A Numismatic Biography....
LincolnCentMan
Posts: 5,347 ✭✭✭✭
I would encourage others to make similar posts to show how they got to where they are now... numismaticly.
It all began when I was about six years old. My step dad took me out to an old home site and we searched for gold coins with a metal detector. No, we didn’t find a buried treasure. We didn’t even find a coin. But what I found was a great appreciation and desire to obtain old coins. I still think back on that day ever so often. Though the fog of time has left the details somewhat hazy.
When I entered sixth grade, I remember saving up my allowance for trips to the coin shop that was in town. About once a month my grandmother would take me there. I would look at the few cases they had of “affordable” coins. I say affordable, but in my today’s standards, it equates to the stuff that goes in the “junk” box. It was, however, what I could afford to buy of what I enjoyed. I purchased mercury dimes, v-nickels, and the occasional silver quarter. During Christmas one year, I was given $100 to spend at the shop. Wow, what a treat. I remember buying a couple of Morgan silver dollars. It was on this trip that I obtained a prize possession, a F12 twenty cent piece. I had wanted one of these for a couple of years but could never seem to save up enough. The cost was $36. Even now, I still have this coin. It is on display in my dansco type set. I am reminded of my grandmother each time I look at it.
Fast forward to college. It had been several years since I’d purchased a coin or even sat foot inside a coin shop. I thought about my old hobby and contemplated as to weather I should consider a trip to the local coin shop. I knew that if I went, I would most certainly get deep into it. It was almost like an alcoholic deciding to make that trip to the bar for the first time in years. After much anticipation, I made the trip. As I opened the door, a bell rang. The smell of cigarette smoke permeated the room. “Howdy. Can I help you find something,” the owner said? “No, thanks. I’m just looking,” I replied. He said, “Well if you see something you want to take a closer look at, just let me know.” “I appreciate it,” I replied. With that, I peered through the cases to see stacks of 2x2’d Morgan dollars and albums of all sorts of coins. The shop keeper was exceptionally friendly and helpful. I bought a few coins and was on my way.
Over the next couple of years, the shop owner and I became very good friends. He took me on as a young apprentice, so-to-speak. I was there most Saturdays and probably two or three other days in the evening. I would help him sort through the coins that came in, look up retail prices, and build album sets from inventory for him. In exchange for my help, I was allowed first shot at new inventory (unless it was on someone’s want list) at wholesale prices. More importantly, I became a consistent grader and gained an understanding of what it took to buy and sell coins.
A few years after I graduated from college, he passed on from lung cancer. I still remember those Saturday trips to the coin shop; sorting through bags of wheat cents and mercury dimes. It has be several years since the shop doors closed for the last time. I passed by there today. A bar-b-que restaurant now sits where the shop once stood.
After I married and graduated, my wife and I had a considerable amount of debt. We settled into a small econo-apartment and over the next six years worked on paying our debt off. Though we had a decent income, I had a real problem with purchasing coins to support my hobby when we were making strong sacrifices to pay down the notes and position ourselves to buy a house. I decided that the only way I could afford to collect was to buy and sell coins on the side so I could afford coins for me.
I placed an add in the thrifty nickel advertising that I would pay 4x face value for U.S. silver coinage, more for silver dollars and better dates. At the time, silver was going for 5x face, and the dealers in town were paying only 3.5x face. A few days afterwards, I had a guy call me and said he had a whole bunch. I asked, “Well how much is a whole bunch?” He said, “I pretty heavy bag full.” I said, “Well I’m not sure if I can afford all of it, but we’ll see. Maybe I can buy half now and half next month.” He said that that would be a problem and brought the stuff over to my apartment the following day (never do this… that was STUPID of me… safety issues.) It took me a few hours to go through it all. I set the better date stuff to the side. I figured prices for the scrap silver, silver dollars, and better date coins. It came up to a little over three grand. The guy liked the price. I told him the only place I had that kind of money was in savings at the bank. He said that he’d prefer cash, so we left the silver on my coffee table and made the trip together to my credit union. I withdrew the money and handed it to him. He dropped me off and was on his way. About fifteen minutes later, my wife stepped in the door. She had returned for lunch. She saw a rather large pile of silver coins on the coffee table. With her eyes wide open, and with mouth slightly open, she said, “Where did that come from?” I told her that I bought it from a guy that replied to my thrifty nickel add. She replied, “Where did you get the money?” I told, “Well the only place we had that kind of money was in the savings.” She closed her eyes and bracingly said, “How much?” I told her. She turned. Slowly and softly she said, “I trust you to put it back.” By the time she said this three times and had turned and walked to the kitchen, I knew that I was in deep trouble if I didn’t make some money on this deal. We ate lunch and she returned to work. I sorted out a few personal favorites and shipped the rest to a national dealer that was offering 4.9x face. Three weeks later, I put the money back into the savings with a little interest, gave the wife two hundred bucks to go spend, and had a few coins left that I’d added to my personal collection. When I gave her the money, I politely said, “I pay better interest than the bank.” To this day she is always happy to see me borrow money from the personal account to buy coins because she knows it’ll grow when I put the money back.
April 2, 2003 was the day I went to the court house to claim an assumed name to open my coin business. I had decided that I wanted to make some money and that my inventory would be my way of “collecting,” even if the good stuff only stayed briefly. I started with two grand cash and some coins from my personal collection as inventory. Over the next couple of years I bought and sold a lot of coins. I was able to have many (to me) high dollar coins pass through my inventory. Highlights include: 1893-S Morgan PCGS VF30, 1889-CC Morgan NGC AU55PL, 1877 Three cent nickel PCGS PR66Cam, 1916-D Merc PCGS F15, 1937-D Three Legged Buffalo NGC MS61, 1940-D Merc PCGS MS68FB, 1877 Indian Cent NGC AU58, and a 1914-D Lincoln PCGS MS65BN. There were lots of others; key dates and common dates with eye popping eye appeal. I have been fortunate to have owned all of these. Still, they are coins that have come…. and gone. They didn’t stay.
About six months ago my wife and I were blessed with a happy healthy baby girl. With the new addition to our new family, I sold practically all of my inventory and purchased a family-compatible vehicle. Though it was the right decision to make, it dropped me back to the point of where I was back when I started the business. After having seen so many nice coins come and go, I’m left with a longing to go back to being a pure collector. Such is the dilemma of being a coin dealer. I’ve had dealers tell me that you cant collect and deal at the same time. I’ve seen it done. I think it’s a hard line to walk if you’re inventory doesn’t turn over in the million+ range per year. It can be done, however.
For now, I continue on with work and enjoy my time with the kiddo. This summer I will start building the inventory back up and hopefully in a couple of years it’ll be back to where it was before my last big sell off.
David
P.S. Though other parents / grandparents will disagree with the grade on the label. Here's my most prized addition:
It all began when I was about six years old. My step dad took me out to an old home site and we searched for gold coins with a metal detector. No, we didn’t find a buried treasure. We didn’t even find a coin. But what I found was a great appreciation and desire to obtain old coins. I still think back on that day ever so often. Though the fog of time has left the details somewhat hazy.
When I entered sixth grade, I remember saving up my allowance for trips to the coin shop that was in town. About once a month my grandmother would take me there. I would look at the few cases they had of “affordable” coins. I say affordable, but in my today’s standards, it equates to the stuff that goes in the “junk” box. It was, however, what I could afford to buy of what I enjoyed. I purchased mercury dimes, v-nickels, and the occasional silver quarter. During Christmas one year, I was given $100 to spend at the shop. Wow, what a treat. I remember buying a couple of Morgan silver dollars. It was on this trip that I obtained a prize possession, a F12 twenty cent piece. I had wanted one of these for a couple of years but could never seem to save up enough. The cost was $36. Even now, I still have this coin. It is on display in my dansco type set. I am reminded of my grandmother each time I look at it.
Fast forward to college. It had been several years since I’d purchased a coin or even sat foot inside a coin shop. I thought about my old hobby and contemplated as to weather I should consider a trip to the local coin shop. I knew that if I went, I would most certainly get deep into it. It was almost like an alcoholic deciding to make that trip to the bar for the first time in years. After much anticipation, I made the trip. As I opened the door, a bell rang. The smell of cigarette smoke permeated the room. “Howdy. Can I help you find something,” the owner said? “No, thanks. I’m just looking,” I replied. He said, “Well if you see something you want to take a closer look at, just let me know.” “I appreciate it,” I replied. With that, I peered through the cases to see stacks of 2x2’d Morgan dollars and albums of all sorts of coins. The shop keeper was exceptionally friendly and helpful. I bought a few coins and was on my way.
Over the next couple of years, the shop owner and I became very good friends. He took me on as a young apprentice, so-to-speak. I was there most Saturdays and probably two or three other days in the evening. I would help him sort through the coins that came in, look up retail prices, and build album sets from inventory for him. In exchange for my help, I was allowed first shot at new inventory (unless it was on someone’s want list) at wholesale prices. More importantly, I became a consistent grader and gained an understanding of what it took to buy and sell coins.
A few years after I graduated from college, he passed on from lung cancer. I still remember those Saturday trips to the coin shop; sorting through bags of wheat cents and mercury dimes. It has be several years since the shop doors closed for the last time. I passed by there today. A bar-b-que restaurant now sits where the shop once stood.
After I married and graduated, my wife and I had a considerable amount of debt. We settled into a small econo-apartment and over the next six years worked on paying our debt off. Though we had a decent income, I had a real problem with purchasing coins to support my hobby when we were making strong sacrifices to pay down the notes and position ourselves to buy a house. I decided that the only way I could afford to collect was to buy and sell coins on the side so I could afford coins for me.
I placed an add in the thrifty nickel advertising that I would pay 4x face value for U.S. silver coinage, more for silver dollars and better dates. At the time, silver was going for 5x face, and the dealers in town were paying only 3.5x face. A few days afterwards, I had a guy call me and said he had a whole bunch. I asked, “Well how much is a whole bunch?” He said, “I pretty heavy bag full.” I said, “Well I’m not sure if I can afford all of it, but we’ll see. Maybe I can buy half now and half next month.” He said that that would be a problem and brought the stuff over to my apartment the following day (never do this… that was STUPID of me… safety issues.) It took me a few hours to go through it all. I set the better date stuff to the side. I figured prices for the scrap silver, silver dollars, and better date coins. It came up to a little over three grand. The guy liked the price. I told him the only place I had that kind of money was in savings at the bank. He said that he’d prefer cash, so we left the silver on my coffee table and made the trip together to my credit union. I withdrew the money and handed it to him. He dropped me off and was on his way. About fifteen minutes later, my wife stepped in the door. She had returned for lunch. She saw a rather large pile of silver coins on the coffee table. With her eyes wide open, and with mouth slightly open, she said, “Where did that come from?” I told her that I bought it from a guy that replied to my thrifty nickel add. She replied, “Where did you get the money?” I told, “Well the only place we had that kind of money was in the savings.” She closed her eyes and bracingly said, “How much?” I told her. She turned. Slowly and softly she said, “I trust you to put it back.” By the time she said this three times and had turned and walked to the kitchen, I knew that I was in deep trouble if I didn’t make some money on this deal. We ate lunch and she returned to work. I sorted out a few personal favorites and shipped the rest to a national dealer that was offering 4.9x face. Three weeks later, I put the money back into the savings with a little interest, gave the wife two hundred bucks to go spend, and had a few coins left that I’d added to my personal collection. When I gave her the money, I politely said, “I pay better interest than the bank.” To this day she is always happy to see me borrow money from the personal account to buy coins because she knows it’ll grow when I put the money back.
April 2, 2003 was the day I went to the court house to claim an assumed name to open my coin business. I had decided that I wanted to make some money and that my inventory would be my way of “collecting,” even if the good stuff only stayed briefly. I started with two grand cash and some coins from my personal collection as inventory. Over the next couple of years I bought and sold a lot of coins. I was able to have many (to me) high dollar coins pass through my inventory. Highlights include: 1893-S Morgan PCGS VF30, 1889-CC Morgan NGC AU55PL, 1877 Three cent nickel PCGS PR66Cam, 1916-D Merc PCGS F15, 1937-D Three Legged Buffalo NGC MS61, 1940-D Merc PCGS MS68FB, 1877 Indian Cent NGC AU58, and a 1914-D Lincoln PCGS MS65BN. There were lots of others; key dates and common dates with eye popping eye appeal. I have been fortunate to have owned all of these. Still, they are coins that have come…. and gone. They didn’t stay.
About six months ago my wife and I were blessed with a happy healthy baby girl. With the new addition to our new family, I sold practically all of my inventory and purchased a family-compatible vehicle. Though it was the right decision to make, it dropped me back to the point of where I was back when I started the business. After having seen so many nice coins come and go, I’m left with a longing to go back to being a pure collector. Such is the dilemma of being a coin dealer. I’ve had dealers tell me that you cant collect and deal at the same time. I’ve seen it done. I think it’s a hard line to walk if you’re inventory doesn’t turn over in the million+ range per year. It can be done, however.
For now, I continue on with work and enjoy my time with the kiddo. This summer I will start building the inventory back up and hopefully in a couple of years it’ll be back to where it was before my last big sell off.
David
P.S. Though other parents / grandparents will disagree with the grade on the label. Here's my most prized addition:
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Comments
Thanks for sharing!
And good luck with the coin business. As long as you maintain integrity and treat people fairly, you should be able be well in the long run.
Thanks. I grew a little weary of some of the negative posts. I was thinking about time and how things seem to be in a perpetual change. Time marches on. It's interesting to think that that I've owned that twenty cent peice for one out of every five days that it's existed.
David