Jeff Garrett: Discover the World of Ancient Coins – Part One

For the last few weeks, I have been preparing for the 2024 FUN (Florida United Numismatists) Show in Orlando, Florida. The show kicks off the numismatic new year in style with one of the largest bourse floors in the country, including hundreds of dealers from around the world.

As usual, we have a large and diverse selection of material for sale. Mid-American Rare Coin Galleries offers everything from Colonial coinage to Double Eagles. We also offer an interesting selection of ancient coinage.

When walking around most bourse floors at conventions these days, I am amazed by how many rare coin dealers now offer ancient coins. I would estimate that 20-30% of the tables at most shows have ancient coins as part of their inventory for sale. This is a huge change from just a few years ago.

In the past, most of the ancient and world coin dealers were closely grouped in a small section of the bourse floor. Now, ancient coins are sprinkled throughout the convention. Even the largest companies in the world (Heritage, Stack’s Bowers, APMEX and others) have staff and inventory devoted to ancient coinage.

There are many reasons for this huge change in the way American rare coin dealers view this important segment of the market. One of the most important has been the acceptance of third-party grading for ancient coins. The NGC Ancients coin program, led by David Vagi and Barry Murphy, has given buyers and sellers the tools to deal in this somewhat complicated part of the rare coin market.

Buyers are now more comfortable with ancient coins because of the expert attribution and grading that NGC offers. Some collectors and dealers of ancient coins wanted to hold and feel these relics of the past. Many, however, have decided the security of third-party certification far outweighs this single benefit.

Ancient coins are also extremely popular because of their historical importance. Most have great stories and colorful characters attached to them. Who can resist a silver tetradrachm struck around 300 B.C. by Alexander the Great? Few people in history had a greater impact on the world than this Macedonian King. He conquered most of the known world, and established Mints throughout his empire.

Julius Caesar is one of the best-known names in Roman history. The coinage of Caesar tells an intriguing story, including his ultimate fate, which is depicted on the famous "Ides of March" issue. The story of the Roman Empire is well told in its ancient coinage and collecting this area of the market is an endless pursuit.

Click images to enlarge.

One of my favorite parts of the ancient rare coin market are the incredibly beautiful coins of ancient Greece and its surrounding empires. Many of these coins are collected more for their artistic merit than rarity. The coinage of ancient Greece has had an impact on coinage designs for two millennia.

Augustus Saint-Gaudens was highly influenced by Greek coinage. One of the all-time great coins of the ancient world is the Syracuse Decadrachm from around 400 B.C. These coins are incredibly beautiful and one of the most desirable coins ever struck. If you could only own one ancient coin, this should be it!

Ancient coins are also very popular because of affordability. Many interesting ancient coins can be purchased for less than $200. This includes a large number of different Roman silver denarius issues. Large groups of these show up on occasion and are amazing works for ancient art that can be purchased for very modest sums. Ancient gold coins are much more expensive in most cases, but are relative bargains compared to scarce American gold issues.

The field of ancient coin collecting includes a vast number of issues. Coins were first struck around 600 B.C. and most consider ancient coins to include issues through the Byzantine Empire, which ended in the Middle Ages. As has been my advice over the years, I highly encourage you to research any part of the market before jumping in too deeply.

There is a tremendous amount of scholarly work on the subject. Start with some of the more basic issues, one of which I highly recommend: 100 Greatest Ancient Coins by Harlan Berk. I would also recommend subscribing to the many auction houses for their catalogues. These have an incredible amount of information, and it is very informative to see what coins actually sell for.

You could also consider attending these ANA seminar classes this summer starting June 16. The ANA Summer Seminar is one of the most immersive ways to explore any subject and I highly recommend them.

• Greek Coins, Part II: Alexander to Cleopatra – Coinage in the Hellenistic World

This class covers the historical timeframe of 336-30 B.C., during the Hellenistic period. Coins of the Hellenistic kingdoms of Macedon, Pergamum, the Seleucid Empire, Ptolemaic Egypt, as well as powerful city-states like Syracuse and Rhodes, are studied.

Instructors: Mike Gasvoda (managing director, Classical Numismatic Group) and Dave Michaels (director of shows and consignments, Classical Numismatic Group)

• Roman Imperial Coinage, Part III

Gallienus to Romulus Augustus Coins uniquely illustrate ancient Roman history, culture and economy. Using resources from the Edward C. Rochette Money Museum and Dwight N. Manley Numismatic Library collections, students follow the development of late Roman coinage — from the near collapse of the empire in the mid-3rd century to the Imperial recovery of the 4th century and the eventual collapse of the western empire in the late 5th century. This fascinating journey brings to life the emperors and empresses, gods and goddesses and historical events of this volatile time through its rich and varied coinage.

Instructors: Douglas Mudd (ANA Money Museum curator and director) and Kerry Wetterstrom (past president of the Ancient Coin Collectors Guild, former auction director and senior numismatist at Classical Numismatic Group, former editor and publisher of The Celator magazine and an instructor at the ANA Summer Seminar since 1990)

I have been dealing in ancient coins for many years, but I am by no means an ancient coin expert. Over the years, I have sought out mentors in this area of the market and I suggest you do the same. There is no substitute for experience, and your learning curve will be greatly helped by working with a dealer who gives great advice.

Part Two of this article will feature insights from a few of the most active participants in ancient coinage. I have asked several leading experts a few questions about getting started with ancient numismatics. If you have any questions you would like to add, feel free to send me an email.

1. How should someone new to the world of ancient coins get started?
2. Ancient coins were produced for almost 2,000 years. How do you decide what to collect?
3. What are your favorite series of ancient coins and why?
4. What are your thoughts on third-party grading for ancient coins?
5. What are some concerns about collecting ancient coins: counterfeits, government regulations, etc.?
6. What should someone with $1,000 buy to start their collection?
7. What books would you recommend for a new collector of ancient coins?
8. Final question: what is the coolest ancient coin you have ever handled?

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