The following is from a submission by W. David Perkins written to the editor of the John Reich Collectors Society (JRCS) e-newsletter #119 concerning a letter from noted collector John Pitman, that was included with a Book sold at the recent George Kolbe Numismatic Literature Sale 104.

W. David Perkins writes:

The recent November 1, 2007 George Kolbe Numismatic Literature Sale 104 offered the John J. Pittman numismatic literature collection. Included in this sale was Lot 117, a signed copy of the First Edition of The United States Early Silver Dollars From 1794 To 1803 by M. H. Bolender. I placed a bid on this lot but was not the winner. I also cannot say I was the underbidder, despite what I thought was a strong bid. This lot realized $325, which may be a record price for a copy of the Bolender book. Prices in this Kolbe sale were very strong indeed! (more…)

What is gold?
Gold is a chemical element with the symbol Au (from the Latin aurum, meaning shining dawn) and atomic number 79. It is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground “veins” and in alluvial deposits. It is one of the coinage metals. Gold is dense, soft, shiny and the most malleable and ductile of the known metals. Pure gold has a bright yellow color traditionally considered attractive.

Gold forms the basis for a monetary standard used by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS). The ISO currency code of gold bullion is XAU. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.

Chemically, gold is a trivalent and univalent transition metal. Gold does not react with most chemicals, but is attacked by chlorine, fluorine, aqua regia and cyanide. Gold dissolves in mercury, forming amalgam alloys, but does not react with it. Gold is insoluble in nitric acid, which will dissolve silver and base metals, and this is the basis of the gold refining technique known as “inquartation and parting”. Nitric acid has long been used to confirm the presence of gold in items, and this is the origin of the colloquial term “acid test,” referring to a gold standard test for genuine value. (more…)