Part of the numismatic landscape - Plat. Proof $100s
RegistryCoin
Posts: 5,117 ✭✭✭✭
The Platinum Proof $100 coins are perhaps misunderstood, but they are certainly a highly collectible set, with mintages that beg for at least a few "not for the faint of heart" collectors.
There were 16,000 proof $100 coins minted in 1997, the first year of the Platinum Series. "Making" many more of the 1997 P$100s graded PCGS PR70DC, at this point in time, will be very challenging.
There are only (2) '97 P$100s in PCGS PR70DC.
After 1997, proof mintages of the platinum $100 coin are as follows:
1998 - 26,047, with only (4) examples making it to PCGS PR70DC status.
1999 - 12,351 $100 coins were minted with (5) making it to the top grade from PCGS.
2000 - 12,453 coins minted with (8) meeting the requirements to become a PCGS PR70DC.
2001 - 8,962 coins minted, (4) in PCGS PR70DC holders.
2002 - 9,946 coin minted with a bountiful (13) coins in PR70DC holders by PCGS.
2003 - 8,256 coins minted and (11) PCGS PR70DCs.
2004 - 6,047 minted, with (4) PCGS PR70DCs, and
2005 - 6,589 minted, and there are (2) PCGS PR70DCs. I would very much like to acquire the third 2005 PCGS PR70DC $100 coin when/if made.
My Proof Plats.
There are only a few collectors putting together PCGS PR$100 PR70DC sets, but since there are so few PCGS PR$100 PR70DC examples available, only a few can be rewarded for their efforts.
I am proud to be one of them.
There were 16,000 proof $100 coins minted in 1997, the first year of the Platinum Series. "Making" many more of the 1997 P$100s graded PCGS PR70DC, at this point in time, will be very challenging.
There are only (2) '97 P$100s in PCGS PR70DC.
After 1997, proof mintages of the platinum $100 coin are as follows:
1998 - 26,047, with only (4) examples making it to PCGS PR70DC status.
1999 - 12,351 $100 coins were minted with (5) making it to the top grade from PCGS.
2000 - 12,453 coins minted with (8) meeting the requirements to become a PCGS PR70DC.
2001 - 8,962 coins minted, (4) in PCGS PR70DC holders.
2002 - 9,946 coin minted with a bountiful (13) coins in PR70DC holders by PCGS.
2003 - 8,256 coins minted and (11) PCGS PR70DCs.
2004 - 6,047 minted, with (4) PCGS PR70DCs, and
2005 - 6,589 minted, and there are (2) PCGS PR70DCs. I would very much like to acquire the third 2005 PCGS PR70DC $100 coin when/if made.
My Proof Plats.
There are only a few collectors putting together PCGS PR$100 PR70DC sets, but since there are so few PCGS PR$100 PR70DC examples available, only a few can be rewarded for their efforts.
I am proud to be one of them.
0
Comments
Are you buying platinum American Eagles?
By David C. Harper
Are you willing to purchase platinum American Eagle coins? These can
be either the standard circulation-quality bullion coins, or the
proof collector versions.
Deep down, have you ever wanted to own any of them?
It is not my place to tell people not to collect something, but then
neither is it my place to paint such rosy pictures that it distorts
the current collecting reality.
I own precisely one platinum coin. It is a 1997 one-tenth ounce
American Eagle bullion piece. I did not buy it. I received it as a
token of appreciation from the Milwaukee Numismatic Society for
speaking at their annual dinner shortly after the platinum coins
first hit the market.
It is a nice coin. It has the Statue of Liberty on it. I like that. I
can note also that the price of platinum has risen since I received
the coin. I like that also.
However, I have never caught myself daydreaming about buying platinum
coins. I believe this to be true about nearly every reader of this
paper. However, if my thinking is out of date, let me know. That is
why I have asked the question at the beginning of this column. Send
me an e-mail at david.harper@.... Let me know and I will share
your thoughts with readers.
I turn to the topic of platinum this week because there has been a
little discussion going on among some hobbyists about the low
mintages of the platinum American Eagles in 2005 and some of the
individual low mintages of platinum American Eagles from prior years
in the 1997-2006 run.
No question, the mintages are low. If they applied to Lincoln cents,
Barber quarters or Seated Liberty dimes, prices would probably march
higher. However, these mintages are not related to those classic
collector coins, the coins that most collectors are familiar with and
emotionally tied to. These mintages are tied to platinum American
Eagles.
That brings me to the second half of the supply and demand function.
Yes, a low mintage should make all collectors sit up and take notice.
Something might be afoot there, to borrow a phrase from Sherlock
Holmes, the famous Arthur Conan Doyle detective.
However, mintages need to be compared to the demand side of things.
Who wants these low-mintage coins? So far, they haven't taken the
hobby by storm. Nobody grew up spending platinum coins. Nobody in the
hobby was terribly conversant with platinum before the advent of
automotive catalytic converters other than collectors of Russian
coins, where platinum pieces of the 19th century are true rarities.
Perhaps a fan or two of the old Have Gun, Will Travel TV show learned
about platinum as I did as a child.
In the first instance, it is familiarity and the possible emotional
connection that draws collectors to certain coins. This font of hobby
good will is absent for platinum American Eagles. That leaves two
other reasons for buying the coins. The first of these is an
expectation that the price of platinum bullion will rise far enough
to cause buyers of platinum American Eagles to make a profit. This
may happen. I am on record as forecasting a 2006 gold price of $650
an ounce. Platinum would likely rise in tandem.
The second reason, which I deem far more important, is the
expectation that collectors of the future will come to value platinum
American Eagles for what they are: beautiful examples of the coiner's
art depicting the Statue of Liberty that is also paired with other
beautiful designs on the proofs. These buyers are the true numismatic
pioneers. They don't let others tell them what to do. They don't
chase popularity. They buy when others couldn't care less. This is
their time with platinum.
If other collectors over the next 10 or 20 years decide that this
group of pioneers was right, then look out. Those low mintages from
2005 will help ignite quite a price spiral. The coins will cease to
have any connection to the price of the metal and they will simply
become very scarce coins valued highly for that very reason.
So tell me, are you buying?
E-mail me at david.harper@..., or write me atNumismatic News,
700 E. State St., Iola, WI 54990.
As a platinum proof collector and moderator of a group of active
platinum proof collectors on Yahoo, I was very interested in your
editorial on platinum coins. I agree with you that mintages of a
coin only tell part of the story and that collector demand is
normally derived, to some extent, from an emotional response to a
coin.
I have no qualms with your lack of interest in platinum coins. They
aren't for everyone. I have similar feelings towards other coins-
for instance, I never had an interest in two-cent coins, three-cent
coins or half dimes. For that matter, I am not interested in the
platinum bullion coins either. That said, I don't think I've ever
had a disparaging word for those who did enjoy those series, so I was
surprised by the uncharacteristically negative tone of your
editorial.
I enjoy collecting platinum proof coins for a number of reasons. I
like the metal content. I like that they don't tone. I like the
quirky fact that each platinum proof coin takes, I believe, 9 strikes
to create. And yes, I enjoy the low mintages.
I agree with you that low mintages alone do not dictate value.
However, I do believe that low mintages can create demand. The 1997W
Jackie Robinson $5 uncirculated gold is a prime example. It's not a
very attractive coin, and, in spite of the popular theme (baseball),
there was hardly any demand for the coin when it was issued. As a
result, it had a mintage of only 5,174. As word got out, demand
started rising. My guess is that many of the people who spend the
thousands of dollars required to obtain an example on the secondary
market aren't collectors who are trying to complete a type set of
modern gold commemoratives, but rather collectors who are interested
in obtaining examples of coins based on low mintage figures.
I've collected platinum coins since 1997, and anyone interested in
collecting platinum coins can pick up virtually an entire collection
of these coins from 1997 through 2003 for close to melt value. The
2003 half and quarter ounce coins have mintages of under 7,000, but
really don't command much of a premium over melt. 2004 is a
different story. As I've written before, the 1/2 and 1/4 ounce coins
have mintages of 4,886 and 5,035 respectively, lower than almost any
coin in the last seventy years - during which the population of the
U.S. has more than doubled. 2005 platinum proofs have mintages that
are slightly higher than 2004, but are still compelling.
The fact that the 2004 platinum proof sets, which just a year ago
could be purchased for $2,495 directly from the Mint, now regularly
command prices of over $8,000 on eBay, tells me a lot about demand.
As for who's buying, at these prices, we can be sure it's a collector
who knows what he or she wants and has the means to obtain it. Am I
buying? When I find affordable examples of scarce coins, yes. Is
there demand? You bet there is. That's good enough for me.
Dan Knauth
A hat tip to you and your $100 Proof Plat "All-Time Finest" collection. One to go to be perfect.
Not quite the pioneer days of a few years ago in the Plats, but just as much fun.... more pilgrims head to the Plat trail every day.
Should be a fun ride from here!
BBpM:
<< <i>...what are the ball-park values of the PR70 coins? >>
Since the inception of the PCGS 2006 World Series of Coin Trading, the PCGS Price Guide has become a much improved tool to help in determining useful and approximate valuations. I would use it, along with other available price guides as a helpful tool, while also doing your due diligence scouring recent sales of coins on sites like eBay, Heritage, Teletrade, and the like to assist approximating general values of the PR70 coins.
Thank you BBpM. I am excited, as you can probably tell from the post. And, yes, I feel that we have much of the fun and excitement ahead of us.
<< <i>The second reason, which I deem far more important, is the expectation that collectors of the future will come to value platinum
American Eagles for what they are: beautiful examples of the coiner's art depicting the Statue of Liberty that is also paired with other beautiful designs on the proofs. These buyers are the true numismatic pioneers. They don't let others tell them what to do. They don't chase popularity. They buy when others couldn't care less. This is their time with platinum. >>
This IS our time:
RC: I believe the US Mint's revised figured as of 3/7/06 was 6,700 pieces.
Wondercoin
My MS Plats.
It is really hard to say how many coins may or may not have been melted. What I can say is that the Proofs are getting harder and harder to locate raw. I have been buying the coins at full sheet all year long and have taken virtually every set offered to me. Lately, the supply has dried up, even at full sheet. There is plenty of demand though.
Wondercoin
Bruce Scher
Wondercoin
Steve
I think I'll have some "most excellent vino" and look over my Plats.
BBpM
I sell 1995(w) Silver Eagles in PCGS-PR69DCAM for $5,250 these days (when I have them in stock) and buy them within 10% of my asking price. I have bought every coin offered to me in the past few months (sight-seen) and have sold every coin I bought as well. I truly can't keep them in stock for more than a few days (and I do not even list the coins for sale on my website). The mintage on that bullion Silver Eagle is more than 30,000 pieces. But, its popularity is enormous.
On the other hand, the mintage on the 2003 $100 Proof Plat is a scant 8,256 coins as you mentioned RC. The coin retails for around $1,500, give or take in PCGS-PR69DCAM. The coin has $1,000+ worth or platinum in it, as opposed to $10 worth of silver for the 1995(w). The coin shows on the CDN at $1,070 raw last I checked (close to melt). So, why does it take nearly (5) of these to buy (1) 1995(w) - honestly, beats me.
Wondercoin
This is an excellent question/conundrum, and was one of the final unanswerable questions, that caused me to leave the ranks of Silver Eagle collector, to concentrate on the plats. It seemed to me that, if a small percentage of Silver Eagle collectors moved into plats., it would be a boon to the plat collectors. And it proved, at least to me, that collectors were obviously not into the Silver Eagles, vs. the plats. (or gold), simply due to price concerns.
Bruce Scher
If it could be done over the net, you'd be receiving from me, a straight look in the eyes, and a hearty handshake.
Welcome Bruce!
Bruce: Rest easy in knowing you still have mountains and mountains of non-Platinum moderns to continue to bash if you desire.
All kidding aside, congratulations on your new $100 Proof collection. The coins are nothing short of addicting - you tell me in 45 days if you don't feel the same way.
Wondercoin
Article
P.S. - Steve - judging from your perfect set, it appears you enjoy your $10 Plats a great deal as well.
Perfect $10 Plat Set
Please be aware, Bruce, plats do not tone! Spray guns, and gases, aside, Plats do not tone.
You will not, repeat, YOU WILL NOT FIND MONSTER TONED plats anywhere.
The reverses are really neat however, as I bet you already know, but if not (like I use to do when I collected commems., in posts called "Commem. Tidbits"), I'll get to some comments on the plat. reverses, and the other plat. denominations in future discussions of "Part of the numismatic landscape"... )
I am so happy, just elated, to have a KICK-A$$ collector, such as yourself, join our ranks!!!