Question from a Noob...

[Zeytwinder-migration]

I'm new to collecting coins, thus will likely post some questions typical of a newbie (noob). I'm sorry if this topic was already previously discussed, or if its a silly question.

 

I recently bought two WTC recovery coins. Do they have the same significance as a shipwreck recovery, or not at all? I paid a premium for them (2001 $1 Eagle BU, 1998 $50 Eagle PCGS MS69) and not sure if they are a good investment or just a gimmick/fad. Any help is appreciated.

[jtryka]

This is a topic that brings out a lot of emotions on both sides, but rather than go into the emotional arguments, I think it's important to note where these coins come from and what makes them different than a shipwreck artifact. These coins were mostly from the vaults of the Comex or Comex member firms, and they were not located in the actual twin towers, but rather at the smaller black buildings on the east side of the WTC complex (4 and 5 WTC). From what I have read, these vaults were relatively undisturbed even though the buildings themselves were heavily damaged, hence how all of these coins are in remarkably great condition. The buildings where these vaults were located were also evacuated early in the day, and well before the collapse, so it was different than a shipwreck, where the coins went down along with the victims. These were also not lost for long, perhaps a fews days or a week at most, so not like finding something that was lost for a hundred or more years. In my opinion therefore, these are more like sentimental souvenirs, very similar to the lumps of coal that have been recovered from the Titanic and sold to collectors. There is nothing inherantly rare about these coins, unlike say the 1857-S double eagle which was extremely rare before the Central America recovery. That shipwreck was not widely known among the public, like the Titanic or WTC, so there is very little sentimental value associated with the coins, but much more numismatic value, which is the opposite of WTC coins or Titanic artifacts. Therein lies the biggest difference to me between these coins and other shipwreck like artifacts. Hope this helps, and remember it's just one man's opinion.

[ibyandsellsmith]

This is a topic that brings out a lot of emotions on both sides, but rather than go into the emotional arguments, I think it's important to note where these coins come from and what makes them different than a shipwreck artifact. These coins were mostly from the vaults of the Comex or Comex member firms, and they were not located in the actual twin towers, but rather at the smaller black buildings on the east side of the WTC complex (4 and 5 WTC). From what I have read, these vaults were relatively undisturbed even though the buildings themselves were heavily damaged, hence how all of these coins are in remarkably great condition. The buildings where these vaults were located were also evacuated early in the day, and well before the collapse, so it was different than a shipwreck, where the coins went down along with the victims. These were also not lost for long, perhaps a fews days or a week at most, so not like finding something that was lost for a hundred or more years. In my opinion therefore, these are more like sentimental souvenirs, very similar to the lumps of coal that have been recovered from the Titanic and sold to collectors. There is nothing inherantly rare about these coins, unlike say the 1857-S double eagle which was extremely rare before the Central America recovery. That shipwreck was not widely known among the public, like the Titanic or WTC, so there is very little sentimental value associated with the coins, but much more numismatic value, which is the opposite of WTC coins or Titanic artifacts. Therein lies the biggest difference to me between these coins and other shipwreck like artifacts. Hope this helps, and remember it's just one man's opinion.

Well put, That actually helped me. I never new the history between the recovery coins, now I know it's just a gimmick to sell coins.

[ant]

thanks! i didnt relize that either! good to know!

[gmarguli]

I recently bought two WTC recovery coins. Do they have the same significance as a shipwreck recovery, or not at all? I paid a premium for them (2001 $1 Eagle BU, 1998 $50 Eagle PCGS MS69) and not sure if they are a good investment or just a gimmick/fad. Any help is appreciated.

 

If you can't tell the difference between coins other than the packaging, then it is a gimmick.

 

Keep in mind that the original sellers of these coins and PCGS profited off the deaths of thousands of innocent Americans. Personally, that's not something I'd want to own or be proud to own.

[Zeytwinder-migration]

Excellent info. Much appreciated.

[TomB]

Jeff has given you excellent information and Greg has also given you insight into how many of us view these otherwise generic pieces.

[Zeytwinder-migration]

Makes total sense. These items are hyped up a lot, it seems, but not by collectors. A wee bit confusing until now. I appreciate it Jeff and Greg.

[TraderGuys-migration]

Zeytwinder. I still ask dumb questions and sometimes I get dumb answers (!!!) but you'll find that the people here are more than happy to help.

I'm still a newbie and learn something every day. I can't tell you how much I have learned about coin photography (my area of interest along with the actual coins).

Keep asking and posting. Lots of good people here

 

Bruce

[halfpint]

 

welcome to the forum!

 

you'll find good advice here and learn a lot too. my

[Zeytwinder-migration]

Thanks guys - what a warm welcome! I have been reading a lot of posts and learning that way. There is so much practical information here, and a lot of friendly and knowledgeable people. Thanks again.

 

 

[Bruceswar]

The advice givin is spot on. Welcome and fire away!