Jun 8, 2007 | ANA, commentary, ethics
Numismatic publications have been writing about the case of Dwight N. Manley versus Donald Kagin. Manley is a sports agent who represents big-name NBA players is also a rare coin collector and investor. Manley is a major benefactor of the ANA. Manley accused Kagin of trying to broker a deal that involved a rare Blake & Company gold assay bar that was recovered from the S. S. Central America that was stolen from Manley’s home. Manley claims that Kagin knew the bar was stolen and failed to help in its recovery. Manley filed the complaint to have Kagin dismissed from the ANA for violating the ANA’s Code of Ethics.
Kagin runs the family’s firm in Tiburon, California. Kagin holds a Ph. D. in numismatics and is a member of the ANA Board of Governors. He asserts that the bar was not reported as stolen and when he was informed that it was stolen, he worked with Manley and the police to have the thief arrested. A public hearing was held on May 29, 2007, at the Long Beach Coin Expo.
The ANA released their findings the next day taking no action against Kagin but suggesting that he consider performing a bit more due diligence on future transactions. The following day, Manley’s attorney said that his client is considering further actions against Kagin.
Of all the evidence presented at the hearing was the one that said the bar was not reported stolen. Kagin claimed that he checked whether the bar was stolen through some sources, but did not find any information. Manley claims that Kagin knew Manley was the anonymous purchaser of the bar at an auction in 2000. He said that he sold many of the bars and has sold the bar in question shortly after its recovery.
So let me get this straight… Manley sold some of the bars, did not report that this bar was stolen, and expected Kagin to know that Manley still owned this bar that was bought six years prior? I do not understand Manley’s logic. Without a report that the bar was stolen, how was Kagin supposed to know?
The numismatic value of the Blake & Company gold assay bar has increased along with the price of gold. If Manley subsequently sold the bar at a higher price than it would have sold earlier, Manley was not what the lawyers call “injured” in this action. Manley probably benefited by the delayed sale.
By Manley and his attorney, Christopher L. Pitet, considering “further action” suggests that Manley does not respect the Code of Ethics that he accuses Kagin of violating. By continuing to pursue actions against Kagin, Manley is attempting to “impair the prestige of the membership therein.” Manley must “base all of [his] dealings on the highest plane of justice, fairness and morality, and to refrain from making false statements as to the condition of a coin or as to any other matter” as prescribed by the ANA bylaws.
I am not defending Kagin, but unless Manley can show that he was injured in any way by Kagin, which the ANA Board of Governors said he was not, then Manley should be thankful that his property was returned and move on. Going further will only injure Manley’s reputation with the ANA membership. Or as we said when I was younger: GET OVER IT!
Apr 27, 2007 | ANA, coins, Red Book, shows
After the ANA National Money Show in Charlotte I wrote about meeting Ken Bressett, the editor of the Red Book. Bressett was at the Whitman Publishing booth autographing copies of the newly released 2008 Red Book. Rather than purchase my copy from a dealer, I could not pass up the opportunity to have one autographed by Ken Bressett.
Bressett is a small, slight gentleman who is very gracious and pleasant. When I arrived at the table where Bressett was having a conversation with what seemed like an acquaintance, Bressett excused himself to speak with me. Unfortunately, I stammered like a star-struck teenager not knowing what to say to this icon of the industry. While being at a loss for words is not a usual occurrence, Bressett eased into small talk about the show.
For many years, the Red Book was the price guide for collectors. It was the first numismatic book I owned in the early 1970s. While that book is no longer part of my collection after being lost in one of my many moves, this autographed copy of the Red Book is now on my desk and will remain one of my treasured possessions.
Apr 24, 2007 | ANA, Carson City, coins, dollar, shows
Morgan Dollars were not popular during the time they were being struck by the US Mint. They were not considered particularly beautiful and most people outside of a few western states preferred to carry paper currency. But the Bland-Allison Act of 1878 and the Sherman Silver Purchase Act of 1890 prescribed large purchases of silver from western mines and the minting of silver coinage to back silver certificates. This continued until the Panic of 1893 when the decline in the economy created a run on the gold supply. Then many were melted as a result of the silver recall prescribed in the Pittman Act while others were stored in Treasury buildings to be discovered by the General Services Administration in the 1960s.
Since their last mintage in 1921, the dollars designed by Mint Engraver George T. Morgan did not enjoy wide popularity until the GSA Hoard. Of the Morgan Dollars that hold the mystique are the ones struck at the Carson City Mint. Situation near the famous Comstock Lode, the Carson City Mint. Most CC minted dollars were amongst the lowest minted of the series. The highest mintage was the 1890-CC where over 2.3 million were struck.
Finding nice, affordable examples of CC mint Morgan Dollars can be difficult. Those of us on a budget compromise and purchase cleaned or polished coins in order to own at least one example. But when I had the opportunity to buy a nice, “common” CC coin for a good price, I could not resist.
I was walking the floor at the American Numismatic Association National Money Show in Charlotte and found a dealer selling quite a few ungraded Morgan Dollars. As I searched through several boxes, I came across a nice 1878-CC Morgan Dollar (2.2 million minted). The 2×2 holder the coins was in said the coin was in Almost Uncirculated. It was a nice, clean coin with some mint luster showing a great strike. I was sure that if it was slabbed it would have graded higher than what was written on the holder. It was priced as if it was an Extra Fine coin.
I could not resist… I bought my first no-problem CC Morgan Dollar!
It is a beautiful coin that looks great in the blue album shining next to my other Morgan Dollars.
Mar 20, 2007 | ANA, coins, shows
I arrived at the Charlotte Convention Center at 9:45am and waited for the “official” opening. After registering, I milled about the crowd and noticed members of the ANA Board of Governors congregating at the entrance area. Executive Director Chris Cipoletti climbed on the podium to open the show. After words from ANA President Bill Horton and the Chairman of the Charlotte National Money Show, the ribbon was cut to allow the show to open.
After walking passed the club booths I entered the exhibit area. Since this was my first ANA convention, I wanted to see the exhibits to understand what I could do in the future. Some exhibits were very impressive. One on Israeli tokens won a blue ribbon was very good. Another showed State of Georgia error notes that was presented very well won second place in its class. It a few adjustments from a blue ribbon. Then there were some in the history category that did not include any numismatic items that confused me. Overall, most of the exhibits were very interesting and has inspired me to create one in the future.
As I was leaving the exhibit area, I found Don Pearlmann standing with the George Walton 1913 Liberty Head Nickel. Pearlmann, who is just as entertaining in person as he is in print, held court near the famous nickel talking about his role in its introduction to the world after it was authenticated in 2003.
Entering the bourse floor, I noted that the traffic was brisk but smaller than expected. In fact, compared to what I have seen in Baltimore, the ANA show is less than half the size. I started by meandering through the “high rent” district where the auctioneers and high-end dealers were located. I saw a quite a few very nice gold coins, all beyond the limitations of my budget. But I looked anyway. In that area, I did find a dealer with some nice raw Morgan Dollars and picked up an 1879-CC Morgan Dollar in Extra Fine condition for a good price.
Touring the floor, I spoke with a number of dealers. Most are very friendly and are willing to talk about their coins, the show, the weather, or almost anything. I had a nice conversation with Joan Miller of Miller’s Mint out of Patchogue (pronounced PATCH-oag), NY; a short greeting with Julian Liedman of Silver Spring, MD; and the DC-area members of the United States Mint and Bureau of Engraving and Printing. I also met Dave Harper (editor of Numismatic News) and was able to thank Dave Lang (NGC Director of Research) personally for autographing a book I won from the Numisma-Quest weekly trivia question on the Collectors’ Society chat boards.
It was also an honor to meet Ken Bressett, the editor of the Red Book. Bressett was at the Whitman Publishing booth autographing copies of the new Red Book. Usually, I purchase the Red Book cheaper from a dealer. But I could not pass up the opportunity to have one autographed by Ken Bressett. Bressett is a small, slight gentleman who is very gracious and pleasant. This copy of the Red Book is now one of my treasured possessions.
I continued to walk the bourse floor looking for top quality 1976 coins for my registry sets. All things considered, I was very surprised to find a lot of dealers did not have many 1976 coins. Of the modern coins, State Quarters, Westward Journey nickels, and Kennedy Half Dollars seem to dominate the cases. But I sat in front of a number of tables with my loupe looking at some nice coins. My efforts lead me to find some really nice 1976 Kennedy Halves and Washington Quarters that I will be sending to NGC for grading.
Every show I have been to in the last few years, there is one coin type that seems to be there in abundance. For this show, there were a lot of Morgan Dollars. Nearly every dealer had rows and piles and Morgan Dollars of every year and every grade. If you were looking for Morgan Dollars for a collection, you could not have been happier in Charlotte.
While looking in the budget area, I found a dealer with Mint rolls of uncirculated 2007 American Silver Eagles. That dealer opened the roll and allowed me to pick out two beautiful coins that I purchased for $2 over the spot price! One goes in an album and the other will go to NGC for grading.
At 3:30pm, I returned to the BEP booth for the next drawing of the limited edition show print. BEP was selling 100 intaglio prints made at the show that was autographed by the printer on site. In order to win, you had to write you name on a piece of paper and put it in a bowl. When they drew the names, you had to be there to claim the print. After watching the demonstration and listening to the discussions, I put my name into the bowl and waited for the 4pm drawing. After 16 were claimed and many were disqualified for not being present, my name was picked from the bowl. This gave me the ability to purchase print number 37. I purchased the print and one of the regular prints and walked to the USPS booth. There, I purchased a 39-cent stamp, placed it on the regular print, and had it stamped with the special postmark the USPS made for the show.
Finally, at 6pm I went to the ANA Board of Governors candidate forum where I met Cliff Mishler. But that is another story for another time.
I returned to the show on Saturday afternoon with my father. While there, I purchased a 1922 Peace Dollar in a GSA package, something I have never seen before. My father looked at a lot of gold coins but did not buy anything. I even saw a Stella $4 goloid coin that Superior Galleries are selling for $500 thousand!
Over all, I had a wonderful time. I hope to have some time to take pictures of some of my better items soon. In the mean time, real work awaits.
Mar 19, 2007 | ANA, shows
Considering the air traffic and the failures of US Airways, it was fortuitous that I made it out of Charlotte. Although this is a numismatic blog, I will say that US Airways has a lot of work to do in order to regain the confidence of this traveler.
In short, I had a good time at the ANA National Money Show. I attended all day on Friday and for a few hours on Saturday. Although it was smaller than I expected, I was impressed with the show, the exhibits, the attendance, and the people I met including Ken Bressett (editor of the Red Book), Dave Lang (NGC), and Cliff Mishler (Krause Publishing). To all of them, I appreciate their time and the discussions we had. They are excellent ambassadors to the hobby.
I have not recovered from the trip, but I have a lot to tell including the special edition I purchased from the US Bureau of Engraving and Printing, a GSA packaging that I did not know existed, my first no-problem CC Morgan Dollar, autographs, and the coins for my 1976 registry set. I also want to comment on the ANA Board of Governor candidate forum that was held Friday evening.
Stay tuned!
Mar 13, 2007 | ANA, coins, Eagles, US Mint
Before I leave for the Queen City of the Carolinas, I wanted to first let my readers know that the US Mint announced that the American Silver Eagle Proof coins will go on sale at noon on March 27. This beautiful one-ounce silver coin, featuring the Walking Liberty design by Adolf A. Weinman, will be sold for $29.95.
Other than that, I am off to Charlotte. I will have a report when I return. Have a good weekend.
Mar 7, 2007 | ANA, Baltimore, shows
My collecting habits have been put on hold pending the big month of March where I will be attending the American Numismatic Association’s National Money Show in Charlotte, North Carolina and the Whitman Baltimore Coin and Currency Expo.
This will be the first ANA convention I will attend after missing the last time they visited Baltimore. With my parents living in Charlotte, I can take the opportunity to visit them and make it to the show. Of the many things to see at the show, I am looking forward to the collector exhibits. I have heard about the many different exhibits from others and have seen the exhibit pamphlet published by the ANA that makes it more intriguing. Also, Monnaie de Paris, Mint of Poland, and the Royal Canadian Mint will have tables at the show. It should be fun.
Baltimore seems to be a favorite place for dealers. In fact, the Baltimore shows are such a success it caused the ANA to move the National Money Show to Charlotte. Originally, the National Money Show (scheduled for Sacramento, California) and the Baltimore Show was on the same weekend. Because of booking conflicts with the Baltimore Convention Center, the Baltimore show could not be rescheduled. So if the ANA did not move the National Money Show, dealers would have to decide which show to attend.
Although it was not published, many dealers privately said that since business would be better in Baltimore and east coast dealers had to consider travel costs, they would rather attend the Baltimore show than the ANA show. It was strictly a business decision for many dealers. To prevent problems, the ANA moved the show to Charlotte and a week earlier.
Charlotte will be interesting for the interaction with the ANA. Baltimore will introduce Whitman Publishing as the new management of the show. Charlotte was organized in less than a year. Whitman takes over an established show that fills up three huge halls in the Baltimore Convention Center. This has to be the definition of numismatic bliss!
Nov 22, 2006 | ANA, coins
The American Numismatic Association (ANA) is reporting that the “U.S. Mint has extended the deadline for individual purchases of San Francisco Old Mint commemorative coins until Dec. 15, and will allow bulk purchases of the coins from Dec. 1 through Dec. 20.”
In an email sent on behalf of ANA Executive Director Chris Cipoletti to ANA members who signed up to receive announcement from the organization, the Mint reports about half of the 500,000 silver and 100,000 gold commemoratives have been sold thus far. The program would raise $8.5 million if these commemoratives are sold out. Total cost for the restoration of the San Francisco Old Mint is estimated at $86 million and should be completed in 2010.
To purchase these commemorative coins, visit the Mint’s online catalog at catalog.usmint.gov.
Sep 15, 2006 | ANA, coins
In August, the American Numismatic Association (ANA) emailed their membership to obtain their opinion as whether or not to eliminate the Lincoln Cent. The ANA was prompted to take this poll came after it was reported that the mint said that it cost more to mint the coin than its face value. The following was sent to members in the monthly “ANA September Newsletter” via email.
ELIMINATE THE U.S. CENT?
1,040 E-mails!
When the ANA asked members their opinions about the possible elimination of the United States one-cent coin, that’s just how many responses were received. The emails ranged from one-word “Yes” or “No’s” to passionate, detailed responses.
Overall, the respondents were evenly split on the issue. Below are a few excerpts from member responses:
- I say keep the Penny. I think to get rid of it would precipitate creeping inflation in retail prices. – Wm Fulco
- There is simply no point in maintaining the illusion that the cent is a useful component in commerce. It is now just a historic relic of America’s past.– David Lange
- It is not possible to ever administer a sales tax without pennies…. There exists no paper or electronic substitute that will ever function in all areas especially rural except the penny. – John Parkyn
- Yes, the cent should be retired…. The United States is far behind the international trend in adjusting our currency issues to the needs of the population. – Tom Maringer
Thank you to all of those who offered responses. The ANA will continue to ask for member opinions concerning a wide array of numismatic topics.
Interestingly, the uproar is centered around the price of the metal even though the report said that the rise was because of the production costs. Although the cost of copper did rise, the cent is made of 99.2-percent zinc and coated with eight-tenths percent copper. Should the economy change, including the cost of energy, would the production costs be lower?
Mar 26, 2006 | ANA, coins
The following is an open letter to the American Numismatic Association Board of Governors with copies being provided to Numismatic News and the Numismatist for publication to the ANA membership. The note refers to most recent articles that appeared in Numismatic News as wells as previous news reports regarding the actions of the Board. Permission is granted to all news publications to reproduce this note in whole or part as long as proper attribution is included.
There are so many good things to write about in numismatics. Aside from my own successes in finding interesting items, the interest in collecting has risen significantly. Regardless of whether the reasons can be tied to the 50 State Quarters program, the new currency, the fascination with the skyrocketing values of rare coins, or the rise in the precious metals markets, the interest in numismatics seem more sustainable than the overheated market of 1979-1980. Even with my late arrival for the Baltimore Coin Convention, I saw remnants of a very strong weekend. Then I opened the March 28, 2006 edition of Numismatic News to pages 34-36 and wondered if American Numismatic Association is in step with its members.
ANA President William H. Horton, Jr. asked Numismatic News to reproduced a guest editorial by ousted Governor Walter Ostromecki, Jr. that originally appeared in Coin World. The article appeared with a previously unpublished rebuttal written by Mr. Horton. If you are a member of the ANA, I urge you read these tomes. They should disturb you as much as they disturbed me.
The articles makes it appear that a person who is naive in the political innards of the ANA was caught up in the ANA Board of Governors’ attempt at propaganda. It has the appearance that the Board is covering up its action. For Mr. Ostromecki and the ANA Board, please remember that the operative words are “appear” and “appearance.” These new statements and previous articles on the matter leaves a lot of questions as to whether the current Board can regain and maintain the trust of the membership.
Was there a problem with Mr. Ostromecki’s credibility? It is possible one could assert this accusation from his own written explanation. One of his arguments was that copies of the policies and procedures were not provided in a timely manner. But as an ANA member, Mr. Ostromecki should know that the Association has a charter and bylaws that does explain how he should conduct himself. This is discussed in the Article “Board Member Code of Ethics.” By Mr. Ostromecki’s own admissions, it appears that he violated Section 8 of that Article regarding confidentiality of Board proceedings on more than one occasion.
Mr. Horton’s response said that the board was concerned that there may have been a violation of Section 11 which prevents board members from making “any promises or commitments on behalf of the Association unless authorized to do so….” This may be the one issue that would truly justify the board’s actions. But the attack laid by Mr. Horton that used 18 paragraphs and almost three full columns of print before addressing this issue leaves the impression that there was a vendetta against Mr. Ostromecki.
In the ANA Bylaws Article “Board Member Code of Ethics,” Section 13 says, “A Board member shall maintain the highest standard of personal conduct.” An open article in a numismatic publication that uses the word “lies” without full disclosure of the evidence is not only bad judgment but does not meet any high standard of personal conduct. As ANA President, Mr. Horton should be above name-calling and be the one to set the example in this matter. In short, Mr. Horton should examine his own judgment and motives before accusing Mr. Ostromecki of showing bad judgment.
As a professional in the area of information security and public policy, it appears that the ANA has a serious business risk in the way its board conducts the Association’s business. Aging bylaws have not been amended to reflect the changing needs of the organization. As a result, the board appears to be enforcing de facto operating procedures without appropriate policies in place. For example, there are provisions in the bylaws where the Association’s counsel and executive director are required for decisions, yet the same person holds these offices. If Chris Cipoletti is still acting as executive director and of counsel to the Association he should be asked to resign one of these positions. Not only does this suggest a conflict of interest that is dangerous to any organization but an outsider can question the ethics of an attorney that would legally advise an entity which he has a personal stake. This situation should be resolved immediately.
Another de facto standard without appropriate policy of the use of email to conduct Association business. Email is not covered in Section 10 of Article IV of the ANA bylaws. If the board is that interested in confidentiality, they should know that sending email is the electronic equivalent of mailing a postcard. Policies of known services like AOL and Google say that they reserve the right to scan your email for violations of their policies. Making this practice more incredible is that there have been accusations against AOL and Yahoo! for misuse by their employees. If there is a lawsuit against the ANA for items sent in email, the ANA will have a difficult time proving the chain of custody of their messages. The potential outcome of such litigation should worry every ANA member, especially that some of the Board members have accounts with these services. The Board is urged to consider proposals to improve on the bylaws so that it reflects the Association’s current operating environment by addressing the risks with mitigations that will improve operations, like supplying secure, archival email access on ANA controlled servers.
Many people will agree with Mr. Ostromecki’s comment that the actions of the board lack transparency. As a member driven organization, the Board should be accountable to the membership. By not disclosing policies, procedures, and the essentials of decisions made by the Board, ANA members left to question the motivations of the decisions made by the Board of Governors. The privilege of serving on the Board of Governors in a organization where membership is a privilege should include a responsibility to be accountable to those who have entrusted you with the organization’s present and future. The Board members must demonstrate that they are deserving of this privilege by making as much transparent to the membership as legally and practicably possible.
In the time since the election of the Board of Governors, there have been letters printed in numismatic publications that indicate that members and non-members are losing trust in the Association. If the current course continues, the potential is there to put the ANA charter in jeopardy. No ANA member wants to see the Association fall into this type of disarray. Therefore, the Board of Governors is urged to consider these suggestions to strengthen the ANA for today and the future.
For the record, I am and will remain an ANA member.
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