Q.David Bowers
" 'That money is generally sought for the advantages and luxuries it will bring,' continued the numismatist, 'goes without saying, but the public in general have but little idea how many rich and cultured men are at present engaged in the collection of rare coins, and what enormous prices they sometimes pay for pieces whose face value is perhaps but a cent. The growth of the science-for it is a science and not a hobby-has been very rapid in the United States during the last few decades. Fifty years ago there were less than a score of collectors, and coins possessed little or no fictitious value. Now there are over 3,000 recognized numismatists in this country ... [If prices] continue to increase in proportion to the number of collectors, in a few years one must need a moderate fortune to be able to purchase a dozen varieties...
" 'Every large city has several dealers who make the buying and selling of coins their exclusive business. Many of them also publish journals devoted to the subject. By these dealers collections are often catalogued and sold, either privately or at auction, and the dealers themselves dispose of their surplus stock through the medium of the auctioneer. An auction house on Broadway has made a specialty of this branch of the business and annually disposes of 30 or more collections for an aggregate amount of from $60,000 to $70,000. It is almost impossible to estimate how many pieces change hands at private sales in the course of a year or what prices they bring, for both the transfer and the consideration are in most cases known only to the persons directly interested.'
" 'Which are the scarcest of the American coins, and at what figures are they quoted?'
" 'The 1804 silver dollar is the Kohinoor [referring to the famous diamond] of coins in this country and commands the highest price. One of this date was sold privately within a year for $1,200, and another, not so well preserved, brought at auction in this city over $750. A Philadelphia numismatist recently picked one up at a sale in Germany for the comparatively small sum of $200.
" 'An almost Uncirculated half dime of 1802-the next rarest piece of the mint coinage, and probably the finest specimen of the date known-belonging to Harold P. Newlin, of Philadelphia, brought $400 two years ago at public sale. An 1815 half eagle sold recently for $280, and a quarter dollar of 1827 for $225. Among the rare silver coins may be cited the dollar of 1794, the half dollars of 1796 and 1797, and the quarter of 1823, any of which, if in fine condition, not infrequently brings $100 or more. Recent dates in the silver series sometimes command very respectable premiums, such as, for instance, the 20c pieces of 1877 and 1878, which readily command $3 each, and the 3c pieces of 1864 and 1873 which do not go begging at $1.50. The silver dollars of 1851 and 1852 are not dear at $40 each, and that of 1858 is worth in the neighborhood of $25. Some of the early copper pennies also, if as perfect as when dropped from the mint, are eagerly sought for at high prices. A 1793 cent in this condition brought at auction in this city within a year $200. Had it been much worn or rubbed, although with well defined date, it might not have realized $2. An 1804 copper, which had been laid aside and never found its way into circulation, the year previous was knocked down at $205. A strictly Uncirculated cent of 1799, the rarest of the copper series, if such a one could be found, would probably be valued at from $300 to $500.'
" 'The state of preservation has then much to do with the value of even the rarest dates?'
" 'Collectors seem to value a piece almost solely according to its condition, the most trifling scratch, rub, or corrosion materially depreciating its worth. To illustrate this, a silver quarter of 1804, which has been used as money and somewhat rubbed, will bring but $3 or $4, but a bright new one realized in the sale of the Britton Collection $225. Genuine 1793, 1804, and even 1799 coppers, if very poor, can often can be bought for $1 or so, and the same can be said of many other rare dates of small intrinsic value.'
" 'Are rare coins often picked up by accident or bought at very low figures from those who are not posted as to their scarcity?'
" 'Not frequently, but instances occasionally come to light. A rare Washington piece (a New Jersey cent of 1787, with the head of Washington on the obverse) was bought several years ago by John W. Haseltine, then a Philadelphia coin dealer, in a lot of coppers which cost him a cent apiece. It afterward found its way into the collection of Sylvester S. Crosby, the distinguished numismatist and author of an exhaustive work on the early coins of America. When Mr. Crosby disposed of his cabinet at auction in this city two years ago, the piece found a purchaser at $620. It is the only coin of the type known to exist. A few weeks ago a Philadelphia dealer, on a visit to this city, saw in a pile of gold in a money broker's window at the corner of Ann and Nassau streets, a half eagle of 1822, and succeeded in buying it at a premium of $6. He now values it at just 100 times the amount and as the piece is one of the rarest, if not the rarest of gold coins, the fortunate dealer will probably get his price. The half eagle had lain in the broker's window for a week.'
" 'By whom are the finest cabinets of American coins owned?'
" 'The list is headed by the magnificent collection of Lorin G. Parmelee of Boston, which two years ago was valued at over $60,000, and is constantly being enriched by additions. Mr. Parmelee is the fortunate possessor of the mark and the two quints, designed by Gouverneur Morris; the unique New Jersey Washington cent, and many other equally rare specimens.
" 'T. Harrison Garrett, of Baltimore, son of the late John W. Garrett, founder and first president of the Baltimore & Ohio Railroad, though a comparatively young collector, bids fair to rival Mr. Parmelee in the number and condition of his rarities, among which are the highly prized 1804 dollar and the $400 1802 half dime.
" 'Among other notable cabinets may be mentioned those of Matthew A. Stickney of Salem, Massachusetts; R. C. Davis of Philadelphia; Thomas Cleneay of Cincinnati; Charles T. Whitman of Albany; and W. S. Appleton of Boston. Mr. Appleton does not confine himself to the collection of American coins, however, but seeks to compass the coinage of the globe. On account of its magnitude his cabinet is probably of greatermonetary value than that of Mr. Parmelee. The United States Mint in Philadelphia possesses a very fine collection, but several pieces of the regular series are missing, conspicuous among which are the 1802 half dime and 1823 quarter of a dollar.' "