Adventures in True Grit Collecting

Every collector probably has a few special coins that they would like to own but likely never will be able to acquire. Some are glamour coins that are way too expensive. Some are too elusive. And some come to the market only once in a lifetime. For most of us, those obstacles hinder us from owning our dream coins. However, a few innovative, determined hobbyists (we will call them “True Grit Collectors”) have devised clever ways to purchase such pieces.

What Makes a True Grit Collector?

I have found that most True Grit Collectors enjoy the thrill of the hunt. Locating special coins that will fill the hole in their coin album, even if it takes years, is well worth the search. These people embody the phrase, “it’s all about the journey, not the destination .” Maybe a die-hard Indian Head cent collector has been pining for an 1877 example, but they aren’t willing to settle for a lower grade. (A Good-4 example will still set you back nearly $600.) So, they keep that hole in their album empty until they come across the perfect coin.

Another determined collector might have their eyes set on a choice ancient Athenian Owl coin that they missed buying when the most recent hoard hit the market and prices were reasonable. One never knows when such an opportunity may come again. Luckily for True Grit Collectors, they are resilient, patient, and alert to all the ways they can add items to their special holdings. 

A Determined Toll Booth Collector

Of all the determined collectors I have known throughout the years, one stands out in my mind as the epitome of patience and dedication—Rudy Heins. His goal was to own one of every United States circulating coin from 1892 to the present. His quest did not include gold coins because they were too expensive. However, he did hope to find all the silver and minor pieces in circulation during that time, in particular, Seated Liberty coins. Proof coins, commemoratives, and other U.S. Mint collectors’ items were not on his list.

Surely, this was a Herculean task. But he had a secret advantage that helped him achieve about 95 percent of his goal. Heins was a toll collector at a booth on a New York subway. Each day, he made change for thousands of patrons. They had all sorts of unusual coins. With a keen eye and memory, he was able to spot and set aside the rare or scarce dates that had extra value. At the end of his shift, he would purchase whatever coins he wanted.

A Rare Breed

The highest-graded pieces went into his collection. He sold or traded duplicates and valuables pieces. That way, he could finance his purchase of rare-date and mint pieces that he didn’t find on the job. I remember his enthusiasm when he showed me a 1918-S “8 Over 7” quarter that he had just purchased from a dealer with profits from the sale of some of his duplicates. 

As I recall, the most unusual and rarest piece he ever acquired was a well-circulated 1894-S dime. I remember hearing of the piece when he owned it, and I believe it was eventually sold in a 1958 New Netherlands auction.* Of the 10 known specimens of that rarity, only two exist in circulated condition. One has been graded G-4, the other G-6. Unsubstantiated tales about the reason for any having been spent place some of the blame on Hallie Daggett, daughter of John Daggett, superintendent of the San Francisco Mint who gave her three of the coins, telling her to put them away until she was older. On the way home the child supposedly spent one on a dish of ice cream.

There may never again be a collector with such luck, fortitude, and determination of Mr. Heins. I was fortunate to have known him as a fellow member of a local coin club near West Swanzey, New Hampshire, where he lived in his retirement. That was during the 1940s and ’50s when it was actually possible to find numerous vintage coins still in circulation. Rudy Heins was one of a kind, a good friend, and an enduring inspiration for how to enjoy your hobby in your own unique way. 

*Sales records for this piece include New Netherlands. 1958, $3,200; Harmer Rooke. 1969, $7,400; Steve Ivy. 1980, $31,000; Bowers & Ruddy. 1981, $25,500; Bowers & Merena. 1989, $33,000.

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