August 19, 2005
This Week In Coin & Currency News
A Major Currency Event in Long Beach
Found Treasures: More Lost Treasures
Website tips: How to Bid
Numismatic Glossary
Decorative Art Auction Opens
Help Wanted: Internet Sales
Coin Club Outreach Program
Instant Quiz: Test your numismatic knowledge
Is It Time To Sell? 2005 November Palm Beach, Florida Signature Auction
Current Auctions: 2005 September Long Beach Online Session, Exclusively Internet Auction, Continuous Internet Auction, Internet Currency Auction, Amazing Sports Auction, Internet Movie Poster Auction, Amazing Comics Auction
Weekly Specials: Don't miss out on a great deal

Collector News
A Major Currency Event in Long Beach

Heritage Currency Auctions of America's Long Beach California auction promises to be one of the major currency events of 2005, with the event containing numerous rarities in virtually every field, including Colonial Currency, Confederate and Obsolete Currency, Military Payment Certificates, Fractional Currency, Large and Small Type Notes, and National Bank Notes.

The Heritage CAA auction is the official currency auction of the Long Beach Coin & Stamp Expo, and will take place on Thursday afternoon and evening and Friday afternoon and evening September 22-23, 2005 at the Long Beach Convention Center, 100 South Pine Ave., Long Beach, California. The Convention Center is also the site of the Long Beach Coin & Stamp Show, as well as the location for lot viewing for the Heritage CAA auction as well as other Heritage auctions.

The more than 4000 lot auction features The Paul Angenend Collection of Confederate Currency, selections from the Confederate and Obsolete holdings of Arlie Slabaugh, the Gilbert I. Stuart collection of Confederate and Obsolete notes, a specialized collection of Mississippi Obsolete Notes, the Midwest Collection of Fractional Currency, the Mark Mraz Collection of High Denomination Small Size Notes, the Thomas Wolfe Collection, the High Desert Collection of California National Bank Notes, a major collection of Illinois National Bank Notes, and is anchored by the New England Changeover Collection, which offers a vast selection of rarities in many fields including the finest collection of large and small changeover pairs ever sold, as well as other important properties from over 150 individual consignors.

The Thursday afternoon session opens with over 100 lots of Colonial and Continental Currency, including several rare uncut sheets and then moves on to Fractional Currency, where over 400 lots, many certified by PMG, will be offered as part of the Midwest Collection. Highlights include a Fr. 1351, one of only about a dozen known, and a Fr. 1359 which the cataloguer describes as "possibly the finest known of this rare number."While only a few lots, the MPC section offers several seldom seen items, the highlight being a newly discovered Series 541 Replacement Note, which is one of just two known.

The Confederate and Obsolete offerings rank among the finest CAA has ever assembled, with the Angenend collection replete with high grade specimens which have been off the market for almost two decades. It is augmented by notes from the Arlie Slabaugh collection as well as the Gilbert I. Stuart collection, a vast array of both Confederate and Obsolete material salted away by the consignor's grandfather from the 1930's through the 1950s, with virtually ever item new to the numismatic marketplace.

The auction continues with perhaps the finest offering of Small Size Type Notes that CAA has ever presented at one time. Numerous rarities will cross the block, including a pair of 1928 $1 Legal stars, a trio of 1934 North Africa tens, a huge selection of low and fancy number notes including several serial number 1 examples, the finest collection of changeover pairs ever auctioned, a pair of high grade $1000 Gold Certificates, an Uncirculated $10,000 note from the Binion hoard, and over 100 1928 and 1934 series $500 and $1000 notes, including a bevy of star examples from the Mark Mraz collection.

The Large Size Type Notes comprise over 1000 lots, highlighted by several Federal Proofs and a run of rarities from the New England Changeover Collection, including an 1875 $100 Legal, a lovely 1880 $100 Silver Certificate, a pair of unique serial number 1 Type Notes, and a multitude of low and fancy number examples, including a 99999999to 100000000 changeover pair.

Friday night is devoted to National Bank Notes with over 1400 lots scheduled to go under the hammer, anchored by major collections from California, Illinois, Iowa, and Nebraska. Collectors will be delighted by the opportunity to obtain Proof examples of the ultra-rare First Charter $500 and the unknown $1000 National Bank Notes. Worthy of special mention is the first offering of a unique large note from the Farmers & Merchants NB of Livermore, California consigned from an estate purchased in northern California by Jim Beer of the Coin Broker in Palo Alto and a Mississippi $5 Brown Back from the formerly unreported community of Port Gibson. Also worthy of note is a group consigned from a recently unearthed Midwest cash hoard consisting of large Nationals from all over the country, with notes as diverse as Morrillton, Arkansas, Ismay, Montana, and Enosburg Falls, Vermont.

This auction will be posted for bidding soon at www.HeritageCurrency.com.

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Found Treasures: More Lost Treasures
by Stewart Huckaby

The e-mail waiting for me when I came into the office on Monday showed beyond a shadow of a doubt that this is a subject that touches everyone. The coin that got away. The collection that could have been... or once was. Here is a sampling of the stories I read this week:

GM in Missouri tells of a co-worker whose uncle had a prized coin that he carried with him everywhere in a velvet pouch. This gentleman keeled over one day from a heart attack, and his family looked all over for this coin without finding a trace of it. If anyone out there stumbles across a stray Double Eagle dated 1856 with an 'O' mintmark on the back, I'm quite sure that the family would like to hear from you. Come to think of it, if you find this coin Heritage would like to hear from you too...

TC in Mississippi was doing what most ten year old kids do when they find a construction site - playing. While digging around in the dirt, he found what he first thought was a washer, but what turned out to be a 1876-S Seated Liberty Quarter. Not knowing about such things, he decided that the coin needed to be "cleaned up" to remove some debris... with a file. What was once a nice AU coin became a nice AU coin with several very nice scratches.

TF in Arizona tells of the time he worked for his brother at a drive-in in the late 60's. There were still a lot of interesting things in circulation at the time, and his brother once found two Gold Certificates. Feeling that they would be better hidden, he stashed the notes in a dictionary in the attic. Guess what was thrown out when the attic was cleaned...

JM in Massachusetts tells of his son's baseball card collection in the late 70's. The cards were in excellent shape, and the boy's mother, thinking that the collection would look better displayed, decided to pin the cards to Styrofoam wall panels in the basement. Through body parts. One would hope that she was not practicing voodoo...

TY in Colorado worked as a child in the 1960s mowing yards, delivering newspapers, shoveling snow - everything that an industrious kid could do to make money. He often received older coins in change and a couple of his regular customers made a point of giving him "old money" like Morgan Dollars and Indian Head Cents. His mother, noticing his interest in money, decided that he needed a savings account. I think you can guess the rest.

RC in Pennsylvania worked for a vending business in his twenties, and one of the coins he was able to put away was a Buffalo Nickel that was missing a leg. A babysitter knew of his interest in coins and mentioned that she also had a 3-legged nickel, a real beauty, so RC sold his specimen to the local dealer (a guy named Q. David Bowers) in order to pay for an upgrade. When he separated from his wife, he left his collection behind... and later found that the collection had been sold for little more than face value.

JA in California collected Lincoln Cents and Buffalo Nickels out of change when he was eight years old. His best find was a 1914-D grading XF (wish I could find something like that in change... or for that matter even in my collection!) Unfortunately, his older sister decided to scrounge through his dresser drawer, leaving him without a 1914-D cent... for all of two weeks until he found an even nicer one in change! He tells of eventually having found every Lincoln in change except for one particularly elusive piece - yep, you guessed it, the 1931-D. Huh??

Finally, TB in Kentucky once received a "really neat looking" five dollar bill with a portrait of an Indian Chief from his uncle in change. He gave the note to his Dad for safekeeping... and it was promptly used to pay for a couple of sacks of groceries. Anyone with keys to a time machine should notify TB immediately.

Because we're all collectors, we all have stories about the one that was thrown away. If you have a good one, send it along to me at stewarth@heritagecoin.com, and hopefully we'll get a chance to mention it in a future issue of Coin and Currency News.

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Website Tips: How to Bid

  1. Log onto heritagecoin.com.
  2. Search or browse for the lot that you're interested in. You can do this from the heritagecoins.com home page, from the Auctions home page, or from the home page for the particular auction you wish to participate in.
  3. Click on the link or the photo icon for the lot that you want to bid on.

  4. On the left, you'll see a small image of the lot in question, in this case a 1882-CC dollar in a PCGS green label holder. Right below the header is the bid box, which we'll cover in a bit. Below are the name of the auction, the type of auction (Signature or Internet Only), the number of bidders, the time remaining, a note about sales tax, and the description of the item for shipping purposes. The time remaining to bid is dynamic; go to any item page and you'll see it counting down to zero. For this lot with its five week bidding time remaining, we recommend that you don't watch it until it counts all the way down.
  5. In several places on this page, you'll see the icon . Simply roll your mouse over the icon (no click necessary), and you will receive an explanation of the Buyer's Premium, the number of bidders, or the Reserve Status.
  6. If you wish to place a bid, just enter the dollar amount you wish to bid under Secret Maximum Bid. This header will show you the minimum you must bid; as always, you may bid any amount above the minimum. The reserve status, along with any reserve that has been implemented, will also show here.
  7. It is no longer required that you place a bid equal to or greater than an implemented reserve. The highest bid that has not met the reserve at the end of the auction will be communicated to the consignor, who then has the option to lower his reserve. If the consignor chooses to lower his reserve, the high bidder will then be given the option (with no obligation) to purchase the lot at the amount of his bid.
  8. Once you have placed your bid, click on the "Place Bid" or "Place Absentee Bid" button to continue.
  9. Now, the bid box will ask you for your User Name and your password. This is a very quick process which does not require opening up a separate web page. Enter your User Name (or e-mail address in our records if you prefer) and password, and again click on the "Place Bid" or "Place Absentee Bid" button to continue.
  10. You will be taken to a page entitled "Please Confirm Your Bid". This page will show you the name of the item you're bidding on, the current bid, and the maximum bid. When you are satisfied with your bid, click on the button marked "Confirm Bid" (or "Confirm Absentee Bid"). If you decide you do not wish to place this bid, click on the button entitled "Cancel Bid"/"Cancel Absentee Bid".
  11. You will be taken to either of two pages. If your bid is the current high bid, you will be notified, and given some information on what might happen with your bid over the remainder of the auction. If you have chosen to receive e-mail bid notifications, you will also receive a Bid Confirmation notice via e-mail.

    If your bid is not the current high bid, you will be taken to a page that will notify you of that fact. You always have the option to rebid, and this page contains another "Place Bid" box that will allow you to do just that.

We want your bidding experience to be pleasurable and rewarding. Good luck!

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Numismatic Glossary:

Metal: A material coins (and a few other things) are made of.

Originally, coinage was made as a form of transportable wealth. Metal was desirable as currency because of its durability as compared to other types of valuables. The value of coins was directly tied to the metallic content, or at least the perceived metallic content.

The first coins were made in Lydia, a Greek area of what is now Turkey, in the 7th Century BC. These coins were made of Electrum, a naturally occurring alloy of gold and silver, and were often little more than stamped nuggets. Electrum, which resembles silver with a slight yellow tint, was also used for some Byzantine coinage about a thousand years ago.

Some of the other common metals and alloys that have been used to make coins are:

Gold: Distinct because of its unusual color, gold has been prized for centuries. Too soft for heavy manufacturing usage, gold was ideal as a form of transportable wealth. In ancient times, gold was virtually always refined to a nearly pure state, roughly .986 fine. 18th and 19th century US gold was roughly .900 fine, on a par with most other gold coins of the time. Today, gold is no longer used for circulating coinage, but many countries produce commemorative gold coinage and gold coins for use as bullion. The most popular bullion coins today worldwide are those minted on .999 fine (or even finer) planchets, and the United States whose American Eagle series of gold coinage is .917 fine, will be producing a new series of coins for this market beginning in 2006.

Silver: Also used for coinage for centuries because of its status as a precious metal. While gold has been in use for coinage longer than silver, the intrinsic value of gold coins was often so high that most ordinary people never saw one. Silver was therefore historically a means of distributing wealth among the general population, and there were long periods of time in Medieval Europe when coins were made of virtually nothing else. The fineness of silver coins varied greatly depending on both the issuer and the time, with the finest circulating silver coinage generally somewhere around .917 fine, or Sterling Silver. US Silver coinage before 1964 was generally .900 fine. Beginning around the middle of the 19th century, silver started to gradually disappear from the world's circulating coinage in favor of metals that had a similar color and weight, and since about 1970 it has been very unusual to find any circulating silver coinage. Today, silver is used for commemoratives and bullion. Very low grade silver alloys are known as Billon.

Copper: Commonly used for a wide variety of purposes since prehistory, copper has used for coinage since at least the fifth century BC. Because copper is very common and not intrinsically valuable, it has historically tended to be used for low denomination coins. An exception to this is Swedish Plate Money, large denomination pieces made in the 17th and 18th centuries because Sweden had no silver and immense supplies of copper. Unfortunately, the pieces, denominated between 1/2 and 10 Dalers, were so impractical because of their huge size that most eventually found use as ballast rather than as money. Common alloys of copper include Bronze (copper alloyed with tin) and Brass (copper alloyed with zinc). US "copper" cents made 1864-1982 are technically one of these two, depending on whether zinc was included in the composition for the planchet. Tombac is a kind of brass used for Canadian five cent pieces during World War II. Orichalcum is a light-colored brass alloy used by the Romans for the dupondius and sestertius.

Nickel: A very hard white-colored metal, commonly used as a replacement for white silver coinage. Nickel has been used for coinage since the mid-19th Century, often in alloys containing copper (Copper-Nickel) such as the 75% copper/25% nickel alloy used on US five cent pieces since 1866. Nickel in its pure form is magnetic, although the US five cent piece is not. Today's gold-colored British One Pound coin is made of a Nickel-Brass alloy containing 5.5% nickel, 24.5% zinc, and 70% copper. German Silver or Nickel Silver is an alloy of copper, nickel, and zinc, more silvery in color than ordinary copper-nickel. Philippines 5 Centavo pieces are a good example of this material.

Aluminum: A silvery, very light metal used by countries around the world for low denomination coinage. Extracted from bauxite ore, it has been known as a metal for less than 200 years, and was once considered very precious. Unpopular because of its low weight, it nevertheless is quite durable and resists corrosion well. Also called Aluminium. Aluminum-Bronze is an alloy of aluminum and copper popular for coinage, gold-colored, and much heavier than aluminum.

Zinc: Used mainly as an alloy in brass, zinc is occasionally used in its own right as a coinage metal. Zinc is dark gray, almost black, and it can be very difficult to make out the features on zinc coinage. Corrodes fairly easily. 1943 US Cents are plated in zinc, while zinc is the core of US Cents made since 1982 and Canadian Cents made since 1997.

Tin: Experimented with as a coinage metal in 17th century England, tin proved so subject to corrosion that the experiment was abandoned. Not used for coinage today.

Iron: Occasionally used for coinage in early 20th century Europe. Magnetic, but corrosive.

Steel: Often used for coinage, usually plated with another metal because of its corrosive properties. US Steel Cents are zinc-plated; many other low-denomination coins contain a copper, nickel, or even chromium plating about a steel core. Steel is quite magnetic, hence the magnet test used for "copper" 1943 cents.

Platinum: A precious metal, grey in color, occasionally used by Russia for 19th century circulating coinage, and commonly used today in the production of bullion coins.

Palladium: A silver precious metal, chemically similar to platinum and nickel and currently worth about half the value of gold, which is gaining some popularity in use as bullion. Palladium coins were first issued by Tonga in 1967 to commemorate the coronation of King Taufa'ahau Tupou IV.

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Announcements

Decorative Art Auction Opens

The Heritage 2005 September Decorative Art and Signature Auction is here! Look for a superb selection of Art Glass in this auction, along with our traditional fine selection of outstanding Silver Holloware and Flatware. We are also pleased to offer an extensive and historical collection of perfume and scent bottles, along with an exquisite and varied assortment of vintage and contemporary handbags.

This auction takes place in our Dallas offices on September 17, but to view the lots in this auction, you need go no further than your trusty home computer, where all lots will be instantly available at www.HeritageGalleries.com.

Our next Decorative Arts auction is scheduled for Dallas in December. Please direct all consignment inquiries to Kevin Chapman at 1-800-872-6467, extension 320, e-mail KChapman@HeritageGalleries.com.

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Help Wanted: Internet Sales

Heritage is looking for someone to help us with Internet coin sales. If you have computer and Internet skills, and know coins, please contact Paul@HeritageCoins.com. This is a Dallas-based position.

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Coin Club Outreach Program

In a move to help strengthen the coin hobby and increase membership in America's coin clubs, Heritage has created the Coin Club Outreach program.

The Coin Club Outreach program features a speaker's bureau to deliver presentations at coin club meetings, promotional items to be offered to clubs to help generate revenue and enlist new members, and access to the Heritage website and mailing list of over 150,000 active coin and currency enthusiasts. Anyone interested in scheduling a speaker for a coin club or other collector group is invited to contact:

David Lisot, Director
Heritage Coin Club Outreach
DavidL@heritagecoins.com
1-800-872-6467 ext. 303

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Heritage Interactive
Instant Quiz

NEW: Instant quizzes and polls twice a week at www.heritagecoins.com!

Answer these quick questions and see how you stack up against your peers.

1. Which of the following countries produced the Angel gold bullion coins?
       Canada
       Isle of Man
       Gibraltar
       Great Britain
       Vatican City


2. What was the date of the last coin issued by Newfoundland?
       1867
       1870
       1919
       1929
       1947



Last week's questions:

1. Which of the following has a date written in Roman Numerals?
Correct Answer: 1915-S Panama-Pacific Exposition $50 (35%). American Gold Eagles began to have dates expressed in Arabic Numerals in 1993.

2. What is the date of the coin pictured in this Pan and Zoom closeup?

Correct Answer: 1858 (43%). This is the Large Letters Flying Eagle Cent

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Is It Time To Sell?

Join The Morse Collection at Palm Beach!

Heritage Numismatic Auctions, Inc. is proud to announce the finest collection of Saint-Gaudens Coinage to ever be auctioned - the magnificent Phillip H. Morse Collection!

An owner and the vice chairman of the world champion Boston Red Sox, Mr. Morse is also a consummate numismatist, and Heritage will be offering his incredible collection of nearly 600 Saint-Gaudens $10 and $20 gold pieces in Dallas during November 2005.

Mr. Morse's collection of Double Eagles might best be described as staggering. Short of the uncollectible 1933, no coin in the series is as fabled as the 1927-D, a legendary rarity missing from even the tremendous North Shore collection we recently had the privilege to sell. Of the perhaps one dozen or fewer known specimens of this date, only one - this coin - boasts a grade as high as MS67. The 1907 Ultra High Relief, a coin that simply must be seen to be fully appreciated, boasts a grade of Proof-69, just a whisper away from perfection. Many other coins in this collection are unexcelled, with several standing alone at the top of the pack as the finest known specimens of the date.

Heritage will offer these coins at Palm Beach on November 3, along with our Palm Beach Signature Auction scheduled for November 3-5. In order to offer your coins in Palm Beach alongside these treasures, and to take advantage of Heritage's unparalleled worldwide reach among potential buyers, please call our consignment hotline at 1-800-US-COINS, x222. The September 22 consignment deadline for this auction will be here before you know it, so call today!

2005 November Palm Beach, Florida Signature Auction
Sale on November 3 to November 5, 2005
Consignment Deadline: September 22, 2005

Leo Frese
Director of Consignments
Leo@HeritageCoins.com
1-800-US-COINS ext. 222 (24 hour voice mail)

Interested in Selling?
What's My Coin Worth?
Get the Most Money for Your Collection
Consign to a Heritage Auction

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Current Auctions

Internet
Only
Auctions


Rare Coins
Closes Tue. August 23
at 10:00 PM
View Lots
Rare Coins
Closes Sun. August 14
from noon to 10:00 PM
View Lots
Rare Currency
Closes Tues. August 30
at 10:00 PM
View Lots

Rare Coins
Location: Long Beach, CA
Auction: 2005 September Long Beach Online Session #385
Auction Dates: September 26, 2005

HeritageSportsCollectibles.com
Sports cards, autographs, collectibles, and more...
Closes Sunday, August 28, 2005 at 10:00 PM
View current auctions.

HeritageMoviePosters.com
Movie posters, lobby cards and more...
Closes Sunday, August 21, 2005 at 10:00 PM
View current auctions.

HeritageComics.com
Comics, comic art and more...
Closes Sunday, August 21, 2005 at 10:00 PM
View current auctions.


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Weekly Specials

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