Wake Forest Coins
United States, World, and Ancient Coins Bought and Sold
352 South White Street in historic downtown Wake Forest, North Carolina.
We are just up the street from Shorty's and across from the SunTrust Bank (in the
old Fire House).
Confirming our business hours this week:
My eldest daughter, Sarah, is in labor with her first child, Simon Lucas Miller.
Susan and I have left for Pittsburgh! Be back Saturday?
10 AM to .... 5 PM or until the phone quits ringing.
(919) 556 8300
email: George@wakeforestcoins.com
We Buy and Sell Silver and Gold
The precious metals market is hot!
Collectors, bring your duplicates, damaged, low grade coins in and exchange them for
cash.
Highest prices paid for rare coins and paper money!
Buying scrap gold. We buy broken, damaged, unused
jewelry, old wedding bands, class rings.
Want to own gold or silver? Come on in. Today's markets offer profitable
investments in rare coins and precious metals.
We have quite a few United States, World,
and Ancient coins in stock.
We also have a few books and supplies for the coin collector.
Inventory:
United States Coins, Tokens, and Medals
US Civil War, Slave Badges,
Black Americana 2 badges in stock
World Coins, Tokens, and Medals a few new gold
coins
Coins of Ancient Greece
Roman Coins
Medals by Karl Goetz
More categories someday.
Information:
Terms and Conditions of Sale and How to Order
Wanted
to Buy and Information Needed
Coin
Show Schedule
Links
2/8/10 Go
Saints! Something
Super happens in New Orleans! Drew Brees brings it home for the fans. He championed the poor and
the disadvantaged during his tenure at New Orleans and now has helped make his city the
Super Bowl Champions. I hope this tremendous boost to morale and pride in
citizenship in New Orleans does not fade with the next ball game. The reserection of
the CITY in America may be the only way out of our current financial and political
woes. Let's look to the model of ancient Greece. The strength of the cities
was the strength of Greece. Look not to Washington, let us live on Main Steet.
on another note, I must weigh in on... "Who dat say who dat?....WHO DAT! I heard my father say this often in the mid 1950's. He used it when
me or my sister interrupted him while he was speaking. It was his way of correcting
us in a humorous way. He said the first part quietly, looking about, then finished
sharply, looking at us. I think it was something he heard at work in New York City.
1/10/10 Happy new year. We are well and
expecting our first grandchild later this month. Simon Lucas Miller.
We are seeing an increase in the number of new customers who seek to preserve their
capital through gradual transition of their savings in dollars to gold coins.
Heartening, but their lack of experience in the gold market makes it difficult for many of
them to act. To that I say, "jump". Come on in and buy a gold
coin. Get your feet wet. The water's fine.
12/20/09
see: http://gulfnews.com/business/features/keeping-the-midas-touch-1.556007
for their full story, interesting, confused like most of the talking heads, the section
quoted here for our purposes.
"Investors, bankers, analysts and traders have yet to agree on what is gold's fair
value. Conventional methods applied to other commodities, such as crude oil or copper, to
reach a valuation fail with gold.
In the past, when gold backed the US dollar, the valuation that mattered was the ratio
between bullion and the amount of fiat currency that the US government had printed.
The US — the world's biggest holder — owns more than 8,130 tonnes of gold, while
the Federal Reserve's monetary base is about $1.7 trillion.
So, the price of gold at which the US dollar would be fully
gold-backed is currently around $6,300 a troy ounce," says Dylan Grice, of SociEtE
GEnErale in London."
thanks.....
Wow! Let's hope not.
Hey! Perhaps that's the plan. The US repudiates the Federal Reserve System and
issues new money backed by the gold confiscated from our grandfathers.
If you believe
there is any
connection between the amount of US Federal Reserve Notes in the world and the gold in the
hands of the central bankers, the correct price of gold in
dollars is $6,300 divided by a reasonable credit multiplier. What's an
appropriate leverage for lending gold from reserves? Huge
question. Books are written. Careers are made. Pick one. Under
this assumption, look for the AVERAGE price of gold to be
$1,600 in the next few years. Higher, if the US Congress and the Federal
Reserve System create even more dollars.
If, however, you believe there is no connection between the value of a $1.00 Federal Reserve
Note and gold held anywhere, please call me. I have a few gold coins for sale.
By the way, how do the fund managers of GLD and other ETFs holding gold in their vaults
justify storage fees? Gold yields. How? You lend
it. Demand payment in gold plus interest (more gold). Sound
familiar? That's what banks used to do when we were on the gold standard.
Surely, the present generation of gold owners have got this figured out.
Please help me.
12/10/09 
Dennis Gartman, founder of The Gartman Letter, told CNBC Monday (11/16/09) that the price
of gold will “continue to go up until it stops.”
“It is a gold bubble and to say otherwise it’d be naive,” Gartman
said. He called the trade on the precious metal: “mind boggling and
unbelievably crowded,” but also said he is currently long — or betting gold will
go higher.
According to Gartman, gold’s Friday low of $1,102/oz is the floor. If it breaks that
support, he suggests investors should “head to the sidelines.”
He has it right but he misunderstands the market so he spells it
wrong. GLD is the bubble. The demand
for pretty gold coins is staggering! GLD is down but coin prices are up. There is no gold in GLD! more
to follow...
12/9/09 Comex has recently amended its rules for
futures contract deliveries, allowing the delivery of GLD shares instead of bullion.
Meaning you won't be able to buy physical gold at Comex.
Who is Comex and why should we care?
From http://www.cmegroup.com/
the parent company of COMEX and NYMEX
COMEX is a Designated Contract Market that offers products subject to COMEX rules and
regulations.
Building on the heritage of CME, CBOT and NYMEX, CME Group serves the risk management needs of customers around the globe. We provide the widest range of benchmark futures and options products available on any exchange, covering all major asset classes. Our collective vision is one of ongoing global growth, innovative product development, continually enhanced technology and the highest level of service available on any exchange.
Specifically, we offer futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural commodities, metals, and alternative investment
products such as weather and real estate. More than three quarters of our trading volume
comes from trades made electronically on our CME Globex electronic trading platform.
We serve customers around the world with a global product line, virtually around-the-clock
electronic trading and strategic alliances with other exchanges. We also offer a
number of programs and products designed specifically to appeal to a global audience.
Customers from more than 80 countries trade our products.
CME Clearing matches and settles our trades and guarantees the creditworthiness of every
transaction that takes place in our markets.
CME Group is listed on the NASDAQ under the symbol "CME."
...more later
Google shows a great deal of chatter about the gold reserves at COMEX and the increasing
interest in taking delivery of the gold at the settlement of long contracts instead of
settling for cash and rolling the contract forward. Delivery meaning the COMEX would
deliver bars of gold to the buyer's address and the gold would be removed from the COMEX
reserves. All very interesting. However, what struck me was
the relatively small inventory of gold at COMEX. About (6) six
million ounces. Hardly seems enough to justify all the derivatives.
Coin dealers are familiar with the mintages and circulation patterns of the old US $20
dollar gold pieces. These massive .96 ounce (just smaller than a silver dollar)
circulated throughout America in the good old days (1850's to 1930's). Nowhere,
ever, at no place in time, have so many HUGE gold pieces circulated in public
hands. America was the richest land of all time.
The Red Book (Guide to US Coins) published by Whitman chronicles gold minted in $20 coins
(let's just forget for a moment about the millions of $1, $2.5, $5, and $10 coins struck
at the various US mints).
Philadelphia 69.4 million
New Orleans 829,000
Denver 13.1 million
San Francisco 88.3 million
Carson City 856,000
$20 coins minted in the US Mints, 172,000,000 coins, and at .96 oz per coin,
a total of 165,000,000 ounces of $20 coins struck between 1850 and 1933.
Three trillion, three hundred million dollars ($3,30,000,000)
please consider, these are the old trillion dollars that had
purchasing power...
I assume most of this is in Fort Knox in the form of 90%
bars. Anyway, I hope so. Don't get me started on Fort Knox.
Sorry, I digress. So, how about the (6) six million ounces at
Comex? They are sitting in the vaults, but they are very, very,
busy.
The many million ounces of gold traded through Comex derivatives (shorts, longs, puts,
calls, options, swaps, leases, etc.), are based on a physical supply of (6) six million
ounces. Those six million ounces make money for CME and help facilitate and regulate
the the international gold trade. I guess they need to keep what little bit they
have. So, Comex tenders gld for gold. Say
it ain't so. Buy pretty gold coins now.
12/7/09 Pearl Harbor Day. Times change. Today's comment attributed below. He's right on about the money. Buy and hold gold coins. Pretty ones.
"The amount of monetary stimulus keeping the global economy afloat has never been greater. Two of the largest economies in the world, the US and Japan, now have interest rates close to zero and, along with the UK, are engaged in “quantitative easing”...
Extreme measures of monetary stimulation via money printing are necessary to counteract the deflationary pressures set in motion by declining asset values against which massive amounts have been borrowed. But, in the end, creating money out of nothing will reduce the value of money to exactly that—nothing.
This is the path upon which governments and central bankers have embarked. Fraught with danger and pitfalls, it was not their first choice—it was their only choice—and the rising price of gold is a measure of how far on the path they have traveled. Just prior to the collapse of the dot.com bubble, gold was $300 per ounce. Today, it has exceeded $1200.
It is not a coincidence that as monetary debasement has reached unprecedented levels the price of gold has also reached unprecedented heights. As money printing has increased, so, too, has the transparency of its fraud. Money printed in increasing quantities becomes increasingly worthless; and, gold, as an intrinsic store of value, reflects the accelerating debasement of money in its price.
Not all believe, however, that gold is a function of monetary debasement.
"
Thanks to:
|
12/2/09
This note is for the folks considering a trip to the Holiday Inn with their
valuables. Please compare prices before you sell:
We pay $12 per dollar for 90% US silver coin....their ad $11
We pay $1200 for a US Gold Eagle....their ad $1100
We pay at least $1200 for a $20 Saint Gaudens....their ad $1050
and so it goes....
12/1/09 ok, it's been too long...record gold at $1196.00 per ounce. Hate it, terrible news. Anyway, we have a few US gold ounce Eagle coins in stock. The US Mint promises to resume production later this month. Same with the 2009 Silver Eagles. We have a few in stock. Great gifts!
On another note, it must be fairly obvious by now that Elin chased Tiger out of the house and down the driveway with the same golf club she used to rescue him. I'm so glad he's ok. But, before this whole issue gets too tangled up in the 24 hour news feed, I need to know something. Tough club selection. What club did she use? I would have gone with a 2 iron.
9/9/9
Please help with this one. This coin belong to a
friend of mine, Jim Ray. It's for sale but we are curious about the sentiments
of the engraver. Jim says it was in the 1974 Jacques Schulman auction in Manhattan.
We could use a copy of the auction listing or the catalog. 1723 Rouble of
Peter I (the Great) with German engraving about the September 3rd 1760 bombardment of
Berlin. Captured the 9th, Withdrew the 12th. Russian capture of Berlin during
Elizabeth's campaign that added East Prussia to Russia. More
background....Peter I changed the rules of succession to the throne after he executed his
own son, Aleksey, who had opposed his
father's reforms and served as a rallying figure for anti-reform groups. A new law
provided that the tsar would choose his own successor, but Peter failed to do so before
his death in 1725. After Peter's death Catherine I seized the
throne. But when she died in 1727, Peter's grandson, Peter II,
was crowned tsar. In 1730 Anna Ivanovna, whose father Ivan V
had been co-ruler with Peter, ascended the throne. Anna died in 1740, and her infant grandnephew was
proclaimed tsar as Ivan VI. After a series of
coups, however, he was replaced by Peter the Great's daughter Elizabeth
(r. 1741-1762). During Elizabeth's reign, which was
much more effective than those of her immediate predecessors, a modernized Russian culture
began to emerge. During the rule of Peter's successors, Russia took a more
active role in European statecraft. From 1726 to 1761, Russia was allied with Austria against the Ottoman Empire,
which France usually
supported. In the War of Polish Succession
(1733-1735), Russia and Austria blocked the French
candidate to the Polish
throne. In a costly war with the
Ottoman Empire (1734-1739), Russia reacquired the
port of Azov. Russia's
greatest reach into Europe was during the Seven Years' War (1756-1763), which was fought on three continents
between Britain
and France with numerous allies on both sides. In that war, Russia continued its
alliance with Austria, but Austria shifted to an alliance with France against Prussia. In 1760 Russian forces were at the gates of Berlin. Fortunately
for Kingdom of Prussia, Elizabeth died
in 1762, and her successor, Peter
III, allied Russia with Prussia because of his devotion to the Prussian king, Frederick the Great.
8/23/9 "Sell in
May and go away" very much sums up the current gold business. The various world
equity markets are looking for a sign. Wall Street has been abandoned to the day
traders. IPO's are done. Capital will flow to unregulated private enterprises.
Labor Day will reawaken the markets. It won't be pretty.
Look for a breakout for gold above $1000 this fall. The dollar will fare better than
most currencies but gold will rise in relation to all. Inevitable. Buy pretty
gold coins now. The train 
has not left the station...
3/3/9 Strong demand remains for
physical gold. Well selected gold coins will outperform common bullion
products. The current high premiums for common gold Eagles, Maple Leafs, and
Krugerrands allow astute collectors a buying opportunity. Many low mintage,
attractive gold coins are available for a few more dollars to the ounce.
2/23/9 Gold parties are the
latest fad among gold buyers. Hostess make hundreds and everyone is happy. Be
careful, it is not safe. What if someone brings a pistol to the gold party to
collect gold and cash from the hostess and her friends. The hostess takes the risks
and the sponsor makes the money.
1/30/9 Ed McMahn and
MC Hammer will shill for Cash4Gold during the Superbowl this Sunday. 
Does Ed have any credibility
after Publishers Clearing House? How's Hammer done with the millions he
earned? Are you willing to accept financial advice from this pair? Obtain a
free quote from Wake Forest Coins before you are tempted to mail away your valuables.
How much does a SuperBowl ad cost?
1/20/9 A new day dawns
in America. We all should be very pleased to have at the helm of this great republic
a superbly qualified law professor and former US Senator who is so well grounded in our
country's founding documents. Even more amazing is the enthusiasm for a
better America that he has harnessed.
President Obama is asking for our help. I am willing to pitch in with the best I've
got to help the economic recovery.
An open letter to President Obama,
I hereby give up all claims to a bailout from the US Congress. I run a
business on Main Street (actually White Street) right across the street from a bank that
recently received a $3 billion check from Congress. So, I know Congress is working
in my neighborhood and will get to me in a few weeks. But, hey! I'll do my
part....just skip over me. There, I feel better. Thanks.
Now, if I could ask a small favor in return. I know you have read this
before, so I quote from Article I, Section 8, of the US
Constitution for the benefit of readers who may not be as familiar with the words of our
founders.
"The Congress shall have
power.......To coin Money, regulate the Value thereof, and of foreign Coin, and fix the
Standard of Weights and Measures;
To provide for the Punishment of counterfeiting the Securities and current Coin of the
United States;..............."
The founders intended Congress to "coin Money". Benjamin Franklin printed
paper money with his name on it as early as 1731 and as late as 1760 for use by the State
of Pennsylvania. Hall and Sellers (successors to Franklin and Hall) printed paper
money (Continental Currency) as the first federally issued money in June of 1775.
The founding fathers clearly knew the difference between coins and paper money and had a
use for both. See Franklin's letter of July 3, 1784 to Felix Frecon, about
"money of account".
There currently exists a shortage of gold and silver coins 
in the market that is causing unsustainable and unfair premiums
in the purchase price of common US gold and silver coins. The US Mint is not meeting
demand. Why? I don't know. Conspiracy theories abound.
Also, please consider the charge to "regulate the Value thereof". How
about a US law that prohibits the states and the federal government from collecting sales
taxes on the purchase of US Mint products? The combination of high
premiums and sales taxes on lawful money of the United States is hard to reconcile with
the apparent intent of the founders.
So, President Obama, please include in your upcoming economic recovery package a
reminder to Congress about their responsibilities in Article I, Section 8 to "...To coin Money, regulate the Value thereof..."
Thanks, again.
George
1/12/9 Can you say "President
Barack Obama"? 
For all the political discussion about
"change", whether Democrat, Republican, or not, this is a change we all can see.
11/29/8 Baltimore was a big
success. Many of the dealers reported "better than expected". I
sold most of the gold and silver I had in stock (Still have 2008 quarters and tenths in
gold and a small supply of 2008 silver Eagles for my store customers). US Eagles and
older common US gold was selling at premiums at the show. Will end soon, when the
new gold hoarders realize the spreads are not sustainable. Too many choices in
bullion related products. For example, NGC MS 63 Saint Gaudens are common coins.
Trading easily at $1050 at the show. Roughly $300 / ounce over gold.
Can you hear the air coming out? sss.... historic premium $100 or less.
11/11/8 First, a big Thank You to
all the Veterans! Freedom isn't free. Thanks, again.
President-Elect Obama goes to Washington with Michele and the children to tour the White
House. Governor Palin returns to Alaska. The world watches. Did you see
the AIG bailout (round 2)? They took the money from the failed mortgage program and
gave it to the bookies at AIG. Peter to pay Paul. Too little, too late, to
help the global markets. Why is there no genuine bipartisan support for massive
public works programs? An economic stimulus package that encourages consumption
won't help. Our roads, bridges, water plants, airports, schools, ports, power
plants, railroads, and environment protection need much labor and capital
investment. To hell with rebuilding Iraq, let's pour some concrete at home.
10/24/8 Two
things on my mind this morning...first, the bears 
tearing up Wall Street and the global markets.
Wow!
Second, the appearance yesterday of Alan Greenspan before the House Oversight
Committee. Mr. Greenspan, 82, former Chairman of the Board of Governors of the
Federal Reserve System for nearly two decades, denied the ongoing meltdown of the world's
economy was his fault. Greenspan warned that stabilization in housing prices would
take "many months". He proposed the government "should consider
tougher regulations". Greenspan, who served as Fed chairman over the longest
economic boom in our country's history, also testified he had made a "mistake"
in believing that banks, operating in their own self interest, would do what was necessary
to protect their shareholders and institutions." Greenspan called that "a
flaw in the model"...that defines how the world works. Amazing! The icon
of the free market economy on Wall Street, the former chairman of the board of the biggest
bank in world history blames the banks he supervised! Asleep at the
switch? Fox in the hen house? Head up his...? You call it.
Chairman of the Board! Greenspan said he was "shocked" by the failure of
banking officials to protect their shareholders from their bad loan decisions.
From Wikipedia, an article titled "Federal Reserve System" http://en.wikipedia.org/wiki/Federal_Reserve_System
The Board of Governors is the part of the Federal Reserve System that is responsible for supervising the private banks. A general description of the types of regulation and supervision involved is given by the Federal Reserve:[11]
- The Board also plays a major role in the supervision and regulation of the U.S. banking system. It has supervisory responsibilities for state-chartered banks that are members of the Federal Reserve System, bank holding companies (companies that control banks), the foreign activities of member banks, the U.S. activities of foreign banks, and Edge Act and agreement corporations (limited-purpose institutions that engage in a foreign banking business). The Board and, under delegated authority, the Federal Reserve Banks, supervise approximately 900 state member banks and 5,000 bank holding companies. Other federal agencies also serve as the primary federal supervisors of commercial banks; the Office of the Comptroller of the Currency supervises national banks, and the Federal Deposit Insurance Corporation supervises state banks that are not members of the Federal Reserve System.
- Some regulations issued by the Board apply to the entire banking industry, whereas others apply only to member banks, that is, state banks that have chosen to join the Federal Reserve System and national banks, which by law must be members of the System. The Board also issues regulations to carry out major federal laws governing consumer credit protection, such as the Truth in Lending, Equal Credit Opportunity, and Home Mortgage Disclosure Acts. Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to banks.
- Members of the Board of Governors are in continual contact with other policy makers in government. They frequently testify before congressional committees on the economy, monetary policy, banking supervision and regulation, consumer credit protection, financial markets, and other matters.
- The Board has regular contact with members of the President’s Council of Economic Advisers and other key economic officials. The Chairman also meets from time to time with the President of the United States and has regular meetings with the Secretary of the Treasury. The Chairman has formal responsibilities in the international arena as well.
All this would be very humorous if it not translate directly to
misery in the Third World (also, the third world neighborhoods in the United States).
Every down tick in the capital markets means people will die prematurely from lack
of access to clean air, safe drinking water, and an uncontaminated food supply.
10/21/8 The Politics of
Fear.....the latest from the campaign trail. The 3:00 AM phone call, Putin,
terrorists, nuclear proliferation, global economic meltdown, so what? Heard it
before. I will not be afraid. We have work to do but I will not be
afraid.
10/14/8 Did
you see the full page ads in the News and Observer by traveling outfits set up in hotel
rooms this week in Raleigh? Please don't take your valuables to flea markets, pawn
shops, or hotel rooms. Think about it. Our 27th year.
10/10/8 Amazing
Market! If you picked a number for gold today between $932 and $825, you were right
at least once today. Back to $900 tomorrow? Way too much money looking for a
home.
10/8/8 The Obama / McCain debate last night didn't fix the markets. Neither
did the coordinated world wide cut in the discount rate. Gold is higher this week
and still in short supply.
Presidential candidates who selected running mates based on key votes in a close election
have caused many unintended consequences. Vice-presidential candidates should be
placed on the ticket based on their ability to assist the president to govern (4-8 years)
not just get elected. Johnson (put on the ticket to carry Tennessee) did not
implement Lincoln's post war plans. Johnson wasn't even interested. For the next 100
years Reconstruction and Jim Crow plagued the South. There are other examples.
Both parties know this. A candidate must win on his own merits.
Has anyone noticed how frail McCain looks and how he moved during the debate? Can
you say President Palin?
10/5/8 US gold and silver
Eagles are in short supply. Premiums over spot are higher than they have been for a
long time. I only have a few hundred dollars of 90% silver coin left in stock.
No .999 fine bars and only 100 of the 2008 Silver Eagles. They are $21.95
each. Limit 3 per customer until I can get some more.
email: george@wakeforestcoins.com
