Unique 1854 New Orleans Gold Coin Returns Home

Jun 2, 2021 | News

Historic sunken treasure is finally back in The Big Easy after a 167-year journey from the California Gold Rush, an arduous railroad trip across Panama, and being submerged more than 7,000 feet underwater when the S.S. Central America sank in 1857

(New Orleans, Louisiana) June 1, 2021 – A unique, sunken treasure gold coin that made its way from New Orleans to the California Gold Rush and then to the Panama railroad before going down with a famous ship has now come home to The Big Easy for the public to see.

It left the United States Mint branch in New Orleans 167 years ago, and for 157 of those years it was submerged on the floor of the Atlanta Ocean as part of America’s greatest lost treasure.

“This historic coin is an 1854 Liberty Head Quarter Eagle struck at the New Orleans Mint and was later counterstamped by California merchant J.L. Polhemus. It was among the sunken treasure recovered in 2014 from the fabled ‘Ship of Gold,’ the S.S. Central America, that sank in a hurricane in 1857 while sailing to New York,” explained Bruce Smith, Director of Numismatics at M.S. Rau Fine Art, Antiques and Jewels (www.RauAntiques.com).

“It is the only gold coin of this denomination known with the advertising counterstamp mark of Polhemus, a Gold Rush-era pharmacist in Sacramento, California. He made so-called store cards with various other coins in circulation at the time. When this particular gold coin was made in 1854 its face value was $2.50. Today, it’s a New Orleans treasure and insured for $65,000 for its first visit home in over a century and a half,” said Smith.

The coin, graded PCGS XF45, is on public display at the Rau gallery, 630 Royal St. in New Orleans, Monday through Saturday from 9 am to 5:15 pm. Admission is free.

Scientist Bob Evans, who was on the successful S.S. Central America recovery missions, told PCGS Rare Coin Market Report Price Guide Magazine, the counterstamped 1854-O Quarter Eagle he discovered while examining treasure retrieved in 2014, is one of his favorite coins.

“That coin was made in New Orleans at a time when the New Orleans Mint may well have been using California gold to mint coins. Gold Rush gold got around back then! So, then this coin made its way all the way to Sacramento, where a shopkeeper hammered his name on it. And then, somehow, it made it on to the S.S. Central America, and then, somehow, we brought it back up 150 years later, a couple of hundred miles from North Carolina. That’s just a great story! An example of a great, full-circle journey,” Evans stated.

The S.S. Central America was a 280-foot long, three-masted side-wheel steamship carrying tons of California gold when she sank on September 12, 1857 hurricane during the cargo’s final leg of the voyage from Aspinwall (now Colón), Panama to New York City. The tragedy took the lives of 420 of the ship’s 578 passengers and crew members and the loss of the gold cargo was a major factor in the economically devastating financial panic of 1857 in the United States.

When the S.S. Central America site was discovered in 1988 on the seafloor of the Atlantic, 7200 feet down about 150 miles off the North Carolina coast, Life magazine proclaimed it “America’s greatest treasure.”

For additional information, contact M.S. Rau at 888-557-2406 or visit online at www.RauAntiques.com.

Barbara Gregory: An Editor’s Appreciation for A Penny Saved

May 13, 2021 | News

When, in 2020, the folks at Whitman Publishing asked if I would assist Red Book Editor Emeritus Kenneth Bressett with a new writing/research project, I did not hesitate a moment. I have known Ken for 35+ years, having worked with him at the American Numismatic Association (ANA) in the mid-1980s and later when he was a contributing editor, columnist, and author for The Numismatist, the ANA’s monthly magazine.

His encyclopedic knowledge is legendary, and I always marveled at the legion of books and articles that bear his name as author or editor. But collaborating with Ken on his most recent tome, A Penny Saved: R.S. Yeoman and His Remarkable Red Book, truly was an eye-opening experience. An energetic and laser-focused nonagenarian, he easily—and with good humor—recalls places, dates, and personalities with uncanny accuracy. Many editions of the ubiquitous Guide Book of United States Coins have distinctive backstories that Ken is eager to share . . . and A Penny Saved gives him an opportunity to do just that. Along the way, he presents his personal story, which illuminates his impact on the reliable reference and the numismatic hobby at large.

As Ken’s assistant in this challenging endeavor, my job was to help organize the wealth of information and illustrations featured in A Penny Saved, and to sift through the boxes of R.S. “Dick” Yeoman’s personal notes, correspondence, speeches, and articles that are part of the Western Archives. During my 38-year tenure with The Numismatist (1981–2020), I edited and proofread more than 54,000 pages of text, but never have I tackled a book of this depth, breadth, and length.

Ken and I met weekly to share news of our respective progress, verify details, and review photographs. At the time, the coronavirus epidemic was escalating, and we pledged to follow COVID-19 safety regulations. In our numismatic “bubble,” we enjoyed lively and productive conversations and, in the process, forged a true friendship.

During the months of research, I began to regard Dick Yeoman as a friend as well. Our paths had crossed on a couple occasions in the 1980s, but aside from his Red Book legacy, I had little sense of the man himself. That quickly changed as I studied the archival material, a good portion of which was written in his own hand. Humble and soft-spoken, Dick was a competent writer, but his prose electrified when he discussed issues that impassioned him. His rhetoric is particularly memorable as he considers numismatic speculators and investors, or shares his colorful views on coinage errors, varieties, and designs. Collectors will delight in reading a selection of such articles in A Penny Saved.

Dick was a popular and extemporaneous speaker at coin club meetings and conventions. As evidenced by his notes, he often crafted his speeches on the fly, jotting down his thoughts on hotel stationery. Dick honed his skills by joining Toastmasters, where he delivered critical observations about life—and occasionally numismatics—at weekly meetings.

It was through these writings that I came to appreciate Dick’s wit and humor. He maintained a file of jokes and puns that he used to enliven his talks. A Penny Saved offers a few quips that are classic Yeoman.

As the book’s preparation drew to a close, Ken and I were satisfied with what we believed to be a job well done. We lamented the end of our get-togethers, and I knew I would miss the promise and excitement of new discoveries. But now collectors can experience the joy of “a penny saved” and getting bettered acquainted with two numismatic pioneers who took that familiar phrase to heart.

Numismatic Literary Guild Names Charles Morgan Executive Director

Apr 9, 2021 | News

NLG launches membership drive and opens annual awards competition

The Numismatic Literary Guild (www.NLGonline.org) has selected Charles Morgan, editor-in-chief of CoinWeek (www.CoinWeek.com), to be the organization’s next Executive Director. He succeeds numismatic researcher, author, and dealer Ron Guth who served in the post for three years.

The NLG is a nonprofit organization composed of more than 200 editors, authors, writers, bloggers, and club newsletter editors as well as online content and audio and video producers. Membership is open to anyone, professional or amateur, who covers news and feature stories about all forms of money, medals, and tokens as collectibles. Membership dues are $15 a year. Information about joining is available online at www.NLGonline.org/membership.

“I take this position as NLG Executive Director with humility and gratitude. I am fortunate to be entrusted with this responsibility,” said Morgan who becomes the 12th executive director of the organization founded in 1968. “The NLG serves an important purpose in the field of numismatics and is an institution near and dear to the hearts of its members. I would like to see its presence and reputation grow.”

Morgan joined CoinWeek in 2013 and has helped grow the website’s audience from 45,000 to 1,000,000 unique monthly visitors and guided its YouTube channel from 2,500 to 37,000 subscribers. He is co-author with Hubert Walker of the reference book, 100 Greatest Modern World Coins, and has won 18 NLG awards for his writing, podcasting and video production work.

Guth, the outgoing NLG executive director, stated: “I can’t think of anyone better than Charles Morgan to helm the Numismatic Literary Guild. As an award-winning writer, he understands the importance of having an organization that supports and celebrates the creative efforts of his fellow numismatists. He has my wholehearted support.”

The NLG has begun accepting entries for its annual awards competition that is open to any paid-up NLG as of May 1, 2021. The deadline for submitting entries to Awards Coordinator David W. Lange is June 5. Awards categories and rules can be found online at www.nlgonline.org/news/2021-numismatic-literary-guild-awards-competition.

The winners are traditionally announced at an awards presentation held in conjunction with the annual American Numismatic Association World’s Fair of Money summer convention.

The NLG Board of Directors members are Bob Fritsch, Donn Pearlman, Michael Shutterly, Mel Wacks, and Doug Winter. Maurice Rosen serves as Treasurer and Walter Ostromecki as Secretary. For additional information about the Numismatic Literary Guild, visit www.NLGonline.org.

Official Statement from The Royal Mint

Apr 9, 2021 | News

Anne Jessopp, Chief Executive of The Royal Mint:

On behalf of everyone at The Royal Mint, I’d like to express our great sadness and heartfelt condolences at the passing of HRH Prince Philip, The Duke of Edinburgh.

The Royal Mint had a long and close relationship with The Duke of Edinburgh as he served as President of The Royal Mint Advisory Committee (RMAC) for 47 years between 1952 and 1999.

During this period the Committee he chaired approved the Coronation Medal, the coins needed for decimalisation and four coinage portraits of Her Majesty The Queen.

The thoughts of all of us at The Royal Mint are with the Royal Family at this difficult time.

PCGS Certifies Ultra-Rare 1933 Saint-Gaudens Double Eagle Gold Coin

Apr 8, 2021 | News

(Santa Ana, California – April 8, 2021) – Professional Coin Grading Service (www.PCGS.com) was selected by Sotheby’s in New York to officially certify and grade the 1933 Saint-Gaudens Double Eagle, a gold coin once owned by King Farouk of Egypt that will soon be offered for sale. PCGS has graded the gold coin MS65 and its current owner, shoe designer Stuart Weitzman, is offering it along with a handful of other exceptional rarities at a Sotheby’s auction to be held in New York on June 8, 2021.

“We are excited and proud to be given the opportunity to formally certify the 1933 Saint-Gaudens Double Eagle,” says PCGS President Brett Charville. “This coin is a true gem! Breaking the world record in 2002 for being the most valuable coin ever sold, this specimen has a story unlike any other United States rarity.”

The first delivery of 1933 Double Eagles to the Philadelphia Mint cashier was made about 10 days after President Franklin Delano Roosevelt was inaugurated. In one of his first acts, Roosevelt declared an effective end to the nation’s adherence to the gold standard, banned the payout of gold coins, and began the recall of all U.S. gold coins, which were eventually melted.

According to the Mint’s records the entire mintage of 445,500 double eagles struck in 1933 was accounted for, and all were to be melted except for two sent to the Smithsonian. In 1937, a number appeared for sale privately; in 1944 a Secret Service investigation determined that they had been stolen from the Mint and were seized from their owners.

One was purchased by King Farouk. It became part of his fabulous collection and was beyond their reach. Sociopolitical turmoil led to King Farouk’s fall; he was exiled, and the new government dispersed his collection of coins through Sotheby’s. The 1933 Double Eagle was withdrawn from the auction and its whereabouts were unknown for decades until British coin dealer Stephon Fenton surrendered the coin to United States authorities in 1996.

The coin hung in legal limbo for several years, leaving the rarity to be stored in a Secret Service vault at the World Trade Center in New York City. Just before the terrorist attacks destroyed the World Trade Center in 2001, the legal status of the 1933 Saint-Gaudens Double Eagle specimen hailing from King Farouk was resolved and the coin was subsequently removed from the ill-fated New York City landmark. The coin was offered for sale by Sotheby’s/Stack’s in 2002, taking a world-record $7.59 million.

Nearly two decades later, the specimen remains the only legally obtainable example of the 1933 Saint-Gaudens Double Eagle, with two specimens held at the Smithsonian Institution and all known others currently in custody of the United States government, which confiscated a handful of other specimens that came to light in recent years. The unique specimen being offered by Sotheby’s is expected to take between $10 million and $15 million.

Due to the unique circumstances and rarity of the 1933 Saint-Gaudens Double Eagle, PCGS is taking the unusual step of, at the auctioneer’s request, grading and certifying, but not holdering this rarity in PCGS’ tamper-evident holder. The winning bidder of the coin may submit it to PCGS for holdering to provide state-of-the-art security at no additional charge.

Previously, PCGS has only reserved non-holder certification to just one other rarity, which is the Walton specimen of the 1913 Liberty Nickel graded PCGS PR63. Those interested in examining a high-resolution image of the unique PCGS MS65 1933 Saint-Gaudens Double Eagle can view it via PCGS Cert Verification (www.PCGS.com/Cert/42095232).

About Professional Coin Grading Service

Professional Coin Grading Service (PCGS) is a third-party coin and banknote grading company that was founded in 1986. Over 35 years, PCGS has examined and certified more than 45 million U.S. and world coins, medals, and tokens with a combined value of over $41.7 billion. For more information about PCGS products and services, including how to submit your coins for authentication and grading, please visit www.PCGS.com or call PCGS Customer Service at (800) 447-8848.

PCGS PR68 1907 Ultra High Relief sold for $4.1 million

Apr 8, 2021 | News

Outstanding Example of Rare Gold Coin Graded PCGS PR68

(Santa Ana, California – April 6, 2021) – An extraordinary 1907 Ultra High Relief (UHR) Saint-Gaudens Double Eagle graded PCGS MS68 by Professional Coin Grading Service (www.PCGS.com) has traded hands for $4,112,500 to become one of the most valuable gold coins ever sold.

The coin was purchased by an anonymous collector in a private sale through Legend Numismatics via John Albanese. Formerly owned by storied collector Sam Bloomfield, it is accompanied by a Certified Acceptance Corporation (CAC) sticker and now resides in a top-ranking PCGS Registry Set of 20th-century gold coins.

“In its grade of PCGS PR68, it is easily one of the finest of its kind,” says PCGS President Brett Charville. “It’s no wonder that it sold for more than $4 million. The 1907 Ultra High Relief is the archetypal Saint-Gaudens Double Eagle, struck with the richness and detail that celebrated sculptor Augustus Saint-Gaudens had originally intended.”

“We consider this piece to be a sculpture in gold more so than a coin,” notes Legend Numismatics Founder Laura Sperber. “Roosevelt got it right by wanting all gold Double Eagle coins to look like this!” Sperber relates the stellar specimen she handled to the initiative that President Theodore Roosevelt pushed forth around 1905, when he handpicked Saint-Gaudens to redesign the Double Eagle; he also designed the Indian Eagle that, like the Saint-Gaudens Double Eagle, was in production from 1907 through 1933.

Saint-Gaudens was tapped to redesign other United States coins in what became known as the artistic renaissance of American coinage. Unfortunately, the Irish-born sculptor did not live long enough to complete the grandiose numismatic consignment granted to him by President Roosevelt; Saint-Gaudens passed away in 1907 at the age of 59.

Today, the 1907 Ultra High Relief Saint-Gaudens Double Eagle is considered one of the most beautiful coins ever minted. Its outstanding high relief allows every fold of Miss Liberty’s dress on the obverse and each feather of the flying American eagle on the reverse to be seen in splendid detail. While the high-relief design proved infeasible for the United States Mint to replicate on millions of coins at that time, even in lower relief the Saint-Gaudens motif proved popular with the public. The obverse design was later resurrected on the American Gold Eagle series launched by the United States Mint in 1986 and continuing today.

About Professional Coin Grading Service

Professional Coin Grading Service (PCGS) is a third-party coin and banknote grading company that was launched in 1986. Over nearly 35 years, PCGS has examined and certified some 45 million U.S. and world coins, medals, and tokens with a combined value of more than $41.7 billion. For more information about PCGS products and services, including how to submit your coins for authentication and grading, please visit www.PCGS.com or call PCGS Customer Service at (800) 447-8848.