Jim Bisognani: Watch This Dime!

Wow, it must be true: April showers bring a lot of soggy yards, along with those alleged May flowers. But before we bid adieu to April, the calendar shows that we can look forward to the Central States Numismatic Society (CSNS) convention, which is underway in Schaumburg, Illinois.

Founded in 1939, this year marks the 84th anniversary of this popular bellwether show. Attendance is certainly a must for those wanting to visit a marquee event on the numismatic show circuit. During any annual campaign, Central States is just that — a great location for numismatists to meet up with collecting comrades and rub elbows with the elite. I must admit, for me personally, I attended my first Central States show just 13 years ago. I recall that, at one point, I figured I was centrally located in what appeared to be the middle aisle of the convention hall. I turned around, and all I could see were tables, dealers and attendees; it was numismatic nirvana!

As I strolled the aisles within the cavernous hall, there was an ever-present, highly audible buzz. Only when I wandered to the far right of the hall did the decibel level reduce considerably. It was just in time, for I found myself at the beginning section of the exhibits that CSNS is famous for. There were so many delightful, innovative and carefully curated displays before me that I was in awe! I told myself this is what a coin show should be.

If you are among the attendees of CSNS 2023, I am sure you will have a great time. Hey, please let me know what you think of the show!

As has been the tradition ever since the start of the COVID-19 Pandemic, The Central States Numismatic Society auction namesake will be held by Heritage Auctions at their Dallas office from May 3- to May 7, 2023. In total, 2,729 lots will be offered by the auction house. As always, as I peruse the auction catalog online, I will track coins which that I think are special. Whether rare, high-grade or just those that possess incredible eye appeal, they all make this coindexter even more excited, if that is possible!

The following quartet supplies a bit of variety and excitement; each is superb on their own merits. I would love to own one of these, and another I actually did own! Please read on…

Highlights in the 2023 CSNS Heritage Auction

Take this coin: As fiery red as you will ever find, this inaugural 1909 VBD Lincoln Cent graded NGC MS 67+ RD (lot 7058) is tied with four others at the level, with two others somehow besting it at MS 68 RD. Blazing satiny-orange luster envelopes this glowing example. What more could you possibly want in a first year Lincoln? Okay, I hear some wise coindexter shouting about the “S” mark.

And then there was this rarity within the Lincoln Cent series. This superlative 1914-D Lincoln Cent graded NGC MS 66 Red (lot 3031) is tied with three others for the finest graded. I have gazed at the other three and, by my eyes, this is the best coin that is, or will ever be, available for the star Denver delivery of 1914. A majestic strike and deep linear color void of virtually any troublesome oxidation, this is a true prize for the Lincoln connoisseur or just a fan of early Lincoln Cents. The last time this coin appeared in a public sale was nearly 15 years ago, and it brought $32,200.

This always-popular Mercury Dime caught my eye for a few reasons. After the 1916-D, there is the 1921 and 1921-D to vanquish before anyone can complete their Mercury set. This example graded NGC MS 65 FB is a rather lustrous and satiny coin with more than sufficient flash for the designated grade, which makes for a worthy target for the Mercury Dime specialist or key date collector.

The other huge reason this coin caught my eye is the die erosion. It’s obvious in the form of extensive flow lines from Lady Mercury’s brow and nose in the fields. I bring this up because I strongly believe that I once owned this exact coin! My reference marker is the distinct metal flow in front of her nose. I called it the "Mark of Zorro." Take a close look at the coin, and you will see why I gave it that moniker. It was in a different holder at the time, back in the winter of 1993 when I traded that dime for a watch.

Interlude: A bit of backstory...

Having just traveled from a snowy New Hampshire to attend the Long Beach Expo, I thought it would be fun to train and run on the beach prior to heading to the Expo each morning.

So, I diligently put in my morning runs Wednesday through Friday. Then, early Saturday afternoon, as I was cruising the bourse floor, I saw one dealer whose showcase included coins, watches, rings and other collectibles. There, I spied a wonderful Rolex watch. It was glittering stainless and gold, with a deep blue dial.

Now, I’m not into jewelry or fancy stuff, but there was something about this watch. It just looked really, really neat. The dealer, who could sense I was eyeing it, said that he was holding it for his brother who was coming to pick it up later that evening. He said that if his brother didn’t come, I could have the watch for the price marked. We chatted a bit; it was only a few years old but virtually new in the box. It had all the paperwork and everything.

Then, as I was wrapping things up at the Expo on Saturday, I noticed flyers circulating on the bourse that said that access to the show Sunday (yes, friends, the show was open for business on Sundays back then) would be limited due to the running of the Long Beach Marathon that same day. Wow, I thought. Exciting stuff!

I noticed a couple of runners jogging by as I left the hall and asked if they knew anything about the marathon. One fellow replied, “It’s not too late to enter. Just show up at the Sheraton around 6 a.m. You can sign up then.”

Even though I was totally unprepared and hadn’t planned on it at all, that’s all I needed to hear. I skedaddled back to my downtown Long Beach Travelodge room, ate pancakes and grazed on lots of cereal. I set my alarm for 4 a.m. When the time came, I excitedly exited my hotel and ran in virtual darkness to the Sheraton. There wasn’t much of a line at 5 a.m.; I grabbed one of the entry forms and filled it out, paid the $35 first-time marathoner fee and got my bib number.

The race had every kind of physical and climatic challenge. It was about 40 degrees at the start of the race. Around mile 10, it began to steadily rain. Then, winds picked up. At the 20-mile mark, it was hailing; stones about the size of a quarter were striking us with significant velocity! The sun came out later. Mother Nature threw the kitchen sink at us.

I remember that I made a point to sprint at the finish line. It was there that I was given the traditional runner’s T-shirt and something I wasn’t expecting: a bronze medal attached to a royal purple lanyard. They placed it around my neck. On the obverse, it simply read: Long Beach 1993. The reverse read: “First Marathon.”

I was happy to amble back to my hotel room at the race’s conclusion, which was just a mere block or two away from the finish line. I showered and then said to myself, “I’m going back to get that watch!” Even though I had just run 26.2 miles, I was able to sprint back to the convention center and look up the dealer’s table. I saw the watch was still there; the dealer looked at my eager face, informed me that his brother never came and told me I could have it!

As I was short on cash, I asked if he would be interested in a trade: the 1921 Mercury Dime graded NGC MS 65 FB for the watch. He replied, “I really can’t use the coin, I just want cash.” Fine. As the bourse was still flush with dealers, I consented. “I’ll get you the cash for the watch. Just hold it.”

The Mercury Dime was bid at around $2,300, and I needed $2,000 for the watch. So, I began my trek around the bourse, offering the coin to dealers. Many dealers wanted it, but none of them had cash! It was a while before I found two dealers who co-broke the deal, and I was able to get $2,100 in my hands.

So, I skedaddled back — yes, I could still skedaddle — and made the deal with the watch dealer. At face value, it seems like quite a deal: a dime for a Rolex watch! Actually, it was a win-win as both the NGC MS 65 FB 1921 Mercury Dime and the Rolex watch are worth about the same amount in the present market. I certainly enjoy the watch.

Back to the auction...

This brings us to this 1915-S Panama Pacific $50 Round Commemorative. If I could own just one US coin, this would be it. Both the round and the octagonal versions are equally exciting to me. The round version does have a slightly smaller mintage of 483 versus 645 for the octagonal. It’s a toss-up, as both are sensational. If one was available and I could afford it, I would love to have it in my collection.

This exceptional example possesses immaculate honey-gold surfaces. Minerva was never lovelier, and the majestic wise owl on the reverse is timeless in its execution. For those looking for an ultra-gem such as this NGC MS 66 example, it shares this grade with 18 others, with only a handful graded higher. The alluring coin is truly a prize for the US Classic Commemorative collector, or for those looking for, in my opinion, the ultimate gold US Commemorative coin.

As an aside, I find it very telling that NGC lists 425 examples of the Panama Pacific Round in the NGC Census, and that PCGS lists 415 in their population! This equals 840 examples of a coin that has a mintage of only 483. The number 840 represents nearly 74% over what the original mintage was. Obviously, this is an extreme case of numerous crossovers and attempts at higher grades. To help avoid this issue, NGC offers a Label Buyback Program to improve the accuracy of the NGC Census. Read more about it here.

So, if you are going to the CSNS convention, I hope you have a great time. And if you’re bidding in the CSNS Heritage sale of the same name, best of luck with your acquisitions!

Until next time, be safe and happy collecting!