Weekly World Numismatic News for June 23, 2019
1883 Liberty Head Nickel — Type 1, No “CENTS” on reverse (Credit: National Numismatic Collection, National Museum of American History)
The article talks about the dealer’s held belief that successful coin collecting is about the hunt for the perfect coin. It is finding the right coin for your collection then making it better. Unfortunately, the more this industry holds on to these notions, they are scaring off potential collectors.
What the article and dealers do not want to tell you that it is perfectly acceptable to pick a set, topic, or series and find examples that are good or consistent with the rest of the collection. They tell you that you have to buy the coin in the latest piece of plastic with the highest number and graffitied with stickers. But what they do not tell you is that you can find better-looking coins at lower grades and many times without stickers or entomb in plastic.
One of the best looking collection I saw was a Liberty Head “V” Nickel set with all of the coins in extra fine (XF) condition. It is a more difficult collection to assemble than one might think. These coins were the workhorse of the economy. Their copper-nickel alloy was softer than the silver coins and wore quickly. It is challenging to find 19th-century coins in XF condition.
The set will not bring its assembler a lot of profit since the Liberty Head nickel is not in high demand. Instead, it is an accomplishment by a dedicated collector whose goal was to have fun.
Maybe that is the key to promoting the hobby. Let’s have some fun and stop worrying about what is the right or wrong way to collect!
And now the news…
June 18, 2019A gold coin that dates back to ancient Rome and was discovered in a field by a man with a metal detector has sold at auction for nearly $700,000. 
→ Read more at jckonline.com
June 20, 2019Why not get the kids off the computer and into something of lasting value? → Read more at desertsun.com
June 20, 2019The archaeological excavations in Parion, a well-protected ancient city in Çanakkale, aim to shed light on the defense system of the city → Read more at hurriyetdailynews.com
June 20, 2019Mickey Mantle and Hank Aaron were among the impressive collection. → Read more at silive.com
June 21, 2019LANSING, Mich. — While attending the International Paper Money Show in Kansas City, Missouri late last week, the staff of Liberty Coin Service purchased an exceedingly rare 1736 mortgage document for land in Mooreland, Pennsylvania Province that was printed by Benjamin Franklin. → Read more at fox47news.com
DLRC Buys PCI
The churn amongst the third-party grading services continues as David Lawrence Rare Coins made the highest bid to acquire PCI. The sale was announced on February 21, 2008, John Feigenbaum, President of DLRC on the PCI website.
As part of the announcement, Feigenbaum said that he will be moving PCI from Georgia to Virginia Beach. During the move and the reorganization, PCI will stop grading coins and return those currently in their pipeline. PCI will reopen for submissions in 30-60 days with a new holder and label.
This is a good opportunity for Feigenbaum to extend the DLRC brand. DLRC has been doing very well. Sales are growing and the Internet auctions are becoming more popular. They introduced a guaranteed auction program that reduces the volatility for sellers and attracts better coins for sale. Now, if you are selling an entire collection, DLRC will name the auction for you. These innovations by DLRC has set them apart from other auction sellers.
DLRC seems to be very technology aware. It would not surprise me if technology is not involved in fixing PCI. Here are some other predictions for the new PCI:
- A well known and respected person will join DLRC/PCI to help with the turnaround.
- The new PCI slab will look like a cross between the ANACS Clearview holder and the NGC holder.
- When PCI resumes grading, submission will be restricted to United States coins. They will expand what they grade over the next year and move into the “we grade anything” by this time next year.
- PCI will re-introduce itself to the market at the Baltimore show in June 2008 with on-site grading.
- PCI will announce a new program that is different from any other service at the ANA World’s Fair of Money this summer in Baltimore.
With DLRC having a good reputation for coin auctions, it would not surprise me if Feigenbaum turns PCI into a service that could compete with ANACS and ICG.
James Monroe and Planchet Errors
James Monroe was the fifth president of the United States. Monroe, a Democrat-Republican (the forerunner of the modern Democratic Party) and former governor of Virginia, believed in the Jeffersonian principle of a stronger federal government who would look out for the welfare of the states. He was opposed to the colonization of the Western Hemisphere by foreign powers and worked to have them withdraw from the hemisphere.
Monroe was elected during a time of good feeling after the War of 1812 where Great Brittan tried to prevent the US to trade with France while they were at war with Napoleon. Monroe worked to set the US place in the world, first by convincing Spain to cede Florida to the United States in 1821. Subsequently, Great Brittan, weary of war, wanted the US to oppose the reconquest of Latin America.
Monroe consulted ex-presidents Thomas Jefferson and James Madison who agreed with the concept. Monroe then consulted with Secretary of State John Qunicy Adams. Adams was not only concerned about British meddling in the region, but there was a concern about France and Russia also meddling in the Americas. Adams suggested making it US policy against nation trying to recolonize the west.
Monroe accepted Adams’ suggestion. In a message delivered to congress on December 2, 1823, Monroe say “… the American continents, by the free and independent condition which they have assumed and maintain, are henceforth not to be considered as subjects for future colonization by any European Power.“ Twenty years after Monroe died, this became known as the Monroe Doctrine.
The James Monroe $1 coin was released to the public on February 14, 2008. However, prior to the coin’s release, there was a report that a number of “irregular” coins were returned to the Mint by the contractor hired to wrap coins.
It was reported that between 70,000 and 100,000 Monroe Dollars were struck on quarter planchets at the Philadelphia Mint. When questions, the US Mint issued the following statement:
In mid-January, the United States Mint’s coin-wrapping contractor alerted the agency when it found some irregular James Monroe Presidential $1 coins. The coins in question were immediately returned to the United States Mint. The United States Mint has performed an internal inquiry and presently has no evidence to indicate that any irregular James Monroe Presidential $1 Coins have been sent to the nation’s banks. The United States Mint expects to make an estimated 103 million James Monroe Presidential $1 Coins.
When I go to the bank tomorrow to pick up some rolls, I will be buying a few extra rolls to check for these wrong planchet errors because I do not believe that all of these “irregular” coins have been found.
NGC Introduces New Hologram and Website
Numismatic Guarantee Corporation unveiled a new holographic label that will be placed on the back of their slabs. The new label is wider than the previous version and includes the logos of the American Numismatic Association and Professional Numismatic Guild touting NGC being the official grading service of these organizations. A key addition to the label is the mention of their new Terms & Conditions website at www.ngcterms.com.
The original announcement (which has been taken off the NGC site, see below) noted that the site www.ngcterms.com does not link to any commercial sites. But during my investigation, I found three links to the US Mint. While the US Mint is not a “commercial” site, it might as well be since they run commercial operations. Ok… it’s a small nit, but it’s my nit!
For the basic “this is what you need to know” about coin grading, I think that NGC hit the mark. The site is simple and to the point. Two pages that I find very beneficial are The NGC Grading Scale and Strike Characters and other Designations. Both pages clearly defines what everything means in a matter-of-fact manner that I appreciate.
NGC removed the announcement page from their website because there was a spelling error in the label. NGC is aware of the error and is making the appropriate changes. However, there are reports that a “small number” of slabs with the erred hologram were delivered to customers. I wonder if this will be a new type of rarity!
Image courtesy of NGC.
Warming Up For Baltimore With My Last "Oh Neat" Find
With the Baltimore Coin and Currency Convention coming at the end of the month, I realized I did not talk about the last show I attended. That show was a while ago and would not be interesting now. What is interesting is one of the items I found while walking the bourse floor.
Whenever I go to a coin show, I look for something “neat.” Something different that was not expensive but would raise an eyebrow or two when I show the item to others. Last summer, I found an 1803 Large Cent with a barely readable date. There was also the GSA Softpack I picked up at the ANA National Money Show in Charlotte.
Before attending to the last Baltimore show, I decided that I would concentrate on my 1976 collection and look for numismatic-related items. With that in mind, I was walking the bourse floor looking at the various tables and found a set of medals in a plastic holder. The blue set caught my eye when I focused in and saw that the set was from 1976.
I stepped up to the table to take a closer look and found that it is the 1976 ANA Convention Medal Set. Back when the ANA held one convention per year, this set consists of pewter, bronze, and copper medals showing the image of the a bust of the Statue of Liberty in front of United Nations building. The medals for the 85th Anniversary convention also featured the star logo of the American Revolution Bicentennial Association (ARBA) and are stored in a custom case made by Capital Plastics.
This set registered high on the “oh, neat” meter. It was from 1976, had the ARBA logo, and would also fit in my New York collection. When the dealer said he is selling the set for $15, I did not hesitate to reach in my pocket for the money. As I learned more about the set, some collectors were offering four-to-five times the price I paid. The set is not for sale, but it is nice to know that I cherry picked a nice item.
I can only wonder what I will find at the end of this month. Stay tuned!
Another 1933 Double Eagle Allegedly Found
On February 8, 2008, a report from the Moscow News reverberated in both the numismatic press and found its way into some mainstream media outlets said that a couple in Egypt found a 1933 Saint-Gaudens $20 Gold Double Eagle. The forbidden coin, which there is only one legal tender specimen, could be the most valuable coin if it is real.
Online forums have parsed the words of this short article noting that the line “Specialists believe that the double eagle found in Egypt could be part of Theodore Roosevelt’s 1933 collection of coins redesigned by famed American sculptor Augustus Saint-Gaudens and given to King Farouk of Egypt as a present,” contain significant factual errors. For instance, Roosevelt did not collect coins, but did commission Saint-Gaudens to design the coin and owned a high-relief coin. Even if Roosevelt did collect coins, he died in 1919 and would have never collected this coin. Saint-Gaudens died in 1907.
Further, evidence discovered by David Tripp and published in his book Illegal Tender suggests that the Farouk coin was sold to an emissary by a dealer.
After parsing the words, you have to realize that this is a story by a Russian news organization quoting a Qatar news organization reporting an event in Egypt. Aside from translation being an issue, even some collectors are confused by the provenance of these coins. So the mistakes could be understandable. But is it a real coin?
The 1933 Saint-Gaudens Double Eagle coin sold in 2002 for $7.6 million was assumed to the be the Farouk coin based on the assumptions of its travels until its confiscatio But part of the evidence was that a 1933 Double Eagle coin was removed from the 1954 auction of King Farouk’s coin collection. Although a coin was confiscated from British dealer Stephen Fenton who testified that it was the Farouk specimen, no evidence exists to prove the claim.
Since the sale of the only legal tender 1933 Double Eagle, ten coins found by the family of the late jeweler and coin dealer Israel Switt where authenticated as genuine by the US Mint and subsequently confiscated them. While the family is suing the government for the coins’ return, it was though that this may be the last of the escaped Double Eagles… until now.
If the coin is real, the US government considers the coin government property and illegal to own since it was never released into circulation. Although the US Secret Service has not commented on this story, history suggests that the coin will be confiscated should it return to the United States.
If the coin is real, the $15 million estimate in the Russian article may be possible, but could be too expensive. Should the coin be accurately linked to King Farouk with convincing evidence, $15 million may be a low estimate. However, it would have to be sold overseas to prevent its confiscation by the US Secret Service.
This may not be the last we hear of this coin. But I still want to know how the grandfather of this tailor came to own this coin. Even in 1954, the coin was known to be very rare, so how did it end up in a box in the bottom of a closet? It will make an interesting story!
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