September 9, 2005
This Week In Coin & Currency News
Around the World in Long Beach!
Alert: Gulf Coast Residents
The Ken Arnold Collection
Seldom Seen Selections: Proof 1820 Quarter
Website tips: Bidding Between Increments
Numismatic Glossary
Heritage Offers Huge Discounts on NumisMedia Guides
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 (CAA) Long Beach Signature Auction, 2005 September (HWCA) Long Beach Signature Auction, 2005 September Long Beach Signature Auction, 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


Alert: Gulf Coast Residents

In the wake of Hurricane Katrina's devastating blow to Louisiana, Heritage has sponsored a matching donation for our employees' contributions toward the relief effort. As a result, we will be sending over $20,000 in relief aid to Louisiana.

We also wish our affected customers an easy recovery. As Express mail has been halted to the following Zip codes, beginning with these 3 digits (365, 366, 369, 393, 394, 395, 396, 700, 701, 703, and 704), we ask that you please call our customer service line toll free (1-866-835-3243) to help us redirect your auction purchases and catalogs to an appropriate address.

Our thoughts and prayers are with you.

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Collector News

Around the World in Long Beach!

Heritage World Coin Auctions (HWCA) is pleased to present another exciting Signature Auction as official auctioneer of the Long Beach Coin and Currency Expo on September 22 and 23. Long Beach, with its exceptional collector base, is a great venue for world coins and currency.

Not surprisingly, this auction covers the world, as does the demand of our worldwide clientele. We have outstanding offerings from Sweden, Norway, and Greece. Our very substantial selection of British coins includes many superb Elizabethan coins. An outstanding collection of Canadian material includes many early Victorian pieces in Mint State - some finer than were found in the exceptional Belzberg collection! And Japanese Specialists will avidly pursue the Tempo Oban pictured below.

Whatever your areas of interest in world coinage, this auction should have much to offer. As always, you can view full color images of every single coin lot at Bidding is open now!

Highlights of the HWCA Long Beach Signature Auction include:

To purchase a catalog for any Heritage Auction, please contact Nicole Jewell at Heritage Numismatic Auctions, Inc., 3500 Maple Avenue, 17th Floor, Dallas, TX, 75219 or visit to order by credit card.

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The Ken Arnold Collection

As a part of our Long Beach Signature Auction taking place on September 21-24, Heritage is proud to present the Ken Arnold Collection as one of our featured collections.

Ken was born in Oregon, attended OSU, and earned his PhD in Chemical Engineering at Carnegie Mellon University. He was a Manager for Shell Oil for 35 years, and has now retired to Texas. He began collecting coins in the early 1980s. He purchased a few coins strictly as an investment, but quickly "got hooked." He began to assemble type coins that interested him, and shortly began seriously collecting Seated Liberty coins, including a complete set of Proof Seated Halves 1857 and later. Not stopping there, he also acquired the excessively rare 1849 Proof Half Dollar.

Along with the impressive selection of proof Seated Halves (there are multiple selections of several dates), Mr. Arnold's collection contains a nice selection of type and other better coins from throughout US coinage history. Many are proofs, including several other Proof Seated coins, while others are simply coins that interested him at the time.

Take a look at this selection from the Ken Arnold Collection:

Bidding for this and all other Long Beach Signature Auctions is ongoing at

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Seldom Seen Selections: Proof 1820 Quarter

Heritage is privileged to feature in our upcoming Long Beach Signature Auction the extremely rare Proof 1820 Quarter. Unusual for this date, this is an unquestioned proof, considered to be in the high R.7-R.8 range.

Pre-1858 proof strikings of any US coin, regardless of denomination, are all scarce and most are rare, and of course, the further one goes back in time the rarer they become and the less frequently they are encountered. According to Breen (1977), proofs were struck of the 1820 quarter from three different varieties, B-1, B-2, and B-4 (one-sided proof only). The most "common" variety is from the B-1 die pairing seen on this coin. Four examples of the proof B-1 are listed in the Breen-Bowers update of Browning (1992), but this is not a proof series that has been well studied and the pedigrees are somewhat confused with the four coins listed possibly representing only two individual pieces.

This particular coin's pedigree is unknown to us; where and when it was purchased was not given to us by the consignor. However, certain collections that would be the usual suspects can be eliminated as a possible source. Norweb had two one-sided proofs of this date, neither of which was a B-1. Eliasberg did not own a proof 1820 quarter, and neither did Pittman. We do not have access to the WGC (Boyd) silver catalog from 1945, but that is a reasonable lead for tracking the pedigree of this piece, considering the age of the consignor and when he was most actively purchasing coins.

As an aside, both B-2 and B-4 one-sided proofs are known, and as mentioned both were contained in the Eliasberg Collection. Such coins may be difficult for present-day numismatists to understand, and the reason for such a coin's existence requires understanding why proofs were struck in 1820. Such coins were struck by the mint as special coins for collectors or VIPs. If a collector desired a proof striking, the theory goes that only one side (the obverse) would be displayed in a collector's cabinet. Therefore, it would not be necessary to have a proof surface on the reverse?only the obverse?for display purposes. Such pieces have been accepted for many years and recognized as the anomalies they are to modern-day collectors by such luminaries in the past as Wayte Raymond, the Norweb family, Howard Newcomb, and Hillyer Ryder. That being said, this is a full, two-sided proof and is consistent with the proofs that are known from this early period in the mint's history.

According to the Breen-Bowers update of Browning, "...Four or five proofs must have been made in 1821, like the B-2s. There are enough Proofs of 1820-1821 in every denomination from cents to half eagles to suggest special strikings in 1821 for favored parties, including backdated coins. Nothing in Mint correspondence or other Archives documents seen to date provided any clue as to the identities of the VIP collectors." Four auction appearances are then listed from 1890 to 1977 with the proviso that these listings may only represent two individual coins.

This particular coin has deeply reflective proof fields on each side. The mirrored finish is abundantly evident even through the medium to heavy toning that is present. The centers have a substantial splash of golden-rose toning that is then surrounded by a wide ring of cobalt-blue toward the margins. The striking details are exceptionally crisp with no obvious areas of softness on either side. Additionally, there are no contact marks apparent on either side, just a few tiny planchet flakes in the obverse fields that were present on the planchet prior to the coin's striking. This represents a very rare opportunity to acquire an early, unquestionable proof from the U.S. mint, and a coin that was saved by generations of collectors with no "improvements" made to its surfaces.

This coin will be auctioned in Long Beach on Thursday, September 22, 2005. Internet Bidding will close at 10 PM Central Time the previous evening.

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Website Tips: Bidding Between Increments

The current bid on any item in a Heritage Auction will always be calculated as the lesser of:

  1. The maximum bid on the item, or

  2. One increment above the second highest bid on the item.

If a reserve has been posted on the lot, the current bid may not be less than the reserve

In our Signature Auctions, we receive bids from many sources, such as faxes, mail bids, absentee phone bids, and podium bids - written bids left by someone present at the auction site. These bidders may not know the current bid at the time they place their bid; however their bid 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.

The rules for Internet bidders are a little different. Internet bidders need only bid an amount equal to or greater than the next increment. Internet bids greater than the minimum required next bid can be any whole dollar amount. It is possible under several circumstances for winning bids to be between increments, sometimes only $1 above the previous increment (see below).

When the auction closes, the winner of the item will be the person with the highest bid, but the hammer price of the item will be the calculated current bid on the item, regardless of what the actual high bid was. This allows you as a bidder to win items for less than your maximum bid. Our Signature Auctions open up on the auction floor at the Current Bid. We will execute the high Internet bidder's secret maximum bid on his behalf until he either wins the lot or is outbid.

Bidding increments in Heritage auctions follow this table. Note that this is calculated without regard to the current bid; if an item has a current bid of $50, then the next bid will be $51, then $54, $57, $60, $65, etc.

Bidding Increments
Current Bid Bid Increment
< $10 $1
$10 - $29 $2
$30 - $59 $3
$60 - $99 $5
$100 - $199 $10
$200 - $299 $20
$300 - $499 $25
$500 - $999 $50
$1,000 - $1,999 $100
$2,000 - $2,999 $200
$3,000 - $4,999 $250
$5,000 - $9,999 $500
$10,000 - $19,999 $1,000
$20,000 - $29,999 $2,000
$30,000 - $49,999 $2,500
$50,000 - $99,999 $5,000
$100,000 - $249,999 $10,000
$250,000 - $499,999 $25,000
$500,000 - $1,499,999 $50,000
>= $1,500,000 $100,000

Sometimes, astute Internet bidders will place a bid between increments with the idea that they may be able to win a piece for less than a full increment above another bidder. Take the example of a bidder looking at a lot that he thinks is worth roughly $110 plus the 15% buyer's premium. The current bid on the piece is $1, which always means that there is only one bidder on the item. Our bidder has no way of knowing what the actual maximum bid on the item is, but he decides to place a bid of $111. This bid is designed specifically to outbid somebody that might have already bid $110. Once our bidder has placed this bid, he will see one of the following:

  1. If the previous maximum bid was $109 or less, the new bid will become the high bid and the current bid will become the bidding increment above the previous bid.

  2. If the previous maximum bid was exactly $110, the new bid will become the high bid and the current bid will become exactly $111.

  3. If the previous maximum bid was between $111 and $119, the new bid will be immediately outbid, and the current bid will become the previous bidder's high bid.
If the previous maximum bid was $120 or more, the new bid will be immediately outbid, and the current bid will become $120..

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Numismatic Glossary:

Imitation: Until about the last 150 years or so, virtually every coin anywhere circulated based on its perceived value in precious metal, and in ancient times a coin, or a style of coinage, would become so popular and so well accepted that other issuers would make coins very similar to the original coin or style. Alexander the Great coinage was imitated far and wide for many years because it was very common, and new city-states would often issue such coinage as a declaration of independence. It wasn't only the Greek culture who would imitate such coins; the Thracians and even some Celtic tribes made such coins. In Roman times, particularly in the fourth century with the weakening of the western empire, some of the various barbarian tribes warring with what was left of the Roman empire would issue coins in a Roman style. Imitative coins varied widely in quality and artistry, and legends would often be blundered or even complete gibberish. These coins are quite collectible, although in most cases they will not bring the kind of money that the original will sell for..

Pedigree: The origin of a specific coin, expressed by citing either a former owner or a collection in which the coin once resided. Usually expressed by the term "Ex:", as in Ex: Eliasberg.

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Heritage Offers Huge Discounts on NumisMedia Guides

As a valued Heritage client, we wanted to let you know about the special discounts we have negotiated with NumisMedia for you. We believe you'll find these guides to be an indispensable coin-pricing resource. Heritage, along with many other numismatic insiders, consider NumisMedia to be the most accurate rare coin pricing source available anywhere.

NumisMedia Online Dealer Price Guides - Market, PCGS, and NGC Prices:
Just $120 per year. Order NOW!

NumisMedia presents NGC and PCGS Dealer Wholesale Prices representing dealer bid prices, and is available to dealers. In subscribing to the NGC/PCGS Wholesale Prices, you will also have access to the NumisMedia Market Prices, dealer to dealer trading prices based on sight-seen trades from activity throughout the country.

Bonus: In addition, subscribers to the Online Dealer Price Guides will receive a copy of the Fair Market Value Price Guide each month and gain access to the Online Fair Market Value Price Guide. This is an additional $96/year value.

NumisMedia Monthly FMV Price Guide:
Just $17 for 3 months. Order NOW!

The NumisMedia FMV Price Guide is a monthly publication with concise listings of the most recent Fair Market Value prices for coins offered by dealers in the numismatic community. The Fair Market Value prices listed represent accurately graded, sight-seen coins that are accepted by a majority of the dealers across the country.

There are over 40 pages of VF through MS67 listings in the following categories: Flying Eagle Cents, Indian Cents & Lincoln Cents (1909-1933) Brown, Red & Brown, and Red; Buffalo Nickels; Barber Dimes, Quarters, & Halves; Mercury Dimes (incl. Full-Bands); Walking Liberty Halves; Morgan & Peace Dollars; $1 Gold through $20 Gold; & Gold & Silver Commemoratives. The balance of U.S. coinage is available in our online price guide with your paid subscription.

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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 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
1-800-872-6467 ext. 303

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Heritage Interactive
Instant Quiz

NEW: Instant quizzes and polls twice a week at!

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

1. Which of the following Proof Walking Liberty Half Dollars is more commonly found without designer's initials than with them?

2. What is the country of origin of the coin pictured in this Pan and Zoom image?


Last week's questions:

1. Who was the model for the obverse of the Morgan Dollar?
Correct Answer: Anna Willess Williams (35%).

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

Correct Answer: 2000-W (37%). Proof Platinum American Eagles have a different reverse each year and the date can be immediately determined from the reverse if you know which reverse corresponds to which year. Uncirculated Platinum American Eagles share a common reverse, which also appeared on Proofs in 1997.

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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
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


Rare Coins
Closes Tue. Sept. 13
at 10:00 PM
View Lots
Rare Coins
Closes Sun. Sept. 11
from noon to 10:00 PM
View Lots
Rare Currency
Closes Thurs. Sept. 15
at 10:00 PM
View Lots

Rare Coins
Location: Long Beach, CA
Auction: 2005 September (CAA) Long Beach Signature Auction #386
Auction Dates: September 21-23, 2005
Note: Internet Absentee Bidding Ends at 10 PM CT the night before the floor session of any particular lot.
Browse Lots by Category

Rare Coins
Location: Long Beach, CA
Auction: 2005 September (HWCA) Long Beach Signature Auction #387
Auction Dates: September 22-23, 2005
Note: Internet Absentee Bidding Ends at 10 PM CT the night before the floor session of any particular lot.
Browse Lots by Category

Rare Coins
Location: Long Beach, CA
Auction: 2005 September Long Beach Signature Auction #384
Auction Dates: September 21-24, 2005
Note: Internet Absentee Bidding Ends at 10 PM CT the night before the floor session of any particular lot.
Browse Lots by Category

Rare Coins
Location: Long Beach, CA
Auction: 2005 September Long Beach Online Session #385
Auction Dates: September 26, 2005
Sports cards, autographs, collectibles, and more...
Closes Sunday, September 25, 2005 at 10:00 PM
View current auctions.
Movie posters, lobby cards and more...
Closes Sunday, September 11, 2005 at 10:00 PM
View current auctions.
Comics, comic art and more...
Closes Sunday, September 18, 2005 at 10:00 PM
View current auctions.

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Weekly Specials

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E-mail of the Week

Thank you for the quality service that you provided me in auctioning off my client's coin. I found the whole process both professional and well maintained. You were very courteous and helpful to my client and provided a very positive reflection on my business decision to choose you over the other auction firms we spoke with. I will continue to consider Heritage when I run into other world class coins that would benefit from your wide industry contacts and unbeatable customer base.

B.H., Minneapolis, MN

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