The herald and news. [volume] (Newberry S.C.) 1903-1937, 1904-04-19
VALUE OF OLD COINS.
Way Collectors Pay Great Sums for
Certain Ones.
New York Times.

eTdi that many ola Collls Coillladllu
high premiums. said coin dealer the
other day. still :here are very few
who understand why certain CONS
are worth more than others. The
majority Of people wrongly think
that the value of coin depends upon
its age, the result being that every
coin coming into their possession
more than fifty years old is carefully
lad away for some future time when
tf,=re may be q demand for it. The prln-
cipal reason Tor large premium on
a coin is its scarcity. The date has
nothing whatever to do with 1t.
There are plenty OF Roman CONS
thousands OF years old. in good con-
dii;on: which can be bought for IS
cents, while New Jersey cent issued
in the latter part OF the Revolution.
will bring $780, II is due to the fact
that there are only eight 1904 dollars
in existence that those COINS are
worth from S1,2oo up to any figure
one chooses to pay for them.
The next thing in Importance to
the issue. of a CON 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 Inutilated coin. no mat
ter how scarce it may be. Here. for
instance is 1894 dollar, badly worn,
which will bring hardly anything
while one in good condition is worth
fully 5000. There are, OF course,
other reasons for the increased value
OF a coin, and one OF these is illus
trated by the experience OF wealthy
Massachusetts, coin collector: The
collector, impatient to finish his COL
lection OF territorial coins-that IS.
coins made by mining companies and
private firms in the west during the
years Immediately following the gold
discovery in California-advertiSed
io- the coins he needed to complete
his set. Of these gold coins there
are nearly 200 pieces. ranging in face
value from S2.5o up to $50. Of this
number he had already obtained about
100. and needed about forty more to
complete 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 OF the coins before
the advertisement was published
could have been bought under S1oo.
But the premium 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. notwith-
standing the increased figure at which
they were placed. Finally a coin deal
er in the city secured one coin for
SIS. and another for $3.50. which were
especially sought by the collector, and
then advertised their sale at auction
The advertisement attracted the at
ten,ion 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
youngish looking man for
$500 apiece. Promptly paying cash
for his coins, the young man at once
LETT the auction room. He was soon
afterwards followed by the coin COL
lector. and the supposition is that the
collector finally secured the coins
from the young man. The whole at
fair had much the appearance Of tlcti-
tious bidding that takes place at the
auction sales around town, where
by collusion between the auctioneer
and a paid bidder, 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 list
ed premium.