Trick Or Treat

In celebration of All-Hallows-Even, the Coin Collectors Blog presents some of the 2011 numismatic trick-or-treat.

25th Anniversary American Silver Eagle Set

TRICK: Anyone who tried to order the 25th Anniversary American Silver Eagle Set starting at 12:00 Noon ET on Thursday, October 27 found that the U.S. Mint provided the most recent trick by not being able to keep up with the ordering demand

TREAT: If you were able to order your set, it should be a fantastic collectible.

American Numismatic Association

TRICK: There is never a good way to handle certain personnel issues. But regardless of whose feelings were hurt, the last statement issued by the ANA Board of Directors was unnecessary, uncalled for, and really lacked and an adult approach to a tough situation.

TREAT: The ANA actually using social media to reach out to members and respond.

American Numismatic Association, Part II

TRICK: The ANA Board of Directors making a myopic decision on how to handle club tables at their shows. Rather than make simple rules saying that the tables must be staffed at all times except during meetings, the Board went beyond reasonableness and added restriction as to how many clubs could share a table.

TREAT: A regional organization could have one table with the support of member clubs and tangentially fit within the rules. After all, these are “members” under one umbrella organization and only members will be staffing the table without violating the ANA’s ridiculous rules.

Over productions of Presidential Dollars

TRICK: National Public Radio did a highly inaccurate story about how the Federal Reserve is holding more than $1 billion in dollar coins in its vaults costing the taxpayers money.

TREAT: Rep. David Schweikert (R-AZ) introducing H.R. 2977, the Currency Optimization, Innovation, and National Savings Act (COINS Act) to transition the U.S. from paper dollars to coins. Add to this the unconfirmed rumor that the “Super Committee” is considering adding this to their final bill.

The United States Mint

TRICK: Since the resignation of Ed Moy as Director of the U.S. Mint, the position has gone unfilled.

TREAT: Since being hired as Deputy Director on January 25, Richard Peterson has lead the U.S. Mint in a professional manner questioning whether the U.S. Mint really needs a politician as a director. As for the problems occurred while ordering the 25th Anniversary American Silver Eagle Set, it could be said that the systems not being able to keep up with the loads are a residual problem left over from the previous director not managing the technology properly.

CCAC Blueprint Report

TRICK: As a concept, the Citizens Coinage Advisory Committee’s report “A Blueprint for Advancing Artistic Creativity and Excellence in United States Coins and Medals” should not be controversial. However, it seems that the CCAC has found two ways of making a good idea irrelevant. First, the CCAC, whose first “C” stands for Citizens, forgot the citizens. They created the report and did not ask for comment from the citizens. Even though I provided comments, I was basically told, “Thanks, but no thanks.” It would be nice if they were inclusive. The other TRICK was that the report has appeared to have become shelfware—a document sitting on the shelf without impact.

TREAT: Even with the issues in the report, it is a step in the right direction and should be something the U.S. Mint should be working on now!

What are your numismatic trick-or-treats for 2011?


Image is of a 2007 $200 commemorative casino token from the Four Queens Hotel & Casino, Las Vegas, NV. Image is courtesy of the Silver Strikers Club. Details of this token can be found on the Silver Strikers Club website.

Exploring Charlotte Numismatically

Many years ago, my father accepted a job with a company named North Carolina National Bank in Charlotte. Growing up on Long Island, I knew this was going to be a culture shock. What I knew about the south was printed in the newspapers. No matter how my parents tried explain that living in Charlotte was not that bad, I was skeptical. It did not help when my parents bought a house just beyond the city limits in a neighborhood with no street lights and was very quite. A sharp contrast from an area that was across Jamaica Bay from JFK Airport!

Charlotte is an interesting city with some interesting quirks. For as long as I remember, Charlotte has always been concerned with its image. Charlotteans are so worried about what the rest of the world thinks of them that they lose sight with the concept of “just be yourself.” While this attitude continues, Charlotte has moved up in the “major leagues” by concentrating on itself and building itself into something more than a 2½ horse town and Atlanta’s little sister.

One thing that Charlotte has going for it is that it is really the financial capital of the south. Charlotte is second to New York as being the largest banking centers in the U.S. Charlotte was the home of that little bank named North Carolina National Bank. Today, that bank operates under the name of Bank of America. It also was the home of First Union before being bought by Wachovia which was later purchased by Wells Fargo. Charlotte is the home of Wells Fargo’s east coast operations.

I bring this up after reading a Charlotte Observer story, “Museums of Money”that appeared last week on their website. The story begins by reminding us that Charlotte has had a long financial history dating back to the 1799 discovery of gold of Conrad Reed’s farm along Little Meadow Creek in nearby Cabarrus County. Conrad’s son John further explored the area in 1802 and began mining operations in 1804. The Reed Gold Mine is now a privately owned historic landmark open year round to visitors. You can still pan for gold to find the slivers still floating in the waters.

The story was prompted by the opening of the new Wells Fargo History Museum in the building they purchased from Wachovia in downtown Charlotte. The museum pays tribute to the gold and banking heritage of the area along with the history of Wells Fargo dating back to its founding in 1852. You can read about Wells Fargo’s history on line and see some the artifacts at their museums nationwide at www.wellsfargohistory.com.

Another museum mentioned is Mint Museum of Art. With the discovery of gold in the Charlotte area, congress authorized the first branch mints outside of Philadelphia. The U.S. Mint in Charlotte was opened in 1837 and was the first mint ousted of Philadelphia to strike gold coins. The Charlotte Mint produced over $5 million in gold coins until it was taken over by the Confederacy after North Carolina seceded from the Union in 1861. After the war its status was changed to an assay office. When the building was set to be demolished in 1931, a group of private citizens bought the building and moved it a few miles south of its downtown Charlotte location. The building was rededicated in 1935 as the Mint Museum of Art. Today, the museum has expanded to a new location in downtown Charlotte and the location of the original Mint building is called Mint Museum Randolph. The Randolph location has a small gallery dedicated to when it produced coins including a model of the layout showing where the coins were struck and stored along with examples of the half and quarter eagles struck at the old Mint.

Not to be outdone, Bank of America has a its flagship museum at its corporate headquarters in Charlotte. The Bank of America Heritage Museum does focus more on its heritage from its founding as North Carolina National Bank in 1961, but does recognize the full history of all the banks that it acquired over the years which dates its history back to The Massachusetts Bank founded in 1784. If your interest leans to the Bank of America before being purchased by Nations Bank, their museum in San Francisco will provide you with that opportunity. For those not in either location, the Bank of America Heritage website provides some information of interest.

One museum of note was the Levine Museum of the New South and its permanent exhibit “Cotton Fields to Skyscrapers.” This award willing museum concentrates more on the growth of Charlotte and the area from the end of Civil War until today. One of the exhibits shows one of the first ATMs developed by IBM in Charlotte first used by First Union bank.

So if you are in, near, or traveling to Charlotte, these are all good places for a numismatist to go and explore.

Silver Eagle Set Sells Out, But...

After going on sale at noon, the U.S. Mint changed the catalog page for the 2011 American Eagle 25th Anniversary Silver Coin Set to say the sets have been SOLD OUT at 6:00 PM.

Those of us who were able to order sets found that the U.S. Mint early was faced with slow response time at the website and busy signals on the phone. In fact, the phone system was the most frustrating. After calling 1-800-USA-MINT, the interactive voice response (IVR) system answered and presented the options. After pressing "1" to order products, we were told “Your call may be monitored for quality assurance purposes.” Sometimes, it was followed by a message saying that I was selected to participate in a survey after the call. But I never got to the survey when the call reverted to a busy signal.

The website was no better. Many times it did not respond. When it did, users could only get back to the front page. After being able to select the sets and change the quantity, trying to check out became an act of futility. For the first hour, if you could get back to the online shopping cart, requests to checkout was not responded to by the U.S. Mint servers.

Fifty minutes into this adventure, my call sailed past the intro to actually place me on hold. A few moments later, a pleasant woman answered the phone and helped me place my order for five sets, the household limit.

Once the order was completed, I turned back to the computer and continued trying to place an order anyway. After trying for 90 minutes, I gave up and decided to have lunch.

U.S. Mint ordering limits prevented a quicker sellout. Two friends were able to order sets by phone at 3:00 PM. They called from work and each placed their order with the same representative.

Although I do my work for a different government agency, we always attempt to architect the systems, including the VRS, for the worst case scenario. Although predicting the maximum load and how to build systems is more of an art than a science, there are tools that helps the performance engineers’ job easier. The U.S. Mint should consider finding system engineers who come with performance engineering support to fix their systems.

Now that I have that off my chest, I am looking forward to seeing this set, especially the reverse proof. The reverse proof was the highlight of the 20th Anniversary set and should be the highlight of the 25th Anniversary Set.

E-Numismatist Now Available for Android Phones

The American Numismatic Association announced today that users of Android-based smartphones can now read The Numismatist electronically. While the app is free from the Android Market, members are required to login in order to be able to read The Numismatist electronically.

This expands the ANA’s electronic reach following the release of their iPhone app and HD version for the iPad. You can read “Review: E-Numismatist Is Worth Its Quirks” for more about the iPhone and iPad apps (rated MS63).

CALL FOR REVIEWERS

Since I do not own an Android device, I am inviting a guest reviewer for this app. If you are an ANA member with the ability to log in and read The Numismatist electronically, I will publish your review here on the Coin Collectors Blog.

Guidelines:

• Before sending me the review, you must contact me via email (I don’t want to be bombarded with reviews)
• Your review must include screen images of the running app (see my review of the iOS apps as an example)
• Your review must conclude with a rating on the 70-point Sheldon scale with a short justification
• Reviews are subject to editing (spelling and grammar) and reviews by both of us before posting
• I will also need a proper spelling of your name for the by-line and an email address for readers to contact you

Your review will be a great service to the numismatic community and you will have my gratitude.

Perth Mint Introduces 1 Tonne Gold Coin

Early this morning U.S. time, the Perth Mint unveiled the world’s largest gold coin. The 1 Tonne Gold Kangaroo Coin is made from 99.99-percent pure gold, weighs one tonne (1,000 kilograms or 2,204.62 pounds), is 80 centimeters (31.49 inches) in diameter, and 12 centimeters (4.72 inches) thick. The obverse features Queen Elizabeth II and the reverse features a Red Kangaroo. The coin has a face value of AU$1 million ($1.04 million U.S. Dollars) and contains $55.23 million in gold (at the spot price $1718 per troy ounce).

Perth Mint surpassed the effort by the Royal Canadian Mint whose 2007 CA$1 million face value coin, made with 99.999-percent pure gold, and weighed only 100 kilograms.

Why did the Perth Mint do this? As a publicity stunt, of course. In a video produced by the Perth Mint (see below), the director said that it will be part of their exhibit for the 100,000 people per year who come to visit their facility. Certainly, the chance to see the World’s Largest Coin will be an attraction that will increase the number of visitors.

You can see how the Perth Mint made the coin in their video below.

25th Anniversary Silver Eagles Price Set

On Thursday, October 20, the U.S. Mint not only confirmed that the American Eagle 25th Anniversary Silver Coin Set at noon Eastern Time (ET) on October 27, 2011, but that the price was set at $299.95 with a limit of 5 sets per household. The U.S. Mint caveated the price noting that the price is subject to change depending on the price of silver.

Earlier this week, I attempted to predict the price of the set. At that time, the guess was $368.95 with the price of silver at $42—which was the price when I did the calculations, not posted the article. If we give me the approximate $10 drop in silver ($50 for five coins), and take away the 33-percent markup ($16.50) should have lowered my guess to $312.45. That would be only a $13.50 difference. So my guess was only significantly off by my assumed price of silver.

Spin aside, I am looking forward to this set. Hopefully, their website will stay up long enough to allow me to place my order!


Image courtesy of the U.S. Mint.

Help Protect the Ancient Collecting Hobby

I received this in email and thought it was important enough to reprint here.

This message is being transmitted on behalf of the Ancient Coin Collectors Guild (ACCG) concerning an urgent matter that affects all collectors of ancient coins.

What is being asked of you is to take 5 minutes to write a comment to the State Department’s Cultural Property Advisory Committee via a website. Please submit your comment once by the deadline of November 2, 2011, 5pm EST.

Please consider sending this to any coin collector you know:

The US State Department is seeking public comment on a new request for import restrictions made on behalf of Bulgaria. To submit comments electronically to the State Department’s Cultural Property Advisory Committee (CPAC), go here: http://www.regulations.gov/#!submitComment;D=DOS-2011-0115-0001. For further details of the request, see http://exchanges.state.gov/heritage/whatsnew.html.

What is at issue?  Despite President Obama’s efforts to foster government transparency, the State Department has not indicated whether coins are part of the request. Nonetheless, based on recent history, it is probable that import restrictions on coins will be proposed. As a practical matter, this means the State Department and US Customs may be considering restrictions on tribal coinages from Thrace, coins of Greek city states like Apollonia Pontica and Messembria, Roman provincial coins struck at Bulgarian mints, and even some Roman Imperial coins. It’s also possible that any restrictions will include later coins as well. Though details are few, the public summary the State Department has provided indicates that Bulgaria seeks import restrictions on objects from 7500 B.C. to the 19th c. AD. If restrictions are imposed on coins, many common types will likely become so difficult to import legally that they will become unavailable to most collectors.

Why bother?  Large numbers of coin collectors have made their concerns known to CPAC. Recently, 70% of the comments CPAC received on an MOU with Greece were from concerned coin collectors. Even though recent extensions of import restrictions to certain Greek and Roman Republican coins from Italy and on coins from Cyprus despite the vast amount of public comment make it easy to become cynical, public comment can at least help moderate demands for import restrictions. For example, the archaeologists actively sought import restrictions on Roman coins as well during the discussions about the Italian MOU, but they remain exempted, and thus easy to obtain on the open market, likely due to the 2000 or so faxes CPAC received from concerned collectors.

What should I say?  Tell the State Department and CPAC what you think about the bureaucracy’s efforts to deny you the ability to collect common ancient artifacts that are available worldwide. You might also might consider noting that coins from Bulgarian mints are common and often very inexpensive. Tens of thousands or hundreds of thousands exist in collections around the world, and because of the low price the vast majority of these coins will never have been through an auction and will have no verifiable provenance.

If you are having trouble commenting from the direct link above, go to http://www.regulations.gov and search on docket number DOS-2011-0115. Further information about regulation.gov, including instructions for accessing agency documents, submitting comments, and viewing the dockets, is available on the site under “How To Use This Site.” Kindly note that your comments will be public so avoid conveying any personal information, and, of course, be polite in commenting on the issue.

Please submit comments just once, before the cutoff of 5:00 PM EST Nov. 2, 2011.

NOTE:  Click this link to see the Notice of Receipt of Cultural Property Request From the Government of the Republic of Bulgaria.


From a note sent by vauctions.com.

Learning From a Non-Numismatic Catalog

This week I received the “Gift Preview 2011” catalog from Hammacher Schlemmer. Within its pages was a note that said that during the Civil War, Hammacher Schlemmer was allowed to strike their own coins because of a shortage of circulating coinage. Their “Rebellion Tokens” was made from copper.


If you are not familiar with Hammacher Schlemmer, the company started in 1848 as a hardware store. As time went on, the company expanded into high-end merchandise that was high quality and highly innovative. For the last three decades, Hammacher Schlemmer has supported innovative inventors through its Hammacher Schlemmer Institute testing and reviewing new products to sell to their clientele. The claim that they are America’s longest running catalog with over 168 years without interruption.

Not only does the catalog have interesting items, but interesting facts about Hammacher Schlemmer.


Image taken from the Hammacher Schlemmer “Gift Preview 2011” catalog.

Predicting the Price of 25th Anniversary Silver Eagle Set

Several stories have confirmed that the American Eagle 25th Anniversary Silver Coin Set will go on sale October 27, 2011. Shipping is expected to begin in late November.

The United States Mint American Eagle 25th Anniversary Silver Coin Set will include five one-ounce American Eagle Silver Coins:

1. one proof coin from the United States Mint at West Point
2. one uncirculated coin from the United States Mint at West Point
3. one uncirculated coin from the United States Mint at San Francisco
4. one reverse proof coin from the United States Mint at Philadelphia
5. one bullion coin

All five coins will be mounted in a custom-designed, highly polished, lacquered hardwood presentation case accompanied by a Certificate of Authenticity.

The U.S. Mint plans to produce 100,000 of these set with a limit of 5 sets per household. The prices has still not been set.

If we were to speculate on the potential price of this set, we can look at the cost of the 20th Anniversary American Silver Eagle Set. In August 2006, when the 20th Anniversary set when on sale, $100 purchased a 2006-W Proof, 2006-W Burnished, and 2006-P Reverse Proof coins. That year, the U.S. Mint sold the 2006-W Proof Silver Eagle for $27.95 and the 2006-W Burnished Eagle for $19.95. Using the proof price for the reverse proof, the total cost was $75.85. By pricing the set at $100, that is a 33-percent markup.

For the 25th Anniversary American Silver Eagle set, there are two proof coins currently selling for $29.95, two uncirculated coins now selling for $50.95, and the current price of silver is $42—but these calculations will use the price of the uncirculated coins currently on sale at the U.S. Mint as a basis for this speculation. With these prices, the total cost of the coins are $272.75. Given that the 20th Anniversary set was marked up about 33-percent, the total cost with the mark-up is $362.75.

Adding to the costs will be the “custom-designed, highly polished, lacquered hardwood presentation case accompanied by a Certificate of Authenticity.” This differs from the cardboard-based packaging that was used for the 20th Anniversary set. Aside from the labor, the U.S. Mint has to account for materials. Therefore, the speculative cost of the set will be $368.95.

Remember, you heard it here first!

ANA Successfully Uses Social Media

As easy as it is to criticize, it should be just as easy to complement. I want to complement the American Numismatic Association, specifically, whomever is responsible for the @ANACoins Twitter account. If you have not been following the tweets for @ANACoins, the updates have been reporting the goings on at the ANA National Money Show in Pittsburgh.

During the open Board of Governors meeting on October 14, person using @ANACoins had the following conversation:

	ANACoins ANA Under proposal, clubs would get free club tables but all tables would have to be staffed. #ANAshows 14 Oct
	CoinsBlog CoinsBlog @ANACoins How about shared club tables so clubs can pool resources? 14 Oct
	ANACoins ANA @CoinsBlog 2 clubs are allowed to share one club table under the proposal. Thanks for the question. 14 Oct
	CoinsBlog CoinsBlog @ANACoins What about a regional org like MSNA and its member clubs? 14 Oct
	ANACoins ANA @CoinsBlog That's something we need to clarify. I've shared your tweet with Gov. Greg Lyon. We'll get an answer on that. 14 Oct

I am happy that someone is responding to their Twitter account and I hope to hear from Greg Lyon during the week.

Numismatics On Television

Those watching television in the evening had the opportunity to watch two shows were numismatics played a role in the story. On Monday night, CBS’s Hawaii Five-0 had a story that included Spanish gold escudos and the Hawaii over-print dollars.

After a child found a disembodied hand floating in the water, the fingerprints identified its former owner. When they went to search his home, the Five-0 team found Spanish gold coins soaking in a tank of water. McGarrett and Danny Williams went to a local museum to learn that a Spanish galleon carrying a cargo of gold coins sunk near the islands. Being good detectives, Five-0 traces the search for the galleon to a diving company that specializes in searching for lost treasure. As part of looking for the rest of the body, Five-0 and the Coast Guard finds an abandoned boat—or what they thought was abandoned. This leads them to go diving to see what was below the surface.

In an underwater wreckage, they find a body. When the body was examined, the wallet contained currency that was washed out. Using whatever forensic techniques they used to identify the note, they enhanced the image to find that it was a Series 1934A Federal Reserve Note issued in 1942. The forensic scientist explains how the Hawaii overprint notes were issued in case the notes were captured by the Japanese during an invasion. If that happened, the notes could be demonetized, making them useless.

The note was used to help identify the body and the gold escudos were used to trace who was responsible for the murder.
To see the full episode of “Mea Makamae,” you can watch it on CBS’s website here.

One of my favorite shows is History Detectives on PBS. For those who have not seen the show, History Detectives explores the history behind artifacts that people find or are handed down by family members to discover its history and the history behind the objects. Anyone who loves history may want to add History Detectives to your must see list.

This past week, Gwen Wright, who is also a professor of architecture at Columbia University, investigate a stock certificate issued by the Harlem Associated Heirs Title Company.

The person who initiated the investigation was a collector of stock and bond certificates, a part of numismatics called scripophily. Those who collect these certificates have interests in financial history, the signatures, or artwork on the certificates. Early certificates were hand autographed by the presidents and treasurers of the companies making them more desirable. Today, stock certificates are a thing of the past since stocks are transacted electronically.

In this investigation, Wright traces the certificate to the history of Harlem. Originally, the area we know as Harlem was a remote area of Manhattan island, far away from what we know today as downtown where most of the people lived. The area was dotted with exclusive vacation homes of the rich with a section of land that was granted to a group of people. By the end of the 19th century and into the early 20th century, New York City grew so much that Harlem was no longer a remote area and the city worked with developers to develop the land regardless of alleged ownership. The Harlem Associated Heirs Title Company was a group who tried to reclaim the property after the turn of the 20th century.

Of course I left out some details. Watch the segment from this week’s show:

Watch the full episode. See more History Detectives.

Dear ANA Board: SHUT UP!

Late Thursday afternoon, the American Numismatic Association Board of Directors issued a statement in response to Larry Shepherd’s statement on his employment situation.

The problem is that the statement does not say anything of substance. It did say that Shepherd hired legal counsel who suggested that Shepherd was defamed. In response to that, the Board said that they made “an effort to avoid a rancorous, public discussion on personnel matters which are normally best left private.” If so, then why issue a statement?

The statement says that the Board “ended” their employment relationship with Shepherd yet seems to be concerned that Harlan Berk’s statement said Shepherd was fired. However, a person does not have to be a rocket scientist to know that after it was announced Shepherd was put on leave during an investigation and then his employment was “ended” to put the two events together to guess he was fired. In fact, my post on that day was “ANA Fires Shepherd.”

Again, this statement does not say anything of substance. But it appears that the Board feels they have to defend themselves. If the Board did not do anything wrong, what are they defending? Then to have Cliff Mishler, past president and current governor, make a statement, it makes them appear like they are trying to hide something.

What are the ANA Board of Governors hiding?

The ANA released their statement, Harlan Berk had his say, then Shepherd responded. Everyone vented and that should be enough. Why did the Board of Directors have to respond? What are they hiding?

The Board’s statement concludes:

It is most unfortunate that Mr. Shepherd has resorted to a public discussion that the ANA cannot comment upon, instead of moving forward in a dignified manner. We are deeply saddened by his decision. Rather than dwell on past mistakes, the ANA will move forward and fulfill its educational mission to serve the best interests of the entire numismatic community.

If you do not want to “dwell on past mistakes,” then just SHUT UP!

The Passing of a Legend

Last night saw the passing of Steve Jobs, a computer industry pioneer who revolutionized more than the computing industry. Jobs revolutionized how technology influences our lives and culture. That technology has even had an effect on this blog.

I bought my first Mac in 2002. I had heard about the new Mac operating system MacOS X and I wanted to learn more, so I decided to find a used Mac to play with. At the time, my company was holding a surplus auction where they would auction computers and peripherals that were beyond their life cycle. That year, the company decided that they would standardize on Windows and those with Macs would have to give up their machines. I bid on a PowerBook G3 that was code named “Wall Street” and won. I bought a copy of MacOS X Jaguar (10.2), more memory and started learning the Mac.

This was the time of the “switcher” commercials. One commercial was a woman who talked about how she was able to recover pictures from her digital camera to save Christmas. It was not Christmas time, but I was sitting with a cheap digital camera I bought to try out digital photography and having a difficult time getting the drivers loaded under Windows 2000 (remember, this was in 2002). I opened the PowerBook to try that computer. I plugged in the camera and was searching for the camera’s instructions when I noticed that not only did iPhoto start, but recognized the camera and asked if I wanted to import the photos.

To say I was blown away would be an understatement. It was easy and ordering prints online from Apple were easy and not expensive. I was hooked. I transitioned everything from the Windows machine to the Mac and never looked back. Today, I am using my third Mac. I write and manage this blog using a 27-inch iMac (late 2009). Sweet machine!

That ease of use runs through Apple’s product line and was Steve Jobs’s vision. Digital music players existed before the iPod, but Jobs lead his team to do better. From the iPod to the online digital music store, iTunes, Jobs and Apple revolutionized the electronic music business like nobody has. This portable player also lead to the revolution that are podcasts that expanded our access to information. As I look down on my desk, there is my 6th generation iPod Nano that I will clip to my shirt to listen to podcast on the go.

There were smart phones before the iPhone, but after Jobs rejected two prototypes, he gave his most exciting keynote address (called a "Stevenote") where he introduced a single device to surf the web, listen to music, and a cellular phone—no stylus required. Then, Apple adapted the concept of programming the phone (other than by web pages) and the app store was born. In the app store, we find a number of apps that have been reviewed here including The Numismatist reading app.

The last coin show I went to, I saw a few dealers taking payments with their iPhone. Using a device called Square attached to the earphone port, dealers could swipe credit cards and get approved for payments via their iPhone. With low swipe fees (2.75% per swipe), dealers can now accept credit cards and expand their business. This would not be possible without the technology behind the iPhone.

Yes, I will pre-order an iPhone 4S tomorrow.

Never satisfied to stand still, Jobs pushed his team to build the iPad. Rather than accept what was “normal” for tablet computers, Jobs took the lessons learned from the iPhone and created another drool-worthy device that others are trying to imitate. I drooled over the iPad for over a year until the iPad 2 came out—I never buy the first version of anything. It was the reason that earlier this year, I wrote asking about electronic numismatic books which was noticed by the hobby’s two largest publishers. I have since downloaded a few numismatic books to read on the iPad. I also use the iPad to post links to numismatic stories on Twitter (see @CoinsBlog).

Even if you do not have these devices, the improvements elsewhere are because Apple pushed the envelope in that direction. Android-based phones and tablets came after Apple introduced the iPhone and iOS. Microsoft changed their Windows interface to compete with the MacOS interface. And nobody has really come up with an answer to the iPod, which remains the best selling music player in the market and iTunes is continues to sell the most downloadable music than any other vendor.

Regardless of the industry we are in and regardless of how we interact with technology, Steve Jobs and Apple has influenced all our lives that should live on.

Thank you Steve for being the influence that makes all of this possible. Rest in peace.

Shepherd Responds

The former American Numismatic Association Executive Director Larry Shepherd issue a statement regarding his dismissal from the ANA. In that statement, Shepherd emphasized,

During my tenure at the ANA I have not violated the ANA employee handbook, or the code of ethics as stated in the ANA bylaws. I did not violate any provisions of the ANA conflict of interest policy. I did not violate federal EEOC anti-discrimination or harassment guidelines (sexual, age, race, etc.).

Including this in the statement was curious. It is implying that Shepherd was alleged to have said something inappropriate, as I speculated in a previous post. But this allegation may be something that was used as part of someone’s agenda. This is reinforced when Shepherd followed up the above paragraph with:

I offered to the general counsel that I would take a polygraph to clear up any issues or concerns that may have arisen due to unfounded rumors and innuendo, but I sensed they were more interested in finding a cause than in finding facts, as evidenced by my being told on Aug. 20 that I would not be coming back, even before the outside investigation took place.

This is the first act of newly inaugurated ANA President Tom Hallenbeck. Hallenbeck, who was previously ANA Vice President, may have not had a good relationship with Shepherd and wanted to find cause to terminate his contract. When reading between the lines, it is clear that Hallenbeck and allies on the Board was looking for a reason to fire Shepherd rather than try to work with him.

Welcome to the old ANA where it appears that the Board wants to micromanage the operations in Colorado Springs rather than being a body that sets the agenda and allowing the Executive Director to manage the day-to-day operations. It is a big strike against the Board whose two year term has just begun.

Finally, the Coin Collector’s Blog wishes Larry Shepherd well with his new job at Harlan J. Berk, Ltd. Berk’s gain is the ANA’s loss.

What Is My Coin Worth?

One of the most common questions I receive is “what is my coin worth?” Which is then followed by, “why is this coin not worth more?” Both are good questions that cannot be answered in a quick email since price is determined on market value which is heavily influenced by the coin’s condition. Let me explain...

First misconception is that the older the coin, the more it is worth. While some of this is true, there are exception. Copper coin enthusiasts will tell you that the 1910’s Lincoln Cents are worth more on avert than the 1900’s Indian Head Cents, rarities not withstanding. But those rarities are represented of one of the significant drivers in the cost of a coin: supply and demand. Simply, if there is a lower supply for the coin and a high demand, then the prices will be higher. For example, there were only 484,000 1909-S VDB Lincoln Cents struck before the U.S. Mint stopped production of the coins to remove the “V.D.B” initials on the reverse. Although nobody is certain how many have survived, it is difficult to find a collector who does not want one in their collection. Low supply, high demand means high price.

Many of what collectors call “key date” coins are those that are in low supply. But not all of those coins have the same demand. One example is the 1909-S Indian Head Cent with a mintage of 309,000. Even though the supply is lower than the 1909-S VDB Lincoln Cent, its demand is not as high. With the lower demand, the average price of the 1909-S Indian Head Cent is lower than the 1909-S VDB. But if you looked at the price of the 1909-S Indian Head Cent at higher grades, the Indian Head Cent is more expensive. This is because the first year Lincoln Cent was save in greater numbers and there are a few more higher grade examples available. Fewer of the 1909-S Indian Head Cents were saved leaving a lower supply making the coin more expensive for those demanding a higher grade coin.

That brings up the second factor of price: the condition of the coin. The better the condition the more expensive the coin. Using the 1909-S VDB Lincoln Cent for an example, the “book price” of a brown cent (BN) in the average grade of Extra Fine (XF-40) is $1,300. If it was at the low end of being Uncirculated (MS-60), the coin is worth $1,680. A coin that has some mint red luster that can be classified as red-brown (RB) makes the coin worth $1,720. In higher grades, such as MS-65, the difference between having a 1909-S VDB in BN ($3,060) differs significantly from a RB cent ($4,230) which is less than if it was a full blazing red cent ($6,440).

Condition is a key factor. Even if you were to look up the price of a coin in almost any reference, you will find that the price is different for each grade. It is important that you know the grade of the coin. For U.S. coins, one of the best online resources for helping grade coins is PCGS Photograde Online. PCGS Photograde Online contains high quality images of pre-1964 coins in all grades so that you can compare your coin with the online images. If you have an Apple iPhone or iPad, you can download the app from the iTunes App Store (Photograde app was previously reviewed here).

Even with knowing the condition and rarity of the coin, pricing is more of an art than a science. Publishers of price guides look at market condition, reports of how coins are selling, auctions, and other factors to determine what they think a coin should be worth. Just remember, these guides are just guidelines. They are not definitive prices. Individual dealers set their prices based on how much they purchased the coin for, consignment agreements, what the price guides suggest, along with extra to make a profit. Depending on the dealer, coin, and circumstances, these prices are not firm and can be negotiated. However, if you are negotiating for a coin, you should know what the fair market value is of the coin. Otherwise, you will make the dealer upset and might not sell you the coin regardless of the price.

Negotiating tips will be the topic of another post in the near future.

A good place that I have found to determine what the fair market value is the NumisMedia Fair Market Value Price Guide. NumisMedia allows all web visitors to view the fair market values of the coins in all grades. For those at shows or visiting a coin shop doing quick research on their smartphone, NumisMedia offers a mobile version of their fair market value website at m.numismedia.com.

If you collect foreign coins, there are few, if any, online resources. Since I have an interest in Canadian coins, the best single reference is the Charlton Standard Catalogue, Canadian Coins. Now in its 66th edition, it is the definitive reference on everything minted by the Royal Canadian Mint and those issued by the provinces before the union. One minor drawback is that the images are in black and white. Also, the book is not available as an e-book, which would benefit mobile users.

The ultimate reference guide for world coins is the Standard Catalog of World Coins from Krause Publications. Not only are there volumes for the 18th, 19th, 20th, and 21st century, but all four volumes are available as PDF files on DVDs. Once the files are copied to your system, they can be downloaded to your e-reader or mobile device for taking on the road. The files are searchable and can help price your world coins. If you do not want the full catalog but want a few countries or regions of interest, Krause offers their “Coins of the World” for downloading. This will allow you to download on the section of the Standard Catalog that you are interested in.

Krause also offers sections of their U.S. Coin Digest for each coin type for download. This is a good service for those interested in just one type. For obsolete bank note collectors, Krause also offers sections of the multi-volume Standard Catalog of United States Obsolete Bank Notes by James A. Haxby as a per state download.

Other references you might consider are Whitman’s A Guide Book of United States Coins, also known as the “Red Book,” and Krause’s U.S. Coin Digest. Both traditional references are available for your favorite e-reader making them easily searchable and portable.

Using these references should help you understand what your coin is worth and why. Now go forth and build your collection!

Playing Tooth Fairy Numismatically

Are you a tooth fairy looking for something different to give leave that little loved under the pillow? Then the Royal Canadian Mint has an answer for you, especially if the toothless child is into coin collecting. Rather than leaving money, the RCM has produced a Tooth Fairy Gift Card with a special 25-cents Tooth Fairy coin.

Tooth Fairy legends started in Europe where it became a tradition to bury baby teeth as they fell out. Later, it became tradition to place the tooth under the pillow where the Tooth Fairy would collect the teeth, leave the children money, and give the teeth to the parents as a keepsake of their child’s growth. Whatever the tradition, the bottom line is the giving of money for the tooth. Why not make it memorable?

The card from the RCM also includes an envelop so that you can include more money than a quarter. For children in the United States, you can include other world coins if the child is a beginning collector or you can just leave some modern, legal tender alternatives. On either side of the border, an idea is to include the current Presidential $1 Coin or a few National Parks quarters. In Canada, the RCM has a animal and flower coins that would satisfy any child along with having the tooth fairy card.

Some traditions mark the sixth tooth as being special because it represents the strength in the child’s growth. For those, why not look at a large silver coin. the American Silver Eagle is a nice choice for U.S. children. In Canada, the 2011 Maple Leaf Forever silver coin with the three maple leaves is a symbol of Canada like no others.

I remember after the first few teeth how monotonous losing teeth became. This card could help a child along having those feelings.

This card is such a good idea, I wish I was playing tooth fairy for someone who could enjoy a card like this.


Images courtesy of the Royal Canadian Mint.

Coin Collecting Ideas for Children

The most popular way to collect coins is by date and mintmark, but that does not have to be the only way to build a collection. Some collections are built based on a single year, coin types, coins and tokens from a hometown, medals, transportation tokens, or the subject of the coins such as animals.

Children who are interested in collecting should start small and with manageable collections that can be collected from pocket change. By starting small with achievable goals, children can maintain their interest as they complete their collections.

Before you start a collection, sit with your child and set a goal by defining what will be collected and how it will be done. Although it is popular to collect coins from pocket change, buying coins from coin dealers, shows, or online auctions are certainly wonderful collecting ideas.

Let’s look at a few collecting ideas.

Collecting Tools

As you start to collect, you will need a few supplies to help manage the collection:

• A Magnifying Glass: Magnifying glasses come in various sizes and shapes. For children, it is best to have a handheld magnifying glass that is at least 4x or 6x power. Using a magnifying glass to examine coins allows the child to get used to closely examining coins.


• Coin Holders: Your child will need something to hold the coins collection. For these collections you have the choice of using 2x2 cardboard holders are Mylar flips.


• Cardboard holders are hinged cardboard that fold in half and measure 2-inches square. In the middle of each half are holes big enough to hold the coin. The holes are covered with a Mylar window to hold the coin. Cardboard holders come with different size holes for each type of coin. You can purchase holders that can be stapled or are self-sealing (I like self-sealing holders). The advantage of cardboard holders is that you can write information on holder.


• Mylar flips are hinged clear holders with pockets on both sides to hold the coins. Only buy flips that are made of Mylar. Plastic flips contain PVC (polyvinyl chloride) that will damage your coins over time. When folding new flips, make sure that the pocket openings are on the inside. The advantage of the flips are that they are less expensive than cardboard holders and coins can be easily changed and that the other pocket can be used to insert a paper label.


• Coin Pages: Once the coins are in a holder, you will want to arrange them to view. Coin pages are notebook-sized pages that have pockets that fit either of the holders mentioned above. You can also buy a loose-leaf binder to put the pages together. Dividers can separate multiple collections.


• Reference Book: You will need one book to learn what coins were minted for each year. Online resources are nice, but sitting at the table with the coins and holders spread out in front of you makes some online resources difficult. It is also fun to flip through the book at look at the different coin types and their prices. Two recommended books are:


• A Guide Book of United States Coins, known as the Red Book for the red cover that has been used for 65 years. A new version is issued every year with updated information and prices. It is a staple of U.S. coin collectors


• U.S. Coin Digest is a similar reference from another publisher. For ten years, this book has been good at bringing the latest information about U.S. coins. Newer editions include a CD-ROM with the contents of the book in PDF format. The PDF edition is easily searchable and portable for taking on trips using your smart phone or tablet computer.

Optional supplies include coin tubes to that fit each coin type, cotton gloves if you are going to handle uncirculated coins, and you can look into fancier albums with blank pages when the collection gets more advanced.

All of these supplies can be purchase at the your local coin store or online.

Year Sets

Year Sets are a type of collection that contains coins from one year. These collections can contain one coin per type or collect coins with different mintmarks. A good way to start is to collect coins from the child’s birth year. Children born 1999 and later have the added advantage of looking for State Quarters. Year sets do not have to be the child’s birth year. If the parents were born in 1965 or later, they could put together year sets of those years. We will discuss collecting coins from before 1965 later.

When collecting Year Sets, children may want to write an essay as to why that year was special. Those pages can then be inserted along with the coin pages to make the collection personal.

Travel Sets

The State Quarter and National Park Quarter series has introduced many people to world of coin collecting. But you do not have to collect the entire series. You can collect quarters from areas the family has visited.

While on the road, challenge the children to find quarters from the state you are currently visiting. If you visit a National Park whose quarter has been issued, try to find one of those quarters while in the area of that park. The collection could always be updated when you return home.

Some travel spots sell tokens, medals, and even elongated pennies. Many are inexpensive and helps show that collecting does not have to be limited to coins.

If your travels find your family outside of the United States, collect coins from the country you are visiting. A site like Don’s World Coin Gallery could help you find more information about the coins in the country you are visiting. If you are visiting Europe, remember that the Euro is a common currency where each country designs the reverse of coins they issue.

Travel diaries or essays written when you arrive home could be inserted into the binder along with photos and other souvenirs to make it a scrapbook with coins.

Westward Journey Nickel Series

In 2004 and 2005, the U.S. Mint issued special nickels to celebrate of the bicentennial of the Louisiana Purchase and the Lewis and Clark expedition. In 2006, the nickel was redesigned with a new portrait of President Thomas Jefferson. To collect this series, find the nickels dating back to 2003, the original design, along with the four designs issued in 2004 and 2005. Finish the collection with a 2006 nickel showing the new design.

Whitman Publishing produced a special folder for the Westward Journey Nickel Series that includes various types of Jefferson Nickels through since its first issue in 1938. The folder includes holes for other American nickels that can be filled in after visiting coin shows.

Lincoln Bicentennial Cents

Abraham Lincoln was the first presidential portrait to appear on a U.S. coin. The design by sculptor Victor D. Brenner has lasted over 100 years. On the 100-year anniversary of the coin and the bicentennial of Lincoln’s birth in 2009, the U.S. Mint issued four coin reverse designs representing Lincoln’s life. In 2010, the U.S. Mint issued a new permanent reverse design replacing the image of the Lincoln Memorial that had been used since 1959.

Collecting the Lincoln series can be expanded beyond just the 2009 and 2010 coins. The collection can include coins with the different reverses used. From 1909 through 1958, the reverse included two stalks of wheat surrounding the words “One Cent.” These are called “wheat ears cents” and can be found in pocket change with a little persistence.

For a bigger challenge, you can purchase the folder Whitman Publishing created to honor the Lincoln Cents. This colorful folder contains holes for older types of cents including the coins with the prominent “V.D.B.” initials on the reverse. It is a little more of an advanced collection better suited to teenagers.

Presidential Dollars

Since 2007, the U.S. Mint has been issuing one-dollar coins honoring each President of the United States in the order that they served (you can find the release schedule on the U.S. Mint’s website). Aside from being a great learning tool, the coins can be used as a collectible challenge. Some of the ideas include:

• Collect the dollars of the presidents who were from your home state


• Create a collection of dollars of presidents who were once vice presidents


• Create a Mount Rushmore series by collecting the presidents whose busts are carved into Mount Rushmore. This collection will not be complete until 2013.


• Add to you travel collection by adding the dollar coin of the president whose home or library visited. This may require future planning since the practice of preserving presidential homes is a 20th century phenomena.

Coins Prior to 1965

Starting in 1965, the U.S. Mint stop making coins from silver. Over the next few years, people started saving the coins they were finding in change dated 1964 and earlier. Even though the nickel has been made from the same metals since the 19th century, they have been saved, too. While you can find coins from before 1965 in pocket change, it is a rare to see these coins in circulation.

As a challenge for teenagers, there are two ways to find older coins to create collections:

• Buy a “hoard” of coins from an online resource that sells coins by the pound. Most of these hoards are from people who grew up around the time of the Great Depression and started to save their change to have money should the economy crash again. As they pass on, their families sell the hoards to dealers who sell them by the pound. They can be fun to search, especially if you have folders nearby to fill the holes.


• Go to a coin show and visit the dealers who have “junk boxes.” Junk boxes are filled with lower grade and common coins that sell inexpensively. Dealers fill the boxes with items they bought as part of larger lots and allow collectors to hunt for what they want. The thrill is searching for the coins you are looking for in these boxes and finding them or finding something unusual. Dealers usually give children special treatment including a bigger discount on the price.

Where’s George

Where’s George (www.wheresgeorge.com) is not a collection but a site where you can track where your currency has been. You might have seen a one-dollar bill with a stamp that may say “Track me at www.wheresgeorge.com!” If you go to the website and enter the serial number from the front of the bill, you can find out where it has been. By entering the serial number, you can register where it is in your hands.

A fun activity would be to register on the Where’s George website and track where the bills you spend go. Before you can track your bills, you should buy a rubber stamp to let others know that the bill is registered at www.wheresgeorge.com. Stamp the bill and enter the serial number into the website. Go out and spend the bill and watch where it goes.

If you travel and are carrying a computer or smart device that can surf the Internet, take bills you receive from different areas, register it on the site, stamp it, and then take it to your next destination and spend it there. If you happen upon a registered bill, enter your find on the website and take it somewhere else before spending it.

To find a rubber stamp with the information, just do a search for “Where’s George Rubber Stamps” to find a dealer with ready made stamps.