Showing posts with label Lincolns. Show all posts
Showing posts with label Lincolns. Show all posts

Friday, November 28, 2014

Book review: A Guide Book of Lincoln Cents by Q. David Bowers

I bought the Kindle edition of this as I usually will when available.  All too often, Kindle books have been poorly reformatted from the print version, leaving paragraph headings alone at the end of a page or orphan sentences. This book was better done than most in that area, but was not entirely perfect.

"


That said, I'm not unhappy. Q. David Bowers writes well and intersperses some of the drier areas of this subject with personal remembrances from his long career as a coin dealer. He covers the history of the Lincoln cent right up to 2008, with some mention of what was known to be coming in 2009 and 2010.

Let me pause for a moment for a bit of griping. It would be trivial to update this digital edition with more information about the cents of 2009 and beyond.  Instead, almost all publishers continue to treat their digital editions as mere mirrors of the print format. That's a shame.

Still, this remains and enjoyable and informative book. QDB draws on his own and other experts knowledge for numismatic and investment advice. You will like this book!

Buy this book at Amazon and help me support this site!



Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 


Thursday, May 15, 2014

2009 Lincoln cents

2009 marked the 100th anniversary of the Lincoln cent and was marked by one year reverse die change encompassing several different varieties.   This is the special Lincoln Proof set of 2009.



PCGS has a special "Legacy Set" holder for those proofs that shows off all of the designs:




In addition to showcasing all four proofs, there's something else special: the coins in those sets have the same metallic content as contained in the 1909 one-cent coin - that is, they are 95% copper, 5% tin and zinc as opposed to the current composition of .975 zinc, .025 copper  (a core of .992 zinc, .008 copper, with a plating of pure copper).

A Mint Set was also issued with the same composition as well as a "Lincoln Coin and Chronicles Set"that also contained a 2009 Abraham Lincoln Commemorative Proof Silver Dollar.






Note that 2009 cents struck for circulation have the normal composition of a zinc core coated with copper.

Errors

The complexity of the reverse design caused die breaks that resulted in a number of interesting errors such as the "Skeleton finger" varieties:







Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 


Saturday, May 10, 2014

1995 Double Die Lincoln Cent

Although not as spectacular as the famous 1955 Double Die Lincoln, the 1995 DDO can be seen with the naked eye by most people and a small amount of magnification will make it extremely obvious to anyone.






Very obvious doubling like this was caused during die production - the die hubs had to be impressed at least twice to bring up the necessary detail and heated between pressing.  Sometimes the operators wouldn't get things perfectly lined up on the second (or third) pass and doubling like this results. As the operators are usually quite accurate, most such doubling is quite small and difficult to discern without magnification, but now and then something like this slipped by.

I said "slipped" rather than "slips" because shortly after this the Mint went to "single squeeze" hubbing and this particular type of doubling is now not possible.  With single squeeze, it's still possible to get doubling, but it will be minor and confined to the center of the coin.  See "Doubled Dies" for an explanation of what happens.


Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 




Saturday, May 3, 2014

Dump the penny (and the nickel and maybe the dime and quarter)


Canada has stopped producing pennies and there is some talk of doing the same here. The major objection against doing so seems to be that we've always had a one cent coin, so dropping it destroys a hallowed tradition.



I think that's silly.  The cent has become so worthless that it truly is nonsense to keep it.  I think the nickel and even the dime have reached that point also.

Let's look at some history here.  In 1800, we had cents and half cents - nothing smaller.    At that time, a skilled workman like a carpenter or a bricklayer earned a dollar to a dollar and a half per day.   By that measure, 200 or so of the lowest value coin available (the half cent) would have paid their wages.

Would you like 200 cents as your daily income now?  How about 200 nickels or even 200 dimes? Even 200 quarters is less than minimum wage!

Given that nothing else circulates to any real extent today, we could actually get rid of all coins and suffer no more than our ancestors.

Well, that's probably too much breakage of tradition and as a coin collector, I wouldn't really like that. But I wouldn't mind having resized half dollars, dollars and even five dollar coins to replace them.

Yes, the vending machine industry would howl.  If we'd had vending machines in the mid 1800's, they would have screamed when we dumped the half cents and shrunk the cent.  They might have even had a point then, as purely mechanical devices are hard to refit for new coins.   I don't know that modern vending machines take full advantage advantage of computer technology now, but they certainly could and as the useless value coins would be phases out slowly (just stop making them and let them drain away), I don't think they'd suffer much either.

This organization wants to keep cents circulating: http://www.pennies.org/.  They say
Consumers benefit with a low denomination coin, with the penny helping keep high prices in check for millions of America's hardworking families.
But eliminating low value coins only affects cash transactions - credit cards and checks could still be used for exact amounts.

Here's some links of interest:

Wages, 1800 to 1809
Value of one cent in 1800
Multidrop Bus in Vending Machines




Monday, April 28, 2014

What to do with Wheat Ears?


A friend messaged me on Facebook last night.



There is a lot more to say that I didn't want to type into a chat app, so I thought I'd devote today's post to that subject.

First, yes, Wheat Ears have value. I checked Jake's U.S. Coin & Currency Buy Prices and found them offering 3 cents each for unsorted common date wheats.  By the way, I'm not specifically recommending that particular buyer and I'm not NOT recommending them either. Three cents is a typical price for average circulated Wheats right now.

That's not a price for culls, of course. Culls are damaged coins: bent, holed, scratched, corroded, scrubbed, completely worn away or otherwise undesirable.

Nor is it a price for Wheats that look like this.  Brand new looking Wheats (Uncirculated or nearly so) are worth much more.


Before you start calculating your profits, remember that although they are pretty light individually, a hundred dollars face value in these pennies would weigh about 68 lbs and shipping that much weight is not cheap. That could really eat into your 200% profit, couldn't it?

However, earlier dates are worth more and some dates are worth a lot more.  If you have a big old jar of wheat ears you've been putting away for ages, you probably do have some of those earlier dates. Your chances of having any of the high value dates are slim (that's why they are high value!), but who knows? You might as well look, right?

But you do have to know about grading. An XF  coin can be worth much, much more than a VF of the same date. That's where http://www.pcgs.com/photograde comes in.  You can get an excellent idea of your coin's grade by comparing it to the photos there.  Be conservative; if you aren't sure, assume the lower grade.

You can also check prices at PCGS. Those are typical selling (not buying) prices for certified coins - coins that have been examined by experts, graded, and encapsulated for protection. If you had a high value coin, it could be worth having that certification, but it is not cheap at all.

Will these Wheats be worth more later? Yes, they probably will be. But there is also a possibility that some of those 3 cent coins are actually worth more right now. 

There's  actually more than just dates and mint marks that you could look for if you are adventurous. There are double dies, repunched mint marks and all sorts of other varieties and errors that can turn a 3 cent coin into something valuable  - sometimes a lot more valuable.  Learning to identify these takes more than just sharp eyes and looking at a site like http://variety-vista.com/  or coppercoins.com - you'll need to educate yourself on such subjects as identifying worthless "machine doubling" (see  http://www.doubleddie.com/144822.html ) and you'll probably want to invest in good magnifiers or even a microscope if you start getting serious about this sort of searching.  Keep in mind that these sort of rarities extend beyond wheat ears: they can be found in all pennies and indeed in all the coins you have in your pocket.  In addition to the online resources, I recommend the "Cherry Pickers Guides" which you can find at Amazon (I have not given a link because new editions may be available soon).


Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 

This week's Coinweek Giveaway: http://www.coinweek.com/~cd535e2d686a500






Thursday, February 20, 2014

Coin Collecting and Genealogy Part II - Copper Coins

See Coin Collecting and Genealogy for the first of this series.

Note:  Everything is in a safe deposit box.  I keep nothing in my home. 

Large Cents

I feel that I should start here because these were the coins I was most interested in when I first examined the coins in that tin box. I had an instant attraction to them - the designs and the chocolate coloring and their weight.  I fell in love with Large Cents and Half Cents and I still feel that way today.

The only coin that I never sold was the 1855.  






There are actually several varieties for 1855 - the one here is not rare, although the total mintage for this year was only a million and a half coins.

I think I remember an 1851 in the set also, but that would be a duplicate of this type, so I might be wrong.  Regardless, I bought one because 1851 was HML's birth year.


I definitely remember an 1816, which was low grade and very dark. 1816 was the famous Year without a summer, a tough year for many, so it is fitting that this coin should be so beat up.

By the way, somebody recently pointed out to me that in 1816 no other U.S. coins were minted - just the large cent!




I don't remember anything prior to 1816.  That's good for my wallet; those coins get very expensive.

That leaves two other varieties, neither of which I can remember dates or grades.  I'll just buy decent examples and post the pictures here when I get them.

By the way, I apologize for the pictures.  They are not high quality and they vary in size when they should not.  Maybe someday I'll rig up some sort of stand to be consistent.




Here's the 1851.  The major variety for that year is the 1851/81 (this is not that).   I used to have books on the minor varieties, but sold them long ago.   The 1855 is in slightly better condition than this, but it's still an attractive example.  Common dates like this run around $40.00 in this condition as I write this in early 2014.
By the way, NEVER, EVER try cleaning old coins to make them look better.  You are almost certain to destroy their value.  In the case of contaminants and green oxidation, there are things a professional can use, but do NOT try that at home!









Half Cents

I'm quite sure that there was at least one half cent in that box, but I do not remember date or condition. I bought this very nice one instead.  If I every do remember, I'll buy something else.


Update:

I kept remembering another half cent. No firm memory swims up, but something was bothering me, so I bought this:


My memory could be way off on that, though.  There is another design (Draped Bust, 1809-1844); it may have been one of those. However, I think I remember the "1/200" on the reverse, which disappeared starting in 1809.

Two Cent 

I know the coin in the box was an 1864 Large Motto.  Here is the 1864:

I remember that the one from the collection was high grade and had an interesting die break, though I cannot remember where.  I keep looking at these whenever they come up for sale, hoping to spot that break (a die break or chip causes a raised area on the coin).

This was the first U.S. Coin to display "In God We Trust".  People who insist that we should do what the founders wanted should take note: the founders didn't want this.



Tokens

These two tokens were part of the collection.  I had no trouble finding them on Ebay.

This political token was was made around 1834 by the Scovill Manufacturing Company in Waterbury, Connecticut.   It was political satire directed at Andrew Jackson's desire to abolish the Second_Bank_of_the_United_States.  “I take the responsibility” is what Jackson said when he transferred the Bank of the United States funds into 25 state banks.

On better examples you can see the letters LL.D on the donkey.

That was a poke at the honorary degree Harvard had awarded the poorly educated Jackson.

Jackson is partially blamed for causing the The Panic of 1837.






This token dates from 1837.  There are many like it.  Do you see the odd spelling of "Defense"?  Apparently that wasn't odd in 1837.   The phrase itself was quite common for the time.

The Panic of 1837 cause coin hoarding and a great shortage of change.  These tokens tried to fill the gap.








The building is the Merchant's Exchange building on Wall Street which burned in 1835.  That may be mentioned on the coin because the marble building was supposed to be fireproof!
Also present was the "Lord's Prayer" token mentioned in the introduction.


This last token is from 1901.  These types of medals are "So-called Dollars" because they are Silver Dollar size.  There are a lot of them and of course there are people who collect all of them.  In general, things like this fall into what's called "exonumia". 


Why my grandfather or his father had this, I do not know.  At http://www.so-calleddollars.com/  I learned that

Reverse of issue below is replica of famous Gold medal given General Washington by Resolution of Continental Congress March 25, 1776; only gold medal ever granted him by Federal Government. One hundred years later, just prior to both Centennial Celebration of Evacuation, Boston and to U.S. Centennial, Philadelphia--1876, 50 Boston citizens subscribed fund to purchase medal from Washington family who finally were induced to act due both "to losses sustained…during… Civil War…and (national) interest…of the centennial."

Purchasers immediately presented piece to City of Boston to be "preserved forever in the Boston Public Library." Medal is about 68mm. in size, 2 11/16mm. thick and weighs more than 7 oz.


These reproductions were distributed to Boston school children in 1901; struck by Whitehead & Hoag, Newark, NJ.

That being the case, young Beardsley was probably given this when he was 14 or so.  I'm not absolutely certain of that, though, because I don't know exactly when the family moved back to Boston.  I found this at AskArt:

Born in Worcester, MA on Nov. 19, 1861. Lawrence came to San Francisco in the 1880s and established a studio. One of his notable achievements was the fresco on the ceiling in the Flood Mansion (now the Pacific Union Club). At the turn of the century, he left San Francisco and returned in 1915 to achieve fame by his revolutionary color effects on the buildings and roofs of the PPIE. His Court of the Ages at the Expo was one of his best works. While in San Francisco he also did the interiors of the Public Library and the Granada Theatre. Lawrence died in Sharon, MA on Sept. 4, 1937.


My cousin Nick has the birthdate as 1851 - I don't know which is correct.

Machin's Mills

The oldest coin in the collection was dated 1787.  It was very worn, with the date barely visible, and had been cleaned, so it was really an ugly piece.

I did not recognize it for what it was.  I thought it was a British Half Penny.

However, no British Half Penny's were made in 1787.  These were actually made illegally here in the colonies.  See Machin's Mills Imitation British Halfpence for more on these.  I'll just quote this:

The coinage mill was forty to fifty rods below the pond, on a canal dug for the purpose. The building was of wood, thirty by forty feet, and two stories high. The metal used was copper, obtained by melting up cannon and leaving out the zinc in the alloy. The copper was then run into moulds, and rolled into flat sheets of the thickness of the coin and from one to two feet wide. It was then punched with a screw, moved by a lever, so adjusted that half a revolution would press out a disk of the size of a coin. The blanks were then put into a cylinder and revolved with sand, saw dust and water. They were generally left revolving through the night; and the coiners circulated the story that the devil came by at night to work for them. They also sometimes worked in masks to create a terror in the neighborhood. 






Coins I added

I added these copper coins.  They were NOT represented in the original collection.

1871 Two cent with repunched date (1871/1871)







1948-D Lincoln (my birth year)







1910-D "Indian Cent" (fantasy piece)


The "Moonlight mint" produces a number of these limited edition fantasy coins (there were no Indian Head cents in 1910).  I'm surprised that this is legal, but apparently it is (though see 1964-D Peace Dollar) for arguments against such things.

This 1890 is real:


As a child in the fifties, I found a high grade 1909-VDB Lincoln in change.  That's not a "rare" coin, but it is the only year in which the designer's initials appear on the reverse (V.D.B., Victor D. Brenner).



People objected and the initials were placed under Lincoln's shoulder from then on.  The "S" (San Francisco mint) version of this is very rare and expensive.