Archive for September, 2007

1913 Type 1 Buffalo Nickel (1913 Only)

Photos used with permission and courtesy of Heritage Auction Galleries
On March 4, 1913, coins from the first bag to go into circulation were presented to outgoing President Taft and 33 Indian chiefs at the groundbreaking ceremonies for the National Memorial to the North American Indian at Fort Wadsworth, New York.

James Earle Fraserr, a former assistant to Saint-Gaudens and a prolific artist best known for his monumental “End of the Trail” Indian sculpture, created a truly unique design for the new coin. Up until that time, except for Bela Lyon Pratt’s quarter and half eagle of 1908, the “Indians” portrayed on U.S. coins were primarily Caucasian with an Indian headress, epitomized by Saint Gauden’s Greek Nike head on the 1907 Indian eagle.

Fraser’s design accurately portrays a male Native American, and the obverse portrait was a composite of three chiefs who had posed for him years earlier. Keeping with the distinctly American theme, he depicted an American bison on the reverse.

The inscriptions UNITED STATES OF AMERICA and E PLURIBUS UNUM are artfully placed over the buffalo, with the denomination FIVE CENTS below. The legend LIBERTY and the date are similarly well executed on the coin’s obverse. Fraser’s design was medallic and beautiful, and for that reason was favored by Secretary MacVeagh.

Its allure seemed to completely elude Charles Barber, chief engraver of the United States Mint, who complained that the design elements were too large and didn’t allow for the proper placement of inscriptions. Barber didn’t get very far with this, as the design remained unchanged over his objections. Reservations also came from the vending machine industry, whose devices were designed primarily for accepting cents and nickels. Particularly persistent was the Hobbs Manufacturing Company, which marketed a machine for detecting counterfeit coins. Mr. Hobbs was certain that Fraser’s design would not work in his mechanism, and he asked that significant changes be made to the models. After much wrangling over this, Secretary MacVeagh instructed the Mint to proceed with the original design and let the vending machine companies adapt their mechanisms to the coin.

Type 1 nickels, minted only during the first few months of 1913, had the denomination FIVE CENTS on a raised mound. As early as April, rapid wear in this area became evident on the coins in circulation, so Barber finally got his chance to modify Fraser’s design. He cut away the mound, creating an exergue into which the denomination was set. This solved the reverse wear problem, but then he kept going. He smoothed out much of the detail and granularity in both the Indian’s portrait and the bison’s hide. The resulting Type 2 Buffalo Nickel, however, lacked much of the artistic impact of the original.

James Earle Fraser
1876-1953
 
Reverse Mound Detail
Type 1 Reverse
Type 2 Reverse
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Specifications:

Designer: James Earle Fraser
Mintage: Circulation : 30,992,000 Proofs: 1,520
Diameter: 21.2 millimeters
Metal content: Copper - 75% Nickel - 25%
Weight: 5 grams
Edge: Plain

Publication Date: 09/13/2007

The Queen of Carson City Gold: The 1870-CC $20 Coin

By Greg Reynolds for CoinLink

An 1870-CC Double Eagle ($20 gold coin) is ‘in the news’ as one of the finer pieces sold privately in the middle of August. It had surfaced at the ANA Convention.

Bob Green of Park Avenue Numismatics sold this 1870-CC to a Nevada collector for an amount greater than $400,000!

As it did not come from a famous collection, at least not in recent decades, I will refer to it as the Green 1870-CC to distinguish it from others of the same date. The Green 1870-CC is certified, graded and encapsulated by the Numismatic Guaranty Corp. (NGC). Its “AU-53” grade indicates that it is certainly one of the ten finest 1870-CC Double Eagles, possibly even one of the two or three finest?

I am not aware of any 1870-CC Double Eagles that grade MS-60 or higher. Many of those that currently grade AU were graded as Extremely Fine in the 1980s or early 1990s. Likewise, many that were graded Very Fine in the past few decades have been certified as “Extremely Fine” over the past ten years. There are two Extremely Fine grade increments, EF-40, EF-45, and four in the AU range: AU-50, AU-53, AU-55, and AU-58.

Grades of MS-60 to -70 roughly approximate the range relating to the traditional grading concept of ‘Uncirculated.’ In 1988, the late researcher Walter Breen asserted that the 1870-CC is “unknown” in uncirculated. David Akers, the foremost expert on U.S. gold coins, stated that he never saw an uncirculated or “Mint State” 1870-CC. Curiously, one other expert, in a somewhat recent book on Double Eagles, estimates, without any pertinent references, a population of one or two Mint State 1870-CC Double Eagles. (more…)

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