This is the MCCC ARCHIVE – for the CURRENT Montgomery County Coin Club see https://montgomerycoinclub.org
May 1999 Bulletin - Early Web Edition
Next Meeting: Tuesday, May 11, 1999
Guest Speaker: to be announced!
The Montgomery County Coin Club will meet next on 11 May 1999, the second
Tuesday of the month, at the Senior Citizens Center, 1000 Forest Glen Road,
Silver Spring, MD. The featured speaker will be announced later.
April Meeting Report
The Montgomery County Coin Club was called to order at 7:15pm on the evening
of a blustery April 13, 1999 by President William C. Massey. Approximately
36 numismatists were present, including 3 YNs. Mike Thompson,
guest of President Massey, was welcomed as a visitor, as was Scott Thackston,
a numismatist who collects Indian-head cents, Lincoln cents, and Mercury
dimes. Glad to meet you!
Club Historian, Anyone?
The MCCC still needs a "Club Historian", to interview some of the more
senior members of the organization, gather anecdotes, publications, or
photographs from the early years of the Club, and organize that data before
it is forever lost. President Massey also invites any potential guest
speakers to get in touch with him for future meetings.
Calling All YNs!
Young Numismismatists ("YNs") are always welcome to attend and participate
in MCCC meetings. Those YNs who exhibit items get special awards. Please
bring more young people into the pursuit of numismatics --- invite young
relatives, friends, and neighbors to come to our meetings. You may want
to give memberships in the MCCC as gifts; a year only costs $1 for kids,
a loss-leader rate that the MCCC offers to help bring more children into
the hobby of kings.
Showcase Items
The MCCC Display Case was well-stocked in April:
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Irv Eisen displayed a philatelic-numismatic piece from England:
a one-pound coin showing Henry VIII and all (!) of his wives. He
also displayed a nice first-day-of-issue Delaware quarter, and a set of
replicas of Chinese coins dating back to the 1600s.
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Irv Blank showed a fine type set of US dollars: a 1798 bust
dollar, an 1859-O seated liberty dollar, a Morgan dollar, a Peace dollar,
and an Eisenhower dollar. The bust dollar was a variety of particular
interest, Irv pointed out, in that it has five stripes on the shield instead
of the usual four. The total mintage of dollars that year, only 327,536,
came in seven different types. This means that rather few were minted
of each variety.
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Chuck Hansmann displayed an impressive framed example of an "Event
Collection," combining numismatics, philately, and collectibles.
His display included an image of the Graf Zeppelin, an actual fabric sample
from the famous airship, a coin celebrating its round-the-world flight,
and a postage stamp commemorating that trip --- along with a canceled envelope
that went from Los Angeles to Lakehurst (New Jersey) on the Graf Zeppelin.
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Scott Helmick showed a book on cameo proof coinage by Rick Tomasek,
and discussed the features of proofs and how they have varied over the
years.
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Mark Zimmermann exhibited the gold coins in his 1852 US type set:
a California gold half dollar token, a gold dollar, two quarter eagles
(one from Philadelphia, the other minted in New Orleans), a half eagle,
an eagle, and a double eagle ($20 gold piece). Mark also announced
his new "Gallery of 1852 Coins" web page with numerous scanned images,
at http://www.his.com/~z/gallery1852.html.
(MCCC officer Andrew Luck commented that he had previewed the site and
that he found the images there extremely sharp.)
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Jerry Grzenda showed some Richard Nixon inauguration medals from
1968 --- a large (3-inch) standard-issue bronze piece, plus scarce non-standard
medals of which only 1100 were issued, uniface, in a special wooden holder.
Jerry also displayed a smaller piece sealed in a lucite cube. In
addition, Jerry noted that this month is the 60th anniversary of the opening
of the 1939 New York World's Fair --- and he displayed medals showing various
important structures and themes of the Fair. The Fair had a paid
attendance of over 45,000,000 people, the greatest world's fair up to its
time. Aluminum medals which Jerry showed were given out free at the
North Carolina exhibit, on the theme of conservation, and showing off North
Carolina sights. Jerry also displayed Fair paperweights and badges,
plus a first day cover of stamps issued to commemorate the Fair.
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Simcha Kuritzky showed items in honor of Thomas Jefferson's Birthday
(13 April, the day of the MCCC meeting) --- including USPS canceled currency
proving first day of issue; Simcha also displayed a Washington's Birthday
stamp cancellation on a $1 bill. Simcha discussed how he got these
and other postal cancellations, including a Columbus Day postmark on a
$2 bill of the Columbian Jay. Simcha then showed a copy of the famous
Libertas Americana medal, issued by the Paris mint for the Bicentennial
in 1976. The design shows Liberty with the famous liberty cap, plus
on the reverse a lion (representing Great Britain) attacking the US, with
help coming from France.
For the May meeting, please bring something from your collection to share
with your fellow MCCC members!
April Featured Attraction: A Conversation with
Julian Leidman
The MCCC's honored speaker for April 1999 was noted numismatist and long-time
Silver Spring coin dealer Julian Leidman. Julian received a warm
introduction from MCCC President Willy Massey, who observed that two years
exactly had passed since the last time that Mr. Leidman had addressed the
Club. Julian in turn commented that MCCC member Irv Eisen is frequently
seen helping in and around his downtown store (Bonanza Coins) --- which
makes for another good connection to the MCCC.
Julian began his talk by observing "There are more coin collectors
now!" He reported that, after the recent publicity about
a 1943 bronze (rather than zinc-coated steel) cent supposedly lost in Idaho,
he has gotten numerous phone calls (alas, none of them from actual holders
of 1943 bronze cents). The new commemorative quarters have added
more people to the collecting ranks. Coin supplies are selling better.
There are more new collectors, at shows such as the recent one in Baltimore.
MCCC elongateds and info cards are distributed at the his store, and are
moving well.
New people bring things in for him to look at, Mr. Leidman reported.
"I get to buy a lot of wheat cents and buffalo nickels!" --- though nothing
of great value lately (but hope springs eternal!). Overall, "...there's
still a lot of good value in coins --- inexpensive Indian cents, Liberty
nickels, Buffalo nickels ... they're a great way to start people looking.
Inexpensive coins make great little gifts."
Unfortunately, Julian commented, "... you can't live on the expenditures
of a new collector...". A successful business has to get more advanced
numismatists in order to survive. There are fewer coin stores these
days; a lot of people are in the "coin business" but they don't want to
pay attention to the public --- they just want to cater to the higher level
collectors. Julian, in contrast, sells coins from wheat cents on
up ... and he noted that "... everything starts with the inexpensive coins
and the basic collector ... it all has to grow from there."
Julian Leidman has been in coins for over 40 years now. He doesn't
collect coins himself any more, except through his clients --- which suffices
to satisfy his urges, vicariously. Julian "...really still enjoys
watching collections grow ... seeing broad collections rather than deep
collections, with many different items..." instead of a mere hoard
of multiple examples of the same coin.
In Mr. Leidman's opinion, what really counts is the owner's enthusiasm
about his collection --- and if you collect all over the board, you're
not focused. "People ask me what to collect; I advise them to look
around, go to shows ..." There's still a lot of value at coin
shows --- one can spend a day, meet a lot of dealers, and see many of different
things. Numismatics is, obviously, a just hobby for most people ---
it's low on the priority list when time or money is tight. But if
you can, go to shows; you will have fun, no matter what your budget!
Mr. Leidman then took questions from the MCCC members in his audience.
Among the most interesting were:
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As we long-time collectors get older, what should we do? Any suggestions?
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Organize what you have --- take an inventory --- then deaccession
the things that you like the least! You'll always want to
be a collector (you know that!) ... but sell items you don't like as much.
Selling at auction is good, selling to a dealer is good; selling to another
collector is best, but most difficult. Selling coins via a store,
on commission, is one route which Julian himself has done successfully
for several collectors, but it typically requires patience. Selling
at an auction risks not bringing the market price for some things, unless
you have an extraordinary collection. Be sure to consider the
tax consequences of your sale too.
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Should we separate cheap(er) from expensive items before trying to sell
them?
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You need to work with somebody you trust, an expert numismatic dealer ---
then decide what you're comfortable doing, how much time you can afford
to take, and what path or paths to pursue.
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What do the big-name auction houses (e.g., Bowers & Merena, or Heritage,
etc.) NOT want to sell?
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They will take all your coins to sell, but they will group the lesser pieces;
you won't control the format of the auction.
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So how should we sell?
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I will give you advice for free --- it all depends!
One MCCC member here brought in a big foreign gold collection that he decided
to market; it included some rarities, but not enough to make it worth a
big auction presentation. There were many $50-$100 items. Mr.
Leidman sold them at the store on a commission basis. Julian noted,
"I've had coins from some people for 20 years ... I'm a very patient seller!
((laughter)) Similarly, you have to be a patient consignor, if you
want to get the maximum return --- allow several years; get a check every
year for what has sold. The rarities are the first to go. ... The things
that do the best at auction are things that have runaway potential.
This is not a runaway market; there are still more coins than there are
collectors."
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What is the upper bound on pieces to sell at your store?
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"I don't have a limit as to how much I can ask for a coin!" ((laughter))
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How can one estimate condition? It seems so subjective.
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"You have to get counsel! --- especially if you're a hobbyist ... you need
an expert working with you to sell your coins ... I'd rather work for you
than just try to buy your coins outright. Most dealers won't handle
coins that way. ... You could spend a day [trying to grade coins]
and just get a headache ... a professional can tell you a lot in an hour's
visit."
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What has been the impact of recent stock market events on coins?
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Not much. In 1989, there was a different situation. Funds were
being set up to buy coins ... now, it's personal money. "I
have not seen any of it directly," Julian said; "... the stock market connection
is thin. " People are not walking in to spend money on coins from their
stock market profits. Some dealers do sell to the nouveau riche,
but those are fickle short-term speculators. "This is not something
you make money on in a short term basis --- it's a generational thing,"
Mr. Leidman advised. The John Pittman collection is a good example.
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How about certification?
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Certification is a question of time and money. "I do not certify
coins for myself --- I have the expertise to examine [and grade] coins
myself. I do buy and sell coins in holders. The nice
thing about the holders is that they keep your coins safe. But I
don't need to spend $25-$100 dollars to do that. Holders are for
newer collectors."
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Specifically, how about a Carson City silver dollar in a GSA holder?
Should that be certified?
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No! --- Keep it there; it's more collectible because it's in the GSA holder,
regardless of condition. You don't have to have a grading service
sticker!
Mr. Leidman said that he doesn't tell people what to
collect. People should collect what they personally enjoy most, in
his opinion. The basic question to ask yourself is, "Is it worth
this much money to me?"
In conclusion, Julian observed, "Reading can never hurt you!" --- and
so he encourages everyone to read all that they can about numismatics.
He also extended an open invitation: "Give me a call ... I'd be happy
to answer your questions, and I will always be happy to see you!"
The MCCC members gave Mr. Leidman a strong round of applause, and President
Massey presented him with a certificate of appreciation for his presentation.
Other April MCCC Notes
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Plan ahead for the ANA Summer Convention in Rosemont (near Chicago), Illinois.
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New Pennsylvania Commemorative Quarters were available to members at face
value, thanks to Ed Russell and Norman Brand. Members
reported scanning through bags of commemorative Delaware and Pennsylvania
quarters in search of errors and exceptionally well-struck specimens ---
both of which are hard to find.
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Ed Russell got his first leg towards winning the Bison Chip prize
(after a short humorous debate confirmed his eligibility; Ed was out of
the room getting the refreshments ready for the MCCC pre-auction break).
In honor of the three-legged "Buffalo" nickel, three Bison Chip legs are
needed to win. You must be present (or at least nearby!) when your
name is drawn in order to be eligible.
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The lucky 50-50 Raffle winner was (again!) Ed Russell.
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Frank Guerrero was in the hospital at the time of the April meeting ---
the MCCC members all wish him a successful operation and a speedy recovery.
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April's Door Prizes included 1953 Belgium 20 Franc, a 1964 Canadian 50
cent, and a 1958 Netherlands 1 Guilder, a --- all silver coins this month.
Door Prize Winners were Bruce Weiner, Donald Wilson, and Joel
Schadegg.
MCCC Web Comments and Feedback
Please send bug reports and suggestions for improvement to Mark
Zimmermann via z (at) his.com.
The MCCC Bulletin is copyright (c) 1999 by the Directors of the Montgomery
County Coin Club.