Blanchard and Company

Existing Home Sales Plunge 8.4%, Gold Trades In Range

Posted on February 17, 2026February 16, 2026 by kashipley — Leave a comment

While some parts of the country are seeing an early spring thaw, the U.S. housing market is still on ice.

U.S. existing home sales tumbled 8.4% to a seasonally adjusted annual rate of 3.91 million in January, the National Association of Realtors (NAR) announced Thursday. The news was far worse than expected and marked the biggest monthly decline in nearly four years.

High home prices, falling consumer confidence and a shrinking housing inventory are all factors pressuring the housing market. “The decrease in sales is disappointing,” said NAR Chief Economist Dr. Lawrence Yun.

Why The Housing Report Matters

If the weakness in the housing market continues, it could have a major impact on investor psychology and broader financial markets.

Real estate and the housing market play a major role in the U.S. economy, estimated at 15-18% of total gross domestic product (GDP).

From construction jobs for new housing to home renovations to new consumer expenditures when people buy a home, there is a huge ripple affect on the economy from the housing market. New homeowners typically buy a slew of goods and services like new furniture, appliances and lawn care services when they buy a home, all adding to GDP growth.

A slowdown in the housing market has the opposite impact on the broader economy. The coming months will be key for the housing market as the spring is typically the most active time of the year for home sales.

Gold Reacts as Stocks Sell Off

Gold traded mostly steady as the housing news broke, but slipped slightly lower later in the day. Wall Street analysts attributed the modest dip in gold more likely to the sharp sell-off in stocks. Some traders had to exit positions in commodities like gold to raise liquidity in the face of margin calls on losing stock positions.

Recent Action in Gold Has Turned Sideways

Since the start of February, gold has stabilized and traded quietly in an orderly range between roughly $5,090 and $4,897.

Buyers quickly entered the precious metals market on a late January dip in gold toward $4,544 and the yellow metal quickly rebounded to the $5,000 area.

Stocks are selling off on fresh concerns over whether the massive investments in artificial intelligence will turn into big profits for companies in the months ahead. The abrupt and sharp sell-off in stocks forced some traders to raise cash by selling gold to exit their losing equity positions.

The long-term uptrend in gold remains intact. A period of consolidation is healthy for the gold market following the strong gains throughout 2025 and 2026.

Big Picture for Gold Remains Positive

Analysts including Goldman Sachs Group and Deutsche Bank AG remain broadly positive on the outlook for gold this year. BNP Paribas recently predicted gold may climb to $6,000 an ounce by the end of the year as macroeconomic and geopolitical risks remain.

The Mexican Mint Legacy: Casa de Moneda’s Journey from 8 Reales to Modern Libertads

Posted on February 12, 2026February 10, 2026 by kashipley — Leave a comment

Before the U.S. dollar dominated global trade, Spanish colonial 8 reales struck at Mexico City circulated from Manila to London as the world’s most trusted currency standard. Casa de Moneda de México was established in 1535, producing these silver coins for nearly three centuries. The history of the Mexican Mint spans Spanish colonial silver that defined global trade, revolutionary independence coinage, and modern Libertad bullion. This article traces Casa de Moneda’s evolution from a colonial supplier to a modern bullion producer.

Casa de Moneda de México: The Americas’ First Mint

Spain’s King Charles V granted royal authorization in 1535 to establish the Western Hemisphere’s first official minting operation, positioning Mexico City as the center of New World silver coinage production.

Foundation and Colonial Era (1535-1821)

Spanish Colonial Establishment

Viceroy Antonio de Mendoza, i.e. Spain’s appointed colonial governor in New Spain, established Casa de Moneda de México following discoveries of massive silver deposits at Zacatecas and Guanajuato. Spain needed local minting capacity to convert New World silver into standardized coinage rather than shipping raw metal across the Atlantic. The Mexican Mint received royal authorization from Charles V, operating as an extension of Spanish Crown authority in the colonies.

Image: 1538 Charles and Johanna 8 reales obverse and reverse showing Pillars of Hercules and Spanish coat of arms

Source: Antiques and the Arts

Strategic Location and Production Scale

Mexico City’s position near New Spain’s primary silver mining districts made it the logical choice for centralized minting operations. Proximity to Zacatecas, Guanajuato, and other major silver sources reduced transportation costs and security risks. By the 1600s, Casa de Moneda de México had become the New World’s largest coin producer, striking more silver coinage than all other colonial mints combined. The facility operated under strict Spanish oversight, with royal officials monitoring production to ensure proper silver content and prevent fraud.

Technical Innovation Across Centuries

Cob Coinage Methods

Early colonial production used cob (from Spanish “cabo de barra” meaning “end of bar”) techniques. Workers cut silver bar segments to approximate weight, then hand-struck them between dies. This created irregular, often incomplete designs where portions of legends or images fell outside the planchet. Cob coins varied in shape (some nearly round, others distinctly irregular), but met weight standards for commerce.

Transition to Milled Coinage

In 1732, Casa de Moneda de México introduced milled coinage using screw presses that produced uniformly round coins with complete, centered designs. This technological shift aligned Mexican production with European minting standards. The pillar dollar design debuted with this transition, featuring the Pillars of Hercules that would become synonymous with Spanish colonial silver.

Quality Control Systems

Assayer marks identified officials responsible for verifying silver fineness and weight standards. Each assayer’s initials appeared on Mexican coins struck during their tenure, creating accountability and enabling modern collectors to date pieces precisely. This system continued through Mexican independence into the republican era.

Modern Advancement

The 20th century brought electronic refining, automated striking equipment, and computerized quality control. Today’s facility produces bullion to specifications that would have seemed impossible to colonial mint masters.

Image: Modern Casa de Moneda de México facility in San Luis Potosí

Source: Milenio

The 8 Reales Coin: Silver Dollar of the Colonial World

The 8 reales silver coin became the most widely circulated currency in world history, serving as the de facto international trade standard for over two centuries. Watch this CoinWeek video to see collectors and dealers discussing historic Mexican coins.

Historical Significance

“Pieces of Eight” Legacy

The term “pieces of eight” originated from the coin’s denomination: eight reales equaling one Spanish dollar. This silver piece circulated across every major trading port from Canton to London to Boston, accepted universally based on its consistent silver content and recognizable design. Pirates and merchants alike preferred 8 reales over any other currency due to its reliable weight and purity. Spanish treasure fleets transported these Mexican coins across the Atlantic, with shipwrecks like the Nuestra Señora de la Concepción preserving thousands of these pieces for modern discovery.

Legal Tender in Early America

The United States Congress declared Spanish 8 reales legal tender from 1792 until 1857, longer than some early U.S. coinage circulated. American merchants sometimes cut these Mexican Mint coins into smaller pieces for making change, establishing the “two bits” terminology that persists today for a quarter dollar. The U.S. dollar’s weight and fineness specifications were modeled closely on the 8 reales coin standard when Congress designed American coinage.

Image: Spanish colonial 8 reales bust type with royal portrait and date 1792

Source: PCGS

Physical Specifications

Silver Content and Weight

Each 8 reales weighed 27.07 grams at .903 fine silver (90.3% pure), yielding approximately 0.786 troy ounces of pure silver per coin. This specification remained remarkably consistent across nearly three centuries of production, enabling global merchants to accept these Mexican Mint silver coins without individual testing. The copper alloy added for durability comprised the remaining 9.7%.

Design Elements and Diameter

Coins measured 38-40mm in diameter depending on striking method and production era. Design elements evolved significantly but typically featured the Pillars of Hercules with “PLUS ULTRA” banners, Spanish coat of arms, or royal portraits, accompanied by denomination and mint marks. Colonial cob pieces showed partial, off-center designs, while later milled coins displayed complete, centered imagery.

Mexican Independence and Republican Coinage 0

Mexico’s break from Spanish rule created new coinage reflecting national identity while maintaining silver standards that preserved international trade acceptance.

Transitional Period (1810s-1820s)

Revolutionary Coinage

Independence insurgents operated makeshift mints in territories they controlled, striking crude coins that funded the revolution. These pieces, often produced in Zacatecas and other rebel-held regions, featured simplified designs and irregular quality but maintained approximate silver content to ensure circulation. Revolutionary coinage represented Mexico’s first assertion of monetary sovereignty.

First Empire Issues

Agustín de Iturbide declared himself Emperor of Mexico in 1822, briefly ruling until 1823. His imperial Mexican Mint coin pieces featured his portrait and title, mimicking European monarchical traditions. These pieces remain scarce due to the empire’s short duration, making them sought after by collectors despite being quickly superseded by republican issues.

Republican Standards and Symbolism

The established Mexican Republic replaced Spanish royal imagery with the eagle-and-snake motif drawn from Aztec legend. This design showed an eagle perched on a cactus devouring a serpent, symbolizing the founding of Tenochtitlan and Mexican heritage. Republican coinage maintained .903 fine silver to preserve acceptance in international commerce where Spanish colonial pieces still dominated.

Image: Mexican republican 8 reales with Hook Neck Eagle design from 1823

Source: Numista

19th Century Silver Peso Development

Cap and Rays Design

Early republican silver pesos (1823-1897) featured the distinctive “Cap and Rays” design with a Phrygian liberty cap surrounded by radiating beams. This imagery echoed revolutionary themes while establishing visual distinction from colonial predecessors.

Hook Neck Eagles and Regional Production

The “Hook Neck Eagle” varieties, named for the bird’s curved neck profile, spanned multiple design iterations across decades. Zacatecas, Guanajuato, and other regional mints operated simultaneously under federal authority, each adding mint marks that create collecting varieties. These regional facilities ensured adequate coinage supply across Mexico’s large territory while maintaining consistent silver fineness for trade purposes.

Modern Mexican Mint Production

Casa de Moneda de México transitioned from circulation coinage to bullion production in the late 20th century, establishing the Libertad series as Mexico’s flagship precious metals offering.

Contemporary Bullion Program

Silver Libertad Launch and Design

The Mexican government introduced the Silver Libertad in 1982 as the nation’s official bullion coin. The obverse features the Winged Victory statue (El Ángel de la Independencia) that stands on Mexico City’s Paseo de la Reforma, while the reverse displays the Mexican coat of arms surrounded by historical versions of the national eagle design. This imagery connects modern bullion to Mexico’s numismatic heritage.

Image: 2022 Mexican Silver Libertad obverse featuring Winged Victory with volcanoes Popocatépetl and Iztaccíhuatl

Source: Numista

Gold and Platinum Offerings

Gold Libertads debuted in 1981, one year before their silver counterparts. These coins mirror the silver design but in multiple fractional weights catering to different investment levels. La Casa de Moneda de México also produced limited platinum Libertads, though these remain far less common than gold and silver issues.

Collector Versions

Beyond standard bullion strikes, the Mexican Mint produces proof Libertads with mirror fields and frosted designs, plus reverse proof and antique finish variations. These collector versions carry substantially higher premiums than bullion strikes due to lower production numbers and enhanced visual appeal.

Technical Specifications of Modern Issues

Silver Libertad Range

Silver Libertads contain .999 fine silver (99.9% pure) in seven standard weights: 1/20 oz, 1/10 oz, 1/4 oz, 1/2 oz, 1 oz, 2 oz, and 5 oz. The mint also strikes large format 1 kilo and 5 kilo versions, though these command significant premiums and see limited production.

Gold Sizes and Mintage Considerations

Gold Libertads are available in 1 oz, 1/2 oz, 1/4 oz, 1/10 oz, and 1/20 oz denominations, all struck in .999 fine gold. Annual mintage figures vary considerably: proof versions typically number only a few thousand pieces, while bullion strikes reach tens of thousands in popular sizes. Lower mintages create collector premiums that exceed bullion value, particularly for proof gold Libertads from early production years.

Collecting Mexican Coins

Mexican coinage spans nearly five centuries, offering collectors both historic silver from colonial and republican eras and modern bullion with numismatic appeal.

Colonial 8 Reales Pricing

Condition, date, and type determine colonial 8 reales coin value. Cob coinage from the 1500s-1600s trades based primarily on silver content unless exceptionally well-struck or rare. Pillar dollars (1732-1771) and bust types (1772-1821) command premiums for sharp strikes and visible dates. Key dates or low-mintage years can multiply values significantly above silver weight, while common dates in worn condition trade near bullion prices.

Republican Era Rarities and Authentication

Nineteenth-century Mexican silver pesos include numerous scarce dates and mint mark combinations. Hook Neck Eagle varieties from smaller regional mints often carry substantial premiums when properly attributed. Authentication challenges include modern replicas, alterations, and outright counterfeits. Genuine colonial pieces display appropriate weight, correct silver fineness when tested, and die characteristics matching known authentic examples. Replicas often show incorrect dimensions or suspiciously perfect condition for their purported age.

Modern Libertad Investment

Bullion Versus Numismatic Mexican Coins Value

Standard bullion Libertads trade at modest premiums over spot silver or gold prices, typically comparable to other government-issued bullion. Proof versions, low-mintage years, and early-date Libertads (particularly 1980s issues) command numismatic premiums well above metal value. Collectors seek complete date runs or specific finishes, creating demand independent of precious metal prices.

Storage and Liquidity

Modern Libertads tone readily when exposed to air due to .999 fine silver purity. Capsule storage prevents surface oxidation while allowing display. International dealers recognize Libertads, though they may not be as universally liquid as American Eagles or Canadian Maples. Mexican precious metals enjoy strong demand in North American markets but may face buyback spreads in regions where they’re less common.

Authentication and Grading

Professional Certification

Third-party grading services like PCGS and NGC certify both historic Mexican coins and modern proof Libertads. Certification provides authentication and condition assessment, particularly valuable for high-grade proofs or rare colonial pieces where counterfeits exist. Raw (uncertified) colonial coins require dealer expertise to verify authenticity through weight, dimensions, strike characteristics, and silver content testing.

Dealer Selection

Reputable precious metals dealers maintain authentication standards and offer reasonable buyback policies. Established dealers can identify common Mexican counterfeits, including cast fakes of colonial pieces and struck copies of key-date republican silver, protecting buyers from purchasing problematic pieces.

Conclusion

Casa de Moneda de México’s nearly 500-year history encompasses the Mexican 8 reales silver coins that dominated global trade for centuries and modern Libertad bullion serving today’s precious metals investors. Historic 8 reales connect collectors to the currency that financed international commerce across three continents, containing substantial silver content that retains value independent of numismatic premiums. Modern Libertads deliver .999 fine silver and gold in distinctive designs featuring Mexican iconography, trading at modest premiums over spot prices while maintaining international recognition. Explore Blanchard’s selection of Mexican Mint coins to add pieces from the Americas’ oldest mint to your precious metals holdings.

FAQs

1. What is the Mexican Mint called?

The official name is Casa de Moneda de México (Mint of Mexico), established in 1535 as the Americas’ first mint and still operating today.

2. Are Mexican coins worth anything?

Historic Mexican silver coins like 8 reales contain substantial silver content and may carry additional numismatic premiums based on rarity and condition, while modern Libertads trade based on their precious metal content plus modest premiums.

3. Where to buy Mexican Mint coins?

Mexican coins are available through reputable precious metals dealers like Blanchard.

Paul Hollis Appointed Director of the United States Mint

Posted on February 10, 2026February 13, 2026 by kashipley — Leave a comment

On January 30, 2026, Paul Bryan Hollis was officially sworn in as the 41st Director of the United States Mint, following Senate confirmation in December. L. Craig Baudot, Executive Vice President of Sales, flew to Washington, D.C., to personally give the Blanchard families heartfelt congratulations to Paul on this significant appointment. This places a longtime numismatist and precious metals professional at the head of the nation’s coin-producing institution during a particularly meaningful period, as the Mint prepares for the United States’ 250th anniversary.

Paul’s love affair with coins began early. At age six, he received a Peace dollar from his grandmother, a gift that ignited his lifelong passion for numismatics. Hollis’ path is rooted in hands-on experience with coins and collectors. After graduating from Louisiana State University with a degree in political science, he began his professional career in the rare coin industry at Blanchard and Company. Over more than a decade with us, Hollis worked his way from early sales roles to rare coin specialist, gaining deep exposure to coin grading, valuation, precious metals markets, and collector education.

Those formative years at Blanchard helped shape his understanding of both the technical and human sides of numismatics. He worked closely with collectors and investors, developed a practical understanding of market dynamics, and built an appreciation for the responsibility that comes with stewarding historic assets. These experiences laid the foundation for a career that has consistently bridged business and public service.

After leaving Blanchard, Hollis founded his own rare coin business and remained active in the numismatic community through writing, public exhibits, and educational efforts designed to broaden interest in coin collecting. In parallel, he entered public service, serving twelve years in the Louisiana House of Representatives and later, on the Louisiana State Board of Elementary and Secondary Education. Throughout these roles, he brought the same perspective shaped by decades in the private sector and the coin industry.

As Director of the U.S. Mint, Hollis will oversee the production of circulating coinage, bullion products, medals, and numismatic programs. His appointment is notable for placing someone with real-world experience in the coin and precious metals industry into a role often held by career administrators or economists.

We congratulate Paul Hollis on this well-earned appointment and wish him success as he leads the U.S. Mint into its next chapter. For collectors, dealers, and the broader numismatic community, his leadership represents a meaningful connection between the Mint and the people who study, collect, and preserve America’s coinage.

Three-Cent Silver Coins: The Trime’s Legacy from 1851 to 1873

Posted on February 6, 2026February 4, 2026 by kashipley — Leave a comment

At just 0.80 grams, the three-cent silver piece was the lightest and thinnest coin ever struck for circulation by the United States Mint. Created in 1851 to address everyday commerce challenges – most notably the need to purchase three-cent postage stamps without making change – this unusual denomination circulated for more than two decades before its discontinuation. During that time, the three-cent silver passed through multiple design changes, creating distinct collecting categories that range from common to exceptionally rare. This article examines why the 3 cent coin was created, how its designs evolved, which dates and varieties matter most, and what drives values in today’s numismatic market.

Why America Needed a 3 Cent Coin

The 3 cent piece emerged from a convergence of postal reform and economic disruption that made existing denominations impractical for everyday commerce.

Postal Rate Changes of 1851

The Five-Cent Problem

Before 1851, mailing a first-class letter cost five cents. This rate forced Americans purchasing stamps to use half dimes (five-cent pieces) or fumble with combinations of larger denominations requiring change. Congress reduced the postal rate to 3 cents on March 3, 1851, immediately creating a problem: no U.S. coin matched the new stamp price.

The California Gold Rush Effect

Simultaneously, the California Gold Rush flooded markets with gold while draining silver eastward to purchase Western goods. Silver coins increasingly disappeared from circulation as their metal value exceeded face value, leaving Americans struggling with large copper cents and scarce silver half dimes as their only small-change options. The gap between a one-cent piece and a five-cent piece left no convenient way to conduct 3 cent transactions.

Congressional Solution

Congress authorized the 3 cent coin on the same day it reduced postal rates, creating America’s smallest silver denomination specifically to facilitate stamp purchases without requiring change.
Watch this video to see examples of three-cent silver coins and learn more about their design symbolism and historical context.

Practical Commerce Solutions

The new US 3 cent coin solved multiple problems beyond postage. Single stamp purchases no longer required making change from larger denominations, speeding transactions at post offices nationwide. The 3 cent piece also filled the awkward gap between large cents and half dimes, making small retail purchases more practical.
Banks welcomed the denomination because it reduced reliance on worn Spanish fractional silver still circulating decades after American independence. The public adapted quickly despite the unusual denomination, as the practical benefits outweighed the oddity of a 3 cent coin. Americans soon nicknamed these tiny silver pieces “trimes,” a collector term formed as a portmanteau of “three” and “dime,” which later helped distinguish them from the three-cent nickel introduced in 1865. Within months of its introduction, millions of three-cent silvers circulated throughout the Eastern states, where postal commerce was most concentrated.

The Three Types of Three-Cent Silver

During its 23-year production run, the 3 cent coin underwent two major design modifications, creating three distinct types that define how collectors organize and value these coins.

Type I (1851-1853): No Outline to Star

Image: 1851 Type I three-cent silver obverse and reverse showing star with shield and Roman numeral III

Source: PCGS

Original Design

The first 3 cent silver coin featured a six-pointed star on the obverse with no border outline surrounding it. The reverse displayed a large “C” enclosing the Roman numeral “III” within a circular border. This design prioritized simplicity for the new denomination.

Reduced Silver Content

Type I coins contained only 75% silver and 25% copper, the lowest fineness of any U.S. silver coin. The Mint intentionally reduced silver content below the standard 90% to discourage melting during the ongoing silver shortage. At 0.80 grams, these coins were deliberately light to keep their metal value below face value.

High Production Numbers

The initial years saw massive mintages as Americans embraced the new denomination. The Mint struck over 36 million Type I 3 cent pieces in 1851-1852 alone, making most dates from this period relatively affordable in circulated grades today.

Type II (1854-1858): Three Outlines to Star

Image: 1855 Type II three-cent silver obverse and reverse showing three outlines around star

Source: PCGS

Design Modification

In 1854, the Mint added three raised lines surrounding the obverse star, creating a more elaborate appearance. This design change coincided with significant composition adjustments.

Increased Silver Standard

Type II examples of the trime 3 cent coin matched the 90% silver, 10% copper standard used in other U.S. silver coinage. The weight decreased slightly to 0.75 grams while maintaining the same diameter. These changes eliminated the melting incentive that had driven the original composition.

Notable Scarcity

Mintages dropped dramatically compared to Type I. The lowest regular circulation issue, the 1855, saw just 139,000 pieces struck. All Type II dates are substantially scarcer than Type I issues, making them the most challenging type for collectors to acquire in any grade.

Type III (1859-1873): Two Outlines to Star

Image: 1865 Type III three-cent silver obverse and reverse showing two outlines around star

Source: PCGS

Final Design Evolution

The Mint simplified the star border to just two lines in 1859, maintaining this design through the denomination’s final year. Specifications remained unchanged from Type II at 90% silver and 0.75 grams.

Civil War and Proof-Only Years

Production of the trime 3 cent coin continued through the Civil War despite silver hoarding that removed most coins from circulation. The years 1863 and 1864 saw no circulation strikes, with only proof coins produced for collectors at approximately 460-470 pieces each year.

Late-Date Rarities

Post-1865 issues carried increasingly low mintages as the denomination fell out of favor. Many late-date Type III coins command significant premiums despite being more available than Type II issues, particularly in higher grades where survival rates were poor.

Key Dates and Varieties

Certain three cent coin issues command substantial premiums due to rarity, while others provide affordable entry points for collectors building type sets or date collections.

Major Rarities

1851-O New Orleans Issue

The only 3 cent piece silver struck outside Philadelphia came from the New Orleans Mint in 1851. The New Orleans facility produced a small trial quantity during the denomination’s first year, but production centralized at Philadelphia afterward as demand concentrated in Eastern postal markets. This issue ranks among the series’ greatest rarities, with fewer than 50 examples believed to survive today. Even heavily worn specimens command five-figure prices.

Image: 1851-O Type I three-cent silver obverse and reverse showing New Orleans Mint mark

Source: PCGS

1855 Low Mintage

The 1855 represents Type II’s scarcest regular circulation strike. Mintage figures indicate approximately 139,000 pieces produced, substantially lower than any other Type II date.

Proof-Only Years

The years 1863 and 1864 saw no circulation strikes. The Mint produced only proof coins for collectors, with mintages around 460-470 pieces each year. These proof-only issues are essential for completing date sets but remain prohibitively expensive for many collectors.

Image: 1863 proof-only Type III three-cent silver obverse and reverse

Source: PCGS

Condition Rarities

High-grade examples of common dates often prove scarcer than low-grade rarities. Type I coins rarely survive in Mint State due to their thin planchets wearing quickly. Any Mint State Type II significantly outvalues Type I in the same grade. Post-1865 Type III dates seldom appear in gem condition, making MS-65 or better specimens genuinely rare.

Affordable Entry Points

Collectors can acquire Type I common dates from 1851-1852 in circulated grades for modest sums. Type III circulation strikes from 1865-1872 offer more availability than Type II issues. Good through Fine grades provide budget-friendly options for building type sets, particularly when focusing on problem-free, original coins rather than cleaned examples.

Understanding 3 Cent Coin Value

3 cent silver coin value depends on multiple factors beyond simple date rarity, with grading challenges and market dynamics creating significant price variations.

Grading Challenges

Thin Planchet Wear Patterns

The exceptionally thin planchets show wear differently than thicker silver coins. High points flatten quickly, making accurate grade assessment difficult. What appears as weak strike detail may actually be circulation wear, requiring expertise to distinguish original production characteristics from damage.

Strike Quality Issues

Many 3 cent silvers left the Mint with incomplete strikes due to the shallow dies and thin planchets. Collectors must differentiate between original strike weakness and post-production wear when evaluating condition.

Cleaning Detection

Improper cleaning dramatically reduces value. The tiny size makes cleaning damage harder to detect in photographs, emphasizing the importance of in-hand examination or professional certification. Third-party grading from PCGS or NGC provides authentication and grade consensus that protects buyers.

Market Price Factors

Type II coins command higher premiums than Type I or Type III in equivalent grades due to their overall scarcity. Key dates within each type carry substantial premiums over common issues. Grade dramatically impacts value, with Mint State examples trading at multiples of circulated pieces. Eye appeal factors including original surfaces, strong strikes, and attractive toning significantly affect prices independent of technical grade.

Building a Three Cent Coin Collection

Collectors approach the 3 cent silver coin through various strategies depending on budget, interest level, and numismatic goals.

Type Set Approach

Three-Type Goal

The most accessible strategy involves acquiring one example of each design type. This approach provides representative coverage of the denomination’s evolution without requiring every date.

Grade Consistency

Matching condition levels across all three types creates aesthetic coherence in a display. Collectors typically aim for similar grades rather than mixing Mint State with heavily circulated examples.

Budget Allocation

Smart collectors spend more on the scarcer Type II while economizing on readily available Type I common dates. This strategy acknowledges scarcity differences while maintaining presentable examples across the set.

Display Considerations

The tiny size requires appropriate holders and presentation methods. Standard coin albums work poorly for 3 cent pieces, making specialized capsules or custom displays necessary to showcase these coins effectively.

Date Set Strategy

Complete Series Challenge

Assembling all dates of the American 3 cent coin from 1851 through 1873 requires significant commitment and resources. The proof-only years 1863-1864 present the greatest obstacles, as these coins carry substantial premiums even in the lowest proof grades.

Long-Term Project

Complete date sets typically require years to assemble as key dates appear infrequently at auction and through dealers. Patient collectors willing to wait for properly graded examples often achieve better results than those rushing to fill holes.

Investing in Key Dates

Serious collectors focus on genuinely scarce dates with sustainable premiums rather than common issues. Pursuing finest-known examples of key dates provides both collecting satisfaction and potential appreciation as rare numismatic assets. Authentication priority matters critically when acquiring rare dates, as counterfeits exist for valuable issues. Market timing allows opportunistic purchases when key dates become available through estate sales or collector dispersals.

Authentication and Preservation

Protecting investments in three-cent coins requires understanding counterfeit detection methods and proper storage techniques.

Counterfeit Detection

Weight and Size Verification

Genuine three-cent pieces weigh 0.80 grams for Type I or 0.75 grams for Type II and III. Digital scales accurate to hundredths of a gram reveal wrong-metal fakes immediately. Diameter measures exactly 14mm across all types. Pieces deviating significantly from these specifications are counterfeit.

Strike Characteristics

An authentic 3 cent silver coin displays production qualities consistent with U.S. Mint standards from the 1850s-1870s. Genuine pieces show proper die alignment, appropriate metal flow, and period-correct striking techniques.

Cast Counterfeits

The most common counterfeit method involves casting rather than striking. Cast fakes display telltale pitting, porosity, and mushy details that distinguish them from struck coins. Edge examination often reveals seams or irregularities absent from genuine pieces.

Proper Storage

Individual Protection

The tiny size of the American 3 cent coin requires specialized capsule holders. Standard capsules designed for larger coins allow movement that damages delicate surfaces. Properly fitted holders prevent contact while displaying both sides.

Environmental Control

Inert holders protect against toning and environmental damage. Stable temperature and humidity prevent accelerated deterioration of silver surfaces. Avoiding PVC-containing flips preserves original coin surfaces from chemical damage.

Handling Minimization

The thin planchets show fingerprints and handling marks easily. Minimizing physical contact preserves surfaces. When handling becomes necessary, edge-holding prevents contact with obverse and reverse designs.

Conclusion

Three-cent silver pieces are one of America’s most unusual circulating denominations, spanning three distinct design types from 1851 through 1873. These coins remain the thinnest US coin and lightest silver piece ever produced by the country for general circulation. Collectors value trimes for their accessible entry points into 19th-century U.S. silver, with Type I common dates available affordably in circulated grades. Type II issues present greater challenges due to their overall scarcity, while key-date Type III coins provide genuine numismatic rarities for advancing collectors. The denomination’s brief lifespan and practical origins make these tiny coins compelling additions to American type sets and specialized collections. Explore Blanchard’s selection of rare coins, including certified three-cent silver pieces, to add distinctive pieces of American numismatic history to your collection.

FAQs

1. What is a trime coin?

A trime is the collector nickname for the three-cent silver piece, formed as a portmanteau of “three” and “dime.” The United States Mint struck these tiny coins from 1851 through 1873 in three distinct design types.

2. Why did the U.S. make three-cent coins?

Congress created the 3 cent coin to match the new three-cent postal rate established in 1851, allowing Americans to purchase stamps without requiring change. The denomination also filled the gap between large cents and half dimes during a period when silver coins were scarce.

3. How much is a 3 cent coin worth?

3 cent silver coin value varies dramatically based on type, date, and condition. Common Type I dates in circulated grades offer affordable entry points, while Type II issues and key dates command substantial premiums due to their scarcity.

4. When was the 3 cent coin discontinued?

The three-cent silver was discontinued in 1873 after Congress passed the Coinage Act, which eliminated several denominations including the two-cent piece and half dime alongside the three-cent silver.

Gold Supercycle: Why Investors Bought the Dip in Gold and Silver

Posted on February 5, 2026February 4, 2026 by kashipley — Leave a comment

Investors rushed back into precious metals after the late-January sell-off, snapping up gold and silver and driving prices sharply higher. Gold rebounded about 6% and silver about 9% as dip-buyers treated the pullback as a brief hiccup in what many are now calling a powerful gold Supercycle.

Banks Still Call for Record Highs in Gold This Year

Major global banks continue to forecast higher gold prices this year. Deutsche Bank is sticking with its call for gold to reach $6,000 in 2026. JPMorgan sees prices climbing toward $6,300 by the end of 2026. UBS expects gold could trade near $6,200, calling the recent sell-off a correction in an ongoing bull market. Goldman Sachs says that gold price risk in 2026 is skewed to the upside as both central banks and private investors compete for a limited pool of physical bullion.

Geopolitics: An Ongoing Driver for Gold

Simmering geopolitical tensions are just one of the drivers of the gold Supercycle story. In early February reports that a U.S. jet shot down an Iranian drone near a U.S. aircraft carrier in the Arabian Sea jolted energy markets and reminded investors how quickly Middle East flashpoints can escalate. With the region supplying roughly one-third of the world’s crude oil, any sign of broader conflict tends to push investors into traditional safe-havens like gold. With geopolitical hotspots in nearly every region of the globe, gold’s role as a crisis hedge has become less of a short-term trade and a more permanent safe-haven hedge.

Bonds to Bullion: Structural Portfolio Shift

More importantly, a key reason this cycle looks different is the way gold is increasingly replacing government bonds as a core portfolio asset. Concerns over inflation, fiat currency debasement and mounting government debt have led investors to question the long-term safety of government bonds. Individual investors and wealth managers are now treating gold as a strategic allocation rather than a tactical or speculative trade, often dedicating 10% or more of portfolios to precious metals. This broadens gold’s ownership base and transforms demand into a steady, structural bid that also spills over into silver and other precious metals.

What the January Pullback in Metals Really Was

The January 30 tumble in gold and silver was a classic short-term, shake-out, not a trend-ending pullback. The sell-off flushed out speculative traders who were using high leverage, but didn’t change the long-term structural demand drivers for precious metals.

Safe-haven demand, robust central-bank buying, and long-term U.S. dollar weakness all remain firmly in place, and encouraged investors to step in and buy the dip in gold and silver. Those long-term buyers, especially institutions and private investors diversifying into bullion, are widely expected to hold their positions for years not days or weeks.

Why Gold Deserves the “Supercycle” Label

The gold Supercycle grows off the idea that 2025 marked a structural repricing of gold for a new era, and was not a one-off rally year. Ongoing geopolitical tensions, record levels of government debt and persistent policy and inflation uncertainty have reshaped how global investors view gold and silver, as true forms of currency that are beholden to no nation, currency or government debt. These long-term structural shifts point to a continuation of a multi-year Supercycle in gold, in which pullbacks are buying opportunities. If you are looking to increase your allocation to precious metals, don’t wait. Pullbacks aren’t lasting long.

The 1922 Grant $1 Gold Commemorative: Two Coins, One Legacy

Posted on February 4, 2026February 17, 2026 by Blanchard Admin — Leave a comment

In the early 1920s, the United States was still grappling with the memory of the Civil War, even as the nation moved deeper into the modern age. Veterans were aging, monuments were rising, and Americans were searching for ways to honor the figures who

had preserved the Union. Few names carried as much weight as Ulysses S. Grant. Soldier, general, president, and symbol of national endurance, Grant’s legacy was immortalized in gold on one of the most distinctive classic commemorative coins ever struck: the 1922 Grant $1 Gold Commemorative.

What makes this issue especially compelling is that it exists in two varieties, with a star and without a star. Though nearly identical in size and design, the two coins tell subtly different stories, both rooted in remembrance, fundraising, and the way Americans of the early 20th century chose to preserve history.

A Coin Born From Memorialization

The Grant gold dollar was authorized by Congress in 1922 to help fund the construction of the Grant Memorial in Cincinnati, Ohio, Grant’s birthplace. Unlike circulating coinage, commemorative issues like this one were struck specifically to raise money for causes deemed culturally or historically significant. Buyers paid a premium over face value, with the profits directed toward the memorial effort.

Gold was an intentional choice. At one dollar in denomination, the coin was modest in size but rich in symbolism. Gold conveyed permanence, honor, and national gratitude, making it a fitting medium for a figure like Grant, whose leadership had helped shape the course of American history.

The Design: Simplicity With Purpose

The obverse of the coin features a right-facing portrait of Ulysses S. Grant, designed by Laura Gardin Fraser, one of the most respected sculptors of her era. Her work captures Grant with a solemn, steady expression, emphasizing dignity over grandeur. This is not a romanticized hero, but a resolute leader marked by responsibility.

The reverse depicts a laurel wreath encircling the words “Grant Memorial,” along with the denomination and date. The design is restrained, almost understated, which aligns with Grant’s own reputation as a man uncomfortable with excessive praise. Every element serves the larger purpose of commemoration rather than ornament.

The Star and the Story It Tells

What sets this issue apart in the world of classic commemoratives is the existence of two varieties: one with a small star beneath Grant’s portrait on the obverse, and one without.

The star variety was intended to represent Grant as a general, honoring his military leadership during the Civil War. The non-star variety, by contrast, commemorates Grant as president of the United States. This dual recognition makes the Grant gold dollar unique, as it deliberately acknowledges two distinct chapters of the same life through subtle design variation.

Collectors often find this distinction especially meaningful. Owning both coins is not simply a matter of completeness, but a way to hold two perspectives on Grant’s legacy in hand.

Mintages and Survival

Both varieties were struck at the Philadelphia Mint in 1922, with total mintages remaining relatively low. Mintage varied, based on the “with star” and “without star” versions. With the star, just a bit over 5,000 were minted. Without the star, roughly 95,000 were minted. Most all of the star variety sold, but some without the star were returned to the mint for melting. This was a common outcome for US commemorative coins of all types.

The star variety is generally considered more elusive, though demand for both coins remains strong due to their shared history and paired narrative. Their small size belies their importance, and their survival today speaks to the collectors and institutions that recognized their value early on.

A Reflection of Its Era

The Grant $1 Gold Commemorative is also a reflection of the broader commemorative boom of the early 20th century. This was a time when communities across the country sought federal authorization for coins tied to local history. While some issues leaned toward excess, the Grant dollar stands out for its restraint, clarity of purpose, and historical sincerity.

It is a coin that feels thoughtful rather than promotional, rooted in genuine remembrance rather than spectacle.

Why Collectors Still Care

Today, the 1922 Grant $1 Gold remains a favorite among collectors of classic U.S. commemoratives. Its appeal lies not only in its gold content or limited mintage, but in the layered story it tells. Few coins invite collectors to consider both the military and political legacy of a single individual so directly.

Whether collected individually or as a matched pair, the Grant gold dollars offer a tangible connection to American memory, struck at a moment when the nation was consciously preserving its past for future generations.

Q&A: The 1922 Grant $1 Gold Commemorative

**Why were two versions of the Grant gold dollar created?**
The star and non-star varieties were designed to honor two aspects of Ulysses S. Grant’s life: military service and presidential leadership.

**What does the star represent?**
The star beneath Grant’s portrait signifies his role as a Union general during the Civil War.

**Are both coins made of gold?**
Yes. Both varieties are struck in gold and carry the same weight, composition, and denomination.

**Which variety is rarer?**
The star variety is generally considered slightly scarcer, though both coins are relatively rare due to low survival rates.

**Why were many Grant gold dollars melted?**
Unsold commemorative coins were often returned to the Mint and melted, reducing the number available to collectors today.

**Is this coin considered a circulating issue?**
No. The Grant $1 Gold was struck solely as a commemorative and was not intended for general circulation.

Carson City Mint: Nevada’s Legendary Source of America’s Most Coveted Coins

Posted on February 2, 2026February 14, 2026 by kashipley — Leave a comment

The Carson City Mint operated for only 16 years of actual coin production. Yet, despite its brief existence, a “CC” mintmark can command premiums ranging from modest to extreme compared to identical coins from Philadelphia or San Francisco. Established in 1870 to process Nevada’s Comstock Lode deposits, the mint’s limited production and sporadic closures created inherent scarcity. Today, collectors worldwide pursue CC-marked coins for their combination of genuine rarity, Western frontier history, and enduring numismatic appeal.

Carson City Mint History and Operations

Although the Carson City Mint existed for over two decades, it produced coins in only 16 calendar years, creating the scarcity that defines CC-marked pieces today.

Establishment and Purpose

The Comstock Lode Discovery

In 1859, prospectors discovered massive silver and gold deposits beneath Virginia City, Nevada – a strike that became known as the Comstock Lode. The deposit proved to be one of the richest precious metal finds in American history. Over the following decades, Comstock mines extracted hundreds of millions of dollars in silver and gold bullion. This massive production created a logistical crisis. Miners were largely forced to transport their precious metals 150 miles west to the San Francisco Mint for conversion into U.S. coinage. The overland route exposed shipments to significant security risks, including robbery. Transportation costs cut directly into mining profits. As Comstock output surged through the 1860s, Nevada’s mining interests demanded a local minting facility.

Image: Comstock Lode mining operations in Virginia City, Nevada

Source: Western Mining History

Federal Response and Construction

Congress authorized a Carson City mint in 1863 to address the transportation crisis and process Nevada’s silver and gold locally. The authorization came quickly, but construction moved slowly. The building wasn’t completed until 1869 and the facility finally began coining operations on February 11, 1870. Nevada miners could now deliver Comstock bullion directly to Carson City for conversion into U.S. coinage, eliminating the dangerous 150-mile overland route to San Francisco and its associated costs.

Watch this demonstration of the original coin press in operation to see the 150-year-old machinery that struck these historic Carson City Mint coins.

Carson City Mint Years of Operation

First Production Period (1870-1885)

The Carson City Mint produced coins from 1870 through 1885. During these 16 years, the facility struck Morgan dollars, gold eagles, double eagles, and various smaller denominations. However, Comstock ore production peaked in the mid-1870s and began declining steadily afterward. By the mid-1880s, the lode’s output had fallen dramatically from its earlier levels. The reduced bullion flow made the mint’s operational costs increasingly difficult to justify. Political opposition to silver coinage added budgetary pressure. In 1886, the facility closed temporarily as Congress and Treasury officials debated its future. The mint remained shuttered through 1888 while Comstock production continued its decline.

Reopening and Final Closure (1889-1893)

Western silver interests pushed for renewed coinage as Comstock production showed brief signs of recovery in the late 1880s. Congress passed the Sherman Silver Purchase Act in 1890, requiring the federal government to purchase 4.5 million ounces of silver monthly, much of it destined for coinage. This legislative mandate created renewed demand for minting capacity. The Carson City Mint reopened in 1889 and struck coins through 1893. However, the arrangement proved short-lived. The Panic of 1893 triggered a severe economic depression. Silver prices collapsed as the government struggled with currency instability. Combined with the Comstock Lode’s depleted deposits, these economic pressures forced permanent closure in November 1893. The facility never reopened for coinage production.

The Carson City Mint Mark and Its Significance

The ‘CC’ mintmark denotes Carson City origin, and familiarity with its physical characteristics and authentication is essential for collectors.

Physical Characteristics and Variations

Carson City Mint coins carry their “CC” mintmark on the reverse, positioned below the eagle on Morgan dollars and on the reverse of Carson City gold denominations. The two letters appear in bold, easily identifiable style compared to the smaller mintmarks used by other facilities. However, the CC punch itself varied across different years of production. Die engravers used different punches and occasionally repunched mintmarks, creating subtle varieties that specialists actively pursue.
This variation also matters for authentication purposes. The Carson City Mint mark became one of the most frequently counterfeited identifiers in U.S. numismatics. Forgers routinely add fake CC marks to common Philadelphia coins, exploiting the substantial premium difference. Third-party grading through services like PCGS and NGC provides the most reliable authentication for valuable pieces.

Why Collectors Pursue Carson City Mint coins

Collectors pursue Carson City coins because their genuine scarcity drives numismatic value. The facility’s limited production created low mintages across most dates and denominations compared to Philadelphia, San Francisco, or New Orleans. This scarcity intensified when the 1918 Pittman Act authorized melting millions of silver dollars to support World War I financing. Carson City issues stored in Treasury vaults faced disproportionate destruction, permanently removing countless coins from circulation.
The Western frontier mystique adds appeal beyond pure rarity. Carson City Mint coins represent Nevada’s silver boom era, connecting collectors to the rough mining camps and instant fortunes that defined 1870s expansion. Owning a CC-marked piece provides tangible connection to Comstock Lode history and Wild West mythology that San Francisco or Philadelphia coins cannot match.
The challenge of assembling complete collections further drives demand. The mint’s sporadic 1870-1893 operation created permanent gaps in date runs. The 1886-1888 closure means certain years simply don’t exist with CC mintmarks. Collectors accept these limitations while competing for available dates across grade levels and auction appearances, knowing that completion requires both significant capital and years of patient pursuit.

Carson City Morgan Dollars

Morgan dollars represent the most actively collected Carson City denomination, with availability ranging from accessible to prohibitively expensive. Learn more about building a Carson City Mint Morgan dollar collection here.

Image: 1893-CC Morgan dollar obverse and reverse

Source: PCGS

Production Years and Key Dates

The Carson City Mint struck Morgan dollars from 1878 through 1885, covering the design’s inaugural years through the facility’s initial closure, then resumed operations for five final dates from 1889 to 1893. Production and survival rates varied dramatically across these 13 dates. The 1879-CC, 1889-CC, 1892-CC, and 1893-CC emerged as the lowest-mintage and lowest-surviving issues, commanding the highest premiums in today’s market.
Carson City Mint coins value varies widely by date and condition, with common issues such as 1882-CC, 1883-CC, and 1884-CC offering accessible entry points, while key dates and high-grade or DMPL examples command substantial multiples even within the same year.

GSA Hoard Impact

For decades, millions of Carson City Morgan dollars sat uncirculated in Treasury Department vaults. The government had stored these coins after their original minting, never releasing them into circulation. In the 1970s-1980s, the General Services Administration (GSA) sold these long-stored Carson City Morgans directly to collectors in their original government packaging. The GSA sales fundamentally altered the Carson City Morgan market. Certain dates flooded the collector market as thousands of specimens became available overnight. Other dates remained scarce because few examples existed in the Treasury holdings. Today, Carson City Mint coins retaining their original GSA holders command additional premium value, particularly for dates that weren’t heavily represented in the government sales. The GSA provenance provides both authentication and historical connection to these Treasury-stored pieces.

Carson City Gold Coinage

Carson City Mint gold coins represent the ultimate challenge for advanced collectors, with scarcity levels far exceeding even the rarest Morgan dollars.

Double Eagles ($20 Gold)

The Carson City Mint struck $20 gold pieces intermittently between 1870 and 1893, with production occurring during select years rather than continuously. All CC double eagles carry notable scarcity premiums, with most becoming extremely rare in high grades. The facility used the Liberty Head design throughout its entire production run, providing consistency across dates. These coins offer dual value: intrinsic gold content combined with substantial numismatic premiums that far exceed their bullion worth.

Image: 1891-CC Liberty Head Double Eagle obverse and reverse

Source: PCGS

Discover the rarest gold Carson City Mint coins here.

Eagles ($10 Gold)

Carson City $10 gold eagles generally saw lower production than double eagles, intensifying their scarcity. The 1870-CC, 1873-CC, and 1879-CC rank among the ultimate Carson City rarities across all denominations, with extremely limited surviving populations, particularly in higher grades. Institutional collectors and wealthy numismatists drive market demand, often pushing prices well into five- and six-figure territory.

Half Eagles and Quarter Eagles

The $5 half eagles and $2.50 quarter eagles represent Carson City’s smallest and rarest gold denominations. Production remained extremely limited across all dates. Many issues remain exceptionally difficult to acquire, even for well-funded collectors. Wealthy collectors compete intensely through registry set programs, bidding aggressively on the finest known examples whenever they appear at major auctions.

Other Carson City Denominations

Beyond Morgan dollars and gold coinage, the Carson City Mint produced silver denominations and rarities that attract specialized collectors.

Silver Coins Beyond Morgan Dollars

Trade Dollars (1873-1878)

The Carson City Mint struck Trade Dollars from 1873 through 1878, creating coins specifically designed for Asian export commerce during the period when Morgan dollars hadn’t yet begun production. These heavy silver pieces carry their own collector following, with CC-marked Trade Dollars commanding substantial premiums across most dates.

Seated Liberty Coinage

The facility also produced Seated Liberty denominations including quarters, half dollars, and dimes in limited quantities during portions of its operational years. Production numbers varied dramatically across dates and denominations. Some Seated Liberty issues rank among the rarest American coins, with surviving populations sometimes measured in dozens rather than hundreds. Others remain relatively accessible for collectors building type sets that include one CC-marked example from each denomination the mint produced.

Patterns and Rarities

Image: 1876-CC Seated Liberty dime die trial pattern obverse and reverse

Source: PCGS

Carson City occasionally struck experimental pieces that never entered regular production. Prooflike and specially struck pieces exist for certain dates despite the facility’s focus on circulation coinage. Pattern coins showing proposed designs or experimental compositions sometimes emerged from the mint.
Mint errors and die varieties add another collecting dimension. Repunched mintmarks, doubled dies, and other production anomalies create specialized varieties that command premiums beyond standard issues.
Transitional pieces struck during design changeovers carry particular interest, representing moments when the mint shifted from one coin type to another while retaining the distinctive CC mintmark.

Valuing and Collecting Carson City Mint Coins

Successful Carson City collecting requires authentication knowledge, strategic planning, and understanding market dynamics.

Authentication Essentials

Counterfeiters routinely add fake CC mintmarks to common Philadelphia coins, exploiting the substantial premium difference between mintmarks. Third-party grading through PCGS and NGC provides essential authentication for valuable pieces, with certification particularly important as values increase. Collectors should verify weight and specifications match government standards, as many counterfeits fail basic measurement tests. Learning authentic die characteristics for Carson City Mint coins helps identify genuine pieces: each year’s dies carried distinctive markers that forgers struggle to replicate accurately.

Building a Collection

Budget-conscious collectors can start with common-date CC Morgans in circulated grades, gaining Carson City exposure without five-figure commitments. Type set goals, i.e. acquiring one example from each Carson City denomination, offer achievable completion for most collectors. Date completion presents greater challenges, particularly for Morgan dollar runs requiring 13 different CC pieces spanning 1878-1893. Collectors face the fundamental quality versus quantity decision: fewer coins in higher grades or complete low-grade sets. High-grade examples tend to retain value more consistently but require significant capital concentration. Carson City coins fit within broader precious metals and numismatic investment strategies. Explore Blanchard’s asset options page to understand how CC pieces complement other tangible investments.

Market Timing and Acquisition

Working with specialists in Carson City coinage provides access to properly authenticated pieces and market knowledge. Major numismatic auctions feature CC rarities regularly, offering opportunities to acquire scarce dates that rarely appear in dealer inventory. Carson City premiums fluctuate with precious metal markets, though numismatic value typically exceeds bullion swings. Maintaining provenance records for significant pieces preserves historical documentation and can enhance future resale value when collections eventually change hands.

The Carson City Mint Museum Today

Today, the former Carson City Mint operates as the Nevada State Museum, preserving the historic facility and its original minting equipment. Visitors can view exhibits documenting the Comstock Lode era and Carson City coinage, and observe a functioning historic coin press producing commemorative medallions. The museum’s preservation efforts ensure this chapter of American numismatic history remains accessible to collectors and historians alike.

Image: Carson City Mint building exterior

Source: Visit Carson City

Conclusion

The Carson City Mint operated for just 16 years of actual coin production between 1870 and 1893, producing limited quantities of Morgan dollars, gold coins, and other denominations that transformed ordinary U.S. coinage into premium collectibles. Low mintages, reduced survival rates from melting programs, and Western frontier mystique combine to create genuine scarcity. Carson City pieces offer tangible connections to Nevada’s silver boom while commanding numismatic premiums ranging from modest premiums to substantial multiples depending on date, denomination, and condition. Explore Blanchard’s selection of rare coins, including authenticated Carson City coins, to add legendary products to your numismatic holdings.

FAQs

1. When did the Carson City Mint close?

The Carson City Mint closed permanently in November 1893 after operating intermittently for coin production from 1870.

2. What years did Carson City mint Morgan dollars?

Carson City produced Morgan dollars from 1878 through 1885, then resumed for a final run from 1889 to 1893, creating a total of 13 different dates.

3. Why did the Carson City Mint close?

The Panic of 1893 combined with depleted Comstock Lode deposits and economic instability forced permanent closure as silver production became insufficient to justify continued operations.

4. What coins did Carson City mint?

The facility produced Morgan dollars, gold denominations ($2.50, $5, $10, and $20), Trade Dollars, and Seated Liberty silver coins including dimes, quarters, and half dollars.

5. How much are Carson City Mint coins worth?

Carson City Mint coins value ranges from modest premiums for common-date circulated Morgans to substantial multiples for rare dates and high-grade examples, depending on denomination, date, and condition.

Swiss 20 Franc Gold Coins: Helvetia and Vreneli Fractional Gold Excellence

Posted on January 30, 2026February 12, 2026 by kashipley — Leave a comment

For investors seeking fractional gold without paying excessive premiums, Swiss 20 francs stand out as one of the most efficient options available. Each Swiss 20 franc gold coin contains 0.1867 troy ounces of pure gold and typically trades at just 3-5% over melt value, among the lowest premiums for fractional gold coins globally. That pricing efficiency stems from Switzerland’s participation in the Latin Monetary Union gold standard, which imposed uniform specifications on gold coinage across member nations. Understanding how this system shaped Swiss 20 franc issues helps explain their enduring liquidity, low premiums, and continued relevance for modern investors. This guide examines the Helvetia and Vreneli designs, their technical specifications, and practical considerations for acquiring these coins.
For readers who prefer a visual overview, this short video offers a clear look at a classic Swiss 20 franc gold coin, including its design details, specifications, and historical context within the Latin Monetary Union.

The Latin Monetary Union and Swiss Gold

Switzerland’s participation in the Latin Monetary Union established the foundation for its iconic 20 franc gold coins. Formed by treaty in 1865, the union introduced standardized gold and silver coinage across member nations, shaping Swiss fractional gold production for several decades under a unified European gold standard.

Switzerland’s Monetary Union Participation

In 1865, Switzerland joined France, Belgium, Italy, and Greece in forming the Latin Monetary Union, a monetary agreement designed to harmonize coinage specifications across participating countries. Coins of equivalent denominations were required to share identical weight, fineness, and precious metal content, allowing them to circulate freely throughout union territories.
This standardization produced immediate practical benefits. A Swiss 20 franc gold coin matched its French, Belgian, or Italian counterpart exactly, enabling merchants across Western Europe to accept these coins interchangeably. International trade became more efficient when gold coins from different nations carried guaranteed and identical gold content.

Gold Standard Implementation

Under the union’s rules, 20 franc gold coins were struck in .900 fine gold with a total weight of 6.45 grams, yielding a pure gold content of 0.1867 troy ounces. These specifications were deliberately chosen to balance durability for circulation with meaningful gold value, creating a practical fractional denomination for commerce.
Swiss mints adhered strictly to these standards. The Swiss 20 franc gold coin weight of 6.45 grams matched French 20 franc pieces precisely, while the .900 fineness ensured coins could withstand years of handling without excessive wear. This combination produced a widely recognized, standardized form of fractional gold – one that continues to appeal to modern investors seeking liquidity, consistency, and low-premium gold ownership.

Helvetia 20 Swiss Franc Gold Coin (1883-1896)

The Helvetia series represents Switzerland’s first contribution to Latin Monetary Union gold coinage. Produced at the Bern Mint from 1883 through 1896, these coins established a distinctly Swiss aesthetic within the standardized 20 franc format.

Image: Swiss Helvetia 20 franc gold coin obverse

Source: Numista

Design and Symbolism

Designed by Albert Walch and engraved by Karl Schwenzer, the 20 franc Swiss Helvetia gold coin features the head of Helvetia, Switzerland’s classical female national personification, facing left with her hair tied with a ribbon and wearing a diadem inscribed “LIBERTAS” and oak wreath. The obverse bears the legend CONFOEDERATIO HELVETICA. The reverse displays the Swiss coat of arms surrounded by a laurel wreath, with a five-pointed star above.
The design exhibits restrained elegance compared to the more ornate French 20 franc pieces of the same era. This aesthetic choice reflected Swiss cultural values: precision, clarity, and understated dignity. The Helvetia 20 franc created immediately recognizable Swiss gold coins that were widely accepted across Europe while maintaining the practical, standardized specifications required by the Latin Monetary Union.

Production Details

The Bern Mint struck the Helvetia 20 franc Swiss gold coin from 1883 through 1896, producing substantial quantities that ensure modern availability. Some years saw larger mintages than others, creating date variations that affect collector premiums, though most Helvetias trade primarily as bullion.
These coins survive in conditions ranging from heavily circulated to occasional Mint State pieces. The circulated examples typically carry minimal premiums over gold content, making them attractive to investors prioritizing cost efficiency over numismatic grade.

Vreneli 20 Swiss Franc Gold Coin (1897-1949)

The Vreneli series succeeded the Helvetia design in 1897, introducing a more personal and accessible aesthetic to Swiss gold coinage. This design would become Switzerland’s most recognizable gold coin, remaining in production, including postwar restrikes, for more than five decades.

Image: Swiss Vreneli 20 franc gold coin obverse

Source: Numista

Design Evolution

Fritz Ulysse Landry created the Swiss 20 franc Vreneli gold coin with notably different imagery from the earlier Helvetia series. The obverse features a profile portrait of a young Swiss Alpine girl, earning the affectionate nickname “Little Verena” or Vreneli in Swiss German. This feminine portrait replaced the formal standing Helvetia with a more relatable, human representation of Switzerland. The reverse maintained consistency with Swiss iconography, displaying the Swiss shield surrounded by oak leaves and Alpine roses. This combination of botanical elements reinforced Switzerland’s natural heritage while preserving the dignified simplicity characteristic of Swiss coinage. The Vreneli’s approachable design appealed to both investors and collectors, contributing to its enduring popularity.

Extended Production Run

The Bern Mint struck Vrenelis regularly from 1897 through 1935, producing tens of millions of pieces across nearly four decades. This massive mintage created the abundant modern supply that keeps premiums minimal today. Production ceased in the mid-1930s as Switzerland moved away from circulating gold coinage amid changing monetary policies and global economic disruption. Minting resumed briefly in 1947 and 1949 with restrikes using earlier dates, primarily to meet postwar gold demand rather than for circulation, which has led to some confusion about actual production years. Most Vreneli dates remain readily available at premiums barely above Swiss 20 franc gold coin melt value, making them among the most cost-efficient fractional gold coins for investors seeking widely recognized European gold.

Why the 20 Swiss Franc Coin Offers Value

Swiss 20 franc gold coins occupy a distinctive position in the fractional gold market, combining low acquisition costs with high recognition and liquidity. Their appeal is not driven by rarity or speculative premiums, but by structural factors that consistently favor investors seeking efficient gold exposure.

Low Premium Structure

One of the primary reasons Swiss gold francs remain attractive is their persistently low premium structure. Millions of coins were struck and survive today, creating a deep and competitive secondary market that keeps dealer markups modest. Unlike limited-issue bullion or modern fractional products, Swiss francs are widely treated as near-bullion items, with pricing closely tied to current gold spot prices rather than collector demand. This abundance allows investors to access fractional gold with minimal overhead, making Swiss francs among the most cost-efficient historical gold coins available. Their broad market recognition also supports strong liquidity, enabling straightforward resale through dealers, auctions, and private transactions.

Swiss Reputation Benefits

Beyond pricing, Swiss gold benefits from the country’s long-standing reputation for political neutrality, financial stability, and precision manufacturing – factors that have driven affluent investors to significantly increase their gold allocations in recent years. Gold coins produced by the Bern Mint reflect Switzerland’s emphasis on consistent standards and quality control, reinforcing confidence in authenticity and specifications. The association with Swiss banking traditions and conservative financial practices adds an intangible but meaningful layer of trust, particularly for investors who value credibility and long-term reliability in precious metals. The “Swiss” designation itself carries weight in global bullion markets, contributing to steady demand even during periods of market volatility.

Practical Fractional Gold Ownership

Swiss 20 franc coins also offer practical advantages inherent to fractional gold. Their smaller size allows for incremental accumulation and flexible liquidation, making them well suited to investors who prefer not to transact exclusively in full-ounce quantities. The compact format is efficient for storage and transport relative to gold content, while decades of international acceptance reinforce their role as a recognized monetary asset rather than a niche collectible. Together, these factors make Swiss gold francs a practical choice for investors seeking gold exposure through liquid, affordable fractional pieces with long-term consistency.

Other Swiss Gold Denominations

While the 20 franc gold coin remains the most widely traded Swiss gold issue, Switzerland has produced additional gold denominations that may appeal to investors and collectors depending on objectives, availability, and premium tolerance.

The 10 Swiss Franc Coin

Swiss 10 franc gold coins represent the half-size equivalent of the 20 franc denomination, containing 0.0933 troy ounces of pure gold. These coins were issued in both Helvetia and Vreneli designs, closely mirroring the imagery and specifications of their larger counterparts. Due to smaller mintages, 10 franc pieces are noticeably less common on the market than 20 franc coins. While they offer the same standardized gold content on a proportional basis, 10 franc coins typically carry higher percentage premiums. This is largely driven by lower availability rather than increased demand, making them less efficient for investors focused strictly on gold weight per dollar. Swiss 10 franc gold coin value therefore tends to reflect both gold content and a collectibility premium. As a result, 10 franc coins are often favored by collectors or investors prioritizing smaller denominations over premium efficiency.

Image: Swiss 10 franc gold coin obverse and reverse

Source: PCGS

Larger Swiss Franc Coin Gold Issues

Switzerland has also issued 100 franc gold coins, primarily as commemorative pieces rather than circulating currency. These higher face value coins were struck in more limited quantities and are generally priced with a stronger numismatic component compared to standard bullion-oriented issues. In the modern era, Switzerland has produced contemporary gold bullion and commemorative programs, often aimed at collectors rather than investors seeking low premiums. These include special editions and themed releases that may command higher premiums due to design, packaging, or limited mintages. While these larger or modern Swiss gold coins offer historical or collectible appeal, they typically lack the cost efficiency and liquidity that define the classic Swiss 20 franc gold coin.

Image: Swiss 100 franc gold coin reverse

Source: Numista

Swiss Silver Franc Coinage

While Switzerland is best known for its gold francs, silver franc coinage played an important complementary role within the country’s monetary system and remains of interest primarily to collectors today.

The Swiss 5 Franc Coin

Swiss 5 franc silver coins were struck in substantial size and weight, serving as the backbone of Switzerland’s historic silver currency. These coins appeared in a variety of designs, including standard circulating types as well as commemorative issues tied to shooting festivals, anniversaries, and national themes. Although they contain meaningful silver content, market value is often driven more by numismatic interest than by melt value. Common dates remain accessible, while scarcer issues and well-preserved examples can command significant premiums.

Image: Swiss 5 franc shooting thaler obverse and reverse

Source: PCGS

Smaller Silver Denominations

Smaller denominations, such as 2 franc silver coins, circulated widely and functioned as everyday currency. Earlier 1 franc and sub-franc issues were also struck in silver, though later versions transitioned to base metals as monetary standards evolved. In the modern era, Switzerland has issued an extensive range of commemorative silver francs, primarily aimed at collectors rather than bullion investors.

Investing in Swiss Gold Francs

Swiss 20 franc gold coins are widely used by investors seeking low-premium fractional gold, but realizing their full value depends on disciplined acquisition, basic authentication, and appropriate storage. Approached correctly, Swiss francs offer a straightforward, liquid form of historical bullion ownership.

Acquisition Strategies

Dealer Selection and Pricing Discipline

Most investors acquire Swiss gold francs through established precious metals dealers rather than private transactions. Reputable dealers provide transparent pricing, verified authenticity, and clear buyback policies, reducing counterparty risk. Because Swiss francs trade close to melt value, pricing differences between dealers are usually modest, making it worthwhile to compare premiums before purchasing.

Date and Condition Selection

From an investment perspective, common dates are generally preferred, as they carry little to no numismatic premium. Accepting circulated examples often maximizes gold-per-dollar efficiency, since light wear has minimal impact on bullion value. Investors focused on cost efficiency typically avoid scarce dates or high-grade pieces unless collecting is a secondary objective.

Authentication Considerations

Weight, Dimensions, and Gold Content

An authentic Swiss 20 franc gold coin adheres closely to the 6.45-gram standard, making precise weight measurement an effective first check against counterfeits. Diameter and thickness consistency provide additional confirmation. Non-destructive testing methods can be used to verify the expected .900 fineness without damaging the coin.

Visual and Market Awareness

Genuine Swiss francs display consistent strike quality and design characteristics associated with Bern Mint production. While large-scale counterfeiting is uncommon, familiarity with normal appearance and market pricing helps investors identify anomalies before purchase.

Storage and Handling

Proper storage preserves condition and resale value. Individual holders or capsules help prevent unnecessary wear, while tube storage is practical for investors holding multiple coins. Maintaining purchase records and organized storage supports insurance coverage and ensures coins remain accessible when partial or full liquidation is required.

Conclusion

Swiss 20 franc Helvetia and Vreneli gold coins combine low acquisition costs with exceptional recognition and liquidity, reflecting Switzerland’s long-standing reputation for quality and monetary stability. Produced under standardized conditions and struck in large quantities, these historic European gold coins remain widely available and consistently efficient for investors. Their practical size, reliable market acceptance, and minimal premium structure make Swiss gold francs a strong option for those seeking cost-effective fractional gold ownership. Explore Blanchard’s World Gold inventory to add Swiss gold francs to your precious metals portfolio.

FAQs

How much is a 20 Swiss franc gold coin worth?

Swiss 20 franc gold coin value generally tracks the price of gold, with the coins often trading close to their intrinsic gold value due to strong supply and liquidity.

What is the gold content of Swiss 20 franc coins?

Swiss 20 franc gold coins contain 0.1867 troy ounces of pure gold, struck in .900 fine gold under the standards of the Latin Monetary Union.

What’s the difference between Helvetia and Vreneli gold coins?

The difference between these coins is primarily in design and era of production, with Helvetia representing earlier issues and Vreneli later ones, while gold content and specifications remain the same.

Are Swiss gold francs a good investment?

Swiss gold francs are commonly favored by investors seeking low-premium, widely recognized fractional gold with strong liquidity and long-term market acceptance.

Fed holds steady: Gold and silver shine brighter than ever

Posted on January 28, 2026February 12, 2026 by kashipley — Leave a comment

Federal Reserve Holds Interest Rates Steady

As expected, the Federal Reserve held interest rates steady at Wednesday’s meeting, as the dynamic rush into the safety of precious metals continues this week. Fed policymakers are grappling with above-target inflation and a weakening labor market, and decided to shift into a holding pattern on monetary policy after three interest rate cuts in 2025. The official Fed Funds rate remains at 3.50-3.75%.

Historic Run In Precious Metals Picks Up Speed

Gold raced to a new record high above $5,300 on Wednesday as the U.S. dollar – the world’s premier reserve currency – plunged to a four-year low. Silver set a new record above $115 this week.

Precious metals are in the midst of a spectacular uptrend, driven by political and military risks, macroeconomic uncertainty, a move away from U.S. assets, including the dollar and treasuries, and by investors hedging against stock market risk. These are long-term structural portfolio shifts that are driving metals higher.

Investor Flight From Treasuries Into Bullion

In today’s super-charged geopolitical environment, with Venezuela in the headlines one day, then Greenland, then Iran, gold has become the insurance policy that everyone wants to have. As the U.S. government drowns in debt, a structural shift in investment demand began last year. The U.S. dollar is weakening as some major investors begin to question the safety and reliability of assets like Treasuries and are switching to bullion, with strong precious metals demand coming from sovereign wealth funds and institutional investors.

What’s Next For Precious Metals

Gold is seen running further after topping $5,300 for the first time in history this week. Most analysts expect the record-setting run in gold to continue toward $6,000 this year, fueled by growing global tensions, relentless central bank demand, and strong demand from institutional and retail investors.

A meaningful end to the precious metal’s uptrend would require a dramatic shift to a more stable global geopolitical and economic environment, which isn’t in the forecast any time soon. So, what lies ahead?

The London Bullion Market Association’s annual precious metals forecast survey shows analysts projecting gold rising as high as $7,150 and averaging $4,742 in 2026.
Goldman Sachs raised its December 2026 gold price forecast to $5,400 from $4,900.
Bank of America says gold could reach $6,000 by mid-2026.
Looking at silver, Bank of America notes that current gold-silver ratio readings suggest silver can still outperform gold, with a first target at $135 an ounce.

Now Is Not the Time to Stand on the Sidelines

Current market conditions present a strategically sound opportunity to enhance your allocation to gold and silver. In a fast-evolving global landscape, precious metals remain one of the few assets with the proven ability to preserve and protect capital across generations. If you’ve been standing on the sidelines, now is the time to act. The world is changing fast. Call Blanchard today to discuss the options that are best for your unique financial situation and goals. We stand ready to assist.

The Norfolk Half Dollar and the Power of Civic Memory

Posted on January 27, 2026February 10, 2026 by kashipley — Leave a comment

In the early decades of the United States, coinage was more than a medium of exchange. It was a statement of identity. Long after independence had been secured, Americans continued to use coinage to define who they were, where they came from, and what they chose to remember. The 1936 Norfolk Bicentennial Half Dollar stands as one of the clearest examples of this tradition, using silver not simply to mark value, but to preserve the legacy of one of America’s oldest port cities.

Struck during the height of the classic commemorative era, the Norfolk Half Dollar reflects a mature nation looking backward. It commemorates a city whose roots predate the United States itself, and it does so with symbolism that reaches deep into the colonial period. This is not a coin about expansion or conquest. It is a coin about continuity.

A City Older Than the Nation

Norfolk, Virginia traces its origins to the early 17th century, long before independence was imagined. Officially designated a borough in 1736, the city grew as a center of maritime trade, shipbuilding, and transatlantic commerce. Its location along the Chesapeake Bay made it a vital link between the American colonies and the wider world.

By the 1930s, Norfolk had become a modern American city, but its leaders sought to commemorate the deep historical roots that shaped its identity. The bicentennial of its borough charter provided the opportunity. Congress authorized a commemorative half dollar to mark the occasion, formally linking local history with federal coinage.

Commemorative Coinage Comes of Age

The Norfolk Half Dollar was authorized at a time when commemorative coins had become a popular means of funding celebrations and memorializing regional milestones. Unlike the experimental coinage of the 1790s, these issues were struck by an established Mint using standardized processes. Yet they retained a sense of purpose beyond commerce.

Although the coin bears the date 1936, it was struck in 1937, a reflection of the legislation that required all pieces to display the anniversary year. This detail, seemingly minor, reinforces the commemorative intent. The date on the coin is not about when it was made, but about what it was meant to remember.

Design as Historical Narrative

The design of the Norfolk Half Dollar functions as a visual history lesson. Every element was chosen to communicate the city’s economic foundations and civic authority. Rather than relying on abstract imagery, the designers embedded Norfolk’s story directly into the coin.

Obverse: The obverse features the official seal of Norfolk. At its center is a three-masted sailing ship under full sail, symbolizing the city’s maritime strength and its dependence on trade and navigation. Beneath the ship appear a plow and sheaves of wheat, representing agriculture and the wealth of the surrounding land. The Latin motto, translated as “Riches from land and sea,” ties these elements together. It is a concise statement of how Norfolk prospered, and why it mattered within the broader colonial and early American economy.

Reverse: The reverse presents one of the most striking and unusual symbols ever placed on a United States coin: the Norfolk Royal Mace. This ceremonial object, a symbol of municipal authority, dates back to the city’s colonial governance and prominently features a British crown. Its inclusion was intentional and provocative. Rather than erasing colonial history, the coin acknowledges it. The mace serves as a reminder that American cities did not emerge in isolation, but evolved from earlier systems of law and order that shaped their institutions.

Mintage, Distribution, and Survival

Congress authorized up to 25,000 Norfolk Half Dollars, but public demand proved softer than anticipated. Many unsold coins were eventually returned to the Mint and melted, leaving an estimated net distribution of approximately 16,900 pieces.

This limited survival places the Norfolk Half Dollar among the scarcer issues of the classic commemorative series. Unlike heavily circulated early federal coins, however, many examples were preserved in uncirculated condition, having been sold directly to collectors rather than released into commerce.

Why the Norfolk Half Dollar Still Matters

The Norfolk Bicentennial Half Dollar matters not because it filled a monetary need, but because it filled a cultural one. It represents a moment when Americans chose to honor local history through national coinage, embedding memory into metal.

For modern collectors, the coin offers more than silver content or aesthetic appeal. It provides a tangible link between colonial America and the federal era, between British authority and American independence, and between a city’s past and its continued presence.

Like the earliest coins of the Republic, the Norfolk Half Dollar tells a story. It reminds us that coinage has always been about more than commerce. At its best, it is about identity, continuity, and the decision to remember where we came from.