By Greg Cohen, Professional Numismatist and Consignment Director, US and World Coins.
Friday, December 28, 2012
World Coin of the Week: Engraved 1642 Half Pound from the Demarete Collection
United States Coin of the Week: Glorious and Impressive 1831 $2.50 in MS-66 (PCGS) CAC.
By Greg Cohen, Professional Numismatist and Consignment Director, US and World Coins.
Two of the scarcest types in the U.S. gold series are the reduced diameter Capped Head quarter and half eagles, 1829-1834. Many of these coins (as well as earlier dates) were worth more as gold than as currency (their melt value being higher than their face value), and thus it was profitable to export the coins, melt them into ingots, and sell the bullion. Your typical survivor is either AU or in the lower Uncirculated grades, often suffering from past abuse such as polishing, cleaning, scratches. Consigned to our Rarities Night Session of the 2013 New York Americana Sale is a very stunning exception, a glorious 1831 quarter eagle, PCGS-graded MS-66 and confirmed by CAC.
Visually impressive, this lovely coin has essentially flawless surfaces, with full, glowing mint bloom on both sides with all devices fully struck up. Because there was only one die pair used to strike quarter eagles in 1831, and it was used to strike both business strikes and Proofs, this coin displays much prooflike flash in the fields. With close inspection, you may pick up on a few minor lines, as well as evidence of die polish. There is also a minor planchet flake noted by Jim Matthews who had the pleasure of cataloging this superb Gem.
This superb coin is one of only a small handful of examples graded MS-66 by PCGS and NGC, with only one coin at PCGS and four at NGC (though I doubt that this number represents individual coins). There are none graded finer at NGC, and only two graded finer at PCGS, an MS-66+ and an MS-67.
Low mintages were the rule for this type, and survival rates as noted, due to the export and melting, are terribly low. Because of these low mintages, the reverse die was employed for five years to strike five different die marriages.
Whether you collect United States gold coins by type or date, or are building a world class type set, or just appreciate superb quality rare coins, take the time to view this stunning Gem 1831 quarter eagle. Catalogs for the Americana Sale are currently in production, and will be in the mail shortly. History will definitely be made in New York this January, and we invite you to participate. Come join us January 22-24 for the annual Americana Sale in New York. Rarities Night, featuring the Cardinal Collection, will be held on the evening of January 24 in a special session held at Le Parker Meridian Hotel. If you are not on our mailing list, contact one of our auction services associates to reserve your copy. Listings will be posted to our website, www.stacksbowers.com shortly.
Answers for the Avid Collector: Pinholes in Notes
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 1862 Legal Tender $1 that has several pinholes at one end. I’ve read about pinholes, but I haven’t seen any on modern notes. Were these a test of some kind, or why did people often put pinholes in currency?
-N.B.
Answer: There were two main reasons. The first was to pin one or several pieces of paper money to the inside of a coat or jacket, for security purposes. The second was simply to attach small groups of bills together, such as a handful of $20 (or whatever) notes in a bank or counting house, so they wouldn’t’ have to be counted again. By the early 20th century the paper clip took the place of pins for this purpose—leaving paper clip stains (rust marks) on some 20th century notes.
World Coin of the Week: Aureus of Pertinax
Written by Chris Chatigny, Cataloger.
This week we feature from the Robert O. Ebert Collection an Aureus struck by Pertinax during his short-lived reign as Roman Emperor. Pertinax (A.D. 193) was a self-made man, and rose from being the son of a former slave to the highest position in the Empire. This meteoric rise was fueled by his skill and dedication to his work, whether as a soldier, general, governor, or civil servant.
Pertinax served under the benevolent Marcus Aurelius (161-180) and his tyrannical son Commodus (177-192), so he witnessed both the good qualities of an Emperor and the corruption. Pertinax made a superb general, and won praise from Commodus and appointments to important civil positions such as Consul and Prefect of Rome. At the time of Commodus’ assassination, Pertinax quickly secured the position of master of the Roman state by first winning over the Praetorian Guard and then the Senators. Upon his succession Pertinax set to work cleaning up the corruption in the Roman government. Unfortunately, Pertinax tried to reform the system too quickly and angered the people who could arrange to overthrow him. Pertinax survived the first coup by governmental officials, but eventually the Praetorian Guard turned on him too. Sedition broke out in the barracks and the soldiers rushed the Imperial palace and murdered Pertinax. This assassination was not planned, but succeeded where the first attempt failed. The soldiers immediately regretted this event, and offered the throne to a relative of Pertinax. However a wealthy senator Didius Julianus arrived and bribed the Guard to become emperor. This unprecedented maneuver soiled the position, and ushered in a renewed period of civil war.
Pertinax had incredible potential to fix the problems facing the Roman Empire, which had turned away from the values that made it great. Rome’s ruling elite were exceedingly corrupt, and Commodus compounded this problem. Pertinax represented the honorable and spectacular Roman military and as a general, Pertinax used a watch-word that also represented the future of Rome, a future that belonged to military leaders. This phrase was militemus, “Let us be soldiers”.
This Aureus is in magnificent condition, fully lustrous and remarkably choice. The level of artistic detail in the portrait is astounding; it is rendered in high relief and the style is impeccable. The obverse is a right facing bust of Pertinax with a laureate, surrounded by an inscription. The inscription reads: “IMP. CAES. P. HELV. PERTIN. AVG.” which translates to “Imperator Caesar Publius Helvius Pertinax Augustus” the full name of Pertinax along with the titles Imperator (military command/victory) Caesar (one of the titles held by the Emperor) and Augustus (the Exalted one, or simply Emperor). The level of detail in Pertinax’s features, from his beard curls to his laureate crown is amazing. The reverse depicts the Roman goddess Laetitia, the goddess of happiness, standing facing left while holding a wreath in her right hand and a scepter in her left. The level of detail is remarkable here as well, fully lustrous, high relief and of good artistic style and details. The inscription states the goddess’ name, LAETITIA and includes Pertinax’s governmental titles of Consul for the second time. This coin is very rare, especially when considered that Pertinax ruled for only 86 days. A must-have for any collector of Roman Imperial, Roman Gold, or history buffs.
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, for details please refer to the Auction Schedule/Details link under Current Auctions at www.StacksBowers.com. To schedule an appointment, please call 800.458.4646 (West Coast) or 800.566.2580 (East Coast).
From the Desk of Q. David Bowers: A New Year of Collecting
By Q. David Bowers, Chairman Emeritus
Welcome to 2013 -- in the offing as you read these words. We are all here -- escaped the Mayan prediction, just as we all escaped Y2K over a dozen years ago. Other than asteroids, war, and the like, civilization seems to be safe for a while. Seriously, I hope that 2013 will be a year of good health, happiness, and prosperity to your and your family.
As to numismatics -- collecting coins, tokens, medals, and paper money -- I foresee a nice time ahead. The weakness in the American economy is unfortunate, of course, but if anything the low return on money market accounts and uncertain movement in the stock market, have prompted more people to invest in things they enjoy owning. This is probably why so many expensive watches are featured for sale. A Timex for $20 probably keeps time as well as a $20,000 watch hand crafted in Switzerland, but the latter may be more fun to own and display. As for me, my watch cost all of $150 and seems to serve its purpose well.
This has resulted in numismatists concentrating on filling the gaps in their collections. Go back a half dozen years and if you were to spend $30,000 on an 1856 Flying Eagle cent, you might think to yourself something like, “Well, I am losing the 5% interest earned on my money, so it cost me $1,500 per year to have this coin.” Today, that is not relevant. Beyond these thoughts, gold and silver coins have a special appeal. The other day I was talking to a stockbroker who was about to write a market report for clients. He asked me what he might say about gold coins and bullion as they are not securities, but a lot of people ask him questions. I suggested that, indeed, they are not stocks and bonds and they do not pay dividends, but there is a comfort level in owning, say, a nice pile of American gold Eagles. Following what I have heard others say, I suggested that someone with a lot of funds available might put 5% to 10% into such coins. I also suggested that by all means they take possession of them and put them in safe deposit box -- not leave them in some hands elsewhere, as having others store coins has resulted in many disappearances over the years. I suppose if I were living in one of the European nations that is experiencing great economic problems and very unstable currency, I would up the percentage to perhaps double or triple.
The hobby of coin collecting is meant to be enjoyed. One way in 2013 to enhance your pleasure is to buy some interesting books. I have mentioned this before, but it cannot be repeated too often. A good place to start is to look on the Whitman Publishing LLC website and, perhaps pick out some titles that I have written. I have done my best to combine useful narratives, nice photographs, and interesting information. Two “fun” books are The 100 Greatest American Currency Notes and The 100 Greatest Medals and Tokens, both of which have nothing to do with federal coins but will introduce you to a panorama of other items in numismatics. Of course, most of my books are on federal issues. The Expert’s Guide to Collecting and Investing in Rare Coins has been a best-selling favorite. Although I don’t want to overstate its usefulness, I do suggest that if someone buys this book and spends a few days reading it they will be well on the path to being an expert in buying, selling, and other aspects of coins.
Again, to you the best of 2013!
Friday, December 21, 2012
World Coin of the Week: Aureus of Hadrian’s Travels to Spain
Written by Chris Chatigny, Cataloger
This week our highlight from the Robert O. Ebert Collection is an Aureus struck by Hadrian to commemorate his travels throughout the Roman Empire. Hadrian is the main focus of the Ebert Collection, and here we showcase a wonderfully detailed coin from the travel series. Hadrian is a fascinating Roman emperor to study, and he accomplished a multitude of positive things despite his questionable personal habits. Hadrian (A.D. 117 – 138) was the adopted heir of Trajan, and they shared a common Spanish descent. After this, the commonalities between them cease. Trajan used military might to aggressively expand the empire through conquest, and after Hadrian succeeded him he consolidated the winnings through diplomacy. However, Hadrian did yield some territorial gains back, much to the dismay of his subjects. The term Pax Romana or ‘era of Roman Peace’ that started under Caesar Augustus continued under Hadrian’s rule. With a relatively stable peace, Hadrian’s wanderlust led him throughout his Empire.
While on his travels, Hadrian visited the far corners of the Roman Empire and had a number of coins minted to honor each of the locations he visited including Egypt, Judea, Asia, Gaul, and Britannia (where he built his famous wall dividing Roman England from the barbarian Scottish). Hadrian also visited Greece multiple times, as he was an avid patron of Greek culture and the arts. One of the locations that Hadrian visited was his ancestral homeland of Spain. Hadrian spent part of 122-123 in Spain, and then continued on his travels to Asia Minor. He had this coin struck in Rome around 136, some years after he spent his time in Spain.
The obverse of this absolutely stunning coin is a bare-headed, draped bust of Hadrian facing right, with a legend that included some of his prestigious titles associated with the Emperor. HADRIANVS AVG. or Hadrian Augustus declares Hadrian the ‘exalted one’ or simply, Emperor. Hadrian’s titles also appear, COS III. P.P. which mean Consul (chief magistrate) for the third time and Pater Patriae, or ‘Father of the Country’ which implies his supreme cultural influence and the ultimate patron of the Roman people. The detail of the bust ranks among the finest known of this type.
The reverse follows the Hadrian travel series pattern, with a reclining female personification of the location visited. The inscription HIS – PANIA is around the upper left, across from a left facing reclining Hispania, who is holding an olive branch in her right hand and resting her left arm on a rock. This same basic design can be seen centuries later in Spanish 5 Pesetas issues of 1869-70. The rabbit at her feet also helps to link this coin to Spain, just as an Ibis would tie in to Egypt, a scorpion for Africa, etc. The detail for the reverse is just as stunning as the obverse; this piece is well struck in high relief. This coin commemorating Hadrian’s travels is fully lustrous, and remarkably choice. This Aureus weighs approximately 7.41 grams, and is in remarkable Mint State. Hadrian’s continuation of the Pax Romana allowed him to survey his Roman Empire at a leisurely pace, and this led to the creation of coins for his myriad destinations. Hadrian’s visit to his ancestral homeland of Spain is an important piece of the travel series, and an important piece of history. To further add to that inherent historical value, this piece is magnificently detailed and in Mint State, further enhancing the value and this Aureus of Hadrian’s travels would make an incredible addition to 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. For details please refer to the Auction Schedule/Details link under Current Auctions at www.StacksBowers.com. To schedule an appointment, please call 800.458.4646 (West Coast) or 800.566.2580 (East Coast).
Answers for the Avid Collector: Starting a Collection of Nickel Three-Cent Pieces
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 am getting ready to begin a collection of nickel three-cent pieces. I think this is a very interesting series. Is there a good book for me to buy to help? Do you have any guidelines for finding higher grade pieces?
–D.W.
Answer: As to nickel three-cent pieces, in the 1980s I wrote a small book on nickel three-cent and five-cent pieces, part of the “Action Guide” series. This is out of print. You might borrow one from the ANA Library. I also encourage you to read the section on nickel three-cent pieces in Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins, 1988; it gives a lot of good background information as well.
As to high grade pieces, if you are seeking Mint State coins, those from 1865 and the next several years are readily available, as are 1881, 1888, and 1889. For most of the later dates, Proofs are easy enough to find, but Mint State coins are rare. Most Mint State coins from 1865 to 1876 have striking problems, etc., so cherrypicking is needed for quality. Mint State coins after 1878 are usually sharply struck and very nice.
As to Proofs, the rarest is 1865, followed by 1887 (perfect date, not overdate). Proofs from 1865 to 1876 can be of indifferent quality in sharpness, etc., with truly choice Gems being in the minority of available coins. For issues 1877 to 1889, Proofs are usually very nice, with few problems. As is true of most 19th-century series, cherrypicking for quality really pays, so be aware of striking quality, eye appeal, and other factors.
Happy Collecting,
Q. David Bowers
United States Coin of the Week: Famous 1943 Bronze Cent to Highlight Stack’s Bowers Galleries’ January Americana Sale
Written by John Pack, Executive Director of Consignments and Frank VanValen, Numismatist and Cataloger
An example of the famous 1943 Lincoln cent struck in bronze has been added to the roster of great highlights in the Stack’s Bowers Galleries January Americana Sale. This coin and other amazing properties will make this sale’s Rarities Night session a landmark for the entire year!
The 1943 bronze cents are among the most widely recognized rarities of the 20th century, the stuff of childhood dreams. The change to the wartime composition of zinc and steel for 1943 cents made the date stand out to just about every American alive at that time. When the first reports of examples struck in “copper” appeared, the search was on, as thousands searched through their change. One old wives' tale has it that Henry Ford once offered a brand-new automobile to anyone who could produce a genuine specimen of this rarity, and a generation grew up reading the backs of comic books where colorful ads offered then unimaginable sums for a bronze 1943 Lincoln cent, a 1913 Liberty nickel, an 1804 dollar, and other rare coins. Though people undoubtedly searched hard, few were fortunate enough to find one.
The blanks for this famous error coin had their origins in 1942. When the mints switched to zinc-coated steel planchets in 1943, it is supposed that a small quantity of bronze planchets from the previous year were somehow caught up in the folds of the delivery carts used for blank planchets. In the course of coining cents in 1943, the stray bronze planchets from the previous year worked their way loose and wound up feeding through the presses along with the new steel planchets. Of the three issuing mints in 1943, Philadelphia seems to have produced the largest number of bronze cents, these being the most "common" today -- that word of course is relative, as just a couple dozen or so are known. The 1943-D bronze cent is currently unique and the 1943-S bronze cent is known to the extent of but a half dozen or so examples.
The current example features glossy, golden-tan surfaces with no marks of consequence, even under low magnification. It is part of an exciting presentation of fascinating mint errors of 1943 and 1944, the pinnacle of which is likely to arrive when this coin is offered, as a 1943 bronze cent is always greeted with great enthusiasm. As Choice as this piece is, we expect Lincoln cent and error specialists alike to queue up for this important offering. Beyond this, the 1943 bronze cent is the kind of rarity that appeals to a very wide audience, as many collectors remember learning about this famous coin as children, from the aforementioned comic books and other sources. Though the dreams of few were fulfilled by searching pocket change a half century ago, today competition will likely run strong to fill that long standing desire when this coin crosses the auction block.
Upcoming Events: Welcome to Stack’s Bowers and Ponterio’s Official Auction for the 2013 New York International Numismatic Convention
Written by Greg Cohen, Professional Numismatist and Consignment Director, US and World Coins.
As the New Year approaches, the eyes of world and ancient coin collectors are focused on the exciting, 43rd Annual New York International Numismatic Convention. Our consignment directors and catalogers have put together one of the most significant offerings of ancient and world numismatics for this year’s sale. Six live auction sessions, as well as an internet session, presented in two catalogs, will capture the attention of the numismatic community, and will generate significant bidding activity. This article will cover the first catalog, which features ancient and world coins, as well as orders and decorations, and world paper currency. My article next week will be focused on the second catalog, which is dedicated to the Robert O. Ebert Collection of Roman Coins. The coins highlighted in this article are just selections from thousands of numismatic items that await their turn at the auction block.
Session A, begins at 9:45pm on the evening of Tuesday, January 8, and is dedicated to Ancient Greek and Roman Republican coins. This diverse session, features 410 lots of coins from various collections, including the Demarete Collection and the Alicia and Sid Belzberg Collection. Among the delicacies offered on Tuesday evening, a very rare Tarentum Gold Stater featuring a bold portrait of Zeus appears as lot 38. Lot 53 is one of the most beautiful numismatic items ever issued, by any entity, at any point in history: the silver Decadrachm of Syracuse, ca. 400-390 B.C. This Choice Extremely Fine example has a full and clear signature, and has a wonderful strike. A classic of Greek numismatics and certainly a coin that will see much spirited bidding when it crosses the block. A very rare and somewhat enigmatic coin, an Electrum Stater of Cyzicus (lot 195)will create a stir in the room when the auctioneer begins the bidding. Seemingly unlisted in the references, this piece combines design elements of coins from Cyzicus as well as Lampsacus; our numismatists attribute this coin to Cyzicus due to the similar weight standard and what may be a tunny fish below the portrait. We are also pleased to offer as lot 294 a very rare Babylonian Double Daric, one of only three currently known, and struck during the governorship of Mazaios after he surrendered to Alexander the Great. Historic and boldly defined, this coin will be a centerpiece of the next cabinet it graces. A pleasing and very rare Octadrachm of Ptolemy III’s wife, Berenike II in Extremely Fine condition will entice bids ever higher when lot 307 comes to the auction podium. Roman Republican coins begin at lot 332, and features one of the largest and most interesting selection of Bronze Aes Graves we have had the pleasure of offering in quite some time, and is anchored by the Alicia and Sid Belzberg Collection. The session will end with a fine selection of ten (!) Aureii of Julius Caesar.
Friday, January 11, 2013, 7pm, Session B will commence, (running concurrently with Session I of the Robert O. Ebert Collection). The session starts with a collection of orders and decorations, perhaps one of the largest and most varied selections we have had the privilege of offering. Many of these rare and historic items are gold and silver, inlaid with fine enamels and set with diamonds and other precious stones. Lot 1005 is the Bulgarian Order of St. Alexander, Second Type Grand Cross and Grand Cross Breast Star, issued from 1908-1944. A marvelous piece with 653 diamonds, housed with the sash and velvet covered case. The extremely rare Gau Warthe Commemorative Badge, issued in 1939 and awarded to people “for outstanding service to the Nazi Party in the province of Gau Warthland- a political division of the territory annexed from Poland.” Constructed of 14KT gold and set with diamonds and sapphires. Our research shows that about 15 of these were originally awarded, with the currently offered example to be only the sixth known, and the first we have handled. Lot 1026 is a collar badge from the British Most Noble Order of the Garter, which was instituted in 1348. This very finely crafted example of “The George” was produced in the 19th century and depicts St. George slaying the dragon, produced in gold with fine enamels and set with diamonds. Although it has some minor flaws, this is an extremely rare and historic decoration, and is a magnificent specimen.
Lot 1061 begins our offering of world Crowns and Minors. This session is literally a world tour of numismatics with an excellent selection in the offing, featuring coins from the Luis H. Flores Collection, the Demarete Collection, selections from the Archer M. Huntington Collection, as well as coins from other important consignments. A conditionally rare Canadian 25 Cent of 1889 with the “Closed 9,” will cross the block as lot 1112, and is PCGS certified MS-64. A Very Fine 1912 50 Tael Maritime Customs ingot, weighing 1,880 grams will appear as lot 1121, and begins an impressive selection of classic and modern Chinese issues, including lot 1137, a VF-35 (PCGS) 1928 Kweichow Auto Dollar and lot 1173 an NGC graded Proof-68 Ultra Cameo 1994 150 Yuan Unicorn. A historically interesting piece, worthy of further research is lot 1318. This British Half Pound struck at the Oxford Mint in 1642 was hand engraved with two scenes, the first being King Charles praying at the chopping block with a priest and guards flanking the executioner; below shows a scene of Cromwell’s mounted “Roundheads” and pikesmen. Long retained in the Demarete Collection, this fascinating piece depicts one of the most tumultuous times in English history. Another product of the English Civil war is an exceptionally fine example of the Pontefract Siege Shilling, the subject of an earlier “Coin of the Week” blog. The Sanjay Gandhi Collection anchors our selection of coins from India, and a very rare 1939 Bombay Mint Rupee (lot 1426), graded AU-58 by NGC is certainly a highlight. A high quality and very rare 1732 Mexican 8 Reales, the first year of the historically important “Pillar Dollar” appears as lot 1517, and stands out in our offering of coins from just south of the border. This coin has very strong “cross over appeal” with collectors of US colonial coins, as it was struck in the year George Washington was born, the type circulated freely in the colonies (in fact much of the colonial paper currency was backed in “Spanish Milled Dollars”), and is the first type listed in A Guide Book of United States Coins, (i.e. The Red Book). We expect to see serious bidding competition when this coin crosses the block. Among Mexican War of Independence coins, is an Extremely Rare Real Del Catorce 8 Reales of 1811. The coin exhibits EF details, but has some graffiti on the reverse. A popular Waitangi Crown, lot 1584, graded PCGS Proof-63 Cameo stands out among the type coins.
Directly following Session II of the Robert Ebert Collection of Roman Coins, on Saturday, January 12, we will offer both Part II of our Ancient coin offering and Gold Coins of the World in Session C. Starting with the coins of the Roman Empire, lot 2014 is an attractive Caligula Aureus in Very Fine condition. This session contains a rather extensive offering of Aureii, and is sure to attract serious bidding activity from the room (as well as from the internet, phone, and mail bids). Among the many high quality examples, is lot 2057, a standout choice Septimus Severus Aureus that has survived in remarkably high grade, and is called “Nearly Mint State” by our cataloguer. Following the Roman and Byzantine coins, is our selection of gold coins of the world. Lot 2211 is a marvelous, NGC MS-63 20,000 Reis from Brazil, dated 1726. Sharply struck and attractive, this coin will see strong bidding activity when it crosses the block, and is a highlight of a large selection of Brazilian gold coins. A remarkable, high grade Philip VI of France Double Royal d’or, graded MS-62 by NGC will turn heads, and entice strong bidding activity. High quality English hammered and milled gold coins, are highlighted by lots 2345, an attractive 1649 Unite graded AU-55 (NGC) and lot 2359, the Extremely Rare 1902 Pattern Crown, struck in gold, graded Specimen-62 by PCGS and is Ex. Eliasberg Collection. A beautiful, very rare 1824 Guatemalan 8 Escudos, the first year of this highly popular and distinctive type coin, graded AU-58 by NGC will be well received by bidders. A large offering of Kushan Empire gold Dinars is highlighted bt a very rare Huvishka Dinar in Choice Mint State. Among other coins of India is a Gem, PL-65 Ultra Cameo (NGC) 1835 2 Mohurs Restrike. An extremely rare, one year only type from a mintage 141 pieces, is a 2 ½ Pesos of Culiacan, 1893. Graded MS-64 by PCGS and housed in a Secure Holder, this coin will certainly entice spirited bidding from specialists.
The final live session, Session D, will be held at our New York City auction gallery at 110 West 57th Street, on Monday, January 14 at 10am. and features over 650 lots of quality and rare world bank notes. There are many highlights, and the session is especially memorable for strong selections of middle eastern bank notes, as well as specimen notes. A beautiful “Mona Lisa” 2 Colones note, of Costa Rica is one of the many wonderful specimen notes that will seduce advanced collectors of bank notes. A major collection of Persian notes will also entice excitement.
Between these highlights are hundreds of quality coins that will either be great additions to your collection, or perhaps upon review, a new interest will be sparked and a whole new numismatic journey will begin. Many new opportunities and specialties await you. We invite you to be our guest and attend the auction in person. Some of the coins in the offing are so rare, this may be the only opportunity to acquire an example. Careful inspection of the listings and then in person viewing of the lots, either in our Irvine office, our New York office, or at the Waldorf Astoria Hotel, will be a rewarding endeavor. Catalogs are in the mail, and will be arriving in your mail box shortly (if not already). If you are not on our mailing list, please contact one of our auction services associates to receive a copy, otherwise, the entire sale is available online at www.stacksbowers.com. While you read this, the Christmas season is upon us, and from all of us here at Stack’s Bowers Galleries, we wish you and your families a very happy and healthy holiday and new year.
From the Desk of Q. David Bowers: Coins for the Holidays
By Q. David Bowers, Chairman Emeritus
I hope you are having a very nice holiday season -- celebrating Hanukkah or Christmas as the case may be, or other preference. It is a time to be merry, a time to be happy, a time to rejoice in the advantages we all have as citizens of the United States of America. And, the icing on the cake in terms of enjoyment is numismatics. If collecting coins has been a passion for a long time, you know that it has added a dimension to your life -- what with the thrill of the hunt, friendship with other collectors, exploring possibilities on the Internet and, while I am mentioning things, being a client of Stack’s Bowers Galleries.
From the latest report our New York gallery is busier than ever. Located in the heart of the Art District at 123 West 57th Street, it is a magnet for those seeking coins, gold, or other items for gifts.
If you are contemplating a numismatic present for a member of your family or for a close friend, here are some ideas from me. Of course, you may have some of your own.
One idea is to get a copy of the Guide Book of United States Coins, and add to it an actual coin. A 1909 V.D.B. Lincoln cent in a circulated grade is very affordable and has an interesting story to tell. It could inspire someone to start collecting. Another favorite of mine, but into three figures, would be an MS-63 Carson City Morgan dollar of 1882, 1883 or 1884. These are also incredibly romantic and are attractive. Such a large and brilliant coin will indeed be impressive.
Besides the Guide Book, there are many other numismatic books that make fine gifts. I suggest you visit the Whitman Publishing website, peruse the titles available, and then, due to the late time, go to your nearest bookstore, chain store, or hobby market, review the selection of books on hand, and pick out some titles of interest. These are quite economical and for less than $20 you can have a gift that keeps on giving, so to speak.
Enjoy your holidays and, a bit in advance, Happy New Year!
Friday, December 14, 2012
United States Coin of the Week: Famous 1876-CC Twenty Cent Piece Rarity to Cross the Block in Our January 2013 New York Americana Auction
The history of the 1876-CC twenty-cent piece reads like a novel to numismatists. The odd-ball “double dime” denomination made its debut in 1875 at the Philadelphia, San Francisco and Carson City mints, though it was doomed to fail almost from the start. Its design and size were close in nature to the circulating quarter dollars of the era, although it did feature an entirely different eagle style from that of the quarter, and a plain rather than reeded edge. Valued at .20 dollars, the denomination seemingly made more sense than the circulating silver issues valued at .25 dollars, but after just four years (the last two of which – 1877 and 1878 -- featured Proof-only coinage in the denomination), the twenty-cent piece was terminated in 1878.
The story of the denomination begins back in the 1780s and the days of our republic’s founders. As early as 1782, Robert Morris, Superintendant of Finance for the new United States of America, urged that our nation’s money be denominated in tenths which would make the simple arithmetic of pocket change more understandable to the masses. Thomas Jefferson referred to this proposed decimal system as “money arithmetic” when he first concurred with Morris’ decimal concept circa 1785 in his paper on American coinage. Jefferson advocated a plan that included a fifth of a dollar denomination that he said would equal the familiar Spanish pistareens that circulated freely throughout North America and the former British colonies, where such Spanish-American pieces or “bits” (fractions of a Spanish Milled dollar) were the “coin of the realm” in America until 1857 when all world issues then in circulation in America were officially demonetized.
The Mint officially began its operations in Philadelphia in 1793, though some pattern and early circulating issues such as the 1792 Birch cents and the 1792 half dismes were struck in Philadelphia in private locations before the Mint facility was up and running. In 1794, the first year of silver coinage production at the Mint, half dimes, half dollars and dollars were struck, the first at .05 dollars, the next at .50 dollars, and the whole dollar. It wasn’t until 1796 that the dime (.10) and quarter (.25) denominations were produced. At the time it was thought silly that pieces valued at .05 and .25 dollars were part of the denomination pantheon, as these denominations were somewhat out of line with proposed decimal parts of the dollar and made math more difficult for the general citizen who basically counted their needs and wants on their ten fingers. It wasn’t until the 1870s that agitation began in earnest for a new denomination valued at .20 dollars in government circles as well as in the daily press.
In the West small change was seen regularly, though much of what circulated was still Spanish-American silver coins, particularly the Spanish Milled “dollar” valued at eight reales and its divisional pieces or “bits” (12.5 cents). In an article in the Daily Alta California of August 28, 1871, the writer described his dissatisfaction with one of California's customs of making change. He said merchants in the Pacific states priced low-cost items at twelve and a half cents -- a "bit" in contemporary parlance. Since the only small denomination coins circulating out West were dimes, quarters and half dollars, he found it difficult to pay for a twelve-and-a-half-cent item without getting cheated, or at best ridiculed. He declared, "The whole system is clearly rotten from head to toe." In the November 24, 1871 edition of the Daily Alta California, a staff writer announced that a petition had been sent to Congress, "to provide that no quarter dollar pieces shall be coined, that 'two-dime' pieces shall be substituted, and that the half dollar pieces all be called 'five-dime' [pieces]." And on December 13, 1871, that same newspaper reinforced the movement to introduce a twenty-cent piece. "The reason we adhere to the term 'bit,' and the use of the imaginary twelve-and-a-half-cent coin, is that our Government, departing from its superior decimal divisions, starts us on the [Spanish-] Mexican system, by dividing the dollar into halves and quarters." The writer urged that the U.S. government add a twenty-cent piece to its system, and abolish the quarter. California, the most populated Western state, led the way in getting the proposed twenty-cent piece before leaders in Washington, D.C. Its U.S. House delegate, Aaron A. Sargent, introduced a bill for a twenty-cent piece in January 1872. The Daily Alta California on January 18, 1872, announced that at least 2,500 businessmen, leading officials and capitalists had signed a petition and forwarded it to Washington, D.C. asking that the government substitute "two-dime" pieces for two-bit pieces (quarters).
The legislation stalled. The catalyst needed to break through the logjam and get the new denomination into circulation came in the form of Nevada's freshman U.S. senator, John Percival Jones. Jones' close connections with Nevada's mining industry triggered rumors that his twenty-cent piece proposal was nothing more than a scheme to bolster the price of his friends' surplus supply of silver. Treasury Secretary John Sherman said long after Congress had rescinded the twenty-cent piece, that the coin only came into existence because Jones wanted to pay back Nevada's miners. Regardless, twenty-cent piece proposals had predated Jones's efforts, with notable agitation occurring in 1806-1807, the 1850s, and the early 1870s. Senator Jones' bill found support but lingered in Congress through the rest of 1874. In December of that year, Treasury Secretary Benjamin Bristow endorsed the coinage of "double dimes," but as the Daily Alta observed on December 18, 1874, the secretary "does not say anything about the quarter dollar." The newspaper's editorial staff firmly believed that the quarter "should be cut off entirely, as not only unnecessary, but pernicious." Within months after President Ulysses S. Grant had signed the twenty-cent piece law into effect in March 1875, warning signals flared when citizens learned that the twenty-cent piece bill did not repeal the act to coin quarter dollars. It made no sense to many astute observers to have two coins circulate that differed in value by only 20 percent.
Dashed expectations led to cries of "Failed Experiment" in newspapers across the country in the latter half of 1875. Western journalists stubbornly defended the much-maligned coin. Earlier in the year, the Los Angeles Herald (March 18, 1875) had reported, "We may soon expect an abatement of the 'bit' nuisance," once twenty-cent pieces started to circulate. Reporters in other parts of the country claimed the twenty-cent piece could accomplish no more than could the use of two dimes. On the last day of November 1875, the Daily Alta bemoaned the fact that, "some of the newspapers have hastily and unreasonably declared [the twenty-cent piece] a failure." The Daily Alta blamed the unpopularity of the twenty-cent piece on the government, which it said, "has not yet done its duty in the matter." No one would use double-dimes, declared its columnist, until "Congress should prohibit the striking of any more quarters." Despite the support expressed by its advocates, it became clear as January 1876 approached that the twenty-cent piece was a one-year wonder. The San Francisco Mint never issued another twenty-cent piece after 1875, and if not for the Philadelphia Mint's obligation to furnish examples for distribution at the Centennial Exposition held in that institution's home city in 1876, and its commitment to collectors to issue Proof examples, we would not have 1876 twenty-cent pieces from that mint today. Even Director of the Mint Henry R. Linderman, who admitted several years later that the twenty-cent piece, "is a convenient decimal division of the dollar and should have been originally authorized in place of the quarter-dollar piece" (Money and Legal Tender in the United States, Henry R. Linderman, 1879, G. P. Putnam's Sons, NY), said it was a failure.
The three operating mints produced 1,355,000 of these experimental coins before Congress repealed the twenty-cent piece act on May 2, 1878. All told, the government used 196,041.40 ounces of silver to make these unpopular coins. That total represents less than 10 percent of the monthly allocation for silver generated by the Bland-Allison Act, which introduced Morgan silver dollars to the nation's money supply. The production of twenty-cent pieces did not, as some predicted it would, reinforce a sluggish silver market; and it did not lead to an abatement of the wretched "bit" nuisance.
At the Carson City Mint, a sufficient quantity of 1875-CC twenty-centers settled neatly on a small section of the cashier's vault-shelf in late winter 1876. At the current rate of distribution, those 1875 issues would last far beyond 1876, and probably never be totally exhausted by the time Congress repealed the twenty-cent law. Yet in March 1876, the Carson City Mint struck 10,000 twenty-cent pieces.
There they sat, along with the remaining 2,500 to 3,500 1875 leftovers, all through 1876 and into early 1877. A handful of examples escaped. Some went to the Assay Commission back East, and some were distributed as favors, presumably to locals but possibly to supplicants out of the area. Director Linderman's memo to Superintendent James Crawford, dated March 19, 1877, instructed Crawford to melt all remaining twenty-cent pieces at the Carson City Mint. It is believed that more than 99 percent of the ones dated 1876, and another 2,370 or so from 1875, were melted, lost forever to the numismatic community. In 1893, Augustus G. Heaton introduced his treatise that launched a mintmark collecting movement. Heaton declared the 1876-CC twenty-cent piece to be "very rare," and worth at least "two or three times" the price of the much lower mintage Philadelphia Proof issue from 1877.
Like other great prizes in the U.S. coin series, the 1876-CC twenty-cent piece became a measure of the respectability and preeminence of a collection. In the March 1911 edition of The Numismatist, editor Edgar H. Adams reported that dealer Elmer S. Sears exhibited an Uncirculated 1876-CC twenty-cent piece. Adams said he knew of only four examples of this date and named the other three owners: John H. Clapp (whose father John M. Clapp had bought the S.L. Lee specimen in 1899); Virgil M. Brand; and H.O. Granberg -- all among the numismatic elite. In early 1914, at the American Numismatic Society's Exhibition of Coins in New York, distinguished Baltimore collector, Waldo C. Newcomer, displayed his 1876-CC twenty-cent piece. By then, a new price record had been established, when The United States Coin Company auctioned Malcolm N. Jackson's example for $250 in May 1913 (reportedly bought by Newcomer). Twenty-two years later, in 1935, noted collector F.C.C. Boyd advertised in The Numismatist that he would sell his 1876-CC twenty-cent piece for $350. (Boyd hung onto the coin for 10 more years before it sold for $1,500 in 1945 in Numismatic Gallery’s World’s Greatest Collection sale.) Three significant events in this date-denomination's history happened between 1950 and 1966: in 1950, Harold M. Budd, Sr., from Los Angeles, California, bought his 1876-CC twenty-cent piece for $1,325 in Numismatic Gallery's June 1950 auction. This specimen later wound up in the Norweb Collection, and is now graded MS-66 by PCGS and resides in the Driftwood Collection. Circa 1957, Baltimore coin dealer Tom Warfield unveiled a hoard of ten 1876-CC twenty-cent pieces, all in Uncirculated condition. In 1966 Nevada real estate developer, political powerhouse, and Carson City coin enthusiast Norman H. Biltz, bought his 1876-CC twenty-cent piece for $12,750 in a Kreisberg-Schulman May 1966 auction.
The following history, written by Q. David Bowers, is from our 2012 ANA Convention auction presentation of the Battle Born Collection, a complete collection consisting of 111 coins and representing one of each of every date and denomination ever produced in Carson City, a collection that included the unique 1873-CC No Arrows dime:
“In the pantheon of American rarities the 1876-CC has been famous for a long time. The present writer recalls that in the 1950s the classic silver rarities were generally recognized as the 1894-S dime, 1876-CC twenty-cent piece (the 1873-CC dime without arrows was not widely known as only one exists), and the 1838-O half dollar. In later years, studies became more sophisticated; Walter Breen and others wrote much about rarity, with the result that, for example, the 1870-S silver dollar, with just nine or ten known, was recognized as being rarer than the 1876-CC twenty-cent piece. However, the twenty-cent piece still captured all the publicity. This situation has many equivalents elsewhere in coinage, such as the 1804 silver dollar with 15 specimens known, being called the King of American Coins, although in terms of rarity it is eclipsed by quite a few other silver and gold issues. There was virtually no interest in collecting mintmarked coins in 1876, so not even the Mint Cabinet desired an example of the twenty-cent piece, as noted in the introduction to our presentation. The survival of pieces was strictly a matter of chance. It is thought that the 10,000 pieces made for circulation went to the melting pot, but that perhaps 20 or so were saved, possibly including pieces sent for the Assay Commission ceremony held early in 1877. It was not until later that any particular notice was given. In 1893 Augustus G. Heaton's A Treatise on Mint Marks recognized the variety and showcased it as ‘excessively rare,’ but there was no accompanying story. The issue remained a mystery and anyone looking at the Annual Report of the Director of the Mint could logically think that 10,000 had been distributed and that sooner or later an example would come to hand. However, by the time they were produced by the Carson City Mint, the denomination was rendered effectively obsolete, so apparently nearly all were melted.
“In the early 20th century the collecting of mintmarks became more popular, and they were closely studied. Estimates of the rarity of the 1876-CC twenty-cent piece ranged from a half dozen to perhaps ten. As is so often true in numismatics, facts were scarce and guesses were aplenty. Often a guess or estimate was converted by later writers into fact. The situation remained thus until about 1956 or 1957 when Tom Warfield, a well-known Maryland dealer, found a group of Mint State coins in Baltimore, suggesting that these may have been Assay Commission coins. Seeking not to disturb the market he sold them privately, with four of them going to John J. Ford, Jr., a partner with Charles Wormser in the New Netherlands Coin Company; two of them going to Stack's in New York City; and four going to me. Each of us contacted various clients, and soon they were all gone. Each piece was a beautiful Gem with rich luster on both sides. Today the 1876-CC twenty-cent piece remains a very famous rarity, its attraction undiminished despite some other silver issues from various mints being harder to find. Nearly all are Mint State.”
For the record, the Battle Born specimen, graded MS-64 by PCGS, brought a resounding $460,000 when it crossed the auction block, and will no doubt be locked away for a lengthy stay in its new steward's collection. Whether the present piece exceeds that lofty price remains to be seen, but the odds are greatly stacked that our 2013 Americana Sale specimen will likely be placed in an advanced collection of rare and impressive U.S. coins. We wish any and all interested parties the best of luck when the bidding begins for this great American rarity.
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