Remember When: Meet Me at the Fair!

Meet Me at the Fair!

Part 1 of 2

By Q. David Bowers, Chairman Emeritus

Early Exhibitions

“Meet me in St. Louis, Louis, meet me at the fair...” So went the lead-in to a popular song of 1904 relating to the Louisiana Purchase Exposition. Numismatically, the event was important, as we’ll mention in Part 2.

The first American event truly worthy of the title of “world’s fair” was the 1876 Centennial Exhibition held in Philadelphia. (Later, “exposition” was a preferred word for most other events.) This featured a veritable city of newly constructed buildings, grand plazas, walkways, and the like, showcasing advances in technology, presenting art from ancient times to the present day, and offering a lot of old-fashioned fun. No commemorative coins were issued in connection with this event, but tokens and medals proliferated—dozens and dozens of them, so many that they would be hard to count today.

Mention should be made of the Exhibition of the Industry of all Nations, which sounds like a world’s fair, but wasn’t. This was the title given to the first display at the Crystal Palace, New York City, a strictly business enterprise that opened in 1853. None other than Phineas T. Barnum was in charge of the publicity. Many displays were set up, mostly of a commercial nature, under what was strictly a business enterprise—not sponsored by the United States government or any other nonprofit entity. The activities were in one building. Resembling a giant greenhouse, it was inspired by the Crystal Palace in London, which was a world’s fair held in 1851. Over a period of years, until the structure burned to the ground in 1858, many events were held at the New York version. One of the most notable was a grand festival in 1858 celebrating the completion of the Atlantic Cable. However, a world’s fair this was not.

The World’s Columbian Exposition

Fast forward to 1892, when the World’s Columbian Exposition was planned to open in Chicago, to celebrate the 400th anniversary of Columbus’ discovery of America (not that it was lost in the first place!)

 In connection with the event the first American silver commemorative coins were struck at the Philadelphia Mint. These were known as Columbian half dollars and were publicized as souvenirs, not commemoratives. The latter word would come into wide use later.

The best-laid plans often go astray, construction lagged, and it was not until 1893 that the gates were thrown open to the general public. During the late spring and summer millions of people thronged through what was called the White City, alabaster structures of great beauty (actually made of a composition known as “staff,” which looked nice but had no enduring properties). The gigantic Ferris Wheel was the main attraction. More Columbian half dollars were struck, these with the date of 1893, actually commemorating the 401st anniversary of Columbus’ “discovery.” Thus began the first of irregular and illogical commemorative coin dating, which has extended until modern times (such as a dollar for the 38th anniversary of the Korean War, to mention just one such production).

Late in the game, after the exposition was well under way, the 1893 Isabella quarter dollar made its appearance and was sold in limited numbers through a modest display in the Women’s Building. This became the first commemorative quarter dollar. Today it is recognized as the only commemorative coin of this denomination. All other quarters, including the beautiful Statehood coins, cannot be considered commemoratives as they were made in unlimited quantities and distributed at face value. One of my family quests is to learn more about the five paintings my great-grandmother, Frances Mumaugh, is said to have exhibited in the Women’s Building. One is listed in an official catalog, but nothing is known about the other four. She was a prominent artist in Omaha and exhibited widely, including at the 1904 World’s Fair in St. Louis.

Returning to numismatics, thus in 1892 and 1893 were launched the first American commemoratives specifically related to a world’s fair. For the same event, countless tokens and medals were also issued, including one featuring art by Mint Engraver Charles E. Barber on one side and sculptor Augustus Saint-Gaudens on the other. This spawned or helped continue Saint-Gaudens’ disdain for Barber’s work, which he called “wretched.”

The 1900 Paris Exposition

The 1900 Lafayette silver dollar was the next coin produced for a world’s fair, this being the Paris Exposition of 1900—a grand affair that outdid all predecessors on the European continent. This was the era of Art Nouveau, and the work of its master, Alphonse Mucha, was much in evidence there. These coins were sold stateside for $2 each in a program that did not attract much attention. Proceeds were to go to help erect a statue of Lafayette, by Paul Wayland Bartlett, in Paris, but work fell behind schedule and it was not finished on time.

Did You Know: Coin Quiz Challenge

Coin Quiz Challenge!

Test you knowledge. If you get three right you are doing fine, four right and you deserve a gold star, and five right you go to the head of the class!

1. Henry R. Linderman, director of the Mint in the 1870s, was also all of the following except one. Which one was he not?

a: Medical doctor.

b: Former Forty Niner, having gone to San Francisco during the Gold Rush.

c: Owner of an 1804 dollar.

d: Author of a book titled Legal Tender.

2. In his fourth annual message to the House of Representatives, November 6, 1792, President George Washington mentioned that:

a: As a youth he had thrown a silver dollar across the Rappahannock River.

b: Robert Birch had been hired to engrave dies for the new Philadelphia Mint.

c: His wife Martha had her portrait sketched for use on American coinage.

d: Silver half dismes had been coined for use in circulation.

3. No doubt the 1925 Fort Vancouver commemorative half dollar is one of the most interesting of its era. Which one of these statements is not true?

a: The coins were made at San Francisco, but the “S” mintmark was omitted in error.

b: After striking, bags of these were loaded aboard a biplane and flown to Washington state.

c: Upon close examination the date is over another, actually 1925/4.

d: Dr. McLoughlin’s name is spelled correctly on the coin.

4. In our  March 2004 sale of the Dr. Haig Koshkarian Collection, all bets were off, the sky was the limit, and applause broke out when this superb gem coin, formerly in the Norweb Collection, crossed the block and sold to a bidder for over $800,000:

a: 1797 half dollar.

b: 1804 Class III silver dollar.

c: 1793 Chain AMERI. cent.

d: 1861 Paquet Reverse $20.

5. The first release of a coin often generates a lot of excitement, and the public rushes to acquire them as souvenirs. This happened in a big way for all of the following except which one?:

a: 1909 V.D.B. Lincoln cent.

b: MCMVII (1907) High Relief $20 gold.

c: 1892 Barber half dollar.

d: 1883 Liberty Head nickel without CENTS.

Answers: 1-b, 2-d, 3-c, 4-a, 5-c.

From the Desk of Q. David Bowers, Chairman Emeritus

Recently I read in Coin World that the Royal Canadian Mint is going to issue a commemorative coin for collectors, not to circulate in commerce, with a face value of $100,000. This will be a legal tender coin and, presumably, could be cashed in at a bank or with the Canadian government. This prompted me to think that now for a specialist in Canadian coins to complete his or her collection, $100,000 plus any premium charge is a starting point! Can you imagine if more than one variety is coined every year or if examples with later dates are made? One would have to be a millionaire to just keep current.

Some time ago Beth Deisher, editor of Coin World, commented that in order to keep current with United States Mint coins it would cost considerably over $10,000 per year. I do not know the figure as I write these words, but you can contemplate commemorative coins from different mints and of various finishes, a current Proof set, various gold bullion coins, platinum coins in Uncirculated and Proof finishes, and perhaps others. It would be interesting for someone to calculate how much it would cost simply to have one of each coin variety made by the United States Mint since the year 2000. I wouldn’t be surprised if over $100,000 would be needed. This certainly takes numismatics out of the realm of triflers, casual buyers, and the like.

My gosh, how things have changed!

Now, for a bit of nostalgia I go back to 1953, my second year in numismatics. As a student in Forty Fort (Pennsylvania) High School I enjoyed looking for coins in circulation, doing some trading, and starting a local business in numismatics. Living not far from me was Mr. Edmund Karmilowicz, who had formed a beautiful collection including an Uncirculated set of commemoratives from 1892 to date, a set of Peace silver dollars from 1921 to 1935, and a number of other specialties, all mounted in plastic holder sheets. These were beautiful to examine and very impressive. We discussed current coins. Proof sets of five pieces—the Lincoln cent, Jefferson nickel, Roosevelt dime, Washington quarter, and Franklin half dollar—were available from the Mint for $2.10. In addition, the Treasury Department sold sets of Uncirculated coins. Mr. Karmilowicz told me that he was keeping current on his commemoratives by buying the Carver-Washington half dollar sets (one from each mint: Philadelphia, Denver, and San Francisco) each year, but the coins were not particularly attractive, and he did not recommend that I acquire them for my holdings. The next year, 1954, was the last year that Carver-Washington pieces were offered. They were not popular at the time, and I never did buy any. In 1955, the cost of having a complete collection of current United States coins, including a Proof set and one Uncirculated piece from each mint (no half dollars were coined in San Francisco) was less than $5. What a contrast that is to the more than $10,000 to keep current today.

I am asked every once in a while as to whether buying current commemoratives and the like is a good investment. My reply has been essentially this: If you want to keep current, find these coins desirable, and can afford it, by all means purchase one of each. Not many people do this, however. If a particular commemorative is interesting to you—say the subject is historically appealing—buy one or an example of each variety of the issue, remembering that the value is often based on bullion value. Their numismatic value for many modern issues is very slight, and except in recent times when gold and silver has gone up in price, many modern commemoratives could be sold only at a sharp discount from the Mint issue price. That said, there is no doubt that modern coins keep our hobby dynamic.

Returning to the past, through 1981, matters continued more or less as they were in 1955, with a simple Proof set available each year and Uncirculated current coins. The cost of keeping up to date remained relatively modest. There were many pleas in the numismatic press, at coin conventions, and the like, for the government to resume coinage of commemoratives. By that time the Carver-Washington half dollars of 1954 were a memory for some, and not recalled at all by others, as so many people had come into the hobby since that time. There was a certain nostalgia in looking through the Guide Book of United States Coins and seeing all of the half dollars issued beginning with the 1892 Columbian. These comprised 48 different designs and 142 varieties if you included mintmarks and the like. How nice it would be to have commemoratives again!

As they say, be careful what you wish for, or you may get it! That happened, but not right away. In 1982 the U.S. Mint issued the first commemorative half dollar since 1954: an attractive coin honoring the 250^th anniversary of George Washington’s birth. The design was by Chief Engraver Elizabeth Jones, was well received, and set the pace for a new round of interest. The pieces were not particularly expensive at the time. Then the flood gates opened! In the offing were the 1984 Olympic Games to  be held in Los Angeles. Multiple commemoratives were made, some dated 1983 in advance, and others dated 1984. In addition to silver issues, $10 gold commemoratives were made—a denomination never used on commemoratives before. From that point it was onward and upward, gaining great momentum in 1986 with the introduction of American eagle coins, and later with a flood of other issues. Today in 2011 someone can say, “I have spent over $100,000 on my coin collection, and not have a single coin dated before the 21^st century.  

I would be remiss if I did not insert at this point a compliment to the Treasury Department regarding a very nice series of coins. These are the Statehood quarters, issued at face value beginning in 1999, followed by the recent National Park quarters. These are commonly seen in circulation and with some patience a set can be completed by paying no more than a quarter each. Uncirculated and Proof varieties are a bit more and must be purchased from dealers, but still the overall amount is not great. I also give a nod to the 2009 Lincoln cent reverses—four of them—also released into circulation.

What a contrast this has to traditional numismatics. Consider  these hypothetical displays at a coin convention:

1: One of each commemorative, regular, and bullion coin issued by the United States Mint since the year 2000. Cost, as stated, over $100,000.

2: The only known example of a certain bank note issued in the 1830s by the Winnipisseogee Bank of Meredith, New Hampshire, right end missing, grade otherwise Good to Very Good, recently purchased for $300

3: A unique token relating to the Civil War, issued the year before in 1860, with the Wealth of the South motif on one side. Cost $2,100.

4: A five-cent scrip note issued by a New York City merchant in 1862, at a time when coins were not available in circulation, probably unique, but who knows, as there is no reference book to consult. Cost $75.

5: A group of 10 1794-dated copper cents, grades from About Good to Very Good, none of them costing more than a couple hundred dollars, not otherwise classified, but with a magnifying glass nearby so that anyone interested could look at them.

My guess would be that a few people would be fascinated by the commemorative collection, but there would be a line waiting to see the exhibit case with the worn 1794 cents, with a lot of enthusiasm from those who would like to check out the die varieties.

If there is any point to this commentary, it is that it takes a lot of money to keep current with new issues, and if the United States Mint ever follows the steps of the Royal Canadian Mint and issues a $100,000 coin, only a handful of people will be able to afford them. On the other hand, going back to traditional American numismatics—coins, tokens, medals, and paper money issued generations ago—there are many opportunities to acquire interesting coins, including great rarities, at reasonable prices, and to spend a lot of enjoyable time researching their history and checking their varieties.

From the Experts: Ask the Experts!

Ask the Experts!

Have a question about anything numismatic? Send it to Dave Bowers by e-mail and he will answer or will tap the talent of another staff member to do so. Questions of the most general interest (in our opinion) will be answered here, with just the sender’s initials.

Question: Dear Dave, I recently bought, and for a good sum of money, a certified MS-65 example of a 1923-S Monroe Doctrine Centennial half dollar. However, it is not very attractive. I have been told they all “come that way.” Since then I have become a bit wiser and have a copy of your Whitman Official Red Book of United States Commemorative Coins. I am looking for a copy of your 1992 Commemorative Coins of the United States: A Complete Encyclopedia, which I have been told is out of print, but a local coin dealer says he knows someone who has one and who might part with it. The more I read about commemoratives, the more interested I become.

I am writing to ask your opinion as to whether I should try to build a collection of every early silver coin, 142 different dates, mintmarks, and other varieties of half dollars, plus the 1893 Isabella quarter and the 1900 Lafayette dollar; or whether getting the Lafayette and Isabella plus just 48 design types of half dollars would be a better route. If you care to share any ideas, I would be appreciative.—M.C.

Answer: Dear M.C., The key to your inquiry is that you enjoy reading. Commemoratives are wonderfully historical, and because of this my answer is somewhat different than if you had expressed interest simply in grades and values.

By all means, opt for the 142 different. In a way, this has an advantage, for the 48 different types tend to be more expensive if a coin is a key to a type set. The three main issues are, as you probably know, the 1928 Hawaiian, the 1935 Hudson, and the 1935 Old Spanish Trail. Ten thousand of each were distributed. Most of the Hawaiian halves went to residents of the island, with relatively few to numismatists. Those living on the islands tended to care for them casually, with the result that today many show evidence of being polished, or have friction, or whatever. On the other hand, the 1935 Hudson and Old Spanish Trail half dollars were mainly sold to numismatists, who preserved them carefully. The Hudsons often come with various nicks and marks as they were not handled carefully during the shipping and distribution process. On the other hand, the Old Spanish Trail half dollars, which were shipped directly to L.W. Hoffecker (a numismatist who seems to have been “fussy” ) are found in higher average grades. This is beyond your question, however.

An attractive part of getting one of everything is that the low mintage issues such as the 1935-D and S Boone half dollars with Small “1934” in the field, the Boone issues of 1938, the Arkansas issues of 1939, and certain others of which only 2,000 or so were distributed, are very inexpensive in comparison to their rarity. Take, for example, the 1938 Boone issues from Philadelphia, Denver, and San Francisco. Just 2,100 were distributed of each, and yet the current issue of A Guide Book of United States Coins prices an MS-63 set at $1,200, which amounts of just $400 per coin, and in MS-65 $1,600, or just $533 per coin. Can you imagine if today in 2009 just 2,100 of a particular new commemorative half dollar were to be issued, the price would probably be $10,000! Certainly, not $533. In other words, there is a lot of value in terms of actual rarity to be found among some of the varieties. The reason for this is that most people indeed collect by types, and the demand for the rare varieties is not as great.

Regarding your 1923-S Monroe, this is one of the most poorly defined of all designs. The details are mushy on even the best of them, due to the models and the dies, not to a particular coin itself. The same thing can be said, more or less, with the 1926 Sesquicentennial half dollar. The grading of these can be very iffy, and I have seen many coins certified as MS-65 that are no better than ones certified as MS-63 or MS-64. If you are skeptical about this, just do some looking around on the Internet or at a convention and I am sure you will agree.

Commemoratives are best acquired one by one, and by studying them carefully. Striking is usually not a problem, although a few issues have weakness in areas. Eye appeal can be a problem, but can be addressed by simply acquiring coins that you find attractive. For my money, an MS-63 with great eye appeal would be better than an MS-66 that is dark or dull. Such choices do exist in the marketplace.

Most older commemoratives, from what I like to call the Classic Era, 1892 to 1954, are significantly lower in price than they were way back in 1992 when there was a great investment passion for them. Beyond that, they are not particularly a hot ticket with current collectors either. The time to buy is in a quiet market, I believe, and this yields further opportunities.

All the best of success with your specialty. And, I hope you find that book!—Dave Bowers

Crossing the Block: An 1892 Mint State “Single Shaft” South African 5 Shilling

Crossing the Block: An 1892 Mint State “Single Shaft” South African 5 Shilling.

By Kent Ponterio, Senior Numismatist

The Stack’s Bowers and Ponterio November 2011 World Coin and Currency Auction, the official auction of the Whitman Coin and Collectibles Expo is now online for your bidding pleasure. Lot viewing for this sale begins this week by appointment only in our Irvine office on October 27th and continues through Wednesday November 2nd. The sale will then be available to view by appointment only in our New York auction gallery Tuesday, November 8th through Friday, November 11th and finally you can also view the auction on site in Baltimore starting on Monday, November 14th. Give us a call today to schedule your appointment at 800-458-4646.

We are proud to feature in this sale an 1892 South Africa 5 Shilling, graded MS-63 by NGC. KM-8.1; KJ-147. “Single Shaft” Wagon. There are two major varieties for the 1892 5 Shillings, “Single Shaft” and “Double Shaft”. Both were designed by Otto Schultz and tell a very interesting story. With presidential elections closely approaching, President Kruger desperately wanted to release a new coinage into circulation as soon as possible; however, at this time the Pretoria mint was still under construction. Not wanting to wait, Kruger contracted with the Royal Prussian Mint in Berlin to produce the first series of coinage. This proved to be a mistake that nearly cost Kruger the election. The German die engravers were unfamiliar with the style of wagon used in South Africa and engraved them in the style of a European wagon. Although the design was well executed, the wagon was depicted with two shafts and two equally sized wheels. This differed from the normal “Single Shaft” wagon or “Voortrekker wagon” used in South Africa, which typically was depicted with a much larger wheel in the back. Although this seems like a very subtle difference, it nearly cost Kruger the presidency. Kruger’s political opponents immediately noticed the incorrect depiction of the “Voortrekker wagon” on the national coat of arms and declared this “an insult,” insisting that the engraver Otto Schultz’s initials “OS” represented the Dutch word for an Ox. Kruger took full ownership for this error and quickly had the appropriate design changes made. The piece offered in our November auction is lightly toned with very original surfaces. Click here to view this lot and all the other items we are featuring in the November 2011 Baltimore sale.

From the Desk of Chris Karstedt, Executive Vice President

From the Desk of Chris Karstedt, Executive Vice President.

The team just returned from Pittsburg after attending the first fall ANA Money show. While the show was not a “barn burner,” business was done and spirits were good. The local PAN club was extremely supportive and present en force with their bright yellow shirts and their new “eagle” emblem. Hats off to such an active organization!

This show reminded me of what I love most about my work. It’s the wonderful, friendly, and caring individuals that are involved with the numismatic hobby. I can’t remember the last time I got to chat in person with so many past, current and hopefully future consignors and their wives and families! It was a real pleasure having this opportunity and I came back to New Hampshire uplifted with the all the good vibes sent our way. By the way, I send along a few special messages, albeit cryptic and not necessarily related to numismatics.

Mrs. J…Go with the granite countertops and forget about the trim in the rest of the house (it can be painted).

Mr. K… The chocolate covered pineapple was a first and delicious! Send me a copy of that picture when you can.

Mrs. M…Cook the turkey and order out the rest!

Mr. C…The medal was beautifully done and I appreciated your sharing it with me.

Mr. S…So nice to see you and a pleasure to be working “for” you in our upcoming auction.

Mr. L, Mr. W, and Mr. A….I expect some reports on the movie suggestions by the time I see you in Baltimore.

Mr. D….Our meeting was fun and very informative. We all look forward to the next one!

Mr. K….Always a pleasure and rest assured, I will help you with every step of the auction process.

My next road trip will be the exciting Whitman Coins & Collectibles Expo at the Baltimore Convention Center, where we will be on site from November 14^th through the 20^th . Our auction features some very exciting offerings of fresh material from private cabinets held off the market for decades.  To mention a few highlights we have the Teich Family Collection Part I, the Brandywine Collection, the MHS Collection and the Guttag Family Collection, Part III.  Our catalogue is being sent to subscribers later this month and will be available free online in just a few short days.

With a sale of this magnitude about to cross the block, you may be wondering how to fit a few more acquisitions into your collecting budget. Stack’s Bowers Galleries has several finance programs structured to meet your individual needs. No dollar amount is too small or too large for consideration so let us help you build that beautiful and meaningful collection.

In closing, I’m here for YOU! I’d like to work with YOU!  Have coins, paper money, medals etc. to sell…I can help! Need that last piece to complete your collection…I can help! Need cash…I can help! I am just seconds away by toll-free telephone so call me at 1-800-566-2580 to put me to work for YOU!

All the best,

Christine Karstedt

From the Experts: A Spotlight on Ephemera

Spotlight on Ephemera

By: Q. David Bowers, Chairman Emeritus

Ephemera. The term in collectibles relates to printed matter, mostly, that was here today and gone tomorrow—years ago. Such items were important in their time—newspapers, trading cards, political rally announcements, advertisements, letters, bills, concert programs, posters, and more—but were often discarded and replaced by new things. The Ephemera Society of America (http://www.ephemerasociety.org) is a group of people interested in these things.

In numismatics it is often interesting to acquire a piece of ephemera, a go-with item, such as a book, advertisement, card, or something else that is related to a coin, token, medal, or piece of paper money itself. The field of encased postage stamps, little advertising items that were very popular in 1862 during the Civil War, when coins were hoarded, offers an excellent chance to acquire items related to them. The most prolific issuer of encased postage was Dr. J.C. Ayer, patent medicine king of Lowell, Massachusetts. Several varieties of his advertisements are known on encased stamps, with denominations from one cent to 90 cents. These are readily available today, and a nice example will cost just a few hundred dollars, if that. Much more plentiful are colorful trade cards featuring the same products, such as Ayer’s Pills and Ayer’s Sarsaparilla. At an ephemera show these usually sell for about $10 to $20. Ayer’s Almanacs are seen with some frequency as well.

Recently at the annual Antiquarian Book Fair held in Concord, New Hampshire we were on the lookout for numismatic ephemera, or go-withs, and landed a nice copy of an 1860 almanac put out by George G. Evans. He was very prominent in the book trade in Philadelphia, doing an extensive mail order business as well as having a walk in trade. His unique selling proposition, or at least an unusual one, was to offer premiums when books were bought, these being in the form of additional books or else inexpensive jewelry, souvenirs, and the like. Evans was an issuer of encased postage stamps. Today his encasements are fairly rare. The 1860 almanac contained his advertisements in the front and back, with a standard interior giving information about facts, weather, and the like.

Go-with items relating to regular federal coins are interesting to collect as well. Brochures and advertisements issued by the U.S. Mint are not widely collected, but are colorful and interesting. Some commemoratives were given out as souvenirs, such as by Wells Fargo for the World’s Columbian Exposition, consisting of a half dollar in a little container. These come on the market with some regularity and are quite fascinating.

The next time you go to a show featuring antiques, books, or old paper, look around for items related to coins, tokens, and paper money. Chances are you’ll come home with something interesting, no doubt quite inexpensive in comparison to the numismatic item to which it relates.

Crossing the Block: A Dramatic 1856 Braided Hair Cent Mint Error

A Dramatic 1856 Braided Hair Cent Mint Error

By Jeff Ambio, Senior Numismatist and Chief Cataloger

At our Official Auction of the Whitman Coin and Collectibles Expo being held this November 16-19, in Baltimore, Maryland many rare and interesting items will cross the block. One of the exciting highlights we are proud to present is a dramatic 1856 Braided Hair cent mint error combining an obverse die cap and reverse brockage, Newcomb-7, Upright 5 graded MS-63 Brown by NGC.

A remarkably deep and visually dramatic die cap, this impressive piece is plated and described on page 46 of the book World's Greatest Mint Errors by Mike Byers (2009), for which I served as the sole editor during writing and publication. Of the coin the author states, in part:

“Such is the stress that the die cap created that the planchet has also split at 4 o'clock on the obverse rim. In addition to this planchet split, the reverse also displays a flattened, distended brockage from the obverse of a previously struck coin, indicating that this die cap probably produced counterbrockages before freeing itself from the obverse die. This piece is the most spectacular and dramatic Large Cent die cap known.”

Byers further describes the coin as "unique." An obverse die cap on an 1847 Braided Hair cent is ranked 29th in the 2010 book 100 Greatest U.S. Error Coins by Nicholas P. Brown, et. al., although that piece lacks the reverse brockage that also characterizes the 1856 offered here. Although no portion of the reverse design is present on this error, the N-7 die pair is confirmed through the Upright 5 in the date, a tiny hole in Liberty's ear and the presence of a faint die crack extending toward star 1 from the tip of Liberty's bust. The amount of detail in the reverse brockage suggests that it was acquired shortly before the coin freed itself from the obverse die; it probably produced only a few counterbrockage errors. Gorgeous orange-brown patina throughout, with sharp definition to the obverse design and only a few faint toning spots precluding an even higher numeric grade. An important rarity that belongs in the finest collection of U.S. Mint errors.

Major Mint errors on early U.S. types are rare and seldom represented in even the most important holdings, particularly in Mint State. Indeed, most of the error large cents that this cataloger (Jeff Ambio) has handled over the years have been circulated to one degree or another. These include mostly off center strikes and brockages, the treatment of which suggests that they were not recognized as "special" at the time of production and consequently circulated for many years alongside properly struck coins of the same type. So dramatic is the present die cap, however, that it was obviously recognized as significant at the time of striking and has been handled with great care ever since -- to the benefit of the bidder who is fortunate enough to emerge victorious on this lot.

Q. David Bowers also comments on the piece “What an exciting piece this will be for anyone interested in the ‘show and tell’ aspect of numismatics—displaying this at a convention or elsewhere, where it is bound to attract a lot of attention. I would go to see it myself!”

This piece, along with the rest of the Baltimore auction will be online for your bidding pleasure in the next couple weeks. Give us a call at 800-458-4646 to ensure you receive a catalogue.

Did You Know: Test Your Rare Coin Dealer IQ

Test your knowledge about rare coin dealers, past and present, and see how you do, a little numismatic IQ quiz:

1. Points of distinction: The New Hampshire office of Stack’s Bowers Galleries,  located in a lakeshore townhouse, may be the only rare coin dealer to have its own boat/yacht dock on premises. We are a division of Spectrum International Group, the only collectibles company to be listed in the Fortune 500. We trace our beginning back to 1933 when Joseph and Morton Stack began business in New York City. The rest is history. Now, find the right answer for Littleton Coin Co., an esteemed colleague:

a: Has offices in London, Paris, Zurich, and Hong Kong.

b: Listed on NASDAQ.

c: In its own 85,000-square-foot building and employs over 350 people.

d: Is the main shareholder in the Professional Coin Grading Service (PCGS).

2. Which dealer was president of Rotary International, never saw a grizzly bear during his visits to California but liked the one pictured on the 1925 commemorative half dollar, had his own building, and allowed his house to be featured in an advertisement for Williams Oil-O-Matic furnaces? He also desperately wanted to buy a 1913 Liberty Head nickel, but did not handle one until 1944, but even then, his buyer, a figure in European royalty, sent it back when another, finer piece came to hand:

a: Ebenezer Locke Mason, Jr., Philadelphia, PA.

b: F. Trifet, Boston, MA.

c: Toivo Johnson, East Holden, ME.

d: B. Max Mehl, Fort Worth, TX.

3. This dealer had New York City dealer Thomas L. Elder as his father-in-law (probably not an easy relationship, but who knows?), was an early marketer of plastic holders for coins, and signed National Bank Notes:

a: Eugene DeKleist, North Tonawanda, NY.

b: Paul Seitz, Glen Rock, PA.

c: John Allan, New York City, NY.

d: Frank Katen, Milford, CT, later of Washington, DC.

4. This dealer on his own, and later with his son-in-law John W. Haseltine, did a lively business in restrikes and rarities, many of which he secretly obtained from officers of the Philadelphia Mint. He also issued a cent-size store card made for him by Robert Lovett, Jr.

a: Ira S. Reed, Sellersville, PA, and Philadelphia.

b: William K. Idler, Philadelphia, PA.

c: Max Berenstein, New York City, NY.

d: S. Hudson Chapman, Philadelphia, PA.

5. This fellow, a New York City rare coin dealer who was even better known as a stamp dealer, was unkindly referred to as “the great boaster” and the “Fulton Street octopod,” by a competitor, Ed Frossard, who also referred to that dealer’s clerk, David Proskey, as a “shirker of auctioneer’s bills” and having an “India rubber conscience.” The alleged eight-tentacled rare coin professional was none other than:

a: Alexandre Vattemare.

b: John K. Curtis.

c: John W. Scott.

d: Jacob Perkins.

Answers: 1-c, 2-d, 3-b, 4-b, 5-c