The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-06
ABOUT THE RARE OLD COINS
Copper the Most VOIuable-- Why the
1904 Dollar is so Scarce.


expert of this city today. 1.-THE best
American coins for collections come
from abroad. This is because the best
preserved coins are those which have
been boarded. Foreign ship captains are
very likely to receive them in the course
of business, and having difficulty in pas
sing them in their native land, are likely
to put them aside, partly as a savings
and partly as curosities. Years later,
when the captain and his collateral heirs
are dead, they are fshed out and get
into the hands of dealers. Many years
ago, besides. it used to be the practice
when a child was born, to set aside
complete set of the smaller coins of that
date, and frequently they were secured
fresh from the mint If they were care
fully kept and have been handed down
a couple of generations, they are likely
to have a premium value.
but most Of the rare coins now dis
covered come from the farm. Some man
who lives in a very rural district far
from a railroad and who earns his
money slowly and does his own banking
may decide to buy a new wagon, and
gets all his savings in coin out of the
the local bank, and the teller. who has
list of premium coins pinned up beside
his window, tkes out any which are
worth more than their face value.
Professional coin dealers, not only in
Washington, but all over the country,
are greatly bothered as result of a ty-
biographical error in a newspaper article
which has been going through the ex
changes. Among other things, the article
tells Of the payment not long ago of 81
900 for a five dollar gold piece of the date
of 1922. But the date was accidently
made to read 1882. There are over tree
million dollars worth of the 1882 gold
pieces in circulation, and about every
man who happened to read that story
has been bale to secure gold piece
which agreed with the description and
has taken it to a dealtr. Many dealers
have posted sign near their doors read
ing: Which have you? A five dollar
piece of 1882 or one of 1922? The price of
the former is So; of the latter, $1,000
When a customer enters in state of ev-
ident excitement, his attention is called
to the the sign
In a Washington pawnshop our numis-
of the Order of the Cincinnati which
bears the date 1898. How it came into
the possession of the pawnbroker, wheth-
er by theft or by dire necessity, is not
known. The gold in it is worth about
800, but its value as a relic is, of course,
very much greater.
The government secret service frequent
1y receives material assistance in detct-
ing and Furnishing counterfeiters from the
collectors and dealers in rare coins. The
premium values paid for these coins
furnish a strong motive for making the
imitation article and dealers are obliged
to be on the alert all the time. Altering
dates is the practice most frequently re-
sorted to by the operators. This is much
simpler thing than the manufacture Of
an entirely new coin; in fact so simple
that few dealers in the country will ac-
cept finest specimens of the most rare
coins without a careful investigation of
their history. This is notably true of the
1904 dollar. which commands a price III
the thousands. and of which there are
supposed to be only three or four in ex-
istence. In altering the date the electro
plating process is employed, and an old
tions. The figure one IS removed and
then the whole Is coated with a thin
layer of wax through which a figure
four is etched. When the coin is put in
to the plating solution the silver is de-
posted only on that part from which the
wax has been removed. The figuse "4'
thus produced is carefully finished off
with craving tools, and the result is cal
Cuated TO deceive the elect. About the
only way these counterfeits can be de-
tected Is by uncertainty as to their his
tory. The man who offers one to the
dealer cannot give connected and we'll
substantiated account OF the channels
through which 1t came int his possession.
Usually the coins biography goes back
to a tramp or a saloon keeper but be-
yOnd that point is misty and vague. The
story usually told to account for the scar
city of this dollar Of 1894 is that nearly
the entire mintage was on board the fri
gate Philadelphia when she was blown
up In the Bay Of Algiers to keep her
from falling into the hands Of the pirates
with whom the United States was then
at war. If this be true. the genuine ar
ticle is not apt to become plentiful un-
ing in the waters of the Mediterranean.
ITO the dealer in old coins continued
our numismatist copper IS infinitely
more valuable than gold or silver. Many
people do not understand this. and jun
naturally TO the conclusion that gold or
silver coins command the greatest prem
iuu1s TO the collector condition Is the
main consideration. A coin must be per-
feet to have high premium value. Gold
and silver will keep in good condition al
most indefinitely But copper IS very
perishable Take q copper cent today
fresh from the mint and put tt outdoors
over night. and in the morning IL viii
he. from the point q view az the col
lector. greatly damaged There Is Tot an
absolutely perfect set Of American cop
per coins n the world. A great deal IS
heard OF the 1904 silver dollar. one %
which sold for over 81 Do. A copper cent
o. 1873 IN perfect condition = Infinitely
more scarce and would bring a much
higher price. can say with confidence
that Il does not exist Mere age counts
f1r very little 7 can furnish Greek AMI
Roman coins Of absolutely undoubted su-
theaticity more than two Thousand years
old for = cents. but FOR a silver haif-
dime - Isss in perfect condition ! Elll
gladly qay ten times that price"
= -s,a 49,. 81 g. -,~,v-zaf-,fI So v<5ssz