Q. David Bowers
Of all sales that Abe ever conducted, none had a more indelible imprint on his mind than did the Higgy event. In Abe's own words, as later printed in his Coin World column:
It is hard to paint the picture exactly as it existed early in 1942. Coins were difficult to obtain. All of the ads were 'WANTED' ads, and very little was being offered for sale. Dealers and collectors had their tongues hanging out. A choice coin could start some excitement. So, an offering like the Higgy Collection was really an event."
The first thing Abe Kosoff did was to review the coins with Adolph Friedman, who was instrumental in the transaction. Everything looked beautiful: "Try as we might-the microscopic critical eye of the buyer suddenly rests in the head of an exuberant optimist. The glasses take on a rosy hue. The coins take on a new lustre. The more you talk about them, the more you look at them, the better and more valuable they seem to be.
"I already knew that Adolph Friedman would be an enthusiastic bidder for many of the coins. 30, on Monday morning I had a stiff backbone. The catalogue was taking form in my mind. The advertising was shaping up. I couldn't wait to begin writing up the collection. This was going to be a great sale, and I made ambitious plans for deluxe catalogue.
"Friedman had assured me that he could wait for repayment of his loan. In fact, he indicated that it could turn out to be a deposit against purchases re would probably make! Macallister, a former competitor in the deal, knew I had bought the Higgy Collection. One of his New York stock broker clients wanted it, and he indicated he would give me a nice profit for a quick turnover. No, I really wanted to run this as an auction-although: did consider that a cash deal would permit me to repay Friedman promptly. Mac reminded me that he had done me a few good turns, which he rad. 'Okay, Mac, I'll set a price-take it or leave t, no hard feelings.' I set a price. Mac was surprised, but he countered with an offer. It was tempting, but my 'take it or leave it' stood. I turned him down.
"I felt that my price was quite reasonable compared to what I was now convinced would result from an auction. The results exceeded my highest expectations.
'The sale of the Michael F. Higgy Collection in September 1943 was the beginning of the coin boom. Dealers who found it impossible to buy at the auction left the room to scout around New York City to buy whatever they could before the news hit the street. The 1945 supplement to the 1942 Standard Catalogue of United States Coins had just been printed, the ink was not dry, and it was due for release soon. Already it was obsolete! Those who attended the auction remarked that it was worth $100 just to have a seat in the room. They wouldn't have believed it if they hadn't seen it with their own eyes.
"Let me tell you about the Higgy sale. First, I prepared a deluxe catalogue. It was a handsome job, 9 x 12 inches in size, with a jet black cove!" and silver imprint. Attractive plates served to illustrate many of the highlights of the collection. Because the cost of the catalogue was going to be far higher than any other recently produced, a very limited printing was planned, 1,500 copies. In order to obtain a copy, you had to order the list of prices realized at $1. You would then receive the catalogue and, subsequently, the list of prices realized.
"More than 1,250 orders were received and, with the complimentary copies which we were obliged to send out, we had just about enough catalogues available. The bid sheets received numbered more than 850! While this was not a startling number in terms of activity in later years, back in 1943 it was outstanding.
"During the preparation of the catalogues I wanted to give estimates on the various lots. It was not easy because there were few coins being offered or sold during that era which I could use for price comparisons. I was aware that Wayte Raymond, who published the Standard Catalogue of United States Coins, was not going to print a 1943 edition. Instead, a small supplement was being prepared which collectors could acquire for 25c. In fact, in those days I assisted Wayte Raymond in a small way in the preparation of the Standard Catalogue. We tried to lunch together once a week, and Wayte would discuss a series of coins, or a specific issue, or the catalogue in general. When proofs of the catalogue were available, he would show them to me for my comments. I now asked him for a set of the proofs or the typed copy of the text, I don't remember which, for the 1943 supplement. These values are the ones I used as estimates in the Higgy catalogue.
"If the 1942 price of $2.50 in the 1943 supplement was going to be $3 or $3.50 or whatever, then this 1943 high figure was used as the estimate.
"What a joke! Simple coins estimated at $2.50 went for $9, $10, and higher.
"Being the owner of the collection, I could make remarks during the auction (since I was also the auctioneer) which I would have had to have sup-pressed had the collection been someone else's. I remember at one point Howard MacIntosh, owner of the Tatham Stamp & Coin Co., of Springfield, Massachusetts, Horace P. Grant, owner of Grant's Hobby Shop in Providence, Rhode Island, and my friend Adolph Friedman were competing for some gems. One after another, the lots were called, and after all other hands dropped, these three remained in the bidding. Then either Grant or MacIntosh would stop, and Friedman would stay. After all, Grant and MacIntosh were dealers and they represented collectors. Friedman was spending his own money!
"The trouble was that both Grant and MacIntosh had 'buy' orders from clients. That meant that they had no ceiling; they had unlimited bids. Well, of course, a 'buy' bid or unlimited bid is ridiculous-there really is no such thing, there must be a limit somewhere. So, Grant and MacIntosh used their judgment to decide when to call a halt at this point or that.
"Probably some of their clients were disappointed, some may have even been critical, a few may have severed their relationship, but these dealers acted in good faith and, in my opinion, ably represecond, and there was no time for consultation.
"Now, you might think that Friedman sitting there in that position was in the driver's seat. Not quite. Remember that we had received more than 850 bid sheets. In those days we also accepted buy or unlimited bids-but that was the very last time!
I recall that there were buy bids on almost all silver and copper United States coins through the half dollar series, on most of the silver dollars and trade dollars, and on at least half of the United States gold coins.
"When collectors and dealers came from distant points to try to buy one or two or a few of the Higgy coins, I thought to myself, 'how unfair to have these nice people make all these plans, take all this time to come to New York City to attend the sale to try to buy a few coins, and they haven't got a chance. They cannot buy the coins because buy bids are already on the books.' Of course, just as MacIntosh or Grant decided to drop out of the bidding despite instructions to 'buy' so did I have to use my judgment to do the same on man; occasions.
"However, one of the buy bidders was Egypt': King Farouk and, in this instance, no independent judgment could be exercised. When he said 'buy he meant 'buy'! When, after the Higgy sale, changed this policy and refused to accept buy bid I had to evolve some system of handling Kiru Farouk's bids. He did not send a bid sheet with bids on individual lots; he simply sent a cable with the lot numbers that he wanted.