Oct 13, 2011 | coins, fun, scripophily, video
Those watching television in the evening had the opportunity to watch two shows were numismatics played a role in the story. On Monday night, CBS’s Hawaii Five-0 had a story that included Spanish gold escudos and the Hawaii over-print dollars.
After a child found a disembodied hand floating in the water, the fingerprints identified its former owner. When they went to search his home, the Five-0 team found Spanish gold coins soaking in a tank of water. McGarrett and Danny Williams went to a local museum to learn that a Spanish galleon carrying a cargo of gold coins sunk near the islands. Being good detectives, Five-0 traces the search for the galleon to a diving company that specializes in searching for lost treasure. As part of looking for the rest of the body, Five-0 and the Coast Guard finds an abandoned boat—or what they thought was abandoned. This leads them to go diving to see what was below the surface.
In an underwater wreckage, they find a body. When the body was examined, the wallet contained currency that was washed out. Using whatever forensic techniques they used to identify the note, they enhanced the image to find that it was a Series 1934A Federal Reserve Note issued in 1942. The forensic scientist explains how the Hawaii overprint notes were issued in case the notes were captured by the Japanese during an invasion. If that happened, the notes could be demonetized, making them useless.
The note was used to help identify the body and the gold escudos were used to trace who was responsible for the murder.
To see the full episode of “Mea Makamae,” you can watch it on CBS’s website here.
One of my favorite shows is History Detectives on PBS. For those who have not seen the show, History Detectives explores the history behind artifacts that people find or are handed down by family members to discover its history and the history behind the objects. Anyone who loves history may want to add History Detectives to your must see list.
This past week, Gwen Wright, who is also a professor of architecture at Columbia University, investigate a stock certificate issued by the Harlem Associated Heirs Title Company.
The person who initiated the investigation was a collector of stock and bond certificates, a part of numismatics called scripophily. Those who collect these certificates have interests in financial history, the signatures, or artwork on the certificates. Early certificates were hand autographed by the presidents and treasurers of the companies making them more desirable. Today, stock certificates are a thing of the past since stocks are transacted electronically.
In this investigation, Wright traces the certificate to the history of Harlem. Originally, the area we know as Harlem was a remote area of Manhattan island, far away from what we know today as downtown where most of the people lived. The area was dotted with exclusive vacation homes of the rich with a section of land that was granted to a group of people. By the end of the 19th century and into the early 20th century, New York City grew so much that Harlem was no longer a remote area and the city worked with developers to develop the land regardless of alleged ownership. The Harlem Associated Heirs Title Company was a group who tried to reclaim the property after the turn of the 20th century.
Of course I left out some details. Watch the segment from this week’s show:
Oct 7, 2011 | ANA, commentary
Late Thursday afternoon, the American Numismatic Association Board of Directors issued a statement in response to Larry Shepherd’s statement on his employment situation.
The problem is that the statement does not say anything of substance. It did say that Shepherd hired legal counsel who suggested that Shepherd was defamed. In response to that, the Board said that they made “an effort to avoid a rancorous, public discussion on personnel matters which are normally best left private.” If so, then why issue a statement?
The statement says that the Board “ended” their employment relationship with Shepherd yet seems to be concerned that Harlan Berk’s statement said Shepherd was fired. However, a person does not have to be a rocket scientist to know that after it was announced Shepherd was put on leave during an investigation and then his employment was “ended” to put the two events together to guess he was fired. In fact, my post on that day was “ANA Fires Shepherd.”
Again, this statement does not say anything of substance. But it appears that the Board feels they have to defend themselves. If the Board did not do anything wrong, what are they defending? Then to have Cliff Mishler, past president and current governor, make a statement, it makes them appear like they are trying to hide something.
What are the ANA Board of Governors hiding?
The ANA released their statement, Harlan Berk had his say, then Shepherd responded. Everyone vented and that should be enough. Why did the Board of Directors have to respond? What are they hiding?
The Board’s statement concludes:
It is most unfortunate that Mr. Shepherd has resorted to a public discussion that the ANA cannot comment upon, instead of moving forward in a dignified manner. We are deeply saddened by his decision. Rather than dwell on past mistakes, the ANA will move forward and fulfill its educational mission to serve the best interests of the entire numismatic community.
If you do not want to “dwell on past mistakes,” then just SHUT UP!
Oct 6, 2011 | obituary
Last night saw the passing of Steve Jobs, a computer industry pioneer who revolutionized more than the computing industry. Jobs revolutionized how technology influences our lives and culture. That technology has even had an effect on this blog.
I bought my first Mac in 2002. I had heard about the new Mac operating system MacOS X and I wanted to learn more, so I decided to find a used Mac to play with. At the time, my company was holding a surplus auction where they would auction computers and peripherals that were beyond their life cycle. That year, the company decided that they would standardize on Windows and those with Macs would have to give up their machines. I bid on a PowerBook G3 that was code named “Wall Street” and won. I bought a copy of MacOS X Jaguar (10.2), more memory and started learning the Mac.
This was the time of the “switcher” commercials. One commercial was a woman who talked about how she was able to recover pictures from her digital camera to save Christmas. It was not Christmas time, but I was sitting with a cheap digital camera I bought to try out digital photography and having a difficult time getting the drivers loaded under Windows 2000 (remember, this was in 2002). I opened the PowerBook to try that computer. I plugged in the camera and was searching for the camera’s instructions when I noticed that not only did iPhoto start, but recognized the camera and asked if I wanted to import the photos.
To say I was blown away would be an understatement. It was easy and ordering prints online from Apple were easy and not expensive. I was hooked. I transitioned everything from the Windows machine to the Mac and never looked back. Today, I am using my third Mac. I write and manage this blog using a 27-inch iMac (late 2009). Sweet machine!
That ease of use runs through Apple’s product line and was Steve Jobs’s vision. Digital music players existed before the iPod, but Jobs lead his team to do better. From the iPod to the online digital music store, iTunes, Jobs and Apple revolutionized the electronic music business like nobody has. This portable player also lead to the revolution that are podcasts that expanded our access to information. As I look down on my desk, there is my 6th generation iPod Nano that I will clip to my shirt to listen to podcast on the go.
There were smart phones before the iPhone, but after Jobs rejected two prototypes, he gave his most exciting keynote address (called a “Stevenote”) where he introduced a single device to surf the web, listen to music, and a cellular phone—no stylus required. Then, Apple adapted the concept of programming the phone (other than by web pages) and the app store was born. In the app store, we find a number of apps that have been reviewed here including The Numismatist reading app.
The last coin show I went to, I saw a few dealers taking payments with their iPhone. Using a device called Square attached to the earphone port, dealers could swipe credit cards and get approved for payments via their iPhone. With low swipe fees (2.75% per swipe), dealers can now accept credit cards and expand their business. This would not be possible without the technology behind the iPhone.
Yes, I will pre-order an iPhone 4S tomorrow.
Never satisfied to stand still, Jobs pushed his team to build the iPad. Rather than accept what was “normal” for tablet computers, Jobs took the lessons learned from the iPhone and created another drool-worthy device that others are trying to imitate. I drooled over the iPad for over a year until the iPad 2 came out—I never buy the first version of anything. It was the reason that earlier this year, I wrote asking about electronic numismatic books which was noticed by the hobby’s two largest publishers. I have since downloaded a few numismatic books to read on the iPad. I also use the iPad to post links to numismatic stories on Twitter (see @CoinsBlog).
Even if you do not have these devices, the improvements elsewhere are because Apple pushed the envelope in that direction. Android-based phones and tablets came after Apple introduced the iPhone and iOS. Microsoft changed their Windows interface to compete with the MacOS interface. And nobody has really come up with an answer to the iPod, which remains the best selling music player in the market and iTunes is continues to sell the most downloadable music than any other vendor.
Regardless of the industry we are in and regardless of how we interact with technology, Steve Jobs and Apple has influenced all our lives that should live on.
Thank you Steve for being the influence that makes all of this possible. Rest in peace.
Oct 4, 2011 | ANA, commentary
The former American Numismatic Association Executive Director Larry Shepherd issue a statement regarding his dismissal from the ANA. In that statement, Shepherd emphasized,
During my tenure at the ANA I have not violated the ANA employee handbook, or the code of ethics as stated in the ANA bylaws. I did not violate any provisions of the ANA conflict of interest policy. I did not violate federal EEOC anti-discrimination or harassment guidelines (sexual, age, race, etc.).
Including this in the statement was curious. It is implying that Shepherd was alleged to have said something inappropriate, as I speculated in a previous post. But this allegation may be something that was used as part of someone’s agenda. This is reinforced when Shepherd followed up the above paragraph with:
I offered to the general counsel that I would take a polygraph to clear up any issues or concerns that may have arisen due to unfounded rumors and innuendo, but I sensed they were more interested in finding a cause than in finding facts, as evidenced by my being told on Aug. 20 that I would not be coming back, even before the outside investigation took place.
This is the first act of newly inaugurated ANA President Tom Hallenbeck. Hallenbeck, who was previously ANA Vice President, may have not had a good relationship with Shepherd and wanted to find cause to terminate his contract. When reading between the lines, it is clear that Hallenbeck and allies on the Board was looking for a reason to fire Shepherd rather than try to work with him.
Welcome to the old ANA where it appears that the Board wants to micromanage the operations in Colorado Springs rather than being a body that sets the agenda and allowing the Executive Director to manage the day-to-day operations. It is a big strike against the Board whose two year term has just begun.
Finally, the Coin Collector’s Blog wishes Larry Shepherd well with his new job at Harlan J. Berk, Ltd. Berk’s gain is the ANA’s loss.
Oct 3, 2011 | advice, apps, coins, education, Red Book, values
One of the most common questions I receive is “what is my coin worth?” Which is then followed by, “why is this coin not worth more?” Both are good questions that cannot be answered in a quick email since price is determined on market value which is heavily influenced by the coin’s condition. Let me explain…
First misconception is that the older the coin, the more it is worth. While some of this is true, there are exception. Copper coin enthusiasts will tell you that the 1910’s Lincoln Cents are worth more on avert than the 1900’s Indian Head Cents, rarities not withstanding. But those rarities are represented of one of the significant drivers in the cost of a coin: supply and demand. Simply, if there is a lower supply for the coin and a high demand, then the prices will be higher. For example, there were only 484,000 1909-S VDB Lincoln Cents struck before the U.S. Mint stopped production of the coins to remove the “V.D.B” initials on the reverse. Although nobody is certain how many have survived, it is difficult to find a collector who does not want one in their collection. Low supply, high demand means high price.
Many of what collectors call “key date” coins are those that are in low supply. But not all of those coins have the same demand. One example is the 1909-S Indian Head Cent with a mintage of 309,000. Even though the supply is lower than the 1909-S VDB Lincoln Cent, its demand is not as high. With the lower demand, the average price of the 1909-S Indian Head Cent is lower than the 1909-S VDB. But if you looked at the price of the 1909-S Indian Head Cent at higher grades, the Indian Head Cent is more expensive. This is because the first year Lincoln Cent was save in greater numbers and there are a few more higher grade examples available. Fewer of the 1909-S Indian Head Cents were saved leaving a lower supply making the coin more expensive for those demanding a higher grade coin.
That brings up the second factor of price: the condition of the coin. The better the condition the more expensive the coin. Using the 1909-S VDB Lincoln Cent for an example, the “book price” of a brown cent (BN) in the average grade of Extra Fine (XF-40) is $1,300. If it was at the low end of being Uncirculated (MS-60), the coin is worth $1,680. A coin that has some mint red luster that can be classified as red-brown (RB) makes the coin worth $1,720. In higher grades, such as MS-65, the difference between having a 1909-S VDB in BN ($3,060) differs significantly from a RB cent ($4,230) which is less than if it was a full blazing red cent ($6,440).
Condition is a key factor. Even if you were to look up the price of a coin in almost any reference, you will find that the price is different for each grade. It is important that you know the grade of the coin. For U.S. coins, one of the best online resources for helping grade coins is PCGS Photograde Online. PCGS Photograde Online contains high quality images of pre-1964 coins in all grades so that you can compare your coin with the online images. If you have an Apple iPhone or iPad, you can download the app from the iTunes App Store (Photograde app was previously reviewed here).
Even with knowing the condition and rarity of the coin, pricing is more of an art than a science. Publishers of price guides look at market condition, reports of how coins are selling, auctions, and other factors to determine what they think a coin should be worth. Just remember, these guides are just guidelines. They are not definitive prices. Individual dealers set their prices based on how much they purchased the coin for, consignment agreements, what the price guides suggest, along with extra to make a profit. Depending on the dealer, coin, and circumstances, these prices are not firm and can be negotiated. However, if you are negotiating for a coin, you should know what the fair market value is of the coin. Otherwise, you will make the dealer upset and might not sell you the coin regardless of the price.
Negotiating tips will be the topic of another post in the near future.
A good place that I have found to determine what the fair market value is the NumisMedia Fair Market Value Price Guide. NumisMedia allows all web visitors to view the fair market values of the coins in all grades. For those at shows or visiting a coin shop doing quick research on their smartphone, NumisMedia offers a mobile version of their fair market value website at m.numismedia.com.
If you collect foreign coins, there are few, if any, online resources. Since I have an interest in Canadian coins, the best single reference is the Charlton Standard Catalogue, Canadian Coins. Now in its 66th edition, it is the definitive reference on everything minted by the Royal Canadian Mint and those issued by the provinces before the union. One minor drawback is that the images are in black and white. Also, the book is not available as an e-book, which would benefit mobile users.
The ultimate reference guide for world coins is the Standard Catalog of World Coins from Krause Publications. Not only are there volumes for the 18th, 19th, 20th, and 21st century, but all four volumes are available as PDF files on DVDs. Once the files are copied to your system, they can be downloaded to your e-reader or mobile device for taking on the road. The files are searchable and can help price your world coins. If you do not want the full catalog but want a few countries or regions of interest, Krause offers their “Coins of the World” for downloading. This will allow you to download on the section of the Standard Catalog that you are interested in.
Krause also offers sections of their U.S. Coin Digest for each coin type for download. This is a good service for those interested in just one type. For obsolete bank note collectors, Krause also offers sections of the multi-volume Standard Catalog of United States Obsolete Bank Notes by James A. Haxby as a per state download.
Other references you might consider are Whitman’s A Guide Book of United States Coins, also known as the “Red Book,” and Krause’s U.S. Coin Digest. Both traditional references are available for your favorite e-reader making them easily searchable and portable.
Using these references should help you understand what your coin is worth and why. Now go forth and build your collection!
Oct 2, 2011 | Canada, coins, YN
Are you a tooth fairy looking for something different to give leave that little loved under the pillow? Then the Royal Canadian Mint has an answer for you, especially if the toothless child is into coin collecting. Rather than leaving money, the RCM has produced a Tooth Fairy Gift Card with a special 25-cents Tooth Fairy coin.
Tooth Fairy legends started in Europe where it became a tradition to bury baby teeth as they fell out. Later, it became tradition to place the tooth under the pillow where the Tooth Fairy would collect the teeth, leave the children money, and give the teeth to the parents as a keepsake of their child’s growth. Whatever the tradition, the bottom line is the giving of money for the tooth. Why not make it memorable?
The card from the RCM also includes an envelop so that you can include more money than a quarter. For children in the United States, you can include other world coins if the child is a beginning collector or you can just leave some modern, legal tender alternatives. On either side of the border, an idea is to include the current Presidential $1 Coin or a few National Parks quarters. In Canada, the RCM has a animal and flower coins that would satisfy any child along with having the tooth fairy card.
Some traditions mark the sixth tooth as being special because it represents the strength in the child’s growth. For those, why not look at a large silver coin. the American Silver Eagle is a nice choice for U.S. children. In Canada, the 2011 Maple Leaf Forever silver coin with the three maple leaves is a symbol of Canada like no others.
I remember after the first few teeth how monotonous losing teeth became. This card could help a child along having those feelings.
This card is such a good idea, I wish I was playing tooth fairy for someone who could enjoy a card like this.
Images courtesy of the Royal Canadian Mint.
Oct 1, 2011 | coins, education, YN
The most popular way to collect coins is by date and mintmark, but that does not have to be the only way to build a collection. Some collections are built based on a single year, coin types, coins and tokens from a hometown, medals, transportation tokens, or the subject of the coins such as animals.
Children who are interested in collecting should start small and with manageable collections that can be collected from pocket change. By starting small with achievable goals, children can maintain their interest as they complete their collections.
Before you start a collection, sit with your child and set a goal by defining what will be collected and how it will be done. Although it is popular to collect coins from pocket change, buying coins from coin dealers, shows, or online auctions are certainly wonderful collecting ideas.
Let’s look at a few collecting ideas.
Collecting Tools
As you start to collect, you will need a few supplies to help manage the collection:
- A Magnifying Glass: Magnifying glasses come in various sizes and shapes. For children, it is best to have a handheld magnifying glass that is at least 4x or 6x power. Using a magnifying glass to examine coins allows the child to get used to closely examining coins.
- Coin Holders: Your child will need something to hold the coins collection. For these collections you have the choice of using 2×2 cardboard holders are Mylar flips.
- Cardboard holders are hinged cardboard that fold in half and measure 2-inches square. In the middle of each half are holes big enough to hold the coin. The holes are covered with a Mylar window to hold the coin. Cardboard holders come with different size holes for each type of coin. You can purchase holders that can be stapled or are self-sealing (I like self-sealing holders). The advantage of cardboard holders is that you can write information on holder.
- Mylar flips are hinged clear holders with pockets on both sides to hold the coins. Only buy flips that are made of Mylar. Plastic flips contain PVC (polyvinyl chloride) that will damage your coins over time. When folding new flips, make sure that the pocket openings are on the inside. The advantage of the flips are that they are less expensive than cardboard holders and coins can be easily changed and that the other pocket can be used to insert a paper label.
- Coin Pages: Once the coins are in a holder, you will want to arrange them to view. Coin pages are notebook-sized pages that have pockets that fit either of the holders mentioned above. You can also buy a loose-leaf binder to put the pages together. Dividers can separate multiple collections.
- Reference Book: You will need one book to learn what coins were minted for each year. Online resources are nice, but sitting at the table with the coins and holders spread out in front of you makes some online resources difficult. It is also fun to flip through the book at look at the different coin types and their prices. Two recommended books are:
- A Guide Book of United States Coins, known as the Red Book for the red cover that has been used for 65 years. A new version is issued every year with updated information and prices. It is a staple of U.S. coin collectors
- U.S. Coin Digest is a similar reference from another publisher. For ten years, this book has been good at bringing the latest information about U.S. coins. Newer editions include a CD-ROM with the contents of the book in PDF format. The PDF edition is easily searchable and portable for taking on trips using your smart phone or tablet computer.
Optional supplies include coin tubes to that fit each coin type, cotton gloves if you are going to handle uncirculated coins, and you can look into fancier albums with blank pages when the collection gets more advanced.
All of these supplies can be purchase at the your local coin store or online.
Year Sets
Year Sets are a type of collection that contains coins from one year. These collections can contain one coin per type or collect coins with different mintmarks. A good way to start is to collect coins from the child’s birth year. Children born 1999 and later have the added advantage of looking for State Quarters. Year sets do not have to be the child’s birth year. If the parents were born in 1965 or later, they could put together year sets of those years. We will discuss collecting coins from before 1965 later.
When collecting Year Sets, children may want to write an essay as to why that year was special. Those pages can then be inserted along with the coin pages to make the collection personal.
Travel Sets
The State Quarter and National Park Quarter series has introduced many people to world of coin collecting. But you do not have to collect the entire series. You can collect quarters from areas the family has visited.
While on the road, challenge the children to find quarters from the state you are currently visiting. If you visit a National Park whose quarter has been issued, try to find one of those quarters while in the area of that park. The collection could always be updated when you return home.
Some travel spots sell tokens, medals, and even elongated pennies. Many are inexpensive and helps show that collecting does not have to be limited to coins.
If your travels find your family outside of the United States, collect coins from the country you are visiting. A site like Don’s World Coin Gallery could help you find more information about the coins in the country you are visiting. If you are visiting Europe, remember that the Euro is a common currency where each country designs the reverse of coins they issue.
Travel diaries or essays written when you arrive home could be inserted into the binder along with photos and other souvenirs to make it a scrapbook with coins.
Westward Journey Nickel Series
In 2004 and 2005, the U.S. Mint issued special nickels to celebrate of the bicentennial of the Louisiana Purchase and the Lewis and Clark expedition. In 2006, the nickel was redesigned with a new portrait of President Thomas Jefferson. To collect this series, find the nickels dating back to 2003, the original design, along with the four designs issued in 2004 and 2005. Finish the collection with a 2006 nickel showing the new design.
Whitman Publishing produced a special folder for the Westward Journey Nickel Series that includes various types of Jefferson Nickels through since its first issue in 1938. The folder includes holes for other American nickels that can be filled in after visiting coin shows.
Lincoln Bicentennial Cents
Abraham Lincoln was the first presidential portrait to appear on a U.S. coin. The design by sculptor Victor D. Brenner has lasted over 100 years. On the 100-year anniversary of the coin and the bicentennial of Lincoln’s birth in 2009, the U.S. Mint issued four coin reverse designs representing Lincoln’s life. In 2010, the U.S. Mint issued a new permanent reverse design replacing the image of the Lincoln Memorial that had been used since 1959.
Collecting the Lincoln series can be expanded beyond just the 2009 and 2010 coins. The collection can include coins with the different reverses used. From 1909 through 1958, the reverse included two stalks of wheat surrounding the words “One Cent.” These are called “wheat ears cents” and can be found in pocket change with a little persistence.
For a bigger challenge, you can purchase the folder Whitman Publishing created to honor the Lincoln Cents. This colorful folder contains holes for older types of cents including the coins with the prominent “V.D.B.” initials on the reverse. It is a little more of an advanced collection better suited to teenagers.
Presidential Dollars
Since 2007, the U.S. Mint has been issuing one-dollar coins honoring each President of the United States in the order that they served (you can find the release schedule on the U.S. Mint’s website). Aside from being a great learning tool, the coins can be used as a collectible challenge. Some of the ideas include:
- Collect the dollars of the presidents who were from your home state
- Create a collection of dollars of presidents who were once vice presidents
- Create a Mount Rushmore series by collecting the presidents whose busts are carved into Mount Rushmore. This collection will not be complete until 2013.
- Add to you travel collection by adding the dollar coin of the president whose home or library visited. This may require future planning since the practice of preserving presidential homes is a 20th century phenomena.
Coins Prior to 1965
Starting in 1965, the U.S. Mint stop making coins from silver. Over the next few years, people started saving the coins they were finding in change dated 1964 and earlier. Even though the nickel has been made from the same metals since the 19th century, they have been saved, too. While you can find coins from before 1965 in pocket change, it is a rare to see these coins in circulation.
As a challenge for teenagers, there are two ways to find older coins to create collections:
- Buy a “hoard” of coins from an online resource that sells coins by the pound. Most of these hoards are from people who grew up around the time of the Great Depression and started to save their change to have money should the economy crash again. As they pass on, their families sell the hoards to dealers who sell them by the pound. They can be fun to search, especially if you have folders nearby to fill the holes.
- Go to a coin show and visit the dealers who have “junk boxes.” Junk boxes are filled with lower grade and common coins that sell inexpensively. Dealers fill the boxes with items they bought as part of larger lots and allow collectors to hunt for what they want. The thrill is searching for the coins you are looking for in these boxes and finding them or finding something unusual. Dealers usually give children special treatment including a bigger discount on the price.
Where’s George
Where’s George (www.wheresgeorge.com) is not a collection but a site where you can track where your currency has been. You might have seen a one-dollar bill with a stamp that may say “Track me at www.wheresgeorge.com!” If you go to the website and enter the serial number from the front of the bill, you can find out where it has been. By entering the serial number, you can register where it is in your hands.
A fun activity would be to register on the Where’s George website and track where the bills you spend go. Before you can track your bills, you should buy a rubber stamp to let others know that the bill is registered at www.wheresgeorge.com. Stamp the bill and enter the serial number into the website. Go out and spend the bill and watch where it goes.
If you travel and are carrying a computer or smart device that can surf the Internet, take bills you receive from different areas, register it on the site, stamp it, and then take it to your next destination and spend it there. If you happen upon a registered bill, enter your find on the website and take it somewhere else before spending it.
To find a rubber stamp with the information, just do a search for “Where’s George Rubber Stamps” to find a dealer with ready made stamps.
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