Gold Pieces Lose Value as Jewelry

Question: What is the present value of two United States gold coins, $2.50, dated 1904, and the best method for sale of same to receive maximum price? As my two coins are an heirloom in the form of a pair of cuff links, I have been told that their value is lessened. However, the links are of Chinese gold, which I have been told is more than 22 karats. The cuff links were bought in Hong Kong more than 60 years ago. --J.W.C.

Answer: Since this is the beginning of the holiday gift-giving season, it’s probably a good idea to review coins as gifts and particularly in jewelry. Coins make wonderful gifts and come in all price ranges. Most of the carefully selected numismatic pieces will appreciate in value, and they can lead inquiring minds into a fascinating lifelong hobby.

Coins are also valued as jewelry and are used in rings, watches, necklaces, bracelets and cuff links. The only drawback, as you’ve been told, is that due to wear, such coins in all likelihood will lose some of their numismatic value. Many jewelers are careful to use only coins that are already worn, so the chances of ruining a truly rare specimen are rather slight.

Still, your cuff links have considerable value. The $2 1/2 coin is known as a quarter eagle; there were 160,960 minted in 1904. No one knows how many have survived or have been turned into cuff links or some other kind of doodad. Nonetheless, yours are worth about $175 each, plus the value of the links. (Really nice versions of this coin are worth $1,000 and up, depending upon condition.)

As for selling, you’ll have to go from dealer to dealer to negotiate the best price until you’re satisfied.

Q: I have a question about a coin I received from my grandmother’s estate. It is gold with a pewter frame. The front has President Andrew Jackson in high relief. The back reads: “Andrew Jackson inaugurated President, U.S. second term March 4, 1833.” The date is worn and since it’s mounted I don’t know its weight. Please tell me who or what firm made this coin, how many were made and its current value. --E.P.

A: I’m not familiar with your political token (it’s not a coin) but the value is probably in the $75 to $150 range.

Q: Please advise on the value of the following coins in mint condition: a gold $5 1846, and gold $10 1901. --A.E.S.

A: As described, your 1846 half eagle is worth $500 and up, depending upon condition; the 1901 eagle is $300 and up.

Q: I need to find a source for 1988 proof coins in a frame. I bought one from a firm in Las Vegas for 1986. It had a little bit of what happened in the news that year. I have two more grandchildren and I want to give each one of them one for the first birthday. I tried the same source but they are out of business. It was about an 8x10 frame. --A.D.

A: Locating a novelty item such as the one you bought is next to impossible. I’d suggest buying regular mint sets or proof sets instead. Sometimes they’re put in plastic holders with room for a photo. You’ll just have to shop around.

Q: Your column mentions a lady who has a complete set of pennies including the 1909-S VDB that she took to a dealer to sell. The article went on to say she received about $800 for her set. Let me know how many of these sets I can buy for that price. I’ve been collecting coins for more than 50 years and in my opinion that was a good deal. --Bill of Burbank

A: It all depends on the grade, Bill. Complete sets of Lincoln cents from 1909 to the present excluding the 1922 Plain and the D/D’s in Very Good to Fine are worth about $300 to $500. For $800 you can step up in class. I suspect the woman reader was treated fairly. Go ahead, check it out with some of your local dealers.

Q: My boss has asked me to ask you a question that I believe I have seen in your column in the past. His dad gave him several Series E war bonds, Confederate bonds and one bond from the Bank of the United States. I know that the Second Bank of the U.S. went out of business in 1936. I called the Federal Reserve in Washington but they couldn’t shed much light about the value of the bond, if any. I’ve also enclosed a copy of a 1899 $1 bill. The grade of the bill, according to my boss, is “lousy.” --M.R.D.

A: The series E war bonds should have face value plus interest. Take it to your bank to see what can be done. The series 1899 $1 bill is worth about $8. Your other bills have limited value. They’re probably worth more as wall decorations and conversation pieces than as collector pieces.

Q: Please help me identify and place a value on the two enclosed copies of bills. The first is a $20 bill issued by the First National Bank of What Cheer, Iowa, Series of 1929. The second is a $10 gold coin bill issued in the series of 1907. --W.G.S.

A: Your $20 bank note from What Cheer is an interesting bill worth about $60. The $10 gold certificate (not a coin) is worth about $30 to $40, depending upon condition.

Coin News

An updated version of Walter Breen’s Encyclopedia of United States and Colonial Proof Coins 1722-1989 (pictured) is now available. Proof coins have long been a favorite of collectors, and in his landmark work, Breen details proof sets, individual scarcities and rarities and pedigrees. Softbound editions are $29.95 plus $2 for postage from Bowers & Merena Galleries, Box 1224-NR, Wolfeboro, N.J. 03894.

Part II of the Jascha Heifetz Collection Sale will be held Dec. 9-10 in conjunction with the New York International Numismatic Convention at the Sheraton Centre Hotel. The three-session auction consists of world and ancient coins with an insured value of more than $3.5 million. Catalogues are $15 from Superior Galleries, 9478 W. Olympic Blvd., Beverly Hills, Calif. 90212-4299; telephone (213) 203-9855.

No coin will sell for more than $99.99 in the Econo-Coins mail bid auction that closes Dec. 15. More than 1,700 coins are listed in the catalogue, which is available from Econo-Coins, a division of the Money Co. of Tarzana; telephone (818) 609-7666. Econo-Coins’ address is P.O. Box 814, Tarzana, Calif. 91357.

A mail bid sale of ancient Greek, Roman and Byzantine coins and literature is being conducted by Numismatic Fine Arts. There are 2,115 lots with highlights including Ptolemaic gold octo-drachms and Greek silver. Closing date is Dec. 15. For a catalogue or to view the coins by appointment, contact Numismatic Fine Arts, 10100 Santa Monica Blvd., Los Angeles, Calif. 90067; telephone (213) 278-1535.