Vintage Rare Coins Slated to Cross the Auction Block by Peter Rexford on Creators.com

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Vintage Rare Coins Slated to Cross the Auction Block

Humankind is unique in that, to my knowledge, we're the only creatures to display sentimentality. Of course, most living things exhibit love for something, such as their offspring or even an object much like a dog may favor a bone. But those are a matter of either determined survival of species or simple comfort. OK, maybe this is getting too deep. Let me explain.

If someone were to hand you a rock, you might say, "So what?" or "Looks nice." Similarly, a chimp might take it and use it to open a walnut. After all, a rock is a rock. Who cares? But if told the rock was collected by Neil Armstrong on the moon, most anyone would ogle it, cradle it in their hands and literally drool over it in wonder. The chimp would still use it to open a walnut. At the end of the day, it's just a rock. But to humans, what a rock.

Regular readers know I'm at the head of the line when it comes to sentimentalists. Most collectors want items in virtually pristine/untouched condition. Stamp and coin collectors are especially particular. If they can find an item that appears untouched by human hands, they'll pay a small fortune to own it.

I appreciate that but admit to being a contrarian. Example: Many years ago, I purchased a U.S. penny from 1787. Had it been in pristine condition, it would have cost about $1,000. The one I purchased was somewhat worn and sold for around $300. Both examples have gone up in value, but the uncirculated example has soared. Mine has just crept up. Still, I like it better because it actually went through the hands of people in colonial America. In fact, it might have been held by Ben Franklin or John Adams, maybe even Washington. I enjoy that type of "Wow … what if?" sentimentality.

I considered that this past week while looking through a catalog of coins soon to be sold by the Scotsman Auction Co. On Oct. 16, almost 900 rare and collectible coins will pass over the auction block. Most will entice serious collectors because they fall into the "pristine" category or come very close. Others evoke that sentimental aspect by showing some wear.

Foremost in the "virtually untouched by human hands" arena is a "proof" silver dollar from 1895.

A proof coin is a highly polished edition meant for collectors.

The era of 1895 is was what has been referred to as "The Gilded Age," when industrial barons of steel, railroads and communications showcased their wealth with opulent mansions. Conversely, the average worker made roughly $300 a year. That meant few people could afford to purchase a proof coin meant for collecting instead of spending. Ergo, only 880 of the proof dollars were produced.

The one in the upcoming sale is in "Proof 65" condition (out of a scale of one to 70.) That means it is truly spectacular. In addition, the surface has a cameo appearance adding to the appeal. The estimated sale price for the coin is around $70,000.

Another coin in the sale is a Mint State-65 $20 gold piece from 1907. Known as a "high relief" version because of the deep impression of the image, it is a standout, too. The design showcases an art deco image commissioned and lauded by President Theodore Roosevelt. As one of the better condition examples, sale estimates for this gold coin is in the neighborhood of $38,000.

But what of the coins would I call "sentimental"? A number of colonial coins, including a dozen copper pennies from the 1790s, will also be sold. Most of these are not in great condition. Some can't even be described as "good." They clearly have seen substantial wear and history. Even so, they are so scarce that they are slated to sell for a low of $500 or as much as $5,000.

The most intriguing coins may be several from as recently as the early 1900s. Two examples are pennies from 1922 and dimes from 1916. None of them look pretty — all show substantial wear. They circulated in pocket change for years. Yet, over the many years the coins were used, none of those spending them realized the rarity of those dates.

Sale estimates for the coins range from $350 to almost $1,000. The exciting part is that many more such coins surely exist in old albums or in drawers. It's always worth a look.

All the coins slated to sell at the Scotsman auction can be viewed online by logging onto www.scoins.com. Absentee bids can also be made, or you can just look and sentimentally dream.

Editor's Note: A JPEG visual of the 1895 silver dollar to be sold at auction has been sent with this column.

To find out more about Peter Rexford and to read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.