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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.

From the Desk of Q. David Bowers: A Curious News Item

Written by Q. David Bowers, Chairman Emeritus

I recently found the following news item in an old newspaper:

“Boston, Feb. 1. Yesterday a man by the name of Jenks was committed to jail in Dedham for having passed in this town, on Thursday, between five and six hundred dollars counterfeit bank bills of the Farmers Exchange Bank of Gloucester, RI, of the denomination of two, five, and ten dollars.”

The curious matter is that this bank itself was operated by fraudster Andrew Dexter, issued paper money without backing, and was a criminal enterprise! Dexter, however, got off scot-free, as was usually the case with bank defaults. He later went to the South where he became prominent in various enterprises, including land development. The main thoroughfare in Montgomery, Alabama, bears his name.

Remember When: The James A. Stack Collection, Part 1

By Harvey G. Stack, Senior Numismatic Consultant

In March of 1975 Stack's had the pleasure of offering for sale the outstanding collection of United States quarters and half dollars formed by James A. Stack as part of his noteworthy collection of United States coins.

Of course, the question we were always asked was if James A. Stack was part of the Stack family. He wasn't; it was pure coincidence.  Nevertheless the friendship between the Stack family and James Stack was certainly close, and many were amazed that such a relationship could exist between a collector and dealers.

This friendship started as Jim came to appreciate the way the Stack brothers treated clients. In the nearly four decades they dealt together it became almost as if he was family to Joseph and Morton. James A. Stack was a widower at an early age, and had taken up residence at the Roosevelt Hotel in New York, which was just a short walk from Stack's, then located on 46th Street. This made it easy for him to stop in, visit, and see "what's new?"

As was evident in his collection of quarters and half dollars he was willing to search the country to acquire many of the rarities. He appointed Stack's as his agent and together we found many of the rarest and choicest specimens. As he was building his collection in the late l940s into the l950s, he had the wonderful and unusual chance to purchase many of his outstanding specimens from "old timer" collections. During that era, many of these collections were coming on the market, either by private sale or via auction, due to the passing of the name collectors of an earlier era.

James A. Stack was able to acquire specimens from the noteworthy Neil, Atwater, Dunham, Hall and Col. Green collections, all of which were sold in the 1940s. He participated in all Stack's auction sales and also purchased rarities that the firm acquired privately during that period. With the vast selection of material offered on the market during this period he had many "finest knowns" and great rarities to buy from.

James A Stack was not only a person who assembled sets of dates and mints, going for completeness, but he also understood die states and varieties.  From the day he started he knew that there was more to the hobby of coin collecting than being familiar with price trends when and if they were published. His collection of coins proved his love of collecting and his appreciation of the beauty of coins.

Next week I will reminisce about the wonderful quarters and half dollars that we sold from the collection of this remarkable connoisseur.

World Coin of the Week: Carlos and Johanna Early Series 3 Reales

By Chris Chatigny, Cataloger

This week’s world coin highlight for the Stack’s Bowers and Ponterio auction at the Whitman Coin and Collectibles Baltimore Expo this November 4-10 is an infrequently seen denomination from the beginning of New World coinage. The odd three Reales denomination is a very rare type and we are excited to preview this fascinating piece. The joint mother and son co-rulers of Spain and the Spanish Domain, Johanna and Carlos I (Charles V, Holy Roman Emperor), are the issuing authority behind this coin, struck for use in Mexico, known then as “New Spain.” Joanna “the Mad” married Philip of the Habsburg line, thus introducing their House’s reach into the Spanish lands. After Philip’s death she spiraled into madness. She retained her position as the legal queen of Spain, but her father Ferdinand II of Aragon and later her son Carlos / Charles I ruled in her place.

Now under the Habsburg dominion were the Spanish conquests in the New World. Recently conquered by Hernan Cortes, the former Aztec capital of Tenochtitlan became Mexico City, the capital for New Spain and the minting location for these issues. Carlos issued a formal decree to establish a mint in Mexico City in 1535 and after the mint officials arrived from Spain (several months later) the minting began in early 1536. The first few years of coinage are known as the “Early Series” and are most easily identified by their lack of water lines. The Assayer Francisco del Rincon held the office for two years (at the time it was only on a two year lease) and used the assayer mark “R”. The three Reales pieces were only issued for approximately one and a half years, as in 1537 a decree was issued for their production to cease, and authorizing four and eight Reales to begin production. This seldom seen denomination was struck on a rather large planchet and is often confused with the four Reales, as they are similar in design and size.

The obverse design for this coin (and the series) depicts the famous “Pillars of Hercules” which marked the Strait of Gibraltar separating the Atlantic Ocean and the Mediterranean Sea. According to Greek mythology these served as a barrier to the outer then unknown sea, and were inscribed “Non plus ultra” or “nothing further beyond.” These Pillars were then adopted by Carlos I as the supporters for his coat of arms, but with a modified motto of “Plus Ultra” or “further beyond.” This was encouragement to go past the defined borders of the world, and to establish the gateway to a new Spanish controlled empire beyond the Pillars. The actual design on this coin shows two pillars surmounted by crowns in the center of the coin, with a bordered banner stretching across, with “PLVSVI” in the banner (which is one form of shorthand for the motto). Three dots above the banner represent the three Reales denomination. In the center field below the pillars is the assayer’s mark “R”. The entire central design is bordered by a beaded circle, with the outer legend “: HISPANIO : ET : INDIARUM :” with a clover symbol at the top just beyond. The obverse legend is not entirely visible; the above represents the complete and unabbreviated legend which states the Spanish holdings and conquests.

The reverse design shows the arms of the joint Castile and Leon, quartered, with a pomegranate below, all surmounted by a crown. “o-M-o” appears at either side of the device, signifying the minting location of Mexico City. A border of dots separates the design and outer legend, with the intended legend reading: “KAROLVS : ET : JOHANA :”. Similar to the obverse, portions of the legend are either worn or slightly off the planchet. Several scratches are present, but otherwise this is a wholesome example of a rare and seldom offered coin. This particular coin is pedigreed to the Hispanic Society of America Collection, and the Huntington Collection.

Look for this and other World numismatic rarities in our upcoming November Baltimore Sale. Preview this impressive coin along with the rest of our auction this October at the Stack’s Bowers and Ponterio office located in Irvine, California. For details please refer to the Auction Schedule/Details link under Current Auctions at www.StacksBowers.com. To schedule an appointment, please call 800.566.2580. While our Stack’s Bowers and Ponterio November Baltimore sale is closed for further consignments, we are currently taking consignments of world and ancient coins for our 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.

Answers for the Avid Collector: Half Cents vs. Restrikes

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 trying to identify the differences between half cent originals vs. restrikes. What was the functional difference between an original and restrike 1831, 1836 or 1843 half cent? Were originals for circulation while restrikes were just for collectors, or were they made later, and after slight design changes, to fill a greater need for circulation? Your help would be appreciated. Thanks in advance. --D.H.

Answer:  If you would like to learn as much as there is to know, at least per the state of the art in 1983, Walter Breen’s Encyclopedia of United States Half Cents, 1793-1857, is the best single source. However, the book may be “information overload,” as it is laden with technicalities. If your interest is more casual, Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins, 1988, is very useful.

As to an overview, of the dates you mention, only the 1831 was struck for circulation, and only to the extent of about 2,200 pieces. Now and again a worn example appears for sale, but such are few and far between. The dates 1836, 1840 to 1848 (which span includes the 1843 you mention), 1849 Small Date, and 1852 were made only in Proof format.

After 1811, half cents were redundant in United States commerce. Contrary to expectations in 1793, when the first coins of this denomination were made, this small denomination was not particularly popular. After 1811, no further examples were struck until 1825. Although fair numbers were struck in 1825, 1826, 1828, 1829, and 1832 to 1835, they did not circulate widely. I have found scarcely any contemporary newspaper accounts of such coins during this period, although many goods and services were priced in figures ending in a half cent, such as 12-1/2 cents and 37-1/2 cents. Such were paid for in Spanish American coins, the 12-1/2 cent piece or “bit” being a popular denomination. Two bits equaled a quarter dollar, the origin of the “two bits” term sometimes heard today.

For the Proof-only issues 1840 to 1849 Small Date, a handy rule of thumb is that “originals” made for collectors and for inclusion in presentation sets of that era all shared a reverse die with large berries in the wreath. Later, there were likely two restriking sessions each using the original obverse dies for the preceding, but with one run utilizing a later “small berries” reverse with slight doubling on the wreath ribbon and NT (of CENT); this die had been used earlier to make regular, i.e. original half cents of 1856. On another restriking run, a different “small berries” reverse was used, this one with parallel diagonal die scratches from the border down toward RICA (AMERICA).

Likely the originals were produced year by year, such as in 1840, then 1841, then 1842, and so on. The so-called first restrikes, using a reverse die also employed to make Proof half cents of 1856, were probably made at one time or at least in one limited time period after 1856, possibly beginning in 1859. The second restrikes with a different small-berries reverse are believed to have been struck later. Such shenanigans seem to have gone on through at least the early 1870s, and perhaps still later.

In addition to the three “runs” mentioned above (the one-year-at-a-time originals and two runs of restrikes), some few others were made now and then, as detailed in the 1983 Breen book. Beyond Breen, updates and other information have been published in Penny-Wise, journal of the Early American Coppers club, Dr. Harry Salyards, editor.

There are many electrotypes and fakes around of these rare half cents. I suggest that you limit any purchases to those certified by one of the leading services. In my opinion, these rare Proofs are very inexpensive in comparison to their elusive nature. This is probably because there are over a dozen Proof-only issues (including, for all practical purposes, the 1831 in the list), and it is daunting to contemplate them at all.

Paper Money of the Week: Bradbury Wilkinson Printed Government of Seychelles 1968-1975 Queen Elizabeth II Series

By Matt Quinn, Assistant Director of Currency

The 1968 Government of Seychelles banknote series is often the personal favorite of many collectors. The series was produced by the London Engraving Company Bradbury Wilkinson (BWC), who took over the printing responsibilities from Thomas de la Rue after the withdrawal of the 1954-1957 series, which had a rather uninteresting design when compared to the notes that replaced them.  BWC’s approved designs featured denominations not seen in the previous series, with 20 & 100 Rupees denominations both introduced. The notes all feature detailed scenery of the Seychelles along with one of the best portrait vignettes of the Queen found on banknotes.

The series is one which increases in rarity with higher quality and larger face values as expected. The Five Rupee notes were produced in large numbers, although only a 1968 series date was produced. The 10 Rupees design has a special allure and is found with both 1968 and 1974 series dates. The design is referenced as the “SCUM,” note, as the coral below the turtle’s back right flipper crudely spells the word. The 20 Rupees denomination was not utilized with the previous TDLR series and sometimes fades in popularity as the note is without a “nickname,” such as the 10 and 50 Rupees denominations. The 20 is available in the three dates of 1968, 1971 and 1974.

Easily the 50 Rupees note is the most popular from the series and is in a larger format as the series increases in physical size in higher denominations. The note shows the best use of color in the series with a vignette of a boat near shore with mountains behind and exhibits color to match real life. The note further expands its fame with a pair of palm trees at the right of the Queen’s portrait that when held vertically, crudely spell the word “SEX.” This engraving phenomenon is known by nearly all dealers in paper money, even those exclusive to individual countries outside of the Seychelles. The 50 Rupees design was produced with five series dates encompassing 1968 to 1973, save for 1971. The 1969 date is the scarcest while the 1972 and 1973 dates are more available.

The Stack’s Bowers and Ponterio November 2013 Official World Currency Auction of the Whitman Coin and Collectible Expo will offer a complete set of these beautiful notes with the major focus on the PCGS Superb Gem New 67 PPQ 1975 100 Rupees note. The 100 Rupee denomination was not previously used in the TDLR produced series and displays a striking red hue with a detailed shoreline vignette with turtles. A large format was utilized for denomination clarification and availability is incredibly low in comparison to the demand. This is one of only a scant few we have handled and easily the finest among them. The note is found with perfect inks, originality that is unquestionable, and large even borders. The note is rare in any Gem state of preservation; PMG shows a population report for world currency and only a single note has graded at the Superb Gem level and we would imagine that this is the only Superb Gem PCGS has graded. Certainly this note will easily stand out in even the finest of collections.

United States Coin of the Week: Gem Deep Cameo Proof 1881 Double Eagle One of Many Stars in our Upcoming November 2013 Baltimore Auction

By Frank Van Valen, Numismatist and Cataloger

As always, our upcoming Baltimore sale in November is the gathering place for many important and rare numismatic items. These include a gorgeous Gem Deep Cameo Proof 1881 double eagle, a date that experienced a coinage of just 61 pieces intended for sale to the small handful of high-rollers of the era who could afford to buy such large denomination coins from the Mint. Whether all 61 pieces were sold is unknown, but the small number of pieces known today – perhaps 20 or even fewer – suggests there was no sell-out of Proof double eagles in 1881.

The 1881 double eagle in our upcoming official auction of the Whitman Coins and Collectibles Baltimore Expo is an unusually beautiful orange-gold specimen with deeply mirrored “orange peel” surfaces and frosty design motifs that offer an unrestricted cameo contrast. A search of the PCGS Population Report shows a combined total of 14 grading events for the date in Proof and Deep Cameo Proof, and that figure could very well include a number of resubmissions. The offered Gem is tied for finest certified of the date within any Proof category. In any event, this 1881 Proof double eagle is absolutely one of the finest known examples of this rare Proof issue, and CAC agrees wholeheartedly with that assessment. It compares most favorably to the Gem Proof 1881 double eagle offered as lot 916 in our sale of the Harry W. Bass, Jr. Collection in November 2000.

Coins such as this 1881 double eagle are the things of which numismatic dreams are made. With its Proof mintage of just 61 pieces and its circulation strike mintage of only 2,200 coins, this beautiful Gem Deep Cameo Proof 1881 double eagle will entice any specialist who appreciates rare double eagles or rare U.S. coins as a whole. Remember, when great collections are sold, Stack’s Bowers sells them! It’s so much more than just a slogan thrown together to impress -- around here, it’s a fact of life. If you have coins to sell, why not contact us immediately, as it could prove to be one of the most important numismatic decisions you have ever made. 

Did You Know???

Did You Know that Stack’s Bowers Galleries beat its own record for the most expensive collection ever sold? Last week the John J. Ford Jr. sessions of political tokens and other exonumia brought the total prices realized over $61 million, beating Stack’s Bowers Galleries previous record for the Louis E. Eliasberg, Sr.  collection which realized nearly $60 million.

Ron Gillio in Paris!

Ron Gillio vous rencontre à Paris!

Upcoming Events: The September Americana Internet Only Session

While the fun and excitement of the live sessions of the official auction of the Whitman Coin and Collectibles September Philadelphia Expo are drawing to a close, there are still many interesting lots for your enjoyment! Head to our website to check out session 5, the internet only session of the September Americana sale! There are more than 1,150 lots for you to review, including tokens, medals, colonials, large cents through silver dollars, gold, commemoratives and more! The internet only session closes for bidding on Tuesday, September 24th at 3:00PM Pacific time. It is a timed auction event, so don’t be late!

United States Paper Money of the Week: Cadiz, Ohio, $5 Original. Fr. 394, Only Known Original Series From the Watermelon Collection

Based on the lot description by Q. David Bowers, Chairman Emeritus

Stack’s Bowers Galleries is proud to present The Watermelon Collection Part II in our Official Auction of the Whitman Coin and Collectibles Baltimore Expo. The sale will be held at the Baltimore Convention Center from November 5th through the 9th. Highlighting this collection is a $5 Original National Bank note from the First National Bank of Cadiz, Ohio, Charter #100. This example of Friedberg 394 has Serial number 1 and is graded by PCGS Very Good 10. Apparent. Minor Edge Splits; Tape Repairs on Back.

The Cadiz, Ohio Bank was chartered in October 1863 with a capital of $120,000 against a limit of $250,000. The first president was Joseph S. Thomas and the first cashier was James M. Watson. The institution changed its title to the Union National Bank and Trust Company on January 12, 1931, having by that time assumed the businesses of three other National Banks.

The note is pedigreed to lot 4071 in Barney Bluestone’s 1946 sale of the Albert A. Grinnell Collection. Bluestone, a Syracuse, New York dealer, sold the Grinnell Collection in multiple sections in what was considered to be the greatest sale of currency ever. Grinnell was the principal in Grinnell Brothers, a large musical retailer and wholesaler in Michigan with stores throughout the state, mainly in Detroit. The business prospered until the Depression, at which time he found himself in reduced circumstances.

You can view this exciting lot and the rest of the auction on our website in mid-October. To request a catalog please call our auction services department at 800-458-4646.

United States Coin of the Week: Blundered Edge 1851 Humbert $50 Gold to Star in Stack’s Bowers Upcoming November 2013 Official Whitman Baltimore Expo Auction

By Frank Van Valen, Numismatist and Cataloger, U.S. Coins. Based on the lot description by James Matthews, Senior Numismatist and Consignment Director, U.S. Coins.

As has been customary for more than two decades, all eyes in the numismatic world will be on our November 2013 official auction of the Whitman Coin and Collectibles Baltimore Expo. Collectors have come to rely on our Baltimore sales for quality offerings and superior results. Along with the usual complement of “bread and butter” coins in the November 2013 sale will be numerous rarities from various denominations. One of these rarities connects us to the fabled days of the Gold Rush in an historic – and possibly unique -- manner.

The history of the piece is ably outlined in our catalog description: “The United States Assay Office was formed under the guiding hand of Moffat & Company. Prior to 1851 several private minters issued gold coins in California, but standards varied and many were seen as issuing lightweight coins. When Augustus Humbert arrived in San Francisco with new coining dies for the $50 denomination, the date was January 30, 1851 and new coins were struck at his office the very next day. The unique octagonal shape of the $50 gold coins soon became a symbol of the coinage of California. The reverse design includes the elegant ‘engine turned’ design seen on pocket watches, and was adapted to these large format gold coins by C.C. Wright. Albert Küner who was local to San Francisco engraved later dies. These new coins were of uniform size and weight, and were acceptable for duties at the Customs House in town. Sadly, the initial legislation did not include authorization for smaller denominations, so the vast shortage of silver and smaller denomination gold coins continued for a few more years, despite the efforts of some private mints in that area, as well as coins arriving from eastern mints to try to offset the shortages in California. These problems would persist until the San Francisco Mint opened for business in 1854 and coinage supplies slowly normalized in California for the duration of the Gold Rush.”

The featured coin, an NGC-certified AU-58+ 1851 Augustus Humbert octagonal $50 gold “slug” or “ingot” (as they were officially called), is Kagin-2 and Rarity-5 for particulars. This popular issue features a lettered edge, is designated 880 THOUS on the ribbon, and is without “50” at the center of the reverse. What makes this particular Choice AU piece so unusual is the fact that the lettering on the edge was routinely entered individually on each of the eight sides and reads AUGUSTUS HUMBERT UNITED STATES ASSAYER OF GOLD CALIFORNIA 1851. The present piece was blundered by the firm, with OF GOLD appearing twice, once where it belongs in the scheme of things, and a second time over the date, thus reading OF GOLD/1851 on one of the eight edges.

How rare is this error edge style? In all our years, this is the first one we recall seeing, though it is entirely probable that another, or more, do exist. No matter, we suspect that more than one advanced private gold specialist will have this pleasing rarity on his or her numismatic shopping list when the bidding begins, with the coin no doubt sparking a mini-gold rush all its own. If you collect private or territorial gold coins, we suggest this star will shine brightly in your collection.

Answers for the Avid Collector: Courtesy Signatures

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 was looking at some paper money the other day and noticed that one of the notes had the signature of Treasurer Daniel N. Morgan on it twice. I was told that this was a “courtesy autograph.” Can you explain that term for me? Also, do you have information on Daniel N. Morgan? – C. A.

Answer:  Daniel N. Morgan was a native of Connecticut and a career banker. He served as treasurer of the United States from June 1, 1893 until June 30, 1897, during which time currency plates were made with his signature, along with the signature of the current register of the Treasury. These signatures were then printed on the paper money.

From June 1, 1893 to June 19 of the same year (only 18 days) the signature combination was that of Morgan and William S. Rosecrans as register. While their time together was short, the printing plates  continued to be used later. Despite this, relatively few notes with the Rosecrans-Morgan signature combination exist, and the $5 and $20 Series of 1882 Date Backs are great rarities.

From July 1, 1893 through June 30, 1897, the register was James F. Tillman. During the nearly four years of this combination (and while the plates continued in use) many millions of notes were issued, including the famous 1896 Educational $1, $2, and $5 Silver Certificates.

As for the second hand-written signature, Morgan himself was a collector of autographs. He kept several books of blank pages and invited prominent government officials and others to sign them. Visitors to Morgan’s office in the Treasury Department Building in Washington often exchanged bills with him to get a freshly printed one with Morgan’s inked signature added on the spot. These are called “courtesy autographs” today and they are encountered somewhat regularly in the market, for Morgan as well as other signers.

World Coin of the Week: Great Britain 1682 Gold 5 Guineas

By Chris Chatigny, Cataloger

The upcoming Stack’s Bowers and Ponterio auction this November at the Whitman Coin and Collectibles Baltimore Expo is shaping up to be a remarkable event. This week’s showcase coin is an extraordinary gold piece from the advent of milled coinage from Great Britain. This coin was struck towards the end of Charles II’s reign, a triumphant if turbulent return to the monarchy. His father, King Charles I, was deposed and beheaded during the English Civil War, forcing the young would-be successor to the British throne into exile. After the British Interregnum ended and the Commonwealth of England was dissolved (after the death of the virtual dictator Oliver Cromwell), Charles II was invited to return to England and assume the monarchy. All legal documents were dated as if he had succeeded his father immediately after his death in 1649, overlooking more than a decade of a British Republic. After Charles’ restoration to the monarchy, hand-minting of coinage was eventually superseded by Blondeau’s minting machines. These “milled” coins marked a huge milestone in English numismatics, and this 5 Guineas piece is a beautiful example of the beginnings of this era.

The obverse features the bust of King Charles II right, wearing a laurel wreath crown. This bust is known as the second bust type, and is identified by the truncation or lower portion of the bust, which is rounded at the bottom. The Latin legend begins at 8 o’clock and reads clockwise: “CAROLVS. II. – DEI. GRATIA.” This inscription states the King’s name, followed by: “By the Grace of God” implying the King’s divine right to rule. This coinage type represented their value in terms of Shillings; 5 Guineas were equal to 100 Shillings, and so on. The coins were eventually called “Guineas” as the gold used to mint these coins was imported from Guinea in West Africa by the Africa Company.

The reverse of this coin showcases the arms of the regions under the dominion (and in the case of France, claims) of the British crown. Four crowned cruciform shields bearing the arms of England (three lions passant guardant to left), Scotland (Lion Rampant to left within double border), France (three Fleurs-de-lis), and Ireland (a Harp). These designs are separated by scepters which radiate from a center design at an angle. The outer legend displays: “MAG. BR. FRA. ET. HIB. REX.” followed by the date of 1682. The Latin legend translates as: “Great Britain, France, and Ireland, King” which indicates the King’s domain and his claim to the throne of France. Some contact marks on cheek and scattered throughout, otherwise a wholesome coin. This piece is the second highest graded by PCGS at AU-50, and shows light to moderate wear for the grade.

Look for this and other world numismatic rarities in our upcoming November Baltimore Sale. Preview this impressive coin along with the rest of our auction this October at the Stack’s Bowers and Ponterio office located in Irvine, California. For details please refer to the Auction Schedule/Details link under Current Auctions at www.StacksBowers.com. To schedule an appointment, please call 800.566.2580. While our Stack’s Bowers and Ponterio November Baltimore sale is closed for further consignments, we are currently taking consignments of world and ancient coins for our 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: ANA Conventions Then and Now, Part 2

By Harvey G. Stack, Senior Numismatic Consultant

At the end of my last story, I mentioned how buying and selling changed at the ANA Convention in the early 1950s.  The Mint had started to issue Proof sets again and trading in these products, singly and in bulk, began to dominate the bourse floor. Dealers and speculators would roll in cases of the new sets for sale. The next big trend, later in the 1950s and into the 1960s, rolls of Uncirculated United States coins became the hot item as rolls and bags of coins were carted into a convention room on large rolling carriers, and bought and sold as unopened bags and unbroken rolls.  In fact, trading got so wild that Sol Kaplan, a dealer from Cincinnati, Ohio, set up a Bid & Ask Board, for rolls as well as Proof sets. Prices could change daily, hourly, or by the minute. It almost seemed that rare coins didn’t matter, only quantities of coins.

In 1970 or so there was a major flutter in trading of gold coins on the floor of the show and large sums of money could change hands. This was another distraction to dedicated numismatists during this era. Later in the 1970s, speculation in Silver Certificates dominated the bourse floor. At the time, Silver Certificates could be exchanged for silver bullion and a profit could be made almost instantly by then selling the bullion for a good-sized profit.

The Mint also started producing more special issues in the 1980s and the trading in these modern issues became an important part of the hobby and the business at the convention. Eventually it seemed that the Mint had gone too far and these programs were criticized for profiteering on collectors who tried to keep their collections current and had to buy more and more coins. Eventually at the beginning of the 21st century the Mint slowed down production.

This Mint programs caused a group of numismatists to go to Washington to address the situation. It was there and then that I proposed that the Mint produce something that could be collected at face value and bring the public back into coin collecting. The result was the Statehood Quarter series, which lasted for 10 years and did cause many people to search through their change, try to collect the whole series, and become acquainted with coin dealers, numismatics, and even attend conventions. After this series was issued, I am happy to report that there was a noted increase in attendance at all coin shows, including those held by the ANA.

The ANA has also worked to increase interest in coins. There are other conventions, besides the summer convention, as well as educational programs including their Summer Seminar. The Professional Numismatists Guild also offers educational opportunities, and organizations such as scouting encourage collecting of many things, including coins.

All of this was going through my mind as I stood in the lobby of the convention center hosting the 2013 World’s Fair of Money. Thinking back over my 67 years as a professional numismatist I thought that while many things had changed, it was evident that the desire to collect, the seeking of special pieces and rarities, the enjoyment of owning, learning about, displaying and discussing coins is still alive and well at the ANA convention as well as in numismatics at large.

From the Desk of Q. David Bowers: Low-Mintage Rarities for Reasonable Prices

Written by Q. David Bowers, Chairman Emeritus

The era of classic silver commemoratives, 1892-1954, comprises 48 different design types of half dollars or, with mintmark and other varieties added, 142 half dollars. In addition there is the 1893 Isabella quarter and 1900 Lafayette dollar. Accordingly, a complete collection of classic silver commemoratives includes 50 pieces if you desire just the design types, the 144 pieces if you want one of everything.

The series began in 1892 when half dollars were released for the World’s Columbian Exposition scheduled to open that year. However, construction delays occurred, and although there was a brief ceremony in 1892, the gates were not opened to the public until 1893. In 1893 more were struck with that date, celebrating the 401st anniversary of the “discovery” of America (not that it was lost in the first place. Thus was set a pattern of issuing commemoratives with illogical dates.

Fast forward to 1920 when the Pilgrim Tercentenary half dollar was issued to observe the 300th anniversary of the pilgrims at Plymouth, Massachusetts. Even though quantities remained unsold, an additional issue dated 1921, for the 301st anniversary, was produced. A further oddity occurred with the Alabama Centennial half dollar that year. First of all, the actual centennial took place in 1919, so in 1921 the coin was two years late. Although there was no necessity to do so, two varieties were made, one with a 2X2 in the field, for Alabama being the 22nd state. To complete their collections, numismatists had to buy two, not just one, Alabama half dollar. The flood gates opened and before long we had Grant half dollars with and without stars, Missouri half dollars with and without 2*4, and so on.

In 1926 the Oregon Trail Memorial Commission sponsored a commemorative half dollar. Two varieties were made, one at the Philadelphia Mint and one at the San Francisco Mint with an S mintmark. Too many were produced, and thousands were stored at the Mint until the commission could pay for them. One might think that the series was over. However, the Oregon Trail was long and winding, with another issue in 1928, some skips, then more extending all the way to 1939, when Congress put an end to the practice.

Therein lies this week’s message. A number of long-extending series issued without logic but simply to create coins for collectors, have very low mintages toward the end. For example, in 1939 the Oregon Trail half dollars of the Philadelphia, Denver, and San Francisco mints were distributed only to the extent of 3,000 pieces. The prices of individual coins in Choice and Gem condition are in the hundreds of dollars, believe it or not. Just imagine if today in 2013 the U.S. Mint issued a commemorative half dollar with a mintage of just 3,000 pieces; you would be looking at $5,000 to $10,000 or even more. Why are these low-mintage pieces so cheap? Primarily because few people have paid attention to them. There are so many regular and commemorative issues these days, from older varieties to new ones, that they have fallen by the wayside.

Texas celebrated it centennial anniversary in 1936. However, the half dollar observing this was first put out in 1934, two years in advance, in order to capture money for numismatists, followed by sets in 1935, more during the actual anniversary year of 1936, and then in the last year, 1938, low mintages of just 3,775 sets totally. Again, individual Choice and Gem coins are priced just in the hundreds of dollars.

Next comes the 1934-1938 Daniel Boone Bicentennial half dollar, more or less following the pattern of Texas, stringing on almost forever, terminating in 1938 with just 2,100 coins from the Philadelphia, Denver and San Francisco mints. Once again you can buy Choice and Gem pieces for in the hundreds of dollars. Next comes the Arkansas Centennial, an actual event that took place in 1936, unless you look at numismatic data and you will find that it began in 1935 and kept going on and on until 1939. In the last year just 2,100 coins were released from each of the three mints.

After 1939 there were not any commemoratives until 1946 when the Iowa Centennial half dollar was produced to the extent of 100,000 pieces for distribution. Curiously, not all have been distributed, as 500 are being set to be released on the 200th anniversary, which will not take place until 2046. Be sure to mark your calendar so you can get one!

Booker T. Washington half dollars were made that year at all three mints, continuing in sets through 1951. Stack’s was an official distributor as we were with certain earlier issues. Certain of these issues have low mintages, such as just 6,000 coins for 1949 and 1950, with a complete set in Choice and Gem condition costing in the low hundreds of dollars. Imagine that! The scenario concludes with the Carver-Washington half dollars from 1951 to 1954, again with low mintages in some instances, such as just 8,000 pieces from certain mints in 1952 and 1953, again as inexpensive as can be.

If you want to try something interesting, how about putting together a complete set of the 13 varieties of the 1926 to 1939 Oregon Trail Memorial halves? Some years ago the Society for U.S. Commemorative Coins took a poll of its readers as to the most beautiful design and this was the winner. A complete collection includes scarcities and rarities, low-mintage issues, and is unbelievably inexpensive.

See you next week!

Test Your Knowledge: What Do You Know!

Put your numismatic knowledge to the test and see what you know! Check out next week’s eNewsletter for the answer. Can’t wait until next week? Visit Stack’s Bowers on Facebook or Twitter now for the answer!

Did You Know???

Did you know that Stack’s Bowers has published many standard reference books over the years—including Howard R. Newcomb’s U.S. Large Cents 1816-1857. and Dave Bowers’ Commemorative Coins of the United States and Silver Dollars and Trade Dollars of the United States, to mention just three titles?

From the Desk of Q. David Bowers: Morgan Dollars

Written by Q. David Bowers, Chairman Emeritus

This week I return to one of my favorite subjects, Morgan silver dollars. If you are an old-timer you know all about them. If you are relatively new to numismatics, say in the past year, and haven’t explored this fascinating series, you might want to consider it.

First minted in 1878, pieces of the design by George T. Morgan were struck continuously through 1904. Production occurred at the Philadelphia, Carson City, New Orleans and San Francisco mints. Today, the issues from Carson City, generally made in small quantities are especially popular. There is good news concerning them. But first, I continue:

After the authorized amount of silver bullion ran out in 1904, no new dollars were made for a long time. Then, in 1921, the Treasury Department decided to make more to furnish backing for Silver Certificates. The old Morgan dollar master dies were no longer available, so new dies were made up, differing somewhat in relief and minor details from those used earlier. In 1921 large mintages occurred at Philadelphia, Denver and San Francisco, the Denver Mint examples being the only Morgan dollars struck at that mint. The mintmarks were very tiny on the D and S coins, perhaps intended for dimes. In December 1921, the Morgan motif was dropped in favor of the new Peace silver dollars. These were made intermittently from 1921 through 1935.

The Guide Book of United States Coins, a good basic source, lists nearly 100 different dates and mintmarks of Morgan dollars from 1878 through 1921. Some other sub-varieties are listed as well, but if you stick to just basic dates and mintmarks you are looking at fewer than 100.

A wonderful thing about Morgan dollars is the fact that when they were made pursuant to congressional demands, there was very little need for them in circulation. Accordingly, they piled up in Mint and Treasury vaults, even in the Philadelphia post office at one point. There was not much interest in collecting them at the time. Years later Morgan dollars became popular, and by the 1950s there were many people collecting them.

Then in 1962 there was a great surprise: a long-sealed vault in the Philadelphia Mint was opened and revealed 1,000-coin bags of 1903-O dollars, each sparkling Mint State. Years earlier when the New Orleans Mint had closed, these had been sent to Philadelphia for storage, and then forgotten! The 1903-O dollar was rated as the rarest variety in the set, with just a handful of Uncirculated pieces known. The Guide Book priced them at $1,500. All of a sudden there was a bonanza. They were everywhere and anywhere, and the price dropped to as low as $14 each. A great rush ensued, and by March 1964 the great “silver rush” had emptied the Treasury vaults, stocks held by banks, and dollars stored everywhere else. Part of the bonanza included hundreds of thousands of low-mintage Carson City issues! Finally, in March 1964 the Treasury took stock of remaining pieces, about three million Carson City coins, set them aside, and later offered them for public sale.

The result is that today in 2013 it is possible to acquire more than half the dates and mintmarks for less than a few hundred dollars per coin. This is really amazing. A good way to start is to set a budget of, say, $300 per coin (or whatever you wish). Buy whatever you can in the way of MS-65 coins at that price. Then when done buy what you can in MS-64, and so on, going down to say, MS-62 or MS-63. Be sure to cherrypick for quality along the way. Before long you will have the majority of the set. Then you can investigate the other dates and mints on a one-by-one basis and determine what grades you want.

Morgan dollars are wonderful to collect. You will be well rewarded if you investigate.

Remember When: ANA Conventions Then and Now, Part 1

By Harvey G. Stack, Senior Numismatic Consultant

I recently returned home from the ANA Convention in Rosemont, Illinois, a suburb of Chicago. Now called the World’s Fair of Money, the convention was a time for me to have a few days of meeting and greeting old friends and colleagues and spending time at the Stack’s Bowers bourse table and our official auction.

As I stood in the outer lobby waiting to meet up with a friend, I looked around at the large greeting area, saw hundreds of collectors and dealers registering to attend the convention, and thought about how the ANA Convention has changed and grown over the years that I have been attending.

I thought back to the first ANA Convention I attended. The year was 1939 and the convention was held at the Pennsylvania Hotel at 7th Avenue and 32nd and 33rd streets, just across from Pennsylvania Station, a major terminal for travel to and from the city. The convention was held in a relatively small ballroom, with about 40 or so dealers at the bourse.

Stack’s was holding the first public coin auction ever held by and sanctioned by the ANA. It was a great honor to be chosen and we offered a great group of coins for sale. About 200 ANA members registered for the convention and the total number of attendees was somewhere around 500 to 700. The World’s Fair (an actual World’s Fair) was also being held in New York City in 1939 (and the following year) and this was an added attraction to many who traveled to the Convention.

Since that time the ANA Convention has been held in many cities. I became an ANA member in 1947 and attended as a member and professional numismatist the show held at the Statler Hotel in Buffalo, New York. The room was a large one and there was a very unusual set up. Some 100 or so dealers lined the room’s perimeter with their bourse tables. The auction was set up in the center of the room and dealers were able to sit at their tables and bid. The ANA thought this idea had great merit, but it was terrible. The noise level from the auction going on while the bourse was open with collectors walking around the room chatting and discussing coins was such a distraction that it was not a good convention for anyone.

As years went on the auctions were held in different rooms, and that is the tradition that, logically, continues today. However, in the 1950s and later, buying and selling at the show changed, with a greater emphasis on the sales of bulk material, and less on the trading of dealers and collectors with each other.

I will tell more of these changes next week, in Part 2 of my convention reminiscences.

World Coin of the Week: Finest Certified Mexico Hermosillo 8 Escudos

By Chris Chatigny, Cataloger

The Stack’s Bowers and Ponterio official auction of the Whitman Coin and Collectibles Baltimore Expo this November is rapidly coalescing into an impressive sale. Following the extraordinary Stack’s Bowers and Ponterio August ANA and Hong Kong auctions, the Baltimore show will offer world and ancient coinage, as well as U.S. coins, tokens, medals and exonumia including world and U.S. currency. In the eight weeks before the show starts we will offer various articles previewing some of the highlights from the auction. To start things off this week will showcase a gold piece from Mexico’s First Republic.

This gold 8 Escudos dated 1873 was minted in the town of Hermosillo which was named the capital city of the Mexican state of Sonora in the year 1879. Although its origins date back to the early 1700s, it was not given its current name until 1828 when it was named after General Jose Maria Gonzales de Hermosillo who fought in the War of Independence against Spain. The state leased the mint to private individuals and companies during most of its existence. The mint ceased operations and closed in 1895. During the Mexican Revolution, Hermosillo became the meeting place of Carranza’s war cabinet and was the capital of Mexico for about five months.

 The obverse of the coin depicts the national arms of Mexico, which evoke the legend of the founding of Mexico City, then known as “Tenochtitlan.” The legend begins with an Aztec oracle pronouncing: “Settle where an eagle is found perched on a cactus, tearing a snake apart.” This symbol has been used on Mexican coins since as early as 1823. The obverse for this piece bears these icons as well. The eagle stands triumphant atop the cactus, wings spread with one claw grasping the cactus and the other holding the tail end of the snake. The eagle is biting the snake near its head, as it prepares to pull it apart. Two branches, oak and olive, are twined together by a bow knot, and form a half border along the bottom of the coin. The words: “REPUBLICA MEXICANA” complete the outer border for the coin.

The reverse is dominated by the “Liberty Cap” design. A forearm is shown holding a stick, with the liberty cap resting atop. An open book, with its visible page reading “LEY” (Spanish for law) is just to the left of the hand. The upper inscription: “LA LIBERTAD EN LA LEY” means “Liberty within the law.” The lower inscription of 8E signifies the denomination of 8 Escudos, the monogram of “Ho” for Hermosillo, the date of 1873, the mint assayer’s initials: “P.R.” for Pablo Rubio, and finally the fineness of the gold expressed in karats (21 quilates). This coin displays a choice lustrous quality, and is graded by NGC as a Mint State 64, the finest certified 8 Escudo (of any date) for the mint of Hermosillo. This coin is sure to draw a crowd when it crosses the block at the November Baltimore auction.

Look for this and other world numismatic rarities in our upcoming November Baltimore sale. Preview this impressive coin along with the rest of our auction this October at the Stack’s Bowers and Ponterio office located in Irvine, California. For details please refer to the Auction Schedule/Details link under Current Auctions at www.StacksBowers.com. To schedule an appointment, please call 800.566.2580. While our Stack’s Bowers and Ponterio November Baltimore sale is closed for further consignments, we are currently taking consignments of world and ancient coins for our 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.

Answers for the Avid Collector: Strike, Toning, Eye Appeal?

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, Do you think strike is more important on a coin or toning/eye appeal? – F. M.

Answer:  This question cannot be answered by yes or no. It is like saying which do you think is more important on an automobile, the steering wheel or the tires? Or, which is more important in an employment candidate, expertise or honesty? Both need to go together.

And so it is with coins. Strike is a matter that needs to be carefully studied. Fortunately, with photographs on the Internet and with other information this is not hard to do. Suppose, for example, that you wanted to buy a 1923-S Walking Liberty half dollar. If you were to examine 100 different coin illustrations you would see that not a single piece is sharply struck, and all have weakness at the obverse center. Equipped with this knowledge you can set about in the marketplace and find one within that category that is slightly better struck than average, and then go about checking the eye appeal -- selecting one that is beautiful to behold.

In general, and I have said this in my books, if something is unattractive or ugly, unless it is the only known example of a rare token or medal, or something else that is irreplaceable, just pass it by. You will have another chance. If something is not attractive to your eye, you can be sure that when you sell your coins, say at auction, bidders are not going to find it attractive either. One wonderful thing about certified coins is that only a small percentage of people consider eye appeal. Going back to the 1923-S half dollar, many more people will prefer an MS-64 coin that I might consider to be ugly as a toad, than an MS-62 example that is beautiful. To me, I wouldn’t want the ugly MS-64 at any price. However, people tend to look at just numbers. The beneficial part of this is that ugly coins in holders find a very active market, especially if priced slightly below the going price. I will leave it up to you to decide whether such are bargains or not.

On the other hand, many coins can be found sharply struck. In series such as Liberty Head nickels this is the rule, not the exception. This can be an interesting place to cherrypick. On the Liberty Head nickel there are two places to observe weakness. I invite you to go on the Internet and have some fun checking these out. The first point involves the center of the stars on the obverse. Are the centers on some stars flat? The other point is the ear of corn on the lower left reverse. Are all the kernels visible? Sharpness in this area is a bit harder to find than on the star centers. The nice part is that if a truly rare Liberty Head nickel came up for sale, say a MS-65 1886, this might be the answer for someone seeking such a piece for a year or two. As a connoisseur you can study an image and see if it is sharp on both sides. If so, bid, and above market, if it has good eye appeal. If it is not completely sharp or if the eye appeal is not good, wait until next time. This might be a number of months away but part of the enjoyment of numismatics is not being able to have an instant collection. The thrill of the chase, the enjoyment of hunting, is a major part of the game.

United States Coin of the Week: Outstanding MS-64 1806 Quarter Dollar Highlights our September Americana Sale

By Frank Van Valen, Numismatist and Cataloger, U.S. Coins. Based on the lot description by James Matthews, Senior Numismatist and Consignment Director, U.S. Coins.

An outstanding NGC-certified MS-64 1806 quarter dollar will be one of many highlights in our upcoming September 2013 auction event in the City of Brotherly Love, Philadelphia. Lot 3096 in our Official Auction of the Whitman Coin and Collectibles Exposition has a long and important pedigree attached to it, including such names as Wayte Raymond and John Jay Pittman, to which will be added that of the fortunate bidder who takes it home from the upcoming auction.

This attractive golden-gray specimen exhibits pale rose and blue iridescence in a bold light source, a grand amount of supportive luster, and a strike that is finer than typically seen for the variety – Browning-2, Rarity-2.

The surfaces exhibit clash marks on both sides and there are a group of advanced die cracks on the reverse. A cud later forms on the reverse above TATE in STATES, but the specimen offered in this sale is from an earlier reverse die state and has yet to form the mentioned cud.

Quarter dollars of the Draped Bust, Heraldic Eagle style, as offered, were made in just four years – 1804, 1805, 1806, and 1807. After 1807, no quarters were produced until 1815, and those were of a new style. Fortunately for today’s collectors, the 1806 is not a major rarity, and though it is scarce in high grades, examples such as this beautiful piece are not priced to the stratosphere, and when located, make excellent additions to advanced U.S. type sets as well as early quarter holdings.

If past auction history is any gauge, all eyes will be on our Philadelphia event, and many of those same eyes will be on the beautiful 1806 quarter as it crosses the auction block. If you mean to have an example as fine as this piece, your best bet is to bid with tenacity, or else the lovely MS-64 1806 quarter may find its way into a world-class collection other than yours.

Crossing the Block: The John J. Ford, Jr. Collection: Part XXIV

Concluding One of the Most Important Collection of Tokens Western Americana, Political Americana and Related Items Ever to be Offered

Written by Q. David Bowers, Chairman Emeritus

Our presentation of the John J. Ford, Jr. Collection at auction during the past decade has been unequalled in the annals of American numismatics. No presentation like this will ever occur again—as no similar collection has ever been formed. It would be impossible to duplicate the holding today, as many pieces are unique, many others are great rarities, and John’s acquisition of these not only dated back to the 1940s, but sections of the Wayte Raymond and F.C.C. Boyd cabinets incorporated into the Ford Collection date back even further.   

The present sale is the final chapter in the Ford Collection annals.

I and the entire team give special thanks to Harvey Stack and Larry Stack for their efforts in bringing this fabulous cabinet to excited collectors worldwide. Of course, their involvement with the collection started long ago and made ground breaking news when Part I crossed the block a decade ago in October 2003, setting numerous market records that still remain today. It has been a pleasure more recently in working with Harvey and Larry bringing numerous sections of the John J. Ford, Jr. Collection to market, certainly a memorable experience for me and all others involved, most recently with our two catalogs—one of paper money and the other of tokens and medals—showcased at the American Numismatic Association World’s Fair of Money held in Chicago this past August. As we bring this remarkable collection to a close, the memories made during the sale of this collection will live on in the numismatic records books for decades to come.

John loved tokens, medals, historical artifacts, political Americana, Western Americana, and related areas. The present and final sale of his collection is in some ways a continuation of our August presentation of tokens and medals, and in other ways includes hitherto unoffered items such as a simply spectacular listing of political medals, badges, ferrotypes, and buttons—likely the most important ever!

With unstinting energy over a long period of time he traveled widely, had first choice of old-time estates, purchased in the marketplace and at auctions, and in other ways was one of the most important buyers of his time. With a keen sense of rarity and value he often captured prizes that eluded others.

John’s knowledge of the history of our nation was unsurpassed by any numismatist I have ever met. If asked he could mount the proverbial soapbox and discourse on just about anything under the sun—including, relating to items in this sale, the presidencies of George Washington through the elections of the 20^th century—and without preparation or notes! As to Western Americana he seems to have known the name of every assayer, every mining camp, and every enterprise of the 19th century.

As I mentioned in the introduction to our recent sale of John’s tokens and medals, his penchant for gaining knowledge and capturing numismatic prizes was not unknown to me, of course. I first met John in the mid-1950s at his office in the back gallery of the New Netherlands Coin Co., became friends with him, and visited him at his home in Rockville Centre and his office in Manhattan many times.  After he moved to Arizona I had several nice visits with him there as well.

John was a “grand acquisitor,” to use a term applied to a famous curator of the New York Metropolitan Museum. He let no landmark token, medal, or item of political Americana escape him, or at least that was his intention. Boldness marked his buying strategy. Well studied in the rarity of even obscure items, he pursued treasures relentlessly.

Often the thrill of the chase took precedence to enjoying the items afterward. Although if shown one of his own items he could talk about it endlessly, many purchases were stored in the boxes and envelopes in which he received them. Another of his characteristics was that if one item was worth owning, including rarities, having two, three, or even four was better yet!

I anticipate a lot of interest as the presently-offered items cross the block at the Whitman Coins & Collectibles Expo in Philadelphia. If political Americana including related tokens are your forte, you will be in heaven! The term once in a lifetime opportunity is certainly applicable here. There are many items that, if you do not take them home, will likely forever elude your grasp.

In conclusion I give a nod to the entire Stack’s Bowers Galleries team who helped produce this catalog. Contributions were company-wide requiring literally hundreds of hours to bring you what will certainly remain a standard reference for the future. From our team to you as a prospective bidder, best of success!

Sincerely,

Q. David Bowers