Abe Kosoff: Dean of Numismatics

"Curiously, buy bids do not necessarily result in higher bids. In fact, frequently it acts just the other way. Since only one buy bid can be effective, every other buy bid on that lot is nullified, just as if it had never been sent. Now, by eliminating buy bids, these bidders were obliged to submit actual figures and, since those sending buy bids are usually high bidders, they send in high bids. This does better for the consignor and the en tire sale.

"Of course, you can't win them all, and we have had fine clients telephone to say that they wanted to buy certain lots. I told them that I would not accept a buy bid. They were more than annoyed. 'After all the business I have given you,' and so on. I tried to explain. During a later sale, one of the leading collectors in the United States called me and stated there were three pieces he simply must own and that I 'must' buy them. I stead fastly maintained that I couldn't. He hung up, called again, hung up again, and called a third time. When I finally got through to him that if I had accepted buy bids, he wouldn't have a chance to get any of the coins, because another buyer had called earlier with the same request. 'As it is,' I assured him, 'you know you are not bidding against unlimited orders, and if you bid high enough you will get the coin.' He came to the sale, he bought two of the coins, but he let the third one go because he felt that a couple of bidders, apparently buoyed up by at least one extra drink of scotch, were running him up. After the sale we discussed the matter. He admitted that he had beer peeved a little, but now that he saw it in operation he was sympathetic to my reasoning and agreed with me."

In later years the record prices at the Higgy Sale would seem like bargains, but in 1943 such prices as these seemed staggeringly high: 1866 Proof Shield nickel $14.50,1868 Proof nickel $7.50, 1877 Proof nickel $45, Uncirculated 1914 nickel $2.50, Uncirculated 1914-D nickel $10.50, Uncirculated 1915-S nickel $7, Uncirculated 1918-D nickel $15, Uncirculated 1919-S nickel $12.50, Uncirculated 1804 quarter dollar $200, Very Good 1823 quarter $300, Proof1892 quarter $7, Uncirculated 189c quarter $4, Very Fine 1796 half dollar, variety with15 stars, $210, and the 16-star variety, Fine, $170, Very Good to Fine 1794 silver dollar $175, Proof restrike 1802 dollar $250, Proof 1852 dollar $120, Proof 1858 dollar $105, and Proof 1895 silver dollar $15.

A Very Fine 1807 quarter eagle fetched $31, while an 1823 half eagle described as a Gem sole for $170 and a complete set of 1887 Proof gold coins realized the then-awesome sum of $600. An example of the popular 1879 Proof $4 Stella was bid up to $340.

The December sale catalogue, billed as Nos. 24-25, was offered in two sessions on December 16th and 17th and featured the Samuel Kaplan Collection of United States silver, copper, and nickel coins. Abe Kosoff continued his practice of numbering each session as a separate sale. The immediately previous Michael F. Higgy Collection was designated as Sale No. 22 and 23.

The traditional small-size format was reverted to, and unlike the Higgy presentation, there were no photographs in the December offering. Crossing the block were 1,571 lots of United States and world coins. For many listings, Standard Catalogue estimates were left behind, and instead the estimates were based upon what comparable pieces sold for in the Higgy Collection, if such were included. Otherwise the Standard Catalogue values were noted.

The market was rising sharply, and the December sale catalogue contained many references to the situation. For example, the 1867 Proof with rays Shield nickel was described as cataloguing "only $50; it is our guess that it will sell at $125 in the near future." Abe Kosoff's candidate for the most active American series was the category of Buffalo nickels, for he noted that they "seemed to be the most popular of all United States coins and are rapidly increasing in value and scarcity."

Abe Kosoff's 1944 auction year was kicked off with sale No. 26 held at the Numismatic Gallery, Saturday January 22nd. The catalogue was primarily devoted to United States coins, although there were a few scattered world issues. Perhaps the highlight of the catalogue was a notice toward the end:

"EXTRAORDINARY ANNOUNCEMENT.

Every 10 or 15 years an outstanding event takes place to create numismatic history. Such an event is in store for the numismatic fraternity, and we are proud to be honored by the opportunity to create it.