October 28, 2005
This Week In Coin & Currency News
Heritage Relocates Palm Beach Auction to Dallas
Numismatic Rarities in Relocated Auction
Seldom Seen Selections: 1884 Trade Dollar
Website tips: Watch Auctions Live!
Numismatic Glossary
Help Wanted: Numismatist
Around Heritage Galleries
Coin Club Outreach Program
Instant Quiz: Test your numismatic knowledge
Is It Time To Sell? 2006 January Orlando, FL (FUN) Signature Auction
Current Auctions: 2005 November Palm Beach, FL The Phillip Morse Collection, 2005 November Palm Beach, Florida Signature Auction, 2005 November Palm Beach, FLorida Online Session, Exclusively Internet Auction, Continuous Internet Auction, Internet Currency Auction, Fine Art Monthly Auction, Amazing Sports Auction, Internet Movie Poster Auction, Amazing Comics Auction
Weekly Specials: Don't miss out on a great deal


Heritage Relocates Palm Beach Auction to Dallas

Heritage Galleries & Auctioneers (HG&A) has announced that its upcoming Numismatic Signature Auction, originally scheduled for November 2-5, 2005 as part of the Palm Beach Coin Show, has been relocated to Dallas, Texas for the same dates and times.

"Due to the effects of Hurricane Wilma and the subsequent cancellation of the Palm Beach Coin Show, we have decided to relocate our auction to our corporate headquarters in Dallas," said Greg Rohan, President of HG&A. "I'd like to stress that only the physical location of the auction has been affected; the session dates and times remain unchanged, except that we are now starting the floor sessions based on Central Time instead of Eastern Standard Time, which means each floor session will actually start one hour later than originally planned."

"We've been monitoring this situation closely," said Rohan, "and felt we had to make a decision quickly, due to the necessity of transporting supplies and personnel to the show, as well as our need to schedule delivery of our many consignments via Armored Transport. Yesterday we thought the situation looked good for a Palm Beach auction and the coin show, as the Convention Center, City Place and nearby hotels all had full power restored. The Marriott across the street, where many of our clients would be staying, had anticipated that their phones would be up and running by yesterday afternoon.

"Unfortunately, as of right now they still have no incoming phone service, and Bell South has been unable to provide a guarantee as to when that service will be restored. In fact, we have learned that the Marriott is full, and that several other nearby official host hotels of the show are closed with no estimation of when they will re-open. Additionally, officials in Palm Beach have been unable to provide a solid timeline as to when services in that area will be fully restored or when the current 9pm curfew would be lifted. Coin show officials have also been told that security personnel may not be available due to increased demands for law enforcement presence in Palm Beach county and elsewhere in the affected area. Therefore we felt that relocation to Dallas was the only decision we could make given the information available at this time."

"I know that our decision will have a major impact on people's travel plans," added Rohan, "and we're working with airlines and local hotels to keep everyone's inconvenience to a minimum. We have included a list of hotels with contact information at the bottom of this release. Fortunately, we're told that there are plenty of hotel rooms and ample flight availability to Dallas next week so getting here should be relatively easy. The major airlines also have special policies in force where you can exchange tickets for flights prior to November 15 to and from West Palm Beach or Fort Lauderdale for tickets to and from other cities, usually for no extra charge. Of course, none of this impacts those bidders who were planning on participating via our phone or Internet platforms."

"We are pleased to announce," Rohan added, "that NGC has agreed to come to Dallas and grade coins during this event. Although we're disappointed by this turn of events, we hope that our clients and friends will join us in Texas for what is sure to be an exciting auction."

Questions or concerns related to travel, airlines, hotels or other logistical matters or questions or concerns related to bidding in the auction should be directed to Heritage's Toll Free Direct Customer Service line at 1-866-835-3243. Additionally, those planning to attend in person are invited to pre-reserve seating at the auction and at lot-viewing by calling the phone number above, or by emailing: Bid@HeritageCoins.com.

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Collector News
Numismatic Rarities in Relocated Auction

There are more than $35 million (!) worth of coins consigned to this auction, which ensures that the eyes of the entire numismatic community will be focused on Heritage during the first week of November. We're proud to present our latest Platinum Night Session as part of this auction, featuring some of the finest and rarest coins in existence.

There are several important anchor consignment, starting with the Philip H. Morse Collection of Saint-Gaudens Coinage, the most valuable single session one-owner coin auction of all time. As if that isn't enough, Jack Lee's incredible silver dollar collection leads the list of over 230 additional consignments for this auction. Both of these incredible collections have been profiled in depth in previous week's editions of Coin News.

We're very pleased to offer Part Two of the Napa Valley Collection, the first part of which sold in our Palm Beach Signature auction earlier this year. This time, we're offering the Gem Deep Mirror Prooflike and other Carson City Morgan dollars from this exceptional collection. This collector has been seriously pursuing a wide range of numismatic items for more than three decades, after an early introduction to rare coins as a youngster. He has been especially interested in the great series from the nineteenth and early twentieth centuries, preferring their history, their beauty, and the challenge of finding specimens in high grade. The consignor has always sought the highest grade he could afford, with particular emphasis on luster and strike.

Highlights of the Napa Valley Collection, Part II include:

The wonderful dimes of the Brooke and Paige Pennington Collection of Mercury Dimes deserve special mention. Each and every dime in the collection features a full strike, and the set is ranked as #17 Current Finest on the PCGS Registry, Mercury Dimes Full Bands Basic Set, Circulation Strikes (1916-1945). We're very proud to present it to the numismatic community.

Highlights of the Brooke and Paige Pennington Collection of Mercury Dimes include:

The Petosky Collection reflects the wide-ranging numismatic interests of the consignor," Rohan added, "with specimens ranging from Flying Eagle cents to double eagles, with strengths in Mercury dimes - his 1916-D is MS63 PCGS! - and Morgan dollars, highlighted by a most attractive matched set, with an AU50 1893-S certified by PCGS. His pursuit of Morgans harkens back to the 1964 releases, when for two weeks, he received his paycheck in silver dollars. Later, when the CC hoard was released, he picked up additional specimens. He acquired his 1895-S Morgan by trading six rolls of circulated silver dimes during the Hunts' great run-up of silver. As the consignor achieved greater business success, he began to buy from the major dealers. His serious pursuit of higher quality Mercury dimes began in the nineties after decades of circulation collecting and trading.

Highlights of the Petosky Collection include:

The consignor of the Sounder Collection began collecting coins more than 30 years ago in a somewhat typical fashion, pushing coins into blue Whitman albums. After a 15-year hiatus, he returned to the hobby in 1999 and gravitated toward Registry quality coins. He first sought Walking Liberty half-dollars, and Proof coins of all denominations dated 1936 to 1942. His collection later expanded to include Proof examples of Lincoln cents and Buffalo nickels through 1916, and each reflects the consignor's dedication to building the highest quality Proof sets.

Highlights of the Sounder Collection of Proof Registry Sets include:

Dr. Stephen Winarick's interest in rare coins started at the age of nine, when he accompanied his grandmother and aunt on an antiques shopping trip to Fonda, New York. Sitting at an antique desk in one shop, he opened the drawer and found two double eagles and a handful of Indian cents. The dealer sold him all the coins for $40. Dr. Winarick's eye for quality also started at this young age, because when he returned home, he noticed that one of the Saints had a gash on the reverse, and he returned it to the dealer! He still has the other.

After attending medical school, he sold his first collection, but never lost his interest in old coins. He started buying seriously again in 1989, and by the early 1990s, was focused on buying American gold coins. He especially liked the $2.50 and $5 Indians, completing both sets, and then began to pursue early gold. His eye for quality never dimmed, as will be apparent to anyone perusing these exceptional specimens.

Highlights of the Dr. Stephen Winarick Collection include:

Other featured consignments to the Palm Beach Signature Auction include the The Daniel D. Biddle Collection of Washington Quarter Registry Sets, The Ross Bailey Collection, The Hensley Collection, The Kallenberg Registry Set of Walking Liberty Half Dollars, The Lexington Collection, and The New Zealand Collection.

Additional Auction highlights include:

This auction is open for bidding now at HeritageCoins.com!

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Seldom Seen Selections: 1884 Trade Dollar

Heritage is pleased to offer for sale the legendary 1884 Trade Dollar, one of only 10 specimens known, in our Platinum Night session on Thursday, November 3. This is the Clint Hestor "Menjou"-Baldenhofer-Wolfson-French coin, and one of the finer examples known.

The idea of having a competing coin to circulate in the orient was hatched during the early 1870s. At first, patterns were coined of "commercial dollars" which were to serve this purpose. Other countries produced their own silver coins for overseas trade, and America had not addressed this important issue.

By the time 1873 rolled around, Congress decided to mint a new coin called a "Trade Dollar" and the appropriate legislation was passed. Compared with regular issue silver dollars then current, the new silver content was increased slightly to 420 grains in order for them to compete with other foreign coins then in circulation as trade coins. Coinage began in earnest, and it is worth stating that the western mints were the primary benefactors of this new coin. Both the Carson City and San Francisco Mint churned out millions of the new Trade dollars, many for export overseas to the orient (those mints being much closer to this important trade region than the Philadelphia Mint).

Many of the coins sent overseas received "chop marks", or merchant punches showing who accepted them in trade. In addition to those Trade dollars sent overseas, a number circulated in America. In fact, the heavier Trade dollars were preferred to the earlier Seated dollars as they contained more silver. This fact was important and fruitful for Trade dollars, until later in 1875 and 1876 when the price of silver fell to levels well below face value.

From the beginning in 1873 Trade dollars were legal tender and thus circulated freely through the United States. In 1876 the market value for silver had fallen so precipitously that silver could be purchased on the open market for nearly a ten percent discount and then turned over to the mints for coinage. Such a spread is hard to beat, and anyone paying attention had a virtual license to coin money. All the silver that could be purchased was no doubt gathered up, sent to the mints, coined into Trade dollars, and all for a tidy profit of nearly ten percent.

Congress rose to the challenge and demonetized the Trade dollar, thus closing the doors to this market abuse. However, very soon it was back to the old monopolistic ways of insiders and mine owners demanding special favors, for the Sherman Silver Act would be passed in February 1878, and the mine owners of the Nevada Mother Lode would continue dancing in the streets of Carson City. The trough of silver could be filled for decades from the mines, and the Federal government would shell out billions to the mine owners' monopoly.

With the passage of the Sherman Act and the demonetization of the Trade dollar, demand fell for this issue, and business strikes halted as 1878 drew to a close. Nothing was done to officially kill the coin, so when 1879 rolled around, the normal orders from proofs were filled for collectors with new Trade dollars from 1879. This trend continued through 1883, with proofs being coined in sufficient numbers to satisfy demand. Something changed in 1884, and serious inside dealings took place. No 1884 Trade dollar proofs were coined for the public, but 10 pieces were coined for special interests very quietly. In 1885 another 5 pieces were coined, and these were apparently the last Trade dollars struck at the Philadelphia Mint.

Obtaining an 1884 Trade Dollar has always been a great challenge, and years may go by between offerings. The present example is apparently the fourth finest known of the ten produced, and is the only PR65 reported by either grading service. The obverse and reverse are brilliant white with just a trace of dark toning near the devices visible with a loupe. On the obverse we note a curling lint mark low and left of star three, touching the lower left point and curving up toward the rim above the outer point of that star, in the general shape of a question mark. There are also three tiny nicks near the inside point of the eleventh star. For further plate matching, the reverse has a tiny graze in the field left of the U in UNITED and a minute speck in the field below the E of AMERICA.

All in all, this is a beautiful coin which is stark white save for a hint of dark gold as noted along the left wing of the eagle. The fields, devices and surfaces are wonderfully clean for the grade, and this coin has all the appeal one would expect for a Gem Proof were it a common date. Of course, the 1884 Trade dollar is hardly a common date.

Ex: Mint official; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; Unknown intermediaries; Clint Hester; Numismatic Gallery's Menjou Sale (June, 1950), lot 2040; Benjamin Stack; W.G. Baldenhofer; Stack's Farish Baldenhofer Sale (November, 1955), lot 1039; Stack's Fairbanks Sale (Ben Koenig) (December, 1960), lot 698; Stack's Samuel Wolfson Sale, (May, 1963), lot 1541; Jack Klausen; Joel Rettew; Quality Sales Corporation, Carlson-Shipley Sale, (November, 1976), lot 426; Bowers and Merena's Arnold-Romisa Sale (September, 1984), lot 2342; John N. Rowe, III; L.R. French, Jr.; Stack's French Sale (January, 1989), lot 201; Anthony Terranova; Larry Whitlow; Jay Parrino; Superior Auction (2000?); Legend Collection; current consignor.

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Website Tips: Watch Auctions Live!

As you're no doubt aware if you've participated in them, Heritage Signature Auctions consist of Internet bidding combined with a live auction session, sometimes here in Dallas, and sometimes at locations around the country. One of the questions we're often asked by both bidders and consignors is how to keep track of what an item actually sells for during the live session. Now, live from New York (or Dallas, Palm Beach, or San Francisco), Heritage will give you hammer prices as they happen!

To see live hammer prices, go to the home page for the Heritage Signature Auction that interests you. From HeritageCoins.com, click on the catalog image for the auction; from other portals you will first need to click on the catalog image on the left of the home page, then when a similar image opens on the right, click on that. This will bring you to a possibly familiar page much like the following:

Now, though, all you will need to do is scroll down, and you'll see a listing of five lots - the most recent three to sell, with hammer price, and the next two to come to the block, with the current opening bid:

Every five seconds or so, this page will automatically update. Just watch as the lots sell!

These results are updated at the site of the auction as soon as they happen, and are the only live results to tie directly into our official records.

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Numismatic Glossary:

Strike-through: A coin struck with a foreign object of some kind between the planchet and the die. This leaves a depression or a lack of features in the coin where the foreign object was located during the strike. Coins can be struck through grease, dirt, cloth, stray pieces of metal, and I've heard that even duct tape can get into the works. Lintmarks, generally found or noticed on proof coins, are technically strike-throughs. Sometimes the foreign object will remain lodged in the coin after striking. Strike-throughs are relatively common and rarely bring a premium unless dramatic.

Store card: A kind of token used to advertise a merchant's business. Many circulated freely along with other Hard Times and Civil War tokens, and are very collectible.

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Help Wanted: Numismatist

Heritage Rare Coin Galleries, Dallas, Texas is seeking a talented numismatist for our sales department. Duties include assisting dealers and collectors and auction consignors in person and by telephone, evaluating prospective purchases, in Dallas and shows and conventions. Salary commensurate with numismatic skills and sales experience.

Please contact Paul Minshull at Paul@HeritageCoins.com with your background and experience.

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Around Heritage Galleries

Heritage Galleries & Auctioneers (HG&A) will offer a selection of some of the most desirable Golden Age comics ever published in their upcoming Comic and Original Comic Art Signature Auction, to be held January 20 & 21, 2006, in Dallas, Texas.

"Timely produced some of the most popular comics published during the 1940s," said Lon Allen, Director of Sales, Comics, "including such titles as Captain America, The Human Torch, and The Sub-Mariner. Unlike DC Comics of the same period, the Timely heroes actively fought World War II, patriotically doing their part to overthrow the Axis menace."

"In the forefront of this superheroic war effort," Allen continued, "was Captain America, not the first, but definitely the foremost flag-draped crusader for liberty. In fact, the cover of his debut issue, dated March, 1941 - months before America entered the war following Pearl Harbor - showed a fighting mad Cap socking Adolf Hitler right in the jaw! We're pleased to offer one of the finest copies known of this landmark issue, bearing the famed Kansas City pedigree and CGC-graded VF/NM 9.0 with cream to off-white pages. Aside from the origin and first appearance of Cap, this issue also features the first appearances of Bucky Barnes and the villainous Red Skull, making it even more desirable."

"The Timely story didn't start with Captain America, however," Allen continued. "The line that would eventually become Marvel Comics - publishers of Spider-Man, The X-Men, The Fantastic Four, The Hulk, Daredevil, and countless others - burst on the scene in 1939 with the publication of the appropriately-titled Marvel Comics #1, which introduced both the Human Torch and the Sub-Mariner to a breathlessly waiting world. I'm very excited to announce that we'll be offering the legendary 'Pay Copy' of this seminal book, CGC-graded VF/NM 9.0 with off-white pages. This copy, from the publisher's personal files, contains a written record of how much, and when, each creator was paid for the stories they contributed. It's a fascinating document that provides keen insights into the business side of comics during their formative years. Making this comic even more desirable is the fact that it holds a Guinness World's Record for the most valuable comic book, and is tied with one other copy at the top of the CGC census."

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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 www.heritagecoins.com!

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

1. When the price of copper rose dramatically in late 1973, which metal did the Mint test for the purposes of making cents?

2. When did the initials VDB first appear on the obverse of the Lincoln Cent?
       The initials have never appeared on the obverse

Last week's questions:

1. Which of the following is another name for the Roman Antoninianus?
Correct Answer: Double Denarius (35%). This coin had twice the face value of the common denarius, but weighed only half again as much.

2. What is the coin pictured in the Pan and Zoom closeup below?

Correct Answer: Kentucky Token (52%). So-called because each of the American states was abbreviated on the reverse in a pyramidal pattern, and Kentucky, at the top, is the most prominent. (Rhode Island and Vermont are also visible). Breen referred to these coins as the "Starry Pyramid Halfpence." These pieces are believed to have been minted in Birmingham, England.

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Is It Time To Sell?

A FUN Week in January

In 2005, Heritage made numismatic history with our FUN Signature Auctions, selling over $60 million worth of coins in one week? and over $30 million in one night.

In 2006, we're out to do even better.

As the traditional opening of the numismatic year, the Florida United Numismatists annual convention attracts dealers and collectors from all over the country. Auctions abound. But while most auctions are held before the convention, only one auction house holds the official auction of the FUN show: Heritage.

As official auctioneers, Heritage brings your coins to the biggest variety of dealers and collectors in Orlando for the show. Not to mention the over 155,000 registered Internet bidders just waiting for the chance to bid on the right material. Yours.

Take advantage of this unparalleled venue by consigning your coins and currency today! Get the widest possible exposure, the biggest selection of bidders, and the best results! Call our consignment hotline at 1-800-US-COINS, x222, and reserve your spot in an event that will undoubtedly make numismatic history once again!

2006 January Orlando, FL (FUN) Signature Auction
Sale on January 3 to January 7, 2006
Consignment Deadline: November 24, 2005

2006 January (CAA) Orlando, FL Signature Auction
Sale on January 6 to January 7, 2006
Consignment Deadline: November 19, 2005

2006 January (HWCA) New York Signature Auction
Sale on January 8 to January 9, 2006
Consignment Deadline: November 18, 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. Nov. 1
at 10:00 PM
View Lots
Rare Coins
Closes Sun. Oct. 30
from noon to 10:00 PM
View Lots
Rare Currency
Closes Sun. Oct. 30
at 10:00 PM
View Lots

Rare Coins
Location: Palm Beach , FL
Auction: 2005 November Palm Beach, FL The Phillip Morse Collection #392
Auction Dates: Thursday, November 3, 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: Palm Beach , FL
Auction: 2005 November Palm Beach, Florida Signature Auction #388
Auction Dates: November 2-5, 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: Palm Beach, FL
Auction: 2005 November Palm Beach, FLorida Online Session #389
Auction Dates: November 7, 2005

Paintings, Silver, Art Glass and Antiques and more...
Closes Sunday, October 30, 2005 at 10:00 PM
View current auctions.

Sports cards, autographs, collectibles, and more...
Closes Sunday, October 30, 2005 at 10:00 PM
View current auctions.

Movie posters, lobby cards and more...
Closes Sunday, October 30, 2005 at 10:00 PM
View current auctions.

Comics, comic art and more...
Closes Sunday, October 30, 2005 at 10:00 PM
View current auctions.

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