PCGS Blog

Tragedy in the Coin Market

Posted on August 31, 2011 by Jaime Hernandez1 Comment

Coin Dealer Steve Halfon - Murdered by Thieves

Last week 61 year old Steve Halfon owner of Liberty Coin Co. in Gravesend was horrifically murdered. A group of three men ambushed him right after he closed his coin shop at approximately 5:30 p.m. Halfon was forced into the thieves’ car and then beaten severely. Shortly after, Halfon’s body was discovered by a motorist on East 7th Street in Midwood. Halfon was taken to the hospital, where he was later pronounced dead.

This is undoubtedly a horrific thing to experience, even imagining it is horrifying. Our condolences go out to his family, as this truly, is a terrible tragedy to have to go through. This should also be a reminder for all of us who are involved in the coin business or involved with any valuables. We should always try to remember that there are bad and dangerous individuals out there.  These individuals are willing to do just about anything, when it comes to money or valuables.

In some cases, possibly nothing can be done to prevent a robbery, especially if the thieves have it all planned out, as appears to be the case here. But it’s a good time to stop and think to yourselves, what can you do, to make it safer for you when dealing with coins or valuables?

If you’re a dealer at a shop, maybe you can set a schedule with local police officers to make their rounds when you leave your store. If it isn’t possible, talk to local store owners and try to set a time when you can all leave together. If you’re a collector attending shows, maybe arrange before and with a group of collectors to meet at a certain place and all go to the show together.

Whatever it is, just think of any way that you can make it safer for you when dealing with coins or any valuables. Coin collecting is usually safe and fun but sometimes it can also attract the wrong individuals. So, collectors and especially coin dealers, remember to always try to be as cautious as possible when dealing with coins.

High Gold and Silver Prices – Let the Melting Begin!

Posted on August 3, 2011 by Jaime HernandezNo Comments

With higher silver and gold prices many coins are currently being melted and we will never, ever, get to see them again.

Many of us who have silver or gold coins, jewelry etc. are very happy that our possessions have increased in price significantly. As I write this, silver is at $37.70 an ounce and gold is at $1745.60 an ounce.

On two positive notes, with the high price of these two metals, a lot of attention is given to the coin market and new collectors and investors begin to buy coins. Also, many dealers, collectors and investors are very busy selling coins, reaping in significant profits. So everyone’s happy right?

Gold & Silver Coins Being Melted

Not necessarily, as youre reading this, many jewelry, pawn and coin dealer shops are being offered gold and silver coins to buy. And the easiest thing for them to do is, send their gold and silver coins to a smelter and sell it for its silver or gold content. Rather than take the risk and wait to try to find someone who will pay retail numismatic value for the coin.

Besides coins there are many other historical items that are composed of silver and gold that are being melted today like jewelry, silverware, antiques and many other collectibles that we will never, ever, get to see again.

Silverware

If silver and gold prices come down, it will not necessarily stop the melting. But when the price of silver and gold go up and go up fast, many dealers, pawn and jewelry shops have no alternative but to sell these items fast in order to keep up with all the customers coming in to sell their silver and gold items.

Many individuals feel that the price of gold and silver will continue to go up and go up high, while there are others who also feel that prices will come down. Regardless of whatever silver and gold prices do in the future, as a collector who appreciates coins and history, I just hope that not too many coins and significant items get melted along the way.