Numismatics Novice: Getting Started
Question: I am a novice at coin collecting, and I would appreciate your advice on the book or magazine that gives the best advice on collecting. Also, where’s the best place to go in Los Angeles to collect coins? --J.M. Answer: Probably the single most useful book for novice and veteran alike is “A Guide Book of United States Coins” by R. S. Yeoman. It is commonly known as the Red Book because of its binding. The 1985 edition is the 38th, and a new one is expected in late spring. The Red Book is a basic work full of information on types and mintages of coins. It is also a good reference for pricing coins, but since it comes out annually and coin prices can change daily, it isn’t entirely reliable for that purpose. Still, it probably is the handiest book in any collector’s library.
For more up-to-date pricing and news reports, Coin World fills the bill. It is published weekly, contains a price-trend section and information on current events and other happenings in the hobby. Both the Red Book and Coin World are available at most coin shops. Naturally, you can subscribe if you really get involved and decide to pursue numismatics seriously.
Another starting point is finding a coin dealer with whom you are comfortable. Start with a dealer or dealers in your neighborhood. Talk to them, get to know them, have some transactions. See how knowledgeable they are, what kind of advice they offer, what kind of material they handle, what kind of prices they charge. Compare these with prices and advice that other dealers offer. Make sure that the coins have been graded properly. Slight variances in grading and pricing are to be expected. Major discrepancies should be questioned and challenged. Be satisfied or go elsewhere.
It is important to purchase the best-quality coins available at prices you can afford. Rare coins in a high state of preservation are the ones that generally increase most in value. When a dealer knows where your interests lie, he can attempt to get these coins from other dealers at favorable prices and pass the savings on to his regular customers. At least, that’s what a good dealer will do. There is more dealer-to-dealer business than dealer-to-customer business. Many of these transactions take place at coin shows, and I would strongly encourage attendance at these. Often, 100 or more dealers will assemble at one of these shows, and a lot of transactions take place. It’s a good place for collectors to find elusive coins and to meet other dealers who might replace or supplement the original dealer.
In any event, coin collecting is a hobby that can be pursued on many levels, all of which can prove educational, recreational and satisfying.
Q: Your response to an inquiry about a 1953-S 5 peso Mexican coin prompts me to ask about a bracelet that my father brought home during World War II. It consists of 209 20-centavo coins dated from 1927 to 1942. Because the coins are chain-linked together on both sides, does that mean they are worth only the silver content? It’s never been worn because it’s not really my style; however, it’s quite attractive and well made.--C.J.S. A: Coins made into jewelry usually lose their numismatic value. Damage often occurs while the coins are being handled or soldered. Then there’s the wear factor, which may not be a problem in this instance. Still, enough abuse usually shows to diminish the numismatic value. Your bracelet is probably worth its silver content plus a little premium if you can find a buyer who admires it as jewelry.
Coin News A ceremonial defacing of dies for Olympic silver and gold coins was held in Washington to mark the virtual conclusion of the Olympic coin program. Remaining coins will be shipped to fill orders postmarked through Jan. 18, then the Treasury will deface excess coins. The program, according to Treasurer Katherine D. Ortega, has generated more than $65 million in contributions to the U.S. Olympic Committee’s new Olympic Foundation.
A medal marking the second inauguration of President Ronald Reagan and Vice President George Bush (pictured) has been designed by Mico Kaufman, who also designed two medals of President Gerald Ford. Medallic Art Co. of Danbury, Conn., is producing the medals, and Bowers & Merena Galleries of Wolfeboro, N.H., is the distributor. Medals will be available at coin stores, including Superior, 9301 Wilshire Blvd., Beverly Hills, and other retail outlets. A 1 1/2-inch bronze medal is $10; 2 3/4-inch bronze $25; 1 1/2-inch silver, $55; 1 1/8-inch gold, $550; bronze and silver set, $75, and a set of four medals, $675. Don Alpert cannot answer mail personally but will respond to numismatic questions of general interest in this column. Do not telephone. Write to Your Coins, You section, The Times, Times Mirror Square, Los Angeles 90053.