New Discovery: 1980 FM Guyana 10 Dollars Uncirculated (PL)

7Jaguars

I have just gotten this, and it is likely rare. I have looked for it since it was minted in 1980 and has not been reported that I can find. It is listed in Krause and Numismata on line, but not the actual coin. The design is somewhat more attractive in silver proof but not as rare.

It is NOT the proof silver version, but rather the PL Uncirculated. Evidently the entire mintage (reported as 200) was sent to Guyana and not heard of since. This had very little purchasing power at the time - perhaps as low as One US dollar for the $10GUY coin.

7Jaguars

Quite disappointed at lack of response but thought I’d post anyway. These have such an interesting history.

TwoKopeiki

Its neat, but what's the history? Why was the original mintage so low to begin with?

7Jaguars

The FM was an (in)famous private USA mint that secured contracts with many smaller countries such as Bahamas, Barbados, Belize, Cayman Islands, Jamaica, Malta, Panama, Papua, Solomon Islands, Trinidad and Tobago.

Their main goal was to strike collector coins

7Jaguars

In proof silver and gold, singly or in sets at substantial markups over face value or bullion value. They advertised in many regular and trade periodicals and other media, and some of the earlier issues through about 1978 had higher mintages which gradually tricked down into the early 80s before generally shutting down part way into 1985. These are considered to be NCLT coins and somewhat stigmatized. So the FM struck coins of like design, usually of ordinary base metal.

And so to “legitimize” these issues, coins were also struck in specimen form and in sets, also singly with smaller denominations struck even into the 10s of thousands, and having reached circulation channels in quite a few cases. As for the larger denominations such as the OP coin, many fewer were struck but these also were dumped into bags and sent to the respective Central Banks. What happened then is something of a mystery for many. As these were large copper nickel coins with little value they may have been paid out or lost or still sitting in forlorn corners of banks. For many, regardless of original low mintages, they seem to have nearly disappeared - a numismatic mystery of sorts.

bronco2078

i think I have a Guyana proof set tucked away I'll have to look at it. I dont remember the year but I paid melt for it and it was just under 2 ounces I think

7Jaguars

The proofs are more attractive for sure but not so scarce.....I like the mottos and subjects are IMO well executed.