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Electric Peak

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Journal Entries posted by Electric Peak

  1. Electric Peak
    at a comment made by a Heritage rep...
    I just 'won' a couple lots in the Heritage auction held over the past few days. (More journals to come, if I get the time...) Having gotten once pricey half dime, I had decided not to go for another on my list. That latter one did not sell, and is available as a 'post-auction buy'. Last night, I decided to make an offer on it (and did so). I'll have to wait a few days before they decide to accept or reject the offer.
    Since I've been a regular Heritage customer in good standing for quite awhile, they frequently ship my lots before I pay for them. Having won lots and having made an offer on another, there is now the possibility that there would be two separate shipments, at higher total cost. Wanting to avoid that, this morning I called to ask that they not ship until after the offer decision is made.
    During the course of the call, the Heritage representative mentioned that I am a "Legacy Customer". Having taken care of the business at hand, I asked what that meant. Her response made me laugh. She said it was because I've been a member since 2003 and have spent a "phenomenal amount of money" with them!
    Yes, I realize and am thankful that I have been blessed with a good, secure job, and can afford to spend more on coins than a lot of other folks can. And looking at my purchase records, there has been a lot more coin spending than I thought I would ever do. But 'phenomenal' sounds like a couple rungs up the economic ladder from me.
    However much or little your responsible budgeting allows you to spend - I wish you all much enjoyment of our phenomenal hobby and the friends you can make in it.
    And how about those SF Giants! Five more wins is all I ask!
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  2. Electric Peak

    Very Excited

    By Electric Peak,

    Not a cut bid this time...
    I've just been watching the current Heritage auction session, waiting for one coin to cross the block. As usual, when internet bidding opened a couple weeks ago, I made an initial scan of the offerings and placed tiny bids on coins of interest.
    One of the coins struck me from the beginning as a prime target. Although it is more deeply toned than I generally like, this one seemed pretty to me. It also has low population: combined NGC and PCGS count is just 10, with only a single NGC better. It is a 1873-S half dime, NGC graded MS 66. The lone 67 is in the number 1 set...
    Aside from liking the coin (and I hope and expect to like it as much when it arrives in hand), I also like the price. The last two appearances of an 1873-S in 66 at Heritage were both this same coin (both times in an older NGC slab, but now sporting one of the newer edge view holders). It sold for $1610 three years ago, and for $920 less than a year after that. The NGC retail price guide has it at $1780, and the Numismedia NGC number is $1300. I had the high absentee bid ($750 [not including juice]), and was prepared to bid somewhere in the middle of the numbers above during the live event. But I did not have to. There was no advance, so I will be paying $862.50 plus shipping.
    Obviously, one has to be a little concerned by the decline in price for this coin (both this individual piece and the issue in general). But it looks good to me in the photos. So I think I just got a nice, high grade, low pop coin at a bargain price.
    Happy hunting to all!

  3. Electric Peak
    After six-plus years...
    If you have read my past journals, you probably know I have been trying to build a P-mint, MS64, cent through dollar 1890 set as a high school graduation present for my youngest son. Why 1890? He was born in 1990, and I thought it would be better to go 100 years early than just get him a 1990 set or a graduation year set.
    You can do the math. Just finishing the set now is a bit late. He has not only finished college, but has a job. The problem was that 1890 half dollars do not turn up very often in MS64 (or a little lower) at prices I am willing to pay. A couple months ago, one got away in a live on-line bidding fiasco (see earlier journals).
    So how did I finally get the elusive coin? I decided to look up the website of the company from which I just bought an 1860-O half dime at the ANA. Their inventory is listed on eBay and Collectors Corner. While poking around in CC, I did a search for 1890 half dollars. And there it was, a nice PCGS MS64 with CAC sticker. I could not see anything bothersome in the photos.
    During my search, one frustrating thing was that 1890 halves in the 60 to 65 range, whether MS or proof, have been selling for more than the retail price guides would suggest. But the present coin was listed below the price guide numbers! So I jumped on it.
    Now it's on to a college graduation present...
    Happy Collecting to all!
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  4. Electric Peak
    Standing room only
    After my activities at the ANA show itself (see my previous journal), I went back to my car and ate a snack. It was about 4:30, and that was the first food I had since 5:30 that morning. I walked back to the convention center and found the room where Stack's-Bowers was doing the auction floor sessions. I wanted to get a good seat for the 6:00 session, and was not the first one there.
    Fortunately, some food was provided, starting close to the session start time. Having had my snack, I waited to partake until an hour into the session.
    The room was perhaps the largest I've seen for a coin auction. By the time things started, almost every chair was taken, and many people were standing. (In contrast, I once participated in a Heritage session in Baltimore and was the only non-company person in the room for part of the time.) After 15 minutes of introductory remarks and nearly two hours of actual auction, numismatic history had been made.
    That first portion of the Rarities Night session featured the Battle Born Collection of Carson City coins. It was only the second complete (by date & denomination) collection of CC coins ever assembled. The average grade of the coins was superior to that of the earlier one, the famous Eliasberg Collection. And this was the first time a complete CC collection was sold in a single event.
    The highlight of the sale was the unique 1873-CC no arrows dime. The same law that eliminated my beloved half dimes from production, also changed the weight of other silver denominations. Arrows were added at the date to indicate the weight change, as had been done from early 1853 through 1855. Although many 1873-CC no arrows dimes were minted, all but a few were melted for recoining when the new law was enacted. The few survivors were sent to Philadelphia for testing, as usual. One was destructively tested, and apparently all of the rest were also destroyed - except this one.
    It fetched $1.84 million.
    When the 111 lots of the Battle Born Collection had been sold, I and a number of others left. It was 8PM, and I needed to drive home. While walking out, I was behind Christine Karstedt (Exec VP of Consignments for Stack's-Bowers) and the young lady who did the calling for the silver lots (sorry, I didn't catch her name). The boss asked her how it felt. I believe "it" referred to selling a million-plus dollar coin for the first time. The response was that it was pretty cool. Indeed. But I think it would be cooler to buy such a coin. We can dream.
    Because I had already spent too much, I did not even register to bid. But I did have the chance to bid: Where I sat, someone at an earlier session had left a bidder card behind. The naughty boy in me thought of having some fun with that. But of course I would never actually surprise some poor (or maybe about to be poorer!) guy (or gal) with an unexpected auction bill. Besides, several people in the room know me, and cameras were rolling...
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  5. Electric Peak

    ANA Thursday

    By Electric Peak,

    One bought, one sold.
    As I wrote in my last journal, I went to the ANA show yesterday. I left home at 6:15, hoping to make the Liberty Seated Collectors Club meeting at 9:00. I got to downtown Philadelphia just after 8. But while looking for cheap parking, I found myself crossing the Ben Franklin bridge into New Jersey. Despite that mistake, I was able to get turned around, parked, and to the meeting with a few minutes to spare.
    The meeting had some of the usual content. But it also had an auction of several items of interest to club members, to benefit the club. But this was no dull auction. Free from the restraint required for the big corporate auctions, Brad Karoleff made the experience memorable and fun, and managed to extract more dollars from people's wallets than they actually bid.
    Once the meeting was over, I got my badge and went into the show. It seemed similar in size to the typical Baltimore show, but I did get the sense that there were more small, non-regional dealers than Baltimore usually gets. During the day, I was able to give every dealer table a quick look, checkout the exhibits, and go through all the dealers again.
    I had stopped to look at about ten half dimes and a few large cents. I also still need an 1890 half dollar in MS64 for my son's set. I have no trouble finding proofs in 66 and 67. I saw four of those in the first half of the bourse. Then I came upon it: a beautiful example in a PCGS MS64+ holder with green CAC sticker. Though not noted as proof-like, this coin could easily be mistaken for a proof. I know from six years of looking, and letting some go as too expensive, that I'd have to pay a lot for it. I was thinking 3K, maybe a little more for this one. Even though that would be almost double the cost of the other five coins in the set, I was going to have to get it. But the asking price was five and a quarter, and I just couldn't do it.
    I sat down and looked over the half dime notes I had taken. One of them stood out clearly as the best option. (Notice how getting nothing doesn't seem to be the best option, despite last week's overspending?) When checking it out initially, my first reaction was "Wow, how could the graders have missed that?" But on closer examination, the marks I was seeing were uncommon clash marks.
    On seated half dimes, the most common clash marks are on the reverse, inside the wreath, from the area of Miss Liberty's left elbow and the pole. Reverse impressions of the base of the rock, and sometimes parts of the date, are also somewhat common. Once in awhile some others are seen on the reverse, and sometimes clash marks from the wreath are apparent on the obverse. But the marks on this coin go across Liberty's belly and under her left arm. They are impressions from letters of the word DIME. Parts of all four letters are visible, but the M is the most prominent one under her arm.
    The coin is an 1860-O, NGC graded MS66 half dime. It has really nice luster and is lightly toned. The dealer (business is called Disruptek) was honest about its past: He told me he bought it in a 65 holder and was fortunate to get an upgrade. His asking price was less than 20% over his costs, not jacked up to a 66-like price. I bought it.
    I found an auction record of a coin that appears to be the same one, in a PCGS MS65 slab with CAC sticker. I still need to examine things closely to verify that it is really the same coin. The old photos are a bit dark. In any case, you can see the clash marks pretty well (see below).
    One last item: Having gotten an 1890 MS64 nickel, I tried to sell the proof. I decided on an asking price, and offered first to Harry Laibstain. He has almost always been willing to pay my asking prices, and this was no exception. So I was pleased.
    Happy Collecting to all!

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  6. Electric Peak
    Three additions from the Heritage auction
    My wife and I just signed on the dotted line to replace essentially all of the exterior of our house. So what did I do? I went overboard in the pre-ANA Heritage auction, of course.
    Before getting into those details, I have a couple older notes: First, I had to skip the latest Baltimore show due to work, leading me to consider going to the ANA in Philly. Second, there was one more detail regarding my recent Heritage live on-line bidding problem. In the end, I did have to pay a restocking fee, which was not small...
    Back to the almost present. I had picked out several coins of interest, as usual. I decided on one, an 1860 half dime, PCGS graded MS67 with green bean, and entered what should have been a winning bid.
    I have been trying to build an 1890 P mint, non-gold, MS64 set for my younger son. I have the nickel in proof, and want to swap it for a MS example. The Heritage sale had a couple of them, and I entered a strong bid on one of them.
    Good to go, right? Well, the disease has me in its grip. As I watched on-line last Thursday, I decided that an 1844 MS67 half dime was still looking "cheap". (I had already decided that I want it, but that I cannot afford it, given the coming home expenses.) Needless to say, when the lot came up, I hit the Cut Bid button. The existing secret maximum was higher, but still less than that next full increment. So I hit the Bid button and got it! The slab shot is below.
    So I was on the hook for two expensive coins plus the nickel. When the 1860 half dime came up, there was one live bid. But my secret maximum prevailed, with a little room to spare. A couple days later, the 1890 nickel also sold for less than my max bid.
    So what did I do next? I drove to Philadelphia yesterday (Thursday) to check out the ANA. More to come...

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  7. Electric Peak
    Responses to some comments
    Wow. With relatively few views of my previous post, there have been more replies than usual. This is just to respond to some of those messages.
    First up, regarding internet speed: At the time, I was on 15/5 (megabits per sec, download/upload) FiOS service, which has been adequate for my coin activities (browsing, bidding, etc.) at the same time as both of my sons playing on-line action games, without any issues. Nevertheless, this past week I did, for other reasons, upgrade the package to include 25/25 internet service. (With the perk, it will actually be cheaper to get more TV selection [is that a good thing?], more phone services, and faster internet than I have been paying.)
    Second, it seems I did not identify the coin that I did not want. It was an 1891 half dollar, NGC graded MS65PL. At first glance, it is a pretty coin. But I have no particular interest in Seated half dollars, other than to get the 1890 for the gift. If I were looking for a type coin, I think I would go for a higher grade in a more common date. Upon closer inspection, this 1891 is not so nice. In addition to dies lines in lower parts of the design relief (as-made, and okay as far as I am concerned), there are scratches on the high points, primarily the breasts and legs. Not good.
    Finally, a few expressed that they would not participate in the live internet bidding. For folks like me, sometimes it is "necessary". Certainly I have a good amount of money to spend on some nice coins. But I do not have enough at any given time to enter truly competitive bids on more than one or two of the kinds of coins I pursue. If there are multiple "coins of interest", sometimes live bidding is essential depending on how things go. So I will not swear off live bidding. But now I will probably take some video of the computer screen while I bid! If getting out of that 1891 half dollar was a "one-time courtesy", then I want to be able to prove my case should this ever happen again.
    Despite the problem I just had, I do want to say that I think Heritage has grown to be the #3 auction company in the world, #1 in coins, for a reason. Their website, including the live bidding, is a big part of it. It is far and away the best out there. (My only complaint in the past has been inconsistent quality in the photography, which has improved recently.)
    Nevertheless, as a software professional myself, I know there is no such thing as perfect, flawless software. We always need to be careful when our money is on the line, whether it is our tax money for the software I develop, or our own hard-earned dollars for coins or whatever.
    Thanks for reading. Happy hunting. - Alan

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  8. Electric Peak
    Flirting with disaster
    Six plus years ago, I decided to give my son a numismatic gift as a high school graduation present. He was born in 1990, so I though an 1890 cent though dollar Philadelphia mint set, in about MS64, would be nice. In the two and a half years before his graduation I was able to get all but the half dollar.
    In the four years since, I have not been able to find a suitable coin to fill that slot. Last week, Heritage had an MS63 that looked okay. I decided to get this over with, even if I had to pay what seems like too much. I entered what I thought was a fair bid. It exceeded the reserve by 33%. But just before the end of internet pre-sale bidding, someone out-bid me. Even without that, I was planning to watch live on-line and bid higher if necessary.
    On my way to work on the Tuesday before the auction, I gave my wife the heads-up that I would be up late that Thursday night for that purpose. In the conversation, I mentioned that one has to be careful, because the current bid request can update quickly due to activity at the live event. It is possible that in the time between committing your finger to click for a particular bid amount, that the bid request increases, and you end up clicking for an amount higher than you expected or wanted to bid. Unfortunately, that is not the only danger...
    As Thursday night turned to Friday morning on the east coast, I waited. Finally, the lot came up. When it opened, I immediately clicked the Cut Bid button. No joy. Then, with the bit at $1500, and asking for $1600, I clicked the Bid button. Nothing happened for a second or two, until the lot was closed with the $1500 bid winning. What the heck? They say they will wait three seconds, and reopen a lot if necessary to recognize a live internet bid. So I missed out yet again.
    What came next was worse. The next lot opened, and the system informed me that it accepted a bid from me! I did not even know what the next lot was! But there I was, "winner" of a lot for $3250 plus BP! It was not just a higher bid than expected, but a higher lot number, despite the fact that the Bid button text did not update to that next lot until a few seconds after I clicked.
    First thing Friday morning, I called Heritage to ask them to rectify the situation. I can deal with losing the lot I wanted. But getting a lot on which I did not bid, and that I do not want, is not acceptable. The guy with whom I spoke asked me to send an explanation by email, which I did, and said he would research the situation, talk with his supervisor, and get back to me. Monday morning I called again. He said pretty much the same thing. I waited patiently.
    When I read my email at the start of the day this past Friday, what did I find? An email from Heritage late Thursday afternoon saying the lot has been shipped! I had not paid for it! Needless to say, I called again, and spoke with another person. She was going to speak with the supervisor and get back to me.
    Finally, late that afternoon, I got the call. Heritage would grant me a "one-time courtesy" and not try to make me pay for that coin. For that I am thankful. But I think their live bidding system, as good as it is, needs some additional protections built in.
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  9. Electric Peak
    I added a novelty to my collection.
    As I mentioned in my previous post, I won two lots in Heritage auctions over the past week. The first of the two is involved in an ongoing story, so this post will be about the second.
    In addition to my current focus on half dimes, I still look for upgrades to my large cents, and maybe a type coin here and there. I have also gotten a few Mercury dimes and Walking Liberty half dollars lately. While looking in the Sunday internet-only auction listings, there was an NGC certified MS67 1945 Walker that caught my attention. It is actually a 1943 dated coin, but listed as 1945. The 3 is strongly doubled, but does not really resemble a 5. I thought it would be a nice novelty to have a certification error coin, so I entered a bid. I was the only bidder, getting the coin for the reserve that was set.
    So it seems to me that a few possibilities exist regarding the initial certification error:
    1) An owner mislabeled the coin when submitting to NGC, and NGC did not notice;
    2) NGC simply made a typographical error on the label;
    3) NGC got coins & labels mixed up on this and at least one other coin.
    Then, there are some possibilities when the coin was consigned with Heritage:
    1) The consignor may or may not have been aware of the error;
    2) If unaware, it would have been listed as 1945 on the submission form, and Heritage did not notice;
    3) If aware, the consignor may have submitted it as either 1943 or 1945;
    4) If 1943, Heritage cataloged it according to NGC label and not the coin itself;
    5) If 1945, Heritage did not notice.
    I can believe that NGC and Heritage occasionally make honest mistakes. But I have a hard time with the idea of an owner not being aware of the certification error. Given that a 1945 half in high grade is a little more expensive than a 1943, I can believe that some might submit it to Heritage as 1945 hoping no one would notice and pay the 1945 price. But if a buyer noticed later, I would be surprised if Heritage would not take it back.
    This coin is now in a new Walker set getting more points than it deserves. And for you hockey fans, here's the slab shot. (Sorry)

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  10. Electric Peak
    Goldberg auctions get strong prices on nice copper
    It is hard to believe more than three years have gone by since the sale of the Naftzger collection of middle date large cents. Some readers may recall my posts about going to the live auction and getting six nice coins. At the time, my middle date registry set was lacking only the pricy 1821 and 1923 keys and an 1828. My prime target in the sale was an 1828. But I did not get it because I was late getting to the auction.
    Goldberg auctions held their usual pre-Long Beach sale last week. It included a nice collection of middle and late date large cents, called the Northwest Collection. Several of the best middle dates were nicer than my examples. In particular, one of the 1828 coins was in fact the same coin that I wanted three years ago. So as usual, I planned my auction strategy for getting one or two upgrades.
    Also as usual, the details made things potentially hairy. My 1828 is a Newcomb 6, NGC graded MS64BN, which I think is about right. The one in the auction is also N-6, but PCGS graded MS65BN, and I do recall it being a very nice coin. But the auction also included an 1826 graded MS66BN, also a former Naftzger coin. My 1826 is graded MS64BN and okay, but I decided to go after the one in the sale. It would surely require a bid that would make it my most expensive coin. I also planned to bid on a nice 1822 that would upgrade my 62BN to 64BN.
    Because things are offered in date order but my priorities were not in that order, and because my funds are not infinite, I could not enter competitive bids on all three before the sale. I needed to be able to react to live events, so I called to request live phone bidding, and was able to participate that way.
    Unfortunately, all three coins sold for prices that I think are way too high. I was not the buyer for any of them. Oh well...
    The next day, there was an 1890 quarter eagle, PCGS MS63 & CAC.
    I wanted to get this for my son as a college graduation present. (He was born in 1990, and I gave him an 1890 set, cent through dollar, as a high school graduation present [except that I still have not gotten the half dollar].) The estimate was $1000-$1100, which seemed fair. I wanted to go higher, though, because it was a nice example. I bid $1300 ($1495 with juice), but was outbid. Oh well...
    But on a positive note - In the past, I and others have experienced what seemed like tremendous lag in the Goldberg's live internet bidding system, making it pretty much useless. This time, while on the phone, I was watching live on-line and could hear the live action over the phone. It matched up very well. I commented about this to the guy on the phone with me, and he said they had made improvements.
    Although I was shut out in the Goldberg auction, I did win two lots in Heritage auctions later in the week. Each one has a story. One of those stories is not over yet! Details to come...
    Happy collecting to all.
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  11. Electric Peak
    My wife told me some good financial advice she heard.
    It makes sense: Don't go broke saving money. That is, do not spend money you do not have just because something is on sale or because you saved money on something else.
    As I wrote in the wee hours this morning, the other day I 'won' an 1847 half dime at auction for half what I was willing to pay for the 1858 half dime that was my prime target, but did not end up mine. So, having saved so much money... I participated in the Heritage session Thursday afternoon as I worked. Along with the 1847 half dime, they will be sending me a 1945-S "micro S" Mercury dime.
    I am also the current high bidder on a lot in their Sunday session...
    Isn't this hobby great? Here is the dime.

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  12. Electric Peak
    Nice toning commands high prices.
    Well, I did keep from buying any more on my last day at the Baltimore show last month. But I am making up for that now.
    Session 1 of the current Heritage auction included an 1858 half dime, graded MS 67 by NGC, and sporting a CAC sticker. It has pretty toning on both sides. I intended to have it.
    As usual, I checked various price guides and auction records prior to entering a serious bid. 1858 is a fairly common date as half dimes go, but in 67/CAC with nice toning, I expected it to sell for perhaps as much as the highest recent PCGS result, which was $3450.
    For nearly three weeks, my secret maximum bid of $3000 ($3450 including the juice) sat there unchallenged, appearing to all as a $1 bid. Finally, on the the evening before the live auction, someone jumped in somewhere under the $2600 increment, which is where my bid sat until the Wednesday evening session. I had a feeling that there would be no further challenge.
    As the session progressed, I began to think otherwise - that maybe someone would outbid me. So I took a fresh look at other lots of interest to me. One of them, an 1847 MS 66 half dime, had what I thought to be a low current bid. Getting both coins would really stretch the budget, but I decided to enter one bid when the 1847 came up. That bid won the lot.
    Less than two minutes later, the 1858 crossed the block. Having gotten the 1847, I was really hoping to keep the 1858 at the $2600 ($2990) level. Someone bid $2800, and so there I was at my maximum. I had resolved not to go any higher, so when $3250 was bid, the pretty little coin escaped my grasp. With buyer's premium, $3737.50 is a high price for an 1858 graded MS67. I hope the new owner enjoys it. It is a really nice coin.
    That is enough for now. I need to get to bed. Happy collecting to all...
  13. Electric Peak
    Resisting the Urge
    I have been over to the Baltimore Convention Center three days this week, and will go back tomorrow. I made two purchases, and have been sorely tempted by a few others.
    On Wednesday morning, I went at 9:00 for auction lot viewing. My eye had been on an 1849/8 (though the exact nature of the overdate is controversial) half dime in a 66 holder. Everything was fine, except that the vertical shield lines were distorted. I could not think how it could be anything other than a problem with the die. But I am no expert on such things. I put in my maximum bid, but wound up as the underbidder. Today (Friday) I had a chance to ask a couple experts about those shield lines, but they were not able to help.
    Usually I have other items in case the prime target doesn't work out. In this case, number 2 was an 1872-S, S below the bow half dime slabbed as MS67. In the photos the toning is not very attractive to me, but in-hand the coin is quite appealing. I will be picking it up in the morning. The price feels a tad high, but is below price guide levels. The Heritage archive wasn't very useful - the last such item sold in 2004 for about 15% less. What hurt though, is that the following morning (Thursday), I found a lovely S above the bow (slightly scarcer) graded MS67 with an asking price also 15% less. Such is life.
    I made a smaller purchase on Thursday as well. I have an old Whitman large cent album. I had filled most of the late date holes, and a few early and middle date holes in my youth. A few years ago filled most of the remaining middle and late date holes with eBay purchases. Only 1816 and 1823 remained. I got a decent VF 1816 at the show.
    I already have the 1823 for the album, but it is currently in a slab, and in my Registry set. It is graded only VG, and rightly so. When I get a nice XF-ish example, I will crack out the one I have and put it in the album.
    As it happens, one of my favorite dealers had just purchased an NGC XF45 example Thursday morning, and had it in his case. The price would make it my costliest coin. Such opportunities do not come very often, but in the end I decided that I simply cannot afford that much right now. I will just have to be patient and hope one can be had for less at auction.
    Today I went in primarily for the Liberty Seated Collectors Club meeting, and then went to work. The meeting was very well attended, and featured a brief presentation on branch mint proofs. A recent find that prompted the presentation was available for viewing at the club table. Also, a club member brought a nearly century old print of the Ye Olde Mint painting featured in the book about our first mint that I have mentioned before. He recently obtained it from a historical society near where he lives.
    Tomorrow I will go again: to get the half dime; scan the bourse again; and attend the Early American Coppers club meeting. I'll let you know if I fail to resist the urge.

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  14. Electric Peak
    My Three Cents
    As I mentioned last time, I was planning to go to the ANA's National Money Show in Pittsburgh. So my wife and I got up early Thursday morning for the three and a half hour drive.
    The first order of business was to find a parking space. The Convention Center lot was full. We ended up hoofing it from several blocks up-river (the Allegheny). Once inside, there were two tasks: auction lot viewing and scanning the bourse.
    There were several coins of interest in the Heritage auction sessions to be held Thursday and Friday evenings. My primary interest is half dimes these days. However, there were few of them that I'd like in my collection and expect to be able to afford. So I had several candidates for my type collection picked out as well. Unfortunately, by Wednesday night, most of those coins had been bid up higher than I was willing to pay. My #1 choice, an 1830 MS65 half dime, very nice though it was, had a bid well beyond anything I expected it to realize. Nevertheless, I gave the few remaining lots of interest a good look, and spent a little time studying examples from a few series that are looking interesting to me lately.
    By then it was lunch time, and we walked to Market Square for lunch. My wife had heard of Primanti Bros. cole slaw and french fry sandwiches, and just had to have one. I had chili. Back to the show...
    After registration it was time for execution of my usual serpentine pattern of getting a look at every dealer's table(s). I asked to look at several coins. Asking prices were well beyond what I'd be willing to pay, except for a really pretty 1917 Type 1 Standing Liberty Quarter graded MS67FH. I also wanted to look at a couple AU 1821 cents in Chris McCawley's display, but he was busy and I moved on.
    I had a nice chat with Don Kagin about some pattern half dimes he had for sale, and about my work. He went to school (college, I think he said) and was friends with the recently retired head of the Hubble Space Telescope project, on which I work.
    Along the last row, I spent some time talking with a guy who was selling Dino-Lite digital microscopes. I had spoken with him when the ANA last had a show in Baltimore as well. I've been a little frustrated with my digital camera, and have been interested in finding something to make my coin photography easier, better, and consistently so.
    By this time, my wife and I were ready for dinner. We left the show, walked to the car, drove to our hotel, checked in, and went out for a quick meal. I had planned on leaving my wife at the hotel while I went to the auction, but time and traffic didn't seem to be cooperating, and the hotel had free internet.
    So I connected to the Heritage Live site to make sure I could, and decided to participate that way. I checked my lot viewing notes, checked current bids, and set my strategy. The first potential bid would be for an MS67 1888 nickel three cent piece. When it came up, I immediately clicked the cut bid button. And yes, another cut bid won!
    At that point, I could afford only one of my other choices, a pretty 1855 gold dollar graded MS61+ (for "my wife's collection"). It is in Friday evening's session, so I entered my maximum bid which left me as the high bidder, and I went to bed.
    Friday's narrative next time... Happy collecting to all!

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  15. Electric Peak

    A Continuing Theme

    By Electric Peak,

    Two new acquisitions
    I had my eye on a Capped Bust Half Dime in the recent Heritage auction at the FUN show. It was an untoned 1830, graded MS65 - just right for my set. The reason I liked it was its exceptional strike. Early on, I entered what I thought was a strong bid. The starting bid at the live session was two increments below my secret maximum. But alas, live bidders took it up three increments. I watched, but did not want to pay two increments (or maybe one and a half with a cut bid) more than my initial, supposedly strong bid. But I understand why someone else liked it at the winning level.
    That coin gone, I had a couple others in mind. An 1835 half dime, also graded MS65 was a few lots later, and was sitting at what I thought was a pretty low bid. I decided to go for a single cut bid when it came up. As with several other recent auction wins, this cut bid won.
    One more coin was on my shopping list for that auction. For my younger son's high school graduation, I wanted to give him a decent mint set for 1890, 100 years before his birth. The target was MS64 for the cent through the dollar. I have not yet gotten the half dollar (and college graduation is now just a few months away...), and the nickel and quarter I did get are proofs. Further, the quarter is a 63 (Cameo), not a 64. That same auction session included a nice MS64 1890 quarter, and I intended to have it.
    Unfortunately, bids were already up to the edge of my comfort zone, both for the coin and for total January expenditure. But I figured half an increment more wouldn't really be that painful, so I employed the same strategy: immediately enter a cut bid and leave it at that. Again, the cut bid won.
    So I seem to be on a path to replace that proof 1890 nickel with a business strike, and still need the half dollar. Over the several years I've been looking, there have been few MS64 1890 half dollars to be seen. And they went for more than I wanted to pay. At some point, I will have to bite the bullet and pay the price, or compromise on grade. Such is our hobby sometimes.
    Anyway, here is the reverse of the new quarter. Happy hunting...

  16. Electric Peak
    There are not many options!
    The first coin I ever owned was given to me as a birth gift by my paternal grandfather. It is a 1907 Liberty $2.50 gold piece. Several years ago I had it slabbed by PCGS (one of my "free" gradings for being a paid member), and was pleased it found itself in a MS65 holder.
    On my mother's side, the giving of coins to newborns was practiced as well. She was born in Ohio in May of 1933. When her father went to the bank to get a 1933 coin, options were few. The only denominations dated 1933 released from the mints were the cent, the half dollar (San Francisco only), and $10 gold (no longer available). (And if you do not know the story of the 1933 double eagles, it is worth getting one of the recent books about them.) Rather than settling for a cent, he opted to give her a loftier coin from a neighboring year.
    My mother had told me that this coin was a gold coin dated 1932, but she could not describe it to me. Even when I described the options ($10 Indian and $20 St. Gaudens), she could not tell me anything other than that it was small. With that, and looking at the populations and prices, one would assume it was the $10, but could hope for the Saint! (And among non-gold denominations, only the cent and quarter were available.)
    Well, I got to find out the day after Christmas. Her bank had closed, so she had retrieved her belongings from her safe deposit box, and had them at her home when I visited. This was an unexpected surprise. I had assumed I would find out only after she passes. But there she was, getting the coin to show me.
    She had it wrapped in wax paper. As she unwrapped it, it did look strangely small. She handed it to me. I carefully picked it up to examine. With my contact lenses, I cannot see up close very well, and I did not have a loupe with me. But I certainly could recognize the denomination by size and design. I thought I could make out the date, but needed to ask my son to confirm it. We were looking at a 1906 $2.50 gold piece, not a coin from 1932.
    But there was a second coin, a larger one. It turned out to be just one year different from her birth year. But it was not gold, and was not from 1932. It was a 1934 Peace Dollar.
    Both coins would probably be graded as AU. Thus, neither one is numismatically special. But they are treasured nevertheless, as gifts from her father, who died when she was a teenager, long before I was born.
    I have no indication what her will says, and am not going to ask. But none of my siblings have any interest in coins. So I suspect that those coins will someday be mine. If so, I will keep them as my mother has - as a reminder of my grandfather. Though I never knew him, I believe he played a significant, though indirect role in me becoming the person I am. But that is another story.
    On the numismatic side of things, what story might I have if he had been able to get that 1933 $10 gold piece?! Or the $20...
    Happy New Year to all, and Congratulations to all the award winners. Happy collecting...
    Alan

  17. Electric Peak
    Middle Date Large Cents imaged
    There have been a few posts about digital microscopes or requests for info on such beasts. As readers of my posts know, I purchased a Dino-Lite AM-413T at the Pittsburgh ANA show in October. I still have not had a lot of time to play, but I did take a decent set of shots of my middle date large cents.
    Those images are now in the registry. Please check out the gallery for that set and see what you think. I used one natural light Ott light, and the Dino-Lite's built-in LEDs off. As a result, you get some idea of the cartwheel luster. But when the luster is particularly good, a coin that is more-or-less uniform in color does not really look like it. See some of the RB coins from the 1830s in my set to see what I mean.
    You may also notice that the NGC coins tend to look better than the PCGS coins. This has to do with the holders. I started with the 1816 cent, and got it to look reasonably good. It is in an NGC slab. After that, I just went through the rest of the set without adjusting anything. Because the NGC inserts are opaque white and the PCGS inserts are translucent, showing the black background I used, the light balance between coin and background was different for NGC and PCGS slabbed coins. The images are cropped to 512x512 from 1280x1024 originals. So the coins are about 16% of the original frame. I don't know how big an area the sensor was actually seeing. I would not be hard to make a white mask to use with PCGS slabs to hide the dark background.
    I do have a couple issues with my Dino-Lite. The magnification adjustment is labeled from 20x to 220x, but will move beyond those limits by 10x or so at both ends. I've been able to achieve reasonable focus only near or beyond those marked limits. The lower magnifications can be focused from very close to the coin out to the two foot limit of my stand. The high magnification can only be focused very close to the coin. Aside from that, I cannot seem to get the entire coin in good focus at any distance. But it isn't too bad with the coin taking 16% of the image size.
    Taking photos of slabbed coins pretty much requires face-on shots to avoid getting unwanted reflections off the slabs. I suppose that a careful setup could minimize any unwanted reflections. But face-on shots are desirable anyway, as there's no foreshortening that way. However, with a face-on shot, you cannot use the built-in LEDs, which would reflect right back into the microscope.
    I still have to try silver and gold coins, and proof coins.
    I have not yet tried the measurement feature.
    I'll post more as I get time.
  18. Electric Peak

    Quick Turnaround

    By Electric Peak,

    In it for the money?
    I was just looking in my daily email listing quarantined emails. One of those listed was from Teletrade, regarding their 25th anniversary auction. So I had it delivered and checked out some items in the upcoming auction.
    For no apparent reason, I was drawn to look at an 1892 Barber dime, NGC graded MS67 with CAC sticker. I suppose I'm thinking of it as a candidate for my type collection, although I have my almost-available dollars targeted on a half dime in the Heritage FUN show auction next month.
    Anyway, I checked the Heritage auction archives to get an idea of how much similar coins have been fetching recently. Their most recent result was from just a month ago. I took a closer look, and saw that it is the same coin as in the upcoming Teletrade auction.
    It also struck me that it had no CAC sticker in the Heritage photos. So the present consignor bought it, got it CAC-ed, and consigned with Teletrade in the space of a few weeks. I've noticed similar relatively quick turnaround of other coins as I've done my investigations.
    As some of you know, I have completed my middle and late date large cent sets, and have moved on to focus on half dimes. As much as I would like to have more money to pursue those tiny coins, I just cannot see myself selling the old coppers. I simply enjoy having them too much to part with them, even to fund another strong interest.
    As we all know, there are folks in the coin business just to make money. It seems the current owner of that Barber dime is one of those people. And I certainly would like to see my coins increase in value, so that I would make a profit if I ever sell them. There is nothing wrong with making money on coins, but the quick turnaround is a little alien to my thinking.
    An congratulations to the now previous owner of that 1848 MS67BN large cent. The hammer price was $9500 ($10925 with BP). Given that it had not come from Heritage, that person probably has to pay the 5 percent seller fee, leaving him/her $9025 for a coin that cost just $1438 in February, plus grading fee. A killing, as I had suspected.
    These details may not be as interesting as the real old-time stories we know for some coins, and the stories we imagine for some of our more humble coins that served their intended purpose. But this is the new reality for many of the better coins out there.
  19. Electric Peak
    Way past my conservative estimate...
    A couple posts ago I wrote about a common variety 1848 large cent, NGC graded MS67BN, to be auctioned tomorrow (12/8/2011). I wrote that I expected the final bid to reach at least $3000 (plus juice). Given that MS66BN examples, like mine, can be had for under $2000, that was a conservative estimate, and I was thinking the total cost might reach about $5000. I had put in an early bid of $1500 to keep it in the My Bids list. If I had the money, I would have been comfortable bidding to about $3500 ($4025 w/ BP).
    Well, the current bid is $8500 ($9775 with BP). I can not really figure this out.
    A type collector can get MS67s from the 1850s for under $3000 without too much trouble. My three were all under $1750.
    A PCGS registry collector would pass, as this coin is in an NGC slab. Given its supposed history in a PCGS MS63 slab, the likelihood of a successful cross may be low.
    An NGC registry collector would find it attractive, as do I. But given the state of the top sets, this coin will not change the rankings, unless the cardinal obscured set (not updated for well over a year) gets it.
    A collector of the finest early copper, registry participant or not, would have known of the appearance of this coin in the Goldberg sale of the Holmes collection earlier this year. The fact that it was uncertified at the time would make little difference, as such collectors tend to hate slabs, and the catalog description identified it as being high in the condition census for its variety. As I wrote, it sold for $1438 in that sale. Where were the 10k bidders then?
    I suppose it could just be a nice move for someone who has the cash. But even if money were no object, I don't think I would go quite that crazy.
  20. Electric Peak
    I parted with 4 figures, but brought nothing home.
    Wow, it's already been two weeks since the Baltimore show. My wife (especially) and I have been sick, and I didn't do much at the show, so the motivation to write about it has been low. I hope you all had a good Thanksgiving.
    First up, I had just gotten another pricey coin from the Heritage Beverly Hills auction, and really had to resolve to buy nothing at the Baltimore show and auction. It helped that I had no significant interest in anything in the Stack's-Bowers auction. I didn't even go to lot viewing.
    On Friday (Nov 18), I went to the show in the afternoon. My first stop was at Chris McCawley's table. He wasn't there, so I just started looking at all the nice coins he had there. In a few minutes Chris returned. I handed him a check to pay off the 1821 cent I got from him in Pittsburgh. He was busy with another dealer, though, so I began a quick pass through the bourse. Fortunately, nothing struck my fancy.
    After about an hour, I got to the Liberty Seated Collectors Club tables. Having had to drive my wife around in the morning, I had missed the club meeting at 9AM. But it was good to see the stuff they had on display. There were complete (or nearly so) date and mint collections of all the seated series. If I remember correctly, only the dollars were sparse. In any case, Gerry Fortin's dimes were terrific.
    After checking out those dimes, I spent the rest of the time I had on the parking meter at the table with the half dimes. Their owner, Stephen Crain, was there and happy to talk with me for quite awhile. He has specialized in half dimes and has gathered a wealth of information about them. As others have done, I encouraged him to publish a seated half dime guide book. The existing references really are not very useful. If I didn't know that he already had the information and was thinking about publishing, I might start down that path myself as a way to learn as much as I can about the coins I'll be collecting for some time to come.
    On Saturday, I went to the Early American Coppers club meeting. This time there was no special presentation. (In the previous few Region 3 meetings at Baltimore shows, Craig Sholley had given interesting talks.) After some cool show and tell, much of the rest of the time was spent discussing club finances. In particular, the club's journal, Penny-Wise, is costly to print and mail. We talked about options like preparing it in PDF format and distributing it electronically. There's another place where I might be willing to put in some time.
    After the meeting, there was a little time left on the meter, so I looked around the bourse a little more. In the end, I left with nothing new for the collection. But that was probably for the best.
    Here's the half dime from the Heritage auction.

  21. Electric Peak
    Someone might make a killing on this one.
    With Heritage's next auction available for on-line bidding, I was just looking more seriously at a coin I had noted when the sale was in "Coming Soon" status. Although I'm concentrating on half dimes these days, I'm still looking at large cents and other odds and ends.
    In the upcoming sale is an 1848 large cent, NGC graded MS67BN. I'm considering it as a potential upgrade to my 66BN. The lot description ends with some provenance information. The final entry is for a Goldberg auction earlier this year. So I went to the Goldberg website to check the price realized.
    I did positively identify it as the same coin in the two sales from the good photos provided. A few things struck me when checking the Goldberg info. First, this coin was part of the Holmes collection, but is not so noted in the Heritage description. I thought that was peculiar. Second, the price realized was low for a cent from the 1840s graded 67, only $1438. Then it occurred to me that much of the Holmes collection was not certified, so I read the lot description and got the next striking thing... Third, the description indicated it was currently not certified, but was removed from a PCGS slab, graded only MS63BN (insert included with the lot)!
    Now I'm not going to get into PCGS vs. NGC grading. I did not get a chance to view the coin in hand prior to the Holmes collection sale, so I can't confirm that the insert really said MS63BN. My point for now is that the current consignor stands to make out quite well. Regardless of prior certification, with the coin now in a 67 slab, I expect bids to reach $3000 easily, more than doubling the seller's money in less than a year.
    Having found this information, I'm now a bit more hesitant to go after this coin. Unless Heritage has it available for lot viewing at the Baltimore show (where I'll be Friday), I won't get a better view than the on-line photos provide. With that old grade of 63, and without an in-hand look, my confidence in the current 67 is diminished...
    That's all for now. Here's a peek at this pretty penny.

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  22. Electric Peak
    Today's tale of the 2009 UHR
    Some of you may have noticed that the 2009 Gold $20 Ultra High Relief coin has been removed from the American Eagle set(s). I contacted NGC to ask why. (It's because the coin is not an American Eagle.) Anyway, a new gold bullion set has been created, thanks to quick action by NGC's Jerica Garcia. I created my set, added the handful of coins I have, and am currently #1. Of course, when there's only one set, it's hard not to be #1...
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  23. Electric Peak
    An old cent isn't what I thought.
    Like many of us, I collected coins as a kid, and stopped when it was time to go to college. Early in my second decade I spent a lot of time at a local bank searching for wheaties in rolls. Among those I found were a couple 1954-D examples that looked a little funny.
    One looked like it had a repunched mint mark. The other looked like it had a stray 5 punched high and rotated from the final placement. These days, I'm not a Lincoln Cent collector, but I remembered that I had these coins tucked away in an album at the house, and decided to look at them with the Dino-Lite microscope I bought at the Pittsburgh ANA a couple weeks ago.
    I first looked online for some resources. It quickly became apparent that the first of the two coins is a known variety, with (new) Fivaz Stanton designation FS-01-1954D-501, and number 45 in the top 50 Lincoln Cent varieties at lincolncentresource.com.
    The other cent had fascinated me more all those decades ago. But none of the online resources I checked listed anything like it. So I fired up the Dino-Lite to about 30x and was no longer convinced that there was a stray 5. Cranking it up to maximum magnification, 230x, what I have became more clear. It appears to be nothing more than a lamination above the date.
    So my dream of having some really cool variety, perhaps a valuable one, is gone.
    Most of my hobby time is spent considering the next potential acquisition. After that, it's enjoying the more expensive coins when I have them home for a spell. But this episode reminded me of some of the fun I had as a kid. I think I'm going to start using the microscope to examine my coins more closely, not just take a nice consistent set of pictures. I have been starting to feel like I'm not enjoying collecting as much, and getting back to a more youthful approach (with some better technology) might help.

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  24. Electric Peak
    Some Pros & Cons
    I've been playing just a little with the Dino-Lite digital microscope I got at the Pittsburgh ANA show last week. Once the software is installed and running, you just plug it in to your computer's USB port and you see what it's looking at. The basics of operation are easy enough, but it'll be awhile before I have a satisfying setup.
    I still need to get a good natural spectrum light. Beyond that, it's clear that I'll have to play with the software adjustments or deal with background (or foreground) color & darkness to get decent shots. The biggest con so far is that good focus does not seem to be constant over the rectangular field. The ends in the long dimension are out of focus, so that you can't fill the image with a completely in-focus slab.
    Overall, my initial impression is mostly positive. I think I'll soon be able to get a good, consistent set of images of all my coins. I will replace existing registry images with them when that time comes. And I'll have more to say about the Dino-Lite as well.
    For now, here's the 1821 large cent I picked up in Pittsburgh. The focus is a tad off, and there's some glare from the slab, but it looks pretty much like the coin. And somebody please slap me if I get another pricey coin this year. I've almost doubled my annual allowance already, and I need to save for some home renovation.

  25. Electric Peak
    My four cents?
    Having won the 1888 nickel three cent piece and having entered a leading bid on an 1855 gold dollar Thursday evening, my options for Friday were limited. When I woke up, I checked the bids. I had been outbid on the dollar. So I decided to go to the convention center to pick up the 3CN and buy a Dino-Lite microscope, get a little more flavor of Pittsburgh, and go home.
    At lot pick up, I was careful to ask first if sales tax would be charged. For the coin I got, sales tax would be much more than the cost of having Heritage ship it. Fortunately, sales tax is not charged on such things in Pennsylvania, and I now have the lovely little coin. (In Maryland, tax is charged on coins totaling under $1000 picked up there, so I have my Maryland auction winnings shipped if they're from about $400 to $1000.)
    I didn't want to pay for my wife to enter the show again, especially since I didn't plan to be long and she has no real interest. So she waited while I went in to get the microscope. And she waited...
    I had a couple questions about the microscope, which were answered. That and the paperwork took a surprising amount of time, though. And I wanted to check out those 1821 cents I missed the day before.
    As usual, I chat with Chris McCawley when I check out his coins. We talk about work and family. Usually, the conversation goes in some other directions as well, and this time was no exception. As for the cents, I really liked one more than the other, and asked for his asking price. It seemed fair, but was more than I can handle, having gotten the three cent piece and microscope. But knowing me as he does, Chris was willing to let me make payments over a few months, and now I have that cent! With that, my Middle Dates set is now complete. (But I'm still open to some upgrading some, especially the VG 1823.)
    As for the show itself, it seemed a bit smaller than the typical Baltimore show, and was not very busy on either day when I was there. And there was less of the stuff that most interests me than I expected. Chris McCawley commented that the ANA had done a pretty good job of lining up dealer participation, but didn't do as well at getting the public to show up. That said, I did see an ANA rep and John Kraljevich on KDKA's morning show Friday. They had some of the "cheaper" exhibits with them (leaving a 1913 Liberty nickel and an 1804 silver dollar for show-goers to see), and made what I thought was a good pitch to the public. (And for you football fans: They were followed by a young woman and her mother and grand-mother who came up with a cool idea - Terrible Towel Skirts.)
    I'll be trying out the microscope in the days to come, and will post a shot of the 1821 cent from it. But for now, here's the reverse of the 1888 three cent piece.
    Go Ravens!

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