JR Newsletter: 24 July 2011 (46)

Rick Beale wrote:

Re: Jim Matthews' analysis of the 1836 proof lettered edge... thanks for the insights ! I gotta tell ya... the phrase "blizzard of great coins" is a vivid metaphor for us drought-stricken Texans !!!! Bring on the blizzard !!! 103 degrees F again today ! heh

 

The closest we get to a blizzard is at Dairy Queen.

 

My very best to all,

 

Ricky B

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Harry Cabluck wrote:

Great reading, the latest JR Newsletter.

Thanks, again, and again, for publishing.

Oddly, it arrived while attempting to attribute this 1836 $5 gold for a friend.  Perhaps you'd like to see it.

For now, must use only the Breen Encyclopedia.  Alas, sold all the Akers books years ago.

Harry Cabluck

 

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 editor's note:  Click on any photo posted in order to open the photo as a larger image.

Jason Poe wrote:

Just bought a neat coin I'd like to show off, from the recently concluded Heritage Summer FUN auction. It is an 1834 H10C MS64 Prooflike NGC. V-1, LM-2, R.1. This tiny little coin shines with strongly mirrored surfaces, over which the most attractive blue toning has formed. The reverse is far more reflective than the obverse, but both sides definitely qualify for prooflike. This piece is totally original. The prooflike characteristics seem to have been formed by die polish, as evidenced by die polish lines covering both sides. The strike is quite strong, with all stars fully formed.

I am an avid collector of prooflike coins, currently working on assembling a prooflike type set, which can be viewed on the NGC Registry. If any of y'all have any prooflike coins, I would love to see them. I would also like to hear any information you might have on early prooflikes - observations on availability, theories as to how they were made, etc.

Jason Poe

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Paul Hybert wrote:

The latest newsletter listed the JRCS morning meeting on Wednesday at ANA, where the educational session will be "Half Dime Remarriages and Cuds."

But that is not the only early US coinage presentation on that Wednesday.  At 4PM in the Numismatic Theatre, the scheduled talk is "Reverse T: A Workhorse Die of Bust Half Dime Remarriages."  The title seems to say it all, but maybe the speaker can give us a preview?

Paul Hybert

 

editor's note:  Yes, Paul caught on to what I am doing!  I will be hosting the numismatic theater presentation Paul mentioned.  I intend to use the educational session at the JRCS meeting as sort of a warm-up or "teaser" for the more in-depth presentation on half dime remarriages later that same day.  Some quick background:  We know with certainty that quality die steel was in short supply.  We know that this (and other factors) resulted in the early US Mint's extensive use, and overuse, of dies that were considered "serviceable."  The "forensic numismatic research" completed by some remarkable numismatists has shown us all sorts of die marriages, die remarriages, and die deterioration characteristics that make our hobby even more interesting.  It was quite common with the capped bust half dime series for the early dies, especially the reverse dies, to be used, reused, and used again all the way up until the die suffered some catastrophic failure (which we now call a cud).  So it is my intent to show the paths that some reverse dies followed from their first use until their final use as a way of demonstrating the concepts of die marriage and die remarriage, while also highlighting die deterioration that occurred up to and including final uses of dies giving us the cuds many of us cherish today.

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Jim Matthews wrote:

Thoughts on numismatics. 

I remember back in 1971 a few years into collecting coins that I always saw far more coins I wanted to buy than I had money for. Back in that period of the prehistoric dawn, lunches at school could be had for 35 cents. I knew that my own starvation was not a particular concern of mine, and could often manage to skip lunch and allow myself more spending money to buy coins. At a more rapid pace I was able to fill my album of Lincoln cents and Franklin half dollars with my skipped lunch money. I had the freedom to ride my bike up to the hobby store and come away with new treasures weekly.

Of course, the era of inflation was underway, when candy bars suddenly jumped from a nickel (a commonly used term to denote our mint's and Coin World's "Five Cent Coin" descriptor) to a dime. Fancy that. Indeed, well, this fit hand in glove with my own recognition that the actual silver coins (dimes, quarters and half dollars) of 1964 and prior were disappearing from circulation. Although I was not driving at the time, it was burned in my memory of the 1960s that a gallon of gas could be had for about 25 cents-- a silver quarter--often with heaps of S&H green stamps or Blue Chip Stamps if one didn't mind going to a particular gas station that was giving away multiples of stamps for each cent of gas purchased. Said stamps could be collected, stuck in books and traded for what was believed to be valuable merchandise! Warren Buffett himself took a minority interest in the Blue Chip Stamps company--feeling it was a sure thing into the future. Some things just don't work out as we would like them to.

In time my numismatic interests stretched into the early Federal coins, usually silver as that was what I could afford. The half cents and large cents were so widely collected that I didn't feel I could discover new things in the same way I could with early silver coins. Gold coins of that era were just too expensive, and still are for my collecting ability. Curiously today, I would still forgo lunch if it would help me buy coins, just as today I often simply forget to stop at the ANA show or a similar event, as seeing the opportunity to hunt for the treasures as far more fun than just another over cooked hot dog or bland sandwich.

I note a silver quarter still buys a gallon of gas today--but not the copper-nickel ones we commonly use today, last time I checked I needed about 14 of those "new" quarters to accomplish the same thing as one of those old silver quarters. Fancy that!

JR Newsletter: 17 July 2011 (45)

Richard Meaney wrote:

The JRCS will auction one set of John Reich Journals, complete from volume one through volume twenty, at the JRCS annual meeting in Chicago.  The set includes an original volume one/issue one...not a photocopy as is typically found nowadays!  The funds from the auction will go to the JRCS treasury.  The JRCS annual meeting will be on Wednesday, August 17th in room six of the Stephens Convention Center from 8:00 to 9:30 AM.. 

I will present the educational session at the JRCS annual meeting.  The topic will be "Half Dime Remarriages and Cuds."  I will have plenty of full-color photographs, including photos of some of the rarer remarriages and cuds in the capped bust half dime series.

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Jim Matthews wrote:

In the blizzard of great coins that wended their way to Stack's-Bowers for the ANA Auction one piece really caught my eye. From an old consignment there was an 1836 half dollar with a Lettered Edge in Proof-64 (NGC). After 40 straight days of cataloging and still running late, of course the very last week of writing deadlines, and the most intense pressure to get finished is when all the weird animals appear at the campsite and need immediate attention. Well first off, 1836 Lettered Edge half dollars in Proof are certainly not common—although Steve Herrman reports four different die pairings were used to make these proofs. How bizarre is that? There's probably something like 10-15 proofs known and Engraver William Kneass managed to polish up a whole bunch of dies and strike just one or half a dozen at a time. In passing I asked John Pack which variety the 1836 Proof half dollar was. He said it's an O-106. I stood up, went over to my heavily notated Overton book and went OMG--let me see that coin! Of course, as nature would have things, it was certified in a 15 year old NGC holder with no possibility of seeing the edge. At that point a lot of the finer nuances were not noted on the slab inserts. This one said "1836 Proof, Lettered Edge" I knew that the O-106 reverse die was used to coin ALL the Crushed Lettered Edge Proofs of 1833, 1834, 1835 and 1836! So—here's an 1836 O-106 in Proof, it has to be the long missing Crushed Lettered Edge from the Davis-Graves Auction, Stack's , April 8-9, 1954, Lot 533. No other 1836 O-106 Proof half dollars are reported to exist.

You have to understand, the O-106 reverse is the only Capped Bust half dollar die with a sunken lip around the edge engraved by Kneass—all other obverse and reverse dies have long tooth-like dentils that extend to the very edge, on this solitary die, Kneass was bridging the current technology and experimenting with a closed collar, in this case a fixed metal ring in which the planchets would be inserted, then struck, the closed collar would force the metal flow up into the sunken lip on the die to make a solid circular edge to the coin, greatly extending the circulating life of the coin. After striking the coin would be squished into this closed collar and the lower die would rise up slightly, pushing the coin out of the collar and another planchet would be inserted. In the late 1820s Kneass accomplished this same mechanism on the smaller coining press, with raised lips appearing on struck coins of Dimes in 1828, half dimes in 1829, quarters 1831, quarter eagles and half eagles in 1829. The larger coins had to wait.

As a numismatic cataloger, I see a lot of coins. Rarely do I have much of a chance to study these as the looming deadline precludes more than a cursory identification of where any problems are, the strike and surface qualities. But this coin got me going, I had written about the long missing 1836 O-106 half dollar in proof with the Crushed Lettered Edge in the George "Buddy" Byers Collection in 2006. As luck would have it, there is only one recorded appearance of this experimental coin by Kneass, it last knowingly crossed the auction block in 1954. At the time that coin realized $60, an immense sum for a Proof half dollar of that era. The description in the Davis-Graves sale states: "1836 Lettered Edge. Small Stars, the edges are squared and almost obliterate the lettering. Brilliant Proof." Of course this auction was years before the Overton reference came out so no further information was available when the coin was cataloged. Enticingly it was not plated either.

As luck would have it, this all happened on a Friday, a day when we can't ship coins out with  the weekend pending. So it would have to wait until Monday to get back to NGC where Rick Montgomery and David Lange could take it out of their holder and put it in an edgeview holder so edge could be viewed. I was virtually certain this would be the long missing 1836 O-106 Proof with the Crushed Lettered Edge. It had the right dies, exact weak strike of the other Crushed Lettered Edge Proofs of 1833, 34, and 35--and the result had to wait until Tuesday. Finally we talked with Rick Montgomery and after examining the coin they stated it was a normal lettered edge! What--here's yet another bizarre coin animal that makes no sense! Why would Kneass make a specific die to roll out his closed collar and then make a regular LLettered Edge Proof with it? There are all sorts of minute die characteristics noted in the catalog that left for future reference. Under normal circumstances all Capped Bust half dollars had their edges lettered prior to striking, when they were struck their edges were allowed to expand outward between the dies, hence the distended lettering so commonly seen. Employing a closed collar would not allow for any edge lettering device as it would be crushed in a collar when the coin was struck. Only vertical reeding can be imparted by the collar to allow for the coin to be ejected, unless the collar is segmented and can be opened and then closed for striking. The Crushed Lettered Edge proof half dollars were all struck in 1836 using the same reverse die that struck this particular coin. It undoubtedly was the first coin struck with the die, to test new lipped reverse by Kneass, and likely the closed collar was then installed to the old coining press—perhaps even the new steam press, and the Crushed Lettered Edge restrikes (new obverse dies engraved) to coin a handful of 1833, 1834 and 1835 half dollars along with the one missing 1836—struck from these very same dies.

So the mystery 1836 Crushed Lettered Edge coin remains at large, lurking in some advanced collection awaiting discovery.

JR Newsletter: 10 July 2011 (44)

In response to Pete Smith, Ken Potter wrote:

The Hobby Protection Act does not apply to the seller, but it is illegal to sell copies in Canada.

Good Luck!

Ken

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Robert Stark wrote:

I'm interested to learn more about 1950's era collector/dealer James Blanchard.

I believe he started the New Orleans bullion firm bearing his name. I'm at rstark (at) udel.edu      

Thanks!               

Bob 

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Richard Meaney wrote:

I wanted to share with readers some images of a newly-acquired half dime.  It is an example of the 1832 LM-10.4 die marriage.  Clicking on the image will open the image in a much larger size for you. 

JR Newsletter: 3 July 2011 (43)

Pete Smith wrote:

Attached are images of an item that sold on eBay on June 28, 2011.  It realized $710 Canadian dollars with four bidders and twelve bids.

 

The image quality is poor, but it is an obvious copy to me. There was a question and answer posted before bidding closed.

 

Q:  The 1792 half disme, is it a restrike?

A:  I don't know sorry thank you for interest.

 

The seller has a Canadian address. I suppose this makes him less liable for prosecution under the "Hobby Protection Act" or laws against passing counterfeit U. S. coins. Other lots on his sales were mosly low value coins. There were other low quality images of U. S. coins offered including a couple of other half dimes.

 

Pete Smith

 

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Paul Hybert wrote:

2011 Summer ANA, Final Call for Exhibits

Although the ANA's 2011 Anniversary convention is still six weeks
away, completed exhibit applications must be received at ANA
headquarters by July 20; if you were working on an exhibit,
please do not miss this deadline.  Send any questions to
the local exhibits committee at
    ANA2011Exhibits@ChicagoCoinClub.org

Suggestions on forming an exhibit can be found on the main ANA
exhibiting page at

http://www.money.org/Content/NavigationMenu/NumismaticEvents/ConventionExhibits/default.htm
and the http://www.worldsfairofmoney.com/index.php?id=255 page
has links to everything for exhibitors: rules, application,
and more.

Remember, the exhibits must be in place by the early Tuesday morning
opening of the convention, and the exhibits cannot be removed until
very late on Saturday afternoon (when the convention closes).

Collector exhibits will not be the only attraction during
August 16-20, Tuesday through Saturday.  The ANA web site has
a schedule of events, including club meetings, featured speakers,
and other activities.  A link to the schedule is at
    http://www.worldsfairofmoney.com/index.php?id=52

JR Newsletter: 26 June 2011 (42)

Sheridan Downey wrote:

Our little collecting community lost a great friend this past April with the passing of Roger Solomon. Roger succumbed to a rare form of skin cancer that was diagnosed just a few weeks earlier. He is survived by his lovely wife Jeri, an avid collector of U.S. Commemorative Half-Dollars. Roger was hoping to arrange and participate in the sale of his collection this August, during the ANA’s World’s Fair of Money in Rosemont, IL, not far from his home. Sadly, he was not allowed enough time to share and enjoy the event.

Early this month Jeri Solomon asked me to showcase Roger’s collection during the upcoming ANA Convention. It is with bittersweet pleasure that I have the honor of overseeing the sale of Roger’s remarkable coins to a new generation of numismatic stewards.

You can read more about Roger and his collection here:  http://www.sheridanscoins.com/

This link will take you to an inventory of Roger's collection:  http://www.sheridanscoins.com/solomon_list.html

Sheridan also added the following note: I am on my way to Africa as you read this but will be back to field questions the 3rd of July.  Maybe before - if I find a wi-fi hotspot in the Serengeti!

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Alan V. Weinberg wrote:

A brief review of the Whitman Baltimore show  relating to John Reich coins and medals:

An unlisted 1824 bust quarter with a silversmith counterstamp on obverse of W. GIBNEY (raised letters)  in a thin recessed cartouche was discovered and changed hands to a serious Bust quarter collector on the bourse floor.

Joe Levine of Presidential Coins and Medals (PCAC) auctioned on Sat night at the Balto show an unlisted 1805 bust  quarter with prominent serrated border cartouche on obv bearing the raised letter silversmith counterstamp JUSTICE (Joseph J. Justice Phila 1844-48), ex Arlie Slabaugh 2001 PCAC sale in 2001 where it then  brought $391. June's hammer price was $1,100, even though it was estimated at $400-600.

Pook and Pook antique auction house in Downington Pa auctioned on June 16th Thursday a large group of US coins and a  U.S. Mint-struck medal Julian  CM 5,  Betts 617,  Baker 58 1783 Treaty of Peace Geo Wash / Benj Franklin conjoined busts / 1783 descending American Eagle over hemispheric globe medal, a silver proof in the original round engraved pillbox case engraved Medallic History of the American Revolution. Part of the Sansom series of medals struck in 1805 and engraved by John Reich. Estimated at $8,000- $10,000 so the auction house knew what they had. Several years previously Pook and Pook  auctioned a silver proof 1797 Geo Wash Presidency Relinquished Reich-engraved  silver original in an identical Amer Revol silver pill box, both lots consigned to P & P by the same old family.

The medal was auctioned precisely at 2:15 PM during opening day of  the Baltimore coin show and this writer bid on his cell phone from the Balto bourse floor , capturing it at an ultra-reasonable $18,000 plus buyer's fee of 18.5%. Ironically the 2 immediate underbidders, collector Syd Martin and dealer Ron Karp, were also Balto bourse floor cell phone bidders,  followed by dealer Joe Levine at mail bid of $13,000. So all the top action on the medal came from the Baltimore bourse floor. Had the medal been auctioned by a prominent coin auction house at a time not conflicting with Balto bourse opening day, it would likely have surpassed $30,000 hammer.

This writer also viewed briefly on the bourse floor  an old time Whitman blue folder album for bust dimes with approx a dozen well-worn unattributed and toned bust dimes inserted in the holes.

One more observation:

I tried to buy a copy of Rory Rea's  Early Quarter Dollars of the U.S. Mint book for a friend on Sat at noon at the Balto show and could not. Rich Uhrich, prominent dealer,  was apparently the only one who had any for sale there and had brought a full case (guessing, 25 books). He sold out by Sat noon but for one single remaining unwrapped, damaged edge copy which I rejected. All the others sold out. So, apparently, this book is moving rapidly (at a firm non-discounted $100)  even though this show was much smaller and moderately attended compared to the other two Whitman Balto shows.

Alan V. Weinberg

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Robert Stark wrote:

Bob Hammond’s comments on attendance at last week’s Baltimore Show are about the same as mine for the first half of last Thursday afternoon. However, the auction viewing room was filled from the get go; hardly an empty seat. The table end where I was seated was pressed into service—and who should pop down but Brad Karoleff! I put that useful surprise to work as we had a good chat.

       My interest is the Early Dollars! The ’95 B-12, #4004, shows a clashed die much as my coin. The ’95 B-14 NGC 58, #4009, had less hair detail than I expected for a 58 coin.

The ’99 B-9 PCGS 53, #4037, showed a dark spot at Liberty’s throat. Next visit to the bank vault  I check my two B-9s, They seem to have a light spot in Liberty’s throat. So, perhaps the variety has a small pocket at Liberty’s throat.

       Lacking a ’00 B-10, the NGC 58, #4036, was of especial interest. Again, I thought that hair lines ought be bolder on a 58 coin. An ’01 B-3 PCGS 55, #4043, is a very nice coin—even a bit nicer, I thought, than the ’02 B-6 NGC 55 (#4046) with a CAC sticker.

       I returned to the bourse floor pondering a bid the ’00 B-3. It had a high reserve that also gave pause. At Harry Laibstain’s table I saw a lovely’03 B-4 PCGS 55 CAC. It became my acquisition of the afternoon. The next day I learned that the ’00 B-10 had  received no bids and, again, was offered for a bid over the reserve.  

Bob Stark

JR Newsletter: 19 June 2011 (41)

Bob Stark wrote:

Fifteen Early Dollar Collections

     

        Fifteen Early Dollar collections, inventoried in David Perkins’ John Reich Journal   article of February, 2011, have 917 coins; each collection of distinct die marriages.        Of course, no account is taken of duplications such as die states, upgrades, etc. The collections vary from 5 to 118 coins; 121 is the number of known die marriages.

        The surviving 1794-1803 dollars are scarce and valuable. Only 5 of the die marriages have a rarity assignment of R-1 while some 40% have values of R-1, R-2,      or R-3 and about 15% have rarities of R-7 or R-8. R-4 and R-5 each account for just    over 25% of the die marriages. There are just five R-6 marriages.

        More than one-half of the collections, with one exception, consist of R-1 to R-6 coins with about equal frequency. That is, dividing the number of coins held of a given R-value by the total number of die marriages having the same R-value is about the same (8+) for each R-1 through R-6.

       Rarity values of R-5 and R-6 are scarce coins in any series; including the Early Dollars. Still two thirds of the fifteen collections have all of the R-5s and R-6s. Early Dollar collectors apparently recognize the opportunity to acquire those coins. Of course,

premiums vary with both the variety and condition rarity.

        However, the situation changes sharply for R-7 and R-8. For an R-7, the ratio of their numbers in the fifteen collections (24) to the number of R-7 die marriages (5) is nearly 5. For an R-8, the ratio is about 1.5 (13/8). A consequence of their limited availability is the much higher premiums they command when offered.  

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Bob Hammond wrote:

My Bride and I attended the Baltimore Coin Show yesterday (Friday 17 June 2011). It truly was an all day affair for us, which began at 0400, the time we left the house for the show (about two and a half hours' drive).

After attending the LSCC meeting and enjoying show/tell for an hour or so, we began our tour of the bourse.

Attendance on the bourse floor appeared to be usual for the 'Summer' show, which is less full than either the Spring or the Fall shows. Still, there was a small buzz, especially with such dealers as Dick Osburn and Gene Bruder, dealers in 'earlier' Federal coinage.

A high-light for me is the Dick Osburn Liberty Half-Dollar collection which was displayed at the Stack's/Bowers table.  All UNC pieces; some in wonderfully high grades! 

TeaParty had a nice Half-Dime, 1801, in Fine. Since mine is a bit better, I passed the opportunity to buy.  If someone needs this dated half dime, you may wish to contact them.

We enjoyed the show and the inter-change of information from the many dealers.

On another note...

My Bride and I attended a local antique show in down-town Oley, Pa. this afternoon. We were a bit late in arriving there, so we had to rush around the show in order to redeem our full eight dollars worth of admission fare, $16.00 for the two of us.

We were nearing the last booths of dealers when I stopped to view some old books. 

The dealer asked how he may help me, and I replied that I already have such books as he has on display.  He then showed me a book that I do not have in my library: an original Thomas Jefferson book on Weights and Measures for $15K! Apparently one of 10 or so in existence!

I guffawed and indicated that I expended all I had at yesterday's coin show.

He inquired as to what I collect?  Early Half-Dimes, Dimes and Quarters and some Half-Dollars was my reply.

He says, "I am a co-author of a Dime book."

"You and Ahwash?" inquires I.

"No" says he.

"Davis, et al?" queries I

"Yes. Five of us. I am Bill Subjack."

My jaw drops to the ground in absolute disbelief!  I never met the man, and assumed he is gone from this earthly presence!

We chatted about the early preparations of the book, the meetings, and the coins. The time spent was exhilarating for me.

I've known Dave Davis and John McCloskey, and exchanged letters with Russ Logan.  I have Allen Lovejoy's splendid Dime catalog.  As for Bill Subjack...Well, he was totally unknown to me.

I did purchase a letter from him dated 1835, and received his 'autograph' as signature of payment, as well as his address for future exchanges.

It was good to get out of the house and away from work to meet up with like-minded hobbyists.  May be more coming to me in the future.

        Bob Hammond (RJH) JRCS, LSCC, EAC member

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A final word from the editor...


I am also a member of EAC (Early American Coppers).  I encourage all readers to consider joining EAC.  I recently received the May 2011 issue of the EAC journal, "Penny-Wise."  In there I read some exciting news, which I will quote:  "Beginning with the EAC 2012 sale, there will be early silver lots included in the annual sale, which should increase the associated fees and help JRCS take a role in the financial health of the [EAC] convention."  I view this as great news and as an excellent opportunity for the financial well-being of both organizations and the benefit of their respective memberships.  I'm sure more details will be forthcoming, but I thought I would share this good news now.

JR Newsletter: 12 June 2011 (40)

Bob Stark provides this week's sole contribution:

Thank you for another JR Newsletter.  Perhaps people who speak at meetings, such as the recent one at Portland, could be encouraged to publish their remarks in the JR Newsletter.



Best wishes
Bob Stark
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Editor's input for the week:  Please remember to submit nominations for the JRCS Hall of Fame.  Send them to me or to any other officer of the JRCS.