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GSA_Gem_Quest

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Journal Entries posted by GSA_Gem_Quest

  1. GSA_Gem_Quest
    1892-P GSA Soft Pack Added to My Collection
    Today I added an 1892-P Morgan Silver Dollar in the GSA soft pack to my collection that is ranked number two. There are only 2 graded in the soft pack, so this is a rare one indeed. This coin is also the highest graded coin for this date in the GSA soft pack.
    I am closing in on the number one graded set, which I refer to as the Obscure One. Why? Because his set is OBSCURED from my and everyone's view.
    Who owns the other graded coin? Does the Obscure One own it? I don't know because his set is OBSCURED. I cannot see his coins.
    Does the Obscure One win the registry award every year? Yes. How does he do it? I don't know because his set is OBSCURED. I cannot see his coins.
    Should NGC ban the Obscured One's obscured sets from competition and from any registry set awards? YES! Why? Because they are OBSCURED and I cannot see his coins.
    Memo to NGC: BAN ALL OBSCURED SETS!! WHO NEEDS THEM!!

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  2. GSA_Gem_Quest
    Long Live the KING!!!
    Once upon a time, a long time ago, NGC brought forth new registry set categories for an obscure group of Morgan and Peace silver dollars accumulated by a few adventurous, and some might say foolhardy, collectors. These collectors toiled away in relative obscurity in pursuit of their passion, often maligned and misunderstood by other more mainstream collectors. They frequently overpaid for coins for reasons not comprehensible to most collectors. The coins were referred to as GSA (General Services Administration) coins, due to their historical connection to the GSA department of the government that issued the long lost coins in the 1970's and 1980's that had been sitting untouched in government vaults for almost a hundred years.
    The GSA dollars can be grouped into three categories: (1) Carson City Morgan Silver Dollars in the GSA Hard Packs, (2) Non-Carson City Morgan Silver Dollars in the GSA Hard Packs, and (3) Morgan and Peace Silver Dollars in the GSA Soft Packs.
    When NGC opened up the Non-Carson City Morgan Silver Dollars in the GSA Hard Pack set, I was one of the early adopters and briefly held the number one position. That short-lived glory soon shriveled and dried up as I witnessed some big money come swooping into the category, buying up rare coins at increasingly outrageous prices. I went into hibernation while prices skyrocketed to unsustainable levels. The peak in prices occurred in 2008, to be followed by a swift and painful popping of the bubble. Prices tumbled, and late comers to the party lost money big time. Some veterans saw it coming and sold out completely, taking their profits and running for the hills. One ex-collector took his profits and moved to Panama, and another to Venezuela.
    At more reasonable prices, I have been lucky to pick up a coin here and there, and occasionally scored a rare date. Slow and steady, I have been making progress climbing back toward that impossible peak.
    I am here today to announce that I have achieved my goal to reclaim my rightful position on the throne and the prior king has been vanquished. Not only has he been overthrown, but he has gone into exile by obscuring his collection. He will now regroup, rebuild and return in the Trojan Horse for his next sneak attack.
    It has take me years, but the journey has been tremendous. Will I remain here at the top? Probably not for long. As we all know, once the sleeping giant has been awakened, he wreaks havoc on his enemies, and will stop at nothing to remove me from the throne. Wish me luck, my friends, for I shall likely come under full frontal attack from he who shall not be named soon enough.
    Please take a look at:
    http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=20538

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  3. GSA_Gem_Quest

    Almost a 68...

    By GSA_Gem_Quest,

    Highest Graded Non-CC Morgan in the GSA Hard Pack
    This beautiful Morgan received the highest grade of all the non-CC Morgan silver dollars in the GSA Hard Packs at MS67+ (plus). It is my understanding that the plus grade signifies that the coin is at the high end of its assigned grade, and close to the technical requirements for the next higher grade, in this case MS68. So close...but not quite.
    I added this coin to my set today, and am inching ever closer to the coveted number one spot.
    http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=20538&Ranking=ngc

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  4. GSA_Gem_Quest
    But You Know What - I DON'T CARE!!
    Here we are in the middle of the worst recession in my lifetime, and I bought this coin for moon money. Why? Why not! I didn't invest it with Madoff in his ponzi scheme - I would have lost it all if I had. I didn't invest it with the crooks on Wall Street - I would have lost 50% if I had. So I am feeling pretty good, even if I did overpay for it.
    This coin is rare in the GSA Soft Pack, with only two graded. This one at AU58 and one at AU53.
    How much did I pay for it? It doesn't matter. But I predict that in 20 years, it will still be more valuable than a share of stock in AIG, Citigroup, and Bank of America combined.

  5. GSA_Gem_Quest

    VAMTASTIC

    By GSA_Gem_Quest,

    A New VAM Set Focused on Morgan Dollars in the GSA Soft Pack
    I have been lucky to acquire some VAMs in the GSA soft packs over the last few years, and decided to start a new registry set. These coins are rare enough already, it is kind of crazy to even try to assemble a VAM set. Here is one of the rarest in my collection to date, a VAM 117 for an 1878-P 7 tail feathers with a reverse of 78.
    To check out the rest, go to:
    http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=145580

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  6. GSA_Gem_Quest
    My First Significant Coin Added in 2012 Keeps My Set #1.
    2011 was a difficult year, though not necessarily from a coin collecting perspective. The poor economy continued to take a toll on the 99% of us. Lower income and home values have devastated many families. Vacant store fronts and foreclosures are common in most neighborhoods. I cut back on my own coin purchases in 2011, but did buy several coins in 2011 from collectors that needed to sell for economic reasons.
    Despite the terrible economy, coin prices held up pretty well due to high bullion prices and increasing interest in hard assets (but not homes) and coin collecting. In fact, the rarer the coin, the stronger the price trend. The more common coins did not hold up as well as the rarer dates, so the 1% must be propping up the hot coins.
    I can't say I am sorry to see 2011 go, and am looking forward to better days in 2012. To celebrate the new year, I am today adding a Pop 1 coin to my GSA Soft Pack Peace Dollar set, a 1935-P graded XF45. My set is currently #1 and this addition should keep me there a little longer.

  7. GSA_Gem_Quest
    How I added 1,320 points to my Registry Set AND put $710 in my pocket!!
    There seems to be a lot of active discussion and controversy on Collector's Society Journals lately related to Registry points and how they are not fair, or seemingly random, and don't reflect current market prices or rarity of the coins. I now join the fray.
    Can you imagine NGC trying to determine the points assigned to each coin in an attempt to fairly represent the worth and rarity of a particular coin in a particular series? It is an impossible job, but a job that I think NGC has performed admirably and responsibly. I commend them for tackling this herculean effort, and for the most part, getting it right.
    There are those among us, myself included, who study the coin points in relation to rarity in relation to cost to acquire, and seek to gain the most advantage for their Registry Set at the least cost. I have read several journals of collectors that actually track the cost per point for particular coins, and seek to maximize their points, while minimizing their costs. Since the point system is not perfect, one can sometimes actually pay less for a coin that generates more points, depending on market conditions that may not be reflected in point scores, or vice versa.
    Here is the situation, as it relates to my set (The Newport Ridge Collection-GSA Carson City Morgans):
    Coin in collection:
    1885-CC MS 66 - Value: $2,550 - Points: 1,658 ($1.54 per point) - Population: 189 in MS66
    Coin for possible acquisition:
     
    1885-CC MS65* VAM 4 (star graded coin) Value: $1,840 Points: 2,978 ($0.62 per point) - Population: 10 in MS65, including only 2 in MS65*
    So, based on the above facts, should I "trade down" my MS66 for an MS65? While some might still want to keep the higher graded coin, this was a no-brainer for me. I sold my MS66 for $2,550 and bought the MS65* VAM 4 for $1,840, thereby putting $710 in my wallet, and gaining 1,320 points. Not a bad day's work on the old collection, in my opinion.
    I think NGC got the points right in this case, based on the rarity of each coin. This rarity, however, has not yet been reflected in market pricing of each coin.

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  8. GSA_Gem_Quest

    Back in the Saddle

    By GSA_Gem_Quest,

    A new addition to an old set
    Dear Journal: My non-CC GSA hard pack Morgan dollar set has been quiet for a long time, with only one coin added in the last 3 years, until now. This 1898-O is now the second coin I have added since October of 2007.
    These coins are very rare, and are seldom seen in the marketplace. Due to their rarity, prices can be volatile. When prices really began moving up in 2006 and 2007, I stepped to the sidelines, and wondered if I would ever be able to add another rare date at a reasonable price.
    With the severe recession of the last few years, prices came back down to more reasonable levels, and I was fortunate to be able to acquire this coin in October 2010. It is a solid MS63, and 1 of only 4 coins graded for this date in the GSA hard pack.
    Being patient in coin collecting does not always pay off, but in this case it did.

  9. GSA_Gem_Quest
    These were sold as circulated coins by the government in the 70's for $3 each.
    I just made my first MS66 Morgan Silver Dollar in the GSA Soft Pack holder! How sweet it is! This 1883-O is a rather common date in the GSA Soft Packs, but this is the only 66 for the date. I bought this ungraded and thought it had a shot at 66. It is very clean with a touch of rim toning.
    As of this writing, the GSA soft pack population report shows this new MS66 as 1 of only 3 graded MS66 for all dates (1878-CC, 1880-S, and my 1883-O), with 1 graded higher at MS67 (1879-S).
    These coins were part of the silver dollar hoard discovered in government bank vaults in the 60's and sold by the government in the 70's to coin collectors. Many thought at that time the government should stay out of the coin business. They were probably right. Note in the picture the GSA white token issued with the coin. It says "circulated."

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  10. GSA_Gem_Quest
    It Took Me Four Years to Find This One!
    My 1877 early proof set is made up of cameo proofs graded 63 or 64. I have been looking for a 20 cent piece that fits this criteria for almost 4 years. One PF 63 Cameo finally came available and I had to have it. Who knows when another might come along. So I bid strong and got it. The irony is that, after waiting 4 years for one to show up, 2 more came to auction within the next 3 months after I bought this. One was graded 64 cameo and the other 63 cameo sold for less than I paid (though it was not as nice). Sometime you just can't win!
    Nevertheless, I am very happy with this one. I still can't believe it only got a 63. It honestly looks better that some Morgans I have in 65. Just look at the detail of the feathers on the reverse. Spectacular!
    I have only the 50 cent piece to go to complete my set. I am still waiting for the right one. Perhaps I will let the first one that shows up go by, and wait for the next...

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  11. GSA_Gem_Quest

    A Journey Ends Here

    By GSA_Gem_Quest,

    Now What?
    I have been looking for an 1884-CC MS67 in the original GSA holder for about four years. Several have become available during that time, but I was always a day late or a dollar short.
    My quest recently ended with the purchase shown below. It is probably the last upgrade to my set I will make. Any upgrades from here are substantially more expensive, and I cannot justify the cost in my own mind.
    It is thrilling to get that last coin I have been looking for, but at the same time I am now done with my set. So what now??
    I think I will just step back and enjoy the completion of my set for a while, then see where things go. I have a few other unfinished sets to occupy my time for a while, so I am in no rush to decide what to do. With the economy so bad, I am not buying much, and am trying to patiently wait for coins to come to me at the right price. So far, so good!

  12. GSA_Gem_Quest
    So what's the big deal??
    I recently added an 1883-CC Morgan silver dollar to my registry set. It's not uncirculated, it's not AU, it's not XF or F. It's graded G4 (Good). It's also worth 1,271 registry points...why?
    The Carson City Mint produced 1,204,000 silver dollars in 1883. In the 1960's, after being hidden away in government bank vaults for almost 100 years, over 3 million silver dollars were discovered, including over 750,000 from 1883. During the 1970's, these coins were sold to collectors and dealers by the General Services Administration (GSA) in hard black plastic holders. Almost all of these GSA dollars were in uncirculated condition. However, there was a small group of about 100,000 that were packaged separately in soft plastic (referred to as GSA soft packs or blue packs). Most of those coins were circulated, but there were also some uncirculated coins included in the 100,000.
    Over 13,500 of 1883-CC silver dollars have now been graded in the original GSA hard packs. Very common and easy to find. But guess how may have been graded in the soft packs...only 3. That's right, just 3. And none have been graded better than very good. One of the most common dates in the GSA hard pack is one of the hardest to find in the GSA soft pack. That is why it is worth so many registry points.
    Now, if only I could find an 1884-CC in the GSA soft pack... none have been graded so far.

  13. GSA_Gem_Quest
    200,000 Points in the Registry
    Dear Journal:
    As much as I enjoy collecting coins, I also enjoy sharing coins and stories with other collectors on the Registry. While I don't particularly care where I am overall in total points or rankings on the Registry, I do enjoy competing on individual sets.
    I have been adding some coins lately, and one day, I looked up to see that I had crossed the 200,000 mark in total Registry points. I stopped in my tracks and did not add any more coins that day. I thought to myself, should I celebrate? How should I celebrate? There are many collectors with fantastic coin collections with many more points than me, and I don't have any grand visions of ever getting close to them. But my collection is special to me, so I am going to celebrate.
    My celebration will be to go back through my collection, remembering when, where, how and why I acquired my favorite coins, revisiting some coins that I have not thought about for years, and reminiscing about collector and dealer friends that I have crossed paths with over many years.
    Will I ever get to 250,000 points? I think so, as long as I am able to keep my job (not an easy task these days) and remain in good health. In fact, I have a backlog of coins to add that will get me started. It may take me five years, but what's the rush. Will I ever get to 300,000? I have some doubts about that one. My current registry sets are pretty well along, some are done, and I don't think I will be starting many new ones...but you never know.
    By the way, I almost forgot. This is the coin that put me over the top (see photo). I will always remember this coin for that reason. It is a first year 1878-P (7 tail feathers with reverse of 1879) Morgan silver dollar in the GSA soft pack that was worth 1,066 registry points.
    Well, that's enough celebrating. Now I am going to add some more coins to the Registry.

  14. GSA_Gem_Quest

    One Sixty Seven

    By GSA_Gem_Quest,

    A New Addition
    Dear Journal:
    As a collector of GSA Morgan Silver Dollars, it is rare to get the opportunity to acquire one graded MS67. I recently acquired such a coin for my non-Carson City set of GSA Morgan Silver Dollars. It is my first coin graded MS67 for this set.
    As of this writing, there have been only seven coins graded MS67 for all dates in the population report for GSA Non-CC Morgan Silver Dollars. There are three coins for 1879-S, including this one and one graded MS67 star. There are also two coins for 1881-S and two coins for 1882-S graded MS67.
    When presented the opportunity, it has been my experience that it is usually prudent to make the purchase, if the coin is reasonably priced for the grade. I have only regrets for a couple of Carson City 67?s that got away from me over the years. I did not want to regret letting this one get away.
    So here is my one sixty-seven.

  15. GSA_Gem_Quest
    I have been working on this for quite some time...
    Coin photography can be very frustrating for me at times. The reflections from the plastic grading slabs or GSA holders are difficult to get rid of. Camera focusing is not always sharp. Presentation is awkward and difficult when working with square pictures and round coins. It goes on and on. Through a lot of trial and error, and a little help from others, here is my latest...I really like the look.

  16. GSA_Gem_Quest
    One 2009 Goal was Completed in 2008.
    As we were heading into the last few months of 2008, I started thinking about my coin collecting goals for 2009.
    One 2009 goal I wanted to accomplish was to complete my Morgan Silver Dollar GSA set in Deep Mirror Proof-Like condition. I had been working on it for about four years, with just one coin left. The remaining coin was the 1880-CC Reverse of 78. There are only 10 graded in DPL, so they don't surface for sale very often. I had been looking for one for about two years. I was prepared for a long wait, and was just hoping to find one by the end of 2009.
    In late 2008, some unusual circumstances came together all at once, and my friend and fellow GSA collector nfcarsoncity offered to trade/sell his specimen to me. It is super nice and frosty, one of only four graded MS64DPL, with none graded higher. I really never thought I would see this coin leave his collection, as he is a long-term holder. An opportunity like that does not come up often. I took his offer, and also agreed to buy his regular 1880-CC GSA MS64DPL. We both felt good about keeping the two 64's together, and he can still visit them in the registry whenever he wants.
    I consider my DPL set done, even though it is only 81% complete. Certain dates in the Carson City GSA's do not have deep-mirror proof-like examples graded. For example, there are no 1879-CC, 1890-CC or 1891-CC in DPL. I settled for an 1879-CC in proof-like, but there are not even proof-like coins for 1890-CC or 1891-CC.
    So in late 2008 we completed the deal, I listed my DPL set, and completed my 2009 goal. I guess I will have to come up with another goal to try to accomplish for 2009.
    Thanks, nfcarsoncity!!

  17. GSA_Gem_Quest
    I am also the only one...for now.
    NGC added a new registry set category today - Morgan Dollars in GSA Soft Packs. It has been a long time coming, but the wait was worth it. I was the first collector to add a coin to the new registry set...but will certainly not be the last. There are many collectors of these coins, many with much more substantial collections than mine, and I hope that all of them add their sets to the registry. I am really looking forward to it.

  18. GSA_Gem_Quest

    Ephemera...

    By GSA_Gem_Quest,

    I learned a new word today.
    One way I justify (to myself, and to my wife) spending time on coin websites such as the Collectors? Society website is that it is ?educational.? While it is hard to justify all of the time I spend on the Internet looking at coins, I now have positive proof that it is educational.
    I learned a new word today ? Ephemera! In case you are not familiar with the meaning of this word, it is defined as?items of collectible memorabilia, typically written or printed ones, that were originally expected to have only short-term usefulness or popularity.
    And to prove that I have learned my lesson well, I bought an item on ebay recently that I think qualifies as ephemera. I enjoy collecting the ?lost and found? Carson City Morgan silver dollars packaged and issued by the General Services Administration during the 1970?s. As part of this program, the GSA produced many colorful and educational sales brochures to aid in their sales programs. Most people just threw these brochures in the trash, and because of that, some are actually harder to find than many of the coins. In some cases, the brochures are even worth more than the more common GSA Morgan silver dollars.
    This one relates to the sale of the 1880-CC, 1881-CC and 1885-CC Morgan Silver dollars in 1973. I have been looking for this brochure (at a reasonable price) for at least 3 years. I finally got one, but I had to buy a coin to get it. Though it sounds odd, I plan on selling the coin soon, and keeping the brochure. I don?t know yet what the net cost of the brochure will be, and I won?t find out until after I sell the coin.
    I have tracked ebay sales of this brochure over the last few years. Sales that I know about have occurred at $300, $280, $296, $275, and the most recent in February of 2006 at $214. It is hard to believe that the last one sold over 2 years ago.
    Anyway, I am pleased to now have this rare item of ephemera related to the GSA sales, and am still looking for a few other brochures.

  19. GSA_Gem_Quest
    How I Finished a Collection
    Dear Journal:
    Like many coin collectors, I started as a child, probably 9 or 10 years old. I can remember going over to my grandmother?s house in San Gabriel, California, and she would tell me stories about life in early California. I would stare at her in wide-eyed disbelief to hear how when she was a child, her family used to travel to see the Rose Parade in Pasadena in a horse and buggy. No internet, no ipod, no TV, no cars.
    On occasion, she would give me an Indian Head penny or silver dollar as a gift. She was not an avid coin collector, but over the years had pulled some coins out of circulation that she got in her change and put them aside. She never bought a coin in her life, but managed to find some Indian Head cents, Buffalo nickels, and Morgan and Peace silver dollars.
    This was the start of my interest in coin collecting. My mother, who was also not a coin collector, encouraged me and assisted me in starting and building my collections. I put some of those coins that my grandmother gave me into cardboard Whitman coin albums. My mother and I went to the bank on many occasions to get rolls of coins to look through, trying to find dates that I did not have. The condition of the coin did not matter, as long as I could read the date and fill the hole. I had an album for Indian Head cents, Lincoln cents, Buffalo nickels, Mercury dimes, and Washington Quarters. I never started an album for the silver dollars. They were too hard to find and beyond my budget to buy.
    In those days, you could find many dates in circulation to fill your album. There were always a few you had to buy, but not many. I don?t think I ever paid more than a few dollars for a coin in those days. Over the years, I enjoyed collecting the pennies because they were easier to find and inexpensive to buy. I got most of my Indian Head and Lincoln penny collections done, but there were always a few key-date coins that were impossible to find and too expensive to buy. Because of that, I never actually finished any of my collections.
    I lost interest in coin collecting in my teenage years (probably not uncommon for many collectors), and didn?t even think about the hobby for many years. Girls, cars, sports, and school were more important at the time. My old coin albums were at my mother?s house, and I didn?t even know where.
    Many years later, when my own children were small, an interest in coin collecting was rekindled. My wife encouraged me to take up the hobby again, though she may now regret that decision. I found and reclaimed my old dusty coin collections from my mother?s house, and enjoyed going through the old Whitman albums and the steely-gray silver dollars I got from my grandmother. One of the first things I decided to do was to finally finish my favorite childhood collections, the Indian Head and Lincoln cent albums.
    Of course, none of the coins in the albums were graded and most of the coins were only in average condition, certainly not worth pulling them out to grade them. I actually like having them in the old albums, and have no intention of grading them. It brings back good memories of my early coin collecting days with my grandmother and my mother.
    I bought a few more ungraded average-quality coins to fill the remaining holes in the albums, until I got to the final three coins ? the Lincoln 1909-S VDB, and the Indian 1877 and 1909-S. It was here that I hit a roadblock. These last three holes would require a more sizable investment to fill, even if the coins were only of average quality.
    I thought about it for quite a while. How should I finish my collections? Should I just get 3 low quality pennies to fill the holes? It would still cost a lot. Should I just buy reproductions or copies to fill the holes? That would cost the least, but is that how I want to finish my cherished childhood collections, that my grandmother and my mother helped put together. I should I buy some nice coins to finish them off? Do I want to go out with a bang or a whimper?
    I ultimately decided to buy nice-quality graded coins to finish out my collections and to honor the women in my life and the influence they had on my coin collecting.
    - The 1877 Indian Head cent in honor of my grandmother, who first started me in coin collecting
    - The 1909-S Indian Head cent in honor of my mother, who helped me build my coin collection
    - The 1909-S VDB Lincoln cent in honor of my wife, who helped me rekindle my coin collecting interest and supported me in my efforts
    These are the only graded coins for my penny collections, but I plan to add them to my registry anyway ? three pennies for three women ? I am now done with those collections.
    One final note - my grandmother passed away in 2000, but I still think about her whenever I pull out those steel-gray circulated silver dollars she gave me over 40 years ago.

  20. GSA_Gem_Quest
    Or do I???
    VAM stands for Van Allan and Mallis, two well-known numismatists that study coins for variations, many of which cannot be seen without large magnification. Leroy Van Allen and A. George Mallis have written several books on coin varieties and are considered experts in their field. For Morgan Silver Dollar collectors, the variety or VAM for a coin can make a significant difference in the value of the coin.
    When I first heard about Morgan Dollar VAM?s, I thought it was most absurd. Who cares about different ?varieties? of the same date?!? When I started collecting coins, once I acquire a date and mintmark, I am done. Right? Why do you need more than one coin for the same date and mintmark? Don?t these people have anything better to do than to study coins under a microscope for hours on end looking for subtle variations? Taken to the extreme, every coin could be viewed as unique under a high powered microscope.
    Who would pay a premium for a variety that goes by the name Spitting Eagle, Tail Bar, Gator Eye, Thorn Head, Mustache, Scar Face, Hot Lips, Donkey Tail, Hangnail, or Long Nock Reverse? Ok, maybe I would pay a small premium for Hot Lips. But what the heck is a long nock reverse? I guess I need to do some more reading.
    The most popular Morgan Dollar date for VAM varieties is 1878-P, with over 200 varieties noted. Where will it all end? 300?400?or maybe 500 different VAM?s?
    NGC recognizes many, but not all VAM varieties in its population report and registry. The most popular Morgan Silver Dollar VAM?s are grouped into two large categories called the Hot-50 and the Top-100, each having its own NGC registry set category. There are also several smaller categories within the Morgan Silver Dollar Registry that cover specific dates or varieties.
    The question in my mind is this: Are VAM?s a legitimate separate category of collectible coins, or is collecting them just a silly pastime for those who have completed their basic sets and have nothing better to do? With no offense to VAM collectors, who as a group tend to be very dedicated and enthusiastic in their pursuit of coin varieties, I tend to lean towards the later. But, then again, I have done more than a few silly things in my life?and my Morgan dollar collections are almost done?and I do have some spare time right now?and my son does have a microscope?oh no?here I go again!!
    The picture is of my favorite VAM from my collection. A rare-date non-CC GSA dollar 1878-P VAM 41A ? pop 1/1 (right now). If only I could find a few more like this!! Still looking?

  21. GSA_Gem_Quest
    And the WINNER is?..CT?s Coins!!!!!
    I continue to be impressed with the depth of coin collecting knowledge among members of the collectors society. The contest was to identify the mystery coin by type, date, mint mark, variety, and grade, by only looking at a picture of the reverse of the coin (see picture below). A seemingly impossible task?but the members were up to it. Thank you to all who submitted their best guess and to those that thought about it, but could not figure it out. I only gave one clue that the coin was not included in any of my registry sets. I thought it would take several clues before anyone got it right, but CT?s Coins scored a 100% on his first try. So?contest over!
    In order to get to the right answer, it was necessary to have some knowledge of Morgan silver dollars and those packaged in the GSA holders. A little research, some grading skill, and maybe some luck come in handy too.
    The puzzle could be solved like this: First, it is a Morgan Silver Dollar. A little knowledge or research could determine this. Since the mint mark was a clearly visible CC, the mint was Carson City. This alone eliminated many possible dates, as the Carson City facility minted only 13 dates for the Morgan silver dollar, from 1878 to 1893, not including 1886, 1887, or 1888.
    The next important fact which helps to solve for the exact date is the variety of the reverse. The flat chest of the eagle and the parallel arrow tail feathers are the critical information in determining that it is the reverse used in 1878, the first year of the Morgan. However, the reverse of 1878 dies were also used in producing some of the Carson City silver dollars for 1880 as well. So by determining the variety, the possible dates can be narrowed down to two, 1878 and 1880. But which date is right?
    The correct date can be determined with some knowledge of the history of the GSA dollars. Most of the GSA dollars were packaged in the hard plastic black holders and sold to the public in the 1970?s and 80?s. How do we know this is a GSA dollar in a hard plastic holder? The giveaway is the existence of the small nubs evident at 10 o?clock, 2 o?clock, and 6 o?clock that were used to secure the coin in the holder. Not every coin has all three nubs, but almost all have at least one that is clearly visible. The Mystery Coin has one very obvious nub at 10 o?clock. Therefore, it is a GSA dollar in a hard pack holder. Why, you ask, does this matter?
    It is significant because of this: The coin is obviously toned. When the GSA packaged the coins, it sorted out all toned coins for 1878-CC and packaged them in a different soft clear plastic holder. No toned 1878-CC Morgans went into the hard black plastic holders. This was not the case for the other GSA dates. Therefore, since the date is either 1878 or 1880, and is toned and in a black hard pack GSA holder, the date must be 1880!!
    Now for the grade: This was a bit more of a guess. Several members guessed that the coin was MS65 or MS64. I wish. Just looking at the reverse, I would tend to agree with them. However, another interesting thing about the GSA Morgan silver dollars is that the reverse tends to be much nicer than the obverse. For most GSA dollars, the obverse tends to be a little baggy, and a grade or two lower than the reverse. As a result, when NGC gives an overall grade to the coin, they generally grade it at the lower of the obverse or reverse. If the reverse of the Mystery Coin is MS65 or MS64, the obverse must be?MS63!!
    The coin graded at MS63* (star was given for superior eye appeal resulting from toning).
    Final Answer: Morgan Silver Dollar 1880-CC Reverse of 1878 NGC MS63*
    Thank you to all who entered, and congratulations to CT?s Coins!!
    Winner
    CT?s Coins (100% correct)
    1st Place Prize ? Buffalo Nickel 1921 (at least I think it is 1921, as I can hardly read the date, the coin is so worn out)
    Honorable Mention (you were soooo close!!!)
    MWit
    teemer
    Walt Ughes
    King of Eagles
    Erik S. Larsen
    Dutch
    Michael W. Cooper
    P.S. - CT?s Coins, I will contact you separately to arrange the awarding of the first place prize ? a coin you will cherish (until you receive it, then you will probably want sell it immediately on ebay for whatever you can get for it, which won?t be much).

  22. GSA_Gem_Quest
    Don?t Be A Victim
    Dear Journal:
    I often wonder whether all of those coins listed for sale on ebay as part of an ?Estate Sale? are really from the estate of someone who passed away. I did a random search on ebay for coins with ?Estate? in the title and got almost 2,000 listings. There is a certain attraction to a coin, if you think that it has been sitting in someone?s safe deposit box for 20 or 30 years, and it is now seeing the light of day for the first time in ages. Everyone is looking for a fresh coin that hasn?t been passed around the coin collecting community from dealer to dealer to dealer. I think some dealers know this and use the term ?Estate Sale? purely for marketing purposes. For these guys, every coin for sale is from an estate, whether it really is or not.
    Then every once in a while, I run across a group of coins for sale on ebay or elsewhere that appear to be from a legitimate estate sale. They look different than the typical estate-sale coins listed everywhere on ebay. There is a thoughtful order to the collection, a group of coins that fit together, that possess a similar quality and look. They are typically of a higher grade, but may also be ungraded. The description might say something like, ?These coins were inherited from my father (or grandfather or uncle). He put this collection together over a period of 20 or 30 years. I don?t know anything about coin collecting, so I am selling them. They are listed here with good pictures so that you can grade them for yourself. Good luck bidding.?
    Who was this collector, and is this how he would like his collection handled after his passing? Years of work (and enjoyment) putting this collection together, only to have it sold by his kids in a week for some quick cash. One may argue he?s dead, so who cares? Yet, it saddens me to see this happen, and perhaps there is a lesson to be learned. Teach your children to enjoy what you have and what you do, and perhaps they will enjoy your same interests. Perhaps they will then keep and build on your coin collection, and one day, pass it on to their children.

  23. GSA_Gem_Quest
    Test your skill and knowledge and maybe even you could be a winner!!
    Good evening and welcome to The Mystery Coin Contest.
    I posted a journal earlier and included a picture of the reverse of a coin. I had a few kind comments, thank you for those, and a few curious members who wanted to know more about the coin.
    I have included the same picture here.
    Your mission, should you decide to accept it, is to identify the coin by type, date, mint mark, and variety, by only looking at the picture of the reverse of the coin. In addition, you must grade the coin and identify the correct grade, as given by NGC.
    I know what you?re thinking; ?I can?t determine the date of the coin by only looking at the reverse!?!? You?re probably also thinking, ?This gsa_gem_quest is a real insufficiently_thoughtful_person!!? And you know what, you would be only half right.
    Some come on all you so-called coin experts!! Show me how smart you really are!!
    If you get everything right, you will win a HUGE prize, to be determined by me later (see fine print below). I am thinking the prize will be a real coin, but it will probably be a really crappy one that has been harshly cleaned, or it will be so worn you won?t be able to read the date, or it might even be some lousy foreign coin that doesn?t even say the country of origin. But, remember, it is not the value of the prize that counts, it is the satisfaction of knowing you WON!!
    HINT #1 ? This coin is not listed in any of my registry sets, so don?t even bother going to them to look for it there.
    If no one gets it right, I will give another hint. Each member is allowed one contest entry for each hint. If no one cares and no one enters the contest (this may be the vast majority of members), I will proclaim the contest null and void and will keep the prize for myself.
    Good luck and may the best man (or woman) win.
    FINE PRINT
    These are the rules ? I make the rules. If two or more get the correct answer, I will draw a winner at random out of a hat. I will close the contest when and if I feel like it. It may go on for days, or weeks, or months. If anyone complains or is rude, they will be automatically disqualified, even if they get the right answer. I reserve the right to end the contest at any time and keep the prize. If I determine that the prize is really a rare coin worth hundreds of dollars, I reserve the right to substitute a really mediocre coin that is worth very little. If you decide to vote by emailing me using contact member, you have waived your right to privacy and I may print your member name (but not your real name) as I see fit. I may make fun of you, or call you stupid, or compliment you on your coin knowledge. I will try not to use bad language, but I cannot guarantee that some poor word choices won't slip out.

  24. GSA_Gem_Quest

    Rifle or Shotgun?

    By GSA_Gem_Quest,

    What is Your Weapon of Choice?
    Coin collecting can take many forms and styles. When I started collecting, every coin that interested me got a spot in my collection. If there was a hole in a Whitman album for it, I kept it. It did not matter whether it was a penny or a dollar, whether a U.S. coin or foreign coin. Changes in directions occur frequently. Searches for coins are easy. The coins are readily available and attractively priced. I call this the shotgun approach.
    Knowledge and experience tend to result in a migration of coin collecting style from the shotgun approach to the rifle approach. This style is characterized by a refinement of collecting interests, an abandonment or sale of certain collections, and an increased interest in others. Even favorite collections might shrink due to a culling out of less desirable coins. The number of collectible coins decreases and the interest in quality over quantity increases. Searches for coins can take years. Some are never acquired. This is where I am today.
    It seems to be a more natural progression to go from a shotgun approach to a rifle approach, but this is based only on my experiences. Perhaps other collectors go in the opposite direction.
    Both approaches are fun, and isn?t that what it?s all about anyway.
    What is your weapon of choice?

  25. GSA_Gem_Quest

    Coin Hogs Unite!!

    By GSA_Gem_Quest,

    SUUUUU-WEEEEET!!!!
    At the request of some coin hogs, I am republishing this journal from a year ago. They say reading it inspires them to go out and buy more coins?is this a good thing? Here you go?
    We know who we are. We have some money, but we always need more. We postpone purchases of non-necessities. We let our houses fall into disrepair to save cash. We eat at inexpensive restaurants when we could afford better. We drive older cars when we could have newer ones. We don?t care. We stay up late at night hunched over our computers staring at the screen for hours. Our eyes get blurry. We get little exercise. Our necks and backs ache, but we continue our ways.
    Who are we? We are coin hogs, of course, and proud of it!
    What do we do with our excess cash? Even though we shouldn?t, we spend it wildly on coin purchases. We have multiple registry sets in our favorite categories of coins. We have a number one set, and we have a number two set. We have a set in proof-like. We have a set of toned coins. We have a set for our kids. We have a set for our wife. We have a set for our dog. Yes, dogs collect coins too. We follow coin auctions around the country from our computers. We occasionally attend local coin shows. The only exercise we get is finger exercise on keyboards, and walking around at shows.
    Why do we buy coins? We buy because we can. We buy coins because we enjoy it. We enjoy the conquest. We enjoy the victory. It doesn?t matter that we already have a particular date and grade. We buy another. We buy two more if we can. We buy to increase our registry points. We buy to fill a hole. We buy so that the other guy doesn?t get it. We buy in the last seconds of an internet auction and that gives us particular satisfaction. Sometimes we buy something we don?t even want if we can get it at good price. We buy to protect the price of coins we previously bought. We buy and buy. And then we buy some more. We buy until our safe deposit box is so full of coins, we can?t fit our important papers in it. Do we stop then? No way, we rent a bigger box.
    Once in a while we sell. It is not easy to sell. We may lose money when we sell. We don?t care. Why? Because our winners make us feel better than our losers make us feel bad. When we make money, it emboldens us to buy more and take more risk. To buy an ungraded coin over the internet and get it graded. To pay more than we should. We like to make money, but that is not why we do it. We do it because we are coin hogs.
    Now get up off of your flabby behinds and sing along with me to the music of the Queen song, ?We Will Rock You.? I have it playing in the background right now.
    We are?We are?Coin Hogs!! (sing it!)
    We are?We are?Coin Hogs!!
    Enjoy your Thanksgiving feast, for if you are reading this, you have a lot to be thankful for. Just don?t pig out too much!!