Coin Collecting for Kids: Week Six

Coin News: Coin Dealer Interview with Malcolm Renner of Idaho Gold and Silver

I interviewed Mr. Malcolm Renner of Idaho Gold and Silver, and am sharing the questions and answers that were in it. Here they are:

Q. How long have you been in the coin industry?

A. I have been with Idaho Gold and Silver for 8 years, and in the coin business for 35.

Q. What would you say are the pros and cons of coin dealing?

A. The biggest thing is learning what to buy, and what not to buy, and how much to pay for it. When people come into my business they say “Oh, this looks like a good business, how can I get into it?” And I tell them the first thing you need is a storefront, then advertise, then make $30,000 in bad coin buys, and then I’ll tell you what to do from there.

Q. Do you think that coins, currency, or bullion sells better? Why?

A. Bullion. In the current state of the world’s economy, people are nervous. Most countries, like places in Europe or the United States are pumping tons of money into government organizations, and get very little overall satisfaction from them. And I think that because of this, more and more people are buying gold and silver, to protect themselves financially, and 5 years ago, people wouldn’t even consider that. I think people are just scared, because they don’t know what the end result is going to be.

Q. What effects do you think the Stock Market, checks, and credit cards have on the coin industry?

A. Almost none. The stock market is an entirely different form of investment, and as a former stock broker, I can tell you that when all of that government spending catches up with the market, it is going to go down a lot. As for checks and credit cards, they are really just an easier way to buy coins, so I would say that it has a positive affect.

Q. What is the most interesting coin that you have ever sold?

A. One time I had a guy bring in four silver dollars. Three of those dollars were worth about $8 each at the time. And the other was a 1893 S Morgan silver dollar in About Uncirculated condition worth about $24,000. This is proof that it is always worth it to go through those old silver coins that Aunt Martha left you. Thousands of people out there still have these piles of coins that may or may not have valuable coins in them, but it’s always worth it to check.

1893 S Morgan Silver Dollar

Q. Do you collect coins?

A. Yes I do. I collect ancient coins.

Q. What is your favorite coin design?

A. I like the Barber Coins. There is nothing better than a Brilliant Uncirculated Barber Half Dollar.

Q. What drew you to coin dealership?

A. I am a second generation coin dealer. My father was a foundry worker back in the 1960’s. When I was about 15 years old he retired, and the first thing that he did was open a coin store.

Q. Do you like your job? Would you trade it for anything else?

A. Yeah, I like my job. I wouldn’t mind hitting the lottery, though.

Q. What do you think the hardest part about being a coin dealer is?

A. Education. You have to know what you are looking at, what condition it’s in, know what the market value is, and there is a lot of publications out there, like the internet, that don’t have the real values. I have people come in and show me a coin worth $20 and say “I looked this up on the internet, and it’s listed with a $300 value!”

Q. What would you say is the most fun part about being a coin dealer is?

A. Opening the store every day, because every day is a treasure hunt. You never know what will walk through your door.

Q. What are your thoughts on modern coin designs?

A. You know, since they don’t contain any precious metal, they are pretty, but they don’t really do anything for me.

Q. And now the hardest one: What is your flavor of ice cream?

A. Chocolate. Period.

That was me and Mr. Malcolm Renner of Idaho Gold and Silver. The pictures above are some photos of his store, except for the 1893 S Morgan Dollar

Coin of the Week: Peace Dollar

The silver dollar is a beautiful coin, and one of the best designs in my opinion in Anthony de Francisci’s “Peace” Silver Dollar.

The Morgan Dollar lasted from 1878 to 1904, and then a silver shortage halted production until 1921. This was shortly after the end of World War II, and everyone was hungry for peace. So the U.S.A. started producing the Peace Dollar. The first ones were made in 1921, with a designed high relief. High relief coins have their designs pushed in so much that they become unstackable. Needless to say, people found this impractical, and regular production resumed in 1922. But even though they were called Peace Dollars, the word “peace” appears only as a small word on the reverse. And another silver shortage halted production between 1928 and 1934, and again in 1936.

In 1964, President Lyndon Johnson tried to revive the Peace Dollar, and ordered several struck at the Denver mint. But just then, silver prices hit record high, and Johnson ordered those 1964 D Peace Dollars melted. None are known to exist today. PCGS, a coin grading service, will pay $10,000 for an authentic example. Other Peace Dollars were struck presumably dated 1970, in copper-nickel to test the idea of the Eisenhower Dollar.