december 2001 forum

Numismatic Offerings December Forum

Collecting U.S. Coins by Series, Part 2

by Robert G. Duncan

In considering how to continue the subject of collecting U.S. coins by series begun last month, I was thinking the other day about the design history of U.S. coinage. An argument could be made that even as the period from 1793 to 1914, from the first United States mint issue to the beginning of the First World War, witnessed the rise of the U.S. from fledgling nation to world power, the beauty of American coinage in that period declined from one design change to the next.

The Flowing Hair and Draped Bust designs were classical and elegant, inspired by the dream of the grand experiment in constitutional government known as the American Republic. But the Coronet Head, modified Capped Bust and "Classic Head" types which followed were something slightly less, and the Seated Liberty and Barber types which dominated the coinage from 1838-1916 were relatively unimpressive.

An exception was the Seated Liberty reverse, a modification of the Draped Bust type eagle appearing on the reverses of the silver and gold coins. That was truly symbolic of the rise of American greatness.

Starting with the high relief designs modified from those developed by eminent American sculptor Augustus St. Gaudens in 1907, a new era in American coinage design began which perhaps even surpassed the quality of the earliest types. These included the Indian Head and Buffalo nickel, "Mercury" or Winged Liberty Head and classical fasces dime, Standing Liberty and flying eagle quarter, Walking Liberty and standing eagle half dollar and the "Peace" and sentinel eagle dollar. On these types both the obverse and reverse were triumphs of the coiner's art, and Americans have been justly proud of them ever since, as witness the new Indian Head and Buffalo type commemorative dollar coin and the use of the Walking Liberty design on the U.S. silver Eagle bullion coins for the past fifteen years.

No wonder then that these are also among the most popular series of U.S. coins to collect. This is part of the essence of collecting by series: if one example is beautiful, how much moreso when multiplied many times in the process of obtaining an example of each date and mintmark variety issued. How much more remarkable too to have a record in the form of examples of each variety produced over the entire history of the type as a circulation issue!

Unfortunately each of these series ended decades ago, and the denomimations above the nickel were made in metal (silver) which achieved a premium value long ago as well, making it highly unlikely that any examples no matter how worn would remain in circulation today. So of course unless he or she has been fortunate enough or is old enough to have some already set aside from circulation or an inheritance, the collector must purchase all examples from a dealer or in auctions. To complicate matters further, each of these series has at least one "key" date which is relatively difficult to locate and costs a significant premium even in low grade.

Therefore, in choosing to collect one of these series, grade and budget considerations are paramount. A starting point should be a relevent copy of a price guide listing values of the coins in the set(s) at different grade levels. Do the math and then ask yourself: what amount can I afford to put into this collection? What will examples cost at my preferred grade level? If the second figure is substantially higher than the first, the decision looms of whether to lower the set's grade level or turn to a different set to collect.

This is not to overlook that the initial choice should have been based on which design you find most beautiful and significant, and therefore, as you assemble it and when it is finally completed, which set will continue to give you the most enjoyment and sense of satisfaction.

One of my clients had decided to try to complete four of those series simultaneously, from the Mercury dime up to the Peace dollar. She acknowledged early on her want list the unliklihood of ever being able to complete two of them simply because the 1916 Liberty Standing quarter and 1916d Mercury dime cost many hundreds of dollars even in the weakest grade, and her budget was limited.

Despite her budget limitations, I recommended she try to put together these sets in EF grade, since she really loves the designs and would clearly be more satisfied with a better quality set. But of course this is a great challenge, and means the sets will take much longer to assemble than if a lower grade minimum had been established. I now wonder whether my advice was wise in her case, since she clearly has been frustrated by being unable to find examples of many of the dimes, quarters and halves in higher grade, and I have been frustrated by being largely unable to find good examples for her at a reasonable price.

One consolation recently was her announcement that she had completed the Peace Dollar set in EF to Choice BU, albeit that the last piece, which was not a key date, was not obtained for her by me. Given that this is the smallest of the four sets in the number of different date and mintmark varieties, and contains no key date costing more that $200 in high grade, this was a lesson for both of us: in collecting by series, set realistic goals. Collecting should be fun and rewarding, not repeatedly frustrating!

On the other hand, she does still have the beginnings of three other very nice and desirable sets, and if she sticks to it, she faces years of little triumphs as each additional piece is added to her collections!

Next Month: Collecting U.S. Commemoratives

November Forum: Collecting U.S. Coins by Series Part 1

October Forum: Collecting U.S. Type Coins

September Forum: More Buffalo Dollars at Home on the Range?

August Forum



	Numismatic Offerings December Forum Collecting U.S. Coins by Series, Part 2 by Robert G. Duncan In considering how to continue the subject of collecting U.S. coins by series begun last month, I was thinking the other day about the design history of U.S. coinage. An argument could be made that even as the period from 1793 to 1914, from the first United States mint issue to the beginning of the First World War, witnessed the rise of the U.S. from fledgling nation to world power, the beauty of American coinage in that period declined from one design change to the next. The Flowing Hair and Draped Bust designs were classical and elegant, inspired by the dream of the grand experiment in constitutional government known as the American Republic. But the Coronet Head, modified Capped Bust and "Classic Head" types which followed were something slightly less, and the Seated Liberty and Barber types which dominated the coinage from 1838-1916 were relatively unimpressive. An exception was the Seated Liberty reverse, a modification of the Draped Bust type eagle appearing on the reverses of the silver and gold coins. That was truly symbolic of the rise of American greatness. Starting with the high relief designs modified from those developed by eminent American sculptor Augustus St. Gaudens in 1907, a new era in American coinage design began which perhaps even surpassed the quality of the earliest types. These included the Indian Head and Buffalo nickel, "Mercury" or Winged Liberty Head and classical fasces dime, Standing Liberty and flying eagle quarter, Walking Liberty and standing eagle half dollar and the "Peace" and sentinel eagle dollar. On these types both the obverse and reverse were triumphs of the coiner's art, and Americans have been justly proud of them ever since, as witness the new Indian Head and Buffalo type commemorative dollar coin and the use of the Walking Liberty design on the U.S. silver Eagle bullion coins for the past fifteen years. No wonder then that these are also among the most popular series of U.S. coins to collect. This is part of the essence of collecting by series: if one example is beautiful, how much moreso when multiplied many times in the process of obtaining an example of each date and mintmark variety issued. How much more remarkable too to have a record in the form of examples of each variety produced over the entire history of the type as a circulation issue! Unfortunately each of these series ended decades ago, and the denomimations above the nickel were made in metal (silver) which achieved a premium value long ago as well, making it highly unlikely that any examples no matter how worn would remain in circulation today. So of course unless he or she has been fortunate enough or is old enough to have some already set aside from circulation or an inheritance, the collector must purchase all examples from a dealer or in auctions. To complicate matters further, each of these series has at least one "key" date which is relatively difficult to locate and costs a significant premium even in low grade. Therefore, in choosing to collect one of these series, grade and budget considerations are paramount. A starting point should be a relevent copy of a price guide listing values of the coins in the set(s) at different grade levels. Do the math and then ask yourself: what amount can I afford to put into this collection? What will examples cost at my preferred grade level? If the second figure is substantially higher than the first, the decision looms of whether to lower the set's grade level or turn to a different set to collect. This is not to overlook that the initial choice should have been based on which design you find most beautiful and significant, and therefore, as you assemble it and when it is finally completed, which set will continue to give you the most enjoyment and sense of satisfaction. One of my clients had decided to try to complete four of those series simultaneously, from the Mercury dime up to the Peace dollar. She acknowledged early on her want list the unliklihood of ever being able to complete two of them simply because the 1916 Liberty Standing quarter and 1916d Mercury dime cost many hundreds of dollars even in the weakest grade, and her budget was limited. Despite her budget limitations, I recommended she try to put together these sets in EF grade, since she really loves the designs and would clearly be more satisfied with a better quality set. But of course this is a great challenge, and means the sets will take much longer to assemble than if a lower grade minimum had been established. I now wonder whether my advice was wise in her case, since she clearly has been frustrated by being unable to find examples of many of the dimes, quarters and halves in higher grade, and I have been frustrated by being largely unable to find good examples for her at a reasonable price. One consolation recently was her announcement that she had completed the Peace Dollar set in EF to Choice BU, albeit that the last piece, which was not a key date, was not obtained for her by me. Given that this is the smallest of the four sets in the number of different date and mintmark varieties, and contains no key date costing more that $200 in high grade, this was a lesson for both of us: in collecting by series, set realistic goals. Collecting should be fun and rewarding, not repeatedly frustrating! On the other hand, she does still have the beginnings of three other very nice and desirable sets, and if she sticks to it, she faces years of little triumphs as each additional piece is added to her collections! Next Month: Collecting U.S. Commemoratives November Forum: Collecting U.S. Coins by Series Part 1 October Forum: Collecting U.S. Type Coins September Forum: More Buffalo Dollars at Home on the Range? August Forum