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Collecting experience
This year marks exactly ten years of my beginning coin collecting again.
Time for a retrospective, some analysis. Read at your own risk. This will be long (winded). Consider this post a medium-length magazine article, though more personal and less focused. Though this includes some dealer criticism, and some dealers may consider it anti-dealer, it also includes some dealer praise, and I consider it, overall, pro-dealer, pro-collector, and pro-numismatics. This may be a prelude to something else, or not. An earlier version of this, dealing almost entirely with ancient coins, appeared elsewhere. During the summer of 2000 I found myself standing over a bowl of Indian Head cents and another of Buffalo nickels. I had been invited to give a talk about the Internet at a national marketing convention in Scottsdale, Arizona. I wrote and still write a nationally syndicated newspaper/magazine column about computers and the Internet, and before this I wrote a book about the future of the Internet, which was used among other places in some college classrooms during the 13 minutes in which it was still up to date. While in Scottsdale, my wife, kids, and I visited the Buffalo Museum of America. Mesmerized, I stood over these VG and G cents and nickels, the cents priced at $1 each, the nickels at $2 each. Like many collectors today I collected as a kid, U.S. type coins for me while my best friend at the time worked on Whitman sets, before like many I gave up collecting for other things. In this little museum, almost exactly 30 years later, I couldn't take my eyes of these beat-up old coins. I bought one Indian Head cent and one Buffalo nickel. Total outlay: $3. What possible harm could this lead to? At the end of that summer the ANA had its big national show in Philadelphia, close to us. OK, I'll go. First day I bought the most affordable nice enough coin I could find having a date beginning with the numbers 17. I couldn't afford a 1798 large cent when I was a kid. The next day I bought a 1908 no-motto Saint, feeling genuinely guilty about the money I was spending. It was all downhill from there. This Saint quickly led me to what I regarded and still regard as the most fabulous of all U.S. coins, Bust dollars with heraldic eagle reverses. The 1804 dollar is considered the "king" of American coins not only because of its rarity and the circumstances surrounding its minting but also, I'd contend, because of the beauty of its design, and the 1798 to 1903 heraldic eagle Bust dollars have all the beauty without the stratospheric priceyness. I went fairly crazy with Bust dollars, creating several sets of these fairly big-ticket items, then wound up buying and selling for profit, playing dealer, buying what I regarded as undervalued Bust dollars at national and local coin shows as well as through eBay and selling entirely through eBay, doing well. My column at the time was being published among other places in AirTran's in-flight magazine, before AirTran switched publishers, and as payment here I received free airfare, so I wound up going not only to the NY Int'l and Baltimore shows by car and train but also by plane to the F.U.N. show and Chicago Int'l each year. In retrospect I probably should have also gone to a few Long Beach shows, but I didn't want to take advantage. I also began going backward in time, before the onset of U.S. coinage. The further back I looked the more interesting it seemed. All other things being equal, old is more interesting, but all other things aren't equal. Ancient coins, particularly ancient Greek coins, are considered by many today, myself included, as the most beautiful of all coins, though some modern U.S. and world coins give the Greeks a, well, run for their money. Ancient coins also have some terribly interesting history, with science, democracy, western philosophy, and the entire western way of life having its origins in ancient Greece. Rome copied Greece, and the founding fathers of the U.S. copied Rome. So I wound up focusing mostly on ancient Greek coins, more engaging to me in general than Roman coins. Just as Rome copied Greece with mythology, philosophy, science, architecture, and so on, it also copied Greek coins, only made them in general smaller, more often debased, and less attractive artistically. Rome also made the same mistake the U.S. has made over the past hundred years or so, in my view, by using human portraits as primary, obverse devices rather than more imaginative and inspirational symbolic or mythological figures. Greek coins were fantastic. I began specializing in discrete areas -- Alexander the Great, Athenian Owls, pre-Greek Lydian electrum, etc., 21 Greek-era areas in all, as of right now. I've also elected to focus on three Roman areas and several later areas, including English pennies through the centuries, Pieces of Eight and other Age of Exploration trade coins, Bust dollars, Saints, and a whacky set of holed U.S. types coins that I'm able to acquire for under $10 each (still looking for a holed Presidential dollar, if anybody comes across one). I've tried going deep in each area, soaking up as many journal articles and books as I could along with the coins, and still do. The acquisition of knowledge for me is just as enjoyable as the acquisition of coins, and I've spent many enjoyable hours at the libraries of the ANS and the University of Pennsylvania Museum of Archaeology and Anthropology, near me. The ANA library has also been a good resource for me, as has Ted Buttrey, the well-respected numismatist and all-around good guy from the mother ship who has graciously put up with my disagreeableness about his thinking on Egyptian Owls. Fairly early on in beginning to collect again, however, I got caught up again in what partly led me to quit coin collecting back as a teenager. I got sucked in by the inevitable pull toward greed and deception. I suppose this is something that everybody who collects, and even more so everybody who deals, has to wrestle with, more or less. How honest will you be? By honest I'm referring not only to the accuracy of the information you knowingly communicate -- errors of commission -- but also whether you communicate all the relevant information you know -- errors of omission. With me, with one particular eBay sale, I withheld information when selling a Bust dollar, not disclosing in full how I believed the surfaces looked in hand. I had been asked by someone who turned out to be the winning bidder if I saw anything that my fairly revealing photo didn't reveal. The surfaces of this raw, unslabbed coin were pretty rough, with excessive porosity for a coin of this type (I hadn't paid much it), appearing this way more so with the coin in hand than in the photo. I felt bad about not fully disclosing this, saying instead something, which I don't recall exactly, that only approached full disclosure. The buyer didn't return the piece or complain. But he left no feedback either, positive or negative. I knew he must have known that I didn't disclose what I knew. Granted, this was far from the worst of numismatic sins, and I know that many dealers inevitably do similar things as part of making a living through dealing. You put coins in the best possible light, figuratively and actually. Most dealers appear to adhere to the maxim that if asked, you disclose, if not, you don't. But some, I know, don't even when asked. In this particular case I didn't disclose either. On the other hand, some dealers, even those at the top of the profession, don't disclose what they should, including serious concerns from reliable sources, at times even the most respected museum and academic people in the world, about the authenticity of expensive and sometimes very expensive coins. But mostly, I believe, the majority of coin dealers do the right thing in the majority of cases, pulling questionable coins and describing coins accurately, though forgery-detection skills, the use of hyperbole/exaggeration, grading accuracy, and attribution accuracy vary widely. Still, dealers as a whole can be trusted as a reliable means of building an enjoyable collection, as I've said many times. The old saw in numismatics very much applies, that to better protect yourself from fakes you should buy from reputable and knowledgeable dealers, even if this protection is not or could ever be ironclad or foolproof and even if having your own expertise provides additional protection in itself. Dealers are still indispensable, today, in the age of the Internet when collectors can easily buy and sell to one another directly. Because they handle so many coins, the sharpest coin dealers will be better at coin authentication than the sharpest collectors or academics ... provided the inevitable self-interest doesn't excessively cloud their perceptions. Dealers are also very good at making markets -- bringing sellers and buyers together. I don't want to give too much weight to my little guilt trip over this one incident of nondisclosure, since a number of other factors were and are involved in my attitudes and decisions about numismatics. I respect the profession of coin dealing as I respect the category of retailing in general. My mother's father owned a small retail hardware store for some 60 years, and when in high school I helped out there one summer. I've also spent a little time selling at computer swap shows, which are similar to large coin shows in that you stand behind a table, your wares in front of you, trying to sell to those who stop at your table. So coin dealing turned out not to be for me. I stopped selling on my own for profit, though since then I have offloaded coins on occasion when cleaning out dupes, extraneous material, and coins in areas I thought I would specialize in but never did, selling to or through dealers. This episode of nondisclosure did, however, lead me deeper into what I regard as the single most engaging area of numismatics, something I've talked about a lot, I know: Truth vs. falsity. Sure, the aesthetic beauty of coins is fantastic, their history is engaging, the challenge of finding want-list items and landing deals is entertaining, the sharing of acquisitions and stories about them is fun, all the rest. But nothing, to me, tops truth vs. falsity. This dialectic of truth and falsity plays itself out in numerous ways in numismatics, but two in my view are primal: 1) The dispersal of new finds of ancient coins (and artifacts) into collections, and 2) Forgeries of all types. The issues involving new finds of ancient coins, provenance, and cultural patrimony aren't black-and-white. The position taken by some who are leading this battle in numismatics is as extreme, I believe, as the position taken by some in the archeological community, only in the opposite direction. With the situation that has existed for many decades, hoard and findspot information that could significantly enhance our knowledge of ancient coins and ancient history isn't disclosed, and false information is sometimes put out to avoid tipping off authorities in source countries with irrational laws that treat the commonest coins the same as the Elgin Marbles. Many ancient coins reach the market from prior collections, sometimes very old collections, but many are recently dug up. With the exception of some countries with rational laws such as the UK, laws in source countries are inevitably broken as new finds leave those countries. From the right perspective, fakes of all coins, ancient to modern, are fun, not something to either run away from out of fear or put your head in the sand over in trying to ignore. All the evidence I've seen indicates that fakes are far more of a presence in the ancient than the modern coin market despite one ancient dealer comment I've read online that fakes of modern coins are more prevalent. All the evidence I've seen also indicates that the number of honest deals involving authentic ancient coins dwarfs the number of fraudulent deals involving fakes sold as authentic, same as, with modern coins, the number of honest deals dwarfs the number of deals involving doctored, overgraded, or otherwise misdescribed coins. Fakes challenge you to learn, to probe, to question your assumptions and those of others. They can inspire you to look very closely, with the naked eye as well as with magnification aids such as a stereo microscope. Forgeries make coins more intellectually engaging. They can be interesting in what they reveal, and they can be interesting in themselves, examples of the black art of deception. Fakes make the authentic coins in your collection even more appealing. Finally, and perhaps most importantly, studying counterfeits in hand, even more so than online, can hone your counterfeit-detection skills, along with studying authentic coins in hand and online. I've found that some also feel this way about fakes. I've found that others feel differently. They regard counterfeits as just junk that should be destroyed or handed over to the authorities, never to see the light of day again. I personally regard as intriguing the criminality that inevitably exists in numismatics. Others feel that dark side of numismatics is unseemly, and they want nothing to do with it. Similarly some people like crime novels and detective TV shows, and others don't. My thinking about counterfeit coins is the same as that of Red Book editor and former ANA president Kenneth Bressett, who created a video that any ANA member can borrow titled "Famous Fakes and Fakers" in which he talks about forgeries of coins through the ages that are "true numismatic items" and are "enjoyable to study and collect." The legalities of owning counterfeits, as I've explored in great depth, are unsettled. I'm not a lawyer, but the best legal opinion I've read from a lawyer is that there's nothing in the statutory or case law in the U.S. that makes it illegal to possess coin counterfeits provided you don't intend to deceive others with them. There are lots of different kinds of coin copies, and each can be an interesting counterpart to the authentic. Whether you're looking at an contemporaneous counterfeit, contemporaneous imitative, contemporaneous derivative, recent forgery, recent replica, or recent coin, medal, or token based on or paying tribute to the original coin design, each is a variation on a theme. Not all copies, of course, are meant as deceptions. As a little exercise in evaluating my ten years of collecting, I just analyzed my current collection and my past activities. It was both fun and illuminating. Try it, you'll like it. g Under "real" below I'm including authentic official coins as well as unofficial legal-tender imitatives. Under "copy" below I'm including contemporaneous and recent counterfeits/forgeries (I use these two words synonymously) as well as replicas, medals, tokens, commemorative coins, etc., that are based on earlier coins. Others enjoy collecting them, but with U.S. coins I stay away from counterfeits and instead collect replicas and medals, tokens, and so on based on the original design, as well as, needless to say, the originals, or "real." My collection, as of this moment: Ancient coins: 337 real, 276 copy. U.S. coins: 83 real, 53 copy. Modern world coins: 21 real, 9 copy. Medieval/early modern coins: 11 real, 16 copy. Chinese coins (ancient to modern): 11 real, 10 copy. I know others have more coins or nicer coins -- this is a taking-stock exercise, not an exercise in vanity. I've had fun buying from different types of sources, including but not limited to fancy-catalog auctioneers in person, over the phone, and online; smaller boutique-style online dealers; volume eBay dealers; large national coin shows; small local coin shows; local coin shops; and fellow collectors. I never went metal detecting in source countries for ancient coins or treasure hunting for coins on sunken ships, but I fantasized about this. g Also during this past decade, in terms of taking stock, I've written five articles for the Celator magazine (one of which won a best-of-the-year award from the Numismatic Literary Guild), five book reviews for the Celator, and one article each for the Numismatist, the Journal of the Classical and Medieval Numismatic Society, COINage, Coins, and Coin World. No peer-reviewed articles and no books, yet. I don't know, actually, if I'll try to go further in this direction. I've also put up more or less comprehensive Web sites about a number of different coin areas. And I've spent lots of time, at times too much time, in various online discussion groups, asking questions, sharing information and experiences, and debating. Lots of debating. These groups for me have primarily included RCC, Moneta-L, FORVM, Ancients.info, and CFDL. Before one of them moved away, I used to enjoy meeting on a near monthly basis for lunch with two fellow collectors after a local monthly coin show, and I've had lots of good discussions with dealers at big coins shows. During most of the past decade I've driven the 2-1/2 hours to and from the Baltimore show two or three times every year with a coin dealer buddy, a devout Roman Catholic who has wrestled for 30 years with the ethical dilemmas involved in coin dealing and from whom I've gotten valuable insights into the inner workings of the numismatic trade. This dealer sells all types of coins, U.S., world, medieval, byzantine, and ancient. Though I find truth vs. falsity the most intriguing issue in numismatics, I find as the most enjoyable activity what I've described as the "glom." With the background information in your head that you've uncovered through your research, you seize upon a coin with your eyes, marveling at its physicality, the beauty or quirkiness of its design, strike, and state of preservation, following the coin's lines and curves, its raised devices and depressed fields, tilting the coin for different perspectives on the pristine or worn surfaces, awed by the light's aesthetic revelations of how the metal was shaped and how it has interacted with its environment over what's often a very long time. It can be fun impressing others with your acquisitions and being impressed by the acquisitions of others. But I find it's even more fun impressing myself. My three most awesome coins: 1) c. 600 BC Lydian Lion electrum trite, Weidauer Type 15, with a charming and aesthetically archaic roaring lion design, a coin type I had much fun building a case for being the world's first, a piece I was so excited about winning through a CNG printed auction that I drove the two hours from my house to CNG to pick it up in person, 2) 2nd century BC Colchian debased gold imitative of an Alexander the Great stater, with fantastically abstracted iconography and impossibly raised rims, a coin I had metallurgically analyzed (75.73 percent gold, 21.11 percent silver, 1.49 percent copper, 1.43 percent iron, 0.24 percent nickel, according to energy dispersive spectroscopy), a piece I won through a Gorny & Mosch auction, and 3) 1799 U.S. Draped Bust dollar, graded AU-53 by PCGS, with "hyperoriginal" surfaces, the toning as beautiful as the image of Miss Liberty, a coin I got an amazing deal on, buying it on eBay in an old PCGS holder with an EF-40 grade on it from a coin dealer in Timonium, Maryland, knowing it was undergraded, underpriced, and underappreciated. One numismatic activity that has also been a lot of fun for me is giving ancient coins away. I buy cleaned but unattributed late Roman bronzes from pick bins at major coin shows for this purpose, in nice enough condition to see clearly both obverse and reverse types. I keep one attributed in a safety flip in my wallet at all times, and if I happen to be discussing coins with someone, and the person doesn't yawn, I'll reach into my wallet and give away the coin, explaining it's not terribly expensive only terribly interesting. I've gotten the best reactions when giving away ancient coins from kids but also appreciation from adults. Only once, with my accountant, did anyone refuse the gift. I'm guessing he was thinking I expected something in return. I've given 34 of these away over the past decade, to my handyman, bank branch manager, dentist, kids' pediatrician, barber, optician, cleaning lady, next-door neighbor, friends and relatives, children of friends, and friends of children. I keep my stuff in a safe deposit box, and talk about this, so I'm not worried about spreading the word to the wrong ears and possibly being burglarized. Through my little taking-stock exercise, what I was most surprised to discover, though I probably shouldn't have been, was that I had as a part of my collection 276 ancient and modern fakes and other copies of ancient coins. This isn't as many as the number of authentic ancient coins I have but nonetheless represents a sizeable investment in time. I may have still other fakes, which I currently regard as authentic. g If so not many, I don't believe. Acquiring these has been a challenge, more so with outright forgeries than other copies. My focus again has been on ancients. The best theoretical approach to acquiring fakes of ancient coins is the one that has worked for me the least. You ask for them from dealers who inevitably and inadvertently acquire them from group buys, where they buy a collection from a collector or heir or a large group of new finds from a middleman at or outside a show, without the time to closely evaluate every coin, and get stuck with, say, a couple of fakes in the group. Such fakes typically get thrown in a bag, never to see the light of day again. Why not put them to good use, helping with the counterfeit education effort? The reality is that relatively few dealers will part with fakes. If they don't know you, they may suspect you'll turn around and try to sell them as authentic. But mostly, I believe, dealers feel that the publication of fakes draws attention to the counterfeit problem and has the potential of causing at least some collectors to drop out of the hobby or some potential collectors to stay away from it. Also, some dealers appear to exhibit a guild mentality, wanting to retain for themselves the specialized knowledge of forgery detection so collectors feel they need to buy from dealers rather than from fellow collectors. In a sense, one sense, all this is understandable. Whatever the cause, very few counterfeits in relationship to the universe of known counterfeits get published in print. Dealer opposition to counterfeit publication is the main reason, I believe, that the Bulletin on Counterfeits/Counterfeit Coin Bulletin is no longer published, though other factors are involved too. There's demand out there, I believe, among collectors for vetted information about forgeries from experts, beyond the amateurishness you often see online. There are exceptions to the above among some dealers. Regarding ancient coins, Wayne Sayles published a small number of ancient coin forgeries in his excellent book on the history of ancient coin counterfeiting, Classical Deception (I'm not factoring in here the catalog of Rosa replicas in his appendix). David Hendin has also published some really good material on counterfeit education. Regarding U.S. coins, PCGS has published some really good material in its book Coin Grading and Counterfeit Detection. There are a fair number of other books out there as well on counterfeit U.S., world, and other coins, along with articles in coin magazines and journals. But mostly it's non-dealers who have done the most publishing, particularly with ancient coins, led in print by the Bulgarian scholar Ilya Prokopov and online by collectors. To be fair, a few dealers, as well as collectors, have put up on their Web sites some good information on counterfeit detection, in particular the dealers who run various online forums. The Web site ForgeryNetwork.com can also be helpful. I'm a big proponent of the knowledge is power school. The knowledge gained through the dissemination of information about forgeries trumps the potential negatives. I've obtained a few ancient coin forgeries, offered as forgeries, from dealers. Some have been donated, and here's another big thanks for that. Dealers who share fakes, like dealers who share information, are giving of themselves. I'll still say, despite this being disputed by one strangely shortsighted collector, that dealers who do this deserve both kudos and patronage. Unfortunately, as I said, dealers who do this are the exception. I've gotten no's or been ignored far more often than I've gotten cooperation. My own experience is far from unique. Though some disagree, I don't believe there's anything wrong with dealers selling forgeries for what they are. A fair number of dealers and auctioneers openly sell or have sold forgeries as forgeries, for what they are, on eBay and at big coin shows, of coins of all types, from U.S. to ancient. Typically, not always, these are lesser known dealers. But some of the most respected fancy printed-catalog auction houses sell coin forgeries as forgeries. These are sometimes contemporaneous counterfeits that circulated with the authentic coins, with U.S. Bust halves being popular. Other times they're big-name forgeries designed to fool collectors that were made in previous centuries -- Paduans, Paduan restrikes, Beckers, Becker restrikes, etc. The best forgery acquisitions in my experience are trades and donations. I've acquired a number of ancient coin forgeries in trades from fellow collectors who either acquired them knowingly as forgeries or bought them as authentic and got stuck with them. In some cases I've traded replicas or other copies, in other cases lower value authentic ancient coins. In still other cases collectors have agreed to part with forgeries they got stuck with so I could study and publish them, helping others avoid getting taken, for a small fee or as a donation. And here's another big thanks for this. I'm always open to trades. If anybody reading this has ancient coin forgeries they can part with, I can email you a list of ancient coin forgeries and replicas I have that aren't in areas I currently specialize in or are dupes for me. Here are some of the items on my ancient coins black cabinet want list (some of these actually are replicas): * Toronto forgery of Augustus Caius and Lucius denarius (RIC 212) * Toronto forgery of Octavian trophy on prow denarius (cast, worn Slavey replica) * Christodoulou forgery of Owl and Alexander tet and stater * Costodoulos ("British Museum Forger" or "Galvano Boys") forgery of Owl and Alexander tet and stater * Bulgarian School forgery of Julian II bull AE-1 (documented in two of Prokopov's books) * Bulgarian School forgery of Thasos satyr and nymph early classical stater * Bulgarian School forgery of Thracian tetradrachm (barbarized Thasos Dionysos/Herakles tetradrachm) from empire_gallery or vergina** * Bulgarian School forgery of Istros inverted heads stater from empire_gallery or vergina** * Robert Ready British Museum electrotype replica of Owl and Alexander tet * Slavey replica of Octovian trophy on prow denarius (RIC 265a) * Slavey replica of classical Owl * Apollonians replica of archaic Owl, classical Owl, Alexander tet, Lysimachos tet, and Thasos satyr and nymph stater * Rosa replica of Lysimachos Alexander-portrait tetradrachm (Sayles 89) The legalities surrounding coin copies are also interesting. The U.S. Hobby Protection Act specifies that coin copies made in the U.S. or imported into the U.S. since the law's passage in 1973 should be marked as such on the obverse or reverse. It doesn't prohibit the sale or purchase of unmarked copies once made or imported. What's more, as I understand it, this law has never been enforced. I'm happy to be corrected about this, if anyone knows differently. As far as I know the only difference the Hobby Protection Act has made is that coin magazines stopped accepting ads for unmarked replicas. The gift shops of some U.S. historical sites sell cast underweight pewter replicas, with large casting pits and extremely mushy details, of Pieces of Eight, Lion dollars, and similar coins that aren't marked with "COPY" or a similar mark, the manufacture of which appears to be in direct violation of the Hobby Protection Act. Chinese counterfeiters put up large numbers of marked replicas of U.S. and world coins, and according to my sources and my own inquiries, they'll sell to anyone who asks the same copies without a "COPY" mark. I've seen in hand several of these loaned to me by collectors who knowingly bought them to see what the Chinese forgery workshops were putting out. Thanks again for this. I've done one comprehensive study of U.S. coin counterfeits, specifically Bust dollars. I acquired a fair number of fakes of Bust dollars, mostly on loan from collectors and dealers. I first sent them to a senior numismatist at ANACS for his professional opinion, then to a university professor for metallurgical testing. I wrote an article for Coins magazine about this and afterward put up a Web page. Many thanks again to those who made these works of deception available to me and who otherwise helped with this project. I've done six comprehensive studies of ancient coin counterfeits, of Athenian Owls, Alexander the Great tetradrachms, Apollonia Pontika drachms, Parion hemidrachms, Cherronesos hemidrachms, and Thasos and Thracian tetradrachms, with this material appearing both in print and on the Web. Though this isn't the reason I do it, I've appreciated the thanks I've received, mostly through email, from the ... without exaggeration ... many hundreds of people who indicated I prevented from becoming a victim of forgery and other fraud over the past decade involving ancient as well as U.S. coins. So, that's ten years of collecting. -- Consumer: http://rg.ancients.info/guide Connoisseur: http://rg.ancients.info/glom Counterfeit: http://rg.ancients.info/bogos |
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