ON THE MONEY: Funk shares his coin collecting passion through new business
Jared Funk has grown a passion for coin collecting into a new business, Northeast Iowa Coin and Currency, LLC. He’s pictured with two of his favorite bills, including the $10 bill issued in North Africa in 1934 that started his collection six years ago.
This image shows a small sample of Jared Funk’s collection, which now includes 4,000 to 5,000 pieces.
This is the $20 bill issued by the First National Bank of Elkader, which Funk compared to finding the holy grail.
By Willis Patenaude, Times-Register
It started six years ago with a trip to an antique shop in La Crosse, Wis., which wasn’t anything out of the ordinary for Jared Funk and wife Ariell. Going to antique shops is something of a hobby for the couple, but this stop introduced something new and different.
While Ariell looked around, Jared saw something that caught his eye: a random piece of money. He wasn’t a collector—yet being the operative word—but something about it grabbed his attention. Funk inquired and eventually the irresistible urge to purchase it took hold, so he did.
Funk bought the 1934 North Africa issued $10 bill because it looked “kinda cool.” And in the spur of the moment, he purchased a 1963 Red Seal $5 bill as well.
From there, he went home and took to the internet, researching the purchases to see if he overpaid, but also to find what else is out there. As a result, Funk quickly fell into the world of coin collecting.
During his research, the MFL MarMac graduate and Elkader resident stumbled upon something that really piqued his interest: national bank notes that date back to 1865. These notes were printed at one of the 12 federal reserves and then sent to the national banks where they were issued, like the three located in Clayton County in Elkader, McGregor and Strawberry Point.
One of the reasons for this interest was because of the localized nature of the currency. For Funk, this localization provided an immediate connection to the purchase, and when it comes to the issue of circulated or uncirculated, he prefers the circulated money because it comes with a story.
There is a survival story that enhances the character of the paper or coin currency in which he’s investing. There’s also a rarity aspect, something Fund finds appealing, specifically with the notes issued out of Strawberry Point. According to Funk, he’s only aware of seven still in existence. He suggested more could eventually pop up, though.
After doing the research, Funk developed what he described as “an addiction within reason” to currency collection. This meant going to more shops, checking out coin auctions both online and in person and attending coin shows, like one in Dubuque in 2020, which was a “turning point” in the collection of national bank notes. It was there Funk finally got his hands on a coveted bank note from Elkader, a 1929 $20 bill issued by the First National Bank of Elkader.
“It was like the holy grail,” Funk explained.
He was able to fill that hole in the collection due to the overall helpful and welcoming nature of coin collectors, who, if they don’t have it, probably know a guy who does—as was the case with Jared’s “holy grail.” One word about looking for the note to the seller at the first table he walked up to and that seller was on the phone with someone who had what Funk was looking for.
The experience also helped broaden Funk’s horizons. What started as a slow process, purchasing a piece here and there on a limited budget, has blossomed in the past year into a massive collection that currently consists of between 4,000 and 5,000 pieces, all of which are stored at an undisclosed location.
Among this collection are gold pieces from the 1800s, a penny from the 1830s and an 1888 $5 gold coin.
As for the one piece Funk wants to add to the collection—his unicorn so to speak—is the 1928 issued $5,000 bill because it’s extremely rare and expensive. Because of this, Funk admitted it will probably never end up in the collection, but he has seen them, which was like a religious experience.
Pieces like this are also what make coin collecting addicting: the thrill of the hunt. While it’s also a challenge, as is having the necessary cash flow to purchase rare currency, finding the piece you want is an exciting challenge akin to Indiana Jones looking for lost treasure and relics.
Along the way, after a few years of collecting, Funk also decided it was time to start a business, to become further immersed in the hobby. Discussions started in April 2021 and went slowly at first, but eventually, he started Northeast Iowa Coin and Currency, LLC through which he buys and sells coins in northeast Iowa.
The basic title is a result of a few factors, namely the business needed a name, and as Funk claimed, he is “not that creative.” However, the name does serve the purpose of the business, quickly informing people what it is. But the logo has a story behind it.
The inspiration behind the logo, which is an image of Chief Running Antelope of the Hunkpapa Tribe of the Lakota Indians who died in 1896, comes from Jared’s favorite Silver Certificate, the 1899 $5 Silver Certificate, which he said “collectors refer to as the Chief.” Unfortunately, this piece does not reside in the collection yet, but Funk is optimistic it will be added soon.
With name and logo in hand, Funk started looking for collections, and people started contacting him to sell collections. Since starting to fully advertise in January of this year, he has purchased seven collections, averaging around 250 pieces, although some of the pieces aren’t valuable.
Funk prides himself on being fair, competitive and honest with prospective buyers and sellers. As a result, he makes an effort to look at every single coin or paper bill in the seller’s collection to make sure they’re getting the best offer he can possibly give them. A rare, valuable coin can sometimes be missed by a seller, and Funk does not want to take advantage, even if it was by mistake. He wants to give the seller what they deserve for the collection.
“I want them to be happy, and if we both leave happy, that’s a win in my book,” he said.
The business also means he can set up a table at coin shows, something he did for the first time last month in Cedar Rapids and will do again in Waterloo on April 24.
At the first show, he brought along his dad, Chris, who joked that he serves as “the bodyguard.” Beyond helping Jared set up the 1,000 to 2,000 pieces that go to shows and packing it all back up, Chris entertains prospective customers and converses with them when his son is assisting other buyers. It’s an invaluable skill and promotional device. The shows are also fun to simply meet new people, find new pieces and build relationships.
When it comes to prospective coin collectors or others interested, Funk emphasized educating yourself on what you’re looking for. Do the research, read the books, consult an experienced collector and beware of counterfeiters. Look to the PCGS, Greysheet online, A Guide Book of United States Coins and even eBay, though he mentioned this as a last resort.
But this is an honest community, so Funk recommends building relationships with people as the quickest way to find the answers or help you’re seeking. He also suggested starting small, picking a route to go with and focusing on one type of coin, currency or idea to look for and become an “expert” on it before branching out.
It’s a process, and Funk stated that, even at this stage, he is still learning. Above all else, be patient because collections take time.
Over that time, his own interest and passion has not waned. Every decision Funk has made so far has nothing to do with making money. It’s about the hunt for the pieces. It’s about the hobby and the collection. It’s about doing right by the customer and the friendships. It's about finding the holy grails.
