Legendary Chicago Dealer Ed Milas Passes Away

CoinRaritiesOnline

I just received this email from the PNG:

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We regret to inform you of the passing of one of our founding members, Ed
Milas. We don't have any details at this time, but will keep you informed.

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Quite sad. He will be missed.

RYK

I never knew him, but he had a finest ever collection of Liberty $5's. Perhaps we could each post one in his memory.



North Georgia Collection but also has the Milas look.

GeorgeKellogg

<< <i>I never knew him, but he had a finest ever collection of Liberty $5's. Perhaps we could each post one in his memory. >>



I didn't know Ed either, but well remember his nice set of high-grade half eagles.

Picking up on RYK's suggestion, here's my offering in Ed's honor. I think it has the "Milas look" to it, although it is actually from the Arthur Montgomery collection of Dahlonega gold, which was billed as the finest-known set when it was sold in Stack's portion of Auction '84. The photography is courtesy of BluCC Photos.

Broadstruck

This is also ex Ed Milas

Julian

I got the same email from PNG, but was waiting for confirmation. I just received it.

He was active in the PNG and was the President after serving on the board for many years. He suffered from cancer during the 70's and when we had a PNG board meeting in 1976, I didn't recognize him because of the surgery and treatment. I understand that his passing was a result of complications from pancreatic cancer.

Eddie and I were friends and colleagues since the middle 1960's. We shared both good and bad times. When he took over Rarcoa from David Shapiro, he changed the focus from a regional company to an international one. He had a fabulous eye and one of my earlier transactions with him was when he purchased from me some original mint sets from the 1850's. He expanded the collection and built others, as well, such as the no motto Liberty $5's referred to earlier. Like most of the really successful dealers, he was always a collector.

He collected ancient coins also, was active in the IAPN and started the CICF in Chicago back in the 1970's.

He was a principal in the disposition of the Continental Bank Hoard of silver dollars and was very quiet about how that was conducted. It was spectacularly successful.

He was instrumental in addressing the ills of numismatics during the 70's concerning counterfeits and over grading. He was one of the founders of the Apostrophe sales, starting in 1979.

There is much more, but numismatics is better for his participation.

I, along with many others, will miss him very much.

RIP, Eddie.

johnny9434

best wishes and condolances to his family. im sorry to hear that

dragon

Very sorry to hear about his passing.

I knew Mr. Milas as I used to be a regular customer of Rarcoa in downtown Chicago when I was just starting out with coins as a kid.

RIP Mr. Milas

crypto79

My only No motto Lib out of respect.

CoinRaritiesOnline

ttt for the morning shift.

RIP, Eddie.

EagleEye

Sad news.

DorkGirl

Julian

Ed's funeral will be:
Visitation will be held on Wednesday, December 21, 2011 from 3pm to 9pm.

Petkus Lemont Funeral Home
12401 South Archer Ave.
Lemont, IL 60439

In lieu of flowers a donation to St. Jude Children's Research Hospital may be made.

Funeral Services will be on Thursday, December 22, 2011 at 10:00 am.

SS. Cyril and Methodius Parish
608 Sobieski Street
Lemont, IL 60439
630-257-2776

Since the FUN show is coming up, I remember with fondness that Ed was of Polish descent and his mother used to make special Polish cookies. He brought some from his mother to the FUN show and offered me a couple. I very much enjoyed them. He then gave me a box to hold for him while he walked around the show. I believe that these were for his son, Wade, who now runs Rarcoa. He was gone for quite a while. Every now and then, I turned around and had another one.

I think that you have suspected where this is going........

When he finally came back, there were none left and I had to come up with some excuse. We laughed about this for years.

RichieURich

I did not know Mr. Milas, but certainly know about his fabulous collection of half eagles and of course about Rarcoa.

From the others' posts, I can see that numismatics has lost a good man. RIP, Mr. Milas.

Halfsense

Ed was one of my first mentors in the late 1970s when I became a "reborn numismatist and frequently visited the RARCOA shop on North Clark Street, conveniently located near Chicago City Hall and the Cook County Building where I frequently landed on assignments while working as a reporter. He cordially let me get up close 'n' personal with a Brasher Doubloon and the Dexter 1804 dollar and other treasures that passed through the store on their way to auctions, such as the legendary Apostrophe auctions.

My condolences to his wife, Carole, and his children, Danielle and Wade.

-donn-

WinLoseWin

Sad to hear. I never knew him, but heard about him and saw his name in a number of auction sales and articles.


Here is a little bit located in the About Rarcoa section on the Rarcoa site:

http://www.rarcoa.com/index.php?page=2



Found this very interesting story involving him and the Continental-Illinois Bank dollar hoard as told by Leon Hendrickson in 1992 from Bowers Silver Dollar Encyclopedia here on the PCGS site:


http://www.pcgs.com/books/silver-dollars/Chapter14-029.aspx





This is the cover of the the auction catalog that contained the Ed Milas collection of No Motto $5 gold:

homerunhall

A few Ed Milas stories:

The first time I met Ed was in 1974. I had a coin he wanted, but I didn't know
he wanted it. He came by my table at a coin show, looked in my case, and asked
me if I'd like to have a drink with him after the show closed. Since I was a 27
year old nobody and he was already a legend in the coin market I of course said
yes. We met at the bar and had a drink and made small talk. He then said,
"How much do you want for your 1849 Large Cent?" I quoted him a
pretty fair price. He said yes and I later figured out that I probably didn't
understand how much he wanted that coin.

Many years later, actually just a few years before PCGS, he called me up when
MS65 dollars were going for pretty hefty prices and asked me if I needed some
really nice dollars. I said yes and he told me he "had a few". This
was of course when he had the Continental Illinois coins. I flew out to see him
and picked a bag of 1881-S dollars at $500 a coin. Probably still a record for
a common date bag...$500,000.

I think it was 20 years ago or so that I was talking to one of the real
old-timers and I asked him what coin shows were like in the 1950s. He told me
you just sat at your table and hoped Art Kagin would come by because he might
buy everything in your showcase. Then I asked him what he would do during the
1960s if he had something like a Gem rare date Liberty Seated coin. He told me
if you didn't have a customer you had to call Ed Milas because he was the only
one paying a premium for that kind of coin at the time.

Ed was a giant in our industry and a super straight shooter.
I could tell you a few stories about a few of his friends and how he helped
them financially...and I mean in a big way when no one else would, and he did
it on a hand shake...but Ed always did it privately and I'm sure he would want
his generosity to stay private. He was a really good man.

My deepest sympathies to Wayde and his family.

David Hall

golfer72

Nice story. i did not know him but he sounds like a good one.