Quality  and  Rare  Coins  By  Andrew  Brunhart  February  24,  2014    The  numismatic  market  is  known  for  desiring,  even  demanding  top  quality  coins.  Auctions  tend  to  reward  coins  handsomely,  by  bringing  sky-­‐high  sums  of  money  for  those  in  Gem  condition.  However,  this  trend  of  quality-­‐equals-­‐quantity  does  not  always  apply  to  the  rare  coin  market.  Rare  coins,  often  regardless  of  their  condition,  are  the  most  valuable  because  of  how  rare  they  are.  Recently,  at  auction,  a  damaged  1792  Half  Disme  sold  for  $28,000.  In  that  case,  that  buyer  was  certainly  more  interested  in  the  history  of  the  coin  than  the  actual  physical  condition.  This  proves  that  not  everyone  buys  coins  solely  based  on  quality;  there  are  other  value  measures  to  be  considered.    Other  cases  of  coins  with  poor  quality  that  performed  well  at  auction  include  1895  Proof  Morgan  Dollars.  Some  can  go  for  $60,000  and  even  with  considerable  wear  the  coins  have  sold  for  $35,000.  Those  who  collect  Morgan  Dollars  are  not  as  interested  in  quality,  their  main  objective  is  to  assemble  a  collection  with  as  many  as  possible.  Collectors  have  increased  demand  for  these  coins  in  recent  years  and  many  who  pursue  series  will  make  compromises  with  quality  in  order  to  get  the  coin.    Another  example  of  a  coin  with  low  grade,  but  a  lot  of  worth  is  the  1929  Double  Eagle.  Most  of  the  Double  Eagle’s  were  melted  down  in  1930,  which  makes  the  existing  coins  very  valuable,  despite  poor  conditions.  Yet  another  example  of  a  lower  grade  coin  is  the  1804  Bust  Silver  Dollar.  A  few  years  ago  a  buyer  purchased  a  circulated  silver  dollar  for  $2,000,000.  In  this  case,  the  buyer  wanted  the  publicity  associated  with  owning  one  of  the  greatest  coins  ever  minted,  even  it  wasn’t  in  the  best  conditions.    These  examples  stand  to  show  that  top  quality  coins  are  not  everything.  In  the  numismatic  market  there  are  plenty  of  valuable  worn  coins.      Andrew  Brunhart  earned  his  Bachelor  of  Science  in  Electrical  Engineering  from  Marquette  University,  where  he  graduated  with  Magna  Cum  Laude  honors.  He  then  

went  on  to  pursue  a  Master  of  Science  in  Electrical  Engineering  from  University  of  Illinois.  After  obtaining  this  degree,  he  attended  Walden  University  in  Minnesota,  where  he  received  his  Ph.D.  in  Public  Policy  and  Administration  with  a  focus  on  leadership.  He  has  served  as  CEO  of  the  WSSC,  and  has  worked  for  the  US  Mint  and  the  Bureau  of  Engraving  and  Printing.  In  2013,  Andrew  became  the  General  Manager  for  the  South  Coast  Water  District.  In  this  capacity,  Andrew  helps  the  Board  of  Directors  oversee  policy-­‐making,  financial  stewardship,  rate-­‐setting,  capital  programs,  and  long-­‐term  planning  for  the  District.  Outside  the  office,  Andrew  loves  playing  golf,  jogging,  expanding  his  coin  collection,  and  reading  about  leadership.  For  more  information,  check  out  andrewbrunhart.net.