ÒANCIENT AND MEDIEVAL CHINESE COINAGEÓ by Richard Bilak (Member # 176)

What coinage has wonderful variety? What coinage goes back a couple thousand years or more? What coinage has inexpensive reference books? And, best of all, what ancient coinage can be assembled into a nice collection on a YNÕs allowance? The answer to these questions is ancient Chinese Cash coinage.

IÕm not going to delve too far into the really odd, ancient Chinese money such as the spade, bridge, ant nose, and knife moneyÉ.other than to say that they are interesting and would make a good article on their own. What I am going to write about is the bronze square hole ÒcashÓ money.

The earliest metallic pieces that can be called coins come into use about 700 BC. They took the place of the so-called ÒBarter MoneyÓ such as arrow heads, bells, ax heads, and the like. These passed for whatever value the prospective possessor might place on themÉwhereas the early coins had a definite value.

At the end of the Chou Dynasty (255 BC), round coins became popular. These round coins had already been issued as early as the 6th Century BC, but were not popular. Compared to the plentiful finds of odd shaped coins, round coins must have been relatively rare at that time. The ÒPan LiangÓ (half tael) issued during the ChÕin and Han dynasties is the earliest form of round money to be made in substantial quantities. It was reissued for over 100 years and was finally replaced in 118 BC by the most famous of all coinsÉthe ÒWu ShuÓ (or 5 Shu coin). The Wu Shu, though often modified, kept itÕs original shape as the coin of China for 700 years.

The classification of ancient Chinese coins is comprised of all round coins issued before the advent of the TÕang dynasty before 618 AD. Their inscriptions are always in ancient characters with a seal script of curved or straight strokesÉ.in contrast to the modern script of angular strokes. Some medieval Chinese coins also have seal script, but have the character Pao. Ancient coins do not have this character.

The Medieval class of Chinese coins form the vast majority of obverse varietiesÉwhich includes all of the dynasties of China from the TÕang to the end of the Ming, the period from 618 AD to 1644 AD. Coins of this class all have an obverse arrangement of 4 characters around the square hole in the middle. In the great majority of cases, the coin should be read top, bottom, right, then left.

One may ask ÒWhat was a Shu?Ó

    * 100 seeds of grain mullet equaled 1 Shu.
    * 24 Shu equaled 1 liang.
    * 1 Wu-Shu equaled 5 Shu or 500 millet seeds.

A string of  ÒcashÓ sometimes called tiao or kuan varied from 100-1000 cash coins. One string of cash was supposed to be the equivalent of one tael of silver (1 ounce).

I have included two tables with this article on reading dates and numbers on Chinese coins. This should give a person a good start on collecting these coins until they acquire some reference books. I would recommend the books ÒChinese CashÓ by O.D. Cresswell. This small book costs around $10 and will help identify 95% of the Chinese cash coins that you will come across. If you have any questions, feel free to contact me at the coin club meetings. I will be glad to help youÉÉRichard Bilak.

ÔTHE CLEANING AND PRESERVATION OF HORDE COINSÓ by Richard Bilak (Member # 176)

DISCLAIMER:  WarningÉ.do not read this article if you only collect MS slabbed coins. You may find this article frightening. Read only if you enjoy (or would enjoy) treasure hunting 1000+ year old coins.

For those of you reeling in horror at the thought of cleaning coins, the coins IÕm talking about are ÒancientsÓ. These coins have been freshly dug from the ground. Now I bet youÕre wondering how did these coins get into the ground and where do they come from?

Now is a great time to collect uncleaned ancients because of the more powerful metal detectors and the material coming in from the Balkans. A thousand years ago there were no banks or credit unions as we know them today. If a person had a lot of money and they were worried about storing it, they would put it in a clay pot and bury it in the ground. Suppose you had two big armies getting ready to fight a battle. Where do you think the armies hid the payrolls? In the ground, sometimes in chests, and a lot of times in clay pots.

If the person(s) in charge of the monies is killed in the battlefieldÉ.or if the person(s) who buried a couple of handfuls of denarii in a pot in some backyard were to die without revealing the locationÉ..what would you have?! You guessed itÉ.a horde of coins waiting to be discovered.

Fast forward to the year 2001.  Some guy is using his Òsuper duperÓ metal detector in a field where the Roman Imperial legions once foughtÉ..and he hears a ÒbeepÓ. What could it be? He digs down a couple of feet and hits a clay pot with his shovel. Holy cow!!! There are hundreds of old coins which he scoops into a burlap bag and takes home. At home the coins are dumped onto the floor and cherry picked for the better coins. Next he sells the horde to someone who can distribute the coins. This middleman sells the horde to a dealerÉ.and this dealer sells to another dealer. A customer buys a couple of thousand of the horde coins, sorts and keeps the better ones, and puts the rest up for sale on the Internet. The coin collector buys 50 of these horde coins at a good price. Three weeks later the coins arrive at the collectorÕs house. The eager collector opens the boxÉ.UGH!!!. The collector cannot believe that he just Òshelled outÓ $100 plus shipping for these ÒslugsÓ. The collector sits down, has one of his favorite malt beverages, and thinks to himselfÉ.ÓWhat do I do??? Looks like these need to be cleaned.Ó

First thing to do is look at the coins and ask yourself some questions:

    * Does the coin really need to be cleaned?
    * What type of crud is on the coin?
    * What method do I use to clean the coin?

By now you have picked out a dozen or so promising coins that do not look too bad. How are you going to clean them?

Soap and Water.  This is one of my favorites. As the name impliesÉ..hot water and soap. Take a quart sized jar, place the coins inside, fill with liquid soap & hot water, and shake lightly. Repeat and rinse. Take an old toothbrush and brush lightly. Repeat as necessary.

Soak in Clean Water. Another favorite. Take a quart sized jar, fill with distilled water, and add coins. Brush the coins and change the water weekly.

Soak in Olive Oil. This method is a bit messy. Use the same technique as if you were soaking the coins in distilled waterÉ.only using olive oil. You donÕt have to change the olive oil as oftenÉ.just brush the coins weekly.

O.KÉÉyou now have ÒcleanedÓ coins. What next? The next step is called ÒconservationÓ. What does that mean? WellÉafter cleaning, washing, and drying the coinsÉyou will want to stabilize the coins to stop any chemical process that may ÒattackÓ them. Apply a protective coating to the coins, preferably one that can be removed. ÒRenaissance WaxÓ is a recommended coating. The coins should be stored in an area with as low humidity as possible and handling should be kept to a minimum (use cotton gloves).

If you get the urge to try uncleaned ancients, remember these tips:

    * Not every coin needs to be cleaned.
    * While learning, practice on coins you can afford to lose.
    * The object of cleaning coins is not to reduce the coin to bare metalÉ.but to clean off the crud.
    * There is no one, right method of cleaning. Experiment to find what works for you.
    * The most valuable tool is patience. This is important.

If you are expecting to find gold and richesÉyou will be disappointed. If the idea of cleaning 1000+ year old coins appeals to you, then a great numismatic adventure awaits youÉÉRichard Bilak.

The Florida United Numismatists Coin Show
-- Raymond F. Hanisco

Major Coin Shows always draw a lot of interest from the casual collector to
the hard core collector.  If you go to a major coin show, one can find it a
little overwhelming at first, but if you just take a little time to allow
yourself to become acclimated, you soon find yourself going with the flow. 
So it was with the 51st Annual, Florida United Numismatists Coin Show held
January 5th to the 8th of 2006 at the Orange County Convention Center in
Orlando.  This convention is known within the industry as the F.U.N. Show. 
It is one of the biggest Coin Shows in the country, and is always well attended. 
This article will not be a fluff piece about the show, but rather a chronicle of
events of what I, as a Coin Dealer, encountered at the show.  It will be a
great learning experience for you, as a collector, in what exactly goes on in
the forefront and behind the scene at a large show.

Even though the actual Coin Show did not open to the public until Thursday,
events began on Monday with the viewing of coins to be auctioned by Heritage
Numismatics.  The viewing continued through Wednesday when Coin Dealers who
were exhibitors at the show were allowed to set-up their tables.  It is
during this set-up period, the dealers are running around not only setting
up their tables, but are buying and selling coins from each other.  If you
would be allowed on the sales floor, called a bourse, at that time, it would
look like a movie running at twice the normal speed.  Everyone needs to
know who is selling what, and what the competition is offering that they are
not.  It is a very intense period for all the Coin Dealers who will be
exhibiting.

Thursday, the opening day of the show, enters yours truly.  I am at the
Minneapolis airport at 4:00 am to catch my flight to Orlando.  I have two
agendas for the Coin Show: (1) to buy a few select coins for some of my
customers, and (2) what I consider the most important item, to gather sponsors
(advertisers) for a new coin magazine website I am opening called
CoinTrades.com.  I should be arriving in Orlando around noon, and that I
figured it would give me about five hours of working time for that day. 
Well, the plane is late arriving, I should have expected that; it took longer to
get my luggage than normal, I didn't expect that; and, it took longer to get my
rental car then I expected.  So, once I got the rental car I decided to
head straight to the Convention Center rather then to my motel to change my
clothing.  Now, I am off schedule.  What do I do?  Design a new
plan of attack of course.

Arriving at the Convention Center at 3:00 pm, it was time to register, pick
up the convention guide, and find a place to sit down.  The plan is to look
up old friend and new acquaintances, visit their tables, exchange a little small
talk, and possibly make a purchase or two.  It was a real shock to find
there were over 1,100 tables on the bourse.  After plotting out the
tables to visit, I headed for the sales floor.  Entering the bourse was
like a visit inside an ant hill.  Coin Collectors were meandering in every
direction at different speeds.  Pages (children who run errands for the
exhibitors) are scurrying here and there.  Announcements are being made
over the public address system. Coin Dealers running at top speed trying to
finish up purchases with other Dealers.  Everybody is talking and the hum
in the room is just short of what you would expect at a rock concert.  The
air is electrifying, and my adrenalin is pumping.  It is time to go to
work.

Lance Tchor with Federal Coin & Bullion was the first stop.  Since he
has been helping me out with CoinTrades.com, we needed to talk, and make plans
for who to visit as potential sponsors for the website.  The next couple of
visits were to some of my mentors in the coin business, Ron Karp with New York
Gold Mart, and Fred Weinberg of Fred Weinberg & Co., an error Coin Dealer. 
With the first very necessary visits completed, it was time to make a few more
stops.  I saw Beth Casper of the Pobjoy Mint, then headed over to see if
Ron Guth, the president of PCGS was available to talk.  Ron was at a
meeting, and would be back soon. Nearby was a special display of three gold
Brasher Doubloons and a Standish Barry Doubloon, an exhibit worth well over $10
million, and this I had to see.  These rare coins are a very important part
of American colonial history, and could be viewed under the close scrutiny of a
guard.  When Ron Guth returned to his station, I paid my respects, and was
off to spend the final half hour of that day's show walking the floor and
looking for coins.  It didn't take long for me to spot the 1904 $20 Liberty
Head gold piece.  I had been looking for a certified PL (Prooflike), and
there it was Mint State 63 PL.  The coin was taken out of the case and
handed to me for inspection, as requested, and just before being told the price,
I handed the dealer my business card and introduced myself.  It is almost
amusing to watch how the dealer's posture changes from one of an authority to
one of a collogue.  We bantered around for about 20 minutes, first
discussing price, then I changed the subject and we talked about friends, in the
business, we may have in common, then back to price, arriving at a somewhat
mutually agreed to sum.  It was time for me to check-in at my motel, get
something to eat, soak in a hot tub, and plan for the next day.  No
partying tonight.  Tomorrow was a full work day, and I would need my rest.

Friday would be a very busy day because many of the bigger Coin Dealers start
to pack-up their wares about noon time on Saturday, and the entire face of the
show changes on Sunday.  On Sunday morning smaller local dealers replace
the larger ones, and they are only interested in selling or trading coins, so
Sunday will almost certainly be a lost day to me unless I can identify which
will be leaving and which will be staying.  That is the first thing to do
on my agenda.  With that done, I start of to make calls on potential
sponsors for CoinTrades.com.  I knew it would be tough going at the show
because I would have to talk to these Coin Dealers between customers and
questions from Coin Collectors.  The first call I made at the show resulted
in a sale, but it took almost two and a half hours to do.  Time was not on
my side.  I needed to change my strategy.  The Coin Industry is just
like the diamond industry.  Your word is a binding contract.  If you
break your word, everybody knows it, and one doesn't do business for long on
broken promises.  That is how I would work.  I would get the verbal
commitment, and the final paperwork and payment would be clean-up work for the
week or two after the show.  Oops, I also have to get my coin purchases
done as well.  Now, it is time to kick it into high gear.  On my way
to the next call, I happen by the booth of a Currency (paper money) Dealer I
know.  What caught my eye was a $1000 Gold Certificate certified in a grade
of 63.  It was a beautiful note.  We greeted each other, and the bill
was taken out of the display case for me to see.  I asked, "What's my
price?"  Before he could speak, I added, "Look, I am really in a rush, so
give me your best price the first time so we don't have to play games."  He
replied, "It could go easily for 115 (that is $115,000), but you're my friend so for you 103." 

That was a fair price, and I told him if he still had it by next Friday, I would
let him know one way or the other.  I had to call my customer to see if he
would be willing to spend that much to complete his collection of Gold
Certificates.  As a Coin Dealer, you learn to scan the display cases very
quickly, and the coins for which you are looking just seem to jump out at you,
and if they don't, then they are not usually worth buying.  You also learn
from experience which dealers to ask about coins not out on display.  If
they don't have them, they usually can direct you as to whom you need to see. 
It helps eliminate wasted time. 

With coin information in hand, it is off to make purchases.  Most of the
coin purchases go well.  It is the usual kind of dickering back and forth. 
Discuss the coin. Talk price.  Subject change to ease the tension in the
air.  Talk price.  Another subject change to mentally regroup, and
then back to price to close the purchase.  Those of you who are in sales,
recognize the technique.  It works equally well in purchasing as it does in
selling.  It is called the closing wheel, and if you become good at
using it, even a well polished salesperson never sees it coming until the sale
is completed.  I'll give you a good example of what not to do.  I am
sitting at a table looking over a group of eight coins I want to purchase. 
The Coin Dealer needed to wait on another group of customers.  Since I am a
dealer and he knows me, he leaves me with the coins to inspect while he waits on
others.  Along comes a young lad of what I would estimate at the age of 15. 
He looks over the coins in the display case, and I ask him if he is a collector. 
He tells me he collects "Merc Dimes" and that he thinks those graded at Mint
State 65+ with Full Bands are under valued right now, and he is out to make a
killing.  He pointed to a very nice, beautifully toned one in the
case, and pulls out a copy of the grey sheet (wholesale pricing guide) and looks
the coin up.  Well, grey sheet says it is worth $400, and I'm going to get
for that, he tells me.  I am amused.  I want to sit back and watch
this deal.  Maybe I can learn something.  Nicely toned coins usually
sell for much more over grey sheet price, and in most cases, when one is talking
about coins with great toning, you can just throw any pricing guides away. 
The Coin Dealer walks over to me to see what I think of the coins, and I tell
him to help out the boy first, and that I can wait.  The boy asks to see
the dime.  Looks it over briefly, and acts rather bored with the coin. 
He sets the coin down, and reaches into his pocket emerging with four $100 bills
that he has pulled off a roll that would have chocked a horse,  before the
dealer came over to help him (what is a boy doing with that kind of money). 
He threw the money on the table and said, "I'll take it!  Grey Sheet says
it worth $400."  I wondered if throwing money at a Coin Dealer works. 
Remember, $400 dollars may be a lot of money to most people, and in a Coin
Dealers private life it is a fair amount, but in our surreal world of coins, it
isn't.  Most of these Coin Dealers have several hundred thousand dollars
worth of coins or more at these shows.  The Coin Dealer looked at the
money, and replied, "Look son, I like to encourage young collectors, but that
coin cost me $500, and I like to make about 10% on any coin I sell.  I
don't think that's asking too much."  There was the boy's opening to
negotiate, how would he handle it?  The boy's reply floored me. 
"What's the matter with $400!  Do you get some kind of thrill by taking
advantage of a kid!," the boy shouted at the top of his lungs.  The Coin
Dealer very calmly pushed the $400 back in front of the boy, and said in a very
low restrained voice said, "I don't want to do business with you, please leave." 
Then he turn his attention to me.

Since I am 55 years old, I didn't think shouting at the Coin Dealer would
work, "What are you trying to do?  Take advantage of someone who is almost
a senior citizen!"  So, I asked the dealer how much each of the coins would
cost me individually.  He gave me the price for the eight coins
individually.  I ran a quick total in my head.  I told him, I wasn't
really impressed with three of them (two were the most expensive, and one was
the least expensive), but I would take the five, and what could he do for me if
I took the five coins.  He gave me a price, and I thought I shouldn't push
him too much after what he just went through with the boy.  No, I wouldn't
push too hard, yet.  I ask the dealer to write the order.  As he
finished, and wrote down the final total I said, "You know, I'm not sure I could
get rid of these other three very easily, if I took those, too.  It would
certainly be a hard sell if I did take them (I already had customers for all
eight of the coins).  What kind of magic could you do for me?  Let's
make it an all or nothing kind of thing.  Could you do some kind of cost
averaging for me?"  The dealer picked-up the other three coins and started
to look the coins over.  He picked-up the coins -- Bingo!  I had him. 
We completed the transaction, and I was happy.

Now that I was finished with my coin purchases, it was time to get back to
finding sponsors for CoinTrades.com.  It is really interesting.  Coin
Dealers do not want a lot of competition on a website like this.  Knowing
the market, I knew this.  That's why I am keeping a magazine look to the
whole site with other kinds of sponsors as well.  Don't worry, dear
readers, I will fill you in on the site as we get closer to launch.  The
day ended up with another new sponsor.  I was exhausted.  Nine and a
half hours of work with a couple of ten minutes breaks.  My feet were sore,
and it was time to get something to eat.  After that, back to the motel;
take a hot bath; plan my Saturday; and get some rest.  Party?!  Not a
chance.

Saturday was pretty much like Friday.  I talked to a lot of potential
sponsors for the website, but I didn't buy any more coins.  I met with Prue
Fitts, the President, of WIN (Women in Numismatics) for a future article on
BellaOnLine.com, and at the end of the day I went to dinner with two potential
sponsors of my website.  Sunday would be a little more relaxed.  I
worked only from 11:00 am to 3:00 pm.  Then it was off to the airport to
return my car rental; have a bite to eat; and, catch my flight home.  The
flight to Minneapolis was on a different airline then when I went to Orlando. 
It was the first time I flew on Midwest Airlines.  The flight was
uneventful; on time; and, all passengers were served hot chocolate chip cookies,
too.  It was a pleasant end to a wonderful experience.

I hope this article has given you a little insight, as to the workings of a
Coin Show.  There were many other things going on while I was at the show,
for example, the auction of coins, a whole host of seminars, and many displays
to see.  As I stated in the beginning of this piece, the intent was not to
give you a fluff story, but rather a good insight as to the behind the scenes
working of a Coin Dealer at a major coin show.  From this you should take
away a couple of negotiation techniques, how to plan working a coin show; that
if you are a serious collector, a coin show is work, enjoyable work, not play;
and, how to utilize Coin Dealers to minimize wasted time.  When we learn to
make the most of our hobby, we have a greater respect for it, and a greater
appreciation for our accomplishments.



Some Historical Coin Flops
Gary Eggleston
BellaOnline's Coin Collecting Editor

In the 19th century there were a number of coins that flopped and were not popular with the public at large. In more modern times, the various dollar coins have never caught on with the public for making purchases. Most are either in storage or squirreled away in peopleÕs homes.

Half Cents

The average American is quite familiar with the terms ÒcentÓ or Òpenny.Ó Cents or pennies have been minted since 1793 with the exception of the year of 1815 which followed the end of the War of 1812. Otherwise, one kind of a cent or another has been in circulation.

If you mention the term Òhalf centÓ to the average American, you are probably going to get a look of puzzlement. Not many people are aware of the fact that half cents were ever minted.

The first half cent was also minted in 1793 but was not popular as a circulating coin. Between the years of 1811 and 1826 no half cents were minted at all. During the 1840s, the half cent was only minted as a Proof coin. As such the half centÕs lifespan was shorter and very sporadic compare to the cent. By 1857 the half cent was phased out as a denomination altogether.

2-Cent Coins

This denomination was a product of the Civil War Era. The Shield 2-cent coins was first struck in 1864 and soon outlived its usefulness within a decade.

You might be wondering why such an odd denomination was created in the first place. When the Civil War began in 1861, people in both the North and South quickly began to hoard coins, leaving a big shortage of circulating coins. Various merchant tokens and private scrip were used to fill this vacuum for small change.

Eventually the Federal Government of the North had to print paper notes of $1 and up, and even had to resort to printing fractional currency to replace the smaller-denomination coins that were being hoarded.

Congress approved the 2-cent denomination help redeem the enormous amounts of fractional currency in circulation at the time. The 2-cent coinÕs lifespan was a rather short one. Its circulation strikes ended in 1872 with only Proof strikes existing in 1873.

3-Cent Coins

This is another strange denomination of which two varieties were minted concurrently before being discontinued. The silver 3-cent coin was first minted in 1851 and was struck to aid in the purchase of postage stamps which were had a face value of 3 cents at the time.

The copper-nickel 3-cent coin was first minted in 1865 in an attempt to redeem the Civil War Era fractional currency still in circulation for the same reason the 2-cent coin was created. In 1873 the silver 3-cent coins were discontinued. As the fractional currency slowly disappeared from general circulation, the need for the 3-cent coins disappeared. The final mintage of any type of 3-cent coin ended in 1889.

20-Cent Coins

Unlike the other odd coin denominations, there doesnÕt appear to be any legitimate need or reason for this coin denomination. The origin of this strange denomination stems from Silver mining interests from Nevada with powerful connections in Congress.

These powerful mining interests didnÕt hesitate to use their influence to get what they wanted; a use for their silver! They used the excuse that there was some kind of need to purchase goods priced in 10-cent increments. Of course the dime would have fulfilled this need by itself.

The 20-cent coin had a design and size that was quite similar to the Seated Liberty quarter dollar and was minted concurrently with it. Needless to say the 2-cent piece quickly confused and infuriated the public at large. It was only minted between 1875 and 1876 for a total of about two years. This coin holds the record for the shortest-lived denomination in U.S. history.

Trade Dollars

The minting of Trade Dollars in 1873 is a unique one in the history of U.S. coinage. The creation of the Trade Dollar came about for two reasons. One was the desire to create a coin for trading purposes with Asia and an attempt to make use of the flood of silver being mined in the West.

The Trade Dollar met with only limited success in competing with other trade coinage from other countries being used in Asia at the time. Ultimately, the Trade Dollar also lost its legal tender status in the U.S. in 1876. The coin was never intended to be circulated in the U.S. Today the Trade Dollar is a highly sought after coin by collectors and is being counterfeited by many Asian sources to fill this collector demand.

Contemporary Flops

As every experienced collector knows, there are some coins that are extremely popular with coin collectors in general. What may not be as well known are some coins that never seemed to develop a lot of collecting excitement.

Coins that donÕt circulate well with the public or donÕt become popular with collectors can be considered as Òflops.Ó Some U.S. coins have never been popular with the public at large but have been popular with collectors, while other coins have never been popular with either group.

One example that comes to mind is the Seated Liberty 20-cent coin. It failed as a circulating coin in its day, but has grown to be a very collectible coin today. In its day it was too close in size to a quarter and was not very popular with the public, hence its short lifespan from 1875 to 1878.

Some coins have failed at not circulating and also failing to be popular with coin collectors. Several modern coins have fallen into this category. The Eisenhower, Anthony, and Sacagawea dollar coins come to mind as great examples. Though they are collected to some degree, they will never be as popular as Morgan silver dollars currently are.

It is important to remember that the purpose of the U.S. Mint is to mint coins for commerce rather than what coin collectors may desire to collect. While the Mint has been very receptive to coin collectorÕs demands, its primary duty doesnÕt always resonate with them.

There have been gaps in U.S. coinage. During certain periods no 5-cent, no dimes, no quarter dollars, etc were struck. In the 19th century there were even more series gaps. Of course, coin collecting for the average person is more of a 20th century development. During the 1800s, coins were used more for making everyday purchases and less of a collectible item.

As previously mentioned, the U.S. Mint is paying closer attention to coin collectorÕs desires, but most of the coins minted are a direct result of Congressional Legislation. Modern commemorative coins, struck since 1982 are one example of this.

It is highly likely that the U.S. Mint would have concentrated on minting coins for everyday transactions rather than having to deal with legislative mandates from Congress.

If the Mint didnÕt have to deal with Congressional legislation, it most likely would not mint coins such as the Kennedy half-dollar, Sacagawea, Presidential dollars, or other types of commemorative coins. Rather it would probably just mint coins for everyday use that would be utilitarian in design and nature.

Yet on the other hand, the U.S. Mint does make a pretty good profit minting and selling some of these types of coins. So it would be hard to predict what the Mint would do if it were left to its own desires.

For years, certain elements of the Federal Government have been trying to get the public to accept dollar coins without much success. We have seen the Eisenhower dollar, the Susan B. Anthony dollar, and the Sacawawea dollar coins come and go without the public embracing them at large. Most of them are either in storage or squirreled away in peopleÕs homes. Who knows what future coins will turn out to be flops.



FORBES: Money
Homo Numismatus
Leah Hoffmann, 02.14.06, 12:00 PM ET
	
New York -

Among Wall Street's many mysteries--the secret deals, the hidden transactions, the devious schemes and swindles--are its underground societies. They meet behind closed doors in undisclosed locations; their dealings are obscure. Fortunes are made and lost, futures determined, fates decided. Traditions are created and kept.

On a blustery Thursday night this February, the members of one such society convened in a historical clubhouse in downtown Manhattan. They were united in their passion for money, but these were no ordinary financiers. They were coin collectors.

The New York Numismatic Club was founded in December 1908, and its members meet once a month for dinner. They've never yet missed a meeting--not for the declarations of war in 1917 or 1941. Not for Sept. 11, 2001. In order to join the club, you must be invited by a member and attend at least three meetings; the club's board of trustees will then review your application and vote. No more than two dissenting votes are allowed.

There are currently 200 members, about 30 of whom attend the monthly meetings. The youngest member is in his late 20s, but the majority of the men (and they are nearly all men) are well into their golden years.

Coin collectors are a nervous set of people. Theft is foremost on their minds, and they are fanatical about maintaining their privacy. None of the club members I spoke with would consent to let me print his name. Most refused to reveal how much his collection was worth, let alone where it was stored.

"I keep my coins here and there around the city," said one member with a vague, dismissive nod of his head. "In bank vaults. In safe places."

"I've never seen all of my quarters at one time," a collector of early American coins said, sighing wistfully.

Ask him to describe his coins, however, and a collector's eyes will light up.

"This one here, this is a coin from ancient Rome," said a gray-haired gentleman, drawing out a dime-sized disc from his pocket. "Julius Caesar had it minted shortly before he was assassinated. In fact, it was one of the reasons for his downfall. The Romans weren't used to seeing the images of their rulers on currency--only kings did that, and they thought it was further proof that Caesar was about to make himself king."

Coin collectors are often highly educated, well versed in both history and literature. According to a survey conducted by the Colorado Springs, Colo.-based American Numismatic Association, most coin collectors are doctors, followed closely by lawyers and accountants. They often start collecting at a very early age. And they are passionate about their collections--even a bit obsessive.

"I was on a business trip in Europe a couple years ago when I found out that a very rare early-American coin would be going up for auction in Boston the next day," one collector told me. He flew back the very same night in order to be able to bid on it.

"I had to have it," he said, shrugging. One day--and $175,000 later--the coin was his.

But the joy of coin collecting is always tempered by the fear of being robbed. Hoping to find a collector who'd be willing to go on the record and talk about his collection, I called Stack's Rare Coins, located in New York City and one of the most prestigious dealers in the business. Might any of their customers be willing to sit down and speak frankly with me?

"What did you say your name was?" asked a suspicious employee. I repeated it. "And you're with Forbes?" I reassured him that I was. "All right, well, I'll have to look you up before I can give you any information about our clients," he said.

Look me up?

"How do I know you're not just a thief trying to make an easy score?" he asked curtly, by way of explanation.

At one level, the paranoia is easy to understand. After all, coins are small and easily portable, and unlike paintings, for instance, they are also relatively easy to sell. The rare-coin marketplace is as large as $3 billion a year, according to some estimates.

"People think of coin collections as money," a member of the Numismatic Club explained. "Which, of course, they are."

And while large-scale robberies are relatively rare, nearly every nickel-and-dime dealer has a story to tell about small-time thugs who make off with a couple thousand dollars' worth of merchandise. At the Numismatic Club dinner, news of a theft at the New York International Numismatic Convention, held in January, spread quickly. One collector, it seems, was held up as he walked back to his car and robbed of the coins he had purchased just that day.

In a safe environment, however, most coin collectors will happily trot out specimens from their collections. The Numismatic Club dinner concluded with a lively show-and-tell where members laid out some of their rarest and most interesting coins. Each was then given a strict three minutes to describe what he had brought. After everyone had spoken, the collectors drifted around the room and examined the coins more closely, offering admiration, praise and numismatic advice.

An impromptu jury even awarded one lucky collector a medal for the best in show. On its front was the organization's seal--a toga-swathed figure holding a torch in one hand and a coin in the other. On its back, a blank scroll supplied a space wherein the recipient's name could be engraved. The winner of that particular evening's contest had brought in coins from ancient Greece, Rome and 19th-century America.

"This is by far the most exciting part of the meeting," said a member. "It's really what most of us come for."