What would it take to put together a modern type set?
How would you define a modern type set?
This is the summary of the email conversation I have been having with someone looking for an interesting challenge to work on with his children.
For new readers and those new to numismatics, a type set is one coin of every type regardless of date or mintmark. Although some coins have one-year types, like the 50 State Quarters, there are others where one coin will represent an entire series, like the Roosevelt Dime.
While there are a lot of interesting coins types we focused on modern coins. Modern coins are those struck since 1965 when coins went from silver to copper-nickel except for the Kennedy half-dollar that was made of 40-percent silver through 1970. To budding young numismatists, modern coins are all they know.
In fact, all they know is that the quarter has a constantly changing reverse and they have seen differences in the Lincoln cent and the Jefferson nickel. They did not go through the fiasco of the Susan B. Anthony dollar or marvel at the first circulating commemoratives of the modern era: the dual-dated bicentennial coins. They were not around to search boxes of Cheerios for the new Sacagawea dollar coin or the millennial cent.
Obverse of the Susan B. Anthony Dollar
The 2000 Cheerios Dollar
Modern coins do not get the same love as some of the classics. Aside from not containing silver, there have been controversies over designs (see the “spaghetti hair” that George Washington was sporting on the 50 State Quarters) and how the relief on coins has been lowered by the U.S. Mint in an attempt to extend die life.
Some not-so-great designs
Obverse of the 50 State Quarters with Washington’s spaghetti hair
2002 Ohio Quarter with the hanging astronaut
2004 Florida Quarter with a jumble of stuff
Although people love the classic designs two of my favorite designs of the modern era is the Drummer Boy reverse on the Bicentennial quarter and the Thomas Jefferson portrait on the obverse of the 2005 Westward Journey nickels. And even though I have not written much about them, there are some fantastic designs in the America the Beautiful Quarters series. A few that you may want to take a second look at include 2017 Ellis Island, 2017 George Rogers Clark National Historic Park, 2016 Shawnee National Forest, and the 2015 Blue Ridge Parkway quarters just to name a few.
A few of the great America the Beautiful Quaters designs
2015 Blue Ridge Parkway – North Carolina
2016 Shawnee National Forest – Illinois
2017 Ellis Island – New Jersey
2017 George Rogers Clark National Park – Indiana
Sitting with a Red Book, I started to list the coin types that would make up a modern type set. If we limited the set to circulating coins (e.g., not including half-dollars and one-dollar coins) that can be found in pocket change, there would be 128 coins with a face value of $28.97.
No. in Series
Lincoln Memorial Cents
Lincoln Bicentennial Cents
Lincoln Shield Censt
pre-2004 Jefferson Nickels
Westward Journey Nickels
Return to Monticello Nickels
50 State Quarters
D.C. and U.S. Territories Quarters
America the Beautiful Quarters
The above table does take into consideration the entire 56 Amercia the Beautiful Quarters series including future issues. The kids have to understand the concept of future issues and maintain space for these coins in their album.
Starting the set with pocket change allows the kids to get used to the concept of looking at the coins to understand what they are looking for. To help with their search each child was given a Red Book and two apps on their iPads: PCGS CoinFacts and PCGS Photograde. They can use the Red Book as a handy off-line reference but use PCGS CoinFacts to learn more when they have access. Photograde is very useful to help them assess the condition of the coins.
While collectors have a basic understanding of coin grading, getting it right can be difficult. These kids were given a basic lesson on things to look for when trying to assess the condition of the coins they find. It will be interesting to see how they interpret this information.
Once we covered coins that can readily be found in circulation, we then discussed the other business strikes that are usually not found in ordinary pocket change.
After an interesting discussion, it was decided to make those a separate collection.
As a separate collection, this will give the kids an opportunity to go to dealers and coin shows to allow the kids to learn about buying coins in this environment. They will learn how to talk with a dealer, gain experience negotiating, and do some comparison shopping. It will let them get the experience and see different coins but maintain a collection discipline that will allow them to learn to collect on a budget.
What are the modern type coins that do not see a lot of circulation? Once again, I sat with the Red Book and came up with the following list:
No. in Series
Kennedy Half Dollars
Bicentennial Kennedy Half Dollar
Bicentennial Eisenhower Dollars
Susan B. Anthony Dollars
Native American Dollars
To complete the task, I came up with a checklist for all of the modern coins in two formats. One is a printed version that they could keep in their pocket as they go about their day. The other is a spreadsheet that can act as an official record. The paper version is a very basic PDF file that can be used to write notes. The spreadsheet offers more information. It also allows them to come up with their own catalogue.
You need a quick amount of cash. After all, not every transaction can be made with a credit card. You hop in the car and drive to the bank to use the ATM. Within seconds, the machine spits out money and you drive away.
Early the next morning you look at the bills and notice that not only are they crisp new $20 Federal Reserve Notes but they are in sequence. A closer look and you think that you might have a good Liar’s Poker hand.
An ATM find: A Sequence of $20 Federal Reserve Notes
Then you take a closer look at the serial number and think you might have stumbled on something. That is when you realize that you might need to take that prescription from the ophthalmologist to a store and get your glasses changed!
Eight notes sooner and I would have picked up a $20 Federal Reserve Note with a cool serial Number!
Although a decent Liar’s Poker hand (a full-house), I almost had a repeater. Had I made to the ATM sooner, I could have found the note with a 4-digit serial repeater. Then, if the rest of the notes were in sequence, I would have sacrificed to go back for more money. After all, there would be someone who would be interested in buying serial number “92009200” and maybe the succeeding notes!
Now I am stuck hoping to win the $535 million after spending number “92009212” on Powerball tickets.
In my quest to find different and fun items for my business inventory, I seem to be tripping over some interesting numismatic samples. Recently, I purchased a collection of Coca-Cola memorabilia. Basically, if they can print, paint, mold, or stamp “Coca-Cola” on something, it is in this collection. It has everything from the mundane foreign-labeled bottle, including one from Bosnia, up to a 1950s-round metal advertising sign.
As I was sorting through the collection, I found a frame with an octagonal token “Good for one free bottle” of Coca-Cola dated 1915-1916. The token is in pretty decent shape although has been well handled. The problem is that it appears to be glued to the backing. The back of the frame also has writing indicating that it was a gift to the former owner.
I have seen similar tokens before, such as the Colgate-Palmolive-Peet token I previously wrote about, but never on for Coca-Cola. I am sure that these are relatively common for advertising tokens.
For a Coca-Cola collector, it is a nice gift. For a numismatist interested in the token, I am worried that such a piece may be damaged. Before I decide whether to free the token from its frame, I have to decide whether it would be better sold as a framed item or with the token. I also have to decide whether I want to keep this token!
I better be careful because if I keep finding all of these fascinating advertising tokens I might end up keeping them and starting a collection.
Full framed image of the Coca-Cola advertising toen
Welcome to my first 100-percent blog post by iPhone. I am sitting in my booth at DC Big Flea on Sunday waiting for the afternoon crowd and decided to share pictures of some of the coins I found during my Saturday afternoon walk around the show floor. Considering how long it takes to type on the iPhone, and taking care of business, it might take most of the day to finish this post!
One thing I like about this business is the variety of items that you can find. Aside from the various antiques and collectibles, there are a lot of interesting numismatic items that you may not find at a coin dealer’s table at almost any show. Most of these are not high priced items but are very interesting. For example, while Love Tokens can bring a nice premium, only a few specialized dealers would carry them. Since most of the dealers are also pickers. They will buy all of this stuff and bring it to a show like this.
A couple of smamples that I missed taking pictures of includes someone who had a coffee cup full of buffalo nickels for 25-cents a coin. After searching through most of the coins, all of them had at least a partial date. Not a dateless coin to be found. Another dealer was selling circulated Morgan dollars in VG-to-XF condition for $20 a coin, which is pretty good since the catalog value of most of these coins are $25-45 each. Current melt value of Morgan dollars is a little more than $14.
Although I do not have coins in my inventory at this show, you could have come by and bought a Red Book from one of the contributors, cheap!
Here are the pictures uploaded directly from my iPhone:
Page of odds and ends including a hammered coin, love token, and Hobo Nickel
A $100 Confederate States of America note
1901 $10 Dollar Lewis and Clark Bison note (Fr# 122), Elliot-White
A small selection of Love Tokens
Lots of silver dollars and many at very good prices
Medals, awards, casino chips, and a Challenge Coin
Casino chips and challenge coins make for an interesting display option!
Some decent Buffalo Nickels, although some of these prices are a little high for their condition
A layout of foreign coins. I bought the 1920 Canada Large Cent to the left
The clock on the left is an old Capital Plastics holder. It is the first time I have seen one.
Bracelets are made from Australian pre-decimalisation coins that have been gold plated
Check written to Lorin Wright from her brothers. Lorin Wright endorsed the check on the reverse.
This was the last of the quarter-finals of the Jeopardy! College tournament. One would think that even if you were not in tune with the working of the U.S. Mint like we collectors that the word “coins” would be a big enough clue. At least one person had the right department!
It’s the weekend and the weather is warming here. I won’t get into a “get off my lawn”-like rant!
Jeopardy! hero graphics courtesy of Sony Pictures Entertainment.
A few weekends ago, I was out picking when someone offered to sell a box of lapel pins and buttons. Most of the buttons were modern political mainly from the 1988 election through the 2008 election. There was a mix of both major parties along with a number of local and state races, primarily from Virginia.
The box was nothing remarkable. It was originally for high-priced basketball shoes from a well-known company in the western United States. Alongside many of the political buttons were lapel pins and some sports pins. I also noticed some buttons with cute sayings. While being stuck in the fingers I was thinking that I could buy the box and use it as junk filler at a show. Just like coin dealers have junk boxes, those of us in other collectible areas have our versions of junk boxes. In this case, I can lay them out in felt-lined trays and let buyers pick over them for a dollar each.
Flag and ribbon pins always sell. So do buttons that say, “I usually don’t wake up grumpy, I sometimes let him sleep.” This gets the ladies to laugh and look at some of my other items.
After setting up the card table I use to work on this type of sorting, I dumped the box in the middle of the table. Expecting to have to sort through a few hundred pins and buttons when I noticed a 2×2 flip on top of the pile. It was a coin sitting that was sitting in the bottom of the box now at the top of the list of things to look at.
At first glance, I noticed it was not a U.S. coin and thought that it just could be an uncirculated copper-nickel coin until I looked closer. Shifting my glasses to get a better view there was no mistaking the reverse design as a Mexican Liberatad. The 1984 Libertad is clearly marked “1 ONZA PLATA PURA” (1-ounce pure silver) with the obverse declaring it from “ESTADOS UNIDOS MEXICANOS” (United States of Mexico).
I found a beautiful, uncirculated 1984 Mexico Libertad worth more than what I paid for the box!
Obverse of a 1984 Mexico Libertad
Reverse of a 1984 Mexico Libertad
Edge lettering on a 1984 Mexico Liberdad
Although I love large silver coins, I have never owned a Libertad. Did you know that the edge of the Libertad has edge lettering? It reads “INDEPENDENCIA Y LIBERTAD” (Independence and Freedom). The distinctive mintmark of the Mexico Mint is on the reverse and has an overall great look.
Let’s have some fun rather than talk about the mundane! Covering floors, cars, or any other surface using coins is not something new, but according to Matt Giles this has not been done in the United Kingdom. On the YouTube page where the video is posted, he writes:
When thinking about what to lay in the kitchen Amy came up with a fantastic idea inspired by what she had researched online. We saw a bunch of penny floor projects in the USA, it seemed a really popular way of creating a bespoke retro floor for any part of the house, but wasnt done in the UK. Challenge accepted!
We took 27,000 1p coins and decided to give our kitchen diner a new look. Each coin was individually glued to the floor which had been self levelled before hand and left to dry. After gluing down all the coins a black grout was applied to fill the gaps followed by a high gloss epoxy resin to cover and seal.
The end result is simply awesome. The floor looks stunning and the weeks of hard work has been worth the pain.
Seems like an inexpensive idea. Take £270 in pennys (yes, that is how the Brits spell the plural of penny), glue, grout, apply a high gloss epoxy resin, and take about two weeks of work to come up with something different. For anyone curious, £270 is currently equivalent to $337.88.
As the weather turns colder and the fowl shudder for other reasons, we turn our thoughts to what to give as gifts. As numismatists, we can always find something based on the hobby that would be nice and maybe spark interest in collecting. Or we can find something fun that is somewhat related for those we know will never be converted.
We begin the weekend that starts with Black Friday and extends to Cyber Monday, terms that have little meaning these days except as marketing mechanism, if we are not going to fight the crowds at least we can plan.
My planning began two weeks ago when I wanted to do something different for my coin club’s December meeting. As the club greeter, I set up a table at the door to give away tickets for door prizes and sell raffle tickets. Door prizes are usually low-value foreign coins or an unusual U.S. coin, such as one with a minor error. Since I am responsible for selecting the door prizes, I try to follow a theme and include at least one coin containing silver. The raffle is usually a small gold coin or a silver crown-like coin, depending on what the club treasurer can find.
Our December meetings are special in that it is our annual charity auction. Members donate items to the auction and everyone in attendance bids for what they want. All proceeds are donated to a local charity. This has been a club tradition dating back to its founding in 1959.
While thinking about the door prizes and raffle, I was scanning online auctions looking for ideas. One idea came when I stumbled across currency-like notes with holiday themes. When I found a $1 million note with “A Blue Christmas with Elvis” I knew I found a door prize. Since I was buying two for the coin club, I bought a few more to include in greeting cards that I will be mailing this year.
To be inclusive, the next search was to look for Chanukah currency. Although the selection was not as varied as the Christmas notes, I found one that looked nice and was going to satisfy the coin club and be added to my holiday cards.
Then my thoughts turned to the raffle. We try to raffle gold coins whenever we can buy them at a cheap enough price. However, with the price of gold over $1,200 per troy ounce and over $189 higher than it opened in January, finding something affordable was not easy. As I was searching I found a listing for 1-grain bars mounted on holiday-related cards. I know that 1 grain is not a lot of gold. In fact, it comes out to about $2.50 in gold. But to buy four at $5 per card to donate for the raffle where the proceeds go to charity, that would be something different.
After purchasing the four cards, I started searching for other gold bars and found everything from one-third of a gram and heavier. Even with the current price of gold, finding special bars that could be purchased for $25 or less gave me an idea to buy a few to include in cards to special people.
Of course, this type of gift giving is not for everyone. But if you want to do something with a numismatic theme and make it look special for not a lot of money, think about buying these light gold bars. I think you will impress your gift recipient.
Let’s not put the cart before the horse. We all have used adages. Some are centuries old when it was really something special when a penny saved was a penny earned. For some adages, things are not always what they seem which makes appearances deceiving.
In a comment about a technical issue, I was trying to explain that something would not work and exclaimed, “That isn’t worth two-bits.”
To the few people in the room within my age group, they understood what I said. Those younger than being eligible for AARP and those born outside of the United States did not understand. Since it is more blessed to give rather than receive, it gave me the opportunity to teach someone about the origin of money in the United States.
When the colonies were settled, George I was the King of England. Although the king ruled from an ocean away, the governors sent to manage the colonies on his behalf were under strict orders to not allow the colonists to coin money. An exception was made during a small period in the 17th century, colonists had to make due with the low-value copper coinage the king and his governors allowed.
Even with a standing army in the colonies, the governors could not control the commerce. Instead, they applied duties and fees for allowing the colonists to trade with the rest of the Western Hemisphere. Notice that there were no taxes because only the king could tax the royal subjects. Governors could levy duties to run the colonies. They also took kickbacks and bribes in order to get their way.
Although the Pound Sterling was the coin of the realm it was not available to the colonies. Instead, trading posts accepted the 8 reales coin, also known as the Thaler or Spanish Milled Dollar, as payment for goods and services. With the trade of high-cost goods like tobacco, cotton, and hides caught in the Appalachian Mountains the colonies relied more on the Spanish Milled Dollar than on the copper British coins.
Colonial governors ignored the growing economy, as they were able to satisfy the companies that sponsored the settlements and paid the taxes while lining their pockets. Colonists were able to make do with what was left.
A problem came about that everything could not be worth 8 reales and without subsidiary coinage, it was impossible to give change. Using the silver value of the coin, people would cut the coin into pieces in order to make subsidiary coinage. A milled dollar cut in half was a half-dollar. That half-dollar cut in half was a quarter-dollar and the quarter-dollar cut in half was called a bit.
The bit was the basic unit of commerce since prices were based on the bit. Of course, this was not a perfect solution. It was difficult to cut the quarter-dollars in half with great consistency which created problems when the bit was too small, called a short bit. Sometimes, goods or services would be adjusted to accommodate the short bit. Other times, short bits were supplemented with the English pennies that were allowed to circulate in the colonies.
Getting back to our adage, two bits were made from a quarter-dollar. Saying something was not worth two bits was either a negotiating tactic or someone wanted to use a short bit to pay for an item. Like many adages that have origins in the 17th and 18th centuries, the reason for their existence has been lost with time.
But arguing about its origin would be rocking the boat. We do know that some of our colonial ancestors should have measured twice and cut once to avoid the problem. But alas, there is no sense crying over spilled milk.
From my collection
Obverse of a 1795 8 Reales silver Thaler
Reverse of a 1795 8 Reales Thaler; also know as the Pillar dollar or Spanish Milled dollar