Friday, April 26, 2013

Consign to the June Baltimore Auction for FREE! FREE! FREE!

Stack’s Bowers Galleries will be presenting its landmark 65th auction in Baltimore this June. Hundreds of millions of rare U.S. coins and paper money, world coins and paper money, tokens, and medals have crossed the block in this famous coin town. Baltimore, and Stack’s Bowers Galleries has been synonymous with record prices for decades.
 
Now comes the FREE part! Have you purchased any U.S. coin over $1,000 from Stack’s Bowers Galleries, any of our predecessor firms, or from any of our competitors? If yes, you’re in luck! Consign a single coin, set or entire collection to our June sale in Baltimore for a 0% seller’s commission!!!!

Our trusted and professional consignment team will assist you every step of the way, making your transaction with us easy and enjoyable. And,  should you need immediate cash, we will provide you with a cash advance with extremely favorable terms. You’ll have money to spend right now while we do all the work. Insurance, marketing, expert photography, advertising, cataloging, and presentation to our record-setting list of buyers is all yours for a 0% seller’s commission. All you have to do is cash our generous check!
 
Time is short. You must act before May 10 to take advantage of this amazing offer.

Contact me today at ckarstedt@stacksbowers.com <mailto:ckarstedt@stacksbowers.com>  and I will have one our expert team contact you within minutes. Stack’s Bowers Galleries, Baltimore and YOU make a winning combination!
 
We look forward to hearing from you today!
  


Christine Karstedt
Executive Vice President of Consignments

Thursday, April 25, 2013

United States Coin of the Week: The King of Morgan Dollars Holds Court in Our May 2013 New Orleans ANA Auction Event


Article by Frank Van Valen, Numismatist and Cataloger, U.S. Coins.  Based on the catalog description by John Salyer, Numismatist and Cataloger, U.S. Coins. 

PCGS Proof-65+ CAC 1895 Morgan Dollar A Star Attraction

For better than 100 years numismatic sources had mentioned a mintage for the 1895 Morgan dollar of 12,000 pieces struck for circulation along with 880 Proofs of the date. In fact, up to and including the 2008 edition of the Red Book, the mintage was “carved in stone” in the venerable pages of that valuable reference as 12,000 pieces. Though many have searched for many years, no 1895 circulation strike Morgan dollar has ever surfaced. Examples with removed mintmark or even circulated Proofs of the date have surfaced from time to time, but no 1895 Morgan dollar made for intended circulation exists. One popular legend has it the entire mintage went down to the bottom of the briny deep in a shipping catastrophe!

Enter the Proof-only 1895 Morgan dollar! Just 880 pieces were struck in the Proof format, and current wisdom today suggests about 650 or so pieces are still extant. The Gem Proof 1895 Morgan dollar that highlights our May New Orleans ANA event is from a New England College collection that is well represented within the pages of the New Orleans ANA catalog. Many rarities and numerous coins of outstanding quality are referenced as part of the New England Museum Collection throughout the catalog’s pages, all of them fresh to the numismatic marketplace. That the collection housed an 1895 Morgan dollar for many decades speaks highly of the benefactor who left the marvelous collection to the Museum.

Called the “King of Morgan dollars” for good reason, the 1895 Proof-only Morgan is typically the last date added to a Morgan dollar collection – on those rare occasions when the date is even included in a collection. While several dates in the series are more highly priced than the 1895 issue, none are more highly prized. The New England Museum Collection specimen is boldly struck, as should be expected, and is vividly toned in varied shades of rose, golden tan, and electric blue. The fact that PCGS has awarded the coin the coveted “+” designation speaks volumes about the coin and its overall quality; CAC has also weighed in on the piece and given it its “green bean” sticker of approval.

When great collections of Morgan dollars are discussed, talk always turns to the quality of the 1895 Proof-only issue contained within – or to its “missing in action” status in the collection. A mark of distinction, the 1895 Morgan dollar is a sign that a collection has “arrived” at a status missed by many of the great collections owing to a lack of the date. If there is a glaring hole in your current Morgan dollar collection where a Proof-only 1895 belongs, then our upcoming New Orleans ANA auction event may just be the venue that completes your collection. The piece is new to the numismatic marketplace and never shuffled from collection to collection as so often happens with rarities today and is notice enough that you won’t be alone in your bidding. 

Remember When: Bringing Home a Coin Collection in 1953, Part I


Part I – An Important “Chore”

By Harvey G. Stack, Senior Numismatic Consultant

In 1953 many interesting and exciting things occurred as I was working for Stack’s in New York. I had become a full time member of the firm in 1947, after having spent at least 10 years doing part time chores at our famous coin shop, then located on West 46th Street in New York, just a few steps away from Fifth Avenue. Those chores included stocking shelves, cleaning counters, writing envelopes, sweeping and vacuuming, packing packages and going to the Post Office. I learned about he business from the “ground up,” and every day was a “learning day.”

Stack’s was a clubhouse that collectors visited on a regular basis to see what was new, what was coming up in auctions and to meet with the other collectors who were there. Nowhere else could I have gotten the exposure needed to learn about numismatics from these collectors and dealers, the famous numismatic forefathers who visited and shared information and knowledge in the warm atmosphere of Stack’s.

By 1953 I had been involved with moving Stack’s from our West 46th Street location to West 57th Street, a fine uptown location where we still are today, with neighbors who include Carnegie Hall, Steinway Hall, the Producers Building, the Russian Tea Room and Tiffany’s to mention a few.

Along with a staff of well-known numismatists, Stack’s at the time could boast five Stack family members working there at the beginning of the 1950s -- Uncle Joe (J.B. to his close friends) and my father, Morton, were the seniors. My cousins Norman and Ben and I were the junior staff members. We all learned together. In early 1952 Norman was drafted into the army and Ben decided to try his luck as a coin dealer in Las Vegas. So I was was the only “junior” left to help the seniors, along with our staff of catalogers and salespeople. A lot of extra chores fell to me and I had to learn quickly. If something special needed doing, I was elected to do it.

Early in 1953, around the same time as our move to 57th Street, J.B. went up to New England and saw a magnificent collection. On the same trip he saw a number collectors and spent over a week traveling. He came home and told us about the wonderful collection he saw in Massachusetts and how much he would love to get it. This collection was later known as the fabulous Davis-Graves Collection.

Around the same time, my father and J.B. were called to a bank in northern Connecticut to see another outstanding cabinet. After working with the banker who was the trustee and executor, a deal was struck and this became known as the landmark Anderson-Dupont Collection. As work began on this collection, Stack’s received word that our bid for the Davis-Graves Collection had been accepted and that we were to pick up the collection in a few days. My uncle wasn’t feeling up to traveling and my dad had obligations at the shop so I was elected to go to Massachusetts, pack the collection, and get it home as fast as I could.

From the Desk of Q. David Bowers: The Saint-Gaudens National Historic Site


Written by Q. David Bowers, Chairman Emeritus

The other day I received in the mail a colorful notice from the Saint-Gaudens National Historic Site in Cornish, New Hampshire. As you probably know, this was the home and studio of America’s most famous sculptor Augustus Saint-Gaudens in the 1890s through to his passing on August 3, 1907. Along the way, beginning in 1905, he set about fulfilling a commission given to him by President Theodore Roosevelt, to redesign the entire American coinage from the cent to the double eagle. As circumstances and ill health dictated, he was only able to complete basic designs for the $10 Indian Head gold eagle and the MCMVII High Relief double eagle. The finishing touches were added by his assistant, Henry Hering, after Saint-Gaudens’ death. The new eagles were released in the autumn of 1907 and the MCMVII double eagles in December. Today, both designs remain favorites.

The Saint-Gaudens National Historic Site is open in the summer and offers tours of his home and studio, including sketches, plaster casts, and many other items relating to the coinage. In addition you will see a version of the famous Shaw Memorial (the finished example of which stands on the Boston Common across from the Massachusetts State House), the figure of Diana once on top of Madison Square Garden, and much more. The site is a pleasant drive through the countryside. Plan to spend a couple of hours during the visit and bring your camera.

The notice told of special concerts and events to be held this summer beginning in May, information concerning which is given here. If you plan to go I guarantee you will have a nice time.

See you next week!

Test Your Knowledge: Name That Coin!


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.


Did You Know???


Did you know that Stack’s Bowers donated to the Central Park Zoo to support the American Bison and created a coin commemorating it?

Answers for the Avid Collector: Unity Cents


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:  Was the 1793 Wreath copper cent modeled after the 1783 Washington UNITY STATES copper? The reverse design is similar and the UNITY STATES cent came first. --P.D.


Answer:  1783 UNITY STATES copper, bearing the portrait of George Washington on the obverse and a cent-like design on the reverse, with the inscription UNITY STATES OF AMERICA, was produced, probably in England, at least 20 years after the date indicated. The reverse is a copy of the United States cent of the 1802-1803 era, with the inscription changed from UNITED to UNITY to evade the counterfeiting laws. Certain other Washington pieces dated 1783 (the Military Bust and Draped Bust issues, for example) were also struck later than the date indicated.

Crossing the Block: Silver Siliqua of Procopius Highlights Stack’s Bowers and Ponterio Official August ANA Sale


By Chris Chatigny, Cataloger

The Fourth Century A.D. brought about a great deal of turmoil for the Romans, as the center of their empire gradually shifted from Rome to Constantinople. During these uncertain times, usurpers used their personal armies to seize the title of emperor during the multiple succession struggles that plagued the later Empire. Procopius was one such claimant, who revolted against the emperor Valens for control of Constantinople and the Eastern Roman Empire.

The vast Mediterranean empire the Romans had created had grown too large for a single man to rule properly. The extent of the Roman territories stretched from England to Egypt, Germany to North Africa, and included Spain, France, Turkey, and Greece. When the emperor Jovianus died, he appointed his son Valentinian I as the sole emperor of the entire Roman Empire. He inherited a volatile situation, and after a month of sole rule he appointed his younger brother, Valens, as co-emperor for the – slightly – more manageable Eastern portion of the Empire. At this point in the evolution of the Roman state, the Empire was formally split into Western and Eastern halves.

This sudden regime change forced the general Procopius into hiding, as he had long been rumored to be the rightful successor. The new eastern emperor Valens began a campaign in Syria while Procopius hid in the eastern capital of Constantinople. The city was governed by a corrupt relative of Valens, and Procopius had little trouble raising an insurrection against the crooked city officials and the Emperor. These soldiers proclaimed Procopius Emperor on September 28 in 365 A.D. A shrewd general, Procopius realized he needed outside support to overthrow Valens, and sought help from the Visigoths. Despite initial success, his allies soon began defecting to Valens, and eventually betrayed him. Procopius was defeated and executed on May 27, 366. The reign of emperor-claimant Procopius ended after a brief and bloody eight months, but he did mint a number of coins before his demise.

Procopius managed to control, and mint from, four mints during his brief rule: Heraclea, Constantinople, Cyzicus, and Nicomedia. The silver Siliqua denomination of coinage was introduced by Constantine the Great as a high purity silver coin. In general, this type did not circulate to a great extent, and are quite scarce. This Siliqua of Procopius is even scarcer, as its type and issuer were limited. This piece weighs a mere 1.86 grams, and has a nice tone. The obverse features a right facing, bearded bust of Procopius. He is adorned with a pearl diadem, cuirass, and drape. The legend around his bust reads: “D. N. PROCO-PIVS. P. F. AVG.” The first initials “D.N.” stand for ‘Dominus Noster’ which translates to “Our Lord” the contemporary title associated with the empire. The next title of “P.F.” stands for ‘Pius Felix’ which roughly means dutiful and wise, but Felix is also translated as luck as well. The final title is “AVG” the ceremonial title of Augustus, or emperor. The reverse of the coin offers a hopeful petition for a long reign. A wreath dominates the design, with the inscription: “VOT/V” within. The first line of ‘VOT’ means vows, and on coins it is based on the custom of offering a promise of sacrifice to the gods in return for a prosperous reign. The Roman numeral V indicates that Procopius was pragmatically hoping for a five year reign. Unfortunately, he wouldn’t live to see the first year completed. The inscription “KVA” is a mintmark for Cyzicus in Northern Turkey near Constantinople. Despite the unsuccessful rebellion, Procopius did manage to produce coins as if he were a legitimate Roman emperor. History may be written by the victors, but thanks to this numismatic piece we gain insight into the usurpers and the instability behind the Roman Empire.

Preview this impressive coin along with the rest of our auction this August at the Stack’s Bowers and Ponterio office located in Irvine California or in New York City. 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.

Upcoming Events: Last Call for Free Grading!


Bring your U.S., world and ancient coins to the Stack's Bowers Galleries New York offices May 1-3, 2013, and receive free NGC grading when you consign:

·        U.S. coins to the June 2013 Official Auction of the Whitman Coin and Collectibles Baltimore Expo
·        World coins to the August 2013 ANA World's Fair of Money
·        Asian coins to the August 2013 Hong Kong Auction

If you can't make it to New York during the grading event, bring your materials to your nearest Stack's Bowers Galleries location May 1-3, 2013:
Stack's Bowers Galleries Irvine | 1063 McGaw Ave, Ste 100, Irvine, CA 92614 | 800.458.4646
Stack's Bowers Galleries New Hampshire | 866.811.1804 | 603.569.0823

EVENT BENEFITS

·        Free or discounted certification from NGC when you consign your coins to Stack's Bowers Galleries.
·        Mark Salzberg, NGC Chairman, and the professional NGC grading team, will personally grade your coins.
·        Submit U.S., world and ancient coins for NGC grading. Raw, certified and regrade coins are all welcome.
·        U.S. coins will be graded onsite and completed in 24–48 hours. World and ancient coins will be sent to NGC's Florida offices and most will be completed in five business days.

Thursday, April 18, 2013

Remember When: An Opinion on the Coin Market 2013


By Harvey G. Stack, Senior Numismatic Consultant

As you may know we held a major auction last month in Baltimore and the results were wonderful. The combined bids of those who attended in person together with the many mail, phone, and Internet bids caused prices to rise above estimates and created a new level for the market. We enjoyed similar success at our New York Americana sale in January.

I feel the opportunity is coming to take advantage of the market forces as they now exist. Surely it will remain until after the summer or early fall and we suggest that you consider the possible sale of your collection. I hope you accept this as advice and opinion based on my long time experience. Over the years we are happy to keep in touch with our clients and help them with their collections in any way we can -- to be there when we are needed either for buying, selling, or advice.

From the Desk of Q. David Bowers: The Bullion Market

Written by Q. David Bowers, Chairman Emeritus

As I write these words the news is filled with accounts of the price of bullion gold taking a big drop. Copper too, and some other things—but collectors mainly keep their collective eyes on the precious metal.

While most dealers, collectors, and others, and certainly those who hold gold, hope that the price will rise, over the years there have been some hiccups. In a way this might mean an advantage for you if you’ve been sitting on the sidelines wanting to buy some common-date double eagles, American Eagles, or other coins.

Right now there is a “Big Discount Sale” going on!

Psychology is such that coin collectors, stock market investors, real estate speculators, and others love to buy in a rising market, but often sit on the sidelines when profits drop.

Famed financier Bernard Baruch attributed his fortune to buying and selling at the right time. In effect, “When people want to pay record prices for stocks, I’ll sell them mine. When they want to unload them cheaply, I am a buyer.”

There are quite a few other places in numismatics where bargain sales are taking place. As a general rule, Choice and Gem Mint State commemoratives from the 1892-1954 classic era are cheaper now than they were in 1989—and that’s 24 years ago! In the past few years there has been a slump in the market price of many National Bank Notes of the 1863-1935 era, especially for bills in less than Uncirculated grade. A group of bills that might have cost $10,000 five years ago might cost you $6,000 today.

While you are keeping an eye on the price of gold, you might pause to ask yourself: Is it a good time to buy?

See you next week!

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 sold the only complete collection of Carson City coinage – from dimes to doubles eagles – ever presented in single sale with the Battle Born Collection? 

Test Your Knowledge: Name That Coin!


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


Answers for the Avid Collector: Lapping Lines


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:  Occasionally I read in coin descriptions about “lapping” or “lapping lines.” Can you explain these? – M.T.


Answer:  Lapping is one of several names, including die polishing and die filing, for the fine abrading used to finish a die when it is first produced or, more frequently, repaired. At the time of production, a die usually has some inherent flaws from nicks and scratches to swelling and cracks. The tiny flaws, like a random scratch in the dies, may usually be corrected by minor polishing with a fine grain abrasive such as steel wool or emery. The fine markings etched on the die by the abrasive are called “die finish lines” or “lapping lines,” though usually “die finish” refers to a finer grain than “lapping lines,” which are more likely caused by a file or something of heavier grain. The abrasives may also be used to smooth out rust or damage on a well-used die, or to smooth over a small crack. Occasionally, dies will be “lapped,” thus effacing details, and re-engraved or repunched. Misplaced dates and the like show only light remnants of the errantly placed punch because most details were simply “lapped” away. This term is most often used in reference to mid 19th-century coinage it seems, though you can undoubtedly see fine lines of “die polish” or “die finish” on coins in your pocket change!

Crossing the Block: Anhwei 7 Mace 2 Candareens (Dollar) from Year 24 (1898) Featured in August 2013 Hong Kong Sale

By Chris Chatigny, Cataloger


The upcoming August Hong Kong auction held by Stack’s Bowers and Ponterio is still in its developmental stages, but can already boast a multitude of enticing numismatic pieces for all varieties of collectors. Following last week’s modern Chinese gold “Bronze Age Archaeological Finds” Proof Set, this week we offer a look into China’s early struck pieces from Anhwei province. The mint in Anhwei began production in 1897 with the intent to replace circulating foreign silver coinage with Chinese-made coins. Unfortunately the ploy failed, and the mint, located in the capital of Anking, closed after only two years of production. As to be expected from this short production period, mintages for these years are relatively low, creating a scarcity of these pieces. Several distinct series of coins were produced during this period, and this 7 Mace 2 Candareens (Dollar) piece represents the third series of coins issued from this brief minting era. This type is distinguished by its date, 1898, and the initials “T.A.S.C.” on the obverse.

The obverse of this coin bears an all Chinese script, as conforming to the standard pattern, barring the English “T.A.S.C.” in the center field. The upper inscription reads “24th year of Kuang Hsu” meaning the coin was minted during the reign of Emperor Kuang Hsu in the year 1898. The upper and lower inscriptions are separated by a small four point rosette. The lower inscription describes the denomination of this coin: “Treasury Scales 7 mace (and) 2 candareens” this is effectively describing the weight of the coin, in relation to the K’uping Tael. From this, the valuation is produced as a silver dollar piece. The outer inscriptions are separated from the inner symbols by a pearled ring. The four large characters dominating the obverse read: “Valuable Coin (of the) Kuang Hsu (regime). The central inscription mirrors the larger, except it is in Manchu. 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".

The flying Imperial Dragon dominates the design for the reverse of this piece, shown coiled in an “S” like pattern. The dragon is displayed surrounded by clouds and issuing a fiery pearl from its mouth. The reverse English inscriptions note that the coin was produced in “AN-HWEI PROVINCE” at the top and the denomination of “7 MACE AND 2 CANDAREENS” at the bottom. These upper and lower legends are separated by a seven point rosette at either side. This attractively toned piece is just one of the many Imperial Chinese issues to be offered this August, and this scarce item is sure to draw a crowd.


Look for this and other Asian numismatic rarities in our upcoming August Hong Kong Sale. Preview this impressive coin along with the rest of our auction this August at the Stack’s Bowers and Ponterio office located in Irvine California. For details please refer to the Auction Schedule/Details link under Current Auctions at www.StacksBowers.com. To schedule an appointment, please call 800.566.2580.

World Coin of the Week: Peru Gold 8 Escudos 1749/8 from the River Plate

By Chris Chatigny, Cataloger


The August 2013 Chicago ANA World’s Fair of Money show promises to offer a vast assortment of numismatic pieces, including Ancient, Medieval, and Modern World coins as well as Paper money. This week we are excited to preview another treasure, a Cob style Gold 8 Escudos from Peru. The term treasure is not used lightly here; this coin is literally salvaged sunken treasure. The frigate “Nuestra Senora de la Luz” – a Portuguese ship operating under license for the Spanish – was carrying cargo from Buenos Aires, Argentina to Cadiz, Spain in 1752. While anchored off the coast of Montevideo, Uruguay a westerly tempest of sudden and dramatic force smashed the Luz against the coast and scattered her cargo across a wide area. Salvage operations began immediately and 90% of the cargo was recovered within the first year. In 1992 divers found gold coins in the River Plate that could have been part of contraband on the Luz that was hidden in the gunpowder hold. One of these gold pieces of sunken treasure recovered from the wreckage has found its way to our auction block for August.

By nature the cob style of coinage is rough and inconsistent, due to its hand-made preparation and striking. The dies used to create these coins were much larger than the finished coins, which lead to it being extremely rare to find a full and complete legend on any one piece. The hand-crafted nature also lends uniqueness to each coin, since no two coins could be identical. A Cross of Jerusalem design dominates the obverse (cross side), with the emblems of Castille and Leon in the quadrants, a lion in the upper right and lower left, and castles in the upper left and lower right. This coin is somewhat off-center, with only a portion of the lower left inscription visible: “ANDVS VI.” This is the last part of the Spanish king’s name; Ferdinand VI. This rare type contains a second date of “749” is faintly engraved below the cross.

The reverse (pillar side) contains the Pillars of Hercules, located at the Straits of Gibraltar, indicating the gateway out of the Mediterranean and into the Atlantic. The center letters “P.V.A.” are an abbreviation of the Latin legend “PLVS VLTRA” which means ‘more beyond.’ This must refer to the vast uncharted territory beyond the Pillars which the Spanish explored and colonized. The upper portion contains the mint mark “L” for Lima, Peru, and “8” for the denomination of gold 8 Escudos. The Assayer’s mark (R) is normally to the right of the 8, but this example is off center just enough so as to not be visible. The lower set of numbers “7.4.9.” refers to the minting date of 1749, and below the date and the Pillars waves of the sea are visible. The outer inscription around the edge of the design for this type usually continued the King’s titles, but for this example the only portion visible is “ARVM. R. F.” This piece of sunken treasure, pulled up from the bottom of the River Plate in Uruguay, is just one of the many magnificent numismatic collectibles offered in our August ANA auction.

Look for this and other world numismatic pieces in our upcoming August ANA Sale. Preview this impressive coin along with the rest of our auction this August at the Stack’s Bowers and Ponterio office located in Irvine California or New York City. 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.

United States Coin of the Week: Prized Cameo Proof 1879 Coiled Hair Stella Rarity

Article by John Salyer, Numismatist and Cataloger, U.S. Coins.  Based on the catalog description by Jim Matthews, Senior Numismatist and Consignment Director and John Pack, Executive Director of Consignments.

Stack’s Bowers Galleries, the only official ANA auctioneer for 2013, will present the first of our two ANA auctions for the year with the May 7-11 Official Auction of the ANA NationalMoney Show, in New Orleans, Louisiana.

This exciting event will feature many scarce-to-rare numismatic delicacies, some of them in the Private or Territorial gold category; intriguing items from the longtime holdings of a New England museum; and several noteworthy pieces that are highly desirable based strictly upon their individual merit and rarity.


As other numismatists have observed, the $4 gold Stella is a truly rare treasure that is usually not acquired, by many (if not most) of the collectors who ardently pursue them; sometimes for many years or even decades. This is not necessarily a function of the high cost for an example of this rare type: rather, it may simply be the case that even a well-heeled numismatist will be unable to succeed as the highest bidder at one of the infrequent auction appearances of these beautiful coins. Those hardy souls who do enter the fray, and compete for the proud ownership of one of these lovely pieces, must choose between the relatively more available Flowing Hair design, or the extremely elusive Coiled Hair type.

The Coiled Hair Stella is one of the most coveted and classic issues in American numismatics. Minted during only two years, in 1879 and 1880, there are just a handful known of each date, and any appearance is an opportunity for the specialist. The obverse design is by George T. Morgan, with a bust of Liberty facing left, her hair coiled in a complex braid wrapped in a coil at the top of her head. She wears a tiara inscribed LIBERTY in tiny letters. Around the obverse the legend reads * 6 * G * .3 * S * .7 * C * 7 * G * R * A * M* S* an abbreviation for 6 grams gold, .3 grams silver and .7 grams copper for a total of 7 grams. The date 1879 is below the bust. The reverse is the same seen paired with the Flowing Hair obverse, engraved and designed by Charles E. Barber. The central feature is a raised five pointed star, with a beaded inset border. Inscribed on the star is ONE / STELLA / 400 / CENTS. Around the star, in small letters, DEO EST GLORIA / E PLURIBUS UNUM.  The outer legend reads UNITED STATES OF AMERICA, with FOUR DOL. below.

The current specimen offers fully brilliant surfaces with no copper specks seen tucked into the lettering, rims or devices. For future pedigree tracing there is a minute obverse lint mark just touching the back of Liberty's neck, just below her hair line. The strike is reasonably sharp on all devices, although a hint of softness is noted in Liberty's curls above her ear, a diagnostic feature of this extremely rare issue.

The idea for a new trade coin in gold was developed by Representative John Adam Kasson who felt America should have its own international coinage in gold. Kasson was also involved with the legislation to help the silver miners offload their silver bullion for coinage with the help of Representatives Richard P. "Silver Dick" Bland and William Darrah Kelley--legislation which gave birth to the Trade dollar, the Goloid Patterns and the Metric coins. However, among the issues so inspired, the Stella stands high among them as the most highly prized today. The Stellas were struck during just two years and are technically patterns, though the first year (1879) Flowing Hair design was widely distributed. Why so few Coiled Hair examples were struck is not known, but today these are some of the most popular of the Pattern issues in any metal, and particularly so in gold. Few collectors have ever seen one, let alone had the chance to own such a numismatic treasure. It has been years since a Coiled Hair Stella appeared for sale, and this one is as beautiful as it is rare, with nice cameo contrast nicely complementing the superb aesthetic quality. In short, it would be virtually impossible to replace the quality and rarity seen here, and it may be years before another Coiled Hair Stella is offered.

United States Paper Money of the Week: Looking Forward to the August 2013 ANA Currency Auction

Written By Matt Quinn, Director of Currency.
The currency department at Stack’s Bowers is in full swing preparing for the upcoming Official Currency Auction of the 2013 ANA World’s Fair of Money. With the previous two years bringing incredible treasures to market we will anticipate this third consecutive year as the official auctioneer to be a historic offering yet again. In 2011 we were privileged to handle the incredible Harry W. Bass Jr. collection, Part V, which featured the “Educational,” series of Silver Certificates from 1896. The featured lot was the uncut sheets of the number 1-4 notes for the three issued denominations realizing an impressive $1,265,000. The sale also had scope that appealed to nearly every corner of the banknote market and set several records from Colonial to Federally issued items. In 2012 Stack’s Bowers yet again pleasantly surprised collectors with an offering that realized over $7,000,000 incollectible currency. Standout lots included a vast amount of high denomination large size notes from two 1890 $100 “Watermelon,” notes to both an 1878 $500 and 1880 $1,000 Legal Tenders.

Our most recent auction was held not long ago in Baltimore as the Official Currency Auction of the Whitman Coin and Collectibles Expo.  The sale showed the market to be trending steadily upwards. This fact gives us a strong inclination that the bidding will be highly competitive at our 2013 ANA Currency Auction. We are still accepting consignments for this prestigious event where your collectible currency can be sold alongside other important rarities. Our consignment deadline for World Banknotes is May 13th and our deadline for U.S. Currency will be June 17th. The Official ANA Auction is always the most anticipated event held by our firm and with the consignment window closing quickly we recommend you call or email one of our currency experts today to discuss taking part in this important auction.

Wednesday, April 10, 2013

Ancient Coin of the Week: Silver Tetradrachm from Cyrene


By Chris Chatigny, Cataloger

In preparation for the upcoming August 2013 Chicago ANA World’s Fair of Money show, held from August 9th through 17th, we will be previewing items to be offered in that Stack’s Bowers and Ponterio auction. To begin this series we have an Ancient Greek coin from North Africa. The Greek colony of Cyrene was founded ca. 630 BC and became the capital of Cyrenaica (modern day northeast Libya). The Mediterranean Sea provided moisture-rich air which created an ample river system that supplied the flourishing city. This natural irrigation system allowed for the region to prosper as an exporter of agricultural products, including wheat, barley and olive oil. One other natural resource was so critical to its economy that it was adopted as a symbol for the city and regional coinage: sylphium. This mysterious plant, used for culinary, medicinal and pastoral uses, is believed to be extinct now, or at least drastically changed from its classical age form. Overgrazing, desertification, and overharvesting may have all contributed to its disappearance in the first century A.D., sometime after the Romans had established dominance over the region.

This Silver Tetradrachm (16.39 gms) from Cyrene offers a view into the cultural melding of ancient civilizations. The obverse portrait of this coin bears a familiar Greek deity – Zeus – chief deity of the Pantheon, but with some notable additions. When the Greeks colonized North Africa they perceived that the local god ‘Amun’ shared similarities with Zeus. The Greeks named him Ammon, which incorporates the Greek word for sand: Ammos. In short, they named the new god ‘Sandy Zeus’, a clever play on words. Zeus Ammon would be best known after Alexander the Great consulted him during his world conquests. Zeus Ammon is easily identifiable as wearing a ram’s horn which curls around his ear. For this coin, the bearded head of Zeus Ammon is shown facing right, and he is adorned with a pearled diadem which is underneath the ram’s horn – shown curling around his ear. Starting at four o’clock and moving counter clockwise the legend reads: “X I P A” but the first letters are most likely “K” and “Y” respectively. “KYPA” is a recurring legend on coins from this region and era and most likely indicates the issuing city of Cyrene. The flan is slightly oblong when the obverse is viewed, but it is centered nicely.

The reverse bears the sylphium plant, the unofficial symbol for the Cyrenaica region. The full plant is shown. The British Museum Catalog describes a multitude of types; this one is Type Ic. The plant is composed of a deeply ridged stem, topped by a terminal umbel (flower cluster). There are two pairs of opposite leaves branching obliquely off the main stalk. The leaves have deep, wide sheathing bases at the stalk and end in three small leaves. Four smaller umbels are attached to the sets of leaves as well. The reverse benefits from the oblong shaped flan, the long plant is nearly perfectly centered. This coin is a nice example of the interesting melding of ancient cultures and also provides physical evidence to support the writings concerning the now extinct sylphium plant.

This interesting coin is the first of many incredible Ancient coins up for auction in our upcoming August ANA Sale. Preview this impressive coin along with the rest of our auction this August at the Stack’s Bowers and Ponterio office located in Irvine California or New York City. 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.

United States Coin of the Week: 1833 Capped Bust Quarter


Article by John Salyer, Numismatist and Cataloger, U.S. Coins.  Based on the catalog description by Frank Van Valen, Numismatic and Cataloger, U.S. Coins.

One month from now Stack’s Bowers Galleries will present the official auction of the May 2013 ANA National Money Show in New Orleans. That event will be held May 9-10, at the Ernest N. Morial Convention Center, located at 900 Convention Center Blvd. Anyone interested in further information may contact the Convention Center, at (504) 582-3000, or call us (Stack’s Bowers/ Spectrum) at (800) 458-4646.

Among the exciting numismatic rarities that we will offer in New Orleans is an 1833 Capped Bust Quarter, graded Proof-64 Cameo, by PCGS. Numismatist and cataloger Frank Van Valen has examined the coin in question and provides the following description:

This lustrous specimen is fully brilliant with frosted motifs and reflective fields, and aside for some scattered hay marks and a tick or two, the surfaces are immaculate. Just three examples of this formidable rarity have been certified by PCGS, including a Proof-64 non-cameo specimen and two Cameo Proofs -- the present coin and a Proof-65 Cameo specimen. (For comparison purposes we note that NGC has certified four Proofs of the date; the combined total for Proofs of the date between the two grading services is seven pieces, though we suspect there may a resubmission or two in the tally.) The PCGS website suggests that as few as three to five Proofs of the date can be accounted for today. As a rule, Proofs of the 1830s are great rarities regardless of denomination, and the present example is obviously no exception. The last Proof of the date we offered at public auction was back in 2005; that specimen was a Proof-65 Cameo coin certified by NGC -- the Pittman coin -- which brought $46,000 at our (Bowers and Merena) July 2005 Rarities Sale. At that time the cataloger gave a roster of four known examples of the date in Proof, a list that may have included some duplication. The present coin qualifies as a great rarity in the series within the Proof issues, and more than one specialist should be in line to bid for this classic quarter dollar issue. 

Did You Know???



Did you know that Stack’s Bowers in house numismatic staff has more total experience at public coin auctions than any other firm?

Remember When: What Do I Collect?


By Harvey G. Stack, Senior Numismatic Consultant

In my last article I answered the question “Do dealers collect?” with a resounding “Yes, they do!” This week I will answer another question that I am often asked: “What do you collect?”

To tell you the truth, I gravitated toward series that were not commercially in vogue at the time I collected them. I have always been a student of history and the lore of the past and this, in combination with the economic training I received in college, led me to an interest in pioneer and territorial ingots. These were the introduction of currency, primarily in the western United States. Occasionally as part of a collection, Stack’s would acquire gold nuggets, mixed metal ingots (made of a combination of gold, silver and copper), and other ingots with assayer names, weights, and valuations stamped on them.

Back in the 1950s, I didn’t have the funds to acquire gold ingots and so I concentrated on the mixed metal ones that came into the shop. At the time the value of the bullion and silver were small, so I could acquire some of the pieces. I became interested in the mining areas where the precious metal was found and also in the history of the assayers and refiners, some of whom worked “right on the spot.” I learned of the history surrounding these early monetary ingots, starting with the discovery of gold in California in 1848, the difficulties of panning and mining, the primitive living conditions and the early use of dust and nuggets in commerce. I learned of how San Francisco developed virtually overnight as the port city where supplies came in and precious metals went out. I learned of how the people in the West progressed from using dust and nuggets, to assayed metal bars with their values stamped in dollars and cents, and eventually to coins, both private and, eventually, federal.

J.K. Lilly, who also was fascinated by the sea and the monetary history of the Western Hemisphere, shared these interests. He started his collection with a dozen different doubloons from Stack’s in 1951. I had the opportunity to discuss these matters with him and enjoyed talking with him about the economics, history and lore of early western United States culture.

I eventually gave my collection of silver and mixed metal ingots to the National Numismatic Collection at the Smithsonian Institution where it still resides today.

From the Desk of Q. David Bowers: Starting in Numismatics


Written by Q. David Bowers, Chairman Emeritus

If you are new to coin collecting and are amazed with the thousands of different varieties of federal coins struck since 1792, not to overlook many different grades of those coins, there is an easy way to develop a methodology. This has worked for many people. Today, the Internet makes it easier.

Take a coin -- I suggest as an example an 1885-CC Morgan silver dollar. Look it up in the Guide Book of United States Coins. Beyond that, if you care to part with a few dollars check the Whitman website and order a copy of my Guide Book of Morgan Silver Dollars. However, without either book you can get started. Go on the Internet and you will find hundreds of thousands of “hits” for this coin. Zero in on several that give basic information -- the mintage, the price in different grades, and so on. Spend an hour or two checking offers, reading anything you can in the way of narrative, and taking in the information you see. Beyond that, for extra credit so to speak, check Wikipedia for the history of the Carson City Mint. After you have done this you will know as much about an 1885-CC silver dollar as the most expert of experts!

Enjoy!

Answers for the Avid Collector: The 1909/8 Double Eagle



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 recently purchased a 1909/8 double eagle. Can you provide some background information concerning this variety? —H.E.


Answer:  The 1909/8 is the only overdate in the Saint-Gaudens double eagle series. I estimate that it constituted about 40% of the 161,282 mintage for the 1909 date. It has been suggested that the overdate is even more plentiful than the regular date; the evidence seems inconclusive, but leans to the contrary. It is likely that many 1909/8 coins remained in the United States and were melted in the 1930s.
Of the Mint State pieces that exist today, most grade from MS-60 to MS-63, but enough MS-64 pieces exist that a specialist can locate one without intense effort. Higher-grade Gem coins are considerably scarcer, in fact, quite rare. In circulated grades, typically EF and AU, I suggest a population of 3,500 to 5,000 or a bit more.
The story of the 1909/8 is interesting in that until after 1970 the overdate was considered to be quite scarce, even rare, and the typical example was apt to be AU or a very low level Mint State. The writer recalls looking through quantities of double eagles in the 1960s and not finding any Mint State specimens. In later times specimens in higher grades gradually came onto the market, so that by 1982 when David W. Akers wrote his text on double eagles, high-grade specimens were no longer numismatic curiosities.
A little bit of numismatic history:
The May-June 1910 issue of The Numismatist included this item by Edgar H. Adams:
“Overstruck dates are those where the die of one year has been altered to do service for the succeeding one. The last figure in the date is usually gouged out and replaced by the new one, but seldom is this operation conducted so skillfully that traces of it are not left. Of course the reason for this is to save money in the making of the dies, and the practice has by no means been abandoned altogether, for careful scrutiny of the Saint-Gaudens $20 piece of 1909 will reveal traces of what seems to have been the alteration of the figure 8 to 9.”
Today we know that the master die contained the full date 1908 or 1909 as the case may be. The most likely scenario is that an already made 1908 working die was impressed by a 1909 master die, neatly creating the overdate. There was no “gouging” or alteration of the date figures; one simply appeared above the other.
At the time, Adams was in the forefront of numismatic research. However, as sometimes happens, Adams 1910 article on the 1909/8 double eagle seems to have been forgotten. In 1941 Abe Kosoff included examples of the issue in two of his sales, but no special notice was taken of them.
In the May-June 1943 issue of The Coin Collector’s Journal Abe Kosoff discussed the 1909/8 double eagle, “of which five copies have been discovered,” and an illustration of the variety was printed. After this notice, demand for the overdate multiplied. In 1944, the 1909/8 was added to Wayte Raymond’s Standard Catalogue of United States Coins, the standard reference at the time. Beginning in 1945 the overdate was added to Whitman’s Handbook of United States Coins. When A Guide Book of United States Coins was first published in 1946 (cover date 1947) the variety was listed.
Years later overdates became a more important part of numismatics, and stocks of double eagles, particularly in overseas banks, would be searched to reveal countless hundreds of examples of the 1909/8 variety.