Coin Collectors News

1794 $1 and Sil DiGenova returning “home” to Philly

Aug 8, 2018 | Announcements, Shows & Conventions

(Philadelphia, Pennsylvania) August 8, 2018 – It will be a Philadelphia “homecoming” at the ANA 2018 World’s Fair of Money® for one of the finest known surviving examples of a 1794 Flowing Hair silver dollar. It’s also a homecoming for the person exhibiting that historic coin, Silvano DiGenova, President of Tangible Investments, Inc. in Laguna Beach, California, who also is originally from Philly.

Graded PCGS MS63+ CAC, this 1794 dollar’s impressive pedigree includes such famous collectors as Virgil Brand, F.C.C. Boyd and the Cardinal Collection assembled by noted silver dollar researcher Martin Logies. DiGenova has owned this classic, early American coin three times over the years and recently sold it again.

One of the finest known 1794 dollars, graded PCGS MS63+ CAC, will be displayed at the ANA 2018 Philadelphia World’s Fair of Money by Silvano DiGenova of Tangible Investments on behalf of the coin’s anonymous owner.
(Photo credit: Professional Coin Grading Service www.PCGS.com)

It will be insured for $2,750,000 for its Philadelphia exhibit on behalf of its anonymous current owner, and be displayed at the Tangible Investments booth, #811.

“This coin is not only an American numismatic treasure from the early days of the Philadelphia Mint, it has been a truly tremendous investment,” said DiGenova. “Since the first time I acquired the coin for $350,000 in 2001 it has multiplied in value more than seven-fold. That’s a compounded rate of over 12 percent a year!”

Congress authorized the creation of U.S. silver dollars in April 1794 and the first dollar coins were struck at the Philadelphia Mint in October of that year.

Silver for their production was provided by the first Mint Director, David Rittenhouse. Researchers believe less than 150 of the 1794-dated dollars survive out of the 1,758 coins presented to Rittenhouse when their minting was completed. The remarkable coin being displayed by DiGenova is the fifth finest known surviving example.

Coincidentally, as a youthful collector, DiGenova purchased his first coin at the age of 12 at the former Penn Coin & Stamp store located where the Pennsylvania Convention Center now stands. That is the site of the 2018 World’s fair of Money where the 1794 dollar will be displayed.

Silvano DiGenova

Visitors to the display can receive a complimentary, full-color flyer with information about 1794 dollars and this particular coin.

For additional information about the coin, contact Tangible Investments, Inc. at 949-715-5333 or online at www.TangibleInvestmentsinc.com. Additional information about the American Numismatic Association 2018 Philadelphia World’s Fair of Money is at www.WorldsFairofMoney.com.

Once Obscure, American Civil War Tokens Now Take the Spotlight

Aug 8, 2018 | News

by Dennis Tucker, publisher, Whitman Publishing

George J. Fuld in 1966, at that time already well known as a Civil War token expert.

In the early 1940s, young George J. Fuld was first bitten by the coin-collecting bug (as were many other Americans, during a boom in hobby interest that started in the Great Depression). His conversations with two collectors at the 1947 American Numismatic Association convention sparked a lifelong interest in an unusual and intriguing field: that of Civil War tokens.

At the time, these tokens were mentioned—but just barely—in the Guide Book of United States Coins, Whitman Publishing’s retail price catalog and numismatic history book. First published in 1946, the Guide Book quickly became the most popular annual reference in the hobby, and its contents carried great weight. Inclusion in the so-called “Red Book” meant a die variety or a series was part of the established numismatic world. Civil War tokens made the grade, but without much fanfare, being tucked into a few sentences on page 250 (of 256).

“During the Civil War small coin was . . . hoarded by the public and millions of privately coined tokens were placed in circulation,” the Red Book informed its readers. “These are . . . either of political or advertising nature. Some 15,000 different varieties have been discovered, all of which are more or less common. A large majority of the Civil War tokens are about the same size as the present day one-cent piece.”

That was the extent of the overview in the earliest editions of the Red Book.

By the 1960s, with a new boom of interest in all things numismatic, that coverage would be expanded with more narrative and a type-table list of values by metallic composition.

In the meantime, in the 1950s, when Q. David Bowers was just getting started as a numismatic force of nature, the hobby’s literature on Civil War tokens was still thinner than Abraham Lincoln, and nowhere near as tall—though just as fascinating. Bowers recalls how his education in the field came from a single volume published more than 30 years earlier (Civil War Tokens and Tradesmen’s Cards, by George Hetrich and Julius Guttag, 1924), plus the occasional article in The Numismatist and other periodicals, auction-lot descriptions, and, importantly, the personal guidance of hobby mentors.

Q. David Bowers, George J. Fuld, and Andrew Bowers, 2005.

Among the latter Bowers counted the research team of Fuld and Fuld—son George J. and his father Melvin, by that time well established as experts in the field. Young George had grown up from student to teacher, and he and his father researched and wrote about Civil War tokens through the 1950s. In the early 1960s the Fulds brought into the world the books Patriotic Civil War Tokens and U.S. Civil War Store Cards, produced by Whitman Publishing.

Fred Reinfeld’s 93-page The Story of Civil War Money (Sterling Publishing Co., 1959), although not comprehensive, piqued further interest among history buffs. Civil War numismatic historian Fred L. Reed would later credit Reinfeld’s book for capturing his imagination. (Beyond numismatics, Reinfeld was a brilliant chess player who introduced generations of players to the game through his beginner-level instruction books.)

Research into Civil War tokens continued, along with the study of encased postage stamps, Confederate currency, and other aspects of wartime money. Numismatists published articles in Numismatic News, Coin World, and other popular periodicals. Over the years the standard references by the Fulds were updated and revised in various new editions.

Bowers wrote his first book, Coins and Collectors, in 1964. It would be the first of many dozens—most of them best-sellers and standard references.

The Civil War Token Society was chartered in 1967. With it, researchers such as Fred L. Reed gained a new “headquarters” for their work in the field, in particular in the publication of the society’s Journal. Bowers continued to be a major contributor to research and writing, for the Society and in other venues, while building a huge personal collection of Civil War tokens and buying and selling for his coin-dealership retail customers.

A Dynamic New Publishing Era for Civil War Tokens

Fred L. Reed with his first book on Abraham Lincoln in numismatics, Abraham Lincoln: The Image of His Greatness, at the 2010 ANA World’s Fair of Money.

I started my work as publisher at Whitman Publishing in 2004. Civil War tokens were always close to the front burner. Bowers was by then Whitman’s numismatic director, and on the cusp of helping launch a modern renaissance in numismatic research and publishing. Still, the Red Book’s coverage of Civil War tokens (less than a full page) was not much more extensive than it had been in the 1960s, although with new color photography and more in-depth pricing.

We worked quickly to expand this coverage. By 2006, with the 60th edition (cover date of 2007), we had three pages including nearly a full page of history, some three dozen color photographs, and pricing for types (by metal), plus a sampling of patriotic and store card tokens (the latter priced by state, plus a dozen representative varieties) in four grades from Very Good to Mint State.

In October 2007 we published 100 Greatest American Medals and Tokens (by Bowers and Katherine Jaeger), a book that featured Civil War tokens prominently. And in June 2008 we published the Guide Book of United States Tokens and Medals, by Jaeger, which included an entire chapter on Civil War tokens.

It was in the fall and winter of 2008 that we first started seriously discussing a full-length book devoted entirely to Civil War tokens. We knew this would be a massive undertaking, but we were inspired by exciting developments within the Civil War Token Society.

“I talked with Steve Tanenbaum this afternoon,” I emailed to Bowers on December 17, 2008. “He’s one of a 10-person committee, part of the Civil War Token Society, that’s spearheading an encyclopedia of Civil War tokens—an update/combination/expansion of information previously only found in Fuld’s 1970 guide, the 1975 CWTS update, and Kanzinger’s 2001 price guide. They seem to have a very solid and serious committee, headed by a strong organizer (John Ostendorf), everyone is committed to getting it right, they meet regularly online to work and plan, and their academic and genealogical research is diligent.”

Dave saw a Whitman book on Civil War tokens as “a magnificent idea” and he would later recall how he “jumped at the chance” to be its author.

Earnest work on the Whitman book would not begin until June of 2012—but once it began, it barreled ahead in full Bowers style, with the Sage of Wolfeboro pulling together his impressive personal archives, marshalling assistance from across the hobby community, and writing, writing, writing. He delivered the fully written manuscript, with thousands of photographs, before the end of that October—a herculean accomplishment in four months. After editing, layout, and printing, the book debuted at the American Numismatic Association World’s Fair of Money in August 2013. It was an immediate hit.

A Modern-Day Classic in American Numismatics

The praise earned by the Guide Book of Civil War Tokens is well deserved. In the foreword to the first edition, Fred Reed said, “Not only is Bowers’s coverage of this series broader than heretofore undertaken by any other author, it is also deeper in both its historical and economic references.” The venerable Dr. George J. Fuld, too, weighed in, nearly 70 years after he first learned of Civil War tokens: “No book on how to collect Civil War tokens has ever been as thorough. I expect that it will be a standard reference for years to come.”

The first print run of the first edition sold out within four months and was followed by additional printings. We released an expanded and updated second edition in December 2014. Now, in 2018, the book has again been updated and improved, in a third edition that will be available in October.

The words of Susan Trask, longtime treasurer (and current president) of the Civil War Token Society, writing in the foreword of the second edition, still ring true: “Whether you are new to the hobby, a seasoned collector, or someone just looking for a comprehensive reference on Civil War tokens, this book deserves a prominent place on your library shelf.”

Our hope is that it will inspire another generation of collectors and researchers.

The updated and revised third edition of the Guide Book of Civil War Tokens will debut in October 2018.

ICTA Celebrates 35 Years of Business

Aug 8, 2018 | ICTA/NCBA, News

The Industry Council for Tangible Assets (ICTA) is incredibly proud to have turned 35 in July—but we’re even more proud of how we achieved it. ICTA is governed by a volunteer Board of Directors elected by the membership. The list of the association’s past chairmen reads like a “Who’s Who” of the rare-coin / precious-metals industry: the first chair was Luis Vigdor, followed by ICTA leaders Jesse Cornish and Joseph Povey (co-chairs), Jesse Cornish, Henry Beckler, Bruce L. Kaplan, Stan Medlar and John Norris (co-chairs), John Norris, Mike Clark, Tom Noe, Don Doyle, Terry Hanlon, Mal Varner, Paul Montgomery, Todd Imhof, Steve Ivy, Fred Weinberg, Gary Adkins, Bob Greenstein, Harry Miller, Philip Diehl, and currently John Fisher.

ICTA was created in response to federal legislation, passed in 1981, that removed tangible assets from individual retirement accounts (IRAs). Prior to 1981, investor portfolios could include many tangible assets—artwork, valuable rugs, antiques, rare coins, and precious metals. The federal legislation banning tangibles in investment/retirement accounts sneaked by the rare-coin and precious-metals community, which had no advocacy organization in Washington, D.C. Jim Blanchard and others organized several meetings in New Orleans and Washington to create an industry-advocacy organization. ICTA was incorporated as a 501(c)(6) organization in July 1983, and in 1985 ICTA’s staff and Board of Directors began the work of restoring precious metals and coins as qualified investment products. Bullion products were successfully restored in 1997, and efforts to restore rare coins is ongoing.

For the past 35 years, ICTA has been the voice of rare-coin and precious-metals dealers in Washington and has served and continues to serve on many fronts as an advocate for dealers on the state and local levels. The scope of the association’s activities has increased dramatically since its formation. The following are just a few highlights of ICTA’s accomplishments over the past 35 years:

Successfully lobbied for American Eagles’ eligibility as IRA investments.
Initiated state sales-tax exemption efforts.
Negotiated with IRS to create reasonable broker-reporting regulations.
Created Broker Reporting and Cash Reporting Information Kits—the first such compilations of compliance information and guidance for coin dealers.
Invited by the FTC to be one of the very few national participants in the FTC conference to modify the Telemarketing Sales Rule. ICTA successfully negotiated reasonable regulations for the coin industry and established a positive relationship with the FTC.
Achieved restoration of most bullion products as qualified for inclusion in IRAs and other self-directed retirement plans as part of the Taxpayer Relief Act of 1997.
Achieved a 15-day safe harbor from California sales-tax nexus for out-of-state dealers attending shows in that state.
Immediately following 9/11, contacted the FAA regarding the airlines’ carry-on bag limits to ensure dealers are permitted to carry their inventory on board; and continues to work with the TSA and DHS (Department of Homeland Security) on all issues related to dealers’ air-travel security.
Invited by the U.S. Treasury to provide input on post-9/11 anti-terrorism regulations. These discussions resulted in less-onerous regulations for coin and precious-metals dealers in Section 352 of the oUSA PATRIOT Act.
Negotiated a significantly reduced fee agreement with an anti–money laundering (AML) / cash-reporting expert to provide customized AML plans for ICTA dealers as required by Section 352.
Co-sponsored (along with Whitman Expos and the ANA) a new law in Maryland that allows dealers to attend three shows, plus the ANA, in that state within a 365-day time frame without being required to obtain a Maryland trader’s license.
Helped defeat the Farm Bill’s Harkin amendment, which would have created precious metals cash-market regulation by the CFTC.
Assisted and succeeded in passing sales-tax exemption legislation, resulting in 32 states with exemptions and 5 states that have no sales tax for a total of 37 states.
Defeated numerous legislative attempts to repeal states’ sales-tax exemptions.
Launched LexisNexis® StateNet®, which monitors legislative and regulatory issues in all 50 states and Congress.
Established the State Affairs Committee, in which volunteer monitors now watch and report on legislative and regulatory bills in their states.
Sent out numerous press releases that have appeared in all of the trade magazines in the last five years, increasing our membership as a result.
In the past five years, assisted Nebraska, Indiana, Virginia, Ohio, Minnesota, North Carolina, and Alabama in passing sales-tax exemptions, expanded exemptions in Oklahoma and Virginia, and reinstated the exemption in Louisiana.
Defeated legislation to repeal the sales-tax exemptions in Pennsylvania and Maryland.
Collaborated with the Minnesota Department of Commerce for two years on amending the erroneous coin-and-bullion-dealer law. When passed, it was more favorable to the dealers and collectors.
Participated in amending the California Collectibles sale of autographed memorabilia legislation.
Assisted in defeating secondhand-holding laws in numerous states.
Creating and implemented a long-range and strategic plan.
Updated ICTA’s 33-year-old bylaws and moved incorporation from the District of Columbia to Delaware.
Presented seminars on the ICTA/ACTF update at all the major shows and coin clubs around the country.
Assisted in the passage of HR 2754, the Collectible Coin Protection Act, in the U.S. House and Senate.
Appointed legislative consultant Jimmy Hayes to monitor legislation that impacts our members, namely the substitute bill for the Marketplace Fairness Act and legislation introduced to curtail Operation Choke Point.
Launched the Anti-Counterfeiting Task Force (ACTF) to mobilize law-enforcement resources to protect the integrity of U.S. and world coinage by educating officials on the economic impact and growing threat of counterfeit circulating, collectible, and bullion coins. In 18 months, ACTF has become the primary industry liaison with law enforcement and other government agencies and has provided education, expertise, and other resources to law enforcement to curtail the manufacture and distribution of counterfeit coins in the United States. ACTF’s Expert Network has assisted in the investigation of more than two dozen cases involving counterfeiting. The task force is also leading the way in educating dealers, collectors, and the public about how counterfeiting is impacting the numismatic industry.
Launched the Anti-Counterfeiting Educational Foundation 501(c)(3) to support ACTF in the educational aspects of its work.
Responded to the South Dakota v. Wayfair Supreme Court decision, which could cripple small businesses in every state. The Court’s decision is that states can now require online retailers to collect sales-tax revenue from consumers beyond their borders.

Considering ICTA’s limited financial means over the years, the progress the association has made is simply amazing. That couldn’t be truer for ICTA today. Historically, the association’s mantra has always been to do more with less. ICTA members are always going the extra mile to take on the monumental challenges faced by every dealer and collector. Terry Hanon (Dillon Gage) recently said, “ICTA has never been in better shape than it is today. ICTA has always had to struggle financially because less than a quarter of the coin and bullion dealers are members. Every dealer and collector that reaps the benefits of all the legislative and regulatory actions in the country and now the anti-counterfeiting efforts should be a member and financially support the association.”

There have been many estimates over the years on how many coin businesses there are in the United States. A reasonable estimate is around 5,000. ICTA’s total membership is less than 600, which includes dealers, collectors, and clubs. More than half of the dealer-members are members at the Basic ($300) level. To maintain our current efforts in passing sales-tax exemption legislation, defeating the repeal of existing sales-tax exemptions, heading off other onerous legislation, and working with regulatory government agencies in all 50 states and Congress—not to mention efforts like the most recent development with South Dakota v. Wayfair and the significant work of the ACTF—we are asking existing members to increase their current membership level, and we are seeking new members.

Increasing our membership is an effective means of maintaining and expanding our efforts. ICTA’s current members are carrying the load, not only financially, but with many hours of volunteer work on the association’s behalf. Without financial help, ICTA does not have funds to maintain the human resources it takes to sustain the success it has generated over the last 35 years. The need is great for the dealer and collector communities, and for everyone affected by legislative regulations and counterfeits in the marketplace, to pitch in.

About ICTA

ICTA is a 501(c)(6) tax-exempt association that represents the coin, currency, and precious metals industries. ICTA is supported solely by dues and donations. To join and/or learn more about ICTA, please visit our website—ictaonline.org.

Anna Escobedo Cabral, 42nd U.S. Treasurer, to Sign PMG Labels

Aug 7, 2018 | Announcements

PMG is excited to announce that Anna Escobedo Cabral, the 42nd Treasurer of the United States, will individually hand sign certification labels exclusively for PMG.

As treasurer of the United States, Cabral advised the directors of the Bureau of Engraving and Printing, which prints US paper money, and the US Mint, which strikes US coins and medals. Her signature, along with that of the treasury secretary, appeared on Federal Reserve Notes issued during her tenure. All Series 2003A, 2004A, 2006 and 2006A notes bear her signature.

These signed labels create a unique collectible with a personal link to someone closely connected to the note. This is the first time PMG has offered signed certification labels. An affiliated company, NGC, offers a variety of popular, authentic hand-signed labels for coins.

Learn more >

ANA Presents Literary Awards to Exceptional Writers

Aug 6, 2018 | ANA, Announcements, News

2018 Adult Numismatist Literary Award Winners

The American Numismatic Association’s 2018 literary awards – recognizing articles published in the 2017 volume of its official magazine, The Numismatist – will be presented on August 16 at the ANA World’s Fair of Money in Philadelphia. The Numismatist was launched by ANA founder and first editor Dr. George F. Heath in 1888, and this year marks its 131st volume.

The Heath Literary Award acknowledges outstanding articles published in the preceding 12 months.

First place goes to Pete Smith, Joel J. Orosz and Leonard Augsburger for “A More Accurate History of the 1792 Half Disme” (August 2017), in which they described Thomas Jefferson’s connection with the coin’s production. The authors will receive $250 and engraved nickel-silver medals designed in 2013 by artist and ANA member Jamie Franki.

Roger Burdette earned second place ($100 and an engraved bronze medal) for his feature article, “Rescued Rarities” (June 2017), in which he explained how valuable items were recovered and preserved for posterity following the U.S. government recall of gold coinage in the early 1930s.

Allan Schein received third place (an engraved bronze medal) for “The Identity of Pratt’s Indian” (November 2017), which postulated that a prominent Brulé Sioux chief was the model for the obverse of Bela Lyon Pratt’s early-20th-century gold coins.

The Wayte and Olga Raymond Memorial Literary Award, endowed in 1978 by the late John J. Ford Jr., is presented for articles that display original and comprehensive research in U.S. numismatics.

The August 2017 study by Smith, Orosz and Augsburger received first place ($400), and Burdette’s June 2017 work earned second place ($200). David McCarthy garnered third place for “Nova Constellatio: Identifying the First American Coin” (August 2017), in which he demonstrated how die states and historical documents helped identify a prototypical U.S. issue.

Funded by an anonymous donor, the Catherine Sheehan Literary Award for U.S. Paper Money Studies includes $50 for first place.

David Schenkman took the top prize for “Numismatic Mementos of the Glass Industry” (March 2017), in which he spotlighted firms that manufactured and distributed paper scrip or tokens in the 19th and 20th centuries.

Second place (certificate) goes to Ray Williams for “An Evening with Uncle Ray” (September 2017), in which he shared the history and stories behind Early American notes in his collection.

Introduced this year, the Prue and Arthur Fitts Literary Award for Ancient and Medieval Coinage Studies recognizes literary excellence in those fields.

First place ($250) was presented to John Nebel for “Head-to-Head” (August 2017), which illustrated how politics played a big part in ancient numismatics.

Michael Shutterly received second place (certificate) for “In the Beginning” (December 2017), in which he traced the spread of metallic coins throughout the Mediterranean around 650 B.C.

All feature articles published in The Numismatist automatically are considered for the Heath Literary Award; likewise, all qualifying articles are evaluated for the Raymond, Sheehan and Fitts awards. For information about submitting manuscripts for review and possible publication, email Editor-in-Chief Barbara Gregory at gregory@money.org.

2018 Young Numismatist Literary Award Winners

The ANA also presents annual awards to encourage young writers and ensure a corps of future numismatic authors and researchers. The Young Numismatist Literary Award categories are named in honor of Whitman authors dedicated to educating the next generation of numismatists. YN Literary Awards were announced at the ANA’s Summer Seminar in June.

First place in each category received a $500 cash prize, plus a $500 voucher to help build a personal library of numismatic books produced by Whitman Publishing. Second place received a $200 book voucher and third place received a $100 book voucher. The prizes were provided by Whitman Publishing.

The Bill Fivaz Young Numismatist Literary Award recognizes numismatist writers for ages 8 to 12. First place this year was Caleb Audette for “Confederate Obsolete Banknotes.” Second place was Matthew Daum with “The Buffalo Nickel” and the third place recipient was Nikhil Rath with “American Dollar Coins: 1969, 1976 and 2026.”

The Q. David Bowers Young Numismatist Literary Award honors numismatist writers that are aged 13 to 17. This year’s first place recipient was Paige Price for “Disney Dollars.” Benjamin Mous placed second with “Five Reforms, Eight Years: The Coinage of China’s Emperor Wang,” and Alexander Mous took third with his paper on “The Revival of Local Currency in Japan.”

The Kenneth E. Bressett Young Numismatist Literary Award is given to writers between the ages of 18 and 22. This year, first place was won by Cole Hendrickson for “Frontier Forts: Sutlers and Their Tokens.” In second place was Jared Lake for his work “Artificial vs. Natural Toning in Silver Coins.” Third place was received by Matt Draiss for “Resorts and Melting Pots: The Men & Women Behind the Formation of the Mountains National Bank of Tannersville.”

The American Numismatic Association is a congressionally chartered, nonprofit educational organization dedicated to encouraging the study and collection of coins and related items. The ANA helps its 25,000 members and the public discover and explore the world of money through its vast array of educational and outreach programs as well as its museum, library, publications, and conventions. For more information, call 719-632-2646 or visit www.money.org.