Articles

Teaching Children about Numismatics is Great, but They Are Not the Immediate Need For the Future of the Hobby

June 21, 2017 by Scott M.

I have to applaud the few youth organizations throughout Canada that work hard to get children hooked on the coin hobby. There are plenty of wonderful incentives like the Coin Kids volunteer program of the RCNA that gifts plenty of quality coins and discounted premium material for youth.

There are also tireless collectors involved in the implementation of numismatics into the classroom on a localized level. This author is one of them. Incorporating a banknote into a social studies class or teaching geography from provincial-themed quarters is satisfying, to say the least, but one has to wonder when those efforts will pay off. Selfishly we do this to promote the hobby and ensure it for future generations.

The seeds we are planting now are likely going to be decades before maturation. In the case of youth being taught the joys of numismatics, only so many will actually have the collecting bug. I refer to the excellent book One Coin is Never Enough: Why and How we Collect by Dr. Michael Schutty. In it, he describes the unique and admittedly strange psychology of those of us who collect. Not everyone has the genetics or curse as some would describe it, to be a collector. Some might describe it as a compulsion.

There are years of challenges that the youth will face even if they have the collecting bug. A child’s ability to come back to the hobby after the rigors of high school and/or post-secondary education often put collecting on the back burner. Sometimes social stigmas lead themselves forward and drive hobbies behind. It’s flattering to see that children who enjoy comic books and video games are no longer ostracized or considered nerds. For youngsters who prefer

Sometimes social stigmas lead themselves forward and drive hobbies behind. It’s flattering to see that children who enjoy comic books and video games are no longer ostracized or considered nerds. For youngsters who prefer coins, it might still be difficult to be socially accepted in school.

Financially speaking, their lives will only become more expensive until they reach consistent income generation. Collecting might not be permissible in their everyday lives with part-time and student employment. I can personally relate to a time when I left collecting for several years because of the rigors of being in school and working full-time.

There is an age group though that has the ability to engage in numismatics full-force. Millennials are a group of children who grew up in the 1990s and early 21st century. Today the earlier half are graduating and entering the workforce. The bulk of them is finishing advanced university degrees at a higher rate than any other generation in Canada. Aside from all of the economic uncertainty, they are finally buying homes and entering sustainable careers. They are the age group most likely to benefit from numismatic education and support. And we should put our full-force behind them.

The bulk of them is finishing advanced university degrees at a higher rate than any other generation in Canada. Aside from all of the economic uncertainty, they are finally buying homes and entering sustainable careers. They are the age group most likely to benefit from numismatic education and support. And we should put our full-force behind them.

The millennial age group is the new baby boomer group both in demographical size and impact they will have on the economy. They will be in the workforce for the next several decades and before they enter retirement they will be the largest percentage of the population in Canada. Their life expectancy will be at an all-time high compared to previous generations.

They also bring a new set of skills to compete with the work ethic of the earlier generations that would be an asset to the numismatic community. Their fluidity with technology is hard to deny. They need not list computer skills on their resume. It is second-nature to them. An increasingly large number are learning to code and build apps, a skill that will likely become a necessity to future generations.

Many millennials are looking to complete their resumes with coveted volunteer work and experience utilizing their technological skills. In many cases, it can make or break a job interview as its presence can showcase real skills and experience, which few millennials have entering the workforce today.

This skill set and the corresponding problem can be put to great use volunteering and even work paid positions in numismatics. They could be employed to digitize obscure numismatic books or even convert current publications to electronic versions that have found difficulty in reaching out to a digital audience. Unfortunately, I still hear from numismatic publishers that CD-ROMs are the future of publishing on the topic.

Social media is their forte. Genuine social connections with like-minded would-be collectors on social media would have a far more powerful impact on engagement and installing the hobby rather than the older generations attempting to compete with the multitude of content online. Imagine if they could be inspired and given the incentive to communicate with their age group. I was amazed to discover that a healthy audience of twenty-something coin collectors exists on Instagram, thrilled at the opportunity to share breathtaking photos of their collections. I can’t wait to join!

Given the opportunity, they would also be interested in publishing writing and research on numismatics. Such an opportunity, to be published, is a wonderful accomplishment and another example of added value to one’s resume. The ability to learn the nuances of the publishing world and to take on the responsibility of working with an editor is invaluable. We should advertise opportunities like this. This author has used it as a bridge to a career and has opened several doors that would otherwise be closed thanks to numismatic publishing

The most compelling reason to target millennials seems to relate to their financial purchasing power. After all, money makes the world go round. As much as we love teaching children about coins and securing an interest in them for the future of our hobby, their buying power is minimal. However, millennials, even if overtaxed and overextended with bills and the cost of living, are the ones who will be able to make a difference. They still find ways to spend what little they have on their passions and hobbies every day. If given a compelling reason to buy coins I believe they could make a powerful impact on the hobby.

Their presence at the next major coin convention and ability to make meaningful purchases would give dealers a financial incentive to continue to rent tables. The admission of children is encouraging, but won’t keep those dealers renting tables year-after-year. One millennial with purchasing power today will have a greater impact on the hobby than dozens of youth who are attending a show to learn about coins.

Of course, all of this is not to suggest that we should abandon our youth programs. The efforts being made right now will likely pay off in encouraging a fraction of the children we reach out to become coin collectors as they get older. We should continue these efforts. I will continue to further these efforts by continually introducing coins in the classroom wherever possible.

However, the immediate need is the foreseeable future. As expenses rise in hosting conventions, printing journals, and updating guidebooks the number of participating collectors is dwindling. Without a population to support that drop-off of our hobby will suffer dramatically over the next decade.

With all of the opportunities, there are definite challenges that would be foolish to ignore. Minimalism is no longer a trend, but part of millennials everyday lives. Besides learning to live off of less and just owning less “stuff”, tablets and phones have taken the place of many everyday belongings in our homes. Even though millennials are finally buying homes, Canada’s prohibitively expensive housing market is forcing many to settle for smaller homes or rent in tight spaces. Ultimately, challenges such as these will continue to tie up millennials financially.

Perhaps even more perplexing for the average collector concerned about the hobby is whether or not millennials would even have an interest in collecting. It is hard to see with their Y.O.L.O lifestyles. It would be incorrect to suggest that they either do or do not because the age group is so diverse from a socioeconomic perspective. And it simply isn’t a matter of making coins fun as we have proven with children and ourselves that coin collecting is fun. They are out there. The next step is to real them in as soon as they get hooked.

The real danger of hoards and recent discoveries in tokens and exonumia

May 1, 2017 by Scott M.

Today I do spend an extra moment considering an expensive purchase for a rare token or exonumia piece that is on the higher end of the rarity scale. One that is published to be R7, R8, or R9 can be expensive. It can also be a great selling point for an emotional buy.

Owning a token that is considered an R10 even in outdated publishing, which has since downgraded it a number or two is still a phenomenal feeling. Typically these coins will be a large purchase one that is studied for a period of time and carefully executed when the market makes the piece available. What happens then when a hoard is suddenly revealed?

It happens and it does have an impact on the market. Turning to the beginning of the 20th century, collectors in Canada who first discovered the Made Beaver Token of the Hudson’s Bay Company Eastmain District thought the token to be unique. One sold for the remarkable price of over $100 at the time as recorded in The Canadian Antiquarian. As time went on, hoards were discovered that were released into the secondary market. The tokens are certainly more pricey than a typical trade token today, but they do not sell for the prices that comparable HBC tokens at the R7 or higher rating do.

As a fascinating side note, there are rumors and legend that a cache of “gold coins” are buried in the community of Moose Factory. The old Hudson’s Bay Company post of Moose Factory was the recipient of retired Eastmain Tokens that were reused with a punch or cancel mark. The gold coins the locals refer to are indeed the same brass tokens. What would happen if those were suddenly released on the market?

The secondary market for rare tokens and exonumia is far more easily impacted by supply issues than that for Federally issued coins or banknotes of Canada or The United States. From a demand side, there are just far fewer collectors for tokens and exonumia. Their interest is far less published, prices updated less frequently, and are typically not part of an investment portfolio for someone who is just dabbling in numismatics for the benefit of adding a nonregistered asset to their diversification.

The token collectors are a tighter knit group and so when a cache or hoard becomes available from an otherwise rare or unique example, the market is much more quickly informed. Not only are the small number of collectors already satisfied with their new purchase, but the demand for such a new discovery will not reach the heights of typical coins. Therefore we see a depression in price that is dramatic and may be unable to recover to what it once was.

Does any of this matter for the collector? Even a collector who is not so interested in the value of their collection would still relish the idea of achieving a feat in collecting by acquiring a piece of such rarity, or perceived rarity. It takes time, skill, and a whole lot of luck to acquire tokens on that end of the rarity scale. Surely news of a discovery would rock that perception. The piece will come to be known as the one that was once rare.

I bring this up because as our world becomes more informed about the value of antiques and collectibles thanks to the success of television shows like Pawn Stars and Storage Wars, along with the acceptance through the internet that collecting is no longer a nerdy endeavour, the opportunity for the existence of caches and hoards to be discovered is exemplified. Not only that but because of these recent developments, it is that much more likely to hit the market for maximum exposure.

I also bring this up because our ability to access these rare tokens and exoumia pieces have dramatically increased. Stockpiles buried in ghost towns are no longer safe as access to old maps and GPS enables adventurous types to explore their local history. Reserves across Canada, which I believe hold stockpiles of unheard of fur trade era tokens are quickly integrating into the greater Canadian economy. Thus transportation into and out of those communities is becoming cheaper and easier.

What does your Coin Club Owe You?

April 1, 2017 by Scott M.

It’s that time of year. You go to the mailbox or the latest email pops up from one of the many coin organizations you are affiliated with. Your annual dues are do. For many of us it’s a bit of a bother because we forget to plan when these bills are due. Some of us have been paying members for years and years without hardly another thought, but for a growing number of us it begs the question: why am I still a member?

We are not asking existential questions about the future of the hobby – though we may begin to ask those questions if demographics don’t change. We are asking simple cut and dry questions about what our local, regional, national, and international organization does for us. They owe us something in return for our payment We pay the dues and are often more than willing to continue to pay higher dues for the hobby we love and the support we see as necessary for its survival. What are we really getting for our membership?

For decades one of the hallmarks of membership in a numismatic organization has been a print journal or magazine. For a variety of reasons this perk of being a member has substantially diminished. For one, printing and shipping costs have increased exponentially to force publications to print less frequently and some to suspend journals altogether. This is especially true in Canada where it is largely prohibitive to get physical journals and magazines from organizations outside of the country.

Another, it’s not uncommon to see month after month of issues in which an editor makes a desperate call for submission. Many times they are desperate to reprint past articles, seek permissions for publishing pieces that are already online, or simply layout the pages with filler content: code of ethics, membership application forms, and the like. I am not blaming editors here.

Another powerful incentive to being a paying customer to a coin organization has been the ability to attend exclusive meetings, dinners, and annual conventions. These have always been wonderful ways to get to see friends from across Canada and the world who we would otherwise not have the opportunity to meet up with during the year.

Unfortunately attendance at these events is declining rapidly, thereby diminishing the capital required to rent the rooms, dining halls, and hotels. It can be debated as to what constitutes the greatest impact on this phenomena though some short answers include: the rise of the internet auction, the expense of travel, and changing demographics that prefer online interaction and socialization.

Aside from those two highlights what does your coin organization offer you? Many of the larger organizations offer extensive libraries of numismatic texts that can be borrowed nearly for free at the cost of shipping, an absolute steal in most cases. Worth the annual cost of membership? For new members, it likely is. For advanced and lifelong members it doesn’t make as much sense.

I spoke with one member of an organization who said: “All I get is this plastic card that says I’m a member.” He yanked it out of his wallet and threw it on the coffee table next to me.

There are two big reasons that a member of a coin organization has a right and a duty to demand more from their organization. First, they are paying customers. They always have been and always will be. They are loyal to their hobby and have soaked up my price hikes over the years with little complaint. Second, they are absolutely passionate about the topic of numismatics.

So, what does your numismatic organization really do for you? If you are getting tired with the journal, newsletter or magazine you are receiving, it might not be doing enough for you. And if you are not attending annual conventions it might not be doing enough for you. If you are not happy with either, your coin organization is doing nothing for you.

Consider what you want out of your money. What should it contribute to? Expenses are always tight these days. As mentioned those two hallmarks of a coin organization are the bread and butter of capital expenses each and every year. If sentiment continues to drift toward dissatisfaction at those two benefits of membership one hardly has a need to be a member. They can buy coins on eBay, email their buddies, and show off their collection in set registries online.

If you want to be a member of a coin organization and you want to see it succeed give some thought to what they could be doing for their members and what you as a member could contribute to make that happen. Your voice counts, as a customer and an equal peer in these social organizations. Your skills and passion might lead to some wonderful writing for the numismatic editor. What do you want to see?

Collecting Blank Planchet Errors Could Quickly Become a Thing of Past Thanks to Imitations on Alibaba

March 2, 2017 by Scott M.

Most collectors are well aware of the problem of forgeries coming from China. Most coin collectors are not fooled by the vast majority of these pieces. They are often wrong in detail, size, color, smell, feel, weight, and artistic rendition. They are often easily discounted and rarely an issue except for the beginning collector. That said, the stakes have risen and the counterfeiting technology has become increasingly more accurate. But what if a forgery could be produced that minimized most of those requirements listed above? What if it could be produced without the fear of

But what if a forgery could be produced that minimized most of those requirements listed above? What if it could be produced without the fear of counterfeiting a federal currency because it actually had no intention of circulation or ability to do so? Welcome to the world of counterfeit blank planchet errors in which the manufacturer has now become so precise that even the best collector would not be able to distinguish the fraud.

Blank planchet errors are some of my favorite errors to encourage new collectors to look out for. They are actually quite hard to find in circulation because they are so easily spotted and saved right away. Yet the frequency with which the error occurs is enough that demand does not outmatch supply and collectors can get smaller denominations like one cent examples for just a couple of bucks.

The error is perhaps the easiest to describe. When a sheet of metal is punched to individual metallic discs to be minted into coins these are known as planchets. The planchets are then often weighed and measured for consistency before moving on to receive stamping of the obverse and reverse from a die. In this case, the story ends with the planchet never making it to the die or moving in such a way (mechanical or by human error) that the die misses striking it.

Generally speaking, the more difficult blank planchet errors to find are the larger denominations. They command a price three to four times that of the lowest denomination and in some cases many more.

Unfortunately, sellers on Alibaba, an aggregate wholesale site for producers of trade goods and private label merchandise have found a way to skirt the law and produce identical examples of what we have been collecting. After all, the trick has hardly ever been creating identical circulation coins. The real challenge has always been evading law enforcement. By producing simply a planchet which is not by itself imitating a circulating coin the producer can skirt the law. Quite simply these planchets could be used for myriad craft implementation, customized coins, and apparently find construction or hardware use, according to the manufacturer.

I have hand inspected several examples from several different sellers. None will be mentioned by name here. Just know that there are dozens of manufacturers of these items on Alibaba and hundreds more who produce commemorative or specialized coins who would be willing to make an order of these if requested.

From what I have gathered they are all accurate on size and weight specifications for American circulating coinage from the one cent to the twenty-five cent. A couple of sellers are off slightly on color which may be a reflection of improper metal content. The others were spot on. Keep in mind, the metal content percentages of a coin are not difficult to ascertain. In fact, they are published in the Redbook each year.

I doubt even a third-party grading company would be able to diagnose such a forgery and for that reason, I am going to stay away from blank planchet errors for a while until I learn more. Their production poses almost zero threat to the various mints whose coins they target, but instead to the hobby as a whole.

Fred Lake Left a Lasting Impact on me and Numismatic Bibliomania

February 9, 2017 by Scott M.

Fred Lake has had a profound impact on my numismatic career. I have only known the man for just a few short years and he has been offering mail-bid auctions of quality numismatic books for decades now out of his Florida home with the help of his wife. I was deeply disappointed to see his email several weeks back that he was closing up the business. I was ever saddened to read the next email that he would be entering hospice care soon. Of course, the inevitable happened and Fred passed away before the end of 2016.

First of all, Fred has had an amazing outlook and an ever yielding sense of gratitude. Every email exchange I have had with him over the years has been honest and without fluff. Anytime there was a difficulty in packaging my winning auctions or in which it was taking longer than expected, an email arrived stating everything as such. That kind of honesty was refreshing when so many other customer service representatives I have dealt with in my life are not trying to own up to a problem but beg for my continued support and allegiance. I never felt that with Fred. I didn’t need to. His services have always filled a need and I’ve been glad to pay for that.

I found Fred’s mail-bid book sales a few years ago with the help of the E-Sylum weekly email newsletter. This wonderful newsletter that goes out to about 1,000 passionate numismatic bibliophiles caters to an audience that likely has more books about coins than coins themselves. We’re mostly an old-fashioned type and quite a few of the stories deal with the quirky news in antiquarian books and editorials that decry the success of digital publishing over the value of a stalwart physical text.

Participating in Fred’s auctions were always a pleasure, especially as a younger collector on a modest income. Even discount retailers like Amazon often did not have the numismatic titles I was craving. They do offer a decent variety, but anyone who gets involved in numismatics over a period of time realizes that there is so much out there and many of the in-depth books are not offered on Amazon or are at price points that are far out of the average person’s budget.

Fred worked really hard to catalog books from consignors for just about every price point. Some books realized several hundred dollars a piece, most went for the average price of a hardcover book today. Occasionally I was able to get some great research material for under $5. As shipping costs have gone higher in recent years I imagine it became much tougher to offer those attractive price points for collectors like myself. Still, he continued to consign budget options for buyers like myself.

In any given mail bid auction there was such variety and such gems I had never heard of that it was inviting just to receive the email PDF of what he might be offering for that sale. Many times I had the pleasure of bidding low amounts on obscure books that might only appeal to tiny collecting audiences. For example, I was able to secure a number of specialized texts relating to the collecting of ancient coins. Some were previous editions of the Sears books, others highly detailed examinations of a given Emperor or Islamic Caliph. Finding these anywhere else would have been troublesome.

For the collector of famously owned books, Fred offered a great variety of options as well. Many times consignors themselves were the authority on the topic and their collecting notes or auction results were written in the margins of their books. That information could be covetous for someone cataloging a series or wanting to own the “notebook” of a competing collector. Signed editions were quite common and always reasonably priced. I think my favorite acquisition was a hardcover of the now infamous pedophile Walter Breen

I think my favorite acquisition was a hardcover of the now infamous pedophile Walter Breen inscribed by the author to a fan at a coin show. Yes, you read that correctly. Upon consignment years later the recipient scratched out their name so as not to be associated with the evils committed by Breen. Breen is a whole separate topic of a numismatic genius who authored several important books on coins. Years later he would write in favor of pedophilia in Greek Love. He was sentenced to 10 years prison for his actions but died of liver cancer after just one year of serving. Let’s switch from that whackjob back to the hero of the story.

In Fred Lake’s last email to his customers, in order to dispel worry and commotion Fred point blank stated that he was entering hospice soon for inoperable cancer. I wish we didn’t have to read such statements with such frequency in our lives. Fred’s followup though was all the more satisfying. Quite simply the man related that he is quite aware of his circumstances and that it has been a pleasure to have reached 87 years in this life. He is grateful for all of the fun and all of the connections he made numismatically. He couldn’t be more honest.

Fred’s follow-up though was all the more satisfying. Quite simply the man related that he is quite aware of his circumstances and that it has been a pleasure to have reached 87 years in this life. He is grateful for all of the fun and all of the connections he made numismatically. He couldn’t be more honest.

Please read some wonderful recollections from other collectors. It’s easy to see why the man was so well-praised. From what I understand Fred loved to collect American Coppers, half-cent and one cent coins of America’s 18th and 19th century.

Fred Lake’s numismatic book sales will live on. The website has not been updated yet. To be fair, Fred hardly ever did any updating with the website aside from listing the newest mail bid sale. If you visit right now it will likely still have the same pre-millennium feel of websites of old. Fred preferred that ease of access.

Fred if your family is reading this I just want to say ‘thank you.’ Fred has inspired a young collector in his professionalism and honesty. His book sales were unique and a highlight for me for years. I will miss opening the mail to well-made numismatic masterpieces with the faint smell of pipe tobacco from their previous owners. Thank you, Fred for further encouraging the hobby and reminding all of us “buy the book before the coin.”

Canada’s new $10 Bill featuring Viola Desmond – What it means for Canadians and the Future of Portraits on Coins and Banknotes

January 21, 2017 by Scott M.

Viola Desmond will be the first Canadian woman on a Canadian banknote starting in 2018. Most Canadians have no idea who she was. The name does not ring a bell for the average citizen. She was not an inventor or political leader, rather a humble Civil Rights activist from Nova Scotia. Let’s take a look at what this means for Canadians.

Canada too Had Black Segregation Laws Many Times Forgotten

Desmond was just one of many black Canadians who was subjected to racism and ultimately segregation. Most Canadians would doubt that Canada went through some of the same problems the United States did in segregation and racism against blacks. They are constantly reminded of the First Nations and Metis experience.

Since the beginning of the end of the transatlantic slave trade in the late 18th century, slaves have been making their way to Nova Scotia in search of a better life. In 1808 the British Parliament passed The Slave Trade Act, ending the buying and selling, not ownership of slaves. Perhaps best known to most Canadians was the story in Book of Negros in which Aminata Diallo escapes slavery in South Carolina for a life of freedom in Nova Scotia.

Just because slavery did not start a Civil War in Canada doesn’t mean that everything was perfect north of the border. Racism against blacks is quietly pushed under the rug in this country, which is why few people have heard of or can remember being taught the story of the ‘Canadian Rosa Parks.’

Blacks faced many of the adversities in Canada that they did in The United States, from segregation to black codes, to social norms that viewed them as less than intellectual than whites. They were viewed as a class below, not out of personal vendettas, simply that is the way people felt.

Banknotes and Coins have Featured Women Before

The first Canadian woman to appear on a Canadian banknote is fitting. Although the Queen has graced many a banknote portrait, this is the first representation of a “normal Canadian.” No disrespect is intended. Viola was a Canadian citizen. She was not a celebrity or a politician.

In both Canada and The United States there is the overwhelming feeling that politicians of old just deserve to be featured on banknotes and coins. That is their place in history. It is not to be discussed or argued, simply accepted. Most are not aware that presidents and prime ministers are rather new inclusions to our coins and currency.

Mid 20th century American coins featured personifications of liberty in the female form. Prior designs featured a female native with intricate headdress in the Indian Cent and the bust of Lady Liberty on Half Cents all the way to Silver Dollars of the 18th century. Morgan and Peace Silver Dollars also personified this beautiful celebration of democracy.

Canadian examples have featured the royal family of England up to the various animals and natural themes that are enigmatic of this country. Dominion of Canada banknotes also featured the personification of Lady Liberty like their southern neighbors. The appearance of Sir John A McDonald, Wilfred Laurier, William Lyon Mackenzie King, and Robert Borden is relatively new to banknotes since 1975 and 1976.

Today Sensitivity is Key, but Values are Changing

Fascinatingly the public has spoken out for a change in coin and currency designs. One might attribute this to a more liberal and socially aware society in which Canadian historical figures involved in our currency were openly racist in the American case were actually slave owners. There is likely some fuel to that argument.

Rather, I would argue that the changes are natural. Not only do they reflect an obvious change in demographics and immigration, especially in Canada which relies on immigration each year to maintain a stable population, but they also reflect historic changes in times and ideas.

Major historical events have shaped and changed coin and currency designs

I believe what makes this case so incredible is that Viola Desmond took a radical stand more than ten years before it was beginning to take shape. The Civil Rights Movement exploded in the 1950s and came to fruition in the 1960s. In 1946, just a year after the end of the Second World War, a black woman had the courage to stand up against the institution of racism.

First Nations and Aboriginal Women Should be Next – Will it Achieve a Positive Goal?

The next likely candidate for a portrait change on a Canadian banknote will be a First Nations, Metis, or Inuit woman. Canadians, before white Europeans came to this land are still here and in many cases struggling to survive. In many respects they still deal with the institutionalized government decisions Desmond fought against.

The portrait of an Aboriginal Canadian would likely lead to further awareness of Canadian Aboriginals in the classroom and social circles for the short-term. One has to wonder if there is any chance it will make a significant social impact on that community.

Notice though that I have said, a Canadian Aboriginal woman. There is no mention of specifics because that is how far removed Canadians are from the famous contributors to the country within the First Nations and Metis landscape. This is little different than Viola’s story. I wouldn’t mind entertaining such a radical candidate as Helen Betty Osborne, though only if her family approved.

Viola Desmond’s Legacy on a Canadian Banknote

What good does being on a banknote do though? Did Abraham Lincolns’ portrait on the Five Dollar Bill or One Cent Coin stop incidents of violence over race? Did the appearance of William Lyon McKenzie King lead to more students familiarized with the role he played in bringing further economic and industrial attention to the neglected Prairies?

Will Viola Desmond change anything for black Canadians? One might even question if there is anything that even needs changing. Though that question probably resides outside of the black Canadian diaspora.

I have to wonder if Change would ever be the intention. Inclusion on banknotes and coins is a matter of respect for historic figures, hallmark places, memorable time periods, and events that impacted people forever. A change has already occurred that has lead to the development of this banknote in the first place.

Reflections on the 2016 RCNA Convention in Ottawa

December 19, 2016 by Scott M.

I waited a few months before writing my review of the 2016 RCNA Convention in Ottawa because I really wanted everything to soak in. It’s often valuable to write about experiences when they are fresh. The danger of writing after an extended period of time after the event leads to issues related to nostalgia and what our memory hoped events were like rather than reality.

I do have fond memories of this event so some of my analysis is undoubtedly a reflection of those great moments. All of that said, I will attempt to take a birds-eye view of what happened that might allow the reader to make an inference as to whether the event is worth attending in subsequent years.

If you haven’t read my review on the 2015 RCNA show in Halifax please follow the link and check that out. It was my first RCNA show so it was a bit starry-eyed.

Ottawa – A Great Big City, Great for a Coin Convention

This years’ RCNA convention was held in Ottawa and made possible by the efforts of the Ottawa Numismatic Society, a group that I am a member of and will show incredible bias towards. This group of rough-neck and passionate numismatists were responsible for a fine show.

Steve Woodland and Serge Pelltier were outstanding leaders as their professional military backgrounds rubbed off on how smooth and organized the events were. The volunteers worked hard with heart and soul to provide snacks and drinks, set-up tables, and direct numismatists.

Overall it felt like the show was in a tough spot for a country fella like me. Downtown in the heart of Ottawa, at the Delta City Centre, a stones throw away from parliament was a heart racing experience to get to via car. Navigating construction and a nearby sinkhole cleanup made me miss the target several times. The cost of parking also hurt pretty bad.

The hotel itself was impressive, much like the Halifax excursion. This one felt a bit more busy for its size and saw mixed results as far as hotel staff were concerned. One day service was superb for me, another it was non-existent. Though I was impressed by the rooms and how quiet the halls were. I know several other big events were booked in the hotel simultaneously so I was impressed with that.

Busy Bourse Floor and Packed Club Meetings

The bourse floor was as expected. It was filled, but not booming at the sides. Competitive exhibits were engaging and were difficult to attain a ribbon on. I learned a few hard lessons in my first exhibiting experience and will come back next year with a better game. Several commented to me that it was some of the largest exhibiting they have seen in years.

The setup for the coin kids program was well-led and seemed to have great engagement among youth. I wonder if local children in Ottawa were aware of the opportunity. Parents could have taken advantage of that between visiting parliament and the round of museums. In subsequent years I am looking at how I can engage local media and youth to increase turnout without monetary expense.

The various clubs were ever enjoyable. I ambitiously attempted to attend several, one after another but ended up missing some and having to leave others early. Such is life when you get to meet great friends who you only have the pleasure of seeing once in a calendar year. Moments are precious.

New Clubs were VERY well Attended

This year I started the first annual Hudson’s Bay Company Collectors Society meeting which was well attended by stalwarts in the community. I was really humbled by the caliber of numismatists present and told it was the highest attended. When I was home I tallied 35 signed up. That made me pretty pleased. We received a very well-received review in Canadian Coin News.

I also attended CANEW (Canadian Association Numismatic Editors and Writers), also in its first year and led by Serge Pelltier, responsible for much of the whole weeks’ events. They have some ambitious plans for scholarship that were impressive to say the least.

Next was the Society of Bearded Numismatists or SOB’s. The meeting almost didn’t happen as several of us were confused on which room to go to and who would be there but it ended up being well-attended and much fun among friends. It was filled with the usual mystery and legend surrounding such an obscure fraternal organization.

The Banquet Dinner was Amazing as Usual

And as usual the banquet dinner was the highlight of the week. I had the pleasure of meeting the ANA president Jeff Garrett and listening to an historical reenactor known as Colonel John Bye.

Len Buth (a member of the aforementioned HBCCS) was awarded the J. Douglas Ferguson award. The food was as expected: delicious and gorgeous.

My wife attended with me so the gentleman at my table had quite the conversations going trying to figure out how she was convinced in attending. For all of those curious she attended of her own free-will and had an absolute blast. Keep that in mind when considering inviting your spouses to a coin show or convention. Just be willing to go to the conventions related to their hobbies as well.

It was not until the last day of the show that I ended up making my first purchases. That is always a good sign of the great extra-curricular activities and the stories to share with others. As usual I had more fun learning of what my friends had bought and catching up with a few of what my favorite dealers wanted to show off. Just like in Halifax though I was impressed with the quality and variety of offerings on the bourse.

Will 1820 Northwest Company Tokens Ever be Reclaimed by the Umpqua People?

December 6, 2016 by Scott M.

The story surrounding the discovery of a hoard of 1820 Northwest Company tokens in the Umpqua River Basin is rife with enough treasure hunting elements to excite those even mildly taken by the National Treasure movie series. In the late 1970s a group of metal detectorists came upon an old fur trade kettle, holding a cache of approximately twenty rare tokens. No, they were not gold or silver, but bronze. Nevertheless, their importance and popularity, paired with their immense rarity turned them into instant riches.

Unfortunately – never discussed by collectors – a human skull and bone fragments were reportedly found buried in the same hole as the cache of tokens. In today’s highly sensitive politically correct climate, if the right people found out about that connection, they might seek reclamation. With that in mind, their task might be more difficult than initially imagined.

1820 Northwest Company Tokens are Timeless Historical Artifacts

My first peak at a Northwest Company token in person was at the 2015 RCNA Convention in Halifax. A dealer with nearly a million dollars in mostly Canadian tokens on his table had two in NGC holders. They were professionally restored by NCS and looked absolutely breathtaking. I dared not ask the price. Others were whispering that offers would be accepted just under ten grand. Before then I had relished the opportunity to see one and perhaps hold one. At that price, I was not going to be owning one at any point in the near future.

The initial opportunity to hold one came in a rather lackluster time. I had just moved from Norway House, a First Nations community that was instrumental in the fur trade and is one of the flagships stores for the modern Northwest Company of today. Now it is a grocery chain catered to remote communities across North America. Missing the stories from the elders and exploring the old fur trade posts on my days off work, I was resettling in Ottawa, the nation’s capital. Although historically significant, it lacked the feeling of being in the bush.

Weeks after the RCNA convention I had arranged to meet up with a dealer, who is certainly more of a collector as he has such a hard time letting coins with exceptional stories depart his collection, at any price. He was a mutual friend who was recommended to me for his love of fur trade exonumia and his role in acquiring the famous South Dakota Hoard.

As I was there, inspecting the wonderfully mysterious lead painted, South Dakota pieces, he slid a Northwest Company token over to me. I could not believe it. He pulled it out of the flip, rubbed it with his fingers and handed it to me, insisting I do the same. What a sin for such a valuable and rare example I thought, even though it was heavily corroded, as is expected on these tokens.

It certainly was not a forgery either. I had studied the forgeries of this issue for years, knowing the hallmark differences in appearance, color, and artificial versus authentic damage. Now, I was holding a true example. I smelled it even, instantly recognizing the smell of old wet earth. Sure, this token was dry but nothing had been done to conserve it or prevent further environmental damage. It was truly a raw token! Again, for all those interested he wouldn’t sell. Smart man.

The Northwest Company is Instrumental to Our Understanding of History

Working with Q. David Bowers on his wonderful new book, Lost and Found, I was able to provide some information regarding the Northwest Company that issued the token. Already trained in history from my university education, I was familiar with the sensational fur trade history of North America. When I moved to Norway House, several years later I was immersed in the history of the Northwest Company and had first-hand experience of how the fur trade really worked and how it still works today, on a local level.

The Northwest Company was created as a direct result of the War of 1812. Canadian trappers from the Great Lakes were disallowed the opportunity to trade with their biggest clients, the Americans. The ragtag group of entrepreneurs representing several different European ethnic and religious groups incorporated the Northwest Company in Montreal to increase their efficiency and power to trade.

The Nor westers as the came to be known as were a direct competitor to the more storied Hudson’s Bay Company, challenging them on almost every front, until the two companies were forced to amalgamate in 1820 due to economic changes in the demand for furs in Europe.

In the Pacific Northwest, the Northwest Company was largely uninterrupted and according to many sources had free reign to trade with the Umpqua peoples in the region. The Umpqua recognized no federal borders at the time and had no need to. The Northwest Company took full advantage of trading in The United States and Canada, along the world’s longest unprotected border. The Umpqa people flourished economically and socially moving up and down the river to trade in beaver skins. They took advantage of the fur trade just as much as Europeans did.

Cultural Property Ownership is Getting Stricter

In Canada, the rules are much stricter than The United States involving metal detecting. Like it or not, much of what is dug underground (or even above) is the property of the provincial government and is under the custodianship of the digger and landowner.

The United States has much more relaxed laws on the hobby but, has made concerted efforts to protect native ceremonial and funerary relics from diggers, on all federally owned land. The enforcement is much more difficult though. The FBI and U.S. Marshalls have orchestrated numerous sting operations in the last decade, deterring the big ticket items, but it is difficult to deter casual digging, which had been a common family outing only 50 years ago. Never-mind the bone fragments often tossed out of the pottery taken home.

Digging and owning funerary objects is a big deal. It is an almost universal sentiment that the remains of the deceased and their personal belongings should remain with them as a matter of respect to them and their family. No one outside of registered psychopaths wish to unearth corpses and display the contents of a coffin. Oddly enough, the feeling has been historically different regarding indigenous or prehistoric remains.

One often believes that because a culture no longer exists or only exists on a reservation that it is important to display and collect, to share with others, what once was. Although acceptable in certain instances for the sake of education and memory, there are limitations. The body and its burial objects are one such limitation.

In time, sentiments have changed. Who’s Who in Indian Relics, publishes magnificent photos of collections of prehistoric items from North America for collectors to drool over in each of their volumes. No kidding. The content in these books is amazing!

Today, the-of-print hardcovers are highly sought after and expensive references to a field plagued with forgeries. Upon closer examination, the earlier titles exhibit photos of collections with human remains and their collectors proudly displaying them. Today, those same photos would make casual observers cringe. At the same time quite a few collectors might not see the harm in that. Times have really changed.

Whatever your Position it’s Good to be Prepared

Those who originally dug up the hoard of Northwest Company tokens in the late 1950s we really do not know. Further investigation might pinpoint their identity. Is it worth it though? It is likely the recent rise in population reports for this token can be attributed to the casual metal detectorist taking advantage of a bankable find.

The majority of the tokens were sold to a prominent auction house not long after being recovered, one kept as a souvenir, and another gifted to a museum, likely the Fur Trade Museum in Nebraska. For those who originally found them, Federal laws were not in place to prevent the digging at the time. Nothing illegal was done.

Readers might be wondering what the big deal is. Some may have already brushed off this article with the premise that it was a social justice campaign or reparations for tyrannical crimes committed on indigenous peoples. In reality, the article serves as a warning to those who collect these and others like them to be prepared. Times do change, whether we agree or not. Sensitivities are likely to become more amplified. Maintain all paperwork and know where your coin or related item came from if it is of important financial or historical value to you.

Why Have Prices for Milk Dairy Tokens Dropped so Much?

November 3, 2016 by Scott M.

I always thought of milk or dairy tokens to be one of the most appealing designs in all of exonumia. It is rare to see such strange shapes that differ from the circular or square patterns so often struck as monetary replacements. Even more rare are colors other than the more common bronze and aluminum. Milk and dairy tokens are often purple, blue, white, red, yellow, green, black and any combination of those. Their history remains timeless, reminding many collectors of the ‘good ol’ days’ when fresh milk was delivered, before mandated pasteurization. So why then have they failed to increase much in value on the secondary market?

First of all, I want to be clear in my assessment. I absolutely love dairy tokens. As a buyer I am often pleased to see affordable prices. That changed though with the passing of Melvin Reiter. Reiter, the Michigan native and authority on the topic, who wrote the massive catalogue on dairy and milk tokens had amassed a collection spanning all continents with thousands of different examples, many of which were unique. When his collection was broken up and sold for retail sale it was amazing to see how little interest there was.

Such a pedigree should have received massive excitement from those in the milk and dairy community. I expected interest like Fuld and Rulaua pieces recieved when their collections were up distributed for public sale. Reiter’s nicest examples were selling for $10 or less and that is if they were even selling!

The average price for a milk dairy token of Canada or the U.S. often sells for $4-6 on eBay. Doubling that price might seem impressive but again, putting that in context, pieces from the former two collections often sold for 3-4 times catalogue value. So what’s going on that has dropped the value of milk and dairy tokens and left them largely unsellable? Remember asking prices are different than prices realized. Few people are actually buying milk or dairy tokens.

It is my understanding that unlike many other facets of tokens and exonumia, the dairy and milk tokens represent a time period that has not left such a lasting impact in the consciousness of the average person. Tokens issued for a much shorter time such as Civil War tokens or Hard Times Tokens have a lasting history associated with them. Those are time periods that are felt and reminded on an almost daily basis. They are consistently taught in schools and have a growing audience interested in scholarship and entertainment.

Yes, home delivery of milk and dairy products will be remembered but it only really touched a generation or two. It is not often taught in schools, it’s rarely mentioned in television and movies and will unfortunately become a blip on the radar when analyzing the history of the mid to late 20^th century.

I’m not saying ‘don’t buy milk or dairy tokens.’ They are wonderful pieces, which display well and are incredibly fun to research. Many collectors can get away with having an investment mentality in other areas of exonumia. This unfortunately does not look to be one of them.

Even though collectors reminisce a wonderfully warm, comfortable feeling, make great display pieces with their color and shape, interest in collecting them is becoming rarer than the examples themselves. Consider that when putting together your collection of any numismatic piece. Remember the lack of interest can be used to your advantage if you are an interested buyer. Make your desired price known and work diligently to build the collection you want.

Career as a Numismatist? Here’s How I’m Doing it – My Journey Revealed Part One

October 15, 2016 by Scott M.

When I was in high school everyone in my life told me just: “go to college and study your passion.” My high school counselor did not offer any specific advice. He just said, “do what you love!” I loved coins and I loved history but neither were just going to hand me a job like everyone made it out to be.

The world economy went into recession during my third year at a public university. I remember when the news came on and Bear Sterns collapsed. I was on my way to one of those fluff humanities classes, pursuing my history degree. It was the kind of class that taught nothing that actually translated into job skills or applicable resume building.

I graduated in 2012 in a changed world. Everyone had degrees and because I choose a history degree and foolishly believed what everyone said about just doing what I loved, I entered a hopeless job market. I took several jobs working in food service, with my passion for numismatics always on the back of my mind.

Numismatics Usually Isn’t a Career for Most it’s a Hobby

What kind of job could I have as a numismatist I thought? Times have changed and funding for jobs related to coins and money had to have been sparse. I dug a little deeper and found that many of the jobs were volunteer based.

I worked really hard and started doing research. The goal was to write my first article for publication in a numismatic journal. The thrill was unreal. I loved digging into archives and using my history skills, that I had previously taken for granted. Unfortunately there was no pay in sight. I could certainly continue for the love of it, but what would I do to make a living?

Unfortunately most numismatists are not career numismatists. In fact, most of my fellow peers are quite learned professionals, some being doctors, engineers, public service workers, professors, and school teachers. On the opposite a few were even on the brink of poverty, yet still maintained an ability to collect coins. I thought nobody outside of the leading authors and professional dealers made a living off of numismatics. So I decided to dig deeper.

I did not want to be a rare coin dealer, although that certainly was and still is a possibility. I had been a part-time dealer in the past with much success, though feared holding a large and expensive inventory and the costs associated with insuring it. It seemed like that was the only way though to make a working with coins.

Work is Supposed to be Work – No Short Cuts

Why couldn’t my passion be my career? The leading bloggers of my age group were teaching their readers: less is more and to take time off to discover yourself. I didn’t have money to discover myself! Student loans ate up just about all of the money I had each month. Were they living in some kind of fantasy world? Perhaps my generation takes for granted that we don’t have to mine coal, run a farm, or scale steel beams to make a living. Perhaps we have just too much time to think about this and not enough physical labor to make us thankful for what we have.

Still, with the tools and resources we have, I was determined to make at least some of my career dependent on my passion and expertise of coins. It would take time. If you don’t have a spouse that can support you while you are trying to follow your dream I highly recommend you take a different path. It can be a struggle.

I started my path by going back in time and looking at the career books for history majors, the kind I should have had in high school but failed to act on. There were a variety of jobs listed, many of which I felt highly qualified for. You the reader know painfully well, jobs aren’t earned anymore by finding a job you like and putting in a resume. Now more than ever, with so few openings (especially in a field like history), it takes networking, hard work, and a whole lot of luck!

Email a Numismatist – This is a Hobby of Friends

From there, I attacked networking. I worked extra hard over a three year period (and still do) to send out emails to prominent numismatists and pick their brain. There’s a little secret I’d like to share with you: If there’s one thing the professional numismatists want, it’s a future generation of coin collectors. The generation before them advocated the same. Most people are happy to positively impact the hobby, however possible. In fact, send me an email and I’ll see what I can do for you.

During that time I was able to come to exchange daily and weekly emails with some of the hobby’s most important and storied authors, dealers, and collectors all in coins I was interested in. It’s amazing how much sharing a common hobby can bring two people together. Many of these exchanges have turned into lifetime friendships.

Now it isn’t that easy. Only on a couple of occasions did those email exchanges lead directly to job opportunities. In fact, one was so lucrative that the offer was to fly me out to a major American city to start work on a $50,000 a year career. Unfortunately, I couldn’t go anywhere because of family commitments. I needed to get more creative and find something that allowed me to work from home or where I was already living.

So what jobs are available for budding numismatists?

One career that almost cemented my future in numismatics was as a professional coin grader. Unfortunately due to family issues I couldn’t make the necessary move. I have heard from others that such a career is rife with falling asleep at the same PR69 and PR70 American Silver Eagles all day and can easily become monotonous. That’s fine. If you are a hard worker and passionate you can use your grading skills and put in the time and hard work necessary to move up in the company.

I also had an interview to work as a remote cataloger at one of the largest auction houses in the country. One of those email friends referred me to the right people in the company and gave me a direct line to a career I had always dreamed of. I was completely halted when I failed the comprehensive grading exam. Unfortunately my lack of experience in gold coins caught up with me. Something to consider for the budget collectors; the big fish play with the big money coins. Still, the right email communication can pay off.

To be honest, there is little beyond that which I have mentioned available that is a direct job in numismatics. There are however some entrepreneurial paths, which after dejected and humbled, I began journeying towards…

Part two will follow in the coming weeks.