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 Wednesday, April 16, 2008
Sweet smell of experience
Posted by Dave
I received a couple of cents in change yesterday along with two quarters a dime and nickel. Both lay in my hand Memorial side up. My first thought was one was zinc. The other was copper. I turned them over. Sure enough, that’s what they were. Recognition of this kind is not exactly the most exciting news, but it got me thinking about rolled-up sleeve collecting of the kind we did during the circulation finds era. What is the equivalent today? Collectors of the time looked at huge numbers of coins in hopes of finding a 1909-S VDB cent or a 1916-D dime. I never found either one, or anything that was truly valuable, but I did get an education. I learned what metals looked like. I could tell the difference between silver and copper-nickel without having to look at the tell-tale edge that the general public relied on. I could tell you a date range a coin would fall into from the reverse just looking at the wear. I could tell what a real uncirculated coin looked like versus something that had been played with. None of these so-called skills would be of much interest at a cocktail party because all of the collectors of the day had to wash their dirty fingers after a coin examination session just like I did. But we all learned the texture and feel of real coins and even their smell. What of the collectors of today when they are facing an onslaught of fake coins from China? How will they know the difference if they have basically not handled many or even any of the real ones? If all you do is buy coins that are encapsulated either by the Mint or a grading service, how will you ever learn what we circulation finds collectors learned by simply rolling up our sleeves and diving into a pile of coins?
4/16/2008 9:01:34 AM (Eastern Daylight Time, UTC-04:00)
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 Tuesday, April 15, 2008
Will I regret it?
Posted by dave
I am going to regret writing this. I received an e-mail yesterday. I laughed out loud when I saw it. I share it with you. Look at the upper right portion of the note.  What do you think? It kind of hurts, too. Doesn’t it? Collectors are nothing if not clever. They also appreciate a good joke. This one was too good not to share, but I open a door that perhaps I should leave closed. I do not want to receive the best jokes my readers are aware of. I am not anti-reader. I am not anti-joke, but one of the problems with online communications is the urge to share humor. There is simply too much of it. I do not have time to read it all or take a look at it. Don’t take this blog as an encouragement to send me additional humorous items. Send me the news as always.
4/15/2008 9:01:19 AM (Eastern Daylight Time, UTC-04:00)
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 Monday, April 14, 2008
Eaglet takes to the wilds
Posted by Dave
It likely won’t have an impact on the ultimate sales totals for the Bald Eagle commemorative coins being sold this year, but the Mint nonetheless deserves applause for a public relations feat on behalf of the program. Country music singer Dolly Parton participated April 10 in the release of an eaglet by the American Eagle Foundation at Douglas Lake near the Great Smokey Mountains in Tennessee. Not to denigrate the appeal of the star, but coin collectors are a stubborn bunch. They make up their own minds. They don’t easily get stampeded into doing something by noncollectors. Fortunately, the coin program is an appealing one. Eagle images have appeared on the coins of the United States since the U.S. Mint opened. Some looked scrawny. Some looked majestic. Some, such as the one on the Bridgeport, Conn., commemorative looked positively supersonic. But, hey, showman P.T. Barnum is on the other side. What other kind of eagle would have suited him? Collectors like our national emblem. They have strong attachments to the images and strong opinions about how they look. They probably are pleased to be joined in this appreciation by Parton. The Bald Eagle program adds some new renditions that collectors seem happy with. Roughly half the silver dollars and $5 gold pieces have been sold. Perhaps all of the coins will sell out by the end of the year. Whether they sell out or not, the appearance of Dolly Parton in a related event creates a long-lasting positive memory of the program that we will be recalling for many years as we write about it in the future.
4/14/2008 9:02:05 AM (Eastern Daylight Time, UTC-04:00)
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 Friday, April 11, 2008
Recession with a twist
Posted by Dave
The United States may be in a recession. There seems to be something close to an economic consensus on this point, but what a peculiar one it seems to be when sitting in my chair. Everybody sees life from his own perspective and what I am seeing strikes me as odd. I had to go to the dentist yesterday. Two and a half hours in the chair is no fun, but it is sometimes necessary. On my way back to the office, I heard an advertisement on my car radio from an area employer urging people to apply for jobs there. This ad by itself would probably signify nothing, but it occurred during a period when I am also seeing an ad on a local TV station where another company is seeking qualified employees. I don’t remember any recession where advertisements were airing looking for workers. Now I am old enough to have seen enough downturns to know that they all have characteristics in common, but they also have their own unique stupidities that either caused them or contributed to them, but I don’t want to write about subprime loans. Perhaps the underlying economy is redefining itself. Fewer financial workers in Manhattan, more jobs in central and northeast Wisconsin. We will see. As evidence of the downturn, there seem to be fewer people eating at the Crystal Cafe during my lunch hour. People are there in large enough numbers when Social Security payments have made it to the local bank, but as the month goes on, I am seeing less of the work lunch crowd. I also carefully look at my change. Times of economic stress tend to flush out older coins and notes. I have begun to see that. Wednesday I had pie for dessert, so my change from my $9.97 tab was just three cents. All three were the 95-percent copper alloy that hasn’t been produced since 1982. The week before I got some older $1 Federal Reserve Notes. One was a Series 1981. Whoa, that surprised me. Others were Series 1995, so I quickly scanned them to see if they were Web notes. They weren't. Darn. Overall, I can’t say that there is no recession, only that it has peculiar ramifications. What are you seeing in your area?
4/11/2008 9:04:13 AM (Eastern Daylight Time, UTC-04:00)
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 Thursday, April 10, 2008
Maryland deserves our thanks
Posted by dave
I take my hat off to the State of Maryland. It is not everyday a story comes to my attention where a state legislature rallies to the needs of the coin dealer community, but just such a story came to my attention yesterday. There is a trader licensing law that kicks in if dealers attend more than three shows each year in the state. Ordinarily, nobody in numismatics would pay attention to its provisions, but because the Baltimore show is now three times each year and the American Numismatic Association World’s Fair of Money is slated for Baltimore in July, provisions of this law could have kicked in and created headaches for the nation’s coin dealers. Well, what happened was the owners of the Baltimore show, Whitman, teamed up with the ANA and the Industry Council for Tangible Assets to lobby the Maryland legislature about the issue. And in a legislative wink of an eye (not four or five years) Maryland modified the law to allow coin dealers the freedom to attend the four shows without triggering the provisions of the licensing law and without Maryland seeming to massively rewrite the law at the behest of a special interest. It is a win-win situation all the way around. This outcome gives us all another reason to love to go to Baltimore for a numismatic convention. Thanks, Maryland. Whitman, ANA and ICTA deserve our praise as well.
4/10/2008 8:58:43 AM (Eastern Daylight Time, UTC-04:00)
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 Wednesday, April 09, 2008
Seasons still come
Posted by Dave
I had to shovel snow this morning. We had an inch or two of heavy slushy snow overnight. It was far worse to the north and east, so I won’t complain. I will use the snow as a timely reminder of the seasonality of the coin hobby. Sooner or later it will truly warm up and stay warmed up. Then collectors, being only human, will embark on their summertime activities. Whether it is gardening or water skiing, I don’t know, but their attention will shift away from the hobby and to other things that have to be done in the seasonal moment. This means coin collecting will slow down a tad. Most years it does. The truly hot years override the seasonal pattern, but even with bullion as high as it is, conditions don’t seem to me to be such that the seasonal pattern will be overruled. The question in my mind is will hobbyist choose to take time away from the hobby in the weeks of summer prior to the American Numismatic Association World’s Fair of Money at the end of July in Baltimore, or will they choose the weeks afterwards? Or will the law of averages work out to evenly spread the downtime among all collectors? This question is too deep for me. Suffice it to say that if there is a noticeable slowdown this summer, that is an ordinary event. It won’t be the end of the hobby as we know it. It will be more like the hobby as old-timers have always known it. The same thing is true with this snow. It doesn’t snow every April 9 in Iola, but it happens often enough to keep the idea alive in my memory. As Chet Krause told me once, the only month he hasn’t seen snow in Iola is August. That’s a scary thought.
4/9/2008 8:54:35 AM (Eastern Daylight Time, UTC-04:00)
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 Tuesday, April 08, 2008
If not Presidents, who or what?
Posted by Dave
If Ronald Reagan is put on a silver dollar to mark the 100th anniversary of his birth in 2011, would you buy it? Legislation has been introduced in the U.S. House of Representatives calling for just such a coin. H.R. 5235 was introduced Feb. 6 by Reps. Elton Gallegly and Roy Blunt. Politics aside, numismatics is a field where collectors constantly complain that the only designs we see are Presidential faces, yet proposals continue to flow to add more Presidential faces. It seems that in the 10 seconds of thought the average politician gives to such suggestions, you need instant recognition. Love him. Hate him. Sign me up. Get that away from me. It’s quickly over, up or down. Reagan already will be honored with the other Presidents in the Presidential dollar series. I expect if he appears on a classic commemorative silver dollar, he will probably sell well. But what commemorative topics do we forego when we fall back so quickly and easily on Presidents? How about coins to help the National Park system? This legacy of land and natural beauty has been bequeathed to us by our ancestors. Wouldn’t a few extra commemorative dollars do more good here to keep them in pristine shape? The sesquicentennial of the Civil War years begin in 2011. Should we not remember them and reflect on their historical legacy? It is always a losing game to say my ideas are better than your ideas, but we never even get a chance to discuss ideas in the first place because the default setting on coinage matters points to Presidents.
4/8/2008 9:06:01 AM (Eastern Daylight Time, UTC-04:00)
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 Monday, April 07, 2008
What was that noise?
Posted by Dave
I am told the power failed in this building Friday night. Those who were in the building heard a noise. The electrical cable shorted out. It was replaced on Saturday, but the server connections were lost. The connections have just been restored and that puts me a bit behind on my usual Monday routine. I haven't been able to check the markets yet. What do they call gold withdrawal? I haven't been able to check other sites that are my morning routine, though I will catch up as soon as I finish this. Staff normally has a Monday morning meeting and I was contemplating handing out a handwritten list of things that we are working on, but fortunately that has now become unnecessary. In the wired world, it is amazing what happens when you become unwired. Perhaps that word can become a synonym for "unglued," which was coined in an earlier time.
4/7/2008 9:10:54 AM (Eastern Daylight Time, UTC-04:00)
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 Friday, April 04, 2008
Where's speed when I need it?
Posted by Dave
I hope it isn’t going to be one of those days. It has taken 10 minutes just for me to sign into my computer and get everything up and working. I have a lot of work to do on the 2009 edition of the North American Coin and Prices book. The charts of price performance need updating. These are a record of how certain coins have fared on the market since 1972. Some have really zoomed. Some have been up gently. The data is interesting to look at. This year’s pattern seems to be that the truly rare stuff, like an 1802 half dime or an 1878-S half dollar, did incredibly well. The half dime in F-12 jumped from $40,000 to $85,000 and the half dollar went from $22,000 to $45,000 in F-12. The meat-and-potatoes stuff, like an F-12 1914-D Lincoln cent, moved ahead by just $10 to $395. None of these issues would get any points for being anywhere near the finest known. It is nice to see that solid collector coins have a strong underlying demand. I suspect that the two that did so well might have been a bit underpriced in the 2008 edition, but even so, the numbers are strong. The year 2009 will be the centennial of the Lincoln cent design and I would expect that prices will accelerate higher for the key and semi-key collectible dates. Wish me luck. If it took 10 minutes to sign in, I don’t know what the spreadsheet is going to do to me.
4/4/2008 9:01:39 AM (Eastern Daylight Time, UTC-04:00)
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 Thursday, April 03, 2008
Say thanks at the next show
Posted by Dave
It occurred to me one night as I drove into the parking lot at the public golf course in Iola what coin collectors must look like to the outside world of noncollectors. I pulled into the lot, which had a dozen or so arrivals ahead of me for a Monday night Lions Club meeting. I was struck by the visual sight. Most of the vehicles were different from one another. There were SUV’s, vans, pickups and a sedan or two. But they were all a shade of gray. There was not a single red or blue shade to be found. Then here I am pulling in with my white car. I stuck out like a sore thumb, at least until some other vehicle of a nongray color pulled into the lot. Well, that’s how it can feel being a coin collector in a world of noncollectors and why so many of us are sensitive for our own security. Some dealers don’t like to have their photographs taken or give quotes at shows because they feel it compromises their security. Some readers write an e-mail or letter to share their opinion, but they do not want their identities known. They want to be a part of the hobby. They want their opinions to be shared, but they feel that they might stand out a bit too much if they go too far. I can understand that. In some sense, we are all white vehicles in a gray world and we do our best to not gratuitously call attention to who we are or what we do. That’s why I am grateful for the job done by the security officers that make every show the safest it can be. When was the last time you said thanks to one of those individuals? That’s a good question for me, too. Fortunately for us all, these security officers do their jobs and we benefit. Add in elementary precautions for ourselves and that is generally sufficient. But the warning of the white car in a gray-car world is don’t get careless.
4/3/2008 9:03:05 AM (Eastern Daylight Time, UTC-04:00)
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 Wednesday, April 02, 2008
What did you do yesterday?
Posted by Dave
Is it just me or was there more April Fool’s stuff around this year than last? I enjoy a good joke and a good laugh, but what happens when Web searches five years from now turn up April Fool’s stories? Speculative questions aside, yesterday was no joke for the U.S. Mint. It began offering the 2008-W uncirculated gold American Eagle coins. I can’t imagine that the urge to buy was quite as strong as it might have been last week. Gold dropped below $900 an ounce and closed at $882.90. I know the Mint cannot price its offerings based on hourly or daily price fluctuations, so the appropriate response to yesterday is to do nothing and let markets go where they will. Even with a strong urge to be the first on the block to own the 2008-W coins, I imagine many potential buyers were doing the calculations as the day progressed. Let’s see, the one-ounce coin is priced at $1,119.95. That’s nearly a 27 percent mark-up from yesterday’s close. Buy now? Wait? Buy now? Wait? If the price of gold pops higher today, the reluctance to buy is reduced as it gets replaced by a fear of missing out on a buying opportunity. We will know how things went when the first sales statistics come out, but that is at least a week away. Were you a first day buyer, or a first day hesitater?
4/2/2008 9:00:02 AM (Eastern Daylight Time, UTC-04:00)
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 Tuesday, April 01, 2008
Going for another kind of gold
Posted by Dave
I see gold has slid below $900 this morning and silver is under $17, but I don’t want to dwell on those numbers as I write this. I have just returned from a one-day show put on by the Mansfield Numismatic Society in Willimantic, Conn. It was held Sunday, March 30. I spent yesterday morning in transit. My mission was to give two Numismatic Ambassador Awards. The award is given to hobby workers and volunteers who make organized numismatics what it is. The first recipient was C. John Ferreri. He has been the show chairman since the first one in 1973. The place the award was given was at the entrance to the old high school gymnasium that is the location of the 75-table show. Roger Durand blew the whistle at about 11:50 a.m. like a high school basketball referee and the room became silent – if you can imagine such a thing on a bourse floor. However, I had spent more than half an hour prior warning dealers at their tables that it was going to happen and not to think something was wrong. I cited Ferreri for his work with the MNS and many in the room spontaneously clapped. As the president of the MNS said, afterwards, “John is the man. He’s the life blood of the club.” As a surprise, we had persuaded the second recipient to travel down from the Boston area to be present to see Ferreri receive his award. Then the second award went to Tom Rockwell of North Andover. He is, I believe 96 years old, and he has been a stalwart in three clubs, the Boston Numismatic Society, where he has been secretary, the Currency Club of New England, where he has also been secretary and the Boston Numismatic Society, where he has been treasurer. Adding all of the terms together, he has spent about 100 years as a hobby volunteer according to Durand’s arithmetic. “I never thought I’d get it,” the surprised Rockwell told me over and over again as we posed for photos with the plaque. Well, the people at the show thought it was about time they both got the awards. I was happy to be in the right place at the right time to make it so. Then it was back to business.
4/1/2008 9:00:07 AM (Eastern Daylight Time, UTC-04:00)
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