JR Newsletter: 24 January 2016 (277)

David Finkelstein wrote with a correction from last week:

A few astute readers noticed that I mentioned the charter year for the Bank of Massachusetts at two locations within my article.  At the first location, I stated that the bank was chartered in 1784.  At the second location, I stated that the bank was chartered in 1790.  The Bank of Massachusetts was chartered in 1784.  Here is a revised article that contains the correct information:  https://gallery.mailchimp.com/74a0e3c37d154d935bdeb2daf/files/DJF_Mint_Depositors_P1_revised_corrected.pdf

David
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Jeff Tryka wrote:

Regarding Brad's note a few weeks ago, "Has rarity lost it's luster," it seems that some folks have a somewhat binary view of collectors, e.g. you either collect for completeness by variety, or you collect for high-grade certified coins.  My sense is that as collectors we each collect for a variety of reasons that may not fall strictly into one category or another.  For me, I collect bust halves in a way that other collectors might approach fine art.  I look at lots of coins and end up going after the ones that speak to me in one way or another.  In some cases it's an interesting die marriage (which may also be a rarity) or perhaps a variety with interesting clash marks.  I also love beautifully toned coins, particularly those with a halo of album toning that could only come from years of storage of what was most likely a cleaned coin.  Sometimes it's an interesting counterstamp that adds to the historical aspects of the coin's story.

As for looking for rare varieties, I love to do it!  That's part of the treasure hunt aspect of collecting such an interesting series.  For me, that means that I'm not likely to be the one at auction bidding up the price of an R-5 variety, but I will certainly be one scouring the bourse floor for those undiscovered gems lying in a dealer case.  Is that a sign that rarity has lost its luster?  I suppose, but only if by luster you mean a willingness to pay for rarity.  I think there are many of us still out there looking for interesting die marriages that are still inclined to buy a variety of grades and conditions, whether VF or F, cleaned, damaged, etc.

Rarity still has it's place, but it's just not as simple as an all-or-none proposition as some might think.

Jeff Tryka
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Gawain O'Connor wrote:

I enjoyed W. David Perkins' Quick Trip through the ANA's new "The Numismatist" Archives in the December John Reich Journal. After seeing Nos. 4 and 5 about the Beistle book, I thought I would check my copy which I bought from an ANA library sale years ago.

It has a label from A. Kosoff inside the front cover and a sticker on the inside back cover. Does the sticker indicate it was donated? My guess is that he still had the Beistle book in stock and donated leftovers to the ANA after the Overton book came out.

Gawain O'Connor

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Nathan Markowitz wrote:

The Early American Copper convention will be held at the downtown Westin Hotel in Charlotte, NC April 7-10, 2016.  All members of JRCS are welcome to attend.  There is no charge for the show.  This is the weekend after the spring Baltimore show.

I serve as educational coordinator and this year we will have a wide range of topics, ranging from federal copper to colonials to general numismatic topics.  The final program will be published soon.

Last year there was a small silver "happenings" where early federal silver was displayed.  This year's convention chairman, John Kraljevich, has specifically invited and encouraged a return to a broader display of early silver at the traditional Thursday evening happenings.  I have volunteered to coordinate this effort.  Two foci of display have already been suggested:

- Quarters:  1819 B-4 with its myriad of die states/stages
- Early counterstamps

If you have any suggestions in the other silver denominations please contact me via email at  cascades1787(at)yahoo.com

The main criteria for a die marriage is to ensure that several will show up for comparison; grade is not important.

Nathan Markowitz

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Rich Uhrich wrote:

We had a great FUN show, and we now have a very rare coin for sale:  an 1803 JR-5 dime.  This die variety was discovered by Ed Price, and there are currently 4 known specimens of 1803 JR-5.  Our coin (the discovery specimen) is XF details, environmental damage, and is pictured in the Bust Dime Variety Identification Guide, page 29.

Best wishes,

Rich

(Editor's note:  Ed Price is a member of the JRCS Hall of Fame.  Also, you can view the 1803 JR-5 dime here: http://www.richuhrichcoins.com/category.php?cat=3 .  Rich Uhrich's image of the coin is below)

JR Newsletter: 17 January 2016 (276)

This week's newsletter has all sorts of entertainment!

First, David Finkelstein has an excellent original article, "The First Depositors of Silver & Gold – Part 1."  After you read the article, you will likely try to learn more about the American Philosophical Society (I know I did).  You may view David's work by clicking this link:  https://gallery.mailchimp.com/74a0e3c37d154d935bdeb2daf/files/DJF_Mint_Depositors_P1.pdf

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In response to our "empty newsletter" of last week, we received this from the originator of the JR News, Bill Luebke:

I was very concerned about the dearth of submissions to JR News.  Not a single one last week.  Shame!  I have to confess that I have been part of the problem since I turned over editorship of the News to Richard (and I thank you again for accepting the responsibility, time and effort) several years ago.  So am hereby encouraging (read:  threatening) members to contribute.  If there are no submissions in any given week I will resume my strategy of posting naked cat photos.

 

To that end, I sadly report that former Assistant Editor Jazzy Cat crossed the Rainbow Bridge suddenly and unexpectedly September 27, 2013 and I had to assist Fact Checker Scooter across said bridge March 5, 2015 due to terminal cancer.

 

But not to worry -- I now have THREE cats, Oliver, Rusty Ratchet and Wee Willie, and tons of photos to give Richard an adequate supply for years to come.  YOU HAVE BEEN WARNED.

 

As to FUN, I had a terrific show.  I don't do a lot with JRCS coins since I sold my Early Dollar collection at 2007 FUN and my Bust Halves in March 2008.  But the itch never totally disappears, so I purchased this charming little 1830 LM-14 Half Dime at the show.  Pictures below.




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Dick Kurtz wrote with a response to an inquiry posed by Brad Karoleff: 

In this venue and in Volume 25-3 of the “John Reich Journal”, Brad Karoleff asks the following question which, in my opinion, is both timely and appropriate: “Has rarity lost its luster?” With today’s emphasis on quality, one wonders if completion of a variety set of any denomination is no longer the goal.

Visiting Canada with French friends in 1984, I crossed the border to spend one day at the ANA show in Detroit. Attending the BHNC open meeting, I expressed my interest in becoming a member. On the way in, the first dealer table I saw had a 2x2 marked “1824/1” and “$45.” Taking a look, it was a VF30 O.102, today an R-5+. It turned out that $45 was the dealer’s cost, and he wanted $50. Sold! Everyone at the meeting who saw the coin wanted to buy it. Would today’s members, especially newer ones, be excited by that find? How about a year or so later, when I purchased a VF30 1814 single leaf and a VF20 1830 O.114 (with light scratches) from a dealer for $65 total? I suspect that many would not want either, especially the ’30.

Looking back at the sales of the Reiver and Whitham collections, some of their halves ended up in “details” holders. Acquiring the variety was king in those days, with 3^rd party grading in its infancy, and 4^th party opinions (CAC stickers) not coming on the scene for decades. Certainly those respected collectors wanted the highest grade that they could find (and afford), but they wouldn’t turn up their noses at a rarity because it wasn’t a high grade, had “problems”, or wouldn’t end up in a stickered slab.

I’ve seen many changes in the numismatic scene over the years. As a nearly 10 year old, I received my first bust halves from my grandmother in 1945, and purchased bust halves for the first time at a Bowers & Ruddy (Empire Coin Company) auction in 1962. To me, the biggest change ever is rarity losing its luster, with PCGS and (to a lesser degree) NGC dominating the hobby. If I were 10 years old today, I wouldn’t get involved with coins unless Daddy Warbucks was my grandpa.

Richard Kurtz, JRCS 049; BHNC 052
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Finally, we have this contribution from Jim Matthews.  Jim offers some thoughts upon the close of Part 1 of the sale of the Kirk Gorman collection of Capped Bust Dimes:

The auction of Part I of the Kirk Gorman Collection is now history. While Capped Bust Dime collectors had a rare chance of securing rarities for their collections, everyone knew this sale would be a challenge and prices would be strong for both coins of high condition and the rare varieties. The Gorman Collection was formed over the past two decades, and like most collectors, Kirk was able to obtain a mix of high grade coins along with some key rarities to this series. While many collectors are striving for a complete collection (or nearly so other than the ultra rare 1827 JR-14 with 2 examples currently known), the balance of the collection is sort of obtainable, as many of the previously R-7 or R-6 varieties have turned up in sufficient numbers that most can be obtained over time. There had been a flurry of great dime collections offered from the Russell Logan Collection (2002), the Harmon Collection (2005) and the Jules Reiver Collection (2006) offered in the past decade. Then the supply went silent for some time, and it was not until the David J. Davis Collection was auctioned a few years ago that a truly memorable dime variety collection was available.

The initial offering by W. David Perkins of the Kirk Gorman Collection was done in two parts. Some of the coins were offered at Fixed Prices and others were sold in a Sealed Bid sale at one increment over the second highest bid. While there were many highlights, it is significant to note that all the Sealed Bid coins from the Gorman Collection were sold. In the past when great collections have been auctioned, I am always amazed at the rarities and how strong the prices are, yet the more plentiful issues seem to go for reasonable levels, sometimes bargains in fact! In the end the final results are always enlightening.

Highlights of the Gorman Collection include these rarities:

1820 JR-5, R-4, PCGS MS62 $3,795. Condition rarity, always a winning combination
1820 JR-12, R-5+, PCGS AU53  $14,779. - a coin with great color and surfaces--and high condition census!
1824/2 JR-1, R-1, PCGS AU53 $3,542. Fantastic color toning on this tough high grade issue, with lots of disappointed under-bidders here.
1825 JR-5, R-4, PCGS MS61 $5,094. This coin had previously been NGC MS64 and will likely upgrade, great color and surfaces on a tough variety!
1833 JR-7, R-4+, PCGS MS62 $11,500. Condition Rarity and handsome color--a winning combination again.
1837 JR-1, R-4-, PCGS MS62 $3,928. Here again, a tough coin to find in Mint State, or high grade at all, with many collectors seeking such an example.

Part II of the Kirk Gorman Collection will by offered by W. David Perkins at ANA show this summer, with some coins in the Fixed Price List and the balance in the Sealed Bid Auction. I'm sure everyone will be looking forward to that session where even more rarities and condition quality coins will be available. Highlights include the 1821 JR-2 and 1827 JR-2 and many others.

While cataloging Part I of the Gorman Collection, it was a great pleasure to see the consistent quality of the coins. Kirk really has an eye for quality, and often found coins with vivid colorful toning. These coins offer the greatest eye candy imaginable and often sell for far more than more typical silver-gray examples. One need look no further than his 1824 JR-1 dime that just sold, several collectors placed bids, and that coin sold for much more than expected (as did several others!), simply because the colors were so fantastic. Simply put, once a coin like that is secured, there is never a need to replace it, and no collector ever gets tired of looking at something so beautiful! So, stay tuned for the next offering of Part II of the Kirk Gorman Collection.

Jim Matthews

JR Newsletter: 10 January 2016 (275)

No contributions this week. 

Perhaps we will receive some reports from FUN Show attendees for next week's newsletter?

JR Newsletter: 3 January 2016 (274)

We have two contributions this week.  First, Jeff Reichenberger wrote:
Congrats to the John Reich Journal editor and authors for wrapping up the 25th volume with another great issue of interesting, engaging, and educational articles!
Jeff Reichenberger
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W. David Perkins wrote:
W. David Perkins and Gerry Fortin will have Tables 1034 and 1036 at the FUN Convention next week.

Dave will be holding the Gorman Capped Bust Dime Sale Part I, and will have over 100 early U.S. silver dollars from 1794 to 1803 from the Warren Miller Collection on display and for sale along with selections from my regular inventory of early Bust and Seated coins.  This includes a beautifully toned 1805 B-3 Quarter in PCGS MS63 and a lovely 1792 Half Disme in PCGS AU50 (OGH).  Both have been off the market for some time.  I will also be offering for sale the Extremely Rare ex. Jules Reiver 1803 JR-1, R-7 Draped Bust Dime, and a fresh consignment of Capped Bust Half Dollars in XF and AU grades, including many earlier dates.  

Details on the Gorman Sale will be out this week to everyone on my early dime distribution list.  To be added, simply send me an e-mail at wdperki(at)attglobal.net and I will add you to the list. 

Gerry will have a large selection (six cases!) of quality Bust and Seated Coins for sale.  Please stop and see us at Tables 1034 and 1036 in Tampa! 

W. David Perkins, Numismatist Centennial, CO

JR Newsletter: 24 December 2015 (273) - Special "Early Edition"

With the upcoming weekend dedicated to holiday activities, I've decided to publish the JR Newsletter a few days early -- Editor.

We have one contribution, from Brad Karoleff:
 

The latest edition of the John Reich Journal was mailed today!  Merry Christmas to all our subscribers.

 

Please note that there is a dues notice included with this edition.  Please send $25 to Steve Crain (checks payable to JRCS) ASAP to continue your membership.  On the back of the dues notice is the ballot for voting on the Jules Reiver Award for volume 25.  Be sure to vote as you renew your membership.  The winner will be announced at the annual meeting at the ANA in Anaheim this August.

 

I've included the Editor's Notes from the John Reich Journal here to announce the meeting at the FUN show in January along with other important information:
 

Welcome to the final edition of The John Reich Journal for 2015.  It marks the end of the 25^th volume of our publication, a milestone not expected by many of the charter members of the club.  We, as an organization, have persevered and have shepherded the club through decades of numismatic changes to get to today’s edition.  I would like to personally thank all the authors, officers and members who have helped make the JRCS what it is today.  Without all your help this journal would not be a reality.

We are having a meeting at the upcoming FUN show in TAMPA on Friday morning, January 8 at 9 AM.  David Finkelstein will be our speaker and his talk is “The First Depositors of Silver and Gold”.  We look forward to seeing you there for this interesting talk about the actual depositors as individuals.

You will also see an insert in the envelope with your journal.  Everyone is receiving a ballot for voting on the Jules Reiver Literary Award for volume 25.  The winner will be recognized at the ANA in Anaheim this August.  Please take time to vote!  Many of you will also see on the back of the ballot your dues renewal notice.  Please send your check for $25 to continue your membership while voting.

The officers decided at the last meeting during the ANA in Chicago to limit the number of censuses offered each year to two.  The dime census, originally expected in this issue, will be in the Spring edition.  The Quarter census will follow next year in the Winter edition.  The census is the most difficult and time consuming part of the journal and the census keepers were unanimous in their decision to begin the new format.

I would like to pose a question to the membership and, hopefully, publish the results in the next issue.  Has rarity lost its luster?  Everyone is focusing on quality, which is a great thing, but what happened to completion?  If you are collecting AU coins and a major rarity comes available in VF, would you be interested?  What if it has minor problems?  What if it has major problems?  I would like to hear from interested collectors about their feelings and I will put together an article on the results if enough of you respond.

Until the next issue in the Spring, I hope everyone has a very happy holiday season and a wonderful, safe and prosperous new year!
 

Happy Holidays,

Brad

JR Newsletter: 20 December 2015 (272)

One contribution this week, from Winston Zack:

I am selling a complete collection of new/mint condition John Reich Journals (1986-2015; JRJ vol. 1 issue 1 through vol. 25 issue 2).

Please inquire if interested.

Thanks and Happy Holidays,

Winston (stoneman101(at)gmail.com)

JR Newsletter: 13 December 2015 (271)

One contribution this week, from David Perkins:

Update on the Sale of the Gorman Capped Bust Dimes 1809-1837  and the Miller Collection of Early U.S. Silver Dollars 1794-1803

 

Gorman Collection:  The Kirk Gorman Collection has 122 of the 123 known die marriages with an average grade of approximately AU50!  The Gorman Collection of Capped Bust Dimes 1809-1837 will be offered for sale in two parts, with the first part of the sale in January 2016 at the FUN Convention in Tampa, Florida. The second session will be held around the ANA World’s Fair of Money in Anaheim, California next summer. 

 

All of the Gorman Dimes were photographed by PCGS outside of the holders, then graded by PCGS.  None of the dimes have been sent in more than once for grading; in addition, none of the coins were sent to CAC.  92 of the dimes were “raw,” just the way Kirk Gorman collected them for the past two decades.  For Date and Type Collectors, all of Red Book and PCGS Registry Set Type coins are represented in this collection. 

 

Many of the Gorman Dimes can be viewed on the PCGS Registry under, “CAPPED BUST DIMES DIE VARIETY SET BY JOHN REICH, CIRCULATION STRIKES (1809-1837): GORMAN COLLECTION.”  You can click on this link to view Gorman’s Registry Set:  http://www.pcgs.com/setregistry/alltimeset.aspx?s=135276

 

The cataloging of the dimes in the first of these two planned sales is now in the final stages.  All of the dimes are being cataloged by James Matthews, an collector and expert in this series. The catalog should be sent out (as a PDF) before Christmas to all those on my CB Dime distribution list.  There will be between 60 and 70 lots of Capped Bust Dimes, including a few additions (that are “Not from the Gorman Collection”).  If you would like to be added to this distribution list please send me an e-mail at wdperki(at)attglobal.net and I will add you to the list. 

 

As mentioned earlier, the first half of the Gorman Dime Collection will be sold starting in January 2016 and will consist of Fixed Price Lots (FPL) and a Sealed Bid (SBS) Auction sale.  Please note that the FPL Lots will be available for sale immediately upon receipt of the catalog, by phone or e-mail. Unsold FPL lots, and all of the SBS Lots, will be available at the FUN Convention in Tampa, Florida for viewing and sale.  The FPL will be consist mostly of R-1 to R-5 die marriages, along with lower and PCGS Details graded coins. The Sealed Bid Sale will generally offer the rarer die marriages and die states, and condition rarities.  The SBS will close on Friday night at 6:00pm EST. 

 

 

Miller Collection:  As most JR News readers know, I purchased the Miller Collection of Early U.S. Dollars 1794-1803 in partnership with Andy Lustig.  We have sold over $2M of the Miller early dollars to date!  There are many great coins still available for sale.

 

We will have over 100 early dollars at the PCGS Las Vegas show this coming week and at the FUN show in Tampa January 6-9, 2016.  I have a corner and a regular table at FUN along with Gerry Fortin, but we do not have the table numbers available at this time.  The two tables will be under “W. David Perkins, Numismatist” and Gerry Fortin Rare Coins. 

 

If you would like a listing of the sold and unsold early dollars from the Miller Collection please send me a note at wdperki(at)attglobal.net

 

 

W. David Perkins

Centennial, CO