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 Friday, August 24, 2007
Stop the coin abuse NOW
Posted by bob
I'm flippin' angry. It has to stop. The shameless abuse of collectible coins has to end. I called this blog "The Flip Side" after a column I used to write, but I never advoc  ated the flipping of coins and particularly not rare ones such as the 1913 Liberty Head nickel. If you haven't read about it, recently an announcer at a television station in Milwaukee, having been handed the Bebee specimen of the famed 1913 Liberty Head nickel, decided it would be fun (much to the shock and surprise of those around him) to flip the coin while on air. Fortunately he caught, and fortunately the coin was in a Kointain capsule that helped protect. But still... Interestingly, the coin in question has an earlier tie to Milwaukee and a different kind of abuse. There are only five specimens of the 1913 Liberty Head nickel known, and all bring big money when offered for sale. The Bebee specimen is so-called because a coin dealer named Aubrey Bebee once owned it. Earlier, however, it was kn  own as the McDermott specimen, having been named after its prior owner, J.V. McDermott, a hard-drinking coin dealer from Milwaukee. Shown is Bebee with the coin in a holder that underneath the tape bears McDermott's name. Old hobby stories have it that McDermott, who often did business in bars, was very generous about allowing others to see his rare coin. It is said that he at times slid it down the bar for others to look at. If so, hopefully it was in a holder. Cabinet friction (the wearing of a coin from years spent jostling around in a display cabinet) would probably have nothing on bar  friction. Actually, the Bebee specimen has some minor flaws, but it was minted with them. Still, flipping is no way to treat a coin of this caliber.
8/24/2007 3:13:33 PM (Eastern Daylight Time, UTC-04:00)
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 Friday, August 17, 2007
Doty's ANA speech enlightening
Posted by bob
I spent much of last week at the American Numismatic Association's World's Fair of Money in Milwaukee. I highly recommend that if you ever get a chance to take in an ANA anniversary convention that you do so. This year's was 20th I've attended, having missed only one show in the past 21 years. While there, o  ne of my favorite things to do is to attend Numismatic Theatre pre  sentations. This is not always possible, and this year I missed several I would have liked to have gone to. I was, however, happy to have dropped by on Friday, Aug. 10 for a noon Theatre presentation titled "American Coin Renaissance as Inspired by Augustus Saint-Gaudens," with one of the key speakers being Dr. Richard Doty of the Smithsonian Institution.
Generally, when referring to a renaissance in U.S.  coinage, as Doty explained, collectors date the appearance of some of the nation's best coinage designs to the period between 1907 and 1921. This begins with Saint-Gaudens' redesign (at the request of President Theodore Roosevelt) of the gold $10 and $20 and continues with Bela Lyon Pratt's sunken Indian Head designs for the gold $2.50 and gold $5. Meshed into this period of inspired coinage designs (though coming afte  r Roosevelt left office) are the Buffalo nickel (1913) by James Earle Fraser; the Standing Liberty quarter (1916) by Hermon MacNeil; and the Mercury dime (1916) and Walking LIberty half dollar (1916) by Adolph Weinman. The Lincoln cent (1909) by Victor D. Brenner is sometimes added to the list, which usually ends in 1921 with Anthony de Francisci's Peace dollar.  Doty, however, has come to believe that there was another part to the renaissance and that was among the commemorative coinage of the period. Starting with the 1900 Lafayette dollar, the nation's commemorative coinage designs enjoyed a period of vast improvement that paralleled the revitalization of the circulating coins and continued for many years.
Doty pointed particularly to the gold coins from the 1915 Panama-Pacific Exposition in San Francisco as great examples of the minting art. This continued into the 1930s with the Oregon Trail half dollar (1926-1939) by James Earle Fraser and Laura Gardin Fraser. There's much to be said for Doty's approach. As can be seen by the examples shown here, not only the circulating coins went through a significant sprucing up, but also the commemorative coins sold to collectors.
8/17/2007 4:50:21 PM (Eastern Daylight Time, UTC-04:00)
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 Tuesday, August 07, 2007
Roosevelt's coins were also 'godless'
Posted by bob
With the recent uproar over the supposed "godless" Presidential dollars, created when the "In God We Trust" motto failed to be placed on the edge of a few of the new Washington dollars, it might be good to look back to an earlier time, when the purposeful removal of the religious motto  (first used in 1864 on the two-cent piece) led to an outcry and action by Congress. Most collectors are aware of President Theodore Roosevelt's role in the nation's coinage redesign in the early 20th century. They're also aware that he thought the placement of the "In God We Trust" religious motto on U.S. coins was an irreverence to the deity that came "dangerously close to a sacrilege." What is lesser known is that he was influenced in his feelings by the Free Silver Movement. The Free Silver Movement, which has been a favorite study area of mine for many years, came to its pinnacle in 1896, when William Jennings Bryan battled the forces of "sound money" (i.e  ., gold), led by William McKinley, for the presidency of the United States. Free silverites believed fervently in the need to restore full and unlimited coinage of silver at a 16-to-1 ratio as a means of encouraging economic recovery. It would also, they argued, cause silver to rise in value, allowing the bullion value of the silver dollar to again match its face value and restore the nation's ailing bimetallic coinage system. One of the interesting side collecting fields that developed from this was a series of pieces known to collectors today as Bryan Money. Most of these pieces mocked Bryan and his cause. Some were made of silver, but many were of base metal. A favorite of mine carries the legend "UNITED SNAKES OF AMERICA" and a central device of a donkey-headed goose with "POP" on its body (representing the unity of Populists and Democrats behind free silver). Other popular quips found on Bryan Money were: "IN BRYAN WE TRUST FOR THE OTHER 47CTS;" "FROM THE SILVER MINES OF THE BUNCO STATE;" and "IN MCKINLEY WE TRUST, IN BRYAN WE BUST." In a Nov. 13, 1907 letter, penned after the new gold $10s and $20s without the motto were placed into circulation, President Roosevelt wrote that: ...throughout the long contest extending over several decades on the free coinage question, the existence of this motto on the coins was a constant source of jest and ridicule; and this was unavoidable. Everyone must remember the innumerable cartoons and articles based on phrases like 'In God We Trust for the Eight Cents,' 'In God We Trust for the Short Weight,' 'In God We Trust for the Thirty-seven cents We do not Pay,' etc., etc. Surely I am well within bounds when I say that a use of the phrase which invites constant levity of this type is most undesirable. If congress alters the law and directs me to replace on the coins the sentence in question, the direction will be immediately put into effect, but I very earnestly trust that the religious sentiment of the country, the spirit of reverence in the country will prevent any such action being taken.
Roosevelt was wrong. On May 18, 1908, Congress passed an act requiring the motto's restoration. Today, except for a few error Presidential dollars, it continues to be shown on coins and paper money, and there's legislation in Congress to move it from the edge to the obverse of the new dollar coins.
8/7/2007 12:26:17 PM (Eastern Daylight Time, UTC-04:00)
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 Thursday, August 02, 2007
Old Mint left its mark
Posted by bob
Next week I head off for the American Numismatic Association convention in Milwaukee, and I am looking forward to it. The first ANA convention I attende  d was in 1986, which was the same year I joined staff of Krause Publications. Since then, I've missed only one ANA and that was because of an illness in the family. Two years ago I was especially pleased to attend the convention in San Francisco because it gave me the opportunity to tour the Granite Lady, the old San Francisco Mint, which is to be restored and include an American Money Museum. Since then, I've regularly followed online editions of the San Francisco Chronicle, watching for information about the mint. I was pleased, therefore, to read in a June 10 article by Chronicle staff writer Carl Nolte that the rather seedy alleys around the Old Mint are being transformed into a European-style plaza, which will be called Mint Plaza. When it opened, in 1874, the second San Francisco Mint was the pride of the city, having been built, according to the Nov. 6, 1874 issue of the Alta California, for less than $30,000 of $1.5 million appropriated for the project. The newspaper raved that: "The Fifth-street front [of the mint] is strikingly majestic, yet the  huge columns, which cannot fail to command the attention and admiration of visitors, are finished with so much delicacy of workmanship as if they had been touched with the carpenter's plane." The Granite Lady served the nation as a mint into the 1930s and is remembered for having been one of the few public buildings to  survive the 1906 earthquake and fires that swept through the city. It was also instrumental in the city's recovery. In the 1970s, when the Granite Lady was being restored and reopened as a mint and a museum, there were some interesting pictures taken of a tour of the facility with then Mint Director Mary Brooks. One of my favorites is shown here. Brooks is pointing to circular indentations on the wall of one of the mint's lower-level vaults, which, according to the caption on the photo's back, were made by pressure from bags of $20 gold pieces once stacked there. I can confirm that from my visit that the marks still exist, though I was unable to top this picture. If you care to learn more about what is being done to revitalize the area around the mint, check out Nolte's story. Likewise, if you're interested in the future plans for the Old Mint, visit the Mint Project Web site.
8/2/2007 11:49:41 AM (Eastern Daylight Time, UTC-04:00)
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