Weekly World Numismatic News for May 31, 2020
Watching the news has been an experience. As a news junkie, I have found myself turning away from all news outlets to maintain a little sanity.
In television news terms, the “A Block” is the news at the beginning of the broadcast until the first commercial. It is where the most important stories are broadcast. Typically, a major derailment of a freight train in Northern Virginia would be an A Block story. On Friday, the 30-second mention was the lead-in to the weather report at 18 minutes after the hour.
The news of the week affects everything, including numismatics. Although the events in Minneapolis, Louisville, and Brunswick, Georgia, have their analogies to problems in the numismatic community, that will be left to another commentary. This week, I want to concentrate on the coronavirus:
- The pandemic is real and will be around for a while. It is not a government conspiracy. It is not overblown. And stop comparing the numbers of deaths to the flu. The flu kills 56,000 people annually, a 12-month statistic. COVID-19 has killed 104,217 (as of this writing) since FEBRUARY!
- COVID-19 does not care who you are, your political affiliation, or what you worship. You can be infected. Once infected, you can spread the virus even if you show no symptoms of the disease. History shows us this is possible. Look up the biography of Mary Mallon, better known as “Typhoid Mary.”
- The more scientists research the disease, the more they realize a lot is unknown. Last week, a preliminary report from a peer-reviewed medical journal revealed that people infected with COVID-19 are showing damage in their lungs. The study included people who did not show symptoms of the disease.
- Wearing a mask is not infringing on your rights and not a sign of tyranny. It is to protect everyone in the name of public health in the same manner that you are required to wear shirts and shoes when going to a restaurant. Your decision to not wear a mask infringes on my rights not to get infected since the masks are to prevent you from spreading potentially infected droplets from your lungs. If you want to make a statement, get a personalized mask with your message. Wear a t-shirt with your message. But wear the damned mask!
- And stay six-feet away from me. I would rather be six-feet away from you than six-feet underground!
Although Florida is open and the governor is lifting many restrictions, the Florida United Numismatists canceled the Summer FUN show.
Even though the ANA announced that they continue to plan to hold the World’s Fair of Money in August, sources report that Pittsburgh may not be fully open by then. Even if Pittsburgh is allowed to be in the “Green Phase,” according to the Pennsylvania governor’s plan, “Large Gatherings of More Than 250 Prohibited.”
Also, “All businesses must follow CDC and DOH guidance for social distancing and cleaning” includes dealers at their tables. Some dealers need a lesson in cleanliness and upgrading their people skills making this a barrier to holding the World’s Fair of Money.
Even if the ANA tries to hold the World’s Fair of Money, how many will attend? Are you going to travel in a closed metal tube to a show required to limit attendance? How many ANA members over 60 will attend? How many ANA members are over 60? I am 60 and 4½ hours away by car with friends in Pittsburgh that I would love to visit. I am considering not going under today’s circumstances.
Let’s do the right thing and cancel the World’s Fair of Money before going further embarrasses the organization.
Finally:
KEEP YOUR SOCIALLY SAFE DISTANCE!
BE SAFE AND HEALTHY!
And now the news…
May 25, 2020
→ Read more at medium.com
May 26, 2020 → Read more at bellingencourier.com.au
May 30, 2020 → Read more at metro.news
Coin Collecting Ideas for Children
The most popular way to collect coins is by date and mintmark, but that does not have to be the only way to build a collection. Some collections are built based on a single year, coin types, coins and tokens from a hometown, medals, transportation tokens, or the subject of the coins such as animals.
Children who are interested in collecting should start small and with manageable collections that can be collected from pocket change. By starting small with achievable goals, children can maintain their interest as they complete their collections.
Before you start a collection, sit with your child and set a goal by defining what will be collected and how it will be done. Although it is popular to collect coins from pocket change, buying coins from coin dealers, shows, or online auctions are certainly wonderful collecting ideas.
Let’s look at a few collecting ideas.
As you start to collect, you will need a few supplies to help manage the collection:
- A Magnifying Glass: Magnifying glasses come in various sizes and shapes. For children, it is best to have a handheld magnifying glass that is at least 4x or 6x power. Using a magnifying glass to examine coins allows the child to get used to closely examining coins.
- Coin Holders: Your child will need something to hold the coins collection. For these collections you have the choice of using 2×2 cardboard holders are Mylar flips.
- Cardboard holders are hinged cardboard that fold in half and measure 2-inches square. In the middle of each half are holes big enough to hold the coin. The holes are covered with a Mylar window to hold the coin. Cardboard holders come with different size holes for each type of coin. You can purchase holders that can be stapled or are self-sealing (I like self-sealing holders). The advantage of cardboard holders is that you can write information on holder.
- Mylar flips are hinged clear holders with pockets on both sides to hold the coins. Only buy flips that are made of Mylar. Plastic flips contain PVC (polyvinyl chloride) that will damage your coins over time. When folding new flips, make sure that the pocket openings are on the inside. The advantage of the flips are that they are less expensive than cardboard holders and coins can be easily changed and that the other pocket can be used to insert a paper label.
- Coin Pages: Once the coins are in a holder, you will want to arrange them to view. Coin pages are notebook-sized pages that have pockets that fit either of the holders mentioned above. You can also buy a loose-leaf binder to put the pages together. Dividers can separate multiple collections.
- Reference Book: You will need one book to learn what coins were minted for each year. Online resources are nice, but sitting at the table with the coins and holders spread out in front of you makes some online resources difficult. It is also fun to flip through the book at look at the different coin types and their prices. Two recommended books are:
- A Guide Book of United States Coins, known as the Red Book for the red cover that has been used for 65 years. A new version is issued every year with updated information and prices. It is a staple of U.S. coin collectors
- U.S. Coin Digest is a similar reference from another publisher. For ten years, this book has been good at bringing the latest information about U.S. coins. Newer editions include a CD-ROM with the contents of the book in PDF format. The PDF edition is easily searchable and portable for taking on trips using your smart phone or tablet computer.
Optional supplies include coin tubes to that fit each coin type, cotton gloves if you are going to handle uncirculated coins, and you can look into fancier albums with blank pages when the collection gets more advanced.
All of these supplies can be purchase at the your local coin store or online.
Year Sets are a type of collection that contains coins from one year. These collections can contain one coin per type or collect coins with different mintmarks. A good way to start is to collect coins from the child’s birth year. Children born 1999 and later have the added advantage of looking for State Quarters. Year sets do not have to be the child’s birth year. If the parents were born in 1965 or later, they could put together year sets of those years. We will discuss collecting coins from before 1965 later.
When collecting Year Sets, children may want to write an essay as to why that year was special. Those pages can then be inserted along with the coin pages to make the collection personal.
The State Quarter and National Park Quarter series has introduced many people to world of coin collecting. But you do not have to collect the entire series. You can collect quarters from areas the family has visited.
While on the road, challenge the children to find quarters from the state you are currently visiting. If you visit a National Park whose quarter has been issued, try to find one of those quarters while in the area of that park. The collection could always be updated when you return home.
Some travel spots sell tokens, medals, and even elongated pennies. Many are inexpensive and helps show that collecting does not have to be limited to coins.
If your travels find your family outside of the United States, collect coins from the country you are visiting. A site like Don’s World Coin Gallery could help you find more information about the coins in the country you are visiting. If you are visiting Europe, remember that the Euro is a common currency where each country designs the reverse of coins they issue.
Travel diaries or essays written when you arrive home could be inserted into the binder along with photos and other souvenirs to make it a scrapbook with coins.
In 2004 and 2005, the U.S. Mint issued special nickels to celebrate of the bicentennial of the Louisiana Purchase and the Lewis and Clark expedition. In 2006, the nickel was redesigned with a new portrait of President Thomas Jefferson. To collect this series, find the nickels dating back to 2003, the original design, along with the four designs issued in 2004 and 2005. Finish the collection with a 2006 nickel showing the new design.
Whitman Publishing produced a special folder for the Westward Journey Nickel Series that includes various types of Jefferson Nickels through since its first issue in 1938. The folder includes holes for other American nickels that can be filled in after visiting coin shows.
Abraham Lincoln was the first presidential portrait to appear on a U.S. coin. The design by sculptor Victor D. Brenner has lasted over 100 years. On the 100-year anniversary of the coin and the bicentennial of Lincoln’s birth in 2009, the U.S. Mint issued four coin reverse designs representing Lincoln’s life. In 2010, the U.S. Mint issued a new permanent reverse design replacing the image of the Lincoln Memorial that had been used since 1959.
Collecting the Lincoln series can be expanded beyond just the 2009 and 2010 coins. The collection can include coins with the different reverses used. From 1909 through 1958, the reverse included two stalks of wheat surrounding the words “One Cent.” These are called “wheat ears cents” and can be found in pocket change with a little persistence.
For a bigger challenge, you can purchase the folder Whitman Publishing created to honor the Lincoln Cents. This colorful folder contains holes for older types of cents including the coins with the prominent “V.D.B.” initials on the reverse. It is a little more of an advanced collection better suited to teenagers.
Since 2007, the U.S. Mint has been issuing one-dollar coins honoring each President of the United States in the order that they served (you can find the release schedule on the U.S. Mint’s website). Aside from being a great learning tool, the coins can be used as a collectible challenge. Some of the ideas include:
- Collect the dollars of the presidents who were from your home state
- Create a collection of dollars of presidents who were once vice presidents
- Create a Mount Rushmore series by collecting the presidents whose busts are carved into Mount Rushmore. This collection will not be complete until 2013.
- Add to you travel collection by adding the dollar coin of the president whose home or library visited. This may require future planning since the practice of preserving presidential homes is a 20th century phenomena.
Starting in 1965, the U.S. Mint stop making coins from silver. Over the next few years, people started saving the coins they were finding in change dated 1964 and earlier. Even though the nickel has been made from the same metals since the 19th century, they have been saved, too. While you can find coins from before 1965 in pocket change, it is a rare to see these coins in circulation.
As a challenge for teenagers, there are two ways to find older coins to create collections:
- Buy a “hoard” of coins from an online resource that sells coins by the pound. Most of these hoards are from people who grew up around the time of the Great Depression and started to save their change to have money should the economy crash again. As they pass on, their families sell the hoards to dealers who sell them by the pound. They can be fun to search, especially if you have folders nearby to fill the holes.
- Go to a coin show and visit the dealers who have “junk boxes.” Junk boxes are filled with lower grade and common coins that sell inexpensively. Dealers fill the boxes with items they bought as part of larger lots and allow collectors to hunt for what they want. The thrill is searching for the coins you are looking for in these boxes and finding them or finding something unusual. Dealers usually give children special treatment including a bigger discount on the price.
Where’s George (www.wheresgeorge.com) is not a collection but a site where you can track where your currency has been. You might have seen a one-dollar bill with a stamp that may say “Track me at www.wheresgeorge.com!” If you go to the website and enter the serial number from the front of the bill, you can find out where it has been. By entering the serial number, you can register where it is in your hands.
A fun activity would be to register on the Where’s George website and track where the bills you spend go. Before you can track your bills, you should buy a rubber stamp to let others know that the bill is registered at www.wheresgeorge.com. Stamp the bill and enter the serial number into the website. Go out and spend the bill and watch where it goes.
If you travel and are carrying a computer or smart device that can surf the Internet, take bills you receive from different areas, register it on the site, stamp it, and then take it to your next destination and spend it there. If you happen upon a registered bill, enter your find on the website and take it somewhere else before spending it.
To find a rubber stamp with the information, just do a search for “Where’s George Rubber Stamps” to find a dealer with ready made stamps.
COINS Act Promotes Dollar Transition
In a move that made the numismatic world notice, Rep. David Schweikert (R-AZ) introduced H.R. 2977, the Currency Optimization, Innovation, and National Savings Act (COINS Act). In short, the purpose of this bill is to transition the U.S. economy to using dollar coins. The bill is cosponsored by Reps. Jeb Hensarling (R-TX), Blaine Luetkemeyer (R-MO), Jim Renacci (R-OH), and Pat Tiberi (R-OH).
First provision of the bill is to remove the Susan B. Anthony Dollar from circulation. Under this provision, when a bank receives an Anthony Dollar, it is returned to the Federal Reserve and removed from circulation. The Federal Reserve then can sell the coins to dealers or to countries who are using the U.S. dollar as its primary currency. Removing the Anthony dollar from circulation will prevent the confusion between the golden colored dollars that would be in circulation. As part of this section of the bill, there are quarterly reporting requirements to congress that documents the progress of this bill.
As part of this first provision, the bill makes a subtle change to Section 5112(p)(2) of title 31, United States Code (31 U.S.C. 5112(p)(2)) to make the Board of Governors of the Federal Reserve a partner in the publicity of using the dollar coin. After all, the coins are being stored in their facility and it is in their best interest to have them circulated.
But the key provision of the bill is in Section 3 that outlines the transition to the use of dollar coins. At the beginning, the section makes it clear that purpose of the bill is to create a transition environment so that the coin replaces the paper note:
If this bill passes, Federal Reserve banks may continue to place into circulation $1 Federal Reserve notes until the number of dollar coins placed into circulation exceeds 600 million annually or four years after the bill is enacted, which ever comes first. During this transition phase, Federal Reserve banks cannot order new paper notes but may continue to circulate notes on hand. They are also to continue to follow their unfit currency policies by removing notes that are torn or otherwise unfit for circulation. These notes will be replaced by coins.
After the introduction of H.R. 2977, Sens. Scott Brown (R-MA) and John Kerry (D-MA) introduced S. 1624, the Currency Efficiency Act of 2011 to place a “restriction on overproduction of $1 coins.” However, this is seen as the Massachusetts senators sponsoring a bill in an attempt to protect a constituent, Crane & Co., the exclusive supplier of currency paper to the Bureau of Engraving and Printing.
H.R. 2977 appears to be the first bill introduced that creates a transition plan rather than advocating an abrupt end to the paper note. Considering the emotional response when people are polled, a four year transition is a good idea. It will give people a chance to get used to the coins while both circulate together. But if it passes, I will make the immediate transition and exclusively use coins.
If you agree with the COINS Act, and I hope you do, contact your representative to express your support for H.R. 2977. If you want a few talking points, you can say:
- The GAO reports that switching from paper to coins will save the government approximately $5.5 billion over 30 years
- If voted into law, this bill will reduce the $1.1 billion stockpile of coins in the Federal Reserve coin rooms. In this economy, adding $1.1 billion to the economy is better than having it sitting on the shelf.
- It will allow the United States to join the rest of the industrialized world, including the United Kingdom and the Eurozone whose currencies are worth more than ours, whose unit currency is represented as a coin
You can find out how to contact your representative at the House of Representatives website at house.gov.
ANA Fires Shepherd
On September 28, 2011, the American Numismatic Association issued a press release announcing that the association has “ended its employment arrangement with Larry Shepherd, as executive director, effective as of September 20, 2011. the vote of the Board to sever that relationship was unanimous.”
The ANA held a conference call early in the day a with members of the numismatic press. Unfortunately, your blog host, who is also an ANA member, was not invited to participate.
No reason was given as to the reason for Shepherd’s dismissal. However, those of us who make our living reading between the lines can speculate about the reason based on what was disclosed. The first clue comes when the press release says:
This is the first that has been reported that the Board or anyone else felt that not enough emphasis was being placed on ANA’s educational efforts. But it appears that the Board is not happy with the increased attention to the shows. In the succeeding paragraph, Hallenbeck was quoted as saying:
Reading between the lines, the ANA Board of Governors may have found some irregularities in Shepherd’s involvement in the expansion of shows and basing the flagship World’s Fair of Money in Chicago, a move questioned on this blog in May 2010. Has this been a simmering issue with the Board as well?
“Successful conventions and auction contracts are critical to our future,” Shepherd was quoted as saying during a time when the ANA recovering from an economic crisis created by the previous executive director. Not only did Shepherd turn around the ANA’s fiscal situation and found ways to expand revenues that would support expanded educational access to ANA members by creating additional shows as outlets for that eduction.
The last piece of the speculative puzzle was when the press release noted that the board repealed the fee instituted by Shepherd for ANA member clubs to occupy tables at the annual World’s Fair of Money convention and the National Money Show. It did not make sense to charge member clubs to participate at the show. It should have been a service, especially for all of the clubs local to the show, even if they are not a sponsoring club. Although this is something that the Board could have addressed without firing Shepherd, there must have been more.
Given the evidence, apparently, Shepherd may have overstepped his bounds during the contract negotiations regarding the shows and his attempt at management of the shows. Speculatively, Shepherd may have said something inappropriate to clubs and ANA staff involved in the shows that almost caused a revolt by those involved. The Board had taken the complaints and addressed them by saying “[Employer’s Resources of Colorado] has identified employment policy deficiencies, and provided recommendations for improving internal operational practices and positive motivational development as the ANA moves forward.”
We may never know the real reason for Shepherd’s firing, but it may boil down to his personality not meshing with the ANA employees in Colorado Springs more than anything else.
Selling Coins on eBay
A few times a year, I am asked about how to sell your coins, currency, tokens, and other numismatic items on eBay. If you have not sold anything on eBay, there are a few good resources for you to learn the basics. But to be successful selling coins, you should include these extra steps:
- Know what you are selling. In over 200 years, the U.S. Mint has produced many coins. It may not be enough to know the denomination and date to figure out the type of coin you are selling. On a few occasions, the Mint produced two types of coins in the same denomination in the same year. One example was in 1921 when the U.S. Mint produced both the Morgan and Peace Dollars. It is important to know the difference.
- Understand the basics of grading. If you are selling coins that have been graded and encapsulated by a one of the grading services, then you do not have to worry about knowing the grade. But if you are selling ungraded coins, also known as “raw coins,” you should have an idea of the grade. You can estimate the grade by using the visual guide at PCGS Photograde™ Online. PCGS has created an app for iOS devices with the same pictures.
- Set realistic pricing. Not every coin is worth hundreds or thousands of dollars. In order to set realistic pricing, you may want to look at recently closed auctions to see the prices realized. This is a good tool find an average price. If you are still unsure about the value of your coin, try looking up your coin in the Numismedia Fair Market Value Price Guide. There is a page for each coin type and the pricing is different for each grade.
- Take clear pictures of the front and back of the coin. Even if the coin is encapsulated by a grading service, many collectors want to see what they are buying. Taking the time to take clear pictures will enhance your listing and entice interested bidders into bidding on your coin. Remember, if you are selling graded coins, you must have pictures of the grading service’s label on both sides of the slab.
- Write a descriptive title. You may be selling a coin with great eye appeal, but collectors will not look at your auction if you do not tell them what your auction is for. Include the year, mintmark, and coin type in your title. If the coin is encapsulated, include the name of the grading company and the assigned grade. If the coin is not graded, use just the letters abbreviating your estimation of the grade (G, VG, F, EF, AU, and UNC for uncirculated). If the coin is a proof coin, make sure that is noted in the title.
When you list graded coins for sale on eBay, there is a rule that says you title may only include the names of four grading services: ANACS, ICG, NGC, and PCGS. If the coin was encapsulated by another service, you must remember to take a picture of the label and note the name of the service in the description. If you mention another service in the title, mention that the coin is graded, or include the grade assigned by another service, eBay may pull your auction for violating their listing policy.
Famous Coin Collections
As collectors progress in their collecting pursuits, we begin to think about the great collections and how we compare. To give you an idea of what some of the most famous and extensive collections are like, the following is a list of current, past, and two special government collections.
National Numismatic Collection at the Smithsonian Institute
The only way to start this list is with the National Numismatic Collection at the Smithsonian Institute, the world’s largest numismatic collection. With over 1.6 million coins, tokens, medals, and other numismatic objects, the collection includes United States, world, and ancient coins. The collection contains rare coins and patterns not seen anywhere else in the world. Amongst its holdings are famous rarities include all varieties of the 1804 Draped Bust Silver Dollar, a 1913 Liberty Head Nickel, and two 1933 Saint Gaudens $20 Double Eagle coins. Also in the collection is a Brasher Doubloon, sometimes called the United State’s first gold coin, and a 1974 aluminum Lincoln Cent created by the U.S Mint to try to convince congress to allow for its production.
Unfortunately, the Smithsonian Institute has taken the National Numismatic Collection off display. Curators are incorporating the coins into other displays and creating travel exhibitions that have appeared in other museums and at large coin shows. You can visit the Smithsonian’s online virtual coin exhibits and read more about the collection online.
Edward C. Rochette Money Museum
The Edward C. Rochette Money Museum at the American Numismatic Association headquarters in Colorado Springs is the largest museum dedicated to the study of United States coins and currency that also covers the history of numismatics. With over 250,000 pieces, the collections contains famous rare coins including the George O. Walton specimen 1913 Liberty Head Nickel, an 1804 Draped Bust Silver Dollar, and one of the three known 1866 No Motto Seated Liberty Silver Dollars.
The Rochette Money Museum is the home of the Harry W. Bass, Jr. Collection. Bass was interested in United States gold coins and had built the most complete collection ever assembled, including many one-of-a-kind specimens, of gold coins from 1795 through 1933. Bass’s collection includes the only complete set of $3 gold pieces including the rare 1870-S, complete set of gold coins and patters from 1834-1933, and a set of 1896 “Educational Series” silver certificates including test printings and uncut sheets.
Read more about the Rochette Money Museum and all of their collection on the ANA’s website.
Coin and Currency Collections at the University of Notre Dame
University of Notre Dame Libraries Department of Special Collections boasts one of the largest collections of colonial coins and currencies in the United States. The coin collection includes an Oak Tree one-shilling coin, a Continental dollar, and a 1792 half disme—the first coin-type struck by the newly established United States Mint. The colonial currency collection includes samples from nearly every emission (issue) from all thirteen colonies and lottery tickets that were used to raise money to pay the costs of the Revolutionary War.
The collection also includes Washington Tokens and Confederate Currency and our Nineteenth Century American tokens. You can visit the colonial collection on line at www.coins.nd.edu.
Penn Museum Archaeology and Anthropology Coin Collection
The University of Pennsylvania Museum of Archaeology and Anthropology has one of the most complete collections of ancient coins. But rather than display them as a coin collection, the curators at the museum keep the coins with the various sections. Visit the ancient Roman section, and you can see the coins that defined the rule of the Roman Empire and the ancient Greek collection is very impressive. All coins were found during archaeological visits to the regions of ancient civilizations. You can read more about the Penn Museum at www.penn.museum.
The Fitzwilliam Museum Coin Collection
The Fitzwilliam Museum in Cambridge, England has a nearly complete collection of ancient Roman coins issued after the murder of Nero. Amongst it collections are British and other Campaign and Gallantry Medals, European Renaissance medals, unique copper tokens handed out by the Cambridge chandler in 1668, and coins found casually and archaeological discoveries throughout England. The Fitzwilliam boasts of ongoing research into areas such as Indian and Islamic coinage. If you cannot visit The Fitzwilliam in Cambridge, you can see parts of their collection on line.
Staatliche Museen zu Berlin
The collection at the Staatliche Museen zu Berlin (National Museums in Berlin) is well known as being very comprehensive and diverse covering the beginnings of coinage through the coins of today. With over 500,000, it is one of the largest collections in Europe. Staatliche Museen boasts large collections of Greek, Roman, and European coins from the Middle Ages to today. They also have an extensive collection of art medals dating from 1400.
In addition to the coins and medals, the collection also contains an extensive collection of paper currency primarily from Europe and items used as money from all over the world. The non-coin collection includes tools and dies that were used to strike coins in Berlin since the 17th century. The Staatliche Museen online English version of their online catalog can be found here.
Numismatic Museum, Athens
One of Greece’s oldest museums, the Numismatic Museum located in the Heinrich Schliemann mansion in downtown Athens, Greece. The Numismatic Museum collections has over 500.000 pieces of mostly coins but includes medals, lead seals, gems, weights, and minting objects dating from the 14th century BC until today. The collection includes a remarkable display of Greek coinages from Athens, Macedonia and Alexandria, Magna Graecia, and other Greek leagues and alliances. Modern coin galleries include coins from the Ottoman Empire through Greece joining the European Union. Read about their collection online at www.nma.gr.
State Hermitage Museum
Located in Saint Petersburg, Russia, the collection at the Sate Hermitage Museum is one of the most popular coin exhibits in Europe. With over 1.2 million pieces, it is the largest collection known outside of the United States. The largest segment of their collection tracks this history of money in Russia from the ninth century through today.
The Hermitage Museums’ Oriental collection boasts of coins, money ingots, dies, coin-shaped amulets and primitive currency of Asia, Africa, and neighboring Atlantic and Pacific islands. The collection includes a collection of very rate Sassanian coins and the 19th century Chinese silver money ingots that are considered amongst the finest collection in the world.
The Coin Room is in the main museum building at Palace Square in Saint Petersburg, which is closed on Mondays. Discover more about their collection on their website at www.hermitagemuseum.org.
Louis E. Eliasberg, Sr. Collection
One of the most famous coin in United States numismatic history belonged to Louis E. Eliasberg. Eliasberg was a Baltimore financier who is the only person ever to build a complete set of United States coins. In 1950, he achieved his goal of building a collection of regular issue United States coins comprising all then-known dates and mintmarks when he purchased the last US gold coin and silver dime missing in his collection.
Eliasberg continued to collect turning his attention to rare world coins and medals. When he died in 1976, his collection was divided between his two children. The coins were sold in three auctions in 1982, 1996, and 1997 realizing nearly $44.9 million. Recently, the Eliasberg Collection of World Coins and Medals was auctioned in 2005 for more than $10.1 million.
The John J. Ford, Jr. Collection
John J. Ford, Jr. was a controversial figure in the world of numismatics, but his collection was legendary. Ford’s collection include colonial coins and currency from all 13 colonies, rare confederate pennies, and one of a kind tokens from the earliest days of colonial North America through the Great Depression. As a partner in the New Netherlands Coin Company, the auction catalogs Ford wrote became industry references.
Ford began selling his collection via auction in 2003. It was fitting that Stack’s of New York City handled the auction since Ford started his numismatic career as a youngster delivering coins for the famed company. Ford’s collection was sold in 10,855 lots during 21 auctions over five years bringing in over $56 million in sales. The auction catalogs were so meticulously written using Ford’s previous writings that they have become references.
John J. Ford, Jr. died in 2006 at the age of 81 leaving a numismatic legacy befitting a great collection, but leaving questions as to whether there were other pieces and writings hidden somewhere.
King Farouk I of Egypt
Saying that King Farouk I of Egypt lived in excess would be an understatement. From the time he took the throne in 1936 until his overthrow in 1952, Farouk used the Egyptian treasury to acquire rare works of art, gold, and a phenomenal coin collection. Farouk regularly worked with dealers in the United States and Great Britain to buy the best of the best from around the world.
After his overthrow in 1952, the new military government worked with Sotheby’s of London to sell Farouk’s collections. Farouk had accumulated the finest gold coins and many rarities from around the world. Notably, the collection included 8,500 gold United States coins including the only known complete set of Saint Gaudens $20 Double Eagle coins.
The auction caught the eye of the United States government who noticed that Lot 333 contained a 1933 Double Eagle that was considered illegal to own. The government convinced Egyptian authorities to remove the coin from the auction but it was never returned to the United States government as requested. The entire auction of King Farouk’s items sold for over $150 million.
The 1933 Saint Gaudens Double Eagle turned up again in 1996 when British coin dealer Stephen Fenton tried to sell the coin at the Waldorf Astoria Hotel in New York to an American dealer. Fenton was arrested. This set off a legal battle for the next five years over the coin. The case was settled in 2001 and the coin was removed from its holding place in the World Trade Center, a few weeks before the attack.
In an astonishing one-lot auction on July 30, 2002, Sotheby’s sold what is now called the Farouk-Fenton Specimen for $7.59 million to an anonymous bidder. The auction price was increased by $20 that was paid to the United State Treasury since it issued the coin and had to ensure their books are balanced. To date, that is the highest price spent on one coin.
The United States Mint
Little is publically known about the collection at the United State Mint since the collection is not on display to the public. We do know that each of the U.S. Mint’s branches has a collection of material used at the branch and that this material contains trial pieces, dies, galvanos (artists proofs of coin designs), and medals. In a video recently released by the U.S. Mint, viewers are shown a collection of assay medals. These medals were created for the Assay Commission that used to verify that the coins struck by the U.S. Mint contained the proper metal content.
The U.S. Mint has rarely displayed their collection. At times, parts have been on display in the lobby of the U.S. Mint branches and at national coin shows, but only the employees at the U.S. Mint know the extent of this collection.
The Bureau of Engraving and Printing
Unlike the their counterparts at the U.S. Mint, the Bureau of Engraving and Printing (BEP), the agency responsible for printing our currency, regularly displays parts of their collection when they can. Pieces can be seen in the tour areas of the BEP facility in Washington, DC and at major coin shows. In recent years, BEP has brought its “Billion Dollar Exhibit” to many shows. The exhibit features more than $1 billion of rare U.S. paper currency that includes sheets of $100,000 notes, Treasury bonds and Gold and Silver Certificates.
The BEP collection dates back to the founding of the bureau in 1862. The collection reportedly contains notes, sheets, vignettes, test printings, and printing plates of every note and stamp every printed by the BEP. It is an extraordinary collection that very few have seen.
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