Council Helps Set Industry Standards
Question: I love coins and collecting them. What I don’t like is some of the people I come in contact with. Trying to sell coins can drive you up the wall. I’m pretty knowledgeable on the subject and consider my grading ability as good as anyone’s, but it’s always a hassle when it comes time to sell. Can’t something be done?--F.A.
Answer: One of the major gripes in numismatics is the lack of industry standards and self-regulation. Judging from the letters I receive, there is a lack of trust from the general public regarding coin dealers and their methods. Many letters are prefaced with a request for the names of “reliable dealers.”
What people are really saying, in effect, is that they want dealers who stand behind the coins they sell and will buy them back at the same grade they sold them. Many dealers will do this, and some even issue written guarantees.
But as they say, grading is an art, not a science, and even “reliable dealers” disagree among themselves in dealer-to-dealer transactions. So, what can be done?
Many attempts have been made in the past to bring order to what is often chaos.
The latest consumer protection plan is being sponsored by the Industry Council for Tangible Assets, a national trade association representing rare-coin and bullion businesses. ICTA has established the Coin and Bullion Dealer Accreditation Program, establishing standards and consumer protection requirements.
Accredited dealers receive a 50-page policy manual and agree to a mandatory arbitration program. A director of CABDAP coin dealers is now available. For information, call (202) 783-3500 or write CABDAP Director, 25 E St. N.W., 8th Floor, Washington, D.C. 20001.
Whether this program is the answer to certain abuses remains to be seen. But it seems to be a step in the right direction.
Q: I recently came across a 10-peso bill, 1915, from the state of Chihuahua. What would the value (if any) be on this bill?--R.G.
A: Your bill has little or no value.
Q: I have a 10-ruble Russian gold coin, dated 1898, Czar Nicholas II. Over the phone I was given prices of $70 and $105. Can I determine the actual value of the coin?--A.G.
A: Sight unseen, I’d say your coins is worth about $90. If someone offered you $105, grab it. The reason for the discrepancy is that coins can be worth more to one dealer than another, depending upon their specialty and the needs of their customers. That’s why it’s always a good idea to get more than one opinion before you decide to sell.
Coin News
Rarities are the life blood of numismatics. Among the rarest of the rare are patterns, which in effect are trial pieces that for one reason or another never were adopted as regular coinage. One of the more interesting patterns is the 1879 $20 gold “Quintuple Stella” (pictured), one of only four specimens known. The obverse features the Liberty head created by James B. Longacre in 1849 with a legend based on the metallic content. The reverse has the same heraldic eagle used on regular $20 gold coins, but the motto, “In God We Trust,” has been replaced by “Deo Est Gloria” (God is glorious). It is called a Quintuple Stella because it is five times as heavy as the proposed $4 gold Stella minted the same year. The coin, once owned by King Farouk and Adolph Menjou, is worth about $500,000 and is available from Mal Varner, Alhambra Coin Center, 254 E. Main St., Alhambra, Calif. 91801; telephone (818) 282-1151.
Auctions continue to dominate the numismatic market as activity for the year ends on a strong note.
Leading the way is the Norweb Collection Part III sale, which will be highlighted by Lot 3984--a gem uncirculated 1861 Philadelphia Mint Paquet Reverse $20 gold piece. It is the finest of only two known. The coin is named for engraver Anthony C. Paquet, who designed the double eagle reverse, a modified version of the standard design. The Norweb auction takes place Monday and Tuesday in New York. Catalogues are $15 from Bowers & Merena, Box 1224, Wolfeboro, N.H. 03894; telephone (603) 569-5095.
The Norweb sale will be followed Wednesday by the sale of the David B. Silverman Jr. Collection, also in New York City. Uncirculated 1795 and 1800 half dimes lead the way in this auction, which will also include items from the Byron Johnson estate, featuring a complete set of the Numismatist magazine, beginning with its first issue in 1888. Bowers & Merena also conducts this sale; catalogues are $15.
Numerous U.S. rarities are featured in the Charles Kramer Collection, which will be auctioned Nov. 30 and Dec. 1 in New York. In a unique arrangement, two firms--Superior of Beverly Hills and Stack’s of New York--will jointly conduct the sale for a client both served. Lots may be viewed this week from 10 a.m. to 4:30 p.m. at Superior, 9478 W. Olympic Blvd., Beverly Hills; telephone (213) 203-9855. Highlights include an 1875 proof $3 (only 20 struck), an 1815 $5 (11 specimens known) and a 1927-D $20 (11 known).
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.
