One Fifty
You visit a coin show and see something you want to buy. It could be a penny, quarter, half or even a dollar. You’re new to collecting coins, but this coin in its protective holder looks interesting.
You ask the dealer if you can look at the coin. He takes it out of his case and lets you get a closer look. Maybe he realizes you are new to collecting and even offers to let you use his loupe to look even more closely at the coin.
Now, you are really interested in the coin and ask, “How much?”
The dealer responds, “One fifty.”
In your newness, you immediately think to yourself, “Wow, that’s a great price for me to start my collection. I can afford $1.50 and continue shopping with other dealers at the show.”
STOP!
What if the dealer really means $150.00?
Dealers have a tendency to speak in numerical shorthand when discussing prices. His “One fifty” could be as you thought, $1.50, or it could be $150.00. Of course, what he meant – either $1.50 or $150.00 – really depends on the coin, the coin’s rarity and its market value.
If you are new to collecting or new to collecting this particular type of coin, you can wisely ask for clarification when you are unsure about the decimal point in the dealer’s price.
As another example, some dealers also use their numerical shorthand for larger numbers. For example, “three” could be $3.00 or $300.00.
This numerical shorthand seems to be a consistent foible among coin dealers. In a way, this shorthand is similar to the acronyms used within corporations. If you are “in the know,” then the acronyms are a quick and easy way to communicate. Similarly, if you are “in the know” with coin collecting values, you easily understand the dealers’ numerical shorthand.
But as within corporate speech patterns, coin dealers forget that people not as familiar with coins and coin values will not readily understand their numerical shorthand.
One way to gain clarification is to ask simply. You can explain that you are not knowledgeable about this particular coin and need to know is “one fifty” a dollar fifty or one hundred fifty dollars.
Or, you can smile at the dealer and simply ask, “Where’s the decimal point in that one fifty?”
Either way, asking for clarification prevents the embarassment of handing over $1.50 to buy the coin when the price is actually $150.00. Of course, the dealer won’t hesitate to let you know the real price at that point.
Silver Pocket Change
Did Great Grandpa Anthony, Great Aunt Alma or someone in your family tree collect pocket change through the years? Are you wondering if there may be value?
There could be…
Do you have any silver coins? How do you tell?
There are several ways. A silver coin has a different color and weight than modern coins. (Interestingly, if you inadvertently try to use a silver quarter in a vending machine, the machine will not accept it. The weight and thickness are different.)
But, you can tell if any of the older coins are silver by looking at the year of the coin. Dimes, quarters and halves dated 1964 and earlier are mostly silver – 90% silver. (None are 100% silver.) In years 1965 – 1969, Kennedy halves contain 40% silver. You can frequently hear these coins called “clad.”
After 1969, coins for general distribution and usage do not contain silver. Of course, the US Mint continues to provide silver coins in special collectors’ sets, for example, the Silver Proof Set. And, if someone was not aware of the extra value of these silver coins, they could have broken them out of their special packaging and spent them as pocket change. This would be rare as someone would recognize their value and quickly pull them out of circulation again.
Now, you’ve gone through Great Uncle Albert’s pocket change and found several silver coins. What are they worth?
It depends.
If the coins are significantly worn, badly scratched or contain holes – maybe for jewelry, their value generally lies in their silver content. But, there are some coins – type, year and mint location – that are rare and potentially valuable even in a questionable condition. For this, you need to consult an expert.
On the other hand, if your coins are in good condition, a coin expert needs to see the coins to determine their grade and value in conjunction with the year and location the coin was minted. “Seeing” the coins is a must, and frequently, using a loupe is necessary to discern the quality. Calling a dealer on the phone and asking what your coins are worth just won’t work. They may give you an answer, but sight unseen, no guess on the value would be honored if you wanted to sell them the coins.
For a few coins, a coin show is an excellent place to obtain expert opinions on your coins’ worth. However, if you are fortunate to have found many coins, a coin show can be too busy to bring them all at once. One suggestion: you could bring a few of your coins to the coin show, interview several dealers for their opinions and set up a time to meet and discuss the other coins you have with the dealer with whom you feel most comfortable.
But, there are old pennies and nickels and dollar coins too…what about their value?
That’s for another day….
You Snooze, You Lose
Do you ever have those days where you can’t make a buying decision? Well, everyone has those indecisive days or moments on occasion, perhaps some more than others.
But, what happens when you visit a coin show and have one of those indecisive moments? Indecision can easily result in “you snooze, you lose” the coin you almost but couldn’t quite decide to buy.
Several factors contribute to the “you snooze, you lose” scenario. Let’s take a look at some situations (based on true stories obtained from dealers at coin shows).
First, Victor Vacillator takes 30 minutes to look at 20 different versions of the same coin or collectible. Victor decides one very nice coin could be his choice, but he tells Dealer A that he wants to look at other dealers’ coins on the bourse before making a decision.
Now, while Victor was engrossed with Dealer A, other business walked on by the dealer’s table. They saw the dealer was too busy to work with them. These missed opportunities could walk back later, but in most cases, the lost business is gone.
Dealer A could be busy or could be having a bad day, but when Victor comes back to look at the coins again, they are gone. They may have been sold, or the coins may be hidden on Dealer A’s back-up table as part of a group to be sold later. Either way, Victor cannot buy the coin he wants.
Is hiding the coins right? Fair? From a collector’s perspective, this may seem harsh. On the other hand, have you heard the saying, “Time is money?” Victor Vacillator not only took up Dealer A’s time, but he also prevented other business transactions for the dealer. Will Victor take up even more time on his return without a final sale? Dealer A determines his best action based on Victor’s lack of decision earlier and the known sale as a group.
Next, let’s look at Harry Haggler. Like Victor, he spends a lot of time looking at several currently popular coins from Dealer B. He finally decides on the one he wants to buy.
Harry asks, “How much?” Dealer B quotes a price. Harry starts to haggle at a number that removes all profit from the deal. Dealer B counters by slightly lowering his price, and he lets Harry know that is the best price he can offer and that Harry can find on the bourse. But, Harry cannot decide to spend that amount and pushes for a lower number. Dealer B does not budge from his altered price.
Harry walks away. After visiting several other dealers’ tables, he finds Dealer B is right. Not only is Dealer B’s second quote the best on the bourse, but so was his first. Plus, there are not very many of the coins available. In fact, Dealer B had the most of those coins. Harry goes back to Dealer B to buy the coin he chose. But, while Harry was searching the floor, Dealer B sold all of his coins of that popular type to one buyer.
Along with Victor and Harry, similar stories exist for Dudley Ditherer, Wally Wavering, Henry Hesitant and Freddie Falterer.
Most dealers enjoy collecting and discussing coins with their customers. As a dealer they also need to do business to pay for their expenses and to make a living. So, they want to work with customers while at the same time doing as much business as possible.
Of course, indecision is, in a way, a decision. Just be aware that when you walk away from a dealer’s table, the coin you just looked at with interest may not be there later should you decide to return to buy it.
Two Shows this Sunday
This Sunday, two collectibles shows coexist at the Holiday Inn Select on Chamblee-Dunwoody Road. The Greater Atlanta Coin Show shares the facility with the North Atlanta Sports Collectibles Show.
The Greater Atlanta Coin Show opens at 9 am for guests and the North Atlanta Sports Collectibles Show opens at 10 am. Both shows close at 5 pm. Free admission!
Visit the Greater Atlanta Coin Show web site for directions and list of coin dealers.
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From Frank Moiger, show promoter, the Sports Collectibles vendors (as of 8/10/2009) are:
Jed Drinkwine – a major vintage exhibitor from South Carolina will be returning for his second show in Dunwoody. He has a great selection of 50’s and 60’s cards for set builders, as well as major star cards from the 1930’s to the present.
Tom Wright – having just moved to the Atlanta area from Baltimore, Tom set up last month at the Marietta Show. He has an extensive collection of non-sports and personality cards and memorabilia.
Edgar Salzler – carries a lot of high to low end cards from vintage to current commons and stars.
Alex Tymchuk – no one who sets up in Atlanta has a better selection of turn of the century tobacco cards – boxing, baseball and personality – plus rare early twentieth century cards.
Brian Van Zant – no one has many rare, one-of-a-kind autographed and game-used cards from the most famous names in sports. Plus, many PSA Graded cards.
Bob Debnar – promises to bring a fresh assortment of $1 vintage football cards from the 50’s through the 70’s along with his star cards from all sports.
Mike Hayes – no one at the show has a better inventory of 50’s through 70’s baseball commons as well as star cards, and collectibles.
Evan Feuerstein – amazing selection of game-used and autograph cards, current stars, Allen and Ginter and more.
Rick Walker – Cases and boxes of all imaginable cards from vintage to current, including Allen and Ginter releases.
Brenda Dudley – looking for newer issue commons and stars? How about those 10 cent to 25 cent boxes? Brenda is the one to see!
Heather Kraft – always has a great selection of Braves cards, current stars, basketball and football assortment.
Ronnie and Linda Rigsbee – wax products, hobby supplies, Beckett Price Guides, and for this show…collectible coins!
For more Sports Collectibles Show info, contact Frank Moiger: 678.644.6057 / utvol69@aol.com
Reminder – Next Show, Sunday, August 16, 2009
This is a friendly reminder for the next Monthly Greater Atlanta Coin Show this Sunday, August 16.
For our regular visitors, we look forward to seeing you again this Sunday. If you’ve never been to a coin show or have never been to this coin show, you are welcome to join us, too.
If you are not a coin collector or a coin investor today, but you are curious, come by, you could become hooked on coins as a hobby or as an investment.
Of course, the regular dealers return each month and some infrequent dealers will join us as well.
Show hours for our visitors start at 9:00 am and end at 5:00 pm. However, late afternoon visitors find fewer dealers as several dealers leave by midafternoon and find fewer good deals as the early crowds canvas the bourse for the good deals.
You will find dealers and deals up until 5:00 but lots fewer than those available earlier in the day.
Click over to our main web site to find the location and directions and for the list of regular dealers.
We look forward to seeing you on Sunday!
Counterfeit Currency
People blame the poor economy for the increases in counterfeit currency. Recently, some young men in Texas claimed they counterfeited $100s because their rent was due. From there, they estimate they counterfeited and spent over $10,000 in a short amount of time.
They and other counterfeiters use smaller bills – $5s and $10s – removing the ink and reprinting $100 characteristics. The paper is correct but all of the other security measures are not. (Remember, our currency is not paper but a blend of cotton and linen fibers.)
If you are the unlucky recipient of a counterfeit bill, you lose. Most simply, you lose the money. But it could be more complex. You could lose a lot of time and anxiety explaining why you tried to spend a counterfeit bill whether it was a conscious or unconcious choice.
Isn’t there a saying, “The best defense is a good offense?” Educating yourself on our currency’s security characteristics becomes your best offensive maneuver.
Each bill has specific characteristics. Luckily, the US Treasury Department has the new $5, $10, $20 and $50 characteristics outlined for you at their newmoney site.
However, since old currency is still in circulation, another US Treasury site provides details about the earlier currency.
Frequently counterfeited, the $100 bill was redone and released in 1996; however the Treasury department will be adding more security to it soon as well. In the meantime, the characteristics and security precautions can be found on the $100 1996 – 2003A site.
On the new $5, $10, $20 and $50 bills, multiple security characteristics help you determine if the visible denomination is the true denomination of the bill. For example, if the security thread shows “USA 5″ when backlit but the visible picture is Franklin from a $100, the bill is counterfeit.
In addition to the security thread which is unique to each denomination, other security measures include Color Shifting Ink, Watermark, Bill Color, Symbols of Freedom, Enhanced Portraits and Small Yellow Numbers.
For the 1996-2003A $100 bills, the security measures differ slightly. They include Watermark, Security Thread, Fine Line Printing, Microprinting and Color Shifting Ink.
But, the challenge remains – you need to be knowledgeable about all the different versions of the currency. Your objective is to not lose money or time due to a counterfeiter.
For additional information, the Secret Service protects our currency and includes tips for detecting fraud on their Know your Money web site. (Make sure you go through all of their pages as they also include tips on counterfeit coins and counterfeit US Treasury checks.)
Since the security threads and the watermarks are embedded in the cotton/linen fibers, those characteristics cannot be easily duplicated. Hold the suspect bill in front of a strong light source. Look for the security threads and watermarks, and remember, they are different for each bill.
With knowledge and a little practice, you will quickly check the bills and confidently know if you have real currency.
Shipping Coins (or anything else) Safely
Do you ever ship coins – a few, a lot? Or, do ship other packages? Do you have problems with the boxes being damaged?
Here are some tips on how to package those coins to help them arrive safely at their destination whether you are using the Post Office or one of the shipping services. (By the way, B has the dubious distinction of being one of only two people who ship out of our rather large postal branch who correctly tapes his boxes.)
As you select, pack and secure your box, just remember, your box is going on a journey and will be encountering many strange people and machines along the way. Some will take care with your package and some will take pride in seeing how rough they can be. You’ll never know how many times the box is thrown, jammed, crushed under a heavy weight, dropped and any other stresses that occur.
First, let’s find the right type of box. Make sure it is sturdy enough for the weight you will be packing into the box. Plus, make sure the box is big enough to hold the size of what you will be shipping but not so big that you have to use a lot of extra filler (extra space makes the box easier to crush). Also, make sure the box is in good condition with no rips and tears and that the flaps are all still attached.
Next, make sure you place your coins (or other articles) in the box. Add padding inside the box – bottom, sides and top - if necessary. Padding cushions your articles if they need it, whereas filler fills the space to keep the articles from bouncing around inside the box and to keep the box from being dented or crushed.
One inexpensive filler that can also be a cushion is shredded paper. With the necessity of shredding documents to prevent identity or information theft, shredded paper builds up quickly. Using the shredded paper as a filler gives it another use before becoming trash. Another trick, though not necessary, is to put the shredded paper in plastic bags to keep it contained.
As you pack the box, make sure the articles are secured such that they won’t bounce around inside the box. The cushioning and filler obviously help, but with a lot of different articles in the box, consider it your challenge to pack with the least amount of movement. (Movement on the inside of the box in addition to all of the external stresses by people and machines weakens the box as it travels.)
Now that you’ve securely packed everything into the box, make sure you include your contact information – name, address and telephone number – along with the destination name, address and telephone number. If your box is damaged or the external address label disappears, the information inside the box will be helpful. Also, if you’re shipping items you’ve sold, include an invoice that lists all of the articles packed in the box.
One last test before you seal the box. Have you included everything that you planned to ship? Have you included the origin (yourself) and destination information – name, address, contact information? Have you included a list of what is in the box? Is the box full with the articles and filler and no movement possible?
If yes, let’s close the box and tape it.
Here’s where a lot of people have a problem. There are many types of tape on the market, and many that are listed as packing tape. The Post Office wants the gummed, paper tape, and if you are shipping something heavy, you need the reinforced tape with the filament threads. This reinforced tape is good for other shipping companies as well.
Yes, it’s a pain, because you have to use water to activate the glue. And, you have to be careful not to use too much water as you can remove the glue instead of just activating it. But, done correctly, the reinforced filament tape will help insure your box survives all of its trials and tribulations as it goes to its destination.
Here’s a second area where people have a problem with the taping – they simply do not use enough. Of course, you need to make sure all of the seams are securely taped. But, you really need to enclose the whole box with the tape, especially any heavy boxes.
There are different strengths of the tape and its glue for different box weights. Therefore, if you do a lot of shipping, perhaps you need several different types of the reinforced tape.
One caution as you enclose the entire box with the brown filament tape: if you are using one of the Post Office’s flat rate boxes, leave a small portion of their information visible on the box such that they can see it’s one of theirs.
Now that your box is securely packaged, add your labels – or just write on the tape – making sure you have the correct from and to addresses applied for the shipping service you are using.
The above won’t guarantee that your package arrives safely, but you will have prevented as many of the problems as you can.
Oh, and another benefit if you are shipping via the Post Office is a much quicker visit to post office!
Coin Show Security
We had an interesting call this week. A gentleman who attended the last monthly coin show was concerned that he didn’t see security.
Rest assured, there is always security at the monthly coin show. Most of the time it will be Jim in his uniform. However, on rare occasions, Jim has a conflict and sends someone in his place. Depending on who he sends, they could be in uniform or in street clothes.
Regardless, Jim’s people are always experienced security personnel.
Also, as a cryptic aside, Atlanta is not Mayberry. Jim and his people are not like Andy who didn’t carry a gun and Barney who had a gun but only one bullet in his pocket.
Though the coin show provides security, they cannot be omnipresent. You, too, can increase your security when you visit a coin show by following some simple security tips: before you leave home, when you arrive at the show site, while you are on the bourse floor and when you leave the coin show.
Again, security is always in place – much earlier than the 9am start and until the bourse is empty of both guests and dealers.
