Abe Kosoff: Dean of Numismatics

Chapter 10

The 1960s

In January 1960 the coin hobby was poised on the brink of the greatest expansion in its history. Soon, the traditional market of the 1950s and earlier would be but a wistful memory, as thousands of new faces poured into the hobby, attracted by the newly-started Coin World weekly newspaper, by publicity given to the 1960 Small late cents, and other topics. In January 1960 Abe Kosoff predicted:

"Everything but history indicates that the boom in coins will continue. The influx of new collectors continues at an ever-increasing pace. The development of groups of investors tends to absorb the supply to the extent that many coins, tinted in more than sufficient numbers to fill the requirements of all collectors, become scarce and rise in value."

Abe Kosoff spoke out against the passion for collecting modern coins in large quantities, noting that this was not numismatics at all but was speculation pure and simple. His voice, however, has not heeded, and the next several years saw modern rolls and Proof sets capture much of the market's attention. Abe Kosoff continued:

"New books, too, contribute to the demand for certain coins. This demand is a healthy one, based on interest and knowledge and it should be encouraged. When Dr. Sheldon's work on early large cents was published, the series started an upward trend which continued undiminished. The Friedberg book on paper money, and the same author's took on gold coins of the world, did the same for those series. The recently-published book on U.S. pattern coins by Dr. Judd was responsible for the creation of a new corps of collectors of that series as well as a rebirth of interest among those who had already acquired patterns. Prices rose even before the book was released, so that a new price level was required the day the book hit the market. The Guide Book of United States Coins has experienced the same difficulty these past few years.

"History dictates caution. Basically, there are sound reasons why markets level off, then decline. Perhaps the unusual circumstances surrounding the coin collecting craze will offset any economic factors which may enter into this picture. Personally, I believe that our coin prices will continue to rise. The ever-increasing demand, at a sharp percentage increase, has created a floor under which prices cannot fall except should a disastrous national calamity occur."

On February 23, 1960 Abe Kosoff conducted a modest mail bid sale of 566 lots. Offered were various United States coins, rolls, Proof sets, and an extensive selection of fractional and regular currency. The most expensive lot in the sale, a half roll (20 pieces) of 1939-D nickels, fetched $600. Most lots sold for less than $100, with numerous sales taking place below $10.

In February 1960, Abe Kosoff announced that he was contemplating visiting Europe and the Orient and solicited inquiries and commissions. He stated that his itinerary would include Japan, Hong Kong, Manila, India, Persia, Israel, and several countries in Europe.

On May 17th, Abe and Molly Kosoff sailed westward from California on the S. S. President Cleveland-the start of a round-the-world trip. In due course, the ship docked in Japan, where four members of the Yokohama Numismatic Society were on the pier to greet the American visitors. A special meeting of the group had been scheduled two days later in honor of the Kosoff's visit. All went well in Japan, collectors treated the visiting couple royally, and Abe Kosoff had the chance to examine many seldom-seen numismatic treasures. In one instance it was suggested that he visit a private home to view a collection, which Abe thought would be for sale. After inspecting it carefully, Abe was told that the owner wanted to keep it. "What value do you place on it?" Abe asked for his own information. The figure was stated to be $6,000. Abe countered with the suggestion that it would be worth more than four times that price if sold on the United States market. This surprised and pleased the owner, but still the collection was not for sale.

At a ceremony in the 1960s, Abe Kosoff presented his friend Sol Kaplan with a special award on behalf of the Professional Numismatists Guild, in appreciation for Sol's service as president of the organization.