11/7/18 Report - Two Mounted Gold Coin Finds. Some Notes On The Handling, Care, and Grading of Coins.

Written by the TreasureGuide for the exclusive use of treasurebeachesreport.blogspot.com.

Twenty Dollar Double Eagle Found by Sebastian Steve

Who Had It Mounted.

Yesterday I posted part of an email message I received from Sebastian Steve.  Today I'll post more of the same message along with some photos Steve sent.  The double eagle shown above was originally posted back a while ago hanging on an antique champagne bottle.  I snipped it from that photo.

Here is the rest of what Steve had to say.


I found a nice picture today that I was looking for.  This pic was of the big gold, the 1860’s $20 Double Eagle (Shown above.) that  I recovered from a deep,  Lakes Passenger Steamer back in the late 1970s. 

I used to wear it on special occasion....but with the chain and bezel, the weight was over 3 ounces!  The wife said...”Far too heavy for me, but I’ll wear one of those English Sovereign’s (similar in size and weight to our $5 gold piece).

And so I mounted an 1832 Sovereign for her.  How fitting her request.  As this Sovereign was my very first gold coin I ever recovered!   I recall the day I recovered this coin, although almost half a century ago... like it were yesterday!  Because this coin showed wear, it was suitable for me to make a decision to use this particular coin mounted in jewelry.  It’s a decision that must be made with care.  More later on this...

And my wife still wears that first Sovereign even today for special occasions.  (:

1832 English Sovereign

Find and photos by Sebastian Steve.

Same 1832 English Sovereign.

Although the Sovereign is almost pure gold (22 Karat), and contains 0.23 ounces of pure gold (just shy of a quarter ounce) gold coins -always- needed a hardening agent added such as copper.  Otherwise the wear in normal circulation would be quite excessive and unacceptable.  The English Sovereign was actually used extensively in this country... early on.  Our U.S. coinage was somewhat untrusted when a new issue, and was in short supply.  Now the Sovereign was a known, respected coin that often came over with the settlers.  And a practical size for regular transactions of somewhat size.  After all...$5 of gold in the 1850s...era...still brought home the bacon. 

And there was in fact counterfeiting going on even in the 1860s already.  I had one particular U.S. $1 One Dollar gold piece... (try to pick up one of these with big dry suit mitts!) that just seemed far darker than the others. 

Sure enough at NGC grading, when chatting in the office of the President of N.G.C., in Sarasota... he hauls out my -Counterfeit- $1 gold piece!  Interestingly... as a preeminent grading firm, that was his “cup of tea” to show history and how they could tell the coin was not real.  (Without the darkness from not being real gold, it looked pretty good to my untrained eyes).  And we worked out a deal with some other business, so that my $1 Counterfeit would remain in N.G.C., permanent collection!  I was thrilled to hear I made history in a small way. 

Allow me to comment on coins and coin grading.  Everyone thinks they have a sure fire way to get a coin re-graded and up its grading a point.  As I mentioned...1 point on a valuable coin can be $10,000.  But EVERY COIN has its own set of markings.  The slightest rub, the tiniest scratch, and firms like NGC...use microscopes on each and every coin of value that they grade. 

Coins and their particular identity become very obvious and recorded forever...with microscopic pictures taken while under the lens...that are archived forever.  So if your buddy told you to “crack it out of the case” and re-submit it...you’re just wasting your time and money.  AND you might just get yourself a bad reputation. 

The serious coin world is very small and everyone knows each other.  And that is actually very good for you.  For with today’s grading system...no shark will ever skin you with an over-rated, over graded coin, sold  “in his opinion.” at a grade far in excess of its actual grade.  If you’re buying for investment...insist on buying ONLY ENCAPSULATED GRADED COINS, GRADED BY ONLY N.G.C. or P.C.G.S.  Sure there are a few other reputable firms...but why take the chance?  Only to have your spouse or other loved one years later have trouble getting top dollar for your coins!  Why risk it?  Back to the deep we go...

When I first saw the $20 Double Eagle outline laying on some boards on the lake bottom next to the wreck...I had no idea what it was!  In the swirling mud, I attempted to pick up this very large coin with difficulty... thinking “something was holding it...like it was glued down?” 

I said to myself...this must be some type of State Fair or Inaugural Token?  So big and heavy...what else could it be?  It was somewhat dirty but still had that unmistakable look of gold.  Not until I reached my first decompression stop coming up at 20 feet, did I get to peek into my bag and realize what I had!  Even that one coin sagged the big diver’s bag down in the corner!  Thank God there were no rips or holes in the bag!!!  Something like that could absolutely ruin your day!!!  (;

And there it was...the coin of legend...the famous often read about, but rarely ever seen or held...the U.S. $20 Double Eagle.  1 ounce of gold.  Very close in size to the silver dollar.  Rarely even used in everyday trade as seen all too often in the old Westerns.  The $20 Double Eagle, Civil War era...would have bought you a down payment on a good house!  So in reality...these coins were mainly used for international trade between bankers.

These $20 Double Eagle coins was produced in response to the immense gold finds coming out of California.  The result of the initial rich finds were the beginning of The California Gold Rush.  So much so...that in 1854...the U.S. built a branch mint in San Francisco, to convert the miners gold into coins.  By the end of that year...the San Francisco Mint had produced $4,084,207 in gold coinage!  What an exciting time to be alive!???

And yes...gold does bring a smile to your face, but all the other shipwreck artifacts if studied and shared, bring more joy and history come to life... than any one gold coin.

Thanks once again Steve!

Someone sent me an email and asked why the mercury dime from the Sedwick auction that I posted a few days ago brought such a high price when a mercury dime with the same date/mint was listed on eBay for much less.  What Steve had to say is relevant.

Of course condition is extremely important.  A coin in excellent condition can bring a thousand times more than the same date/mint in poor condition.  In fact a valuable coin in very poor condition can be worthless.  As Steve points out, a single scratch can reduce the value tremendously.

An encapsulated graded coin will bring a higher price.  Buyers feel confident knowing what they are getting.

Sometimes there is simply an eye-appeal factor.  Some coins just look better.  They might have an especially nice patina, for example.

And there are a lot of counterfeits and poorly, if not inaccurately, described items on eBay.

I've dabbled in coin collecting lately, and have mentioned how difficult it is to find a coin on a beach that will delight a purist collector of U. S. coins.  Most coin collectors are very picky and prefer coins in as close to mint condition as possible.  They wear gloves when handling their coins.  They view them under magnification.  That means every bit of corrosion and every scratch is taken into account.  The majority of coins that I've found on salt water beaches are ruined as far as collectors are concerned.  I have found a few that would be graded as uncirculated, but those are very rare.  I even found one that was in a plastic case that protected it from the salt water.

Thankfully Spanish colonial reales seem to be regarded differently.  While it is the general rule that you should not clean valuable coins, silver cobs are routinely cleaned using electrolysis or acid.  Of course if you manage to find a rare mint-state reale that has never been circulated or spent years on a salt water beach, handle it with kid gloves, but most have already led a tough life and a little handling or proper cleaning won't hurt them.  In fact, you will often have to clean them to simply find out what you have.

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On the Treasure Coast we are still having some nice high tides, however the surf is still running around two or three feet.

Happy hunting,
TreasureGuide@comcast.net

10/5/14 Report - One Great Way To Display And Enjoy Your Coin And Other Finds. Bezels. Bimetallic Coin Find.

 

Written by the TreasureGuide for the exclusive use of treasurebeachesreport.BlogSpot.com.



Example of Mounted
Dos Pesos Charm.

Where are your nice coin finds?  Are they in a box in the back or your closet, never looked at unless you get in the mood to drag them out to sort through them? 

I always recommend keeping valuable finds in a bank deposit box, but there is an option that will allow you to get more use out of coin finds that you do not want to sell.  This option can actually add value to those finds.

You can turn coins into jewelry.  It isn't difficult.  Maybe you've found coins mounted in rings or pendants.  Instead of storing them in a dusty old box, why not make something that someone can wear.

I'm not just talking about the most rare or valuable coins.  Some people like to wear a lucky coin or a birthday date coin.  Some coins are just neat or nice to look at.

You can buy bezels that will fit almost any type of coin.  Just put the coin in the bezel and tighten. 

Web sites like this one have bezels for many different types of coins.

http://flintski.com/coin_bezel_frame_findings.htm

I just picked that one out as an example.

Some bezels are more sturdy and secure than others.  Get something that you feel will do the job.

There are even bezels that have a glass front and back so you can view the coin or other item but keeps the item protected from scratching.

Other small items can be put in bezels like that.  You might have seen something like that containing gold dust.

Here is an example.

One of the most commonly mounted coins that you will find is the DOS Pesos.  It seems to be about the right size for jewelry and is a a common and inexpensive gold coin.  I've found a number of those mounted in rings over the years.

But what I'm talking about today is mounting your own finds.

Rio Grande is a big company that sells jewelry supplies, both tools for jewelers and findings.  They have a huge catalog of tools and a huge catalog of findings, including bezels.

Why store nice coins in a box when you they can be worn as jewelry?

Think about what you might want to make out of a nice coin.   It isn't difficult to mount a coin once you find the right bezel.  Think about it and maybe give it a try.


Here is an example of an inexpensive mounted coin that I found.  The coin does not have any real collector value.   And the setting is poor.  Not even done very well.   I wonder why somebody bothered to mount it.  

Maybe they just liked it or thought it would be a nice collectors item.

I did find out that it was the first bimetallic coin minted for circulation. 

http://www.attilacoins.com/500_lire.asp


After looking it up I just learned that it was also the first coin to be issued with Braille writing on it.

Here is what the web site says.

Diameter: 25,8 mm
Metals: inner side: Bronzital = Bronze alloy
 Outside: Acmonital
Weight: 6,8 g

Mounted 1987 500 Lire Coin Found With Metal Detector.

 ... The Bimetallic 500 Italian Lira is probably the best coin of the republic.
A very beautiful and interesting coin, as well as having two colours, gold and silver, the 500 Lira was the first bimetal coin minted in the world.
It is the world’s first coin to be issued with Braille on the reverse!
With the recent introduction of the Euro dollar, these Italian coins will no doubt become rare coins and therefore a must in any serious coin collection.




This is poorly mounted in a cheap bezel.


 Sometimes things aren't very interesting until you know something about them.  This coin, it turns out, has a couple of interesting features.  In the picture below you can see the Braille writing (dots) at the top of the coin.



Somebody thought it was worth mounting, but it is not valuable.

You can find mounted coins, both cheap and better examples, but you can also mount your own. 

Mounting your own finds can add fun and value.



We had cooler weather today on the Treasure Coast and a three to four foot surf.

The surf will be down just a little tomorrow. 

Happy hunting,
Treasureguide@Comcast.net