By Chuck Daughtrey – ModernCoinMart ………
After a series of exchanges, a determination has officially been made that the new 2014 Tokelau one ounce silver horse coins minted by the renowned B.H. Mayer’s Kunstpraegeastalt GmbH (the Mayer Mint) out of Pforzheim, Germany will be designated as reverse proofs, not as standard uncirculated coins. They were first sold in the U.S. by ModernCoinMart (MCM), the exclusive U.S. Distributor for this coin, with sales beginning in August.
When MCM received the coins, they immediately began selling them uncertified and also had some graded by NGC and PCGS. Neither grading service had received any notification as to the method used to strike the coins, so they both designated the coins as ‘Mint State’ in their grade, as is standard practice for the grading services with coins that are not officially designated by the mint as ‘proof’ or ‘specimen’ struck coins.
While talking to the international distributor at the ANA convention, John Maben, MCM CEO, relayed his thoughts stating that “The stunning beauty and the craftsmanship by which these coins were made led me to eventually question why these were not classified as reverse proof coins. They have satin-like fields and mirror devices, just like the American Eagle reverse proof issues”. An inquiry (via the international distributor) to the Mayer Mint about the process they used in treating their dies and blanks for minting these coins followed and resulted in the mint officially classifying this issue as a reverse proof issue. Certificates of Authenticity which classify the coin as a reverse proof are now available to MCM from the Mint.
The official mint letter certifying these coins as “reverse proofs” was forwarded to NGC, who in turn has changed their labeling going forward to reflect this change. PCGS was also notified of this change, and a spokesperson for PCGS has indicated “they would recognize the coins based on the official letter from the Mint.” Not to be confused with the standard proof Tokelau Silver Horse that was just released (mintage only 2,500) the newly designated reverse proofs have a maximum mintage of 50,000.
Effective immediately, these coins will no longer be offered by MCM as Mint State, but instead as the proper classification of ‘Reverse Proof’. On the question of value Maben said, “Only time and the market will tell but one would think a reverse proof would be of greater interest to collectors”. The coins are available for purchase at www.moderncoinmart.com and U.S. dealers wishing to make volume wholesale purchases are invited to contact Jay Rudo at MCM for prices and availability.
I always assumed these were reverse proofs. Readers of the Coin Analyst will recall I recommended these coins after they came out. I am looking forward to seeing the proof version, which I just ordered.
Dear Sirs, Yes these are very lustrous reverse proofs. I commend Mr. Maben’s efforts.
I also want to say that I have studied the fields, depths of device by mil spec, and surface luster of the 2103 tokelau year of the snake and there is no discernible difference in the 2013 50,000 mintage of the 2013 Tokelau 5$ “Year of the Snake” and the 2014 50,000 year of the horse Reverse proof.
I have always felt the 2013 5$ Year of the snake as a Reverse Proof. It is one of the prime examples of such in 2013 yet was designated a Mint State coin.
I challenge anyone to come up with any reasonable explanation the 2013 50,000 mintage of the Tokelau 5$ release of “the year of the Snake is not also reclassified immediately as a reverse proof.
Much of the secondary market already does this.
It would clarify for collectors that they are indeed following a “series” of coins which I am sure was the intent. It would help to invigorate collecting particularly in lower mintage newer coins which is what many look for these days.
It would also provide some continuity and give some added credence to grading reverse proofs and also the TPG process.
I commend Mr. Maben for pushing this issue. I would hope that he pushes equally as hard for last years customers. And that the 2013 5$ “Year of Snake” be reclassified as well.