Howdy Folks -

The precious metals markets have continued the rollercoaster ride. Silver took a nosedive from above the $8 level back in April and has dropped to as low as $5.50 during May. Currently it is again back over $6, but how long it will stay or where it will go from here is anybody's guess. Like silver, gold also reached a high of $427 at the beginning of April only to drop by mid May to $373. But it has recovered somewhat and is nearing the $400 mark again.

As most folks in the numismatic community are aware, a lawsuit filed against some 46 collectors and certain members of the ANA by ASA Accugrade has had some far reaching effects. Not only is it incurring a sizeable financial burden on those being sued and affecting their personal lives to a large degree; it is affecting the rest of us as well. There has been an admirable effort made by a great many collectors to come to the financial aid of those being sued. But with things like lawsuits - it never seems to be enough. The ANA itself has established a Legal Defense Fund in part because of this suit. The ANA Board of Directors said the fund was "to assist in defraying the costs of defense for ANA members who find themselves named in lawsuits after they have taken action to protect collectors and the numismatic hobby". On a personal level, I wish all of the defendants nothing but the best of luck in their efforts.

Once again, it appears that PCGS will have to step up and correct a mistake. Last year a uniface die trial for the Jefferson nickel was found and sent to PCGS for authentication. PCGS duly authenticated the coin and slabbed it. They also assigned it as being attributed to Felix Schlag. At the time, many so called experts and members of the numismatic community said this was a huge mistake as there was no documentation to support this attribution. Nonetheless, PCGS stood their ground.

Well lo and behold, we now find out that this die trial was not designed by Felix Schlag - but by Anthony De Francisci. And surprise, surprise - there's proof this time instead of assumption. It seems that plasters of the design which are identical to the die trial were donated to the Smithsonian by De Francisci's widow back in 1964. The owner of the die trial says he will submit it to PCGS for the correct attribution.

With Long Beach to begin in a matter of days, the pre-auctions held by the major houses are already beginning. Over the years these pre-auctions have become my favorites - especially since collectors can now access them via the internet. I have found that many times the prices realized at these auctions are a good bit lower than can usually be found at a coin dealer's or even ebay. And the overall quality of the coins available is often superior. I also always enjoy receiving the auction catalogs which always come in handy in later years. But more importantly, at least to me, this is when the coins you can rarely find come crawling out of the woodwork ;-} So if you haven't already done so - be sure to keep an eye out for these pre-auctions by the likes of Goldberg, Heritage and Superior to name a few.

Well that's it folks - until next time ;-}

Doug