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September 2006 Issue
 Feature Article Geppi’s Entertainment Museum at Camden Yards Business of doing Business in Antiques A Working Vacation Guess What? What is it? Websitings TV Lamps, Horn Collecting and Congressional Medal of Honor. Coins What I’d Collect If I Were Starting Over Regular Features >> Prior Issues >> Events Calendar >> Shop Finder >> Web Shop Finder >> Want Ad Classifieds >> Brimfield Info >> Advertiser Links >> Subscribe >> Contact The Journal Advertiser Info >> Advertising Rates >> Publication Schedule > |
What I’d Collect If I Were Starting Over
I have started over in coin collecting about five times. At the age of 62, I know that I only have 40 or 50 good years left and then some bad ones I suppose. For that reason, I keep making younger friends. Well, not to digress too far, I think that if I were to start collecting coins from scratch, I would decide on one area of special interest. My friend, the late great Tom Lacey, had a great concept, and that was collecting the coins of all nations minted in the year of ones own birth. In Tom’s case, that would be 1956. It’s not only fun, but it could actually be done. It would be tough to do if you were born in 1933, considering such coins as the 1933 twenty dollar U.S. gold piece. To begin with the only available coin, in the opinion of the law, last sold for eight-plus million dollars. I would consider a number of collections. For example, I could form a United States “type set.” A type set would consist one of each type of coin minted by the country since the 1790’s when the federal coinage began. There are two ways to do this. You could establish a cut-off date like 1964 when the United States stopped the minting of silver coinage, or you could start by collecting one example of each type of coin struck in the 20th century. You might want to collect the best example of each type that you can afford. This is a reasonable approach, and it might yield you a good profit when and if you decided to sell your collection.
Coins also exist as proofs in most series of coins minted over the last century-and-a-half. Proof coins are a totally different breed of cat from a coin struck for general circulation. Proofs are, for the most part, struck from dies which are polished to a high sheen. These dies produce mirror-like surfaces on coins. A few coins were struck as matte proofs, like the Lincoln cents, in the teens. They do not shine. These coins are very scarce and can be identified by their exceptional and sharp strikes and sharp edges. Their surfaces look slightly and lightly sand-blasted. Proof coins were not struck for general circulation, but for collectors and for presentation purposes. Some mintages of proofs are very small. Many early 20th century coins were struck in numbers under a thousand. Collecting one example of each type of coin in proof condition may not be as difficult, because few people do it. A proof 63 or 64 barber dime, minted between 1892 and 1916, can be had in nice condition in these grades from four to eight hundred dollars. Type sets need not contain proofs. Most collectors only seek business strikes, intended for general circulation, in uncirculated condition. This can be expensive. Many collectors are satisfied to collect type coins of the early 20th century in extra fine or almost uncirculated condition (A.U. 50 to A.U. 58 which are still very attractive, yet must less expensive than uncirculated coins of the same type. The rarest proof coin I own is the 1864 two cent piece in Proof State condition 64. Only 100 of these coins were struck in proof condition, but because these proofs are not avidly sought, it may command only $800 to $1,000 in a very good market. By contrast, a 1937-D (for Denver) buffalo nickel with three legs with a mintage of about 20,000 pieces may command as much as $10,000 in M.S. 64 condition. It is demand rather than rarity that drives the value and pierce of coins. The more rare and in demand a coin is, the higher price it commands.
When it comes to the 19th century type coins, it might be wise to divide it up by halves or thirds. Type coins of the last third might be easier to get than from the second third. The first third of the 19th century and the tail end of the 18th century will present the greatest difficulties in both locating the type coins and then paying for them. Some of them, in very good to very fine condition, are also very pricey. This is when you have to evaluate the whole picture and your finances. The most important aspect of collecting is to enjoy what you are doing. If you enjoy investing, you can do that too. I like to look at my coins and just admire them. When I was a child, I loved the looks of the early (1892-1954) commemorative coins. I thought that it would be great to own a set. Now I do. The reason I love this 1892 to 1954 series is that it is a vast panorama of United States history starting with the Columbian half dollar and ending with the Washington-Carver half. There are some expensive coins to get to fill in the whole series, but many coin albums made for U.S. type sets provide only four or five places for commemorative coins of the 1892 to 1954 time period. Separate albums have been made by Whitman, Dansco, and other companies for U.S. type sets. Some have also been made for commemorative type sets of these early mintages containing spaces for the Isabella Quarter of 1893 and the Lafeyette Dollar of 1900 (really struck in 1899). There is no end to what can be done in forming a new coin collection from scratch. One could collect just one large silver coin from every country ever to mint coins since 1800 for example. That would keep you very busy. One could just collect the coins of one geographical area, or one time period, or of just South America before 1900. The possibilities are endless. The area of ancient coinage is boundless in its scope, or you could make up a very pretty, and potentially valuable U.S. Type set. It’s all up to you, the collector, and how much money you have to spend. My friend, Fetchin Holmes, just collects what he likes, but then he can afford to. Life isn’t all that simple for the rest of us. In late August and September I’ll be doing the following coin shows. On Sunday, August 27, I’ll be in Westford, Massachusetts at Ernie Botte’s Westford Coin Show at The Westford Regency on Rt. 110. Rt. 110 is located off Exit 32 off /Rt. 495. Show hours are 9 a.m. to 3 p.m. On September 10, which is also a Sunday, I’ll be at Ernie Botte’s Auburn Coin Show in Auburn, Massachusetts at the Elk’s Hall on Rt. 12, next to the Hampton Inn Hotel. To get there take the Massachusetts Turnpike to Exit 10; then exit onto Rt. 12. Proceed south for about 1 1/2 miles. The entrance to the new Elk’s Hall is located next to the Hampton Inn Hotel sign on the left hand side. Show hours are 9 a.m. to 3 p.m. I hope to see you there. |
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