THE FAROUK 1933 DOUBLE EAGLE, PART 3

A REMARKABLE CASCADE OF COINCIDENCE(?)

After two and a half years the great gold melt was nearing an end. By the time the task was finished, a purpose-built home for the newly made ingots had been completed: Fort Knox.

On February 6, 1937, the seal was broken on Vault F, Cage 1, which included 1933 Double Eagles; when its contents were poured into the crucibles and rendered into gold bar, the books on the last gold coins produced by the United States were officially closed . . . but coincidentally(?):

MY FIRST RECOLLECTION OF HAVING BOUGHT AND SOLD 1933 DOUBLE EAGLES WAS ABOUT THE BEGINNING OF FEBRUARY 1937.

ISRAEL SWITT, SWORN STATEMENT TO UNITED STATES SECRET SERVICE, MARCH 30, 1944

. . . THIS COIN WAS THE FIRST 1933 DOUBLE EAGLE TO MAKE ITS APPEARANCE AS A COLLECTORS ITEM . . .

COIN DEALER JAMES MACALLISTER TO UNITED STATES SECRET SERVICE, REPORT, APRIL 28, 1944 (REGARDING HIS FEBRUARY 17, 1937 PURCHASE OF A 1933 DOUBLE EAGLE FROM ISRAEL SWITT)

IT HAS BEEN REPORTED THAT A FEW [1933 DOUBLE EAGLES] HAVE ESCAPED THE MELTING POT AND . . . ARE BEING HELD AT A FANCY PRICE.

NUMISMATIC SCRAPBOOK, APRIL, 1937, P. 75

AND THEN IT GOT INTERESTING

The Col. James W. Flanagan collection was to be sold at auction by Stack’s on March 25, 1944. Lot 1681 was highlighted: The excessively rare 1933 Double Eagle . . . the first one that ever came up in any public auction. A record price was anticipated.

Curious, Ernest Kehr, the stamp and coin editor at the New York Herald Tribune, contacted the United States Mint to verify the accuracy of the catalogue description.20 The inquiry was fielded by Assistant Mint Director Leland Howard who sent a telegraph to the Superintendent of the Philadelphia Mint asking: DOES YOUR RECORD SHOW THAT DOUBLE EAGLES MINTED IN 1933 WERE EVER PAID OUT.

The summary response indicated that the official record accounted for every example struck; the United States Treasurer’s office concurred, and Howard’s clipped wire to Kehr concluded: NO DOUBLE EAGLES FOR 1933 RECEIVED IN TREASURER’S OFFICE. CONSEQUENTLY NONE PAID OUT.

Howard took this information to the Chief of the Secret Service, Frank J. Wilson, who got things rolling: Special Agents James Haley and Harry W. Strang arrived at Stack’s the day before the auction. There, to the proprietors’ dismay, the 1933 Double Eagle was seized as being potentially stolen property. The Stacks provided the agents with the name of another owner, Max Berenstein, whose example was also seized. The next day, Strang and Haley confiscated a third example, identified the whereabouts of a fourth, and had accumulated a passel of names and leads that pointed the investigation to Philadelphia.

FILE NUMBER CO-10468

The case number was assigned on March 27, 1944. The prefix, CO indicated that the chief was in charge. Frank J. Wilson, considered one of the fathers of modern forensic accounting, began his career in the IRS intelligence unit where he had been at the forefront of putting Al Capone behind bars and tracking down the Lindbergh baby’s kidnapper, and since 1936 had been Chief of the Secret Service. Wilson was, by all accounts, a formidable individual: You could no more shake him nor reflect on his honesty or his sureness of facts than you could melt an iceberg with a blow torch, wrote Adela Rogers St. John.

Special Agents Strang and George Drescher started working Philadelphia where the investigation unfolded quickly. James G. Macallister, a highly respected coin dealer, informed them he had bought his first 1933 Double Eagle on February 17, 1937 for $500 (he resold it the next day for $1,600), and that prior to that purchase no 1933 Double Eagle had been circulated.

During 1937 Macallister had purchased five 1933 Double Eagles, all from a man called Israel Switt, who gave conflicting stories as to where he had got them. But, in light of Switt’s reputation . . . as a gold coin bootlegger, Macallister placed little credence in his tales and by year’s end had stopped buying 1933 Double Eagles. Macallister later told the agents that Switt had told him that he and his partner had kept 25 of the 1933 Double Eagles, 14 of which they disposed of.

To read the complete lot description, see:
https://www.sothebys.com/en/buy/auction/2021/three-treasures-collected-by-stuart-weitzman/the-1933-double-eagle

To read the earlier E-Sylum articles, see:
THE FAROUK 1933 DOUBLE EAGLE (https://www.coinbooks.org/v24/esylum_v24n21a24.html)
THE FAROUK 1933 DOUBLE EAGLE, PART 2 (https://www.coinbooks.org/v24/esylum_v24n22a20.html)

DNW SHEFFIELD TOKENS AND BADGES

The most important collection of Sheffield tokens and badges to come to market is to be included in a sale of Coins, Tokens and Historical Medals on Tuesday, July 6 & Wednesday, July 7, 2021 at international coins, medals, banknotes and jewellery specialists Dix Noonan Webb. Amassed by 68-year-old Sheffielder Tim Hale, who was diagnosed with Parkinson’s a few years ago, the collection of 61 lots, date from the 19th century and cover the city's social history including transport, sport, politics, industry and entertainment. It is expected to fetch £7,000-9,000 with a percentage of the proceeds going to a Parkinson’s charity.

Tim Hale, who has lived in Sheffield for most of his life, commented: …like most Sheffielders (I) am fairly passionate about the place. For most of my adult life…I have collected Sheffield memorabilia, starting when I was in my teens and continuing to this day.

He continued: I still have a fairly substantial collection of Sheffield medals, tokens, badges and other small items of ephemera to part with! In the main, these items have been bought from collectors’ fairs, bric-à-brac shops and through the post from specialist dealers such as Bryan Hennem, Timothy Millett, Sheffield Railwayana Auctions and others along the way. On one occasion I had the opportunity to purchase most of the collection from an old collecting friend and acquiring that group sparked a renewed interest in the genre.

Interesting highlights of the collection an oval silver Sheffield’s Theatre Royal token engraved John Kirkby, Proprietor, which is estimated at £300-£400. The theatre was opened in 1773 but was destroyed by fire in December 1935. The present-day Crucible Theatre is located near the original site.

Sporting tokens include a collection from the career of Jack Thompson (b Cramlington, Northumberland, March 1915) who played inside forward for Sheffield Wednesday FC from July 1933 to April 1946, then for Doncaster Rovers, May 1946 to June 1948. These range from Sheffield Sports & Athletic League 1932-33; Sheffield & Hallamshire C[ounty] F[ootball] A[ssociation] 1937-38 and the Yorkshire League 1938-9 (estimate: £200-£260).

Among the Military badges is a very fine and rare brass example for the Sheffield & Hallamshire Veterans Guild that is estimated at £60-£80. The Sheffield & Hallamshire Veterans Guild was established in 1892 as a result of public outcry up and down the country at the way soldiers who had served in the Crimea and the Indian Mutiny were treated. Many had taken to begging on the streets and there were calls in Parliament for pensions to be raised. In Sheffield the Guild, known by its full title as the Sheffield and Rotherham Crimean and Indian Veterans' Relief Association, was founded by Sir John Edward Bingham, Bt (1839-1915), a master cutler, head of the firm of Walker & Hall and living in Upper Hallam, and a public subscription was set up to raise funds to supplement soldiers’ annual pensions. Early in its existence it was supporting some 130 pensioners, but by the time of the 1901 annual dinner numbers had dropped to 53. The Guild was wound up after World War I.

A very fine and rare brass historical medals commemorating the Remembrance of the Sheffield Inundation better known as the Great Sheffield Flood is estimated at £60-80. The flood occurred when the Dale Dyke Dam reservoir, constructed in the Loxley Valley by the Sheffield Water Works Co, collapsed on the night of 11 March 1864 during a strong gale, as it was being filled for the first time. As for the physical damage in Sheffield and the nearby areas, 238 people died and some 700 animals drowned; 130 buildings were destroyed and 500 partially damaged; 15 bridges were swept away and six others badly damaged. The claims for damages formed one of the largest insurance claims of the Victorian period – 7,500 claims for loss of life and property which totalled £455,000. The Dale Dyke dam was eventually rebuilt in 1875, but on a smaller scale.

Several medals commemorating Royal Visits will also be offered. A silver medal for the Visit of Queen Victoria to Sheffield to Open the New Town Hall in 1897 is expected to fetch £90-120. Made by the Sheffield Goldsmiths’ Co, it shows the bust of Victoria.

For more information, see:
https://www.dnw.co.uk/

THE MAX BRAIL CANADIAN MEDAL COLLECTION

Craig Whitford writes:

Lot 1: 1876 Indian Treaty No. 6 Silver Medal

Indian Treaty No. 6 Silver Medal, 1876; This excessively scarce and historically important Canadian medal represents The Forts Carlton and Pitt Treaties - ?Treaty 6 was signed by Crown representatives and Cree, Assiniboine and Ojibwa leaders on 23 August 1876 at Fort Carlton, Saskatchewan, and on 9 September 1876 at Fort Pitt, Saskatchewan. 120,000 square miles of land were surrendered, comprised of the central portions of the present provinces of Alberta and Saskatchewan. The Indian inhabitants of this area were mainly Cree with some Assiniboine, Saulteaux, and Chipewyan. Enumerated signatories: 118 (Treaties & Surrenders, Nos. 157A-H). AR, 206.0gm (6.62os), 76mm, by J.S. & A.B. Wyon. Queen Victoria crowned & veiled facing left, VICTORIA r., REGINA l.; Rx: Scene of a commissioner of the second rank standing facing right shaking hands with a Native facing left in full dress against a view of tepee's and a rising sun; INDIAN TREATY No. 6 above; 1876 below. edge is unmarked. silver hanger with suspension l

Lot 2: Canadian Confederation Centennial Gold Medals

Medal; Canadian Confederation Centennial Gold Medal Pair, 1867-1967. Commemorating the institution of the Confederation of Canada 1867. AV, 22K, 398.7g (12.819 oz, 1867, edge Hallmarked 22K and "No. 12") & 402.1g (12.929 oz, 1967, edge Hallmarked 22K and "No. 12"); 76mm, by J.S. & A.B, Wyon (1867), struck by John Pinches, Ltd., London. Only 25 Pairs were struck. The "1867" medal depicts a Veiled and crowned Queen Victoria facing left; Rx: Britannia seated facing right with the British Lion at her right and four allegoric figures representing Agriculture, etc before her; The "1967" medal depicts a Canadian Maple Leaf at center. with CONFEDERATION around and the dates 1867/1967 on top; all surrounded by the arms of the 12 provinces; Rx: a modern representation of the four allegoric figures. The "1867" medal: Proof with mirror fields and matte devices, the obverse with scr at 3 o'clock and struck-thru thread? at 10-11 o'clock, the edge with some blemishes. The "1967" medal: Proof with reflective fields and matt

Lot 3: Marquess of Lansdowne Gold Medal

Medal; Lansdowne. Governor General - The Marquess of Lansdowne Gold Medal, 1884. AV, 22K, 104.3 gm (3.35 ozs), 51mm, by J.S. & A.B. Wyon. Cl 104. Conjoined busts f the Marquess. And Marchioness of Lansdowne facing right, inscription around; Rx: Helmeted and supported arms of Lansdowne, inscription around. Unawarded. Edge plain. aEF, reflective fields, hdlg and hairlined, cpl marks on the male's chin; few rbs and edge marks. Housed in a cream velvet lined green leather box (sl wear). Rarely offered. Max Brail Collection.

For more information, or to bid, see:
THE PROMINENCE SALE - IV- Major Event (https://auctions.canadiancoinsandpapermoney.com/auction/158/the-prominence-sale-iv-major-event)

MORE COLTRANE COLLECTION PART 2 SELECTIONS

Mike Coltrane enjoyed the interesting challenges presented by large size Federal Reserve Bank Notes. Just as when he began pursuing them decades ago, there are discoveries to be made and rarities to be found. Of the 138 examples cataloged in The Mike Coltrane Collection Part 2 sale, many are from rare districts, are finest known notes, or unpublished variants. They will be sold unreserved by Heritage Auctions on June 24-25, 2021.

Federal Reserve Bank Notes (abbreviated FRBN) and Federal Reserve Notes (FRN) were authorized under the same 1913 enactments. The FRBNs were intended as temporary currency to supersede National Bank Notes during the transition to nationwide usage of FRNs, but there was little demand for the first 1915 series. However, notes from the 1918 series filled in for the Silver Certificates during World War I (the backing silver had been sold to Great Britain). Since the vast majority of Silver Certificates printed (such as the Black Eagles and other 1899 series notes) were $1, $2, and $5 denominations, so were the FRBNs. Presidential portraits were featured on the faces, and the green backs were printed with intricate designs. The $1 and $2 Series of 1918 notes were issued for each of the 12 Federal Reserve Bank districts. All notes have four signatures: a pair of U.S. Federal signatures and a pair of local Federal Reserve Bank officials, generally creating signature combinations within the banks. As a rule, Federal Reserve Bank Notes are much scarcer than Federal Reserve Notes.

Collectors will find an extensive selection whether seeking a popular $2 Battleship type note, a rare $20 denomination (only five of the 12 districts emitted them), or a very rare variety.

Some highlights include:

Fr. 757 $2 1918 Federal Reserve Bank Note PMG Choice Uncirculated 64 EPQ. - One of the extremely sought-after $2 Battleship notes, this is a nearly Gem three-digit serial numbered example. Lot 20156.

To read the complete lot description, see:
Fr. 757 $2 1918 Federal Reserve Bank Note PMG Choice Uncirculated 64 EPQ.. ... (https://currency.ha.com/itm/federal-reserve-bank-notes/fr-757-2-1918-federal-reserve-bank-note-pmg-choice-uncirculated-64-epq/a/3583-20156.s)

Fr. 809a $5 1918 Federal Reserve Bank Note PMG Very Fine 30. – All $5 FRBNs are scarce. This San Francisco example has an unusual face plate compared with other denominations and $5 notes from other districts. Lot 20169.

To read the complete lot description, see:
Fr. 809a $5 1918 Federal Reserve Bank Note PMG Very Fine 30.. .. (https://currency.ha.com/itm/federal-reserve-bank-notes/fr-809a-5-1918-federal-reserve-bank-note-pmg-very-fine-30/a/3583-20169.s)

Fr. 818 $10 1915 Federal Reserve Bank Note PMG Choice About Uncirculated 58 EPQ. – With great rarity and the finest known example. Only five are in collector’s hands, and this note was last publicly sold in 1991. Lot 20174.

To read the complete lot description, see:
Fr. 818 $10 1915 Federal Reserve Bank Note PMG Choice About Unc 58 EPQ.. ... (https://currency.ha.com/itm/federal-reserve-bank-notes/fr-818-10-1915-federal-reserve-bank-note-pmg-choice-about-unc-58-epq/a/3583-20174.s)

Fr. 830 $20 1915 Federal Reserve Bank Note PMG Very Fine 20. – All $20 FRBNs are rare, but this Fr. 830 Dallas district is one of the keys in the entire series and one of four known. Lot 20183.

To read the complete lot description, see:
Fr. 830 $20 1915 Federal Reserve Bank Note PMG Very Fine 20.. ... (https://currency.ha.com/itm/federal-reserve-bank-notes/fr-830-20-1915-federal-reserve-bank-note-pmg-very-fine-20/a/3583-20183.s)

Fr. 831 $50 1918 Federal Reserve Bank Note PMG Choice Extremely Fine 45.

– $50 FRBNs were issued only from St. Louis making this a significant single-Friedberg number type and essential for large size type sets. Lot 20184.

To read the complete lot description, see:
Fr. 831 $50 1918 Federal Reserve Bank Note PMG Choice Extremely Fine 45.. ... (https://currency.ha.com/itm/federal-reserve-bank-notes/fr-831-50-1918-federal-reserve-bank-note-pmg-choice-extremely-fine-45/a/3583-20184.s)

All lots are currently on Heritage Auctions preview at HA.com/3583. The sale will be held in Dallas with Session 1 (floor) on June 24 and Session 2 (HERITAGELive, Internet, Fax, and Mail only) on June 25. Lot viewing will be available by appointment only at Heritage’s Office in Dallas (June 21-25, 2021); contact Jose Berumen at JBerumen@ha.com or 214-409-1299.

To read the earlier E-Sylum article, see:
COLTRANE COLLECTION PART 2 SELECTIONS (https://www.coinbooks.org/v24/esylum_v24n23a15.html)

NUMISMATIC NUGGETS: JUNE 13, 2021

1794 Suffolk Bury Penny Conder Token

1794 Suffolk Bury Penny Conder Token MS-65+ PCGS (BN)

To read the complete lot description, see:
1794 Suffolk Bury Penny Conder Token MS-65+ PCGS (BN) (https://www.liveauctioneers.com/item/105479914_1794-suffolk-bury-penny-conder-token-ms-65-pcgs-bn)

1837 Roxbury Coaches New Line Token

Hard Times token LOW 129 R3 HT169 NGC AU50. Roxbury Coaches New Line 1837 (350-400).

To read the complete lot description, see:
1837 Boston Massachusetts Hard Times Transportation Token Roxbury Coaches NGC (https://www.ebay.com/itm/203482307520?hash=item2f607d9bc0:g:V8EAAOSw96VguTP4)

1931 French Carnegie Hero Medal

Art Nouveau NUDES Angel Carnegie Hero 1931 Award Bronze Medal by LOUIS DEJEAN!

To read the complete lot description, see:
Art Nouveau NUDES Angel Carnegie Hero 1931 Award Bronze Medal by LOUIS DEJEAN! (https://www.ebay.com/itm/304030549734)

THE EARLY COINAGE OF LEBANON

Following World War I and the demise of the once vast and powerful Ottoman Empire, various parts of the realm were partitioned off, including the land that makes up present-day Lebanon. In this case, France held a mandate officially meant to foster future states, although such mandates often entered the sphere of pseudo-colonialism. Not surprisingly, the early coinage of Lebanon—beginning in 1924—featured a strong French flair owing mostly to their manufacture at the mint in Paris. One of the more indigenous aspects of the coinage is the Lebanese cedar, an iconic arboreal image often rather prominently displayed. Our June Collectors Choice Online (CCO) World auction presents a diverse selection of these early issues. Also offered are some interesting, cruder, locally produced denominations from during World War II, with each standing as one of the finer—or even finest—seen for its type

To read the complete article, see:
The Early Coinage of Lebanon—An Array of High Grade Offerings (https://www.stacksbowers.com/News/Pages/Blogs.aspx?ArticleID=coins-from-lebanon-stacks-bowers-galleries-online-world-coin-auction)

1944 STEEL CENT OFFERED

Whenever a 1943 Bronze Cent or a 1944 Steel Cent are sold, headlines are made! Heritage Auctions is honored to offer a rare 1944 Steel Cent error in the June US Coin Auction 1331. The 1943 and 1944 error Cents are so engrained in the public consciousness as being rare that Heritage receives inquiries literally every day from hopefuls who are wishing that they found one of the rare versions, but very, very few people actually have the "right" coin.

These transitional error coins occurred when the US Mint was supposed to resume the use of the normal bronze planchets in 1944. The Mint had temporarily used zinc/steel planchets in 1943 to save copper for the war effort and was switching back to the regular pre-War composition the following year as things began to normalize. However, a few accidents secretly escaped the Mint that were unintentionally struck on the wrong planchets--the previous year's steel version!

Approximately 25 to 30 of these dramatic error coins are believed to exist in all grades, although there are not actually that many certified. NGC has certified only four 1944 steel cents, all in AU grades. PCGS has graded ten examples, two in AU and eight in Mint State, but none finer than MS64. We can locate only a single price realized at the MS64 level, a PCGS CAC example that brought $158,625 as lot 4411 in an August 2013 Stack's Bowers sale. This attractive example is graded MS64 by PCGS.

This six-figure error will be a true coup for whatever lucky collector ends up purchasing it! See this cool coin here:
https://coins.ha.com/itm/lincoln-cents/1944-1c-struck-on-a-zinc-coated-steel-planchet-ms64-pcgs/a/1331-3043.s?ic4=GalleryView-Thumbnail-071515

BRITISH VIRGIN ISLANDS MORGAN-PEACE DESIGN

The government of the British Virgin Islands has issued (20th May) new bullion-quality silver one-ounce coins, cupro-nickel Brilliant Uncirculated, and gold half-gram Proof coins which feature two of the coin collecting world’s most popular and historic designs ever to be included on American coinage — namely the Morgan and Peace dollar designs. On the occasion of the centenary anniversary, which saw the U.S. Mint transition from the Morgan motif to that of the Peace design in 1921, it was the year that saw both designs dated the same year.

In 1876, the U.S. Mint director began efforts to redesign the U.S. silver dollar. He contacted the deputy master of the Royal Mint in London, looking for a die-sinker: The task of engraving dies used to stamp designs on coins or medals, who would be willing to take the position of assistant engraver at the U.S. Mint. George T Morgan (1845–1925) was highly recommended and he began working for the U.S. Mint. Morgan, who was born in Birmingham, England, soon emigrated to the United States and arrived at the U.S. Mint in Philadelphia where he took up the position as a die engraver. The Morgan dollar, which is considered one of the coin world’s most widely collected American coins, was first minted annually from 1878 to 1904 and then again in 1921. Therefore, the coin was named after its designer. The obverse depicts an allegorical interpretation in profile portrait representing Liberty.

The Peace dollar owes its existence to the Era of Peace, which was ushered in after the devastation of what was then termed the Great War, or the war to end all wars. Minted from 1921 to 1928 and then again in 1934 and 1935, it was designed by Anthony de Francisci (1887–1964), an Italian-American sculptor as a result of a competition to find designs representing Peace. The design depicted the head of the Goddess of Liberty in profile, a crown of rays adorning her head. It was later learned that de Francisci had modelled the profile after his wife Theresa, who sat for him on several occasions.

The coins are produced by the Pobjoy Mint at their facilities in Surrey, England, on behalf of the treasury of the British Virgin Islands. The design on this brand-new coin features the two profile images of the portrait representing Liberty and the portrait of the Goddess of Liberty representing Peace — both facing to the left and as they appeared on the original coins. The dates 1921 – 2021 are shown beneath the two busts. The inscription 100TH ANNIVERSARY OF THE LAST MORGAN DOLLAR – FIRST PEACE DOLLAR is placed around the primary design with the denomination of $1 placed below.

To read the complete article, see:
Pobjoy Mint — British Virgin Islands: New silver bullion coin features historic Morgan and Peace dollar designs for centenary anniversary (https://world.mintnewsblog.com/2021/05/pobjoy-mint-british-virgin-islands-new-silver-bullion-coin-features-historic-morgan-and-peace-dollar-designs-for-centenary-anniversary/)

1801 THOMAS JEFFERSON SILVER INAUGURAL MEDAL

Heritage Auctions' June US Coin Sale 1331 brings us a rare opportunity to own a piece of history that combines scarcity, beauty, and a close connection to early American independence.

From the same collection as the two fabulous Libertas Americana medals comes an 1801 Thomas Jefferson Inaugural Medal in silver, one of only about a dozen pieces known to exist in any grade! The 1801 Jefferson Inaugural medal was struck in both silver and white metal to commemorate the 25th anniversary of the signing of the Declaration of Independence and Jefferson's ascent to the office of the presidency. Jefferson was, of course, the leading author of that document on July 4, 1776, and he passed away 50 years to the day it was signed.

Catalogued by R.W. Julian as PR-2, these 1801 Jefferson medals were produced at the behest of Philadelphia Mint Chief Coiner Henry Voigt, a staunch supporter of Jefferson, and engraved by then-newcomer John Reich of Germany. It is believed that about two dozen pieces exist in silver and white metal combined, with half of those represented by this more exotic metal (silver.)

In the world of medals and exonumia collecting, the silver versions are almost always more valuable than either bronze or white metal due to their typically lower mintages. These pieces also confer the benefits of the beautiful toning that can sometimes form on the surfaces after years of careful storage. That is certainly true of this lovely medal! This early American rarity features deep gunmetal-blue toning over the entire obverse and much of the reverse, which shows added accents of violet and gold patina.

Reich's masterful portrait of Jefferson and his rendering of Minerva, representative of Liberty, holding the Declaration of Independence are fully struck up and free of friction. The medal was likely wiped lightly long ago, with minor hairlines beneath the lovely overlay. They pose no distraction at all. Simply put, the importance and historic nature of this remarkable medallic offering cannot be overstated. We strongly encourage interested parties to bid accordingly.

This medal would have cross-category appeal to Historical/Americana bidders. See more views of this wonderful piece of history here:
https://coins.ha.com/itm/u.s.-mint-medals/1801-thomas-jefferson-inaugural-medal-silver-ms62-ngc-eidlitz-1-julian-pr-2-dewitt-tj-1800-1/a/1331-3264.s

PLATES USED TO OVERPRINT 1929 NATIONALS

The purpose of this article is to provide a procedure that will allow you to identify the manufacturer of the overprinting plate used to print the bank information on any Series of 1929 national bank note. This procedure is far easier to use and more fool proof than previous versions circulated by James Simek or published in Huntoon and Simek (2014).

Series of 1929 Overprinting Plates

Three different manufacturers made the typographic overprinting plates that applied the black bank information to Series of 1929 national bank notes.

Most of the overprinting plates were made by Barnhart Brothers & Spindler, a Chicago firm that was awarded a contract by the Bureau of Engraving and Printing to supply all the overprinting plates. The BBS plates were called logotypes, which were cast using a hard metal alloy.

BBS couldn’t keep up with the demand for plates during the startup of the series, so the Bureau of Engraving and Printing contracted with the Government Printing Office to make interim electrotype plates using forms prepared at the Bureau. The first GPO stopgap overprinting plates were finished August 26, 1929. The 1,375th required to meet the mid-October deliveries of notes to the Comptroller arrived October 16th (BEP, Aug-Nov, 1929). A handful of GPO plates were made from then into early 1930 to cover expedited orders received from the Comptroller of the Currency bringing the grand total of GPO plates to 1,380 (Hall, 1930, p. 22).

The GPO plates were used only for the first printing for the affected banks. The reason was that electrotype plates were soft so in prolonged use, the nickel-faced, lead alloy-backed type would wear poorly and deform under the demanding conditions attending use on the BEP overprinting presses. In contrast, the BBS logotypes were four times harder.

The GPO plates were succeeded by BBS logotypes in due course as deliveries of the logotypes caught up. The notes printed from the BBS plates had the same bank signatures, but the layouts differ. The earlier notes in these pairs often have larger signatures so the variety is popularly known as the large-signature variety.

The quality of the GPO overprints as judged by the crispness of the images was superior to that of the BBS logotypes.

To read the complete article, see:
Simplified Procedure for Identifying the Manufacturers of Plates Used to Overprint 1929 Nationals (https://www.numismaticnews.net/collecting-101/simplified-procedure-for-identifying-the-manufacturers-of-plates-used-to-overprint-1929-nationals)

MONEY DESIGNS AND SOCIAL MOVEMENTS

Momentum for the Tubman Twenty comes at a time when Americans are reexamining foundational values of equality and democracy. President Joe Biden’s inaugural address urged national unity to heal political and social rifts, and his push to get the project—in the works since 2015 to replace Andrew Jackson’s portrait with Harriet Tubman’s on the $20 bill—back on track supposedly helps do just that.

This is not the first attempt to use currency to forge a national identity by commemorating a shared heritage. An earlier experiment 125 years ago attempted to do the same. But—spoiler alert—it failed in every sense.

The United States introduced silver certificates in 1878, at a time when the meaning of money was up for grabs. In the late 1890s, the nation was in the early process of transforming from a rural agrarian society into an industrialized, urbanized empire teeming with immigrants. But growing pains brought an identity crisis; new peoples, cultures, technologies, and work habits challenged the status quo, exposing political, social, and class conflicts that came to a head in the 1896 presidential election.

The free silver movement—to allow for unfettered silver coinage alongside the gold standard—reflected these divides. Proponents, many of whom were Western farmers and miners, believed free silver would expand the money supply for the poor. But gold supporters—often situated in Eastern metropolises—saw free silver as an attack on the country’s financial lifeblood, their own fortunes, and their class standing as sophisticated, urbane elites. The Secretary of the Treasury at the time, John G. Carlisle, supported gold, but recognized silver as poor man’s money and, with enthusiastic support from the Chief of the Bureau of Engraving, Claude M. Johnson, authorized a prestigious, artistic, educational series of silver certificates as a form of celebratory nationalism.

The Bureau of Engraving and Printing commissioned publicly acclaimed muralists William H. Low, Edwin Blashfield, and Walter Shirlaw, who had decorated government buildings and represented American art in international expos, to design the denominations. It certainly would, from an artistic standpoint, be commencing at the very root to put a work of art in the hands of every man who buys a loaf of bread, Low commented in 1893.

Low glorified a collective American past by portraying the Constitution as a civics lesson for the nation’s children. In his $1 certificate, entitled History Instructing Youth, Low depicted the Washington, D.C., skyline behind History, personified as a goddess, who is pointing at the Constitution to enlighten a boy. The reverse features George and Martha Washington. It’s a reflection of the time’s child savers movement—whereby white, middle-class philanthropists assimilated immigrant and lower-class children into productive workers and good citizens.

The theme of youth and citizenship reflected the free silver position. Coin’s Financial School, a popular booklet starring a young financier named Coin, differentiated democratic silver from aristocratic gold: One was the money of the people—the other, of the rich. In its pages, gold bugs like banker Lyman Gage, who detested silver and would succeed Carlisle as Secretary of the Treasury, were won over by Coin’s persuasive messaging and by the youth who delivered it.

While the $1 certificate glorified the past, the $2 and $5 certificates highlighted technological and national progress. Edwin Blashfield’s Science Presenting Steam and Electricity to Commerce and Manufacture was a paean to industrialization. Steam and Electricity are children who join the adults, Commerce and Manufacture. Their proud fathers, inventors Robert Fulton (the steamboat) and Samuel Morse (the telegraph), preside from the reverse. The $5 certificate, Walter Shirlaw’s America, celebrated Americanism’s triumphs abroad. The figure of America wields Thomas Edison’s lightbulb to (en)lighten the world, and on the reverse, generals Ulysses Grant and Philip Sheridan watch the emergence of empire.

To read the complete article, see:
The U.S. Government’s Failed Attempt to Forge Unity Through Currency (https://www.smithsonianmag.com/history/free-silver-movements-failed-attempt-forge-unity-through-currency-180977966/)

PHILIPPINE CENTENNIAL COMMEMORATIVE NOTE

The Bangko Sentral ng Pilipinas is featuring a numismatic and art collection to celebrate the country’s 123rd Independence Day on June 12.

On its Facebook page, BSP features the 100,000-piso Philippine Centennial Commemorative Banknote, the first Philippine Republic cinco-pesos note, and dos-centimos coin.

The commemorative banknote, paper money, and coins are showcased in the agency’s latest publication, Yaman: History and Heritage in Philippine Money.

The 100,000-piso Philippine Centennial Commemorative Banknote honors historic victories during the Philippine Revolution where its obverse side shows the Sigaw ng Himagsikan on Aug. 24, 1896, while its reverse side showcases a scene of the Proclamation of the Philippine Independence in Kawit, Cavite on June 12, 1898.

Only 1,000 pieces of these were printed. With dimensions similar to a legal-size bond paper or 8.5 x 14 inches, it is, so far, the biggest legal tender note issued by the Bangko Sentral ng Pilipinas, both in terms of face value and size, the BSP said.

The cinco-pesos note is about the same size as the present-day banknote, while the dos-centimos coin is near the size of the current five-piso coin.

In the last weeks of 1989, the Malolos Congress approved the issuance of paper banknotes. Pedro Paterno, Telesforo Chuidian, and Mariano Limjap signed the notes individually to avoid counterfeiting.

The issuance of coins and paper money was a way for the government to project its identity as a sovereign authority, the BSP said in another Facebook post.

To read the complete article, see:
BSP features numismatic collection for 123rd Independence Day rites (https://manilastandard.net/mobile/article/356954)

To read the earlier E-Sylum article, see:
NEW BOOK: YAMAN: PHILIPPINE MONEY (https://www.coinbooks.org/v24/esylum_v24n21a05.html)

THE NEW DETECTORISTS

Nikoline Bohr, 32, who is a member of the Ring Finders network, with her metal detector at a construction site on Nantucket Island in Massachusetts.Credit...

People have been metal detecting since 1881, when Alexander Graham Bell invented a device to find the bullet lodged in President James Garfield.

But it took several more decades for recreational metal detectors — devices that resemble sort of a skillet on the end of a pole, as one newspaper put it in 1967 — to develop a serious cult following.

Now, that cult following is growing. Detector makers are reporting record sales. According to an annual report from one brand, Minelab, in 2020 the company sold 30 percent more detectors than the previous year, which had climbed 18 percent the year before that.

And we are in a bit of a detectorist media moment. New York magazine is making listicles of the best metal detector models. Drew Barrymore is giving them away on her show. The teenage sketch comedian Parker James is wielding one before his six million TikTok followers. In England, Carey Mulligan is making it mainstream; on Nantucket, millennials are making it fashion; and in the gaming industry, a romantic thriller-meets-metal detecting video game will be released this summer.

While some longtime detectorists relish the hobby’s solitary nature, others have been hungry for more attention. For the past eight years, Michael Bennett, known as Nugget Noggin, a 27-year-old gold-prospecting enthusiast in Charlotte, N.C., has been posting YouTube videos of his finds, which include Mercury dimes, Morgan dollars and Civil War-era musket balls and belt buckles.

At first, no one paid much attention. Today, detectorist content creation is his full-time job.

It was kind of tough when I first started, Mr. Bennett said. When people thought of metal detecting they thought of the old guy on the beach. Now, it’s not just men — women are doing it too, and a lot of people my age.

Detectorist YouTubers and television shows in recent years have helped draw a new audience to the pastime. But more recently, a propelling force of its rising popularity is — you guessed it — the pandemic. In Saunderstown, R.I. this past fall, 150 enthusiasts paid $125 each to hunt on a local farm that was seeded by the event organizers with 1,500 antique coins valued at some $6,000. It didn’t matter that the coins were planted; social distancing was built in.

Ryson Zettlemoyer, a 36-year-old gem cutter, handyman and detectorist operating near Eureka, Calif., agrees that the pastime is growing in popularity and it’s no wonder, he said. According to Mr. Zettlemoyer, there are thousands of documented buried major treasures in the United States yet to be found, just from the 1800s alone. His Ring Finder profile notes that he charges a commission on caches and hoards of gold treasure.

In the 1930s, thousands of banks closed their doors, while at the same time, the federal government passed an act to seize citizens’ gold. A lot of people who had gold buried it — and a lot of that stuff is still out there, Mr. Zettlemoyer said.

For one recent commission, he searched for two days and located a Mason jar buried a foot deep containing several gold bullions, and two one-ounce gold bars.

That’s a family’s inheritance, he said. So they call people like me to come out and find it.

To read the complete article, see:
The New Detectorists (https://www.nytimes.com/2021/05/31/style/metal-detectorists-ring-finders.html)

CERTIFIED COLLECTIBLES GROUP HIGHLIGHTED

Since February, we’ve received hundreds of thousands of sports cards, said Certified Collectibles Group president Max Spiegel. That’s shocking, considering it normally takes time to build a grading service. That just shows how hot that market is.

Hot doesn’t begin to describe it. The sports card boom of 2021 bears little resemblance to the early ’90s, when Boomers shelled out big bucks for the Mantle and Mays rookies their moms threw out in the ‘60s; and a glut of new products flooded (and ultimately devalued) the market.

Today’s sports card industry has more in common with the art market, as ultra-rare, ultra-high-end cards command small fortunes at auction. In August, a 1-of-1 Mike Trout autographed rookie card sold for a record $3.9 million. Last week, an autographed Tom Brady rookie sold for $3.1 million, a record for a football card. The market’s gotten so heated that Target recently stopped selling trading cards to discourage shoppers from fighting for packs.

Pam Mitchell looks closely at a German Thaler coin while working in the grading room at Certified Collectibles Group's headquarters in Sarasota on June 8. [ MARTHA ASENCIO-RHINE | Times ]

Over the years, the Certified Collectibles Group has operated quietly, courting little public attention, given the value of the items that pass through its Lakewood Ranch headquarters. Spiegel said the private company has about $100 million in annual revenue, with dozens of employees in London, Munich, Shanghai and Hong Kong.

But the sports card market has forced the company to open up a bit. Like other industries, the grading business is facing a hiring shortage, as companies struggle to keep up with demand. Certified Collectibles Group is looking to add about 100 employees to its staff of 400 in Sarasota, from graders to accountants to mail clerks. It’s dangling a $2,500 bonus for those who sign on and stay for at least six months.

With graders, because it’s a specialized position, and because there’s so much demand, we will hire anybody who’s qualified, Spiegel said. Once you find them, you don’t want to lose them.

Especially the longer the sports card market stays this hot.

We always knew that it would rebound, Spiegel said. Where it’s at today, I don’t think anybody could have predicted. This is just really unlike anything we’ve ever seen before in any of our collectible categories.

To read the complete article, see:
As sports card market goes wild, Tampa Bay card grading company cashes in (https://www.tampabay.com/news/business/2021/06/09/as-sports-card-market-goes-wild-tampa-bay-card-grading-company-cashes-in/)

To read earlier E-Sylum articles, see:
FEIGENBAUM: COINS ECLIPSED BY SPORTS CARDS (https://www.coinbooks.org/v23/esylum_v23n49a12.html)
BECKETT SUSPENDS MOST GRADING SERVICES (https://www.coinbooks.org/v24/esylum_v24n23a31.html)

LOOSE CHANGE: JUNE 13, 2021

Private Currencies in 19th-Century America

The rise and fall in the price of Bitcoin based on Elon Musk’s tweets is a reminder that most people view the private digital currency more as an investment than usable money. But there was a time in the United States when private money was a very viable option. Before the Civil War and the printing of the first greenbacks, historian Stephen Mihm writes, hundreds of local banks issued thousands of different kinds of currency in a bewildering variety of denominations and designs, which became the de facto currency of the country.

Before the American Revolution, economic historian Howard Bodenhorn explains, Britain didn’t send enough small-denomination copper and silver coins to the colonies to meet local needs. So colonial loan offices and land banks issued bills of credit for under 20 shillings. Minting of coins remained limited well into the nineteenth century, and local commercial banks picked up the slack. They took in gold and gave out bank notes in return, including some in very small denominations.

Bodenhorn writes that people used this paper currency in everyday transactions. But it couldn’t circulate too far from the issuing bank, where the notes could be redeemed. Merchants located at a distance often only accepted them at a discount or wouldn’t take them at all. To make the notes more useful, some country banks made deals to get their counterparts in nearby cities to redeem them.

Buyers and sellers had to be careful about the bills they used, Bodenhorn writes. If a bank went belly-up, its currency would become unredeemable and worthless. So merchants and consumers often used brokers, who monitored the quality of banknotes.

To read the complete article, see:
Banks’ Own Private Currencies in 19th-Century America (https://daily.jstor.org/banks-own-private-currencies-in-19th-century-america/)

Fed Explores Digital Dollars

The Federal Reserve is taking what may be the first significant step toward launching its own virtual currency, a move that could shake up banks, give millions of low-income Americans access to the financial system and fortify the dollar's status as the world’s reserve currency.

The idea of creating a fully digital version of the U.S. dollar, which was unthinkable just a few years ago, has gained bipartisan interest from lawmakers as diverse as Sens. Elizabeth Warren (D-Mass.) and John Kennedy (R-La.) because of its potential benefits for consumers who don’t have bank accounts. But it’s also sparking strong pushback from those with the most to lose: banks.

The explosive rise of private cryptocurrencies in recent years motivated the Fed to start considering a digital dollar to be used alongside the traditional paper currency. The biggest driver of concern was a Facebook-led effort, launched in 2019, to build a global payments network using crypto technology. Though that effort is now much narrower, it demonstrated how the private sector could, in theory, create a massive currency system outside government control.

Now, central banks around the world have begun exploring the idea of issuing their own digital currencies — a fiat version of a cryptocurrency that would operate more like physical cash — that would have some of the same technological benefits as other cryptocurrencies.

To read the complete article, see:
Fed explores ‘once in a century’ bid to remake the U.S. dollar (https://www.politico.com/news/2021/06/12/fed-remake-us-dollar-493548)