How literally can "one man's junk is another man's treasure" be taken?

[Zoins]

One thing I've learned from these boards is that there are many ways to collect and some may even appear mind boggling to others. The phrase "one man's junk is another man's treasure" often seems appropriate but in how many situations are we taking about "literal junk" that someone would intentionally throw away? The NGC-encapsulated waffled canceled JFK half I saw here recently seems to be one example. Canceled dies from the US Mint seems to be another. Are there others?

[James_OldeTowne]

There's an active community of folks who collect holed coins. There are also folks who can only afford the worst, lowest-grade most inexpensive coins imaginable - and I mean that in a good way! One of my clients is just such a collector. To many, his collections would appear to be total eye-UNappealing garbage, but being on a (low) fixed income, his discretionary funds don't amount to a lot, and he has to be extremely careful with what he decides to purchase. He spends much time considering each purchase carefully, and also puts a lot of time into seeking bargains.

 

In many ways, I have far more respect for this gentleman who pursues his hobby with passion than I do for the well-heeled buyers who throw more money than time at their collections. Quite honestly, he has more complete or near-complete sets of coins than do I or most people I know. And he really enjoys his collections!

 

On another note, I also know a collector who collects only circulated proofs. Do you know how tough it can be to find a circulated, say, 1998 proof Kennedy half?

[TJ'S Coins]

Esoteric is the word that comes to mind when it comes to collecting coins. Each of us has our own quirks, interests, budgets and desires which makes the end product all the more interesting. Some collections are easily understood while others are an acquired taste and are better appreciated with education and understanding.

 

Recently I was showing my Dansco 7070 to a relative who has a passing interest in coins. When he saw the Capped Bust Half, his comment was "It's hard to understand how the US could have made such ugly coinage." It was hard to restrain myself since this is one of my favorite series. I simply told him that what makes this series unique is the handmade nature of these coins and how they were the largest denomination minted at their time. I also tried to explain how these differences made it challenging and interesting for many collectors. He didn't change his opinion about the coin but I felt better afterward.

[bsshog40]

All this is very true. I also am not a rich man. the coins I purchase are what I can afford. I have been known to spend a little too much for a coin that I guess I could have gotten one better for the price. Everytime I'm told this, I am never able to find that coin at that price. I sometimes wonder where others get such great finds at such great prices. 95% of my only access to coins is on ebay. Its hard to shop with most pictures offered, but 95% of the time I think I've gotten what I paid for and I'm content with it. I've posted coins here before and gotten responses as to "You could've done alot better" or "why waste your time buying junk". Not junk to me, I buy what "I" like. That makes my junk my treasure.

[WaxonWaxov]

Most of the "junk" coins I have are ones I collected when I was about 13 years old (hint: Reagan was President)

 

I have a number of Liberty Nickels that some would consider junk, but I like them because I can hold up an 1883 w/out cents and say "this coin is 124 years old. I've owned it for 20 of those years."

 

I also like to collect 'veteran' coins. That is to say coins that look like they've been to war. I just got a 2003 dime that looks like it went through a garbage disposal or something.

 

My brother doesn't get coin collecting at all. His thing is casino chips. He must have a couple hundred only a handful of which are from places he himself has not been to (most of those I got him) The only ones that have turned out to be "collectors' items" are the ones from Casinos on the Guld Coast that were destroyed by Katrina.

[braddick]

Try collecting circulated American Silver Eagles. It appears most people saved them vs spending them.

 

Well... most people.

 

 

[DC Dawg]

What some call junk, I call history. I have a 1796 large cent that is so worn down that if I was to send it in to the grading services it would probably grade PO-1. But it is 211 years old... think of the history it has seen! When the coin was minted in the very first Mint in Philadelphia, George Washington was president. Although it missed Ben Franklin, it was a coin that was used by many people, maybe even Alexander Hamilton. It may have been hoarded at various times because of the bad economy and the rising price of copper. It saw the War of 1812, the penning of the poem that became our national anthem, and the introduction of the small cent.

 

There is no telling who could have used this coin. Could it have been used by Thomas Jefferson? What about Jefferson Davis? Was it in someone's satchel as they made the trip west? Was it carried to Charlotte when gold was found in the 1830s? Or made the trip to California in the 1850s by someone looking to afford better? Then who decided to hold on to the coin so that it would still be around for me to be able to add it to my collection 150 years later?

 

The planchet is a little porous and the elements are worn almost smooth. The date is barely readable. You can see the outline of the wreath on the reverse and barely make out the words "ONE CENT." I cannot tell if it has the reverse of 1794, 1796, or 1797. It could have been a "LIHERTY" variety. It is so worn that I cannot tell. Any picture I try to take makes the coin look like a porous, blank planchet. By those standards, it is a piece of junk. By my standards, it is a coin that was part of the growth and history of this great nation. It empowered someone to be able to purchase goods and services during its many years of service. And by my purchasing it, this coin continues to be an economic factor for this country, albeit a very small factor.

 

This coin is NOT junk. It is a representation of history... history in my hand!

 

Scott

[TJ'S Coins]

After the death of my grandmother in 1960 my mother kept a couple of her mother's coin purses with the coins still in them. Mom's health is aging and my sister has been helping her sort through things. They just gave me the coin purses which are interesting little time capsules. Three such "hoards" have been found and turned over to me. One cloth coin purse had a 1917 Walker in fine; six Barber halves from 1896-1902 in AG/G with the best being a VG-8 and seven Barber Quarters in the same grade range. There were some well worn Canadian coins, Buffalo nickels (several dateless) and dimes. Now these are coins that I will hold on to and pass on to my children. Are they of great numismatic value? No, but they are family heirlooms and remembrances of what my my grandmother thought was important enough of a numismatic find to pull out of circulation.

[IGWT]

I believe that the proper spelling for what you're writing about is: "junque."

 

Edited to add: Oops, almost forgot my winky again.

[lkenefic]

Edited to add: Oops, almost forgot my winky again.

 

My god man!!! I never leave home without my winkie!!!

 

Seriously though, I made a comment about some PO-1 1793's in a different thread and certainly didn't mean to cast dispersions on what others collect for whatever reasons they choose. My collecting tastes are just a bit different. I've seen other collections that contain lower grade pieces and they're really quite spectacular. A buddy of mine [at one point] had a "grading" series of Mid Date Large Cents...all nice planchets, no damage or corrosion...and all the way from PO-1 to MS60. It was a study in how these coins wear over time and was quite the education.

 

If you think about the statement "one man's junk is another man's treasure" and really reflect on it, you come to the realization [at least I do] that this is a good thing. Could you imagine if everyone collected the same thing or if everyone had the same tastes? How boring! I for one am glad that someone else considers what I collect to be junk [sorry..junque]. It keeps the prices down

 

L

[cpm9ball]

I bailed one of our fellow members out on this coin after he realized that it was most likely AT. It doesn't matter to me because it is going into my collection of "WHAT NOT TO BUY". It's not a treasure, but I certainly don't consider it junk either. It's in an NTC holder overgraded at MS66 and would have certainly qualified as MS64 if it hadn't been for some *spoon* trying to profit by duping others.

 

 

Chris

[James_OldeTowne]

Someone rated this thread with 1 star . I like this thread, and am going to put 5 stars on it to help cancel out that 1 star rating .

[cpm9ball]

Someone rated this thread with 1 star . I like this thread, and am going to put 5 stars on it to help cancel out that 1 star rating .

 

Yes, sir, General "G"!

 

Chris

[BillJones]

I’m rather aghast that you would include U.S. Mint canceled dies in the “junk” category. I paid over $1,000 for this canceled die that was used to strike the Proof flag bearer $5 gold coins for the 1996 Atlanta Olympics. There were only about 30 of these pieces issued, and unlike most of the comparatively small number canceled dies that made it out of the mint, this one has a lot of detail.

 

As for junk coins, I collected a few of them when I was into half cents by die variety. I once owned a ground salvaged example of the rarest 1805 half cent variety. Most collectors would not have paid $15 for the coin, but I paid $1,000 and ultimately sold it to a well-known early copper dealer for $1,100.

 

 

One old-time New England collector owned an example of the rare old reverse 1802 half cent and didn’t know it for several years. The piece was virtually slick on the reverse, but if you held it at a certain angle you could tell the variety quite easily. I would have gladly paid a few thousand dollars for that coin when I in my “half cent collecting frenzy” but never got the chance.

 

Some dealers have spent a lifetime putting together the poorest set of the “old” commemorative half dollars known. Some pieces, like the Antietam commemorative half dollar are major rarities in fair or poor. I know such collections seem silly, but if you are looking for a challenge, it would hard to find a tougher one.

[Zoins]

I’m rather aghast that you would include U.S. Mint canceled dies in the “junk” category. I paid over $1,000 for this canceled die that was used to strike the Proof flag bearer $5 gold coins for the 1996 Atlanta Olympics. There were only about 30 of these pieces issued, and unlike most of the comparatively small number canceled dies that made it out of the mint, this one has a lot of detail.

I didn't mean to offend anyone with my examples and certainly did not mean to imply the examples listed are not worth collecting. The only reason I listed them is my belief (which may be mistaken) that both canceled coins and canceled dies have been discarded by the US Mint in the past.

 

My assumption is that over 50 years ago, used dies were considered "literal junk" by the US Mint and discarded. What ever happened to dies used to strike the Gobrecht dollar and Chain cent? I think some of the most collectible items include those that were thrown away and not considered worth collecting in their time. Imagine if the dies for the Gobrecht dollar or Chain cent were saved? Please let me know if I'm mistaken and past dies used by the US Mint were saved and/or collected as I would enjoy seeing them.

[Zoins]

Great replies everyone. Just goes to show there are many ways to collect!

[BillJones]

The only reason I listed them is my belief (which may be mistaken) that both canceled coins and canceled dies have been discarded by the US Mint in the past.

 

The main reason the mint has not only discarded but destroyed old dies in the past was because of counterfeit fears and problems. Back in the 19th century early collectors got their hands on U.S. mint dies that had been discarded as scrap medal and made “restrikes” from them. The 1804 and 1923 restrike cents and 1811 restrike half cent were the products of this.

 

Later in the late 1960s, the mint sold partially effaced 1968 Proof coin dies. Crooks took these dies and produced counterfeit coin fragments from them. Such coin fragments had been found in the bottom of bags of U.S. coins and dishonest people used the partially effaced dies to duplicate these errors.

 

The Atlanta Olympics die that I pictured, along with some other coin dies that the mint issued, were a bit of surprise. The level of detail was really impressive, but I guess the mint figured that no one would be stupid enough to think that Atlanta Olympic coin fragments were able to get out of the mint. At least that was the logic. Recently the mint has sold totally canceled State Quarter mint dies, but those pieces had no detail on them whatsoever. Therefore they have been of little interest to collectors.