Buffalo nickels were considered moderns at one point, and mocked by enlightened writers of the time
Longacre
Posts: 16,717 ✭✭✭
I was reading QDB’s Buffalo and Jefferson nickel book, and in it he quoted an article from the March, 1913 issue of The Numismatist, where Edgar Adams gave a somewhat negative review for the new Buffalo nickel design. Among Adams’ comments were, “[a]ltogether the new design emphasizes the absolute necessity of the appointment of a proper committee to pass upon new coin designs.”
Then QDB puts the issue in context and writes, “[t]his lukewarm review by Adams, perhaps the leading numismatic writer of his day, probably influenced some readers not to collect the series. Modern coins were not particularly in favor anyway, largely because there was no convenient way to store or display them, so many dealers did not have them in their stocks.”
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I wonder if we dug up the PCGS message board archives from 1913, we would find people arguing that buffalo nickels were damn moderns and it was pointless to collect them.
Then QDB puts the issue in context and writes, “[t]his lukewarm review by Adams, perhaps the leading numismatic writer of his day, probably influenced some readers not to collect the series. Modern coins were not particularly in favor anyway, largely because there was no convenient way to store or display them, so many dealers did not have them in their stocks.”
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I wonder if we dug up the PCGS message board archives from 1913, we would find people arguing that buffalo nickels were damn moderns and it was pointless to collect them.
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
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Comments
<< <i>I read a Collectors Universe tickertape from 1918 that claimed the German imperial court was so impoverished by the war that Kaiser Wilhelm was using dateless and partial-date Buffalo nickels as uniform buttons. >>
I'm sure several Stack's employees were around in 1918. Give their office a call, and maybe they can explain it more, rather than digging through tickertape.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>I'm sure several Stack's employees were around in 1918. Give their office a call, and maybe they can explain it more, rather than digging through tickertape.
A CALL? That's so 20th century. They should be able to receive a message by telegraph, though.
Where letters and collection records exist for small time collectors, the documents show them to be just as interested in their hobby as Edgar Adams, William Woodin, Virgil Brand or any of the “names” in the hobby. As QDB mentions, these folks had little to support their small time hobby other than a few (Ben Green comes to mind) who took the time to get mintage records and publish them in little collectors’ guides.
<< <i>
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I wonder if we dug up the PCGS message board archives from 1913, we would find people arguing that buffalo nickels were damn moderns and it was pointless to collect them. >>
I guarantee one thing we would not read is how people were paying 100 to 1000 times face value for them just because someone said this piece has two less ticks on it then that piece.
<< <i>Go figure. >>
I guess that odd, often overlooked element, time, may be important to consider.
only brief periods where they were mainstream but up until the middle
of the 29th century they had always been collected all over the world by
at least a minority of collectors.
When the switch was made to base metal there wasn't really a complete
falling off as may be sometimes suggested but it was in all cases a precip-
itous drop in the numbers of coins being set aside. Perhaps of equal im-
portance is that these remained out of the mainstream for half a century.
This led to the few coins coming onto the market to be spent, degraded or
otherwise marginalized by their insignificant catalog prices and demand re-
sulting in very high attrition. Even attractive coins were ignored and then
the few survivors added to boxes of poundage to be sold for pennies to the
few collectors and kids with an interest. Coins like the Greek coinage of the
'50's are mostly very difficult to find in nice condition due to these processes.
This occurred all over the world though it did come to the US very late. It
impacts US coins differently since it doesn't affect them until 1965. It also
affects them differently because the base number of coins usually available
was much higher due to the existence of mint sets.
Throughout history is is quite rare to see a coin embraced by the people when
it is new. Perhaps it's partly because people embrace coins differently than ot-
her products and simply don't see new money as money at all. Perhaps it's just
the tendency for squeeky wheels to be heard above the fray, but usually all new
coins are panned when first issued. It's not surprising that even the buffalo nic-
kel might have been among them.
that's why it's so funny when fans of current moderns say, "hey, your classics used to be moderns, now they're classics! Someday these will be classics too!"
They're right, of course. But then again, that doesn't keep them from being junk, now
Liberty: Parent of Science & Industry
<< <i>Lots of folks collect moderns, so I think the lesson here is to think about what nobody is collecting today. Perhaps that will be the the prized collectible in the future. >>
Very, very few coins being issued now will be prized collectibles in the future. The reason is twofold: Sheer numbers of the coins being minted, which is higher; and greater awareness of collectibles in general.
We've already seen this in other collectible areas. How many baseball cards issued 15 years ago are worth squat today?