Favorite Coin Stories...

I had to post this here. Makes me smile as I think about the guy taking off to Europe. Please post your favorite stories here.

From Q. David Bower's book, the official Red Book on Morgan dollars...

Prior to 1962, the 1903-O Morgan was a key date coin. Releases were small in the early 20th century, and it seemed that no more than a dozen or so were saved by interested numismatics. Years later, in the 1930's when collecting became more popular, it was realized that the 1903-O dollars were rare and Mint State samples were almost impossible to find. The explanation was simple: They have been melted under the 1918 Pittman Act. And, probably the majority were.

Years passed and to give you an idea of what a 1903-O Morgan was going for in 1962, the Guide Book had them at $400 in EF condition and $1,500 in Uncirculated condition! Remember...these are 1962 prices/dollars!

Then in November of 1962, bags of long-stored 1903-O dollars (as well as other "key" dates) were brought out from a vault within the Philadelphia Mint that had been sealed since 1929. At first one, or perhaps a few 1903-O silver dollars were found as part of the holiday payout of coins, then more...then a deluge! Best part, they looked like they were just minted and were beautiful MS coins that have never seen circulation.

Now, Coin World reported this in their December 14th, 1962 issue and prices of Uncirculated 1903-O Morgans that were $1,500 in November fell like a rock to $13 to $15.

But this is the part that made me laugh...

One enterprising, or perhaps unscrupulous would be the better word, person bought a bunch of these 1903-O Morgans and hopped on a jet plane for London. Referring to the Guide Book, he sold many of these 1903-O Morgans to unsuspecting English coin dealers at "bargain" dollars. Instead of $1,500, I suspect he sold them "at a slight discount". Meanwhile, news didn't travel as fast as it does today and many English coin dealers soon found out that their "bargain" 1903-O Morgan dollars very soon became a "wipeout loss".

I could picture the conversation, "Honey, I am catching the next flight to London. If anybody calls, tell them I'm in ____." I don't need any luggage, just this carry-on!"