Coin News 2011-11 (References 2012 Mint Directors Conference in Vienna)

COINI N C O R P O R A T I N G B A N K N O T E N E W S

Vol. 48 No. 11

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ovember 2011

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BANKNOTES

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NewSovereign

NOVEMBER 2011 3.85

SovereignSovereigndesign unveiled

Whats it worth? This month we focus on crowns, double orins and Clydesdale Banks notes

Where mon e y ta lk s

IN THIS ISSUE

THE MINTIN VIENNA

Founded byan English King

PERTHContinuing our look at

the provincial banks

At Coincraft we try and treat our collectors right, this is what one said'HDU&RLQFUDIW,UHFHLYHGP\ODWHVWRUGHU,ZDVKRUULILHGWRVHHWKDW,KDGXQGHUSDLG\RXE\,KDYHQRWHG\RXUUHTXHVWWKDW,LQFOXGHWKHRXWVWDQGLQJDPRXQWZLWKP\QH[WRUGHU:RXOG\RXUDWKHU,VHQW\RXDFKHTXHIRUWKHXQSDLGDPRXQWEHIRUH,RUGHUDJDLQ",KDYHQHYHUEHHQVRPHRQHWRRZHPRQH\,ZRXOGOLNHWRJLYH\RXVRPHIHHGEDFNRQWKLVWKRXJK,DPDPD]HGWKDW\RXDFWXDOO\VHQWP\RUGHUZKHQ\RXKDGQRWUHFHLYHGIXOOSD\PHQW,DVNP\VHOIKRZPDQ\FRPSDQLHVZRXOGGRWKDWQRZDGD\V+RZUDUHWRPHHWVXFKROGIDVKLRQHGFRXUWHV\DQGWUXVWLQWKHVHFXWWKURDWWLPHV

1Coin news

ADVERTISERS INDEXSEE PAGE 95

Editors Comment ...............................................2

Coin News & Views .......................................... 10

View of the Bay ................................................. 18

Around the World ............................................ 20

New Issues Coin Update ............................... 22

Royal Mint Bulletin .......................................... 24

Market Scene .................................................... 26

Price Guide to CROWNS/Dbl FLORINS .... 55

Bookshelf ........................................................... 58

Coin of the Month .......................................... 60

Banknote News ................................................ 65

Price Guide to the CLYDESDALE BANKS ....... 74

New issues Banknote Update ..................... 77

Dealer Directory ............................................... 85

Diary Dates ........................................................ 86

Semi-display Adverts ..................................... 90

The Web Page ................................................... 92

Classifi ed Advertising .................................... 94

REGULARS

Front cover: The reverse image of the newly-designed 2012 sovereign series.

31 ViewpointHow high is high?The rising price of precious metals and the collector

34 Collectors notebookA solution to a numismatic mysterySpotlight on an unusual Short Cross Penny

36 AncientsThe crowns of ConstantineRegal headgear for an emperor

40 Out and about The mint in ViennaFounded by an English king

47 Medallic miscellanyBellingshausenhistory recalledA great Antarctic rarity

49 TokensFrom Britain to ChristchurchTaking token issues to the Kiwis

62 Back to basicsGoing clubbingJoining a numismatic society

67 Banknote featureScotlands forgotten banks: PerthContinuing the examination of the provincial banks

70 PapermoneyHow Till Eulenspiegel took a Kiwi for an assDabbling in Notgeld notes

Incorporating BANKNOTE NEWS

COIN NEWS

I S SN 0958 -1391

November 2011Volume 48 No. 11

Formerly Coin & Medal News incorporatingCoins & Medals, Irish Numismatics, and Banknote News

Published monthly by Token Publishing Ltd.

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PUBLISHING FOR COLLECTORSSINCE 1983

The Eulenspiegel legacy70

2 Coin news www.tokenpublishing.com November 2011

JOHN W. MUSSELLGroup Managing Editor

The way forward?EVERY year the numismatic season in the UK starts at the end of September/beginning of October with a series of auctions in the big London Houses (and outside the Capital) and the British Numismatic Trade Societys (BNTA) Coinex show held in central London. For the last few years Coinex has taken place in the Millennium Hotel, Grosvenor Square, Mayfair, a few hundred yards from its former home at the Marriott Hotel. In the intervening years a couple of different venues were tried: Earls Court in West London and the Excel Centre in East London, but neither was deemed suitable so back to Mayfair the event went. This was very much in keeping with the image the BNTA wanted for their agship showthey werent looking to create just another coin fair, they wanted it to be the crme de la crme of British coin bourses with dealers and visitors from across the globe attending. They have certainly succeeded with the event as it now stands with a large number of US and European dealers and auction houses taking tables alongside their British counterparts. Some of the biggest names in worldwide numismatics now have a presence at Coinex and it certainly cannot be considered just another coin fair!

Of course it isnt just those who have a table that make a coin fair ordinary or not, but those who come through the door to buy from the dealers or indeed sell to them, and here Coinex is different too. Where most shows will either be free to get in or charge a modest few pounds entry, Coinex charges non-BNTA members a massive 50 to get in on the rst day before 2.30pm (a mere 25 after that time)the second day though is free for all. This is sending out a very strong message to collectors and dealers alike: you can come to our event, and come in for nothing, but if you want the pick of the best stock in the world then you have to pay for the privilege. When the pricing structure was rst announced our phone lines, email in boxes and mail bags were full of indignant collectors horri ed at the entry fee and you can understand why, 50 is a hefty chunk of cash to fork out for the privilege of parting with even more cash when youre inside the room. They couldnt understand why the ordinary collectors was seemingly being ignored in favour of the high rollers and a few stated that they wouldnt be going at alleven on the Saturdayand indeed the Friday of the show was noticeably quieter than in previous years, at least for us launching our COIN YEARBOOK. That said, the dealers we spoke to all seemed to have had an excellent day and it appears that those who did pay their 50 did so because they had every intention of spending more. There may have been less people walking the oor but it was a case of quality over quantity with most of those who had tables agreeing that the BNTA had probably made the right decision.

One of the dilemmas of coin shows has always been that it takes as long to chat to and serve someone buying a 10 coin as it does someone buying a 5,000 coin, but the rewards for the dealer are obviously vastly different. Most dealers would of course happily spend their time talking to as many people as possible who are spending 5,000 or more and, whilst none would turn away someone spending just 10, you can see why they might be keener to attract the former rather than the latter. Every dealer we know will just as happily sell his low end items as the high end ones, but ultimately they have to make a living so the more high end items they sell the betterthats business for you and cannot be denied. So when they know they are faced with a room full of the people likely to go high-end who can blame them for being delighted? Unfortunately, not all collectors fall into the high end category and so, rightly or wrongly, they do feel excluded from Coinex, the free Saturday notwithstanding, and that has ruf ed a few feathers in the hobby. A number of people we expected to see at the show simply werent there, having decided they didnt agree with the BNTAs pricing decision, and others have told us that they wont attend againthey feel the event has become too exclusive and it isnt, therefore, for them. It is a shame that collectors feel that way, although it is understandable. However, I ask this question: is it really so wrong to have an exclusive show once a year? Is it really a bad thing to have an event where the international dealers can spend a lot of money coming over to London in the knowledge that the people they meet, at least on the rst day, will be serious buyers with serious money? There are, after all, dozens of inclusive coin shows up and down the country every yearnot least the London Coin Fair in Bloomsburythat are inclusive and open to everyone, so what harm is there in holding one thats a little different? Coinex has always been a little different, has always wanted to be seen as the premier UK event and perhaps this pricing policy is the way forward. After all, the fact that the Saturday was free means that it isnt being elitist, just selective on day one. Is such a selectivity the way forward for this event? The dealers we spoke to would perhaps say yes, but what, I wonder, do the collectors think? We would be delighted if you would tell us.

Editors comment

November 2011 www.tokenpublishing.com 3Coin news


70,*,:,-()


News & views

Friends re-unitedFORMER B. A. Seaby Ltd employee, Michael Dickinson and his wife Angela held a reunion at their home for fellow ex-Seaby colleagues on Sunday, September 11. Now a published author Michael willingly opened the doors to his home to bring together former employees of the company rst founded in 1926 by Herbert (Bert) Seaby. When the rm nally closed in 1991, the various numismatic experts went their separate ways, however, most still meet in their professional capacity but the reunions are a welcome get together.

From left to right are Robert Sharman (now with Peter Morris), Michael Dickinson, Donna Jones (nee Hills), Stephen Mitchell (dealer), Sue van Delden (nee Hills), Gavin Manton, Paul Divo (left Seabys as long ago as 1962, later director of Spink Zurich), Lisa Norfolk (with Knightsbridge Coins), Jeremy Cheek (now with Morton & Eden), Stephanie Cochrane, John Rugg, Brian Reeds, June Cochrane, Caroline Purvey, Peter Clayton (author, antiquarian and Egyptologist), Laurence Brown, LVO (author) and Frank Purvey (author). For the event Sue, Donna and Frank came over from Spain, and Paul from France. David Sear, Fred Rist, Jenny and Robert Loosley, Jim Brown and Noel Warr all planned to attend but were unable to do so.

New York gemsTWO extremely rare gold coins come under the hammer in Bonhams of New Yorks next auction on December 16. One of the coins offered is the nest and only second-known example of a Chang Tso-Lin 50 yuan gold piece (L&M-1031). It has been consigned for sale by the direct descendants of the famous Chinese leader who is portrayed on the coin. The coin is arguably the nest known and essentially a unique example of its kind. The coin features a facing portrait of Chang Tso-Lin dressed in his military uniform while the reverse has a phoenix and dragon pattern (est. $650,000-750,000). Paul Song, Director of the Rare Coins and Banknotes at Bonhams, stated This coin is a truly historic coin, one of the highest rarity that I have ever handled. The coins provenance descends directly within the Chang Tso-Lin family, which adds to the exclusivity and allure of coin. Furthermore, it was probably meant as a personal presentation piece that the warlord Chang Tso-Lin kept for himself. We would not be surprised to see a new record set for the Chinese coin market at this Bonhams auction. Of the second rarity, estimated at $200,000250,000, Paul Song added The second important gold rarity is an 1860 Clark, Gruber & Co. Mountain Twenty $20 AU. Because of the rarity of this American territorial coin, I have only seen images of it in books. In the 20 years of my experience this is the rst time I have handled one. Copper and gilt copper patterns of this rare issue are frequently offered in the marketplace, however, any regular-issue example is very rare, no matter the condition.

The illustrated auction catalogue for the sale will be available online in the weeks preceding the sale at www.bonhams.com/uscoins or for a printed copy write to Bonhams, 580 Madison Avenue, New York, NY 10022, USA.

Rare stater NOVEMBER 14 will see the sale of an exceedingly rare gold stater by Elizabeth Cottam of Chris Rudd. The stater was found by a metal detectorist and formed part of the Westerham Treasure hoard of 199697. It was struck by a king of the Cantiaci tribe of Kent sometime around 5030 BC and shows what appears to be a shing net under a horse. Only three other specimens are known, including two in the British Museum. In 2008 one was sold for 3,100. Liz Cottam commented I think ours will fetch twice that price. Other great rarities in Chris Rudds November catalogue include gold coins of Boduoc, Comux, Agr and the rst recorded Broad Flan gold stater struck in Britain. For more information contact Chris Rudd on 01263 735 007, email: [email protected] or write to Chris Rudd, PO Box 222, Aylsham, Norfolk NR11 6TY, England.

great rarities in Chris Rudds

struck in Britain. For more

for sale by the direct descendants of the famous Chinese leader who is portrayed on the coin. The coin is arguably the nest known and essentially a unique example of its kind. The coin features a facing portrait of Chang Tso-Lin dressed in his military uniform while the reverse has a phoenix and dragon pattern (est. $650,000-750,000). Paul Song, Director of the Rare

The rare Chang Tso-Lin 50 yuan gold coin.

Second next generation farmyard coin THE Central Bank and Financial Services Authority of Ireland issued the second coin in their ongoing Farmyard series on October 10. The series re-creates the iconic circulation coins depicting farmyard animals designed by artist Percy Metcalfe which appeared on Irish coinage from 1928 to the introduction of the euro in 2002. Metcalfes

original designs are replicated and have been re-tooled for more vivid detail and have been joined by the

young of the species depicted. The addition of the various animals offspring is the work of artist Emmett Mullins

who has designed several collector coins for the Central Bank. The second coin in the new series features the salmon, the design which originally appeared on the two shillings, later the 10 pence, denomination. The salmon, like the rst issue in this series (horse with colt), is now joined by its offspring, a smolt, symbolising the second generation in the monetary history of Ireland, as a member of the Euro-zone. The reverse design depicts Irelands national symbol, the harp, along with the text EIRE and the year of issue, 2011. The coin is denominated as 15 euro and will be struck in sterling silver to proof quality with a diameter of 38.6mm and a weight of 28 grams. With a mintage limit of just 15,000 pieces it is anticipated that there will be great demand for the coin, although the coin division of the Central Bank con rms that a very small quantity of the horse and colt issue, which was released in October 2010, is still available. The Irish wolfhound with pup is scheduled to be the last in the series to be issued in 2012. For more information on this and other coins issued by Irelands Central Bank, visit their website http://www.centralbank.ie.

Michael Alexander

a new record set for the Chinese coin market at this Bonhams auction. Of the second rarity, estimated at $200,000250,000, Paul Song added The second important gold rarity is an 1860 Clark, Gruber & Co. Mountain Twenty $20 AU. Because of the rarity of this American territorial coin, I have only seen images of it in books. In the 20 years of my experience this is the rst time I have handled one. Copper and gilt copper

Second next generation farmyard coin Ttheir ongoing Farmyard series on October 10. The series re-creates the iconic circulation coins depicting farmyard animals designed by artist Percy Metcalfe which appeared on Irish coinage from 1928 to the introduction of the euro in 2002. Metcalfes

original designs are replicated and have been re-tooled for more vivid detail and have been joined by the

young of the species depicted. The addition of the various animals offspring is the work of artist Emmett Mullins

who has designed several collector coins for the Central Bank.


RAM looks forwardTHE Royal Australian Mint (RAM) have released details of the entire range of collectors coins it proposes to strike in 2012. For RAM this was a most innovative step as, while some overseas mints have been doing this on a regular basis for a number of years, it was a rst for Australia. The announcement took place in Melbourne on September 6 at a well attended event.

Among items collectors can look forward to from September 2011 to August 2012 are: BU year set with hyper-metallic-printed 50c; Silver proof and cupro-nickel BU Diamond Jubilee of Her Majesty 50 cents; Six BU cupro-nickel 150th Anniversary of Melbourne Zoo pad printed dollars; Cupro-nickel Australia RemembersMerchant Navy20c; Al-bronze Inspirational AustraliansSir Douglas Mawson $1; Silver proof Southern Skies curved $5. The ground-breaking hyper-metallic-printed 50 cents coin and the concave domed Southern Skies $5 are sure to attract interest. And those Melbourne Zoo centenary dollars will bear images of foreign endangered animals, the rst time non-Aussie critters have appeared in number on Australias coins.

At the launch the CEO of the RAM, Ross MacDiarmid, observed, To keep coin collecting interesting and exciting, we have worked hard to create innovative and unique products. The curved coin is obviously something that wont make its way into circulation anytime soon but its de nitely a conversation starter.

Order forms covering the entire 2012 range are now available from the RAM website: www.ramint.gov.au. These allow

collectors to select the items they want, pay the total cost immediately and then receive each coin as it is

released.In the meantime the RAM are being inundated

with orders for their latest coin for 2011: an incredibly iconic piece commemorating the rst time that Remembrance Day has fallen on the 11th day of the 11th month of the 11th year! The entire reverse of this beautiful $5 coin is taken

up with an image of the red poppythe enduring symbol of remembrance

Dr K. A. Rodgers

RAMs iconic Poppy coin remembering 11.11.11.

P.O. Box 352, London NW11 7RF Tel: 020 8458 9933

[email protected]

CHRISTOPHER EIMER%5,7,6+&200(025$7,9(0('$/6$1'7+(,59$/8(6%\&KULVWRSKHU(LPHU2nd Edition, 2010: Price: 75.00.

2200 entries / 2000+ images in colour.(UK postage, please add 8)

News & views

Wild new coinSEPTEMBER saw the issue by the Royal Dutch Mint of a 5 and 10 euro commemorative coin, commissioned by the Ministry of Finance, with the theme the 50th Anniversary of the World Wide Fund for Nature. The international World Wide Fund for Nature was founded on September

11, 1961; the Dutch branch was founded one year later. In addition to the circulation coin, the Royal Dutch Mint will also be releasing silver and gold proof coins for collectors. The coins are available from premier new issue dealers or direct from the Mint at www.knm.nl.

Teaming upTHE Havering N u m i s m a t i c Society have teamed up with H a v e r i n g Museum to s h o w c a s e coinage and its history. Two exhibitions have already taken place and the latest, entitled Curious Coins: Use and Misuse, is currently underway. It explores how coinage has been adapted for other uses through the ages to make items such as jewellery, souvenirs and love tokens. Located at the Havering Museum, 1921 High Street, Romford, the exhibition runs until December 17. To nd out more about the Museum and its opening times visit www.haveringmuseum.org.uk or telephone 01708 766 571. To nd about more about the Society visit www.havering-ns.org.uk.

Talking coinsVIKING coinage in Ireland was the subject of the talk given by Andrew Woods of the Fitzwilliam Museum to the Essex Numismatic Society on September 23. His talk covered the period of the Viking occupation of the British Isles. The November meeting will be held at Chelmsford Museum at 7.30 on the 25th when Laura McClean, the local Small Finds Liaison Of cer will be giving the talk. To nd out more about the Society visit www.essexcoins.org.uk or call Bob Thomas on 01277 656627.

SOCIETY NEWSTeaming up

HE Havering N u m i s m a t i c

Society have

Two exhibitions have already taken place and the latest,

Curious Coins: Use

coinage has been adapted for other uses through the ages to make items such as jewellery, souvenirs and love tokens. Located at the

from the RAM website: collectors to select the items they want, pay the total

cost immediately and then receive each coin as it is released.

with orders for their latest coin for 2011: an

up with an image of the red poppythe enduring symbol of remembrance

RAMs iconic Poppy coin remembering 11.11.11.


News & views

Heritage hits new heightsTHE Heritage Auctions Signature World and Ancient Coins Auction at the Long Beach Coin, Stamps & Collectibles Expo, September 8-9, set new records for the company when it realised more than $20.5 milliona record total for a single auction since the categorys inception at Heritage 11 years ago. The star performers of the sale were led by coins from the Norman Jacobs Collection, top of which was the $1.39+ million 1909 Korean Gold Coin set, and $546,250 Ides of March denarius. This auction was just tremendous for all of us here at Heritage, said Cristiano Bierrenbach, Executive VP of International Numismatics at Heritage. Putting together a $20+ million world and ancient coin auction is a privilege very few rms have ever experienced, and I can assure you we had a lot of fun assembling it. Just when we thought the world

coin market cant get any better, this auction came along and

happily proved us wrong. Our prices realised were

40 per cent higher than our most optimistic projections. For more details on this sale and to view images visit HA.com.

Top lot in the 1909 set of Korean gold coins was

the Yung Hi gold 20 won Year 3 (1909) (KM1144,

J&V AD3, MS64 NGC) which realised $690,000. The

entire set achieved more than $1.39 million

Bunny barsYEAR of the Rabbit silver bullion bars are the latest issue in the Chinese Lunar Calendar commemorations. Issued by PandaAmerica the new 1, 10 and 100 oz pure silver bars look set to sell out as the previous years silver bars marking the Year of the Tiger did in 2010. The new Proo ike BU bars feature a running rabbit, weight and neness and make a change from the more traditional coin issues. The bars are available from PandaAmerica, 3460 Torrance Blvd., Suite No. 100, Torrance, California 90503-5812, USA or email [email protected].

Information courtesy of coinsweekly.com

Postal successTHE postal auction of British and Foreign tokens, tickets and passes held recently by Simmons Gallery was a great success with interest in the series drawing collectors from all over the world. Perhaps surprisingly, given the current economic climate, the most popular section was the Irish with a large number of rare and unusual 19th century tokens on offer at prices from under 5 to around 100. However, the top price in the sale was paid for a scarce pewter Communion token of the 4th Association Church in New York dated 1799. Simmons next postal auction will take place in December and will be devoted to numismatic weights and scales, followed by an exciting postal sale of historical medals later in the new year. Entries for these two sales are being invitedfor further information contact Simmons, telephone 020 8989 8097 or via email at [email protected].

this auction came along and happily proved us wrong.

Our prices realised were 40 per cent higher than

our most optimistic projections. For more details on this sale and to view images visit HA.com.

Top lot in the 1909 set of Korean gold coins was

the Yung Hi gold 20 won Year 3 (1909) (KM1144,

J&V AD3, MS64 NGC) which realised $690,000. The

entire set achieved more than $1.39 million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CELTIC specialist Chris Rudds latest list, 119, not only offers coins for sale but also includes informative articles. To nd out more visit www.celticcoins.com or telephone 01263 735007.

SWISS sale room, Rapp Auctions, will be offering an exceptional range of gold and precious metal coins plus named collections in their next sale on November 2125. The catalogue is available on -line at www.rapp-auktionen.ch or telephone 0041 71 923 7744 to order a printed catalogue.

THE American Numismatic Association (ANA) has terminated the contract of Larry Shepherd as Executive Director. Shepherd will join the US coin dealers Harlan J. Berk Ltd.

SHIPWRECK experts, Odyssey Marine Exploration, has continued with its operation on the shipwreck they have called Black Swan. So far they have recovered more than 500,000 silver coinsbelieved to be the largest haul ever recovered from a shipwreck.

PAPERS for the next biennial Symposium in Early Medieval Coinage are being

invited. The Symposium will be held at the Fitzwilliam Museum on March 31. Email Tony Abramson for more details: [email protected].

AT the Stacks, Bowers and Ponterio sale at the August ANA auction, a GB 1880 Sovereign in NGC PROOF-64 Ultra Cameo, realised: $21,240 (13579.70).

GREMLINS have been at work in the recently published COIN YEARBOOK 2012. The Advertisers Index lists COINOTE SERVICES on page 32 when in fact their advertisement appears on page 42our apologies for the error.

THE Royal Canadian Mint have announced pre-tax pro ts of $46.5 million following their annual report of 2010.Coins were the best performing sector of the business.

THE US Mint has approved the latest designs in the next four coins in the Presidential coin programme. Due for release in 2013, the coins will feature William McKinley, Theodore Roosevelt, William Howard Taft and Woodrow Wilson.

IN BRIEF

Jersey past in postSIX iron age coins grace the new stamps from Jersey Post. Three Armorican and three Britishfrom a hoard found at Le Catillon, Jersey, in 1957. Created by Andrew Robinson, the six stamps are the second issue in Jersey Posts archaeology series, originated by philatelic researcher Melanie Gouzinis with the help of Olga Finch, curator of archaeology for Jersey Heritage. Jersey has proved to be a veritable treasure island for Celtic coins. It has been estimated that over the past 225 years maybe as many as 20,000 late iron age coins have been discovered on the island. This is an amazing number of nds, none of which were located with the aid of a metal detector, for an island of only 45 square miles (80 per cent of the 50,000 iron age coins recorded by the Celtic Coin Index at Oxford have been found by metal detectorists).

Chris Rudd

News & views


WE STILL NEED TO BUY WORLD GOLD COINS

MODERN BRITISH GOLD AND SILVER PROOF COINSWORLD GOLD AND SILVER PROOF SETS

PLEASE CONTACT US IF YOU HAVE ANYTHING TO SELL

PAUL DAVIES

PAUL DAVIESPO BOX 17, ILKLEY, WEST YORKSHIRE LS29 8TZ, ENGLANDPHONE: 01943 603116 OUR FAX NUMBER IS: 01943 816326

Regular Exhibitor at U.K Coin FairsLIFE MEMBER

News & views

OBITUARYIT is with great sadness that we report on the death of Dr Mark Blackburn who peacefully passed away at his home on September 1, 2011. A highly respected and knowledgeable numismatist, he will be greatly missed by his family, colleagues, many friends and the numismatic world at large.

Mark Blackburn grew up in Tunbridge Wells, Kent, and attended the Skinners School there before reading Jurisprudence at St Edmund Hall, Oxford, graduating in 1975. The following year he entered pupillage at Middle Temple, where he went on to practise as a barrister from 1976 until 1978. By this stage Mark had already become an authority on Anglo-Saxon and related coinages, publishing his first article while still an undergraduate in 1973. When the leading scholar of early medieval numismatics of the day, Professor Philip Grierson, sought a research assistant in 1982, he persuaded Mark to leave his promising career in the City and pursue numismatics full-time. This move began an association with the Fitzwilliam and Cambridge that was to last almost 30 years, 20 of them as Keeper of Coins and Medals a post Mark took up in 1991, making the Fitzwilliam coin room both a world leader in research and a most congenial environment for research and teaching. In addition to his duties within the Fitzwilliam, he devoted much time to associated projects and societies. He served as editor of both the British Numismatic Journal and the Numismatic Chronicle, and of course as President of the BNS from 2004 until 2008. He also acted as general editor and secretary for the British Academys Sylloge of Coins of the British Isles project from 1980, overseeing the publication of over 35 volumes.

Mark will perhaps be best remembered for his research that focused on the British Isles and Scandinavia in the period from the 5th to the 12th centuries. He wrote or edited over 200 publications on the subject, becoming the leading authority in the field and a household name to historians, archaeologists and of course numismatists.

Areas of particular interest to him included the influence of the Vikings on money in Britain and the analysis of coin-finds, especially those discovered by amateur metal-detectorists since the 1980s. It is no understatement to say that through his research he revolutionised views on the monetary economy of the early Middle Ages, and his impact on the field has been recognised with many major awards and medalsamong them the British Numismatic Societys Sanford Saltus Medal (2008), the Royal Numismatic Society Medal (2008), the British Academys Derek Allen Prize (2011) and a LittD from the University of Cambridge (2011).

Mark was married to Fiona, and took great pride in his three childrenMolly, Will and Haland their achievements. His death at the height of his career is a tragic and untimely loss for his family and all who had the pleasure to know or work with him, as well as to numismatic scholarship.

My thanks go to Marks colleagues at the Fitzwilliam Museums Department of Coins and Medals for their help with this tribute to a great numismatist.

John AndrewMark Blackburn pictured last year (courtesy Elina Screen).

17COIN NEWS

For enquiries and catalogues please contact:St Jamess Auctions (Knightsbridge Coins-Stephen Fenton)

43 Duke Street, St Jamess, London SW1Y 6DDTel: 020 7930 7597 / 7888 / 8215 Fax: 020 7930 8214

E-mail: [email protected]: www.stjauctions.com

These are a few of the items appearing in Auction No. 20 on Friday November 18th

at the Cavendish Hotel, 81 Jermyn StreetSt. Jamess, London SW1Y 6JF

18 COIN NEWS www.tokenpublishing.com November 2011

A VIEW OF THE BAYHere we take a look at some of the numerous numismatic items o ered over the auction website eBay. This is just a small selection which have caught our eye. Read on and see if you agree with our reviewer (comments in italics) . . . Unless stated otherwise the descriptions are as the eBay listing written by the seller.

Charles II crown 1663 no reverse stops. Rated as Good F (usual wear on hair) with VF reverse but judge yourself from the pictures. Hint of obverse edge knock, delightful specimen.390.

This coin had a pink tone to it but it was explained by the seller as being down to bad

photography under arti cial light and it was not pink. This was a nice coin and a good

buy as Coin Yearbook 2011 (CYB) has it at 225 in Fine and 750 in Very Fine. The

buyer is happy with the coin and they have left positive feedback for the seller.

USA Ext. Rare 1793 large cent, nice grade, only 63,353 [minted].5,120.

This coin was started at 99p the seller being con dent that it would do well, if the

under bidder had not bid with one second left it would have sold for 170 less. My

2009 edition of The Red Book values an example in G-4 at $2,150 (1,350), in VG-8

at $2,800 (1,750) and in F-12 at $4,500 (2,800). This was not a high grade example

as it was worn and corroded. An example graded by PCGS as VF40, which would

be graded less than Fine in the UK, and is inferior to this one, is for sale on a dealers

web site at $11,750 (7,400). If this coin was to be sent to the USA and slabbed

using the USA grading system it could end up as a high grade example and be sold at

a pro t.This is a stunning and beautiful and rare especially in this condition, size 47mm

British bronze Commonwealth medal Dutch in design dated 1658 of Lord Protector Oliver Cromwell. This medal commemorates the death of Cromwell in 1658. The tree, village and ock of sheep is there to represent the tranquillity and prosperity of Britain after his death on September 3, 1658, the shepherd under the tree is said to represent Richard Cromwell, his son and successor.209.This large and interesting medal was not in the best of condition, it was around VF and

it looked like a crusty tone had been removed from the elds on both sides with traces

remaining in the legends. Perhaps without these aws it is a very expensive medal

and bidders took the chance to acquire an economical example.

1934-B British Trade Dollar UK China Britain PCGS MS65.4,965.Another seller with the con dence to have a low start on a valuable coin, 99 cents as the

seller was in the USA, it attracted 32 bids from 18 bidders. It was a lovely coin with

just some peripheral toning.This auction is for a William and Mary Guinea Year: 1689 variety Elephant and Castle mintmark. Material 22 carat gold. Weight 8.5g. Diameter: 25mm. Quality: High grade.1,455.

Although this coin was described as high grade is was in less than Fine condition, the one penny start attracted 23 bids from 12 bidders. Two bids placed in the last six

seconds pushed the price up by 185. This was a great result for the seller as in Fine

condition CYB values it at 550.The Union Bank of Scotland Ltd. 5 note. Dated 2nd April 1954, excellent condition possibly never been circulated? No marks or creases.310.01.

As this is the last ever date for Union Bank 5 notes and with a print run of just

100,000 it is popular with collectors. It may look like a bargain as a dealer has one on offer in uncirculated condition for 900 but these notes do not exist in uncirculated

condition. If uncirculated it is accepted as being, as it came off the printing press. Scottish notes of this vintage were folded

prior to being issued to the public to allow them to t into the tellers drawers of

the time, so notes of this size that have genuinely seen no circulation will have two

vertical folds present. If they are not there then the note has been pressed, there is a very small chance that a very high grade

note will have lost its folds after long term storage in an album but this is a bit of a

long shot.Cyprus coin 1/4 Piastre 1882H XF Extremely Rare. Not cleaned/no hits/no scratches/low mintage of 36,000, rarely seen in such exquisite condition.200.

The seller was in Cyprus and it was listed on eBay.com with starting price of 99 cents. It was more a USA XF than a UK EF but it

attracted 12 bids from eight bidders.

November 2011 www.tokenpublishing.com 19COIN NEWS

For enquiries and catalogues please contact:St Jamess Auctions (Knightsbridge Coins-Stephen Fenton)

43 Duke Street, St Jamess, London SW1Y 6DDTel: 020 7930 7597 / 7888 / 8215 Fax: 020 7930 8214

E-mail: [email protected]: www.stjauctions.com

These are a few of the items appearing in Auction No. 20 on Friday November 18th

at the Cavendish Hotel, 81 Jermyn StreetSt. Jamess, London SW1Y 6JF

20 COIN NEWS www.tokenpublishing.com November 201120 COIN NEWS www.tokenpublishing.com November 2011

Around the world

DR KERRY RODGERS catches-up on some Central American history . . .

Daz had been one of the generals responsible for overthrowing the French-imposed, Maximillian Second Mexican Empire and restoring the Republic. He became President in 1876 and continued to rule to 1880 and then from 18841911 including ve consecutive re-elections despite a strict No Re-election policy being the order of the day.

His rule is remembered for the modernization of Mexico, particularly its industry, but this occurred at the expense of human rights and liberal reforms. Economic achievements and investments in arts and sciences were matched by economic inequality and repression. Wealth, power and access to education were concentrated among a handful of families of European descent who controlled the large estates.

It all came to a head in 1910 when Diazs fth re-election resulted from major electoral fraud. A full-blooded revolution erupted. Initially it was led by Francisco Madero but its roots lay in a broad mix of Mexican socialist, liberal, anarchist, populist, and agrarianism movements. Other senior gures included Pancho Villa and Emiliano Zapata.

Madero gained the support of suf cient Indian peasants to form an army able to take on the federal troops. Gradually the revolutionaries gained the upper hand and in 1911Daz abdicated. Madero called a new election that he won

overwhelmingly. His moves to establish a liberal democracy received applause from US and the

support of the other revolutionary leaders but his relatively weak leadership saw a

disintegration of his government and outbreak of civil war. A coup dtat in 1913 resulted in both Madero and his vice president being assassinated.

A multi-sided civil war now swept the country. Despite it, or perhaps because of it, in 1917 a new socialist constitution was hammered out. It addressed foreign ownership of resources, an organized labour code, the role of the Catholic Church in education, and land reform. Nonetheless the civil unrest continued to plague the country through until the 1920s before a democratic Mexico was able to emerge into the modern world.

Banco de Mxico has marked this important centenary with the issue of a three piece set that includes a commemorative 100 pesos banknote and two proof 10 peso, 2oz silver coins.

The front of the 100 peso note shows one of the locomotives used to transport the revolutionary troops. On the reverse side is a segment of the vast mural Del Por rismo a la Revolucin painted by David Siqueiros in 1957.

One of the silver 10 pesos shows Mexican Revolutionaries taking over a locomotive at Cuernavaca, Morelos. The design comes from a photograph c. 1910-20. The second coin also uses a design also from a contemporary photo that shows women on a train. This same image appears in the underprint of the notes face above the large 100.

Women were an integral part of the revolution. They not only cooked and cared for the wounded but many fought alongside their men. One of the more famous was Zapatista soldier, Margarita Neri, who rose to become a battle commander. Many of these women soldiers continued to wear mens clothing and carry pistols long after the Revolution ended.

If your favourite coin n note dealer cannot supply the centenary issues, try www.PandaAmerica.com.

COIN NEWS

overwhelmingly. His moves to establish a liberal democracy received applause from US and the

support of the other revolutionary leaders but his relatively weak leadership saw a

disintegration of his government and outbreak of civil war. A coup dtat in 1913 resulted in both Madero and his vice president being assassinated.

Note & coins mark centenary ofRevolucin Mexicana

THE Mexican Revolution, not to be confused with the Mexican War of Independence of 181021, commenced in 1910. Post-independence the country had been governed by a succession of autocrats including Archduke Ferdinand Maximilian and, importantly, Por rio Daz.

Face and back of Banco de Mxico 100 pesos issued in 2010 to commemorate the centenary of the Mexican Revolution. (Image courtesy Panda America.)

Silver 10 pesos struck for the anniversary of the revolution and the photos of revolutionary women and a high-jacked train from which the designs for the coins were taken. (Images courtesy PandaAmerica.)

Panda America.)


AUSTRALIA LATVIA

Theme: World Heritage SeriesMacquarie IslandMint: Perth Mint Metal: Aluminium bronze Denomination: $1Diameter: 30.6mmMintage: UnlimitedContact: Perth Mint, www.perthmint.com.au

Theme: Rundale PalaceMint: Bank of Latvia Metal: SilverDenomination: 1 Lats Diameter: 38.6mm Mintage: 5,000Contact: Bank of Latvia, www.bank.lv, or your favourite new

issue dealer.

CANADA NEW ZEALAND

Theme: 2012Year of The DragonMint: Royal Canadian Mint Metal: SilverDenomination: $15 Diameter: 38mm Mintage: 48,888Contact: Royal Canadian Mint, www.mint.ca

Theme: 2012 Celebration of Maori ArtMint: Royal Dutch Mint Metal: Silver, goldDenomination: $1, $10 Diameter: 38.6mm (both coins)Mintage: 3,000 ($1), 250 ($10) Contact: The New Zealand Post, www.nzcoins.co.nz, or your favourite new issue dealer.

THE COOK ISLANDS TUVALU

Theme: The Muonionalusta MeteoriteMint: B. H. Meyer Metal: SilverDenomination: $5 Diameter: 38.6mm Mintage: 2,500Contact: C.I.T.V., www.coin-invest.li, or your favourite new issue

dealer.

Theme: Heroes and VillainsMint: Perth Mint Metal: SilverDenomination: $1 Diameter: 40.6mmMintage: 1,500 setsContact: Perth Mint, www.perthmint.com.au

To have your new coin issues featured on this page, please email the details to [email protected]

Latest issues

2012 Celebration of Maori Art

Theme: Heroes and Villains

Theme: Rundale Palace

Theme: 2012 Celebration of Maori Art 2012 Celebration of Maori Art

Heroes and Villains Heroes and Villains


Celebrating all togetherAS only the second monarch in British history to celebrate a Diamond Jubilee, there is much to commemorate this milestone in our history. To mark the occasion, the Royal Mint has issued an historic coin collection that celebrates the Diamond Jubilee with coins that chart the events, ceremonies and landmarks from HM the Queens 60-year reign. The Queens Diamond Jubilee Collection honours Her Majestys role as Head of the Commonwealth and brings together 24 silver Proof coins from around the Commonwealth including the Armed Forces Silver Proof 5 coin, featuring the British Armed Forces Tri-Service insignia as well as others that help trace the key technological and cultural changes that have occurred during her reign. This truly international collection features coins issued by the Royal Mint on behalf of 15 Commonwealth countries. Further details are available from the mint at the address below or by logging onto www.royalmint.com.

For more information on these, or any other Royal Mint products please, contact The Royal Mint, Freepost NAT23496, PO Box 500, Llantrisant, Pontyclun CF72 8YT, United Kingdom | Telephone: 0845 60 88 300 | www.royalmint.com

As well as The Royal Mints world-class production facilities, the Llantrisant plant in South Wales also houses The Royal Mint Museum. It represents one of the most impressive numismatic collections in the world, featuring outstanding rarities alongside the currency we use everydayserving as a true re ection of the history of the coinage in the United Kingdom and of many other countries.

COIN NEWS has teamed up with the Museum to bring you an item from the collection every month.

Bulletin The latest news from The Royal Mint

Trial pieces for Victoria Coronation medalsA MEDAL or a coin struck in high relief can be very attractive. It provides the artist with more freedom to explore the form of a portrait or can offer a more satisfying solution to a gurative composition. When working in high relief, however, certain technical problems arise, one of the most important being how much metal there is to play with across the obverse and reverse. As was evident on coins of George V, if a piece is too thin for the extent of the relief, metal can be drawn up and result in a hollowed out effect, or ghosting, on one side.

The trial pieces illustrated here, for a commemorative medal by Benedetto Pistrucci to mark the coronation of Victoria, appear to be the result of an experiment into how thick the medal would have to be in order to avoid ghosting. Several blanks of metal were placed in the press and struck together to gauge the point at which a suf cient amount of metal would be available to make the medal. The pieces are a recent acquisition to the Royal Mint Museum collection because of the interesting technical questions they raise about the consequences of high-relief designs.

The Royal Mint offers limited edition, gold, silver and base metal collector coins along with a range of precious artmedals and exclusive diamond jewellery. Below are a few carefully selected items from the current range.

or a coin struck in high relief can be very attractive.

technical problems arise, one of the most important being how much metal there is to play with across the obverse and reverse. As was evident on coins of George V, if a piece is too thin for the extent of the relief, metal can be drawn up and result in a hollowed out effect, or ghosting, on one side.

The trial pieces illustrated here, for a commemorative medal by Benedetto Pistrucci to mark the coronation of Victoria, appear to be the result of an experiment into how thick the medal would have to be in order to avoid ghosting. Several blanks of metal were placed in the press and struck together to gauge the point at which a suf cient amount of metal would be available to make the medal. The pieces are a recent acquisition to the Royal

Celebrating all togetherCelebrating all togetherS only the second monarch in British history to celebrate a Diamond Jubilee, there is much to commemorate this milestone in our history.

To mark the occasion, the Royal Mint has issued an historic coin collection that celebrates the Diamond Jubilee with coins that chart the events, ceremonies and landmarks from HM the Queens 60-year reign.

www.royalmint.www.royalmint.

Celebrating all togetherS only the second monarch in British history to celebrate a Diamond Jubilee, there is much to commemorate this milestone in our history.

To mark the occasion, the Royal Mint has issued an historic coin collection

News & views

New design for an old favouriteHOT off the press is news that the 2012 gold sovereign has had a make-over. Keeping with the popular, traditional, theme of St George and the Dragon, the new coin bears a striking and original design with an almost art-deco feel to it. The obverse retains the Ian Rank-Broadley ef gy of Her Majesty the Queen although a new reverse portrait of the Queen is in hand to mark her Diamond Jubilee next year.

26 Coin news www.tokenpublishing.com November 2011www.tokenpublishing.com November 2011

Prior to the event, the team of London Coins Auction (LCA) thought that this was a routine sale. However, with the buoyant market, when they analysed the results they realised the sale total was the companys second highest to date. To say that some prices were astounding is no exaggeration. When a 2011 Maundy set in a red case of issue was offered, auctioneer Stephen Lockett thought that a dealer who purely traded in Maundy money was going to have a seizure. Five years ago Spink sold a 1981 Maundy set in its original case for 85, while sets relating to that year (2006) were being offered retail by the company at 120. Traditionally sets in the year that they were issued have always commanded a premium. The reason for this years anomaly is simple: the recipients treasured the money with which they were presented and the only people prepared to sell were those who received sets for of ciating at the service.

In 2006 1,942 Maundy sets comprising the four silver coins from the fourpence (groat) to the penny were struck. Of these 662, a staggering 34 per cent, were given to those who of ciated. When I noted last year that no London dealers had been offered a single Maundy set, I contacted the Of ce of the Royal Almonry of the Privy Purse and Treasurers Of ce at Buckingham Palace. Its spokesman would not talk about current mintage gures for 2010. When I asked how many of cials receive sets, the response was along the lines of there had been an audit and things were much different than they once were. However, the Royal Mint revealed that in around 1,600 sets had been struck for that year.

At some point after 2006, there was a severe cutback in Maundy freebies to of cials. In 2009 Baldwin was offered no sets issued that year and was only aware of two 2008 sets being offered in the market in 2008 and one in 2009. Newcomers to the world of Maundy money are totally confused that Victorian and Edwardian sets are relatively inexpensive. This is because there are plenty around as the public could buy them. Edward VII stopped the practice from 1909 to protect the value of Maundy to recipients.

Recently the Royal Household appears to have reduced the order for Maundy coins as an economy measure. As the number required for recipients is determined by a formula cast in stone, the only place to makes cuts is in the number given to those of ciating. Last year I predicted, The fact that sets are now more exclusive means that not only are they unlikely to appear on the market, but, when they eventually do, the price will be high. So what happened when a 2011 set in its original red leather case appeared at this sale? The 2012 Coin Yearbook lists a 2010 Maundy set at 450 (which is retail), LCA estimated its 2011 set at a not unreasonable 225around 263 with the Premium. At this event the 2011 set was ercely fought over. The hammer fell at 800which is a cool 936 with the Premium. The nations octogenarians and those who are even older will be clamouring to be Maundy recipients! Even a 2002 set that the Coin Yearbook lists at a mere 185 sold for 468.

The auctioneer was pleased to see a couple of clients who had not been active in the market since 2005 at the viewing. Coincidentally, both were interested in the general bulk lots. While these were once the Cinderellas of the auction world, they have become popular of late and are possibly purchased by people who sell the coins individually on eBay. The two potential bidders were shocked at the prices realised and did not raise their hands once to bid. Both declared that they would bring their entire holding to be auctioned at the next sale. Top price was for three albums containing 95 George III to Victoria coins ranging from crowns to farthings in mixed grades. It sold for double expectation at 2,808.

Top price for a lot was not surprisingly in the gold section when 35 sovereigns were offered in mixed grades to UNC. Interestingly it was described as a 35-coin set, which would have been ne had there been some kind of order to it. However, it just appeared to be a motley collection thrown together without thought. Its contents ranged from an 1869 example with the die number 58 to a 2006 example. It sold for 9,477.

INTERESTINGLY, I think this is the rst Market Report that does not include the results from a central London auction house. While there were some stunning prices, there was a feeling that some pieces could have done a little better, or should have sold when they did not. However, what the sales do demonstrate is the power of the worldwide web. Obscure overseas coins that years ago could well have just slipped through the net to have been bought cheaply by a single dealer, were now being previewed by an international audience and ercely contested, selling not only for many times the auction houses conservative estimate, but also selling for a multiple of the value given in Krauses Standard Catalog of World Coins.

JOHN ANDREW

Out of town action

London Coins AuctionGeneral SaleSeptember 3 and 4, 2011

Market scene

London Coins AuctionGeneral SaleSeptember 3 and 4, 2011

Out of town action

1,872 was paid for the pattern 1848 orin with the adopted head of Queen Victoria.

A pattern farthing in silver dated 1713 sold on estimate for 1,170.

November 2011 www.tokenpublishing.com 27Coin newsNovember 2011

Interestingly, the two highest prices for lots comprising just a single item were in the banknote section. London Coins Auction has been building this side of their business over the last few years and at this event over 1,000 lots of papermoney were offered. The highest price was paid for a Kent eld 50 bearing the serial number E01 000001, which is the rst of this issue and in the words of the cataloger excessively rare thus, and offers an almost unique opportunity to acquire a rst issue note. Graham Kent eld was the Bank of Englands Chief Cashier from 1991 to 1998 and the note is in uncirculated condition. However, what price for such a rarity? The cataloguer gave it a wide estimate of 5,00015,000. It sold for the lower end of this rangea hammer price of 5,200, which is 6,084 with the Premium. Possibly at some future date collectors will think that they missed an opportunity to acquire a great rarity at a reasonable price.

A Nairne 1 gold note sold for a little less. When World War I broke out in the summer of 1914, it became increasingly clear that Britain acquired a smaller note than 5 (the then smallest denomination) to replace the gold sovereign that circulated freely in the country. Before it had been established who should issue such a denomination, the Bank of England started preparations for the note. This was somewhat premature for the government of the day decided that the Treasury should issue the denomination, together with its fractions. The unissued proof form of the Bank of Englands 1914 1 is a sought after rarity in the English seriesonly 15 examples have come to light. Despite the small number, there are two versions: one with the pre x A/1 pre x to the 00000 serial number and one without. It was the one with version that was offered here. In GEF state, its estimate was 5,0007,000 but at the sale it sold for 5,850, which again is not a particularly high price.

Although a general sale, there was some interesting material, including some patterns that had pre-decimal price tickets indicating that they had not been on the market for at least 40 years. One of these was a 1713 pattern farthing in silver, its reverse featuring the gure of Britannia in a portico (Peck 747). Apart from a few minor hairlines on the obverse the condition was given as UNC/nFDC with the cataloguer stating that it is a most pleasing example that compares favourably with the example in the Cooke collection. With a wide estimate of 5001,000, it sold exactly on the upper gure, making it 1,170 with the Premium. However, there was competition for a pattern 1848 orin bearing the adopted Gothic head of Queen Victoria. Its obverse bears ONE FLORIN within a wreath with ONE TENTH OF A POUND below (ESC 904). The piece, which is near FDC state, was

estimated at 7501,250. It sold for a healthy 1,872. The market always reacts well to material that is fresh as opposed to that which has done the rounds.

The highest price for a British coin was paid for what, in my opinion, is one of the most boring 20th century coins: a 1934 crown. These were the countrys rst issue of crowns since 1902. The issue was intended for collectors and as presentation piecesa good idea, but not only is the reverse type unimaginative; it never altered for any of the nine years it was minted. The mintage in any one year never exceeded 10,000 and of course the lowest year of striking was 1934 when only 932 were struck. In EF state, it sold for 3,978.

The highlight of the English section, a Henry VIII third coinage sovereign struck at the Southwark mint offered with an estimate of 15,00025,000 did not sell, however, a rather scruffy James I second coinage rose ryal which apart from two crease marks is in ne/nearly very ne state sold for 3,042. A Charles I Pontefract 1648 shilling which is holed, but otherwise in

a sharp and pleasing very ne condition, nevertheless sold for 2,574. Had it not been holed, it would have sold for 6,0008,000. Nevertheless the vendor should be delighted.

The surprise for the sale was in the world section. A Chinese Hu-Peh Province 1 tael of 1904 was offered in GVF. The Krause Standard Catalog of World Coins 2011 lists this at US$900 (say 600) in VF and US$1,750 (say 1,200) in EF. London Coins Auction estimated the piece conservatively at 225350, possibly hoping for 800900 on a good day. Well, it was not a good

day; it was an absolutely fantastic day for this coin. The coin generated considerable interest and there was a right battle royal to secure it. The hammer eventually fell at 4,800making it 5,616 with the Premium. The coin was not even illustrated in the cataloguethough it was on the web. Thanks to Stephen Lockett, we bring readers an image of the piece. If you have one tucked away, it may be worth far more than you think. A person in the room who is believed to have links to Hong Kong bought it.

There were other surprises too in the world section. An Indian Bengal Presidency copper dump token coinage 1 anna of 1774 was offered. Krause refers to the Dump token coinage, whereas Pridmore describes them as postal tickets, which in reality was their use. They were issued in April 1774 by the Patna Postmaster at the inception of the General Post Of ce in Bengal. They were sold in quantity to individuals who made frequent use of the Dawk, as the postal system was then known. There were two

Market scene

estimated at 7501,250. It sold for a healthy 1,872. The market always reacts well to

collectors and as presentation piecesa good idea, but not only is the reverse type unimaginative; it never altered for any of the

5,616 with the Premium. The coin was not even illustrated in the cataloguethough it was on the web. Thanks to Stephen Lockett,

to the Dump token coinage, whereas Pridmore describes them as postal tickets, which in reality was their use. They were

(say 600) in VF and US$1,750 (say 1,200) in EF. London Coins Auction estimated the

The hammer eventually fell at 4,800making it

The Huh-Peh province 1 tael surprised everyone by selling for an unexpected total of 5,616.

Despite its rather imperfect appearance the rose ryal of James I realised 3,042.

The 1934 Crown took the top price in the English section at 3,978.

Out of town action

28 Coin news www.tokenpublishing.com November 201128 Coin news www.tokenpublishing.com November 2011

Market scene

denominationsthe 2 annas and 1 anna. The tickets were used to ensure that servants dealing with post on behalf of their masters did not have to handle money! A single letter was charged 2 annas for each 100 miles, while letters by sea or from foreign settlements were charged 1 anna

on delivery. The auction house graded the piece as having some surface porosity, but otherwise being good ne. It was estimated at 120150, which seems reasonable and realistic. However, it sold for 1,287.

The sale totalled 701,069.

Traditionally the sales at Croydon begin with mixed lots: anything from a shoebox of world and GB coins (room bids only) to an album containing misc mainly modern coins, over 40 face value. The highlight of the offering on this occasion were 15 Whitman folders, some with coins inc 1/2ds 194467 many Unc lustre, 1/4ds 190236 (no 04), many around VF, (room

bids only). For younger readers who do not know what a Whitman folder is, I

had better explain. They were heavy-duty cardboard folders, dark blue

in colour, that were designed for various UK pre-decimal denominations. There were certainly folders for pennies, halfpennies and farthings, threepences and sixpenny pieces and possibly more. They were

divided into periods such as halfpennies 190236, 1937 to 1967,

etcetera. Launched in the early 1960s when people began collecting runs

of pre-decimal coins from their change, they were very popular. The interiors featured apertures for each date the denomination was issued, with the date the coin was issued below. Headings indicated the various monarchs on the throne, when the coins were issued such as Edward VII, George V, George VI and Elizabeth II. People collected coins from their change with the objective of lling each aperture in the folder. Not unreasonably, Croydon placed an estimate of 20 on the lot but it sold for 147. I gave my Whitman folders away a few years agoif you have yours, consider consigning them to Croydon Coin Auctions!

Most of the copper and bronze coins that followed mainly sold around estimate, though there were a few passes. A collection of sixpences

that had been formed over the last 40 years certainly attracted attention. One determined bidder virtually bought the whole collection at prices averaging twice the estimate. A small collection of tokens sold at well above estimate, but banknotes found it harder to nd a new home.

Highlights of individual coins included: a 1703 VIGO halfcrown in about EF/EF grade sold for 945; a 1717 halfcrown in similar condition realised 2,100; a 1704 plumes halfcrown sold for 1,050 and a very ne 1658 Oliver Cromwell crown found a new home at 1,995. The English hammered section was somewhat patchy. Some coins were sought, such as the Elizabeth I fth issue angel with the sword mintmark for 1582. In ne condition, it was estimated at 1,100, but sold for 1,680. However, generally the lower grade hammered coins struggled to reach their estimate. Milled sovereigns of numismatic interest as opposed to being bullion sold well. An 1825 example in good extremely ne+ state described as being very proo ike, may be considered by some to be an impaired proof. However, auctioneer Graeme Monks view is that it is probably not. It sold exactly on estimate at 1,313. An 1847 sovereign, which apart from the Irish shield being softly struck, is in good extremely ne condition found a new home at 683.

The surprise of the auction was when a 1946 1/4rupee from Mauritius was offered in uncirculated state. Given a somewhat conservative estimate of 30, it sold for a staggering 483. The lot that followed also soared. It comprised nine generally uncirculated 1/4-rupees dating from 1936 through to 1975 and six rupees in the same condition dating from 1951 through to 1978. These were given a tease estimate of a mere 50. The lot sold for 420.

Croydon Coin AuctionsGeneral SaleSeptember 13, 2011

not know what a Whitman folder is, I had better explain. They were heavy-

duty cardboard folders, dark blue

halfpennies 190236, 1937 to 1967, etcetera. Launched in the early 1960s

when people began collecting runs

mixed lots: anything from a shoebox of world and GB coins (room bids only) to an album

A nice example of the elephant below crown of Charles II sold for 1,876.

The 1825 sovereign considered by some to be an impaired proof sold for 1,313.

LockdalesCoins and CollectablesSeptember 18 and 19, 2011

Named sales are more common at London auctions than those in the provinces, so it was good to see The Martin Shaw Collection of English Milled Crowns being offered at this sale. Mr Shaw explained how he became a crown collector in the introduction to his part of the proceedings. His maternal grandmother ran a pub on the Isle of Dogs and one day an af uent customer paid for a round of drinks with an 1893 crown. She kept it and 50 years later gave it to Martin. Twenty years after that he started to collect. His initial intention was to collect an example of each regnal year for Victorias Old Head issue, but he soon found himself buying across the board.

My favourite coins among my collection, he revealed, are the Gothic Crowns (a beautiful design) and those of Charles II (imagine holding

a coin that was was in use during the Fire of London!). Several Charles II crowns were offered, including two dated 1666. The highlight here was the example with an elephant below the monarchs bust. This has the regnal year XVIII on the edge (counted from the death of his father as opposed to the restoration of the Monarchy) and is of the RE.X (instead of REX) variety, of which there are only perhaps 1120 known. Apart from a an adjustment mark on the French shield, the piece is in GF/nVF grade. Quite reasonably estimated at 700900, it was contested to 1,876.

A couple of Gothic Crowns were offered. The better of the two is the 1853 proof. Apart from a tiny edge nick (which certainly does not detract from the coin) it is in EF/GEF condition and is enhanced by and blue and grey tone. It sold

Elizabeth I angel with sword mintmark realised 1,680.


exactly on its top estimate, 8,208. However, the coin that stood out for me was the 1839 plain edge proof. Described by the cataloguer as iridescent toned FDC, a very nice example, one could not help but feel that this did not do the piece justice. However, to wax lyrical about its alluring beauty would have appeared to be stooping to hype. There was an image and as the Chinese say, a picture says a thousand words. The an is darkly toned and the Queens head has the tone of iridescent gold. It is simply mouth-watering in all its glory. The estimate of 4,5005,000 was a tease and it certainly got the punters biting at their bits. The piece was run up to an eye-watering 9,966, which is more or less a third above the Coin Yearbook price and the top price in the Shaw Collection.

There were some superb realisations in the Shaw Collection but there were elsewhere as well. A 1926 penny with the modi ed ef gy was offered in GEF with some lustre. This coin is rare in such a high grade. The Coin Yearbook price for an EF specimen is 800 (2,500 for UNC) and this was re ected in Lockdales top estimate. The coin sold above its top expectation, at 1,759, which undoubtedly pleased the consignor.

No Lockdales sale would be complete

was an image and as the Chinese say, a picture says a

tease and it certainly got the punters biting at their bits. The piece

However, the coin that stood out for me was the 1839 plain edge proof. Described

IMPORTANT NOTE Unless otherwise stated, the above prices are inclusive of the Buyers Premium. In other words, it is the hammer price plus 17 per cent at London Coins Auction, 17.25 per cent at Lockdales and 5 per cent at Croydon

Coin Auctions. In all cases, this includes Value Added Tax at 20 per cent.

Market scene

8,208 was paid for the 1853 Gothic Crown.

without a Celtic or medieval rarity. At this event a silver unit of the Trinovantes/

Catuvellauni took the spotlight. Issued by Cunobelin (AD 140)

its obverse features two coiled ram-headed serpents and the reverse a galloping horse with a ring enclosing a pellet below and the same above except that the pellet is enclosed in a ring of pellets as opposed to being solid. The piece is a slight

variant as the O of CVNO appears above the horses tail

as opposed to below it. Clearly a recent nd, it is still full of

dirt but in very ne condition. The cataloguer described it as

excessively rare and placed the estimate at 200300. It sold for 820.

I am beginning to feel that no sale is normal unless there are Chinese surprises. At this event an Anhwei Province silver

dollar of year 24 (tall 4) (1898) was offered. Apart

from a chopmark and a small le test mark

at 12 oclock, this scarce coin is otherwise

in very ne condition. Estimated at 150200, the piece sold for 997. However, what I found surprising was that a good extremely ne Yunnan Fu-Tien Bank $10 note, which is very rare in this condition, only sold for a hammer price of 1,150 (1,348 with Premium) against an estimate of 600800. We want reworks not a damp Chinese cracker!

The sale, which of course was not purely numismatic, totalled 358,478.

The outstanding 1839 plain edge proof was eventually bid up to 9,966.&DPEULGJHVKLUH&RLQV:$17('$//*2/'6,/9(5&2,163522)6(76&2//(&7,216%(6735,&(63$,'3$


It was one of those typical British summer days, rainy, grey and thundering with a few instances of blustering wind thrown in for kicksan inhospitable Saturday afternoon where the only thing which comes to mind is there goes the picnic and barbeque and Im just glad Im not out in that. It was also one of those days when you decide to cut your losses and catch up with some quality coin collectinggathering up your purchases and acquisitions from over the past couple months in order to amalgamate them into your wider collection. The process of cataloguing and recording, upgrading and arranging everything in chronological order is one of those tasks which either relaxes you or drives you to drink but, it has to be done, and theres no way around it. I decided to tackle the task with some recently-acquired American dollars which my coin-collecting cousin had brought me on his visit to London. The new coins were a 2011 silver dollar marking the founding of the United States Army in 1775, highlighting the Army Historical Foundation fund-raising programme, and another 2011 silver dollar issued to commemorate the 150th anniversary of the United States Medal of Honortwo very well-designed coins and sought-after additions.

Reviewing the section of coins where these were to be added, I had the chance to look back to the modern issues of US commemorative dollars and I spotted my Bicentennial dollar minted in 1976. Bright, lustrous, with rays of light shimmering on its surface, I thought to myself it still holds up. The design is simple, its to the point with its depiction of the Liberty Bell in front of the moon symbolising the US triumph of landing a man on the lunar surface and bringing him back safely to earth as John Kennedy had prophesied in his speech to Rice University on September 12, 1962. But one other aspect of this coin had me thinking, in these uncertain days of austerity and costsaving measures: this piece was struck in 40 per cent silver! Placed alongside its 90 per cent silver counterparts, both the proof and uncirculated strikes are virtually indistinguishable and just as iridescent, bold and bright white.

The bill authorising these coins for the 1976 national celebrations was a hold-over from the law passed in 1965 which

altered the silver composition of US coinage for half dollars from 90 per cent silver to the lesser neness. The measure was adopted as an answer to the rising cost of silver in the mid 1960s and as a result, many countries who still had circulating silver coins either removed the precious metal content entirely or reduced the neness. The United States issued silver-clad coinage, only in the form of half dollars, from 1965 until 1970. The clad material, which consists of a sandwich-type process containing a surface layer of 80 per cent silver/20 per cent copper mix, with a core of 21 per cent silver/79 per cent copper, results in a coin with an overall silver content of 40 per cent. Meant only as a temporary measure until the price and shortage of silver was stabilised, the clad product was continued when the mintage of new Dwight Eisenhower dollar coins were authorised in 1970. Consequently there was a call for the removal of all silver from the half dollar denomination. However, when the idea for a set of commemorative coinage to mark Americas Bicentennial of Independence was discussed as early as 1973, the US Mint was still obliged to strike these silver issues to the same clad speci cations as set out by law. It wasnt until 1982, on the occasion of the 250th anniversary of the birth of George Washington, when the United States again issued a silver half dollar coin to the standard and familiar 90 per cent neness. Subsequently a revised bill has enabled all commemorative dollars to be struck to 90 per cent neness.

Fast forward 45-odd years and the conditions for the need to reduce the silver content seem to be upon us once more. However, this time it is not necessarily due to a shortagethe precious metals price is simply increasing (as an answer to an alternative option of investment) to levels which make it impractical to continue the issue of even commemorative coins at a reasonable price to the collector. In the last year collector dollars have risen an extra US$20 per coin and if you dont catch the pre-order prices, you will now end up paying upwards of US$60 direct. I know from having had conversations with commercial directors of several National Mints during the past year, that the price of precious metals is rising faster than collectors can keep up with. The choice for future issues means

How highis high?WITH silver at over US$40 per ounce, the skyrocketing price of precious metals is rising faster than collectors can keep up with. Could this usher in the practise of the ever-shrinking silver coin or . . . could it mean the end of the silver collector coin altogether? MICHAEL ALEXANDER of the London banknote and Monetary Research Centre asks the question: Is it time to decrease the silver content in collector coins?

MICHAEL ALEXANDER

Viewpoint


Viewpoint

either: (a) decreasing the weight of the coins (i.e. diameter and thickness, which would mean the loss of the crown-sized coin, a cornerstone of many coin collections); (b) switching to just non-precious metals (many mints already strike the same designs in both cupro-nickel and silver); (c) simply passing on the increase in price to the collector. These options have been debated around the boardroom tables with a less than enthusiastic approach. Its a choice many mints do not welcome but dare not run the risk of being on the losing side of this commodities-related conundrum.

In 2008 Denmark increased the face value of their collectors silver crown from 200 kroner (20) to 500 kroner, due to the anticipated increase in the cost of the one ounce of pure silver used to strike these 38mm diameter coins. This meant that the coin, now with a face value of just over 50, has a silver content of just 24 at todays (August 2011) spot price of US$40 . . . too much on the other side of the extreme in my opinion and way out of balance between the face value and precious metal content. With this combination, the spot price of silver would have to rise to an eye-watering $90 per ounce for this equation to make sense. In their case, it might have been better to reduce the silver content back to 80 per centa neness which Denmark utilised for earlier circulation and commemorative coins up to 1990and return the face value to a more sustainable and acceptable 200 kroner.

During a recent interview with one Mint Director I had raised the question of reducing the silver content instead of decreasing the weight of crown-sized coins or alternatively having to raise the costs through the roof, which would only drive many collectors out of the market. I brought up as examples, the US and their silver-clad issues, the United Kingdom and their 50 per cent silver coinage after World War I, the silver coinage from Germany with its current 62.5 per cent content and the Dutch circulation and commemorative coins with their longtime neness of 72 per cent. Many of these coins, with their acceptable but reduced silver content workedthey ful lled their purpose and more importantly they looked the part and maintained the con dence of the public, unlike Mexico with their embarrassingly shoddy 10 per cent silver peso coins of the 1960s.

The current situation shouldnt affect the silver bullion coinage issued by the mints, as these coins are struck speci cally for investment. However, the luxury of high grade silver

coins for commemorative or collector purposes may become a thing of the past. Few collectors buy commemorative coins speci cally for the silver content as many of these coins have a premium way over the silver content anyway. I do agree that collector coins do look much better as silver issues, but under the present economic situation, with the rising cost of living, in ation, the increasing prices of all metals on the commodities exchange and the shrinking budgets of many collectors, I for one would be satis ed if the worlds mints were to reduce the silver content without decreasing the diameters or weights of the coins . . . as long as these cost-saving measures are passed to the collector and the prices maintained at todays levels. To increase the prices and still reduce the silver content would be a double slap in the face. Already the cost of silver has increased substantially faster than salaries and the budgets of dedicated collectors have been stretched to their limits.

As for my 1976 Bicentennial dollar, it keeps on shimmering, bright and awless as the day it was struck. My 1928 Wreath

crown is as impressive a coin as it ever was, with its subtle tones of red and blue around the edges, and my Dutch 1933 deep hair lines 22 gulden crown continues to effortlessly show off its distinct differences from its

ordinary counter-part strikeall examples of a lesser neness of silver, all coins which

have stood the test of time in collector appeal.

It is a bonus to have collectors coins struck in 90 per cent or sterling silver or even the purest .999 neness of the glacier-white glistening metal, but I dont think its a requisite any

longer. As an investment and as a measure of stock-piling my own silver

hoard, Ill buy the more than satisfactory, abundant and plentiful choices of bullion-related coins. I dont restrict myself from buying commemorative or special issues by asking the underlying question of is it struck in a high grade of silver? My interests lie purely in whether the coin is

aesthetically pleasing; is it part of a long term or continuing series that I have committed

myself to obtain? or is it a subject I have any interest in? Under these exceptional conditions,

I would accept a lesser neness of silver if the cost-saving measure is passed on to the collector accordingly. If not, then leave things as they are.

. . . too much on the other side of the extreme in my opinion and way out of balance between the face value and precious metal content. With

earlier circulation and commemorative coins up to 1990and return the face value to a more up to 1990and return the face value to a more

As for my 1976 Bicentennial dollar, it keeps on shimmering, bright and awless as the day it was struck. My 1928 Wreath

crown is as impressive a coin as it ever was, with its subtle tones of red and blue around the edges, and my Dutch 1933 deep hair lines 2to effortlessly show off its distinct differences from its

ordinary counter-part strikeall examples of a lesser neness of silver, all coins which

have stood the test of time in collector appeal.

coins struck in 90 per cent or sterling silver or even the purest .999 neness of the glacier-white glistening metal, but I dont think its a requisite any

longer. As an investment and as a measure of stock-piling my own silver

hoard, Ill buy the more than satisfactory, abundant and plentiful choices of bullion-

drive many collectors out of the market. I brought up as examples, the US and their silver-clad issues, the United Kingdom and their 50 per cent silver coinage after World

maintained the con dence of the public, unlike Mexico with their embarrassingly shoddy 10 per cent silver peso

abundant and plentiful choices of bullion-related coins. I dont restrict myself from buying commemorative or special issues by asking the underlying question of is it struck in a high grade of silver? My interests lie purely in whether the coin is

aesthetically pleasing; is it part of a long term or continuing series that I have committed

myself to obtain? or is it a subject I have any interest in? Under these exceptional conditions,

abundant and plentiful choices of bullion-

How has the current prices of precious metals affected you and your hobby? Are you buying more coins? Fewer coins? Are you looking at your collection

as an investment? Are you happy with the way new collector coins are marketed? Let us know . . . write in to the Editor with your opinionhe would

be delighted to hear from you.

www.tokenpublishing.com November 201134 Coin news www.tokenpublishing.com November 2011

Collectors notebook

One of the problems in studying the coins is that they all bear the Kings name as Henricus (Henry) whether they were struck under Henry II, Richard I, John, or Henry III. This caused confusion in the early days, but now, through painstaking research, the coins have been attributed to the various monarchs and have been sorted into eight classes with many sub classes, in accordance with the order of issue. A few problems still need to be ironed out, but a good deal is known from contemporary records, careful consideration of hoards, and study of die linkages.

Being Welsh/Cornish I am interested in coins and tokens associated with those areas. There are no known short cross coins from any Cornish mint, but there are Welsh ones (struck at Rhuddlan) and these have proved to be a law unto themselves. Although basically similar they differ from the English series in the style of the lettering, etc. and are considered to be the products of local craftsmen, probably working for a Welsh lord. In short they are an imitative coinage.

Four moneyers are known for RhuddlanHalli, Tomas, Simon(d), and Henricus, and the dates of issue are considered to be from c. 1190 c. 1215. The earliest coins are roughly similar to the English coins of classes 13 and the later ones roughly similar to the English class 5. Some of the coins that roughly imitate the class 13 coins bear a cross pommee in the reverse legend. This is rather odd for an imitative coinage, because the English coins of class 13 all show a cross pattee. The Sylloge itself makes mention of a cross pommee in advance of the time when it was introduced into the regular series. This rst occurred on some coins of class 4b (struck c. 120004). It is one of the diagnostics for coins of class 5a2, 8a2, 8b, 8c.

A recent nd may provide the answer to the Rhuddlan problem.

Almost a year ago I bought a small parcel of short cross cut halves in an internet auction. There was very little description, but the picture was good enough for me to see that one had unusual features. When the coins arrived I was not disappointed. One of them clearly had a class 1a1 obverse yet had a cross pommee in the reverse legend. It was the better half of the coin with plenty of diagnostics.

The moneyer was Hugo of York, previously unrecorded for class 1a1. Being very busy at the time I did not contact the British Museum for a while, but when I eventually sent a picture with my comments they asked to see the coin, stating that it was class 1a1 (the obverse at least), was not in Mass, or otherwise recorded, and that the odd letter in the mint name was the Old English letter Wen (W). After examination they wished to buy it for the collection, stating that it was interesting and relatively important.

However, since I have now become interested in the series as a whole, I have decided to retain it as the star of my otherwise modest collection. I have given permission for its existence to be made known to academics and other museums. I dont know if it has been published in any academic journals, but as the ordinary collector probably does

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Coin News 2011-11 (References 2012 Mint Directors Conference in Vienna)

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