Sunday, June 19, 2011

JR Newsletter: 19 June 2011 (41)

Bob Stark wrote:

Fifteen Early Dollar Collections
        Fifteen Early Dollar collections, inventoried in David Perkins’ John Reich Journal   article of February, 2011, have 917 coins; each collection of distinct die marriages.        Of course, no account is taken of duplications such as die states, upgrades, etc. The collections vary from 5 to 118 coins; 121 is the number of known die marriages.

        The surviving 1794-1803 dollars are scarce and valuable. Only 5 of the die marriages have a rarity assignment of R-1 while some 40% have values of R-1, R-2,      or R-3 and about 15% have rarities of R-7 or R-8. R-4 and R-5 each account for just    over 25% of the die marriages. There are just five R-6 marriages.

        More than one-half of the collections, with one exception, consist of R-1 to R-6 coins with about equal frequency. That is, dividing the number of coins held of a given R-value by the total number of die marriages having the same R-value is about the same (8+) for each R-1 through R-6.

       Rarity values of R-5 and R-6 are scarce coins in any series; including the Early Dollars. Still two thirds of the fifteen collections have all of the R-5s and R-6s. Early Dollar collectors apparently recognize the opportunity to acquire those coins. Of course,
premiums vary with both the variety and condition rarity.

        However, the situation changes sharply for R-7 and R-8. For an R-7, the ratio of their numbers in the fifteen collections (24) to the number of R-7 die marriages (5) is nearly 5. For an R-8, the ratio is about 1.5 (13/8). A consequence of their limited availability is the much higher premiums they command when offered.  

Bob Hammond wrote:

My Bride and I attended the Baltimore Coin Show yesterday (Friday 17 June 2011). It truly was an all day affair for us, which began at 0400, the time we left the house for the show (about two and a half hours' drive).

After attending the LSCC meeting and enjoying show/tell for an hour or so, we began our tour of the bourse.

Attendance on the bourse floor appeared to be usual for the 'Summer' show, which is less full than either the Spring or the Fall shows. Still, there was a small buzz, especially with such dealers as Dick Osburn and Gene Bruder, dealers in 'earlier' Federal coinage.

A high-light for me is the Dick Osburn Liberty Half-Dollar collection which was displayed at the Stack's/Bowers table.  All UNC pieces; some in wonderfully high grades! 

TeaParty had a nice Half-Dime, 1801, in Fine. Since mine is a bit better, I passed the opportunity to buy.  If someone needs this dated half dime, you may wish to contact them.

We enjoyed the show and the inter-change of information from the many dealers.

On another note...

My Bride and I attended a local antique show in down-town Oley, Pa. this afternoon. We were a bit late in arriving there, so we had to rush around the show in order to redeem our full eight dollars worth of admission fare, $16.00 for the two of us.

We were nearing the last booths of dealers when I stopped to view some old books. 

The dealer asked how he may help me, and I replied that I already have such books as he has on display.  He then showed me a book that I do not have in my library: an original Thomas Jefferson book on Weights and Measures for $15K! Apparently one of 10 or so in existence!

I guffawed and indicated that I expended all I had at yesterday's coin show.

He inquired as to what I collect?  Early Half-Dimes, Dimes and Quarters and some Half-Dollars was my reply.

He says, "I am a co-author of a Dime book."

"You and Ahwash?" inquires I.

"No" says he.

"Davis, et al?" queries I

"Yes. Five of us. I am Bill Subjack."

My jaw drops to the ground in absolute disbelief!  I never met the man, and assumed he is gone from this earthly presence!

We chatted about the early preparations of the book, the meetings, and the coins. The time spent was exhilarating for me.

I've known Dave Davis and John McCloskey, and exchanged letters with Russ Logan.  I have Allen Lovejoy's splendid Dime catalog.  As for Bill Subjack...Well, he was totally unknown to me.

I did purchase a letter from him dated 1835, and received his 'autograph' as signature of payment, as well as his address for future exchanges.

It was good to get out of the house and away from work to meet up with like-minded hobbyists.  May be more coming to me in the future.

        Bob Hammond (RJH) JRCS, LSCC, EAC member


A final word from the editor...

I am also a member of EAC (Early American Coppers).  I encourage all readers to consider joining EAC.  I recently received the May 2011 issue of the EAC journal, "Penny-Wise."  In there I read some exciting news, which I will quote:  "Beginning with the EAC 2012 sale, there will be early silver lots included in the annual sale, which should increase the associated fees and help JRCS take a role in the financial health of the [EAC] convention."  I view this as great news and as an excellent opportunity for the financial well-being of both organizations and the benefit of their respective memberships.  I'm sure more details will be forthcoming, but I thought I would share this good news now.