As noted in my previous article, state chartered banks that issued their own paper currency frequently failed, leaving the holders of that currency with worthless paper. This created many financial hardships. With the advent of the Civil War, the U.S. Government was in desperate need of funds to finance the war effort. The only answer to the problem was the printing and placing in circulation of paper money, some sixty million dollars worth to be exact. Also at that time the government stopped payment in gold and silver, meaning these notes could not be converted into coin. The public was forced to accept these notes on the faith that the money would be good (just like today). This effort ultimately proved successful. The result was that by 1866 most state banks stopped issuing their own currency and used only U.S. government printed currency, thus avoiding the question of whether the state bank notes were still good, or was the bank “broke”. An interesting side note is that every piece of currency issued by the U.S. government since 1861 is still redeemable by the government at its’ face value (or higher with certain interest bearing notes). However the collector value of these notes greatly exceeds the face value, so one would be foolhardy to cash them in at a bank.

 In my opinion, the notes printed by the U.S. government in the period from 1861 to the 1920s represent so of the finest examples of die engraving we have ever accomplished. Many of these notes were printed in multicolor, adding to their attractiveness. While meant as an effort to discourage counterfeiting, the result is some of the most beautiful works of art imaginable. It’s hard to chose favorites, but some of my personal favorites are the Educational series of Silver Certificates issued in 1896. The $1 note shows a depiction of allegorical figures representing history instructing youth; the $2 note with figures of science presenting steam and electricity to commerce and manufacture; and a $5 note with an allegorical group showing electricity as the dominate force in the world. Pretty heady stuff!

 Two other favorites of mine are the $5 Silver Certificate note printed in 1899 picturing the Sioux Indian, Chief Onepapa and the $10 Legal Tender note picturing a bison between explorers Lewis and Clark.

 Notes issued during this period were issued with different backing and guarantees from the government and for different purposes. They all had their purposed noted in  their title such as Silver Certificate and Gold Certificate with could be redeemed at a bank for silver or gold coin respectively or interest bearing notes which were redeemed for a premium over their face value.

 Notes issued prior to 1905 are the hardest to find in decent condition, the exception being the $1 Silver Certificate series 1899 picturing Grant and Lincoln on either side of an eagle with spread wings. This note is readily available at modest prices. The higher the denomination (face value), the higher the collector value. The reason being they were printed in smaller quantities. In some cases notes of very high denomination, ($500 and $1000) although known to have been printed, no examples are known to exist. Sometimes these notes are found not in old collections but forgotten in safe deposit boxes or safes and even sometimes inside books used as a hiding place.  They were placed there for safe keeping, not as a collection. But with their owner either forgetting about them or unexpectedly passing away, they were left to be discovered by someone else at a later time. Even today notes are found in this fashion.

 

 

Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business. They are members of The American Numismatic Association, The Industry Council of Tangible Assets, The Numismatic Guarantee Corporation and the Professional Coin Grading Service.

This week’s article continues with the topic of collecting paper money by addressing what are known as obsolete or “broken bank” notes. Generally speaking any currency issued from pre colonial time through the early 1900’s can be considered obsolete. But to the collector, those notes issued from 1782 through 1866 by various state banks are considered to fall into that collectible category.

 Prior to the establishment of the Federal Reserve banking system, it wasn’t too difficult to get a state charter to open a bank. All that was required in general terms was a sufficient amount of hard currency (gold or silver) to back up any paper money that the bank would issue. This system functioned well until a bank would print more paper money than it had reserves to back the paper. A run on the bank by the paper holders would result in depleting all of the gold and silver. Anyone left with the paper money from that bank learned that the bank was “broke”, making the paper worthless. Hence the term “broken bank notes”.

 In all, around three thousand banks issued currency during this period. Because each bank issued various denominations and also in some cases issued more than one series in different years, the result is there are thousands of different notes that are available to the collector. In most cases the notes that the banks issued had attractive designs or, as they are known, vignettes. However the paper quality left something to be desired as most notes were printed on thin stock which didn’t hold up very well. In all cases each issued note was hand signed by officers of the bank as well as hand numbered. Many examples of unsigned, unnumbered remnants can be found as well as uncut sheets of multiple notes. These are leftovers that never were put in use by the bank.

 Although there were many banks issuing notes during this period, only a few banks in our area existed that issued their own currency. The local cities with banks issuing currency were Egg Harbor City, Mays Landing, Cape May Court House, Millville, Bridgeton and Salem. Egg Harbor City is  the commonest of the group and issued notes in $1, $2, $5 and $10 denominations. Acquiring an example from that bank would cost less than $100.

 Anyone interested in pursuing a collection of Obsolete Currency would be advised to try to get a hold of a 4 volume set of books on the subject  titled “United States Obsolete Bank Notes, 1782-1866” by James Haxby. It was published in 1988 and listed all known (at that time) notes issued by all banks. Although it is long out of print, it is recognized as the most authoritative reference on the subject.

 Because record keeping was not always a high priority, there probably exist notes from banks that have not yet been identified or discovered. Finding such notes is what we collectors call “the trill of the hunt”.

 

 

Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business. They are members of The American Numismatic Association, The Industry Council of Tangible Assets, The Numismatic Guarantee Corporation and the Professional Coin Grading Service.

Collecting paper money is another area of numismatics that is enjoyable as well a challenging. There are many different choices when it comes to collecting paper money. They include in no particular order; Continental or Colonial Currency from the 1700‘s; Obsolete or “Broken Bank” notes issued from the early to mid 1800’s (so called because the bank issuing the notes went broke, leaving their currency worthless); Confederate States currency; Fractional Currency (small denomination notes ranging from 3 cents to 50 cents in value issued by the Union during the civil war because of the shortage of coins); large size currency issued from the mid 1860’s thru 1928, after which the size of currency was reduced to it’s current size; small or current size currency issued from 1928 to date; and national currency issued in both large and small size and bearing the name of both Federal Reserve and local bank names on them. I’ll share a few of the highlights of each of these examples in this and subsequent articles.

 Continental and Colonial currency was printed first by the various colonies and subsequently by authority of the Continental Congress due to the shortages of coinage. Sometimes it was necessary to issue notes frequently, it not being unusual for notes to be issued several times in a given year. Each note will bear the date of issuance. These notes were printed on high rag content paper, sometimes using red as well as black ink. They were hand numbered and signed by usually 2 or 3 people with authority within the colony of issue. Depending on the colony issuing the notes, they could be in pound, shilling, pence denominations as was used by Great Britain, or else in dollar denominations. In spite of their age they can be found in very good condition, but some times you will come across a note that was used so much that it had to be  stitched back together.

 The concept of paper money being used in commerce instead of gold or silver was not readily accepted, especially during the Revolutionary War when the value of the paper was highly discounted if accepted at all, leading to the term “not worth a continental”.

 Counterfeiting was a problem then as well as now, and some notes contained the message “to counterfeit is death” and they weren’t kidding. Counterfeiters were hanged. Benjamin Franklin is credited with actually printing some of the notes issued and developed an ingenious anti-counterfeiting procedure using the design of a tobacco leaf printed on some notes he produced. Attempting to copy that design thwarted counterfeiting efforts.

 Collectors have various areas of interest when collecting Colonial and Continental currency. This includes obtaining and example from each colony; obtaining as many different examples from a given colony; and obtaining notes signed by signers of The Declaration of Independence, giving collectors the opportunity to hold a real piece of history.

 Anyone interested in collecting colonial currency should get their hands on the book The Early Paper Money of America by Eric P. Newman. This is the definitive book on  the subject.

 

 

Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business. They are members of The American Numismatic Association, The Industry Council of Tangible Assets, The Numismatic Guarantee Corporation and the Professional Coin Grading Service.

Several weeks ago I started to list the top 10 questions we receive regarding coins, currency and precious metals. Because of hurricane Sandy, I never finished the list after giving 5 examples. So here goes with the rest:

1. What are foreign coins and currency worth? Generally speaking, most common foreign coins are worth about 3 cents each and the  paper currency 10 cents each. Sometimes some of the older coins are made of silver and are valued at their silver content. Most countries also issued gold coins and these are valued for their gold content.
2. “I have a piece of currency that has a yellow back instead of green. Is this a printing error?” No, the yellow is just the result of that note going through the wash, probably in some ones pants pocket. The bleach/detergent caused the color to change.
3. “What can I use to clean my coins?” This is one answer I can’t stress enough. NEVER clean coins. Irreparable damage to the coin can occur due to improper cleaning. Last weeks article dealt with cleaning coins that have come in contact with salt water due to the storm, but this was described as the lesser of two evils since contact with salt water can cause serious damage.
4. “ I have a 1943 one cent coin that looks like it is made of silver. Is this rare?” What you have is a coin made of steel plated with zinc. In 1943 during WW2, it was decided to save the copper used to mint cents and replace it with steel. This was because copper was so critical to the war effort. Therefore all cents minted in 1943 (with the exception of only a handful) are made of steel, with makes them the same value as ordinary wheat cents.
5. “Do you appraise coins?” Yes, we do , but there is a charge associated with that service. Generally speaking appraisals are required for 2 reasons; 1. for insurance purposes where additional coverage for the coin collection is required. This way the insurance company knows the value of the collection you wish to insure. And 2. for estate purposes to determine the value for tax reasons. The appraisal for the first example lists the replacement cost for the collection. Therefore if it is lost or stolen, the collector will be covered for its replacement costs. The second example will be appraised at its liquidated value. This is its true value for tax purposes and immediate liquidation is usually in the best interest if the heirs have no interest in the collection. Both appraisals require a fully detailed, signed report and cost $100 per hour, minimum 1 hour.

 

 

Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business. They are members of The American Numismatic Association, The Industry Council of Tangible Assets, The Numismatic Guarantee Corporation and the Professional Coin Grading Service.

In light of Hurricane Sandy, something could be said about the potential hazard that flooding is to coin collections. The damage done by Sandy can include serious harm to coins and currency collections that have come in contact with salt water. Copper is the coin metal most seriously affected. Damage can occur within hours of contact and in most cases the resultant damage is irreversible. Nickel, silver, gold and platinum also can be affected to varying degrees. The important thing to remember is time is not on your side, meaning you must act quickly to save your collection. First, remove all your coins from their holders such as albums, cardboard holders, plastics or whatever and dispose of those holders. The exception would be if your coins are encapsulated by one of the coin grading services such as NGC or PCGS. Even then the coins must be closely monitored to watch for changes in appearance. If this occurs, the coins should be returned to the grading company for removal and evaluation. In all cases the holder itself should be washed, rinsed and dried, but not soaked.

 To stop the corrosive effect of salt water, all water and resultant residue most be removed from the surface of the coin. One of the safest ways to do this is to rinse the coin in a solution of warm soap and water, using a mild soap, not an abrasive one.  Always grip the coin by the edge so that the oils from your fingers don’t come in contact with the surface of the coin. I’ve seen many coins with the finger prints of their previous owners on the surface. Swirl the coin around in the soapy solution, rinse it under running water and then thoroughly dry the coin with a soft towel. Be sure to dry all the moisture from the coin as a drop of water left on the coin can result in an unattractive water spot on the surface. In both the washing and drying process, DO NOT RUB THE COIN.

 Currency needs to be handled in a slightly different fashion The objective is the same, remove all traces of the salt water, but because the water can seep into the paper, it must be soaked out. Again use a mild soapy solution and soak the currency in it for 5 to 10 minutes. Then soak it again in clean water and let dry on paper towels with something heavy on top, but not in direct contact with the note. This will minimize the curling effect of the dry currency.

 A few notes of caution on the above. This should not be done on valuable coins as even tap water contains some chemicals. However if time is running out to get something done, this is better then ignoring the problem. Always test first using something of minimal value. Do not soak currency that have hand written signatures or that are printed on flimsy paper. This is for modern currency printed on high rag content paper. This approach is not perfect, but it can save a collection. Nothing replaces professional conservation services.

 

 

 Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business. They are members of the American Numismatic Association, the Industry Council of Tangible Assets and the Professional Coin Grading Service.

This week’s column is going to borrow an approach from David Letterman and list the top ten questions we get about the value of coins, etc. However, due to space limitations, we can only do five this week with the remainder next week.

1.  What are wheat cents worth? Wheat cents are those cents minted from 1909 until 1958 and  are so called because of the 2 wheat ears that are pictured on the reverse of the coin. I like to tell people they are worth 100% profit, which is a fancy way of saying 2 cents each. (doesn’t 100% profit sound better?)
2. What are silver certificates worth? Silver certificates come in $1, $5, and $10 denominations, have a blue seal and the words “Silver Certificate” across the top of the note. They are called silver certificates because they used to be able to be redeemed for their value in silver (which ended in 1968). The value of these notes is 10% over the face value.
3. What are red seal $2 and $5 notes worth? These are what is known are United States Notes with that title across the top of the note. Although they had backing, unlike the silver certificates they could not be redeemed. They too are worth 10% over their face value. (as an aside, all our currency today are Federal Reserve Notes with green seals, and they are not backed by anything except the faith in the government).
4. What are Indian cents worth? Indian cents were minted from 1859 until 1909. They were minted in a combination of copper and nickel from 1859 to 1864, and thereafter in bronze until 1909. The copper nickel ones are worth $1 while the bronze ones are worth 25 cents.
5. What are Buffalo nickels worth? Buffalo nickels are so called because they had a design of a buffalo on the reverse and an Indian head on the obverse. They were minted from 1913 until 1938. Because of a design flaw, the date wore off the coin rather quickly and as such many of the coins have no date showing. This was corrected in 1926. Therefore  most coins with dates still visible are 1926 or later. Dateless Buffalo nickels are worth 6 cents each while ones with dates are between 10-15 cents each.

 A word about these values: these prices are for the commonest examples in average condition, which are those most likely to be found. Rare dates and coins in very high grades will command a higher price.

 

 

Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business. They are members of The American Numismatic Association, the Industrial Council of Tangible Assets, The Numismatic Guarantee Corporation and The Professional Coin Grading Service.

A weekly column dedicated to “digging out” current information about precious metals, coins and other numismatics.

 I recently read a series of articles in The Numistmatist, which is the monthly publication put out by The American Numismatic Association regarding the collecting of transitional pairs. I felt the article was very interesting and thought I would share some of the highlights.

 Transitional pairs in this sense are coins of the same denomination that have their design changed mid-year. This results in two coins of the same denomination having two different designs, but bearing the same date. Examples follow.

 Our first one cent coins, minted from 1793 until 1857, were made of copper and were slightly larger than a quarter. By 1857, because of the cost plus the fact the large coins were unpopular, it was decided to mint a smaller coin comprised of 88% copper and 12% nickel. The first design of this new coin bore the image of a flying eagle. The mint did produce some large cents in the year 1857, which was its’ last year of production and also minted a large quantity of Flying Eagle cents, hence a transitional pair. ( Note:  Flying Eagle Cents were struck in 1856, but only as patterns to show Congress their appearance.)

 The Flying Eagle Cent design lasted only 2 years and was replaced in 1859 with the portrait of an Indian. This design lasted until 1909, when it was decided to honor the 100^th anniversary of Abe Lincolns’ birth with the issuance of a one cent coin with his portrait. Therefore there were one cent coins dated 1909 with both the Indian head and Lincolns’ portrait.

 The first five cent coins struck in 1866 using the metal nickel (hence the slang term “nickel” for a five cent coin) bore the image of a shield. That design lasted until 1883 when a second design utilized that date, the Liberty “V” nickel. It was called the “V” nickel because in addition to the portrait of Lady Liberty on the front of the coin, it had a large Roman numeral “V” on the reverse, signifying five, for five cents.

The Liberty “V” nickel design lasted until 1912, after which in 1913 the design was replaced with one once again picturing the profile of an Indian. There were 1913 liberty “V” nickels minted, but only 5 were made and their authenticity is questionable. Therefore these do not represent a transitional pair.

 The Indian design lasted until 1938 when it was replaced with a coin bearing the same date, the Jefferson five cent coin, or “nickel”.

 I found this very interesting, with a variation on type collecting where 2 coins of the same denomination have the same date, but their design is different.

 More examples will follow next week.

 Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business.

The Gold and Silver Mine 12.25

A weekly column dedicated to “digging out” current information about precious metals, coins and other numismatics.

The United States government first minted gold coins in the year 1795 and continued off and on until 1933 when president Franklin Roosevelt called for the return of gold coins to the mint. Fortunately for collectors many gold coins were already in foreign countries plus many individuals simply ignored that order. In fact, over the years I have purchased quite a few gold coins from individuals who were bankers during the 1930‘s, and from relatives of those bankers. When people turned in their coins to the banks, the bankers saved them rather than forwarding them to the mint.

Early gold coins are extremely rare, as mintage figures were in some cases only in the hundreds. By the mid nineteenth century (1800’s) the need for coinage increased and as such the minting of gold coins also increased. Although it is probably  prohibitively expensive to assemble a date and mint collection of gold coins, a type set is an affordable alternative. Remember, a type set is a single example of each type coin minted. In the case of a gold type set, there are 12 coins in the typical set, none of which are particularly expensive. The set is comprised of 3 $1 coins, 2 – $2 ½ coins, a $3 coin (yes, a $3 coin. Many old timers are familiar with the expression “phony as a $3 bill “ but a $3 coin does exist), and 2 each of $5, $10 and $20 coins.

The designs of the 1^st $1 coin (minted from 1849 to 1854) and the $2 ½, $5, $10 and $20 coins (minted until 1907 and 1908) are similar in design with the portrait of Lady Liberty on the front of the coin. The second style $1 gold coin was only minted 3 years, 1854-1856, making it somewhat scarcer. It featured a small portrait of an Indian princess. In 1856 the design was changed again, this time with a larger portrait of an Indian princess. This design continued until the end of production of $1 gold pieces, 1889.

 The $3 gold coin was never very popular (sound familiar? The government seems to continually mint coins the public doesn’t like or need). Mintage figures for the $3 coin are quite low, and as such this coin is the key to this set. The portrait is also one of an Indian princess, and because of its’ size the coin is quite attractive.

 The early 1900’s saw a significant change in the appearance of the gold coins. First, starting in 1908, the $2 ½ and $5 coins were redesigned with the portrait of an Indian in full war bonnet appearing on the front of the coin. However, what made these coins unique was the fact that their design was in sunken relief in the surface of the coin, or using the proper term, incused.

 The $10 and $20 gold coins also underwent a major redesign beginning in 1907, with designs created by noted sculptor Augustus Saint-Gaudens. His designs for these 2 coins resulted in what many consider the most attractive coins the U.S Mint has ever struck. The $10 coin once again featured a portrait of an Indian in war bonnet,  and the $20 coin featured a full figure design of Lady Liberty.

 Many of these coins can be obtained at a moderate premium over the price of gold, but as is the case with all coins, counterfeit exist, especially with the scarcer examples. Of the series, the type 2 $1 coin and the $3 coin will be the most expensive.

 Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business.

The Gold and Silver Mine 12.24

The Gold and Silver Mine

 

 

A weekly column dedicated to “digging out” current information about precious metals, coins and other numismatics.

 

This is the last of three articles about commemorative coinage minted from 1892 through 1954, what I refer to as the early or classic years. As I’ve said earlier, the purpose for minting these commemorative coins was to raise funds in support of different endeavors, such as World Fairs, construction of memorials, celebration of historic events or just about any worthwhile events that needed recognition and financial assistance. Whether or not this was successful remains to be seen.

 

Beginning in 1920 and continuing through 1928 there were 1 or 2 commemorative coins struck each year. After 1928, another commemorative was not minted until 1933, in all likelihood a result of the stock market crash and the resultant Depression. When people don’t have money to spend, none is available to pursue their hobbies, including coin collecting. In fact, the reason some of the earlier commemorative coins are available in circulated condition is because collectors were forced to spend the coins they had collected. (this does not include those coins that were over produced, with those that remained unsold released to circulation). Production commenced again in 1933 and resumed up to 1938, the eve of the beginning of World War 2. 1936 has the designation of having the greatest quantity of different commemorative coins minted with an astounding figure of 21 different coins minted.  Pity the poor collector who tried to keep up.

 

After the end of the war, starting in 1946, a series of coins depicting the first African American to appear on United States coinage, Booker T. Washington were minted. These coins were minted by all 3 mints, Philadelphia, Denver and San Francisco and were produced each year until 1951. The front of the coin has a portrait of Booker T. Washington and the back has the legend “FROM SLAVE CABIN TO HALL OF FAME”.

 

The second coin to feature a prominent African American was the Carver/Washington Commemorative. This coin was minted from 1951 until 1954. This coin featured George Washington Carver, an agricultural chemist who worked to improve the economy of the south through teaching crop improvement and finding new uses for soybeans, peanuts, sweet potatoes and cotton waste. His portrait is superimposed over that of Booker T. Washington on the front of the coin and on the back is a map of the United States with the statement “FREEDOM AND OPPORTUNITY FOR ALL – AMERICANISM”.

 

Collecting commemorative coins from the early period, 1892 though 1954 offers a rich and diverse series of coinage. If one were to collect a “type” set, that is one of each coin that commemorated a person or event, you would have a collection of 50 coins, 1 quarter, the Isabella Quarter, 1 Dollar, the Lafayette Dollar and 48 different half dollars. I particularly like this collection as every coin is different in appearance. If you were to collect all examples of each commemorative coinage, that is one from every year and every mint (remember some coins were minted in multiple years and from different mints), then the size of your collection would swell to 144 coins. Add to this the gold coins, and you increase the size by another 13 coins which includes both styles of the $50 Panama-Pacific coin. The Red Book of United States Coinage, published every year, has great pictures of every commemorative coin minted. For many reasons I highly recommend the purchase of this book if you have any interest in coins.

 

I sold a complete set of uncirculated commemoratives (the 144 piece set) for a little over $20,000 last year. It was the first complete set I had owned.

 

Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business.

The Gold and Silver Mine

The Gold and Silver Mine

 

 

A weekly column dedicated to “digging out” current information about precious metals, coins and other numismatics.

 

The most ambitious effort to raise money for an exposition was that which was undertaken for the Panama-Pacific Exposition held in San Francisco in 1915. This exposition was held to celebrate the opening of the Panama Canal, which facilitated easy ocean transit between the Atlantic and Pacific Oceans.

 

Instead of the typical 1 or 2 coins produced as fundraisers, it was decided to mint coins of 4 different denominations; a silver fifty cent piece plus a gold $1 coin, a gold $2 ½ coin and a huge $50 gold coin, which was produced both as a round coin and an octagon coin. (Remember we were on the gold standard at that time and gold coins circulated freely with all other coinage and paper money). Since these were meant to raise funds for the Exposition, they sold at a premium over their face value. The fifty cent coin sold for $1; the $1 gold coin was $2.25 (or in some cases $2.00); The $2 ½ coin was $4.00; and the $50 coin sold for $100.00 (if you bought a $50 coin, you were entitled to the other denominations free of charge).

 

For the well healed (IE: the upper 1%), presentation sets were available They were as follows: a small set comprised of a ½ $, $1 and a $2 ½ in a leather case was $7.50; a complete set with choice of round or octagonal $50 coin was $100; a complete set with both the round and octagonal $50 coin was available for $200; and a mounted double set displaying both sides of the coins and containing both styles of the $50 coin (that’s 2 of each coin) went for $400. A large sum at that time.

 

Unfortunately many of the coins minted did not sell and were returned to the mint to be melted. The numbers for those that survive are: 27,134 silver fifty cents; 15000 $1 gold; 6,749 $2 ½ gold; 483 $50 round; 645 $50 octagonal. It is not known how many sets were sold, but the estimate is there exist about 25 “short” sets (no $50); 60 Five piece sets with one or the other $50; and only 4 double sets are known. From a numismatic standpoint, all of these coins represent a good investment opportunity, but if you desire to own one of the $50 coins, be prepared to part with some serious cash!

 

As is typical with any rare coin, counterfeits are plentiful. And because of its’ weight, the surviving $50’s usually have some form of damage due to being dropped. Remember, it weighed over 2 ½ ounces, making it heavier than any other coin in circulation at that time.

 

If you do the math, it would seem that the total amount of funds raised for the exposition would be somewhere around $50,000. Considering the time and effort that went into their design and production, I don’t feel they could be categorized as a success.

 

Douglas Keefe is the president of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles in the Shore Mall as well as satellite offices in both Brigantine and Absecon. Between them they have over 70 years experience in the coin and precious metals business.