Author Topic: P/L; Restrike  (Read 3889 times)

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Offline MS

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P/L; Restrike
« on: August 15, 2009, 10:56:43 PM »
Hi guys,

Can someone help me out here? I was looking through Krause and for certain coins I see 'P/L; Restrike' what does this mean?

I thought a restrike is when a coin is struck using the original dies but not in the original year. I would have thought this make the restrike less expensive than those struck in the original year.

I was looking at #524, British India coins as an example.
A 1913(b) UNC is listed as 25 and 1913(b) P/L; Restrike UNC is priced at 225.

I am missing something here  ???

Cheers
MS

Online Figleaf

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Re: P/L; Restrike
« Reply #1 on: August 15, 2009, 11:10:59 PM »
Your understanding of "restrike" is perfectly correct.

The short answer is that price is not a function of desirability, but of supply and demand. I suppose not too many restrikes were produced and apparently there is demand for these pieces, in spite of being restrikes. If demand outstrips supply, a high price is the result.

The long answer, more precise but less clear is here. There is no market for this stuff, so prices must necessarily be guessed at.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline MS

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Re: P/L; Restrike
« Reply #2 on: August 15, 2009, 11:24:14 PM »
Peter,

Thanks for the answer. I do understand the law of demand and supply and I understand your point that the universal law applies to all items traded including collectibles like coins.

It didn't occur to me that the restrike was presumably in such low numbers that it became a more valuable collectible than the original itself. That's mental if you ask a layman collector like me. I though I was missing something not obvious like the P/L and thought maybe thats the reason for the high value. What does that stand for?

MS

Online Figleaf

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Re: P/L; Restrike
« Reply #3 on: August 15, 2009, 11:30:56 PM »
P/L stands for prooflike, a term that is explained in the thread linked to above.

Though I personally agree with your sentiment, there have always been people who collect fabrications made for collectors. One extreme example was King Farouk of Egypt, whose "harem money" was mainly struck for him to play with. Another famous example are the "novodels", Russian coins struck for rich Russian collectors who wanted "complete" date series, including non-existant dates.

I have learned not to judge what other people collect.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline MS

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Re: P/L; Restrike
« Reply #4 on: August 15, 2009, 11:41:50 PM »
Thanks Peter for the help.

In an alternate universe of LOTR, you would definitely have been Gandalf the Wise.

Cheers,
MS

Offline Bimat

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Re: P/L; Restrike
« Reply #5 on: August 16, 2009, 08:14:46 AM »
And how do you differentiate between the original issue and the restrike issue? (Since both are struck using same die?)
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Online Figleaf

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Re: P/L; Restrike
« Reply #6 on: August 16, 2009, 10:42:21 AM »
In principle you can't, but if the original issue was not P/L and the strike was, you have a clue ;)

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

BC Numismatics

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P/L Restrike.
« Reply #7 on: September 21, 2009, 10:35:15 AM »
Aditya & Mujahid,
  The Bombay Mint was notorious for doing Proof-like restrikes prior to 1970,when the practice of restriking coins from old dies was banned.

The restrikes have a pitted & grainy appearance,due to the rusting on the dies.

Aidan.

Offline MS

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Re: P/L; Restrike
« Reply #8 on: September 21, 2009, 01:19:02 PM »
Aidan,

Are you saying the bombay mint made proof restrikes since the british times all the way until 1970?

MS

BC Numismatics

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P/L Restrike.
« Reply #9 on: September 21, 2009, 02:22:31 PM »
Mujahid,
  Most of the Bombay Mint restrikes were done between 1947 & 1970.The coins that were restruck were from the 1835 East India Company coins of King William IV,especially the gold 1 Mohur & 2 Mohurs.

The Bombay Mint even restruck the British Trade Dollars as well in gold as well as in silver.

Aidan.