Welcome to our second coin collector interview! This one, like the first (where I interviewed myself), has its quirks as well. 😊
Today, we’re chatting with my good friend and fellow finance blogger, Len Penzo. Len doesn’t consider himself a traditional “collector” in the numismatic sense; instead, he’s interested in safeguarding himself with gold and silver bullion for potential economic downturns. While I may not fully buy into this cautionary outlook, it’s worth giving it some thought. Indeed, moments like these make me wish I’d added a question about zombies in this series!
So, without further ado, let’s meet Len Penzo!
Len’s favorite coin is the 2014 gold Buffalo he recently bought. It’s a real stunner! He also owns a couple of Braided Hair large one-cent pieces from 1851, which he finds fascinating. They remind him of a time when a penny held substantial value.
When Len was six or seven, back in the early 1970s, his Grandpa Penzo gifted him large bags filled with old U.S. pennies, nickels, dimes, quarters, half dollars, and dollars, some of which dated back to the mid-1800s. These bags included wheat pennies and buffalo nickels, but most were silver coins: Morgan dollars; Kennedy, Franklin, and Walking Liberty half dollars; Standing Liberty and Washington quarters; Mercury and Roosevelt dimes.
After adding them all up, Len discovered Grandpa had given him over 700 silver coins! This ignited his interest in learning everything about U.S. currency, leading him to buy coin albums to organize them by year and mint mark.
In the 1970s, Len stumbled upon a 1909 Lincoln Wheat cent at his local market, wedged near a grate and covered in dust. Although he misplaced it over the years, it remains a memorable find.
Len recently paid $1,783.89 for an American Gold Eagle. He doesn’t buy coins today for their numismatic value; his focus is on the precious metal content. Most coins added to his collection since his grandfather’s gift have been found in spare change. Last year, he discovered a 1964 silver dime in his change from a Coke machine. His favorite find remains that 1909 Wheat penny.
Despite the size of his collection, Len doesn’t own anything of huge numismatic value. His most valuable coin might be an 1880 Morgan Silver Dollar in extra fine condition. Worth about $30, with silver’s melt value around $20, it’s not a staggering amount.
Has he ever been ripped off? Well, it’s hard to fall victim when you don’t make purchases!
Len is drawn to American Gold Buffaloes and gold bullion coins. His next buy might be a 1 troy ounce Mexican Libertad. Though he’s not a fan of the obverse, he finds the reverse stunning.
For those buying gold coins as a hedge against currency collapse, Len advises sticking to one-ounce coins to save on premiums. American Gold Eagles are a better deal than Gold Buffaloes when it comes to premiums.
Len’s top pick for the most beautiful coin in the world is the Saint Gaudens Double Eagle. The only way he thinks he’ll get one is if he finds it on the ground. Maybe a trip back to his hometown market would help—who knows?
**************************************************************************
Interested in personal finance? You can find Len blogging his insights at LenPenzo.com, an “off-beat personal finance blog for responsible people.” He might even contribute to this blog in the future—assuming the economy holds up!
Want to gain a little fame yourself? Answer our 9 questions, and we’ll make it happen. Extra points if you send photos! (Though it’s not required.)
