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This Week in Coin News July 27, 2013
In This Issue:
The 'King of American Coins' anchors Platinum Offerings
Seldom Seen Selections: The Very Rare Schultz & Co Five Dollar
Website Tips: The Way to the Auction Archives
This Week's Top Ten
Coin Buyer Wanted - Dallas and New York Offices
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The 'King of American Coins' anchors Platinum Offerings Back to Top
1804 $1 Original PR62 NGC. The 1804 Dollar - An Introduction to the King of American Coins
1804 $1 Original PR62 NGC. The 1804 Dollar - An Introduction to the King of American Coins
There is no other coin in American numismatics with as storied and famous a history as the Class I 1804 dollar, of which only eight exist, and Heritage Auctions will be offering the Mickley-Hawn-Queller specimen of the 1804 $1, graded PR62 by both PCGS and NGC, from The Greensboro Collection, Part IV, as the lead lot in its Platinum Night event on Friday, Aug. 9, the centerpiece of the company's Aug. 8-10 U.S. Coins Signature® Auction in Rosemont, IL.

The 1804 dollar is the undisputed King of American coins, and it is always an event when one of them shows up for auction. It's the rare chance for a top collector to add their name, or the name of their collection, to a history that will never diminish in importance. It is, in many ways, numismatic immortality for whoever comes out on top, and we expect there will be many vying for that honor.

It is widely believed that the Class I 1804 dollar was not minted until about 1834, when the State Department ordered special sets of the coins struck specifically for diplomatic purposes. Records indicated that several of the Class II and Class III 1804 silver dollars were minted after that. In fact, Mint records from 1804 indicated a delivery figure of 19,570 silver dollars, though it is commonly held in numismatic circles that these were all leftover coins dated 1803.

Collectors will also be eagerly anticipating the appearance of the ultra-rare 1795 $10 13 Leaves MS65 NGC, BD-5, the finest known example of this rare die pairing, previously owned by super-collector Louis E. Eliasberg, Sr.

Among all the auction appearances that 1795 $10 pieces have made at Heritage, almost 200 in all, there has never been an MS65 example among them. The highest grade 1795 BD-5 $10 Heritage has offered was graded MS61, while we have only offered six MS64 specimens of any die pairing for the date in previous auctions. This is an unprecedented opportunity for an advanced collector to obtain the finest known 1795 BD-5 eagle.

The collective third highlight of Platinum Night comes in the form of a trio of proof Seated Quarters from The Greensboro Collection, Part IV: An 1850 Seated quarter, PR68 NGC, an 1853 Arrows and Rays quarter, PR66 Cameo NGC and an 1855-S Arrows quarter, PR64 NGC, CAC. These remarkable proof coins date to before the general availability of proofs in 1858, with the 1855-S being especially distinctive, as it was struck in San Francisco, a branch mint, instead of Philadelphia.

Auction highlights continue with a 1921-S "Zerbe" Morgan dollar, SP65 PCGS, CAC, one of just four or five of the type known. These coins were custom-made for Farran Zerbe, who had promoted the Peace dollar, when he learned proofs of the new design would not be struck in 1921 along with an 1851 Schultz & Co. $5, K-1 variety, AU53 PCGS, CAC, a rarely offered private coin from early in California's statehood, made by the short-lived partnership of Schulz & Co. Fewer than two dozen examples of these coins are known and this specimen was previously owned by Eliasberg.

Additional highlights of this auction include, but are not limited to:

Bidding for Platinum Night continues through August 8 on HA.com/coins and August 9 through Heritage Live!®. Live sessions for other items in this auction extend from August 8 through August 10.

Seldom Seen Selections: The Very Rare Schultz & Co Five Dollar Back to Top
1851 $5 Schultz & Co. Five Dollar AU53 PCGS. CAC. K-1, High R.6
1851 $5 Schultz & Co. Five Dollar AU53 PCGS. CAC. K-1, High R.6
In the hectic atmosphere of the California Gold Rush, many partnerships were made and broken in a matter of months. Some have been immortalized, as through the discovery of the S.S. Central America treasure, while others remain obscure. Though it is not as mystery-shrouded as, for example, the Cincinnati Mining & Trading Co., the firm of Schultz &. Co. is remarkably enigmatic for a central player in the field of private California gold coinage.

It is little-known, except perhaps among devotees of California gold, that many of the firms who issued private coinage did not make their own dies. While the "Moffat complex" (Moffat, Humbert, U.S. Assay Office, etc.) did so, other firms turned to Schultz & Co., which began in September or October 1850 not as an assaying firm but a brass foundry. As often was the case with partnerships during the California Gold Rush, there was a significant difference in the principals' ages and what they brought to the firm. Judge G.W. Schultz, today the more obscure figure, had the reputation and financial capital to set up the foundry. He tapped William T. Garratt, a youth in his early twenties from Cincinnati who had learned metalworking in family trade, to handle the back end of the business.

Said business proved enormously profitable for Schultz & Co. Garratt later recounted, in a dictated statement published by Edgar Holmes Adams in Private Gold Coinage of California, 1849-55, Its History and Its Issues:

"We made a great many dies for private coining. Albert Küner, who is still in business here, would do the engraving and I the turning — that is, the machine-work on the dies — for which at the time we would get $100 per day per man on that special job.

"After that, Shultz [sic] took a notion to go into coining for Burgoyne & Co. and Argienti & Co. who were bankers here at that time. They would buy the dust and we would do the coining. We ran for a while, and then Shultz and I separated, he taking the coining establishment and I the foundry..."

It is to be noted that spellings of names often were inconsistent at the time, with "Schultz" and "Shultz" given by different sources. The spelling "Shults" on the coinage itself, however, is singular and almost certainly an error on the part of Mr. Küner, a Bavarian by birth whose long career included a brief stint engraving for Charles Lewis Tiffany (of Tiffany & Co. fame) and the first version of California's Great Seal. Garratt himself was not immune to misspellings, being listed as "Garrett" in sundry places.

An assay by Augustus Humbert showed that the Schultz & Co. five dollar coins, far from being "Pure California Gold" as the reverse legend proclaimed, were alloyed with copper (Garratt gave the figure at 10%, "just enough to make the coin hard enough to wear"), and further, underweight; when word spread, the coins' reputation went to tatters, and a more favorable assessment made at the Philadelphia Mint by William E. DuBois in 1851 came too late. Many of the Schultz & Co. coins were destroyed, and Schultz's coining operation was halted by the California Legislature's prohibition on the striking of private gold coinage on April 21, 1851.

As noted above, the Schultz & Co. firm had dissolved the same month, and while Judge Schultz was left with a worthless coining operation, William T. Garratt still had the foundry, his knowledge, and his business connections. Garratt persevered through the Great Fire that swept through San Francisco in early May 1851 and several other business-destroying disasters to establish W.T. Garratt & Co., a foundry whose bells were installed in churches, fire stations, and schools all around California both before and after his death in 1890.

The bells bearing Garratt's name today are far more numerous than the coins bearing Schultz's. None of the rumored ten dollar coins by the same firm ever have shown up, and as for the five dollar pieces, the cataloger for The Louis E. Eliasberg, Sr. Collection, source of the present piece, gave a census of 15, whereas Heritage suggested 10 to 12 pieces in all grades when it offered an NCS AU Details example as part of The Great Western Collection of Territorial Gold in July 2005. NGC has only two entries in its Census Report, an AU53 and an MS62, while the 10 PCGS Population Report coins range from VF20 to AU53, the latter of which we are pleased to be able to offer at Platinum Night in our 2013 August 8-10 US Coins Signature Auction in Rosemont, IL.

Originally listed as "EF-45 to AU-50" in the Eliasberg Sale (May 1996), this coin's green-label PCGS holder gives a grade of AU53, with CAC reaffirming that value by a green sticker. The dies are an early state without the cud over GOLD on the reverse. Yellow-to-orange surfaces retain considerable luster, though the softly struck figure of Liberty shows spots of plain wear on the nose and brow, as does the eagle on head and claws. Light abrasions should prove no object even to a discerning collector of California gold, so rare is this issue and so infrequent the offerings. Forget the historical prices and ready your best bet. The next opportunity to own a Schultz five dollar so fine may not come again for years.

Website Tips: The Way to the Auction Archives Back to Top

1. Click on Auction Results Archives from the Heritage Coins home page, upper left side.

2. Click on the "Sell" tab, then go to the section containing information exclusively for Heritage members:

3. If you're looking through items we're currently offering, just perform your search normally, adding criteria as you see fit. At the top, you will see two tabs — one for items currently up for auction, and the other for the archives. At any time, you can switch between one and the other, simply by clicking on the appropriate tab — and every one of your search criteria will be preserved!

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This Week's Top Ten Back to Top

The ten most valuable Central American coins to sell in Heritage auctions:

  1. Guatemala: Carlos III gold 8 Escudos 1768-G, KM31, Cal. 666, AU
    Guatemala: Carlos III gold 8 Escudos 1768-G, KM31, Cal. 666, AU
  2. Guatemala: Carlos III gold 8 Escudos 1768-G, KM31, Cal. 666, AU. Realized $103,500
  3. Central American Republic gold 8 Escudos 1828F-CR, KM17, MS63 NGC. Realized $48,875
  4. Guatemala: Ferdinand VI gold 8 Escudos 1754G-J, KM7, Calico 551, XF45 NGC. Realized $37,375
  5. Costa Rica: Republic. Gold 20 Pesos 1873, KM119, FR-17, UNC. Realized $31,050
  6. Guatemala: Ferdinand VI gold 8 Escudos 1757G-J, KM21, Fr-6, AU58 NGC. Realized $29,375
  7. Guatemala: Republic gold 20 Pesos 1878 F, KM199, Fr-44, MS61 NGC. Realized $29,375
  8. Central American Republic gold 4 Escudos 1835-F CR, KM16, AU58 NGC. Realized $25,850
  9. Guatemala: Ferdinand VII gold 8 Escudos 1817-M, KM71, AU55 NGC. Realized $25,300
  10. Central American Republic gold 4 Escudos 1837E-CR with Star Counterstamp, KM29, XF45 NGC. Realized $25,300
  11. Central American Republic gold 4 Escudos 1828-F CR, KM16, AU58 PCGS. Realized $23,500

Do you have a suggestion for a future top ten list? Send it to us!

Announcements Back to Top

Coin Buyer Wanted - Dallas and New York Offices

Heritage Auctions is seeking talented numismatists with a broad range of expertise to join our Dallas and New York offices. If you have a good working knowledge base of U S. coins and currency and are comfortable dealing with the public, we have openings for permanent positions as a buyer. Duties will include dealing with walk-in clients, evaluating and purchasing coins and currency, working local coin shows, and accepting Auction consignments. Pay will be commensurate with numismatic experience.

If you are interested in these positions, please contact Jobs@HA.com.


Reduced Auction Commissions When You Resell Your Winnings!

When you win any lot worth with a hammer price of $1,000 or more (or $2,500 for Art and Nature & Science lots), you will receive a coupon that entitles you (or your heirs) to re-consign that lot to Heritage at a reduced seller's commission. Selling through Heritage is a convenient and hassle free way to maximize your return (find out why). Maybe you'll need to make room in your collection for something better, perhaps your collecting tastes will change, or maybe it will be your heirs that benefit; but be sure to save the coupon, which could be worth hundreds or thousands of dollars.

  • Coins: 0% Seller's Commission for all items $1K or more.
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Employment Opportunities Back to Top

As the fastest growing American-based auction house, financially rock-solid Heritage Auctions continues to grow and seek the best talent in the industry. If you are a specialist or have strong general collectibles knowledge, we want to hear from you. These specialists will, in some cases, head new departments and in others will enhance existing department expertise. We have positions open at our headquarters in Dallas as well as at our new state-of-the-art galleries in prime locations in both Midtown Manhattan and Beverly Hills.

Heritage is seeking to hire the world's best specialists in the following categories:

  • Asian Art Specialist
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  • Coin Buyer: (Dallas, New York)
  • Decorative Arts & Design Specialist
  • European Art Specialist
  • Modern & Contemporary Art Specialist: (New York, Beverly Hills)
  • World Coins Director: Hong Kong

If you are interested and feel you have the qualifications we seek, please email your resume and salary history to Experts@HA.com.

We are also seeking to fill the following corporate positions:

  • Client Data Specialist: Dallas, part-time
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If you are interested in applying for one of these Corporate positions, please apply here.

Around Heritage Auctions Back to Top

The Sam Snead Collection tees off Heritage's 'Platinum Night' Auction at the Chicago National Sports Collectors Convention

Early 1930's Lou Gehrig Game Worn New York Yankees CapWith his ever-present straw hat and the prettiest swing in the game's history, Sam Snead carved his name into golf's Mount Rushmore as one of the most decorated athletes in American sports history. Now, for the first time, his legions of fans have an opportunity to compete for treasures from The Sam Snead Collection, the opening 14 lots of Heritage Auctions "Platinum Night" event. The auction will conclude with live bidding, on Thursday, Aug. 1, at the Chicago National Sports Collectors Convention.

"It's unquestionably the most significant personal golf collection ever to reach the hobby's auction block," said Chris Ivy, Director of Heritage Sports Collectibles. "This Platinum Night will feature several of the finest pieces from Snead's collection, notably trophies earned for wins at the Masters and the British Open, game used clubs, and even Snead's Hall of Fame plaque."

All lots are accompanied by a letter of provenance from Snead's son, Jack, who has consigned the collection.

1927-28 Babe Ruth Game Worn Bustin' Babes Barnstorming CapSharing space with Snead in both the American sports pantheon and this "Platinum Night" auction is the iconic New York Yankees duo of Babe Ruth and Lou Gehrig, each of whom supply a game worn cap (two, in fact, for the Babe) to the event. An extraordinary example of a Babe Ruth game used bat, dating to the opening years of Yankee Stadium, will likewise take a turn on the block.

Perhaps the most notable game-used bat in the auction is one utilized by a man whose physical stature and baseball career rate as the shortest in Major League history. Saved by his family for 62 years and making its hobby debut is the tiny lumber carried to the plate by little person Eddie Gaedel, whose three-foot seven inch height earned him a four-pitch walk and immortality in the lighter side of baseball history on Aug. 19, 1951 at Sportsman's Park in St. Louis.

1973 Babe Ruth Original Painting by LeRoy NeimanThe auction will further burnish Heritage's reputation as the leading house for legendary sports artist LeRoy Neiman with the presentation of three original works in this event, each featuring a superstar athlete from the recently deceased painter's New York City hometown: A six-figure result is expected for his dazzling 1973 portrait of Babe Ruth at the plate, with images of a rookie Joe Namath and his running back Emerson Boozer trailing close behind.

Game worn jerseys figure prominently into the "Platinum Night" mix, with all four major American team sports well-represented.

The heartbreaking story recounted in the classic film "Brian's Song" is recalled with a rare Chicago Bears jersey worn by Brian Piccolo and a legend on the rise is celebrated by a full uniform worn in collegiate action by Julius "Dr. J" Erving.

1980 Roberto Duran No Mas Fight Worn Gloves vs. Sugar Ray LeonardStan Musial and Frank Robinson bring Cooperstown-quality jerseys into play, and the sweater worn by Bob Nystrom as he netted the 1980 Stanley Cup-winning goal for the New York Islanders will likewise go to the highest bidder on Aug. 1.

Transitioning from the thrill of victory to the agony of defeat, the auction supplies the debut hobby appearance of the gloves Roberto Duran was wearing as he registered the most famous surrender in boxing history against Sugar Ray Leonard in the unforgettable 1980 "No Mas" fight.

The fabled "Black Swamp Find" of 1910 E98 candy card continues to shine with the highest graded specimens on the SGC registry, and a fresh-to-the-hobby 1927 New York Yankees team signed photo will likewise tempt pre-war collectors.

More information about Sports auctions.

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Trivia

1. Who was the first US president to appear on a US coin struck during his lifetime?
       A) Calvin Coolidge
       B) Abraham Lincoln
       C) Franklin Roosevelt
       D) George Washington
       E) No US president has ever appeared on a US coin struck during his lifetime


2. Which of the following was not both depicted and mentioned by name on a Statehood or Territorial quarter?
       A) Daniel Boone
       B) Duke Ellington
       C) Helen Keller
       D) John Muir
       E) Caesar Rodney



If you are on Outlook 2007 or later take the quizzes online


Last week's question:

1. For how many years were both the three cent nickel and the three cent silver minted?
Correct Answer: D) 9 (23%).

2. Who was the designer of the US Trade dollar?
Correct Answer: B) William Barber (26%).
Is it Time to Sell? Back to Top

Our upcoming Official Auctions of the September Long Beach Coin & Collectibles Expo will feature collections such as The Perry Owen Collection, Part II, The RLM Collection, Part II, and the Col. Steven Ellsworth Die State Collection. Your coins and currency can sell alongside these great collections and others to come. To consign to our Long Beach auctions, please call us at 1-800-872-6467 x1000 (coins) or x1001 (currency).

2013 September 25-29 US Coins Signature Auction – Long Beach
Consignment Deadline: August 12, 2013

2013 September 26-30 World & Ancient Coins Signature Auction – Long Beach
Consignment Deadline: August 6, 2013

2013 September 26-30 Currency Signature Auction – Long Beach
Consignment Deadline: August 6, 2013

David Mayfield
Vice President, Numismatic Auctions
David@HA.com
1-800-US-COINS ext. 1000

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