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John J. Ford collection of Indian peace medals
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The John J. Ford, Jr. Collection of Indian Peace Medals
by Samuel Pennington and Lita Solis-Cohen
The holy grail for collectors of historical American medals has been for years the authentic silver Indian peace medal, and no sale of them has been as eagerly anticipated as Stack's part XVI of the John J. Ford, Jr. collection, sold on October 17, 2006, in New York City. Ford (1924-2005), a legendary dealer and collector, had amassed more peace medals than anyone before or since and was one of the great all-time numismatic dealers and collectors. He began in the late 1930's when he was just 15 years old, working for J.B. and Morton Stack. In 1950 he joined Charles Wormser at New Netherlands Coin Co. With the help of Walter Breen, he built it into the premier coin auction house of the 1950's. After he left New Netherlands in 1971, Ford continued as an independent dealer. All who knew him said his knowledge was encyclopedic. His collection has so far encompassed 16 sales at Stack's with perhaps another five to go.
The richness of the collection impressed even seasoned veterans. Paul Bosco, a top New York City numismatist, wrote prior to the sale, "Today I viewed the Ford sale. Hard to believe what was in my hands, all in a single day."
Peace medals were issued to Indian chieftains and warriors by the U.S. beginning in the late 1780's as the government sought peace with the Indians. (Curiously, Stack's tried to dodge the controversy about what to call the recipients—Indians or Native Americans—by subtitling the catalog "Medallic Distinctions Awarded to First Peoples.") The first peace medals were large oval silver plaques engraved by the leading silversmiths of the day. The French, Spanish, and English had long been issuing peace medals. The Indians wore them proudly as shown in the portraits painted by Charles Bird King and reproduced as prints in the volumes by McKenney and Hall.
An article by George Fuld reprinted in the Stack's catalog stated that U.S. Mint records show that from the Washington Seasons medals in 1797 to the medals issued by Benjamin Harrison in 1890, the mint produced 3449. Fuld admits this is the "official" total and more may have been struck. The more important statistic estimated by Fuld is that fewer than 500 silver peace medals are accounted for today, including those in museums. This Ford sale and a sale of duplicates to follow in May together will contain nearly 100.
Top price and a short-lived record for any American medal (see sidebar on the Norweb collection) was $201,250 (including the 15% buyer's premium) for a peace medal issued privately in 1832-33 by John Jacob Astor's American Fur Company.
Next in price order came three different sizes of the Thomas Jefferson peace medals of 1801 that brought $189,750, $184,000, and $172,500. A Canadian medal, the Montreal medal, conceived as a reward for loyalty for 182 Native Americans in the Montreal campaign of 1760, brought $155,250.
Who was buying? To the surprise of many regular dealers and collectors, one major buyer was a dealer few of them knew— Philadelphia print dealer W. Graham Arader III.
Arader was quite enthusiastic and outspoken as he explained why to M.A.D. senior editor Lita Solis-Cohen. "Anyone who collects McKenney and Hall prints of Indians wants them," said Arader. "They are a piece of history. We gave the Indians smallpox, syphilis, gunpowder, Christianity, and alcohol and gave them peace medals, then moved them off their land and broke six hundred promises. It is a sad story that took place between the time of Jackson and Grant. Jackson began it, and Grant ended it, sending his two Civil War generals to massacre the Native Americans."
Arader continued, "The specialist coin dealers don't see the difference between artifacts and coins. As artifacts the prices were low. I bought a lot at the Stack auction. There are a lot of fakes out there, but I felt confident buying these. Stack's is so honest, and the Ford collection was a special one. I sold everything I bought, and the next day I bought twice as much from a guy who beat me out on a few lots. I think these medals are undervalued. I had been looking for them for thirty years. Collectors keep them in drawers. I will frame them, and they will hang on the wall next to McKenney and Halls and Catlins [prints]."
Anthony Terranova, a top numismatic dealer in New York City, told Solis-Cohen, "I bought fifteen of the U.S. Mint medals and eight or nine English ones at the sale. Yes, there are fakes, but they are easy to tell once someone shows you how. The ones at Stack's had a beautiful provenance. Ford knew his stuff. He was a tough negotiator, but he knew his stuff. It is nice that someone in the art market appreciates them. We should have more overlap. Arader is not the first. Alex Acevedo bought medals, and so did Peter Tillou. Tillou has one of the finest collections of medals in the world. They appreciated them as works of art by famous artists, an inexpensive thing to collect. I hope the price doesn't spike. I hope this market grows in a nice steady way and the medals are appreciated for their history and their artistry."
One attendee who asked not to be identified was not convinced the sale was such a success. He e-mailed M.A.D., "The first three Thom Jefferson medals all opened and closed to the book at enormous prices (respectively $165, 160, 150K hammer) with no floor competition or interest and appeared to have been bought by Stack's themselves. And the Montreal Mohicans medal at $135K opened and closed to the book with no floor interest."
Q. David Bowers, whose firm American Numismatic Rarities recently merged with Stack's, responded, "The house [Stack's] did not buy any medals, nor did the Ford estate have any reserves. It is often the scenario that bids are received by telephone, mail, Internet, or even by people in the room who leave bids at the table (to preserve anonymity). If for a coin there are two bids on hand, say $10,000 and $11,000, the auctioneer will open the lot at $11,000, call for bids from the floor, and if there are no raises, the book buys it at $11,000."
Stack's CEO, Lawrence R. Stack, elaborated in an e-mail, "All three Jefferson Medals had bids in excess of $200,000—the Montreal up to $175,000. Underbids were within 5% of the open."
Bowers, who also collects, was a bidder and buyer at the sale. "I was a phone bidder on several lots and carried home two of the copper Seasons medals and the silver 'Home' medal (or the 'Spinner,' as the cataloguer designated it). The day after the sale I paid Tony Terranova a profit, total $21.5K, for the copper 'Shepherd' he bought at the sale for $16K (plus 15%), I think."
Bowers summed up the sale. "Many of the medals were either not offered in the past generation at auction, or examples in the Ford sale were nicer. Overall, the sale was extremely strong. Before the sale I asked for estimates and starting bids on the Seasons medals, and every one of them sold for four to six times estimate! As I have studied and collected these for many years, I was prepared to do battle at the sale, but not THAT HIGH. However, possession is nine points of the law, and having the medals at their prices is very pleasing to me. Besides, the next time such things are auctioned-which will probably not be anytime soon—the Ford prices will probably be the base estimates, from which prices will go upward."
For more information, call Stack's at (212) 582-2580 or visit (www.stacks.com).
--------------------------------------------------------------------------------
Rating the Presidents
The votes are in, and the winner is Thomas Jefferson! Chester Arthur ran a surprisingly close second.
This table shows the presidential medals rated by the top price for each silver Indian peace medal.
Several presidents are missing. No new medals were struck for John Adams (1797-1801). They made do with Seasons medals originally struck for George Washington. (The medal dated 1789 picturing George Washington was not struck by the U.S. Mint until around 1903.) There is no known silver Indian peace medal struck for William Henry Harrison (1841), nor is any known for Rutherford B. Hayes (1877-81). A few silver medals were struck for Grover Cleveland (1885-89), but according to the Stack's catalog, Ford never owned one.
Unlike elections, the prices probably reflect rarity more than ability as president. In most cases the highest-priced medal for a president was the largest size. A mid-size medal for John Tyler brought $3000 more than the large size. The collection contained no large-size James Monroe medals.
by Samuel Pennington and Lita Solis-Cohen
The holy grail for collectors of historical American medals has been for years the authentic silver Indian peace medal, and no sale of them has been as eagerly anticipated as Stack's part XVI of the John J. Ford, Jr. collection, sold on October 17, 2006, in New York City. Ford (1924-2005), a legendary dealer and collector, had amassed more peace medals than anyone before or since and was one of the great all-time numismatic dealers and collectors. He began in the late 1930's when he was just 15 years old, working for J.B. and Morton Stack. In 1950 he joined Charles Wormser at New Netherlands Coin Co. With the help of Walter Breen, he built it into the premier coin auction house of the 1950's. After he left New Netherlands in 1971, Ford continued as an independent dealer. All who knew him said his knowledge was encyclopedic. His collection has so far encompassed 16 sales at Stack's with perhaps another five to go.
The richness of the collection impressed even seasoned veterans. Paul Bosco, a top New York City numismatist, wrote prior to the sale, "Today I viewed the Ford sale. Hard to believe what was in my hands, all in a single day."
Peace medals were issued to Indian chieftains and warriors by the U.S. beginning in the late 1780's as the government sought peace with the Indians. (Curiously, Stack's tried to dodge the controversy about what to call the recipients—Indians or Native Americans—by subtitling the catalog "Medallic Distinctions Awarded to First Peoples.") The first peace medals were large oval silver plaques engraved by the leading silversmiths of the day. The French, Spanish, and English had long been issuing peace medals. The Indians wore them proudly as shown in the portraits painted by Charles Bird King and reproduced as prints in the volumes by McKenney and Hall.
An article by George Fuld reprinted in the Stack's catalog stated that U.S. Mint records show that from the Washington Seasons medals in 1797 to the medals issued by Benjamin Harrison in 1890, the mint produced 3449. Fuld admits this is the "official" total and more may have been struck. The more important statistic estimated by Fuld is that fewer than 500 silver peace medals are accounted for today, including those in museums. This Ford sale and a sale of duplicates to follow in May together will contain nearly 100.
Top price and a short-lived record for any American medal (see sidebar on the Norweb collection) was $201,250 (including the 15% buyer's premium) for a peace medal issued privately in 1832-33 by John Jacob Astor's American Fur Company.
Next in price order came three different sizes of the Thomas Jefferson peace medals of 1801 that brought $189,750, $184,000, and $172,500. A Canadian medal, the Montreal medal, conceived as a reward for loyalty for 182 Native Americans in the Montreal campaign of 1760, brought $155,250.
Who was buying? To the surprise of many regular dealers and collectors, one major buyer was a dealer few of them knew— Philadelphia print dealer W. Graham Arader III.
Arader was quite enthusiastic and outspoken as he explained why to M.A.D. senior editor Lita Solis-Cohen. "Anyone who collects McKenney and Hall prints of Indians wants them," said Arader. "They are a piece of history. We gave the Indians smallpox, syphilis, gunpowder, Christianity, and alcohol and gave them peace medals, then moved them off their land and broke six hundred promises. It is a sad story that took place between the time of Jackson and Grant. Jackson began it, and Grant ended it, sending his two Civil War generals to massacre the Native Americans."
Arader continued, "The specialist coin dealers don't see the difference between artifacts and coins. As artifacts the prices were low. I bought a lot at the Stack auction. There are a lot of fakes out there, but I felt confident buying these. Stack's is so honest, and the Ford collection was a special one. I sold everything I bought, and the next day I bought twice as much from a guy who beat me out on a few lots. I think these medals are undervalued. I had been looking for them for thirty years. Collectors keep them in drawers. I will frame them, and they will hang on the wall next to McKenney and Halls and Catlins [prints]."
Anthony Terranova, a top numismatic dealer in New York City, told Solis-Cohen, "I bought fifteen of the U.S. Mint medals and eight or nine English ones at the sale. Yes, there are fakes, but they are easy to tell once someone shows you how. The ones at Stack's had a beautiful provenance. Ford knew his stuff. He was a tough negotiator, but he knew his stuff. It is nice that someone in the art market appreciates them. We should have more overlap. Arader is not the first. Alex Acevedo bought medals, and so did Peter Tillou. Tillou has one of the finest collections of medals in the world. They appreciated them as works of art by famous artists, an inexpensive thing to collect. I hope the price doesn't spike. I hope this market grows in a nice steady way and the medals are appreciated for their history and their artistry."
One attendee who asked not to be identified was not convinced the sale was such a success. He e-mailed M.A.D., "The first three Thom Jefferson medals all opened and closed to the book at enormous prices (respectively $165, 160, 150K hammer) with no floor competition or interest and appeared to have been bought by Stack's themselves. And the Montreal Mohicans medal at $135K opened and closed to the book with no floor interest."
Q. David Bowers, whose firm American Numismatic Rarities recently merged with Stack's, responded, "The house [Stack's] did not buy any medals, nor did the Ford estate have any reserves. It is often the scenario that bids are received by telephone, mail, Internet, or even by people in the room who leave bids at the table (to preserve anonymity). If for a coin there are two bids on hand, say $10,000 and $11,000, the auctioneer will open the lot at $11,000, call for bids from the floor, and if there are no raises, the book buys it at $11,000."
Stack's CEO, Lawrence R. Stack, elaborated in an e-mail, "All three Jefferson Medals had bids in excess of $200,000—the Montreal up to $175,000. Underbids were within 5% of the open."
Bowers, who also collects, was a bidder and buyer at the sale. "I was a phone bidder on several lots and carried home two of the copper Seasons medals and the silver 'Home' medal (or the 'Spinner,' as the cataloguer designated it). The day after the sale I paid Tony Terranova a profit, total $21.5K, for the copper 'Shepherd' he bought at the sale for $16K (plus 15%), I think."
Bowers summed up the sale. "Many of the medals were either not offered in the past generation at auction, or examples in the Ford sale were nicer. Overall, the sale was extremely strong. Before the sale I asked for estimates and starting bids on the Seasons medals, and every one of them sold for four to six times estimate! As I have studied and collected these for many years, I was prepared to do battle at the sale, but not THAT HIGH. However, possession is nine points of the law, and having the medals at their prices is very pleasing to me. Besides, the next time such things are auctioned-which will probably not be anytime soon—the Ford prices will probably be the base estimates, from which prices will go upward."
For more information, call Stack's at (212) 582-2580 or visit (www.stacks.com).
--------------------------------------------------------------------------------
Rating the Presidents
The votes are in, and the winner is Thomas Jefferson! Chester Arthur ran a surprisingly close second.
This table shows the presidential medals rated by the top price for each silver Indian peace medal.
Several presidents are missing. No new medals were struck for John Adams (1797-1801). They made do with Seasons medals originally struck for George Washington. (The medal dated 1789 picturing George Washington was not struck by the U.S. Mint until around 1903.) There is no known silver Indian peace medal struck for William Henry Harrison (1841), nor is any known for Rutherford B. Hayes (1877-81). A few silver medals were struck for Grover Cleveland (1885-89), but according to the Stack's catalog, Ford never owned one.
Unlike elections, the prices probably reflect rarity more than ability as president. In most cases the highest-priced medal for a president was the largest size. A mid-size medal for John Tyler brought $3000 more than the large size. The collection contained no large-size James Monroe medals.
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Comments
Is the article from the Maine Antique Digest?
Coin Rarities Online