The following Article appeared in the August The E-Gobrecht Newsletter, Volume 4, Issue 8

With an minimum opening bid of $500,000, Paul Bosco, a New York dealer with tables at the 2008 ANA Convention, offered the “1873S No Arrows Discovery Coin,” item number 300245146593 with a closing date of August 4, 2008.

He described the coin as such: “I suggest you use your computer’s imaging programs to enlarge the pictures. They are rather convincing. Mintage 5000, but it has always been believed that no specimens are known. The 1873S Dollar –mintage 700– has the same status. In 1873 the weight of silver fractional coins was increased and the silver dollar was suspended, as well as the half dime. In the case of halves, the increase was from 12.44 grams to 12.50. Arrows were placed next to the date, distinguishing coins with the same date (and mint mark) but different weight standard.

It seems that some of the No Arrows coins were melted, not released. The 1873CC Quarter is known in only a few examples. It is difficult to say, whether or not the all examples of very rare 1873 No Arrows coins were assay specimens. At least one quarter is well used. The phrasing in the Red Book implicitly acknowledges the possibility that at least some examples were released to circulation. The notion that all were melted down is not, as far as I know, supported by documentation, but by the circumstantial evidence, i.e. the nonexistence of any examples. Until now.

The 1933 $20 piece was not released and it IS documented that the considerable mintage was entirely melted. However, examples certainly do exist.

This discovery coin — I have no memory of where I got it — shows extensive fire damage, as if it survived the melting pot. However, it could just as easily have been saved by a mint employee, who subsequently — and some would say ironically– had a fire in his home. It is not possible to say if the coin is in fact Uncirculated with “environmental damage”. Also, the weight and specific gravity would notmeaningful, as corrosion and damage products would increase the weight and decrease the density. Of course, no die diagnostics are known for the date/mint/variety.

I will bring the coin to the ANA convention in Baltimore, where I have two tables. As I will be there, I may not be able to respond to questions. Free postage on this lot. I may even pay for your flight to New York to pick it up.”

[Editor’s comments: This coin is not authenticated and John Dannreuther (PCGS Director of Research) and I, Bill Bugert, attempted to see and scrutinize this discovery coin at Paul Bosco’s ANA table. Paul told us the coin was out with his photographer and he didn’t know when he would get it back. It received no eBay bids as of this newsletter’s publication.]

The following is taken from the Subscriber Correspondence section of the June 2008 E-Gobrecht, the electronic newsletter skillfully published monthly by LIBERTY SEATED COLLECTORS CLUB and its editor Bill Bugert. For anyone who is unfamiliar with the LSCC or E-Gobrecht in particular, CoinLink would strongly recommend that you visit their site and subscribe. A finer group of serious collectors can not be found who freely diseminate their content for the benefit of all.

From Charles Sullivan: In the May “Auction News” by Jim Gray, he states “An 1873-CC seated dollar in AU-58 with album toning on well struck surfaces went up to $48,875 despite a dark spot below the eagle’s beak. A lightly toned, unmolested 1878-CC trade dollar, AU-58 and quite attractive, sold for $11,500.” In the same issue, David Lange cites coins being “subjected to multiple cleanings and poor storage” during the 1950’s and 1960’s, coins that “have been dipped, albeit more skillfully than the more common bleach jobs that are such an eyesore,” coins “dipped again and again in an attempt to remove the PVC residue” (post-1970’s), and, in the present day, coins dipped “just before [they are sent} to the grading services” as submitters have failed to rinse them properly. David fails to mention a prominent slabhouse has even set up an extra-charge cleaning service for ugly specimens, thus reinforcing the notion “every coin can be made better.”

As a group, we collectors STILL do not possess the maturity and vision to leave seated liberty coins alone for the guardians who will purchase, inherit, and conserve these wonderful specimens of history in the decades and centuries ahead. (more…)

(Bill Bugert - Editor: David Lange, Director of Research for the Numismatic Guaranty Corporations sent me this note on January 23, 2008.)

“I received the following bulletin from Ray Czahor of Cookie Jar Collectibles, and we agreed that it should be reprinted in the E-Gobrecht. I was just talking to a good friend in Manila Philippines this morning on a couple of Philippine issues. He attended a local auction this weekend.

He said Moslems were offering to local dealers, some of whom bit, 80 to 100 SCARCE to RARE US Liberty 50 Cent pieces. They included dates 1847, 1857, 1857-S, and 1857-O. He said the pieces were the correct weight, high grade UNCs, nice reeding but rounded edges. One dealer there bought 65 pieces for up to $250 for the rare date. Maybe you have already seen them but thought I would pass this info on.”