JR Newsletter: 22 September 2013 (158)

No new contributions this week.  Please note that next week's newsletter will likely be sent out on FRIDAY, September 27th.  If you have contributions for the next newsletter, please get them to the editor by Friday morning.

JR Newsletter: 15 September 2013 (157)

A number of contributions this week!  

Brad Karoleff wrote:

We still need a volunteer to host the next JRCS meeting at the Baltimore convention on Friday afternoon at 4 PM.

Also, if anyone wants to give a short presentation there we would be grateful.

Please let me know if you can help.   Bkaroleff (at) yahoo.com

Brad

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Michael Sullivan wrote:

Fellow JRCS Members and, hopefully, bibliophiles -- below is an image of one my most recent project to bind my JRCS Journals.    The binding was executed by The Harcourt Bindery in Boston.   The binding is black grained cloth with dark blue spine labels including my personalization on the front board.    Bound into this set of JRCS Journals is many elements of club ephemera (supplements, voting documents for articles of the year, the club bylaws, etc.).    I would encourage any serious early coinage collector to have their set of JR Journals bound to preserve a phenomenal collection of information and insights not found in standard reference works.

For perspective, David Davis' personal set of the first ten volumes of the JR Journal bound in leather sold for $1400 in the January 2012 Kolbe-Fanning Auction.   On a personal note, I more frequent bound sets of periodicals than loose issues.    If you need some recommendations on bookbinders, contact me.

Michael Sullivan

Numisbookmjs (at) gmail.com

(editor's note:  click on the image to open a larger version of the image)

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Louis Scuderi wrote:

JR News readers,

I am in the process of writing up some research on off center/double struck capped bust dimes, and specifically on multiple examples of the 1823 JR1. I have images of several specimens but have been unable to find an image of Russ Logan's example. This specimen was in the Bowers and Merena 2002 sale of the The Collections of Russell J. Logan & Gilbert G. Steinberg and Part III of the Jay Roe Collection and listed as Lot 2047 (1823/2 Capped Bust Dime JR-1. Rarity-3. Small E's. G-4). It was described as: 

"Double Struck. The first strike was approximately 40% off-center at 1:00 and rotated 10 counter clockwise from the final position of the second strike. Light gray with prominent hairlines and an area of brownish discoloration at center of the obverse. The reverse is weak and grades just AG-3. The reverse die crack is not visible on this example. 

Purchased August 1993 from Henry Hilgard."

Unfortunately the image attached to the lot is incorrect and has been so since the auction was first listed back in 2002. I also can not find my copy of the sale catalog.

I have two requests. First, if anyone (perhaps the current owner) has high quality images of the coin that they would be willing to share I would greatly appreciate having them and would provide acknowledgment (if desired) in the JRJ when the paper is published. Alternatively a high quality scan of the catalog might work assuming the details can be clearly seen. 

My second request is for information (and images) on any additional specimens that you might be aware of. I currently have images of three specimens:

1) PCGS - Genuine (Graffiti - AG Details) #4498.98/27972278

2) NCS - #5023211-005. 

2006 June Long Beach Signature Auction #408, Lot 1018. (1823/2 10C Small Es--Double Struck, First Strike 45% Off Center, Improperly Cleaned--NCS. Good Details).

3) PCGS mint error VG08 holder with d/so 50% o/c

If you know of any others and are willing to share information and images that would be greatly appreciated and acknowledged.

If you can help contact me at cirque1 (at) gmail.com

Thanks,

Louis Scuderi

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Jim Matthews wrote:

I've been collecting Capped Bust dimes since the authors published the Dime reference in 1984. One of the areas that has always fascinated me was the fact that contemporary counterfeit Capped Bust dimes were also made much in the same style (and likely same counterfeiters) as the commonly seen Capped Bust half dollars of the 1820s and 1830s. One troubling aspect of the dime denomination is how frustratingly rare they are. I've usually tried to buy all I could find and have asked other specialists if they have any examples--or if they have even seen any examples! More often than not the answer is no. It would seem, given how prohibitively rare these early counterfeit dimes are, that most likely not that many were struck. Few specialists have even a single example of one of these contemporary counterfeit dimes.

I have included a picture of an 1831 contemporary counterfeit Capped Bust dime (below) that I purchased this year from another specialist who has been seeking these for many years. Notice how crude the stars are, and irregular placement especially along the right side of the obverse. Similarly the date punches are not quite right, being too small and too low, with the figures clearly a different number font than those used at the Philadelphia Mint. On the reverse, the eagle is a trifle irregular too, along with the arrows  and comical placement of the legend spacing--creating another run-on STATESOF. Nothing about this is quite right, and any dime specialist today would have no difficulty in knowing this coin was not a U.S. Mint product.

So why make a counterfeit dime? Well, for the money of course! While 10 cents today may not buy much, back in the 1830s and 1840s it certainly did. In fact for many people in these early years of our history, 50 cents was a days pay. If a counterfeiter could make enough coinage, and get it salted into circulation without being caught, there was considerable profit to be had. Today through the expertise of Keith Davignon an entire reference work has been published by him entitled "Contemporary Counterfeit Capped Bust Half Dollars" which brings to light much information on this period and offers photographs and descriptions of the various known counterfeit issues by die variety. The style, metallic content and appearance of the half dollars implies that the same makers may well have issued the counterfeit dimes as well.

We know that literacy in the general populace was certainly not that high when these were made. Thus fooling a store clerk or merchant with a counterfeit coin would have been fairly easy, certainly easy enough to continue trying given the number of counterfeit Capped Bust half dollars known today. 

I'm planning on writing a more extensive article for the John Reich Journal on each of these counterfeit early dimes that I've acquired, along with further details and photographs. Given what I've learned up to this point, there simply aren't enough coins around to do a reference work, and most seem to be unique or nearly so. I consider these to be akin to folk art, where the ungodly took their talents and created primitive dies, stirred up a batch of seething pot metal (base metals which appeared at least silver-white in color) and created planchets which could be struck. 

If any collectors have an example of one of these contemporary counterfeit Capped Bust dimes and would like to share their information with me I would appreciate it.

I can be reached at bustdollar (at) yahoo.com

Jim

 (editor's note:  click on the image to open a larger version of the image)

JR Newsletter: 8 September 2013 (156)

One contribution this week, Brad Karoleff wrote:

The next issue of the John Reich Journal is scheduled for October. We are in need of submissions to fill out the issue. Please consider writing something for inclusion in the next issue of your John Reich Journal.

Submissions can be made via email to bkaroleff (at) yahoo.com or mail to Brad at 225 East 6th street, Cincinnati, OH 45202.

I look forward to receiving your literary contribution soon.

Brad

JR Newsletter: 1 September 2013 (155)

David Quint provided the only contribution for the week.  Here's his reminder for collectors of early dimes:

David Quint wants to remind all collectors of early dimes that the Bust and Draped Dime Census is being compiled right now, and that this coming week will be the last chance to get your coins included. Please email your census information or any questions to David at dimecensus (at) yahoo.com

Thank you,
David Quint

JR Newsletter: 25 August 2013 (154)

Glenn Peterson wrote:

Hi JRCS members

    I am just back from Chicago ANA and it was a great one. For me it was special because of my submitting my entire bust half collection to PCGS for encapsulation. I sent 593 coins including  my capped bust half set of 446 marriages: preturbs and special die states and some duplicates. It was nerve wracking to go through Chicago traffic with my retirement in the back seat. But all went well and they are with PCGS for encapsulation, grading, photography and inclusion of the capped bust halves in a registry set. PCGS staff including Don Willis were very courteous and helpful in the process. Special thanks to Richard Meaney who visited me and helped me prepare the submission. 

 

   Now to the meetings They were well attended and there was a lively discussion in each but they were not recorded. The JRCS meeting was well attended and  I made a number of new friends at the meeting. Dave Finkelstein gave a presentation of the COLORS on bust coinage. By this he meant the various shield designs which depicted the colors red white and blue or gules argent and azure lines. Quite interesting. His research of early bust coinage is very interesting and welcomed by the audience. The Bust Quarter Collector Society met on Wednesday afternoon.  Mark Borckhardt attended and discussed with us the Eric Newman auction which contains many of the coins from Browning's original plate coins. Steve Tompkins expressed interest in working on a web site for BQCS in the future. I gave a presentation on the E and L counterstamped coins of 1815 and 1825 and expounded on the various theries as the how and why they were placed on the coins. I was discussing the theory proposed by Ted McCauley when I recognized Ted in the audience and let him finish describing his research on the shortage of $26.75 received by Planter's bank in Louisiana in 1815 corrected by the mint possibly with the counterstamped coins. We had a lively discussion about these interesting coins.

 

      On Thursday afternoon we had a meeting of the Bust Half Nut Club. Attending the meeting was a number of BHNC members and several interested in future membership. We discussed the purpose of the BHNC to promote the collecting of bust halves, advance education about these beautiful coins, and share friendship with other collectors pursuing the bust halves. I then gave a presentation on the remarriages of capped  bust halves including the remarriage of 1827 O-108 and 1828 O-101 involving their shared reverse; remarriage of 1828 O-123 and 1828 O-122 with chip forming at S5-6 on the obverse; and  remarriage of 1828 O-118 and 1829 O-110 with progressive clashing and cracking of the reverse A.  Lively discussion followed my presentation. 

 

   Glenn Peterson

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Brad Karoleff wrote:

 

I have recently purchased a copy of Early US Dimes by Davis et al. 

The dust jacket is rough with a few chips, tears and one tape repair.  The book and contents are very nice.  There are no notes in the text and will serve it's new owner well for many years.  The errata photograph of the 1820 JR13 is included correcting the mistaken photo in the text.  If anyone needs one of these, please contact me as I still have a few that Russ gave to me for distribution many years ago.  

 

The book is $325. delivered to the first person who emails me at bkaroleff (at) yahoo.com

 

I also have one without the dust jacket that I will sell for the same price.

Additionally, I recently came across one of the deluxe editions signed by all the authors that I will sell for $500 delivered. 

I also have a couple of the half dime books in stock for $150 delivered.

 

Brad Karoleff, Coins +

 

JR Newsletter: 18 August 2013 (153)

Raymond Hale wrote:

I just read Glenn Peterson's note regarding his upcoming presentation at the BHNC meeting. Are these presentations recorded? I am unable to attend, and would enjoy learning about the remarriages of which he speaks. It would be great if I could buy a recording or a transcript.

Thanks,

Raymond Hale

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A note from the editor:  I had a great time at the ANA Show.  Many highlights and comments, here's a brief summary:

-I had the opportunity to view Glenn Peterson's extensive collection of Capped Bust Half Dollars

-Traffic in Chicago is something I am glad I do not have to deal with but once per year

-David Perkins had a display of Capped Bust Half Dimes that was beautiful

-I sold a bunch of coins (trying to raise money for a goal my family is working toward) and the dealers and collectors that bought the coins made the transactions easy

-I worked "behind the table" a couple of days for Rich Uhrich Rare Coins and had a great time.  I liked the perspective on the hobby that this role reversal provided.  Always enjoyable to work with Rich, plus his other table assistants Len Augsburger and Bill Bugert

-The JRCS "open house" on Thursday night was well-attended by collectors of all series of capped bust silver

-From my perspective, the interest in late die state capped bust half dimes – the coins with cuds – is pretty healthy.  There was demand from what I sold from my collection, what Rich Uhrich sold, and what I observed being sold or displayed on the bourse floor

-I talked with many other collectors and there were plenty of good coin stories to hear that came from purchases on the floor, the auctions, and potential sales/purchases in the future.  I would love to receive input from others for the JR Newsletter about some of the happenings at the ANA

Richard Meaney

JR Newsletter: 4 August 2013 (152)

This will be the last issue of the JR Newsletter until post-ANA.  The next issue will be published on August 18^th, 2013.

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Jim Matthews wrote:

After considerable consternation and thought I've decided to sell my first line die variety collection of early Draped Bust dimes. This has been a major focus of my collecting energies for many years, but the twists and turns of life have presented me with other opportunities which I believe are important to pursue at this time. Thus my favorite early dime collection will be auctioned off in less than two weeks at the ANA convention by Stacks-Bowers. 

Let me start by saying that the die variety set of early dimes offers considerable challenges, but also great opportunities. Having studied many advanced collections over the generations leads one to the conclusion of just how rare these early dimes are in high grades--major collectors with virtually unlimited resources were often unable to find high grade examples from this series of each of the dates. This fact to me reflects the rarity of many of these issues in high grade. 

The 1796 JR-5 I've owned twice, I purchased it when it appeared in an old time collection back in 1986, then sold it in 1993. This is the rarest obtainable 1796 die variety, and I consider it a strong "third" finest known. The Norweb example at MS-62 is arguably the finest of the variety, but I didn't feel it was the coin for me. I was offered the John Reich plate coin several years ago, but the pin scratches were just too distracting, although that coin is now PCGS AU-55 I believe. I've always felt my particular coin was the most wholesome example of the variety in high grade.

Several years ago the terminal die state of the 1797 JR-1 sixteen star dime came my way, and I was thrilled to obtain it. Only a handful of survivors show this degree of displacement on the obverse die, where the die was so severely cracked the date was a mere shadow--and this is certainly one of the last coins struck from this obverse die. Most examples known of this later die state are a combination of simple wear as well as softness in the date area from strike--with wear being the primary cause. This mid grade coin defines the later die state well. All known 1797 sixteen star dimes show a heavy die crack above the date, probably from the first coin struck--but the latest die states with the date virtually gone are indeed rare and terminal for the die pairing.

One of the greatest rarities is the 1798/7 Thirteen stars reverse dime. I purchased this piece in 2005 and nothing like it has been offered for sale aside from a couple of Mint State examples that are beyond the reach of most collectors. Perhaps 25-30 are known of the variety, and mine is a solid EF-45 coin by PCGS with a CAC sticker. Most of those known from these dies are in much lower grades.

Collectors who pursue these early dimes will notice those of 1802 as well, offered are a pleasing JR-2 example in EF-45 with the shattered reverse die state--one of the most spectacular die states in any denomination series (seen again on the 1803 JR-4 which uses the same reverse die in an even later die state!). The 1802 JR-3 is the Plate coin from the dime book, certainly one of the finest as well of this variety (believed to be second best behind an AU-55 example) that should not be overlooked. Notice in the regular auction session the 1802 JR-4 with the heavy obverse retained cud--this is a very rare die state with fewer than ten known--if indeed that many. 

Opportunities to purchase several condition census early dimes started to appear in 2004 when Ed Price began to sell some of his duplicates from his magnificent early dime variety collection. My purchases came to a crescendo in 2008 when the Price Collection was offered at auction. I decided to focus on the year 1803, where three of the most challenging varieties would be offered, each the finest known of the variety. For me, it was a situation of being able to buy only a few important coins, but I was able to complete my mission. At the Ed Price Auction I was able to secure the 1803 JR-1 in EF-40 which is tied for the finest known, the 1803 JR-2 finest known example and the discovery example of the JR-5 and the finest known, with just four pieces known today from those dies. 1803 has always been a favorite year of mine, known for the Louisiana Purchase as well as a midpoint in Jefferson's presidency. The United States was at a major point of growth as a nation as 1803 unfolded, and the symbolic purchase of land the more than doubled the land mass of this country seems a fitting event to mark the advent of great growth for our country. 

I've always known that an advanced early dime variety collection would take many years to assemble, and my collection represents a decade of opportunities that have come my way and my willingness to jump when the right coins became available. For any collector who understands rarity and condition, or has the desire to own Finest Known specimens and several Condition Census quality coins, this is a group that should not be missed.  

Of course there are many other great coins in the ANA auctions as well--such as both plate coins from the dime book of the great 1804 rarities from another collector are offered. In closing I obviously have a huge personal commitment to these early dimes and want them to go to appreciative homes of collectors who understand just how rare and carefully selected they were for my standards. 

Happy Hunting and I'm looking forward to seeing everyone at the ANA this month,

Jim Matthews

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Nathan Markowitz wrote:

I will be presenting a talk entitled:  "The JJ Collection of Early United States Quarters:  Fifty Years of Provenances Revealed" on TUESDAY August 13 at 4:00 PM in Room 13 (Numismatic Theatre, aka "Money Talks").  I invite all JRCS members interested in provenance research to share my story and input on this major collector of early quarters who has remained virtually unknown and who owned many important coins which may fill in your pedigree chains in your collections.

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Glenn Peterson wrote:

Hi JRCS members. I am looking forward to ANA. We will be having a meeting of BUST QUARTER COLLECTOR SOCIETY on Wednesday August 4th at 2:00 pm in room 6 (check your directory to confirm room number).  At the meeting I will be giving a presentation on the E and L quarters of 1815 and 1825. I hope you can come to the meeting. Next we will be having an open meeting (everyone invited) of the BUST HALF NUT CLUB on Thursday August 15th at 2:00 pm in room 6. I will be giving a presentation of REMARRIAGES OF CAPPED BUST HALVES including new information about the remarriage of 1828 O-118 and 1829 O-110.

Please join us at the meeting.

Glenn Peterson