1913 5c Liberty PR

view is that this is the only one with a claim to that status, and that the others all have or had mint luster (I have examined them all, and carefully).

Numismatic Gallery acquired this coin from numismatist and historian Eric P. Newman in 1948, and on December 14 of that year, Abe Koso!, a partner in the firm, offered it to Louis E. Eliasberg Sr., who purchased it shortly thereafter for about $2,400.9 It remained with Eliasberg, then after his passing went to his son, Richard A., who in 1986 consigned it to my company. As described in the opening paragraphs of this section, it sold for $1,485,000—the first coin ever to cross the million-dollar barrier, a sensation. It then continued to change hands, and in 2003 was purchased by Edward C. Lee for about $3 million (who said he expected it to reach a value of $5 million in a matter of a few years).10

Lee held it for nearly two years, then in June 2005 announced that title had been transferred to Legend Numismatics (co-owned by Laura Sperber), who earlier had owned example number 4. Typical of quite a few “trophy coins” in recent times, the Eliasberg 1913 Liberty Head nickel has gone from dealer to dealer but has not yet landed in a private collection—which, no doubt, it will do someday. When it does, it will be the prize of prizes.

Provenance: • Samuel W. Brown and/or Stephen K. Nagy (1913–1920’s) • Stephen K. Nagy, likely on consignment for a time in 1923 and 1924 to August Wagner (early 1920’s to 1924) • Wayte Raymond (1924) • Colonel E.H.R. Green (1924–1936); Green estate (1936–1941) • Eric P. Newman (1941–1948) • Abe Kosoffand Abner Kreisberg, trading as the Numismatic Gallery (1948–1949) • Louis E. Eliasberg Sr. (1949–1976) • Eliasberg estate to Richard A. Eliasberg (1976–1996; auctioned by Bowers & Merena) • Jay Parrino (1996–2001) • Dwight Manley, for the California Gold Marketing Group (2001–2003) • Edward C. Lee (2003–2005) • Bruce Morelan, Laura Sperber, and George Huang (Legend Numismatics; 2006–2007) • Dr. William Morton-Smith (via Ron Gillio; 2007–2018; auctioned by Stack’s Bowers Galleries) • Gerald Forsythe (2018–2021) • Bruce Morelan (2021 to date)

This and the McDermott coin are the only two pieces that are flatly struck at the ear of corn to the left of the ribbon bow on the reverse, perhaps indicating they were struck at a different time than the other three. This coin was deaccessioned by Eric P. Newman and acquired by James F. Kelly, a Dayton jeweler and rare coin dealer who was rising to prominence in the early 1940’s. Kelly is thought to have sold it directly to Conway A. Bolt Sr., although accounts are mixed.11 From there it was said by Bolt to have gone to the R.J. Reynolds family,12 hence the “Reynolds example” label that was attached to this particular coin for a long time—even though a spokesperson for the family (the Reynolds clan in the tobacco business) says they have no record of having owned such a coin.

In actuality, it seems to have been traded or sold to George O. Walton, a coin dealer and collector from North Carolina, a bachelor who conducted his business without publicity. Walton did not publicly acknowledge ownership of the nickel, but said that he had “access to the coin whenever he wanted to display it.” Walton had a fake made (by altering a 1910 nickel) for casual passing around and a real one which he kept as a personal treasure.13 Walton was pictured holding one of these nickels in the July 1960 issue of the Appalachian Bulletin, a local club newsletter, although other publicity concerning it seems to have been sparse.14

Walton was killed in a car crash on March 9, 1962, while on his way to a coin show, when an allegedly impaired driver swerved out of the proper lane and hit him head-on. A large number of coins were recovered intact and without damage by local police from the wrecked vehicle, although his watch and ring were nowhere to be found.15 Among the nickels was the 1913. It was unclear whether this nickel was genuine, and it was taken to the American Numismatic Society,16 where experts pronounced it to be a fake—logical enough, for Walton had owned a fake. The rarity-studded Walton estate collection was auctioned the next year by Stack’s, but the presumed-to-be-fake 1913 nickel was not included.

So where was the real one, the “Reynolds” coin? It was speculated that either the real 1913 coin once owned by Walton had been sold by him to a private client, identity unknown; or that Walton had never owned an original. Theories were plentiful, and facts were scarce.

In 2003 Bowers and Merena Galleries, then located in Wolfeboro, New Hampshire, and owned by Collectors Universe (Ray Merena and I having sold our interests), offered $1 million, sight unseen, to buy the authentic coin if it could be found.17 The owner of the supposed fake, which had passed to Walton’s sister, Melva W. Givens, then to others after she died in 1992, took note of the excitement and brought the coin forth to Montgomery, assuming it was Walton’s fake (altered from 1910) nickel, but noting that it looked a lot like pictures of a real one! In due course, the Walton example was reexamined by a group of experienced dealers (Montgomery, John Dannreuther, David Hall, Mark Borckardt, Fred Weinberg, and Je! Garrett), who pronounced it to be genuine. Voila!

The newly re-identified Walton coin was not for sale. It was exhibited along with the other four examples at the 2003 ANA Convention in Baltimore, where the whole suite of coins, never together in one place since Eric P. Newman had them in the little black case in 1941 and 1942, attracted a great deal of attention. Beth Deisher, editor of Coin World, took the story and ran with it, landing an award from the Numismatic Literary Guild. The designation Walton example seems more appropriate than Reynolds example today, and I use it here. It is graded PCGS PF-63.

Provenance: • Samuel W. Brown and/or Stephen K. Nagy (1913–1920’s)

• Stephen K. Nagy, likely on consignment for a time in 1923 and 1924 to August Wagner (early 1920’s–1924) • Wayte Raymond (1924) • Colonel E.H.R. Green (1924–1936); Green estate (1936–1941) • Eric P. Newman (1941–1942) • Burdette G. Johnson (1942) • James F. Kelly (1942) • Conway A. Bolt (1942–ca. 1945) • Private owner named Reynolds, said by some to be the R.J. Reynolds family, although a spokesperson for that family was unaware of any such connection (to 1946); a tenuous, unproven connection • George O. Walton (ca. 1946–1962) • Melva W. Givens (1962–1992); Givens estate heirs (1992) • Givens estate heirs (1992–2003; auctioned by Heritage) • Je! Garret and Larry Lee (2013–2018) • Martin Burns and Ronald Firman (via Bob Paul; 2018 to date)

The third of the 1913 Liberty Head nickels is the Norweb Collection example, donated to the Smithsonian Institution, where it is a showpiece. By a tiny margin, this seems to have the sharpest details of any of the five coins.

At one time it was a highlight in the fantastic collection of rare coins formed by His Majesty, King Farouk of Egypt, an avid buyer of numismatic rarities in the 1940’s and, at the time, the best customer of several American dealers. Along the way, the monarch acquired many exceedingly important and high-quality American rarities that anyone would be proud to own.

On July 26, 1952, Farouk was overthrown by a military junta under Gamal Abdul Nasser and went into exile. The military government took over his possessions and auctioned them in Cairo in early 1954 under the direction of Sotheby’s London office. The winning bidder for the 1913 nickel was Mrs. R. Henry Norweb, via an arrangement with bidders Sol Kaplan and Abe Koso!, who acquired the coin for 1,300 Egyptian pounds (about $3,750, plus a 5% surcharge, or about $3,940) and immediately afterward sold it to Mrs. Norweb at cost.18

The Norweb family made several important gifts to numismatic institutions. In 1977, to celebrate their wedding anniversary (which would take place in 1978), Ambassador and Mrs. R. Henry Norweb decided to donate the 1913 Liberty Head nickel to the National Coin Collection at the Smithsonian Institution. The appraisal value was set at $225,000, based upon the price advertised by Robert L. Hughes for his coin (number 4 in this roster) in the summer of 1977. Today, the curators at the Smithsonian earn high marks from the numismatic community for their contributions to numismatic scholarship and the welcome given to collectors.

Among the four nickels other than the Eliasberg Proof, this was considered to be the second finest by Eric P. Newman, an evaluation shared by some others who have viewed them all. However, while in Farouk’s possession it was dipped and lacquered. I was mildly surprised to read that the authors of the Million Dollar Nickels book consider this coin to be below even the circulated McDermott example (number 5 in the present roster) in quality.19

Provenance: • Samuel W. Brown and/or Stephen K. Nagy (1913–1920’s) • Stephen K. Nagy, likely on consignment for a time in 1923 and 1924 to August Wagner (early 1920’s to 1924) • Wayte Raymond (1924) • Colonel E.H.R. Green (1924–1936) • Green estate (1936–1941) • Eric P. Newman (1941–1942) • F.C.C. Boyd (1942–1944) • Numismatic Gallery (1944) • King Farouk (1944–1952) • Government of Egypt (1952–1954) • Strategic partnership of Abe Kosoffand Sol Kaplan (1954) • Emery May Holden Norweb (1954–1978) • Smithsonian Institution (1978 to date)

This particular coin is probably the most highly publicized of the five examples, and has the cachet of being the only example ever handled by B. Max Mehl, for whom the 1913 nickel was central to a famous (or notorious, depending on the point of view) advertising campaign. In the 1930’s the nickel gained great fame, and it was said that streetcars slowed as their conductors stopped to check the dates on nickels given by passengers.

In the Fred Olsen sale, 1944, it was sold to King Farouk of Egypt, who found it to be redundant after he acquired the Boyd coin (number 3, above), which he considered to be of higher quality. Rather than pay for the coin, Farouk had it sent to the ANS in New York City, where curator Henry Grunthal, who often did some coin business on the side, was empowered to sell it.20

The coin was placed in a May 1946 auction held by Grunthal and his friend Edward Gans, proprietor of Numismatic Fine Arts (in the same city). Although reported as having sold, in fact, it did not, and it went back to Mehl in Texas. In 1947, Mehl tucked it into the catalog featuring the Will W. Neil Collection. This time the stars were in proper alignment, and the coin was sold to Edwin A. Hydeman, owner of Weist’s Department Store in York, Pennsylvania.21

In 1961 the Hydeman collection, replete with many rarities, was offered at auction by Abe Koso!. Once again, the coin was publicized as having been sold, even though it had not. It remained on consignment with Koso!—with no buyers—until in 1972, when it was sold to World-Wide Coin Investments of Atlanta, Georgia, for $100,000, in a deal that was splashed across the various coin newspapers (also discussed earlier). The coin still found no buyer in the form of a serious collector. The anti-coin scenario continued: for every dealer or collector championing the 1913 nickel as a desirable rarity despite its questionable birth, two others would condemn it as not being worth owning.

My company, Bowers and Ruddy Galleries, bought a half-interest in the coin from World-Wide in 1974, but sold the interest back in 1975. The late John J. Ford Jr. was particularly antagonistic toward this nickel and its publicity, and soundly berated me for being involved with such a piece.

Finally, in 1977, it was sold to Robert L. Hughes Enterprises, a division of A-Mark (Steve Marko!) in Los Angeles. From there it went to Superior Galleries, conducted by the Goldberg family, who sold it to a secret buyer later identified as Los Angeles sports team owner Jerry Buss. It remained with Buss for a time, then was auctioned by Superior, with the buyer being Texas numismatist Reed Hawn.

At the sale of the Hawn Collection, by Stack’s, it went to Dwight Manley of Spectrum Numismatics. Manley was to distinguish himself later as the founder of the California Gold Marketing Group, distributor of most of the treasure from the SS Central America, and in connection with the Dwight Manley Library at ANA Headquarters, for his generous gift. Spectrum placed it with a Nevada investor, retired from the securities business, with whom they had a close connection. Next the coin went to Laura Sperber, then in 2004, Blanchard & Co. acquired it for a private collector in the Midwest whose name was not disclosed. It seems that Laura Sperber missed her 1913 nickel, and in 2005 she captured an even finer one, the Eliasberg example!

This particular nickel was called “dull, scratched Unc.” by Walter Breen in his 1988 Encyclopedia. In my opinion, and writing as a former owner, I do not consider it to be deserving of such a negative description. Indeed, it has been highly acclaimed by all who have owned it. I consider it to be a very nice coin in a lower Mint State classification. It is graded NGC/CAC PF-64.

Provenance: • Samuel W. Brown and/or Stephen K. Nagy (1913–1920’s) • Stephen K. Nagy, likely on consignment for a time in 1923 and 1924 to August Wagner (early 1920’s to 1924) • Wayte Raymond (1924) • Colonel E.H.R. Green (1924–1936) • Green estate (1936–1941) • Eric P. Newman (1941–1942) • Burdette G. Johnson (1942) • James F. Kelly (1942) • Fred E. Olsen (1942–1944; collection auctioned by B. Max Mehl) • King Farouk, most of this time in the possession of Mehl, to whom it was sent on consignment, finally to be sold in 1947 by listing it in the Will W. Neil collection catalog (1944–1947) • Edwin Hydeman (1947–1972) • World–Wide Coin Investments (1972–1975) • Bowers and Ruddy Galleries, Inc., and World-Wide Coin Investments (1974–1975) • World–Wide Coin Investments (1975–1977) • Robert L. Hughes Enterprises, a subsidiary of A–Mark (1977) • Superior Galleries (1977) • Jerry Buss (1977–1985; auctioned by Superior Galleries) • Reed Hawn (1985–1993; auctioned by Stack’s) • Bought by Dwight Manley for Spectrum Numismatics and a Nevada investor (1993–2002) • Laura Sperber, Legend Numismatics (2002–2004) • Donald W. Doyle Jr., Blanchard & Co., and John Albanese (2004) • Private Midwestern collection (2004–2010; auctioned by Heritage • Greensboro Collection, Part V (2010–2014; auctioned by Heritage) • Unknown collection (2014 to date)

The fifth example, somewhat circulated due to being mixed with pocket change, is the nickel owned by J.V. McDermott. This and the Walton coin are the only two pieces flatly struck at the ear of corn to the left of the ribbon bow on the reverse, perhaps indicating they were struck at a different time.

After McDermott died on September 29, 1966, his widow Betts consigned it to Paramount International Coin Corporation. Sold at auction in 1967, with James Kelly at the podium, the coin went to Aubrey E. Bebee. Later, Aubrey and his wife Adeline, having retired from their highly successful rare coin business in Omaha, donated it to the ANA Money Museum in Colorado Springs, where it has been a prime drawing card ever since.

Due to its mishandling, this is the least attractive of the five examples. In his 1988 Encyclopedia Walter Breen noted that while Kelly had called it “Uncirculated, partly rough,” this was flagrant overgrading, for “The coin I saw is EF, nicked, scratched, cleaned; exhibited at hundreds of conventions, reportedly used by McDermott for barroom betting,” Breen wrote. My own view is that “nicked, scratched, and cleaned” is unnecessarily derogatory, and that a simple “Extremely Fine” will do nicely.

Provenance: • Samuel W. Brown and/or Stephen K. Nagy (1913–1920’s) • Stephen K. Nagy, likely on consignment for a time in 1923 and 1924 to August Wagner (early 1920’s to 1924) • Wayte Raymond (1924) • Colonel E.H.R. Green (1924–1936); Green estate (1936–1941) • Eric P. Newman (1941–1942) • Burdette G. Johnson (1942) • James F. Kelly (1942) • J.V. McDermott (1942–1966) • Elizabeth (“Betts”) McDermott (1966–1967; auctioned by Paramount International Coin Corporation) • Aubrey and Adeline Bebee (1967–1989) • American Numismatic Association Money Museum (1989 to date)