The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1904-02-16
THE VALUE OF OLD COINS.
Large Premiums Are Paid for Them
EIOre on Account of Scarcity
Than Their Age.

While the knowledge is fairly gen
eral that many old coins command high
premiums" said coin dealer the other
day, according to the New York Times,
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 coin
depends upon its age, the result being
that every coin coming into their pos
session more than so years old is care
fully laid away for some future time
when there may be a demand for it.
''The principal reason Of 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 condi-
ton, which can be bought for 25 cents,
while a New Jersey cent issued in the
latter part of the revolution will bring
$500 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.
'The next thing in importance to the
issue of a coin is it's condition. And
upon this really rests the value of the
coin. The average collector has very
little use in his collection for worn
or mutilated coin, no matter how scarce
it may be. Here for instance, is a 1894
dollar, badly worn, which will bring
hardly anything, while one in good con-
ditiOn 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 ex-
perience of wealthy Massachusetts
coin collector:
NThis collector, impatient to finish
his collection of territorial gold coins
thatis, coins made by mining companies
and private firms in the west during the
years Immediately following the gold
discovery in acknowledgements for
the coins he needed to complete his set
Of these gold coins there are nearly 200
pieces, ranging in face value from $3.50
up to $50. Of this number he had al
ready obtained about 100, and needed
about 40 more to complete the series.
GAS 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 adver-
tisement was published could have been
bought under 500. But the premium
soon went over this figure and increased
until as much as $3.50 was demanded for
a single coin. The collector bought them
as they were offered, however, notwith-
standing the increased figure at which
they were placed.
Finally a coin dealer in the city Sc
cured 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 attention of the collector, who was
promptly on hand on the day of the sale.
when the coins were offered the bid
ding was spirited, and the coins were
finally knocked down TO a youngish-
looking man, whose appearance indi-
Gated limited means, for $500 apiece.
Promptly paying cash for his coins, the
young man at once left the auction
room. He soon afterward was followed
by the coin collector, and the SUPPOSE
ton is that the collector finally secured
the coins from the young man.
1.-THE whole affair had much Of the
appearance of the fictitious bidding that
takes place at the auction sales around
town, where by collision between the
auctioneer and paid bidder the price
of an article is bid up until it reaches
a satisfactory figure.
GAS $500 was the last price paid for
these two coins, that figure will now
stand as the listed premium"