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Bullion Coins From The 70's?

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NumisEd's Avatar
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 Posted 10/17/2022  2:42 pm Show Profile   Bookmark this topic Add NumisEd to your friends list Get a Link to this Message Number of Subscribers
I have noticed that most bullion coin series (ASE, AGE, Krugerrand, Maple Leafs, etc.) started around the mid-80's.
But is there also a bullion coin series that started in the 70's or perhaps even the 60s?
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hfjacinto's Avatar
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 Posted 10/17/2022  2:48 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
Well kind of.. before 1964 all US coins were supposed to have the value in previous metal. So pre 1964 all US coins (except cents and 5 cents) were bullion.
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NumisEd's Avatar
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 Posted 10/17/2022  2:52 pm  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply
But pre-1964 US coins have NOT continued until this day in 90+% silver.
Also, bullion coins typically have an explicit statement of weight (or mass) and fineness on the coin which the pre-1964 US coins do not have.
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JimmyD's Avatar
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 Posted 10/17/2022  3:07 pm  Show Profile   Bookmark this reply Add JimmyD to your friends list Get a Link to this Reply
The Canadian 1 oz. bullion gold Maple Leaf was first issued
in 1979 with a mintage of 1 million.
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NumisRob's Avatar
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 Posted 10/17/2022  3:11 pm  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply
In the early 1970s silver was still in general circulation in many countries, and people hoarding silver just took coins from change. There were gold bullion coins available: the Krugerrand had been struck since the 1960s and the British sovereign was generally considered a bullion coin.
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thq's Avatar
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 Posted 10/17/2022  5:46 pm  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
It's been 100 years since the various 20F gold coins were actually worth 20F. And Maria Theresa thalers and Dutch dukaats have been around for hundreds of years. They disconnected from their face value and became bullion long ago.
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Sap's Avatar
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 Posted 10/17/2022  7:58 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
South Africa were the pioneers in the "bullion coin" concept. You can tell that krugerrands were "early concept", because they retained a key component of circulating gold coins: they were .900 fine, rather than .999. The Mexican Libertad is another early example of a gold bullion coin. And krugerrands and Mexican onzas are unique in not having a fixed legal tender "denomination", per se, but being "denominated" in troy ounces, and their legal tender value fixed to the London spot price of gold.

The krugerrand was launched in 1967, the onza in 1981.

The only other "early bullion coin" not yet mentioned was the Austrian 100 corona dated 1915, which is still being struck bearing that date. More like a "restrike trade coin" than a proper "bullion coin" - kind of like the gold equivalent of the Maria Theresa Thaler. However, it too was issued in .900 fine gold, and to an odd amount of almost, but not quite, 1 troy ounce of fine gold (0.9802 ounces, or just slightly more than a USA double-eagle).

The "silver bullion coin" was much slower to take off; it was considered too cheap and bulky to be worth stacking, compared to gold. And there were still plenty of old silver coins to be found, for those of the minority who did want to store silver coin. I think here the Mexicans were first, with their silver Libertad in 1982.
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jbuck's Avatar
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 Posted 10/18/2022  09:55 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
But pre-1964 US coins have NOT continued until this day in 90+% silver.
They did resume 90% coinage in 1982 for commemorative issues and in 1992 for the silver proof sets. These 90% coins were made until a couple years ago when all silver coins and medals went to 99.9%.
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NumisEd's Avatar
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 Posted 10/18/2022  10:55 am  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply

Quote:
They did resume 90% coinage in 1982 for commemorative issues and in 1992 for the silver proof sets. These 90% coins were made until a couple years ago when all silver coins and medals went to 99.9%.


Fair enough, but there was a hiatus between 1964 and 1992.
Also, these coins do not have an explicit statement of weight (or mass) and fineness on the coin.
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jbuck's Avatar
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thq's Avatar
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 Posted 10/18/2022  12:09 pm  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
Historically, Spanish cobs and 8R's, and the Trade dollars, filled a role as silver bullion. They did function as currency to some extent, but they were more useful in trade for their metal content than any stated denomination.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Canada
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 Posted 10/22/2022  01:27 am  Show Profile   Bookmark this reply Add JadeDragon to your friends list Get a Link to this Reply
modern commemoratives and proofs have silver but are not intended to be bullion issues. They just got over produced. Look to South Africa for Gold bullion, and to the 20 Fr, less common 10 Fr and some of the other coins mentioned for examples of bullion.
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