United States Paper Money of the Week: See You in Memphis!

By Matt Quinn, Director of Currency

As the summer is upon us, the currency world turns its attention to the upcoming Memphis International Paper Money Show from June 8^th to the 10^th. This is the show where everyone who’s anyone shows up to enjoy both foreign and domestic banknotes. Bruce R. Hagen and I will both be in attendance and will be promoting our upcoming August sale at the ANA World’s Fair of Money in Philadelphia. We will be showing several highlights from the Watermelon Collection and key foreign notes as well. We will also be showcasing a dazzling array of rare Chinese and Hong Kong banknotes, which will be featured in our upcoming August Hong Kong auction. We look forward to seeing you there -- feel free to stop by the Stack’s Bowers Galleries table and say hi or strike up a conversation.

United States Coin of the Week: Condition Rarity 1910-S Indian Eagle to Cross the Block in our June Baltimore Auction

By Jeff Ambio, Senior Numismatist and Chief Cataloguer, U.S. Coins

I have long been a fan of the Indian eagle ten-dollar gold series of 1907-1933. Designed by Augustus Saint-Gaudens, creator of the famous double eagle that bears his name, in my mind's eye the artist's design for the Indian eagle is even more beautiful than that of his renowned twenty-dollar gold piece.

My appreciation for the rarity of many Indian eagle issues in the finer Mint State grades reached a new level back in 2008 when I was called upon to prepare the second edition of David W. Akers' highly esteemed book A Handbook of 20th Century United States Gold Coins: 1907-1933. While compiling population data, auction records and other information with the goal of ascertaining both the overall and high grade rarity of the issues in this series, I quickly learned that most mintmarked Indian eagles are scarce to very scarce even in lower Mint State grades. What's more, the same issues proved to be rare, if not extremely rare, in grades at or near the Gem Mint State level of preservation. The 1910-S is in this category, and this despite a fairly generous mintage of 811,000 pieces. Unlike many issues in the contemporary Saint-Gaudens double eagle series, Indian eagles as a group were not widely saved as part of bank reserves, either within the United States or abroad in Latin America, Europe and other regions. On the contrary, most Indian eagle issues saw active commercial use, especially the earlier dates from the Denver and San Francisco mints, thus explaining their elusiveness in Mint State. In the second edition of the aforementioned Akers' gold coin handbook I rank the 1910-S 16th in overall Mint State rarity out of the 32 Indian eagle issues, and third (!) in high grade (MS-65 or finer) rarity. And it is the latter ranking, in particular, that is of the utmost importance in ascertaining the significance of the 1910-S Indian eagle in PCGS MS-64 that we are offering as a highlight in our upcoming June 2012 Baltimore Auction.

An impressively lustrous near-Gem with the overall appearance of a coin that is strictly top notch for the grade, this piece sports bold medium gold surfaces with splashes of orange and rose iridescence that add immeasurably to the outstanding eye appeal. Both sides are sharply struck, and the coin is undeniably choice for the assigned grade. Current PCGS population data states that 27 examples of this issue have been certified as MS-64, although I suspect that a few of those "coins" are actually resubmissions of one or more examples in a quest for that elusive MS-65 designation. The quest is truly a challenging one, for PCGS has certified only three 1910-S eagles in MS-65 and MS-66 combined, the latter grade representing the top-of-the-pop for the issue. With Gem 1910-S eagles rarely trading in the market, the lovely MS-64 that we are offering in our June Baltimore Auction is sure to see elicit strong bids from discerning 20th century gold collectors. The coin is a very scarce and appealing survivor of one of the most conditionally challenging issues in Saint-Gaudens' beautiful Indian eagle series of the early 20th century.

World Coin of the Week : Oxford Mint 1642 Triple Unite of Charles I

By Todd McKenna, Numismatist

Once more our coin of the week is a rarity from the Oxford Mint set up during the first English Civil War of 1642-6.  The Triple Unite was the largest denomination coin minted in Britain up to this time and was struck, at least in part, for use as gifts to those whom the King wished to sway to his side in the ongoing conflict. More to that point the obverse design for the Triple Unite features an armored bust of Charles I, prepared for battle with broadsword raised, and yet in a clever visual dichotomy he carries an olive branch in his left hand clutched over his heart. By using these simple visual metaphors Charles could try to appeal to either nature of a benefactor he was seeking to entice. The bust we see on this coin is a rather gangly rendition probably of early design, while the busts of later designs were much more robust and of better proportion, meant to further enhance the regal attraction of his image.

The coin’s reverse bears the date 1642 which would seem to make it impossible for it to have been minted at Oxford, as the mint master Thomas Bushell and his convoy of equipment from Shrewsbury did not arrive there until January 3, 1643. The reuse of 1642 dies seems a reasonable answer to this quandary except when you consider that the Welsh plumes used as mint marks at Shrewsbury would have been modified to appear as the Oxford plumes we see on this coin and in such a process the date surely would have been modified as well. The answer as it turns out is simply a matter of difference in the reckoning of the new year, since at this time in history the English reckoned the start of the new year not from January 1^st but from Lady Day on March 25^th. Thus this coin was minted during the nearly three-month period between the establishment of the mint in the New Inn Hall at Oxford at the beginning of January to nearly the end of March.

In our previous article on the Charles I Pound we discussed the inclusion of the abbreviated and Latin version of the Wellington Doctrine as the central element of the reverse design. Again we see it used on this large size gold piece. In addition to the Wellington Doctrine the reverse features an abbreviated Latin version of verse 1 of Psalm 68 (“Let God arise, let his enemies be scattered”). This legend first used at Shrewsbury gave Charles’ coinage its contemporary nickname “Exurgat money” and was yet another attempt to legitimize the King’s intentions as for the benefit of all and not solely his own. What is quite noticeable when you consider the legends on this coin is how clear and even the reverse appears, while the obverse has a fair amount of doubling. This effect comes from the method of hand striking employed to mint these coins. The obverse design would be engraved into a lower die called a pile, which had a long spike or burr at the base allowing it to be anchored to a work table, striking block, anvil or other surface. The upper die, called a trussel, bore the reverse design and would be fitted over the pile and struck directly with a hammer to create the impression. Due to the higher amount of stress the trussel would have to endure they wore out faster and thus would be switched out more often, usually with about two trussels to every pile. What we likely see on this Triple Unite is an obverse die exhibiting considerable wear while the reverse die had been swapped out relatively recently resulting in a much sharper image.

Another fantastic rarity from Charles I, this Triple Unit is incredible in its beauty and craftsmanship, particularly when one considers that the Royal mints at this time were being moved and/or newly established quite often. An early issue from the King’s mint of Oxford, Charles I gold coinage doesn’t come much rarer than this. Look for this piece and many other rarities at the Stack’s Bowers & Ponterio auction at the August ANA 2012 Convention in Philadelphia

Remember When: A Letter I Will Always Remember

By Harvey G. Stack, Senior Numismatic Consultant

Congress of the United States

House of Representatives

Washington, DC 20515-0801

Mr. Harvey G. Stack

123 West 57^th Street

New York, NY 10019

January 8, 2009

Dear Mr. Harvey Stack,

I am writing to salute your contributions to both professional numismatics and amateur collectors.

For more than 60 years, you have been a guiding light for collectors of all ages. Again and again, you have offered quiet assistance to the Treasury and other branches of government, and provided testimony to Congress repeatedly in support of or in opposition to moves impacting numismatics.

It was at one of those hearings when I was a new chairman of the Domestic Monetary Policy Subcommittee on July 12, 1995, where you had a tremendous impact. The hearing was called to examine abuses of the Mint’s commemorative coin program, and you provided the first vision of what would become the 50-State quarter program, suggesting the Congress create circulating commemoratives honoring the first 13 states, in the order they became states. That appealed to me for the educational value of the idea, but also because my own state of Delaware was first to enter the Union.

In the months after that hearing, you worked with me and my staff to develop the idea. The resulting program can only be described as an overwhelming success. Since then, you have remained a valuable contact for me and my staff, giving freely of your time and expertise. Your contributions typify what is so great about the United States and our form of government: citizen involvement. If more people made the sort of effort you made, we all would be the better for it.

I regret that I cannot be with you tonight to salute your contributions in person, but I would like to commend you on your career and hobby well served.

Sincerely,

Michael N. Castle

Member of Congress

From the Desk of Q. David Bowers: Thinking of Baltimore

By Q. David Bowers, Chairman Emeritus

Get ready! Get set! Go! Or, almost go. In the past month or so I have enjoyed immensely working with the experts on the staff to help catalog what will truly be a memorable auction with the Whitman Coins & Collectibles Baltimore Expo. Majestic rarities abound, highlighted by a nearly perfect MCMVII Ultra High Relief Saint-Gaudens double eagle, estimated to sell comfortably into seven figures. Certainly this is one of the most beautiful, most classic rarities of all time.

Others rarities abound, but equally important, there is a broad panorama of very affordable coins. Take Morgan silver dollars. Our selection is complete, has scarcities and rarities, as expected (the Proof 1895 comes to mind), but there are also many historical and popularly priced Carson City dollars and others. Did you know that of the nearly 100 different dates, mints, and major varieties of Morgan dollars from 1878 to 1921, more than 60 of them can be acquired in Mint State for prices in the hundreds of dollars, many well below that.

I invite you to check our listing on the Internet and, if you are a subscriber, in our printed catalogs. Actually, the Internet images are so excellent that catalogs are hardly necessary. And, I guess it is not necessary for you to come to the Expo to bid, as our automated auction process enables you to sit in an overstuffed chair, laptop computer in hand, and bid just as if you were sitting in the front row. Of course, there is something nice about attending a coin show, and the Whitman Coins & Collectibles Expo events, held three times a year in Baltimore, are among the top five best shows. A bourse will include hundreds of dealers, nearby hotels and restaurants beckon, and there are many other attractions.

It is not a bit too early to start by contemplating the offerings, reading the descriptions (which in some instances takes time to do) and then perhaps considering a new specialty. Change is always interesting, and perhaps if you collect gold coins by types now, you might want to think of expanding or diversifying and starting on a set of Dahlonega or Charlotte quarter eagles or half eagles. Or, small cents never go out of style and there is something fascinating about having a collection starting with the 1856 Flying Eagle and going onward. Commemoratives, very reasonably priced on today’s market, beckon as well with many simply gorgeous examples, including low mintage issues.

Here’s wishing you all the best until we meet in this space next week.

Sincerely,

Dave Bowers

Current Events: The Free PCGS Grading Event was a Success!

By Brian Kendrella, Director of Operations of U.S. Collectibles

Last week Stack’s Bowers Galleries hosted a special event offering free PCGS grading for coins consigned to our upcoming Official Auction of the ANA World’s Fair of Money.  We were overwhelmed with the success and popularity of the event!  In total, we submitted nearly 2,000 U.S. and world coins to PCGS—many of which were “fresh” and have never been graded, and will be offered for public auction for the first time this August 2-12 in Philadelphia.  We would like to thank everyone who participated in the event, as well as PCGS for their incredible service and turnaround times, and we look forward to repeating the event in the future. And remember, there is still time to consign to our Official ANA Auction, the most anticipated auction event of the year! Call or email us to speak to a consignment specialist about your personal collection and rarities. Space is limited so contact us today! 

A small list of highlight coins from the event include:

1796 25c VG-10 (PCGS).

1907 $10 Wire Edge MS-65+ (PCGS).

1856 $20 MS-61 (PCGS).

1893-CC $20 MS-61 (PCGS).

MCMVII (1907) Saint-Gaudens Double Eagle. High Relief. Flat Rim. MS-65+ (PCGS).

United States Coin of the Week: A Rare and Desirable Gem Proof 1867 Shield Nickel w/Rays Featured in June Baltimore Auction

PCGS Proof-66 Ranks Among Finest-Certified Survivors from an Unknown Mintage

By Jeff Ambio, Senior Numismatist and Chief Cataloguer, U.S. Coins

Over the course of a 13+ year career as a professional numismatist and cataloger for one of the nation's leading rare coin auction houses, I have been extremely fortunate to handle most of the rarest and most highly coveted coins ever struck in the United States Mint, and for many of these issues more than one example. While preparing our June 2012 Baltimore Auction, I was delighted to discover that Stack's Bowers Galleries is once again offering multiple examples of the rare and enigmatic Proof striking of the 1867 With Rays Shield nickel. I say enigmatic because, although many numismatists believe that only approximately 60 Proof 1867 With Rays nickels exist in all grades, the issue is not mentioned in the annual Mint Director's Report and, as such, has an unknown mintage. The issue is a formidable rarity in all grades, especially in Gem Proof, and it is particularly impressive that the two specimens that we will be offering in our June Baltimore Auction are PCGS-certified Proof-66 and Proof-65, respectively. The finer of the two coins, the gorgeous Proof-66, is the coin that I wish to discuss in greater detail in this article.

This premium Gem is one of the finest Proof 1867 With Rays nickels to survive, tied with only two other Proof-66s as the highest graded by PCGS in the Proof category. Furthermore, this coin was certified during the "green label" historical period of PCGS grading, and was thus certified prior to the introduction of Cameo and Deep Cameo designations on Proof coinage. There is actually good contrast between the frosted devices and mirror fields on this piece, so a Cameo designation would likely be awarded if this coin were resubmitted in today's market. For reference there are four Cameo-designated Proofs of this issue certified in PCGS Proof-66, but none finer.

No signs of carbon specks or spotting are present on either side of this coin, and the surfaces are brilliant with only a hint of faint toning. The strike is bold on all the intricate devices, which stand tall against mirrored reflectivity in the fields. Matching the minutia to the known diagnostics provides a perfect fit, with light filling in the lower portion of the letter E in UNITED from incomplete die polish and the center ray below the second letter T in STATES on the reverse very thin, in the latter case due to overzealous die polishing. The leaf below the letters RU in TRUST is detached from the cluster at its base. These diagnostics confirm the Proof status of this rare piece, although the coin's outward appearance would certainly suffice in this regard. Formidable in rarity and desirability, and worthy of inclusion in the most advanced numismatic cabinet.

From the Desk of Christine Karstedt: Long Beach Here We Come! And We Come Bearing Gifts!

By Christine Karstedt, Executive Vice President

Next week is the ever popular Long Beach convention and the Stack’s Bowers team will be present in force! Even Dave Bowers himself will be traveling across country with Melissa and me to be in attendance. It is so rare that we get Dave to make this cross country trip so please make a special effort to stop by and say hello. In fact, starting at 2:00 PM on Friday, Dave will be at our table (table 502) and will be autographing complimentary copies of Collecting Rare Coins for Pleasure and Profit for the first 50 attendees who come by to visit. We look forward to seeing old friends and making new ones next week at the show.

The rest of the team will be busy showcasing highlights from our upcoming ANA auction to be held in conjunction with the World’s Fair of Money in Philadelphia this August. To say that the sale will be impressive is an understatement! It’s not too late for you to include your material US coins, tokens and paper money in the most active, record-setting auction of the year. Every staff member will be at your service to evaluate your coins, sets or complete collections for inclusion in the sale.

As a lifetime members of the ANA (and many of our other staff members are as well), we feel the being a member of the ANA can add a great deal of education and camaraderie to collectors of all series. This organization supports all collectors, big and small, and offers many services to enhance the joy and excitement of collecting. With our compliments, I will gladly “gift” on behalf of Stack’s Bowers Galleries a free online membership to ANA publications. Come see me and join the largest “coin club” in America!

See you next week!

World Coin of the Week : Proof 1889-A French Indo-China Piastre

By Todd McKenna, Numismatist

This week we would like to spotlight a stunning piece from Stack’s Bowers & Ponterio’s upcoming Hong Kong Auction in August. In past issues we have highlighted several rarities that have been offered in Hong Kong but all had been of Chinese origin. This week we have a coin from further south, the French colonial holding of Indo-China. The term Indo-China itself refers to the large region of Southeast Asia where Indian and Chinese influences mingled and formed cultures apart from either of these entities. French Indo-China however refers to the lands of French protection and control in the region during the nineteenth and early twentieth centuries, specifically the three regions of Tonkin, Annam and Cochin China, which comprise modern day Vietnam and Cambodia, as well as Laos and parts of Thailand which were not added until after this coin was struck.

By the mid-nineteenth century French merchants and missionaries had been trading and preaching all over Southeast Asia, and by the early 1880s French troops had been establishing firmer control in the region under the auspice of protection for French citizens in Indo-China. Tensions flared in 1884 after several instances of military skirmishes between the French military and the Chinese “Black Flags” under Liu Yongfu, who had come to aid the Vietnamese in resisting French colonial hegemony.  These early skirmishes soon mushroomed into the Sino-French War which, while not strictly a French victory, did conclude with China relinquishing its protection of Tonkin, Annam, Cochin China and Cambodia to France. Thus in 1887 France established French Indo-China with local royal rulers governing as figure heads in three of the four territories and a prefect and French bureaucracy governing in Cochin China.

It was two years after the establishment of this French protectorate region that our coin of the week was struck at the mint in Paris with a mintage of only 100 Proof coins struck. This coin is graded NGC Proof 66 and is an excellent example from this small mintage. With a nice old cabinet tone giving evidence to its age this piece still maintains every detail of the design impressed upon it by a needle sharp strike. The seated figure of Liberty is sheathed with a nice even tone while the legends which surround her have blue and red highlights on lustrous surfaces. Satin smooth fields within the wreath on the reverse add to this piece’s air of perfection. A must see! Be sure to look for this piece along with many other rarities in Stack’s Bowers & Ponterio’s August 20-22, 2012 Hong Kong auction.

Remember When: Still Refurbishing

By Harvey G. Stack, Senior Numismatic Consultant

About seven months ago a phone call came into the office and the caller asked for me. The operator located me and we had a very warm conversation. He first, asked how I was and did I remember his father. Once he gave me a hint, I replied, "He is the friend and client who was forming the Keystone Collection — I first worked with him in the 1960s." This was immediately confirmed and we talked about old times together.

During the past six weeks or so, the retail store of Stack's Bowers at 123 West 57th Street, has been in various stages of refurbishing. Since 1953 when the Stack family moved into its present location, at least a half a dozen times or more the shop on 57th Street went through a refurbishing and freshening up. Again, we are in the mode of "doing it over".

My last report to you told of the demolishing and rebuilding of the rear portion of the premises, and how Stack's Bowers kept the shop open, to serve those who visited, using the front 50% of the premises for the public, while the rear portion was being worked on.

A recent visit showed great progress. All the ceilings were re-done and lowered a bit, lighting and air-conditioning re-done, walls cleaned and painted, and new carpet put in place.  The furniture hasn't arrived yet but the area in the rear is clean and ready for continued business.

Waiting to be put in place are steel storage cabinets, some large safes and desks.  The rear portion boasts private office space (as it was for many years) and nearby a large walk in vault, with a giant steel door, to store material for auction, sales and preparation for future work.

In the rear portion of the shop is the "Gold Vending Machine" which will be installed in the fore part of the shop, and will be placed in its proper location as soon as the front street entrance is open again.

Presently, the side door to the shop, through the lobby of the Hotel Salisbury, is available
for visitors to come and be served on temporary counters in the rear of the shop. All services— appraisals, buying and selling—continue without interruption.

Now, a visit to the front where visitors usually are served.  The windows are boarded, being prepared for new street viewing displays. The entrance is re-designed. Inside, the front part of the shop is being fully redone. As in the rear, new ceilings are being installed, along with air conditioning and display lighting. The walls are being redone, some of the wood cabinets are being re-finished and used again, carpet has been ordered, the famous sit down display counters that so many remember are being refinished, new chairs are on order, and the space for the "Gold Vending Machine" is being made ready

As in the rear, the electric protection systems are rewired, the phones and internet are being readied, and overall progress is evident!

Over the entranceway, a new awning will be installed to readily help locate the shop as it has for decades. The "coin shop on West 57th Street" diagonally opposite of Carnegie Hall has attained "landmark status" for having been at the same address for over 60 years. The refurbishment of this landmark shop is scheduled for completion this summer. Further announcements of our progress will be posted on the Internet. We hope you come to visit with us and let us help you with all phases of numismatics!!

From the Desk of Q. David Bowers: How to Collect Commemoratives, A New Idea

By Q. David Bowers, Chairman Emeritus

My recent commentary on commemoratives with very low mintages (Arkansas, Boone, Oregon Trail, and others of the late 1930s) selling for very low prices attracted some comments, including this from Gerald H.:

“Just read your article ‘A Puzzling Situation It Seems.’ I have my own theory:

“Traditionally, United States silver commemoratives of the classic era 1892 to 1954 have been mainly collected as a 50-piece type set. The 144-piece complete date and mintmark set has all of the varieties, including rarities, but it seems to me that there are other interesting possibilities.

“Such topics as eagles, the Civil War, fairs and expositions, and others can form interesting subsets. I’d like to suggest a new way of thinking to add excitement to collecting commemoratives—a 55-piece variety set that would include both Alabama, Grant, and Missouri varieties, a two-date Boone and a single-date Boone, and a single-date and a two-date Pilgrim.

“I'm sure there are many commemorative collectors who would like to go beyond just collecting the 50 basic coins, but just aren't interested in going all out and buying every PDS coin in order to complete the 144 set collection.

“I seriously started collecting coins in 2002. My first coin was a 1928 Hawaiian Sesquicentennial MS-64 (PCGS). Soon afterwards I wrote to you asking for advice as I like collecting meaningful coins (on a limited budget). There is just something about the Grant with star, Alabama 2x2 and Missouri 2 star 4 that excited me and made me want to own them and their plain brothers. Even though the Booker T. Washington is one of my top five favorite commemoratives, I just don't have the interest to buy all 18 inexpensive BTWs. Since most of the PDS commemoratives were a result of political shenanigans, they are also a bit of a turn-off, particularly in light of today's political and economic environment. Thus, the 144 -coin set is never going to become a reality for me.

“I think encouraging collectors to think in terms of a 55-commemorative coin set is an opportunity to create new collector interest in commemoratives especially at the registry level.

“By the way, your Guide Book of United States Commemorative Coins continues to be popular as I just received my 11th helpful review vote on Amazon!”

QDB comment: This is a nice idea! Moreover, anyone building a 55-piece set can later add more. Most people have their favorites. A few years back the Society for U.S. Commemorative Coins took a poll of members and the all-time favorite was the Oregon Trail Memorial design.

Each commemorative has its own story. It is fun to look at pictures and select favorites. All choice and gem specimens sell for much less today in 2012 than they did in early 1990, 22 years ago!

United States Paper Money of the Week: Hawaiian Eyeful

By Bruce Roland Hagen, Senior Research Numismatist

Most of our thoughts of Hawaii usually drift towards beaches, windy palm trees, surfers in the Banzai Pipeline, volcanoes and the fabulous flora and fauna, not coin collecting. Vintage TV buffs of course remember Steve McGarrett and “book ‘em Danno” from Hawaii Five-O. Our 50^th or The Aloha State has always been a great destination for travelers worldwide for these and many other reasons. Numismatists can relax at home and still feel the aloha living vicariously through its eclectic numismatic history. The 1883 Hawaiian coins minted in San Francisco are the most often seen Hawaiian pieces and are always popular with collectors. However, much rarer are the paper currency notes from the Republic of Hawaii. These were produced after the royal family was ousted in the 1893 Sanford Dole-led group’s bloodless coup (this was Hawaii, not 1793 France!). Of course, later on, the Queen was under house arrest when it seemed impractical to place her at five years hard labor in the pineapple groves for her supposed role in the Wilcox Affair.

Very few signed and issued notes from the Republic of Hawaii still exist. Fortunately, face and back color proofs were discovered in the American Banknote Company archives. That trove fueled collector interest as many needy collectors had an opportunity for the first time to own these gloriously conceived notes.  Several of these, of all denominations and series, were sold back in 1990 at the giant sale held at Christie’s main sale room. Luckily at Stack’s Bowers and Stack’s, over the years we have handled some of the beautifully designed currency proofs that originally came from that sale.

Consigned to our 2012 ANA World’s Fair of Money Auction in Philadelphia is this stunning blue face and back pairing of the Five Dollar Silver Certificate from the 1895 Issue.  The vignettes and tinting are majestically suited for this location and issue. At center is the Royal Palace, which of course became the government seat for the new republic. When Hawaii was annexed to the United States, it of course became the seat of the American administration. At the left is a lovely palm tree which evokes all that is tranquil about Hawaii. To the right side is a native male with coarse, stern features seated on the beach

The back design proof from this pairing is also quite stirring. Printed in a spectacular deep blue, the center has the newly designed arms for the Republic of Hawaii. The lathe details and corner counters are all finely detailed. We are expecting this pair, on their original cards with stubs, to bring $6,000-$8,000. This proof pair is just one of the spectacular currency lots consigned to our 2012 Philadelphia ANA Sale.

To consign your important and rare paper money to this very special sale and join this Hawaiian eyeful in our superb full color auction catalog, reaching the most sophisticated and enthusiastic bidders in the world; then call us today! Contact Matt Quinn at our Irvine office at 1-866-458-4646 or Bruce R. Hagen in New York at 1-800-566-2580. Limited space remains and the consignment deadline of June 8th, 2012 approaches rapidly. Don’t be left out of what will be the most attended and noteworthy paper money auction sale of the year.

United States Coin of the Week: Selections from the Anne Kate Collection of Morgan Dollars to Anchor June Baltimore Auction Event

By John Pack, Executive Director of Consignments

Highlights Include a Key Date 1892-S in PCGS 67

Among the coins that have already been consigned to our June 2012 Baltimore auction is the finest PCGS-graded 1879 half eagle. A scarce date to begin with, PCGS has graded only three pieces in MS-65 with just one piece (this one) finer. The coin was a part of “The Great Lakes Collection” offered in our (Bowers and Merena) November 1998 auction sale (prior pedigree unrecorded). Since that time, it has resided with the consignor. An attractive example with strong luster, a full strike and pleasing original golden toning. We are proud to be able to offer this coin again to the current generation of Set Registry collectors. Destined for a special collection of half eagles, so if this is a coin currently on your want list, plan to participate and bid liberally.

One of the finest certified examples of the 1892-S Morgan silver dollar will be offered among further selections from the Anne Kate Collection in the Stack’s Bowers Galleries June 2012 Baltimore Auction. We sold a large part of this collection in our August 2006 Denver ANA Auction, and we are pleased to once again work with this satisfied consignor in bringing to market wonderful pieces such as this extraordinary Morgan dollar!

The Morgan silver dollar series of 1878 to 1921 is, of course, a favorite of American collectors and, while the type is ubiquitous, there are many challenges within the series. Years and years of study of the survivors of the Morgan dollar series reveal much concerning true rarity today. Certain dates are available in rather large numbers, while others are not. Large hoards have greatly affected the numbers of survivors. Certain dates and mints somehow were not saved, except by random events or opportunity. Such is the case with the 1892-S Morgan dollar. PCGS has certified a maximum of 65 coins in all the possible Mint State grades and designations of the 1892-S Morgan silver dollar and, of course, this is a tiny sum given the number of collectors out there seeking a Mint State example. Most are forced to settle on a circulated example, and even these are hard to find in higher grades such as Choice EF and AU, especially with pleasing surfaces.

Just five coins have been graded by PCGS in MS-67, with only a single example finer. Naturally, some of these grading events may represent resubmissions of the same coin. The present example is equal in grade to the example from the famous Eliasberg Collection. Both sides of the coin are toned in a blend of lilac-gold and teal that appears as medium gray at first glance, but then divides into more vivid color when examined under a light. The strike is as bold as a collector could hope to find, with full curls on Liberty and the eagle's feathers crisp and complete. Examination of the surfaces finds no spots or specks, and the thin veil of patina fails to inhibit the luster which shines through as the surfaces rotate under a light. Liberty's cheek is virtually pristine, along with the surrounding devices and fields, and the quality of this majestic Superb Gem stands tall. One can ignore the mintage of 1,200,000 pieces as virtually all were either placed into circulation or melted on government authority under the terms of the 1918 Pittman Act. The silver recovered from the melted examples was used by and large to coin 1921-dated Morgan silver dollars or, in some cases, the newer Peace silver dollars starting in late 1921.

While this is certainly a coin that could be the centerpiece rarity of many collections, only one bidder will own it when the auction concludes, and opportunities are rare for a coin such as this! At this impressive grade level specialists should pay careful attention. A prize for the advanced collector, and a delight to behold. Our advance congratulations to the winning bidder!

World Coin of the Week : Oxford Mint Pound of Charles I

By Todd McKenna, Numismatist

Our world coin this week was born out of the British monarchy’s greatest homegrown crisis, the English Civil Wars of 1642-45 and 1648-49. During the reign of Charles I a number of factors put strain on the relationship between the King and Parliament. The King’s marriage to a Roman Catholic, failure in wars with Spain and France, the levying of taxes without the consent of Parliament and the use of antiquated laws to fine individuals led to revolts from both the Scots and the Irish, as well as estranging the King from main factions in Parliament. One of the final blows before the start of the war was Charles’ attempted arrest of five members of the House of Commons, actually entering the House by force with an armed guard. After this failed arrest attempt, Parliament seized control of London and Charles marched north to raise an army against them, eventually controlling the west and north of England having set up his court at Oxford in October of 1642 where this coin was later minted.

While assembled in Wellington before one of the first battles of the war, the King made what became known as the “Wellington Declaration” wherein he declared he would uphold “the Protestant Religion, the Laws of England and the Liberty of Parliament”. This slogan was afterward given a Latin abbreviation which was added to the design of several of his coins including the Pound of 1644, which displays it on the reverse in a wide cartouche with fine scroll work at the top, surmounted by a banded plume mint mark. On the obverse we see Charles astride a muscular war horse which is trampling arms and armor below. This equestrian warrior image is prevalent in much of Charles’ coinage and was meant to inspire as many of his subjects as possible. However his cause was all but lost by 1645 in the face of the Parliamentarians’ New Model Army under Sir Thomas Fairfax and Oliver Cromwell. While seeking assistance from a Scottish army in Nottinghamshire he was handed over to Parliament only to broker a secret deal with the Scots leading to the Second Civil War where he was once again defeated. This time he was tried, convicted and executed.

From this tumultuous period we offer a rare finely crafted Pound from Charles’ mint at Oxford. A rarity in and of itself, it is made even more striking and desirable by its full legends and well struck designs. The coin has dark toning making for gleaming inky fields, which attractively contrast against the lighter raised portions in the devices. This lovely piece of British history will be featured in Stack’s Bowers Galleries’ upcoming auction at the August ANA Convention in Philadelphia and should not be missed.    

Remember When: It’s Great to Be Remembered!

By Harvey G. Stack, Senior Numismatic Consultant

About seven months ago a phone call came into the office and the caller asked for me. The operator located me and we had a very warm conversation. He first, asked how I was and did I remember his father. Once he gave me a hint, I replied, "He is the friend and client who was forming the Keystone Collection — I first worked with him in the 1960s." This was immediately confirmed and we talked about old times together.

In the early days of 1960 and for at least 30 years after, the father of the caller had built the Keystone Collection. It started with a desire to collect Liberty Head and Indian half eagles ($5 gold). The reason these coins were chosen was that it is the only series where all seven mints struck coins and the collector wanted to try to get as many different as he could.  “That is quite a goal,” I told him. He replied, “I’ve got decades to try to do it!” Through the years he bought over the counter and at many Stack’s auction sales. He also bought from other dealers as well to find examples to fill his collection. While he waited for some dates to appear on the market, he assembled a nice group of $1 through $20 gold coins.

Inspired by the vast holdings he saw offered in Stack’s sales of the George Walton Collection, his primary focus in the beginning was to try for all the $5 gold coins of the Dahlonega and Charlotte mints. Even though Walton had many duplicates, they were gobbled up by collectors who focused on the southern mints, and remained scarce. It took several decades for the “Keystone Collector” to complete this endeavor.

Now in 2012, his son contacted me about the collection. The contract was signed the first week of May, the coins were sent to NYC by Brink’s, and they are now being cataloged and photographed. The Keystone Collection will be part of the 2012 ANA World’s Fair of Money auction in Philadelphia this August.

So, almost a half century after we at Stack's started to serve this collector, the coins were given back to us for sale. The collector and his family appreciated all the time we spent helping him, the information and opinions we offered, and the super, great friendship we maintained.

This has happened numerous times to me and to my son Larry, as a result of our dedication and active engagement in numismatics. It is a sincere compliment to us to be remembered for our effort and the time we spent helping the collector fulfill his desires. I am immensely proud of all the collections I help build — and later sold — over the past 65 years at Stack's.

As I said in the title, "IT IS GREAT TO BE REMEMBERED! "

United States Paper Money of the Week: The Watermelon Collection of Large Size Type Notes

By Matthew Quinn, Director of Currency.

Stack’s Bowers Galleries is please to present an advanced portfolio covering nearly all genres of the large size type to be a featured collection in our Official Auction of the American Numismatic Association World’s Fair of Money^SM , August 2-10, 2012 in Philadelphia.

The Watermelon Collection owes its name to the Fr. 377 1890 $100 Treasury Note, a particular favorite of the owner. Graded by PCGS Currency as Fine 15, the note has sharp inks and even circulation, a classic which always stands as a pillar in any collection of United States banknotes. The entire collection was formed decades ago, prior the advent of collectible currency third party grading, and has since been encapsulated in its entirety by PCGS Currency.

Upon first viewing the collection my first thoughts were that the size and scope of the collection is outstanding. The material included will certainly appeal to collectors, as these banknotes have not been on the market for a long time. Having the collection be solely concentrated on large size type gives a nice intimacy and focus. Even with the $100 1890 note on my desk, a few other pieces caught my eye -- the First Charter Period high denomination National Banknotes quickly became some of my favorite pieces within the collection.

Particular types include a Fr. 463 1875 $100 note from Zanesville, Ohio, in PCGS Very Fine 30 PPQ and an Original Series Fr. 442 $50 note from the Government National Bank of Pottsville, Pa., in problem-free PCGS Very Fine 25. The highlight of these early National Banknote-era higher denominations is a PCGS Extremely Fine 45, Fr. 444 $50 1875 note from the Farmers National Bank of Reading, Pa. This note radiates appeal with a precise impression of the design, highlighted by a brilliant and rare-for-the-type right-center blue tint.

From the Desk of Q. David Bowers: Reviewing the June Baltimore Auction Catalog

By Q. David Bowers, Chairman Emeritus

As I am writing these words with my left hand, so to speak, with my right hand I am reviewing and helping catalog the beautiful selection of coins scheduled to cross the block in our June sale at the Whitman Coins and Collectibles Baltimore Expo. Right now I am in the midst of some very interesting gold coins, including a Mint State 1875 gold dollar, with a remarkably low circulation strike mintage of only 400, a similarly graded 1883 $3 with just 900 struck, and some others with mintages in the low four figures.

While the auction catalog is still in preparation, it certainly is worth anticipating, and before you know it you will be able to go online and review the selections.

Charlotte and Dahlonega gold coins have been favorites for a long time. The sale will feature quite a few quarter eagles and half eagles from these two southern mints, most of them in high grades such as EF and AU, and some in Mint State, such as the 1846-C quarter eagle in MS-63, which I reviewed a couple of minutes ago. The nice thing about both of these specialties is that there are no “impossible” rarities, but there are no common coins either. Also, even the finest collection built by those with unlimited funds, is apt to have many coins that fall short of Mint State. The thrill of the chase beckons, and whether you have been seeking these for a long time or are just starting, our Baltimore sale will have many interesting opportunities.

It is not too early to make plans to attend if this is in the cards for you. I will be on hand along with the Stack’s Bowers Galleries crew, and the red carpet awaits you in the auction room as well as a warm reception at our bourse table. Whether you are buying, selling, or simply wanting to “talk coins,” come by and say hello.