A Look at American Numismatics in the Mid 1930s

[BillJones]

The annual Clearwater, Florida coin show was held at the beginning of July. It is one of the better Florida shows and quite worthwhile if you live in the Tampa Bay area.

 

One aspect that I’ve enjoyed the past couple of years is the free literature that Fred Lake puts out at the show. Fred Lake conducts auctions of inexpensive to moderately priced numismatic literature. Some of the material he gets would not bring enough at auction to make it worthwhile so he puts out on a table for free. The items include old mint reports, auction catalogs and old magazines. This time one of the items was a small number of copies of “The Coin Collector’s Journal” which was published by the Scott Stamp & Coin Co. in the 1930s.

 

One article contained an announcement that the mint would start selling Proof sets in May of 1936. This would be the first time the mint would offer the sets in 20 years.

 

Another article talked about how coin prices had gone up over the previous five years, from 1930 to 1935. This was during The Great Depression of course and so it was not surprising that prices had fallen for luxury items like coins. It was also especially interesting to note that according the author it made no sense to U.S. Proof coins at auction because the auction fees ate more than the premium the coins brought over face value. We are talking about Barber coins in Proof here folks, NOT the new stuff.

 

Here are scans of a price list that was in the one the magazines. I guess the operative phrase here is, “If we could just go back.”

 

[MunkyMan95]

BU Continental Currency, Pewter dollar... $50. Wow.

[123cents]

If you could buy those coins in 1935 with today's money that would be a feast!

[jtryka]

Unc bust halves for less than $2, even if I had to trade 4 walking liberty halves it'd be well worth it!

[cladking]

Interesting thread.

 

It's not that attrition has made these coins so much scarcer that the prices are far higher today. It's that the demand is many multiples of the levels it was back so long ago.

 

Obviosly inflation has played a role as well but this alone can't account for a 60c price on a proof 1888 three center. There were plenty of people who could easily afford this in 1935. Very few of them wanted one.

 

 

[cpm9ball]

Obviosly inflation has played a role as well but this alone can't account for a 60c price on a proof 1888 three center. There were plenty of people who could easily afford this in 1935. Very few of them wanted one.

 

 

I think that's a bit of a stretch. The country was in the midst of the Depression. One-third of the labor force, 16 million, were unemployed. Income fell from $87 billion to $40 billion, and the GNP fell from $104 billion to $56 billion. No, I don't think it was because nobody wanted them. It was because nobody except the wealthy could afford such luxuries.

 

Chris

[rrantique]

[font:System] Another great post Bill thanks[/font]

[bsshog40]

I'll take'em all!!!