Weekly World Numismatic News for October 18, 2020
The narrative about the 2020 numismatic market has been consistent across the media. These reports claim that hat collector coins are selling but at less than enthusiastic rates. Dealers are reporting that bullion coins dominate the market, primarily online. And everyone has read stories that the rare coin market is as healthy as it has ever been.
1794 Flowing Hair Dollar, PCGS SP-66, from the Bruce Moreland Collection (Image courtesy of Rare Coin Wholesalers via PCGS)
A few lots later, the Dexter Specimen Class I 1804 Draped Bust Dollar, recognized as the finest known, failed to sell. The auctioneer lowered the opening bid to $3.2 million and still had no interest.
Although the top of other collectible auctions has seen lower prices, the drop is not as significant as being demonstrated with numismatics. It has become common for art to sell for over $1 million that it no longer makes the news. But few are selling at record prices.
Auction watchers are reporting that rare and scarce items are selling at 20-50 percent over their previous prices. Sports collectibles and other memorabilia are amongst the hottest collectibles. Simultaneously, these same watchers report that automobilia, pottery, and numismatics are not generating the same interest.
Analysts are not trying to explain why the market shifts noting that the COVID-19 pandemic has affected everything. One analyst wrote that some markets see the benefit of material once locked up in collections has surfaced to generate money for the sellers. The market has not kept pace. It is assumed that the buyers are not financially capable of purchasing at the prices being demanded.
It has become a cliché to call these “unprecedented times.” For the auction predictors, the pandemic’s effect has most trying to understand what it means for the markets. We will see if it carries into November when Stacks-Bowers tries to auction the Stickney-Eliasberg 1804 dollar.
And now the news…
October 10, 2020
→ Read more at nydailynews.com
October 11, 2020 → Read more at thenewsminute.com
October 12, 2020 → Read more at thesun.co.uk
October 13, 2020 → Read more at churchmilitant.com
October 17, 2020 → Read more at cbc.ca
October 17, 2020 → Read more at blackenterprise.com
Memorial Day 2013
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Decoration Day was first celebrated by Freedmen, freed southern slaves, May 1, 1865 in Charleston, South Carolina to honor the service of the 257 Union soldiers buried at the Washington Race Course. Today, Washington Race Course is known as Hampton Park.
The next year, southern states began their own Memorial Days to honor their soldiers who died during the war. No specific date was used but occurred in late April through June. By 1880, there was a more organized Confederate Memorial Day. These celebrations honored specific soldiers to commemorate the Confederate “Lost Cause.”
In the north, the fraternal organization of Civil War veterans The Grand Army of the Republic began organizing Decoration Day celebrations in 1868. Decoration Day was the day to honor the fallen by decorating the graves of Union soldiers with flowers and flags.
The Nisei Soldiers of World War II Bronze Medal
On this Memorial Day, I want to take this opportunity to remember those who gave the ultimate sacrifice while defending freedom at home and abroad. Whether it was wars for this country’s freedom, helping allies overseas, world wars, or helping others settle armed conflict around the globe, it is important we take this day to honor their service that helped make this country what it is today.
World War II veteran Richard Overton, left, is seen in his Army uniform in an undated photograph provided by the City of Austin. Overton, 107, sits outside his Texas home earlier this month. (AP/Austin American Statesman)
Coin images courtesy of the U.S. Mint.
Pictures of Richard Overton courtesy of FoxNews.com.
My take on the ANA Candidates Forum
Those who attended the candidates forum or watched the forum on the web or on YouTube, saw an interesting mix of candidates and a clear set of issues that will have to be addressed by the American Numismatic Association regardless of who is elected to the Board of Governors.
If you did not see it and have about three hours to spare, here is the video from YouTube. It will start 17 minutes into the recording and there is 35 seconds of “pre-production” audio before Barbara Gregory starts the session.
One of the issues that should concern ANA members is that current members of the Board of Governors admitted to violating the ANA By-laws by their statements. One of the issues that were brought up was that there was a five or seven hour closed meeting. The time differs depending on who is asked. To defend the board, current Governor Mike Ellis said that the meeting was to “Bring the day to day operations of the ANA up to speed.” Later, Vice President and Presidential candidate Walt Ostromecki said, that the board was talking about the impression it was giving and “how we as a board can mesh.” While Ostromecki called this a personnel discussion, the Board of governors are not ANA personnel. They are elected officials whose interaction is the business of the ANA community.
ANA Secretary David Sklow asked if the new candidates have read the ANA By-Laws. Not only have I read the by-laws, I made references to them during the meeting. What Mr. Sklow should have asked is why was a 5-7 hour meeting that did not involve “personnel, including the hiring, compensation, and termination thereof; contractual and litigation matters; awards,” as per Article 5 Section 7, following the by-laws?
Mr. Ostromecki called these personnel matters. However, the soon-to-be president did not characterize the discussion as “such deliberations that the Board members, after due consideration, decide merit confidentiality.” If he did, the Board is required in the same section to produce a discussion and vote about going into closed session.
I want to open the Board to the entire ANA. I want the Board to be accountable to the ANA. The Board should set the policy and not manage the ANA. Day-to-day management is what the Executive Director is supposed to do. I do not want to see this board that either wants to micromanage around the Executive Director or order the Executive Director to implement policy a certain way. If we do that, Kim Kiick will have as much success as the previous Executive Directors. This is not something I want to see.
Even if the current Board members have differing views than those responsible for the current problems, they did not call a point of order to show where there were violations in of the by-laws. Either they violated the by-laws willfully or did so by not attempting to enforce the by-laws. In either case, they cannot be trusted to run the organization properly.
Governor Greg Lyon said in his closing statement that those of us who criticize the current Board do not know the whole story. The problem is that the Board has been so secretive that it is impossible to know the whole story. This is the crux of the problems.
When you vote for the next Board of Governors, vote for candidates who will not hold five-to-seven hour private meetings unless absolutely necessary. Vote for candidates who will not hide behind rules, lawyers, and what looks like an agenda beyond the good of the ANA. Vote for candidates who will commit to broadcasting all meetings that do not have to be private so that all members can participate,.
I will be open and honest with the ANA members and the Board. I will not try to micromanage the office in Colorado Springs. In fact, if Kim Kiick came to the board to ask for assistance, I would be more than happen to ensure she had our full support. However, the Board should never usurp her authority with the staff.
The Board should work for an open and accessible ANA. The Board should invest in the technology it takes to bring the organization into the 21st century. And the Board should be the ambassador leaders for the entire numismatic community on the clear light of day and not behind closed door. In fact, I will work with the Board to use teleconferencing service that will allow members to dial in and listen to the meeting. This service will be able to ask questions during the meeting.
After this forum, I am more committed to my proposed first motion to hire an executive management firm that has a verifiable background in helping non-profit organizations to review the entire ANA management structure. You can read more about it in in this blog post.
Please consider supporting those of us who will work to change the ANA for the better, to make it more open to the members, and for candidates who want to bring more to the members rather than play the petty politics that have plagued the ANA in recent history. On June 1, I will publish my recommendation for the Board of Governors based on why I think they would work for the benefit of you, the members of the ANA.
Proof is in these coins
One of the most pleasantly surprising find at the National Money Show in New Orleans was at the U.S. Mint booth. On the right side of the booth, almost in the middle of the floor, was a single display case with a sign that read “Upcoming Products.” In the case was an example of the 2013 American Eagle West Point Two-Coin Silver Set.
The U.S. Mint began its four week sale period on May 9, 2013, the first day of the National Money Show. All orders are being taken via their website or by telephone at 800-USA-MINT (800-872-6468). The two coin set with one American Eagle Silver Reverse Proof Coin and one “enhanced” American Eagle Silver Uncirculated Coin minted at the United States Mint at West Point. Selling price is $139.95 with shipping to begin on September 30.
This set will mark the fourth time that the American Silver Eagle will be produced in reverse proof. Prior to this year, the U.S. Mint produced the American Silver Eagle for the 2006 20th Anniversary Silver Eagle set, 2011 25th Anniversary Silver Eagle set, and the 2012 75th Anniversary of the San Francisco Mint set. As far as I am concerned, the U.S. Mint can continue to produce the reverse proof American Silver Eagle every year.
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- 2013-W American Silver Eagle reverse proof
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- 2013 American Eagle West Point Two-Coin Silver Set with reverse proof and enhanced uncirculated coins.
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- 2013-W American Silver Eagle enhanced uncirculated coin
What made the set stand out what the U.S. Mint calls the “enhanced uncirculated” coin. While it looks like a proof coin, the enhanced portion are the selective frosting of elements. Introduced earlier this year, the new laser frosting technique allows the U.S. Mint to selectively apply the frosting texture to areas of the dies in a matter that leaves fine details of the coins. For the enhanced American Silver Eagles, the selective frosting leaves the folds of Miss Liberty’s skirt mirrored and is used to show off the flag she is holding. Adolph A. Weinman’s Walking Liberty image is one of the best designs every to appear on a U.S. coin. Enhancing it in this manner just makes it pop in a way Weinman could never imagine.
Even if you are “board” with the reverse proof, the set it worth purchasing just for the enhanced uncirculated coin. You will not be disappointed.
But the coin that really caught my eye was on the right side of the case. A 2013 Reverse Proof American Buffalo 24-Karat gold coin. Previously unannounced, it did not get noticed until I posted one of the first pins on Pinterest. After, it seem that the story spread around the numismatic press.
According to the U.S. Mint representatives at the show, the gold coin that was first issued in 2006 featuring the 1913 Type 1 Buffalo Nickel, will celebrate the 100th anniversary of the design by James Earle Fraser.
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- 2013-W American Buffalo gold reverse proof obverse
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- Reverse of the 2013-W American Buffalo gold reverse proof
As striking other reverse proof coins have been, the American Buffalo gold coin is just as striking. It could be called just plain beautiful. Aside from being my second favorite coin design behind Weinman’s Walking Liberty, it makes a big impression as a reverse proof coin.
Since the coin has not been issued, the price has not been set. Since the price is based on the market price of gold, and considering that gold closed today (May 16) at $1,395.05 per troy ounce, and using the United States Mint 2013 Pricing of Numismatic and Commemorative Gold and Platinum Products [PDF] for the regular American Buffalo gold proof coin, the coin would cost $1,740. If the price of gold continues to go down, of course the sales price will go down.
Both coins bring the U.S. Mint back into the forefront of numismatic art. These coins use the best coin designs and brings them to a new level while keeping with their classic elegance without the gimmickry of color, embedded stones, odd shapes, or any combination of extras to sell non-circulating legal tender coins at an inflated price. It would be wonderful if the U.S. Mint could use these processes to enhance future designs. Both coins should be in the running for Coin of the Year honors when they are selected next year (and awarded in 2015).
Last Day in the Big Easy
Saturday in New Orleans started with my sleeping late and checking out of my hotel. After I left my bags with the concierge and picked up a cup of coffee, I walked over to the convention center.
The weather was better than Friday in that it was sunny with a little humidity. If I had hair it would have been a different problem. But it was just cool enough to be comfortable as I walked over in my sports coat that I wore for the candidates forum.
Panorama of the 2013 National Money Show bourse floor at the Ernest N. Morial Convention Center in New Orleans
I did a little looking around the floor and spoke with a few dealers. I did take the opportunity to stop by the booth of Miller’s Mint. I see Harry and Joan Miller at a number of larger shows and will see them next month in Baltimore. I did buy a few smaller items from them before the candidates forum. I will take a look at a few more items they have when I see them next month.
On my way to the candidates forum I saw people I recognized from visiting coin shows in the Mid-Atlantic region. Of course I handed them campaign material and went to the forum.
There was a good crowd at the candidates forum that included Executive Director Kim Kiick, Past President Barry Stuppler, retiring Board members Cliff Mishler and Wendell Wolka, and recently fired Executive Director Jeff Shevlin and his wife.
Just prior to the candidates forum, Jake Sherlock tweeted that the forum would be streamed live on YouTube. I wish they would have announce it sooner so that we could have ensured a larger crowd, but there seems to have been a few people watching with interest. There were two questions from the Interwebs. If we can do more of this, broadcast Board meetings, add classes, and Money Talks lectures, this would be a fantastic step forward.
Watch the candidate forum live on YouTube right now! youtu.be/AlKJmdEcsAc
— ANA (@ANACoins) May 11, 2013
One cool thing about having the Internet interaction was that during the forum, I tweeted:
Something to think about in the future: move the National Money Show out of graduation season to allow more people to attend the show.
— CoinsBlog (@CoinsBlog) May 11, 2013
Jake Sherlock, the ever diligent watcher of the Twitterverse responded:
@coinsblog The next three National Money Shows are scheduled for early March. Upcoming shows can be found here: ow.ly/kW1ST
— ANA (@ANACoins) May 11, 2013
Can you imagine if the Board can help better organize the use of technology, the ANA can reach more people and expand its education role not only for members but the public.
The candidates forum last more than three hours, longer than the scheduled two hours. A few of us had to do our summations early so that we could go to the airport to catch flights home.
What the Candidates Forum looked like from my perspective.
After rushing out of the convention center, I quickly walked back to the hotel, collected my bags from the concierge, and caught a cab for the airport. Going through security screening is always fun, especially when your hip is made of titanium. That hip replacement guarantees that I will be patted down every time I go to an airport.
On my way to the gate I found a shop to buy coffee and headed to the gate. After typing notes on my iPad, I looked over and found Wendell Wolka waiting to board the same flight to Atlanta, where we would transfer to separate flights to head home.
After landing at the Baltimore/Washington International Thurgood Marshall Airport (BWI) and fetching my car, I arrived home at 1:00 PM with a rousing welcome from my two puggles Boomer and Tessa. Of course my wife was happy to see me!
In the next few days, I will talk about something I found and the candidates forum. For now, it is time to get some rest!
Hola NOLA!
It was a rainy day in the Crescent City but that only mattered when I tried to leave my hotel to go to the convention center. Thanks to Michael Weir, the Director of First Impression at the Hilton Garden Inn, a group of three show attendees including myself, were able to get to the convention center without being rained on. Mr. Weir gave us door-to-door service dropping us off under an overhang.
Before I continue, let me give the New Orleans visitors bureau fodder by recommending the city for your next vacation. No matter when I have come here, the people of New Orleans have been accommodating, courteous, and fun. And when you are away from home, having fun is the most important part of a visit!
After stopping to speak with ICTA’s Director Elloise Ullman, I picked up a cup of coffee before walking down to Hall G. Before entering Hall G, I went upstairs to the meeting rooms where I found I missed a talk on so-called dollars because I started to schmooze outside of the hall.
Source: Uploaded by user via CoinsBlog on Pinterest
My first stop this morning was to see Steve Roach, the Editor of Coin World. We had a nice conversation where we talked about everything from the upcoming American Numismatic Association Board elections to the production of Coin World Next, their weekly publication that concentrates on one topic.
After a lively conversation with Steve and Tom Mulvaney, who is best known as the instructor of the coin photography class with the ANA Summer Seminar. Tom’s work can be seen all over the numismatic industry. Some day I will be able to take the time off to go to Summer Seminar to take his class.
I wanted to tour the bourse floor but decided to finish touring the exhibits I did not finish. While in the exhibits area I ran into Hollie Weiland, counsel for the ANA. She then introduced me to Beth Papiano. This became an interesting conversation following the criticism I wrote about her. We did talk about what I wrote and why. Hopefully, I will have another opportunity to speak with Beth again and maybe I can understand more about what happened.
Source: Uploaded by user via CoinsBlog on Pinterest
Lunch was a little hole-in-the-wall poboy place where I had fried oysters before returning to the convention center to try to do more looking around and meeting people. First, I had to go back to the exhibits and see what I missed. My favorite was the Travancore Chuckram Count Counting Boards. It was an exhibit of these metal boards that were used to count small coins. These are mainly form countries in southwest Asia. There were a lot more involved with this exhibit. Hopefully, I will have a chance to spend time carefully reading the text to learn more. Otherwise, I hope the exhibitor will display it again in Chicago.
At 2 o’clock it was time for the open Board meeting. After a delay because some of the governors were caught in traffic, the meeting proceeded with thunderstorms booming in the background. I do not know if that was a message, but considering the controversies of the past few weeks, there may have been something prophetic about the scene.
Source: Uploaded by user via CoinsBlog on Pinterest
But the meeting started with an interesting “ritual.” ANA Past President Barry Stuppler invited his “spiritual advisor” Zar, a Voodoo Priest, to bless, spiritually cleanse, and add good luck to Kim Kiick on her appointment as executive director. Upon the end of the “ceremony,” someone in the crowd commented that this should have been done 10 years ago—referencing the problems with executive directors over the last 10 years.
I will comment about the meeting at another time, but one of the central discussions was the ANA’s web presence and the security of the technical infrastructure. I am glad to hear that the board is taking the move to expand the ANA’s technology seriously. Yes, there was skepticism and references to age-specific issues, it does not appear that the current board will hold back progress. There still needs a few more technologically aware members of the board, which is why I am running for the board.
Source: Uploaded by user via CoinsBlog on Pinterest
After the meeting, it was back to the bourse floor to shake a few more hands before going to a reception for Rep. Steve Scalise (R-LA). Rep. Scalise from Lousiana’s first district and succeeded Bobby Jindal after Jindal became governor. Scalise co-sponsored newly introduced H.R. 1849, Collectible Coin Protection Act. This is the same bill that was introduced last year.
Finally, a walk down the hall to the Stacks-Bowers auction to watch the bidding on the various auction lots. Since most of the lots were out of my price range, I watched the action. The few items I could have afforded, I decided not to be a buyer. Some of those coins were hammered at a price higher than I expected. I would have dropped out before the top bids.
Source: mobile.twitter.com via CoinsBlog on Pinterest
After being exhausted from a long day, I availed myself of the dinner service at the auction including the coffee. Meet a few people outside of the auction room came back the hotel. I did call my wife only to listen to one of my neurotic dogs bark at the thunderstorms throughout our conversation.
Tomorrow is the last day of the show and my last day on the floor. The candidate forum will be at 12 noon Central Time. I heard that the ANA arranged to have the two-hour forum broadcast on the Internet. I urge ANA members to watch the forum. If they have a way for you to ask questions, please try to do so! It is your ANA and you have to let the Board of Governors know how you feel.
I will be flying home after the candidates forum and arrive in the Washington, DC area very late. I will have a third-day update sometime on Sunday.
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