The History of United States Coinage As Illustrated by the Garrett Collection
Q.David Bowers
Chester L. Krause founded Numismatic News in lola, Wisconsin in 1952. Eventually the publication grew to a weekly newspaper with many advertisements, editorial features, and news of the day. Krause Publications flourished, and Coins Magazine was added to the line, as were a number of important numismatic reference books. Coin World, a newspaper of weekly format, was launched in 1961 by the Sidney Printing and Publishing Co. in Ohio. Under the editorship of D. Wayne Johnson in the early years and Margo Russell later, Coin World and its staffers garnered many numismatic literary awards. With Coin World and Numismatic News collectors, dealers, and others had numismatic information almost as soon as it happened. For those interested in price movements, the Coin Dealer Newsletter, first issued in the 1960s, provided additional data.
In 1955 the Professional Numismatists Guild was founded. It went on to become the leading American organization of rare coin dealers, often working with the International Association of Professional Numismatists (IAPN), a similar group but with a more international membership.
The past quarter century has been peppered with many items of numismatic significance and importance. The issuing again of United States Proof sets in 1950 created considerable interest, and by 1956 a great market had developed in them. Around the same time the gathering of coins by bank-wrapped rolls gained great impetus, fueled in part by publicity attached to the low-mintage 1950 Denver Mint nickel. The 1955 double die cent captured the fancy of collectors as pieces rose in value from 25c on the collector's market to many hundreds of dollars. In 1960 the Philadelphia and Denver mints produced two sizes of dates among Lincoln cents issued, the large date and small date. Small date issues of Philadelphia in particular were elusive. Several fortunate collectors found bonanzas by obtaining at banks $10 bags of 1960 small date cents for face value. Some of these were subsequently sold for $10,000 per bag and even more. In 1962 the Treasury Department surprised and delighted collectors by releasing from long-term storage such previously expensive coins as 1898-O, 1903-O, 1904-O silver dollars. The 1903-O in particular was considered a rarity and at one time catalogued $1,500. The treasure hunt was on, and within the next several years several hundred million silver dollars poured forth into the hands of the public. Too late, the Treasury realized it had a bo-nanza, so at the end it kept back about 3 million prize dollars, mainly issues of the Carson City Mint from the late 19th century. These were subsequently offered to collectors in the series of postal auction sales.
The discontinuation of silver coins in 1965 and the introduction of clad pieces stimulated the public's interest in coinage further, and additional collectors joined the ranks. Such new issues as the 1964 Kennedy half dollar, 1971 Eisenhower dollar, and the innovative 1979 Susan B. Anthony dollar further whetted collectors' appetites.
By the late 1970s over 30,000 people belonged to the American Numismatic Association. Perhaps a quarter million subscribed to Coin World, Numismatic News, CoinAge, Coins, The Coin Dealer Newsletter, and other numismatic publications, not to overlook specialized periodicals which appealed to enthusiasts in the field of tokens, paper money, medals, colonials, and other branches. The Professional Numismatists Guild numbered nearly 200 members, with thousands of other dealers each competing for a share of the market.
By 1979 several million collectors ordered: Proof sets each year from the Mint. A vastly larger number, estimated from eight to ten million by a former director of the Mint, collected coins casually from circulation and through purchases from dealers. Numismatic writing proliferated. The Numismatic Literary Guild, composed of several hundred authors in the field, numbered among its members many who had made important contributions, including updating of earlier standard reference books.
Investments had long been an important consideration for the numismatist; witness the United States Coin Co. advertisement of 1912, "Coins as an Investment." By the late 1970s investment had become a primary consideration for many. Inflation in the American economy climbed to previously unknown high rates. Collectible items in the art and antiques field, coins among them, offered excellent possibilities as a hedge. Toward the end of the 1970s decade an increasing number of money managers, pension funds, and others focused their attention on the coin market.
A survey of collector and dealer opinions in 1979 would have resulted in concern for such topics as grading, market prices, and availability of coins. Numismatic history tells us that the same survey taken a century earlier, in 1879, probably would have resulted in the same emphasis.