Following his discharge, he became an apprentice at the Leningrad Mint. As an apprentice, he submitted his diploma project, a medal of Peter the Great, to the Soviet authorities. His work was so admired that he was recommended for appointment as an artist of the mint. By 1974, Shagin had become a leading designer and sculptor.

In the 1970’s the Leningrad mint was involved mostly in the production of medals and commemorative coins. Shagin was responsible to produce at least one medal every two months. Although he was allowed a rather wide latitude in his work, all of his designs had to be approved by the Council of Art medals before they could be struck.

By the end of the 1970’s, Shagin began to become more and more concerned about the Soviet government’s control over his artistic expression. While visiting an exhibit of medals in Poland in 1978, Shagin was astonished to learn of the artistic freedom his Polish colleagues. During that visit Shagin became convinced that he had to seek artistic freedom in the West.

David Lisot of Coin Television Interviews Alex Shagin at the recent Long Beach Expo

Upon his return to Leningrad, Shagin applied for an exit visa. This so angered the Soviet officials that he was immediately relieved of his position. After waiting more than a year, during which time he had no means of earning a living, he was finally given an exit visa. In 1979 Shagin emigrated to the United States and now resides in Santa Monica, California where he continues his art.

He has works in museums and private collections around the world, including the Hermitage Museum, the Smithsonian Institution, Yad Vashem Museum, the British Museum and the Swedish Royal Medallic Collection. In 2002, as First Vice President of the American Medallic Sculpture Association (A.M.S.A.) he participated in the Federation Internationale de le Medaille (F.I.D.E.M.) congress by designing a special presentation medal for the American Delegation–The Medal of Liberty presented to twelve individuals by Ronald Reagan in 1986.

Each project Alex Shagin designs is a personal tribute to the freedom and democracy he found since immigrating to America from Russia in the 1980’s. His work on the Moscow Olympics (1980) and Los Angeles Olympics (1984) led to international recognition culminating in the American Numismatic Society’s Saltus Award in 1995. He has created works for the US Mint, Singapore Mint, Israel Government Mint, American Numismatic Association, Leningrad Mint, The White House (Ronald Reagan) to name a few.

Related posts:

1. Unique Plain Edge 1907 $10 pattern – believed the only Saint-Gaudens coin actually seen by the artist – at Boston ANA auction
2. Waterloo Medal by Benedetto Pistrucci
3. 2010 ANA Medal Features Paul Revere

It was sold by Steven L. Contursi, President of Rare Coin Wholesalers of Irvine, California, to the nonprofit Cardinal Collection Educational Foundation (CCEF) in Sunnyvale, California. Collector and numismatic researcher Martin Logies represented the foundation of which he is a director and its numismatic curator. The private sale was brokered by Greg Roberts, President and Chief Executive Officer of Spectrum Group International of Irvine, California.

From 2004 to 2009, the coin was a featured exhibit at the American Numismatic Association’s Edward C. Rochette Money Museum in Colorado Springs, Colorado, and was displayed at a half dozen ANA World’s Fair of Money and National Money Show conventions around the country.

The 1984 Stack’s auction lot description in the Carter Collection sale stated, “It is perfectly conceivable that this coin was the very first 1794 Silver Dollar struck!” Over the decades, various numismatic researchers have stated a similar belief including Walter Breen, Jack Collins, John Dannreuther, David Hall and Logies who is author of the book, The Flowing Hair Silver Dollars of 1794.

David Lisot of CoinTelevision.com interviewed both the buyer, Martin Logies, Curator Cardinal Collection Educational Foundation and the seller, Steve Contursi, President of Rare Coin Wholesalers at the Long Beach Expo earlier this month.

CoinLink is pleased to be able to provide both of these interviews:

Buyer of the 1794 Dollar for $7.85 Million: Martin Logies, Curator – Cardinal Collection Educational Foundation [9:18]

CCEF maintains several web sites to provide information about early American coins, including www.EarlyUSCoins.org and www.EarlyDollars.org that features an interactive “treasure hunters” guide for easily attributing early U.S. silver dollars by die variety. Another web site is planned, www.CCEFlibrary.org, that will be devoted to providing the public with access to the foundation’s extensive numismatic library.

“Of all the rarities I have seen or heard of, there is no doubt in my mind that this is the single most important of all, the very first silver dollar. This is the coin that has it all,” said Logies.

Seller of the 1794 Dollar for $7.85 Million: Steven L. Contursi, President of Rare Coin Wholesalers [5:38]

“This is a national treasure, and I’ve proudly been its custodian since 2003,” said Contursi. “I never wanted to simply hide it in a vault because this coin is to our economy and international trade what the Declaration of Independence was to our country’s freedom: a significant piece of history and a national treasure.”

Related posts:

1. The World’s Most Valuable Coin: Cardinal Foundation buys First 1794 Silver Dollar for $7.85 Million
2. Coin Rarities & Related Topics: 1794 Silver Dollar, 1795 Reeded Edge Large Cent, and selected coins in the Summer FUN Auction
3. Coin Rarities & Related Topics: 1794 Silver Dollar sells for $1,207,500, and More Auction News

The Oregon Spectator, founded in 1846, one of the first newspapers west of the Mississippi River, was forced to stop publishing in 1848 “because its printer, with 3,000 officers, lawyers, physicians, farmers and mechanics were leaving for the gold fields.” (Kagin, Private Gold Coins and Patterns of the United States.)

By spring of the following year, gold dust had almost entirely replaced beaver and other fur pelts as the primary medium of exchange, although it traded at a substantial discount to silver coins (when available) and to its value at the Philadelphia Mint. Miners were losing money.

Against this backdrop, the Oregon Exchange Company was formed, with the express purpose of weighing and stamping gold.

Although Oregon was officially declared a territory of the United States on March 3, 1849--rendering any plan to coin gold clearly unconstitutional--several prominent residents determined to proceed with the plan.

PCGS Video:David McCarthy of Kagin’s tells the story of the 1849 $5 Oregon gold piece

The surnames of those residents were Kilborn, Magruder, Taylor, Abernethy, Willson, Rector, (Gill) Campbell, and Smith. Their initials K. M. T. A. W. R. G. S. appear around the rim of the five dollar gold pieces, which also picture a beaver on a log and a laurel wreath. In error, the initials T.O. (rather than O.T., for Oregon Territory) were stamped on the obverse.

The five dollar contains the reverse legend OREGON EXCHANGE COMPANY around the periphery, with 130 G. / NATIVE GOLD. / 5 D. in the center. The initials of two men were omitted from the ten dollar pieces struck later, and the T.O. was corrected to O.T.

The gold coinage was unalloyed with silver or copper, and succeeded in raising the price of gold dust from $12 to $16 as the pieces circulated. Alloy was purposely omitted to ensure that the pieces would be accepted regardless of variances in the purity of gold dust, but their inherent softness caused them to suffer in contact with the harder alloyed gold coinage from California--and their higher intrinsic value caused them to soon be melted.

The fives were struck to the extent of 6,000 pieces, along with 2,850 of the tens. The present example shows light rub and strike softness on the beaver and his log, along with miscellaneous small abrasions and surface nicks characteristic of a soft, unalloyed gold. A bit of softness is also visible around the N’s in OREGON and NATIVE. Much luster remains, however, and the surfaces are enormously appealing. Census: 3 in 53, 3 finer (11/06). Listed on page 360 of the 2007 Guide Book. (#10288)

Related posts:

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2. Northwest Territorial Mint Acquires Historic Medallic Art Company
3. Coin Profile: The Farouk-Norweb 1915 No S Panama-Pacific Half Dollar in Gold

Introduction

Conrad Wiegand was a boisterous man who was born in Philadelphia, worked for the US Mint, and came to the California Gold Rush in the early 1850’s. He went to work for the US Branch Mint in San Francisco at or near its inception in 1854.

Wiegand was small in stature, but big in ideas, and even stronger still in his opinions. He was a devoutly religious person who saw such injustice in the world that he undertook the publishing of his own newspaper—two of them, in fact. His other passion was the metals question, particularly his political stance generally held by most miners that money should be in the form of circulating hard specie—gold and silver coinage and ingots. Wiegand’s outspoken nature repeatedly got him into trouble, especially during his life on the Comstock. He was severely physically assaulted and beaten twice, which endeared him to the likes of Sam Clemens. As he advanced in age, his mental troubles worsened. Ultimately, his life ended in a hangman’s noose at the age of fifty in Virginia City.

A number of his precious metal ingots exist today as testimony of his work as a mainstream western assayer. These include nearly every phase of gold, silver and copper bullion in which Wiegand worked, as well as examples of items used to promote monetary specie.

Background

Conrad Wiegand shared with friends in Virginia City that he was born in Philadelphia in March, 1830. His father was John Wiegand, a one-time banker and later surgical instrument manufacturer. His brothers included a pharmacist (Thomas) and an inventor (George). The family lived in Philadelphia. Conrad, however, soon disappeared from the written historical record of Philadelphia and all American census data.

In an interview later in life, Wiegand said that he “entered the assay department of the Philadelphia Mint on $1 a day for wages.” Wiegand apparently trained for several years at the Philadelphia Mint, and mention was made that he worked in New York as well, probably for a private assaying firm.

Wiegand Appointed Assayer, Branch Mint, San Francisco, 1854

In 1854 he was appointed by President Pierce to the Branch Mint at San Francisco as Assayer. By his own admission, he returned to the east coast shortly after to run the New York New Boys Club, then left that job to study for the ministry. Unsuccessful with the Boys Club, he worked for a stint at the Brooklyn Naval Yard. President Abraham Lincoln subsequently appointed him as assayer to the Branch Mint in San Francisco once again. Working again in San Francisco, he soon published an opinionated pamphlet promoting the use of gold and silver as circulating specie.

As one of the original presidential appointees of President Pierce for the US Branch Mint at San Francisco when it opened in 1854, Wiegand held special status. Information on this early period is scant. By 1855 he held the position with the Branch Mint as Assayer, though this may be near the time that he returned to New York for a short while. While working there, his naturally boisterous and vociferous nature came to the forefront almost immediately, particularly when the Vigilance Committee was formed and action later taken. Wiegand gave a public speech, reported October 12, 1856 on the moral aspects of the Casey matter. He also published at least one article under the pseudonym William Carroll.

Wiegand was right in the middle of the 1856 Vigilance Committee fracas after James King of William was assassinated by James Casey. These events shaped his life forever, and more importantly, probably helped save his own life a decade later when a possible assassination attempt was made on his own life by John B. Winters. Perhaps the main way in which the James King of William Vigilance problem affected Wiegand was the power of and the use of a free press. In the same manner as James King of William assailed corruption, fraud among politicians and businessmen in San Francisco, Wiegand did the same later in Gold Hill against the powerful Bank of California. Indeed, in a strong paper published after the death of James King of William, it was noted that “he has died a martyr to Freedom of Speech.” This period of Wiegand’s life set the stage for his future work: as an assayer and as a humanitarian speaker and religious leader, probably stemming from his upbringing and family’s roots in Germany.

Wiegand traded jobs within the Mint system several times, perhaps typical of many jobs today, where one changes positions within a specific company for the express purpose of learning all aspects of the business. In this regard, when Wiegand became Coiner in about 1860, he was given the opportunity to learn even more about the assay, gold and coining business.

Wiegand was present for the troubles at the San Francisco Branch Mint in 1856 when charges were brought against A. Haraszthy for embezzlement. However, once it was learned that the Mint had been under tremendous pressure to process gold shipments at record rates of production never before seen in America, Haraszthy was exonerated. The losses were simply a result of fast and furious throughput in the Mint, and the dust exhumed from the Mint’s chimneys found on neighboring rooftops carried much of the missing gold. Under these extreme circumstances, Wiegand would have learned how to handle the toughest jobs under pressure. It may also have been the first event in his life that placed tremendous stress and burdens upon his mind that may have later led to his undoing.

Wiegand Starts Politicking President Lincoln, 1861-2

In February, 1862, Wiegand wrote to President Lincoln in Washington. He had tried unsuccessfully to use an end-around method to take charge of certain affairs in the Assay department at the San Francisco Mint by trying to gain authority from Lincoln to hire and fire staff in the assay department whom he did not approve of. Wiegand tried to fire Jackson Snyder, but Branch Mint Superintendent Stevens instead terminated James Mars, who was Wiegand’s apparent right hand man in the Assay department. The letter shows a clear serious disagreement between Branch Mint Superintendent Stevens and Wiegand, but Wiegand felt the matter of such importance and “to the integrity of our National Coinage” that he wrote Lincoln, bypassing the established chain of command.

President Lincoln must have taken heed, because Superintendent Stevens was subsequently compelled to write a lengthy letter to Lincoln days later justifying his actions and further stating that Wiegand’s letter was part of a “persistent system of attack which this singular person has kept up against me for months.” Stevens noted that Wiegand was “removed at the close of 1857 for extraordinary and unofficerlike conduct—indeed it was the common report at the time that he was insane.” Indeed, in Haraszthy’s defense of the embezzlement charges, “the counsel for the defense strenuously urged the unfitness of Wiegand for the position from (claiming) unsoundness of the mind, and the consequent unreliability of the assays by which the bullion was charged to the Melter and Refiner.” Wiegand was reinstated in June, 1858. Stevens wrote Lincoln that Wiegand’s behavior was so bad, and his “insidious inciting” of other officers of the Mint against him, that he asked Secretary of the Treasury Salmon P. Chase to prefer charges and remove him. Stevens was subsequently given authorization to remove him. Stevens wrote in a post script in April that Wiegand was minding his own business and doing his job satisfactorily. Wiegand agreed to obey orders, but was removed in October, 1861. Stevens went on to write that Mars was removed because he was “one who thinks the South should be left alone.”… “Mr. Snyder is a northern man.” Wiegand was later reinstated, perhaps because the Mint could not find a suitable replacement.

Wiegand continued to correspond with Lincoln, in both writing letters of recommendation for various people, and in a request for a personal audience. Ultimately, Wiegand resigned his position at the San Francisco Branch Mint in December, and Lincoln was notified December 14, 1863.

Wiegand Starts New Era in Nevada, 1863-1864

Conrad Wiegand immediately went to work at the newly constructed huge mill of the Gould & Curry Gold & Silver Mining Company located at the intersection of Six and Seven Mile canyons about a mile below Virginia City. The Gould & Curry had struck a bonanza ore deposit in 1862-3 which vaulted the Company into becoming the leading producer of gold and silver in America. A new mill was built to handle the ore, and the Company was so big at the time that it employed about a third of the local work force. Louis Janin, the mine and mill superintendent, must have been happy to have one of the key assayers from the Branch Mint helping manage the company’s operations. Wiegand had been recommended by Thomas Starr King of San Francisco, the brother of James King, of William, assassinated in 1856. But Janin, a well trained mining engineer of the Freiberg School of Mines, was a tough taskmaster, and probably did not tolerate Wiegand’s antics. Regardless of Wiegand’s behavior, there was a problem at the mill in late 1865, and Wiegand may have been subject to layoff. This is perhaps best evidenced by a letter Janin wrote to Gould & Curry President Alpheus Bull that there was a “bullion shortage at the mill… due to the long stoppage at the mill…I have been unwilling to engage outside mills.” This would have precipitated a major employee layoff as a cost-saving measure, even if temporary.

Wiegand’s job with the Gould & Curry lasted only a few months. With business booming on the Comstock, Wiegand went into business for himself. At that time he must have decided to open his own assay office on the Comstock, and began preparations to relocate to Gold Hill, Nevada, just south of Virginia City.

The Gold Hill Assay Office, 1865

Wiegand opened the Gold Hill Assay Office on May 14, 1865. He scheduled the official opening for June 1, but the Virginia Daily Union reported the earlier opening. Wiegand was financed by the Bank of California through his friend William Chapman Ralston, whom he had befriended in San Francisco. Ralston’s agent on the Comstock was William Sharon, who had full charge of all the affairs of the Bank in the Virginia City region. Sharon had tight control over Comstock mines and businesses. This control, and conflicts created by competing business interests, would soon work against Wiegand.

Wiegand took on a partner a few months after he opened the Gold Hill Assay Office, W. T. Rickard. Apparently Rickard also may not have been able to tolerate Wiegand’s antics, and left for the employ of Van Wyck & Co., assayer competitors who held the Savage Mine contract. Coincidentally, Wiegand’s business failed. The insolvency affected Wiegand, and he swore that he would never again go through such humiliation.

The insolvency was not due to normal debt. William Sharon showed up at Wiegand’s Assay Office one day without notice with a Sheriff in tow, and demanded immediate repayment of the loan which was about $19,000. Wiegand was unable to comply, especially on no notice. Sharon had the Sheriff seize most or all of Wiegand’s assay equipment. Within a couple of weeks, Wiegand was able to secure private financing, but suffered from financial harm while closed. The reason behind the seizure may have been competition with some of Sharon’s friends, not atypical of Sharon’s behavior as Bank manager. Regardless, the episode shaped Wiegand’s future business affairs and steered him toward helping the plight of small miners and businessmen. It was the foundation and the inspiration behind the People’s Tribune, which he published a few years later. By the beginning of 1866, the Gold Hill Assay Office was once again in operation, and Wiegand had brought in A. S. Edwards as a partner.

When Wiegand opened the Gold Hill Assay Office, his competitor was Harvey Harris, who may have had more work than he could handle. Harris was a successful well-known western assayer who got his start in the California gold rush with Kellogg & Co. and the US Assay Office, and later for the assay firm of Justh & Hunter. He had come from the New Orleans Branch Mint, and after the Branch Mint at San Francisco opened in 1854, he moved into the Melting & Refining Department. In late 1855 Harris and Desiree Marchand opened assay offices in Sacramento, San Francisco and Marysville. The firm is perhaps best known today for their beautiful gold ingots recovered from the wreck of the SS Central America which sank in 1857. Harris, in tune with the latest gold and silver rushes, opened offices in Carson City and Aurora in 1861, some of the earliest assay offices in the Territory, if not the first. The Comstock so enthralled Harris, that in 1863 he sold his interest in his firm of Harris & Marchand to his partner and moved to Gold Hill.

The Circulating Specie Push

During the early phases of his western career as assayer, Wiegand began a long period of openly politicking for specie payments. The Federal Government was making a strong move to sell the American People on the use of greenbacks, and the possibility arose that the Fed might demonetize silver and perhaps gold, which set the western miners and businessmen on their heels. Paper currency, known as “greenbacks” because of their colorful green backsides, were so despised in the West that newspapers regularly published advertisements by merchants offering to buy them at discounts up to fifty percent. The feeling among the Western miners and merchants was that miners produced all this new money, and they wanted to be paid in it, not some paper replacement. In their minds, the paper currency was worthless, as proven by the many broken and failed banks in the East during the three decades preceding the establishment of the San Francisco Branch Mint which left depositors with piles and wallets full of worthless paper that had never been backed by gold or silver. Paper currency issued and distributed by San Francisco banks during the gold rush also proved to be worthless. This experience drove home the uselessness of paper currency to western miners, and they wanted nothing to do with it whatsoever.

Wiegand was a continuous pusher of precious metals as a medium of exchange. He gave many speeches, first in San Francisco while under the employ of the US Branch Mint, then in Gold Hill and Virginia City where he operated his own assay offices. He used the power of free speech and freedom of the press to further his agenda of specie circulation. These speeches set the stage for the issuance of a number of gold ingots which he used as money in late 1865 and early 1866. In 1866, he made at least one pure monetary gold ingot – a gold ingot with a face value of $20.00. As circulating specie, this ingot exactly fit the needs of the daily businessmen with whom he was acquainted, including William Ralston, a friend, and president of the Bank of California. With a serious shortage of circulating specie, Wiegand proposed more metals be circulated in the public sector. If the Federal Government couldn’t do the job, private industry could.

His personal slants on religion also came back into the limelight, and he became a Rector for the Humanitarian Christian Society in January 1868, though he resigned two months later. His main concern was for the plight of the small miner and businessman, many of whom were overrun by big business interests. The press, controlled in large part by the Bank of California, suggested Wiegand was crazy and some of the public bought into the idea, though those that knew him said otherwise.

Wiegand continued to make small ingots for presentation, prizes, and so forth. Indeed, he may have been the most prolific of the Comstock assayers to do so since there are nearly twenty known specimens remaining of which there is direct knowledge. One of these ingots, which is well documented but has not been located, was given by Wiegand to Sam Clemens (Mark Twain) in 1868 on the occasion of Clemens’ second lecture in Virginia City. Clemens “was yesterday made the recipient at the hands of Conrad Wiegand, the well known assayer, of a very beautiful and highly polished silver brick, worth some $40. The Brick bears the following inscription: “‘Mark Twain….’” About ten other ingots, both gold and silver, were contained in the famous John J. Ford Collection.

Wiegand Becomes Publisher and Assayer, 1870

In early 1870, Wiegand began publication of the Peoples Tribune, a newspaper he started to further moral issues with the public, including the exposure of fraud and scandalous activity on the Comstock. Its technical title, People’s Tribune; Devoted to the Betterment of All Things to the Defense of Right and to the People paralleled the efforts of the Germans in 1848 and later James King, of William’s San Francisco Bulletin. Here, Wiegand used his power of free speech and freedom of the press in exactly the same manner as James King of William with very nearly the same result. Bank of California interests told the people through their voice in the newspapers that he was using the Tribune as a “religious forum,” but he was clearly using it for his political forum for his views of maintaining specie payments and the standardization of gold and silver in the US monetary system. Rich Lingenfelter and Karen Gash summarized the effort: “To Wiegand, the Tribune was a moral mission. It was a crusading magazine, which endeavored to become the conscience of Washoe.” Only six issues were printed because of the trouble it caused. A month later, he tried to start another paper “The People’s Paper”, but its level of success is unknown as no copies survive.

Just after the People’s paper began publication, Wiegand was seriously physically attacked by Griff Williams as reported in the Territorial Enterprise January 14, 1870. Williams coldcocked Wiegand, who was preoccupied, carrying an armload of papers and headed for his Gold Hill office. Williams repeatedly struck Wiegand with his fist from behind and violently kicked his head with his boots without provocation. Wiegand at first had no idea who hit him. Witnesses came to his aid and Williams was later arrested, fined $7.50 and told the judge “that he had been talking about him, and he could not stand it any longer.” Clemens later claimed any talk of Williams by Wiegand was imaginary.

“Mr. Wiegand is a weak man, and notoriously non-combative” wrote the editor of the Territorial Enterprise Joseph Goodman. Then, a few days later, Wiegand was physically assaulted again in what was probably an assassination attempt, this time by John B. Winters, the superintendent of the Yellow Jacket Mining Company. Winters had asked (Wiegand later stated that Winters demanded and ordered his appearance) for a meeting with Wiegand after somewhat insulting charges and insinuations were made in the Peoples Tribune. Wiegand refused, so Winters went to Wiegand’s office and waited out of sight in the dark and sent Gold Hill News editor Phillip Lynch to find Wiegand. Wiegand, soon encountered Winters, thinking Lynch was an impartial witness. Winters denied what he claimed were the charges in the Tribune and demanded a retraction. Wiegand refused, and Winters struck him with a “cowhide” several times, apparently knocking him silly. The Territorial Enterprise interviewed Lynch, who thought the action of Winters was disgusting. Ultimately it may have cost Winters his job, as William Sharon, a Board member of the Company, and financier through the Bank of California, may have decided the behavior was unacceptable, though some have suggested Sharon was behind the attack. In July, Wiegand experienced another setback when his assay office burned in a terrible fire that destroyed most of the local Gold Hill business district. It caused Wiegand to temporarily open an office in the Morrill building in Virginia City, which subsequently remained open for a number of years.

Enter Sam Clemens (Mark Twain)

Sam Clemens was a friend of Territorial Enterprise editor Joe Goodman’s, as well as most of the Comstock editors. At the time of the attacks, he was deep in the throws of writing “Roughing It,” later published in 1872, a wondrously humorous autobiographical work of Clemens’ mining sojourns and editorial whimsies and mishaps. Clemens heard of the affairs, and was so incensed at their nature, that he published the whole mess in the back of the first edition of “Roughing It.” A short recitation of a few of Clemens’ comments on Wiegand well illustrate his sentiments:

Concerning a Frightful Assassination That Was Never Consummated

If ever there was a harmless man, it is Conrad Wiegand of Gold Hill, Nevada. If ever there was a gentle spirit that thought itself unfired gunpowder and latent ruin, it is Conrad Wiegand… When I met Conrad Wiegand he was superintendent of the Gold Hill Assay Office—and he was not only its superintendent, but its entire force. And he was a street preacher too, with a mongrel religion of his own invention, whereby he expected to regenerate the universe.

Something less than two years ago, Conrad assailed several people mercilessly in his little People’s Tribune and got himself into trouble. Straightaway he airs the affair in the Territorial Enterprise in a communication over his own signature, and I propose to reproduce it here, in all its native simplicity and more than human candor. Long as it is, it is the richest specimen of journalistic literature the history of America can furnish, perhaps.

Wiegand in the Territorial Enterprise article noted how John Winters’ threats were carried out. His assay business suffered severely, as other mining companies took their business elsewhere, again implicating coercion by Sharon and the Bank of California. He described Winters’ direct conversation to him about how they were going to kill him, and indeed, he was told he would have been killed (“not permitted to reach home alive”) then and there if he were not quite full in the head. Wiegand insisted that Winters was assisted by Gold Hill News Editor Lynch, who was in on the scheme from the start. Lynch later admitted he was involved, though denied any knowledge of an assassination attempt.

Wiegand Finds Ways to Reestablish His Assay Business

After the Winters attack, Wiegand lost a lot of business. But after the Territorial Enterprise article, business slowly dribbled back in. Public sentiment eventually went against Winters, but Wiegand had to find new ways to gain business. He held lectures, taught classes and did most anything in the limelight to draw attention to his business.

In 1873, Wiegand published papers on the refining of copper-based precious metals bullion, and it is most likely during this period that he produced the few copper-based precious metals ingots that survive today.

During the course of his career, he authored at least one book on assaying, and several pamphlets on the specie issues, as well as many public lectures on specie and religion, morality, etc. He wrote and published a pamphlet for the Money Commission in 1876, and was said to have greatly assisted Nevada senator John P. Jones in his specie arguments on Capitol Hill.

Always the inventor, as were other members of his family, Wiegand patented a new process for slimes and tailings reduction machinery in 1874. A few years later he was involved in a new mercury and silver separation process.

In the mid to late 1870’s Wiegand taught assaying classes in Virginia City that included blowpipe analyses and mineralogy.

But the next few years were devoted to his work and the “Silver Question.” Feds had proposed to eliminate silver from the money issues, and Nevada lobbied and protested vehemently, through their newspapers, Congressmen, Senators and business interests. Somehow the Centennial year prompted the most action from Wiegand, and the local papers were full of his commentaries.

Tragedy struck Wiegand many times. His daughter died, and her husband, an assayer in Eureka Nevada, also died a premature death.

An Assayer Dies in the Hangman’s Noose

Wiegand hastened his meeting with his maker on May 31, 1880 by questionably committing suicide in his office by way of hanging. Though there were injuries to the body and blood was found in unusual places in his office, his death was ruled a suicide by the Storey County Coroner. He was suffering serious debt, though his wife felt it was under control. He also suffered fits of what he himself considered insanity, and he feared that mental condition as an ultimate fate at old age. Sam Dowling, who had been working for Wiegand for a number of years, took over the business, which retained the name for several years. W. S. James later bought the business. Many people thought Wiegand was murdered, and the usual suspect was believed to be John Winters. Even Territorial Enterprise Editor Goodman thought there was a bit of possible tom-foolery in the death. Later journalists, such as Sam Davis of the Carson Appeal commented: “No review of early journalism in Nevada would be complete without mention of Conrad Wiegand, the most peculiar man who ever tramped the trails through the sagebrush. As assayer by profession, he was a deep student of the question of metals as a medium of exchange and wrote voluminously on the subject.” Davis noted that he was beaten by opponents, while “most any other editor would have had recourse to a six shooter.”

The Wiegand Ingots

A number of precious metal ingots remain today as a testament to this troubled, yet apparently brilliant man. Perhaps ten different silver ingots exist, mostly from the Gold Hill Assay Office. A few may have originated from the short-lived Virginia City office. At least five gold ingots exist from Wiegand’s Gold Hill Assay Office, all dated 1865 or 1866, which was during the initial period of his Comstock assay business, and during which time Wiegand pushed the specie in payment issue in preference over greenbacks.

Much has been written of late on Wiegand, but little of it coming from detailed research. Wiegand’s historical record clearly demonstrates that he made many presentation ingots including one to Sam Clemens. More importantly, he was an outspoken proponent of specie as money. He constantly pushed the “specie as money” concept in the press, in public speeches, in printed pamphlets, and in his own newspaper. From his early days working for the Branch Mint at San Francisco to his last days on the Comstock, Wiegand promoted the use of gold and silver. The $20 gold ingot from Gold Hill is a lasting artifact and testament to Wiegand’s life.

Republished with Permission from Monaco Rare Coins (www.zoomcoin.com)

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I. Who is Mr. Kris Oyster?

For around thirty-five years, Mr. Kris Oyster has been a coin dealer and he is currently well known on the nationwide show circuit. As the managing director of numismatics for DGSE, Oyster rose to fame when DGSE acquired Superior Galleries in 2007, as Superior has been a fixture in the coin business for many decades. Now, for the first time, he has agreed to be interviewed for a nationwide audience.

Greg Reynolds: Are you Managing Director of Numismatics for both DGSE and Superior Galleries? What does this job entail?

Kris Oyster: Yes, for both, and, as managing director, I am responsible for all aspects of the numismatic division of DGSE Companies nationwide .

GR: How long has DGSE been in business?

KO: DGSE has been a big name in rare coins since the firm was [organized] in 1977. I have been a coin dealer since the mid 1970’s. I became involved with DGSE in 1997. DGSE is a publicly traded company.

GR: Is DGSE well known to people in Texas?

KO: Dallas Gold and Silver is a household name in the Southwest. DGSE began in a local mall and has expanded into a hundred million dollar business. We are a major wholesaler and retailers of fine jewelry and diamonds as well as sports memorabilia,bullion products, rare coins and currency. Our revenue in 2008 was in excess of $105 million dollars. Rare coins and currency accounted for $17 million dollars of these sales in 2008. We are at almost all major coin shows as well as most regional venues. We have showrooms in Dallas and Euless, Texas, also near Charleston, South Carolina, and of course our Superior Galleries and Superior Gold and Diamond operations in Woodland Hills [in Los Angeles County]. My office is at the headquarters in Dallas. Gary Shepherd is our coin man in Euless and Brian Cohn handles our Charleston area operation.

GR: Do you serve collectors at all locations?

Yes, we even have a large cent expert on staff, Mike McKee. When I met Mike, he was 12 years old. He come into the DGSE headquarters store with his dad to buy [better-date] Lincoln pennies for his collection. We even buy and sell ancient coins. Ronnie Deschane is our on-hand consultant for ancients. Our coin expert in Euless, Gary Shepard, specializes in circulated U.S. coins that thousands of collectors want to buy, like Indian cents, Shield nickels, Barber coins, Morgan dollars, Liberty Seated series, and Extremely Fine to MS-63 19th century gold coins. We do a large business in not so expensive collector coins. We sell a big mix of collector coins, from colonial times to 2009 Proof sets. When I say that all collectors are welcome, I really mean it.

GR: What are your specialties?

KO: U.S. gold coins, U.S. paper money, and Morgan dollars.

II. Oyster’s Background and Perspective

GR: How did you get started in coins?

KO: I started as a kid collecting coins with the [standard] blue folders. I collected Mercury Dimes, Washington Quarters, Walking Liberty Half Dollars, and of course Lincoln Pennies. I would to the bank and buy rolls of pennies, nickels, dimes, quarters and half dollars. I would return the rolls and ask for more. Back then, you could open a savings account for five bucks. So, I did business with more than one bank. I had friends who collected too. I think I started when I was around ten or eleven years old. I never did put together a good set of Indians. There were not that many in the rolls. I only got a few dates of Indian Head pennies.

GR: What were your favorite coins as a kid?

KO: I really liked Mercury Head dimes. I was fascinated by the design.

GR: Did you find a 1916-D in a roll?

KO: I found a lot of 1916s but never a 16-D. I found 1921s. I found every other date in the Merc set. In the blue folder, there was a blue tab over the 1916-D hole that said “Rare” so I did not really expect to find it.

GR: Did you every buy a 1916-D dime later in life to complete the set?

KO: I never did. Now, I handle a lot of 1916-D dimes every year. As a dealer, I get to handle, and see a lot more, famous coins than I [ever did as a collector].

GR: Did you keep collecting when you were in high school?

KO: Yes, when I was in high school, I never went to a coin show or coin store. I found plenty of neat coins in change, including Standing Liberty Quarters and War Nickels [1942 to ’45 Jefferson nickels of a special alloy]. I was fascinated by War Nickels, by their different color and their big mintmarks. Also, I had an empty Tang jar that was full of 1943 steel pennies that I found in change or in rolls.

KO continues: When I was probably around nineteen years old, my brother and I had a booth at a local flea market. We put my coins out for folks to see. People eagerly bought them. So, my brother and I started aggressively buying and selling coins. We ran ads in a newspaper. Our business grew and grew. A long time later, our business became part of DGSE.

GR: Do you continue to collect coins?

KO: Even after I became a dealer, I kept collecting. I have always had the collector mentality. I admit that I do not spend much of my income on rarities. Today, I am pleased just to be able to handle many rare coins. I do not have to own them all.

GR: Do DGSE and Superior handle a wide variety of rare coins?

KO: We handle certified and non-certified, primarily U.S. coins. We dabble in foreign also.

GR: How do you feel about the grading services?

KO: I am fond of NGC and PCGS. They have certainly been the industry standard. They continue to maintain quality and integrity for our industry. ANACS is a decent service. ANACS does an excellent job of authenticating key date coins. Also, PCGS currency and PMG are doing a good job with paper money. They are dependable.

GR: Do you think that grade-inflation is a big problem?

KO: It is a problem, not that big. Over the last three years, NGC and PCGS have done a good job of controlling grade-inflation. I have confidence in these two services.

GR: Are you concerned about the dealers who continually remove coins from holders and resubmit them in hopes of receiving higher grades?

KO: The rule is probably that they will get the same or lower grades. I do not think that the crackout game is all that it is cracked up to be. You hear about the home runs, but you will never hear about the ten or twenty times when the crackout dealer gets the same or lower grades. There are a lot more strike-outs than home runs.

GR: Do you think that coin doctoring a problem?

KO: It is a problem, but I think that, over the last two or three years, the grading services have done a good job of refusing to grade doctored coins. The grading services employ sophisticated methods to [detect] doctored coins. It is not easy and grading is a human process. I do not think it will ever make sense to grade coins with a computer. A lot of things go into a coin’s grade. Some of the things [relate to] eye appeal. Nobody’s perfect. The two leading services are trying hard and I think that they do a good job, even better than the job they were doing a few years ago.

GR: What do you think of the CAC?

KO: CAC is a good service. It is always helpful to get another opinion from top experts.

GR: Do you pay a premium for CAC stickered coins?

KO: I do because when I sell them I can get a premium for them.

GR: Do you think that the CAC provides a service that is really needed?

KO: It gives an extra piece of mind to the skeptical collector. Besides, a 64 grade coin can be a 64.1 or a 64.7; the coin that grades 64.7 is worthy of a CAC sticker. Graders are just human. A CAC sticker enhances the value of some coins more than others.

GR: As for inexpensive coins, which ones do you think are appealing, logical choices for collectors who have relatively low budgets?

KO: The greatest coins for collectors on relatively low budgets would be Indian Head pennies, Buffalo Nickels, Mercury Dimes, and Walking Liberty Halves. I really like the design of the Standing Liberty Quarter. It has great representations of Miss Liberty, a flying eagle, a shield, and neat stars. All these series could be collected by those collectors who spend less than $10 a coin. For those who can spend up to $100 for each coin, they can buy many of them in relatively high-grade condition.

GR: Suppose, in an imaginary setting, you were given $10 million to spend on coins, subject to the condition that you agree to never profit from the sale of the coins that you acquire. You would thus be a pure collector. You would not be permitted to ever sell the coins that you acquire with these funds, and, after you die, the coins would be donated to a charity that you would not be permitted to choose.

KO: I would buy many, higher grade, rare date U.S. gold coins. I really enjoy handling Pan Pac fifties in 65 or higher grades, which are stunning. I would buy a pair in 66 grade. Mostly, I would collect $20 Liberties by date, in MS-63 or higher. When I cannot find one that grades at least 63, I would try for a nice AU. I would try to buy the NGC certified AU-55 1870-CC that I saw last year. It is a real showstopper. It is probably the finest known 1870-CC. I would also buy Type 1 and Type 2 Double Eagles in MS-65 grade. These are rare and cool.

KO continues: Long ago, the $20 Liberties were often discounted, dismissed, or not collected, because people thought they were not real pretty coins. From the 1850s to the early 1900s, [when they circulated,] these coins got less respect than they should have gotten. Almost all of them got spent often, tossed around, and generally beat-up. It is nice to see ones that escaped excessive handling and have not too many marks. [Moreover,] I think $20 Liberties are an important part of history. In the 19th century, a lot of people did not trust checks or even paper money. [Consider] the way of life in the West. There was not a banking system that served everybody. People used $20 Liberties to buy equipment, [luxury] goods, houses, acreage, horses, and cows. They were a big part of American life in the second half of the 19th century. Saint Gaudens twenties did not circulate as much. By [the second decade of the 20th Century], the Federal Reserve System was set up and all the large denom gold certificates, $20 up to $1000, really circulated; coins were kept as a backup to the currency at the time. To me, $20 Liberties have more historical meaning than $20 Saints. Though I like all twenties, I would [prefer] a complete set of $20 Liberties. [Additionally,] I would try for a really nice set of Bust $10 gold coins; these are cool, historical, and hard to find without too many marks and problems. They were big money items in their time. Humbert octagonal $50 slugs were also the big money items of their time and place. They are neat, really big coins and they are part of California Gold Rush history. I would collect all the varieties.

III. Superior Galleries

Greg Reynolds: Why did DGSE move Superior Galleries From Beverly Hills to Woodland Hills?

Kris Oyster: There are more collectors in the Woodland Hills area. There are five million people in the San Fernando valley. There, we buy and sell a lot of coins and jewelry, more than we were doing in Beverly Hills. We have more space and more customers in Woodland Hills and there is plenty of free parking. Parking is painful in Beverly Hills.

GR: Are there any current plans for Superior Galleries auctions?

KO: Not at the current time, but we are a flexible corporation. The auction business has been slow over the past couple years for [almost] everyone. We will consider auctions in the future. For most coins, not ultra rarities or really special items, many buyers in auctions are dealers who will not pay more for coins than we will. For now, we think that we can now better serve our customers by buying and selling coins outright.

GR: What are the plans for the future of Superior?

KO: We are building new websites for Superior and other branches of Dallas Gold & Silver Exchange. Superior is a great name; it has been around since 1929. Superior has always been a respected and trusted dealer of rare coins. We are going to carry that tradition forward. We are serving people who have been Superior customers for years. Our goal is to be a full service coin dealer for people of all income levels, from basic collector coins to high-end rarities. We have something for everyone. We also pride ourselves in being a leading dealer of rare currency. Soon, there will be a lot of scarce coins and notes available on the Superior website.

GR: How is Superior now different from it was in the past?

KO: We are more aggressive buyers. In the past, Superior was a leading auction company. Now, Superior and DGSE spend tens of millions buying and selling most everything, rare coins, generic coins, bullion, high end watches, jewelry of all sorts, and sports memorabilia. We always have millions available to buy from people who want money right away.

GR: There have been changes in personnel at Superior. Do you wish to put forth an announcement?

KO: I wish to announce the addition of Aaron Ware as numismatic manager of Superior Galleries. He is from Nevada and is [a specialist] in Carson City coins. He has years of experience in dealing in all types of U.S. coins.

IV. Generic Gold

GR: Are you a very active dealer in generic gold?

KO: Yes, [in terms of certified generics], we deal in PCGS and NGC Liberty, Indian Head and Saint Gaudens gold coins, common dates in AU-50 to MS-65 [grade]. When there is a shortage of bullion on the market, then many more investors turn to generic gold and are willing to pay premiums to insure immediate delivery.

GR; Which generic gold issue is the most popular?

KO: PCGS or NGC certified MS-64 Saint Gaudens $20 gold coins of common Philadelphia dates, 1908, 1924 to 1928. They are currently trading for $500 over the price of gold.

GR: Do PCGS certified Saints bring the same prices as NGC certified Saints?

KO: Yes

GR: How about PCGS or NGC certified gold coins with CAC stickers of approval?

KO: For most generic gold coins, CAC stickers add some extra value.

GR: For PCGS or NGC certified MS-66 grade, common-date Saints, would a a CAC sticker be worth much of a premium?

KO: MS-66 Saints with CAC stickers bring 10 to 20% more.

GR: Let us talk more about the premium that PCGS or NGC certified, common date Saints realize over the price of gold. Has this premium fluctuated much over the past couple of years?

KO: Two years ago, a MS-64 Saint would trade at about $75 over the price of gold, and a MS-63 for just $40 to $50 over the gold price. In early December 2009, MS-64 Saints got to $2040 when gold was around $1150. So, the premium peaked at about $900!

GR: I wonder if you truly intended to answer my last question in the way that you did. In two years, did the premium, over the bullion price of gold, for MS-64 grade Saints really increase from $75 to $900?

KO: Yes, it has proven to be fascinating. The investors [who] bought them for a $75 premium, when gold was in the $600 to $800 per ounce range, look like geniuses now.

GR: Do you think that the premiums will settle at a certain level?

KO: The premiums will always remain higher than they were before all this started in 2008. I think that economic uncertainty, government bailouts and government budget deficits, and the declining value of dollar, have affected the prices for generic gold, and will for a long period of time.

GR: Did premiums also greatly increase for PCGS or NGC certified MS-63 grade Saints?

KO: In May 2008, at the TNA show in Fort Worth, Texas, I was selling MS 63 [certified] Saints at $45 over spot. During much of 2009, I was selling the same coins as fast as I could buy them at $500 over spot.

GR: Was the price of gold in the same range in early 2009 as it was in early 2008? If so, why would there be such a shift in demand for common-date Saints?

KO: Yes, the same range. Maybe economic problems and government budget deficits have sparked more interest in gold as a safe haven for cash?

GR: What about the premiums for not certified common-date Saints or Liberty Head gold coins?

KO: Raw $20 gold pieces that were being melted in 2008 were bringing $275 over spot in 2009!

GR: In 2008, were people really melting many Liberty Head Double Eagles ($20 gold coins)?

KO: Yes, in 2008, there was no demand for generic low grade US gold coins and many low-grade coins, with problems, were simply melted for the value of the gold.

GR: In 2009, were buyers of generic gold looking primarily for Double Eagles?

KO: Double Eagles are the most popular, but all gold coins were in strong demand across the board, and still are in 2010 but not as much.

GR: Do you think that collectors should sell their MS-60 to -64 grade common date, 20th century gold coins?

KO: I sold mine, but who knows? Either the price of gold [bullion] or the premiums could skyrocket. No one can predict the future.

V. Paper Money

GR: What are your favorite notes?

KO: Large Size 1918 series, $500 and $1000 bills; I think they are wonderful looking notes. I love the small size $5000 and $10000 bills. They are fantastic representations of the strength of U.S. currency. I am fascinated by obsolete banknotes; some are really beautiful, with gorgeous vignettes. Some of these are fascinating, historical notes; Many look great, are artistic, are important pieces of history, and are readily available to collectors.

GR: Which is the rarest National Banknote that you have ever handled?

KO: I handled a Barnwell, South Carolina $5 National. It is one of only three of the bank [of any denomination]. All are $5 notes like this one. This was part of an estate [holding] that was purchased by our people at our store in South Carolina. There are lots of currency collectors in South Carolina and very few banks [in that state] issued Nationals.

GR: Have you bought and sold many rare notes?

KO: I really enjoyed handling some important rarities, including one of the finest known $10,000 notes from the Binion Display, as well as many extremely rare Texas National Banknotes. I have bought and sold three of the thirteen existing 1918 $500 Federal Reserve Notes (FRN) of the Kansas City district. Also, last year, I had a 1928 Boston District $1000 FRN, one of less than fourteen known. It resides in a PMG VF25 holder.

GR: Are many of your customers enthusiastic about rare notes?

KO: Yes, for example, last year, I sold a 1918 $1000 FRN of the San Francisco District PMG AU55. We also sold the same customer a coffee table book on paper money,“100 greatest American Currency Notes,” and the actual note we sold him was the note used in the illustration in the book. He was very happy to take his treasure home, #74 in the book. [Next,] he purchased a 1918 $500, [which is listed as] #89 in this book, although not the illustration note; his far outshines [the illustrated] example. His is a rare Kansas City District, PCGS [graded] AU 55 note. He is very satisfied.

2010 Greg Reynolds

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1. Superior Galleries Launches New Website, Hires New Manager, and Starts a New Era
2. Superior Galleries to Auction Roadrunner Collection
3. Superior Galleries Announces New Numismatic Book Release