True Value Of A Coin. Whats Your Take?

[Gerry in Idaho]

I recently got carried away and added some off topic info and photos to a post when I asked about Where are all the Beach Finds.  TMox & GB_Amateur shared info that was good.  Sorry for adding some off topic stuff, so I edited and am starting a new post.

Is the true value of a find, what someone is willing to pay or is it what you feel it is worth?  I think it is a little of both and here is my spin.

I was chasing big gold nuggets at a well known Big Gold Mining camp in AK 10+ years ago.  In fact, it was Steve who talked me into going there as he knew I was pretty good with a detector.  Back in the day when he and I were both Minelab Dealers (when he worked for a living), we used to bump stories and detector knowledge off each other.  Anyway, I found a beauty of a coin in the old original part of the camp which is upstream from the current camp.  It was an 1882 Morgan Silver Dollar.  I was so excited to recover this piece of history and it was only my 3rd or 4th silver dollar find in my carrier, at that time.  Well when I got back camp and showed the other nugget hunters and the families who owned the mine, I could tell they really wanted it, especially Mrs. Wiltz.  She even offered to buy it from me for $100.  Now this is when the value comes in.  At the time and current, the 1882 Morgan Dollar in that condition would probably sell for $20 to $30.  But yet I have one of the Mine owners offering me 3 to 5X is book value?  My heart wanted to keep her happy, but I could not let it go so easy.  Finding a Morgan silver dollar is extremely rare (even though there are millions, YES- millions) with a metal detector at an old site.  $100 is a great offer and I would never get that same from a coin store.  But when you don't need the money, it doesn't mean as much.  I declined, as I told her I wanted to take it home and share with my dad, the same guy who helped me learn detectors as a young kid back in the early 70's, my mentor.  I also wanted to enter it into the Metal Detecting Club - Finds of the Month Contest. 

Fast forward to the following Summer of 2006.  I took it back up there and to this day (I think anyway) it is still hanging on the wall up for everyone to see.  The memories, shakes, natural high I was going though when dug was priceless.  Letting my father flip that coin a few times (amongst the much more valuable gold nuggets) while I told the story and watching him light up as he was so proud of me, was worth it.  Getting to tell the story over again at the metal detecting meeting and of course winning the "Best Coin of the Month" category, was worth it.  Seeing the smile on Mrs Wiltz face when I handed the plaque to her, was worth it.  Heck, I spent close to $300 for the custom matting and framing....and it was worth every penny of it.

A $20 coin worth Memories of a lifetime is the true value in my mind.

1st 3 pics are of the Frame, the silver dollar, with certificate and photos of find.  Last 2 shots are actual pics of the moment I dug it up.  I'll never forget that day.

What's your thoughts of true value?

[GB_Amateur]

Nice story (and find), Gerry.  As you show, it's easier to put a price on an inanimate object than the value it brings overall.  You got three for the 'price' of one.  No one can ever take away the fact that you found a Morgan dollar.  What you do with it is independent of that.  Thanks for sharing and enlightening us.

[delnorter]

You gave this coin it’s true value Gerry. This value is perpetually increasing with the viewing of the coin and the telling of the story.

Mike

[fredmason]

What a great story.

Some one lost it, you found it, shared it with your dad and others and finally returned it to Mrs. Wiltz.

You simply cannot get greater value than that for one dollar...

fred

[Cal_Cobra]

Gerry good topic and nice story as well!

It's interesting as I don't sell any of my detecting finds, yet my main hunting partner will sell anything of value (he'd probably sell his grandmother!) except for his gold coins (he's found 15 gold coins since he started detecting).  When we're detecting and one of us digs a barber or seated coin, he cannot wait to look it up on PCGS.  Oddly he always grades his coins higher then mine - lol  

My perspective is just different, he sells to justify his hobby, whereas I just love the history and putting together finds from these Western frontier sites tells a story about a unique time in our history.  Touching history is exciting (to me). 

As a side business/hobby I collect and sell antique blown art glass (think Tiffany, Steuben, Galle, Daum, Loetz, etc).  It's another form of treasure hunting for me whereas knowledge is empowering, sometimes buying for pennies on the dollar and turning a massive profit (not typical of course, but you sure remember the ones that do!).  So I do understand the need/want to sell "finds" I just don't have a desire to do so for detecting finds.

HH,
Cal

 

 

[oneguy]

I totally agree Gerry!  It's all about the memory of finding something that's just hard to find?  I have a few of my personal favorites that are worth a bunch TO ME over my 27 years tecting but it's the least "valuable" one I probably treasure the most as I NEVER thought I'd dig one EVER out west and in a very young and small town?  I dug an 1842 Large Cent in good shape.  Other notable favorites are Morgan Dollars (1879s,1921), Seated Half (1853), and a 1937d "3-legged" buffy.  Got seated's, V's, buffs, barbers, IH's, mercs, rosies, and coffee cans full of wheats & coppers, etc.  I may part with the common silvers and pennies but doubt I could ever part with the Morgans, seated half or the LC....  Those coins bring back the memories any time I look at them and that (imo) can't be bought with $....????

Good post....thanks!!!!

[Gerry in Idaho]

Thanks for the kinds words guys.

Cal,  My beach hunting buddy does the same as yours.  He'll sell the rings to help offset the cost for our next Adventure.  Me, I let the wife wear her choice and put others in the safe deposit box.  Someday down the road, I'l probably get rid of a few rings, but I do not need toe money at this time.  Not sure I could ever sell my coins though, at least not the valuable ones as there are way to good of stories behind them.  Now common silvers, I'll be selling them sometime down the road when I feel the spot price silver is good.

OneGuy,  Tat is a stunner 3 Legged Buff and your toning on it is nice too.  Yes those rare (not in value) older coin finds we make out West are usually some of my most memorable hunts.  My 1st really nice old US coin from out West, was a trip to a mining town with my father.  It was a Barber Half and he was even more excited and happy for me than I was.  Thanks for sharing some of yours and I'm sure you had emotions and excitement as you looked for the photos and posted your story too.

Keep the True Value stories coming everyone.

 

[Jim Hemmingway]

Hello Gerry… I completely agree with you, and especially so to the idea that very frequently how we assign a value to a recovered item is based on many possible facets that may totally exclude any monetary value consideration. You were motivated by a wish to share both your coin and the experience involved with finding it with your Dad, and to subsequently enter your club’s monthly finds contest. I might add that there had to be a very real sense of accomplishment, and that to me is one of the essentials that keep many of us interested in the hobby. That aside, it was an extraordinary find, involved a wonderful story, and you deserve all the credit in the world.   

The most important consideration for many of us has to be what you feel a recovered item is worth to you. As you’ve stated above, when you don’t need the money, it doesn’t mean as much or anything to you. It may therefore be very difficult to assign a monetary value because an item may appeal to us for many other reasons as noted above.

We may feel that the probability of finding another such item of similar age or condition is highly unlikely. Older coins, particularly silver coins may appeal to us aesthetically and / or for reasons of historical interest. Other more practical considerations that might factor into the equation may include the time invested, personal expense, travel involved, effort with searching multiple sites, motivating oneself to do the research and get into the field, and the fieldcraft (and luck) that ultimately made that specific recovery possible. And there are doubtless many other reasons why different people place a high “value” on their various finds regardless of monetary considerations. 

Attached is a multi-photo of more modern coins and tokens to point out that none of these examples are worth more than a few dollars apiece, but yet these are some of my favorite finds. I couldn’t possibly part with them and it obviously has nothing to do with monetary value. They represent successes that resulted directly from my research efforts and fieldcraft. There is a feeling of accomplishment, and that is the primary “value” that matters most to me.................Jim.

 

[Cal_Cobra]

17 hours ago, Gerry in Idaho said:

Cal,  My beach hunting buddy does the same as yours.  He'll sell the rings to help offset the cost for our next Adventure.  Me, I let the wife wear her choice and put others in the safe deposit box.  Someday down the road, I'l probably get rid of a few rings, but I do not need toe money at this time.  Not sure I could ever sell my coins though, at least not the valuable ones as there are way to good of stories behind them.  Now common silvers, I'll be selling them sometime down the road when I feel the spot price silver is good.

I'm pretty much in the same boat Gerry, I don't need to sell them, and enjoy looking at them along with the memories associated with them, so why sell?  My buddy uses his spoils to finance his hobby and to justify our road trips to his wifey.....so if she thinks he's making money at it, he gets more wifey passes to detect - lol  (someone remind me why we get married?).

If we ever see a run up in silver to the $30's or $40's again, I will unload a bunch of common silver, and tons of other silver I've been hoarding away.  Those opportunities are rare though, they seem to occur what, about every 30-40 years?

 

[Gerry in Idaho]

Thanks for all the nice comments and additions folks.  It is so funny to see a few of our favorite finds are actually not very valuable at all if in $$ terms.  Well a few of them are and that 3 legged Buff OneGuy found is certainly nice.  How did you get the toning to look so nice?

Jim,  You always have a way to make your finds look so special too and I really enjoy seeing them.

To me, the research to find a not so well known site is fun.  Then drive across 3 states to get there and walk around for a couple days hoping to recover a coin valued at .65 cents... Indian Head Cent from the 1880's is even more fun.  My research and detecting skills located the site and I was able to save a treasure from it.

I look forward to seeing others value ideas, finds and stories.