|
|
Investor’s Update
CALIFORNIA NUMISMATIC INVESTMENTS
1-800-225-7531
Better Investment Ideas
In Precious Metals & Rare Coins
NEW OPPORTUNITIES WITH WALKING LIBERTY HALF DOLLARS
A
Guide To The Short And Long Set
1934-1947 DATES & MINTMARKS
|
INVESTING IN THE WALKING LIBERTY
HALF DOLLAR
I have been
interested in the early silver coinage of the 20th Century for years
because of the unique designs. In particular I have studied high-grade
Walking Liberty half dollars because I believe they represent an
ingeniously simple way to create investment success. Take a few minutes and
read why these undervalued silver coins are one of my favorite areas for
protection against inflation and long-term capital growth.
WHY THE WALKER
WAS PRODUCED IS MEANINGFUL
The Walking Liberty
series replaced the Barber Series in 1916 for two reasons. First, Barbers
had been produced for 25 years and as such were no longer protected by
statutory lease. Second, the public was putting pressure on the Treasury to
produce coins that were an example of “beauty and art to all its
citizens”. In response the Treasury decided to have an outside
contest. The Commission of Fine Arts awarded winning contracts to Adolph
Weinman, who designed the Walking Liberty half dollar and the Mercury dime
as well as Hermon MacNeil (famous for the Standing Liberty quarter).
This series of
events is important because the Walking Liberty Series (1916-1947) was
produced with other magnificent designs of the 20th Century to fulfill the
needs of a changing American public. A public that was proud of its
accomplishments both at home and abroad.
The Walking Liberty
50˘ was designed by Mr.Weinman and his own comments follow: "The
design of the half dollar bears a full-length figure of Liberty, the folds
of the stars and stripes flying in the breeze as a background, progressing
in full stride toward the dawn of a new day, carrying branches of laurel
and oaks, symbolic of civil and military glory. The hand of the figure is
outstretched in bestowal of the spirit of Liberty".
"The reverse of
the half dollar shows an eagle perched high upon a mountain crag, his wings
unfolded, fearless in spirit and conscious of his power. Springing from a
rift in the rock is a sapling of Mountain Pine symbolic of America".
The Walking Liberty
half dollar was struck from 1916 through 1947. As such, investing falls
into two broad areas: The Short Set, meaning all the dates and mint-marks
struck between 1941 and 1947 (20 coins in all), and The Long Set, all the
dates and mint-marks struck 1934 to 1947 (39 coins in all).
REASONS WALKERS MAKE SENSE
1. Do some looking
around and you will find all Walking Liberty half dollars in PCGS MS 65 are
difficult to locate. The PCGS Population Report shows that of the original
mintages only 1/10 of 1% have been graded MS-65! The reason for this is one
of the secrets that become apparent when you study the series. Silver
dollar production was halted in 1935. That means the half dollar was the
primary workhorse silver coin of this era. It was used extensively in all
aspects of commerce and was circulated heavily. This means that the small
number of mint state examples that survived have great investment
potential. Consider that of the millions of Walking Liberty 50˘ produced
less than 1 in 1000 have been graded PCGS MS-65!
2. The coin
investing public accumulates a position and rarely sells. Only about 10% of
coin buyers are active traders. This is something you can exploit in that
it means that over time less and less of these coins will be on the market
at any given time. This kind of retention by investors eventually forces
dealers to raise prices on the Certified Coin Exchange, which in turn makes
your coins worth more.
3. An interesting
aspect of the Walking Liberty 50˘ relates to Weiman’s trade as a
sculptor. Any sculpture produced by him would fetch a high price, yet few
people relate this coin to Weinman’s professional life. He was a
famous designer and if the public is better informed they may realize his
sculpture work is unobtainable yet many can own his coin designs.
4. Consider
what happens as the United States Mint makes Eagle coins each year, as it
has done since 1986. The new Eagle is a bullion coin whose design was taken
from the Walking Liberty half dollar. These coins were made to look like
the old series because the Mint reasoned that the classic design would be a
strong selling strategy. They were right as Silver Eagles are the most
popular silver coin struck today.
5. And we have not
even considered inflation. The daily news is beginning to talk about the
next inflation round. It is pretty easy to see the handwriting on the wall.
Higher oil prices, higher commodity prices and a particular uneasiness. The
last time we saw sustained inflation coin prices exploded. Will it happen
again? No one can say for sure, but if history is any guide it is only a matter
of time. The inflationary spiral of the 1970’s created lines around
this building and pushed prices through the roof.
6. Another
compelling factor is the so-called Super IRA, an investment option stopped
in the early 1980’s. Rare coins were “locked up” in these
accounts and taken off the market for decades. With changes now on the
table Congress will again allow precious metals and certified rare coins
into retirement accounts. Many believe that prices will be pressured higher
because these coins won’t be seen for decades. The PCGS MS 65 Walkers
that make up these sets are perfect candidates for this retirement option.
7. The Walking Liberty half series
has universal appeal. This is important when considering hard asset
investing because personal appeal is like an independent engine, which
drives everyone. The Walker
is a silver coin that everyone wants to own because of its history and
beauty. Every major auction held in the last 20 years has contained a
specific section on the Walking Liberty series simply because of the
extensive collector base which evolves around this coin. This money base
provides what every investor dreams about: An intense interest from a
sector which rarely sells anything. Collectors are notorious for holding
coins which sometimes move from generation to generation. This in turn
provides that sustained long term upward pressure on prices as more and
more collectors enter the market.
8. Even professional
dealers overlook the investment opportunities in coinage of the 20th
Century. This is the case as dealers across the country search for earlier
rarities, overlooking what is right under their noses.
9. The Walker in MS-65 is
another virtual barometer of the coin business. Any analysis of rare coin
prices places much importance on this coin because of its combined rarity
and popularity. Look at any pricing guide or commentary and it will include
comments about or relating to the Walking Liberty half dollar.
10. When recommending
rare coin investments the past is used as a tool in considering future
price moves. It’s not guaranteed but it is a good place to start. The
usual counter to this approach is that history is unique. How do you know
if similar circumstances will drive prices to the extreme? Actually you
don’t, but let’s consider the old problems still with us, like
inflation and wild government spending. Now add two wild cards, the
Internet and the fixed PCGS supply. These could add an explosive element to
future price growth because of increased visibility. Large sums of money
via wire flow into our bank account everyday. This expedites transactions
that a few years ago could take weeks to accomplish. In the 1970’s
rare coin prices doubled and then doubled again driven by inflation and a
falling dollar. Today these elements are enhanced and magnified by the
Internet, a fixed PCGS supply, and large money flows. The notion that
today’s $6000 Short Set of Walkers could be tomorrow’s $24,000
set is more than possible.
THE ADVANTAGES OF “SET” INVESTING
1. Walkers can be
accumulated one at a time with the idea of forming a set. The combined
Short or Long Set Approach is an unbeatable approach because an inherent
plan is part of the entire process. Of course you could purchase the
complete set at once, but if you prefer to build one coin at a time, so
much the better. The fact that virtually anyone can begin a set adds an
advantage to everyone who owns the set. This important feature simply
creates a larger buying pool and improves the chance of future price
movement.
2. When you invest
in individual Walkers, with the intention of forming a set, you win in two
ways: First, you will get undiscovered better dates at little extra cost.
This is true because professionals do not fully understand the rarity of
all date and mint-mark combinations. Over time, with the help of the PCGS
Population Report, these relationships and their true price differences
will become apparent. Until then, you get something for nothing simply
because you strive to complete a set. An example will better make my point.
The 1944 P and the 1947 P do not cost much more than a common example yet
are many times more difficult to locate. Second, there is something
inherently more complete and valuable to sets in general. As a rule,
complete sets offer the next buyer a kind of built in incentive. A set in
coin investment is like the ocean view in real estate.
3. This set is one
of only 2 significant sets which can be assembled without spending a
fortune. When today's investor considers rare coins, the notion of owning a
complete set is attractive, but out of the question because of price. This
is not the case with the Walker Short and Long Set. The only other
meaningful complete set is the 15-piece $2 ˝ Indian gold set.
WHAT MAKES A COIN RARE & THE PCGS CASH GUARANTEE
What makes a coin
rare and valuable is not its age. Value is defined by condition. In other
words how close does the coin come to the condition it was in when it was
made? Condition is measured numerically on the Sheldon Scale from 1 to 70
and the higher the number the better the condition and the more desirable
the coin. The 4 most used investment grades are MS 63, MS 64, MS 65 and MS
66. The MS stands for Mint
State and the reason
these grades are chosen is because few coins will qualify. Most coins
minted went into circulation, became worn and have little investment value.
To keep everyone honest, condition is determined by an independent grading
service. The finest of these is PCGS (The Professional Coin Grading
Service), the only service to back their grades with a cash
guarantee. Don’t settle for anything else, as you may not be
getting the right quality standard. Your investment dollar is too valuable
to throw the dice with lesser services.
A CLOSER LOOK AT PROFIT POTENTIAL
Making money in
coins is not a matter of luck. It's the result of principles and techniques
I have developed over the past 25 years. The price graph below considers
the MS 65 Walker Short Set (20 Coins). I include it because it is simple to
interpret and study. The price for the Short Set went crazy in 1986 when it
sold for $17,500 so you are certainly in the low price portion of the price
cycle. This approach is called value investing because there is much more
upside than downside. Take a close look at the graph and it is easy to see
that prices are stable and a new cycle is in the making.
CONSIDER THE ADVANTAGES OF THE LONG SET
Notice that I
include an even earlier group of Walkers in my price, date and mintmark
selection, which follows. The reason for this is simple. As you move back
in time the chance of finding high-grade examples falls dramatically. And
early dates are cheap by comparison. Look at the PCGS Population and price
for the 1941 S: PCGS has graded 1751 MS 65 examples since 1986 and this
coin sells for around $1100.00. The 1940 S, just one year earlier shows a
PCGS Population of 1090 graded since 1986 and it sells for $390.00.
WHAT TO DO NOW
You can see by my
special report that I’m excited about the possibilities within the
Walking Liberty series. Both the Short and Long Set offer unique
opportunities to those investors with patience.
1. Get started today
while prices are still low. Call me toll free (1-800-225-7531) to discuss
which coins are available. The reason I have listed all the coins in both
the Short and Long Set is to give buyers a good idea of daily price levels.
It does not mean I have every date and mint mark. Like I said, choice
examples graded MS 65 by The Professional Coin Grading Service and
difficult to find. The call is important because it will give you a chance
to ask questions, and it will give me a chance to share other details,
which have not been included in this report.
2. If you have other
hard assets and want to compare the potential of these against the Short or
Long Set I will look at the historical graphs and make suggestions. An
example may prove helpful. If you invested in platinum in recent years it
may be time to take some money off the table and reinvest in this
undervalued area.
3. And finally here
is my usual, better than Risk-Free offer: If you believe, as I do,
that these 20th Century silver coins are true sleepers and can generate
profits call toll free 1-800-225-7531 and place an order. You will receive
hand selected, premium quality PCGS MS 65 examples along with my famous
Lowest Price Guarantee. We also pay shipping and insurance and your complete
satisfaction is guaranteed. If you are not 100% delighted simply return the
coins within 15 days for a complete refund. Thanks for reading and good
luck on your new silver investment.
©Copyright Cni, Inc.- The Walker Report
Prices and related figures updated August 4, 2009
|
PCGS No
|
Date &
Mint Mark
|
Population
MS-65
|
Sell Price
|
|
|
The 19 Coin Long
Set
|
|
|
|
6592
|
1934-P
|
744
|
$450
|
|
6593
|
1934-D
|
442
|
$1,350
|
|
6594
|
1934-S
|
206
|
$4,600
|
|
6595
|
1935-P
|
947
|
$390
|
|
6596
|
1935-D
|
424
|
$2,000
|
|
6597
|
1935-S
|
280
|
$2,600
|
|
6598
|
1936-P
|
1719
|
$230
|
|
6599
|
1936-D
|
981
|
$570
|
|
6600
|
1936-S
|
650
|
$900
|
|
6601
|
1937-P
|
1258
|
$240
|
|
6602
|
1937-D
|
672
|
$725
|
|
6603
|
1937-S
|
736
|
$750
|
|
6604
|
1938-P
|
1061
|
$465
|
|
6605
|
1938-D
|
752
|
$1,600
|
|
6606
|
1939-P
|
1516
|
$200
|
|
6607
|
1939-D
|
1786
|
$200
|
|
6608
|
1939-S
|
1245
|
$325
|
|
6609
|
1940-P
|
1722
|
$180
|
|
6610
|
1940-S
|
1196
|
$370
|
|
|
|
Total
|
$18,145
|
|
|
Date &
Mint Mark
|
|
|
|
|
The 20 Coin
Short Set
|
|
|
|
6611
|
1941-P
|
4385
|
$175
|
|
6612
|
1941-D
|
3265
|
$180
|
|
6613
|
1941-S
|
1911
|
$925
|
|
6614
|
1942-P
|
5656
|
$145
|
|
6615
|
1942-D
|
2409
|
$300
|
|
6617
|
1942-S
|
2016
|
$500
|
|
6618
|
1943-P
|
6045
|
$140
|
|
6619
|
1943-D
|
2742
|
$290
|
|
6620
|
1943-S
|
2201
|
$400
|
|
6621
|
1944-P
|
3562
|
$200
|
|
6622
|
1944-D
|
3436
|
$190
|
|
6623
|
1944-S
|
2252
|
$525
|
|
6624
|
1945-P
|
4971
|
$150
|
|
6625
|
1945-D
|
4952
|
$150
|
|
6626
|
1945-S
|
3180
|
$165
|
|
6627
|
1946-P
|
3012
|
$200
|
|
6628
|
1946-D
|
8098
|
$140
|
|
6629
|
1946-S
|
5311
|
$165
|
|
6630
|
1947-P
|
3071
|
$250
|
|
6631
|
1947-D
|
4023
|
$160
|
|
|
|
Total
|
$5,350
|
|
