It's doubtful that 7-year-old Eric P. Newman imagined his grandfather's gift of an old one cent coin would turn into one of the world's greatest coin collections. But it did!
Ninety years in the making, Eric's collection recently sold for over $23 million in a two-day auction, featuring rare gems such as an 1852 $10 Eagle, a 1796 Quarter, and silver $1 coins from 1795 and 1796.
It’s doubtful that the youthful Eric Newman ever imagined he would be recognized as one of the foremost numismatists of his time.
Or a foundation carrying his name would be a world leader in numismatic education.
Or a museum would be named after him.
But all of that happened. Why?
Because his grandfather gave him an old cent as a gift when he was 7 years old. That started a snowball that 90+ years later turned into a vast $23 Million Dollar Coin Collection.
Eric's journey as a numismatist started with that gift from his grandfather, an 1859 Indian Head Cent, released in its first year to replace the Flying Eagle Cent.
Growing up in a family that encouraged his curiosity and interests, Eric was soon introduced to the world of coins by his friend and mentor Burdette G. Johnson. He owned the St. Louis Stamp & Coin Co. Johnson's insistence on education and knowledge shaped Eric's future, as he went on to become one of the foremost numismatists of his time.
Eric's accomplishments are many and varied. He graduated from law school and worked as an attorney before becoming a successful executive with Edison Brothers Stores. He also established the non-profit Eric P. Newman Numismatic Education Society and the Newman Money Museum at Washington University in St. Louis
Throughout his life, Eric travelled the world extensively with his wife, visiting 150 different countries, and wrote five books and hundreds of articles on numismatics, coin collecting, and money. He was awarded the ANA's Medal of Merit in 1964 and received the Medal of the Royal Numismatic Society in 1991.
I would say that’s quite a list of accomplishments for someone whose first connection with the hobby came from receiving a simple cent. Newman’s many accomplishments in his life are legendary and well documented.
But this story isn’t really about Eric P. Newman or his $23 Million Dollar Coin Collection. The point of everything up to now is not just recognizing Eric Newman’s life or his vast coin collection.
It is to focus on this one simple thing: You and your collecting goals.
What do you want to accomplish with your collection and the hobby of coin collecting? An inheritance for the next generation? An investment in your future? Expanding your knowledge of coins? Do you have a love for the skill of creating these pieces of miniature art, or the history behind them?
I can't say what it is for you. Perhaps it's all of those things. I do know this; taking the time to learn, ask questions, grow your body of knowledge about the hobby and the coins you collect is never wasted. There is no crystal ball to tell the future, but with effort you can build a coin collection of increasing value. Take the time to feed your curiosity, read a book, learn the hobby, learn about the coins in which you have an interest. Learn more about the hobby, read Quick Guide to Coin Collecting, 2nd Edition
Who knows? You could end up with a $23 million collection of coins!
