Shows Keep Traders in Mint Condition

It’s a good idea every so often to take the pulse of the coin market. Dealers are often so busy trying to make a living and collectors so busy trying to make a good purchase that they lose track of not only where things have been, but also where they’re going.

One of the best places to assess the market is at a coin show, where about 100 dealers will assemble to trade among themselves and with the public. Not only do they trade coins, they also trade information. True, with 100 dealers, you might get 100 opinions, but a lot of that will be helpful in planning future purchases and deciding which areas of collecting to get into.

This holiday weekend provides an ideal opportunity because the 22nd annual Glendale Coin and Stamp Exposition will be in full swing. The show runs Friday, Saturday and Sunday at Glendale Civic Auditorium, 1401 N. Verdugo Road, Glendale. Hours are noon to 7 p.m. Friday, 10 a.m. to 7 p.m. Saturday and 10 a.m. to 5 p.m. Sunday. Admission of $2 covers attendance all three days.

Veteran numismatist Dave Griffiths of Century Coins in Downtown Los Angeles, a landmark dealership and sponsor of the show, offers some thoughts for collectors.

“The market is strong,” Griffiths said, “on true investment-quality classic coins: Early Draped Bust $5 and $10 gold pieces, true MS-63 and better U.S. gold pieces. I’m scared to death of the dollar and those other coins that are being heavily promoted.

“Customers should work with dealers who have been in business 15 to 20 years. Look for 18th- and 19th-Century material. Coins with mintages of less than 100,000 are preferable; then you’re safe.”

Griffiths acknowledges that he would probably get arguments from other dealers who don’t share his opinions. But that’s one of the pleasures of numismatics. You can talk about the subject the same way sports fans discuss baseball players.

Griffiths and many dealers who may agree or disagree with him will be at the Glendale show. Stop in and have some fun.

Question: Can you tell me what this coin might be worth? San Francisco 1850 Cal. gold ($10 horseman type), Baldwin & Co. I have it in fine condition and would like to sell it. What price can I get for it?--S.G.

Answer: Baldwin & Co. coins are very rare territorial gold pieces, yet it’s amazing how many inquiries I get about them. The reason is that there are many copies and replicas of this piece. A genuine specimen, such as you describe, would probably fetch about $8,000 to $10,000. Replicas have no numismatic value. Have your coin checked by a knowledgeable coin dealer or a certification service.

Q: Enclosed is a copy of a German 100,000-mark bill. Could you give me any information as to its value?--J.S.E.

A: Sorry, but German inflationary money has little or no collector value.

Q: About 30 years ago, a man paid for some gas at my service station with a $5 bill that was labeled National Currency, series of 1929, with a brown seal. It also states Citizens National Bank of Colton, Calif. Is it worth more than $5?--J.E.K.

A: Your bill is a national bank note, a form of currency issued from 1863 to 1935. Private banks were permitted to issue such notes on the basis of purchasing government bonds. More than 14,000 banks were members of this program, which ceased when the government called in all federal bonds used to secure national bank notes. Your type of bill would have little value unless it was uncirculated.

Q: Recently I came across an 1858 thin gold coin described on the obverse as “California Gold.” The number one-half appears above the figure of a bear. On the face, a Miss Liberty is wreathed in stars. Both entities are somewhat grotesque. From this, can you identify the coin and its value?--H.P.J.

A: Your coin, I’m sorry to say, is a replica of a California gold piece. The originals were privately minted during the Gold Rush when gold was plentiful and coins were scarce. They were either round or octagonal and were accepted as money by merchants and miners alike. Many replicas have been produced in the interim, and a dead giveaway is the bear. No bears were depicted on the originals. It has no collector value.

Q: I have a silver dollar dated 1799. It has a small hole in it through the E in Liberty. Is it worth anything?--E.W.L.

A: Too bad someone decided to convert your Heraldic Reverse Eagle dollar into a piece of jewelry. Still, because of its age and desirability, it’s probably worth between $200 and $300, depending upon condition.

Q: I have an 1804 silver dollar (described in full). What can you tell me about this coin, its value and history?--P.T.

A: Well, I can tell you this: The 1804 dollar is one of the great rarities in U.S. coinage. Only 15 are known and each is well-documented. One sold in 1985 for $308,000. I suspect that your coin is not genuine. Best you have it authenticated.

Coin News

Two interesting coin auctions are on tap early in June, both conducted by Superior Galleries of Beverly Hills. The first, consisting of more than 2,000 lots, takes place at Le Bel Age Hotel, 1020 N. San Vicente Blvd. June 2, beginning at 6:30 p.m. and June 3 at 6 p.m. Highlights include a proof 1895 Morgan dollar in Mint State 60 condition (estimated value $12,500 to $15,000) and a brilliant proof 60+ 1883 $20 gold piece (only about 15 known out of a total mintage of 92) with an estimated value of $30,000 and up.

The second auction begins at 6:30 p.m. June 11 and 6 p.m. June 12 at the Century Plaza Hotel. To be sold are the Frank Grove and Robert Grover collections. The Grove collection consists mainly of Mexican proclamations and medals, while the Grover collection deals with ancient coins. Catalogues for each auction are available from Superior at 9301 Wilshire Blvd., Beverly Hills, Calif. 90210-5499 or by phone, (213) 278-9740.

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.