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MikeKing

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Journal Entries posted by MikeKing

  3. MikeKing

    The 1814 SINGLE LEAF

    By MikeKing,

    Die lapping (to improve the coin for striking purposes in the US Mint, which used a SCREW PRESS in producing their coins) caused erasure of the leaves on this branch, making it a very scarce variety.
    Another interesting artifact of the way things were done so long ago, and so precious in the story it tells.

  4. MikeKing
    The 1818/9 is the most common overdate in the Bust Half series, but it's still not easy to find
    The first one I had was fortuitous in that I bought an 1818 in an NGC holder, but upon inspection, when I received it, it was an 1818/9. I sold that coin. Can't remember if it was a large or a small 9, but what I'm discussing here is the small 9. The small 9 reveals more of the 8 which lies under it. Also, there was only ONE set of dies for this particular overdate, as opposed to several for the large 9. It is therefore the more scarce, overall, of the two (although there are some die marriages of the large 9 variety that are scarcer). Here's a photo of the overdate. The whole coin may be seen in my registry set.

  6. MikeKing
    For anyone interested in a couple of closeups (this and the next journal entry).
    Closeup of the date on the 181.7 50C. Thought not to be an actual overdate, rather, just an error in keeping the working die free from any damages (like someone poking a small hole in it and mystifying collectors for the next 150 years).
    See the Reverse shot in the next journal entry.
    Photos of the full obverse and reverse are in my Capped Bust set if you'd like to view them.

  7. MikeKing
    1808 and 1808/7 are two empty slots in my Capped Bust Half collection that I've found very hard to fill. Not due to any paucity of these coins, rather, the difficulty in finding really nice ones.
    For example, I had an 1808 NGC 58 that was quite superb in many ways, but it had been dipped, and retoned peripherally, in a way I found very 'artificial'. I don't mean AT (artificial toning), but the coin just didn't have 'the look' that I'm interested in, so I sold it. Yes, at a loss! I just had to do that.
    I haven't found a good replacement since (all the good ones seem to get away from me).
    Similarly for 1808/7, though, I never had one.
    Restricted by finances right now and having to sell coins to buy coins, I wondered what I was going to do when Sheridan Downey had his next sale/auction. I KNEW there would be several coins that I'd both need and want and just couldn't find elsewhere, and maybe, just maybe, he'd have a great 1808/7.
    Yes he did!
    Just recently, he purchased Palmer's Red Book collection of Capped Bust Halves and put them up for sale. The 1808/7 was too good to be true. The price I paid for it was too much to be true also. . But you get what you pay for (sometimes), and here, certainly, I feel it was well worth it.
    Probably, though not definitely dipped at some time in it's life, toning that in hand is rather gorgeous with pearlescent grey centrally and some golden browns and blues peripherally, that just spell 'natural'. The die flow lines are strong, and the cartwheeling is inclusive of the fields entirely, which is not often the case, even in lower MS grades. Indeed, this coin never saw circulation, though it's graded an AU58.
    So, I'm real happy, and the 1808 can wait until my finances improve, and....having that overdate is quite a thrill.

  8. MikeKing
    I always figured I'd just have to settle for the 1807 large stars 50 over inverted 5 (otherwise known as the 50/20 [sic] {see my registry set for a more detailed discussion of the erroneous 50/20 designation}). I was tickled when I landed a really really nice one in AU55, and never figured I'd own those two really really difficult to find 'large stars' and 'small stars' varieties.
    And of those 'Bearded Ladies' supposedly so rare but popping up all over the place (I bought one once in a PCGS VF something holder and returned it immediately)...damn, to find one of those with the complete crack and in really nice condition would cost an absolute fortune (I've only seen one that I liked and it was priced at over 8K).
    Well...my collecting practices are taking a turn. Initially I thought I'd buy coins I always kind of wanted...like the U.S. Assay $10 piece, and all that copper, lucious copper, in my Colonial Coins set...but I've determined that I just don't know enough about any coin outside of the Bust Halves...I mean...not that I'm an expert in ANYTHING, but I know more about Busties than Gold, and I hate to say this...even copper. I just don't know enough about them to not risk getting screwed in a transaction.
    So I started selling off my copper and my gold and besides paying off some credit card bills, where the interest alone, in a year, could buy me one very nice coin...I started to re-invest myself in my Bust Half collection. Damn...am I happy I did that. The future looks BRIGHT. Yep!!! I said it...BRIGHT!!!
    First, I began to find that I was tripping over...or maybe I should say these coins were literally falling into my lap (which makes you wonder how scarce they really are). I found a great AU58, really MS62 1807 50/inverted 5, that I just had to trade up for...and of course, pay the difference in cash (Arrrgh).
    Then, I came accross this really neat and original looking AU40 Small Stars, that I also traded some coins in for...of course + some cash (yikes!).
    And THEN, I fell upon a really neat large stars, clean surfaces (basically), un-molested (basically too), also in XF40+, that just had great eye appeal (gosh...I never seem to capture these kinds of coins adequately with a camera...but what the hell...my photos end up in my registry set regardless).
    Oh yeah...and traded in coins for that one also.
    Darn, I'm devesting and investing at the same time.
    But I am sure as hell happy about it!!!
    So that's my story, and I'm sticking to it.
  11. MikeKing

    Original Gold

    By MikeKing,

    I think there is a general understanding that most of the gold available in today's market has been manipulated in one way or another.
    Just try to find un-hairlined circulated or low MS gold.
    I spent hours and hours and days, looking around at the ANA in Milwaukee recently, and came up with very little.
    It's almost become a new challenge of mine, so challenging, I think I should throw in the towel before I even get my feet wet. And believe me, they are not even wet yet.
    Now, Bust Halves suffer similarly, except for a couple of things.
    Firstly, silver is not as soft as gold, and the consequences of this are easily seen if you examine even a small sample of coins.
    Secondaly, a lesser majority of Bust Halves that I've seen on the market have been wiped. That's just my opinion. I haven't done a statistical study, so what I'm saying is just through my own 'simple observation'.
    But it seems that Gold, is usually wiped. And that leaves hairlines.
    My 1834 Classic Head, gorgeous coin, better than average strike for the issue (I think), dipped, wiped and retoned. If it weren't for the hairlines, I'm sure it would have graded MS. Does that mean I won't have it in my collection...obviously not. But sure as hell when I find a piece that is original, I will buy it up in a flash. I'm talking AU now, not MS. Too much money.
    Now, I've got a couple of pieces in my small collection of gold that are original. One has hairlines that I don't believe are from a wiping, rather, from handling, and the marks consistent with the grade of MS 60. It's originally toned. Well...how do I know that, and what's original?
    I'd say that the depth of the toning, and the way it falls on the surface of the coin is consistent with something that occurred over a long period of time (a lot longer than 20-30 years), so I would hazzard to guess that indeed, the dealer who sold it to me, who felt is was >100 yrs of toning in a leather pouch, may very well be correct.
    Hey, if you think otherwise and can explain a logic that would defend otherwise, email me...please...I need to learn.
    But I'm posting this coin for the very reason that it looks like 'original gold', a rare item for anything but moderns, and also, a coin of great beauty. In fact, despite the scratches c/w the grade, the coin is absolutely stunning, and I doubt I'd find one so beautiful even in high MS grade. Show me one, please! Even though I wouldn't be able to afford it!!!
    If my strength holds up, I'll soon post another piece of 'original gold' that I have. This one of lesser grade, more marks, more heavily toned and no obvious hairlines. Also, a very interesting coin.
    I've put these coins in a Signature set I've started that I'm simply calling 'Michael's Gold'. It's just an endeavor of mine to buy some nice looking gold. Can't do everything at once, and I just can't seem to tear myself away from those darn Busties!

  12. MikeKing

    Intrinsic value

    By MikeKing,

    Or maybe I should use the phrase 'intrinsic numismatic value' as put forth by a colleague (zoins) on the NGC board?
     
    Buying a coin with intrinsic value depends on so many things, and the numbers of coins extant, to me, is one of the most important.Why? Because if there are only 23 extant, I'd be terribly pleased if it was originally toned, never wiped and grade almost irrelevant, but XF to AU would be perfectly pleasing to me, And if the price is good, you KNOW you're getting a real bargain, real value and all that steak and not the sizzle (I'm taking this term from Scot Travers) that an MS 64 whatever would have with a pop of >500 (NGC/PCGS combined), which though it looks pretty and the price tag may be the same or even a little or a lot more than your really SCARCE bargain, is no where as 'rare' as your low pop, even if lower grade, naturally toned, unwiped 'rare find'. Something you can really treasure in your collection.Now how do you determine the population? I'll never go to a coin show again without the NGC and PCGS pops printed out and in hand for the coins I like.Can you rely on them? Actually yes and no. Yes, in that it's the best way to actually see evidence given as numbers by two major grading companies. Now we all know those numbers are skewed by resubmissions, the numbers of which can be unbelievably high, I'm sure, when the next grade up jumps five fold. But at least you have a number, even though you know it's not absolute. It's probably even a bad approximation, but at least it gives you an idea about the SURVIVING population, because Mintage numbers, while also helpful, mean nothing when 90% of the coins were melted down for that year, rendering any comparison with mintage figure for a year in which most of the coins survived, irrelevant. Then, of course, are the Heritage Archives. Not the be all and the end all of total coins autioned off, but large enough an auction house and around long enough that you will get a very good idea about HOW MUCH of something is really out there. So when you look up the coin your interested in and you see that only 10 have been auctioned off in ANY GRADE over the past 10 years, as compared to 50 or so being auctioned off in ANY GRADE just in the past year...tells you something about the scarcity (or lack of) of the coin your interested in.Of course, when you're at a show, and you find THAT special coin, you really have to buy it immediately, lest it dissapears into someone elses hands, so even though there might be an Internet Cafe in the lobby, you may not have the time to go see what the Heritage Archives shows. Maybe this is where previous study would be helpful...to really KNOW your coins, and your want list. But then, if that want list is too large, hell if you're going to know the number of coins auctioned for each and every one.So to round this brainstormin of mine off, this is what I've come up with.It's easy enough to print out the NGC/PCGS pops for coins your interested in (e.g. all $2.5 Gold) and keep it in your pocket, so when you see a piece that is naturally toned and you know THAT in and of itself is a rarity, and you also see a really gorgeous higher grade flashy piece next to it, you can just look to see that the flashy piece has an NGC/PCGS pop combined of 1,000 (in all grades) and that original beauty in XF has a pop of 100 (NGC/PCGS combined) (in all grades) it makes it a lot easier to decide which one to purchase. Sorry for any grammatical/spelling mistakes as I'm hitting the send button lest this brain storming of mine gets deleted before I send it!
  13. MikeKing
    This is one of three coins I won in the Sheridan Downey auction which finalized at the Milwaukee ANA World's Fair of Money. The story is that these coins were in a vault, untouched, since the Civil War. Purchased in a probate sale by Chuck Erb, and then later passed on the Brad H. of the BHNC.
    Silvery grey patination with underlying luster, these coins are currently raw. I will have them certified, not for the reason of grading them, rather, for their protection.
    I can only place the photo of one of them here, and when certified, I'll place the photos of the rest of them in my Bust Half Registry Set.
    Since over 95% of the Bust Halves on the market today have been 'fooled with' in one way or another, I thought you might find it of interest to see something that was locked away for over 150 years and subsequently untouched by it's owners.

  14. MikeKing

    How To

    By MikeKing,

    How do you go cleanly in working on your inner desire for perfection and completion...how strongly do you hold the goals in your mind and continuously assess the advantageousness or disadvantageousness of your goals.
    Feeling the disadvantages is a must if your going to build a great set, the magnificent collection. And grade doesn't matter, you can do this in vf or ex or au or ms blah blah blah as there are ugly and beautiful in each.
    If you don't feel the disadvantages, you'll never know better.
    The disadvantages is putting your money on the wrong coin, or having second thoughts, or not knowing which one is the wrong coin but just knowing there are two or three in there.
    Well, I figure, I've gotten myself from point a to b and I could take a break, or read some, or buy more coins and then where am I?
    patience really is the way...
    so what do you do when that second chance arrives? how strongly do you notice it, an what is your assessment of what's been already done?
    I don't think most numismatists are alway successfull, unless they've got a plan to follow with blinders on and apprehended self judgement.
    Maybe, I think, it's time to start going to major meetings. Maybe then I might learn something.
  15. MikeKing

    Being SMART

    By MikeKing,

    I'll tell you...as I examine myself...as a collector...and look back, and look at myself now, I feel like I'm walking a tightrope.
    And maybe that's a good thing.
    Because the more people I interact with on the boards, and the more coins I examine, and the more dealers I deal with, the more and more I see my own frailties. I look at my mistakes...and gosh...I still make them.
    But at least I'm the one now who's figuring out WHAT'S a mistake and what is not. And basically, how you can only really trust your own un-trustworthy self.
    Am I being too hard on myself?
    No.
    I'm being SMART!
  16. MikeKing

    PUNCH

    By MikeKing,

    No, not the cigar and not the boxing ring kind....
    The question I've been asking myself lately is " Does the coin have PUNCH ?? "Does the coin have Punch?Does it come out at you?Or, when you look at it, do you melt?Is it a pleasure to hold in hand?Is it different from the rest?You get the drift.So, if you're looking for coins with PUNCH...how can you assemble an entire set of PUNCH happy coins???If you did, then WHERE is the PUNCH????Isn't it lost???Just a question I ask.Can you assemble a collection that is one PUNCH after another???And if so, wouldn't you be knocked out before the end???Do you really want to....need to...assemble a PUNCH happy collection...Or wouldn't it be real nice if you had a few select coins that possessed PUNCH?
  17. MikeKing
    Dipping....lot's of different opinions. Most Busties have been at some time or another and retoned...some didn't retone, some have been over-dipped and ruined...
    But a dip that reveals the surface archetectonics like this one, which reveals a truly FROSTY Bust Half, is a rarity indeed. At least I think so.
    So, again, as I've said in other entries, I'll state my reasons for buying this particular coin:
    1. It's an 1828 curl 2 in mint state, and that's not easy to find.
    2. It's a mint state coin that's been dipped. This dipping revealed a great surface with regards to mint frost and cartwheel effect. Just lovely. This is also a rare find in Busties.
    3. The surfaces, well...the cheek and neck have a few hits, but there are NO HAIRLINES. And that's not an easy task, dipped or dipped years ago and re-toned, hairlines really destroy the eye appeal of a coin...to me. So, overall, the surfaces are pretty clean (except for the hits on the bust).
    4. The strike is truly excellent. It's like it borrowed silver from somewhere, but I can't figure out where???!!!
    5. It's a true uncirc. A lot of junk is getting placed in MS63 holders. This is a bona fide MS63. I'd say MS63+, but I can't, because of the hits. Maybe 1/2+ for eye appeal.
    6. The price was right. I got this at auction for a steal, quite honestly. Sometimes you can luck out.
    7. Overall eye appeal is stunning...how could I resist?
    I think that about sums it up, and hope you enjoy this coin and my reasoning for buying it helps as well.

  18. MikeKing
    I promised I'd review the things that charge me up when it comes to choosing a coin and saying YES!, for the next ten coins I purchased. Here's #5, sorry, I'm falling behind.
    I'm going to cut and paste from my registry set entry and then make a summary commentary:
    1810 50C Overton 102 R.2
    The coins I'm most recently acquiring I've searched high and low for. The optimal 1810 would be one that is well struck. This one is characteristically poorly struck centrally, in fact, the left wing of the eagle looks like it's dissolving away.
    But the coin is exceptionally beautiful. Gorgeous toning, the hair curls are just beautiful, if not impeccably void of any wear. The fields are somewhat proof-like obviously from polished dies, yet retain cartwheel luster which shimmers through the almost metallic blue peripheral toning. I would say that it was hard to find actual wear on this coin which is so poorly struck, and I suspect it could be argued whether or not there is rub on the cap and perhaps the lower drapery, but I can attest to the fact that I cannot find evidence of rub on the reverse. I am uncertain if this coin has ever seen circulation, but it's fields are not entirely clean under a glass, though, that doesn't mean it entered actual circulation i.e., used in commerce.
    *******Commentary:
    1. The overall 'look' of this coin is simply gorgeous
    2. It appears quite naturally toned and if dipped in the past, certainly had quite a bit of time to retone. And very nicely at that.
    3. The hair details on Busties always do it for me. This one is meticulously clean. The light, when you tilt this coin, just runs through the hair. I love that effect.
    4. The strike is lousy. what can you do. The left (your left) eagle's wing is literally dissolving into the background. I think, when you're collecting a whole series, it allows for you to make exceptions like this more often than not. I took advantage of that fact. The coin is stunning, to hell with the eagle's wing. Big deal.
    5. This is a difficult date to find in DECENT shape.
    (REMOVED)
    6. I can see this coin in an AU58-MS62 holder. I doubt that it's ever seen real circulation, but can understand the AU58 designation. But grade is not what really counts in this series, as I've said before, so I think I should remove point 6 as one that I used to consider when purchasing this coin.
    (REMOVED)

  19. MikeKing

    Is it THRILLING?

    By MikeKing,

    My apologies for not following up with write ups on the past few coins I've acquired, but I haven't been able to do much typing because of a neurologic problem I have.
    But I thought I'd type this one in because it's short.
    If its not THRILLING, it's worth selling.
    I re-examined the photos of all of my coins, and I can honestly say that only a fraction of them are THRILLING (to me).
    Why not keep those, and sell the rest?
    So step 2 is to re-examine these coins in hand and then make the move.
    (which means going to the bank, lugging them home...blah blah blah...)
    But something to keep in mind. A coin can be real nice, fill a slot, look good, whatever, but does it actually THRILL you?
     
    And you really have to have them in front of you, to the side of you and behind you, at different times with different lighting, and using a glass, or not using a glass, and you can say to yourself WOW.
  20. MikeKing
    And if you don't feel qualified to do so, start reading and studying and scouring for all the information you can AND READ BETWEEN THE LINES of auction descriptions and dealer descriptions and try to sell a few of those coins back and you will beging to see more of what the truth is all about.
    You'll begin to discern what is important to you and what compares to the market in terms of buying and whether this matches up or is a mis-match.
    The time will come where you will realize that you may very well know more than your dealer, then the dealer intimidation, bending of the truth for their self serving ways, consioucly or unconciously, wiy ll become more self evident.
    That throws you in a whole new persepctive.
    You still have a lot to learn, there is ALWAYS something to learn. But don't ever think for a moment, that just because someone is a dealer, especially a well known dealer, don't let them intimidate you into short-changing you're own self confidence and your own knowledge.
    And the time will come where you may very well find out that they indeed, did know more than you did about a given coin, just as you will find out they don't know dittly squat about other coins as well.
    When you begin to be strong enough to evade the illusion of a TPG, and learn to grade coins yourself, and see the insconsistencies of the TPGs, you will find that you are not just buying the coin and not the holder, but that assigned grade becomes irrellevant to you.
    And the teaching can go both ways, becausethere are so many different factors in evaluating a coin, particularly for the purposes which suite you and you alone. And it would also be estute of you to figure into this equation, the marketablity of your coins in both the near future and distant future, unless you want them buried with you.
    A smart dealer, who knows what he is talking about, and proves it over and over again with quality coins in his inventory, is someone you can really learn from...IF they are willing to give.
    And believe me, that is not hard to find.
    I've learned tremendous things from dealers that I've never even bought a coin from.
    So the bottom line is again my proverbial question why.
    Answer those questions to yourself, why this and why that, and come up with answers and more likely you will find that you've had better control of your choice and that your choice will be a better one than if you just looked at a coin and said 'it's pretty' or 'it will fill a hole', or that's the date that I want, when date only has siginificance in choosing a coin if it tells you what to look for in that years minting process, ahd whether it's rarity, scarcity AND need within your collection actually holds real meaning.
  23. MikeKing
    Can you look at a coin, and even if you don't like it, understand it's technical qualities and aesthetic appeal (even though not aesthetically appealing to you)? Can you distinguish a coin like that from true ?
    It's like Boticelli's painting of the birth of Venus.
    A gorgeous painting, genius, and tons of believers.
    Can you dislike that painting and still see its beauty?
    Can you compare it's beauty to the original Greek statues of Venus? And can you understand why some people might prefer the actual Greek depiction rather than Boticelli's while also understanding the significance of Boticelli's work and its inherent beauty even though is is just not your cup of tea so to speak?
    I think you should.
    I think when you can do that, you can do the same with coins.
    You can objectively examine two coins that are the same but different grades or different strikes or different patination and fully understand the beauty of BOTH and the desirability of BOTH, knowing full well which one YOU consider more appropriate to your sense of Aesthetics and why. And to answer why, you'll need to be able to objectively describe both coins and THEN insert your personal opinion. YOUR sense of beauty.
    In fact, by doing so, by looking at the objective factors which generate within you, a feeling, and understand the criteriae that you, yourself, impose on an object which in turn elicits an aesthetic appeal, you should then be able to see in other ways, how another person could have a differing opinion. One just as valuable as the other.
    Take this further. Understand that by refining your ability to view a coin, by increasing your numismatic acumen, and being able to see objectively, other peoples opinions, you enhance your ability to descriminate between what is good and what is bad. Because then, you can seperate your sense of aesthetic beauty from your judgement, and at the same time using your sense of the aesthetic beauty of a coin to ASSIST you in your judgement. This should enable you to CHOOSE what is best for YOU, to stregthen your CONFIDENCE in choosing without berating what others choose, seeing the beauty in what others choose, yet at the same time, be able to descriminate between what is really junk and what is really good.
    Because some coins are just plain JUNK by almost anyones standard, and staying away from coins like that will make you a better collector. And you will appreciate that when the time comes to sell your coins.
     
  24. MikeKing

    Growing up

    By MikeKing,

    There are points in the collecting career where you might stop for a moment to catch your breath and look at things differently, provided your inner compulsion to acquire coins doesn't blind you in the process.
    But that compulsion to acquire may remain and serve you well provided you allow yourself to maintain clarity of purpose.
    It's the tenacity to the clarity of purpose, the constant defining and re-defining your goals and how you go about them that gives you the chance to change within the context you so define. So when we mature in what it is that we see, and extend that maturity into what we acquire, you can then develop the best set that you can, no matter what the time factor is or what level of income you have.
    Patience is indeed the virtue that is required in all varieties of achievement. Change can occur through time.
  25. MikeKing

    Trying

    By MikeKing,

    Trying to find things and then obtain things that are special, so some day, these things may be passed onto another who understands how they are special too.
    Please look at prior two posts on Construction and the other.