Does anyone know the history of coin auctions?,.............including..........
SanctionII
Posts: 12,636 ✭✭✭✭✭
........ the following:
1. when they began (in the US and in the world);
2. where they began (in the US and in the world);
3. who was behind the first auction(s); and
4. the primary auction rules, and how they have changed over time (i.e. currently the auctioneer gets paid out of a buyer's premium; has it always been this way and if not what preceded the buyer's premium).
A little information and education on this subject would be welcome.
1. when they began (in the US and in the world);
2. where they began (in the US and in the world);
3. who was behind the first auction(s); and
4. the primary auction rules, and how they have changed over time (i.e. currently the auctioneer gets paid out of a buyer's premium; has it always been this way and if not what preceded the buyer's premium).
A little information and education on this subject would be welcome.
0
Comments
I would imagine that auctions devoted to just coins may only have developed sometimes after it was more than just a hobby for "kings".
The book mentioned in this link, Auctions and Auctioneering, may have your answer. Visit to the library may be in order.
History of Auctions
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)
<< <i>Check the Expert's Guide to Collecting and Investing in Rare Coins, by Q. David Bowers. >>
According to the above:
1851: First important rare coin auction. Dr. Lewis Roper, a Philadelphian who gad gone west to seek his fortune in the gold fields but never returned. His coins were offered on February 20, 1851 in the salesroom of Moses Thomas and Son, Philadelphia. Catalog TItle "Exectuors' Sale. Valuable Collection of Gold and Silver Coins and Medals, Etc. Catalogue of the Entire Colelction of Rare and Valuable Coins, Medals, Autographs, Mahogany Coins Case, Etc., Late of Doctor Lewis Roper, Deceased."
<< <i>This sounds like a question for First Mint (Karl Moulton). >>
I agree.
The US Government of 1788 was offering several
kegs of Fugio Cents to the highest bidder. Two of
these were sold for 1/3 face or about $50.00 bucks.
The remainder was melted.
The earliest known coin auction in America was conducted in 1785 for the Pierre Eugene- Du Simitiere collection held in Philadelphia. For those interested, Joel Orosz wrote a small pamphlet about DuSimitiere about ten years ago. It is titled " The Eagle that is Forgotten". DuSimitiere also worked (at one point) on the Great Seal of the United States.
Since there weren't any federal issues yet, it was mostly foreign and ancient pieces. Du Simitiere, a Swiss immigrant, apparently was the first person in this country to buy coins via private treaty beginning in 1772.
The first collection having some 300 pcs. (including some US coinage) was the 1828 Benjamin H. Watkins collection, apparently catalogued by George Nichols, and held in Salem, Mass. This was a single, 1 page broadside, of which the original is in the ANS library. Approximately 25 copies of this were made later in 1875 by E J Attinelli, the person who wrote "Numisgraphics" (a guide outlining numismatic literature in America).
The first "modern day" auction catalogue (24 pgs- 698 lots) was the Lewis Roper sale conducted by M(oses) Thomas of Phildelphia in February 1851. This sale was well attended with over two dozen purchasers; among them were Joseph Mickley and US Mint Engraver J B Longacre.
As for the world auctions, I leave that subject for others.
Go to Early United States Coins - to order the New "Early United States Half Dollar Vol. 1 / 1794-1807" book or the 1st new Bust Quarter book!