To collectors unfamiliar with the Buffalo nickel series, the 1918-S Buffalo issue might appear as “just another mintmarked date” from fairly early in the series. But in truth, the 1918-S is among the most challenging S-mint emissions from the teens.

In the PCGS Registry Set Composition which provides a numeric point value between 1 and 10 for each Buffalo issue, the 1918-S has a value of eight points, the second highest of any regular issue in the series.

Other issues in the series given an eight-point value include the 1919-S, the 1923-S, 1924-S, and 1927-S; in other words, some of the most difficult issues in the series (and not entirely coincidentally, all S-mints.) The only Buffalo nickel issues given a higher nine-point rating by PCGS are the 1920-S and 1926-S. By way of comparison, the 1913-S Type Two–generally acknowledged as a key issue but occasionally found in nice high Mint State, is given a six-point rating.

The elusive nature of high-grade 1918-S Buffalo nickels is the product of a confluence of factors. Produced during the last year of World War I, the 1918-S was the victim of economic measures, in more ways than one. In order to save dies and prolong their life, the dies were, for the most part, set too far apart to deliver strong blows to the coins. As David Lange explains in his Complete Guide to Buffalo Nickels (third edition, 2006):

“This was done as a economy measure to reduce wear on both the dies and press and to thus extend their useful life. Such economy was practiced even more vigorously during the 1920s, as the budgets of most governmental departments were slashed by the parsimonious Harding and Coolidge administrations.

“The Buffalo Nickel was a coin of relatively high relief, and it did take quite a toll on the dies. These wore rapidly, and such erosion is often evident on the actual coins. The reverse dies in particular were used too long, as they didn’t need to be discarded at the end of each calendar year. The combination of increased die-set distances and worn dies produced the mushy, disappointing coins so often seen in this series.”

The Coin Pictured here ( 1918-S 5C MS66 ) will be avaialble at Heritage’s Dallas Auction on October 23-25

By Doug Winter - RareGoldCoins.com

Many articles about coin collecting (including more than a few written by yours truly) have suggested that it is extremely important for collectors to learn how to grade. In theory, this makes sense. But is this realistic? Can a person with a family, a job and interests besides coins realistically learn how to grade coins?

I think that the “learn how to grade” advice that I mentioned above is fine, at least in theory. However, is this really any different than a doctor suggesting that in order to better care for myself that I learn brain surgery, anatomy and how to read X-rays in my spare time? I’m obviously not about to become an expert in any of these fields and I wonder if it is unrealistic for me—a professional coin dealer—to suggest that a collector become an expert grader.

I think there is really only one way to become good at grading coins. You have to look at thousands and thousands of coins in person. And then you have to buy and sell coins so that you have the confidence to determine that your skill level is there.

But even if you look at thousands of coins in person, if you do not have innate grading abilities, it probably does not matter. I know a number of dealers who have been viewing coins for years and years and I still don’t think they have a clue how to grade because they just don’t have a good eye. As I’ve written before, I think the ability to grade a coin is genetic. Either you have the ability to do it written into your genetic code or you don’t.

That said, is there a way that the collector can acquire grading skills that make buying coins a safer and more pleasurable experience? I think the answer is a resounding “yes” and I have some suggestions: (more…)

(Long Beach, California) – The date has changed for the latest in the Professional Numismatists Guild’s “Share the Knowledge” educational seminars at the Long Beach Coin, Stamp & Collectibles Expo. The new date is Thursday, September 18, 2008, instead of the previously announced Friday the 19th.

The seminar will benefit potential auction consignors and bidders.

The program, “Everything You Always Wanted to Know About Rare Coin Auctions,” will be presented by PNG member-dealer Greg Rohan, President of Heritage Auction Galleries of Dallas, Texas. The program starts at Noon on September 18, in room 102-C of the Long Beach, California Convention Center, 100 S. Pine Ave.

A complimentary light lunch will be available for audience members as part of this latest in the series of PNG “Share the Knowledge” seminars being conducted at major coin shows across the country.

“At each educational program participating PNG member-dealers share with collectors and other dealers their extensive knowledge about numismatic items and the marketplace,” said PNG President Gary Adkins.

During his career, Rohan has handled more than $1 billion worth of rare coins, collectibles and art, and provided expert consultation regarding the authenticity and condition of coins for the Professional Coin Grading Service. In his role as an owner and President of Heritage, Rohan oversees the firm’s private client group and works with top collectors in every field in which Heritage is active. The company is the largest collectibles auctioneer and third largest auction house in the world.

For additional information about the Long Beach Expo, call (805) 962-9939 of visit online at www.LongBeachShow.com. For additional information about the Professional Numismatists Guild, call (760) 728-1300 or visit online at www.PNGdealers.com.

Someone recently asked me a question that I thought was interesting and that merited a detailed response. To paraphrase this question, they basically asked me this: can you tell me some ways that I can improve my collection while spending little or no money?

Are there any actual ways that you can make your collection better without dropping a lot of coin (bad pun intended)? I believe that there are and here are a few that came to mind:

1. Bring Out Your Dead. Every collector has them. Duds. Bad deals. Low end duplicates. You know what I’m talking about: the Dead Zone of your collection. These coins may represent more value than you realize. As an example, I recently had a relatively expensive double eagle in stock that a collector wanted for his set but he had no extra money at the time. I had him send me a list of the dead coins he owned; bullion, generic Saints, Morgan dollar rolls, etc. The value of his “stuff” was considerably more than he realized and he was actually in a nice profit position on his bullion. The choice to trade spillage for one nice, rare coin was easy for him to make. And the good news was that he had enough money left over so that he can actively pursue another neat coin or two.

2. Attribute Your Coins. If you collect series like Bust half dollars or large cents you are probably already a die variety collector and all of your coins are properly attributed. But what if you are a collector of early half eagles and you have never bothered to attribute your coins to Bass-Dannreuther variety numbers? And what if one of your supposedly common half eagles turns out to be a very rare die variety that is worth a 30-50% premium? Seems like a no brainer to me. Even if you collect a series for which there is no standard reference work, it makes sense to examine your coins with a 10x glass and see if anything interesting is happening. Who knows, maybe you’ll discover a previously unknown mispunched date or a cool double date that has not been recorded.

3. Invest $500 to $1000 in improving your library. If you collect early gold coins you probably own the Bass Dannreuther book and a few other standard references. But do you own pertinent auction catalogs? It has long been my belief that one of the best uses of your money is a good library. You’ll get more enjoyment out of your coins if you know more about them and there is no better way to learn about a series, especially one that is somewhat obscure, than reading books and catalogs. If you don’t know which books or catalogs to pursue, ask a specialist dealer which ones he refers to or, better yet, contact a numismatic literature dealer and ask for some suggestions. (more…)

  by Greg Reynolds for CoinLink

On Wed., July 30, a set of Morgan Silver Dollars traded at the ANA Convention in Baltimore for $2.035 million. Morgans were minted from 1878 to 1904, and again in 1921. While the focus here is on the nature of this set, options for acquiring Morgan Dollars that are dramatically less expensive will also be discussed.

Most Morgan Dollars are not expensive and a low-grade set can be assembled for less than $20,000. Indeed, there are many Morgan Dollars that are not rare in most grade ranges, but are extremely rare in MS-65 and higher grades; these are ‘condition rarities.’ A Morgan Dollar set becomes extremely expensive when the buyer seeks these condition rarities.

All of the coins in this set are graded as MS-65 by either the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corp. (NGC), except ten or so dates that are graded MS-66. Usually, a ‘date’ refers to the combination of the year on the coin and the location of the Mint that manufactured the coin.

This set had an 1880-O (New Orleans Mint) Morgan that is PCGS graded MS-65. While the PCGS has graded more than 7500 1880-O Morgans in total, including more than one thousand in MS-64 grade, only twenty-three have been graded MS-65 and zero have been graded higher than MS-65. This total of twenty-three may represent fewer than sixteen different coins, as some may have been re-submitted in hopes of receiving a MS-66 grade.

While finding an 1880-O is easy, finding one that is PCGS certified MS-65 may be very difficult. An 1880-O may sell for around $25 in EF-40 grade. Over the last two years, several PCGS graded MS-64 1880-O Morgans have been auctioned, and most realize a price in the range of $1495 to $2300. A PCGS graded MS-65 1880-O could bring anywhere from $18,000 to $40,000 at auction in the middle of 2008, though none have been auctioned since Jan. 2007.

Most (or all?) of the coins in this set were acquired privately rather than at auction. This set was assembled by an anonymous collector known as “Lord Baltimore.” He was guided by Bob Green, who is the president of Park Avenue Numismatics.

The first coin in the set was acquired in 2001. The last coin was obtained at the Winter FUN Convention in Orlando in January 2008. (more…)