Collectors Willing to Pay More Than Dealers

A recent column, which mentioned a gold Andrew Jackson medal in a pewter frame, has elicited an interesting response from a reader in Woodland Hills. The reader says the medal was struck in 1833-34 by the United States Mint and is pictured in R.W. Julian’s “Medals of the U.S. Mint.” It was made in gold, silver and bronze, with the pewter frame attached afterward.

“There should be a pin on the back,” the reader says. “If the pin is missing, it is probably broken off and would hurt the overall value of the piece. It is scarce but not rare in gold--probably 20 to 30 specimens exist in gold. I would pay $425 for it, assuming it is undamaged--for my collection.”

In my column, I said the Jackson medal was probably worth between $75 and $150. Why the discrepancy between my figure and that of the knowledgeable collector? Because I gave a figure that a seller could reasonably expect to receive from a dealer, while a collector who specializes in such material would be willing to pay much more.

The lesson to be learned from this is that sellers can only hope to get top dollar if they can locate the right buyer. Normally, it’s necessary to work through a dealer, who has to tie up his funds for an undetermined period of time in order to make a profit. A patient seller may get lucky and find just the right private party for a particular coin or medal. But it is highly unlikely.

Practically speaking, once you decide to sell, it’s best to consult with three or more dealers in order to establish a fair market price.

Question: I have a bronze or brass medal that has the words World’s Exposition Chicago 1893 and a design of the fair buildings on one side. On the reverse is a head of Columbus and his name. I also have a badge that shows Columbus in front of his ship with the words World’s Fair Official Souvenir 1492-1892. Could you please tell me a little of the history of these two pieces and their value? --D.H.C.

Answer: Obviously, what you have came from the Chicago World’s Fair almost 100 years ago. A lot of interest is stirring regarding this fair, which observed Columbus’ discovery of America. In just two years, it will be time to mark the 500th anniversary and undoubtedly there will be much hoopla.

I have seen dealers at coin shows who handle such material. You can expect a commemorative coin from the U.S. Mint to spur interest in the subject. Right now, your medal and badge are probably worth about $5 to $10 each, depending upon condition. I suspect they’ll be worth more in two years.

Coin News

China’s newest gold and silver Panda commemoratives feature a seated panda eating bamboo on the common reverse (pictured). The 1989 troy half ounce of gold Panda features the Great Wall of China on the obverse and has a mintage of only 1,300. The 1989 troy ounce silver Panda shows the new home of the Bank of China in Hong Kong and a portion of the Great Wall. It has an authorized mintage of 2,300. Silver pieces are $49, gold $295 from Ronald J. Gillio, 1013 State St., Santa Barbara, Calif., 93101; telephone (800) 235-6937.