Abe Kosoff: Dean of Numismatics

"Not since the publication of the excellent catalogue of the Dr. French collection of large cents has anyone made a similar offering to compare with it.

"Now the NUMISMATIC GALLERY announces that they have in preparation a priced catalogue offering for sale at fixed prices one of the world's finest collections of U.S. large cents, that formed by Mr. Oscar J. Pearl of New York City.

"Plans for this catalogue call for the finest of its kind ever published. It will be a permanent reference book for the series and will be sought by collectors for generations.
"In view of our conservative policies, such statements may seem out of place-but we are sincere in our resolution. We are proud of our accomplishments in the numismatic field-of our famous consignors; of our ANA convention sale, of our Michael F. Higgy sale. This catalogue will be head and shoulders above any of the others cost what it may.

"Our Higgy Collection catalogue cost over twice the sum charged for it. What this one will cost, we have only a vague idea. What it will be worth, we don't know. But if any purchaser disagrees that it is worth several times his cost, we will refund his money and he can keep the catalogue free.

"T0 be printed on fine stock, with complete descriptions and attributions, profusely illustrated with actual photographs of the coins to be sold at fixed prices, it is offered to you at $2. Subscriptions for a limited edition of bound volumes will be accepted at $5.

"Subscription to the Higgy catalogue was 50c; it now sells at $5. The Pearl catalogue is yours for $2. It will contain information which costs over $25 to obtain right now ... Probable/publication date April 15, 1944."

By this time, Abner Kreisberg had joined Abe Kosoff as a partner in the Numismatic Gallery. Earlier, Abner had achieved success in a number of ventures, including buying bullion-type gold coins in quantities, dealing in jewelry, and at one time he purchased a furniture manufacturing company in upstate New York. Abner's likeable character and easy-going personality made an instant hit with customers of the Numismatic Gallery. The Kosoff-Kreisberg team was a good one, and the pair went on to achieve great fame and success within the hobby. The combination was to last for a decade, until 1954.

Abe Kosoff related that it was during one of his lunches with Fred Boyd that he asked him if he had a bar made by Kohler, the California state assayer during the Gold Rush era. The request was made to acquire an example for King Farouk, Abe's best customer at the time. Boyd stated that he would not sell the Kohler bar individually but would sell his entire collection of territorial gold coins intact.

"What would that amount to?" Abe Kosoff queried.

"Oh," Boyd said, "about $50,000." To this, Abe quickly countered: 'When can I pick it up?" Boyd started to laugh and said "You're kidding!?" Kosoff said, "No, I'm not kidding, you just made a deal. I'll buy the collection for $50,000."

Boyd, still not sure of the young dealer's intentions, again asked if he was serious about it. Finally Boyd said, "Come down Thursday morning at 10 o'clock to the office and I'll have the coins there-you can take them with you."

After lunch, Abe Kosoff went to work to raise the $50,000-more money than he knew how to put together. He had no real idea where it might come from. Abner Kreisberg had been his partner for just a few months, and at the time a $50,000 deal was very substantial in the coin trade-probably fully equal to a multi-million dollar coin deal a few decades later. Kosoff and Kreisberg contemplated the situation, came up with a source, and by 4 o'clock or so on the afternoon before the collection was to be picked up they had arranged for a $50,000 loan for four months. The friend supplying the money certified his check so that it could be deposited in the Numismatic Gallery account and used immediately.

Abe Kosoff was at Fred Boyd's office Thursday morning at 10 o'clock on the dot. A Numismatic Gallery check for $50,000 was handed to the seller, who threw it into his top desk drawer and said, "Well, young man, go to work and make yourself some money."

Two months passed, and reviews of the monthly bank statement did not show that the $50,000 check tendered to Boyd had been presented for payment.

"After the second month, I called Fred and said, 'What did you do with the $50,000 check?' Abe Kosoff later recalled. Boyd said, 'What check?' And I said, The check I gave you for your territorial gold.' He hollered 'Sylvia' (she was his secretary), 'what did you do with that $50,000 check?' She said, 'I never saw a $50,000 check.' He said, 'Abe, are you sure you gave me that check?'

"I said, 'Sure I gave it to you, where are you now?' 'I'm at my desk.' I said, Well, pull the middle drawer out at the top.' He did and said, 'No, I don't see it,' and I said, 'Well, in two months it could have worked its way back.' so he pulled the whole drawer out, and sure enough, there it was-it had worked its way to the back of the drawer."

Abe Kosoff then recalled that he and Abner had "scrounged around like scavengers" to come up with $50,000 on time, never dreaming that the check would be forgotten for a period of two months!

On August 1944 the Numismatic Gallery ran a large advertisement offering quantities of American coins of previous decades, probably consisting of much of the F.C.C. Boyd inventory. For example, 1928-D Buffalo nickels were offered at 50c each or $18 for a group of 50; 1929-D dimes for $1.50 each or $60 for 50 pieces" 1931-D dimes at the same price; 1926-D quarters at $1.25 each Uncirculated or $30 for 50; 1927-D quarter $2.50 each or $100 for 50; your pick of 1936-S, 1937-D, 1937-S, or 1929-S quarters, Uncirculated for 75c each or 25 for $15; 1934-D half dollars at $2.50 each or $80 for 50; 1879-S Morgan dollars at $2 each or $65 for 50; and 1926-S Peace dollars at $2 each or $65 for 50, among many others.