CoinMobile Research System

11429 Railway Ave. E.
North Battleford, SK
Canada
Sunday, September 19, 2010

Hours: 9:30 am - 5:30 pm. Admission: free.
Features: Coins, stamps and other related collector items.
Collector's are not charged a rental fee to participate in the show. Contact Tamara to register at 306-445-3414 or email fmma@accesscomm.ca

More info: www.frontiermall.ca

Holiday Inn Select
4386 Chamblee-Dunwoody Road
Atlanta, GA 30341
Sunday, September 12, 2010

Visit our monthly coin show featuring coins, currency and bullion. Bourse open from 9am to 5pm.

More info: www.atlcoin.com

Comfort Inn, I-70 @ Exit 11, Triadelphia, WV
Saturday, September 11, 2010

50/50 Drawing at 3:30 with proceeds going to the Wheeling Coin Club.

More info: www.benzcoinz.com…

Bakersfield Event Center
3201 F St. Bakersfield, CA 93301
Thursday, September 9, 2pm – Saturday, September 11, 2010, 5pm

Free Admission, Free Coins for Kids, Free Appraisals, Free Parking

More info: www.ckshows.com

Masonic Center, 50 West Duarte Road, Arcadia, CA
Saturday, August 28 – Sunday, August 29, 2010

Two day coin show!
Free parking!
$3.00 admission (good for both days!
YN table!
Exhibits
Food kitchen
Show is by CSNA & NASC

Ramada Inn,
1083 Route 206
Bordentown, NJ 08505
Sunday, August 22, 2010, 9am – 2pm

Free Admission
(Exit 7 off Turnpike),

More info: www.rksportspromotions.com

Heritage Auction Galleries’ Signature® Currency Auction, held Aug. 11-15, including the non-floor session held on Aug. 15, contributed more than $3 million to the $46+ million total...

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This recently discovered coin made front-page news in the July 26, 2010 Coin World, with a headline proclaiming “1856-O gold double eagle surfaces in Ohio.” The double-decker headline added, “Rarest New Orleans Mint gold coin in family holdings.” Numismatic researcher John W. McCloskey relates in detail how this rare coin–one of about 20 to 30 1856-O twenties known–was turned over to him for evaluation as part of a “small accumulation of gold coins held by a family in Ohio for nearly 100 years.” The coin has now been authenticated, encapsulated, and certified XF45+ by NGC.

Gold coin specialist Doug Winter calls the 1856-O double eagle issue “the rarest New Orleans double eagle and the rarest gold coin struck at the New Orleans mint.”

The Discovery

McCloskey’s Coin World article describes how an Ohio resident asked him to evaluate the family holdings:

“He indicated that ownership of the coins could be traced back to James Bullock, a gentleman who owned a farm near the city of Livermore, KY., during the early years of the 20th century.

“When Bullock died on June 26, 1923, his estate included a collection of gold coins that were passed down to his heirs as treasured family heirlooms. These coins have passed through three generations of family descendents over the years since his death and are now spread out among several family members.”

The Realization

The Coin World story relates the owner’s gradual realization of how fabulous and rare the 1856-O twenty is:

“After my evaluation session with the new owner I went home and checked the June 2010 issue of Coin World’s Coin Values and realized that I had just stumbled upon a great rarity that was completely unknown to the numismatic community. I then called the owner and told him that the 1856-O double eagle was listed at $220,000 in an Extremely Fine grade and that the piece might bring considerably more than that at auction considering its beautiful original surfaces and minimal field marks. I don’t think that the family really believed my estimate of the coin’s value but it began to sink in after I showed them the price listing in my copy of Coin Values.”

The Authentication

McCloskey goes into great depth over how, after they realized that “we had a treasure on our hands,” he studied the present piece under a microscope and identified various surface diagnostics that helped in its authentication as a genuine 1856-O double eagle. His descriptions of those obverse and reverse criteria, as quoted from Coin World, follow:

Obverse
“The date on this obverse die is low in the field between the bust above and the dentils below. The left edge of the digit 1 is closer to the dentils below than the top of the digit is to the bust above. The date has an upright 5 with a short upper serif that does not extend to the right edge of the digit. The date has a small knob 6 with a wide opening between the knob and the lower loop of the digit below. These are all date characteristics that are consistent with the only known obverse die used to strike double eagles in 1856.

“In 2007 Seated Liberty half dollar expert Bill Bugert reported that all 25 known obverse dies used to strike half dollars at the Philadelphia, New Orleans and San Francisco Mints in 1856 have a small triangular notch along the bottom edge of the base of the 1 in the date. This defect is identical on all of these dies and appears near the right edge of this digit.

“This feature is the result of a defect in the four-digit logotype that was used to prepare the dates on half dollar dies of this year. My own personal research has shown that the same four-digit punch was also used to prepare the dates on eagle and double eagles dies for this year.”

Reverse
“The reported mintage for the 1856-O Coronet double eagle was a minuscule 2,250 pieces and there is only one known reverse die for this issue. The New Orleans Mint mark is centered below the eagle’s tail feathers and is also centered over the N in TWENTY in the denomination. The O Mint mark is closer to the tail feathers than it is to the letter N below.

“A die crack runs from the rim up through the space between two dentils, up through the right side of the opening in the D in the denomination and finally up through the field to the ribbon below the M in UNUM.
“The left half of the crossbar on the A in STATES is broken due to a defect in the reverse die.
“These are all surface features that are known to appear on the only reverse die used to strike double eagles at the New Orleans Branch Mint in 1856.”

Importance of This Discovery

The importance of this discovery coin cannot be overstated, as a high-grade specimen that has reposed in family holdings, completely unknown to the numismatic community, for the better part of the past century. Almost all certified survivors grade in the range from XF40 to AU58. Two examples are permanently impounded at the Smithsonian Institution. The total certified at NGC and PCGS combined is only 23 coins–10 at NGC and 12 at PCGS that range from Very Fine to AU58, plus one Specimen-63 coin. The certified total almost certainly includes duplications. We would be unsurprised to learn that as few as 16 separate coins exist today that are theoretically available in the marketplace.

A single example of the 1856-O is now certified as Specimen-63 by PCGS, a coin that was passed down directly from New Orleans Mint Superintendent Charles Bienvenu to his heirs. We have handled that coin three times at Heritage, in 2002, 2004, and 2009, where it realized, successively, $310,500; $542,800; and, most recently, $1,437,500. (Its first appearance was MS63 Specimen NGC, the second, Specimen-63 NGC.) That example is the only Uncirculated piece that Doug Winter lists in his 2006 edition of Gold Coins of the New Orleans Mint.

The Present Specimen

While the present example is not quite in the same league as the stellar 1856-O above, it is a momentous discovery that has again generated broad awareness of the desirability and eminent rarity of this legendary early O-mint issue. The last two appearances of XF45 1856-O twenties in our auctions–both XF45 PCGS with CAC sticker, dating from 2009–each generated returns in excess of a quarter-million dollars (Heritage, 1/2009, lot 4131, $276,000; 7/2009, lot 1315, $253,000).

The present piece, certified XF45+ by NGC, is destined to also generate remarkably strong results. The Plus grades at NGC and PCGS are still new to the market, but we are seeing strong results for Plus-graded coins from both services, and in fact we are seeing remarkably strong prices for rare coins across the board.

Most examples of the 1856-O are heavily abraded, but this piece is a remarkable, pleasing exception. A few tiny field marks are individually insignificant. The only marks useful for pedigree identification are located below the inner point of star 6, another above star 13, and a tiny mark just to the upper left of the top of the mintmark, in the field. The surfaces have a somewhat subdued orange-gold coloration. Slight traces of luster remain around the peripheral lettering and between the glory of rays. The coin is sharply struck overall, with no singular areas of weakness. Slight high-point rub is characteristic and as expected for the Choice XF grade. It is interesting to note that the same “Broken A” reverse die diagnostic that McCloskey describes above is better-known to many collectors from the 1856-S and 1857-S double eagles, many of them recovered from the S.S. Central America shipwreck.

Q. David Bowers writes in his Guide Book that “the acquisition of an 1856-O has been the dream of every advanced specialist in the double eagle series.” Bowers estimates “fewer than 25 known, and perhaps fewer than 20.” Garrett and Guth, in their gold Encyclopedia, repeat the estimate of “fewer than 25 coins,” which includes the Specimen-63 and the two Smithsonian coins.

This Coin will be offered By Heritage at the 2010 September Long Beach, CA Signature US Coin Auction #1144

Related posts:

1. 1856-O Double Eagle Certified Specimen-63 Sells for $1.4+ Million at Long Beach
2. Stunning 1856-O double eagle leads $17.7 million Heritage Long Beach coin auction
3. DOUGLAS WINTER SELLS VERY RARE 1856-O DOUBLE EAGLE

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William Shamhart, Jr. – Numismatic Americana

After months of anticipation and preparation, the ANA’s annual World’s Fair of Money in Boston is over. And while there are always little details that could use a little more attention, I must say that the staff of the ANA produced a convention that blew me away. Many show reports have been written about this year’s ANA, and I sure many more are to come, so let me get to the “meat” of this one:

Bourse floor:

Held on the second floor, actually third if you count the street level, it was set up into two rooms. I have never been a fan of spitting up the bourse floor of a show for many reasons; yet this year’s show seemed to work. Christine’s and my table was in the “main” room, centrally located. We picked this table for a reason. And it worked. Most collectors had no problem finding us (especially if they use the great program the ANA put together). It didn’t hurt that it was on a major thorough-fair into the next room either. Many collectors/dealers stopped at our table, and it was great to see many familiar faces and finally meet so many of our customers in person. The aisles were wide enough so that there weren’t any major traffic jams. This is great, especially in a room where most if not all the attendees had briefcases or rolling carts in tow. I’m sure that the ANA took this into consideration when they decided to use two rooms. I personally think it was a smart move. The only downside to this that I saw was that many of the collectors/dealers never made it into the other room! Seriously! There was more than enough quality material in either room to have a stand alone show in itself.

Bourse floor sales:

Collectors
After 30+ years of attending ANA summer shows, I can say without a doubt that this was our (my) best one to date for collector sales. I can attribute this to many factors, but one stands at the top. Christine Monk. She has been in the business for nearly twenty years and has met many, many collectors during that time. Collectors I knew by sight, but had never met in person. They came up and congratulated her on her new position, chatted like old friends, sat down, looked at coins, talked coins, and walked away with many new purchases. That was what drew me to this hobby as a child, and has kept me in it throughout my adult life. In Boston, Christine reminded me of this. Thanks Chris!

At the top of the list of what was selling was U.S. Commemoratives. I always knew that this series had a great following, and in Boston I saw it in person. Don’t be fooled though. Not all commems, or any coin for that matter, are equal (no matter what the label in the holders says). The coins we sold had that little something special that I always talk about going for them. Abundant luster, wild color, or outstanding eye appeal is and was needed. This doesn’t apply only to Commems though. Every coin we sold had to have it.

Gem type coins, both mint state and proof, were also in demand. Many collectors choose this way of type collecting. I like it. By collecting an example of every coin, whether copper, nickel, silver, gold, or all of them, collectors increase their chance of finding that special piece.

Better date coins within a series also sold. If a dealer had an exceptional example of a tougher date in a widely collected series, it sold. One particular piece we had, and out of respect to the collector’s privacy, I won’t say which piece, only it is tougher than nails to find. The collector saw ours, looked at it, wanted it, and then told us his problem. There were coins in that night session of the auction that he had come to buy, and if he didn’t get them, he would be back for our piece. The next day he came back. And while he was successful in the auction, he knew he couldn’t pass up our coin. Advanced collectors know that the opportunity to purchase certain coins can be scarcer than the coins themselves. I can’t stress enough that collectors need to learn how to “pull the trigger”. Not just with me and Christine, but with any dealer who has the “right coin”.

In addition to sales, we were able to acquire many want lists from our customers. Keep in mind that a great many of the coins we sell are done through want lists. So if you are looking for any thing in particular, give us a shout.

Dealers;
This is where it got dicey. As you may, or may not, already know, I was a wholesaler for over 30 years. My “customers” included EVERY major retailer in the business. They got used to coming to me to replenish their stock, and find that “special” coin. That has all changed now. The best coins we have are now held back for you, our customers. Some dealers didn’t like that, while others took the approach that they would take what they could get.

Bourse floor purchases:

Collectors;
As many of the attendee were buying from us they sometimes asked if we would take coins in trade or buy them outright. We were always happy to look. And while doing so I noticed a trend. Most of the coins offered to us were a little off in quality or eye appeal. I can’t help but think that the sellers knew this. They were save enough to get rid of “C” quality coins, in exchange for “A” and “B” ones. Today’s collectors are demanding more “eye appeal” of their purchases. Good job!

Dealers;
After decades of building relationships with virtually ever major, and semi-pro, dealer in the business, I am happy to say that we were able to use these alliances to acquire some great coins and Americana. Chris is busy, as I write this, sorting, imaging, and listing them on the web. So make sure to set your alarm for every few hours, and check our web site often. We bought some wild coins this past week, and look forward to talking with you about them.
I’ve listed a few highlights below:

1835 Capped Bust Dime PCGS MS65
1869 Seated Dime PCGS PR67
1884 Gold Dollar NGC MS67
1904-O Eagle NGC MS65

2000-P SAC$1 PCGS MS 68 “Cheerios” Dollar FS-401. An unusual piece that come with some VERY interesting paperwork. All I can say is it is a true example of “Numismatic Americana”. More information to follow.

2000-P SAC$1 Ungraded (at this time). Again, a special piece. One of the first coins to be struck during a special ceremony at the Philadelphia mint. Official documents accompany this piece. More information to come.

Personal archives of John F. Tillman, Register of the Treasury from 1893 to 1897. Including pay for the last two days he was in office. That encompasses:
1 1896 $1 Silver Certificate FR 224, PMG graded 64.
2 1891 $10 Silver Certificates, Fr 299, PMG graded 64 and 66!

It will take a little time to sort through all of the Tillman material, so be patient.

ANA Exhibits:
Okay, I’m embarrassed. I am a true numismatist. I love coins. Their history, beauty, you name it. From what I am told there were some outstanding exhibits in Boston. Unfortunately, or fortunately, I wasn’t able to see them. We were just too busy at the table. I know, that isn’t a good excuse. I’m sorry. Not just for my excuse, but for not taking the time and looking at them.

Boston Itself:
Not exactly an easy town to drive in. Maybe that is why it is probably one of, if not the best, towns I’ve seen to walk in. Everything you could imagine was within walking distance. Outstanding dinning, shopping, and history were only minutes away on foot. Truly a great city! If you couldn’t make it to the show itself, you owe it to yourself to make a trip up there. You won’t regret it

Related posts:

1. THE BOSTON ANA SHOW – Market Report by Legend Numismatics
2. Some Observations About the 2010 Boston ANA Coin Show
3. 1934 New York $5000 bill brings $103,500 in Heritage Boston ANA Auction

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