Pride, Joy and Challenge Replace Profit
Question: I have two 1981 United States proof sets from the San Francisco Mint. The sets have the Susan B. Anthony dollar, Kennedy half dollar, Washington quarter, Jefferson nickel and Lincoln cent. They are in the same condition as purchased. How much are they worth today? P.S. In 1981 I paid $11 for each set.--J.B.
Answer: If you were to sell your 1981 proof sets today, you’d only get about $7 for each set. They cost $11 originally, so it’s clear that you’d take a loss. The same holds true for many of the recent issues, with exceptions for such things as varieties and doubling.
The next obvious question is: Then why purchase new sets? The answer is that people collect particular series and want to have them complete. The cost of new sets is not excessive, and the expectation of immediate gain is unreasonable. Proof sets from 1936 to 1942 are rather expensive. They were low mintage and they are getting on in years. Age does not guarantee that coins will appreciate in value, but it is a factor.
If profit is a main consideration in coin collecting, then only investment-quality coins should be purchased. But if other factors are involved, such as pride of ownership, the joy of assembling date and type sets, the challenge of finding elusive pieces, then relatively minor losses should not be a factor.
Currently, the U.S. Mint is offering 1988 Olympic coins, 1987 Constitution dollars and 1988 uncirculated sets. Several million collectors undoubtedly will participate, and at this early ordering period, no one knows whether these purchases will be profitable or unprofitable. But it really doesn’t matter. The object is to possess a small piece of history and to enhance a private collection that may or may not go up in value.
Q: My husband gave me a pill box issued at the coronation of Queen Elizabeth. He attended. It’s pewter. One side has a picture of Queen Elizabeth, 1954; it has a tricky opening and snap closing. Could you please tell me the value of this?--E.S.
A: This is definitely not a numismatic question. I imagine the people who buy plates with the likeness of Prince Charles and Princess Diana are the ones to contact. You might be able to sell it at a swap meet or garage sale. Put a price on it. If it sells, that’s what it’s worth.
Q: I have a collection of the Presidential Hall of Fame, 1968 Franklin Mint. They are coins with the portraits and years in office of the first 36 Presidents of the United States. Do they have any value? Whom should I contact if they do?--D.V.
A: You do not have coins at all. They are tokens or medals, designed and marketed privately. Many Franklin Mint sets are quite attractive, and they have been collected for their beauty and historical perspective. But up to this point, such sets have not generally appreciated in value. It often takes years before coins are worth more than the issue price.
The Franklin Mint often issued sets in silver or gold. Such sets are worth the current market value of the precious metal plus a 3% to 5% premium. Coin dealers are buyers for such merchandise, although you might meet some resistance due to a lack of buyer interest.
Q: I have two U.S. $5 bills with a smaller-than-normal top blank margin and larger bottom blank margin. One is from Series 1891A, the other Series 1985. Would you please tell me if they are collectible?--Y.C.
A: Your bills have no premium. Such deviations are common.
Q: I was interested in the Royal Canadian Mint’s new hendecagonal $1 and purchased two on Nov. 3 with a money order. I have yet to receive anything. I wrote to the mint, but as yet have had no response. Will you have better luck tracking this for me?--K.E.C.
A: By the time this appears, you may already have received your Canadian coins. Sometimes it takes what seems an inordinately long time for orders to be filled, but I don’t think you have any reason to be concerned. If you still haven’t received your order, check locally with the Canadian consul’s office.
Coin News
One of the sub-categories of numismatics is known as fantasy coins. These are pieces that are imaginary or may have the appearance of a real coin but are not issued by official entities. Such is the case of the 1988 Pahlavi (pictured), featuring a likeness of the deposed late Shah of Iran. Available is a proof 5-ounce silver piece with a mintage of 5,000. Each coin is individually serial marked and comes with a certificate written in English and Persian. It is priced at $95. A 1-ounce silver Pahlavi will be issued with a mintage of 25,000 for $19.95. One-ounce and one-quarter-once gold pieces are planned. To order, contact Continental Coin Corp., (818) 781-4232.
Almost $5 million was realized in Part II of the Norweb Collection sale in New York. Highlights included a 1915 matte proof-65 Buffalo nickel, $2,970 (prices include a 10% buyer’s fee); 1796 quarter, MS-60, $36,300; 1804 quarter, AU-55, $24,200; 1827 quarter, proof-64, $61,600; 1857 $2 1/2 gold proof-64, $61,600; 1908-D with motto $10 gold piece, MS-65, $41,800, and a 1776 brass Continental $1, $15,400. Part II of the Norweb Collection catalogues and prices realized are $25 from Auctions by Bowers & Merena, Box 1224, Wolfeboro, NH. 03894.
More than 3,900 coins will be auctioned in a four-session sale April 27-30 in conjunction with the Greater New York Numismatic Convention at the Omni Park Central Hotel. Featured will be coins from the estate of Sidney A. Levinson, the F. Dabney Caldwell Jr. collection and the Luther Adams Breck collection. For a catalogue, contact Stack’s, 123 West 57th St., New York, N.Y. 10019; telephone (212) 582-2580.