19th Century Coins
1822 The Emperor Pedro
2014 SOLD 500 K$ including premium
The fall of the French Empire made the situation even more complex. In 1821 King Joao VI came back to Portugal to try to oppose the liberal revolution. During the fourteen years of exile, the dependence of the two territories had been reversed. For the first time, a European country, Portugal, was de facto considered by its ruling dynasty, the Braganza, as a colony of an American country, Brazil.
King Joao reluctantly entrusts the regency of Brazil to his eldest son the crown prince Pedro. This young man aged 23 is impetuous and womanizer, and despite being intelligent his political training had been neglected.
The crisis broke out on the following year when the Portuguese Cortes tried to impeach the powers of Pedro. The prince, who had spent his youth in Brazil, tears his Portuguese cuff in emitting the grito do Ipiranga on September 7, which will be commemorated as Brazilian national day.
Pedro is no longer in control of events. Separatists nominated him as Emperor under the name of Pedro I on 12 october 1822 and the coronation ceremony took place on 1 December of the same year.
Hastily conceived in order to be available on coronation day, the gold coin of 6400 Reis with the effigy of the new Emperor is the first coinage of the independent Brazil. It was produced in only 64 units to be provided to the main dignitaries.
It is extremely rare on the market. The coin for sale on January 5 in New York by Heritage is in superb condition, graded AU55 (Almost Uncirculated) by NGC, with a deep orange color. It is estimated $ 200K. Here is the link to the catalog.
POST SALE COMMENT
Great result for this interesting coin : $ 500K including premium.
1839 Victoria and the Lion
2017 SOLD for $ 376K including premium
In June 1837, the still unmarried young woman became Queen Victoria. Wyon realizes the portrait with the young head that is used on the British coins from 1838 and on the postage stamps from their first emission in 1840. The very broad dissemination of this figure contributes to bring back an undeniable sympathy of the public tired with the scandals of the previous generations of the Royals.
The £ 5 gold coin of 1839 is Wyon's masterpiece. The obverse has the young head, inscribed 'Victoria DG (for Deo Gratias) Britanniarum Regina FD (for Fidei Defensor)'. The reverse stages Una and the Lion with Victoria in the role of Una and the inscription 'Dirige Deus Gressus Meos' (May the Lord direct my steps).
Una is the allegory of the True Church in a 1590 poem by Spenser. The re-use of this figure by Wyon to symbolize the hope of a healthy and strong redirection of the British monarchy will remain highly popular in England throughout Victoria's reign.
At that time the practice is already taken to use the first striken coins of a new monetary edition for presentation and for selling to numismatists. On January 13 in New York, Stack's Bowers sells as lot 2477 a complete set of the fifteen coins issued by the Royal Mint in 1839, from farthing to sovereign, in proof condition.
It is evident that this collection was gathered from the origin and has never been separated. The coins have a matching patina suggesting that they have been stored for a long time in the same box and they were inspected at the same time by NGC which graded them from Proof-63 to Proof-66. The £ 5 Victoria-Una is a magnificent Proof-63 Ultra Cameo piece. The lot is estimated in excess of $ 200K.
1849 Gold Rush !
2010 SOLD 218 K$ including premium
It is no coincidence, of course, if the gold rush in California and the
first issue of American gold coins of $ 1 are from the same year, 1849.
A copy is being sold by Heritage Auction Galleries in Long Beach on February 5. It is estimated $ 300K.
This price may seem high for a regular issue. The explanation is related to the production site. Marked 1849-C, it was struck at the plant in Charlotte, North Carolina, whose production had been low on that year. Only four 1849-C $ 1 coins are currently located. The image is shared in the press release of the auction house.
Carolina had its gold rush 14 years before California, and it probably continued in 1849 to handle local extractions.Before the $ 1 gold coins, the Charlotte mint had already produced half eagles ($ 5) and quarter eagles ($ 2.5).
POST SALE COMMENT
Heritage had been cautious in assessing this lot below the data provided from their usual databases. Once again, it was correct. This coin has been sold 218 K $ including premium.
1849 A Private Bank in San Francisco
Wright understands that the participation in the circulation of currency is a source of wealth. He creates in San Francisco the Wright & Co company soon to be known as the Miners Bank of Savings of Alta California and begins to issue paper money.
The feverish unrest in the region accelerates the organization of the State of California. The issue of notes by private operators will soon be prohibited. Wright gets on 7 August 1849 the authorization to produce gold alloy coins of $ 5 and 10.
Assayers had good reasons to be suspicious. A report issued in December 1849 revealed that a $ 10 piece of the Miners Bank contained only $ 9.65 of metal. Customers were requiring discounts and Wright could not maintain his company. Because of their denomination at $ 10 considered as fraudulent, almost all coins made by the Miners Bank were melted.
The case of Wright is not isolated. The State of California understands the risk and prohibits private coin operations in April 1851. Honest assayers such as Wass and Molitor earn their good reputation in that new period.
On August 6 in Chicago, Stack's Bowers sells a $ 10 coin of the Miners Bank, lot 13295. This piece is in a beautiful condition, graded MS65 by NGC.
1850 Two Quarter Dollars
2008 Sold 460 K$ including premium by heritage
2013 SOLD 260 K$ including premium
They are of course the subject of a special attention, if only to verify that everything is correct. Initially, specimenswere kept for some time by the directors of the plant. They were made directly available to collectors from the late 1850s.
When they are uncirculated, these coins approach perfection. The original color of the metal can be rich and varied, easy in this case to distinguish from the rest of the production. When they have a low face value and so were not intended to be hoarded, the survivors may be extremely rare.
Tomorrow on August 9 in Rosemont IL, Heritage sells two proof quarter dollars (25 cents) respectively dated 1850 and 1855, coming from the same collection.
The earlier is gorgeous with shimmering colors from bright blue to orange. It is graded PR68 by NGC. Such a condition is hard to exceed, especially for a small coin of that time. Here is the link to the catalog. It had been sold for $ 460K including premium by Heritage on January 10, 2008.
The 1855 specimen is graded PR64 by NGC. It is also almost perfect, but the colors are more common. It is particularly rare because it was minted in San Francisco. Here is the link to the catalog. This 1855-S had been sold for $ 276K including premium by Heritage on August 12, 2011.
POST SALE COMMENT
The two coins did not reach their previous price. For such specimens that are unique of their kind orbest in their class, the price goes up when a collector chooses a theme and falls when he sells. This sector of the market is not speculative.
Here are the results including premium: $ 260K for the 1850 quarter and $ 180K for the 1855-S.
1851 An Octagonal Gold Coin
2008 SOLD 460 K$ including premium
An octagonal gold U.S. coin of 50 dollars is announced by Bowers and Merena for the sale of September 13 in Beverly Hills, lot 681.
The press release links to the referenced lot in the catalogue, a feature that I had already appreciated in one of the most direct competitors of this auction house.
The characteristic of this coin is that it is in mint condition. No one of this type (known as Augustus Humbert) has apparently never been seen in such a perfect condition. Other mint coins are known, but due to production conditions at that time they are generally tarnished. This coin previously unknown on the market appears with a luster that the boss of the auction house considered impossible for this model.
Dating back to 1851, it is contemporary of the gold rushes of California.
It is a true pleasure, even for the layman, to view this remarkable item of unusual shape with maximum magnification on the site of the auction house.
I did not find the estimate in the catalogue, but the current bid is 250 K $.
POST SALE COMMENT
Prices have climbed up to 460 K $ including fees. So it is what we have to pay for an old US coin of gold rush time, of unusual shape, in such an exceptional condition that we can talk about perfection. Good.
This coin is catalogued as Humbert $50 Gold. Reeded Edge. K-5. Rarity-5. 880 THOUS. MS-65 * (NGC)
Reference : CoinNews before and after the above sale.
1853 New Year's Day in New Orleans
2017 SOLD for $ 520K including premium
On January 1, 1853, the officers of the New Orleans plant celebrate the new year by launching a small production. On the next day a commentator reports in a local paper that he has seen the new silver half dollars as well as some twenty dollar gold coins.
No government likes to waste its money. The Mint Act of February 21, 1853 decides a 7% reduction in the weight of silver for the half dollar. To identify them without weighing, both faces are slightly modified : arrows are added around the figures of the year as well as rays in the background behind the eagle.
The 1853-O no arrows no rays suddenly became non-compliant with government regulations. They will not be identified in a ledger.
Four examples are known. These coins had circulated : the discovery coin that surfaced in 1881 is the only one in very fine condition, graded VF-35 by PCGS. This unit was sold for $ 320K including premium by Stack's in October 2006. It will be sold on August 3 in Denver by Stack's Bowers, lot 2099.
The regularity of this 1853-O is beyond doubt. It used the same reverse die as for the 1852-O and it is certain that the die of the 1853 obverse was received from the Philadelphia Mint at the end of the previous year according to the usual practice. Its identification with the festive production of January 1 is very likely.
The scarcity of the 1853-O half dollar no arrows no rays is legendary. One of the other three units was the penultimate entry into the Eliasberg collection. Eliasberg completed his fabulous collection of all regular US varieties in November 1950 by purchasing his last missing item, the 1873-CC No Arrows Liberty Seated dime which still remains unique in its variant. This coin was discussed earlier in this column.
1856 Direct from Grandpa's Treasure
2010 SOLD 345 K$ including premium
It is a double eagle in gold dated 1856-O, manufactured in New Orleans from the model used since 1850. On one side, it shows Miss Liberty. The design of the other side is based on the official Great Seal of the United States. The O revealing the location is above the N of Twenty.
The collector died in 1923. His gold coins, known only to his family, now reappear. The arrival of a treasure is an exciting pleasure for specialists and collectors.
This copy of the 1856-O has been little circulated and has retained its original shine, which is an important quality for the gold from that time.
The article published by Heritage, which I linked above, provides ten references of prices obtained by them on New Orleans double eagles. The year 1856 is the most prestigious: a perfect specimen has reached $ 1.43 million including premium on May 28, 2009.
POST SALE COMMENT
The pre-sale press release issued later than my article announced an estimate of $ 300K. The result, $ 345K including premium, is consistent with this expectation.
Here is the link to this release, where the illustration of the coin is easier to find than through the link in my above discussion.
1858 A Collectible Eagle
2020 SOLD for $ 480K including premium
When the production of the gold eagle was restarted in 1838, a distinction was made between these first coins, designated as proof strikes, and circulation strikes. For this designation, all proof strikes were made in Philadelphia while the circulation strike was shared between Philadelphia and New Orleans. Until 1858 inclusive, the number of proof eagles is estimated at less than 5 per year.
The first collectors already preferred the most magnificent specimens, of course. Proof sets are assembled for them with a copy of each denomination of silver and copper coins, from half cent to dollar. A complete 1856 proof set was sold for $ 200K including premium by Heritage in February 2016. In 1858 the Mint director advertised for the first time the sale of such sets to the public.
In 1858 a pioneer collector named George Seavey managed to extend his proof set to include the six denominations of gold coins, from dollar to double eagle. Maintained intact by the next owner, this proof set was dispersed in 1890.
The proof eagle from the Seavey set is in a stunning state of conservation, graded PR64 Ultra Cameo by NGC. It will be sold by Heritage in Dallas on April 23, lot 3823.
This unit is the best among the four proof eagles of 1858 that survived, and it is the only one in private hands. These coins were made to be collected. That figure of 4 may constitute the total quantity of the production.
That year 1858 marked the dawn of the modern collection, with the founding of the Philadelphia Numismatic and Antiquarian Society and of the American Numismatic Society and the establishment of the first American professional business of coin sales by Edward Cogan.
1862 El Dorado
Coin collectors enjoy riddles. A gold coin from South America, estimated $ 400K, should specially interest them.
Dated 1862, it is a large piece of 28 mm in diameter weighing just under 16 grams. It is marked on behalf of the Republica del Ecuador with a Republican motto, and located in Quito. It shows the portrait of the Libertador, Simon Bolivar, who had died 32 years before but remained the undisputed hero of South America where he had assured the decolonization.
This coin of 50 FR (Francos) is known in only one copy. At the time, Ecuadoran currencies were the real and the escudo. The best hypothesis is that this coin was a model that has not been followed, or a copy from a very small edition for international trade.
It is amusing to note that the model remained unknown to numismatists until being introduced in a sales catalog (at fixed price) in 1956. Now this single sample which was in the same collection since 1970 comes back to the market atHeritage in New York on January 3.
1867 When the British desired China
2011 SOLD 300 K$ before fees
In the nineteenth century, the British are at the door of China. The Opium War forever destabilized the Qing empire. A very interesting silver coin keeps the memory of this difficult period.
On one side, it is in English (one tael, Shanghai, Hong Kong, 1867) and decorated with the coat of arms of the British Isles inside the collar of the Garter. On the other side, it is Chinese (1 liang, Shanghai) with the beautiful figure of a dragon from the front.
It was struck in Hong Kong, which was already a British possession. The aim was to involve the central government to normalize the currency throughout the Chinese empire. The tael or liang, judiciously chosen, was a weight unit standardized in Shanghai.
The project was rejected, and very few of these coins have survived. One can imagine the economic power that the British would have won from this initiative if it had been successful.
A piece in excellent condition has been sold U.S. $ 195K by Champion in Hong Kong on June 22, 2008. It is again for sale, estimated US $ 150K, by Classical Numismatic Group. The sale takes place in New York on January 4 and 5.
POST SALE COMMENT
$ 300K before fees for this remarkable specimen from one of the darkest pages of the history of the Qing. Knowledge of coins enables to remember history.
1868 LAST CHANCE FOR THE HONG KONG MINT
2007 SOLD 90 K£ by spink
The new currency was not welcomed and financial problems accumulated. The production included a value in bronze of one cent and five silver denominations: 5, 10 and 20 cents, half dollar and dollar.
The mil, a holed bronze coin, was not maintained but attests to the difficulty of adjusting the colonial currency to the local need. Conversely, bigger values than one dollar were not scheduled. Even the name was still a matter of confusion. A 1867 pattern coin (already discussed in our column) made in Hong Kong for the use of Shanghai is a tael in English and a liang in Chinese.
In 1868, the financial situation is no longer sustainable, and coins of that year are extremely rare. Doubts were even issued on the existence of 5 to 10 cents of that year.
In 2007, a complete set of the five silver denominations of 1868 with the name and portrait of Victoria suddenly appeared to the amazement of the specialists. In a presentation box, they are prototypes in proof condition, and certainly patterns. It was sold as a single lot by Spink on 27 September 2007 for £ 90K. At that time, the pound was more expensive than now.
The set including the five coins and the box is for sale on August 18 in Hong Kong by Stack's Bowers, lot 40068, estimated USD 225K. The coins were graded PR 61 to PR63 by NGC.
Sold in 1868 to a trading house, the machinery of the Hong Kong mint will be sent to Japan in 1871 to produce the coins of the first modern currency of that country, the yen.
1876 A Coin for Nevada
2019 sold for $ 460k including premium
The West sees an opportunity to support the mining activity after the stopping of the silver dollar and to end the bad practice of using a 1/8 dollar unit modeled on the former colonial real. The East does not see any benefit in this change. In Philadelphia they do not converge on a design for the new currency. It will be almost identical to the quarter except for the rim which is smooth instead of reeded.
As a logical consequence of these diverging interests, most of the production is made in the West : in 1875, 1,155,000 units are minted in San Francisco and 133,290 in Carson City, compared to 37,000 struck in Philadelphia.
It is out of question for the Congress to abolish the quarter dollar. Users are furious about the risk of confusion between the two coins. San Francisco stops producing the 20 cents. Philadelphia maintains a limited activity for use as a souvenir at the Centennial Exhibition.
Carson City, capital of Nevada, persists. Although the unpopularity of the new denomination did not allow to empty the reserves, a production of 10,000 pieces is launched on the date of 1876. Before being one of the rarest, it is already the most mediocre. The only used set of dies generate a very visible doubling of the image on the obverse.
Due to the remaining coins of 1875, 1876 is not released for circulation. The denomination is stopped in 1878, with the order to melt the stocks. Less than twenty 1876-CC 20 cents survive. Many are in very good condition although the circulation was not immediately banned.
A coin certified MS 65 by PCGS was sold for $ 560K by Stack's Bowers in January 2013. At Heritage, a difference of two grades did not have a flagrant effect on prices : $ 470K for an MS 64 in June 2014 to be compared with $ 460K for an MS 66 in April 2009. These results include the premium.
On August 15 in Rosemont IL, Stack's Bowers sells as lot 5182 a 1876-CC 20 cents graded MS 65 by PCGS.
1876 The Gold of a Grand Duke
2014 SOLD 380 K$ including premium
The third son, the Grand Duke Vladimir Alexandrovich, was an excessive character with a booming voice, loving art and good life but displeased by any criticism. The most visible prince of the then younger generation of the dynasty, he married in 1874 and moved into a brand new palace built for him in St. Petersburg.
Russia had then no history on large gold coins and Vladimir was not the heir to the throne. However, a gold coin of 25 rubles is struck in 100 units in 1876 to honor his 30th birthday to happen on the following year. It is beautifully illustrated with the two-headed eagle. A medal would have been more logical but the extravagant Grand Duke was certainly trying to display his originality.
An uncirculated coin graded PR62 by PCGS is estimated $ 200K, for sale by Baldwin's in New York on January 9.
Very large gold coins will remain exceptional until the end of the Romanov dynasty. Only three types, all of them at later dates, can be compared with the coinage of the Grand Duke : the 25 rubles of 1896, the 37.5 rubles of 1902 and another 25 rubles in 1908.
POST SALE COMMENT
This exceptional Russian gold coin was sold for $ 325K before fees.
The result is $ 380K including premium.
The photos of the coin, both sides, is included in the post sale release shared by AuctionPublicity.
1880 Birth of the Yen
2017 sold for $ 305k including premium
A new monetary system is mandatory to terminate the archaic coinage of the Tokugawa period. The name of the new currency, the yen simply meaning 'round coin', clearly demonstrates the extent of the Japanese delay behind the other currencies in the world. The final closure of the British mint in Hong Kong in 1868 is a boon for the Japanese who acquire this excellent production equipment and install it in Osaka.
Pattern coins are made in Meiji year 3. The gold coins of 20 yen and 10 yen are convincing. Their figures, with on one side dragons centered within a perimeter of inscriptions and on the other side a radiant sun flanked by banners and chrysanthemums, will be reused for several years. The new system becomes official in Meiji year 4.
A prestigious release of proof coins is carried out in Meiji year 13, 1880 of our calendar, including in small quantities all the denominations in gold, silver and copper except the very small rin worth one thousandth of a yen. This set of 13 varieties was certainly intended for remaining as groups for the use of presentation. No complete set has been kept in private hands and the individual coins have become scarce due to the meltings linked to the tragic events of the 20th century.
The two largest gold coins are the most interesting. The collection of Dr. Jacobs, dispersed by Heritage in September 2011, included a 20 yen year 13 graded PF 63 by NGC that sold for $ 230K including premium, and a 10 yen year 13 in same grade, sold for $ 253K including premium.
A collector gathered 11 coins year 13 among the possible 13. This collection is dispersed by Heritage in New York on January 9. The 20 yen graded PF 64 Cameo by NGC is estimated $ 180K, lot 34340. The 10 yen in the same magnificent grade is estimated $ 150K, lot 34339.
Lot 34338 is the highly rare 1880 5 yen. It is graded PF65 Cameo by NGC and estimated $ 150K.
RESULTS INCLUDING PREMIUM :
20 yen : $ 305K
10 yen : $ 270K
5 yen : $ 118K
1884 Last Report for the Trade Dollar
2020 SOLD for $ 550K including premium
The Philadelphia Mint begins preparing 1884 in a similar process. The end-of-year report will declare the production of 264 pieces, delivered to the cashier in January. Shortly after the delivery, the Treasury Department bans the production and sale of new trade dollars. The cashier returns 254 pieces which are melted. None is kept for the archives. The dies are destroyed in January 1885. The model will become legendary, especially since a copper impression was known.
The existence of surviving units is revealed when six coins are sold by the dealer John Haseltine, in 1907 and 1908. They come from proof sets assembled by his late father-in-law William Idler for his personal collection. Idler, a jeweler in Philadelphia, had also been a pioneer in the numismatic trade, in direct contact with the factory. With a secret temper, he did not reveal his treasures.
It appears that Colonel Snowden, Superintendent of the Philadelphia Mint, had acquired the ten missing pieces, most likely before the order to cancel the operation, presumably to transfer six to Idler and keep the rest of it for himself.
This act was completely legal : mint employees could buy new coins at their face value. The relationship with collectors explains the survival of test pieces whose model was rejected, such as the stella coiled hair of 1879 and 1880.
The other four coins surfaced later, with no apparent connection to the Idler-Haseltine team. The ten missing pieces defined from the figures in the ledgers are thus known. They are all in private hands. Nine of them are graded PR63 and higher, and the last one is PR50.
A 1884 trade dollar graded PR66 by NGC was sold for $ 1.14M including premium by Heritage on January 10, 2019. Another one, graded PR64+ Cameo by PCGS, will be sold by Stack's Bowers in Baltimore on March 19, lot 3215. The next lot is a more mysterious and even rarer 1885 trade dollar, which will be the subject of another article in this column.
1889 The Eliasberg Pedigree
2013 SOLD 880 K$ including premium
Even for the common issues, the most perfect piece is always coveted. This is especially true for coins made in Carson City (CC), Nevada, which was all along its period of activity from 1870 to 1893 a very small mint once equipped with only one press.
Eliasberg had an almost perfect copy of the 1889-CC Morgan Silver Dollar. This variant was made after four years ofsuspension of the factory due to a questionable profitability. For an unidentified reason, 70 to 90% of the 350 000 units were immediately melted, making the survivors one of the rarest variants among Morgan dollars.
The 1889-CC $ 1 from the Eliasberg collection is graded MS-68 by PCGS and its condition is far surpassing any other example. Its brilliance is great and the tone is superb.
After more than half a century in the Eliasberg collection, it was sold for $ 460K by Bowers and Merena in April 1997. It was later sold for $ 530K including premium at Bowers and Merena in January 2001 and at the same price by Heritage on January 9, 2009.
It returns on sale on August 15 in Chicago by Stack's Bowers Galleries, successor to Bowers and Merena.
POST SALE COMMENT
Coins in exceptional condition are always prized by collectors. This silver dollar was sold for $ 880K including premium, well beyond its previous results.
1892 Gold in Transvaal
The discovery of the most important natural resources of the world has forever changed the social and political stability in the south of Africa. In 1886 Johannesburg was founded on the extraordinary gold deposit of the Transvaal.
President Kruger tries to defend the Transvaal against the British greed. His republic is called Zuid-AfrikaanscheRepubliek. The currency is the pound, spelled pond.
In 1892, a gold coin of one pond is issued bearing the portrait of the President, whose profile shows off the lush white beard. A copy in mint condition, graded PR65 NGC, is estimated $ 300K, for sale by Heritage in New York on January 3. This specimen has all the qualities of proof coins, including the beauty of the print and the so-called orange-peel texture.
The catalog reveals the reason for the rarity of this issue, estimated at ten copies only.
The realization was entrusted to an engraver of Berlin mint, who put his initials, OS, on the shoulder of the President.But the word Os, in Afrikaans, is the equivalent of Ox in English. Imagine the anger of Kruger.
1893 the morgan dollars
The silver mining industry is pushing up the price of that metal. The Sherman Silver Purchase Act of 1890 obliging the federal government to buy a considerable amount of silver does not curb the crisis. Many banks go bankrupt.
The Morgan dollar is a circulation currency that nobody hoards. Its productions are active but often canceled by counter-orders that generate immediate melting or stocks that will be melted later. The Morgan dollar 1889-CC (Carson City) is a typical example. An almost perfect example graded MS-68 by PCGS was sold for $ 880K including premium by Stack's Bowers on August 15, 2013.
In 1893 the gold reserves fell to their critical threshold with the risk that gold certificates could not be any more exchanged. Due to the financial panic the Morgan dollar 1893-S (San Francisco) is extremely rare in mint state.
An 1893-S remained in a superb condition. Graded MS-67 by PCGS, it was probably chosen in the factory by a collector for the unusual sharpness of its strike and remained in his descendance until it was sold by Stack's in September 2001 for $ 414K including premium.
This coin had not been included in the auctions of the Coronet collection of Morgan dollars by Legend Rare Coin in 2015. This operator had attempted a private sale with a price tag at $ 2M. This offer was discussed at that time in an article shared by Coin World.
It is now estimated $ 1.3M for sale by the same auction house in Philadelphia on October 26, lot 388. Legend Rare Coin is the official auctioneer of the PCGS Members Only Show.
1895 The Russian Shift to the Gold Standard
2014 SOLD 235 K$ including premium
In the 1870s, the major countries had begun a financial globalization by adopting the gold standard. The great advantage of this system compared to the gold-silver bimetallism was to end the risk of fluctuation between the two metals and other issues concerning their parity. This reform favored international trade and industries.
Russia had not followed. Witte endeavored to catch up.
In 1895, prototypes of gold coins were prepared in three denominations : imperial, 2/3 imperial and 1/3 imperial. Entry into the system required a devaluation of one third of gold against the ruble.
This reform will not be easily accepted by the Russians. Officials cautiously imagined a new monetary unit, the Russ, to replace the ruble. An Imperial is 15 Russ, but has the weight of a previous 10 rubles coin.
Five groups of these three pattern coins are known. Two of them were disassembled, and two are held in institutions.
The fifth set is offered in three lots in the sale of Stack's Bowers in Chicago on August 7. Each unit has been graded by NGC. The Imperial of 15 Russ graded Proof 63 is estimated $ 150K, lot 1547. The 10 Russ coin was graded Proof 65 Cameo thanks to its glossy surface. It is estimated $ 100K, lot 1546. The 5 Russ graded Proof 65 is estimated $ 100K, lot 1545.
In 1897, the mass production of new gold coins begins with the three originally planned denominations along with a fourth worth 1/2 imperial, all with the same engraved figures as for the Russ pattern coins : the portrait of Nicholas II and the two-headed eagle. The government has waived to change the name of the currency but the ruble had lost in this process one third of its value in gold.
POST SALE COMMENT
These three pattern coins with a high historical interest have far exceeded their estimates. Here are the results including premium : $ 235K for the Imperial, $ 210K for the 2/3 Imperial and $ 176K for the 1/3 Imperial.
1898 THE MYSTERY OF THE GOLD TICKEY
In South Africa, Tickey was the familiar name of the coin of 3 pence. This piece was made of silver. Yet it is a gold Tickey which is presented in November 4 by Stephan Welz in association with Sotheby's.
The history of this foundry is known. It was produced in 1898 with the same dies as the silver coins of same value. The equipment had been loaned for one day by the government to Sammy Marks who issued 215 copies, probably using his own gold.
This is a coin and not a token or medal, because at that time in that country the material was not taken into account for the authorization of circulation.
But why doing by yourself what already exists as a regular coin? Historians have no satisfactory explanation for the initiative of Marks. This man of humble origin was established for 30 years in South Africa, where he made his fortune and had become an influential friend of President Kruger. Also of strong personality, he was familiar with Rhodes and Barnato who competed together for control of gold and diamonds.
I conclude that gold was the symbol of the wealth of the country, its financial value was minor for Marks, and he wanted to do an operation both prestigious and original. The gold Tickey of Sammy Marks looks like a one-off operation in the history of money.
The copy presented by Stephan Welz is guaranteed as authentic by its perfect similarity with the silver Tickey. It is estimated 120 K ZAR.
1898-1899 mace and candareens
2018 sold for $ 440K including premium
In 1897 the American company Ferracute is awarded a contract to supply and install coin presses in the Chinese provinces at the request of the imperial government. The material is sent without delay and the transfer of technology is successfully carried out in 1898 in Szechuen to produce silver coins and the small brass coin, the tsen colloquially named cash.
For silver the biggest denomination corresponds exactly to one US dollar. The word dollar does not appear, replaced by the weight in the units of the Chinese decimal system, mace and candareen, subdivisions of the tael.
That Chinese dollar is marked in English letters 7 mace and 2 candareens while the half dollar is 3 mace and 6 candareens. The emitting province is indicated on the same side which is centered on the effigy of a dragon. The other side is inscribed in Chinese characters.
Some other provinces immediately follow Szechuen with the same conception. Also in 1898 Guangxu attempted to start an ambitious reform program which was halted by a military coup organized by Cixi. These events culminated in 1899 in the Boxer War. Curiously the provincial coinage of American origin was to survive this xenophobic phase.
The sale by Heritage in Hong Kong on June 28 (June 27 in US time) includes three rarities in splendid condition, graded by NGC.
The 'dragon dollar' 1898-1899 'Cheh-Kiang Province' graded MS66 is estimated $ 500K, lot 30074. The half dollar of same period and same province graded MS67 is estimated $ 100K, lot 30073. The 1899 half dollar 'Kiang Nan Province' graded MS62-Prooflike is estimated $ 250K, lot 30088.
RESULTS INCLUDING PREMIUM :
Kiang Nan half dollar SOLD for $ 310K
Cheh-Kiang half dollar SOLD for $ 106K
Cheh-Kiang dollar : SOLD for $ 440K
Auction alert: This 1898-99 China Chekiang Silver Dollar, graded NGC MS 66, is part of a @HeritageAuction sale in Hong Kong this month. Bidding is already at $260,000 and expected to go higher. Auction website: https://t.co/CH4dOtGMJs ... Article: https://t.co/U99LUw8lCz pic.twitter.com/AnB5LzEcqC— NGC (@NGCcoin) June 11, 2018