Tag Archives: Coins

Coin Prices: Part II

Posted on by The Old Wolf

In a recent article, I mentioned a set of coins offered by PCS Stamps and Coins, and showed how much of a markup these people were getting.

Since their ads keep popping up on my mobile phone, I thought I’d add just one more example of how putting lipstick on a pig can bamboozle the ill-informed.

Today’s offering: A complete date set of the Peace Dollar, in protective plastic capsules and a handsome cabinet. Price: $848.00

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Complete 10-coin set, with cabinet

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United States Peace Dollar

No question, the set is very pretty. But:

Per the advertisement, these coins are offered in “gently circulated condition.” This is essentially a meaningless statement for collectors; let’s look at the average dealer asking price for a similar set as presented by the Professional Coin Grading Service:

grading

Note that these are average dealer asking prices for PCGS-graded coins; buyers of this set have no guarantee that these coins have been graded by anyone.

The price for a set of coins in 40-grade (Extra Fine) is $442, and the odds that you’ll get a set of coins in this condition are vanishingly small. So you’re paying at least twice the price of these items for the bonus of a cheap cabinet from China and a few plastic capsules.

If you’re thinking this is a good investment, it’s not. You could assemble the same set for much, much less by visiting different coin stores online or in person, armed with the PCGS grading and pricing information.

Be careful out there, and don’t be taken in by the bells and whistles of slick advertising promotions.

The Old Wolf has spoken.

Coin collecting – nobody makes money but the dealers.

Posted on by The Old Wolf

I learned this lesson the hard way as a kid, as I sank endless amounts of allowance and paychecks and tips into a coin collection and various and sundry offerings from the Franklin Mint, touted as “brilliant investments” and “guaranteed to be coveted”. Yes, some of the things I gathered were very pretty, but 50 years later when it came time to divest myself of the items for this reason and that, I found out that most of the stuff was worth: melt value. That’s just the sad reality of the collecting world.

The same holds true for stamps: the mint sheets of things like the Mercury mission

301748

Face value: $4.00. Dealer price today: $18.40. Hardly a brilliant investment over time, and that’s for a mint sheet. Certainly not what my father envisioned as he gathered sheets like this which I ended up inheriting. Individual cancelled stamps collected from envelopes will fetch you… well, kindling, really. With the exception of a few very rare beauties, stamp collecting is a hobby for amateurs (in the original sense, meaning “those who love”) rather than investors.

Not that dealers out there are not still trying to flummox the unwise and the uninformed. Look at this beautiful collection of Liberty Seated coins from PCS stamps and coins, offered for only two payments of $295.00:

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Yes, it’s very attractive. Here’s the potential breakdown of value, taken from the PCGS website – you can be sure that the coins you get will be the commonest (hence cheapest) varieties out there, and all in “Very Good” condition, or between grade 8 and 10.

1877 CC Liberty Seated Half Dollar – grade 8 – $59.00
1876 CC Liberty Seated Quarter – Grade 8 – $60.00
1876 CC Liberty Seated Dime – Grade 8 – $29.00

Total $148.00

That pretty little case probably costs about 30.00 or less from a dealer in China – so for a premium of $400.00 you can have someone put together a set of coins that you could own for 1/3 the price. Even 50 years down the road, don’t expect your investment to appreciate anywhere near that much.

Old US coinage can be beautiful, and top specimens command insane prices from the wealthy bidders who buy them at auction – but if you want to make money from collecting coins… become a dealer.

The Old Wolf has spoken.

International monetary units

Posted on by The Old Wolf

                                         Dollars and Cents around the World

Pursuant to my previous post about hyperinflation and thinking of Greek lepta, I remembered that I had this list of units and fractions tucked away, and decided to share it for no good reason. Many of these currencies are historically obsolete, having been revalued multiple times or abandoned, but it’s interesting to see what was used.

Afghanistan                                        1 afghani = 100 pul

Albania                                                1 lek = 100 qindar (plural=qindarka)

qindarka

Algeria                                                1 dinar = 100 centimes (santimat)

Andorra                                               1 diner = 100 centims

Angola                                                1 kwanza = 100 lwei

Argentina                                            1 peso = 100 centavos [still valid?]

Armenia                                              1 dram = 100 lum

Aruba                                                  1 florin = 100 cents

Australia                                              1 dollar = 100 cents

Austria                                                1 Schilling = 100 Groschen

austria

In Villach in 1975 there was a dry-goods store that had a once-a-year “1-groschen sale” – for a 1-groschen coin, you could get a yard of cloth. By this time, the 1-groschen coin was rare enough that the store came out ahead.

Azerbaijan                                           1 manat = 100 qapik

Bahamas                                              1 dollar = 100 cents

Bahrain                                                1 dinar = 1000 fils

Bangladesh                                         1 taka = 100 poisha

Barbados                                             1 dollar = 100 cents

Belarus                                                1 rubel = 100 kapeek

Belgium                                               1 franc = 100 centimes

Belize                                                  1 dollar = 100 cents

Benin                                                   CFA franc

Bermuda                                             1 dollar = 100 cents

Bhutan                                                1 ngultrum = 100 chhertum

Bolivia                                                 1 boliviano = 100 centavos

Botswana                                            1 thebe = 100 pula

Bosnia-Herzegovina                            Dinar/Deutsche Mark [?]

Brazil                                                   1 real = 100 centavos [still valid?]

British Virgin Islands                          1 dollar = 100 cents

Brunei                                                 1 dollar = 100 sen

Bulgaria                                               1 lev (plural leva) = 100 stotinki (singular: stotinka)

stotinka

Burundi                                               CFA franc

Cambodia                                            1 riel = 100 sen [still valid?]

Cameroon                                            CFA franc

Canada                                                1 dollar = 100 cents

Cape Verde                                         1 escudo = 100 centavos

Cayman Islands                                  1 dollar = 100 cents

Central African Republic                    CFA franc

Chad                                                   CFA franc

Chile                                                    1 peso = 100 centavos

China (PRC)                                       1 yuan = 10 jiao = 100 fen

China (Taiwan)                                   1 New Taiwan Dollar (yuan) = 10 chiao = 100 cents (fen)

Colombia                                             1 peso = 100 centavos

Comoros                                              Franc

Congo                                                 CFA franc

Cook Islands                                       1 dollar = 100 cents (tene)

Costa Rica                                           1 colon = 100 centimos

Croatia                                                1 kuna = 100 lipa

2003 Croatian 20 Lipa coin

Cuba                                                    1 peso = 100 centavos

Cyprus                                                 1 pound = 100 cents

Czech Republic                                   1 korun = 100 haleru

Denmark                                             1 krone (plural: kroner) = 100 ore

Djibouti                                               Franc

Dominican Republic                           1 peso = 100 centavos

East Caribbean States                         1 dollar = 100 cents

Ecuador                                               1 sucre = 100 centavos

Egypt                                                  1 pound (ginayh) = 100 piastres (qirsh) = 1000 milliemes (millimat)

Egypt Half millieme

1/2 Millieme, Egypt, 1938

El Salvador                                         1 colon = 100 centavos

Equatorial Guinea                               CFA franc (franco)

Eritrea                                                 Dollar

Estonia                                                1 kroon = 100 senti

Ethiopia                                               1 birr = 100 santeems [still valid?]

Falkland Islands                                  1 pound = 100 pence

Fiji                                                       1 dollar = 100 cents

Finland                                                1 markka = 100 pennia

France                                                 1 franc = 100 centimes

centimes.jp

In France, there were about 5 Francs to a dollar for the longest time. This 20-centime piece would have been worth about a nickel.

French Polynesia                                 CFP franc

Gabon                                                 CFA franc

Gambia                                                1 dalasi = 100 bututs

Georgia                                               Lari

Germany                                             1 Mark = 100 Pfennig

Ghana                                                  1 cedi = 100 pesewas

Gibraltar                                              1 pound = 100 pence

Great Britain                                       1 pound = 100 pence

Not to mention quids, bobs, mags, tanners, joeys, threepenny bits, florins, half-crowns, and all the rest of that nightmarish system. That’ll be two and six ha’penny, thanks.

Greece                                                 1 drachma = 100 lepta (singular: lepton)

Guatemala                                           1 quetzal = 100 centavos

Guernsey                                             1 pound = 100 pence

Guinea                                                 franc guineen

Guinea-Bissau                                     1 peso = 100 centavos

Guyana                                                1 dollar = 100 cents

Haiti                                                    1 gourde = 100 centimes

Honduras                                            1 lempira = 100 centavos

Hong Kong                                         1 dollar = 100 cents

Hungary                                              1 forint = 100 filler

Iceland                                                1 krona (pl. kronur) = 100 aurar (singular: eyrir)

India                                                    1 rupee = 100 paisa

pie

1 rupee had 16 annas, an anna had 4 pice, and 1 paise had 3 pies. This little coin was therefore worth 1 pie, or 1/192 of a rupee.

Indonesia                                            Rupiah

Iran                                                      Rial

Iraq                                                      1 dinar = 1000 fils

Ireland                                                 1 punt = 100 pence

Isle of Man                                          1 pound = 100 pence

Israel                                                   1 sheqel (plural: sheqalim) = 100 agorot (singular: agora)

Italy                                                     Lira

5lira

The 5-lira coin was still in use in Naples in 1970. It was becoming more scarce, and the 10-lira coin was most commonly seen, but they were still around. In those days, a “normale” (standard shot of espresso) cost 50 lire or about 8 cents, so collect 10 of these and you could get a cup of coffee.

Jamaica                                                1 dollar = 100 cents

Japan                                                    1 Yen = 100 Sen = 1000 Rin

sen

Japan 1-sen coin, 1944

Japanese 1-Rin coin

The rin was discontinued after 1892, and the sen was demonetized in 1953.

Jersey                                                  1 pound = 100 pence

Jordan                                                 1 dinar = 10 dirhams = 1000 fils

Kazakhstan                                         1 som = 100 tyin

Kenya                                                  1 shilling = 100 cents

Kiribati                                                1 dollar = 100 cents

Korea (ROK & DPRK)                      Won

Kuwait                                                1 dinar = 1000 fils

Kyrgyzstan

Laos                                                    1 kip = 100 att

Latvia                                                  1 lats = 100 santimu (singular: santims)

Lebanon                                              1 livre (lirah) = 100 piastres (qurush)

Lesotho                                               1 loti (plural: maloti) = 100 lisente (singular: sente)

Liberia                                                 1 dollar = 100 cents

Libya                                                   1 dinar = 1000 dirhams

Liechtenstein                                       1 franc = 100 rappen

Lithuania                                             1 litas = 100 centu (singular: centas)

Luxembourg                                        1 franc = 100 centimes

Macao                                                 1 pataca = 100 avos

Macedonia (FYROM)                        1 dinar = 100 deni

Madagascar                                         Ariary [still valid?]

Malawi                                                1 kwacha = 100 tambala

Malaysia                                              1 ringgit (dollar) = 100 sen

Maldive Islands                                  1 rufiyaa = 100 laari

Mali                                                     Franc

Malta, Republic of                              1 pound = 100 cents = 1000 mils

Malta, Order of                                   1 scudo = 12 tari = 240 grani

Mauritania                                           1 ouguiya = 5 khoum

Mauritius                                             1 rupee = 100 cents

Mexico                                                1 peso = 100 centavos

Moldova                                              1 leu (plural lei) = 100 bani

Moldova-Trans-Dniestria [ethnic Russian secession zone]     Rouble

Monaco                                               1 franc = 100 centimes

Mongolia                                             1 tugrik = 100 mongo

Morocco                                              1 dirham = 100 santimat

Mozambique                                       1 metical = 100 centavos

Myanmar                                             1 kyat = 100 pyas

Nepal                                                   1 rupee = 100 paisa

Netherlands                                         1 gulden = 100 cents

Netherlands Antilles                           1 gulden = 100 cents

New Caledonia                                   CFP franc

New Zealand                                      1 dollar = 100 cents

Nicaragua                                            1 cordoba = 100 centavos

Nigeria                                                1 naira = 100 kobo

Norway                                               1 krone (pl. kroner) = 100 ore

Oman                                                  1 rial = 1000 baiza

Pakistan                                               1 rupee = 100 paisa

Panama                                                1 balboa = 100 centesimos

Papua New Guinea                             1 kina = 100 toea

Paraguay                                             1 guarani = 100 centimos

Peru                                                     1 sol = 100 centavos [still valid?]

Philippines                                           1 piso = 100 sentimo

Poland                                                 1 zloty = 100 groszy

Portugal                                               1 escudo = 100 centavos

Qatar                                                   1 riyal = 100 dirhem

Romania                                              1 leu (plural lei) = 100 bani

Russia                                                  1 rouble = 100 kopeks

kopek

Russia – 5 kopeks, 1974

Rwanda                                               Franc

St. Helena & Ascension                      1 pound = 100 pence

St. Thomas & Prince                           1 dobra = 100 centimos

San Marino                                          Lira

Saudi Arabia                                       1 ghirsh = 5 halala (riyal?)

Senegal                                                Franc

Seychelles                                           1 rupee = 100 cents

Sierra Leone                                        1 leone = 100 cents

Singapore                                            1 dollar = 100 cents

Slovakia                                              1 korun (pl. koruny) = 100 haleru

Slovenia                                              1 tolar (pl. tolarjev) = 100 stotinov

Solomon Islands                                 1 dollar = 100 cents

Somalia                                               1 shilin = 100 senti

Somaliland                                          Somaliland shilling

South Africa                                       1 rand = 100 cents

Spain                                                   1 peseta = 100 centimos

Sri Lanka                                             1 rupee = 100 cents

Sudan                                                  1 pound (ginayh) = 1000 millim

Surinam                                               1 gulden = 100 cent

Swaziland                                           1 lilangeni (pl: emalangeni) = 100 cents

Sweden                                               1 krona (pl: kronor) = 100 ore

Switzerland                                         1 franc = 100 rappen or 100 centimes or 100 centesimi

Syria                                                    1 pound (lirah) = 100 piastres (qirsh)

Tajikistan                                             Manat [?]

Tanzania                                              1 shilingi = 100 senti

Thailand                                              1 baht = 100 satang

Tonga                                                  1 pa’anga = 100 seniti

Trinidad & Tobago                             1 dollar = 100 cents

Tunisia                                                 1 dinar = 1000 millim

Turkey                                                 1 lira = 100 kurus

Turkmenistan                                      1 manat = 100 tennesi

Tuvalu                                                 1 dollar = 100 cents

Uganda                                               1 shilling = 100 cents

Ukraine                                               Karbovanetz (coupons)

United Arab Emirates                         1 dinar = 100 fils

USA                                                    1 dollar = 100 cents

Uruguay                                              1 peso = 100 centesimos

Uzbekistan                                          1 sum = 100 tiyin

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With 1000 Uzbeki som being worth $0.60 (as of 2013), the 1-tiyin coin was reported to be the “most worthless coin in the world,” with a value of 1/1999¢. Given constant fluctuations in world currencies, and constant devaluations, this honor will probably not last.

Vanuatu                                              Vatu

Vatican City                                        Lira

Venezuela                                           1 bolivar = 100 centimos

Vietnam                                              Dong

West African States [currency union of former French colonies] CFA franc

Western Samoa                                   1 tala = 100 sene

Yemen       ?                                        [since reunification in 1990??]

Yugoslavia                                          Dinar/Deutsche Mark [since 1994]

Former Yugoslavia – 1 Dinar, 1963. The earlier dinar was equal to 100 para.

Zaire                                                    Zaire

Zambia                                                1 kwacha = 100 ngwee

Zimbabwe                                           1 dollar = 100 cents

The Old Wolf’s Two Penn’orth.

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