Should rarities go into museums? What's your opinion?
Blade
Posts: 1,744 ✭
I've thought about this a few times and see both sides. Wealthy collectors sometimes donate their rarest coins to museums. In some cases, this removes an entire denomination / date / type / variety from collectors hands.
On the one hand, coins in museums present the opportunity for all collectors to see them and share in the experience. That is, if you can make the trip to their location.
On the other hand, why should collectors be robbed of the experience of owning some of these great coins? What if the last publicly available 1822 half eagle, the 1933 Double Eagle, the 1907 Judd $20 Pattern, the 1870-S $3 or other unique coins in collector's hands went into museums? What if it was the finest example of a coin in the series you collect? Let's say that they would be given to a museum that would permanently lock them away like the ANA or Smithsonian.
I like the idea that, however slim the chance, I could own one of these awesome coins someday and lean toward keeping them in private hands. What's your opinion?
On the one hand, coins in museums present the opportunity for all collectors to see them and share in the experience. That is, if you can make the trip to their location.
On the other hand, why should collectors be robbed of the experience of owning some of these great coins? What if the last publicly available 1822 half eagle, the 1933 Double Eagle, the 1907 Judd $20 Pattern, the 1870-S $3 or other unique coins in collector's hands went into museums? What if it was the finest example of a coin in the series you collect? Let's say that they would be given to a museum that would permanently lock them away like the ANA or Smithsonian.
I like the idea that, however slim the chance, I could own one of these awesome coins someday and lean toward keeping them in private hands. What's your opinion?
Tom
NOTE: No trees were killed in the sending of this message. However, a large number of electrons were terribly inconvenienced.
Type collector since 1981
Current focus 1855 date type set
NOTE: No trees were killed in the sending of this message. However, a large number of electrons were terribly inconvenienced.
Type collector since 1981
Current focus 1855 date type set
0
Comments
<< <i>What if the last publicly available 1822 half eagle, the 1933 Double Eagle, the 1907 Judd $20 Pattern, the 1870-S $3 or other unique coins in collector's hands went into museums? >>
I believe there is a 1933 double eagle in the Smithsonian. Am I wrong?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Andy - I understand your logic, and that's the support for the museum side. But isn't the hobby interesting when a coin goes underground for 50 years and resurfaces in an auction for waiting collectors? Think of the drama of the 1913 Lib nic.
NOTE: No trees were killed in the sending of this message. However, a large number of electrons were terribly inconvenienced.
Type collector since 1981
Current focus 1855 date type set
They have a display of gold coins there from a collector name Lilly (I think). Man it will make your heart skip a beat.
In Laurel
MD
Just a fist full of Dollars
That type of drama does nothing for me. To each his own.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Les
I'd prefer to have another collector enjoy ownership after I'm gone than to have my coins sitting in some dusty back room waiting for someone to have the chance to appreciate them.
If the museum displays the coins well and allows collectors with a serious interest examine the piece under the proper precautions, it’s great.
If the museum hides the coin in a safe and does not let anybody see it, it stinks. So far as I’m concerned the coin is better off in a private collector’s hands. Some museum personnel don’t know anything about preservation. I’ve seen coins that have been ruined by improper cleaning that occurred while the coin was in the museum’s care.
And the Smithsonian does have two 1933 double eagles. They also own two of the three known 1822 half eagles.
Mike
Lincoln Wheats (1909 - 1958) Basic Set - Always Interested in Upgrading!
This happened a few years ago. If anyone knows any more about this or if I misspoke please correct me. Joe
1. The majority of the collection sits in storage and is never seen by anyone
2. The museum can potentially sell the collection to raise funds
3. As Conder pointed out "shrinkage"
This also illustrates a possible solution for the Smithsonian. They have countless duplicates collecting dust in storage. Why not have a panel of numismatic experts evaluate the holdings and keep the best examples of each coin, then sell the duplicates? The proceeds could be used to create a proper display for the "core" collection.
Does anyone really know the content of the Smithsonians numismatic holdings? Anybody know how to get an inventory?
I would go farther and like to see every Smithsonian coin - modern and ancient - put on the Internet with low and high res images. In this day and age, we have the luxury of virtually sharing all these great collections. Some can't make the travel. What a great way to show off even those coins that can't be the highlight of the exhibit. Just like the great Bass site of the best from that collection. It's awesome.
TDN - How about putting a stipulation in the will that the coin must be part of a permanent, viewable exhibit? Even then, you've got the caretaking concerns brought up by many in this thread. And I suppose the display could be accomplished via a loan of the coins.
NOTE: No trees were killed in the sending of this message. However, a large number of electrons were terribly inconvenienced.
Type collector since 1981
Current focus 1855 date type set
Excellent idea part of the sale proceeds could be used to pay for high quality imaging, cataloging and website construction/maintenance. With this option the entire collection could be available for viewing which overcomes the physical limitations of displaying such a huge collection. Then the physical displays could be rotated every 2 years or so. Now any ideas on how to accomplish this?
Mark
<< <i>How about putting a stipulation in the will that the coin must be part of a permanent, viewable exhibit? >>
That is similar to what Byron Reed had for his collection, he donated it to the city on condition that it be put on exhibit. But in the 1960's(?) after a burglary attempt it was put in storage for years until the sale.
The Smithsonian has over a million coins in it's collection with probably a lot of duplication. I don't think we need to image ALL of them. And as much as I like the national collection I'm not to keen on trying to do too much for it unless the effort can be kept away from government involvement. Do you remember the Smithsonian commemoratives? Originally ALL of the surcharges from that program were supposed to go to the national coin collection for revitalizing the exhibit and as an endowment to keep it growing. Then half of the surcharges got siphoned off to "reduce the national debt" and the other half got diverted into the Smithsonians general funds. Other than a little bit that went towards curators salaries NONE of it ever got to the national collection.
rainbowroosie April 1, 2003
I like your ideas of imaging coins from the museums but there is one problem. They get their revenue from people walking through the doors right? How many people would not come in person and spend money if they put everything on the internet?
The problem I have with museums is when they do obtain a collection only highlights of the collection are on display. While the rest lay in storage unseen to anyone.
My main hobby is prehistoric native american artifacts. Alot of large personal collections go
unseen by the public who's tax dollars go to help fund these institutions. THe so called professionals that run and catalog these artifacts for the museum do not know what these artifacts are
alot of the time. Largely due to ther lack of communication with the collecters.
At least this is the case in prehistoric artifacts. I'm new to coin collecting ,but enjoy this forum.
Can you imagine the series of auctions if the Smithsonian sold the duplicates and triplicates from the collection!
Many museums, especially the SI, have accepted coins with covenants attached, i.e. the items must remain with the collection.
There very well maybe a way to get the collection, especially the US portion, better exposure. The US Mint is in the process of building a new headquarters, and the possibility exists that the collection will be moved to a new museum at the USMHQ, similar to the philatelic collection being moved to the USPSHQ.
All museums, as well as collectors, should dispose of duplicates, thereby creating new money for new acquisitions. Many, myself included, have urged the museums to sell the duplicates. I imagine that eventually it will be done, especially since none of the institutions have appropriate assets to fund new acquisitions.
All of the museums have, in the past, de-accessioned items. Each of these institutions must have an outside board of consultants to oversee the collection to maintain its focus and to authorize and negotiate the terms of the sales.
IMHO, museums should keep the best, or maybe even the two best of each item that they have, including all die states. These collections should be available to researchers, as well as just serious collectors, with appropriate security and appointments, references, etc., made.
As has been previously pointed out, many items are loaned to museums for display, notably the Bass collection and some DuPont rarities to the ANA, and the 1933 $20 to the ANS/NY FRB exhibit.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
A few years ago I purchased an example of a medal in copper that was awarded to George Washington by the Continental Congress. It’s called “The Washington before Boston” medal. There have been numerous versions of this medal, but the example that I purchased was struck from the original set of dies prior to 1800 that were used to strike the gold medal that was awarded to Washington himself.
In 1876 a group of public-spirited Boston citizens got together, pooled their funds and purchased the original gold medal that was awarded to Washington for $5,000. The medal was placed in the care of the Boston Public Library. I read that the medal was placed on display in the library on Washington’s Birthday every year. One Washington’s Birthday I went in to see, but there was no medal.
Sometime later I drove in and asked to speak to the library administrators about how I could see that piece. After a considerable run around, I got this chilling answer: “Oh nobody has seen THAT for a long time. Didn’t the library administrator take it home? I’m sorry, but I don’t think that there is any way that you can see that piece. Would you like to buy a booklet about it and a copy of the medal?” I bought the booklet but declined the medal.
But here you see the situation. Over a hundred years ago a group of Boston citizens gave their money so that the general public could see this national treasure. Today a public employee may have it in his possession and NO ONE can see it.
What if this guy dies? What do you think the chances are that this item will get back to the library? I’d say that it’s at best 50-50. Political corruption in Massachusetts is quite common, and the chances are very good of having this item, of which few people know the history, disappear through the cracks is pretty good.
No, I’m not impressed with the way museums handle numismatic items. Usually they are better off in an experienced collector's hands who really appreciates them for what they are. And it's best to have them displayed at coin show or on a short term loan situation.
I hope you are kidding. The PCGS registry is far too exclusionary to be a virtual museum. It would be cool if there was a place that did create a virtual museum, comprised of the best coins - slabbed and raw.
NOTE: No trees were killed in the sending of this message. However, a large number of electrons were terribly inconvenienced.
Type collector since 1981
Current focus 1855 date type set
It would be cool if there was a place that did create a virtual museum, comprised of the best coins - slabbed and raw.
Agreed, but if someone opened up such an independent website, what standard would they use to determine what coins to show? Their own? PCGS's? NGC's? ACG's?