The YN Corner
"I Love United States Proof Coins, But I Am Avoiding These"
"Maintaining the Value of Your Proof Sets and Commemorative Coins"
FROM YOUR EDITORS
The club is back in the groove. We have coin shows scheduled, the Christmas party plans set, and the most ambitious set of coins the club has ever put together being raffled off.
Don Thurber had another successful coin show at the Northway Mall. Though it was a small show, there was a steady stream of people passing by interested in coins. Loren and Larry gave out a lot of coin club literature. Mike Orr even dropped by looking great after his triple bypass surgery. Robert Hall’s coin show at the Cottonwood Creek Mall on the 28th and 29th of October is set and looks to be a good show in Wasilla. Bill Hamilton will still consider a show at the Shipcreek Mall down town when he gets interest from coin dealers. Things look good for next year, in fact, for some of us, it will be 2001 A Coin Odyssey.
Several of our members are still working on lists of coin lots for the auction at our upcoming Christmas party on December 7th, Rick Bilak among them. The complete list will be available the night of our potluck dinner. Meantime, check the club’s webpage for an updated list of the coin lots that will be available for the Christmas Coin Auction. The young numismatists will be there with their YN Bucks. Check out the YN Corner for more on that. Ann Brown will be calling to find out what everyone wants to bring. We will see you there - remember; this is no longer Pearl Harbor Day this is Coin Thanksgiving.
Along with dinner and an auction we will be drawing the winning raffle ticket for the complete set of Buffalo Nickels. John Larson has done a lot of work to put this beautiful set together. Not only does the collection contain nice examples of the D and S mint buffalos from the teens; it also contains a 3-legged 1937-D in VF condition. We have calculated the value of the set at well over $700! A great prize to win for just buying a $5 ticket and supporting the club.
The regular membership meetings, as well, have gotten back in the groove. We went back to the, more familiar, bullet auctions and, in keeping with President Hamilton’s wishes, we had an educational presentation by Mark Nagy on “Modern Commemoratives”. The door prize: a BU 1942 Mercury Dime, and the membership prize: a proof 1971-S Ike Dollar were both won by Board Member Loren Lucason. It pays to go to all of the meetings. The bullet auction had some interesting coins including a VF Roman denarius and a couple tiny gold coins from India.
Rumor has it that Jim Susky has moved back to Anchorage. I have
not seen him yet but he would certainly be a welcome face at our monthly
meetings. There was a time when he wrote the newsletter and won the
awards. It’s also good to see Mike Orr back in town again. He is
about the most knowledgeable numismatist around when it comes to medieval
and foreign coins. We wish him the best….Your Editors.
Schedule of Events for the Month of November
Minutes of the October 18th Board Meeting
The Board meeting was called to order at 7:05 PM.
The first order of business was a discussion of coin shows for remainder of the calendar year. There was a coin show held on October 14th and 15th over at the Northway Mall. There will be another coin show held at the Cottonwood Creek Mall in Wasilla on October 28th and 29th. No other coin shows are planned at this time for the months of November and December.
Originally, it was intended to have the YNs put together displays that would earn them YN Bucks. Such displays were intended to be shown at coin shows in the month of November. Because of the uncertainty of a coin show in November, it was decided by the Board that the YN Displays be exhibited at the November 1st membership meeting and November 10th YN meeting. This would then give the YNs an opportunity to earn YN Bucks for their displays.
At this time board member Loren Lucason is accepting coin lots for the upcoming December 7th Christmas Coin Auction. Members submitting coin lots will have them published in the newsletters that come out in October and November. In this manner, there will be advanced notice to all prospective bidders and club members of the lots that will be auctioned. So now is the time to notify Loren (ph# 272-3700) of lots you wish to submit.
The balance of the board meeting then focused on planning for the Christmas Party.
As there was no further business, the Board meeting concluded at 8:20
“THE YN CORNER”
There was a large turnout of YNs at the October 13th YN meeting. Some 15 YNs and a number of parents came to that evening’s session. It turned out to be a great session for everyone.
That evening’s session covered the topic of “Coin Grading for the YN- Part One”. Part One concentrated on the grading of circulated coins. A number of grading sets, consisting of various coins in Good to About Uncirculated condition, were shown to the YNs. The ANA’s Correspondence Course: Grading Coins Today and the ANA Grading Guide were used as the main reference material to show the YNs how coins are graded.
The YNs were then organized into 4 teams. A contest ensued in which the YNs cherrypicked through bags of silver quarters (Washington quarters) and silver half dollars (Kennedy and Franklin halves) that were loaned to us by Roy Brown. The parents and YNs had fun sorting those coins by grade. Each YN on the winning team ended up keeping two silver quarters and two silver half dollars to add to their collections. All other YNs were kept a sliver quarter and silver half dollar. So…a fine time was had by all.
Our next session on November 10th will feature “Coin Grading for the YN- Part Two”, in which I will cover the subject of grading uncirculated coins for the YN. Figure it to be a pretty good session. I would ask that YNs bring their ANA Grading Guides to this meeting.
Meantime, I wanted to remind all YNs of the Jeopardy contest planned for our November 1st membership meeting. YNs attending this meeting will have an opportunity to win valuable YN Bucks that can be used for bidding on coins in our December 7th Christmas Coin Auction. I would ask that all YNs attending the November 1st meeting bring their Red Books (“A Guide Book of United States Coins”). Answers to all questions asked at the Jeopardy contest will come from the Red Book…which is an excellent reference book on US coinage. So…study those books….’cause they will earn you YN Bucks. I hope to see a lot of YNs at our November 1st meeting….
One final thing. One of the categories for earning YN Bucks was for coin/numismatic displays that are put together by YNs. We will be having a contest for the best YN displays that will be exhibited at our club’s November 1st meeting and/or our YN meeting on November 10th. YNs wishing to earn YN Bucks for the display can do so by bringing their display to either one or both of the meetings. We will have a committee of several board members judge the quality of the displays at each of the meetings. The YN display can be on any numismatic subject: coins, coin collecting, paper currency, etc. I will leave it up each YN to come up with their theme. BE CREATIVE!!!!! HAVE FUN!!!!
See you at the November 1st membership meeting (Jeopardy Contest/ YN
Display) and November 10th YN meeting (YN Display/ Coin Grading for the
YN- Part Two”………Larry Nakata.
“I LOVE UNITED STATES PROOF COINS, BUT I AM AVOIDING THESE” by Mike Nourse (Member # 94)
My favorite area of United States coin collecting is Proof coinage of the pre 1917 era. These coins have tiny mintages of a few thousand pieces or less, are attractive, and historic. I also believe that they are one of the most undervalued areas in U.S. numismatics.
The modern era of Proof coinage, from 1936 through today, is an extremely popular area of collecting. Many non-collectors have their only exposure to coin collecting through these proof sets which were bought for them by a relative. Buying a proof set for somebody for their birth year remains a popular Christmas gift idea. Just ask our local dealers about how proof set sales increase during the Christmas shopping season! Currently I do not think this area is as bargain priced as the early Proof coins….since mintages are much higher, the survival rate is higher, and prices are a bit high due to their popularity.
The one area that I am absolutely avoiding at the current time are the very modern (1968 to present) proof coins that have been slabbed by one service or another with an impressive sounding grade.
Time for a short history lesson for our newer collectors out there. Proof sets produced between 1936 and 1964 were packaged in one means or another that did little to protect the coins from getting bumps, scratches, nicks, or dings. Due to their vulnerability to some form of mishandling or damage these pieces can be quite scarce in high states of preservation. No proof sets were produced from 1965 through 1967, but special mint sets were made as substitutes. Regular special mint sets were made as substitutes. Regular proof set production resumed in 1968, with a big change in packaging. From this time forward the sets came in the familiar hard plastic cases that do a reasonably good job of protecting the coins within. Hence, well preserved, high grade coins are quite plentiful from 1968 to date.
Another change that came about starting in 1968 was an increased emphasis on creating proof coins with cameo contrast. From 1936 to 1964 cameos were a treat that only occurred with the first few strikes of a new pair of dies. By contrast, cameos are abundant from 1968 through the 1970’s. By the 1980’s through today virtually all proofs have deep cameo effect.
So, the point is that 1968 to date proof coins are well preserved due to their hard plastic cases. Essentially all of the 1980’s proofs are cameo and the 1990’s and 2000’s are practically all deep cameo. Knowing this, one can conclude that very high grade cameo proofs are generally very common from 1968 to date. And your conclusion would be correct.
Back to the high grade slabbed proofs from 1968 to date. Have you ever seen one of those Proof-69 or Proof-70 deep cameo modern coins? If not, as you might well expect, they are very nice, virtually flawless coins. Now grab a few of your proof sets from the 1990’s and take a close look at the coins. Go ahead and use some magnification if you wish. You will find that there are a fair number of coins in these sets on which you will be unable to find even the slightest flaw even with a loupe. Hmmm! It seems that you have several coins in your proof sets that would likely get a super high grade if they were submitted for slabbing. Yep, they really are quite common.
So if these coins are so common in super grade, why are they selling from anywhere from $25 for many of the Proof-69’s to as much as $150 for some of the Proof-70’s? The answer is simple: people are spending lots of time and money getting these coins slabbed, and they wish to make a profit on their investment. The expense of of producing these high grade modern proof slabs starts with purchasing a large group of proof sets, breaking them open, and finding the coins that stand a good chance of slabbing up to Proof-69 or better. These coins are packed up and shipped (expensive) off to get slabbed (very expensive).
Considering the original cost of the coins along with the cost of shipping and slabbing the coins, then adding in the cost of advertising them, the Proof-69’s area probably not profitable at all when they are retailed for around $25 each. Ergo, the Proof-70’s must be sold for a nice profit to justify the time that has been expended in this whole affair.
So, I guess the question is, should you buy any of these modern proof coins in Proof-69 or Proof-70 deep cameo? If you want to own one or several of them than the answer is a definite yes! Should you invest the kid’s college fund in them? I would very much recommend against it. These slabbed proofs appear to be wildly popular at the moment, but tastes change and eventually every area of numismatics moves out of favor. My guess is that these will be available at lower prices in the future, but I may be wrong. My advice, for what it is worth, is to stick with the Proof-69 deep cameos as these are available for roughly the same amount of money as it would cost you to send in the coin for slabbing yourself. And I really do not think you will be able to tell the difference between the Proof-69’s and Proof-70’s anyway.
Have fun with collecting proof coins! Just watch out how much you are
paying when you are buying coins in the hot sector of the day. I will always
enjoy the pre-1916 proof coins, but if (when) they become the hottest area
of numismatics, I will just have to stop buying for a while until the prices
come down…..Mike Nourse.
CHIEF EDITOR’S NOTE: I came across this interesting “Money Talks” piece that complements the previous article written by Mike Nourse. From http://www.money.org/moneytalks.html
“MAINTAINING THE VALUE OF YOUR PROOF SETS AND COMMEMORATIVE COINS” by Bill Jones
Many people who don’t regularly collect coins often have a few “proof sets”, or modern commemorative pieces. Some buy proof sets to make a wedding anniversary, or the birth of a child…or perhaps they may own a Statue of Liberty or an Olympic commemorative coin set as a souvenir of a trip or an event. The question is – How do you care for them, so they maintain their value?
The answer is, carefully. Regardless of your current attachment to these coins, there eventually may come a time when you will want to sell them. Perhaps you have lost interest, or you need a little extra cash. At a time like that, it’s best to make the sale as hassle-free as possible. Here are a few suggestions to help you maintain the value of your proof sets and commemorative coins.
Always store your coins in a cool, dry place, where there are no sharp changes in temperature. Moisture and high temperatures promote tarnish and spots that will reduce the value of your coins. Rapid temperature changes, especially from warm to cold, promote the spread of moisture inside coin holders. Don’t store your coins in a damp basement or an attic, where temperatures vary greatly. One good storage area might be a closet in a heated area of your home that’s not exposed to an outside wall.
The coins should be kept in their original holders. All modern proof sets and commemorative coins are bought and sold in their original cases and capsules. Coins that have been removed from their holders often bring lower prices.
Make sure that you keep the “Certificate of Authenticity” and the information card with each proof and commemorative coin set. Most collectors consider these items to be part of the set- and when they are missing, the coins are harder to sell.
Observe these three simple rules and you should be able to get a better
price, when you do finally decide to sell your coin sets…….Bill Jones/
Transcript # 1773/ July 21st, 1999.
December 7th Christmas Auction Lots
Mail bids will be accepted for the December 7th Christmas Auction. MB=
1. 1888 Morgan Dollar AU
2. 1991-S Kennedy Half Dollar Proof
3. Set of three (3) proof coins: 1963 Proof Washington Quarter/ 1992-S Proof Roosevelt Dime/ 1993-S Proof Jefferson Nickel.
4. Complete set of ten (10) D mint Statehood Quarters (1999-2000).
5. Complete set of ten (10) P mint Statehood Quarters (1999-2000).
6. 1887 Morgan Dollar PCGS MS63.
7. Set of five (5) Indian Head Cents in Good/Very Good condition: 1903/1904/1905/1906/1907.
8. 1998 1/10 oz. Gold Eagle.
9. 1942 Walking Liberty Half Dollar AU.
10. 1890 Morgan Dollar AU.
11. 1921 Alabama Commemorative 2x2, XF-AU.
12. 1936 Cleveland Commemorative, Ch BU.
13. 1935 Connecticut Commemorative, Ch BU.
14. 1928 Hawaii Commemorative, XF.
15. 1924 Huguenot Commemorative, BU.
16. 1893 Isabella Commemorative Quarter, XF.
17. 1900 Lafayette Commemorative Dollar, AU
18. 1925 Lexington Commemorative, MS63+
19. 1918 Lincoln Commemorative, AU.
20. 1936 Long Island Commemorative, Ch BU.
21. 1921 Missouri Commemorative, XF.
22. 1923 Monroe Commemorative, AU.
23. 1936 Norfolk Commemorative, Ch BU.
24. 1915 Pan Pacific Commemorative, AU.
25. 1920 Pilgrim Commemorative, BU.
26. Six (6) BU Lincoln Cent Rolls: 1966P/ 2 rolls 1968D/ 2 rolls 1975D/ 1975P.
27. Thirteen (13) mixed BU Lincoln cents.
28. 1976-D No Reverse Lincoln Error Cent.
29. 1846 U.S. Large Cent Good condition.
30. 1851 U.S. Large Cent XF40.
31. Set of five (5) Morgan Dollars: 1878-S VF/ 1878-CC F/ 1901-O VF/ 1921 XF/ 1921-D XF.
32. 1864 Indian Cent Good condition.
33. 1989 Marshall Islands $5/ First Man on the Moon.
34. 1988 Marshall Island $5/ Space Shuttle Discovery.
35. 1880-S U.S. $10 Gold XF40.
36. U.S. 1984 Proof Set.
37. U.S. 1985 Proof Set.
38. Set of four (4) Nickel Error Coins.
39. 1964 Half Dollar with 2 tails.
40. 2000 Proof U.S. Sacagawea Dollar.
41. 1971 Proof Bahamas Half Dollar.
42. 1992 English Pound.
43. Photo Mosaic Poster of the U.S. One Dollar.
44. Seven (7) each R.M. Smythe Auction Catalogs (2 with prices realized).
45. Five (5) Ponterio and Associates Auction Catalogs (3 with prices realized).
46. Twelve (12) Stacks Auction Catalogs (4 with prices realized).
47. Assortment of Catalogs: Seven (7) issues of Celator/ Five (5) issues of Tom Cederlind catalogs/ Two (2) issues of IBNS 2000 Journal/ Two (2) Coin Galleries (Stacks) catalogs.
48. 1963 U.S Coins (Blue Book).
49. One (1) each Camera (Projector Lens). Used as a magnifying lens for coins. Approximately 10x magnification.
50. 1894 Canadian Large Cent AU. MB 25.
51. 1905 Canadian Large Cent AU. MB 18.
52. 1913 Canadian Large Cent AU+. MB 10.
53. 1925 Canadian Small Cent F. MB 9.
54. 1880H Canadian 5 Cent F. MB 8.
55. 1922 Canadian 5 Cent XF. MB 4.
56. 1923 Canadian 5 Cent VF+. MB 4.
57. 1901 Canadian 10 Cent F. MB 8.
58. 1883H Canadian 25 Cent VG+. MB 13.
59. 1931 Canadian 25 Cent VF+. MB 40.
60. 1997 Canadian Specimen 25Cent Coin. MB 3.
61. 1967 Canadian Proof like 50 Cent. MB 3.
62. 1949 Canadian Dollar AU+. MB 30.
63. 1958 Canadian Dollar BU. MB 6.
64. 1883-CC Morgan Dollar VG. MB 28.
65. 1886 Morgan Dollar BU. MB 12.
66. 1889 Morgan Dollar AU. MB 12.
67. 1890 Morgan Dollar AU. MB 12.
68. 1892-S Morgan Dollar VF. MB 22.
69. 1890-S Morgan Dollar BU. MB 30.
70. 1995-D US Commemorative Gymnastics Silver Dollar ICG MS69.
71. 1995-S US Commemorative Proof Basketball Clad Half Dollar ICG PR69 Deep Cameo.
72. 1904-O Morgan Dollar PCGS MS63.
73. 1936 Lincoln Cent NGC MS66 Red.
74. 1954 Washington Quarter NGC MS65.
75. 1956 Washington Quarter PCGS MS66.
76. 1836 Capped Bust Half Dollar VG.
77. 1858 Type II Three Cent Silver VG.
78. 1976 New Zealand Dollar UNC.
79. 1941-D Lincoln Cent NGC MS67 Red.
80. 1941-S Lincoln Cent NGC MS67 Red.
81. 1940-S Lincoln Cent NGC MS67 Red.
82. 1970-S Lincoln Cent Small Date SEGS MS64 Red.
83. 1954-S Washington Quarter NGC MS66.
84. 1970-D Kennedy Half PCGS MS65.
85. 1995-D US Commemorative Gymnastics Silver Dollar in Olympic Games Holder.
Members wishing to submit coins or numismatic items for the Christmas
Coin Auction should contact either Larry Nakata (eves: 563-1729) or Loren
Lucason (eves: 272-3700).
Club Archivist/ Photographer
The Anchorage Coin Club is a non-profit organization formed to provide information, education, and a meeting place for individuals having an interest in numismatics.
Correspondence Address: Anchorage Coin Club, P.O. Box 230169, Anchorage,
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