Lunacy, Pure Lunacy

By David W. Boitnott

I am firmly convinced that either the coin market in Raleigh is hot, hot, hot or that to many people around here have been spending way to much time outdoors in the midday sun and have gone stark raving mad!!! Why, you ask have I come to this belief. Well, Saturday, July 15th I attended part of the North Carolina State Treasurer's Escheat and Unclaimed Property Auction in the Kerr Scott Building at the fairgrounds and what I witnessed there is almost beyond belief.

It started innocently enough as I arrived at 8:00 a.m. just as the doors were opening for lot viewing. I first registered and did a quick scan of the lots to see if anything jumped out at me. Mostly circulated silver, wheat cents and the like. Next, I skimmed through the auction catalog if you can call a photocopied printout of a spreadsheet a catalog looking for any interesting items. I did notice a North Carolina Bicentennial Medal but no mention as to size or composition. It turned out to be a small silver one in the original package. I then bumped into a fellow RCCer and walked and talked with him as we did a more detailed viewing of each lot. We both marveled at lot 77. Described in part in the catalog as containing an "Indian Head Cent Collection Folder w/ 57 coins." Lets see 1859 to 1909 that's 51 coins, a couple of mint-marked dates, plus varieties, hey this could be a complete set! Is there an 1877 in it? We just had to see. We removed the rubber band and opened the folder and "Oh, my god!" breakout the sunshades. They were the most beautiful VG coins polished to a high luster and unnatural gold tone you could ever hope to find. Oh, no they didn't ruin a rare 1877 did they? What a relief there was a 1909 in that hole. For that matter, not many of the other holes in the folder had the date coin intended for them either. A great disappointment but good for a laugh or two.

Nine o'clock came quickly and it was time for the lunacy, I'm sorry the auction to begin. Lot 3 was the first numismatic lot and I use the term loosely. It contained an EF/AU 1921 Morgan dollar, a pair of 1922 Peace dollars in similar condition along with 9 minor silver coins that were dark green with PVC damage and remnants of foam stuck to them. This lot was only of interest as an example of how not to store one's coins. After heated bidding the auctioneer cried "sold for $75 bidder number..." I could hardly believe my ears.

The lunacy had begun with a bang and continued unabated from there. For your consideration and enjoyment I submit the following high or are they lowlights. Lot 12, three proof sets 1970, 71, and 72 sold for $50. Lot 14, eleven Eisenhower dollars, 9 bicentennial, all clad, 1 Kennedy half and three Susan B's a steal at $55. Then there was lot 30, two 1976 $2 bills and 1 silver certificate all grading fine that went for $35. After a few jewelry lots the lunacy picked up again. Unbelievably lot 40, 700 pennies rolled and unknown whether they were wheaties or not went for just $35 after brisk bidding. Then lot 41 an EF/AU 1922 Peace dollar also brought $35. A gentleman seated in front of me was the under bidder and quite disappointed. I tried to comfort him by pointing out that by loosing he had actually saved around 20 bucks. But back to the bidding, lot 43 a 1953 $2 bill, red seal grading VG at best sold for $15. Then my personal favorite, lot 45 one 1992 silver eagle and a 1964 silver Roosevelt dime. The bidding went rapidly 10 dollars, 15, 20, 25, 30, 40, 50 dollar bill, going, going, sold!!!! I guess it must have been one of those rare matte proofs or something.

It took about an hour to get through the first 50 lots and since I had other commitments I had to leave. Besides I had seen enough lunacy in that hour to keep me chuckling for several weeks already. I did stop long enough in the lobby to talk with four other knowledgeable collectors. We were all leaving, shaking our heads with that "deer in the headlights" stare of disbelief. Just think, it was just two weeks earlier in this same building that we had our annual club coin show. If dealers had asked prices like these for this type of material they would have been branded as crooks at best. This auction really brought into focus how important education in the hobby is and how important it is to have numismatic organizations like the RCC, NCNA, and ANA to provide a source for that education. One has to wonder how many potential collectors learned some hard and expensive lessons at this auction that might sour them on the hobby forever. I know they were doing it to themselves but I still cringed with every bid. We really need to do more as a club to promote the hobby and educate the public.

I know enough for the soapbox speeches already. Well in conclusion the state has these auctions at least once a year and sometimes more if the volume of "stuff" permits. The chances of finding any great rarities or values are slim but you never know if you don't look. But, even if you don't make a single bid the entertainment value is a compelling enough reason to attend. And if you ever had self-doubts about your purchasing habits in the hobby and questioned your own sanity a day at one of these auctions will quickly cure that.

Quick mental note. Monday check around for the cheapest safe deposit box I can find, put all my unwanted numismatic stuff in it, don't pay the bill, have the bank turn over the contents to the state, let them sell it and then go to claim my property and get the money. Good plan but that process would probably take a couple of years, hey James G. think your wife can help us out with this. Selling our duplicate and no longer wanted coins in this venue beats the pants off of even eBay!!

Until next month - Enjoy the hobby!