1956 Proof Set Envelopes
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In the past we’ve talked about how you should NEVER, EVER write on the packaging materials of the collectible sets from the Mint. But, what about the envelopes with address labels and postage stickers on them?
Here’s a clean and nicely preserved 1956 proof set envelope:
Here’s another 1956 proof set package:
(Note: The red blocks were applied to the digital picture to protect the gentleman’s name.)
Because the address label and postage were applied by the US Mint in 1956, this envelope is just as acceptable to numismatists as the clean version above. It is not necessary to remove the additional labels from the Mint. Actually, unwanted damage could occur by attempting to pull off the address and postage information.
Just for fun, take a look at the postage to send one insured proof set in 1956 – seven cents. Using inflation calculators, that seven cents would be the same buying power as 55 cents today. But, can we send the same weight and envelope for that price today?
Let’s see, the proof coins in the 1956 flat package - a penny, nickel, silver dime, silver quarter and silver half dollar – weighed 29.36 grams or just over one ounce. For the USPS to carry a similar envelope today with the coins and the two pieces of protective card stock via first class mail, the starting cost would be $0.81 before any insurance costs are added. That’s almost a 50% increase (.81/.55) over the cost of mail in 1956.
Isn’t that interesting. Wouldn’t you think that the increased efficiencies of automation and other improvements over the years would decrease the costs? Looks like that is not the case.
Did you see on the address label above that the US Mint gave the Postmaster permission to open and inspect the contents? Think about that time-frame – 1956. People were more trustworthy in those days. In the rare instance that a package was opened, in all likelihood it was by a postal official for mail purposes.
On a different note, the gentleman who ordered this proof set from the US Mint in Philadelphia is probably no longer with us today. But, just imagine him at his home in Nashville, Tennessee eagerly waiting to receive his new proof set to add to his collection. Just think of the excitement and thrill he had when he opened the envelope with the US Mint’s return address to see the shiny proof coins of silver, nickel and copper in their cellophane container.
Coins with their history and the history associated with their images are certainly interesting. But, it can be fun to look at the history associated with the peripherals (the packages and receipts) and imagine the original collector as well.
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Celebrate Independence
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In 1987, the US Mint produced coins, a silver dollar and a five dollar gold coin, commemorating the 200th anniversary of the Constitution of the United States.
This weekend as we celebrate our independence gained in 1776, it’s important to remember the efforts of the Founding Fathers in developing the Constitution which embodies the fundamental principles of our government.
Several years after we gained independence, the Founding Fathers’ efforts coalesced in the Constitution Convention. The men met in Philadelphia in the summer of 1787. The meeting was to start on May 14, but a quorum did not exist until May 25.
Whether by design or by accident, the Founding Fathers exhibited wisdom in their broad cross-section of backgrounds and interests. Sure, there were the lawyers, at least men who studied law, but there were also soldiers, planters, educators, ministers, physicians, financiers, and merchants who debated the elements of the Constitution.
In fewer than 100 working days, these men in their woolen clothing without deodorant and without air conditioning in the hot, humid Philadelphia summer discussed, argued and drafted the Constitution.
When finalized, the men of the Constitution Convention provided the draft documents to Jacob Shallus who “engrossed” the copies of the Constitution. In 1787, “engrossed” meant “to write or transcribe in a large, clear hand” and “to write or print the final draft of an official document.” At the time, Shallus was an assistant clerk to the Pennsylvania State Assembly with an office in the same building housing the Constitution Convention.
The physical Constitution consists of four sheets each with dimensions of approximately 28 3/4 inches by 23 5/8 inches. The pages include 4,543 total words (counting the subsequent signatures). Historical records show a sum of $30 paid for “clerks employed to transcribe & engross.” In today’s dollars, that would be roughly $715 (using this inflation calculator). Whether $30 or $715, the price was amazing for such a beautiful and important document that has transcended time.
Most people are familiar with the large, beautifully transcribed beginning of the Constitution, “We the People.” This important beginning also played an integral role in the obverse design of the 1987 U.S. Constitution Bicentennial Silver Dollar.
1987 US Constitution Bicentennial Silver Dollar obverse
Ms. Patricia Verani’s design not only replicates the work of Mr. Shallus in her portrayal of “We the People,” but she also includes four pieces of slightly curled parchment paper and a quill pen –the engrossing tool of the day – in her depiction. Below the design, thirteen stars recognize the initial thirteen states that ratified the Constitution.
The states ratified the Constitution in the following order: Delaware, Pennsylvania, New Jersey, Georgia, Connecticut, Massachusetts, Maryland, South Carolina, New Hampshire, Virginia, and New York. After Washington had been inaugurated as the first President, North Carolina and Rhode Island finalized the ratification list.
The reverse design of the commemorative silver dollar represents the many people, not only of the initial thirteen states, but all who have benefited from the work the Founding Fathers achieved with the Constitution.
1987 US Constitution Bicentennial Silver Dollar reverse
Commemorative coins such as this 1987 Constitution Bicentennial Silver Dollar provide beautiful glimpses into our important history.
More interesting facts about the Constitution and our early history can be found at the web site for our National Archives.
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Imports and Exports
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Someone commented recently about the import and export of gold in relation to the US Mint’s rule that they must use American gold when minting American gold coins. Could it be that our export of gold makes it more difficult for the Mint to find enough gold?
Out of curiosity, what are the import and export figures for gold? Let’s look at the various data available on the US Census Bureau’s Foreign Trade Statistics site.
First, here is the graphic of the statistics for gold for 2000 through 2009 and the first four months of 2010:
In 2009, our largest export locations included Mexico ($38.5M), Costa Rica ($10.1M), Hong Kong ($3.6M), Ireland ($3.1M), Australia ($2.7M), United Kingdom ($2.6M), Germany ($2.6M) and Korea ($2.5M). The US exported to other countries but at less than $1M for the year.
Conversely, the US imported gold ore from only four countries in 2009: Mexico ($29.8M), Canada ($4.2M), Ghana ($2M) and Australia ($0.2M). The annual trade balance for the gold ore shows we exported $69.9M and imported $36.1M.
Year to date through April 2010 demonstrates a continuation of that roughly two to one ratio of gold ore exports to imports at $29.6M to $15.7M. The largest export countries in descending order include Germany, Mexico, Costa Rica, Hong Kong and Korea. For year to date gold imports, the countries are Mexico (greater than 94% of the year-to-date imports), Canada, Australia, Taiwan and Togo.
But what about silver?
The silver imports and exports graphic tells an interesting story. First, our exports are dramatically larger than our imports. We import just over 2% of the value of our silver ore exports. Plus, we exported just over$99M in 2008 and imported less than $70,000. In 2009, the gold ore exports grew an additional 40% to over $139M, and the imports decreased to less than $10,000. That’s both interesting and puzzling.
Another related import and export statistic maintained in the US Census Bureau’s Foreign Trade information is what they term “Numismatic Coins.” For the years 2005 through 2009, our trade included:
Though this report does not relate easily to the countries, another of their sources shows that the majority of our coin imports come from Canada, South Africa, Switzerland, Austria, France and United Kingdom At least for the first four months of this year, our imports from those countries ranged from over $204M from Canada to over $10M from the UK.
Year to date, our largest coin exports went to United Kingdom, Germany and Austria with the UK at over $77M and Austria just over $11M.
For the five years 2005 – 2009, our exported numismatic values were roughly 26% of our imported values. But, in 2009, we exported just 15% of our imported values.
Perhaps as a nation we are greedy for the Canadian Maple Leaves, the Gold Pesos, the Gold Roosters and other foreign collectible and investment grade numismatics.
These graphs do not answer the initial question about our gold ore exports impacting the US Mint’s ability to find American gold. However, they do provide insights into the US’s relationship in the international marketplace.
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The Granite Lady
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Or, perhaps she should be called the “Grand Old Lady.”
The US Mint’s first branch opened in San Francisco in 1854, however due to the gold and silver mining in the western part of the country, the branch mint quickly outgrew its first location. Initial contracts for the new location were signed on November 27, 1869, and the ceremonial cornerstone laid on May 26, 1870. To honor the occasion, the cornerstone included a copper casket with coins, newspapers, photographs and other items pertinent to the mint and to the times.
In that era, the building cost over $2 million with the Supervising Architect, A. B. Mullet, saying, “No ornamentation has been attempted, but dependence placed on the magnitude and proportion of the building for its architectural effect. No pains have been spared to make it, when complete, not only the finest and best constructed building on the Pacific coast, but the best arranged mint in the world.”
However, considering the Grand Old Lady withstood not only the earthquake of 1906, but also the resulting fires, the price tag certainly seems justified. Her construction along with seven hours of effort by mint employees and soldiers using a small one inch hose saved the building and the $200,000,000 located in her vaults.
She served the country as a mint and as a storage facility from when she opened in 1874 to 1937. Within three years of opening, the Old Mint location was generating $50 million in coinage per year. Plus, in 1934, the Old Mint’s vaults held one third of the nation’s gold reserves.
After the new San Francisco Mint opened in 1938, the Grand Old Lady housed government offices for both federal and state workers. In August 1958, Kenneth H. Cardwell, Architect, submitted these comments about the architecture of the Old Mint:
“The building is a rectangular structure with a narrow internal court, with four corner pavilions and a Doric hexastyle portico. The pavilions, with slightly raking parapets, are given emphasis by flat pilasters under a Doric frieze. It is two full stories in height with a lofty basement which places the main floor some 12 feet above street level. This is a powerful effect of contrast between the block corner elements and the pair of square brick chimneys 130 feet high that rise in the rear and were used in connection with the refining of ore. The building is, in general, in a good state of repair except for the cornice which has deteriorated and has been partially removed allowing moisture to cause spalling of some of the face stone.
“The building is approximately 160 feet by 217 feet with brick masonry walls face with a Rocklin California granite base and blue-gray sandstone upper stories. The interior has cast iron columns supporting wrought girders, said to be imported from Philadelphia. These in turn carry the floors on shallow brick arches ‘finished in cement.’ In the attic iron girders support the roof, most of which is of galvanized and corrugated iron and a small part of copper sheathed wood.
“The interior woodwork is mostly golden mahogany. The windows are fitted with interior iron shutters which fold open against the window reveals.
“The building is located in an area of commercial San Francisco which is due for redevelopment. Such a building of the historic past could do much to add scale and permanence to the design of any urban development in this area of the city.”
Fast forward a few years when in 2006 to honor the 100th anniversary of her survival of the 1906 earthquake and fire and to help generate funds to restore her beauty for visitors to enjoy, the US Mint struck uncirculated and proof silver dollars and uncirculated and proof $5 gold coins.
This proof silver dollar shows she is a Grand Old Granite Lady.
You can find more information and more pictures at these sites:
US Mint Buildings Across the Nation
Library of Congress Pictures and Drawings of the Old San Francisco Mint which includes pictures of the various rooms such as the Assayer’s Office, the Coining Room, the Refinery, the Adjustment Room and others.
San Francisco Museum and Historical Society Old San Francisco Mint
The Mint Project – includes plans for the future of the Old San Franciso Mint
The US Mint’s Commemorative Coins – Old San Francisco Mint
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Silver Dollar Reverse – Supreme Court
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Just look at the details in this proof silver dollar reverse image. The coin is the 2005 Chief Justice John Marshall commemorative silver dollar. The obverse certainly provides an interesting portrait honoring the Chief Justice and his accomplishments, but the reverse’s intricate details are more visually intriguing.
The reverse design’s image is of the Old Supreme Court located in the US Capitol. While Chief Justice John Marshall served on the Supreme Court for 34 years beginning in February 1801, he presided over the first Supreme Court session in their new chambers depicted on the coin in February 1819.
Though arches are very strong, they present difficulties to the construction crews building them. Unfortunately, the designer of these specific arches lost his life when he pulled the supports too soon. More details about the Old Supreme Court’s architecture can be found on the Capitol Architecture Web Site.
For 41 years, the Supreme Court used these facilities until 1860 when they moved upstairs into a room vacated by the US Senate. The old Supreme Court room became a law library, but in 1898 damage occurred due to a gas explosion in the sub-basement below and near the chamber. Later, in 1935, the Supreme Court left the US Capitol building.
The Old Supreme Court Chambers became a reference library, then a meeting room and later a storage room. In 1972, Congress voted to restore the Chambers to their mid-19th century glorious architecture.
Take a look at the pictures from the restored room: From the South, from the Southwest, from the East and from the Northwest.
Looking closely at the views from the South and the Southwest, it looks like the coin’s reverse design view on the silver dollar is from somewhere between the two.
But the detail is amazing. From the crenelatedceiling architecture to the busts on the walls along with the columns and the furniture, the details shine in the coin’s reverse design.
The coin includes chairs, desks and other fixtures in the design. During the restoration, the original furniture and other fixtures were used when available and could be repaired. Where the old fixtures could not be found or were too damaged to use, versions were re-created to match the originals as closely as possible.
Since 1975, the Old Supreme Court has been a museum for the Supreme Court, especially the Old Supreme Court that presided over many historical cases in those specific chambers.
This 2005 Commemorative Silver Dollar also honors the Supreme Court in addition to recognizing Chief Justice John Marshall. Congratulations to the US Mint’s sculptor and engraver, Donna Weaver, for her artistry in the coin’s beautiful and detailed view of the Old Supreme Court.
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Old US Mint Receipts
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Sometimes when people decide to sell their coins – either to invest in other coins or to generate cash – they forget to remove their receipts.
We’ll mention briefly that it’s not good to leave any identifying information in things you sell or get rid of in other ways. In today’s world, there are too many unsavory characters who look for personal information in order to steal from people. Always look through your “stuff” and remove any of your personal identifying information before you sell, give away or trash your possessions.
Now, with that out of the way, take a look at this recent find in a group of coins:
This receipt shows the order and shipment for the 1959 proof sets which included the first year of the Lincoln cent with the new memorial reverse.
The receipt paper was once a pale blue but has aged to a brownish blue color. The circles on the right look similar to the holes for feeding paper into a line or dot matrix printer. Did the Mint have computers and line printers to help them manage their orders in 1959? Maybe, but it’s not likely.
Much of the form was pre-printed in black and red ink with the information pertinent to the individual’s order typed using a carbon to make copies. A red number “2″ in the upper right specifies this was a copy.
In the upper left, information about the form and the US Mint shows:
Across the top, the header notes this is a Proof Coin order rather than a Mint Set order from the Philadelphia Mint location:
Below the header in red ink, the Mint cautions that you must use your order number for any correspondence about your order:
This makes you wonder how many of these they sent to their customers? This receipt arrived with the shipment. How would one know the order number prior to receiving the sets unless the Mint sent you an earlier copy? Hmmm…wonder how many of these sheets were in one form…
The next block provides information specific to this order:
The order was received on March 13, 1959 for two proof sets for the year 1959. The cost of the two sets was $4.20 with the type of payment “PM.” What were the payment choices in 1959 – cash, check, money order? What was “PM?”
The shipment type was “PP,” and since that was pre-printed, the customer did not have a choice in shipment. Last in this section, the order number was 73853.
The subsequent block, also pre-printed, shows the insurance:
Next, the address block certainly looks to be from a typewriter, but old line printers had simplistic printing too:
Though Mr. Smith may no longer be with us, or he could have moved from his 1959 address, we’ve blocked the information to protect his identity. Oh, and did you notice? This address is before zip codes.
In the lower left of the receipt, the blank for the date shipped is shown:
This order began on March 13 and was shipped on September 15 as shown by the blue inked date stamp.
Collectors are also curious people. It’s interesting to see the original documentation and the original owner of the sets.
Too bad there are unsavory people. This receipt will be placed in the shred pile rather than continue with the proof sets.
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Math, Gold and a Trillion
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We’re hearing a trillion in the news frequently from a trillion bailout for the Europeans, a trillion in debt and the list goes on… What is a trillion?
First, a trillion is a “1″ followed by twelve zeroes: 1,000,000,000,000. Or, put other ways, a trillion is a thousand billions or a million millions.
But, for fun, we’re going at the number in a slightly different way.
Because, in addition to “trillion” being in the news frequently, so is gold – that heavy, yellow precious metal whose price climbs as talk continues about “trillions.”
One troy ounce of gold in bar or ingot form, sometimes called a wafer, is 1 5/8 inches by 15/16 inch and 2mm thick.
If you placed these one troy ounce ingots end to end, it would take roughly 971 million to go around the earth’s circumference.
Now, let’s be generous (though it appears the price will be there soon) and say that one troy ounce of gold is $1240. That belt of gold, 15/16 inch wide and 2 mm thick, would equal $1.2 Trillion in value and weigh 30,198 metric tonnes or 33,288 US tons.
That’s a lot of gold!
From 2000 through 2008, the gold mining output ranged from just over 2400 metric tonnes to almost 2600 metric tonnes in a calendar year.
At 2600, it would take almost twelve years to pull 30,198 metric tonnes out of the ground.
That’s a lot of time.
Here’s a rhetorical question: do you think the people in politics and the people in finance have lost touch with reality and what $1 Trillion really means?
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The Mints
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It’s amazing what you find on the web when you’re not really looking for it.
Did you know the Department of the Treasury’s Office of the Curator maintains web pages for the buildings of the US Mint?
They include pictures and historical information for the buildings associated with the currently operating mints of Denver, Philadelphia and San Francisco. They have not added pictures and building information for the newest operating mint at West Point, New York yet.
They also include details about mints no longer in operation: Carson City, Nevada and New Orleans, Louisiana. Missing from their web pages are the pictures and details for the Dahlonega, Georgia and Charlotte, North Carolina mints.
The southern mints began for two primary reasons. First, the Philadelphia mint had difficulty keeping up with the needs at the time especially the influx of gold. Second, carrying gold from the south to Philadelphia became very hazardous to the men transporting the raw material.
The southern mints were initiated by the Act of 1835 approved by Andrew Jackson. The three mints began coin output by late 1838. Both Dahlonega and Charlotte only minted gold coins. New Orleans minted both gold and silver coinage.
The three mints were seized by the Confederacy in 1861 and with only sporadic operation afterwards they were eventually shut down.
After the Civil War, only the New Orleans mint resumed minting coins. The Charlotte mint became an Assay Office but was never again a working mint. The Dahlonega location was not reopened as a Department of Treasury location.
The Office of the Curator may find it difficult to obtain details for the Dahlonega and Charlotte mints. However, the State of Georgia archives contain some early Dahlonega mint photographs as we showed in an earlier blog post. But, since the original Dahlonega mint building burned, the historical architectural information may be lost.
Regardless, enjoy a brief historical trip through the mints which is both educational and interesting. And, for obvious security reasons, the building information does not provide any significant details about the current buildings.
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NEW! The Redesigned $100 Bill
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Kudos to the Bureau of Engraving and Printing. This morning the new Series 2009 $100 bill was unveiled in a ceremony with the Department of Treasury presenting the new bill in their Cash Room.
Take a look at the new Ben, isn’t he handsome!
There are several new security additions along with a slightly modified look for the bill. In particular, look at the blue 3-D strip to the right of Ben’s portrait. If you move the bill from side to side, the contents of the strip – 100 and a liberty bell – move up and down. If you tilt the bill up and down, the contents of the strip move from side to side. This information is embedded in the cotton linen blend of the note not just printed on the surface and is visible without any special devices being necessary.
In addition, they’ve added an inkwell to the right of the portrait that contains an image of the liberty bell. The bell changes color from copper to green when the bill is moved.
Plus, the Bureau of Engraving and Printing began adding “Symbols of Freedom” to all of the redesigned currency. For the $100, portions of the Declaration of Independence are printed to the right of the portrait and behind the quill pen and inkwell.
Adding to the shifting colors, the “100″ in the lower right corner can be green or copper depending on how you hold and view the note.
Like the earlier changes, you can see Ben’s portrait is larger with no constraining oval around his image. Plus, his shoulders flow into the bottom border of the bill.
From earlier security measures, the bill still contains the security thread to the left of Ben’s portrait. Back lit, you can see USA and 100 alternating along the security thread. This can be seen with regular light, however in ultraviolet light, the thread shows pink.
Also from earlier efforts, the watermark containing Ben’s portrait remains in the blank space to the right. The watermark is embedded when the cotton linen blend is made into sheets for the $100 bills prior to printing.
One of the additional elements in our currency is the rough and raised texture on our bills. For the new $100, the rough area to test is on Ben’s right shoulder (your left when facing the portrait). This printing is added by the enhanced intaglio printing process used for Ben’s portrait.
Very fine microprinting continues to be a deterrent for counterfeiters in several areas on the face of the bill. In particular, very small words can be found in Ben’s collar, along the new quill pen, in the area around the watermark and along the border of the bill. A magnifying glass or loupe can help you see these areas better.
As with the changes to the other currency, a pale blue background color has been added to the $100 bill. This color – more of a wash than a distinctive color – is more difficult for counterfeiters to copy. But, as they caution, the bill’s color should be only a minor security consideration when viewing the new bills. The other security measures are much stronger and more difficult to copy.
These new bills will be made in Washington, D.C. and in Fort Worth, TX. Instead of the mint mark like on coins, the new bills will have a small FW in the upper left corner to the right of the 100 if printed in Fort Worth. Bills printed in Washington, D.C. will not have any designation. The bill above does NOT have the FW which would have shown to the right of the upper left 100 and to the left of the small “H” above the word “Reserve.”
The back of the new bill changed too.
Two prominent changes occurred on the reverse of the new $100. The most obvious change includes the large 100 across the right end of the bill to help the vision impaired see the denomination more easily. The second difference is the view of Independence Hall. Instead of a front view of the building, the new bill shows a picture of the back of the structure.
Now with all of the excitement surrounding the new bill, it won’t be available until February 10, 2011.
In the meantime, the Bureau of Engraving and Printing has wonderful information available on their new money web site:
The new $100 bill launch video can be seen on their site or on their YouTube site.
They offer an interactive tour of the new $100 bill on their site. Click on the blue box that says “Explore the Interactive Note” for a fun tour – self-guided or virtual.
Perhaps the most informative is their New $100 Bill page.
But, given that the note will not be out for another almost ten months, take a look at the older versions of Ben and the earlier security measures introduced in the Series 1996 – 2003A on the Bureau of Engraving and Printing’s money factory site.
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Metals, how they shine!
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It’s interesting to look at the metals and how they performed during the same time periods. The five year charts give an interesting history – not so long that the economy’s inflation is a hindrance and not so short that you can’t “see the forest for the trees.”
First, the gold roller coaster ride has been mostly up with the high in December 2009 at $1214.80, but recent increases have it at $1155 not too far away from its high:
Of course, silver continues to be a popular, and some say undervalued, metal. Silver’s high at $20.79 was in early 2008, but its current consistent performance of over $18 continues an upward climb.
Now, for some real fun, let’s take a look at the PGMs (Platinum Group Metals).
First, let’s review platinum since some coins are made using platinum. Platinum enjoyed a high of over $2200 in early 2008, and recent performance has it over $1727. It looks to be steadily climbing the mountain in the chart.
What about palladium? It’s difficult to mine, is found with the other PGMs but is not found in large quantities. It, too, had a high at $579 in early 2008, but look at it today. Palladium closed at $546 not quite but almost back to its 5-year high.
Another PGM, rhodium, has an interesting five year history. Back in 2008, rhodium experienced a high of over $10000. Now, in 2010, the prices are approaching $2800.
Had you owned one commodity of each of the above metals in early January 2009, the past fifteen months would have been very, very good to your investments.
Starting at the top:
Gold increased 35.5% since January 2009.
Silver grew 66%.
Platinum added 85.9%.
Palladium – the winner - enjoyed a 200% increase (means it tripled in value).
Rhodium’s growth came in second place with an increase of 180.2%.
Gold, it seems, receives the majority of the attention – due to once having been the currency standard and is still indirectly considered as such - but these other metals quietly outperform their golden cousin.
Just an interesting and fun way to view the metals!
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