Thursday, February 28, 2013

Remember When: Finding a 1926-S $20 in the 1950s


By Harvey G. Stack, Senior Numismatic Consultant

I received an inquiry about the collection of $20 gold double eagles known to have been assembled by Robert Schermerhorn, which Stack’s acquired for Mr. Josiah Lilly of Indianapolis, CEO of the Lilly drug company in the early 1950s. Josiah Lilly started to collect with Stack’s in 1951, with a profound interest in early Spanish-American gold coins. He desired to acquire examples of each ruler and mint of the Spanish-American colonies prior to the 1820s, as he loved the stories and history of the Spanish period in the Americas. The most talked about coin of the period was the doubloon, the largest coin of the era, and that provided him a goal.

In the beginning, Lilly wanted to acquire just one of each ruler, country and mint. However, after reviewing Wayte Raymond’s book on Spanish-American gold, he decided to expand and try to get as many different examples. We worked on that part of his collection virtually to the end of his life, as some pieces were rarely available.

In 1952, Lilly expanded his interest to large coins of England and France of the same period. By late 1953 or early 1954 he decided to try for a complete set of U.S. double eagles. Around that time we were offered a nearly complete set of double eagles formed by Robert Schermerhorn of Texas and Mr. Lilly decided to buy it intact and then seek out the missing issues. Among the coins that were not in the collection was the 1926 San Francisco Mint issue. Despite searching at shows and in private collections, we were unable to find a 1926-S for him.

In order to attract attention to our search, in 1955 or 1956 we advertised offering a  $500 reward to anyone who would tell us where we could get an example for $3,000. Initially there were no responses.

Shortly thereafter, at a convention, James Kelly came over to our dealer bourse table and dripped a coin on a pad and said to my father, “Mort, I claim the $500 reward.” When we looked it was a Choice 1926-S double eagle. My father asked Jim, “How much?” Jim said $3,000 of course and we paid it, plus the reward. My father was furious at Jim, but we got the coin. We sent a Western Union wire to Mr. Lilly to tell him we had found the last coin he needed and were billing him for $3,500. We felt our zeal had established a price beyond its value at the time.

Within two days or so afterward, there appeared several 1926-S double eagles on the floor, offered to us at prices ranging from $1,200 to $2,000. Naturally we refused, but did take an option on one for under $1,500 and contacted Mr. Lilly to ask him to return the original double eagle so that we could supply him one for less than half the cost. He replied, “You have spent close to two years trying to find the coin for me. I will take it at its original price as I feel you were taken in.” He also said that we had surely already saved him money by bargaining with the sellers when we found coins for him, and passing on those pieces that were overpriced. He felt we had done our job in good faith. For 17 years we built series after series of gold coins of the world for Mr. Lilly. The coins now reside in the National Collection at the Smithsonian Institution.

After this incident we learned that James Kelly partnered with Paul Witlin who had bank contacts in Europe and while going through coins, found a small hoard of 1926-S double eagles. They tried to sucker us in and make a killing, but in the end Mr. Lilly showed what kind of man he was and his appreciation for all the work we had done with him and for him.

This story is told from my memory, as the transactions took place over half a century ago and many of the documents are long gone or may have been sent to the Smithsonian.

Did You Know???


Did you know that Stack’s Bowers sold the only complete collection of United States Type Coins ever assembled? The Eliasberg Collection realized nearly $60 million and was sold in multiple auctions, starting in 1982.

From the Desk of Q. David Bowers: What to Collect?


Written by Q. David Bowers, Chairman Emeritus

Once you have finished a specialty or have neared completion, it may be time to look for another challenge. In my experience, very few collectors begin in a series and stay with it forever. Instead, they tend to branch out. If you have been collecting more than a year or two or three, this probably includes you.

In reading a recent publicity item for the forthcoming Guide Book of United States Coins, I noted the comment that classic United States commemorative coins have been very quiet in the marketplace. This is not a secret and in my own articles and columns I have mentioned this many times. Remarkably, in high grades, such as MS-65, classic silver commemorative coins of the 1892-1954 era are cheaper now than they were in 1989! This was 24 years ago, slightly more than a generation. What $10,000 cost to buy back then can, in some instances, be bought for not much more than half that figure. And yet, the coins are the same -- including low-mintage issues, pieces with interesting stories, and more.

No one has quite figured out why commemoratives have been in a slump for such a long time. Perhaps it is because there are so many modern commemoratives -- those issued from 1982 to date -- that the classic pieces have take a back seat. Another reason may be that many commemoratives are fairly scarce in high grades, and few if any dealers have had a sufficient supply to promote them. On the other hand, modern Mint commemoratives, modern Proof sets, and the like can be bought by the unlimited thousands and offer speculative and promotional opportunities. Still another thought is that the doldrums may be part of a long-time market cycle. In a related instance, colonial and early American coins were a hot ticket in the first decade of the 20th century, after which they were quite quiet until the 1950s when the number of enthusiasts multiplied and prices did likewise. Today in 2013, colonial and early American coins are a hot ticket.

Returning to commemoratives, the best place to quickly learn about them is toward the back of the Guide Book. There they are listed in chronological order from the first, the 1892 Columbian Exposition half dollar, down to the latest of the classics, the 1954 Carver-Washington set of three half dollars. Incidentally, from 1936 through the early 1950s, the Stack’s firm was among the official distributors, the very first issue being the 1936 Robinson-Arkansas coin.

Each commemorative has a story to tell. For expanded information my Whitman book, A Guide Book to United States Commemorative Coins, available in bookstores everywhere, will take an evening or two to read, but will make you an expert on history if you absorb what you read. It also has the dangerous prospect of making commemoratives so enticing that you will want to run out tomorrow and add to your collection.

It stands to reason if a given commemorative or other coin is basically scarce -- and there are many commemoratives that are inexpensive in high grade but have mintages fewer than 5,000 pieces -- but are out of favor, some time they will regain favor. This has always happened. However, if and when they regain favor and prices jump up, collectors will rush to buy as many as they can, perhaps paying record prices. It is quite curious that when commemoratives or any other numismatic issues are in a slump or in a quiet period, buyers are relatively few.

Many years ago noted financier Bernard Baruch, who made a fortune in the stock market, stated his secret for success: When people were dumping good stocks he was a buyer. When people were rushing to pay record prices, he was a seller. This philosophy may well be worth contemplating when you review your collecting objectives.

World Coin of the Week: Anhwei Pattern 7 Mace 2 Candareens (Dollar) Struck in Silvered Brass


Written by Kyle Ponterio, Numismatist and Consignment Director, World and Ancient Coins

Stack’s Bowers and Ponterio’s world “coin of the week” is an extremely rare Anhwei Pattern dollar dated Year 23(1897). This remarkable rarity was unknown to many old time collectors, catalogers and numismatic researchers. The Chinese numismatic expert Eduard Kann located the 20 cent from this series in the collection of Mr. Kalgan Shih, Shanghai 1947, however at that time he was unaware of any other denominations from this series. Mr. Shih states in his reference “Modern Coins of China” 1948, “The experimental pattern was made in 1897, but the date was changed to 1898 when issued”. Only four denominations are known from this series -- the 7 Mace 2 Candareens (dollar), 3 Mace 6 Candareens (50 cent), 1 Mace 4.4 Candareens (20 cent) and 3.6 Candareens (5 cent), all of which are considered extremely rare. Originally the German firm of Louis Schuler was commissioned to supply machinery for the manufacture of this coinage. Recently production materials that included patterns, dies, hubs and a series of punches surfaced from the archives of the Otto Beh Company, Esslingen, Germany. Before this discovery the origin of the dies used to produce coinage for the provinces of Anhwei, Chekiang, Fengtien, Heilungkiang and Sungarei was only speculation. Otto Beh specialized in the production of seals and dies and was commissioned to manufacture coining dies by Louis Schuler from neighboring Goppingen, who received an order for coining presses in 1895. In 1897 and 1898 Otto Beh supplied Schuler with over 200 dies for Chinese coins, which at that time was the largest order that the company had ever received. Schuler, which started as a locksmith’s shop in 1839, had grown to become one of the world’s leaders in metal forming and in fact supplied the above mentioned mints with coining presses.

The Anhwei mint, formerly located in the city of Anking, was originally founded in the 23rd year of Kuang Hsu (1897). Initially this mint was established for the purpose of producing local silver coinage with the intent of replacing the then popular 8 Reales. Clearly this goal was not achieved, as the 8 Reales remained in circulation well into the 20th century. Anhwei mint silver coinage generally remains scarce to rare, suggesting rather small mintages. This short lived mint produced coinage for approximately two years before coining operations ceased and the mint was dismantled. Perhaps the reason for the short tenure of this mint was the lower purity metallic content of its silver emissions. Coinage from this province was not widely accepted by neighboring provinces as it was found to be lower purity silver than the products of other mints. This is perhaps the reason silver issues from this mint are often found with many chop marks. After the mint was dismantled, a new mint in Anhwei was established in the 28th year of Kuang Hsu (1902), however its activities were limited to the production of copper coinage. Production of all Anhwei silver coinage occurred at the first mint in Anking. This extremely rare silver plated pattern is for the first dollar of the Anhwei mint and can best be described as a specimen or essay. It is clearly of special manufacture intended for presentation purposes. It exhibits a bold full strike with all characters and details sharp and fully stuck up.

The English letters "T. A. S. C." are neatly placed in a clockwise manner in the field, Wenchao suggests its meaning as an abbreviation of "TATSING AN-HWEI SILVER COIN", meaning "Anhwei silver coin of the Great Qing". This is one of the rarest dollars in the provincial dragon series with only a few examples known today and missing from many major collections including Eduard Kann, Irving Goodman and Wa She Wong. Of the highest importance and utmost rarity, this is sure to be the centerpiece of its new owner’s collection.

Look for this and other Asian numismatic rarities in our upcoming April Hong Kong Sale. Preview this impressive coin along with the rest of our auction this March 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.


Answers for the Avid Collector: Chopmarked Trade 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 like chopmarked trade dollars and collect them.  Quite a number of years ago I bought a 1873-CC chopmarked trade dollar graded EF-40 and paid a hefty premium over the price of a regular coin in that grade.  I assume this had something to do with its rarity. How rare is it?  Also, could you please discuss the rarity of the other dates if chopmarked.
--B.C.

Answer: The vast majority of circulation strike trade dollars were sent to China. Dated from 1873 to 1878, these found ready use in commerce in Canton and other areas. Many of them were chopmarked -- stamped with characters signifying that recipients had found them to be “good money” and worth the value stated (420 grains of .900 pure silver). Some trade dollars circulated domestically from 1873 through mid 1876, but most of these seem to have been the issues made in Philadelphia. The West Coast mints, San Francisco and Carson City, were the main source for exports to China.
As to the availability of chopmarked 1873-CC trade dollars, these probably exist in proportion to 1873-S, with relation to their respective mintages. In later years the vast majority of these were melted. Others were crudely cleaned with abrasives. The number of “nice” 1873-CC trade dollars with pleasing appearing chopmarks is probably only in the hundreds today. Of all circulation strike trade dollars from 1873 to 1878, the rarest chopmarked issues is 1878-CC which is also the rarest date and mint. It seems that many of these were melted and not distributed.
The addition of a chopmark to a trade dollar adds a great deal of interest. Congratulations on having a very nice coin.

United States Coin of the Week: Choice 1792 Half Disme MS-64 (PCGS)


Article by Greg Cohen, Professional Numismatist and Consignment Director, U.S. and World Coins.  Based on the lot description by Q. David Bowers, Chairman Emeritus and James Matthews, Senior Numismatist and Consignment Director, U.S. Coins

On the evening of January 24, we sold a superbly beautiful and exceptionally important 1792 half disme, graded MS-68 by NGC for $1,145,625, which was a highlight of the Cardinal Collection. On the strength of that piece, we were consigned this lovely MS-64 (PCGS) example for our March Baltimore auction.

Among the most historically important issues in the field of United States numismatics, the 1792 half disme was the first federal coin issued after the passage of the Mint Act of April 2, 1792, and was struck prior to the completion of the US Mint in Philadelphia, in the cellar of John Harper’s workshop in Philadelphia; the issue was even mentioned by George Washington in his address to Congress, where he declared in part: There has been a small beginning in the coinage of half dismes, the want of small coins in circulation calling the first attention to them."  The entire issue, approximately 1,500 pieces, was struck on a single day, on silver that President Washington provided (the oft told legend is that one of Martha Washington’s tea services was melted to provide the bullion). Mint Director David Rittenhouse retained four specimens for himself, and the majority of the remaining pieces were placed into circulation.

There are several hundred examples thought to survive and most of these show evidence of circulation. There are also many coins that have been holed/plugged, scratched, cleaned, or damaged in some other manner over the years; high grade survivors are indeed a very rare numismatic treasure. In Mint State grades, the number of known examples drops significantly. The presently offered piece shows strong definition in Liberty’s hair tresses as well as the eagle’s feathers. The surfaces are evenly toned in shades of battleship and gunmetal.

We have had the privilege of offering at auction some of the finest known examples, and this piece will be among those when it crosses the block in our March Baltimore auction. We are very excited to be able to offer this near-gem half disme. Be prepared to bid liberally when its lot number is called at the podium. If you are not currently on our mailing list and would like to receive a copy of the catalog, please contact one of our auction services representatives. If you are interested in consigning to one of our upcoming auction sales, whether a large collection or single rarity such as this 1792 half disme, contact one of our consignment directors for more information regarding your holdings.

United States Paper Money of the Week: Images of Two Americas


Written By Bruce Roland Hagen, Senior Research Numismatist and Consignment Director, Currency

Interest in the American Civil War is currently at an all time high. Much of that is due to the 150th anniversaries of events, battles, and historical figures associated with this epic struggle pitting the North against the South. The conflict resulted from ideological and socio-economic divisions that rocked 19th century America. Of course, Lincoln, being nominated for Best Picture and its star winning the coveted Oscar for lead actor, puts the conflict even further into the forefront.

Our March 15, 2013 Baltimore paper money auction session (lots 5001-5924), commencing at 5:00 PM ET, will feature conflict of a different source: the cry of the auctioneer and competitive bidding from the floor, mail and internet will be the battlefield for those striving for these historical and collectible currency rarities. Many are from private collections, new to the market or last sold decades ago. The 924 lots cataloged will once again comprise a potpourri for all paper money enthusiasts, an opportunity to add to their collections by bidding perseverance. There will also be 392 Internet Only lots, 9001-9392.

Two particular notes from the sale, one northern and one southern, deserve strong attention by collectors for several reasons. Not only are they both stunningly beautiful as paper currency notes, but the case can be made that they are complementary, especially, when viewed along the lines of the Civil War and its developing events. They help form images of two Americas.

The Bank of North America $1,000 Proof (lot 5183) is new to the market, the second one known and first we have offered. The highest denomination from the bank authorized, the designs of this circa 1860 style note display the strength of the bank itself, as well as that of the nation which was accelerating towards a critical mass that would lead to armed conflict. Only a few short years before, the country had been in a banking crisis that swept away many frontier banks and affected the entire economy. Of course “The Bank,” as it was always known since 1782, survived and flourished. Franklin, Washington and the seated America are timeless.

Mirroring the former note is another classically designed and executed banknote by Hoyer & Ludwig. Emitted by the (Confederate) State of Virginia from Richmond, this hand dated August 13, 1861 $100 Virginia Treasury Note (lot 5348) is rare and one of the finest known. The Civil War had raged only for a few months and Southern optimism ran high after the early victory in Virginia at First Manassas, where Union forces were routed and retreated toward Washington. This note also features Washington as well, a Virginian first in the minds of southerners. The colorful red undertint used makes this first series of Virginia Treasury Notes among the most beautiful Criswell/Shull listed types (this example, the former 1976 Criswell Plate Note). Its grade of PCGS Choice About New 58 sends it into the upper echelon of the condition census and makes it worthy of approaching or exceeding five-figures.

Though these are only two of the rarities in our March 15, 2013 paper money session, we encourage you to view our currency session across the board for what currently interests you or perhaps something that catches your eye and becomes the foundation of new pursuit.

We are already planning a stellar paper money offering at the ANA World’s Fair of Money at Rosemont. Each of the last two years had sales in excess of $6 million with strong participation. It is never too early to make your plans and space runs out quickly for the premier paper money auction of the year. Call toll-free, Matt Quinn (1-800-458-4646 in California) or Bruce Hagen (1-800-566-2580 in New York) to discuss placing your important currency in the ANA event.

Upcoming Events: Make Your Plans for the Baltimore Auction


We hope you can join us in Baltimore, Maryland for our Official Auction of the Whitman Coin and Collectibles Expo.  The auction is now online for perusing and pre-auction bidding and by now your beautiful catalogs should have arrived at your door. Many interested bidders have already begun inspecting the lots during our by appointment only viewing in our California office.  Next week lot viewing continues in our New York Office by appointment only as well, so call 800-566-2580 to schedule.

The week of the auction, lot viewing begins at 2:00pm at the Baltimore Convention Center on the Bourse Floor, Booth 1461 and continues throughout the week from 9am-7pm daily.  And don’t forget the Internet only session! Viewing continues for the Internet only sessions of U.S. coins and U.S. paper money on Saturday from 9:00am-1:00pm.

The first auction session begins with the Ted L. Craige Collection of Colonials, Part III, Wednesday March 13th at 4:00pm EST in the VIP room of the Baltimore Convention Center. Session 2 commences on Thursday, March 14th at 1:00pm EST with Early American and Betts Medals and continues through half dollars.  Session Three, our impressive Rarities Night session, begins at 6:00pm EST. Come early and join us for a complimentary dinner for registered bidders! After the conclusion of Rarities Night we will end the evening with Session 4, which includes silver dollars, GSA dollars, trade dollars and commemorative silver coins. On Friday March 15th beginning at Noon EST we continue with Session 5 that includes commemorative gold coins, bullion, patterns, errors, gold dollars through double eagles, territorials, Hawaiian coinage, California Small Denomination gold and Western gold tokens. Rounding out Friday evening will be our U.S. Currency in Session 6, which begins at 5:00pm EST.  Topping off our successful Baltimore event will be Internet only sessions of U.S. coins (Session 7) and U.S. paper money (Session 8). The Internet Only sessions are timed auctions that end at 3:00pm Pacific Time on March 19th. There is no live bidding component, so all lots that have met their reserves will sell at the price when the auction ends. You can bid as many times as you want while the auction is open for bidding.

There will be lots of excitement between the auction room and the Convention Center bourse floor. Come by the Stack’s Bowers table (#1204) to view upcoming auction highlights and coins we have to offer for direct sale. Thinking of selling? Stack’s Bowers is the only Official Auction of the ANA this year! The first ANA auction of 2013 is the National Money Show coming up this May in New Orleans. Time and space is limited so don’t delay. The deadline is just around the corner on March 18th! Bring your collection to the Baltimore convention and meet with one of our consignment specialist to have your coins showcased at some of the biggest and most widely attended conventions of the year.  Wish you had consigned your coins to the Baltimore auction? We are back in Baltimore for another Official Auction of the Whitman Coin and Collectibles Expo in June! Plan ahead and let us deliver the best possible results and highest prices realized when selling your coins or currency!

Thursday, February 21, 2013

Remember When: Memories of an Old-Time Public Auctioneer


By Harvey G. Stack, Senior Numismatic Consultant

I thought readers might enjoy this reminiscence of my experiences at many Stack’s sales over the decades in the “pre-computer” era. Nowadays, auction rooms are a wholly different experience, with sparse in-person audience attendance but overwhelming action via the phone and Internet. I do miss that thrilling auction room atmosphere, the spirit of attending and participating that can’t quite be replaced by sitting at a computer at home and monitoring it “live.” We remember the 21 sales of the John J. Ford, Jr. Collection (2003-2007), where every seat was taken and many bidders were standing at the walls. There was pure electricity in the audience, a buzz in the air, considerable applause, and much humor expressed at the podium. The Ford sales, along with Stack’s November 2006 Norweb Collection sale in Baltimore, represent what may be the last such old-time auction experiences.

There is nothing like “being there” at a substantial auction. As an old-time auctioneer, I was fortunate to conduct well over 700 sales comprising thousands of sessions, and I miss the interaction that occurred during these sales.

As an auctioneer, I loved standing for hours at the podium, selling to in-person bidders, encouraging them to keep up the bidding, and controlling disruptive behavior. I would start the bidding using mail bids, take bids from all parts of the room and the phone bank, keeping an eye out for those who tried to hide their bidding, figuring out who was bidding or just stretching, and trying not to be derailed by those who talked too loudly or tried to create a distraction so that they could capture the coin. I also loved being in the room to see the excitement of acquisition and to hear the audience applause -- even to be part of the disappointment and sometimes anger of the underbidder. I remember worrying that the microphone would die, that the food would not arrive on time, that it would not be hot or good, or that we were not satisfying all those who came to be part of the sale. But mostly, I remember just enjoying the camaraderie of being with all the collectors in the room -- something the Internet can never replace.

I fondly remember a Stack’s auction in the early 1960s at the old Park Sheraton Hotel up the street from Stack’s on West 57th Street. During this sale, when a particularly appealing rare Pioneer gold coin came up for bidding, John Ford was in a fierce bidding contest with Max Kaplan, to the point where both deep-voiced, cigar-waving gentlemen stood at opposite sides of the room and yelled at each other to back off. They had to be convinced to sit down and stop shouting and disrupting the auction. On another occasion, during Bowers and Merena’s Virgil Brand Estate auction, I recall John Ford avidly bidding on an 1850 San Francisco hand-engraved and constructed unique gold medal. He was annoyed by the floor competition and, at one point, yelled out in his booming and intimidating voice: “Whaddya want this handmade cockamamie thing for?” It may have worked, for Ford won the lot for $9,900. Almost three decades later, that medal sold in one of Stack’s Ford sales for $316,250, which set a record at that time for the highest price paid for an American medal. This record was then broken in Stack’s November 2006 Baltimore auction when a gold 1889 George Washington Saint-Gaudens medal sold for $391,000, and then that record was broken in the same sale when a Zachary Taylor gold medal sold for $460,000. Both these medals sold in fierce battles between floor and phone bidders, in an auction room nearly as crowded as those during the Ford sales. These are fond memories for me, as auctioneering at Stack’s sales was work and fun at the same time.

Upcoming Events: Stack’s Bowers Galleries – The Official Auction of the Whitman Coin and Collectibles Expo, March 13-19, 2013


The auction is online and bidding is open! Click here to view the online catalog and place your bids.

We hope you can join us in Baltimore, Maryland for our Official Auction of the Whitman Coin and Collectibles Expo. The auction catalogs will be in the mail the first of next week and the auction is posted on our website for your viewing and bidding pleasure as well.  In the meantime make your arrangements to come view the lots in person! We offer convenient West Coast and East Coast viewing times prior to the auction to give you plenty of time to inspect the lots personally and calculate your bids.  Viewing times in our California office and New York Gallery are listed below and are by appointment only. Call our auction services department today to schedule your lot viewing appointment toll free at 800-458-4646.  Lot viewing is also available in Baltimore the week of the event, no appointment is necessary, just come see us at the Baltimore Convention Center on the Bourse Floor, Booth 1461.

Lot Viewing Schedule By Appointment Only
February 27 – March 1: Irvine, California Offices
March 6 – 8: New York City Gallery

Lot Viewing Schedule at the Baltimore Convention Center Bourse Floor, Booth 1461
Monday, March 11, 2:00PM – 7:00PM
Tuesday, March 12, 9:00AM – 7:00PM
Wednesday, March 13, 9:00AM – 7:00PM
Thursday, March 14, 9:00AM – 7:00PM
Friday, March 15, 9:00AM – 7:00PM
Saturday, March 16, 9:00AM – 7:00PM

Answers for the Avid Collector: 1773 Virginia Halfpenny


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:  What do each of the symbols represent within the four quadrants on the reverse shield of the 1773 Virginia halfpenny. I read that it was the coat of arms of Virginia, but I don’t know what each individual symbol represents. I think the one in the lower left is Hibernia for Ireland and the upper right might represent France, but I can’t even guess on the other two. Can you clarify?

--B.W.

Answer: The reverse arms are actually that of George III, who had jurisdiction over Virginia in 1773. At the upper right, the designation is that of France. The upper left represents Scotland; the lower right is Hannover (a German princely state and seat of the Hannoverian dynasty); and the lower left is, indeed, Ireland.

Did You Know???


Did you know that Stack’s Bowers from the 1930s to the 1950s was an original distributor of classic commemorative coins?

From the Desk of Q. David Bowers: Presidents


Written by Q. David Bowers, Chairman Emeritus

Years ago Washington’s birthday was one of the most important national holidays. It was celebrated on February 22, this being the anniversary day of his birth in 1722 as expressed in the revised calendar. Then that changed to George’s birthday being on a Monday near February 22. Lincoln’s birthday was specifically observed as well. Today, in 2013, we only have one actual American historical figure honored, that being Martin Luther King, Jr. On the religious calendar we have the birthday of Jesus, celebrated on December 25, although the actual date is not known. Lincoln, Washington, and others are combined into President’s Day, a modern catch all somewhat similar to Halloween (the origin of which was an evening to celebrate all Roman Catholic saints rather than doing this separately. However, I must not forget St. Patrick, the Irishman who has his own day and, as this is a numismatic column, worthy of mentioning in connection as his coins were once distributed in New Jersey in colonial times. Then we have Punxsutawney Phil, who has his own day on February 2, an American mammal we all enjoy.

Turning to a more serious vein, presidents have been important in American numismatics for a long time. This began in a significant way during the presidency of George Washington, the first to hold this office. Today tokens and coins related to Washington can be found in the early pages of A Guide Book of United States Coins, not to overlook the extensive section on Washington quarter dollars, and here and there commemorative coins depicting the Father of our Country. Thomas Jefferson, the third president (he followed John Adams) is memorialized on nickel five-cent pieces as well as on certain commemoratives. Abraham Lincoln is familiar of course on our penny, but also on so many other coins that in the 1920s Robert King composed a listing of many hundreds of tokens and medals. In recent times Fred Reed, distinguished author, editor of the Token and Medal Society Journal and Paper Money, has written two landmark books on Lincoln, one dealing with his image and the other dealing with various coins, tokens, medals, advertising products, and other things bearing his name or image. Both are available from the Whitman website and are worth owning. As to the greatest president after Washington, who certainly takes the honors, Lincoln is a prime candidate. Among my favorites in the rest of the field is Teddy Roosevelt who, sadly, has been noticeably lacking from regular or commemorative coinage, although a teensy, weensy, picture of him as part of the Mount Rushmore group can be see on some commemorative coins. Other presidents could be mentioned, of course, including “Silent Cal” Coolidge, who as a living president in 1926 was depicted on commemorative half dollars.

Beyond coins, a nice selection of presidents can be found on American currency old and new. Washington is the most familiar on $1 notes. Non-presidents are also represented, most familiarly Alexander Hamilton and Ben Franklin.

Tokens featuring presidents, used for monetary substitutes, are a rather rare breed of cat, although enough exist that a nice display can be formed, such as of Civil War tokens. Medals are another thing entirely, and all presidents have been honored in one way or another, some of them with multiple productions.

Viewed from any angle, presidents are indeed a dynamic and fascinating part of American numismatics.

United States Coin of the Week: 1907 Wire Rim Eagle MS-66 (NGC).


Article by Greg Cohen, Professional Numismatist and Consignment Director, U.S. and World Coins. Coin description written by James Matthews, Senior Numismatist and Consignment Director, U.S. Coins

Among the most popular gold issues of the 20th century are the beautiful eagles and double eagles designed by Augustus Saint-Gaudens in 1907. Well known, and often told, is the story of the evolution of the Saint-Gaudens double eagle, but a similar evolution took place for his Indian Head $10, and like the double eagle, this evolution created a pair of the most beautiful sub-types in the entire US gold series.

Among the highlights of our March Baltimore auction is a lovely superb Gem example of the 1907 Wire Rim $10, graded MS-66 by NGC. For this sub type, the accepted mintage is a mere 500 pieces struck, and this is the closest permutation of Saint-Gaudens’ original, intended design. There are 19 grading events at NGC at the MS-66 grade level, with only nine graded higher, although we suspect that there is some repetition reflected in the numbers. The piece presently offered is very well struck and has beautiful luster and original toning, as noted in our description, and would be the cornerstone to a wonderful collection of $10 Indians.

Be sure to view this coin in person during our lot viewing sessions, whether in Irvine, New York, or Baltimore. Catalogs are currently being produced and will be in the mail shortly, and the listings will likewise be posted to www.stacksbowers.com. To request a copy of the catalog, please contact one of our auction service representatives. If you are looking to consign coins to any of our upcoming auctions, including our May New Orleans, June Baltimore, or August ANA auction sale in Chicago, please contact a consignment director to discuss your collection.

World Coin of the Week: Shantung 10 Dollars Pattern Struck in Gold


Written by Chris Chatigny, Cataloger.

This week an incredible Shantung 10 Dollars Pattern struck in gold offers a brilliant and rare coin and an incredible story. This beautiful coin was struck on a pattern basis and was never released for circulation which greatly enhanced its rarity. The story of the warlord who issued it adds interesting history to the coin as well. This chaotic period of Chinese history is known as the “Warlord Era” (1916-1930), and for good reason. The local military governors and various warlords were vying for control after the death of Yuan Shih-kai, which had left a power vacuum. One of these warlords was Zhang Zhongchang who grew up in poverty in the province of Shantung. At the age of 30 Zhang joined a bandit gang and maneuvered it into the service of the local military governor. After an early defeat he sought refuge in Manchuria with the warlord Zhang Zuolin. Zhang Zhongchang quickly impressed his superior by offering him a simple gift which represented his ability to bear any burden handed to him, and was promptly promoted.

With a command position Zhang Zhongchang rapidly became a capable and effective warlord general, effectively using armored trains, nurses, and White Russian mercenaries. Zhang incorporated a large number of members of the White Russian faction from the Russian civil war (1917-22). A large group of White Russian nurses helped to boost the morale of Zhang’s troops, and their combat efficiency. This success made Zhang very popular, and he earned several nicknames over the course of his career. Zhang was an avid gambler, and he especially enjoyed Pai Gow, which earned him the nickname “Dogmeat General” because Pai Gow is sometimes called “eating dog meat.” One of his other interesting nicknames is “72 Cannon Chang.” Another colorful nickname attributed to him was “Three Don’t Knows” because he said he “didn’t know how much money he had, how many concubines, or how many men in his army.” His harem of concubines of various nationalities was indeed very large, and he is said to have assigned each woman a number since he could not remember all of their names (or speak their languages). Yet another fascinating story about the Dogmeat General is his ingenuity with his supplies. After defeating a rival army and absorbing a large amount of defectors, Zhang chose to incorporate them into his own officer corps. He then promoted all of his existing officers but his supply of metal had run low, so he had his men fashion stars out of gold and silver foil from their cigarette packages.

This lack of metal helps to explain why these Pattern 10 Dollars gold coins are so scarce. Zhang ordered this coin to be minted in 1926 at the Tientsin Mint in small quantities. They were never released for circulation most likely due to the lack of physical metal. In addition to his involvement in the coin production for his province, Zhang also oversaw the cremation of banknotes for the Shantung province.

This coin is extremely well finished according to Kann, due to its minting at Tientsin and its pattern quality. The details on the obverse of this coin exemplify the precision and care taken in the creation of these pattern gold pieces. A circle encloses an open wreath of decorative ears of wheat, which surrounds two Chinese characters which state the denomination of 10 Dollars. The upper Chinese legend states: “15th Year of the Republic of China” while the lower legend reads: “Gold Coin of Shantung Province.” These two legends are separated by eight-petalled flowers or rosettes. While the obverse provides all of the necessary numismatic information, the reverse visually stuns the viewer with its incredible design.

This dazzling design integrates Imperial symbolism but it was issued by the Republic. Imperial sympathizers may have influenced this design to commemorate the wedding of the last Manchu emperor, Pu Yi. The Dragon, well established as an Imperial symbol, is shown on the right side, meeting with the phoenix on the left side over the insignia of longevity, according to Kann. The connection to a wedding is further reinforced when you notice that the phoenix and dragon are each holding wine cups, possibly toasting to the emperor and his new wife’s health. The design is similar to an earlier silver dollar issue, but the level of detail for this piece – given its uncirculated pattern characteristic – elevates this coin’s value and collectability considerably. This particular coin is the highest certified by NGC or PCGS for its type. The story of Zhang Zhongchang further enhances the mystique surrounding this coin, resulting in an incredible coin with a fascinating story.

Look for this and other Asian numismatic rarities in our upcoming April Hong Kong Sale. Preview this impressive coin along with the rest of our auction this March 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.

Friday, February 15, 2013

United States Coin of the Week: Incredible High Grade Key 1870-CC Eagle


Article compiled by John Salyer, based on coin description written by James Matthews, Senior Numismatist and Consignment Director, U.S. Coins

After our incredible January Americana Sale in New York City, which produced the single-highest price ever realized for a rare coin—the amazing $10 million 1794 Flowing Hair silver dollar—our upcoming March sale may have a hard act to follow, but a number of exciting rarities are already on tap for that rapidly-approaching event: the Stack’s Bowers Galleries Official Auction of the Whitman Coin and Collectibles Baltimore Expo, to be held at the Baltimore Convention Center from March 12 through March 15.   

Among those offerings will be a rare 1870-CC gold eagle, one of the avidly-sought coins from the first coinage date of the famed Carson City Mint in Nevada.

This example is boldly struck and exhibits pleasing, light green-gold coloration and a slight degree of rub on the high points of the design. Both sides display scattered minute marks. This is one of the most sought after rarities of this challenging series. Today perhaps 45 to 60 of these are known in all grades. This example is one of the absolute finest seen, not only by PCGS but also by NGC--as the finest seen at both grading services is About Uncirculated-55. Thus, the present coin is likely in the top 10 to 20 percent of those known from this date and mint, and ever so close in terms of quality, eye appeal and overall grade to the very finest known today.

So why is this date so important? First off, this is the first year the Carson City Mint operated and produced coinage for circulation. While that Mint technically opened in 1869, no coins were produced that initial year. By 1870 coinage began, and most of that year are historic rarities and represent some of the most challenging dates to acquire in any series coined in Carson City. The Liberty eagle, with so few known, is certainly one of these great rarities and demand is always strong. Due to its proximity to sources of gold and silver, the Carson City Mint was limited to coining those metals, thus no copper or nickel coinage was struck at this branch mint. However wouldn't it be nice if an 1870-CC Indian cent existed, or an 1870-CC Shield nickel? Were these metals found in that region of the West, they very well could have been a reality today. Needless to say, this Liberty eagle is a prize and is destined to move into an advanced collection where it will long be admired and enjoyed by its future owner.           

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Upcoming Events: Consign Your World Coins to The Only Official Auction of the World’s Fair of Money


By Greg Cohen, Professional Numismatist and Consignment Director, U.S. and World Coins. 

For the third straight year, Stack’s Bowers Galleries has the honor of being the official auctioneer of the American Numismatic Association’s World’s Fair of Money. Arguably the most important numismatic convention of the year, the summer ANA draws thousands of collectors and dealers from around the world for a week of auction activity, a large bourse, as well as educational displays and seminars, club meetings, and other opportunities to enjoy our great hobby.

As the official auctioneer, Stack’s Bowers Galleries will present a wide array of coins, medals, tokens and currency from the United States, and Stack’s Bowers and Ponterio will present a wonderful auction of coins and paper money of the world, from the ancient to the modern era. We are inviting consignments to this dynamic event until May 10.

We already have some great consignments on hand for this event, which are in the process of being graded, photographed, and cataloged. Your consignment will join these fabulous items. Among the highlights already consigned are:

1936 Olympics medal in the original case

1826 Russian Coronation Jeton in gold

Brazil. 20,000 Reis, 1726-M MS-63 (NGC)

Brazil. 4,000 Reis, 1719-B MS-62 (NGC)

A fresh to market collection of high grade Brazilian gold coins that are currently being graded.

Great Britain. Pound, 1642 Oxford

Russia.  3 Ruble, 1884.

Ancient Greece. Syracuse. Decadrachm.

Whether you are interested in consigning an entire collection assembled over a lifetime, duplicates from your collection, or individual rarities, there is still ample time to put your rare world and ancient coins and paper money in our official ANA sale. Contact one of our consignment directors as soon as possible to discuss your holdings and this opportunity to market your coins to the largest audience of active buyers. The market for world and ancient coins is robust, and now is a great time to sell. We look forward to working with you!

From the Desk of Q. David Bowers: Our Upcoming March Baltimore Auction


Written by Q. David Bowers, Chairman Emeritus

As I write these notes I am in the middle of a very enjoyable pursuit: reviewing the panorama of coins, tokens, medals and paper money on deck for our forthcoming auction at the Whitman Coins & Collectibles Baltimore Expo in March. If you plan to attend you know the excitement that always prevails. If you have never attended, check your schedule, check the map, and make plans to come to Baltimore. The convention is dynamic with hundreds of dealers in the bourse, wonderful numismatic items in our official auction, and a lot of old-fashioned good times and camaraderie. It is one of my favorite shows and I will certainly be there.

Our auction will have something for just about every numismatic preference. To describe my favorites would take many paragraphs, but here are some that come to mind as I write. Colonial and early American coins include additional pieces from the cabinet of Ted Craige, an old-time New York state numismatist who sought fine quality and, at the same time, enjoyed the history and romance of his coins. I remember sitting with him at a table in his home looking at state coppers of the 1780s as he passed them one by one to me, giving his opinion of the quality or telling how he acquired it. Ted was unusual but not unique in that if one example of a variety was pleasing, then two or three were even better! Accordingly, in some of his favorite series, Vermont coppers being an example, there will be multiples in the Baltimore sale. His collection of French Colonies is world class. Other coins could be mentioned as well, but I will let the catalog and Internet presentation surprise you. One of my very favorite items from the 18th century is the Theatre at New York “penny.” A magnificent specimen of this is offered.

Among other early coins a gorgeous 1792 silver half disme in Choice Mint State will attract attention. It seems like only yesterday when we offered the Cardinal Collection example on January 24. Now comes another opportunity, not in the same “ultra” grade, but still beautiful, historic, and memorable -- furnishing the occasion to tell once again its fascinating story. Early large cents include many interesting varieties, transitioning to later issues, then multiple examples of the famous 1856 Flying Eagle cent, a nice selection of patterns of 1858, and many interesting, indeed exciting, Indian and Lincoln cents. Among the Indian cents is one of the greatest “story” coins of all time, the 1875 with a raised dot on the reverse. A necessary part of any Stack’s Bowers auction, it seems, are 1909-S V.D.B. cents and 1955 Doubled Die cents, both nicely represented with multiple offerings. Two-cent and three-cent pieces will satisfy, as will nickels of all kinds, including Proof and Mint State pieces in seldom seen grades.

Silver coins range from trimes to trade dollars, with nice representations of the various types in between, sprinkled with key dates, Condition Census coins, and other highlights. Gold coins are similar and include basic “type” coins and popular varieties, as well as early issues, Proofs, and high-level Mint State specimens. The offering of commemoratives is extensive, and also includes some nice related material, such as a veritable museum exhibit of ephemera connected with the 1934 Maryland Tercentenary. I mention territorial gold and patterns as well. Medals are likewise important and are highlighted by the famous Libertas America medal in silver.

Paper money includes some marvelous proof notes from New England, all of which are scarce and some of which are exceedingly rare or even unique -- an offering to be long remembered. Federal notes encompass popular large-size types such as have high rankings in The 100 Greatest American Currency Notes plus small-size notes with intriguing and fancy serial numbers, and more.

The catalog will be in print soon. If you are a subscriber, watch for it. If not, the entire panorama is available free of charge at our website: www.stacksbowers.com, including high-resolution color pictures. Get ready! Get set! Almost Go! I’ll see you in Baltimore or, if you don’t attend, I hope you will participate by bidding on the Internet, either before the sale or in real time. Either way, a memorable experience awaits you.

Did You Know???


By Harvey G. Stack, Senior Numismatic Consultant

Did you know that Stack’s Bowers has conducted more public coin auction sales in the United States than its nearest competitor?

Upcoming Events: The Only Official ANA Auctioneer This Year


Stack’s Bowers has been selected by the American Numismatic Association as the Official Auctioneer of the May 2013 New Orleans National Money Show and the August 2013 Chicago World’s Fair of Money. As the only official ANA auctioneer in 2013, we promise you two very exciting auction events that numismatic enthusiasts will look forward to.

The 2013 ANA National Money show will showcase an extensive selection of U.S. Coins, medals and more.  The auction is being held May 9-11, 2013 at the Ernest N. Morial Convention Center, located at 900 Convention Center Boulevard, New Orleans, LA 70130.  You can be a part of the action by consigning your U.S. coins and medals by March 18th. Contact one of our consignment specialists toll-free at 800-458-4646 (West Coast) or 800-566-2580 (East Coast) for more information, or bring your collection to the Whitman Coin and Collectibles Expo in Baltimore, Maryland, March 12-15 and meet with us in person.  Let Stack’s Bowers Galleries help you realize the best possible price for your collection. 

World Coin of the Week: Kwangtung 7.2 Candareens Reversed Pattern


Written by Chris Chatigny, Cataloger.

The Edgar Mandel Collection provides another fascinating Asian numismatic highlight. This extremely rare coin will cross the auction block in our upcoming Stack’s Bowers and Ponterio April Hong Kong auction. This piece, much like the Taiwanese “Old Man” Dollar featured last week, represents another important milestone in Chinese minting history. The coin is a 7.2 Candareens (10 Cent) piece from Kwangtung province from the famous “Reversed Pattern” series. The story behind this coin begins in 1887 when the Viceroy of Kwangtung province, Chang Chi-tung, authorized the first modern mint in China to be built in his province. With equipment from the Birmingham Mint, China created the largest mint in the world at that time. The inaugural issue, known as the “Seven Three” series, contained a greater proportion of silver than the rival Mexican dollar. Most of these pieces were promptly melted down and became quite scarce. The next series saw a slightly reduced silver content, but were essentially identical to Alan Wyon’s original engraving designs but with a few modifications.

This second series would become known as the “Reversed Pattern” series. This is due to the inclusion of both English and Chinese legends on the obverse. The Chinese authorities disapproved of this placement and kept this series from entering circulation, resulting in this group of coins being much rarer than the first “Seven Three” series. This series also bears the distinction of possibly being the first Specimen or Proof set minted in China (the Seven Three series was minted in England). Another distinction is that this series would set the precedent for the Imperial Dragon coinage. The standard pattern for later Imperial Dragon coinage would have the inscriptions reversed, with only Chinese characters on the obverse and the English on the reverse surrounding the Dragon.

The obverse contains four large Chinese characters, which depict “Kuang Hsu Yuan Pao” which means Valuable Coin (from the) Kuang Hsu (regime). In the exact center are found four Manchu characters which denote the same information. The upper legend states “Kwang-Tung Province” and the lower legend provides the weight, 7.2 Candareens, which also provides its value of 10 Cents when converted to the Tael system. These upper and lower legends are separated by small rosettes.

The reverse of the coin features the distinctive Imperial flying Dragon in center, surrounded by Chinese characters. This upper legend reads: Made in Kwangtung Province. The lower portion states: Treasury scales, 7.2 Candareens (denomination/weight). This important piece is very elusive and missing from most major collections. The “Reversed Pattern” series was struck in a much smaller quantity than the “Seven Three” series and was never released for circulation, making it highly collectible. This coin represents the Chinese emerging into modern minting and is therefore an important piece of Chinese numismatic history.

Look for this and other Asian numismatic rarities from the Edgar Mandel Collection in our upcoming April Hong Kong Sale. Preview this impressive coin along with the rest of our auction this March 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.
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Crossing the Block: The Hans and Birgit Neuberg Collection of U.S. Gold Coins


By Greg Cohen, Professional Numismatist and Consignment Director, U.S. and World Coins.

In the tradition of offering old time cabinets of fine Asian coins in our Hong Kong venue (Wa She Wong, Chin Family, Demarete, Bressett and others), Stack’s Bowers and Ponterio is very proud to present the Edgar J. Mandel Collection to the current generation of collectors. Mandel, born in 1920. specialized in Asian coins, collecting generally from the 1950s to the  1970s. Not only was he passionate about the coins he collected, but he authored standard references in his areas of interest, filling voids in the numismatic understanding of Asia. In many cases these references were not superseded until very recently and were the main sources of information for an entire generation of collectors of Asian coins. His most famous works were Cast Coinage of Korea, Metal Charms and Amulets, Trial Listings: Korean Charms and Amulets, and The Copper and Brass Coins of Kirin. Mr. Mandel passed in 1976, leaving behind a wonderful numismatic legacy.

Stack’s Bowers is pleased to present the Hans and Birgit Neuberg Collection of U.S. gold coins. Assembled primarily in the 1970s, this collection has a strong concentration on early gold types. The majority of the coins were purchased privately from Stack’s and from various Stack’s auctions. Since these were all purchased prior to the invention of third party grading, the coins arrived in our offices uncertified and were subsequently submitted to PCGS for certification.

This collection, fresh to the market, includes some popular and scarce gold issues. Listed below is a small sample of highlights from this fantastic collection. If early United States gold coins are your specialty, be sure to view this collection, as well as the entire Stack’s Bowers Baltimore auction. There will be something for everyone!

1799 Capped Bust Right Half Eagle. BD-6. Rarity-5. Small Reverse Stars. AU-55 (PCGS).
1802/1 Capped Bust Right Half Eagle. BD-7. Rarity-5. AU-55 (PCGS).
1803/2 Capped Bust Right Half Eagle.BD-1. Rarity-4. AU-58 (PCGS)
1805 Capped Bust Right Half Eagle. BD-1. Rarity-3+. AU-58 (PCGS).
1806 Capped Bust Right Half Eagle. BD-6. Rarity-2. Round-Top 6, Stars 7x6. MS-63 (PCGS).
1807 Capped Bust Right Half Eagle. BD-1. Rarity-4+. Small Reverse Stars. AU-58 (PCGS).
1809/8 Capped Bust Left Half Eagle. BD-1, the only known dies. Rarity-3+. AU-58 (PCGS).
1811 Capped Bust Left Half Eagle.BD-1. Rarity-3+. Tall 5. AU-55 (PCGS)
1858-C Liberty Half Eagle. MS-61 (PCGS).
A complete PCGS-graded set of Indian Head half eagles, with both the 1909-O and 1929 graded AU-58.
1795 Capped Bust Right Half Eagle. Small Eagle. BD-3. Rarity-3+. EF Details--Cleaning (PCGS).
1797 Capped Bust Right Eagle. Heraldic Eagle. Taraszka-12, BD-4. Rarity-4+. AU-50 (PCGS).
MCMVII (1907) Saint-Gaudens Double Eagle. High Relief. Wire Rim. AU-58 (PCGS).

The March Baltimore auction will be posted to www.stacksbowers.com shortly, and catalogs will also be in the mail before long. If you are not currently on our mailing list, contact an auction services associate to add your name. We look forward to seeing you at the auction, or at lot viewing where you can see these impressive coins in hand for yourself. If, like the Neubergs, you have a collection of rare U.S. gold coins that you would like to consign to one of our upcoming auction sales, including the May New Orleans ANA sale, the June Baltimore sale, or the official August ANA Convention auction in Chicago, now is the time to contact one of our consignment directors