World Coin of the Week: Auerus of Hadrian, Deification of Trajan and Plotina

By Chris Chatigny, Numismatist

This week we feature a very interesting ancient Roman coin of the young emperor Hadrian R. 117 – 138 A.D from the Robert O. Ebert Collection. Hadrian was the adopted son and successor to the Emperor Trajan. Trajan’s military conquests, though precarious to maintain, won him valor and renown in the eyes of the Roman populace. To solidify the transition of power from his predecessor, Trajan, to himself, Hadrian participated in a tradition set forth since the beginnings of the Roman Empire. After Augustus, the first Roman Emperor, died, his successor deified Augustus, turning him into a god. This set a precedent, if the Emperor was deemed “good” he was deified, and if he was bad (Nero) he was condemned to Damnatio Memoriae – literally damning his memory. Since Trajan was well established as a good emperor, Hadrian was quick to deify Trajan.

The portrait on the coin shows a bust of young Hadrian, bare-headed with a draped left shoulder, surrounded by his name and various titles along the border. This coin was struck early in Hadrian’s reign, as signified by the sideburns, as opposed to a full, bushy beard which would be iconic on Hadrian’s later coins. The full inscription shows HADRIANVS AVG. COS. III. P.P. which includes the titles: Augustus and Pater Patriae, signifying Hadrian’s role as Emperor and “Father of The Country” (respectively).

The reverse of the coin is the truly unique aspect to this piece. It shows Hadrian’s adoptive parents, the Emperor Trajan with a right facing diademed bust and Empress Plotina with a left facing draped bust. The stars above each of their heads, along with the inscription of DIVIS PARENTIBVS signify the deification of the late Emperor and Empress. Not only did this ceremony honor the emperor’s predecessor, but by connecting himself to the divine emperor (even through adoption), the process of deification allowed Hadrian to claim his own divinity and solidify his right to rule.

This beautiful gold Aureus weighs 7.29 grams, and was minted in Rome between 134 and 138 A.D. This piece is extremely rare, and is in ‘nearly EXTREMELY FINE’ condition. It is a striking example of an Aureus of Hadrian’s early reign, and an interesting piece for any collection.

Preview this impressive coin and the entire Robert O. Ebert Collection January 11-12, 2013, at the Stack’s Bowers and Ponterio Official NYINC Auction, held at The Waldorf Astoria, New York. Earlier viewings are also available by appointment in Irvine, California or New York City. To schedule an appointment, please call 800.458.4646 (West Coast) or 800.566.2580 (East Coast).

Answers for the Avid Collector: Indian Head Cents

Answers for the Avid Collector

Do you have a question about anything numismatic? Want to know what’s going on here at Stack’s Bowers Galleries? If so, send your inquiries to AnswersfortheAvidCollector@StacksBowers.com and get a response to your important questions from our team of experts!

Question: I have collected Indian cent coins the past twelve to fifteen years. I have accumulated a near set of uncirculated pieces (plus a few others). I have tried to train my eyes to recognize the red color and the many variations of the red/brown coloration seen on coins BUT I continue to be puzzled trying to recognize and identifying "recolored" pieces. What are some telltales and clues to look for as I eyeball a coin - the recolored ones. Thank you.

— J.F.

Answer:  Thank you for your inquiry. It seems that you have a very nice collection of Indian Head cents. The best way to tell recolored pieces is by experience. I am not sure that it is possible at all to give verbal descriptions that would be consistently useful. In my own experience I have evaluated coins on an individual basis using years of experience in doing this. There are many recolored coins that are certified, so that is not an answer either.

Probably the best thing to do before spending a large amount of money on a particular coin would be to have a dealer or someone else check it for you. I have found that Rick Snow of Eagle Eye Coins is very good in this regard, and there are no doubt others.

I hope this helps a bit. Thank you again.

Sincerely,

Dave Bowers

Upcoming Events: Exciting January Auctions in New York City

By Greg Cohen, Numismatist and Consignment Director, U.S. and World Coins.

With the holiday season upon us, the entire team here at Stack’s Bowers Galleries is gearing up for a busy December and January. We hope that you will join us for some of the exciting goings on; it will certainly be an historic January for us.

This weekend, Greg Cohen and Amandeep Jassel from our New York office will be representing the firm at the monthly Parsippany, New Jersey monthly coin show. This is one of the most popular and important monthly shows in the country, and they will be there to buy and sell coins, as well as discuss the upcoming auction schedule with collectors and dealers alike. This will also be among the last opportunities to meet with a consignment director and include your rare coins in our January Americana Sale.

With the New Year, dealers and collectors of world and ancient numismatics focus their attention on the New York International Numismatic Convention, held at the world famous Waldorf-Astoria Hotel. This is the largest convention in the United States dedicated to non-US coins. As an official auctioneer of the convention, Stack’s Bowers and Ponterio has prepared a wonderful auction sale, highlighted by the Robert O. Ebert Collection of Ancient Roman coins, which contains many extremely rare and high grade issues, as well as one of the largest collections of the Emperor Hadrian. We are also proud to present further selections from the Demarete Collection, as well as coins, medals, and paper money from many important consignors. Our auction will be conducted January 11-12, 2013. Catalogs are in production now.

Finally in January, we will be offering one of the greatest collections of US coins to be offered in quite some time: the Cardinal Collection. The core of the collection is a date set of large cents, in absolutely amazing high grade condition, but the spotlight will also shine brightly on the two silver coins included in the collection: the 1792 half disme graded MS-68 by NGC and the Neil-Carter-Contursi 1794 silver dollar, certified Specimen-66 by PCGS, thought by many experts to be the first US silver dollar struck. This multi-million dollar collection will anchor a special Rarities Night Session to be held at the opulent Le Parker Meridien Hotel. Additional sessions of US coins, tokens and medals will be offered in our auction gallery at 110 W. 57^th Street.

In between, all of these exciting events, we are serving clients in our remodeled retail store at 123 W. 57^th Street. Our numismatists have been busy buying and selling rare coins and bullion items. Our inventory is ever changing, so if you have a specific item that you are looking for, please let a member of our staff know, and we will try and locate it for you.

From all of us here at Stack’s Bowers, we wish you and your families the very best for a happy and healthy holiday season.  

From the Desk of Q. David Bowers: Baltimore Auction Wrap-Up and Looking Ahead to Exciting January Sales

By Q. David Bowers, Chairman Emeritus

As I write these words I have fond memories of our recent auction at the Whitman Coins & Collectibles Expo in Baltimore. Actually, make that plural, auctions! What with several catalogs and, in some instances, two sessions running simultaneously, it was a dynamic event all by itself -- never mind that one of America’s most active coin conventions, complete with a large bourse, was going on at the same time.

The event was excitement from beginning to end. Time was when our auctions were self contained, so to speak. Going back a long time, as an auction approached, I and others would take stock of the number of people looking at lots, those filling out bidder cards, and so on. A room would typically have dozens of chairs put in for bidders, but often we needed to call for extras. All bidding was done right there -- on site by floor bidders. The Internet was unheard of, of course, and telephone bidding was very rare. If you wanted to own a coin, you showed up in person or else commissioned an agent to represent you.

Today in 2012, including in our Baltimore sale, the scene is vastly different. The number of people in the audience does not make much difference. Although we had a comfortable group on hand at all times, thousands of people checked in on the Internet. Action was fast and furious, both from the floor gallery and from the Internet, resulting in excellent prices overall. However, if there had been no in-person attendance at all, I venture to say that the sale would have been a great success. Indeed, probably the majority of coins sold at auction today are Internet only. Witness Teletrade, a highly successful division of Spectrum Group International.

High-priced highlights were many in the Baltimore sale. Among federal coins I mention a 1919-S Standing Liberty quarter, MS-67 Full Head certified by PCGS, that crossed the block at a record $184,000. Who would have believed it? A 1796 Draped Bust half dollar, O-102 variety with 16 stars, in evenly circulated Fine-12 grade, climbed to $69,000. This and the 1797 half dollar were short-lived and with low mintages and are essential for the completion of a type set. Examples are in demand at all grade levels. Among gold coins, an 1898 Proof-67 half eagle fetched $92,000, a Sand Blast Proof 1908 of the same denomination, certified Proof-65 by PCGS and with a CAC sticker, climbed to $57,500, a 1799 eagle in MS-63 (PCGS) grade went to $80,500 and a Gem Proof 1892 Liberty $10 brought $53,188.

All bets were off when it came to colonial and early American coins. We had a special session featuring these, in cooperation with Colonial Coin Collectors Club (C4). This began on Friday evening, but who would have anticipated the fireworks that took place? Excitement prevailed, and bidding was so extensive and protracted that the session did not wind down until 3:00 in the morning. Over the years we have had a number of sales run past midnight, but this set a record. Highlighting this sale was a 1652 Massachusetts NE sixpence in VF grade, found in a field, and prior to the auction evaluated in the low tens of thousands of dollars. When I checked on it on Friday the bid stood at $28,000. This seemed inexpensive, of course, and I thought it might double or triple that. However, I was not prepared at all to see it go to a record-breaking, indeed truly incredible, $431,250. In the annals of colonial coins sold at auction this certainly will echo for a long time in the halls of numismatics!

A 1721-B French Colonies sou of the Rouen Mint, W-11825, in VF-20 brought a very strong $23,000. A generation ago very few people collected these. Enter our fine friend Bob Vlack, who wrote a reference book on these and the rest is history. Today they are widely collected. A 1787 Excelsior copper, W-5790 with a portrait of George Clinton, Fine-15, brought $218,500. The three colonials I have mentioned are all from the John Royse Collection which Stack’s helped form over a period of years. I don’t know Mr. Royse’s cost figures, but I can guarantee that the results of the sale were such that it would have been difficult to place the equivalent amount of money in any other investment that would earn the same return. Of course, John did not buy the coins as an investment -- he bought them to enjoy. As I have said many times, with careful buying a fine collection can provide challenges and pleasures for a long period of years, and then upon its sale yield a very strong financial return.

Now the staff is looking toward our January sales. At the New York International Numismatic Convention at the Waldorf, Rick Ponterio and his staff will be presenting a dandy offering of foreign and ancient coins, laden with interesting pieces from entry level -- or affordable so to speak -- to world class rarities. The catalog is now in process. Then follows our Americana Sale from January 22 to 24, in New York City, at our own auction gallery plus a session at the nearby Le Parker Meridien Hotel, a New York favorite just a few steps from our office. This will feature coins, tokens, medals, and paper money in all categories. One of the sessions will be Rarities Night showcasing the Cardinal Collection with its landmark pieces, topped by the finest known 1794 silver dollar.

Although this might seem like my life is a long string of auctions, nothing could be further from the case. I have also been busy in other areas of numismatics, including with Whitman Publishing, LLC, the staff of which is very busy preparing for the 2014 issue of A Guide Book of United States Coins. Lots of fun!

United States Coin of the Week: Famous New England Sixpence from the Royse Collection Realizes $431,250 in November Baltimore Auction

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

Among the many impressive prices realized at our recent Official Auction of the November 2012 Whitman Coin and Collectibles Baltimore Expo is the sum of $431,250 paid for lot 6002, the famous New England sixpence rarity from the John "Jack" Royse Collection. The coin was sold as part of our first ever Early American Coin Session held in conjunction with the annual convention of The Colonial Coin Collectors’ Club (C4). Prior to this event not a single example of this noteworthy numismatic rarity had been offered at public auction since 1991, when we (Stack's) acquired this same coin from a Sotheby’s sale for $35,200. The recent price realized of $431,250 is certainly impressive, and may even be a record for a New England sixpence.

In a truly memorable sale full of rarities and coins with great stories, this piece stands out. It was discovered in East Hampton, New York, at the eastern end of Long Island, in February 1990 by a metal dectorist. When it sold the following summer, the story made international news, and newspaper columnists across the country spilled ink on the joys of metal detecting. It was the most valuable coin ever found with a metal detector on American soil.

Eastern Long Island had more in common with New England than New York in the 17th century. The Connecticut River, just across the narrowest part of Long Island Sound, was the main north-south thoroughfare into the interior of New England. It is no accident that an interstate parallels its path from Hartford to northern Vermont. The town at the mouth of the Connecticut River, Old Saybrook, was founded in the 1630s by a group led by John Winthrop, and Massachusetts held a firm grip on its commerce and governance for the better part of a century. It is no coincidence that this coin would turn up, perhaps 20 miles away as the crow flies.

The sixpence survived its time in the ground well, attracting a pleasing deep gray-brown patina over most of the obverse and reverse. A lighter area of silver is present near 8 o'clock on the obverse and directly beneath the NE punch, with similar texture at central reverse. The punches are both good and strong, matching the other known specimens of Noe 1-A -- the only genuine variety of NE sixpence -- in both shape and depth. A long old scratch runs from 10 o'clock on the obverse rim past center to near 3 o'clock opposite on the obverse; two lighter scrapes parallel it at top. A thinner, newer scratch is present from center of obverse to 6:30 or so. The earthen patina on the reverse side minimizes light scrapes. The shape of the planchet is nearly round, about the same as other NE coinages, hand cut to size and weight at the time. The weight is essentially full for the issue; the Garrett coin weighed 33.7 grains, this piece weighs 31.8 grains.

There are just eight examples known of this rarity, four of which are in museums: the ANS, the British Museum, the Massachusetts Historical Society, and the Newman Money Museum. The other surviving specimens are the Bushnell-Garrett piece, the Roper coin, the Lauder specimen, and this one. The Lauder coin, now in a well-known Long Island collection, may be the best of them, though each has issues. The Noe 2-B sixpence is a counterfeit of uncertain age; Ford's last sold for $13,800. As a denomination, the NE sixpence is multiple times rarer than the NE shilling, and examples of the former appear on the market at a rate even less frequent than its numerical rarity would suggest.

This particular specimen was added to the census of known specimens in February 1990, when Lillian Rade of East Hampton, Long Island, found it in frozen ground with a metal detector. The find made national news, published in nearly every major American newspaper via wire services, and even found a place in Ripley's Believe It or Not. It was auctioned by Sotheby's and purchased by Stack's for $35,200. It was the most valuable coin ever found in American soil with a metal detector at that point, surpassed by the $41,400 realization for a Maryland denarium sold in our (Stack's) sale of August 2007; now, this coin has regained its prior status in that regard, and it has done so with a vengeance!

Remember When: Counterfeiting A Mid 20th Century Story, Part 1

By Harvey G. Stack, Senior Numismatic Consultant

As many collectors and government enforcement agencies know, counterfeiting was quite extensive after World War II. Actually, in 1941 through 1945, counterfeit United States paper money was produced by Germany and Japan in an attempt to undermine the integrity of U.S. currency. This false currency was very deceptive and became so prolific that the U.S. government had to issue special notes to circulate in Europe and also in the Far East. In Europe they changed the Treasury seal to gold. In the Far East, they surcharged the reverse with the overprint of “HAWAII.” These measures seemed to substantially reduce the quantity of false currency and the value of the “mighty dollar” remained strong.

After the war, people in the coin business noted a profusion of the foreign designed gold coins and U.S. gold coins appearing on the market. They had the proper weight and fineness of standard coins and at first they seemed to be used only for jewelry. However counterfeiters could make money for their efforts as government coinage usually earned some sort of premium over the gold content. Some scarce date and mintmark coins also appeared. But greed soon took over and the coins were struck in lower quality and fineness than standard coins and also of lighter weight.

Neophytes as well as experienced jewelers who were unfamiliar with the details of designs and the overall look of standard coins, bought these counterfeits as if they were genuine, and only learned of their mistake when the pieces were examined by a professional numismatic eye.

The Secret Service as well as foreign treasury officials became very active trying to stop the sale of these coins, yet the imports continued. It got so bad that the Eisenhower administration enacted criminal legislation to enforce the law and capture the perpetrators. By the time this abuse reached its peak, President Kennedy had instituted a Gold Import Act, administered by the U.S. Treasury. It authorized the Office of Gold and Silver operations, which was to establish a licensing procedure for the import of gold coins.

The regulations became so strict and the licenses were so restrictive, that normal gold trading in the United States nearly came to a complete stop; imports were almost completely banned. Gold collectors protested vigorously and the government action was answered by a suit against the strict rules and procedures, instituted by Stack’s in 1965-1966, which I will talk about in my article next week.

Upcoming Events: Meet With Ronald J. Gillio During PCGS Grading Week in Paris, France

Upcoming Events: Be Our Guest at Le Parker Meridien While Attending the January Americana Sale

Le Parker Méridien Hotel Offers Special Room Rates for Guests of Stack’s Bowers Galleries

Be our guest at Le Parker Méridien Hotel while attending the Stack’s Bowers Galleries New York Americana Sale, January 21-25, 2013, and receive an exclusive room rate, reserved especially for our auction participants.

With its convenient location next to the Stack’s Bowers Galleries New York office — the featured venue for all main sessions of the New York Americana Sale — and across the street from our retail store, Le Parker Méridien Hotel is truly the ideal place to stay while in town for the Americana Sale. Its breathtaking views of Central Park, newly designed rooms and extravagant amenities also make this luxurious hotel one of the best places to stay while visiting New York City.

Headlining the New York Americana Sale is the spectacular Rarities Night Auction, Thursday, January 24, 2013, which will be held in Le Parker Méridien Hotel. This exclusive session will feature the prestigious Cardinal Collection, as well as many other prominent collections, that will surely impress all coin enthusiasts.

For special room rates, visit https://www.starwood-meeting.com/Book/stacks122 or call 212.245.5000 and mention Stack’s Bowers Galleries when booking. 

World Coin of the Week: 1648 Siege of Ponterfract Shilling in NGC AU-50

By Greg Cohen, Numismatist and Consignment Director, U.S. and World Coins.

Among the many rare and historic numismatic items that are set to cross the auction block in our January 2013 New York International Numismatic Convention Sale is a choice British Shilling, struck during the Siege of Ponterfract in 1648. This scarce coin is made even more so by its outstanding quality, graded AU-50 by NGC.

Ponterfract was a Royalist stronghold and during the English Civil War, it was laid to siege by Oliver Cromwell and his forces on three separate occasions in 1648-49. Finally the inhabitants of the surrounding area, fearing another siege, petitioned Parliament to destroy the castle.  

Like many siege coins, this is technically a Klippe, or piece struck on an irregular shaped flan. There were two styles of shilling struck over the course of the three sieges, those struck on a diamond shaped flan (as here) were struck prior to those struck on hexagonal shaped flans. These coins are exceptionally scarce, and this piece is far finer than the example in the Millennia Collection (Goldberg, May 2008), which graded VF-30. The example offered in our January sale has bold definition in the details, although not fully rendered by the dies. The surfaces show generally good quality, with pleasing toning.

If historic and rare coins are your focus, this high quality Ponterfract Siege Shilling will fit nicely in your collection. This and other English rarities will entice bidders in our January New York International Sale. Catalogs are currently being prepared and will be in the mail shortly. To request a copy of our International Sale, contact any one of our auction services associates. We are also accepting consignments for our next two Stack’s Bowers and Ponterio auctions, our April Hong Kong sale and our official auction of the American Numismatic Association’s World’s Fair of Money. Whether buying or selling, it is our pleasure to work with you.

From the Desk of Q. David Bowers: An Inexpensive Way to Great Profits

By Q. David Bowers, Chairman Emeritus

The more you know about rare coins, the more profitable your experience will be. Of course, we all like to think we collect coins, tokens, medals and paper money for pure enjoyment. However, the fact that carefully selected numismatic items have been an excellent store of value over the years and, more likely than not, a great investment, does add another element.

Success in investment does not come automatically. Probably 90% of all modern coin buyers simply look at a coin certified by PCGS or NGC, read the grade, look up the price on a list, and make a purchase decision. Equally important or even more important aspects have to do with whether a coin is “low end” within the holder, “high end” or somewhere in between. The holder won’t tell you this, nor in most instances, will someone offering such a piece for sale. Determining this is up to you.

Beyond that, it has always been my thought that one unit of a physical coin plus one unit of history, romance, and tradition concerning the coin, can add up to three, not just two. Recently I had the chance to spend some time contemplating the Gem Mint State 1792 half disme consigned by the Cardinal Collection to our Americana sale in New York City in January. This involved reading the description of the physical attributes written by Jeff Ambio and the by-invitation history of the coin sent to us by Dr. Joel Orosz and Leonard Augsburger, authors of an award-winning book on the early Mint. To this I added from my own mind many thoughts and memories of the 1792 half disme, plus from my files an extensive iteration of auction appearances and the like. The result was easily equal to several thousand words concerning this issue, scarcely any of which had to do with grade and none with market price!

All of this other “stuff” is fascinating to me, and when you see the description in our catalog or on line of the coin in our January sale, I encourage you to read it -- for perhaps five minutes of enjoyment. How much nicer this is than simply stating the MS-68 grade and an estimated market price. There is not much romance in that. However, upon reading about it, the 1792 half disme becomes very real and, for some, an object of possession desire.

The key to learning more about coins, including selecting high-end pieces, identifying when sharp strike is important, and simply enjoying the history and romance, lies in building a library. Fortunately, the Internet age makes this very easy to do. A great place to compile your “want list” is to consult the 2013 edition of A Guide Book of United States Coins beginning on page 439. Look over the titles that seem most interesting to you, then get on the Internet and search for them. I am associated with Whitman Publishing LLC so I may be biased (but I think not) when I suggest that Whitman has a dynamic line-up of books that are not only useful for information but are also interestingly written. Some books in the Whitman listing are current and virtually necessary for a sophisticated buyer, while others are of more historical value than anything else. Although the Guide Book listing does not separate the two, generally a book published within the past generation will include much of the information from older historical texts and will be more useful.

A very nice thing about building a library is that not much cost is involved. If you budget $1,000, not much in terms of a rare coin purchase budget if you are particularly active, you can fill a bookshelf with very useful references. I guarantee that these books, if you read them, will repay their cost many times over when you use your knowledge in the marketplace.

United States Coin of the Week: Gem 1793 Chain Cent to Headline Cardinal Collection Offering in January 2013 Americana

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

Stack's Bowers Galleries will be offering the fabulous Cardinal Collection as a highlight of our upcoming January 2013 New York Americana Sale. The core of the Cardinal Collection comprises two of the most famous silver coin rarities from the earliest years of the United States Mint, as well as a phenomenal collection of large cents that holds No. 1 rankings in multiple categories on both the PCGS and NGC Set Registry listings. Leading the way among the Cardinal Collection large cents is an exceptional 1793 Chain cent of the S-2 die marriage, certified MS-65 BN by PCGS and verified by CAC. The coin is one of only four Gem Mint State Chain cents certified by PCGS, and is high in the Condition Census for both the issue in its entirety and the individual die variety.

An easily identifiable die marriage of the 1793 Chain cent, Sheldon-2 combines the wide date obverse with the AMERICA reverse of the issue. Indeed, the digits in the date are markedly wider on this obverse than on any other used to strike Chain cents, with the most space between the digits 7 and 9. This obverse was also used to strike examples of the S-1 variety, although in that marriage it is paired with the distinct AMERI. reverse. On the present coin the digit 3 in the date is clearly recut at the bottom of the lower curve. This feature is not described for either the S-1 or S-2 die marriages in any large cent reference with which we are aware (including United States Large Cents: 1793-1814 by William C. Noyes, 1991, and Walter Breen's Encyclopedia of Early United States Cents: 1793-1814, 2000). We have also never seen recutting on the digit 3 on any other S-1 or S-2 Chain cent; the presence of this recutting suggests that the obverse die may have been lightly retouched before this coin was struck, or else it confirms the exceptionally sharp strike that characterizes this piece.

The reverse die of the S-2 variety was also used to strike Chain cents of the S-3, S-4 and NC.1 varieties (i.e., all other die varieties of the issue except the aforementioned S-1 AMERI. variety). The presentation of the word AMERICA in full is the most readily identifiable diagnostic of this reverse die.

High in the Condition Census for both the issue and the die marriage, this coin is easily among the finest Chain cents of all die varieties known to exist. Opinions on the Condition Census ranking of this coin relative to other examples of the S-2 variety vary among large cent specialists, with some calling it tied for Condition Census #1 and others calling it tied for Condition Census #2. It was previously part of several noteworthy collections, including the personal collections of B. Max Mehl and Dr. William Sheldon, and the fine Herman Halpern Collection.

This is a truly remarkable coin and the level of preservation is incredible for an early U.S. Mint copper. Evenly toned, steely brown surfaces exhibit a uniform satin to softly frosted texture that provides faint cartwheel visual effects as the coin rotates under a light. More direct angles also call forth faded golden mint luster throughout, as well as lighter pinkish rose highlights within the tresses of Liberty's hair.

Both sides of this coin are exceptionally sharply struck by the standards of both the early United States Mint and the Chain cent type. The reverse is bold throughout, the ends of Liberty's hair tresses are intricately defined and crisply delineated, and we note only the slightest softness of detail at the central obverse high points, including Liberty's ear and the adjacent hair curls. We stress, however, that even in the center of the obverse there is plenty of definition, certainly more than usually seen on Chain cents, including the less well-defined plate coin for the S-2 variety on page 39 of Walter Breen's Encyclopedia of Early United States Cents: 1793-1814 (ex: Boyd-Romano-Husak, and tied for Condition Census #1 for the variety with the present example in the opinion of some early copper specialists).

The level of surface preservation is just as impressive as the striking quality, with both sides virtually free of post-production contact marks. Most of the few small, shallow abrasions discernible in the left obverse and reverse fields appear to have been present on the blank planchet and failed to strike out during the coining process. Indeed such is the extraordinary preservation of the surfaces that John Albanese described this coin as MS-66 when he examined it in 2005. For pedigree purposes alone we mention two faint marks on the obverse at the ends of Liberty's middle hair strands.

Gem Mint State 1793 Chain cents are legendary coins. Serious collectors and dealers in early American coinage, and especially those who specialize in early large cents, will eagerly anticipate this spectacular offering in our upcoming January Americana Sale.

Answers for the Avid Collector: Braided Hair Large Cent

Answers for the Avid Collector

Do you have a question about anything numismatic? Want to know what’s going on here at Stack’s Bowers Galleries? If so, send your inquiries to AnswersfortheAvidCollector@StacksBowers.com and get a response to your important questions from our team of experts!

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

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

— S.H.P.

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

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

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

Remember When: Stack’s Presents Saint-Gaudens $20 to President Harry S. Truman

By Harvey G. Stack, Senior Numismatic Consultant

 

I remember it was over 60 years ago when President Harry S. Truman came to our offices in New York City. He came with his secretary of the Treasury, John W. Snyder, who was a familiar face at Stack’s at the time. While there, my uncle Joseph B. Stack presented to President Truman a Saint-Gaudens $20 gold piece needed to complete the Presidential Numismatic Display at the Truman Library in Independence, Missouri. This display was a collection formed by Secretary Snyder during the Truman presidency and with the assistance of the Stack family. The collection comprised United States gold, silver and copper coins struck during the administrations of all the presidents of the United States from George Washington to Harry S. Truman. Besides the President, Secretary Snyder and my uncle, the presentation was also attended by myself, my father, Morton Stack, and my cousins Norman and Benjamin. The collection was then placed on exhibit at the library in Independence. It is an occasion that I will never forget.

For more information on this collection, see Harvey’s previous article “Meeting John W. Snyder Former Secretary of the Treasury” in an earlier Stack’s Bowers Galleries newsletter.

World Coin of the Week: The November 2012 Baltimore Stack’s Bowers and Ponterio Online Session

By Greg Cohen, Numismatist and Consignment Director, U.S. and World Coins.

While this space is generally saved for individual coins, whether rare, interesting or exotic, this week I take the opportunity to use this space as a reminder to participate in Sessions D and E, the online sessions for ancient and world coins and paper money. Nearly 600 lots of highly collectible world numismatic items will be available for bidding after the floor sessions are over (468 lots of coins and medals and 126 lots of currency). Be sure to spend some time reviewing the interesting items being offered, and plan to bid. If you are attending the sale in person, feel free to extend your viewing session to personally inspect these items. As always, good luck with your bidding. If you need any assistance, do not hesitate to contact any of our auction services associates.

Upcoming Events: PCGS Grading Week In Paris

Answers for the Avid Collector: Collecting Silver Commemorative Coins

Answers for the Avid Collector

Do you have a question about anything numismatic? Want to know what’s going on here at Stack’s Bowers Galleries? If so, send your inquiries to AnswersfortheAvidCollector@StacksBowers.com and get a response to your important questions from our team of experts!

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

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

—M.C.

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

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

An attractive part of getting one of everything is that the low mintage issues such as the 1935-D and S Boone half dollars with Small “1934” in the field, the Boone issues of 1938, the Arkansas issues of 1939, and certain others of which only 2,000 or so were distributed, are very inexpensive in comparison to their rarity. There is a lot of value in terms of actual rarity to be found among some of the varieties. The reason for this is that most people indeed collect by types, and the demand for the rare varieties is not as great.

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

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

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

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

—Dave Bowers

From the Desk of Q. David Bowers: Welcome to the Official Auction of the Whitman Coin and Collectibles Expo

By Q. David Bowers, Chairman Emeritus

I am in Numismatic Paradise, so it seems! Actually, I am sitting comfortably and reviewing four (five when you include the Stack’s Bowers and Ponterio world coins catalog) large, impressive and opportunity-filled auction catalogs for our official sale of the Whitman Coins & Collectibles Baltimore Expo, November 14 to 16, coming up quickly. Four catalogs for several days -- amazing! Time was when such a presentation would have sufficed for four different auctions at widely spaced intervals. Not so today, with increased technology, improved bidding techniques, and more.

The first catalog is titled “The November 2012 Baltimore Auction, United States Coinage,” and covers from November 14 through 16. How fascinating it is -- beginning with early American tokens and medals, one of my favorite series. Believe it or not, sophistication among buyers has increased to the point where such pieces are “hot tickets,” so to speak, in our sales, and always draw a lot of attention. Part of the reason is that each piece has its own story to tell, this in combination with generally reasonable prices. A very large collection of tokens and medals can be obtained for a reasonable figure. Then follow merchants tokens, Civil War tokens, and some interesting counterstamps, after which the transition is made into federal coinage with half cents, large copper cents, Indian cents, Lincoln cents -- you name it, continuing through the nickel series, silver, and gold. Items offered range from affordable types to scarce and rare issues, including condition rarities. The catalog concludes with commemoratives, gold coins, and territorial items. By this time I have contemplated over 300 pages.

The next catalog I am holding in my hand is “The November 2012 Baltimore Auction, United States Paper Money,” to be sold on Thursday, November 15. I love paper money, with colonial and early issues being particular favorites, along with those of the obsolete years. For the last you might enjoy my Whitman book, Obsolete Paper Money of the United States. I warn you, however, it might be addictive, and one reader of it has now spent well into seven figures on a landmark collection. I would not expect you to do this, but obsolete notes offer many opportunities. Indeed, there are almost endless scarcities and rarities in the present sale that will probably sell in the hundreds of dollars, not the thousands.

The Stephen L. Tanenbaum Collection of paper and cardboard scrip related to Civil War tokens begins with lot 4292 and contains many notes I have never seen before -- rarity deluxe, together with incredible historical appeal. Such notes, issued by the same merchants and others whose Civil War tokens are known are, for the most part, uncollectible. My late friend, Steve, spent 40 years tracking these down. There is not a large quantity, but certainly they are memorable. Confederate paper money follows, then early American federal notes from 1815 and other times, scarcely known today due to their rarity. Large size notes begin with a 1861 $5 Demand Note on Boston and continue in Friedberg number order to include type notes, scarce varieties, and more. If paper money is your forte, you will have a field day here. Fractional currency comes next, then a nice selection of small-size notes, followed by Gold Certificates and then National Bank notes, some of them being of extraordinary rarity.

Wait! There is more! Rarities Night will be on Thursday, November 15 as well. This continues a tradition dating back many years to the “Apostrophe” auctions of the 1970s, then our own Rarities sales. Offered in 194 pages are so many showpieces, so many Condition Census coins, so many remarkable rarities that to describe them all would take up thousands of words here. Let me say that the offering begins with the famous Libertas Americana medal, rated number one in The 100 Greatest American Tokens and Medals, the best selling book published by Whitman. From there I see Lesher dollars, then a 1793 half cent, quickly going to early large copper cents, then to small cents. The famous 1856 Flying Eagle cent is represented by not one, not two, not three, but four different examples in various grades. This, of course, is the most famous of all popular collectible rarities of the 19th century. Highlights among Indian cents, Lincoln cents and two-cent pieces follow. Now I see a two-page spread for a coin that is ever memorable -- a Superb Gem Proof 1851 silver three-cent piece tracing its pedigree to the Eliasberg Collection. Other silver three-cent pieces are notable as well, as are nickel three-cent pieces, nickel five-cent pieces (inaugurated by the famous 1867 With Rays Proof rarity), the Buffalo nickels featuring an amazing 1918/7-D in Gem Mint State. Half dimes include an affordable (in its context) 1792 silver half disme, the Childs Collection 1802, high-grade Capped Bust pieces and Liberty Seated issues. Dimes are likewise memorable, highlighted by a wonderful Gem 1916-D with full bands. Probably all bets will be off and the room will be up for grabs when this crosses the block. Actually, the “room” now includes the entire world -- what with countless thousands of our clients using the Internet to contact us and to bid. What a difference a generation makes.

Quarter dollars commence with the first year of issue, 1796, and continue to include many landmark issues, with some of the finest known Standing Liberty quarters as part of the presentation. Half dollars start with the first year of issue as well, continue through the early series with the rare 1796 and 1797, a group of simply extraordinary Liberty Seated issues, memorable Barber half dollars, and Liberty Seated issues. Early silver dollars are next, with emphasis on higher-grade examples from AU to Mint State. Then come Liberty Seated dollars with one of the great sleepers in the American series -- a Mint State 1840 -- followed quickly by Carson City Liberty Seated issues including the rarest of the series, the 1873-CC. Morgan dollars keep up the pace with scarcities and rarities including the rarer Carson City issues, a splendid 1895 Proof, and more. Commemoratives follow then patterns -- I dearly love patterns -- an offering laden with scarcities and rarities. Territorial gold, Hawaiian issues, and a gold ingot follow, after which I see federal gold commencing with dollars and continuing through other denominations including the famous 1879 Flowing Hair Stella, into half eagles, eagles, and double eagles. Finest known examples, Proof rarities, and other highlights abound. If you have been collecting for a long time and have almost everything, bring your want list to Rarities Night and it is likely you will find more items to contemplate. Wow!

As if the preceding were not enough, on Friday, November 16 in the evening we have a catalog titled “Early American Coin Session.” In cooperation with the Colonial Coin Collectors Club (C4) and their annual convention, a wonderful selection of colonial and early American coins is presented. Our offering begins with the John “Jack” Royse Collection, gathered by a connoisseur over a long period of years who worked with Larry and Harvey Stack. First to cross the block will be a Sommer Islands sixpence pedigreed to the Roper Collection, followed by an NE sixpence that was once featured in Ripley’s “Believe it or Not” column. A Willow Tree sixpence, a Lord Baltimore shilling, rarities in the state copper series and high quality reference books follow.

Then begin selections from the Ted L. Craige Collection, a connoisseur par excellence of years ago, with emphasis on Saint Patrick’s coinage that once circulated in New Jersey. I remember Ted as being a gentleman, connoisseur, and an expert in just about every colonial specialty. Next in the catalog -- a gallery of wonders -- comes colonial coins in more or less Guide Book order, beginning with Massachusetts silver, continuing to Rosa Americana, Voce Populi, French Colonies, and state coinages. Many high-grade pieces, Condition Census specimens, and others are offered, including those pedigreed to legendary collections of the past. The Rob Retz Collection of Fugio coppers is next, virtually definitive for the series, including rarities seldom seen in the marketplace. The David J. Wnuck Collection of contemporary counterfeit imitation Spanish colonial coins offers scarce and rare pieces that may be new to most bidders and buyers, as such pieces combine rarity of the coins and scarcity of information concerning them. It would seem that the word opportunity is particularly relevant here.

We have been the official auctioneers ever since Whitman conventions began. They have always been a pleasure to attend, and I look forward to the coming one. This event probably takes the cake for the great variety of scarcities and rarities offered along with basic type coins and opportunities at the entry level -- literally something for everyone. Please plan to participate on the Internet or in person. If you plan to go to Baltimore, I’ll see you there!