Based on reports that I have read in the numismatic press, and private reports from recent auctions and shows - it appears that the US coin market may be cooling off. This trend has been somewhat apparent with common date coins for some time now. But now it seems that even more valuable and harder to find coins are now being affected. This is reflected by the abundance of these coins available for sale - and that they are still for sale. What this means is that the coins are being sold, but they are being sold to another dealer who just places them up for sale again. Few of them are being bought by collectors and removed from the market.

Now this may just be a sign of general consolidation after two big coin shows, FUN and Long Beach, taking place so close to one another. But it also may be a sign that the market is saturated and overpriced. With a bit over a month to go until the next big show, the ANA National Money Show, if there is any surplus inventory it may have a chance to be somewhat absorbed by collectors. But if it is not, and prices begin to lessen for even the highly sought after coins - that may well be a sign of something else entirely. Either way, it bears watching for those looking to buy or sell.

Oddly enough, the market for world coinage seems to be reaching even higher levels. The popularity of world coinage here in the US is still increasing. Prices just keep escalating both here and abroad. And the coins are getting harder and harder to find as supply seemingly cannot keep up with demand. This is something that I personally cannot recall ever seeing before - a separation in the directions of the US and world coin markets. But perhaps that is because I have never really focused world coinage market until fairly recently.

That's about it for now - I hope you enjoy this as well as future issues of - The Tarnished Truth.

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The answer is: ? ? ?
In 1639, French engineer Pierre Blondeau perfected milling around the edge of coins to prevent clipping. Taking advantage of the new technique, Louis XIII of France instituted a complete recoinage the following year with milled-edge coins, including a newly designed Louis d'or of 0.21 oz (6.75 grams). Louis banished hammered coins from his mint in 1645. Blondeau later worked for the royal mint in England, and issued the first British coins with milled edges in 1663. He also urged a complete recoinage, too, but it was not undertaken until 1696.