Numismatic Articles

Coins of the first three Edwards & Richard II by Bruce Lorich

English hammered gold coins are so captivating in their designs, which invariably include intricate symbolism and Latin abbreviations of Biblical quotations favored by the respective monarchs, that many collectors focus too much on the coin designs, without understanding the historical motivations behind the coinages. Seen in their historical context, though, the coins become rich with meaning and a real reason for owning them occurs. A superb source of this information is C.H.V. Sutherland’s English Coinage 600-1900 (published 1973), which I condense here.

Prior to the 14th century, gold was rare in England. Almost no earlier gold coins exist. In the reign of Edward III (1327-77), the next to last Plantagenet King, this all changed. All the silver coinage types continued, with little alteration other than title, as they had been under Edward I and II. A complicated system of privy-marks developed under the first Edward, called “Longshanks” because of his unusual height. A wicked man who waged war in Scotland, he set up numerous mints to issue large amounts of silver coins, and died leaving England a wealthy nation.

For 20 years the nation suffered under the second Edward but the coinage continued the same types, and the ongoing war with France had been disastrous for the national treasury.

Edward III had the qualities of his grandfather, and his 50-year reign ended with the following inscription engraved on his tombstone: “The glory of the English, the flower of kings past, a pattern for kings to come.” It was well deserved, for many challenges and even the Black Plague were overcome during his rule. Defying the French, he kept the title “King of France” on his coins, slaughtered them in a naval victory at Sluys in 1340, and expanded England’s horizons into international trade. Continued

Many U.S. numismatic items have been counterfeited or otherwise imitated over the years, some so often that authenticators such as myself are automatically suspicious of them. Near the head of this list are the Indian Peace Medals issued by the United States government from the 1790s up to 1890, of which perhaps 90% of the allegedly rare pieces are fakes.

In the other fields of numismatics, some of the lesser fakes that we see are so easy to identify that we can do it over the phone with one hand tied behind our backs. For instance, many early U.S. and Confederate banknotes have been widely reproduced in what is commonly called replica form. These replicas are similar to the genuine items, but significantly different in some important way so that the maker cannot be accused of counterfeiting with intent to deceive, an important legal point.

On the replica banknotes, the key difference is usually in the heavy, parchment-like paper used, which one replicator “antiqued” by dipping the notes in pots of tea and drying them on a clothesline in the sun, giving them a look and feel much different than the flimsy rag paper typical of the originals. When I was with the Collectors Clearinghouse department at Coin World, or later with the American Numismatic Association Certification Service in Colorado Springs, we kept a list of the commonly seen replicas in our desks, so that when people called about one of the bills we could ask them the date and denomination of it and be able to tell them the serial number of their bill from the list.

Many colonial and territorial coins were also issued in replica form before the passage of the Hobby Protection Act of 1973, and many of these had distinguishing marks such as misspelled words or incorrect designs or a cryptic “R” (for REPLICA) that made them easy to spot over the telephone. Unfortunately, when people called us about Indian peace medals, there was almost nothing we could do without seeing the pieces, as most of the fakes were originally made by the United States Mint! Continued

By Richard Giedroyc - HCC Rare Coins

Once upon a time gold was worth a paltry amount compared to the lofty figures it commands per ounce today. Since gold didn’t have such an incredible value, nor did it fluctuate much in price, it was practical to be used as a coinage metal.

The United States is only one of many countries that over many centuries issued gold composition coins. As the United States expanded so did its need for circulating coinage. In 1848 gold was discovered at Sutter’s Mill in California. People dropped whatever they were doing, sometimes almost literally, and headed for the west coast of what today is the United States to seek their fortunes. Believe it or not even the gold mines in the Carolinas and Georgia in the Appalachian Mountains were abandoned as people perceived that it would be much easier to mine the golden metal in California than in the east.

Some found what they sought. Others would be disappointed. One thing, however, was certain. If the population explosion in California was to be sustained economically either barter would have to be greatly expanded or a lot more coins than had been available were going to be needed in commerce.

The United States recognized the need for a regionally located mint to fill this need. Prior to the establishment of the San Francisco Mint facility in 1854 private parties, primarily jewelers and assayers, produced their own coinage to fill the void. Since gold was readily available while silver was not the private coinage issuers in California used gold to produce what today are generally referred to as Pioneer or Private and Territorial Gold issues.

Although most collectors will remember the more famous issues struck in denominations of $5, $10, $20, and $50, these same private minters struck fractional denominations as well. These “quarters,” “half dollars,” and “dollars” were also struck in gold, since silver was not generally as available. These coins are tiny, many of them being less than 20 millimeters in diameter. Continued