Thursday, April 26, 2012

United States Coin of the Week: Condition Rarity Rhode Island Ship Token to Highlight June 2012 Baltimore Auction

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

A PCGS/CAC MS-63 Example of the Betts-561, W-1730 Type

For the last several weeks I have been hard at work with the rest of the Stack’s Bowers Galleries team preparing the catalog for our upcoming June Baltimore Auction. While researching and writing descriptions for a very nice colonial and early American medal consignment earlier this week I came across a simply beautiful Rhode Island Ship medal certified MS-63 by PCGS and verified by CAC. The medal is a brass striking of the Without Wreath Below Ship Guide Book variety, attributed alternately as Betts-562 and W-1730. A lustrous and brassy deep golden piece, the surfaces also exhibit lovely pale olive highlights. Both sides are minimally marked under low magnification and present exceptionally well to the unassisted eye. We do note a few tiny fissures, best seen with a glass, below the ship at the 6 o'clock, trivial in import and mentioned solely for accuracy. An enigmatic Colonial era token -- or medal, to be more precise -- for which the jury is still out regarding exact origin and meaning, although the following information certainly provides clues as to the relationship of this historic type to pivotal events during the American Revolution. The particular PCGS/CAC MS-63 example that we are offering as a highlight in our upcoming June Baltimore Auction is a pleasing piece all around that is sure to see spirited bidding.

At least one of these medals survives with the word VLUGTENDE below Admiral Howe’s ship, which is Dutch for “fleeing” and refers to one of the Revolutionary War battles for the strategic area surrounding Newport, Rhode Island. Fearing possible British reprisals for commemorating their defeat, the potentially offensive word was scraped off a number of the medals which survive. Further efforts removed this word from the die and an ornament was engraved in this area to further hide the alteration. The initial varieties are quite rare, but once the die had been politically softened, a fair number of additional pieces were struck, most of course having long since disappeared. With these particular battles for Newport, Rhode Island raging in 1778 and 1779 the outcome of the American Revolutionary War was still far from certain, and one had to be careful just how many feathers they ruffled with the British still a formidable force and world power. As these historical pieces are further studied, much can be learned and their popularity will no doubt grow with collectors. History records nature’s assistance in the form of a windy storm during one of these battles, which would certainly have brought considerable challenges to the British in maneuvering their wind-driven warships off the coast. Rarely were such battles simply two competing forces throwing lead and iron at each other to diminish the living opposition and their weaponry, but rather most clashes of arms during the late 1700s were also fraught with complexities of weather and sickness.

The island that the soldiers are marching across on the reverse of the Rhode Island Ship medal is identical in shape to Aquidneck Island, as readily seen on a modern day map of Rhode Island -- this fact was pointed out to my fellow cataloger here at Stack’s Bowers Galleries Frank Van Valen by his long-time friend and fellow numismatist, John Kraljevich, a student of -- and expert in -- the coinage and medallic issues of the American Colonial era. Newport, Rhode Island, the home of Commodore Matthew Calbraith Perry’s family, is located on Aquidneck Island. In 1824 during his visit to America, the Marquis de Lafayette insisted on visiting Newport to pay his respects to Mrs. Sarah Wallace Alexander Perry, widow of Captain Christopher Perry (an American privateer and father of Oliver Hazard and Matthew Calbraith Perry), who spent time in an English prison during the American Revolution for his high seas activities.

Upcoming Events: Free Coin, Currency & Stamp Appraisal Event

by Ronald J. Gillio, Senior Numismatist and Consignment Director

Bring in your coins, currency & stamps for appraisal by trusted experts
May 4 – 6, 2012 From 9:00am to 5:00pm PST / 463 Union Street, San Francisco, California

Spectrum Group International and its affiliate companies invite you to a very special complimentary appraisal event. Meet with our coin, currency and stamp specialists to appraise your items, discuss your options for future sale or auction consignment, or we may even buy your material for top dollar on the spot!

Whether you are a seasoned collector, or you are just getting started, or perhaps you have inherited some material and are not sure how it should be handled – Spectrum Group International’s experts offer years of experience in their specialties and will take care of all your needs.

Spectrum Group International is a global trading and collectibles network.  We are a trader of precious metal products such as gold, silver, platinum and palladium, and an auctioneer of coins, stamps and wine.  We are also a lender offering loans to coin dealers, collectors and investors secured by their precious metals, rare coins, and other collectibles as collateral.  We are Fortune 500 company.  Our San Francisco Appraisal Clinic offers you the opportunity to have your collectibles appraised by our experts at no cost.

We hope you will join us from 9:00am-5:00pm PST on May 4th-6th. If you have any questions please call Ron Gillio at (805) 637-5081 or email him at rong@stacksbowers.com.

United States Paper Money of the Week: Philadelphia ANA Paper Money Session Promises Great Excitement

By Bruce Roland Hagen, Senior Research Numismatist

Without a doubt, the August ANA World’s Fair of Money is the numismatic event of the year and is eagerly awaited by all. The gathering resonates with immense enthusiasm by all participants. Often, this is the annual one stop convention destination for many dedicated collectors who recognize the opportunity to obtain elusive treasures and participate in club meetings and forums to advance their knowledge. The Official ANA auction is the most important sale of the year and Stack’s Bowers Galleries is once again honored to conduct this venue at both the pre-show and main event in Philadelphia. These auctions will contain the widest variety of material possible, in all price ranges, and from all numismatic genres — United States coins and medals, ancient and world coin coinage, and of course paper money.

Last year’s paper money session was truly a special evening for all who witnessed it. We sold nearly $6 million of important American paper currencies from colonial times until our present era Federal Reserve Notes. Truly memorable was the Bass Foundation collection of Educational Notes and Proofs sold at that session. The Unique set of Serial Number 1 Educational Note uncut sheets realized $1,265,000, setting a public auction record for a United States paper money lot. The Benjamin Franklin signed and created loan certificate reached $218,500 in frenzied bidding during the Poor Richard’s Collection section, over two times high estimate and also a record for this historic piece. All areas of paper money were strong as the demand for high quality collectible material continued to surge. That demand continues this year as well.

This year’s paper money session promises great excitement as well, with several important properties committed to us for this great auction. Colonial currency was prominently placed in last year’s sale and this year will be no exception. The Tremont Collection of Massachusetts Colonial Currency features some of the most exciting notes cataloged since the Ford sales. Perhaps the two finest Revere “Sword in Hand” notes known will be sold along with extremely rare Pre-1750 notes, formerly from the Boyd collection. Obsolete Currency, long an auction tradition here, will include great rarities issued in Philadelphia from the Kensington Collection. Also consigned are stellar proofs with exceptional pedigrees. Chester L. Krause has consigned further exceptional Postage Envelopes issued during the Civil War.

It is important to plan your consignment early as space for this premier venue auction and particularly the paper money session is extremely limited. The consignment deadline of June 8, 2012 approaches rapidly. Please call toll-free, Matt Quinn in the Irvine office at 1-800-458-4646 or Bruce Hagen in New York at 1-800-566-2580 to discuss placing your important notes or featured collection into this stellar paper money auction session.

Remember When: Work in Progress, Refurbishing of the Stack’s Bowers Shop in New York

By Harvey G. Stack, Senior Numismatic Consultant

Since the opening by the senior Stack brothers, Joseph and Morton, of their coin shop in New York in 1933, the company has always had a street front shop in a popular upscale location in New York City.  Our present location, which the Stack family moved to in 1953, is very much like it was then. We are located at 123 West 57th Street (a wonderful walking street!) within a few feet of Carnegie Hall and Steinway Hall in the lower part of the Hotel Salisbury.

About every decade the shop went through a major refurbishing, to keep the ambiance the same but adding new carpets, lighting, and air conditioning, and updating seating areas for visiting collectors.  It has over the last 60 years retained its landmark status in the exciting environment of New York.

About a month ago I wrote about the shop and that it was about to be refurbished again. For those of you who have visited the shop, you will remember it was over 100 feet deep from the street, having a classy showroom in the front, and vaults and office staff occupying the rear. Now that the alteration is in progress I feel I should report on the "work in progress"

There is a beautiful bronze door entry on 57th Street leading into the shop. About half way back in the store is another entranceway into the shop from the lobby of the Hotel Salisbury. Presently a partition has been installed about half way down the length of the shop and the demolition and rebuilding of the back office section is in progress.

All the electric wires were removed, including the security system (with temporary Installations), while the work is being done. The ceilings were removed, provisions for air conditioning, lighting and new wiring were installed. The walls have been leveled, some of the old safe cabinets removed, and all new communication wiring re-installed,The large walk-in vault in the rear and the special private office are being redone. All these improvements are nearing completion and in a few weeks, this portion of the shop will be ready for use.

While this is going on, the showroom is still open to the public, and our staff is actively conducting business. Except for the partition, the shop is still an inviting place to visit.

As soon as the renovations are complete in the back, the "shop operations" will be shifted to the rear portion of the premises. Visitors will be able to come through the lobby of the Hotel Salisbury and walk through our side entrance to be served. The renovations have been planned in such a way that store operations will continue without interruption. When completed it will be a wonderful place again to visit, buy and sell your coins, make contact about auction sales and find answers to the questions that visitors always ask.

As we make more progress I will report again about this refurbishing, which is designed to make your visit to the "coin shop on 57th Street" even more enjoyable.

Please remember, while all this is going on, Stack’s Bowers is always there to serve you!

From the Desk of Q. David Bowers: A Question of Value

By Q. David Bowers, Chairman Emeritus

“It’s my money and I can spend it how I want to!

So true.

The other day I received a letter from a nice gentleman who took issue with statement I made to the effect that for optimum  value—high grade and eye appeal and very low price-MS-Statehood quarters are ideal. In my Official Guide Book of Washington Quarters, published by Whitman, I called this OCG, or Optimum Collecting Grade—a price point at which buyers receive a lot for their money. He questioned my wisdom, suggesting that encapsulated Mint State and Proof coins at the 69 and 70 level were much more desirable.

Changing the subject slightly, he continued:

“I'm trying to determine whether it is your position that moderns are not collectible in higher grades. Wouldn't you say that a high population coin like a 1995 quarter has the best chance of appreciating in value if the collector has some leverage? In other words, if the price of an MS-67 or MS-68 1995 quarter appreciates by 100% ten years from now, would you expect that an MS-65 coin would follow suit when the population of encapsulated coins at MS-66 is more than twice that of the MS-65 specimen?

“I have done a thorough statistical analysis of historical prices for several coin series- and I find that some coins go up based on scarcity while others surprise you and go up based on the difficulty of finding gem quality coins (the 1923-S Monroe commemorative half dollar for instance).”

I replied, noting in part:

With regard to OCG, the minute one adds certified coins to otherwise common Statehood quarters, the price multiplies many times and immediately adds $10 to $20 to the price. As I see it, and I have a complete collection of these quarters in an album, obtaining a nice Uncertified MS-65 coin is inexpensive and ideal. Also, the collection can be kept in a small amount of space. If someone is into Registry sets, then by all means they can spend a lot of money, have the coins certified, and get some shoe boxes to store them in. However, I would hardly recommend this for the average person. Also, I have lingering doubts as to the sustainable market value of certain high graded certified modern coins of which millions exist.

Regarding Proofs, just about every modern Proof ever minted is Proof-69. Indeed, a Proof-65 would be a rarity!  What happens is a lot of people don’t understand this and realize that a Proof-69 Barber half dollar of 1914, for example, can be worth tens of thousands of dollars. When they see a Proof-69 Statehood quarter offered for sale, they say to themselves, “Great! Now I can join traditional old time collectors by getting the best quality available.” What they don’t realize is that the coins they are buying are exceedingly common.

With regard to the populations of certified coins, as an interesting exercise anyone interested to might go back to 1990 and also to the year 2000 and get PCGS Population Reports for modern Mint issues, and it will soon be realized that the number of coins certified in a given high grade has multiplied. There is no reason to doubt that 10 years hence the populations will be far greater than they are now. Accordingly, anyone looking at this from an “investment” viewpoint would be well advised to be very, very careful. There are hundreds of thousands, often millions, of every modern Mint Proof and commemorative in existence. This is my opinion.

However, anyone can buy what they want. Just do some thinking first.

Best wishes,

Dave Bowers

Word Coin of the Week: Mint State Large Characters Hupel Tael

By Kent Ponterio, Senior Numismatist and Consignment Director

Mint State Large Characters Hupel Tael to be Offered at Stack’s Bowers Ponterio August ANA auction.

Stack’s Bowers and Ponterio is pleased to offer a choice Mint State Hupeh tael with large characters as part of our August 20-22, 2012 auction in Hong Kong. The Year 30 (1904) tael is graded MS-64 by PCGS and is rare in this condition. It features lustrous, very attractive surfaces with light russet gray tone.

China. Hupeh Tael. Year. 30 (1904). L&M-181, K-933, Y-128.1, Hsu-189.  Large characters. PCGS MS64.Originally 648,000 Hupeh taels were minted, this includes both large and small character type. It is unknown exactly how many of each were struck, however it is clear that the large character type is by far the rarer of the two. In the initial proposal to produce these coins it was also suggested to produce smaller denominations in the values of 5, 2 and 1 mace. However no such pieces have surfaced (even in pattern form) and it is unlikely they were ever produced. It is interesting to note that the Hupeh taels were struck in 0.877 fine silver as opposed to the 0.960 fine silver set forth by the currency regulations of 1905. This short lived series circulated for only a brief period of time and was soon after replaced by the unified Tai Ching Ti Kuo silver coinage. Although the Hupeh tael coinage has a fairly large mintage it is most likely that much of this was melted down to be made into later coinage.

Thursday, April 19, 2012

From the Experts: The State of the Chinese Market

By Kent Ponterio, Senior Numismatist and Consignment Director

If there is one question we are repeatedly asked it is “what is the state of the Chinese market?” My answer in short is very healthy and rapidly evolving. However that being said this is not a question that can be easily answered with a short one liner.

The Chinese coin market is one of the fastest evolving markets. In the United States you are constantly hearing statements such as “The Chinese market is hot” or “The Chinese market is down” or the even more caustic statement “When is the bubble going to burst”. My general response to those statements is usually something along the lines of “I don’t think a country with a population of one and a third billion is a bubble”.

 Truth told the Chinese market is one of the most active markets which is constantly changing and adapting. Some things are going up in price while others are going down. One thing that seems clear is that there is no lack of interest or buyers. That being said, the sophistication of the buyers in general seems to be growing at a rapid pace. Changes within the market are very evident from auction to auction and predominantly in a very healthy manner.

To further understand the Chinese coin market you really have to break it down into several different categories or sub markets to be analyzed individually. The Chinese market is very complex and although many aspects are related, they don’t necessarily pertain to or attract the same buyers or sellers. For instance the Modern Chinese coin market is a very different market than the Older Numismatic coin market with a very different base of buyers. Some other categories of Chinese collecting can be broken down even further. For instance:

The Numismatic coin market

The term “Numismatic coins” or “Older Struck coins” are sometimes used in reference to the market for Chinese coins that are pre modern coinage issues and post cast coinage. In general this is a very strong market with the largest amount of participation and interest. This covers a lot of areas and can probably be separated into several different sub categories. Some of the more popular areas are as follows:

Provincial issues
Coinage issued by the various provincial mints during imperial China. It is vast and encompasses many different types, denominations and varieties. This period of Chinese coinage was far from unified with each provincial mint essentially issuing its own coinage. In fact several mints issued coinage on a different standard or fineness than neighboring mints. This causing some monetary chaos and eventually lead to the issuing of a unified coinage standard. There are a lot of aspects to take into consideration when collecting provincial issues. For instance demographics can play a large role with certain provinces. Chihli province is highly collected and some coins that are more common may bring higher prices than comparable coins from a less populated province. This is due to large cities like Beijing being located within this province. On the other hand some great rarities from a lesser populated or less popular province seem reasonably priced in comparison due to a smaller collector base.

Empire general issues
Essentially covering unified coinage issued towards the end of Imperial China up through the 1911 revolution and the founding of the republic, i.e. the first real unified coinage of China.

Republic issues
Coinage issued after the founding of the republic. This is a very popular and extensive series with a variety of historically important commemorative issues, many depicting historical figures and events relevant to the 1911 revolution, the founding of the republic and the events that followed.  This is a very interesting series that documents much of Chinas history during the early 20th century.

Soviet issues
This primarily covers coinage issues starting in 1931 with the rise of the communist party prior to the founding of the Peoples Republic of China.

Copper coin collecting
In decades past collecting Chinese copper coins remained somewhat unappreciated. This can be noted when one examines some of the famous Chinese collectors of the past. For instance Eduard Kann and Irving Goodman among other famous old time Chinese collectors focused primarily on gold and silver issues, paying little or no attention to the coppers. While this was not the case for all Chinese coin collectors as is evident with the works on numismatists such as Tracey Woodward. In years past this was the exception, not the rule. However no longer is this considered the case. Collecting Chinese copper coinage is an academic field filled with varieties and types with a vast following.

These are just a few of the various areas of the “Numismatic coin market”. This can be dissected even further into other areas such as Sycee, Republic of China issues etc., not to mention early cast coinage and warring states period. In short the different areas attract different groups of buyers. Although there is some cross over amongst collectors, very few collect all of the coinage of China. This would take an enormous amount of money in today’s market.

The Modern Chinese Coins market(i.e. 1979-date)

This is a very active market that has had some big changes in the last few years. There has always been a good collector base for modern Chinese coins, and for a good reason. Some of the most beautiful designs of all modern coins are incorporated into their motifs. They are filled with historical content and beautiful designs that are some of the most attractive modern coinage issues worldwide. However up until recent years this market was predominantly based outside of China. Countries like the United States, Germany and other European nations were the largest buyers of this type of coinage for many years. The last few years have shown massive increase in the value for modern Chinese coins, largely based on the developing market in China. Of all of the markets for Chinese material, the Modern coinage market has increased the most rapidly in regards to value over the last few years. In many cases coins went up way too fast in a very short period of time. This is evident in the market place now, as prices for many modern issues are adjusting downwards and finding the proper levels. The market seems stable and coins are selling at realistic levels. The market was probably at its height last year, during the summer of 2011. Prices since then have dropped, but have stabilized.  It is very clear that there is still plenty of interest in modern Chinese coins as there are certainly still a lot of buyers. The best way to describe the price structure for the modern Chinese market is stable with plenty of interest. Not to mention the one factor that most people seem to overlook when they see a price drop. That being, although the prices may be depressed from last summer, they are still multiples and in some cases many multiples of what they were only a couple of years ago.

The Chinese Paper Money market

When one takes into account different types, variety, issuing authorities etc, there are probably more bank notes one can collect from China than any other country in the world. Hence with this much variety, it attracts a lot of collectors. This is a very strong market that is largely driven by a solid base of dedicated collectors. In most markets, paper money seems to be somewhat overshadowed by coin collecting and China seems to be no exception to this rule. Dollar for dollar a collector can purchase a rare bank note for a fraction of what a coin of similar rarity would cost. It seems more focus is being placed on Chinese paper money, perhaps due to conventional Chinese coin collectors being priced out by the large rises in prices. Hence this is a very stable market.

If there is one general observation of the overall market, it is that quality and rarity are doing well and still rising in price. It is very clear that nice original coins in top condition are still commanding high prices. Originality is starting to play a major factor in pricing. For instance if you take two coins in similar grade, one that has nice original toning will bring a premium over one that is not. Even further a coin with unattractive toning will tend to realize less. This was not the case a year ago when buyers were simply looking at the numeric grade assigned to the coin by the grading services. Common and average to low grade items have dropped, found a price and stabilized. In the last few years we have witnessed a buying frenzy for Chinese material, sometimes with no regard given to grade or rarity. Like many emerging markets opportunists jumped on the numismatic band wagon hoping to make a quick dollar in a rapidly escalating market. In many cases with very little knowledge of the material they were buying. Many of these buyers had the mentality “if it’s Chinese it must be good” and tended to buy many average grade and common coins, pushing up the prices for generic coins. When prices stopped escalating for the more common material many of these less savvy buyers got cold feet and left the market. In my opinion this is probably a good thing. If you take away the speculators you are left with a core group of serious collectors and the market will quickly find proper levels. In my opinion this is the sign of a healthy evolving market that is ready to take its next step forward.

United States Coin of the Week: Amazing Proof 1922 Grant With Star Half Dollar

Amazing Proof 1922 Grant With Star Half Dollar Takes Baltimore by Storm
Realizes $184,000 after Furious Bidding

By Frank Van Valen, Numismatist and Cataloguer

If you’ve studied your Civil War history then you know that Grant took Richmond in April 1865, but did you know he also took Baltimore in March 2012?

Born Hiram Ulysses Grant in April 1822, his name was botched at West Point and he became Ulysses Simpson Grant; Simpson was his mother’s maiden name. He rose to fame in the Civil War, eventually becoming commander-in-chief of the Union Army after several successful campaigns against the Confederates including Shiloh, where he earned the attention of President Lincoln as an aggressive commander, and at the siege of Vicksburg. He was the general who accepted Robert E. Lee’s surrender at Appomattox Courthouse in April 1865, where he earned the nickname “Unconditional Surrender” Grant. He went on to become our 18th president, taking the oath of office on March 4, 1869 and remaining in office until March 4, 1877, serving two terms. Unfortunately those two terms were racked with scandal, and though he was a staunch advocate of the rights of black Americans – the first black congressman was elected under his watch in 1870 – he is best remembered for the ill-doings of his cabinet.

Meanwhile, back in Baltimore. As the official auctioneers of the Whitman Coin and Collectibles Baltimore Expo, Stack’s Bowers has sold innumerable rarities over the years at that venue. On March 22 of this year, however, a 1922 Grant With Star half dollar stole the spotlight among commemorative coins in our Rarities Night session. Lot 4170, a Sandblast Proof example of the issue, is one of perhaps just five or so known according to the cataloger. The known pieces include a specimen from the J. R. Sinnock estate, another in the S.E. Green Collection, and another offered by us (Stack’s) in the S.A. Tanenbaum Collection in January 1958. As noted by the cataloger, “a few others are rumored.”

This particular Proof Grant half dollar, aptly toned in deep blue and gray patina and the finest certified by PCGS, opened at a reasonable figure and then quickly rocketed nearly to the stratosphere, with the final tally after furious bidding totaling $184,000, a more than  respectable figure for any U.S commemorative half dollar! We’re certain it’s a record for the type, hands down, and certainly among the highest prices realized for any commemorative half dollar of any type or date. It just goes to show that, given the proper venue and proper publicity, anything can happen in one of Stack’s Bowers Galleries’ sales.

Upcoming Events: Free Coin, Currency & Stamp Appraisal Event

by Ronald J. Gillio, Senior Numismatist and Consignment Director

Bring in your coins, currency & stamps for appraisal by trusted experts
May 4 – 6, 2012 / San Francisco, California

Spectrum Group International and its affiliate companies invite you to a very special complimentary appraisal event. Meet with our coin, currency and stamp specialists to appraise your items, discuss your options for future sale or auction consignment, or we may even buy your material for top dollar on the spot!

Whether you are a seasoned collector, or you are just getting started, or perhaps you have inherited some material and are not sure how it should be handled – Spectrum Group International’s experts offer years of experience in their specialties and will take care of all your needs.

Spectrum Group International is a global trading and collectibles network.  We are a trader of precious metal products such as gold, silver, platinum and palladium, and an auctioneer of coins, stamps and wine.  We are also a lender offering loans to coin dealers, collectors and investors secured by their precious metals, rare coins, and other collectibles as collateral.  We are Fortune 500 company.  Our San Francisco Appraisal Clinic offers you the opportunity to have your collectibles appraised by our experts at no cost.

Word Coin of the Week: Historically Important Aureus of Nero

By Kent Ponterio, Senior Numismatist and Consignment Director

Historically Important Aureus of Nero and His Mother Agrippina to be offered at Stack’s Bowers Ponterio August ANA auction.

NERO, A.D. 54-68. AV Aureus (7.54 gms.), Rome Mint, October-December 54 A.D. RIC-I-150-1; Calico-399a. Busts of Nero and Agrippina(draped) the younger facing one another. Reverse: "EX S.C." within wreath, legend around. This type was struck shortly after the death of Agrippana's late husband the emperor Claudius. Claudius was the adoptive step-father of Nero, no blood relation to the late emperor. The legend reads "Nero Claudius Caesar August Germanicus", the title Nero took when he was established as emperor. This type depicts the widowed empress face to face with her son the newly proclaimed emperor Nero. Some historians believe Agrippina herself poisoned Claudius in order to set her son up as emperor. However, murder seemed to be a family trait as Nero would have his own mother disposed of some five years later. Historians describe several colorful attempts plotted by Nero which include poison, a mechanical ceiling in her residence intended to crush her and a boat with a collapsible bottom intended to drown her at sea. It is believed that in the end Nero sent an assassin to kill her and make it appear as a suicide. Reportedly her last words requesting the assassin stab her in the womb, "smite my womb" for it was that place that gave birth to such an abomination of a son. This piece is nicely centered with virtually full legends and attractive high relief portraits. A small unobtrusive scrape is noted on central reverse. VERY RARE, bold VERY FINE.

Provenance: From the Demarete Collection.

From the Desk of Q. David Bowers: Society of Medalists Medals

By Q. David Bowers, Chairman Emeritus

Westward ho! The Society of Medalists issue No. 45, June 1952, by James Earle Fraser with “Pony Express” and “Prairie Schooner.”


Looking for something new and interesting in numismatics? Something quite rare and in gem condition? And inexpensive?

Your quest stops with the Society of Medalists medals. Made in bronze (mostly) and silver, typically with a mintage of only a few hundred, these sell in the marketplace today for about $125 to $300, some a bit more, but not much.

These were issued at the rate of two per year by the Society of Medalists. Famous artists and sculptors were invited to create motifs of their choice—a radical departure from the usual route of a patron or organization dictating the design. Most are about 72 mm diameter. Here we have James Earle Fraser, remembered for his 1913 Indian Head/ Buffalo nickel creating a medal with western motifs. Elsewhere in the series there are medals from many sculptors who are remembered for their commemorative coin designs.

A leaflet issued with the medal (most leaflets have disappeared) gives Fraser’s biography and other information. A great new book by David Thomason Alexander, American Art Medals 1909-1995, available on like with some looking around or from the publisher, the American Numismatic Society, also on the Internet.

There are over 120 medals in a complete collection of Society of Medalists medals in bronze, collectible for, say, less than $20,000 for everything. Check it out and enjoy!

Best wishes,

Dave Bowers

Remember When: Harry W. Bass, Jr.

By Harvey G. Stack, Senior Numismatic Consultant

Although I had been in and out of the Stack’s stores as a youngster, I began working full-time with my father, Morton, and my Uncle Joseph B. Stack in 1947 when the firm they had founded in 1933 was located at 12 West 46th Street. Stack’s had already outgrown its downtown starting point at 690 Sixth Avenue and its first midtown premises at 32 West 46th. Before very long, changing patterns of businesses located on 46th Street would make another move necessary, but for now this location near the bustling Diamond District seemed ideal.

Harry W. Bass, Jr. was a great numismatist and scholar. He loved United States gold coins. Studying the many varieties of early coins was his special interest and in time he built the largest collection of early gold coin die state varieties ever assembled.

He enjoyed visiting the Stack family whenever he was in New York. He spent hours studying our inventory and photo library. We have the only photographic collection of the Colonel E.H.R. Green Collection of gold coins, an amazing cabinet assembled from the second decade of the 20th century through the 1930s. It revealed much information not hitherto widely known, if indeed known at all.

Harry was a good friend and client. He also gave Stack’s the opportunity to be one of his agents at the United States Gold Coin Collection (Louis Eliasberg Collection) sale, held in New York in 1982. Harry was sure that if he bid himself, others not as knowledgeable as him would use his bidding as a “crutch” to bid against him. He didn’t want to educate his competition.

Harry asked me to represent him at the sale and gave me a list of special lot numbers he wanted me to bid on. When I asked him for his limits, he said “Just watch me.” We made up a special signal. He wore his jacket and a handkerchief in his breast pocket. Whenever we came to a lot he wanted, he would signal by touching the handkerchief in his pocket. When he removed his hand, I was to stop bidding. I could only bid when he was touching his handkerchief.

I was not sitting near him. He sat in the front row and I positioned myself five rows behind him with a good view of the handkerchief in his pocket. The plan worked perfectly for the first part of the sale and I acquired for him a good many coins.

The tense moment arrived when the unique 1870-S three-dollar gold coin was offered. I knew from my list to bid on it. When the bidding opened at about $120,000 and started to advance toward $200,000, Harry did nothing. I waited. As the bidding approached $300,000, he moved his hand to the handkerchief and held on to it. I began bidding and continued in $25,000 increments until it reached $425,000, and suddenly his hand dropped, and the bidding advanced to $500,000. Once again, Harry’s hand returned to the handkerchief and dropped after I bid $575,000 for him. A bid came at $600,000 and the room gasped. Harry didn’t move. The auctioneer was calling for “anymore” and just as the gavel was about to drop, Harry’s hand returned to the handkerchief and I immediately bid $625,000 and won. The applause that followed showed the excitement we all felt in the room. Stack’s was given credit for the purchase, and it was only later that year that Harry revealed that he was the buyer.

Whenever Harry came to New York, he would stay at the Hotel Salisbury, which is immediately adjacent to our 57th Street store, so he visited us often. In fact, when he was working at the American Numismatic Society on a pet project he had, developing a computer inventory of the Society’s coins, he would spend months in New York. The Society closed each day at 4:00 pm. Harry would take a cab over to our offices, sit and talk numismatics with the Stacks, until closing each evening at 5:30 pm. These casual conversations only enhanced our friendship and gave us greater understanding of Harry’s love for his collection and collectors.

When we heard he wasn’t well in 1998, we inquired often about his health and spoke to him whenever we could on the phone, friend to friend. We sincerely remember him as a dear friend and miss him greatly, but the numismatic knowledge he assembled and shared with all will always be his legacy to the hobby.

Thursday, April 12, 2012

From the Desk of Q. David Bowers: The S.S. Central America and the Unique Harris and Marchand bar

By Q. David Bowers, Chairman Emeritus

It was a dark and stormy night way back on Saturday, September 12, 1857. Far off the coast of North Carolina the S.S. Central America, carrying several hundred passengers and millions of dollars in gold coins and ingots, was on its way from Panama to New York City, having taken aboard the people and cargo at the port of Aspinwall. The passengers and treasure had connected from San Francisco to Panama City on the Pacific side, crossed land on the 48-mile-long Panama Railroad, and were now on their way home. In the days before weather forecasting was a reality, when the storm arose a few days earlier it was thought to be a gale that would pass quickly. Matters worsened, turned into a tempest, and at 8:00 that evening the ship slipped beneath the waves, taking with it the majority of passengers and all of the cargo.

Fast forward to the late 20th century, when Tommy Thompson and Bob Evans began to study the lost ship. Using maps, estimates of wind velocity, data on currents, and other information, they mapped out an area containing hundreds of square miles far off the coast, where the ship may have been lost. After tracking back and forth with sonar and other equipment they came across several prospects, finally the remnants of a side-wheel! Not long afterward the ship’s bell, marked with the name, was brought to the surface, confirming the find. The recovery involved a specially crafted robotic explorer, Nemo, launched from a mother ship, which went down to the depths and found what was called a “garden of gold”! Double eagles, octagonal gold slugs, and ingots were strewn about the sea floor. It was beyond believable.

In time the treasure was brought to the surface, and after various processes it was put in the hands of Dwight N. Manley, manager of the California Gold Marketing Group, to which I and Chris Karstedt lent our help and suggestions. A facsimile of the vessel’s side “The Ship of Gold,” was constructed, and offered visitors a chance to look through “portholes” and see gold coins, artifacts, and more, surrounded by old-time pictures, Gold Rush newspapers and the like, while nearby a little theater showed a movie of the recovery operation. Over 400 gold ingots were found and over 7,500 coins, the likes of which had never been seen before. In fact, the total weight of the recovered gold ingots from the S.S. Central America was hundreds of times more than the total of all Gold Rush ingots known to exist before, including those in the Smithsonian Institution and in private collections.

Marketing commenced, and before long everything was gone. There was some wondering here and there as to whether the enthusiasm would sustain itself, but as you read these words in 2012, more than a decade later, just about everything is worth a nice advance over the sale price, some items doubling and tripling in value.

Among the ingots there were products of five different assay companies, two of which, Justh and Hunter and Harris and Marchand, had a main office and a branch office. By means of examining the letter and number punches and taking measurements, Bob Evans and associates were able to attribute the various ingots to the different offices. One super rarity emerged, a unique ingot of Harris and Marchand attributed to Marysville. All other offices had at least a few dozen ingots, and one of them, the San Francisco and only office of Kellogg & Humbert held the majority of ingots, several hundred together.

So exciting was the news that Beth Deisher, editor of Coin World, called the S.S. Central America treasure the “story of the year.” Since then, the legend has continued, and today it remains one of the most remarkable finds that numismatics has ever seen.

Coming up in our Rarities Night sale as official auctioneers of the American Numismatic Association convention, the World’s Fair of Money held in Philadelphia this coming August, the unique Harris and Marchand bar will cross the block. It is anticipated that excitement will prevail and history will be made.