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Montgomery County Coin Club

May 1999 Bulletin - Early Web Edition

Featured Article -Meeting Report - Feedback - MCCC Home Page

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: 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:

As we long-time collectors get older, what should we do? Any suggestions?
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.
Should we separate cheap(er) from expensive items before trying to sell them?
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.
What do the big-name auction houses (e.g., Bowers & Merena, or Heritage, etc.) NOT want to sell?
They will take all your coins to sell, but they will group the lesser pieces; you won't control the format of the auction.
So how should we sell?
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."
What is the upper bound on pieces to sell at your store?
"I don't have a limit as to how much I can ask for a coin!" ((laughter))
How can one estimate condition? It seems so subjective.
"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."
What has been the impact of recent stock market events on coins?
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.
How about certification?
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."
Specifically, how about a Carson City silver dollar in a GSA holder? Should that be certified?
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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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.