Montgomery County Coin Club

April 2001 Bulletin - Early Web Edition

Meeting Report - Feature Article - Feedback - MCCC Home Page - Bulletin Index

MCCC: A Collector's Club for the New Millennium

Next Meeting: Tuesday, 10 April 2001

March Meeting Report

MCCC President Jack Schadegg called the Club to order at 7:29pm on the cool, starry night of 13 March 2001. About 39 MCCC members were present, including two Young Numismatists (YNs). Ed Schenker was greeted with a round of applause: he was a member of the MCCC in the mid-1960s and has now rejoined. Welcome back, Ed! (Everyone: please invite friends and relatives, especially YNs, to come with you to the next MCCC meeting.)

News & Announcements

• President Jack Schadegg recommended that members visit the Davis Branch of the Montgomery County Public Library (6400 Democracy Boulevard in Bethesda) where an exhibition of coins has had an extended run since February. (Jack reported that he had come to pick up the exhibit in early March, but the Librarians could not locate the key to the display case!) The material at the Davis Library includes numismatic literature, coins, and paper money from around the world.
• Treasurer Simcha Kuritzky announced that the Club had finished the year 2000 well in the black. He reported that the Gold Raffle is roughly breaking even --- meaning that it remains an excellent deal for members buying tickets. Simcha also reminded everyone that the Maryland State Numismatic Association (MSNA) will hold its convention 15-17 June 2001 in the Baltimore Convention Center, Exhibit Hall A. Applications to display are now available. Simcha recommended exhibiting at MSNA before doing so at the ANA Convention in Atlanta during the first full week of August.
• Librarian Kermit Smyth announced that the new Cherry Picker's Guide (Volume 1) is available for members to borrow. The 2001 MCCC Library Listing is available on the Internet as well as on paper from Kermit. Please call him before the next meeting if you would like him to bring any specific books for you to check out.

Since the April 2001 MCCC meeting date falls during Passover, there will be a Kosher for Passover table of refreshments for observant members during the April meeting break.

MCCC member Scott Helmick is moving to New Jersey, in a work-related transfer. (We will miss seeing you, Scott! Please keep in touch, and drop in on MCCC meeting when you're in the area.)

Tom Palmer is going to arrange for numismatic tables and exhibit cases in the Glen Burnie mall on Saturday, 21 April. Volunteers are needed to staff the MCCC table. Please contact Simcha Kuritzky if you can help with this effort to introduce members of the public to our hobby.

Only one 2001 "Red Book" (Guide Book of United States Coins by Yeoman) remains. See Ed Russell if you wish to buy it at the special MCCC bargain price.

MCCC members are encouraged to submit brief announcements for inclusion in the Bulletin --- for-sale notices, numismatic wish-lists, summaries of recent coin events, or anything else appropriate to this publication. Please pass your submissions to a Club Officer or send them directly to C(l)ub Reporter Mark Zimmermann via z (at) his.com. Note that you must be a member in good standing to take advantage of this free service --- so pay your dues!

Drawings & Prizes

• Swedish 1 Krona (1965) and 2 Krona (1964) pieces
• a 1947 Indian half Rupee

March Exhibits

• Simcha Kuritzky exhibited material from the 22 February 2001 J. S. G. Boggs appearance, "Makin' Money!", at the Art Director's Club of Metropolitan Washington. Boggs is (in)famous for his art work based on monetary themes. With him at the Art Director's Club was his significant other, Megan Brown, who autographed Simcha's brochure; Ms. Brown is depicted as Scarlett O'Hara on some Boggs "bank notes" portraying women. Simcha also displayed an orange replica of a Sacagawea $1 coin produced by Boggs, and noted the differences in the designs. Finally, Simcha showed a 10th Anniversary "Manx Cat" commemorative from the Isle of Man --- a mammoth 10 ounce silver round dated 1997 and containing as insets ten 1/25th ounce gold coins, all polished. Simcha reported that only 1997 of these pieces were made, and that although they were initially offered for $450 the price has come down to a more attractive level recently.
• Jeff Crockett displayed several items related to Luxembourg: a large wooden plaque depicting the national Coat of Arms, a stamp commemorating the swearing in of Crown Prince Henri as the new monarch (Grand Duke), a Washington Post article dated 8 October 2000 reporting the news, and four Luxembourg coins.
• Scott Helmick exhibited two optical devices of numismatic interest: a 20x keychain loupe which sold for only $2.85, and a 6x lighted loupe, powered by AAA batteries.
• Rob Dorsey offered for sale original bank rolls of Sacagawea 2000 dollar coins at face value, and rolls of Denver mint New York commemorative quarters at 20% over face.
• Jerry Grzenda, in honor of Saint Patrick's Day, displayed counterstamped silver and copper coins used in Ireland. These items came from the Emil Sauer (Zauer?) collection, from which the Numismatic Society of Ireland in the 1960's published a catalog which remains an excellent reference book. The coins Jerry showed were mostly British from the 18th and 19th Centuries, but some of the countermarked pieces were from Latin America, Australia, and other nations. Most of the counterstamps were commercial advertising in nature, or were applied by local merchants as a guarantee of the coin.
• Willy Massey discussed a counterstamped 1976 US cent found in a friend's hoard. The coin has the word "Israel" on it in a tiny outline map of that nation. Simcha Kuritzky observed that such pieces were mass produced around the US Bicentennial year and typically sold for 25 to 50 cents each. Another series of such cents was issued with one for each of the 50 US states.

Featured Attraction: NumisFAQ

Why collect coins?

There are as many reasons as there are collectors. Coins are fun. Coins are historical artifacts, connected at a fundamental level to the lives of people in the past. Coins are miniature works of art. Coins are (rarely!) good investments. Coins are fun.

What's the value of my coin?

"That depends" is the only honest answer. What type of coin is it? What is the date and mintmark and variety? What condition is it in? Is it genuine or counterfeit, a restrike or a copy, a regular issue or a proof or a fantasy piece or an error? Has it been authenticated and graded? Does it have a pedigree? These are some of the questions which have to be answered to estimate the value of a coin.

How can I get an estimate of my coin's value?

There are many ways. You can check out books about coins from your local library (see the 737.4 area of the Dewey Decimal System) or purchase numismatic reference materials from various sources. You can take your coin to a dealer, or a coin show, or a coin club meeting. You can send your coin in to a commercial grading service and have it encapsulated, authenticated, and graded professionally. You can also find numerous online sources of numismatic information --- though to apply them to your particular coin will demand significant expertise on your part.

What is this little "California gold" coin?

Alas, it's probably a replica token of negligible numismatic value. During the California gold rush (which began in earnest in 1849 and reached a peak in 1852) small denomination coins were in short supply in the California territory. Local mints produced tiny tokens made of real gold with values of $1 or fractions thereof. You can read about them in various numismatic reference books. Genuine territorial gold tokens are worth hundreds of dollars --- if they are authentic and in nice condition. Far more commonly seen, however, are modern replicas. These are typically made of brass and are at most plated with a thin coating of gold. They are of nominal value only, perhaps a dollar or so. (But if a replica is made of solid gold, it is worth at least the meltdown value of the metal.) Real territorial gold pieces usually have the word "dollar" along with a denomination on one side, and the year of issue with a Liberty head on the other side. (See, for example, http://www.his.com/~z/gallery1852.html for obverse and reverse images of a genuine token.) Replicas generally lack the word "dollar" and often have a bear (or anteater-like creature) on one side. Beware of spending too much for a replica which has been misrepresented as genuine!

What are some good coin books?

There are many. The classic Redbook is a fine starting point for US collectors. (Its official title is A Guide Book of United States Coins and new editions are issued every year.) The Redbook includes short historical discussions of each type of coin, information on how to grade specimens, and retail price estimates by year, mint, and condition for major varieties. Beyond the Redbook, you may wish to look at Walter Breen's Complete Encyclopædia of US and Colonial Coins, the Krause & Mischler Standard Catalog of World Coins, or countless other books. (See, for example, club_mccclibr.html for a catalog of the books in the Montgomery County Coin Club's library.)

Where should I look for online numismatic information?

An excellent place to start is the American Numismatic Association, http://www.money.org. The ANA web site has pointers to good coin dealers and local clubs, as well as historical data about coins, paper money, tokens, and other numismatic materials. ANA Headquarters is in Colorado Springs, Colorado, where the organization has a major money museum, a research library, and a staff which is extraordinarily helpful. You may also want to look at commercial sites associated with Coin World, Numismatic News, and other reputable publications, or at sites posted by honest coin dealers, collectors, museums, clubs, and societies.

How can I sell my coins?

There are many ways. Quickest is to find an honest dealer and sell directly to her or him; unfortunately, many less-than-honest dealers are around. (Membership in the Professional Numismatists Guild and/or the American Numismatic Association is a good sign to look for. Dealers must make a living and will not be able to pay you as much as you might get from other, slower, methods. They can usually give you between 5% and 95% of their retail price, depending on how quickly they anticipate selling a coin.) Major auction sales are another possibility for high-value coins live, via Internet, by telephone, or by mail. But prices realized at auction can fluctuate widely, and there will likely be several months of delay in addition to significant commissions to be paid. Selling coins by consignment through a dealer is a slow process, but often can yield excellent prices to those who are patient. (Direct sales via Internet or in person have major additional complexities and risks --- good luck!) Before you sell, please consult independent references to determine rough price ranges to expect.

What are authentication, grading, and encapsulation services?

The grade of a coin is a shorthand way to describe its condition. Standard coin grades range over Poor, Fair, Good, Very Good, Fine, Very Fine, Extremely Fine, About Uncirculated, and Uncirculated --- on a numerical scale from 1 (severely worn) to 70 (perfection). Grading a coin is a complex business and demands great experience; it's not something that an amateur can do reliably. Commercial services take a coin, inspect it, assign a grade, seal it in a tamper-evident plastic "slab", and guarantee the authenticity and condition of the coin. This typically costs $10-$30 or more, so it is only worthwhile for relatively valuable specimens. Widely-recognized major grading services include PCGS, NGC, and ANACS. A coin encapsulated by one of them can be trusted to be genuine and in the condition specified on the slab, so it is likely to be easier to sell quickly and for a good price. Some numismatistic purists abhor slabbed coins. But less-expert collectors often find certified coins the safest and simplest way to collect. It's like buying an insurance policy; the premium pays for peace of mind.

What is a "proof"? What is a "commemorative"?

Proofs are special coins, often struck more than once at the mint (to bring up design details), often made from highly polished dies, and often carefully handled after their production. This gives proofs an exquisite surface finish and can make them lovely coins. Commemoratives are coins with special designs, issued to recognize or honor an event, person, organization, or other circumstance. Neither proofs nor commemoratives are necessarily valuable. In fact, during recent years many mints have issued huge numbers of proofs and have sold them to the less-than-knowledgeable public at excessively high prices --- which have since fallen sharply. Responsible numismatists fight against this abusive practice of preying on collectors, but governments persist, since they can make short-term profits from it.

How should coins in an estate be handled?

Very carefully! If you collect coins, the greatest gift you can give your heirs is a clear, complete inventory --- a list of all the significant items in your hoard. If possible include information about the rough values of the noteworthy pieces. It's extremely wise to offer advice on where to take your coins for appraisal and sale, or to suggest appropriate individuals or charities to receive them. If you can anticipate your own passage to that great Numismatic Convention in the afterlife, you may wish to liquidate most of your collection early, so you can control where the coins go and even enjoy some vicarious pleasure by seeing them in their new homes. If, as is unfortunately common, you inherit a motley collection of undocumented coins, prepare yourself to invest considerable time and trouble in cataloguing and assessing them.

What's the second most important thing to remember about coins?

Don't clean them! More precisely, unless you have a lot of experience any attempt you make to clean a coin will likely scratch it and reduce its value. Don't rub a coin's surfaces, don't polish it, don't brush it, don't dip it in chemicals, don't run electricity through it, and don't store it in an environment that will cause its surfaces to deteriorate. Ask a professional for advice before doing anything to "improve" a coin's appearance. Store your coins in dry, temperature-controlled surroundings, and check them at intervals to catch signs of damage early. Keep coins away from papers (which often contain sulfur or acids) and from soft plastics (which often contain PVC, polyvinyl chloride, or reactive plasticizers). Stiff Mylar-like plastic "flips" (holders) are usually safe. So are the encapsulation "slabs" used by grading and authentication services.

What's the most important thing to remember about coins?

Take your time! Don't let yourself be rushed into buying or selling coins, especially not over the phone, at an auction, or from a person whom you don't know well. Get books about your coins and read them. (Then write something yourself!) Ask experts for their unbiased advice and commentary. Above all, enjoy your collection. Numismatics is a life-long hobby. Coins are never an emergency.

Please send in your comments, corrections, suggestions, questions, and answers to the MCCC, so the NumisFAQ can continue to grow and improve.

Auction & Aftermath

MCCC Web Comments and Feedback