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  This Week In Coin News
April 17, 2010

2,700 Lot Currency Auction at Central States
Trusts & Estates: Fair Market Value, Retail Replacement And Auction Estimates
Website Tips: LiquidPixels Pan and Zoom
This Week's Top Ten
Heritage Collector's Corner: Why, and what, do you collect?
Reduced Auction Commissions When You Resell Your Winnings!
Employment Opportunities: Currency Expert, Wholesale Sales, Numismatist, Ancient Coin Expert
Around Heritage Auctions
Instant Quiz: Test your numismatic knowledge
Is It Time To Sell? 2010 June Long Beach, CA Signature US Coin Auction
Letter of the week
Current Auctions: Internet Coin Auctions, Other Signature Auctions, Other Internet Auctions

  Collector News
2,700 Lot Currency Auction at Central States

Heritage will conduct the Official Currency Auction of the 2010 Central States Numismatic Society Convention in Milwaukee on April 28 to May 3. The auction will include three Signature Floor Sessions and one Signature Session (No Floor or Phone Bidding). Lot viewing will be conducted at the Midwest Airlines Center, Rooms 201 A thru D, 400 West Wisconsin Avenue, Milwaukee, Wisconsin 53203 and the floor sessions will be held in Rooms 203 A and B.

Session One starts Wednesday evening, April 28, at 6:00 PM CT, and includes Colonials, Fractional Currency, Obsoletes, Confederate Notes, and Canadian Currency. Featured lots include: Fr. 1330 50¢ Third Issue Spinner PMG Gem Uncirculated 66 EPQ; a rare Kirtland, OH- The Kirtland Safety Society Bank $50 Mar. 9, 1837 G16 Wolka 1424-16 Rust SV6; New Orleans, LA- Citizens' Bank of Louisiana $10 Uncut Sheet of "Dixie" Notes PMG Choice Uncirculated 63; T2 $500 1861 PF-1 PMG Choice Very Fine 35; and a unique Windsor, NS- Commercial Bank of Windsor $20-$20-$20-$20 Ch. 195-10-02S Uncut Specimen Sheet PMG About Uncirculated 50.

National Bank Notes will be sold during Session Two, on Thursday, April 29 at 6:00 PM CT. The auction includes Part II of selections from the Lone Star Collection, an assemblage of National Bank Notes formed over three decades consisting of the very finest notes that could be obtained from Arkansas, Oklahoma and Texas. The consignor's Arkansas collection is almost certainly the finest ever formed, with his Oklahoma holdings ranking as one of the two greatest collections ever formed on that state, and the Texas collection rivals any ever assembled save for that of William Philpott.

Among the notes from the collection being offered are a unique Serial Number One $50 Date Back from Oklahoma Madill, OK - $50 1882 Date Back Fr. 564 The First NB Ch. # (W)5404 PMG Very Fine 20 and Marietta, IT - $10 1882 Brown Back Fr. 490 The Marietta NB Ch. # (W)5958 PMG About Uncirculated 55.

Additional National Bank Note highlights from Session Two include: Oakland, CA - $10 1875 Fr. 419 The Union National Gold Bank Ch. # 2266 PCGS Very Fine 35PPQ; Serial Number One Lead, SD - $5 1882 Brown Back Fr. 472 The First NB Ch. # 4631 PMG Very Fine 30 and Serial Number One Lake Ronkonkoma, NY - $20 1929 Ty. 1 The NB of Lake Ronkonkoma Ch. # 13130 PMG About Uncirculated 55 EPQ.

The floor sessions of the auction will conclude with the Friday evening Session Three offering of Small Size Currency, Error Notes, and Large Size Type Notes. The session will begin at 6:00 PM CT. Small Size selections include: Fr. 2221-H $5,000 1934 Federal Reserve Note PMG Choice Extremely Fine 45 Net; Fr. 2231-J $10,000 1934 Federal Reserve Note PMG Extremely Fine 40 Net and Fr. 2407 $500 1928 Gold Certificate PMG Choice Very Fine 35.

Among the numerous error lots being presented are Fr. 1935-H $2 1976 Federal Reserve Notes Blank Back Error With Bookends PMG Choice Uncirculated 63 EPQ; Fr. 1911-K $1 1981 Federal Reserve Note with Obstruction and Shift Errors PCGS Very Fine 25; and Fr. 275 $5 1899 Silver Certificate Scarce $5 1899 Napier/McClung Invert PMG Very Fine 30. Large Size Type Notes will be offered at the conclusion of the floor sessions. Featured lots include: Serial Number One Battleship Fr. 757 $2 1918 Federal Reserve Bank Note PMG Choice Uncirculated 64, one of only four Serial Number One Battleships known for all of the Friedberg Battleship numbers and Fr. 161 $50 1880 Legal Tender PMG Superb Gem Unc 67 EPQ.

The 1,200+ Lot Non-Floor Session of the 2010 CSNS Heritage Currency Auction will be available for viewing in Milwaukee and closes on Heritage Live on Monday, May 3, starting at 2:00 PM CT.

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Trusts & Estates: Fair Market Value, Retail Replacement And Auction Estimates
By Mark Prendergast

As an auction house with many experts in a wide variety of fields, Heritage is frequently approached by individual clients, estate executors and wealth advisors for all types of appraisals and valuations. A general inquiry from a client or advisor for an appraisal of a single piece of tangible property, a collection or an estate must be scrutinized for the actual purpose and need of the situation. Usually, the request for an "appraisal" actually refers just to an evaluation for the potential value of an item through auction or private sale. The person just wants to know how much something is worth. The term "appraisal" is commonly used in referring to any assessment of value of a tangible piece of property. This is correct in most cases; however, in the art and collectibles industry, a true formal "appraisal" is a specific document that requires adherence to IRS dictated regulations, formats and liability agreements, rather than just an opinion of value.

Heritage regularly provides quick and free evaluations of the current market value of art or collectibles. This is in the form of a verbal or written auction estimate — the range of value that one would expect to see the item sell for in today's auction market. This valuation is not intended for use as a formal appraisal or for any purposes of establishing a value for insurance, tax, estate planning, collateral or third party transactions.

Heritage is also able to provide purchase offers in certain categories of collectibles, such as coins, stamps, gold, jewelry, timepieces, comics and silver. The purchase offer is in many ways the truest valuation of an item, as it represents a real and immediate proposal for a monetary amount exchanged for the transfer of ownership of goods. The purchase price offered is usually below the value that one would expect to achieve given the proper time, marketing and venue, but it does not include or require the expenses and fees normally associated with selling through auction or consignment with a dealer. Depending on the circumstances and requirements of the client, an immediate and efficient sale through a purchase offer can be the most beneficial and lucrative means of liquidating property, especially in estate situations were funds are needed quickly.

When a formal written appraisal is required, the next determination is to the purpose and use of that appraisal. Insurance appraisals have different requirements and can represent different values than estate tax or charitable donation appraisals. Appraisals that will be used for tax purposes require the use of fair market values. The IRS defines fair market value as "the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts." IRS Regulation §20.2031-1 While fair market value can be determined using the prices realized at auction — one must take into account any fees associated with the auction sale, such as buyer's premium (as high as 25% at some auction houses — 15% or 19.5% at Heritage). These additional fees must be considered as part of the sale price — and thus fair market value.

The IRS also stipulates that "The fair market value of a particular item of property ... is not to be determined by a forced sale price. Nor is the fair market value of an item of property to be determined by the sale price of the item in a market other than that in which such item is most commonly sold to the public, taking into account the location of the item wherever appropriate. Thus, in the case of an item of property ...which is generally obtained by the public in the retail market, the fair market value of such an item of property is the price at which the item or a comparable item would be sold at retail." 26 C.F.R. §20.2031-1(b) A qualified appraiser should look at the proper and true market for a piece of property to determine how best to establish the fair market value — whether that be at auction or in a retail environment.

A retail replacement cost appraisal is mostly used for insurance purposes and represents the value that one would expect to pay for the same or similar item in a retail setting at the present time. When an insured item needs to be replaced in a timely manner, the retail market is often the only place to do so. With retails prices fluctuating due to locations, sales, marketing, and the economy, one must be cognizant of the specific market and criteria the appraiser used to arrive at the appraised value. The retail price of a work of art by a well known and established artist can vary considerably in locations throughout the country and world. Two paintings of the same size, date of creation, medium and quality can vary in price in a retail setting if the gallery happens to be in New York City, San Francisco or Houston.

An oversimplified — and broadly incorrect — summary of the difference between fair market value and retail replacement cost is the price you can sell something for versus the price you would have to pay for it at retail. Collectors, estate professionals and financial advisors should be very aware that the initial purpose of an appraisal may not translate to subsequent needs and uses. Auction houses and dealers are often approached by clients with insurance retail replacement appraisals expecting to see those values achieved in a sale. In many instances, this is just not possible as the secondary market does not generally attain prices near the retail level. Likewise, individuals may be shocked when an item appraised in a family member's estate is seen in a retail store with a price tag of multiple times the appraised value.

Appraisals and valuations have specific purposes, uses and determinants. An appraiser or Heritage's Appraisal Services can assist with identifying what type of appraisal or valuation is actually needed. Inquiries for appraisals can be found on the Heritage website at www.HA.com/Appraise and auction estimates requests can be made at www.HA.com.

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Website Tips: LiquidPixels Pan and Zoom

Our newest version of the Pan and Zoom image viewing system provides the chance to view all the images in the same window, potentially saving a good deal of bandwidth. To the right side of the large image of the item, there will be one or more smaller images, usually two or four for coins. Click on the smaller image you wish to view to bring it into the large portion of the window.

At the bottom of the window, there are more controls. At left, a '+' icon will allow you view the image in close-up (you can also simply click on the part of the image you wish to zero in on). The '-' will make the image smaller, and the "Home" icon will reset the image to its default size.

Immediately to the right of these icons is a slider. We are well aware that lighting on coins is a tricky issue, and it can be tough to properly photograph dark copper coins and sometimes even bright white silver coins. The slider will allow you to adjust the brightness of the image, left to darken it, and right to brighten it — and you don't need to wait for the entire web page to reload! At the bottom right are a series of arrows, which you can use to move your viewpoint on an enlarged image. Of course, you can still drag the image as you choose, similar to looking through a loupe.

We know that some of our clients may wish to or be forced by antiquated software to view images in a more old-fashioned manner. We also know that some handheld devices are not yet capable of running the software necessary to use Pan and Zoom. Fear not; in these cases you need only turn Pan and Zoom off to see the full slab, complete with grade and certification number. To turn Pan and Zoom off, simply click on the "Turn Off Pan and Zoom Images" link directly above the image window. If you wish to view more than one enlarged image at the same time, we recommend creating a new instance of your browser window open to the same page (on Internet Explorer you need only hit control-n to do this), and then switching back and forth between browser windows.

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This Week's Top Ten

1924 Saint-Gaudens
1924 Saint-Gaudens
The ten most commonly offered Saint-Gaudens double eagles in Heritage auctions.
  1. 1924.
  2. 1907 Arabic Numerals.
  3. 1927.
  4. 1908 No Motto.
  5. 1914-S.
  6. 1915-S.
  7. 1922.
  8. 1911-D.
  9. 1910-D.
  10. 1911-S.

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

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Heritage Collector's Corner: Why, and what, do you collect?

We're well aware here at Heritage that our clientele are some of the most interesting, influential people around, and all of you come with a story. Now we want you to tell us just what that story is. Maybe it's a remembrance of why you started collecting, or a survey of how far your collection has come. We're looking for stories that can wow, make us laugh or cry, or otherwise remind us why we collect what we do. We would like to share these stories with the rest of the Heritage community, so this is an open call and a chance for you to tell your story.

Submission Guidelines:

  1. Send submissions to CollectorsCorner@HA.com (You can also send ideas for other topics.)
  2. Submissions should be no more than 2,000 words
  3. Select submissions will be published anonymously by Heritage on the Heritage Blog, in company e-mails and in web promotion. All submissions are subject to editing and proofing. The author's name will remain confidential.

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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 Natural History 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.
  • Comics: 50% of the usual Seller's Commission for all items between $1K & $10K, and 0% for items $10K and over.
  • All Other Categories: 50% of the usual Seller's Commission for everything else over $1K ($2,500 for Art & Natural History).

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  Employment Opportunities

Help Wanted: Currency Expert

We are looking for a motivated leader with strong buying and writing skills and a good general knowledge of U.S. history and U.S. Currency for a key position with Heritage-CAA in Dallas, Texas. Job duties include: buying, cataloging for auctions, organizing and obtaining consignments along with catalog production. Great benefits, generous salary and bonus, commensurate with experience. Send resume and salary history to Jobs@HA.com.

Help Wanted: Wholesale Sales

Heritage has an immediate opening for an experienced numismatic wholesale salesperson. If you have intimate knowledge of the wholesale trade, experience traveling to major and intermediate-sized shows, and skill in office-based selling to fellow dealers and marketers, please e-mail resume and salary history along with details of your numismatic sales experience to Jobs@HA.com. This important position is based in Dallas, TX and provides benefits and salary commensurate with experience.

Help Wanted: Numismatist

Heritage Rare Coin Galleries, Dallas, Texas is seeking a talented general numismatist for our rare coin department in Dallas, TX. Duties include assisting dealers and collectors and auction consignors in person and by telephone, evaluating prospective purchases in the office and at shows and conventions. Salary commensurate with numismatic and sales skills. Previous coin shop experience a plus. E-mail resume and salary history to Jobs@HA.com.

Help Wanted: Ancient Coin Expert

Heritage is looking for a numismatist with expertise in ancient coins to join our staff. Duties will include evaluating potential consignments, cataloging, assisting consignors in person and by telephone, both in Dallas and elsewhere. Salary will be commensurate with skills and experience. This is a full time position based in Dallas.

Please contact Paul Minshull at Paul@HA.com for more information.

View All Employment Opportunities

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  Around Heritage

Masters Golf Bonds Of Brotherhood Made Evident In 1949 Signed Photo To Injured Ben Hogan

After the recent 2010 Masters Golf Tournament, with the game trying to regain its footing in the wake of the Tiger Woods' affairs, a piece of Masters history has emerged that serves as a reminder that no one player, no matter how great their skill or big their transgression, is greater than the collective history of the sport.

A moving tribute to Ben Hogan, delivered to the legendary golfer on the eve of the 1949 Masters soon after his near-fatal automobile accident, in the form of an autographed photo signed by 97 golfers, including 10 of the first 11 Masters champions, as well as writers, employees and masters Chairman Clifford Roberts, will be presented as part of Heritage Auctions' April 23 Signature Sports Memorabilia auction, live in Dallas.

"The ranks of golfers that get to even play in the Masters are quite exclusive," said Chris Ivy, Director of Heritage Sports Collectibles Auctions, "and the roster of champions there is one of the greatest, and most tightly-knit brotherhood in the whole of sports. Here we have one of the most personal and moving of all relics to ever emerge from that brotherhood, a clear link to the tradition of the game and the awe of The Masters that makes it transcendent of any player or any time."

Two months prior to the start of the 1949 Masters, Hogan was involved in a devastating head-on collision with a Greyhound bus on a fog-veiled bridge near Van Horn, Texas. His pelvis, collarbone and ankle were shattered, internal bleeding formed life-threatening clots and damage to his left eye shrouded his vision. Doctors were uncertain if Hogan would ever walk again; none, however, doubted that his golf career had been ended. "This signed photograph was a 'get well card' from the entire professional golf community," Ivy said, "with an inscription that begins, 'To Our Friend Ben Hogan, on the eve of the 1949 Masters Tournament we send you heartfelt good wishes for a speedy and complete recovery.'"

Highlights of some of the 97 autographs on the card include some of the most iconic names in the sport's history, with Bobby Jones, Horton Smith, Gene Sarazen, Byron Nelson, Claude Harmon and Sam Snead among the signers the most important signers.

The signed photo was consigned by Douglas McGrath, an employee of Hogan's. The great golfer gifted the signed photo to McGrath during his time of employment, and it has remained in McGrath's private collection ever since. This marks the first time that this amazing piece will be offered to the public.

"Clearly this photo was treasured by Hogan, and served as partial inspiration for his miraculous recovery and return to greatness on the links," said Ivy. "Perhaps more importantly, today it serves as an inspiring reminder of what makes The Masters, and the game of golf, one of the most important and timeless of all sporting events."

To bid on this extraordinary photo, along with several other pieces relating to The Masters, the PGA tour and its legendary champions, follow this link.

Click Here to receive more information about Sports Collectibles auctions.

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  Heritage Interactive
Instant Quiz

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

1. What was the date of the first circulation issue Canadian silver dollar?
       A) 1911
       B) 1935
       C) 1937
       D) 1939
       E) 1967

2. What was the date of the last Peace dollar released for circulation?
       A) 1921
       B) 1922
       C) 1934
       D) 1935
       E) 1964

Last week's questions:

1. Which of the following had the highest mintage?
Correct Answer: C) 1971-D half dollar (13%).

2. When did the denomination first appear on the ten dollar gold piece?
Correct Answer: D) 1838 (31%).

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  Is It Time To Sell?

Long Beach: Your Chance to Sell

Heritage understands that you want to sell your coins and notes for the highest possible price in the marketplace. Heritage delivers just that by creating the maximum possible demand from the largest possible audience of qualified bidders. More than 500,000 bidder-members have now registered at HA.com, and our increasing bidder strength is the envy of all other auctioneers. More qualified bidders means more dollars in your pocket at the end of the auction. That's how records are set on individual lots and entire auctions.

When our incredibly active Internet bidders compete against the enthusiastic floor bidders at a major convention, your prices realized can go in only one direction: UP!

Our next consignment opportunities are for the official auctions of the Long Beach Coin and Collectibles Convention and the Memphis International Paper Money Show. Give us a call at 800-872-6467, today!

2010 June Long Beach, CA Signature US Coin Auction
June 2 to June 6, 2010
Consignment Deadline: April 23, 2010

2010 June Memphis, TN Signature Currency Auction
June 17 to June 20, 2010
Consignment Deadline: April 30, 2010

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

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

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  Letter of the week

I am a novice collector, and have scoured the internet for some time now trying to educate myself about the sometimes Byzantine world of collecting and the auction process. Of all the many sites I have encountered (and there are many, some very good), the HA.com site is by far the most user friendly, non-intimidating, participatory and knowledge-worthy of all. Congratulations and thank you for making the sometimes off-putting process of learning about art truly an enjoyable experience.

E.B., California

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  Current Auctions
Coin Auctions
2010 April Rosemont, IL CICF Signature World Coin Auction
Heritage Live Enabled
2010 April Rosemont, IL CICF Signature World Coin Auction #3009
April 22-26, 2010
View Lots
Add to Calendar
2010 April-May Milwaukee, WI CSNS US Coin Auction
Heritage Live Enabled
2010 April-May Milwaukee, WI CSNS US Coin Auction #1139
April 28 - May 2, 2010
View Lots
Add to Calendar
2010 April-May Milwaukee, WI CSNS US Coin Auction
Heritage Live Enabled
Platinum Night
Thursday, April 29, 2010 6PM CT
Part of Auction #1139

View Lots
Add to Calendar
2010 April-May Milwaukee, WI CSNS US Coin Auction
Heritage Live Enabled
The Frederick Collection
Friday, April 30, 2010 1PM CT
Part of Auction #1139

View Lots
Add to Calendar
Sunday Internet Coin Auction Sunday Internet Coin Auction #210043
April 18, 2010
View Lots
Sunday Internet Coin Auction Tuesday Internet Coin Auction #210043
April 20, 2010
View Lots
Monthly World Coin Internet Auction Monthly World Coin Internet Auction #610051
May 9, 2010
View Lots

Currency Auctions
2010 April/May CSNS Signature Currency Auction Heritage Live Enabled
2010 April/May CSNS Signature Currency Auction #3509
April 28 - May 3, 2010
View Lots
Add to Calendar
Tuesday Internet Currency Auction Tuesday Internet Currency Auction #310043
April 20, 2010
View Lots

Other Signature Auctions
2010 April Grand Format Space Exploration Auction Heritage Live Enabled
2010 April Grand Format Space Exploration Auction #6037
April 21, 2010
View Lots
Add to Calendar
2010 April Signature Sports Memorabilia Auction Heritage Live Enabled
2010 April Signature Sports Memorabilia Auction #717
April 22-23, 2010
View Lots
Add to Calendar
2010 May Signature Fine Jewelry Auction Heritage Live Enabled
2010 May Signature Fine Jewelry Auction #5041
May 3-5, 2010
View Lots
Add to Calendar
2010 May Signature Fine Timepieces Auction Heritage Live Enabled
2010 May Signature Fine Timepieces Auction #5042
May 4-5, 2010
View Lots
Add to Calendar
2010 May Signature Fine Timepieces Auction Heritage Live Enabled
2010 May Signature Illustration Art Auction #7015
May 6-7, 2010
View Lots
Add to Calendar
2010 May Signature Art of the American West & Texas Auction Heritage Live Enabled
2010 May Signature Art of the American West & Texas Auction #5044
May 15, 2010
View Lots
Add to Calendar

Other Internet Auctions
Sunday Internet Movie Poster Auction Sunday Internet Movie Poster Auction #510043
April 18, 2010
View Lots
Sunday Internet Sports Auction Sunday Internet Sports Auction #410043
April 18, 2010
View Lots
Sunday Internet Comics Auction Sunday Internet Comics Auction #110043
April 18, 2010
View Lots
Internet Rare Stamp Auction Internet Rare Stamp Auction #910041
April 25, 2010
View Lots

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