Silver Coin of Aybak

Silver Coin of Aybak

Market Analysis: MS-70 1999 silver bullion coin brings $14,400

Back in 1999, fewer new issues were sent directly to grading services, and many are rare in &ldquoperfect&rdquo Mint State 70 grades, like the 1999 American Eagle silver bullion coin.

Despite a mintage of 7,408,640 pieces, Professional Coin Grading Service has certified just 38 in Mint State 70 according to its Population Report, making it a condition rarity within the series.

Heritage&rsquos April 22 Collectible U.S. Coins and Bullion monthly online auction offered a number of high-grade American Eagles.

The firm wrote of the 1999 coin, &ldquoThis piece is sharp and flawlessly preserved, yielding brilliant satin luster.&rdquo It is housed in a John Mercanti Flag Signature holder, carrying the autograph of the designer who is credited with the reverse design.

Over time, more examples of the 1999 issue are being certified MS-70 by PCGS. Back in January 2018, Heritage offered a comparably graded example at its Florida United Numismatists auction where it was one of just a dozen then-certified in the grade. However, as the population has gone up, so has the demand. The offering in 2018 brought $9,000. On April 22, this one sold for $14,400.

Silver Coin Value Guide

Silver coin values below are based on live silver prices at the CME. These coins were in standard circulation until silver was removed from all coinage in 1965 and 1970 (40% silver half-dollars). The values below only reflect the silver value, not rarity or numismatic value. This table should only be used as a guide for buying and selling silver coins. These coins are sometimes called "junk silver", but I really dislike that term. All values shown in USD.

Coin value calculations use the 8:59 PM PDT silver price for June 17, 2021:
Silver $26.25/oz 0.32

Silver Coin Melt Value Calculator

Canadian Circulated Silver Coins

These coins were in standard circulation until silver was removed from all coinage in 1967 and 1968 (50% silver). The values below only reflect the silver value, not rarity or numismatic value. Live silver prices are used to calculate the coin's value (USD):

Coin value calculations use the 8:59 PM PDT silver price for June 17, 2021:
Silver $26.25/oz 0.32

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Complete silver charts and the latest news can be found on Kitco's silver site at

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USD Index Price Chart

The US Dollar Index is an indicator of the value of the US dollar relative to a basket of foreign currencies. The current basket consists of the Euro (57.6%), Japanese Yen (13.6%), Pound Sterling (11.9%), Canadian Dollar (9.1%), Swedish Krona (4.2%), and Swiss Franc (3.6%).

1 Tanka - Shams al-Din Iltutmish

Stan Goron, J. P. Goenka 2001. The Coins of the Indian Sultanates : Covering the Area of Present-day India, Pakistan, and Bangladesh. Munshiram Manoharlal Publishers, New Delhi, India.


In central circle
Turkish horseman charging to left, carrying a mace

illegible inscription


Lettering: al-sultan / al-mu‘azzam shams al-d / unya wa-l-din abu’l-muzaffar / iltutmish al-qutbi / (nasir amir al-mu’minin)

Translation: “The Mighty Sultan, Sun of the World and Faith, Father of Victory, Iltutmish al-Qutbi, Helper of the Commander of the Faithful”


Historical note: The Punjab was invaded by Muslim powers several times. The Ghaznawid Mahmud ibn Sebuktekin annexed it and carried huge amounts of booty back to Ghazna. The Ghurid, ‘Ala al-Din Husayn, taking advantage of the conflict between the Ghaznawids and the Great Saljuqs, burned the city of Ghazna to the ground and annexed what was left of the Ghaznawids’ lands to his own.

After overthrowing the Hindu prince of Ajmer and Delhi in 588 H (1192 AD) and that of Benares and Kanawj in 590 (1194), the Ghurid Mu‘izz al-Din Muhammad ibn Sam gained most of northern India, almost as far as Delhi. He appointed as governor of these newly conquered lands Qutb al-Din Aybak, who marched his army to Delhi and established his headquarters there. Muslim control of northern India now became even stronger as Aybak extended the Ghurid territories to Gujarat, while Ikhtiyar al-Din Muhammad Khalji took East Bengal and ruled there from 594-603/1198-1206.

The defeat of the Ghurid, Mu‘izz al-Din Muhammad ibn Sam, by the Khwarazmshah leader, ‘Ala al-din Muhammad, caused a rebellion in the Punjab, and in 602 (1206) Mu‘izz al-Din Muhammad ibn Sam was assassinated. He was succeeded by his nephew Mahmud ibn Muhammad, but real power lay in the hands of Aybak who ruled in Lahore on behalf of the Ghurids, but soon claimed independence from them. When Aybak died in 607 (1210) he was succeeded by his son Aram Shah, but the nobles in Delhi refused to accept him and chose Shams al- Din Iltutmish, Aybak’s son-in-law and the chief of his slaves, as their new ruler.

Iltutmish received confirmation of his robe of honour and title nasir amir al-mu’minin (Helper of the Commander of the Faithful) from the ‘Abbasid Caliph al-Mustansir in 626 (1229) and remained on the throne for twenty-six years. During his reign Iltutmish consolidated the Delhi Sultanate, and added to it the upper Punjab, Sind and Malwa.

This beautiful silver tanka, with the horse rearing up while its crowned rider brandishes a mace, was struck in Bengal under the governorship of Husam al-Din ‘Imad in the name of Iltutmish. The word al-qutbi on the reverse refers to the fact that Iltutmish began his career as a slave of Qutb al-din Aybak.

Types of 90% US Silver Coins, 40% Silver, and 35% Silver

SD Bullion carries a full inventory of pre-1965 US silver coins including:

  • Pre-1965 90% Siver US Dimes - includes Mercury, Liberty Head, and Roosevelt
  • Pre-1965 90% Silver US Quarters- includes Washington, Liberty Head and Standing Liberty
  • Pre-1965 90% Silver US Half Dollars - includes Liberty Head, Walking Liberty, Kennedy, and Franklin
  • Pre-1965 90% Silver Dollars- includes Peace Dollars and Morgan Dollars
  • 40% Silver US Half Dollars - includes Kennedy Half Dollars minted between 1965-1970 and also 1976
  • 35% Silver War Nickels- minted 1942-1945

Silver Dollars

1794-1795: The Flowing silver dollar was among the first United States coins produced by the new nation, appearing in late 1794. During this time, silver dollars, and silver half dollars, were the only early silver coins struck consistently for circulation. The Flowing Hair silver dollars showcased Liberty in profile with loose, windblow hair on only 1,758 coins. Mintages of early coins were low due to low availability of silver ore.

1795-1804: The Draped Bust silver dollar differed from the 1794 design in two significant ways. The new design featured a noticeably more shapely Liberty with curlier hair, and a larger eagle appeared on the reverse of the coin from 1798-1804.

1836-1839: Gobrecht silver dollars restarted the production of silver dollars after a brief hiatus. Named after their engraver, Christian Gobrecht, the coins carried Gobrecht&rsquos design, while the coin&rsquos reverse was updated to showcase an eagle with an arrow in its talons.

1840-1873: Seated Liberty silver dollar coins also featured Gobrecht&rsquos design and were the first coins to include &ldquoIN GOD WE TRUST&rdquo on the reverse.

1873-1885: The amount of silver in the Seated Liberty silver dollar coin exceeded its value. These coins were removed from general circulation and used as Trade silver dollars primarily in Asian countries. These silver dollars were not for public use.

1878-1921: These silver dollars were designed by George T. Morgan, an Englishman who learned his craft at United Kingdom&rsquos Royal Mint. Morgan and his mentor William Barber competed to create designs for the new silver dollars. The large heavy coins minted in 90% silver featured Morgan&rsquos winning design, a visage of Liberty based on his friend and schoolteacher Anna Willess Williams.

1921-1935: The silver dollar coins issued from 1921 to 1935 are commonly referred to as Peace silver dollars. New York sculptor Anthony de Francisci&rsquos imagery won a competition for the coin&rsquos obverse artwork. De Francisi&rsquos Liberty was modeled after his wife Teresa, and the silver dollar&rsquos reverse featured an American eagle perched above the word &ldquoPEACE&rdquo.

1971-1978: Among the final U.S. silver dollars issued for circulation were the Eisenhower silver dollars. The Eisenhower silver dollar honored both the World War II hero on its obverse and the Apollo 11 Moon landing in its depiction of the American eagle landing on the Moon with Earth in the background. The Eisenhower coin was also the first minted in a clad finish.

1979-1999: The Susan B. Anthony silver dollars replaced the Eisenhower silver dollar. Chief Engraver Frank Gasparro created the coin using photos of the famous suffragette, as well as input from her descendants. The Susan B. Anthony silver dollar&rsquos unique design also featured an 11-sided inner border. The coin would mark the first time a woman appeared on a circulating coin.

Market Analysis: MS-70 1996 and 2000 American Eagle silver coins uncommon

Compared with more recent issues, Mint State 70 examples of American Eagle silver bullion coins of earlier years of the series can be hard to find.

The year 1996 saw a low mintage of 3,603,386 pieces, making it a relatively scarce issue in the series. Although Professional Coin Grading Service has graded 11,029 of the date in MS-69, just 161 are certified MS-70. Heritage writes that the population is &ldquodivided between the various Signature holder series, providing ample collecting opportunity for bullion coin enthusiasts.&rdquo

This one offered in Heritage&rsquos April 22 Collectible U.S. Coins and Bullion monthly online auction is in the John Mercanti Flag Signature holder and sold for $3,840.

A few lots later saw a 2000 example, one of just 90 certified by PCGS in this grade, realize $3,360.

2021 marks the final year that Mercanti&rsquos popular Heraldic Eagle design will used on the reverse of the bullion coin series.

What Are Eisenhower Dollars Worth?

Eisenhower dollars appeal to collectors on a variety of budgets. Many pieces challenge even financially well-heeled collectors. Prices for some key date Ike dollars reach into the thousands of dollars.

Nonetheless, the majority of Eisenhower dollars are much more affordable to obtain. What follows is an Eisenhower dollar price guide. The values reflect examples in MS-63 (uncirculated) and Proof-65 grades.

Eisenhower Dollar Price Chart

DateComposition & FinishPrice
1971Copper-Nickel Clad Uncirculated$4
1971-DCopper-Nickel Clad Uncirculated$3.50
1971-S40% Silver Clad Uncirculated$10
1971-S40% Silver Clad Proof$11
1972Copper-Nickel Clad Uncirculated$3.50
1972-DCopper-Nickel Clad Uncirculated$3.50
1972-S40% Silver Clad Uncirculated$10
1972-S40% Silver Clad Proof$11
1973Copper-Nickel Clad Uncirculated$10
1973-DCopper-Nickel Clad Uncirculated$10
1973-SCopper-Nickel Clad Proof$11
1973-S40% Silver Clad Uncirculated$11
1973-S40% Silver Clad Proof$30
1974Copper-Nickel Clad Uncirculated$4.50
1974-DCopper-Nickel Clad Uncirculated$4.50
1974-SCopper-Nickel Clad Proof$5
1974-S40% Silver Clad Uncirculated$11
1974-S40% Silver Clad Proof$13
1776–1976Copper-Nickel Clad Variety I (Thick Reverse Letting) Uncirculated$6
1776–1976Copper-Nickel Clad Variety II (Serifed Lettering) Uncirculated$3.50
1776–1976-DCopper-Nickel Clad Variety I Uncirculated$3.50
1776–1976-DCopper-Nickel Clad Variety II Uncirculated$3.50
1776–1976-SCopper-Nickel Clad Variety I Proof$8
1776–1976-SCopper-Nickel Clad Variety II Proof$6
1776–1976-SSilver Clad Variety I Uncirculated$14
1776–1976-SSilver Clad Variety I Proof$17
1977Copper-Nickel Clad Uncirculated$3.50
1977-DCopper-Nickel Clad Uncirculated$3.50
1977-SCopper-Nickel Clad Proof$4
1978Copper-Nickel Clad Uncirculated$3.75
1978-DCopper-Nickel Clad Uncirculated$3.50
1978-SCopper-Nickel Clad Proof$4

All the values listed above represent typical specimens. These have regular surface quality for their respective grades and conditions.

Better pieces command significantly higher premiums than the prices listed above. This is due to the difficulty of locating Eisenhower dollars (mainly clad business strikes) with few marks.

Chinese Workers Making Counterfeit Rare Coins

Here's another one of the Chinese counterfeiting ring's coin presses, this time being operated by two men. The machinery looks pretty old and maybe not very well maintained. Certainly, it's very filthy, but the work these men are doing is filthy in itself, making counterfeit rare coins to pollute our coin collecting marketplace.

Spanish Colonial Cobs: Introduction

As additional silver deposits were discovered in the colonial territories there was a pressing demand to export it to Spain as quickly as possible. To do this, starting in the reign of Philip II, the mints produced irregular coinage called cobs. Rather than rolling out a bar of silver into a sheet of a specific thickness that could then be cut into smooth round planchets which would be stamped into coins, a faster method was employed. A bar of silver (see examples of gold bars in our Spanish gold listings) was simply cut into chunks of the appropriate weight. These small sliver clumps were then treated as if they were finished planchets and were hammer struck between crude dies. In fact, the Spanish word "cabo" (from which the English "cob" is derived) refers to the end in this instance, the clump of silver clipped off the end of the bar. The size, shape and impression of these cobs was highly irregular but they were the proper weight. Many cobs were quite thick and disfigured with large cracks. Also, these uneven clumps made poor planchets so that frequently only a small portion of the image on the die was impressed on the silver. If a cob was overweight the minter simply clipped a piece off, further disfiguring the coin. During the seventeenth century a few full sized finished coins called "royal or presentation strikes" by present day collectors were also produced but it was only the crude cob that was mass produced.

The intention in minting these crude but accurately weighed cobs was to produce an easily portable product that could be sent to Spain. In Spain the cobs would be melted down to produce silver jewelry, coins, bars and other items. Cobs also circulated as coinage, many cobs made their way to the English colonies where they were used both as coins in commerce and hoarded as specie. As the cobs were crudely produced it was quite easy for colonials to clip off some silver and then pass the coin off at full value. Also, because of their crude design it was easy to make lightweight counterfeit cobs using the clipped silver. Many clipped and lightweight Spanish cobs were melted down in Boston to make the Massachusetts silver coinage.

Cobs were produced in denominations of one, two, four and eight reales under Philip II (1556-1598) and Philip III (1598-1621). A half real cob was added under Philip IV (1621-1665). Cobs continued to be produced through the reigns of Charles II (1665-1700), Philip V (1700-1724 and 1725-1746), Louis I (1725), Ferdinand VI (1746-1759) and Charles III (1759-1788). The obverse of a cob displays the crowned Hapsburg shield with the mintmark and assayer initial to the left and the denomination to the right of the shield. The legend, although frequently missing from the planchet, is some variation of the name of the king with DEI GRATIA (By the Grace of God). The reverse displays the arms of Castile and Leon within a quatrefoil design. The arms are similar to those on the Charles and Johanna pre cob silver coins but the two intersecting lines, dividing the shield into quadrants, are emphasized so that they represent a cross in the center of the shield with the castle and lion images in their respective corners. The legend is some form of REX HISPANIARUM ET INDIARUM (Of the Spains and the Indies - as found in the pre cobs). Starting in the seventeenth century most cobs were dated but this information was added to the obverse legend and was usually not picked up in the stamping of the coin.

Dating and locating a cob can be difficult. If an assayer's initials are present and the mint is known then some dating parameters may be determined, as the dates of appointment are available for many assayers. Also, particular details on the obverse shield differ for each ruler so some examples without other clues can often be dated to a specific king, if the shield is distinct. If the mintmark is missing the reverse cross may assist in identifying the mint. A Jerusalem cross with a ball at each extremity denotes the Mexico mint. A variety of other specific details may assist in making attributions consultation of regional studies may allow one to narrow the possibilities, especially if a coin can be assigned to a specific time period. For example, E.A. Sellschopp has identified the lion and castle punches used on the reverse cross shields of 8 reales from the Lima, La Plata and Potosi mints during the period 1568-1651.

During the cob period there were several illegal debasements of the coinage, primarily in the Viceroyalty of Peru. At the various Peru mints the position of assayer was annually auctioned to the highest bidder, so the winning appointee tried to get as much profit from the enterprise as possible during their year in office. Especially notable were the debasements by the assayers at Potosí during 1610-17 and 1631-48. Even before the first major Potosí scandal took place, regulations were instituted requiring coins to be dated. Mexico began dating coins in 1607, while Potosí held back until they were ordered to include the date in 1617. Realizing the date alone would not be sufficient to deter corrupt and irregular minting practices, further regulations were instituted requiring each coin to carry the initials of the assayer. These regulations were followed at Mexico but they did not curb the problems in the Peruvian mints

After uncovering the second Potosí scandal the Hapsburg shield cobs were retired at the Peruvian mints, namely at Potosí, Santa Fe de Bogotá and Lima. Too many individuals refused to accept these coins, suspecting they were receiving debased products. However, the shield cobs continued to be produced in Mexico as they did not have a problem with debased coinage. But in the Viceroyalty of Peru a new design was issued in 1652. The obverse was similar to the earlier cob reverse, consisting of a cross that incorporated the heraldic symbols of Leon and Castile. The new reverse was based on the design used for the pre cob coins, that is, depicting the Straits of Gibraltar with the Pillars of Hercules. The two vertical pillars intersected three horizontal lines of text, giving the overall appearance of what is frequently called the "tic-tac-toe" design. The top line of text included the mintmark, the denomination and the assayer's initial, for example L 8 M (Lima, 8 reales, assayer M). The second line contained P V A or some other combination of letters from the legend PLVS VLTRA (More Beyond), with the large eight reales coin containing the entire legend. The final line gave the assayer initial, last two numerals of the date and then the mintmark, for example M 88 L (assayer M, 1688, Lima). Since these coins were produced from 1652-1773 it is sometimes necessary to identify the assayer to be confident of the correct century. As these coins were easily distinguished from the greatly debased earlier cobs they were generally accepted as a suitable replacement and helped to stabilize the economy. However, even with the new regulations, as long as the assayer's office was auctioned to the highest bidder, some debasement of the Peruvian coinage continued throughout the cob period.

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