OctoberForum

October Numismatic Offerings Forum

Collecting U.S. Type Coins

By Robert G. Duncan

It has been estimated that as many as sixty-five million new coin collectors have entered the American numismatic market in the past two years, mainly because of the interest generated by the State Quarter and Sacagawea Dollar coins. Most of those new faces are supposedly "casual" collectors interested in collecting only temporarily while the new issues are coming into circulation.

But it has been obvious that the coin show and internet numismatic markets have prospered mightily of late. Clearly a significant fraction of the new collectors are developing a genuine interest in numismatics as a hobby, and will continue to attempt to expand their knowledge and their collections as they explore the field and as their interests consequently grow and broaden.

There are many avenues for this growth to take. One is the "traditional" coin board "set" of coins in one or more series, including all date and mintmark varieties of issues such as Lincoln cents. Most of these sets pose a challenge to the new collector as time passes and the total number of varieties grows, or as the collector's set nears completion and he or she discovers that some varieties can be very expensive and/or very difficult to locate.

The satisfaction gained from completing such sets can be considerable, but the cost in time and money to acquire that last key coin or two can be even more considerable.

And except for a very small difference in date, mintmark or strike, the last and most difficult to acquire varieties, as well as those previously acquired, all look pretty much alike.

A second avenue a coin collector can take, one that offers the prospect of a wider range of variation and interest, is to compose a collection by type. Such a set would include at least one example of every design type issued. This kind of set can be limited to just the last century's issues, or just the types of one denomination, or just the copper, silver or gold issues or a combination of the first two. Or, as resources permit, the collector can attempt to assemble a representative grouping of all the types produced since the U.S. Mint began operations in 1793.

One of the special advantages of the type set approach is that there are so many options, which allow a collection to be tailored to virtually any particular budget or personal preference. And the resulting collection is more truly reflective of those personal preferences, more a product of the collector's own individuality.

Even more flexibility regarding personal resources is possible if the collector finds it acceptable to collect the most expensive types as reproductions issued by such private mints as the Gallery Mint Museum or the Royal Oak Mint. I have a number of such reproductions in my own personal type collection, each clearly marked "copy" in some relatively inconspicuous but definitely readable location on the reverse.

Considering that an Extremely Fine condition 1796 quarter would have cost me fourteen thousand dollars, for example, the $22 I paid for my Gem Unc. excellent quality silver reproduction from GMM was a lot more practical for my wallet! And I get nearly as much enjoyment from that as I would from owning a genuine original, if not moreso, since the reproduction is higher grade than any original I could possibly afford, and I don't need to worry about it being stolen.

Plus many of the reproduced issues have turned out to be good investments in themselves, since they have usually appreciated in value over the years after production was ended. The GMM 1793 Chain cent, for example, currently trades in the $100-200 range on eBay, against an original issue price just a few years ago of about $10!

But whether a collector chooses to collect by series, or type, or considers one or more reproductions to be acceptable substitutes for the most expensive "real things" in his or her collection, the guiding principle should be the same - collect what brings enjoyment to own, within one's resource limits. It is a joy to think what wonders of art, beauty, history and culture become possible and begin to appear once the door to this fabulous collecting field is opened, even if it originally took only a dollar and a few quarters to show the way!

Next Month: Collecting by Series

Got a question or an opinion about something in this forum? Write me! OldImage@aol.com

Missed the September Forum on the Buffalo dollar coin reissue issue? We saved it for you!

Missed the August Forum too? We still have that saved as well!



	October *Numismatic Offerings* Forum

	Collecting U.S. Type Coins By Robert G. Duncan

	It has been estimated that as many as sixty-five million new coin collectors have entered the American numismatic market in the past two years, mainly because of the interest generated by the State Quarter and Sacagawea Dollar coins. Most of those new faces are supposedly "casual" collectors interested in collecting only temporarily while the new issues are coming into circulation. But it has been obvious that the coin show and internet numismatic markets have prospered mightily of late. Clearly a significant fraction of the new collectors are developing a genuine interest in numismatics as a hobby, and will continue to attempt to expand their knowledge and their collections as they explore the field and as their interests consequently grow and broaden. There are many avenues for this growth to take. One is the "traditional" coin board "set" of coins in one or more series, including all date and mintmark varieties of issues such as Lincoln cents. Most of these sets pose a challenge to the new collector as time passes and the total number of varieties grows, or as the collector's set nears completion and he or she discovers that some varieties can be very expensive and/or very difficult to locate. The satisfaction gained from completing such sets can be considerable, but the cost in time and money to acquire that last key coin or two can be even more considerable. And except for a very small difference in date, mintmark or strike, the last and most difficult to acquire varieties, as well as those previously acquired, all look pretty much alike. A second avenue a coin collector can take, one that offers the prospect of a wider range of variation and interest, is to compose a collection by type. Such a set would include at least one example of every design type issued. This kind of set can be limited to just the last century's issues, or just the types of one denomination, or just the copper, silver or gold issues or a combination of the first two. Or, as resources permit, the collector can attempt to assemble a representative grouping of all the types produced since the U.S. Mint began operations in 1793. One of the special advantages of the type set approach is that there are so many options, which allow a collection to be tailored to virtually any particular budget or personal preference. And the resulting collection is more truly reflective of those personal preferences, more a product of the collector's own individuality. Even more flexibility regarding personal resources is possible if the collector finds it acceptable to collect the most expensive types as reproductions issued by such private mints as the Gallery Mint Museum or the Royal Oak Mint. I have a number of such reproductions in my own personal type collection, each clearly marked "copy" in some relatively inconspicuous but definitely readable location on the reverse. Considering that an Extremely Fine condition 1796 quarter would have cost me fourteen thousand dollars, for example, the $22 I paid for my Gem Unc. excellent quality silver reproduction from GMM was a lot more practical for my wallet! And I get nearly as much enjoyment from that as I would from owning a genuine original, if not moreso, since the reproduction is higher grade than any original I could possibly afford, and I don't need to worry about it being stolen. Plus many of the reproduced issues have turned out to be good investments in themselves, since they have usually appreciated in value over the years after production was ended. The GMM 1793 Chain cent, for example, currently trades in the $100-200 range on eBay, against an original issue price just a few years ago of about $10! But whether a collector chooses to collect by series, or type, or considers one or more reproductions to be acceptable substitutes for the most expensive "real things" in his or her collection, the guiding principle should be the same - collect what brings enjoyment to own, within one's resource limits. It is a joy to think what wonders of art, beauty, history and culture become possible and begin to appear once the door to this fabulous collecting field is opened, even if it originally took only a dollar and a few quarters to show the way! Next Month: Collecting by Series Got a question or an opinion about something in this forum? Write me! OldImage@aol.com Missed the September Forum on the Buffalo dollar coin reissue issue? We saved it for you! Missed the August Forum too? We still have that saved as well!