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COIN COLLECTING THEN AND NOW

By Dr Sol Taylor, Sherman Oaks, CA

Having been a coin collector since 1937, it is apparent that there are significant differences (not only in prices) between how the hobby was pursued then (pre World War II) and now (since the 1990s).

First issue was “How did collectors get their coins?” Back then, collectors such as myself and countless others sorted through change on a daily or regular basis. And when the new coin folders came out in the late 1930s (before then there were coin boards), the challenge was to fill as many holes as possible from change. Living in Brooklyn posed a serious challenge to finding “S” mint coins and for earlier issues “O” mint coins. Even “D” mint coins were found, but probably 80-90% of all coins found were from the Philadelphia mint. And for most of us collectors, the grade was not a major issue---as long as a real specimen was placed in the right hole. The typical young collector (and even adult numismatist) could fill 90-99% of all the holes in the Indian Head cent album through the half dollar series from 1892 to date. No one seemed interested in collecting silver dollars or gold coins (which during those days were pretty much banned). A few serious collectors bought commemorative halves from the issuing agencies in the 1930’s. Some older ones such as the Columbian and Stone Mountain actually made their way into circulation. I found a few in change!

Today, to fill album holes, the coins must be bought from dealers or through auctions. Sorting through change will not produce much since all silver coins have been culled out and even wheat back cents are very hard to find in change. The only coins pre-1958 in change are Jefferson Nickels from 1939-1958, except for the wartime nickels of 1942-1945.

Today collectors prefer high grade coins of each type and date preferably slabbed by one of the major certification services. Back then, if a coin were graded “unc” it was the seller’s opinion and the actual grade was not an issue. Most catalogues then only listed two kinds of uncirculated—“unc” and “BU”,

Back then, coins were checked with a glass of 2x up to 5x power. Today, most collectors carry a loupe with 10x up to 20x or more.

Back then, the important elements were date and mintmark. A few well-known varities were known and sought after, but the vast majority of varities known today were recent discoveries. Today, there are speciality collectors who seek out RPMs (repunched mintmarks), doubled dies, die varities, overdates, and various forms of mint errors.

Back then, most coins were priced for the collector appetite and budget—which meant very low prices. BU 1909S VDB cents were advertised for under a dollar in the 1930s. Trade dollars were $1.10 and $3 gold pieces were $3.50. An AU 1864 small motto 2c was listed in my old copy of Ben’s Stamp and Coin Company list from 1940 for $8.50. A 1916 standing liberty quarter in the same list was $3 in fine. There were numerous other examples—a copy of one page from that catalogue appears in the 4th edition of The Standard Guide to the Lincoln Cent. Proof sets from the US Mint were priced singly at 15c over face for each coin or the whole set of five coins for $1.81. That included postage and insurance (4.5c). Modern proof sets range from $11 for five coins (face value 91c) to much higher for deluxe sets and sets with silver coins (since 1990).

Back then it was perfectly ok to clean coins—even possibly BU coins. Cleaning ruined many coins, —using an eraser on a cent will truly ruin the coin, but for a time it may look shinier. Today, cleaning is strictly a no-no.

Back then, collectors did not put away BU rolls—with rare exception of hoarders like the late Charles Ruby or Robert Friedberg. From the mid 1960'’ BU roll collecting was the rage. It has since calmed down as collectors want only the best coins from such rolls-—not the whole roll.

Back then, the scarcer coins could be bought from fixed price lists from Star Rare Coin Review (B Max Mehl’s list) or other catalogues often advertised in comic books. Today the scarcer coins are found at coin auctions, coin shows, and the larger dealer’s shops.

Back then there were very few coin clubs (two in California before 1940), very few coin shops, very few coin shows, and very few coin auctions. Today, there are many coin clubs (though many less than the heydays of the 1960s and 1970s), more coin dealers, more coin shows (though fewer than the 1970s) and more coin auctions and mail bid sales.

Back then there were no coin newspapers and only one magazine, The Numismatic Scrapbook. Today there are many publications, two weeklies, and dozens of speciality organization newsletters and journals.

Back then there were no grading services. That concept was born at the 1975 ANA convention in Los Angeles and now has grown to include several services and millions of coins. PCGS alone has graded over 6 million so far.

Back then, coin collecting was more of a kids activity---many schools even had coin clubs—I was sponsor of the Jefferson High School Coin Club (1955-1960). Today it is much more an adult activity—as noted by the absence of young people at most coin clubs and at conventions.

Back then, collecting was more for fun—the challenge of finding another “keeper”. Today it is more profit—finding a coin that tripled in value in a short period of time.

Back then no reference books other than auction catalogues or esoteric numismatic treatises on ancient or medieval coins. The concept of American speciality books is a relatively new phenomenon with no less than a dozen books alone in the past two decades on the Lincoln cent and Morgan dollar. This author published the first book on Lincoln cents in 1982—today the total number of Lincoln cent books is about a dozen, not counting the three subsequent editions of The Standard Guide to the Lincoln Cent.

Back then cherrypicking was not a serious pursuit except for the few diehard early copper collectors, bust type collectors and colonial coin collectors. Today, cherrypicking is a serious pursuit for thousands of collectors ranging from RPM hunters of Lincoln Cents to the VAM fanatics in the Morgan dollar series. Aside from the Cherrypickers Guide, there are numerous guides to mint varities which guide collectors through dealer’s stock books, auction catalogues, and private collections.

To those who were able to participate in both eras, the changes were more of a challenge to get used to---but there were some real pluses—coins culled from change fifty years ago (such as the many 1932D quarters, 1939D nickels and 1921 half dollars) are worth hundreds of dollars (collectively) today as compared to their face value of only a few dollars. And the thrill of finding each of those scarce Barber dimes, quarters and halves is just never to be forgotten.