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About Us The Numismatic Bibliomania Society is a non-profit association devoted to the study and enjoyment of numismatic literature. For more information please see our web site at coinbooks.org Subscriptions Those wishing to become new E-Sylum subscribers (or wishing to Unsubscribe) can go to the following web page link Membership There is a membership application available on the web site Membership Application To join, print the application and return it with your check to the address printed on the application. Print/Digital membership is $40 to addresses in the U.S., and $60 elsewhere. A digital-only membership is available for $25. For those without web access, write to: Charles Heck, Treasurer Numismatic Bibliomania Society P. O. Box 2058, Bluffton, SC 29910-2058 Asylum For Asylum mailing address changes and other membership questions, contact Chuck at this email address: treasurer@coinbooks.org Submissions To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com BUY THE BOOK BEFORE THE COIN Sale Calendar December 11, 2021 WORKMAN BOOKS Watch here for updates!

Content presented in The E-Sylum is not necessarily researched or independently fact-checked, and views expressed do not necessarily represent those of the Numismatic Bibliomania Society.

WAYNE'S WORDS: THE E-SYLUM OCTOBER 17, 2021

New subscribers this week include: Alex Brown, Hiep Hoaung, Lori Kraft, and Keith Mawhinney of the Numismatic Society of Ireland (Northern Branch). Welcome aboard! We now have 6,730 subscribers.

Thank you for reading The E-Sylum. If you enjoy it, please send me the email addresses of friends you think may enjoy it as well and I'll send them a subscription. Contact me at whomren@gmail.com anytime regarding your subscription, or questions, comments or suggestions about our content.

This week we open with a numismatic literature sale, a new catalog and periodical issue, updates from the Newman Numismatic Portal, physical bitcoins and more.

Other topics this week include vintage coin envelopes, upcoming coin shows, the Chapman Brothers, auction previews, yap stone money, a Lord Baltimore shilling discovery, Space Shuttle medals, and the Lucky Tillicum token.

To learn more about the Jotosen Medallions, Glendining auction sales, the bitcoin pizzas, dollars and bits, Michael Joffre, numismatic educational programs, the Saint Gaudens National Historic Park, the National Currency Civil War Token, barter on the Galápagos Islands, the Sag Harbor Half Dollar hoard, Javanese Magic Coins, and when the U.S. defaulted on its financial obligations, read on. Have a great week, everyone!

Wayne Homren
Editor, The E-Sylum

 

HARTUNG & HARTUNG AUCTION 150

     

For more information, see:
http://www.hartung-hartung.de/

To read the complete sale catalog, see:
http://www.mdcom.de/Hartung/PDF/HH_A150_locked.pdf

To subscribe to CoinsWeekly, see under "Newsletter":
https://coinsweekly.com/

NEW CATALOG: RAQMU COLLECTION OF JORDAN

World Banknote Auctions has now launched Raqmu Collection of Jordan at www.worldbanknoteauctions.com. This sale is open now and closes on November 4, 2021, with live bidding that day at 1 PM Eastern / 10 AM Pacific.

This collection, put together over several decades by a dedicated collector, contains both issued notes, specimens and proofs. It is highlighted by a complete specimen book of the second issue, prepared by Thomas de La Rue as a presentation piece in 1955. The entire collection contains 182 lots, ranging from the first issue dated 1949 to the series introduced in 2002.

We have created our first printed catalog for this collection. A limited number of copies will be distributed at the Den Bosch Paper Money Fair in the Netherlands held October 23/24. We will also have select highlights on display at our table, K-8. If you are not attending the show you can purchase a copy of the printed catalog for a minimal cost below.

To Purchase the Printed Catalog, see:
Raqmu Collection of Jordan (https://app.thebookpatch.com/BookStore/raqmu-collection-of-jordan/e871dda1-419b-4ce7-839f-9248388a9ff3)

To Download the Printed Catalog, see:
https://mcusercontent.com/c039ea4babc5772fe79b66ca2/files/d44c580c-4683-d5e2-9d26-6e977ce59c8c/Raqmu_OnlineCatalog.02.pdf

To read the earlier E-Sylum article, see:
WBNA RAQMU COLLECTION OF JORDAN SALE (https://www.coinbooks.org/v24/esylum_v24n41a17.html)

 

NUMISMATIQUE ASIATIQUE SEPTEMBER 2021

 

Editorial
2021 : Les 150 ans du Japan Mint
2021 : 150 years of the Japan Mint

JAVA
Pacifique Chardin's Javanese Magic Coins
by Joe Cribb

JAPAN
An Introduction to Jotosen Medallions
by Craig Greenbaum

Une monnaie japonaise découverte à Villemur-sur-Tarn
by Marie-Laure Le Brazidec

INDIA
L'énigme de la cache de Pondichéry
by Daniel Cariou

INDOCHINA
La Banque de l'Indochine face aux problèmes de traduction en chinois
by François Joyaux

 
Collection de jetons chinois en porcelaine pour le Siam (Bibliothèque nationale de France)
by François Thierry

"La monnaie de l'Extrême-Orient" (1884) d'Armand Corre by Alain Escabasse

 
The standard catalog of Japanese Coins 2021
by Craig Greenbaum

 
A propos des jetons du Kouang Tchéou Wan
by Daniel Cariou

For more information, see:
https://sites.google.com/site/societedenumismatiqueasiatique/revue

NEWMAN PORTAL ADDS GLENDINING SALES

Newman Portal Scans Glendining Auction Sale Catalog Series

The Glendining numismatic sales form a near endless series, numbering at least 1,435 catalogs published since 1901. Newman Portal has been processing this group at the American Numismatic Society for several months and has now completed scanning of the comprehensive set held by that library. Many thanks are in order, to David Hill, ANS librarian, Lara Jacobs, Internet Archive scanning associate, Bonham's, for granting permission to scan this series, and collector and author Eric Hodge for originally facilitating this project.

 

One interesting catalog in this series is the March 12, 1958 sale featuring a collection of medals related to all aspects of the book – printing, booksellers, authors, even papermakers. This collection included several hundred such pieces, generally 18th and 19th century European, which are featured mostly in group lots. Examples such as 1836 Leipzig gold medal commemorating the opening of the Booksellers Exchange are found, or an 1823 Haarlem gold medal marking the fourth centenary of printing. Sadly none of these pieces are plated, but this catalog will still serve as a reference resource for the genre.

Image: header for the section on printing medals

Link to Glendining series on Newman Portal:
https://nnp.wustl.edu/library/auctioncompanydetail/512958

VIDEO: OCTOBER 2021 USMEX COIN CONVENTION

USMEX Coin Convention Returns to Scottsdale October 21-23, 2021.
VIDEO: 2:00.

Max Keech, Partner, World Numismatics LLC,
David Lisot, CoinTelevision.com.

The United States Mexican Numismatic Association 9th Annual Coin Convention will take place October 21-23, 2021. The convention is held at the Hilton Scottsdale Resort located at 6333 N. Scottsdale Road in Scottsdale, AZ. Dealers at the convention specialize in world numismatics with an emphasis in Mexican and Latin American coins. Max Keech tells what collectors and dealers may expect at the gathering.

An excerpt of the video is available for viewing on the Coin Television YouTube Channel at:
https://youtu.be/9u0IqbO6ZLo

For more information on the US Mexican Numismatic Association , see:
https://usmex.org/

PHYSICAL BITCOINS, BOGGS, AND EXPENSIVE PIZZA

More On Physical Bitcoins

Jeff Koyen writes:

Alex Zaitchik writes:

When Jeremy Sturdivant came across a request on an online crypto forum to send two large pizzas to computer programmer Laszlo Hanyecz in May 2010 he did not hesitate.

And in sending Mr Hanyecz the cheese and supreme pizzas from Papa John's, Mr Sturdivant, then a 19-year-old student in California, earned himself $41 worth of the fledgling digital currency.

It is viewed as the first ever real-world Bitcoin transaction.

And amazingly over the course of 2010, Mr Hanyecz, who is now 39, estimates he spent 100,000 Bitcoin, or a current equivalent of $3.7bn, on pizzas alone.

I had no idea how huge it would become, said Mr Sturdivant, who did not hold onto the Bitcoin but quickly spent it on traveling.

And he added that he was proud to have played a part in the global phenomenon that Bitcoin has become.

To read the complete article, see:
‘NO REGRETS': MEET THE CRYPTO DEVELOPER WHO SPENT $3.7 BILLION IN BITCOIN ON PIZZA (https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-pizza-sell-crypto-jeremy-sturdivant-b1854212.html)

To read the earlier E-Sylum article, see:
2012 GOLD CASASCIUS 1000 BITCOIN GRADED (https://www.coinbooks.org/v24/esylum_v24n41a12.html)

DOLLARS AND BITS

Martin writes:

Dave agrees:

To read the earlier E-Sylum article, see:
THOUGHTS ON DENOMINATIONS (https://www.coinbooks.org/v24/esylum_v24n41a09.html)

 

NOTES FROM E-SYLUM READERS: OCTOBER 17, 2021

David Vice Contact Found
Regarding author David Vice, Randy Weir writes:

To read the earlier E-Sylum article, see:
NOTES FROM E-SYLUM READERS: OCTOBER 10, 2021 : Query: David Vice Contact Sought (https://www.coinbooks.org/v24/esylum_v24n41a10.html)

Predominantly Catholic Countries in Asia
Ken Berger writes:

To read the earlier E-Sylum article, see:
1937 MANILA EUCHARISTIC CONFERENCE MEDALS (https://www.coinbooks.org/v24/esylum_v24n41a25.html)

Michael Joffre of Carsley Whetstone
John Regitko of Toronto, Canada writes:

To read the earlier E-Sylum article, see:
CANADA'S OLDEST COIN DEALER (https://www.coinbooks.org/v24/esylum_v24n41a15.html)

The Goebel Coin Collector
Astronomer Kavan Ratnatunga writes:

To read the earlier E-Sylum article, see:
DNW OCTOBER 2021 NUMISMATIC LITERATURE : Lot 1576: Porcelain Coin Collector Figure (https://www.coinbooks.org/v24/esylum_v24n41a02.html)

Bach's Fishy Gold Ducat Story
David Pickup writes:

But by the time Johann was fifteen, his sweet soprano voice had gained him a place in the choir of St. Michael's School in Luneburg. During this period, the ambitious choir boy often went on long walks to outlying churches so that he could listen to all kinds of organ music.

On one of these tramps he rested for a while outside a country inn. Tired and hungry, he had no money to go inside and enjoy a good meal. One of the diners noticed his plight, opened a window, and threw out two fish-heads to the ravenous boy.

Johann eagerly picked up the leftovers and, to his amazement, found a gold coin inside each of the heads. Immediately he hurried inside and ordered a tasty meal, which he enjoyed.

David adds:

For some references, see:
Johann Sebastian Bach devoted his peerless creative life to music from childhood (https://www.lookandlearn.com/blog/27657/johann-sebastian-bach-devoted-his-peerless-creative-life-to-music-from-childhood/)
What Maketh the Man? Composer of the WeekJohann Sebastian Bach (1685-1750) (https://www.bbc.co.uk/programmes/m0010h1z)

 

VINTAGE COIN ENVELOPES

Since my interest in vintage coin holders is well known, I recently was contacted by a longtime coin collector who offered me a large assortment of old coin envelopes issued by Littleton Stamp Company and Littleton Coin Company. I jumped at this chance to add such memorabilia to my collection, and there are about five dozen pieces. All are written up for coins, but the earliest are inscribed for LSC. I believe it was in 1960 that LCC achieved its own identity, but the earlier envelopes reveal that Littleton had been selling coins for some years prior to that time.

I'm attaching images of envelopes from both entities. The prices on the LSC envelopes clearly suggest the late 1950s, while those on the LCC envelopes appear to be from the early-mid 1960s. I remember similar pricing when I began collecting coins in 1965, though I didn't do any business with Littleton in my early years. I don't recall when I first learned of it, but it must have been in the early 1970s when I began getting COINage and COINS Magazines regularly. I received a few of these envelopes then, and I suspect the company still may be using this method of presentation for raw coins.

 

 

LEGEND AUCTIONS 10/28/2021 PRESALE ANALYSIS

 

I've prepared a pre-sale analysis of Legend Rare Coin Auctions 10/28/2021 sale. The purpose of this product is to identify coins that are of Condition Census (Top Ten Finest) level and to provide additional provenance and price and grade history. This information is meant to augment the excellent work provided by Legend's catalogers and to give bidders more information on which to formulate their bids.

If there is enough interest in this product, I will consider performing similar analyses in the future. Despite the considerable effort that went into producing this analysis, I am offering this edition free of charge. Naturally, I would appreciate any feedback, constructive criticism, or suggestions for improvements. To obtain a copy of this report or to ask any questions, please contact me at ron@numismaticdetectives.com.

P.S. Thank you, Wayne Homren, for your useful suggestion on formatting the spreadsheet to make it more user-friendly.

To visit Ron's website, see:
https://numismaticdetectives.com/

 

OCTOBER 2021 PAN SHOW EDUCATIONAL PROGRAMS

Thursday, October 28th

1:00pm - Brett Irick, ANA Judge, CSNS Vice President
Topic: ANA Competitive Exhibits Judging Class

3:00pm - Rick Lank, Becky Rush
Topic: The Furious Flight of the Confederate Treasure Train - Where Did All the Southern Dough Go? and a sequel (a new book)

4:30pm - Ben Franklin and Abraham Lincoln - performed by Patrick McBride and Dennis Boggs
Topic: Two Wars, Two Centuries

Friday, October 29th

12:00pm - Bill Bierly, author - In God We Trust
Topic: Creation of the National Motto on Coinage

1:00pm - Wayne Homren, E-Sylum newsletter editor and Newman Numismatic Portal consultant
Topic: Howard Gibbs: Prince of Primitive Money

2:00pm - John Frost, Liberty Seated Collectors Club, Barber Coin Collectors' Society
Topic: Why You Should Collect Liberty Seated and Barber Coinage

3:00pm – Dr. Lawrence C. Korchnak, author – Siege Coins of the World 1453-1902
Topic: Siege Stories: Tales of Courage and Defiance" 

4:00pm – Don Everhart, sculptor engraver US Mint retired
Topic: Creation of Coins and Medals

5:00pm - Dennis Boggs, MeetMrLincoln.com (gather at President Lincoln's backdrop)
Topic: Tales, Stories and the Gettysburg Address

Saturday, October 30th

11:00am - Rick Lank, Becky Rush, with Guest Abe Lincoln,
Topic: Abe Lincoln's Legacy: Money Matters of the Civil War

12:00pm - Malcolm Johnson, PANKidZone Coordinator
Topic: "Coin Collecting for Beginners"

1:00pm - Dennis Boggs, Meet Mr. Lincoln.com
Topic: Tales, Stories and the Gettysburg Address

2:00pm - Robert O. Stakeley, Heinz History Center, Educational Director
PANKidZone Program: short talk, games, prizes, Kid's auction

For more information, see:
https://pancoins.org/

 

2021 C4 CONVENTION EDUCATIONAL PROGRAMS

 

Thursday evening, November 18
(Sheraton Inner Harbor, Harborside Room)

— 7:30 pm: Dennis Tucker, 75 Years of Colonials in the Redbook

— 8:30 pm: Jack Howes, The Making of the New Machin's Mills Book

— 9:30 pm: Randy Clark, Recent Literature for Attributing Connecticut Coppers (1785-1788)

Friday, November 19

— 2 pm: Jim Glickman, Collecting American Colonials 101 (Room 304, Baltimore Convention Center)

Saturday, November 20

— 10:30 am: Ray Williams, Collecting Colonial Currency (Room 304, Baltimore Convention Center)

To learn about or join the Colonial Coin Collectors Club, see:
https://colonialcoins.org/

VOCABULARY TERM: FORM MOLD

Form Mold. A holding device made of lead or epoxy to hold large circular medals one at a time in a lathe while they are being trimmed. The form mold acts as a chuck to hold the medal secure while its flash or excess material is turned off on the lathe. Removing the flash is only required from medals struck by open face dies (medals larger than two inches and not struck with a collar). A form mold is a kind of jig and is also called lead form or lead chuck. Workers at the U.S. Mint call these chucks "carriers."

Lead forms. Form molds are made by taking a sample medal to be trimmed, and using this as a pattern, building a fence around it, then pouring molten lead within the fence; it is then shaped with a shank to fit into the chuck at the head of the lathe. After cooling, the form mold is placed in position on a lathe and trimmed to the diameter of the intended medal, or somewhat less. Untrimmed medals can then be placed into position – by finger positioning – then secured tightly as the tailstock is clamped against it.

The medal used as the pattern should be discarded as the lead discolors one side of it. Normally only one such medal is required to make the form mold, even if several form molds are required (as for use on several lathes simultaneously). After use, of course, the lead form molds may be melted for reuse of the lead.

Epoxy forms. An epoxy form mold is made much the same method as lead forms. A fence is built around a pattern metal. Epoxy is mixed and poured within the fence. After setting (curring) it forms a much harder and permanent composition. Epoxy forms look like a plastic die (without very distinct detail). Epoxy cannot be used again, as can lead.

To read the complete entry on the Newman Numismatic Portal, see:
Form Mold (https://nnp.wustl.edu/library/dictionarydetail/515951)

THE CHAPMAN BROTHERS

The Chapman brothers, Samuel Hudson Chapman and Henry Chapman, were the first career coin dealers in the United States. They were born in Philadelphia to Irish Quaker immigrants Henry (1827-1907) and Jane (1827-1891) Hudson Chapman. The senior Henry went broke in the tea business and went into business as a money or specie broker.

The children collected stamps and went to work as teenagers for coin dealer John W. Hazeltine in 1876. By 1878, the two were experienced enough to start their own coin company, S. H. & H. Chapman, Numismatists and Antiquaries.

Samuel Hudson Chapman was born on July 15, 1857, and was educated at Friends School. In 1897 he married Bertha Jayne Bucknell (1870-1938). Their children included Samuel Hudson Chapman, Jr. (1899-1979), Robert Penrose Chapman (1901-1959), Laura Jayne Chapman (1902- 1903), and Philip Jayne Chapman (1905-1986).

When the American Numismatic Association was established in 1891, S. H. Chapman joined as charter member 29 and was designated as Librarian and Curator. In 1892 to 1898, he was designated as ANA counterfeit detector. He served on the ANA Board in 1913, 1916 and 1920.

S. H. Chapman was an authority on Greek and Roman coins and world coins up to William the Conqueror. He took extended trips to Europe to participate in archaeological digs and to acquire coins for his collection and for stock. His library has been described as the finest numismatic library of its time. The Chapman library was transferred to the Free Library of Philadelphia. S.H. Chapman served as president of the Archaeological Society, as vice president of the Pennsylvania Geographical Society and was on the board for the Department of Archaeology at the University of Pennsylvania.

S. H. Chapman compiled United States Cents of the Year 1794 published in 1923.

 

Henry Chapman was born on October 18, 1859. On December 2, 1896, he married Helen Collings (1873-1958). They used little imagination in naming their son Henry Chapman III (1898-1970), and their daughters Helen, Henrietta and Jane.

Henry was the partner with more knowledge of modern and world coinages issued after William the Conqueror. He formed an important collection of colonial currency.

Henry was ANA member 28. He was elected to the ANA Board of Trustees for 1899-1901 and 1910-1912. During 1919-1920 he served as first vice president.

The brothers conducted their first auction sale from their stock in October 1879, illustrated with a photographic plate. Their second sale, named for Samuel Bispham, is noted for the discovery appearance of the 1794 starred reverse cent. They were innovative with the use of photographic plates to illustrate their catalogs and surviving plated sales are highly sought. In 1882 they scored a numismatic coup by acquiring the Charles Ira Bushnell collection which they sold through a large and plated catalog. Bushnell has been described as their uncle. The brothers conducted 83 auctions as partners from 1879 to 1906.

The Chapmans were generous hosts when the 1908 ANA convention was held in Philadelphia. At that time S. H. Chapman was out of the country, but he had arranged for Farran Zerbe to preside over a complimentary dinner at the Hotel Stenton. While the men were attending the ANA auction, Mrs. Henry Chapman hosted a party for the ladies where they saw The Virginian at the Park Theatre. Following the close of the convention, Henry Chapman led a group of guests on the electric railway to Atlantic City. After time exploring the Boardwalk, guests were treated to a luncheon at the Chalfonte Hotel.

Going their separate ways, Samuel Hudson Chapman conducted an additional 28 sales 1907 to 1924, and he retired about 1929. S. H. Chapman died at home of bronchial pneumonia on September 22, 1931. He is buried at Friends Southwestern Burial Ground at Upper Darby, Pennsylvania.

Henry Chapman, Jr. had 39 sales 1906 to 1919. His sales included the annual ANA sales in 1908, 1919, 1924 and 1925. The catalog of the John Story Jenks Collection, sold in December 7- 17, 1921, realizing $61,379.42. With 7302 lots and weight of six pounds, it is considered by some as the finest auction catalog ever published.

After his retirement, the retail business was conducted by his wife Helen. Henry was confined to his home for two years prior to his death on January 4, 1935. He is also buried at Friends Southwestern Burial Ground at Upper Darby, Pennsylvania.

The business was continued by former manager Ella B. Wright until 1948. On January 28, 1941, Helen Chapman and Ella B. Wright were robbed at gunpoint by two men in the shop. An estimated $15,000 in coins and stamps were taken.

The Chapman brothers and their parents are all buried in the same plot, C147, as well as Annie Chapman (1840-1902), wife Bertha Jane Chapman, wife Helen C. Chapman, son Henry Chapman III, infant daughter Laura Jayne Chapman and son Samuel Hudson Chapman Jr. Robert Penrose Chapman is in the adjacent plot C146. Philip Jayne Chapman is in the same cemetery as are the wives of Samuel and Robert.

Henry Chapman was inducted into the American Numismatic Association Hall of Fame in 1970. Samuel Hudson Chapman has not received the same honor. Both were inducted into the PCGS CoinFacts dealer Hall of Fame in 2010.

Smarty-Pants question of the week.

William Bushnell (1610-1683) married Rebecca Chapman (1616-1703) in Saybrook, Connecticut, before 1644. There are many Chapmans in the published Bushnell genealogy and many Bushnells in the published Chapman genealogy. How was Charles Ira Bushnell related to the Chapman brothers? I have been unable to make the connection.

To read earlier E-Sylum articles, see:
QUERY: MERKIN, CHAPMAN AND LIMPERT PHOTOS SOUGHT (https://www.coinbooks.org/esylum_v13n19a15.html)
COIN DEALER HENRY CHAPMAN 1859-1935 (https://www.coinbooks.org/esylum_v16n12a19.html)

THE SAINT GAUDENS NATIONAL HISTORIC PARK

Fall is a wonderful time to travel in New England, especially by car. This is the season that many thousands of ‘leaf peepers' will descend upon sleepy towns in the northeast to be dazzled by vivid displays of the changing season. Apple orchards, cider donuts, pumpkin-fests, decorative gourds and of course the foliage are among the many wonderful features to enjoy during your stay.

 

Another perhaps lesser known New England attraction can be found in Cornish New Hampshire. Cornish is a pleasant 2 hours 15 minutes drive from Concord, MA (home of Northeast Numismatics) on the New Hampshire-Vermont border. Cornish is also home to the Saint Gaudens National Historic Park. Within the park grounds you will find the home of Augustus Saint Gaudens. St. Gaudens was one of the world's preeminent sculptors of the 19th and 20th century and he made Cornish his summer residence from 1885-1897 as well as his permanent home from 1900 until his death in 1907. The grounds also feature many of his bronze sculptures, the Blow-Me-Down farm, dance hall, nature trails, monuments, statues, memorials, atriums, flower gardens, ponds and wide open fields that showcase views across the Connecticut River to the Vermont mountains.

   

St. Gaudens was well known for his ‘Beaux-Arts' generation sculptures and was quite famous during his lifetime. Some of his major achievements include the Civil War Robert Gould Shaw Memorial which still stands on Boston Common, the General John Logan Memorial in Chicago's Grant Park and a plethora of other works too voluminous to name here.

 

It is said that St. Gaudens was a good friend of Teddy Roosevelt. Roosevelt, early in his time in office, was unimpressed (to put it lightly) with the designs of US gold coins and he developed a scheme to change that. St. Gaudens was commissioned to lead the way for these advancements and was charged with designing a $20 gold piece, a $10 gold piece and a cent (which was never minted). Many consider his gold $20 Double Eagle to be the most beautiful in all of US coinage. Here is one of the finest known of his $20 designs.

 

And of course the $10 Gold Indian Head

   

Perhaps second only to the '33 Saint is the equally famous and certainly more attainable 1907 $20 High Relief. This important US coin comes in two varieties; the Wire Rim and Flat Rim, although they are not true varieties as the two different strikings were not planned by the mint, but rather a result of a rather tedious striking process (each coin required 5 blows by the equipment in order to bring up the design elements fully).

 

Beautiful American coins designed by a very talented American artist. If you're ever in New England you should definitely make this one of your must-see attractions.

To read the complete article, see:
Oh My Gaudens! New! (https://www.northeastcoin.com/blog.jsp)

MDC MONACO AUCTION 8 HIGHLIGHTS

Do not miss next MDC Monnaies de Collection auction on Wednesday 20th and Thursday 21st October 2021 in Monaco Monte Carlo.

Our expert Nicolas Gimbert will be delighted to welcome you to the auction. Live bidding will take place on BIDDR and the catalogue is also available on our website.

Lot 135 - ROMAN EMPIRE Maximian Herculius. 2 1/2 Aurei medallion, undated (294-305), Rome. 

Lot 136 - ROMAN EMPIRE Maxence. Medallion of 4 aurei (quaternio), commemorating the restoration of the temple of Venus and Rome, undated (c.308), Rome. 

Lot 242 - ARGENTINA Argentine Confederation. 8 escudos 1832/1, RA, Rioja. NGC MS 64 

Lot 299 - BELGIUM Leopold I. Gold Specimen 100 Francs, Duke and Duchess of Brabant wedding, PROOF DEEP CAMEO 1853, Brussels. PCGS PR62DCAM. 

Lot 356 - COLOMBIA Ferdinand VI. 8 escudos 1755 S, NR, Nuevo Reino (Santa Fé de Bogota). NGC XF 45. 

Lot 452 - FRANCE Louis XIII. Gold Huit Louis d'or 'tête laurée' 1640, A, Paris. NGC MS 61. 

Lot 826 - FRANCE IIe République. Gold 5 Francs Hercule trial strike 1848, Paris. NGC MS 62+. 

Lot 1028 - GREAT BRITAIN William and Mary. 5 Guineas PROOFLIKE 1693, London. NGC MS 64 PL. 

Lot 1030 - GREAT BRITAIN George I. 5 Guineas 1716, London. PCGS MS63. 

Lot 1050 - GREAT BRITAIN Edward VIII. 5 Pounds, pattern, PROOF 1937, London. NGC PF67 ULTRA CAMEO. Milled edge 

Lot 1317 - RUSSIA Nicolas II. 25 roubles ou 2 1/2 impérials (50 francs) 1896, Saint-Pétersbourg. NGC MS 61.  

For more information, see:
NUMISMATIQUE N°8 (https://or-numismatique-monaco.com/fr/auction/8)

STEPHEN ALBUM NOVEMBER 2021 INTERNET SALE 12

Stephen Album Rare Coins will hold its Internet Auction 12 at its offices in Santa Rosa, California on November 1, 2021. Internet pre-bidding has begun and can be accessed through their website.

The Auction is made up of an even 1,250 lots of Ancient, Islamic, Chinese, Indian, and General World Coins, and Ethnographic Money. Highlighted groups include:

• Jess Yockers Collection of Sikh Empire Coins
• Charles Opitz Collection of Ethnographic Money
• A Large Collection of Anatolian & Ottoman Coins
• Shawn Hamilton Collection of Chinese Coins
• Dr. Allan Pacela Collection of Chinese Coins
• A Selection of Graded VIP Proof of Record Coins

Sample lots from the sale follow:

 

LOT 1084: WORLD: CANADA: George VI, 1936-1952, AR dollar, 1948, KM-46, hairlined, key date, AU. Estimated at $900 to $1100.

 

LOT 471: INDIA: WESTERN GANGAS: Anonymous, ca. 12th-13th century, AV pagodas (3.91g), Mitch- 192/193, elephant right // floral scroll, bold strike, EF. Estimated at $300 to $400.

 

LOT 212: ISLAMIC: OTTOMAN TURKEY: Abdul Mejid, 1839-1861, AR kurush, Kostantiniye, AH1255 year 15, KM-671, an amazing lightly toned mint state example!! PCGS graded MS67. Estimated at $200 to $300.

 

LOT 1214: ETHNOGRAPHIC: PACIFIC: INDONESIA: Java, kris dagger (158g), Opitz p.188, also known as keris, ca. 44cm in total length, with wavy blade, fitted with wooden handle, iconic weapon native to Malaysia & Indonesia and once used as bride price, VF, ex Charles Opitz Collection. Estimated at $80 to $120.

 

LOT 615: INDIA: SIKH EMPIRE: AR nanakshahi rupee (11.13g), Amritsar, VS[18]98, KM-22.5, Herrli- 01.11.04, VS1885 series, trisul in obverse center, About Unc, ex Jess A. Yockers Collection. Estimated at $80 to $120.

 

LOT 1070: WORLD: BRITISH CARRIBEAN TERRIRORIES: 5 cents 1964, KM-4, RARE Proof of Record issue, NGC graded Proof 63, R. Estimated at $90 to $120.

The firm is now taking consignments for its Auction 42, which will be held January 20-22, 2022.

More information can be found on their website at www.stevealbum.com.

NUMISMATIC NUGGETS: OCTOBER 17, 2021

1720 French Colonies 1/3 Ecu

KM455.19 variety, Louis XV type. Struck at the Amiens mint.

A totally original, suitably crusty, old toned example of this early quarter-sized silver issue often collected as part of the U.S. Colonial series.

To read the complete lot description, see:
1720-X French Colonies 1/3 Ecu Louis XV Type (https://www.coinraritiesonline.com/product/1720-x-french-colonies-20s/)

1860 Turks and Caicos Islands Five Shillings Banknote Proof

Government of the Turks and Caicos Islands, a progress proof / experimental trial for a 5/-, ND (type of 1928), blue and pale pink, value in blue tablet at centre, arms top centre, value in left and right field (Pick 1 for type, TBB B106 for type), the note has been split and rejoined, the right hand side the detail obscured. Presumably an experiment by De la Rue using different colour and paper, the whole note on the correct watermarked paper for issue. In PCGS holder 45 Choice Extremely fine, unusual and extremely rare

To read the complete lot description, see:
1860 GOVERNMENT OF THE TURKS AND CAICOS ISLANDS, A PROGRESS PROOF / EXPERIMENTAL TRIAL FOR A 5/-, ND... (https://live.spink.com/lots/view/4-3WQWIR/government-of-the-turks-and-caicos-islands-a-progress-proof-experimental-trial-for-a-5-nd)

1863 National Currency Civil War Token

Civil War token Fuld 71/467 a R9 UNC Details, retoned from old cleaning. The Federal Government A National Currency Free Trade And Human Rights 1863 (900-1100).

To read the complete lot description, see:
1863 National Currency Human Rights Patriotic Civil War Token R9 (https://www.ebay.com/itm/384448611511)

1907 High Relief Wire Edge Double Eagle

1907 High Relief Wire Edge

Often called "America's Most Beautiful Coin". Choice, satiny surfaces.

To read the complete lot description, see:
https://www.northeastcoin.com/inventory.jsp;
jsessionid=FB4466CAD2D97E1930E8EEDC4D3614B3

COPPER STATERS OF THE BOSPORAN KINGS FOUND

Phanagoria was the largest ancient Greek city on the Taman peninsula and was founded by Teian colonists around 543 BC, and developed into a Greek centre of trade between the coast of the Maeotian, and the countries on the southern side of the Caucasus.

The coin hoard was discovered during the third season of excavations, where archaeologists unearthed an amphora containing 80 copper staters (coins), whilst researching evidence of a destruction layer caused by fire from the 6th century AD.

Archaeologists believe that the burying of the hoard could be associated with several raids by the Huns or Turks, resulting in large parts of the city being torched. Residential buildings, wineries, and public buildings perished in the fire, depositing a large amount of ash, soot, fragments of burnt wooden floors of buildings, broken dishes, and the remains of burnt grain in amphorae in the destruction layer.

 

Vladimir Kuznetsov of the Russian Academy of Sciences said: According to the composition of the treasure, one can determine what money was in use in the internal market of the Bosporus in the 6th century.

A closer inspection of the coins reveals that they are mainly copper staters of the Bosporan kings of the late 3rd – early 4th century AD. The last minting of the Bosporan coins was around AD 341, however, a huge mass of staters made of cheap copper-lead alloy continued to circulate in the Bosporus for several centuries, whilst the role of expensive money was played by Byzantine gold.

To read the complete article, see:
Archaeologists discover a 6th-century coin hoard in ancient Phanagoria (https://greekcitytimes.com/2021/10/06/archaeologists-coin-ancient-phanagoria/)

HOW YAP STONES PAVED THE WAY FOR BITCOIN

 

In "Banking on Stone Money: Ancient Antecedents to Bitcoin," published in January 2020 in the journal Economic Anthropology, Scott M. Fitzpatrick of the University of Oregon Department of Anthropology teamed with Inman Research Scholar and finance professor Stephen McKeon of the Lundquist College of Business to explore Bitcoin's precedents as "rooted in the ancient past, which involved the production, movement, and use of traditional forms of 'currency,' the most visible and prominent of which were the famous stone money of Yap."

In the paper, the authors discuss Bitcoin's origins and its consequences for global commerce, highlighting what might be learned by studying ancient stone currency. In particular, they note that the underlying technology powering Bitcoin, known as the blockchain, has much in common with the ledgers Yapese islanders used to document ownership of their enormous stone coins.

Those stone coins were so heavy that islanders drilled holes through the center so they could be carried on long poles. The tradition predates European contact with the Yapese in 1783 and formed the basis of their monetary system.

While it might seem like a giant stone coin would have little in common with Bitcoin, which has no physical presence, the sheer weight and difficulty of moving the rai from one holder to another creates a startling similarity.

An owner of a rai might not take physical possession of it. They might leave it on the side of a road or leave it with its original owner who has bartered it for some good or service. So, the Yapese created an oral ledger of ownership for each rai, in effect a precomputer blockchain to detail the origin of each piece of stone money, its transactions and its ultimate holder.

"Given that the actual possession of rai was often infeasible, an owner would deem it to be valuable only if they could trust that all participants in the economic system agreed on the record of ownership," Fitzpatrick and McKeon write. "Effectively, it was not a bearer asset; ownership was established solely through the ledger.

Other similarities with Bitcoin follow. The difficulty of mining limestone, fashioning it into rai and then transporting the currency helps to limit supply and to create scarcity that prevents inflation. Bitcoin is mined by computers solving complex math problems at great and growing expense.

There are some differences, of course. Bitcoins can be divided into smaller units while the Yapese had no system for spending smaller denominations of rai by breaking them into pieces.

Finally, all Bitcoins are equal. A rai, however, derived specific value from its size and craftsmanship, adding an element of artwork to the currency.

It isn't known if Nakamoto or his collaborators considered the Yapese, or ancient currencies, in their Bitcoin design. But it is known that some of the principles behind Bitcoin have been validated by history and that might offer a clue about the longevity and uses of blockchain based cryptocurrency as an asset class.

To read the complete article, see:
Researchers turn to stones to find the ancient origin of Bitcoin (https://phys.org/news/2021-09-stones-ancient-bitcoin.html)

To read earlier E-Sylum articles, see:
YAP: THE ISLAND OF STONE MONEY (https://www.coinbooks.org/esylum_v13n50a21.html)
MYTHS ABOUT YAP STONE MONEY (https://www.coinbooks.org/esylum_v13n51a15.html)
TRAVEL ARTICLE HIGHLIGHTS YAP STONE MONEY (https://www.coinbooks.org/v21/esylum_v21n18a24.html)

WITHOUT MONEY, GALAPAGOS RESIDENTS BARTER

As traffic and then goods started to slow from the continent, Galápageños turned to each other and a simpler way of life to take care of themselves.

During the strict 11-week lockdown that began in March, the majority of the 30,000 residents entered into a barter system. Fruit was traded for meat; milk for English lessons. Clothes were handed down, not just within families but through the community. At one point, Solís swapped 50 oranges for some dental work. Elsewhere, Brett and Maria Peters, the affable owners of Galápagos Deli in Puerto Ayora, traded produce they couldn't use in their restaurant for houseplants to decorate their new home. Nature guide Lola Villacreses, realizing she wasn't going to be aboard any cruise ships for the foreseeable future, did a crash course online and began growing fruits and vegetables on her smallholding in the fertile Santa Cruz Highlands. During my two-month stay, whenever I bumped into her around Puerto Ayora, she gave me a bucket of tomatoes.

Things have been changing very fast. All the money used to be in the town, said Matias Espinosa, a dive master and naturalist on Santa Cruz whose businesses had been crippled by the pandemic. Covid froze all our enterprise. Instead, we have this trading now, so these farmers are the kings of the island.

Cash wasn't abandoned entirely—even during the strictest lockdown measures from March to June, locals had to use it to pay for fuel for fishing boats that brought in catch on behalf of the community (there was no shortage of fuel, due to an excess created from the lack of ship, taxi, and tour bus usage), among other transactions. Upon returning, the day's bounty was announced over megaphones, and fish that would ordinarily be exported to Miami at great expense was taken door to door and simply given away, with the understanding that the fisherman and their families would be taken care of with other goods and services in return.

As of March 2021, Santa Cruz has seen a slight improvement in tourist numbers, reducing its dependency on bartering. Though many local businesses remain closed, supply lines from the mainland are no longer an issue, and with the arrival of vaccines, hope for more of a revival later this year is growing. The same cannot be said on remote Isabela, where the reliance on trading has continued in lieu of visitor dollars. The internet connection on the island is notoriously unreliable, but there is enough bandwidth to coordinate through a huge and sometimes unruly WhatsApp group of 256 members, the maximum allowed by the app.

Valladares explained that this ramshackle marketplace was also being supplemented by hunting feral animals. In the 1800s, buccaneers brought animals like pigs, goats, donkeys, and cattle to the islands, where they quickly broke loose, settled, and started causing havoc for endemic species, trampling on bird nests, eating young tortoises, and spreading seeds of invasive flora.

For decades, the progeny of these original invaders have been reduced, though they still inhabit the park and roaming freely on Isabela. At the start of the pandemic, residents revived a form of hunting, heading out of town on horseback and returning with feral cattle or pigs.

... In any case, he expects it will take at least two years for tourism to fully recover here. In the meantime, trading among the islanders will need to continue. We have to adapt, he said. It's one of the golden rules here on Galápagos.

To read the complete article, see:
How the Galápagos Adapted to the Pandemic (https://www.outsideonline.com/adventure-travel/essays/galapagos-pandemic-barter-tourism/)

NEWLY DISCOVERED 1659 LORD BALTIMORE SHILLING

 

Stack's Bowers Galleries is proud to offer a newly discovered 1659 Lord Baltimore shilling in our November 2021 Showcase Auction. It will be presented alongside an incredible selection of Early American coins in our official auction for the Colonial Coin Collectors Club, better know as C4. With bold AU definition, this new discovery is certainly one of the sharpest Baltimore shillings known. Generally untoned and dove-grey, it exhibits scattered regions of olive patina on both sides. Significant marks are minimal, with only minor friction noted in the obverse fields. It was virtually brand new when it entered the soil over 400 years ago, and the portrait detail including the eyes, hair, and profile are truly astounding. It is a very pleasing example of an elusive and historic issue, coined for Sir Lord Baltimore Cecil Calvert to circulate in his proprietary colony of Maryland in the early 1660s.

Lord Calvert had shillings, sixpences, groats (four pence), and copper pennies (or denariums) coined bearing his bust and Arms and passed local ordinances in Maryland calling for their mandatory circulation. While sixpences often survive in decent grade (thanks in part to a hoard of about 20 pieces located in England in the last decade), the shillings rarely fared so well. Today, most shillings are in poor condition, often holed and plugged after use in jewelry, badly polished, well-worn, or a combination of the above. This incredibly sharp AU specimen is certainly among the most desirable available to collectors. It was discovered near Suffolk, Virginia just months ago by a passionate metal detectorist John Lambert, who goes by the moniker Digologist on YouTube. Eager to share the story behind this exciting find, he explained that

The details of the discovery were also documented in a YouTube video.

This newly discovered 1659 Lord Baltimore shilling will be showcased in the C4 session of our November 2021 Official Auction of the Whitman Coin & Collectibles Winter Expo, offered alongside important collections of Early American coins including rare Bolen tokens and struck copies from the E. Pluribus Unum Collection, New Jersey coppers from the Norm Peters Collection, and Fugio coppers from the Pierre Fricke Collection.

To watch the YouTube video, see:
1659 Lord Baltimore Unearthed !! (https://www.youtube.com/watch?v=BQzynr30Bf0)

To read the complete article, see:
Newly Discovered 1659 Lord Baltimore Shilling Featured in our November 2021 Showcase Auction (https://www.stacksbowers.com/News/Pages/Blogs.aspx?ArticleID=lord-baltimore-shilling-newly-discovered-stacks-bowers-november-sale)

SAG HARBOR BUST HALF DOLLAR HOARD

 

It must have been a free-for-all among collectors on Long Island, New York in 1880, by which time the Capped Bust half dollars (minted 1807-1836) had long since disappeared from circulation. In fact, such pieces had not been generally seen since the early 1850s, when many if not most remaining pieces were melted down for bullion when the price of silver rose on international markets.?

The story is told by this item in the Evening Transcript, August 20, 1880:

Actually it was the Panic of 1837, not the Panic of 1836, but in early 1837 (when financial problems had increased to the point at which most leading eastern banks stopped paying out coins) anyone seeking a large quantity of silver coins might likely have found them to be dated 1836. At the time the half dollar was the largest currently minted silver coin of the country, the silver dollar having been last minted in large numbers in calendar year 1804 (and bearing dates of 1803 and earlier). About 1,600 1836-dated Gobrecht silver dollars were made, but these were primarily placed into circulation in Pennsylvania and would not have been available in quantity to anyone seeking a bag or any other notable quantity of them at a bank in distant Long Island.

Today no 1836-dated half dollars are known with specific pedigrees to the Sag Harbor physician, but probably some of them did reach numismatic channels at the time of their release. The 2021 Guide Book lists the value of the 1836 Capped Bust with lettered edge from $325 to $925 in AU-50 grade and $2,000 to $5,000 in MS-63 grade, while the 1836 Capped Bust with reeded edge half dollar in MS-63 grade is listed at $20,000 and $5,000 in AU-50 grade.

To read the complete article, see:
A Sag Harbor Physician's Hoard of Capped Bust Half Dollars (https://www.stacksbowers.com/News/Pages/Blogs.aspx?ArticleID=a-sag-harbor-hoard-capped-bust-half-dollars)

1933 ROOSEVELT LUCKY TILLICUM TOKEN

 

Obverse: LUCKY TILLICUM / REBUILD WITH ROOSEVELT Reverse: PROSPERITY / 1933 / FOLLOW THE ROOSEVELT TRAIL Now the big question is: What is a "Tillicum"? "Lucky Tillicum" was a popular expression at one time. The New York Times had a short article on the original token, dated October 7, 1932:

Colonel House was President Wilson's number one assistant.

To read the complete lot description, see:
1933 LUCKY TILLICUM TOKEN REBUILD WITH (https://auctions.bidalotcoinauction.com/lots/view/1-53YJEQ/1933-lucky-tillicum-token-rebuild-with)

To read the complete CoinTalk discussion, see:
Franklin Delano Roosevelt 1932 Lucky Tillicum tokens (https://www.cointalk.com/threads/franklin-delano-roosevelt-1932-lucky-tillicum-tokens.217048/)

SPACE SHUTTLE MEDALS

My family was stationed at Edwards AFB in Southern California in the late 1970s and early 1980s and was there for some of the Enterprise glide flights and even got up close to the Enterprise a couple of times. I very much remember the 747 carrier plane; it was kept near the giant lifting gantry along the northern part of the dry lake bed near the road heading out towards Boron. Out of the first 12 landings, I can chalk up 9 of them.

I was fortunate as a kid in a way because Dad was tangentially connected to the space program, though not as an astronaut, but were around a number of space flight pioneers. For instance, my babysitter's father helped suit up the Gemini and Apollo astronauts – his den was covered with autographed photos. I did meet a couple of astronauts, plus an X-15 pilot – (Pete Knight). Dad used to take me to the flight line every once in a while, especially if there was something neat there (like an SR-71 and the Enterprise, of course).

Among other things, I have a bunch of photos of other experimental aircraft that were being tested at Edwards while we were there, namely the B-1A and the B-1B prototypes. I also have a couple of photos Dad took when he was flight testing B61, B77, and B83 drop-shapes (look ‘em up if you don't know what those are). And, of course, there were the various Space Shuttle landings. One landing (not sure which), my father took me to the mission control center and the folks there set me up at a radar station and gave me a super quick suitable-for-a-super-nerdy-10yr-old training session on how to use it, so I could watch the landing using the radar.

Chip's note reminded me that I still have some of my souvenirs of the landings. As Air Force brats living on base, we schoolchildren got no shortage of interesting swag. Among these things include a 1977 brochure on the Shuttle before it even went to space – I got that at the NASA Dryden visitor center on base – along with two sets of STS (Space Transportation System) 1 stickers. I also have a set of Going to work in space posters that I really need to get properly framed. In addition, I have two postal covers, one for STS-6 and the other for STS-9, both obtained via the base post office.

To make this numismatic, I have some bronze medals of the first 5 landings: top row l. to r. are STS-1, STS-2, STS-3 and bottom row l. to r. are STS-4 and STS-5. I also have a World War II era pressed fiber token from Muroc Air Field, which was later renamed Edwards AFB after test pilot Capt. Glen Edwards who was killed in a crash of a YB-49 flying wing in 1948. Not sure the medals – or any of these artifacts for that matter - have much value, but I don't really care about that with these since they have considerable meaning to me as part of my childhood living at the US Air Force Flight Test Center and are a part of America's space program.

   

To watch the video, see:
How NASA Learned To Fly The Space Shuttle Like A Glider (https://odysee.com/@ScottManley:5/how-nasa-learned-to-fly-the-space:3)

SUPERMEN JEWISH-AMERICAN HALL OF FAME MEDAL

 

Announcing High Relief Art Medals and Zoom Induction Ceremony Honoring Jerry Siegel and Joe Shuster, the Creators of Superman

Large 2-inch limited edition art medals commemorating Jerry Siegel and Joe Shuster, the creators of Superman, the first comic book super-hero, are available from the non-profit Jewish-American Hall of Fame on a first come-first served basis. These high relief 3 oz. art medals, designed by award-winning medallist Eugene Daub, have maximum mintages of only 150 bronze, 75 pure silver and 35 gold-plated pure silver. These are offered for contributions of $50, $200 and $250, respectively. Mention that you read about this in The E-Sylum and you can get a 20% discount. You can order with paypal using email address of directorjahf@yahoo.com or by calling 818-225-1348.

Jerry Siegel was born on October 17, 1914, in Cleveland, Ohio; his parents were Jewish immigrants who had fled antisemitism in their native Lithuania in 1900. Joe Shuster was born in Toronto on July 10, 1914; his father was from Rotterdam and his mother had come from Kiev. The family moved to Cleveland in 1924, where he became friends with Siegel in high school. They shared a love of science fiction, adventure fiction, and movies.

After developing the comic strip characters of Superman, Clark Kent, Lois Lane, etc., Siegel and Shuster began a 6-year quest to find a publisher. Eventually they sold their concept to DC comics for just $130. Superman began as one of several anthology features in the National Periodical Publications Action Comics #1 in June 1938. In 2021, a nearly pristine copy of this comic book sold for over 3 million dollars! The strip proved so popular that National launched Superman into his own self-titled comic book, the first for any superhero, premiering in the summer of 1939. And the rest is history.

The induction of Siegel and Shuster into the Jewish-American Hall of Fame will be held on a zoom webinar on Sunday, November 14th, from 11 AM -1 PM Pacific Time (2-4 PM Eastern Time). Featured speakers will include Don Boozer, Manager of the Literature Department, Cleveland Public Library (home of one of the largest Superman memorabilia collections in the country); medallist Eugene Daub; Sam Asher, Executive Director of the Virginia Holocaust Museum (home of the JAHM plaques); and Mel Wacks, Founder and Director of the Jewish-American Hall of Fame. To obtain a free invitation, contact Mel Wacks at directorjahf@yahoo.com.

WHEN THE U.S. DEFAULTED ON ITS OBLIGATIONS

 

Congressional fights over raising the debt limit often result in superlatives. A failure to raise the debt limit would almost certainly shake the financial markets unless, perhaps, it was only a brief, technical breach with a clear resolution in sight.

But one superlative that should be retired is unprecedented. The debt limit has only been in effect since 1917 — Congress got tired of having to approve every spending request from the Treasury during World War I — but there are at least four instances in U.S. history when one could argue the United States defaulted on its obligations.

Some of these cases have been lost to mists of history, though one default was recently the subject of an interesting book titled American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold. It was written by Sebastian Edwards, a professor at the University of California at Los Angeles, who had become involved in litigation over Argentina's default on its debt in 2001. Argentina argued to investors that its actions were rooted in the precedent set by the United States in the 1930s.

Some might argue these cases are not comparable to a failure to raise the debt limit — and many took place before the world economy was so interconnected. But they are all examples of when the U.S. government reneged on commitments it had made to investors. We were aided in our research by Alex J. Pollock, a former banker and Treasury official who is the author of Finance and Philosophy: Why We're Always Surprised.

 

1862
The original greenbacks were demand notes that Congress authorized when waging the Civil War proved more expensive than expected. Previously, there had been no national currency. These notes, on their face, declared a promise to pay to the bearer on demand precious metal coins. But that quickly became untenable as the dollar depreciated and U.S. gold and silver reserves were depleted.

So, Congress in 1862 abandoned the promise and declared the paper notes were legal tenure even though they were no longer backed by the equivalent in gold or silver. This is why U.S. currency to this day has the notation: This note is legal tender for all debts, public and private. (A lengthy history on the saga was written in 1869 by E.G. Spaulding, chair of a key House Ways and Means panel during this period.)

To read the complete article, see:
Why a debt ceiling breach would not be the first U.S. default (https://www.washingtonpost.com/politics/2021/10/07/why-debt-ceiling-breach-would-not-be-first-us-default/)

LOOSE CHANGE: OCTOBER 17, 2021

The Coinage of Trebizond
 

THE SOUTHERN SHORE of the Black Sea is a narrow strip of fertile land–famed for excellent hazelnuts–between the sea and the rugged Anatolian plateau. The coastal fortress of Trebizond (Trapezus to the ancient Greeks and Romans, now Trabzon, Turkey) was the capital of a small, but remarkably durable medieval empire, remembered as the last independent outpost of Byzantine Civilization. We know something about the coinage of this lost empire thanks to diligent research by a handful of scholars and collectors during the past century, notably the great British numismatist Simon Bendall (1937-2019).

To read the complete article, see:
CoinWeek Ancient Coin Series: The Coinage of Trebizond (https://coinweek.com/ancient-coins/coinweek-ancient-coin-series-the-coinage-of-trebizond/)

Antiquities Dealer Sells Fakes For Years

For decades customers interested in all manner of rarities — ancient coins, sarcophagus masks, prehistoric fossils — went to Mehrdad Sadigh's gallery near the Empire State Building in Manhattan. The items came with certificates of authenticity, and the gallery's website was filled with accolades from customers who appreciated the gracious touch he brought to his business.

Everything I have acquired from you over the years has more than exceeded my expectations, one testimonial read.

But Mr. Sadigh acknowledged Tuesday during a plea hearing that much about his antiquities business was an elaborate scam.

Over the course of three decades I have sold thousands of fraudulent antiquities to countless unsuspecting collectors, he said, according to the statement he read in State Supreme Court in Manhattan, adding, I can only say that I was driven by financial greed.

Many of the objects he was selling were not centuries-old artifacts unearthed overseas and imported to New York, investigators had said, but were, rather, phony specimens, mass-produced in a warren of offices just behind his showroom.

Mr. Sadigh pleaded guilty to seven felony counts that included charges of forgery and grand larceny.

To read the complete article, see:
Antiquities Dealer Admits Mass-Producing Fakes He Sold for Years (https://www.nytimes.com/2021/10/13/arts/design/fake-antiquities-mehrdad-sadigh.html)

Joseph Oliva Patenaude "JOP" Counterstamps

A silver enthusiast left his mark on Canadian coinage, leading to rarities in the silver dollar series.

The JOP countermarked silver dollars produced by Joseph Oliva Patenaude have become one of the most celebrated and collectable instances of modified Canadian coins today.

Patenaude was an optometrist and jeweler, born in Quebec in 1871 and educated in Chicago. After brief stops in Alaska and Spokane, he settled in Nelson, British Columbia, becoming a well-respected member of the community. He died in 1956 at the age of 85.

To read the complete article, see:
Canadian silver dollars with an optometrist's counterstamp (https://www.coinworld.com/news/world-coins/canadian-silver-dollars-with-an-optometrist-s-counterstamp)