Our upcoming Philadelphia Americana sale in September features diverse items, each of which has a fascinating story! Over 5,000 items are set to cross the block!

At first blush, in any area of endeavor it would seem that “the easier, the better.” In the field of rare coins this has been true for many participants. Fifty-five years ago when I attended my first American Numismatic Association convention, held that year in Omaha, there were no official grading standards, no weekly or other periodic price sources except for auction records and the annual Guide Book of United States Coins, which came out each July in a new edition. There were no faxes, no cell phones, no jet airliners (at least not in the USA), no Coin World, no Internet. And yet, for me this was a wondrous era. I had to learn everything from scratch and had to survive by my wits.

At the time I was a Boy Scout, and, similarly, I had to learn to build a fire without matches, to find food in the wilderness, and to navigate with a compass. As a Scout, I reveled in the excitement of taking a 20-mile hike through the woods. If someone had offered me a 20-mile ride from the same start to destination on a highway, I would not have been interested at all.

A fly fisherman might trek for miles to some remote stream and spend the day casting for trout, perhaps landing one or two. If someone suggested that a trip to buy trout at a grocery store would accomplish the same thing, there would be no interest in his doing so.

In numismatics today, most everything is automatic. Equipped with a price list from the Internet and a box filled with PCGS, NGC, and other slabbed coins, any person can become a “professional numismatist.” A friend suggested, “even a monkey can become a coin dealer.” Today, the numismatic world is rife with sales people who wouldn’t know a half dime from a Manly medal, and couldn’t care less about it. Grading? No need to learn anything at all. Just read the label on the holder.

While this might seem like nirvana, a dream come true for anyone entering the hobby, in many ways it is a huge negative. Not much different—not to stretch metaphors—than if St. Andrews golf course moved the cup to within 10 feet of the tee, and anyone could play a round in 18 strokes.

The result of this ease of entry, of the lack of effort, is that a large number of new faces tend to burn out quickly. This is done by discovering numismatics, buying anything puffed as a “good investment” or “one of the finest graded,” no matter if it is overpriced, or if it is the finest graded at MS-69, but a truckload of perfectly nice MS-65 coins can be bought for a tiny fraction of the price.

But, in this scenario there is hope—in fact, much hope. Many coins certified as, say, MS-65, even if with stars, pluses, or halos (halos haven’t been invented yet, but wait!) on the holders, can be weakly struck or have poor eye appeal. Because of this, opportunities for connoisseurs to cherry pick for quality are greater than ever before. At the recent ANA convention in Boston I chatted with a client who has been in the hobby for more than 40 years, and who bought coins from me way back when. “I still need a gem red 1924-D Lincoln cent,” he said. “I have seen many, but not a one that is sharp, with original color, and with good eye appeal.”

To maintain an interest in numismatics—or scouting, or fly fishing, or golf—there has to be a challenge. Look and you will find many challengers. Here at Stack’s, in recent weeks the team has been cataloguing our Americana Sale to be held in Philadelphia at the end of September, with the Whitman Coins & Collectibles Expo. There are hundreds of different rare currency notes, tokens, and medals, some of which are unique, that have kept all of us busy non-stop. These are series in which we cannot depend on certification services to do the work—and, even if we could, the catalog would be colorless with bare bones descriptions about the variety and grade. Instead, most of these have required a lot of research, delving into history, and more—very stimulating for all of us.

A few months ago I was the keynote speaker at the Early American Coppers (EAC) club annual convention, held this year in Indianapolis. This event attracted hundreds of participants from all over the map—who immersed themselves in several days of camaraderie, sharing of opinions, discussing die varieties, and more. When I left I was reminded of the days of 1955, when I had to learn everything in order to survive and succeed. Well, with early coppers there are many aids, but there is ample room for personal opinion. And, in many instances, a coin will be certified as, say, MS-63, by a leading service, while an experienced EAC member might call it AU-55, and be able to give a detailed explanation defending his opinion. The field leaves lots of room for personal interface, to learn, to enjoy, and to experience numismatics in its finest sense.

If you go beyond slabbed coins and price lists and buy some good coin books (and read them!), investigate various specialties in numismatics, learn about true quality, and take your time when buying, if you are brand new to the hobby, chances are you will still be enthusiastic 10 or 20 years hence. If just two things are important to you—grade and price—a year from now you’ll probably be off doing something else. Think about it. Take the road less traveled, and a wonderful experience awaits you!

When you receive our catalog for the Americana Sale, or check it out on the internet, savor some of the descriptions and, if inclined, drop me an e-mail note with your impressions.

All the best to you as our summer comes to a conclusion, kids go back to school, and thoughts turn to activities other than vacation. I hope you’ve had a nice time.

Sincerely,

Dave Bowers
Chairman, Stack’s

Comments? E-mail me at my private address: qdbarchive@metrocast.net