Low Mintage May Not Mean High Value
Question: I have recently received literature on British gold coins, Year of the Ox, as well as literature on their 1984 coins. It appears that these will be or are in limited editions. What has been the experience with British coins of less than 200,000 mintage?--H.H.S.
Answer: You’ve raised an interesting point. Gold coins have long been desirable to collectors and investors alike. Low-mintage issues usually have a greater chance of appreciation than those that are mass-produced. In that case, the attraction is essentially in the bullion value. Recent events have shown just how volatile the gold and silver markets can be.
But numismatically speaking, you’re still dealing with the law of supply and demand. And while 200,000 is a relatively low mintage when you consider the number of collectors worldwide, there’s still no guarantee that buyers will outnumber sellers. New issues constantly come on the market. Older coins have a track record; the newer ones are unknown.
Generally speaking, I wouldn’t necessarily recommend some of the newer editions if your intention primarily is to make a quick profit. However, if you find the coins attractive and are willing to exhibit long-term patience, then the possibility of making a profit while at the same time developing a hobby is quite strong.
Some recent developments indicate increased activity in the gold market. Rep. Julian Dixon (D-Los Angeles) and Rep. Jerry Lewis (R-San Bernardino) have introduced legislation to establish a legal-tender U.S. gold coin. This would be the first gold coin for general circulation since 1933. The bill, HR 1123, is co-sponsored by more than 100 members of Congress, both liberals and conservatives. Such a gold coin would compete directly with the South African krugerrand, which Dixon said annually “earns more than $400 million from gold investors in America alone.”
Also making inroads is the Canadian gold Maple Leaf, which was introduced in 1979. The Royal Canadian Mint claims that the Maple Leaf in 1984 increased its market share 4.5% to 27%.
So, you can see that the activity in gold coins is increasing. Before you decide which direction to go, explore the entire spectrum of gold coinage: ancients, world issues, early U.S. issues, private mintage, bullion, whatever. Then, go ahead and have some fun.
Q: What is the value of the following: $1 1889 gold brilliant uncirculated (gem), $2.50 1894 gold BU and $20 1901 gold BU (superb)?--J.L.
A: Your descriptions indicate coins of a higher quality, but this would still be open to interpretation. So, depending upon actual condition, the $1 is worth $600 and up, the $2.50 is $500 and up and the $20 is $800 and up.
Q: I have an 1858-O Liberty half dollar. Could you please tell me its value?--E.L.
A: Almost 7.3 million half dollars were produced in the New Orleans mint in 1858. Yours is worth $10 and up, depending upon condition.
Q: Please give me the value, if any, of an 1892 Columbian half dollar in good condition except for slight discoloration; Irish six-pence dated 1939, 1960, 1964, and Irish threepence dated 1942 and 1948.--L.E.H.
A: Your commemorative half dollar is worth about $8; the Irish coins are worth about $1 each.
Q: What is the probable value of a $4 bill, Mechanics Bank, Montreal, 1st June, 1872? It was found amid some old family treasures.--M.J.
A: Your Canadian bill is worth between $25 and $200, depending upon condition.
Q: After my parents died, we found a small box in the top dresser drawer with collar buttons, tie pins, cuff links, watch fobs and the following coins: 1819 U.S. 5 cents; 1828 U.S. half cent; 1858 Holland 2 1/2 G (size of a dollar); 1867 Italy 2 centessimi; 1905 Hong Kong 1 cent; 1915 France 2 francs; 1919 Canada 1 cent; 1967 Finland 10 markka; 1970 Japan 100 yen. Their value?--B.F.S.
A: Your nickel probably is worn and the date easy to misread, since nickels were first issued in 1866. Even so, it still has some collector value, but it would have to be seen to be evaluated. The half cent is worth $12 and up; the Dutch gulden is $7, and the Hong Kong cent is worth 50 cents. The other coins have little or no numismatic value.
Q: I have a five-gallon water bottle full of coins. Where can I find a coin counter? Rolling the coins would be an “interesting” challenge--for a masochist.--P.S.
A: Many coin dealers have coin-sorting machines. Maybe one in your area will take pity on you. It doesn’t hurt to ask.
Q: The following coin was kept by our grandmother. It’s a 1913 5-cent piece with an Indian head on one side and with a buffalo and an S on the reverse. May we know the value, please? Also, do museums buy old coins to display especially for children? Our grandmother taught school many years.--A.M.S.
A: The 1913-S buffalo nickel you have is the Type 2 variety and is considered scarce. These coins are worth $50 and up. However, I’m puzzled by your illustration. You say it’s actual size. Since the drawing is larger than a dollar, I suspect your coin is actually a replica with little numismatic value. As far as museums are concerned, some have extensive coin collections. You would have to inquire to see if any were interested. It’s quite possible that since your grandmother was a teacher, she used this oversize piece as a teaching tool.
Q: Enclosed is a photocopy of two $500 bills, which were stamped at the Benjamin Franklin Post Office in Philadelphia on July 4, 1976. Since $500 bills are no longer being printed, these are rare. They are believed to be the only $500 bills that were stamped for the Bicentennial. I originally had the bills stamped for my grandchildren and future great-grandchildren. Now, I understand that these bills could be collector’s items. Is this true?--M.McE.
A: Regular $500 bills are worth about $25 to $50 over their face value. Your bills might possibly be worth more, although similar treatments with $2 Bicentennial bills carry little premium value. You would have to locate a real specialist who would be interested in these to make an additional profit.
Q: I am writing this for my husband, who is losing his eyesight. We are both up in age--he is 87 and I’m 79--so we are anxious to know whether the coins my mother saved are of any value. They are: an 1893 half dollar, World’s Columbian Exposition, Chicago; 1825 10-cent piece, somewhat worn; 1853 half dime, well used; 1896 Indian cent, good condition, and a large-size $1 silver certificate series of 1899 still in its original plastic envelope, although there are numerous chicken scratches in red and blue on both sides of the bill.--L.P.
A: From the descriptions, I’m afraid your collection is not of particularly great value. Your commemorative half dollar is worth about $6 or $8; the Capped Bust type dime is $5; the half dime, $3; the Indian cent, 50 cents and up, and the $1 bill about $20.
Coin Letters
In response to the March 14 inquiry about a rug with the design of a dollar bill, which hung in a Sears store in Santa Ana: I remember well that one of them, in or about 1950, was hanging in the window of the Broadway in Pasadena. . . . First manufactured in the 1920s in Germany, the rug bore the design of the $1 U.S. silver certificate of the 1899 Series. The rug is not unique; there must be a number of them in this country.
FREDERICK LANGFORD
Pasadena
I was born in Brooklyn, N.Y., and when I paid a visit to the Secret Service at the Church Street Station Post Office, I saw such a rug hanging on the wall. That was years ago. You know, that kind of rug is very rare.
GEORGE F. WEIDNER
Los Angeles
Coin News
A handy reference book for specialists and generalists alike has just been published. It’s called “United States Three-Cent and Five-Cent Pieces” and is subtitled “An Action Guide for the Collector and Investor.” The author is Q. David Bowers, who also wrote a companion work, “United States Copper Coins.” Detailed in the book are nickel 3-cent pieces of 1865-1889, silver 3-cent pieces of 1851-1873, all types of nickel 5-cent pieces and half dimes from 1792 to 1873. To order, send $9.95 (specify the book title) to Bowers & Merena, Publications Department NR, P. O. Box 1224, Wolfeboro, N.H. 03894.
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.
