And now, the end is near And so I face the final curtain. My friend, I’ll say it clear I’ll state my case, of which I’m certain. . .
As we wind down the end of a very interesting 2014, we also come to the end of the 113th Congress. This congress has been as inactive as any. Sure, there was a lot of press with faces from both sides spewing scary rhetoric about topics these people seem to know little about, but even when it comes to coining money, they have done less than any congress in recent memory.
Other than the passing the budget bill nicknamed “CRomnibus,” the 113th Congress passed only three bills that made it to the President’s desk. President Obama signed all three bills.
Bills Signed Into Law
Public Law 113-10 (formerly H.R. 1071: To specify the size of the precious-metal blanks that will be used in the production of the National Baseball Hall of Fame commemorative coins. This was a technical change in the law that changed how the size of the planchet was determined that were not able to be considered when the law was introduced. This bill was signed into law by the President on May 17, 2013.
Public Law 113-212 formerly H.R. 2366): The World War I American Veterans Centennial Commemorative Coin Act requires the Secretary of the Treasury to mint coins in commemoration of the centennial of World War I. In 2018, the U.S. Mint will strike not more than 350,000 silver dollar coins “emblematic of the centennial of America’s involvement in World War I.” The $10 per coin surcharge will be paid to the U.S. Foundation for the Commemoration of the World Wars to assist the World War I Centennial Commission in commemorating the centenary of World War I. This bill was signed into law by the President on December 16, 2014.
Public Law 113-288 (formerly H.R. 2754: the Collectible Coin Protection Act. As I previously explained, this law enhances the Hobby Protection Act by allowing law enforcement and other legal actions against distributors and handlers of counterfeit coins and grading service holders. President Obama signed this bill into law on December 19, 2014.
Bills Passed by the House of Representatives
The following bill was passed by the House of Representatives but died in committee in the Senate.
H.R. 2866: Boys Town Centennial Commemorative Coin Act
Bills Introduced in the House of Representatives
These are the bills that were introduced in the House of Representatives but died in the various committees. While it may not be apparent from the titles, all of these bills have some impact on the coinage that would be produced by the U.S. Mint:
H.R. 2760: Panama Canal and Pan-Pacific Exhibition Centennial Celebration Act
H.R. 2932: United States Coast Guard Commemorative Coin Act
H.R. 3146: Savings, Accountability, Value, and Efficiency (SAVE) II Act
H.R. 3305: Currency Optimization, Innovation, and National Savings Act
H.R. 3680: Breast Cancer Awareness Commemorative Coin Act
H.R. 3729: Korean Immigration Commemorative Coin Act
Bills Introduced in the Senate
Coinage bills are considered revenue bills because they earn the federal government money and are used to raise funds that are paid by the government to public and private organizations. Even though the United States Constitution requires revenue bills to begin in the House of Representatives, it is not beneath the Senate to introduce their own legislation. Sometimes, senators introduce concurrent bills—bills that are similar to the one introduced in the House as a mechanism to get one of them passed. These are the bills that were introduced in the Senate that died in committee:
S. 94: To terminate the $1 presidential coin program
S.203: Pro Football Hall of Fame Commemorative Coin Act
Arriving in time to celebrate Festivus was my order from the U.S. Mint. The sense of timing was interesting since December 23rd was also the seventh day of Chanukah and the last of the eight candles would be lit that night and the day before Christmas Eve. Call it a celebration in a box!
In this order were my 50th Anniversary Kennedy Half-Dollar products. I first opened the 50th Anniversary Kennedy 2014 Half-Dollar Uncirculated Coin Set. Shrink wrapped, the set that sold for $9.95 was in a nice folder with a card containing two uncirculated coins in capsules embedded in the card. The half-dollars, one from Philadelphia and the other from Denver, are well struck and if I were to have them graded would probably be assigned a high grade.
Some people may balk at spending $5.00 for a half-dollar, but the presentation makes it a nice collectible even for the budget conscious.
Next was the 50th Anniversary Kennedy 2014 Half-Dollar Silver Coin Collection. The set contains four 90-percent silver half-dollars struck in four different finishes: reverse proof, proof, enhanced uncirculated, and uncirculated. This boxed set contains a presentation folder, Certificate of Authenticity from the U.S. Mint, and a booklet documenting how the Kennedy half-dollar came into being following the President’s assassination.
There is a somewhat cheesiness quality about the presentation. First, the outer cardboard sleeve that surrounds the box has a design that is repeated on the box top. The same design is on the outer flap of the folder itself. Esthetically, this type of design is visually fatiguing by the time you are to the point of opening the folder. In the past, the U.S. Mint used their logo or a heraldic eagle. It broke up the visual monotony created by using the same imprint on three different surfaces.
Another problem with the product design is that the encapsulated coins are embedded into a holder that is only one sided. In order to see the reverse of the coins they have to be removed from what holds them into the folder. Unfortunately, the fitting is so tight that it I started to pull apart the part of the folder that attaches the capsules to the folder. Eventually, I used a letter opener to gently pry the capsules out of their slots so that I could see the reverses.
Packaging of the 50th Anniversary Kennedy Half-Dollar Silver Set
The folder with all four coins in the 50th Anniversary Kennedy Half-Dollar Silver Set
A close-up of the silver half-dollars in the 50th Anniversary Kennedy Half-Dollar Silver Set
It was worth the trouble removing the capsules from their holders. All the coins were beautifully struck and looked great including the reverse proof struck in West Point. I love the look of the reverse proof coin. Aside from having Kennedy really standing out on the obverse, there is something regal looking about the heraldic eagle on the reverse.
At first glance there almost appears to be no difference between the proof coin, struck in Philadelphia, and the enhanced uncirculated coin struck in San Francisco. After placing the coins side-by-side it was evident that he proof coin was struck differently than the enhanced uncirculated coin. Proof coins are usually struck with more force and more than once. Looking at both coins together before using a loupe shows that the relief for the proof half-dollar was higher. You can really see the difference by looking at Kennedy’s hair which showed more definition in the proof coin.
Where the enhanced uncirculated coin has an impact is on the reverse. Whereas the elements on a proof coin are frosted the laser process used on the enhanced uncirculated coins allows the U.S. Mint to create the frosting effect on some of the elements. For the reverse of the enhanced uncirculated half-dollar, the U.S. Mint selectively frosted elements of the heraldic eagle giving a “pop” that would not be possible using any other method. By frosting some of the higher relief areas, especially around the eagle’s shield, it provides a visual cue of more depth which makes for a nice refresh of a 50 year-old design.
The obverse of the 2014-W reverse proof in the 50th Anniversary Kennedy Half-Dollar Silver Set
The reverse of the 2014-W reverse proof in the 50th Anniversary Kennedy Half-Dollar Silver Set
The reverse of the 2014-S enhance uncirculated Kennedy silver Half-Dollar
As I write this, the London Fix price of gold is $1,170 per troy ounce. If the PM Fix of gold stays below $1,200, the price of the 50th Anniversary Kennedy 2014 Half-Dollar Gold Proof Coin will drop to $1,165, down from its current $1,202 and will be $75 less than its first issued price of $1,240. Although it is not a good idea to try to time the market, I wonder if all those dealers who caused problems during the coin’s initial release are worried about their profit margins now that the price of gold is going down!
Last week, the Bureau of Engraving and Printing announced that the Federal Reserve had ordered the printing of 7.2 million Federal Reserve Notes for Fiscal Year 2015. This represents over $188 billion in currency.
According to the Federal Reserve, the number of notes they order depends on the predicted growth in demand and the predicted number of notes that have to be destroyed because they are not usable any more. Both growth and demand are predicted to include world-wide usage of the United States Federal Reserve Note as it is the standard currency for many transaction. In addition to the demand and destruction is the predicted replacement of the old $100 Federal Reserve Note with the new note that has more advanced currency features. While the Federal Reserve will not recall the old $100 notes, they are removing them from circulation as they arrive back into the Federal Reserve system.
The following table is how the Federal Reserve says they broke down their order for 2015:
Denomination
Number of Notes
Dollar Value
$1
2,451,200,000
$2,451,200,000
$2
32,000,000
$64,000,000
$5
755,200,000
$3,776,000,000
$10
627,200,000
$6,272,000,000
$20
1,868,800,000
$37,376,000,000
$50
220,800,000
$11,040,000,000
$100
1,276,800,000
$127,680,000,000
Total
7,232,000,000
$188,659,200,000
Included with the order are the notes that the Bureau of Engraving and Printing will sell to collectors. These are the same notes that collectors can purchase online at moneyfactorystore.gov and when the Bureau of Engraving and Printing attends shows.
As part of the announcement, the Federal Reserve released a video explaining how they decide the amount of currency to order.
With the midterm elections behind and the anticipation of the changes, congress still had work to do in the lame duck session. Over the last few sessions, congress has been their most productive during lame duck session as polling and focus groups has lead to those running for re-election to fearing the fast moving news cycles. Even the least controversial measures can be side tracked when members think that someone is watching that could misconstrue even the best of intentions.
But good things come to those who wait. Monday afternoon, December 15, 2014, H.R. 2754, the Collectible Coin Protection Act was passed in the Senate. The bill is on the way to the White House for President Obama’s signature, which should be a formality. The Collectible Coin Protection Act was first introduced to in the U.S. House of Representatives on May 7, 2013 to amend and updates the Hobby Protection Act that was passed over 30 years ago. The new law will allow law enforcement to take criminal action and individuals to take civil action against manufacturers, importers, and sellers of counterfeit coins and bullion products. It also allows the enforcement against the unauthorized use of registered trademarks belonging to collectible certification services.
Given the changes in the way we do business today, one of the more significant issues with the Hobby Protection Act is that only the manufacturers of the counterfeits could be prosecuted. In most cases, the manufactures of these counterfeits are hiding behind the Great Wall out of the legal reach of United States law enforcement. The Collectible Coin Protection Act will update the law to add the sellers and distribution of those coins to the targets of enforcement. If we cannot get to the makers of these fakes, then those who distribute that contraband can be prosecuted.
Further expanding the legal net to catch the scofflaws is the new provision to include “any person who provides substantial assistance or support to any manufacturer, importer, or seller” who knowingly engages in any act that violates this law. In other words, this adds the accomplices and those who support any part of the act of production and selling counterfeit United State coins.
If you buy a counterfeit coins, you can now take action against the the counterfeiter, their agents, the seller, and anyone else in the supply chain who was involved in the manufacture and sale of the coin. Even if you unwhittingly buy the counterfeit coin via an online auction and attempt to flip it hoping to recover your money, the buyer can sue you as the seller of contraband. To help fight the counterfeiting of third-party certification service holders, the act extends trademark violation and the ability to sue for remedies.
These new provisions will allow collectors, dealers, and grading services to bring legal actions that are much more effective, with much stronger remedies than previously existed. It will allow those harmed to work with the Justice Department to bring criminal actions where appropriate.
Congress engrossed the bill and sent it to the White House on December 15, 2014. It is currently waiting for President Obama’s signature. It will be a good present to the holiday when he signs this bill into law.
Examples of Chinese Counterfeits
An example of a Morgan Dollar cut in half to match a date with a mintmark to have the coin appear something it is not. Coin was in a counterfeit PCGS slab and caught by one of their graders.
PCGS representatives showed Congressmen counterfeit U.S. coins in counterfeit PCGS holders during their recent meetings in Washington, DC. (Photo courtesy of PCGS.)
As the year winds down and the end of the 50th Anniversary of the Kennedy Half-Dollar draws to a close, I am curious as to how many of my readers bought one of the special coins offered by the U.S. Mint. This is just a quick poll to satisfy my curiosity.
Did (or will) you buy a 50th Anniversary Kennedy Half-Dollar Coin
Yes, I bought the 50th Anniversary Collection (40%, 24 Votes)
Yes, I bought the uncirculated set (28%, 17 Votes)
No, it's not something I collect (18%, 11 Votes)
Yes, I bought the gold proof coin (13%, 8 Votes)
No, I just bought 2014 half-dollars to add to my collection (0%, 0 Votes)
In a normal world, the United States congress will pass twelve different budget bills by August or September in time for the beginning of the federal government’s fiscal year, which begins on October 1. Anyone who has followed congress over the last 20-or-more years knows that the world they live in is not normal. Rather than pass real budget bills, congress has learned the irresponsible habit of voting on continuing resolutions and omnibus funding bills.
A continuing resolution (CR) is a bill that says to take the previously passed budget and extend it to a specific date. CRs can either continue the spending or make certain adjustments, such as reducing spending by a percentage. Omnibus, from the Latin “for everything,” are bills that are loaded with every bit of budget information in one very long bill.
Within the Omnibus budget bill are provisions to provide funding for the government’s money manufacturing operations. But this is different type of bill. It is an omnibus spending bill that covers most of the government through the end of this fiscal year (September) and a CR for the Department of Homeland Security so that the new congress can fight with the president over other policy matters. Reporters have been calling this a CRomnibus bill—which should never be confused with a cronut which is a very sweet treat! According to NBC News:
And the Washington word of the week is: “Cromnibus.” It’s the love child of a “continuing resolution” (CR) and “ omnibus” spending bill, two inside-the-Beltway terms for measures Congress has approved to keep the government funded.
TASTY!
Not so tasty!
For the U.S. Mint, the bill recognizes that their funding is provided by its seigniorage that is deposited in the United States Mint Public Enterprise Fund (31 U.S.C § 5136) and does not receive appropriations from the general Treasury. Congress can limit the amount that the U.S. Mint can spend from the Public Enterprise Fund. In the Omnibus Budget Bill waiting for congress to vote on, the U.S. Mint is limited to spending $20 million.
In the grand scheme of the U.S. federal government, $20 million is not a lot of money. However, it may be more than enough for the U.S. Mint to operate. According most fiscal year 2013 (FY13) annual report from the U.S. Mint, the latest report available when this is written, the U.S. Mint spent $11.89 million for FY13 and $12.03 million in FY12. If the cost cutting measures implemented by Deputy Director Richard Peterson this past year further reduces costs, the $20 million could be twice as much as the U.S. Mint needs to operate.
Appropriation for the Bureau of Engraving and Printing has a few different provisions. Although it does recognize that the BEP has what the bill calls an “industrial fund,” (31 U.S. Code § 5142), the bill does not place many limits on what the BEP can use. The bill says that the BEP cannot use the monies to redesign the $1 Federal Reserve Note making it the second oldest design used on U.S. money.
For double-extra brownie points, what is the oldest design used on U.S. money?
The other limit is that the BEP can use only up to $5,000 for “official reception and representation expenses.” Essentially, the BEP can only spend up to $5,000 for conferences and conference attendance. Does this mean that the BEP will not be at shows like the World’s Fair of Money because it would cost more than the $5,000 to bring their exhibit to Rosemont, Illinois next August? If the BEP does not attend the World’s Fair of Money or other shows, tell your representatives in congress that their short-sightedness is hurting the hobby!
Finally, the bill says that the money appropriated “may be used to consolidate any or all functions of the Bureau of Engraving and Printing and the United States Mint without the explicit approval of the House Committee on Financial Services; the Senate Committee on Banking, Housing, and Urban Affairs; and the Committees on Appropriations of the House of Representatives and the Senate.” In other words, if someone figures out that the BEP and U.S. Mint can become more efficient and further save money by combining certain functions they have to go to congress and ask for permission.
I wonder what congress would say if the BEP and U.S. Mint were to propose to consolidate their online and brick-and-mortar retail operations? Instead of two different operations, how much could be saved if these bureaus under the Department of the Treasury would have one fulfillment contractor or a combined storefront in their current locations?
Of course this is contingent on congress passing this budget. As I write this, the government is a few hours away from running out of money with no signs of being able to pass this bill. However, if the government shuts down the U.S. Mint and BEP will continue operating since they are self-funded organizations.
UPDATE: (12/12/14 00:45) The CRomnibus bill passed the House about 10:00 PM on Thursday but still needs to be passed by the Senate before it can be signed by the President into law. The House passed a stop-gap bill to give the Senate until this weekend to pass the CRomnibus bill. Crisis averted, but the money manufacturing process continues.
Image of the Cronut courtesy of Dominique Ansel Bakery, where it was invented. Cartoon about the Omnibus bill is actually Canadian by Gary Clement and appeared in the National Post. Who cares if it’s Canadian. It’s fitting!
A couple of quick news items that came out of the U.S. Mint on Tuesday.
The U.S. Mint reported that as of December 8, 2014, they had sold a record 42,864,000 one troy ounce American Silver Eagle Bullion coins for all of 2014. This beats the previous record of 42,675,000 coins sold in 2013. Sales of the 2014 bullion coins to authorized dealers will end during the week of December 15.
Taking a sample of five different bullion dealers, the average price is around $20 for one American Silver Eagle Bullion coin. If each coin is worth about $20 each, that means the U.S. Mint sold $857.28 million in silver bullion for 2014. Remember, this is for the bullion coin. This does not count the collectible versions such as the proof or the West Point struck uncirculated coin.
The other announcement was that the U.S. Mint will sell a new product, Coin Discovery Set — An Introduction to Coin Collecting. The set costing $24.95 will include three 2014 Kennedy Half-Dollars in three different finishes—proof, uncirculated and circulating. It will also include two coin tubes for quarters, a magnifying glass, cotton gloves, and a booklet that explains the coin production process. The box will the the size to store U.S. Mint proof sets.
Sales will open at noon Eastern Standard Time (1600 UTC) on Tuesday December 16, 2014. While there will be no household ordering limit, the U.S. Mint has set a product limit to 45,000 sets.
I know it has been a while since I wrote a substantive post. But as the holiday season is upon us, business has picked up and I am doing a lot of buying and selling. While good for business, it has not provided me time to write. I have a backlog that I will get to, so please be patient.
Of the items I am buying and selling are Challenge Coins. While not coins in the strictest sense of the term challenge coins are the size of large dollar coins or crowns issued, usually issued by a military organization and given to someone as a sign of appreciation. Back in 2009, I wrote about NBC news anchor Brian Williams admitting that he collected challenge coins.
Although given in appreciation, not everyone appreciates their significance and, in some cases, their beauty. Aside from finding them in estate sales, they are included in large lots of items I purchase while looking for other items. For some reason, the sellers throw them into the lot thinking that they are not worth much.
For the most part, challenge coins do not have value the way coins have value. Most challenge coins are enameled bronze disks. What makes them interesting is the topic, the location depicted, or who issued the coin. Some challenge coins are very basic while others have artistic value that rivals anything issued by government mints.
Although I have handled hundreds of challenge coins in the last year, two stand out as exception. Unfortunately, I was so excited to have found them that I sold them to new owners before taking pictures. One was a coin that was overlaid on a large “V” which was to be the Roman numeral for five. It was very striking. The other was a coin that was three-inches wide by one-inch tall in the shape of a dog bone. This very unique challenge coin was issued for an anniversary of the police canine unit of Amtrak in Chicago. Aside from various insignias and images of the five types of dogs that Amtrak Police Canine Unit trains, the coin included representative flags including one for the City of Chicago.
Here are some challenge coins that I have recently sold:
U.S. Army Garrison Natick Challenge Coin
Presented for Excellence by the Garrison Command Team in Natick, Mass.
U.S. European Command (USEUCOM) Headquarters Challenge Coin
Presented by the Deputy Command in Chief C.S. Abbot, Admiral, U.S. Navy Rear Admiral Charles S. Abbot (ret.) was Deputy Commander in Chief of USEUCOM from 1998 to 2000.
1920 Pilgrim Tercentenary Half Dollar Commemorative
This coin commemorates the 300th anniversary of the landing of the Mayflower. The image is of a pilgrim carrying a Bible.
The image is of the Mayflower, the ship that brought the pilgrims to Massachusetts.
Thanksgiving in the United States is usually traced back to the Pilgrims celebration of their first successful harvest in 1621. The three-day event was attended by 53 Pilgrims and 90 Native Americans that lasted three days. The tradition of giving thanks for successes was a tradition that the Pilgrims brought with them from England. This three-day celebration in 1621 is considered the first Thanksgiving.
Although there is no record of the menu, it is likely that the meal consisted of food from the harvest, venison, and Indian corn. The local natives killed five deer as gifts for the celebration. Given the abundance of seafood nearby, it is likely some made it to the celebration as well.
Thanksgiving was celebrated during many different times within the colonies, mainly to give thanks for something that was honorable to the colony or the locality that observed the celebration. The first national recognition of a Thanksgiving celebration came when General George Washington declared December 1777 as Thanksgiving honoring the defeat of the British at Saratoga. As President, George Washington declared the first national Thanksgiving celebration on November 26, 1789. The only other president to issue a Thanksgiving proclamation was President James Madison. From then, it was up to the individual states to declare a Thanksgiving holiday.
After reading a diary from the time of the Pilgrims, writer and editor Sarah Josepha Hale wrote editorials campaigning to bring back the Thanksgiving celebration. As part of her efforts Hale developed recipes for roasted turkey, pumpkin pie, and stuffing that are part of the inspiration for today’s Thanksgiving feast.
Hale’s message made it to the White House where it was embraced by President Abraham Lincoln. As part of his attempt to maintain the union, President Lincoln issued a proclamation that made Thanksgiving Day a national annual event on the last Thursday in November beginning in 1863.
You might not have heard of Hale but you might know one of her most famous poems. In 1830, Hale published Poems for our Children that included one originally titled “Mary’s Lamb.” Today, it is more commonly known as “Mary Had a Little Lamb.”
Thanksgiving remained the last Thursday of November until 1939 when he declared Thanksgiving to be on the fourth Thursday of the month to give merchants more time to sell good during the Christmas shopping season. Congress passed a joint resolution in 1942 fixing Thanksgiving to the fourth Thursday of November.
In 1947, the National Turkey Federation has provided the President of the United State with one live turkey and two dressed turkeys. President Harry Truman is credited with pardoning the first turkey in 1947 but it did not become a tradition until President Ronald Reagan started in 1987 and continued by President George H.W. Bush in 1989. Since 1989, the pardoned turkeys have lived the rest of their lives at Frying Pan Park in Herndon, Virginia.
Over the weekend I attended an estate auction that included coins for sale. While my new business venture concentrates on all vintage collectibles, I am still a collector and continue to look for those interesting items and the good coins to add to my collection. As I was looking over the lots I noticed one had several blue folders of Lincoln cents. The collector in me could not resist and I picked up the folders and started looking.
Every hold was filled.
What drew my eye first was the hole marked “1909-S VDB.” Even though the 1914-D may be worth more, the 1909-S VDB is considered the Holy Grail amongst change hunters. With only 484,000 struck the odds of finding one are not in a change hunter’s favor. But we keep looking and hoping.
After reaching into my pocket for my ever present loupe, I asked the attendant if I could remove the coin to see the reverse. I had to check for those three letters on the back because it did say it was a 1909-S on the front. With the attendant watching me, I removed the coin from the slot, turned it over and brought it up to my loupe.
Using a 16X loupe I zeroed in on the area where I could find the “V.D.B” only to find something unexpected. On this coin, the “VDB” with no periods were punched into the coin. Holding the coin and turning it in the light to see how the light reacts, it was easy to see that the coin was not real.
Being very disappointed I quietly told the attendant that the coin was altered. She did not know what to do. When I suggested she tell her boss, she took the coin from me and went into a back room. A moment later, she returned and asked me to follow her to the office.
Scott’s 1909-S VDB
While the owner of the auction house was a bit upset, we talked to establish who I was and how I was qualified to judge the authenticity. After asking him to bring up my blog and showing him that I own a real 1909-S VDB, I told him how I know that the coin was altered. I handed him my loupe and told him to look at the letters. When he saw that the letters were punched into the coin instead of being in relief, he became upset again, but not at me.
I understand how he felt. In the auction business, they earn money from the buyer and seller fees. If the item sells for a high price, the auction house makes more money. In this case, since the coin was a solid VF, it could have sold for $700-800 alone.
Before he became too angry, I asked to see the 1914-D. At VF that coin is about $400 in the retail market. When I looked carefully I could see that the mintmark was added to the coin. It was not a very good job when you see it under magnification but looked all right on first glance. I showed the auctioneer how I know it had the mintmark added. He agreed with my assessment.
He asked if there were any more important dates that he should know about. I zeroed in on the hole for the 1922-D that had “No D” written in pen under the date. Even before finding the date under the loupe I could tell the coin was whizzed. That is a bad sign to begin with but if the coin was real, it would diminish its value but not make it worthless. What made it worthless was that you can tell someone filed the mintmark off the coin. Whoever did the filing did not do a good job because it made a little hole where the mintmark should be. This coin doctor probably whizzed the coin in order to cover up the alterations.
To say I gave this gentleman a shock would be an understatement. He shook my hand and offered me a discount on the buyer’s fee for helping him. After leaving his office he had the attendant who helped me remove all of the blue binders from the auction. When I spoke with the attendant later, she said they were all from the same consignor and that he was going to return them as being unsalable.
This was not the first time I attended an auction at this place and it will not be my last. Aside from being able to purchase good inventory for my business, they have proven to me they have integrity. Knowing this helps me buy with confidence.
I tell this story to provide two lessons. First, always examine the items before you bid. Even for online auctions, examine the pictures and read any descriptions carefully. If you are afraid to buy ungraded coins, then buy only graded coins. But make sure you are fully aware of what is being sold. Do not be afraid of asking the seller a question or even asking for a better picture. If the seller cannot help you then do not buy from that seller.
Buy the book before buying the coin!
When buying from a live auction, look carefully at the coins. Even if the coin was encased by a grading service, take out that loupe and examine. This means you should know what you are looking at. Educate yourself about the coins you are interested in purchasing. In a future post, I will discuss my portable reference and buying tools.
My second lesson is to know who you are buying from. This is more difficult online but you do have to take the feedback seriously. Again, if you have any questions you should ask. Every site has a way to contact the seller in order for you to ask questions. If the seller is not cooperative, let that be a sign for you.
When working with auction houses, it takes a little longer to establish a relationship. But you need to introduce yourself, talk with people and ask questions. Make yourself known and show that you are a serious buyer. It may take a few auctions to establish a relationship, but be persistent. Aside from preferential treatment and discounted seller fees, someone with a relationship can be told bout unpublished items in advance so that you are prepared to buy quicker than someone off the street. Another advantage is that if you specialize in something that the auction house cannot sell, you can buy it as a good price. As a reseller, I find that very good for business.
Even though online auctions are very popular, there is nothing better than being there live. I highly recommend the experience.
As we wind down the end of a very interesting 2014, we also come to the end of the 113th Congress. This congress has been as inactive as any. Sure, there was a lot of press with faces from both sides spewing scary rhetoric about topics these people seem to know little about, but even when it comes to coining money, they have done less than any congress in recent memory.
Last week, the 
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Over the weekend I attended an estate auction that included coins for sale. While my new business venture concentrates on all vintage collectibles, I am still a collector and continue to look for those interesting items and the good coins to add to my collection. As I was looking over the lots I noticed one had several blue folders of Lincoln cents. The collector in me could not resist and I picked up the folders and started looking.
