Boling Class Notes

by Numismatist Joseph E. Boling
PO Box 4718
Federal Way, WA 98063-4718, USA
Phone 253-839-5199  Fax 253-839-5185

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SPECIALIZING IN JAPAN

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IBNS (Treasurer; Past President; LM 8)

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ANA (Chief Judge, 1991-93, 1995-; LM 2888)

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PNNA (Secretary, Treasurer; HLM 26)

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ANS (Standing Committee on East Asian Coinage; Life Fellow)

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FRNS, NLG, ONS, NI, SPMC, UCC, SCC

Revised 7 January 2002

Collectibles — money (numismatics)

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Numismatics — the collection and study of coins, medals, tokens, decorations, paper money, stocks/bonds, souvenir cards, exonumia

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Where found — circulation, family hoards, treasure, auctions, dealers, coin shows, "mints," museums

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Sorting and classification — general knowledge, examination, reference books

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Care (with care) and cleaning (don’t)

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Housing and storage — working, permanent, short term, long term — metallic and paper

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Authentication — contemporary counterfeits, museum counterfeits, commercial counterfeits, collectors’ counterfeits, "innocent" replicas, the Hobby Protection Act

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Grading — adjectival, numeric, proof, third-party, foreign, paper

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Evaluation — face value, intrinsic (bullion) value, retail sale offerings, auction prices realized, reference books

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Retail vs. wholesale

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"Investment" potential — short term (none), long term (possibly)

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Appraisal — insurance, probate, sale

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Disposal — gift (family, charity), auction, sale (collector, dealer), consignment for sale

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Hobby associations — national, regional, local, specialized

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Exhibiting — competitive, non-competitive (local, regional, national, international)

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Sources of information — book stores, public libraries, numismatic book sellers, dealers, collectors, hobby association libraries

The following is a more detailed explanation of the above topics.

Numismatics — each of the areas below has a wide following and specialist organizations

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coins — US, foreign, commemorative, "non-circulating legal tender," ancient, primitive, errors

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medals — commemorative, award, amuletic, souvenir, elongated coins, love tokens

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tokens — "good for," emergency, transit, sales tax, ration, advertising, gambling, communion, woods

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decorations — orders, decorations, campaign medals, service medals, fraternal badges

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paper money — currency (governments at all levels, banks), scrip, emergency, military

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scripophily — stocks, bonds, autographs, warrants, broadsides, lottery tickets

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souvenir cards — replicas of (usually) banknotes to commemorate coin conventions or other events

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exonumia — political materials, advertising mirrors, ribbons

Where found

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circulation — pocket change or current notes, domestic and foreign

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family hoards — cigar boxes, safe deposit boxes, jars of cents, heirlooms (including jewelry)

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treasure — sunken, buried, metal-detected

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auctions — estate sales, liquidations, collectibles, numismatic

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dealers — vest pocket, full time, storefront, itinerant, national and international houses

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coin shows — local, regional, national, international

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"mints" — national, commercial, mass advertisers, telemarketers

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museums — local historical, banks, universities, numismatic

Sorting and classification

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general knowledge — slang names, daily usage

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examination — legends, devices, dates, mint marks, privy marks

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reference books — general, specialized

Care and cleaning

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Handle by edges (especially copper/silver, items with proof surfaces)

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Handle with care (especially paper)

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DO NOT CLEAN — use no abrasives, silver polish, "dip," soap and water, oils, erasers

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Leave cleaning to specialists — there are safe ways to clean, but only in the hands of experts
Editor's note:  Also see my comments under "Grading."

Housing and storage

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working storage — soft plastic holders ("flips"), 2x2 coin holders, paper envelopes, "penny boards"

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permanent storage — archival materials (MylarΤ or polyethylene plastics, acid- and sulfur-free papers/bindings), low humidity, stable temperatures, no coins in contact

Authentication

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contemporary counterfeits — meant to deceive the commercial public in circulation

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museum counterfeits — electrotypes, casts

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commercial counterfeits (gold coins) — created when holding gold was restricted — thousands exist

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collectors’ counterfeits — meant to deceive collectors (now or earlier) (cast, struck, altered)

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"innocent" replicas — advertising promotions, amuletic pieces

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Hobby Protection Act — requires that replicas be marked (since 1973); domestic application only; not well-known or well-observed

Grading

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adjectival — poor, fair, good, very good, fine, very fine, extremely fine, about uncirculated, uncirculated (choice, gem, and so forth); different standards for every coin type

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numeric — AG-3, G-4, VG-8, F-12, VF-20, VF-30, EF-40, EF-45, AU-50, AU-55, AU-58, MS-60 to MS-70

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what’s a proof? — a method of manufacture, not a grade, though proof coins also get graded

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third-party — ANACS, PCGS, NGC, others; "Eagle-Eye"; technical grading vs "market" grading

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foreign — some standards exist for Canada, Britain, but none so detailed as for US coins

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paper — same adjectival grades, common across issues, but to different standards (IBNS for world notes, US commercial (more lenient)); numeric grading of paper just starting to be accepted
Editor's note:  Also see my comments under "Grading."

Evaluation

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face value — if still valid (often worth more than face value for older issues in high grades)

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intrinsic (bullion) value — value of silver or gold (in troy ounces) at market rate, less smelting charges

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retail sale offerings — must be for same grade and variety; can vary widely

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auction prices realized — must have several examples, and must also be same grade/variety

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reference books — can be outdated, are only estimates in any event (or worse — can be self-serving)

Retail vs wholesale

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Spread can be as low as 10% for high value pieces with an immediate turnover; material can be non-salable if common or in low grade (or if offered to the wrong buyer). Figure on being offered 40%-60% of retail for desirable material; much less for low-end material.

"Investment" potential

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short term — virtually none; the spreads are too large, the material not very liquid; exception could be bullion coins in a volatile precious metals market (with equal potential for loss)

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long term — only if collected with an objective in mind and with knowledge born of studying the series; if the best quality material is acquired, then held for years (or decades); and if disposed of properly

Appraisal

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for insurance — appraise at replacement cost (must describe the material explicitly)

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for probate — appraise at low wholesale

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for sale — appraise at "best wholesale" or auction expectation (and be prepared to take the time to achieve this result — see disposal below)

Disposal

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gift (family) — bequeath or give to a family member who will appreciate the material or who will know how to dispose of it advantageously if retention is not desired

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gift (charity) — similar to above, but with knowledgeable tax advice (this can be tricky)

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auction — find the company that specializes in your material (divide it if necessary); be prepared to wait for several months to be paid; expect some results to be disappointing

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sale (to collector) — find a collector who specializes in and needs the material (not someone planning to turn it over)

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sale (to dealer) — find a dealer who specializes in your material (divide it if necessary); get several offers; negotiate

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consignment (to dealer) — expect some pieces to not sell (and thus be nearly unsalable if you selected the proper dealer to handle the material); expect to wait many months for final disposition
Editor's note:  Also see my comments under "Coin Buying and Selling."

Hobby associations

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national — American Numismatic Association; American Numismatic Society (ANS); similar organizations in many countries

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regional — Pacific Northwest Numismatic Association (this web site!)

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local — see local club list

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specialized — many, dealing with individual series or issuers of coins, or with paper money, tokens, medals, exonumia, and so forth; see the listing following

Exhibiting — a means of sharing knowledge (or bragging about what you have)

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competitive — for trophies, occasionally for valuable coins, at local to national levels

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non-competitive — for the experience, or to educate, at local to national levels

Sources of information

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book stores — for the most common general-purpose books on US and foreign coins or notes

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public libraries — for the same books, and the occasional specialized book

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numismatic book sellers — sell at retail or auction, and can be the only source for obscure or out of print books and journals

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dealers — will often share their knowledge and libraries, but not always, and nobody knows everything

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collectors — will often share their knowledge, and write many articles/books for specialty societies

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hobby association libraries — have depth of resources found in few places; some loan books by mail

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Editor's choice: This web site and the many other numismatic sites on the Internet!

National, regional, and specialty societies

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American Numismatic Association
818 North Cascade
Colorado Springs, CO 80903-3279
800-467-5725 (member services)
http://www.money.org
dues $33/yr ($29 for seniors 65+, plus $6 initiation fee, first year)
monthly journal (The Numismatist), semiannual convention

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American Numismatic Society
Broadway at 155th Street
New York, NY 10032-7598
212-234-3130 (fax 212-234-3381)
http://www.amnumsoc.org
dues $40/yr, quarterly newsletter

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Canadian Numismatic Association
Executive Secretary
PO Box 226
Barrie, Ont L4M 4T2 CANADA

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International Bank Note Society
Milan Alusic, General Secretary
PO Box 1642
Racine, WI 53401
dues $20/yr ($25 family), quarterly
Journal

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Society of Paper Money Collectors
Bob Cochran, Secretary
PO Box 1085
Florissant, MO 63031
dues $24/yr, bi-monthly
Paper Money

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Token and Medal Society
PO Box 951988
Lake Mary FL 32795-1988
bi-monthly
TAMS Journal

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Numismatics International
PO Box 670013
Dallas, TX 75367-0013

Regional societies

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Pacific Northwest Numismatic Association
Joseph E. Boling, Secretary/Treasurer
PO Box 4718
Federal Way WA 98063-4718
253-839-5199 FAX 253-839-5185
joeboling@aol.com or joe.boling@pnna.org
http://www.pnna.org
dues $10/yr, $15 family or club

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Northwest Token and Medal Society
Del Cushing, Secretary
PO Box 88984
Seattle WA 98138-2984
206-244-1596

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Blue Ridge Numismatic Association

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Central States Numismatic Society

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Colorado-Wyoming Numismatic Association

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Eastern States Numismatic Association

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New England Numismatic Association

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Penn-Ohio Coin Clubs

plus state associations for most states, several each for the very populous states

Specialty societies

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American British Numismatic Association

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American Israel Numismatic Association

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American Medallic Sculpture Assn

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American Political Items Collectors

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American Society for Portuguese Numismatics

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American Society of Check Collectors

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American Tax Token Society

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American Vecturist Association (for transit token collectors)

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Amusement Token Collectors Association

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Armenian Numismatic Society

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Barber Coin Collectors Society (named for coin designer Charles Barber)

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Bust Half Nut Club

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Casino Chip and Gaming Token Coll’s Club

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Civil War Token Society

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Colonial Coin Club

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Combined Organizations of Numismatic Error Collectors of America (CONECA)

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Currency Club of Chester County, Penna.

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Currency Club of New England

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Dedicated Wooden Money Collectors

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Early American Coppers, Inc.

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The Elongated Collectors

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Indiana-Kentucky-Ohio Token and Medal Soc

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Int’l Assn of Professional Numismatists

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Int’l Association of Silver Art Collectors

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Int’l Association of Wooden Money Collectors

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International Primitive Money Society

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International Society of Jeton Collectors

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John Reich Collectors Society

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Latin American Paper Money Society

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Liberty Seated Collectors Club

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Lithuanian Numismatic Society

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Love Token Society

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Medal Collectors of America

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National Scrip Collectors Association

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National Silver Dollar Roundtable

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Numismatic Bibliomania Society

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Numismatic Literary Guild (for authors and editors)

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Old Time Assay Commission Society

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Oriental Numismatic Society

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PAK Jefferson Full Step Nickel Club

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Paper Money Collectors of Michigan

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Polish-American Numismatic Society

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Professional Currency Dealers Association

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Professional Numismatists Guild (for dealers)

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Russian Numismatic Society

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Societe Americaine pour l’Etude de la Numismatique Franηaise

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Society for Ancient Numismatics

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Society for Medieval Numismatics

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Society for U.S. Commemorative Coins

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Society of Lincoln Cent Collectors

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Society of Philatelists and Numismatists

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Society of Private and Pioneer Numismatics

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Society of Ration Token Collectors

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Souvenir Card Collectors Society

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World’s Fair Collectors Society

Reference list

U.S. coins

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Yeoman, R.S., A Guide Book of United States Coins. Western Publishing Co., annual, "The Redbook" (retail values)

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Yeoman, R.S., A Handbook of United States Coins. Western Publishing Co., annual, "The Blue Book" (wholesale values)

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American Numismatic Assn., Official American Numismatic Association Grading Standards for United States Coins, 5th ed. American Numismatic Association, 1996.

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Ruddy, James F. New Photograde. Bowers and Merena Galleries, 1988.

U.S. paper money

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Hessler, Gene. The Comprehensive Catalog of U. S. Paper Money. BNR Press, 1997.

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Friedberg, Robert. Paper Money of the United States. Krause Publications, 199?.

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Krause, Chester L., and Robert F. Lemke. Standard Catalog of United States Paper Money, Krause Publications, annual.

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Newman, Eric P. The Early Paper Money of America, Krause Publications, 1997.

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Criswell, Grover C. Comprehensive Catalog of Confederate Paper Money. BNR Press 1996.

World coins

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Krause, Chester L., and Clifford Mishler. 2002 Standard Catalog of World Coins: 1901-present, 29th ed, Krause Publications, 2001.

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——. Standard Catalog of World Coins: 1601-1700, 2nd ed, Krause Publications, 1999.

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——. Standard Catalog of World Coins: 1701-1800, 2nd ed, Krause Publications, 1997.

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——. Standard Catalog of World Coins: 1801-1900, 3rd ed, Krause Publications, 2001.

World paper money

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Shafer, Neil, and Colin R. Bruce II, eds. Standard Catalog of World Paper Money: vol 1, specialized issues, 8th ed, Krause Publications, 1998.

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——. Standard Catalog of World Paper Money: vol 2, general issues 1368-1960, 9th ed, Krause Publications, 2000.

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Bruce, Colin R. II and Neil Shafer, eds. Standard Catalog of World Paper Money: vol 3, modern issues, 1961-2000, 7th ed, Krause Publications, 2001.

Military

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Schwan, Fred. Comprehensive Catalog of Military Payment Certificates, BNR Press, 1997.

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Schwan, C. Frederick, and Joseph E. Boling. World War II Remembered: history in your hands, a numismatic study, BNR Press, 1995.

Periodicals

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Coin World, PO Box 150, Sidney, OH 45365-0150, 800-673-8311 FAX 937-498-0812 subscriptions 800-253-4555

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Numismatic News; World Coin News; Banknote Reporter, Krause Publications, 700 E. State St., Iola, WI 54990-0001, subscriptions 800-258-0929 FAX 715-445-4087

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The Numismatist, American Numismatic Association, 818 North Cascade, Colorado Springs, CO 80903-3279 800-467-5725 (member services)

plus hundreds of other titles (I have twelve bookcases of numismatic books and periodicals)!

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