The History of United States Coinage As Illustrated by the Garrett Collection

Members of the American Numismatic Association were startled to read in The Numismatist in July 1909 that two coins had changed hands for $10,000 each. Edgar H. Adams wrote the article which noted:

The two unique United States $50 gold coins, each of different designs; which have long been regarded as the rarest coins in the world by American coin collectors, were purchased a short time ago by William H. Woodin, of New York City, for $10,000 each, which figure by far exceeds all recorded high premiums paid for any coin ever sold. The coins were bought of John W. Haseltine and Stephen K. Nagy, the Philadelphia coin dealers, establishing a new world's record. The previous record was held by a specimen of the New York Brasher doubloon in gold struck in New York in 1787, for which $6,200 was paid at the Stickney Collection sale in Philadelphia a few years ago.

The newly discovered gold pieces are included in the United States series of pattern coins and represent the most interesting pieces in the American series, the denomination being equivalent to five eagles, or the "half union" recommended in 1854 by Secretary of the Treasury, Guthrie. They illustrate the single case where United States coins of this value were struck in gold. They never emerged from the experimental stage, although declared by experts to be the handsomest and the most striking coins ever issued at the United States Mint.

These two gold pieces have not been seen since the year of their mintage, 1877, and were supposed by all collectors to have been melted up.

Much excitement ensued, and it was claimed that the gold pieces were properly the right of the American people. They were subsequently returned to Haseltine and Nagy, who exchanged them for a large quantity of United States pattern coins of earlier years, which were then given to Woodin as compensation. Included were many unlisted pieces of various years, quantities of 1896 pattern coins, and others. Using the Woodin holdings as a basis, Edgar H. Adams in 1913 produced United States Pattern, Trial, and Experimental Pieces. For the first time United States pattern coins were illustrated and described in detail in one volume.

Interest in the American Numismatic Association grew, and many collectors affiliated themselves with the group. In 1910 William Forrester Dunham, a Chicago collector, offered prizes to the four people who proposed the largest number of ANA members by January 1911. First prize consisted of a 1908 Proof double eagle, second prize the Proof eagle of the same year, third the half eagle, and the fourth the quarter eagle.

In 1912 Wayte Raymond and Elmer Sears formed the United States Coin Co. with the previously unheard of high capitalization of $100,000. Ft. Worth, Texas dealer B. Max Mehl announced the removal of his offices to New York City. New York proved to be less than he desired, so he promptly returned to the Lone Star State.

Interest in mintmark varieties of United States coins continued to expand. In June, 1912, Howard R. Newcomb wrote an article in The Numismatist, "Unappreciated Silver Mint Rarities-Dimes." It noted, in part:

Everyone knows the 1894 San Francisco dime is the rarest in the dime series and is one of the greatest rarities of all United States coins. There are many others which are worth careful consideration in any state of preservation, but that which stands out next in point of rarity is the Carson City dime of 1874. 1871-CC, 1872-CC, 1873-CC with arrows, follow next, and of these three only the 1871 have I heard of existing in Uncirculated condition. They are all of excessive rarity. I think I am safe in saying that a more recent coin now follows, 1885-S dime. 1860-O, 1870-S, 1858-S, 1859-S, 1856-S are next in the order named; and those possessing these, specially in Uncirculated condition, have some very nice prizes. All of the abovementioned pieces, together with a few others not noted, are vastly more rare than the so-called "very rare" 1860-S dime with stars ....

Articles such as this helped precipitate a shift of interest toward mintmarks and also toward high condition. In the 19th century condition was important, but in the absence of grading standards, high premiums would not necessarily be paid for an Uncirculated piece, unless it was of a very early issue.

Edgar H. Adams continued his prolific writing. He became editor of The Numismatist in January 1912, and he brought a sense of editorial flavor, timeliness, and human interest which had not existed previously. Adams' enthusiasm was infectious, and numismatists of the day delved into varieties and intricacies in such varied series as Hard Times tokens, Civil War pieces, broken bank notes, patterns, territorials, and colonials.

In July 1912 it was reported that:

The great sale of the collection of George H. Earle of Philadelphia brought the greatest total ever realized by any sale of coins ever held in the country. Many price records were broken, and there was a large attendance ...

A 1776 Continental dollar in silver brought $2,200, while an impression in brass of the same coin brought $54. A 1792 silver center cent fetched $330, an 1877 pattern $50 in copper brought $140, an 1863 gold Proof set fetched $340, an 1819 half eagle realized $530, and other new highs were established. Interest was sharp in the territorial gold series, and a Kellogg & Co. 1855 $50 brought $1,100, while a $50 of the same date issued by Wass, Molitor & Co. brought $875. The total realized was $55,821.63. Henry Chapman, who conducted the sale, announced that he purchased $15,681 worth of items for his own stock and about $10,000 worth of coins for customers who left bids with him.