Amazing Coin Story (Warning: Franklin Mint material discussed! LOL)

[VickySilver 775]

As some are perhaps aware, I collect circulating/currency coins of the Franklin Mint and of the Caribbean especially - although I make exceptions for Papua New Guinea and Solomon Islands to some extent, and mainly because it is a rare day that I find a decent Vicky or late pre-decimal silver at a real world price.

 

Anyway, some 6 or so months ago right on ebay appear TWO Guyana coins of exceeding rarity & these are the Uncirculated (U) 1978 Guyana $5 and $10 pieces. These had an original mintage of 100 each and were NOT sold to collectors. As best as I have been able to make out, they were struck by the Franklin Mint as were other such coins to "legitimize" their offerings of silver (and gold) proof coins and sets to be sold to collectors; most of these NEVER made it to their country of origin at all. 

From what I have been able to gather over the years, and this dates back to the 1970s when I could not afford much of anything besides maybe my next meal at University, the putative currency issues were struck by the Franklin Mint at a truly marvelous private minting facility in Pennsylvania and then sacked up into bags and sent to the issuing authority in whichever country & usually the Central Bank. A few uncirculated sets were occasionally and erratically struck for the non-focal countries, which I will presently explain, but most of even these sets were sold to collectors in wealthier countries such as the USA, Britain, Germany and the formerly titled Benelux with only a few going to host countries.

In any case, and back to the story. These currency coins were then sent to the Central Banks as stated and faced varied fates: some were dumped out into circulating channels through the banks & this generally applied to the smaller denominations, usually one cent through one dollar or equivalents. This has been disputed by some but then debunked on the evidence that circulated examples ARE indeed found from the time. The larger coins, and by such I really mean that, ofter up to 45 mm diameters and on occasion even LARGER were after 1973 nearly always struck in copper nickel which meant they had essentially no melt or intrinsic value (until the recent meteoric rise of nickel prices!). They were struck in quite small numbers, often only 50 to 250 or so examples and evidently for the most part languished in bags or other storage with a few possibly being pulled out by curious or maybe in cases knowing bank personnel or their friends. There is very scant to poor to minimal direct evidence of any of this and comes from stories that I and others have gathered.

Point being that few were made, those made were NOT treated specially & often received rather poor treatment with bagmarks and handling/storage hairlines, etc. Because some are so very scarce, many either are still lost in the bowels of Central Banks or possibly melted or even THROWN OUT as appears the case with mates to the two subject coins. Bottomline: abyssmal survival and coins that are likely extremely rare.

In the case of Guyana, the poor Guyanese dollar has suffered severe damage in exchange ratios which is important as shall be pointed out. In 1978, it took roughly 10 Guyanese dollars to equal one USA dollar and gradually this has eroded to over 200 Guyanese dollars to one USA dollar now in 2022. So at time of issue, and according to records 100 each of the 5 Dollar and 10 Dollar coins were sent there to the Central Bank in Georgetown, Guyana. Allegedly, also an unknown number of specimen uncirculated (but NOT including proofs) in the prooflike or (U) quality were made - in 44 years since issues I have NEVER seen one of these sets. So until 6 months ago, I had not seen any of the uncirculated specimens of these two larger denominations when all of the sudden one of each appeared on ebay but the seller wanted an atrocious amount of money that even I was unwilling to pay. I tried to bargain and (s)he came down only marginally and so decided to see what they might sell for; they did not sell and so some time later I offered a bit higher price which was refused and the seller then offered a HIGHER price.  ERGGGGGHHHHHH!

I then waited even longer and the coins languished unsold & so made another offer and thankfully he dropped the price just a bit more so I agreed and sent my payment. The next day I thought back and vaguely recalled that the seller was in Eastern Europe. A cursory check then showed he lived in Kyiv, Ukraine of all places! Four weeks went by and no coins, and so I then figured I was out of my money even though a good seller (seller responded that he had moved - evidently Westward - and that he had posted them). 

But then I came into work, and tah dah!!!!!, there sat on my desk an envelope from UKRAINE. Only one likelihood and that was that these coins were included. Indeed they were and undamaged at that with a Kyiv postmark which appears to be either 22 or 24 February, and so after a bit of restoration now have my two coins!!!

 

If anyone can volunteer through email to post these pictures please let me know. I am on my laptop now, but will try my old method of using cell phone again which is a method that recently has failed......

 

[secret santa 2,016]

Try emailing them to me Eric.

[VickySilver 775]

Ah thanks Richard. Didn't know you visited this part of the forum....

[secret santa 2,016]

I read anything with an interesting tagline. I should get out more.

Edited March 27, 2022 by secret santa
addition

[VickySilver 775]

For those that have not lost interest: please look carefully at the obverse of the 10 Dollar coin with the subject CUFFY. The engraving of this piece really IMO well executed and the RM or USA mint might do well to find some sculptors that can manage portraits as well...

 

[VickySilver 775]

 

Here is the packing with Kyiv postmarks, etc.   I am still amazed this got out...

[azda 973]

A cursory internet check and I found the $10 Cuffy in MS64

[VickySilver 775]

Wow, nice then did you happen to notice the date? Many are the Royal Mint 1970 version which is decidedly common. If another date like 1977 or 1979 Franklin Mint uncirculated I would really want to know.

There is an ebay seller in I think Washington state that has a 1976 in unc. for over 700 USD which is just far too high (and I have two of that date in any case as it is the most common).

Edited March 27, 2022 by VickySilver
clarity

[Mr T 169]

Well done. I probably would have caved and bought them but it's good you got them at a good price.