Counter Stamped Coins

About a year ago I got a call from guy in Salem, NH who had inherited an accumulation of wheat cents from his Dad. He asked if I was interested and I told him I would gladly buy all his wheat cents.  He showed up at my door with twenty three 3 gallon buckets filled with wheat cents which came to over 20 5000 piece bags….. A little more than I expected, but I bought them and had them all sold within a couple of months.  At the end of September I heard from this gentleman again. This time he had his grandfather’s collection of half cents and large cents and wanted to sell it for his mother. We set an appointment for the beginning of October.

He arrived at my store accompanied by his mother,  with a good size box filled with small bags and a conglomeration of odd and interesting containers of coins, ( sometimes the containers people keep their coins in are more interesting than the coins), not the case here.  The seller had everything organized and listed with his notes… there’s nothing more dangerous than a novice who researches the values of his coins online and with the red book….. but that’s another story for another time.  He handed me a small box with 6 or 8 early Bust large cents and the first coin I pulled out was a very nice 1795 capped bust cent with strong Fine obverse detail and the usual weaker reverse strike, overall a very desirable piece but this coin had been counter stamped on the obverse. Upon closer inspection the counter stamp turned out to be a very neat example of the Mason’s symbol right smack in the middle of the obverse bust with a numeral 9 punched it the field.  This was obviously a contemporary counter stamp of the era based on the condition of the coin and in itself a very desirable collectible.

For those of you who aren’t aware of it, the Nashua Mason’s own my store building and are my landlords so Masonic material is of special interest to me.  The other coins in the group were common 1802-1803 and well worn and we quickly agreed on a price for the group.  Over the next two hours my friend showed me groups of coins and some single pieces and I proceeded to buy the entire collection.  Included was in excess of 400 large cents, 20 or so half cents, 2c pieces, 3c pieces, and odds and ends of early type coins.  The highlights included an 1875-CC twenty cent piece, 1799 and 1800 Bust dollars, a few early bust halves including a nice XF-AU 1817/3 with a large rim dent that turned an $800 coin into a $100 coin.  There was the usual conglomeration of common Indian cents with a couple surprises thrown in and an old Whitman folder of Lincolns with some surprisingly nice early red BU coins.

My friend’s mother told me that when she was a child, her father kept the half cents and large cents in wooden box on their living room coffee table and as kids they would play with them. She believed the collection was started by her grandfather and passed down to her Dad who added to it.

Overall a very fun and entertaining couple of hours for me; buying a neat collection of fresh coins is always exciting! Although there were more valuable coins included, for me the highlight of the collection was the first coin I saw, the counter punched “Mason” 1795 large cent.

Most of the coins have already found new homes but I held on to this large cent along with a few other coins for stock and I wait anxiously for the next old collection to find its way to me.

On another note, we will soon start to compile the catalog for our next auction which is scheduled for October 3, 2016.  Please stop by and visit me at the shop you never know what may come in and as always I am happy to help locate any new items you may be looking for.

Coin Market Prices

When it comes to coin values, collectors should always take published retail coin prices with a grain of salt. In particular, with higher value rare coins, often times published prices are for sight seen premium quality for the grade coins. Coins of this type often stand on their own and establish a price based on the individual coin. Market condition have a large effect as well. If a coin is a limited demand, high value item, the price can vary greatly from what a dealer may pay to speculate on inventorying the coin, or what a dealer will pay if he has a customer waiting for it,  to what a collector looking for that particular would be willing to pay.  Of these, the hardest to find is the end collector. So when looking to sell your coins, you need to keep in mind, the published prices in price guides are more a worse case of what you might be expected to pay than what you can expect to get. That being said, most dealers will do what they can to maximize what they can pay to regular customers, based on current market conditions at the time.

About a week ago, I had a visit from a local collector who had been in semi regularly over the past four years with a few coins to sell. In the past I had bought a few nice $2 ½ , $5, and $10 gold coins from him,  nothing exceptional but nice easy to sell AU-UNC coins. This time he pulled out a slab box and proceeded to hand me 8 nice Saint Gauden $20 gold pieces. One at a time he handed me a 1924 NGC MS62, followed by 3-1927 NGC MS63; Next a 1925 NGC MS64, a 1927 NGC MS64, and finally a 1927 NGC MS65. He said “what can you give me for these, I need to pay my property taxes and put on a new roof.

Well I gave him a number which made him happy and wrote him a check, and as I handed it to him, he said “one more thing.  I have this other $20 Liberty. It’s not as nice but it is older.” He proceeded to pull from his pocket an NGC AU55 1872-CC Liberty $20 gold piece. He said, “I see these listed in Coin World for $20,000 in AU50 and $56,000 in AU58, what is an AU55 worth?”  Now any Carson City $20 is rare, but Coin World trends is really Pie in the Sky and I told him so. I said gold coins never really trade at retail levels but give me a minute. I went to the computer and pulled up the available info on the coin and checked the grey sheets.  I told him that wholesale bid for AU50  is $11,000 and AU58 $20,000. These are sight seen bids which means coins that are deemed nice for the grade. I said this coin is not bad as it is somewhat frosty but it does have some detracting nicks and cuts. The last coin in AU55 to sell at auction sold for a little over $15,000 including the auction commission.  That tells me the value for your coin on the market is somewhere in the $12,000 to $13,000 range to leave room for 19% auction fees.  The best way for you to sell this is to have me check around and make a few calls and see what I am offered. I will call you with the best offer and if that seems satisfactory I will sell it for a 5% commission.  He agreed to do this and gave the coin to me on memo.

I made some calls and showed the coin at a local show where I received offers from $11,000 to $12,000 from dealers I knew would wholesale it to someone with an end buyer. From the calls I made to dealers I thought may have customers for it the offer was a little better.  I called my customer and told him the high offer  I received.; said it was a good one and I could net him a little under $12,000 after my commission, which was right smack in the middle of where I had told him it would be. He was happy with the result and we had a deal.

The moral is, there is a lot more to the coin market than Coin World trends and grey sheet. These are guidelines, rare coins rarely trade at trends except to the collector and grey sheet can reflect the most recent teletype offer which may or may not be current. A coin is only worth what someone will pay for it. Be realistic and expect to leave money on the table for the next guy.

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2009 Lincoln Cent Designs and Penny News

2009 Lincoln Pennies and Bicentennial Coins

In 2009, the United States Mint struck four different pennies and two silver dollars in celebration of the life and legacy of one of America’s greatest leaders, Abraham Lincoln. 2009 Lincoln pennies commemorate the bicentennial birth of President Lincoln and the 100th anniversary of the Lincoln cent.

While the obverse or heads side of the cents have remained unchanged, new reverse designs beautifully portray facets of Lincoln’s life. The first, second and third cents have already launched into circulation. Here are small images and links to each of the four new penny designs:

2009 Lincoln Cents
Lincoln Cent Birthplace
#1
Lincoln Cent Formative Years
#2
Lincoln Cent Professional Life
#3
Lincoln Cent Presidency
#4

Abraham Lincoln was born February 12, 1809,  in Hodgenville, Kentucky. In 1909 the congress passed a bill to change the design of the penny from the Indian head design to commemorate the 100th anniversary of the birth of one of the greatest leaders in United States history, Abraham Lincoln.  We’ve had Lincoln pennies ever since. The longest running coinage series of all US coins.

#1 Lincoln’s Birth – The first design of 2009 shows the Log Cabin where Lincoln was born, in Hodgenville, Kentucky.

#2 Lincoln’s Formative Years – The second design of 2009 shows Lincoln reading a book while taking a break from splitting logs for firewood.  Lincoln grew up and spent his formative years in Indian where he studied law and eventually became a lawyer.

#3 Lincoln’s Professional Life – The third design shows Lincoln in Illinois where he was first elected to the United States Senate.

#4 The Presidency – The fourth design shows the new White House in Washington DC, which was completed during Lincolns first term as president.

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