I left my heart and a billion dollars in San Francisco

By Peter Rexford
Monday, August 8, 2005

SAN FRANCISCO - I don't get to the City by the Bay often enough.

My last time here was eight years ago. It wasn't for long.  We were flying back from a Hawaiian honeymoon, and our plane lost an engine somewhere over the Pacific.  We diverted to San Francisco for an emergency landing around 1 a.m.

My trip here for the World's Fair of Money was much better.  For one thing, I saw Steve Contursi wandering around at the Moscone Convention Center.  He's a coin collector whose business you might compare to some small stores or companies who have the first dollar they made framed and hanging with pride on the wall.

But, what about a country - specifically the United States?   We're arguably the most successful nation.  Until last week, I never really thought about where the first dollar made in the U.S. might be on display or if it even still existed. That's where Contursi comes in.

Contursi and his company, Rare Coin Wholesalers, own that dollar.  It's the first silver dollar coin minted by the government in 1794.  Contursi lent the coin for display at the World's Fair of Money.

So, what's the first U.S. dollar worth today?  If someone pays $3 million for a baseball hit by Mark McGwire, the first U.S. dollar should rank pretty high.  Contursi has it insured for $10 million, but I have a feeling that's conservative.

Not far from the 1794 dollar, the U.S. Mint had a nice display of vintage coins and memorabilia, but the Bureau of Engraving and Printing literally stole the show.  The BEP had several $100,000 bills dating back to the early 1900s on exhibit.  Wealthy as land barons and railroad magnates were back then, who in the world would carry around a $100,000 bill? Actually, no one.  The scarce bills were intended only for use between Federal Reserve Banks.

Most unbelievable were two other vintage notes.  Each had a face value of $500 million.  One billion dollars of legal tender in one small glass case!   Similar to the $100,000 notes, no one ever tried to use these to buy Chicklets and dental floss at Walgreens.  The notes were strictly intended for trade between governments.

The visible wealth at the BEP exhibit indicates the country's done OK since minting that first dollar coin.  And judging from the activity in the dealer area, collectors and the general public can't get enough of historic coins, currency and precious metals.

Dealers on the floor of the bourse, as well as the dozen or more mints from South Africa to Australia that were displaying coins, reported higher than usual interest in most everything.  In an age of video games, cable/satellite TV and other distractions, most encouraging were the lines of children and young adults ogling the coins and currency being offered - more affirmation that the affordable 50 State Quarters Program remains popular.   Both visiting Boy Scouts and Girl Scouts attended special workshops to earn merit badges for collecting.

One newer addition to this and other coin conventions around the country is the bargain area, featuring coins priced between $1 and $499.  It's proving to be one of most popular attractions as the majority of attendees seek items of more modest means.

Dozens of collecting seminars ranged from ancient coins to coins and currency of the Civil War and "How Not To Lose Your Hard-Earned Money When Collecting or Investing in Coins." 

Similar shows with collector seminars are held regularly around the country.  It's worth checking the listings.  The smaller ones might not have billions of dollars on display, but the knowledge gained and the fun had can be priceless.