Heritage to Offer Two Extraordinary 1915-S Pan-Pac 50 Dollar Commems

Dallas, Texas: Heritage Numismatic Auctions, Inc. is offering the two Panama-Pacific 50 Dollar commemoratives from the collection of Frank J. Hein in its October 2000 Long Beach Signature Sale. "It is always a thrill for us to receive consignments of fresh material," noted Heritage's Executive VP Greg Rohan. "In the case of Hein's collection, the Panama-Pacific commemoratives have been off the market for more than 50 years, and they were obviously well cared for during that time. The $50 Round is an exquisite coin that is comfortably graded as a near-Gem. The Octagonal example is even more impressive. At the very least, this coin is a premium quality MS 65 specimen, and one could also argue that it is the freshest and finest known representative of this scarce and important issue."

"The lure of the American dream has prompted millions to leave their families and birthplaces behind and journey across the ocean to seek a better life," stated Bob Korver, Heritage's Director of Auctions. "As these dreamers and hopefuls left their imprint on the fabric of this country, their hardships and success have helped America grow to become the dominant power in the world. While many have fulfilled their dreams, most have learned that our streets are not paved with gold. In the case of an Austrian immigrant named Frank J. Hein, however, the streets of his new home were indeed lined with gold, if only figuratively. Although unknown to the general hobby until recently, this collector left behind a manuscript that chronicles his dealings with the numismatic luminaries of his time. Furthermore, he left behind a small, yet significant collection of U.S. gold coins. After being hidden in a safe deposit box for more than 50 years, the coins have finally re-entered the numismatic market."

Continued Rohan, "The care with which these pieces were preserved and their significance as rarities guarantees that this immigrant-turned-collector will leave his imprint on the hobby for years to come." Frank J. Hein was born November 28, 1883 in Kunnersdorf bei Zwickau in the Austro-Hungarian Empire. Immigrating to the United States at an early age, Hein eventually became a caretaker at 16 Portland Place in St. Louis, Missouri. While he may not have been a wealthy man, Hein apparently made wise investments that allowed him later in life to turn his money and time to the pursuit of rare coins. By studying the notes that Hein left us, we know that he corresponded with Wayte Raymond, T. C. Brandts of the Celina Coin Co. in Ohio, and Burton H. Saxton, the editor and business manager of The Numismatist. Perhaps using advice obtained from these sources, but more probably acting on his own instinct, Hein tailored his collection to include only gold coins, and rare ones at that. Before his death on March 6, 1949, Hein left his coins in a safe deposit box with the following instructions for his wife: "Don't handle them. Don't take them out of the safe deposit box, but you can look at them all you want." Although she passed away in 1959, Emilia Hein left these same instructions for their daughter, Hilda. She in turn safeguarded the family's treasure until her death in 1996.

The coins officially came out of hiding when one of Hein's granddaughters and her husband walked into the shop of St. Louis dealer Bill Smith. After consulting with an attorney, Hein's descendants decided to give Smith the task of selling the coins. Smith displayed the coins at the Mid-America Coin Expo a few months ago and asked for sealed bids from a dozen or so of the major dealers in the numismatic industry. "Although the story of Hein's collection had been told in the May 30, 2000 edition of Numismatic News, the Mid-America Coin Expo proved to be too limited of a venue to generate the bids that the coins deserved," opined Rohan. "Hein's collection contained eight rare U.S. gold coins. The three most important coins, a 1907 Ultra-High Relief Saint-Gaudens double eagle, a 1915-S Panama-Pacific 50 Dollar Round, and a 1915-S Panama-Pacific 50 Dollar Octagonal, did not sell at the Mid-America Coin Expo. Instead of going back into hiding, however, the Pan-Pac slugs will be offered in our upcoming Long Beach sale. The draw of the Long Beach Coin Expo, combined with Heritage's unrivaled Internet presence, should guarantee that the coins not only receive the undivided attention of bidders around the world, but that they also bring the prices that their rarity, quality, and history demand."

Heritage's October 2000 Long Beach Signature Sale is once again the official auction of the Long Beach Coin Expo. The sale will be conducted in five sessions on October 5-7 at the Long Beach Convention Center. The catalog will be posted online in mid-September.