Abe Kosoff: Dean of Numismatics

The Edwin M. Hydeman Sale, conducted in Los Angeles in March 1961, featured many rarities, including the 1913 Liberty Head nickel and the 1804 silver dollar. As this turned out, the 1913 Liberty Head nickel did not meet its stated reserve of $50,000. Over a decade later, Abe Kosoff sold it for $100,000 to World-Wide Coin Investments. Q. David Bowers was the purchaser of the 1894-5 Dime in the Hydeman Sale, paying $13,500 for it. ("The Numismatic Scrapbook Magazine," February 1961)

"General business conditions will have a lot to do with coin values. Since our economists disagree, it is difficult to depend on their predictions. The consensus seems to be that there will be a rocky road ahead for several months. History indicates that prognosticators are fence-sitters. If they predict a weak condition and it occurs, then they are wizards. If it does not occur then, because business is good, the public is ready to forgive and forget.

"My recommendations remain the same: If you buy choice coins and rare items you have a good investment,"

The January 1961 issue of Kosoffs Coin Bulletin offered a selection of paper money and coins from is stock. An offering of ancient items was priced by this statement:
"Coins with a story-our contention is that true collectors buy not merely an inanimate piece of metal but a living story as well. A collector must possess romantic instincts-and the story behind the coin appeals to this instinct."

Son Steve was being groomed to take an important share of the business load. The Bulletin noted: "Again, Steve has contributed to this issue and will probably soon take over the bulk of the Bulletin work. We are expecting Mike Kliman back late in January when Uncle Sam musters him out. Maybe this A.K. can sneak in an extra round of golf when these two guys get rolling."

In the meantime Abe was busy preparing the catalogue of the Hydeman Collection scheduled to be sold at the Numismatic Association of Southern California convention in Los Angeles in March.

The Hydeman Collection Sale crossed the block in due course and generated a blitz of news overage. Although the famed 1913 Liberty Head nickel did not meet its reserve, still the opportunity to see it come up on the auction block was a rare one, and every seat in the gallery was full. Numerous price records were set, including $13,000 paid by. David Bowers for the 1894-S Barber dime, coin which was acquired for Hazen Hinman, a New York industrialist.

May 1961 saw an active coin market, and the Kosoff's Coin Bulletin duly reported it:

"After a period of some six or eight months, during which a cautious attitude prevailed, activity ad prices are again increasing and levels will rob ably reach new highs. A change of standards becomes necessary-not, of course, in quality, but in terms of numbers. The numbers of copies to be printed of any catalogue, the number of responses to be expected, the number of coins to be sold (and probably the number of crank letters as well).

"There are so many more collectors these days it becomes necessary to think differently. And collectors should recognize this situation as well they should order more promptly for the competition is keen."

Again, Steve Kosoff and Mike Kliman were busy and prepared most of the priced offerings of that Bulletin issue, ranging from ancient Roman and Greek pieces to United States coins in such diverse series as trade dollars, Lincoln cents, colonials, small cents, and patterns. In 'Money Talks" Abe Kosoff noted: "I am glad this page was reserved for me. With Mike preparing copy for the ancient coins as well as the obsolete and Confederate money and Steve handling United States material, this Bulletin was quickly filled with goodies."

Abe reminded new clients that an occasional order would keep their name on his mailing list. "Your satisfaction is guaranteed or your money back," potential purchasers were advised. "Simply return any item for any reason, within three days of receipt, and a refund will be prompt. Fair enough?"

A fixed price offering appearing in the July 1961 issue of Kosoff's Coin Bulletin offered a variety of pieces for sale. Prices were rising, as these samples indicate: 1864 Large Motto two-cent piece, Proof $72.50, Uncirculated $10; 1872 Proof two-cent piece $125; 1851-0 three-cent silver piece, Uncirculated $52.50, Extremely Fine $37.50; 1852 silver three-cent piece, Uncirculated $13.50, Extremely Fine $10 and Fine $5.