Abe Kosoff: Dean of Numismatics
Q. David Bowers
The market continued to rise, and increasingly the catalogues Abe Kosoff and other dealers had "wanted to buy" notices. The slow market of the late 1940s was but a memory, a new generation of collectors was coming on line, old-timers were selling their holdings, and the coin market was headed in new directions, although back in 1955 no one realized it.
"Money Talks" in the August 1955 issue contained many tidbits. Samples:
"Gaston and Vicki DiBello visited California en route home from Honolulu. Impressed to the point of considering a move from Buffalo ...
"Norman Bryant addresses the American Numismatic Society on the subject of Connecticut coppers ...
"The Middle Atlantic Numismatic Association News is an ambitious undertaking edited by Walter Breen ...
"New York City youngsters advise Ben Stack (who grew up there) that a certain foreign copper available for two cents would fit the 50c slot machine at Las Vegas ...
"Sol and Vivian Kaplan visit Encino and environs for a week, winding up with cocktails in their suite ...
"Seaby's Circular points out fine distinction regarding the use of 'Proof.' In the United States, Proof must be in choice condition. In England, a coin is a Proof if it was struck as a Proof. If it is worn it may be described as Proof, Very Fine ...
"1916-D Mercury dime orders from a recent offering could have sent me into retirement except for one thing-not enough coins. Regret so many had to be disappointed ...
"Professional Numismatists Guild plans a pre-convention bourse in the Hunt Room at the Hotel Fontenelle, Omaha, August 23rd. Dealers only and by invitation. Experimental in nature, the idea may develop into something."
On November 8, 1955 Abe Kosoff conducted a sale which featured coins from the T. James Clarke, Clint W. Hester, Charles M. Williams, and other collections. The catalogue offered 4,108 numbered lots plus additions, most pieces being of relatively nominal value.
In January 1956 Abe Kosoff's annual market prediction was printed in the Numismatic Scrapbook Magazine:
"The coin market must continue to be strong.
The demand for good coins continues to deplete the market. Dealers recognize the shortage and are paying higher prices than ever before.
"The continued trend of prices to ever higher levels has caused collectors to turn to new series.
Commemoratives have leveled off, but the basic historic value of this series will send it off on another price binge. Barber series continue to attract new and old collectors, and mintmarks in choice condition are often bringing runaway prices. Proofs continue their upward climb.
"Paper money is finally coming into its own.
The Clarke Collection brought record prices, and the forthcoming offering of the Wade Collection will stimulate interest still further. A new book on pattern coins by Dr. J. Hewitt Judd will renew interests in this series as well. 1955 was a banner year. 1956 will be even better."
Occupied by the press of business, by cataloguing coins from the Clarke, Melish, and other holdings, the editor produced Kosoff's Coin Bulletin at widely spaced intervals. Issue No.8 appeared in January 1956, with the following issue datelined July. The hobby was growing by leaps and bounds, and it was a seller's market. More and more "buy" ads appeared in dealers' catalogues and advertisements. Those who consigned their collections to auction sales were gratified with the prices realized which were in many instances, multiples of what similar coins would have sold for just a few years earlier.
April 1956 was a particularly busy month for Abe Kosoff. Two important auction sales were conducted. Large cents from the T. James Clarke Collection were sold in an auction held at the Statler Hotel, New York City, on April 21st. For the preceding two days, other coins from the T. James Clarke Collection were auctioned in the same hotel by the New Netherlands Coin Company. Cooperative advertisements of the two firms appeared in various numismatic publications. When all was said and done, the 493 lots in Abe Kosoff's offering of Clarke's large cents, coins representing a face value of slightly more than $4.60, sold for over $45,000. Action was strong, buyer enthusiasm was intense, and many records were set.
Billed as the Thomas G. Melish Collection was an offering of coins from several sources which crossed the auction block at the Central States convention held at the Claypool Hotel, Indianapolis, on April 26th and 27th, 1956. Of particular importance were the gold coins, of which a number of rare examples were offered. Lot 992, a Proof 1883 double eagle, fetched $1,450 while Lot 997, a Proof 1884 of the same denomination brought $1,900 and Lot 1004, a Proof 1886 realized $775. An example of the popular MCMVII (1907) Saint-Gaudens High Relief double eagle, Uncirculated, Lot 1046, realized $175, while Lot 1077, an Uncirculated 1921 of the same denomination sold for $550.
