Jim Bisognani: Considering 'Like' Coins

All I need to do is glance out the windows at the bushels of fallen leaves in my yard to know that it’s the end of October. It causes two knee-jerking reactions: Who’s going to rake up all this mess, and wow, it really is the end of October!

How did this happen so quickly this year? As this article posts, it’s a mere four weeks until Thanksgiving! Is it too early to think about gift giving for that favorite numismatist of yours? Of course not! I’ve seen holiday advertisements on TV for over a month now. Well, my fellow coindexters, I will always have some interesting suggestions for your favorite budding or advanced collector.

Copper thoughts

I started thinking about ideas during the conclusion of the Heritage Auctions spotlight on the Great Britain World Coin Showcase Auction, which took place October 22-23, 2023.

In total, the 648 coins in the sale realized $510,846. Spanning the Saxon era to date, some truly wonderful and historic coins met the “internet only” hammer in this showcase auction. Considering the lion’s share of the sale — nearly 70% of the lots — realized between $100 and $1,000, there was something for even the most budget-conscious coindexter in the auction.

I have collected Great Britain and Commonwealth country coins since I was a tyke. I enjoyed not only the history but, of course, the parallels with our country and the Mother Country’s coinage. Why not consider a "like" (or nearly like) coin of the same period?

Half Cent vs. Half Penny

OK, for the collector of early American copper, consider this scenario: If a price tag of $504 for an 1834 Classic Head Half Cent graded NGC MS 62 BN is a tad much on the budget, then you could consider purchasing a nearly like-sized 1834 Great Britain William IV Half Penny graded NGC MS 62 BN for a mere $125! 

US Large Cent vs. Great Britain Penny

Perhaps this attractive 1831 William IV Penny graded NGC MS 62 BN, which sold for $384 at the just-completed Heritage sale, would ease the purse strings when compared to the $780 recently shelled out for the 1831 Coronet Large Cent in a like grade.

Here’s some more data to ponder regarding these 1831 coppers: The US Large Cent has an original mintage of 3,359,260, whereas the Great Britain counterpart reports in with a mintage of 806,000. According to the NGC US Census, the 1831 Large Cent claims a total population of 429 with Brown designation and 36 examples graded MS 62. Compare that to the British Penny, which has a population of 84 designated Brown with only six graded MS 62 (according to the NGC Census).

Now a quick take on some of the livelier Red and Brown copper of the Victorian age…

Consider this: An 1848 Victoria Penny graded NGC MS 64 RB, which has a reported mintage of 161,280, just realized $384. The NGC Census confirms a population of four in this grade, with none graded higher. The US counterpart — an 1848 Braided Hair Large Cent — is in the NGC Price Guide at $1,450. The original mintage of 6,415,799 reflects a nearly 3,900% higher production rate than the British coin!

To round off this exercise, I found this fantastic 1854 Victoria Penny with Plain Trident graded NGC MS 65 RB, which realized $630. 

Compared to a US 1854 Braided Hair Large Cent in like grade, the NGC World Price Guide lists the Victoria Penny at $825, while the NGC US Price Guide for the Braided Hair Large Cent is listed at $1,525.

Now, this exercise isn’t meant to suggest that either the coin from Great Britain or the US is a better investment. It is merely to show parallels of like-size copper coins of that era. What you collect or contemplate for gift giving is, of course, your decision. As your Coindexter in Chief (thank you, Dan Goevert, for that moniker), I would love to find any one of these coppers in my holiday stocking.

The unfortunate closing of Pobjoy Mint

With Great Britain and other Commonwealth countries in mind, I was taken by surprise and saddened to read that the Pobjoy Mint was ceasing operations by year’s end. Pobjoy has produced many wonderful and significant coins in its 58 years of operation.

I had always enjoyed the innovation and themes on the coins that were produced there. The Noble, Angel, Penny Black, the Hercules 2 Pound coins of Gibraltar and, of course, the penguins, to name a few! In fact, I had just ordered the 2023 50 Pence issue from the British Antarctic territories. The obverse features the effigy of King Charles III, while the reverse shows a pair of emperor penguins. The sterling silver coin has an additional limit of only 75 pieces too.

Because they will close their doors and shut down the presses in a few weeks, I felt compelled to reach out to Pobjoy’s Managing Director, Taya Pobjoy, who has been at the helm since 1998.

Taya, this took me by surprise. How have you processed things to this point?

"It’s obviously been a very, very difficult decision to make, and one that I’ve not taken lightly. In my opinion, the Pobjoy name has had a very good reputation for the 58 years we’ve been around. My father Derek started it off, and I have been Managing Director for 25 years.

"I suppose, for me, the most important thing was to ensure that the Pobjoy name kept its reputation, and we go out while still on top in the industry, and not just dwindle away. The time was right for me to hang up my boots and make the decision.

"I didn’t really want to sell the company to someone else because, for me, the reputation was very important for me to keep protecting."

Is there a chance that you and your husband might do something else in the coin industry?

"For me, at the moment, this is it — but never say never! As far as my husband is concerned, he actually set up Pobjoy Diamonds a few years ago, because my father originally started as a diamond cutter before he went into the coin business. So my husband has started that venture back up as an online business, which is doing very well. But, I don’t really have anything to do with that, apart from possibly taking some of his profit and purchasing some of the beautiful pieces that I want to keep for myself.

"So no, I can’t see myself continuing in the coin business at present. I have two younger kids. I mean, I started in the business when I was 19, and I never really took any time off when I had the kids. I know that in America, it’s normal, and you get back to work quite fast. However, in England, you take six to nine months off after you have a kid, and I only took six weeks off in both occasions. So, I am actually looking forward to spending a bit of time with the family."

I always enjoyed "The Penny Black" from the Isle of Man. Was there another series or type of coin that you were planning on or creating in 2023?

"I’ve known for a few months that I probably wanted to retire this year. So I didn’t go into thinking about too many new ideas for next year. Ultimately, I have achieved everything that I wanted to. I do laugh because, when you think back to the Penny Black, I remember everyone’s reaction: 'Oh my God, how can you make a coin black!' Yet, nowadays, with all the things that have happened in the market, that was a pretty tame design and idea. Actually, in my opinion, it’s one of my favorite ideas. Such a beautifully classic design, very simple but very intricate; the detail of it all. It will always be one of my favorite coins and that’s not because it was one of the first ones that I ever really marketed. It’s my favorite because it was so unique and so beautiful with the head of Queen Victoria on it.

"The classic coins have always been my favorites. I suppose looking at the Angel and the Noble, they were very important, too. The interesting thing is, I don’t think a lot of people appreciate the years that me and my dad worked together. In my opinion, some of the best coin designs came out at that time, because he obviously had the technical, clever know-how and I, being a naïve young girl at the time, just came up with ‘wacky ideas,’ and he worked out a way to do it."

And, of course, being a private mint, you had much more flexibility.

"And that’s why we got so many countries. Because they could see the benefits of being with a private mint. They loved our innovation, and they loved our ideas.

"For me, it was fun making shiny new objects. Trying to encourage children to enjoy them and, hopefully, it would become a hobby. Hopefully, I have inspired some young ladies out there, too, that if you set your mind to do something, you can achieve it. That’s what life is all about. I have two daughters myself. I’ve tried to say to them that, for me, the most important thing in life is about working and to be able to come home every night saying I love what I’ve done today, and enjoyed doing it. And I have — I live, eat and breathe the coin business. I absolutely love it."

I understand there’s one last special issue?

"We have, of course, designed and designated the last coin. It will be coming out in a few weeks. There is going to be a very special privy mark on the coin that means a lot to me. And it’s not going to be expensive. I hope the people appreciate it, because there is a reason why I selected this particular coin. It will probably be announced and launched in the first week of November."

Until next time, be safe and happy collecting!

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