Welcome to our second coin collector interview! Just like the first one—which was about me—this one has its own quirks. 🙂
Today, we’re chatting with my good friend, Len Penzo, a fellow finance blogger. Interestingly, Len doesn’t consider himself a typical “collector.” Instead, he’s focused on investing in gold and silver bullion to shield himself from potential economic downturns. While I’m not completely on board with that perspective, it’s definitely something worth thinking about. Sometimes, I wish I had included a question about zombies in this series, just to mix things up a bit. 😉
So, without further delay, let’s hear from Len Penzo!
My favorite coin is the 2014 Gold Buffalo that I recently bought. It’s stunning! I also have a couple of Braided Hair large one-cent pieces from 1851. They’re really neat, reminding me of a time when a penny had significant value.
When I was just six or seven in the early 1970s, Grandpa Penzo gave me two large bags filled with old U.S. coins—pennies, nickels, dimes, quarters, half dollars, and dollars dating back to the mid-1800s. There was a bit of everything, like wheat pennies and buffalo nickels. Most notably, the bags were filled with silver coins: Morgan dollars, Kennedy, Franklin and Walking Liberty half dollars, Standing Liberty and Washington quarters, and Mercury and Roosevelt dimes.
When I finally counted them all, I discovered that Grandpa had given me over 700 silver coins. That sparked my interest in U.S. currency, and before I knew it, I was buying coin books to organize them by year and mint mark.
I still remember the time back in the 1970s when I found a 1909 Lincoln Wheat cent at the base of a meat counter in my local market. It was lodged near a grate and covered in dust. Unfortunately, I lost it somewhere along the way and haven’t been able to find it since.
Speaking of coin values, I recently paid $1,783.89 for an American Gold Eagle. I don’t buy coins for their numismatic value—I just go for bullion coins due to their precious metal content. Any new coins in my collection after Grandpa’s gift have mostly come from spare change. Finding a noteworthy coin in everyday change is becoming increasingly rare, but last year, I found a 1964 silver dime in change from a Coke machine. The best coin I ever found was that 1909 Wheat penny.
Even though my collection is pretty extensive, I don’t possess anything particularly valuable from a numismatic standpoint. Probably my most valuable coin is an 1880 Morgan Silver Dollar in extra fine condition, which is worth around $30. Considering the silver melt value is about $20, that’s not worth bragging about!
I haven’t really experienced any rip-offs—likely because I don’t actively buy coins.
I love American Gold Buffaloes, but any gold bullion coins catch my eye. My next purchase will probably be a 1-troy-ounce Mexican Libertad. While I’m not crazy about the obverse, the reverse is stunning.
If you’re like me and buy gold coins as a hedge against currency collapse, you can save on premiums by sticking to one-ounce coins. American Gold Eagles typically offer better deals than Gold Buffaloes in terms of premiums.
The most beautiful coin in the world, hands down, is the Saint Gaudens Double Eagle. Of course, the only way I’ll ever own one is if I find it lying on the ground somewhere. Maybe I should visit that local market in my hometown again—you never know!
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Len shares his financial insights over at LenPenzo.com, an “off-beat personal finance blog for responsible people.” He might even contribute to this blog in the future—unless the economy collapses first. 😉
Want to be in the spotlight yourself? Answer these 9 questions and we’ll make it happen. Bonus points if you send us pictures, though they’re not required!
