WELCOME!
In this issue of our newsletter, we have another great article from Jeff Garrett on
the subject of toned coins: Shades of Green - Brown, Red-Brown, and Red. Our
next meeting will be held on Monday, September 9, 2013 at 6:30 PM in the
Bronte Bistro at Joseph-Beth Booksellers in Lexington Green. As a reminder,
they have asked that we not bring in outside food or drink when attending the
meetings. Instead, we are welcome to stop by the bar on the way into the
meeting room to purchase soft drinks, coffee, or food items.
DOOR PRIZE TO BE GIVEN AWAY!
You won't want to miss this meeting! Jeff Garrett at Mid-American Rare Coin will
be donating another door-prize item to be given away. Also, Jeff has a really nice
deal for any club members who would like to become members of the American
Numismatic Association. Jeff will pay half of the first year's basic membership
dues for any club member who wants to become a new ANA member. Several of
our club members have already taken Jeff up on this deal. The ANA offers
members many outstanding benefits including discounted coin insurance, life
insurance, library use, on-line delivery of The Numismatist Magazine, and a great
convention each summer.
SHADES OF GREEN! BROWN, RED-BROWN, RED
By Jeff Garrett
The above title is not the latest racy novel by E.L. James. The title refers to the
incredible valuation increases collectors attribute to the colors assigned to copper
coinage. The price increase for a mint state copper coin from an attractive shade
of brown to blazing mint red can be truly incredible. Take for instance a few of the
following examples from actual auction sales.
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1851 Large Cent
NGC MS65 Brown sold for $529 July, 2013
NGC MS65 Red Brown sold for $881 November, 2012
NGC MS65 Red sold for $$3290 October, 2012
1920-S Lincoln Cent
NGC MS65 Brown sold $633 July, 2011
NGC MS65 Red Brown sold for $2155 January, 2013
NGC MS65 Red sold for sold for $8812 September, 2012
1864 Two Cent Small Motto
NGC MS65 Brown sold for $2702 January, 2013
NGC MS65 Red Brown sold for $3105 September, 2012
NGC MS65 Red sold for $15,863 April, 2013
As can be seen from the above information, collectors highly value vintage copper
coins with original mint red and are willing to pay for it. As can be expected, full
mint red coins are increasing difficult to find the earlier the issue. Many, if not
most dates of Large Cents are unknown in original, full mint red. Examples do
show up on occasion and are bid to stratospheric prices by collectors. Early coins
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with ample, but not full mint red are also highly desired. Earlier this year a
stunning 1796 Half Cent was discovered in England. The coin displayed beautiful
glossy surfaces with original mint red color clearly evident. NGC certified the coin
as MS66 Red Brown. A nice circulated example of a 1796 Half Cent is cause for
excitement; one can only image what this coin sold for!
Coins with red or near red surfaces command large premiums and are highly
desirable. The problem many collectors, dealers and grading services have is that
color is sometime hard to define into a narrow range of only three categories.
Even coins that have been designated as brown can have a hint of mint red color
or other variations in shading. A perfectly uniform, brown example, is actually
scarce and not the norm for most issues. The colors can also range from light
brown to much darker hues. Some early issues can even appear more black than
brown.
Now things get really tricky! There is no fixed rule about what constitutes a Red
Brown or Red copper coin. As a general rule NGC states “RD coins exhibit about
85 to 90 percent of their original color, while RB coins display at least 15 to 20
percent red. Any coin with less red or non-red coloration will be designated BN.”
The above can obviously be applied with a range of interpretations. The majority
of coins designated as Red Brown have ample red colorations blending into
brown. As can be seen from the above, valuations of Brown and Red Brown coins
are much closer than those of Red Brown and Red coins. In most cases coins with
the Red Brown designation trade in value based on the esthetic appearance of the
coins surface. This can lead to a wide range of auction prices seen for coins of the
same grade.
Vintage copper coins struck before 1934 that have been designated as Red, do
not look like Lincoln Cents that have just left the Mint. There is a wide range of
color variations that qualify as Red. These color hues can vary from shades of red3
pink, red-yellow, red-orange and everything in between. Anyone who is serious
about collecting early copper coins in full Mint Red should look at as many coins
as possible to understand what to expect. This is especially important considering
the large sums these coins command in the marketplace.
Besides color, collectors also need to consider surfaces on many issues. Several
Lincoln cent issues are known for coins seen with an almost wood grain
appearance. Many of the classic 1909-S VDB cents are seen this way. Some
collectors desire this look, others hate it. Another important consideration is
carbon spots. Nearly every early Mint State copper coin with original Mint Red
surfaces has at least some minor spotting. These can be microscopic to large and
scattered across the entire surface. The interpretation of these spots actually
weighs into how the coins grade. A Gem coin with nearly full Mint Red, but with a
few lights carbon spots, will sometimes grade MS64RD instead of MS65RD. Again,
it’s a matter of interpretation on how various factors come into play when
determining the final grade.
From reading the above, collectors might have concerns about buying copper
coins at all. I have been asked many times over the years if it safe to purchase full
Mint Red coins. Most are worried that the color over time will fade to a much less
valuable Red Brown status. This concern is understandable, but my actual
experience is that this is actually quite rare. NGC has been grading coins for over
twenty five years and I rarely see a coin that has been designated as Red that has
faded to Red Brown. NGC also has the best guarantee for copper designation in
the industry. Any coin that they have graded has a ten year guarantee for color
designation. My best advice is to closely examine any coin you are considering
purchasing and decide for yourself if the color and price make sense to you. This
area of the market has one of the widest ranges of appearance and valuation
interpretations. As I have stated many times, education is your best protection!
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