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The Investment Case for Hand-Poured Silver Bars

A set of artisan hand-poured silver bars from Prospector's Gold & Gems. The wonderfully irregular surfaces and unique character of hand-poured silver bars are a big draw for silver stackers and investors.

Today's hard asset investor has a multitude of choices when it comes to buying silver bullion. There are government-issued bullion coins, private-mint rounds, bars and junk silver, just to name a few. The number of silver investment options is so broad as to be overwhelming at times.

So it shouldn't come as a surprise that many people who invest in physical silver default to the simplest choice possible. They purchase the cheapest silver available, regardless of its form. And while I certainly won't fault anyone for choosing this approach to silver investing, it may leave some very tantalizing corners of the silver market untouched.

For instance, hand-poured silver bars are one of these curiously overlooked areas of the bullion market.

Now, I've already written an in-depth investment guide about vintage silver bullion bars. I love the look and feel of these older silver bars and the market agrees with me. Prices have risen for this type of vintage silver bullion dramatically over the past 10 to 15 years.

But today I want to examine the investment case for modern hand-poured silver bars.

Silver bars can be made via three basic methods - striking, extrusion and pouring. Today, most bullion bars are either struck (also called pressed) or extruded because these two production methods are easily automated. As a result, modern poured silver bars are generally slightly more expensive than their struck or extruded counterparts.

For example, the cheapest 10 troy ounce struck silver bar on APMEX in August 2018 had a premium of about 10% over spot. The poured silver bars that I looked up had premiums that ranged from 13% to 30%, depending on the manufacturer. However, a couple companies were offering poured bars for the same price as APMEX's cheapest struck bar - 10% over spot.

So prices can, and do, vary!

In any case, we are interested in knowing if this premium over generic silver makes sense. Should you pay the extra couple dollars an ounce for hand-poured silver bars or are you better off buying the cheapest generic silver possible?

Funnily enough, you might already be buying high premium silver without realizing it. Anytime you buy a government issued silver bullion coin, such as an American Silver Eagle, Canadian Maple Leaf or Chinese Silver Panda, you are usually paying well above spot. In fact, even bulk lots of generic 1 troy ounce silver rounds normally trade at premiums to 100 troy ounce bars.

In light of these facts, I tend to think that modern hand-poured silver bars can make wonderful investments, provided you understand why you're buying them. They not only possess substantial intrinsic value, but also have an alluring appearance and rich history - attributes that really make them stand out in the hard asset universe.

All of these traits combine to form an investment concept known as optionality. Optionality is any investment characteristic that you don't pay much for today, but has the potential to be worth a lot of money later. Optionality is, simply put, the hidden potential of an investment.

And hand-poured silver bars possess a lot of it. In contrast, a modern struck silver bar that you buy today has little chance of ever trading significantly above its bullion value.

But a poured silver bar is a handcrafted work of art. It carries with it the gravitas of a proud monetary history stretching back centuries. And there is every probability that someday that appeal will be worth more than the extra couple dollars an ounce you pay today.

One only has to look at the burgeoning field of vintage silver bars to see that collectors love the appearance and quality of these classically-styled ingots. And they are willing to pay up for them, too. Older poured silver bars routinely trade for premiums of 40%, 50%, or even more on eBay. Is it really so strange to think that one day modern hand-poured silver bars will be just as desirable?

Another factor that makes hand-poured silver bars desirable is their historical connotations. The uniquely rugged looks of these silver bars echo the American Old West. More specifically, they are a throwback to the culture and traditions of mining in the Old West.

Several different locations in the U.S. were famous for their silver mining in the late 19th and early 20th centuries. The first major U.S. silver discovery was the famed Comstock Lode, in the mountains of Western Nevada in 1859. In the late 1870s, the towns of Aspen, Leadville and Telluride were founded as a result of the great Colorado Silver Boom. In 1884, the Coeur d'Alene mining district was discovered in the wilds of the Idaho panhandle. Coeur d'Alene has been one of the world's most prolific silver mining regions, producing 1.2 billion troy ounces of silver to date.

Every single bit of ore extracted from these incredibly rich mines was laboriously hauled to the surface, crushed and smelted before being cast into countless hand-poured silver bars. Then these silver bars would be transported under armed guard to the local bank or depository before being carefully tallied and stacked in a vault. This age-old process didn't change much between the inception of U.S. silver mining in the 1850s and the demonetization of the white metal in the 1960s.

It was only during the great commodities boom of the 1970s that newer silver bar manufacturing technology was developed. Struck and extruded silver bars could be made much more quickly and with less variation than was possible with hand-poured silver bars. These new production methods also had a cost advantage because poured silver bars cast in the traditional way were (and still are) very labor intensive to make.

To create a hand-poured silver bar, the correct weight of .999 fine silver shot must be melted in a crucible. Then a mold of the right size, either made from graphite or cast iron, must be pre-heated. Next the molten silver is carefully poured by hand into the mold. After it has solidified, the still hot bar is dumped out of the mold into a vat of water to finish the cooling process.

The work doesn't stop there, though. After the poured silver bar is completely cool, it must be weighed to ensure it is within specification. Then it is hand-stamped with the weight, fineness and maker's mark or logo. Finally, the silver bar is tumbled, sanded or chemically treated to clean up its surface, giving it the proper patina or finish.

If you are interest in seeing this process firsthand, this fascinating YouTube video by Yeager's Poured Silver shows it quite clearly.

Because hand-poured silver bars are so labor-intensive to make, they tend to have much lower mintages than you'll find with mass-produced struck or extruded bars. Shockingly, poured silver bar mintages are sometimes as low as just a few hundred specimens, although higher mintages are more common.

This might not matter very much today, but rarity is a key factor that impacts the desirability and pricing of older silver bars. And today's new silver bars will eventually become tomorrow's old silver bars.

Because they are often crafted in short runs, hand-poured silver bars are available in a dizzying variety of shapes and sizes. Do you want a few tiny 1/2 troy ounce poured silver bars to hand out as stocking stuffers at Christmas? You can get them. Do you want mammoth 100 troy ounce poured silver bricks in order to stack them high and deep? No problem.

In addition to traditionally-shaped loaf and kit-kat bars, it is also possible to find poured silver squares, wedges, cubes and buttons.

There is even a thriving market in 3-D hand-poured silver bars. These 3-D bars are available in an endless number of interesting designs, such as skulls, stars, pyramids, hearts, lions and more. This massive assortment of styles and designs is completely absent from the struck and extruded silver bar market.

Another aspect of hand-poured silver bars that many collectors love is the fact that you can handle them without worrying about damaging them or reducing their value. By comparison, casually holding your struck silver bars and private-mint rounds will often cause unsightly dings and scuffs.

Government-issued bullion coins - with their mirror-like surfaces - are even more sensitive. Bumps or scrapes on these coins will render them culls, which generally sell at heavily discounted prices.

But poured silver bars are meant to be jumbled together. They are meant to be cradled in your bare hands and allowed to drip through your fingers. Their rugged appearance is actually enhanced by the occasional blemish or mark. Owning poured silver bars means you never need to worry about fussy cotton gloves or sterile plastic holders when handling your stash.

Now that I've covered investment considerations, I want to give a brief synopsis of eight major poured silver bar producers that are currently active.

Our first poured silver bar maker is SilverTowne, based in small-town Winchester, Indiana. This firm started out in 1949 as a coin shop founded by Leon Hendrickson, who originally sold coins out of a cigar box under a lunch counter. However, in 1973 SilverTowne started minting its own silver bars and rounds in order to meet customer demand.

SilverTowne produces hand-poured silver bars in 5, 10, 50 and 100 troy ounce sizes, in addition to a 1 kilogram poured bar. The larger size bars (1 kilo and up) are emblazoned with SilverTowne's famous prospector and burro logo.

The smaller 5 and 10 troy ounce sizes don't have room for the full logo, so they use the SilverTowne name written in cursive script. Regardless, these smaller bars are longtime favorites with silver stackers because of their convenient size and sugar-frosted appearance.

Silvertowne Hand-Poured Silver Bars For Sale on eBay

Vulture Peak Mines, also referred to as VPM, is another small company that sells hand-poured silver bars. It is located in Bandon, Oregon, on the Pacific Coast near the mouth of the Coquille River. Most of Vulture Peak Mine's employees are former miners or veterans, all of whom share a passion for poured silver bullion.

Vulture Peak Mines produces hand-poured silver bars in a variety of sizes from diminutive 1/2 troy ounce bars to substantial 20 troy ounce examples. Each of their bars is proudly emblazoned with the Vulture Peak Mines logo - a crossed pickaxe and shovel - and comes with a certificate of authenticity that guarantees its weight and purity.

In addition, Vulture Peak Mines offers some silver bars that have been made with cast iron molds. This gives the bars a slightly rougher, pock-marked look that can't be achieved via standard graphite molds.

Vulture Peak Mines Hand-Poured Silver Bars For Sale on eBay

The next hand-poured silver bar manufacturer on our list is Prospector's Gold & Gems. This company refines precious metals shipped from mines, jewelers and pawn shops and then uses it to create amazing poured gold and silver bullion bars. Founded in 1999 by David Emslie, Prospector's Gold & Gems is based in Fort Collins, Colorado.

Prospector's Gold & Gems produces silver bars from 1 to 10 troy ounces in size. These bars come in two distinct varieties: the first has the company logo, a crossed pickaxe and shovel over a gold pan, while the second uses a skull and crossbones theme. They also produce select sizes of silver bars that have a coiled Gadsden rattlesnake with the motto "Don't Tread on Me" underneath.

Hand-poured silver bars from Prospector's Gold & Gems have a unique, matte finish with a silky-sheen that I find very attractive.

Prospector's Gold & Gems Hand-Poured Silver Bars For Sale on eBay

Another major poured silver bar maker is Scottsdale Mint, based in sunny Scottsdale, Arizona. This firm is both a bullion dealer and a producer of gold and silver bullion products.

The Scottsdale Mint makes a variety of hand-poured silver bars stamped with their crowned lion logo, including 5, 10 and 20 troy ounce sizes. They also produce a slightly smaller 100 gram poured silver bar for those who prefer the metric system.

However, I think that Scottsdale Mint's most intriguing offering is their "Tombstone Silver Nugget" series of bars. These captivating poured silver bars have a dimpled, honeycomb pattern and a rough oblong outline. Each one also comes with its own certificate of authenticity and a handy storage bag.

Scottsdale Mint Tombstone Silver Nugget bars are available in 5 and 10 troy ounce weights, along with a hefty 1 kilo size. These impressively chunky, hand-poured silver bars are a deliberate throwback to the prospecting and mining heritage of the old Arizona Territory. And I think that the Scottsdale Mint has perfectly captured the spirit of those pioneer days.

Scottsdale Mint Hand-Poured Silver Bars For Sale on eBay

Monarch Precious Metals, sometimes known as MPM, is another maker of poured silver bullion bars. Located in Southern Oregon's majestic Rogue Valley, Medford-based Monarch Precious Metals has been a favorite among hand poured silver bar enthusiasts since its founding in 2008. Their perennial popularity among silver stackers is undoubtedly because their poured silver bars have some of the lowest premiums in the marketplace.

Monarch Precious Metals offers a wide range of silver products, with sizes from 1/2 troy ounce right up to mammoth 100 troy ounce bars (and everything in-between). Poured silver bars from MPM feature the company's crown logo and name.

Unlike many other poured silver bars, most MPM versions are squared-off, which they refer to as "flat stackable". As the name implies, this makes their bars easier to pile high for bullion buyers.

Monarch Precious Metals used to produce larger, hand-poured silver bars in a classic loaf shape, but has since discontinued this type of bar. These older bars occasionally come up for sale on the secondary market, where they are still quite popular.

Monarch Precious Metals Hand-Poured Silver Bars For Sale on eBay

Even the bullion giant APMEX has recently gotten into the poured silver bar game via its subsidiary, 9Fine Mint. These streamlined cast bars come in sizes ranging from chunky 100 gram squares to imposing 100 troy ounce bricks. APMEX only launched this line of boutique silver bars in the spring of 2018.

9Fine Mint products are characterized by their precise lines and highly polished surfaces. They also arrive in distinctive, custom-designed black and orange packaging.

9Fine Mint bars are an appealing option for investors who like the idea of hand-poured silver bars, but want to pay the lowest premium possible. In this regard, they are priced very similarly to Monarch Precious Metals poured bars. As an added bonus, all aspects of 9Fine Mint silver bar production occur in the United States, including their design, minting and packaging.

9Fine Mint Hand-Poured Silver Bars For Sale on eBay

One of the smaller poured silver bar manufacturers is the Atlantis Mint. This family-owned firm is headquartered in Parsonsburg, Maryland, on the Delmarva Peninsula. The Atlantis Mint specializes exclusively in silver products in order to provide the best possible quality, price and experience for their customers.

Hand-poured silver bars from the Atlantis Mint vary in size from a miniscule 5 gram piece all the way up to a hulking 1 kilo bar. However, most of their production focuses on the smaller 1 to 5 troy ounce range.

Atlantis Mint silver bars often bear the triple skull and crossbones logo, which is the unofficial brand of the company. They also cater to silver bar enthusiasts looking for something a little more daring by offering a selection of 3-D hand-poured silver bars, such as skulls, dice and eagles.

Atlantis Mint Hand-Poured Silver Bars For Sale on eBay

The last poured silver bar maker that I want to feature is Bison Bullion, located in rural Buffalo County, Nebraska. This silver foundry exclusively produces artisan hand-poured silver bars, eschewing any automated production methods.

This means that Bison Bullion doesn't make any struck or extruded silver bars, unlike many larger refiners and manufacturers. In addition, they craft all of their 3-D molds in-house, resulting in the highest levels of craftsmanship.

Bison Bullion offers silver bars that range from 1 to 100 troy ounces. These poured silver masterpieces come in two broad categories: standard bullion bars and 3-D or "fancy" bullion bars.

Bison Bullion's fancy silver bars often reflect Native American, Great Plains or other Wild West themes. Their standard poured silver bars are a classic loaf-style shape emblazoned with the firm's namesake bison logo.

Bison Bullion Hand-Poured Silver Bars For Sale on eBay

There are a number of other noteworthy hand-poured silver bar makers that I haven't profiled above, including Yeager's Poured Silver (YPS), MK Barz and Bullion, Shiny Bars, Pit Bullion, Mutiny Metals and Backyard Bullion. Unfortunately, I had to draw the line somewhere, so I won't be giving a synopsis of these companies here. But if you are interested in small-batch, hand-poured silver bars or 3-D poured silver bars, these small firms are worth checking out.

Those of you who are curious about Yeager's Poured Silver can check out my in-depth investment guide on YPS grab bags.

Before I bring this article to a close, I would like to leave you with a word of caution. Please don't expect to be able to buy modern poured silver bars and then turn around and immediately flip them for a profit. It is highly unlikely you will be able to do so.

If you buy poured silver bars, you must be willing to wait for the collector's market to mature in order to recover your premium. I estimate that 7 to 10 years is a good minimum holding period. If you are forced to liquidate your holdings shortly after buying due to unforeseen circumstances, you will likely only receive slightly above spot for most pieces.

Despite this minor drawback, hand-poured silver bars are definitely one of the best investments available in the bullion market today.

Read more in-depth Antique Sage bullion & gemstone investment guides here.

Investing in Americana – Old Semi-Numismatic U.S. Gold Coins

Pre-1933 semi-numismatic U.S. gold coins - like this 1904 Liberty Head quarter eagle ($2.50) gold piece struck in Philadelphia - are compelling investments that combine intrinsic and collector's value. Premiums on semi-numismatic U.S. gold have collapsed in recent years, granting hard asset investors a unique opportunity to acquire these premiere tangible assets cheaply.

Choice, the presence of good options in one's life, is a great thing. It can give you a sense of freedom as well as control. Unfortunately, many of us today have fewer good options than we might prefer. This is particularly the case when investing. Among the traditional investment classes, many stocks seem egregiously overvalued while most bonds don't seem much better. However, there is one overlooked investment that is still a great choice: old, semi-numismatic U.S. gold coins.

Numismatics derives from the ancient Greek word for "coin" and refers to the study or collecting of coins. Therefore, numismatic coins, unlike common circulating pocket change, are pieces with special value to collectors. Semi-numismatic coins, therefore, trade partially on their bullion value and partially on their collector's value, including their condition, design and history.

All semi-numismatic U.S. gold coins were struck at least 85 years ago, before 1933, when the United States was still on a classical gold standard. These beautiful and historic tangible investments feature some of the most aesthetically pleasing coin designs the U.S. has ever issued. Perhaps most importantly, semi-numismatic U.S. gold coins are the material expression of frontier America's industry, invention and optimism. In short, they are the physical embodiment of traditional Americana stamped into solid gold.

Struck in 900 fine gold, these high denomination coins not only circulated freely in the Old West and the Great Plains, but also in the big East Coast cities like Boston, Washington D.C. and New York. In addition, many dates and denominations were minted in substantial quantities, ensuring a significant number have survived to the present. This is a great boon to modern-day tangible asset investors as it ensures there is a ready supply of these remarkable old coins available.

It is vital to understand the concept of premium when discussing semi-numismatic gold coins. The term "premium" refers to the amount over its bullion value that a coin sells for.

$5.00 Liberty Head (Half Eagle) Gold Coins For Sale on eBay

South African Krugerrands, Canadian Maple Leafs and other bullion coins generally sell for premiums of less than 10%. But a 2,300 year old ancient Greek gold stater coin bearing the image of Alexander the Great is a strictly numismatic piece, with a premium of several hundred percent or more. Pre-1933 semi-numismatic U.S. gold coins trade between these two extremes with premiums that range from about 10% to around 100% of their bullion value.

This exceptional positioning makes old U.S. gold coins especially attractive investments. When you buy a semi-numismatic gold coin, most of what you are buying is gold, the bedrock of any good tangible asset portfolio. But semi-numismatic gold coins also include a modest dose of collector's value, which is reflected in the premium.

These two components - bullion value and numismatic value - do not always move in lockstep. This gives semi-numismatic gold coins two distinct, non-correlated return components. Non-correlated assets are the holy grail of modern investment theory, as they provide diversification.

Worried about gold declining in value? No problem, the numismatic value of your coin may rise to offset a drop in the gold price. Likewise, a falling numismatic premium may be balanced by a rise in precious metal prices. In the best case scenario, you "win" twice via a rising gold price and rising premiums. Of course, in a worst case scenario both the bullion value and numismatic premium of an old gold coin can decline. Thankfully, this is a very rare occurrence.

$10.00 Indian Head (Eagle) Gold Coins For Sale on eBay

It is important to point out that semi-numismatic U.S. gold coins have underperformed gold bullion over the last 15 years or so. Why has this happened? Well, the price of bullion is generally driven by economic instability and fear of currency debasement. And the last 15 years has seen a lot of both of those things with the Great Financial Crisis of 2008-2009 and global central banks' subsequent policy of Quantitative Easing (money printing). Hence, the price of gold has risen strongly over that period.

Numismatic premiums, in contrast, are driven largely by strong economic growth and a booming economy. In fact, there is a direct relationship between the size of a country's GDP and its coin prices. When a country's economy is healthy and incomes rise, some of that wealth naturally bids up the value of collector's coin. Therefore, it shouldn't come as a shock that the recently stagnate U.S. economy has been reflected in broadly lower premiums for semi-numismatic U.S. gold coins.

Investors shouldn't buy numismatic coins in anticipation of the end of the financial world. Instead, numismatics is a play on financial recovery - the economic dawn after the recessionary night. And while I strongly advocate that people buy bullion to protect themselves against severe economic dislocation, I also think it is prudent to invest in numismatics in the expectation of happier and more prosperous times in the future. Old semi-numismatic U.S. gold coins conveniently allow the savvy investor to do both in a single investment vehicle.

Some people, primarily bullion and rare coin dealers, don't like semi-numismatic gold coins. You can read many internet articles by bullion dealers decrying how well-intentioned, but ignorant investors got scammed into paying outrageously high prices for old, common-date U.S. gold coins when they could have done much better just buying plain, no-frills gold bullion.

Of course, if you're scammed into overpaying for any investment, you can expect to do poorly. So this is hardly a convincing argument.

$20.00 Liberty Head (Double Eagle) Gold Coins For Sale on eBay

But bullion dealers also have another objection which is partially valid. They correctly claim that you will always be able to buy more ounces of physical gold for a given amount of money when buying bullion coins compared to semi-numismatic gold coins. But this criticism misses the point.

The numismatic premium that you pay for old gold coins is a potential source of future return. The premium level has the possibility of moving independently from the underlying price of gold. This gives rise to a financial idea known as optionality. In brief, numismatic optionality is the potential for a collector's coin to rapidly increase in value at some indeterminate point in the future. An ingot of gold bullion, in contrast, possesses no numismatic optionality and is always completely dependent on the whims of the gold price.

Rare coin dealers also often criticize semi-numismatic gold coins. These self-interested dealers claim that only really rare gold coins make good investments. Semi-numismatic U.S. gold coins are relatively common, having been struck by the tens of millions. And, although huge quantities have been melted since their demonetization in the 1930s, these coins are still readily available in the marketplace.

Rare coin dealers' assertion that only extremely rare and expensive coins make good investments is mostly based on the fact that this same class of coins has experienced superb investment performance over the last 20 years. But these abnormally high returns have been largely driven by the rise of the super rich over the same time period - our modern day robber baron class. These nouveau riche U.S. gold coin collectors have collectively poured hundreds of millions, if not billions, of dollars into their collecting passion.

$5.00 Indian Head (Half Eagle) Gold Coins For Sale on eBay

This insatiable market demand has driven up the prices of legitimately rare U.S. gold coins to tremendous heights. In fact, it is doubtful if much investment upside remains in this part of the U.S. coin market. However, old semi-numismatic U.S. gold coins have been largely left behind, ignored in the rush to cater to bullion buyers on the one side and ultra-wealthy collectors on the other.

The historical origins of pre-1933 semi-numismatic U.S. gold coins add to their investment allure. In the late 1830s, the designs of the U.S. $2.50, $5.00 and $10.00 gold coins were updated by Christian Gobrecht, the Chief Engraver of the U.S. Mint. These iconic American coins, known as the Liberty Head series, feature a bust of the personification of Liberty wearing a coronet on the obverse. An eagle clutching an olive branch and bundle of arrows with its wings spread graces the reverse.

The Liberty Head series of U.S. gold coins were minted with only minor variations for approximately 70 years, from 1838 to 1908. These coins were, in many ways, foundational to the identity of the young American nation. They were witness to every major episode of U.S. history during this time, from the devastation of the Civil War to the taming of the Old West to the establishment of the National Park System.

Until the late 1840s the gold eagle, or $10.00 gold coin, was the highest denomination piece struck by the United States Mint. However, the discovery of a major gold find in California in 1848 prompted the U.S. government to investigate the striking of an even larger denomination gold coin, the legendary double eagle, or $20.00 piece. A unique Liberty Head design was created by Chief Engraver James B. Longacre for the new double eagle denomination and introduced into circulation in 1850. It was issued with few changes until its discontinuation in 1907.

$10.00 Liberty Head (Eagle) Gold Coins For Sale on eBay

In the first decade of the 20th century, President Theodore Roosevelt wanted the nation to have gold coins that would rival the magnificent coinage of the ancient Greeks. To achieve this, he contracted the famous American sculpture Augustus Saint-Gaudens to prepare new coin designs. While Saint-Gaudens died before he could finish his work, his breathtaking designs were still adopted for the $10.00 and $20.00 gold coins.

The $10.00 Indian Head gold piece features the bust of a noble American Indian with a feathered headdress on the obverse and a perched eagle on the reverse. The $20.00 St. Gaudens double eagle depicts a robed Liberty, holding an olive branch and a torch, boldly stepping forward on the coin's obverse and a majestic, powerful eagle in flight on the reverse. Struck from 1907 to 1933, these two gold coins are generally considered the most beautiful U.S. coins ever produced.

In fact, the obverse of the modern-day U.S. mint's popular American Gold Eagle bullion coin series is almost an exact copy of the iconic St. Gauden's design.

Due to the premature death of Augustus Saint-Gaudens, the $2.50 and $5.00 gold coins were redesigned by his former student, the American sculptor Bela Lyon Pratt. These two series are similar in design, although not identical, to the $10.00 gold coin created by Augustus Saint-Gaudens. The $2.50 and $5.00 Indian Head gold coins feature a Native American in full headdress on the obverse and a perched eagle on the reverse.

In addition to being attractive in their own right, the $2.50 quarter eagle and $5.00 half eagle Indian Head series are notable for being the only U.S. coins that were struck in incuse, with the design features sunk into the flat field of the coin. They were struck from 1908 until production ceased in 1929.

$2.50 Indian Head (Quarter Eagle) Gold Coins For Sale on eBay

When considering pre-1933 semi-numismatic U.S. gold coins for investment purposes, eye appeal is paramount. Anything that helps make a coin look better is desirable, including attractive toning, a full strike and a minimum of ugly contact marks. However, condition is perhaps the most important characteristic.

Serious investors should only acquire specimens that grade Extra Fine (XF-40) or better in condition. This will help guarantee maximum eye appeal by ensuring that most of the coin's details are intact. But this rule can be relaxed under certain circumstances, such as when dealing with less common, pre-Civil War dates and mints.

You can quickly enter full numismatic territory here though, so be careful.

Some collectors will not consider semi-numismatic U.S. gold coins unless they are in uncirculated (MS-60) condition or better. I don't personally believe semi-numismatic gold must be in uncirculated condition to be investable. However, if you do choose to purchase uncirculated coins, you may want to consider pieces certified by a third party grading service.

The two most popular grading services for coins are PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation). These companies authenticate, grade and then encapsulate coins in tough, clear plastic holders called slabs. This allows coin collecting and investing novices to buy and sell these slabbed coins with confidence.

$20.00 St. Gaudens (Double Eagle) Gold Coins For Sale on eBay

Anything that detracts from the beauty of a coin should be avoided. This advice is especially important for common-date semi-numismatic U.S. gold coins, as they can't rely on rarity to enhance their appeal. Unattractively toned, weakly struck or harshly cleaned specimens should all be eschewed. Any sort of significant damage, such as major rim bumps, scuffs or scratches, is also unacceptable. You want to buy clean, problem free gold coins.

You should also beware of unscrupulous coin dealers or telemarketers that may try to sell semi-numismatic gold coins at extravagant mark-ups. They usually target those with little collecting knowledge. Do not fall prey to these scam artists. Nothing cripples the long-term performance of an investment more than overpaying.

As of mid 2018, with spot gold trading at around $1,270, prices range from just under $250 for $2.50 quarter eagles to around $1,400 or $1,500 for $20.00 double eagles. However, it is important to note that the prices of semi-numismatic U.S. gold coins fluctuate with any sizable movement in the price of gold.

If you are looking for maximum exposure to gold and minimum numismatic exposure, larger gold coins like the $10.00 Liberty Head, $20.00 Liberty Head or $20.00 St. Gaudens series are your best options. These coins currently have premiums that range from a modest 10% to 20% in the marketplace.

The $5.00 Liberty Head, $5.00 Indian Head and $10.00 Indian Head coins will give you a slightly higher exposure to numismatic value. These semi-numismatic coins have premiums between 15% and 35% right now.

$2.50 Liberty Head (Quarter Eagle) Gold Coins For Sale on eBay

The Liberty Head and Indian Head $2.50 gold coins have the highest premiums among U.S. semi-numismatic gold coins, hovering around 80% at the moment. This gives quarter eagles an almost even split between bullion and numismatic value. These smaller gold pieces tend to have rather low mintages compared to the larger denominations and, in my opinion, represent exceptional value at this time.

I've compiled a table that shows the premiums on pre-1933 semi-numismatic U.S. gold coins as of the summer of 2018 below. This data was compiled using realized eBay sold prices for lightly circulated specimens; uncirculated examples would cost more. The gold price used in the calculations is $1,310 per troy ounce.

	Gold		Average
	Content	Bullion	eBay	Premium	Premium
Denomination	(in troy oz.)	Value	Price	(in %)	(in $)
$2.5 Liberty	0.12094	$158	$297	87%	$139
$2.5 Indian	0.12094	$158	$280	77%	$122
$5 Liberty	0.24187	$317	$375	18%	$58
$5 Indian	0.24187	$317	$415	31%	$98
$10 Liberty	0.48375	$634	$719	13%	$85
$10 Indian	0.48375	$634	$772	22%	$138
$20 Liberty	0.96750	$1,267	$1,422	12%	$155
$20 St. Gaudens	0.96750	$1,267	$1,450	14%	$183

The world may not be giving us as many good options as we would like, but there is at least one good investment option left to us - pre-1933 semi-numismatic U.S. gold coins. These overlooked pieces of historic Americana represent great value in an otherwise lackluster investment landscape.

Read more in-depth Antique Sage rare coin investment guides here.

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Read more in-depth Antique Sage bullion & gemstone investment guides here.

Gothic Goodness – Medieval Woodcut Prints

Here is a medieval woodcut print depicting a scene from the bible where Jesus is teaching his followers. This incunable print comes from a 1488 Flemish work titled "Dat Boeck Vanden Leven Ons Liefs Heeren Jhesu Christi" which roughly translates from the Middle Dutch as "The Book of the Life of Our Good Lord, Jesus Christ". The biblical theme, rubrication and striking monochromatic art style are absolutely typical of medieval woodcut prints from the late 15th and early 16th centuries. It cost less than $100 on eBay.

As the old saying goes, "time waits for no man". Naïve youth doesn't fully understand the full weight of these words. But those of us who have lived on this earth for at least a few decades comprehend their true meaning all too well.

Although time might march relentlessly onward - leaving the debris of both people and history in its path - some things stand tall against its implacable ravages. Medieval woodcut prints are among these hallowed things. These masterpieces of the paper-crafter's art often look as beautiful and captivating today as they did when they were first printed some 500 years ago.

Early woodcut prints reflect the soul of late medieval European thought. They portray the most important topics of the period, including biblical scenes, episodes from Classical mythology, exotic animals, botanical renderings, famous cityscapes and maps. Depictions of the noblest chivalry, grandest kings' courts and idyllic rural scenes grace these gorgeous works of gothic art. They are medieval culture personified and ready to hang on your wall.

The origins of medieval woodcut prints date to mid 15th century Continental Europe. During that time in the walled German metropolis of Mainz, Johannes Gutenberg commercialized one of the world's greatest inventions - the movable type printing press. The greatest consequence of Gutenberg's invention was an explosion in the production of books in late medieval Europe.

Until the mid 15th century, all books produced in Europe were illuminated manuscripts. These works of art were painstakingly handcrafted by highly trained scribes on parchment (processed animal skin). This method was so slow and arduous that a single book could take years to produce and would sell for a small fortune. Libraries were the lofty domain of royalty, nobility and monasteries.

But within just a few decades of Gutenberg's invention, newly printed books flooded Europe, radically driving down their prices while simultaneously increasing their accessibility.

The most visually striking feature of late medieval books are their woodcut print illustrations. Before the invention of the printing press, a book could only be illustrated through hand illumination, a very tedious and time consuming process. But alongside the advent of movable type printing, another allied technology - the woodcut print - was also developed.

Affordable Medieval Woodcut Prints For Sale on eBay

In this process a slab of wood was carved with an illustration or design by a highly trained artist. The resulting woodcut was then mounted on the printing press, either with or without movable type, depending on the page arrangement. Multiple copies could then be created with much greater ease and efficiency than hand illumination.

Medieval woodcut prints were so popular that they were sometimes printed as standalone art pieces too, known as single-leaf woodcuts. Woodcut prints found in late medieval books were often as large as possible, occupying either a full page or half page. However, it isn't uncommon to find smaller woodcut print illustrations or margin designs peppered throughout early books.

Woodcut carving was an incredibly demanding skill that required years of apprenticeship to a master. In fact, many of the greatest artists of the late medieval period experimented with woodcut prints in addition to other art mediums.

A perfect example of this is the renowned Northern Renaissance artist Albrecht Durer. Active from the mid 1480s until near his death in 1528, Durer was an artistic genius - a true renaissance man. He had trained as a goldsmith during his youth and later became not only a master painter and engraver, but also perhaps the finest woodcut carver of all time. His works have a level of detail and refinement that was unrivaled in his time. Consequently, Durer's prints usually command a premium compared to other contemporary woodcut artists; his paintings are only found in museums.

Albrecht Durer Medieval Woodcut Prints For Sale on eBay

Late medieval printed books created before the year 1500 are known as incunables or incunabula. This name derives from the Latin term for "cradle", referring to the inception of the printing industry. Post-incunables are books printed after the year 1500 but before circa 1540.

The dates used to divide incunable and post-incunable works are necessarily arbitrary in nature; the year 1500 did not see any significant advances in print technology. Similarly, the end date applied to post-incunables is open to discussion, with some authorities preferring an earlier date of 1520 or a later date of 1550.

Another interesting aspect of medieval woodcut prints is the paper they were printed on. The paper used in late medieval printing is completely different from modern paper and superior to it in every way. Present-day paper is made from crushed wood pulp that is then chemically bleached. This results in paper that is not only relatively fragile but also acidic in nature. As a result, modern paper tends to yellow and turn brittle after only a couple decades.

In sharp contrast, the paper found in 15th and 16th century printed books, called laid paper, was made from pulverized cotton or linen rags. Due to the longer fibers of cotton and linen, laid paper possesses far greater strength than modern wood pulp papers. It is also naturally acid free. This means that laid paper often survives vast spans of time - even centuries - in good condition.

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Laid paper was manufactured by mixing shredded cotton or linen rags together in a vat with water. This pulpy mixture was then poured into a mold with a wire mesh bottom. The water drained through this wire sieve, leaving a single sheet of high quality, very durable paper once dry.

The wire mesh used in the fabrication process leaves a characteristic patterning effect on laid paper. This crisscrossing pattern consists of narrowly spaced laid lines and more widely spaced chain lines oriented at a 90 degree angle to the laid lines.

Laid paper can best be identified by backlighting the sheet and looking for the network of crosshatched lines.

Although less difficult to produce than animal parchment, laid paper manufacturing was still relatively labor-intensive and time-consuming. Consequently, laid paper production was almost completely supplanted by new paper manufacturing techniques during the Industrial Revolution in the late 18th century.

Post-Incunable Medieval Woodcut Prints For Sale on eBay

As a general rule, incunable medieval woodcut prints from before 1500 are somewhat more expensive than later, post-incunable examples. While the end date of the post-incunable period is still open to scholarly debate, it would be wise to only purchase prints produced before circa 1550, unless they are from known artists.

Size also influences pricing, with larger prints naturally being more desirable than smaller prints. Rubrication, or the coloring of the initial, capital letter of a page with red, is another attractive feature of some incunable and post-incunable medieval woodcut prints. Subject matter also significantly impacts price, with well-known biblical scenes fetching strong premiums. Botanical prints and patterns typically trade at substantial discounts and should be avoided if investment return is a primary consideration.

Condition, as always, is a key factor of paramount importance. Torn, excessively water stained or extensively holed prints should be avoided. Likewise, pieces that have had their margins heavily trimmed or have had the print illustration cut out from the text on the page are not investable.

Woodcut prints from known masters bring the best prices, with works by Albrecht Durer standing at the top of this elite group. Beware of later copies of famous prints which are substantially less valuable.

Medieval Woodcut Prints from Known Artists For Sale on eBay

Late medieval, single-leaf woodcut prints are not only impressive artworks but also tremendously underrated in today's market. These works exude a wonderfully medieval, gothic sensibility that would magnificently complement a private library, study or master bedroom. Pricing starts at around $50 to $75 for more common examples, but quickly escalates into the hundreds for prints by famous makers.

Highly desirable pieces by Albrecht Durer in pristine condition can venture into the thousands. Fully intact incunable and post incunable books are very rare and easily command thousands or even tens of thousands of dollars. Time may never stand still, but you would never know it when gazing at these spectacular medieval works of art.

Read more in-depth Antique Sage medieval art investment guides here.

Duty, Honor, Country – Vintage U.S. Military Insignia

This collection of vintage U.S. military insignia is typical of the high quality items still available to militaria enthusiasts today. The sterling silver pilot's wings are World War II vintage, while the 10 karat gold-filled Second Lieutenant officer's bars are from the Vietnam era. Notice the pleasing, undisturbed patina on the pilot's wings, which helps confirm that they are genuine vintage insignia and not modern reproductions.

Duty, honor, country. These are the three timeless words that began five star general Douglas MacArthur's farewell speech to the graduating West Point class of 1962. But they are more than just words. They are core concepts that have governed the motivation and behavior of generations of U.S. fighting forces. These noble ideas are exquisitely encapsulated in vintage U.S. military insignia - personal items that are rich with both martial history and tradition.

Military insignia are cloth patches or metal pins used to denote rank, affiliation or technical qualification. They are distinct from medals, like the Purple Heart or Bronze Star, which are awarded based on merit. This article will exclusively discuss vintage U.S. military insignia that are made from metal, with the term vintage in this case referring to the 1970s or earlier. These highly desirable pieces of Americana have witnessed the most pivotal moments in 20th century military history, including World War I, World War II, the Korean War, Vietnam and the depths of the Cold War.

Vintage U.S. military insignia were generally worn on a soldier's lapel, collar or hat and were an integral part of the military uniform. They were especially prominent on the dress uniform, where the rich warmth of gold and the subtle glint of silver endowed an immaculate, polished appearance. However these impeccable devices not only complemented a soldier's image, but also helped instill a deep sense of esprit de corps and sacred obligation.

For most of its existence, the United States did not maintain a large standing army. Instead the country only fielded a small peacetime force that radically expanded during wartime. For instance, the U.S. Army was only 98,000 strong in 1914, but quickly ballooned to around 4,000,000 troops just a few years later due to World War I.

It was only during World War II that the U.S. Armed Forces became a permanently large standing force. This was driven initially by the exigent need to defeat Nazi Germany and Imperial Japan. After World War II, the rise of communism forced the U.S. military to maintain its wartime footing in order to act as a global counterweight to aggressive Soviet expansion.

The United States Armed Forces has five branches - the Army, Air Force, Marine Corp, Navy and the often overlooked Coast Guard. The U.S. Air force is the newest of the armed services, having only come into being in 1947. Before this time, the Air Force did not officially exist. Instead, the responsibility for military aviation was divided among the U.S. Army, Navy, Marine Corp and Coast Guard. However, the United States Army Air Forces, or USAAF, was the most prominent of these pre-1947 air units.

Although they are rapidly becoming hot items in the militaria market, most vintage U.S. military insignia weren't originally that rare. Millions of men and women served in the U.S. forces over the course of the 20th century and nearly all of them wore insignia of some description. However, the original ubiquity of vintage U.S. military insignia belies their true scarcity today.

It is estimated that only 558,000 of the 16.1 million Americans who served during World War II are still alive in 2017. As the veterans of this world-altering conflict have inevitably passed on, many of their military insignia have been accidentally lost or discarded. Sometimes the children or grandchildren of these veterans, not recognizing the historical value of these remarkable pins, simply threw them in the trash. And now that veterans from the Korean and Vietnam conflicts are also reaching advanced ages, vintage U.S. military insignia from the 1950s and 1960s are destined to soon become rarer as well.

Vintage Sterling Silver U.S. Air Force Insignia for Sale on eBay

A wide range of materials have been used in vintage U.S. military insignia. The most common is probably brass or bronze that has been gilt or silver-plated, as appropriate. Brass has the advantage of being inexpensive and reasonably durable for field service. Less sturdy materials such as plastic or die cast zinc alloys have also occasionally been used during wartime when copper was in short supply.

Silver-filled and gold-filled metals are fairly common. Sterling silver was also readily employed, although its prevalence declined precipitously in the late 1960s due to the rising global price of silver. Very rarely, high-end pins were made from solid karat gold.

Perhaps the most commonly encountered vintage U.S. military insignia is the Honorable Service Lapel Pin, which was given to veterans who had been honorably discharged. It features a perched eagle within a ring about to take flight - usually rendered in gilt metal. This pin is colloquially known as the "Ruptured Duck", ostensibly because the awkward eagle looks more like a misshapen duck than a majestic bird of prey.

The Honorable Service Lapel Pin's original incarnation was in 1919 as a cloth patch. It allowed a veteran to continue wearing his military uniform after being discharged - something that was normally strictly forbidden by military regulations. This was particularly important in the immediate aftermath of World War II, when wartime shortages made civilian clothing difficult to procure. Most Honorable Service Lapel Pins were made from gilt brass, but plastic, die cast, sterling silver and karat gold examples all exist.

Vintage Sterling Silver Ruptured Duck Insignia for Sale on eBay

One of the most highly coveted of all vintage U.S. military insignia is the U.S. Army parachutist's badge, also commonly known as "jump wings". This pin features a central parachute flanked by two feathered wings - all rendered in oxidized silver. The design was first created in 1941 as a way to recognize freshly trained U.S. Army paratroopers who had just qualified for this newly invented and highly demanding discipline.

The very first order of 350 jump wings was crafted by the Philadelphia luxury jeweler Bailey, Banks & Biddle. But over the years, many different private firms have manufactured these unique pins under official government contract. These pins are usually silver-filled or sterling silver.

There are several variations of the U.S. Army parachutist's badge. In 1950, the Senior and Master parachutist's insignia were authorized. Both of these pins are identical to the basic U.S. Army parachutist's badge, except the former has a star on top of the central parachute and the latter has the same star within a wreath.

An unofficial modification that was frequently made to jump wings by many soldiers and vets was the addition of small bronze stars to represent the number of combat jumps conducted. The maximum number of these "combat jump stars" is always five. While not originally sanctioned by the U.S. military, this common practice was eventually made official in 1983. Vintage jump wings with bronze stars are highly desirable in the collecting community, so buyers should beware of fabricated examples.

Vintage Sterling Silver U.S. Army Paratrooper Insignia for Sale on eBay

The U.S. Marine Corp's Eagle, Globe and Anchor is also a ubiquitous symbol among vintage U.S. military insignia. While the eagle and fouled (tangled) anchor were used to represent the U.S. Marine Corp since the early 19th century, the current Eagle, Globe and Anchor design was only adopted in 1868. The Eagle, Globe and Anchor, also known among collectors and Marines as the EGA, consists of a globe showing the western hemisphere with a fouled anchor behind and an American bald eagle surmounting both.

While there was a lot of variation in EGAs through the late 1950s, by the early 1960s they had been standardized. Since that time, the Eagle, Globe and Anchor for enlisted men has been all gold in color while officers' EGAs have been all silver except for the anchor and continents on the globe, which are gilt. Because the number of active Marine Corps members has always been small compared to the other U.S. Armed Forces, their pre-World War II insignia are relatively uncommon. A detailed, albeit dry, history of the Marine Corp EGA can be found here.

Vintage Sterling Silver U.S. Marine Corp Insignia for Sale on eBay

Another attractive vintage U.S. military insignia that is quite popular with collectors and history buffs is the U.S. Navy's Submarine Warfare pin. It shows a central, oncoming submarine flanked on either side by two sea monster-like dolphins. The Submarine Warfare insignia for officers are gilt while enlisted men's pins are all silver in color. Because submarines are a relatively new technology, the U.S. Navy Submarine Warfare pin was only first designed and issued in 1924. Vintage examples of this desirable pin can be found in silver-plated (or gold-plated) bronze, silver-filled (or gold-filled) and sterling silver (or gold-filled over sterling silver).

It is also quite common to come across officer's pins while searching for vintage U.S. military insignia. Although relatively simple in design, these important emblems of rank helped identify officers at a glance. Below is a list of military officer ranks and their associated insignia. I've included the equivalent U.S. Naval and Coast Guard ranks in parenthesis. All U.S. military branches - the Army, Air Force, Marine Corp, Navy and Coast Guard - share the same officer's insignia:

Second Lieutenant (Ensign) - One vertical gilt bar
First Lieutenant (Lieutenant Junior Grade) - One vertical silver bar
Captain (Lieutenant) - Two vertical silver bars
Major (Lieutenant Commander) - A gilt leaf
Lieutenant Colonel (Commander) - A silver leaf
Colonel (Captain) - A silver eagle clutching arrows and an olive branch
Brigadier General (Rear Admiral - lower half) - One silver star
Major General (Rear Admiral - upper half) - Two silver stars
Lieutenant General (Vice Admiral) - Three silver stars
General (Admiral) - Four silver stars
General of the Army (Fleet Admiral) - Five silver stars in a circle

It is important to note that the very highest rank of General of the Army or Fleet Admiral has not been conferred on any member of the U.S. Armed Forces since World War II. As you can imagine, general's stars are rather rare and highly coveted in the collecting community. Fakes abound and great caution is urged when looking to purchase these items. The novice (and perhaps even intermediate-level) vintage U.S. military insignia aficionado would do well to stick to the rank of colonel or lower.

Vintage Sterling Silver U.S. Navy Insignia for Sale on eBay

A huge number of private companies have received official U.S. military contracts for pins over the decades. In addition, there have been a fair number of "unofficial" suppliers as well, especially for pre-World War II officer's pins. As a result, it is not possible to list all of the different makers that one might encounter on vintage U.S. military insignia.

However, there are a handful of companies that manufactured a disproportionately large share of vintage pins. These include Balfour (often abbreviated LGB), Luxenberg, Amico (American Insignia Co.), Gemsco, H&H (Hilborn & Hamburg) and N.S. Meyer Inc. The aspiring vintage U.S. military insignia collector should take note that these makers are the most frequently faked too. I've found this militaria site to be a useful reference for legitimate hallmarks.

For the serious connoisseur, the ability to accurately date vintage U.S. military insignia is a requirement. One of the best ways to do this is via the attachment mechanism on the back of the pin. The two earliest types of fasteners are the screw back and the pin back. The screw back fastener employs a threaded post soldered onto the back of the pin which is secured via a (usually) brass retaining nut. This type of fastener first appeared in the 1890s and persisted until the World War II era. Likewise the pin back fastener, also known as the jeweler's pin or safety pin fastener, was also used from the late 19th century straight through to World War II.

During the 1920s a new type of fastener, called the Phinney clutch (after its inventor), pull clutch, or piston clutch came into widespread use. This fastener used a small, smooth post secured by a mechanical brass clutch. The Phinney clutch was superior because its modestly-sized, smooth post did not make a large hole in uniforms, unlike the older screw back version. It was easier to use than the fussy pin back fastener as well.

However, in 1942 the B.A. Ballou Company of Rhode Island made a breakthrough in clutch technology. They developed the eponymous Ballou clutch, a fastener made entirely out of thin sheets of stamped brass. It was used on smooth posts, much like a Phinney clutch, except the user squeezed two tabs on either side of the clutch between his thumb and forefinger. The U.S. military loved the Ballou clutch because it was easy to use, cheap to manufacture and used very little brass during a period of intense wartime demand. The Ballou clutch rapidly displaced all other fastener types, which are only infrequently encountered after World War II. The patent on the Ballou clutch expired sometime during the 1950s or 1960s, allowing other firms to manufacture clones after that time.

It should be noted that the clutches of some vintage military insignia have, either accidentally or intentionally, been swapped out over time, making this a fallible dating method. However, screw back and pin back fasteners are very difficult to alter without leaving tell-tale evidence. Despite its drawbacks, the fastener type is still a key method for dating vintage U.S. military insignia.

Vintage Sterling Silver U.S. Coast Guard Insignia for Sale on eBay

Another way to date more recent vintage U.S. military insignia is via date codes. These were alpha-numeric codes assigned to pin manufacturers that had received official military contracts. Sometime between 1953 and 1960, insignia contractors began using a code consisting of a single letter followed by a single number. For example, B-1 stood for Balfour. Around 1965, the code was changed to a single letter followed by double digits. For instance, M-22 represented N.S. Meyer. This code system is still in use today.

The U.S. Navy also adopted its own unique code system of a single letter, double digits and the letter "N". The navy has used this code from 1974 until the present. It should be noted that these alpha-numeric codes only applied to official military suppliers; unofficial pin suppliers did not use them.

Quality counts when looking to invest in vintage U.S. military insignia. You want a damage-free pin with lots of crisp detail and little or no wear. Does the eagle on your World War II era Ruptured Duck pin look like he just lost a drunken bar fight? Then walk away and search for another, better example.

I personally believe that vintage U.S. military insignia made from precious metals are substantially more desirable than those that aren't, all else being equal. However, most insignia collectors out there right now don't agree with this assessment. They largely collect based on era, military branch or type. But I think that the use of precious metals grants an additional dimension of investability to vintage insignia that does not exist otherwise.

Therefore, I recommend buying solid sterling silver or (admittedly rare) karat gold examples. Prices for sterling silver vintage U.S. military insignia are hardly any higher right now than similar pieces in brass or silver-filled/gold-filled, but should have greater future return potential. While I don't normally like gold-filled antiques or jewelry for investment purposes, I think that sterling silver vintage military pins with gold-filled trim are entirely acceptable.

In fact, a lot of vintage U.S. military insignia are gold filled over sterling silver, which is far superior to normal gold electroplating. This is sometimes abbreviated as GoS, or gold-on-silver. Keep in mind that you will have a very hard time finding affordable sterling silver or solid karat gold specimens from before World War II due to their rarity and desirability. For these earlier eras, any material is acceptable.

Vintage Sterling Silver U.S. Army Insignia for Sale on eBay

It is vital to favor pins that have an even, undisturbed patina. This will help you avoid specimens that have been harshly cleaned as well as modern reproductions that are sometimes sold as vintage pieces. It also isn't uncommon to find new-old-stock, or NOS, insignia from several decades ago in their original retail boxes. These will nearly always have some patina if they are truly as old as they claim.

Some collectors of vintage U.S. military insignia avoid NOS pins because they want items that were used in active service. I, however, am indifferent to this preference and believe the final choice is up to the individual collector.

The biggest challenge for the vintage U.S. military insignia aficionado is to avoid fakes, reproductions and fantasy pieces. This has become more of a problem over the past 10 to 15 years as the militaria collecting niche has absolutely exploded in popularity. This trend has been partly driven by the passing of the World War II generation and the melancholy realization that the remaining survivors will not be with us for much longer.

Unfortunately, persistently rising militaria prices have induced some unscrupulous profiteers to fabricate, modify or otherwise fake vintage insignia. Knowledge is the collector's best defense against being defrauded. As already noted, don't purchase a vintage pin that does not have a good, natural patina intact. Also, make sure that all parts of a pin are period appropriate, including the fastener. Familiarize yourself with the common manufacturers of the era you are interested in and their hallmarks. Lastly, buy only from reputable sources; this will help save you money and heartache in the long run.

Pricing for vintage U.S. military insignia can vary considerably depending on the pin's age, condition, material and type. Higher-end materials, like sterling silver, command a surprisingly modest premium over more pedestrian metals like brass. Earlier military insignia, especially pieces from before World War II are especially desirable and expensive.

However, the collector's market for these martial relics is still in its infancy, resulting in an inefficient market with wildly differing prices for similar pieces. Pricing can range from an unbelievably low $10 to $20 for a relatively common World War II era sterling silver Ruptured Duck pin to a few hundred for a desirable pair of early Army Air Corps wings. Only a few of the very rarest specimens exceed $500 in value, giving savvy collectors of modest means a unique opportunity to "buy the best of the best".

It is shocking how undervalued high quality vintage U.S. military insignia are right now. This is one of those few categories of antiques where less than $100 is enough to start a meaningful collection. With a variety of attractive specimens available for around $50, duty, honor and country has never been a better investment.

Read more in-depth Antique Sage militaria investment guides here.

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