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 Replies: 16 / Views: 6,024 |
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Press Manager
 United States
1420 Posts |
If you're seeing small, white spots on your American Silver Eagles and wonder what those unsightly imperfections are, and why they're there, you're not alone. The numismatic community first took note of so-called “milk spots” several years ago and is still trying to determine both the cause and the cure. In many cases, reports of milk spotting are on raw, bullion-quality silver coins. However, what really causes collective aggravation is the persistent presence of milk spots on numismatically significant, slabbed Silver Eagles. Many of these blighted Silver Eagles are MS-68, MS-69, or MS-70 coins that started developing the dreaded spots after encapsulation. Read the Entire Article |
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Pillar of the Community
Canada
2805 Posts |
These have been appearing on Canadian SMLs for years, and my only Armenian Noah's Ark has developed them as well. The theory is that an acid bath is given to the silver planchets, and then it's not washed off properly, leading to these slowly-developing spots.
Just live with it, I guess. I've always thought that buying MS70 bullion coins was pretty silly anyway.
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Pillar of the Community
United States
4901 Posts |
It's not limited to bullion coins. It is frequently found on Proof/RP ASE's as well |
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Bedrock of the Community
Australia
21786 Posts |
I fully appreciate that new product should be perfect within it's specifications, no matter what that product may be.
One should be also expect that a bullion coin in particular, if it has been protected from new in a way that is considered reasonable to be retained in new condition, should not develop milk spots.
In the aftermarket for such coins, nevertheless treats them as silver bullion coins that are traded for their bullion value.
I for one, would be perfectly happy to buy a silver eagle at bullion price with a small premium only, irrespective of if it had milk spots or not.
(posted while watching Superbowl XLIV)
Edited by sel_69l
02/01/2015 6:40 pm
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Pillar of the Community
United States
4901 Posts |
Quote:
I for one, would be perfectly happy to buy a silver eagle at bullion price with a small premium only, irrespective of if it had milk spots or not. Correct...and not an issue. The issue is for the collectors of proofs/rp's that they pay decent money for only to have them degrade. Not pleasant to pay over $500 for a 2006 RP and have it grow the plague. Bullion spotting is irrelevant to the value of the bullion coin. |
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Bedrock of the Community
United States
19949 Posts |
My theory is the spots are caused by metal impurities in the planchet mix, very likely zinc or magnesium. Hard to believe nobody has used SEM-EDXRF to examine the composition of the spots. If I had time and a sample, I'd do it.
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Pillar of the Community
United States
4901 Posts |
Quote:The December 17, 2012 issue of Coin World had an article describing the Mint's acknowledgement of the "white spots" problem for modern silver coins, especially the .999 American Silver Eagles. In the article it states, "During her less then 18 months as the U.S. Mint's quality division chief, Stacy Kelley-Scherer has focused her attention on a problem that has plagued the American Silver Eagle silver bullion coin almost since its 1986 inception �" spots. So far, a solution that prevents spotting from occurring has eluded Mint officials... Each year of the program, collectors and dealers of the American Eagle silver dollars have reported spots or blotches on the obverse and reverse, on all finishes �" bullion, Proof and Uncirculated �" and on coins from all Mints. The spotting is random and can appear as a single spot, multiple spots crossing the field and devices, or in large blotches or patches consuming significant portions of a coin's design." The article illustrated spotted Silver Eagles that had been graded by Numismatic Guaranty Corp. (NGC). But the problem is not limited to NGC or any other grading service. At PCGS, we have received Silver Eagles in sealed Mint boxes (the 500 once green "monster boxes") and opened them to find coins that have already spotted. We have also graded spot-free coins, sent them to customers, and then had them returned to us months later after they had developed spots. There seems to be no rhyme or reason as to why some coins spot and some don't. But it is clearly something that is happening at the U.S. Mint. The problem is also not limited to Silver Eagles or coins from the U.S. Mint. We have seen the same spotting problem on modern U.S. silver commemoratives and modern coins from other Mints such as Canada, China, and Australia. Our feeling is that it has something to do with the .999 silver composition, as the earlier pre-1965 90% silver coins seldom spot. However, it could also have something to do with the way the planchets are prepared or washed. We are not sure of the cause of the spotting, and apparently neither are the Mints of the world. PCGS also offered a $50,000 reward for anyone who could solve the problem...no takers Edited by Foxwoods Man
02/02/2015 12:47 pm
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Bedrock of the Community
United States
19949 Posts |
That $50g is tempting....I should work some overtime. No matter the cause, the composition of the spots needs to be accurately determined first.
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Pillar of the Community
United States
1391 Posts |
Edited by allranger
02/02/2015 3:43 pm
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Pillar of the Community
United States
3789 Posts |
great piece.... as this article mentions, and many before me, long before me, have said: graded bullion coins are silly.
The idea is novel, yes. But they will not hold their value because once that milk spot shows up, it kills the grade.
which leads me to think one should be very careful buying any graded proof finish silver coin as well, as I found out, it can happen to proofs.
Its interesting that the silver coins minted by the german state mints also develop milk spots. My somalia elephant coins get it and so have the african wildlife coins as well.
My only contention is that it is unacceptable to get milk spots on a proof coin. I mean really, get a proof coin with all its beauty and detail and then you get milk spots? Why bother to make proof silver coins?
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Pillar of the Community
United States
4901 Posts |
I should add that the $50k offer has been on the table since 2009...
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Pillar of the Community
United States
1208 Posts |
Quote:
I've always thought that buying MS70 bullion coins was pretty silly anyway. Why? The ASE is a legal tender silver dollar coin of the U.S. Any coin, especially one that is legal tender, made of silver, and produced as a coin of the U.S., a beloved "silver dollar" is always going to be collected by numismatists, and therefore sought out in the best possible condition, which for some people is TPG by default. So you have a U.S. coin sought by collectors in the "magic" grade of MS70. You wouldn't find MS70 ASEs "silly" if you had a few 1990s graded as MS70! Edited by ratio411
02/02/2015 5:10 pm
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Bedrock of the Community
Australia
21786 Posts |
I have seen occasional milk spotting on silver proof products of the Royal Australian Mint.
I am lead to suspect that it may have something to do with sealing method of the hard plastic (acryllic?) casing of the coins.
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Pillar of the Community
United States
4901 Posts |
Quote:
At PCGS, we have received Silver Eagles in sealed Mint boxes (the 500 once green "monster boxes") and opened them to find coins that have already spotted. |
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Pillar of the Community
United States
561 Posts |
I certainly understand the arguments on both sides. ASE's have always been NCLT. They are NOT the same thing as all of the other "silver dollars" that were actually used as money in commerce. That being said, I don't know why people get so upset over the issue. Collect ASE's if you like them, don't collect them if you don't. Personally, I have a few so I guess I just ride the fence. LOL |
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Moderator
United States
23522 Posts |
Quote:I remember a recent post where someone had a scanning electron microscope picture of a milk spot. Edit: Here is the link: http://forums.silverstackers.com/to...-page-1.html If this stuff is AgCl, why don't they just....you know....keep the planchets away from bleach? |
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Replies: 16 / Views: 6,024 |
Posted 02/01/2015 2:32 pm
