Thursday, March 28, 2013

Remember When: Remembering the 1940’s


By Harvey G. Stack, Senior Numismatic Consultant

I first became a full-time employee of Stack’s when the firm was located at 12 West 46th Street in Midtown Manhattan. Prior to that I had pitched in part-time at the previous address, 32 West 46th Street, and as a mere youngster I had known our facility at 690 Sixth Street as well.

The 12 West 46th location became the classic “club house” for collectors of the day, attracting them from all over Connecticut and New Jersey, as well as from the five boroughs making up New York City. People could sit comfortably and chat, and Stack’s did not follow commercial numismatic custom of the day, making customers stand up at a counter or else move on.

I remember listening to Harold Bareford and Martin F. Kortjohn, the latter an up-and-coming collector who was American Numismatic Association president, as well as an active leader in several Metropolitan New York area coin clubs. Additions to this list of visitors would be many, including Otto T. Sghia (Bronx Coin club, president of the New York Numismatic Club), Raymond Gallo, Dr. William H. Sheldon, Doug Smith, Dr. Charles Green, Louis E. Eliasberg, and numerous other notable collectors of the time.

An academically trained German numismatic scholar, before he arrived as a refugee in New York, Henry Grunthal started work with Stack’s in the early 1940s, later becoming a dealer on his own and ultimately a curator of the American Numismatic Society. Henry later commented on the gatherings: “During the war, they had a sofa in front of the store and some of these old collectors wouldn’t buy anything, they just sat there and discussed the progress of the war, and about coins they had, but they weren’t there primarily to buy.”

Cornelius C. Vermeule worked for Stack’s in the mid-1940s, before and after a stay in the Financial Department of the U.S. Army. While in service he cataloged the collection of the Bank of Japan. After being with Stack’s he became a curator of the Museum of Fine Arts in Boston. From his days in our West 46th Street store, he recalled: “People would come in, sit, talk about coins, discuss things in a very relaxed club-like fashion, as opposed to today’s hurried, frenetic pace.”

All these collectors became teachers to me and my cousins Benjamin and Norman, and we evolved from this numismatic education and mentoring.

The “club house” brought together a group of leaders in numismatics, which later formed the nucleus of the Metropolitan New York Numismatic Conventions, directed by nine major clubs in the new York, New Jersey, and Connecticut area. They had an annual convention in the spring each year during the 1950s, 1960s and early 1970s.

Stack’s was the auctioneer at these conventions. The dinners held at the end of each show became a “roast” of the Stacks, who always arrived late because of the closing of each auction. Harold Bareford, who served as master of ceremonies, always jested at dinner: “I guess you guys were too busy counting your profits from your sale to be on time for dinner! I’m hungry, so sit down so we all can eat!” This was a typical friendly-sarcastic remark one would hear from Harold.

Wednesday, March 27, 2013

Answers for the Avid Collector: Store Cards


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 is a store card? –M.A.

Answer: The term “store card” refers to a metallic token, such as a Civil War or Hard Times token, that bears the name of a specific merchant, store, tradesman or business.  Thus, an 1844 copper cent-sized token bearing the name of J. Cochran, bellfounder, of Batavia, New York, is considered to be a store card. Somewhat related are “patriotic” and “political” tokens, usually with motifs relating to political figures, issues or sentiments.

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.


Upcoming Events: Chicago, here we come!!!


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

Numismatically speaking, April is very active, being the month of the Chicago International Coin Fair (CICF) and the Central States Numismatic Society (CSNS) Show. This year, both shows are back to back, with CICF being held in Rosemont, IL from the 18th to the 21st and the CSNS show being held in Schaumberg, IL from the 24th to the 27th.

The Stack’s Bowers team will be in attendance at both conventions, buying and selling numismatic items, as well as soliciting consignments for our dynamic upcoming auction sales (including the official ANA convention to be held this August in Rosemont). We will also be showcasing upcoming auction highlights already on hand for our upcoming sales. Kent Ponterio and Vicken Yegparian will be attending the CICF show, while Chris Napolitano, Chris and Melissa Karstedt, Bruce Roland Hagen, and Scott Reiter will be attending the CSNS show. I will be attending both events.

If you are in the Chicago area, please contact any one of us to arrange a meeting to discuss your holdings. Whether you are looking to sell your coins outright or consign them to a sale, we are at your disposal and it would be our pleasure to work with you. The Stack’s Bowers team looks forward to seeing you this April in Chicago!

Did You Know???



Did you know that Stack’s Bowers is the only official auctioneer of the American Numismatic Association this year?

From the Desk of Q. David Bowers: Revisiting a Timeless Standard Book


Written by Q. David Bowers, Chairman Emeritus

There is room for one in your library

Upon my return from the dynamic Whitman Coins & Collectibles Expo in Baltimore, I found a copy of the latest issue of Numismatic News, dated March 19. Reading through it I enjoyed the article about the New Hampshire quarter launch by Bob Fritsch, who with a number of other numismatists was on hand at the event two weeks ago. Then I came to page 6, David C. Harper’s editorial, which I reprint herewith. A nod to Dave Harper for his nice words. The following comments are his:

Hardly a week goes by without a new book being published on some aspect of numismatics -- coins, tokens, medals, paper money and the like, American and foreign, not to overlook ancient coins. Today in 2013 a basic American numismatic library is essential to being a smart buyer and, equally important, to enjoying the coins in your collection or those you anticipate purchasing. The history of many pieces can come alive simply by reading about them.

There is one book that is certainly among the ten finest American references ever written. It is Early American Coins, by Sylvester S. Crosby, published in 1875. Crosby, a watchmaker, jeweler, and dedicated numismatist, was commissioned to write a book describing all aspects of early American coinage, including legislation, contemporary economic situations and, of course, the coins themselves. After years of unstinting work the book was published.

Today it is the main source in print (actually reprint) form for general information on the cover topic. Although many new varieties have been discovered since and certain information has been revised, Crosby remains standard.

When I first began my interest in numismatics I set about building a library. A copy of Early American Coins was among my first purchases. I sat down, read it from cover to cover, and was absolutely enchanted with coinage from Massachusetts silver onward. Particularly fascinating was the description of Machin’s Mills, a private mint located on the shore of Orange Pond near Newburgh, New York, that turned out counterfeits of various British and other coins.

Today there are quite a few reprints of Crosby available, including some cheap productions that can be found on the Internet. If you are seeking an example I recommend that you contact a standard numismatic bookseller, such as a member of the Numismatic Bibiomania Society, and acquire a nice hardbound copy with quality illustrations. I guarantee you will find it to be worthwhile.

World Coin of the Week: Lunar Series Gold 1,000 Yuan Pieces


Written by Chris Chatigny, Cataloger

The Stack’s Bowers and PonterioApril 2013 Hong Kong Auction contains a staggering amount of Modern Chinese coinage, over 400 lots! These include the always desirable Panda Series, the unique Unicorn Series, and various other commemorative sets. The iconic Lunar Series, complete with majestic animal imagery and impressive architectural motifs, always draws a crowd when offered at auction. The Chinese Lunar Zodiac assigns each year in a 12 year cycle a representative animal and various attributes to said animal. Everyone born in that year is said to display traits and behaviors similar to that animal. The wise Snake and independent Horse are the features for this week, and these exciting Lunar Series pieces are sure to inspire.

The current Lunar year is the Year of the Snake. Two Lunar Cycles ago, 1989, the Year of the Snake was commemorated with a series of coinage depicting the wise Snake.  The reverse side of the various Lunar Series coins depicts an artistic representation of the specified lunar animal, usually from a famous Chinese painting or illustration. The piece of art used to depict this snake is a famous watercolor called “Snake Draft” by Qi Baishi. The snake is depicted slithering past a tuft of grass, with symbols referring to the painting and artist. The celebrated Chinese artist Qi Baishi (1864-1957) is defined by his playful brushstrokes in watercolor, and his work is further immortalized through the medium of numismatics. The outer design shows the denomination of 1,000 Yuan with an artistic rosette at either side. The border depicts a small image of a snake coiling around a turtle, repeated nine times. The upper legend states “The People’s Republic of China”, and the lower legend expresses the date, 1989. Between these legends is an architectural depiction -- one of the major passes through The Great Wall of China is shown, the gate to the Shanhai Pass. The gate is located at the easternmost end of the Great Wall, where it meets the Pacific Ocean and was of very high strategic importance. The Snake represents wisdom and awareness in the Lunar Series, and this coin with a mintage of only 200 pieces is surely a wise choice for any collector to pursue.

The second coin featured is a similar 1,000 Yuan 12-ounce Gold piece, but this coin features the Year of theHorse. The reverse of this piece also depicts a famous Chinese painting. Xu Beihong (1895-1953) is famous for his paintings of horses and birds, and the painting that this design is based off of shows two horses running side by side at full gallop. The image evokes a sense of freedom and energy, key traits for the patron animal and those born in the Year of the Horse. Xu Beihong was an expert in the use of oils and Chinese ink, and for combining traditional Chinese styles and Western techniques with bold brushstrokes. Symbols referring to the artist and painting appear in the right field above tufts of grass. The denomination of 1,000 Yuan appears below the galloping horses. The obverse follows suit as well, with an image of iconic Chinese architecture. The Dacheng Hall (Hall of Great Achievement) is pictured, with the upper inscription reading “The People’s Republic of China” and the lower legend stating the year of issue, 1990. The Dacheng Hall is the central building of the Temple of Confucius complex. The temple is located in Confucius’s hometown of Qufu, and offerings can be made here to honor Confucius’s memory.

Each of these magnificent 12-ounce Gold 1,000 Yuan pieces displays a remarkable level of detail and artistic prowess. Make sure to look for these and other Asian numismatic rarities in our upcoming April Hong Kong Sale. For details please refer to the Auction Schedule/Details link under Current Auctions at www.StacksBowers.com.

United States Paper Money of the Week: March Paper Money Session End Baltimore Sale with a Flourish


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

The auctioneers at our March 15, 2013 paper money session in Baltimore had the undivided attention of all bidders, floor and Internet, over the course of 924 lots as just over $2 million was sold in our strongest Baltimore paper money auction yet. The often frenetic bidding activity sometimes slowed things a bit, but many notes had multiple room bidders and several more on the internet. The Obsolete Currency section was especially active and was easily the most exciting offering sold since our ANA sale last August.

Colonial notes encompassed very rare items to the most popularly collected types. Though several notes failed to reach low estimate, the vast majority sold. The strongest activity was in notes valued in the $500-$1,500 price range, preferably PCGS certified, and with historical interest or eye appeal. Several sharp looking Georgia notes, recently discovered, found new homes such as Lot 5008 at $2,585, a bold 1776 Justice Seal $1 note.

The 216 lots of Obsolete Currency, with few exceptions, saw spirited action from multiple directions and bidders. Several old collections were consigned and many of these notes were last sold long ago or, in some cases, were absolutely new to the market. The highlights are too numerous to mention as very few notes sold below low estimate. Obsolete proofs were led by a stunning Bank of North America $1000 proof that was recently discovered and one of two known. Opening at $13,000, this treasure, Lot 5183, finally settled at $29,375. A magnificent collection of Rhode Island proof notes not only boasted a 100% sell through, but more often than not, the high estimates were approached or topped. The stunning Newport Bank of Rhode Island green $100 proof, Lot 5215, saw the fiercest action before stopping at $15,275. This was multiples what it brought the last time it was sold. High denominations and color notes were the strongest, but there was much bidding depth in the $500-$1,500 bidding range. A strong Virginia section was topped by impressive and likely record results for Virginia Treasury Note types Cr. 1 and Cr.2. The $100 Cr.1, Lot 5348, realized an astonishing $21,150.  The $50 Cr.2 also climbed the ladder fast to $15,862.50. Strong interest in Presentation Vignette Books continues. A mammoth format BEP vignette book with over 200 plates, Lot 5356, fetched $21,150, which might be the all time record for any book from this genre.

Federal Large Size, Small Size and National Banknotes gathered up the final, close to 600 lots. A compact section of Large Size type had a superb PCGS Gem New 67 PPQ $5 Educational, Lot5413, realize $49,937.50 -- just missing the $50K plateau. The session was rich in Small Size Currency with several new collections being offered for the first time. Superb notes from the well crafted Thomas Vandenbosch cabinet featured rarely seen blocks, mules, high grade types and a lovely 1933 $10 Silver Certificate, Lot 5505, that was very actively pursued to $25,850. The Serial Number 3 1934 $5,000 Fr.2221-B topped the entire session at $70,500 when sold as Lot 5561. Unusual serial number notes, number one notes, fancy number sets, and related items were sold as a special section. A select group of National Banknotes included several rarities, with the highlight an Original Series National Lafayette Bank of Cincinnati, Ohio $100 Fr.461, Lot 5885, which finished at $32,900, well above high estimate.

Though the session was done for Friday, there were 392 Internet Only lots sold on Tuesday, March 19th. Many were rather strongly bid, particularly attractive and scarce obsolete banknotes. Additional Rhode Island proofs from that collection met with further enthusiasm. A gorgeous full color Western Bank, Philadelphia $10, lot 9099, realized 1,292.50.

In the wake of this auction’s success, it is great time to make plans to consign to the 2013 ANA World’s Fair of Money Sale at Rosemont. We are already planning a stellar paper money offering at the ANA based on consignments in hand. Each of the last two years had sales in excess of $6 million each 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. See us at the CSNS Show in Schaumberg at the end of April, or preferably call toll-free, Matt Quinn (1-800-458-4646 in CA) or Bruce Hagen (1-800-566-2580 in New York) to discuss placing your important paper currency in the coveted ANA auction. A great selling opportunity awaits you.

United States Coin of the Week: Incredible Gem Proof-66 1912 Matte Proof Double Eagle Realized $117,500 in our March Baltimore Auction


Article by John Salyer, Numismatist and Cataloger, U.S. Coins.  Based on the lot description by James Matthews, Senior Numismatist and Consignment Director, U.S. Coins

Our recent March Baltimore auction produced some outstanding prices realized, not least of which was the amazing total of $117,500 paid for a beautiful 1912 Saint-Gaudens ProofDouble Eagle, graded PR-66 by PCGS and CAC. From a tiny mintage of just 74 pieces, this coin is one of the finest survivors from that small group.

These Matte Proof coins were first introduced in 1908, and quickly proved to be very unpopular among collectors accustomed to either the traditional polished Proof finish, with reflective fields and frosted central devices, or the “semi-brilliant” Proof finish employed extensively during the years between 1902 and 1907. In 1909 and 1910, the Mint employed another experimental Proof finish variously referred to as the “Roman” or “satin” finish.

The Mint resumed using the matte finish for Proofs in 1911, and continued to tinker with variations of this process in 1912, when the surfaces were sandblasted after striking to create thousands of sparkling facets in the fields, in contrast to the bright field textures seen on the 1909 and 1910 specimens.

Our catalog description of the impressive 1912 premium Gem Proof coin, referred to above, was penned by Senior Numismatist and Consignment Director James Matthews, and bears repeating:

“From the original mintage there are perhaps 45 to 55 of these known today -- this is one of the finest seen by PCGS with just a single coin noted finer by their ‘+’ designation at this level. The color is a bright mustard yellow-gold, perfectly uniform throughout. Examination finds the expected microscopic facets that reflect back twinkling light like a galaxy of stars when examined under a light. This matte finish is unique to a few years at the Mint on these Saint-Gaudens Proof gold coins, some years the matte finish was darker, others more of a khaki color, but always attractive. Boldly struck throughout with virtually no signs of handling on the surfaces. No copper specks or shiny areas are present, and likely in essentially the same condition today as when it left the dies 101 years ago.

“These early Matte Proofs are the absolute caviar of American numismatics. Their mintage was tiny and survivors are even fewer today. At the Gem level these are well beyond most numismatists means to purchase, but they are always in high demand -- far higher than the meager supply of coins that trickles onto the market in any given year. Here is history in your hands, in the form of the highest and finest available of our most handsome denomination.”

Thursday, March 21, 2013

Upcoming Events: A Busy Spring!


There is a lot of activity this spring here at Stack’s Bowers, with something for everyone, whether you’re interested in buying, consigning or appraisals.

·         The Coin and Currency Appraisal Event with Trusted Experts, March 22-24 from 9:00AM- 5:00PM in San Francisco. Click here for more info.

·         The May 2013 Official Auction ofthe National Money Show in New Orleans consignment deadline is March 25th.  Stack’s Bowers Galleries is the proven leader in achieving the highest auction prices for the past 80 years. Now the team that auctioned the first coin to break the $10 million mark is standing by to achieve remarkable results for you in New Orleans at the Official Auction of the ANA National Money Show this May. We invite you to join us in one of the nation’s most lively and colorful cities for this exciting auction event that will attract eager coin buyers from all over the world. Call your favorite consignment specialist today at 800-458-4646 (West Coast) or 800-566-2580 (East Coast).

·         The Stack’s Bowers and Ponterio April 2013 Hong Kong Auction of World and Ancient Coins, Chinese Coins and World Paper Money begins with Session A on April 1st at the Sheraton Hong Kong Auction Hotel and Towers. Click here for the auction schedule or to view thelots.

·         The Stack’s Bowers and Ponterio team will be at the Chicago International Coin Fair in Rosemont, IL from April 18th-21st. Visit us at Table 502.  

·         The Stack’s Bowers team will be at the Central States Numismatic Convention in Schaumberg, Illinois from April 24th to 27th. Visit us at Tables 400-403, 500-503.

Answers for the Avid Collector: How to Build a Type Set of U.S. Gold Coins


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 would like to build a type set of United States gold coins but do not know how to begin. I do not have an unlimited budget, and yet I would like to have a nice display. Can you make some suggestions for a basic type set which could be expanded, if desired, into a larger type set later? – L.I.

Answer: To be very basic you could build a set  of one of each denomination of U.S. gold coin produced for general circulation, the $1, $2.50, $3, $5, $10, and $20. Beyond that, a popular set to form comprises the following late 19th and early 20th-century issues: gold $1, Liberty Head $2.50, Indian $2.50, $3, Liberty Head $5, Indian $5, Liberty Head $10, Indian $10, Liberty Head $20, and Saint-Gaudens $20.
If you want to have a more extensive set, still staying within the same date range, your set could include three basic main designs of gold $1 pieces, the Liberty Head $2.50, the Indian $2.50, the $3, the Liberty Head $5 No Motto, the Liberty Head $5 with IN GOD WE TRUST, the Liberty Head $10 No Motto, the Liberty Head $10 With Motto, the Indian  $10 No Motto, the Indian With Motto, the three types of Liberty Head $20, the MCMVII $20 (if you are able to get into this price range -- it certainly is a beautiful coin), the Saint-Gaudens $20 No Motto, and the Saint-Gaudens $20 With Motto. This set is a very beautiful display of American gold coinage.
Of course, you can later expand any of these sets and go into the elusive issues produced 1795 through 1834, all of which are rare.

Remember When: Post World War II Numismatic Economics


By Harvey G. Stack, Senior Numismatic Consultant

I have been asked, “How different were the economic conditions for rare coins in the post World War II years and the decades that followed?” I think a happening in 1954 will give you an idea how economic conditions and coin values changed from the post war era to the early 1960s.

First, let me tell you that most dealers, large and small, had most of their money invested in inventory -- gold coins, rarities, world coins and ancients -- and were always considered to be inventory rich, but cash poor. I experienced this working for and being a member of the Stack family. The family had capital but there were times when they needed more cash, usually when a collection was offered for sale that they wanted to buy. This was best illustrated by our purchase in the late 1940s of the Col. Green collection of early and late date $5 and $10 gold, and the many smaller collections that were being offered. At the same time, as specialists in world and ancient coins of all metals, our capital was tapped purchasing inventory from the enormous hoards of coins that were arriving in the United States from Europe, South America and the Far East.

In addition, many people were using their personal funds to move from the wartime to the peacetime economy, purchasing new homes, cars and other luxuries that had not been available for years. This distracted numismatists and other hobbyists from adding to collections, which limited the amount of cash available to those in the coin business.

This became apparent in 1954 when Sotheby’s sold King Farouk’s collection in Egypt. Many dealers started to accumulate funds to go to the sale; combines were formed to pool money, as purchases were to be paid for on the spot with cash. With the civil disorder in Cairo, if you did not have the cash funds available, there was no reason to go.

As noted in a previous recollection, just before the Farouk sale, Stack’s was fortunate to purchase outright two great collections, the Davis Graves and Anderson Dupont Collections. However, these purchases used up the “nest egg” that would have allowed Stack’s to participate fully in the Farouk auction. We had plenty on our plates in New York, so we did not go to Egypt. We were able, after the sale, to purchase coins acquired by others who could not afford to hold them for a long time.

This leads to a story about my Uncle Joe, a leader in the hobby, who with my father, Morton, was responsible for Stack’s growth through the early decades, building the foundation for where we are today. During early 1954 our firm was offered a lovely paper money collection. At the time, many of the items were only worth face value or a bit more. Included was a splendid collection of early notes starting with 1861, covering most of the Gold, Silver, National and Legal Tender notes denominated from $1 to $20, as well as a few of the higher denominations up to $500. They were mostly in Very Choice condition and would have upgraded our working and retail stock five or tenfold.

The client wanted a one-time payment of $75,000 for the collection, as he was buying a house and wanted the cash to buy it outright. The firm had only $50,000 in working capital available and purchases earlier in the year had consumed their credit line at the bank. We had spent hundreds of thousands of dollars of our own money for these purchases, as coins and paper money, like art and other collectibles, were not considered good collateral.

My uncle went to the bank and presented his case. We would put up $50,000 toward the collection and would leave $30,000 in face value from the collection as collateral for a loan of $25,000. The banker considered the proposal for a moment and then agreed. Uncle Joe was excited, thinking he had made in-roads with the banker, and before the deal was done Uncle Joe asked, “where will you keep the notes I leave with you?”

“In the teller’s draw,” replied the banker.

In a shaky voice Uncle Joe asked, “Will they be separate?” The banker explained that the notes would be considered part of their cash on hand, and the larger-size notes, since they were not in circulation on a regular basis any longer, would be exchanged at the Federal Reserve for current notes. The banker continued, “You know Joe, we cannot loan money on money. We must consider it cash and handle it in our normal way.”

“You mean I won’t be able to get my original notes back when I pay up the loan?” Uncle Joe asked. “But these are collector items and have a premium value in the market.” The banker explained again that they were unable to lend money with cash as collateral; it had to be treated as cash on hand and as regular currency. He could not store it away in a safe deposit box away from the regular cash.

Uncle Joe was surprised that even after all the years of dealing with the bank, the bankers did not understand the value of collectibles. Instead, Stack’s went to a private collector, offered him a share of the profit, and he loaned the firm the money to acquire the collection.

Since that time, bankers have realized that in the collecting world, coins and currency have premium values in the marketplace, just like art and other collectibles. Now bankers manage trusts, collateralize all forms of collectibles, and this has led to growth in the entire collectible industry. Time has proven that there is a viable market for collectibles.

From the Desk of Q. David Bowers: David C. Harper’s Editorial Book Review


Written by Q. David Bowers, Chairman Emeritus

Upon my return from the dynamic Whitman Coins & Collectibles Expo in Baltimore, I found a copy of the latest issue of Numismatic News, dated March 19. Reading through it I enjoyed the article about the New Hampshire quarter launch by Bob Fritsch, who with a number of other numismatists was on hand at the event two weeks ago. Then I came to page 6, David C. Harper’s editorial, which I reprint herewith. A nod to Dave Harper for his nice words. The following comments are his:

Bowers book shows great timing

When a book arrives in my mailbox that is written by Q. David Bowers, I stop and take notice. He is not simply well known for his prodigious output, but also for the quality of the information in his work. And most importantly, he tells a good story.

Where would I be if I had not encountered his books at an early age? I don’t know. The fact is that I did find his work as a teenager and it helped convince me (as if I needed further convincing) that numismatics was a great field to be active in.

Naturally I am predisposed to like his work. Others perhaps are not, but he has a great sense of market timing, too.

The new book is a second edition of The Encyclopedia of United States Silver Dollars 1794-1804.

What better title is there to update than this one just after a 1794 silver dollar was sold at auction for $10 million?

Now I know that not everybody can buy a $10 million coin. I know I sure can’t. I also know that not every collector can buy any of the silver dollar dates covered by the book.

But everybody can appreciate learning about the American silver dollars as taught by Dave Bowers.

The first chapter, which lays out the historical background of the American silver dollar, is written by R.W. Julian, another writer I am partial to and whom I’ve had the privilege to work with for my 35-year career.

But the book is not just a story book. It is a guide book as well. What collector would want it any other way?

Novice collectors quickly become acquainted with the essential questions that must be asked of any coin: how many were minted, how many survived and what the value is. Bowers answers the first two and gives a yardstick in the form of rarity ratings to help us determine what a dollar is worth.

This is a reasonable alternative to prices in a book that might be on a collector’s shelf for two decades as the first edition was. Besides, there are other books that are published annually to update prices.

If you look up the 1794 dollar that was recently sold, you will find the notation that there is just a single specimen known in Die State I where the dies are perfect. This information alone helps the reader understand why such a con might require its potential owners to throw away the price guide when they are bidding on it.

Also, if you ever wanted to understand all of the many considerations that must be taken into account by auction catalogers when they attribute coins in a sale, this book is a terrific how-to guide.

The best part about this kind of information is that it is never out of date. If you want to know how to assign BB catalog numbers, it’s in there.

Every collector should buy a copy or, better yet, buy one for someone who is looking for a career. Once they master the contents of this book, they probably could become a job candidate for Stack’s Bowers Galleries, publisher of the book and well known auction firm.

United States Coin of the Week: Spectacular Gem 1907 Wire Rim Indian Eagle Rarity Shines in Baltimore NGC MS-66 Saint-Gaudens Masterpiece Brings $111,625


Article by Frank Van Valen, Numismatist and Cataloger.  Based on the lot description by James Matthews, Senior Numismatist and Consignment Director, U.S. Coins

Whenever the name Augustus Saint-Gaudens pops up in numismatic conversation, the discussion turns almost immediately to the MCMVII High Relief double eagle of his design that has captured the eyes – and hearts – of countless collectors since its inception. Somewhat less spectacular in appearance but perhaps just as beautiful -- though not quite as well known -- is the 1907 Wire Rim With Periods Indian eagle also designed by Saint-Gaudens, an issue that saw a mintage of just 500 pieces when it rolled off the presses. As many specialists will tell you, the Saint-Gaudens 1907 Wire Rim eagle is many times rarer than the MCMVII High Relief double eagle.

An arc of 13 stars adorns the field above the Indian head with Saint-Gaudens’ depiction of a Native American princess facing left in a war bonnet with LIBERTY on the headband and with the date below the bust. The edge of the coin (also called Judd-1901 in the pattern reference, though its pattern status has been argued over for decades) is adorned with 46 small stars, one for each of the states in the Union in 1907; in 1912 the star count increased to 48 after Arizona and New Mexico earned their places on Old Glory. The reverse features a central eagle facing left and perched on a bundle of arrows with an olive branch entwined. UNITED STATES OF AMERICA arcs above the eagle, with E PLURIBUS UNUM at the eagle’s shoulder and TEN DOLLARS below – IN GOD WE TRUST would not be added to the design until the following year, 1908.

The beautiful Gem Uncirculated Wire Rim, With Periods eagle we sold as Lot 2181 in our March 2013 Baltimore Sale was graded MS-66 by NGC and earned the seal of approval from CAC. The deep orange-gold Gem opened to the bidding floor and was immediately bumped up the bidding scale during heavy bidding activity. The action eventually came down to two excited bidders before finally being awarded to the happy and successful winning bidder at $111,625! This six-figure sum is indicative of a healthy and prosperous rare coin market and the ability of rare coins to draw an interested and serious following. Most importantly, it indicates to smart collectors everywhere that when it is time to sell your rarities, there is no better place to turn than to Stack’s Bowers Galleries -- after all, When Great Collections are Sold, Stack’s Bowers Sells Them!      

World Coin of the Week: Completion of Lunar Cycle Silver Kilo


Written by Chris Chatigny, Cataloger


The Stack’s Bowers and Ponterio April 2013 Hong Kong Auction is rapidly approaching and will feature over 400 lots of highly collectible Modern Chinese coinage. Included in this assortment of Modern Chinese is the ever popular “Lunar Series” commemorating the LunarZodiac and its associated twelve animals. This particular Lunar series began in 1981 with the Year of the Rooster, and culminated in 1992 with the Year of the Monkey. To commemorate the completion of the cycle, a silver one kilogram 200 Yuan piece was struck. This large collective piece is sure to entice any Lunar Series collector or Chinese numismatic enthusiast.

The impressive design on the obverse is a view of the magnificent White Pagoda of Behai Park, an imperial garden in Beijing. To the right is a white stone tower decorated with sun, moon, and flame motifs, with a pagoda and other buildings visible behind and at the water’s edge. The value and date can be found above and below the Temple. The upper Chinese legend reads “People’s Republic of China”. Two quatrefoil rosettes divide the upper and lower inscriptions. The lower inscription describes the occasion for this issue: “the 12th anniversary of the Chinese zodiac currency issue” or the completion of the Lunar Cycle. Two distinct variations of this piece can be found, the discernible difference between them is the amount of waterlines/waves found in the scenic design. This variety happens to be the eight water line type, which makes up less than half of the total population certified by NGC.

The reverse is equally remarkable; at the center is the Yin-Yang symbol surrounded by eight symbols known as “Ba Gua.” These symbols represent opposite forces of Yin and Yang: the top symbol of three solid lines is “heaven” and across from it at the bottom are three broken lines which represent “Earth.” Each symbol faces across from its pair (water and fire, thunder and wind, and mountain and lake) creating a balance. These pairings form interconnected and complementary groupings which are enclosed within an octagon. Surrounding this inner design are all twelve Lunar Animals as represented on their individual coins. They are in clockwise order: Horse, Goat, Monkey, Rooster, Dog, Pig, Rat, Ox, Tiger, Rabbit, Dragon, and Snake.  Each of these individual coins shows a great amount of detail so the display of all twelve on one piece is truly spectacular. This piece has a nice luster, and comes with a certificate of authenticity. Also included is its mint issue case and decorative display box as well. With a mintage of only 300 pieces this coin is sure to create high demand once it reaches the auction block in a few short weeks. This stunningpiece is just one of over 400 incredible Modern Chinese numismatic pieces featured in our April Hong Kong auction.

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 March 11th – 20th 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.

Test Your Knowledge: Name That Person


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


Did You Know???



Did you know that Stack’s Bowers has an ANA Past President and Two PNG past Presidents on our staff?

Thursday, March 14, 2013

United States Coin of the Week: Outstanding Gem MCMVII High Relief Double Eagle to Shine in Stack’s Bowers Upcoming May, 2013 ANA New Orleans Auction


Article by Frank Van Valen, Numismatist and Cataloger.  Based on the lot description by John Salyer, Numismatist and Cataloger, U.S. Coins and James Matthews, Senior Numismatist and Consignment Director, U.S. Coins


On July 3, 1898, Lieutenant Colonel Theodore “Teddy” Roosevelt and the 1st United States Volunteer Cavalry, the now-famous “Rough Riders,” helped lead an American assault on San Juan Hill in one of the decisive battles of the Spanish-American War. Just seven years later, Roosevelt, now president of the United States, would lead an assault on our coinage that would culminate in several of the most beautiful coinage designs ever conceived, the most important – and perhaps most beautiful -- among them the MCMVII High Relief double eagle conceived and designed by Augustus Saint-Gaudens.

Roosevelt, a rough-and-tumble man of the world, a sportsman, and an activist who championed America from his “bully pulpit,” was not a great fan of the circulating coinage in America. In 1905 his interest in redesigning the entire spectrum of our coinage was sparked by an exhibition of ancient Greek coins. Roosevelt was completely taken with the beauty and craftsmanship of the Greek coins on display and decided that he would take up the cause for new coinage designs right here in America.

Enter Augustus Saint-Gaudens. Roosevelt and Saint-Gaudens (the most famous and important sculptor of his time) had met casually once or twice before, but now their friendship would grow as these two giants of their time began the journey to redesign our coinage, a journey that would pit the two against Charles Barber and his Mint staff as well as bankers. The arduous journey, told numerous times in our own catalogs and stories, culminated in 1907 when the Saint-Gaudens High Relief double eagle made its public debut, sadly, after the passing of Saint-Gaudens in August of the year.

The beautiful MCMVII High Relief double eagle design -- many feel it is the single most beautiful of all regular-issue American coinage designs -- is an icon of American coinage. On the obverse, a bold and confident Liberty strides forward in the bright rays of the rising sun, an olive branch in her left hand and a torch in her right hand. The Capitol Building appears as if in the distance near the lower rim, while LIBERTY is boldly proclaimed at the upper rim and a halo of 46 stars surrounds the design (in 1912 and later, there are 48 small stars around, as two states were added to Old Glory in that year). The reverse features a majestic eagle flying left amidst a glory of rays with UNITED STATES OF AMERICA and TWENTY DOLLARS on two lines above the eagle. Interestingly enough, Saint-Gaudens considered Longacre’s Flying Eagle cent design of 1856 to 1858 to be the most beautiful of all American coinage designs prior to 1907.

The MCMVII High Relief double eagle in our upcoming New Orleans ANA Auction Sale in May of this year is graded MS-67 by PCGS and is in an “OGH” (Old Green Holder) with the addition of a CAC sticker. Its surfaces are satiny gold with rich orange-gold highlights and a strike that is superb. In short, this impressive Gem example of the issue is about as nice as you are apt to find for the grade. Great double eagle collections or gold type sets are judged by the inclusion -- or more often, the absence -- of the famous and desirable MCMVII High Relief Saint-Gaudens double eagle issue. If you mean to own an impressive and nearly flawless example of this important double eagle landmark, we hope you will bid on the beautiful Gem we offer with pride in May 2013 in historic New Orleans.

Remember When: Traveling with John J. Ford, Jr. in the 1950s


By Harvey G. Stack, Senior Numismatic Consultant

John J. Ford, Jr. was a legend in his own time. He worked for Stack’s in our shop on 46th Street in the early 1940s before he was drafted into the Army in World War II. He was a good numismatist, sharp and a fine teacher to those who would listen and pay attention to what he was saying. My cousin Norman Stack (three weeks younger than I) and I learned a lot about the hobby from John and the three of us became fast friends.

John returned from Europe in 1946 and once again was part of the Stack’s staff. However, in 1947 he received a unique offer to go into business with Charles Wormser (son of Moritz Wormser) and form New Netherlands Coin Co. This was to be established around the corner from Stack’s at the old Wayte Raymond offices at 1 West 47th Street. The opportunity for John was super and the Stack family encouraged him to take it. The two companies remained competitors yet good friends during the years that New Netherlands existed.

John could be eccentric and he did not value his time in proportion to his salary. He did not care if it took a page to describe a coin, even if it was only worth a few cents, and this made it hard for Stack’s to support his endeavors. But Charles Wormser, who wanted to imitate his famous father, was willing to spend the money to support John’s ways. For many years, Stack’s and John worked together on deals and ate late lunches on Saturday afternoons after the shop and offices were closed, chatting about numismatics into the early evenings.

In the early 1950s, several groups got together and formed the New England Numismatic Association, which met annually in a New England city. It was the trip to one such meeting, this one in Hartford, Connecticut, that this story is about. John asked Norman and I if we were going to Hartford. When we said we were he asked if he could get a lift and we said “Sure.”

Since Norman and I both lived on the North Shore of Long Island and John on the South Shore, his lovely wife, Joan, drove him to meet us at 7 am. My wife invited him in for breakfast, but John suggested that we get on the road to miss the traffic up toward Connecticut. He added, “I know a great diner, right off the road in New Haven, so we could rest, get something to eat, and then continue.”

Of course, Norman and I decided to take John’s advice and off we went. When we got to New Haven just off the road, as John said, was The Three Judges diner. We stopped, parked the car where we could watch from the diner’s window and went in to order breakfast. Then the adventure began.

Norman and I ordered the customary juice, eggs with bacon, toast, a piece of Danish pastry, and coffee. Then John ordered. He asked for a large glass of fresh-squeezed orange juice (no pits), half a grapefruit, a bowl of hot oatmeal (“and I mean hot,” he said), skimmed milk, pancakes (“Burnt, and I mean burnt!), coffee and a Danish. The waitress wrote down the order carefully, read it back to John who made some corrections, and off she went into the kitchen.

John took out a series of envelopes, each of which contained various pills. They were all colors and he started to explain each one -- you would swear you were in a dietary lecture. He took them in a special order, leaving one packet on the table. When his juice arrived, he found one or two small pits in it, called the waitress back and asked her for a new one. She removed the glass, got another one, gave it to John who examined it carefully, shook his head and drank it reluctantly.  Next came his cereal. He opened the next packet on the table and shook something that looked like wheat germ on the cereal, boasting, “this will keep my heart in good shape.”

Next came his pancakes, which appeared to be black as coal. Not black enough for John, however, as he sent them back to be cooked more. After the waitress went back to the kitchen, John continued: “When I say burnt, I mean burnt!” A few minutes later the waitress returned with pancakes as black as could be. John tried one and was still disappointed, as he saw some white dough.

Meanwhile Norman and I were trying to slide under the table, so no one would notice us, especially the waitress who decided to steer clear of our table as much as she could. When John noticed, he said, “I didn’t mean anything, I was just trying to get my order straight.” Eventually John left most of his breakfast on the table and headed for the door, saying, “Hey guys, pay the check!” Norman and I were glad to get out of there.

It goes to show that you never know a guy until you have breakfast with him. John was very eccentric about food (and other things as well). The many times I ate with him I found him to be informative, entertaining, and wild as a tiger. I also always found that I was left with the check to pay for whatever we had to eat.

But it was worth it as every meal was an adventure and a source of special information, not easily available from anyone else. To be a friend to John J. Ford, Jr. didn’t mean you had to be crazy, but it sure helped!

Upcoming Events: A Full Calendar of Events!


There is a lot of activity this spring here at Stack’s Bowers, with something for everyone, whether you’re interested in buying, consigning or appraisals.

·         The March 2013 Baltimore Internet only Session 7 U.S. Coins and Session 8 U.S. Currency closes for bidding on Tuesday, March 19th at 3:00PM Pacific Daylight Savings Time.
·         The Coin and Currency Appraisal Event with Trusted Experts, March 22-24 from 9:00AM- 5:00PM in San Francisco. Click here for more info.
·         The May 2013 Official Auction ofthe National Money Show in New Orleans consignment deadline is March 25th.  Stack’s Bowers Galleries is the proven leader in achieving the highest auction prices for the past 80 years. Now the team that auctioned the first coin to break the $10 million mark is standing by to achieve remarkable results for you in New Orleans at the Official Auction of the ANA National Money Show this May. We invite you to join us in one of the nation’s most lively and colorful cities for this exciting auction event that will attract eager coin buyers from all over the world. Call your favorite consignment specialist today at 800-458-4646 (West Coast) or 800-566-2580 (East Coast).
·         The Stack’s Bowers and Ponterio April 2013 Hong Kong Auction of World and Ancient Coins, Chinese Coins and World Paper Money begins with Session A on April 1st at the Sheraton Hong Kong Auction Hotel and Towers. Click for the auction schedule or to view thelots.  

Answers for the Avid Collector: About Henry Chapman


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 purchased an 1816 large cent, which came in a paper envelope that was marked “From Henry Chapman, 1916.” I have heard the Chapman name mentioned but would like more information. 
--H.C.

Answer: Henry Chapman, born in Philadelphia in 1859, became interested in numismatics at an early age, and in 1876, along with his brother Samuel Hudson Chapman (born in 1857) became an employee at the Philadelphia coin shop of Captain John W. Haseltine. While there, the young Chapman brothers learned much about coins and had a chance to meet firsthand a number of Mint officials, apparently including some with whom Haseltine was conducting business on the sly.
In June 1878 the Chapman brothers hung out their own shingle, trading as numismatists and antiquaries. In those days it was unusual for a  coin firm to deal in numismatic specimens alone. Coin prices were low, and to help meet expenses most dealers had many disciplines, including stamps, fossils, autographs and manuscripts, and even birds’ eggs. The Chapmans were no exception. Aggressive businessmen from the start, the Chapmans pioneered the production of auction catalogs, which were a step above those of the competition, with the first number, for a sale held on October 9, 1879, illustrated with photographic plates -- a highly unusual situation for the era. Jealousies were rampant in the coin trade, and as the Chapmans went from one accomplishment to another, professional animosity against them increased, reaching a peak in 1882 when the Chapmans snagged the Charles I. Bushnell Collection for auction, using it as a platform for detailed descriptions (replete with many editorial comments, many of which were accurate, but some of which were notoriously not so), and a special deluxe edition with photographic plates offered for $50 -- which in 1993 terms would probably be like offering one for $250.
The more that the competition railed against them -- one dealer actually printed on a monograph pointing out all the flaws in the Chapman’s cataloging -- the more successful the Chapmans became. While dealers may have disliked them, collectors felt just the opposite -- and collectors were the bread and butter of their business. The brothers’ success increased, and by 1906 they were both grand masters of the coin trade, having been in it for over 30 years and having seen many of their competitors pass away or retire. Apparently, the world was not ideal, for in this year the partnership broke up, after which Henry and S. Hudson went their separate ways, each to conduct their own illustrious sales. In his book, United States Numismatic Literature, Volume I, John Adams tells us that the older brother continued in the trade until retiring in 1929, while Henry kept at coins until his death in 1935.
Henry Chapman, of whom you wrote, was the better known of the two in the retail trade, and maintained an in-depth stock of United States coins in particular, but with many world coins as well. S. Hudson preferred to stick mainly to auctions. In 1907, when the MCMVII High Relief double eagle came on the scene, Henry Chapman stocked them and provided them to his customers. Ditto for the new 1916 Standing Liberty quarter in its day. In 1921 he went to the nearby Mint and bought 10 mirrorlike Proof Morgan dollars of the date, possibly constituting all that were ever struck with mirror finish. Several years after the death of Virgil M. Brand in 1926, Henry Chapman and St. Louis dealer B.G. Johnson were commissioned to inventory the Brand Estate, which largely occupied Chapman until his death. In the 1980s when we handled many coins from the Brand Estate for the Morgan Guaranty Trust Company and the heirs of Jane Brand Allen (daughter of Armin Brand, brother of Horace, one of two beneficiaries of the Brand Estate), the coins came in paper envelopes bearing many notations by Henry Chapman.
Your large cent was undoubtedly store stock sold by Chapman in 1916, at which time a dollar bill would buy several of this date!

From the Desk of Q. David Bowers: Some Ideas on Collecting


Written by Q. David Bowers, Chairman Emeritus

One of the questions I am asked most frequently is, “What should I collect? Can you give me some ideas?” I usually ask if the person has any particular preferences -- such as gold or silver, early American history or whatever. Usually my inquirer is someone who has already collected. I am rarely contacted at the beginning when someone has not yet made a start. After a year or two, with modern Proof sets complete, perhaps modern commemoratives too, plus scattered series, it is time to become more serious. Two of my favorites, and I mention these on occasion, are classic silver commemorative coins from 1892 to 1954, which today in Mint State-65 are cheaper than they were in 1989! Check out the low mintage figures of certain issues as posted in the Guide Book of United States Coins, and you will be amazed at how inexpensive they are.

Another favorite specialty, also offering many values in comparison to historic prices, is the field of Morgan silver dollars from 1878 to 1921. The Guide Book lists nearly 100 basic varieties of dates and mintmarks. Amazingly, more than half of these can be purchased in Mint State for a few hundred dollars or less, some of them even below $100. This is because of the great Treasury Hoard released from 1962 to 1964, in which hundreds of millions of long hidden Morgan and Peace (1921-1935) dollars came to light.

Beyond that, why not consider forming a type set of United States gold coins. Start with 1834, the year in which the Coinage Act of June 28, 1834, reduced the authorized gold content, after which gold coins were produced in larger quantities. In earlier times, the bullion value of gold coins often exceeded the face value, and such pieces did not circulate. Instead, they traded as bullion (much as today American eagles with a face value of $50 don’t trade for that sum, but are valued for their gold content).

A type set is interesting to form and offers many opportunities. A good way to start is to look in the Guide Book and consider the values involved. For some issues such as those in the 20th century I recommend at least Mint State-63. For some of the earlier issues, depending on your budget, you may want to collect EF-40 or better, not necessarily Mint State.

A representative type set includes the following:

Gold dollars
       *  Type I 1849-1854, Small Liberty Head       
       *  Type II 1854-1856, Large diameter, Indian Princess motif. Of the three types, this is the hardest to find. Also, nearly all examples are weakly struck in one area or another, which prompted the redesign of the denomination in 1856. Accordingly, do not expect sharp details.
        *  Type III 1856-1889, Indian Princess motif, modified obverse

Quarter eagles, $2.50
        *  1834-1839 Classic Head. Scarcest of the types discussed here, but many examples are in the marketplace. Selected with care, attractive pieces from EF upward are nice additions to a collection.
        *  1840-1907 Liberty Head. This design, by Christian Gobrecht, represents the longest uninterrupted span of any coinage motif in American history, without any significant change. Generally early issues can be found in grades from EF to low Mint State, whereas those dated from the 1890s through 1907 are easily found in Mint State.
       *  1908-1929 Indian Head. Design by Bela Lyon Pratt. Easy to find in just about any grade desired, although Choice and Gem pieces are necessarily expensive due to the demand.

$3 Gold pieces
       *  1854-1889. Somewhat scarce as a denomination. Mint State examples can be found easily enough of the first year, 1854, and from 1878 onward, including the low-mintage issues toward the end of the series. All are of one basic type except for those dated 1854 have the word DOLLARS on the reverse in smaller letters.

Half Eagles $5
        *   1834-1838 Classic Head. Readily available in the marketplace in grades from EF upward. Relatively scarce in Choice and Gem Mint State.
       *  1839-1866 Liberty Head, No Motto. Design by Christian Gobrecht. Examples are usually seen in grades from VF through low Mint State. Choice and Gem Mint State examples range from scarce to rare.
        *  1866-1908 Liberty Head, Motto. Readily available in all grades with late 19th century and early 20th century types easily enough found in Mint State.
        *  1908-1929 Indian Head. Design by Bela Lyon Pratt. Available in all grades, although Choice and Gem Mint State pieces are quite elusive.

Eagles $10
         *  1838-1866 Liberty Head, No Motto. Design by Christian Gobrecht. Typically seen in VF to AU grades, elusive in Mint State and, with a few exceptions, very rare in Choice Mint State or higher.
         *  1866-1901 Liberty Head, Motto. Generally seen in grades from EF to Mint State, readily available in Mint State for late 19th century and early 20th century issues. For all types there are scarce dates and mintmarks that are exceptions to the general rule.
         *  1907-1908 Indian Head, No Motto. Design by Augustus Saint-Gaudens. Generally found in AU or Mint State grades, with Mint State being easily enough obtainable. A short type used only from autumn 1907 through late summer 1908. However, many were minted.
         *  1908-1933 Indian Head, Motto. Available in all grades. Choice Mint State examples are often dated 1926 or 1932.

Double Eagles $20
         *  1850-1866 Liberty Head, No Motto. Design by James B. Longacre. Typical grades range from VF to low Mint State, except for certain varieties that were recovered from sunken treasure, most notably the S.S. Central America. Accordingly, selected varieties are readily available in Mint State, 1857-S being the prime example.
         *  1866-1876 Liberty Head, Motto, denomination spelled as TWENTY D. Fairly scarce in Choice Mint State or finer; in lower grades easily enough obtained.
         *  1877-1907 Liberty Head, Motto, denomination spelled as TWENTY DOLLARS. Available in all grades desired, with Mint State pieces being common from the late 19th century through the early 20th.
         *  MCMVII (1907) High Relief, Roman Numerals. Design by Augustus Saint-Gaudens. From a mintage of slightly more than 12,000, probably 6,000 or so exist today, as these were widely sought when this beautiful design reached circulation. However, the demand for such makes them necessarily expensive. Many consider this to be the ultimate in motif for a circulating coin.
         *  1907-1908 Saint-Gaudens design, Arabic Numerals, No Motto. Available in AU and Mint State grades. This design was short lived, from December 1907 until late summer 1908, but many were struck. Often seen is the 1908 Philadelphia, of which a hoard of nearly 20,000 pieces was distributed in the late 20th century.
        *  1908-1933 Saint Gaudens design, Arabic Numerals, Motto. Available in any grade desired.

There you have it -- some possibly interesting ideas.