Q. David Bowers
Trade dollars in the Adolphe Menjou sale were highlighted by Lot 2040, a Proof 1884 at $765, and Lot 2041, a Proof 1885 at $1,350. Among silver dollars, Lot 2054, a 1794 in Very Fine grade, sold for $510; Lot 2078, a Brilliant Proof restrike of the 1803, sold for $280, and Lot 2137, a Proof 1895, sold for $85.
What happened at the Menjou Sale was subsequently described by Abe Kosoff in the Numismatic Gallery Monthly:
'With a crowded room of collectors and dealers, the big sale got under way at 8 p.m. on Tuesday, June 15th. Among those in attendance were Jim Kelly of Dayton, Ohio; Joe Stack of New York City; Sol Kaplan of Cincinnati; Bob Schermerhorn of Dallas; Louis Eliasberg of Baltimore; John Pittman of Rochester, New York; Earl Parker and Brant Eubanks of San Francisco and, of course, many others from the California area.
"The elite among the collecting fraternity were represented either by their bid sheets or by the dealers who had traveled thousands of miles to attend the greatest public auction sale of rare coins ever held-and it turned out to be a really great sale.
"It was not long before the rarities came up for sale- Lot 97-1802 half dime was sold cheaply at $425. Before long the famous 1894-S dime was up and down at $1,850. The 1895-O dime sold at $155, and the auctioneer announced that a bid of $270 had been received for this item.
"Now we arrive at the point destined to provide the most sensational bidding in many a year; the unique Uncirculated 1873 Carson City dime without arrows. Cataloguing at $350 in the standard list, this rarity was estimated at $1,000, although it was really expected to go to $2,000-and that bid was received.
"Opening at $1,100, bidding was brisk and soon $2,000 was passed. James Kelly topped it. The foremost collector of American coins, Mr. Louis Eliasberg, then entered the field. Mr. Eliasberg made the flight from Baltimore in order to obtain only two coins he needed to complete an entire election of United States coins of every date and every mint in every metal. This 1873 dime was one of them. Bidding soon reached $3,000 and was still continuing. Apparently the cataloguer knew something when he stated: among the rarest of III United States coins, not excluding the 1804 dollar or the 1913 nickel.'
"Apparently Mr. Eliasberg was determined to win but so was Mr. Kelly, and he did-at $3,650. In our opinion it took 'guts' for Mr. Eliasberg to drop out-it certainly wasn't for money but his conviction that the coin-at that moment-wasn't worth the price. Kelly on the other hand, feels that it is the greatest rarity among United States coins. We are inclined to agree."
Although the Menjou Collection dominated the scene during the first part of 1950, there was still time for other activities. Abner Kreisberg visited he Central States Numismatic Society in Springfield, Illinois, and then continued on to New York city. By this time the New York City Gallery had closed. "A stop in your city can be arranged," according to an advertisement. "If you have a numismatic problem-if you want to buy or if you "ant to sell, here's your opportunity to do business first-hand with The Home of America's finest Coin Sales."
During Abner's visit to the East he spent a week in his hometown, New York City, where he attended the Bronx Coin Club banquet, visited many clients, and spent time with family and social friends. On the way to and from New York City several conventions and private collectors were visited.
The May-June 1950 issue of the Numismatic Gallery Monthly offered at fixed prices pieces in various series. Encased postage stamps were present in force, including such scarce items as a .2-cent Ayer's Sarsaparilla at $12.50, an Ayer's Pills of the same denomination for $18.75 and a .2-cent Burnett's Cocoaine at $27.50 and a Burnett's Standard Cooking Extracts of the same value at the same price. J. Gault encased postage .tamps included the 24-cent value at $32, a 30-cent issue for $42, and the extremely rare 90-cent piece 'or $125, followed by a Kirkpatrick & Gault 90-center for the same price.
A Fair specimen of the Chain AMERICA 1793 large cent was offered as a space filler for $24 as was a similar condition 1793 wreath cent for $12. Several large cents were evaluated by the new (introduced the year before, in 1949) Sheldon grading scale, which Abe Kosoff noted: "Simplifies the evaluating process and differentiates between a Very Fine-20 and a Very Fine-30."
The August 1950 issue of the Numismatic Gallery Monthly was devoted to fixed price offerings in many series. Ancient Greek and silver coins came in for their share of attention as did United States issues from cents through dimes, not to overlook an offering of foreign crowns.
Some political items reared their heads, and apparently a controversy was behind a comment from a writer identified as only M.S., whose letter was reprinted:
"I say 'nuts' to (blank). You sent me a catalogue for the 1949 convention. His self-publicized trip to Germany has gone to his head. Keep up the good work." There was scrapping going on among ANA officials and members, with many criticizing the administration of the organization. Abe Kosoff threw in his two cents' worth:
"It behooves the membership of the ANA to give an ever greater vote of confidence to their officers, not only to express belief in them but to thank them for their untiring efforts in their thankless jobs. BRAVO-the dignified 'Message to the ANA Membership at Large' is indeed welcome. To those of us who knew the facts, it was not necessary, but many a sincere ANA member wanted a picture and up until this letter all he got was a distortion ... The Monthly has been rather silent on this political wrangling but many inquiries have come to this desk and we feel obliged to state our position."
Harold M. Budd, the successful buyer of a rarity in the Menjou Collection, wrote to say:
"I cannot express to you how very happy I am to receive the 1876-CC twenty-cent piece. It is a great joy to me as I have waited several years to obtain same. Many of my very fine friends will be happy to know that it has helped me to complete my Carson City Mint silver series. If you don't remember this, I would like to freshen your memory that at least 95% of the really rare coins in this series were bought through you-so you are on the job not only to help me, but many others. Thanks again for your many favors."
In August 1950, the files of the Numismatic Gallery contained 22,000 names of collectors, of which 3,000 were active and received the Numismatic Gallery Monthly.
Front page news in the September 1950 issue of the Numismatic Gallery Monthly was a notice concerning a new dealers' group:
"Leading dealers have organized as the Professional Numismatists Guild for the purpose of protecting themselves against the rising incidence of bad accounts. Weeding out of such accounts will also strengthen the credit ratings of deserving collectors.