Test Your Knowledge: Name That Place!

Put your numismatic knowledge to the test and see if you can name that place! 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 own Greg Roberts, President and CEO of Spectrum Group International was honored by the PNG for 25 years of support?

This Week! FREE Coin and Currency Appraisals Event in Irvine, California!

Looking for a great way to make some extra cash for the holidays? Could you be holding the next record-breaking coin or banknote? Or wondering if items you've inherited are worth anything? If so, we invite you to attend our free appraisal event where experts will be on-hand to evaluate all: U.S. Coins • U.S. Currency • World Coins World Currency • Ancient Coins   FREE APPRAISAL EVENT Spectrum Group International 1063 McGaw Avenue, Irvine, CA 92614 Friday, December 6 | 9 a.m. — 5 p.m. Saturday, December 7 | 9 a.m. — 5 p.m. Sunday, December 8 | 10 a.m. — 2 p.m. Receive a free verbal appraisal, then decide to keep, sell outright, or consign to one of our international auctions. Get on-the-spot payment for qualified purchases when you sell your materials to us outright. Generous cash advances are available instantly for up to $10 million on qualified auction consignments. Armed security on premises. SGI is a member of the Professional Numismatic Guild (PNG). Please do not clean your coins. Call Denah Angel Shenkman to Schedule an Appointment 949.748.4817 • Walk-ins Welcome

StacksBowers.com • info@spectrumgi.com • dangel@stacksbowers.com Irvine • New York • Wolfeboro • Hong Kong • Paris

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Did You Know???

Did you know that Stack’s Bowers is offering special hardcover Ford Collection catalogs Part 22, 23 and 24 for sale? $150 for the 3 volume set or $75 each. Buy yours today!

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: Old Time Collections Part 1

By Harvey G. Stack, Senior Numismatic Consultant

As we review many catalogs received each year we see the term "old time collection” used and are often asked, "What is that?"  

In general, the phrase, “old time” refers to a collection formed over a period of 30 to 40 years, held by a single collector or his family.  However, my definition is more extensive. Going back to the beginning of the growth of coin collecting, which seemed to start with the public putting away a few pieces here and a few there, we should consider that the development of coin collecting in the beginning of the 20th century in America mirrored the development of wealth at that same time.

Massive numbers of immigrants to America brought with them silver and gold coins from many foreign countries. Some of these were exchanged for American coins but others were kept as souvenirs from where they came from. In either instance, these could be considered a store of wealth. As interest grew, some decided to make the coins into collections and it became a hobby for those who could afford to retain them. In the early 20th century different dates of silver and gold coins could be found in circulation and many sought out the challenge of finding a complete collection.

I could list scores of names of collectors who formed “old time” collections during this period. However, I would like to use a collection that Stack's sold in 1960 as an example. It was formed by Milton A. Holmes, an industrialist who had the extra wealth to acquire items to enhance his collection, which he started some four decades before his death in 1960.

Examining the collection formed by Milton A. Holmes leads one to believe that there must have been relatively few who were interested in general coin collecting at the time.  For Proof coins struck from 1858 to 1915 (when the mint temporarily ceased making Proof coins), the number struck each year was basically 1,000 or fewer in silver and gold, and somewhat more in copper and nickel. There were always some left in the Mint's vault, and in the late 19th century one could still buy earlier issues.  So, it is evident that those who collected were a small number. Milton A. Holmes was able to acquire many of his coins at close to metal value. He always talked of "collector's luck" when he was successful in acquiring, either from private sale or an early auction, a specimen he had sought for a period of time.

During the early 20th century there weren’t many places to get coins for collections.  Few dealers existed, mostly in larger cities and hardly any pricelists were available. Only a few dealers conducted auction sales, as they often bought collections outright and sold the pieces to their clients. The pickings therefore were slim even though more coins were around. In the Holmes Collection there was an occasional coin acquired from early auctions conducted by the Chapman brothers, Tom Elder, B. Max Mehl, and MacAlister and a bit later from Wayte Raymond and the Stack brothers.

There were few sources of information circulating during the early 20th century. There was The Numismatist (the official magazine of the American Numismatic Association), the Coin Collector Journal, and a few textbooks.  So again, the hunt to find items of interest and information was not easy. On occasion a collector had the opportunity to buy from a contemporary collector some or all of a collection, but that was rare. Again Mr. Holmes would call such a situation 'collector's luck.'

To illustrate the growth of coin collecting at this time, the American Numismatic Association, which had first started with a few hundred collectors grew to nearly 1,000 by the early 20th century. Still conventions were scarce and communication between numismatists could be difficult. Mr. Holmes had to take his time in finding items and building his collection; thus a collection such as his could take decades to assemble.  It took dedication to try to complete a series or even to get examples from the Philadelphia or branch mints. This dedication is what, in my mind, sets apart these "old time" collections and makes them so important.

A survey of the Milton A. Holmes Collection would show that his interests started with Ancient coinage. The collection included extensive gold coins of the world, (some 1,500) and coinage of the United States from the Colonial period to modern times in silver, gold and copper.  The United States collection was vast and contained over 1,000 gold coins and nearly 2,000 lots of silver, nickel and copper, which included some duplicates. Next week I will talk more about what could make up an "old time” collection. 

World Coin of the Week: Remarkable 1769 Pattern Grano and Half Grano

By Kent Ponterio, Senior Numismatist and Consignment Director, World and Ancient Coins and Chris Chatigny, Cataloger

The World Coin team here at Stack’s Bowers and Ponterio is incredibly excited for our upcoming January New York International coin show and auction. It is a truly monumental task to follow last week’s unique and historic 1755 Nuevo Reino “Milled” 8 Escudo, but the two coins featured here are spectacular numismatic rarities in their own right. These two Mexican coins are a topic of debate within the numismatic community. Some key aspects of what defines these coins are still uncertain after years of dedicated research by top historians and numismatists. As it stands, the status as to whether or not they are patterns or circulation issues and even the denomination of “Grano” and “1/2 Grano” are in dispute. However the rarity can be agreed on by all familiar with these coins. The examples in our January 2014 auction are the finest certified, a truly monumental offering.

The state of preservation for these coins is remarkable. Usually examples are in Very Fine condition and often have problems such as corrosion or edge bumps. These two lovely examples surfaced recently in an old time European collection and have clearly remained together since the time of striking. Both are sharply struck with lustrous red and brown surfaces that remain original and untouched. Both are certified by NGC as MS65 RB and are the finest graded.

The iconography for these coins is very fascinating, as is their mysterious background. The obverse design could very well be the first coin to depict an eagle perched on top of a cactus, which would become the iconic image for independent Mexican coinage in the later centuries. However, some assert that this bird is a dove of peace, spreading seeds into fertile ground (as an allegory for the Spanish spreading their influence throughout the known world). At the base of the cactus there are three globes, which could be attributed as a representation of the Spanish sphere of influence; they depict the Spanish Old World, Spanish New World, and the Spanish Orient (Philippines). The inscription bordering these images states: “SINE ME REGNA FATISCUNT” which means: “without me kingdoms totter” and finally there are two Mexico City mintmarks surrounding the date of 1769. The reverse design showcases the proud Spanish Coat of Arms, including the castles and rampant lions of Castile and Leon and the pomegranate of Granada in the bottom. The triple fleur de lis is also present in the center. The regal crown surmounts the Bourbon escutcheon (heraldic shield), and the outer legend “CAROLVS. III. INDIAR. REX.” states Charles III’s royal title. Two symbols appear to either side of the heraldry, “Go” and “1” (or “1/2” on the smaller denomination), and possibly stand for its denomination.

These copper coins are referred to as patterns by most traditional references, but as stated earlier this is speculative analysis. The denomination of “Grano” is also assumed, as this denomination had never seen use in Mexico before. Grano is attributed as the denomination based on the two symbols on either side of the Spanish Coat of Arms, “1” (or ½) and “Go”, with Grano derived from the “Go” monogram. It is generally assumed however, that these were created as part of a rare and short lived issue intended for circulation in Mexico. One important piece of evidence in support of their intended circulation in Mexico is that all other Spanish Colonial pattern pieces from the Charles III era were issued directly from the Madrid mint in Spain. These coins display the Mexico City mintmark. This leads to the assumption that these particular coins were indeed intended for circulation and are not pattern types.

One possibility for these coins’ short lived nature is the coinage reforms Charles III attempted under his rule. The King of Spain hired Tomas Francisco Prieto to oversee all of the Spanish Colonial mints, in an attempt to unify the coinage in the Spanish Realm. At the Madrid mint, Prieto designed a new portrait coinage for Charles III and distributed to the colonial mints full denomination sets of uniface patterns. These were dated 1770 and their authority in unifying the colonial coinage would supersede any potential newly issued copper coinage series. Some authors have even thrown the intended country of circulation into question by offering the idea that these pieces were minted in Mexico City (as expressed by the Mo monogram) but were intended for circulation in the Philippines. This theory states that these were patterns struck in Mexico City and sent to Spain for consideration as a circulating piece in the Spanish Orient (Philippines). Regardless of their intended use, only a small amount of these coins remain, and none can match these examples’ stellar NGC-MS 65 Red-Brown grade. These coins are certainly going to bring colossal results once the live bidding begins. These two Mexican coins join the growing list of incredible Stack’s Bowers and Ponterio world coin highlights for the January New York International show.

Look for this and other world numismatic rarities in our upcoming January New York International Sale. Preview this impressive coin along with the rest of our auction this December 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 January New York International sale is closed for further consignments, we are currently taking consignments of world and ancient coins for our April 2014 Hong Kong and August 2014 ANA 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.