American Eagle Congratulations Set: Anger at the Dealer in the Mirror

The face of collecting is changing. And it is not pretty. Collectors are angry and demanding rare coins as if they are entitled to them.

Coin World magazine just reported a sellout of the newest American Eagles – a Congratulations Set (whatever!) that contains a proof 2017-S piece. Nearly 75,000 sets were sold in about 120 seconds.

And collectors are MAD! They want rare coins, and they expect to get one on the cheap. Or two. Or three. But most of them said that they just wanted one. Yea, right!

Big shiny coins, fresh from the press – what’s the big deal, why are they crying?

All American Coin: Including the part about exclusive access.
My advice: Go out and collect something fun.
And collect on your own terms -- be creative.

These coins will always be available. They will always be slabbed (or contained within some sort of protective holder), and most will grade MS69 or MS70. After a nuclear war, these coins will be all that remains – still shiny – along with the roaches and plastic water bottles.

The rare Eagles look like all the other Eagles (except for the tiny S mintmark). But, that S doesn’t have a story to tell. In this case, it is just an S.

So why are they crying? They are crying because they are hoodwinked into thinking that coin collecting is about buying low and selling high.

They are crying because they have been brainwashed into thinking that coin collecting is about having one from each mint. (Yes, you read that correctly, old Mister Heaton did us a disservice). Set collecting according to a formula is boring -- particularly in the modern age. And, P-D-S-W collecting is boring on ahistoric Eagles.

Now, there is nothing wrong with Eagles. They are pretty enough. Shiny. Big and heavy. All American.

But let’s be real, collecting American Eagles is a bit like painting by the numbers. And, there is nothing wrong with that either ... except when people get MAD.

Collecting new US Mint Products is like playing the lottery. Except that folks get MAD when they don’t win. They demand fairness. “I work hard.” “I have been collecting for years.” “I’m a true collector.” “I help the elderly cross busy streets.” This is what they say.

But not everyone gets to have a rare coin – as least not at the issue price. Isn’t this what defines a rare coin? Besides, $200 on EBay is not so bad.

I suppose the US Mint could have put household ordering limits on the Congratulations Set. But, folks would still complain (because everyone is a dealer in these circumstances -- some would have bought two or three or more in order to make a profit). Coin Hogs.

It is no wonder that the rising generation is not interested in coins. All they see is a bunch of tired collectors complaining about not making a buck. And, if not complaining about Eagles, then they complain about grading, pricing, and so on – all the things that don’t matter.

Old Sails: French Galleon is one the best Ships on Coins

Today we have a beautiful ship to consider: a French Galleon from the early seventeenth century.

This fully rigged ship is near shore with sails furled. The waters are calm with swirls of splashing against the hull. The hull is boldly blanked with gun ports (or big nails) showing. The aft castle is commanding, perhaps ostentatious -- this is a grand vessel for sure. A French shield with three lis is set above the mainland, reminding us that we are in French waters.

This is municipal jeton of Ville de Paris. The ship represents the arms of the city. It was produced during the reign of Henry IV (1589-1610) and is cataloged in Mitchner as 3389b; sadly, it is not pictured.

The legend on the reverse (ship side) reads: HIC VERTEX NOBIS SEMPER SUBLIMIS. This is a quote from Latin poet Virgil. He wrote this line in about 29BC in his first book (four in all) of Georgica. This line (#242) has been translated in various ways to mean: “The one pole to us is still elevated.” Basically, I take this to mean that city and its trade is positive, perhaps moved by a higher force. Of course, I welcome any opinions on this.

The obverse (not shown) depicts a king with a sword in his right hand and a branch of peace in his left hand. The legend reads: SEV PACEM SEV BELLA GERAS. This phrasing translates: “Peace is beautiful and good.” These words anticipate the legend on the reverse.

As I have mentioned in previous blog posts, I have quite a fondness for the French ship jetons. The vessels are detailed and realistic yet shaped with an artistic flair that makes them beautiful to the eye. The brassy copper ages to produce an interesting patina that brings out the contours. This is a great coin to pass around! And it was loved for 400 years.

Tell me, who doesn’t like a French galleon from 1604?

*A footnote: You want to get kids interested in collecting? Show them an old ship coin with a deep patina and just enough wear and tear to entice the eye.

Book Project: Folk Magic and Coin Talismans at Jamestown in the Seventeenth Century

Since I have been focused on folk magic and coins, I decided to provide an update. My book manuscript is coming along. I hope to have it done by late 2017 or early next year.

The working title is: Bent, Holed, & Folded: Folk Magic and Coin Talismans from Colonial Jamestown. This is the primary focus, but there is a chapter on “witch pieces” from Massachusetts, and several chapters exploring similar pieces from Elizabethan England. Also, I examine religious medals, particularly “devil chasers.” I completed the Bibliography and Notes this past week – over 100 references and counting (whew!).

Elizabethan pendant.
When was it  worn?
Was it for ornament or protection?
This half-groat was dug in England.

The whole enterprise has spilled-over to my work. I am giving a talk entitled, Witches and Counter-charms: Reality-testing in Elizabethan times, for a group of clinical psychologists in Virginia. Of note, I have treated more than a few psychiatric patients who have presented with delusions of being bewitched or possessed.

But you do not need a diagnosis to have these supernatural beliefs. A 2005 Gallup poll estimated that one out of five Americans believe in witchcraft, and one out of four believe that the movement of the planets significantly impact their lives.

So, who believes that a bent or holed coin can ward off witches? And, how many of you have a witch bottle planted in your yard? Plus, who among you has a horseshoe nailed over the threshold? Is it pointed up or down?

I am headed up to Salem, Massachusetts, in May or June. Not sure what I’ll find there, but I just have to go to see it for myself. Poor Sarah Good. I'll visit her gravesite. Maybe I’ll bring home a poppet or a holed-stone.

Dear readers, I hope you will like my up-coming project. I am certainly having fun collecting and learning about folk magic in colonial North America and England.

At some point, I will provide a few witch stories on this blog. They are fascinating.

Is Coin Collecting a Form of Magic? Part 1.

I have been thinking about magic lately.

Actually, I have been thinking about magic for the last 20 years. When I started writing One Coin is Never Enough, I started with the premise that something magical happens when a collector chooses to acquire a coin. In the book, I used the example of taking a coin out of circulation.

At the moment when a coin is removed from circulation, it ceases to be an object defined by its utility (e.g., money); instead it becomes something special, something symbolic. I called this transformation a magical process. Hence, the coin becomes part of the personal narrative of the collector. It now has meaning -- or should I say -- meanings that take it far beyond "money."

A Civil War Cent either of two ways.
It is similar to many found on the killing field; It was found on the field.

All told, collected coins become talismans via the "rite of collecting." And, we treat them as such -- with respect.

Sometimes the magic is just image magic. For example, an 1828 large cent represents a coin from the Civil War. We don't know if that particular large cent was in the action, but we do know that large cents just like it have been dug from the killing fields. The similarity has vitality.

Sometimes the magic stems from contagion. For example, we suspect that 1828 large cent is from the Civil War when it was dug in a killing field. It was probably held by a warrior (and, it was lost ... oh, I hope the young man survived -- but we can never know that). Such a cent -- from the killing field -- has vitality that comes from the touch of a warrior.

The necromancer coin collector prefers coins with contagion. But sometimes similarity will have to do. Both are magical properties. Both give the coin vitality. But now you see why worn and battered coins have a vitality that grading guides and market indices miss.

I will explore magic in upcoming posts. Next up: Vitality.