Rare
coins worth millions displayed in New Orleans by Stacey Plaisance,
Associated Press | Associated Press – Fri, May 10, 2013 Rare coins and paper money valued at $100
million on display in New Orleans
NEW ORLEANS (AP) -- Coin enthusiasts are getting a glimpse
of more than $100 million worth of rare money, including
some of the crown jewels of money collecting at the National
Money Show in New Orleans.
Among the attractions are two exceedingly rare 1913 Liberty
Head nickels valued at more than $5 million. One was hidden
in a Virginia closet for four decades before selling at
auction last month for $3.17 million. The other was frequently
carried in the pocket of a former owner from Wisconsin so
he could show it to strangers.
The show runs through Saturday.
The Liberty Head nickel, first minted in 1883, was replaced
with a design featuring an American Indian and a buffalo
in 1913. No 1913 Liberty Heads are known to have been released
for circulation, so the five known to exist have been shrouded
in mystery in numismatic circles.
Other highlights include an 1804 silver dollar valued at
more than $3 million and an example of the first coin federally
authorized by President George Washington — a 1792
half disme, an early spelling of the word dime.
The 1804 dollar is known among collectors as the "king"
of collecting, and it also has a mysterious history.
The United States did not strike silver dollars for circulation
after 1803. But in the 1830s, as the nation began to expand
trade in far-flung nations, diplomats wanted examples of
U.S. coins to present to foreign rulers. So the most recent
dollar design was modified with the date 1804 and struck
for presentation sets. This didn't sit especially well with
collectors of the day, so in the 1850s the mint is believed
to have struck additional copies for them. About 15 total
originals and restrikes are known.
The U.S. resumed striking dollars for circulation in large
numbers beginning in 1840.
"The historical connection to coins and money, to
the stories that go with them, that's what's so exciting.
Coins are history," said Douglas Mudd, curator of the
American Numismatic Association Money Museum in Colorado
Springs, Colo., which has held the $3.17 million nickel
for most of the past 10 years.
One of the 1913 nickels arrived by armed guard in New Orleans
on Wednesday.
Jeff Garrett of Lexington, Ky., and friend Larry Lee of
Panama City, Fla., bought the coin at auction in suburban
Chicago last month. They were on hand at the money show.
"It's like a dream coin," said Garrett, who posed
with Lee for pictures with the coin. "If you ever wanted
one coin that you could just have your career to put on
your mantel like, you know, I handled it for a while and
it was really neat to have, this is it."
The show, which continues through Saturday, is being held
at the Ernest N. Morial Convention Center along the riverfront,
not far from the Old U.S. Mint that began operation in 1838.
The New Orleans mint had the distinction of issuing coins
under three government authorities — the United States,
the Republic of Louisiana after its secession from the Union
and the Confederate States. The mint ceased operations in
1861 as bullion ran out and reopened in 1879 after Reconstruction.
It closed for good in 1909. Its coins can be identified
by the distinctive "O'' mintmark.
Coins from the mint are on display at the show, as well
as paper money and historic tokens produced in or for New
Orleans and other locations in Louisiana. Some of the items
are nearly 300 years old.
There are silver and bronze examples of the medal awarded
to Zachary Taylor by Louisiana after his victories in the
Mexican-American War and some rare items related to the
great "Mississippi Bubble" paper currency scandal
of the 1720s that created an economic crisis for France
during colonial times and stunted Louisiana's growth for
decades. The exhibit includes currency and satirical medals
and tokens related to the financial disaster.
John Thornton, a coin collector from Baton Rouge, La.,
said he relished the opportunity to take in the exhibits.
"I find that when you go in your average coin shop,
you don't see too many really early American issues of coins,
but here you can see some of those, and the artwork on those
is incredible," he said. "Just the beauty of those
coins is something really to behold."
Mudd said New Orleans was a good place to produce silver
and gold coinage because of its ability to import bullion
from South America and the Caribbean.
"New Orleans has always been a port city with the
mouth of the Mississippi River draining the middle of the
country, so a lot of money has passed through this city,"
Mudd said.
The Old U.S. Mint was transferred to the state of Louisiana
in 1966. In 1981, it opened as a state museum. It currently
houses the Louisiana Historical Center, The New Orleans
Jazz Club Collections of the Louisiana State Museum and
a performing arts center.
The money show doesn't just attract history buffs, Mudd
said.
"For some people, it's about the beauty of the coins
and notes, the dies that were used. They are beautiful works
of art," he said. "For some, it's about the investment
potential."
During the show, the public can get appraisals of coins
and paper money from about 300 dealers.