Numismatics

Photo Credit: Sarasota-Rare-Coin-Gallery

Seleucid Kingdom Antiochus VII 138-129 BC AR Tetradrachm NGC XF40

Buy It Now Price: $327 (price as of 2016; item no longer available)

Pros:

-This is a silver tetradrachm from the Seleucid Empire – a Hellenistic state founded in 312 BC after the death of Alexander the Great by one of his generals, Seleucus I Nicator.  While the kingdom originally stretched from Asia Minor in the west to India in the east, by the time this coin was struck it had shrunk to a core area composed mostly of present day Syria, Lebanon and Israel.  It was finally conquered by Rome in 64 BC.

-The coin weighs in at a hefty 16.78 grams (0.54 troy ounces) and measures approximately 28 mm (1.10 inches) in diameter.  This is a large, impressive coin that represented a huge amount of buying power in the ancient Greek world – equal to a skilled laborer’s wages for four days.

-It was struck during the reign of Antiochus VII between 138 BC and 129 BC.  Antiochus VII was given the epithet Euergetes – the Benefactor – in celebration of his accommodation of the Jewish religion during his reign.  Religious tolerance was a very rare commodity at the time as evidenced by one of his predecessors – Antiochus IV – who ruled from 175 BC to 164 BC.  That tyrant was the first ruler in history to be given the label of “Antichrist”.

-The tetradrachm features an outstanding diademed portrait of Antiochus VII rendered in the finest Hellenistic style on the obverse.  The reverse shows the Greek goddess Athena holding a miniature version of the goddess Nike (Victory) in her outstretched hand.  The goddesses are surrounded by a wreath and Greek legends.

-This coin has been third party certified (slabbed) as XF-40 (Extra Fine) by NGC (Numismatic Guaranty Corporation), an independent coin grading company that is widely respected.  I think the certification is important not for the grade, but because it is an implicit guarantee of the coin’s authenticity.  Ancient Greek and Roman coins are a favorite target for Eastern European forgers.

-Greek coins have a reputation for being incomparable works of art from the Classical world and this example illustrates that point beautifully.  The portrait of Antiochus VII is particularly compelling, exhibiting a level of artistic achievement that would not be rivaled again in the Western world until the Italian Renaissance.  The coin’s fine style and large size, coupled with the fact that it is over 2100 years old, easily justifies its $327 price tag.

Cons:

-This silver tetradrachm is from the latter portion of the Hellenistic period.  By this time in the late 2nd century BC, Hellenistic style was generally beginning to degrade in the Eastern Mediterranean.  Consequently, connoisseurs are generally more willing to pay higher prices for coins from the beginning of the Hellenistic period, all else being equal.

-While the coin’s obverse portrait is superb, the reverse rendering of the goddesses Athena and Nike is rather mediocre by Hellenistic standards.  Of course, if both the obverse and reverse had been struck in the best style, one could expect the price of the specimen to be far higher than it is.

-As noted on the NGC holder, this particular coin may have been a posthumous issue of Cappadocia – a small independent kingdom that bordered the Seleucid Empire in what is now eastern Turkey.  A posthumous coin issue is one minted after the death of the ruler it depicts.  This does not impact the coin’s value much, but might be of importance to some collectors.

Photo Credit: Sphinx Numismatics

Mughal, Akbar (963-1014 AH), Square Rupee, 11.38 Grams, 19 X 19 mm, VF+

Buy It Now Price: $89.25 (price as of 2016; item no longer available)

Pros:

-This is a square rupee made from silver in the Mughal Empire.  The Mughal Empire was a fabulously wealthy Islamic dynasty that dominated the Indian subcontinent from the mid 16th century until the 18th century, when it was supplanted by the British.  The Mughal Empire was so politically important at its apogee that it spawned the English word “mogul”, meaning a person of great wealth or power.

-The coin is 11.38 grams (0.3659 troy ounces) of almost pure silver and measures 0.75 inches (19mm) by 0.75 inches (19mm).  It grades a strong Very Fine (VF), an appropriate investment grade condition for this series.

-This coin was struck in Ahmadabad (a city in western India) in the year 1582 during the reign of Akbar the Great.  It circulated contemporaneously with the reign of Queen Elizabeth I of England.

-Rupees were a high denomination coin in the Mughal period and represented substantial buying power.  The average laborer’s wages would have amounted to just a few rupees a month.  A single rupee would have been the equivalent of perhaps a $500 bill today.

-Mughal silver rupees are often struck on thick flans with wonderfully flowing Arabic calligraphy.  This example is no exception, possessing excellent eye appeal and bold calligraphy.

–Mughal silver rupees are one of the most undervalued pre-modern coin series.  They are impressively large coins and earlier issues were hand struck using ancient methods – both desirable attributes.  Better yet, prices are still unbelievably low.  In spite of their large size, many fine examples – like this one – can be acquired for less than $100.

Cons:

-This specimen has a couple small test marks on one side.  A test mark is the result of a Mughal merchant using a punch on the coin to verify that it wasn’t a silver plated forgery.  This beautiful piece passed the test.  Small numbers of unobtrusive test marks are common on Mughal rupees and usually do not significantly impact the value of a coin.

-Mughal silver rupees were struck in very large quantities (for a 16th/17th century issue) to facilitate the Mughal Empire’s robust trade.  Consequently, many Mughal rupees – like this one – are not particularly rare.  But, given this specimen’s great eye appeal and 400+ year old age, I do not believe this lack of rarity is a significant drawback.

Photo Credit: Atlas-Numismatics

France, 1848 AE Essai 10 Centimes, PCGS SP65RB, Maz-1315, Iridescent toning

Buy It Now Price: $395 (price as of 2016; item no longer available)

Pros:

-This is a bronze French 10 centimes essai from 1848.  “Essai” is a French term for a pattern or trial, a specimen coin struck by a national mint for test purposes.

-Essais often have unique designs that were never used for circulating coinage, as is the case with this 10 centimes trial piece.

-Because essais are test strikes, mintages are very low and generally fluctuate anywhere from a handful of specimens to a few hundred.  This extreme rarity enhances the desirability of trial pieces.

-The obverse features a crowned, laureate bust of Liberty executed in the finest neo-classical style.  The reverse is a simple, yet elegant wreath enclosing the denomination and date.  A mid 19th century French artistic sensibility really shines in this art work.

-This specimen is impressively large for a bronze fiduciary coinage, with a diameter of about 30 mm (1.18 inches) and a weight of about 10 grams.  It is about the same size as a U.S. large cent from the same time period.

-This essai coin has a rich, red-brown patina on the devices (raised surfaces) set off by stunning violet-blue toning in the fields (recessed surfaces).  It is difficult to overstate how gorgeous this coin is.  Toning this magnificent positively impacts value.

-This coin is certified by the well-regarded third party grading service PCGS.  It has been assigned a grade of MS-65, or mint state 65, on a scale of MS-60 to MS-70.  A score of 70 represents perfection while 60 is a very banged up, but still uncirculated piece.  MS-65 is a very high score for an almost 170 year old coin and is equivalent to Gem Brilliant Uncirculated.  The PCGS certification also guarantees the authenticity of the specimen.

Cons:

-This essai is struck from bronze instead of a precious metal like silver or gold.  If it had been struck from a precious metal, its desirability would be substantially increased, but so would its price.

-Because the coin is French, there may be somewhat limited collector demand in the future.  I see this as being the only significant investment risk associated with the piece.  Of course, if this coin was a more highly prized U.S. issue, I would also expect the price to be about 10 times higher, if not more.

-A mere 10 years ago it was possible to purchase many 19th century French essais for only $100 or $200 each.  However, as with many investment grade antiques, prices have increased substantially during the past decade.  Given this specimen’s PCGS certification, superb condition and unparalleled eye appeal, $395 seems like a very equitable price.

Photo Credit: terranumis

1904 Society for Horticulture of France silver medal for A Cauchois mushrooms

Buy It Now Price: $199.99 (price as of 2016; item no longer available)

Pros:

-This is a stunning vermeil (gold plating over sold silver) medal awarded in 1904 to Monsieur Alphonse Cauchois for prize mushrooms by the French National Horticulture Society.

-The medal features a semi-nude, female personification of horticulture on the obverse and a wreath with presentation inscription on the reverse.

-This medal is very large, measuring 58 millimeters (2.28 inches) in diameter and weighing 87.5 grams (2.81 troy ounces).  It is hallmarked on the edge with a cornucopia – indicating the piece was struck at the Paris mint – and the French word “Argent” (silver).

-The silver medal comes with its antique, custom-fit box and also the original horticulture award document!  The combination of these two accessories is extraordinary and boosts the medal’s value significantly.

-The style of this medal is nothing short of magnificent.  The classical design is rendered in stunningly high relief, particularly the agricultural-themed wreath on the reverse.  Grapes, pumpkins, squash and flowers delight the eye as they burst from the wreath.  This is among the finest pre-World War I French art medals that I have seen.

-The silver medal was designed by the well-known French sculpture and engraver Alfred Borrel.  Born in 1836 and dying in 1927, he was artistically active from the mid 19th century to the very early 20th century.

– The $200 asking price is downright cheap considering the exceptional design and condition of the medal, along with the original case and supporting document.

Cons:

-The subject matter of horticulture – and mushrooms in particular – has relatively modest popularity in collecting circles.  This could potentially limit the desirability of the piece.  However, the medal is so superior in every other way that I don’t believe this is a major drawback.

-Unfortunately, it is impossible to tell from the hallmarks whether this piece is French 1st standard (950 fine silver) or 2nd standard (800 fine silver).  This concern is more or less academic because the difference in bullion value between the two standards is only $6.32 for the medal (with spot silver at $15 a troy ounce).

-There are even larger French silver medals available.  A general rule of thumb with art medals is the bigger the better, all else being equal.  This is not much of a con though.  At 87.5 grams, this medal is already very large and very impressive.