Abe Kosoff: Dean of Numismatics

"Twenty years have seen a lot of coins go through our hands and a lot of fine auctions at Tom Elder's and the Morgenthau Galleries.

"It was Wayte Raymond and Jim Macallister who prompted us to go into auctions, and the first one showed a profit of $56. But it started our policy of fair appraisal and conservative attributions.

"Julius Guttag had us sell his wonderful library and he was so pleased with the results that his famed collection of Latin American coins was turned over to us for sale.

"The 1941 convention in Philadelphia had a splendid auction run by crackerjack Ira Reed. Only 1 1/2 hours away, New York and the Gallery attracted 150 to a two-day post convention auction chockful of rarities.

"The American Numismatic Society honored us with a consignment of duplicate books and later repeated with another fine consignment."

In what amounted to a nostalgic reminiscence concerning his auction career, Abe Kosoff continued:

"The McIlvaine Collection of silver dollars and the continuation of U.S. pattern offerings were highlights of early 1942 auctions soon to be followed by our first ANA convention sale.

"Cincinnati was the site and Sol Kaplan in charge with Tom Melish as angel and what a grand time we had! One of the finest of all ANA meetings.

"Ohio State Convention earlier in the year invited us to Columbus to hold a sale and members responded magnificently.

"Famous collections represented in our auction included material from Col. Green, W.H. Woodin and well-known numismatists still desiring anonymity.

"Michael F. Higgy collection late in '43 was the beginning of an era in which prices soared. Coins estimated at $3 sold for $9 and $10. Buy bids were so numerous that many who submitted them ha to yield to a previous buy bidder-this focused on the spotlight on the inadvisability of accepting buy bids. We have refused to do so since.

"Samuel Kaplan, Charles Epstein, P .E. Wickes and many others favored us with their consignments.

"Then came the World's Greatest Collection of U.S. Silver and Gold Coins-with Adolph Fried man, W.W. Neil, J.F. Bell, Louis Eliasberg, P.W. Smith and so many others buying these rarities at record-breaking prices: $6,000 for 1841 $2.50 $5,250 for 1854-S $5.00 etc.

"Davenport in 1946 and Loyd Gettys at the hell and Buffalo in 1947 guided by Dr. Wild-and the Gallery conducting the auctions at both meetings-and Buffalo matching Cincinnati's show.

"1948 and the Gallery moves from New York to California opening with the Memorable Sale of gold coins, just short of $100,000 (not just figures-real money) and soon the Louis C Walrath Collection.

"The Numismatic Gallery Monthly and Money Talks' make a big hit with numismatists and continue to roll every month-free to our customers.

"Now-1949-it's San. Francisco with Hecht and Fogler running the Centennial Show and the Gallery conducting the auction-(must be reason, somebody says). Had we accepted the flattering invitations from Boston in 1948 this would have been five in a row.
"1950-we'll be off to Milwaukee and while some colleague works his head off at the auction we'll be there to see (and taste). What beer mad that city famous?

"Thanks to all who made our road easier and remember-you may have thought we were older-we're young and vigorous-we're 'The Home of America's Finest Coin Sales.' We can serve you as you wish to be served. A (at you service) K."

The 1949 ANA convention was a grand even and, as they say, "a good time was had by all.

The August 1949 issue of the Numismatic Gallery Monthly, just four pages in length devoted a few paragraphs to grading and dealers noting that because an advertiser says he is an expert or because he advertises in The Numismatist or similar magazines he may not be so. Further lilt is our conviction that an overgraded coin is, waste of time, effort, and money. Attributing, coin a grade or two above what it really is doesn't make it so. The net result of such a practice is to lave coins returned and ill-will aroused. Of course, many new collectors take the word of the expert' from whom they buy and don't learn the truth for a longtime. Unfortunately, current overgrading is the collectors' nightmare.

"Our advice to you who are new at this fascinating hobby is to deal with an established reliable concern, one which devotes all its time to trying to serve the collector. Inquire from friends who have had experience with various dealers. DON'T LOOK FOR BARGAINS!"

In recognition of National Coin Week, the 'Numismatic Gallery sent award ribbons to Arthur L. Heaton, Courtney L. Coffing, Depew Head, and James Barlow for the excellence of their exhibits.