Aug 10, 2006 | coins
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.
Aug 8, 2006 | coins, pocket change
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!!
Jul 30, 2006 | coins, pocket change
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!
Jul 28, 2006 | coins, legislative
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.
Jul 26, 2006 | coins, US Mint
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.
Jul 24, 2006 | coins
The United States Commission of Fine Arts published its agenda for the July 27, 2006 meeting. On the agenda is the final design review for the Little Rock Central High School Desegregation 50th Anniversary Commemorative one-dollar silver coin. Public Law 109-146 (GPO: Text, PDF), authorizes the minting of 500,000 $1 coins commemorating the 50th Anniversary of the landmark desegregation of Little Rock’s Central High School.
This commemorative will be available in 2007. The law prescribes that a $10 surcharge will be added to the sale of the commemorative coin. That money will be used by the Department of the Interior to enhance education, maintenance and make improvements to Little Rock Central High School National Historic Site.
Jul 23, 2006 | coins
After posting the entry about my day at the Baltimore Coin and Currency Convention nothing that there used to be a small, regular coin show in New Carrollton, Maryland, I started thinking about what it would take to put together a show like that in this area.
I know I would be asked why I would do this. First, it looks like fun. Although I love going to the Baltimore show, I really have a good time at smaller shows. The crowds are cozier, the dealers seem more talkative, and it feels like a more fun atmosphere. To me, it seems as if the hobbyists and collectors are the ones who dominate the attendance at the smaller shows where the larger shows attract the investors and those with more “high-priced” collections. While there is a place for everyone in numismatics, and I love going to the Baltimore show, it would be nice to see a smaller show come back to the DC area, accessible to an area that seems to have a higher concentration of hobbyists and collectors, on the east side of the Beltway. Maybe one downtown would be a nice draw!
So what would it take to put on a show, aside from a venue? Finding a place would be relatively easy. It could be scheduled enough in advance to attract dealers and provide publicity. There would probably have to be security, too. But what else? Does anyone have any thoughts?
Jul 19, 2006 | coins, US Mint
I received a note from the US Mint this morning announcing that the 2006 Uncirculated Set was available to purchase. The 20-coin set includes uncirculated coins from both the Philadelphia and Denver branch mints. The set includes the Return to Monticello nickel and the 2006 50 State Quarters for Nebraska, Nevada, Colorado, North Dakota, and South Dakota. All 20 coins will have the satin finish that the Mint introduced last year. The set costs $16.95 and can be purchased from the Mint’s online store or by phone at 800-USA-MINT (800-872-6468).
Jul 19, 2006 | coins
One of the activities that I have enjoyed in my return to numismatics has been going to coin shows. I started by going to smaller shows. In the DC area, there used to be a show in New Carrollton, Maryland. The show was held in a basement exhibition area of a hotel that was not the most exciting room, but the 50-75 table show was fun. It was great talking with the dealers and negotiating deals on nice fillers for my collection.
Then I found the Baltimore Coin and Currency Convention. It is the largest regular show in the area and is held in the Baltimore Convention Center. Even when I go on a Sunday during the summer when at least half of the dealers went home after Saturday’s session, I still meet very nice people and see very interesting coins and currency. Bowers and Merena made a respectable $3.7 million in two days.
Sometimes, I find it more interesting to see interesting items than some of my purchases. Sure, I found a nice Canadian Quarter collection in a Library of Coins album that will allow me to continue to build a respectable Canadian coin collection. But I saw two buffaloes that I find very interesting: the American Buffalo $50 24-karat Proof Gold coin and a 1901 Series $10 Buffalo United States Note.
The American Buffalo gold coin is beautiful. It is a copy of the 1913 Type 1 Buffalo Nickel with small modifications. On the American Buffalo coin, the mint mark was moved to the front to the left of the Indian’s neck and the composition is included on the mound. After I compared the coin with a 1913 Buffalo nickel side-by-side, I noticed that the elements on the gold coin does not extend all the way to the rim as on the nickel. Even before I compared the two coins, it appeared to me as if the legends were further away from the rims. It is still a beautiful coin!
If you are going to buy one of these coins, I would recommend buying the proof coin. The proof coin shows shiny fields and frosty elements that really shows off the design. The uncirculated coin that is intended for investment buyers is a nice coin but the matte finish is does not have the same impact of the proof coin. Looking at the coins together, eyes are really drawn to the proof. It is not the same as doing this comparison with the American Silver Eagles. Visit your local dealer to look for yourself. Note that some dealers are charging $75 more for the proof coin than if you would buy it directly from the US Mint.
There is something about the image of the buffalo on US coins and currency that I find appealing. The buffalo is a real symbol of the growth of the United States as a nation across the Great Plains. In 1901, the Treasury issued a $10 United States Note with the image of Black Diamond, a buffalo that was living in the Bronx Zoo, on the front with vignettes of Meriwether Lewis and William Clark on either side. Lewis and Clark helped shape the westward expansion over a land where bison roamed. The beautiful note is a fantastic representation of the early 20th century United States.
In Baltimore, I found a dealer who had one sealed in a grading service holder. It is a large note with very ornate engraving and a very compelling portrait of Black Diamond. I do not remember the grade because I was mesmerized by its beauty. It is one thing to see the note in pictures, it is quite another to hold one. The dealer who had the note said he would sell it to me for $1300. As much as I would appreciate owning one of these beauties, the price was a bit beyond my budget.
Circumstances will prevent me from going to Denver for the World’s Fair of Money in August. Hopefully, I will make it to Charlotte for the National Money Show next March. Until then, the next Baltimore show is in November. Maybe I should bring my camera to show everyone this show!
Jul 15, 2006 | coins
There has been some interesting things to write about over the last ten days. But over that time, those of us in the Washington, DC metropolitan area have been catching up on our work after contemplating building an ark following the flooding from a week of rain. So after a very long week, I was looking around for something interesting and out of the ordinary, especially after sleeping in and missing the Saturday session to the Baltimore Coin and Currency Convention.
Very few people are known by one name and endure for hundreds of years. The renaissance has produced two whose work is recognized today for their beauty, innovative styles, and contribution to the general knowledge of the time. Michelangelo di Lodovico Buonarroti is known by his first name and whose art and study of the human body continues to marvel everyone today. The other is celebrating his 400th birthday on July 15, Rembrandt Harmenszoon van Rijn.
Rembrandt created his art during the time when the Dutch where the world power, also know as the Dutch Golden Age. At that time, Dutch artists were the cultural center of the world elite and Rembrandt was their star. He is credited with producing over 2,000 self-portraits, 600 paintings, and 300 etchings. Rembrandt’s goal was to show natural movement through his art.
What better way to honor the anniversary of the birth of this master than with a commemorative coin depicting a Rembrandt self-portrait. At the request of the Netherlands Ministry of Finance, the Royal Dutch Mint has created a Rembrandt Five Euro Silver Coin and a Rembrandt Ten Euro Gold Coin with the reverse being based on a Rembrandt self-portrait. The obverse depicts Queen Beatrix of the Netherlands. It is a beautiful coin where the artist, Berend Strik, added stitching to the background of both sides to that looks like embroidery to tie both sides together.
Pre-sale for both coins began on June 2, 2006 with production beginning on July 7, 2006. The Royal Dutch Mint reports that the Ten Euro Gold Commemorative is 22.5 milimeters and 6.72 grams of 22-karat (90-percent) gold. The price was set at €197.95 (approximately $250.86) and sold out its 8500 mintage. The Five Euro Silver coin is 29 millimeters and 11.9 grams of .925 fine silver. The price is set at €27.95 ($35.42) with 168 still available out of the mintage of 35,000. I have seen a few being sold on the secondary market if you cannot order directly from the Royal Dutch Mint.
I would love to see this coin. I wonder if it was shipped in time to make it to bourse in Baltimore. I will find out on Sunday.
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