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 Wednesday, July 25, 2007
A 'wretchedly poor' coin—yawn!
Posted by bob
And the award for overly conservative and wretchedly honest coin grading goes to...
Of course, everyone knows that coin grading is subjective. All attempts to standardize coin grading have left something to be desired. Beauty remains in the eye of the beholder and for some the matter of a coin's grade is not a matter of beauty, it's the opposite.
One of my favorite lot descriptions in a coin auction included a prediction by an overzealous cataloger (prone to misusing words) that the given coin would no doubt bring a wave of "somnolence" over the auction floor. Thus, according to the auction company, everyone would likely fall asleep as soon as this coin was put up for sale. They can't really have meant this!
More brutally honest were the listings of Bangs, Merwin & Co., who took a unique marketing approach in grading coins for their Dec. 17, 1869, sale of the J.M. Wilbur collection. This nearly 2,000-lot auction featured 60 large cents dated 1847. The highest grade for any of the coins was "barely fair," while other were described by the cataloger, Edward Cogan, as "poor," "poorer," "worse," "extremely poor," "unusually poor," "wretchedly poor," "still worse," "exceedingly poor," and "poorer still."
Now these were coins that could have and should have brought a wave of sleepiness over the auction floor.
7/25/2007 4:54:26 PM (Eastern Daylight Time, UTC-04:00)
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 Thursday, July 19, 2007
Kennedy half: Was it an entry wound?
Posted by bob
Many times bizarre rumors emerge about coins and continue to be repeated and repeated and repeated. When the Franklin half appeared, in 1948, some came to believe that  the "JRS" initials on the front of coin represented Joseph Stalin. A version of this tale was that a Communist was lurking in the U.S. Mint, who secretly placed Stalin's initials on the coin. A more plausible explanation, and the correct one, is that "JRS" stood for the coin's designer, John R. Sinnock. When the Kennedy half hit the streets, in 1964, some thought the stylized initials of Gilroy Roberts, designer of the coin's obverse, looked like Russia's hammer and sickle. More stunning, however, was the claim that the placement of the stylized "GR" at truncation of the bust of Kennedy (above the "WE" in "IN GOD WE TRUST" marked the spot where one of Lee Harvey Oswald's bullets struck the president. Or, could the shot have come from someone on the grassy knoll?
7/19/2007 12:46:46 PM (Eastern Daylight Time, UTC-04:00)
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 Friday, July 06, 2007
Gasparro's original design the best
Posted by bob
I was packing for a move the other day, when I came across a Christmas card with a "thank you" from the late Frank Gasparro, former chief engraver of the U.S. Mint.  Gasparro is known to collectors for designing the Memorial reverse on the Lincoln cent and the reverse of the Kennedy half dollar. He is also recalled, not so fondly, for his depiction on the nation's first mini-dollar (1979-1981, 1999) of famous 19th-century advocate of woman's suffrage, Susan B. Anthony. In fairness to Gasparro, the design looks like Anthony, and Gasparro was mandated by the act authorizing the coin to depict her on the coin's obverse. What should be remembered is that Gasparro preferred a much different design for the new dollar—one of his own, which was reminiscent of early U.S. coins. It showed a flowing hai  r Liberty on the obverse and an eagle in flight on the reverse. At the time, I was on the staff of Numismatic News and wrote a regular column called "Striking Impressions." I liked Gasparro's original design, showed it in my column, and said so. It wasn't long after that I received the card and "thank you" for my comments on his design, which I've kept since in a display cabinet. I still think Gasparro's design would have been a better choice (see the accompanying picture of Gasparro with his models). Though I doubt it would have made any difference as to how well the coin circulated.
7/6/2007 3:59:29 PM (Eastern Daylight Time, UTC-04:00)
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 Thursday, July 05, 2007
America's 'flapper' dollar
Posted by bob
Do you know which U.S. coin was called the "flapper" dollar? It was the coin now known as the Peace dollar for its "PEACE" declaration at the bottom of its reverse—in reference to the  end of World War I. In early 1922, when the Peace dollar (first minted with a 1921 date) was introduced into circulation, not everyone was impressed the Anthony de Francisci's design. It wasn't because he used his wife, Theresa, as a general model for Liberty on the coin's obverse. Few would know this until much later. In fact, she's not a bad looking Liberty. No, it was the Wall Street Journal that took exception to the design, terming it a "flapper" dollar. "If words were issued from her lips they would hardly take the more  elegant languor of 'Line's bizzay!" the Journal wrote. "They would more probably be, 'Say, lissen!'" The paper called for the coin's redesign, suggesting that it be withdrawn from circulation and a new design commissioned through a nationwide competition. It lamented that the design was no better than a magazine cover. Despite this criticism, the Peace dollar continued to be coined until 1935, long after the last flapper donned her "glad rags" for a night out. Today common dates of the "flapper" dollar can easily be found less than $20 in circulated grades.
7/5/2007 3:55:31 PM (Eastern Daylight Time, UTC-04:00)
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 Monday, July 02, 2007
20-cent piece two 'bits' of history
Posted by bob
One of the more interesting stories about the short-lived U.S. 20-cent piece, introduced into circulation in 1875, can be found in a classic 1876 book related to Virginia City, Nev.'s famous Comstock Lode. It's titled The Big Bonanza and was written by Dan De Quille (William Wright), editor of the Virginia City Territorial Enterprise and a good friend of Mark Twain.  The 20-cent piece was produced for use primarily in the West, where small change was in short supply. Its primary backer was Nevada Sen. John Percival Jones, a veteran of the Comstock, and it received support from those few who advocated a metric coinage system and others who thought the coin might help absorb some of the oversupply of silver then weighing down the country. That it would be of some use, at least in Western saloons, was clearly shown by De Quille. In his chapter, "Saloon Birds," De Quille explained that Virginia City had about 100 saloons (a high number, but one that went with satisfying the demands of thirsty, hardworking hardrock miners), most of which were what was called "bit" houses, where "...drinks of all kinds and cigars are one bit—twelve and one half cents. The dime, however, passes as a 'bit' in all of these houses." Being short of 12 1/2 cents, De Quille explained, it was sometimes referred to as a "short bit," but was still considered the equal of half of the quarter. Thus, in a bit house, whenever a customer tendered a quarter for his cigar or drink, he got back a dime, losing five cent  s in the transaction. Jones' 20-cent piece, De Quille assured, would cure this ill. It wasn't a problem in the two-bit houses, as everything there went for a quarter, even, De Quille observed, that which sold in the bit houses for 10 cents, including beer, soda water and lemonade. However, in some cases, ambiance was apparently all you were getting in choosing the two-bit house over the one-bit house, as evidenced by the following passage from The Big Bonanza. "A man one day sauntered into a two-bit saloon and called for drink of whisky. The proprietor of the place was behind the bar and set out the bourbon bottle. When the man had drunk he threw a ten-cent piece on the counter and started off. 'This is a two-bit house, sir,' said the proprietor in a tone which showed that he felt pride in the establishment. 'Ah!' said the customer. 'Two bit house, eh? Well, I thought so when I came in, but after I had tasted your whisky I concluded it was a bit house." Despite its importance to those who populated Virginia City's at times raucous drinking establishments, the 20-cent piece was not popular with much of the rest of the public. Being too close in size and design to the 25-cent piece, it was often confused and therefore shunned. Coinage ended in 1878, two short years, or a bit, after it began.
7/2/2007 1:04:51 PM (Eastern Daylight Time, UTC-04:00)
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 Tuesday, June 26, 2007
The mysterious 'Orphan Annie' dime
Posted by bob
Why are the 1844 Seated Liberty dimes scarce, especially in higher grades? According to some, they were lost in the Great Chicago Fire. Others claimed it was bandits who made off with the coins, buried them, and then went to their graves not revealing the true location of the loot. It's amazing how many times throughout U.S. coinage history wild theories like these have been used to explain the scarcity of a coin.  The 1844, known to collectors as the "Orphan Annie" dime (for having lost its mates), is replete with these colorful tall tales. The main story was one of war and lost love and went something like this: Needing money to pay the soldiers mustered for a military expedition into Mexico, the Army's paymaster requisitioned a large supply of small change for the soldiers to use, which happened to be 1844-dated dimes. Once in Mexico's capital, the soldiers became homesick and longed for female companionship. It was then that a clever one of their number came upon a plan to attract the local senoritas. Noticing they liked to wear fancy bangles, he fashioned some bracelets using the 1844 dimes. It worked. A booming enterprise followed, as others in his company stumbled over each other, lining up to buy the bracelets. Not a single 1844 dime escaped the love-starved rush. When the soldiers came home, the bracelets stayed behind. The soldiers were soon forgotten, the bracelets melted, and the silver was minted into Mexican coins. The lost love story is just one of many theories advanced over the years to explain why, of an original mintage of 72,500 coins, fewer than might be expected survived. Other tantalizing tales were: - The coins were improperly alloyed, so most of the mintage was melted by the U.S. Mint.
- The entire issue had been bought up by a speculator, few survived.
- A bank in New Orleans requisitioned Washington for $5,000 in dimes.
- Fifty thousand were shipped by boat, but lost in a storm.
- The coins were lost in the Great Chicago Fire.
- The dimes gravitated to Pennsylvania and were swept away in the Great Johnstown Flood.
- Seventy thousand of the coins were sent overland to the forty-niners in California via the Santa Fee Trail. Along the way, the coins were seized by bandits who hid the loot. The bandits were later killed, taking knowledge of the secret hiding place with them for eternity to their graves.
I like the last of these best. However, I leave it to others to go digging. Besides, for about $550, you can get one for your collection in Fine-12 from a dealer, without all of the work. You can read more about the "Orphan Annie" dime in story by Tom LaMarre in the September issue of Coins magazine.
6/26/2007 4:03:34 PM (Eastern Daylight Time, UTC-04:00)
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 Tuesday, June 19, 2007
The coins Jesse James never got
Posted by bob
They were called "The Coins Jesse James Never Got!" And it was true, he didn't get them, but in fairness, neither did Frank James, Cole Younger, Bob Younger, John Younger, Jim Younger or any other bank-, train- or stage-robbing Western outlaw. Why? Because the coins in question were part of the General Services Administrations' June 1, 1973 to July 31, 1973 sale of excess silver dollars still in government vaults—most having languished there since their minting in the 19th century.  The sale was the second in a series of GSA disposals of nearly 3 million silver dollars, largely from the Carson City Mint, that remained in Treasury's hands. The first sale, "The Great Silver Sale," was held from Oct. 31, 1972 to Jan. 31, 1973. Others followed, in 1974, wrapping up with "The Last of the Carson City Dollars," running from July 1, 1980 to July 31, 1980. The government hoard included some rarities, but what was remarkable was the percentage of certain relatively low-mintage CC dates from 1880-1885 that were included. For instance, out of an original mintage of 1,136,000 1884-CC Morgans, the GSA holdings included 962,638 coins (or 84.74 percent). The 1885-CC, with a scant mintage of 228,000, would likely otherwise be a rarity. However, 755,518 coins (65.04 percent) survived to be offered by the GSA  . Original mintages and percentages for the other 1880-1885 CC dates not already mentioned included: 1880-CC (591,000), 22.60 percent; 1881-CC (296,000), 49.83 percent; 1882-CC (1,133,000), 53.40 percent; and 1883-CC (1,136,000), 62.75 percent. Although rules for participation varied from sale to sale, "The Coins Jesse James Never Got!" offering was divided into nine sales categories, all of which required participants to place bids. Under GSA rules, a bidder could bid on one coin from each of the nine categories, but no collector could bid on more than nine coins. If the category sold out, the coins would go to the highest bidders. In one group, "The Potluck!", the minimum bi  d was as low as $3 per coin for the offering of 95,000 circulated Morgan and Peace dollars from various mints (you couldn't chose date or mint) and $5 for the 28,000 uncirculated Morgan and Peace dollars from various mints, also featured in this group. The highest minimum bid was $30, which applied to several categories of uncirculated CC dollar selections. (A complete breakdown can be found for this and the other sales in Crime of 1873: The Comstock Connection, (Krause Publications, 2001). By the conclusion of the Jesse James sale, the GSA had received 1 million bids for 453,000 coins, leaving a little over 1.7 million silver dollars left to be disposed of. The most popular categories were those with the lowest minimum bids. The average bid for circulated coins in the "The Potluck!" was $3.90 per coin, while the average bid for the uncirculated coins was $7.66, but some bids ran up to $200. Those coins mentioned earlier, with large percentages of their mintages still existing, were the least popular. For instance, of the roughly 521,000 1884-CC dollars offered, just 51,500 bids were received. Minimum bid on these was $30. Today the GSA sales are a popular topic among collectors, who can still obtain the coins in original GSA packaging, including those that Jesse James never got.
6/19/2007 6:09:58 PM (Eastern Daylight Time, UTC-04:00)
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 Friday, June 15, 2007
Unloved Trade dollar had its own tune
Posted by bob
What's a Trade dollar worth? It depends, of course. For instance, in the 1980s it was worth an IBM Mag Card Selectric Typewriter. In 1883, however, it was, as a song lyric goes, worth only "85 cents on the dollar." The latter is because silver had fallen in value and the Trade dollar had been demonetized in 1876, three years after its introduction. More about the typewriter later. The story of the once hated, despised, depreciated U.S. silver dollar known as the Trade dollar is an interesting one. Authorized by the Coinage Act of 1873, the Trade dollar was initially intended for use in trade with the Orient. However, the coinage act allowed the coin a limited legal-tender value in the U  nited States. From the moment of its first coining, in mid-1873, the Trade dollar entered domestic circulation. The coins, which could be tendered only in small payments, but could be minted at the request of any silver depositor, quickly became a drug on the market. With the fall of silver brought on by several factors, including the Bonanza strike at Virginia City, Nev.'s Comstock Lode, Trade dollars depreciated well below their dollar face value. Those who accepted the coins at face value, often in payment as wages, did so at a significant loss. Soon banks and merchants began refusing to take the coins or offered to do so only at a price near the coin's bullion value.  In 1883, by which time the Trade dollar had been demonetized for seven years, merchants in New York organized a boycott against the unwanted dollar. "The popular agitation against the use of the trade dollar is being carried on so vigorously that much inconvenience and bickering has resulted," reported the June 30, 1883, issue of the Brooklyn Daily Eagle. "It is probable that the movement inaugurated in New York and extended over the country will drive the clumsy coin from general circulation." The boycott even had its own surely popular song, "respectfully dedicated to the United States Government"—the last verse and chorus for which went:
Americans will never be later Than others to greet all that's fair, But when we are cheated on all hands, It's time for a change to appear. We honor the flag we shall all see At home, at abroad, or at sea. But now it has come to a standpoint, No more trade dollars for me.
With eighty-five cents on the dollar, Paid out to him night and by day, What shall we do with this dollar? Just ask what the Chinamen say.
It took until 1887 before the government agreed to redeem Trade dollars at face value, in exchange for standard silver dollars or subsidiary silver coins. However, by that time, many of the coins had fallen into the hands of speculators, and those who earlier had accepted them in good faith had already absorbed their loss.
In the 1980s, short on money and needing an advanced typewriter for use in writing my master's thesis, I traded my Very Fine 1878-CC Trade dollar to a dealer friend. The coin, the rarest regular date in the set, at the time had a retail value of between $300 to $400. Today it lists for more than $1,000.
The typewriter, which recorded each keystroke onto a magnetic card for easy playback and editing, lasted long enough to complete my thesis on the Crime of 1873 before it ended up as scrap metal. But the trade for it was worth it at the time, and a far cry better than anyone who handled Trade dollars in the 1880s ever got.
Today you can add a Trade dollar to your collection for a little over $100 in lower grades. If you're interested in learning more about the history of the Trade dollar, read my feature in the August issue of Coins magazine. There you'll find the story of who was behind its coinage and the rest of the song.
6/15/2007 11:53:22 AM (Eastern Daylight Time, UTC-04:00)
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 Wednesday, May 02, 2007
Ezra Meeker's tale needed to be told
Posted by bob
Welcome to "The Flip Side." The name harks back to a newsletter I once prepared for a Wisconsin coin club. The front side of the newsletter related the latest club news, and the back (or "The Flip Side," as I called it) carried my various ramblings—most of which, if memory serves, were related to the history of U.S. coins. I currently serve as editor of Coins and Coin Prices magazines and have penned a number of articles and three books related to U.S. coinage history. Although I have nothing against those who buy numismatic items with the intent to someday sell them (hopefully at a profit), I've always been an advocate of pursuing the story behind the coin. My first article for a national numismatic publication reflected my dedication to this. It focused on Oregon Trail-veteran Ezra Meeker's role in the creation of the Oregon Trail commemorative half dollar. Prior to my article, everyone who told the story of this commemorative, issued from 1926-1939 (with gaps), had complained about its overissue and the blatant marketing that went into selling the coins. True, these articles noted that the money from the sale of the coins was to go toward marking the 2,000 miles of the famous emigrant trail west, but few writers dug any deeper. In particular, I found in my research that the origin of this attractive coin—oversold or not—goes back to Meeker (shown in the photo here with his dog), who traveled the trail with his wife and one-year-old son in the e  arly 1850s on their way west with thousands of other Americans. His was an inspirational story and one I felt shouldn't be overshadowed. Meeker's initial journey had such an impact on him that, in 1906, at the age of 76, he set out from his home in Puyallup, Wash., to re-travel the Oregon Trail and mark it for future generations to remember. Employing a prairie schooner, pulled at first by two oxen, and accompanied by his dog, Meeker stopped in towns along the way, where he and townspeople erected monuments to the trail and gave dedication speeches. More than 20,000 people sacrificed their lives in their attempt to begin a new life in the American West via braving the hardships associated with this wagon-trail west. When Meeker ran short on  money, he had his trail journal printed, calling it "The Ox Team or the Old Oregon Trail," which he sold in paper- and hard-bound editions. Eventually, Meeker arrived in Washington, D.C., where he met with Teddy Roosevelt and received a pledge of federal support for marking the Oregon Trail. Meeker repeated portions of the trip in 1912, in 1915 by auto, and in 1926 by air. On April 26, 1926, at the age of 96, Meeker appeared before the Senate's Committee on Banking and Currency as president of the Oregon Trail Memorial Association. His goal was to secure passage of Public Law 235, which authorized the coining of "not more than 6,000,000" Oregon Trail half dollars. Faced with growing opposition to U.S. commemorative coins (many of which were issued for dubious causes), Me  eker stood firm on the need for the Oregon Trail commemorative and the money it sales would raise. Unfortunately, the Oregon Trail half dollar did not sell as well as Meeker and his supporters hoped. During the 13 years in which it was authorized, a little over 200,000 coins were ultimately distributed—far short of the 6 million limit and the association's lofty goals. Meeker, who had spent most of his later life honoring the memory of the great trail west, died in 1928, at the age of 98. He lived long enough to see 150 monuments placed along the Oregon Trail and, more importantly, the minting of the "Ezra Meeker coin." Today, Americans can still travel portions of the trail and enjoy owning one of his coins. Meeker's various books,  many of them autographed by Meeker, are also available, as are interesting Meeker-related postcards. It's these kinds of stories that bring extra meaning to collecting and the kind I will probably lean most on here. Again, welcome to "The Flip Side."
5/2/2007 4:31:32 PM (Eastern Daylight Time, UTC-04:00)
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