Daniel Carr & The Moonlight Mint – Overstrikes, Bullion & Fantasy Coins

Photo Credit: South Street Coin Company

Here is a stunning example of a 2011-dated 1000 Amero fantasy coin issued in pure .999 fine gold by Daniel Carr.  Overstrike, fantasy and bullion coins privately-struck by Daniel Carr and his Moonlight Mint have enjoyed strong secondary market prices due to robust collector demand.

Daniel Carr and his Moonlight Mint products are one of the best kept secrets in coin collecting.  He produces absolutely sublime coins - usually in ultra-high relief with proof-like surfaces.  His pieces call out to you to be possessed and cherished, before being passed onto future generations.

Yet when I first heard about him, I had a hard time figuring out who the man was and what exactly he did.  After coming across Carr's name on numismatic forums all over the internet, I quickly discovered that many coin collectors loved his Moonlight Mint products while a few hated them.  I wanted to know why.

After extensive research, I got my answer.

Most collectors love his coins because they are as close to perfection as it is possible to get.  On the other hand, numismatic purists hate his coins because they are, ironically, too close to perfection!

I'll talk about that more in a moment, but first let's cover some important background information.

Daniel Carr specializes in an area of coin collecting known as exonumia.  This is a sub-section of numismatics that encompasses non-coin items such as medals, tokens, fantasy issues and bullion bars - anything that wasn't issued by a sovereign government with a face value.  Many collectors are drawn to exonumia because of its rich history, endless choice and, of course, its strong dash of numismatic whimsy.

Daniel Carr strikes exonumia at his private Moonlight Mint facility located in Loveland, Colorado and then sells these products to the general public via his website.  The items he mints include medals, hard times tokens, trade coins, fantasy pieces, overstrikes and bullion coins and bars.

But the mainstay of Carr's business is fantasy coins.  These are privately-struck pieces that were never officially issued by any national mint.  Yet they were often coins that almost came into existence, only to be stymied by some historical quirk of fate.  Daniel Carr enjoys meticulously recreating these improbable coins for discerning collectors.

Carr's detractors believe he diminishes the hobby of coin collecting when he strikes what would, under normal circumstances, be near-perfect counterfeits.  But there are a couple important mitigating facts.  First, the date on Moonlight Mint fantasy issues never match any officially struck date.  Second, Daniel Carr never attempts to deceive his costumers about what they are buying.  Everyone laying down money for his coins knows exactly what they are getting - beautiful, but unofficial fantasy pieces.

And because a quick look at the date of any Carr fantasy coin will let even a novice collector know that it isn't an official mint product, I'm enthusiastically siding with those who love Daniel Carr coins rather than those who hate them.  Carr and his Moonlight Mint strike incredibly desirable pieces that must by experienced firsthand to truly be appreciated.

Daniel Carr's Biography & the History of the Moonlight Mint

Born in 1958 in Denver Colorado, Daniel Carr is a self-taught medal and coin engraver/designer who has had a love affair with numismatics since the age of 14.  Although art (primarily sculpture and engraving) was a hobby, he ultimately graduated from the University of Colorado with a Bachelor of Science in Mechanical Engineering in 1982.  Later in life, Carr decided to combine his diverse interests by entering the field of numismatic design.

In 1998, Daniel Carr submitted an Apollo Astronaut-themed design to the U.S. Mint for use on a proposed small-diameter circulating dollar coin.  However, his concept was passed-over in favor of the Sacagawea gold-dollar that was ultimately adopted.  Undeterred, Carr submitted several reverse designs for the U.S. Mint's state quarter program in 1999.  Two of his designs were chosen - one for the 2001 New York state quarter and the other for the 2001 Rhode Island state quarter.  In addition, his proposed reverse for the 2003 Maine state quarter was adopted with modifications.

In 1998 Daniel Carr completed the first iteration of a unique software program - VS3D Virtual Sculptor - meant to digitally render coin designs.  He subsequently enhanced his software in 2004 to allow it to interface directly with CNC engraving machines.

In 2007, he bought himself a piece of decommissioned Denver Mint industrial equipment - a Grabener coin press.  This German-made coin press is capable of exerting up to 400 tons of striking force.  It operated at the U.S. Denver Mint between 1986 and 2001 before being retired and sold as surplus.  Once restored to working order in his Loveland, Colorado workshop, Carr began using the Grabener press in conjunction with his VS3D Virtual Sculptor software to design and strike his own line of privately-issued coins and medals.

These moves culminated in Carr's establishment of the Moonlight Mint in 2008 - a company dedicated to minting overstrikes, fantasy and bullion issues for coin collectors.  In 2013, Moonlight Mint acquired the rights to the storied Clark Gruber & Company name, allowing Carr to strike coins and bullion bars under this moniker.  He further enhanced the Moonlight Mint's operations in 2016 with the acquisition and restoration of an antique Mossberg ingot rolling machine.

Fantasy Overstrikes

Daniel Carr is perhaps best known for issuing fantasy overstrike coins, which are highly regarded by many coin collectors.  An overstrike occurs when an existing, previously struck coin is used as the planchet (coin blank) for another, different coin strike.  In most instances an overstrike is an error when produced by a government mint.  However, Daniel Carr intentionally creates overstrikes as a private mint product.

Carr has minted a wide variety of fantasy overstrike coins including Peace dollars, Morgan dollars, large cents and silver American Eagle bullion coins, among others.  Most of the time he employs a genuine, vintage circulated coin as a blank to enhance the history and legitimacy of a freshly-struck piece of the same design.  In some cases, ghost images from the original coin are still faintly visible on the final, overstruck coin.

It is important to note that the defacing of U.S. coins is legal provided it isn't done for fraudulent purposes.  All of Carr's overstrike products fall under this safe-haven provision.

Daniel Carr's most well-known fantasy overstrike coin by far is his 1964-D Peace silver dollar.  In August of 1964 Congress authorized the U.S. Mint to resume striking silver dollars - a coin that had not been minted since 1935.  The Denver Mint dutifully prepared new Peace dollar dies and struck a grand total of 316,076 coins.

Unfortunately, the United States was in the midst of a silver coinage crisis at the time and the decision was quickly made to melt all existing 1964-D Peace dollars without releasing any into circulation.  Despite persistent rumors to the contrary, there is no record of any original 1964-dated Peace dollar surviving.  But even if these coins did exist today it would be illegal to own one because the assumption would be that it had been stolen from the mint!

Enter Daniel Carr who meticulously reconstructed his own Peace dollar dies to strike this fantasy masterpiece.  In addition, nearly all examples were overstruck on circulated Peace dollars dating between 1922 and 1935.  Carr's 1964-D Peace dollar allows the collector of silver dollars or unusual coins to own what would normally be an ultra-rare piece for as little as $200.

Another interesting overstrike fantasy piece created by Carr is the 1934 Saint-Gaudens $20 gold piece.  The renowned St. Gaudens design was featured on the nation's largest circulating gold coin from 1907 to 1933 and is widely regarded as one of the most beautiful U.S. coins ever minted.  While 445,500 of these coins dated 1933 were originally struck, nearly all of them were melted due to President FDR's gold nationalization edict issued in April of that same year.  Only a handful of 1933 St. Gaudens double eagles survived, making it one of the rarest and most valuable coins in the world today.

The United States didn't strike any gold coins in 1934.

Daniel Carr's 1934 Saint-Gaudens $20 gold piece plays with the idea of an alternate history where the United States didn't abandoned the gold standard in 1933.  All of these amazingly beautiful fantasy issues were overstruck on genuine St. Gaudens double eagle gold coins dated between 1908 and 1928.  A grand total of just 60 overstrikes were produced, making them very difficult to find in the secondary market.

Carr has also tried his hand at minting foreign fantasy overstrike coins.  Two of his most desirable foreign overstrikes are the 1907 and 1915 Mexican silver 1 peso.  This series was officially struck in Mexico from 1910 to 1914, with patterns struck in both 1908 and 1909.  It is affectionately nicknamed the "Caballito" (little horse) peso among numismatists due to its dynamic equine motif.

Although the coin's design is stunningly beautiful, its original production run was plagued by technical difficulties due to poor quality dies and inadequate striking pressure.  Consequently, most Mexican Caballito silver pesos suffer from mushy details and uneven striking.  Even so, an original example in decent circulated condition will still cost you at least $100 while a gem Brilliant Uncirculated specimen can run close to $1,000.

Daniel Carr sought to solve the coin's technical issues with his fantasy version.  First he consulted with the world's foremost expert on Mexican Caballito pesos, Alan Schein, throughout the project.  Then Carr engraved high-relief dies with increased detail before fully striking the coins using his high-pressure Grabener coin press.  The resulting 1907 and 1915 Mexican Caballito pesos are spectacular fantasy issues that realize the true vision of the original design.

Carr only issued 64 of these coins dated 1907 and an additional 47 dated 1915.  All were overstruck on genuine Mexican Caballito silver pesos originally minted between 1910 and 1913.

The last of Daniel Carr's overstrike fantasy coins that I wanted to highlight is the 1902-S Philippine silver 1 peso.  After the 1898 Spanish-American war, the United States gained control over the Philippines from Spain.  The Philadelphia and San Francisco mints began striking coinage for the newly acquired Philippine territories shortly afterwards, starting in 1903.  The Philippine silver 1 peso is a particularly gorgeous coin, with its dramatic depiction of Liberty on the obverse and a heraldic American eagle mounted atop a shield on the reverse.

The Philippine silver 1 peso coin was originally struck to the same standard as the U.S. silver dollar from 1903 to 1906, before being reduced in both weight and fineness starting in 1907 due to rising silver prices.  Survival rates for these early U.S.-Philippine silver issues are very low, resulting in the coins being rather scarce and difficult to obtain.

Daniel Carr decided to recreate this classic coin with a date of 1902 and a San Francisco mint mark.  His expertise in die engraving and minting produced a 1902-S Philippine silver 1 peso fantasy issue that is close to perfection in every dimension.  Although the total overstrike mintage is just 204 specimens, these proof-like beauties are still attainable with prices generally running between $150 and $350 each.  All of Carr's 1902-S Philippine silver 1 peso fantasy coins were struck over genuine 1903 or 1904-dated Philippine 1 peso silver coins.

 

Daniel Carr Fantasy Overstrike Coins For Sale on eBay

 

Amero Fantasy Issues

One of Daniel Carr's early successes was his Amero series of fantasy coins, struck from 2007 to 2018.  The Amero is a fictional currency unit for a hypothetical North American monetary union between Canada, the United States and Mexico.  The imagined Amero would presumably function similarly to how the Euro is used across Europe today.

Carr's designs for his Amero series are fanciful, yet superbly conceived.  They feature a variety of well-executed subjects on the obverse, ranging from the bust of a Native American chief with full headdress to an Art Deco-inspired personification of Liberty, among others.  The reverse typically depicts a majestic eagle with a map of North America and the legend "Union of North America".  Denominations range from the modest 1/4 Amero struck in copper, to the hefty 1,000 Ameros minted from 1 troy ounce of pure 24 karat gold.  Silver coins also exist in the 5, 10 and 20 Amero denominations.

Daniel Carr's Amero series hasn't been without its share of controversy, though.  The modern concept of a shared North American currency originated in a 1999 research paper written by Canadian economist Herbert Grubel on behalf of the Fraser Institute.

By 2007 alternative radio talk show host Hal Turner, a hardcore conspiracy-theorist, had latched onto the shared-currency idea.  He falsely claimed that Daniel Carr's Amero fantasy coins were proof that an ill-advised North American monetary union was imminent.  Although these wild speculations were quickly debunked, some people remained suspicious of the Amero fantasy issues.

In order to clear up any misunderstandings, Daniel Carr publicly stated that his Amero coins were solely meant for collectors and did not imply any political message.  A message on Carr's website explained:

"My goal with these coins is not to endorse a Union of North America or a common "Amero" currency.  I fully support the United States Constitution, and I would not welcome (in any form) a diminishment of its provisions.  I expect that these coins will help make more people aware of the issue and the possible ramifications.  I leave it up to others to decide if they are in favor of, or against a North American Union.  And I encourage citizens to voice their approval or disapproval of government plans that impact them."

 

Daniel Carr Amero Fantasy Coins For Sale on eBay

 

The Moonlight Mint's Clark Gruber & Company Bullion Issues

Daniel Carr has also issued an extensive line of bullion products - first under the Moonlight Mint name before switching over to the Clark Gruber & Company brand.  He has struck bullion coins and bars in metals as varied as silver, gold, platinum, palladium and even indium!  These bullion products are of particular interest to collectors because Carr has imbued their design and production with his own artistic sensibilities.

For example, Carr's Moonlight Mint/Clark Gruber & Co. products draw heavily for inspiration on coin designs from both the 19th century Old West and the golden age of American numismatics, circa 1905 to 1920.  The resulting bullion pieces are uniquely American in their look and feel, representing an authentic embodiment of American monetary traditions.  Each non-legal tender piece is also stamped with a purely symbolic dollar denomination at the rate of $40 per troy ounce of pure silver and $2,000 per troy ounce of fine gold.

Privately-minted bullion bars and coins have a long, rich history in the mining districts of the American West.  Although first issued in North Carolina and Georgia in the 1830s and 1840s, privately-struck U.S. gold coins really hit their stride during the California Gold Rush of the early 1850s.  During this time legendary assayers such as Moffat & Co., Augustus Humbert and Kellogg & Co. minted California placer gold into a variety of beautiful coins.  Some of these bullion pieces were used locally for high-value transactions while others were shipped back east to the nation's banking centers.

The next great renaissance in privately-struck bullion coins occurred during the Pike's Peak Gold Rush in Colorado in the early 1860s.  The Denver firm of Clark, Gruber & Company minted copious quantities of $2.5, $5, $10 and $20 gold pieces from locally mined ore to satisfy demand for money in the region.

Honest to a fault, the company actually struck their coins with a slightly higher gold content than equivalent U.S. Mint issues.  Clark, Gruber & Company was so well respected that the United States government purchased their entire operation in 1863.  The resulting U.S. Assay Office was eventually converted into the Denver Mint in 1906.

It was no coincidence that Daniel Carr resurrected the Clark Gruber & Company name in 2013 for use on his Moonlight Mint bullion products.  He wanted to capture the pioneering spirit and unimpeachable honestly of that legendary firm.  And in my opinion, he has succeeded beyond all expectations.

An interesting Moonlight Mint bullion product is the massive 100 gram silver "Union" coin featuring a winged Liberty design derived from the famous $20 St. Gaudens double eagle gold coin.  Carr actually based his work on Augustus Saint-Gaudens' preliminary design sketch of the iconic coin.

In effect, Carr's ultra high-relief, angelic-version of Liberty is what the $20 St. Gaudens gold piece might have looked like if history had taken a different turn.  Daniel Carr only plans to strike these impressive silver coins for a 3-year run from 2019 through 2021.

A pair of gold bullion pieces that I find fascinating are Carr's 1/5 owl (symbolic face value: $200) and 1/2 eagle (symbolic face value: $500) gold coins that carry the Clark Gruber & Company branding.  The obverse designs of these attractive coins closely match the original Clark, Gruber & Co. gold coins issued back in the early 1860s.

The biggest difference between those privately-issued 1860s coins and the recent Moonlight Mint series is that the latter is minted from .999 fine gold in round fractions of a troy ounce - 0.1 troy ounces for the 1/5 gold owl and 0.25 troy ounces for the 1/2 gold eagle.  Carr's coins are also a technical triumph, with far better details, luster and striking than you could ever hope for in a 19th century coin.  Struck every year from 2013 to the present, Carr has typically limited the mintage of these Clark Gruber & Co. pieces to less than 50 of each denomination per year.

The final Clark Gruber & Co. products I wanted to touch on are Carr's silver ingots and octagonal slugs.  Gold and silver bullion bars were a mainstay of mining communities in the Old West and the Moonlight Mint keeps that old-time tradition alive.

Weighing between 1 and 5 troy ounces each, these silver bars are typically stamped with either the Moonlight Mint logo (an owl sitting on a crescent moon), a majestic eagle, or a bust of Liberty borrowed from 19th century circulating U.S. gold coins.  The stamping of a symbolic dollar value on each bar at the rate of $40 for each troy ounce of silver further enhances their monetary character.

Although unattainable for most collectors today, over-sized octagonal gold bullion coins with a face value of $50 were struck by the San Francisco U.S. Assay Office during the 1850s.  These pieces were termed slugs because they were technically considered ingots and not coins.

The United States even issued an octagonal $50 commemorative gold coin in 1915 to celebrate the opening of the Panama Canal.  In addition to being obscenely heavy (with a gross weight of nearly 84 grams - 2.69 troy ounces), the octagonal $50 Panama-Pacific gold piece is considered one of the most exquisite and desirable U.S. coins ever made.

Daniel Carr's Moonlight Mint has perfectly replicated the look and feel of these massive octagonal bullion slugs in silver.  Weighing in at a hefty 1.5 troy ounces of .999 fine silver, each of Carr's octagonal bullion pieces is emblazoned with the Clark Gruber & Co. name and a symbolic $60 face value.

The Moonlight Mint logo of an owl sitting on a crescent moon graces the reverse of these magnificent coins - an obvious nod to the famous reverse of the 1915 Pan-Pacific $50 gold piece.  The obverses vary, but always reference a classic U.S. coin design or pioneer theme.  Some examples of the obverse designs used on Carr's octagonal slugs are Liberty with a puma, a Native American bust and a heraldic bald eagle inspired by an 1850s private California gold issue.

 

Moonlight Mint & Clark Gruber & Co. Bullion Coins For Sale on eBay

 

The Investment Case for Daniel Carr and his Moonlight Mint Coins

The investment case for Daniel Carr and his Moonlight Mint overstrikes, bullion pieces and fantasy issues is remarkably straightforward.  He produces incredibly well-designed, technically-polished gold and silver coins with a lot of history and symbolism behind them.  Yet their mintages are usually quite limited.

It is normal for Daniel Carr to strike no more than 200 or 300 of a given coin.  He frequently limits mintages to less than 100 pieces.  Some issues have a total population of only 20 or 30 coins!  And Carr never goes back and restrikes older designs or dates, no matter how high prices might climb in the secondary market.

Fiercely dedicated collectors usually snap up any available inventory within weeks of its release on his website.  At that point, it is only possible to purchase his products on the secondary market (e.g. online platforms like eBay).  This means that buyers are limited by what's on offer, so you may have to patiently wait for the exact piece that you want to show up.  Many Daniel Carr collectors are "strong hands", meaning they have no intention of selling regardless of how high prices go.

Consequently, you can expect secondary market prices for Daniel Carr coins to be high (and remain high) relative to their bullion values.  As proof, the median realized price of Moonlight Mint issues sold in the secondary market (via eBay) during summer 2020 was $125.  This statistic excludes expensive gold coins but includes low-intrinsic value copper and bronze pieces, thus dragging down the average realized price.  Nonetheless, it is common for Daniel Carr silver coins and bullion bars to sell for $50 to $100 a troy ounce - a profound vote of market confidence in a world where the spot price of silver has been hovering between $25 and $30.

It is also noteworthy that third-party grading services ANACS and ICG currently certify Daniel Carr fantasy issues and tokens.  It is almost unheard of for professional third-party graders to accept submissions of modern fantasy issues from private mints.  So the fact that these firms do is telling (although it should be noted that the two gorillas in the coin-grading space - PCGS and NGC - do not certify Carr pieces at the present time).  In any case, a third-party certification is valuable because it can give novice collectors or those seeking a guaranteed ultra-high numerical grade (e.g. MS-69 or MS-70) the confidence to buy.

Right now in 2020 Daniel Carr is 62 years old and near the apogee of his creative and technical skills.  But he won't be producing these wonderful pieces of exonumia forever.  The productivity of many artists and craftsmen declines dramatically as they age into their late 60s and early 70s due to creeping health issues or the desire to enjoy semi-retirement.

Even if Daniel Carr has another 10 or 15 good working years left (and I certainly hope he does), it will still amount to far less coin production than you'd think given the complex designs, exacting quality standards and limited mintages that he embraces.

As a result, it is easy to see a time 20 or 30 years in the future when Daniel Carr coins are widely recognized as legitimately rare works of desirable numismatic art.  In such a scenario, his coins would command much, much higher premiums than they do today.

As numismatic investors, we are looking for today's $100 or $200 coin that will be a $1,000 or $2,000 coin a couple decades from now.  And although we cannot say for certain that Daniel Carr issues will achieve that prestigious distinction, their combination of stunning design, extreme rarity and cultural relevancy certainly gives his coins that potential.

 

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

 -or-

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