Whatever happened to all the Silver Dollars?

Gresham's Law!!

But we'll get into that later.

Do you know America's most collectible coin?

This is it, the Morgan Silver Dollar.

One Hundred Morgan Silver Dollars in a box.

When I was 12 years old and shoveling driveways and mowing lawns for a dollar an hour, my goal was to accumulate $100 dollars. That represented an enormous amount of wealth to me and seemed a worthy goal. The picture of 100 Morgan Silver Dollars above represents that ambition. 

What is a Morgan Dollar?

Minted by the US Treasury from 1878 to 1904 and again in 1921, they came about due to the Bland-Allison Act of 1878 during the Rutherford B. Hayes administration. Hundreds of millions of these coins were struck in five different mints: Philadelphia, New Orleans, Denver, San Francisco and most famously, Carson City in Nevada. Most languished for years in canvas bags, never leaving the mint and eventually, due to the Pittman Act of 1918, 270,000,000 were melted, or half of the total mintage.   The War Time Silver Act of 1942 melted even more Morgans, thus aiding considerably to the coins scarcity. So, how many Morgan Dollars exist today? Due to lost mint records, mass melting's and general usage no one really knows, but one leading authentication service estimates that it has seen more than 1.4 million of these highly collectible coins.

Designed by Englishman, George T. Morgan in 1878, and acclaimed as one of the most beautiful coins ever minted, it's composed of 90% silver and 10% copper, giving it a total silver content of 0.77344 troy ounces. Or more simply, it contains a little more than 3/4's of an ounce of silver. These are not the only silver dollars produced by the mint, but certainly the most recognized and collected.

Obverse on the left and Reverse on the right of these (BU) brilliant uncirculated examples.

This is an 1889 Morgan. You undoubtedly know heads from tails, but coin collectors refer to the front as the obverse and the back as the reverse. It's a beautifully detailed, hefty coin and when flipped into the air by your thumb nail, it "rings." Try this with a current "clad" coin and it "thuds." If you look closely beneath Miss Liberties neck you'll discover a tiny "M" that indicates the engraver, Mr. Morgan. This was a highly controversial issue within the Mint at the time. On the reverse below the tail feathers is where you'll locate the "mint mark" or where the coin was struck. There is no mark here which indicates it was struck in Philadelphia. An O represents New Orleans, an S San Francisco a D Denver and the highly coveted CC is Carson City. 

Want to know more about this beautiful, highly collectible U.S. coin? Then you should probably purchase this book, MORGAN SILVER DOLLARS by Q. David Bowers from Wolfeboro, New Hampshire. Really, he's from New Hampshire! And no, I don't know him. Mr. Bowers writes in great detail about its history, production, design and investment analysis. He'll teach you about scarcity, rarity, condition, mintage and all the factors that determine value. Though equally beautiful, not all Morgan Silver Dollars are created equal from an investment viewpoint. 

I equate learning about, searching for and negotiating for Morgan Silver Dollars the same as I learn about, search for and negotiate for early American furniture. Both represent value, beauty and long term investment. 

On the left is an 1884 Morgan in fair condition valued probably at $30.00 or so. To the right is an 1888, very highly worn example in poor condition that I'd estimate at $25.00. Both of these coins in a "proof state" would be valued between $3,000 to $4,000.

The reverse of the two coins above.

A 1921, a Morgan in uncirculated condition vs our 1888 well worn example. Although the 1921 is in very nice condition, it's the last year they were minted and more than 2 million were struck and only in Philadelphia. Even the uncirculated specimens have dings and marks that are called bag marks. They occurred while large canvas bags of coins were moved about causing abrasions. Even the least expensive, common date, "almost uncirculated" Morgan with nice brilliance sells in a good coin shop for $50 to $75 today.

What makes a Morgan valuable? A combination of factors like; date, mintmark and condition. For example, an 1889 CC in excellent condition is worth in the neighborhood of $300,000. I'll have to go through my little box and see if I have any.

As a contrast here's an example of a U.S. Peace Dollar minted from 1921 to 1928 and then again in 1934 and 1935. It has the same specs as the Morgan but has failed to capture the imagination of collectors and demands far less money. 

Morgans are generally accepted as numismatic coins, meaning that they have collectors value on top of their "bullion" or silver melt value. There are many on line coin shops where you can go to learn the values of these coins, such as Littleton Coin in Littleton, NH. I don't know these folks either.

Here's the formula though to determine the silver value of a silver dollar. 

Today's Silver Price X .03215 X 26.73 X .90 = Silver value

Silver today is $20 so the formula would look like this.

20 X .03215 X 26.73 X .90 = $15.46

To watch live gold and silver prices click over to BULLION DESK.

To watch gold and silver trends click over to KITCO.

What about this Gresham's Law. It's an economic axiom that in the vernacular argues, "cheap stuff forces good stuff off the market." Remember when our daily change/coinage was made from silver? Silver halves, quarters and dimes were common, plentiful and all that we knew. In 1965 the Treasury Department during Lyndon Johnson's administration, debased our coinage and created today's "clad" coins. The silver was replaced with a cheaper alloy of copper and nickel. Consequently these coins lacked intrinsic value and when you stumbled across a silver dime or quarter you'd bring it home and put it in a jar with others because it was intrinsically valuable. It wasn't just you, everyone did this and in no time our beautiful, artistic silver coins became a memory. In other words, the inferior or clad-coins drove the valuable coins off the market and into your jar.

 This picture represents "Junk Silver" or pre 1965 U.S. coinage. 1942 Walking Liberty half dollar, 1958 Franklin half dollar, 1964 JFK half dollar, 1928 Standing Liberty quarter, 1964 Washington quarter, 1935 Mercury dime and a 1963 Roosevelt dime. All of these coins were in common circulation until 1965. This little $2.20 pile of coins equals 1.57 ounces of silver that equals $31.40 today in silver value. (11/27/13 silver = $20.00 per ounce)

Here are four "Washington" quarters on edge. Would you venture a guess as to which are silver and which are clad? 

Today, these pre '65 silver coins are called "junk silver" and you'll pay dearly at a coin shop to purchase them. One dollar of junk silver face, which means, any combination of silver change that adds up to a dollar equals .715 ounces of silver or $14.30 at todays silver price. So $100 face value of real silver change equals 71.5 ounces of silver and 71.5 ounces of silver equals $1,430 in today's currency. A quick check of the Provident website indicates that they're selling $100 face of junk silver for $1,563.

To better emphasize my point, would you rather have handed to you a crisp, clean, new, $100 bill or $100 dollars in pre 1965 U.S. silver coins? I hope  that you opted for the coins, because the difference is worth $1,330 at today's silver price.

Often I'm asked, "what is your box of 100 Morgans worth?" In today's market I "value" them at $50 to $60 a piece, but the real answer is, they're "worth" whatever someone will pay for them. Have you ever watched Wayne Carini from Chasing Class Cars take a rare automobile to a high-end auction like Pebble Beach? He sets out with a number in mind and might say that he expects it to sell for $100,000, only to see it fetch $75,000 on the auction block. On that day at that location it was worth $75,000 as determined by a sea of free market bidders, seeking quality with a finite number of dollars. Free market capitalism at its best.

If you live anywhere near Nashua, NH and you're interested in numismatics, you might consider attending the Nashua Coin Show. It occurs the third Sunday of each month and attracts vast crowds of buyers and sellers.

Happy collecting! What ever it is that you value.

Rand

Watchmaking and Watch Repair

I had a dilemma not too awfully long ago. I'd purchased several, very nice, antique railroad pocket watches off EBAY, but they underperformed. Which is a nice way of saying that they didn't run very well. Both their internal and external appearances were spectacular and rather than return them I set out in search of someone who could diagnose/repair these complex little antiques. My son also called complaining that his 1960, Rolex GMT, that we'd just had refurbished wasn't running well either. 

I love detective work and my investigation lead me to the door of David Searles in Milford, New Hampshire.

David, a 1976 MIT graduate, (a classmate of Benjamin Netanyahu) is a watch maker, antiquarian, horologist and all around interesting fellow, whom I approached with my balky collection. After just a couple of weeks they were back in my possession, ticking away happily, keeping near perfect time. Don't forget, they're nearly 100 years old. 

Since my retirement I rarely wear a watch these days, but my railroad timepieces are beautiful, intricate display pieces that represent  a piece of complex, mechanical art. Their gold or silver cases, made smooth by the touch of many hands before mine, energize my imagination and feed my curiosity. Where have they been? Who owned them? Did they actually guide a railroad conductor and help orchestrate the movement of giant steam locomotives over our nations labyrinth of rails?

David's "parts" collection alone warrants a full scale magazine article and took years to build. This picture shows wooden cases of watch crystals in huge quantities to satisfy all different sizes, makes and ages of watches. Then he showed me his collection of pins, wheels, springs, levers, stems, gears, grommets and other internal parts that simply amazed me. 

As seen here, lighting, vision enhancers and specialized tools have a premier role in his shop as David addresses a complex, antique watch that will soon be available at auction.

He explained to me how accuracy has improved over time, from the 16th century until today, as watchmakers painstakingly developed new parts, tools or techniques. Then others would tweak these parts and increase accuracy yet again. Open the back of an old pocket watch sometime and marvel at how all these tiny parts, that you need magnification to see, work perfectly in unison.   

One of hundreds of boxes of small parts. "One doesn't just run out and purchase these items" David explained, "they come from buying out old watchmakers, saving parts from other watches and keeping your eyes open at flea markets and auctions." 

So what does David do when he's not repairing watches? 

He's an indépendant consultant who writes catalogs, condition reports and pricing guides for Jones and Horan Auction Team in Goffstown, NH. They hold four auctions per year in Manchester, NH that exceed $3 million in sales. I've been to several and they're very exciting.

David's a member of the National Association of Clock and Watch Collectors, the Swiss Association of Chronometrophilia and other organizations that keep him supplied with study and reading material. He also rents space at the New Hampshire Antique CO-OP in Milford, NH where he sells selective pieces.

As my readers know, I enjoy meeting people who are passionate about what they do. These are people who don't understand about "just going to work," they're people who can't wait for the sun to rise so they can get under way and create, produce, teach, fix, learn and enjoy their labor. David is such a guy.

He can be reached at:   watchperson@hotmail.com

Visiting More Auctions

Amherst Village Foliage

On Saturday, 5 October, I ventured north again to attend another Withington Auction. The last had been very productive and the people I met very helpful. But this time when I pulled into the field to park I saw what every small New Hampshire dealer dreads. The field was full of E350 vans with Massachusetts plates. The Mass dealers were here today in large numbers, which means one thing. The prices would be driven up. I did run into John Delaney from Delaney Clocks in Townsend, Ma and also saw Linnea from a previous visit here so it wasn't a total lose. 

Next weekend brought a Cobb Auction in Peterborough, NH. Cobb is a large, well known auctioneer so I expected the same results as above. But I was pleasantly surprised to be able to win this little Queen Anne style tavern table via my telephone bid. It can be a little dangerous purchasing with only photos and a short written description to guide your strategy, but it has worked well for me. The base and legs date to the late 1700's but the bread-board end top had been replaced at some time. They match well though.

It has a beautiful look though with excellent patina and quickly added it to our collection. If you have an interest in this piece, I plan to market it at the NH Antique CO-OP eventually for $475. 

Foliage Tour of Amherst Village: 10/20/13

Looking north along Boston Post Rd.

Looking east along Carriage Rd towards the Common and the Congregational Church.

Church Street

Church Street

Church Street

Middle Street

Church Street

The Soldiers Monument on School Street

The Brick School

WMUR'S, NEW HAMPSHIRE CHRONICLE

Visits The New Hampshire Antique CO-OP

For those from away, New Hampshire Chronicle, is a TV show, sponsored by ABC affiliate WMUR in Manchester, NH. It's a "newsmagazine" that airs weeknights at 7:00 pm and highlights New Hampshire people, places, history, and lifestyle. Launched in 2001, it has become a very popular mainstay in local television.

Jason, awaiting WMUR personnel, inspects the front lobby.

On Wednesday, 21 November 2013, WMUR Producer Mary Paige Provost and Videographer Chris Shepherd stopped in to visit with the folks who run the NH Antique CO-OP in Milford, NH. The Hackler family is in their 30th year at this location and continually hosts interesting events to keep their business fresh. Not one to sit on their laurels, Father Sam and son Jason with a very loyal and engaged group of employees keep the place hopping.

Mary Paige Provost, started the interview with a tour, lead by Jason through the interesting "streets" that define the CO-OP. Here he demonstrates an antique, Wurlitzer Mahogany Disc Music Box, made in Cincinnati, Ohio in 1900 or so. It comes with 20 discs of music guaranteed to entertain your friends.

Here's a little closer look at the box and the 18 1/2" discs that it plays. It's in superb condition and has a deep, mellow sound.

After presenting several displays of Early American Antique furniture, Jason lead them to the glass display cases to highlight the "smalls." With more than 200 exhibiting dealers and 20,000 square feet of floor space, the CO-OP has a wide variety of antiques to interest most any collector. 

Seated in the lobby, Jason fields questions concerning antiques, business, the economy and his exhibitors. He became most animated when asked "how he became involved with antiques and the business." He recounted attending auctions, estate sales and flea markets with his parents as a small boy and being more interested in antique auction catalogs then comic books. 

Several days of filming is hard work!

Jason's dad, Sam Hackler, (seated facing us) started this business with his wife Eileen in 1983. To say that they created a "group shop" would be a vast understatement; what they've built is an extensive "marketplace" that continually flourishes and keeps pace with an ever changing antique world.

Sam Hackler behind the window, being interviewed by the Chronicle Team.

To survive and flourish in the antique world after 30 years is no small task. The Hackler family's business acumen, enthusiasm and presentation for their product is greatly apparent. If you have a passion for antiques, or think that you might and want to learn more, a visit to the NHAC will do much to foster your enthusiasm. Their inventory is constantly changing so frequent visits are not only necessary... but fun.

To see what's going on at the NHAC during this holiday season, CLICK HERE to read their 2013 Holiday e-Newsletter. And don't forget to show up for the annual open house festivities on December 7 and 8.

Thanks very much for reading and happy antiquing.

Rand  

Sebastian

So who is this little boy that has us doing headstands when we visit our daughter and son-in-law in Marblehead? I'm a retired airline captain and have flown large jets throughout the world, spanning oceans and continents with as many as 400 passengers at a time. But when I'm in Sebastian's company I'm a driveling fool, making strange faces and even stranger noises. Such is the role of a grandfather. But admitting that I'm old softie isn't the purpose of this post.

Market Square and the Old Town House, built in 1727.

Linda and I were visiting in Marblehead, which has become a regular activity lately and Sebastian needed a bit of a diversion. No longer happy watching his parents and grandparents, hang shades, paint fences or mow lawns... he wanted out! I think his parents wanted him out too, so I grabbed the stroller by the horns and out we went.

                                                     Marblehead Harbor, late October.

If you're looking for a wonderful place to get out and walk, particularly if you love New England, the ocean and beautifully restored architecture, this is the right place. And doing this with your one year old grandson only enhances the opportunity. We'd spent considerable time at the town wharf observing working boats off loading their catch and met many who stopped to chat with him. He's a real gadfly!

But what I noticed from the wharf, while Seb was busy entertaining others, was that the front door to Sacks Antiques was open. This was the first time that I'd noticed this during many such strolls.

Stan Sacks from Marblehead

I came dangerously  close to never meeting Stan Sacks and that would have been regrettable. He's only open one day per week at his little shop near the corner of State and Front Streets. Built in 1727, the diminutive clapboarded building has served many owners over the 18th, 19th 20th and now 21st centuries. His Grandfather Hyman Sacks, an antique restorer on Charles Street in Boston, found his way here in 1899 to open his shop and sell as well as restore prized antiques.

Stan told me that this is the oldest, continuously operating antique shop in Massachusetts. His father, Abraham, a WWI veteran succeeded his father Hyman in 1912 and continued to build the business. With a valued reputation, Abraham, or Jim as locals called him, imported English antiques into the country and participated in furnishing The White House in Washington DC and the Lee Mansion, now a prominent museum in town. He was consulted as well and provided antiques for several homes in Colonial Williamsburg and for Hollywood movies, most notably, The Philadelphia Story produced in 1940 starring Cary Grant, Katherine Hepburn and Jimmy Stewart. Apparently, seeking authenticity in the background was important to Director George Cukor.

Interior of Sacks Antiques

Stan gave me the grand tour, pointing out specific pieces native to Marblehead. He's a gregarious man, easy with a smile and a story; an excellent businessman I'm sure. But at 88 with no one in the family interested in continuing this fabled business, he plans to shut it down after the 43rd annual, Marblehead Christmas Walk that will be from December 5 - 8, 2013.

Just one of the many beautiful homes you'll encounter in "Old Town."

When Stan asked me what I did, (I knew that he'd get around to that) I was almost embarrassed to say that I was an antique dealer. After all, my experience, when compared to his is nearly negligible. But he chastised me when I mentioned that and advised that even he was still learning 88 years later and for me not to forget that.

Now you understand why it would have been regrettable if I'd missed the opportunity to meet Stan Sacks of Marblehead.

Thanks for reading and I hope to see you at the Marblehead Christmas Walk.

Rand

Let's talk about clocks.

Some 25 years ago, Linda and I were driving through West Townsend, Mass, I've long since forgotten why, but we spotted a sign that said, Delaney Antiques. We love old things; early American furniture, old houses, antique cars, trucks, motorcycles, even airplanes so were unable to drive past without stopping.

435 Main Street (route 119) W. Townsend, Mass  (978) 597-2231

As you're driving past on route 119, this is what you'll see if you're paying attention; a beautifully restored carriage house next to a three story brick home of elegant proportions. A most tranquil, unpretentious setting for what is the finest collection of antique "Tall Clocks" in the United States. You may be at the stage where you'd call them "grandfather clocks," but you'll know better by the time you leave.

Russ Greenwood is one of several highly regarded repairmen, who cleans and maintains the Delaney's collection, with an extensive reference library behind him.

As you step through the door into the entrance hall you'll immediately be dazzled by the handsome collection of mahogany, maple, cherry, walnut or birch tall clocks from the 18th and 19th centuries. These fully restored, weight driven, running clocks are pieces of art, some as old as 250 years that keep excellent time. Keep in mind that most of the tall clocks surrounding you here, were built during the Washington, Adams and Jefferson administrations with hand tools.

I remember being overwhelmed when we first stepped inside and realistically we didn't have the wherewithal to purchase such an antique, but after an hours discussion with Mr. Delaney Sr., who knew we wouldn't be purchasing anything anytime soon, we stored the information and knew that we'd return one day.

The main floor, there's another above to explore too.

The Delaney's have on hand at any time, 150 to 160 American Tall Clocks, mostly of New England origin. Simon Willard 1753-1848 of Massachusetts, Timothy Chandler 1762-1848 from Massachusetts and Connecticut, Benjamin Swan 1792-1867 from Maine and Abel Hutchins 1763-1853 from New Hampshire just scratch the surface of their far-flung collection. 

The clockmaker crafted the "works" or gears and drive train that were made from wood or brass, a cabinet maker built and finished the fine wooden cases and an artist generally painted the wooden, iron or brass dials. No two are alike and each is a treasure to own.

Tall clocks to the rear and shelf clocks to the front. Listening to the rhythmic beat from these antique machines is soothing, but being here on the hour when they strike is exciting. 

Not in search of a tall or shelf clock? How about an 18th or 19th century Chelsea Clock Company wall clock, or a Seth Thomas Connecticut wall clock. Most clocks here are "regulators" or "time pieces" which mean that they don't strike. Sean taught me that a regulator clock was of high standards and accuracy and was used by the clock maker to "regulate" or adjust other clocks that he was working on. They must be weight driven and not have a strike.

To clarify a few terms; strike means to chime, beat means to tick and a face is a dial. Learning the language of clocks will be a part of your education at Delaney's. But acquiring knowledge is as enjoyable as acquiring a clock; the more you know... the more pleasure it will bring.

About prices.  

They aren't cheap! 

-  -  -

But nothing of value is, so if you're looking for an ordinary "grandfather" clock that you'll lose interest in quickly, visit Jordan's Furniture. But if you're in search of an investment, a quality antique with provenance that your children will covet, with someone who will stand behind it, Delaney's has an impressive selection of clocks to fit a variety of budgets. Want to upgrade a few years later? Call brothers John or Sean and discuss that too.

Sean Delaney and Linda when Sean delivered our tall clock.

Twenty years after first stopping in, Linda and I returned and purchased this circa 1820, Concord, New Hampshire tall clock of maple and birch from Sean. You may recognize him from this photo. He and his brother John appear regularly on Antique Roadshow. 

Our cape was built in 1790, but this room is a new addition that connected the ell to the garage. Our goal was to purchase antiquity and quality and this New Hampshire Tall Clock goes a long way in achieving that goal and helping the room appear older than it is. It's the center piece of the room and all else revolves around it with its timeless beat.

Chelsea Clock Company Model #1

We've purchased several clocks from Delaney's now, each experience as enjoyable as the last. This is an 1890, Chelsea Clock Company Regulator. Every clock that we've purchased has come with a one year guarantee and is sent to Russ Greenwood, whom you met above, for a cleaning and inspection before delivery. 

All of our purchases have been eight day, brass movement, weight driven clocks that I wind every Saturday morning. Without fail, each is within 30 seconds to a minute of the correct time a week later. So stop in, say hello, learn and enjoy the experience and the education. Ours continues.

Rand

The Red Sox win their 3rd World Series title in 10 years!

30 October 2013

Antique autumn door decoration in the Amherst Historic District.

And over at The New Hampshire Antique CO-OP it's Halloween!