shopper approved
    2224.31
    23.83
    24.87
    0.09
    917.51
    9.21
    1053.01
    32.34
    banner-update21

    A Recap of the F.U.N. 2017 Coin Show

    fun2017Each year, the numismatic landscape gets off to a bright start with annual coin shows taking place in the months of January, February, and March. Among the earliest shows each year is the FUN Coin Show, hosted by Florida United Numismatists. The first show of the 2017 calendar, FUN 2017 took place in Fort Lauderdale, Florida from January 5-8. Visitors were treated to a range of exciting coin displays, auctions, and news that set the numismatic world alight for the year to come.

    Today we’re going to offer a brief recap of the most exciting news from FUN 2017, including information on some of the beautiful coins on display and some big news regarding the longest running bullion coin program in the world today.

    1884 Trade Dollar

    The highlight of FUN 2017 was the display of an 1884 Trade Dollar from the United States Mint, with a grade of Proof 63 from the Professional Coin Grading Service. The coin is just one of 10 examples of the Trade Dollar ever struck, and by stunning happenstance all 10 of the 1884 Trade Dollars remain accounted for today more than 130 years later.

    Trade Dollars are one of the most unique offerings in the history of the United States Mint. The concept of the Trade Dollar started in the 1860s when the price of silver was declining because of an influx of silver from mining efforts in the western United States. Trade dollars were a popular idea throughout East Asia, and the United States saw an opportunity to take advantage with the release of its own Trade Dollar.

    The Coinage Act of 1873 established official production of a Trade Dollar with a legal tender status that went up to five dollars in value. Initial Trade Dollars in the United States were struck in 1873, and throughout the production history of the coins (through 1885), the vast majority of US Trade Dollars were sent China. Eventually, US Trade Dollars sent to China were assayed by the government and the Tongzhi Emperor declared the following:

    “This Proclamation, therefore, is for the information of you merchants, traders, soldiers and people of every district. You must know that the ‘Eagle Trade Dollar’ that has lately come to Hong Kong has been jointly assayed by officers specially appointed for the purpose, and it can be taken in payment of duties, and come into general circulation. You must not look upon it with suspicion. At the same time rogues, sharpers, and the like, are hereby strictly forbidden to fabricate spurious imitations of this new Eagle Dollar, with a view to their own profit.”

    Trade Dollars were designed by William Barber, Chief Engraver of the United States Mint at the time. His obverse design featured a seated Liberty with her right hand extending an olive branch to the left visual field of the coin out over the sea. It included 13 stars around her figure and was meant to symbolize the extension of America’s peaceful reach to East Asia.

    The reverse of the coin featured the American bald eagle in a familiar pose. With wings spread wide, the eagle sits clutching arrows in its right talon and an olive branch in its left. Engravings include “United States of America” above the design field and “Trade Dollar” below, with a unique engraving below the eagle of “480 Grains, 900 Fine.”

    What makes the 1884 Trade Dollar unique is the complete lack of record of the coins in US Mint production. Trade Dollars were struck by the Philadelphia Mint with no mint mark, and the Denver Mint with a small “D” over the letter D in Dollar on the reverse. Production of business strikings of the Trade Dollar ended in 1878, with proof coins struck until 1883, or so it was believed. In 1908, ten 1884 proofs were discovered along with five 1885 proofs.

    1794 Flowing Hair Dollar

    Also on display at FUN 2017 was a 1794 Flowing Hair Dollar coin. The 1794 Flowing Hair Dollar on display at FUN 2017 is a Specimen Proof 66 coin according to the Professional Coin Grading Service. According to many accounts, the Flowing Hair Dollar was the very first production coin ever struck by the Philadelphia Mint location, and is known to be the first dollar coin issued by the United States federal government.

    Struck only in 1794 and 1795, it is the shortest production run for any one-dollar design from the United States Mint. The weight and size of the Flowing Hair Dollar were modeled after the Spanish dollar coin, which was in wide circulation through the Americas as a popular currency for trade.

    The Flowing Hair Dollar started in 1791 with a study from Alexander Hamilton found the need for a national mint in the United States. Later in 1791 as President George Washington delivered his third State of the Union address, and in it he urged Congress to provide funding for the establishment of a new national mint. The Coinage Act of 1792 established the United States Mint, and paved the way for production of the Flowing Hair Dollar.

    Robert Scot of Edinburgh, Scotland was the man chosen to be the first Chief Engraver of the United States Mint, serving in the position from 1793 until his death in 1823. Scot was the man who designed the Flowing Hair Dollar, but had previously made engraving plates for the Commonwealth of Virginia during the Revolution, with popular designs such as the Virginia Seal and the Sic Semper Tyrannis motto in 1778.

    On the obverse of the coin was the image of a right-profile bust of Liberty, her hair flowing behind her. There was an engraving of “Liberty” above her head, 13 stars around her figure, and the year of issue below. The reverse of the coins includes a long engraving around the outer rim of “United States of America,” and a simple American bald eagle design surrounded by a wreath.

    The Flowing Hair Dollar was produced in 1794 and 1795 before being replaced by the Draped Bust Dollar. In January 2013, a specimen striking of the 1794 Flowing Hair Dollar was sold at auction for $10,016,875. This figure is the highest ever paid for a coin.

    50th Anniversary South African Krugerrand

    One of the other exciting revelations at FUN 2017 was the display of a test striking of the first-ever South African Silver Krugerrand. The coin was on display only on January 6th during FUN 2017, and is meant to drum up excitement for the 50th anniversary of the Krugerrand. The South African Krugerrand debuted in 1967 as the first modern gold bullion coin available to private individuals for investment purposes.

    The South African Mint wants to celebrate the milestone of the Krugerrand with the 2017 South African Silver Krugerrand, but initial strikings of the celebratory silver coins were damaged during shipment to the North American market and the South African Mint was forced to delay deliver from December 2016 until January or February 2017, meaning the coins could be arriving in the North American market any week now.

    At this point, the South African Mint has targeted production at one million Silver Krugerrands, and the test coin’s display at FUN 2017 was meant to reinvigorate interest in the coins following the disappointing news of the delay in delivery.

    About F.U.N.

    FUN 2017 was the 62nd annual coin convention from Florida United Numismatists, and it featured more than 600 dealer booths, competitive exhibit areas, 15 educational programs, and even a Coins & Kids Booth. The event took place at the Greater Fort Lauderdale/Broward Convention Center. The Summer FUN 2017 convention will take place in Tampa later this year, with next year’s FUN 2018 convention taking place in Orlando.

    Disclaimer: All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.

    Top Stories

    Read More

    Subscribe to JM Bullion’s newsletter to receive timely market updates, sales and giveaways.