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 Thursday, July 03, 2008
Contemplating the future of type collecting
Posted by dave
Starting the day off in the dentist’s chair is no fun, but it happens more and more as my teeth age and fillings age and need replacement. It gives me a chance to ponder the great questions of the age. The one I chose today has to do with an e-mailed question that was thrown out to me to think about by Mack Martin, a type collector who puts together great exhibits. I happened to give him the Bank Note Reporter Most Inspirational Exhibit Award down at the Memphis paper money show on Saturday. It was a great Baby Bonds exhibit (Southern state bonds with a vignette of a baby on them). But Mack’s question to me yesterday is another one of those coincidences I wrote about on Tuesday. It had a lot to do with state quarters, which I wrote about Wednesday. He said he was a type collector. That means collecting just one of a given design instead of a whole series. But Mack asks, with the proliferation of state quarters (50 types), and Lewis and Clark nickels and its successor design (5 types) and other denominations starting off new design series, how will a type collector in 100 years cope? The whole point of being a type collector is to have some of the fun and variety of the many series of coins struck by the U.S. Mint, but not the expense of having to buy all of them, including expensive key dates. What will type collectors do in the future? Will this approach to collecting still exist? They are all good questions. I will probably have to think about them again after I get out of the dentist’s chair because I don’t think I can quite trust any thoughts I might come up with during the treatment. What do you think?
7/3/2008 9:35:31 AM (Eastern Daylight Time, UTC-04:00)
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 Wednesday, July 02, 2008
State quarters make appearance
Posted by Dave
As I finish up the July 15 issue of Numismatic News, I can mention that on the Mint Statistics page that the state quarter mintage box makes a one-week comeback. I had an e-mail from Halbert Carmichael. I first met him in 1987 at the Charlotte American Numismatic Association convention. His point to me in his recent e-mail was that he thought it was about time to bring them back onto the page. That’s a difficult task considering the First Spouse box, the Kennedy half dollar box and the list of various Presidential dollar options that the Mint currently sells. But fundamentally, Halbert is right. It has been a long while since the box appeared, so it is time to bring it in. What has changed since the last time it appeared was the inclusion of the Oklahoma and New Mexico mintage totals. The Denver quarter with the Oklahoma design now has the distinction of having the lowest mintage total in the series. It is 194,600,000. That is the first issue to slide under 200 million. We have touched the low 200 millions before with the P-mint Iowa of 2004 at 213,800,000, Ohio of 2002 at 217,200,000 and Maine of 2003 at 217,400,000, but none has gone below the mark. We probably can thank the current nonrecession recession for reaching this new low. Coin demand is down in the banking system. Perhaps the last three states will challenge Oklahoma for the overall low point for the entire 10-year series. We’ll see. We have come a long way from the Virginia of 2000 where the Philadelphia issue racked up a mintage of 943,000,000 and Denver came in at 651,616,000. Coin demand in the economy has never recovered to the highs achieved in 2000 at the very peak of the tech boom. It is beginning to look like it never will. Perhaps that is why there are so many noncirculating products listed on the Mint Stats page. The Mint and its employees need something to do.
7/2/2008 9:00:40 AM (Eastern Daylight Time, UTC-04:00)
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 Tuesday, July 01, 2008
Everything happens at once
Posted by Dave
Ever notice the frequency of coincidences? As I headed to lunch yesterday, I had to stop at the post office to send off an anniversary card. It was bigger than usual and I wanted to have correct postage. There was a line. I had to wait. There is nothing wrong with that except Lyle Mork had yelled across the street to me on my way in that he wanted to join me for lunch. He was waiting for me. I was expecting to have lunch with Cliff Mishler. When he is in town, he usually shows up on Monday. On our way to the Crystal, Fred and Kathy Borgmann arrived with the same idea in mind. Gosh, some days I have to eat alone. Such is the power of coincidence. At work I checked the Mint schedule to see when the uncirculated coin sets were due out. There is nothing specific posted, just a July/August window. In yesterday’s mail, I had a letter from a reader who had a couple of things to say. One was related to uncirculated coin sets. He noticed Mint Statistics called the 2007 uncirculated coin set a 20-coin set. Oops. But that error has been on the page for about a year. Someone could have pointed it out at any time, but it came as I was mentally gearing up for the 2008 set. The listing for the 2007 set will be changed to 28 coins to reflect the arrival of the Presidential coins last year. None of this is remarkable, but it is interesting how random events get channeled and suddenly become related events. My thanks go to David Rickard for his sharp eye on the Mint Stats page.
7/1/2008 8:59:05 AM (Eastern Daylight Time, UTC-04:00)
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 Monday, June 30, 2008
Time for world notes
Posted by Dave
World paper money is the place to be right now judging from what I saw at the paper money show in Memphis, Tenn., over the weekend. There were more buyers who came from overseas to do business than has been the case in many years if ever. I have now been to 20 shows in a row. Prosperity in Russia has given collectors from that country the means to go on a buying spree in the United States as their counterparts in the coin field have been doing. The strong euro has armed European buyers with the means to take huge quantities of material home with them. One American dealer said that stuff is not ever coming back in his lifetime. A Chinese Ming note that had a hammer price of $33,000 on Thursday night at the Lyn Knight auction was talked about. That was more than four times the high estimate of $7,500. Even the low end, the notes that are used for countless promotions have gone up in price. Another world dealer said the common notes bought by the thousands or tens of thousands are now more than a dime apiece. Boy. the dollar is weak when it takes a dime to buy one note of a modern defunct or near worthless currency. But such is the compelling power of the idea of collecting these days. What of the American market? The balance of opinion seems to weigh in on the underachieving side, but that was as much a function of the lack of fresh material as it was the slightly weaker attendance. All the major players were there looking to buy. I am glad I was able to attend the show and even gladder to be home. I owe a special thanks to show chairman Mike Crabb and a double special thanks to his wife Julia for all their help this year.
6/30/2008 8:57:21 AM (Eastern Daylight Time, UTC-04:00)
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 Friday, June 27, 2008
No, I’m not hiding
Posted by dave
I’m sweating and it is not the Memphis heat. I have so many assignments here that it will be a wonder if I can get them all done. I have to check out the exhibits so I can give the “Bank Note Reporter Most Inspirational Exhibit Award” tomorrow at the Society of Paper Money Collectors meeting. It would be an easier task if Martin Delger didn’t pack the place with more than 100 cases year after year. There are a number of people I have to interview for Coin Chat Radio. My handy recorder is in my jacket pocket (yes, I am wearing a suit). Photos need to be taken for the next issue of Bank Note Reporter and I need a few dealer quotes to go with them. Tomorrow is a solid day of meetings and I won’t get much chance to simply float with the current on the bourse floor. It is good to have a purpose at a show. You get more done that way, but if you happen to be looking for me at the bourse table, you probably won’t find me. It might be quicker to have me paged. Just know that I’m not hiding.
6/27/2008 9:13:21 AM (Eastern Daylight Time, UTC-04:00)
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 Thursday, June 26, 2008
Memphis attracts paper fans
Posted by dave
I’m on the road again, heading to Memphis, Tenn., to attend the International Paper Money show that has been held there annually since 1977. I will not be alone. As the premier paper money event in the nation, it will attract a large group of avid paper money collectors. They will not be deterred by the high price of gasoline or the level of inconvenience at the airports. The market remains hungry for fresh material and the only chance of finding it is to be the first one in line as your favorite dealer source sets up today on the bourse floor at the Cook convention center. Lyn Knight’s auction also begins tonight and it is not short of desirable material. Currently, the paper money market is suffering from the problems of success. There are more buyers with money than ever before and they are chasing a limited supply of notes. Perhaps the irony in this is that when the show was founded, it was located in Memphis as a cheap and easily driveable venue for people who were engaged in an activity that was then coin collecting’s poor relation. Anyone who bought any significant pieces in 1977 can now add a couple of zeroes to the price. What will collectors in 2039 be saying about the notes purchased this year?
6/26/2008 9:02:32 AM (Eastern Daylight Time, UTC-04:00)
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 Wednesday, June 25, 2008
People's needs don't square with art
Posted by Dave
The Mint gives collectors another reason to attend the American Numismatic Association World’s Fair of Money in Baltimore at the end of July. It will put on display an example of the Ultra-High-Relief $20 gold piece that will be sold to collectors next year. The coin will be 27 millimeters in diameter and be about 50 percent thicker than current one-ounce bullion coins. It will contain one-troy ounce of gold. This generation of collectors grew up with stories of Theodore Roosevelt’s commitment to give the United States a coinage worthy of ancient Greece. His chosen instrument was Augustus Saint-Gaudens, who came up with a completely impractical design in 1907 that met Roosevelt’s standard but couldn’t stand up to the demands of mere commerce. Bankers didn’t like high relief because the coins would not stack properly. With much business conducted with gold coins, the artist simply provided bankers with something to hate on a daily basis. Roosevelt believed that low commerce was no place to invoke the name of God and asked that the motto be omitted from the new $20. It was, causing another uproar from average Americans. Now in this age of subprime loans going sour we can see how unusual a coalition of bankers and average Americans is. This peculiar coalition saw to it that the coin was modified. The relief was massively lowered and “In God We Trust” was added. America ended up with a coin unworthy of ancient Greece, but it satisfied the American people. This is kind of like the story of the Wisconsin state quarter. Whatever you say about the cow, the corn and the cheese, it was the choice of the people. The people don’t always choose art. To see an example of real coinage art, go to the ANA convention. No doubt Roosevelt would approve.
6/25/2008 9:04:57 AM (Eastern Daylight Time, UTC-04:00)
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 Tuesday, June 24, 2008
Waiting builds character
Posted by Dave
Commemorative silver dollars are on my mind this morning. The Mint is going to unveil the new 2009 Louis Braille silver dollar July 2 at the National Federation of the Blind’s 2008 convention in Dallas. It is an appropriate venue. It is appropriate to promote the upcoming commemorative coin, but my fear is that with all the hullabaloo in the news media that is likely to result, there will be an awful lot of people who will want to buy one. The coins will not be available until the spring of 2009, nearly one year off. That is probably going to frustrate not a few would-be buyers. We live in an age of instant gratification. Desires that are not rapidly met are replaced with other desires and the original impulse can be lost. Even longtime collectors can get revved up by coins recovered from sunken ships and want to buy right away. I have had not a few inquiries over the years from readers who want to know how to buy a specific coin mentioned in a specific article and are disappointed to learn that it is not available at all times from the dealer community. In short, the thrill of the hunt is not necessarily appealing to one and all. When the coin is unveiled at 8 a.m., July 2, at AT&T Plaza at the American Airlines Center in Dallas, I will be prepared to wait. I hope others will be, too.
6/24/2008 9:06:22 AM (Eastern Daylight Time, UTC-04:00)
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Waiting builds character
Posted by Dave
Commemorative silver dollars are on my mind this morning. The Mint is going to unveil the new 2009 Louis Braille silver dollar July 2 at the National Federation of the Blind’s 2008 convention in Dallas. It is an appropriate venue. It is appropriate to promote the upcoming commemorative coin, but my fear is that with all the hullabaloo in the news media that is likely to result, there will be an awful lot of people who will want to buy one. The coins will not be available until the spring of 2009, nearly one year off. That is probably going to frustrate not a few would-be buyers. We live in an age of instant gratification. Desires that are not rapidly met are replaced with other desires and the original impulse can be lost. Even longtime collectors can get revved up by coins recovered from sunken ships and want to buy right away. I have had not a few inquiries over the years from readers who want to know how to buy a specific coin mentioned in a specific article and are disappointed to learn that it is not available at all times from the dealer community. In short, the thrill of the hunt is not necessarily appealing to one and all. When the coin is unveiled at 8 a.m. at AT&T Plaza at the American Airlines Center in Dallas, I will be prepared to wait. I hope others will be, too.
6/24/2008 9:02:43 AM (Eastern Daylight Time, UTC-04:00)
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 Monday, June 23, 2008
Letter from Dave Bowers a treat
Posted by Dave
I had a pleasant surprise in my mail on Friday. It was a short note from Q. David Bowers and a section of the June 16 Union Leader newspaper located in Manchester, N.H., was enclosed with it. Mail from Dave is always welcome. His Coins and Collectors published in 1964 was one of the earliest books I ever read about numismatics and it taught me that numismatics was more than just dates, mintages, grades and values. Every coin has a story to tell and Dave Bowers is the consummate storyteller. His urge to share these stories has made his career as a coin dealer and lately as the most prolific book author in our business. The story he wanted me to see was of an 81-year-old friend of his named Murray Clark who made a purchase at a newly reopened Fadden’s General Store in North Woodstock, N.H. In the story Clark told of having been sent by dogsled to make purchases for his father in 1933. His purchase at the general store was a milestone in that he has done business with five generations of Faddens. To mark the occasion, he gave Jim Fadden a large-size 1923 $1 Silver Certificate. It is now considered the first dollar earned at the reopening. What Dave didn’t tell me in his letter was where Murray Clark got the Silver Certificate. They are not particularly scarce, but even 81-year-olds don’t routinely have them lying around the house for special occasions. Perhaps Dave Bowers helped his friend out. Perhaps he didn’t, but knowing Dave has an eye on things like this is perfectly in character for the man I truly respect. Thanks, Dave.
6/23/2008 9:00:50 AM (Eastern Daylight Time, UTC-04:00)
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 Friday, June 20, 2008
Still collect Lincolns?
Posted by Dave
I never found a 1909-S VDB Lincoln cent in the coins I searched during the circulation finds era in the middle 1960s. I didn’t find a 1914-D, 1931-S, or even the lesser 1910-S, 1911-S, 1912-S or 1914-S. The 1915-S I found was so awful looking that the sense of accomplishment I had at filling the hole in the Whitman album was almost overcome by the knowledge that no other collector would ever want it. But then at my age and budget, much of the fun was in the Bingo approach to coin collecting. Keep filling those holes and the rest would take care of itself. I tired of looking for Lincolns. The lack of anything interesting was pretty obvious and as soon as my paper route budget could get me the funds to finance searches of the higher denominations, I had much more fun and the searches were somewhat more fruitful. All of these Lincoln memories are starting to come back as I look at the calendar and begin thinking about its centennial year next year. Nostalgia among collectors will be high. While all collectors basically know that most of their fellow hobbyists began with Lincoln cents, the question remains how many actually stayed with Lincoln cents? Those albums that I filled and partially filled in the 1960s I still have, though I haven’t purchased a single individual Lincoln cent since I splurged for a BU 1931-S in 1969. The exceptions, of course, are the cents I get as part of the proof sets and mint sets I usually buy from the Mint. Am I still a Lincoln cent collector? Are other collectors in the same boat? If a pollster asked them if they collected Lincoln cents and they hadn’t found or bought one in many years but still retain the old albums, would they answer yes or no? Give it some thought. Are you still collecting Lincoln cents?
6/20/2008 8:58:59 AM (Eastern Daylight Time, UTC-04:00)
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 Thursday, June 19, 2008
No, not the initials
Posted by Dave
The job of education is never finished. I had another example of the truth of this statement yesterday from a phone call. Now, when I receive a phone call, I do not know whether the caller has some numismatic knowledge or no numismatic knowledge. I don’t know if he asked for me by name or just somehow got to me because an operator decided I was close enough. Yesterday’s call started out with a fellow talking about Jefferson nickels and wondering if he could find “FS” on “65” nickels. OK, my brain kicks in. This guy is a collector who has some knowledge and he just misspoke. The designer initials for Felix Schlag were first put on a the Jefferson nickel in 1966 and you could indeed find “FS” at the base of the bust. I replied that yes indeed you could find “FS” below the bust on nickels from 1966 going forward. Wrong answer. That wasn’t his question. We had begun an Abbott and Costello “Who’s on first?” routine. He continued to seem puzzled and continued to speak. I asked him what book he was using and what edition. He was using the 2008 Coin Digest. He was on Page 83. So I went there. It came to be that the “FS” he was referring to was part of the grade head “-65FS.” So then we get into a discussion that it stands for Full Steps. He didn’t know Monticello had six steps. But still we conversed in puzzlement. He saw all the high prices that “-65FS” coins commanded and he asked how you could tell if the coins were “-65FS” or not. That got into a grading discussion. I began speaking of the 70-point scale and MS-65 coins. He asked if “MS” appeared on the coins anywhere. He also wondered why nickels from 1959 and later had no prices below MS-65 listed in the book. I replied that they basically do not trade for more than face value and so are not priced. He responded that the earlier listings had more prices. I said that was true but the prices were for the scarcer dates. He wondered why some dates had prices and others simply had dashes. The coins with dashes don’t have collector values in those grades. We never reached a satisfactory meeting of the minds. He was trying to determine the value of 20 sets that he said his neighbor, who is now ill, had put together. I suggested that it might help if he read Chapter 4 on Page 37, which explains how grading works. He said he would take a look at it. I hope he does, but I came away from the conversation knowing that we had not reached any common reference points in the conversation let alone any understanding. There is definitely more work ahead for me and for the hobby.
6/19/2008 9:04:56 AM (Eastern Daylight Time, UTC-04:00)
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