Although photography was invented in 1839, the art world at that time was still very much in the grips of Neoclassicism. To the Neoclassical sculptor or die engraver, modern clothing fashions changed too often, and to portray historically important figures in contemporary clothes could open up such art works to criticism. Instead, they froze their subjects in Classical Greek clothing and copied the stylized busts of known works by ancient sculptors and their later Roman imitators. Neoclassicism liked cold profiles, and the exacting art of die engraving is especially well suited to such a stylistic influence.

In the United States, Mint engraver Christian Gobrecht was strongly influenced by Neo-classicism, which was especially apparent in his use of the classically stylized head of Liberty on the Coronet half eagle that replaced the Classic Head design in 1839. The obverse design of the new coin featured Liberty’s hair tied in a bun and secured by a string of beads. She also wore a coronet in her hair inscribed with the word LIBERTY. The simplicity of the design was largely unaffected by the addition of the date below the bust and thirteen stars around the perimeter. Such a Greco-Roman profile as seen on the Coronet half eagle could be found in any major museum in Europe, and this classically elegant yet simple design remained on the obverse of the half eagle until 1908, when the design was replaced by Bela Lyon Pratt’s Indian Head. The reverse differed little from the spread eagle motif that had been in use since 1807, except that on the Gobrecht reverse the eagle’s wingspan was widened to cover the new coin from rim to rim.

Gobrecht’s Coronet half eagles continued the Mint’s preoccupation with stereotyping the designs on all U. S. coins. This drive for uniformity existed from the Mint’s early days and did not vanish entirely until new, non-Mint designs were implemented early in the 20th century. The Coronet half eagle shared its design with the eagle released in 1838 and the quarter eagle of 1840. Referred to by modern collectors as No Motto half eagles, they were struck in five mints: Philadelphia (no mintmark), Charlotte (C), Dahlonega (D), New Orleans (O), and San Francisco (S). Mintmarks were placed on the reverse below the eagle and above the word FIVE in all but the initial year of issue. In 1839 the C and D mintmarks were placed above the date on the obverse, making these otherwise relatively common coins a very popular and eagerly sought-after year for collectors. Altogether, for the 28 years these coins were struck, a total of 9,114,049 pieces were produced from all five mints.

In the first several years of production minor design changes were made-the head of Liberty was modified slightly after 1839, the diameter was decreased in 1840 and lettering and dates were enlarged in 1842 and ‘43. For the date and mintmark collector these minor design alterations provide variety, although, primarily due to engraver James Longacre’s ineptitude as a die sinker, there are a considerable number of mis-punched dates and overdates within the series that also provide numismatic interest. But the true rarities in this series are the low mintage, low availability issues, especially the branch mint issues from Dahlonega and Charlotte, such as 1842-D Large Date, 1842-C Small Date and 1861-C. There are no standout rarities among the New Orleans issues except, of course, the legendary 1841-O, a coin that is unknown in any collection even though mint records indicate 50 pieces were struck-presumably all were melted after coining. The rarest regular production No Motto half eagle comes from the San Francisco mint: the 1854-S. Only 268 half eagles were struck in this first year the San Francisco Mint was in operation, and today only three pieces are known. The most commonly encountered half eagles from this period are the ones struck in Philadelphia, with AU and mint state coins often available. The scarcest Philadelphia mint half eagles are those struck during the Civil War, when mintages were low and hoarding widespread.

Unlike many other 19th century series, No Motto half eagles are still collected today by date and mintmark. However, most collections contain only EF and AU coins at best; in many cases higher grade examples are either not available or are extremely expensive. Another popular method of collecting this series is to specialize in a particular mint. Several complete collections of Charlotte and Dahlonega half eagles have been formed over the years, this being especially popular with collectors living in the South. However, far fewer southern gold collectors have attempted to complete a set of coins from New Orleans, even though EF and AU pieces are more often available from this mint than from Charlotte or Dahlonega. Type collectors can approach the No Motto series by either attempting to acquire one coin from each of the five mints that issued them, or by obtaining one example (usually from Philadelphia) to represent the entire 28-year type. Proofs were struck only in the Philadelphia mint, and all are very rare with yearly mintages after 1858 ranging from 25 to 80 pieces.

Grading well struck examples of No Motto fives is a rather straightforward process: Look for rubbed spots on the highest portions of the design elements-the hair curls and above the eye of Liberty on the obverse and on the eagle’s wings on the reverse. However, incompletely struck coins from this period are the rule, not the exception, and one should expect softness of strike on the hair curls of Liberty as well as the eagle’s left (facing) leg on all branch mint coins and some of the Philadelphia issues. Certain branch mint issues, especially those from the mid-1850s, may show full mint sharpness but dull surfaces. These “seawater Uncs.” were allegedly salvaged off a sunken Confederate transport ship in the early 1970s. Counterfeits are occasionally seen in the series but are generally not a problem.

No Motto half eagles were minted until 1866, when they were replaced by coins with the newly mandated motto IN GOD WE TRUST on the reverse. The date 1866 provides a useful dividing line for the half eagle denomination. In general, coins struck after 1866 are easier to locate in AU and Uncirculated condition than their No Motto counterparts, and the Southern gold rarities from Charlotte and Dahlonega are limited to the No Motto series. No Motto half eagles remained in the channels of commerce for generations, and it was not until the turn of the century and the advent of mintmark collecting that they began to be appreciated as a series with many valuable rarities and few survivors in high grade.

SPECIFICATIONS:

Diameter: 22.5 millimeters (1839-40), 21.6 millimeters (1840-1866) Weight: 8.359 grams Composition: .900 gold, .100 copper Edge: Reeded Net Weight: .24187 ounce pure gold

BIBLIOGRAPHY: Akers, David W., United States Gold Coins, Volume IV, Half Eagles 1795-1929, Paramount Publications, Englewood, OH, 1979. Breen, Walter, Varieties of United States Half Eagles 1839-1929, Hewitt Brothers, Chicago. Breen, Walter, Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins, F.C.I. Press/Doubleday, New York, 1988. Vermeule, Cornelius, Numismatic Art in America, The Belknap Press of Harvard University Press, Cambridge, MA, 1971. Winter, Douglas, Gold Coins of the Charlotte Mint 1838-1861, DWN Publishing, Dallas, 1998. Winter, Douglas, Gold Coins of the Dahlonega Mint 1838-1861, DWN Publishing, Dallas, 1997. Winter, Douglas, New Orleans Mint Gold Coins 1839-1909, Bowers & Merena Galleries, Wolfeboro, NH, 1992.

Coin Information Provided Courtesy NGC.

In 1823, little more than a decade after the War of 1812 in which the United States fought for its free use of the seas, President James Monroe issued a foreign policy statement which was to affect the development of the Western Hemisphere for the next century. This Monroe Doctrine expressed in no uncertain terms that the USA would not tolerate European interference, control or influence in North and South America. It was a time when the nation was feeling its political and economic “oats.”

The United States Mint was gearing up to exercise its technological “muscle” also. William Kneass came aboard as chief engraver in January of 1824, and Samuel Moore as mint director later that year. Both men were charged with the task of increasing output and uniformity. To this end, in 1828 Kneass instituted a new process-minting coins within a close, reeded collar to standardize diameters. This practice also eliminated the time consuming method of manually placing reeding on the coin’s edge. Greatly speeding up production, it allowed the coins to stack evenly and discouraged counterfeiting. Total design uniformity was not yet realized however, as dies still required hand punching of numbers, letters and stars, and the devices themselves were different from punch to punch.

The newly designed equipment allowed the Mint to strike planchets of greater thickness. Adhering to the specifications for coin weight and alloy prescribed by the Mint Act of 1792 required the Mint to maintain the same standards as for the thinner and larger coins previously struck. Therefore, the diameters of the half dime, dime and quarter dollar, as well as those of the quarter eagle and half eagle, were all reduced.

Though the proposed reduction in the size of the dime was from 18.8 mm to 18.5 mm, new research shows that actual diameters varied over the years. There is really no consistent distinction between the large and small size diameters, particularly from 1828 through 1834. Due to this variance, this type could more properly be called the Close Collar Capped Bust dime. The main discernible difference from the previous large size or open collar type are the small radial beads inside a raised border, as opposed to the flat, widely spaced denticles of the earlier production. The new coin was also much thicker at the edges.

The Mint’s penchant for uniform designs dictated that all United States coins share one of three basic portraits of Liberty: One for copper coins, a second for silver coins and a third for gold. The Capped Bust portrait of Liberty in use when Moore became Director was the one adopted by his father-in-law, the previous mint director, Robert Patterson. After Patterson hired John Reich as second engraver in 1807, Reich proceeded to redesign all the coins then in use.

The first dime design was Robert Scot’s Draped Bust/Small Eagle motif issued in 1796. It was updated in 1798 with a heraldic eagle reverse, primarily in answer to criticism of Scot’s “scrawny eagle.” Lack of demand, however, caused the Mint to cease production of dimes after June of 1807.

Reich’s new design for the dime first appeared in 1809 and was later copied by Kneass for the reduced version. It featured a left facing bust of Liberty wearing a cap, with a diadem bearing the incused inscription LIBERTY. Thirteen stars are arrayed on the sides of the bust, with the date below. The reverse depicts an eagle with a shield on its breast, clutching arrows and an olive branch. Above the eagle are the inscriptions UNITED STATES OF AMERICA and E PLURIBUS UNUM, with the denomination 10 C. below.

The reduced size Capped Bust dime was introduced in 1828, the same year “Old Hickory,” Andrew Jackson, became president. It ended its run after nine years, shortly after excessive speculation had caused the financial Panic of 1837, which resulted in a collapse in real estate, stock and commodity prices. Total mintage during this period was approximately 6,730,000 pieces. In addition, small numbers of proofs are known for each year.

As with all coins produced at the U.S. Mint during this time, there are some interesting varieties. The 1830/29 overdate and 1829 with a curled base numeral 2 in its date are the most notable. Variety collecting today, however, has few adherents. As coins have become more expensive and widely dispersed over the years, there are few collectors assembling date sets of Bust dimes, let alone variety collections. Most choose to own a representative type example. While circulated pieces are readily available for every year, this design type becomes very elusive above Mint State-64. Small numbers of exceptionally well preserved pieces do exist, however, grading as high as MS-67. The toughest dates to find in high grades are 1828 Small Date, 1830/29 and 1837.

When grading this design, highpoints on the obverse to check for wear are the drapery at the front of the bust, the hair at the forehead and above the ear and the shoulder clasp. On the reverse, check the eagle’s claws, neck and wings. Weak striking is common and should not be mistaken for wear.

Since the first branch mint that produced silver coins was the New Orleans facility, which began operations in 1838, all of the dimes of this type were manufactured in Philadelphia. It is notable that the Philadelphia Mint was moved from its original building on Seventh Street to the new building at Chestnut and Juniper in 1833. The total cost of the new building, ground, machinery and fixtures was $209,230. The original mint property was then sold in 1835 as two parcels for a total price of $10,100. Today, 160 years later, just one or two Capped Bust dimes in gem condition would bring about the same amount.

Director Moore was ultimately replaced in 1835 by the person with whom he had originally competed for the appointment, his brother-in-law Robert Maskell Patterson, son of the former Director, Robert Patterson. The younger Patterson instituted the use of steam powered presses, which greatly increased the efficiency and output of the Mint. Furthermore, he introduced the famous and long lasting Seated Liberty silver coinage designed by Christian Gobrecht, which replaced the Capped Bust dime in 1837.

SPECIFICATIONS:

Diameter: 18.5 millimeters Weight: 2.70 grams Composition: .8924 silver, .1076 copper Edge: Reeded Net Weight: .07734 ounce pure silver

BIBLIOGRAPHY: Breen, Walter, Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins, F.C.I. Press/Doubleday, New York, 1988. Davis, David J.; Logan, Russell J.; Lovejoy, Allen F.; McCloskey, John W.; Subjack, William L., Early United States Dimes 1796-1837, John Reich Collectors Society, Ypsilanti, MI, 1984 Evans, George G., Illustrated History of the United States Mint, Revised Edition, Philadelphia, 1892. Morris, Richard B., Encyclopedia of American History, 5th Edition, Harper & Row, New York, 1976. Taxay, Don, The U.S. Mint and Coinage, Arco Publishing Co., New York, 1966. Yeoman, R.S., A Guide Book of United States Coins, 47th Edition, Western Publishing Co., Racine, WI, 1993.

Coin Information Provided Courtesy NGC.

Nevertheless, most recent first-time buyers of gold and silver give no thought to what should be obvious: the moves of both metals over the last four years are anomalies. Other than believing they are geniuses, why should precious metals investors not be getting nervous?

Gold and silver are inflation hedges. Yet the Federal Reserve System is sending mixed messages regarding inflation. On the one hand, the FED has been increasing the adjusted monetary base at double-digit rates since late 2005. The other monetary indicators have followed. This can be monitored here (and should be).

On the other hand, the FED has also raised the federal funds rate by a quarter of a point every time the Federal Open Market Committee (FOMC) has met since mid-2004. This is the classic sign of anti-inflation policy. The short rates have been rising faster than long rates, which has now produced a flat yield curve. An inverted yield curve is a prelude to a recession. The yield curve can be monitored here (and should be).

So, which is it: recession or accelerating price inflation?

Right now, we are in “anyone’s guess” territory, which is why wise investors had better monitor the statistics of these seemingly rival policies on weekly basis. It is not clear which FED policy is dominant today. A great deal is at stake.

THE FEDERAL RESERVE’S DILEMMA

The growth of the U.S. government’s annual budget deficit is being matched by the growth of the balance of payments deficit. Wise investors look at these twin deficits and conclude: “This cannot go on indefinitely.” So, they ask themselves: “What is likely to reverse these trends?”

The answer to the payments deficit is a fall in the value of the dollar. Foreign investors will cease buying dollars for purchasing dollar-denominated assets. This will reduce international demand for dollars, which will produce a falling dollar internationally. Prices of imported goods will rise.

But if this happens, how will the U.S. government persuade foreign investors to buy its T-bills? The obvious response is to raise short-term interest rates. This is what the FED is doing today.

Raising short-term rates has a negative consequence: it produces a recession. First the yield curve goes flat. Then it inverts. Then there is a recession. We are halfway there today: a flat yield curve.

So, it is possible to have simultaneously a falling dollar internationally (scenario #1) and a recession domestically (scenario #2).

The FED today seems to be moving to head off scenario #1. How? By raising short-term interest rates. Yet it is also clearly trying to head off scenario #2 by inflating the money supply. I am reminded of the Apostle James’ warning:

A double minded man is unstable in all his ways (James 1:8).

If you have been following the price of gold and silver, both seem to have topped out. So, for that matter, has the Dow Jones Industrial Average. I contend that the reason for this hesitancy on the part of investors to buy or sell en masse is their confusion with respect to Federal Reserve policy. Until the FED makes up its collective mind, marginal investors will be hesitant to issue either “buy” orders or “sell” orders. I cannot blame them.

THE LOGIC BEHIND THE PRECIOUS METALS BOOM

The FED, beginning in late 2000, saw what had happened to the yield curve: it had inverted. That was when I predicted a recession in 2001. The FED saw this, too. The FED began cutting the fed funds rate a quarter of a point at a time.

Then came the 2001 recession: March. The FED continued to reduce rates. Then came 9/11. The FED continued to reduce rates. The housing market continued to rise, and gold and silver at long last began rising. That was when I issued a strong “buy” recommendation for gold: the fall of 2001.

Gold in 2001 had been battered by 21 years of downward pressure. It had gone to $840 in early 1980. Despite a doubling of the price level, 1980–2000, gold declined to the mid-200s in 2001. I became convinced that an anti-bubble process was at the end of the road.

Gold is not a recession hedge. It is an asset that can be sold to raise funds in a crisis. It gets sold in recessions because people want to raise cash. Selling any asset is a way to raise cash. Gold is not under any king’s-X safety umbrella.

Silver is even less protected from recession-induced sales, which is why silver’s price is more volatile than gold’s. It has no central banks buying it during recessions. Meanwhile, demand slows because the economy is slowing. Silver is an industrial metal and to a lesser extent an ornamental metal. Demand for most metals falls when the economy goes into recession.

There is a longtime myth of gold that has been popular in every pre-recession period. Recent buyers console themselves by saying: “Gold did not fall during the Great Depression. It went up.” In the 1930s, the U.S. was still on the gold standard internationally. By law, the U.S. government bought gold from gold mines at $35/oz. So, the gold market had a legal floor.

That policy ended on August 15, 1971, when Nixon unilaterally took the United States off the international gold standard. So, the experience of the Great Depression is economically irrelevant to today’s gold market. Central banks may buy gold or they may not, but they are not compelled by law to buy it. All we can say with confidence is that they will not buy silver, which is no longer a money metal.

Gold fell in the 1974/75 recession. Then it rose in the Carter-era inflation. Then it fell by 50% in the 1980/81 recession. Then it fell in 2000 prior to the 2001 recession.

My point is that gold, as an inflation hedge when price inflation exceeds what the experts have forecast, should not be regarded by investors as a universal solution to the gyrations of Federal Reserve monetary policy.

Silver is even less of a hedge. It has been de-monetized, so it is even more a captive of the overall economy.

The FED is trapped long-term in a policy of “inflate or die.” It is committed to the absurd premise that a committee of academic economists (FOMC) is a better source of monetary policy than the free market. The FED has created a boom economy – i.e., a universal bubble economy – through the constant expansion of money. Like addicts, investors, consumers, and debt-issuing governments demand ever-more money from the Federal Reserve. Everyone has factored in 2% to 4% monetary depreciation. If the FED fails to provide this, the entire debt pyramid is threatened with collapse.

So, we find that the FED does not stabilize money. It expands the money supply at varying rates. Sometimes this expansion is insufficient to goose the economy into more growth. The economy then falls into recession. The FED’s response is always the same: create even more money.

This process of varying rates of monetary expansion does not immunize gold and silver from wide swings in price. In the case of the period 1980 to 2001, the contraction wiped out 90% of investors’ asset value, if you factor in the 50% loss of the dollar’s purchasing power.

NEW INVESTORS

A new generation of investors has arrived. It took them at least two years to believe that a new bull market had arrived: 2001–2003. Then they hesitantly began getting into the precious metals’ market. They have done well.

They are newcomers. They don’t understand fully why they bought. They just understand that their investment’s market value has risen. Remember: “Genius is a rising market.” They are tempted to regard themselves as geniuses.

If the economy goes into a recession over the next 12 months, the precious metals are unlikely to continue their upward move. The pressure on asset-holders to sell in order to gain cash is always a problem for asset holders who choose not to sell. They see the value of their holdings fall. Yet prices in general continue upward.

I do not expect a fall comparable to what happened to gold and silver after January, 1980. That was an historically unique period in the post-World War II era. The rate of price inflation under Carter soared. This, coupled with Bunker Hunt’s silver play, created panic. Then the Soviet Union invaded Afghanistan in December, 1979. The metals mania exploded for one month: January, 1980. Then it ceased, overnight.

Still, there will be selling pressure if the recession hits, as it looks as though it will hit, if we take seriously the flat yield curve. This is not written in stone yet, but the behavior of the metals markets and the U.S. stock market does point to increasing doubts concerning the continuation of the economic boom.

CONCLUSION

In a recession, asset values tend to fall as people become desperate for cash. Fear is a great motivator. So are margin calls. The marginal sellers of assets are more active than the marginal buyers of assets.

I am issuing this warning because I know how many of my subscribers have not gone through a recession-induced fall in the precious metals markets. I don’t want new investors to conclude that the boom, 2001–2006, was a fluke, a bubble that will not return for decades, which was the case after January, 1980. The gold and silver markets, unlike the housing markets, are not driven by long-term government-subsidized mortgage money. So, I do not call them bubble markets.

Nevertheless, they are markets. They respond to supply and demand. Recessions increase the supply of assets offered for sale and reduce demand for these assets. The quest for ready cash in a recession is a universal aspect of all recessions. Don’t expect the next recession to be different.

The FED stands ready to inflate its way out of the next recession. It seems already to have begun. This is the case for the precious metals. But it is a long-run case, not a full-time case.

Be forewarned.

March 15, 2006

Gary North [send him mail] is the author of Mises on Money. Visit http://www.garynorth.com.

You can see the added extra “leaf” in the two close-up photos above. One die error “leaf” points upwards, the other to the left and downwards. Normally, there is no extra leaf as you can see in the top left picture noted as “normal.”

So far the error is unexplained by the mint, but the mint quality control folks are investigating.

These coins are in current high demand across the nation and have received significant press on TV and print.

Usually errors like this do not gain so much press and demand, but on occasion, public interest is sparked as with these varieties.

Time will tell where the price lands for these two varieties. The exact cause, quantity minted, and demand will drive the ultimate price.

- CoinResource staff article.

Coin photography is becoming more and more an integral part of the hobby. Without photographs of coins, the hobby, as we know it today, would be far less advanced, far less interesting, and certainly less enjoyable.

Many collectors would like to photograph their own collections, but many feel the process is too complicated. Granted, photo-graphing small discs of metal that reflect light so easily is not as simple as taking a snapshot, but the process does not have to be difficult or drain the pocket.

There are several coin photographers in the country who are excellent. Their work is professional. Generally speaking, these individuals spend their entire workdays (and more) photographing coins. If you expect to become as proficient as they are in just a short time, think again. If you want to take coin photographs adequate for publication and archive, then, with a little patience and moderate expense, you will achieve your goal.

In this article I will attempt to give you the benefit of my experience and expertise gained during the last 15 years.

To begin, you must decide what type of coin photographs you’re interested in taking. Micro photos or macro photos? The difference is much greater than it may sound. Are you interested in color or black & white? Or maybe both? How much money are you willing to spend? How much time for practice are you willing to sacrifice? These are questions only you can answer.

I’ll start with a small list of basic equipment. The equipment is the second most important ingredient. You are the most important ingredient.

Basic Equipment for Coin Photography

35mm single lens reflex camera This type of camera is vital. A single lens reflex camera essentially allows the photographer to view the actual shot through the lens of the camera, which is very important for coin photography. Many modern cameras have a secondary lens through which the photographer views the subject. An SLR camera, which has a manual mode of operation, is required. Quite often, to get a good shot, you will need to override the camera’s automatic mode.

Lenses A selection of camera lenses does not have to be vast. I basically use only a 90mm macro lens for my macro shots. Other lenses can be used in combination with extension tubes and close-up lenses, but a good macro lens will produce the best results.

Stereoscope This is a vital tool necessary for micro photos. Some photographers use a bellows extension to enlarge very small details. I feel this can be very time consuming. Additionally, I use my stereoscope for normal examination. It takes only five seconds to attach my camera to the scope for photography. In this way, I get multiple use out of a piece of equipment. I also feel that a stereoscope provides better clarity for photos than a bellows.

Extension tubes and close-up lenses These accessories are often necessary to get the most out of each photograph. Extension tubes mount between the lens (or scope) and the camera body, increasing the distance from the object to the film, thereby increasing the magnification. Extension tubes are usually sold in a set of three: 14mm, 21mm, and 28mm. These in any combination allow for very tight control over magnification.

Close-up lenses are a cheaper version of providing more magnification. Most lenses have a minimum focal length (minimum distance from object to film). These lenses allow for closer focusing of objects, thereby “cheating” the minimum distance. However, at times, these can be useful to the most experienced photographer.

Copy stands A copy stand is a device upon which the camera is mounted, usually pointing downward, so that a small object can be focused, and the camera held perfectly still. This is very important for macro (full-coin) photos.

Other equipment Another piece of necessary equipment is a cable shutter release. This is a cord-like object that attaches to the camera, which allows the operator to release the shutter without touching the camera. This is important to reduce vibration during the photograph. An 80A filter is necessary for lighting correction for color work (discussed later). Other minor pieces will be discussed in more detail later in this article.

Film

The film you use can be as important as the camera. Film is available in different “speeds” (generally indicated by an ASA rating), which differs in the amount of light necessary to expose the film properly. Some standard speeds are 25, 64, 100, 200, 400, and even higher. Generally speaking, each higher number requires half the amount of light as the previous number to make a proper exposure. For instance, if an exposure of one second is necessary for the ASA 25, an ASA 64 film would require an exposure of ½ second; ASA 100 – 1/4th second; ASA 200 – 1/8th second; and ASA 400 – 1/16th second.

Many brands of film today are all quite comparable. For color, almost any of the major brands are suitable. For black & white, nothing beats Kodak T-Max. All of these are available in a variety of film speeds. However, the film I use most frequently for black & white print work is Ilford XP-2. This film produces basically a black & white print but can be processed with C-41, which is the process used for color film in the convenient one-hour labs. It can be difficult at times to find a convenient lab to process black & white film.

Another plus of the XP-2 is that, although it is rated at ASA 400, the grain of the film is equal to that of ASA 100 speed film. Also, if necessary, XP-2 can be shot as if it were ASA 100, ASA 1000, or even ASA 1600. It is very versatile.

I do use Kodak Gold and Fuji for my color work. However, I also try other films from time to time. I have found that Konica is comparable to Kodak, and I can buy it for as little as half the price of Kodak.

The choices of slide film are almost as varied as the choices for color print film. However, when shooting slides, proper exposure is even more critical. I trust Kodak and Fuji and will rarely try other brands, although I am sure most are equally as good.

Camera basics

Since some of you may know very little about photography, I will try to explain some of the basic photographic facts that you will need to know for better results.

First, as mentioned earlier, an SLR is simply a camera that allows you to view the subject through the lens just as the image will appear on the film. Most instamatic-type cameras use a second lens for the operator’s view. This view may be slightly different from the image that will transfer to the film.

Most SLR cameras have a built-in light meter. This light meter will indicate the shutter speed the camera suggests for a proper exposure. Those cameras with an automatic exposure will use this shutter speed when the camera is set in the automatic mode.

The shutter speed can be set manually and usually with a latitude from 1 second to 1/1000th of a second. Most cameras will have the 1 second shutter speed setting indicated by a different color than the fractional shutter speed settings. These settings will be indicated as follows:

1-2-4-8-15-30-60-125-250-500-1000

The numbers from 2 through 1000 are fractions of a second. For example, the 15 will indicate 1/15th of a second; the 250 will indicate 1/250th of a second. The higher the number, the shorter period of time the lens will be open. A shorter exposure time (lens opening) means less light exposing the film.

Some cameras may have a 2-second setting, which will usually be in the same color as the 1-second setting. Also, most of the SLRs will also have a setting marked ?B.? This setting would indicate that the shutter release cable (sometimes referred to as a bulb) would totally dictate how long the shutter will remain open. When the shutter release cable is depressed, the lens will open, and it will not close until the cable is released. This would enable you to have an exposure of 5 seconds, 10 minutes, or whatever.

Another important setting on the camera is the film speed. This adjustment is usually marked by numbers such as 25-64-100-200-400-800. There are often micro adjustments between these numbers which would allow you to set the ASA between these speeds. There are some cameras which allow you to set the ASA lower or higher than the numbers that I indicated. Still other, more modern cameras will make this setting automatically by reading a code on the canister of the film. The film speed setting is critical only when using either the automatic mode or if the camera’s internal light meter is being used as a guide.

The lens on the camera also has an adjustment with numbers in a graduated scale. This scale measures the lens opening (or aperture). This scale will usually indicate numbers such as 2.5 -

4 – 5.6 – 8 – 11 – 16 – 22 – 32. The different aperture settings adjust the amount of light being allowed through the lens opening. Using a given shutter speed, an aperture setting of 5.6 will allow basically twice as much light through the lens as will a setting of 8. A setting of 8 will allow twice as much light as a setting of 16. A very important fact to remember here is that the higher the number, the smaller the opening, and consequently, the less light that is allowed through the lens.

The aperture also controls something called “depth of field.” This is simply the distance in front of and behind the focused point that will remain in sharp focus. The higher the number, the greater depth-of-field (greater distance in front of and beyond the focused point which will remain in focus). This is very important with coin photography, especially when taking macro (full-coin) shots. A smaller (higher number) aperture would allow more latitude with the focus, which can sometimes be tricky.

A proper aperture, shutter speed, and film speed are all required to produce a properly exposed photograph. Most SLR cameras are aperture priority, which means that once the lens opening is set and the ASA rating is set, the camera’s internal light meter will determine the time required for a proper exposure. An exposure- priority camera (of which there are few) would indicate that the camera will adjust the aperture depending upon the exposure time set and the amount of light entering the camera.

Macro (full coin) photos

When I am about to take macro photos, I will always start by checking the camera to make sure it is operating properly. The next natural step is to load the film and check the ASA setting on the camera with the film I am about to use.

At this time the lens will be mounted on the camera. I am now using a 90mm macro lens. This lens allows focus of objects close to the lens, and I can easily take photos of a coin two times its actual size.

A standard lens normally will focus only as close as about three feet without attachments. However, by adding either extension tubes or close-up lenses, you can focus much closer — even as close as three inches. This is a good alternative to a more expensive macro lens; however, you will sacrifice some quality.

Extension tubes mount between the camera body and the lens. These offer better quality than do close-up lenses but are more expensive. A set of extension tubes usually runs about $125 to $150, whereas a set of close-up lenses might cost only $60.

For macro shots, I will mount the camera on my copy stand. A copy stand is simply a vertical bar mounted to a base. The vertical bar has a mounting attachment for the camera. When the camera is attached, the camera will be facing the base. In this way, the plane of the film is parallel with the base. Many copy stands will have a mount that is adjustable with a arm, which allows easy adjustment of the height of the camera.

I have several jewelry pads onto which I will place the coins while I’m photographing them. These offer a safe surface for the coin, minimizing or eliminating possible damage. Additionally, they are available in different colors, which will offer a variety of backgrounds. I generally use black and will discuss the reason shortly.

The cable release is vital for macro shots. If you try to cut a few dollars off your cost, you will spend it in added film expense. I don’t know of any one who can use the camera’s shutter button and not cause some vibration of the camera.

Lighting is very important, but often over complicated. Some people will tell you that it is necessary to have two lamps coming from various angles to light the coin properly. However, I have found that a single, standard 60-watt bulb is best.

I will slightly tilt the base upon which the coin is placed and have the light angled so that the reflection is directed into the lens. Or it may be easier to angle the camera slightly and then have the light reflect from the coin’s surface into the lens. The lamp will usually be the typical bourse lamp, which is easy to maneuver into the appropriate position. When using the tilt method, be sure to focus on the center of the coin. This will help to ensure that the entire coin will be in focus.

If color film is being used, simply screw an 80A filter (about $25) onto the end of the lens. This will correct the hue of the light for the color film. However, a filter is not necessary for black & white film. A blue photo flood can be used instead of the normal bulb and the filter.

This is an appropriate time for a tip. I have found that, generally speaking, if you will try to get the fields of the coin’s surface light and the shadows by the coins devices dark, the results will be best. Depending on the results you need, there are times when you might need to do the opposite.

To get the proper exposure setting, the use of a “gray card” is critical. A gray card is simply a card which is a precise degree of gray, or neutral, shading. (Cost is about $15 for a set.) With the light and camera in place, place the gray card in the position of the coin. Look through the lens to see what exposure the camera’s light meter reads as optimum. This will give you the proper setting for the shutter speed. Set the exposure manually.

If you do not use a gray card, the camera’s light meter may be fooled by the vast amount of light reflecting off the coin’s surface. It is always best to use a gray card. They are cheap!

I often find it necessary to move the light around from time to time to get the best possible photograph. Different coins reflect light differently, and obtaining the correct amount of reflection is important. It is generally much easier to move the light slightly than to adjust the coin. Also, I prefer to handle the coin as little as possible. Generally speaking, best results are obtained when the fields of the coin in the photograph are light, and the shadows appear on either side of the devices or raised areas of the coin. This gives the coin a true, three-dimensional effect.

There are two primary reasons that I prefer to use a black background. First, black is an absolutely neutral color. It will not alter the hues of any photograph. Even white will alter the hues. Second, black is the best background if a photo is to be converted to a slide. Using a black background during a slide presentation will permit the viewers to concentrate on the subject, and not any surrounding fibers or other matter.

However, there are times when I will use a blue or red background. As a rule, red will sometimes enhance copper or gold, and blue will sometimes enhance gold and silver.

Another tip: I will often use a small wood block to raise the coin off the surface of the pad. Doing so will cause the background to be out of focus. If the background is in focus, some fibers or the grain of the background may show in the photo. The fewer detracting marks and threads the better. You want the coin to be the focus of the photograph.

If you are photographing a coin that must be returned right away, try “bracketing.” This is a method of shooting several shots of the same subject but with a few different exposures. In this way you will be better assured of getting a properly exposed photograph.

Micro photographs

Photographing coins through a stereoscope is really easier than one might think. Obviously, a good scope is necessary, and I highly recommend a stereoscope. This is a scope with dual eyepieces that will usually have better optics.

The camera will adapt to one of the eyepieces with a microscope-camera adapter. Adapters are usually available from the microscope dealer or from many camera supply stores. The adapter will simply match to the eyepiece and will also attach to the camera body without the camera’s lens in place.

In this configuration, the scope is then acting as the lens of the camera. Unlike with macro photos, the microscope will not have settings for the lens opening. The scope will also be the only means of focus that you will have. To focus, you must view through the view finder of the camera and adjust the scope until the image on the coin is as sharp as possible.

Best results are obtained when the coin is tilted under the optics of the scope. I have built a small, angled table upon which I rest the coins. It’s made primarily from cardboard 2 x 2s and covered with a black fabric.

The coin is then placed on this table and positioned under the lens of the scope, so the light will reflect from the coin into the lens. As with macro photos, best results are obtained when the fields of the coin are light, and the shadows fall on either side of the devices.

Film and lighting are the same as with macro photos. However, I recommend that film with an ASA rating of at least 100 be used. The lens of the scope is usually rather small and will allow small amounts of light into the camera. You will also discover, by moving the light around the coin, differing results can be obtained. You may find it helpful to move the coin platform around at times rather than moving the light.

I have learned with micro photos that the automatic setting on the camera can generally be used. I will “bump” the automatic setting on the camera to +2. This basically adds two stops to the length of the exposure. Remember that each setting on the lens either doubles or halves the amount of light as the next setting. A bump of two stops actually takes the automatic exposure and multiplies it by 4. For instance, if a normal reading would force the camera to an exposure of 1/15th of a second, a two-stop bump would force the camera to an exposure of 1/4th second. That equals two stops.

Many cameras have an adjustment that will allow you to use the bump simply by adjusting one dial. This dial will usually have 5 settings: +2, +1, 0, -1, -2. If you set the dial at +2, you are adding 2 “stops” to the exposure. If your camera does not have this adjustment, you can alter the automatic exposure by changing the film setting. If you’re using ASA 400 film, set the camera at ASA 100. That will give you the same result as if you had set the bump setting at +2.

Generally speaking, the light that the camera will read comes directly from the coin, and this reading is not altered by peripheral matter, as will the background in macro shots.

Slides

When producing slides for a presentation, I will usually shoot prints first. This gives me the opportunity to view the shots before the more expensive slide film is used. Once I select the prints I want, I will then take shots of the prints with slide film using the macro lens. I can also add type and indicating arrows to the actual print, so the type or arrows will show up on the slide when presented.

Additionally, by making slides in this way, I can keep a set of prints on files, and I can always make another set of prints or slides on the subject. It’s really easy.

Adding magnification

Magnification can be added to either the microscope or for macro shots by adding extension tubes (or rings) to the camera. These are relatively inexpensive, really easy to work with, and are generally available in sets of three. By adding one or more of these tubes between the camera body and the lens, magnification is increased. These also work with the scope and can be added between the scope adapter and the camera body.

However, too many people feel that more magnification is better, whereas the opposite is more often true. With micro photos, I often like to be able to see some area around the object of my photograph. This often helps to see other identifying markers, such as die polish and scratches. Macro photos should be large enough for all details of the coin to be clear.

Other tips

* Test your exposures. Simply run a couple of “test” rolls keeping track of each and every shot, what adjustments you made, and the readings associated with that shot. This process will help to reduce frustration in the future.

* Dead batteries can cause problems at the worst and least expected time. Keep your batteries fresh, and keep an extra set available at all times. Your batteries will die just when you need them the most. Batteries are cheap!

* When taking your photographs, look before you snap. It’s often helpful to be able to see die markers or some significant feature on the surface of the coin. These may come in handy in the future, either in identifying the coin or the die.

* Organize your prints, slides, and negatives so that they can be retrieved easily. I file my prints in the following manner. Micro shots of die varieties are filed in separate envelopes by denomination, date, and variety. Macro shots are filed by denomination, type, and date sequence. Photos of errors are filed by error type, and by denomination within that error type. I have about 20,000 prints on file and can put my hands on most specific prints within a minute.

Slides are also filed by topic, and most are housed in carousels ready to show. The carousels are not really expensive, and whenever I create a new slide presentation, I will buy a new carousel.

Negatives are also filed. Each time I have a roll of prints processed, I will assign a number to that roll. This six-digit number will be as follows: 920809. This simply means that the roll was taken in August of 1992, and it was the ninth roll I processed that month. In this way, I can always determine when the photograph was taken.

The prints from that roll are numbered as soon as I receive them. The number is placed on the back and includes the roll number and the exact frame negative number. In this way, whenever I pull a print for use in a publication, or if I need to have a copy or copies made, I can put my hands on the exact negative in a matter of seconds. Even photos that I shot twelve years ago! You’d be surprised how much time and irritation this procedure will save in the future.

* Buying film can get expensive, but you can save money here as well. In the back of almost any photographic magazine, there are several ads of companies which sell film, supplies, and equipment at prices far less than your local camera store. For instance, XP-2 is usually about $4.75 per roll in most camera shops. But I will buy 100 or 200 rolls at a time from one of these companies for $2.95 per roll. Quite a savings!

However, if you don’t use much film, I highly recommend that you buy from your local camera store. Try to develop a relationship with the owner. If you do so, he/she will be much more likely to help you when you need advice.

I hope these tips will assist you with your coin photography. If you should encounter a tip I might include in the future, please let me know. My goal is to be as helpful as possible — both now and in the future.

If you try some photos and are not satisfied with the results, feel free to send them to me, and I will offer my suggestions. I may be able to tell you something simple that you can do to make the photo better. If you do, please include some return postage. I’ll always be happy to assist you in every way possible.

Copyright 2000 by J. T. Stanton. This article may be reproduced in its entirety, as long as the source is recognized.

Contact info:
J. T. Stanton
P. O. Box 15487
Savannah, GA 31416-2187
Phone: 912-667-5799
Fax: 912-233-1291
jtstanton@aol.com
www.cherrypickersguide.com

A concise description of how doubled dies
occur

by J. T. Stanton, N.L.G.

When the term doubled die is used, we are commonly referring to
a coin which has a doubled or partially doubled image, letters, and/or
numbers. However, a doubled die is actually a die which exhibits
this doubling, and any coin struck from this die will exhibit this
doubling. The correct terminology for the resulting products of doubled
dies would be doubled die coins.

How Doubled Dies Occur – The Hubbing Process

So that we may understand how the doubling occurs on the
dies themselves, we must first take a look at the hubbing process;
the production of the dies.

Once the coin design has been approved, it is then modeled on plaster
in relief (positive), just as it will appear on the coin. The next
step is to coat the plaster with epoxy resins to create a surface hard
enough to withstand the next process. This epoxy coated model is called a galvano. The galvano is usually 12 to 15 inches in diameter.

The next step is to reduce the design on the galvano to the actual size
of the coin to be produced. To accomplish this, the Mint uses a Janvier
Transfer Reducing Machine. This machine, operating on the principle of
a fulcrum, will trace the design on the galvano. This is accomplished by a
long metal arm with a tracing stylus on one end as the galvano rotates.
The tracing will be transferred to the opposite end, where a sharp cutting
tool is positioned. This cutting tool will be carving the design exactly
as it is traced from the galvano onto the end of a steel bar. This steel
bar will usually be about 2 inches in diameter, and tapered so that the
end being cut will be the actual size of the coin to be produced. The
steel bar will also be rotating, however at a slower speed, so that the
design being traced from the galvano will be properly transferred. The
process will usually be duplicated at least once to ensure proper
sharpness of the design. Once complete, the steel bar will become what is
known as the master hub (sometimes called “hob”), with
the design again in relief, as it will appear on the finished coin.

The master hub is then placed into a hydraulic press, known as a hubbing
press, opposite another blank steel bar. These steel bars, usually
about 6 inches long, are hardened steel. Several hundred tons of force
will be applied as the master hub and the raw steel bar are brought
together. This process will “squeeze” the design on the master
hub into the steel bar. After one impression, the new steel bar will be
taken to an annealing furnace, where it will be heated to extreme
temperatures to soften the steel for the next impression. When cool, the
new steel bar will again be impressed with the master hub. This process,
known as hubbing, must be performed at least twice to bring the
design up to the desired sharpness. Once the desired sharpness of detail
is achieved, a master die will have been created, with the design
incused (mirror image). Depending upon the design and denomination, the
hubbing process may need to be repeated as many as 15 times. This is the
first point at which doubled die can occur.

There is generally one master hub produced, and possibly two master dies. The master die will create a working hub, again in the same manner asdescribed above (hubbing), and with the design in relief as it will appearon the coin. Working hubs are used to create working dies, with thedesign incused (mirror image). Generally, several working hubs will beproduced, and hundreds of working dies. Doubled dies can occur during any of the above mentioned hubbing operations if the die and hub are not nproperly aligned.

The sequence then is as follows:

1. Design approved
2. Plaster model
3. Plaster model epoxy coated (galvano)
4. Reducing machine to produce master hub
5. * Master hub produces master dies
6. * Master dies produce working hubs
7. * Working hubs produce working dies
8. Working dies produce coins

* Doubled dies can occur at these stages

The Classes of Doubled Dies

There are currently eight different types or classes of doubled
dies listed. These different classes are described and named based upon
the method in which the particular doubled die occurred.

It is important to use the correct terminology. “Double die”
would represent two dies, and as you know, we are dealing with a single
die, with a final product which has a doubled (past tense) image,
so therefore, doubled die is the correct term.

It is also important to note that in the descriptions that follow, we
often refer to the hub entering the die when explaining how the various
classes of doubled dies occur. We chose this explanation for simplicity,
but keep in mind that doubled die doubling can occur when the master hub
is impressing the master die, when the master die is impressing the
working hub, and when the working hub is impressing the working die, or a
combination of any of these. We are referring to doubled dies in
this text, but you should keep in mind that we are also taking about any
die with a multiple image. Tripled and quadrupled dies are known to exist,
and they are in this same family of die varieties.

One final note; keep in mind that the different classes of doubled dies
are numbered and identified with Roman numerals, and not Arabic
numbers.

Class I Doubled Dies – Rotated Hub Doubling

This class occurs when the hub, after the initial impression into the
die, is rotated slightly either clockwise or counter-clockwise around an
axis in the center of the coin design prior to being re-entered into the
die. The images around the rim will be of equal spread, and the spread atthe rim will be greater than that nearer the center of the coin. The mostwell known class I doubled die is the 1955 Lincoln Cent doubled dieobverse.

Class II Doubled Dies – Distorted Hub Doubling

This class occurs when a die is used for one hubbing, and a die with a
distorted hub used for a subsequent hubbing, creating an image
overlapping, and spread irregularly toward the rim. The process could also
create a die which was hubbed initially with a distorted hub, then
subsequently with a fresh hub, creating a spread in the opposite
directing. The spread will be defined either toward the rim or toward the
center of the coin.

Class III Doubled Dies – Design Hub Doubling

This class is caused when a die is hubbed with a hub of one design, and
a second hubbing with a hub with a different design, or the same design
but with slightly different positioning. The 1943/2-P Jefferson nickel is
a good example.

Class IV Doubled Dies – Offset Hub Doubling

This form of doubling is caused when one impression of the hub into the
die is offset in one direction from the other. A well known example is the
1983 Lincoln cent doubled die reverse.

Class V Doubled Dies – Pivoted Hub Doubling

This form of doubling is caused when the die after its initial
impression is mis-aligned with the hub a second time in a fan shape
direction. The pivot point will usually be near the rim, and the doubling
will be strongest opposite the pivot point. A good example of this
doubling is the 1917 Lincoln cent doubled die obverse.

Class VI Doubled Dies – Distended Hub Doubling

This form of doubled die is the most difficult for many novices to
identify, as it will rarely exhibit any separation of the two images. A
die may be hubbed with greater than normal pressure, then hubbed again
with normal pressure, but with the design in a slightly different
position. This will create a single image, but with thicker than normal
letters and numbers, with little or no trace of doubling.

Class VII Doubled Dies – Modified Hub Doubling

A hub that was modified or changed so that all or part of the design
element was left on the hub in or around the same or a different design
element, so that all or part of both design elements were transferred to
every die made with that hub, and all or part of both appear on the struck
coin.

Class VIII Doubled Dies – Tilted Hub Doubling

A die that was hubbed normally the first time, but the hub or die was
tilted for a subsequent impression so that the hub either made partial
contact with the die at one point, or a full impression that was deeper at
one edge than at the other. This will show on the struck coin as a
displaced part of the design or a tapering amount of relief across the
face of the coin.

The descriptions above describe the various classes of doubled dies.
However, it is possible to have a doubled die coin exhibit two or more
different classes. A good example is the 1971-S proof Lincoln cent listed
as 2-O-II+V. This variety exhibits both the class II and class V doubling,
as the secondary image is slightly toward the center of the coin, and also
pivoted. The pivoting explains why the doubling is evident on LIBERTY, but
not on the date.

Descriptions taken in part from Alan Herbert’s book Official Price
Guide to Minting Varieties and Errors. Alan is the catalyst behind
most of out current knowledge of Mint errors and varieties.

Copyright 2000 by J. T. Stanton.
This article may be reproduced in its entirety, as long as the source is
recognized.

Contact info:
J. T. Stanton
P. O. Box 15487
Savannah, GA 31416-2187
Phone: 912-667-5799
Fax: 912-233-1291
jtstanton@aol.com
www.cherrypickersguide.com

Cherrypickin’ in the numismatic hobby is simply the art of buying the best item possible for the least amount of money. The art has been around since coin collecting began. Years ago, collectors and dealers alike would examine the inventories of dealers in search for coins to fill a want list. Those doing the searching would naturally “cherrypick” the best coin possible.

Only in the past ten to fifteen years has the term “cherrypickin’” been commonly applied to the variety segment of the hobby. Today, the term implies that someone with specialized knowledge of a certain variety will search for and buy the variety for the price of the “normal” coin.

No single individual in the hobby can know everything about everything. Therefore, the opportunity exists for a specialist to “cherrypick” coins from those individuals or dealers often considered to be quite knowledgeable.

The variety enthusiast takes great pride in the knowledge that they have obtained. They will then use this knowledge to their advantage, usually by purchasing coins at normal prices that they can sell later for modest or even substantial profits. A true enthusiast will rarely boast about their accomplishments. However, they are usually quite willing to share their knowledge with others.

Varieties are those coins which are normal in most respects, yet have some characteristic on the coin that sets it apart from others of a like date and mint. These characteristics were generally a part of the die itself, therefore each coin struck from that particular die will have the same characteristic. Varieties generally consist of doubled dies, repunched dates, overdates, repunched mintmarks, over mint marks, misplaced dates, and even engraving errors.

Here we show some examples of varieties that have a value substantially above that of the normal coin.

This 1971-S Proof Lincoln Cent doubled die obverse has a retail value of $1000+, compared to the 75c for the normal coin.

Repunched dates can be minor, or highly evident. This 1894 Indian cent will fetch prices up to $4500, compared to $150 for a normal coin.

An overdate is simply one date that was punched into a die over a different date. This 1887/6-O Morgan dollar will bring as much as $7500.

Here is a rare 1942-D Jefferson nickel, with a D mintmark over a horizontal D mintmark. This repunched mintmark (RPM) brings as much as $750, compared to the $30 of the normal coin.

An over mintmark, similar to an overdate, is one mintmark punched over a different mintmark. The 1950-S/D Washington quarter is a good example. Values can reach several hundred dollars for an otherwise common coin.

A misplaced date is typically a coin that exhibits digits or letters punched into a position on the die where they do not belong, such as this 1870 Indian cent, with more than 20 digits punched in the denticles below the date. There are also varieties known with date punches in the bust, in the rock (on Liberty Seated coinage), and even in Liberty’s hair.

Collectors who specialize in areas such as Liberty Seated coinage, Bust Halves, Large Cents, Indian Cents and Morgan dollars are often dedicated to the collecting of the varieties within the series. These collectors will readily pay substantial premiums for varieties to add to their collections.

For instance, this 1829 Bust dime which has a 2 with a curled base, which will easily bring $10,000 for a coin grading EF. Not bad for a $50 coin. The “normal” 1829 dime has a 2 with a flat base. There are also Large Cent varieties which will bring prices in excess of $10,000 for an otherwise very common date.

But where would one get all this information? The information is available, if you’re willing to put forth the time and effort to obtain it. There are numerous books available which exhibit photos and descriptions of varieties. However, there is no book that will list or exhibit all the known varieties.

One of the more popular books available is The Cherrypickers’ Guide To Rare Die Varieties, by Bill Fivaz and J. T. Stanton. This book, soon in its Fourth Edition, has photos and descriptions of hundreds of varieties and over 800 high quality photos, and is a must for the variety collector. The new Fourth Edition of the book will be available in early summer of 2000, from J. T. Stanton, P. O. Box 15487, Savannah, GA 31416-2187 for $29.95 + $3.00 P & H.

Stanton also is the publisher of Cherrypickers’ News, a bi-monthly newsletter with news and photos of new varieties, research of previously known varieties, and up-to-date pricing information. Subscriptions are $25 for 6 issues, and $45 for 12 issues. Write to Cherrypickers’ News, P. O. Box 15487, Savannah, GA 31416-2187. You won’t be disappointed!

Books on a specific series are also available that exhibit many of the known varieties of that series. As of this writing, books which highlight varieties are available on Morgan and Peace Dollars, Large Cents, Lincoln Cents, Bust halves, Bust dimes, Liberty Seated half-dimes, dimes, quarters and halves, Buffalo nickels, Mercury dimes, Flying Eagle and Indian cents, Shield and Liberty nickels, Barber halves, quarters and dimes, Washington quarters, and many others. The research material today is a hundred times greater than just 15 years ago.

In addition to the books available, specialty clubs are also quite active. CONECA, the national error and variety club flourishes. Membership in CONECA is just $20 per year. Those interested should write to James Wiles, 9017 Topperwind Ct., Ft. Worth, TX 76134-5501. The bi-monthly newsletter is more than worth the annual dues.

Other specialty clubs include the Flying Eagle and Indian Cent Collectors, Liberty seated Collectors Club, Bust Half Nut Club, Early American Coppers, Barber Coin Collectors Society, John Reich Collectors Society, Society of Silver Dollar Collectors, The Society of Lincoln Cent Collectors, and of course doubled dies. Others certainly exist.

The information is available for those interested in exerting the time and effort needed, but patience is a must. Don’t expect to find rare varieties right away. If they were easy to find, they wouldn’t be rare nor valuable. It may take months or even a year before one finds their first rare variety, but when that first one is found, you’ll be hooked!

This segment of the hobby is one of the few areas that is still considered fun. Those enthusiast who are active are so because of the enjoyment, and not necessarily because of the profit. The profit just happens to be a very beneficial bi-product of the enjoyment.

Copyright 2000 by J. T. Stanton.
This article may be reproduced in its entirety, as long as the source is recognized.

Contact info:
J. T. Stanton
P. O. Box 15487
Savannah, GA 31416-2187
Phone: 912-667-5799
Fax: 912-233-1291
jtstanton@aol.com
www.cherrypickersguide.com

A successful relationship with the right coin dealer is an essential component in the enjoyment of coin collecting. The collector who chooses to “go it alone” may be setting himself up for some serious problems, even if he is well-connected and knowledgeable.

A client (and friend) of mine recently coined a phrase that I feel succinctly describes the ideal relationship between the collector and dealer: the “dealer-partner.” The relationship between a dealer such as myself and my clients is mutually enhancing. I sell my nicest coins to my best customers and, in turn, will hopefully be able to reacquire these coins in the future. My clients buy nice coins at fair prices, acquire important insider information and market insights and, literally, put bread on my table.

When deciding on the “right” dealer, I would suggest that you think carefully about the following:

1. How much does the dealer know about the area that you wish to specialize in? If a collector called and told me he wished to put together a set of Lincoln Cents, I’d probably recommend that he choose someone else. I think I have a great eye and I probably know more about Lincoln Cents than most collectors. But I’m not what I’d call an expert in this area. On the other hand, if a collector called me and said he wanted to put together a set of Charlotte gold coins, I could state with honesty that there is probably no better dealer to work with than me. The collector needs to choose a dealer who really knows an area. That’s one reason why I have always respected specialized dealers and it’s why, some twenty years ago, I made the decision to be one.

2. What are the dealer’s credentials within the numismatic community? It can be hard to determine how well respected a dealer is within the numismatic community, given the fact that many dealers are not quick to compliment their competition. If I were a collector, I’d want my dealer to have the following qualifications.

First and foremost, I’d want him to be a member of the Professional Numismatist Guild (PNG). There are fewer than 500 dealers worldwide in the PNG and it is the only significant numismatic organization that doesn’t admit everyone who applies.

Secondly, I’d look for a dealer who is stable. If he has worked for three firms in five years, that’s a red flag.

Thirdly, I’d want to deal with an individual who was a proven expert. Has he written books or articles? Is he a contributor to the Redbook or other pricing guides? Do experts respect his opinions? A dealer who is universally respected and who has the credentials to back up this respect is a good person to do business with.

3. Does the dealer go coin shows and auctions? Unless a dealer attends shows and auctions, he will be “behind the curve” when it comes to knowing current market conditions. Dealers who get second hand information and pass it onto to their clients are not nearly as helpful as dealers who are out doing battle on the frontlines of coin shows and auctions.

4. Does the dealer actually enjoy working with collectors? Some of the most knowledgeable dealers are primarily wholesalers who do not have the personality or available time to work with collectors. These are not going to be good people to work with due to their inaccessibility and lack of enthusiasm. But don’t totally rule out one of these wholesale specialists as their knowledge tends to be far greater than the “typical” retailer.

5. Does the dealer own his inventory or broker it? I have nothing against the concept of brokering coins. In fact, there are times when I wish I could take the considerable amount of money I have tied up in my inventory, place it in a money market account, collect interest and sell other people’s coins. But I am a firm believer in putting my money where my mouth is. Every coin that is in my inventory has first been sold to a very strict set of eyes: mine. People who are coin brokers have often never seen the coins that they are selling. In addition, since they do not have their own money and/or time invested in the coins, they tend to be less concerned with their appearance.

6. Will you have too much competition for the coins the dealer buys? Let’s say that you are a Charlotte quarter eagle collector who wants to put together a world-class set. You should ask a potential dealer if there are other existing collectors in this dealer’s base who collect the same coins. Will there be situations when the dealer will have to make hard decisions about which collector gets which coin? If so, how will the dealer make these decision? As a rule, truly choice and/or rare coins are scarcer than the collectors who want them. Will you be able to get first shot at the coins that mean the most to you?

7. Does the dealer make a two way market? The best coin dealers are those who make strong two way markets in the areas they specialize in. They will be anxious to repurchase the coins they have sold you and will tend to be stronger buyers than non-specialists. It’s easy to find dealers who only want to sell you coins. It’s much harder to find dealers who want to buy them from you.

8. Does the dealer offer “post-sale service?” Good coin dealers don’t disassociate themselves from a collector after they’ve made a sale. Services that many dealers offer include giving advice on when to buy, sell or hold, upgrading coins or crossing them from one service’s holder to another, letting you know if someone else is interested in a coin you own and getting you a discounted seller’s commission should you decide to place your coins in an auction.

9. Is the dealer someone you like and trust? This is an especially important question, in my opinion. If you are going to spend a lot of money with someone, you had better trust them. And if you are going to have a mutually beneficial long-term relationship, you’d better like them. If a certain dealer “gives you the willies” every time you speak to him, then you probably shouldn’t consider giving him your business; no knowledgeable or well-connected he is. Conversely, if you really like someone and they give you a warm, fuzzy glow when you speak with them, they might be a better dealer for you than someone who is more knowledgeable and better connected.

In summary, you should ask the following questions to any dealer that you are thinking of doing a significant amount of business with:

Do you really know the series that I collect? How long have you been in business? How many years have you been at your current address? Do you attend shows and auctions? Have you written articles or books about coins? Do you belong to the PNG? Are you a retail or wholesale dealer? Do you own your inventory or broker other peoples coins? How many other important collections have you built? Will you be as anxious to buy my coins as you are to sell them to me? What will you do for me after you’ve sold me coins? What can you do to earn my trust?

The following are red flags that might make you think twice about doing business with a dealer:

He has worked for numerous companies in a short period of time He has been in the coin business for a shorter period of time than you’ve been a collector (nearly all of the really great coin dealers have been in the coin business since they were teenagers) He goes to fewer than three to five coins shows per year He has never bought and sold coins in the series that you collect He has no inventory of his own His level of knowledge does not seem much greater than your own

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If you do not learn how to become a good coin collector, you will not enjoy this hobby. This will become quickly apparent; especially the first time you have your rash, uninformed purchases looked at (and, probably, summarily dismissed) by a knowledgeable dealer or collector. There are a number of rules that all coin collectors should remember every time they make a purchase. Here are ten that I feel are especially important.

I. Education: The most successful coin collectors take time to learn as much as they can about numismatics. They not only study coins but the dynamics of the market as well. To learn about coins, I strongly suggest that you buy and read as many books as possible. You can supplement these books with specific catalogs that relate to your chosen field of specialization. A serious collector might even go as far as creating a database of prices that relate to his specialty. Other suggestions for new collectors include subscribing to periodicals such as Coin World and Numismatic News. You should join the American Numismatic Association and use their library (they will send books by mail to members). Become friendly with other collectors and communicate with them by phone or e-mail. And don’t be afraid to ask questions.

II. Specialization: It is too hard to begin a coin collection without having goals and boundaries. I have always been a strong believer that it is better to view numismatics with a “micro” perspective as opposed to a “macro” perspective. As an example, if you start by collecting Charlotte gold coinage, your “world of focus” becomes 52 specific issues. It is realistic to assume that an intelligent individual who is willing to commit time to this area of study could become relatively knowledgeable within a year or two. To become similarly knowledgeable in a larger field of study (such as all branch mint US gold coins produced between 1838 and 1907) requires many more years. Becoming a well-versed specialist will allow you to level the playing field between you and dealers and it should enable you to make better purchases.

III. Patience: We live in an era of immediate gratification. New collectors often have the urge to jump in very quickly and complete their sets as fast as they can. The best coin collections are built over the course of many years. Sometimes, it is possible to purchase a number of great coins in a very short period of time. But most times, the opportunities to purchase great coins are few and far between. The new collector should avoid the temptation to buy the “wrong coin” just because he needs it for his set and he does not want to wait. Impetuous decisions are invariably incorrect and usually prove costly over the course of time.

IV. Connections: It amazes me how many serious collectors get their “meatiest” information on topics such as pricing, market conditions and future trends from such third-hand sources as newsletters, coin magazines and coin brokers. This information is almost always well out of date and totally biased. (Remember that most newsletters which recommend specific coins are written by dealers who have taken a position in what they are touting). The only way to get real information about the coin market is from a dealer or collector who regularly attends shows and auctions. This discounts most coin brokers/salesmen as they get diluted information from their superiors and then pass on these half-baked “truths” to the masses. I personally view it as my duty to pass on accurate information to good clients. Conversely, I will not willing pass this information onto “tire kickers.” The best way to get good information is to establish a good working relationship with a well-connected, reliable dealer.

V. Thinking Like A Collector: Anyone who approaches numismatics with a dispassionate attitude is a virtual certainty to lose money. Conversely, most pure collectors make money; often times in spite of themselves. This is because they buy coins for the right reason: they love them. They what interests them and they carefully research their purchases. They know for example, that a coin similar to one they just purchased sold for 10% more at a major auction. They know that they are not buying overhyped coins at the height of a promotional period. They are not buying coins just because a voice at the other end of the phone told them to and they are not buying them because this person told them their new coins would “increase in value 50-75% over the next three years.” Remember this rule because it may be the most important one of the ten listed here: learn to think and act like a true collector and you will have more fun now and have a better chance to expect a reasonable profit on your purchases over the course of time.

VI. Connoisseurship: I define connoissuership as the ability to discern true quality in a specific field. In numismatics, the connoisseur is able to determine which coins have the most aesthetic eye appeal and which, literally, stand apart from the “typical” piece. A numismatic connoisseur, for instance, is able to appreciate a truly original gold coin with rich, “crusty” coloration. He is able to innately sense that 150 year old coins do not have to be big and bright in order to be desirable. Connoisseurship is a natural ability. You either are able to naturally determine the “best” or you are not. If you are not a born connoisseur (and very few people are) then you should find a dealer who has this ability to assist you with your purchases. I would estimate that less than 5% of all coin collections are “connoisseur quality” and those that are typically the ones that show the greatest financial appreciation over the course of time.

VII. Learning to Grade: I have seen people spend millions of dollars on rare coins without having the slightest idea how to grade. They put their complete trust in dealers and in third-party grading. Frankly, this attitude leaves me baffled. If I do not feel very comfortable grading a specific type of coin, I do not buy it. As an example, I think Indian Head half eagles are extremely hard to grade. To be totally honest, I can’t grade the damn things. My solution? I don’t buy them. By the same token, I feel that I am a world-class grader of Liberty Head half eagles. So I buy a lot of them. There are some simple rules when it comes to grading. First–and foremost–you need to view as many coins as possible. I would recommend that you attend shows and auctions and carefully look at coins. Secondly, I would take one of the grading classes offered by the American Numismatic Association at their annual Summer Seminars. Thirdly, I would make the decision to specialize, so that you have fewer types of coins to learn to grade. Fourthly, I would try to learn grading tips from the dealer(s) that I buy the majority of my coins from. Finally, I would always remember that while third-party grading is a great safety net for the beginner, there is nothing like your own knowledge.

VIII. Thinking Long Term: Coins are a terrible short-term investment. Even if you buy coins at a fair “retail” mark-up, you are still paying at least 10-20% over typical wholesale prices. This means that any coins that you purchase has to go up at least 10-20% for you to break even. When coins were heavily touted as investments in the 1980’s, the common logic was that you needed to hold at least three to five years. I would suggest that you should plan to hold your coins at least ten years and preferably more. The greatest collections (Eliasberg, Pittman, Norweb, etc.) were built over the course of fifty+ years.

IX. Quality Not Quantity: Let’s say that you have a coin budget of $20,000 per year. I would suggest that you purchase four or five really nice $4000-$5000 coins each year than twenty $1000 pieces. The coin market of the future will be even more predicated on quality than it already is. High quality coins will become harder to find and, consequently, more expensive. The decision to purchase the best coins you can afford will prove to be very intelligent over the course of time. A few years ago, another dealer had an advertising campaign that basically said that your entire collection should be able to fit into a PCGS shipping box (i.e., it would be twenty coins). While this never really caught on, I think his idea actually has some merit. If you have decided to be more of a “generalist” buyer than a “specialist,” I like the concept of having a small collection of great coins instead of a large collection of nondescript coins.

X. Buying the Best You Can: Understand If you are new to coin collecting and you know next to nothing about coins and the coin market, you have no business purchasing $10,000+ items. I would strongly suggest that you start small and take at least three to six months to study the market. Once you feel more comfortable, you can take a bigger plunge into the coin market.

Conclusion: The regimen that I have discussed above is not easy to follow. Most people are not willing (or able) to follow this approach as it requires considerable discipline and a major commitment of time. If some of these steps seem practical to you and others do not, then I suggest you follow what you can and keep the other steps in the back of your mind as you become better acquainted with numismatics.

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