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 can go to the following web page Subscribe You may Unsubscribe Here 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: Jeff Dickerson, Treasurer Numismatic Bibliomania Society P. O. Box 578, Weatherford, TX 76086 Asylum For Asylum mailing address changes and other membership questions, contact Jeff 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 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 JANUARY 4, 2026

New subscribers this week include: Richard Jerram, courtesy Fred Liberatore; Ken Srail, courtesy Steve Starlust; and Christian FOUET, courtesy Per-Göran CARLSSON; Welcome aboard! We now have 6,681 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 new periodical issue, two book reviews, a note from the Newman Numismatic Portal, notes from readers, and more.

Other topics this week include security edges, Joan Fagerlie, John Murdoch, Philippe Scheisser, auction previews, ancient Greek coins, the earliest coin minted in Scotland, and Isaac Newton at the Royal Mint.

To learn more about Japanese numismatists in the late 1790s, siege notes, Times Square, the Chain cent, gold dust as aquarium gravel, Melbourne Mint proof gold, Bust dollars, a Vermont Copper, the U.S. Colored Troops, Collectors Universe, paper napkins and the Smart People Hobby, read on. Have a great week, everyone!

Wayne Homren
Editor, The E-Sylum

 

 

PERIODICAL: NUMISMATIQUE ASIATIQUE NO. 56

Numismatique Asiatique
No. 56 | December 2025

ÉDITORIAL

Les VIe Rencontres de Numismatique Asiatique
The 6th Rencontres de Numismatique Asiatique

ACTES DES VIe RENCONTRES DE NUMISMATIQUE ASIATIQUE PREMIÈRE PARTIE

Histoire d'une collection
François Joyaux

A propos des petits daquan et petits huoquan
François Thierry

Two Influential Japanese Numismatists during the late 1790s
Craig Greenbaum

Les exemplaires du Dai Nippon Kahei Seizu offerts en 1881 par le consulat de France de Yokohama à Jules Silvestre et Léon Ardouin
Alain Escabasse

BIBLIOGRAPHIE

Bibliographie Numismatique de François Joyaux

74 pages in full color. A4 format (21 x 29 cm).

To order, see:
https://sites.google.com/site/societedenumismatiqueasiatique/adhesion

For more information on the the Asian Numismatic Society, see:
https://sites.google.com/site/societedenumismatiqueasiatique/home

 

BOOK REVIEW (BENNICK): SIEGE NOTES OF THE WORLD

Siege Notes of the World 1793-1913
by Lawrence Korchnak, Ph.D.

Reviewed by Greg Bennick

There are two ways to read Dr. Lawrence Korchnak's new book Siege Notes of the World 1793-1913. One could read it passively, as a reference book, where it sits upon a shelf and, might one happen in the wild upon a possible siege note, one could use this book to look it up. This is not the best or most exciting way to read this book. 

The other way to read this book is actively, utilizing it as a launchpad for true numismatic education, where it is paired with Korchnak's first book, Siege Coins of the World: 1453-1902 (published by CNG), and used as a means of learning more about the history, sieges, and conditions that led to specific note types to be issued. This reviewer far prefers the latter approach.

A topic on which less substantive information has been published than most other numismatic areas, siege notes can, because of this book, develop from here. Enthusiasts, or those curious about the topic, now have this book to serve as a synthesis of known information in one reference. This is a much-needed solution. For example, nearly 40% of the referenced bibliographic sources in this book were not published in English! Dr. Korchnak has done a service to the student of siege notes by compiling the most important information from known sources into one concise volume.

The book establishes the topic through a short foreword and introduction, which describe the what and why and how of siege notes. We learn that these notes were issues of desperation during times of duress, used to pay mercenary forces when no traditional means of currency (or possibly coin) might have been available. A closer read notices that there have been only nineteen known times when such notes were produced. These nineteen instances are each explored as a chapter in the book. 

Each entry is an encapsulation of both the issued note and its history, presented as a historical anecdote first, describing the siege and the conditions in which the note was released. From there, the known examples of that type are listed by denomination and variety. The reader will note that some entries are listed as "Reported, not verified" when an example supposedly exists but has not been seen or catalogued. This serves as an excellent place for readers to do their own research and locate examples of, or information about, those issues. This speaks to the active reading approach referenced earlier. Siege notes are out there, and are waiting to be found. This is a work that will help you better identify and understand them.

Photos of any known examples are in color, with each listing including a catalog title that includes denomination, a brief description, a reference to a source if the note appeared in another volume, and a rarity determination (for which the author has extrapolated a scale based on a combination of prior work on French notes, and auction / sales history of known sold examples). 

There are no prices in the book, so think of it not as a catalog giving both valuations and descriptions, but rather as more of a research volume from which one can explore the topic and look into auction records and prior sales for more information on one's own. One gets the sense while looking through the entries here that the occasionally sparse information on a particular issue is not because information has been excluded, but rather because it simply doesn't yet exist as fully developed.

It is clear throughout the work that Dr. Korchnak is devoted to as full an exploration of siege issues as the current body of information available allows. He has put a tremendous amount of time into a subject upon which little else has been written. With that in mind, this is a groundbreaking book. 

A slim volume, totaling 89 pages, Siege Notes of the World should not be taken as lacking in substance based on size, but rather as a full, or slowly filling, storehouse and synthesis of currently available information. It is up to the active student and reader to interpret this book as a gauntlet thrown, and to take the next step, as the author requests, to "conduct further research" into this area. 

Any numismatic area develops through a collective decision to do more research, find and compare new or existing examples, and communicate and share the results with other enthusiasts. In numismatics, especially in developing areas of study, someone has to take the first step to delve deeper and to open doors through which others may pass. In terms of siege notes, Dr. Korchnak has successfully done exactly that.

For this reviewer (and admittedly a new student of the topic), my first step when presented with Siege Notes of the World was to purchase a copy of the author's prior book, Siege Coins of the World: 1453-1902. The coin volume is a behemoth in comparison, at 332 pages, but this is because there are both more known examples and a wider range of people collecting and discussing them. Finding the volumes complementary meant having an immediately expanded resource with which to study notes. The coin book offers a thorough foundation for a similar topic upon which more research has been done. As one might expect in terms of study, two volumes are better than one (as an aside, one might sometime consider the reviewer's personal coin library to notice, as many numismatic bibliophiles could relate, that a few thousand volumes are better than one!). In terms of this book, I would recommend doing the same and purchasing Siege Coins of the World: 1453-1902 to go along with your copy of Siege Notes of the World 1793-1913.

From here, a reader would be wise to take the initiative and learn more about each siege and its history. Understanding why the notes were issued yields information about what the notes themselves are. As Marshall McLuhan famously stated, "The medium is the message," describing the idea that how an idea is communicated shares vital information about the idea, possibly even more importantly at times than the idea itself.

In Siege Notes of the World 1793-1913, McLuhan's concept applies as we explore the ways in which that notes were printed, why they were made, and also the functional aspect of what material they were actually printed upon. This idea is a concept learned from the book itself, as it is both explicitly stated and also inferred.

A note issued on a cloth fragment was not issued this way because the issuers liked fine fabrics but possibly rather because all precious metals had been used up for the issuance of siege coins, then all base metals as well, then possibly maybe even all leather, leaving the issuer only fabrics upon which to print. While this sequence is conjecture on the part of the present reviewer, it speaks to the piecing together of the what behind the physical note and the conditions supporting the why behind their reason to be. Certainly, in terms of coins, when no metal remained, other materials were used out of necessity. That necessity, engaged in by a people who were at the end of their resources due to a literal ongoing battle or siege, helps paint a clear picture of the conditions under which such pieces were issued. This is a critical part of the story, and Dr. Korchnak sets this essential tone clearly.

This is a book that will serve the active reader as a starting point and will present many questions as it offers definitive facts and answers. Siege Notes of the World 1793-1913 will spark the numismatic mind, and that in itself certainly speaks to a positive review. Direct participation in the hobby is what allows it to grow, and this is a book that actively promotes such an approach.

Let other volumes sit passively on the shelf. Have Siege Notes of the World 1793-1913 offer opportunities not just for expansive education about history, but also practical discovery as one begins to seek out and potentially find new as- yet-unseen notes in the world. Those treasures are out there, and this book serves as a solid introductory, and simultaneously advanced, guide to the subject.

Kolbe & Fanning, 2025. 8vo, original dark gray leatherette, printed in silver. iv, 92 pages; illustrated in color.

Available directly from Kolbe & Fanning at $70:
https://www.numislit.com/pages/books/7761/lawrence-c-korchnak/siege-notes-of-the-world-1793-1913

To read the earlier E-Sylum articles, see:
NEW BOOK: SIEGE NOTES OF THE WORLD 1793–1913 (https://www.coinbooks.org/v28/esylum_v28n48a02.html)
NEW BOOK: SIEGE COINS OF THE WORLD 1453-1902 (https://www.coinbooks.org/v24/esylum_v24n27a04.html)

 

BOOK REVIEW (BOLIN): SIEGE NOTES OF THE WORLD

Siege Notes of the World 1793-1913
by Lawrence Korchnak, Ph.D.

Reviewed by Benny Bolin

When Maria Fanning contacted me about doing a book review on a book related to Siege Notes, being the history nerd I am I say an emphatic YES. I was thinking of sieges that occurred around medieval times, times of King Arthur, dragons, knights.

Then, I got the book and it was about sieges of the 18th-20th century. I did not even know sieges happened that late. What I found out was Dr. Korchnak published the book of siege currency as a companion to Siege Coins of the World 1453-1902. He published it to get all the current information on siege notes in one reference instead of four or five. As much as possible, he cross-references the notes to the known catalogs. He also developed a rarity system based on known notes but that is sometimes hard to get right due to a lack of printing records and current survivors.

In the book, he details as much history as possible of nineteen sieges of that period. Primarily taking place in Europe and Africa, he lists the sieges in alphabetical order. He describes each siege as to the length, the time period and place as well as the ‘winner.' He lists the known notes by denomination, variety and type with pictures as available.

At the back of the book, he has a list in alphabetical order of the sieges, as well. I personally would like to have a list of them by date order, as well. He also shows maps of where they occurred which was very helpful to me.

The book was very well written and informative. It has inspired me to go back and study more of each as I did not know of any of them. I would highly recommend it to anyone's numismatic library.

Siege Notes of the World 1453–1902 is available from the publisher, Kolbe & Fanning, at numislit.com for $70.00 (https://www.numislit.com/pages/books/7761/lawrence-c- korchnak/siege-notes-of-the-world-1793-1913).

To read the earlier E-Sylum articles, see:
NEW BOOK: SIEGE NOTES OF THE WORLD 1793–1913 (https://www.coinbooks.org/v28/esylum_v28n48a02.html)
NEW BOOK: SIEGE COINS OF THE WORLD 1453-1902 (https://www.coinbooks.org/v24/esylum_v24n27a04.html)

TIMES SQUARE IN NUMISMATICS

Times Square in Numismatics

The annual ball drop in Times Square on New Year's Eve is an all-day event, with gates open to revelers beginning at 3pm. What they do for the next nine hours I have no idea, but perhaps the time could be spent in contemplation of numismatic connections to the so-called "Crossroads of the World." Fortunately, Newman Portal is a just a few clicks away via cell phone, and we can only acknowledge the patience of those who stood await in the pre-mobile phone era.

In 2013, Odyssey Marine mounted an exhibit of shipwreck coins at Discovery Times Square. Odyssey is perhaps best known for the thousands of 1861-O half dollars pulled from the SS Republic in 2003. Odyssey further recovered Bombay Mint silver bars from the SS Gairsoppa, a World War II shipwreck in the north Atlantic, with 99 tons of silver pulled from the deep in 2012-2013.

Dick Johnson, in 2012, made note of the "Art Takes Times Square" event, which featured artwork by Joel Iskowitz that depicted Victor David Brenner discussing the Lincoln Cent design with Theodore Roosevelt. Finally, the September 1941 Numismatic Scrapbook included an article about coin counting machines that noted in part "an estimated 30,000 persons a month are served by the coin telephones in a single Times Square cigar store." Amounting to a thousand calls per day, one can only assume the store hosted a large bank of pay phones.

Link to E-Sylum, May 5, 2013, "Odyessey Marine Shipwreck Exhibit Comes to Times Square":
https://nnp.wustl.edu/library/periodical/15845

Link to E-Sylum, June 24, 2012, "Art and Victor David Brenner Take on Times Square":
https://nnp.wustl.edu/library/periodical/14607

Link to NNP search results for "Times Square":
https://nnp.wustl.edu/library/searchwithterms?searchterm=times%20square

NOTES FROM E-SYLUM READERS: JANUARY 4, 2026

On Bent British Medieval Coins
Ron Bude writes:

To read the earlier E-Sylum article, see:
NOTES FROM E-SYLUM READERS: DECEMBER 28, 2025 : Covenant coins (https://www.coinbooks.org/v28/esylum_v28n52a10.html)

The Two-Week Chain Cent Production

Bill Eckberg writes:

To read the earlier E-Sylum article, see:
1793 FLOWING HAIR CENT, AMERI. CHAIN REVERSE (https://www.coinbooks.org/v28/esylum_v28n52a21.html)

Numismatic Libraries, and Coin Press No. 1

The Finest Preserved Stamped NE Silver Coin
Tony Terranova writes:

Brian Reed writes:

To read the earlier E-Sylum articles, see:
THE IMPORTANCE OF A NUMISMATIC LIBRARY (https://www.coinbooks.org/v28/esylum_v28n52a05.html)
LOOSE CHANGE: DECEMBER 28, 2025 : GOVMINT Partners with Nevada State Museum (https://www.coinbooks.org/v28/esylum_v28n52a27.html)

Two Seated Liberty Designs
Wayne Pearson writes:

George Washington, Drummer Boy
Wayne Pearson also asks:

To read the complete article, see:
1976 Bicentennial Quarter Worth $4 Million: How to Identify It (https://jjtravelschennai.com/1976-bicentennial-quarter-worth-4-million-identify-13/)

Medieval Scottish Silver Hoard

I was out metal detecting and I found a medieval hoard of silver coins from the period of the Scottish wars of independence! This was a time when characters like William Wallace, Robert The Bruce and Edward Longshanks were battling it out for supremacy. After years of searching for even one hammered coin, it was so incredible to find a scattered hoard of medieval silver, a dream come true! Untouched for over 700 years! We would love to hear your theories about who might have buried the hoard and why!

To watch the complete video, see:
Medieval Scottish Silver Hoard FOUND! (https://www.youtube.com/watch?v=mHvHmKb7SOE)

Update on the Wisconsin $100 Trump Bill

A 75-year-old veteran, Fred Smith, is out of jail after spending Christmas behind bars, accused of using a novelty $100 bill at a Kwik Trip earlier.

The incident happened Tuesday at the Kwik Trip on Springdale Street, where Smith used a novelty bill featuring Donald Trump's face. Later that day, police arrested Smith at his home and booked him into the Dane County Jail on a felony forgery charge.

Mount Horeb Police say the arrest was valid and that a judge found probable cause. Kwik Trip is also requesting that criminal charges be pursued.

Family and friends say Smith spent three days in jail without bail and are raising concerns about his medical care. His family claims he was sick, confused, and denied his medication.

Justin Perrault writes:

To read the complete articles, see:
Mount Horeb veteran released after spending christmas in jail over novelty $100 bill (https://www.wkow.com/news/mount-horeb-veteran-released-after-spending-christmas-in-jail-over-novelty-100-bill/article_b1a6b43e-f56c-4726-a4f5-3c340a6a6c31.html)
Dane County Case Number 2025CF002956 State of Wisconsin vs. Fred D Smith (https://wcca.wicourts.gov/caseDetail.html?caseNo=2025CF002956&countyNo=13&index=0&mode=details)

To read the earlier E-Sylum article, see:
LOOSE CHANGE: DECEMBER 28, 2025 : Wisconsin Man Spends $100 bill with Trump's Portrait (https://www.coinbooks.org/v28/esylum_v28n52a27.html)

Kind of a Smart People Hobby
Ken Spindler writes:

To order one, see:
Coin Collecting Art For Men Women Coin Collectors Numismatic Gift Unisex T-Shirt (https://www.ebay.com/itm/145994659898)

VOCABULARY TERM: SECURITY EDGE

Security Edge. Edge treatment on a coin moreso than a medal, in which the edge is rendered more difficult to counterfeit. To some degree this is accomplished by a knurled or reeded edge; but to a greater degree by a lettered edge or engrailed edge. Some of the later were accomplished by applying design or lettering on the edge by the canneluring machine before the item is struck in a coining press with a smooth collar – which may slightly squeeze the edge but does not obliterate the sunken letters or symbols. See edge lettering and numbering.

To read the complete entry on the Newman Numismatic Portal, see:
Security Edge (https://nnp.wustl.edu/library/dictionarydetail/516723)

JOAN MARIE FAGERLIE, PH.D. (1930-2017)

Often I come across a topic for an article while I am searching for something else. In the case of Joan M. Fagerlie, my inspiration came from a highly unexpected source.

She was the author of Late Roman and Byzantine Solidi Found in Sweden and Denmark, published by the American Numismatic Society in 1967 as Numismatic Notes and Monographs No. 157. This was revised from her Ph.D. thesis for the University of Washington.

Joan was born in Minneapolis with her twin sister Jean on November 9, 1930, the daughters of Paul Olsen Fagerlie (1891-1962) and Ella Fredericka Lindberg (1900-1988) Fagerlie.

She graduated from (Minneapolis) Roosevelt High School in 1949. She received a BA cum laude in 1953 and MA in history and an MA in library Science in 1955 at the University of Minnesota.

In 1957, Fagerlie was one of ten students who attended the American Numismatic Society ten-week Summer Seminar of Numismatics. These seminars are intended for graduate students and junior instructors at universities.

While a graduate assistant at the University of Washington in 1958, she received a graduate fellowship from the American Association of University Women. This funded her study of early medieval history at museums in Germany, Denmark and Sweden.

In 1961, she joined the staff at the American Numismatic Society as assistant curator of Roman and Byzantine coins. She participated in ANS activities as a lecturer at the summer seminars and contributed articles to the ANS Museum Notes.

In 1962, she was an adult education instructor for a class on coin collecting at Montclair (NJ) Adult School. This included a December 1, 1962, field trip to the ANS in NYC. The course had an impressive list of instructors including Dr. George C. Miles, Miss Margaret Thompson, Henry Christiansen, Henry M. Oechsner, Henry Grunthal, Dr. Julian Blanchard, John R. Francis, and Hans Schulman,

Another class was given in 1965 with instructors Julius Turoff, William Anton, Hans Schulman, Joan Fagerlie, and David McClymont.

She resigned from the ANS in 1974 with some health concerns. She returned to Minneapolis to work as a reference librarian at the University of Minnesota. She lived in a condominium in Saint Anthony Village for thirty years before moving to a different condominium in 2006.

Fagerlie died on December 6, 2017, while living at Cherrywood Pointe in Roseville. She is buried at Hillside Cemetery in Minneapolis.

My condominium held a New Years event recently. After some discussion, it was decided to hold it on the evening of December 31, 2025. I thought that was a good choice. The event also became a 20th birthday party for our building. This was built on the former site of the Apache Plaza Shopping Center during 2004-2005. The first residents moved in during January 2006.

One of the original residents has a scrapbook with photos she took every week during construction. I went through that scrapbook to select photos to be shown on our TV screen during the program.

One photo showed fourteen people participating in a groundbreaking ceremony in 2004. The photo caption included the names of a couple of people who still live in the building. It also included the name of Joan M. Fagerlie. I did not previously know that she lived in our building.

The attached image is cropped from the larger photo. Joan Fagerlie is the second woman from the left.

I learned that Joan was the first person to sign a purchase agreement for the new building then under construction. Everyone I talked with from the group of original owners remembers her.

When I learned that Joan was working at the University of Minnesota, I called her. I asked her to speak to our local coin club but she declined. She and I were both volunteers at the Minnesota Historical Society at the same time but I never met her at an event.

Our building is not designated for senior living. Our current residents range from an infant who has not reached his first birthday to a woman who recently celebrated her 102nd birthday. The original buyers twenty years ago have become senior citizens.

I moved in during COVID when the building had no social activities. When those activities resumed, I met a group of six women at our Monday coffee group. These women have all left here to go into assisted living. It is quite common.

At the New Year's Eve event, I talked with the woman who bought Fagerlie's condo. Joan moved out at the end of 2014 and the new owner moved in during January 2015. Another resident said that her memory was failing.

Joan was living at Cherrywood Pointe in Roseville at the time of her death. This is an assisted living facility. The cemetery is nearby. Most weeks I drive by there at least once. Now that I know she is there, I may visit the gravesite after the snow melts.

TREASURE TALK WITH BOB EVANS, EPISODE 10.2

By December of 2017, the legal and business matters following the 2014 recoveries had been resolved, at least as far as my business was concerned. The treasure was moved to a lab that was prepared for me inside the Collectors Universe building, right around the corner and down the hall from the PCGS grading room. For the next year and a half, I spent half of my waking hours there.

With the "new" treasure to take to market, we dusted off the Ship of Gold display for another big appearance at the Long Beach Coin & Collectible Expo, in February of 2018.

I have described this exhibit in previous Treasure Talks, but the main display is a forty-foot-long modular depiction of the bow of the ship, with portholes in the side serving as display cases. A recessed alcove room gives a space for a walkaround feature display of treasure.

In the old days, 2000 – 2010, inside one of the portholes, we displayed the incredible partially intact treasure box, (see Treasure Talk Episode 5 Part 2) inside an aquarium, giving visitors a chance to see treasure up close, as found, in its original state.

This artifact picked up a few nicknames over the years; the "fishbowl" was a favorite, although not very respectful of its fabulousness.

But now it was 2018, and the box and its coins were not a part of the "new" treasure, the gold we recovered in 2014. The more recently recovered treasure was the subject of the 2018 promotions. What could we use as a substitute?

In the lab, I had quite a few degraded bags of gold dust and nuggets, still sitting in water inside Ziploc bags, just as we had packaged it years earlier on the ship. At this point in February, just a month after I had commenced work in the lab, we had processed only a small portion of the gold dust at hand, just a little bit for some opening event promotions.

Then, something clicked, and I had an inspiration. I decided to use gold dust as aquarium gravel.

Because I could!

Who in the world ever gets to do that?! No one!

Such an extravagance is beyond the reach of tycoons and sultans, not from lack of money as much as lack of opportunity. Sitting in my converted-storeroom lab in southern California I had the resources to construct a display like no other ever seen!

As I thought seriously about it, it wouldn't be easy. It was bound to be messy, and time-consuming, taking perhaps hours; not something that could be repeated easily. It wasn't like I could stage a rehearsal. I would have to construct the display in place, in one shot. I estimated the volume of loose gold and nuggets on hand… Yes, that should make an inch or two of "gravel" in the bottom of my PetSmart 5-gallon aquarium.

I think it was the Saturday of the show, so the crowd was not as pressing as opening day, and kids were around. I was enjoying sharing stories with exhibit visitors, when I noticed a shortish man with a ponytail and a beard standing with two children in front of our native gold display. (Note: shortish men are still a little taller than my 5'4".) He seemed transfixed, with his nose pressed close to the window, and he was saying something to the girls as he pointed at the yellow rocks.

I walked up, more than happy to talk to someone looking so intently at the dust and nuggets.

I chimed in cheerily, "Yeah. It's the gold dust we recovered from the shipwreck."

He turned to me, smiling, and rather emphatically proclaiming, "Yeah, and it's gold dust from the districts that they were mining in 1857!"

And so, I met Erik Melchiorre, Professor of Stable Isotope Geochemistry at California State University, San Bernardino.

All of a sudden, I had met another human who immediately recognized the significance of the pieces of native gold; not just their monetary value, but their scientific importance, the evidence and the opportunity they represented. And he had resources: a university science department, with equipment, and students.

Using the SSCA gold and story to inform and inspire education has been central to the project from the very beginning. The original company's Adjunct Science and Education Program gave specialty scientists and educators access to an exciting new world, a deep-ocean, wooden-hulled shipwreck with all its physical and biological wonders, in addition to all that gold. From the fruits of the early expeditions, 1988 – 1991, academic theses, dissertations, and peer-reviewed articles resulted from these collaborations. I was eager and alert for opportunities to continue this tradition.

Now, out of the blue, a university professor actively teaching about gold dust, "placer gold," was standing in front of my display. He was unique. I was surprised and delighted at this meeting. "Placer" gold is defined as gold that is found loose, already weathered out of its original matrix rock, and found as dust or nuggets in the soil or in the stream.

Only a few days later, at my invitation and arrangement, Professor Melchiorre and three students showed up at the front desk of Collectors Universe, introducing themselves as my intended guests.

I gave them the "nickel tour" of the lab and its millions. Then we discussed what kind of science might be possible, and the research opportunity presented by this unique "sample" from the "field" and from the past.

To read the complete article, see:
Treasure Talk: Episode 10 – Part 2 More Adventures with Gold Dust (https://finestknown.com/treasure-talk-episode-10-part-2more-adventures-with-gold-dust/)

For the complete series, see:
Category Archives: Treasure Talk with Bob Evans (https://finestknown.com/treasure-talk-with-bob-evans/)

To read the earlier E-Sylum article, see:
TREASURE TALK WITH BOB EVANS, EPISODE 1 (https://www.coinbooks.org/v28/esylum_v28n12a12.html)
TREASURE TALK WITH BOB EVANS, EPISODE 2.1 (https://www.coinbooks.org/v28/esylum_v28n13a17.html)
TREASURE TALK WITH BOB EVANS, EPISODE 2.2 (https://www.coinbooks.org/v28/esylum_v28n14a15.html)
TREASURE TALK WITH BOB EVANS, EPISODE 3.1 (https://www.coinbooks.org/v28/esylum_v28n15a16.html)
TREASURE TALK WITH BOB EVANS, EPISODE 3.2 (https://www.coinbooks.org/v28/esylum_v28n17a16.html)
TREASURE TALK WITH BOB EVANS, EPISODE 4.1 (https://www.coinbooks.org/v28/esylum_v28n18a13.html)
TREASURE TALK WITH BOB EVANS, EPISODE 4.2 (https://www.coinbooks.org/v28/esylum_v28n19a20.html)
TREASURE TALK WITH BOB EVANS, EPISODE 5.1 (https://www.coinbooks.org/v28/esylum_v28n22a13.html)
TREASURE TALK WITH BOB EVANS, EPISODE 5.2 (https://www.coinbooks.org/v28/esylum_v28n23a16.html)
TREASURE TALK WITH BOB EVANS, EPISODE 6.1 (https://www.coinbooks.org/v28/esylum_v28n27a14.html)
TREASURE TALK WITH BOB EVANS, EPISODE 6.2 (https://www.coinbooks.org/v28/esylum_v28n30a21.html)
TREASURE TALK WITH BOB EVANS, EPISODE 7.1 (https://www.coinbooks.org/v28/esylum_v28n32a16.html)
TREASURE TALK WITH BOB EVANS, EPISODE 7.2 (https://www.coinbooks.org/v28/esylum_v28n40a15.html)
TREASURE TALK WITH BOB EVANS, EPISODE 8 (https://www.coinbooks.org/v28/esylum_v28n42a21.html)
TREASURE TALK WITH BOB EVANS, EPISODE 9 (https://www.coinbooks.org/v28/esylum_v28n49a19.html)
TREASURE TALK WITH BOB EVANS, EPISODE 10.1 (https://www.coinbooks.org/v28/esylum_v28n51a17.html)

JOHN MURDOCH'S MELBOURNE MINT PROOF GOLD COINS

The preface to the catalogue prepared by Sotheby's for the sale of Murdoch's collection stated it was: "…second only to the late Mr Montagu's. The two collections are probably the most important, valuable and extensive ever formed in England. Mr Murdoch did not collect Greek and Roman coins. If these series are eliminated from the Montagu Collection, we think Mr Murdoch's will be found to be the most important numismatic collection ever sold in this country".

The relevance of John G Murdoch to collectors of Australian gold coins lies in a request he made of the Melbourne Mint for proof coins "…in 1890…", principally because nearly all of the proof gold coins struck by the Melbourne Mint that are available to collectors today can be traced back to this request and Murdoch's collection.

Discussion of these gold coins from Murdoch's collection has felt very similar to the discussion of the Sydney Mint patterns and proofs struck by the Melbourne Mint in February 1927. On face value, both situations appear to be unorthodox - wealthy private collectors were closely linked to the Royal Mint's production of exclusive gold coins not available to the general public. Both situations, however were conducted with full knowledge of senior Mint staff, within Australia and London.

The generalisations around and superficial explorations of the circumstances of both situations has caused some collectors to shy away from the coins involved, principally out of a concern that information might come to light in future that could cause the rarity of the coins to be diminished.

A thorough review of the fulfilment of Murdoch's request addresses any such concerns. If anything, it affirms just how rare these coins are and how compelling the Murdoch provenance is.

The Dies Used to Strike Murdoch's Proof Gold Coins

After learning of Murdoch's special request of the Melbourne Mint, I wondered how Mint staff went about the task. Did they simply use previously-issued dies out of storage? Were any of those dies different to those used to strike circulating coinage? Was one common obverse die paired with each reverse of a different date?

Mintage figures for half sovereigns struck by the Melbourne Mint in the late 19th century indicate that the level of economic activity only required new injections of circulating gold coins once every few years. In the Jubilee Head era, Melbourne issued Half Sovereigns for circulation only in 1887 and 1893.

David Iverson and Steve Hill in the United Kingdom have conducted extensive research into the dies used to strike the Jubilee Head gold coinage, the result of which is the identification of numerous differences in the obverse and reverse dies used for certain dates, in certain years and at certain mints.

To read the complete article, see:
John G Murdoch: A Numismatic Provenance of Biblical Proportions (https://www.sterlingcurrency.com.au/blog/news-research/australian-gold-coinage/john-g-murdoch-a-numismatic-provenance-of-biblical/)

GREAT COLLECTIONS: MICHAEL SULLIVAN COLLECTION

This 29-coin, PCGS certified bust coinage offering will be sold by Great Collections following the FUN show. The coins will be on display for preview at FUN.

Sullivan's core collection of key dates and Redbook varieties continues to be his passion to collect and improve. This portion of the collection is not available for sale, but is viewable on PCGS Registry.

1806 Draped Bust Half Dollar Pointed 6, Stem Overton 122 PCGS VF-30 (MJ Sullivan Collection) Overton-122; This is the latest die state with large reverse vertical crack and secondary cracks. Additional cracks from arrows to base of UNITED through the field to the ribbon.

Ex. Acquired privately from Jim Matthews 2015; GreatCollections 2026 (MJ Sullivan).

To read the complete item description, see:
1806 Draped Bust Half Dollar Pointed 6, Stem Overton 122 PCGS VF-30 (MJ Sullivan Collection) (https://www.greatcollections.com/Coin/1957332/1806-Draped-Bust-Half-Dollar-Pointed-6-Stem-Overton-122-PCGS-VF-30-MJ-Sullivan-Collection)

1806 Draped Bust Half Dollar Pointed 6, Stem Overton 127a PCGS VF-25 (CAC Green) Overton-127a. High R-6. Condition Census #1 Late Die State.

Ex. GreatCollections 2026 (MJ Sullivan).

To read the complete item description, see:
1806 Draped Bust Half Dollar Pointed 6, Stem Overton 127a PCGS VF-25 (CAC Green) (https://www.greatcollections.com/Coin/1957320/1806-Draped-Bust-Half-Dollar-Pointed-6-Stem-Overton-127a-PCGS-VF-25-CAC-Green-MJ-Sullivan-Collection)

1795 Flowing Hair Silver Dollar B-12 BB-26 3 Leaves PCGS XF-45 (CAC Green) B-12; Bowers-Borckardt BB-26 3-Leaf: R.6. This is widely believed to be the finest known BB-26, although one example has been numerically graded higher. An impeccable pedigree dating back to Thomas Elder in 1924.

Ex. Elder 1924; Bolender Feb 1952; Austin; Superior Aug 1975; HA Jan 2018; GreatCollections 2026 (MJ Sullivan),

To read the complete item description, see:
1795 Flowing Hair Silver Dollar B-12 BB-26 3 Leaves PCGS XF-45 (CAC Green) (https://www.greatcollections.com/Coin/1957331/1795-Flowing-Hair-Silver-Dollar-B-12-BB-26-3-Leaves-PCGS-XF-45-CAC-Green-MJ-Sullivan-Collection)

1795 Flowing Hair Silver Dollar B-10 BB-22 2 Leaves PCGS VF-35 B-10; Bowers-Borckardt BB-22, 2-Leaf: R-7. This is a rare die marriage from the Warren Miller collection.

Ex. GreatCollections 2026 (MJ Sullivan).

To read the complete item description, see:
1795 Flowing Hair Silver Dollar B-10 BB-22 2 Leaves PCGS VF-35 (https://www.greatcollections.com/Coin/1957323/1795-Flowing-Hair-Silver-Dollar-B-10-BB-22-2-Leaves-PCGS-VF-35-Miller-MJ-Sullivan-Collections)

1795 Flowing Hair Silver Dollar B-6 BB-25 Missing Leaf PCGS XF-45 (Toned) B-6; Bowers-Borckardt BB-25, 3-Leaf: R-8. Finest of two known. While the BB-25 is an R-3 die marriage, only two coins exhibit the early die state missing a leaf near the upper left eagle wing (see photo reverse circle area). This is the finest of two known. This coin was not included in the Miller collection. It is now included in the 121-die marriage PCGS set as part of the registry program as posted on PCGS:

1795 B-6, BB-25 3-Leaves
1795 B-6, BB-25 Missing Leaf

Originally identified by legendary dollar collector Frank Stirling, this coin eventually found its way to the Hesselgesser collection sold in 2011. After passing through a few hands, the coin landed in the MJ Sullivan collection.

Ex. Goldberg Jun 2013 (Hesselgesser); GreatCollections 2026 (MJ Sullivan).

To read the complete item description, see:
1795 Flowing Hair Silver Dollar B-6 BB-25 Missing Leaf PCGS XF-45 (Toned) (https://www.greatcollections.com/Coin/1957321/1795-Flowing-Hair-Silver-Dollar-B-6-BB-25-Missing-Leaf-PCGS-XF-45-Toned-Hesselgesser-MJ-Sullivan-Collections)

1798 Draped Bust Silver Dollar B-18 BB-103 Point 9 4 Lines PCGS F-12 (Toned) B-18; Bowers-Borckardt BB-103: A classic rarity in the bust dollar series, as the only straight-graded example for the die marriage that was formerly a highlight from the Reiver and Perkins collections. Perkins acquired this coin under a private agreement with Reiver (and was therefore not included in the 2006 Reiver auction.

Jules Reiver Acquisition Card: "Coin Emporium, 6/1983 - B-18a UNIQUE - no Die Cracks on the Rev., Weak Reverse as Diagnostic, 8985 Biscayne Boulevard, Miami Shores, Florida, 33138"

Ex. Jamie Rose Jun 1983; Reiver; Perkins; GreatCollections 2026 (MJ Sullivan).

To read the complete item description, see:
1798 Draped Bust Silver Dollar B-18 BB-103 Point 9 4 Lines PCGS F-12 (Toned) (https://www.greatcollections.com/Coin/1957328/1798-Draped-Bust-Silver-Dollar-B-18-BB-103-Point-9-4-Lines-PCGS-F-12-Toned-MJ-Sullivan-Collection)

1798 Draped Bust Silver Dollar B-16 BB-110 PCGS AU-55 B-16; Bowers-Borckardt BB-110: R-6. Easily identifiable by the obverse crack from rim to date, this is the condition census #2 coin after the Perkins MS-61 coin. It is the Bolender plate coin.

Ex. Miller; Hansen; GreatCollections 2026 (MJ Sullivan).

To read the complete item description, see:
1798 Draped Bust Silver Dollar B-16 BB-110 PCGS AU-55 (https://www.greatcollections.com/Coin/1957341/1798-Draped-Bust-Silver-Dollar-B-16-BB-110-PCGS-AU-55-Miller-Hansen-MJ-Sullivan-Collections)

1798 Draped Bust Silver Dollar B-34 BB-126 PCGS VG-10 (Toned) B-34; Bowers-Borckardt BB-126: R-8. This is the second BB-126 discovered and cherrypicked by an eagle-eyed collector-dealer on the internet in 2021. The die marriage blends the obverse of a BB-108 with the reverse of a BB-103/104. This is the only straight graded coin known of this die marriage – the die marriage is the last bust dollar die marriage discovered (the other example known was the discovery piece reported by CoinWorld in 2015).

Ex. GreatCollections 2026 (MJ Sullivan).

To read the complete item description, see:
1798 Draped Bust Silver Dollar B-34 BB-126 PCGS VG-10 (Toned) (https://www.greatcollections.com/Coin/1957336/1798-Draped-Bust-Silver-Dollar-B-34-BB-126-PCGS-VG-10-Toned-MJ-Sullivan-Collection)

1803 Draped Bust Silver Dollar B-3 BB-256 Small 3 PCGS AU-50 B-3; Bowers-Borckardt BB-256: This Condition Census #3 R-6 was the first rarity added to the MJ Sullivan collection back in 2012, acquired directly from Jim Mathews.

Ex. Goldberg Sep 2002; GreatCollections 2026 (MJ Sullivan).

To read the complete item description, see:
1803 Draped Bust Silver Dollar B-3 BB-256 Small 3 PCGS AU-50 (https://www.greatcollections.com/Coin/1957335/1803-Draped-Bust-Silver-Dollar-B-3-BB-256-Small-3-PCGS-AU-50-MJ-Sullivan-Collection)

1801 Draped Bust Silver Dollar B-4 BB-214 PCGS MS-61 (Toned) B-4; Bowers-Borckardt BB-214: R-4. This coin is virtually Proof-Like, although not noted by PCGS and was previously graded NGC MS-62 when it was sold in a March 2016 auction.

Ex. SB Mar 2016; GreatCollections 2026 (MJ Sullivan).

To read the complete item description, see:
1801 Draped Bust Silver Dollar B-4 BB-214 PCGS MS-61 (Toned) (https://www.greatcollections.com/Coin/1957334/1801-Draped-Bust-Silver-Dollar-B-4-BB-214-PCGS-MS-61-Toned-MJ-Sullivan-Collection)

 

HERITAGE: COLONIAL AND PRE-FEDERAL COINS

1652 Pine Tree Shilling, Large Planchet, No Pellets, Reversed N, Noe-10, W-750, Salmon 8-Diii, R.3, MS63 PCGS. 73.3 grains. Steel-blue and sunrise yellow coloration coat surfaces that are largely unabraded, save for an old mark southeast of the Pine Tree. The stretched out nature of the HVS on the obverse is an artifact of the rocker press employed for the coinage of this issue. Slight rim flattening above that H also suggests a minor clip, common among these issues to ensure proper weight.

The Pine Tree shilling is the third of three tree varieties of Massachusetts coinage, and the first of two Planchet sizes of the Pine Tree type. There are 11 major varieties and 16 die marriages total. The present Large Planchet, No Pellets, Reversed N variety covers two different Noe die marriages: Noe-9 and Noe-10. The present Noe-10 sports a significantly reengraved Pine Tree compared to Noe-9, and is significantly more available than the earlier die state. Listed on page 9 of the 2026 Guide Book.
From The Costa Family Collection, Part II.

To read the complete item description, see:
1652 Pine Tree Shilling, Large Planchet, No Pellets, Reversed N, Noe-10, W-750, Salmon 8-Diii, R.3, MS63 PCGS. (https://coins.ha.com/itm/colonials/1652-pine-tree-shilling-large-planchet-no-pellets-reversed-n-noe-10-w-750-salmon-8-diii-r3-ms63-pcgs-pcgs-/a/1390-3004.s)

1722 Hibernia Farthing, M. 1.1-A.1, W-12200, R.5 -- Reverse Scratched -- NGC Details. Unc. Ex: Boyd/Ford. Martin 1.1-A.1 is the sole die marriage of the 1722 Hibernia farthing. It is very scarce. NGC has graded a mere four pieces, the present lot plus examples in Fine 15, VF20, and XF45 (12/25). This mahogany-brown representative is exemplary save for a horizontal mark, on the right reverse field near 3 o'clock. Listed on page 15 of the 2026 Guide Book.
Ex: Henry Chapman, 1910; F.C.C. Boyd; Boyd Estate; John J. Ford, Jr. Collection, Part VII (1/2005), lot 22.
From The LS Collection.

To read the complete item description, see:
1722 Hibernia Farthing, M. 1.1-A.1, W-12200, R.5 -- Reverse Scratched -- NGC Details. Unc. (https://coins.ha.com/itm/colonials/1722-hibernia-farthing-m-11-a1-w-12200-r5-reverse-scratched-ngc-details-unc-pcgs-921455-/a/1390-3423.s)

1773 1/2 P Virginia Halfpenny, Period, N. 25-M, W-1580, R.2, MS64 Red PCGS. A die lump on the divider east of the Irish harp is the identifier for Newman 25-M. Although Virginia halfpennies are available in Mint State, relatively few retain full Red color. This Choice representative displays toning on the high points, but the remainder of the coin is orange-gold. Marks are absent, and the strike shows minor incompleteness. Listed on page 16 of the 2026 Guide Book.
From The LS Collection.

To read the complete item description, see:
1773 1/2 P Virginia Halfpenny, Period, N. 25-M, W-1580, R.2, MS64 Red PCGS. (https://coins.ha.com/itm/colonials/1773-1-2-p-virginia-halfpenny-period-n-25-m-w-1580-r2-ms64-red-pcgs-pcgs-242-/a/1390-3427.s)

1788 Massachusetts Cent, Period, Ryder 3-A, W-6210, Low R.4, MS62 Brown PCGS. A low first 8 in the date is a pick-up point for the scarce Ryder 3-A. The variety is conditionally rare, and this is the first example to our knowledge to appear in a Heritage auction certified as Mint State. The unmarked mahogany-brown surfaces display minor flan granularity near 9 o'clock on the reverse, and a spot rests below the M in MASSACHUSETTS. Listed on page 30 of the 2026 Guide Book.

To read the complete item description, see:
1788 Massachusetts Cent, Period, Ryder 3-A, W-6210, Low R.4, MS62 Brown PCGS. (https://coins.ha.com/itm/colonials/1788-massachusetts-cent-period-ryder-3-a-w-6210-low-r4-ms62-brown-pcgs-pcgs-688955-/a/1390-3430.s)

1785 Vermont Copper, VERMONTS, XF40 NGC. RR-2, Bressett 1-A, W-2005, R.2. A well centered example that displays tan-brown and lime when rotated beneath a light. The types are bold, and flan flaws are minor and undistracting. This is an example of the popular Landscape type that departs from the usual imitations of King George and Britannia. The present RR-2, Bressett 1-A is the most available of the three die marriages of this date. Listed on page 27 of the 2026 Guide Book. Census: 8 in 40, 4 finer (9/25).
Ex: FUN Signature (Heritage, 1/2010), lot 19.
From The Costa Family Collection, Part II.

To read the complete item description, see:
1785 Vermont Copper, VERMONTS, XF40 NGC. RR-2, Bressett 1-A, W-2005, R.2. (https://coins.ha.com/itm/colonials/1785-vermont-copper-vermonts-xf40-ngc-rr-2-bressett-1-a-w-2005-r2-pcgs-539-/a/1390-3435.s)

1792 Washington Roman Head Cent PR63 Red and Brown NGC. Baker-19, W-10840, GW-21, R.6. Chestnut and sunrise-yellow hues dominate the surfaces, with hints of blue-steel on the high points. Strike is bold, and the fields are clean.

The obverse of this token portrays Washington in the outfit of a Roman official. Roman depictions of Washington were common on pieces of the time, with a Roman-style wreath shown on Washington's head on many of the British-produced WASHINGTON & INDEPENDENCE examples, along with a toga on many of those types. The same occurred in other forms, such as statues, where a likeness of Washington as a Roman emperor was located on the U.S. capital grounds for years. However, Washington did not like this depiction. In his Complete Encyclopedia of U.S. and Colonial Coins, Walter Breen suggests that this emboldened the British minters, dubbing the token "Hancock's Revenge":

"When news of Washington's rejection reached Birmingham, John Gregory Hancock (doubtless with Westwood's gleeful consent, possibly at his instigation) undertook an extraordinary piece of revenge. As Washington's spokesmen had compared the idea of presidential portraits on coins to the practices of Nero, Caligula, and Cromwell, so Hancock's (and/or Westwood's) idea was to portray Washington on a coin as a degenerate, effeminate Roman emperor. Hancock's satirical masterpieces, the 'Roman Head' cents manage to convey this impression--with a subtle resemblance. ... Beginning as tokens of incredible spite, these cents have become among the most highly coveted of Washington items."

The Roman Head Cent is part of the Conder token series and was not intended for circulation. Only one die marriage exists, known equivalently as Baker-19, Breen-1249, Fuld-WA.1792.3, and W-10840, In his book, Whitman Encyclopedia of Colonial and Early American Coins, Q. David Bowers states, "Nearly all are in high grades, Proof-63 being about par." Listed on pages 48-49 of the 2026 Guide Book.

To read the complete item description, see:
1792 Washington Roman Head Cent PR63 Red and Brown NGC. Baker-19, W-10840, GW-21, R.6. (https://coins.ha.com/itm/colonials/1792-washington-roman-head-cent-pr63-red-and-brown-ngc-baker-19-w-10840-gw-21-r6-pcgs-732-/a/1390-3013.s)

SBG NYINC ANCIENT AND WORLD COINS, PART II

PTOLEMAIC EGYPT. Arsinoe II Philadelphos, Died 270/268 B.C. AV Mnaieion (Oktadrachm/Octodrachm) (27.65 gms), Alexandreia Mint, struck under Ptolemy II, ca. 253/2-246 B.C. NGC AU, Strike: 5/5 Surface: 3/5. Fine Style. CPE-388; Svor-460; SNG Cop-134. Obverse: Veiled head right, with ram's horn and wearing stephanos; lotus-tipped scepter in background, T to left; Reverse: Filleted double cornucopia, with grape bunches hanging at sides. Very well centered across both sides, this lustrous and rather beautiful specimen stands as an above average representative from the popular emission, and one that is undoubtedly of fine style.

Estimate: $15,000 - $25,000.

Provenance: From the Peter Jones M.D. Collection.

To read the complete item description, see:
Alluring Gold Mnaieion for the Deified Arsinoe II (https://auctions.stacksbowers.com/lots/view/3-1P0AV0/ptolemaic-egypt-arsinoe-ii-philadelphos-died-270268-bc-av-mnaieion-oktadrachmoctodrachm-2765-gms-alexandreia-mint-struck-un)

FAUSTINA JUNIOR (DAUGHTER OF ANTONINUS PIUS & WIFE OF MARCUS AURELIUS). AV Aureus (7.26 gms), Rome Mint, ca. A.D. 147-150. NGC MS, Strike: 5/5 Surface: 4/5. Fine Style. Calico-2094; RIC-515a (Pius). Obverse: Draped bust right; Reverse: Venus standing left, holding apple and rudder. Exhibiting a crisp and exacting strike as well as opulent lustrous brilliance, this stunner radiates with tremendous eye appeal and must assuredly reside among the finer known for the type.

Estimate: $15,000 - $20,000.

To read the complete item description, see:
Lustrous Mint State Aureus of Faustina the Younger (https://auctions.stacksbowers.com/lots/view/3-1P0BP8/faustina-junior-daughter-of-antoninus-pius-wife-of-marcus-aurelius-av-aureus-726-gms-rome-mint-ca-ad-147-150-ngc-ms-strik)

POLAND. Danzig. Ducat, 1683-DL. Danzig Mint. John III Sobieski. PCGS MS-63. Fr-36; KM-75.1; H-Cz-2479 (R1); Kop-7692; Kam-1267; Gum-2045. Weight: 3.49 gms. A simply lovely and magnetically alluring Polish Ducat, delivering a refined elegance in the elegant details being boldly impressed on the surfaces. The fields are bright and luminous, with a reflectivity reminiscent of a piece of polished obsidian. About as attractive as Polish gold from this period comes, we expect no shortage of active bidders for this exemplar.

Estimate: $15,000 - $25,000.

Provenance: From the Collection of Kazmier Wysocki, former mayor of Hackensack, New Jersey.

To read the complete item description, see:
Stunning Choice Mint State Ducat of Jan III Sobieski (https://auctions.stacksbowers.com/lots/view/3-1P0FU8/poland-danzig-ducat-1683-dl-danzig-mint-john-iii-sobieski-pcgs-ms-63)

RUSSIA. Gold 10 Rubles Novodel, 1756-CNB. St. Petersburg Mint. Elizabeth I. NGC MS-63. Fr-Unlisted (though cf. Fr-122 for regular issue); KM-Unlisted (though cf. KM-C-28.2 for regular issue); Bit-H76 (R3). Weight: 16.81 gms. This stunning RARITY almost lacks words to describe its majesty and splendor, as the present piece is exceedingly alluring and provocative. The surfaces glow with a soft sunny glimmer, with more forceful pools of luster in the recesses and crevices. Unblighted by handling or cleaning as occasionally plagues Novodels, the heights to which this 10 Rubles could soar are no doubt extremely difficult to predict, though they should be quite lofty and monumental.

Estimate: $90,000 - $120,000.

Provenance: Ex: Rothschild-Piatigorsky Collection (Stack's Bowers 1/2024) Lot #54306. Ex: Art Trading Company, New York City (bt. ca. 1940/50s); with tag.

To read the complete item description, see:
Excessively Rare Novodel 10 Rubles of Elizabeth (https://auctions.stacksbowers.com/lots/view/3-1P0GGZ/russia-gold-10-rubles-novodel-1756-cnb-st-petersburg-mint-elizabeth-i-ngc-ms-63)

GREAT BRITAIN. Noble, ND (1369-77). Calais Mint. Edward III. NGC MS-66. S-1521; Fr-98; N-1281. Weight: 7.72 gms. Fourth coinage, post-Treaty period. The single second finest certified of the type on either the NGC or PCGS population reports, only one finer (NGC MS67+). A bold and impressive large-format hammered gold issue, approaching the crest of perfection, yielding a bold and impressive strike, with a glittering golden eye appeal. The flan is full, and the legends are well impressed on the flan, leaving little design element wanting for strike clarity. Superior than normally encountered this is about as attractive and well preserved as one could hope to find of the type, we expect nothing short of numerous excited bids for this high quality example.

Estimate: $20,000 - $30,000.

To read the complete item description, see:
Sensational Quality Premium Gem Noble of Edward III (https://auctions.stacksbowers.com/lots/view/3-1P0TV1/great-britain-noble-nd-1369-77-calais-mint-edward-iii-ngc-ms-66)

GREAT BRITAIN. Great Britain - France. Dollar (4 Shillings 9 Pence), ND (1797-99). George III. NGC AU-50; Countermark: AU Strong. S-3765B (Extremely Rare); KM-628 (this coin plated); ESC-1861 (R6, this coin plated). Authorized 9 March 1797. Countermark: Bank of England Type I, Bust of George III within oval indent. Applied to the obverse of a 1784-M (Toulouse Mint) France Ecu of Louis XVI (KM-564.10). An EXTREMELY RARE Dollar countermark on a French host, and the sole straight-graded example on an Ecu of any ruler by either NGC or PCGS. The state of preservation is astounding relative to the other known examples, with deeply toned, problem-free surfaces and only mild wear, with some typical strike weakness on the portrait of Louis XVI. The countermark itself is additionally superb, even relative to the typical example on a more common host, with a deeply impressed punch and a sharp, bold portrait of George III.

According to our searches, only two countermarked Dollars with this host type have appeared in public auction over the past 25 years, both bearing significantly more wear than the present piece as well as major surface problems. Our research finds only two other possible examples, which seemingly have not surfaced publicly in decades. In addition to being quite possibly the finest example of this type and bearing an illustrious pedigree, this would additionally appear to be the earliest-dated Louis XVI host with this countermark. As such, its desirability and distinction cannot be understated.

Estimate: $20,000 - $30,000.

To read the complete item description, see:
Marvelous George III Oval Countermark on a French Ecu (https://auctions.stacksbowers.com/lots/view/3-1P0V14/great-britain-great-britain-france-dollar-4-shillings-9-pence-nd-1797-99-george-iii-ngc-au-50-countermark-au-strong)

GERMANY. Munster. 5 Ducats, ND (ca. 1640). Munster Mint. Ferdinand von Bayern. NGC MS-63. Fr-1765a (Very Rare); KM-Unlisted. Weight: 17.53 gms. By Engelbert Kettler. Struck from Schautaler dies (cf. KM40, Dav-5595). Obverse: Nativity of Christ in manger, with Mary, Joseph and shepherds surrounding, ox and ass leaning over child, angel in radiant clouds above, "Und das wort ist fleisch worden JOH am 1" around; Reverse: Circumcision of Christ in temple, with priest in traditional garb performing the surgery with a scalpel while Mary and Joseph observe the ceremony at either side, "Nam ward Genennet JESUS Luc am 2". PERHAPS UNIQUE in this large gold format, with only a singular 4 Ducats bearing this design (the Paramount Collection example in NGC AU-58) appearing in public auction records according to our searches. In silver, this obverse and reverse pairing may be found in 2 Taler, 1-1/2 Taler, Taler, and 3/4 Taler weights, though all are fairly elusive. Though undated, these issues were almost certainly struck contemporaneous to the other religious-themed issues of Munster mintmaster Engelbert Ketteler that are dated in the 1630s and 1640s.

The condition of the piece is superb and impressive, with gentle gloss to the fields and no offensive marks or hits to note. The design is both intricate and interesting; the depiction of the circumcision of Christ, with the knife itself included, is highly unusual and evocative for a numismatic issue. The legend "Und das wort ist fleisch worden" ("And the Word became flesh") is from the Gospel of John (1:14), signifying the divine birth of Jesus as the physical manifestation of the "Word" of God; on the reverse, "Nam ward Genennet JESUS" ("The naming of Jesus") from the Gospel of Luke (2:21) relates the naming of Jesus upon his circumcision on the eighth day following his birth. All in all, the unique combination of rarity, condition, and design found upon this piece would undoubtedly make it a centerpiece for collectors of biblical issues, multiple ducats, or German RARITIES as a whole.

Estimate: $100,000 - $150,000.

Provenance: Ex: Fritz Rudolf Künker (9/2021) - Lot # 1983 @ €156,000 / $182,876 (including buyer's premium); then in NGC MS-64 holder. Ex: Ludwig Grabow (sold 1953).

To read the complete item description, see:
Sublime 5 Ducats with Evocative Depiction of Christ's Circumcision (https://auctions.stacksbowers.com/lots/view/3-1P0X6M/germany-munster-5-ducats-nd-ca-1640-munster-mint-ferdinand-von-bayern-ngc-ms-63)

CAMBODIA. Piastre, 1860. Brussels Mint. Norodom I. NGC MS-62. KMX-M9; Lec-88. A remarkable example of a supremely impressive and always coveted type, this pleasing Mint State specimen offers warm surface complexion, with sharp details and minimal handling. Some light marks prevent a higher grade, though these are miniscule and barely worth a mention, as any Mint State example of the type is tremendously RARE. An example that will be most desired when it crosses the auction block.

Estimate: $15,000 - $20,000.

To read the complete item description, see:
Astounding Southeast Asian Trade Coinage With Denomination in Five Different Languages (https://auctions.stacksbowers.com/lots/view/3-1P0ZJH/cambodia-piastre-1860-brussels-mint-norodom-i-ngc-ms-62)

DENMARK. 20 Kroner, 1927. Copenhagen Mint. Christian X. PCGS SPECIMEN-66. Fr-299; KM-817.2; Sieg-3.2. Mintmaster: Hans Christian Nielsen (HCN). An EXCESSIVELY RARE date, this issue is certainly the most elusive amongst the quartet of 1926, 1927, 1930 and 1931 dates which comprise the last 20th century gold issues of Denmark. Struck in supreme quality, this piece boasts razor sharp detail through the designs with fields that are highly striated and dazzling due to mindful die polishing. Close inspection of the surfaces yields almost no signs of handling, reflecting a considerate chain of ownership over the generations, with delicate apricot-orange tone complementing the raised central designs as well as the far edges. In all likelihood, the very finest example of this date available for collectors, as this offering reflects the only appearance in well over a decade and of the two graded by PCGS and NGC combined, this example is the finer by a good measure. Altogether, a coin that summits the scales of rarity and quality, making it a prime candidate for the collector that treasures the elite.

While the reason for presentation-quality strikes on the never-released dates are not known, it is assumed that a few were made available by the mint for members of the Danish Numismatic Society.

To read the complete item description, see:
The Rarest Date Christian X 20 Kroner (https://auctions.stacksbowers.com/lots/view/3-1P0ZV9/denmark-20-kroner-1927-copenhagen-mint-christian-x-pcgs-specimen-66)

JAPAN. Japan - United States. Hokkaido. Hakodate. 3.32 Momme, ND (ca. 1858). PCGS AU-58. KM-Unlisted; JNDA-Unlisted; JC-Unlisted. Individual Japanese numeral countermarks ? ? ? (3-3-2) in a vertical line applied to the obverse of a United States 1858-S Seated Liberty Half Dollar. This VERY RARE short-lived issue offers a somewhat bright color with plenty remaining cartwheel effect that becomes apparent when rotated in the light. A thin veneer of champagne tone graces the surfaces adding a bit of contrast. The stamps are deeply impressed and clear on a nicely preserved host. Though one of the more available issues from the series, it is still an incredible survivor with few known examples today.

The issues from the port of Hakodate were short-lived, as they proved to be impractical and inefficient. Each piece was weighed and stamped with the corresponding numbers that, when calculated by 3.75 (Momme), were more than 99% accurate to the weight of the coin at time of striking. This is in accordance with Article V of the Harris Treaty of Amity and Commerce signed at Edo on 29 July 1858. The article states that "...Americans and Japanese may freely use foreign coin in making payments to each other" and that "...all foreign coins shall be current in Japan, and pass for its corresponding weight of Japanese coin of the same description." The known host coins for this issue are Russian: 20 Kopeks, 25 Kopeks, and Ruble; American: Seated Liberty Half Dollars; French: 5 Francs; Mexican: Republican 8 Reales. The Russian 20 and 25 Kopeks appear to be the most "common" from this series, with about 6 known of the 20 Kopeks and about 7 of the 25 Kopecks, followed by the American Seated Liberty Half Dollars, with about 7 known; all other denominations should be considered extremely rare to unique.

To read the complete item description, see:
Very Rare United States Half Dollar Countermarked to Identify Japanese Momme Weight Standard (https://auctions.stacksbowers.com/lots/view/3-1P11GB/japan-japan-united-states-hokkaido-hakodate-332-momme-nd-ca-1858-pcgs-au-58)

NETHERLANDS. Holland. 3 Gulden, 1680. PCGS MS-63. Dav-4951; KM-58. The finest certified example at PCGS and tied with the finest at NGC. This Choice specimen displays with a rich cabinet patina that leads to flashy iridescence when cradled in hand. A SCARCE issue in just about any grade, EXTREMELY RARE in such a state of preservation. This one year type should see much excitement when it crosses the auction block.

Estimate: $6,000 - $9,000.

Provenance: From the John P. Burnham Collection.

To read the complete item description, see:
Iridescent Choice 3 Gulden (https://auctions.stacksbowers.com/lots/view/3-1P11PH/netherlands-holland-3-gulden-1680-pcgs-ms-63)

PHILIPPINES. Peso, 1904. Philadelphia Mint. PCGS PROOF-68. KM-168; Allen-16.03. About as impressive an example of the type as one could ever hope to find, reaching upwards towards the lofty peak of perfection, with this Peso falling a mere two points short of the designation. Delivering all the precision one would expect from a Philadelphia Mint Proof that was just pulled off the presses, with an exacting strike and crisp well formed rims. The tone at the peripheries is entrancing and colorful and dazzling, with lovely glassy reflectivity in the fields.

Estimate: $15,000 - $25,000.

To read the complete item description, see:
Amazing Proof-68 Peso (https://auctions.stacksbowers.com/lots/view/3-1P121X/philippines-peso-1904-philadelphia-mint-pcgs-proof-68)

JUDAEA. First Jewish War, 66-70 C.E. AR Shekel (13.42 gms), Jerusalem Mint, dated Year 4 (69/70 C.E.). NGC AU, Strike: 4/5 Surface: 4/5. Die Shift. Meshorer-207; Hendin-6393. Obverse: Omer cup; Reverse: Sprig of three pomegranates. A magnificent Shekel from the RARE fourth and penultimate year of the Jewish War. Struck on a broad flan, it offers nearly complete borders for both dies. The bold detail and evident metal flow suggest it received a forceful strike, with a trace of die shift on the reverse. Of great metal quality and only gently toned, the coin projects an elegant, lustrous character throughout its fields. This remarkable survivor ranks among the most treasured rarities of the entire Judaean series.

By the fourth year of the Great Jewish Revolt, momentum had shifted decisively in favor of the Romans. Vespasian's campaign pacified much of the Judaean hinterlands, driving the rebels to consolidate around Jerusalem and setting the stage for his son Titus' siege of the great city. This deteriorating situation is reflected in the coinage by the pronounced scarcity of year 4 coinage relative to the preceding three years; David Hendin notes just 53 examples of the Shekel and 6 for the Half Shekel of this year. Estimate: $30,000 - $50,000.

Provenance: From the Rabbi Victor H. Weissberg and Tamar Weissberg Collection.

Ex: Privately purchased from Superior Galleries (7/1987).

To read the complete item description, see:
An Extraordinary Year 4 Shekel of the Jewish War (https://auctions.stacksbowers.com/lots/view/3-1P01SX/judaea-first-jewish-war-66-70-ce-ar-shekel-1342-gms-jerusalem-mint-dated-year-4-6970-ce-ngc-au-strike-45-surface-45)

VESPASIAN, 69-79 C.E. AV Aureus (7.22 gms), Rome Mint, 69-70 C.E. NGC Ch F, Strike: 5/5 Surface: 2/5. Scratches. RIC-1; Calico-643; Hendin-6492. "Judaea Capta" commemorative. Obverse: Laureate bust right; Reverse: Judaea seated right in attitude of mourning, resting head upon hand; trophy to left. The ever popular commemorative type, despite evidence of handling, provides a nicely centered and bold strike. Always demanded, no matter any technical wear.

Estimate: $5,000 - $7,000.

Provenance: From the Rabbi Victor H. Weissberg and Tamar Weissberg Collection.

To read the complete item description, see:
Impressive "Judaea Capta" Aureus (https://auctions.stacksbowers.com/lots/view/3-1P02H0/vespasian-69-79-ce-av-aureus-722-gms-rome-mint-69-70-ce-ngc-ch-f-strike-55-surface-25-scratches)

 

STACK'S BOWERS: NYINC CURRENCY AUCTION SECTION B

BELGIAN CONGO. Banque du Congo Belge. 1000 Francs, 3.11.1920. P-12b. PMG About Uncirculated 53. Kinshasa branch. Perhaps one of the most attractive designs of the Belgian Congo, and a notably difficult type in any grade. In our Spring 2023 Maastricht auction we sold the note consecutive to this piece, graded Choice About Uncirculated 58 by PMG for $36,000. While it is unlikely that this piece will reach the same level, as it has received a minor repair in the top margin (not impacting the printed area) it is still a very nice example of a challenging type. Issued at a number of different branches, the Kinshasa issue offered in the present lot is about the only variety of this type that ever becomes available for sale, thanks to the discovery of a very small group of notes many years ago. Most of those have long been dispersed into advanced collections, and offerings of any example of Pick-12 in any grade are very infrequent at best. A noteworthy offering for the specialist or the collector of trophy notes. PMG comments "Minor Repair."

Estimate: $15,000 - $25,000.

To read the complete item description, see:
BELGIAN CONGO. Banque du Congo Belge. 1000 Francs, 3.11.1920. P-12b. PMG About Uncirculated 53. (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=b2937a269b&e=2060ac6706)

EGYPT. National Bank of Egypt. 50 Pounds, ND (1949-51). P-26cts. Color Trial Specimen. PMG Superb Gem Uncirculated 67 EPQ. Tied for finest in the PMG population report along with just one other example (which we sold in January 2025 for $11,400). A color trial specimen that can instantly be recognized as something special, not just because of its condition, but also because the colors are very different from the shades of green used on issued notes. This example, with its near-perfect centering, problem-free paper, and strong originality features a sharp proof-like impression that makes the design stand out in the best way. A single punch-hole cancellation, as typically seen, is noted but it does little to detract from the overall appearance of this piece. An exceptional offering and one that should be strongly considered by the Egyptian specialist.

Estimate: $5,000 - $8,000.

To read the complete item description, see:
EGYPT. National Bank of Egypt. 50 Pounds, ND (1949-51). P-26cts. Color Trial Specimen. PMG Superb Gem Uncirculated 67 EPQ. (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=2c07cf4681&e=2060ac6706)

EGYPT. Cassa Mediterranea di Credito per l'Egitto. 50 Lire, ND (1942). P-M7s. SB407s. Specimen. PMG Choice Uncirculated 63. Third and final specimen of this historically important series offered in the present sale. Prepared for the planned invasion of Egypt by the Italians, which never materialized, and these notes were never issued. This is one of just two specimens of this denomination in the PMG population report, and this is the finest. Along with the previous two lots an incredible opportunity from the Al Kugel Collection. It should be telling that he was only able to acquire a few specimens of the set while assembling a world-class collection of paper money related to World War II. Nice paper quality is seen on this example with some staple holes, but the rarity more than makes up for the faults of the note (which are minor to begin with). PMG comments "Staple Holes."

Estimate: $5,000 - $10,000.

Provenance: From the Al Kugel Collection.

To read the complete item description, see:
EGYPT. Cassa Mediterranea di Credito per l'Egitto. 50 Lire, ND (1942). P-M7s. SB407s. Specimen. PMG Choice Uncirculated 63. (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=577148ee17&e=2060ac6706)

Impressive and Iconic Fiji 1954 20 Pounds Key Type for Fiji FIJI. Government of Fiji. 20 Pounds, 1.7.1954. P-57a. PMG Very Fine 30. Prior to the introduction of the Fiji Dollar in the late 1960s the 20 Pound denomination was the highest value in circulation in Fiji. It had been printed for all the series issued by the government, but as it represented considerable buying power, print quantities were small and most of the local population would have never seen one in circulation. Today, they are great rarities, and we are honored to offer one of just three PMG graded examples of the rare 1954 20 Pounds printed in red from the Jerry & Diane Fishman Collection.

The initial issue of the 20 Pound was printed in dark purple, but it soon changed to this red. The reason for this can most likely be found in the fact that the 5 Pounds was a somewhat similar color to the 20 Pounds, prompting the change. 25,000 notes with this 1954 date are believed to have been printed, followed by another printing of 25,000 notes in 1958, but it is unclear if those ever entered circulation. These two printings of a limited number of notes were sufficient to meet demand of this high denomination until the notes were withdrawn at the same time that the Fiji Dollar was introduced. As is so often the case, we suspect most people who held one of these would have redeemed them, further contributing to their rarity.

This attractive note is a wholesome, problem-free example of this world-class rarity. The color is fresh, the paper bright, and there are no problems worth mentioning by either the grading service or us. This represents an exceptional opportunity for the specialist collector to acquire this challenging type that seldom becomes available for sale. Bid accordingly, as we do not know when the next opportunity presents itself to acquire this celebrated and key Queen Elizabeth II note.

Estimate: $12,500 - $17,500.

Provenance: From the Jerry and Diane Fishman Collection.

To read the complete item description, see:
Impressive and Iconic Fiji 1954 20 Pounds (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=d0578c3647&e=2060ac6706)

HONG KONG (SAR). Hong Kong & Shanghai Banking Corporation. 500 Dollars, 1.7.1930. P-177bs. KNB67S. Specimen. PMG Choice About Uncirculated 58. Lightly handled but still very attractive specimen of this incredibly popular and important type from the Hong Kong & Shanghai Banking Corporation. As collectors will know, this is the highest denomination for the 1927-59 series, and as such it is very popular in any format. Issued notes are rare and not often seen, and specimens such as this are very scarce as well. Of considerable interest to the specimen and/or Hong Kong collector, or for the collector of attractive trophy notes. PMG Comments "Printer's Annotations."

Estimate: $6,000 - $8,000.

To read the complete item description, see:
HONG KONG (SAR). Hong Kong & Shanghai Banking Corporation. 500 Dollars, 1.7.1930. P-177bs. KNB67S. Specimen. PMG Choice About Uncirculated 58. (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=1f591f00d8&e=2060ac6706)

ISRAEL. Anglo-Palestine Bank Limited. 50 Pounds, ND (1948-51). P-18a. PMG Very Fine 20. The undisputed key note for the country of Israel and a rare type seldom offered for sale in any grade or format. The Anglo-Palestine Bank Limited took the responsibility of bank note issuance for the newly formed State of Israel as no central bank had been established for the country yet. At the same time that this series, printed by the American Bank Note Company in the United States was being prepared a locally printed series was also printed, but the new notes arrived from America quickly enough that the emergency issue was not necessary. As a result, however, the design of the Anglo-Palestine notes was a rather simplistic affair, utilizing existing ABNC patterns.

The notes entered circulation in August of 1948. The series consisted of five denominations denominated in Mills and Palestine Pounds. The notes found eager use in Israel and were put into circulation for several years, until the establishment of the Bank Leumi le-Israel B.M, which introduced a similar series of notes also produced by the American Bank Note Company. The notes from the Anglo-Palestine Bank were withdrawn as they wore out over the next few years. This was the highest denomination of the series and represented considerable buying power at the time of issue. Moderate circulation is seen on the present piece, with annotations on the back which are light and not too distracting. An exceptional opportunity for the specialist and certainly one of the highlights of the present auction. PMG Comments "Annotations."

Estimate: $15,000 - $25,000.

Provenance: From the Jerry and Diane Fishman Collection.

To read the complete item description, see:
ISRAEL. Anglo-Palestine Bank Limited. 50 Pounds, ND (1948-51). P-18a. PMG Very Fine 20. (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=ccddb8740b&e=2060ac6706)

Legendary 1927 5 Pounds in VF - EPQ PALESTINE. Palestine Currency Board. 5 Pounds, 1.9.1927. P-8a. PMG Very Fine 30 EPQ. Prefix A. The 1927 series of the Palestine Currency Board is one of the most important of all world banknotes. Not to be confused with the later dates of the same designs, the 1927-dated notes are seldom encountered in any grade, regardless of denomination. After World War I, the colonial powers in Europe assumed control of the Ottoman and German colonies following their defeat in the Great War. Great Britain colonized Palestine, Trans-Jordan, and Iraq in the region. The Palestine Currency Board was established in London in 1926, and notes were issued into circulation the following year. Most that were issued remained in circulation for quite some time, and were redeemed and destroyed when they wore out, further explaining their rarity. Surviving examples are often found with heavy wear and repairs, as few were preserved for collecting purposes at the time. Those that do remain in are among the most desirable and historically significant Middle Eastern banknotes of the 20th century.

This is by far the nicest example of the iconic 1927 5 Pounds we have ever offered. Our last offering of this date was in our Fall 2025 Maastricht Showcase Auction where we sold a PMG 15 for $40,800. That note, while still desirable, had some edge damage and annotations, often seen on notes from this series. By contrast, the present example is several steps above that last offering. While it did spent some time in shows and shows several folds (as can be expected for a note at the VF level) it is entirely original. Clear originality can be seen, and the paper is fresh and crisp. While there are a few pieces that perhaps grade finer, we would be surprised if many can match the originality of the present piece. An exceptional offering for the Middle Eastern specialist and a trophy note worth strong consideration of even the most advanced collectors.

Estimate: $40,000 - $60,000.

To read the complete item description, see:
Legendary 1927 5 Pounds in VF - EPQ (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=b097025313&e=2060ac6706)

POLAND. Bank Polski. 10 Zlotych, 2.1.1928. P-67. CM#66. PMG Choice About Uncirculated 58. The 1928 issue of Poland, which consisted of two denominations, is widely considered to be among the most attractive series of notes issued for the country. This example faces up like a Gem at first glance, and has particularly strong eye appeal for the technical grade. This is the first time that we have offered this attractive type, which appears at auction anywhere very infrequently, and always sees spirited bidding from advanced collectors. We expect the same for this noteworthy offering, not to be missed.

Estimate: $3,000 - $5,000.

Provenance: From the Collection of Kazmier Wysocki, former mayor of Hackensack, New Jersey.

To read the complete item description, see:
POLAND. Bank Polski. 10 Zlotych, 2.1.1928. P-67. CM#66. PMG Choice About Uncirculated 58. (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=4152448ad7&e=2060ac6706)

TUNISIA. Banque de l'Algerie et de la Tunisie. 100 Francs, 9.2.1948. P-24. PMG Superb Gem Uncirculated 67 EPQ. In the late 1940s and early 1950s, the Banque de l'Algérie et de la Tunisie issued a series of notes with designs inspired by antiquity. The notes, which were designed and printed in France, are collector favorites. This 100 Francs, issued with dates ranging from 1946 to 1948, features the head of the Greek god Hermes on the front and a Roman Mosaic on the back. Sometimes seen in circulated grades, uncirculated examples are rare, and they are virtually unheard of in Gem. This is the sole finest in the PMG population report. A condition rarity that should see spirited bidding activity and will be a highlight in whatever collection it next enters.

Estimate: $3,000 - $5,000.

To read the complete item description, see:
TUNISIA. Banque de l'Algerie et de la Tunisie. 100 Francs, 9.2.1948. P-24. PMG Superb Gem Uncirculated 67 EPQ. (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=432d99eb80&e=2060ac6706)

UKRAINE. Emissionniy Bank. 1 Chervonets, 1941. P-45a. SB1254. PMG Choice Very Fine 35. The 'issued' 1 Chervontsiv is among the most difficult types from the Emission Bank of Ukraine series and may be appearing at public auction for the first time. Schwan-Boling lists the 1 Ruble from the previous lot and the 5 Chervonets, with two serial numbers for each, but not this denomination. Printed with full serial numbers for intended use, it forms part of the higher values of the planned occupation currency, where 1 Chervontsiv equaled 10 Rubles. Like the other denominations of this unissued series, the note was produced in Germany during the occupation of Ukraine, which ultimately lasted from 1941 to 1944. The plan to circulate these notes was abandoned when German authorities withdrew support for Russian-language money, and the project was replaced by the German-language issues of the Zentralnotenbank Ukraine. Only a tiny number of issued examples are known for the entire series, and this first appearance of a 1 Chervontsiv in this format marks an important moment for specialists focused on Eastern Europe and World War II monetary history.

Estimate: $10,000 - $15,000.

Provenance: From the Al Kugel Collection.

To read the complete item description, see:
UKRAINE. Emissionniy Bank. 1 Chervonets, 1941. P-45a. SB1254. PMG Choice Very Fine 35. (https://stacksbowers.us19.list-manage.com/track/click?u=de7e191dae0e45977ac89103d&id=2b787d7798&e=2060ac6706)

 

ARCHIVES INTERNATIONAL SALE 110 SELECTIONS

Belgium - German Occupation WWII, 1946. 100 Francs, P-M7a, Issued Banknote, Gray-blue and violet printing with denomination at center, Back is gray-blue with bank title at center, S/N A125635, PMG graded Very Fine 20.

To read the complete item description, see:
Belgium Armee Belge 1946 Military Occupation of German Issued Payment Certificate (https://auction.archivesinternational.com/Belgium-Armee-Belge-1946-Military-Occupation-of-German-Issued-Payment-Certificate_i58964394)

Germany, 1914. Group of four early First World War municipal Notgeld issues, all shown here by their original fronts and backs as photographed; Friedrichsthal-Saar (Saar district), Gutschein über Fünf Mark, valid until 1 December 1914, printed on distinctive red paper and bearing the municipal seal of Friedrichsthal-Saar, representing a higher-denomination emergency issue intended to offset severe coin shortages at the outbreak of war; Deutsch Piekar (Upper Silesia), Gutschein über 1 Mark, serial number 2726, dated 6 August 1914 and valid until 30 September 1914, issued and signed by the Gemeindevorsteher, with plain typography typical of the earliest emergency paper money; Deutsch Eylau (East Prussia; present-day I_awa, Poland), Gutschein über 1 Mark, dated 1914, issued by the Magistrat der Stadt Dt. Eylau, featuring the patriotic inscription "Gott mit uns!" and hand-applied signatures; Dessau (Duchy of Anhalt), Gutschein über Eine Mark, serial number 3910, dated August 1914, issued by the municipal Magistrat with official stamps and signatures. All four are genuine pre-inflation emergency notes intended strictly for temporary local circulation during the first months of the war; the condition ranges from Choice Fine to VF condition or better.

To read the complete item description, see:
Germany Friedrichsthal Saar Deutsch Piekar Deutsch Eylau Dessau 1914 Municipal Notgeld Gutsch (https://auction.archivesinternational.com/Germany-Friedrichsthal-Saar-Deutsch-Piekar-Deutsch-Eylau-Dessau-1914-Municipal-Notgeld-Gutsch_i58964450)

Mexico, ND (1908). 1000 Pesos, P-Unlisted M205s, Specimen Banknote, Black and red/orange print with seated allegorical figure beside shield at right with harbor scene in rear, Back is orange/red with denomination at center, S/N C 0000, Specimen overprints and POC's, PMG graded Choice Uncirculated 64 with comment "Printer's Stamps," ABNC.

To read the complete item description, see:
Mexico Bono de Caja Banco Central Mexicano ND 1908 1000 Pesos Specimen Banknote (https://auction.archivesinternational.com/Mexico-Bono-de-Caja-Banco-Central-Mexicano-ND-1908-1000-Pesos-Specimen-Banknote_i58964475)

Philippines, ND (1944). 20 Pesos, P-98a, Issued Victory Series Banknote, Black print with Mt. Mayon at center and blue seal at right, Victory Series printed twice instead of date, Back is brown with 'Victory' overprint, S/N F09260484 pp A, PMG graded Very Fine 30 with comment "Erasure," USBEP.

To read the complete item description, see:
Philippines Victory Series Treasury Certificate ND 1944 Issued Banknote (https://auction.archivesinternational.com/Philippines-Victory-Series-Treasury-Certificate-ND-1944-Issued-Banknote_i58964488)

Baton Rouge, LA. October 9, 1862. Parish of East Baton Rouge Fractional Currency Note, Twenty-Five Cents (25 Cents). Unlisted parish issue. Issued parish fractional currency note payable to bearer at the Parish Treasurer's Office, denominated Twenty-Five Cents, with text stating the issue is fundable in eight percent bonds when demanded in sums of five dollars. Printed in blue and black ink on thin paper with ornate typographic borders, large central "25" denomination panel, multiple "25 Cents" counters, and vertical denomination tablets at the sides; the note bears a handwritten serial number 336 at upper right and manuscript signatures at the lower margin for the Treasurer and Parish President. The reverse shows faint ink bleed-through but is otherwise blank, as issued. The condition ranges from Choice Fine to VF condition or better, with typical circulation folds, light soiling, and age toning consistent with use. Printer not indicated on the note.

To read the complete item description, see:
LA The Parish of East Baton Rouge 1862 25 Cents Issued Obsolete Scrip Note (https://auction.archivesinternational.com/LA-The-Parish-of-East-Baton-Rouge-1862-25-Cents-Issued-Obsolete-Scrip-Note_i58964554)

Natchez, Mississippi. City of Natchez Municipal Scrip Note, Ten Cents (10 Cents). Unlisted municipal issue. Issued municipal fractional currency note payable to bearer on demand, denominated Ten Cents, with redemption text indicating acceptance in "Current Funds" crossed out and written in red ink "Confederate Bills", the City was under Union control in July of 1862; printed in black ink with green denomination lettering on thin paper, featuring ornate typographic borders, large "10" denomination counters, and engraved vignettes including a female allegorical figure at left and a sailing vessel at right. The note bears a handwritten serial number 136 and period manuscript signatures. The reverse is blank, as issued. The condition ranges from Choice Fine to VF condition, with folds, light soiling, and age toning consistent with circulation. Printer imprint visible at bottom margin reading Rawdon, Wright & Hatch, New York. The red manuscript alteration striking "current funds" and substituting "Confederate Bills" represents a period clarification of the redemption medium rather than a new issue. Although Natchez was under Union control in 1862, Confederate notes continued to circulate locally for everyday transactions, and existing municipal scrip was often modified by hand rather than withdrawn and reissued. Such practical manuscript changes are consistent with documented Civil War–era municipal currency practices and reflect economic conditions at the time, not political authority. Only one other note could be found offered at auction and that was in 2020 at Heritage where it sold for $1200 + BP.

To read the complete item description, see:
MS The City of Natchez 1862 Intriguing 10 Cents Issued Obsolete Scrip Note Payable in Confederat (https://auction.archivesinternational.com/MS-The-City-of-Natchez-1862-Intriguing-10-Cents-Issued-Obsolete-Scrip-Note-Payable-in-Confederat_i58964559)

Washington, November 16, 1863. U.S. Colored Troops Civil War Officer Appointment, Official War Department printed and manuscript-completed appointment issued during the critical early months of the Union Army's expansion of African American regiments, signed by Secretary of War Edwin M. Stanton. This historic War Department printed and manuscript-completed appointment commissions a Captain in the 7th Regiment, U.S. Colored Troops, to rank from November 14, 1863, with orders to report for duty in Frederick, Maryland under the authority of the Middle Department, the Union military district overseeing Maryland and surrounding areas. Created during the rapid mobilization of African American regiments following the Emancipation Proclamation, early U.S.C.T. commissions such as this are among the most significant administrative acts of the Civil War. The document bears the bold signature of Secretary of War Edwin M. Stanton, whose rigorous administration, organizational reforms, and uncompromising enforcement of wartime policy reshaped the Union war effort and enabled the swift formation of U.S.C.T. units. The identity of the officer remains unknown due to a clerical error in which a War Department clerk inserted the word "Captain" in the space reserved for the recipient's name—an unusual but documented mistake on early U.S.C.T. appointments. Additional manuscript notations reference Capt. William Royal of the 7th U.S.C.T. and senior Middle Department officers. Light toning and minor wear consistent with age. A powerful and compelling document directly connected to the creation and administration of one of the Union Army's African American regiments. VF to XF condition.

To read the complete item description, see:
Washington November 16 1863 U S Colored Troops Civil War Officer Appointment Signed b (https://auction.archivesinternational.com/Washington-November-16-1863-U-S-Colored-Troops-Civil-War-Officer-Appointment-Signed-b_i58964659)

France, 1820. Large-format engraved share certificate issued by Compagnie de Colonization Américaine, representing 100 acres of land in the States of Virginia and Kentucky, with a stated value of 1,300 francs. The certificate is printed in French and is issued to a named holder, with extensive printed terms describing the company's land colonization and settlement program in the United States. The document retains full original attached dividend coupons along both margins, each coupon individually numbered and payable at the company's office in Paris, with dates printed in the 1830s to 1840s. Ornate engraved border and calligraphic title, with manuscript serial number and signatures at bottom. Condition is Choice Fine to VF condition. An impressive and visually striking example of 19th-century European investment in American land development. Issued bond from an early French private colonization enterprise formed during the Bourbon Restoration, immediately following the Napoleonic Wars. The company was organized to finance and promote French emigration, land acquisition, and agricultural settlement in North America, reflecting renewed transatlantic investment ambitions after France's loss of formal colonial control. Capital was raised through bonds and shares tied to anticipated land development, settlement revenues, and trade, rather than direct state sponsorship. Like many early 19th-century colonization ventures, the enterprise faced practical and financial obstacles, including over-optimistic projections and logistical difficulties, resulting in a relatively short operational life. Issued bonds are notably scarcer than promotional material or unissued examples, as many were redeemed, cancelled, or discarded following restructuring or failure. This piece stands as a tangible record of early international land speculation and the transition from imperial colonization to privately financed overseas development during the formative period of modern global capital markets.

To read the complete item description, see:
France Compagnie de Colonization Am ricaine 1820 Issued Bond (https://auction.archivesinternational.com/France-Compagnie-de-Colonization-Am-ricaine-1820-Issued-Bond_i58964709)

Denver City, Colorado Territory...., 1870. $1000 U/U 7% Gold Bond, Black print with green border and gold/bronze underprint, Bald Eagle at center under title with woman at left and mining scene at right, Certificate is in Good to Fine condition. Issued in Denver City during the Colorado Territorial period, this rare $1,000 gold bond represents one of the earliest forms of mining finance in the region. High-denomination gold-interest bonds were seldom issued by mining companies, making this an uncommon survivor from 1870. Although the Silver Mining Company of Denver City does not appear as a major producer, the bond reflects the ambitious capital-raising efforts of early territorial mining ventures and stands as a scarce example of pre-statehood Colorado financial history.

To read the complete item description, see:
CO United States Silver Mining Co of Denver City Colorado 1870 Unissued Bond (https://auction.archivesinternational.com/CO-United-States-Silver-Mining-Co-of-Denver-City-Colorado-1870-Unissued-Bond_i58964828)

TOP TEN ANCIENT GREEK COINS

In 2008, Whitman Publishing released 100 Greatest Ancient Coins by long-time Chicago coin dealer Harlan J. Berk. Now in its third edition, this large-format book has proven to be a valuable resource for classical numismatists. The choice of coins and their ranking were based on a survey of museum curators, classical scholars, dealers, and collectors. Thirty-eight of the coins were Roman; six were Byzantine; and the rest were loosely categorized as "Greek", including some Phoenician, Carthaginian, and Judean issues. This article reviews our ten top-rated ancient Greek coins from Berk's list.

Athens Dekadrachm
A dekadrachm is a ten-drachma piece, weighing about 43 grams. This amount of silver represented ten days' wages for an ancient Greek laborer. Not part of the regular circulating coinage, dekadrachms were special issues commemorating significant events.

Athens Dekadrachm – circa 467-465, 42.53 g. Extremely rare and one of the finest specimens of the few in private hands. – Numismatica Ars Classica Auction 114 6 May 2019- Lot: 186

Unfortunately, we rarely know what these events were. Athens controlled one of the most productive silver mines in the ancient world, at Laurion, about 50 km (31 miles) south of the city.

"Hoard finds and other research has since shown conclusively that these coins did not appear until after the Battle of Salamis [September, 480 BCE], leading other writers to suggest that the coins were minted to celebrate that victory. However, this date also seems a bit too early, as the hoard evidence seems to place the minting of the coins in the 460s BCE."

Coin dealer Bruce McNall in his autobiography describes his encounter with this coin, at the Zurich office of famous German numismatist, Leo Mildenberg (1913- 2001):

Resting in the center of the velvet lined tray was a silver decadrachm of Athens.

About 40 examples are known, including one broken half. The coin on display in the numismatic museum of Athens is mounted on a slowly rotating motorized stand so visitors can view both sides.

On Berk's list this type is rated as #2 among the 100 greatest ancient coins.

Euainetos Dekadrachm
Toward the end of fifth century BCE, the art of coin die engraving reached a peak of excellence among ancient Greek cities of Sicily that would not be matched again until the 18th century in Europe.

SYRACUSE DEKADRACHM of EUAINETOS. Time of Dionysios I, circa 405-400 BCE. – Roma Numismatics Ltd Auction 8 28 September 2014 Lot: 114

Cities competed to have their coins designed by famous master engravers, who sometimes signed their work in almost microscopic letters.

Euainetos was among the greatest of these artisans, and the dekadrachm of Syracuse, struck c. 405-400 BCE, is considered his masterpiece. On the obverse four galloping horses draw a chariot while Nike, the winged goddess of Victory soars overhead. The reverse bears the head of Arethusa, the nymph who presided over the city's vital fresh water spring, surrounded by four swimming dolphins.

On Berk's list this type is rated as #3 among the greatest ancient coins.

To read the complete article, see:
Top Ten Ancient Greek Coins (https://coinweek.com/top-ten-ancient-greek-coins/)

THE EARLIEST COIN MINTED IN SCOTLAND

The earliest known coin to be minted in Scotland almost 900 years ago has been acquired for the nation after it was found by a metal detectorist.

The medieval David I silver coin, discovered in a wooded area near Penicuik, Midlothian in 2023, has been dated to the second half of the 1130s.

As required by law it was reported it to Treasure Trove and allocated to National Museums Scotland (NMS) by the Scottish Archaeological Finds Allocation Panel.

The coin was valued at £15,000, which was paid to the finder as a reward by the King's and Lord Treasurer's Remembrancer.

The NMS said it would be used for research but it is hoped it will go on display in future.

King David I of Scotland, who reigned from 1124 until 1153, introduced the country's first coinage.

Alice Blackwell, senior curator of medieval archaeology and history, said it was thought all his earliest coins were created in a mint in Carlisle, Cumbria, which he took control of in the 1130s.

But she added: "This coin is really significant because it's the first of that earliest type, the earliest coins to actually have been minted outside of Carlisle.

"It was minted in Edinburgh, so it's the first time that we have Scottish coinage being minted in what was a core part of the Scottish kingdom."

The coin found in Midlothian has a portrait of the monarch's head on one side and a cross-based design on the other.

To read the complete article, see:
Earliest coin minted in Scotland saved for the nation after 900 years (https://www.bbc.com/news/articles/c4g5n3gld45o)

WALKING LIBERTY HALF ON STEEL CENT PLANCHET

Undated (1943) Walking Liberty Half Dollar. Struck on a Zinc-Coated Steel Cent Planchet. MS-62 (PCGS).

2.80 grams. An exciting offering for advanced Mint error enthusiasts, this is only the third confirmed example of a Walking Liberty half dollar struck on a steel cent planchet. In fact, wrong planchet errors in the Walking Liberty half dollar series of 1916 to 1947 are exceedingly rare, and regardless of the planchet involved. The most "common" of these are struck on quarter planchets, of which there are only 10 to 12 known as reported by Nicolas P. Brown, David J. Camire and Fred Weinberg in the 2010 reference 100 Greatest U.S. Error Coins, although more modern scholarship by Saul Teichman has confirmed at least 15 specimens. Brown, Camire and Weinberg go on to write:

The Dean Oakes Family specimen is distinct from the two coins reported by Brown et al., bringing the census of Walking Liberty half dollars stuck on steel planchets up to three:

1 - PCGS MS-64. Ex Fred Weinberg; Heritage's sale of the Geyer Family Collection, November 2013 New York Signature Auction, lot 3790; Heritage's Chicago ANA Signature Auction of August 2015, lot 4144. Plated in both the 2009 reference World's Greatest Mint Errors by Mike Byers and the 2010 reference 100 Greatest U.S. Error Coins by Brown et al., pp. 203 and 17, respectively.

2 - PCGS MS-62. Ex Dean Oakes Family Collection. The present example.

3 - NGC EF-45. Struck 25% Off Center. Ex Milt Cohen Collection, 1981; later, Heritage's December 2022 Misfits Collection of U.S. Error Coinage, Part II Showcase Auction, lot 93188.

Far finer than the Milt Cohen coin in terms of strike and surface preservation, the Dean Oakes Family specimen is every bit as appealing visually as the Weinberg-Geyer Family coin. The impression on both sides is well centered on the planchet, Liberty's portrait and the eagle complete except for the peripheral features, which are beyond the flan. The words IN and WE in the motto on the obverse are full, as are the letters URIBUS in PLURIBUS and M in UNUM on the reverse. The word LIBERTY, legend UNITED STATES OF AMERICA, date and mintmark areas are beyond the planchet, although this error was almost certainly struck in 1943 since nearly all zinc-coated steel planchets bear that date (the only exceptions are the similarly rare and famous 1944 steel cent errors). Those design elements that are present are sharply struck and crisp. The otherwise warm pewter gray surfaces reveal tinges of pale pink and gold iridescence when observed with the aid of direct lighting. No significant handling marks are seen, but close inspection with a loupe reveals light carbon and associated micropittng in the planchet that account for the MS-62 grade from PCGS. Given how dramatic the error is, as well as the lack of sizeable blemishes, the eye appeal is strong, the in-hand appearance stunning.

To read the complete lot description, see:
Undated (1943) Walking Liberty Half Dollar. Struck on a Zinc-Coated Steel Cent Planchet. MS-62 (PCGS). (https://auctions.stacksbowers.com/lots/view/3-1PHIAN/undated-1943-walking-liberty-half-dollar-struck-on-a-zinc-coated-steel-cent-planchet-ms-62-pcgs)

To read the complete article, see:
Major Wrong-Planchet U.S. Mint Error Rarity in February 2026 Showcase Auction (https://stacksbowers.com/major-wrong-planchet-u-s-mint-error-rarity-in-february-2026-showcase-auction/)

COLLECTORS UNIVERSE ACCUSED OF CARD MONOPOLY

A New York congressman has asked the Federal Trade Commission to investigate Collectors Universe for potential antitrust violations after the company gained control of more than 80% of the sports card grading market.

Rep. Pat Ryan requested the investigation following Collectors Universe's acquisition of Beckett, which joined the company's existing ownership of Professional Sports Authenticator and Sportscard Guaranty Corporation.

According to Gemrate and data from November 2025, Professional Sports Authenticator (PSA) graded 1.66 million cards. Certified Guaranty Company (CGC) graded the second most sports and trading cards at 425,000.

The three other leaders in sports and trading card grading, Beckett, Technical Authentication & Grading (TAG), and Sportscard Guaranty Corporation (SGC) combined for 448,000 total grades of cards combined.

In total, Collectors Universe, which owns PSA, Beckett, and SGC, graded 1.769 million of the 2.233 million cards graded in November.

According to New York Congressman Pat Ryan's website, the recent addition of Beckett to the Collectors Holdings portfolio means that one company controls over 80% of the grading volume and is asking the Federal Trade Commission to investigate the company (Collector Holdings) for antitrust.

In the letter to the Federal Trade Commission, Congressman Ryan wrote, "With control over three supposedly independent brands as well as critical trading card inputs, Collectors can now coordinate pricing to suppress competition, influence grade populations to protect market values of internal inventory, and leverage internal data to maximize corporate profit at the expense of consumers. This consolidation threatens the livelihoods of thousands of small businesses, including local card shops, dealers, and auction houses, who no longer have competitive alternatives for essential services."

We have reached out to both Congressman Pat Ryan and Collectors Holdings for comment and will update this story if/when they respond.

To read the complete article, see:
New York congressman asks for investigation into potential monopoly on trading card grading (https://www.ky3.com/2026/01/02/new-york-congressman-asks-investigation-into-potential-monopoly-trading-card-grading/)

To read earlier E-Sylum articles, see:
PCGS PARENT COLLECTORS UNIVERSE PURCHASED (https://www.coinbooks.org/v23/esylum_v23n49a11.html)
FEIGENBAUM: COINS ECLIPSED BY SPORTS CARDS (https://www.coinbooks.org/v23/esylum_v23n49a12.html)

ISAAC NEWTON AT THE ROYAL MINT

Isaac Newton, father of modern physics, famed victim of rogue fallen apple, lived in a world of unreality, too. He believed in alchemy, and magic—as did many of his time. Witchfinders stalked the land, with political power behind superstition.

But he changed our understanding of the real. In between his work as a scholar, he was appointed to be Warden of the Royal Mint, and there took on a major role—stabilizing the currency. In the Spring of 1696 he joined the Mint—in what had been to that point a medieval patronage gig. Little was expected in such a role. No Warden had previously taken much of an interest in the activities of the Mint's clerks, who were tasked with tracking counterfeiters.

Newton, however, took it seriously.

England's currency at the time was based on a silver standard. Coins were made of silver and weighed fixed amounts, dictating their value. This was a challenge when the value of silver, relative to other goods, fluctuated. England was in debt thanks to ongoing wars; its coins were often worth more (as bullion) than their face value in pounds. Silver coin was taken from the country to be sold in markets abroad.

A popular currency crime was "coin clipping" (cutting or shaving a small amount of silver from the edge of coins, and filing the coin down or even melting and recasting with a lower percentage of silver). Counterfeiting and clipping were capital crimes, but apparently widespread. Newton started cracking down.

He interviewed alleged coin clippers and counterfeiters, traced criminals to their homes, and visited the prisons to find accomplices. He helped draft the Coin Act of 1796, which penalized coin manufacture of any kind. But he went bigger: launching the Great Recoinage.

Coins in circulation were collected by the Mint, melted down, and reminted at fixed weights. This involved a production line of 500 men, and branch mints at different cities around the country. It took four years to smelt most of England's money supply.

In 1699, Newton was promoted to Master of the Mint, a role he held until his death in 1727. He applied scientific precision to creating regular coins, and hired an engraver to create more beautiful designs.

Later he would play a role in fixing the value of the gold guinea at 21s, inadvertently helping to move England from the silver to the gold standard.

After his death, Newton would appear on coins himself—the first time though not on official currency. Newton was used on unofficial halfpenny "tokens" issued by private businesses in the 1790s, to deal with the fact that there were not enough coins in circulation in the growing economy.

To read the complete article, see:
Anniversary of Isaac Newton's Birth (https://fee.org/articles/anniversary-of-isaac-newtons-birth/)

TRADING SILVER INTO BILLIONS

One day, as Peterffy delivered another batch of reports, Aranyi mentioned an unusual client: "I know a crazy psychiatrist who wants to do some computer work. You should meet him."

The psychiatrist was Dr. Henry Jarecki, a former Yale professor who had left medicine to establish the American operation of Mocatta & Goldsmid, one of the world's leading bullion trading firms.

While examining a dollar bill from his wallet, [Jarecki] noticed the words "Silver Certificate." He called the Treasury to ask what that meant, then walked into their office with a single bill and demanded his ounce of silver. The clerks needed a day to locate the metal, but they honored the exchange.

Silver was trading at $1.33 per ounce. The government was selling it for $1.00.

Jarecki hired teams to collect Silver Certificates still circulating in grocery stores and banks, offering five cents above face value for each bill. But the operation created risk. He was accumulating piles of silver whose value might fall before he could refine and sell it. He needed futures contracts to hedge the position, and he needed someone who understood both programming and markets to manage the complexity.

In 1969, after negotiations with Aranyi, Jarecki hired Peterffy permanently on a salary of $20,000. His first assignment was simple: trade silver and try to make money.

"I had a horrible time," Peterffy said. "How do you decide when you're going to buy or sell?"

He had no framework for decisions, no system beyond intuition he says he didn't possess. But Jarecki had a larger vision. He wanted his nascent business to become a bullion dealer, quoting continuous silver and gold prices to banks and traders in New York, London, and Hong Kong—the exact problems computers solved best.

Peterffy designed the system from scratch. Teletype machines hammered out shipping, market, and economic data on continuous paper strips. Clerks tore off the feeds and punched the numbers into IBM computers, where Peterffy's programs ran the data through proprietary equations and printed fresh bid-ask quotes on green-bar paper. Runners grabbed the sheets and raced them to the trading pit, where clerks gave live prices through hand signals. Other firms relied on their traders' intuition. Peterffy built a machine that ran on math.

The system's value became clear on August 15, 1971, when President Nixon dismantled the Bretton Woods system by ending gold convertibility and letting the dollar float. Currency markets collapsed into chaos, and for almost a week, Mocatta was virtually the only firm in the world making markets in silver and gold.

"As soon as the electronic brain is hooked up to its voice box so it can answer the phone," Peterffy told Barron's magazine that September, "staff will be able to go on permanent vacation."

When I read him this quote, he didn't remember saying it. But the words reveal how clearly he saw the future.

When Peterffy proposed expanding into stock options, Jarecki refused, preferring to remain a precious metals dealer. Jarecki had watched another options firm collapse—fraudsters who promised profits to both buyers and sellers on identical trades. But Peterffy possessed something the swindlers had lacked: In the early 1970s, years before Fischer Black and Myron Scholes published their Nobel Prize-winning paper, he had used his own Olivetti P101 to invent a partial differential equation that priced options based on variables such as the underlying asset's price, volatility, and the option's time to expiration. Mocatta had been testing the formula quietly on silver options, making money on almost every trade.

The success made Jarecki's refusal more frustrating. Over seven years, Peterffy had watched his boss become known as the dean of the American gold market. When I asked what Jarecki had taught him, Peterffy didn't hesitate.

"He was a very well-educated man, but he was a psychiatrist. He didn't know anything about markets. I realized: If he can figure it out, so can I."

In 1977, with $200,000 in savings, Peterffy left Mocatta and bought a seat on the American Stock Exchange for $36,000.

To read the complete article, see:
The Making of a Market Maker (https://joincolossus.com/article/thomas-peterffy-market-maker/)

LOOSE CHANGE: JANUARY 4, 2026

German Bank Safe Deposit Vault Looted

Robbers used a large drill to break into a German savings bank's vault room and steal cash, gold and jewelry worth some 30 million euros ($35 million), police said Tuesday.

The heist in the western city of Gelsenkirchen saw the thieves break into more than 3,000 safe deposit boxes, they said.

While the criminals remained at large, hundreds of distressed bank customers massed outside the branch on Tuesday demanding information, but were kept at bay by police.

According to police, the robbers drilled their way into the underground vault room of the Sparkasse savings bank from a parking garage.

Investigators suspect the gang spent much of the weekend inside, breaking open the deposit boxes.

To read the complete articles, see:
Police compare Germany bank vault robbery to an "Ocean's Eleven" heist (https://www.yahoo.com/news/articles/police-compare-germany-bank-vault-161212260.html)
Thieves drill into a German bank vault and steal tens of millions of euros' worth of property (https://www.yahoo.com/news/articles/thieves-drill-german-bank-vault-162431170.html)

Why don't archivists digitize everything?

Today on the blog we're tackling one of our most frequently asked questions: "Why don't you digitize everything?" and its related runner-up, "When will you be putting all your records on the web?"

As archivists we like these questions because they tell us that people are eager for access to archival records. They also show that people realize that not everything is digitized. Indeed only a tiny fraction of the world's primary resources are available digitally. This doesn't mean that undigitized records are inaccessible or not worth consulting, but you will need to visit us archivists to use them.

In this post we'll share some of the behind-the-scenes realities of digitizing and uploading rare materials. We hope this boosts awareness about some important facets of document digitization and sharing. One is the vast army of largely anonymous labourers out there whose work makes these valuable resources available. Another is the existence of the original records behind the images, which archivists continue to steward.

To read the complete article, see:
Why don't archivists digitize everything? (https://peelarchivesblog.com/2017/05/31/why-dont-archivists-digitize-everything/)

THE CHARLOTTE LAROY PAPER NAPKIN COLLECTION

When Charlotte LaRoy was in elementary school, she had a quiet revelation.

Paper napkins are beautiful.

It was the 1940s, she was the daughter of a federal food-safety scientist, and she was just discovering the spectacular variety of face-and-finger wipes.

That early fascination seeded what over decades would become a paper napkin collection worth preserving. LaRoy kept sliding new finds into a blanket box under her bed — until, some years ago, she finally walked into the Library of Virginia. LaRoy handed them over, more than 1,100 in all, surprising and delighting curators. They are now being preserved in perpetuity alongside documents from the Founding Fathers and tomes dating to the 15th century.

LaRoy built a collection that is head-shaking in its scope, from the elegant to the everyday, offering an intimate view into the life of one woman and a remarkable window into decades of American history and social change.

There's a cartoonish and menacing series of espionage warnings on napkins from the Pentagon. Some date back to the 1950s Red Scare era. "Keep classified information to yourself, pardner!" reads one with a stubbly-faced cowboy.

By nature of the medium, there's also an outsize trove from bars, many of which embody the ribald humor and casual sexism of their time. One features a bare-backed woman at a washboard and the words "The Ideal Wife."

There are jolly Christmas scenes, advertisements for extinct airlines and country music lyrics. There is a fan-shaped one, rectangular ones and some that unfold to a bigger canvas.

When LaRoy contacted Dale Neighbors, the visual studies collection coordinator at the Library of Virginia, about her collection in 2017, he wondered: Who on earth would save such a stockpile?

"I don't know what to do with them anymore," he recalled her saying.

Then LaRoy brought them in.

Neighbors knows the power of what curators call "ephemera," which one expert, Maurice Rickards, defined as the "minor transient documents of everyday life." That can be everything from tea bag tags and fruit crate labels to report cards and razor blade wrappers. When he was a curator at the New York Historical Society, Neighbors used ephemera to help director Martin Scorsese's production team make sets for the films "The Age of Innocence" and "Gangs of New York" appear as authentic as possible.

To read the complete article, see:
Espionage, sexism and memories in one woman's epic napkin collection (https://www.washingtonpost.com/dc-md-va/2025/12/27/paper-napkin-collection-virginia/)

FEATURED WEB PAGE: PHILIPPE SCHIESSER

This week's Featured Web Page is Philippe Schiesser's Academia homepage, suggested by Andrew Pollock.

Andrew writes:

https://independent.academia.edu/schiesserphilippe

ABOUT THIS ISSUE: JANUARY 4, 2026

Wayne Homren
Wayne Homren is the founding editor of The E-Sylum and a consultant for the Newman Numismatic Portal. His collecting interests at various times included U.S. Encased Postage Stamps, merchant counterstamps, Pittsburgh Obsolete paper money, Civil War tokens and scrip, Carnegie Hero Medals, charge coins and numismatic literature. He also collects and has given presentations on the work of Money Artist J.S.G. Boggs. In the non-numismatic world he's worked in artificial intelligence, data science, and as a Program Manager for the U.S. Department of Defense.

Garrett Ziss
Garrett Ziss is a numismatic collector and researcher, with a focus on American paper money and early U.S. silver and copper coins. He is also a part-time U.S. coin cataloger for Heritage Auctions. Garrett assists Editor Wayne Homren by editing and formatting a selection of articles and images each week. When he's not engaged in numismatics, Garrett is pursuing a Master's Degree in Quantitative Economics at the University of Pittsburgh.

Pete Smith
Numismatic researcher and author Pete Smith of Minnesota has written about early American coppers, Vermont coinage, numismatic literature, tokens and medals, the history of the U.S. Mint and much more. Author of American Numismatic Biographies, he contributes original articles to The E-Sylum often highlighting interesting figures in American numismatic history.

Greg Bennick
Greg Bennick (www.gregbennick.com) is a keynote speaker and long time coin collector with a focus on major mint error coins and US counterstamps. He is on the board of both CONECA and TAMS and enjoys having in-depth conversations with prominent numismatists from all areas of the hobby. Have ideas for other interviewees? Contact him anytime on the web or via instagram @minterrors.

John Nebel
Numismatist, photographer, and ANS Board member and Fellow John Nebel of Boulder, CO helped the ANA and other clubs like NBS get online in the early days of the internet, hosting websites gratis through his Computer Systems Design Co. To this day he hosts some 50 ANA member club sites along with our coinbooks.org site, making the club and our E-Sylum archive available to collectors and researchers worldwide.

Bruce Perdue
Encased coinage collector (encasedcoins.info) Bruce Perdue of Aurora, Illinois has been the volunteer NBS webmaster from its early days and works each week to add the latest E-Sylum issue to our archive and send out the email announcement.