Abe Kosoff: Dean of Numismatics
Q. David Bowers
Chapter 11
The Later Years
Early in 1970, Abe Kosoff gave his prediction for the coming year:
"Predicting the market for 1970 is like trying to solve the Viet Nam war, the stock market dilemma, and the speculative problems which are champing at the bit, waiting for an opportunity to shear more sheep. There appears to be a loosening of tight money, and if this trend continues it may ease things all around, and coins will be in greater demand.
'There is no question that tight money in 1969 was a large factor in the coin business. Volume was not lower in most instances because of the spurt of gold prices in the spring. The past five years involved dependence on speculative items for volume. Bread-and-butter coins like Indian cents, Shield nickels, and so on have slumped. On-ly silver dollars remained in the steady demand. Now commemorative half dollars are coming back, regular issue half dollars are` being sought, and inquiries for early type coins are again being received.
"High-sounding forecasts for 1970 could only be wishful thinking. The coin market today represents an excellent opportunity to buy right. Those with available cash are in the driver's seat today."
Always furthering the cause of education, Abe Kosoff in January 1970 suggested that the ANA set up a program of numismatic study whereby graduates could be certified as being authorities In specific numismatic areas and disciplines.
The subject was discussed back and forth, but nothing happened with the suggestion.
About the same time, publicity was given to four numismatists who had served as Guide Book panelists ever since the first issue was released in 1946 (with a cover date of 1947). Abe Kosoff joined Aubrey Bebee, Abner Kreisberg, and Malcolm Chell-Prost in the honors.
The auction sale held in conjunction with the Numismatic Association of Southern California convention at the Statler-Hilton Hotel, Los Angeles, February 19-21, 1970 was a cooperative venture of A. Kosoff, Inc. and Numismatic Enterprises. Consisting of over 1,600 lots of United States coins, the catalogue offered pieces in most series and denominations. In keeping with tradition, the event commenced with a 1856 Flying Eagle cent, a piece which in this instance had been donated to the Faith Presbyterian Church in McHenry, Illinois, and which was to be sold for the benefit of that institution.
The market seemed to be coming out of its slump. Subsequently, Abe Kosoff reported that many buyers in the auction were dealers who were adding to their inventory. A 1795 $10 piece in AU grade fetched $1,750, and an 1801 in similar state brought $700. A 1793 half cent, Very Fine, realized $760, while a 1793 Chain AMERICA large cent, Very Good, brought $520, and a 1793 Wreath cent, Very Fine, went to a new owner at $775.
By March 1970, advertisements indicated that Abe Kosoff and his A. Kosoff, Inc. firm had relocated from Encino to Palm Springs, California, where business was done using the address of Post Office Box 4009. Whereas most of the recent advertisements with the Encino address had also carried the signature of Numismatic Enterprises, the Palm Springs notices bore Abe Kosoff's name alone.
The May 13, 1970 issue of The Forecaster, a popular newsletter, featured a report by Q. David Bowers titled "United States Pattern Coins." This article attracted wide notice, including the attention of Abe Kosoff, who in July wrote the following:
"Bowers is one of our more imaginative professionals who has made the pattern series one of his specialties. Both of us were in New York City recently and were attracted by the auction sales of the Gaston DiBello Collection sold by Stack's. Many of the rare patterns listed in the catalogue are old and valued friends.
"DiBello acquired many of his coins from me, buying heavily in the 1940s when I was located in New York City and he resided in Buffalo, New York.
