Friday, September 30, 2011

From the Desk of Q. David Bowers, Chairman Emeritus

Welcome to the latest iteration of “From Dave’s Desk.” This is a continuation of my column earlier published by Stack’s. Each month I’ll be commenting on things that inspire, interest, or annoy me or otherwise attract my attention. As ever, your comments are invited. I can be reached at my private e-mail at qdbarchive@metrocast.net

The rare coin market continues to be very strong. In August, as official auctioneer of the World’s Fair of Money (American Numismatic Association summer convention), we sold at auction over $40 million in coins, tokens, medals, and paper money, followed a few days later by $17 million at our Hong Kong auction. We have more bidders than ever before, with the vast majority now bidding in real time on the Internet. If you haven’t tried this, you are in for a treat. With a catalog at your side (so you can read details, history, and the like) and with the sale in progress on the screen, you can hit the “Bid” button and be a part of the action.

Way back in the summer of 2000 at the ANA Convention the “Ship of Gold” exhibit greeted visitors to the bourse, in time attracting over 20,000 visitors. This consisted of a wide “show front” with a representation of the Kellogg & Humbert Assay Office at the left of the main attraction, the “side” of the treasure ship S.S. Central America. Tommy Thompson and Bob Evans, discoverers of the vast Central America treasure, were on hand to meet and greet visitors, as was Dwight Manley, captain of the California Gold Marketing Group which was preparing to offer gold coins and ingots for sale. It was a unique display, and in my photograph archives I have pictures of many attendees, ranging numismatically from (the late) John J. Ford, Jr., to my fine friend Eric P. Newman (a centenarian as of May 2011). A good time was had by all, as they say!

In the meantime, I was immersed in creating the book, A California Gold Rush History Featuring the Treasure from the S.S. Central America, the title for which was suggested by Eric Newman after he read the manuscript. Upon publication the book turned out to weigh 11 pounds. About 4,000 copies were printed, all of which are sold. Every now and again a used copy comes up for sale on the aftermarket.

As a reward or honor, the California Gold Marketing Group offered me first chance to buy any one of the more than 400 treasure ingots that were soon to be offered for sale. I picked out one by Harris & Marchand, a “rare” assayer for which only a few dozen ingots had been found—including this, the only one with two hallmarks, and with lettering slightly different than the other Harris & Marchand bars. The assayers had their main office in Sacramento and a branch in Marysville. We attributed this unique ingot to Marysville.

This and the other ingots attracted a lot of attention, including a section (illustrating this unique ingot) in the Guide Book of United States Coins. A request was made to Dwight Manley to have this and other Central America ingots and gold coins go on a world tour. This lasted six years and included items of gold contributed by various museums and societies. I had a chance to see it, titled GOLD!, when it was on view for about a half year at the American Museum of Natural History in New York City. Colorful banners were put up alongside the west side of Central Park. The exhibit itself was wonderful and at the end even included a gift shop with souvenirs ranging from mugs to jewelry to T-shirts. I wrote an article about it for the American Numismatic Society’s magazine.

Dwight Manley, who had arranged the sale of the unique Harris & Marchand Marysville ingot, became nostalgic and asked if he could purchase half interest in it, which I agreed to. In the meantime the collecting of S.S. Central America gold ingots became a passion and a pastime it its own right. Of course, these are all expensive, but on the other hand there are people who collect Ferraris by models and who have multiple homes, etc. I am reminded of such affluence when I read Forbes Life, The Robb Report, or the real estate and “personal” section of the Financial Times.

There were five assayers represented in the S.S. Central America. Two of them each had two offices—Justh & Hunter and also Harris & Marchand. A complete collection consists of one ingot from each of the seven offices. No problem (except for writing a check) for six of the offices, for at least a few dozen exist of each. Then there is the unique Marysville ingot—the Holy Grail. After owning the ingot for more than a decade and having it viewed by millions of people worldwide, the time has come to share it—and let someone else have the pleasure. Dwight and I have placed it with Stack’s Bowers Galleries for sale at a low seven-figure price. Christine Karstedt, who helped with the original California Gold Marketing Group presentations a decade ago and also helped me with the book, is the “point person” for Dwight and me. If you are interested or know someone who might be, contact her at 1-866-811-1804. How often can you buy a numismatic item that is of gold, truly unique, and also world famous?

Changing the drift, if you plan to attend the Whitman Coin & Collectibles Expo at the Baltimore Convention Center in November, track me down and say hello. I can be found at the Stack’s Bowers Galleries bourse table, or at our auction (we are official auctioneers for this dynamic show), or at the Whitman LLC booth. These shows are always fun—with a lot going on. And, Baltimore has always been one of my favorite places to visit (I once lived there as a kid).

My best wishes to you and thanks for being a friend of Stack’s Bowers Galleries.

Sincerely,

Dave Bowers
Chairman Emeritus, Stack’s Bowers Galleries




Q. David Bowers Remembers: Suddenly it is 1988!

By Q. David Bowers, Chairman Emeritus
In going through some notes and records from 1988 I was surprised how much things have changed in the two decades and several years since then. It was interesting to review the “good old days,” assuming that they were good. Actually, we all had a good time back then, or at least I remember it that way.
Our first computer arrived early in the year, but hardly anyone knew how to use it. Great skill was required in programming, as all files had to have specially keyed instructions to operate MS-DOS. We all thought that computers would be very effective, but did not quite know in what way. In the meantime, on my own I had a Macintosh computer, which was easy enough to use—as it had a window-screen with icons, something not available with IBM and related products. Saving a file took quite a bit of time. While this was happening, you could leave the room and have a cup of coffee, or do something else. I am referring to a file that today would be considered short, such as for a book chapter or an article.
Al Gore had not invented the Internet yet, and thus there was no such thing as e-mail. Or, if there was, I didn’t know about it. All correspondence came and went through the postal service, except for some dealers who had fax machines, themselves a rather new gadget. By October the fax was so popular that a memo was sent around to our staff to add our fax number to all catalogues, order blanks, and anything else bearing our regular telephone number.
 Walter Breen’s Complete Encyclopedia of U.S. and Proof Coins came out in 1988, and we ordered copies by the thousands. Everyone clamored to have a copy, providing for the first time a veritable numismatic library between two covers. All told, we sold over 10,000 copies in the next several years.
 “Slabs” were relatively new, the first popular versions having been launched by PCGS in 1986 and then NGC in 1987. I came across quite a bit of correspondence with customers and other dealers as to whether serious numismatists should collect coins in slabs. Several people wrote to us saying that if we handled slabs they would not do business with us at all!
A few newcomers said they really liked slabs. Dealers liked them as well, and we found that a slabbed coin was apt to sell more quickly than one that was not. At the time a dealer selling a “raw” coin graded, say, MS-65 to a customer might get a letter a week later, to this effect: “I took it to Sam’s Coin Shop and he said it was only MS-63. I want my money back.” Dealers found that slabs ended complaints. If a coin seemed to be below par, it was the grading service’s fault. I found it curious that a coin could be overgraded (in my opinion) and as ugly as a toad, but if it was certified as MS-65, everyone believed it. Very curious (and still curious today).
In time, slabs made it possible for anyone to become a “professional numismatist.” No expertise needed! Of course, this was not really so, but the model worked just fine, as many buyers lacked expertise as well, and did not know the difference.
The coin market was sluggish in 1988, all over America there were bank failures, and the future seemed uncertain. Investors were relatively few in the marketplace, but collectors kept collecting, as they always do. In hindsight today over 20 years later, it was a very good time to buy coins, tokens, medals, and paper money. No one knew that coin investment, as mostly limited to “investment grade” MS-65 and Proof-65 coins, would skyrocket to heights never before seen, reaching an apex in 1990. But, that’s another story.

Did You Know?

What, no quarters? That in 1975 lots of Washington quarters were struck? They were, but you can’t find them listed, at least not obviously. They were dated 1776-1976 and were coined in advance for the 1976 Bicentennial.

Where’s the mintmark? In 1870 the San Francisco Mint received dies from Philadelphia, per regular practice. However, two dies lacked the S mintmark—a gold dollar die and a $3 gold die—someone forgot.

Which is the obverse? Try this out at your next coin club meeting: What side is the obverse of the $1 and $3 gold coins? If you answered the Miss Liberty or “heads” side, you’d be right, and we’d agree with you. However, in Mint records the side with the date was called the obverse, what we call the reverse. So, if you hold your club meeting in the foyer of the Philadelphia Mint, then the answer would be wrong! We won’t even mention which is obverse and which is reverse for the 1936 Robinson-Arkansas commemorative half dollar! (PS: Stack’s was the official distributor of that coin).

That the first First National Bank to open in the United States was in Davenport, Iowa? It was set to open on Monday, July 1, 1863, but someone overlooked reading the instructions from the Treasury Department, and it threw open its doors the preceding Saturday.

You probably didn’t know this either: The president of the First National Bank of Davenport, Austin Corbin, was later a major developer of the Coney Island vacation area in New York. And, for good measure, you probably didn’t know that on his private estate near Newport, New Hampshire, he kept boars, buffaloes, and other exotic (at least for our part of the country) game animals.

That the Professional Numismatists Guild was formed way back in 1953 by Abe Kosoff and had its first formal meeting at the 1955 American Numismatic Association convention in Omaha? Those who like minutia concerning the traditions of our company’s antecedents will be interested in knowing that for a number of years James F. Ruddy, partner with Dave Bowers in Empire Coin Co., was the secretary of the PNG. The records were kept in our office, and the correspondence was done from there. Jim volunteered his services to the PNG, no charge at all. Later, the position evolved into the executive director and was held by others, well paid. Dave Bowers became member no. 58 of the PNG in 1960. Elsewhere in our company, Larry Stack served as president of the PNG some years ago.

From the Experts: Getting Started with Colonial Coins

Looking for Something New to Collect?
Colonial Coins Beckon!
In The Expert’s Guide to Collecting and Investing in Rare Coins,  Q. David Bowers included the following:

Getting Started with Colonial Coins
Collecting colonial coins is a captivating pursuit, and virtually everyone who takes up the pursuit is fascinated by it. Perhaps more than for any numismatic specialty, a recipe for successful collecting involves two parts of reading and investigating to one part buying. Of course, this is very enjoyable to do—and is one of the reasons that the field has so many devotees.
For starters, after you read this, spend an hour with the front section of A Guide Book of United States Coins, starting with the fine-print stuff under ‘Money of the Early Americans.’ Also review the earlier years described in chapter 10 of The Expert’s Guide to Collecting and Investing in Rare Coins. Do this, and when you are finished you will have a basic casual knowledge of what colonial and early American coins are all about.
In the strictest sense, colonials are coins produced before the Confederation and the signing of the Declaration of Independence. In popular practice, colonial coins include coins of the 1780s struck for the states, and even Washington tokens. Regarding states, officially the first state was Delaware, which ratified the United States Constitution on December 7, 1787. Accordingly, in the strictest sense, the ‘state coinages’ of Vermont, Connecticut, New Jersey, and Massachusetts, which all commenced before that time, were produced by ‘states-in-waiting.’ Vermont did not achieve statehood until 1791. If anything, such nomenclature reflects that definitions for early American issues are often casual.
If your interest in early American coins has been piqued, it is natural to get your feet wet right away—by buying some colonials. I suggest you do this. However, at the outset, limit yourself to well-struck coins in higher grades (VF or better), without flaws and with good eye appeal. A dealer specialist in colonials, or at least a professional with a good working knowledge of the series, should be your source—not the Internet and not offerings from sellers who are not knowledgeable. As to certification, it can be a mixed bag. The services attempt to assign a single grading number, but such numbers give no clues to the many other variables that affect a colonial coin’s value.
Perhaps an easy choice for you would be to buy a 1773 Virginia copper halfpenny in AU or Mint State. There are a lot of these around, and they are usually well struck. If you find one with good eye appeal, it can be bought to advantage—and will not need to be replaced or upgraded later. Once you buy, take an hour to read all about how it was made and distributed, using the Crosby and Breen texts described below. If you really want to have a Zen or bonding experience with your newly-acquired coin, borrow a copy of Eric P. Newman’s 1957 study, Coinage for Colonial Virginia, from the ANA Library in Colorado Springs or track one down from a seller of out-of-print numismatic books.
I do not mean to overdo the subject of focusing on the history and background of the coins you buy. I realize that many readers may simply acquire a piece and then put it into a drawer or safe deposit box. However, a coin can speak to you and tell you a lot if you let it do so. In my All About Coins class at the ANA Summer Seminars a few years ago I always suggested to my students that the coins themselves should be carefully examined and appreciated, instead of simply reviewing printed listings about their rarity and value.
There are two books you will need to buy, one being a reprint of Sylvester S. Crosby’s 1875 masterwork, Early Coins of America. This volume is still the standard source today for historical information! The content of Crosby ranges from dull (as in the recitation of laws and proclamations) to endlessly fascinating and evocative of mystery (as in the section on Vermont coppers and the curious happenings at Machin’s Mills).
The second essential book is Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins, 1988, for much in depth commentary about varieties.
If you become serious about this specialty, sign up for membership in the Colonial Coin Collectors Club (C4). Through the American Numismatic Society (New York City), subscribe to The Colonial Newsletter.
With the preceding, you will have enough to keep you busy for a month or two in reading and contemplation. If you absorb even half of what you scan, you will be as knowledgeable as most rare coin dealers are.
By this time the ‘colonial coin bug’ will have bitten you!

Crossing the Block: The Teich Family Collection, Part I

The Teich Family Collection, Part I
American numismatics is illuminated by the names of great collectors who have formed memorable and noteworthy collections. The name of the Teich Family will soon join this roster, as Stack’s Bowers Galleries prepares the first in a series of major offerings from the Teich holdings in Baltimore on November 14-19, 2011.
Dr. Samuel and Beatrice Teich, and their three sons, became regulars with New York’s leading coin dealers, initially at Gimbel’s with Robert Friedberg and shortly thereafter with Norman, Morton, and Harvey Stack at Stack’s at 123 West 57th Street in Manhattan. Over the years, the family assembled a powerful collection of U.S. Proof Sets issued by the Mint from 1858 into the mid-20th century, as well as sets of Proofs and premium business strikes by series— Indian Head cents, two-cent pieces, three-cent nickels, Shield and Liberty nickels, and more. Many Teich Family coins were bought directly from Stack’s New York store or were purchased from the name sales of their day – Pelletreau, Holmes, Empire, Wolfson, and many others.
The Teich family enjoyed assembling this collection over the 1950s and 1960s, taking great pride in their accomplishment and ownership. Now that the coins have been locked away for nearly 50 years, the sons have decided that the time has come to share the collection with the numismatic community through a series of auctions conducted by Stack’s Bowers Galleries. Part I of this offering will be conducted as part of Stack’s Bowers Galleries’ Official Auction of the Whitman Coin and Collectibles Baltimore Expo, November 14-19, 2011. A magnificent catalog is in preparation, please give us a call at 800-458-4646 to recieve a copy.

Tuesday, September 27, 2011

From the Experts: My Favorite Morgan Dollar


By Frank Van Valen, Numismatist, Cataloguer

From the late 1980s through the mid-1990s, I did a lot of traveling to gather auction consignments for what was then Auctions by Bowers and Merena. My travels took me across our great country, North and South, East and West—wherever people wanted to consign coins, I was there. I saw many great collections along the way, and shipped or carried home some great coins during that time. The consignors I’ve met are too numerous to mention here, though I am blessed with practically unlimited memories from my many trips. My favorite tale, hands down, has to do with a circulated 1896 Morgan dollar.

In the early 1990s I travelled to a midwestern location to look at a collection, a nice group that included a complete collection of Morgan dollars, right down to the 1895 rarity. The consignor was a dear gentleman in his late 80s who had reached the end of his collecting days and wished to pass the fruits of his labors on to other generations in the form of cash, as no other family member had even a remote interest in coins. We met at his home, where we gathered at the dining room table, surrounded by a few of his children and their children as well.

I went over his collection with him and we signed the contract. Then he mentioned he had a silver dollar that wasn’t in the collection, an 1896 in VF or so that he wanted to show me. It seems his father had given it to him in the 1920s and told him it was “the rarest and most important coin” he would ever own. The consignor, no stranger to Morgan dollars, knew it was just a VF 1896 with a value then of perhaps $15 or so, and he just couldn’t understand why his dad had told him to keep it safe for the rest of his long life. He laughed a bit and then handed it to me to get my opinion on this great “rarity.”

The moment after he handed it to me I knew the coin’s secret—it was a box dollar! I asked if he knew what a box dollar was and he had no idea. I explained how certain coins were cut in two, with one side hollowed out and the other side fixed with a hinge so that people could carry photographs and other items in the hollowed-out coin. Then, to the amazement of the collector and his gathered family, I pressed on the pressure point of the coin and the top flipped open to gasps of astonishment and pleasure. Inside the locket was a small picture of a woman dressed in all her 19th century finery, and a lock of hair. I handed the coin over to the consignor and asked if he knew the woman inside. He stared for several seconds and his eyes slowly filled with tears. He looked across the table at me and whispered “That’s my mom on her wedding day in 1896.” It seems he had owned the coin for more than 70 years and never knew he was so close to his mom all that time. Needless to say, I left him in great humor and, as he put it, I was taking the collection, but he was keeping the treasure! And that’s why his 1896 dollar in VF is my favorite Morgan dollar.

Q. David Bowers Remembers: My First ANA Convention


By Q. David Bowers, Chairman Emeritus
The annual convention of the American Numismatic Association was held in Omaha in 1955. I was there, and it was my first, although I had attended other shows—mostly those of the Empire State Numismatic Association (ESNA).
Back in 1955, I was fairly well steeped in numismatic tradition, through reading, hardly by first-hand experience. I had only been a coin collector since 1952, although I could say and pronounce numismatist correctly. With a limited budget I mainly collected coins from circulation at the outset, and concentrated on building a numismatic library.
As strange as this may seem today, in the early 1950s scarcely anyone was interested in collecting old coin books, magazines, and catalogues. Members of the Wilkes-Barre (Pennsylvania) Coin Club, on learning my interest, deluged me with piles of copies of The Numismatist, The Numismatic Scrapbook Magazine, and auction catalogues. Concerning the latter, the only one that seemed to have any particular value, perhaps a few dollars, was the 1941 presentation by B. Max Mehl of the William F. Dunham Collection. Others dating back to the previous century were of little or no commercial value.
By 1955 I had developed a number of different specialties. I had an active business in buying and selling pattern coins in an era in which these were a niche at best, and most dealers did not handle them at all. I also enjoyed colonials and collected copper coins of Vermont, Massachusetts, and Connecticut, staying away from New Jersey coppers as my fine friend Jim Ruddy collected those. Anything else, such as Massachusetts Pine Tree shillings, for example, was way out of my financial reach.
Somehow, probably through corresponding about patterns and colonial coins, my image as a buyer far exceeded my financial resources. Many people thought I could write a check for whatever I saw, but this was hardly the truth. To buy one coin I usually had to sell another!
Numismatics was a wonderful hobby then, as it is now. Investors mainly concentrated on bank wrapped rolls and Proof sets, forming a division or niche in the field, but not driving it. The main buyers of coins did so for their collections, and the word investment was hardly ever heard. However, it was a given—just about everyone knew that a fine collection, carefully gathered, would do well upon its sale.
Returning to the 1955 story, at the convention in Omaha, the bourse was in the grand ballroom of the Fontenelle Hotel, a drafty old place with its own charm. Cincinnati dealer Sol Kaplan and California dealer Abe Kosoff spent a fair amount of time with me at the show, as I had been perhaps their best customer for pattern coins, one of their specialties. At the same event, the Professional Numismatists Guild had its first general meeting, but I was hardly in the category of old-time professionals. Kosoff and Kaplan were in charge of that.
The same duo had large numbers of leftovers from the William Woodin estate (which Abe Kosoff acquired when he was part of Numismatic Gallery) plus the recent (early 1954) Palace Collections sale in Cairo, dispersing the collection of King Farouk. At that time I had also been a wholesale source for Kosoff. In California he had customers for sealed 1,000-coin bags of Morgan and Peace dollars. These were held in large quantities by the Federal Reserve Banks and some other locations. Those obtainable at face value in California tended to be different dates and mints from those in the East. His arrangement was to send me funds, I would have my bank order bags through the Federal Reserve System, and then I would ship them off, earning 10% in the process for hardly any work. Abe Kosoff made a point of squiring me around the show and introducing me to other dealers I had not met in person before.
All went well at the convention, except for a little incident which I remember to this day. In my case was an 1849-O half dime, a scarce variety, well circulated, but still a desirable coin. An older gentleman came by the table, while the lid was up and I was talking to someone else. I soon discovered the half dime was gone. The dealer next to me told me it had been shoplifted, but I didn’t know what to do except to suffer silently. Certainly I wasn’t in a position to stir anything up, being a guest at the first show. Apparently the thief was a well-known old timer, and all dealers, except clueless me, watched him carefully as he moved from table to table.
Then there was a nearby dealer with piles and piles of sparkling double eagles for less than $40 each—not much over melt value. I kept busy at my bourse table, with a constant stream of visitors buying and selling. At show’s end it was announced that about 500 had registered—an all-time record. Those 500, however, were nearly all dedicated to the hobby, and I believe that most everyone had a good time.
Lots of memories, nearly all of them nice!

Did You Know: Numismatic IQ Time!



Test your knowledge on these five questions, and see how you do, a little numismatic IQ:

1. If you want to find a sailing ship on a state-reverse quarter dollar, a good place to look is on this type:
a: 2000 New Hampshire
b: 1999 New Jersey
c: 2001 Rhode Island
d: 2002 Indiana

2. Which one of these statements is correct?
a: To complete a set of one $5 gold piece from each mint in 1854, you will need to get five coins.
b: The 1804 silver dollar is rare today because most were sent to Tripoli to pay American sailors, and the ship was lost en route.
c: Frank Gasparro designed the obverse of the 1964 Kennedy half dollar.
d: Dr. George French, of RochesterNY, is primarily remembered today for his remarkable collection of Civil War tokens from Cincinnati.

3. Which one of these statements is not correct?
a: The Clemy Award, the highest honor of the Numismatic Literary Guild, takes its name from a Latin designation for a species of turtle.
b: Col. Bill Murray’s “New-Mismatist” is designed for newcomers to the hobby, and has been popular for a long time.
c: Dr. Henry Linderman, one-time director of the Mint, enjoyed having the Mint strike rare patterns for his personal collection.
d: If you encounter a Mint State 1820 copper cent today, the chances are good that it came from the famous Randall Hoard.

4. Which one if these mintmarkless coin varieties was struck at the San Francisco Mint? (Someone forgot to add the mintmark to the dies!)
a: 1874 trade dollar.
b: 1922 Lincoln cent.
c: 1928 $20 gold.
d: 1925 Fort Vancouver commemorative half dollar.

5. In Mint records what we in numismatics call a wire rim or, as Walter Breen sometimes said, a knife rim, was often referred to as a:
a: Fluff.
b: Scissel.
c: Fin.
d: Brillig.
Answers: 1-c, 2-a, 3-a, 4-d, 5-c

From the Desk of Chris Karstedt, Executive Vice President



Dear all,

We've had quite a month of numismatic activity! In fact, in terms of sales volume it is completely unprecedented in the history of our company, going back to Stack’s first sale in 1935. Starting with the PRE-ANA/PNG show, followed by the ANA World's Fair of MoneyHong Kong, Long Beach (where we were represented, but did not have an auction), and now the Whitman Coins & Collectibles Expo in Philadelphia, some of us are feeling a bit road weary. Understandably so! However, we all enjoy what we do, so we are still smiling.

Philadelphia, our most recent stop, was pleasant, but a bit low key after the ANA event. The convention was a very doable three days, dealers loved the surrounding area and the special attention paid them by the Whitman folks who hosted the event. The Whitman crew works very hard in making things just right for all involved....even when it comes to lending some duct tape and power strips for our overflowing lot viewing. Special thanks to Lori Hamrick of Whitman who went beyond the call of duty to assist us in many areas.

Business on the bourse floor was driven by the bullion markets. Rarities, collector coins and dealer inventory still traded but not at the brisk pace of the metal markets. Dealer to dealer sales were good.

Our Americana sale upheld its tradition and brought thousands of numismatic items from all series to bidders all over the world. Internet participation was heavy and in person attendance at the sale was average. This speaks to the ever increasing trend whereby bidders come to view the material in our offices in CaliforniaNew York City or on site and then participate from the comfort of their homes or offices via our SBG Live connection. Even at the sale venue it is not unusual for someone to spend a day viewing lots and then bid on line from his or her hotel room, while relaxing and perhaps sipping a glass of wine. Participating in a Stack’s Bowers Galleries auction is now easier than ever! When all was said and done over $4.5 million was sold. Prices realized are now posted on our website for your review.

As you read these words we are soliciting final consignments to our November auction, the official auction of the Whitman Coin Expo in Baltimore November 16-19, so call on us before the end of September. The sooner the better! We want to serve you and your consignment in a deluxe manner—and this final call gives you a last minute opportunity. We stand read to assist in bringing your holdings to auction at top market prices.

Part I of The Teich Family Collection will be crossing the block as part of our November auction in Baltimore and it is sure to cause quite a stir. This old-time family cabinet has been in private vaults since the 1950s. I am still enthralled with the simple story of how this collection was started. In 1952, while on a family vacation with his wife and three sons, a single Indian Head penny carried by Dr. Teich fell to the ground in view of the owner of the hotel. The owner happened to be a numismatist, who then spent the next few hours sharing his collection with the family. This inadvertent catalyst awakened the collecting urge as Dr. Samuel and Beatrice Teich then sought to learn as much as possible about numismatics. After making initial purchases they contemplated building parallel collections to maximize their family’s participation. The parents bought four separate coin albums for several series and were joined in the fascination of coin collecting by their sons Morton, Stephen and Howard. I promise you'll be thrilled as this fresh material crosses the auction block providing purchase opportunities for today's collectors. I will have more details to share with you on this remarkable collection  in upcoming days.

Thanks to all who participated as a bidder or consignor to our recent sale. We appreciate your business and friendship!

All the best,












Christine Karstedt
Executive Vice President