This is the second installment of our interview series "Minds of Numismatists." To view the first interview with error coin expert Fred Weinberg, please click the link:
http://www.numismatichub.com/2010/12/interview-with-famed-error-coin-expert.html
Mark Feld is the owner of Mark Feld Rare Coins (http://www.markfeldcoins.com/) Mr. Feld has been involved in the rare coin industry since 1979 and worked as a grader for the Numismatic Guarantee Corporation from 1991-1998. Today, Mr. Feld is a full time dealer, specializing in high quality, rare coins. You can contact Mark Feld at coinguy1@earthlink.net.
Numismatic Hub: Famed numismatist B. Max Mehl was a relative of yours, what kind of impact did this relationship have on your career?
Mark Feld: B. Max Mehl was my grandmother's uncle. Very unfortunately and sadly for me, however, he died when I was only two or three years old. So, I didn't know him. Still, I don't doubt that hearing about him, as I grew up, might have somehow impacted me and my enjoyment in collecting coins.
NH: What is your favorite coin/series?
MF: Those are TOUGH questions! If forced to choose a single, favorite coin, I believe I would select Judd 1776, the unique pattern Double Eagle designed by Augustus St. Gaudens. I think its design is exquisite, and I have had the pleasure of seeing it in person, more than once, over the years. Although you didn't ask, number two on my list would probably be the 1907 Ultra High Relief Double Eagle.
As far as my favorite series, I'll go with classic silver commemoratives. I like the diversity of the designs, the way many of them have toned in beautiful and distinct colors and patterns and the fact that most of them are quite affordable, even in relatively high grade, uncirculated condition. But I like a LOT of series, and if I were to answer that question on a different day, it might be different.
NH: What was it like being a professional coin grader for NGC?
MF: Overall, I greatly enjoyed my work at NGC (where I was a grader from 1991-1998). Some days were exciting, and others, boring, like most other types of jobs. As graders, each of us took our responsibilities very seriously. At times, that caused us to disagree and argue heatedly over what grades to assign to $100 coins, just as we did over $100,000 ones.
I got to see many amazing and incredibly rare coins, many of which, I would never have seen, otherwise. I spent roughly two thirds of my days grading coins and the other third on quality control - checking coins that had been graded and encapsulated, before they got shipped out. I looked for errors on the grading labels, pertaining to dates, mint-marks, designations, denominations, etc. I also looked at each coin to see if it appeared to be graded accurately. If/when I thought coins were graded too low or too high, I would make note of it by putting a sticker on the holder and set it aside. Later, other graders would review them with me or among themselves, in order to decide whether or not to change the grade.
NH: You are one of the most respected dealers in the industry, what's your favorite aspect of the profession?
MF: Thank you for that very kind remark. My favorite part of my profession is finding the right/special coin for a collector-client and hearing and/or seeing how happy he is with it. Although I am a dealer, I was a collector for many years and am still a collector, at heart. I understand and appreciate the many frustrations and joys of collecting. And I love being able to share the latter with coin collectors.
Another aspect of my profession that I greatly enjoy is imparting knowledge to collectors. I like answering questions, reviewing coins, face to face and discussing them with collectors. I taught the advanced grading class at the A.N.A. in Colorado Springs (I think two different times, many years ago), and it was a blast. The students were extremely enthusiastic, eager to learn, asked lots of questions, and even listened to the instructors - very different from many other types of classes!
And of course, I always love looking at great coins.
NH: Can you tell us what you consider to be your most momentous moment in your numismatic career?
MF: I hope this is an acceptable answer, but the big moment for me was before my numismatic career as a dealer even started. Although there were a few pauses and interruptions along the way, I had been a collector from the time that I was about eight years old. I had never given any real thought to become a dealer until one day, during my third year of law school, at which time I was twenty four. I was on the phone with my favorite dealer, and seemingly, out of the blue, he said to me "You know, you should think about getting into the coin business. You'd like it and you'd be good at it.”
When I heard those words, it was as if bells went off in my head. I didn't know if I wanted to practice law or not, anyway. I started thinking about those words from the dealer, kept thinking about them and decided to give the coin business a try. I interviewed with two of the larger, more active and innovative rare coin dealerships - Steve Ivy Rare Coins and New England Rare Coin Galleries (where the dealer I had been on the phone with worked) and each of them made offers to me. I proceeded to finish law school, took and (without studying much, since I knew I wouldn't be practicing law, somehow) passed my bar exam, and just a few days later, started work at Steve Ivy Rare Coins. Steve Ivy later merged with Jim Halperin's New England Rare Coin Galleries, to form Heritage.
NH: Where do you see the future of the numismatic industry heading?
MF: The first thing that comes to mind is the terrible problem with counterfeit coins and counterfeit holders from China. And many of them have made their way to the United States, where they can be seen on EBay, Craig's list, coin shops and coin shows, etc. Many unknowledgeable buyers have spent large amounts of money on coins that are counterfeit, and they don't even know it. And the counterfeiters are getting better. Some of their work can fool those other than beginners in the hobby or business. This problem is only going to get (much, much) worse.
So, as part of the future of the hobby, I see many buyers getting badly “burned.” Along with that, I expect that there will be an eventual, gradual trend towards collectors buying more from well known, expert dealers/sellers, and less from unknown, anonymous sellers over the internet. This should lead to a number of (as some like to call them) "wannabe dealers" exiting the business. I also see buyers becoming more demanding about the quality and originality of the coins they acquire.
NH: What advice do you have for young numismatists looking to enter the coin dealer profession?
MF: My advice would be to think long and hard about that, and strongly consider not doing it. Enjoy your coins and collecting, instead. But, if you are determined to become a dealer, I think the most important thing for you to do is find a mentor who has the expertise, time and willingness to help teach you, and expose you to all types and qualities of coins. Many would-be mentors have one of those attributes but not all of them. But, all of them are necessary.
A Young Numismatist View on Numismatics
Sunday, December 26, 2010
Friday, December 24, 2010
Hoard Pennies for Gold- Feb 9, 1903
A joke by a fish dealer seems to have been the cause of a craze for pennies in 1902. The common belief by many was that when the 1902 pennies were being coined at the mint, a careless employee accidently dropped a bar of gold into the smelter, and “as a result the alloy of the penny is partly of gold.”
The rumor was said to have been started by Alvah W. Haff, a fish dealer of the Fulton fish market. Being a fish dealer, Mr.Haff had to always be ready to give change and when the Amityville bank accumulated too much small change, it notified Mr, Haff, who would take the change off of the bank’s hands.
On January 29, 1903, Mr.Haff bought 3,000 copper pennies from the bank. Someone who witnessed the transaction commented on the strange occurrence, and Mr.Haff jokingly explained that he was going to take the coins and get the gold out of them.
The story spread like wild fire and people began hoarding 1902 pennies. A public school principal went as far as to have chemistry students test the coins for the presence of gold and results of the test dispelled the dreams of many Amityville residents hoping to strike it rich!
The rumor was said to have been started by Alvah W. Haff, a fish dealer of the Fulton fish market. Being a fish dealer, Mr.Haff had to always be ready to give change and when the Amityville bank accumulated too much small change, it notified Mr, Haff, who would take the change off of the bank’s hands.
On January 29, 1903, Mr.Haff bought 3,000 copper pennies from the bank. Someone who witnessed the transaction commented on the strange occurrence, and Mr.Haff jokingly explained that he was going to take the coins and get the gold out of them.
The story spread like wild fire and people began hoarding 1902 pennies. A public school principal went as far as to have chemistry students test the coins for the presence of gold and results of the test dispelled the dreams of many Amityville residents hoping to strike it rich!
Tuesday, December 21, 2010
How I Became involved in Numismatics
How did you get involved in Numismatics? Leave a comment below
Unlike the majority of the people who get involved with numismatics, I was required to get involved by myself. My grandparents didn’t leave me an inheritance of rare coins and my parents are more of the “plastic money” type, so when I told them that I wanted to be a numismatist, they just stared at me with a bewildered expression on their face. I guess they never would have expected their 11 year old son to use such an intricate word.
My journey into numismatics began about seven years ago as I was looking through some of my dad’s change. I noticed that he had a brand new 2003 quarter and although the coin was brand new, the second zero in the date was missing. I quickly ran to my dad to show him the coin and ask why it was like that and the answer he had for me was “it probably just wore off.” Even as a little sixth grader, I knew that there was more going on with the coin than it was just “worn.”
In an effort to figure out the issue with my new discovery, I quickly took to the internet. After countless searches, I stumbled upon a coin forum. I posted about the issue with my coin and someone quickly responded, telling me that what I had was a common grease filled die error, and although the coin wasn’t worth more than face value it was still a cool thing to have. Although I was a little disappointed that I hadn’t found a treasure, the experience left me with a hunger to learn more about coins and a passion to research the history of our currency.
Unlike the majority of the people who get involved with numismatics, I was required to get involved by myself. My grandparents didn’t leave me an inheritance of rare coins and my parents are more of the “plastic money” type, so when I told them that I wanted to be a numismatist, they just stared at me with a bewildered expression on their face. I guess they never would have expected their 11 year old son to use such an intricate word.
My journey into numismatics began about seven years ago as I was looking through some of my dad’s change. I noticed that he had a brand new 2003 quarter and although the coin was brand new, the second zero in the date was missing. I quickly ran to my dad to show him the coin and ask why it was like that and the answer he had for me was “it probably just wore off.” Even as a little sixth grader, I knew that there was more going on with the coin than it was just “worn.”
In an effort to figure out the issue with my new discovery, I quickly took to the internet. After countless searches, I stumbled upon a coin forum. I posted about the issue with my coin and someone quickly responded, telling me that what I had was a common grease filled die error, and although the coin wasn’t worth more than face value it was still a cool thing to have. Although I was a little disappointed that I hadn’t found a treasure, the experience left me with a hunger to learn more about coins and a passion to research the history of our currency.
Sunday, December 19, 2010
Interview with Famed Error Coin Expert, Fred Weinberg
On behalf of our “Minds of Numismatists” interview series, I’d like to present our first interview!
Fred Weinberg is the President of Fred Weinberg & Co. (http://www.fredweinberg.com/) Mr. Weinberg is one of the most prolific error coin experts in the world has been featured on CNN, Discovery Channel and NPR Radio, as well as many T.V news programs throughout the U.S. He is the co-author of “The Error Coin Encyclopedia,” as well as a contributor to the “Red Book” and many other numismatic books and articles. A collector since age 12, Mr. Weinberg has over 38 years of professional experience in the industry and is the authenticator for Major Mint Error Coins for P.C.G.S.
Numismatic Hub: Let’s start with a simple question, what is your favorite coin that you currently own and why?
Fred Weinberg: As a dealer, it’s difficult to pick one favorite coin in your inventory – but, since you asked, I’d have to say it’s a coin I sold in 1974, and have been waiting for it to appear on the market, which it finally did in 2010. In 1974, while working for a large numismatic company in Beverly Hills, California, I purchased and sold the Dr. Conway Bolt Collection of Error Coins, containing over 2,000 pieces of major Mint error coins. One of my favorites was an 1888 Liberty Nickel with an actual Brass Coil Struck into the Reverse of the coin. The coil was removable, and it had the details from the Liberty Nickel reverse die, where it came in contact.
I advertised the coin in Coin World, sold it to a collector in Connecticut, who had never purchased an error coin before or after that piece. It sold for $600 in 1974, a pretty healthy price for any mint error coin at that time.
I’ve always thought about that coin, wondering where it was – it never surfaced on the market, never was submitted to any grading service – it just ‘dropped off the face of the earth”, or so it seemed.
At the Boston ANA this past summer, Bill Fivaz happened to mention that he had seen the coin “that you always talk about” at one of the bourse tables. It was at a Connecticut dealers table, the coin had simply walked into their shop a few weeks before the ANA. The coin sat in their showcase for three full days, with some error collectors noting it, others pricing it and passing on it.
I purchased it immediately at the full asking price, and it’s now in my office, after me thinking about the piece for over 36 years! It’s odd that the owner never tried to contact me, put it in an auction, or in any way let someone (besides the retail coin shop) know he had it.
NH: You have undoubtedly viewed the rarest error coins ever produced, which one was your favorite?
FW: That’s another tough question to answer, but when I’m asked that on other occasions, I have to reply the 1851 $20 Liberty Struck on a Large Cent Planchet that I purchased directly from Sol Kaplan of Cincinnati for $1,000 in 1973. I sold the coin, bought it back, sold it again, and it now resides in a major collection (probably the best!) of Off-Metal Errors, valued at over $200,000.
NH: Your website influenced me to start collecting error coins and I’m sure I’m not the only one, how did you get involved in the error coin field?
FW: I had a paper route when I was 11-13 years old, and I would go through the coins that home owners paid me with each month. I noticed some coins had ‘things wrong’ with them, and combined with reading each week the Collectors Clearinghouse page in Coin World, it quickly motivated me to find out more about them, study them, and learn the Minting Process.
NH: You are one of the very few civilians who have been inside the West Point Mint, can describe your experience at all?
FW: I was the only full-time dealer that got to examine all of the Carson City Dollar errors that were sold by the GSA in 1973/74. At that time, it was the West Point Depository, and all of the ‘error’ or ‘strange’ CC dollars that were pulled aside, before they were put in the GSA plastic cases. I, along with Arnie Margolis of Error Trends Coin Magazine, got an invitation from the GSA to go to West Point to examine them so that they could be promoted, to help sales of the CC dollars to the public – which were going slow, because they were priced a bit over the current retail market value for them, and there was little incentive at the beginning of the program for the public to buy them. It was a great experience, and one of the highlights of my career.
My last trip to the West Point Mint was in 2006, where we took a ‘floor tour’ of all of the facilities at the WPM, and actually got to strike a Proof Silver Eagle myself – putting the planchet into the press, pressing the button to strike it, and then removing it carefully with a pair of tongs!
NH: What has been your greatest moment in your numismatic career?
FW: I can’t pick a moment per se, but not counting buying and selling a specific coin, I’d say some of the things I’ve done over 40 years as a full-time coin dealer that rank as great things include being able to go to Europe from 1974 to 1998 buying large quantities of U.S. gold from major banks and numismatic departments there. Also, just releasing a book I co-authored, “100 Greatest U.S. Error Coins”, published by Whitman Publishing, was a career highlight, a milestone in the evolution of the error coin hobby.
NH: Where do you see the numismatic industry going in the future?
FW: No one knows the future; our current industry is a mixture of old-time knowledge and experience, coupled with high technology; the Internet, On-Line Auction Bidding, EBay, I phone apps for coins, etc. I can tell you that as one of the world’s oldest hobbies, it will always exist, changing with the times, expanding with all the new knowledge that is uncovered or discovered, and that as human beings, we will always want to collect things – and Legal Tender pieces of hard metal will always be popular !
NH: You are arguably the leader in the error coin field, how did you get to where you are today?
FW: I’ve been extremely lucky to grow and contribute to the error coin field as it grew itself over the past decades. I’ve followed my heart, in that I chose to do what I wanted to do (get into the coin business when it wasn’t anywhere near as encompassing as it is today). I’ve always tried hard to be honest, give the right advice or observations about something, and love what I do every single day. I try to give back when I can in various ways, as I strongly feel the numismatic industry has been very good to me in my lifetime.
NH: Do you have any advice for young numismatists looking to start collecting error coins?
FW: Yes, the first and most important thing to do is to study and understand the Minting Process. If you understand how a coin was minted, in detail, it will help you in knowing if that coin you have is a genuine Mint error, or a damaged or altered piece. It’s been said before, but it’s very true in our hobby; Knowledge is Power.
Fred Weinberg is the President of Fred Weinberg & Co. (http://www.fredweinberg.com/) Mr. Weinberg is one of the most prolific error coin experts in the world has been featured on CNN, Discovery Channel and NPR Radio, as well as many T.V news programs throughout the U.S. He is the co-author of “The Error Coin Encyclopedia,” as well as a contributor to the “Red Book” and many other numismatic books and articles. A collector since age 12, Mr. Weinberg has over 38 years of professional experience in the industry and is the authenticator for Major Mint Error Coins for P.C.G.S.
Numismatic Hub: Let’s start with a simple question, what is your favorite coin that you currently own and why?
Fred Weinberg: As a dealer, it’s difficult to pick one favorite coin in your inventory – but, since you asked, I’d have to say it’s a coin I sold in 1974, and have been waiting for it to appear on the market, which it finally did in 2010. In 1974, while working for a large numismatic company in Beverly Hills, California, I purchased and sold the Dr. Conway Bolt Collection of Error Coins, containing over 2,000 pieces of major Mint error coins. One of my favorites was an 1888 Liberty Nickel with an actual Brass Coil Struck into the Reverse of the coin. The coil was removable, and it had the details from the Liberty Nickel reverse die, where it came in contact.
I advertised the coin in Coin World, sold it to a collector in Connecticut, who had never purchased an error coin before or after that piece. It sold for $600 in 1974, a pretty healthy price for any mint error coin at that time.
I’ve always thought about that coin, wondering where it was – it never surfaced on the market, never was submitted to any grading service – it just ‘dropped off the face of the earth”, or so it seemed.
At the Boston ANA this past summer, Bill Fivaz happened to mention that he had seen the coin “that you always talk about” at one of the bourse tables. It was at a Connecticut dealers table, the coin had simply walked into their shop a few weeks before the ANA. The coin sat in their showcase for three full days, with some error collectors noting it, others pricing it and passing on it.
I purchased it immediately at the full asking price, and it’s now in my office, after me thinking about the piece for over 36 years! It’s odd that the owner never tried to contact me, put it in an auction, or in any way let someone (besides the retail coin shop) know he had it.
NH: You have undoubtedly viewed the rarest error coins ever produced, which one was your favorite?
FW: That’s another tough question to answer, but when I’m asked that on other occasions, I have to reply the 1851 $20 Liberty Struck on a Large Cent Planchet that I purchased directly from Sol Kaplan of Cincinnati for $1,000 in 1973. I sold the coin, bought it back, sold it again, and it now resides in a major collection (probably the best!) of Off-Metal Errors, valued at over $200,000.
NH: Your website influenced me to start collecting error coins and I’m sure I’m not the only one, how did you get involved in the error coin field?
FW: I had a paper route when I was 11-13 years old, and I would go through the coins that home owners paid me with each month. I noticed some coins had ‘things wrong’ with them, and combined with reading each week the Collectors Clearinghouse page in Coin World, it quickly motivated me to find out more about them, study them, and learn the Minting Process.
NH: You are one of the very few civilians who have been inside the West Point Mint, can describe your experience at all?
FW: I was the only full-time dealer that got to examine all of the Carson City Dollar errors that were sold by the GSA in 1973/74. At that time, it was the West Point Depository, and all of the ‘error’ or ‘strange’ CC dollars that were pulled aside, before they were put in the GSA plastic cases. I, along with Arnie Margolis of Error Trends Coin Magazine, got an invitation from the GSA to go to West Point to examine them so that they could be promoted, to help sales of the CC dollars to the public – which were going slow, because they were priced a bit over the current retail market value for them, and there was little incentive at the beginning of the program for the public to buy them. It was a great experience, and one of the highlights of my career.
My last trip to the West Point Mint was in 2006, where we took a ‘floor tour’ of all of the facilities at the WPM, and actually got to strike a Proof Silver Eagle myself – putting the planchet into the press, pressing the button to strike it, and then removing it carefully with a pair of tongs!
NH: What has been your greatest moment in your numismatic career?
FW: I can’t pick a moment per se, but not counting buying and selling a specific coin, I’d say some of the things I’ve done over 40 years as a full-time coin dealer that rank as great things include being able to go to Europe from 1974 to 1998 buying large quantities of U.S. gold from major banks and numismatic departments there. Also, just releasing a book I co-authored, “100 Greatest U.S. Error Coins”, published by Whitman Publishing, was a career highlight, a milestone in the evolution of the error coin hobby.
NH: Where do you see the numismatic industry going in the future?
FW: No one knows the future; our current industry is a mixture of old-time knowledge and experience, coupled with high technology; the Internet, On-Line Auction Bidding, EBay, I phone apps for coins, etc. I can tell you that as one of the world’s oldest hobbies, it will always exist, changing with the times, expanding with all the new knowledge that is uncovered or discovered, and that as human beings, we will always want to collect things – and Legal Tender pieces of hard metal will always be popular !
NH: You are arguably the leader in the error coin field, how did you get to where you are today?
FW: I’ve been extremely lucky to grow and contribute to the error coin field as it grew itself over the past decades. I’ve followed my heart, in that I chose to do what I wanted to do (get into the coin business when it wasn’t anywhere near as encompassing as it is today). I’ve always tried hard to be honest, give the right advice or observations about something, and love what I do every single day. I try to give back when I can in various ways, as I strongly feel the numismatic industry has been very good to me in my lifetime.
NH: Do you have any advice for young numismatists looking to start collecting error coins?
FW: Yes, the first and most important thing to do is to study and understand the Minting Process. If you understand how a coin was minted, in detail, it will help you in knowing if that coin you have is a genuine Mint error, or a damaged or altered piece. It’s been said before, but it’s very true in our hobby; Knowledge is Power.
And the Winner is...
We recieved dozens of eligible entries and upon the closing of the contest, we took all of the names and randomly selected one.
We want to thank all of our readers and everyone who entered. Starting today, we are starting our new series "Minds of Numismatists," an interview series with the top numismatists in the industry.
THE WINNER IS JONATHAN MARCUS FROM NASHVILLE, TN
We want to thank all of our readers and everyone who entered. Starting today, we are starting our new series "Minds of Numismatists," an interview series with the top numismatists in the industry.
THE WINNER IS JONATHAN MARCUS FROM NASHVILLE, TN
Monday, December 13, 2010
How to Buy Coins on eBay
Buying numismatic items, like coins and paper money on eBay, can be a very enjoyable and successful venture. In order to be successful, you need to know what to look out for so you do not end up scammed by some con-artist. The truth is, there are some people who try to make a living by swindling the less informed. That being said, not everyone on eBay is trying to scam you. In this post, I will give you some tips and some red flags to look for so that you get the most out of your eBay experience.
Avoid Sellers That:
Don’t offer a return policy- No returns is a meaningless policy for sellers. Paypal will refund you as a buyer in a problem case, but it is still best to avoid sellers who do not offer a return policy.
Don’t show a clear picture of the item- This one is pretty much a no brainer. If you’re thinking about bidding on a raw coin (one not graded) and there is a bad picture, don’t bid! The only exception to this is if the coin is in a slab from the top three grading companies, PCGS, NGC and ANACS.
Don't reply to your e-mail inquiries within a few days- Yes, many sellers are busy people and yes, seller aren’t primarily focused on eBay sales, but if you ask a seller a question and they don’t respond for five days, I’d be wary of their integrity.
Have several recent negative feedback ratings- First of all, I would avoid a seller with negatives in the first place, but even if you are considering bidding on a coin from a seller with numerous feedbacks, consider this. Consider this, you are about to bid on a coin, but decide to check the feedback score of the seller before doing so. You see that a few of their recent transactions received a negative rating, but in the past they were highly praised. This could be evidence of a hijacked account and it is better to avoid this seller.
Are selling a vast amount of slabbed coins that aren’t graded by the top three grading companies- Most of the time these are either raw coins or have been graded by a third tier grading company such as SEGS, ICG, PCI, NTC, ACG, ANI, or any other random array of letters*. DO NOT trust the grades on these holders and DO NOT take their supposed values to heart!
*A note on the aforementioned “grading companies.” Typically, these coins are put into commercial holders and have a random grade slapped on. If you are considering a coin that is encapsulated by one of the prior companies, ask yourself this, “why wasn’t this coin good enough to be graded by one of the top three companies?” Usually these coins will have problems that affect the value of the coin.
Avoid Sellers That:
Don’t offer a return policy- No returns is a meaningless policy for sellers. Paypal will refund you as a buyer in a problem case, but it is still best to avoid sellers who do not offer a return policy.
Don’t show a clear picture of the item- This one is pretty much a no brainer. If you’re thinking about bidding on a raw coin (one not graded) and there is a bad picture, don’t bid! The only exception to this is if the coin is in a slab from the top three grading companies, PCGS, NGC and ANACS.
Don't reply to your e-mail inquiries within a few days- Yes, many sellers are busy people and yes, seller aren’t primarily focused on eBay sales, but if you ask a seller a question and they don’t respond for five days, I’d be wary of their integrity.
Have several recent negative feedback ratings- First of all, I would avoid a seller with negatives in the first place, but even if you are considering bidding on a coin from a seller with numerous feedbacks, consider this. Consider this, you are about to bid on a coin, but decide to check the feedback score of the seller before doing so. You see that a few of their recent transactions received a negative rating, but in the past they were highly praised. This could be evidence of a hijacked account and it is better to avoid this seller.
Are selling a vast amount of slabbed coins that aren’t graded by the top three grading companies- Most of the time these are either raw coins or have been graded by a third tier grading company such as SEGS, ICG, PCI, NTC, ACG, ANI, or any other random array of letters*. DO NOT trust the grades on these holders and DO NOT take their supposed values to heart!
*A note on the aforementioned “grading companies.” Typically, these coins are put into commercial holders and have a random grade slapped on. If you are considering a coin that is encapsulated by one of the prior companies, ask yourself this, “why wasn’t this coin good enough to be graded by one of the top three companies?” Usually these coins will have problems that affect the value of the coin.
Sunday, December 12, 2010
Numismatic Hub's Second Contest!
As a thank you to all of our readers out there, the Numismatic Hub is holding our second contest ever!
We were started back in March of 2009 a few eager Young Numismatists wanting to share their knowledge with the world and in this second contest, we're going back to the beginning!
THE PRIZE- Since there is a lot of work involved in this contest, the prize is a good one!
Two ounces of silver Mercury Dimes, a value of about $60!
WHAT YOU HAVE TO DO!
1. Become friends with the Numismatic Hub on Facebook- If you aren't a friend of us already, you must be a friend with us on Facebook! Just visit this link and send us a friend request! http://www.facebook.com/#!/profile.php?id=100000969517876
2. Visit http://www.numismatichub.com/ and search the archives- Next, visit http://www.numismatichub.com/, search through the archives and find our first real post, not the welcome one and take note of the title!
3. Send us a message on Facebook- Once you have found the title of our first real post, return back to the Numismatic Hub's profile and send us a message with "Contest" as the title and in the subject, let us know the title of our first post as well as your name!
4.Winner will be announced Sunday the 19th of December- We will pick a winner at random from all of the eligible entries!
GOOD LUCK!
We were started back in March of 2009 a few eager Young Numismatists wanting to share their knowledge with the world and in this second contest, we're going back to the beginning!
THE PRIZE- Since there is a lot of work involved in this contest, the prize is a good one!
Two ounces of silver Mercury Dimes, a value of about $60!
WHAT YOU HAVE TO DO!
1. Become friends with the Numismatic Hub on Facebook- If you aren't a friend of us already, you must be a friend with us on Facebook! Just visit this link and send us a friend request! http://www.facebook.com/#!/profile.php?id=100000969517876
2. Visit http://www.numismatichub.com/ and search the archives- Next, visit http://www.numismatichub.com/, search through the archives and find our first real post, not the welcome one and take note of the title!
3. Send us a message on Facebook- Once you have found the title of our first real post, return back to the Numismatic Hub's profile and send us a message with "Contest" as the title and in the subject, let us know the title of our first post as well as your name!
4.Winner will be announced Sunday the 19th of December- We will pick a winner at random from all of the eligible entries!
GOOD LUCK!
Tuesday, December 7, 2010
Coin Grading: Is it Right for You?
Have you ever been to a coin show and saw coins that were encapsulated in those strange plastic holders? For the new numismatist, this could be a strange sight. These odd plastic holders are called “slabs” and are issued by coin grading companies in order to protect the integrity of a graded coin. In the Numismatic world, there are three grading companies that are considered to be on the top of their game. Every collector has their own opinion as to which grading company is the best and this will not be a debate on the best grading companies!
If you’re considering having some of items graded by a professional grading company, consider a few things.
Date of the Coin- If you are in possession of any key date coins, there is no question that it should be slabbed and professionally graded, regardless of the condition of the coin. For example, a 1916-D Mercury dime in G-4 condition that is “raw,” (not slabbed) is worth considerably less than a slabbed example. That being said, if you are contemplating having a 2009 Roosevelt dime slabbed and graded, it would not make monetary sense to do so, as the cost of grading would come out to be more than the coin is worth.
Condition of the Coin- When deciding which coin in your collection to have graded, consider the condition of the coin. A coin like the 1909-S VDB Lincoln cent or a 1913 Liberty nickel, are worth having graded in any condition. Conversely, a 1909 VDB Lincoln cent, without the “S” mintmark, is probably not worth having graded if in less than uncirculated condition. That being said, many collectors do not feel it necessary to have common date coins graded and slabbed, unless they are in uncirculated condition.
Now that you have identified the coins that you wish to have graded, it is now time to consider which grading company you want to use. The three companies which I will be talking about are considered to be the best in the business and are highly regarded in the numismatic community. They all look for the same characteristics in a coin, Surface, Color / Toning, Marks, Strike and Eye Appeal.
Numismatic Guarantee Corporation (NGC) - NGC was founded in 1987 and is located in Sarasota, FL. NGC graded coins can be identified by slabs with white inserts. Labels are primarily white with a thin gold stripe running along the bottom of the label.
“NGC assigns a plus sign to coins at the high end of their assigned grade, approaching the quality requirements for the next grade. In addition to their superior technical merit, coins receiving a plus designation must have above-average eye appeal.
NGC assigns a star to coins with exceptional eye appeal for their assigned grade.
Eye appeal is the most subjective attribute of a coin, but there are norms and standards shared by numismatists. Exceptional eye appeal may include attributes such as vibrant, colorful toning; intense luster; or, in the case of Proof coins, especially strong cameo contrast. To receive a , coins must be free of any obvious planchet irregularities, and display no bothersome spots or blemishes. Toned coins can be of a single color or multicolored but cannot have any areas that are dark brown, approaching black.”
Professional Coin Grading Service (PCGS)- Founded in 1985 by a small group of coin experts, PCGS boasts having graded over 20 million coins with an estimated value of $20 billion. PCGS is a subdivision of Collectors Universe, Inc. which is publicly traded under the ticker symbol, CLCT. PCGS graded coins can be identified by their clear plastic holders.
American Numismatic Association Certification Service (ANACS)- Touted as America’s oldest coin grading service, ANACS was founded in 1972 by the American Numismatic Association with the mission to get rid of the counterfeit and altered coins that were plaguing the coin community. This was a time when many people could not be certain if the coins they were purchasing, or even selling, were genuine or counterfeit. Something had to be done to protect and uphold the integrity of the coin industry, especially if it was to grow into the mainstream as a hobby and a business.
ANACS slabs can be identified by the clear holders with blue labels.
If you’re considering having some of items graded by a professional grading company, consider a few things.
Date of the Coin- If you are in possession of any key date coins, there is no question that it should be slabbed and professionally graded, regardless of the condition of the coin. For example, a 1916-D Mercury dime in G-4 condition that is “raw,” (not slabbed) is worth considerably less than a slabbed example. That being said, if you are contemplating having a 2009 Roosevelt dime slabbed and graded, it would not make monetary sense to do so, as the cost of grading would come out to be more than the coin is worth.
Condition of the Coin- When deciding which coin in your collection to have graded, consider the condition of the coin. A coin like the 1909-S VDB Lincoln cent or a 1913 Liberty nickel, are worth having graded in any condition. Conversely, a 1909 VDB Lincoln cent, without the “S” mintmark, is probably not worth having graded if in less than uncirculated condition. That being said, many collectors do not feel it necessary to have common date coins graded and slabbed, unless they are in uncirculated condition.
Now that you have identified the coins that you wish to have graded, it is now time to consider which grading company you want to use. The three companies which I will be talking about are considered to be the best in the business and are highly regarded in the numismatic community. They all look for the same characteristics in a coin, Surface, Color / Toning, Marks, Strike and Eye Appeal.
Numismatic Guarantee Corporation (NGC) - NGC was founded in 1987 and is located in Sarasota, FL. NGC graded coins can be identified by slabs with white inserts. Labels are primarily white with a thin gold stripe running along the bottom of the label.
“NGC assigns a plus sign to coins at the high end of their assigned grade, approaching the quality requirements for the next grade. In addition to their superior technical merit, coins receiving a plus designation must have above-average eye appeal.
NGC assigns a star to coins with exceptional eye appeal for their assigned grade.
Eye appeal is the most subjective attribute of a coin, but there are norms and standards shared by numismatists. Exceptional eye appeal may include attributes such as vibrant, colorful toning; intense luster; or, in the case of Proof coins, especially strong cameo contrast. To receive a , coins must be free of any obvious planchet irregularities, and display no bothersome spots or blemishes. Toned coins can be of a single color or multicolored but cannot have any areas that are dark brown, approaching black.”
Professional Coin Grading Service (PCGS)- Founded in 1985 by a small group of coin experts, PCGS boasts having graded over 20 million coins with an estimated value of $20 billion. PCGS is a subdivision of Collectors Universe, Inc. which is publicly traded under the ticker symbol, CLCT. PCGS graded coins can be identified by their clear plastic holders.
American Numismatic Association Certification Service (ANACS)- Touted as America’s oldest coin grading service, ANACS was founded in 1972 by the American Numismatic Association with the mission to get rid of the counterfeit and altered coins that were plaguing the coin community. This was a time when many people could not be certain if the coins they were purchasing, or even selling, were genuine or counterfeit. Something had to be done to protect and uphold the integrity of the coin industry, especially if it was to grow into the mainstream as a hobby and a business.
ANACS slabs can be identified by the clear holders with blue labels.
Sunday, December 5, 2010
Coinage exchange rate established-1750
British silver coins, as well as some British gold coins, found their way to the American colonies. Coins were brought to the colonies by settlers, by British officials and soldiers, as well as by merchants and sailors. Indeed, throughout the colonial period numerous tables were published listing the exchange rate of various foreign coins for a particular colony. In 1750 the Massachusetts legislature established rates of exchange for English coinage, an English guinea passed at twenty-eight Massachusetts shillings; an English crown passed for 6 shilling, 8 pennies local currency and an English shilling equaled 1 shilling 4 pennies in Massachusetts money.
Thursday, December 2, 2010
Irish copper coins arrive in Ireland-1762
In 1760, small copper coins were scarce in Ireland. There had been no farthings issued since 1744 and no halfpence issued since 1755. Both issues were to be minted in 1760, but they did not arrive in Ireland until 1762. The tardiness of issuing the coins was partly due to the death of George II in October of 1760. Voce Populi farthings and halfpence first appeared in Dublin. Very little is known about the origins of these coins, all of which carry the date 1760.
Traditionally they have been attributed to a man named Roche who was a button maker on South King Street in Dublin. It is thought these coppers may have continued to be produced through 1761 using the 1760 dated dies. It is generally assumed their production ceased by 1762 when the regal 1760 coppers finally arrived. It appears both the regal and Voce coppers continued to circulate. Over time these issues were supplemented with regal George III Irish halfpence and many lightweight counterfeit and imitation Irish coppers.
Traditionally they have been attributed to a man named Roche who was a button maker on South King Street in Dublin. It is thought these coppers may have continued to be produced through 1761 using the 1760 dated dies. It is generally assumed their production ceased by 1762 when the regal 1760 coppers finally arrived. It appears both the regal and Voce coppers continued to circulate. Over time these issues were supplemented with regal George III Irish halfpence and many lightweight counterfeit and imitation Irish coppers.
Wednesday, December 1, 2010
Massachusetts Bay Mint Created- 1652
The Massachusetts Bay mint was the first, the most successful, and the longest running of all the colonial minting enterprises. The General Court established a standard of 72 grains of .925 fine sterling silver to the shilling. By minting coins of lesser weight it was hoped they would not be exported out of the Commonwealth. Individuals could bring to the mint anything made of silver, including: silver bars, dishes, candlesticks and jewelry as well as lightweight, counterfeit and even regulation weight Spanish or other silver coins. Anything containing silver was accepted. The items would be assayed and melted down.
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