especially considering their extremely low mintages.

When collecting or investing in patterns and piedforts, eye appeal is paramount.  A good rule of thumb is that a trial or piedfort coin that looks good is good.  Consequently, ugly, damaged or excessively worn specimens are undesirable and should be avoided.  This is typically not a problem because these issues generally did not circulate, resulting in an excellent average state of preservation.

Reproductions or fantasy issues are sometimes offered for sale as legitimate, original pattern coins.  In order to avoid this pitfall, it is strongly recommended that the serious investor only buy pattern or trial pieces that have been certified by a major third party grading service like PCGS (Professional Coin Grading Service), NGC (Numismatic Guaranty Corporation) or ANACS (American Numismatic Association Certification Service).

Trials, essais and patterns certified by these companies carry a powerful implicit guarantee of authenticity.  Such an assurance is easily worth the modest premium charged over non-certified examples.  However, it isn’t necessary to exclusively buy piedforts that have been certified.  Contemporary piedfort issues often come with their original mint packaging intact, proving authenticity.

 

Certified (Slabbed) World Pattern, Essai & Piedfort Gold Coins for Sale on eBay

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One interesting market aspect of patterns and piedforts is that desirability, and therefore pricing, are intimately linked to country of issue.  Any modern coin (circa post 1700 AD) issued by a country with a higher GDP (Gross Domestic Product) almost always has higher collector demand than a similar coin issued by a country with a lower GDP.

This means that patterns produced by the United States, with its gargantuan GDP and large collector base, are invariably expensive.  Patterns, essais and piedforts issued by Great Britain and France, with their more modest, but still sizable GDPs, also have robust collector demand and strong pricing, although not as high as U.S. trial coins.  Emerging market countries with lower GDPs in Africa, South America and South Asia will naturally have both lower demand and prices for their patterns and piedforts.

Collecting rarity is an intoxicating thing.  Once you’ve tasted the forbidden fruit of opulent exclusivity, it is impossible to return to a life without it.  Ultra rare pattern, trial, essai and piedfort coins are a gateway to rarity that is surprisingly attainable for the average person.

While prices vary wildly, one can begin collecting or investing in these underappreciated works of art for as little as $100.  Stunningly beautiful pattern and piedfort coins are pure rarity crystallized in the palm of your hand.

 

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


Smoking Hot – Antique Silver Cigarette Cases and Cigar Cases

Smoking Hot - Antique Silver Cigarette Cases and Cigar Cases
Pictured is a fine example of a high-end, early to mid 20th century antique cigarette case.  The body of this piece is crafted from blued steel, giving it a characteristic, gunmetal gray finish.  Although not sterling silver, this antique cigarette case has other attributes typically found on expensive specimens, like a fine, natural blue sapphire cabochon mounted in the thumb-push, an applied, solid gold monogram and decorative gold trim.

Made in China is a term that we encounter nearly every day – and that is rarely a good thing.  That Blu-ray player you bought for $40 at Wal-Mart that doesn’t work quite right?  It was made in China.  The two-week old toaster that almost burned down your house when it shorted out in a brilliant pyrotechnic display?  Also made in China.  The no-name vacuum cleaner that went on a savage rampage and tried to eat your cat, Mr. FluffyBottom?  Undoubtedly made in China.

Today Chinese goods are synonymous with poor quality, mass produced junk.  And this debris has invaded our lives, overwhelming us with inferior, low quality household items of every description.  In many ways the phrase “made in China” is a metaphor for the increasingly debased nature of the post-modern experience.  And yet there are alternatives to a life crammed full of crudely manufactured consumer trash – for example, a tasteful collection of fine antique silver cigarette cases or cigar cases.

Solid silver antique cigarette cases and cigar cases, along with vintage cigarette holders, are one of the sleeper hits of the objet d’art world.  Long underappreciated, this genre of the popular tobacciana field is starting to see renewed collector interest.  Once the province of gilded age gentlemen’s clubs and aristocratic smoking rooms, vintage tobacco paraphernalia and advertising are increasingly appreciated by modern connoisseurs.

Especially popular from the late 19th century until the mid 20th century, antique silver cigarette cases and cigar cases were indispensable accessories for the high-class smoker.  In addition to being irrefutably stylish, they also served the very practical function of keeping fragile cigarettes or cigars dry and undamaged during poor weather.

Just because you aren’t a tobacco user, doesn’t mean you can’t admire and collect these overlooked vintage gems.  While certainly in demand from current-day smokers, elegant antique silver cigarette cases are sometimes repurposed by corporate professionals to tastefully hold business cards.  Men and women with a luxury retro aesthetic also find that they make great billfolds, wallets or credit card holders, too.

Master silversmiths employed a dizzying array of stunning decorative techniques in the production of these cosmopolitan luxury items.  Beautifully engraved or chased designs were perennial favorites.  High contrast niello was a painstakingly exacting technique commonly used on Russian and Siamese cases.  Colorful enameling and dazzling engine turning were both staples of the language of early 20th century design.  Gilding, popular across every age and country, was employed to impart a classy, tasteful appearance.

Some fine cigarette and cigar cases were crafted with solid gold applied motifs or initials, giving a look of understated elegance.  A few of the more sumptuous examples were even mounted with sparkling cabochon cut sapphires, rubies or other glittering gemstones.

 

Antique Silver Cigarette Cases with Applied Gold Decorations for Sale on eBay

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Antique cases of the 19th century were dominated by ornate Victorian tastes, with copious use of chased and engraved floral designs.  By the turn of the 20th century, Art Nouveau, with its naturalistic, flowing aesthetic, had come into vogue.  A common hallmark of Art Nouveau cigarette cases was the portrayal of languorous, sinuous women – either partially or fully nude.

Starting in the 1920s, Art Deco came to the fore, extensively employing engine-turned and enameled geometric motifs on silver cigarette cases.  The 1940s and 1950s were characterized by the streamlined, minimalist look of Mid-Century design.  During this period silver cigarette cases and cigar cases had either subtle or no embellishment whatsoever, leaving large expanses of unadorned silver as the artistic focal point.

Tremendously beautiful silver cigarette cases and cigar cases were made throughout Europe and the United States.  The firm of Asprey & Co., a storied London-based luxury goods retailer and holder of a royal warrant, was one of the leading British manufacturers of cases.  In the United States, Tiffany and Gorham were renowned for producing exceedingly high quality work.  Silver cigarette cases made by the French jeweler Cartier were synonymous with extravagant luxury.

However, perhaps the most outrageously sumptuous cases were produced in Czarist Russia.  Russian silversmiths, including the esteemed Faberge workshop, often employed niello, precious stones and applied gold motifs when making these miniature masterpieces.  Keep in mind that the aforementioned silversmiths are just a few outstanding manufacturers among many; other silversmiths not mentioned here also produced truly excellent work.

When investing in silver cigarette cases or cigar cases it is important to avoid damaged examples.  Accordingly, steer clear of cases with significant dents, chipped enamel, or loose or broken hinges.  Minor dents or scratches are acceptable; they are expected on silver items that are almost a century old.

Monograms generally have little impact on value unless they are artfully incorporated into the design of the piece.  In these (admittedly uncommon) instances a monogram can boost the case’s value.  Inscriptions can be desirable if they reference historical events, people or add interest to the item.

 

Antique Silver Cigar Cases for Sale on eBay

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Conversely, a full set of silver hallmarks aid in identification and are highly desirable.  Ever popular British pieces will almost always be fully hallmarked while continental European cases can be more hit or miss in this regard.  American examples are usually stamped “sterling” in addition to having a maker’s mark.

Good quality cases in heavier silver generally start at only around $100.  Cases by notable makers are always of a consistently high quality and generally run into the several hundreds of dollars.  Exceedingly fine, jewel encrusted examples can command more than $1,000.  Exceptional Russian cases from the Czarist period can easily fetch thousands of dollars.

A discriminatingly assembled collection of quality silver cigarette cases and cigar cases is not only likely to steadily appreciate in value, but is also a joy to own.  Few things would be as subtly impressive as offering your friend a Cuban cigar from your pre-revolution, Czarist Russian silver cigar case.  One can just imagine his expression as he glimpses the magnificent case – silver shimmers with delicate yet bold niello scrollwork, solid gold initials glint elegantly and the royal blue of a precious sapphire cabochon glitters seductively from the thumb-catch.

Made in China is a reality that we must live with in many aspects of our lives today.  But that doesn’t mean we have to resign ourselves to being surrounded exclusively by cheap Chinese junk.  A small collection of fine, antique silver cigarette cases and cigar cases may be the perfect way to set yourself apart in a world inundated by undesirable clutter.

 

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

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Read more in-depth Antique Sage antique silver investment guides here.


Crystallized Charisma – Old Mine Cut And Old European Cut Diamonds

Art Deco Ring Set with Old European Cut Diamonds
A stunning investment grade sapphire and old European cut diamond Art Deco ring from the 1920s.  While the slightly yellowish color of the central diamond would be undesirable in a modern cut diamond, it gives this antique cut stone a warm, inviting look.

Humans are easily seduced by the state-of-the-art.  This maxim applies as readily to a sleek new iPhone as a stately BMW 7 series.  However, in our obsessive pursuit of new and stimulating desires, occasionally we forget the charms of the old.  And sometimes those old things are very, very charming indeed.

One good example of this is diamonds.  The most common cut in the diamond industry today is the round brilliant cut.  It is bright, flashy and oh so photogenic.  It is so ubiquitous that few people have even heard of its little known, but highly attractive ancestors – the old mine cut and the old European cut.

These antique diamond forms may not compare to modern cuts in terms of precision or technical accomplishment, but they possess unique optical effects that are at once bewitching and refined.

Old mine cut and old European cut diamonds are the epitome of antique elegance.  These remarkable precious gems have undoubtedly witnessed the full gamut of human emotion during their century or more of existence – passion, turmoil, temptation and more.

When the wealthy and powerful of society attended manor house dinner parties or fashionable operas, they adorned themselves with these exquisite stones.  Indoor lighting at these refined 18th and 19th century events was either candlelight or later, gas lights.

Both old mine cut and old European cut diamonds are visually stunning in these dimly lit environments, flashing a rainbow of colors that can easily be seen across a large room.  These gorgeous antique stones simultaneously exhibit an enticing warmth and undeniable charisma that is completely lacking in today’s modern cut diamonds.

Although round brilliant cut diamonds ostensibly balance the attributes of brilliance and fire, in reality very few modern stones manage to do this well.  Brilliance refers to the flashes of white light that return to the eye from a faceted diamond, while fire refers to any flashes of colored light.

Unfortunately, the mediocre cutting of most modern diamonds causes the overwhelming majority to display good brilliance, but poor or sometimes even nearly nonexistent fire.  Well-cut, modern round brilliant diamonds do have their place, especially when one craves the dazzling, “white ice” look.  But they cannot compare to the inviting warmth, subtle charm and exceptional fire of old cut diamonds.

 

Vintage Old Mine & Old European Cut Diamond Rings for Sale on eBay

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To understand antique diamonds it is imperative to know the five major parts of a faceted gem.  From top to bottom they are: the table, the crown, the girdle, the pavilion and the culet.  The table is the large, central facet on the top of a stone.  The crown is the entire upper portion of a stone – everything above the girdle.  The girdle is the “waist” of the stone, the thin line that encircles a faceted gem at its widest point.  The pavilion is the entire lower portion of a stone – everything below the girdle.  The culet is the small point at the very bottom of a cut stone.

The old mine cut is a cushion-shaped cut that was popular from the early 18th century to the end of 19th century.  They have small tables, high crowns, very thick girdles, deep pavilions and very open culets.  An old mine cut diamond’s unique character is utterly unmistakable – better experienced than simply seen.  Its deep proportions grant the stone tremendous fire, although it comes at the cost of greatly reduced brilliance.

Some degree of asymmetry is also usually apparent in almost all old mine cut specimens.  This is a natural result of diamond cutters painstakingly handcrafting the gems without the benefit of automated machinery.

Toward the end of the Victorian era, the old mine cut fell out of favor and was rapidly displaced by the old European cut.

The old European cut is a logical evolution of the old mine cut, differing mainly in its round shape.  It possesses a high crown, small table and very deep pavilion by modern standards.  The culet was often open – not forming an exact point – but was usually smaller than the culet on old mine cut stones.  The old European cut also shares the same intense fire and warm appearance of its predecessor the old mine cut.

The old European cut came into vogue in the 1890s with the development of diamond cutting equipment that allowed rounded shapes to be created more easily and with less waste.  By World War I, the old European cut had completely displaced old mine cut stones.

In 1919 a Belgian diamond cutter named Marcel Tolkowsky published a thesis that became the foundation of the modern round brilliant cut.  This mathematical formula – sometimes known as the “ideal cut” – theoretically maximizes the amount of both fire and brilliance in a faceted diamond.

In the wake of this revelation, the old European cut was rapidly abandoned, with few examples faceted after the 1930s.  Occasionally, so-called “transitional” cuts from the 1920s through the 1950s are found.  Transitional stones stand in-between the old European cut and the modern round brilliant cut in terms of composition.

A good alternate source for scarce old cut diamonds is antique diamond solitaire or engagement rings.  The diamond engagement ring first became popular as a declaration of eternal love towards the end of the 19th century.  This places it well within the period when old mine and old European cut diamonds were produced.

So it is still possible to find a fair number of Victorian, Edwardian and Art Deco diamond rings in the market.  In fact, many of the loose old mine cut and old European cut diamonds available today originally came from antique engagement rings!

We normally think of diamonds as luxury goods extraordinaire – baubles of the rich – but that idea isn’t really accurate.  In reality, diamonds – white diamonds at least – are gems of the people, readily available to both the working class and affluent alike.

At least 100 million carats of diamonds have been mined every year for the past 25 years.  After all, you wouldn’t be able to buy a diamond engagement ring for just a few thousand dollars if diamonds were exceptionally rare.  Today’s widespread availability of diamonds wasn’t always the case throughout history, though.

In ancient and medieval times, India was the world’s only meaningful source of diamonds.  The legendary mines of India had an estimated annual average production of perhaps 10,000 carats.  This effectively meant diamonds were restricted to kings, sultans, rajas, emperors and popes.

In addition, almost every ruler along the torturously long trade routes from India to Europe kept the very best stones for themselves.  As a consequence, European monarchs rarely managed to acquire truly fine, large stones until the beginning of the modern era.

In 1725 however, rich diamond deposits were discovered in Brazil.  This was good fortune, as the Indian mines were very nearly exhausted by this time.  Production from Brazilian mines may have averaged 50,000 to 100,000 carats per annum.

This increased the available supply of gem quality stones manyfold, allowing Europe’s aristocracy and wealthy merchants to own the coveted gems.  Diamonds were no longer reserved solely for kings.

In 1867, just as Brazilian production dropped precipitously, diamonds were discovered in South Africa.  By 1872, annual output from this new, prolific source exceeded 1 million carats.

This order of magnitude increase in supply completed the process of diamond democratization that had begun with the discoveries in Brazil 150 years before.  Now everyone from Hollywood starlets to average, middle class housewives could afford to own diamonds.

Each old mine or old European cut diamond is a unique, hand-made creation that must be assessed on its own merits.  Therefore, they cannot be strictly judged by modern diamond standards.

 

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For example, nearly all old cut stones are off-color.  Vanishingly few would grade higher than G on the standard GIA D (colorless) to Z (light fancy) color scale.  This is partly because diamonds from Brazil – the only available supply when many antique stones were cut – tend towards darker colors than those from South Africa.

Those antique cut stones that were exceptionally white – grades D through F – have been ruthlessly re-cut into modern round brilliant stones.  In addition, many other, less white stones have also been re-cut over the decades.  Consequently, a substantial number of formerly antique stones – especially the whitest specimens – are now lost to us forever.

The most important factor to consider in choosing old mine cut or old European cut diamonds is overall eye appeal.  Desirable gems will have strong fire, throwing countless refracted flashes of multi-colored light in all directions.  They will also invariably seem very “chunky” due to their deep pavilions and high crowns.

Fine stones will have a certain charisma that – although unmistakable – is difficult to define.  Most old cut diamonds will also possess an inviting warmth that is notably absent in modern diamonds.  This is attributable to their deep proportions combined with their very slight yellow or brown body tint.

Only consider stones with a minimum weight of at least 0.25 carats.  An old European cut diamond this size will have a diameter of approximately 4 millimeters, depending on the depth of the stone.  Diamonds below this weight are generally considering melee – small stones used as accents pieces.  While old cut diamond melee was used extensively in beautiful antique jewelry, it is too small to be investable on its own.

Although some asymmetry in old diamonds is both normal and acceptable, avoid excessively lop-sided examples.

Likewise, steer clear of stones that have a GIA clarity grade of I2 or lower.  Flaws of this magnitude are not only easily visible to the naked eye – reducing the beauty of the diamond – but can also potentially make it more susceptible to damage.  Black carbon inclusions are also undesirable, even if the stone in question technically grades better than I2.  However, minor carbon pinpoint inclusions in unobtrusive locations – near the girdle for instance – are acceptable.

As you can guess, pricing for antique cut diamonds depends greatly on quality.  A highly flawed stone of poor color and symmetry with little eye appeal with always sell for much, much less than a beautiful, clean, white stone of the same weight.  Diamond pricing also experiences price breaks at meaningful carat weights.  A 0.51 carat stone will sell for substantially more per carat than a 0.49 carat stone.  The same holds true of a 1.01 carat stone versus a 0.99 carat stone.

Pricing for both old mine cut and old European cut diamonds has changed dramatically over the last 20 years.  Previously these stones always traded at considerable discounts to their modern cut siblings.

This was because dealers only considered old cut diamonds to be raw material for re-cutting into more salable, modern round brilliant pieces.  In order to cover the labor costs and weight loss involved in re-cutting a gem, these discounts were significant – usually 20% to 25%.

However, now that connoisseurs have started to appreciate the unique charms of old mine cut and old European cut diamonds, these discounts have largely evaporated.  But due to the illiquidity of the antique diamond market, pricing can still vary widely compared to modern cut stones.

The smallest acceptable investment-grade old mine cut or old European cut diamonds weigh between 0.25 to 0.40 carats.  These specimens may trade for $1,000 to $1,500 per carat – meaning pricing realistically starts at about $400 per stone.  Such a diamond mounted in an antique ring might sell for $600 or $700, due to the value added by the setting.

Prices increase dramatically as the size of a diamond increases.  A 2 carat gem can easily trade for $5,000 a carat, or $10,000 for the stone.  If mounted in a fine antique platinum or gold setting, a stone of this caliber would be a truly stunning work of art, well worth its premium price.

With a presence and elegance rarely seen in new jewelry, lovely old mine cut and old European cut diamonds are a truly exceptional way to hold concentrated wealth.

 

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

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


Exotic India – Silver Rupees of the Mughal Empire

Indian Mughal Silver Rupees
This is a bold example of a Mughal silver rupee exhibiting fine calligraphy.  It was struck in 1042 AH (1632 AD) at the apogee of the Mughal Empire, during the reign of Shah Jahan, in the Indian city of Burhanpur.

The acclaimed American writer William Faulkner once wrote that “The past is never dead.  It’s not even past.”  This maxim is just as true for nation-states and religions as it is for individuals.  And the great Indian subcontinent is no exception.  The region unapologetically drips with history, reveling in its millennia old, eclectic culture.  Indians live and breathe the milieu of history regardless of their religion, race or language.  This unique Indian perspective on history is perhaps best encapsulated in the splendid silver rupees of the Mughal Empire.

The Islamic Mughal emperors were lords of India from the early 16th century to the mid 18th century.  Among their greatest achievements was their silver rupee coinage – one of the most beautiful series of coins the world has ever seen.

Hand-struck in stunningly high relief, these thick, heavy silver coins possess dazzling eye appeal.  Delicate florets, refined beaded borders and ornate quatrefoil decorations seamlessly blend with exquisite, flowing Arabic calligraphy on these masterpieces of Indian art.  While the Mughal court was heavily influenced by the glamorous aesthetic of their Persian neighbors, Mughal silver rupees reflected the confidence of a uniquely native Islamic Indian culture.

Weighing around 11 grams each, silver rupees were among the largest silver coins minted in the world during the 16th century, exceeded only by contemporary European thalers.  During this time, much of Europe was still struggling with a miserable monetary system of small, debased silver and crude copper coinage.  Indian silver rupees, in contrast, were minted from almost pure silver.

Indeed, the Mughals needed to strike a high face value silver currency to satisfy their empire’s extensive commercial trade.  Indian cotton and silk fabrics, in particular, were renowned in Europe for their fine quality and workmanship.  Western demand for Indian goods was so high that Englishman Sir Thomas Roe, like many European economists at the time, lamented that “Europe bleedeth (gold and silver money) to enrich Asia.”

Predictably, the Mughal Empire was unbelievably, fabulously rich.  The Mughal Emperors’ wealth far exceeded that of any of their illustrious contemporaries, including the English Queen Elizabeth I, the French Sun King Louis XIV and the Ottoman Sultan Suleiman the Magnificent.

During the early 17th century the Mughal royal treasury reportedly contained 7 tons (6,350 kilograms) of gold, 1,116 tons (1,012,418 kilograms) of silver, 80 pounds (36 kilograms) of rough diamonds, 100 pounds (45 kilograms) of rubies, 100 pounds (45 kilograms) of emeralds imported from the legendary mines of Columbia and 600 pounds (272 kilograms) of natural pearls.  It is no accident that the English word “mogul” – meaning someone of great power and wealth – is actually a corruption of the name “Mughal”.

Before the Mughal Empire was founded, medieval India was dominated by a collection of small independent Islamic kingdoms called sultanates.  These Islamic Sultanates were founded by Muslim invaders who brutally conquered much of India in the 13th and 14 centuries.  In 1526 a Central Asian warlord named Babur swept south from the mountains of Afghanistan and crushed the Delhi Sultanate’s army on the Ganges Plain at the First Battle of Panipat.  With this decisive victory Babur founded the great Mughal Empire – one of the mightiest kingdoms India has ever seen.

 

Mughal Silver Rupees of Akbar for Sale on eBay

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Akbar (reigned 1556-1605) was the first truly great ruler of the Mughal Empire.  He expanded his domains to include the entire northern part of the subcontinent and parts of Afghanistan.  Although a Muslim, Akbar was sensitive to the cultural and religious proclivities of his Hindu subjects.  His abolition of the hated jizya – the tax on unbelievers commanded in the Koran – won the loyalty of many of his Hindu subjects.  During Akbar’s reign the economy prospered, with both domestic and international trade growing quickly.

Jahangir (reigned 1605-1627) continued the liberal religious policies of his father, Akbar.  However, Jahangir was both an alcoholic and an opium addict.  His capable chief wife, Nur Jahan, effectively controlled the empire in his place while he was incapacitated by his addictions.  Nur Jahan wielded so much power that she even minted silver rupees in her own name, a privilege usually reserved for the reigning monarch.  In spite of Jahangir’s slide into decadence, the Mughal Empire still expanded both territorially and economically under his reign.

Under the exalted Shah Jahan (reigned 1628-1658) the prosperous Mughal Empire reached its cultural zenith.  He ordered the construction of many buildings of unsurpassed beauty, including such architectural gems as the imposing Red Fort, the otherworldly Shalimar Gardens and the renowned Taj Mahal.

The Mughal Empire was so wealthy under Shah Jahan’s reign that he commissioned the legendary Peacock Throne, a lavish royal perch constructed from 2,535 pounds (1,150 kilograms) of pure gold and encrusted with 507 pounds (230 kilograms) of diamonds, rubies, emeralds, garnets and pearls.  The Peacock Throne was so extravagant that it reputedly cost twice as much as the peerless Taj Mahal to build.

 

Mughal Silver Rupees of Shah Jahan for Sale on eBay

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Aurangzeb (reigned 1658-1707) was a strict, zealous Muslim who reversed many of the accommodative religious policies that the tolerant emperor Akbar had introduced.  This was a fatal political move in a kingdom primarily populated by Hindus.  While dissension grew and his empire slowly rotted from within, Aurangzeb unceasingly waged aggressive wars of territorial expansion.

By his death in 1707, the empire had reached its greatest geographical extent, stretching from Afghanistan in the northwest to Bangladesh in the northeast to almost the tip of the Deccan peninsula in the south.  But although glorious in size and military might, the Mughal Empire was now an overextended kingdom on the verge of internal collapse.

Muhammad Shah (reigned 1719-1748) governed an empire in terminal crisis.  Widespread internal revolts beset the once great kingdom and the upstart native Indian Maratha dynasty conquered huge swaths of Mughal territory.  Mughal royal governors began to declare their independence during this time, ushering into existence the Indian princely states of Hyderabad, Awadh and Bengal.

The empire de facto collapsed after the Persian king Nader Shah defeated the sizable Mughal army and sacked the imperial capital of Delhi in 1739.  Among the countless treasures the Persians looted during this humiliating defeat was the famed Peacock Throne.  The last pitiful vestiges of the Mughal Empire were finally, mercifully dissolved by the British after the unsuccessful native Indian Sepoy Rebellion of 1857.

 

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When investing in Mughal silver rupees it is important to only buy pieces in Very Fine (VF) or better condition.  This will ensure that most of the details on these eye-catching works of art are intact.  In addition to avoiding heavily worn specimens, damaged, weakly struck or otherwise ugly coins are also undesirable.

It is very common to find Mughal silver rupees that have small punch marks called banker’s or merchant’s marks.  These were test marks punched into the coin by merchants or moneychangers to verify the quality of the silver.  Banker’s marks usually do not affect the value of a Mughal rupee much, although a pristine, non-marked coin may command a small premium.

Most Mughal rupees were struck in conventional round shapes, but it isn’t uncommon to find curiously-shaped, highly attractive square varieties.  Ultimately, as with most coins, good eye appeal – however it manifests itself – is the best trait to pursue.

Although Mughal silver rupees are dated in Arabic (using the Hijri calendar system), very few collectors choose to collect by date.  Instead, ruler, type and mint are the more common collecting criteria.

While the remnants of the Mughal Empire struck rupees into the 19th century, it is only advisable to purchase examples from the reign of Muhammad Shah or earlier.  Later rulers presided over an empire in name only, so they are of much less interest to serious connoisseurs.  A possible exception to this guideline is if you want to assemble a complete set of coins by emperor, in which case you would need the later emperors as well.

Fractional unit coins of 1/2, 1/4, 1/8 and tiny 1/16 rupees are occasionally found, but investors should stick to the larger 1/2 rupee and one rupee units for maximum return potential.

 

Mughal Silver Rupees of Muhammad Shah for Sale on eBay

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Mughal silver rupees represent absolutely amazing value in the tangible asset space.  Prices of these exotic, centuries old Indian coins – as with many hand-struck, pre-modern coins – have increased substantially over the past 20 years.  It used to be possible to acquire fine examples for perhaps $15 to $30 each – laughably inexpensive given their unparalleled beauty and romantic history.

Now they are merely humorously inexpensive, with prices starting around $35 for common specimens in average condition to a little over $100 for the same coin in jaw-dropping, mint-state preservation.  Rare varieties easily run into the several hundred dollar range.

A compelling collection of investment-grade Mughal silver rupees could easily be assembled for less than a few thousand dollars.  While the Mughal Empire may no longer exist, it is still possible to hold its glorious history in the palm of your hand.

 

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