Not Your Average 1921 Peace Dollar

It’s 1965, I’m 25 years old, and have been in the coin business for two years.  I’m in partnership with Dick Martin in San Diego, CA, running the retail end of our business.

A good customer comes into the shop, seeking a special 1921 Peace Dollar. 

A lovely 1921 Peace Dollar recently in stock.  The coin needed was about 25% 
better than this example.

“I want one fully struck with no marks and full luster.  I want a gem.  I know it’s really a rare coin that way.  I’m willing to pay for it.  Do you think you can find me this special coin?”

I’ll sure try!  After a year of searching I didn’t find a thing – not a single coin that would even come close.  I was beginning to understand the difficulty of my assignment.

From time to time I would visit dealer Danny Crabbe in his Van Nuys, CA store.  He did not sell wholesale, and threw dealers out of his store just for asking.  Most dealers stayed away.   

My relationship with Danny did not involve buying and selling.  I had many interesting conversations with him, picking his brain about coins and the coin market.  He freely shared his knowledge and experience, for which I was grateful. 

On one visit I told Danny my tale about searching for this 1921 Peace Dollar.  He nodded sagely, warning me the issue is very, very scarce in true gem condition.  He noted that most people will never see one. 

“Just a minute,” he said, “I have something I want to show you.”

He departed into his back room, returning with a small envelope and a velvet pad.  Danny gently slid the coin onto the pad revealing a 1921 Peace Dollar to make you faint!

This is the coin I need!  But he doesn’t sell to dealers; what am I going to do?

“So, how much is it,” I inquired gently. 

“Steve, you know I don’t wholesale anything.”

“Yes, I know.  What is the retail price?” I asked, holding my breath.

He hit me with the price:  $250.  I could buy a car for $250!  A BU 1921 Peace Dollar wholesaled for $20.   What to do?

I asked him to hold the coin for an hour while I considered.  During lunch I stewed over the situation from many angles.  To make any money, I’d have to charge the customer $300 for the coin.  Finally I decide to go for it.   It IS an amazing coin!

The next day, the customer arrived and I’m holding my breath.  I don’t know how this guy will react; I truly don’t know what’s going to happen.

I show him the coin and he doesn’t say a word.  He just looks at the coin:  front and back, front and back, front and back.  He just doesn’t say a word.  Finally he says . . .

“Steve, this is the one!”   

But I haven’t yet told him the price.  I tell him the coin’s price is $300. 

Silence.  Dead, deep silence.  And then . . .

“I’ll take it.  The price is pretty high but the coin sure is a gem.  Thank you so much for finding this for my collection.”

Part of learning to be a coin dealer is recognizing an amazing numismatic specimen when it appears, understanding that such a specimen has unique monetary and collector value.