Riding Shotgun- With A Flair For Coins

Riding Shotgun
By
Dewey Maggard


Of all the coin dealer activities I have heard, this one has a real unique flavor reminiscent of the old west in some ways. I knew a couple of fellows one of who was a coin dealer at the particular time of this story. The other fellow was a friend of this dealer and later became a successful dealer-now of over 30 years since their escapades. I say escapade because there was nothing like it before-or since. Both of these Gents were friends of mine and I witnessed their clever entrepreneur activities.
The story takes place when our Government was recalling silver. Some of you will recall
when the Government began to retire the silver certificates. Some of you may have participated in the scramble that followed to redeem your silver certificates for silver dollars. Silver was to be phased out of our coinage and silver certificates would be redeemed. The evidence to this tale is seen in our clad coinage of the 40% varieties and finally none at all. For those of you who did not witness this scene, try and imagine how frustrating it was to know that silver was being recalled and there was tons of it still in circulation. You as a collector was going through rolls of coinages "cherry-picking" for the better dates of silver coins- whether it be dimes, quarters, halves or dollars. This term "cherry picking" may have been slightly present, but this is when it made its Grand coming out Debut. The upper classman of our numismatic friends were picking up bags at their local banks. These folks were getting red-eyed as they sat up late at night initiating a ritual that has lasted until now. Except now, it is errors that has the magnetic charm.
Silver, Silver silver was the topic of discussion at our local coin club meetings "What did you pick up this past week"? This was the big question with an array of humorous stories. This one I now relate is how two individuals, one a dealer approached this dilemma. . This San Francisco bay area dealer had made friends with many of the right people through customers and the many coin club memberships and with the help of his influential friends. At this time, collectors banded together with their club members and formed small buying groups. The idea was pool your money for greater buying power for those rolls of silver gems still floating around. This writer participated in some of these ventures. I might add during this time, all our ventures were pleasingly successful. It seems no one could do wrong during this period of the 60's
This dealer had been contacted by a group of 30 professional men of his area along the peninsula with a unique proposition. Their quest was for silver. They wanted bags of silver dollars. Now at this time some of you may remember $1000.00 bags of silver dollars were being advertised and sold for $200.00 over face value. My dealer friend had the reputation of being able to acquire just about anything you wanted included proof rarities. They had $60,000 available per month if a supply could be had. Now, this Dealer friend, of mine along with his friend had already skimmed the silver dollar supply at the Gaming houses in Reno, Nev. and Lake Taho, California. They had made friends with at least one large enough establishment that through cherry picking, provided this dealer with his reputation of being able to obtain supply keys and semi keys of silver dollars. True many-showed slot machine wear—(bag scratches & abrasions). These Investors were serious buyers. They knew very well that silver would skyrocket-which it ultimately did.
My friends soon learned that Billings Montana was a haven for silver dollars. In order to supply their investor group; they embarked on one trip a week from San Francisco bay area to Billings, Montana.
The old Buick of the dealers was given a set of overload springs and off they went to Billings. Both fellows carried snub-nosed 38 caliber pistols in their belts, and the friend rode shotgun (actually) with a sawed off shotgun in the front seat with them. (They knew it was illegal).
When they returned, from Billings, red-eyed from hardly any sleep and the tiring trip, they would proceed to cherry pick the 15 bags of silver dollars they carried back. You see 15 bags is all the old buick
Could handle with overload springs. Between trips, they would be on the telephone-and Teletype I might add to give a quick list to their customers and take orders for rolls of mixed dates, and sometimes all the same date. I still own some of those uncirculated dollars that came out of those trips. Too bad I still don't have the 89 CC, which was among my purchases. This went on for just a few weeks- and the cherry picking resulted in both fellows becoming well to do financially. The Bay Area dealer became a millionaire in less than ten years- the other fellow is still an active dealer with many fond memories of the days when he rode
Shotgun. .
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Copyright May 18 2000