In my last blog, I predicted that the Central States show in Rosemont would be active. How did the show turn out and what are my current impressions of the market? Read on for all the answers…and more.

After a lack of shows for over a month I knew that there would be a strong demand for nice coins and I was right. Every dealer I spoke to at the beginning of the show told me that they literally had to be three places at once to get a shot at the fresh coins that were available. For someone like myself who does coin shows without assistants, partners, lackeys or go-fers it can be very frustrating to try and buy coins, view auction lots, answer emails, make phone calls and more - often all at once. I can’t ever remember a time when I’ve had to work harder to buy!

I arrived in Chicago on Tuesday and began buying literally as soon as my plane touched the ground. Wednesday was PNG Day which meant that only a limited number of the table holders could set up. I got to wear some spiffy clothes and I got to focus exclusively on wholesale business which, for better or worse, is what shows are really about right now (I’ll explain a little bit more about this statement in a second).

There were a few very interesting deals that broke at the show. I was able to buy some nice early gold coins from an outstanding collection of pre-1834 gold that a West Coast dealer was selling. This was the sort of deal that usually sells at auction (all the coins were in old holders and many were significantly undergraded) and I believe that virtually the entire deal sold to the first three or four people who viewed it. I also heard about a neat collection of Bust Quarters by die variety that sold (I was able to buy a few leftovers from the dealers who handled it) and I was impressed that the collector who owned it didn’t place it in auction. (more…)

President Bush to Present Nation’s Highest Civilian Honor to Cardiovascular Medicine Pioneer

WASHINGTON - The United States Capitol Rotunda will be the backdrop on April 23 when President George W. Bush presents the Congressional Gold Medal to heart surgeon Michael E. DeBakey, M.D.

Public Law 110-95, approved by President Bush on October 16, 2007, authorized the United States Mint to strike a gold medal to honor Dr. DeBakey for his many outstanding contributions to the Nation. Each Congressional Gold Medal is individually designed to reflect the accomplishments of the recipient. The public law also authorizes the United States Mint to produce and sell bronze reproductions of the medal.

Engraved on the medal’s obverse is an image of Dr. DeBakey in full hospital scrubs, with a surgery in progress in the background. Inscriptions on the obverse are “Michael E. DeBakey, M.D.,” “Act of Congress” and “2007.”

The medal’s reverse design depicts a human heart placed prominently over a globe representing the universal influence of Dr. DeBakey’s teachings on cardiovascular procedures. A ribbon encircling the heart bears the following quote by Dr. DeBakey: “The pursuit of excellence has been my objective in life.”

United States Mint Sculptor-Engraver Don Everhart designed both the obverse and reverse of the Michael DeBakey Congressional Gold Medal.

Three-inch bronze reproductions of the Michael DeBakey Congressional Gold Medal, priced at $38, will be available for purchase beginning noon (ET) on April 23. One and one-half inch miniature bronze replicas of the medal, priced at $3.75, also will be available. Customers may order these medals and other genuine United States Mint products at www.usmint.gov, or at the toll-free number, 1-800-USA-MINT (872-6468). There is an additional shipping and handling fee of $4.95 per order. Presentation cases also are available.

Michael S. Fey, co-author of the Top 100 Morgan dollar varieties, announced today the discovery of an ultra rare 1878 8TF VAM 14.13 (doubled eyelid; A1n reverse) struck partially out-of-collar (railroad rim).

According to Fey, “This is the 2nd known major error of any 1878 8TF Morgan dollar in the history of its mintage of approximately 750,000 coins, and is only the 29th specimen of the VAM 14.13 reported to date. The combination of an 1878 8TF ultra rarity with a major error of this type is significant, and may have played a role in the early demise of the obverse die.

Fey not only had an opportunity to review ultra rare silver dollars and silver dollar patterns, but numerous classic American rarities. Among the highlights of coins he held were a 1787 Brasher doubloon with punch on wing, and a “unique” 1787 Brasher half doubloon with punch on wing. He held a 1652 New England shilling, a set of 1792 Birch coinage including a silver plug Birch cent, a mint state 1793 Chain “Ameri”, an 1838-O proof half dollar (only 20 minted) and a unique 1860 $20 Proof Pacquet Reverse J-272a and so many more.

According to Fey, “I could not be any more impressed or dazzled by the assortment of numismatic treasures held in our National Numismatic Collection. This is where these coins belong, in the public domain”.

This is to thank Dr. Brent Glass, Dr. Richard Doty, and especially Mr. Jim Hughes for their time and hospitality in allowing me to visit and look through selected coins from the National Numismatic Collection. The Smithsonian is a national treasure that deserves support from the entire hobby.

For further information, please contact Michael S. Fey, Ph.D., at RCI, P.O. Box C, Ironia, NJ 07845 or call (973) 252-4000; FAX (973) 252-0481; E-Mail: Feyms@aol.com or visit http://www.rcicoins.com

Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

It is currently not the most expensive American coin-merely the most famous. Heritage Auction Galleries has sold its first public offering of a Class I Original 1804 silver dollar, the Mickley-Hawn-Queller specimen at the CSNS Auction on April 16, 2008 for $3,737,500.00 (includes buyers premium).

Possessing a long and historic provenance that extends back to noted 19th century collector Joseph J. Mickley, this coin, graded PR62 by NGC, is one of eight Original Class I 1804 silver dollars known today. Of those eight coins, only five are in private collections, with the remainder in institutional holdings.

The Heritage offering marks the first time a Class I Original 1804 dollar has appeared at auction in nearly a decade, since the PR64 Dexter-Dunham example brought $1,840,000 in the year 2000.

The 1804 silver dollar has long been renowned as the “King of American Coins.” Well before such latter-day rarities as the 1913 Liberty nickels, the 1894-S Barber dimes, or the 1907 Ultra High Relief double eagles, the 1804 silver dollars were acknowledged as the most famous U.S. coins, yardsticks by which great American numismatic collections were measured.

A full review of Heritages CSNS auction will be forthcoming next week.