Clubs Can Be Forum for Sales, Swaps
Question: I have read your column for some time now, and one of the more frequent questions that comes up has to do with the procedure for selling one’s coins. You suggest finding a reputable dealer, and we all understand that they have an overhead and cannot pay an individual the retail value. My question is this: Is there a place where individuals can meet and either buy or sell from one another at a price that would be somewhere between retail and wholesale? I have thought of classified ads, but it might be too risky letting people know that you have a coin collection in your home.--S.G.
Answer: Selling anything requires considerable skill. Just try selling your own home or car or jewelry, and you’ll see why salesmen earn and deserve their commissions. Coins are in the same category. Knowledge of numismatics and grading are essential elements in determining the value of coins; and salesmanship is essential in putting transactions together. Dealers and collectors who can combine these skills believe that they deserve to reap the benefits.
However, if you’re the sort of person who thinks that you can do as well or better selling your house or car or whatever without the benefit of an expert in the field, then perhaps you also feel that you can do better selling your coins. And maybe you can. After all, that’s how many dealers have started. Coin prices, you see, are set on a bid-ask basis; or, if you prefer, wholesale and retail. Simply put, dealers buy wholesale and sell retail, the difference being their margin of profit after deducting expenses.
To circumvent this, you might try joining a coin club in which people with the same interests gather on a regular basis and discuss mutual matters. There are many coin clubs in Southern California. In some, trading and selling coins is part of the structure. In others, discussions and exhibits take up most of the time. Still, these clubs offer introductions to fellow collectors, and you might find a way of disposing of your coins.
As a matter of fact, many clubs will have dealers as part of their membership. There’s nothing wrong with this; in fact, you might find it advantageous. The Numismatic Assn. of Southern California quarterly lists many clubs in its directory. You may contact the group at P. O. Box 5173, Buena Park 90622.
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. 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 they will eventually carry a premium remains to be seen.
Q: Referring to your column of Feb. 14, you stated that the 1898 half sovereign had Edward VII on the face. This mystifies me; Queen Victoria reigned until her death in 1901, and coins for Edward VII would not be in circulation before that date. I will be most interested to watch your column for an answer in case I am mistaken.--D.V.G.
A: You are not mistaken. I printed the letter as I received it and was primarily concerned, as I’m sure the writer was, with the value of the coin and not necessarily the particulars. You are correct on who is depicted on the 1898 half sovereign; I was correct on what it is worth ($55 to $60), because dates and condition have relatively little to do with what is essentially a gold bullion piece.
Q: Could you tell me what has happened to the 50-cent piece? Have they stopped minting it? Why so many quarters and no half dollars?--H.L.
A: Half dollars continue to be produced by the Mint. However, it’s true that they don’t seem to circulate very conspicuously. I don’t know what the reason is. Perhaps people save the coin because it has President Kennedy’s likeness on the obverse. Perhaps people find the size to be unwieldly. Perhaps they feel that it will go up in value. Whatever the reason, I believe your observation is correct. But there are millions and millions of these half dollars being produced; only a stubborn public seems to be holding things up.
Coin News
The third and final portion of the Garrett Collection will be offered in a mail-bid sale closing March 29. This massive collection, consisting primarily of coins and medals donated to Johns Hopkins University by the John Work Garrett Family Collection, has realized $3.9 million in the first two offerings and is expected to gain an additional $400,000 this time around. There will be 1,556 lots of ancient Greek, Roman, Judaean and Byzantine coins plus world coins and medals. Catalogues are $15 and available from Numismatic Fine Arts, 342 N. Rodeo Drive, Beverly Hills 90212.
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Another auction consisting primarily of ancient coins will take place March 22, 23 and 24 at the Airport Park Hotel in Inglewood in conjunction with the Society for International Numistatics convention. This auction of the Rindge Collection features ancient Roman and Greek silver coins plus medieval, American Colonial, foreign and American coins and medals and U.S. paper money. There are more than 1,000 lots with most expected to sell for less than $100. For a catalogue, send $6 to Joel L. Malter & Co., P. O. Box 777, Encino 91316, or phone (818) 784-2181.
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On the auction scene are results from the Milton G. Cohen Collection sale, conducted here in January by Auctions by Bowers & Merena. More than $1.9 million was realized (including a 10% buyer’s premium). Highlights included $4,180 for a set of 1909-1979 Lincoln cents in AU to MS-65 condition; $3,630 for a proof-65 1858 dime; $5,610 for a proof-65 1891 $1, and $27,500 for a proof-60 1879 Flowing Hair Stella ($4 gold piece). Next up is the Russell B. Patterson Collection sale March 25-27 in New York. For a catalogue, send $10 to Auctions by Bowers & Merena, P. O. Box 1224-NR, Wolfeboro, N.H. 03894.