Weekly World Numismatic News for February 17, 2019
(Image courtesy of Bellingham Coin Shop)
Prizes range from cash to coins to estate finds. It piques the interest of those around the Bellingham area.
For those not familiar with Bellingham, it is the last city in the United States as you travel north on Interstate 5 toward the Canadian border. I made that drive in June 1998 and stopped in Bellingham before crossing the border. It was a nice place for the few hours we spent there. After a nice lunch as a short walk, we continued our trip saying we should return.
Even though Bellingham is a small city, it can serve as a lesson to a lot of other numismatists and dealers. What better way to promote yourself and the hobby than a treasure hunt. Sure, there have been reports of coin drops, but with those, you run the risk of the coin not being found and continuing its journey through the banking system.
A treasure hunt, like geocaching, can be fun. Instead of relying on the special equipment that most geocaching hunts require, you make it like a scavenger hunt with clues posted on social media. It is a way to cultivate followers and potential clients.
It can also be a tool to have people learn more about coin collecting. Rather than hide a coin that someone may throw into a draw, how about a certificate to let them come into your shop to get them started on collecting. Dealers can start new clients with an affordable collection that can be used to promote an interest in collecting.
This is such a good idea that I am thinking about using it for my business. Except I will wait until the weather is a little warmer!
And now the news…
February 11, 2019An Israeli tour guide and her friend last week stumbled across a rare 1,900-year-old coin from the time of the Bar Kochba revolt unearthed by recent rains in the Lachish region, southwest of Jerusalem, the Israel Nature and Parks Authority said Monday. 
→ Read more at timesofisrael.com
February 13, 2019FOLLOWING on from a recent warning that went viral in Spain police have warned of more foreign coins in circulation that look similar to one and two euro → Read more at euroweeklynews.com
February 15, 2019John Herrington is looking forward to his new pocket change. A former NASA astronaut who was the first enrolled member of a Native American tribe to fly into space, Herrington is among those celebrated by the U.S. Mint's 2019 Native American $1 coin. → Read more at collectspace.com
February 15, 2019Nature and Parks Authority tour guide stumbles on 1,885-year-old find while on training hike in Lachish region → Read more at timesofisrael.com
February 15, 2019An amateur metal detectorist has compared finding a 6th century Anglo-Saxon pendant in a muddy field to 'winning the lottery'. The shiny piece of gold was originally mistaken to be a 'chocolate coin' due to its immaculate preservation but experts proved it is a gold pendant from 1,500 years ago. → Read more at dailymail.co.uk
February 15, 2019Three straight days of snow have been a pain in the neck, but if you haven’t taken the chance to go out and play in it, you might want to consider this. R.B. Wick, the owner of Bellingham Coin Shop & Iron Gate Estates who is known for his love of creating treasure hunts around Bellingham and posting clues on his various social media accounts, has another treasure hunt going in honor of Valentine’s Day. → Read more at bellinghamherald.com
How Much is that Coin Worth?
Since I have been writing this blog, readers have been sending one persistent question: how much is my coin worth? Collectors may not want to sell their coin, but there is a gratifying feeling that comes from knowing that our collection is worth more than what we paid—like knowing my 1909-S VDB Lincoln Cent, graded VF-30BN by Numismatic Guarantee Corporation (NGC), has been selling for $1,000 after it was bought (by my wife) for quite a bit less!
The value of a coin is determined by a combination of its state of preservation, population, and demand. The state of preservation is also called the coin’s grade. The current system is based on the 1948 writings of Dr. William Sheldon. The Sheldon Scale assigned grades from 1 through 70 on the theory that a coin graded 70 would be worth 70 times as much as a coin grading 1. Since grading is subjective, the American Numismatic Association started a certification service called ANACS in order to help protect the collecting community. Today, ANACS a private corporation and no longer associated with the ANA.
The population of a coins depends on its mintage and the number of coins known in that state of preservation. For those who want to look at this in economic terms, this is the supply of the coin that is in demand. Using the classic supply-and-demand curves, the population of Mint State (MS or uncirculated) 66 (MS-66) Morgan Dollars is smaller than for lower grade mint state Morgans. But since the demand is higher, the low supply but higher demand causes the prices to rise.
I consider myself a smart consumer. I will educate myself with the information I need, including price, before making a purchase. Buying collectible coins is no exception. If I am looking at a 1900 Morgan Dollar and have the choice between an really nice looking MS-63 coin and a coin graded MS-65, I want to know if the grade difference is worth it to me. In the past, many of us relied on the Guide Book of United States Coins, also called The Red Book. While a great source of information, The Red Book is static and cannot reflect the current price trends. What is a collector to do?
Dealers and investors subscribe to the Coin Dealer Newsletter (CDN), also known as The Greysheet. The Greysheet prices are the accepted standard that dealers use to determine the price of their inventory. Although anyone can subscribe to The Greysheet, subscription prices are a little expensive for the average collector. We average collectors need better sources.
My favorite on-line price guide is available from the Professional Coin Grading Service (PCGS). The PCGS Price Guide is their assessment of the market based on dealer-to-dealer sales. I suspect the prices are based on the activity on the Certified Coin Exchange Facts Network (CCE). Aside from being a free service, I have found the listed prices to be a little above The Greysheet “bid” price (the wholesale price which a dealer would buy the coin) and below the “buy” price (the price a dealer would sell the coin). It is a great guide for up to date prices.
By the way, both PCGS and CCE are owned by Collectors Universe.
The PCGS Price Guide tells me that the 1900 Morgan Dollar is worth $47 in MS-63 and $240 in MS-65. With that information, I negotiated a $45 purchase for a raw (ungraded) MS-63 coin that looks real nice in my album!
These thoughts on on-line price guides were triggered when I received my weekly email newsletter from Numismatic News. The newsletter and their home page announces the future launch of Krause Publications’ NumisMaster coin pricing service. Krause publishes many price guides for United States and world coins. This looks like Krause is bringing their expertise to the web. From their website:
And at the service’s core, you’ll find the information you’ve depended on for years from Krause’s Standard Catalog series of guides on coin prices and paper money prices… now searchable, infinitely sortable, and updated daily by our team of experts.
Read the NumisMaster media release and take the opportunity to sign-up for a free Premier Membership.
Hitting the Road Change Hunting
I admit that I am still a change hunter. During the day, I spend currency so that my change is returned in coinage. Sometimes I will look in the money draw and see if there are “different” coins stored in a side slot, like half-dollars. When I get home, I dump the change into a box for later search or I search anything that catches my eye. Searched change ends up in an old plastic pitcher that is cashed in at a local bank’s change counting machine every few months.
As part of this change hunt, I look for wheat-back cents, any silver coin, Bicentennial circulating commemoratives, and for coins that fill holes in the various Whitman folders that I use to collect this change. Those that are not added to a folder are saved in a special bank on my desk. On occasion, I will look closely at the coin for potential die varieties, like the wide versus narrow lettering varieties (1999D-1DR-003) in Lincoln cents. I also like to find foreign coins.
Lately, I have been finding quite a few Bicentennial Quarters. During a recent weekend in Florida, I was surprised when I discovered four of these coins with the Jack Ahr Drummer Boy design.
I hope others in the DC-area were able to find the coins I placed into circulation. Change hunting is fun. I only wish I would find more interesting items!!
For the Change Hunters in the DC Area
For all of you change hunters in the Washington, DC area, over the weekend I was able to put several S Mint Lincoln Cents from the 1940s and 1950s into circulation. All are previously circulated but I made sure to pick out those in the better conditions. They are all brown cents but should make for good hunting, especially for kids. These coins were spent in a number of places.
Somewhere in the Tysons Coner, Virginia area there is a 1909-VDB Lincoln Cent in Very Fine condition but with a weak VDB floating around. To round out the copper spending, there are also a dozen Canadian Cents from the 1950s also spent in several areas.
In the Rockville and Bethesda areas, there are three silver Roosevelt Dimes from the 1950s along with a five Buffalo Nickels from the 1930s in approximately Extra Fine condition now in circulation.
Finally, in the Tenleytown area of the District, I used 1964 and 1964-D Kennedy Half Dollars to buy Powerball tickets (I should check my numbers!). Both 90-percent silver coins are in Extra Fine to Almost Uncirculated condition. The girl behind the counter allowed me to use them with no questions!
I thought this would be fun and hope to hear from those who find the coins. Now I have to send a copy of this note to the local newspapers. Happy Hunting!
Louis Braille Bicentennial Commemorative Bill Signed
Yesterday, July 27, the White House announced that President George W. Bush signed H.R. 2872, Louis Braille Bicentennial-Braille Literacy Commemorative Coin Act (Public Law number not available at this time) to commemorate Louis Braille’s accomplishments on the 200th anniversary of his birthday. The law calls for the minting of no more than 400,000 commemorative $1 coins made of 90-percent.
The law prescribes the obverse will have a portrait of Braille and the “reverse shall emphasize Braille literacy and shall specifically include the word for Braille in Braille code (the Braille capital sign and the letters Brl) represented in a way that substantially complies with section 3 of Specification 800 of the National Library Service for the Blind and Physically Handicapped of the Library of Congress specifications for Braille, and is tactilely indiscernible from printed or written Braille.” It requires the designers to work with the National Federation for the Blind on the design.
When this commemorative is released in 2009, its price will include a $10 surcharge that will be given to the National Federation for the Blind “to promote Braille literacy.”
It looks like 2009 will be a busy year. In addition to this commemorative, 2009 will include the Lincoln Cent circulating commemoratives and the new presidential dollar series begins along with the first lady commemoratives (Public Law 109-145 [GPO: text, pdf]). Also, the Abraham Lincoln Commemorative Coin Act (S.811) has been passed by the Senate and is awaiting for the House to act upon H.R.2808 before the bill can be sent to the President for approval.
Older Westward Journey Nickels Back On Sale
I found something interesting… burried at the end of San Francisco Old Mint Commemorative Coin Act (Public Law No 109-230 [GPO: Text, PDF]) in Section 8 that reads “the Secretary of the Treasury may continue to issue, after December 31, 2005, numismatic items that contain 5-cent coins minted in the years 2004 and 2005.” This is a technical correction to the Lewis and Clark Expedition Bicentennial Commemorative Coin Act (Public Law No. 106-126, Sections 301-309 [GPO: Text, PDF]) that said the Mint had to stop selling the Lewis and Clark nickels as of December 31, 2005.
On July 21, the US Mint announced that the “remaining bags and rolls of nickels, first day coin covers and silver proof sets containing the nickels will go on sale at noon (ET) on July 25, 2006.” These items are now listed in the Mint’s online catalog for ordering. The entry for the 2005 Silver Proof set says that it will be available for shipping on August 8. With the time limits removed from the law, the Mint can sell these items until they are sold out.
While this may be good for the Mint, the additional inventory being added to the market will reduce the future value of Westward Journey Series collectibles. While these coins do not have more than collectors value at this time, I was hoping that their value would increase for my heirs so that those who do not take up the hobby could get something for the collection.
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