Featured More FM Mysteries, Tales of the Missing (?) Coins Featuring Bahamas, etc.

OK, I'm not trying to wear readers out but I have been collecting and studying currency (and proof) issues of the Franklin Mint from the 1970s and 1980s and have made what are apparently discoveries, some of which I have shared on these boards. It is the passion of collecting I suppose...

Well, the mysteries surround mostly the uncirculated coins issued in (U) prooflike or (M) matte format.

A little bit of background without boring folks:

FM starting striking coins in earnest for foreign countries in 1970 and continued on through 1985, when their function as a minting facility dropped off (and mostly out) with a few nearly pointless exceptions. They made evidently large amounts of money selling proof sets and proof gold coins to the public and used to advertise in coin publications, newspapers and even by recall the TV. Supposedly to legitimize these as coins, they also issued specimen quality coins in sets and singly.
Mostly, the former were sold through the same outlets, the latter were supposedly sent to the Central Banks of the various countries to be (or not in some cases) paid out.

The format of the uncirculated coins as stated were (U) prooflike and (M) matte as stated. Matte were first issued in the sets and singly in 1970, and continued in the sets through 1974 and singly through 1977. All uncirculated coins after 1977 were all prooflike with really only the exception of the "satiny" finish 1984 Liberia issues of 1c, 5c and 10c.

So records were kept at the Franklin Mint of mintages of the various types, and these seem to be reasonably accurate as a whole through 1980 with some exceptions to be discussed. At about that time they (the FM) went through multiple ownership exchanges, buyouts, etc. and this seemed to disorganize what had been a well-oiled enterprise IMHO. Reliability of records and thoroughness of reporting fell off noticeably; even Krause that had some of these records reflects this (BTW internet searches turn up many sources including NGC and numista, etc. that have basically regurgitated the Krause figures). Another good resource for this period is Schon which contains some of the missing information lacking in Krause but has its own pitfalls - to which I will attempt to answer questions if anybody has them.

Krause through 1981 used to issue separate catalogues for FM issues, but these included all the schlock they made like Barbie clocks and repro. Michael Jackson gloves, flatware, dishwater, model cars, etc. I have not located a later catalogue.

OK, before I lose reader interest let me bring up the mystery bit:

If you look at Krause you will see that many of the uncirculated currency issues are listed in matte for 1978 and later years. I have NEVER been able to find one from the central core of countries such as Bahamas, Barbados, Belize, Cayman Islands, Guyana, Jamaica, Panama, Papua New Guinea, Philippines, Solomon Islands, Trinidad and Tobago.

Also some coins are listed that may not exist, or at least I have found no evidence of them after nearly 40 years. As an example, I had cited in another post that the Solomon Islands 1978FM $5 coin is listed as a matte (M) when likely it only exists as prooflike (U). Were the reported mintage of 200 matte coins ever struck, and nobody has ever seen them or were they struck as (U) and released. If the latter case they would be identical to those listed in sets.

Anyway, back to The Bahamas: well to take the 1974 $2 was struck in uncirculated ONLY as a (M)matte so there were not a separately identifiable (U) specimen as none are known to have been struck, and Krause has this right.
But in 1975 $2 mattes were reported to have been struck to tune of 300 pcs. These may or may not exist as I have not seen one and not talked to anybody that has & the same is true of the 1975 $1 mattes at 600 pcs. Can't rule them out but never have seen or heard of them.

The same $1 conch and $2 flamingo designs carried over and the RM (Royal Mint) resumed striking these coins in the designs they had originally begun in 1966 (both were struck in copper nickel for uncirculated after 1973 with the exception of the 1991 $2 coin that the RM inexplicably issued singly with no proof counterparts to the tune of 600 pcs).
I have confirmed prooflike $1 coins, essentially from "tourist" type sets, for 1989, 1991, 1992, 1996 and 2000.
The 1989 $2 was struck by the RM for proof sets but supposedly struck in uncirculated some single copper nickel coins that I have never seen and not seen by any of numerous correspondents. These have a current Krause value of 5.00 USD! BTW, Schon has many errors regarding what was struck in Unc. vs. proof and metallic content.

I should probably have used Barbados as the example country in the heading as these are also illustrious. The FM began striking coins and sets in 1973.
As per pattern, all uncirculated sets in 1973 and 1974 were of (M)matte quality. Thereafter and through 1983 the sets were struck were struck in (U). No sets are known for 1984.
What is the problem? Well, separately listed for all denominations, 1c through $10 are coins listed as (M) matte and for what I am saying are the years 1978 through 1983 and 1984 in the case of the $10 Dolphins coin (I have posted about this one on the boards before). These should all be (U) prooflike in the listings.

So again, it appears that there is at least so far no evidence of many of these coins exist which doesn't mean they absolutely don't exist but IMHO makes it less likely for some countries.
As an example where records are correct would be Belize, as I have found no apparent errors in listing of their uncirculated coins in (M)matte, (U)prooflike, or which unc. specimen sets exist. Mintage figures? Well they may be a bit deceptive and possibly inaccurate even for Belize, let alone some of the other countries.
Where (M) mintages are listed for dubious coins, I think that either they were struck in (U) or were projected to be struck and on paper but did not physically exist.
The problem is that they are hard to impossibly to find coins that are uncirculated and not "escapees" from mint sets (BTW since they are of the same prooflike quality, it is very hard to tell but do believe some to be - see the example I have posted on these boards of the (U) 1984FM T&T 50c). Where did they go, or did they ever exist?

Well, sorry for the run on & here are a couple of pictures of the fairly scarce Bahamas $10 coins - the 1976 of (M) matte quality and the 1977 of (U) prooflike quality and are very large at 50mm. The 1975 (U) coin supposedly has a mintage of 5,800 or so and these are substantially less, but it seems to be scarcer than that:

 

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I have found that the information for the island / foreign coinage to be iffy. Awhile ago, I came upon the coin linked below. Could not find any info on it or a picture of it. Finally found a Numista listing which they couldn't confirm it. So I submitted a picture of it and it is now listed with my picture of it!

https://en.numista.com/catalogue/pieces34248.html

 

Very interesting. The 1977 is a prooflike? It looks better than my Sterling Silver Proof version, lol

 

Yes, prooflike. I think they put it in a holder near to the date of issue... I rather like the design and am trying to find the 1975 matte of this....

 

And this is EXACTLY the coin I love to look for, and even better to find!!!
Very nice job! Probably a few others out there.
I have a sneaking suspicion that the money is made by selling the [usually] silver proofs and then they send a few bags of the uncirculated to the nation or issuing authority - not necessarily the reported mintage, if one is even reported. We may never know exact mintages!

 

That's incredible! I'd pass out, myself, but very cool!

 

Interesting theory and it wouldn't surprise me.