Continental Currency Dollar

[Roblou270]

Please visit my custom set, The Resolute Continental Currency Dollar Collection. The finest and most complete set of Continental Dollars ever assembled.

 

Updated information as of 3/30/15.

 

https://coins.www.collectors-society.com/wcm/CoinCustomSetView.aspx?s=17828

 

https://coins.www.collectors-society.com/wcm/CoinCustomSetGallery.aspx?s=17828

[wdrob]

 

Here is a direct link to his set.

 

 

 

[Roblou270]

Yes and also those who still remember what the value of a penny was before.

 

Rob

[brg5658]

Please visit my custom set, The Continental Currency Dollar Collection. The finest and most complete set of Continental Dollars ever assembled.

 

I stumbled upon this set over the weekend without having seen this link.

 

FANTASTIC composite set! Truly a masterpiece of rarities...

 

Congrats! (thumbs u

[Roblou270]

Thank you for your thoughts. I totally agree with you regarding their rarity. Never in my wild imagination as a 12 year old did I ever imagine being able to put together such a collection. I was very fortunate that both the Newman and Partrick collections were being recycled upon my re- entry to collecting.

 

Rob

[greysoldier]

An amazing collection in all aspects. I don't think I have seen anything as historically impressive in quite some time. Congratulations on a great collection and exceptional presentation !

[Roblou270]

Dear greysoldier,

 

Thank you for your kind comments. I hoped that many of my fellow collectors would appreciate this collection as much as I do. I will be using some of these wonderful coins to introduce high school students to our rich history. Do read Bob Keathley's 1784 German almanac translation, "1700s in a America." It is a real gem. I higly recommend it.

 

Roblou270

[Roblou270]

I have added three new updates and next month, I have a new group of books arriving from the 1860s to 1900 that i hope will provide additional information. As a side note, last week, I shared a Continental Dollar with some inner city high school students. They were amazed and had never seen anything like it. When I told them the meaning behind the coin and who was its author, they were quite impressed. It was fun to see their reactions. They also got to see a Syracuse Decadrachm from 405 BC that blew them away. It was gratifying to be able to share a couple of treasures with them. Coins should be shared rather than be left in the dark of a cabinet.

[Roblou270]

Here is a quote I found in the 1896 Numismatist article about Lorin G. Parmelee and his coin collection and why he sold it for $75,000 in 1890. He said, “my children take no interest in them whatever. Young people of this day do not have much sentiment. They would rather have the money that these coins will bring than to own them. I would not.” This sounds a lot like the sentiments expressed by many parents today about their kids and the focus on quick money. Had his children and grand children kept the collection in tact to this day and it experienced a compound annual growth rate (CAGR) of return of between 7% and 11%, with 9% similar to that of the Dow Jones Industrial Average’s total return for the period, its value would have increased to $353.2 million at a 7% CAGR, $3.6 billion at a 9% CAGR and get ready for this, at an 11% CAGR, a whopping $34.7 billion.

 

Just thought some of you might enjoy reading this quote. Might be something to share with your children when they roll their eyes at your coin collecting hobby.

[brg5658]

Here is a quote I found in the 1896 Numismatist article about Lorin G. Parmelee and his coin collection and why he sold it for $75,000 in 1890.

 

He said, “my children take no interest in them whatever. Young people of this day do not have much sentiment. They would rather have the money that these coins will bring than to own them. I would not.”

 

This sounds a lot like the sentiments expressed by many parents today about their kids and the focus on quick money. Had his children and grand children kept the collection in tact to this day and it experienced a compound annual growth rate (CAGR) of return of between 7% and 11%, with 9% similar to that of the Dow Jones Industrial Average’s total return for the period, its value would have increased to $353.2 million at a 7% CAGR, $3.6 billion at a 9% CAGR and get ready for this, at an 11% CAGR, a whopping $34.7 billion.

 

Just thought some of you might enjoy reading this quote. Might be something to share with your children when they roll their eyes at your coin collecting hobby.

 

I think assuming an average return of 9% on coins over that long a period is wildly optimistic. I can't fathom any individual coin collection that would sell for anything near $3.6 billion today, even the Parmelee holdings. Even 7% seems optimistic...

 

Thanks for posting the quote. Some things never change!

[Roblou270]

When I have compared various types of asset classes over long periods of time, at least 50-60 years, it is amazing how many approximate one another in tersm of long term rates of return such as in real estate or stocks. I've always viewed money as similar to water in a glass that swishes from one side to another. This is analogous to money shifting from one asset class to another within an economy.

 

In the case of coins, particularly rare ones, I have calculated many CAGRs that are in the 10-11% range and some into the high teens for 50-70 year periods. On some of my other coins, going back into the 1860s and 70s, results like these came up. However, as the coins become more common, this result outcome does not occur often. In the case of my 1909 S VDB in XF that my father gave to me in 1960, its approximate CAGR is a little over 4%. For some gold eagles I own in mint state conditions, thier CAGRs are closter to the 10-11% range for the same period.

 

Whether the numbers are right or not, I think the sentiment expressed by Paremelee is spot on.

 

Thank you for your response.

[Roblou270]

I've just added additional information regarding the silver Continental dollar 1-C as well as for the Treaty of Paris medal. Auction information and color from the Dr. Charles M Clay auction of December 1871 is now attached to both of these coins.

[Roblou270]

In reviewing the Charles I. Bushnel auction catalogue of 1882, I believe I may have Lot 713 in my collection, a pewter 3-D variety that the catalogue described as "proof". My specimen is one of the four finest in existence and shows many proof-like qualities. Several markers on both the obverse and reverse sides of the plate coin appear to conform with my coin. I have sent a request to Heritage Auctions to see if they can validate my finding. Needless to say, I am excited at the possibility of clarifying and confirming some historical provenance.

[Roblou270]

May 31, 2015: Mr. Mark Borckardt, Senior Numismatist and Senior Cataloger for Heritage Auctions this morning confirmed to me that in fact, my 3-D pewter is the one plated in plate 2, #713, of the December 1882 Bushnell Auction by S.H. & H. Chapman. This may be the earliest confirmed plating of a Continental Dollar. This too needs to be confirmed. Enjoy.

[Roblou270]

I've just added a detailed discussion update regarding an article recently issued in the British pulication, The Numismatic Chronicle, that raises questions regarding the nature and purpose of the Continental Dollar. Two other numismatists and I challenge the sources and reasoning in this article. You be the judge.

[Roblou270]

David Fanning wrote an excellent piece in E-Sylum taking apart The Numismatic Chronicle commentary. Link to it may be found under updates on my Custom Set, https://coins.www.collectors-society.com/wcm/CoinCustomSetView.aspx?s=17828. Between David's commentary and the one I posted the other day, these should pretty much settle the argument about the Chronicle's accuracy.

[Roblou270]

On 8/17/15, I added a new specimen to the collection, a sub-variety to the Newman 1-C. It is a unique pewter wide flange plain edge variety that is #9 in the listing. More information and insight will be included in the Owner's Comment section shortly.