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Coin News for April 21, 2010
Recollections of U.S. Numismatics from the 1960s
The E-Sylum
There were a lot fewer collectors and dealers in the early 60’s. Most had no real affinity for natural toning and brilliant/bright was “in”. “Original skin” by any terms was unimportant. The 2nd largest & most important “coin show” (currency was not widely collected or emphasized back then) was the New York Metropolitan Coin Club show held once a year, in March, at the then New York Park-Sheraton Hotel, a five minute walk from Stack’s who held their annual pre-eminent auction at that show. The bourse size was a tiny fraction of today’s large coin show bourses but the dealers set up and the material available, all “raw” of course, was usually top of the line.
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ANS Library Catalog Naming Contest Winner Announced
American Numismatic Society
The winner of the Library Catalog Naming Contest has been decided! The chosen submission was given by Andrew G. Scott, Assistant Professor of Classics at Hendrix College in Arizona. Andrew was a recent participant in the Eric P. Newman Graduate Summer Seminar in Numismatics during 2009. Well done, Andrew! And thank you again to all who entered. We had some fantastic entries overall! The new catalog will be called DONUM. This is short for Database of NUmismatic Materials. The word “donum” is also Latin for “gift,” and as a free resource, this online catalog is our gift to the world. The new online catalog is still very much being developed and we thank you in advance for your patience.
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ANA National Coin Week Continues Through April 24
American Numismatic Association
“Beautiful Places: Landmarks and Mintmarks” is the theme of 2010 National Coin Week, April 18-24. The theme celebrates the many historic and scenic places that have inspired designs on coins and paper money throughout U.S. and world history. This year, the ANA is going on a virtual road trip — and we want you to come along! The cross-country venture will double as a treasure hunt. Beginning Presidents Day, February 15, a clue to a numismatic object will be provided once a week via e-mail and on this page. The final clue will be revealed the Monday of National Coin Week, and all road-trippers who complete the hunt and register their findings will enter a drawing for a 1/2 ounce gold coin (revealed during the trip) and other great prizes.
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How to Find Rare Error Coins in Circulation
Susan Headley About.com: Coins
Finding error coins in your daily pocket change can be fun and profitable, and it’s very easy to do. Follow the steps below carefully the first few times, so you develop coin-checking habits from the very beginning that are proven, productive methods of locating the error coins and die varieties that are circulating right now, just waiting to be found. You will need a good magnifier, at least 7x or stronger (I recommend a 10x loupe that you can keep on your key chain.) If possible, it’s best to save up several dollars’ worth of coins and do them all at once, but these instructions will work for any amount.
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Origins and History of the 15% Auction Buyer’s Fee
Stack’s
The idea of a buyer’s fee for auctions was widely used in the art and antiques field by the time it took hold in numismatics, circa 1982. In its most familiar form today the fee is applied to the hammer price. If an auctioneer sells a lot for $1,000, on the invoice 15% is added, making the total price $1,150. The 15% is by no means consistent. Some auction houses charge no fee at all, others 10%, and in certain areas of art and antiques, the fee is higher than 15% on lower value items, and is reduced on items of especially high value. The idea originated in numismatics with the thought that consignors often resented paying a typical reasonable commission to have coins, tokens, medals, and paper money auctioned. The standard seller’s commission for items requiring usual cataloguing and the like used to be about 20%.
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Historic Colonial Banknote Sells for £25,000
Paul Fraser Collectibles
Dated to 1879, this $5 Colonial Bank Saint Thomas note – serial number 22519 – is dated January 1 of that year. The black and white note auctioned with a pre-sale estimate of £5,000-7,000. The note’s surface bears an arms top centre, two manuscript signatures at the lower right, and a hand stamp confirming its place of issue as the “St Croix branch”, visible at the top left and right of the note. Billed by Spink as “a fresh white and attractive example, very fine and of the highest rarity, possibly a discovery note, a truly special note,” it realised a final price of £25,000.
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About the Author
Tim Shuck is a life-long Midwestern resident, and started collecting coins after finding an Indian Head cent on the ground at his childhood farm home. Additional encouragement came from looking through a collection of well-worn late 19th and early 20th century coins kept by his grandfather in an old leather coin purse. Current collecting interests include U.S. types from the Civil War era through the early 1930's, and Colonial and Early American coins.
