CoinWeek Podcast #152: Completing a DANSCO 7070
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Charles Morgan and Chris Bulfinch start off this sequence of the CoinWeek Podcast discussing the recent high price paid for a coin in a very early PCGS holder and issues surrounding the potential redesign of U.S. Currency.
After that, Charles and Chris break down everything you need to know about completing versatile DANSCO albums, culminating with the DANSCO 7070 coin album .
The DANSCO 7070, besides known as the United States Type album, collects one exercise of most major types of U.S. coins struck from 1800 forth .
This was constantly a deceptively unmanageable album for most collectors to put together, but it ’ second made even more unmanageable considering most higher-end classical U.S. coins are now encapsulated in attest holders .
Charles and Chris believe that outstanding coins should stay protected in encapsulate holders, but a certain character of coin makes a perfective campaigner for a DANSCO album .
If you ’ ve always wanted to complete a DANSCO 7070 album, this episode is for you !
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The following is a transcript of Charles’ and Chris’s conversation
Charles Morgan : I ’ thousand with Chris Bulfinch. I ’ thousand Charles Morgan, CoinWeek editor program. We ’ rhenium going to do Part Two of a conversation about collecting coins and albums, folders, what have you. In the beginning contribution we talked about collecting coins from circulation, pulling them out of change at face respect putting them in— let ’ s just say, entry-level coin folders, something many collectors do at one orient in their gather experience .
We ’ rhenium going to amp that up a little sting in this conversation. today, we ’ re going to talk about, let ’ s good say a more advanced approach or more thoughtful approach to doing this, by putting them in more protective mint albums. For the purposes of our conversation, we ’ rhenium going to talk about the Dansco Albums, as I have a few here at my office. however, Lighthouse makes albums, Littleton makes albums, there ’ sulfur Intercept albums, early albums you can buy early than Dansco. Dansco has been a avocation staple for several decades. They were actually the makers of the albums for the FAO series, a serial I collect. We ’ re going to talk specifically about US coins today .
Before we get into that, Chris and I have a few little pieces of information that happened in the news program. We ’ ll beginning with Chris talking about a very crazy price for a 1962 Proof Franklin half dollar .
Chris Bulfinch : yea. GreatCollections have recently auctioned off a Franklin half dollar that on its face doesn ’ metric ton in truth seem all that remarkable. It ’ s a 1962, like Charles said. The mint is certified Proof 65 by PCGS, which is not a noteworthy degree, and 1962 international relations and security network ’ t actually a remarkable mint. It was struck reasonably recently in the series ’ life, it was retired after 1963. To look at, on its face, there ’ sulfur nothing in truth remarkable about it but it ’ randomness sold for this massive price because of its holder. This solid fib inverts the old numismatic truism that you should buy the coin, not the holder. The coin is in a White Label Rattler, which is a first-generation PCGS holder. This is among the first gear coins encapsulated by the serve. The broad documentation number is 1080333, which some think might allude to this being the 333rd mint that the service certified, but what is known definitively is that it is among the first 350 graded by the service. Such an early holder, and this coin being one of the first-ever encapsulated, that obviously appealed to people enough that 31 bids were recorded, and it ultimately sold for $ 3,612, which is a reasonably remarkable price. That was a actually neat story .
I ’ ve heard about people paying a lot of money for coins, and truly in older-generation holders among the earliest buy the different services. then, this offer is very a bright example of how much a holder can be worth .
Charles : well, when you think about it, I mean, one of the things that attracts people to coins is rarity. We ’ ve had commenters who were– I don ’ thymine know, possibly even use the word offended, but possibly storm and had a feel of, I don ’ metric ton want the coin avocation to be going this direction, and what kind of person would pay such a price for a coin like this ? I think I ’ megabyte being a small bit civilized. But the reality is that, like numismatics, there ’ s pretty much no wrong way to do it. If you go into it, because you think the holders themselves are an concern and collectible share of the numismatic hobby, then guess what ? You ’ re probably right. I don ’ triiodothyronine know the last time I ’ ve seen a White Rattler with that first gear of a certain act. Over the course of the following 10 years, you ’ re not going to find the other 300 beginning graded coins from PCGS. I ’ thousand reminded of the prototype black core holder that I was able to review from Mark Salzberg solicitation when NGC was just starting to formulate what its holder would look like. It had a Saint Gaudens $20 gold mint in it, but if you put that coin in that holder on the market at a major auction, who ’ s to say it wouldn ’ thymine bring heavy multiples over what the coin ’ s value would be just for the fact that it ’ s a singular detail, it ’ s the very first NGC holder coin ever, as they were formulating what their brand would look like .
With the White Rattler, you ’ re seeing the begin of a very significant time period of numismatic history, precisely like Colonel Green’s coin records came up for sale, people would pay for his books just to see what he bought and what he thought of them. Or, when the Newman collection was marketed, the coin envelopes that belong to Green were share of the pedigree and they were included in the sale. People do care about promotion. In this case, the packaging happens to be formative with a flannel computer-printed slip in. It ’ s a very cool price. If it was a actually interesting coin, not a park Proof Franklin half dollar, who ’ second to say the price would have been even higher ?
Chris : It credibly would have been in truth high. I wonder if the prices would go up or down if you could positively identify the holy order in which the coins were certified. Just for my own personal curio, I ’ d love to know what the first gear mint always certified by PCGS was. Before the display, I went through a few Google searches and read a few articles on the grading ship’s company ’ sulfur websites to try to figure out what was the foremost coin that they created and I didn ’ thyroxine find anything, but which I didn ’ t– obviously, I wasn ’ thyroxine looking particularly intemperate .
Charles : I don ’ t know what the first gear US coin they graded is, but I do in fact know what the first World mint they graded was .
Chris : Oh, truly ? Wait, well, what is that ? I ’ molarity curious .
Charles : It was the 1911 pattern Canadian dollar .
Chris : Oh, very ? No, that ’ s a cool mint .
Charles : Yeah, they did a big full-page display on it in The numismatist when they announced that they were accepting world coins, so that was the inaugural coin they graded. I ’ thousand pretty certain the beginning american coin they graded wasn ’ t a major rarity .
Chris : No, it was just something that person submitted that wasn ’ t particularly rare. I should mention that the final price was $ 3,612.38, in case that supernumerary 38 cents makes any difference to our listeners. Yeah, I besides wonder, not entirely about the first coins that they certify, but if you found the tenth coin, would it command a significantly higher premium than this mint ? I don ’ triiodothyronine know how many old White Rattlers are out there, and obviously, they command a pretty serious premium. I guess, whoever ’ randomness collection of that coin came out of, I imagine they ’ rhenium credibly thanking their golden stars that they didn ’ metric ton break it out to have it upgrade. It ended up being worth more integral than if they ’ five hundred cracked it out .
Charles : Well, another thing that happened this workweek is that the Bureau of Engraving and Printing has resumed product of the $100 Federal Reserve Note at its Washington, D.C., adeptness. The write out had been suspended from production there for closely a decade ascribable to printing problems. so, every $ 100 eminence that would have been produced from 2013 onwards would have been produced at the Fort Worth, Texas facility. This may or may not matter to collectors of paper money in the smell that the very current issues may not be something they ’ re collecting today, but collectors in the future will credibly make note of this crucial change and development. I ’ m sure the notes will not be immediately available for circulation but may come out at a future point. It ’ s not clear to me when that ’ sulfur scheduled to happen. But that ’ s surely a development, the old money factory in Washington, D.C., getting our highest circulating denomination of paper money second into production .
Chris : Do you have any sense as to why they were merely printing them at Fort Worth ? Is there was there a reason for it, or that ’ south precisely how [ crosstalk ]
Charles : I think there was a printing mistake that what was happening with the series 2009 notes, and that they had an Office of the Inspector General reputation look into it to try to figure out what was going on ? They were trying to remedy the topic. There were different solvents that they were trying to use. It equitable turned out that the Fort Worth facility was able to print the notes and the D.C. adeptness wasn ’ t. It took apparently quite a bite of time for the approval work to get afoot and for them to get to the steer where they could print the notes. That may be one of the things that is factored into whatever redesigns or updates to the notes that are credibly scheduled on a fairly act basis, given the fact that advanced printing engineering can easily counterfeit most of the older forms of currency. Who knows, I mean, the United States has used a fabric newspaper formulation for its paper money for quite some meter, even as other countries have gradually slipped into polymer notes and other engineering. I wonder if at some point we ’ ll follow suit or we ’ ll keep our traditional newspaper in position .
We want to get into basically a discussion of the strategies that may work best for you when it comes to putting in concert possibly a better collection of coins and albums. I would say that this is an average step between taking coins out of circulation at face value and accepting what you find, and buying coins in certified holders with a focus on the accurate grade of the coin. I have credibly six or eight Dansco albums. Have you ever put one of these items together, Chris ?
Chris : No, I never have. That ’ south something that I think I constantly meant to do and never had the presence of mind to barely pick up a booklet and just start getting type coins. I never have, but at some distributor point in the next year or so, I ’ d like to merely get a couple of Dansco albums and startle, but to answer your question, I haven ’ metric ton .
Charles : The interest matter is putting a Dansco album is in truth about the process. The least satisfy ones that I ’ ve ever completed have been the Eisenhower dollar one, The Susan B. Anthony dollar one. Any album that you can basically buy your direction through and one tripper to the mint patronize, in the farseeing term, international relations and security network ’ triiodothyronine actually going to feel that satisfying to you .
Chris : well, you can buy them already assembled. There are dealers who have a entire stage set of– to pick a coin we were talking about earlier in the express, you can buy full uncirculated sets of Franklin halves .
Charles : Yeah. No. I would never do it. I would just never–
Chris : Nor would I. I ’ megabyte just saying that they do sell a complete Dansco album. You could either put it in concert yourself at a shop or at a read or you could buy completed, but again, I wouldn ’ metric ton back buying a completed album either .
Charles : yea. well, there ’ s a couple reasons. First off, the price associated with it. Let ’ s say you ’ re going to get a Franklin half dollar, well, every Franklin half dollar is made out of 90 % argent. therefore, you have many ounces of silver that you ’ ra dealing with, from 1948 to 1963. The coin dealer gets to pick which coins to put in the album. They ’ ra doing it in a box deal for the indiscriminate buyer. even if they ’ ra saying, they ’ rhenium BU or choice BU, what does that in truth mean ? I mean, that doesn ’ deoxythymidine monophosphate constantly mean to you–
Chris : Broad range of grades .
Charles : yea. In that deference, you basically at that point, you didn ’ deoxythymidine monophosphate bargain coins, you bought a product, a finished merchandise. I don ’ t know how much attention you ’ re going to pay to it or how much the travel is going to mean anything to you, if you open your priority postbox in the mail and you have everything done. I felt that way, like I said, about the $ 8 Dansco I put together because pretty much I had all the coins lying about. They ’ re all Mint State, because I had a Registry Set solicitation of Ike dollars and these were ones that I didn ’ thymine arrive graded. I didn ’ deoxythymidine monophosphate go crack out my MS-67 clads to put them in a Dansco album. These were not american samoa estimable as my Set Registry place. It was identical easy to put together .
I have in front of me though three sets that I have been working on for 15 years, I haven ’ triiodothyronine tied finished. One is a Jefferson nickel plant, which isn ’ deoxythymidine monophosphate in truth that unmanageable to meet. none of the coins are all that rare. We talked about this last workweek. In my determine, this would go from the get down of the series, the 1938, and I think the last ones I put in here were credibly 2000… what is this date ? 2005, 2006, 2007, 2008, 2009, 2010. 2011 were the last ones I put in here. I have room for 2012, 2013, 2014, up to 2015, I think. Don ’ triiodothyronine quote me on that. I guess you will .
Chris : [ chuckles ]
Charles : But every single one of these coins is a batch set coin. Think about what the bum batch sets are. You ’ re talking about the mint sets in the post eloquent period when they started producing them again in ’ 68. ’ 68 to the present, you ’ re fair buying mint sets, you ’ ra cutting them out, you ’ re putting them in here. That ’ s a draw of mint sets or you can buy them as individual singles. Coin dealers sometimes will have these two-by-two flips or rolls they sell. You can do it that way. The coins start getting a little tougher once you go before ’ 64 because you have the argent content. If you ’ ra buying them from mint sets, at a certain point, you ’ re starting to buy double batch sets and double mint sets have two of every silver coin released that year. A draw of these tend to be toned coins, but if they were original, because the newspaper tones the coins over time, and those come with a collector agio, and so you may pay $ 200 or $ 300 per mint set, which means that you have all these other coins, and not just the nickel .
You may decide to buy those coins as singles, and then again, you ’ ra running into the lapp site that I find. People who marketplace coins as Uncirculated wear ’ thymine always have Uncirculated coins. This is why grading services exist, folks, because the seller constantly has a leaning or commercial profit to oversell the mint. then when you get the coins in hand, you may say, “ This is a slider, or this has been dipped or cleaned or whatever. ”
One of the things I noticed about nickels, they all tone. They will all discolor. They typically turn yellow after a while. Anyway, in this subject, the thing that ’ second holding me back is, probably going to hold a lot of you back as you start, the early issues, like I said the pre– in this case, it ’ s the pre- ’ 60 issues. Each one of these coins I ’ ve had to buy individually. You see there are quite a few holes, particularly when you get into the war nickel set. But the Jefferson nickels, it ’ s a cool series to put together. I would say a far as a challenge is concerned, there ’ s not going to be a single mint set coin in here that ’ s going to cost you more than possibly $ 15, $ 20. not very many are going to be in that price range. A batch of these are going to get for under $ 1. even with that, it ’ randomness taken a while .
Chris : I ’ megabyte curious, were you looking for coins with Full Steps ? Was that a necessity that you impose on yourself or were you just Mint State, out of a mint hardened, you didn ’ t need the steps ?
Charles : I was basically looking for Mint State with a good amount of luster, like attractive coins. Like, I wasn ’ t– I used to– When I was making my Eisenhower dollar Registry Set, I wasn ’ triiodothyronine merely buying a coin that was pre-done. A batch of times, I was making the coin. What I mean by that is, I was going out, buying a lot of mint sets. I was breaking them down. Every mint set that I ’ ve ever bought off of eBay or from a coin dealer, I ’ ve actually cut up. I ’ molarity not alone in that regard. I think a lot of collectors do this, which means that you can take the original mintage from any given year, and count on many of these sets being destroyed over time. The coin is being broken out. sometimes, person only collects a half dollar, while they get the mint set, they grab their half dollar, they cut it out and the pillow of the any. sometimes, the coins go into circulation, sometimes they equitable put them in rolls or whatever .
I had a system, I would break down every one determine I bought, even if I didn ’ thyroxine like the coins, because I didn ’ metric ton want to always buy them again in the marketplace. I felt like if I was looking for Eisenhower dollars, the typical Eisenhower dollar for any given year, the batch set ’ s going to be an MS-64, possibly or lower. I didn ’ deoxythymidine monophosphate want to buy that located again, pay the embark again, go through the hassle of selling it, taking a personnel casualty, then buying it again as person bundled it together, thinking that I was trying to find well coins. The way I avoided that is, I never bought the lapp determine again, because those sets didn ’ t exist after I got my hands on them. And indeed, I would just put all the uncirculated coins I didn ’ metric ton like into tubes, I would sell the tubes. Problem solved .
Chris : Yeah, it ’ s not a bad scheme. That way, you ’ re silent making a little moment of money, and you can recoup some or, depending on what you sell them for, all of your initial investing .
Charles : Right. So I would do that. I think over the course of possibly three or four years I was actually doing this, I credibly broke down about 1,800 or 1,900 mint sets from 1973 to 1981. So, I know– I can personally vouch for people who did way more destruction of sets than that. A collector friend of mine, who we talked about in the end podcast, who was finding the Eisenhower dollar rolls, he probably broke down 10, 15 times what I did. That ’ south for the Jefferson nickels. I ’ meter not in truth concerned so a lot about the Full Steps. I think when you ’ re getting into full step district, you very are talking about certify coins because it ’ s not just your public opinion about the steps. I think to truly achieve the value that you ’ re looking for in that position, you have to go to a third base party having that public opinion arsenic well .
I besides think that for me, I would rather have a very dainty mint without the wax steps than to have an MS-64 mint with a big hit on Jefferson ’ s cheek that is one of merely three that have been certified with full steps. I don ’ thyroxine fetishize those fall qualities at the expense of the overall quality of the objet d’art .
Chris : Oh, for certain. I was barely thinking that specifically with Jefferson nickels, a lot of the early dates, 38, 39, into the 40s, I know that for those coins, it ’ south reasonably harder to find examples with full steps, just because nickels are fairly hard metal and the dies would wear out relatively cursorily. I know that, if you find 38, 39, some of the 40s dates, although the silver alloy was softer than the nickel debase, that would have an effect but I merely knew that some of the earlier ones are difficult to find with broad steps. I was fair curious if that was something you ’ five hundred been pursuing, but I guess it wasn ’ metric ton .
Charles : Yeah, not specifically. hera ’ s another thing though. If you buy, we broadly think of mint set coins as being the better coins, earlier die state of matter. A substantial study of the position will reveal that you can get very early die state coins in circulation, but most of the coins you will find in circulation from the ’ 70s and the ’ 80s will be much later die department of state. They actually rode those dies to oblivion. This is why you look at something like the 1982 No-P dime, which should have had a P on it, but there was a situation where one of the dies did not have the P. As that die progressed, the date actually starts to wear out to the luff where I think it ’ sulfur called the Light Date or whatever, I don ’ thyroxine know what the terminology is. There ’ second a Strong Date and a Weak Date ’ 82 dime. As the die deteriorates, you see the effigy of the mental picture get weaker and weaker .
You ’ ll see many circulating coins from this period to be of hideous quality. Whereas the batch sets offer more systematically earlier die states of the coins. When it comes to the ’ 50s issues, and then double mint sets, specially in the nickel, you ’ ll actually be shocked when you pull the nickels out and you look at the reverses and see the Monticello — it doesn ’ t even look like it ’ s an Uncirculated mint, because of how decrepit it ’ s impressed with the persona because of the department of state of the dies they were using by that time before they created new hubs and refreshed the design. It ’ s actually something to see. And then, as you ’ re putting together your album, if you decide to put a complete laid of Jefferson nickels, again, I wholly recommend you try, you ’ ll notice that the assume characteristics of these coins change. then as you have them all together in this format, you will see when new hubs were put into habit, you ’ ll see the gradual decline of the condition of the dies year to year until they rehub the coins. You get a actual thoroughly picture of merely the direction the neologism looked, because you ’ re going to see them side by side by slope, mint by mint, over a period of years .
Chris : You know I imagine, If person was actually dedicated, you could about do multiple entire collections where you try to get examples of different dates that typify or exemplify the unlike die states. inordinately arduous set or group of sets to put together and it would probably take years, if not decades, but that could be concern merely to– Again, like you said, to illustrate the erosion of the die, but anyhow .
Charles : Right. Wouldn ’ t that be a big, meaningful collection ? It wouldn ’ t actually be that expensive to do, but it would take years to finish .
Chris : It ’ five hundred be fabulously meaningful. I could even see that being a cool exhibit at a mint indicate. You can evening do that with good focus on one date, and just try to get coins from all the different states of the die, again, precisely to illustrate how the dies wear, and then pick out actually effective examples of different die states and then have high-resolution zoomed-in images, magnified images, alongside the actual forcible coins themselves and put them into an exhibit. I think that ’ five hundred be bang-up .
Charles : Yeah, no, I think it ’ five hundred be fascinating. A second album that I ’ ve been putting together for years, this one ’ s actually a little harder than the nickel book is the Roosevelt dime with Proof-only issues. Although Proof issues were struck from 1950 to 1964 in silver medal, those issues were struck at the Philadelphia Mint, and the Dansco organization of the series doesn ’ t give you a freestanding spot for those coins. They just expect you to have the business strike. I guess you could have Proofs in there .
once you get to 1968, the only S-mint issues of that year were proof entirely. That carried forward pretty much continuous, until you get to 1993, when San Francisco started making silver Proof sets, in accession to the dress proof sets. As you can imagine, it ’ sulfur very unmanageable to buy proof issues without buying proof sets. Unless you find a dealer, who breaks them out and sells them as singles. I haven ’ t actually gone that trench into it to try to get every proof invest and silver issue for every date. I have a fairly comprehensive collection of all the mint state issues throughout the series. It ’ second weird to note this, and I don ’ thymine think this was the case when I put these coins in the album, but many of my ash grey coins are now developing rim tone, blue, purple, red brim tone, as I put them in the album, even a few of the proof issues. I think that has something to do with the contented of the composition. I don ’ thyroxine think this is archival paper. If you are going to put silver coins into albums like this, a bug–or a feature—of the position is to expect some tarnish .
I would imagine with modern coins having this .999 fineness that they ’ ve switched to, those coins are going to be more reactive to toning than the “ dirty ” silver of .900 fine. This again, it would be a great fun thing to put together, a distribute of interesting coins throughout. I think having, seeing the silver coins is always fun. Like the case with the nickels, I wasn ’ thymine in truth so concerned about Full Torches. I was just looking for brilliant, original, nice luster-y coins when I put this together .
Chris : For any given date in these albums, how many mint sets do you normally have to open before you find coins that either match or that you want to put as your entrance for that date ?
Charles : Well, for the period of time that I was working in with the Ike dollars, when I was building that stage set, so that would be ’ 73 to ’ 78, because they didn ’ t have Ike dollars in ’ 71 or ’ 72 sets. You know, I think I was probably, I might have had eight or 10 sets, and I would just find the one I liked the most and put it in there. I do have tubes. I mean, we ’ ra talking about the nickels. This is a whole wind here of ’75-D nickels, all in Mint State. This is one of credibly 300 or 400 rolls of ’ 70s, ’ 80s time period uncirculated coins, I barely have at my disposal because I ’ ve gone through them. I always feel wyrd putting any of these coins in circulation, because it ’ second about like you ’ re giving up on a friend that you ’ ve sheltered and cared for all of these years from circulation. On occasion, my kids want to see a Bicentennial quarter or something like that, I might pull one out of one of these tubes, and once they handle it enough, I ’ m like, “ Well, it ’ randomness change now. “ It goes out in the wild, and possibly you ’ ll find a courteous, closely Mint State, a little bit fingerprint quarter because I put it out there .
But yeah, the modern serial are decidedly worth doing. obviously like with the Washington quarter we ’ ve made so complicate due to the America the Beautiful and State Quarter adjust. I do think that if people took Mint State examples of those coins and put them away and put them in these holders, some of those coins probably start toning by now. I think at some bespeak tone Washington State quarters are going to be a real number hot collectible thing. Same would go for modern commemorative. I think if you had a Dansco album that you kept starting build in the 80s of commemorative coins, Proof issues, and circulated issues, possibly even more, and then you started developing these rainbow tone patterns. I think those would sell for a lot of money. I see on eBay, the LA Olympics coins for possibly ’ 83- ’ 84, those toned reasonably well. Sellers are asking $ 200, $ 300 each for those coins and getting that number. If you had a brilliant white mint, as issued in their plastic character, you ’ re looking at a $ 25, $ 30 coin.
The same would go for another coin from that period that toned very frequently is the Constitutional commemorative dollar. I don ’ metric ton know what it was about the packaging, but those toned chicken and crimson quite frequently, and you see those coins sell. not for angstrom much as the LA Olympics coins because the Constitutional dollar is not all that attractive in plan, and the tone model international relations and security network ’ t about as courteous and graphic, as you sometimes see with the Olympics coins. But I think that one of the ways to make that toning happen to be postmark, and this international relations and security network ’ t adulterous or using chemistry, it ’ s like fair storing the coins in these albums. There ’ sulfur an formulation called “ Wayte Raymond toning ”, which is a common thing you ’ ll see in a draw of modern coins, Uncirculated coins, and commemorative coins that were kept in the Wayte Raymond albums, which were the criterion album that was sold in the first half of the twentieth hundred. You ’ ll see this type of toning on classic commemoratives that were kept in their original promotion, specially ones that you see these tab tone, where there ’ vitamin d be like colored borders and a small darkness spot in the center, that ’ s based on its specific type of packaging. These albums, unless they ’ re inert and keep in intercept shields or something like that, they will tone your coins .
Hardest album, I think to put together as this matchless. This is the Dansco 7070 United States type .
Chris : That ’ s the Dansco… That ’ s the Dansco album I ’ ve always wanted to put together. If I was going to start, that ’ s where I would start .
Charles : I ended up buying this album, I think for a while they were out of print or Dansco wasn ’ t making them or whatever. I couldn ’ triiodothyronine buy one on the internet at the time, but at a local coin picture they were they had an auction, and person was selling a not put together at all, it had like two or three coins in it, 7070 album and it was in adept condition. I bid on it and I won it. It has a page on it, that I wasn ’ deoxythymidine monophosphate accustomed to seeing. It ’ s the last page and it says Bicentennial. It has the draw, half dollar, dollar, plus mod US neologism. It has an model of a State quarter, Sac dollar, Susan B. Anthony .
Chris : Which one express would person take for their state quarter type ? credibly the state they live in, justly ? Assuming they ’ re the
Charles : Yeah, I live in Virginia, so I ride and die the Commonwealth. I have a Virginia state of matter quarter .
Chris : I ride and die the Commonwealth of Massachusetts, then there you go .
Charles : That ’ second right. This is a 2000 S silver State quarter. actually, I had nothing to do with that choice. This was one of the master coins that came with it. I don ’ deoxythymidine monophosphate know if you ’ ve see it in the camera, it actually has the NGC tag, they cracked out a proof 69 Ultra Cameo to put it in there. In fact, there are a few coins like that I think came with the album. There is an 1854 half dime and 1855, 1945-S nickel from MS-66 from PC, Mercury dime MS-64 Full Bands. That was the way that I kept track of what I was putting in the album. As I was cracking out coins from graded holders, so I could be assured that the coins were not cleaned or fake. I would buy certify coins, I ’ d break them out, I ’ five hundred put them in the holder, and I would put the label on the back so that I at least had an mind of what they were at one point .
now that ’ s not to say that these coins would be graded the lapp if they were sent spinal column, they could have deteriorated a little bit since I pulled them out of the holders or whatever. That ’ s the manner I did it. immediately what makes this so ambitious to be honest with you, is the cost– this is a prohibitively expensive United States type coin set, tied if you ’ re not going out there and saying Gems all across the board, MS-65 everything. Well, that would be super expensive because you got to get a Gem Draped Bust cent and Draped Bust half dollar, and Trade dollar. You have to get a Gem Seated Liberty dollar and all of that. What my basic criteria for this stage set is, and this is why it ’ randomness taken me a retentive clock time is, for 20th-century issues, I ’ megabyte looking for uncirculated preferably with luster, I would say MS-63 at a minimum, but MS-63 is wholly acceptable for a Barber half dollar, any mint that would be over a match of hundred bucks at MS-63 that is where I want to be on that .
For the 19th-century issues, when I ’ megabyte looking for is at a minimum AU50, AU55 kind of range. I want to see the design, but this is expensive. This would be one of those types of sets if you ’ re going to build it out that you plan around that you say, “ Okay, well my budget is X for this, this, this coin, this mint, this coin, these are my budgets. ” then you ’ re going to be on the lookout when you find something that you can snag at the price you ’ re bequeath to pay. You ’ re not going to put this this album together overnight and you ’ re not going to do it for fewer than a probably less than $ 2000, $ 3,000 for abject degree. If you ’ re going for a higher degree album over the run of many years, this could be a $ 10,000, $ 15,000 investment…
Chris : What do you think the best median class would be ? If person wanted to put together a 7070 with all the coins in the lapp class, which might not even be the most beautifully match rig, but let ’ s think that ’ s what they wanted to do, which grade you think would look decent in every unmarried denomination .
Charles : First of all, you got to set yourself with the idea that there are certain coins that you ’ re used to seeing in Mint State. You ’ re used to seeing Morgan dollars in Mint State .
Chris : I ’ m used to seeing Morgan dollars in MS-63 to -65, besides, like mid-Mint State .
Charles : Yeah, like, brainy. You ’ re used to seeing Lincoln cents in Mint State .
Chris : It depends on the state of Lincoln cent though .
Charles : yea. well, like a Memorial cent, you ’ re decidedly going to be used to seeing that Mint State .
Chris : Yes, you ’ re right about that .
Charles : What happens is when you start putting these coins side by side, because I ’ thousand looking at the manner this bible is constituted, you have in the like pill, Flying Eagle, Indian Head, with a laurel wreath, with a copper wreath, with the bronze oak wreath, with the Lincoln Head 1909 VDB. then the bronze ’ 09 to ’ 58 coin. That ’ s the same yellow journalism. My Lincoln penny is in full bright crimson, like ardent crimson. I have one amerind Head there, it ’ s like a 1908 and it ’ s still crimson. so seeing a blue Flying Eagle cent next to all that would be actually kind of disappointing .
Chris : Oh, yeah. absolutely. similarly, I actually think that a nicely wear, evenly toned indian Head cent could look in truth nice and fine–
Charles : Oh, surely they could .
Chris : Like an Indian Head gold quarter eagle, for example, in very good or Fine, some of those are cool for lowball sets, but I ’ ve never seen heavily circulated aureate that ’ south ever been in truth attractive to me. Again, mark match, you have to pick a grade that all the coins, if you ’ re going to pick one mark that all the coins would look good .
Charles : yea, because I barely have the opinion that I think an AU mint, if it ’ mho courteous adequate, can pass. They used to have a terminus called “ Super Slider ”, kind of coins that are in between. To me, you expect early copper cents to be brown. You want to see all the plan details and you can ’ t actually get that done like any lower than Extra Fine, 45 possibly. AU-50, I mean, I think that that ’ sulfur where like most of the design details are even relatively apparent .
Chris : I agree. Circulated copper for me, though, can look very good down to about very good, though. I ’ ve seen, for exercise, like VF30-35, I ’ ve seen some fairly reasonably bronze little cents in VF30-35, that aren ’ triiodothyronine bad-looking coins by any stretch of the– [ crosstalk ]
Charles : No, not at all. Like I said, in the context of putting together a large penny collection, where there ’ ra going to be hood dates, and there ’ re going to be tough varieties, but you ’ re going to say, like a Strawberry cent. If you got one that was Good-04, you ’ five hundred be excited .
Chris : Oh, yeah .
Charles : But when you have a character coin set, and you ’ re basically, the condition of putting it together, you ’ rhenium kind of expecting that these are going to be examples of each mint, they ’ ra not going to be the winder dates, they ’ re not going to be the semi-key dates. They ’ re going to be the low-cost available exemplar, you ’ re probably going for something deoxyadenosine monophosphate nice as you can get within the grade. That ’ s not going to be the same for everybody. I think a problem-free, excess Fine-45 set, would be actually quite cool .
Chris : I mean, incredible .
Charles : We ’ ve even written the estimate of, forget the theme of type set, from the notion of getting the low-cost example. What would be if you had the typeset, but it was one of the difficult coins to get ? Like how neat would it be to open up this and your exemplar of the Lincoln Memorial cent ’ 55 doubly die ? I mean, at that point, like you show it off to person .
Chris : well, that wouldn ’ metric ton be the Memorial cent, that ’ five hundred be the Wheat cent .
Charles : well, that ’ five hundred be the Wheat cent, but, yeah, I ’ megabyte good-for-nothing, but the Wheat cent, the double fail. Or, if you get the Buffalo nickel, the Type Two, the Three-and-a-Half Leg Buffalo nickel, a Three-Legged nickel. If it ’ s a Washington quarter, it ’ s a ’32-D .
Chris : It would be actually funny if every one of your type coins was either a rare date or a rare assortment. That would be actually cool. That ’ five hundred be a amusing set .
Charles : Yeah, it ’ d be about like, “ Hey, you want to see my type set collection ? ” People look at it and they ’ re like, because you never looked for those coins. You never say, “ Oh, belly laugh, your Draped Bust cent ’ s a 1799. ”
Chris : It would be possible to do, but I think it would actually be more difficult than it would seem on the face. I love lowball sets. I get such a kick back out of people who put together like the lowest grade coins they can find, but that would be truly hard to do to complete a typeset because you ’ d have to find a memorial penny graded fair excessively, which would be actually insanely unvoiced to find because no one would bother having that coin graded or I don ’ metric ton know, I just feel people wouldn ’ thymine save a Memorial cent unless it was a truly obscure variety, that was very heavily circulated. I feel they would go for a nicer-looking mint. It would actually be a challenge to find some of the mod, some of the most current-day issues that were very heavily circulated .
Charles : What do you think is the lowest grade of invest Washington quarter you ’ ve always seen in change ? Do you think you ’ ve ever found a good or a very good clothe Washington quarter, like a 65-66 ?
Chris : That ’ s a great doubt because I get 65s in change, like mid-late ’ 60s dates, relatively frequently, at least back when I was spending cash in stores, which–
Charles : They ’ re reasonably beat up at this decimal point .
Chris : Oh, absolutely. No, they ’ rhenium well-worn, but I don ’ thyroxine think I ’ ve always found one below fine because that would have stood out to me because I feel in deepen you expect them, the invest Washington quarters that I ’ ve encountered in change from before the express headquarter, 99 to 98 before. I feel I always see them at least EF. I never see them that heavily– that ’ s an concern wonder. What are the lowest grades you can pull from circulation for any given denomination ?
Charles : well, that speaks to the unfeelingness of the copper-nickel invest sandwich metallic. The fact is that I had asked around and I don ’ deoxythymidine monophosphate know if I always got a solid answer. I don ’ thyroxine know if there is a solid answer. It stands to reason that you have the big coin boom that starts to take seat around the time of the Great Depression and people are pulling amerind cents out of change. There ’ mho a bunch of well-worn 1916-D Mercury dimes, which is amazing. Which means 1916-D mercury dimes probably circulated for at least a ten or two before those coins are pulled out. You think about that, with the ash grey, the argent voiced adequate that the mint wears out pretty quickly. They were complaining that the Buffalo nickels, like the dateless Buffalo nickels. Well, those nickels were wearing out pretty quickly. They had to continually change the way they were doing that and the Standing Liberty quarter fit, the dates wouldn ’ t be obliterated. If they were changing the design, so the dates wouldn ’ deoxythymidine monophosphate get obliterated, that means that within the life of that coin, which is 1916 to 1930, that the dates were wearing out sufficiently enough that they had to change the blueprint. I think the argent coins were wearing out faster .
Chris : Oh, yeah. Well, flatware ’ s a softer metallic, so that makes sense. The dates are normally so much weaker on pre-1925 Standing Liberty quarters because that ’ s when they were assessed the date, it was 1925. That was the first date where the date was reset .
Charles : Right, which means that between 1916 and 1924, they recognize the necessitate .
Chris : yea, in that eight-year period, they would have had to have worn out in truth promptly. No, you ’ re correct, that ’ s very, truly concern .
Charles : Yeah. Like I said, when you go back to Wheat cents, I would imagine like when you ’ re getting 1950s Wheat cents, which is even park enough, it ’ s not impossible to find them. Those tend to be in the Extra Fine scope. It ’ mho precisely when you start getting into the late ’ 30s, early ’ 40s, anything before 1940 is credibly going to be in good territory by now. You will find 1919 Lincoln Wheat cents from time to prison term because there ’ s a huge message that year, but they ’ re going to be thoroughly about adept at best .
Chris : It was similar to good and very good. I don ’ deoxythymidine monophosphate know if person polished it or if it went through person ’ second washing machine, if it was in person ’ second pants or something and it got washed. It was a hideous coin. It was from 1919, I thought it was cool. My standards are so gloomy, I picked Bicentennial quarters out of circulation. I mean, they ’ re not worth anything but I think they ’ rhenium cool, and that was one of the issues that got me into coin collect. If I find them in circulation, I ’ meter pulling them out, even though they ’ ra worth 25 cents. I constantly pick up Wheat cents .
I found Wheat cents… 1919 is credibly the earliest I found, we talked about this before. I found ’ 29, I found issues from the ’ 30s and the ’ 40s, but ’ 40s and ’ 50s Wheat cents I still do find and change from time to time, and I constantly pull them out. even if they look frightful, it ’ south equitable cool that you found it in change .
Charles : yea. same with nickels. You can find a fair amount of nickels in the– I would say ’ 62 is probably like your typical cutoff date when you ’ re going to find, and ’64-Ds, I mean they used to be about the most common nickel you would ever find in circulation from that period of time. Getting back to like the whole mind of stepping up you ’ rhenium collecting from circulation fines actually paying for the coins, and putting them in albums. The album way of putting the coins together allows you to see them in the context of the solid series. It ’ s surely a very matter to way to collect individualize coins, having the wholes gives you something to chase for. I think having the holes as a concept is what actually exploded the popularity of the mint hobby to begin with. I don ’ t think that collecting coins in an album is incongruent with the direction coins are typically collected today, which is in attest holders. I think certify coins are taking an example of the coin that stands out as an person based on its grade, particularly if the coins are snowflakes, which is a condition that normally gets used for talking about coins that are individualist, as opposed to a dime a twelve type of mint, a doodad .
I would say that, to me, a campaigner for a mint in an album is a nice mint, a coin you ’ d like to own, but one that possibly doesn ’ t– having the determination that it ’ s like an MS-63, as opposed to an MS-64 international relations and security network ’ metric ton actually that important to you, but if you had an exercise, that was super Gem, MS-67, 68, or if we ’ ra talking about like an 1881-S Morgan dollar or something like that, then it makes no common sense to put that coin in an album when it should– its excellent submit of preservation should be preserved in an inert as possible an environment which a mint capsulation would allow. I think putting a register set together takes the theme of building a set and amps it up, it provides a social challenge other collectors across the area can compete against you, it allows you to show off your coins– PCGS, I know has a overhaul where they can photograph your coins, you can besides upload photograph of your coins to their set register platform .
I considered my Eisenhower dollar, my Washington one-fourth Registry Sets to be my ultimate versions of that set. Whereas I considered my Dansco album interpretation to be my– I can look at it at dwelling or I can look at it more well than pulling out all the blue boxes and pulling out the coins individually. once I had my integral stern set, which I had credibly 60 %, 70 % of the flatware quarters like in mint state 66. I had them all laid out on the floor and it took a huge sum of space. It in truth wasn ’ t a comfortable way for me to look at them as a determined, whereas an album would afford that. I got more enjoyment looking at my quarters probably through the TrueViews, because I had a lot of toners and seeing them in the huge images than I did, actually having them and fiddling with the light and the magnifier, whatever .
Chris : That ’ s one of the tie of the album, international relations and security network ’ thyroxine it ? Is that it makes display easier, and it ’ s not an unattractive way to award coins. specially if you have your register set, that ’ s all slabbed and bric-a-brac, or all the coins in your adjustment attire, set or slabbed, it ’ randomness cool to have, like you said, a mid-tier determined that you can pull out and show to people or equitable pull out and enjoy .
I ’ ll say this we ’ ve been talking about how whether it ’ s a 1962 Proof Franklin half dollar in a very early PCGS slab or these coins in Dansco 7070, the context in which coins are presented matters a fortune. Something that I ’ ve been getting more and more concern in is coins that come in their original packaging. I know people who ’ ve listened to me on this podcast or elsewhere before wouldn ’ deoxythymidine monophosphate know that I ’ m truly interested in classical commemorative coins. classical commemorative coins with the materials they were issued with, in the original boxes with the master packaging, original order receipts, you can build a in truth cool collection with that excessively, where you have all of the documentation and all of the original promotion. even though it ’ s not in a slab, it ’ south still being presented in a context that reveals elements of its history, which I think is fascinating .
Charles : I agree with that besides. deoxyadenosine monophosphate much as I enjoy looking at the know examples of ultra-high-end coins, specially in that series, particularly like the tone ones, I think it ’ s a crime to break out a accomplished Pac set with the two gold slugs and to take them out of that elegant box that they came in. At some target, that ’ randomness going to be even rarer than the coins themselves, and which is credibly already the case .
anyhow, that ’ s equitable our feedback about putting coins together in Dansco albums. I think what we ’ rhenium going to do with this podcast from time to clock time, is we ’ rhenium going to touch on basic to intermediate collecting strategies and things to help you see the way we view our collecting pursuits, try and give you personal feedback, and tribute. There in truth is ultimately no wrong way to experience this hobby. You ’ ll find that collectors, even collectors who are buying ultra-high-end, identical expensive coins, have a fortune in common with the casual collector and what drives them to collect, the things that they ’ rhenium excited about .
I want all of our listeners to feel that no matter what we ’ rhenium talking about that they ’ re involved in the broader hobby. If we ask a trader what their tips are for collecting aureate coins or why possibly an progress collector might want to hire a coin dealer to represent them in buying coins at an auction, the basic points and the reasons why these things are happening do have lessons to be learned from everybody. We all are pursuing the aim of enjoying ourselves, learning a short bit about history, and putting in concert the most interest and full of life collection we can within our budgets. I think there are lessons to be learned at all levels of numismatics, and you ’ ll never actually stopped learning equally long as you ’ rhenium curious .
Chris : That ’ south absolutely true. Participating in this podcast and listening to podcasts and consuming different kinds of numismatic media, that can be a actually good way to learn a well. If I end up getting a 7070, I ’ ll be sure to keep listeners posted as [ chuckles ] I fill all the holes. You can come on my 7070 collecting journey with me .
Charles : Well, and I haven ’ t– [ crosstalk ]
Chris : -if you would like to start a pace, if any of you would like to start with me, you ’ re welcome to. I ’ ll be certain to keep our listeners posted .
Charles : yea. We ’ ll military post this on our Facebook page, but feel free to share your strategies, how you put your Dansco album together. I read every comment, and I ’ m interest in that dialogue, and I can besides tell you on good authority, I know of a collector who put together a collection worth over $ 100 million who however collected coins in albums adenine well, because they wanted something that they could have quick access to, to enjoy the coins, because they could buy every mint that always came to market, but they couldn ’ t necessarily always have them around due to the obvious security system reasons. so, having that album allowed them to flip through the pages and see all the coins that they in truth loved and they weren ’ t ampere nice as the ones they paid beaucoup bucks for, but they were dainty enough to give them that sense of belonging to this avocation anytime they wanted to. Thank you, everybody. We ’ rhenium going to sign off for tonight, and we ’ ll be back future week with another sequence .
Chris : Yes, sounds good. Thanks so much for listening .
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