Wednesday, February 29, 2012

Crossing the Block: A High Grade 1876-S $20.

By Greg Cohen, Numismatist and Consignment Director

Among the many quality coins featured in our March 2012 Baltimore auction, we are pleased to offer lot 7840, a fresh to the market 1876-S double eagle. It was consigned to us raw, along with other coins that were put away decades ago. We submitted the coins for PCGS grading, and we were quite pleased with the results, especially on this item, as was assigned the MS-64 grade. There are eleven graded at this level, with a mere two finer, one in MS-64+ and one in MS-65. While purchased by the consignor decades ago as a generic gold coin, this will likely be a highlight in a quality collection of Liberty Head double eagles once it crosses the auction block. If high quality US gold coins are your specialty, be sure to view this coin, then plan to bid liberally.

World Coin of the Week: An Extremely Rare ¼ Tael from Hong Xiuquan’s “Heavenly Kingdom of Great Peace” and A 50 Tael "Yuan Bao" Sycee Ingot of Kublai Khan

By Kent Ponterio, Senior Numismatist and Consignment Director

Stack’s Bowers Ponterio is pleased to present two important highlights from our April 1-4 Hong Kong auction.

The first is from the outstanding Newton Bressett Collection, described in last week’s world coin feature, and is an extremely rare 1/4 Tael from Hong Xiuquan’s “Heavenly Kingdom of Great Peace.” The coin is undated, but from the era of Hong’s revolution of 1850 to 1864. Each of these coins was individually hand inscribed, a labor-intensive technique, which may have led to the extremely limited production. At this time we can trace only five examples (including the piece offered here) of the 1/4 Tael and approximately a dozen examples of the related 1/2 Tael.

The complete catalog description is as follows:

CHINA.  T'ai Ping Rebellion "Tian Guo Sheng Bao" (Taiping Heavenly Kingdom Sacred Treasure). Silver 1/4 Tael. ND (ca. 1850-64). 27.55 mm; 9.12 gms. Wenchao-pg.#804-5 & #1401-3 (rarity four stars); Mailliet-pg.269#1; KM-2 (listed as 5 known); cf.Schjoth-1608. EXTREMELY RARE, very interesting, and historically very important. 

In the mid-nineteenth century, the use of opium spread far and wide throughout China. Several rebellions occurred because of this. The Tai Ping rebellion, which killed over 20 million people, fought against opium for a Communist-Christian form of government. From 1851 to 1864 the country suffered from the revolution led by Hong Xiuquan. Somewhat of a visionary, Xiuquan had been influenced by a dream. He felt that he was called to rid China of idolatry and corruption. He became obsessed with the idea that he was a brother of Jesus Christ and fated to rule all of China. 

Hong’s “Heavenly Kingdom of Great Peace” T’ai P’ing T’ien Kuo, issued a number of cast bronze cash coins. All are scarce now, but were plentiful at the time and saw wide circulation. When the rebel capital Nanking was captured by the Imperial troops in 1864, the slaughter was beyond belief. The general in charge of the operation reported that not one of the rebels surrendered, and everyone had to be killed. Over 100,000 were murdered in that city alone, some parts of the country were so badly depopulated that the effects were still felt at the turn of the century. 

During the brief glory days of the Tai Ping Kingdom, they issued not only bronze cash coins, but also a unique form of silver and perhaps even some gold coinage. The silver pieces weighed one-half and one-quarter tael. Each coin was individually hand inscribed with the characters “T’ien Kua” (Heavenly Kingdom) on the obverse, and “Sheng Pao” (Sacred Currency) on the reverse. There is no explanation as to why this labor-intensive hand engraving technique was used. Production must have been very limited, and perhaps the coins were used only for special purposes. The few remaining pieces known today verify that they were never common.  To the best of our knowledge these pieces were first published in Brussels Belgium by Mailliet in the reference “Atlas des Monnaies Obsidionales et de Necessite”, 1868. 

A survey of private collections and museums reveals that only a very small number of pieces are known to exist. The following is a list of the surviving pieces of which we are aware.

1) Smithsonian Institution. Ex: Glover collection, acquired in 1897.

2) Howard Simmons (British coin dealer). Sold in 1984.

3) Dr. Che-lu Tseng Collection. Ex: Bruce Smith 1984.

4) David Loh Collection. Ex: Scott Semans June 1991 Auction lot# 757 “The Daniel K.E. Ching collection”.

5) The General M.S. Newton/Kenneth Bressett Collection (example offered here).

We are also aware of the existence of approximately a dozen examples of the 1/2 Tael. Most notable are the pieces housed in the Smithsonian Institution, Ex: Glover collection acquired in 1897; The British Museum example acquired in 1903; and the American Numismatic Society specimens purchased in 1928.

EXTREMELY FINE.
Est. $10,000.00-$20,000.00
Ex: Newton / Bressett Collection.

Stack’s Bowers Ponterio is also pleased to present in our April 1-4 Hong Kong auction a 50 Tael "Yuan Bao" Sycee Ingot of Kublai Khan, the fifth Great Khan and grandson of Ghengis Khan, who ruled from 1260 to 1294. This particular ingot dates from Year 14 or 1277. Experts suggest that about 10 of these 50 Tael ingots exist, seven of which are in museums.

The complete catalog description is as follows:

China Yuan Dynasty Zhi Yuan.  50 Tael "Yuan Bao" Ingot, Year 14 (1277). 1894 gms. Kublai Khan (the fifth Great Khan, grandson of Ghengis Khan) (1260-94). BMC-unlisted; Chen-14; NI Bulletin-Vol.45 Nos. 7/8, pg. 125/9(this sycee pictured); Pictorial Yuanbao-unlisted. Dated the 14th year of the Zhiyuan era (1277), inscribed Yangzhou (Jiangsu) Salt market (tax), casting official: Liu Sheng, silver official: Wang Ying, silversmith: Hou Junyong, weight: 50 lang, purity level ten, Treasury official Meng Gui, silversmith She Yuan, Mai Ye, silver treasury three, with denomination at upper left and ruler's name and date at lower center. Inscription in grass and orthodox style scripts, inscribed "Yuan Bao" [Treasury of the Yuan (Dynasty)] cast into reverse. From 1260 to 1264 Kublai Khan used the era name "Zhongtong". Beginning in 1264 he took the reign title (era name) Zhiyuan. It would not be until seven years later, in 1271, that he would name the country Yuan. This ingot is marked Zhiyuan which places it in the Yuan Dynasty and with this title, places the year 14 as (1277). This type of sycee was recorded by Marco Polo in his travels through China. Experts suggest that approximately ten of these Yuan Bao 50 Tael ingots are known to exist, seven of which are accounted for in museums.

EXTREMELY RARE and historically very important.
VERY FINE.
Est. $50,000-$70,000
Ex: Ponterio & Associates, Inc. A division of Bowers and Merena auction #154 June 2010, lot #8278 where it sold for $64,900.00.

From the Desk of Q. David Bowers: American Coin Design

By Q. David Bowers, Chairman Emeritus

A beautiful (in my opinion) American coin design, the Walking Liberty (or Liberty Walking) half dollar minted from 1916 to 1947.
In terms of motifs United States postage stamps are much more varied than are United States coins. We even have Elvis and Mickey Mouse on stamps. We seem to be stuck with portraits of presidents and other real people. It wasn’t always so. The U.S. Mint keeps turning out designs that letters to the Coin World editor say, figuratively speaking, are not much more artistic than car-wash or arcade machine tokens. At the same time I keep reading that more and more artists are at work at or for the Mint!

I for one would welcome a return to a nice depiction of Miss Liberty.


A modern commemorative for the USO. What do you think of the artistry?

Some of our modern commemoratives are, well, just plain awful. Of course beauty is in the eye of the beholder, and you may find the illustrated USA coin to be of rare and elegant beauty.



Athena looks quite nice to me.

If we can’t have Elvis or Mickey Mouse on a coin, how about revisiting the history of ancient Greece and trot out a new version of Athena? She looks quite nice on the 1915 Panama-Pacific International Exposition $50. Her wise owl is cute too!


Do we need another hippocampus on a coin?


Or perhaps a hippocampus, that wondrous animal of mythology that can be found on the obverse of the 1915-S Pan-Pac commemorative quarter eagle.


Curious George
I’m full of design ideas. Another would be to take one of our past presidents and portray him as a Roman warrior, for variety. Take George Washington for example. We see him every day on the quarter. Here is another version of George from a coin dated 1792.

See you next week!














Dave Bowers

Thursday, February 23, 2012

From the Desk of Christine Karstedt: Baltimore is around the Corner

By Christine Karstedt, Executive Vice President

Our March sale in Baltimore is just around the corner with sale dates including March 21st to the 24th. Held in conjunction with the Whitman Coin and Collectibles Expo, this is one of the most heavily attended auctions and shows of the year. We are pleased to present the return of Rarities Night where a steady stream of showstoppers will cross the block on the evening of March 22nd. Stack’s Bowers Galleries is known for showcasing old time collections and this sale will be no exception. I’ll provide more details shortly but I suggest you schedule your attendance today.

Dave Bowers and I will be on deck at the sale and, on Friday afternoon, host a symposium along with industry leader Scott Travers from 1 pm to 3 pm to discuss coin collecting, the gold market, and how best to maximize the value of your collection. Part of the talk will include the importance of being a member of the American Numismatic Association and free online memberships will be offered to those in attendance.

Today, as I was talking with a client regarding the current economy, it reminded me of a conversation I had with a well known collector who shared illustrations he uses to help people fathom the magnitude of staggering numbers like $1 trillion and $1 billion. I still find them interesting and share them with you here. If you were to be paid $1 million a day, every day, from the time Christ was born until today, you would NOT have $1 trillion....you would have about 3/4 of a trillion dollars. If you were to measure $1 million made up of a stack of $100 dollar bills, the stack would be about 8 1/2 inches tall. A stack totaling $1 billion would be the height of the Washington Monument. So the next time you hear about deficits and spending or recovery money whether in your home state or Washington D.C. maybe you’ll think of this and better understand the enormity of the issue.

We are currently gathering consignments for our spectacular 2012 auction season. Next on the agenda is June, in Baltimore once again, as official auctioneers for Whitman, followed by the ever popular ANA World’s Fair of Money in Philadelphia this August. We anticipate a great coin market all the way through the close of 2012 so jump on the bandwagon and get top dollar for your collection. I invite you to contact me or any staffer to include your coins, tokens, medals, or paper money in any of our upcoming sales. Let Stack’s Bowers Galleries’ unparalleled record of auction success be your success too!

All the best,















Chris

From the Desk of Q. David Bowers: Rarities Night

By Q. David Bowers, Chairmen Emeritus

“Nothing happens until somebody buys something.”

Or conversely,

“Nothing happens until somebody sells something.”

These are familiar sayings to those of us who have studied advertising—one of my favorite pursuits ever since I was in high school.

In numismatics we all love to visit museums to see coins, tokens, medals, and paper money, and it is great fun to look through a book or catalog and contemplate the pictures.

However, the true excitement for you as a collector is when you buy something. That 1652 Pine Tree shilling in your hand is infinitely more exciting than seeing many of them pictured in S.S. Crosby’s The Early Coins of America.
And, for us here at Stack’s Bowers Galleries the excitement comes in selling nice things to you and others.

Coming up in a few weeks is the Whitman Baltimore Coin & Collectibles Expo. We have been honored as the official auctioneer for many years. The latest are two related sales at the Expo in March. One is a general sale with over 4,900 (!) lots—from colonials to commemoratives, from half cents to double eagles. The other is Rarities Night on Thursday evening—when classic rarities are scheduled to cross the block.

If you are new to numismatics, come to the Baltimore Expo, enjoy the surroundings, and view some of the lots to be auctioned—including many coins that are ideal as starters. If you are an old timer, the red carpet is out for you too—of course, as you know. See you there.

Or, if you are not attending, then bid live on the Internet. Although I and the other staffers will miss seeing you in person, you’ll still have a very rewarding experience.

Either way, buy something and “something will happen,” as I mentioned in the start of this commentary. That “something” will be the excitement of bidding and the pleasure of enjoying what you buy.

World Coin of the Week: Highlights From The General M. S. Newton/Kenneth Bressett Collection of Chinese Silver Dollars

By Kent Ponterio, Senior Numismatist and Consignment Director

Stack’s Bowers and Ponterio is proud to present The General M.S. Newton/Kenneth Bressett Collection, a highlight of our upcoming April 2012 Hong Kong Auction to be held at The Mira Hong Kong Hotel, from April 1 through April 4th. Check back on our website later on this week to view the online auction catalogue. To request your copy of the catalogue please give us a call at 800-458-4646 and ask for the Auction Services department.

A RARE TAIWAN “OLD MAN DOLLAR” THE FIRST DOLLAR OF CHINA
China
Taiwan.
"Old Man" Dollar
ND (1838-1850).

CHINA. Taiwan. "Old Man" Dollar, ND (1838-1850). NGC AU Details--Chop Marked. L&M-316; K-1; C #25-3; Chang Foundation-pg. 42#15; Wenchao-pg. 167#170 (rarity three stars). Initially designed as a form of military payment, the Taiwan Dollar quickly gained the approval of the people and grew in popularity. This was primarily due to its high silver content, approximately 98% fine. At this time, the Spanish 8 Reales were the most widely accepted coin in China, being 0.903, just over 90% fine. The obverse depicts the god of longevity with character that signify "Seven Two by the Treasury Scales". This represents the first depiction of what later became the standard denomination for dollars in China, "7 Mace 2 Candareens". Some light chop marks as well as two small rectangular stamps on the reverse which are official stamps. It is normal for this type to be found in average to low condition, often heavily chop marked. This type is considered to be one of the first dollars of China.  RARE, especially in this state of preservation.
NGC AU Details-Chop Marked.
Est. $10,000.00-$15,000.00
Ex: Newton / Bressett Collection

VERY RARE BI PAO MILITARY RATION DOLLAR

This issue was struck for a very brief period in 1853 during an uprising that broke out in Fung Shan Taiwan. The uprising was led by Li Shek and Lin Kung who were quickly defeated. Soon after Lin Kung and his followers retreated to Shui Dai Liao where he was captured and executed. These types were issued as a form of military payment to fund soldiers involved in putting down the uprising. Of the two main types, this is by far the rarest. This second type features crossed “Sumi Calligraphy Brushes” in place of the crossed lotus flowers normally found on these issues. The central characters also differ, roughly translating as “Military Soldier’s pay” as opposed to “Government repository, Soldier’s pay and provisions”.
Catalog description is as follows:

China
Taiwan.
Bi Pao Ration "Sumi Calligraphy Brushes" Dollar (6 Mace 8 Candareens).
ND (1853).

CHINA. Taiwan. Bi Pao Ration "Sumi Calligraphy Brushes" Dollar (6 Mace 8 Candareens), ND (1853). NGC XF Details--Chop Marked. L&M-325; Kann-4; C #25-5; Chang Foundation-Unlisted type; Wenchao-pg. 175#183 (rarity three stars). The Taiwan Treasury supplied the silver to produce this issue in order to pay for military rations and soldiers. These were issued during a period of uprising in 1853, which lasted several months. This issue was struck in the city of Taiwan, however once the uprising was put to an end, minting of this coinage ceased. Although mintages for this type are unknown, it is clear they must have been very small. Normally, this type is found in average to low condition, often heavily chop marked. This coin is attractively toned, well struck on a broad planchet, with only a moderate number of chop marks. Much rarer than the previous type of L&M-323 as it features crossed Sumi calligraphy brushes in place of the normal crossed lotus flowers.
NGC XF Details-Chop Marked.
Est. $15,000.00-$20,000.00

The General M. S. Newton/Kenneth Bressett Collection of Chinese Silver Dollars

United States Marine Corps General Miles Stanley Newton loved his hobby of collecting coins. His goal was to acquire a choice specimen of every coin listed in the Guide Book of United States Coins. It was an objective nearly completed before his untimely death in 1970. In addition to that ambitious aim he also turned his attention to saving coins of the many countries in which he served while in the Marine Corps.

“Stan” Newton, as he was known to his many friends, was born in 1903 in Brattleboro, Vermont, and began collecting at an early age. His education, marriage, and time in the service never stood in the way of the hobby he termed a source of pleasure, savings and a family investment. As an experienced numismatist, Newton was never too busy to help other collectors and he was a member of many coin clubs where he assumed an active role. He was known for his soft-spoken manner and modesty. He gladly assisted youngsters and beginners with advice or support, and often sold coins to them at prices well below their true value.

The United States portion of the General’s vast collection was sold at public auction by Rarcoa at the 1970 American Numismatic Association convention in St. Louis, Mo. The amazing scope and quality of the coins in that portion of his collection was a tribute to his perseverance and dedication to acquiring nearly every variety and date of all gold, silver, nickel and copper coins.

While serving in China in the 1930s Newton had an opportunity to select choice silver dollars from local sources. With his keen eye for quality he was able to assemble the representative group of pieces that are now being offered in this auction sale. When his collection was dispersed in 1970 the China dollars were acquired as a group by former ANA President Kenneth Bressett, and have been held intact since that time with a few carefully selected pieces added to the collection. The majority of these coins have been preserved together for the past 70 years by the two owners.

Kenneth Bressett has actively promoted the study and hobby of numismatics for more than 50 years. His published works on the subject cover a wide range of topics and extend from short articles to standard reference books on such diverse topics as ancient coins, paper money, English and United States coins.

Throughout his career he has worked as an author, editor and publisher of books and products for coin collectors. He has also taught the subject to hundreds of students through courses at Colorado College and other places. From 1983 to 1988 he served the American Numismatic Association as Director of Coin Authentication and Educational Programs. Subsequently he served on the ANA Board of Governors, and as Vice President and President.

Bressett was appointed to the U.S. Assay Commission in 1966 by President Lyndon Johnson, and in 1996 was made a member of the Citizens Commemorative Coin Advisory Committee. He has received numerous awards in recognition of his service and dedication to numismatics, including election to the National Numismatic Hall of Fame, The American Numismatic Association Medal of Merit, and the Farran Zerbe award.

What's New In the Store

By Tom Panichella, Stack's Bowers Store Manager

Welcome to the first "What's new in the store" listing. As our inventory is ever-changing, with coins being bought and sold all the time, we would like to be able to give our customers a short list of the new items we have in our inventory. As we get ready for renovations, our list is shorter than we would like, but includes some interesting items:

1879 Goloid Metric Dollar Pattern. J-1626. Rarity-4. PCGS Proof-64 Cameo. $3,350
1878 5C. NGC Proof-66. $1,950
1925-D 5C. PCGS MS-64. $1,075
1936 50C. NGC Proof-66. $4,350
1859 S$1. PCGS Proof-64. $6,600
1881-CC S$1. PCGS MS-66. $1,375
1893-S S$1. PCGS Fine-15. $3,850.
1855 G$1. PCGS MS-63. $7,500
1836 $2.50. Script 8. NGC EF-40. $735
1914-D $2.50. NGC MS-64. $3,550
1878 $3. PCGS MS-63 $5,000
1880 $10 Legal Tender. Fr. 107. PMG 66 EPQ. $4,895
1882 $20 Gold Certificate. Fr. 1178. PCGS 58 PPQ. $8,650
Athens Tetradrachm. Ca.440-404 BC. NGC EF. Strike 3/5, Surfaces 5/5. $900
Judaea. Jewish War, 66-70 AD. Shekel, Year 3. NGC AU Strike 4/5, Surfaces 4/5. $6,250

Give your favorite New York numismatic sales associate a call at 800-566-2580 if you are interested in any of the items listed, or email Andrew Bowers, Greg Cohen, Tom Panichella, or Steve Nugget for more information.

Remember When: Stack’s, A Numismatic Saga Part 1

By Harvey G. Stack, Senior Numismatic Consultant

Part 1

I have received many requests to discuss the coin dealer atmosphere in New York in the early part of the 20th century. I have done several articles in recent years, to which this series can be added.

Introduction

In modern America, 75 years is an unusually long time for any firm to flourish under the same ownership. In the effervescent world of professional numismatics, such a span of years has been enjoyed by only a single family firm, Stack’s of New York City. Founded during 1933 by Joseph B. and Morton Stack, the company continues today, as dynamic as ever. Recently we expanded to include our private auction gallery and additional research facilities.

Think of it! Over 75 years! Also consider that our first auction was held in 1935 — no other American professional numismatic firm existing today can claim such a record.

Because Stack’s has occupied a pivotal position in the world of numismatics throughout this time, this is more than the history of a single firm. It is actually a panorama of the whole numismatic world from the 1930s onward.

In the Beginning: The 1930s

By any objective standard, the early 1930s were grim years for America and scarcely the time to begin any new business. An estimated 12 million Americans were unemployed in what historians believe was the lowest point of the Great Depression. During 1932 and 1933, hundreds of banks had failed after vainly struggling to survive in the wake of the epic stock market crash of October 1929. American agriculture was in crisis as continent-sized dust storms and historic floods ravaged the country’s heartland. As acres of irreplaceable topsoil blew in clouds that covered entire states, many observers saw nature in full-scale rebellion against generations of carelessness and abuse from deforestation to deep-plowing of the Great Plains. Some wondered if any meaningful recovery would ever be possible.

New York City’s plight was especially severe. Today the ‘Twenties’ are remembered as a glittering era of high living, symbolized by the Charleston, flappers, speakeasies, Prohibition, and, perhaps, the life of the fictional Great Gatsby. Wall Street’s big bull market, the Florida real estate boom, the advent of crossword puzzles, the Teapot Dome scandal, and the self-congratulating politics of ‘Coolidge Prosperity’ are memorable as well. But, the Twenties had a darker side that is less often recalled.

A Reginald Marsh cartoon in The New Yorker during the presidential campaign of 1928 perfectly captured the city’s ambivalence in this era. Among a street filled with raggedly dressed, milling unemployed men under an elevated railroad in lower Manhattan is an obviously down-and-out derelict saying with great seriousness, ‘Oh, Al Smith’s all right, but I’m fer leaving prosperity alone.’ As some observers such as Congressman Fiorello H. La Guardia knew, many thousands of New Yorkers knew ‘Coolidge Prosperity’ only through what they read in the newspapers.

Then came the October 1929 crash, with its epicenter on Wall Street. The city was hard hit and slowly sank into a trough of unemployment and despair, crippled by a municipal government saturated with corruption at every level and staffed with inefficient political hacks appointed by the dominant Tammany machine.

Appalling conditions were revealed by Judge Samuel Seabury’s investigations. New York City’s flamboyant Mayor James J. Walker, ‘Gentleman Jimmy,’ to admiring thousands before the crash, went from the living symbol of the care-free flapper decade to a grotesque reminder of a time that suddenly seemed light years away. Just as President Herbert Hoover receded into history before the advance of newly inaugurated President Franklin Delano Roosevelt’s New Deal, the disgraced Walker and his machine replacement John P. O’Brien yielded to the Fusion and Reform administration of Fiorello H. La Guardia.

The New Deal and La Guardia brought hope to nation and city, each with an admixture of lively controversy, but no real recovery was in sight in 1933. Ex-bankers sold apples in the shadow of the newly opened and under-occupied Empire State Building as pedestrians hurried by, perhaps whistling ‘Brother, Can You Spare a Dime.’ Economists regard the year as the worst in history for the start-up of new businesses.

Everybody seemed to agree that ‘Confidence’ was lacking. Venture capital was definitely in hiding and those businessmen with the means to begin new ventures sat tight, expecting the Depression to worsen. This was the attitude that President Roosevelt deplored in his upbeat inaugural address, ‘The only thing we have to fear is fear itself.’

The Stacks Arrive

This was the New York City to which Joseph B. Stack and his brother Morton returned in 1933 after engaging in the jewelry business in West Virginia. Both were born in New York City, ‘J.B.’ in 1891, and Morton in 1901. Associated with them in the early years was their sister Shirley, born in 1904. The family, however, knew New York well, both its great underlying strengths and its present difficulties. This knowledge already went back most of a century, as family tradition recalls a forebear Maurice Stack, who operated a foreign exchange business on Nassau Street in lower Manhattan as long ago as 1858, but whose history seems elusive today.

The new business opened at 690 Sixth Avenue, on the corner of 22nd Street. (The avenue was officially renamed Avenue of the Americas a few years later, but no real New Yorker will ever use that name.) Early newspaper advertising reveals that the brothers planned for their new business to be active in several areas, of which coins were only one. In these difficult times, they knew that middle class New Yorkers had other things to sell, in addition to coins. They plainly intended to serve a public that might have to sacrifice all kinds of treasures to survive in the depths of the Depression.

Gold was an area of broad commercial interest. On April 5, 1933, newly inaugurated President Roosevelt issued his famous Executive Order mandating surrender of all gold coins and notes to the nearest bank operating under supervision of the Federal Reserve System. Little noticed by a docile public was the section which allowed citizens to keep ‘rare and unusual gold coins of special value to collectors,’ and fewer citizens questioned the dubious constitutionality of the new Administration’s whole gold policy.

The Gold Order turned the attention of many well-to-do Americans toward coin collecting, including a Baltimore mortgage banker of whom much would be heard in the following years, Louis E. Eliasberg. To thinking citizens of means, the disappearance of gold coins from circulation after 138 years made them an instant collectible, an asset worth having (things haven’t changed much now!).

Obviously printed after April 5 was a notice in metropolitan newspapers, ‘Stack’s, located at 690 Sixth Avenue in Manhattan, announces that it has been authorized by the U.S. Gov’t to buy old gold, jewelry, teeth, silver and platinum. They also buy old coins and pawn tickets here and pay very liberal prices.’ Other advertising copy frequently ran virtually identical language, adding ‘Cash paid Immediately for Old Gold. Postal Money Orders sent out same Day. We have been in business for 75 years.’ (Again, this harkens back to the Maurice Stack tradition of 1858.)

Another ad of this vintage announced ‘Highest Prices Paid for OLD GOLD. MAIL or BRING in your old Jewelry-- Watches-- Rings-- Teeth-- regardless of how broken. Money Orders remitted same day and we will hold your jewelry 4 days subject to your acceptance. Safeguard by Insuring Mail. We are Licensed by U.S. Government. Licensed and Bonded by New York State.’

A larger art-bordered ‘tombstone’ ad widened the spectrum of the new firm’s interests, ‘Phone Stuyvesant 9-2615. HIGHEST PRICES PAID, Old Gold-- Silver-- Coins-- Platinum-- Stamps-- Antiques-- Licensed by U.S. Government, New York State, Established 1858, 690 Sixth Avenue, Cor, 22nd Street, New York City.’

Plainly the partners intended to leave no stone unturned in their first investigation of possible profits. Times were difficult, and a dollar profit here, another dollar there, contributed to the New York business building a sound footing and a good reputation.