Jeff Garrett: Discover the World of Ancient Coins – Part Three

This article features questions and answers about collecting ancient coins from some of the most active numismatic professionals in the country. They have graciously taken the time to share their vast experience. Their different backgrounds will give readers a broad perspective on collecting ancient coins. One thing nearly all agree on: the EID MAR Denarius issued under Brutus is a favorite coin among experts.

The participants are: David Vagi (Director of Ancients for NGC, author and regular columnist), Aaron Berk (Owner, Vice President of Harlan J. Berk Ltd. and producer of Ancient Coin Podcast with Aaron Berk), Sam Spiegel (Director of International Numismatics for Heritage Auctions), Zachary Tate (Managing Numismatist specializing in ancient, medieval and world coins for APMEX) and Michael Gasvoda (Owner and Managing Director of Classical Numismatic Group).

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5. What are some concerns about collecting ancient coins: counterfeits, government regulations, etc.?

David Vagi: In my opinion, the main concerns (beyond price) are counterfeits and deceptive alterations, both of which decimate or completely eliminate value. These must be rooted out, and I do believe that for most collectors, NGC Ancients is the best option. Government regulations are always a potential issue (no one ever knows what a government will do!). But a few high-profile coins aside, the ancients field has been spared any real problems, and I'm optimistic about the long-term.

Aaron Berk: If you purchase here in the United States, you will have no problems. If you buy from legitimate dealers, as I have stated before, you will always have recourse if a coin has a problem later. When buying overseas, use a dealer to represent you in auctions, as they will handle all the imports for you properly.

Sam Spiegel: Counterfeits have always been a problem, even in the ancient world (you'll sometimes see "plated" contemporary counterfeits in NGC Ancients holders; another very popular collecting theme!). That's one of the main benefits of NGC — they won't put anything in a holder that has any serious question to its genuineness. Authenticity is often somewhat subjective in ancient coins, but as I see it, as a dealer, we only want to sell coins that are absolutely genuine, not coins that might be genuine. Collectors buying from us have comfort in knowing everything has been vetted by both our experts and NGC’s. Government regulations are also a concern, since ancient coins are often considered cultural property by source countries. That’s why it’s important to buy from known and established dealers and auction houses who have responsibly sourced their material.

Another area is in what I’d call “misdescribed” coins: coins that are genuine, but have scratches, marks or other problems not noted by the dealer or auction house. I see this often, and I don’t think it’s done on purpose by the seller. Rather, it’s because the sellers are not professional graders, and perhaps more importantly, have an unconscious bias in favor of the coin being better than it is. Despite best intentions, they still have a horse in that race, and it’s to their benefit for a coin to be nicer than it may actually be. So I can understand why they downplay various problems. I see this happen with collectors as well. An expression I heard once in this business that has stuck with me is, "ownership adds two points." In other words, we always think our material is nicer than it is.

Zachary Tate: There are many forces that conspire to make this ancient hobby of numismatics less available to the general public. From the time of the Romans, the Emperor Augustus collected coinage of Alexander the Great, and we continue to collect that coinage today. I suggest that more advanced collectors join the Ancient Coin Collectors Guild (ACCG), as well as the American Numismatic Association. The ACCG contains a database that explains many of the complex import and export restrictions that vary by country, and also highlights the current controversies and dilemmas facing the collecting community. They also track legal cases and lobby against punitive, disruptive, Byzantine laws and Memoranda of Understanding that foreign governments attempt to introduce.

With recent cases such as the EID MAR Aureus seized by the Manhattan District Attorney and repatriated to Greece in February 2023 (and the subsequent fallout of the case), many collectors may be stressed about their personal collection's legitimacy. It is important that we safeguard the practice of collecting while balancing our duty to protect cultural property. It is also important that numismatics continue to create a public interest in these ancient coins, where people can go to see these artifacts in museums, coin shows and in personal collections. Museum attendance has been on a steady decline over the last several decades. It is important that cultural property and artifacts are protected while also fostering a public interest in these objects. Otherwise, irreversible damage could be done in the public lexicon, diminishing cultural interest in not only coins but all objects of artistic value.

The pursuit of collecting ancient coins not only enabled me to better enjoy my hobby, but also made the viewing of museum collections more wholesome. I feel that if the current climate continues, you will see more and more collectors walking away from supporting these institutions, and ultimately the hobby overall will suffer. We need to build bridges in our communities and not depend on private collections as the sole source of numismatic access.

Michael Gasvoda: I think counterfeits are an issue with all types of collecting these days. The way to eliminate this fear is to always buy from dealers who will guarantee their coins for life. Slabbing also mostly solves this problem. Don’t buy from eBay unless you really know what you are doing or know who you are dealing with. As far as government regulations, this is a moving target. But, generally speaking, once a coin has entered the United States and is in the inventory of a reputable US dealer, you have little to fear about these regulations. Buying from elsewhere in the world can be more challenging. My recommendation, if you want to buy or bid abroad, is to use a US dealer to represent you. The small cost is always worth it in my opinion.

6. What should someone with $1,000 buy to start their collection?

David Vagi: This is a highly personal question. Some will want to buy 100 coins for $10 each, others will want to buy just one piece. The main thing is to decide what’s important to you: quality or quantity. As I alluded to earlier, both can be achieved with Late Roman coins, but that doesn’t help if you’re obsessed with Julius Caesar or Cleopatra VII, whose coins are expensive in nice condition.

Aaron Berk: Again, everything I have said previously. Buy what you like but only after you decide you will be happy with what you buy. Most clients sell back their first coin after a few years because they bought it quickly without thinking about it more.

Sam Spiegel: A piece of advice that an early mentor in this business gave me is: "Buy the nicest quality you can afford." With that in mind, I’d say buy as nice of a coin as you are comfortable buying, rather than focusing on what may seem like a deal for an off-quality example. Collecting trends come and go, but quality never goes out of style. For example, you can buy a very nice and presentable Athens tetradrachm, one of the most popular and iconic ancient coins, for well under $1,000.

Zachary Tate: A good starting point for many collectors would be to buy something of personal interest. That may come in the form of trying a few low-grade Roman Denarius coins like those of Vespasian or Domitian. Some collectors with a Biblical interest may gravitate to the Prutah or Biblical Widows Mite or coins like the Tribute Penny issued under Tiberius referenced as the Temple Tax by Jesus. These and other coinages mentioned throughout the New Testament are often a good starting point for many people.

Buying coins that you personally find interesting and buying coins that are of the best quality you can afford will ultimately be a more rewarding collecting experience. Having a few nice, high-grade examples instead of many worn, defaced coins will be a more enriching experience. Should a person decide to go and sell their collection, they will often have an easier time selling fewer better-condition pieces than many low-grade coins.

Michael Gasvoda: Obviously I would buy what you enjoy collecting, but let me answer this with a point I always try to make with our customers. I recommend buying fewer coins in higher grades than buying a lot of low-quality coins just to get a bunch of coins in your collection. Invariably, as collectors get more knowledgeable, they specialize. When this happens, they unload their extraneous pieces.

Let’s say it costs a dealer, on average, $30 to catalog and ticket a coin for sale. When they buy that coin back, they have to factor in this cost when making an offer. It can be really disheartening to a new collector to sell back coins he paid $50 each for, only to get an offer on them of $20. But if each of these coins were bought at $500, the dealer buyback price will not be impacted nearly as much. A phrase I like to use with more seasoned collectors is: "You can get away with paying too much for a great coin. You can’t get away with paying too much for an average coin." In essence, the better the coin you buy, the larger the market there is when it comes time to sell.

7. What books would you recommend for a new collector of ancient coins?

David Vagi: There is a notable gap in this area. For all the hundreds of superb books that have been published on ancient coins in recent decades, I don't have a recommendation for a beginner that is currently in print. My favorite single-volume is an old classic: Barclay Head’s Historia Numorum, which you'll have to hunt down as a used book. Another recommendation is Wayne Sayles’ series Ancient Coin Collecting. All six books are affordable and excellent. Another single-volume work is The Oxford Handbook of Greek and Roman Coinage. Once you get beyond these introductory surveys, the real adventure begins.

Aaron Berk: Ancient numismatic books are expensive and there is nearly 2,000 years of ancient cultures, so you won’t be able to have one book. Many are on the internet, so use it for research first. My father’s book on the 100 Greatest Ancient Coins is a great starter book that covers it all. He just put out volume 3 for $35. I have a podcast on ancient coins with almost 40 episodes and over 40 hours of ancient coin discussion. Probably better than any book! It can be found on YouTube by searching The Ancient Coin Podcast with Aaron Berk.

Sam Spiegel: David Sear’s books, though out of date, are still a great beginner reference. Oliver Hoover’s Handbook of Greek Coinage has become a standard reference in recent years as well. Those are more catalogs of known types. For more of a reading book, I often recommend Jenkins’ Ancient Greek Coins, if you can find a copy in print. As Jeff mentioned in his earlier article, Harlan Berk’s 100 Greatest Ancient Coins is also a nice reference (and makes for a nice coffee table book!).

Zachary Tate:

100 Greatest Ancient Coins, Berk, H.J. (2018), Whitman Publishing

Money of the Bible, Bressett, K. E. (2013), Whitman Publishing

Roman Republican Coinage, Crawford, M. H. (1974), Cambridge University Press

Guide to Biblical Coins, Hendin, D., & Kreindler, H. (2010), Amphora Books

Handbook of Ancient Greek and Roman Coins, Klawans, Z. H., & Bressett, K. E. (2017), Whitman Publishing

Byzantine Coins and Their Values, Sear, D. R., Bendall, S., & O’Hara, M. D. (1987), Seaby

The Roman Imperial Coinage, V., S. C. H., & G., C. R. A. (1984), Spink and Son Ltd

Michael Gasvoda: This is a question that may influence where to start collecting. Basic books on Roman coinage are available at minimal cost. The Sear series comes to mind. For Greek coinage, I would start with the Handbooks of Greek Coinage by Hoover. This is a multibook series, but each book is only $65, frankly a real bargain. For Byzantine, I would again turn to David Sear and his Byzantine book. For biblical and Jewish coinage, I recommend David Hendin’s Guide to Biblical Coins. This last one is a really fun and affordable series for those that enjoy this era.

8. Final question: What is the coolest ancient coin you have ever handled?

David Vagi: I’ve been fortunate to handle an astonishing number of great coins, making this an impossible question to answer. So, I’ll take a pass!

Aaron Berk: So many but probably the coolest is the Brutus Ides of March Gold Aureus. It is now the only one in private hands. I purchased it for a client for nearly $2.5 million, and it was on display at the British Museum for over 10 years.

Sam Spiegel: You probably won’t be surprised that I actually get this question a lot. Whenever I meet someone outside of the business and tell them what I do for a living, this is invariably one of the first questions they ask. I’ve handled many cool ancient coins in my life, but the one I always go back to is the EID MAR denarius, of which I’ve been fortunate enough to handle a number of examples. In my mind, it’s the perfect cross-section of artistry, history and coinage as a means of mass communication. On the obverse, you have a portrait of Brutus himself, and we know it’s Brutus because it says BRVT at the top. Amazingly, and as far as I’m aware, there are no labeled busts of Brutus that survive from antiquity, so the only way that scholars can identify him in ancient art is by going off of resemblances to his portrait on coins. It’s a great example of how numismatics helps to inform and support other academic areas.

Then on the reverse, there are two daggers, representing Brutus and Cassius (the other assassin of Caesar), and are intended to invoke the Dioscuri, Castor and Pollux, the mythical protectors of Rome. Between these two daggers is a type of hat called a pileus: a common symbol of Libertas, goddess of liberty. Finally, below these symbols are the words EID MAR. Brutus is very clearly saying with this coin, “I, Brutus, killed Caesar on the Ides of March in the name of liberty.” In a world without internet, TV, radio or even newspapers, the primary way to widely spread (or propagandize) your message was through coinage, and that is exactly what Brutus was doing with this coin.

Zachary Tate: During my last five years at APMEX I have seen and been able to attend many National Coin Shows and have been able to handle four separate EID MAR denarius coins issued under Brutus. These coins were minted following the assassination of Julius Caesar by Marcus Junius Brutus and were made as a political statement to the people of Rome. The obverse of these coins features a Phrygian cap and two daggers symbolizing the freedom associated with the removal of a tyrant through his assassination. The coins have always been very fascinating to me, as they have always provided a view into the motivations and world view of the assassins of Julius Caesar and their ultimate failure to stop the collapse of the Roman Republic.

Michael Gasvoda: Wow, that’s a tough question because "cool" is in the eye of the beholder. Certainly, an EID MAR denarius of Brutus must be on this list; the Brutus portrait aureus is even rarer, and I owned the one now in the Tyrant Collection. The early Naxos tetradrachm has to be included both for its artistry and its ingenuity of design. I’ve always been a big fan of the Kimon and Euainetos signed decadrachms of Syracuse; we have handled many. Some of the Roman architectural types are incredible: the Colosseum Sestertius of Titus or Domitian in higher grade is truly an amazing coin. There are so many ancient coins that excite me I would be reluctant to single out just one. It is a field full of fun and amazing coins.

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