Krugerrands Still on the Open Market
Question: I have krugerrands and would like to know how I can cash them in. I know they are not allowed to be brought into this country anymore. Can you please advise what to do with them?--M.S.
Answer: The United States has banned krugerrands as part of its anti-apartheid policy toward the government of South Africa. But those krugerrands already here can still be bought and sold in the marketplace. What we’re talking about, of course, are gold bullion coins of specific weight and fineness. They fluctuate in value daily, depending upon the spot price of gold.
Your krugerrands still have value. In fact, they might be worth more than you originally paid. Any bullion coin dealer will buy them from you. Because dealers work on differing margins, it pays to shop around for the best offer.
But with the issuance of the new United States gold eagle, the luster has been taken from many of the foreign issues, and there seems to be a genuine gold rush for the first American gold coins since 1933. These pieces are issued in a $50 one-ounce denomination, $25 half ounce, $10 one-fourth ounce and $5 one-tenth ounce.
Dealers report tremendous interest, and the eagles were expected to be available at the dealer level this week. One dealer is selling the $50 piece for the spot price of gold plus 7% per coin, 10 coins at the price of spot plus 6% and 25 coins the price of spot plus 5%. The premium goes up for the lower denominations. One $25 half-ounce eagle has a 10% premium, one $10 quarter-ounce has a 14% premium and one $5 one-tenth-ounce eagle has a 19% premium. The more you order, the smaller the premium.
These coins are likely to appeal to people with a survivalist mentality--those who want to prepare for the worst economic eventuality or political upheaval. They are not likely to become numismatic centerpieces because of the vast numbers being produced. But they do seem to be appealing to a large number of people who believe in gold as an inflation hedge and as a shield against disaster.
For those owning krugerrands who might feel more comfortable switching to the American eagle, no doubt a trade could be worked out. But once again, expect to pay a premium.
Q: Can you tell me if this medal has any value? It’s bronze, enclosed in plastic with an image of Richard Nixon on the front. The back says Re-Elect the President 1972. It’s identified as the official Republican National Committee 1972 presidential campaign medal. Solid bronze, limited edition. Minted by the Franklin Mint.--C.W.
A: It’s probably too soon for your medal to have much value. Eventually, with time, it will appeal to collectors of presidential memorabilia. With a medal such as yours, it’s best that you set the price--$1, $5, $10, whatever--and see if you can find a taker. If someone makes you an offer, that’s what it’s worth.
Q: My husband and I like to look through old disposal sites. A couple of years ago, while looking through a site in Olancha, Calif., we found a coin that reads, “Good for 5 cts. in trade” on one side and “Veteran Company C.C.C. 1924” on the other side. We’re not sure whether it’s made of brass or copper. We’ve been through about a dozen coin books and can’t find anything like it.--R.I.
A: What you found is a token, not a coin. It was made by the Merchant Veteran Co. and it’s worth about $1.50.
Q: A few years ago there was a company that sold packets of coins and stamps. I have a couple of years’ accumulation of these packets, along with a booklet that has information about the countries of origin. I would like to find a coin club that has a youth program to donate my collection to. Can you be of any assistance?--C.A.P.
A: The recent issue of the Numismatic Assn. of Southern California quarterly lists more than 50 local coin clubs. Contact Lorna R. Lebold, NASC president, Box 5173, Buena Park, Calif. 90622, or check with a dealer in your neighborhood for the nearest club. I’m sure your gift will be appreciated.
Q: What is the current value of Morgan dollars dated 1880-0, 1881-S, 1888, 1921-S, 1921 and 1922? Also, what’s the value of Kennedy half dollars 1964 and 1967? And I have the American Express edition of the Franklin Mint Treasury of Presidential Commemorative Medals. It is an uncirculated sterling silver series of 36 medals.--L.C.
A: Your dollars are worth $8 each and up, depending on condition; the 1964 Kennedy half is $2, the ‘67, which is only 40% silver, is worth 70 cents. Your medals are worth the silver value, unless you can find a buyer who appreciates that sort of thing.
Q: Can you tell me what a $2 bill dated 1928 might be worth?--R.V.
A: Your bill has no collector value. Coin News
Frank Gasparro, former chief engraver of the United States Mint, has just produced a pair of medals, one featuring a portrait of Abraham Lincoln and the other featuring Jefferson Davis. The Civil War art medals (pictured) are limited to 1,000 pieces, each weighing one ounce of silver and having a proof finish. The medals are $29.95 each; $55 for the pair from Bowers and Merena Galleries, Box 1224, Wolfeboro, N.H. 03894.
Joel Malter of Encino will conduct a two-session auction in conjunction with the New York International Numismatic Convention at the Sheraton Centre Hotel in New York City. The first session will be Dec. 13, featuring Greek, Roman and Judean coins and more than 130 antiquities. The second session, Dec. 15, features Roman portrait bronzes. Catalogues are available for $10 from Joel L. Malter & Co., P.O. Box 777, Encino, Calif. 91316; (818) 784-7772. Coins may be viewed at the Malter Galleries, 16661 Ventura Blvd., No. 518, Encino.
A mail bid sale of ancient and modern coins of the world, plus United States specimens, and featuring the Frederick S. Knobloch collection, is being conducted by Coin Galleries, a subsidiary of Stack’s. More than 3,000 coins are being offered in the sale, closing Nov. 12. For a catalogue, write Coin Galleries, 123 West 57th St., New York, N.Y. 10019. Coin Letters
A recent item concerning the symbolism on the obverse of the $1 bill has elicited considerable response. At question is whether a cluster of 13 stars on the right side of the bill represents a Star of David, a universal symbol of Judaism. Sol Kriegsman of Tarzana believes the answer is yes.
“The men in the engraving department of the United States government were mostly Masons,” Kriegsman writes. “They designed the $1 bill, keeping in mind the symbolism of the ideals of King Solomon and King David. This is in the form of a pyramid and the Star of David.”
Henry Saklad of Ventura writes: “During the American Revolutionary War, a man named Chaiim Solomon, a Jew, helped finance the war on behalf of the 13 colonies. The country was never able to pay him back . . . Solomon died a very poor man. The interest and principal on his loans grew . . . to be a very large sum. His family and heirs finally accepted on his behalf the only honor that the country could give him, and that was recognition . . . by allowing the Star of David to be placed on the Washington $1 bill.”
