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audrop

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Journal Entries posted by audrop

  1. audrop

    I'm Baaaaack!

    By audrop,

    Missed the camaraderie.
    As many of you know I collect only PCGS coins for a variety of reasons that are immaterial to this post. I want to assure you that I don't compete for any awards on the NGC Registry as I don't think that would be legit. One of the reasons I enjoy being a member of the registry is to see how my collection 'stacks up' against some of the greatest collections on the planet. I am thankful that NGC opens up it's registry to PCGS collectors for the sole reason that members of the NGC site are social and post many very interesting articles regarding their successes and in some cases their failures. It is truly a 'collecting community' here with many collectors sharing their ideas and truly trying to be helpful. The collectors at PCGS are rather 'snobbish' in my opinion. I have contacted some of them to ask a question or two about their sets or to pay them a complement regarding their coins, without so much as an acknowledgement of my email. A very sterile environment to say the least.
    I enjoy connecting with people that have the same passion (or is it addiction?) to their coin collections that I have. Whether it be Jackson, W.K.F., Six Mile Rick, or whoever, i enjoy swapping stories with everybody. I know I can 'come on' pretty strong at times, chalk it up to my 'passion' and the mistakes I have made accumulating my coins, my only agenda for my posts is to try to keep others from making the same mistakes I made in an effort to save you time and money in your pursuit.
    I'm sharing an image of one of my favorite acquisitions that I purchased for not much more than some of those 'moderns' available out there. Best to all and Merry Christmas!
    Dan

    To see old comments for this Journal entry, click here. New comments can be added below.
  2. audrop
    Beware the ides of 'Funny Manipulated Value'. Use TMV instead.
    Fair Market Value is a farce! I get a kick out of hearing about FMV from collectors. What is FMV? Fair Market Value is the price someone is welling to pay for a given coin at that moment. I don't have any idea where NGC and PCGS come up with their numbers, but if you really want to find out what a coin is worth, go to the auction archives and see what collectors are actually paying for the coin you want to buy. Heritage Auctions, Stack's Bowers, and other auction houses keep meticulous records of the sales of their coins. I believe many of us would be amazed at the True Market Value TMV) of the coins we buy. The really cool part of the archives is being able to actually see the coins that sold and compare them to the coin you're buying. Your prospective purchase may or may not demand a premium.
    One of my main objections to the NGC registry is how they assign points for coins. They seem to be in cahoots with the mint. New mint products in MS/PR 70 are awarded more points than Gem older coins. Now let me ask you, "what coin is really more valuable, a 2013 70 (which is quite common with todays technology) or a 100 year old coin in GEM condition?" I remember the days when a perfect coin was hard to find and now, not quite 'a dime a dozen' but getting close with todays tolerances and machines doing all the work. Every coin of any denomination that the mint produces is identical to every other coin of the same denomination, except in the case of 'error coins'.
    Let me reiterate that these posts are just 'one mans opinion' and take them for what their worth. If you want truly individual coins, start collecting coins dated prior to 1834. No two coins are identical because they made coins the 'old fashioned way' they stuck them by hand, that's right they were hammered or pressed with unequal pressure applied. If any of you have bothered to look at my sets on the Registry, you would notice I have a number of coins for my grandchildren starting in 2001. Sorry there aren't many pictures (they're on the PCGS Registry) but they all look the same, i.e. a 2006 Lincoln cent in MS67 pretty much looks like all the other 2006 MS67 Lincoln's out there. Very few newer coins have developed the patina that sets them apart from their peers.
    Shown: 1876 20C 64 DCAM (if I did it right).
    Happy Collecting, All and Merry Christmas.
    Dan

    To see old comments for this Journal entry, click here. New comments can be added below.
  3. audrop

    Do your homework!

    By audrop,

    Avoid being a collecting whore.
    After reading a post from W.K.F. recently, I was reminded of my collecting 'beginnings'. I was so enamored with the trinkets that the mint was selling and their proof surfaces, that I wound up buying some 'pretty' worthless stuff. I remembered my grandmother buying mint sets in the sixties and thinking that they would be a good investment, until I went to my local coin shop and found out they were worth about what she paid for them 30 years ago. Don't misunderstand me. If you buy mint products because that's what you want to collect, so be it. Just as long as you realize that chances are they have very little appreciation potential. After my experience with 30 year old mint sets, I decided I needed to re-focus my collective thinking.
    I was never too fond of collecting Walking Liberty Halves or Barber Quarters or any set where the only difference is a date or mint mark. It seems redundant to me. I have found my collecting niche in mint and proof sets of the birth years of my ancestors. In the 1875 mint set w/ gold there are 32 coins; including but not limited to, a 3CN. 5 Seated Liberty dimes ((a P, 2 each CC and S, (mintmark above and below)), 3 twenty cent pieces (P,CC and S), 4 Trade Dollars (P, CC, S and S/CC), a G$1, a couple of $2 1/2 gold pieces, half eagles, eagles and double eagles! In one 138 year old set you have a pretty good jump on a complete type set of U. S. coins, and you truly are holding pieces of history in your hands. Can you imagine where these coins have been and in who's pockets?
    Basically, I started collecting anything shiny and new, but as W.K.F. says, "two of the major factors in determining value are mintages and collector demand". Generally speaking 'supply and demand' drive the market and the mint provides too much supply for the demand. My advise, 1) make a list of the coins you want, in the grade you can afford, 2) buy the highest grade you can afford after figuring the total cost of the coins you desire and your annual coin budget, and 3) try to stick to your plan! Resist the temptation to even look at coins that are not on your list. Every time you change the parameters of your collection it costs you money. In the short term, you are lucky to be able to sell your coins for what you paid for them.
    Honestly, I find myself buying a better coin than I can afford on occasion, like my 1876 MS64 DCAM 20c piece (pop. 2/2), but I NEVER buy a coin that is not on my list! Some deals are just too good to pass up and you need to be ready to pounce when the opportunity presents itself. Due to this acquisition, I will have to buy a couple of coins in a lower grade than was my original intention. Check the original mintages and the pops from NGC and PCGS to try to find potential bargains out there and good hunting.
    To see old comments for this Journal entry, click here. New comments can be added below.
  4. audrop

    Just Muddling Through!

    By audrop,

    Enjoying our freedoms.
    I must admit that some of the posts I read have become mundane and verbose in my opinion, but of course, I don't have to read them. I'm sure we would all agree that nobodys posts are as interesting as mine, . I read almost all of the journal entries and have seldom been disappointed, learning along the way, and appreciating the fact that someone had something of interest to share with me. Everyone has a right to be heard or in this case read and I certainly wouldn't want anyone to stop writing due to censorship, real or imagined.
    I am encouraged by the fact that so many are attaching photos to their messages and increasing the relevance to the rest of us by its presence. Keep up the good work. Now if we all would work on our bios so we could learn more about our 'friends' on the registry.
    The fact that we can communicate with each other so easily is why I keep renewing my membership in the Registry. Pictured is an 1893 quarter eagle in MS 62.
    Merry Christmas!!
    Dan

  5. audrop
    A nice clean slab.
    Received this coin today and there were some smudges on the reverse of the slab. So out came the Slab-Renew and after a little work....presto!
    Like SMC I don't sell the stuff....I just know it works. I paid $9.95 for my 4 oz. bottle and I see it has gone up to $15.95 as of this post. When this bottle runs out (in 15-20 years!) I'll probably try some car wax or other less expensive cleaner/wax to do the job.
    Happy Hunting, all.
    Dan

  7. audrop
    Precursor to the 'skinny chickens' seen today.
    I guess eagles were better fed back in the day or maybe they just wanted to be able to put the word CENT across their breast. Couldn't pass this coin up even though the funds to buy have temporarily dried up. I've been looking for this coin for some time, but the specimens I had found left something to be desired as far as being able to read the reverse. This coin has a nice strike with no major distractions and fits nicely in my ancestry set. I wonder if one of my ancestors actually crossed paths with this coin. I really got the bug when I started re-reading Q. David Bowers "Whitman Encyclopedia of Colonial and Early American Coins". I would suggest you get a copy for your library.
    As usual, Happy Collecting, all.
    Dan

  8. audrop

    A New Found Love

    By audrop,

    Affordable bits of history and a premise.
    As most of you probably know I'm trying to collect Mint Sets for the birth years of my ancestors. A daunting project to say the least, but I was elated to discover that many of the coins I need are readily available if I lower my expectations a tad. Case in point, I bought this 1829 half for less than $500 and it is a beaut! Sure it would be nice to have a MS-63 or so but with a wishlist still hovering around 500 coins, I would run out of moola way too quickly. My premise is, however, that unless demand for these almost 200 year old coins in lower grades goes up, I'm not likely going to see a great amount of appreciation price wise.
    A word of explanation on the prevalence of PCGS coins in my NGC Registry sets; I called and requested Mint Set years prior to 1837 and was informed by NGC that there was not enough interest to warrant providing other mint set years. Not so at PCGS! I now have the #1 ranked sets of 1829, 1818, and 1813. True I only have one or two coins of each year, but they are named after my distant relatives and I will be able to complete them.
    For those of you who have never visited the PCGS web site, I would suggest you take a look. The other day I was researching the All-Time Highest Ranked Sets and ran into most of the famous names associated with numismatics. One of which was William Dunham. If you are so inclined look up his collection under the 1818 Mint Set, click on his name and check out the prices he sold his coins for in June 1941 to B. Max Mehl. Click on 'About the William Dunham Collection' tab and get a thumbnail description of the man and his coins. The same can be done for about every famous collector you have ever heard of and some you haven't. Don't misunderstand, I enjoy being a member of NGC and would certainly miss the friends I have here if NGC was to disallow PCGS graded coins. My hat is off to NGC for their 'user friendly' Registry policies.
    As always,best of luck with your collecting pursuits,
    Dan

  9. audrop

    Musings.

    By audrop,

    This is why I gladly pay my dues.
    I enjoy the journal so much I would belong to NGC Registry even if they did not accept PCGS graded coins. A member expresses an opinion based on personal experience, something they read or heard, an idea they have, or whatever, involving collecting or investing in raw or graded 'disks of commerce'. Other members mental juices start flowing (it takes longer for some of us) and next thing you know there is a full-blown discussion going on regarding aforementioned topic. Permit me to make some personal observations on the subject:
    1) In some ways there has never been a better time to collect/invest in coins. I believe there are actually far more serious coin collectors now than there has ever been. It is a matter of statistics; there has never been so many potential collectors on the face of the planet.
    2) There has never been as much supply as there is now. Mintages are way up for modern coins (Statehood Quarters, commems, etc.), which tend to keep prices down and allow people without 'deep pockets' to participate. I would imagine that most of us got started as young people with pocket change and it took a while to save enough for a semi-rare coin. A word of caution to those of you investng in proof coins (I have expressed this opinion before) mintages are so high that I doubt if demand will ever catch up. A 1985 Proof Set sold yesterday on eBay for a little over $3.00. Walk into your local coin shop and for about $10-12 you can buy proof sets from the late 60's through the early 21st century. Buy them if you like them, but for my money, there are so many coins out there that I desire, why not take advantage of the chance for some real appreciation in value at the same time?
    3) More money chasing a finite amount of product. With regards to non-modern coins, say at least 50 years old or so, mintages were generally lower and many coins have been lost, melted, are at the bottom of the ocean somewhere, or in some other way unaccounted for. They aren't making them anymore! New records are being set with each new auction when a 1913 Liberty Head nickle (5 known to exist), an 1804 S$, or any of the coins included in the "Top 100 U.S. Coins" comes to market. I truly think that trickle down economics works in the coin market; look at the population reports for any given coin and for the sake of argument lets say the reports look like this, 25/35/45/35/25/15/10/5. How many people can afford one of the top 5? Maybe a couple of hundred? How many can afford the next tier? A few thousand? etc. It is all about supply and demand. Finite supply and the only thing limiting demand is the size of one's purse!
    4) Don't forget to factor in the intangibles regarding art, history, etc. I couldn't care less if coinage is replaced by electronic VISA cards or something. For all intents and purposes 'Buffalo' nickels, 'Mercury' dimes, 'Indian Head' pennies, etc. are no longer a trading medium and therefore have made them scacer and more desirable than ever.
    Hope I haven't 'muddied the waters' so to speak. Enjoy!
    Dan

  10. audrop

    2010 Off to a Good Start.

    By audrop,

    Patience, patience, patience; but I really want it now!
    Just returned from my local coin shop and picked up a couple of additions for my Mint Sets but that is just part of the story. I had visited the website before I went in and had a particular coin in mind to buy, however, it was going to stretch my already over-stretched budget so I opted for choices two and three instead. It never fails, I settle for quick additions rather than setting the money aside until I have enough for the one 'special' coin that is my hearts desire. I'm really just mildly upset at my lack of patience...I really like the new coins and they fill huge holes in my sets but I don't know when I'll be able to afford the 'one that got away'.
    January has been a good month for me and an ample start to the new year. My acquistions;
    1829 10c XF45 15/173
    1876-CC 10c MS64 55/49
    2003-D 25c Arkansas MS68 92/0
    1921-D S$1 MS66 197/5 Thanks, Rick.
    1855 G$1 AU58 442/1211
    1855 $3 AU53 64/382
    Enjoy!
    Dan

  11. audrop

    Half a Turkey Has Landed!

    By audrop,

    Why I can only afford 1 addiction at a time.
    Being a very opinionated person, I just love giving other people advice. If you haven't read WKF's latest entry yet, you should, it's a real hoot. My advice to WKF is he needs a bigger safe! Although I don't share his passion for raw precious metals, I can certainly see the attraction. Having silver or gold ingots is pretty cool. Living in Nevada, I am especially fond of the 3 oz. Nevada bar with the shape of my state embossed in it.
    I am finding it interesting, reading some of the latest journals from some members that I have a great deal of respect for, how they are selling off their 'modern' coins (mint products) and investing/collecting in more 'historic' coins. As WKF admits 'what we write is just our opinion' and others really should not be offended when 'we' submit our views for all to see. I have a few newer issues myself for my grandchildren's mint sets, but I have found through experience that it makes no sense (to me) to chase the MS-70 of any mint issue within the last 5 years or so. If you track values of most of these issues they spike in value when first issued and then steadily decline for about 5 years before they level off. With all the complaints regarding the Mint's products (i.e. quality, packaging, delivery, etc.) I haven't purchased anything from the Mint for years and am perfectly happy to buy what I need a few years later already in a slab and paying less than what the original buyer paid!
    Pictured is one of my latest acquisitions; an 1823 Capped Bust, Lettered Edge, half dollar. The picture doesn't do it justice. Whether you like toning or not (opinion), this is a beautiful coin...tourquoise and golden patina that literally shimmers as you twist and turn the coin in your hand. Where has this coin been?, who has had this in their pocket during their travels? If only coins could talk! Modern coin story: I was just a blank (planchet), then I was under a lot of pressure (to acquire an obverse and a reverse), then I remember falling into a bin with thousands if not millions of others, then I was rolled, then shipped, and finally slabbed. What a life! I am sure some of you are offended (you shouldn't be), I just wish someone had opened my eyes BEFORE I spent all that money on modern commems, etc. One final thought, what NGC or PCGS lists as a 'value' for you're pride and joy is probably greatly inflated unless that particular coin has some asset (toning, blemish, mint error, etc. that sets it apart from most, if not all others.
    In closing, collect what you have a passion for. Different strokes for different folks; and above all, Kerry, get a bigger safe! Happy New Year!
    Dan

  12. audrop

    The Eagle Has Landed!!

    By audrop,

    Never thought I'd find one of these I could afford.
    Oh, the joy! A total mintage of 16,500 coins and PCGS has graded a measley 51 with none in MS from either service. In fact the highest graded specimen is an AU-55 (PCGS), AU-58 (NGC). The Smithsonian Institution example is a VF-30. Population: 13 in XF-40, 23 finer.
    Garrett and Guth in their excellent reference "Encyclopedia of U. S. Gold Coins 1795-1933" state that 'On many examples of this date, the mintmark is tiny and easily overlooked, so any (eagle of this date) should be examined carefully.' It took me a while to find the mintmark even with my reading glasses on.
    Shown 1871-S $10 gold, XF-40.
    Merry Christmas,all!
    Dan

  13. audrop

    Silver Dollars dilemna

    By audrop,

    Ethics is numero uno.
    In my humble opinion, based on the facts as presented in your post, you have done everything a responsible seller should do and everything a responsible buyer should expect. If a buyer wants to be sure of satisfaction in a transaction,then he should be willing to insure the delivery. My understanding is that if you pay by Paypal, the buyers purchase is guaranteed, as per a refund from Paypal. I am sure that your rating is 100% and you have never had a problem before. That should mean something to the eBAYers.
    Good luck,
    Dan
  14. audrop

    A Big Hand for NGC!!

    By audrop,

    The 'collector friendly' Registry takes another step in the right direction!
    This journal entry is probably not going to be overly popular with all the 'purists' out there but here goes. After reading the excellent post offered by gherrmann44 and a considerable amount of thought on my part (boy did that hurt!), I'm enthusiastically climbing on board. For all the reasons stated in the aforementioned post and the fact that if someone doesn't agree they don't have to participate, I think it's a great idea. I may be able to complete some of my harder sets. Some coins are just out of reach for me unless I can buy at a substantial discount because a coin has been cleaned, holed, plugged, scratched, etc. If by some miracle my financial situation improves then I can always upgrade. I believe most collectors would rather have a very nice Au/MS details in a slot rather than a 1, 2, or 3.
    Shown is one of new additions: A 1776 Spanish 8 Real from the Polosi, Bolivia mint.
    As always, best of luck to all. Enjoy the hunt.
    Dan

  15. audrop
    November is starting to rival October.
    I really have to get a handle on this hobby. The key I know is to stop looking but if I go near a computer.....This little gem caught my eye the other day and well you know, I just couldn't let it slip away. Pop. 55/10/1.
    Enjoy!
    Dan

  16. audrop
    After all it is November!
    Those of you that read my last post probably remember that I said something to the effect of "don't expect another post from me until after Christmas". As you can see I was fortuate enough to find some moola for another purchase and here she is...1870 $3 gold AU55.

  17. audrop
    One more coin to share.
    Sorry, all. I usually am not this verbose, but I would like to share another October acquisition with you; 1891-CC half eagle MS 62. I am probably going to have to take a breather for the next month or two, so just in case, have a Happy Thanksgiving and a Merry Christmas!
    Dan

  18. audrop

    Went to the Barber shop.

    By audrop,

    Every numismaddict knows I'm refering to a coin store.
    Picked up this beauty. An 1898-S dime MS 65 with some awesome toning. Only three coins to go to complete the 1898 Mint Set. By the way, I finally have a couple of complete sets in the Registry. Nothing special but at least I can finally say I completed a set.
    Can anyone tell me how you post multiple pictures with your post? Much obliged.
    Have a great day.
    Dan

  20. audrop

    Flying High.

    By audrop,

    Love those Double Eagles.
    Just had to show off one of my latest additions. Walked in to my local coin shop and what did I see staring at me..... a 1920 Saint PCGS 64. PCGS has only graded one higher. Incredible luster, one of the nicest coins I've seen in terms of eye appeal. October was a VERY expensive month for me also gherrmann44 and like you I need to rein in my spending or the people on my Christmas list will have to settle for coins. Not to keep mind you, but I will allow them to look at and hold before I take them back for 'safe keeping'. !
    Thanks for reading and have a scary Halloween.
    Dan

  21. audrop

    How I Save (?) Money!!

    By audrop,

    You have to spend to save, right?
    I bought in excess of $5,000 buying coins on eBay in the last three months (not bragging or complaining). So I had a $110 of eBay Bucks to spend. Picked up this little near-gem (1876 25c MS 64) because I bought it on 'sale', $110 off my offer price. What a steal! I'm not sure who stole from who but I got a nice coin for a nice price. Anyhow, you get the picture, spend $5k so you can spend another $1,000 to save $110.
    On another subject, I have to agree with Yevrah about Mint products and resale value. It has been my experience that most mint sets, proof sets, etc, are a bad investment. I inherited a number of sets from the 60's and barely broke even when it came time to sell. I had the same result that most of you write about in your posts when it comes to 'customer service' from the government employees at the U.S. Mint a couple of years ago, so I stopped buying from them.
    My 3/4 year resolution is to try to be more civil to everyone I see or communicate with. We all have 'bad' days, say things we later regret, and are in all respects 'human' (i.e. not perfect). So when someone posts a journal that I disagree with or resent in some way, I try not to respond and give them the benefit of the doubt. Life is too short....enjoy the moment, stop and smell the roses. Be kind to your fellow man.
    Find solace in this most wonderful of hobbies!
    Dan

  22. audrop

    Here we (me) go again!

    By audrop,

    Hot off the presses....at least it looks that way.
    Please ignore my last post. I need to stop looking at coins I already have! Just upgraded my 1920 'Mercury' dime from MS65FB(pop. 130/82/13) to a MS66FB. The pictures of the coin were gorgeous when I bought it, but having it in hand..... If anyone needs a 1920....Just kidding.
    Enjoy the moment....but don't forget about the future.
    Dan

  23. audrop

    Re-evaluating......AGAIN!

    By audrop,

    Crow tastes a lot better if you use enough spices.
    I hate to admit it but some of you who replied to my earlier journal entries about quality over quantity were right. Trying to fill a set with 'expensive' (point values over 1,000) coins is a sure way to the poorhouse. I really am driven to just complete one of my sets, any one! To this end I have decided to fill sets with what I can afford and hopefully, upgrade at a future date. History bears out my basic tenet though; a few well chosen rare coins will outperform a safe load of ordinary coins graded MS70.
    After talking to my local dealer, who seems to really know his stuff, I am sold on pre-70s mint sets and type sets. Interesting how a type set shows the gradual 'evolution' of a particular denomination. If I can complete a good portion of my mint sets, I will have completed most of the type sets I just started.
    Pictured is one of recent acquisitions (not just a slot filler), the deal was so good, I just couldn't pass it up. Population 14/28.
    Happy collecting all!

  24. audrop
    Sorry, I can't carry a tune in a bucket. I must have thought I was in the shower.
    There are some real bargains out there. Prices seem to have dropped as more people are feeling the pain of Obamaeconomics. I know that some of you are still blaming Bush for our current troubles but sooner or later Obama will have to take credit for the 'stimulus' plan of rewarding his voters (labor unions, socialists, etc.) to the tune of a couple of trillion $s. The good news is I feel so 'stimulated' by all this I've been able to cancel my perscriptions for Viagra and Cialis!
    OK, I'm off my soap box. My latest addition...a real beauty!
    Enjoy this greatest of all hobbies and take care.
    Dan

  25. audrop

    Learning to Play the Game!

    By audrop,

    Huge difference between cleaning and conserving.
    To me 'cleaning' is when someone tries to make a coin look better by indiscriminate dipping, brushing, etc. with the sole purpose of changing the surface of the coin at the expense of its luster. 'Conserving', on the other hand, is a professional removing debris without damaging the surface of the coin. Conservation should not improve the grade of the coin but, may in fact, change the appearance and therefore, the value of the coin.
    Latest aquisition, an $1,800 coin for around half-price due to some spots on its surface. The luster is still there! A candidate for conservation?
    On another note, I resubmitted (my first) an MS63 and it came back an MS64. The coins value doubled overnight, well actually the process took 10 days.
    Best of luck,
    Dan