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!

Put your numismatic knowledge to the test and see what you know! 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!

Remember When: Coin Dealers Then and Now, Part 2

By Harvey G. Stack, Senior Numismatic Consultant

Last week I reminisced about what it was like to be a coin dealer when I started out in the business and some of the changes that I saw. This week I continue to discuss how the job of a coin dealer (and the numismatic hobby itself) has changed over time.

One of the greatest changes that took place toward the end of the 20th century was the advent of grading services. Third party grading began in the mid 1980s and provided a new source for information. Now buyers didn't necessarily have to rely on their own grading skills or those of dealers. In the same way the computer and the Internet made much more numismatic information available to those who knew how to use the technology. So it seemed to many, especially those interested mostly in investment in coins, that a well-informed and trusted dealer and advisor was unnecessary. And to an extent all this easily available knowledge can help a collector who has the time and inclination to use it. However, for those unwilling or unable to make the effort to learn, no amount of information on the Internet or anywhere else will make a difference.

And for many, the sheer quantity of information can be overwhelming. The multitude of U.S. Mint products, Internet coin auctions and retail offerings, the lack of adequate holders and albums to aid collectors, and the promises offered by investment promotions can often be too much for collectors to digest. While there may be a smaller need for professional dealers, for those looking to navigate this new numismatic landscape a knowledgeable professional has much to offer. This can include advice, contacts with others in the hobby, representation at coin shows and auctions and more. 

In the meantime, long-time professional dealers have aged and retired. Others have become specialists in certain series where advice and knowledge are especially important. There are fewer knowledgeable professionals in the hobby and we need lots of new professional dealers, catalogers and researchers. In the early days when I was trained, along with others of my generation and before me, hours were spent learning about coins: appreciating the pedigree of a coin, the condition of a coin, and how to grade it. We saw coins day after day, week after week, and month after month. The way my generation learned about coins is not easily available now so we must find ways to help out those just starting in the field. Maybe we need more schools to teach numismatics and professionals to share their knowledge to increase the younger generation’s appreciation of the hobby. The present PNG program for apprentices is a good way to start, but there is more that could be done.

I believe we need more local clubs to attract collectors and more written for beginners to help them mature in the hobby. We need more publicity about the value of collecting coins for their art and history and we need for the Mint to produce products that lead people to become more involved in the hobby. The Statehood quarter program that resulted from my proposal to Congress was a way to introduce people to collecting without them having to buy the more expensive U.S. Mint products that were flooding the market. The challenge for the present generation of collectors and dealers is to get the excitement back into the hobby and to encourage those who show even a casual interest to learn and appreciate all the wonderful things about numismatics. This is where today’s professional dealers can still make a difference. I challenge them to be successful in doing it!

World Coin of the Week: Unique and Previously Unknown 1755 Nuevo Reino “Milled” 8 Escudos

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

Our November Baltimore Auction at the Whitman Coin and Collectibles Expo has just ended, and the team here at Stack’s Bowers and Ponterio could not be more pleased with the results! Successful auctions are a staple for our company, along with offering truly unique numismatic landmarks. The inaugural highlight for our January New York International show is truly a milestone for our world numismatic team. We are proud to offer the first machine made 8 Escudos of Colombia. This coin will certainly change history and the numismatic field forever.

In 2004 the existence of a unique 1755 milled 4 Escudos of Nuevo Reino shocked the numismatic community and the world at large as it received worldwide media coverage. Considered one of the most significant highlight of the famed Louis E. Eliasberg Sr. Collection, the 4 Escudos coin made headlines on the front pages of Coin World, World Coin News, and CNN.com, as well as newspapers and radio programs in its home city of Bogota (Nuevo Reino).

Prior to the discovery of the Eliasberg 4 Escudos, “milled” or machine made coinage from Colombia before 1756 was unknown. The discovery of the Eliasberg coin radically revised our understanding of Colombian coinage, as previously most mainstream numismatists believed that the mint of Nuevo Reino produced solely crudely made, hand-hammered “cob” coinage until 1756, and changed to “milled” coinage at some time during that year. The Eliasberg 4 Escudos and this newly discovered 8 Escudos suggest that the mint of Nuevo Reino underwent a transition, rather than a sudden changeover in minting methods. Similar situations occurred at the other Spanish Colonial New World mints. It was not uncommon for a mint to produce multiple coinage types in the same year using different methods, while the transition to mechanization was underway. This can be seen with the Mexico City Mint in the 1730s, where “cob”, “klippe” and “milled” coinage were all produced in the same years. The Potosi mint of Bolivia also experienced a similar transition from 1767-70, when “cob” and “milled” coinages were produced in the same years.

The mint of Nuevo Reino (Bogota) began the steps leading to mechanization in 1753. In this year the crown assumed direct control of the mint by replacing the private treasurers with royal superintendents. The crown appointed Lieutenant Colonel Miguel de Santiesteban as Superintendent and Don Thomas Sanches Reziente as director. When royal officials arrived at the mint of Nuevo Reino, they noted that everything was done by hand in a crude manner. The production of hand-hammered “cob” coinage was ordered to continue temporarily to meet the demand for circulating currency. Thomas Sanchez Reziente then set about reconstructing the mint facilities and modernizing its minting equipment with screw presses and other machinery shipped across the Atlantic from Spain. The transition from hand-hammered “cob” coinage to that of the machine-made “milled” coinage produced with a screw press occurred gradually over a two year period from 1755 to 1756. Meticulous mintage figures were recorded by the Spanish superintendents starting in 1753, and A.M. Barriga Villaba’s classic reference on Colombian coinage: “Historia De Las Casa De Moneda” shows two distinct sets of mintage figures for gold coins in this period. The first set of mintage figures shows the amount of gold minted in the form of “cob” coinage for the years 1753-1756, with the totals in marks for each specific year. A second set of mintage figures begins in 1755 and shows mintage figures in marks for milled coinage or “Moneda circular de cordoncillo”. The milled gold coinage of 1755 was produced in the smallest quantity of any Colombian gold coinage of this era. Although the figures do not state the exact number of 4 or 8 Escudos minted, they do cite only these two denominations were in production. In 1755 just over 32 marks of gold were manufactured into milled 4 and 8 Escudos. The production of gold “cob” coinage this year was considerably more, just over 8,393 marks of gold.  In short the Nuevo Reino mint produced more than 262 times the amount of “cob” gold than “milled” gold in 1755.

Currently there are only four known examples of the 1755 “cob” 8 Escudos, while the milled 8 Escudos offered here is unique. The survival of this unique 1755 “milled” 8 Escudos is an amazing anomaly. Its rarity is the result of contributing factors combined with attrition. First, the 1755 milled 8 Escudos were produced in limited quantities and were probably only struck for a brief portion of one year. Second, the gradual debasement of coinage within the Spanish Empire also contributed greatly to the rarity of this issue. In 1755 Colombian gold coinage was produced to an official standard 0.9170 fine gold. In 1772 this standard changed to 0.9010, which resulted in earlier dated coins being melted down for a small profit. In fact, the standard changed on several occasions, and earlier dates with a higher gold content were recalled and re-minted. In 1785 the fineness was lowered once again, this time to 0.8750, the fineness at which it remained well into the Republican era. During the Republican era, when Colombia threw off the yoke of Spanish oppression, it is almost certain that earlier Spanish issues were melted down and re-coined either for simple profit or as a show of resentment towards Spain, the colonial oppressors. This set of circumstances has left the numismatic community with this sole surviving example of the first date of machine struck 8 Escudos of Colombia.

The obverse features a draped and armored portrait of King Ferdinand VI of Spain, with the order of the Golden Fleece suspended from his neck. The legend reads “FERDND VI D. G. HISPAN. ET. IND. REX.” with a date of 1755 flanked by six-petaled rosettes. The inscription translates as: “Ferdinand VI by the Grace of God, King of Spain and the Indies” 1755. Subtle toning can be found in the recesses of the legend, highlighting and enhancing this already exquisite gold piece. Ferdinand VI of Spain, the third king from the Spanish Bourbon dynasty, was known as “the Learned” for his studious habits and his love of music.

The reverse design features the great Bourbon shield surmounted by the Spanish crown, encircled by the Order of the Golden Fleece. The various territories under Spanish Bourbon rule are included in the coat of arms: Castile and Leon, Granada, Aragon, Aragon-Sicily, Austria, Burgundy, Flanders, Tyrol and Anjou. The stunning chain of the famous Order of the Golden Fleece (which has existed for over 600 years) frames the intricate and beautiful Heraldic shield. The legend reads “NOMINA MAGNA SEQUOR”. Translated: “I succeed great names” reinforcing the importance and legitimacy of his name in the lineage of Spanish Kings.

We are pleased to offer an extraordinary discovery coin that is of the utmost historical importance. A small natural mint made planchet flaw is noted on the reverse and there are some minor deposits accumulated from time in circulation. This wholesome and original piece shows light to moderate evidence of circulation, as expected from an item of this era. Light orange toning highlights the protected areas.

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 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.

Answers for the Avid Collector: Columbian Half 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:  I am only a casual collector, but occasionally friends will show me interesting coins they have found or been left by relatives. Particularly confusing to people are the occasional commemorative half dollars found, that seem to be United States coins but have designs that vary widely (and can only be found in most references if you know to look in a special section). One thing I have noticed is that when a commemorative half dollar is shown to me it is more often than not a Columbian half dollar. Is it just that so many of these were made? Or is there some other reason why it is found more often? –F.F.

Answer:  The 1893 Columbian half dollar is by far the most frequently encountered commemorative half dollar in circulated condition. This mainly is a result of its high mintage of over 1.5 million pieces, 50% more than the half dollars of the same design dated 1892 (950,000 struck). Only about half of the total mintage was ever distributed, including a massive quantity that was placed into circulation at face value by the Treasury Department in 1894. This move was not appreciated by collectors and Exposition visitors who had paid $1 for each “Souvenir half dollar.” To make matters even worse, officials of the Columbian Exposition used the commemorative half dollars as collateral for bank loans (valuing them at $1 apiece), with the end result that banks simply passed them out in change after loan obligations were not met. These reasons all contributed to the fact that more non-collectors may have somehow received these coins and used them in circulation. Later the circulated coins may have been pulled out as “oddities” and set aside with other pocket change finds, thus resulting in them turning up more often when people show you their coins.

United States Coin of the Week: Famous and Enigmatic Choice AU 1776 Continental Currency ‘Dollar’ Headed to Our February 2014 Americana Sale

By Frank Van Valen, Numismatist and Cataloger

1776! This is easily the most famous and best-known date in American history and a date that gains significance with each passing year. Unfortunately for numismatists, there are few coins dated 1776 that actually relate to America. A scarce Machin’s Mills copper issue with the magic 1776 date (struck much later than its date implies) and the 1776-dated Spanish colonial coinage of the era that served as legal tender in the American colonies are the first pieces to spring to mind after, of course, the famous 1776 Continental Currency “dollar” or “unit.”

These silver dollar-sized coins were the first of their size struck in the American colonies, but their value was never stated and they seemingly did not circulate heavily. They were struck mainly in pewter, with some examples known in brass and silver, though examples struck in the latter two metals are extremely rare. It is thought the pewter pieces passed as a dollar. There are also numerous die varieties for this fabled issue, including one variety with CURRENCY misspelled as CURENCY.

Graded AU-58 by PCGS with the CAC sticker of approval, the lustrous silver-gray specimen we will offer in February is one of the correctly spelled CURRENCY varieties, Newman 2-C, a stalwart among those who specialize in this series. The sundial and admonition to MIND YOUR BUSINESS on the obverse would resurface as a design in 1787 for the Fugio copper series. Much crinkly silver brilliance is retained among the devices, including the chain of links that represent the 13 original colonies on the reverse.

We hope to see you early next year in the Big Apple, New York City, when we present our 2014 Americana Sale. We already have a stellar line-up of rarities, including this link with American history, the 1776 Continental Currency piece graded AU-58 by PCGS. It’s not too late to see your coins in our February 2014 Americana Sale and we hope to hear from you! Contact one of our consignment directors today and let our success be your success.  

From the Desk of Q. David Bowers: Coins and Collectors Part 2

Written by Q. David Bowers, Chairman Emeritus

As you read these words I am busy writing a new book, Coins and Collectors Part 2. Next year, 2014, will be the 50th anniversary of the first book I ever wrote, Coins and Collectors. I was in my early twenties at the time, but was already recognized as one of America’s leading dealers, having been in the trade since 1953, when I started on a part-time basis in high school. While collecting coins and dealing in them I found a special interest to be numismatic history. At the time there was a world of interesting information available at virtually no cost. Back issues of The Numismatic Scrapbook Magazine, The Numismatist, auction catalogs of B. Max Mehl, Stack’s and other firms, the American Journal of Numismatics and reference books were for the most part very inexpensive. In the early days many of these were gifted to me by members of the Wilkes-Barre Coin Club. There was no market for them. By 1964 there was a great deal of interest, and scarce auction catalogs could sell for a few dollars or more, quite a bit more when it came to those put out by the Chapman brothers and illustrated with photographic plates, for example. I enjoyed reading the magazines in particular, as year by year the scenes of numismatics unfolded. Along the way I learned many interesting stories. This led me to write Coins and Collectors, an assortment of things I found diverse and interesting -- from the 1955 Doubled Die cent in which my business partner Jim Ruddy and I were very involved in the marketing arena to stories of old-time coin dealers, the Columbian Exposition and the coins there, and more.

Coins and Collectors sold quite well, and in time we reprinted, probably with a total press run of fewer than 10,000 copies, however. It was picked up by Crown Publishers, a mainstream publisher and distributor, given a new cover, and offered at a discount price all over America. I was told that over 100,000 copies were sold! If so, this probably was the best-selling rare coin book of its time, exceeded only by the annual Guide Book of United States Coins. Now, Coins and Collectors Part 2 will have new stories, new adventures, and new insights -- as so much has happened since then. I do not have a deadline in completing it as in this way I can’t be late! However, I do hope to have the copy in the hands of Whitman Publishing by the end of the year, which indicates that it might be available in spring 2014. Stay tuned.

Thank you for reading my latest weekly e-column, a collection of clippings, comments, things that amuse me, numismatic comments, and more. You can contact me at qdbarchive@metrocast.net.

Enjoy your week!

Did You Know???

Did you know that Stack’s Bowers is offering FREE PCGS grading if you consign your coins to our February Americana sale or April Hong Kong sale? To take advantage of this offer we must have your coins by November 19^th, so call a consignment director today at 800-458-4646.

Paper Money of the Week: Internet-Only Session

By Matt Quinn, Assistant Director of Currency

As the Official Currency Auctions of the 2013 Whitman Coin and Currency Expo commence here in Baltimore for both world and United States bank notes, we would like to remind bidders of our Internet only sessions. Three hundred diverse lots of U.S. bank notes are included and offer great variety of material. World currency adds 44 more lots to that total, with a nice selection of affordable material. These two sessions will remain open for bidding over this weekend with a closing time of 3:00 PM PST Tuesday, November 12th. We encourage you to review these lots as there is likely something for everyone.

Test Your Knowledge: Name That Person!

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: Coin Dealers Then and Now, Part I

By Harvey G. Stack, Senior Numismatic Consultant

During the past years there have been several well-written articles about the fact that the “professional numismatist is graying." It seems fewer younger collectors and dealers are entering the field, as technology has superseded the need to study and learn in depth about numismatics.

It makes me remember how I, now a Senior Professional Numismatist with well over 70 years dealing in coins, learned about coin collecting and how it was different than how one experiences numismatics today. Looking back I had the good fortune to enter into a family business that specialized in coins. Each day I had the opportunity to learn about various series, as thousand of coins came into the shop, brought in either over the counter or as part of collections we handled.

The coins were of course first sorted by denomination, then year and mint and grouped together. At the time, coins from the late 19th century up to the coins in current use could be found in change, or in boxes set aside because parents and grandparents found them unusual. There were also many examples of foreign currency that came to us this way.  It could be early date Lincoln cents, silver coins of the Barber design, Buffalo five-cent pieces or well-worn modern coins -- all these various designs and denominations might be part of the sort.

After doing this virtually on a daily basis, I became aware -- as others of my generation did -- what was common, what was scarce and what was rarely found. The advent of albums like the blue Whitman folders (sold for 25 cents) could be instructional also. Clients who visited the shop would ask for certain dates and mints, and if you had one that would fill a space in the album, you could make a sale that made the client and the dealer happy.  In the course of each day, I learned, from others and from noticing what came in and went out much about scarcity and I could use this information for future trading.

In the early days of the 20th century, values could be found in dealer price lists and by consulting auction sales of better dates. In the 1930s we got information from the Standard Catalog of U.S. Coins, published by Wayte Raymond, and the buy and sell booklets published by B. Max Mehl.  In the 1940s there was the addition of the Guide Book of United States Coins (the Red Book) and buying information found in the Handbook, both published by Whitman on a yearly or so basis. There were no daily or weekly listings, only The Numismatist, which was published monthly. Not many were members of the American Numismatic Association at the time, especially since they restricted their membership for decades to those who were 18 years or older.  So the beginning collector had little to work with, and if there wasn't a dealer near where he lived, change from circulation became the source of fulfilling his collection.

As a collector grew to maturity, other things like working and starting a family often precluded collecting. This limited the number of people who had the time and means to seriously pursue the hobby and gain the knowledge to become professional numismatists.

Other events also played a role in the development of coin dealers and changed the hobby forever. These included World War I, the inflation of the roaring twenties, the Depression of the 1930s, World War II and the post war era, the removal of gold coins from circulation, the change to clad coinage in the 1960s, the advance of gold prices in the early 1970s, the silver jump to $50 per ounce in the early 1980s, and all the other financial happenings that occurred.

Within numismatics there were also many changes that affected the hobby and how dealers were able to do business. Weekly coin newspapers such as Coin World and Numismatic News offered more timely information as did a specialized weekly paper known as the Coin Dealer Newsletter. There were many auction sales, and collections that had been developed decades became available. This was a special time in numismatics and as the economy grew, more collectors opened businesses, existing dealers became even busier and the hobby expanded.

The membership in the ANA grew from a few thousand to well over 50,000, or more. Dealer shops were staffed by professionals who knew about coins and could grade and price them on the spot. Relationships were developed with clients who built great collectors and became well-informed collectors. Collections formed in the earlier years of the 20th century came to market and, guided by professional dealers, new collectors added these items to their new “great collections.” These dealers were mostly well informed and taught and encouraged this new generation of collectors.

As the last century ended, there were new tools that became available to the collector and the dealer and many changes in the hobby. I will talk more about recent times next week.

Upcoming Events: The November 2013 Internet Only Sessions!

As the excitement of the live sessions of the Stack’s Bowers Galleries official auction of the Whitman Coin and Collectibles Expo auction winds down there are still the Internet Only sessions to participate in! We have over 3,500 lots comprising United States coins, paper money, tokens, medals, as well as world coins and world paper money!  Our Internet sessions are timed auctions and there is no living bidding component. All bidding for lots will end at 6:00 PM Pacific Time on November 12th.

And don’t forget about our other exciting events this month. Coming up is our November Grading Event! Bring us your U.S. and world coins by November 19th and you will get FREE PCGS grading when you consign them to our February Americana auction or April Hong Kong auction. Our second is a special cash advance for new consignors -- you can enjoy up to 80% of your consignment value advanced, up to $10 million, at an unprecedented low 1.9% annual interest rate, if you consign to our February Americana auction. The deadline for consignments for certified coins is coming up on November 30th.

Happy Bidding!

From the Desk of Q. David Bowers: More This and That

Written by Q. David Bowers, Chairman Emeritus

Welcome to my latest weekly e-column, a collection of clippings, comments, things that amuse me, numismatic comments, and more. You can contact me at qdbarchive@metrocast.net.

Enjoy your week!

Hi ho, hi ho! Off to the Whitman Expo I go! Off to the Whitman Coins & Collectibles Expo in Baltimore, that is. Three times a year Whitman Publishing LLC puts on a grand convention at the Baltimore Convention Center and Stack’s Bowers Galleries conducts the auction in connection with it. If you are planning your schedule for 2014, check the Whitman website for dates in March, June, and November of next year. These are three of the top five conventions of the year!

A survey of dealers showed that Baltimore is their favorite convention city. It is well located on the East Coast. A circle of 300 miles drawn around it would probably capture more than half of the active collectors, dealers, and researchers in America. It is easy to fly to (Baltimore Washington International Airport is modern, close to downtown, and has few air traffic delays), to drive to (multiple Interstate Highway connections), or to go to by train (on Amtrak—our favorite way to travel). I suppose if you have a yacht you could also arrive by sea, in Baltimore Harbor.

There has been a revival of sorts in the popularity of printed books. There is something special about having a bound book with printed pages that you can hold in your hand, take to the beach, read in an easy chair at home, and otherwise enjoy at leisure. A printed book has random access -- you can flip to any page you want -- requires no batteries or power, has nice graphics and, perhaps more important, has a permanence. Our old auction catalogs are enthusiastically collected -- far more than those of any other contemporary firm. The Ford Collection hard bounds are the latest in an illustrious series. It could be that the same amount of information if posted on the Internet would be just as useful, sort of, but something would be lost. A book in its own way is a little trophy, perhaps like a special watch or car is.

The Whitman Guide Book of Civil War Tokens, recently published, has been selling like hotcakes, Whitman advises me. This was a “fun” book to write -- with lots of help from others. Among the front matter items is a detailed reminiscence from the late George J. Fuld, my long-time friend -- with information about his collecting life (which began in 1943 with Lincoln cents) that has never been published elsewhere.

Further speaking of books, the Numismatic Bibliomania Society is one of our favorite organizations. It is devoted to the enjoyment of out-of-print as well as current coin magazines, auction catalogs, reference books, printed broadsides and more. Their quarterly journal, The Asylum, is one of the best “reads” to cross my desk. The current issue included articles about Emmanuel J. Antinelli, father of collecting numismatic auction catalogs by John W. Adams; a related article also by Adams, about Antinelli himself; a feature by Pete Smith and Joel Orosz as to what the first publication was of the second United States Mint (the cornerstone for which was laid on July 4, 1829); “Reminiscences of a Numismatic Bookseller,” by George Kolbe; a quiz by Myron Xenos; and other features by David Fanning, Scott Rubin, Wayne Johnson, Elizabeth Hahn, Steve Tompkins and, again, Joel Orosz. The remarkable thing about the society is that dues are just $20 a year! If you are interested, send a check for that amount to the treasurer, David M. Sundman, PO Box 82, Littleton, NH 03561 and say that I sent you!

A bit about stamps: When I was at the Pennsylvania State University I usually had breakfast at the Corner Room near the campus. Also there every morning was H. Clay Musser, executive secretary of the American Philatelic Society, headquartered in the town. He would talk about stamps and I would talk about coins, each learning something from the other. Once he suggested that it would be a good idea for me to buy a life membership in the APS, for whatever the cost was, probably not more than $100 and perhaps less. Today, some 55 years later, I still get The American Philatelist. I guess I was not a very good investment for the APS as I am not a stamp collector. I do enjoy, however, reading many of the articles in each issue and, especially, the editorial comments. The APS is having many of the same problems that the American Numismatic Society has -- declining membership, high expenses and graying demographics. Reinforcing this was a recent brochure I received from Earl Apfelbaum, a well-known dealer in Pennsylvania, inviting members of the APS to sell their stamps. “Our customers, typically in their sixties and seventies, live in all 50 states.” One challenge for all of us in each hobby is to try to get the younger set to become more interested. The instant gratification provided by the Internet, games and the like takes away from the energy once spent on filling holes in a Whitman album or, for that matter, adding stamps to a collection. And yet, coins have a fascinating history that you can hold in your hand and are a tangible reminder of something that once was or is. A collection of Statehood quarters from 1999 to 2008 is wonderful to behold, each with its own story to tell.

Another challenge for numismatics is for the makers of certified holders to create a product that is small and easy to use. I have a set of Jefferson nickels that fits nicely in an album. However, if it were to be slabbed by PCGS and NGC I would need to rent a couple of safe deposit boxes to hold it! And, in addition, the coins would be much harder to enjoy and appreciate. How about making small circular holders with a security rim just slightly larger than each coin, with the rim being imprinted with the serial number and other information. This could be taken in and out of a larger “slab.” Wouldn’t it be nice if when collecting Jefferson nickels or Statehood quarters, if certified collections could fit compactly into albums? Something to think about.

See you next week!