The Indianapolis journal., 1904-02-07
WHAT GIVES OLD COINS VALUE
Their Selling Price Depends on yari-
Gus Conditions.
New York Times.

New York Times
while the knowledge Is fairly general
that many old coins command high pre-
miums'' said a coin dealer the other day,
..stin there are very few who understand
why certain coins worth more than
others. The great majority of people
wrongly think that the value of coin de-
pends upon its 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 there may
be a demand for it,
The principal reason for a large pre-
mium on a coin is its scarcity. The date
has nothing whatever TO do with 1t. There
are plenty of Roman coins thousands of
years old. in good condition. which can
be bought for g 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 1000 up TO any figure one
chooses to pay for them.
THE next thing in Importance to the
issue Of 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 collector:
This collector. impatient TO finish his
collection OF Territorial gold ccins-that is,
coins made by mining companies and
immediatel following the gold discovery
IN California-advertised for the coins ne
n needed to complete his set set OF these gold
In face value from $50 up To $50. OF this
number he had already obtained about $50.
and needed about forty more TO complete
the series.
"As soon as the dealers and those holding
these coins learned that there was some
body anxious 10 get them. the prices went
up with wonderful raptdity. Any one OF the
coins before the advertisement pub
lshed could have been bought under 500.
But the premium soon went over this hg-
ure. and Increased until as much $3.50
was demanded for a single coin. The col
lector bought them as they were offered
however. notwithstanding the increased hg-
ure at which they were placed.
Finally coin dealer 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 attention
of the collector, who promptly on
hand on the day OF the sale
When the coins We're offered the bid
ding was spirited. and the coins were finally
Knocked down TO a yOungish-l looking man.
N.hose appearance indicated limited means.
FOR 800 apiece Promptly paying cash for
his coins. the young man at once left the
auction room. He soon afterward was fol-
lowed by the coin collector. and the suppo-
sstion II that the collector finally secured
the coins from the young man.
THE whole AFFAIR had much the appear
nnce OF the fictitious bidding that takes
place at the auction sales around town.
where by coilusion between the auctioneer
and a paid bidder the price OF an article Is
bid up until a reaches a satisfactory figure
LAS $50 was the last price paid for these
two coins. that figure viii now stand as the
listed premium"