A discussion with 2020 Red Book Editor Emeritus Ken Bressett

Two weeks before National Coin Week on April 9, 2019, the 73rd edition of Whitman Publishing’s Guide Book of United States Coins (colloquially referred to as the “Red Book”) is set to debut. The 73rd edition of the Red Book will elucidate a variety of new coin issues throughout 2018 and early 2019, in addition to highlighting foreign coins that were circulated in the British American colonies. Overall, 125 more individual issues and 14 new coin sets will be covered in the latest edition. Furthermore, this year’s Red Book will be bringing back the full bullion catalog, according to Whitman Publisher Dennis Tucker. In preparation for the anticipated release of the 2020-dated Red Book, Coin Update touched base with Whitman Publishing Editor Emeritus Ken Bressett, who has played a critical role in compiling the most up-to-date numismatic research for the annual publication of the Red Book for decades.

The Spanish dollar is an example of a European coin used frequently in the United States until the Coinage Act of 1857. Hover to zoom.

Q: What new topic covered in the 2020 Red Book is your favorite?

Ken Bressett: I like the newly added section on European coins used in this country prior to the beginning of the U.S. Mint. It has added a new dimension to the breadth of collectible coins and the history of our country’s money.

Q: What is your opinion of the Mint’s new 2019 Apollo 11 commemoratives?

KB: The Apollo commemorative demonstrates how the Mint has pushed the boundaries of minting technology to add some new spice and interest our nation’s coins. I think such things will catch the public’s attention and hopefully bring new collectors into the hobby.

Roger W. Burdette wrote extensively about Peace dollars in Whitman Publishing’s Guide Book of Peace Dollars.

Q: What numismatic discovery made in the past year do you believe is the most significant?

KB: Several books and articles have been published over the past year demonstrating a depth and quality of numismatic research that was almost unheard of in the past. I am particularly impressed by the work done by Roger Burdette on experimental and trial coins made for the change-over to clad coinage.

Q: What is your opinion of the Mint’s 2019 American Legion 100th-anniversary commemorative coins?

KB: I fear that the American Legion commemoration may open the door for a plethora of other such pieces celebrating events that are of no direct significance to U. S. history.  

Q: What do you think the current trends in pricing and participation in the hobby indicate for the future of collecting?

KB: The current trends of collecting interest mirror the social behavior of young and old alike. It may take some years for the hobby to return to its former vigor but interest in coin collecting has a long history of running in cycles and I am confident that it will always be a popular pastime. Changes are likely to soon be seen in the way different age groups participate, what and how they collect, and the way that coins are bought and sold. All these factors will affect prices in one way or another as markets adjust to the changes.

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Comments

  1. KEITHSTER says

    Proof penny for a penny you guys make me laugh !! Don’t give them any ideas cause I was getting them for nothing? Well Good Luck Anyway “>”>”>”>”><"<"<"<" "?

  2. cagcrisp says

    @Erik H says,”Anyways, the main takeaway is the debt will never be paid. MMT will use taxes to speed up or slow down the economy not interest rates, correct?”

    Correct

    Debt can or can Not be a good thing. Depends on how and when you use it. Just like a cc. Currently we use monetary policy to adjust for inflation. Under MMT you use fiscal policy.

    Just like those that advocate for a balanced budget amendment, it Sounds good, however, it’s TERRIBLE economic policy…

  3. Larry says

    Well I received the cancellation notice from the mint for the too good to be true a penny for a penny. Oh well. I bet some mint employee is in big trouble. I hope they don’t go too hard on whoever did this. It was good entertainment.

  4. ips_stuff says

    10% ebay bucks offer
    I have this offer again, any suggestions before it expires tonight.

    10% is good, but only if the amount I am laying out makes sense, so if you have ideas – please share

  5. The RCB says

    I guess it’s a good time to use that age-old adage, don’t count your ebay-flip pennies until they’ve shipped.

  6. cagcrisp says

    Last 10 years on or near this calendar date…

    London PM Gold Fix London Silver Fix

    3/5/2010 $1,135.00 $17.25
    3/4/2011 $1,427.00 $34.43
    3/5/2012 $1,705.00 $34.18
    3/5/2013 $1,579.75 $28.93
    3/5/2014 $1,337.00 $21.32
    3/5/2015 $1,202.00 $16.19
    3/6/2016 $1,277.50 $15.43
    3/6/2017 $1,230.95 $17.81
    3/5/2018 $1,320.40 $16.51
    3/5/2019 $1,283.80 $15.11

  7. KEITHSTER says

    I see the #’s are out for the Lowell quarters seems they are the lowellest since the 2014’s Great Smokeys. So they are headed in the right direction hope the keep it up or down I mean? So Good Luck All “>”>”>”>”>”>”>”>”>”><P<"<"<"<"<"

  8. The RCB says

    I have good/bad news, or rather, just plain frustrating news.

    The gold Apollo coin I received on 1/31/19 and returned with signature date signed on 2/5/19 has shown up back on my doorstep. I am glad that I now know they weren’t stolen by a mint employee. I am not glad to have them back though, as I asked for a refund. In the package there was a photocopied one sheet that said my return could not be processed since it was outside of the 7 day window.

    The mint website says: “If for any reason within 7 days of receiving your product you are dissatisfied with your purchase, you can return the entire product for refund. Shipping charges will not be refunded for all returns.”

    Well, 1/31/19 to 2/5/19 is less than 7 days, so I don’t know who is doing the math at the Mint. I called customer service to get it returned and refunded, I will get a call in 1 to 2 business days (or rather, never) from ‘upper management’ regarding this request…

  9. The RCB says

    From this article:

    “KB: I fear that the American Legion commemoration may open the door for a plethora of other such pieces celebrating events that are of no direct significance to U. S. history.”

    I guess KB hasn’t been following US commemorative coins for some time…

  10. Numismatrix says

    RCB : The mint website says: “If for any reason within 7 days of receiving your product you are dissatisfied with your purchase, you can return the entire product for refund. Shipping charges will not be refunded for all returns.”

    Just wondering if you contacted the Mint (by phone) to arrange an RMA / authorization.
    This is probably the best way rather than just sending the units back. Also be aware that
    they may / could take the return without processing a refund without their authorization;
    it all depends on the mood of the staff who do the processing..

  11. John Q. Coinage says

    American Legion Commems- oooh I can hardly not wait…….. the imagination @ Congress is funny…….wonder IF we’ll see anything for the 100th BD of PEACE $1 or Zebrinski PROOF MOrgan ’21, imagine a 2021 set of the two & a HR Peace $1 as well! in .999 wow….no doubt we will get a coin saluting the Foresters 75th Birthday……or such other nonsense….. Or a Comm for TVs 100bday!!

  12. smalltimecollector says

    the mint is missing the mark on commems, rather than playing into the hand of pseudo lobbying, it might be time to make them commemorate things the kids hold dear. No bullion.
    Proof like finish, clads or maybe the90% they just got rid of.

  13. Karl Meyer says

    Off topic, for the Great American Coin Hunt I intend to release 100, 1943 steel pennies in Los Angeles I’m looking for advice on what you guys think would be the best way to distribute them so the most amount of people might see them.

  14. Erik H says

    Karl, if your steel cents are nice and shiny, I would consider passing them off as dimes (just kidding). However I’m sure a lot of people would think that the cents are dimes or just fake.

  15. gatortreke says

    @cagcrisp: I’ve read your commentary regarding MMT and have a few comments and questions. First, Kudlow used to have a saturday show broadcast on WNYC that you could download as a podcast. I would listen periodically and toward the end of his run before joining the Trump administration, he had several MMT economists on the show and seemed generally intrigued with the idea so perhaps he is a convert of sorts.

    Second, how does the idea of MMT differ from the Bernanke talk in the great recession of helicopter drops? Both are printing money and distributing to the public. Isn’t printing money inflationary by it’s very nature provided it is dispersed into the economy and not kept on bank balance sheets as strategic reserves? Was Milton Friedman wrong when he said “inflation is always and everywhere a monetary phenomenon?”

    The part that is really fuzzy in my brain about this is that while the Federal Reserve has control over the Fed Funds rate, they don’t have control over fiscal policy and taxes. Wasn’t this a complaint with Congress by the Fed chairman during the last downturn? Fiscal policy and taxes are the purvey of Congress and given the nature of Congress today, who is to say Congress can raise and lower taxes in any sort of efficient manner to make MMT work? What am I missing?

    I do agree wholeheartedly with you when you say there are no deficit hawks on either side of the aisle. Eat, drink, spend and be merry for tomorrow we will all die.

  16. Karl Meyer says

    @ Eric H I just bought the 100 pennies as circulated and a few are shiny. My thought was these pennies were the most unusual common coin that I could afford to send into the wild. I doubt that very few of the millennials have ever seen pennies like these I think it’s been over twenty years since I have seen one in the wild. Never thought to shine them and pass as dimes. What would shine the zinc finish a bit just to make them stand out a little more.

  17. cagcrisp says

    @gatortreke says,” First, Kudlow used to have a saturday show broadcast on WNYC that you could download as a podcast. I would listen periodically and toward the end of his run before joining the Trump administration, he had several MMT economists on the show and seemed generally intrigued with the idea so perhaps he is a convert of sorts.”

    Larry Kudlow and Jim Cramer had a show Kudlow and Cramer for 3 years on CNBC. Larry was always Very considerate of opposing views. Even though Kudlow was the conservative and Cramer was the liberal, both are still close friends. Don’t be mistaken, Kudlow is a lifelong Supply Side Economist. He worked in the Reagan administration and is close friends with Arthur Laffer. Laffer is 78 and Kudlow is 71 so Kudlow has been raised on Supply Side Economics. Don’t be mistaken that Kudlow will mode his beliefs to the whims of the administration. Kudlow has hammered for years King Dollar…King Dollar…King Dollar and Trump has hammered a weaker dollar ever since he has been president.

    “Second, how does the idea of MMT differ from the Bernanke talk in the great recession of helicopter drops? Both are printing money and distributing to the public. Isn’t printing money inflationary by its very nature provided it is dispersed into the economy and not kept on bank balance sheets as strategic reserves? ”

    What Bernanke did or proposed was indeed a form of MMT in its Results. I don’t think Bernanke (or the Fed) did what they wanted to do to load up the Fed’s balance sheet; they did what they did to keep the Great Recession from becoming the Greatest of all time Depressions. I think that would be a difference. MMT would have No problem printing more money during a recession and Bernanke did it reluctantly.

    “Was Milton Friedman wrong when he said “inflation is always and everywhere a monetary phenomenon?””
    Like Kudlow being raised on Supply Side economics, I was raised on Milton Friedman.

    “The part that is really fuzzy in my brain about this is that while the Federal Reserve has control over the Fed Funds rate, they don’t have control over fiscal policy and taxes. Wasn’t this a complaint with Congress by the Fed chairman during the last downturn? Fiscal policy and taxes are the purvey of Congress and given the nature of Congress today, who is to say Congress can raise and lower taxes in any sort of efficient manner to make MMT work? What am I missing? “

    For MY PART, that is ONE of the problems with MMT. The fiscal policy and taxes. We should Never have decreased taxes in 2017 at this point in the expansion. Terrible economic policy. Good political policy. Personally I think it’s easier to have the Fed (even though the Chairman and governors are appointed by the president) raise/lower the Federal Funds rate than it would be to get Congress to raise/lower taxes and agree on fiscal policy.

    “I do agree wholeheartedly with you when you say there are no deficit hawks on either side of the aisle. Eat, drink, spend and be merry for tomorrow we will all die.”

    gatortreke, I Think you have a Good Grasp of the Situation…

  18. cagcrisp says

    Larry Summers, former Secretary of Treasury under Clinton, wrote a scathing op ed in the Washington Post today about Modern Monetary Policy…

  19. cagcrisp says

    Sad Sad Sad for those that Still think the puck will SO…

    19CA 2019 APOLLO 11 GOLD PROOF 24,617 +457
    19CB 2019 APOLLO 11 GOLD UNC 10,450 +124
    19CC 2019 APOLLO 11 SILVER PROOF 142,780 + 4,793
    19CD 2019 APOLLO 11 SILVER UNC 48,533 +1,408
    19CE 2019 APOLLO 11 CLAD PROOF 47,537 +1,825
    19CF 2019 APOLLO 11 HALF DOLLAR SPECIAL SET 98,912 (104)
    19CG 2019 APOLLO 11 CLAD UNC 32,107 +794
    19CH 2019 APOLLO 11 SILVER PROOF 5 OZ 63,534 +106

  20. cagcrisp says

    19EA 2019 AM EAGLE SILVER PROOF 1 OZ (W) 242,086 +5,877
    19EA040 2019 AM EAGLE SILVER PROOF 1 OZ (W) – 40 COIN 723 +5
    19EJ 2019 AM EAGLE PLATINUM PROOF 1 OZ 7,876 +435

  21. cagcrisp says

    18AK 2018 ATB SILVER UNC 5 OZ – APOSTLE ISL 16,801 3
    18AL 2018 ATB SILVER UNC 5 OZ – VOYAGEURS 16,821 149
    18AM 2018 ATB SILVER UNC 5 OZ – CMBRLND ISL 15,437 26
    18AN 2018 ATB SILVER UNC 5 OZ – BLOCK ISL 15,152 35
    19AJ 2019 ATB SILVER UNC 5 OZ – LOWELL NTL PARK 13,851 +280

  22. cagcrisp says

    18EA 2018 AM EAGLE SILVER PROOF 1 OZ (W) 345,182 +378

    18EB 2018 AM EAGLE GOLD PROOF 1 OZ 6,799 + 56
    18ED 2018 AM EAGLE GOLD PROOF 1/4 OZ 4,622 –
    18EE 2018 AM EAGLE GOLD PROOF 1/10 OZ 14,016 –
    18EF 2018 AM EAGLE GOLD PROOF 4-COIN SET 7,718 +79

    18EG 2018 AM EAGLE SILVER UNC 1 OZ 137,306 +3,509

    18EH 2018 AM EAGLE GOLD UNC 1 OZ 8,076 +42

    18EJ 2018 AM EAGLE PLATINUM PROOF 1 OZ 13,086 +29

    18EL 2018 AM BUFFALO GOLD PROOF 1 OZ 15,741 +19

  23. cagcrisp says

    17XA 2017 AM LIBERTY 24K GOLD 1 OZ 30,153 + 35
    18XF 2018 AM LIBERTY 24K GOLD 1/10 OZ 27,479 +120

  24. cagcrisp says

    Looks Like the “W” Proof Gimmick Worked (so far)…

    17RG 2017 PROOF SET 194,989 +194,989
    18RG 2018 PROOF SET 182,940 +182,940
    19RG 2019 PROOF SET 196,034 +196,034

  25. cagcrisp says

    Let’s See…

    10 years ago Today, March 6th, 2009, the S&P 500 hit the Low of “666”.

    IF you had Invested $10,000 at the March 6th, 2009, Low on the SPY of 67.10 you would Today have $41,588.67

    IF you had Invested $10,000 on the London PM Gold fix to today’s AM Gold fix you would Today have $13,708.88

    IF you had Invested $10,000 on the London Silver fix to today’s Silver fix you would Today have $11,214.71…

  26. Achmed says

    The usmint e-shop is a mess. Best example is the 2019 W cent which they call penny. And some stupid employee put the proof cent into the shop for one cent. Then they confirm the order but send only the proof set with one penny per set. Instead of cancelling the whole order and inform the customer about that. I cancelled my order, have a written transcript of the chat where NICOLE wrote that all orders including the pennycent centpenny would be cancelled and then the mint ships that order. Question: Are they completely stupid at the mint???

  27. Throckmorton says

    Re: Mint returns

    100% agree with Numismatrix…..always call USM Customer Service and ask them to send a shipping label for a return. They will also consider the date of the call to be the date of the return even though it might take you a few days to physically return the product.

  28. Dustyroads says

    Since we’re playing with numbers, if you had bought $10,000.00 worth of Bitcoin in February of 2010, you would now have $14,447,880,000.00.

    If you would have recognized the top of the market in Dec of 2017, you would have $277,200,000,000.00.

  29. Buzz Killington says

    I don’t think the market could currently absorb $14B in BitCoin sales (or anything near that), even at today’s prices, without crashing the price.

    This kind of events is theoretical only, because there simply isn’t enough money in that system to allow one to cash out.

  30. Blair J. Tobler says

    I just put in an order for the proof set and a couple of engravings, and it automatically added a 2019W Proof Penny and a Penny Envelope, both listed as “Special Gift With Purchase”, both at no cost. I’ll post if I actually get them.

  31. gatortreke says

    cagcrisp: Thanks for your MMT response. It would seem to me that at some point (this is the real question, at what point?), the helicopter drops or the money printing poisons the well and people lose faith in the currency.

    Your reflections on the price of gold and silver relative to the market bottoms are interesting but we all know those figures change depending on the the starting and ending dates. Does MMT or helicopter drops have a different effect when the money is distributed to the “common man/woman” rather the higher end investor types? Where will the money flow in that situation?

    I may be totally off base but is it gold, silver, Dr. copper and the rest of the investment type metals that benefit or is it something like cryptocurrencies? Is it something totally off the current radar? Where will the money flow when it is put in the hands of the average citizen? I’m interested in everyone’s thoughts on this question.

  32. smalltimecollector says

    The penny pincher fiasco has me wondering if the NK hackers are active on the US Mint site.
    Penny for your thoughts.

  33. TomP. in Va says

    The 2018 gold Buffalo is currently unavailable. The current mintage just listed is about 140 less than 2017’s mintage. A new low mintage wonder for a proof one ounce Buffalo?

  34. smalltimecollector says

    gatortreke

    I think it will be a long time before the average citizen is whole and complete.
    Seems our youth are saddled not only an everburgeoning national debt, term and revolving credit are putting them in the place they may only use direct deposit and payment for a good long while.
    Some in our family did not expect the taxes they paid this year and thus their credit cards were used. to make ends meet.
    Bloomberg had an interesting article yesterday:
    https://www.bloomberg.com/news/articles/2019-03-05/u-s-credit-card-debt-closed-2018-at-a-record-870-billion
    I find it disturbing and worry for many people in the coming months.

  35. Numismatrix says

    Karl Meyer : “advice on what you guys think would be the best way to distribute them (steel 1943 c) so the most amount of people might see them.

    100 is not a large number – you could always pay cash and count out say 3-5 cents in change at grocery stores or add to tips in restaurants, deposit a few in several of your local banks, give a few to several panhandlers with a few dollars, drop a few in church collections, or leave one or two coins on random soup cans in your local Walmart.

  36. KEITHSTER says

    Karl if I was to get rid of some odd cents then I would want to be in on it! I would leave a few in any of the change things they have at most cashier counters? Then step back a bit and watch what happens? If I saw them in there look out and lucky day! Just remember to flip them heads up if they are not. And Good Luck All “>”>”>”>?<"<"<"

  37. Jerry Diekmann says

    cagcrisp – basic question I hope you can help me understand: the Fed uses monetary policy to control themoney supply, which can affect inflation, and the Fed uses fiscal policy to control interest rates, which can also affect inflation. Do I have the basic concepts correct, or am I oversimplifying a more complex issue? Would appreciate your comments – thanks.

  38. John Q. Coinage says

    MMT is the new PC Economics, it is loved on Cali, there are some polis now saying the crime & stuf like burglry & robbery are econimc crimes not violent or anti social stuff (!!!) Wow, perhaps that is why the CA Courts want everything to be a misdemeanor, like car theft- if the car is worth <950, rape via a drug (check that out!) etc. MMT & the joke of NO inflation are 2 examples of why economics can be used to create SO MUCH bs & UNREALITY

  39. Theofie says

    So what are the chances the 2019-W proof penny sells 484,000 to get close to the 1909 S V.D.B mintage?
    Thinking it wont get even half way there and the 2 other pennys coming out later sell even less?

  40. CaliSkier says

    @ Theofie, it’ll be interesting to see how 2019 plays out, however at this point the 2018 Proof Set is at 496,000 & that’s w/out the bonus PF W cent/penny, one receives with the 2019 PF set.

  41. So Krates says

    @ Jerry D

    Fiscal policy usually refers to things like taxes, government spending, incentive programs, etc., mostly implemented by the legislature and meant to effect the economy in a specific way.

    Monetary policy is used by the Fed to control the money supply and effect the unemployment and inflation rates. They use tools like interest rate manipulation, sales and purchases of Treasury securities, Quantitative Easing, Operation Twist, jawboning, etc. The Fed generally does not use fiscal policy.

  42. John Q. Coinage says

    Even IF the “W” is @ mintage <400k the ? become- how many Lincoln collextor$ are left…and how many that NEED it won't buy the proof set……..not many in the know…so likely you know the answer…..it will be worth more than the free bonus, but not $1k….ever nor $50

  43. Chris Hale says

    As for distributing steel cents.
    Try putting one or two in those “take a cent, leave a cent” trays at gas stations, or other businesses. That way a cashier won’t interfere in the process (you hope.)

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