The Chinese Gold Rush of 2019
Posted onIt’s a town in China you may have never heard of.
Beigao, a town of roughly 100,000 people in the Putian municipal area, the city’s main street boasts 20 gold shops.
Yes. 20 gold shops in a town of 100,000 Chinese citizens.
It’s no surprise.
Economic advances in China in recent decades opened the door to a rising and growing middle class with newfound wealth. What do they want to buy with their newfound income? Gold. Just like their parents did and their parents before them.
China has been the world’s largest producer since 2007. However, China buys more than double the amount of gold than it mines from the ground every year.
The Chinese voracious appetite to own physical gold comes from a different place than most American’s interest in owning precious metals. Eastern demand stems from a deep-seated cultural affinity for holding the yellow metal. It is tradition; it is a sign of having made it to the middle class. It is a way to save for a dowry. Jewelry is a way to display a family’s wealth.
In today’s China, a younger generation of recently married people now have more to spend on jewelry. And, they are spending.
“Today, young buyers “think nothing of spending a few thousand renminbi on a necklace” as a fashion statement, says Zhang Guowang, a fourth-generation jeweler who runs Huachang Jewelry, one of the largest in Putian, with a few hundred stores around China,” according to The Economist.
As more Chinese citizens climb into the middle class, they now have the opportunity to purchase physical gold, as is evidenced by enough demand to support 20 gold shops in the town of Beigao. These trends are set in place and will only grow and expand in the years ahead.
China is moving forward as a powerhouse in the global economy, now the world’s second largest economy. As China continues to drive global growth forward in a new emerging market age, expect its citizens to drive a new Golden Age in physical gold demand. A new age is rising from the East, which has broad positive implications for gold in the years ahead.
20 Top Analysts Forecast Gold above $1,400 in 2019
Posted onHow high could gold climb in 2019?
Twenty of the world’s most esteemed precious metals analysts projected a high above $1,400 an ounce for gold in the Forecast 2019 survey published by the London Bullion Market Association.
The LBMA, which is a standards setting body for the precious metals industry, polled 30 analysts for its annual survey. Two-thirds of those analysts expect gold to hit or surpass the $1,400 level in 2019.
Here’s WHY some of these analysts were so positive on the outlook for gold, according to the LBMA survey:
Eddie Nagao of the Sumitomo Corporation in Tokyo was the most bullish. Nagao projected that gold could trade as high as $1,475 in 2019.
“The Fed won’t be able to hike rates as much as it would want. The probability of a US recession is higher now and volatility of the markets is expected to rise as there will be fewer risk underwriters under such circumstance. Gold is to be one of the favored asset classes among institutional and private investors,” Nagao said.
Frederic Panizzutof the Mks Pamp Group in Geneva projects that gold could trade as high as $1,460 in 2019.
“We do expect the Fed to be on a wait and see stance, and to take a slower pace in hiking interest rates. In such a scenario, the US dollar might not strengthen much further, especially in the second half of the year. This combined with the ongoing US-China trade debates, geopolitical tensions, political turmoil and additional stock market downside corrections will be supportive for gold. More volatility in stock markets shall trigger safe haven gold buying. We view 2019 as a year of assets rebalancing and fresh money to flow into gold. The official sector shall continue to be a net buyer,” Panizzutof said.
Suki Cooper of Standard Chartered, New York called a gold high at $1,440 an ounce in 2019.
“Scaling back of Fed rate hike expectations, a weaker USD and lower US Treasury yields paint a favorable backdrop for gold prices…Gold has reasserted its safe haven status in past weeks amid a weaker equity market and easing trade tensions, and lingering political risks such as Brexit that could expose prices to the upside…Official-sector purchases are set to mark the strongest year in three years, buoyed by new market entrants such as Hungary, Poland and India, as well as established buyers such as Russia, Kazakhstan and Turkey. We expect this strength to continue in 2019,” Cooper said.
Cameron Alexander at GFMS Refinitiv in Perth sees gold climbing to $1,415 per ounce in 2019.
“We expect gold prices to continue to benefit from continued economic uncertainty and a slowdown in the US economy. As we approach the end of the economic growth cycle, demand for defensive assets is likely to pick up as concerns deepen about the widening US budget deficit and as the tariff-driven trade war starts to damage the country’s economy,” Alexander said.
The Bottom Line
The price of gold hit a 10-month high last week.
Industry analysts around the world expect gold to climb even higher. If you’ve been thinking about adding more gold to your portfolio, now is a great time to buy before prices rise even more. Get started here.
This One Simple Tip Can Make You a Better Investor
Posted onIn real estate, the mantra for successful investing is “location, location, location.”
In financial markets, the mantra is “diversify, diversify, diversify.”
What is portfolio diversification exactly?
It’s as simple as not putting all your eggs in one basket.
Diversification is a proven strategy
During the 2008–2009 bear market, many investments lost value at the same time. But, proper portfolio diversification helped investors mitigate or lessen overall portfolio losses.
In fact, investors who owned physical gold during that time saw their precious metals investments climb in value, significantly.
The price of gold nearly doubled during the 2008 bear market
Historically, gold outperforms other asset classes like cash and stocks during turbulent times.
From October 2008 into December 2009, the price of gold climbed from $681 an ounce to $1,226 an ounce, or nearly doubled in value!
How to get started
Many people own stocks or exchange traded funds often through their company sponsored 401k plans. However, it is important to take additional steps to ensure a secure retirement and financial future.
Wall Street pros liken diversification to an “All Weather Portfolio” – or investments that will help you build wealth over the long-term, while managing risk and preventing the least amount of losses during bear markets.
- Buying and holding physical gold is a critical element to hedge your all-weather portfolio. Financial experts suggest allocating anywhere from 10-25% of your assets to gold.
Gold bullion: a conservative investment
No matter who you are, how much or how little money you have, gold bullion is smart investment for you. Gold and silver bullion in physical form is an appropriate asset for a small portion of any properly diversified investment portfolio.
Rare numismatics: an aggressive investment
If you are interested in a more aggressive investment, with the potential for outsized returns, rare coin purchases have historically produced the highest long-term investor returns.
- Gold bullion is like a dependable utility or consumer staples. Gold bullion helps you to create value over time.
- Meanwhile, rare coins are like “growth” stocks, like some tech company stocks that can see their stock price double or even triple in the course of a year.
Due to the limited supply and absolute rarity (the U.S. Mint will never again be able to produce a pre-1933 rare coin,) the prices of numismatics tends to climb faster than physical gold.
What’s happening now?
Gold prices are climbing. In fact, in January 2019, gold closed with the fourth consecutive monthly increase in a row. Gold is gaining wide-spread attention from hedge fund managers, high-net worth individuals and mom and pop investors who are looking to diversify their retirement assets. Follow their lead. Diversifying your portfolio can pay off handsomely over the long-term.
Not sure how to get started? Talk to one of our portfolio managers today to learn more. Call us at 1-800-880-4653 or email us here.
How the Flying Eagle Cent Reinvented the Coin
Posted on — 1 CommentFor more than 60 years, the United States minted the large cent. These coins, about the size of a half dollar, consisted of nearly pure copper. They were heavy, cumbersome and falling out of favor for commerce. By the early 1850s the time had come to issue something more practical, the Flying Eagle cent.
Copper prices were soaring and the cost of manufacturing the original large cent became cost prohibitive for the US Mint. Officials began exploring alternatives. One idea that gained some traction was an annular design; a coin with a hole cut through the center. However, after striking some prototypes, the mint discovered that the machinery could not eject the coins after punching the hole. Moreover, it became expensive to recover, melt, and reuse the center portion of the coin.
Despite this setback, Mint Director James Snowden proposed legislation in 1856 to press forward with a new coin to replace the large cent. He left the final decision regarding size and metallic composition to the Treasury. By March of 1856, the bill found its way to the Senate. A few weeks later it was amended so that the final piece would consist of at least 95% copper weighing.
James B. Longacre, portraitist and engraver for the Mint, began designing the relief images for the coin. His final look consisted of a flying eagle on one side and a wreath framing the text “One Cent” on the other. Legend has it that the inspiration for the design came from “Peter the Eagle,” an eagle that would frequent the premises of the Philadelphia Mint.
Later, the Mint took steps to shore up acceptance of the dramatically new look and feel of the coin. They sent early pieces to congressmen, members of the House Committee on Coinage, and other government officials.
These early 1856 pieces were considered transitional coins, not official currency because congressional approval was still pending. As a result, they are considered particularly valuable. Soon after the bill stalled. Tennessee Congressman George Washington Jones expressed his dissatisfaction with the coin believing it invalid because it wasn’t entirely gold or silver. In time, officials were able to defend the new coin and advance the bill through the process eventually getting it to pass.
The Mint encountered problems minting the design. The hard copper-nickel alloy led to broken dies and manufacturing problems. The Mint experimented with various alterations to solve the problem. They attempted making the relief of the eagle shallower to put less strain on the presses. By 1859 the Mint was prepared to replace the eagle design entirely with an image of Liberty wearing an Indian-style headdress.
Since its minting, the earliest 1856 Flying Eagle coins have attracted many collectors. In fact, in 2004 an 1856 cent in MS-66 condition fetched $172,500 at action. Even the less rare pieces, such as an 1857, or 1858 pressing in MS-63 condition could bring up to $11,000.
Why Collectors Dream of Owning an 1894-S Barber Dime
Posted onBarber dimes were minted from 1892 through 1916 and struck at four different mints.
In 1894, however, the San Francisco mint struck only 24 Barber dimes, which have become one of the most sought-after, mysterious and prized rarities in U.S. history.
Serious collectors can only dream of owning an 1894-S Barber dime. They rarely surface for sale and when they do the price is out of reach for most.
In 2016, an 1894-S Barber dime sold for nearly $2 million.
Why were only 24 Barber dimes struck in San Francisco in 1894?
There are several stories explaining the tiny mintage.
As the most popular story goes, San Francisco Mint Superintendent John Daggett chose to strike a few dimes of the current date for banker friends who heard there would be no dimes struck that year.
Then, after Mr. Daggett struck the dimes, he gave 3 them to his daughter Hallie telling her to save them until she was as old as he was as they would become quite valuable someday.
Sadly, children sometimes fail to heed the advice of their parents.
It was a hot day and young Hallie could not resist stopping at an ice cream shop on the way home from the Mint and spending one of her brand new dimes. She did save the other two for many years until she sold them in the 1950s.
Other theories have been advanced as to why the mint struck only 24. While no one will likely ever really know the truth, the fact is whenever one surfaces for sale, wealthy collectors leap at the opportunity.
Alternate Theories for the 1894-S Barber Dime
Another theory to explain the limited mintage is that the San Francisco mint’s annual audit revealed a discrepancy of $2.40, so the 24 dimes were struck to compensate for this before the fiscal year ended on June 30.
Yet even another theory suggests the 1894-S dimes were struck to test the dies.
Lastly, another account suggests that over the course of 1894, the mint received a large sum in dimes, leaving the San Francisco mint well supplied in dimes on hand and thus did not plan strike any dimes that year. However, after nearly all of the coin bullion had been utilized, the mint had a small amount that coin only into dimes. Thus, the mint struck only twenty-four of them that year.
The Barber Dime Coin Details
The Barber dime is a classic American coin. It is part of a collection of dimes, quarter and half dollars, which all bear the signature of Charles E. Barber, the Chief Engraver. Known as the “King of the Mint” until his death in 1917, he set the tone for all of America’s turn of the century coinage.
Notably, his coin designs are considered to be some of the most inspiring in all of U.S coin history. Barber’s designs reflected the end of a great age in American coin art.
The Barber coin series in many ways represented America as it developed into a world power at the end of the 19th and beginning of the 20th century.
Barber dimes are composed of 90 percent silver and 10 percent copper.
Many of the Barber coins were melted down into bullion amid an increase in the price of silver in the late 1970s and the 1980s. They were produced at four mints, Philadelphia, Denver, New Orleans, and San Francisco
Barber dime values are on the rise now, with increased interest in the series.
Do you own any of these classic American coins? Tell us about your collection!
Gold, and Risk-Adjusted Returns
Posted onImagine two investments. After holding both for a period of one year they independently deliver the exact same return. For all intents and purposes, these two investments are the same right? Wrong. They could in fact be very different despite the identical returns. This difference is the risk-adjusted return.
A risk-adjusted return is a measurement of how well an asset performs based on the risk incurred by the investor. In other words, even if two assets have the same return, one can deliver a superior risk-adjusted return if it takes on less risk to generate the return. Risk-adjusted returns can be gauged with several measurements. The Sharpe ratio, R-squared, alpha, beta, and standard deviation are all risk measurements. Measurements like these are important for investors because it helps them determine if the level of risk they’re incurring is in line with their tolerance. The bottom line: It’s not enough to look at an asset’s returns. Investors need to know the risk they’re taking.
Recently, analysts at the World Gold Council used a risk-adjusted approach to measure gold’s performance over the past decade. They found that “adding 2%, 5% or 10% in gold over the past decade to the average pension fund portfolio would have resulted in higher risk-adjusted returns.” Simply put, including gold in a portfolio boosts risk-adjusted returns in many cases. Researchers with the World Gold Council cites three, key reason why gold has this effect:
- Global demand
- Diversification
- Liquidity
Global Demand
Gold continues to benefit from its status of a global currency. “Demand from India and China grew from 25% in the early 1990s to more than 50% in recent years,” explain the researchers. This worldwide appeal is unique. Many assets don’t enjoy this advantage. Today, there are literally thousands of cryptocurrencies available, many falling out of favor with investors by the minute. Traditional fiat currencies like the dollar or sterling pound experience fluctuations based on trade policies and changes to GDP. Gold, in contrast, is not as heavily anchored to the seemingly capricious movements of economic policy makers.
Diversification
Gold doesn’t suffer from rising correlations as much as other assets. To illustrate this point, the researchers cite equally massive sell-offs among seemingly uncorrelated assets like equities, real estate, and hedge fund holdings during the global financial crisis. Moreover, additional research shows that when assets like stocks fall in value, gold actually exhibits a decreased correlation to these investments. This low, and in some cases, decreasing correlation underpins gold’s value as a risk-mitigating asset in a diversified portfolio.
Liquidity
A high liquidity asset is one that can be converted to cash fast. A low liquidity asset, in contrast, is one that cannot be easily converted to cash. Gold may not appear very liquid because investors must take a few steps to convert it to traditional, paper currency. However, gold is highly liquid from the perspective of international trading volumes. That is, gold trades in greater volumes than other popular currencies like Euros, Yen, and German Bunds.
These three factors all contribute to gold’s favorable risk profile as seen by the rising risk-adjusted return seen with an increasing allocation of gold to a hypothetical pension fund. Researchers measure this effect with something called the information ratio – a measurement of the return an asset delivers beyond its benchmark relative to its volatility. This means that, generally speaking, the riskier the portfolio, the more gold an investor may want to include to offset this risk.
Risk cannot be assessed in isolation. Investors need to understand what risk they’re absorbing to earn that return. Gold helps defray that risk through global demand, diversification and liquidity.
Connecting Two Worlds with the Panama–Pacific Commemorative Coin
Posted onIn 1914, America unveiled its greatest engineering marvel, the Panama Canal. In its first year the canal saw more than 1,000 ships pass through its gates. Today, more than 815,000 vessels cross the passage making it one of the seven wonders of the modern world.
Years before completing the canal, the U.S. decided to start raising money for the Panama–Pacific International Exposition, a celebration to commemorate the project. Funding, however, slowed after the upheaval of the San Francisco earthquake. Unexpectedly, this delay allowed more time for fundraising efforts. The expo became a celebration not only of the canal, but also of San Francisco’s recovery from the natural disaster.
The San Francisco mint would become the birthplace of the Panama–Pacific commemorative coin. These coins were round and octagonal $50 pieces that would become the highest denomination, and largest gold pieces struck in the U.S at that time.
Previously, the U.S. Government did not allow the Mint to sell commemorative coins to the public. Instead, they allowed a group, or an organization to purchase such coins at face value. The purchasing organization could then sell the pieces directly to the public in a fundraising capacity. Former president of the American Numismatic Association, Frank Zerbe, was chosen to undertake this effort.
The obverse side of the coin depicts Liberty scattering flower and fruits from a cornucopia. This bountiful representation is meant to signify the rich trade opportunities expected from the construction of the canal merging two, previously distant parts of the world. The mint mark, an “S”, tells the owner that the piece was minted in San Francisco.
The coins were possible due, in part, to California Congressman Julius Kahn who introduced two bills calling for the commemorative coins. The bill made provisions for four designs, two $50 pieces with different shapes (one round, the other octagonal), a commemorative medal for sale to those attending the expo, and finally, a piece designed to be an award medal for those with prize-winning exhibitions.
Several sculptures were considered for the design work. Eventually, the artist’s designs were approved, and they sent bronze casts of their work to Medallic Art Company. These initial pieces would allow the mint to fabricate dies for casting. The coins were so large that the equipment at the San Francisco mint was insufficient. To solve this problem, officials at the Philadelphia mint shipped larger hydraulic metal presses to assist in the production.
Surprisingly, the coins did not sell well. In time, many were returned to the mint for melting. Today, the Panama-Pacific half dollar can fetch anywhere from $375 to $2,500 based on the condition. The most valuable pieces, however, are the round and octagonal $50 coins. In top condition the $50 round piece could earn up to $240,000 according to experts. In mint condition the $50 octagonal coin could command up to $245,000.
During the expo, more octagonal coins were sold than the round versions. Some speculate the popularity of this unusual shape was due to its association with the Gold Rush. That is, some early gold from the California Gold Rush was minted into unofficial coins not mandated by the US Mint. Many of these pieces were octagonal. Today, pieces like this often carry the name “pioneer gold.”
Though relatively rare, the Panama–Pacific commemorative coins are as enduring as the Panama Canal.
Gold Miners Are Trading Drills for Deals
Posted onIt’s getting prohibitively difficult to source gold deposits. Mining companies are learning that the easy-to-access gold is all but gone. Now, finding gold means excessive exploration costs. Even when they make a find the cost of getting the location up to production is exorbitant.
Therefore, the mining companies are finding a different way to get gold. Instead of drills they’re using deals. “The amount of capital being put into gold mines is at most nonexistent. All of the money is being used to buy up rivals,” explained billionaire Sam Zell who recently announced that he bought gold for the first time in his life. “It’s a good hedge,” he explained.
His assessment is supported by numbers. The output of gold from major discoveries has been in decline for years and budgets for exploration have not approached their 2012 peak. Moreover, the Canadian Imperial Bank of Commerce (CIBC) forecasts that we are approximately 2 years from peak production. From that point outputs will fall as more people hold on to their gold as supply becomes scarcer and demand grows.
This is good news for gold investors because our world has a deep dependency on electronics like smart phones that rely on gold for critical components. While in-ground gold finds are going away, our insatiable appetite for tech is not. For nearly the last decade the gold market has been characterized by a net buyer situation meaning that there is greater demand than supply.
Interestingly, gold miners may become the central reason for diminished gold stock. As more of these companies awaken to the immense costs of finding gold, they are likely to turn away from digging. Instead, they appear to be focused on buying other companies that hold gold. As industry consolidation increases, miners have a greater interest in acquisitions, not drilling. Consider that Barrick Gold and Randgold Resources recently announced their plans to merge. Not long after this announcement, Newmont Mining planned to buy rival Goldcorp.
It’s not surprising to hear that Nick Holland, the CEO of Gold Fields recently explained that “if you are going to survive in the long term, you are going to have to look at consolidation.” For many companies merging is the only way to survive. The reason: “All these companies during the boom years, they were building projects that didn’t generate good returns and blowing out their balance sheets and taking on too much debt,” explained Joe Foster, portfolio manager of the $666 million Van Eck International Investors Gold Fund.
The bottom line for investors is that now is the time to buy. Resources are scarce and they’re only getting scarcer. Just as miners are finding ways to access gold via purchases investors should consider the same. Given the research and analytics possessed by the major miners, it seems reasonable to take a cue from their strategy and buy.
The True Cost of the Government Shutdown (and Why It Bolsters the Case for Gold)
Posted onIt’s not just the 800,000 Federal workers who are hurt from this partial government shutdown, which now scores the dubious honor of being the longest ever in U.S. history.
It’s the United States economy too.
The partial government shutdown has a spiraling impact on the economy and is hurting economic growth.
Real GDP growth is falling a tenth of a percentage point for every two weeks that the partial shutdown persists, to the tune of about $1.2 billion per week, according to Beth Ann Bovino, S&P Global Ratings chief U.S. economist.
Looking at individuals, recent news coverage of hardship among federal workers is real.
The Background
As of Tuesday January 22, the federal government has been shut down for 31 days – an all-time record length.
There have been 15 American government shutdowns since 1980.
Government shutdowns happen when Congress fails to pass legislation to fund the federal government at a required deadline. The current impasse has Republicans and Democrats facing off over the Trump Administration’s demand for $5.7 billion in Wall funding at the Mexico/U.S. border.
The Key Takeaways
About 58% of Americans call the current shutdown a “very serious problem,” according to a new Pew Research Center survey.
If government is perceived as the problem, it raises real issues around trust. The U.S. government in effect controls major issues that impact the personal finance of your everyday lives.
How the Government Impacts Your Finances (a short list)
The government impacts your finances is many ways. This is a short and incomplete list.
- Whether you get a paycheck (if you are a federal worker).
- If you will get your full Social Security benefits (after the current trust fund runs out in 15 years).
- How much you pay in taxes.
- The interest rate you pay for a home mortgage, auto loan or credit card debt.
- How much inflation eats up your purchasing power year after year.
- What the U.S. dollar is actually worth.
- How much debt our government continues to rack up (currently at 21.9 trillion dollars).
- Indirectly, monetary policy also affects the stock market – will it rise or fall.
With the government shutdown now extending a month, it’s time to look at how much impact the government has over your finances – and our currency the U.S. dollar.
The argument for owning physical gold continues to increase on a daily basis.
Gold is recognized as a currency and store of value in every country around the globe, yet is not tied to or beholden to governmental liabilities like debt.
Do you own enough gold to hedge against continuing government dysfunction? It seems to be getting worse, not better. Take ownership of your financial future and increase the amount of physical gold you own today.
Golden Dollar Coin Honoring a Famous Native American Woman
Posted on — 8 CommentsEvery school child in America grew up learning about Sacagawea.
She, of course, was a legendary Native American (Lemhi Shoshone) woman who helped Meriwether Lewis and William Clark on their exploratory expedition from North Dakota across the Rocky Mountains to the Pacific Ocean and back in 1805-1806.
Sacagawea was born in 1788 or 1789 around the Salmon River region, in current day Idaho. In 1803 or 1804 she was married to French-Canadian fur trader Toussaint Charbonneau and quickly became pregnant.
Why was Sacagawea chosen to embark upon a journey, carrying her infant son, lasting thousands of miles across desolate and often dangerous land?
She was bilingual in two very different Native American tribal languages – Hidatsa and Shoshone. While her husband spoke French, English and Hidatsa. This translation chain was viewed as extremely valuable. Lewis and Clark knew they would need help communicating with the Shoshone tribes at the headwaters of the Missouri River.
Her work as interpreter proved invaluable and also her presence in the group demonstrate the peaceful nature of the mission.
Sacagawea Coin History
In the year 2000, the United States Mint honored Sacagawea and her contributions to the early explorations of our great nation with the Sacagawea Golden U.S. Dollar coin. The coin was minted under the auspices of the United States $1 Coin Act of 1997.
The creation of the new coins were attempting to meet a need for vending machine use.
The Susan B. Anthony dollars were popular for vending machine use but the U.S. Treasury’s supply of these coins were dwindling by the late 1990s. The act also provided direction to resume production of the Susan B. Anthony dollars until the new coins were ready for circulation.
A design contest was used to select the final representation of Sacagawea with her infant son, with the reverse side of the coin featuring an eagle representing peace and freedom. Sculptor Glenna Goodacre’s design was chosen and she was paid a $5,000 commission in the dollar coins. The 2000-P coins paid to Goodacre were struck on burnished blanks, which created a unique striking for her set.
By and large, the majority of gold Sacagawea coins are not rare and circulated coins do not carry numismatic value. They are also not true gold coins, despite the golden color. The coins were composed of primary copper (77%), with small portions of zinc, manganese and nickel.
The coins still circulate today, but proved to be unpopular with the public and are not widely used.
There are a few key dates that are rare and have value beyond the $1 mark on the coin.
The U.S. Mint embarked upon partnerships with both Wal-Mart and General Mills to promote the use of the Sacagawea coin in commercial transactions.
Remember the days when you’d open a cereal box and get a prize? The partnership with General Mills included 10,000,000 boxes of Cheerios cereal that would contain a Lincoln cent as a prize or a new Sacagawea dollar. Some lucky Cheerios breakfasters would receive a certificate redeemable for 100 Sacagawea dollars.
Some of the gold Sacagawea coins that were found in the Cheerios boxes were struck from a different set of dies. Within numismatic circles, these coins which showed “high detail” and enhanced eagle feathers on the reverse side of the coin became known as the “Cheerio Dollars” or “enhanced reverse die.” These are valuable and depending on the grade have sold for $5,000 to $25,000.
Do you have jars of old coins sitting around? Check out any 2000 Sacagawea dollars and search for enhanced eagle feathers. You might find something more valuable than just a dollar.
