Monroe Commemorative Holds Special Interest
Question: I have two Monroe Doctrine Centennial half dollars, uncirculated. On one side it says Monroe Doctrine Centennial, 1823-1923 and Los Angeles. The flip side has profiles of Monroe and Adams. I also have some $1 silver certificates. What are my coins and bills worth?--C.H.A.
Answer: United States commemorative coins are a favorite with many collectors, and it is a challenge to assemble a complete set. High-grade specimens are often difficult to locate and can be quite expensive.
In the commemorative series, the Monroe issue is particularly interesting on several accounts. For one, the Monroe Doctrine forged a cornerstone in American foreign policy that remains relevant in today’s headlines regarding Central and South America. But it took a considerable stretch of the imagination to mark the centennial in Los Angeles. Apparently this was accomplished by early Hollywood press agentry and Congress went along with it.
Another Hollywood touch is the design of North and South America on the reverse. Both continents, on close examination, depict female figures. And, while the doctrine bears President James Monroe’s name, the profile of John Quincy Adams shares the obverse, because it was he who developed the policy of opposing European encroachment in the Western Hemisphere.
There were 274,000 silver Monroe pieces minted, and many are believed to have been circulated during the Depression. Prices for uncirculated Monroe halves in Mint State 60 condition are worth $35 and up. Coins graded MS-65 are quite rare and bid for about $6,250.
As for your $1 silver certificates, unless they are crisp and uncirculated, they have little or no collector value.
Q: Recently a bank gave me a new $1 bill that contained several printing/cutting errors including: an unusual paper cut (not a rectangle but more like the number 1, absence of any print on one-fourth of the face of the bill; and the serial number and seal printed on the back or reverse side of the bill. Whom can I contact to get an authoritative value? I have gone to four local dealers, and the prices they quoted me varied from $5 to $250. Why the significant variation in value? All of the dealers seem to be interested, but unsure of the value. Is there any recognized authority for printing errors on bills?--A.V.
A: The reason there’s such a price range for your error bill is that collectors for such material are as scarce as some of the bills. Also, there are so many different kinds of errors that pricing gets quite complicated. I suspect that the dealer who offered you the top price has a customer for such a bill. The other dealers are speculating that they can place it with someone and turn a profit. My sources tell me that your bill is probably in the $50 to $75 range.
There are several pricing guides for bills that may prove helpful. The House of Collectibles publishes all sorts of guides. The “Official Blackbook Price Guide for U.S. Paper Money” is in its 21st edition. The price is $4.95. There’s also the “Standard Catalogue of United States Paper Money” by Krause and Lemke. It contains a small section on errors. Also available is “Paper Money of the United States” by Robert Friedberg.
Q: I am interested in finding information about the U.S. 3-cent nickel and silver series. Could you recommend some sources? --S.C.M.
A: Most general-interest coin reference books will touch on these coins. A more detailed description is given by Q. David Bowers in “United States 3-cent and 5-cent Pieces, an Action Guide for the Collector and Investor.”
Coin News
Bullion coins have gained considerable popularity in the marketplace. Carving out its own niche is Mexico’s silver Libertad (pictured), sometimes called an onza. The Libertad was first issued in 1982, although Mexico has a long history of silver coinage. MTB Banking Corp. of New York has been named worldwide distributor, but the coin is widely traded and available at most coin stores. The 1989 Libertad sells for about $8. Common dates are available for about $7, but some of the early issues had low mintages and carry a hefty premium.
Feedback
The recent mention of California fractional gold brought this response from J.T. of Santa Paula:
“Collecting these little gems is like acquiring small pieces of California Gold Rush history . . . . An estimated 15,000 authentic specimens exist of which there are more than 600 varieties. Each variety is relatively scarce with no more than 200 known specimens of the more common . . . . The largest collection of varieties (451) ever assembled was that of Ed Lee and his son, Kenneth. The collection was sold in September, 1988, by Superior Galleries and brought approximately $325,000. The Defiant Eagle quarter dollar brought $44,000, the highest price paid for a California fractional gold piece . . . . Anyone interested in pursing California fractional gold as a hobby should . . . consider joining the Society of Private and Pioneer numismatics, which publishes the semiannual Brasher Bulletin. Dues are $15 a year. The address is P.O. Box 4423, Davis, Calif. 95617-4423.