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1913 Liberty Head nickel

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The 1913 Liberty Head nickel is an American five-cent piece which was produced in extremely limited quantities without the authority of the United States Mint, making it one of the best-known and most coveted rarities in American numismatics. In 1972, one specimen of the five cent coin became the first coin to command a price of US$100,000;[1] in 1996, another specimen became the first to break the million-US$ barrier. It is also rumored that if one were to be found in perfect condition, it could be worth over 20 million dollars.[2] In 2003 one coin was sold for almost US$3 million. In 2010, the Olsen piece sold for US$ 3.7 million at a public auction. Only five examples are known to exist: two in museums and three in private collections.

Origin

The Indian Head (Buffalo) nickel was introduced in February 1913, replacing the Liberty Head design.[3] These were the first official strikings of nickels in 1913; the United States Mint's official records do not record any Liberty Head nickels produced that year. Liberty Head nickels dated 1913 first came to the attention of the numismatic community in 1920. All five were in the possession of Samuel Brown, a numismatist who attended the American Numismatic Association's annual convention and displayed the coins there. Brown had previously placed an advertisement in The Numismatist in December 1919 seeking information on these coins and offering to pay US$500 for each.[4] Ostensibly, the coins had been purchased as a result of this offer. However, Samuel Brown had been a Mint employee in 1913, and many numismatic historians have concluded that he was therefore responsible for striking the coins himself and then removing them from the Mint.[1] If true, this was not a unique occurrence; such clandestine strikes were actually quite common in the 19th century, with the Class II and III 1804 silver dollars being perhaps the best-known instance. Other numismatic authorities, such as Q. David Bowers, have questioned this scenario, and pointed out that there are several methods by which the coins could have been legitimately produced. Bowers suggests, for instance, that they may have been lawfully issued by the Mint's Medal Department "for cabinet purposes", or that they could be trial pieces struck in late 1912 to test the following year's new coinage dies.[5] However, Bowers did not entirely discount the private minting theory.[6]

Pedigree

In January 1924, Samuel Brown sold all five 1913 Liberty Head nickels. The intact lot passed through the hands of several other coin dealers before finally being purchased by Colonel E.H.R. Green (son of the infamous miser Hetty Green). Green kept them in his collection until his death in 1936. His estate was then auctioned off, and all five of the 1913 Liberty Head nickels were purchased by two dealers, Eric P. Newman and B. G. Johnson.[7] The dealers broke up the set for the first time.

Eliasberg specimen

The Eliasberg specimen is the finest known 1913 Liberty Head nickel.

Of the five 1913 Liberty Head nickels, two have proof surfaces, and the other three were produced with standard striking techniques. The finest of the coins has been graded Proof-66 by various professional grading services, including PCGS and NGC.

This coin was purchased from Newman and Johnson by the Numismatic Gallery, a coin dealership that then sold it to famed collector Louis Eliasberg. It remained in Eliasberg's comprehensive collection until after his death. In May 1996, it was sold at an auction conducted by Bowers and Merena, where it was purchased by rarities dealer Jay Parrino for US$1,485,000 – the most ever fetched by any single coin up until that point. When it was auctioned again in March 2001, the price climbed to US$1,840,000.[3] In May 2005, Legend Numismatics purchased the Eliasberg specimen for US$4,150,000.[8] In 2007, the Eliasberg Specimen was sold to an unnamed collector in California for US$5 million.[9]

Olsen specimen

While the Eliasberg specimen is the best preserved of the five coins, the Olsen specimen is almost certainly the most famous. It has been graded Proof-64 by both PCGS and NGC. The Olsen specimen was featured on an episode of Hawaii Five-O ("The $100,000 Nickel", aired on December 11, 1973).[10] It was also briefly owned by Egyptian King Farouk.[7]

When Newman and Johnson broke up the set of five coins, the Olsen specimen was sold first to James Kelly and then to Fred Olsen. The latter collector sold the coin to Farouk, but his name has remained attached to it in numismatic circles ever since. In 1972, it was sold to World Wide Coin Investments for US$100,000, thus inspiring its title appearance in Hawaii Five-O the following year. The coin's price doubled, to US$200,000, when it was resold to Superior Galleries in 1978. It has been resold on several occasions since then, fetching US$3,000,000 in a private treaty sale from California collector Dwight Manley to Bruce Morelan and Legend Numismatics in June 2004. Legend sold the coin to Blanchard and Co in 2005 who placed it with a collector, and more recently US$3,737,500 when offered by Heritage Auctions in January 2010.[11][12] The latest owner's name has not been disclosed.

Norweb specimen

The Norweb specimen is one of two 1913 Liberty Head nickels that reside in museums. It is an exhibit at the Smithsonian Institution.

Newman and Johnson sold the Norweb specimen to F.C.C. Boyd, who then resold it to the Numismatic Gallery (which handled several of the coins over the years). In 1949, it was purchased by King Farouk to replace the Olsen specimen, which he had sold. It remained in Farouk's collection until he was deposed by Gamal Abdel Nasser in 1952. Two years after that, Farouk's possessions were all auctioned off by the new regime.[5] The specimen was once again handled by Numismatic Gallery, and sold this time to Ambassador Henry Norweb and his wife. In 1977, the Norwebs donated the specimen to the Smithsonian, where it remains.[13]

Walton specimen

The Walton specimen is the most elusive of the five 1913 Liberty Head nickels; for over 40 years, its whereabouts were unknown and it was believed to have been lost. George O. Walton, for whom the specimen is named, purchased it from Newman and Johnson in 1945 for approximately US$3,750, equal to $63,466 today.[14] On March 9, 1962, Walton died in a car crash en route to a coin show. He had promised the show's promoters that he would exhibit the 1913 Liberty Head nickel there, so it was assumed to have been among the coins in his possession when he died. A quarter-million dollars worth of coins were recovered from the crash site, and among them was the 1913 Liberty nickel in a custom-made holder. However, when his heirs later submitted Walton's coins for a 1963 public auction, the nickel was returned because the auction house mistakenly thought it was not genuine. The coin remained in the possession of Walton's heirs, kept in a strongbox on the floor of a closet in his sister's home for over 40 years.[15] In July 2003, the American Numismatic Association arranged to exhibit the four specimens whose whereabouts were known. As a publicity stunt, public relations consultant and former ANA Governor, Donn Pearlman, launched a nationwide hunt for the missing fifth specimen. He arranged with Bowers and Merena auction house (at the time a division of Collectors Universe, Inc.) to offer a minimum US$1 million to purchase the coin or as a guarantee for consigning it to one of their public auctions. In addition, a US$10,000 reward was offered just for letting representatives of Bowers and Merena be the first to see the genuine, missing fifth specimen. After learning about the reward, the Walton heirs brought their coin to the ANA convention in Baltimore where expert authenticators from Professional Coin Grading Service examined it at length, compared it to the other four known specimens and determined that, in fact, the Walton specimen was genuine.[16] The coin is still owned by the Walton heirs and is on loan to the American Numismatic Association's Edward C. Rochette Money Museum in Colorado Springs, Colorado.

McDermott specimen

Held by the American Numismatic Association's Money Museum, the McDermott Specimen has the distinction of being the only 1913 Liberty Head nickel to bear marks of circulation. From Johnson and Newman, it was sold to James Kelly, then to J.V. McDermott; it was this latter owner whose name became most prominently attached to the coin's pedigree. McDermott often carried the coin around with him, showing it off to bar patrons and boasting of its extraordinary rarity and value. Due to this activity, the coin lost some of its original mint luster, becoming circulated in condition. Eventually, McDermott protected the coin with a holder to prevent further wear.[5] After McDermott died, the coin was then sold at auction to Aubrey Bebee in 1967 for US$46,000. Bebee and his wife donated the coin to the ANA in 1989, where it is exhibited in the Money Museum.[17]

Books

  • Paul Montgomery, Mark Borckardt, and Ray Knight. Million Dollar Nickels: Mysteries of the 1913 Liberty Head Nickels Revealed. Irvine, CA: Zyrus Press, 2005
  • Michael Wescott with Kendall Keck. The United States Nickel Five-Cent Piece: History and Date-by-Date Analysis. Wolfeboro, NH: Bowers and Merena, 1991

References

  1. ^ a b Garrett, J. and Guth, R. (2003). 100 Greatest U.S. Coins. Atlanta, GA: H.E. Harris & Co. pp. 10–11. ISBN 978-0-7948-1665-0.{{cite book}}: CS1 maint: multiple names: authors list (link)
  2. ^ "The 1913 Liberty Head Nickel: A Minor Coin of Major Significance". Jefferson Coin and Bullion Featured Articles. Archived from the original on 2007-05-05. {{cite web}}: External link in |work= (help)
  3. ^ a b "1913 Liberty Head Nickel NGC Graded PR66 (Finest Known) – Original Catalog Description". CoinResource.com. Superior Galleries, Inc. 2001. Archived from the original on 6 February, 2006. Retrieved 04 February 2006. {{cite web}}: Check date values in: |accessdate= and |archivedate= (help); External link in |work= (help); Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  4. ^ "1913 Liberty Nickel". ANA Money Museum. Retrieved 17 April 2007. {{cite web}}: External link in |work= (help)
  5. ^ a b c Bowers, Q. David (1996). "Pedigree of Five Known 1913 Liberty Nickels". Professional Coin Grading Service. Retrieved 06 February 2006. {{cite web}}: Check date values in: |accessdate= (help)
  6. ^ "The Story of the 1913 Liberty Head Nickel". Stacks.com. Retrieved 2012-01-27.
  7. ^ a b "1913 Liberty Head Five Cents". CoinFacts.com. Collectors Universe, Inc. 1999. Archived from the original on 22 February, 2006. Retrieved 04 February 2006. {{cite web}}: Check date values in: |accessdate= and |archivedate= (help); External link in |work= (help); Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  8. ^ "1913 Liberty Head nickel sells for $4M". USA Today. Associated Press. 2005-06-02. Retrieved 17 April 2007.
  9. ^ "Eliasberg 1913 Liberty Head Nickel Sold for Record $5 Million". US Rare Coin Investments. Retrieved 20 May 2011.
  10. ^ "Hawaii Five-O: The $100,000 Nickel". TV.com. CNET Networks, Inc. Retrieved 06 February 2006. {{cite web}}: Check date values in: |accessdate= (help)
  11. ^ Mark Borckardt. "Olsen 1913 Liberty Nickel Auction Description with Photos and Video". Heritage Auction Galleries. Retrieved 01 August 2010. {{cite web}}: Check date values in: |accessdate= (help)
  12. ^ Bowers, Q. David (2003-06-20). "The Incredible 1913 Liberty Head Nickel!". Scoop!. Gemstone Publishing, Inc. Retrieved 07 February 2006. {{cite web}}: Check date values in: |accessdate= (help); External link in |work= (help)
  13. ^ "George O. Walton, Collector (1907–1962)". ANA Money Museum. Retrieved 17 April 2007. {{cite web}}: External link in |work= (help)
  14. ^ Montgomery, Paul; Borckhardt, Mark and Knight Ray. Million Dollar Nickels. Irvine, California, Zyruss Press, Inc. 2005, Page 220. ISBN 0-974231-8-3.
  15. ^ Deisher, Beth (2003-07-30). "Found! – Missing 1913 Liberty Head 5¢ coin in closet for 40 years". Coin World. Amos Press, Inc. Retrieved 07 February 2006. {{cite web}}: Check date values in: |accessdate= (help)
  16. ^ Deisher, Beth (2003). "Liberty Head Legends: The famed 1913 Liberty Head Nickels and the whereabouts of the second specimen are making news – again" (PDF). The Numismatist. American Numismatic Association. Retrieved 12 February 2006. {{cite web}}: External link in |work= (help); Unknown parameter |month= ignored (help)

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