Trio of ‘Lucky Number 8’ Lunar Kilo 10,000 Yuan gold pieces top $480,000 combined prices realized in Heritage event

International coin rarities continued to assert their growing numismatic strength during the Aug. 11-16 Heritage Auctions Boston ANA World’s Fair of Money trio of auctions, realizing more than $8.6 million in Heritage Signature® World Coin Auction, part of the overall $46+ million total of the combined auction events.

More than 2,860 collectors were on hand – whether on the auction floor or online via Heritage LIVE!™ – to bid on the more than 3200 offerings assembled for the auction, which translated into a sell-through rate of more than 94% by value.

“This auction offered one of the strongest groupings of any World Coins event we’ve held yet,” said Warren Tucker, Vice President of Heritage World Coin Auctions, “and international collectors, I think, recognized that. As a result we saw excellent prices across the board, especially where British rarities were concerned; the Highlands Park Collection brought more than 30%-40% than our pre-auction estimates.”

The trio of Chinese 10,000 Yuan Lunar Kilo coins that took the top three spots in the auction showed that Chinese collectors are asserting their willingness to claim their nation’s numismatic treasures. It was an extremely rare Lucky Number 8 Year of the Dog 2006 Lunar Kilo 10,000 Yuan, Gem Ultra Cameo Proof, that led the pack with a final price realized of $162,627. That coin was very closely tailed by a Lucky Number 8 Year of the Horse Lunar Kilo 10,000 Yuan 2002, Gem Ultra Cameo Proof and a Lucky Number 8 Year of the Rooster Lunar Kilo 10,000 Yuan 2005, both of which brought $161,000. All prices include 15% Buyer’s Premium.

“The number 8 is widely regarded as a universally lucky number in Chinese culture,” said Cristiano Bierrenbach, Vice President of International Numismatics at Heritage, “and it proved very fortunate for Heritage in this auction, as well. We’re currently in a 20 Year cycle of the number 8, which began in the lunar year of 2004 and runs through 2024. All 15 of the Chinese Kilo Lunar issues are rare, but there is only one number 8 for each issue, hence the heated competition to acquire these beauties.”

Chinese rarities were not the only coins bringing seriously high bids, as the rest of the auction’s Top 10 lots show, with the top seven lots all breaking the $100,000 threshold. As closely bunched as the prices of the top three lots were, they were again followed closely on the heels by a previously unknown 1928 George V Specimen Sixpence, KM16.1 for type but an unlisted date, SP63 NGC, Reeded Edge, struck in .925 (sterling) silver, which saw spirited bidding between several collectors before finishing at $155,250.

Russian rarities proved popular in the Heritage Boston ANA World Coin auction, led by a spectacular Nicholas II Proof gold 25 Roubles (2 1/2 Imperials) 1896, Bit 312 (R2), Fr-171, Proof 61 NGC, which brought $149,500. This coin was thought to be a special commemorative issue for the Coronation of Nicholas II and was issued in a tiny mintage of 301 pieces, of which very few examples are known to survive.

The Edward Roehrs Collection of U.S. Regulated Gold proved to be one of the most exciting highlights of the auction, one of the most hotly contested groupings, as collectors seriously went after the important offerings in it, including an historically important Myer Myers regulated Half Joe marked by New York’s most famous Jewish goldsmith, perhaps unique, Brazil. Jose I 6400 Reis 1771-R, Rio mint, KM172.2. EF-45, which brought $92,000, while a Chilean Carlos III 8 Escudos 1775 DA. Santiago mint. EB in oval for Ephraim Brasher, KM27, VF, coin of great historicity and collectible appeal – a genuine Brasher doubloon – realized $80,500. (more…)

Odyssey Marine Exploration, Inc. today filed its Reply to Spain’s Response in the “Black Swan” case, currently pending in the United States Court of Appeals for the Eleventh Circuit in Atlanta, Georgia. This is expected to be the last round of written pleadings at the appellate court level. Odyssey’s filing is available for review at http://www.shipwreck.net/blackswanlegal.php

Odyssey is appealing the district court’s dismissal of the case based on the court’s finding of lack of federal jurisdiction. Odyssey’s Reply presents the following documented facts that debunk the misrepresentations made by Spain that contributed to the clear error in the district court’s earlier ruling and that have been repeated in Spain’s appellate Response:

• there was no vessel and there were no human remains located at the “Black Swan” site
• Odyssey acted legally and appropriately in the recovery of the “Black Swan” artifacts
• evidence, including accounts from Spain’s “experts” and Spain’s own contemporaneous diplomatic communications, prove that the Mercedes (the vessel Spain associates with the site) was on a commercial mission on her final voyage — a fact that legally voids Spain’s claim of immunity under settled international law and conventions
• a distinction between cargo and vessel is allowed and even required by settled admiralty law; and — according to the manifest of the Mercedes, the vast majority of cargo on board did not even belong to Spain — even Spain concedes the cargo was “articles of Spanish citizens.”

“The emotional and inflammatory language used in Spain’s appellate response serves to distract from the truth and the relevant legal issues. The story Spain tells mirrors the one it told at the district level, where the court made clearly erroneous factual findings,” said Melinda MacConnel, Odyssey Vice President and General Counsel.

“Spain’s filing has painted a negative portrait of Odyssey, but the company has always acted in full compliance with the letter and spirit of the law. We brought the artifacts to the U.S. courts for proper adjudication of claims, but we didn’t even receive a hearing on the jurisdictional facts. If the court did not have jurisdiction, it would have no legal authority to order transfer of the property to Spain, who did not have possession of the coins. (more…)

Japan’s money economy began earlier than textbooks have described when archaeologists unveiled 33 bronze coins from the late seventh century unearthed in the village of Asuka, Nara Prefecture in 1998.

Now ten years latter, Nine Fuhonsen coins, which are thought to be the nation’s oldest form of minted currency, unearthed at a former site of Fujiwarakyu, the ancient capital from 694 to 710, in Kashihara, Nara Prefecture, differ slightly from previously discovered Fuhonsen coins, the Nara National Research Institute for Cultural Properties

The finding suggests there may have been another mint in addtion to one discovered at Asukaike ruin in Asukamura.

Minor differences were found in the kanji character “Fu” used on the surface of the coins and a thicker frame surrounding a square hole in the center of the coins. The materials of four of the coins included arsenic and bismuth, and very pure copper.

The coins discovered in August 1998 at the Asukaike Ruins in Asuka, are older than the Wado Kaichin coins first minted in 708, thus bumping them from the archaeological record books as the nation’s first circulated money.

The bronze coins, whose existence has been known for some time, are called Fuhonsen, the name of a charm believed used during the Nara Period (710-784).
The time at which Fuhonsen coins were minted falls into the Fujiwarakyo Period (694-710), which is based in modern-day Kashihara, Nara Prefecture, where three sovereigns — Empress Jito Emperor Monmu and Empress Genmei — once held court.

The research institute said the 1998 findings prove that Fujiwarakyo was aimed at creating a polity with solid political and economical structures based on the Taiho Code (Taiho Ritsuryo) of 701.

The code consisted of six volumes of penal law (ritsu) and 11 volumes of administrative law (ryo), modeled after the legal code of China’s Tang Dynasty (618-907). The researchers said the coins may have been cast under the order of Emperor Tenmu, husband of Empress Jito. (more…)