Tag Archives: Red Book

Holiday Numismatic Gifts

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Inspire love of the hobby in your children, nieces, nephews, grandchildren and friends by gifting them one or more of iconic designs by the U.S. Mint, all for under $150.

With Christmas, Hanukah and the New Year nearly upon us, you may need to do last-minute shopping at a nearby coin shop or via the internet with trusted sellers on eBay or numismatic companies like APMEX. And don’t forget the U.S. Mint.

We’ll start with the Red Book, a must-have publication for any new hobbyist. Experienced collectors can use A Guide Book of United States Coins to research these gifts below so that you can share their numismatic stories and histories.

You can get this reference book for under $25 from eBay, Wal-Mart or Whitman Publishers.

Also, don’t forget the Mint by considering its holiday gift giving products. Many such products will cost more than $150. But others for less that amount may make nifty gifts, including Christmas ornaments, which sell for $35.

Now let’s consider some of the Mint’s most popular coins.

1909 VBD Cent

Experienced collectors can include a note explaining why this coin is a must-have in any collection. The “VDB” initials stand for the coin’s designer, Victor David Brenner. But government officials were concerned that they were placed in too-prominent a position and gave Brenner too much notoriety. You can snare one at APMEX for $99 in uncirculated red condition.

There is more history associated with the Lincoln cent. Research and share it and why 1909 was the first year of this coinage.

1864 Large Motto Two Cent

You can find several examples graded by PCGS, NGC and ANACS for under $150. When you search for this on eBay, choose the low price filter and include the grading company initials with “1864 Two Cent Large Motto.”

The genuine example above was selling for under $65.

In your gift card, research and then tell the story of the motto “In God We Trust,” which first appeared on this coin, which indirectly conveyed that the Union would win the Civil War. But there is much more to this legacy. In 1956, Congress declared it the official motto of the United States.

Cite the various mottos of America beginning with the Fugio cent and what they mean about our country.

Buffalo Nickel Types I and II

You can find these two types for under $50 at APMEX. Hobbyists buying these as gifts should refresh their numismatic knowledge by researching the three Indian chiefs that formed a composite of the obverse. Even more fun would be telling the tale of Black Diamond, the model buffalo at the Central Park Zoo at the time.

The Buffalo nickel, designed by James Earle Fraser, was part of the U.S. Mint’s effort to make coinage more appealing and symbolic.

Also relate why there are two types. Hint: The raised mound on Type I caused the denomination to wear off prematurely. This introduces new hobbyists to varieties.

Mercury Dime Roll

The Mercury Dime, another coin by Adolph A. Weinman, showcases Lady Liberty with a winged Phrygian cap, making her resemble the Roman god Mercury. Research that ancient deity.

You can get a roll of these from APMEX for under $150.

If you give this as a gift, be sure to explain the value of silver and how you can use the Red Book to find values for each year in the roll, explaining mint marks and other features of this iconic dime. It introduces new collectors into roll hunting.

1917 Standing Liberty Dollar, Type I and II

This coin must be age appropriate because Type I features a partly naked Lady Liberty. I leave it to you to explain why the original bare-breasted design was considered too controversial at the time, resulting in her wearing chain mail in Type II.

Nevertheless, the devices, shield and portrait of Lady Liberty by Hermon A. MacNeil are among the most elegant designs. Research how MacNeil beat famous designers like Adolph A. Weinman in a U.S. Mint competition. That was quite a coinage feat!

Walking Liberty Half Dollar

You can purchase the 1945 date in uncirculated condition from APMEX for under $50. You can also find “Buy It Now” BU examples on eBay graded by PCGS, NGC or ANACS for under $100.

In your gift card, research and describe the symbolism of one of the Mint’s most beautiful designs, featuring Lady Liberty marching with conviction toward a new dawn for the American republic.

Morgan Dollar (1878-1904, 1921)

You can purchase an uncirculated common date Morgan for under $50 at APMEX. When you give the Morgan as a gift, make sure it is not holdered. You will want your recipient to feel the heft of this 90% 26.73 gram silver coin.

You can also research the person on whom Lady Liberty is based, Anna Willess Williams, a Philadelphia school teacher and philosopher. She agreed to be a model for designer George T. Morgan only if her name was kept out of the newspapers. As you might anticipate, it wasn’t.

MEMORABLE MOMENTS

A holiday coin gift has two dates: the one on the denomination and the holiday year in which it was given, inspiring memories as you share your research and instill the love of numismatics in your relatives and friends.

Oh, yes. You might also subscribe to Proxiblog.org and/or purchase Coin News Updated: The Essential Guide to Online Bidding or Basic Coin Design, all of which help sponsor this educational coin site.

California Gold Scam

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Of all the scams on social media and online auctions, one in particular illustrates how easily hobbyists are duped due to numismatic ignorance: fake pioneer or California Fractional Gold.

I have been writing about this for decades. You can find this recent article on Proxiblog and this one on Coin World.

No where is this ignorance more on display than on Facebook coin groups, eBay and Hibid.com.

Before showing the scam, let’s begin with some information about California Fractional Gold, referencing one of the top articles about it by Bob Leonard, titled “Private Gold Coins of California,” which cites my published work:

Finally, we have the so-called “tokens,” condemned in the Red Book and by Bugeja. These began in 1872, following the 1871 arrest of jewelers (in Leavenworth, Kansas!) who were making “California gold pieces.” Round dollars were discontinued that year, and one maker introduced the head of Washington to avoid too much similarity to U.S. coins. No enforcement appeared in California until 1876, though, but this led to the abandonment of octagonal dollars also, backdating, and the introduction of denomination-less pieces reading ¼ CAL GOLD, etc. instead of ¼ DOLLAR. Modern “tokens” do not even contain gold.

A good reference is Mike Locke’s website, http://www.calgoldcoin.com/ .

These coveted coins have been counterfeited since the 19th century. It began with jewelers minting their own fakes and selling them for more than face value. Leonard writes, “With citizens indifferent as to the value of small change, jewelers stepped in to make their own quarters, halves, and dollars—though also overvalued.”

That practice continued into the 20th century with souvenir tokens made of brass, gilt plating or low-grade gold sold at truck stops and gas stations along the route to Mount Rushmore in South Dakota. Other tourist sites, like Yellowstone, soon followed suit. Americans love the Old West, and these tokens came to represent that.

Typical fantasy pieces carried no denomination but suggested them with reverses stating 1/4 Bear, 1/2 Bear and One Bear, depicted by an amateurish design, like this plated one:

In 2011, NGC ran an article titled “Fantasy and Souvenir California Fractional Gold,” noting:

Many of the 20th century tokens feature a design that does not resemble either circulating United States coinage (many of the Period One and Two issues were designed to blend in). For example, some have a bear on the reverse and others have a crudely engraved portrait of an Indian or Liberty. Most of these are made of gilt base metals although a few are struck on low fineness gold planchets. While a handful of these, such as Hart’s “Coins of the Golden West” are quite collectible, the vast majority have little numismatic value.

https://www.ngccoin.com/news/article/2349/Fantasy-and-Souvenir-California-Fractional-Gold/

Nevertheless, NGC and other holdering companies further confused the issue by using the term “dated” for tokens made in the late 19th and early 20th century, as in this example:

Twenty years ago my local coin shop was selling similar souvenir pieces for $1 each. These differed from authentic California gold coins having a denomination of 1/4, 1/2 and 1 dollar (sometimes abbreviated as D. or Dol.), as in this quarter dollar:

To help hobbyists distinguish between real and fantasy California Gold, Walter Breen and Ronald J. Gillio catalogued them in their reference book, California Pioneer Fractional Gold. The abbreviation “B-G” designated specific types, based on their surname initials.

You can find a complete list of their “B-G” coins on PCGS’s CoinFacts.

Even if you have the Breen/Gillio book or access the PCGS site, you still need numismatic education to identify the specific B-G number. Each of the hundreds of examples have slight variations. A few do not even have dates, as in this coin:

The process of identifying them is tedious, involving patience and skill. Social media or internet cannot help. Reading can.

Since coin collecting has gone online, so has numismatic literacy. Sellers routinely misidentify fantasy and fake tokens as the real deal. The whole issue of what is and what is not authentic has become arduous, as fewer people have read the Red Book (A Guide Book of United States Coins) or subscribe to numismatic publications.

That’s where inexperience and ignorance come into play.

The latest ruse concerns purchasing plated tokens from China selling for under $30, as in this set:

Scammers buy them, remove tokens from the case, and offer them as single lots on eBay, Etsy, HiBid and other venues.

Here’s the reverse of that set so you can identify specific examples offered for sale as genuine:

Some of these fake tokens are being sold for hundreds of dollars. They succeed by fooling amateur collectors lacking experience and knowledge. Some examples:

Social media influencers on TikTok and YouTube have generated more hype, falsely claiming that ultra rare errors like the 1943 copper cent or 1944 steel cent can be found in pocket change. This has inspired newbies using microscopes to identify die cracks, misaligned collars, machine doubling and other non-valuable/face value coins. Many also use CoinSnap, a mobile app that uses artificial intelligence to identify coins and provide worth, often wildly overvalued and erroneous.

CoinSnap is of little use when it comes to fake California Gold.

The combination of AI, social media and human ignorance has resulted in an explosion of counterfeit coins, especially from China. Thankfully there are experts like Jack Young’s Facebook “Fun with Fakes” and online publications, like Proxibid, to warn about scams, hype and deception.

Coin collecting is serious business. According to recent market research, Americans spend an estimated $28.15 billion on the hobby annually. Such investment requires education. Seek it.

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Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and social media. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

How to Collect Coins

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This post is about how to be a coin collector. It may be one of the most important articles you will read, if you follow all of these steps. Also, memorize this mantra: The value of the hobby is the hobby.

Stop Searching Minor Errors

A prime example is the 1969-D floating roof cent or get-rich-quick ones that have long been discovered, such as:

Only fools will buy the ridiculous 1969-D floating roof cent below. That is not a mint error. The floating roof mirage only means the U.S. Mint continued to strike coins with a worn die. But hucksters on eBay will sell you one for hundreds of dollars.

Here’s an example of a face value cent:

Here is a hyped value example on eBay. No one will buy this coin for that astronomical price; but newbies will look for one (they aren’t difficult to find) and then believe they have struck it rich.

Buy the Red Book

The Red Book’s official name in A Guide Book of United States Coins. It not only contains all the denominations, errors, varieties, histories, and so much more–it also explains the hobby in much greater detail than this post. See my video about the Red Book:

Choose a Precious Metal

These are coins made of gold, silver, palladium and platinum, all available as bullion from the U.S. Mint:

Yes, these coins can be expensive, especially gold and platinum; but silver is reasonable with spot prices typically rising over time. These are investments that you might collect and leave as legacy for your heirs.

Choose a Denomination

Here are the most popular coins to collect:

  • Morgan Dollar (1878-1904/1921): 90% silver and 10% copper. Large coin reminiscent of American culture and history, weighing 26.73 grams.
  • Franklin Half Dollar (1948-63): 90% silver and 10% copper. An easy series to collect with affordable key dates, challenging hobbyists to replace coins with ever higher uncirculated ones.
  • Washington Quarter (1932-64): 90% silver and 10% copper. Like the Franklin Half Dollar, a relatively easy series to collect with only one affordable key date (1955), all still available across the Sheldon grading spectrum. Moreover, this denomination has an additional designation, full bell lines, knowledge of which can bring substantial values.
  • American Silver Eagle: (1986-): 99.9% silver. Among the most beautiful of designs by Adolph A. Weinman, portraying the the Liberty Goddess on the obverse originally used on Walking Liberty Half Dollars (1916-1947).

Browse the Red Book for a series that speaks to you, looking at first for easy ones to assemble, such as the Kennedy Half dollar (1964-) and then more challenging ones, such as the Mercury Dime (1916-45).

This Mercury Dime series has expensive key dates and desirable varieties and errors. For instance, the 1916-D has a mintage of a mere 264,000. Even lower mint state examples command values above $1000. And then there are these valuable errors, 1942 over 41 and 1942 over 41-D, and regular/micro mint mark varieties in the 1945-S example, also depicted below:

Collect Year, Mint Mark and Varieties Sets

After you choose a denomination, or several, start collecting by year (year date set). For instance, it is relatively easy to collect every year of the Mercury dime, substituting the easily found 1916 dime for the rare 1916-D dime. If you are more ambitious, try for the entire set (all years, mint marks). Then go for the entire set with major varieties (1942/1 error, 1945-S/micro S).

The beauty here is that once you have a set, or nearly one, you can begin replacing lower grade examples with higher ones, selling the lower ones to finance the higher ones. That is the joy of collecting.

Key Date Sets

These key dates are among the most difficult to collect because prices, such as the aforementioned 1916-D Mercury Dime, are so expensive. But over time you can amass a collection of the most desirable key dates and varieties, such as these:

  • Indian Head Cent: 1877, 1888/7
  • Lincoln Cent: 1909-S VDB, 1914-D, 1922-D Missing D Strong Reverse, 1955 Doubled Die Obverse
  • Two-Cent: 1864 Small Motto, 1867 Doubled Die Obverse
  • Three-Cent Silver: 1855
  • Three-Cent Copper Nickel: 1883, 1884, 1885
  • Shield Nickel: 1880, 1883/2
  • Liberty Head Nickel: 1885, 1886, 1912-S
  • Buffalo Nickel: 1914/3, 1916 Doubled Die Obverse, 1918/7-D, 1926-S, 1935 Doubled Die Reverse, 1937-D 3 Legs.
  • Mercury Dime: 1916-D, 1919-D, 1919-S, 1942/1, 1942/41-D
  • Roosevelt Dime 1968-S No S, 1975-S No S
  • Barber Quarter Dollar: 1896-S, 1901-S1913-S
  • Standing Liberty Quarter: 1916, 1918/7-S, 1927-S
  • Washington Quarter Dollar: 1932-D, 1932-S, 1937 Doubled Die Obverse, 1950-D/S
  • Morgan Dollar: 1889-CC, 1893-S, 1895-S, 1903-O (not to mention VAMs, varieties and major errors).
  • Peace Dollar: 1928, 1934-S (not to mention VAMs and varieties.

You can strive for key dates across one denomination or one of the dates from each of the above series. In any case, these will always be in demand and you can collect ever higher grades, creating a substantial investment.

Know Numismatic Terms

If you are planning a trip abroad to a country with a different language, you buy a tour guide book, use AI for translations, or just memorize the operative phrases before you travel. You need to do the same with coin collecting.

How many of these numismatic terms do you know?

If you do not know terms, please consult this illustrated glossary so that you not only know the definitions but also can identify them because of photos.

Other Features

There is so much more to the hobby than what I have suggested here. You have to learn how to grade, understanding the Sheldon scale (beyond the scope of this article). Also, many coins are condition rarities, common in lower grades and rare in higher ones, such as the 1884-S Morgan Dollar. Some coins have destinations that increase value, such as full bell lines, full bands, full steps, etc.

See this post for more examples.

You also might want to visit these popular Proxiblog articles:

If you like posts like this, subscribe so you can be informed whenever there is a new article or column.

Proxiblog also has thousands of followers on Facebook Coin Groups, YouTube and other venues. To get the latest discussion and commentary, be sure to friend us by clicking here.

You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.