Throughout time ancient civilizations have expressed the trials, triumphs and tribulations of their people through images and messages on materials exchanged for goods and services. Symbols, icons, slogans, and mottos often represent a rich heritage, foundational religion, and provide a record of heroic legends for future generations. This is still true of our culture today.
To a devoted coin enthusiast, the search for the highly coveted piece never ends. Sometimes the quest is driven by a passionate but casual desire to display collections for personal satisfaction and appreciation and other times the quest may have the more practical and serious purpose of acquiring commemorative, historical coins for monetary value or research. At one end of the spectrum is the heirloom silver dollar collection that is absolutely priceless to family members, but not as important to someone who is motivated by rarity, education or monetary value. Keep in mind that a 1944 Steel Wheat penny is worth almost a half million; a Liberty Head V Nickel is literally worth millions.
Midlands Coin Club
“Numismatist” is the technical term for an avid collector who enjoys retrieving and studying objects previously used as money such as coins, tokens, or paper bills. Whether you are an eager, green novice or a knowledgeable, seasoned numismatist, the Midlands Coin Club provides fellowship and educational opportunities. Each gathering on the 2nd Thursday of each month features speakers, demonstrations or video presentations, door prize drawings and auctions. The club also sponsors two regular local coin shows. Although many members are authorities, newcomers with a desire to learn the basics are always welcome. “The skill sets for most of our members vary greatly,” President Will Gragg says. For example, “Some focus on US coins while others prefer world coins or paper money. We have experts in our club on Civil War history in Columbia, special SC tokens and medals, SC National Bank Notes, ancient coins and much more with every avenue of coin collecting represented.” Members often assist in identifying and appraising unusual items as well as complete collections. Experts agree that gold is an excellent investment in today’s inflationary environment.
Gragg’s personal focus is on collectibles related to South Carolina, such as obsolete bank notes issued by the state. South Carolina has a rich history when it comes to finance during the Civil War period, he says. Many local and city banks provided regular tokens and banknotes for use in the state. Prior to the Civil War citizens used coins from the US mint which started in 1792. In colonial days, foreign silver was an accepted currency. Many of the notes in South Carolina were printed by state and local banks and are very ornate, depicting historical and famous dignitaries and unforgettable icons of each period. Such bank notes and tokens are wonderful teaching tools for students studying state history, especially relating to the economy of a particular point in time, says Gragg.
“Don’t be intimidated,” Gragg explains. “Collect what you like and what you can afford. Start off small and work your way up or on to different avenues. Knowledge is the biggest key–buy books, subscribe to coin-related magazines and most importantly, join a local club.” He provides counsel for people making selected purchases, especially with value in mind. “With the world and coin market constantly changing, especially gold and silver prices, beware of foreign made counterfeits. Educate yourself before buying the coin and remember the adage, ‘If the deal is too good to pass up, it might not be a deal at all.’ Coin club and organizations are great resources for detecting counterfeits.” Purchases that prove to be unwise harm not only the hobby itself, but pocketbooks, he says.
Midlands Coin Club members are patiently looking forward to an upcoming event commemorating a Columbia native, African American Hettie Anderson. Hettie was the model for what many consider to be one of the most beautiful coins in the world. Her likeness is on the $20 gold coin known as the Saint-Gaudens double eagle, first minted in 1907, worth thousands today. Richland County Library is memorializing Anderson in an exhibit opening June 29th.
Gilbert Coin and Collectible Exchange
Owner Steve Twitty, a retired SC state law enforcement officer, has 25 years of experience in the collecting field. Specializing in certified silver dollars and other rare coins, he regularly attends national and local coin shows, buying and selling to collectors and dealers. Estate appraisers regularly seek his expertise to determine the value of collections. His co-manager and wife, Lisa Kay Daniels, is a specialist in paper money and vintage collectibles.
“We assist collectors in building their coin and currency collections. From cents to dollars, we keep an extensive inventory of coins and currency,” Twitty says. “We also keep gold and silver bullion in stock, so whether you’re building a collection or just putting away silver or gold, we can help.” For beginners, “It’s easy to start a coin collection. You can begin with coins that you already have on hand,” he suggests. Twitty says there are many different approaches, “Common collection themes include country, time period, denomination, mint mark, design theme and errors.” An error coin is a coin manufactured incorrectly by a mint such as mistakes in shapes and sizes. The variety of such errors adds to the uniqueness and value of a collection.
In making your selections, Twitty says to consider the coin’s eye appeal, the luster (there is no way to restore a coin’s luster), and any damage (the biggest factor in determining a coin’s grade). The Sheldon coin grading scale is used to determine a coin’s value, based on factors such as how well the coin was made and how much wear has developed as well as the luster, Twitty explains. A coin is assigned a number between 1 and 70, as well as an adjective such as poor, good, very fine, or mint state. The grade is listed as “MS-70” or “F-15.” In addition, he points out that there are professional coin grading services, but grading is also very subjective. “As a collector, it’s important to understand coin grading to know the value of a coin and to verify grades given by others. Use resources such as the ‘Official ANA Grading Standards for United States Coins’ to learn more.”
Golden Eagle Precious Metals Exchange
When they began collecting coins in 2010, owners Nick Shepard and Jay Brown discovered there weren’t many local options for their pastime, leading them to launch their own business. The proprietors ensure customers and collectors from all walks of life that they can trust their consistent pricing. The goal is to buy and sell precious metals, such as gold, silver, platinum, palladium, and more, as they are valuable assets that typically retain strong buying power.
One of the unique features of Golden Eagle is that customers are offered free analysis of their precious metals with the Olympus GoldXpert XRF Analyzer. This analysis provides a precise and certified reading of metallic content. Once the worth is determined, customers are given the option to sell their valuables for cash or exchange them into a more recognizable form, such as bullion. Brown points out that trust is key in the precious metal field. Golden Eagle provides an atmosphere that customers can feel safe and comfortable in, with no pressure to buy or sell. The partners focus on building long-term relationships with their customers and creating a relaxed, professional environment that is rewarding for both buyer and seller.
Local Discovery
In a 2014 archaeological dig searching for the exact location of Granby (the colonial trading post in the Cayce area) excavators found an old Spanish coin. Local historians know the Spanish explorer Hernando de Soto travelled up the Congaree River, but many are surprised to learn the fearless adventurer camped on the west side of the Broad River near where Boozer Shopping Center is now. If that area had not been paved over for parking, coin collectors with metal detectors might discover an old Spanish coin or two in that area. British hobbyists frequently report valuable discoveries of old Roman coins in recently plowed fields there. Since few coins were minted by the colonies, foreign coins like the Spanish dollar were widely circulated. The most famous of these was the Spanish dollar, which served as the unofficial national currency of the colonies for much of the 17th and 18th centuries. After the Revolution in 1792, the United States established the national mint in Philadelphia with the first coins issued in 1793. The U.S. government did not issue paper money until 1861. Today, early United States silver coins are quite valuable. The commemorative coin issued to honor King Charles at his May 6 inauguration will become a valuable collector’s item as well.