The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1885-08-26
COLLECTING RARE COINS.
SOMETHING ABOUT THE SCIENCE"
OF nUMISMATTCS.
An American silver Dollar that is
Worth Sl.20O-Othcr Scarce Ceins
-COunterfcItfnE Rare Pieces,

A New York Herald reporter met a
gentleman who has spent much time and
money in collecting rare American coins,
and from him learned many interesting
facts concerning the growth OF the sci
ence of coinage, the pieces most sought
for by collectors, their repective values
and the recent discoveries in the numis-
matte field.
"Here is q curious little coin," said
the numismatist, as he carefully held up
between the thumb and finger a silver
niece about the size of a dime. "It
bears date of 1888, and is called the bit.
The diverse, as you see, contains the le-
gend Nova Constellation or the new
constellation of thirteen stars represent
ing the thirteen original States, and the
reverse u. s.. and 'Libertas Justitia.' 1t
is interesting from an historical as well
as from numismatic point of view, for
che series to which it belongs comprises
the earliest effort looking to the estab
lisnment of United States government
coinage. In 1882 Robert Morris,
the tinancier, reported a system of
coinage devised by Gouverneur Morris,
consisting of the crown, gold piece of
the value of 10, 900 units, or mills, equiv
alent to $40; the mark, silver piece of
1000 mills, or 81; the quint, or half
dollar; the bit, ten cent piece, and
copper penny. There are but four spec
linens of this system known to collec-
tors, and these are this bit, one mark and
two quints. Probably no dies were made
for the crown or penny, as no specimens
Of them have been discovered, and there
is no record of any having been struck.
This bit was recently purchased in Scot
land by w. Elliot Woodward, of Boston,
and brought by him to this country.
Being the only one of the type yet found,
it is unique and therefore of the highest
rarity Woodward offered it for sale at
auction in New York, limiting it at $3.50.
AS it was not bid up to that figure the
piece was withdrawn. Just before the
bidding commenced bona tide offer of
$500 was made for it and promptly re-
fused
THAT money is generally sought for
the advantage and luxuries it will
bring, p" continued the numismatlst, "goes
without saying, but the public in general
have but little idea how many rich and
cultured men are at PRESENT engaged in
the collection of rare coins, and what
enormous prices they sometimes pay for
pieces whose face value is perhaps but
cent. The growth of the science-for it
is a science and not a hobby-has been
very rapid in the United States during
the last few decades. Fifty years ago
there were less than score of collectors,
and coins possessed little or no fictitious
value. Now there are over three thou
sand recognized numismatists in this
country, many of whom pay handsomely
for varieties to enrich their cabinets.
Even now, collecting here is considered
in its infancy, and if fictitious values
continue to increase in proportion to the
number of collectors one must needs in
a few years have moderate fortune to
be able to purchase dozen varieties. In
England collectors are legion. The same
can be said of France and Germany, and
the literature of science holds q recog-
nized place in every well selected foreign
library"
"Has the traffic in rare coins as yet
reached noteworthy dimensions in the
United Statesl"
''Every large city has several dealers,
who make the buying and selling of
coins their exclusive business. Many of
them also publish journals devoted to
the subject. By these dealers collections
are often catalogued and sold, either pri-
vately or at auction, and the dealers
themselves dispose of their surplus stock
through the medium of the auctIoneer.
An auction house on Broadway has made
a speciality of this branch of the bust.
ness, and annually disposcs of thirty or
more collections for an aggregate amount
of from $50, 600 to $40, ,000"
(which are the scarcest of tho Ameri-
can coins, and at what figures are they
quotedp
"Thc 1904 silver dollar is the Kohl
moor of coins in this country and com
mands the highest price. One of this
date was sold privately within year for
$1,000, and another, not 50 we'll pre-
served, brought at auction in this city
over $3.50. A Philadelphia numismatist
recently picked up one at sale in Ger
many for the comparatively small sum OF
5000. An almost uncirculated half dime
of 1S02-the next rarest piece of the
mint coinage, and probably the finest
specimen of the date known-belonging
to Harold p. Newlin, of Philadelphia,
brought $400 two years ago at public
sale. An 1915 half eagle sold recently
for $3.50, aud a quarter of a dollar oi
1927 for 1925. Among the rare silver
coins may be cited the dollar of 1894
the half dollars of 1896 and 1897 and the
quarter of 1923, any of which, if in fine
condition, not unfrequently brings $10C
or more. Recent dates in the silve
series sometimes command very respecta
bic premiums, such as, for instance, tn,
twenty-cent pieces of 1877 and 1878
which readily command SO each, anC
the three. cent pieces of 1864 and 1873
which do not go begging at $1.50. Tn,
silver dollars of 1851 and 1852 are no
dear at $40 each, and that of 1853 i
worth in the neighborhood of $25. Somt
Of the early copper pennies also, if al
perfect as when dropped from the mint
are eagerly sought for at high prices.
1898 cent in this condition brought a
auction in this city, within a year, $500
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