A Partial Book Review
TomB
Posts: 22,091 ✭✭✭✭✭
During my small bit of free time I have been starting to read a book published in 1984 by Bowers and Merena that contains the collected numismatic correspondence of Walter Nichols. It seems that Nichols’ father-in-law was S. Benton Emery, who had amassed a large collection of 19th and early 20th century proof coinage. Nichols kept this collection intact and added significantly to it. Many of the additions occurred in the 1930s, while the nation was in a deep depression, but while Nichols job as a CPA kept him employed and financially sound.
I have not read the entire book, but looking through the letters of the years of 1931 and 1932 shows some amazing things. For example, Nichols bought a complete Panama-Pacific framed set from Scott Stamp and Coin for $389, which was delivered to his bank until his check was cleared and then the bank delivered it to him. Further, he purchased another complete, framed Panama-Pacific set from MH Bolender for $460 where Bolender described it as being “in perfect condition”. Remember, these sets contain two $50 issues, both round and octagonal, as well as the $2.5 and $1 gold and half dollar. He was also able to buy, and did buy, uncirculated fractional currency directly from the Treasury Department at face value! Apparently, anyone could buy fractional currency at face value at this time, though the practice was not publicized. Additionally, there is a plethora of letters from banks across the nation that he had contacted in his search for old-style notes that had been withdrawn from circulation. Almost every bank responded by telling Nichols that they would choose the nicest obsolete notes from their vaults and send them to him at face value. An interesting letter from the Treasury Department in 1932 informed Nichols that the Denver Mint had fewer than $3.00 face value of 1929 cents on-hand and that they could not, at that time, sell them to him. Lastly, there were several offers of $4 Stellas at $125 for a proof, $85 for a VF and $95 for another proof. The Treasury Department also informed him that they were honoring his request for four 1932 Washington quarters from each mint and sending them to him. I do not know if he bought the Stellas, but he did buy several complete Panama-Pacific sets and also bought all the currency offered to him.
Some of the coins he sold at this time to other collectors include proof Seated half dollars at $1 each and an 1815/2 CBH for $2. The condition of the coins is not listed. There is little information on the other coins that Nichols sold as these letters are letters sent to him and not letters that he wrote.
There is so much more to read in this book as it goes through 1941, and the materials offered and discussed are incredible. I would highly recommend this book to anyone with an interest in numismatic history and I obtained my copy off of ebay from South Park Coins for $3.74, which was well worth it!
I have not read the entire book, but looking through the letters of the years of 1931 and 1932 shows some amazing things. For example, Nichols bought a complete Panama-Pacific framed set from Scott Stamp and Coin for $389, which was delivered to his bank until his check was cleared and then the bank delivered it to him. Further, he purchased another complete, framed Panama-Pacific set from MH Bolender for $460 where Bolender described it as being “in perfect condition”. Remember, these sets contain two $50 issues, both round and octagonal, as well as the $2.5 and $1 gold and half dollar. He was also able to buy, and did buy, uncirculated fractional currency directly from the Treasury Department at face value! Apparently, anyone could buy fractional currency at face value at this time, though the practice was not publicized. Additionally, there is a plethora of letters from banks across the nation that he had contacted in his search for old-style notes that had been withdrawn from circulation. Almost every bank responded by telling Nichols that they would choose the nicest obsolete notes from their vaults and send them to him at face value. An interesting letter from the Treasury Department in 1932 informed Nichols that the Denver Mint had fewer than $3.00 face value of 1929 cents on-hand and that they could not, at that time, sell them to him. Lastly, there were several offers of $4 Stellas at $125 for a proof, $85 for a VF and $95 for another proof. The Treasury Department also informed him that they were honoring his request for four 1932 Washington quarters from each mint and sending them to him. I do not know if he bought the Stellas, but he did buy several complete Panama-Pacific sets and also bought all the currency offered to him.
Some of the coins he sold at this time to other collectors include proof Seated half dollars at $1 each and an 1815/2 CBH for $2. The condition of the coins is not listed. There is little information on the other coins that Nichols sold as these letters are letters sent to him and not letters that he wrote.
There is so much more to read in this book as it goes through 1941, and the materials offered and discussed are incredible. I would highly recommend this book to anyone with an interest in numismatic history and I obtained my copy off of ebay from South Park Coins for $3.74, which was well worth it!
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Didnt know that you were sick, but glad to hear that you are ok. Your pictures are great of your girls. I am goint to be having my first one in early Jan so it should be interesting to share experiences.
Sounds like an interesting book and I will most certainly buy and read the book.
John
siliconvalleycoins.com
Thanks for the book report also ... sounds like a very interesting read.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Glad to know that you are felling well again. Congratulations on the new daughter. Both of your daughters are beautiful. Also, a great book report.
At our local show today, I was priviledged(sp) to hold and view an 1884 proof set...what a beauty. Also, there was a letter of provanence with it showing that a mister Garrett(sp) purchased it along with several other items. He bought 2 of the 1884 proof sets for #3.00 each!!
Tom, I hope that I am wrong, but, having raised four daughters, I think that you may be looking at plans to add an additional bath in about 10 years or so.
Knowledge is the enemy of fear
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
They're beautiful, and congratulations.
and it sets us apart from practitioners and consultants. Gregor
09/07/2006
Glad to hear you're OK.
You've got a pair of real cuties there!
Hope you'll be around here more often.
Check out the Southern Gold Society
Glad everyone's feeling better
Liberty: Parent of Science & Industry
And you kids are very cute to boot.
Make sure and finish your antibiotics!
The perspective from 80-90 years ago is intriguing - thanks for the synopsis.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1