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 Replies: 35 / Views: 6,421 |
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Pillar of the Community
United States
509 Posts |
I'm no historian or coin expert, but early 1900's was a big time for immigration in the USA.. So both old and new designs were likely fresh for those coming here. That and I'd imagine that with immigration you needed $$ to live and not collecting dust, which would keep coins circulating longer and probably made for regular interesting finds for years to come. Then the great depression hit and all the coins were hoarded and buried until someone on ebay found them and is auctioning all those legit CC Morgan rolls.......... |
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Pillar of the Community
United States
1817 Posts |
And let's not forget the four gold denominations that debuted in 1907-08 replacing designs that lasted more than a half century. Fractional silver coinage really did not circulate freely until the paper money situation stabilized around 1900 and the US went on a de facto gold standard instead of a bi-metallic standard the silverites were advocating. In the 19th century, silver and gold coins were traded as bullion, frequently higher than was stamped on the face of the coin. Paper money was significantly discounted from face, and it was illegal to tender in California after 1850. The history of money in the US is pretty fascinating.
One other thing, OBRs did not occur until the roll craze of the 1930's. New coins were delivered to the Treasury and the banks in sewn bags NOT rolled in bank paper in boxes. At the mints they were dumped into a large wooden counting board then emptied into a coin counter with a bag under it.
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Pillar of the Community
United States
3546 Posts |
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Pillar of the Community
United States
4692 Posts |
I am glad I was not a collector at that time, because I would be really old. I prefer to be a collector now!
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Bedrock of the Community
United States
17884 Posts |
Quote:
And let's not forget the four gold denominations that debuted in 1907-08 replacing designs that lasted more than a half century. But the gold coins represented a significant sum of money and the common man seldom saw them, with the possible exception of the quarter eagle. So changing designs on these coin probably had little effect of the creation of more collectors. Quote:
Fractional silver coinage really did not circulate freely until the paper money situation stabilized around 1900 and the US went on a de facto gold standard instead of a bi-metallic standard the silverites were advocating. The paper money situation stablized by the early 1870's at which point the questionable state and private banknotes were gone and the Federal paper was exchangeable at par with gold. The US had been on a de-facto gold standard since 1853 when the weight of the silver coins were made subsidiary to gold and their legal tender status was restricted. In 1901 the gold standard became official. Quote:
In the 19th century, silver and gold coins were traded as bullion, frequently higher than was stamped on the face of the coin. During the early part of the 19th century that was true,but during the later half gold was fairly stable and the gold coins were seldom worth more as bullion than as coins. After 1853 I don't believe silver ever was and it definitely was never worth more as bullion after about 1870. Quote:
Paper money was significantly discounted from face, Until about 1872. Quote:
and it was illegal to tender in California after 1850. Until the Federal Legal Tender Greenbacks were issued in 1862. Quote:
The history of money in the US is pretty fascinating. True. Quote:
New coins were delivered to the Treasury and the banks in sewn bags NOT rolled in bank paper in boxes. New coin has never been delivered to the Treasury in rolls, even today. |
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Pillar of the Community
United States
814 Posts |
Quote:Then the great depression hit and all the coins were hoarded and buried until someone on ebay found them and is auctioning all those legit CC Morgan rolls..........  Edited by hcmusicguy
11/21/2014 10:41 am
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Moderator
 United States
188770 Posts |
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OBR? Original Bank Roll |
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Pillar of the Community
United States
593 Posts |
I really like the older coin designs of that Era. They had much greater appearance than images of todays coinage. With some exceptions like ATB and ASE and state and territory reverse designs. I was lucky that my Grandma saved a few IHC and a 1913 Unc Type 1 Buffalo nickel. But in those years money was tight and being able to collect was only open to the well off folks. |
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Valued Member
United States
89 Posts |
A quarter in the 60's could buy you a lot, I doubt anyone in the 1910's would suddenly start putting away change in bulk, that would be a huge wast. Don't forget that mentality was largely different back then in comparison to today as well.
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Valued Member
United States
327 Posts |
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Change was for spending then and those coins represent a lot of value compared to today's jar inhabitants.
This is a very good point. As a percentage of the population there were very few collectors. I would estimate that perhaps 1% of the population could even afford to collect and less than that probably did. |
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Pillar of the Community
United States
2207 Posts |
Yes to those points. Coin collecting was not the same back then as it is today. Numismatics is called the "Hobby of Kings" and there's a good reason for it--originally only kings and other well-heeled people could afford it.
And it's dangerous to look at early 20th-century life with early 21st-century eyes. It's hard to appreciate the mindset of a normal citizen back then. For example, diseases like TB and polio affected the populace with great abandon and were an accepted part of life and death. We don't even think about them anymore. With life being less precarious now, regular people can indulge in and enjoy frivolous hobbies like coins.
I wonder when the first coin collectors' store opened up. Anybody know? That could serve as a benchmark as to when coins became a widespread hobby, as well as a potentially profitable business.
Edited by jpsned
11/23/2014 10:52 am
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Bedrock of the Community
 United States
10045 Posts |
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And it's dangerous to look at early 20th-century life with early 21st-century eyes. No, not really--because we're not re-writing history--we're just having fun.  |
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Pillar of the Community
Canada
1118 Posts |
About the buying power of change and when the lay man got into set building the penny board took off in the 30's.
I believe Whitman also made nickel and half dollar boards but no one used those, too much buying power.
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Valued Member
United States
300 Posts |
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Pillar of the Community
United States
3540 Posts |
Great link Gothic - thanks for sharing the info.
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Replies: 35 / Views: 6,421 |
First Page
Posted 11/20/2014 7:40 pm
