New Grading Affects Value
Question: In 1976, I purchased several silver dollars from the Paramount International Coin Corp. These silver dollars are packaged in sonically sealed plastic holders, and each coin is identified as being a Mint State 65 from the LaVere Redfield collection. Coin World Trends lists the 1887-S dollar in MS-65 at $2,550 and MS-65 prooflike at $4,850; the 1888-S dollar in MS-65 at $3,050 and the MS-65 prooflike at $4,350. My question is, how much are my coins really worth?--W. L. G.
Answer: Normally, I would suggest contacting the dealer you purchased your coins from. Many dealers welcome the opportunity to repurchase coins they sold. And, most likely, they will give you the best price.
But in this instance, the seller is not necessarily an issue. Because you bought your coins about 12 years ago, they will have to be regraded. Grading standards have changed considerably since you bought your dollars. Standards are stricter now and yesterday’s MS-65 may be today’s MS-63 or even MS-60. This is an unfortunate offshoot of higher prices in the past and looser grading. Eventually, the two had to match up.
Your situation is interesting, not only because of the grading possibilities but also because your dollars came from the LaVere Redfield hoard. At one time, Redfield had amassed more than 600,000 silver dollars. The hoard was kept in his Reno, Nev., home. He sold off pieces through the years, but when he died in 1974, his collection of 406,596 pieces were sold for $7.3 million. Some rare dates supposedly have not yet been released, but the others were dispersed through the nationwide dealer network.
As for the prices you quote for your coins, you’re in the ballpark but not on the button. An 1887-S Morgan dollar in MS-65 bids at $3,200 (not $2,550); prooflike it’s $4,000 (not $4,850). The 1888-S $1 in MS-65 is $3,700 (not $3,050), and prooflike it’s $4,300 (not $4,350). All this, of course, is predicated on accurate grading.
Regardless of the grade, however, I suspect you will reap a healthy profit on your 12-year-old purchase. Redfield coins, incidentally, often carry a small premium because of the pedigree.
Q: Is there a way to add my name to the mailing list of the Mexico City Mint?--R. K.
A: Two listings are mentioned in Coin World Almanac. Casa de Moneda (old mint), Calle de Apartado No. 13, Mexico 1, D. F.; and Casa de Moneda (new mint), Calu. Legaria No. 631, Mexico 10, D. F.
Coin News
The 1988 United Kingdom gold proof collection comprising the 2-pound coin (or double sovereign as it is sometimes known), the sovereign and half sovereign is now available to North American collectors. The design features the Pistrucci engraving of St. George slaying the dragon (pictured). A total of only 12,500 three-coin sets have been authorized. Individually, there will be an additional 2,500 double sovereigns, 12,500 sovereigns and 10,000 half sovereigns. The 22-karat gold proof coins have a frosted, mirror-like finish. Prices are $475 for the double sovereign, $260 for the sovereign, $150 for the half sovereign and $775 for the three-coin set. To order, contact the British Royal Mint, c/o Barclays Bank of New York, P.O. Box 2570, New York, N.Y. 10164-1060 or call (800) 221-1215.
A brouhaha over the design of the new United States Olympic coins has been resolved. The Olympic rings have been restored and production is scheduled to begin in Denver on May 2. Pre-issue discounts are available for those ordering by May 15. Prices are $23 discount for the proof silver dollar ($29 regular price); $205 for the proof $5 gold ($235 regular), and $225 for a set of both ($260 regular). Uncirculated coins discounted are $22 for the silver dollar ($27 regular); $200 for the $5 gold ($225 regular), and $220 for a set of both ($250 regular). Send requests to: U.S. Mint, Olympic Coins, P.O. Box 7710, Philadelphia, Pa. 19162-0023.