Crossing the Block: Much Ado About Angels from the Thos. H. Law Collection

By Bruce Roland Hagen, Senior Research Numismatist

…Mild, or come not near me; noble, or not I for an angel…

Much Ado About Nothing II.iii.35.

 Stack’s Bowers and Ponterio is honored to sell the Thos. H. Law Collection of British Gold Coins from Edward III to the present day Queen Elizabeth II, this year in at the ANA World’s Fair of Money in Chicago. The diversity of the Law Collection provides an important opportunity for American and International buyers to obtain rarities that have often been off the market for decades. Mr. Law’s astute sense of history and culture is quite apparent across the collection, both chronologically through the British monarchs and thematically.

An interesting facet of the Law British Gold Collection is the group of remarkable coins that relate to William Shakespeare and his plays. It is apparent that the Tudor era coinage was among Mr. Law’s passions and his family interest in Shakespeare very relevant. Several Shakespeare plays make reference to coins of the period and the quote above even reflects a pun (‘’noble’’ and ‘’angel’’). The gold Angel denomination was first introduced in during the first reign of Edward IV (1461-1470) to replace the Noble and was valued at 80 Pence (80 grains of gold). The Law Collection does not include an Angel from that reign, but features an early Henry VI Restored Angel, which has seen some use, but has toned pleasantly and reflects an attractive character. The earlier Angels show St. Michael feathered and spearing the dragon; later, the Saint boasts armor breastplates instead. Though missing the elusive Edward IV Angel, the Law cabinet does contain an exceedingly rare and important ‘’Prince of the Tower’’ Edward V Angel. This is a key gold type from the hammered coinage period, issued in 1483 only by the uncrowned king who was later portrayed by Shakespeare and others as having been murdered on the orders of  the villainous Richard III. This rarity was one of several obtained by Mr. Law at the acclaimed Norweb sales held in London in 1985.

Among the Tudor period Angels in the collection are several rare and choice pieces from Henry VII to the reign of Elizabeth I. Noteworthy is a very rare Class IV Phillip and Mary Angel (1554-1558). Their joint reign, though short, was controversial with a foreign and Catholic King sharing limited power during an era in which persecution of Protestants resulted in 300 burnings of heretics and dissidents. Luckily for England, Phillip lived in Spain most of the time. This lovely coin was obtained in 1982 at Sotheby’s. Elizabeth I gold Angels are not very rare, but a beautiful late period Angel, nearly Mint State, is part of the collection and truly is a ‘’Shakespearean’’ era coin.

Gold Angels were often pierced after minting and used as “Touch pieces” or talismanic coins worn by royals and used in the touching ceremonies for the purposes of healing the sick. As anointed figures that derived their ruling powers from God, monarchs were believed to have healing powers, and this practice was used particularly against the disease scrofula, which manifested as a skin disorder. Though the custom originated centuries before, the Stuart rulers seem to be particularly remembered for this practice. Angels of this period were struck specifically for this use, and almost all were officially pierced in the center so the coin could be worn around the neck. The Law cabinet Angel of the ill-fated Charles I (1632-33) is nearly Mint State, but was pierced at the mint for ‘’touch’’ use.

These five coins and over 450 others from the Thos. H. Law Collection will comprise a memorable event within the Stack’s Bowers and Ponterio official world and ancient coin auction at the ANA’s World’s Fair of Money. We anticipate many distinguished collectors and dealers will be eager to add these and other Law coins to their collections. The crafting of this fabulous Law Collection sale catalog is nearly completely by our expert production team. If you have any questions about the gold Angels discussed here or any of the superb coins in the Law Collection, be sure to contact either Bruce Roland Hagen (bhagen@stacksbowers.com or 1-866-566-2580) or Lawrence R. Stack (through our New York office, 1-212-582-2580). If you are not currently on our mailing list and would like to receive a copy of the Law Collection catalog, be sure to contact one of our auction services associates. Finally, if you have a collection of rare world coins or an important individual rarity, we are currently accepting consignments to future Stack’s Bowers and Ponterio sales, including our November 2013 Baltimore, January 2014 New York International Numismatic Convention, and April and August 2014 Hong Kong sales. Be sure to contact one of our consignment specialists to discuss your collection and which auction venue will be most beneficial for realizing record prices for your significant coins and currency.

Crossing the Block: Stack’s Bowers Galleries to Showcase Indian Peace Medals and an Ebay Washington Rarity Find

Scheduled to cross the auction block as part of the Stack’s Bowers Galleries Official Auction of the ANA World’s Fair of Money, August 9-18, 2013, is a superb collection of Indian Peace medals and an important Washington funeral medal variety—the tip of the iceberg of medals in the sale. “The upcoming sale has numismatic diversity, showcases numerous private holdings, and features extraordinary rarities to affordable collector coins,” stated chairman emeritus Q. David Bowers. “If you are going to attend only one convention, one auction in 2013 this is the sale for you! World coins, paper money, and federal coins are the main focus, but other series will be in sharp focus as well, such the exonumia items mentioned here.”

Indian Peace medals are one of the “rarest of the rare” series in American numismatics. Such pieces were made at the Mint and were intended for distribution to Native Americans by representatives of the president of the United States, the portrait of whom is on the obverse of each. Others were made in limited numbers for numismatists, as otherwise they would be uncollectible. The collection being showcased in the Stack’s Bowers sale begins with the administration of John Adams, continues to include a famously rare silver Jefferson peace medal, and comprises many others, down to Grover Cleveland. “These combine rarity, beauty, and history par excellence,” Bowers continued.

One of only three known of a rare copper Washington funeral medal variety, Baker-166B, EF, holed for suspension (as usual), will be exciting to a wide audience. After the death of George Washington on December 14, 1799, news spread, and when it reached Newburyport, Massachusetts, engraver Jacob Perkins created several varieties of 29 mm metals to honor his memory. “HE IS IN GLORY, THE WORLD IN TEARS” surrounds Washington’s portrait on the obverse, while the reverse shows a funeral urn and gives dates important in his biography. Such medals were fastened to cords or ribbons and worn in funeral parades in January and February 1800. Found on eBay by the present owner, he bought it for $1,725.99, a fraction of  what he was willing to pay. The coup was publicized in newspapers in Maine, his home state, and in Coin World. It should make news again when it crosses the block in August.

All lot descriptions and images for the Stack’s Bowers Galleries Official Auction of the ANA World’s Fair of Money can be viewed online on our website StacksBowers.com beginning in July. Printed catalogs are available upon request by calling 800.458.4646. Online bidding and pre-auction bids will be accepted online at StacksBowers.com; by email at auction@stacksbowers.com; by phone at 800.458.4646; by fax at 949.253.4091; and by mail addressed to Stack’s Bowers Galleries, Official Auction of the ANA World’s Fair of Money, 1063 McGaw, Irvine, CA 92614. Interested bidders are also encouraged to view lots onsite in Chicago in August and bid in-person at the live auction or online via StacksBowers.com. A complete auction and lot-viewing schedule will be available on StacksBowers.com in July or by calling 800.458.4646.

Did You Know???

Did you know that Stack’s Bowers has sold five out of the top six United States coin collections ever to be auctioned?

Upcoming Events: Free Appraisal Event

Could you be holding the next record-breaking coin or banknote? If so, we invite you to attend a free appraisal event where experts will be on-hand to evaluate all U.S. Coins, U.S. Currency, World Coins, World Currency and Ancient Coins.

FREE APPRAISAL EVENT

Spectrum Group International

463 Union Street

San Francisco, CA 94133

Friday, June 28 | 9:00am – 4:00 pm.

Saturday, June 29 | 9:00am – 4:00pm.

Sunday, June 30 | 10:00am – 2:00pm

Please do not clean your coins. There will be security on premise and free valet parking for your convenience.

You can sell your holdings for a cash offer or consign them to one of our exciting international auctions. We will also offer a free verbal appraisal or a generous cash advance for auction consignments.

 

Call Ron Gillio to schedule an appointment at 805-451-1830. Walk-ins welcome.

Test Your Knowledge: Name That Person?

Put your numismatic knowledge to the test and if you can name that person! 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!

From the Desk of Q. David Bowers: More About Collecting Obsolete Bank Notes 1782 to 1866, Part 3

Written by Q. David Bowers, Chairman Emeritus

This week I continue my comments on Obsolete Currency. Collecting paper money issued by state-chartered banks in the period from 1782 to 1866 can be a fascinating pursuit. Over 2,000 banks were chartered by various state legislatures and during this period perhaps as many as 50,000 different varieties of notes were issued. As many banks issued paper money, and some banks were sound while others had questionable integrity, beginning in the early 19th century dozens of different publications known as bank note reporters or counterfeit detectors were published. These typically listed the banks in each state and gave their exchange value. A merchant in Baltimore who was tendered a bank note from New York City could look it up in such a reference and find that its value was, say, 80% of face. It could then be bought and sold accordingly. Many notes were worthless and this was so indicated. The system worked well and such bills circulated widely. As a general rule, bills traded for face value or close to it in areas near where the bank was located. In distant areas, such bills often traded at a discount. A $10 note of Boston might trade at that value within the Boston area, but in Charleston, South Carolina, it might trade at a 20% discount or not be accepted at all.

Such notes were made by private printing and engraving companies. The most famous early one was conducted by Jacob Perkins of Newburyport, Massachusetts, who devised the siderographic system for reproducing engraved images on steel plates so that one steel plate could be used to make many others, a saving of time. He also had the patent Stereotype Steel Plate, in which a matrix was made by forming different elements with designs, and inserting slugs with the names of a state, town and bank. In that way bills could be produced quickly and inexpensively.

The most popular denominations in that era were the $1, $2, $3, and $5, followed by the $10 and, at a distance, the $20. There was not a great deal of activity in $50 and $100 bills, except by exchange houses and banks. In 1840, for example, a $1 note represented a day’s wage. Very few people had substantial assets. It is interesting to observe that the United States of America considered the popular $3 denomination in 1862 when it began issuing its own Legal Tender Notes. A provision was made in the design for a $3 value but none were ever issued. Later, the phrase “queer as a $3 bill” became popular with few people realizing that at one time $3 notes were widely accepted in circulation.

Today the collecting of notes from this era can be a fascinating pursuit. Beginning in the 1810s designs often included scenery such as rivers, canals, views of towns, and the like. In the next decade, continuing through the 1850s, notes became increasingly ornate, often with goddesses, eagles, scenes of railroads, farming and more. Virtually all activities in America from shipbuilding to blacksmithing to feeding chickens were depicted. Today such notes are generally inexpensive, and many nice examples can be purchased for in the tens of dollars, this being for notes that were signed in ink by bank presidents and cashiers, serially numbered, and remain today in grades such as Very Fine. There are no standard type guides, but with some experience, also checking auction realizations and fixed price offerings, values can be approximately established. A good plan is to sign up with a dealer specialist in Obsolete notes, such as a member of the Professional Currency Dealers Association (PCDA). The Internet has many such sites, but be sure to look for the PCDA logo, as there are many offerings, especially on Internet auction sites, by people who have no knowledge of what they are doing or are selling fakes or overpriced notes.

Curiously, among such notes an Uncirculated note, one never signed or issued, is usually worth quite a bit less than one that has been used in commerce and is worn. Uncirculated notes, typically called “remainders,” often are from large groups of bills that were on hand when banks closed or changed to a new currency system. Four-subject sheets of these notes were sold to numismatists, who cut them apart, with the result that many are common today.

Remember When: My 85th Birthday and Embarking on my 67th Year as a Professional Numismatist, Part I

By Harvey G. Stack, Senior Numismatic Consultant

On June 3, 2013 I celebrated with my family my 85th birthday and it was a great and warm affair. After a wonderful dinner party we returned home and I relaxed and thought about how I began my professional life as a numismatist. It was some 66 years ago, when I joined my family full-time in our rare coin business in 1947. Prior to this I had worked virtually every moment that I wasn't in school. This was my early introduction to work, as I put in hours, days and weeks without receiving a paycheck.

So, I was reminiscing at home after my nice birthday dinner, and thinking about the people and events that most influenced me during my first decade (1947-1956) at Stack’s. First I thought of the great tutoring I received from the many professional dealers who did business with our company, either buying and selling, through our auctions, or when they would stop by “the numismatic clubhouse on 46th Street.” The names that I ran through in my mind were astounding, as in that first decade of my career I encountered many of the coin dealers whose names appear, to this day, in auction sale catalogs and pedigrees and in many reference books.

It was amazing to me that in only a few minutes I could remember so well so many different names and recall the friendships I had with them. Here I have space to mention a few who were outstanding in that era, and who worked with me and my family for many years after as well. The first two I mention were not clients, but instead were co-workers -- my cousins Benjamin and Norman, both the sons of my Uncle Joseph. Ben was about a year and half older than me and Norman was exactly 19 days younger than me, so we all shared much of the same training. Unfortunately, Ben died in 1983 and Norman passed away in 1992, leaving me the only survivor of our generation.

My cousins and I had the same background and the advantage of the friendship and mentorship of the following professionals, among many others. Of course, my father, Morton, and my uncle, Joseph B. Stack, were paramount among our teachers. But other well-known names included Dr. and Mrs. Stefanelli, Henry Grunthal, Wayte Raymond, David Proskey, F.C.C. Boyd, Charles Wormser, Abe Kosoff, Abner Kreisberg, Mike Kolman, Hans Holzer, Hans Schulman, George Walton, Hal Prosky, Max Kaplan, James Kelly, Charles Green, B. Max Mehl, David Spink, Peter Seaby, Dr. Leo Mildenberg, Lester Merkin, E.A. Parker, Dan Brown, John J. Ford, Walter Breen, James C. Risk, Edward May, Cornelius Vermeule, and many others. I learned from all of them, and in turn, passed on what I had learned. I can proudly say that some of the above started as full-time employees of Stack’s, and later went on to establish themselves as independent dealers.

World Coin of the Week: Yuan Shih-kai 1914 “L. Giorgi” Dollar

By Chris Chatigny, Cataloger

The Stack’s Bowers and Ponterio August Hong Kong auction will offer an incredible amount of coinage and currency from East and Southeast Asia. An immense portion of our auction items hail from China, and all eras of Chinese currency are represented, from cast Copper Cash coins of the old Empire to the modern Gold Panda Series and everything in between.

One of the iconic Chinese coinage eras is the Republican period and this week’s coin bears the effigy of an influential leader from China’s early Republican period, Yuan Shih-Kai. This elegant coin features a front-view portrait of Yuan Shih-kai, complete in full military regalia. His jacket proudly displays prestigious medals and decorations for his years of service in the military; a sash is visible running across his chest from his right shoulder, and epaulets add a significant degree of prestige to his bust. On the obverse Yuan’s high feathered military hat catches the eye and symbolizes his status at the pinnacle of the Chinese Republican military and government. The most interesting item on the obverse is the name of the engraver, L. Giorgi, found on the right side of the portrait. Luigi Giorgi was an Italian engraver who served as the head designer and chief engraver of the Tientsin Mint from 1910 to 1920. He designed the various Yuan Shih-kai dollar types, among other coins and his work is widely renowned for his artistic abilities. Most of his coins that entered circulation (especially later dates) do not feature his signature. The coins that do bear his signature or initials are all pattern coins. As such, the pattern coins that bear the signature of Mr. Giorgi are scarce, and command a premium over unsigned examples.

The reverse for this piece contains the necessary information for the coin as the obverse featured just the portrait. The upper inscription states in Chinese: “To commemorate the union of the Republic of China.” An elaborate rosette composed of a cross within a diamond with four circles separates the upper legend from the lower English legend of “One Dollar.” A border separates the outer inscriptions and the inner design of a good harvest. Two sprigs of grain form a wreath around the two Chinese symbols denoting “One Yuan (Dollar).” This coin is tied for the finest certified by NGC at an impressive Mint State 65 grade. The strike is choice and borders on proof or specimen quality. There is attractive dark coloring in the fields, present on the obverse and reverse.

Like most historical figures Yuan Shih-Kai’s legacy is complex and fraught with negative repercussions. Yuan Shih-Kai, an important general and politician, is best known for his military reforms and his role in the transition from monarchy to a republic in China at the turn of the century. Yuan’s greatest achievement turned out to be a double-edged sword, as his military reforms fostered a loyalty that resulted in rival warlords who competed with each other after his death. This fractioning of the army, coupled with his bid to restore the monarchy (with himself as emperor), eroded the ideals of the Republican movement he helped establish years earlier. Despite this negative association from later historians, his coinage proved immensely popular during its time, and was minted for nearly ten years after his death. Yuan Shih-Kai remains an important figure in Chinese history and his coinage ensures that his history will endure. Yuan represents just a portion of the Republican era coinage offered in this upcoming sale; also included is coinage of the inaugural president, Sun Yat-Sen and other important Chinese figures. In addition to the Republican coinage, coins and currency from multiple eras of China’s history – Empire, Provincial issues, and the People’s Republic – will be featured in the August Hong Kong auction. In this weekly blog post you can preview some of the most exciting Asian numismatic pieces to be offered in our August Hong Kong auction.

Preview this impressive coin along with the rest of our auction this August 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 Hong Kong sale is closed for further consignments, we are currently taking consignments of world and Asian coins for our November Baltimore and New York International 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: Mexico Ferdinand VI 8 Escudos

By Chris Chatigny, Cataloger

The August ANA World’s Fair of Money auction in Chicago is coalescing into a massive and impressive sale. One extraordinary coin to be offered is a rare 1747 Mexican 8 Escudos. At this time in history Mexico was a Spanish colony known as the “Viceroyalty of New Spain.” The Spanish monarch, Philip V, died in July of 1746, and his son Ferdinand VI succeeded him. One issue facing royal successions at that time was the sheer amount of travel required to spread the news of the new king’s ascension to the throne. It took many weeks to travel by ship from Spain to the New World. Before the news of Philip V’s demise had reached Mexico, the Mexico City mint had already begun issuing posthumous issues of Philip V in the early months of 1747. The official mint in Spain would need some time to create official punches with updated portraits, legends, and icons. In the meantime, after Mexico received word of Philip V’s death but before Ferdinand VI’s official portrait punches could be sent, the Mexico City mint improvised a design for Ferdinand VI.

With a verbal description of the new King Ferdinand VI of Spain, Mexican mint officials created an “imaginary portrait” for the obverse of this coin. Ferdinand VI’s royal titles appear around the bust: “FERDND. VI. D. G. HISPAN. ET IND. REX.” The date appears below the bust, flanked by two rosettes. A careful examination of the armor shown on this bust reveals it to be nearly identical to the armor of Philip V, the predecessor. In all likelihood it was simply copied over, in order to facilitate a speedy production of the new coinage. The bust itself, as mentioned above, is known as an “imaginary portraiture” and would not resemble the future official portrait punches of Ferdinand VI issued by the Madrid mint. This “imagined portraiture” was unique to the Mexico City mint, was only used for a brief span of a few months, and was never used at any of the other colonial mints outside of Mexico. These factors combine to create an extremely rare coin that was only produced in desperation for a short time. The reverse contains an intricate shield depicting the complex and stunning coat of arms of the King of Spain. The Crown appears above, and along either side of the shield appears the Order of the Golden Fleece, a famous Order that has existed for almost 600 years. Between the chain of the Order and the heraldic shield are displayed the assayer’s initials on the left and an “8” for 8 Escudos on the right. The inscription reads: “INITIUM SAPIENTIAE TIMOR DOMINI” which translates to “Beginning of Wisdom is Fear of the Lord.” This inscription was the official motto of Philip V. The reverse design is the same punch reused from the previous Philip V issue. At the very bottom, between the beginning and end of the legend and the Golden Fleece, are two “MO” monograms signifying the Mexico City mint. This rare type was only issued for a few months in the year 1747, and as such it is extremely rare. This piece has the distinction of being tied for the second finest graded with only one example finer. This coin is sure to be a centerpiece in the collection of its new owner.

Look for this and other World numismatic rarities in our upcoming August ANA Sale. Preview this impressive coin along with the rest of our auction this August 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 ANA sale is closed for further consignments, we are currently taking consignments of world and ancient coins for our November Baltimore and New York International 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.

Answers for the Avid Collector: E PLURIBUS UNUM

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:  It seems to me that the motto E PLURIBUS UNUM is used on some United States coins and not on some others. Is there a reason for this? -- A.B.

 

Answer:  A survey of American coinage reveals that E PLURIBUS UNUM seems to have been used somewhat randomly, especially over the first century. The legend E PLURIBUS UNUM translates to “one composed of many.” It is included in the Seal of the United States and at the time of the seal’s creation was considered one of the new nation’s mottos.

Found on coins of the present era, this motto has a rich history, even dating back to copper issues of the 1780s, when it was used on such diverse items as Immunis Columbia issues, New Jersey coppers, Kentucky tokens, and several issues bearing the portrait of George Washington. Among the Washington pieces, it is interesting to note that the 1791 Large Eagle and the 1792 Eagle with Star have this motto transposed as UNUM E PLURIBUS.

The Coinage Act of February 12, 1873 included the statement “… upon the reverse shall be the figure or representation of an eagle, with the inscriptions ‘United States of America’ and ‘E Pluribus Unum,’ and a designation of the value of the coin … ” However, this rule does not seem to have been strictly followed, even on coins designed after 1873.

On half cents minted from 1793 to 1857 this motto wasn’t used at all. This was true of one-cent pieces until 1909, when it first appeared at the top of the reverse on the Lincoln cent. When Frank Gasparro redesigned the Lincoln cent reverse in 1959, E PLURIBUS UNUM could be found above the Lincoln Memorial.

Two-cent and three-cent pieces lacked the motto, as did nickel five-cent pieces until the debut of the 1883 Liberty Head nickel, which had E PLURIBUS UNUM at the bottom of the reverse below the wreath. Later in 1883 it was made smaller and repositioned to the top of the reverse, when the word CENTS was added in its previous position. From then on in the nickel series the motto remained through the Buffalo and Jefferson series.

On silver coins, E PLURIBUS UNUM appeared on some early issues, usually those featuring a Heraldic Eagle reverse design. The motto disappeared on Liberty Seated coins, but reappeared on Morgan and trade dollars and also on some of the Barber coins that first appeared in 1892. After the Barber silver series were ended, E PLURIBUS UNUM reappeared on all silver denominations and has remained a part of these designs ever since. The use of this motto was similarly erratic on gold coins, used on some designs but not on others.

Most commemorative half dollars have E PLURIBUS UNUM, sometimes even when there wasn’t enough room for it and it could not be fit logically into the design. On the 1922 Grant half dollar and even on the tiny Grant gold dollar, the motto is crammed in on the left side of the coin, requiring it to be split into four lines E / PLURI / BUS / UNUM.

In present times, E PLURIBUS UNUM can universally be found on United States coins, along with LIBERTY, IN GOD WE TRUST and, of course, UNITED STATES OF AMERICA.

United States Coin of the Week: Finest Graded 1797 Half Eagle with 16 Obverse Stars to be Auctioned by Stack’s Bowers

Based on the lot description by John Pack, Executive Director of Consignments

Stack’s Bowers Galleries’ upcoming official auction of the ANA World’s Fair of Money in Chicago is gearing up to be an exciting and memorable event for the entire numismatic community. On Thursday evening, August 15, our eagerly anticipated Rarities Night session will feature a truly impressive array of numismatic items. Among them will be an amazing Mint State 1797 BD-3 Capped Bust Right half eagle. This example of the Rarity-6 variety with small eagle and 16 obverse stars is certified MS-61 by PCGS.

According to the catalog description, this coin is a magnificent example of this rarity, is the finest graded by either service, and is the only Mint State coin seen by PCGS. The present coin was once part of the R.L. Miles Collection, sold by us in 1968, a sale name remembered by many for its extraordinary offering of federal gold which was almost complete from gold dollars to Saint Gaudens double eagles.

The fields exhibit generous reflectivity on both sides, particularly in the most protected regions of the design. The satiny and lustrous devices are well defined for the issue, with typical softness evident at the centers, but with nearly all the breast feathers visible. A few scattered surface marks are seen, commensurate with the grade, and proved helpful in identifying this as the Miles coin. The eye appeal is excellent for the grade. The surfaces are warm yellow gold with just the faintest trace of deeper gold toning toward the rims. No adjustment marks are seen, and the dentils are sharply defined around each side, the marker of a well made coin. Scattered planchet flakes are seen on both sides, a mint-made condition frequently seen on early gold coins, and should not be confused with handling marks. 

The die state on the offered coin is between reverse State b, and State c, as described by John Dannreuther, and later than that seen on the Bass Core Collection coin. Bass owned two examples of this coin. The other coin, sold in our October 1999 Sale, was a later state than the present coin.

It is estimated that just 20 to 25 coins of this die marriage exist today and appearances at auction are very few. This coin last sold publicly more than six years ago for $299,000, a strong price at the time, but it is truly a landmark coin.

It is perhaps even more significant that we have the pleasure of offering more than one example of this date in the present sale. Many great sales, even those with extensive gold offerings, are missing the 1797 half eagle completely. In our sale we are pleased to have an example of the second rarest variety of the date, along with this finest-graded of the 16-star variety.

It is difficult to imagine anything less than complete satisfaction coming from ownership of this piece, as it has everything going for it -- a great pedigree, great aesthetics, finest graded status and a rare date.

Ron Gillio Vous Rencontre à Paris!

Appraisals and Evaluations in Paris

Did You Know???

Did you know that Stack’s Bowers is the only collectibles company to be listed on the Fortune 500?

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.

From the Desk of Q. David Bowers: An Overview of Collecting Obsolete Bank Notes 1782 to 1866, Part 2

Collecting State-Chartered Bank Notes

Written by Q. David Bowers, Chairman Emeritus

 

  

Last week I discussed colonial and other early American paper money including issues of the Continental Congress. This week I take up with notes issued by state-chartered banks beginning in 1782 and continuing through 1866.

After the Revolution the United States government realized that it could not issue paper money that would be accepted at par by the public. Recently, Continental Currency notes had depreciated to the point that they were worth only 1/40th of face value. Stepping into the void were the various state legislatures who chartered banks formed by companies and individuals. Those seeking to enter the banking business applied for a charter. This document stated the amount of capital to be paid in for stock, rules as to the number of directors and the meetings they should hold, and other regulations. Capital stock was to be paid for in specie -- hard money such as silver or gold coins. In actuality this was the exception, not the rule. Most stock holders gave IOUs or else paper notes from other banks already in existence. There were no state banking commissions until the 1830s and regulation was almost non-existent. Accordingly, there were many abuses. The Farmers Exchange Bank in Gloucester, Rhode Island was a sham operation conducted by a crook in Boston, Andrew Dexter. Vast amounts of paper money were issued without backing and placed into circulation. Dexter became very wealthy, was never prosecuted, later went to the South, and except for those who might have known his background, in his new surroundings he was viewed as a man of importance. Dexter Avenue in Montgomery, the capital of Alabama, honors his name.

Another fraud was the Hillsborough Bank of Amherst, New Hampshire. This began business as a legitimate enterprise, but soon ran into trouble by printing notes far in excess of those authorized. Messengers were sent to distant places such as Marietta, Ohio, to put notes into circulation there, with the hope that most would never find their way back to New Hampshire. At the time, this being the first decade of the 19th century, notes from different banks circulated widely and many merchants and others were unable to tell the good from the bad. The Hillsborough Bank of Amherst failed. Its president, Samuel Bell, was never prosecuted and, in fact, later was elected the governor of New Hampshire!

Today chartered bank notes from the early era, from 1782 to, say, 1815, are readily available in many instances, particularly those issued by banks that failed. Banks that were solidly formed and issued paper money worth face value typically later redeemed them at par in exchange for other notes. Such early notes can be rarities today.

The typical bank note from this era is found in grades from About Good to Very Good, evidence of their acceptance in trade and lengthy circulation. On the other hand, notes of the Farmers Exchange Bank of Gloucester and Hillsborough Bank of Amherst and others, can be found in Fine to Extremely Fine grade as they were recognized as being worthless and did not trade extensively.

More on early bank notes next week.

Remember When: John J. Ford Becomes Airborne

By Harvey G. Stack, Senior Numismatic Consultant

John J. Ford, Jr. was a legend in his time and during his many years in numismatics there was usually a story to be told about him. Some stories extolled his great memory and knowledge, some his desire to make his cataloging different and more informative, and some told of his tendency to lecture about a rare coin or a rare find.

This story is about an adventure John Ford had while attending an American Numismatic Association convention in New England. Like all summer shows, the ANA annual convention was usually during the hottest part of the summer. Few of the sleeping rooms had air conditioning and it was rare in the early 1960s that the bourse floor was adequately cooled.

John usually got a two-bedroom suite on a high floor with a living room and usually shared the cost with a collector. In this instance he was sharing with Emanuel (Manny) Taylor. John always at his dinner in the suite so he could put on a pair of short and a T-shirt and open all the windows and spend the evening discussing numismatics with his “guest.” On this particular evening the two men looked at the room service menu and John, in his typical fashion, ordered several courses, wrote out exactly what he wanted and exactly how he wanted it prepared as well as four bottles of beer. At the time, Manny was trying to lose weight so he ordered food sparingly and only iced tea to drink.

As they waited for dinner they started to discuss early silver dollars of which Manny had during the previous decade assembled an exception set. They analyzed rarity and variety, fought about die states and errors in Bolender’s descriptions, and thus began an evening of discussion. About 30 minutes into the conversation, room service was at the door and the waiter pushed the table tray down the small hallway into the room. John and Manny sat down to eat, continuing their heated discussion.

Because of the heat, when dinner was complete they both felt that they should call room service to remove the used trays and dishes. When the waiter did not appear in 30 minutes John got worked up and said, “Manny let’s get this stuff out of here, it smells!” John tried to push it out himself and when that didn’t work he told Manny to push while he pulled. John got to the door, opened it and started to pull the table out into the hallway. However, the table got caught on the doorknob, leaving John in his shorts trying without success to pull it free. Seeing John struggling in the hallway caused Manny to laugh like crazy, which did not please John. “You dope,” he said. “Pull the table back in the room.” But Manny was laughing too hard to do anything.

All of a sudden down the hall, the elevator doors opened and out came four of the wives of ANA officials. They were headed John’s way and he yelled, “there are ladies coming, pull the tray back inside.” But Manny was now laughing even harder and still could not help. John’s modesty overcame him; he moved back a little way into the hall, took two giant steps and tried to jump over the table into the room. Instead, he landed square in the middle of the dirty dishes and food still on the tray, and then slid off the other side into Manny, who was now on the floor laughing uncontrollably.

“Do you think the ladies saw me?” John asked.

“Oh, sure,” replied Manny through his convulsive laughter. “They wanted to take pictures.” They both got up off the floor and called room service again to come clean up the mess, which took almost an hour to accomplish. Meanwhile the two men cleaned themselves up and John sat down in an armchair, took out a box of Cuban cigars, gave one to Manny and sat there puffing away.

“You aren’t going to tell anyone about this, are you?” he asked Manny.

“How could I not tell Harvey and all your other friends how much you enjoyed dinner tonight?” Manny replied. And the next morning, after telling me the story, Manny told the whole group at breakfast, “John really knows how to fly -- he proved it to me last night!” Of course, the ladies in the hallway told their husbands a different version, about the guy in shorts who made a mess with food all over, who they hoped was not an ANA member.

This was a story that we often laughed about over the years, one of the times when the subdued, knowledgeable John J. Ford, Jr. was shown to be as human as the rest of us.

Upcoming Events: Free Appraisal Event

Could you be holding the next record-breaking coin or banknote? If so, we invite you to attend a free appraisal event where experts will be on-hand to evaluate all U.S. Coins, U.S. Currency, World Coins, World Currency and Ancient Coins.

 

FREE APPRAISAL EVENT

Spectrum Group International

463 Union Street

San Francisco, CA 94133

Friday, June 28 | 9:00am – 4:00 pm.

Saturday, June 29 | 9:00am – 4:00pm.

Sunday, June 30 | 10:00am – 2:00pm

Please do not clean your coins. There will be security on premise and free valet parking for your convenience.

You can sell your holdings for a cash offer or consign them to one of our exciting international auctions. We will also offer a free verbal appraisal or a generous cash advance for auction consignments.

Call Ron Gillio to schedule an appointment at 805-451-1830. Walk-ins welcome.

Crossing the Block: Thailand Tamlung (4 Baht)

By Chris Chatigny, Cataloger

Last week we previewed an impressive Thai 80 Baht, one of only eight known. This week we feature another remarkable numismatic rarity from Thailand with another presentation piece commemorating King Rama IV. Stack’s Bowers and Ponterio is thrilled to offer an exciting amount of Thai coinage (as well as many other Asian coins and currency) in the forthcoming Hong Kong Auction this August. This piece was produced to commemorate the 60th birthday of Rama IV, or King Mongkut as he was known in foreign countries.

The obverse of this interesting presentation piece contains a similar design to the regular coinage of the time. In the center of the coin is the featured symbol for King Mongkut, an ornate crown (the symbol is named Mongkut as well). Flanking the crown are two elaborate umbrellas which are also royal symbols in Thailand. An intricate pattern of leaves and branches surround the three predominant symbols, and at the apex of the crown rays of light shine down. The first border consists of six-sided stars, followed by a second border.

Featuring a fascinating dual language legend, the reverse is what truly sets this piece apart. A double lined square with walls that bow inwards to the center of the coin, divides the Siamese and Chinese legends. The center inscription reads: “Kingdom of Siam” while the outer Chinese symbols states: “Cheng Ming Tung Pao.” This Chinese inscription roughly translates to “Negotiable Currency of Cheng Ming” with “Cheng Ming” presumably referring to the Kingdom of Siam. The dual Siamese / Chinese inscriptions were used because these pieces were presented to important Thai and Chinese officials. Kann offers an additional possibility for the Chinese inscription, stating that at that time Siam still admitted Chinese suzerainty over its country, while Siam retained its domestic autonomy. This particular piece holds the honor of being the highest certified by NGC or PCGS, at Mint State-61. It is well struck, lustrous and attractive. This rare coin is the highest quality of its type, and the significance and collectability of it only enhances its value.

Thailand is the only Southeast Asian nation that can claim to have never been colonized by a Western power, due to their capable and reform-minded monarchs, the Chakri Dynasty. Mongkut is one of the most revered Thai sovereigns, and is also well known outside Thailand as the titular ruler in the classic play and film, The King and I, based on Anna Leonowens’ years in Mongkut’s court. Mongkut ascended the monarchy at 47, after spending most of his adult life as a Buddhist Monk. When Mongkut’s father Rama II died, Mongkut (a legitimate son from the king and queen) was passed up in favor of an older brother from a concubine, which was unusual. However, after 27 years passed, Rama III died before naming a successor and Mongkut (as the previous king’s brother) was proclaimed king of Siam. Once in power he faced immense pressure from British and French colonial powers. The most important influence came in the form of the Bowring Treaty, which opened up Siam to free trade. The treaty’s results proved to be a double edged sword; it greatly reduced the tax revenue of the government but allowed for a dramatic improvement in the agricultural infrastructure.

King Mongkut also achieved great success in modernizing Siam in technology, science, and culture. Some scholars claim that Mongkut’s modernization successes were a strong case against the imperialist’s claim that Siam was uncivilized. This assertion created a buffer protecting Siam from colonization attempts. King Mongkut is also credited with initiating coinage reform. He proposed the shift from “Pot Duang” or bullet money, to round coins bearing arms and inscriptions. Mongkut did keep the denomination system of Baht in place, and on most coins an image of an Asian elephant can be found. One final amusing story concerning King Mongkut is his proposed gift of a herd of war elephants to the U.S. president during the months before the outbreak of the U.S. Civil War in 1861. King Mongkut offered to send domesticated elephants to President Buchanan, but the letter arrived after Lincoln had assumed the presidency. Lincoln respectfully refused the offer, and made a joke that the elephants could be used to “stamp out the rebellion.” King Mongkut later clarified that he proposed they be used as transportation and beasts of burden, not war machines. But the image of the blue coated Union Army charging through the Confederate lines atop massive war elephants is an impressive visual.

Look for this and other Asian numismatic rarities in our upcoming August Hong Kong Sale. Preview this impressive coin along with the rest of our auction this August 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 Hong Kong sale is closed for further consignments, we are currently taking consignments of world and Asian coins for our November Baltimore and New York International 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.

Answers for the Avid Collector: A Collection for my Grandson

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:  I want to spend $500 a month into something for my grandson that will help him get through college in 15 to 20 years. What do you suggest? -- R.J.

Answer:  First of all I would talk with your grandson and see if he is interested in collecting anything. I have found that the world is divided into two classes of people: those who are collectors and those who are not. If your grandson does not enjoy collecting anything, it is probably a waste of time and effort to buy him coins. On the other hand, if he likes stamps, finds different types of birds interesting to observe, and has a good measure of intellectual curiosity, numismatics is a natural.

A good first step would be to acquire a copy of A Guide Book of United States Coins and send it to him. Rather than overwhelm him with too much at once, get some feedback on what he thinks of it. If he finds it interesting, perhaps visit the U.S. Mint website and buy a modern Proof set and some other available coins. Then order three Whitman titles: The 100 Greatest American Coins, The 100 Greatest American Medals and Tokens and The 100 Greatest American Currency Notes. Each of these books is filled with interesting reading material, and the second two titles include many items that are inexpensive and affordable. Perhaps next on the list would be to buy him an MS-63 or MS-64 Morgan dollar of 1882-CC, 1883-CC, or 1884-CC and suggest that he do some reading about the Carson City Mint.

At this time I would stop and take stock and see what his interest is. If he wants you to do the buying without his advice, perhaps a good way to continue forward would be to form a 20th century type set of copper, nickel, silver and gold, starting with the least expensive varieties. Probably for some of the more expensive pieces grades such as MS-63 and MS-64 would be fine. For ones of the late 20th century, MS-65 would be the order of the day.

If your grandson’s interest continues and the lamp of numismatics is burning brightly, you are on your way.