One of the largest coin heist's .....ever!

Sure you hear about coin heist's were vendor's are leaving a show and get hoodwinked in the parking lot or at their homes. There are even stories of armed bandits having a shoot out's in a store full of customers like the robbery attempt at Coin Cove in Roseville, Michigan that happened in June 2011. Or the smash and grab of Abbott's Coins in Birmingham, Michigan in May of 2012. To read these stories just click on the stores name for the news feeds.

Then, the 3 attempted robberies and the fire bombing of Coins and Stamps in Grosse Pointe, Michigan in 2012. Now, not to be bias, Coins and Stamps is and always will be my home away from home; as I was awarded the privilege to see the hidden treasures of the store; even had a book that held my wish list of coins I was going to buy in the future when the funds where available. I remember placing a call to Jamie and Mine the morning of the fire to find out if they were OK and check on the condition of the store. I asked about the box and was told it was fine and the inventory was still in it; however, it now was lumped together on the floor. This store lost so much Detroit history items it still makes me want to cry. Today, the store has been rebuilt and business is booming and everything is bright and new, I just miss the musty old smell of history.

But, there are two (2) coin robberies you'll never hear about in public as they are just to embarrassing to the parties involved. The first starts with a modest coin store in Michigan. The manager of the store was a well-known and educated numismatist among collector's and seller's. One day in the late 1980's a customer came into the shop; a poised well dressed suit and tie kinda guy. After making small talk he purchased several inexpensive coins and left. Over the coarse of the year the man returned often, even bringing the store manager a morning coffee and box of donuts. The two became quite close and a prevailing trust was exchanged as the man watched the counter when the manager who worked by himself needed a bathroom break. This went on for a couple of years when the 1980's turned into the 1990's.

In the summer of 1991, the gentleman made his usual stop at the store with coffee and donuts, and the usual conversation began between the men. Suddenly, the store manager felt as if he was going to pass out, even asking the customer for help, which he seemed to give with out question, even helping the manager to the office in the backroom, where he was sat in his chair. The manager awoke six (6) hours later to find the store closed, lights off and the doors locked. Also noticed was that the store was empty of all of it's coins, jewelry and valuable trinkets. Now, when I say everything was gone, even the trays that held the coins were taken, and a valuable collection of art work was missing off the walls.

The police were called, the manager re-counted that one of his favorite customer's was there and then everything was a blank; transported to be examined at a hospital, the manager learned he had been drugged with a tranquilizer which induced sleep. He slept through the robbery as the customer was seen loading his car in the back of the store for almost an hour.  The police investigation revealed that the customer under the name he went by did not exist, didn't have any known address and the car he used was stolen. Fast forward to a coin show held in 1992 in California, the store manager was in attendance, where just by chance he caught the familiar features of a patron trying to sell coins to a dealer; yep, you guessed it, it was the mystery customer trying to off-load coins from the robbery. The police were called and he was caught, less than 25% of the loot were recovered. The lesson learned, stay away from the coffee, and not everyone is a friend...

I promised you two (2) robbery stories, the 2nd a little shorter but most ironic then the first; as I refereed to the store's manager, not owner. As the true owner was busy traveling collecting coins and other objects or tending to his other investments. Fast forward to the mid 2000's when the store manager drops dead from medical problems. The owner hires a new manager to replace his friend, employee and trusted confidant of so many years. Only to discover that the former managers family has just sent a batch of coins to an auction house to be sold. Only problem, the coins sent in where the rarest of the rare pieces like The "New England Shilling" and the Massachusetts 1652 Twelve Pence as examples.

Now you could say the former store manager was an astute collector, however he did not have the means to collect several million dollars of rare coins, and not have a pot to piss in outside the coin world. As it seems the former manager was living two life's; one as a noted numismatist; the other as a thieving drunk who was a crappy gambler, all done on other people's money. The manager's family relinquished ownership of the coins to avoid prosecution and to save face of the dead.

So that's my tales and I am sticking to them; just remember in the coin business, it pays to keep both eyes open.

CJC

SEARCHING FOR BURIED TREASURE !!!!!

OUR THANKSGIVING WEEK POST !
HOPE EVERYONE HAS A GOOD TURKEY DAY.....


I remember when I was a young lad around 4 or 5; attending my parents friends group picnics for most summer holidays. Nine couples with kids all the same age bracket's; everyone always had someone to hang with for the day. We always had special events and especially fourth of July, my "Uncle" Don (everyone's parents were either Uncle or Aunt) would roll out bags of saw dust, spread it on the ground and hide bags of pennies for the kids to find. These were my first treasure hunts I remember.

Somewhere around 8 years old I discovered the "metal detector" with my grandpa in Tampa, Florida;
I was just absolutely amazed that I had a chance to find Gold, Silver and Jewelry in the sands. I got to stay at their house for an entire month one summer and that's all we did everyday, searching for a lost fortune. I was disappointed that we never really found anything of "value," It wasn't for years later did it make it into my thick brain that I had found the most valuable thing that summer, "memories with my grandfather who passed away that winter."

UAT Bldg 1986

Fast forward to an energizing young man making his way in property management and commercial real estate. Management contract for 150 Bagley Street, Detroit, MI.; and the United Artist Theater. Now, being young and having no sense of fear, I was handed the keys and a flashlight and told to drive downtown to make the place was secure. So, naturally there were three guys striping copper out of the walls on the 16 floor. (remember this is 1985)  They did run out the back over the theater roof and down a fire escape, so I felt safe. The Theater was enclosed in metal bars, so it was relatively safe, so I entered and walked around with an open jaw. The Art Deco and Marble Statue mixture was stunning, my favorite was the drinking fountains with 3 heraldic trumpet playing angels supporting the bowl made from marble.

I went back and reported the findings, called the owner in Quebec, and made my recommendations, after several months, the owner came down and agreed trying to save the interior artifacts from the theater, having them removed and stored at another location until rehab could start. I was delighted and it took several weeks to have the contents placed on pallets, wrapped and aligned for shipment. We finished late on a Friday night, with three semi's coming Monday morning, I went home to enjoy the weekend. I showed up early Monday morning to find the overhead doors smashed in and every pallet removed and the entire contents gone. Long story, cut short but it was a great loss to me and the city.

"Not your normal Detector"
Courtesy M. Copp

The Real Detector

Now, we touched on the metal detector fun and there is a great article by Michael Bernzweig were he mentions people hiding their riches out of necessity for the lack of banks, trust and local. Now, if your looking for a hobby that offers so many different venues being a "detectorist" is fun, from the beaches to the mountains and everything else in between, you can search for your riches anywhere. Remember though that the metal detectors come in every range and size and the areas they will search, water, soil, cement, etc. So, watch your budget for expenses and traveling, best to find a detector you can borrow or rent to make sure you like the hobby.

Big Jim"

So, your driving on vacation and see a site offering a chance to dig and pan for "Gold Nuggets" for a nominal fee; the kids are in for it and you shake off the cold stare from the wife. Now there are sites for information on these sites so link up through here FREE GOLD to gain information. Now, your saying these sites aren't worth it and why waste the time, below is a picture of my friend and neighbor "Big Jim" whom with his wife of more than 50 years goes several tomes a year to dig for minerals, rocks, quartz and copper and yes they have found gold. Jim deserves his own Blog page, so I promise to do one on him.


So, FREE GOLD aey? Well trust me you would think it would all be gone from our American river systems, caves and abandon mine shafts; not true. "A gold nugget found in the foothills of Butte County is the largest ever in California to be in private hands, according to the auction house that currently holds it." Now, this nugget sold for over $360,000 dollars at auction this year. But, if you really want one of the best "treasure stories" we need to look at Mel Fisher who discovered the Spanish ship "Nuestra Senora de Atocha," of the Florida Keys. Almost $450 Million dollars and counting have been recovered. I need to add that he hand everyone and their brother suing him over ownership rights. Finally the U.S. Supreme Court awarded him the treasure rights, after $52 Million in lawyers, fees and salvage.

                                                                         
I just wanted to wet your appetite on  searching for buried treasure as it's a vast subject and we should Blog some more on it. I wanted to end on a funny note, sort of, about three years ago, me and a bored friend went to touring downtown, where we ended up at a "large" used book dealer. I had the opportunity to speak to the odd little fella that opens the store. He gave me a tour in the second building which is for his more serious buyers of books and artifacts. I was amazed, he had a museum quality display area, over filled with Detroit and the world's treasure's. In the corner of the large room my I was caught by a familiar piece; it was one of my drinking fountains for sale for $12,000.00. I turned and complimented him on the piece, asking were the others were, only to find they had been sold. I informed him they were taken in 1985 from the United Artist Theater. Sure enough, I couldn't keep my mouth shut and  was removed from the property; the statue of limitations had run out. At least there still safe...

CJC                    

Counterfeit Coins and Money

It is the nightmare come true for any large collector of currency or coins; purchasing an expense piece, only to find out it is a counterfeit. Now, counterfeiting is nothing new to the world of money, as it has been practiced as long as money has been exchanged for goods and services. However, the counterfeiters are getting more sophisticated in creating new dies to strike coins that even the experts have trouble telling the difference.

Courtesy AMA

 

Here is a story of one instance "

The buyer, a dealer who asked to remain anonymous, bought it as a raw coin at a local coin show from a collector who he had seen before, a guy who he said looked like Newman from the Seinfeld TV show (Newman!). He never saw him again. Before buying it, the dealer showed it to other dealers at the show. Nobody saw anything wrong with it.

Ironically, after buying it, the dealer didn't submit the coin to a respectable grading company but rather to a bottom-tier service. It came back authentic, as AU-55. Later, another grading company evaluated the coin in its slab and condemned it as being an "Omega" counterfeit, with the same diagnostics as the famous fakes, including tooling marks in the rays above the date (visible only under magnification), but with the famous omega symbol buffed off the eagle's claw. The dealer later donated this piece to the American Numismatic Association. The lesson: Never buy a raw high-end coin from anybody who looks like Newman." (Goldsborough, 2014)

My own fake Chinese Dollar

I remember buying a folder of early Chinese Dollars that were counterfeits and made into a display. So, I was parting with my memorabilia and collections at the Royal Oak Flea Market with my sons. Interesting enough I had an Asian man inquire about the coins, I explained they were counterfeits and he excepted the fact with glee; buying the set for a fair price as they did have "some" silver" in the mix. Sure enough, three weeks later at a coin show guess who do I see selling "authentic" Chinese Dollars to the public, my Asian buddy. He was removed from the show.



More of my fakes, if they were real, I'd be in Vegas...

On the right you'll see some more of my counterfeit's from all countries and dates. As the caption says, if they were real I would be in Las Vegas again this Thanksgiving, hence I am available for dinner this year. The old roman coins have been copied for centuries, as they use to make counterfeits to use in trade deals, then reject the monies when their trade partners tried to turn them in for supplies. Gold coins where always attempted to be forged, using gold leaf for the exterior and other medals on the inside, this was very popular in Great Britian in the early 1800's.

A great article on the Athenian Owl Replicas is available by this link. Naturaly this is the coin that I got my introduction to counterfeit coins; as I purchased one on line and was informed it was countereit by a dealer. I tried to get a refund and that never occured, a three hundred dollar lesson. So, how do you avoid getting ripped off? Know who you are buying coins from, a local dealer or coin store, high valued coins should be graded from PCGS as the most trusted source for graded coins. Stay away from buying expensive coins online, even from places like eBay, and more so, buying coins from outside of the United States.

If you have any questions, please free to email me.

As always, have fun collecting.

CJC



Reference:

Goldsborough, Reid (2014) "Saint Gaudens Double Eagles" Retrieved from URL: http://saintgaudenscoins.reidgold.com/

Pocket Watches and The One Arm Repairman

THE ONE ARMED REPAIRMAN

In the very early 1980’s, I received my first outside sales job and was in need of some new suits. I was recommended to Gwynn’s in Birmingham, MI; for some nice coats and slacks. One day I was waiting for some tailoring to be done and ventured onto Old S. Woodward Ave., were I noticed above Gwynn’s there were some small shops selling their goods, however, the most interesting was a Pocket Watch repairmen stuffed into a 15’x15’ space.

It became even more interesting watching the repairmen was missing his right arm and was required to use a variety of grips and vices to repair these small pieces. I was invited in to look at some of the pieces for sale by the repairman’s wife; at was amazed at the quality of these Pocket Watches (let alone the price) to purchase one. 

The repairman was a quite sort, but his wife spoke with the most wonderful Austrian accent and was a pleasure to listen to. This was my interdiction to the world of Pocket Watches, un-renounced to me did I know I met one of the World’s sought after repairmen. I stayed for about an hour that first day, and left amazed at the little time pieces.

THE REPAIRMAN’S HISTORY

After several more visits, I finally had to ask the question of the arm! The repairman put down his tool, lift his magnifying glasses and looked at me. It seems that he lived in Krakow, Poland in 1939 when the Nazi’s invaded; were he owned a sewing machine factory. 

In December of 1939, the Nazi’s burst into his factory and demanded to see the owner; and he stepped forward were the Nazi’s announced today was his last day as they were taking the factory for parts manufacture (ammunition) for the war. To guarantee the message was received, after finding the repairman was a Jew, they cut off his arm, so he would not return.

In April of 1940, he escaped into Austria for a short period of time; there he met “the farmer’s daughter,” and together after a short romance, they were married. Together the two trying to escape the war that was growing traveled Europe, Asia and finally found work on a ship heading to America. Arriving in New York in 1943; he found work in a Jewish neighborhood watch repair store; his career began.

After the war, he and his wife wanted to move from New York to somewhere they could establish their own shop and raise a family. In 1950, they moved to Birmingham, Michigan and rent a small space that they never left. The repairman’s reputation grew as the area grew with wealthy auto related families. Many of these executives were immigrants from all over the world and were owners of Pocket Watches passed on from generations.

 These watches were a challenge, as the repair parts were unavailable, the parts needed to be custom made. As his business grew, his reputation grew soon he was receiving watches shipped from around the globe. So, this brief history was my interdiction to the world of Pocket Watches; as well as, history, life lessons and humility.

MY FIRST POCKET WATCH

I started my collection off with a 1916 Elgin, Size 16s, 7 Jewel open Faced piece that the repairman sold me in full working condition for $40.00. Now, the premier watch makers from the United States are Elgin, Hamilton, Hampden, Illinois, South Bend and Waltham; do not get me wrong there are other quality watchmakers in the U.S. and abroad, put my favorites are above.

My first Pocket Watch

Let’s say you read this Blog and think about that your grandfather left that’s been shoved in a drawer years ago; How do you find information about it? Here is a link for you called Pocket Watch Database were you log into, remove or open the back cover of the watch to retrieve the serial number. Type the number and brand into and hit enter, chances are you’ll get your watch on screen with all the facts. Still have that nagging question of value? Simple, go to eBay, type your watch name, size, jewels and year; here you’ll get a pretty good view of the selling range.

Now, here is some free advice, you should be able to tell if it’s a “gold” pocket watch from your research, not sure still; take it to a known jewelry store in your area. Have it tested (should be free), then take it home. I know your saying that grandpa’s dead and you could use the money from a sale, resist the urge. Even grandpa left the watch to you, your justice safe guarding it for the next generation to inherit and protect it, seriously, it’s your family history and that’s worth more than a couple of bucks…

Elgin Interior

HOW TO START COLLECTING

Here in Detroit, you can start at local flea markets (Royal Oak), garage sales, estate sales and even some “fair” jewelry stores. More free advice, stay away from the “Gold” dealers and coin shop establishments; unless you have the good fortune of being near Mack Ave.’ in Grosse Pointe where “Coins and Stamps” is located since 1957. Mike and Jamie are fair and honest and I have purchased over 300 watches from them over the years.

Also, it hurts me to say this; but on eBay, you can really find some great deals, even on Craigslist you’ll run across some sales over time. Like coin collecting, the hunt for Pocket Watches can be fun if you make it. 

Today, I have scaled back on the pocket watch collecting, even selling most of the pieces, I will never sell my first watch; as it is my son’s. My youngest boy who is off to college next fall is a collector himself, even playing around repairing them. He already knows the Pocket Watch dealers near his school, and when he turns 18 will start an eBay account to flip his purchases for a profit and fund his college expenses.

THE BIG QUESTION?

I know you’re asking yourself why I never mentioned the name of the one armed repairman; because for the last several years I have slowly been writing about him and his wife, both now are gone. So, hopefully I'll get published; as they touched my life, they'll touch others.

Have fun collecting !!!!!!

Chris

Bank Notes, and Private Issues

Over the past few years, I am sure you have heard the term Bit coin, as a new way to conduct transaction on a global scale. Bitcoin allows you pay for your purchases without “governmental issued currency” and at today’s writing, 1 Bitcoin is worth $337.72 in U.S. Dollars. Associated with Bitcoin is the news this is a new way to “hide” drug money, money from illegal arms sales, to monies for human trafficking. Every governmental agency above third world status has tried to crush this form of payment and has met with opposition at every turn.

Who is allowed to issue money in the United States? The founding fathers made it clear that the power to create money would not be taken lightly. Their experiences with money and inflation during the Revolutionary War made them wary of paper money and conscious of the power wielded by those authorized to create it. They gave Congress the right to issue money and forbade the states from doing so. But the federal government isn't the only entity that has, in practice, issued money. Private Citizens and private companies have, too.

Picture from Old Currency . Com

In the 1800's, for example, much of the country’s paper currency consisted of notes issued by private banks. Nowadays, commercial banks don’t print their own notes, but they create money just the same—in the form of checking accounts. People and companies other than banks have also occasionally seen the need to create their own forms of money.

Private money—money issued by individuals or companies—can be seen as an innovation that arises to fill a void left by the federally provided money of the day. Studying various examples of private money that have arisen throughout U.S. history has taught economists much about the qualities money must have to be useful. In this Commentary, we describe some of the needs private money has arisen to fill and some of the problems people have encountered when making or using private money. We consider the lessons our experiences with private money imply for our money today and in the future. (Champ, 2007)

Merchant Token Picture

Now, if you step back and think about Private Issue Money, you can look at our previous post on Civil War Tokens, move to Merchant Tokens, Bus Tokens, Tax Tokens and the list goes into the thousands, part of which makes collecting fun.

CWT Society Picture

Old Time Passages Photo

In the 1800's the Treasury issued coins and occasionally a limited number of notes, but paper currency was also issued by state and national banks. Banks were prohibited from making small denominations by their regulating authority (the state legislature or the U.S. Congress), which made their notes hard to use for many purchases.

State banks originally could only issue notes in denominations of $1 or more. New York and Pennsylvania were the first of many states to increase the restriction to $5 or more. National bank notes could be issued only in denominations of $1 or more from 1863 to 1879, and after 1879, only in denominations $5 or more. By 1882, all smaller-denomination national bank notes had been taken out of circulation.

At the time, a denomination as little as $1 represented a large amount of money. In the 1830s, a newspaper cost a penny. In the 1880s, a laborer typically earned $5 per week. In 1890, a family paid about six cents for a pound of bacon. Trying to buy everyday items was awkward with state and national bank notes. (Champ, 2007)

In the last quarter of the nineteenth century, mining and lumber companies flourished. Often these companies were located in remote regions far from banks. The remote locations of these enterprises encouraged them to issue their own money, commonly called scrip. Scrip is often a localized currency, redeemable in the goods or services of the issuer. In the case of mining and lumber companies, scrip was typically redeemable in goods sold at the company store. Originally, scrip took the form of paper, but eventually durable metal tokens became widely used. If your looking for the most noted source for this type of private issue currency get in touch with Fred Holabird for an overwhelming education. Just click on his name for his site.

Courtesy Fred Holabird

By issuing scrip, mining and lumber companies could economize on their use of national bank notes, Treasury certificates, and coins—the forms of money accepted outside the local area at that time. Since scrip could be used only at the company store, workers often sold scrip at a discount for money that could be used for purchases elsewhere. Scrip was issued extensively. According to Dodrill (1971), 20,000 coal company stores in the United States, Canada, and Mexico issued scrip during the early 1900s. Examples of scrip from this era now in private collections number into the thousands.

Although the use of scrip was criticized at the time, the courts typically ruled that coal and lumber companies were not violating the 1862 and 1864 acts by issuing it, since it was not intended to circulate as money.

In this article I quoted Bruce Champ from the Federal Reserve Bank of Cleveland from a Commentary written in 2007. In the article he discussed the up and coming rise of electronic funds and other forms of currency. Seven years later it seems his thoughts have come true. Old currency and Bank Notes, tokens are ways to stay in touch with our past, as we advance into the future; I personally like the past for the flavors of currency issued for everything, I even miss the old slot machine tokens and the rumble they made when you cashed out.

Have Fun....

CJC

Reference:

Champ, Bruce (2007) "Private Money in our Past, Present and Future" Federal Reserve Bank of Cleveland - Economic Commentary; Retrieved from URL: http://www.clevelandfed.org/research/commentary/2007/010107.cfm