It’s no secret the past year has been filled with more surprises than expected. In Israel, four high school boys were walking along the Zippori Stream near Galilee. One of them spotted a glimmer along the trail. It turned out to be an ultra-rare Byzantine gold coin minted in Constantinople around 400 AD worth tens of thousands of dollars.
A woman in Derbyshire, England inherited a George II-style writing bureau. She had enough furniture so she took it to a local auction house to be sold. While examining it the auctioneer found a secret drawer. Inside was a French 22-carat gold coin dating from 1365. The chest sold for a few hundred dollars. The coin sold for $1,025....
In nearby Kent, England, a 30-year-old with a metal detector uncovered a small gold Roman “Brexiteer” coin weighing barely 1/10-ounce. It was in such stellar condition the man thought it to be fake. Nope. It sold at a Dix Noonan Webb auction in June for $665,000 – the most ever for that type of coin.
Finally, in Como, Italy, contractors demolishing an old theater had cleared most of the site save for one corner of the basement. Another eagle-eyed worker spotted something out of place. It was an ancient clay jug deliberately hidden in a rock wall of what had become the theater basement. When the jar broke open out spilled hundreds of pristine, gleaming ancient gold coins. Clearly, 2,500 years ago someone had used the jug as a secret banking stash. Their value is still being evaluated but will probably be in the millions.
These and many other finds in the past year are the stuff of which dreams are made. They are not limited to distant fields in Europe or obscure paths in the Middle East. More modern finds happen with surprising frequency right here in the US. Often, they occur when someone opens an old safe deposit box to see what might be inside.
I was recently helping a couple with exactly that – items from an old safe deposit box. Inside were copper, silver and gold coins plus paper money. All eyes went right to the shiny gold and silver coins. In fairness, some of those were worth plenty – upwards of $1,500 apiece. A few $20 gold pieces were even valued at over $2,500 each.
As the owners pored over the gold and silver, I spotted a lowly copper coin about the size of a nickel. It was a US half-cent minted in 1806. Its condition was outstanding. I put the value of that plain, low-denomination 214-year-old copper coin at just over $4,000. Jackpot.
Over the holidays, many coins are sure to be given as stocking stuffers or even major gifts. The US Mint has gone out of its way to promote many modern coins as valuable collectibles. One day, there’s a slim chance they may be. But, as evidenced by the aforementioned finds, it usually takes a long, long time for such value to emerge.
There are exceptions. As I mentioned in a recent column, a few 2020 gold Eagle coins were struck by the Mint with a special Privy mark honoring the 75th anniversary of the end of World War II. They were sold for $2,600 each. With only 1,945 being minted they sold out in minutes. Overnight, their value soared from $2,600 to over $6,000. Any graded in top condition could be soon be worth over $10,000.
Here’s the caveat. Other than the Privy mark, these gold Eagle coins can be easily mistaken for a common US gold Eagle worth barely $2,000. Years down the road, I wouldn’t be surprised if, while going through a safe deposit box, some of the rarer kind are mistakenly overlooked for the more common variety.
As for familiar items such as the annual proof sets sold by the US Mint, those almost never increase in value. They are beautifully packaged and wonderful as a gift for a graduation wedding or birth. But, as an investment, they have not been winners. It’s all the more reason to stop by a local coin dealer to uncover a true rarity to give this holiday season – be it gold, silver or even lowly copper cent or half-cent.
For more collecting advice, visit www.peterexford.blogspot.com