Did You Know: Ask our Experts

Ask our 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 see that “lists” are becoming popular in numismatics these days. I have copies of Whitman’s 100 Greatest United States Coins, 100 Greatest American Currency Notes, and 100 Greatest Medals and Tokens, and I suppose I will buy a copy of the next book in the series, if there is one. David Letterman has his lists, of course, not 100 items but ten, changing frequently. The Numismatic Bibliomania Society has come up with its own list of 100 great books. There are probably other lists of which I am not aware.

Heeding your advice to build a numismatic library, can you give me a list of some early books, collectible and even hard-to-find, that would be worthwhile looking for? I am interested in American numismatics, which will limit the field, I know. —W.O.C.

Answer: Dear W.O.C., Nice question! The most durable of all 19th century references is Sylvester S. Crosby’s Early Coins of America, published in 1875. This discusses coins of the American colonies as well as copper and other coins of the states, ending with Washington issues of the 1790s. Believe it or not, this particular book has never become obsolete, and the basic information therein regarding enabling legislation, use of money in circulation, and more, cannot be found anywhere else, at least not easily. With regard to die varieties, rarity, and the like, there is updated information, including in the recent Whitman Encyclopedia of Colonial and Early American Coins, which I compiled with a lot of fine helpers.

Beyond Crosby, I like very much Montroville W. Dickeson’s American Numismatical Manual, published by Lippincott in 1859, with a second edition in 1860 and a third in 1865, the last two with the title word changed to Numismatic. In those early days of the hobby the word was not particularly well defined, and what we call a numismatist today, such as you and me, would have been called a numismatologist back then, and so on. The Dickeson book was the very first large format study of American coins. He compiled it essentially from scratch, as there was nothing particularly significant to draw upon. Although it necessarily contained errors, and for some reason was accorded very little honor in its own time (it was rarely cited in auction catalogues, for example), it is a dandy book simply to look through. Certain information concerning rarity and availability, and even some historical facts are somewhat off the mark, but it was a beginning effort and needs to be recognized as such.

Lyman H. Low’s Hard Times Tokens, published in 1899 and later update, is as readable now as it was back then. Low, a dealer and also a numismatic scholar, accepted the challenge to try to find out everything possible about these tokens, mostly the size of copper cents, struck from 1832 to 1855. This is one of my favorite texts.

Where to go from there? Probably to numismatic periodicals. I would suggest back issues of The American Journal of Numismatics, originated by the American Numismatic and Archaeological Society in 1866, and published until the second decade of the 20th century, at which time it dissolved, so to speak, and afterward individual monographs were issued. The glory days of the Journal were in the late 19th century, yielding an absolute wealth of interesting information. The Numismatist, first published in 1888, and still a magazine of importance, also furnishes interesting reading in its 19th century issues. Those from 1888 to 1893 are almost unobtainable, and later copies are usually seen here and there, not often as a run. Both the American Journal of Numismatics and The Numismatist would be good candidates for someone to issue on a CD or an Internet download. I realize this form of reading can be rather clumsy, but at least the information is preserved, and the cost would be nil.

Beyond these suggestions, which I feel are of universal appeal, you might want to review some information available from the Numismatic Bibliomania Society, and get some ideas. There are specialized publications on Washington items, merchants’ tokens, half dimes, and other niches. —Dave Bowers

From the Desk of Q. David Bowers, Chairman Emeritus

Welcome to the latest issue of my Market Report. It was a great experience recently to spend a few days at the Florida United Numismatists (FUN) show in Orlando. I have been attending these since they first started in the mid-1950s, although have not been at all of them, for the New York International Coin Show has been scheduled the same week in recent times and on occasion I have gone to that event as well. I understand that next year these shows will be at different times—which will benefit all.

As expected, the FUN show was very dynamic. This show, the World’s Fair of Money show (ANA summer convention), and the three Whitman Coin & Collectibles Expos in Baltimore are the “big five” gatherings of the year. I look forward to each of them.

For most of the time I was at the Stack’s Bowers Galleries table, to meet, greet, and chat with those who stopped by. On display were many important items from forthcoming sales, including the Battle Born Collection of Carson City silver and gold coins—unique, what with the only known 1873-CC Without Arrows dime. Not far away were gems from the Teich Family Collection, now being prepared for sale. Technology changes, and 20 years ago at a typical FUN convention, visitors would have hand-held video cameras. Now, it is Iphones and similar, with cameras built in. More than just a few held such devices over the rarities on display and took pictures of them. I am not quite sure of the quality that such cameras take, what with the cover glass perhaps interfering with the focus, but at least the concept is interesting.

Also a hot topic of discussion was our forthcoming Americana Sale in New York City, January 24 to 26. I plan to be on hand for much if not all of the sale and look forward to seeing you if you plan to attend. At the FUN show there was a lot of talk about the wonderful collections of Connecticut and New Jersey coppers set to cross the block. Of course, these are just some of the many highlights in an offering that is absolutely fascinating. Plan to be a part of it.

My best wishes to you. Enjoy numismatics until we “meet” again in this column. And, please be a part of our Americana Sale.

Sincerely,

Dave Bowers

Remember When: Numismatics in the 1850's, 1859

Numismatics in the 1850s

The Beginning

In the late 1850s the hobby of coin collecting became wildly popular. This time line from Dave Bowers’ popular book, The Expert’s Guide to Collecting and Investing in Rare Coins, sets the scene for all of the activity:

The Year 1859

The Mint as a Coin Dealer

 The Mint became America’s largest ‘coin dealer,’ de facto, but not officially. From 1859 until about 1885, tens of thousands of rare patterns, restrikes, and other delicacies were made for the private profit of officials holding positions there. Years later, in 1887, when a new Mint director sought to learn details he was amazed to find that the only records on hand were for a few 1868 Proof sets struck in aluminum. Everything else was ‘off the books.’ Today, collectors are grateful for this secret activity within the Mint walls, as otherwise most Gobrecht silver dollars of 1838 and 1839, Flying Eagle cents of 1856, and pattern coins would not exist!

Director Snowden Seeks Washington Pieces

In early 1859, Director James Ross Snowden at the Mint was besieged with requests for pattern coins, Proofs, and rarities. These were supplied to the extent that examples were on hand, after which, beginning that spring, Snowden had some old dies dusted off and commenced to make restrikes of silver Gobrecht dollars of 1836-1839, the 1804 dollar, and other rarities. Snowden himself was a numismatist, and his prime interest was to secure tokens and medals of George Washington to display in the Mint Collection. Word quickly spread that anyone having such pieces could trade them at the Mint for all sorts of valuable restrikes and rarities! The pattern 1856 Flying Eagle cent became a stock-in-trade item for insiders at the Mint, as such coins readily sold for $1 or more on the market. Newly created rare and valuable patterns, restrikes, and other delicacies were fed into the market and were eagerly purchased. There was little differentiation among collectors and dealers as to what was an original and what was a restrike. Each served equally well to fill a space in a collection and, if anything, restrikes were in higher grades and more attractive. While a later generation of numismatists would separate original and restrike half cents of the 1840s by the size of the berries in the reverse wreath, or realize that nearly all Proof 1856 Flying Eagle cents were restrikes and that absolutely all 1853 Proof dollars were likewise, no one cared back then.

And More!

Coin auctions became more frequent, and in 1859 dealer Sage catalogued four sales in New York City, more than any other professional. In Philadelphia, Edward Cogan and William K. Idler became important in the coin trade. Henry Cook bought and sold coins in Boston, another shop was open in Baltimore and a few more were scattered here and there. The first really large and impressive book for coin collectors was published, the American Numismatical Manual, by Dr. Montroville W. Dickeson.

From the Experts: The Desirability of Worn Coins

By Q. David Bowers, Chairman Emeritus

A 1908 Point of View

William G. Goodhugh’s comment on the title subject was printed in the May 1908 issue of The Numismatist.

As a coin collector I am a very new one, having for years been interested in philately or stamp collecting, and only the last six months taken an interest in coins, and as an old experienced collector or expert might remark, very green. However, it has come to my mind very forcibly that it is a strange condition of affairs that coins in Uncirculated or mint condition are catalogued and valued by collectors at 300% or 400% more than a similar coin that has been issued to the public, has done a public service, has done its duty for which it was issued, in fact is the same coin with a history but not considered good enough to grace a fine collection.

I refer to the 1796 half dollar, catalogued in mint condition, $100, Fine condition $50, and in Good condition $20. In my humble opinion the coin that has done duty over a large territory should have most honor and value and not the one which is lain away in a bank or a safety deposit vault. If the supply and demand represents the value and there are so many more used than in mint condition, then reduce the value of them as a whole, and not discount the one that has served the purpose for which it was intended and issued.

How about the old war flags? Are they prized more if fine silk, unsoiled condition, just out of the box? No! Decidedly no! All the world over the more ragged and torn they are from service, the more honor and prize value the owners have for them, and they are hung in churches and regimental armories and there venerated.

The value of a coin to a collector should be its genuineness, its rarity, and its fair average condition after having performed so much of its duty.…

Editor’s Comment:

Wonder what the reaction would be if this piece were printed today? Of course, prices would have to be changed—instead of $100 for the Mint State 1796, how about several hundred thousand dollars! (Indeed, rare coins have performed admirably as an investment.)

Right now there is a frantic chase for Mint State coins, even of ultra-common varieties, a trend that is amazing to old-timers. Wonder how long it will last? True rarity is always in demand, and we suggest that a VF 1793 Chain cent will be a key item 50 years hence, but we would not want to bet on, say, the current price of a MS-70 1959 Lincoln cent holding its value. But we digress.

What do you think of this comment today, more than a century after it was published?

As to our observations, among regular federal coins, a Mint State example continues to be worth more than a worn one in every instance that comes to mind. Likely, this will not change. Before going further, it is worth noting that a 1796 half dollar, the example used by Goodhugh, has increased in value hundreds of times over, since a century ago. A choice Uncirculated coin would cross the auction block at well over $100,000—a far cry from the $100 he mentioned. A Fine or Good coin would each be worth a small fortune as well, although not at the same level as Mint State.

A worn coin can be rarer, even much rarer, but an Uncirculated piece will trump it in value and buyer interest. Examples abound. The 1950-D Jefferson nickel, the lowest-mintage issue in that series, is very common in Mint State. Soon after they were released and the low production became known, there was a mad scramble to get them by the bag and roll. Of the 2,630,000 struck, we would not be surprised if 80% were saved at the time. Today, a well-worn 1950-D is a rarity. However, it draws little interest. At the risk of being silly, we can say that just about any state-reverse Washington quarter from 1999 to date would be rare if worn down to VF-20 grade, but choice and gem Mint State coins exist by the tens of millions. Few people would want a VF-20 coin.

One rule does not fit all, at least not across all of numismatics. During the Civil War, many soldiers bought brass ‘dog tags’ from their sutlers or other sellers. Typically, these were in the form of struck medalets with an eagle, portrait, or other device on one side, and the other blank. The name, division or regiment, and town and state of the soldier would be punched on the reverse, and a hole drilled at the top for suspension. Today, these are in strong demand, and a used example in, say, Extremely Fine condition, might sell for $500 to $1,000. Occasionally, Mint State examples surface in the marketplace—medalets that were never stamped for use. These have much lower values, with few buyers in sight.

In the field of obsolete bank notes issued by state-chartered institutions from 1782 to 1866, it is a general rule that a bill that is signed by the bank’s officers, serially numbered, and used in commerce is worth more than an Uncirculated nice-as-new remainder that never saw the light of day in the marketplace. In fact, a rag-tag bill in Good grade might be worth more than a pristine Uncirculated piece.

On the other hand, among federal currency, Uncirculated bills are always worth more than used ones.

What conclusion to draw? Perhaps this: in numismatics there are often exceptions to rules, and these make our hobby especially interesting.

Crossing the Block: Return of Columbus Medal in Gold

By David Thomason Alexander, Senior Numismatist

“Columbiana” is the name given to the marvelous variety of medals created for the 1892-1893 World’s Columbian Exposition in Chicago. This great world’s fair hailed the 400^th anniversary of Columbus’ discovery of the New World and gave its city the nickname “the Windy City” by the enthusiasm of its boosters. Its dazzling array of medals was cataloged by the late Chicago collector Nathan Eglit, whose somewhat disjointed listing is the source of the Eglit numbers still in use long after his paperback went out of print in the 1960s.

Eglit’s work brought together silver, bronze, white metal, and aluminum medals of all sizes and shapes, including a very few pieces struck in gold. These often portrayed a discoverer of whom no original likeness has ever been found. Medals depicted buildings and exhibits of the fair, advertised products displayed there and offered views of all kinds of expo landmarks including its famous Ferris Wheel.

Some medals were “both inexpensive AND cheap,” but others were of dazzling quality, among them the 70 millimeter, 9.9 troy ounce Discovery and Return of Columbus Medal by Spanish artist Bartolomé Maura y Montaner. With exquisite accuracy, the medal showed Columbus on the deck of one of his three ships, cheering on his exhausted crew just before his landfall on San Salvador. The reverse shows the great Navigator approaching the thrones of King Ferdinand and Queen Isabel at their court of Granada, his Arawak Indian guests following holding a large parrot. All legends are in a Gothic lettering for really archaic effect.

This medal is scarce in silver and bronze, virtually unique in gold. An About Uncirculated example is lot 6293, a major highlight of the Stack’s Bowers Galleries January 24-26 Americana Sale in New York City.

Welcome to the Americana Sale, From Q. David Bowers

A Preview of Our AMERICANA SALE

By Q. David Bowers

I Invite You to Follow Me

I have on the table next to my laptop computer a printed copy of our Americana Sale catalog for our January 24-26 event to be held in New York City. You can view the catalog online, free of charge and instantly, on your iPad or on your computer. You can also bid on your computer. The pictures we post on the Internet can be enlarged, downloaded for study, giving you more information than was ever available in a printed catalog. I will be in New York City for much of the sale. If you plan to attend, our auction gallery is located at 110 West 57th Street in the Directors Guild of America building—diagonally across the street from our sales gallery at 123 West 57^th Street.

Each January our Americana Sale is a numismatic event to be remembered. Along with many federal items there is always a wide and dynamic selection of tokens, medals, scrip, and other items—often very rare, always interesting, and typically much more affordable than United States Mint rarities.

In this commentary I skim through the catalog and add some of my comments that may be of interest. Please follow me!

In the Beginning on Tuesday

The sale begins on Tuesday afternoon at 5 p.m. with Lot 5001 in Session 4—Our Americana Sale starts with obsolete private, municipal, and sutlers’ (suppliers to traveling Civil War Union Army troops) scrip bills and paper money. The terms rare, very rare, and extremely rare become common in this offering of prize items from the Thomas F.X. O’Mara Collection gathered over many years. Even though most are estimated in the hundreds of dollars, many are so elusive that you may not see another offering in your lifetime. Our offering of the John J. Ford, Jr., Collection a few years ago set the pace for a hobby-wide appreciation of such bills, not only for New Jersey but for other states as well.

Obsolete notes from state-chartered banks come next. In the past 10 years, the interest in these has multiplied and they have appreciated in value more than just about any numismatic series associated with our country! Still, prices are very reasonable in comparison to many other series. Colonial and other paper notes round out this section.

Beginning with Lot 5226 there is an extensive offering of quantity lots from half cents through silver dollars, gold coins, and the like—some in lower grades and ideal if you want to get “a lot of coins for the money.” Mint errors come up for bidding starting with Lot 5476, and what an interesting offering this is. Such pieces are fun to add to a regular collection—such as buying some error cents to add to a Lincoln collection. Rolls of coins are next on the menu starting with Lot 5513 with, believe it or not, a roll of 1909 V.D.B. Lincoln cents. A spectacular offering of rolls of Mint State Franklin halves come next. This compact series, minted from 1948 only until 1963 (cut short by the advent of the Kennedy half in 1964), is very popular today. There are no rarities, so a complete set is quite affordable. Other rolls round out the section, ending a session with thousands of coins, hundreds of scrip and obsolete notes, nearly all in the affordable category.

Wednesday During the Day—Americana to the Fore!

The next session starts at 10 a.m. on Wednesday morning. This entire session, continuing through the afternoon, is Americana deluxe! First out of the box is Lot 6001, starting a series of Betts medals with themes relating to American history in the colonial era. The attributions are to C. Wyllys Betts, American Colonial History as Illustrated by Contemporary Medals, (New York, 1894). He died before his manuscript was published, so it was issued posthumously. Marvelously, this 1894 book is still the standard reference today!

 I suggest you look over the Betts medals described in our sale. Time and again in our sales I have seen many specialists in United States coins check out the background on these medals, then bid on them. Then follow other medals. I find Lot 6110 particularly interesting. If you collect trade dollars you might want to bid on Lot 6113, an Assay Commission medal. In 1876 this design was created by Chief Engraver William Barber to replace that currently on the silver trade dollar. The idea was not accepted, and it was used on the Assay medal instead!

Lot 6189 starts a fantastic offering of Washington inaugural buttons. This is a rather esoteric series for which a single button or two or three would be memorable. Here we have one of the greatest specialized collections ever to cross the auction block. If you like a combination of gold, an interesting motif, and great rarity check Lot 6293. It, by itself, will give you a treasure of gold metal together with great history. If you don’t collect Society of Medalists medals, here is your chance to start – see Lot 6338. Our own David T. Alexander wrote the standard reference on the series (available from the American Numismatic Society, New York City). I have a set of these acquired some years ago from Steve Tanenbaum and prize it highly. There are over 120 varieties made from 1930 onward by leading sculptors and medalists. So-called dollars, another popular specialty, will be found in wide variety, then some nifty counterstamps, then “hobo” nickels. I forgot to mention a lovely Libertas Americana medal, the issue voted No. 1 in The Top 100 American Medals and Tokens, which I co-authored with Katie Jaeger and which was released by Whitman Publishing.

Wednesday Evening—A Night to Be Forever Remembered

On Wednesday at 5 p.m. the next session begins and will extend well into the evening. Starting with Lot 7001 is a breathtaking offering of colonial and early American coins. A century from now this section of our auction will still be remembered and the catalog will stand as a standard reference.

Front row center is the Collection SLT cabinet of Connecticut copper coins 1785-1788, comprising more than 300 different varieties. Not since our offering of the John J. Ford, Jr., Collection has such an offering been available to auction bidders. I would not be surprised if in the lifetimes of everyone reading this catalog no collection of comparable breadth will be offered.

Connecticut coppers were minted by private contractors for the state plus some counterfeits made by the curious Machin’s Mills mint near Newburgh, New York. To learn more about Connecticut coins in general check out the appropriate section in the Guide Book of United States Coins. Sharing the limelight is the New Jersey part of Collection SLT. You will find coins common and rare (remembering that for any collection to be comprehensive it must contain easily-found issues as well as landmark rarities). The catalog gives much history on both of these state series.

Massachusetts silver coins dated 1652 and some of copper dated 1787 and 1788, coins issued 1785-1788 by the Republic of Vermont (not to become a part of the Union until 1791), Bar coppers, and more await you. Check Lot 7739, a famous Washington rarity, and Lot 7751, a not-so-famous rarity. I learned quite a bit when reading the descriptions of lots 7768 and 7769—curious, historical, and rare.

Thursday—Federal Coins Front Row Center

Starting at 10 a.m. in the morning and continuing into the evening the Americana Sale concludes on Thursday. Regular or federal coins from half cents to double eagles, plus commemoratives (which are legal tender), and other popular items are showcased—plus some interesting additions such as private and territorial gold coins, and I see a Gold Rush assay receipt (Lot 10520).

Among half cents you will find two of the key rare date—the 1796, both of the with-pole variety, and others, continuing into large cents of 1793, going on to later varieties. Lot 8063 is a new discovery—a lovely 1803 found in Europe. A Mint State 1811 (Lot 8086) is worthy of notice. Also check Lot 8096, one of my favorite coins (and very affordable). And, at the AU level this coin is in the top 10 percent of those known quality-wise.

Small cents start with the famous 1856 Flying Eagle and continue into the Indian Head series. Then come Lincoln cents with many key and high grade issues. Two-cent pieces and trimes follow. Leading nickel three-cent pieces is a beautiful Gem Proof 1865, the rarest in the Proof series. Both types of three-cent pieces, silver (trimes) and nickel, have no impossible rarities and can be fascinating to collect.

Nickel five-cent pieces, one of my favorite denominations, include many interesting and rare coins with the ultimate being a Gem 1918/7-D offered as Lot 8420. Dimes weigh in with many attractions including a memorable Gem 1916-D. Our offering of the short-lived twenty-cent piece series reminds me to mention that the Battle Born Collection has a famous and rare 1876-CC to be offered as part of our official auction to be held with the World’s Fair of Money Convention (summer ANA show), generally considered to be the most important of the year. Right now there are openings for you to consign. But, I digress. Back to the Americana Sale:

Quarter dollars include important “type” coins, a seldom encountered Proof 1854, a Choice 1896-S rarity, and more. Half dollars include a pleasing mix of mostly affordable early varieties by Overton numbers, after which highlights will be found in the Liberty Seated series, followed by Barbers. Lot 8724 begins the Walking Liberty Tribute Collection—without a doubt the largest auction offering ever of Gem Mint State and Proof coins from the last decade or so of this beautiful series. All are certified and all have great eye appeal. If you want to put away a dozen gems, or a hundred—you will be in the right place at the right time.

Continuing into Thursday evening our Americana Sale offers early silver dollars by die varieties, then transitions into the Liberty Seated issues of which the famously rare 1851 Original is the highlight. Morgan dollars, the most popular late 19th and early 20th century series, include scarce and rare issues with a 1921 (Henry) Chapman Proof meriting special notice. Then follow Peace silver dollars, another of my favorite series.

After a modest but nice selection of trade dollars you will find commemorative coins, including coins put away generations ago by the Guttag Family. How often is it that you can bid on a commemorative that was bought from an issuing commission years ago and has never been in a collection before? Patterns, always interesting to contemplate and even nicer to own, include many different varieties. The same comment can be made for private and territorial gold coins.

Federal gold coins go from dollars to double eagles and include Superb Gems, a number of Proofs (including double eagles), and many pieces that will be ideal to add to a type set. The MCMVII (1907) High Relief twenty is represented by two Gems—each a showcase example of what many consider to be America’s most beautiful coin. A selection of interesting ingots brings down the curtain.

Plan to Participate

A more diverse offering than our Americana Sale cannot be imagined. That there is “something for everyone” goes without saying. Spend a few hours online looking at the lots, checking the enlarged pictures, and reading the descriptions. Then plan to join me in this sale—bidding online, by telephone (by advance arrangement), or in person in New York City.

Thank you for your interest.

Dave Bowers

Did You Know: Educational Seminars

Travers Educational Seminar a Hit at the FUN Show

By Christine Karstedt, Executive Vice President

At the recent Florida United Numismatists (FUN) convention in Orlando a main attraction was the Educational Seminar conducted by Scott Travers. A popular author, speaker, and rare coin consultant, Travers showcased the economy, the passion to buy gold and silver and reasons for doing so, and how to buy and sell coins.

Television and radio commentator Jim Kingsland, well-known to millions of viewers, shared insights on precious metals in a presentation coordinated with details about the economy past and present, inflation, and the United States dollar. Maurice Rosen, of the award-winning Rosen Advisory newsletter, shared his views of the market, gold and silver, and other topics. David Hall opened the seminar with his own views onthese issues and then introduced the lead speaker, Scott Travers.

Our own Christine Karstedt of Stack’s Bowers Galleries, represented the rare coin auction field. She gave insights on carefully planning when buying and selling coins and related her extensive experience in the field, including taking the first step in consigning to auctions. She has been a leader in the auction field for over 25 years and has been deeply involved in the most valuable collections and rarities ever to cross the block.

The room was packed from wall to wall, from front to back. Emphasis was on being not just an investor but to have a bit of collecting spirit influencing your purchases as well. Of course, the most significant organization for collectors is the American Numismatic Association. As part of the program, a show of hands as to how many people belonged to the American Numismatic Association was requested. On behalf of Stack’s Bowers Galleries and the ANA Chris invited anyone interested to sign up for a free ANA membership for a full year. After the Seminar a special table was set up outside of the room and was thronged with enthusiastic members-to-be!

The event was such a dynamic success that the team is planning a similar, more extensive seminar to be held at the Whitman Coin and Currency Expo on March 23^rd from 1 pm to 3 pm. Please be sure to mark your calendars and attend.

For more information please contact email Christine Karstedt.

Remember When: Numismatics in the 1850’s, 1858-1859

By Q. David Bowers, Chairman Emeritus

The Beginning

In the late 1850s the hobby of coin collecting became wildly popular. We continue with this timeline from Dave Bowers’ popular book, The Expert’s Guide to Collecting and Investing in Rare Coins, sets the scene for all of the activity:

The Years 1858-1859

Cent-Collecting Fever

The stage was set, and thousands of citizens cherished their sparkling new Flying Eagle cents while contemplating the disappearance of the familiar copper ‘pennies’ of childhood days. Pocket change and cash drawers were searched, and soon quite a few collectors had strings of such coins dating all the way back to the first year of issue, 1793, but perhaps lacking the rare 1799, 1804, 1815 (which was never struck, but few were aware of this), and 1823. The earlier coins were apt to be well worn, with dates and designs barely visible. The most recent ones showed blushes of orange mint color. Edward Cogan, an art dealer in Philadelphia, was asked to sell a friend’s collection of copper cents, and sent out listings, inviting bids by mail, closing on November 1. Bids were received from 19 people. A 1793 Chain cent sold for $12.67, a 1793 Wreath cent brought $5.13, a 1793 Liberty Cap realized $7.25, a 1799 cent sold for $7, and an 1804 brought $5.50, among others. The total amount realized for the collection of cents from 1793 through 1858 was $128.68. This was exciting news, was picked up by the local papers and was soon reprinted throughout the East. Cogan was deluged with letters from people wanting to buy and sell coins. Soon, he decided to become a professional numismatist.

Societies Formed

On January 1, the Philadelphia Numismatic Society was formed, becoming the first such group in the United States. In March, teenaged Augustus B. Sage and friends founded the American Numismatic Society in New York City. By late summer 1858 there were nearly a dozen dealers active in the United States, including, in New York City alone, the venerable John Allan, and at least three young men: Augustus Sage, Henry Bogert, and John Curtis.

Proof Coins Popular

 Proof coins became popular this year, and an estimated 210 sets of silver denominations were sold, plus a larger number of copper-nickel Flying Eagle cents. Proof gold coins were available singly, and the dollar was the most popular denomination in this metal, probably with a sale of a few dozen or so.

Important Coin Book Published

In 1859 the first important numismatically-oriented book was published in America, An Historical Account of American Coinage, by John H. Hickcox. The slim volume included 151 numbered pages plus five pages of illustrations, the last by John E. Gavit of Albany, a well-known engraver of bank notes. Hickcox had spent some time in research and had contacted historical societies and several numismatists as well as Mint Director James Ross Snowden. Only 200 regular copies were printed, and these were mostly sent to libraries and historical societies. For collectors there was no single readily-available source for information, and many still sought the elusive copper cent of 1815, not realizing that none were minted that year.

From The Experts: On Beyond Coins

By Frank Van Valen Numismatist, Cataloguer

As a cataloger and numismatist here at Stack’s Bowers and its predecessor companies for the past 24 years, I’ve seen my share of rare – and not so rare – coins. Everything from Stellas to 1804 dollars, and virtually every other date and denomination or rarity you can imagine, has crossed my desk at some point. Even in those cases where I wasn’t the primary cataloger, the rarities have still been seen and duly admired by me, often shared by the other catalogers in the course of a workday.

After immersing myself in coins on a daily basis for all these years, my collecting tastes in the past few decades have gone beyond coins in general to “neat” items that are often inexpensive yet are fun to collect. I keep two felt-lined wooden trays on my desk, each with a tin bottom, a mahogany finish, and a brass knob, representing the two remaining drawers from an old coin cabinet that arrived at Bowers and Merena years ago in a broken and tattered state. On these trays – one for U.S. items, the other for world items -- I keep what is basically my current collection.

On the U.S. tray for instance, I have a copper 1846 half eagle, struck from copy dies and nearly perfect to the eye as far as details and accuracy. It keeps company with a low-karat gold 1904 $2.50 about the size of a half dime, made from crude hand-made dies and as neat as an item gets in my book. There’s a gorgeous golden brown MCMIX Lincoln Centennial medal by Bela Lyon Pratt, on my tray for no other reason than it’s a beauty to behold; I picked it up at a coin show in the Portland, Oregon area during the 2009 Lincoln Centennial year. My favorite love token resides in my office; it features a hobo walking a rail road track with a bindlestiff over his shoulder and the words ROBB EDINBRO ADD AYLIGHT around. If you arrange the spacing just so, you’ll see what plight befell our poor hobo friend.

On the World tray I have numerous British Model pennies and halfpennies by Thomas Moore, circa 1844. These are bi-metallic with a copper or bronze outer ring surrounding an inner plug of white metal, brass, or other metal. I have an extensive collection of these, and the ones on my tray represent the overflow I’ve accumulated in the past few years. There is also a small hoard of coin weights from the Royal Mint in Britain, many dated 1821, the first year of George IV’s reign. I also have a Gem Mint State “To Hanover” token, brass with an exceptional strike and excellent eye appeal – they seldom come this way. The obverse features a Young Head portrait of Queen Victoria, the reverse the familiar St. George slaying the dragon motif. Both trays hold so many more items it would take a long dissertation to name them all.

Mind you, I haven’t stepped away from mainstream U.S. numismatics, as I still enjoy nice, problem-free Barber dimes, quarters, and half dollars in Fine to EF condition, and buy them whenever I find them. However, expanding my collecting horizons in the past decade or so has brought me untold pleasure and excitement, and the overall cost has been trifling. From the quietest corner of the local coin show to our own Americana Sale catalogs, there is always something neat to find. Me? I can’t wait to get to another show to see what other great finds I can make!

Crossing the Block: A 1795 Small Head half dollar

By James Matthews, Senior Numismatist, Consignment Director

Offered in our upcoming January 24-26, 2012 Americana Sale in New York City is an underappreciated rarity: Lot 8624, a Condition Census example of the Small Head 1795 half dollar in AU-55 (NGC). The "Small Head" refers to the slightly smaller head punch the engraver used to create this particular die. Of the 32 known die pairings of 1795 half dollars, only three obverse dies display this Small Head feature. Furthermore, all of the Small Head sub-varieties are quite rare.

It is believed this particular head punch was the work of engraver John Smith Gardner. Gardner's Small Head punch was also used on a single variety of 1794 half dollars (O-109 variety), which is represented by a single coin known to collectors today. Most of the dies of this early era at the Philadelphia Mint were engraved by Robert Scot, and study reveals Scot's hand to be less artistic than Gardner's.

Combining all three known die varieties of the Small Head design, a coin of AU-55 would rank as the fourth finest Small Head half dollar in existence.

As more and more research is conducted and their elegant designs and balanced presentation gain appreciation, the popularity of and demand for these Small Head half dollars is certain to grow. This is certainly an opportunity not to be missed by any serious student of our earliest federal coinage.

Did You Know: Ask our 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: I have an 1854 large cent (Braided Hair / Coronet) and the reverse is rotated about 250 degrees clockwise or 110 degrees counter-clockwise. I attempted to take a few pictures by marking where the star is above her head straight through where the space is between the 18 and 54 of the date. I have ordered a Rota Flip Rotation Measuring Device so I can get a more accurate measurement.

I have been told it has a rarity of R-5 or R-6 and it seems to be Fine or Very Fine. Do you have any idea how rare it is? How much it might be worth? If you are not able to answer these questions, do you know where I can find the answers? S.H.P.

Answer: This was caused by the reverse or anvil die becoming loose in the coining press. Among 19^th century coins such rotations are scarce in comparison to correctly aligned coins, but there are still many in existence. One particular variety of 1804 half cent exists with the reverse aligned in many different positions, making a nice specialty collection for anyone interested.

Certain Proof coins of 1868, including the cent and $3 gold, can be found with the obverse and reverse misaligned so that they are in the same direction, rather than the standard 180 degrees apart.

With regard to value it is probably correct to say that collectors who will pay significant premiums for misaligned 19^th century coins are scarcer than the coins themselves. However, properly described your coin should be worth a slight premium.