Bowers on collecting: A few words about world coins

By Q. David Bowers

A few weeks ago I invited readers to submit ideas for subjects in this weekly blog. The response was excellent, and I have several in line. This week’s topic is from Joe J.S., actually two:

1) I don’t believe I ever read your thoughts on world coins, specifically their popularity, value, and history in relation to U.S. coinage. I love all coinage, so I’ve always wondered about your thoughts here. Another interesting yet untapped aspect is world coin errors. If U.S. errors are so popular to some, wouldn’t they also value abundant examples from around the world? I do, especially since they’re relatively cheap.

2) Can you provide an overview of the U.S. Mint and it’s minting of world coins? Specifically, when did it start, is it ongoing, or did it stop? I have an old book with a list of production dates and all/most examples, but I always wondered why more authors don’t engage in this topic.

Dear Joe,

Your questions would require a small book to answer, so here are some quick comments addressing the high points:

Owl standing right, head facing. Reverse of a silver tetradrachm from Athens, ca. 480–420 B.C. Photo by Marie-Lan Nguyen. Hover to zoom.

As to popularity, probably 90% of the numismatists in the United States collect coins of our country. Regarding foreign coins, for those who do collect them, modern issues such as Canadian commemoratives, pandas, and the like are popular. Foreign Proof sets were more widely popular in the 1960s and 1970s than they are now. Beyond the above, collectors with a scholarly turn of mind often focus on ancient coins. It is essential for most buyers to get certified coins and fakes are plentiful. In my opinion, an Athenian “owl” should be in every collection, and one of the world’s greatest, and also expensive, coins is the decadrachm of Syracuse, a nice example of which will cost over $50,000.

Eight reales.

Of course, world coins were the basis of American commerce, and selected silver and gold issues were legal tender until the summer of 1859. By that time there were enough federal coins in circulation to fulfill transactions. Collecting Spanish-American silver and gold coins have always been popular. There are many world coin specialties that are interesting and affordable—Canadian coins 1858 to date, city-view talers of Europe, etc.

As to mint errors of world coins, these are catch as catch can—here and there whenever they can be found. As you say, they are inexpensive. I am not aware of any printed source with comprehensive information.

The Philadelphia Mint.

As to the minting of foreign coins by United States mints, there are many instances in which the Philadelphia Mint, in particular, has made such pieces. This, too, is a wide subject beyond the space limitations of this column. In addition, the San Francisco Mint has made many coins for other nations, most famously Hawaii prior to its annexation in 1898 and for the Philippine Islands.

As a closing comment, from 1850 through early 1853 the world price of silver rose to the extent that existing federal coins from the half dime to the dollar had more value as bullion. Accordingly, they completely disappeared from circulation and were hoarded and melted. Filling the gap were Spanish-American silver coins, with the two-reales or “two bits” coins being by far the most popular, with a value of 25 cents. As noted, these and other coins remained official legal tender until late summer 1859.

Next week: Something different. See you then!

If you wish to contact me or send any inquiries, you may direct them to my e-mail qdbarchive@metrocast.net.

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Comments

  1. KEITHSTER says

    Do collect a few of the older coins from Canada but that’s about as worldly as I get. Sure do hope the rest of the world starts collecting are coins though as I sure have a bunch of ATB quarters they may like? Come on China get with it! And Good Luck To Us All “>”>”>O<"<"<"

  2. Throckmorton says

    Swiss Shooting medals are fun. Everyone needs a “La Semeuse” since it is a forerunner to the Walking Liberty. I keep adding to a collection of European gold coins that I call the “twenties” which encompasses most gold coins with roughly 20% to 25% of an ounce of gold. Beautiful coins have come out of Mexico and South America.

  3. cagcrisp says

    Two Months Ago I posted…(Still Relevant)…

    April 6, 2019 at 12:14 pm

    New for 2019:

    2019 “W” Proof penny
    2019 “W” Reverse Proof penny
    2019 “W” Uncirculated penny
    2019 “W” Lowell National Historical Park quarter
    2019 “W” American Memorial Park quarter
    2019 “W” War in the Pacific National Historical Park quarter
    2019 “W” San Antonio Missions National Historical Park quarter
    2019 “W” Frank Church River of No Return Wilderness quarter

    I know Some will praise Ryder for bringing these coins to market.

    I’m just Not one of ’em.

    Instead of thinking up “marketing” ideas to Increase sales (temporary), he needs to concentrate on an ever Shrinking and Shirking customer base and actually try to do something to Increase customers Long Term and not temporarily.

    What would I do If I was Mint Director…? (off top of my head)

    1. Sell Bullion DIRECTLY to customers. The idea that you need to “discount” products to the APs and then have them Increase a premium to sell to customers Is Ridiculous in this age of technology.

    2. Have Real Time ticker sales numbers for all mint products. Why not? The technology is available. Make use of it.

    3. Have a two way street on Direct Sale Bullion products. The Royal Mint can do. So can the U.S. Mint. Sell products at a stated premium and buy Same products back at a stated discount.

    4. Having Gold, Silver, Platinum and Palladium pricing Real Time. Another Ridiculous idea that we can’t do what the Big Boy Bullion sellers do all the time. Sell products Real Time.

    5. Sell Directly to public 10 oz. Silver Bars, Numbered with an annual date

    6. Sell Directly to the public 100 oz. Silver Bars, Numbered with an annual date

    7. Sell Directly to the public an AFFORDABLE 1/20 oz. Gold coin. Sell it at a 10% premium to Real Time Spot Gold pricing. The general United States public should be able to buy a reasonable priced Gold coin Directly from the U.S. Mint and Not have to pay more than $85. Currently an entry level is a 1/10 oz. Gold proof is priced at $182.50. That’s Too High for most. I buy a boatload of gifts annually in the $55-$65 level. A 1/20 oz. Gold Bullion coin for ~ $75 would be a game changer.

    To sum up the Above, If I was Ryder I would quit trying to “market” coins that will give a short term temporary boost to sales and I would actually DO something that customers want or need…

    Quit trying to Manufacture sales…

  4. HarryB says

    @cag: I would be a buyer of the silver bars you describe, and I have never bought a bar intentionally, took some in on trade. I have expressed my opinion often on the 1/20 oz gold coins, a sure winner for the US Mint. Harry

  5. Jim says

    I buy RCM 10 oz. bars for myself and as gifts. Friends love them. Would like US Mint bars. Would also buy 1/20 oz. gold. Excellent ideas.

  6. says

    CAG:
    ref: When you become Mint Director. (7 June 2019)

    Agree with ALL of your ideas.

    Ask that you consider ‘packaging’ choices.

    Formal suitable for gifts or safe but not as ornate & complicated and at a reduced prince – minimal.

    I am so tired of the volume of coin packaging that I do not desire or want but must keep track & store.

    Semper Fi

    Silky sends.

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