Not Everyone Likes Old Change
With most of the roll of 1957-D very red Lincoln cents still in my cash register’s draw and the quarter bin even half-full of uncirculated bicentennial quarters, I thought that most of the more expensive and interesting coins made it into circulation. That was not the case.
A new customer came into the shop and found a few items she wanted to purchase. After selecting a few things, she left to find an ATM because, she said, that she does not like using credit or debit cards. As a reseller of estate and other used items, this is a common practice for many purchases under $100. It is a typical scenario.
After paying for her purchase, she saw that I had given her two very shiny Lincoln cent and one with a beautiful brown color. Except it was not a Lincoln cent. It was an 1859 Indian Head cent that was left over from National Coin Week.
I had included two 1859 Indian Head cents in the draw. This coin was the second that survived National Coin Week. Depending on how you look at the coin, it could grade VG-F making it worth about $15-20.
When she looked at the coin what was different in her hand, she asked what it was. After I explained what it was, she accused me of giving her a counterfeit coin. She insisted it was not real and that I was trying to cheat her.
I walked over to the shelf and grabbed a new copy of the Red Book to show her that it is a real coin and that it has value. But she was not impressed insisting that was scamming her with stuff I did not know. Even after pointing to my name in the list of contributors she would not back down.
Finally, I agreed to change the coin.
As I put the coin back into the cash register drawer and replaced it with one of the 1957-D cents, she stopped me and said that I told her the coin is worth $15-20 and she wanted $20. I reminded her that she thought the coin was bogus, so why should I pay for a fake coin?
After handing her another coin, she looked at it and noticed the wheat ears reverse. While accusing me of trying to cheat her, she asked why am I giving away “phony money?”
I explained that the coin was a bit more modern even though it is a little older than me. Its value is about $5-6. She looked at the coin and compared it to the coins in her purse, ignoring the fact that I had given her two of them earlier.
“The back is funny. Why is the back funny?” she asked.
While explaining about the design and the changes made to the coin, I search the change draw then my pocket for a more modern coin. She gave the 1957-D back, and I replaced it with a brown Memorial-back cent I found in my pocket.
Happy that she has recognizable money, she walked out threatening to call the police. As I held the door for her, I said that she should contact the U.S. Secret Service because they are responsible for dealing with counterfeiters.
I wished her a good afternoon.
My new and former customer left without saying another word.
Let the Election Begin
Yesterday, Dave Harper, Editor of Numismatic News, posted a note on his blog saying that he had not received his ballot for the ANA elections. At the bottom of his post, Harper notes that his ballot arrived with the morning mail. I was optimistic that my ballot would arrive on Monday. When I arrived home, I found my ballot along with the rest of the household mail.
Between now and July 19, I have to decide whom will receive the privilege of my vote. While I may not be anyone special, I do have a blog where I plan to talk about the ANA Board elections one or two more times before ballots have to be mailed.
In the package with the election materials is a survey asking for membership opinions about the proposed changes to the ANA Bylaws. With the opinion form is a copy of the new bylaws with a summary of changes on its cover. My first impression was not good. When I first opened the pamphlet, I noticed that the committee who worked on these updates did not have corporate or non-profit business experience. Also, reporting and oversight functions are missing, as required by Sarbanes-Oxley (SOX) that defines standards for corporate governance. Finally, too much is made of a name change of the top two offices from president and vice president to chairman and Vice Chairman.
I wish there was an option to see a marked up version of these bylaws. A marked up version could be created using standard word processing software to compare the two versions to create one version with change markings. I will ask the ANA Board of Governors for electronic copies to do this. Otherwise, I can try to use the optical character recognition (OCR) to “read” the documents and save them in a form the word processing software can read. If there is an interest, I will post the results.
ABC’s of Baltimore
A is for Adams, John Adams, our second president. He was our first vice president and the only president elected from the Federalist Party. Adams is currently being honored on his first coin as part of the Presidential $1 Coin Program. The Adams dollar coin has seen fewer errors than the Washington predecessor, but the reports of errors have been reduced.
B is for Brooks, as in Robinson, Hall of Fame third baseman for the Baltimore Orioles. The defender of the hot corner at Memorial Stadium for Earl Weaver’s O’s will appear at the Whitman Baltimore Coin on Currency Convention. Robinson will be at the Baltimore Convention Center on Friday, June 29 from 2 PM to 5 PM giving out 100 Adams Dollars to Young Numismatists attending the show. Robinson will also be providing autographs to other attendees. I wonder if I can get him to autograph an Adams Dollar?
C is for coins. Lots of coins. Three halls of coins! I have been a regular attendee of this show for the last six years and I still am amazed and overwhelmed when I enter the hall. I have made a made a few friends with some dealers. I hope to see them at this show. It is just fun, and that is what collecting should be about.
Adams Dollar image courtesy of the US Mint.
Brooks Robinson ad courtesy of Whitman Coin and Collectibles Conventions, LLC.
First Spouse Sellout
When the Presidential $1 Coin Act of 2005 (Public Law 109-145 [GPO: Text/PDF]) was passed, I was concerned that the minting of the First Spouse 24-karat gold coins would not be a success. With the price of gold soaring over $600 per ounce for the last few years and the requirement to use domestic sources of gold, it was speculated that the coins would cost over $400 each. Eventually, the US Mint priced the proof coins at $429.95 and the uncirculated coins at $410.95. Would people buy the coins at these prices?
The Mint has never had a program like this making it difficult to make the comparisons against other US Mint products. There have been other gold coin programs and the American Eagles are produced in gold, but the First Spouse coins are the first 24-karat fractional gold series. It would even be difficult to compare these coins with the various commemorative coin programs that have not been successful. Thus, the Mint is charting new territory.
With a production limit of 40,000 for both proof and uncirculated coins, the Mint has sold out of the Martha Washington and Abigail Adams First Spouse Gold Coins after two days of being available. It is difficult to tell whether this is the result of first issue sales or there is a genuine interest in these coins. Only time will tell.
2007 ANA Elections
This month I received the renewal notice for my membership in the American Numismatic Association. When I opened the notice, I selected a renewal for the next five years and mailed it back to Colorado Springs along with a little extra as a donation. Regardless of the trouble the ANA has experience in recent years, I will remain a member. There was no consideration otherwise.
The troubles are the serious cause for concern from the membership. Closed meetings, expelling board members, budget deficits, and mistrust of the executive director has created a hostile environment amongst the members. In some cases, conversations on these matters overwhelmed the normal excitement of the bourse floor of the ANA National Money Show in Charlotte. This carried over to the Meet the Candidates session held the Friday night of the show.
When it comes to running an organization like the ANA, I would classify myself as progressive with an eye toward fiscal discipline. The ANA should be doing more to carry out its charter objectives of education and providing an oversight role for the industry. However, at the Meet the Candidates session, audience members saw how the philosophies of the various candidates diverged. It was clear who saw the ANA as a shepherding organization that made some mistakes to those who saw the entire governance structure as broken and has radical ideas to find them. It made for an interesting discussion.
I entered the meeting room in favor of reform but weary of the reformers and not wanting to like the “old guard.” I left the room in favor of some of the reformers and gaining a little respect for the old guard. Nevertheless, the bottom line is that I feel the ANA needs change and now is as good as any time to make the change.
Although I commented about the convention before and promised one correspondent saying I would write more about my impressions of that meeting, I have decided I will not to write a review but my impressions of what I am looking for in a candidate.
The areas I consider most important to the success of the ANA is transparent governance, a better working relationship between the membership elected board and the headquarters, expanding education and outreach to reach more members, and using twenty-first technologies to assist in solving the problems being faced in the twenty-first century.
Transparent governance and a better working relationship between the board and headquarters should be a given. For any organization to be a success, they must be able to work together for the common mission that supports the membership. This goes beyond saying “can’t we just get along.” Board members and headquarters staff have to be committed to the success of the organization. Candidates for the board do show this trait. However, a few are too willing to let the emotions of the past affect their judgment by announcing that they want to change the executive director. I am not sure if this is a good stance since I do not know Chris Cipoletti. I would prefer a candidate say they want to have his performance be reviewed by an outside arbiter and let the results speak for themselves.
Education is the core mission of the ANA. Not only should it remain a core mission but should be expanded to work regionally rather than nationally. Some suggested taking the courses on the road, offering them in different areas of the country, even customizing them for use by clubs. All are very good ideas but there have to be a commitment from the board to do this. Some have said that education is important, even saying they want to bring back the old logo with the Lamp of Education. Only a few candidates recommended expansion of the programs. I support those who look to expand educational opportunities.
As a professional in the computing industry, I advocate the use of technology to resolve some of the more difficult issues that plain human power cannot resolve. Technology can be used to resolve the communications issues, expand education opportunities, support virtual meetings, and can open up a world that would benefit the ANA in ways a pretty but difficult-to-use website cannot. Think about it, if you have a conflict with this year’s Worlds Fair of Money as I do and cannot attend, it would be wonderful if I could attend board meetings virtually using a service like Skype. A few candidates support the use of technology in this manner, but not enough.
Finally, I would like to see the new board look for ways to reach out beyond the “usual suspects” and bring in new people to help expand the organization. For example, how many ANA members have been in the computing industry for over 25 years with a background in putting together systems along with security and privacy that could help them make these technological changes and comply with Sarbanes-Oxley? Would it be wonderful if that member, who just paid his renewal, were allowed to help the ANA merge technology with numismatics for the benefit of everyone? I mentioned this to a few of the candidates who showed interest in the idea. I will await their response after the election.
It was reported that ballots were mailed on June 7. I have not received a ballot as of June 20. When I receive my ballot, I will provide my endorsements. Until then, if you are not a member of the ANA, I urge you to become one. If you are a member, make sure you renew on time. For everyone else, please remember to vote when your ballot arrives. This is probably the most important election in the last few years and every vote counts.
Getting Mint Happy
The US Mint turning June into a busy month for collectors by releasing a lot of products. It started on June 4 with the Idaho quarters bags and two-roll sets. Yesterday, the Mint released the John Adams Coin Cover. Today, June 13, the 2007-W uncirculated American Silver Eagle bullion coin is now on sale. Next Tuesday, July 14, the proof and uncirculated First Spouse gold coins honor Martha Washington and Abagail Adams will be on sale. The Mint will also produce 1 5/16-inch bronze medals using the First Spouse designs without a denomination. Finally, on June 21, the Mint will release the Presidential $1 Coin Proof Set.
If you collect everything the Mint produces, the month of June will be expensive. As for me, I am interested in the American Silver Eagles and the Adams Coin Cover. I am not excited about the First Spouse coins. Aside from being expensive, I am not excited about the theme. I am not planning on purchasing the bronze medals.
As for the Presidential $1 Coin Proof Set, I will probably purchase a few sets since first issues tend to resell at a good premium. But the Mint has not said whether the proof, silver proof, and mint sets would contain the Presidential $1 coins. I will hold onto one until the Mint announces what they will do with those annual sets.
Is this too much product for the Mint? If you watch the releases from the Royal Canadian Mint, you may say that the US Mint is quite austere in their offerings. Although I wish the Mint would try to show more class, but their product offerings are regulated by law. Since the law requires the Mint to sell these products, it is difficult to blame them for legally implementing the policies forced upon them.