Dana Point's secret treasure | News | Rare Coin Wholesalers, a S.L.Contursi Company

Secluded Rare Coin Wholesalers deals in museum-quality coins – and keeps on dealing.
Orange County Register
By CHRIS DAINES
Monday, August 4, 2008

Last week he bought a penny for $72,500.   This week, he plans to sell it again.   It's something he knows well, Steve Contursi has been in the rare-coin business for 30 years.

"I was a collector, and that's how I got into the business," said Contursi. "I have a collector's mentality."

The resident of Laguna Beach said he loves the short commute to work and the great restaurants in and around Dana Point.

Contursi brought Rare Coin Wholesalers to Dana Point five years ago.   There is no sign on the shop, and Contursi doesn't want walk-up customers.   Chances are you haven't even seen the office, and that doesn't bother Contursi.

"Nationally we have a high profile in the industry," he said.   That well-known name has allowed the business to deal with the rarest of the rare museum-quality coins.

Rare Coin Wholesalers owns the first-ever minted silver dollar, struck by the government in 1794.   The coin has been on loan to the ANA Money Museum in Colorado the past three years and is insured for $10 million.

"We renew that agreement every year because it allows thousands of people to see the coin," said Contursi.   "So many great coins get tucked away for the enjoyment of the collector."

For Contursi, part of the thrill of dealing in rare coins like the silver dollar is the history.

"George Washington was president and could have handled the coin.   Alexander Hamilton was head of the banking system," said Contursi.

Allowing people to see such a historic coin has helped Rare Coin Wholesalers build a broad customer base and a well-known name in numismatics – the study and collection of coin currency.

Last week, Contursi became the newest owner of a 1943 bronze penny – a mistakenly cast penny that should have been made out of zinc-coated steel.   He purchased the coin and documents from the family of a collector from Long Beach.   Now he is in negotiations to sell the penny to a potential buyer.

Contursi can't purchase every rare coin that catches his eye. Recently, someone offered him one of his favorite coins for $3.2 million.   "I didn't feel comfortable going out on a limb. … I didn't see it as a wise business decision."

Wise business decisions have allowed Rare Coin Wholesalers to maintain excellent banking connections that provide good loan rates to allow it to purchase and retain multimillion-dollar coins.

Currently in the company's collection are a 1787 Brasher Doubloon (one of the two Colonial-era gold issues intended for circulation), and the King of Siam coin set (originally given as a diplomatic gift to the king of Siam on behalf of President Jackson).

"Rare coins is like treasure hunting," said Contursi.   "It's fun to have them for a while, but as passionate as I am to own these things, I'm just as passionate about selling them.   At the end of the day, it is still a business."