• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

jgenn

Member
 View Profile  See their activity

  • Posts

    466

  • Joined

  • Last visited

  • Days Won

    5

 Content Type 

Journal Entries posted by jgenn

  1. jgenn
    In February of 1797, ongoing war and the threat of invasion from the French Republic triggered a run on the Bank of England.  To meet the demand for silver coinage, in March, the Bank was authorized to release foreign currency from its silver reserves, almost entirely Spanish 8 reales.  These emergency issues were countermarked at the Royal Mint with a small oval stamp with the bust of King George III -- a stamp that had been in use for hallmarking silver plate.  One of my earliest journal posts featured an example of this type.  The dollars had a fixed value of 4 shillings and 9 pence but as the price of silver dropped counterfeiters began passing 8 reales with false stamps and eventually forced the recall of these issues in the Fall of 1797.  In 1803, renewed war once again affected silver circulation and countermarked 8 reales were issued in January of 1804 using an octagonal stamp of the king's head.  False stamps quickly followed and forced the recall of the issues by June of 1804.  
    Clearly a method that would be hard to counterfeit was needed.  Fortunately, for the Bank of England, the Soho Foundry of Matthew Boulton and James Watt had been established with Boulton's newly invented steam powered screw press.  In May of 1804 the foundry was commissioned to use a previously designed dollar pattern to fully overstrike the 8 reales.  These issues were much harder to counterfeit and proved to be so successful that they were issued from 1804 to 1811, although all show the 1804 date, and were not removed from circulation until 1816.
    The power of the steam driven press typically obliterated the host coin's details, but occasionally you will see one that still shows some underlying details and that's what attracted me to my example. This one, a new purchase from Heritage Auctions, is a raw example so I took the opportunity to examine it in detail.  Curiously, a section of the host coin is thinner -- where CAROLUS is visible under George's bust and ET IND shows on the reverse.  I can make out a date of 180? but I can't see a mintmark.  Of interest is the edge which still shows much of the alternating rectangle and circle design albeit oddly curving from top to bottom.
    Now the funny part.  This coin only weights 25.67 grams and compared to a full weight 8 reales at 27.0674 grams, even with loss to circulation, it seemed too low.  That plus the uneven thickness and the wandering edge design made me suspicious.  So I measured the thickness (averaged over four spots) and diameter and calculated its volume.  After converting the volume from cubic mm to cubic cm you can divide the weight by volume to get the specific gravity.  A 90% silver/10% copper coin has a specific gravity of 10.3 but mine is 9.5 which means there could only be about 40% silver content.  Assuming that the overstrike is genuine (I have to trust Heritage on that) this appears to be a contemporary counterfeit 8 reales host coin ("contemporary" meaning that it circulated at the same time as genuine issues) .  Now, I'm not at all disappointed to discover this -- I think it's a much more interesting coin this way.  8 reales have been heavily counterfeited over time and the problem remains between distinguishing contemporary ones, later ones made for trade with China and modern forgeries.  With the overstrike occurring in the 1804-1811 time-frame, this one falls into the contemporary counterfeit category (a collectable category on its own).
    ~jack

     

    edits for typos and clarity.
  2. jgenn

    Mansfeld Mystery Solved

    By jgenn,

    This a follow up on my earlier post about a 1560 Mansfeld thaler that I bought last Spring and then immediately received buy offers through the Heritage auction site.  I wondered what might be so special about this coin and made some posts on this and other forums to see if I could find out.  Finally, I got a PM through this site from a person who found my earlier post and provided some information about the attribution for this coin.  As I had speculated, there is nothing particularly special about this thaler except that the collector who contacted me has a connection to the Mansfeld region and only collects Mansfeld thalers.  I have agreed to sell this coin so that it can join a collection where it will be special.  My one condition on the sale was to ask the collector to share some of information about these Mansfeld thalers with us here.
    ~jack

  3. jgenn
    1762 Eight Reales from the Old World and New World
    I have a batch of 8 reales in for grading so while I wait on the results, I thought I would journal about the one that I find the most interesting, a 1762 Spanish 8 reales from Madrid.
    In the mid 1700's, the Spanish mints did not turn out many of the larger silver coins. Production of the 8 reales ended in 1736 and did not appear regularly until 1772, with the exception of the 1762 mintage. Charles III ascended to the throne near the end of 1759 and in 1761 made the first change to the Spanish coat of arms since 1700. Most notable is the addition of arms of the Italian houses of Farnese and Medici -- Charles had ruled the Kingdom of Naples and Sicily since 1734. The 8 reales and 8 escudos coins of 1762 feature the new coat of arms on their obverse. This design would not appear again on reales coins and only on the reverse of the escudos starting in 1771.
    The coat of arms that Charles III introduced in 1761 is a testament to the great breadth of Spanish influence in Europe at the time. You can refer to the upper left image in my attached photo as I describe the design. Starting in the upper left and working clockwise we have the arms of Aragon, a former confederation of kingdoms in Eastern Spain and Italy; Aragon-Sicily, a blend of the Hohenstaufen eagle and the ruling Aragonese arms; Austria; Burgundy modern (framed fleurs-de-lis of the House of Valois-Burgundy); the balls of the House of Medici at 3 O'clock; the lion of the Duchy of Brabant (Netherlands); the eagle of Tyrol (Austria/Italy); the lion of Flanders (Belgium); Burgundy ancient (House of Burgundy); and at 9 O'clock, the six fleur-de-lis of the House of Farnese (Italy). In the center are the quartered arms of Castile (castle) and León (lion) with the pomegranate of Granada at the bottom and the three fleur-de-lis of Anjou (France) in the center. The reverse design presents just the arms of Castile and León.
    In my photo composite, I've included my 1762 8 reales from Mexico as a point of reference for the appearance of Spanish coinage minted in the new world. The obverse maintains the abbreviated arms that had been the standard for the milled coinage of the Spanish colonies since 1732. The reverse features a powerful image of global domination, the crowned Pillars of Hercules wrapped with the national motto of Spain "PLUS ULTRA" (further beyond) framing a representation of the old and new worlds floating on the waters between them surmounted by the Spanish crown. The legend "VTRAQUE VNUM" is for the Latin "Ultra Que Unum", "both are one", again asserting the Spanish union of both worlds into one empire. The colonial coins were minted in vaster quantities and traveled much farther than the coins minted in Spain -- it makes sense that they would carry the stronger message.
    The 1762 from Madrid is well struck, nicely toned and seems free of surface abrasions. I'm hoping it grades at least as well as its companion from Mexico.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  4. jgenn
    Beware the counterfeits, unofficial restrikes and modern forgeries!
    It's only natural that the world's most popular coins are the target of fraud. For the 8 reales, this has been a problem for over 200 years. Counterfeits, meaning those struck in the same time frame as the genuine issue, used less silver so that the counterfeiter gained by the difference in precious metal. Unofficial restrikes were produced after the genuine issue, were mostly faithful to design as well as silver content, and intended for bullion trade. The modern forgeries are meant to deceive collectors.
    Dr. John Leonard Riddell, during his appointment as melter and refiner of the New Orleans Mint, cataloged a wide variety of counterfeit 8 reales in "A Monograph of the Silver Dollar: Good and Bad", published in 1845. At the time, 90% of silver dollars circulation in the US were Mexican or the earlier Spanish American issues and he reported that roughtly 1% of these were counterfeits. These can be identified by careful examination of the design details as well as measurement of weight and specific gravity. One of the better known examples of large scale 8 reales counterfeiting was produced in Birmingham, England. The technique of bonding thin silver plating to copper was developed in Sheffield in the mid 1700's and was thereafter adopted to the task of counterfeiting at Birmingham. The initial issue was a tactic in the war with Spain to discredit Spanish bullion. Today, some of these contemporary counterfeits are more valuable than the common genuine issue.
    It was the overwhelming popularity of Spanish silver coins in the Far East, and specifically with China, that drove various nations, including the US, to restrike portrait 8 reales in the late 1800 and early 1900's. This is a controversial topic to some (see my note on source, below). Silver coins of this type commanded a significant premium to other bullion issues, fineness not withstanding. Advanced forms of die copying became available after 1830 with the result that the best of these restrikes have near perfect details, making authentication extremely difficult. The side of the coin that is often ignored, however, can be the key to spotting the fakes. 8 reales coins, as far back as 1732, have employed edge designs; understanding how they were made and the equipment that was used is highly relevant. Because the design was produced using two parallel dies, the telltale sign is the presence of two areas where the edge design overlaps by a small amount, each exactly opposite the other around the circumference of the coin. Many restrikes can be detected because they only show one area of overlap. Other diagnostics are known and the serious 8 reales collector should become familiar with them.
    You can imagine the technical advantages the modern forger has over previous generations. And nowadays, replicas do not need to be made in large quantities to make a profit. Perhaps perfect copies can be made, if not now, then in the near future. The trick becomes how to make them appear to be as old as the genuine issue. Modern technology can assist the authenticator, too. One technique that can be employed is X-ray fluorescence (XRF), a non-destructive surface analysis that can determine the makeup of alloys. Until the invention of the MacArthur-Forrest cyanide leaching process in 1887, significant trace elements, unique to the geology of the mine site, were present in all silver alloys. Thus, the trace amounts of gold and platinum from the mines of Mexico are a diagnostic signature for silver alloys of that place and time. Likewise, modern contaminants should never be present in the genuine alloy.
    If you have an interest in collecting 8 reales, please research the defining characteristics of the various issues. To play it safe, as I mostly have, you can stick to certified coins but remember, a certified coin is not a guarantee of authenticity but only a guarantee of your investment (as far as the TPG's policy defines it).
    My source for this information comes almost exclusively from the posts of Robert Gurney (aka swamperbob) at coincommunity.com. I especially recommend the "1789 8 Reales" http://www.coincommunity.com/forum/topic.asp?TOPIC_ID=142623 thread. He, Gord Nichols and John Lorenzo plan a book on 8 reales counterfeits that will greatly expand on the topics of this post. If this subject really interests you, please visit the "Update on GNL book on Counterfeits - The Good news" http://www.coincommunity.com/forum/topic.asp?TOPIC_ID=177878 thread and express your enthusiasm about getting this information published.
    I'll leave you with a few images of an 8 reales that displays the overlap of the edge design that one would expect to see on a genuine portrait 8 reales from Mexico City.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  5. jgenn
    I won this thaler recently and immediately received a "buy from owner" offer through Heritage for a decent increase over my winning bid. This one is destined for my Silver Dollars of '60 set so I didn't respond to the offer but I did post a trade offer in several forums that I frequent, hoping to catch the eye of the individual that really wants this coin. I haven't received a response from the trade offers but I did get a second, higher offer through Heritage after the first one expired.
    So what's so special about this thaler? I know why it's special to me so I was willing to bid higher than I expected.  But obviously someone else really wanted it (and didn't put in a high enough proxy bid).  I found only two other auction records for coins closely matching this one on acsearch although there were quite a few that were similar. Most of my references don't go back to the 16th Century, but I dug out my copy of the "Standard Price Guide to World Crowns & Talers 1484-1968 as cataloged by Dr. John S. Davenport" for further information. Given the span of years, this reference is not much more than a listing of Davenport numbers with a few notes, out-of-date prices with a small fraction having coin images (and none matching my coin). However, it does include the following introduction to Mansfeld thalers:
    So, no small task to figure out the correct Daveport number without a picture. In my photo, you can see the mintmark to the left of St. George's head. German auction results associate the Weinblatt (or grape leaf) mintmark with the town of Einsleben. The Davenport reference shows a section for the Vorderort Eisleben line with Davenport numbers 9481-9499 and the first rulers listed are Johann Georg I, Peter Ernst I, Christoph II, 1558-1569. These track better than any others with my coin having the legend on the obverse of -- IOHAN * GE * PETER ERNS * CHRIS -- with the (15)60 date. It looks like the possible numbers are 9481 and 9484 -- the NGC label says 9484 so maybe that's correct.
    The historic lands of the counts of Mansfeld, and their many lines, was in the current German state of Saxony-Anhalt and included the town and castle of Mansfeld, the neighboring town of Eisleben and eastern foothills of the Harz mountains, where the silver was mined.  Martin Luther was born in Eisleben and later moved to Mansfeld -- his father was involved in mining and smelting.  Of the rulers noted on my coin, Peter Ernst I von Mansfeld-Vorderort (1517–1604), would become the governor of the Spanish Netherlands.
    I'm not convinced that there's anything special about this thaler above and beyond its full strike and the colorful toning in the remnants of luster in the legends.  Perhaps in Europe ...?
    ~jack

  6. jgenn
    Last November, I noticed that the latest round of deaccessions from the Eric P. Newman Numismatic Education Society, billed as the Eric P. Newman Collection Part XI US Coins Signature Auction, also had a few world coins mixed in.  I won this nice upgrade for the 1733 klippe 8 reales that I mentioned in a previous journal entry.  But, I was also curious because of the lot description that included:
    "A scarce-to-rare example of the Philip V 8 reales pistareen with cut sides, struck on a screw press according to the Eric P. Newman kraft envelope, which accompanies the coin."
    I was aware that "pistareen" was a nickname for Spanish 2 reales coins and wondered why Mr. Newman would mention that in his notes about an 8 reales.  Alas, I was unable to glean any more information by examining the envelope because it was not included in the shipment from Heritage.  I did complain to Heritage and they checked with their shipping department and opened an investigation into the issue.  However, after a month they concluded that the envelope was lost.  They did offer a refund if I wanted to return the coin but I elected to keep it, but I was able to get a credit for part of the lot cost. 
    I imagine that it was accidentally shipped with a different lot so if you received an envelope with your package from the Eric P. Newman Collection Part XI US Coins Signature Auction that doesn't seem to belong with your lot, it may be mine.  Please contact Heritage if that's the case.
    As part of my investigation into the "pistareen" question, I came across a great article from the April 2001 issue of the Colonial Newsletter that discusses how a coin that was never meant to be used outside of Spain, was actually one of the most commonly used coins in Colonial Virginia.  This connection may have been how Mr. Newman recognized some of the similar design elements on the 8 reales klippe as the shield on the obverse is the same although the style of the cross on the reverse only bears a slight resemblance.  I'll leave it to you to hunt down example photos of a "pistareen" and I'll just show my photos of my new klippe.
    ~jack

  7. jgenn
    And why does Heritage Auctions put them in their own category?

    Before they became a US territory in 1900, the islands of Hawaii had been unified into a kingdom that existed for nearly a century. The Kingdom of Hawaii issued their own coinage, cents in 1847 and a series of silver coins in 1883. The cents were struck by a private firm in Massachusetts and the silver dimes, quarters, halves and dollars were designed by Charles Barber and were produced at the San Francisco Mint. These issues are what I consider to be the coins of Hawaii. 

    Even though Hawaii is now a US state, I think of the coins of Hawaii as "world" coins and would expect to see them in world coin auctions just as I expect to see the coins of Puerto Rico and the coins of the Philippines (although I admit the argument for including the US produced coins of the Philippines in US coin auctions is compelling). However, if you browse a Heritage world coin auction you will typically see the top categories as Ancient coins, World coins and Coins of Hawaii. I don't have an answer for why they have their own category but I imagine it has to do with bidding action.

    I have gotten used to seeing the coins of Hawaii in their own Heritage category but lately I have observed a trend that I personally do not care for. Within the Coins of Hawaii category, Heritage has started to include bullion "medals", with Hawaiian themes issued by a company calling themselves the Royal Hawaiian Mint. Some of these may have a connection to a State of Hawaii government office but I believe the majority are strictly private issues. Now there's nothing wrong with collecting exonumia; I just find their placement in the same category to be potentially confusing. 

    Now that you know a bit of the history of the official coins of the Kingdom of Hawaii, please understand the difference when you come across a Hawaiian themed medal, regardless how "royal" it seems.

    Here's my example of the silver dollar (akahi dala).

    ~jack 
  8. jgenn
    The story of Antonin Prokop highlights one of the important qualities of a serious coin collector -- sheer persistence.
    The Czech numismatist, Antonin Prokop, lived and worked in Russia at the beginning of the 20th century and assembled an exceptional collection of Russian coins during Tsarist rule. In 1919, however, the Soviets considered it communal property and confiscated the collection. It was subsequently auctioned off to foreign dealers. Prokop was able to leave Russia in 1921, taking his family to the recently formed Republic of Czechoslovakia where he started a new business and began the process of rebuilding his collection. He was able to buy back some of his original pieces and by the middle of the century, he had again assembled a world class collection.
    Antonin Prokop died in 1954 but later in the same year Soviet influence would once again claim his collection. This time, the Communist regime consigned the entire lot to be melted for its precious metal content. Fortunately, it was saved from this fate by the head of the numismatic section of the Czech National Museum and was quietly preserved. After the 'Velvet Revolution' of 1989, the collection was returned to Prokop's family.
    Today, the significant portion of the Antonin Prokop collection of Russian coins is considered a national treasure and housed in the National Museum in Prague. A lesser portion of his collection was auctioned to the public in 2003 by Aurea Numismatika. I thank Dr. Jarmila Haskova for preserving this bit of numismatic history.
     
    My love of big, old silver coins is not limited to 8 reales. I'm working on a type set of silver dollar sized coins from around the world, mostly 18th century, and this interesting story gives me a chance to show off one that I have recently acquired. This is an example of the principal silver coin of the Russian Empire, the rouble. It is from the early years of the reign of Elizabeth, second-oldest surviving daughter of Peter the Great. Roubles shrank in size and fineness over time -- this one, minted in Moscow, is 25.85 grams and 80% silver. And, of course, it is pedigreed to the Antonin Prokop collection.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  9. jgenn

    A Silver Crown of Ireland

    By jgenn,


    Irish Crown
    There may not be a true silver crown of an independent Ireland. The closest that I have uncovered would be the silver crown, presumably issued by the Catholic Confederacy of Kilkenny, in 1642-43, although the few examples that appear in auction sales appear to be less than 25g in weight.  These coins are also quite rare.  The next closest example of an Irish silver crown, which I was able to acquire, might just be the "Ormond" crown of the same time (1643-1644), issued by the Earl of Ormond, James Butler, commander of the royalist army in Ireland.  At least it is a silver crown sized coin (my example is 29.71g), most likely minted in Dublin, and during the time when there was an independent government that controlled two-thirds of the island.  This brief period of independence would end in 1653 with the occupation and annexation of Ireland by the Commonwealth of England.   Obverse design, crowned CR for King Charles I.  Reverse V with a small S above for denomination of 5 shillings.
  10. jgenn
    Provides the acquisition opportunity of a lifetime
    I guess I don't pay much attention to general numismatic news because the events surrounding the deaccession (elimination of items by a museum) of the Huntington Collection of coins and medals from the Hispanic world passed by without my notice. I only started to check out what this Huntington Collection was after I won an interesting 8 reales from an auction house that specializes in ancient coins.
    Archer M. Huntington (1870-1955), philanthropist and patron of the arts, is known for founding the Hispanic Society of America (HSA) as well as his scholarly works in the field of Hispanic Studies. He was also a member and benefactor of the American Numismatic Society (ANS, not to be confused with the ANA). His interest in all things Spanish included a 38,000 coin collection spanning ancient to near modern times that was mostly completed by 1908. This collection was bequeathed to HSA and placed on long term loan for study with the ANS.
    In 2008 the HSA, facing financial troubles, decided to deaccession the coin collection, but not without a legal challenge from the ANS on the grounds that it violated Huntington's intention for the preservation of the collection for future study. With the legal issue resolved in their favor, the HSA sought but failed to find a buyer that would keep the collection intact. Sotheby's auctioned off the collection in 2012, estimated between $25 -$35 million USD, to a consortium of European coin dealers. Several of these houses (Jesús Vico, Morton & Eden, Numismatica Genevensis, Jean Elsen & ses Fils) have subsequently auctioned off parts of the collection to the public. A few anonymous benefactors have arranged the purchase of large and important parts of the collection and placed them, on long term loan, back with the ANS.
    I stumbled upon this story recently, when I scanned through an email auction notice from the Classical Numismatic Group (CNG) and saw a 1614 Spanish 8 reales hidden among the typical ancient fare in the listing. My main date range for 8 reales is 1760-1789, covering the reign of Charles III, but I also collect a few examples of other series. Seeing a fine specimen from the reign of Philip III (1598--1621) come up for auction is a rare occurrence. Even more special, when I found out that this coin had been in such an important collection for over 100 years. Whoever bought it from the Jesús Vico auction, in June of 2012, decided to put it back on the market and I bought it from CNG this year in September.
    The 1614 8 reales, minted in Segovia, Spain, is fairly pedestrian compared to some of the stellar rarities from the Huntington collection (just search for the Sotheby's catalog for examples). The obverse shows the crowned coat of arms of Spain at the time, with Portugal included, as the Spanish monarch held the Portuguese crown from 1581-1640. To the left of the arms is a two story aqueduct of five arches, the mint mark of Segovia, and the assayers initials, AR. To the right is the denomination in Roman numerals, VIII. On the reverse is the quartered arms of Castille and León, with date above. The impressions are strong and what appears to be rim damage looks more like nicks and cuts that were present on the planchette prior to minting.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  11. jgenn
    I don't collect many US coins but they fit nicely into a mint type set.
    In a rare case of planning ahead with my coin acquisition strategy, I picked my US silver dollar types so that they each came from a separate mint. The set is now complete and I've created a custom set in the Thematic & Topical Coins section to show them off.
    coins.www.collectors-society.com/wcm/CoinCustomSetView.aspx?s=19490
    Here's a photo teaser.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  12. jgenn

    Philip II, King of England

    By jgenn,

    This coin caught my attention, when it came up for auction recently, and I checked on the type in CoinFacts wiki and read that the obverse legend for this daalder included Philip's title as King of England.  
    With a little more research, I can say that the July 25th, 1554 marriage of Queen Mary of England to King Philip of Spain brought about a short period where Philip gained the title of King of England and Ireland and was deemed co-ruler by an Act of Parliament.  The terms of the marriage agreement limited Philip's reign to the duration of the marriage -- it lasted until Mary's death in 1558 upon which the throne went to her half-sister, Elizabeth I.
    As far as I can tell, coins using Philip's title as King of England are limited to a few issues from the Spanish ruled provinces of the Netherlands.  This interesting history plus the fact that I did not have a Spanish Empire crown from the reign of Philip II sealed the deal so I've added it to my crowns of the world collection.
    Obverse: Armored bust of Philip II, legend PHS D G HISP ANG Z REX COMES FLAN 1558 (Philippus dei gratia Hispaniarum Angliae etc rex comes Flandriae -- Philip by the grace of God King of Spain and England, Count of Flanders)
    Reverse: Crowned coat of arms of Philip II over the Burgundian cross, golden fleece below between a pair fire irons* emitting sparks, legend  DOMINVS MICHI ADIVTOR (dominus michi adivtor -- Lord my helper)
    *Jean Elsen catalog listings consistently call these "vuurijzers" which translates to fire irons, the iron implement struck by flint to start a fire. 
    ~jack

    edited: to correct the translation of vuurijzers
  13. jgenn
    2017 was a tipping point for me.   After many years of relentless collecting, I slowed down to the point where I only purchased four coins, and actually sold four coins.  Three of those that I let go were Silver Riders -- ducatons of the Dutch Republic. You will find these beauties cataloged under the coins of the Netherlands, or more properly The Kingdom of the Netherlands as the modern nation is a constitutional monarchy.  Back in the 16th century, seven of the Low Country provinces threw off Spanish Habsburg rule and formed a globe spanning mercantile empire.  In North America, the Dutch established the colony of New Netherland in the early 17th century and its capital at New Amsterdam in 1625 (later renamed New York in 1664 after its capture by the English).
    The Dutch Republic minted several crown sized silver coins with the ducaton having the higher value of 60 stuivers. Produced from 1659 to 1798, the ducaton got the nickname of "Silver Rider" from its obverse design of a mounted knight. The reverse shows the coat of arms of the republic, with the lion holding a sheaf of arrows, symbolizing the unity of the provinces, and brandishing a sword in defense of their liberty. These are impressive coins -- 43-44 mm, 32.78 g and 91.4% silver.
    My initial foray into collecting ducatons was filled with mistakes due to lack of study and patience. For those of you that might consider collecting a nice example, do your homework and take your time.  There are rare types but most are not particularly scarce; well struck, problem-free examples from the provinces with the largest mintages are not expensive relative to other contemporary world crowns.  However, there are plenty of examples with issues and all three of the ones that I sold recently fall into that category.  Two of them came from shipwrecks and show varying degrees of environmental damage.  The one that I was happiest to sell is the one pictured here.  This example is from the province of West Friesland and has a very nice obverse but a weakly struck reverse.  When I previewed the auction I decided to pass on it because of the poor eye appeal of the reverse.  But in the middle of the on-line bidding, I only looked at the obverse and forgot why I initially passed.
    Selling my coins couldn't have been easier.  They were all originally purchased in Heritage Auctions and they were sold through the Heritage "make offer to owner" program.  I set the prices as low as I could to account for the 10% (minimum $40) commission and still get close to breaking even.  Then you wait and either accept an offer at your price or negotiate if a lower one comes in.  It's all conducted through email and the Heritage website -- you mail your coin to Heritage so your anonymity is maintained.  Going forward, I feel my collection has matured and I want to sell coins that are not part of the core.  I'm not in a rush -- my plan is to try selling in a variety of venues with breaking even as my goal.  As for Silver Riders, I still have a few better examples -- notably a 1760 AU-58 from West Friesland in my Silver Dollars of '60 set and a 1791 MS-63 from Utrecht that will get a place in a new set I'm calling "My World Crown Affair".
    ~jack

  14. jgenn
    What intrigues me the most about the coins in my collection is their place in history and the circumstances of their issue.  I enjoy doing the research -- light research, that is, using online resources -- and I'm often surprised by the details that I uncover.  Consider one of the most beautiful South American coins, the "sun face" issues of the Provincias Unidas del Río de la Plata, that we now associate with Argentina.  If not for the shifting fortunes of war during the struggle for independence from Spanish rule, these might not have been minted.   In the early 19th Century, the Spanish Empire was in turmoil.  Napoleon Bonaparte forced the abdication of the Spanish King in 1809 and in Buenos Aries, the capital city of the Viceroyalty of the Río de la Plata, a junta took control after the May Revolution of 1810.  Many years of warfare between separatist and loyalist armies ensued, especially across the province of Alto Perú, the region that would eventually become Bolivia.  Victories in September of 1812 and February 1813 left the independence forces in control of the mint at Potosí. Seizing their opportunity, the general assembly in Buenos Aires authorized the minting of their first national coinage and provided the design characteristics in April of 1813.  Soon after, gold one, two and eight escudos and silver 1/2, one, two, four and 8 reales were being minted at Potosí featuring the sun face on the obverse and a variation of the newly created coat of arms on the reverse.   I find it interesting that the activities of the mint during these transitions seems to have continued with a few obvious changes. The mint was the property of the crown so those with official positions may have retreated with the royalist army.  The coins of the Provincias Unidas featured the initial "J" of assayer Jose Antonio de Sierra and not those of the royal assayers, Pedro Martin de Albizu and Juan Palomo y Sierra ("PJ").  The mines, however, were private ventures and, although the mintage is unknown, the quantity of coins that were produced suggest that ore extraction, smelting and refining continued as well.  Since the mint's function was converting precious metal into currency, it provided a necessary service for the mining industry to fund their operations.  Striking of the Provincias Unidas issues continued until November 1813 when military defeats caused a withdrawal from the area.  The retreating general ordered the destruction of the mint but the locals disconnected the fuses from the explosives.  The averted disaster was a boon for both sides as the mint was retaken and another issue of Provincias Unidas coins were produced between April and November of 1815 with the same design and the initial "F" of assayer Francisco Jose de Matos.  The mint reverted back to royalist control and continued to strike Spanish coins until Bolivia secured its independence in 1825.   Had the mint at Potosí not become available when it did, I wonder what the early coinage of the Provincias Unidas del Río de la Plata would have looked like.  Regular issues would not start until 1824 from the mint at La Rioja and with many, many changes in leadership since early 1813 it's unlikely that the same decision makers were in power.  Fortunately, we can enjoy the sun face design, known as the Sol de Mayo from the story that the sun shone forth from the clouds at the declaration of the new, independent government in May of 1810. The design is similar to the heraldic device called the 'sun in splendor', notable for having alternating straight and wavy rays. Other coins of South and Central America are noted for their sun face theme.   ~jack
  15. jgenn

    The 8 Reales Pinnacle

    By jgenn,

    My Colonial Mexico City 8 Reales Type set captures the top spot -- sort of...
    Last year, I worked at completing the Colonial Mexico City 8 Reales Type Set with the hope that I might get the top spot. This set is eight coins (how appropriate) from the milled 8 Reales series minted in Mexico City during Spanish rule. The years represented by this set, 1732-1821, comprise a significant section of history in the Americas. After all, these coins were the primary specie circulating throughout the Americas and were the preferred currency for trade with the Far East. It was the time of the establishment and expansion of the USA and the end of the Viceroyalty of New Spain and the birth of independence in Central and South America. Within the current NGC boundaries, I believe this type set is the ultimate showcase for 8 reales coins.
    I naively thought I could find nice raw examples to fill in the slots that I don't have covered by my Charles III portrait collection but the NGC graders had different opinions. Not to be dissuaded, I sought and found some decent slabbed coins and finally completed the set only to discover that the preeminent world coin collector, Mr. Rudman, had created several sets from his awesome collection of mint state pillar dollars. I was so many points away from first place it wasn't funny.
    I continued to make small improvements to my set as the opportunity arose. And then, this year, to my surprise, Mr. Rudman made some changes to his Mexico City sets that left me in first place. I wasn't sure if it would last -- I know he has three coins from his pillar dollar collection that would easily pass my best eight coin total -- but I determined to polish my coin descriptions so that I would have a presentable set. Whether it was graciousness on the part of Mr. Rudman or not, I am thankful for the inspiration that it gave me to dress up these eight special coins.
    Please drop by for a visit. I prefer to view short sets and this one fits the bill at only eight.
    http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=117382
    Here's a composite picture of the first coin and its comment text:
    "Philip V was the first of the Bourbon kings of Spain, appointed to the head of an empire weakened by war and heavily in debt. Much of the silver from the New World, like this coin, quickly went into the hands of Spain's creditors. I tried to fill the Philip V slot in my Mexico City Type set with a raw coin purchase but gave up after 5 attempts. This was a slabbed purchase from the Stack's Bowers June 2011 Baltimore Auction. Lot #6170. KM-103; FC-16a; El-103; Gil-M-8-16."
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  16. jgenn

    2016 Journal Award Icon

    By jgenn,

    I don't know why it took an entire year to finally create the 2016 journal award icon, that now only appears on your profile page, but lo and behold it finally showed up to replace the broken link icon that I have gotten used to staring at.

  17. jgenn
    I have posted about emergency issues but what kind of calamity could compare to your city besieged?  Siege money are the ultimate emergency issues -- defending soldiers required pay and internal commerce needed to be maintained.  Many examples come from the period of the Eighty Years War, also known as the Dutch War of Independence that occurred from 1568–1648 or from the English Civil Wars in 1642-1651.    When regular coinage became scarce jewelry, silverware and religious vessels were converted into coinage.  Issued in an expedient fashion, they were often roughly shaped, typically squares or diamonds, with a uniface design. When precious metal ran out, other alloys or even paper could be issued, all in the hope that the emergency money would be redeemed after a successful defense.  The opposite was the worse case scenario where one might lose everything. My example is a silver thaler klippe issued by the besieged city of Münster in 1660 and fits nicely into my Silver Dollars of '60 custom set.  At 34mm x 34mm square and weight close to 28g it may not be silver dollar shaped but certainly has the heft of one.  The uniface design shows the city of Münster's coat of arms with the legend MONAST : WESTPH : OBSESSVM, for Münster Westphalia Beseiged.  It differs from typical siege currency in that it was not from wartime but from an insurrection that began in July of 1660.  The catalog notes from the CNG auction of the Jonathan K. Kern Collection of Siege Coinage provides the following background information:
    :

  18. jgenn
    Floor bidders have the advantage at Sedwick's Treasure Auction 14
    I had an unfortunate experience on Wednesday night during Daniel Frank Sedwick's live auction of world coins. My maximum absentee bid was the starting price for a scarce 8 reales overdate, and I watched it go live through my internet connection from home (I had turned off the live audio/video feed). Although I was prepared to counter-bid, no additional bids came in and the item closed at my high bid. Great! Another slot filled in my Charles III pillar dollar set. I saw the next item come up, and since it was not of interest to me, I went back to doing something else on my computer.
    About 15 minutes later, I checked my list of items won and was shocked to see that the coin, that I saw close at my high bid, was sold to another bidder at the next higher increment. I fired off an indignant comment via the "ask auctioneer a question" form and was surprised to get a fairly prompt response. In the ensuing email exchange I received an apology for the confusion and the explanation. Apparently, the auctioneer missed a bid from the floor and so the item reopened again, later in the order, for bidding. I don't know what was announced on the live feed but I can't imagine that anyone but the floor bidder was prepared for a rebid -- I certainly wasn't.
    According to the posted terms, bids can be reopened at the discretion of the auction house, so all I can do is complain. Oh well, lesson learned. From now on, I will remember to keep an eye on the next several bids, just in case any I think I have won come up for rebid.
    There was a bright side to my night, however. I won a rare 1733 Mo F 8 reales, NGC XF details, at the starting bid of $1000. In problem-free condition, they list at $9K -- well outside my collecting budget. For a probable, sea-salvage coin, it has little to no visible corrosion. The main drawback is dark staining from encrustation that otherwise protected the surfaces.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  19. jgenn

    Pandamonium strikes!

    By jgenn,

    Update on my recent diversion while I wait for my latest 8 reales submission to be graded.
    I read Gary's (ghermann44) latest post about his time at the ANA show with Dave (Yankeejose) and noted that he finally bought his wife a silver panda coin. I've been meaning to journal about pandas for awhile so here goes.
    I got sidetracked from my 8 reales passion earlier this year when I bought an MS 70 2011 1 oz Silver Panda coin for my fiancee to commemorate the year that we met. Since pandas are her favorite animal, it was well received and, hopefully, an acknowledgement that coin collecting has a fun side, too.
    Naturally, the coin hunting instinct in me kicked in and I started looking at the competitive sets of silver panda coins. This was my introduction to the modern commemorative bullion collecting that so many of you write about (the SAEs, for instance). It took some investigating into mintages, populations and prices (NGC's Chinese Modern Coin Price Guide was one source) to convince me that these might have a worthwhile payback in addition to their charm. Starting with 2002, a reasonable number of MS 70s are available and each year from then to present has a different, well executed, panda design (the earlier ones look a bit cartoonish to my eye).
    So I've built a short set of silver 1 oz pandas from 2002 to present and my intention is to highlight each design with a nice photo, perhaps in a custom set. Until then, I'll leave you with a nice composite of the 2002 coin.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  20. jgenn
    First off, congratulations to all the registry participants and the winners of the 2019 registry awards.  As for me, I won a Classic Set award for my Mexico City 8 reales Pillar Dollars of Charles III (1760-1771).  This is my third major award and I had never posted about them in the past, but for this one I will make an exception.  I want to highlight the wonderfully broad approach that the NGC judges have chosen in selecting sets for their awards.  I haven't yet browsed through all of the other winning sets but I'm sure that mine is more of an outlier than most.  To start with, the advertised criteria for Classic Sets is "US or World Sets, 1792-1964" so my set has somehow slipped through the time-frame constraint.  But the point I want to emphasize is that, using my set as an example, you don't necessarily need the highest grade coins to be considered for an award.  I built much of this set from raw examples -- and most of my coins fall in the XF range!  
    Now, I know that many collectors that use the NGC journals or forums are not keen on registry participation for all of the valid reasons that you've posted but maybe some of you might reconsider your opinions.  I believe there are many magnificent collections out there that are just waiting to be recognized.
    Here is, perhaps, my least impressive coin from my set, grade-wise. VF details, but still a quite scarce variety.
    ~jack

  21. jgenn

    Second Chances

    By jgenn,

    The two year wait for the coin that I won.
    In 2013, I told the story about the auction that I participated in where I saw the lot hammer at my pre-bid price. Later, I found out that a floor bidder had the lot reopened, but by then I had stopped watching the on-line feed so I didn't get the opportunity to counter-bid (I would had gone at least one increment higher).
    Now I can tell the rest of the story. That same coin came up for auction in the Rudman Collection of Mexican Coins, Part II. It had never been entered into Isaac Rudman's NGC registry set so I had no idea that he or his agent had successfully lobbied the auctioneer to reopen the lot that I won. The good news is that on the second go-around, I won the lot for a few dollars shy of my pre-bid price from 2013.
    My goal in seeking out this coin was to bring together a nearly complete set of Charles III pillar dollars to complement my portrait collection. I was in second place to Mr. Rudman in that category but I have a few coins in my set that he did not; I was hoping to win enough to improve on his completion ratio. As it turned out, the truly rare varieties got impressive bids. Curiously, several of the scarce overdates hammered for twice what I expected -- and these were all in details grade, too. I guess they looked much better in hand or someone else felt the overwhelming need to fill in those last slots. In the end, I picked up three new examples for my set and one nice upgrade but fell short of my completion goal.
    I fully recognize that the medium grade varieties that I've acquired will be poor investments, however I see more value in making sets like these available for public view. The internet, and sites like the NGC registry, let us publish our own virtual catalogs, giving collectors an alternative to "buying the book". Not that I'm suggesting you don't acquire the key references in your chosen field but some of those classic 8 reales references are out of print and quite expensive!
    Here's the link to my previous post:
    http://coins.www.collectors-society.com/JournalDetail.aspx?JournalEntryID=14583
    And here's my second chance lot (photos by Heritage Auctions)
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  22. jgenn
    Somehow this coin got rotated almost 180 degrees in its holder.
    I put in some strong bids but was not able to win any coins in several world coin auctions this Fall. For the 8 reales collector, it was a special time because quite a few ultra rare varieties were on the block. A 1733/2-MXF in VF-35 sold for $18,800 in Baltimore and a 1778 MoMF in XF sold for over 14000 euros in Barcelona.
    Last month I was able to take Friday off and visit the Baltimore Show. I enjoyed the dealers room and got some opinions on a few of my ungraded 8 reales. None of the dealers I approached were very interested in the coins that I brought to sell and I didn't find any that I really needed to add to my collection.
    What I did accomplish was to submit two coins to NGC for re-holdering. One coin I knew was going to be handled for free because the label was wrong. That was the Thaler that I bought at the previous Baltimore Show. The holder was terribly scratched so I really wanted the new holder more than the label correction.
    My other coin somehow got rotated almost 180 degrees in its holder. I bought it that way so it was nothing that I did to it. It wasn't loose in the insert and I tried to get it to shift by tapping the case with no luck. Fortunately, the NGC representative accepted it as a free re-holder, too. So the 'fix' is to take it to a show and get NGC to agree to re-holder it for free. The return postage was paid by NGC.
    The coin in question is a 1758 Écu minted in Bordeaux, France. It's part of my growing world silver crown collection. At the time it was minted, France was embroiled in the Seven Years' War, fought in Europe, North America, Central America, the West African coast, India, and the Philippines. In the US we call it the French and Indian War. It had a huge impact in North America when it concluded in 1763 -- France was forced to cede all of its North American territory East of the Mississippi to Great Britain and Spain ceded Florida to Great Britain as well. A few years later the nascent United States of America would claim all of this British territory south of the Great Lakes for its own. In 1803 Napoleon sold the rest of the French Territories to the US with the Louisiana Purchase, ending French colonialism in North America.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  23. jgenn
    Journals from 2016
    When was this coin minted?
    Transitions within Transitions
    Top Executive Accepts Kickback Custom Set Collage
    When the Colony becomes the Ruler A Sky Blue '60
    Reflection on a Collection
    Nephew's First Coin
    Lights-Camera-Action
    The Silver Dollars of '60
    Second Chances
    Custom Sets Question
    Journals from 2015
    A Tale of Two Cities
    England without a monarch!
    A rose by any other name... My Three Suns
    US Silver Dollar Mint Type Set
    Light and Shadow
    Old Map -- New Presentation
    Two goals in one!
    Journals from 2014
    The Fix for Coins Misaligned in their Holders
    Hey, this guy has a face!
    The Ugly Truth About 8 Reales Beautiful Thaler from Baltimore
    Losing and Rebuilding a World Class Collection
    Surprise Gold Acquisition
    Started My Fencing Coin Custom Set My First US Silver Dollar!
    Journals from 2013
    The 8 Reales Pinnacle
    When does bidding really close at a live auction?
    Controversial Deaccession
    Real de a Ocho de Dos Mundos
    Pandamonium strikes!
    First Gold
    Amazing 8s Spanish Eight Reales countermarked as English Dollars
    Early Milled Eight Reales of New Spain
    This REALLY Bugs Me!
    The Raw Coin Submission Blues
    Just passed 100K Registry Points!!!
     
  24. jgenn
    I was inspired to look at my collection in a different light.
    When I contemplate my collection, I generally think about dates, types, grades and values; and I visualize linked pairs of obverse and reverse sides. I enjoy learning about the history and personalities associated with the times, places and persons represented by the coins. so they are part of my reflection as well. However, when I saw the photo montage that one of the collectors ATS put together, of the best face of several of his coins, I was inspired to do something similar from my collection.
    Many choices were easy and I found that focusing on the eye appeal of just one face gave me the freedom to make more artistic judgements. I was happy to see that I ended up with a representative date range and good variety of types and countries. They are all world crowns but that is what I collect. Curiously, none are my most costly or highest grades or from my competitive sets. I have known for awhile that I don't greatly care for busts so the fact that none were selected was not a surprise. This was a fun exercise and I think I've gained some insight into what I really value in the coins I collect. Hopefully, this knowledge will guide my future collecting decisions.
    I hope you enjoy viewing my favorite eight faces as much as I enjoyed the process of selecting them.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.
  25. jgenn
    The challenge -- to build a birth-year set from only silver dollars. The dilemma -- only a few types were minted in 1960.
    My favorite type is the silver dollar, or more precisely, 36-42mm diameter coins, at least 23g, that are 50% or more silver (my definition). Also known as "crowns", these have been popular with collectors through the centuries, boosting the survivability of most varieties, even those with low mintages. The large surface area allows for more design detail and I like the way they fill up a slab. I prefer them so much that I avoid collecting anything smaller.
    In the US, overproduction of silver dollars to satisfy the provisions of the Pittman Act fully stocked the Treasury vaults and halted their production. The subsequent worldwide economic disruptions of the Great Depression and World War II further diminished the demand for large silver denomination coinage. Countries that could afford to issue silver coinage continued but the trend towards non-precious metal coins became widely adopted. The US Treasury continued to release Peace and Morgan dollars until demand finally caught up with supply in 1964. So there are no US silver dollars minted in 1960.
    Fortunately, a few countries were still issuing large silver coins. The Canadian silver dollar is the perfect example. However, to keep this set from being ridiculously small I've pushed the boundaries a bit. One idea was to ignore the century and focus on the year portion of the date. This opens up wonderful opportunities for silver dollar types including the US seated liberty of 1860. I've actively modified my search for interesting world crowns to seek '60s as a priority.
    Another idea was including exonumia. I only found out about So-Called Dollars -- those dollar-sized medals struck to commemorate American themes -- recently, when reading our chat boards. The earliest of these are nearly 200 years old. Naturally, I was excited to find that there were several struck in 1960. The one I picked out nicely fits my requirement.
    I'll conclude this journal entry with a link to my set (http://coins.www.collectors-society.com/WCM/CoinCustomSetView.aspx?s=19493) and a preview of my So-Called Dollar, the Mumey Pony Express Centennial medal, HK-584.
    ~jack

    To see old comments for this Journal entry, click here. New comments can be added below.