Throw Krause out the window on this one

A lot of modern world coins simply aren't available anywhere at any price. Oh sure, once they suddenly go froma dollar or two to $500 you can find them but in the meantime they aren't available at all. The fact is most moderns weren't saved so they are quite scarce. So long as the offer is a dollar they aren't going up for sale.

The 1975 10P is one such coin. Don't get me wrong this one isn't rare and I own a couple myself but it's one that isn't common and never will be. People never collected moderns till recently and now we're finding out just how tough a lot of them really are. Most are either extremely common or scarce. There aren't many tweeners like the coin in question. Most of the low mintage was melted many years ago to make refrigerators in Japan when the currency failed. What were left were mostly circulated coins and these have had very high attrition as they were used by children for play money or just dropped in the trash. Many went into poundage but the attrition here is very high as well. I'd be surprised if there are more than 50,000 of these in the entire world and most are worn.

The potential demand is far higher and already the supply is being tested even at these low levels of demand.

People saved new coins until the currencies began switching to base metal after WW II. Now it can be very tough finding even circulated examples of coins that were massively melted by the issuer.

 

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Hey, I am going to be buying a small tub of foreign coins soon, I'll keep my eyes out for it. Anything else you need?
P.S. I will probably keep the silver I find.

Let me know,

~Cannyn

 

Interesting perspective on it, Cladking. You mention a lot of things I don't know much about, like melting the coins down. Cazkaboom, thanks for the offer. I have a lot of different things I'm working on, but I can't really list them all. I focus on certain things for awhile and then move to something else.

 

Yes. Most modern coins are being destroyed and shipped to Japan, India, and China to make consumer products. But even Lebanese coins are used in this country as chill scrap or alloy in various casting operations. Old coins were rarely ever destroyed because as currencies debase there is no incentive to turn in a large silver coin for a small silver coin. Generally they didn't even bother recalling coins and this is why even after centuries you can find all sorts of old coins. But moderns are usually recalled and replaced by something new while the used coins are destroyed. Since very few were saved in pristine condition and then circulating issues were destroyed it can make them tough in any grade even with their huge mintages.

There used to be a regular route for a large transport ship that ferried cars to various western ports in South America and would return to Japan laden with coins to make into consumer products. Most of the European coins were waffled and then shipped to India. It's the same way everywhere. No one wants the coins and they get worn out and then melted. Many of the old Soviet coins have huge premiums even in lower grades because there was apparently a very high redemption rate. Indian coins are constantly being attacked by small business to use to make consumer products. An old nicle Rupee is worth only a couple cents but can be turned into thousands of razor blades worth hundreds of dollars. The LME defaulted on nickel contracts a few years back and this dried up legal supplies of nickel in most places.

 

I would be happy to buy any and all US Philippines in that tub. That's my personal obsession...