THE WATERMELON COLLECTION of U.S. Paper Money
To be Showcased by Stack’s Bowers Galleries

The Stack’s Bowers Galleries official auction at the World’s Fair of Money in August—the most important show of the year—will include the Watermelon Collection of United States Paper Money. The name is taken from the famous Series of 1890 $100 Treasury or Coin Note with the two zeroes shaped like juicy watermelons--among the most desired issue in American paper money. The collection is particularly rich in seldom-seen high-denomination large-size notes including multiples of the $1,000 denomination. Many National Bank early and high-denomination notes are offered as well, including great $50 and $100 rarities.

The collection begins with Friedberg No. 1 a rare 1861 $5 Demand Note. Authorized on July 17 of that year the Demand Notes were payable in gold or silver coins and were the first large emission of federal paper money since Revolutionary War days. Legal Tender Notes come next, including the remarkable “Rainbow Series.” The 1863 Legal Tender Note with its bold and impressive eagle is another highlight in that series.

Among Silver Certificates are the seldom-seen high-denomination Series of 1891 $50 and $100 and other desirable types. The Series of 1890 and 1891 Treasury and Coin Notes include lower denominations as well as the earlier-mentioned Watermelon Note.

Large-size Federal Reserve Notes include one of just two 1914 $20 Red Seal notes across all banks, this one from the New York Federal Reserve Bank,  certified at the Superb Gem 67 level. A lovely About New 1914 Red Seal $50 from the Boston Federal Reserve Bank will attract a lot of attention as will a Choice New $50 from the Philadelphia Federal Reserve Bank. Among high denominations, a Series of 1918 $500 from the New York Federal Reserve Bank will attract a wide audience as will a $1,000 note from San Francisco.

Large-size Gold Certificates range from $10 upward and include a seldom-seen 1882 $500 F-1216b. A Series of 1882 $1,000 note will raise eyebrows! Next follow National Gold Bank Notes from San  Francisco and San Jose.

Large-size National Bank Notes range from $1 to $100 from a wide variety of locations from the Original Series, Series of 1875, Series of 1882 and, into the 20th century, Series of 1902 Red Seal (with a No. 1 note), Date Back, and Plain Back. A $50 Original Series $50 (!) from the Government National Bank of Pottsville, PA, is a show stopper as is a $50 of the same type from the Farmers National Bank of Reading, PA. A $50 Series of 1882 Brown Back from the Washington (Indiana) National Bank is one of just two known from that bank and one of only 10 for the entire state.  A Series of 1875 $100 note from the Citizens National Bank of Zanesville, Ohio is a rarity deluxe. No $100 note of this type from any bank has crossed the block since one offered in a Stack’s 1996 sale!

Other $100 notes from the 1882 Brown Back, the 1902 Red Seal, the elusive 1902 Date Back, and the 1902 Plain Back series are in multiples and are important. In fact, this could be called the”$100 Note Collection” from the number of this rare denomination offered.

Although rarities and high denominations abound there are many interesting and affordable notes among lower denominations. The Watermelon Collection has something for everyone interested in large-size notes.

United States Coin of the Week: The Werner Family Collection of 1796 Coinage to Cross the Block on our Official 2012 ANA Auction

Highlights Include a Remarkable Mint State 1796 No Stars Quarter Eagle

By: John Salyer, Numismatist and Cataloguer, U.S. Coins

The annual ANA World’s Fair of Money Convention, being held this year in Philadelphia, provides one of the most exciting weeks of the year for numismatists. The Stack’s Bowers Galleries Official 2012 Philadelphia ANA Auction is proving to be one of the most highly anticipated of such events in recent memory. One of this year's highlights will be the Werner Family Collection of 1796 Coinage. Of all the years of American coinage history, 1796 is one of the most important and the Werner Family Collection contains a selection of scarce and rare issues and is a truly memorable offering. One of the most important offerings from this venerable collection will be a 1796 No Stars Capped Bust Right Quarter Eagle, graded MS-61 by PCGS in an old green holder, and bearing a rare gold CAC sticker, which indicates that the coin exceeds CAC’s strict standards for the assigned grade!

All early quarter eagles are extremely rare in Mint State, and this piece is far and away finer than most others seen at the grade level. This satiny jewel was awarded the prized gold CAC sticker for its quality, a prize reserved for coins that appear to be undergraded. In presentation, the surfaces are a rich copper-gold with greenish accents in the fields and recesses. While the surfaces have minor handling marks, the fields retain a degree of reflectivity. This is most notable on the reverse, where the complex devices protected the fields from any contact, while the broad and open obverse fields were provided no protection by stars or lettering within the left or right sides. Reasonably sharp as the dies were able to bring up the curls of Liberty and all the tiny star centers and lettering well. Trace softness is noted at the center of the reverse, common to this variety, where the eagle's upper breast and neck are not fully brought up, as this area is precisely opposite Liberty's ear where the most gold had to flow to fill in the demands of the dies during the strike; apparently the coiner just didn't have enough strength to bring these features to their ultimate conclusion. Furthermore, this is a later die state of the obverse, with thin die cracks down from the center of the L(IBERTY) into the cap, another from the right side of the E of that word to that crazy curl of hair, which wraps backwards up to the cap. No adjustment marks or handling marks of any great consequence are seen, and the visual impact of this treasure is a delight for the numismatic eye.

The first delivery of 1796 No Stars quarter eagles took place on September 21, 1796 of a mere 66 pieces, and these were almost certainly the exceedingly rare BD-1 variety, of which only four coins are known today. The reverse die broke, suspending coinage until a new die could be prepared. The next and final delivery of 1796 occurred on December 8, 1796 of 897 coins, and these were the No Stars BD-2 variety, offered here. Both the 1796 BD-1 and BD-2 quarter eagles were struck with the same obverse die, with the earliest die state seen on the BD-1 issue. The 1796 With Stars obverse BD-3 variety is believed to have been delivered on January 14, 1797 (432 pieces). These numbers seem to fit well enough with the number of survivors today, and considerable research confirms this scenario, although of course nothing is definitive and further research will likely discover new evidence that can be interpreted in new ways. What we certainly know today, is that all of these early quarter eagles are rare, with survival rates that are in the low single digits from the tiny original numbers struck, thus each surviving coin is a national treasure to be enjoyed and studied by any numismatist lucky enough to own one.

While certainly among the top 10 coins known of both the type and the date, this exciting No Stars quarter eagle may actually rank among the top five (!) survivors if all the high-grade examples could be gathered together and examined by experts. What is clear is that this is a very high-end coin for the grade assigned, and would be a welcome addition to the most advanced numismatic cabinet. One of the highlights of the fabulous Werner Family Collection, and a coin of exceptional beauty, quality, and rarity.

From the Desk of Q. David Bowers: Morgan Silver Dollars

By Q. David Bowers, Chairman Emeritus

As you read these words the Whitman Coins & Collectibles Expo is taking place in Baltimore. If you have bid in our official auction sale for the event, or plan to do so, thank you very much. The sale is truly remarkable in its depth and breadth in the American series.

This reminds me to mention one of my favorite series – Morgan silver dollars. Some years ago for Whitman I wrote The Official Red Book of Morgan Silver Dollars, which right now is being printed in the latest edition. If you don’t have this book I am sure you will find it a worthwhile addition to your library.

Morgan silver dollars were first minted in 1878 under the provisions of the Bland-Allison Act,  a political boondoggle intended to have Uncle Sam buy millions of ounces of silver each month to help support the sagging price of the metal. During the 1870s there had been two major adverse effects in the marketplace: certain European countries stopped using silver as a main basis for coinage and, in America, new discoveries were made and new mines were opened, increasing the supply.

In 1878 silver dollars of the new Morgan design, based on half dollar patterns of the previous year, were first struck in March. Coinage was effected at three mints – Philadelphia, Carson City, and San Francisco. In the next year, the New Orleans Mint joined in. From that time until 1904, when the supply of authorized silver bullion ran out, hundreds of millions of pieces were made. These included the Carson City issues produced from 1878 to 1885 and again from 1889 to 1893. Today these are special favorites of collectors.

It was thought in 1904 that no more silver dollars would ever be coined, what with most of them remaining in storage at the mints or in other Treasury Department facilities. The master dies and other equipment were destroyed.

In 1918 the Pittman Act mandated the melting of hundreds of millions of long-stored silver dollars in order to send bullion to India. This was done. Not long afterward, in 1921, the Treasury Department desired to mint more silver dollars in order to provide backing for Silver Certificates, one of the popular series of paper money. New dies were made, different slightly in some features from the earlier issues, and many Morgan dollars were struck in Philadelphia, Denver, and San Francisco, after which the motif was replaced by the Peace design.

Today in 2012 there are close to 100 different major varieties – dates and mintmarks – in the Morgan dollar series. Amazingly, more than half of them can be obtained in Mint condition for a few hundred dollars or less. These are challenging and interesting to collect. If you are not already involved, you might dip your toe in the numismatic water by buying one or two. Just a thought.

Remember When: Never Thought I’d See This at an ANA Convention

By Harvey G. Stack, Senior Numismatic Consultant

During the Second World War, and for a short period thereafter, the U.S. Mint, which was busy making coins as well as special items for the War effort, did not have time to issue Proof sets as they did from 1936 through 1942.

Collector demand grew for these sets, and in 1950 the Mint started once more to issue special Proof sets. These coins were wrapped in cellophane jackets, stapled at the tops, and the set of five coins (1¢, 5¢, 10¢, 25¢ and 50¢) were shipped to collectors in a sealed gray box. The demand was so great that they issued some 50,000 sets.  The sets remained in demand and premiums rose, especially as the sets were made in succeeding years, in greater quantities.

Dealers spent lots of time trading these sets, paying high premiums for the early 1936-42 issues, and the value of the later coins kept growing as the demand increased. So hysterical did the demand become that the Proof sets that were still in "sealed boxes" fetched as much as 25-35% more than an "open set" (where the coins could be examined.  Blind stupidity ruled the day!

There also was a demand for late issue rolls, as other than the Lincoln cent, the Jefferson nickel, Roosevelt dime  and Franklin half dollar were growing in popularity. These coins, many of which could be found in change or in rolls from banks, were popular, as they were short sets, readily completed.  But certain dates in these series were very difficult to find; some were not readily found in change or general circulation. With the advent of new inexpensive albums by Whitman for 25 Cents, (the blue folders) for complete late series, the popular National Album page and loose leaf covers to house sets in finer grade, and the Lucite holders for choice sets, the entire late issue series came into strong demand.

Suddenly, dealing in rolls of Mint State coins became, and even bags of Mint State coins became a tradable item. It seemed like everyone wanted to collect and the hobby grew in leaps and bounds. So crazy was the demand, that bags brought more proportionally than individual rolls, and rolls brought more proportionately than individual coins.

First to appear were rolls and quantities in dealer showcases in retail stores around the country. Before long the rolls and quantities of Proof sets appeared in dealers’ showcases on convention floors.  These dealers were known as "vest pocket dealers" who were portrayed as taking coins out of their pockets and selling them at a profit, above face value.  It was nothing to see dealers using hand trucks and dollies to move huge quantities of current rolls of coins and boxes of Proof sets onto show and convention floors. The quick profits that could be made on these late issues overshadow the numismatic rarities that the more classic established dealers bought and sold. It soon became a contest — who could sell more quantity, as well as a contest between collectors for who could amass a larger hoard of late issue items.  On convention floors this entire period had moments of Bedlam.

Onto the convention floor suddenly appeared a great promotional endeavor, led and conceived by Sol Kaplan, a well known dealer and promoter from Cincinnati.

Sol Kaplan brought to the bourse floor a large blackboard, ruled off with  boxes and set up like a Pari-Mutual tote board. Dressed in a blue  blazer, with a bright red vest, he appeared as a event seller at a circus or a fair. He started by listing a group of Proof sets and rolls and chanted while taking bids from the collectors and dealers that crowded about his table.  He had opening bids, and continued calling out advances as the excited crowds bid.  As each item was sold, he cried “Going, going, gone!” and knocked down the item sold.  As the lots were sold, some a few dollars below the market of the time, but many far above the market at the dealer bourse, he continued the on the spot auction until he exhausted his stock.

The ANA officials were shocked and took almost an hour or two to decide that the bourse floor was not an auction floor. The operation was disruptive to the dealings and visitors on the floor of the convention and  they ordered a "cease and desist."  But Sol didn't stop till his mission was accomplished.

From that day forward, decorum prevailed and no auction sales of any type were allowed on a convention floor. However, open conventions can attract all kinds of schemes to make money for promoters.

World Coin of the Week : Brunswick-Luneburg-Celle Wildman 3 Taler of 1663

By Greg Cohen, Numismatist and Consignment Director

Among the many great European silver coins featured in our upcoming ANA auction, we are proud to offer a rare 3 taler dated 1663 of Brunswick-Luneburg-Celle. The Brunswick Duchies, which include Luneburg, Luneburg-Celle, and Wolfenbuttel were rich with silver deposits. All three of these duchies produced a multitude of large size silver coins, ranging in size from the taler to the 16(!) taler. The more common types show the galloping white horse (one of the symbols of the state), or the duke on horseback. A few of the types, which are considerably rarer (and in my humble opinion more interesting), feature the popular “Wildman” often standing with a mining scene in the background.

The concept of the Wildman dates back to mythological beings in the ancient cultures of Greece and Rome. Moritz Wormser’s November 1916 article in The Numismatist states that “he is a descendant of the Greek Satyr and the Roman Faun.” Throughout medieval Europe, the Wildman was used to instill fear in the local villagers to subscribe to certain religious beliefs. The Brunswick Duchies of north-central Germany are located in the silver rich region that includes the Harz Mountains. The myth that was created adapted the Wildman as a local guardian who protected the silver from would-be thieves. No matter which Wildman myth one hears, he is usually depicted the same: large and muscular, nude, or nearly so, and covered in thick body hair, often wearing a wreath of leaves around his loins and as a crown about his brow. 

Starting in the late 1500s, under the reign of Julius and continuing on until the early 1800s, the Wildman is featured on various denominations in gold, silver, and copper. Throughout the centuries he has evolved from very hairy and somewhat hostile in appearance to slim and more effeminate in the later coinages.  Most often, he is found standing next to, or brandishing a recently up-rooted tree. The Wildman became such an important part of the culture in the region that two Wildmen are sometimes found on the reverses of the coins of Brunswick-Wolfenbuttel, supporting the sides of the Coat of Arms (usually on the “mining talers”).

These large size, multiple talers generally were not intended to circulate; they were made as a savings fund. People were required by decree to purchase these large size coins in proportion to their wealth, in exchange for smaller denominations. If the Duke needed funds at a later date (for war or other reason), he could call up funds that were put away; the reason so many multiple talers exist is there was never a need to recall them.

Stack’s Bowers and Ponterio is excited to be able to offer this example to the collecting community. It has been a while since we have been able to offer such an example; the most recent example was in our (Stack’s) sale of the Michael Tallent Collection, April 2008, lot 220. Slightly finer in technical grade, that piece brought $9,775. This piece, called Extremely Fine, offers pleasing eye appeal with areas of dark toning. As expected for such a large coin, there are some minor contact marks; none detract from the overall appeal. Well struck with most details visible, though there is some weakness in places. Some doubling of details is seen from the multiple strikes needed to render all the details, as is usually the case on these large size coins.

Rarely are Wildman multiple talers offered at auction, and when they are, they are eagerly bid on. Our ANA sale is replete with great selections of European silver coins, anchored by Part III of the Demarete Collection (subject of a previous blog). If this is a specialty for you, be sure to view the offerings in our Official Stack’s Bowers and Ponterio sale for the American Numismatic Association’s World’s Fair of Money. The selections are particularly strong in German, Italian, Polish, and Russian, with wonderful rarities from around the globe providing a very well rounded offering of world coins. Keep an eye open either online at www.stacksbowers.com or in your mail box, as the sale will be posted and mailed out in early July. To see other highlights from the ANA sale as it is being prepared, check out our ANA sale “microsite” www.stacksbowersauctions.com and our blogs at www.stacksbowers.com.

For further information on this fascinating series, I highly recommend reading the above cited article, “Coins Showing the Wild Man” November 1916, The Numismatist, By Moritz Wormser.

Upcoming Events: Introducing the New Stack’s Bowers Galleries ANA Auction Website

For the Stack’s Bowers Galleries Official Auction of the

American Numismatic Associations World’s Fair of Money

Auction and Lot Viewing: August 2-12, 2012

Stack’s Bowers Galleries has just launched our new ANA Auction website, an exclusive site dedicated to the auction event of 2012! The information-packed site provides a wealth of detail about the auction, U.S. and World coin and currency highlights, and more!

Visit our new ANA Auction site at www.stacksbowersauctions.com and check back often for updates!

From the Desk of Q. David Bowers: Welcome to Our Baltimore Sale!

By Q. David Bowers, Chairman Emeritus

With my catalog in hand for our official auction in connection with the Whitman Coins & Collectibles Expo, June 28-29, I am about to take a walk through it, so to speak. You can follow me either in a printed catalog or on line. The event will be a great one – certainly to be remembered as one of the most important auctions of the year. Highlighting it is a magnificent Superb Gem Proof MCMVII (1907) Ultra High Relief double eagle, one of fewer than 20 believed to exist, with none finer than this. While this coin is the stuff of which dreams are made, the majority of the sale comprises affordable items, ranging from the tens of dollars, through the hundreds of dollars and upward. Scarce dates and mintmarks, popular types, expanded offerings in certain series, and more await your contemplation.

The first session starts on Wednesday evening, June 27, at 6:00 Eastern Daylight Time. Beginning the event as a warm up, so to speak, are Proof sets, bullion coins, group lots, and the like, a nice chance to build a stock if you are a dealer or shop owner, or simply to browse our selection. Lot 329 begins the Geraldine Rockefeller Dodge Collection of early American medals comprising Indian Peace medals, Mint medals, medals of famous persons, decorations, art medals, and more, one of the most fascinating specialties within numismatics. Interest in these, while dating back a long time, has moved into the fast lane in recent years, due in no small part to some of the spectacular offerings of medals in our sales, highlighted by the John J. Ford, Jr. Collection. Most American medals of interest and importance sell in three-figure ranges, making them quite affordable. At the same time, each medal has a story to tell. Other Americana issues include silver items crafted by engravers with numismatic connections, merchant tokens, and others.

Thursday Jun 28 at 10:00 in the morning the second session starts with lot 1001. Soon out of the gate are Massachusetts silver coins, including examples of the famous Pine Tree shilling. There is room for one of these historic pieces in any collection, representing as they do the very essence of early American numismatics. Other colonial and related issues include Rosa Americana, London Elephant, Rhode Island, and other pieces, after which comes contract coinage of the states including Massachusetts, a very nice run of Connecticut coppers, New York, New Jersey and Vermont.  Pieces relating to George Washington, a lovely 1776 Continental dollar in pewter, and Fugio coppers continue, followed by some interesting large lots from the estate of our fine friend, Michael K. Ringo.

Among the most beautiful, most admired designs in American coinage is the Walking Liberty half dollar. These were minted from 1916 to 1947 but not in all years. Front row, center will be our final offering of the Walking Liberty Tribute Collection, emphasizing Proofs from 1936 to 1942 in multiples – these being the only Proof years of the series – followed by Mint State “short set” half dollars 1941 to 1947.  Gem preservation is the key aspect, and ultra Gem coins in 66 grade or higher are often in such numbers that the rare seems to become common! Not actually, as once this sale is over the pieces will become widely scattered, and finding ultra-grade coins will take some doing. Right now, as you read these words, all are available and it is an ideal time to build a full set of Proofs 1936 to 1942 and a full run of dates and mints from 1941 to 1947.

On Thursday Session Three begins at 6:00 in the evening. Throughout the auction sessions we will have beverages and “nibbles” on a sideboard for your enjoyment. Our auctioneers will be Melissa Karstedt and Marissa Lederman, numismatic favorites.  Both ladies held forth at our recent auction in Hong Kong, thought to be the first women numismatic auctioneers in the country of China. The new session begins with half cents, the first year of issue 1793, and continues to include other interesting varieties and types, after which large copper cents take command and also include varieties and types. Small cents start with two of the famous 1856 Flying Eagle and continue onward through Indian cents and Lincoln cents. The latter category will be long remembered for not only its high quality key issues but for some absolutely fascinating die varieties from the Hiwassee Lincoln Variety Collection. We expect a lot of interest when this section crosses the block. All are attributed to the standard work in the series by Bill Fivaz and J.T. Stanton, The Cherrypicker’s Guide to Rare Die Varieties.

Two-cent pieces come next with Mint State and Proof pieces, then two examples of the extremely rare 1856 Proof trime, a rare Proof of 1857, and several later Proof and Mint State pieces. Nickel three-cent pieces are next, followed by nickel five-cent pieces. One of the greatest American classics in Proof minor coinage is the 1867 With Rays, for which a single example would be a notable occasion. We offer two lovely pieces – an ultra quality Proof-66 and a Gem Proof-65, both in old PCGS holders, implying that they might be conservatively graded even at these high levels.

The Land of Smiles Collection of Liberty Nickels is beyond comparison. I have never seen anything like it. Starting with 1883 and continuing year by year through 1912, this features ultra high grades, Condition Census throughout, sometimes the very finest known, in both Mint State and in Proof format. If building a Registry Set is on your list of challenges you have come to the right place. I doubt if any offering like this will ever occur again. This is quite a statement considering the rarities that we handle. Wait! There is more! Then follow other interesting Mint State and Proof Liberty Head nickels, then a great selection of Buffalo nickels, one of America’s most famous motifs. A 1926-S in Gem preservation will surely bring bids from every point of the compass. Half dimes come next, then dimes from early to late, the early pieces including some marvelous items. I pause to mention an 1827 in MS-67 and a Cameo Proof 1835, but you must read through the listings so as not to miss other important items.

Quarter dollars include a Proof 1847 – when have you seen another? – followed by interesting Liberty Seated issues, a nice array of Barber Proofs and Mint State pieces, then into the Standing Liberty and Washington series. Half dollars are next in the menu, with many highly important early pieces, including gorgeous Proofs. Barber coins are memorable, as are Walking Liberty quarters and some high grade Franklins. After this it is time for a good night’s sleep! Hopefully you are the proud owner of pieces you have been keeping your eye on.

Session Four begins at 1:00 in the afternoon on Friday, which means that if early silver dollars are your specialty you will be present and accounted for. First to cross the block is that great American classic, the 1794, one of only about 125 to 135 known in all grades. Other early dollars continue, including some seldom-seen high grade varieties. After which it is into the Gobrecht series, with 1836 and two of the scarcer 1839 date. Liberty Seated dollars are next up, with an 1851 Original sure to attract attention, followed by Proofs of the 1850s onward. Morgan silver dollars, always a specialty in our sales, contain something for everyone – popular Carson City and Philadelphia issues in Choice and Gem grades that are quite affordable, changing now and then to ultra rarities, of which the 1892-S in MS-67 will be long remembered. Watch this one go! The 1893-O at the top of the PCGS Population Report will probably mean that the sky is the limit and the room will be up for grabs. Wait and see. A lovely Proof 1895 comes down the line a few lots later, as do others. In a separate section is a very nice consignment of Carson City dollars attributed to the GSA (General Services Administration) series of sale in the 1970s. Opportunities galore! Trade dollars follow including some very nice Proofs. Commemorative coins, one of my favorite series but somewhat overlooked in the marketplace, offer the chance to buy many choice and rare items, some of them off the market for a long time.

On Friday evening, June 29, a parade of exceptional items is in the offing, beginning with an 1860 Proof set offered individually, ditto for 1869, 1883, 1891, and 1903. These sets are matched in their toning and are thought to have been kept together since the very year of issue. Consigned by the Winecrest Collection the combination of high quality and eye appeal has few comparisons. Commemorative gold coins come next, including one of just 100 Proof 1903 Louisiana Purchase gold dollars with the McKinley portrait, the rarest of all American commemoratives (the 1915-S Panama-Pacific $50 in round format) and others. Then come pattern coins where the word rare is the standard, not the exception. Many fascinating pieces await your selection, including a transitional silver 1864 pattern, various Standard Silver issues, a Superb Gem 1870 double eagle in aluminum, and more. Private and territorial gold coins and related pieces cross the block next, then some shipwreck coins and ingots.

The curtain opens for gold dollars next, beginning with a lovely 1849-C, and continuing to include a number of wish list pieces such as an incredible Gem Proof 1867, an ultra Mint State 1870, and others. Quarter eagles begin with the seldom seen 1826, continue to include a magnificent 1827 (tied for finest certified by NGC), on into the Classic Head and Liberty series. Charlotte and Dahlonega coins abound, offering a proverbial field day if you are a specialist. Not only is the selection extraordinary, but the grades are finer than typically seen. Later quarter eagles include rare dates,  a superb Gem Proof 1899, a Sand Blast Proof 1908, several examples of the key 1911-D and others.

In the crème de la crème category is Lot 4244, a marvelous Gem Proof 1854 $3 gold, the first year of issue. This is a prize for the specialist as well as a marvelous acquisition opportunity for anyone building a type set. This offering will be long remembered. Other $3 pieces are interesting and important including a seldom seen Proof 1872.

One of the finest 1879 Flowing Hair Stellas is next, in Ultra Cameo Proof-68. Read our description, savor the experience, and then if your bank account permits bid for one of the finest ever offered.

$5 half eagles come next starting with a Mint State example of the very first die variety, BD-1 of 1795, issued in August of that year. This is a fitting beginning to a run other interesting early half eagles, transitioning to the Liberty type and onward, concluding with an exceptional grade 1929 rarity, the last year of the denomination. Eagles include interesting dates and mintmarks, a superlative cameo Proof 1885, a gorgeous Proof 1907, and others. The Indian Head series includes an exceptional 1908 With Motto and seldom seen Mint State 1908-S.

Double eagles, always a popular series, include the three different Liberty designs within which are high quality pieces, including a nostalgic 1857-S in Gem preservation from the S.S. Central America. Among later double eagles a Proof 1899 and a companion Proof 1903 are of importance. Then comes the highlight of the evening – the beautiful and rare Ultra High Relief MCMVII, Proof-69. This offering is beyond spectacular, is described in detail in the catalog or on our website, and will ever echo as one of the most important auction presentations of our era. Other Saint-Gaudens double eagles follow including some “regular” High Relief pieces, a Sand Blast Proof 1911, and others.

The curtain comes down on our Baltimore sale giving you a chance to rest and to take your time bidding on Session Six, internet only, which closes on Tuesday afternoon at 3:00 Pacific Daylight Time (note the difference).

That concludes my walk through the sale. My next “walk” will be for the World’s Fair of Money sale, our official auction for the American Numismatic Association Convention. See you then!

Remember When: A Story That Should Be Told, Part Three

By Harvey G. Stack, Senior Numismatic Consultant

"Numismatics and America's Bicentennial Celebration - 1776 - 1976"

In this final segment, Harvey Stack remembers his part in creating a memorable exhibit at the United States Mint in Philadelphia as part of our nation’s 1976 Bicentennial Celebration.

The Exhibit

In the following days dignitaries and special visitors viewed the new edifice and the prized collection of United States coins on display. I was asked to stay in Philadelphia for a few days in order to answer any special questions from these elite visitors. For me it was very exciting and a great event in my life!

The Collection remained on display for some two years, and millions of visitors, in Philadelphia to celebrate our Bicentennial, had the special opportunity to view the most complete collection of United States gold, silver, copper and nickel coins ever assembled.

It is sad to report that Louis E. Eliasberg, Sr., because of health problems, never got to visit this exhibit of his great accomplishment or see the place of honor in which it stood. He did receive daily reports, saw the newspaper and press stories of the exhibit, and could feel the sense of accomplishment that he had not only assembled his magnificent collection of the coinage of the United States but shared a place of honor in the Bicentennial.

I should add that the entire U.S. Mint exhibit included a tour of the new facilities of the mammoth new Mint building, which housed fantastic machinery, including rolling mills to roll out the metal, special multiple cutting machines to produce planchets, and the fantastic multiple die striking machinery that could strike as many as four coins at a time. This would improve the ability of the Mint to strike the quantities of coins needed to meet the ever-demanding requirements of the economy, which was growing by leaps and bounds.

The entire presentation by the U.S Mint was a joy and a point of pride for those who came to see it.

The Numismatic Division of the Smithsonian Institution at the Museum of American History in Washington, DC, was also able to make an extremely historical and extensive display of the collections of American coinage they originally planned to present in honor of the Bicentennial Celebration. 

United States Coin of the Week: Rare Sacagawea Mini-Dollar / Washington Statehood Quarter Mule Error To Be Offered in our Official 2012 Philadelphia ANA Sale.

By: Frank Van Valen, Numismatist & Cataloger, U.S. Coins

A rare Sacagawea golden mini-dollar “mule” that couples the reverse of a Sacagawea dollar coin with the George Washington obverse of a Statehood quarter will hit the auction block at our Official August 2012 ANA World’s Fair of Money Auction in Philadelphia. This rarity is from 2000, the first year of the Sacagawea mini-dollar, though no date is present on either side. Bowers and Merena had the honor of auctioning the very first of about a dozen examples currently known of this rare muling back in August 2000 at the ANA Millennium Sale, also in Philadelphia, where it brought an astonishing $29,900 when the ensuing bidding war was done. Not bad for an error coin!

This remarkable muling was first brought to the attention of the collecting community in May 2000 when Frank Wallis of Mountain Home, Arkansas reported the first known example. At the time certain other rare mules such as a dime obverse-cent reverse and another with a cent obverse-dime reverse were reported, but the Sacagawea mini-dollar reverse coupled with the Washington State quarter obverse error was the one picked up by reporters, receiving coverage in the numismatic press as well as local and national newspapers and on television news. The search was on, and by late 2000 several other examples had come to light. Amazingly, three different die pairings were defined by numismatic author and researcher David Camire, who was the first to authenticate the muling. After further research, the U.S. Mint acknowledged the error, saying in part “In its 208-year history, coin errors are a rare occurrence, but occasionally, misstrikes happen.”

In the fine 2010 numismatic reference 100 Greatest U.S. Error Coins (Whitman Publishing, LLC, 2010) by authors Nick Brown, David Camire, and Fred Weinberg, all recognized experts in the field of error coinage, a roster of 10 different examples of the Sacagawea dollar / Washington quarter muling was enumerated. Indeed, this rare error is listed in the above reference as Coin # 1 out of the 100 error coins listed! At the time of publication of the reference, collector Tommy Bolack owned eight different examples of the error, including the discovery piece sold by us in 2000 – his mini-hoard includes four pieces from Die Pair 1, three from Die Pair 2, and one piece from Die Pair 3. The other two listed specimens were in private collections at the time of publication.

As noted by our ANA sale cataloger: “The present opportunity represents a seldom-offered scenario in which a greatly prized and equally elusive rarity is offered to the general public by way of auction. As with all other examples sold of this rare Sacagawea mini-dollar / Washington Statehood quarter mule, either publicly or through private treaty, there will be no room for bargain hunters – they will fall quickly by the wayside as the serious players take heavy pursuit of this rare and desirable prize.

We sincerely hope you have an opportunity to examine – and enjoy – this rare “$1.25 face value” piece of numismatic history at one of our upcoming lot viewing venues in Irvine, California, New York City, or in the City of Brotherly Love, Philadelphia, during the most exciting week of the year, ANA Convention week!

United States Paper Money of the Week: 1878 $500 Legal Tender, Friedberg 185d to be featured in the Official Auction of the World’s Fair of Money

By Matt Quinn, Director of Currency

It is with great pleasure that Stack’s Bowers Galleries will offer to eager collectors a design which only surfaces in public auction roughly once in five years at maximum. The note is the Friedberg 185d 1878 $500 Legal Tender note, which features a large portrait vignette of Major General Joseph King Mansfield at right. The serial number A4206 note we will offer is simply radiant, showing the design in impressive detail and color throughout. It is one of only six known examples for the catalog number with two pieces forever uncollectible as they are permanent residents of institutional collections.

The note features an impressive allegorical vignette of “Victory,” at left and is seen with impressive Roman numeral and English protectors at lower center. The verso design exhibits the master engraving of the time period with incredibly ornate geometric lathe work used in the central Guilloches and surrounding devices. The design saw continued use throughout the 1874, 1875, this 1878 series and finally the 1880 series with signature varieties ranging from Allison | Spinner on the 1874 note to Bruce | Roberts last found on the Friedberg 185l 1880 dated piece. Seen with only subtle circulation and just a minor restoration at the lower right corner with other wise problem free and bright paper throughout. Truly a landmark rarity, which will be a focal point in any advanced large size collection.

This item along with several other significant currency rarities will highlight the outstanding banknote session to be held on Wednesday night the eighth of August. Here in the Stack’s Bowers Galleries rare currency department, we look forward to your participation in this historic event.

From the Desk of Christine Karstedt: Baltimore Here We Come! A Spectacular Auction Awaits Your Bids!

By Christine Karstedt, Executive Vice President

This time of year, everyone is taking special care in making decisions on where and when to travel. It’s the traditional time of year for family vacations and visiting friends and relatives. Beaches, zoos, museums, and amusement parks beckon. That being said, Baltimore is still a hot spot in the month of June and remains the most popular coin city during the summer months. Bring the family to visit the museums and waterfront shops, have a memorable dinner of crabs and/or crab cakes, and enjoy the coin show and auction where action will be nonstop. We look forward to seeing all of you next week.

Stack’s Bowers Galleries is once again pleased to be the official auctioneer for the Whitman Coin Expo. Our auction is landmark and is laden with spectacular rarities, important type coins and collector coins for the beginner to the connoisseur. You’ll find me from early morning to late at night in the auction gallery and always happy to help you with bids, consignments, or in any other way.

Nearly our entire team attends this show and we are here for you. Personal service is our forte! Just ask the thousands of delighted bidders and consignors who have dealt with our firm for over 75 years. Our expertise is unsurpassed and is just waiting to go to work for you. All you have to do is ask!

Special Offer!  A complimentary copy of Collecting Rare Coins for Pleasure and Profit is yours for the asking for the first 50 people who respond. Just send me an email at ckarstedt@stacksbowers.com with your mailing address and a note saying you’d like a copy. It will be sent to you when I get back from Baltimore.

All the best,

Chris

World Coin of the Week : 1911 Imperial China Long Whisker Pattern Dollar

By Todd McKenna, Numismatist

This week’s highlight is from the upcoming Stack’s Bowers & Ponterio auction being held August 19-22 in Hong Kong. During the closing years of the Qing Dynasty attempts had been made at reforming China’s coinage to create a more standardized design to be used universally throughout the provinces, which up to this time had struck their own coins set to a standard scale. Several designs had been tried in the years preceding 1911, the familiar “Tai-Ching-Ti-Kuo” design and its variants having been the most widely struck. A final attempt to create a universal coinage was made by the Qing court and its financial department the Board of Revenue in 1911.

The design for this new coinage would share many design elements with preceding Imperial and provincial coinage but would have many simplified elements meant to impart the message of continued Imperial authority throughout China, an important message as the reigning Emperor Hsuan Tung was only six years old at the time. This new coinage would bear an Imperial dragon (with five toes on each foot) much like its provincial forbearers, but this dragon would dominate the entire face of the coin. The dragon glares out from 12 o’clock, its body wrapping and twisting throughout the periphery of the coin while in the center is the denomination of one Yuan essentially encircled and protected by the symbol of the Emperor. The inscription and legends also send a stripped down clear message of Qing sovereignty. At the top there is the Manchu legend owing to the dynasty’s northern progenitors, at the bottom is the date given in reign form (again a subtle assertion of the Emperor’s importance), and in the center is the simple message “Da Ch’ing Yin Pi” (Silver coin of the Great Qing). When you compare this to the contemporary provincial dollar pieces you begin to see how effective this simplified design could be, especially when compared to some of the earlier more complex provincial designs (L&M-428, 449 & 477).

Once this initial design had been completed it went through several refinements until the design was finalized. The first modification was a slight tweaking of the calligraphy in the legends and inscription along with a redesign of some of the floral sprays flanking them. Next the dragon’s whiskers were shortened so they no longer surround the denomination at center, Kann also mentions seeing a transitionary design in which the dragon bears medium length whiskers but this was never struck in any significant quantity. The final stages of design are more familiar to most collectors as the “Flying Dragon” dollars which share the same composition as the earlier models but the dragon has been refined with a smaller head, short wavy feelers and more realistically rendered clouds about it. This final design was struck in great quantity at the Tientsin and Wuchang Mints, however the uprising of 1911 in the later city forced this new design to enter circulation without ceremony as emergency military pay. Even after the establishment of the Republic of China this dragon coinage was still struck as an appropriate design, as a new Republic dollar could not be made quickly enough, and hence the dragon dollars were struck up until the introduction of the Yuan Shih-kai dollars in 1914.  The piece we will be offering belongs to the first stage of modification wherein the dragon retained his long straight whiskers but the legend and inscription were changed to the style, known as the “ordinary obverse”, which remained throughout the rest of the design process.

We bring to auction a stunning example from the earliest stages of this lengthy design refinement. Graded by PCGS as SP 63+ this coin retains an amazing level of detail with all of the scales and hair fully rendered and graced with appealing luster and light toning. A rare piece which is missing from many collections and only a few examples have been brought to auction in recent years, including one featured in our December 2010 Hong Kong Sale which realized a whopping $431,250. Watch for this and other exciting rarities in the Stack’s Bowers & Ponterio August 2012 Hong Kong Sale.