February 22, 2013
One of our collector members, Ankur Jetley, recently sat down with John Albanese with the hope that he could shed some light on a few numismatic topics. This is the first of nine discussion questions in the series. Keep an eye out for the rest of the responses as we post them.
Question # 1: Adjustment marks: approximately what percentage of coins with them pass CAC? How much is too much?
I purposely waited over sixty days before answering this question. Adjustment marks are quite common on early U.S. coinage. CAC has probably viewed over 500 early coins from this period just in the last sixty days and only two weren’t stickered due to problematic adjustment marks. The first coin, an 1802/1 $5 in MS62, only had a few adjustment marks. They weren’t distracting in terms of their pattern as they were basically parallel. However, they were very deep and would be considered bothersome to even the most seasoned collector. The second coin, a 1795 50C in XF45, had about 10-15 much lighter adjustment marks. The biggest issue with the 1795 50C was the pattern of the adjustment marks, which crisscrossed over Miss Liberty’s profile, almost as though there was a tic-tac-toe board on the obverse. The ‘95 50C was a very easy call to not sticker, though the 02/01 $5 was a borderline call due to the coin being “fresh” and nearly MS63 in technical terms.
Most coins with adjustment marks viewed by CAC are barely even considered potentially problematic and it is rare for adjustment marks to be factored into a decision as to whether they merit a sticker. There are currently four CAC graders and all have at least 30 years of coin grading experience. We’ve all been taught that adjustment marks are “mint made” and are rarely a factor in determining the desirability of early U.S. coinage. I sure hope the current crop of young graders continues this tradition and doesn’t succumb to the pressures of less sophisticated coin marketers.
A few additional points on adjustment marks from Douglas Winter, of Douglas Winter Numismatics:
1. Adjustment marks are far less important on the reverse than on the obverse and less important at the border of a coin than at the center.
2. Adjustment marks are most often seen on coins from the 1790’s and early 1800’s but they are sometimes seen on coins as late as the 1830’s.
3. As you see more and more coins, you will learn that certain issues are prone to adjustment marks, such as 1794 Half Dollars, while others, such as 1807 Quarter Eagles, are not often seen with them.
4. On coins with artificial color or altered surfaces, you will sometimes see this as the result of trying to hide adjustment marks. A “buried” adjustment mark can be a good giveaway for artificial color or enhancement.
5. As a collector, if your first reaction when seeing a coin with adjustment marks is “yuck,” don’t force yourself into buying said coin. Yes, they are mint-made, but everyone reacts differently to them and a coin with heavy lines might be hard to re-sell down the road.
February 21, 2013
by Dana Samuelson (American Gold Exchange)
The $10 Liberty Head Eagle, minted from 1838 to 1907, is one of the longest running series of coins in U.S. mint history. Completing a full set by collecting an example of every date and mint mark is a virtual impossibility in today’s market. 177 coins were minted during this long run (not including major and minor varieties) and there are many rarities within the series. Collecting an example of each of these classic U.S. gold coins by type and mint of origin, however, is surprisingly easy and offers the collector a wide swath of U.S. history in the process.
During the time of their issue, the United States evolved from a primitive wild western era country to a burgeoning modern era world power. Let’s look at mints that produced these coins to put their production into historical perspective.
$10 Liberty Head Eagle, No Motto (1838-1866) Almost Uncirculated
The $10 Liberty Eagle, No Motto, was minted in Philadelphia, New Orleans and San Francisco literally back in the Wild West and horse and buggy days of the United States. These mostly pre-Civil War era coins are between 147 and 175 years old today and pre-date almost every modern convenience we now take for granted.
The Philadelphia Mint opened in 1793 and first struck gold coins in 1795. Its history as the countries premiere mint was well established by the time the $10 Liberty Head Eagle was authorized by congress in 1838. Because of it’s location in the middle of the eastern seaboard and proximity to the leading population centers of New York, Boston, Washington D.C and others, the Philadelphia mint was responsible for the majority of the country’s coinage in pre-Civil War days. It makes sense then that the majority of No Motto $10 Liberty Eagles both by years of issue and total coins minted were struck at the Philadelphia Mint.
In almost uncirculated condition there are 11 years of Philadelphia minted coins that are easily collected. They are 1847, 1849, 1851, 1853, 1854, 1855, 1856, 1857, 1859, 1860 and 1861.
The New Orleans Mint was established in 1838, one of three branch mints to open that year (the other two being the Charlotte Mint in Charlotte,North Carolina and the Dahlonega mint in Dahlonega, Georgia.) The New Orleans Mint first struck $10 Liberty Eagles in 1841 and did so continuously through 1860. The New Orleans Mint closed due to the Civil War. It reopened in 1879 and remained the country’s most southern mint until closing permanently in 1909. The New Orleans Mint still stands today near the banks of the mighty Mississippi River at the north end of the fabled French Quarter. It is now a museum.
Like Charlotte and Dahlonega, the New Orleans Mint was a regional mint, striking coins as needed for currency in the region on a yearly basis. Annual mintages of coins varied from year to year based on economic needs. In almost uncirculated condition there are five years of New Orleans minted coins that are available at relatively modest prices. They are 1843, 1847, 1851, 1853 and 1858.
While privately made gold coins were traded on the west coast of the U.S. in the 1840’s, it wasn’t until after the discovery of gold at Sutter’s Mill in 1849 and the ensuing California gold rush (which brought an onslaught of people from literally around the world seeking to get rich quick in the gold fields) that the U.S. Mint in San Francisco was established in 1854. The abundance of gold and the sudden need for official coins in the region were driving factors in the mints establishment. During this first year the San Francisco Mint struck 123,826 $10 Liberty Head Eagles. This was by far the largest mintage for $10 Eagles at this mint until 1879, when the mint struck 224,000. Most $10 Liberty Head Eagle mintages between 1855 and 1878 were much lower, usually under 15,000 coins. By contrast, mintages for $20 Double Eagles for many of these same years were between 500,000 and 1,000,000 coins, multiples of the $10 Eagle mintages.
There were only 13 years of issue for San Francisco minted No Motto Liberty Head Eagles. Today there are only three years of issue that are available at relatively modest prices; they are 1854, 1856, and 1857.
Liberty Head Eagle, With Motto (1866–1907) Uncirculated Condition
Beginning in 1866 the motto “In God We Trust” was added to all U.S. coins that were large enough to accommodate it. While the $10 Liberty Eagle, With Motto, continued to be minted in Philadelphia, New Orleans and San Francisco, it was also minted in Carson City and Denver, when those mints were established in 1870 and 1906 respectively.
After the discovery of the Comstock Lode near Carson City, Nevada in the late 1860’s, the city’s founding father Abraham Curry successfully lobbied the U.S. government to establish a mint there. The Carson City Mint first struck coins in 1870 and did so until closing just 23 years later in 1893. This mint was a truly regional mint and it only made enough coins to satisfy currency demand in the area, so mintages of Carson City gold coins were unusually low when compared to other mint production rates. Only 1891 had a mintage over 100,000 coins, most other years were under 10,000. Today the 1891 $10 Liberty Eagle is the only modestly priced Carson City $10 gold coin.
Almost every With Motto Liberty Head Eagle minted between 1866 and 1879 is a rarity in modern times with three exceptions from the Philadelphia Mint, which are the 1874, 1878 and 1879 issues. For the remaining years of issue for the series, 1880 – 1907, the coins minted at Philadelphia, San Francisco and to a degree New Orleans, become much more readily available with many affordable choices in uncirculated condition. Collecting a complete set of coins in uncirculated condition from 1890 to 1907, from all five mints that struck coins during these years (P, S, O, CC, and D) is both affordable and doable.
And that brings us to the last mint to strike the Liberty Head Eagle, With Motto, the Denver Mint. Like the areas around the San Francisco and Carson City Mints, gold was discovered in the Denver area in 1858. The ensuing gold rush was dubbed the Pikes Peak gold rush, after the fabled mountain in the vicinity that all could see from far and wide. The gold harvested between 1859 and 1863 was privately minted into coins by Clark, Gruber and Company until the U.S. government bought them out and established an assay office there in 1863. It wasn’t until many years later though, in 1896, that the building that has become the Denver Mint was authorized and finally built. Coining began in February of 1906.
$10 Liberty Head Eagles were only minted in Denver for two years, 1906 and 1907. The Theodore Roosevelt and Augustus Saint-Gaudens inspired Indian Head design change in late 1907 ended the long reign of the Liberty Head gold coinage permanently. Fortunately for collectors, mintages for these two years were relatively high at 981,100 for 1906 and 1,030,000 for 1907. Both of these issues are easily obtained in uncirculated condition today at modest prices. The “D” mint mark is the only mint mark to appear on coins minted at two different mints, the Dahlonega Mint from 1838 to 1861 and Denver Mint from 1906 to 2013.
About American Gold Exchange
Founded in 1998, American Gold Exchange is a leading national precious metals and rare coin company specializing in dealer-to-dealer trading and direct sales to the public. AGE draws upon a huge supplier network in the U.S. and Europe, enabling us reliably to offer an almost limitless inventory of highest-quality gold, silver, platinum, and palladium coins and bars at extremely low prices. Our mission is to help you to build and manage a profitable, private, enjoyable hard asset portfolio of any size. Customer service is our highest priority and value is our watchword.
February 18, 2013
by Tom DeLorey (Harlan J. Berk, Ltd.)
“Circulated Coins: The Perfect Alternative” was originally published in the February 2013 issue of COINage, Volume 49, Number 2. It is reprinted here with permission from Trimbach Media, Inc. and the author.
The article below, written by Tom DeLorey, was inspired by a beautiful collection of United States Type coins recently acquired by Harlan J. Berk, Ltd. Tom, who retired at the end of 2010 after working for Berk for over 20 years, assisted in the attribution and had the pleasure of viewing the entire collection before it was offered for sale. The collection was assembled by a long time, seasoned collector over the course of decades and finished in the late 1980’s as “slabbing” was coming into vogue. Lacking only the Chain and Wreath Cents and 1796 Quarter, the collection was XF-AU with an occasional BU piece.
Coin collecting today is obsessed with perfection. Perhaps it comes from the proliferation of newly struck non-circulating legal-tender (NCLT) bingles, with coins issued in capsules instead of rolls or bags. People who buy products from the U.S. Mint and send them to a third-party grading service are appalled if the items receive “only” a Proof- or Mint State-68 grade, instead of the sacred 70. Should the item be a bullion American Eagle or American Buffalo coin, it might end up in a dealer’s case along with other “common bullion.”
It was not always so. Long ago, people collected coins that had been made for commerce, and they put together sets of whatever quality they could afford to buy – if they couldn’t just find it in circulation at face value. The coins scarce enough to be handled by dealers were classified as “New” or “Used,” and priced accordingly. Naturally, the nicer “used” coins were priced slightly higher than the well-worn used coins, and eventually the modern grading system evolved to recognize and reflect the modern pricing reality.
However, the great divide between “New” and “Used” never went away. “New” was always better, even if “New” meant a heavily bag-marked, unattractively toned, common-date New Orleans Mint Morgan silver dollar, flatly struck through a smattering of sawdust chips left over from the planchet preparation process – as opposed to a well-struck and lustrous but lightly “Used” San Francisco Mint silver dollar that got spent a few times before being retired into Great-Grandma’s silk “mad money” pouch, where it developed a colorful patina over its relatively few contact marks.
Ignore value. Which is the more desirable coin? Obviously it is the Choice About Uncirculated dollar, because it flat-out looks nicer than the ugly Unc! The same principle applies to other coins.
That said, the reality is that with Morgan dollars, there are certain dates and mint marks that are available in huge quantities in uncirculated condition, and so AU Morgans as a class get no respect, except for those date-and-mint-mark combinations that were either entirely released into circulation shortly after striking or melted down for a British war loan in 1918. With but a handful of legitimately uncirculated 1893-S dollars known, an AU or even an Extremely Fine coin would be a joy to own.
Now let us consider another series – the Barber half dollar, which is more or less contemporary with the Morgan dollar. Unlike Morgans, Barber halves were not overproduced for political reasons and then stored in vaults for decades as backing for Silver Certificates, only to emerge into a 1960s world chock-full of collectors. Instead, they were struck to order for commerce – and if one year’s mintage did not get fully distributed by Dec. 31, it would almost certainly be released in the first few months of the next year.
Once released into circulation, coins circulated! The half dollar was a workhorse denomination back then – a significant store of value that was not deemed too heavy to carry in a pocket or coin purse, unlike the generally unpopular (except in the West) silver dollars. If you broke a paper dollar at a store for a small purchase, there was an excellent chance that you would get a half dollar back in your change. Later, you would spend it to buy something else. This held true for the half dollar denomination until 1964.
Within a week after being first spent, an “uncirculated” coin would become noticeably “About Uncirculated,” and within a month it could become Extremely Fine unless it got diverted into a piggy bank, dresser drawer or some other holding cell. I suspect that a coin could lose enough luster and fine detail to be merely Very Fine within a mere 12 months of active circulation, after which the loss of grade level would slow to a crawl as the main design fended off contact after contact, as it was intended to do.
(Back when I taught grading seminars for the American Numismatic Association, I used to suggest that as an exercise, the students take a common BU 1964 Washington quarter and carry it in their pocket change for a year – being careful not to spend it, of course. I told them to take a look at it with their grading glass every night, and to watch as wear appeared and luster disappeared. This is still a useful educational exercise, and with silver prices what they are, the coin at the end of the year will be barely, if at all, worth less than if it were still uncirculated.)
Uncirculated Barber halves are legitimately rare. A handful of active collectors at the time, such as the second-generation owner of the three-generation Emery-Nichols Collection (sold by Bowers & Merena in 1984; see that firm’s catalog), routinely obtained choice uncirculated coins directly from the different mints each year, and a few of the larger dealers no doubt put away a few of each for their customers, but they were probably never saved in BU roll quantities, and certainly never bags.
Natural exceptions would have been the first date of the series, 1892, and the last, 1915. Many people – collectors and non-collectors alike – put away an example of any new coin design just because they have never seen one before, though such souvenirs are often lightly circulated because non-collectors did not care enough to bother getting new ones at a bank. Coins of the last year or two of a popular series, such as the Indian cent, might be put away just because “they aren’t making these anymore,” though the popularity of the Barber half in its day is questionable.
This phenomenon is great for the type collector, but what of the date collector? After the novelty of the new design wore off, the average citizen was less likely to save an uncirculated 1895-S coin, or an 1897-O, with most collectors scattered across the East Coast and Midwest, where Philadelphia Mint coins were distributed. Collecting by mint mark did become more common after Augustus G. Heaton published A Treatise on Coinage of the United States Branch Mints in 1893, which might have inspired the Emery-Nichols collection mentioned previously.
(I saw that collection intact in upstate New York back in 1983. The gem uncirculated branch-mint coins, plus Philadelphia Mint proofs, started in 1895, the earlier-date coins having been largely pulled from circulation. However, such collector diligence was rare, and many series are virtually impossible to complete in true uncirculated condition.)
So why not collect nice circulated coins? It can be no less challenging, even if less expensive. When I worked for Harlan J. Berk Ltd. In Chicago, we had one collector who commissioned us to put together for him complete sets of Barber dimes, quarters and halves in problem-free Very Fine condition. We counseled patience, and after five years I had filled perhaps two-thirds of the holes in his albums. An Extremely Fine Barber set of all three denominations would be a magnificent achievement, and even just the dime set (without the 1894-S, of course!) would be a noble effort.
(I once worked with a man, James G. Johnson, who collected only circulated coins, and he did put together a
complete set of Barber dimes, including the 1894-S. It was in only Good condition, as was much of the rest of the set, but it probably qualified him for the best-darned circulated set of Barber dimes ever assembled!)
Other sets can be completed in Extremely Fine to About Uncirculated condition with less difficulty. A well-matched EF-AU “wheatback” Lincoln cent set (1909-1958) would be doable, the hardest ones probably being the 1914-D and the 1922 “no-D.” This is because the 1914-D was struck well after the novelty of the series had worn off, and few of them were set aside by collectors until “penny board” albums became popular in the 1930s.
Though these boards do get the credit for saving many 1914-D cents and other key-date coins from simply wearing out and being lost to the hobby forever, the early dates in the Lincoln series had 20 to 25 years’ wear on them before the boards appeared. The 1922 “no-D” cents are tough in high grade because they were so poorly made to begin with, and collectors trying to fill a 1922-D hole in a board would probably have rejected them as unworthy. After all, they didn’t even show a mint mark! (The same phenomenon might have caused 1937-D “three-legged” Buffalo nickels to remain in circulation later than they otherwise might have been saved, because the coins looked too moth-eaten to be worth collecting even when new.)
I suggested doing just the wheatback cents in EF to AU because the 1959-2008 Lincoln Memorial cents (and the later issues) are too easy to collect in uncirculated condition to bother with circulated coins. That said, it might be harder to complete a well-matched EF to AU 1959-to-date set, simply because most of the coins are worth only face value, and no dealer would bother to stock them.
You would have to do it the old-fashioned way: getting rolls of coins at the bank and searching through them. Finding well-matched coins would be difficult because many modern cents do not circulate long enough to get both worn and toned down to a nice EF-AU, instead acquiring just a few random finger marks and scratches before being unceremoniously dumped into a container somewhere.
A nice EF-AU Buffalo nickel set would be challenging but doable, as would the contemporary “Mercury” dime, Standing Liberty quarter and Walking Liberty half dollar series. Again there are key dates that will make you gulp before you pull the trigger on them, but the uncirculated specimens of those dates are even pricier. Any one of them would be impressive – especially the quarter set, because its first-year coin was issued in very limited quantities (52,000 pieces) and released too late in 1916 to attract much notice.
If collecting a date-and-mint-mark set in EF to AU is still too daunting, how about collecting a nice type set in attractive, high-grade circulated condition? Recently, Berk’s acquired and offered for sale a nearly complete non-gold U.S. type set, with many of the types in “only” AU. But what AU’s!
The 1793 half cent, a one-year type coin, was graded by two third-party services as AU-50 Brown (BN). A 1795 Liberty Cap cent with Lettered Edge was double-graded AU-53 BN. A 1795 Flowing Hair half dime was graded AU-55, followed by a 1797 Draped Bust, Small Eagle half dime in AU-53 and an 1800 Draped Bust, Heraldic Eagle half dime in AU-55. The collection went on through other early types in similar style.
Yes, the coins were circulated – but they were still attractive and desirable. When I heard the collection was coming in, I went back to the store to look at it before the coins went on sale, because I knew the quality that the collector liked, having sold him a few pieces over the years. It was a joy to behold, and it was good that I did so, as some 75 percent of the collection found new homes within three days of its going online.
Nice circulated coins will always be collected by intelligent collectors, because there will always be a demand for them. It is better to own a nice, circulated coin than none at all. Not everybody has an unlimited checkbook to buy only perfect coins, nor the narrow-minded attitude to insist on them.
I have told the story here before about once having an AU-55 Turban Head gold eagle in inventory at a coin show, only to have someone sneer at it because it “wasn’t uncirculated.” That man was a fool. The coin was beautiful, over two centuries old and could have been circulated by Thomas Jefferson (or Aaron Burr!).
Give circulated coins a try. One final advantage they enjoy is that often they need not be “slabbed” before you buy them. And you can actually touch them (by the edge, of course) as you admire their beauty, and think about the fellow collectors who have touched them before.
About Harlan J. Berk, Ltd.
Since 1964, Harlan J. Berk, Ltd. has been the leader in ancient coins. When they took over their premier location in the heart of Chicago’s financial district in 1988, they expanded the business to include the full spectrum of United States coinage. Today, they handle nice collector coins as well as some of the finest known rarities. You can visit Harlan J. Berk, Ltd. online at http://hjbltd.com/unitedstatesco/cnus.asp. If you’d like to see the online catalog for the Broward County Type Set, which has now been sold, you can visit here http://issuu.com/hjb-ancientcoins/docs/hjb_the_broward_county_type_set. If you have any questions, please contact Mike Printz at [email protected] or David Greenstein at [email protected] or call 312.609.0016.
February 7, 2013
Interested in starting a coin collection but not sure where to start or what you should know? Here are some tips from the experienced staff at West Seattle Coins and Bellevue Rare Coins to help you start collecting.
First, choose a series of coins you would like to collect. Start small, with modern coins, before jumping into more rare and valuable coins. Some good options are State Quarters, Lincoln Cents, Jefferson Nickels or Roosevelt Dimes. These coins are all in circulation and can easily be found in your pocket change. This way, your investment is minimal while you test the waters and learn a bit more about the ins and outs of collecting. Coin albums are a great way to organize, store and display your collection. They contain slots for each coin you will need to complete the series, which makes it easy to keep track of your progress.
A great reference tool for coin collectors is the Guide Book of United States Coins, commonly referred to by collectors as “The Red Book.” Published annually, this book is full of useful information like history and current values, as well as colorful photos. When you are ready to make the jump to foreign coins, the Standard Catalog of World Coins is a superb series of reference books filled with world coinage from the 1600s to the present.
There are no rules when it comes to coin collecting — except to have fun, of course. The more coin history you learn, the more confident you will become. And when you are ready to expand your collection to include older, rarer or high-value items, we would love to help. Here are a few more tips to help broaden your collecting skills:
1. Learn the language: Familiarize yourself with the terms and phrases coin collectors use, such as toning, bag marks, obverse, reverse and many more.
2. Take good care of your collection: Learn the proper ways to handle and store your collection, as well as which materials are best suited to preserve value.
3. Learn the numeric grading scale (aka the Sheldon Scale): This includes numerical grades from 0–70 and the descriptions used to grade coins.
4. Meet other collectors: Join a coin club or go to a coin show. These are great sources of information and inspiration.
5. Join the American Numismatic Association (ANA): They have programs and services for coin collectors of all ages.
Coin collecting is a fun and fascinating hobby. We here at West Seattle Coins and Bellevue Rare Coins love seeing new faces, answering your questions and giving you a solid foundation to make smart choices when it comes to purchasing coins. But most of all, we are here to inspire new collectors with our knowledge, love and unique inventory of coins and bullion. Visit one of our coin shops in West Seattle, Bellevue or Lynnwood. We speak your language.
About West Seattle Coins & Bellevue Rare Coins
West Seattle Coins and Bellevue Rare Coins are family-owned and operated businesses that specialize in rare coins, currency, gold, silver and jewelry. West Seattle Coins was founded in 1979. To meet the growing volume of rare coins, gold and silver coming through our doors, we expanded in 2010 with the addition of Bellevue Rare Coins in downtown Bellevue as well as a location in Lynnwood that opened 2 years later.
We treat our customers with integrity and respect. Our staff is filled with friendly and knowledgeable enthusiasts. We have large showrooms that display a wide selection of rare coins. We also buy antiques, prints and lithographs, and have outlets for a wide variety of estate-sale items. And when it comes to making a decision about selling family heirlooms, gold, silver or coin collections, we want you to feel like you made the right decision by bringing them to us. We invite you to visit any of our three locations in West Seattle, Bellevue or Lynnwood.
February 5, 2013
For the past several months, we have been primarily focused on publishing our site, branding it, and creating new features, such as our Auctions Research Tool. We have created a unique site for coin collectors, one whose features do not exist on one domain anywhere else on the web. Our big blunder was that we thought this would trigger an organic growth of membership…boy, were we wrong!
This begs the question: What does it take to build a successful coin forum, let alone *any* successful discussion forum?
First, let’s ponder the problems with building a successful community, as well as certain issues unique to coin forums. We’ll list the six we are currently focusing on in an easy-to-read, numbered format.
- Age of the average coin collector. This is an enormous problem, because online communities are much more readily embraced by those generations who have grown up around the Internet – namely, twenty- and thirty-somethings. However, numismatics is a rapidly aging hobby. When we first created this site, our goal was to engage all generations, but for different reasons. We wanted the older generations to join the Community so that young numismatists would have mentors; the knowledge must be passed on, and what better way to do it than in a real-time social network?
- Marketing. Let’s face it. If a site’s prospective visitors don’t know about it, then it is not going to get members! Marketing encompasses ad campaigns, such as Facebook ads or Google AdWords. There are a slew of different strategies, analyses, and services to consider in a successful marketing campaign. We haven’t even brushed the surface here.
- Reputation. In our opinions, reputation is vital to any Community, whether it be new or established. The problem is that good reputation does not necessarily drive growth in membership or participation in a coin forum. But bad reputation will certainly drive away visitors and members. It’s just human nature that folks remember bad events for a very, very long time; regaining trust is not an easy thing for anyone to do.
- Forum posting and site activity. Again, this is an area best chalked up to human nature. If a site is already vivacious and active, it continues to grow organically – sometimes exponentially so. We humans are still herdlike animals; it’s just the way it is. But how do we provide the impetus – the motivation, if you will – for the *initial* growth? And we’re not talking about paid posters here. In our view, that is no way to encourage a healthy Community.
- Link Building. Like number 2 above, there are a host of strategies related to the concepts of link building and backlinks. (For interested readers, a fairly in-depth analysis of link building can be read at Let’s Build Websites. Mitz points out how important it is, how easy certain backlinking strategies are, and how many links one needs in order to generate site traffic.) The key takeaway is that we need to focus on this crucial SEO task in order to make our coin forum successful. However, numismatics is not exactly as ubiquitous as, say, politics or current world events. Therein likes the conundrum. For example, how can we become a healthy, “go to” Community if the most authoritative numismatic sites only have Google PageRanks of 4 or 5?
- Social Media. Although the topic of social media outlets (e.g., Twitter, Facebook, and Google+) could certainly be grouped under many of the above topics, we believe it should more appropriately be distinguished as a subject all on its own. In the 21st century, people are constantly bombarded with information in every aspect of their lives. Oftentimes folks just want to get short highlights about what’s going on in their topics of interest…in our case, coin collecting. Venues such as Twitter allow readers to quickly determine if one of the contacts they are following has posted something that piques their curiosity. We have spent an inordinate amount of time and money to get our sites looking just right. How do we leverage this?
Certainly we could list more bullet points that just the ones above. But we have always been of the belief that biting off more than one can chew will usually result in failure. That is, we believe in taking a few important problems and dealing with them in an in-depth manner, rather than taking several problems and only superficially addressing them. So…what *should* we be doing?
Obviously, we cannot wave a magic wand to change the average age of numismatists, such that the hobby has more folks willing to embrace the full capabilities of the Internet. We don’t think we’d want to anyways. Frankly, coin collecting needs the grizzled veterans to teach the greenhorns…it’s as simple as that. We also need the young numismatists to assist the older cohort in using new and improved technologies. On the other hand, how do we at Coin Scholar engage older dealers and collectors in a more meaningful manner? How do we explain in no uncertain terms that numismatics will go the way of philately if major changes do not occur in the mindset of the veteran collector?
We don’t have the answers to these tough questions. You’re talking about a revolutionary change in thinking here. For example, collaboration in Skype, Apple FaceTime, or Google Talk could replace your average meetings. For text only requirements, Private Messaging and Google Chat would suffice. And how about the use of more current web browsers? It’s amazing to us that so many folks still use Internet Explorer when far better performing browsers like Google Chrome and Mozilla Firefox are available. This is not a trivial point; performance actually matters when one is trying to load tons of coin images!
In terms of marketing, we know what we have to do. Most successful sites have to market their product, albeit to varying degrees. There are so many variables, such as age of the website, brand name, and so on, that it is impossible to give a one-size-fits-all answer. The trick is to target ads to a very specific demographic, but at the same time not too specific such that your audience becomes too small a subset of the population. Complicating matters even further, we have to consider whether we want to target U.S. coin collectors, Chinese coin collectors, or both! From what we have seen, this is a process of trial and error that we would like to master.
Yet after having spent thousands of dollars and countless hours on logo designs, social media branding (see below), custom site development, and web deployment, we are averse to spending more money right now. It’s a fine line we’re dealing with…we know that marketing is absolutely critical, yet at the same time we have expended an enormous amount of effort with minimal results. Keep in mind that everything on our site is free and requires a lot of time and effort to implement. So, we need to carefully consider how (and when) we are going to begin an effective marketing campaign. We believe targeted Facebook advertising is the way to go. If any reader has suggestions on marketing our coin forum that we have overlooked, please let us know!
But perhaps more important than anything – especially on the Internet, where there is a never-ending amount of information that travels at lightning speed – is one’s reputation. We don’t care whether it’s a person, a company, or a plain old website; nothing is as important as one’s perception. Rest assured that there are coin dealers we refuse to ever do business with, just because of the frequency and seriousness of negative feedback we’ve read. However, something else that is usually overlooked but that also plays into the reputation factor: Quality of a company or person’s website. Sorry, but this is the Internet Age. If a business does not care enough about its online presence to impress its readers and/or buyers, then how can they be expected to care about any other aspect of their business? In the old days it would be the equivalent of having a brick and mortar storefront with peeling paint, a rusted sign falling off its hinges, and broken windows. Not too impressive, eh?
Our reputation has always been the most important trait to us. We’d rather our coin forum succeed or fail with our dignity intact, rather than resort to the typical tactics (spam, link trading, etc.) so often used by forums trying to “break the mold”. But really, our honesty only allows us to keep our current membership…it does not really aid in the growth of the Community. If we don’t have the answer, we’d rather point folks in the direction of someone who does, even if it helps their forums more than ours. We also pay attention to every little detail on Coin Scholar, from color themes to features. Now we just need to figure out a way to translate it into membership success.
Speaking of which, there are a few tried and true ways to increase membership and forum activity, especially on a coin forum. First, the forum owner could hold a contest to give away something, such as an ungraded silver Panda or standard coin supplies. It would certainly increase membership and site activity in the short run, but would it be fleeting? There is no cookie cutter answer to this question, but the word of mouth certainly wouldn’t hurt. We have been considering such a contest but have not yet decided on the specifics.
Second, the moderators and/or site owners need to stay engaged by posting, blogging, and commenting on a regular basis. It sounds easy to do, but when you are just starting out and have no readership, it can be demoralizing to say the least. Stick with it, it will pay off. At least try and publish one blog post a week, and use your forums to link to articles your readers may find useful. We plan on increasing our forum posts very soon, and not just topics related to coins. Our goal is to broaden conversations to economics and history as well, because coins are directly affected by both. If you have a wiki like we do, it would also behoove you to use it for your “how-to” and generic research content.
Third, some forums offer enhanced newsletter capabilities. Use them if you want to re-engage inactive members or if you just want to give status reports to the Community. Unfortunately, this is one of those features that works best when you have a lot of members to engage! Keep it in the back of your mind like we do, though, and design your newsletter templates for the future. Again, branding is everything and you want your newsletters to look professional but to the point. Our social network is fortunate in that the Sueetie Communications Module is embedded within our framework. We can tweak it for event notification, personalization, and many other functions. If your forum does not have the ability to do this, you may want to consider finding a plugin that does, or developing one yourself.
Link building is yet another important factor to consider when building your coin forum. In certain respects it is its own, subtle marketing strategy, in that you are creating a path for both humans and spiders to find your site content. It is such a complex topic that it could certainly fill a few blog posts on its own! The easiest way for us to explain the art of link building is to point you to WebConfs for some background info on backlinks. After reading that, you can understand our current link building strategy. It is primarily comprised of the following: Writing high quality, useful content which also contains links to other pages within our site; Backlinking – preferably to specific site content, and not just our home page – on external numismatic discussion forums and blogs; and publishing guest articles on sites like EzineArticles, which will also generate backlinks.
Just as important, though, is the use of social media to do all of the above. Media such as Twitter and Facebook are here to stay and they are crucial to marketing your site, building your online reputation, and generating easy backlinks. Even though these backlinks are not considered as valuable as links on authoritative coin sites, the value is acquired when others retweet and share them, thereby expanding readership on highly visible platforms. Given the significance of social media, it cannot be understated how important it is for your media home pages to look professional. First impressions are everything and a Twitter page with the default theme will not foster credibility among potential visitors.
We made sure our Coin Scholar Twitter page looked unique, contemporary, clean, and concise. We strongly recommend you visit our page to get some ideas for designing yours. Young coin collectors are very particular about where they want to spend their time online. Dealers and recreational numismatists should always keep in mind that the difference between a sale and a fail is usually a few seconds of surfing away from an uninspired page.
While this blog post may raise even more questions among our readers, it should be viewed as a good starting point for folks looking to start their own coin forum. We don’t have all the answers, that’s for sure. In fact, we have a lot of work of our own to do in order to grow Coin Scholar. The key is to always be willing learn from your successes *and* your failures. The failures can actually be more informative in the long run…they have been for us!
About Bernie Tavenner & Coin Scholar
The Internet has revolutionized how we all conduct business, share personal experiences, and search for information. Embracing these rapid changes does not have to be viewed as an ordeal or a “necessary evil”. Rather, we look at it as incredibly beneficial in our drive to further the field of numismatics.
Think about it. 20 years ago, how easy was it for Morgan collectors to keep up with, say, the rapid changes in VAM varieties? Were the published lists complete? What about errors in print? In the Information Age, it is significantly easier to share new discoveries, compare notes with fellow numismatists, or even image a coin and email it to a professional for advice.
Even so, numismatics is showing its age, so to speak. We founded Coin Scholar with the mission of ushering our beloved hobby into the modern era of social networking. Ever since we began our database aggregation in the spring of 2009, we surfed the web looking for a professional web application that could consume it. Our searches turned up empty. As a software engineer with years of experience building application frameworks for others, our Head Collector knew what needed to be done to serve the numismatic community.
It was during the summer of 2011 that we decided to build the software ourselves. At first we were hesitant about developing a new application framework, especially a complex social networking platform. It meant that our numismatic data analysis — our primary passion — would be indefinitely put on hold. A year later and after building upon the fantastic efforts of others, we can honestly say we are as excited as ever about the future of numismatics.
Bernie Tavenner is currently employed as a senior software engineer in the aerospace industry. Originally hailing from Virginia, he grew up with a passion for antebellum American history and numismatics. He has recently dedicated his time to building a social network for U.S. and Chinese coin collectors and is considering other, similar ventures that take advantage of 21st century social media technologies.
February 27, 2012
by Charles Morgan & Hubert Walker (The Ike Group)
When Hubert and I set out to write numismatic books, we did so because the kind of book that we wanted to read just wasn’t readily available. We weren’t sure if such a book had been written before and was somehow absent from store shelves, or if the economics of the numismatic publishing world precluded the possibility that volumes covering a wide-range of topics would ever be possible again. Most of the nation’s bookstores have all but disappeared during our lifetimes and those that do exist in our parts of the country give very little shelf space to the subject of coin collecting, and most of that space is taken up by coin albums and quarter boards.
We quickly found in the writing process that both Krause and Whitman, arguably the two largest publishers of numismatic books, while being receptive of new ideas and professional enough to consider all of the pitches we sent their way, are deeply concerned with meeting a certain level of market penetration. As a matter of business, it’s the right way to approach things. If you can’t sell it, why print and market it? The problem with this defensive posture, however, is that in the process of repackaging the same concise volumes year after year, covering the same well-trodden ground, the hobby’s literature starts to lose its intimacy with the subject, and this contributes to the shrinkage of the market.
It wasn’t always this way.
In fact, there was a golden age of coin writing that is well in the past. The better volumes, or at least those that have survived, tell the story of American numismatics as it was happening. And while these days much of what passes as numismatic insight is the summary recitation of mintage numbers and anecdotes about the personalities behind the coins, those that actually lived in the times and bore witness to our shared coin history still have the capacity to surprise us. In fact, I find their perspectives about their circulating coin art still have currency in a modern context and reveal to us that problems that we think are unique to us transcend time. [I switch here to first person from third person, I think it is clear in the prose that this is coming from Charles Morgan’s voice- but it includes Hubert Walker to show the collaborative effort that goes into writing articles and books… thoughts?]
Take for instance this great volume I recently picked up called Selections from the Numismatist: U.S.Coins, compiled by the American Numismatic Association, and printed in 1960 by the Whitman Publishing Company of Racine, Wisconsin. The book was part of a four-part series of reprinted articles from The Numismatist magazine (which has been in print in one form or another since 1888 and is now headed by Barbara Gregory). Other volumes covered tokens, paper currency, ancients and medieval coinage, as well as foreign currency. The articles in this volume were written by some of the hobby’s most important figures: Stuart Mosher, Richard S. Yeoman, Farran Zerbe, Ted Hammer, and a young Walter Breen.
The volume is filled with some of The Numismatist’s finest articles from the first sixty plus years of its existence. What it has to offer us is a graduate level program in American history and the economics of change. I personally feel that any interested reader who spent a weekend going cover to cover in this book would not only have a better grasp on the history of 19th and 20th century coinage, but would also better appreciate the tools they have at their disposal now.
Many of the authors’ perspectives on coin design are refreshingly modern. Consider this first-hand account of the release of the Jefferson nickel:
“A building on the reverse of a regular issue of United States coins is an innovation, and a welcome one. Whatever criticism may be directed against it is probably because it is an innovation. It is time to realize that something besides wreaths and eagles may fittingly be placed on our coins.” The Numismatist. [author unaccredited], “The New Jefferson Nickel”, originally published January, 1939. Reprinted in Selections from the Numismatist: United States Coins. Whitman Publishing, 1960. Page 145.
We’ve lived with the Monticello reverse (save for two years) since 1938. It’s hard to think of the coin as modern by today’s standards. But it was fresh, new, and architectural to those among whom it first circulated. Without that Monticello reverse, do we get Frank Gasparro’s Lincoln Memorial cent reverse in 1959? Also, consider how much coin art aesthetics had changed since the end of the Augustus Saint-Gaudins era.
Think about how this first-hand account of the release of the Washington quarter in 1932 mirrors the mania that surrounded the release of the U.S. Mint’s 50 State Quarters® program:
“The new Washington quarter dollar was officially placed in circulation August 1, and for a few days afterward they were handed out sparingly through the banks of the country to those who applied for them. The purpose of this is not clear. It was announced that only a few would be allowed any one person, the object being to prevent, if possible, their being sold at a premium. But as a matter of fact the policy of making them scarce and difficult to get encourages their sale at a profit.” The Numismatist. [author unaccredited],“The New Washington Quarter Dollar”, originally published September, 1932. Page 165.
And consider how the 1930s-era numismatic writer was so finely attuned to matters of relief and wear in this little tidbit that contrasts the Standing Liberty quarter with Flanagan’s new design:
“An almost universal objection to the design just discontinued was that after a little wear the date on the obverse became almost obliterated…. The objection to the old design must have been in Mr. Flanagan’s mind while preparing his model, for he has placed the date between the truncation of the bust and the rim of the coin, both of which are considerably higher than the figures in the date, giving it amply protection of wear.” [same article, page 165]
I admit, modern coin production has become much more mechanized and therefore uniform. There will never be another period quite like the one detailed in Selections from the Numismatist, but what we shouldn’t lose sight of is what we expect from this generation of numismatic authors. That is, to excite us, to open our minds to new perspectives, and to constantly feed our voracious appetite for more.
So when you are considering your next coin purchase, keep an eye out for tomes such as this. They can be had cheaply if you catch them at the right time.
I leave you with the following maxims prepared in 1909 by Howland Wood, then Chairman of the Board of Governors of the ANA and later curator of the American Numismatic Society in New York. They are just a few of the scores of maxims included in the book. I find these maxims were as true then as they are true now:
“If you are a young man, you can afford to wait; it is only the old men who cannot.”
“Don’t try to collect everything, you will never catch up… and you will not enjoy what you have.”
“Collect, if possible, coins in the best condition; you then buy but once, and when you want to sell, you have something worth selling.”
“A collection near at hand is worth two in a safe-deposit vault. This can be taken two ways- from the standpoint of your own interest and the standpoint of the burglar.”
[cite- Howland Wood “Numismatic Maxims for Beginners” June, 1931. Page 51.]
Truer words were never written.
FLIP OF A COIN:
Profit-taking at the Mint: With announcement that the Mint would produce circulation strike America the Beautiful quarters at the San Francisco Mint, the Mint is set to make a lot of money… literally. The first year of NIFC Presidential dollar program has seen demand sky rocket, and there’s reason to believe that the new quarter program will in all likelihood fare even better. In 1954, its final year of circulating quarter production, the S-Mint made 11.8 million quarters, and most of those were spent in the economy. It’s possible that we’ll see numbers approaching that with nearly all of them being hoarded in hopes that they will go up in value someday.
Members of the Coin Community Forum are trying to spend $100,000 in golden dollars. They’ve been at it since April and so far have circulated $1,300 of them. It’s not as easy as you’d think. Never fear, pretty soon I’ll post a column that will propose the perfect figure to memorialize on a re-introduced circulating quarter eagle.
They say a picture is worth a thousand words, this picture, furnished by Michelle Kumpf at CAC is worth quite a few more… dollars that is. Pictured are two of five known MS-66 1972 Type 2 Eisenhower dollars, and one of 40 or so known in MS-65.
Photo credit: Michelle Kumpf, CAC © 2012. All rights reserved.
About The Ike Group
As a member of The Ike Group, Charles Morgan was an integral part in getting CAC to certify Eisenhower dollars. The Ike Group’s mission is to guide, inform, and provide expertise as the complete Eisenhower Dollar resource. In addition, Charles writes a weekly column for CoinWeek.
Visit The Ike Group online at http://www.ikegroup.info/