1879 $4 Flowing Hair, Judd-1635, Pollock-1833, R.3, PR67 Cameo PCGS. The need for an exchangeable or international currency...
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Minimum Next BidBid increments determine the lowest amount you may bid on a particular lot. Normally, bids must be at least one bidding increment over the Current Bid. However, podium, fax, phone and mail bidders submit bids at various times without knowing the current bid and must be on-increment or at a half increment (called a Cut Bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment.
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It is possible under several circumstances for winning bids to be between increments. It is also possible for an existing bid to be outbid by less than a full increment, sometimes by only $1. This usually happens when two bidders feel that a lot is worth about the same amount, but one places an off-increment bid. Generally when this happens, the Current Bid was much lower than the high secret maximum bid when the off-increment bidder placed his bid.
For example: On Tuesday, you bid $1500 against Bidder A's Maximum Bid of $1000, raising Current Bid to $1100. Then on Thursday, Bidder B, seeing a Current Bid of $1100, guesses the final price and decides to bid $1501, outbidding your Maximum Bid by $1. You would now have to bid $1600 through Heritage Internet bidding or $1550 on Heritage Live (if available for the auction) to possibly win that lot. Next time, maybe you'll bid $1502 and outbid Bidder B by $1!
Number of BiddersThis number represents the number of individual bidders prior to the close of Internet bidding on each lot. An individual who bids more than once is still counted only once. During the live session, only the winning bidder is included in this number, although detailed records are kept of all forms of bids.
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Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.
Consignor Has Not Yet Submitted a Reserve:
Although the consignor's agreement allows a reserve on this lot, the deadline for submitting such a reserve has elapsed. If consignor submits a reserve post-deadline and the item fails to meet that reserve, we may charge the consignor a higher reserve fee.
This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
Reserve Not Met:
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
What's This?The owner of this item has indicated that they would sell this item at the amount, although their acceptance of your offer is required before the item can be purchased.
BP - Buyer's Premium per LotA Buyer's Premium will be added to each successful bid. For this sale: 15% of the successful bid (minimum $9) per lot. Please see #2 in our Terms & Conditions.
Not SoldThis indicates an item that did not sell at auction because it did not receive bids equal to or greater than the reserve (minimum bid) amount set by the consignor, or the opening bid.
Opening Bid:Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
Extended Payment Plan
Available on select items as noted on the item page in the bidding area.
- Minimum invoice total is $2,500.
- You may take up to four (4) months to pay the balance (monthly payments of at least 1/4th of invoice total).
- Minimum down payment is 25% within two weeks of the sale date. All down payments made beyond this 2 week window will require a 35% down payment, and the term will be shortened to 3 months.
- Subject to a refundable 3% set-up fee, which will be paid as part of your 1st monthly installment. This fee will be refundable upon completion of the plan if the following conditions are satisfied:
- There is no penalty for paying off early.
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- With pre-approved credit application
- Get pre-approved by filling out a credit application.
- Bid normally and win some lots.
- Heritage will maintain possession of all the lots until paid in full. Therefore, you must notify us of your intent to use our Extended Payment Plan on or before the day of the auction. All pre-shipped material must be returned to Heritage in order for the plan to be in effect.
- When you get your electronic invoice, select "other" from the payment options.
- Send an e-mail to EPPGroup@HA.com indicating the invoice number and your intention to use the Extended Payment Plan.
Note: This offer may not be available on some items.
Terms and Conditions
Extended Payment Plan for Heritage Owned Inventory Items(excludes Virtual Bourse, Comic Market and Virtual Sports Show)
- Minimum invoice total is $2,000.
- You may take up to 6 months to pay the balance (monthly payments of at least 1/6th of invoice total).
- Minimum down payment is 20%.
- Payments (including the down payment) must be made on-time per your specific EPP schedule (there will be a brief grace period).
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- There is no penalty for paying off early.
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SMS Alerts- Receive a text message approximately 35 lots ahead of your item being up for bidding at auction, with a link to bid in Heritage Live in the text message. Haven't registered? Visit MyProfile to sign-up for free by entering your mobile number. The green icon indicates Live Bidding Text Alerts are on for that lot. Live Bidding Text Alerts are only available for lots in live sessions.
Note: The extra increment won't be placed until the item is up for live bidding, so it is possible that you could be outbid by a bid placed prior to live bidding, such as another proxy bid, live proxy bid, mail bid, etc., which could result in your losing the lot by that one increment. For the same reason, it is also possible that a currently losing bid with bid protection placed could potentially win the lot once the lot is subject to live bidding and the Bid Protection increment(s) is placed.
The use of metal as a medium for commerce was the first step on the long road to true coinage. Metal was popular for commerce, as it is easily carried, it wears well, it can be permanently imprinted with inscriptions, portraits, and valuations, and it is divisible into smaller portions. Ancient Egyptians used gold bars of given weights from the fourth millennium B.C., afterward adopting a currency of gold rings that provided greater portability. There is an Old Testament passage where Abraham--almost 2,000 years before the birth of Christ--purchased a tomb for 400 shekels of silver. At that time, the shekel was not a coin; it was, rather, simply a unit of weight. Gold and silver rings were widespread in the Middle East from prehistoric times. Around the Aegean Sea, heavy talents made of copper--originally a unit of weight, but later one of value--were the metal of choice.
The use of such ponderous measures of wealth or value gave rise to the need to have interchangeable values in terms of other more lightweight metals and stores of value, such as gold and silver. The writings of Homer, which discuss prizes such as metal basins, tripods, and axes as recognized measures of wealth, additionally mention a talent of gold--a base-metal talent expressed in terms of an equivalent measure of gold. The effect of "heavy" currencies such as iron bars or copper utensils gave rise to a need to value those items in terms of silver and gold. This further necessitated quality control, in the form of guaranteed quantities of the precious metals, so that constant weighing could be avoided. The first true coinage was accomplished, as it appeared in Lydia perhaps as early as 640 B.C., when small, pre-weighed lumps of electrum (a gold-silver alloy) were stamped with a mark or guarantee, in this case the royal insignia of the reigning king. Those marks or guarantees may have ensured that the coins were accepted and exchanged not only in Lydia, but also in neighboring states.
Moving forward a few millennia to the 19th century, several developments made the need for easier international exchange more acute. In particular, the extensive deployment of railroad lines and steamship routes enabled travelers to move much more freely and quickly than before, precipitating the desire to facilitate currency exchanges in moving from one country to another. This was the impetus behind international traveler Dana Bickford's proposals for a ten dollar coin, embodied in the 1874 pattern issues (Judd-1373 to -1378). Andrew Pollock's pattern reference quotes a February 1876 article from The Coin & Stamp Journal titled "Dana Bickford's International Coin," from which we excerpt the following:
< Mr. Bickford, while traveling in Europe, experienced the difficulties and inconveniences that European travelers are subjected to, of having to provide money current in each country he visited, and at times ignorant of its value in our money. Having upon one occasion been particularly annoyed, he determined, if possible, to overcome the difficulty, and being a man of great inventive capacity, was not long in arriving at his present plan, and designed a coin that shows on its face its value in our money and that of the principal commercial nations of the world.
The United States and foreign governments have endeavored for years, and spent thousands of dollars, to perfect a system of "international coinage," but have been unable to get a coin that would prove acceptable to the principal nations, as each one has a peculiar design for its coin, which it is unwilling to change entirely. With Mr. Bickford's coin this difficulty is removed, as each government can fully display its design and value on one side, and on the other show the value of the coin in the currencies of the different nations, also the fineness of the metal and number of grammes without altering their values, and but slightly changing designs.
The fatal flaw of the Bickford concept was in displaying the "value of the coin in the currencies of the different nations," for those values fluctuated, just as they do today. In a cruel irony, the Bickford patterns show the Latin word ubique, meaning they were useful "everywhere," when in reality the concrete display of the fluctuating values doomed the coins to be useful nowhere. However, the concept of the modular adoption of a particular country's coinage designs is not far different from today's euro coinage. Although the European Community has progressed much further by adopting a single denomination to replace several individual countries' currencies, the euro coins themselves have a common design on one side, and a unique second side devoted to emblems specific to the various issuing countries.
Today, the need for an international currency is perhaps even more acute. Any traveler to Europe in the days before the successful adoption of the euro was guaranteed to come home with a pocket or purse full of small change denominated in Irish punts, Austrian schillings, Greek drachmas, Italian lire, Belgian or Luxembourgian francs, German or Finnish marks, Dutch guilders, or Spanish pesetas, depending on the countries visited. Today, each of those countries uses a common currency. Although in 2007 the European Union is slated to have 27 member countries, when Bulgaria and Rumania join, many of the member countries continue to use their own national currency rather than the euro. Two potential members, Sweden and Denmark, have so far opted out of using the euro.
While the euro has removed some currency fluctuations, many more remain. A modern popular online currency converter lists 171 currencies besides the euro that fluctuate daily against one another, from the Afghanistan afghan, through the Bhutan ngultrum and the Bolivian boliviano to the Kyrgyzstan som and the Mongolian tugrik, right through to the Vanuatu vatu and the Zambian kwacha to the Zimbabwe dollar!
The proposals of the Honorable John A. Kasson, "envoy extraordinary and minister plenipotentiary" to the Habsburg empire of Austria-Hungary, in one way were more level-headed. The four dollar gold stellas were intended to approximate the value of eight Austrian (and Dutch) florins, 20 French francs, 20 Italian lire, and of 20 Spanish pesetas--but those denominations and values were not imprinted on the coins themselves. Moreover, the stellas were intended to possess an even metric weight, expressed in grams, of gold, silver, and copper. The stellas were much closer to a universal coinage, but even they failed to make inroads overseas. For one thing, they were not exactly equal to any of those European denominations, and as before, the relative values fluctuated over time, just as with the Bickford proposal. In this way, they had no special advantage, save for a metrically even content, over established U.S. gold coins such as the workhorse half eagle.
The most successful modern international coins have been those with a stated fineness and weight of bullion, with an intrinsic value usually far beyond their nominal or face value. Such coins include the South African Krugerrand, the Canadian maple leaf, and the American Eagle gold bullion coins. In 2006 the U.S. Mint introduced the .9999 fine Buffalo gold bullion coins, hoping to compete successfully with the pure-gold Canadian maple leaf coins.
The present specimen, graded PR67 Cameo by PCGS, is one of two coins so graded at PCGS. A single specimen at PCGS is graded PR67 Deep Cameo, with none finer. NGC has certified six PR67 Cameo specimens, with two more given the Star designation, and three pieces graded PR67 , including two Cameo pieces and one Ultra Cameo (10/06).
As one might imagine, the surfaces are essentially perfect on this piece. The fields glow with deep reflectivity and the devices are noticeably frosted, which yields a stark contrast on each side. As with almost all 1879 stellas, close examination shows just the faintest evidence of roller marks or "striations." These striations have been the subject of much controversy in the past. Some believe them to be the hallmark of restrikes from 1880. If so, then almost all 1879-dated stellas were struck in 1880, as they are present on nearly all coins. This is an outstanding stella that, in our opinion, is unimprovable in terms of technical preservation and eye appeal.(Registry values: P1) (NGC ID# 28AZ, PCGS# 88057)
Service and Handling Description: Coin/Currency (view shipping information)