Coin Collecting News

By Stewart Huckaby ( Article titled Found Treasures: 1848 CAL Quarter Eagle)

I grew up in California, and even today it is difficult to impossible to underestimate the impact of the Gold Rush in the state’s history. In January 1848, James Marshall, during the process of constructing a sawmill for Johann (John) Sutter upriver from what is now Sacramento, found a few shiny flecks of what turned out to be gold. When word got out, fortune seekers from all over the world descended on California, headed for the Sierra Nevada foothills, and set out to make their fortunes. California, which had just recently become an American possession and indeed was technically still in Mexican hands when Marshall made his discovery, achieved full statehood before 1850 was out, and it has never looked back since.

Numismatic evidence of the gold rush is abundant in the forms of the many Territorial and Fractional gold pieces one might find in any decent-sized Heritage auction, not to mention the S mintmark found on products of the San Francisco Mint, which opened in 1854. Chronologically, though, the earliest numismatic memento of the Gold Rush is the 1848 “CAL” quarter eagle, so-called because of the “CAL.” stamped by the mint into its reverse, above the eagle, to signify that the gold used to mint the coins was out of the California gold fields.

Some numismatists consider this piece a commemorative coin, and it certainly has some of the characteristics. However, it is also by no means unprecedented for a coin to show the source of the metal used to coin it. One well-known example of this is some of the British coinage of 1703, which contained a “VIGO” provenance mark to show that the metal used to make the coins was taken from the Spanish in a military victory in Vigo Bay. Unlike the “CAL.”, the “VIGO” and certain other provenance marks that appeared on coinage around the same time were a part of the dies used to mint the coin. Continued

On October 22, 2008, Stack’s will proudly celebrate its 73rd anniversary in true Stack’s fashion-by offering an absolutely stunning array of U.S. coin rarities for public auction. From colonial coins to double eagles, the 73rd Anniversary sale presents unbeatable rarities at every twist and turn from start to finish.

Of particular note is an extraordinary museum-quality collection of Proof gold coins, featuring the A. Rockford Cummings Collection. The grouping is comprised of coins from every denomination of gold coinage, and contains many ultra high-grade pieces, in addition to many pieces offered in the more affordable middle Proof grades.

This collection represents a highly significant opportunity for the Proof gold specialist or the collector searching to add premium quality coins to an advanced type set.

The 73rd Anniversary sale will begin precisely at 1:30pm in Stacks’ auction gallery at 110 West 57th Street in New York City.

Session One: Colonials through Proof Sets

Session One of this exciting sale begins with Colonial and Early American coins, with several important rarities highlighted. A 1652 Massachusetts Pine Tree shilling graded AU-53 (PCGS) (CAC), and a remarkable 1776 Continental dollar in Pewter graded MS-62 (PCGS) are just two highlights from this section that will surely attract marked attention and spirited bidding. The last hurrah for early American coinage comes in the form of a magnificent 1792 pattern disme in copper graded AU-55 (PCGS) (CAC) and hailing from the Norweb Collection.

U.S. minor coinage serves up some major rarities amid a nice assortment of more affordable, yet still high quality, coins. A lustrous 1795 half cent graded AU-55 BN (PCGS) sets the tone straightaway, and a wonderful Proof-65 (NGC) 1856 Flying Eagle cent follows closely. Buffalo nickel specialists are in for a treat, with a rare 1918/7-D example offered in AU-55 (PCGS) (CAC), as well as a fantastic 1937-D 3-Legged example graded MS-66 by NGC.

A wide range of U.S. half dimes is unquestionably epitomized by a stunning 1797 16 Stars half dime, formerly from the Louis E. Eliasberg, Sr. Collection. To find a coin finer than this specimen would be difficult indeed, but to find it in combination with such an illustrious pedigree would be virtually impossible! Continued

NGC Certified Original Confederate Cent Leads Spink Smythe November Auction
NGC
Spink Smythe will auction a rare “Original” 1861 Confederate Cent at its auction being held in New York City on November 6, 2008. In 1861 the Confederate States of America contacted prominent Philadelphia jewelers Bailey & Co. regarding the supply of cent coins for the South. Bailey & Co. asked Robert Lovett, Jr. to produce the pieces and he struck twelve in copper-nickel.
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Ron Guth to Head PCGS CoinFacts Division
PCGS
Collectors Universe, Inc. announced today, September 30, 2008, that PCGS President, Ron Guth, would be changing his role effective October 1, 2008 to become President of CoinFacts.com, a unit of PCGS that Guth had originally founded in 1999 that offers a virtual encyclopedia of knowledge about almost all U.S. Coins. As for the President’s role at PCGS, until a new President is named, David Hall and Steve Mayer, Chief Operating Officer for Collectors Universe, will assume Mr. Guth’s duties to allow him to transition to the new position. Guth will oversee the building and maintenance of web-based content for both the PCGS and Coin Facts websites and related publications.
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Collecting Continental Currency
By By William Brandimore, Market Update
Continental currency was first issued under the May 10, 1775 session of the Continental Congress, at Philadelphia. The issues were actually approved on June 22-23 and July 25 when $2,000,000 and $1,000,000 worth of notes were authorized, respectively. The notes went into circulation in August of that year. Denominations issued included $1, 2, 3, 4, 5, 6, 7, 8, 20 and $30.
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Question of Gold Seizure Hits Radar Screen
By David L. Ganz, Numismatic News
With a $700 billion mortgage bailout package on the table, Wall Street investment bank Lehman Brothers in bankruptcy, brokerage giant Merrill Lynch sold and the appearance of economic chaos on at least three continents - North America, Europe and Asia - gold has moved to the forefront and with it issues that parallel 1933-1934, the time of the Great Depression. The question fairly rises as to whether or not the U.S. government is moving to consolidate its economic power by an outright gold seizure or whether they are prepared to allow the free gold market to speak about the dollar bill and a gaggle of other foreign currencies. Some wonder if they are willing to let the dollar’s purchasing power slip away entirely.
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Provence brings back the franc
Times Online UK
French tourist officials are bemused by a scheme to use francs in a village in Provence - and are urging holidaymakers to stick to euros. Shopkeepers in Collobrières, 30km (20 miles) west of St Tropez, began accepting francs this summer after complaints about inflation in the prices of goods sold in euros. People who had not traded in francs when France converted to euros were invited to visit to spend leftover currency.
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By Greg Reynolds for CoinLink

On Sunday, Sept. 14, the firm of Ira & Larry Goldberg auctioned a nearly-complete collection of U.S. half cents, dating from 1793 to 1857, which was assembled by Ray Rouse. The star of the collection was a 1796 ‘No Pole’ half cent. The price of $345,000 is the all-time, second highest auction price for a half cent.

The Rouse 1796 ‘No Pole’ half cent went to a dealer who was bidding by telephone. He was probably representing a collector. The underbidder was a New York dealer. I had expected the Rouse 1796 ‘No Pole’ to bring around $250,000. This coin is the fifth or sixth finest 1796 ‘No Pole’ half cent. Fewer than twenty are known to exist.

The sale of the Ray Rouse half cent collection was the opening event in the Goldbergs’ three-day auction extravaganza that included selections from the Ted Naftzger collection of large cents, a stellar run of ‘centuries-old’ British gold coins, and the second part of the extensive Ohringer collection of U.S. gold coins. All auction sessions were conducted at the Beverly Hills Crowne Plaza hotel. Many participants stayed in Southern California to attend the Long Beach Coin, Stamp & Collectible Expo, which was held from Sept. 18 to the 20th. Prominent half cent collectors traveled from various parts of the United States to bid in this auction.

While $345,000 was the highest price for a half cent in the Rouse collection, the lowest price was $46 for a counter-stamped “WWL” 1851 half cent. Such counterstamps usually served as advertising by private firms. Additionally, two 1804 half cents, each with technical problems, brought less than $200 each. In the Rouse collection, there were more than twenty-five half cents that realized less than $500 each.

The grand total for all of Rouse’s half cents and related items was more than $1.28 million. Rouse started collecting half cents in 1978. He decided to sell his half cent collection because he “took it as far as it could go.” As hard as he tried, Rouse was not able to obtain the very small number of half cent varieties that are missing. Rouse continues to collect colonial coins. He acquired his 1796 ‘No Pole’ half cent “privately in 2003 or 2003.” Continued

Duvall 4-E Variety is Just the Second Reported Specimen

DLRC Auctions is proud to offer this week the second known example of the rare Duvall 4-E variety of the Lafayette dollar. This variety was thought to be unique until the discovery of this coin, which has been graded AU58 Cleaned by Dominion Grading Service (DGS).

According to John Feigenbaum, President of David Lawrence Rare Coins, the coin has “the initial appearance of a mint state coin but the luster is almost too nice and lacks the frosty surfaces of a true mint state. The coin has virtually no wear and has been very lightly cleaned to show evidence of wipe lines upon close examination in proper lighting. The only significant mark on either side of the coin is a 3 mm scratch on Washington’s cheek. Without the mishandling, this coin might have otherwise graded MS63.”

The consignor took advantage of DLRC’s relationship with DGS to initially have the coin graded, and then offered for immediate auction at DLRC Auctions. According to Vice President Win Callender, this relationship offers clients “the best of both worlds” as a truly efficient means for collectors to sell their (previously) uncertified coins.

Bidding Closes on Monday Evening

This rare variety is offered at lot #1425 in DLRC Auctions Monday Night sale which closes at 8 pm, October 6. Lot bids and details can be found at this link: Lot 1425 1900 $1 DGS AU58 Lafayette - Duvall 4-E. There are also 1980 more lots in Auction #289 with offerings from Colonial Coins through California Gold, and everything in between.

The Duvall 4-E Variety

The Duvall 4-E variety is distinctive because of the unique positioning of the olive branch on the reverse. The right side of the branch terminates over the numeral 9 of 1900. All other known varieties see this branch end over the right side of the first 0 in 1900. Prior to the appearance of this coin, the existence of Duvall 4-E was thought to be unique.

The only other known Lafayette dollar of this die variety was sold in August 2007 by Heritage Numismatic Auctions as part of their Signature ANA Auction. (Lot 2090). It was graded MS60 by ANACS and realized $18,400 to a phone bidder. According to the Heritage lot description, that coin was “well struck with dusky chestnut, aqua, and plum-mauve patina. Both sides unusually free from marks, particularly on the portraits.” Based on the description of marks, these are clearly not the same coin.