novemberforum

November Forum: Collecting U.S. Coins by Series

Part 1

by Robert G. Duncan

I started collecting coins in 1959, when I was thirteen. I'm not exactly sure just how it started. I don't remember finding a valuable coin in circulation, or any particular individual encouraging me, or giving me an interesting coin. Perhaps it was something genetic, an irresistable combination of Scottish ancestry on my father's side (Scots do have a reputation for pinching pennies after all, indicating some sort of special liking for them :-) ) and a banking family on my mother's side (my grandfather was Secretary in a bank in Rochester, New York, and my uncle, after whom I was named, was a bank guard).

In any case, my earliest numismatic recollections are of starting a Lincoln cent collection, and organizing a coin club among my friends. I still have my original Whitman Lincoln cent folder, with a carefully printed title added at the top of the first page indicating the collection was begun in September, 1959. And I remember holding some sort of meeting or two with that little club of maybe five or six boys about my age. I also recall riding my bicycle a couple of miles to the nearest bank, sometimes with a friend, and buying rolls of pennies which were promptly sorted through in the alley beside the bank and then exchanged for more rolls until it was time to go home. Thank you indulgent Security Trust bank clerks!

So I started collecting by series. It was really the only affordable series for a boy on a twenty-five cent a week allowance. And I put a lot of effort into filling the series with circulation finds. Of course today that would not be possible unless the series was post-wheat era reverse Lincolns. In those days, way back at the end of the Golden Fifties, you could reasonably expect to eventually find all the dates and mintmarks of Lincoln cents except perhaps the 1909svdb; in fact I did. And today that circulation find Memorial reverse Lincoln cent collection would not have much value, whereas the Very Fine 1914d I found in circulation was worth maybe $50 by itself even then!

So there is not quite the allure of series collecting via circulation finds that there was 42 years ago. But then you could buy an entire new home with a two car garage for less than $20,000! Ours had a one car garage and cost $14,000 in 1954! Today's collector, even teenage collectors like I was when I started, usually have access to a lot more money than I did. So they can afford to collect by series by going to coin shops and shows and buying the better dates as they can find and afford them, perhaps after beginning with a bulk lot or even a starter collection with the common dates bought at a shop, show or by mail. This requires mobility however, which the average teenager may lack until he gets his driver's license.

On the other hand the advantage of this is, for one thing, sheer expanded choice. No longer confined to collecting the recent series of the lowest denominations, far more of today's novice collectors are in a position to choose from a wide array of U.S. series. I could never have afforded a collection of Franklin half dollars, for instance; once you solve the problem of grading a coin with a bell and a bald guy as the main design devices, it's a lot of fun, and eminently completable even in Choice BU condition. I know because I'm one coin away from doing it myself, although I confess I started with a partial collection bought at an auction!

Then there are the now super popular Washington quarters, a 69 year old series and so challenging from the sheer number of different issues since 1932, but with no great rarities to make set completion all that difficult (although here if you try to do it in Choice BU condition, you will have to pay for the pre-1940 dates, particularly the 1932d and s). If you try to do this set as VF or better, you could even have fun trying to complete it back to 1965 from circulation find!. That's 36 years of coins! I recently found a couple of VF 1965s in change myself.

Same for Roosevelt dimes back to 1965, and Jefferson nickels back to 1938 - although the pre 1950s dates would be a challenge. In the past three months I pulled 1940 and 1947d Jeffersons from change. Of course these sets in circulated condition would not be "worth" much beyond their face value. But they may rise in the future; and anyway, isn't collecting supposed to be a hobby you do for fun?

Both the Roosevelt and Jefferson series are easy to complete in BU condition if you buy most of them from dealers, though as with the Franklin and Washington series it will be a bit difficult to find every issue in Choice BU. For instance I've seen a lot of examples of that last Franklin I need, a relatively common one at that, 1952d, but so far after more than a year I have not been able to find one that grades at least MS62! But I know it's out there! So these sets demand more patience as well as more money. But of course such sets have added value too, and look more stunning.

The series preceding these are enduringly popular for the beauty and significance of their designs, but since each of them has one or more particularly rare and expensive key date or variety, these sets are still more of a challenge. I'm referring to the Flying Eagle and Indian head cents issued from 1857 to 1909, the Buffalo nickels produced from 1913 to 1938, the Mercury dimes made between 1916 and 1945, the Liberty Standing quarters of 1917-1930 (ok 1916, but now we're talking big money!) and the Liberty Walking halves put into circulation between 1916 and 1947. These are all great sets, but I'm running out of space, so we'll save discussion of them till next time!