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Commems Collection Modern: 2000 Library Of Congress Coins

 
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 Posted 11/08/2012  9:55 pm Show Profile   Bookmark this topic Add commems to your friends list Get a Link to this Message
The Library of Congress came into being on 24 April 1800 when President John Adams signed into law the Act of Congress that moved the Federal Government from Philadelphia to Washington, DC and authorized a library for members of Congress; the Act included a $5,000 appropriation for establishment of the Library. Today, the Library of Congress is the world's largest library " it houses more than 150 million items (books, manuscripts, photographs, movies, sound recordings, etc.).

200 years later, on 24 April 2000, a special ceremony was held in the Great Hall of the Library's oldest building - the Thomas Jefferson Building " to launch the two commemorative coins struck by the US Mint to celebrate the bicentennial of the nation's oldest cultural institution. One of the coins was a silver dollar, the other, a $10.00 coin, was the first gold/platinum bimetallic US coin.

The obverse of the silver dollar features an open book in the foreground, with the symbolic "torch of learning" in the background; the torch is representative of the informational resources contained within the Library of Congress. The coin's reverse features the dome of the Library's Thomas Jefferson Building. Thomas D. Rogers designed the obverse, John Mercanti created the reverse.

The authorizing legislation for the silver dollar set the maximum number of coins (proof and uncirculated combined) at 500,000. Sales of the proof version totaled 196,900; the uncirculated totaled 53,400 in sales. The proof coins originally sold for $32.00; the uncirculated for $27.00.

Following are images of my uncirculated version of the coin.

Obverse



Reverse




As noted above, the $10.00 coin was a bimetallic coin comprised of an inner core of platinum encircled by an outer ring of gold. The gold and platinum are equal components of the coin - 48% of the weight each " with a copper alloy making up the remaining 4%. As this was the first time the US Mint struck a two-piece bimetallic coin, it experienced a number of production issues that caused a fairly large number of defective coins that were rejected and melted. I wonder if this is the reason we haven't seen another such coin attempted?

The $10.00 coin's obverse, designed by John Mercanti, depicts the hand of Minerva raising the "torch of learning" with the dome of the Thomas Jefferson Building seen at the rear; Minerva is the Roman goddess of wisdom. Thomas D. Rogers' reverse design is the logo or seal of the Library of Congress encircled by a laurel wreath.

A total of 200,000 coins were authorized, but total sales did not approach such a lofty goal. The proof coins once again outsold the uncirculated, with proof sales totaling 27,167 and uncirculated sales reaching just 6,683. The proof coins had an original selling price of $425.00; the uncirculated sold for $405.00.

Following are images of my uncirculated version of the coin.

Obverse



Reverse




The bimetallic coin is the current key to the entire modern commemorative series, commanding strong prices in the secondary market for both proof and uncirculated versions. I'm glad I was able to purchase mine from the Mint at the time of the coin's release!

I invite those with an interest in learning more about the Library of Congress to visit: http://www.loc.gov/about/history.html

Read More: Commems Collection
Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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 Posted 11/08/2012  10:36 pm  Show Profile   Bookmark this reply Add aandabooks to your friends list Get a Link to this Reply
Outstanding write-up. I don't have this one for my collection yet.

When you say the bi-metallic is the key to the series, does it bring a higher price than the Jackie Robinson or was the mintage that much lower?
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 Posted 11/08/2012  11:34 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
@aandabooks: While the Jackie Robinson gold uncirculated $5.00 coin has a lower mintage - 5,174 vs. the LoC $10.00 uncirculated coin's mintage of 6,683, the LoC $10.00 piece commands a significantly higher price in today's marketplace. I believe part of the difference is driven by the LoC coin's additional precious metal content, part of it is driven by its status as the only bimetallic US coin issued (to date).

I was referring to the LoC piece as the "key" based on current selling prices.


Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Edited by commems
11/09/2012 08:29 am
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 Posted 11/09/2012  5:18 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Excellent and informative post with a lovely coin, as always.
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 Posted 11/09/2012  7:35 pm  Show Profile   Bookmark this reply Add yotie to your friends list Get a Link to this Reply
what is the best way to clean drool from a keyboard?
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 Posted 11/09/2012  7:46 pm  Show Profile   Bookmark this reply Add babysitr to your friends list Get a Link to this Reply
Best part of this site......Gaining wisdom about coins!!...Thank You
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 Posted 11/12/2012  7:09 pm  Show Profile   Bookmark this reply Add nickelsearcher to your friends list Get a Link to this Reply
Late reply ... too much work.

Tremendous coins commems supported again by your exceptional knowledge of the series and effective writing.

Wishing I were aware of these back in the day ... that $10 bi-metallic in MS might just be my next favorite hunt to find.

David
Take a look at my other hobby ... http://www.jk-dk.art
Too many hobbies .... too much work .... not enough time.
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 Posted 11/12/2012  9:19 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
When you say the bi-metallic is the key to the series, does it bring a higher price than the Jackie Robinson or was the mintage that much lower?


Looks like a much higher price to add onto what commems said. Just saw an MS 70 bi metal go for over 4k. I'mgoing to guess about half of that was from the PM value leaving a higher overall premium than the Robinson.
Edited by basebal21
11/12/2012 9:20 pm
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 Posted 11/12/2012  11:08 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
An interesting comparison baseball21...

The LoC bimetallic coin includes 0.2509 ounces each of gold and platinum. At today's closing prices for gold ($1,723.50) and platinum ($1,549.50), the coin contains $432.43 worth of gold and $388.77 worth of platinum ��" a total of $821.20 in precious metals. The difference between this and the coin's selling price is its "numismatic premium." In baseball21's example, if one of these coins sells for about $4,000 the precious metal component of $821.20 would represent just over 20% of the total cost.

By way of comparison, the Jackie Robinson gold half eagle currently lists for about $2,600 in the Coin Dealer Newsletter ("Greysheet") with a gold content of 0.2420 ounces. At today's gold price, the coin contains about $417.09 of precious metal which represents about 16% of the total cost.

So, the gold Jackie Robinson coin actually carries a higher "numismatic premium" (based on percentages, 84% vs. 80%) than does the bimetallic Library of Congress coin. I always enjoy "playing" with the numbers!


Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Edited by commems
11/12/2012 11:10 pm
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 Posted 11/13/2012  02:04 am  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
Well said commems I had over estimated the amount of gold in the Jackie Robinson.

I actually just checked out all the completed Heritage listings for the two.

What I found was the LOC MS70 in the last two years has been between 3700 and 5300 but the price seems to be coming back down to the low 4s high 3s. The PF70 version has consistently been between 1500 and 1700.

The PF70 Jackie Robinsons have been sitting between 800-1200. The only MS70 they had went for 5500 and in the last two years has been anywhere from 4300-6300.

For what its worth there were fewer Robinsons that had been sold as well so people may be hanging onto those more. Personally I find it interesting that the proof prices have been consistent while the MS have have some pretty extreme variations.
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 Posted 11/14/2012  6:07 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
@basebal21: Thanks for providing the recent auction results, very enlightening.

I think part of the reason the MS coins have seen the variation you noted is that they have been subject to more speculation than the proof versions. Many collectors believe that several of the uncirculated gold commems offer good investment potential. At auction, it only takes two collectors to believe "the time is now" for a given coin to send it into a bidding war and drive the price up!


Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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 Posted 11/26/2012  8:14 pm  Show Profile   Bookmark this reply Add TooMz to your friends list Get a Link to this Reply
That's a nice looking coin! I wouldn't mind adding it to my collection
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