Thursday, March 29, 2012

United States Paper Money of the Week: Federal Proofs Pace Strong Baltimore Paper Money Session

By Bruce Roland Hagen, Senior Research Numismatist, and Matthew W. Quinn, Director of Currency

Stack’s Bowers Galleries March auction in Baltimore provided excitement on all fronts and as usual the paper money session held on Friday March 23, 2012 was no exception. Crossing the auction block were 1,025 lots from all American genres from the Colonial era to modern Small Size currency. Total sales of $1,905,589.10 (including the 15% buyer’s charge) were realized from 948 sold lots and boasting a 92.7% sell through. The sale featured many fresh collections offered without reserve, and unprecedented early bidding prior to Friday saw many lots opening at or above estimate already.

Leading the sale was a dramatic and important selection of United States Federal Proofs and Loan Certificates from several consignors. Several of the pieces were unique and many were last sold back in 1994 at the Middendorf Sale. Lot 5418, the $1,000 Friedberg 201 Face Proof, led the charge at $97,750. When last sold it realized $3,850 in 1994. Friedberg 201 is unknown in issued form and is among most important Federal Proofs sold at auction in this generation. Other notable proofs were Lot 5414, Unlisted $20 One Year Interest Note, at $46,000 and Lot 5419, Face and Back Pair of $500 Fr.205 Interest Notes, at $51,750. All 28 proof and bond lots sold, the majority in excess of estimate.

Obsolete currency also continued strongly in an enthusiastic collector driven market. High quality Mormon notes eclipsed their estimates handily with Lot 5252, Brigham Young signed and re-issued Kirtland Anti-Banking Co. $2, fetching $31,625. The final section of New Jersey scrip notes from the Tom O’Mara collection saw much enthusiasm from the internet and floor bidders with all 83 lots sold, many in excess of high estimates. Chester L. Krause’s Postage Envelopes were also strongly bid upon. All were sold and the final portion of this impressive collection will be sold at our official auction of the August 2012 ANA’s World’s Fair of money.

Federal type notes featured several finest graded for their catalog numbers offered to eager collectors. The realizations for such material were strong throughout with lot number 5477, a PCGS Superb Gem New 68 PPQ 1869 Rainbow Five Dollar note bringing a record $40,250 for the design. Lot 5509, a large red spiked Treasury seal $20 Fr. 136 in PCGS Superb Gem New 67 PPQ, brought a commanding $18,400 which set a public sale record for the catalog number. The highly popular educational series silver certificates of 1896 were represented well with lot 5559 being the focal point, offering a chance to obtain one of the finest known PCGS graded examples of the coveted “Electricity Presenting Light to the World,” five dollar design. Certified as Superb Gem New 67 PPQ the nearly perfect example brought $43,125 against a pre auction estimate of $30,000 to $40,000.

Small size type notes had a strong showing as well with a finest known PMG Gem Uncirculated 66 EPQ 1928 San Francisco District $500 note bringing $9,200 as lot 5672. Lot 5697 marked an important offering for the popular North African emergency notes. A finest known 1934A $10 piece certified as PCGS Superb Gem New 68 PPQ brought a record $6,900 for the catalog number. A seldom seen replacement note (the finest we have handled) for the 1928 $50 gold certificate design was offered as lot 5704 and realized $11,500 showing strength in this sophisticated small size segment of the market.

National banknotes consisted of one of the larger offerings we have had in recent years with significant newly discovered items offered. Highlighting the section were a trio of incredible New Jersey pieces, all of striking quality and importance. The three ran in sequence as lots 5833, 5834 and 5835. The first was a Perth Amboy serial number “1,” Five Dollar 1882 Brown Back costing the new owner $18,400. The following two lots were different charter number Rahway original series aces with a Union National Bank example selling for $8050. The next was just the third reported piece for the National Bank of Rahway which brought a staggering $23,000 as lot 5835. The last lot for the National banknote selection was not without excitement being a newly reported $10 1882 Brown Back from Rock Springs, Wyoming. The piece was sensational in terms of appeal and rarity and sold for a lofty $12,650, eclipsing the high estimate.

Overall this impressive currency catalog covered a wide array of different genres for the paper money segment of the numismatic market place. The varying material and the strong prices garnered for them will make this March 2012 Session five volume an important piece of literature for collectors to utilize. We are already in the process of building our currency sale for the upcoming official auction of the August 2012 World’s Fair of Money in Philadelphia, and invite you to consign and be part of what will surely be a historic event for collectible paper money.

Auction Results: Stack's Bowers Galleries Official March Baltimore Auction

Stack’s Bowers Galleries March Baltimore Auction Crosses $15 Million Mark, and Still Growing!

By Q. David Bowers, Chairman Emeritus




The auction that Stack’s Bowers Galleries held on March 21 through 24 with the Whitman Coins & Collectibles Baltimore Expo saw enthusiastic bidding activity from beginning to end, noted vice president Christine Karstedt. “The sale was extremely well received and bidding activity was at a high. The internet competed heavily with the full gallery and the busy phone bank which kept everyone on the edge of their seats as to from where the winning bid would come. Also, we had a wonderful reception to the rebirth of our Rarities sales, an old-time tradition established by Bowers and Merena many years ago.”

Reflective of the current market strength and also the quality of the items offered, nearly all record setters advanced bid by bid well over the opening price. “Strong prices were realized across all series which bodes well for continued growth through the next quarter,” added Chris Napolitano, president of the firm. “Action on the bourse floor mirrored the competition in the auction room with active trading from start to finish.”

The attractions were many. A 1652 Massachusetts Pine Tree shilling, Large Planchet, Noe-1, in EF-45 (PCGS) from the Jim Jones collection crossed the block at $12,650. This particular variety has long been thought of as iconic for the colonial series, and years ago, another example (the Eliasberg coin) was widely featured. An undated (1659) Lord Baltimore shilling in EF 40 (PCGS) attracted a lot of attention and finally settled at $23,000. Not long after, a 1776 Continental dollar with the CURENCY misspelling, AU-58 (PCGS) CAC, was sold for $71,875. Auctioneers throughout the event were Melissa Karstedt and Marissa Lederman, both of whom had little rest during the sale, and then a couple of days later headed off to Hong Kong for the Stack’s Bowers and Ponterio auction to be held there. Lots of activity!

Creating great excitement was a 1776 New Hampshire copper, graded VG-10 by PCGS, purchased by the consignor from the Garrett Collection in 1980 for $8,000. The coin opened at $45,000 and went up, up, and up some more as bids came from several directions on the auction floor and on the Internet. Finally, the $100,000 mark was crossed, more than ten times the price paid, but action didn’t stop there. Bidding continued, and finally it went to a new home for $172,500, rewriting the record books.

Reflective of the broad interest in 19th and early 20th century Proof coins, an 1864 Small Motto two-cent piece in Proof-65 RB (PCGS) CAC saw lots of action and finally settled at a record $112,125. There was much activity and excitement with many other early Proof coins as well.

A classic 1792 half disme in AU-58 (NGC), of which just 1,500 were struck in Philadelphia under auspices of the government but before the Mint opened, raised eyebrows when it was knocked down for $212,750. Not long afterward an 1842-O Small Date Liberty Seated quarter in AU-53 (PCGS), created much interest, including on behalf of members of the Liberty Seated Collectors Club, and soared to $13,225. An 1838 Gobrecht silver dollar, a Judd-84 Restrike, Proof-64 (PCGS), considered to be the rarest of the three Gobrecht dollar dates, went to $83,375.

Trade dollars, once a rather numismatically obscure series, have come to the forefront in recent years and those in the Stack’s Bowers sale  did well across the board, as exemplified by an  1877 Proof-65 Cameo (PCGS) CAC that went to a proud new owner for a strong $20,125.  Gold coins were strong from start to finish in the Baltimore Expo sale. An 1878 gold dollar in MS-67(PCGS) CAC, a remarkably high grade, went for $37,375. All bets were off and the room was up for grabs when an 1836 Classic Head quarter eagle, graded Proof-66 Ultra Cameo (NGC) came up for bidding, advanced step by step, until one buyer was left standing—at $287,500! The 1841 quarter eagle, affectionately called the Little Princess, had been the object of much interest in recent times, based upon a study conducted last year and early this year by PCGS. A PCGS EF-45 example of this rarity was on the block and the action did not stop until $105,800. Among half eagles, an 1804 with small 8 over large 8, MS-62 (PCGS) CAC, went for $24,265. A 1909 Satin Finish Proof Indian half eagle graded Proof-66 (PCGS) from the Demarete Collection skyrocketed to $83,375. Among Liberty double eagles an 1876-S in MS-64+ (PCGS) CAC, surprised the audience at $46,000 and a marvelous 1907-D in MS-67 (PCGS) sold for $74,750.

Among commemorative coins a 1922 Grant With Star, certified as Proof-64 by PCGS, broke all records at $184,000. Not long afterward a 1934 Maryland half dollar, certified as Proof-64 by NGC, raised eyebrows at $109,250. Territorial and private gold coins featured an 1851 Augustus Humbert $50 gold “slug” with lettered edge, 880 THOUS variety, AU-55 (PCGS), that was bid up to $138,000.

Wednesday, March 28, 2012

Crossing the Block: The April 2012 Hong Kong Auction


By Todd McKenna, Numismatist

Stack’s Bowers and Ponterio is gearing up for our April 2012 Hong Kong Auction which starts this weekend on Sunday, April 1, and runs through Wednesday April 4. We are very excited to bring to auction another excellent selection of numismatic rarities from China and the entire Asia/Pacific region.  A complete listing of the over 3,100 lots in this auction is available for viewing and bidding at StacksBowers.com as well as a complete schedule of the auction and directions. Lot viewing is also available at the Mira Hong Kong starting March 29 and continuing through April 3.  Please note that all times listed in the auction catalogs are in Hong Kong Time and those listed on our website are in Pacific Time. Live internet bidding is available at StacksBowers.com during the auction. With only a few days remaining until the live auction begins we invite you to find the perfect additions to your collection and wish you happy and successful bidding.

Remember When: 1950 Return of the Proof Set

By Harvey G. Stack, Senior Numismatic Consultant

Service to clients has always been a Stack’s creed. For example, during the slate 1940s and on into the late 1970s, collectors always visited us to fill in the present or previous years of our current coinage. In other words, these valued customers came to Stack’s rather than go through the somewhat cumbersome steps of ordering from the Treasury Department.

To be able to provide the coins, my Uncle Joe made a pact with E.A. Parker in San Francisco and Dan Brown in Denver. Each year we would make an exchange of bags of all denominations with each other. Stack’s would furnish Dan Brown and Earl Parker with the Philadelphia coinage of the current year, and in turn they would send us the coinage of San Francisco and Denver.

It was a great deal for all, the only cost we each had in addition to the face value of each bag was the shipping charges to each other. We then had pieces available for collectors trying to keep their collections updated to the current year, and these collectors always appreciated this special service.

I might also mention the confusion that was created by the Mint in issuing the 1950, 1951, and 1952 Proof sets. Each year was boxed, the first with the coins in cellophane, then wrapped in tissue within the box. The only way we could tell the 1950 and 1951 sets was by the gummed tape which sealed the box.

The 1950 Proof sets had a single tape strip, and the 1951 had two double criss-crossed strips of tape. Neither box was dated, and only in 1952 did the Mint finally identify the boxes by stamping the date on them. By 1953 the Mint sealed the sets in dated envelopes.

The people who always get excited by the possible investment value of a current Proof set insisted that its value depended on its being kept in a sealed box. No one, according to these gurus, should open the box. The question then was “What is in the box?” Was it a 1950 or 1951? The collector didn’t know the difference.

When we sold the sets in the early 1950s quite often we would take a sealed set and slit it open in front of the buyer. More than once, the buyer said “I don’t want an open box! It loses its investment value!” We always asked, “How do you know what’s in the box?” Usually at that moment they rejected the open set or said, “We trust you!”

This was only one of the obstacles we all experienced in trying to help collectors. It wasn’t always easy!

World Coin of the Week: The First Dollar Struck at the Pei Yang Arsenal

By Todd McKenna, Numismatist

Stack’s Bowers & Ponterio is pleased to present an excellent example of the first dollar struck at the Pei Yang Arsenal (L&M-439; K-181).  A very rare issue dated to the twenty-second year of Emperor Kuang Hsu (1896), this coin was produced just after the First Sino-Japanese War at a time when supervision of the arsenal had transferred to the Governor General of Chihli, Wang Wen-shao. During the first few years of minting at Pei Yang denominations of coinage were produced using the decimal system. It was not until the twenty-fifth year of Emperor Kuang Hsu (1899) that the mint switched to denominations based on the 7 Mace 2 Candareens system used by most mints. The original Pei Yang Arsenal mint was destroyed in 1900 during the bedlam of the Boxer Rebellion but was later rebuilt, eventually becoming the Tientsin mint which grew to be the main mint serving all of China.

Due to the low mintages of these early dollars very few have survived in any semblance of attractive condition. The coin offered here has a particularly strong strike with all characters being raised and full while the dragon itself is sharp and defined, showing bold details in the whiskers and scales. Combined with this excellent strike are reflective surfaces, a quality very hard to find on pieces of this type. One of the nicest of these early issues we have ever handled we are thrilled to offer it in our upcoming Hong Kong Auction. This piece is Lot #21053 and will be featured in Session 2 of our sale which begins Monday April 2 at 10:00 AM Hong Kong time.

United States Coin of the Week: Rare and Historic 1792 Half Disme Exceeds Expectations in Stack’s Bowers Galleries March 2012 Baltimore Auction

Beautiful NGC AU-58 Offered as Lot 4051 in Rarities Night Event Realizes $212,750

By James Matthews, Senior Numismatist & Consignment Director, U.S. Coins

Having just returned home after a busy and exciting week at the March 2012 Whitman Coin & Collectibles Baltimore Expo, I finally have some time to reflect on the success of the Official Auction conducted by Stack’s Bowers Galleries. Bidding was brisk across all series of U.S. coins, indicating continued strength in the rare coin market. With noteworthy prices realized in series as diverse as colonials and territorial gold, focusing on a particularly strong price realized in our March 2012 Baltimore Auction is anything but an easy task. Even so, a casual perusal of our prices realized cannot help but identify the beautiful 1792 half disme in NCG AU-58 as a stand out highlight of our Rarities Night event. The coin realized $212,750 as lot 4051 – a very strong price that reflects the quality of the coin and its historic significance within the pantheon of numismatic rarities.

The 1792 half disme is the first coin issue struck under the authority of the United States Mint. The historical event and reference were described by none other than George Washington who, in his address to Congress on November 6, 1792, identified these coins as a regular coinage of the nation’s Mint. The requisite portion of the president’s address is quoted, as well as elsewhere, in the 1998 book Federal Half Dimes: 1792-1837 by Russell J. Logan and John W. McCloskey:

“In execution of the authority given by the legislature, measures have been taken for engaging some artists from abroad to aid in the establishment of our Mint. Others have been employed at home. Provisions have been made for the requisite buildings, and these are now putting into proper condition for the purposes of the establishment. There has been a small beginning in the coinage of half dismes, the want of small coins in circulation calling the first attention to them.”

Notice the President’s use of the phrase, “now putting into proper condition for the purposes of the establishment,” in relation to the “requisite buildings” for the Mint. The President was correct that, at the time that the 1792 half dismes were struck, the actual Mint buildings were not yet ready for operations. Accordingly, the 1792 half dismes were struck outside of the future Mint building, but probably using Mint equipment and definitely under the authority and supervision of Mint personnel. The actual location where these coins were struck is thought to have been in John Harper’s shop at the corner of Sixth and Cherry streets in Philadelphia. The necessary Mint Act was signed into law on April 2, 1792, and this Act specified the actual weights and fineness of the various coins proposed to be struck. David Rittenhouse was appointed the first director of the Mint by President Washington on July 1, 1792. Things were moving rather quickly at this point, and President Washington himself provided the silver to be melted and refined to the exacting measure of .8924 fine silver with the balance an alloy of copper and trace elements. These initial 1,500 half dismes were delivered to Thomas Jefferson on July 13, 1792 by Mint authorities as noted in Jefferson’s own writings. These half dismes were legal tender and placed into circulation, and are the first significant issue of coins struck by the United States Mint.

Although closely related to the 1792 “proposed coinage” of the United States Mint, and listed among them on pages 84-86 in the 2012 edition of the Guide Book, President Washington’s address clearly establishes the 1792 half disme as a regular issue of the United States Mint. It is the first regular issue U.S. Mint coin, as such, evidence for which also comes from the fact that some 1,500 silver impressions were made – far too high a mintage for a proposed (i.e., pattern) coin. Additionally, the 1792 half disme as an issue clearly circulated, and not only because Washington linked the production of these coins to a need for small change in commercial channels at that time. Most survivors of this issue are worn, some extensively, and it is obvious that many 1792 half dimes spent a considerable amount of time in circulation as coinage of the realm.
In addition to its historical significance as the first regular issue coin struck under authority of the United States Mint, the 1792 half disme enjoys such strong demand among advanced collectors due to a couple of popular stories attached to this issue. The first has it that George Washington himself provided some of his own silverware to be melted down and coined into these half dismes. Another story suggests that the portrait of Liberty used on the obverse of these coins is a likeness of Washington’s wife Martha.

Scarce in an absolute sense and rare from a market availability standpoint, surviving 1792 half dimes usually remain locked away in tightly held collections for long periods of time, where they serve as a cherished keepsake of the earliest days of the United States Mint and, indeed, our nation as a whole. The example recently sold in our March 2012 Baltimore Auction exhibits an uncommonly strong strike for the type with both sides (yes, even the reverse) well centered on the planchet. The devices are bold to sharp in detail, save for in the centers where minimal wear is largely concentrated to explain the AU-58 grade from NGC. Both sides are richly and evenly toned in a charcoal-gray patina. The coin obviously represented a fleeting bidding opportunity for an advanced collector, as indicated by the strong realized price quoted above.

Thursday, March 22, 2012

From the Desk of Christine Karstedt: Now is the Time to Consign!

By Christine Karstedt, Executive Vice President


Our team is here in Baltimore preparing for our spectacular auction and we look forward to a very active convention. Lot viewing has been a hotbed of activity so we anticipate some great results.

As I speak with clients about this auction and future auctions, one of the most frequent comments I hear is that my collection isn’t big enough for you. Whether your collection is worth $10,000 or $10 million, we have just the right approach for you. And, with the history making World’s Fair of Money on the horizon, this event is something in which everyone can participate!

Nearly ten days of auction sessions will be held spanning the PNG sponsored Pre-ANA Convention through the World’s Fair of Money. Whether you have U.S. coins, world coins, paper money or important tokens and medals, there will be an auction session just right for you. Rarities Night will feature a remarkable selection of scarce and historically important items but let’s not forget there will be over a dozen other sessions of superb quality material presented to the collecting community.

Let our success be your success. The World’s Fair of Money can be your sales platform with a simple toll-free call to your favorite consignment director. Or, feel free to see us at the Baltimore show if you are attending in person. The market is hot now and, as they say, “the time to sell is when you have a buyer.” At Stack’s Bowers Galleries we have countless thousands of buyers waiting to bid on your coins.

Beyond the World’s Fair of Money, we have a rarity-spangled program of other auction sales, including the Whitman Coins and Collectibles Expos in Baltimore in June and November (each rated among the top five most dynamic shows of the year), sales in our New York auction gallery, the New York International Convention, and more. We have the perfect time and place waiting for you.

United States Coin of the Week: Carson City Mint Rarities Abound in the Battle Born Collection

By Frank Van Valen, Numismatist and Cataloguer

As I write these words most eyes in the numismatic world are on our March 2012 auction in Baltimore, Maryland, where much of our staff is hard at work bringing great numismatic items – coins, medals, paper money, tokens, and the like – to the public in  what promises to be one of the “hottest” auctions of the year. As a cataloger, however, my thoughts are always on the future, keeping me wondering from day to day what new treasure I may have the opportunity to catalog.

I expect to be in our Irvine, California office for several weeks in April writing catalog descriptions for our upcoming June 2012 Baltimore Auction event, but though the excitement of another trip to sunny California looms, I can’t help but jump even further ahead to our August 2012 official auction of the ANA World’s Fair of Money to be held in the City of Brotherly Love, Philadelphia. Anchoring that sale will be the Battle Born Collection – which takes its name from Nevada’s state motto – a complete set of all silver and gold coinage of the Carson City Mint! No doubt between now and the time of the sale, reams of verbiage will find their way into print regarding the unique 1873-CC No Arrows dime, a classic rarity in every sense of the word, along with  the 1870-CC double eagle rarity, two of the most famous highlights from that mint to be offered.

Not to be outdone, however, is another important star in the Carson City firmament, the 1873-CC No Arrows quarter, of which just five examples can be traced with any certainty. The gorgeous PCGS MS-64 example we will offer in Philadelphia is the second finest known of the five extant pieces, and its pedigree is as impressive as the coin itself. John W. Haseltine was its first owner of note in the late 1800s, with the coin later adorning the cabinets of Harold M. Budd, Abe Kosoff and Abner Kreisberg, Ben Stack, and Ambassador and Mrs. R. Henry Norweb; we sold the coin in 1988 as part of the fabled Norweb Collection. It then made its way to the William Greene Collection and the Nevada Collection before finding its way into the Battle Born Collection, where it has reposed for well over a decade.

 The Battle Born Collection may well represent the only opportunity to obtain this important rarity for many years to come. If history serves as a marker, the 1873-CC No Arrows quarter will almost certainly end up in an advanced U.S. coin cabinet for a decade or more. If you are an appreciative collector of Carson City coinage or simply a collector who enjoys the “rarest of the rare,” your window of opportunity to add this beauty to your cabinet will stretch just a moment or so from start to finish when the bidding on this lot begins and ends, so plan your bidding activity accordingly – and good fortune to you!

Wednesday, March 21, 2012

Crossing the Block: The Samuel J. Berngard Collection of U.S. Pattern Coins

By Greg Cohen, Numismatist and Consignment Director

Among the wonderful collections highlighting our March Baltimore sale, and anchoring one of the most extensive selections of pattern coins that we have had the pleasure of offering in quite some time, is the collection of Dr. Samuel J. Berngard. Dr. Berngard is a passionate collector, who over the years has assembled several impressive collections that we have offered at auction, including his prized collection of territorial and pioneer gold coins (sold by Stack’s in July 2008 just prior to the ANA convention in Baltimore). After the sale of his territorial gold coins, he decided to collect pattern coins; the rarity and the diverse nature of the designs of “what could have been” enticed his numismatic senses. His collection of patterns focuses on Rarity-7 and Rarity-8 varieties and the rare and beautiful pattern half dollars of 1877. Also of interest to Dr. Berngard were the “transitional” patterns dated 1863-1865 featuring the motto “In God We Trust,” or its variation “God Our Trust.” While the majority of the coins are from the 1860s and 1870s, the collection ranges in date from 1838 to the 1960s. Many of the coins will be offered in our first ever Baltimore Rarities Night, with the balance of the coins offered in the main sale catalogue. In addition to being rare or exceedingly so, a good number of coins in his collection are pedigreed to some of the most famous pattern collections offered in recent memory: Simpson, Bass, and Queller/Lemus. Because of the rarity of the issues, the successful bidder, if interested, could spend a few hours and uncover further pedigree connections back to other great collections of the. All of us at Stack’s Bowers are very proud to have been selected by Dr. Berngard to offer his wonderful pattern collection to the collecting public. If pattern coins are an area of interest for you, another collection of patterns like this is unlikely to be offered anytime soon. To paraphrase our Chairman Emeritus, Q. David Bowers, an opportunity to acquire such significant items is as rare as the coins offered.

Remember When: Lammot Dupont

By Harvey G. Stack, Senior Numismatic Consultant

In the late 1940s and early 1950s many famous collectors came through the doors at Stack’s busy 12 West 46th Street headquarters. Even before I began working full-time in 1947, I had the gold fortune to meet and serve many of these well-known collectors. I recognized all of them as numismatic leaders. The passage of time has revealed just how great many of them were in the broad history of American numismatics.

I met Lammot Dupont in the latter part of the eventful 1940s. I was working at a cataloging desk midway down the length of our retail counter. Part of my job was to keep an eye on who came and went through the front door.

One day a gentleman came in and sat down at the counter. My Uncle Joe and father, Morton, both responded to the counter to serve the visitor. It was a bit puzzling to see both senior Stacks going to greet this particular visitor. He was dressed in a heavy winter coat, somewhat out of style for the period and actually a bit threadbare. He also wore a large brimmed felt hat, somewhat crushed, with a band that was a little stained.

As my father spoke with our visitor, Joe came to my desk and said, “Where is that 1795 silver dollar that I bought yesterday?” I had it on my desk as I was enveloping it for stock. My uncle ran back to the visitor and then came back to me for some other new additions we had acquired for stock.

On one of Uncle Joe’s many trips to my desk and inventory stock boxes, I asked, “Who’s that, that BOTH of you are so attentive to?” He responded, “That’s Lammot Dupont!” I quickly reached into the file and took out a 1795 silver dollar in Mint State. I asked “Why did you show him the 1795 specimen in About Uncirculated rather than this lovely Mint State?” The first was in stock at $60 while the Mint State coin was then about $100. My Uncle Joe immediately responded “He doesn’t buy early U.S. coins in Mint State.” I was naturally intrigued and decided to check into this puzzling matter.

After Mr. Dupont left I asked, “I’m sure that the money was not a concern to him, so why didn’t he buy the Mint State example?” I then learned a key lesson: to give the customer what HE likes, not what I saw as a good buy and a worthy addition to an important collection.

At that time Mr. Dupont gravitated to lightly circulated coins. It wasn’t the price but rather the story the coin might tell. If a 1795 silver dollar was not quite Uncirculated, it was quite certain that the coin was actually used in the late 1790s. Mr. Dupont loved to take a coin, hold it by the edge, roll it between his fingers, and wonder who in the 1790s had held and used this same coin. He would imagine that it could have been in the possession of a famous American, such as Thomas Jefferson, Alexander Hamilton, a member of the Adams family, or even George Washington.

He thought all this could make him a part of that long-vanished era, and therefore such lightly circulated coins had vastly more meaning to Mr. Dupont. Yes, we have had many such people who were prominent collectors who wanted coins that might have a story. To Mr. Dupont, the story was as important as the coin itself. It was fun for me to watch him as his deepest thoughts took him back in time.

World Coin of the Week: A Beautifully Toned Hunan Dollar

By Kyle Ponterio, Numismatist and Consignment Director

Stack’s Bowers and Ponterio is pleased to present a beautifully toned Hunan Dollar, Year 11 (1922) as lot 21231 in our April 1-4, 2012 auction to be held in Hong Kong. This lovely piece graded MS-63 by NGC, is from the ANS Museum duplicates collection and is featured in one of the three impressive catalogs produced for this four-day event.

Hunan Dollar, Year 11(1922). L&M- 867; K763; Y-404; Hsu- 22.  Hunan Provincial Constitution. This coin was struck to commemorate the Promulgation of the constitution.  In a time of presidents and warlords the people wanted to unite, but also to have autonomy in their own provinces.  Zhao Hengxi, the governor of Hunan wanted to protect the province from civil war so he worked diligently to establish the provincial constitution and was finally successful on January 1, 1922.  The constitution which contains 141 articles grouped under 13 chapters, states the difference between the central and local governments.  Some of the weaker warlords were for these constitutions as it was used somewhat like a talisman in that no other province’s armies could enter the province without permission.  Several southern provinces followed suit and successively drafted and instituted their own constitutions.

From the Desk of Q. David Bowers: Looking Through the Hong Kong Catalogs

By Q. David Bowers, Chairman Emeritus

As I write these words I am contemplating not one, not two, but three catalogs for our April 2012 Hong Kong auction. These are divided into as many categories. One catalog is for modern coins—generally pieces minted in our own generation or not too much earlier, with many interesting designs. Some of these are very familiar, the Chinese panda coins being an example, and others are less so. A great panorama of interesting issues in silver and gold awaits you, all very nicely delineated in the catalog and on the Internet.

The second catalog showcases the Neil Nelson Collection of Chinese paper money, a museum quality offering with many scarcities and rarities. It is often the case that while coins have been collected avidly over the years, currency of China has not received as much attention. Accordingly, similar to certain series with other countries, there are many great rarities that are available for reasonable prices. The general thought in the International market is that activity will head onward and upward. As an example of rarity, I point out lot 24392, a Chinese American Bank of Commerce $1, a previously unknown variety, certified as Extremely Fine but estimated at just $1,250 to $2,500. One can imagine that the decimal point will be moved over one or two places were it a United States note.

The largest of the three catalogs features a treasure trove of coins of the world, those of China being emphasized as might be expected, but a wide variety of other issues as well. In reviewing the catalog I could not help but think if someone wanted to start a museum, this auction would be a wonderful place to begin. Rarity after rarity, interesting coin after interesting coin,  all are offered here.

Several important collections are showcased, That of Dr. John Abner Snell was formed generations ago by a physician born in Minnesota in 1880, but who practiced in China in the early 20th century. His cabinet has been off the market for multiple generations and contains many important scarcities and rarities. An important consignment from the American Numismatic Society, the longest established such group in America, is at once interesting and important. A page in the catalog is devoted to the Society and its history and ambitions; it is well worth joining. I joined the Society in 1958 as a teenager and have enjoyed being a fellow in recent times. It is a truly marvelous organization.

Frank S. Robinson, an accomplished numismatist, writer, and indeed a Renaissance Man, has favored Stack’s Bowers and Ponterio with a very nice consignment of Chinese coins gathered over a long period of years, including pieces bought long ago from the cabinet of Dr. Kenneth Sartoris, a prominent figure in the Empire State Numismatic Association.

Kenneth E. Bressett needs no introduction. A gentleman of many talents, Ken is one of America’s leading experts on Chinese numismatics, although most people know him as long-time editor of The Guide Book of United States Coins, past president of the American Numismatic Association, and author of many books. A magnificent collection of Chinese silver dollars from his cabinet and also those he acquired years ago from the collection of General M.S. Newton will long be remembered. The Wa She Wong Collection was gathered by a connoisseur born in Hong Kong who later lived in America. For many years he was prominent in numismatics in America and in China, including operating three galleries in China offering coins for sale.

I am the first to admit that Chinese coins are a challenge for me, as I do not have the technical expertise to catalog or probably even fully appreciate them, but with a nod to Rick Ponterio and his fine staff, the job was done wonderfully. I admire the items offered, contemplate their beauty and rarity, and have developed an interest which I am sure will expand. You’d better watch out.

The preceding said, our three Hong Kong auction catalogs are truly wonderful. There is something for everyone from modern Proofs to classic rarities, certainly an event to be remembered. I invite you to attend in person in Hong Kong or, more likely, in real time on the Internet. A thrilling experience awaits you. Best wishes to you for success.

Sincerely,

Dave Bowers

Thursday, March 15, 2012

World Coin of the Week: Mint State 1856 Shanghai Tael

In Stacks-Bowers Galleries April Hong Kong Auction, Lot #21637

By Kent Ponterio, Senior Numismatist and Consignment Director

Stack’s Bowers and Ponterio is pleased to present our April 1-4, 2012 auction in Hong Kong. Over 3,100 lots are offered in three separate catalogs as well as on our website at StacksBowers.com. One important highlight is a Mint State 1856 Shanghai Tael, offered as lot 21637.

The complete catalog description follows:

Shanghai. Tael dated Year 6 (1856). L&M-589; K-900 (type A); Wenchao-pg. 274#383 (rarity two stars). Issued by Wang Yung Sheng and engraved by Wan Chaun. Obverse: “Cake (of) standard silver (from the) business firm (of) Wang Yung Sheng (in the) Shangai district (in the) 6th year (of Emperor) Hsien Feng (1856)”. Reverse: “Made (by) Wan Chuan, silversmith; Supervised (by) Chow Yuen Yu. Exact weight one Tsaoping Tael.” Hyperinflation caused by the Tai Ping Rebellion led to the hoarding of silver. At this time, foreign coins, namely Spanish eight Reales, circulated in Shanghai at a considerable premium. In 1856, the Shanghai authorities authorized silversmiths to issue coinage in an attempt to replace the Spanish 8 Reales. The firms Wong Yung Sheng, Ching Cheng Chee and Yu Shen Sheng were granted permission to issue coinage in the denominations of one Tael and 5 Mace. This was a short-lived coinage as the monthly output was only about 3,000 pieces and was not large enough to meet the demand. This combined with the large number of forgeries entering circulation doomed the project to a short period of only about six months. Extremely significant as the Shanghai series represents the first Tael coinage produced in China. Well struck and very attractive with good surfaces. One of the nicest examples of this early Tael coinage we have seen. Although quite rare as a type coin, it is exceeding rare in this state of preservation and seldom offered in Mint State. NGC MS61 Est. $40,000-$60,000

From the Desk of Q. David Bowers: Looking Through the Currency Catalog

By Q. David Bowers, Chairman Emeritus

Welcome to my “walk through” for the currency catalog produced for our series of sales for the Whitman Coins and Collectibles Baltimore Expo. There are three separate catalogs, one being our main catalog with the most lots, another being our spectacular Rarities Night catalog, and the third being the paper money catalog that I discuss here. This particular section contains treasures from the Thomas F.X. O’Mara Collection, the Chester L. Krause Collection, the Nesconset Collection, and other important consignors and properties.

Our presentation begins with private, municipal, and sutler scrip notes from the O’Mara Collection, all of which are scarce, many of which are rare, and others extremely rare. As is so often true when early paper is presented, the word opportunity comes to the fore. Obsolete currency issued by state-chartered banks comes next, including a wonderful offering of rare proofs. You will find anything and everything, paper money issued by the Mormons in Kirtland, Ohio before they headed westward, a gorgeous sheet of Vermont notes including one with a Santa Claus vignette, and others interesting to contemplate. Colonial and early American paper comes next, important for its diversity and also overall high quality. Important federal proof notes and bonds come next – where the word rare becomes common. Actually, each note itself is a superb rarity and how impressive it is to see page after page of proofs. Certain of these may not be offered again for many years, if indeed in your lifetime. The same is true of certain of the bonds.

Regular federal notes commence with lot 5441, an 1861 Demand note, a rarity by any account. Then follow Legal Tender notes in various denominations, Silver Certificates including popular types (with the 1896 “Educational” notes being especially interesting), and more. Series of 1890 Treasury or Coin notes emphasize Uncirculated pieces, after which Federal Reserve notes come to the fore, highlighted by the rare $1,000 denomination from the San Francisco Federal Reserve Bank. Gold Certificates are up for competition next, including an affordable example of the popular “Technicolor” note. Small size paper follows in different series, after which National Bank notes are offered; some of these are from my own collection, as attributed. A number of years ago I had a grand time trying to get one of each different “ace” from as many different National Banks as possible. This particular denomination was of very limited issue and was made only from 1864 to 1875 for the Original Series, and 1875 through 1879 for the Series of 1875. Accordingly, by 1880 they were obsolete, and by the time that numismatic interest developed in collecting National Bank notes (this being in the mid 19th century), nearly all were gone. If you are a successful bidder on one of my notes, I give you a nod of appreciation and thanks. Beyond these there are many choice, interesting and rare National Bank notes from different places, again some of them being sufficiently elusive that it may be a long time until related pieces are available. Among the most beautiful of the early Nationals are the 1882 Brown Back notes, Represented nicely here with several examples, including one from Wyoming.

Confederate paper money comes next, then Military Payment certificates, and denominated envelopes from the Civil War era, when coins were scarce. United States postage stamps were placed in envelopes and used as money. Today the series in general can be called the rarest of the rare. To form a meaningful collection of them will take years. With our auction you will get a great start! The importance of these cannot be overestimated. Beyond that, what with today’s Internet access, it is possible to learn much about certain of the issuers. For example, lot 5957 by Niblo’s Garden was issued by one of New York City’s most famous tourist attractions. Using this postage stamp envelope as a focal point you could give a nice talk at a coin club meeting or convention. Often a numismatic item is one thing and the story about it is another, but the two combined are dynamic. Encased postage stamps, one of my favorite series, begin with lot 5982 and include popular and scarce varieties. The curtain comes down with interesting Fractional Currency notes.

In contemplating all three of the catalogs, I cannot help but be impressed that if someone has recently discovered numismatics and has the three catalogs in hand, he or she will become well informed by spending a quiet evening browsing through them. Just about everything is offered! I hope you will participate in our Baltimore sales, either by attending in person or, as most people do, on the Internet. However, don’t overlook the personal experience, as Baltimore is a wonderful town to visit, the Stack’s Bowers staff has the red carpet out for you, and a great opportunity is guaranteed.

U.S. Coin of the Week: The Colin Withers Collection


By Q. David Bowers, Chairman Emeritus


Stack’s Bowers Galleries is pleased to present the Colin Withers Collection of Lincoln Cents. This classic set of circulation strikes (1909-1964) is #5 on the All-Time list on the PCGS Registry. Mr. Withers was a connoisseur par excellence, and gathered a magnificent cabinet comprising Mint State examples, often superb Gems, of the standard varieties – 1909-S V.D.B., 1914-D, 1922 “Plain,” and others – plus, fascinating doubled dies, repunched mintmarks, and the like, the latter often rarer than regular issues. A superb Gem 1909-S/horizontal S will attract attention, as will the finest graded 1917 Doubled Die. An ultra Gem 1941 Doubled Die, the interesting 1943 D/D, and a spectacular example of the 1955 Doubled Die are also highlights – truly an offering to be remembered. The Colin Withers Collection will be featured in session two of the March Baltimore auction, which begins at 6:00pm ET on Wednesday, March 21st. We hope you join us in to bid in person or from the comfort of your home with our live bidding software.

World Coin of the Week: 1916 China Yan-Shih-kai Dragon Gold Dollar

Struck at the Philadelphia Mint in 1921 for Philadelphia Coin Dealer Henry Chapman

by Ronald J. Gillio, Senior Numismatist and Consignment Director

After years of research, and convincing evidence in the form of receipts for purchases, I believe that the famous 1916 Yan-Shih-kai Dragon gold dollars were struck in the United States in 1921 for Philadelphia coin dealer Henry Chapman, and not made in China.  The historic receipts will be offered in a public auction in Hong Kong in April.

1921 is an interesting era in numismatic history for it was during this period that Chapman had various coins specially made for him at the Philadelphia Mint.  It is well-known and documented that in 1921 he ordered proof Morgan dollars from the Philadelphia Mint.  What other coins did he have struck to sell to collectors?

For many years I have had three receipts that indicate Chapman had Chinese gold medals and silver medals struck at the U.S. Mint in 1921. The first receipt from the Mint is dated November 25, 1921 to Henry Chapman for 22 gold medals from Chinese dies and 50 silver medals from Chinese dies; the second is from the U.S. Mint, dated March 2, 1921, to George T. Morgan for 3 Chinese gold medals; and the third is handwritten from the U.S. Mint, dated March 26, 1921, to Henry Chapman and George T. Morgan for a pair of dies for medals, 1-1/2 inches diameter, portrait of Chinese General, reverse dragon with inscription. 

The documents describe the coins as “medals,” and there were no denominations indicated and references to them as dollars struck in gold.  But as the coins have appeared on the market, they are referred to as dollars struck in gold.

George T. Morgan, born in Birmingham, England, in 1845, came to the United States from England in 1876 and was hired as an assistant engraver at the Mint in October of that year.  He figured very prominently in the production of pattern coins from 1877 onward. To his hand can be ascribed some of the most beautiful of all patterns of the 1877-1882 era, including several varieties of 1877 half dollars and  the 1879 “Schoolgirl” dollar.

Following Chief Engraver William Barber’s death in 1879, Morgan hoped that he would be named to the post. However, the nod went to Barber’s son Charles, a man of relatively few talents in the engraving field. Charles Barber remained in the position for many years, until his death on February 18, 1917. Subsequently, Morgan became chief engraver, but this was late in his life, and his “glory years” had already been spent in a secondary position. He remained chief engraver until his death on January 4, 1925.

The Chapman brothers, Henry and S.H., worked for John W. Haseltine in his Philadelphia coin shop in the 1870s, and then in 1879 started a business on their own. Their first sensational sale was the Bushnell Collection in 1882, after which they had a long string of successes. In 1906 they split up the partnership and both brothers went on their own, each registering many accomplishments over the years. Henry Chapman, more than S.H., was involved in maintaining an inventory and selling directly to customers.

The description of these “medals” struck at the Philadelphia Mint corresponds to the “Hung Hsien” dollar which is a dollar size coin but does not have the word DOLLAR in English or Chinese.  This Hung Hsien “coin/medal” has never fit in with the other coins struck during this period.

I have been researching the origins of the receipts which I bought from George F. Kolbe about 15 years ago.  Kolbe claims in the 1980s he purchased a large group of documents belonging to the Chapman estate, of which these receipts were a part.  Kolbe purchased them from New York dealer, Freddie Warner, who in turn had bought the documents from New York dealer Ed Rice in the mid-1950s. Rice purchased the documents in Philadelphia along with many Chapman catalogs, took them to his farm near Cranbury, New Jersey, and proceeded to sell off the items over the years.

The 1916 issue is the most common of all the dollars struck in gold, coming up more often than other dates.  The receipts list only 25 struck in gold and 50 in silver, but who knows if there were others struck for which no receipts have been discovered?

Listed in the Illustrated Catalog of Chinese Coins by E. Kann, 1916, 1 Dollar YUAN SHIH-KAI Hung Hsien Gold Coin (dated in Chinese – Beginning of the Hung Hsien Period) 39 mm in diameter, 3 mm thick, as #1560.

Most recently two 1916 China dollars struck in gold appeared in Stack’s Bowers & Ponterio’s Hong Kong Auction of August, 2011: Lots #70037 and #70038.  Each is from completely different dies; and each has a long pedigree:

Ex: King Farouk of Egypt Collection, “The Palace Collections of Egypt”, Sotheby & Co. London Auction conducted at Koubbeh Palace Cairo Egypt, February-March 1954, lot#1326.
Ex: Winter Collection, Stack’s January-February 1974 Auction, lot#76.
Ex: Chin Family Collection.

Ex: King Farouk of Egypt Collection, “The Palace Collections of Egypt”, Sotheby & Co. London  Auction conducted at Koubbeh Palace Cairo Egypt, February-March 1954, lot#1327.
Ex: Winter Collection, Stack’s January-February 1974 Auction, lot#77.
Ex: Chin Family Collection.

It is my opinion, pure speculation on my part, that Lot #70037 is one that was struck at the U.S. Mint on behalf of Henry Chapman.

The coin’s appearance is mushy, the plume on the hat is different, the breast badge is smaller and less defined, characters on the reverse are different.  Compare to Lot #70038, which is noted as a “Rare Plume Variety,” whose breast badge and coat buttons are more defined, the plume is different, characters on the reverse are different, overall the appearance is sharper.  I believe Lot #70038 to be typical of the work of L. Giorgi and struck at the China Mint.  Also, Lot #70037 is the same coin design mostly seen in silver and, as I have noted from the research I have done, has shown up often after 1920.

Many events occurred in the early years of the Republic of China and many interesting events took place at the Philadelphia Mint at the time.  Following is historical speculation of what possibly happened behind the scenes in those early years:

Quoted from ‘The Illustrated Catalog of Chinese Coins’ by E. Kann, 1966:

In the summer of 1915, a movement began in favor of the re-establishment of a monarchy.  A Convention of Citizens’ Representatives was summoned to decide the problem and voted unanimously in favor of the establishment of a Constitutional Monarchy, with Yuan Shih-kai as emperor.  Before the enthronement could have taken place, a rebellion in Yunnan Province had assumed proportions too serious to make such a step prudent, and a mandate of February 23, 1916, postponed the date of accession indefinitely.

Another reliable source (see “Donald of China”, by E.A. Selle, 1948) asserts that Yuan was surreptitiously crowned as emperor, but that such action was cancelled by a Mandate issued by Yuan Shih-kai on March 21, 1916.  To quote literally: “In mid-December (1915), and after a unanimous convention of district delegates at Peking, Yuan, in a private and lavish ceremony, ascended the throne in the great throne-room in the Forbidden City.  A system of royalty was set up.  Friends of Yuan became barons, dukes and earls.  For himself he took the title of ‘HUNG HSIEN’.” On page 179 of the said book it is written: “On March 1 (1916) Yuan issued a Mandate canceling the monarchy and restoring the republic.  Once again, Yuan was just ‘Mr. President’.”

On June 6, 1916, Yuan Shih-kai died, and with him the monarchial scheme.  As will be seen, gold, silver and copper coins with the confidently expected monarchial title styled HUNG HSIEN were actually struck in preparation of the auspicious event.

Did any of these events actually happen? Were any of these coins even produced in China? It is entirely possible that Henry Chapman had these “medals” made at the Philadelphia Mint to market as intriguing collectables based on murky knowledge and romanticized ideas of what actually took place in China a few years earlier.

These receipts from the Mint to Chapman will be sold in the Stack’s Bowers & Ponterio Hong Kong Auction of April, 2012.