Bullion Coins Hit the American Market
jimmy1024 —Fri, 10/21/2022 - 14:59
Background:
Over the course of more than 50 years, the sale of gold bullion coins to private collectors developed into a multi-billion dollar business. The Bank of Nova Scotia began selling gold coins into the U.S. market at the beginning, so the force came from elsewhere.
The Bank of Nova Scotia made the first organized effort to sell wholesale quantities of foreign gold coins to American investors and collectors when it began offering so-called "bullion" or semi-bullion coins into the U.S. market at the beginning of the 1960s. Since these coins were generally considered to be "rare and unusual," they were granted entry because they offered price lists that were out of the ordinary and demanded a small premium.
The United States quarter eagle ($2.50), half eagle ($5), eagle ($10), and double eagle ($20) gold pieces were the only items on the initial list in January 1961. Also included were the British sovereign and half-sovereign, as well as the Swiss 20-Preseli. Wafers weighing 25, 50, and 100 grams were also on the list, but they could not be brought into the United States.
The Dominican Republic's 30-peso, the 20-franc "Napoleon" of France, the 10-franc piece, and the heavy 1.2-ounce Mexican 50 pesos were added by the Bank of Nova Scotia on July 5, 1961. Price list 32 (March 28, 1962), nearly a year later, made the distinction between old sovereigns and new sovereigns and included a footnote stating that coins minted after 1933 could not be legally imported into the United States.
This also applied to Austrian restrikes from 1915 that were 1 and 4 ducats.
There were some coins on the list that didn't count. This was largely due to the Office of Domestic Gold and Silver Operations (ODGSO), which was established to oversee the aftermath of the 1933-1934 gold recall. They kept track of which coins fell under the "rare and unusual" exception and which did not.
ODGSO eventually drew a clear line between pre-1959 coinage, which was legal to own because it was "rare and unusual," and 1960 issues, which were "not so rare and unusual."
There are a variety of bullion coins available today:1) the "pure" bullion that is produced by a number of sovereign governments and is uncirculated and weighs 1/20, 1/10, 1/4, 1/2, or more ounces; 2) a proof version that is also produced by sovereign governments and is primarily intended for collectors, and 3) the gold coin that was originally intended for circulation and has primary value in bullion but has a slight numismatic premium (generally not more than 15% above the spot price on any given day). This comprises:
U.S. Saint-Gaudens $20 gold coins in circulated condition (.9675 troy ounces) and Mexican 50-peso coins known as "The Centenario"oz.)
Prior to H.R.H. Queen Elizabeth II, old British sovereigns that were minted and circulated (.2354 tr.oz.of gold) 20-franc French Rooster in good condition (.1867 tr.oz.)
Twenty Swiss francs (vreneli)oz.)
10 roubles (.2489 tr.) of Russian Chevronetzoz.)
5 pesos (.2354 tr.) Colombiaoz.)
20 lire in Italian (.1867 tr.oz.)
$2.50 USD for a head of Indian and Liberty (.1209375 tr.oz.)
$5 US for a Liberty and Indian head (.241875 tr.oz.)
$10 Liberty (.48375 troy ounces)
$20 United States Liberty or Saint (.9675 tr.oz.)
The Toronto gold market has a lot of potential. The towns and cities that surround Toronto are also important. Additionally, there is a significant Mississauga gold market. Numerous individuals buy gold in this region. In point of fact, numerous gold dealers reside in this region.If you want to buy gold bars in Toronto, you should try to buy them from reputable bullion dealers. Check the gold price and silver price before you buy anything because they change a lot. Silver maple and Gold maple coins are the most selling bullion products.
The Bank of Nova Scotia made the first organized effort to sell wholesale quantities of foreign gold coins to American investors and collectors when it began offering so-called "bullion" or semi-bullion coins into the U.S. market at the beginning of the 1960s. Since these coins were generally considered to be "rare and unusual," they were granted entry because they offered price lists that were out of the ordinary and demanded a small premium.
The United States quarter eagle ($2.50), half eagle ($5), eagle ($10), and double eagle ($20) gold pieces were the only items on the initial list in January 1961. Also included were the British sovereign and half-sovereign, as well as the Swiss 20-Preseli. Wafers weighing 25, 50, and 100 grams were also on the list, but they could not be brought into the United States.
The Dominican Republic's 30-peso, the 20-franc "Napoleon" of France, the 10-franc piece, and the heavy 1.2-ounce Mexican 50 pesos were added by the Bank of Nova Scotia on July 5, 1961. Price list 32 (March 28, 1962), nearly a year later, made the distinction between old sovereigns and new sovereigns and included a footnote stating that coins minted after 1933 could not be legally imported into the United States.
This also applied to Austrian restrikes from 1915 that were 1 and 4 ducats.
There were some coins on the list that didn't count. This was largely due to the Office of Domestic Gold and Silver Operations (ODGSO), which was established to oversee the aftermath of the 1933-1934 gold recall. They kept track of which coins fell under the "rare and unusual" exception and which did not.
ODGSO eventually drew a clear line between pre-1959 coinage, which was legal to own because it was "rare and unusual," and 1960 issues, which were "not so rare and unusual."
There are a variety of bullion coins available today:1) the "pure" bullion that is produced by a number of sovereign governments and is uncirculated and weighs 1/20, 1/10, 1/4, 1/2, or more ounces; 2) a proof version that is also produced by sovereign governments and is primarily intended for collectors, and 3) the gold coin that was originally intended for circulation and has primary value in bullion but has a slight numismatic premium (generally not more than 15% above the spot price on any given day). This comprises:
U.S. Saint-Gaudens $20 gold coins in circulated condition (.9675 troy ounces) and Mexican 50-peso coins known as "The Centenario"oz.)
Prior to H.R.H. Queen Elizabeth II, old British sovereigns that were minted and circulated (.2354 tr.oz.of gold) 20-franc French Rooster in good condition (.1867 tr.oz.)
Twenty Swiss francs (vreneli)oz.)
10 roubles (.2489 tr.) of Russian Chevronetzoz.)
5 pesos (.2354 tr.) Colombiaoz.)
20 lire in Italian (.1867 tr.oz.)
$2.50 USD for a head of Indian and Liberty (.1209375 tr.oz.)
$5 US for a Liberty and Indian head (.241875 tr.oz.)
$10 Liberty (.48375 troy ounces)
$20 United States Liberty or Saint (.9675 tr.oz.)
The Toronto gold market has a lot of potential. The towns and cities that surround Toronto are also important. Additionally, there is a significant Mississauga gold market. Numerous individuals buy gold in this region. In point of fact, numerous gold dealers reside in this region.If you want to buy gold bars in Toronto, you should try to buy them from reputable bullion dealers. Check the gold price and silver price before you buy anything because they change a lot. Silver maple and Gold maple coins are the most selling bullion products.