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Abe Kosoff: Dean of Numismatics--A book review and commentary
RYK
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On a recently-concluded vacation, I was able to read the book Abe Kosoff: Dean of Numismatics by QDB (1985). It is a 300+ page tome on the numismatic like and times of the premier dealer of coins in the middle part of the 20th century, Abe Kosoff. Mr. Kosoff was numismatically famous for many things, including starting his career exactly one month before the stock market crash in 1929, being one of the founders of the PNG, and being an active participant in the King Farouk sale in Egypt. He also had a thriving auction business, both live and mail bid, testified in front of Congress for the Hobby Protection Act, and was involved in the transfer of the Lilly Collection to the Smithsonian. In short, if it happenned in coins from the 1930's to the 1970's, Abe Kosoff was in the thick of it.
The book is very well-written and surprisingly enjoyable to read (like most of QDB's works). There is lots of good information, anecdotes, and perspectives that most collectors would enjoy and learn. It is always fascinating to see how little coins fetched in the 1930's and watching the values escalate through the decades.
While I skimmed over some of the sections on the foreign coin collections, it struck me how knowledgeable the coin dealer of the past had to be. In fact, Kosoff travelled in Europe on multiple occasions on coin buying sprees. Pretty impressive, IMO.
One tidbit that I found very interesting is that contrary to my previous notion, the PNG was not founded to protect consumers from unscrupulous dealers, but instead to band dealers together to protect them from those who passed bad checks or who had defaulted on their credit.
Another point that struck me is that nearly all of the coin-realted issues that we discuss here (counterfeits, misrepresented coins, "wannabe" dealers, unscrupulous dealers advertising in the major coin papers, speculation on modern coins, etc.) were issues of the past and, not surprisingly for some areas, we have not made all that much progress since.
The book is very well-written and surprisingly enjoyable to read (like most of QDB's works). There is lots of good information, anecdotes, and perspectives that most collectors would enjoy and learn. It is always fascinating to see how little coins fetched in the 1930's and watching the values escalate through the decades.
While I skimmed over some of the sections on the foreign coin collections, it struck me how knowledgeable the coin dealer of the past had to be. In fact, Kosoff travelled in Europe on multiple occasions on coin buying sprees. Pretty impressive, IMO.
One tidbit that I found very interesting is that contrary to my previous notion, the PNG was not founded to protect consumers from unscrupulous dealers, but instead to band dealers together to protect them from those who passed bad checks or who had defaulted on their credit.
Another point that struck me is that nearly all of the coin-realted issues that we discuss here (counterfeits, misrepresented coins, "wannabe" dealers, unscrupulous dealers advertising in the major coin papers, speculation on modern coins, etc.) were issues of the past and, not surprisingly for some areas, we have not made all that much progress since.
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HK-876
I find it interesting Abe was interested in SCD's .
- Marcus Tullius Cicero, 106-43 BC
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<< <i>Information has always been key to success in this hobby, as a dealer or a collector. At least one generation of folks now could not possibly appreciate how much time and effort was required to become what even a fraction of an Abe Kosoff or QDB was (is). Today, a dedicated, intelligent newbie could easily google their way up in a month ot two to the level of collector of decades of knowledge of that era. Had to go to the library where they might have a couple coin books. Had to wait for a couple weeks for a coin to arrive in the mail....no FedEx or ExpressMail. Images? Auction catalogues were not often in collector hands and then usually had scant few small and grey photographs of only very select lots. There really was no way to rise in the hobby without looking at a LOT of coins personally and knowing a lot of involved parties for a long time. >>
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- Marcus Tullius Cicero, 106-43 BC
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Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Later, after he passed on, I remembered that I owned one of the coins he had acquired from King Farouk, and wished I had mentioned that to him. My research led me to believe this coin, J.1151, likely was unigue, but about 5 years ago a second one surfaced as part of a complete set. Thankfully it was graded one point lower than mine.
through the years which goes into more detail on some of the areas covered in the Bowers book.
He was a good businessman, very polished, and an excellent salesman.
There have been greater numismatists, such as Breen and Ford, but Kosoff belongs in a super class of coin dealers that include B. Max Mehl, Dave Bowers, Charles Wormser, Lester Merkin, Art Kagin, and Harvey Stack.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
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I give away money. I collect money.
I don’t love money . I do love the Lord God.
I just read "The Norweb Collection - An American Legacy" and thought it equally interesting.
Both are available free online from our hosts here.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]