Welcome to the latest edition of my Notes. I am in New York City as I write this. Before leaving New Hampshire yesterday (Monday) I typed up some comments for these Notes. Then, on the way, I tapped the stock-market quote button on my iPhone. A lot was happening. By the time I came into the city, the Dow-Jones Industrial Average was down 777 points. While 777 would be lucky on a Las Vegas slot machine, it is anything but lucky on Wall Street. Wow!

I suppose I could repeat the comments in my last week’s Notes—that diversification of one’s assets is a good idea. I expect that more than just a few people are now thinking: My gosh, next time I have some extra money to spend, I’ll add to my coin (or token, or medal, or paper money) collection. Soon after I went into Stack’s main office at 123 West 57th Street I had a chat with Larry Stack. He had just returned from the Coinex show in London, where the market was strong, and United States coins could not be bought at prices for resale. We both commented that neither of us was aware of any numismatist who had carefully built a collection and held it for 10 years or more had done other than make a profit—sometimes a very large profit.

That said, here is what I had intended to write, and still will:

Time flies, and it seems that no sooner do I write one Notes article than it is time to do another. This is very enjoyable, of course, as the time flies by. In fact, in my entire life in rare coins I have never known even a month in which things were the slightest bit slow. The market can go up, down, or stay the same, but there is always activity.

The Numismatist is celebrating the 120th anniversary of its founding in 1888. Way back then, Dr. George F. Heath, physician from Monroe, Michigan, launched The American Numismatist. It seems that a magazine of this name had been published earlier, in 1886, by a New Jersey fellow. Accordingly, the first word was dropped, and Heath’s magazine became known as The Numismatist. And so it was designated for years afterward, including today. However, just a few years ago there was a board of directors motion to delete “The,” and the title was shortened, only to be restored by the present (since August 2007) board of directors. I hear tell that the old Lamp of Knowledge logotype, originated in 1908, but discarded a few years ago, has also come back out of hiding. The Numismatist is a grand magazine. If you have a few dollars to spare, you might think about contacting one bookseller or another, and building a set back as far as you can. Except for the very early years, they are inexpensive, and my guess is that it would cost less than $1,000 to get issues dating from recent times back to most of the early 20th century. Perhaps I discuss reading too much in this column, but I firmly believe it is the best way to gain knowledge quickly, inexpensively, and enjoyably.

Our star-spangled auction season in 2009 is shaping up very nicely, heralded by several sales in January, commencing with one just before the Florida United Numismatists Convention, and continuing to include our Americana Sale, the John W. Adams Collection of Indian Peace Medals, and a sale of foreign and ancient coins—a group of events that will be a magnet for bidders worldwide.

I hope this note finds you enjoying the autumn if you are in the temperate zone. The leaves are turning colors here in New Hampshire, and across the rest of the North as well, precursor to frost on the pumpkin, then snow. In the meantime, the Sunny South seems to be free of hurricanes and tropical storms for the time being, which, of course, is good news. Also, in the meantime check out our listing of books for sale and tap into our 30% discount offer!

All the best to you.

"Consider spreading your investments across different assets and market segments." These are not my words, but are from a recent advertising series from none other than the highly esteemed Fidelity Investments.

Good advice.

A carefully-formed collection of choice rare coins, tokens, medals, or paper money can be a wonderful store of value, a joy to build, and upon its sale years later, the historical record has shown that a remarkable return if often enjoyed. In fact, of the many thousands of clients with whom I've worked over the years, I am not aware of a single well-informed numismatist who did other than well, often spectacularly well.

More good advice, and a sentiment often given in this column: the best way to become an informed numismatist is by reading. The good news is that there are many great books out there. Check our for-sale listing on this site for a 30% discount offer! You might want to opt for a copy of The Official Red Book of Gold Dollars. Here is what Mike S., an executive with a leading aircraft manufacturing company, sent in an e-mail a few days ago:

I received my copy of Gold Dollars from Stack's last Friday and read it cover to cover over the weekend, much to my wife's consternation. But after 40 years of marriage she is very aware of my 'numismania.' But I digress. Back to the book: another home-run! I enjoyed the book immensely. Can't wait for your next one. Get the boys and girls at Whitman to get the "production train" moving so I can get my next 'fix.'

Now we're into autumn, enjoy it! If your travel plans take you to New York City, stop by at our gallery at 123 West 57th Street. The red carpet is out for you.

While my Notes should be primarily numismatic, I cannot not help but mention the absolutely incredible goings-on in the securities market. Rather than have a very l-o-n-g Notes, see my article, "Wall Street, Numismatics, and You."

In the meantime, here at Stack's we're putting the finishing touches on our 73rd Anniversary Sale to be held in New York City next month. A spectacular suite of Proof gold coins will create national or even worldwide attention, as will many other scarcities and rarities. As we always like to do, we've included many basically collectible coins in popular series-something for everyone.

The summer is winding down here in New Hampshire. While I've not seen any frost on the pumpkin yet, there are lots of pumpkins for sale at farm stands and grocery stores. In a few weeks, "leafpeepers," as we call them, will arrive to see and photograph the spectacular autumn foliage. This should be a numismatic commentary, not a botanical one, so I'll mention that in his 1958 book, Penny Whimsy, Dr. William Sheldon had this to say:

"Old copper, like beauty, appears to possess a certain intrinsic quality or charm which for many people is irresistible. An experienced dealer in American numismatic materials recently wrote as follows: 'Sooner or later, if a collector stays at the business long enough, it is three to one his interest in all the other series will flag and he will focus his attention on the early cents.'

"Gold, silver, and even bronze appear to be very much the same wherever you see them. Coins made of these metals become "old money" and "interesting," like the stuff seen in museums, but copper seems to possess an almost living warmth and a personality not encountered in any other metal. The big cent is something more than old money. Look at a handful of the cents dated before 1815, when they contained relatively pure copper. You see rich shades of green, red, brown, yellow, and even deep ebony; together with blending of these not elsewhere matched in nature save perhaps in autumn leaves. If the light is good (direct sunlight is preferable) you will possibly observe that no two of the coins are of quite the same color."

With that I'll leave you until next week.

Welcome to the latest edition of my Notes. Since posting this last week we have acquired for auction one of the most incredible collections of early American-related medals ever formed. John Weston Adams, one of America's best known numismatic writers, researchers, and personalities, has consigned to us his magnificent collection of Indian peace medals, prior to federal years, presented to Indian chiefs and dignitaries. Items in the collection range from rare to very rare to so rare that a once in a lifetime opportunity is in the offing. A magnificent catalogue is being prepared by Michael Hodder and our staff and will be mailed along with our Americana Sale catalogue to cross the auction block in New York City in January. Get set for a catalogue with many opportunities that is bound to become a standard reference, as have many of our past auction publications.

This reminds me to suggest that the Americana Sale is a unique event in numismatics. Once a year we bring together tokens, medals, unusual paper money, and other items generally apart from the federal series. A great specialized collection of 19th and 20th American medals, all of them very scarce and many extremely rare, will be announced soon. John Pack and Michael Hodder are contemplating its extent and presentation. It, too, will be a standard reference for years to come.

While federal coins from half cents to double eagles, commemoratives, and patterns, dominate the coin market, other series, such as featured in our Americana Sale, are extremely important, but are often overlooked. Perhaps it is most poignant to mention that the John J. Ford, Jr. Collection, which we auctioned for nearly $60 million, was virtually entirely tokens, medals, and non-federal paper money. Today this stands as the most valuable numismatic collection of any kind (including federal coins) ever sold anywhere in the world.

Collecting such things is the secret that really isn't secret. Those in the know are searching for Colonial, state, and other obsolete paper money; Hard Times, Civil War, and other tokens; medals from early times down to the 20th century; and more. Generally, scarce and rare pieces can be obtained for tiny fractions of what federal coins of comparable populations might bring. Here, indeed, is an area, actually several areas, well worth investigating. And, one of the best ways to do this is, of course, to visit our offering of books for sale and pick out some interesting titles.

And, of course we all love those standard federal coins. I think that classic-era commemorative silver coins from 1892 to 1954 are incredibly cheap for many issues. It takes some connoisseurship to buy them intelligently-that is, if you want a high quality collection. Otherwise, if the grade marked on a holder is not all that is important, you can put together a set quickly. I'd rather have a gorgeous MS-64 than an unattractive MS-66, a win-win situation as the MS-64 is apt to cost just a fraction of the higher-certified coin. But, you already know how I feel about such things.

Brand new is A Guide Book of United States Gold Dollars, which I wrote and Whitman published. Copies have just arrived in our office, and today (Wednesday, September 10th, as I write these words) I autographed a bunch of copies sold to our pre-publication offer, the first inscribed to Joe G., a Georgia client and advanced collector of gold coins. There is room for a copy in your library, I am sure. Check our 30% discount offer in our Books for Sale section. This special deal will help you build your library at rock-bottom cost. There is nothing better than a group of good books to keep you entertained, informed, and to help with buying decisions.

Also new out of the gate is Katherine Jaeger's Guide Book of U.S. Tokens and Medals, a dandy overview of the title subject. In terms of mass distribution, color illustrations and the like, this reasonably priced book is one of a kind in the field. Acquire a copy now, again at a 30% discount, and get set for some good reading.

See you next week!