The Savannah morning news., 1904-03-19
VALUE OF OLD COINS.
The Things Which Make Collectors
Pay Big Prices for Them.
From the New York Times


Pay Big Prices for Them.
From the New York Times.
while the knowledge is fairly gen.
eral that many old coins command
high premiums" said a coin dealer the
other day, still there are very few
who understand why certain coins are
worth more than others. The great
majority of people wrongly think that
the value of a coin depends upon it's
age, the result being that every coin
coming into their possession more than
fifty years old is carefully laid away
for some future time when they may
be a demand for it. The principal
reason for a. large premium on a coin
is its scarcity. The date has nothing
whatever to do with it. There are
plenty of Roman coins thousands Of
years old, in good condition, which
can be bought for 25 cents, while a
New Jersey cent issued in the latter
part of the Revolution will bring $780,
1t is due to the fact that there are only
eight 1904 dollars in existence that
those coins are worth from 81 200 up
to any figure one chooses to pay for
them.
1.-The next thing in Importance to the
issue of a coin is its condition. And
upon this really rests the value of the
coin. The average collector has very
little use in his collection for a worn
or mutilated coin, no matter how
scarce it may be. Here, for instance,
is a 1874 dollar, badly worn, which Will
bring hardly anything, while one in
good condition is worth fully $500.
There are, of course, other reasons for
the increased value of a coin, and one
of these is illustrated by the experience
OF a wealthy Massachusetts, coin collec-
tor: This collector, impatient to finish
his collection of territorial gold coins
that is, coins made by mining COM
panies and private firms in the West
during the years Immediately follow
ing the gold discovery in California
advertised for the coins he needed to
complete his set. OF these gold coins
there are nearly 200 pieces, ranging In
face value for $3.50 up to $50. OF this
number he had already obtained about
100. and needed about 40 more to COM
plete the series.
"As soon as the dealers and those
holding these coins learned that there
was somebody anxious to get them,
the prices went up with wonderful
rapidity. Any one of the coins before
the advertisement was published could
have been bought under 500. But the
nremium soon went over this figure,
and increased until as much as $3.50
was demanded for single coin. The
collector bought them as they were
offered, however, Notwithstanding the
Increased figure at which they were
placed Finally a coin dealer In the
city secured one coin for $75, and an
other for $3.50, which were especially
sought by the collector, and then adj
yertised their sale at auction. The
advertisement attracted the attention
OF the collector, who was promptly
on hand on the day of the sale.
''When the coins were offered the
bidding was spirited, and the coins
were finally knocked down to a young
ish-loking man, whose appearance In
dicated limited means, for $500 apiece.
Promptly paying cash for his coins,
the young man at once left the auc-
ton room. He soon afterward was
followed by the coin collector, and the
gupposition is that the collector fin-
ally secured the coins from the young
man. The whole affair had much the
appearance of the fictitious bidding
that takes place at the auction sales
around town, where, by collision be-
tween the auctioneer and paid bid
der, the price of an article is bid up
until It reaches a satisfactory figure
AS $500 was the last price paid for
these two coins, that figure will now
stand as the listed premium"