Numismatic Interest in Bullion Market

Considerable interest has been demonstrated lately in silver and gold bullion because the relatively low price seems attractive to investors. Coin collectors are not immune to the bullion market, although most prefer to stick with rolls or bags of silver dimes, quarters, halves and dollars. One of the coins catching on in this area is the Mexican Libertad.

Recently, David R. Griffiths of Century Coins and Stamps in Downtown Los Angeles sent an advisory to his clients informing them of a ruling he had received from the state Franchise Tax Board. Griffiths noted that Libertads can be purchased without the normal 6.5% sales tax applied on a typical silver bullion transaction of less than $1,000 face value. That’s because the Libertad, also known as an Onza because it contains one ounce of .999 pure silver, is being treated as currency instead of just bullion.

This tax decision could save a purchaser $390 on a $6,000 transaction, which is about what $1,000 in face-value bullion would cost today. Also, there’s potential numismatic value because the Libertad is being issued in limited quantities. At last week’s Long Beach coin show, a dealer was selling a set of 1982, 1983 and 1984 Libertads for $30, which other dealers told me was a good price. The 1982 Libertad carries a premium of about $5 for its collector value.

Griffiths has been quite innovative lately in producing coin shows and last year introduced a Numismatic, Philatelic and Monetary Conference. He plans to expand on this idea in May.

Meanwhile, there will be a scaled-down show this weekend. It’s the 21st Annual Glendale Coin & Stamp Exposition at Glendale Civic Auditorium, 1401 N. Verdugo Road, Glendale. Hours are noon-8 p.m. Friday; 10 a.m.-8 p.m. Saturday, and 10 a.m.-5 p.m. Sunday. Admission is $1.50.

Question: My neighbor asked me to inquire about a coin she received as a wedding gift many years ago. Neither of us is a coin collector. According to Mark Knight’s “1984 Directory-U.S. Coin Prices,” she has a Liberty head or Morgan silver dollar. This directory states that the 1882-CC dollar is selling for either $8 or $12. This coin is in excellent condition, but it has no mint mark on it that we can see. Does this mean it’s a proof and worth more, like the 1882 Trade dollar?

--R.M.

Answer: Don’t you wish. The 1882 Trade dollar is a proof-only issue with only 1,097 produced. You can tell the difference between a Trade dollar and a Morgan because the Trade dollar has a seated figure of Miss Liberty while the Morgan dollar has a full face. The mint mark on the Morgan is on the reverse below the wreath. I’m not familiar with the directory you used as a price guide, but you can figure your dollar is worth about $10 and up, depending upon condition. Unless, of course, it’s a Trade dollar. Then it could be worth several thousand dollars.

Q: I’m trying to obtain an honest opinion and appraisal of a collection that I’ve been treasuring for 20 years. While working in a bank back in 1964-65, I ran across and purchased several new and uncirculated, off-center pennies (photo enclosed), which were found inside the penny bags we used to receive directly from the Mint. None of them were ever touched. Some are also cut once or twice while a few bear, although faintly, the image of Lincoln on the reverse.

So far, I have read or heard little about these coins, which are dated 1964 and 1965, and this has made me curious as to their value or rarity.

--V.R.

A: Your coins are errors, which simply means that something went wrong during the manufacturing process. There’s no way of knowing exactly how many errors of the types you have were produced. Obviously, there are fewer error coins made than normal specimens. However, especially in cents, they are not really uncommon and do not command a great premium, probably in part because the number of people collecting errors is not substantial. Your error cents retail for about $1 to $5 each, which means you can expect to receive somewhat less than that amount from a dealer.

Q: I would like to know the approximate value of two quarter dollars. One is an 1874 Arrows type, and the other is dated 1838. Both are very choice proofs in uncirculated condition. How can I best care for these coins? And if I choose to sell them, what would be the wisest way to go?

--R.L.

A: Sometimes this business can be very exasperating. Coins just aren’t described as “proofs in uncirculated condition.” They can be one or the other; not both. Also, they didn’t make proof quarters in 1838. Your quarter might be proof-like, which is highly desirable. Proof-like coins have many of the characteristics of proofs but are not actually of proof quality. The 1838 quarter is a Capped Bust type with a mintage of 366,000. The 1874 with the arrows at date is only a two-year variety. If it is indeed a proof, the mintage was limited to 700.

I’d suggest that the first thing you do is find out exactly what your coins are. Most coin dealers would be willing to help you. Pricing your coins will then become a matter of grading (determining the exact condition). I would suggest that you shop around for the best offer. One of the most convenient ways of doing this is at a coin show, where you’ll have a multitude of dealers to choose from. Protect your coins in a plastic holder.

Q: I would appreciate an answer. Do the following coins have any value? 1920 1 cent; 1956-1959 cents; various 1960s cents; 1953 nickel, and various 1960s nickels. Also, is it worth saving Susan B. Anthony dollars?

--M.H.

A: Your Lincoln wheat cents are worth 1 1/2 cents each and up; your other coins have little or no numismatic value. As for the question on Anthony dollars, I don’t like to give investment advice. I’d say that if you get pleasure from saving these coins, then I don’t see any harm. They may eventually appreciate in value, but it does seem rather remote and unlikely. There are, however, some varieties that are selling at a hefty premium, and only time will tell whether these are just coins that have been heavily promoted or whether they are highly desirable.

Q: I have a British gold coin slightly larger than a U.S. cent. I do not know whether it is a sovereign or a half sovereign. Could you please let me know? Also, the coin is dated 1898 and has the image of Edward VII on the back. Could you possibly give me a rough idea of how much it would be worth?

--E.P.L.

A: Your coin is a half sovereign. It’s worth about $55 to $60.

Q: I have two buffalo/Indian head nickels. One has the date 1929; the other date is rubbed off. Can you tell me if they have any value?

--L.S.

A: Because of the design, dates on the Indian nickels wear rather rapidly. These coins with dates are worth 15 cents each and up. Really nice specimens are worth several hundred dollars each. Coins without dates are worth face value and perhaps more if other details are distinguishable.

Q: The piece I am really interested in is a 1908 Liberty $20 gold piece. My father said that he paid $10 for it in the Depression days. It has a D mark over the date, and there is an eagle on the back with United States of America Twenty Dollars and a rising sun, I think. Is it a genuine $20 gold piece, and if so, what value might it have?

--M.J.S.

A: Your coin appears to be genuine. If it is, it’s worth $600 and up, depending upon condition.

Q: Would you please tell me the approximate value of the following silver dollars: 1880, 1881, 1883, 1884, 1885, 1886, 1887, 1889, 1890, 1891, 1893, 1896, 1900, 1901, 1904, 1921, 1922, 1924, 1925 and 1928?

--H.M.

A: Your dollars are worth $10 each and up, depending upon condition and mint mark.

Q: I have a silver dollar dated 1882 with the words E Pluribus Unum. How much is it worth?

--C.F.

A: See previous answer.

Q: In my tin box containing some foreign coins there are the following: Chile, 1875 peso; Czechoslovakia, 1922; Denmark, 1875 1 krone; Canada, 1952 50 cents; Great Britain, 1935 crown and from a country unknown, a coin about the size of a silver dollar with a lady holding a three-pointed staff in her right hand, the left hand resting on a shield.

--W.C.M.

A: Your Chilean peso is worth about $10; the Czech piece is worth $4 to $5; the Danish krone, $1 to $2; the Canadian half dollar, $1.75; the English crown, $35, and the “country unknown” has a price unknown.

Q: I am no coin collector, but I came across a $10 Federal Reserve note, Series 1934 A. Is it of any value greater than $10?

--J.H.

A: Sorry, your $10 bill has no collector value.

Q: Years ago I was given two very old, badly worn Greek coins. When our son was in first grade, he took them to school for show and tell. The teacher told him to be careful and get them back to me since they could be valuable. The Numismatic Society in New York thought otherwise (I was told), and I still have them in my possession. The society said that one was from 500 BC and the other about 200 BC. Outside of the fact that they are very ancient, do they have any monetary value?

--D.K.

A: Old does not necessarily equal valuable. Ancient coins in poor condition have very little value unless they are very rare types. From the information you supplied, your coins are probably in the $3-to-$5 range.

Q: Will you please advise on the present value of the following silver dollars: 1880, 1885-O, 1892-CC and 1921. I also have six half dollars, 1949-D Franklin type.

--K.M.

A: Your Carson City dollar is worth $25 and up, the other dollars are worth $10 each and up, and the halves are worth $3 each and up.

Q: My $2 Bicentennial bill was taken to the post office on April 13, 1976, the first day they were released. It’s stamped with that date. Is it worth more than $2?

--D.B.

A: Many people had the same idea when the Bicentennial $2 bill was issued. Long lines surrounded many post offices. That meant that many people bought these first-day issues. So far, the law of supply and demand has been unfavorable to these bills. Whether or not they will eventually carry a premium remains to be seen.

Coin News

The Jerry Buss Collection--auctioned here last week by Superior Galleries--realized $3,640,000 gross, including a 10% buyer’s fee. “Prices showed a lot of strength,” according to a spokesman for Superior. “There were a lot of collectors in the audience.”

The three glamour rarities also did quite well. The 1913 Liberty nickel, one of five minted, sold for $385,000 (including the buyer’s charge) to Reed Hawn of Austin, Tex. Hawn, a collector, saw bidding open at $125,000, and there were still three hands up at $325,000. The 1894-S Barber dime, only 14 known, went to the underbidder of the nickel for $50,600 (including fee). The 1804 Bust silver dollar, (there are 15), which Buss bought in 1978 for $200,000, was sold for $308,000 to Aubrey Beebee of Omaha, Neb. Beebee flew here specifically to purchase the dollar; he already owns a 1913 nickel.

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.