Learning Numismatic Facts in Historical Bits and Pieces
Question: Could you explain the origin of the term for one-eighth of a dollar, the bit, and why would one be dealing with such a unit as one-eighth of a dollar?--A.D.
Answer: Give credit to the Spanish, particularly the Spanish Piece of Eight coin, for popularizing the term bit. A bit actually is the Spanish real, a rather small silver piece. When change was needed in the New World, it was the larger Piece of Eight that usually had the center core removed. That core was then stamped and used as a bit. What was left was counterstamped and used as a multiple of the bit.
Even more common was the practice of cutting the Piece of Eight into pie-shaped wedges. So, one-quarter of a Piece of Eight was equal to two bits. Even today, many people refer to a quarter as two bits, or to a half dollar as four bits.
Counterstamped bits and two-bits are actually coins that have been mutilated. But they are collectible and are an important historical link in this continent’s monetary development.
Q: I have a 10-peso bill issued by Japan during its occupation of the Philippines in World War II. Is it worth anything?--M.W.
A: Your bill has some historical value but little--if any--collector value. Many such bills were issued, not only in the Pacific by the Japanese but also in Europe by the Allies. Collector interest is minimal at this time.
Q: My mother gave me the following coins shortly before passing away. I would appreciate your giving me the approximate value, as they must be sold. Gold coins: $1 1853, $5 1909-D and $10 1880; silver dollars 1886, 1890-S, 1896, 1884-S, 1921, 1926, 1922-D, 1923 and 1925; half dollars 1824, 1861, 1952, 1964 proof and 1964-D; quarters 1855, 1940, 1942, 1943, 1945; 1926-S dime; 1875-S 20 cents, and 3-cent pieces 1852 and 1875.--D.R.
A: The $1 gold piece is $150 and up, the $5 is $200 and the $10 is $245. The silver dollars are in the $10-to-$15 range. The 1824 half is $60, the 1861 is $30 while the others are $2 each. The 1855 quarter is $5; the others are $1.50 each. The dime is $2, the 20-cent piece is $20 and the 3-cent pieces are $4 each.
Q: I am writing regarding the item you had on the Spade Guinea. I was given a coin by my father in England many years ago. It was only recently that I tried to research it and found it is dated 1701, years before George III was born. I don’t think it is gold. It is very thin, although the words are readable. One coin dealer I contacted cleaned it and took it to a coin show but was unable to learn anything.--A.L.
A: The reverse of your coin seems to resemble the Spade Guinea (1787-1799). The obverse image is unclear, although the date seems to be readable at 1701. Perhaps the obverse is worn or the date may be altered. You might try another coin show, where a foreign-coin specialist may be able to unravel the mystery.
Coin News
Low-mintage bullion-like pieces continue to pour out of foreign mints. Two recent issues carry a snake theme. The snake, symbolic of wisdom and agility, adorns the new Chinese commemorative available in 1-ounce gold, platinum and silver. The reverse (pictured) is based on artwork by the Chinese painter Ma Jin. The coins are available as a set or individually (1,000 platinum, 3,000 gold and 6,000 silver).
From Macao and the Singapore Mint comes an obverse with a viper (pictured). It is struck in both gold and silver, with 3,000 available in sets or individually.
For information on both lunar commemoratives, contact Panda America, 23326 Hawthorne Blvd., Suite 150, Torrance, Calif. 90505; telephone (800) 472-6327.
More than 2,000 coins are included in Wednesday’s mail-bid sale of Ancient and Modern Coins of the World and the United States by Stack’s. The catalogue includes estimated prices for the coins, to facilitate bidding. Catalogues and a list of prices realized are $5 from Stack’s, 123 W. 57th St., New York, N.Y. 10019; telephone (212) 582-5955.
Feb. 28 is the closing date for the Econo-Coin Co.’s “No Bids Over $99.99” mail bid auction. More than 1,600 coins, medals and related material are included, almost entirely foreign with an interesting selection of odd and curious pieces. Econo-Coin Co. is a division of the Money Company, 5959 Tampa Ave., Tarzana, Calif. 91356; telephone (818) 609-7666.
Viewing of items in Auction XXXIX began Wednesday. The sale includes Islamic gold coins from the collection of Dr. Frank Linville, an assortment of Roman, Byzantine and Islamic glass weights, plus ancient, foreign and U.S. gold coins. The auction is April 2 at the Century Plaza Hotel. The preview is continuing at Joel L. Malter & Co., 16661 Ventura Blvd., Suite 518, Encino, Calif. 91436; telephone (818) 784-7772. Catalogues are $15.
More than 4,500 coins will be auctioned in a 5-day sale March 27-31 at New York’s Vista Hotel in the World Trade Center. Selections will be from the Hagle, Griner, Rudduck and Bebe collections and will feature many silver and gold rarities. Catalogues for the Four Landmark Collections are $20 from Bowers & Merena, Box 1224, Wolfeboro, N.Y. 03894; telephone (800) 222-5993.
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.