Wednesday, November 30, 2011

Did You Know: Those Marvelous(?), Wonderful(?) Adjectives!


By Q. David Bowers, Chairman Emeritus
A few years ago in an issue of e-Sylum, the weekly web letter conducted by Wayne Homren for the Numismatic Bibliomania Society, our long-time friend and highly-respected numismatic literature dealer and publisher Charles Davis submitted this, after reading one of our June catalogues:
“Question: What is significant about the following words? satiny, elusive, enigmatic, attractive, extraordinary, lustrous, classic, intriguing, stately, amazingly rare, pleasing, incredible, awesome, impressive, nice, distinctive, exemplary, celebrated, splendid, popular, famous, desirable, remarkable, compelling, lovely, dazzling, sparkling, satisfying, fascinating, extraordinary, dramatic, landmark, outstanding, exciting, unusual, appealing, and important.”
“Answer: They are just some of the hollow modifiers gleaned from the headlines of the latest Stack’s catalogue. The last one is my favorite. I do not see a coin as being ‘important.’ A cure for cancer is important, but we take ourselves a little too seriously to consider a coin important. Significant yes, but not important. And notice that the word significant is missing from the above list.”
Charlie went on to point out the perceived overuse of adjectives by other companies, suggesting the matter had been going on ever since a particularly ‘nauseating’ catalogue was published by a Midwest dealer in 1984, down to the latest production of a company with offices in Europe and America.
There is no doubt that if such adjectives were omitted from numismatic headlines and, for good measure, text as well, this would be a great “green” move, as paper would be saved, and nearly all numismatic publications from Coin World to Numismatic News to the next Stack’s Bowers Galleries catalogue now in progress would be much smaller. Ditto for the catalogs of our worthy competitors.
Methinks that, for example, a seldom-seen Machin’s Mills halfpenny could indeed be called unusual, that an 1804 dollar is certainly celebrated, and that the first appearance of a variety in many years can be deemed an extraordinary event. A coin can be important in my opinion, perhaps this being the same as significant (an adjective not used in the catalog cited). And so on. I like adjectives. The more the better, as long as they are relevant (which I admit is a consideration that may differ from reader to reader). Adjectiveless narratives and listings, such as Form 10-K reports of publicly-traded companies, or schedules of oil production in the Gulf of Mexico, or DEA seizures are not the sort of thing I would read unless I have to.
Moreover, if Stack’s Bowers Galleries (or any other numismatic auction house) were to eliminate the seemingly superfluous adjectives from headlines, no one except Charles Davis would consign to us.
If I were to describe Charles, a fine acquaintance for many years and the cataloguer of the Armand Champa Collection of numismatic literature when it was consigned to us in the 1990s, I would call him an outstanding writer and an extraordinary researcher. I lift a glass to his continued success. Or, deleting adjectives he doesn’t like, I could call him “a writer and researcher.” Doesn’t quite seem the same!
But, one great thing about numismatics is that we can all have our opinions and express them.

Remember When: Mint Director Jay Johnson Remembers, Part 1

Jay Johnson, director of the Mint in 2000 and 2001, passed away in mid-October of 2009. He was a fine friend, always willing to help with research or anything else. As a tribute to his memory we share some of his comments contributed to The Official Red Book of Washington Quarters, by Q. David Bowers, Whitman Publishing LLC, 2007.
Promoting the state quarters:
One of my favorite lines I gave in speeches about the state quarters was that they were both collectible coins and circulating coins. I used to refer folks (if the audience was old enough to remember) to that old commercial for a breath mint (get it? Mint Director talking about mints!) which said, “Is it a breath mint or a candy mint? It’s both. It’s two, it’s two, it’s two mints in one!”
That’s what I used to say of the quarters—as I held a coin in each hand and clicked them together: “Is it a circulating coin, or a commemorative coin? It’s both, it’s two, it’s two coins in one!”
Anyone who remembered the Certs commercial got the connection, and it was an easy way of explaining “circulating” and “commemorative” coins to the non-numismatist.
Non-numismatic audiences also got a smile out of a line I used to use in speeches after talking about the popularity of the 50 state quarters and the numbers of people collecting them. I would add, “Why, these days, practically everybody is calling himself a numismatist!” To many people who couldn’t think of even pronouncing numismatist, it got a nice smile. Hopefully, it even helped people think about joining the American Numismatic Association.
The numbers of people collecting these quarters just kept growing, in many cases fueled by TV ads we ran, featuring Kermit the Frog. Mint surveys showed some 130 million people were collecting the state quarters in various ways—in rolls, from change, from banks and scrambling to find them as soon as they came out.
Another item, one you might not know, is that I was a member of Congress in 1997 when the actual bill passed which created both the 50-State Quarter Program and the golden dollar [Sacagawea dollar]. I say I voted for it, though if you do research in the Congressional Record you will see that what started out as a sometimes controversial bill actually passed on a voice vote, with no recorded vote, so it passed unanimously. I always thought it remarkable that three years later, I was out of Congress and now becoming Mint director and would help promote the very coins whose legislation I had authorized when I was part of that unanimous vote in Congress! [1]


[1] Numismatic News, June 13, 2000.

Tuesday, November 29, 2011

From The Desk of Q. David Bowers, Chairman Emeritus

Welcome to the latest issue of my Market Report. I have nice memories of the recent Stack’s Bowers Galleries sale at the Whitman Coins & Collectibles Expo in Baltimore, Maryland. The event was dynamic from front to back, an ideal show in many ways. Our auction started on Tuesday afternoon, continued almost non-stop on Wednesday, Thursday, and Friday, and concluded Saturday afternoon. The action was very good. In these days of the Internet, it is often the situation that coin auctions held by any company attract a sparse gallery offering, while thousands of people compete on the Internet. Not so with the Expo, as each time I looked in on the sale there was a lot of activity, a lot of hands raised. Otherwise I was at the bourse, where there was also a lot of buying, selling, and camaraderie.

A highlight of this sale was the Teich Family Collection Part I, which commenced on Thursday evening at 7:00 pm. I went up to the podium and spent a few minutes reminiscing about Stack’s and the good old days—the 1950s and 1960s—when I visited there often, this being the period that the Teich family was there as well, although I don’t recall having met them. Typically Dr. and Mrs. Teich and their three sons would visit Stack’s when a new collection was purchased or one was in the offing for an auction. They would meet with Harvey, Morton, J.B., and Norman Stack, review the offerings and solicit advice as to which pieces might be suitable for their collections. The last word is plural, as the family endeavored to build three parallel collections, one for each son. This was in an era before numbers were used on most coins, and long before certified grading. Going over the items at hand, agreement would be reached on which pieces had special eye appeal, after which they would be purchased outright or competed for at auction. The result was a magnificent collection of early Proofs, rarities, and other items. The first session brought substantially over the pre-sale estimate, with action coming from all directions. Now we are looking forward to Part II scheduled at the Whitman Expo in March.

While the good old days are long gone, reminiscing is enjoyable to do, and Harvey Stack followed me to the podium. We both remember the days in which the gallery at 123 West 57th Street—the same facility you can visit today—was in effect a club for collectors, beginning and advanced, who would come by to buy and sell coins, trade stories, and ask advice. 

Apart from the Whitman Expo, business has been excellent in other areas. In California the main office is relocating to our own new building, state of the art, over 50,000 square feet, offering just about every facility imaginable. Along with computers and other things, good old-fashioned service remains very much in style. In time a nice visitors’ center will be set up with interesting exhibits.

The market continues to be strong, for which we can all be thankful. A lot of press coverage is devoted to silver and gold bullion, but I am not quite sure what this really has to do with the market for truly rare coins. If anything, when bullion prices are high it makes some popular coins such as common date Morgan dollars out of the price reach of many beginners. Of course, who cares what the meltdown value of a rare gold or silver coin is, for the numismatic value far exceeds that. In the Thanksgiving season and the upcoming December holidays we all have a lot to be thankful for. Here is wishing you and your family much happiness.

Sincerely,
Dave Bowers

From The Experts:Sharing the Knowledge

By Frank Van Valen, Numismatist, Cataloguer

I attended my first American Numismatic Association Summer Seminar in 1985 as the recipient of a National Coin Week all-expenses-paid scholarship. A fellow named Q. David Bowers was president of the A.N.A. at the time, and he personally greeted each of us as we arrived one evening that week for a neat lecture on the Shroud of Turin put on by a couple of officers from the nearby Air Force Academy in Colorado Springs. Who knew that two years later I’d be working for Dave in Wolfeboro, NH as a numismatist?

After 25 years of writing numismatic catalog descriptions in Wolfeboro, as you might expect, some amount of knowledge has rubbed off on me. What I considered my well-rounded numismatic background was at least enough to catch the eye of Ray Merena and land me a job in 1987 at Bowers and Merena Galleries. Hardly a day has gone by in those 25 years since then that I haven’t learned a numismatic tidbit or two or had a chance to put my own knowledge to the test.

In 2001 I was given the opportunity to share my knowledge at the annual A.N.A. Summer Seminar as an instructor. It seems Ken Bressett, editor of the Red Book, had taught a course there with David Lange of NGC, an “all about type coins” sort of class, but had decided not to instruct any longer. John Kraljevich’s mom, Gail Baker, then Education Director at the A.N.A., contacted me in the spring of 2001 and asked if I’d like to fill in for Ken; I accepted her offer immediately!

Beginning that year and nearly every summer since, Dave Lange and I have been presenting our “Collecting United States Type Coins” class to eager groups of numismatists looking to expand their horizons, with a typical class size of eight to 12 students. We cover, in detail, every U.S. type coin from half cents through double eagles, discussing wear patterns, design high points, rarities within each type, and lots more. We encourage students to bring their own type coins—this summer (2011) one of our students brought in a complete U.S. type set from half cents through double eagles, including all the rare issues like the 1808 quarter eagle and more. Impressive to say the least, and a treat for all of us!

Ours is not the only course offered, of course, and you can find anything there from grading and Morgan dollar classes to courses on early American numismatics, paper money, and world issues. The A.N.A. Summer Seminar has been called the “best bargain in numismatics,” and if a week—or two—of numismatic camaraderie and fun sounds enticing to you, then get in touch with the A.N.A. in Colorado Springs—who knows, maybe you’ll be in my class next summer!

Thursday, November 17, 2011

Crossing the Block: The M.B. Tucker Collection of U.S. Gold Coins


By Greg Cohen, Professional Numismatist

In our November 15-19 sale to be held in Baltimore, Stack’s Bowers is proud to present the M.B. Tucker Collection of U.S. Gold Coins. Mr. Tucker collected coins casually as a youth, and beginning in 2006, the gold bug bit him, and he focused his collecting interests on U.S. gold coins (as well as a small selection of type coins). We offered a portion of the collection in our Pre-ANA/PNG and Official ANA auction sales in Chicago this past August. This second and final installment of coins from this extensive collection will cross the block on the evening of Friday, November 18th. The coins in the offing are mainly NGC and PCGS graded gold coins, with a focus on better date and condition census coins; he had a special interest in Charlotte and Dahlonega mint $5 gold pieces. The vast majority of the coins were purchased out of Stack’s auction sales, mainly from 2006 to 2009, with some additional pieces added in 2010.

Among the many highlights the following coins are of note:
Lot 9473. 1843-D $5, Medium D. MS-63 (NGC)
Lot 9493. 1848-D $5. MS-63 (NGC).
Lot 9519. 1855-O $5. MS-61 (NGC).
Lot 9701. 1862 $10. AU-58 (PCGS).
Lot 9776. 1907 $10 Indian. No Periods. MS-64 (NGC) GOLD CAC.
Lot 9832. 1852-O $20. AU-58 (PCGS)

The total consignment has over 200 lots, with a great selection of dates, mints, and grades for specialists in US gold coins to pick from. We invite you to view this important collection of gold coins in person in Baltimore.


Wednesday, November 9, 2011

Did You Know: Some Dates Relevant to Numismatics

By Q. David Bowers, Chairman Emeritus
Some dates relevant to numismatics, some well-known, others obscure:
1690: The first paper money of the New World was issued by the colony of Massachusetts in 1690.
1776: Continental Currency pewter dollars were struck, probably under the auspices of the Continental Congress, but no authorization has been discovered by numismatic scholars. However, as the $1 of related design was eliminated from Continental paper money at this time, it is likely that the Continental dollar, as it became called, was intended as a somewhat more durable substitute for paper. During the Revolutionary War many varieties of Continental Currency paper money, values from less than $1 to $80, were printed and passed, but depreciated steadily in value, becoming essentially worthless by the early 1780s. Congress never did make good to the holders of such worthless notes. [Hmm. The government issuing paper money that proved to be of little worth. Imagine that!]
1858: In March the American Numismatic Society was launched by teenager Augustus B. Sage in his family’s apartment on Essex Street in New York City. This was an era in which the younger set—teenagers through the twenties and thirties—were the most dynamic elements of the hobby. [Wonder how many teenagers belong to the ANS today?]
1863: On February 25, 1863, the “Loan Bill,” better known as the National Banking Act, passed Congress. Under its provisions, all banks granted charters by the national government were allowed to deposit government bonds with the treasurer of the United States, after which they could issue notes in an amount limited to 90% of the par value of bonds so given. As circumstances would have it, the First National Bank of Davenport, Iowa, organized on June 22, 1863, Charter No. 15, was the very first National Bank in America to open its doors, not by intention but by mistake. Authorities in Washington, D.C., had instructed banks under the new charter system to start business on a given Monday, but someone misunderstood the directions. Apparently the notice arrived on Saturday, and the bank threw open its doors on that very day, beating everyone else by 48 hours! [Today, collecting National Bank notes is a foundation stone in the paper money hobby.]
1870: The Democratic donkey and other matters: The federal decennial census reported the United States population as 38,558,371, including about three million immigrants who had arrived in the preceding decade. On July 24, 1870, the first through railway cars from California reached New York City. On the high seas it was still an era of sail, and clipper ships could travel much faster than steam vessels (which accounted for about 16% of shipping). Despite the depredations of Buffalo Bill, an estimated four million bison were still alive on the plains. [Today some say there are too many bison—on coin designs, that is.] The donkey symbol to denote the Democratic party appeared for the first time in 1870, in the January 15th issue of Harper’s Weekly. In New York City, the Metropolitan Museum of Art was chartered on April 13th. In 1870 in the same city, the F.A.O. Schwarz toy store opened for business, and the first apartment building was built—a five-story walk-up. [Today in NYC you can still visit F.A.O. Schwarz, and we think that apartment buildings on average are a bit higher than five stories.] At the Mint the proliferation of unnecessary STANDARD SILVER dime, quarter, and half dollar lightweight patterns continued, to which were added numerous varieties of STANDARD silver dollars, although no one at the Mint seriously contemplated a new coinage of lightweight silver dollars. Proof coins of regular issues sold to collectors during this era were often struck from carelessly polished dies (this did not apply to silver dollars, however). In San Francisco, the cornerstone was laid for the new mint. In Carson City a new mint turned out its first coins of gold and silver. [Today we all love our Carson City coins!]
1874: Need to be fair and balanced with these items, so it is only fair to mention that in 1874 Thomas Nast would create the elephant as a symbol for the Republicans. Our sincere apologies to the Loco-Foco, Greenback, and Do Nothing party enthusiasts who are ignored in this little list of dates.
1878: On March 11 the first Morgan dollars for circulation were struck. No one envisioned that these would become the most popular of all 19th century coins for numismatists to collect. Actually, that popularity did not occur until many years later, beginning in a significant way in the 1950s.
1891: In November the American Numismatic Association was founded in Chicago. The Numismatist, which later was to become the official magazine of the ANA, had already been published since 1888.
1896: Gold coins held by Treasury: $121,746,000 • Gold coins in National Banks: $161,828,000 • Other gold coins: $251,011,000 • Total gold coins in U.S.: $534,585,000 • Total coins plus bullion: $589,233,000.
1933: The professional rare coin dealership of Stack’s was founded in New York City by brothers Joseph and Morton Stack. Their first auction was held in 1935. In 2011 the firm became part of Stack’s Bowers Galleries.
1946: Whitman Publishing Company published the first annual Guide Book of U.S. Coins, by Richard S. Yeoman. Bearing a cover date of 1947, it became immediately popular and has endured to this day. [Of lesser importance, no doubt, to those reading this: the bikini bathing suit was also invented this year.]
1949: Early American Cents, by Dr. William H. Sheldon, was published by Harper, and introduced a revised system of numerical grading (a concept published years earlier, including in The Numismatist in the 1890s) based on numbers from 1 to 70, this being part of a market formula to establish values of copper cents of the dates 1793-1814. The market formula proved to be an abject failure, but the “scientific” aspect of numbers caught on, and today the ANA Official Grading System for United States Coins, and other grading systems, are based on it.
2005: It seems that the Mint was all set, with its talented staff PLUS this, to produce new coins of wonderfully artistic designs: From Coin World, May 9, 2005: “U.S. Mint adds three artists to AIP, By Paul Gilkes The U.S. Mint added three outside artists to its complement of Artistic Infusion Program designers, who augment the Mint’s coin and medal design capabilities. The appointments fill the remaining two profes­sional artist vacancies, bringing the total to 20 pro­fessionals, and one student artist opening, bringing the student contingent to seven. Thirteen student artist vacancies on the AIP panel remain. When the Mint announced its AIP initiative in 2003, the intention was for 20 master designers and 20 associate designers. Several hundred applicants responded to the Mint’s first call for artists, from which 18 professional “master designers” and six student “associate designers” were selected. The 18 master designers and six associate design­ers who comprised the first team of AIP artists all reapplied and received one-year contract renewals from the Mint for the current calendar year.…”
2009: The Mint made four different reverse varieties of the Lincoln cent, but not as many as numismatists hoped for. So, instead of being exciting for citizens to seek and find, they have remained scarce in circulation. A lost opportunity for the hobby, it would seem.
2011: Over a billion Sacagawea and presidential dollar coins are piled up in government vaults. The coining presses are still spewing out millions. Why?

Remember When: The First Morgan Dollars

By Q. David Bowers, Chairman Emeritus
The First Morgan Dollars
We all love Morgan silver dollars. Or, at least many of us do. First struck on March 11, 1878, they were made each year through 1904, then again in 1921. Today, the Guide Book of United States Coins lists about 100 basic varieties, most of which are available in Mint State for very reasonable prices. There are exceptions, of course, but for relatively little expense a very nice collection of dozens of the more available varieties can be made.
We share this news item printed the day after the first pieces were coined, from the Chicago Daily Tribune, March 12, 1878:
THE FIRST DOLLAR
It was coined yesterday afternoon at 3:17.
Philadelphia, March 11. There had been no announcement of the time for beginning the coinage of the new silver dollars at the Mint, so it was by accident that your correspondent, dropping in at 2 o’clock this afternoon, was the only press representative there to see the first of the new coinage made. The dies were finished soon after noon, and the first pair was placed in the largest coining machine, used for double eagles. A little time was spent and half dozen planchets spoiled before the dies were exactly adjusted. Then Albert Downing, foreman of the coining room, put a polished planchet under the press, and, giving the wheel a single revolution, the first dollar was stamped. It was removed by hand, and critical examination developing flaws, the pressure was readjusted and another put in.
Ten more were then coined, but the eleventh was found to be defective, and this, as well as the first, was at once defaced and returned to the melting room. The first twelve having been struck on polished planchets were removed by hand, to prevent indentation, and each enclosed in an envelope numbered to show the order of coinage. The first goes to the President, and the second to Secretary Sherman. The first was struck at 3:17, and at 3:35 the steam was turned on and the dollars began merrily clanking into the box at the rate of eighty a minute.
Tomorrow two more pairs of dies will be finished, and another machine put to work, turning out $150,000 of the new shiners a day. The dies for the San Francisco and Carson mints will be ready then, and will be forwarded at once. The first delivery will be made on Thursday. The Secretary has as yet made no orders for the first issue of the new coinage, but it is believed that it will be issued only for gold coin, because it will command the same price readily.
Orders are already in for millions from storekeepers who want them for advertising purposes. Whatever silver finds its way into the Treasury will be promptly paid out for the purchase of bullion for coining purposes.

From the Experts: Pasto – “Constitutional” Coins of a Spanish Royalist Emergency Mint


By David Thomason Alexander, Senior Numismatist

Lot 23172 in Stack’s Bowers Ponterio’s November 2011 auction sale is a small silver coin of seeming crudity, which on careful examination proves to be an important relic of a stirring era, the struggles in Spain itself and in South America for independence. The coin is a silver 2 Reales dated 1822 with mintmark “P,” which was intended to identify Popayan in what is now Colombia, then part of the Spanish Province of the New Kingdom of Granada. A mailed laureate bust of King Charles IV dominates the obverse, but with a legend identifying his son, FERDND. 7. D. G. ET. CONST., Ferdinand VII by the Grace Of God and the Constitution. The use of a deceased monarch’s bust before new portrait punches arrived from Spain was a regular occurrence in Latin American mints, but this design combined use of the short-lived Constitutional title with the obsolete portrait.  

Spanish Liberals upholding Ferdinand VII during his Napoleonic captivity and occupation of his throne by Napoleon’s brother Jose had promulgated a Constitution at Cadiz in 1812, establishing a liberal monarchy. This move was violently opposed by the King himself and Spanish traditionalists and led to protracted civil wars. The Pasto 2 Reales would be the only coinage of any Latin American mint to use the Constitutional titles after Ferdinand “el deseado, the Desired,” was restored to his throne.

By 1822 most of the Spanish colonies from Mexico to Argentina were in revolt against Ferdinand. In what soon became known as Colombia, Simon Bolivar’s armies were advancing on the mint city of Popayan, and the Royalists tried to remove valuable coining machinery to Quito in what is now Ecuador, still under Royal control. The massive presses used for coinage of the crown-sized 8 Reales had to be abandoned. Presses for quarter-sized 2 Reales were taken and set up at the small city of Pasto, thus becoming the first coins struck in Ecuador. Strikes were hurried and distinctly crude, resulting in very uneven legends on both sides of this coin. The date on this Very Fine specimen is very lightly impressed but the portrait is unusually full. The coin records the roles and battles of Bolivar’s pro-independence forces, the resisting Spanish Royalists, and has the added echo of the constitutionalist versus absolutist struggles that convulsed the homeland, making it a coin of many attractions.

Crossing the Block: The Teich Family Collection, Part 1

The Teich family’s interest in collecting coins started in 1952 while on a family vacation. A single Indian cent carried by Dr. Samuel Teich, the father, fell to the ground and rolled under the counter in view of the owner of a simple rustic motel. This was a magical moment, as the owner, himself a numismatist, spent the next several hours sharing his collection with the family. The beginning of an exciting family hobby was at hand.

Shortly thereafter, while on a shopping trip to Gimbel’s in New York City, Dr. Teich and his wife Beatrice, stopped by the coin department, and their adventure began. They met Robert Friedberg, bought series coin albums for themselves and their three sons, began learning about American numismatics, and soon purchased from Freidberg some of the rare coins now offered in the Teich Family auction. Not long after, with the help and cooperation of Norman, Morton and Harvey Stack, they learned the finer aspects of numismatics, and began their long standing relationship with Stack’s. They developed into true connoisseurs, and placed emphasis on quality!

The entire family caught the collecting bug, and the sons searched through all their pocket change (and still do), as well as thousands of rolls obtained from local banks to find missing items for their albums (key coins of all kinds were in circulation if you were lucky enough to find them, and the search was exciting and tantalizing). However, emphasis soon shifted to acquiring high-quality classics, dating back to the early 19th century, including proofs, Choice and Gem Mint State specimens of many series, and more.

In the 1950s and 1960s, they were bidders and buyers in most of Stack’s auction sales, including famous collections whose names still echo in the halls of numismatics: the Empire Sale of 1957, the Pelletreau Sale of 1959, Milton A. Holmes in 1960, the record breaking Wolfson Sale in 1962 and many others.

Over the years, they assembled a museum-quality collection of United States proof sets from 1854 into the mid-19th century, as well as additional sets of proofs by series—Indian cents, two-cent pieces, three-cent nickel coins, Shield and Liberty nickels, and more.

In parallel the family expanded its collections to include high quality business strikes of Indian and Lincoln cents, Buffalo nickels, Mercury dimes, Standing Liberty and other quarter dollars, 20th century gold, and other specialties. This grand family adventure may have been a unique situation in American numismatics.

Years passed, the sons discussed the family treasure and came to Stack’s Bowers Galleries to have us auction the coins that had been locked away—with the hope that they will provide great pleasure to a new generation of enthusiasts and connoisseurs. The Teich family invites you to share in the excitement of coin collecting, to relish the feeling of accomplishment in building a meaningful collection, and to delight in the hobby that has been an integral part of their lives for over 50 years.

Friday, November 4, 2011

Did You Know: Coin Collecting Challenge!

Test your knowledge on these five questions, and see how you do. Get three right and you are doing well!

1. The “Bugs Bunny” variety describes a:
a: Rabbit with long ears on an 1863 Civil War token issued in Cincinnati.
b: Half dollar of 1955 with a die defect at the teeth of Benjamin Franklin.
c: Low-mintage 1844 Liberty Seated dime.
d: Lincoln cent of 1962 with “whiskers” caused by die cracks.

2. Which one of these statements is correct?
a: A branch mint was proposed at The Dalles, a town in Oregon on the Columbia River. The building was constructed, but it never went into operation as a mint.
b: Dr. Henry R. Linderman, director of the Mint and a knowledgeable numismatist, put an end to restriking coins and the private production of rarities and during his administration made the Mint a model of rectitude.
c: The 2004 California quarter dollar features an American eagle as part of the reverse design.
d: Silver dollars dated 1804 are very rare today, as most were lost on a ship sunk off the coast of Africa, en route to deliver pay to American sailors.

3. Which one of these statements is not correct?
a: Chet Krause, one of America’s most acclaimed figures in the coin collecting hobby, established Numismatic News in 1952. It is still going strong today, along with its sister publication, Coins magazine.
b: Dr. George F. Heath, who established The Numismatist in 1888, was a medical doctor, mayor of Monroe, Michigan, and enjoyed long train trips. The magazine is still going strong today.
c: The first time that 1804-dated federal silver dollars were struck was in 1834.
d: The Numismatic Scrapbook Magazine was established in 1935 by Curt Teich and in the 1960s was edited by Walter Breen.

4. The 1904 St. Louis World’s Fair and its commemorative coins, as well as the 2005 Westward Journey series of nickel designs, were inspired by:
a: Westward expansion through the development of the transcontinental railroad.
b: The 1803 Louisiana Purchase and the 1804-1806 Lewis and Clark expedition.
c: The voyage of the Lady Washington and Columbia to the remote Pacific Northwest coast in the late 1780s.
d: Expansion of steamship commerce on the Mississippi and Missouri rivers in the early 19th century.

5. Well-known numismatist Eric P. Newman has done all of these things except which one?:
a: Received more Heath Literary Awards given by the ANA than has anyone else.
b: Owned all of the five known 1913 Liberty Head nickels.
c: Served as president of the American Numismatic Association.
d: Written books on subjects as diverse as the mysterious Good Samaritan shilling and the 1804 silver dollar.
Answers: 1-b, 2-a, 3-d, 4-b, 5-c