Colonial Coin Collectors Club Hosts November 2013 Convention in Baltimore

The Colonial Coin Collectors Club (C4) held its 19th consecutive annual convention at the Baltimore Convention Center, November 6-9, in conjunction with the Whitman Coin & Collectibles Winter Expo.

“Our latest convention was one of the best we have ever had in terms of activity and attendance,” said Jim Rosen, president of C4. “This is the second year we have collaborated with Stack’s Bowers Galleries, and we couldn’t be happier. They are just wonderful to work with.”

The C4 convention featured a large gathering area on the bourse floor with a club informational table, a large colonial Red Book Type Exhibit in addition to three other exhibits, and an area where members could join together, discuss coins, and view and photograph coins. Thursday night of the convention was the social evening where members enjoyed a buffet dinner, a donated-lots auction, and two educational lectures by members of the club. The Friday night auction, a co-sponsored event by C4 and Stack’s Bowers Galleries as part of their Official Auction, was a Massachusetts Silver collector’s delight, with 34 lots offered. During this sale, a number of very rare coins crossed the block, such as a New England Shilling in AU 55, a Willow Tree Shilling, a Willow Tree Sixpence in AU 53, wonderful Oak Tree coinage in shillings, sixpence, threepence and twopence, plus a wide array of Pine Tree coinage. In addition, there was a large offering of Fugio Coppers and a wide array of various state coinages, as well as Machins Mills and Washington pieces. “The auction had a great selection of coins for the advanced and novice collector alike. Kudos to Stacks Bowers Galleries on this wonderful sale,” Rosen added.

C4 is a national, non-profit organization whose mission is to enhance the education and research of colonial coins, currency and other colonial era related numismatic material. The club publishes a quarterly newsletter with informative articles written by its members and guests. The annual convention is held in Baltimore at the autumn Whitman show in association with Stack’s Bowers Galleries, Official Auctioneer of the Whitman Baltimore Expo. The convention offers members a forum for camaraderie and a venue to show their coins to interested parties, and also a weekend to discuss almost anything colonial to those interested in Colonial history. This year a book signing of the highly anticipated ANS-C4 co-published book, “New Jersey State Coppers,” was held, which lead to highly successful book sales. For more information about C4 and colonial numismatics, please visit the C4 website at www.colonialcoins.org. To order the book, please contact the American Numismatic Society at 212.571.4470.

From the Desk of Q. David Bowers: Gold: Good news and bad news

Written by Q. David Bowers, Chairman Emeritus

If you are a “gold bug,” which I have never been, then you may have a tear in your eye as the price of bullion today in December 2013 is less than it has been in recent times. It was not unusual a year ago to have certain dealers and others sell gold in quantity, predicting a price of $5,000 per ounce in the near future. Indeed, at a gathering at a major convention, a program of this type was given, and the audience was asked to show their hands as to believed such a prediction would come true. The majority did.

That said, for a long time gold has remained an excellent store of value on an international basis, a hedge against inflated or weak currencies, and a commodity that finds ready sale. In my own mind I treat gold bullion as one subject and numismatic gold as another. The two do not necessarily move in parallel. As to bullion gold, with inflation being what it is, with international uncertainty not getting any better and the like, the future is probably bright. Whether it will go to $5,000 per ounce in the next few years is a matter of debate. However, it will still remain popular with a large number of people.

On a numismatic plane, the subject of today’s discussion, gold has always been one of the most popular pursuits. Gold dollars, $2.50 quarter eagles, $3 gold coins, $5 half eagles, $10 eagles and $20 double eagles all have a large following. Double eagles in particular are popular, the largest regular American gold denomination and the coin used to convert more than 75% of incoming gold deposits to coin form. It was much easier and more efficient to coin a single double eagle than two $10 pieces, four $5 pieces or eight $2.50 coins.

Today the attractive (in comparison to recent times) gold price prompts a consideration of the double eagle series. Certainly it is a more favorable time than it was a year ago to put together a collection of twenties.

There are several ways to do this. One of the most interesting is to form a type set. There are only six designs:

Liberty Head without motto -- 1850 to 1866. Because of certain treasure finds such as the S.S. Brother Jonathan, S.S. Central America (in particular), and S.S. Republic, beautiful Mint State double eagles of this type are available -- a situation that would not have been dreamed of in the 20th century. The 1857-S in particular, of which there were over 5,500 found on the S.S. Central America is a prime object of desire -- combining high grade and rich history.

Liberty Head with motto, TWENTY D. -- 1866 to 1876. This design, made only for 11 years, adds the motto IN GOD WE TRUST on the reverse, while the denomination remains as TWENTY D. There were no significant treasure finds of double eagles in this date range, and overseas bank hoards yielded relatively little in the way of high grade Mint State examples. Accordingly, most opportunities involve double eagles graded from EF to lower Mint State ranges, with such grades as MS-62 and MS-63 satisfying most desires.

Liberty Head with motto, TWENTY DOLLARS -- 1877 to 1907. Design as preceding, but with the denomination spelled out in full. Double eagles of this design were exported in quantity in the late 19th and early 20th centuries. When Franklin Roosevelt demanded that citizens surrender gold coins in 1933 and 1934, foreign governments and banks held onto their double eagles more tightly than ever before! Beginning in the late 1940s, many of these were repatriated, as detailed in my Whitman book, A Guide Book of Double Eagle Gold Coins. Today, Mint State coins are very common, including such ranges as MS-64 and MS-65. The price now, in December 2013, is considerably more attractive than it was last year at this time.

MCMVII (1907) High Relief. This is the masterpiece of Augustus Saint-Gaudens, a triumph of coinage art. Slightly over 12,000 were made. When they were released there was so much publicity and so much desire to own them that many were saved. Today I estimate that perhaps 6,000 or so exist, many of which are impaired or in low grades. However, there are enough Mint State pieces that examples can be easily found, although the price does cross the five-figure line. Many people feel this is the most beautiful motif ever made for a circulating American coin. It would be hard to disagree.

Saint-Gaudens without motto -- 1907 to 1908. Revised style in lower relief, with Arabic date and without motto. These were made for a very short time, only in December of 1907 and the first part of 1908. However, the marvelous Wells Fargo Hoard brought to market by Ron Gillio, nearly 20,000 beautiful Mint State pieces, has made this type quite available and at a reasonable price. How lucky we all are.

Saint-Gaudens with motto -- 1908 to 1933. IN GOD WE TRUST was added to the reverse of the double eagle in the summer of 1908, a type continued through 1933. While certain issues of the 1920s and all of the 1930s range from scarce to rare, there are many common dates and mintmarks, affording the opportunity to acquire a beautiful example at reasonable cost.

Apart from building a type set as preceding, another pursuit for those enjoying gold is to acquire one of each date and mint of double eagle that is affordable. Believe it or not, this involves over 90% of the issues! Early examples from the 1850s through the 1880s can be acquired in grades such as EF, AU and MS-60 for prices that are quite low, after which Mint State coins are available, many times at a modest premium over bullion value.

That’s it for now. Enjoy your week.

Paper Money of the Week: Rare 50 Escudos Note to be Offered in our New York International Sale

By Matt Quinn, Assistant Director of Currency

Stack’s Bowers and Ponterio is pleased to present a rare Angola Pick 54 1920 dated 50 Escudos note in our upcoming January auction to be held in conjunction with the New York International Numismatic Convention. The very large format note is among the most important offerings in the sale and is one we have never seen before. It is from the "Porto" series of 1920 where the denominations are interestingly the lowly 10, 20, 50 Centavos and then this high 50 Escudos denomination. Angola was one of the first Portuguese overseas territories to have notes circulating under the Banco Nacional Ultramarino, an institution established during 1864 in Lisbon. Most notes of this issuer were produced by London printing companies making this Portuguese printed type all the more important.

The note displays the bank name in large arched lettering at center with large "50" counters at the corners in dark blue and with light blue-green under-printing. The back design is brown with light orange under-prints and features a central vignette of a lake and trees within a vertically oriented oval at center with ornate birds flanking. The note retains nice overall body at the central left and right; the technical grade of Very Good is due to tape removal at the margins and vertically at center. Some thinning has resulted from the tape removal along with splits. These drawbacks however are of little consequence when considering the rarity, which we believe to be in the realm of two to three known. This item will certainly be a highlight in any collection it enters.

United States Coin of the Week: Rare 1802 Half Dime

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

The first 1802 half dime to sell at public auction is believed to be the William A. Lilliendahl Collection specimen sold in December 1863. At that time the piece was described as the finest of the three known specimens, although Harold P. Newlin noted the coin was in only "Very Good condition". It sold for $340, a record price that stood for a generation until Newlin's own finer specimen of this rarity was sold at auction. In comparison, one of the finest known 1794 silver dollars brought a comparable $285 in another 1863 auction, confirming the nascent American numismatists already had a firm grasp on the true rarity of the 1802 half dime. The original mintage is believed to be only 3,060 pieces, and these small silver coins suffered more than the usual indignities of circulation; they simply did not survive intact.

Well-known researcher and numismatist David J. Davis studied this issue extensively. With the assistance of numismatic organizations and other well-known numismatists, he concluded that no more than 35 distinct examples existed (published in his extensive listing of all known auction appearances in the 1999 reference Federal Half Dimes 1792 - 1837 by Russell J. Logan and John W. McCloskey). Since that time David Davis has passed away, but shortly before his death he told me he believed that perhaps as few as 25 distinct examples exist, as a few of those previous auction offerings were found to be counterfeits -- or repaired and straightened coins previously listed as bent or damaged. Remarkably the 1802 half dimes in the National Numismatic Collection at the Smithsonian and the American Numismatic Association Museum are both coins of altered dates and thus not included in the census.

Much has been written about this particular issue. The first such research was conducted by leading numismatist of his era Harold P. Newlin, in 1883, when he published his work titled A Classification of the Early Half-Dimes of the United States soon after he sold his collection of half dimes through J.W. Haseltine on April 10, 1883. In that publication Newlin enumerated most of the known auction appearances -- a total of 16. In 1931 Daniel W. Valentine published his work on the entire half dime series The United States Half Dimes in a pamphlet issued by the American Numismatic Society, later reprinted with additional notes by various numismatists in 1975. Valentine confirmed the rarity of the 1802 half dime but did not give a listing of individual specimens. In the 1975 Valentine reprint additional information on this date was provided by Walter Breen, and included a list of several known specimens. Currently the best reference on this particular date is the David J. Davis research published in Federal Half Dimes 1792-1837.

Comparable to the 1823 Capped Bust quarter in rarity, the 1802 half dime is indeed one of the rarest United States silver coins that actually circulated. The low mintage likely reflected the lack of demand in that particular year, as both the 1801 and 1803 half dimes are certainly far more plentiful by comparison. With the pursuit of these great rarities staying a major numismatic focus, it is likely that demand will simply keep rising.

Listed as #61 in the Jeff Garrett and Ron Guth 100 Greatest U.S. Coins reference, the 1802 half dime is highly desirable as it was not an unauthorized midnight project, but simply a low mintage date that served its intended purpose in the channels of commerce. Very little attention was paid for a few generations after these half dimes were struck, so survival was entirely random. Hence, the vast majority are well worn and many are damaged, unlike the present offering which is rather wholesome on balance. To date PCGS lists just 11 examples certified by that service, the finest is AU-55. Over the years 1802 half dimes have been available for a price; in more recent times the supply has pretty much dried up and offerings may be years apart. We are pleased to offer collectors the opportunity to take this desirable example home in our New York Americana Sale in February 2014.

Answers for the Avid Collector: Liberty Seated Silver Dollars

Answers for the Avid Collector

Do you have a question about anything numismatic? Want to know what’s going on here at Stack’s Bowers Galleries? If so, send your inquiries to AnswersfortheAvidCollector@StacksBowers.com and get a response to your important questions from our team of experts!

Question:  Why were no Liberty Seated silver dollars minted for circulation in 1858? I understand that only Proofs were made, to the extent of several hundred pieces. In looking at other 1858 silver coins, from the three-cent piece to the half dollar, I find that there are no rarities. It seems unusual that dollars weren’t struck while the other denominations were. –P.T.

Answer:  Liberty Seated silver dollars of this era were not made on speculation or for the account of the government, but in direct response to silver bullion deposits made by banks, silver refiners, and others, who specifically requested that payment be made in silver dollars. At the time, freshly minted Liberty Seated dollars contained over $1 worth of silver and thus traded at a premium. The dollar denomination was not included in the Act of February 21, 1853, which reduced the authorized weights of silver issues from the half dime through the half dollar. Probably, most people making silver deposits in 1858 requested smaller coins of the type that circulated readily, pieces of lighter weight made under the 1853 act. In any event, no one called for Liberty Seated dollars and that’s why no pieces were struck.

World Coin of the Week: Extremely Rare 1710 Bolivian “Heart” 8 Reales

By Kent Ponterio, Senior Numismatist and Consignment Director, World and Ancient Coins and Chris Chatigny, Cataloger

There seems to be no shortage of incredible highlights for our approaching Stack’s Bowers and Ponterio January New York International coin show and auction. To date we have featured the Pattern Grano and Half Grano, and the unique 1755 Nuevo Reino “Milled” 8 Escudos. To continue our streak of amazing Spanish Colonial rarities, this week we preview a coin which may not visually conform to a coin’s standard dimensions, but nonetheless stands as a true numismatic rarity.

This extremely rare piece has a slightly mysterious background, as its exact purpose is uncertain. One predominant theory is that since the heart shape is similar to “The Most Sacred Heart of Jesus” or simply “Sacred Heart,” they could have been created for special religious purposes. As the religious demographic of Latin America is predominantly Roman Catholic, it seems to be indicative of their religious nature. Regardless of their true purpose, these extraordinary “Heart”-shaped pieces were carefully crafted with special planchets and were carefully aligned to give the piece a medallic die axis. In addition to this special preparation, they are nearly always found pierced for suspension and are often gilt to be worn on display.

The obverse (cross side) prominently displays the Cross of Jerusalem, with the castles and lions of Castille and Leon in the quadrants. The “8” above the cross represents the denomination of 8 Reales, and the first of three full dates “710” is visible below the cross. A good-sized portion of the legend “D.G. HISPAN” is visible. The mintmark “P” for Potosi is to the left of the cross, while the assayer’s mark “Y” is shown at the right. The reverse (pillar side) contains the Pillars of Hercules, located at the Straits of Gibraltar, indicating the gateway out of the Mediterranean and into the Atlantic. The center Latin legend “PLVS VLTRA” means ‘more beyond’ and most likely refers to the vast uncharted territory beyond the Pillars which the Spanish explored and colonized. The “P” mintmark appears in the upper left and lower right, and the “Y” assayer’s mark appears in the lower left and upper right. The “8” denomination appears in the area above the central legend, with a “710” representing the date below. Waves are represented underneath the Pillars as well. A large portion of the outer legend appears on this side, including the date in the seven o’clock region. Overall this is a well-struck example with near full legends, three full dates and three clear assayer’s letters. A hint of contemporary gilding is still present in the protected areas giving the piece a lovely marigold tone. This extremely attractive piece is sure to greatly enhance its new owner’s cabinet. We here at Stack’s Bowers are only aware of one other example of a 1710 “Heart” 8 Reales piece, which was lot #193 in our Sale #42 of the 1990 Paul Karon Collection.

Preview this impressive coin along with the rest of our New York International auction this December at the Stack’s Bowers and Ponterio office located in Irvine, California. For details please refer to the Auction Schedule/Details link under Current Auctions at www.StacksBowers.com. To schedule an appointment, please call 800.566.2580. While our Stack’s Bowers and Ponterio January New York International sale is closed for further consignments, we are currently taking consignments of world and ancient coins for our April 2014 Hong Kong and August ANA sales. If you are interested in consigning your coins and paper currency (whether a whole collection or a single rarity) be sure to contact one of our consignment directors.

Remember When: Old Time Collections Part 2

By Harvey G. Stack, Senior Numismatic Consultant

The Make Up of the Milton A. Holmes Collection

The collection of Milton A. Holmes was offered by Stack’s at public auction March 5-8, 1960 in six sessions! The collection was very diverse and presented a "treasure trove" for collectors trying to add choice and rare coins to their collections. Stack’s received mail bids from all over the world and there was bidding by phone when callers could get through -- remember this was 1960 when phones were not as plentiful as they are today. The auction room for each session attracted standing room only audiences of collectors, dealers and representatives; the huge response showed what a rare opportunity this was.

The Milton A. Holmes Collection was extremely diverse. He collected some ancient coins, no great rarities, but as examples of currency used during that period. That's how his interest began, learning about how coins were used through the centuries. He had a vast (for the time) collection of foreign gold coins, about 1,500 pieces, which spanned the Byzantine period through the Middle Ages to the 20th century. 

He specialized in Latin and South American coins, (as these were coins that circulated in the United States) and then had a sampling of other gold coins from Asia and Africa. The coins represented the gold that circulated along with United States coins in America and illustrated the similarities of one country’s gold coinage to another. Hence he had examples that were used to facilitate world trade. If available today, the Holmes coins would have constituted a foreign gold auction by itself!

The balance of the collection, about 2,500 coins, were from the United States. As noted in Part 1, being a collector when Milton A. Holmes collected was not easy. The coins were not offered for sale in any great numbers and collectors held on to them in their holdings. This added to the fun of finding missing links.

Mr. Holmes colonial coins contained just a small representative selection of the series. However, his early copper collection was formidable. His half cents started with 1793, had a good date assemblage. For those dated 1831 to 1857 he had 28 different Proof examples (in those days they were termed "specimen strikings" as that was what the Mint used on their billings of the coins). His large cents made up a more concentrated collection, starting with 1793, moving on to some 60 varieties of 1794 (he had the Hays book as a guide), 1798 (16 varieties from the Newcomer sale), a superb 1799 (sold to him by Macallister) and many other early dates. He also had an outstanding collection of late date cents 1816-1857. It was evident he had the "copper fever" that Dr. Sheldon wrote about, and he used both the Sheldon and Newcomb books in his variety collecting.

The Holmes Collection also had a vast offering of small cents, two- and three-cent pieces, and five-cent pieces, mostly complete with circulated to Mint State and Proof examples. We believed the many of the Mint State examples came from change in circulation, while the Proof coins came from original Proof sets sold by the Mint each year.

Next week I will tell more about the silver coins in the Milton Holmes Collection.

Test Your Knowledge: Name That Place!

Put your numismatic knowledge to the test and see if you can name that place! Check out next week’s eNewsletter for the answer. Can’t wait until next week? Visit Stack’s Bowers on Facebook or Twitter now for the answer!

Did You Know???

Did you know that Stack’s Bowers own Greg Roberts, President and CEO of Spectrum Group International was honored by the PNG for 25 years of support?

This Week! FREE Coin and Currency Appraisals Event in Irvine, California!

Looking for a great way to make some extra cash for the holidays? Could you be holding the next record-breaking coin or banknote? Or wondering if items you've inherited are worth anything? If so, we invite you to attend our free appraisal event where experts will be on-hand to evaluate all: U.S. Coins • U.S. Currency • World Coins World Currency • Ancient Coins   FREE APPRAISAL EVENT Spectrum Group International 1063 McGaw Avenue, Irvine, CA 92614 Friday, December 6 | 9 a.m. — 5 p.m. Saturday, December 7 | 9 a.m. — 5 p.m. Sunday, December 8 | 10 a.m. — 2 p.m. Receive a free verbal appraisal, then decide to keep, sell outright, or consign to one of our international auctions. Get on-the-spot payment for qualified purchases when you sell your materials to us outright. Generous cash advances are available instantly for up to $10 million on qualified auction consignments. Armed security on premises. SGI is a member of the Professional Numismatic Guild (PNG). Please do not clean your coins. Call Denah Angel Shenkman to Schedule an Appointment 949.748.4817 • Walk-ins Welcome

StacksBowers.com • info@spectrumgi.com • dangel@stacksbowers.com Irvine • New York • Wolfeboro • Hong Kong • Paris

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Did You Know???

Did you know that Stack’s Bowers is offering special hardcover Ford Collection catalogs Part 22, 23 and 24 for sale? $150 for the 3 volume set or $75 each. Buy yours today!

Test Your Knowledge: What Do You Know!

Here are the answers to last week’s Test Your Knowledge! Did you pass the test? Check back next week for a new numismatic question.

Remember When: Old Time Collections Part 1

By Harvey G. Stack, Senior Numismatic Consultant

As we review many catalogs received each year we see the term "old time collection” used and are often asked, "What is that?"  

In general, the phrase, “old time” refers to a collection formed over a period of 30 to 40 years, held by a single collector or his family.  However, my definition is more extensive. Going back to the beginning of the growth of coin collecting, which seemed to start with the public putting away a few pieces here and a few there, we should consider that the development of coin collecting in the beginning of the 20th century in America mirrored the development of wealth at that same time.

Massive numbers of immigrants to America brought with them silver and gold coins from many foreign countries. Some of these were exchanged for American coins but others were kept as souvenirs from where they came from. In either instance, these could be considered a store of wealth. As interest grew, some decided to make the coins into collections and it became a hobby for those who could afford to retain them. In the early 20th century different dates of silver and gold coins could be found in circulation and many sought out the challenge of finding a complete collection.

I could list scores of names of collectors who formed “old time” collections during this period. However, I would like to use a collection that Stack's sold in 1960 as an example. It was formed by Milton A. Holmes, an industrialist who had the extra wealth to acquire items to enhance his collection, which he started some four decades before his death in 1960.

Examining the collection formed by Milton A. Holmes leads one to believe that there must have been relatively few who were interested in general coin collecting at the time.  For Proof coins struck from 1858 to 1915 (when the mint temporarily ceased making Proof coins), the number struck each year was basically 1,000 or fewer in silver and gold, and somewhat more in copper and nickel. There were always some left in the Mint's vault, and in the late 19th century one could still buy earlier issues.  So, it is evident that those who collected were a small number. Milton A. Holmes was able to acquire many of his coins at close to metal value. He always talked of "collector's luck" when he was successful in acquiring, either from private sale or an early auction, a specimen he had sought for a period of time.

During the early 20th century there weren’t many places to get coins for collections.  Few dealers existed, mostly in larger cities and hardly any pricelists were available. Only a few dealers conducted auction sales, as they often bought collections outright and sold the pieces to their clients. The pickings therefore were slim even though more coins were around. In the Holmes Collection there was an occasional coin acquired from early auctions conducted by the Chapman brothers, Tom Elder, B. Max Mehl, and MacAlister and a bit later from Wayte Raymond and the Stack brothers.

There were few sources of information circulating during the early 20th century. There was The Numismatist (the official magazine of the American Numismatic Association), the Coin Collector Journal, and a few textbooks.  So again, the hunt to find items of interest and information was not easy. On occasion a collector had the opportunity to buy from a contemporary collector some or all of a collection, but that was rare. Again Mr. Holmes would call such a situation 'collector's luck.'

To illustrate the growth of coin collecting at this time, the American Numismatic Association, which had first started with a few hundred collectors grew to nearly 1,000 by the early 20th century. Still conventions were scarce and communication between numismatists could be difficult. Mr. Holmes had to take his time in finding items and building his collection; thus a collection such as his could take decades to assemble.  It took dedication to try to complete a series or even to get examples from the Philadelphia or branch mints. This dedication is what, in my mind, sets apart these "old time" collections and makes them so important.

A survey of the Milton A. Holmes Collection would show that his interests started with Ancient coinage. The collection included extensive gold coins of the world, (some 1,500) and coinage of the United States from the Colonial period to modern times in silver, gold and copper.  The United States collection was vast and contained over 1,000 gold coins and nearly 2,000 lots of silver, nickel and copper, which included some duplicates. Next week I will talk more about what could make up an "old time” collection. 

World Coin of the Week: Remarkable 1769 Pattern Grano and Half Grano

By Kent Ponterio, Senior Numismatist and Consignment Director, World and Ancient Coins and Chris Chatigny, Cataloger

The World Coin team here at Stack’s Bowers and Ponterio is incredibly excited for our upcoming January New York International coin show and auction. It is a truly monumental task to follow last week’s unique and historic 1755 Nuevo Reino “Milled” 8 Escudo, but the two coins featured here are spectacular numismatic rarities in their own right. These two Mexican coins are a topic of debate within the numismatic community. Some key aspects of what defines these coins are still uncertain after years of dedicated research by top historians and numismatists. As it stands, the status as to whether or not they are patterns or circulation issues and even the denomination of “Grano” and “1/2 Grano” are in dispute. However the rarity can be agreed on by all familiar with these coins. The examples in our January 2014 auction are the finest certified, a truly monumental offering.

The state of preservation for these coins is remarkable. Usually examples are in Very Fine condition and often have problems such as corrosion or edge bumps. These two lovely examples surfaced recently in an old time European collection and have clearly remained together since the time of striking. Both are sharply struck with lustrous red and brown surfaces that remain original and untouched. Both are certified by NGC as MS65 RB and are the finest graded.

The iconography for these coins is very fascinating, as is their mysterious background. The obverse design could very well be the first coin to depict an eagle perched on top of a cactus, which would become the iconic image for independent Mexican coinage in the later centuries. However, some assert that this bird is a dove of peace, spreading seeds into fertile ground (as an allegory for the Spanish spreading their influence throughout the known world). At the base of the cactus there are three globes, which could be attributed as a representation of the Spanish sphere of influence; they depict the Spanish Old World, Spanish New World, and the Spanish Orient (Philippines). The inscription bordering these images states: “SINE ME REGNA FATISCUNT” which means: “without me kingdoms totter” and finally there are two Mexico City mintmarks surrounding the date of 1769. The reverse design showcases the proud Spanish Coat of Arms, including the castles and rampant lions of Castile and Leon and the pomegranate of Granada in the bottom. The triple fleur de lis is also present in the center. The regal crown surmounts the Bourbon escutcheon (heraldic shield), and the outer legend “CAROLVS. III. INDIAR. REX.” states Charles III’s royal title. Two symbols appear to either side of the heraldry, “Go” and “1” (or “1/2” on the smaller denomination), and possibly stand for its denomination.

These copper coins are referred to as patterns by most traditional references, but as stated earlier this is speculative analysis. The denomination of “Grano” is also assumed, as this denomination had never seen use in Mexico before. Grano is attributed as the denomination based on the two symbols on either side of the Spanish Coat of Arms, “1” (or ½) and “Go”, with Grano derived from the “Go” monogram. It is generally assumed however, that these were created as part of a rare and short lived issue intended for circulation in Mexico. One important piece of evidence in support of their intended circulation in Mexico is that all other Spanish Colonial pattern pieces from the Charles III era were issued directly from the Madrid mint in Spain. These coins display the Mexico City mintmark. This leads to the assumption that these particular coins were indeed intended for circulation and are not pattern types.

One possibility for these coins’ short lived nature is the coinage reforms Charles III attempted under his rule. The King of Spain hired Tomas Francisco Prieto to oversee all of the Spanish Colonial mints, in an attempt to unify the coinage in the Spanish Realm. At the Madrid mint, Prieto designed a new portrait coinage for Charles III and distributed to the colonial mints full denomination sets of uniface patterns. These were dated 1770 and their authority in unifying the colonial coinage would supersede any potential newly issued copper coinage series. Some authors have even thrown the intended country of circulation into question by offering the idea that these pieces were minted in Mexico City (as expressed by the Mo monogram) but were intended for circulation in the Philippines. This theory states that these were patterns struck in Mexico City and sent to Spain for consideration as a circulating piece in the Spanish Orient (Philippines). Regardless of their intended use, only a small amount of these coins remain, and none can match these examples’ stellar NGC-MS 65 Red-Brown grade. These coins are certainly going to bring colossal results once the live bidding begins. These two Mexican coins join the growing list of incredible Stack’s Bowers and Ponterio world coin highlights for the January New York International show.

Look for this and other world numismatic rarities in our upcoming January New York International Sale. Preview this impressive coin along with the rest of our auction this December at the Stack’s Bowers and Ponterio office located in Irvine, California. For details please refer to the Auction Schedule/Details link under Current Auctions at www.StacksBowers.com. To schedule an appointment, please call 800.566.2580. While our Stack’s Bowers and Ponterio January New York International sale is closed for further consignments, we are currently taking consignments of world and ancient coins for our April 2014 Hong Kong and August 2014 ANA sales. If you are interested in consigning your coins and paper currency (whether a whole collection or a single rarity) be sure to contact one of our consignment directors.

Crossing the Block: Concluding our Second Annual Auction of Early American Coins in Cooperation with the Colonial Coin Collectors Club

Written by Vicken Yegparian, Vice President of Numismatics

Stack’s Bowers Galleries hosted its second annual auction of early American coins in cooperation with the Colonial Coin Collectors Club (C4) on the evening of Friday, November 8 in Baltimore. This sale continues a long tradition of auctions held by C4, starting at its First Annual Convention in 1995. The C4 auctions have historically featured specialized, named collections of colonial coins in addition to a smorgasbord of colonial type coins. This year’s auction was no different -- the session was composed of over 300 lots gathered from C4 members and Stack’s Bowers clients, highlighted by noteworthy specialized offerings such as the David M. Sundman Collection of the Silver Coinage of Massachusetts and the Richard Moore Collection of Fugio Coppers.

There was a standing room only crowd when the first lot of the evening fell under the auctioneer’s hammer, David Sundman’s beautiful NewEngland Shilling graded AU-55 by PCGS and boasting a pedigree that stretched back to before 1908. When the dust settled, this coin had brought an incredible $440,625 (all prices quoted here include the 17.5% Buyer’s Premium). Each and every one of Mr. Sundman’s hand-selected pieces of Massachusetts silver sold to its potential. The gorgeously toned and iconic Noe-1 Large Planchet Pine TreeShilling in MS-62 (PCGS) received a boost by a short speech by Q. David Bowers detailing how the Noe-1 Pine Tree Shilling is his and other hobby luminaries’ favorite variety of Massachusetts silver. With bidding having slowed in the mid $30,000 range, Dave’s impromptu, mid-lot speech blew wind in the sails of this Noe-1, which sold for nearly $50,000 amid much applause and a roar of laughter!

After the Sundman Collection’s 18 incredible lots, the crowd did not thin in the least, with collectors, dealers and consignors eagerly awaiting the rest of the evening’s lots. Interesting type coins and varieties found welcome homes, such as the extremely rare 1724 Wood’s Hibernia Halfpenny with DEI above George’s head; graded EF-45 by PCGS, this coin settled at $3,818.75 even though it is unpriced in the Guide Book. One of the most anticipated lots of the evening was the newly discovered Lilly J Collection specimen of the RR-35 variety of 1788 Vermont copper. Just over a dozen specimens of this variety are thought to exist, and many collectors of the compact Vermont coppers series still need one. It is no surprise that the bidding started low and climbed quickly to $20,000, when two serious bidders battled it out until it sold for $30,550, many multiples of the last example of this variety Stack’s Bowers sold at auction in 2010.

Among Connecticut Coppers was a high condition census example of 1787 Miller 33.2-Z.17 graded AU-53 by PCGS; it sold for $2232.50. Desirable varieties continued with the 1784 Vlack 14-84A Machin’s Mills Halfpenny graded VF-25 by PCGS that sold for $3,525, one of many halfpence from the Machin’s Mills series pedigreed to the Richard Moore Collection.

Appearing toward the end of the C4 Auction Session and providing a bookend to the David Sundman Collection, the Richard Moore Collection of 1787 Fugio coppers sold to fierce floor, Internet and phone bidding. The Moore Collection is the fourth major specialized collection of Fugio coppers that Stack’s Bowers has offered since our first auction held in cooperation with C4 last November in Baltimore. Despite the greatly expanded supply of Fugio copper varieties brought to market through these great collections, the demand for both rare and common Fugios has not wavered. Moore’s collection was a “collector’s collection,” featuring as many varieties in as high grade his budget would allow. Along the way, he purchased some great pieces, such as the rare Newman 2-C or “FUCIO” variety, graded VF Details by PCGS, which sold for $5,581.25. The unique UNITED over STATES type, also known as Newman 11-A, was represented by a beautiful AU-50 (PCGS) specimen that sold for $16,450. Selling for nearly $10,000 was Moore’s Fine Details (PCGS) example of Newman 13-KK, felt to be Rarity-7 (3 to 12 known), a rarity confirmed by its astounding price. Strength in Fugios also came from outside of the Moore lots, with a $9,400 sale price for a 1787 Newman 8-B “UNITED STATES” variety graded MS-65 BN (PCGS) and pedigreed to our (Bowers & Merena’s) November 1979 sale of the Bartlett Collection.

Stack’s Bowers was initially chosen by the Colonial Coin Collectors Club to hold its auctions through 2014, and we are delighted that we have been able to extend our auction contract with this robust collecting organization through 2017. The joint Stack’s Bowers-C4 Auction has proven to be a fantastic venue to offer individual significant colonial coins or entire collections. It is never too early to start planning an auction consignment—call us today and speak to your favorite Consignment Director to explore a consignment to next year’s C4 Convention Auction! 

Paper Money of the Week: British Commonwealth Condition Rarities to Highlight January NYINC World Paper Auction

By Matt Quinn, Assistant Director of Currency

The upcoming Stack’s Bowers and Ponterio world paper money auction at the January 2014 New York International Numismatic Convention sale will be strongly cemented by scarce and high grade issues of the British Commonwealth. Several new “top pop” examples from an old collection are to be offered and we are sure the bidding will be highly competitive. The collection predominantly features notes with portrait vignettes of Queen Elizabeth II although several other design types are present as well.

Quality will play a major role in this offering with a large percentage of the lots in the upper echelon of quality for respective types. A Hong Kong Government King George V One Dollar note will be offered in PMG Superb Gem Uncirculated 67 EPQ state along. A nice group of Fijian QEII Government issues in PMG Gem Uncirculated grades will also be offered. British Caribbean Territory notes with portrayal of the Queen also abound, with many the finest recorded examples per the PMG population reports. A rare Pick 54 Banco National Ultramarino 50 Escudos note from Angola will be offered, a design we have never handled nor seen in public auction.

Overall the sale will certainly be one of our finest offerings of worldwide currency. The broad array of British Commonwealth notes in such high grades will certainly dazzle collectors. I personally will be attending the auction and show and will be available to help you with any questions or needs relating to the sale.

United States Coin of the Week: Incredible Proof-65 1867 Rays Shield Nickel

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

Introduced in 1866, the copper-nickel five-cent coin has remained an integral part of our nation's coinage ever since. This coin traces its roots to the suspension of specie payments that occurred during the Civil War. Silver and gold coins disappeared from circulation soon after the conflict began in 1861. Initially the silver half dime was replaced with five-cent Postage Currency and later, Fractional Currency notes, which circulated well after General Robert E. Lee's surrender at Appomattox, Virginia in 1865 as specie payments remained in suspension after the end of the war. In order to provide an alternative to this currency, Congress followed the three-cent copper-nickel coins of 1865 with similar five-cent copper-nickel coins authorized by the Act of May 16, 1866.

Both the three-cent and the five-cent copper-nickel coins were struck on planchets composed of 75% copper blended with 25% nickel. The initial proposed weight of the new five-cent coin was to be around 30 grains, or about one and a half times the existing (but not currently circulating) silver half dime. As discussions progressed, Joseph Wharton, the owner of most of the Western Hemisphere's nickel mines, was able to convince Congress to increase the weight to 77 grains, thereby requiring more nickel for each coin produced.

Mint Engraver James Barton Longacre designed the new coin, with the obverse displaying a large central shield with arrows crossed at its base, draped in a hanging wreath with a broad cross above. The date is below and IN GOD WE TRUST is in small letters at the top. For the reverse a large numeral 5 is central, surrounded by 13 small stars and 13 glory rays alternating in sequence. Above the 5 is UNITED STATES OF AMERICA with CENTS below.

The rays on the reverse proved to be problematic as the copper-nickel planchet was very hard and difficult to fully strike this design. The alloy was so hard, in fact, that the dies soon developed cracks and did not last long. When reports of these issues reached Treasury Secretary McCulloch, he promptly ordered the rays be removed on January 21, 1867, and production was halted until new dies could be created; production of the new style began on February 1, 1867. 

Research by R.W. Julian found that Chief Coiner Snowden delayed striking 1867 With Rays Proof five-cent pieces for inclusion in annual Proof sets. However, it is entirely likely that Mint Director Henry Linderman had these 1867 With Rays Proofs struck clandestinely to be distributed to his collector friends, as was common during this era at the Philadelphia Mint. At least four different die marriages exist of this rare coin in Proof, which seems to point to multiple strikings, perhaps after the designs had been replaced, although there is no evidence beyond the coins that exist today.

The 1867 Rays five-cent coin in Proof remains one of the key issues to the series. This issue is the rarest of the Proof Shield nickel designs, and has been sought after by collectors for generations, especially so when found at the Gem Proof grade level.

In our 2014 New York Americana Sale in February, Stack’s Bowers Galleries is pleased to present an incredible Proof 1867 Rays five-cent piece. The exquisite surfaces exhibit a few horizontal streaks of pinkish rose iridescence and considerable brilliance. A marked cameo finish goes unmentioned on the old style PCGS insert. This is an undeniably beautiful example of a rare and highly desirable issue. The original mintage has always been estimated to be quite low, but more recent research leads us to believe fewer than 100 pieces were struck. Today it is believed by PCGS that about 60 individual examples exist, the present near the top of those that survive in terms of condition and eye appeal.

From the Desk of Q. David Bowers: A Numismatist's 10 Commandments

Written by Q. David Bowers, Chairman Emeritus

For this week’s blog I turn the microphone over to Albert H. Wick who wrote this in 1948 for The Numismatist. Much of it still rings true today, 65 years later:

A Numismatist’s Ten Commandments:

                                       

(1) Become a Numismatist: If you have that interest and desire to collect coins, then become a real numismatist. Join a local coin club, to trade and meet friends interested in the same hobby. Become a member of the American Numismatic Association, and receive The Numismatist, monthly. It knows all and tells all.

(2) Be a Numismatist: A numismatist is a specialist in the science of coins and medals. To be a specialist you must know something on the subject, and to know something you have to study. Read, study, get every available information on coins, so that you may know all about your coins, their history, data, statistics, values and prices, past, present and future. Then when the opportunity presents itself you will have something to say. When you are offered a coin at a price, you will know its true value.

(3) Be a Practical Numismatist: At some moment you will decide which coins most interest you. Specialize in them. Complete their series in the best condition available. Those less desirable coins will be replaced in better condition at your first opportunity. When you have completed a series, start another. Many a collector has started with ‘cents.’ Don’t be a junk collector, beware of stragglers, coins which do not fit into your collection. Remember you are a numismatist.

(4) Respect Your Coins: Keep them properly in an album, or in cases, in an envelope, wrapped in cellophane or tarnish proof paper. Always handle a coin by its edge and not its surface. When you acquire a coin, put it in a new envelope, properly marked and catalogued. Save the old envelope for future reference. Never clean a Proof or Uncirculated coin. A circulated coin properly cleaned may fit better in your collection, and is sometimes permissible, but remember that you have fine old coins in your collection today, because the other fellow, a hundred years ago, properly took care of his, and you have a similar duty to perform.

(5) Respect Your Collection: Don’t envy the big collector. He was small once too, but has been at it a little longer than you have. Only the plutocrat can collect all the Proof sets. You may be getting more pleasure out of your circulated Indians than he is from his patterns. And besides, they are easier to get. Keep at it long enough and you will have a big collection.

(6) Respect Your Hobby: Don’t get excited, don’t rush. You are in it from now on. Select your coins carefully and wisely. You need not fill that board overnight. When you bid on auction, don’t bid them all low, in hopes of catching a sleeper, and end up with none at all. Get a coin as reasonable as possible, but respect the other fellow too. To acquire a good numismatic treatise, will give you as much pleasure as adding a new coin.

(7) Respect Your Fellow Numismatist: Either have a good word for the other collector, or say nothing at all. Don’t talk scandal, or knock the other man’s collection, that only belittles you and gives him free publicity. He collects what he wants; you collect what you like.

(8) Deal With a Numismatist: Become acquainted with reputable dealers through your club meetings, or by mail. By following the other club meetings throughout the country, found recorded monthly in The Numismatist, and in its advertising pages, you will learn the names of those prominent. Write them, know them. They may specialize in coins you are collecting, and can help you. You will find them fair.

(9) Help Other Numismatists: Learn all you can about coins, so that you can talk intelligently about them to others. If you know something of value, tell your friends at the club. Write The Numismatist and give your views; they gladly express theirs. Any help you can give to a new or prospective collector will repay you many times in added pleasure. A kind word or deed pays compound interest. Bring new members into your club. Do everything you know will be an uplift to the honorable hobby of numismatics.

(10) Be a Good Numismatist: Be fair, be honest, be patient. If you find yourself in the position of selling coins, do not take unfair advantage of your buyer. You’re not trading horses. State truthfully what you know or believe about the condition of the coin. To overcharge may mean the loss of both a friend and customer. If you are buying, don’t expect it for nothing, explaining that it isn’t rare or worth much, only to find, after it becomes yours, that it’s ‘exceedingly rare,’ ‘worth plenty,’ and soak it to the next one. If you are buying or selling from a dealer, bear in mind that he must have a certain, fair margin between buying and selling to work on, so be reasonable, fair, and considerate. What is still better, be wise as to the true value of the coin in question by knowledge. By knowing through study of facts, statistics, and prices exactly what a coin is and has been priced by dealers over a period of years, you are in a position to know its fair value. In short, be a numismatist. 

Albert H. Wick

January 1948

Paper Money of the Week: Stack’s Bowers Galleries Official Currency Auction of the Whitman 2013 Coin and Collectible Expo Enjoys Stellar 99% Sell Through

By Matt Quinn, Assistant Director of Currency

The Official Currency Auction of the Whitman 2013 Coin and Collectibles Expo saw feverish bidding and strong participation throughout the Thursday evening session. The sale saw 750 of the 758 lots offered sold with a total realization of $1,245,247, a number not including the 300-lot online only session. Every area saw strong results from rare Obsolete Banknotes to National Currency.

The session was well attended and historical currency was actively sought by collectors, with particular focus on Obsoletes. A gorgeous Five Dollar Baltimore Maryland color proof on the Merchants Bank saw spirited bidding before selling for an impressive $7,638, which eclipsed the $5,000 high estimate. The always popular Polar Bear vignette found on the Boston Massachusetts Continental Bank series of the Two Dollar denomination was offered in a striking PMG Gem Uncirculated 66 EPQ state and fetched $6,462. One of the more noteworthy Philadelphia Pennsylvania Obsolete Notes was a Bank of Northern Liberties $50 Proof that brought $5,875, a level that black and white proofs seldom achieve.

Federally issued currency kept with current trends and enjoyed vigorous bidding activity. A highlight was a newly discovered replacement note from the 1928C Federal Reserve Note series of the $10 denomination. The lot represented the first known star note for the Chicago district, with only two previous other replacements for all districts on the 1928C series. The lot saw several interested parties before the hammer fell netting a $22,325 realization. National banknotes were largely anchored by the Watermelon Collection, Part II that had a major focus on Ohio and Pennsylvania but also had key rarities from New York among other states. Several of the popular “Lazy Deuce,” design types were offered with all garnering strong results. A trove of rare Nevada notes was another highlight, with an Ely 1902 $20 Plain Back in PMG About Uncirculated 50 going to a new owner for $21,150.

Did You Know???

Did you know that Stack’s Bowers own Q. David Bowers received the Best Column for Large Publications from the Numismatic Literary Guild for his “Coins and Collectors” in The Numismatist?

Test Your Knowledge: What Do You Know!

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