When I took up scuba diving, I vividly remember the dive-master telling us to remove any rings we might be wearing while on a dive. The reasoning was, not unlike other fish in the sea, barracudas are attracted to shiny objects. The fish, being drawn to the sparkle of metal, might very well swoop in to grab a tasty bite with its razor-sharp teeth. If that happens, the result could be the quick loss of a diver’s finger. Or worse.
As a species, we may have something in common with barracudas. Without fail, we also seem to be on the hunt for the quick hit from something new and shiny. Case in point, the recent meltdown and bankruptcy of crypto exchange FTX and subsequent arrest of its CEO. Even with the now familiar warning signs and red flags of FTX “currency” being nothing more than a house of cards, investors from sports figures and movie stars on down saw a quick buck to be had. They poured their money in and snapped up FTX crypto currency. In the end, they lost it all....
Stock brokers and investment advisors are acutely aware of this predilection we have for overnight riches. I’d wager there isn’t a broker who hasn’t been asked by a friend or relative what the next “hot” stock buy might be. So too for coin or stamp dealers. Customers readily stream into their stores hoping to find an overlooked collectible that will offer a hefty and immediate return. Naturally, if such investments existed, the broker or dealer would have already snapped it up for themselves for an early retirement in the Caribbean.
I thought of that recently after receiving a catalog from a prominent and reputable mail order company. On the cover was pictured a fabulous image of a “coin” in the shape of a royal crown made from pure silver. In honor of the late Queen Elizabeth II, the miniature royal headpiece has a regal purple color on top and is encrusted with 70 diamonds symbolizing the number of years the queen reigned as Britain’s monarch. In addition, it is accented by seven colored crystals.
On the reverse, a circular coin with a face-value of $25 is embedded into the center. Inscribed at the top are the words, “The Queen’s Platinum Jubilee. 1952 – 2022.” The coin in the middle of the reverse is from Samoa, dated 2023. It features a portrait of Elizabeth II and is stamped with the weight of 1006 grams of silver. That equates to just under 36 troy ounces of silver. The entire coin measures 3-5/8-inches wide and 4-3/4-inches in height. The finish on the piece is a striking combination of satin and shiny proof silver.
This isn’t the first coin to be struck in a curious shape. For years, various mints have been producing coins in ovals, squares, rectangles, in the shape of a guitar and even a marijuana leaf.
Impressed into some coins have been holograms; pieces of coal from the Titanic; gems such as amber; and countless other inclusions to get the attention of collectors. Not surprisingly, all such coins carry a noticeable premium.
Housed in a nice presentation case, there’s no question the Samoan crown $25 coin is exceptionally attractive. It’s also said to be the last Samoan coin to bear an image of the queen. Today, 36 ounces of pure silver has a melt value of almost $850. According to the company selling the item, the total weight of the diamonds on the coin comes to just over one karat. Those have to be worth something.
The asking price for the coin is $30,000. Now, they say that only two such coins have been made. There are 197 others but, according to the representative with whom I spoke, only two contain the diamonds.
Admittedly, that’s a very low number making them quite rare. The question is, how much demand is there for a coin of this sort from Samoa? Moreover how, does one put a price tag on such an item?
Invariably, there will be a buyer or two for these. But, how about down the road? Coin dealers with whom I spoke questioned who they might find to buy such an item or to resell it.
In the end, beauty is assured but at what cost? It’s always best to avoid getting bit.
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