Tipsico Coin was sold during the 1970’s to my former partner, Richard Wagner, who folded it into his existing business, called “Collector’s Choice”. As he liked the name “Tipsico” better, he decided to use that rather than the name of his own original business. More recently, as Dick realized retirement was in the near future, he offered me a partnership and I folded my own coin business into Tipsico. I took over the business full time in the year 2000.

The name, “Tipsico”, can be traced to the Lake States upbringing of Jim Reynolds. When he was young, at the turn of the 20th Century, his family lived on a farm in southern Michigan. There were still a number of Native Americans living in the area, some of which Jim’s father let “squat” in one of the creek bottoms on the property. One of these individuals called himself “Tipsico”, the name of a famous Cherokee chief who resisted White encroachment during the late 1800’s. Jim, always a fan of the Buffalo Nickel series, decided at some point to re-name his existing coin business to “Tipsico Coin”, in honor of both the individual and the reference to the coin series. You can still find many references to the Tipsico name in the Michigan area, and in fact quite a number of web references as well.

The company, under whatever name it functioned under, has always stood for service to the collector. For many years, this meant catering to the “bread and butter” issues of basic circulated coins in the most popular series. In a turn from the normal way of doing business these days, we have always strived for the 100% satisfaction of our customer base. I believe in “old time” grading standards, and have avoided the grade slippage so prevalent in the industry today. Saying this is all well and good, but the proof is in the pudding – our return rate is essentially zero for issues of dissatisfaction due to grade or quality, averaging less than two returns per year consistently. Like any other business, coin or otherwise, I do make mistakes occasionally however, and in these circumstances try to fix the problem immediately.

One advantage of being a one-man operation is direct accountability, access and fast service. I always try to work with my customers to address their concerns as quickly as possible, without the “cut outs” common to many larger operations.

About this website

Like most other businesses, we have entered the “modern age” with the building of this website. Let’s face it – most coin dealers have a website today, and they all fight for the same business. There are only a couple ways of really competing on the Web, in terms of price or service, or by staying with a particular niche. My goal with this site is to build a small, flexible core business, catering to a relatively small clientele, who know what they want. I would rather have a relatively small group of clients who are happy with my service, than the biggest mailing list in the world.

As a matter of philosophy, I find that you CANNOT buy and sell quality, properly graded coins for “bargain” prices. If that is what you are looking for, I probably cannot help you. However, if you are looking for VALUE in the coins you purchase, that is where I think that you will find a home here. And that doesn’t mean that they have to be expensive – it is my considered opinion that a lot of coins represent a great value at current levels, based on actual availability in a grade when accurately graded.

Trust is the other big issue on the Web. All I can say about that is that we have been around for a long time, and that means we must have been doing something right. We plan to be here for a long time more. Our standard Return Policy has always been one of the most liberal in the business – 30 days, no questions asked (in the original holder of course – S.O.P.). This INCLUDES Certified coins – what is the point of “planting” someone in a questionably graded certified coin, if they don’t come back and want to do more business with me? The only way to find out is to give us a try.

Grading - The Root of All Evil

I am joking of course, in using the title above, but determining the accurate grade of any object is the primary way to establish a reasonable value for the item.  This is true whether it is a coin, token or medal, 1965 Mustang, baseball card or little red wagon.  Traditionally, the biggest conflict in the coin hobby between the dealer and collector has always been over this issue.

One only has to look through our "Rogues Gallery" section to find coins that were misdescribed or over-graded - the differences in value are considerable.  In most case, the customer simply trusted the dealer and did not know enough to realize that the coin was badly over-graded.  Regardless of whatever an individual may claim as to their honesty and integrity, it is still incumbent upon the customer to know enough to protect their own interest.  After all, even the most honest person makes a mistake every now than then.  I recently purchased a collection in which there are a couple of coins that I misattributed and/or mis-graded some years back, and which I am buying back from the customer at the price paid (more than they are currently worth) due to my error.

Below is a basic primer on grading, including standard terms used in the hobby and on this website, and will offer some tips on how to grade, learning how to grade (not necessarily the same thing) and some reflections on value.

Standard Grading Terms:

Tipsico Coin uses the standard grading terminology defined by and used in the American Numismatic Association "Official A.N.A. Grading Standards for United States Coins"©.  While the specific listed standards for each grade defined may be subject to interpretation, the basic terms used are the industry standard, having been in general use for over 60 years.  We recommend that every collector (and dealer) should have a copy of this text, as well as others that are available.

Grading Abbreviations:

These are the typically used adjectival (verbally descriptive) grade "points" used in industry practice, followed by the typically accepted NUMERIC equivalents, such as used on Certified coinage.

Coins Are Cool:

I think coins are “neat”. That consideration is the basis of being a successful collector, whether of coins, baseball cards, old tractors or widgets; in other words, you are happy with what you do and what you collect. Too many people forget that fact, and get tied up in the financial aspects of their hobby.  They worry too much of the time about whether they are making (or losing) money.

A more scholarly approach takes into account the history and cultural impact of coinage, and that is certainly important. The technical aspects of metallurgy and production of coinage, the relationships between the development of the concept of “money” itself and human society, how coinage has impacted world events and vice versa, or even the pure artistry of design of coins and currency, all are reasons that have attracted individuals to the study and collecting of these little bits of metal.  If you asked a particular collector to explain exactly why they got into their particular hobby, most would be hard pressed to define the precise reason for their interest.  Something about the subject just resonates with them.   That is certainly the case with myself, as I cannot really tell you, except in general terms, why I got into coin collecting in the first place. And that is what makes it a great hobby.

The happiest collector that I ever met was at the 1998 ANA Convention. I had a So-Called Dollar in my case which while a very scarce item had some wear and had been cleaned.  He asked to see it, and when I pulled it out I apologized and remarked that the marked price was the best that I could do (I had it marked at my cost).  He smiled at me, handed me three $20 bills and said, “It’s the last piece that I need for my collection.”   That sense of completion, of having found his way to the theoretical end of a particular journey, was more important to him than price, condition, or anything else at that moment.   I met him again at the 2009 Spring ANA, and he and I both remembered the transaction, very unusual after a decade!

Ultimately, that is why I do what I do.   The ability to make a connection with someone who shares a common interest, or has a similar intellectual bent, is worth the hours of work, and it ads to my own fascination with numismatics.

Coins and Money:

It is commonly stated that one should take the long view in terms of collecting and recovery of value.  I would like to put it another way: collect what you like, and like what you collect.   That way, you depreciate some of the “expense” of collecting (i.e. your sunk cost or the acquisition costs of your collection) in the enjoyment and study of your collection over time.   The figure often used is that you have to own a collectible for 15 to 20 years to be reasonably able to expect to make a profit when selling the collection. This is reality given the difference between the wholesale and retail (sales) value of collectibles, as well as the fluctuation in markets.  This is certainly true of coins and currency, as if you purchase in a bull market and sell in a bear market, you will probably lose money.  Ask those folks who bought collector coins in the early 1980’s during the gold and silver price run up, and sold in the early 1990’s when the market was soft.   Of course, you can be very lucky and buy at just the right time, right before a major market move, and be able to take advantage when you sell, but those opportunities are few and far between.

The people that I have dealt with that are least satisfied are those who make a purchase and turn around and sell within a couple of years, who are disappointed that they not only are not able to make money, but have not even made back their initial investment.   Typically, these are what I term “marginal collectors”.   I use the term “marginal collectors” not to denigrate, but to indicate those people who are not really a true collector at heart but have purchased numismatic items for other reasons, such as for spurious “investment” reasons, on the spur of the moment off TV, or who have bought into the sales pitch of a telemarketer or someone similar.   These people of course tend to disappear from the hobby as a result.

The beginning collector, the true hobbyist, often has the same thing happen to them – i.e. losing money selling numismatic items that they have lost interest in.  Usually, this is the result of lack of focus when a relative newcomer to the hobby.   Many beginners have the urge to spend money in their initial wave of enthusiasm about coins, only to change their minds later about a purchase when another type of material beckons.   While this may be inevitable to some degree, this painful experience can be reduced by reining in the spending urge and concentrating on learning a little first.  The axiom “Buy the book, before the coin” may be old, but it still has validity.   When people ask my opinion about what they should collect, I urge them to spend some time looking around at as much different type of material as they can before settling on an approach to collecting.  What I commonly say is “Keep your eyes open, and your wallet shut”. While tough, this will pay off in the end.

Knowledge is Power:

Ultimately, as a collector at whatever level, you have to make your own decisions.   You cannot let someone else determine your interests, or when and how much money to spend.  If you do this, you are an investor, not a true collector.   Not that you cannot be both, and long term a nice coin collection (notice that I did not say “portfolio”) can make you money.   Time and time again, it has been shown that a well thought out collection of nice “things” (whether coins or something else), chosen for completeness and quality, has almost ultimately appreciated over time, given a sufficient number of years.

The key is knowledge.   An interest and willingness to learn, to apply the information to your hobby, and the stubbornness to keep at it, are the ultimate keys in my opinion.   Time and again, I have met collectors who know more about a particular subject that I do.   This is not as surprising as it might seem.  Dealers commonly need to be generalists, in other words they need to know enough about a lot of areas of the hobby to apply that knowledge to make a living.   How many stories have appeared in the numismatic press about a rare Large Cent or Bust Half variety being “cherrypicked” at a coin show, then sold to another knowledgeable dealer/collector at the same show for hundreds or thousands of dollars more?  I can tell you – more than a few.

I have used my own knowledge for the same purpose in buying coins from other dealers for less than their ultimate value because I knew more about the subject than they.   And, I have had collectors do the same to me!

The best example of this axiom I can think of was John J. Pittman.  Pittman was a “regular guy”, but his application of his knowledge combined with buying the right material at the right time (also a learning issue) led him to putting together possibly the greatest collection ever, in terms of the difference between what he paid for the coins, and what they sold for.   His collection will probably always rank within the top five to ten greatest collections ever assembled, along with those of princes of industry and old-money privilege.