Q.David Bowers
John Work Garrett responded appropriately and sent his check for $5 which was received by Mehl on April 17. When a receipted invoice was sent Mehl added a postscript which gave a further offer:
You may NOW get a few more of the gold dollars at the following special prices. Five more will cost you $2.45 each, 10 more $2.40 each, 20 more $2.35 each, better order more NOW. (At my sale of March 10th, the R. G. Snow Collection, these McKinley gold dollars sold for $3.60 and $3.40 respectively, or $7 for the two).
John Work Garrett became a regular bidder at B. Max Mehl's auction sales. To a great extent the correspondence between Mehl and Garrett in the 1920s was concerned with participation in these events. There were also other important matters such as the opportunity offered in Mehl's letter of September 16, 1922: While I realize that you are awfully busy just now, I have two coins which I know you will appreciate my at least giving you an opportunity to consider. One is a specimen of the greatest rarity, John Parsons & Co., Colorado, half eagle, of which as you undoubtedly know only five specimens exist, including the one in the Mint Collection. This coin has an auction record of over $4,000.
The other coin is no less a rarity than the Mormon $10 gold piece.
If you haven't these pieces in your collection I shall be very pleased to have you advise me immediately so that I can arrange to submit them to you, as these may be had at very reasonable prices. In fact the two coins can be had practically for the value of only one.
I want to take this opportunity to thank you for your courtesy in receiving me. It was indeed a pleasure for me to meet you personally. And I hope for an opportunity of serving you often.
Mehl wrote again with the offer of more territorial gold on September 25, 1922: Read with a great deal of interest your kind note of the 22nd just received.
I doubt if you gave the Parsons $5 gold and the Mormon $10 gold pieces due consideration, as the price suggested in my former letter was far below their records. The value of these pieces as well as the other great rarities are of course based on their great rarity. Comparing them with equal rarities of other series, say stamps or other antiques, the prices for really rare coins are far below what they would command had they been rarities of other lines.
While of course it is quite impossible for me to sell anything at private sale that has been placed with me at auction, but I do know of a $16 ingot [Moffat & Co.] which I shall try to obtain for you. Just as soon as the catalog is ready I will see that a copy is sent you, or, if you prefer, I will be glad to send you advance sheets of it. Shall also be very glad to have you consider the Parsons $5 gold and the Mormon $10, as I feel confident that they would be a gratifying source of possession for you.
Mehl sent this additional note on September 26, 1922:
I overlooked to tell you in my letter of yesterday that the owner of the $16 ingot piece is also the owner of the Parsons half eagle. I am negotiating with him and feel confident that I will be able to offer you both coins at a price which you will readily recognize as being worthy of being called a "bargain."
Will know definitely within the next four or five days, at which time I shall immediately advise you. In the meantime, I thank you for your kind consideration.
On September 28, 1922, B. Max Mehl followed up on the situation: In response to my telegraphic communications, my client finally agreed to dispose of the Moffat ingot provided he could sell the Parsons coin with it. I called his attention to the fact that it mayor may not be possible to do, but he came back with the statement that since he is offering the two coins for considerably less than the average record for the Parsons piece alone, he thought the proposition a fair one.
It is not necessary for me to tell you anything about the value of these great rarities.
Of the three specimens of the Parsons coin that have been offered at auction in the past 15 or 20 years, the average record for it is over $2,800. One specimen having brought as much as $4,250.
The $16 ingot is a far more valuable coin than is generally known or recognized by collectors. I investigated the piece and feel quite confident in making the statement that of the half dozen or so specimens offered in the past 20 years, at least four or five of them were the identical coins being reoffered. I have been in this business some 20 years and believe I have handled more pioneer gold than any other numismatic dealer, and this is only the third specimen of the ingot that has passed through my hands.
I cannot help but feel that you will recognize the two coins as a most advantageous purchase and an addition to your collection that will prove a gratifying source of possession to you.
On September 28, 1922, an invoice was sent in the amount of $2,500 for the John Parsons & Co. $5 gold without a condition or grade being stated, and the Moffat & Co. $16 ingot, also without any statement of grade.
Payment was received by Mehl on October 12, 1922, at which time the following letter was sent:
Thank you very much for your kind note of the 9th enclosing your check for $2,500 in full settlement of your invoice of the 28th, receipted statement for which is herewith enclosed.
Regret that just now I have not any of the rarities that you mention, as you can readily understand that these rarities are seldom in stock, as usually when we obtain a specimen or two we have a number of buyers for them. However, the party of whom I secured the last two rarities I sold you has quite a collection, and I believe he is endeavoring to dispose of them piece by piece. I will communicate with him in an endeavor to secure some of the pieces you asked for. I believe I can arrange to have them submitted to you without the slightest obligation on your part.
You will hear from me within the next few days.