Abe Kosoff: Dean of Numismatics

The 1841 quarter eagle sold for $6,000 in "The World's Greatest Collection-of United States Gold Coins" in 1946 resurfaced in "A Memorable Collection of United States and Territorial Gold Coins" sold by the Numismatic Gallery in March 1948. At the time the coin market was in a slump, and the rarity sold for only $4,200.

The offering of territorial and privately minted gold coins was outstanding and included a number of prime rarities as well as examples of less rare pieces in higher grade. An 1830 Templeton Reid HO piece minted in Georgia, described as About Fine, fetched $1,000; an 1860 Pikes Peak $20 minted by Clark, Gruber & Co., a piece with a prooflike surface from the Numismatic Gallery ANA convention sale in 1947 at $2,700, brought $1,900.
An 1851 Baldwin $10, Uncirculated and with a pedigree from the Col. Green Collection, fetched $900, while a $10 Dubosq piece in Very Fine preservation fetched $1,950, and an 1851 Dunbar $5, Fine, brought $725.

Lot 967 was an 1855 Kellogg & Co. $50, which was described as:

"A magnificent coin with Proof lustre, this is the first specimen we have ever offered at auction. It came from the Kellogg family to us through a New York collector and was sold into this collection in 1945. There are only 13 specimens known ... The piece fetched $3,850.

An 1849 Miner's Bank $10, described as Superb Uncirculated, fetched $700, while an 1855 Wass, Molitor & Co., $50, Very Fine, brought $750. The sale closed with an 1849 Oregon $5, Extremely Fine, at $275, followed by the last lot, a 1915 set of Panama-Pacific commemorative coins, including two $50 pieces, Uncirculated, in copper frame, for $1,260.

The main consignor to the sale, which was billed 1S "A Memorable Collection of United States and Territorial Gold Coins," was J.F. Shapiro, who used the name J.F. Bell, the Chicago collector who had purchased the 1841 quarter eagle and other
items in the World's Greatest Collection of United States Gold Coins in 1946. In later years his son, David, was a founder of Rarcoa in Chicago and served as an officer of the Professional Numismatists Guild.

In the 1940s and 1950s, "Jake" Bell, as he was called, was an active figure in the coin scene. He liked nothing more than trading. He would often buy individual pieces, groups of coins, or an entire collection, and then sell what he had acquired. In 1948 he hoped for great things with the premiere California sale of the Numismatic Gallery. As it turned out, he could not have picked a worse time in the coin market sale. The postwar economy had stumbled, investors were uncertain about the future of American industry, and there was talk of another Depression. In the coin market, buyers were few and far between. Abner Kreisberg later recalled that the task fell to him to entertain Jake Bell when hecame to California to attend his own sale. He was wined and dined-anything to take his mind off the coin market! Prices were much lower than expected, but the fault could not be laid at the doorstep of Abe and Abner. Other dealers were having similar problems. Despite the fact that coin after coin sold for substantially less than estimated values, later advertisements, catalogues, and news releases proclaimed the sale a "success."

On May 20 and 21, 1948, the Louis G. Walrath Collection, with additional consignments, crossed the auction block at the Beverly-Wilshire Hotel in Beverly Hills. The catalogue introduction noted:

"We're mighty pleased to be able to offer this splendid collection of United States coins formed by Mr. Louis C. Walrath of Los Angeles, California. It's a nice collection of popular material and should receive enthusiastic response.

"Your support of our first California sale assures us that you welcome the high standards with which the Numismatic Gallery is associated-and we note with pleasure that our friends in the East remain active. Yes, many of them were interested enough to come to Beverly Hills to attend the sale. Buyers from Detroit, Chicago, Des Moines, Omaha, Phoenix, Cincinnati, Mt. Vernon, New York City, Rochester (New York), and yes-from Brooklyn, New York, were here in person. Needless to say the West Coast was well represented from San Diego to Alaska. Speaking of the East collectors will be happy to read about our next sale (see back cover). In the meantime we'll see you at Cedar Rapids for the Iowa Numismatic Association meeting May 29th and 30th. -A . Kosoff, Abner Kreisberg."

The Walrath Collection catalogue, of small size and without illustrations, contained a wide variety of United States coins, with some ancient and world pieces as well. Among the special notices in the catalogue appeared the following:

"Cleaning Coins. Some collectors like them bright, others prefer dark tones. We leave the coins as they are. Collectors can remove tarnish by preparing a simple mixture of bicarbonate, clear ammonia, and water into a paste. You will not hurt your coins and will remove any tarnish. Caution-perfect for silver, nickel, and gold, but do not use on copper."