Top Literary Awards and More to Stack’s Bowers Galleries!

Unique in Numismatic History

At the recent ANA World’s Fair of Money, Stack’s Bowers Galleries swept the field for literary awards—taking the top spot in the three most important honors of the year. The “Triple Crown” accomplishment is unprecedented in numismatic history.

One of the most prestigious and most coveted awards of the Numismatic Literary Guild is the “Catalog of the Year Award” for auction catalogs. This year Stack’s Bowers Galleries was presented with this honor for its January 2013 presentation of The Cardinal Collection and other Americana Sale properties. Martin Logies, consignor of the Cardinal Collection, made valuable and numerous contributions to the sale catalog showcasing the now famous 1794 silver dollar, superb gem Mint State, which realized over $10 million and broke all records as the most valuable coin ever sold. “We are deeply appreciative of this honor,” noted Q. David Bowers. “Over the years the Numismatic Literary Guild has given us this ultimate auction award more times than to any other firm. Our entire team is very grateful.”

The “Book of the Year” award went to The Encyclopedia of United States Silver Dollars 1794-1804 by Q. David Bowers. This 343 page color-illustrated volume is the second edition of the standard reference in the field. With a foreword by Martin Logies and an appreciation by Warren Miller, this award winner features full color illustrations throughout, updated rarity information, pedigree and market data, numismatic notes, and a full history of the series. No comparable study has ever been made.  With this book the reader can quickly identify die varieties, including valuable rarities that in some instances differ from common varieties only by a few features. An essential addition to any numismatic library, it is available for a list price of $49.95 through Stack’s Bowers Galleries in New Hampshire (866-811-1804).

The third great honor completing the Triple Crown of literary awards was the honor bestowed to Q. David Bowers by the American Numismatic Association with the first place Heath Award. This is the ANA’s highest honor for numismatic authors and is named for Dr. George F. Heath, founder of the ANA in 1891.

As if that were not enough, several other tributes came to the team at Stack’s Bowers Galleries. Greg Roberts took home a Professional Numismatists Guild 25-Year Award. Stack’s Bowers Galleries was given the ANA Membership Award for recruiting the most new members to the Association. And for good measure, Dave Bowers was given the Token and Medal Society’s annual Literary Achievement Award. “I’ve always said we have an award-winning team,” said president Brian Kendrella “and this certainly proves it. We are so very thankful to these organizations for acknowledging our accomplishments with these important and impressive honors.”

Did You Know???

Did you know that Stack’s Bowers sold nearly 13,000 lots for a total of nearly $53 million over two weeks between our Official ANA auction and Hong Kong sale?

Test Your Knowledge: What Do You Know!

Here are the answers to last week’s Test Your Knowledge! Did you pass the test? Check back next week for a new numismatic question.

Remember When: John J. Ford, Jr.

By Harvey G. Stack, Senior Numismatic Consultant

At our recent World’s Fair of Money auction we offered parts 22 and 23 of the John J. Ford, Jr. Collection. It reminded me again of the close friendship that existed between the Stack family and John Ford, and also of the early years of friendship between John and my cousin Norman and myself.

Before World War II, John was part of the staff at Stack’s in New York. During some of this time Norman and I were doing part time apprentice work at the company. My father, Morton, and my Uncle Joseph were pleased with John’s skills, his knowledge of coins, and his devotion to numismatics. John went into the army in 1942 and was discharged in 1946. He returned to Stack’s and worked with us in he store until late 1947. At that time he was asked by Charles Wormser, son of famous numismatist Moritz Wormser, to join a new company Charles was forming, New Netherlands Coin Co. This was a wonderful opportunity for John and my father and uncle both encouraged him to take it, especially as there were three junior members of the Stack family already on the job (Norman, myself, and my other cousin, Ben). The Stack family maintained its relationship with John and he would bring to us collections and special purchases.

On Saturdays when we didn’t have an auction, we closed the store after a half day, around 2 pm. Often John would meet Norman and me at Stack’s and we would go have a great delicatessen sandwich at the Ace Sandwich Shop nearby. We would sit and discuss coins, what we had bought and sold during the past week and the collectors and dealers we had seen. We learned from each other, had a few good laughs, and sometimes even traded a few coins if we had them in our pockets.

Immediately after lunch we would walk down the street to a penny arcade that had a shooting gallery. We gave the owner 25¢ each and for this we each received a 15 shot round. John had been a marksman in the Army, Norman was the captain of his rifle team at school, and I wasn’t too bad a shot myself. The gallery had moving targets that would go down when hit and also around the entire rim, clay pipes, which would shatter when hit, and had to be replaced by the attendant by hand.

We liked to hit the clay pipes, and John would start out, usually taking down 15 with his 15 shots. Normal would follow suit, usually 15 out of 15 as well. I would get about 13 hits for my 15 shots. The prize structure was such that if you hit five pipes you got a small doll, 10 pipes a larger one, and 15 pipes won you a huge stuffed doll. We would always only take one of the small ones. While the attendant/owner didn’t like the extra work we created for him replacing all the clay pipes, he did like that we attracted a large crowd who would applaud our feats and often stay on and try their luck. John always thought of it as a “good deed,” and while I often thought the owner might not have necessarily agreed, we did have fun and relaxing adventures on those Saturday afternoons.

From the Desk of Q. David Bowers: Notes on the Famous 1856 Flying Eagle Cent

Written by Q. David Bowers, Chairman Emeritus

In 1856 and early 1857 approximately 1,000 pattern cents of small diameter were made. Designed by Chief Engraver James B. Longacre, the obverse featured a flying eagle motif swiped from Christian Gobrecht’s 1836 silver dollar, and the reverse showed an agricultural wreath similar to that Longacre had created in 1854 for use on the gold dollar and $3 piece. Nearly all of the pieces were distributed to congressmen, newspaper editors and others of influence to acquaint them with the design. Very few passed into the hands of collectors.

After the Act of February 21, 1857, discontinued the large copper cent, announcements were made, and a wave of nostalgia swept across the nation. Thousands of people desired to find as many dates of large copper coins as possible, looking through change, drawers, and other places. At the time it was possible to obtain all dates from circulation, except for 1815, which was not minted. Cents dated 1799 were particularly rare, and of special significance were those well-worn pieces made in 1793.

Interest in collecting grew and there arose a demand for the pattern 1856 Flying Eagle cents. There were few to be had, and anyone lucky enough to own one was apt to be able to get $2 for it. In terms of buying power, that was more than equal to a day’s wage at the time. Desiring to accommodate collectors and also to privately make a profit, certain Mint officials began restriking 1856 Flying Eagle cents and other coins in the spring of 1859. The restrikes, with Proof finish, added perhaps 2,000 or more pieces to the supply.

From that day forward 1856 Flying Eagle cents have been in strong demand, increasing steadily in value over the years. The number existing can only be guessed at, but may be around 2,000 pieces. Today in 2013 these typically appear on the market one at a time and always attract attention when they do.

The preceding said, you may enjoy the following:

In the late 19th and early 20th centuries several numismatists thought it good sport to hoard as many 1856 Flying Eagle cents as possible. A great sport, this!

The first extensive study of such hoards was published by John F. Jones in The Numismatist, April 1944. This was a key resource during my preparation of the present commentary. Other events since 1944 round out the picture.

R.B. Leeds, of Atlantic City, NJ, began collecting these in the 19th century. Henry Chapman auctioned the Leeds Collection on November 17 and 28, 1906, and included this in his commentary:

“For many years he was an ardent collector, turning his attention to accumulating all the examples he could of certain dates, his especial hobby being 1856 Eagle cents of which he had 109 specimens, the greatest collection ever offered of this very rare cent. Mr. Leeds was a firm believer in the rarity and value of this coin, and bought all that he could for many years past. The advance of the past 10 years has proved his judgment to have been correct.”

Proofs sold from $8 to $10.50; Uncirculated, from $6 to $10; Very Fine to nearly Uncirculated $5.50 to $6.50; Good and Very Good, $4 to $5.50.

George W. Rice, a wealthy building contractor in Detroit, began collecting coins in 1864. At an early time he took a fancy to 1856 Flying Eagle cents. By the early 20th century he had obtained 756 examples -- far and away the largest hoard ever! This was not at all pleasing to Commodore W.C. Eaton, who penned a letter to The Numismatist, July 1916, stating that Rice’s numismatic gluttony made the current price of $5 for a specimen “absolutely absurd…for anything under a brilliant Proof,” and that such activity was “quite contrary to proper ethics.” Rice’s cents seem to have been sold privately, as no catalog of them has ever been found.

The best-known hoard of 1856 Flying Eagle cents was that formed by John Andrew Beck of Pittsburgh. Born in Chestnut Ridge, Pennsylvania, on January 5, 1859, Beck spent part of his youth with his parents in Texas, but the family was forced return to Pennsylvania in face of Indian depredations in the West. His father developed brine wells near Pittsburgh, from which liquid salt was taken, developing into a large wholesale business in that commodity. He also drilled for oil. Upon his father’s death, John eventually acquired the business. He collected his first scarce and rare coins at the age of 10. The passion continued, and into the late 19th century he bought territorial gold coins (including dozens of octagonal $50 pieces), large quantities of Mint State $3 coins, and many other coins, including 1856-dated Flying Eagle cents, mostly from the Chapman brothers and, after 1906, from Henry Chapman. It seems that along the way he acquired many coins from the Leeds hoard. At one time he posted a standing offer of $10 for any 1856 Flying Eagle cent regardless of grade.

Beck died on January 27, 1924. His estate was handled by the Pittsburgh National Bank & Trust Company, of which he had been a director. An inventory revealed 531 Flying Eagle cents. Although many coin dealers knocked on the bank’s door, Beck’s vast coin collection remained intact, Finally, in the early 1970s the administrators turned over the coins to Abner Kreisberg and Jerry Cohen, of Beverly Hills, to sell in the best manner they saw fit. Most of gold coins and other rarities were sold at auction but Jerry and Abner decided that most of the Flying Eagle cents would be best sold by private sale.

When the cents arrived at their office I was among the first to see them. All of them had a rather dull appearance, “vault grime” so to speak, from numismatic inattention for decades. However, some basic dipping in acetone, a solvent that simply removes dirt and grease, did wonders, and the coins regained their original appearance. It was thought that the availability of hundreds of pieces would dampen the market, but the opposite proved to be true. The coin hobby was in a period of great strength at the time, all of the 1856 Flying Eagle cents found ready buyers, and the price increased!

Upcoming Events: Lot viewing for the September 2013 Americana Sale

Make your arrangements to come and view the upcoming September 2013 Americana Sale. For your convenience we are offering lot viewing by appointment only in our California office and our New York office prior to our onsite lot viewing in Philadelphia. Lot viewing in California will be on Wednesday, September 4^th and Thursday September 5^th. Call 800-458-4646 to schedule your appointment. Lot viewing in our New York City auction gallery will be offered on Tuesday, September 10^th through Friday September 13^th. Call 800-566-2580 to schedule your appointment in New York. Lot viewing will begin in Philadelphia, on Tuesday, September 17^th at the Pennsylvania Convention Center. No appointment is necessary. We hope to see you there!

World Coin of the Week: Main Session Highlight: High Grade 1898 Anhwei Dollar, Second Type

By Chris Chatigny, Cataloger

As the curtain lowers for our Stack’s Bowers and Ponterio August Hong Kong Auction, it is time to reflect on this incredible sale. The beautiful and impressive lot 51199 -- an Anhwei 1898 7 Mace, 2 Candareen silver (Dollar) struck in 1898 -- sold for an incredible $143,400! The mint in Anhwei began production in 1897 with the intent to replace circulating foreign silver coinage with Chinese-made coins. Unfortunately the plan failed, and the mint, located in the capital of Anking, closed after only three years of production. As to be expected from this short production period, mintages are relatively low, creating a scarcity of these pieces. Several distinct series of coins were produced during this period, and this piece represents the second series of coins issued. This type is distinguished by its date, 1898, the Chinese symbol for “4” is flat, and it also bears large rosettes.

The reverse toning is truly wondrous. Turquoise intermingles with lavenders and grays, evoking images of a storm cloud trembling with thunder and lightning. The underlying luster is visible throughout, again conjuring an image of electricity coursing through a tempest. This side of the coin bears an all Chinese script, as conforming to the standard pattern, with the upper inscription reading: “24th year of Kuang Hsu” meaning the coin was minted during the reign of Emperor Kuang Hsu in the year 1898. A large rosette consisting of seven dots separates the upper and lower inscriptions. The lower inscription describes the denomination of this coin: “Treasury Scales 7 Mace (and) 2 Candareens,” effectively describing the weight of the coin, in relation to the K’uping Tael. From this, the valuation is that of a silver dollar piece. The outer inscriptions are separated from the inner symbols by a pearled ring. The four large characters dominating the obverse read: “Valuable Coin (of the) Kuang Hsu (regime)”. The central inscription mirrors the larger, except it is in Manchu.

The toning for the obverse is even rose, very visually pleasing. The flying Imperial Dragon dominates the design for the obverse, shown coiled in an “S” like pattern. The dragon is displayed surrounded by clouds and issuing a fiery pearl from its mouth. The obverse English inscriptions note that the coin was produced in “AN-HWEI PROVINCE” at the top and the denomination of “7 MACE AND 2 CANDAREENS” at the bottom. A seven-point rosette at either side separates these upper and lower legends. This attractively toned piece is just one of the many Imperial Chinese issues that exceeded expectations this August in our Hong Kong Auction, and it is sure to become the new centerpiece in its new owner’s collection. Be sure to check back often, as we here at Stack’s Bowers and Ponterio are eagerly anticipating another stellar Asian numismatic showcase with our 2014 April Hong Kong Auction.

While our Stack’s Bowers and Ponterio August Hong Kong sale is closed for further consignments, we are currently taking consignments of world and Asian coins and paper money for our November Baltimore, January New York International, and April 2014 Hong Kong sales. If you are interested in consigning your coins and paper currency (whether a whole collection or a single rarity) contact one of our consignment directors.

Answers for the Avid Collector: Purchase regret?

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:  Dear Mr. Bowers, Have you ever purchased an item for your collection that you regretted and why? – G. K.

Answer:  As an overview, my own collections, mostly of tokens and medals, plus obsolete paper notes of Maine and New Hampshire and National Bank notes of New Hampshire, is in the bank, but nicely photographed so I can enjoy it on my computer. I add to it from time to time when items are offered that seem interesting to me and are priced correctly. Regarding federal coins, I leave the excitement to my clients, although I deeply enjoy cataloging and handling them.

Over the years I have made any number of mistakes in the commercial arena -- buying things that later turned out to be less than expected. These mainly occurred during my formative years in the 1950s. Recall that there were no certification services then, that altered dates and mintmarks and forgeries abounded, and there were no grading standards. To begin with early on I came up with the notion that if a dealer was famous and had done business for a long time, buying from him or her would be a safe thing to do. I quickly found that this could be an error. One of my earlier purchases involved two beautiful Proof half cents from the 1840s, which I purchased from one of the best known dealers for $200 each, then shipped them to a client Lester Merkin. Lester sent them back and advised me that these were very clever electrotypes. And, upon learning more about electrotypes I did see tiny traces of a seam along the edge of each. I returned them to the dealer but he refused to accept them, saying “You call yourself a dealer, you own them -- no money back!” I am sorry to say that I had other similar experiences. However, I hasten to add that although I did business with Stack’s from teenage years onward, they were not among the “perps” as such people are called today. Now in 2013, coins certified by PCGS and NGC in particular are guaranteed for authenticity, although I am not familiar with the exact limits of such coverage. The bottom line is that one can be fairly secure regarding genuineness. As far as grade, that is a matter of opinion and is beyond this discussion.

Some years ago I thought it would be nice to own an 1815 half eagle, a rare early date and one for which I had a lot of historical information. I was able to buy a nice one, photographed it, and put it in the bank. Then I happened to ponder that I had tens of thousands of dollars invested in this coin, which I can enjoy by means of photographs, and even otherwise I am not sure I would have handled it frequently. My main interest was in the history of the coin, not necessarily its ownership. This prompts me to say that when we auctioned the Sultan of Muscat 1804 silver dollar as part of the Childs Collection -- a superb Gem that puts in the shade each and every other 1804 dollar in existence -- it was so exciting to me that I wrote a fairly lengthy book about this coin and 1804 dollars in general. I don’t own the coin -- it is a proud possession of a fine client -- but in another way I do own it as I have handled it, studied its history and it is part of my life.

Regarding my collection of tokens, medals, and paper money, I am not aware of any mistakes made in recent times, simply because I try to study in advance before making a bid or a purchase. If the item is trivial, such as a counterstamped coin for $100, not much study is required. If it is a rare New Hampshire National Bank note then I consult with my fine fellow specialist David Sundman, look up information, and determine what a reasonable price would be. Such notes tend to vary in cost all over the place and, without regard to New Hampshire notes in particular, I have seen that a certain National Bank note from a particular bank and town and in a certain grade can be priced at $1,000 by one seller and $2,000 by another. However, in recent times such services as Track & Price have information. This comment is significant and it also is relevant to tokens and other specialized series. If only three of a certain item are known, then one sold at auction for $2,000 and one is now offered for $4,000, if I say that I am not going to pay much more than $2,000 I may never own it. Instead, I have a choice of paying $4,000 or doing without. Because of this historic auction prices are interesting, but they are not necessarily a guide to what you should pay. On the other had, if I were collecting Morgan silver dollars and desired to buy, for example, the highly desired 1889-CC in MS-63 grade it would indeed be worthwhile to check auction prices as they would give a ballpark as to what I should pay and there would be no particular need to pay significantly more than recent averages. This is probably an overly complex reply to a rather simple question!

United States Paper Money of the Week: Stacks Bowers and Ponterio sells over $1 Million in Rare Far Eastern Paper Money

By Matt Quinn, Assistant Director of Currency

The recent Stacks Bowers  Ponterio August 2013 Hong Kong Auction featured an impressive 667 lot currency only auction session which was held Wednesday, August 21st at the Mira Hong Kong. The morning session drew a sizable audience as the selection included a significant amount of highly rare notes from various far eastern issuers. World Banknote sales tallying over a million dollars are quite scarce in this market and tend to create a strong buzz. The sale commenced with 445 lots of rare Chinese Banknotes followed by 83 lots of Hong Kong paper, with the remaining being from other countries. Spirited bidding took this paper money only session to an impressive $1,095,888 final realization.

Chinese paper money was highlighted by several rare offerings, with a highly rare Central Bank of Manchukuo P-J146 One Thousand Yuan bringing $22,705 as lot 52188. Later issue People’s Republic of China notes from the 1953 and 1956 issues continued to see strong action with a run of six consecutive 1956 Five Yuan notes bringing $11,950 as lot 52137. A prized 1912 Bank of China Chefoo branch One Yuan note that fetched $20,315 cemented early Republic notes.

Notes of Hong Kong also displayed strong results with the most important offering being a rare National Bank of China Limited Five Dollar note with a rare 19th century date of 1894. The note, in a large format and printed by Waterlow and Sons, realized $17,925 in a PMG Choice Fine 15 Net grade. A quartet of high denomination notes was the focal point of the remaining issuers with a rare Malaya KGVI $1,000 note in issued form garnering a $22,705 realization. The three others were all specimen pieces from Malaya and British Borneo featuring striking portrait vignettes of QEII. The first, a $1,000 P-6s note was sold for $20,315. A pair of $10,000 Specimen notes of the same series was offered in the next two lots. The first of the super high denomination duo was an as intended color specimen note in a deep green hue and very large format and saw strong action before finally selling for $35,850. A color trial of the same design in a deep red ink, saw strong interest and realized $31,070.

The sale certainly showed many areas of strength in the World Paper Money market for far eastern issuers and attested to the demand for quality material. This world banknote auction combined with our week prior ANA World Currency offering combined for the sale of an incredible $1,871,634 in rare world currency, a total seldom achieved for this small niche in the numismatic market.

United States Coin of the Week: Rare 1836 St. Louis, Missouri Hard Times Token to Appear in Our September 2013 Philadelphia Sale

One of Perhaps Just Four Huckel, Burrows & Jennings Tokens Known

Ex: Brand, New Netherlands, Boyd, Ford, Dice-Hicks

By Frank Van Valen, Numismatist and Cataloger, U.S Coins. Based on the lot description by Andrew W. Pollock, III Numismatic Consultant and Q. David Bowers, Chairman Emeritus

One of the primary rarities in the entire Hard Times tokens series will cross the auction block in our Philadelphia Americana Sale, to be held in the City of Brotherly Love, September 17 through 22, 2013. A diverse offering of coins, medals, tokens, and other numismatic delights will be offered in Philadelphia, including Part XXIV of the legendary John J. Ford, Jr. Collection.

The token in question, an 1836 Huckel, Burrows & Jennings issue from St. Louis, Missouri, is designated Low-102, HT-187, and is given a Rarity-7+ rating among today’s numismatists. This plain edge brass token is one of only four thought to exist, a figure that includes an example permanently impounded in the collection of the American Numismatic Society. The MS-61 designation from NGC for this specimen certainly puts it in the running for the finest known example of its type. And, you can’t top the pedigree – the Brand Family, New Netherlands Coin Co., Inc., F.C.C. Boyd, John J. Ford, Jr., and the Dice-Hicks Collection.

As near as we can tell from our research, an 1836 Huckel, Burrows & Jennings token has only been offered three times in the past 100 or so years, including the present specimen which has come to market on more than one occasion during that span. It was offered by us (Stack’s) in Part IV of the famous John J. Ford, Jr. Collection in 2004, and a few years later in the incredible Dice-Hicks Collection of 2008; another specimen was sold by Joe Levine in 1976.

As the only Hard Times issue from St. Louis, the present piece would be in great demand even if it were somewhat more common. “Common,” however, is one thing this 1836 token will never be! Very few collections, past or present, could boast of an 1836 Low-102 – even many of the greatest cabinets of Hard Times tokens ever formed were lacking this rarity. If you are nearing the end of your Hard Times token collection and lack just a few rare pieces, we suspect that Low-102 is among the pieces missing. One bold bid on your part can remedy that situation. We hope to see you in Philadelphia with your bidding paddle raised high when this treat crosses the auction block.

Crossing the Block: U.S. Paper Currency Sessions Excel in Chicago

U.S. Paper Currency Sessions Draw Superb Results in the Stack’s Bowers Galleries Official Auction of the ANA World’s Fair of Money

By Bruce Roland Hagen, Senior Numismatist and Consignment Director, Currency

For the third straight year, Stack’s Bowers Galleries paper currency sessions at the Official Auction of the ANA World’s Fair of Money drew rave reviews from collectors and dealers who bid with enthusiasm and often paid record prices for rare and significant notes in all genres. Four currency sessions – commencing with the Sunday, August 11, pre-sale and ending with the main United States session on Thursday evening – realized a total of $8,691,039. Bracketed in between the two United States sessions were the Stack’s Bowers and Ponterio world currency session and the John J. Ford, Jr. Collection Part XXII featuring Colonial, Continental, Obsolete and Fractional Currency notes. Complete results can be found on our website www.stacksbowers.com along with virtual catalogs and PDF downloads.

Federal Large and Small Size notes were a strong focus of the main auction and were topped by a note from The Dr. Edward and Joanne Dauer Collection of Silver Certificates – several amazing, rarely offered examples were included in this well-constructed cabinet. Leading the way was an 1880 Fr.340 $100 Silver Certificate PCGS Extremely Fine 40 which climbed and climbed before settling in at $352,000. The highlight lot of all the currency sessions was the extremely rare 1863 Fr.186c $1000 Legal Tender “Robert Morris” note, PCGS Fine 15 Apparent, at $881,250. Small Size Fancy Number notes included a “dream” note, Serial Number 1 1934 Fr. 2201-J* $500 Kansas City Federal Reserve Star Note graded PCGS Choice New 63 PPQ at $176,250.

Many of the highlight notes were dominated by United States Federal note issues, but some early historical notes from several genres also met with strong results. Unique and beautiful obsolete proof notes continue to flourish. A superb, first-time seen Quincy Stone Bank $500 green color proof hit $18,800, more than double estimate and boasting a Ford collection pedigree. Georgia Colonial notes showed renewed strength again with an extremely rare 1777 $4 blue-green Liberty Cap seal note reaching $12,925. Several Internet bidders took aim at a mesmerizing August 18, 1775, 5 Shillings Revere “Sword in Hand” note graded PCGS Choice New 63 PPQ before it sold for a mighty $70,500. A newly discovered Fractional Currency Presentation Proof album, pedigreed to the Robert Todd Lincoln family, realized $30,550 in active bidding. Several rare Confederate States notes were consigned to the sale led by a gorgeous PCGS Extremely Fine 40 PPQ $500 Type 2 Montgomery note that realized $44,062.

Additional U.S. currency highlights include:

• Lot 3022, Colonial Currency. MA-162. Colony of Massachusetts. August 18, 1775. 5 Shillings Sword in Hand Note. PCGS Choice New 63 PPQ. $70,500
• Lot 3089, Confederate Currency. T-2. 1861. $500. PCGS Extremely Fine 40 PPQ. $44,062
• Lot 3218, Large Size. Fr. 340. 1880 $100 Silver Certificate. PCGS Extremely Fine 45. From The Dr. Edward and Joanne Dauer Collection of Silver Certificates. $352,500
• Lot 3264, Large Size. Fr. 150. 1863 $50 Legal Tender. PCGS Extremely Fine 40. $176,250
• Lot 3267, Large Size. Fr. 186c. 1863 $1,000 Legal Tender. PCGS Fine 15 Apparent. $881,250
• Lot 3270, Large Size. Fr. 193. 1863 $100 Compound Interest Treasury Note. PCGS Very Fine 25 Apparent. $176,250
• Lot 3386, Large Size. Fr. 1218f. 1882 $1,000 Gold Certificate. PCGS Very Fine 25. $176,250
• Lot 3458, Fancy Serial Numbers. Fr. 2201-J*. 1934 $500 Federal Reserve Star Note. Kansas City. PCGS Choice New 63 PPQ. Serial Number 1. $176,250
• Lot 3460, Error Notes. Middlebury, Vermont. $10 Original. Fr. 412. The NB. Charter #1195. PCGS Very Fine 25 Apparent. $10 / $20 Double Denomination. $58,750

Stack’s Bowers Galleries is currently open for U.S. consignments to the November 2013 Official Auction of the Whitman Baltimore Expo and U.S. and world consignments for all future sales. Contact Peter Treglia, Matt Quinn or Bruce Roland Hagen to inquire about consigning paper currency by calling 800.458.4646 or by email at consign@stacksbowers.com.

U.S. Coin of the Week: 1907 Rolled Rim Eagle

Famous 1907 Rolled Rim Eagle Soars to New Heights in Chicago ANA Sale 

Goes to a New Cabinet at $470,000

Article by Frank Van Valen, Numismatist and Cataloger, U.S. Coins. 
Based on the lot description by Jim Matthews, Senior Numismatist and Cataloger, U.S. Coins

The entire numismatic community was “all hands on deck” at the flagship Chicago ANA World’s Fair of Money convention held this year in Rosemont, a suburb of Chicago, Illinois. Over the course of four days, August 13 through 16, Stack’s Bowers Galleries conducted the official ANA auction sales featuring coins, currency, medals, and tokens. Also featured were Parts XXII and XXIII of the legendary John J. Ford, Jr. Collection. The combined total of the four-day event brought over $46 million in sales, with numerous rarities hammering to a crowd that seemingly could not get enough of the quality items offered.

One of the focal points of the week was the Bentley Shores Collection of Indian Eagles, complete from 1907 (with its several varieties) through the rare and highly desirable 1933. Its appearance in our Rarities Night sale was much anticipated and delivered excitement well beyond that of the usual group of Indian eagles. After all, nearly every coin in the collection was the finest, or one of the finest, known of its date and mint.

Among the numerous highlights was the famous 1907 Rolled Rim, With Periods rarity, a date of which 31,500 pieces were struck, but of which fewer than 50 examples can be accounted for today. This rare variety represents the second of the Saint-Gaudens Indian designs struck at the Mint. The first variety, the Wire Rim style, saw a mintage of 500 pieces. After complaints about stacking and other issues regarding the variety, the Rolled Rim style was struck. Despite the mintage of 31,500 pieces -- $315,000 face value – the variety was deemed inferior and was duly melted, though not before a handful of examples were handed out or otherwise escaped the crucibles at the Mint.

Lot 4524 offered the 1907 Rolled Rim rarity graded MS-67 by PCGS, representing one of three grading events at that level for the issue, a figure that includes a Mint State-67 “+” specimen. The warm and deep orange-gold surfaces are as mark-free as one could hope at the lofty assigned grade – this beautiful Saint-Gaudens eagle is nearly flawless. The lot opened at a reasonable number, but once the bidding began there was seemingly no stopping the action. No sooner was the reserve on the lot met than it took off for even greater heights, with the final hammer a resounding $470,000 dollars!

Of all the pieces in the Bentley Shores Collection, this example of the 1907 Rolled Rim, Periods variety realized the highest price, outshining even the fabled 1933 rarity by more than a six-figure amount! Speaking of six-figure amounts, fully ten of the Bentley Shores pieces realized in excess of $100,000. Even the more common dates were in uncommon condition and brought amazing five-figure prices for the most part – just three coins saw prices realized of less than $10,000.

The Bentley Shores Collection is yet another feather in the Stack’s Bowers Galleries cap, ranking among the finest assemblies of gold coins we have offered in recent memory. There is always room here at Stack’s Bowers for great collections of any size or dollar amount, and a quick call to our offices in California, New York City, or Wolfeboro, New Hampshire can be all it takes to have your collection featured in one of our world-class sales. We’re already full steam ahead on our November 2013 auction event to be held in Baltimore, Maryland, one of the greatest “coin towns” in America. We’d love to showcase your collection there!

Did You Know???

Did you know that Stack’s Bowers Galleries has two of the three  GOLD to go™ ATM machines in the country? 

Answers for the Avid Collector: The Internet and Coin Collecting

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 been told that Indian and Lincoln cents struck at San Francisco in 1909 were of a different alloy than used later. Is this true? – P. T.

Answer:  I am not aware of the chemical analysis of the metal used to strike 1909-S and 1909-S V.D.B. Lincoln cents, but I do know that the appearance of these are different. Uncirculated pieces that have never been cleaned show a pronounced light yellow coloration, often with streaks of light brown. This is probably due to peculiarities of the strip rolling process during the preparation of the metal. Cleaned coins do not show this characteristic, but uncleaned pieces nearly always do. The “warm orange” color of Indian and Lincoln cents struck at Philadelphia in 1909 is entirely different.

World Coin of the Week: The Hong Kong Internet Only Session

By Chris Chatigny, Cataloger

The Stack’s Bowers and Ponterio August Hong Kong Auction Main Sessions are now closed, and what an exciting three days it has been! With such a spirited auction it is going to be hard to select just a few highlights, but there were quite a few stunning results. Some of these standouts include lot 50018, one of the earliest patterns for the fabled Panda Series. Another stellar performer would be lot 50540, one of the Edgar Mandel Collection’s incredible Chatelaines, this one depicting two dragons coiling through the clouds. The Imperial and Republican Chinese pieces stand out as well, with lots 51012 and 51082 outperforming their estimates. 

While bidding for these items has come to a close, there is still time to own a piece from this incredible auction! The Stack’s Bowers and Ponterio August Hong Kong Auction continues now through Tuesday August 27th at 6:00 PM PST. A wide variety of ancient Asian coins, Sycee and ingots, Imperial Chinese, Republican Chinese, Provincial issues, various other Asian countries and much more await in Session K. Some of the standout pieces so far include a Chinese piece from the province of Chihli. Another item that is sure to perform well is a collection of Korean charms that offers a pleasing variety of types and designs. Visit our website and browse hundreds of item images captured by our expert team of photographers and graphic designers. Time is of the essence as the Internet sessions close promptly at 6:00 PM PST on Tuesday August 27th. We also have a paper currency session as well, with a multitude of fascinating pieces, located here.

Look for this and other Asian numismatic rarities in our current August Hong Kong Online Sale. Preview these coins, charms and paper currency pieces along with the rest of our Internet Session online at the Auction Schedule/Details link under Current Auctions at http://stacksbowers.com/auctions/currentauctions.aspx. While our Stack’s Bowers and Ponterio Hong Kong sale is closed for further consignments, we are currently taking consignments of world and Asian coins and paper money for our November Baltimore, January New York International, and April 2014 Hong Kong sales. If you are interested in consigning your coins and paper currency (whether a whole collection or a single rarity) be sure to contact one of our consignment directors.

Remember When: Making News at the 1958 ANA Convention

By Harvey G. Stack, Senior Numismatic Consultant

In the summer of 1958 the ANA held its summer convention in Los Angeles and I was selected by my family to represent the firm.

My son, Larry, was close to eight years old and my daughter, Susan, was four years old and I decided to make this Los Angeles convention the first for both of them. My wife, Harriet, brought the children and after the weeklong convention, we planned to spend a week at Disneyland for a post-show rest. The children had attended several shows in the New York area and knew many of the collectors and dealers so we felt we would be among friends.

The convention was to be held at the Statler Hilton and there would be things to entertain the children there. The hotel was also close to the downtown shopping area so my wife could keep busy as well. So it was decided that we would all go on this, our first numismatic trip as a family.

The show was quite large for the time, with several hundred bourse tables and a major auction scheduled. I had a great location for my table and met with numerous friends and clients. In the morning I would have breakfast with my family and they would help me set up my table. They were also available if I had to leave for business away from the bourse so I had time to look at lots in the sale and survey other dealers’ showcases.

You may recall Dora Nelson, the “mystery woman” at auctions in 1954 who I wrote about recently. She continued to be a major buyer at various Stack’s sales and other auctions and I was the member of our firm who handled her account. On the second day of the show I was paged to the phone and it was Dora Nelson, calling to see if I was attending the convention. She told me that her client wanted her to visit the show and look at a few lots in the auction and check out the condition of the market that summer.

She told me that she was coming into Los Angeles that afternoon and asked if I had the time to go to lot viewing with her. Of course, I agreed and asked her to meet me at my bourse table. I also invited her to have dinner with me in the main dining room of the hotel between lot viewing and the auction, which would be held around 8:00 pm. This was typical treatment of a valued client and when I told my wife that she would have to have dinner with the children without me, she responded, “You go take care of business, that is what you are here for.”

So, at about 4:00 in the afternoon Dora visited my table and we went to look at auction lots. We looked at coins, did the usual marking in our catalog and when we were finished it was close to 6:00. We headed to the dining room for a quick meal. A moment or two later Harriet and the children came into the dining room. They waved to us and went and sat down at a table across the room. We all had nice dinners at separate tables in the same dining room. Sometimes this is what happens when your “family business” is numismatics.

All in all, I remember the 1958 ANA Convention as a pleasurable one, a nice reminder that family, friends, and business can be a very enjoyable combination.

From the Desk of Q. David Bowers: 60 Years in Numismatics

Written by Q. David Bowers, Chairman Emeritus

Last week’s World’s Fair of Money in Chicago, the summer show of the American Numismatic Association, was perhaps the best ever in my memory. Activity was intense from beginning to end, as thousands of collectors, dealers, and enthusiasts attended. Our auction sales set many records and covered just about every category from ancient coins to modern, plus paper money, tokens and medals. A particular highlight for me was the John J. Ford Collection, which I attended in part. The offering was absolutely amazing, with duplicates and triplicates of some tokens for which single pieces have not been on the market for years. I have never seen anything like it. I feel confident in saying that a generation hence the sale will be remembered as one of the greatest numismatic opportunities of the 21st century.

The bourse with many hundreds of dealers was active as well. I was busy with the auction, attending programs, giving several talks, and otherwise involved, and did not make the rounds of all the bourse dealers as I would have liked. I did, however, see a lot of activity and everyone seemed to be smiling.

Several weeks in advance of the convention, Chris Karstedt insisted that I save 1 pm to 3 pm on Thursday afternoon for an important meeting for the top management of the firm. Much to my surprise when I entered the room it was a celebration on my behalf -- for 60 years as a rare coin dealer. A beautiful cake was on view and was soon mostly eaten, refreshments were provided, and all had a good time. I like to think that I am aware of my surroundings, but this caught me completely by surprise, especially since Chris enlisted the help of Mary Burleson and Charles Anderson of Whitman Publishing who played their roles to a tee! 

It was in 1953, indeed 60 years ago, that I became a part-time dealer in rare coins while still in Junior High school. I had caught the coin-collecting fever a year earlier and was thrilled with the prospect of finding a 1909-S V.D.B. cent in circulation or some other rarity. This didn’t happen, but I did look through a lot of coins and filled out, or nearly so, several sets in blue Whitman folders. My budget was limited, and my dad said that if I had large expectations I should set about finding a way to afford them. So, I began dealing part time, spreading the word locally, visiting people who had coins for sale, and also attending the Wilkes-Barre (Pennsylvania) Coin Club. I enjoyed reading, and club members were delighted to provide me with back issues of The Numismatic Scrapbook Magazine, The Numismatist, and other journals, plus auction catalogs and, occasionally, books. There was not much national interest in collecting such things and most had little or no value. Today, of course, the situation is vastly different. At the recent ANA convention I attended the Numismatic Bibliomania Society meeting -- a gathering of collectors of out-of-print books and catalogs -- where enthusiasm prevailed and comments reflected the great strength of the modern market for such things.

It was in 1955 that I attended my first American Numismatic Association convention, held that year in Omaha. I was not old enough to belong to the ANA, as one needed to be 18. However, I was allowed to have a table after my dad guaranteed my transactions would be covered if necessary, and Lee F. Hewitt, who published the Numismatic Scrapbook Magazine, wrote a letter stating that I had been a very reliable and well-respected advertiser. The rest is history, as they say, and the recent Chicago convention was the latest in a continuing long string.

I look forward to next year, also in Chicago, and having a nice time.

Test Your Knowledge: What Do You Know!

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From the Desk of Q. David Bowers: Hello From the Ford Sale!

Written by Q. David Bowers, Chairman Emeritus

Hello from the Stack’s Bowers Galleries auction of the John J. Ford, Jr. tokens -- lots of activity as part of one of the most dynamic ANA conventions I’ve ever attended.  As to the Ford tokens, the vast majority have been off the market for generations. 

Elsewhere our parallel auction going on right now in a different room looked equally exciting when I peeked in. The bourse is active as well.

On Tuesday afternoon I gave a Money Talks program on tokens -- to a full house.

In case you are wondering, the rare coin market is not only alive and well -- it is as exciting as ever.

Wish you were here!

Dave Bowers

Remember When: The “Dollars of the World” Collection

By Harvey G. Stack, Senior Numismatic Consultant

Many coin collections have themes, whether it is a special series or denomination run, or a period of time, or design differences between periods of issue. Such collections have always been interesting to me as some can be very similar but still are reflections of the collectors who created them. Collectors often follow patterns that others have taken before and then set themselves a goal that their collection could be more extensive, or be of better quality, or have a twist that the previous collection did not have. One very interesting collection from 1951 comes to mind.

In that year we were contacted by a bank in Michigan who asked us to sell a collection that they had on display. It was called “Dollars of the World” and contained some 1,600 different dollar size (crown size to our collecting friends) coins. Covering issues from 429 countries, the accumulation included from the earliest issue dated 1486 to when the collector stopped.

The collection was formed by L.G. Kaufman, a banker of great renown at the time, and was exhibited first in New York City and Marquette, Michigan. He was president of the Chatham Phoenix National Bank and Trust Company, and collectors of U.S. currency can note his signature on National Bank Notes. The “Dollars of the World” collection was exhibited all over the United States as an educational display, and hundreds of thousands of people had the opportunity to see it before it was consigned by the Marquette Bank for auction by Stack’s.

The exhibit showed examples of the earliest dated dollar-size coin, issued by Sigismund in Tyrol, and called the “taler.” This became a standard size and weight for coins to be used for payment for debts and services in countries worldwide. Many countries and states issued coins of this size for easy trade purposes and it was often called by similar, yet different names. For example, in Denmark, Norway and Sweden it became “daler.” In Germany it was “taler” or “thaler,” in Italy it was “tallero,” and in the United States it was “dollar.” In England it was known as a “crown,” in France “five francs,” in Russia a “ruble” and in Spain an “eight reales” or “piece of eight.” All of these and more were included in the “Dollars of the World” display.

The collection was shown on large trays, with wooden dividers, each opening measuring about two inches square, with some 24 openings on each tray. Each coin was numbered on a green card set below the coins, and six trays were inserted into a leather box, which was fitted into a special shipping trunk so it could be transported easily. Each coin was likewise described in a booklet that helped those who viewed the exhibit know just what they were seeing and admiring. The booklet descriptions covered the 429 countries, states, provinces, principalities, cities, religious bodies and organizations of various kinds that struck these coins over 442 years.

Originally, these large silver-dollar size coins were made by hand. The silver was hammered into sheets of the required thickness, impressions of the dies, both obverse and reverse, were made on it, and each coin was cut from the strip with iron sheers. Later on, the planchets were cut first and a screw press was used to stamp the coins. The coins were then adjusted at the mint to take care of any surplus weight, and then they were ready for circulation. The Industrial Revolution brought more advanced presses that used greater weight as well as collars to create better products. The need for currency in trade was so important that the mints of the world obtained the most modern machinery to strike coins.

In addition to their monetary use, these large silver coins lent themselves to artwork that would commemorate the images and happenings of each ruler’s reign, and were also used to record great historical events, great art of the period, and created a permanent record for centuries of issuance.

Mr. Kaufman often accompanied the exhibit to give lectures about the history surrounding the coins. After he passed away, one of his banks in Michigan in 1951 decided that the cost of maintaining the exhibits was too much for them to underwrite, though they knew it did provide an excellent tool for studying finance and history and that many had benefited from seeing it. It was then that Stack’s was selected to offer it for sale at public auction. The sale attracted collectors from all over the United States, many of whom had heard about or seen the exhibit and wanted to own some of the coins from this noteworthy collection.

As Mr. Kaufman desired, the collection served as a learning tool for young and old. Unfortunately, today some museums and libraries have had to sell collections in order to support other educational endeavors. Others have had to downsize their exhibit rooms or keep many numismatic items stored away in vaults, often leaving it to numismatics to be the venue to illustrate the important role of coins in history and art.

Answers for the Avid Collector: The Internet and Coin Collecting

 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:  Dear Mr. Bowers, How do you think the Internet is changing the hobby of coin collecting? –B. T.

Answer:  I have written extensively on this subject in my columns in Coin World in particular, and elsewhere. For our own business here at Stack’s Bowers Galleries there has been dramatic changes in auctions. Going back decades, when we held an auction the participation was almost exclusively by in-person attendance. Even telephone bidding was rare. In fact, I remember being at a sale held by the New Netherlands Coin Company in the 1950s in which Richard Picker, a colonial specialist, arranged for a phone to be in the auction room and contacted a customer. This caused a great uproar and commotion among those who had invested in train or plane tickets or driven to New York City to attend in person. Richard Picker apologized and explained that he was on the phone with a man who had intended to be there in person, but who had become ill.

Not long afterward telephone bidding became very common. Today it is an essential part of the auction business, not only in our coin sales but also in art sales held by Sotheby’s and Christie’s and in other venues around the world. No longer during the sale did we have to keep track of the number of registered bidders. The audience could be half as large but with many bidders signing up to be called when items of interested were scheduled to cross the block, all was well. If anything the bidding could be even more dynamic.

Then came the Internet. When that happened, continuing to evolve now, it became possible to sit at home in a comfy chair, perhaps reading, sipping a beverage or whatever, while at the same time “being there” by watching the auctioneer in real time on the screen. In fact, in some respects it was even better than being there unless you had a front-row seat. By touching the “bid” button you can participate as well or even better than any other way.

This has curious consequences. At an auction not too long ago we had a specialized offering of Hard Times tokens. During this time I received a call from one of our major stockholders who wondered how many people were there and how was it going. My answer was something like this: “There were nine people here but one just left for the restroom so now there are eight bidders.” He expressed concern about how the sale was going. My answer, “Wonderfully! Records are falling left and right.” The answer was that it made no difference whether there were 100 people in the audience or just two. All across America, indeed all across the world, countless hundreds of thousands of people are aware of our website and those interested in any specialty “tune in” when something is going on.

In a somewhat related instance I saw a leading dealer examine coins during lot viewing at the auction, but at the sale itself he was not present and I was not aware that he had placed his bids with anyone else. The next day I queried him (although I could have looked at the list of successful bidders), and asked what happened. “If you check your records you will find that I bought a lot. I was up in my room playing poker at the time.”

Who would have imagined such a thing years ago?

The Internet has the advantage of having much information available at any time. However, this can result in information overload. If I want to find basic information about, say, a particular classic commemorative half dollar I could probably do it just as effectively and as quickly by picking up a copy of A Guide Book of United States Coins and looking it up there. Some years ago I wrote an article about one or another of the Carson City Morgan dollars from the early 1880s, noting that on the Internet there were well over 100,000 “hits.” That was far too much information and no one in the world could possibly check out everything the Internet had to say.

Another disadvantage of our Internet era is the lack of camaraderie. When I go to a coin show I enjoy meeting people that I have known only at a distance. It is always fun to have someone sit down and chat, whether he or she just discovered coin collecting last week or has been a client for decades.

On the other hand, going back to positive aspects, if I need historical information, as a source the Internet cannot be beat. Suppose that I am given an Indian Peace medal of James Monroe to catalog and want to say something about the president whose administration issued it. By jumping onto Wikipedia I can find a lot about Monroe and can condense it into a few relevant sentences or a paragraph, adding interest to the numismatic description.

I suppose the overall view is that the Internet has become an essential part of our lives -- perhaps as television, automobiles and indoor plumbing have. However, it is certainly not the answer to everything but needs to be used in combination with other activities.

Test Your Knowledge: Name That Coin!

Here are the answers to last week’s Test Your Knowledge! Did you pass the test? Check back next week for a new numismatic question.

Did You Know???

Did you know that Stack’s Bowers very own Q. David Bowers is enjoying his 60^th year in numismatics! Congratulations Dave!

Upcoming Events: The Official Auction of the ANA’s World’s Fair of Money Internet Only Sessions!

While the ANA convention is drawing to a close, there is still time to participate in the Official ANA Auction of the World’s Fair of Money! There are over 3,200 lots in our Internet only sessions, including U.S. coins, U.S. paper money, world coins, ancient coins, world paper money, medals and MORE! There is something for everyone! All bidding for lots in our Internet-only auction will end on Tuesday, August 20th at 3:00PM Pacific Time, so plan accordingly! Happy Bidding! 

Crossing the Block: The Law Sale Achieves Awesome Results

By Bruce Roland Hagen, Senior Numismatist and Consignment Director, Currency

The ANA World's Fair of Money has commenced and auction sessions are now in full swing. Lot viewing and the hallways have been populated with English accents for the past few days as the sale Thos. H. Law Collection of English Gold Coins has finally commenced, with live bidding in the auction room as well as attention across the globe via the Internet. The anticipated British invasion of leading collectors and dealers has electrified the auction room with frenetic bidding on the first 189 lots, all English hammered gold coins from Edward III to the Commonwealth of Oliver Cromwell.

The first 100 lots of the sale broke the $1 million aggregate total handily and the total prices realized, including the buyer's premium broke the $5 million mark for the 459 lots in the sale.

Early action was superb as many hammered gold coins eclipsed their low estimates by factors of two, three and sometimes five times. There were many highlights in the first half of the session, too many to mention in their entirety. Look for a full Law Collection report in next week’s newsletter. The Edward V Angel, lot 20044, realized $28,200. The pair of Richard III Angels fetched $28,200 (lot 20045) and 17,625 (lot 20046) in extremely heavy bidding.

The Tudor hammered issues were expected to star in this sale and they did not disappoint. Greatly anticipated was the quartet of Henry VII Tudor Fine Sovereigns and the hushed room saw fireworks erupt during bidding. When the final bid was called for lot 20047 (the Type I style), the new owner paid $499,375 for this illustrious example bought by Mr. Law in 1983. Edward VI coins were very strong and his Fine Sovereign, lot 20080, broke the 300,000 mark realizing a full $329,000. Elizabeth and Stuart coins also displayed great popularity for all types and sizes. The Elizabeth I Fine Gold Ryal, lot 20106, brought $105,750. A diminutive jewel-like Elizabeth Milled Half Crown, lot 20123, weighing in at only 21.7 grains, reached $41,125, over five times the high estimate. 

Complete results can be found at www.stacksbowers.com and as a reminder, Internet only sale lots close for bids on Tuesday, August 20, 2013. Consignments are now being taken for our world, U.S. coin and paper money auctions for the rest of the year and future sales in Baltimore, New York and Hong Kong. Call us today at 1-800-458-4646 or email us at info@stacksbowers.com.