United States Coin of the Week: The Just Having Fun Collection Leaves Its Mark on Philadelphia 2012 ANA

By Frank Van Valen, Numismatist and Cataloger, U.S. Coins

Standing Liberty Quarter Collection Bidding Goes Sky-High

Our recent August 2012 blockbuster Philadelphia ANA auction extravaganza – over $41.8 million in rare coins, currency, tokens, and medals sold – was an event that won’t soon fade from memory. Whether you collect U.S. coins or currency, medals or tokens, or anything else under the numismatic sun for that matter, the series of sales no doubt included something to your liking.

Among the highlights of the week-long auction event was the Just Having Fun Collection of Standing Liberty quarters, a set, complete by date and mintmark, ranging from the first year of Hermon MacNeil’s heraldry-rich design type, 1916, through the terminal year, 1930, with virtually every coin in the set either tied for finest certified or the finest certified of its date.

One of the most important highlights of this highlight-filled session was lot 11374, a PCGS-certified Choice MS-64+ Full Head 1918/7-S, a coin that represents the finest FH example of the date certified by PCGS, and the finest FH example of the date graded by either of the major third-party certification services. After a brisk round of fast and furious bidding activity this spectacular piece found a new home at the $253,000!

Another superlative highlight from the Just Having Fun Collection was lot 11378, a beautiful PCGS-certified Gem Mint State-67 Full Head 1919-D quarter that took center stage. Notable as the finest FH example of the date in a PCGS holder, this Gem was also noted as the finest certified 1919-D FH quarter from any leading third-party grading service. Bidding was again fast and furious, and when the dust settled, its final price of $149,500 stunned many in the audience.

Lot 11383, the semi-key date 1921 quarter, a beautiful PCGS-certified MS-67 Full Head coin with a CAC sticker of approval, represented one of just two examples of the date to receive the lofty MS-67 FH grade designation from PCGS. This attractively toned, sharply struck and highly lustrous Gem realized $69,000.

In closing, lot 11398 was the finest PCGS-certified 1928-D quarter, a blazingly lustrous and nearly fully brilliant Gem with the lofty PCGS grade of MS-67+ Full Head. The strike was bold and sharp, and so was the bidding on this otherwise plentiful date; the auctioneer called “sold” at $63,250 for this numismatic masterpiece.

We could write all day about this spectacular collection, as numerous coins within the set brought strong, indeed record prices. The issues mentioned here represent a wide cross-section of the bidding activity and are proof that there truly was “something for everybody” in the Just Having Fun Collection.

Remember When: Sixty Years in the Very Same Location

By Harvey G. Stack, Senior Numismatic Consultant

Stack’s Refurbishes its Coin Shop in New York City

On August 23, 2012 when we celebrated the refurbished store, it was just about 60 years since Stack's relocated from its store and offices on West 46th Street in New York City to its present location. I was given the honor of making the opening remarks about our famous, long time coin shop in midtown New York City, found just a short walk from Fifth Avenue at 123 West 57^th Street.

After World War II, the New York City area around West 46^th Street was changing from catering to arts and antiques (with the jewelry center of NYC on the adjacent block) to a focus on the “white goods” household trades, a different market and clientele. New York was moving uptown, closer to Central Park, and the Stack family felt that this environment would appeal more to coin collectors. Located adjacent to Steinway Hall, Stack’s was across the street from Carnegie Hall and opposite the famous Russian Tea Room, to mention but a few landmarks that surrounded our new location in 1953. And these landmarks are still the same today.

Stack's new location became almost a mirror image of their earlier location -- a spacious showroom, with glass and walnut sit down counters, coins on display for collectors to browse and select from, numismatic and educational wall displays to inform and entertain the visitor, and special lighting to see the items being offered. Stack’s also offered a staff of educated and trained numismatists to examine coins being brought in for sale and provide information to the buyers of the importance of what they were shown.

To make those visiting most comfortable, air conditioning, especially in the summer months, was always maintained. Those waiting to be served could find a seat at the counters or rest on a comfortable couch in the fore part of the showroom. The walls had racks of numismatic books and collector albums, which could be looked at, selected from, and acquired for personal use. Overall, it was a warm and comfortable place to visit and study coins. If special knowledge was required, a vast library was available for in-house research.

Collectors met each other at Stacks, whether during working hours or on Saturdays or holidays, and sat about discussing coins of interest with fellow collectors and the super staff that Stack's always employed. Our staff could answer questions in all fields, from ancient times to the modern, and many specialists who had academic ambitions worked for Stacks before going out on their own.  We had great catalogers, and graduates from our staff scholars included Cornelius Vermuele, who became curator at the Museum of Fine Arts in Boston; Dr. and Mrs. Clain Steffanelli, who became curators at the Smithsonian Institute in Washington, D.C.; Henry Grunthal, who became Curator at the American Numismatic Society in New York, and many others.

I have been active in this firm since 1947 and enjoy every moment I can be at the store to greet old friends and collectors, as well as the newer generations coming on.

I will include a short review of some of the accomplishments of the Stack family, which originally consisted of Morton and Joseph B. Stack. Later came Joseph’s sons, Benjamin and Norman, and Morton’s son, myself, Harvey G. Finally, in the early 1970s, my son, Lawrence, joined the firm. The two senior Stacks passed away by the 1980s, my cousins Ben (in 1983) and Norman (in 1992), leaving Larry and myself to conduct the workings of the firm.  We had wonderful help from my daughter Susan for some 30 years from 1976, and we had a very devoted staff that helped make things happen.

It was in 1935 that Stack's conducted its first auction, with some 800 more to follow through today. We of course are known for buying and selling some of the great collections, many times selling parts or all at public auction.  We bought the Clapp collection and sold it to Louis E. Eliasberg, who assembled the most complete collection of U.S. gold, silver and copper coins ever formed. We bought sections of the Col. E.H.R. Green collection, and sold part to King Farouk of Egypt, and another portion to the renowned collector J.K. Lilly of Indianapolis. We sold for numerous private collectors and for museums and libraries nationwide, and had a reputation of skillful cataloging and record sales.

The famous and noteworthy collections Stack's sold in the years gone by include the famous Clapp collection, mentioned earlier, as well as the estates of David Prosky, Anderson- Dupont, Davis-Graves, R. L. Miles, Samuel Wolfson, Fairbanks, Holmes, Empire (C.A. Cass), Harold Bareford, John Roper, Dr. Bolt, Richard Picker, Robison, Herb Oechsner, The Dallas Bank, Amon Carter, Reed Hawn, James Stack (no relation), Floyd Starr, Lester Merkin, Hain, Charles French and hundreds of others, often setting records at the time of each auction, The largest single owner sale, the John J. Ford Collection, sold in 21 volumes, realized over $53 Million sold during the early years of this century.

The largest, most important collection of gold coins ever assembled, consisting of a virtual complete collection of U.S federal and territorial gold, ancient and world gold from as early as 700 B.C. to the 20th century, and consisting of over 6,000 specimens, was assembled for Josiah K. Lilly, of the Eli Lilly Pharmaceutical firm, over a period of 17 years, from 1951 to 1967. It was considered so important that it was acquired by an Act of Congress in 1967, after his death, for over $5.5 million, and placed in the Museum of American History at the Smithsonian Institution, as a major part of the National Numismatic Collection. The collection was assembled in complete secret, at Mr. Lilly's request, and its existence was not revealed until it was transferred to the Smithsonian. It is currently valued in excess of $125 million, and scholars feel it couldn't be duplicated for that amount. The Stack family is proud of our role in this achievement.

Stack's also holds the record by joining with Sotheby's in selling the famous 1933 $20 gold double eagle at public auction for a record price of $7,500,000 in 2002. The famous “Coin Shop on 57^th Street” was always a gathering place for numismatists, young and old, and many collections through the decades were started within our "doors" and were offered for sale through our retail offerings and our famous Public Auctions.

I am proud to be part of this refurbishing and re-establishing of the tradition that the Stack family has always tried to maintain.  Whenever you are near our shop please come by and say "hello.”  We sincerely welcome you!

United States Paper Money of the Week: Where the Buffalo Roam

By Bruce Roland Hagen, Senior Research Numismatist

August is traditionally the month of vacations for many people. Often, numismatic activities are placed to the wayside for the beach, golf, and other outdoor leisure activities. However, August was a dynamic month for us at Stack’s Bowers Galleries on multiple fronts. We conducted electrifying auction sales at the ANA World’s Fair of Money in Philadelphia and in Hong Kong, and we re-opened our retail gallery at our venerable location at 123 West 57^th Street, New York City. The tan and brown Stack’s awning returned and the polished brass sign was spiffed up to be in character with the landmarked shopping district. Fifty Seventh Street boasts luminaries such as Tiffany, Bulgari, Louis Vuitton, FAO Schwartz and many others that are just a stone’s throw away. The traditional met the 21^st century as we rolled out our new Gold to Go ATM to a ribbon cutting by Harvey Stack, Spectrum Chairman Greg Roberts and Olympic gold medalist Brendan Hansen.

Stack’s Bowers is proud to have joined in partnership with the Wildlife Conservation Society to sponsor silver half-ounce and one-ounce medals, which debuted at the store event on August 23, 2012. The well crafted medals are available for sale at the Gold to Go ATM at the storefront or inside the store. It is fitting to produce such a special medal commemorating the American bison as it is tied to the United States numismatic fabric in so many ways. Not only is the Buffalo nickel an American icon known to most, but the bison image has been used on paper money as early as the 1830s and well into the 20^th century.

Recently we had the privilege to sell at our ANA auction a stunning full red color obsolete proof note from the Bank of the State of Minnesota. At the center is a rarely seen version of Indian hunting the buffalo on the plains, to our knowledge used on this note exclusively. The fierce hunter versus the rampaging speed of the bison is nicely balanced by the color and geometric layout. A Unique proof, the note realized $23,000 in spirited bidding from a pre-sale estimate of $10,000-$15,000.

Possibly the most iconic United States federally issued paper money note is the 1901 series Legal Tender $10 notes known as the “Bison” type. Millions upon millions were emitted, but their popularity has always made them a collector favorite. Highest grade examples have always been elusive and in demand. The ANA auction had several choice Bison notes, with a stellar PCGS graded Superb Gem New 67 Fr.121 leading the herd with a realization of $19,975.

Once again superb items achieve superior results in our auction venues where astute collectors and dealers compete through floor bidding, the telephone and on the Internet. Our next United States paper money auction is November in conjunction with the Whitman Coin and Collectibles Baltimore Expo. Several important properties have been consigned to this auction, but there is still limited time and space to consign. Please call Bruce R. Hagen in New York at 1-800-566-2580 or Matt Quinn in California at 1-800-458-4646. The deadline to consign is September 24, 2012 so call us today!

World Coin of the Week: This Week’s Coin is a Fake! Or is It?

By Todd McKenna, Numismatist

Can a coin be a fake if the true coin it is meant to represent never existed? This conundrum was brought up in our office with the appearance of this week’s coin of the week, a contemporary imitation West Indies Joe made to imitate a 1778-R Brazilian 6,400 Reis. This would be simple enough except that the counterfeiters created a coin in the style of the Rio mint issues for King Jose I who had died in February 1777; apparently the makers were not up to date on international news. The Brazilian coinage of 1778 (and for that matter the latter half of 1777) bears the conjoined busts of Maria I and Pedro III, making this a coin that simply never existed. Despite being a counterfeit the piece is indeed made of good gold as these were produced from authentic gold coins. The counterfeiters made their money by modifying the thickness of the coins they made. By the use of pressure a genuine coin would be made about 25% thinner, struck with counterfeit dies, cut down to the appropriate diameter and then remilled. These could then mix in with the West Indies Joes, which would also be clipped and remilled, with the only obvious tells being the cruder artistry and flatter look of the strike, both of which were easily overlooked in day-to-day use.

All in all it was some pretty dastardly and clever grift, and contemporary sources indicate that it was perpetrated by groups in Britain, the U.S. and Switzerland. To the counterfeiter’s credit the portrait on this coin isn’t too bad. Certainly, if you scrutinize it for an extra second or two the slight debasement of style is apparent. But, if you imagine being given this item during a transaction you wouldn’t think twice. It is a fascinating piece and a good looking coin besides, garnering a PCGS grade of AU58 in a secure holder. We will be presenting this piece in our auction at the Whitman Coin and Collectibles Expo in Baltimore this coming November so look for it along with the other coins we will be highlighting over the coming months.

From the Desk of Q. David Bowers: Consign Your Colonial Coins to the November, Baltimore Auction

By Q. David Bowers, Chairman Emeritus

Coming up quickly is the deadline for consigning coins, tokens, medals and paper money to our auction in connection with the Whitman Coins & Collectibles Expo to be held in Baltimore in mid November. A grand event is planned – one that will attract worldwide attention.

A special focus will be coins and related items from colonial and early American times. Silver coins from the Massachusetts Bay Colony; copper coins of Vermont, Connecticut, New Jersey, and Massachusetts; tokens and medals relating to George Washington and other specialties will be highlighted. The Colonial Coin Collectors Club (C4), formed in 1993 by Michael Hodder, has grown into a dynamic association in the intervening 20 years. Today its journal and its annual meetings are highlights for members. For the first time this November, the annual meeting will be held in conjunction with the Whitman show, a change in venue from Boston. Draw a 500-mile circle around Baltimore and the vast majority of active numismatists are included.

If you are thinking of selling your collection, duplicates, or other items in the early American series, we would be delighted to present them in conjunction with special cataloging on behalf of C4. Over a long period of years we have sold at auction more colonial and early American coins than any other rare coin auction firm. In the process many records have been established.

Let our success be your success. Contact one of Stack’s Bowers’ consignment directors to include your colonial or early American items to our upcoming Baltimore sale.

Stack’s Bowers’ New Silver Medals Pay Homage to the Famed American Bison

By Q. David Bowers, Chairman Emeritus

Very nice new entries into the field of silver art medals are the two issued by our company under the auspices of the Wildlife Conservation Society. This non-profit organization, based at the world famous Bronx Zoo, is deeply involved in the Bison Restoration Project. The two medals, each of .9999 silver, one weighing an ounce and the other a half-ounce, are a tribute to what we hope Congress will designate as the official United States mammal. Certainly the bison, popularly called the buffalo, is a pure American symbol. Show an image of one to a European, Asian, African, or anyone else, and the United States of America comes to mind. The medals are in beautiful deep mirror Proof finish. As soon as I complete this commentary I am going to order one each for my own collection.

In recent times I have been busy with Whitman Publishing Company in the writing of The American Bison: A National Treasure. Except for Buffalo nickels, minted from 1913 to 1938, the $10 1901 “Bison” note, and seeing a few animals at zoos, I did not know much about this creature – the largest wild mammal in North America. After delving into the subject I found they have a rich and illustrious history.

To this information I added many other numismatic bison – one on the seal of the Buffalo (New York) founded in 1937, another on a Society of Medallists’ issue, two more made by the Medallic Art Company, a rare Civil War token depicting a bison, and enough other things to fill out a full chapter.

Then I explored towns and counties with Bison or Buffalo in their names, quite a few it turns out, mostly of low population (except for Buffalo, New York), and all of them interesting. Beyond that I enlisted the talents of my long time friend and co-author in another field, Dr. Kathryn Fuller-Seeley, who contributed information on the bison in popular culture. We have professional sports teams, college teams, consumer products, aircraft, road equipment, and others – including a relatively new chain, Buffalo Wild Wings.

Wow! After complete bison immersion I feel like I can get up on the proverbial soapbox and talk about bison for an hour non-stop. The book will be released soon by Whitman, popularly priced, and should be for sale nationwide. If you acquire a copy I think you will enjoy reading it. The Whitman Publishing website will announce when they are available.

Asian Coins and Paper Money Score Big Results in Hong Kong Auction!

By Todd McKenna

The Stack’s Bowers and Ponterio August 2012 Hong Kong Auction has come to a close! Over four days of the past weekend we presented four sessions of the finest Asian coins and paper money to collectors of all types and interests. Here I would like to highlight some lots which garnered excellent bids, some of which I had written about previously but many standing out on their own merit.

First up is a “Birds Over Junk” Dollar (Lot 50201) tied for finest certified with a grade of NGC MS-66 which sold with a final bid at $16,730. The term interesting is not normally associated with the 1934 Sun Yat-sen Dollars, but Lot 50237 was an interesting pair of uniface copper trial strikings of such a dollar which brought a final bid of $7,170. Lot 50262 was a stunningly clear and beautiful 1916 Dollar graded PCGS MS-66 and to no surprise its beauty brought the bid up to $33,460. At the end of the Republic section under an unassuming listing was Lot 50271, a 1927 Chu Yu-pu Pattern Dollar graded PCGS SP-55 which shot up to $47,800.

The NGC PF-66 French Indo-China Piastre I wrote about back in May did not disappoint with a solid final bid of $38,838. A few pages beyond was a section I only had the opportunity to mention briefly in a previous entry but was very interested in seeing how they would do at the sale. Lots 50497-50501 was a run of Korean patterns from the 1880s of all different denominations. With the exception of one piece these brought between $10,000 and $20,000.

The Thailand 4 Baht graded NGC AU-55 which was the subject of my article just a few weeks ago brought a strong $44,800. In the sycee section of the catalog the first silver ingot, Lot 51016, a dated 50 Tael salt tax ingot from Anhwei, reached the impressive final bid of $115,000.

Lastly, in the provincials section was Lot 51309, an 1898 Kiangnan Dollar with circlet scales on the dragon graded PCGS MS-63, was a true standout with a final bid of $97,750.

There were of course many other impressive and surprising prices realized, all of which can be found on StacksBowers.com. With this auction complete we now move on to the next sale, the Whitman Coin & Collectibles Expo in Baltimore this November which we are currently accepting consignments for. Beyond November we will have a sale at the New York International Numismatic Convention in January. Currently we are also accepting consignments for our next Hong Kong sale to be held in April.

Some Quintessential Staples of an Advanced US Collection

By Jeff Lubinski

There’s a reason that the United States started coining its own money early in its infancy.  In the front of your Red Book you can read all about the history of early colonial trade, highlighted by the use of wampum as a medium of exchange.  As the English recovered from civil war and disregarded the American colonies, the need for colonially coined money became evident.

The Massachusetts General Court authorized coinage in 1652 which led to the production of so-called New England (or NE, as it was stamped on to the coins) coinage, and later to Willow, Oak and Pine Tree coinage in a combination of efforts to battle counterfeiters and keep colonial coinage in line with similar circulating pieces from England.  The General Assembly of New Jersey authorized the St. Patrick coppers (which Mark Newby, an immigrant from Dublin, Ireland in 1681) as legal tender in the colony.  These coins featured a “decorative brass insert” which, according to the Red Book, was to help prevent counterfeiting.

Today I was going through a fairly extensive sampling of colonial coinage and was pleased to find that the collector’s St. Patrick farthing clearly displayed the brass spot, unlike many other examples on which it’s not visible or has been removed.  Accompanying the farthing was a St. Patrick’s halfpenny, though the brass insert had been removed (what a shame!).  Additionally this collector had a wonderful example of both large and small planchet Pine Tree Shillings from the Massachusetts Bay Colony.

I certainly agree with the Red Book and think that at some point, advanced collections of US coinage should have a nice colonial of the collector’s choosing, for no other reason than the depth of the history associated with such pieces.  While our lotting is not yet underway for our upcoming November Baltimore Sale, this well put-together collection of colonial coinage will be in the main sale.  If you’re interested in any of these pieces, be sure to check back closer to the auction for lot numbers!

The Stacks Bowers Galleries Official Currency Sale of the ANA World’s Fair of Money a Hit

By Matt Quinn

The Wednesday evening session of United States Paper Money was one for the ages with a staggering number of world-class rarities made available to eager bidders. Anticipation grew widely in the days leading up to the sale with anxious collectors seeking to fill gaps or upgrade their current holdings. Standout rarities offered included an 1878 $500 Legal Tender, two 1890 $100 “Watermelon Notes” and an 1880 $1,000 “DeWitt Clinton Portrait” rarity. Further scarce design types and varieties received strong attention as well from First Charter Period high denomination banknotes to a newly discovered 1928B Two Dollar Legal Tender replacement. The sale drew a large crowd and generated excitement not seen for some years within the paper money auction market.

The auction commenced with highly diverse selections of Postage Stamp Envelopes and Encased Postage Stamps from the Chester L. Krause and Stephen L. Tanenbaum collections respectively. These scarce monetary substitutes of the 19^th century garnered significant attention from astute collectors of these types. Obsolete banknotes followed with over 250 lots including several important properties from the Stuyvesant and Kensington collections; a unique Minnesota Five Dollar Color proof highlighted the former and an important “Town View,” York Pennsylvania Five Dollar issued piece was featured in the latter. Lot 7129, a very desirable Continental Bank Three Dollar note from Boston exhibiting the popular polar bear vignette, ultimately realized $5,175, over double the presale high estimate.

Nestled between obsolete currency and the start of the Colonial Notes were six unusual but important lots: a pair of rare satirical notes followed by four desirable vignette presentation books. The first was a rare “Loco Foco Juggernaut” satirical piece, followed by a circa 1837 Humbug Glory Bank Six Cents in Mint Drops, both of which achieved strong results. A pair of ABNC presentation books was then offered, the first featuring many Latin American-used vignettes, the second a scarce oblong format, nautical themed reference. The remaining two books featured a rare” Presidents” B.E.P. volume followed by a Presentation book of Treasury Secretaries with both attracting great attention from bidders.

The world class Tremont Collection of Early Massachusetts Currency led the Colonial offering, highlighted by many finest known examples of legendary types such as “Sword in Hand,” notes and a 1740 Silver Bank Note issue. Following Colonial and Continental notes and preceding Federal Type Notes were incredibly important historical documents. A John Jay-signed 1779 bill of exchange payable to Caron de Beaumarchais eclipsed the presale high estimate of $25,000, selling for $32,900. The two following documents were pieces signed by David Rittenhouse and Benjamin Franklin, and both saw spirited bidding.

Federally issued banknotes of the United States comprised two-thirds of the sale, with the “Watermelon Collection” leading the way. This collection contained a vast assortment of strictly large size currency with series dates from 1861 to 1923. A focal point of the long held collection was banknotes of the $50 and $100 denominations with classic types including a “Rainbow Fifty,” a “Spread Eagle Hundred,” a “Monroe Note” and a “Watermelon Note.” Other important higher denominations included National Banknotes, with all charter periods well represented. The highlight of the collection was Lot 7516, the Reading Pennsylvania 1875 $50 note in a sensational grade for the design. The lot drew strong attention from the floor and ultimately sold above the presale estimate of $60,000 to $90,000 realizing $103,500. A rare 1882 $1,000 Gold Certificate, one of nine known, also performed well, costing the new owner $92,000. The more mainstream lower denomination types also enjoyed spirited bidding including a “Silver Dollar Back,” Five Dollar note from the 1886 Series. The note was certified by PCGS as Gem New 65 PPQ and realized an impressive $32,900. Overall the Watermelon Collection saw great floor and internet bidding activity and will certainly be an inspiration to aspiring collectors.

The nearly 400 remaining lots offered after the Watermelon Collection featured the finest array of banknotes offered in the firm’s history. A multitude of six-figure rarities were sold with key Legal Tender and Treasury Notes being focal points. Lot 7597 presented an 1878 $500 Fr. 185d pedigreed to the Anderson Collection and formerly, the Amon Carter Collection. The note realized $276,000. The next lot, 7598, featured a Fr. 187j, $1,000 note with the striking central portrait vignette of DeWitt Clinton. The note -- one of only 13 known to exist with three permanently impounded within institutional collections --  realized $253,000. A key high denomination Treasury Note was next to cross the $100,000 mark when a PCGS Extremely Fine 40 PPQ 1891 $50 “Seward Note” brought $138,000 as lot 7676. The second offering for the night of a Fr. 377 $100 “Watermelon” design followed as lot 7677. The note was certified by PCGS Currency as Extremely Fine 40 and realized $172,500. Countless lots came in with near six figure realizations, including several important pieces from every type from a $50 Interest Bearing Note to a seldom-encountered “Open Back,” 1891 $100 Treasury Note.

Condition rarities filled pages within the catalog as many lots offered represented the finest available material. Large size notes at the Superb Gem level abounded with eight impressive pieces achieving a PCGS Superb Gem 68 PPQ grade. Of particular importance at the 68 PPQ level was Lot 7653, a highly popular “Indian Chief” Fr. 277 Five Dollar Silver Certificate, that realized a hefty $38,187.50. Another finest known Silver Certificate, a $20 bearing the “Diamond Back” design of 1886, certified by PCGS as Choice About New 55, drew $69,000. Banknotes of the current size enjoyed strong bidding with a finest-known 1933 $10 Silver Certificate that ultimately realized $36,718.75. This coveted type is a pinnacle design for small-size collectors and one of just two known at the PCGS Gem New 66 PPQ level.

Overall the market seems quite strong, a perception reinforced by this successful auction. A staggering 95% sell through rate was achieved, another testament to the growing population of collectors and overall demand. Over $7,000,000 in rare currency was sold in the Stack’s Bowers Official Auctions of the August 2012 ANA World’s Fair of Money, an impressive part of a nearly $42 million sale, the highest grossing event in the firm’s history.

Upcoming Events: PCGS Grading Week in Paris, France

by Ronald J. Gillio, Senior Numismatist and Consignment Director

Monday, September 17^th through Friday September 21^st, PCGS Grading Week Paris France.

Meet with Ronald J. Gillio, an internationally renowned rare coin dealer, auctioneer, author and researcher who has been active and influential in numismatics for more than 45 years. Ron’s involvement in numismatics literally spans the globe. He has conducted nearly 80 multi-million dollar auction sales in the United States, Europe, Hong Kong, Japan and Singapore.

Ron will be in Paris 17 September through 21 September to conduct professional appraisal and evaluation of all PCGS-graded U.S. and World collectible coins, as well as make offers for direct purchase and to accept coins for consignment to auction.

If you are interested in a complimentary appraisal of your PCGS coins, contact Ron Gillio, Numismatic Acquisition Coordinator, at rong@stacksbowers.com (or Text/Call +1.805.637.5081) to make an appointment during PCGS Grading Week at the PCGS Global office.

We Also Buy Direct Inquire Today About Your PCGS-Certified Coins

Contact:

Ronald J. Gillio, Numismatic Acquisition Coordinator

Stack’s Bowers Galleries | Spectrum Numismatics

Email: rong@stacksbowers.com  |  Cell: +1.805.637.5081

United States Coin of the Week: Famous 1796 No Stars $2.50 “Stars” at Our Philadelphia ANA Sale. A Hard-Fought $402,500 Price Realized

By Frank Van Valen, Numismatist and Cataloger, U.S. Coins

It’s difficult to be a stand-out in a star-studded auction sale such as our recent ANA World’s Fair of Money event in Philadelphia, but lot 11174 from our ANA Rarities Night session, a Mint State 1796 No Stars quarter eagle, shined with a brilliance to match any of the other stars. Offered as part of the Werner Family Collection of 1796 Coinage, this PCGS-certified MS-61 quarter eagle left a memorable impression on the bidding audience.

Struck in two separate batches (one in September and one in December of 1796), the first of the quarter eagles appeared a year after the other two gold denominations of the era -- the 1795 $5 half eagle and $10 eagle -- were produced. Designed and engraved by Robert Scot, the 1796 quarter eagle with no stars on the obverse was produced in a very limited number of just 963 pieces; its appearance represents the first use of the Heraldic Eagle reverse in U.S. coinage. Later in December of 1796, after the production of No Stars quarter eagles had run its course, a new design type was produced, the famous and rare 1796 With Stars type, a design which remained in production through 1807. Both types of 1796 quarter eagle feature 16 reverse stars, one for every state of the Union at the time, including the newly admitted state of Tennessee.

One of just a handful of Mint State 1796 No Stars quarter eagles known, lot 11174 was a focal point of bidding activity even before the actual auction sale – the online bidding for the lot was active throughout the offering. As the live bidding began on the lot, the impressive quarter eagle soared majestically past the opening bid and soon reached $250,000 without effort, and spiraled upward from there in sizeable increments, soon passing $300,000. The bidding frenzy slowed a bit above $300,000, but one intrepid bidder stayed the course and was eventually awarded the coin at a lofty $350,000. After the buyer’s fee was tallied, an impressive figure of $402,500 was the end result of the spirited bidding activity!

The entire staff of Stack’s Bowers in attendance was surprised and elated at the magnificent performance of the 1796 No Stars quarter eagle. Though many staff members have seen great rarities bring enormous prices at public auction, any time a single coin passes the $250,000 mark, as did lot 11174, the excitement in the auction room is palpable. A polite but excited round of applause rang out when the final hammer price was reached. The present 1796 quarter eagle was a landmark offering, and its final price is one that will remain in the memory of all in attendance for years to come!  

Remember When: Stack’s A Numismatic Saga, Part 4

By Harvey G. Stack, Senior Numismatic Consultant

NEW YORK CITY NUMISMATICS IN THE THIRTIES

Harvey Stack continues his reminiscences and the story of Stack’s, with numismatic traditions dating back to 1858, in its present form founded in New York City in 1933. Stack’s held its first public auction sale in 1935. Today, Stack’s Bowers Galleries is the longest established and most accomplished rare coin firm in America.

The ANA and the ANS

Organizations serving New York area collectors in 1933 included the American Numismatic Association (ANA), then headed by President Alden Scott Boyer of Chicago. He was a folksy sort, and once commented, “I served as ANA president. Oh yes I did. It was a wonderful experience. Oh yes it was.”

ANA’s monthly journal The Numismatist was the only nationwide publication in the field and was then enjoying a sprightly appeal under long-time editor Frank Duffield. The publication had many of the same problems confronting it today: many critics, far fewer providers of original manuscripts, and endless sniping about the types of articles actually run (notably D.C. Wismer’s ongoing series, year after year, on obsolete bank notes).

Near the northern tip of Manhattan was the 75-year-old American Numismatic Society (ANS), long recognized as the Acropolis of scholarly research in the United States. In his annual address of January 14, 1933, the redoubtable scholar-president Edward T. Newell addressed the Depression noting, ‘The general state of affairs prevailing in 1932 has, needless to say, caused the activities of the ANS to be curtailed to a certain extent in the year just past. But you will note the silver lining to our cloud in the corresponding brevity of my annual report. Whatever may be our personal reactions to 1932 of evil memory... the solid foundations of our institution and its reputation have not been harmed in the slightest!’ More was yet to come, such as the Bank Holiday declared by President Franklin D. Roosevelt on March 6, 1933, two days after his inauguration.

Coin Clubs

The premier collectors’ organization on the city was the New York Numismatic Club (NYNC), approaching its 25th anniversary and headed in 1933 by the well-known curator and cataloger Howland Wood. NYNC was already well established with a carefully selected membership and strict policy of barring all commercialism from its meetings. The Bronx Coin Club was established in this year by Otto T. Sghia, while the existing Brooklyn Coin Club was led by President Morris M. Klaif.

Soon to serve as the Brooklyn club’s president was a midwestern student at Brooklyn Polytechnic, Lewis M. Reagan, who in a few years would emerge as the American Numismatic Association’s executive director. Looking over the club reports in The Numismatist reveals that all of these groups had a frequently overlapping membership; many were customers at Stack’s. Our store also served as a coin club in a way. Collectors, dealers, and scholars from all over the city, indeed all over the country and, sometimes from distant parts of the world, were always on hand. Camaraderie was the order of the day, and all had a good time exchanging ideas.

News and Novelties from Here and There

American numismatics was enriched in 1932-1933 by many Depression-related items, including the emergency scrip issued by cities and businesses, such as the circulating wooden money pioneered by Tenino, Washington. Chicago launched its Century of Progress Exposition, which generated a host of commemorative medals and tokens, including the State of Colorado medals in silver dollar size urging buyers to ‘Restore Prosperity with Silver.’

The editor of Collier’s made headlines by commissioning a satirical medal by graphic artist George DeZayas to honor the ‘Unknown Hero’ who slugged Louisiana Senator Huey Long in the men’s room of a private club in Sands Point, New York on August 26, 1933. Shaped like a toilet seat, the medal showed a fist striking a crowned fish (‘Kingfish’ being the demagogic Long’s favorite title) with an impressive Latin and English inscription by a professor at Columbia University. When the ‘Unknown Hero’ failed to appear and claim the medal, the gold original was presented with great publicity to the ANS.

An amusing suggestion for collecting in the depths of the Depression was offered by ANA Second Vice President Harvey L. Hansen. His idea recalls the 1933 joke about Chicken Shadow Soup, said to be prepared by the very poor by suspending a chicken over a pot of boiling water on the theory that boiling the chicken’s shadow brought the family at least that much closer to actual chicken. Hansen cut out pictures of coins he coveted from scores of journals and catalogues, mounted then on file cards and, Voila! had a "Collection” of hundreds of world “coins” to study!

Upcoming Events: Stack's Bowers to Host Special NGC Grading Event in New York City

Get Free NGC Grading when you consign to our Baltimore or N.Y.I.N.C auctions!

September 12-14, 2012 in New York City

Bring Your U.S., World and Ancient coins to the Stack’s Bowers Galleries New York City offices during this NGC grading event:*

·         Coins will be pre-screened by our numismatic experts to determine grading worthiness.

·         Raw coins and coins submitted for re-grading are welcome.

·         U.S. coins, world coins, and ancient coins are all welcome.

·         We will submit qualifying coins to NGC for expedited grading –24 to 48-hour turnaround.

·         Mark Salzberg will personally grade your coins.

·         Consign any of your newly graded coins and Stack’s Bowers Galleries will pay the grading fee!

If you can’t make it to New York during the grading event, bring your materials to Stack’s Bowers Galleries through September 12 at our California, New York or New Hampshire Offices. We will also accept your coins at The Long Beach Coin Expo, September 6-8 at Table 502.

Estimated Value Per Individual Coin	Cost When Consigned	Cost When Returned
<$20k	FREE	$35
$20-$50k	FREE	$75
>$50k	FREE	$125

Consign U.S. Coins to Stack’s Bowers Galleries

Official Auction of the Whitman Coin and Collectibles Baltimore Expo by September 24

Consign World and Ancient Coins to the Stack’s Bowers and Ponterio

Official Auction of the New York International Numismatic Convention by October 12

Call Today to Schedule Your Appointment!

1-800-458-4646 California

1-800-256-2580 New York

1-866-811-1804 New Hampshire

Click here for more information

*Minimum coin value $1,000 to qualify for this grading event. Special issues and oversized holders may require an additional grading fee and additional grading time. In addition to grading fees, the $8 NGC handling fee per submission form will also be added to invoices for coins graded during this event that are not consigned.

PMG Graded World Banknotes a Hit at the Official World Paper Money Auction of the ANA World’s Fair of Money

By Matt Quinn, Director of Currency

Several important World Banknotes were up for grabs on August 8 where Stack’s Bowers Galleries and Stack’s Bowers and Ponterio joined to sell over $7 million of collectible currency. The Wednesday morning session commenced at 10 a.m. containing 374 lots of scarce to rare foreign banknotes. Several key rarities were made available to eager collectors who commonly seek the finest available material. Many of the specifically high-grade offerings were those sighted atop PMG’s current population data. Those items generally reside in a Gem or Superb Gem state of preservation with quality incredibly difficult to surpass. When encapsulated within a PMG Gem Uncirculated 65 EPQ holder, banknotes are to show with striking original paper, color and detail along with ample centering and margins. Further high grades from PMG will begin to creep upon perfection with the highest grades giving no clue to the naked eye of a single numismatic distraction.

A particularly striking lot in the sale was 20052 which presented a note certified at the PMG Superb Gem Uncirculated 68 EPQ grade level. A Bermuda Pick 17 color trial specimen printed by Bradbury Wilkinson and Company of a Five Pound Denomination received the shocking grade and was described as follows:

“One of the most technically outstanding notes we are offering in this sale with this note being perfect to the naked eye. Seen with a precise impression and detailed inks throughout along with picture frame-like centering and margins. Deeply embossed and a scarce type in any state. Surely a note which will see spirited bidding. PMG Pop 1/ none finer.”

Other pieces shown as the finest known included a significant rarity in any grade, a Danish West Indies 1905 10 Francs note. The note certified at an appealing PMG Very Fine 30 EPQ level, exhibiting stunning original paper as the “EPQ” designation would attest to. Even at this mid-grade Very Fine level PMG has yet to handle a finer piece. Offered as lot 20098, the piece saw rigorous bidding on the floor and via the phone. Opening to the floor at less than $5,000 the note quickly ran up past $10,000 and ultimately cost the new buyer $15,275. An important specimen note was also seen from the Danish West Indies being a Pick 9s 50 Francs note in a PMG Superb Gem 67 EPQ grade. The lot carried a presale estimate of $1,000 to $1,500 and ultimately cost the new buyer $1,840.

While the market for worldwide collectible currency certainly is an intriguing one with several different markets for the country-specific collector, the advent of the Internet and third-party certification has enhanced the number of new collectors seeking banknotes from the world over. The peace of mind coming with a “slabbed,” note is not only from the quality, but of the authenticity, attribution and protection. With certified world coins become increasingly more mainstream, world banknotes are seen quickly gaining momentum when offered certified as well.

United States Coin of the Week: Rare Proof 1835 Capped Bust Quarter Sets Auction Record at Historic 2012 ANA Rarities Night Event

By John Salyer, Numismatist and Cataloger, U.S. Coins

NGC/CAC Proof-64 Realized $115,000

Stacks Bowers Galleries is pleased to announce the spectacular success of our much-anticipated 2012 Philadelphia ANA Rarities Night event. Among the highlights of this sale is lot 11341, an exceedingly rare Proof striking of the 1835 B-7 Capped Bust quarter that realized $115,000 – a record price at auction for a Proof quarter of this date. Certified Proof-64 by NGC with a coveted CAC sticker, this coin is ranked among the top five in the current Condition Census for both the date and die variety.

Proof examples of the Capped Bust quarter series are among the rarest coins struck in the United States Mint during the early 19^th century. Very few specimens were distributed, either singly or as part of sets from the half dime to the half dollar. When struck at all, they were always coined in extremely limited quantities of one to half a dozen pieces. Today the appearance at auction of a Choice example such as this beautiful Proof 1835 is truly a memorable occasion.

With this particular date there are perhaps only six to eight examples known in Proof, these struck using the die pairings of the Browning-1 and Browning-7 varieties. The number of Proof Browning-7 quarters cannot be determined with certainty, as population reports often represent a single coin submitted multiple times. Moreover, as stated, Proofs were also made of the B-1 variety, and certified population reports do not distinguish between the two die marriages. Likely, the number of known specimens of B-7 can be counted on the fingers of one hand.

When examined, numismatists will find the classic elegance that easily confirms the Proof status of this coin. The eye appeal is enhanced by peripheral or halo toning, no doubt from a Wayte Raymond "National" coin album or similar holder used by old-time collectors. The deeply mirrored fields contrast nicely with the frosted portrait, eagle and lettering. The strike is bold on Liberty’s hair curls and the eagle’s feathers; star 13 on the obverse shows virtually complete radials save for one, and the eagle’s right talon shows just a hint of rounding on its uppermost knobs. This impressive piece was certified long ago and, as the CAC stickers confirms, the coin is a premium quality example at the Proof-64 grade level. Indeed, both the technical quality and eye appeal are suggestive of a full Gem grade.

The obverse die of the 1835 B-7 variety is identified by the digit 1 in the date being slightly high and star 13 just touching Liberty’s curl. In addition there is a taller dentil below the digit 3 in the date. A faint die line extends diagonally through the letters RT in LIBERTY. On the reverse the engraver failed to put a period after the letter C in the denomination, unique to this die for the year. Another noteworthy blunder is the base of a mispunched E in the field below the primary letter E in UNITED, which is evident as a slightly doubled raised line with a hint of the upright of the E on the left. Natural die lines occur in unique locations, notably from the top leaf to the left wing near the tip; more die lines above the letters TE in STATES to the rim are found with the scrutiny of a strong loupe.

This lovely Proof coin would serve as centerpiece in a type set to illustrate the small-diameter Capped Bust quarter design used from 1831 to 1837, or as an important entry in a specialized die variety collection. As a class, Proof silver coins of the 1830s are among the most significant highlights of early American numismatics. We offer our sincere congratulations to the proud new owner of this great numismatic treasure!