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About Us The Numismatic Bibliomania Society is a non-profit association devoted to the study and enjoyment of numismatic literature. For more information please see our web site at coinbooks.org Subscriptions Those wishing to become new E-Sylum subscribers can go to the following web page Subscribe You may Unsubscribe Here Membership There is a membership application available on the web site Membership Application To join, print the application and return it with your check to the address printed on the application. Print/Digital membership is $40 to addresses in the U.S., and $60 elsewhere. A digital-only membership is available for $25. For those without web access, write to: Jeff Dickerson, Treasurer Numismatic Bibliomania Society P. O. Box 578, Weatherford, TX 76086 Asylum For Asylum mailing address changes and other membership questions, contact Jeff at this email address: treasurer@coinbooks.org Submissions To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com BUY THE BOOK BEFORE THE COIN Sale Calendar Watch here for updates!

Content presented in The E-Sylum is not necessarily researched or independently fact-checked, and views expressed do not necessarily represent those of the Numismatic Bibliomania Society.

WAYNE'S WORDS: THE E-SYLUM FEBRUARY 1, 2026

New subscribers this week include: Dave Cadenasso, courtesy Michael "Stan" Turrini; and Ted Maroulis. Welcome aboard! We now have 6,717 subscribers.

Thank you for reading The E-Sylum. If you enjoy it, please send me the email addresses of friends you think may enjoy it as well and I'll send them a subscription. Contact me at whomren@gmail.com anytime regarding your subscription, or questions, comments or suggestions about our content.

This week we open with a numismatic periodical sale, one new book, two death notices, updates from the Newman Numismatic Portal, notes from readers, and more.

Other topics this week include coin bags, commemorative coin ephemera, numismatics of the Olympics, serial numbered medals, colonial coin dealer Phil Benedetti, the PCGS Coin Dealer Hall of Fame, numismatic artist Robert Julian, Emperor Norton's engraving, banknotes of Iraq, Syria and the Straits Settlements, and the books who gave their last full measure of devotion to artificial intelligence.

To learn more about The Flying Eaglet and Nickel News periodicals, modern presidential inauguration tickets, a new digital microscope for coin grading, a proof 1848 Seated Dollar, Loye Lauder's selective secrecy, the Pickwick Coin Co., Jeff Garrett, Laura Sperber, Lee Minshull, the earliest ancient coin counterfeits, the Silver Panic of 1893, Bust Half Dollars in the China Trade, and preserving that special library scent, read on. Have a great week, everyone!

Wayne Homren
Editor, The E-Sylum

 

BRYCE BROWN NUMISMATIC PERIODICAL SALE

Auction of Numismatic Periodicals, featuring the D. Wayne "Dick" Johnson Library, closes 2/11/2026

Numismatic periodical literature is the topic of my current auction, which includes material from the Dick Johnson and Dr. R. Craig Kammerer libraries.

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NEW BOOK: PRESIDENTIAL INAUGURATION TICKETS, V1

This handbook is the only comprehensive guide to collecting presidential inauguration tickets. This first volume catalogs all ticket varieties for the inaugurations of President Donald J. Trump in 2017 and 2025. All tickets are shown in full-color and in great detail. The guide contains a checklist to help collectors complete their sets. Also included are copies of the president's inaugural addresses.

A Brief History of Presidential Inauguration Tickets

Presidential inauguration ceremony tickets have long served as both functional credentials and enduring mementos of seminal moments in American political life. While public attendance at inaugurations dates to the nation's founding, printed admission tickets became necessary as the events grew larger in size and scope.

The modern system for producing and distributing inauguration tickets began with the formation of the Joint Congressional Committee on Inaugural Ceremonies (JCCIC) in 1901. Established by the Congress every four years, the JCCIC is responsible for planning and coordinating the swearing-in ceremony and related programming. Among its duties are the design, manufacture, and dissemination of official admission tickets.

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JOHN H. KROLL (1938-2026)

In Memory of John H. Kroll (1938-2026)

It is with great sadness that the American Numismatic Society announces the passing of John H. Kroll, former ANS Trustee and Second Vice President, ANS Life Fellow, and Professor Emeritus at the University of Texas at Austin. He was a frequent visitor to the ANS, which he had just visited before Christmas, as he was trying to finish an article on a 5th-century BCE Athenian tetradrachm excavated at the site of Eretria.

Born in Washington, D.C., Kroll received his B.A. in Classics from Oberlin College and then went on to Harvard University for his Ph.D. in Greek archaeology and history. While at Harvard, he first came to the ANS as a student in the Graduate Summer Seminar in 1963. Subsequently, Kroll became one of the most distinguished scholars in Greek numismatics and economic history, serving for years as the numismatist for the American excavations in the Athenian Agora. In 1993, he published a volume on the nearly 17,000 coin finds from this site.

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ROBERT A. SCHUMAN, M.D. (1945–2026)

Robert A. Schuman, M.D. (1945–2026)

Longtime numismatist and numismatic bibliophile Bob Schuman died on January 19, 2026. Bob was a serious collector of numismatic literature for about as long as he was a serious collector of coins, going back to his employment with Thomas Warfield of Mason-Dixon Coin Exchange in the late 1950s and early 1960s. His early years in the hobby focused on U.S. large cents, and he was an active member of Early American Coppers since the 1970s. In later years, he developed a strong interest in Hard Times Tokens, and he formed an outstanding collection of these pieces. His numismatic library focused on American books and catalogues, and he prized originality and condition at a time when these were largely considered secondary concerns. In 2010, his book "The True Hard Times Tokens" was published by M&G, with Chris McCawley serving as editor.

His obituary can be seen at the link below. A fuller, more numismatic, treatment will follow.

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NNP ADDS OLD BAG COLLECTOR'S CLUB JOURNAL

Newman Portal Adds Old Bag Collector's Club Journal

Pete Smith has published the latest issue of the Journal of the Old Bag Collector's Club. This installment notes a significant, recent offering from Heritage Auctions that presented 77 lots of Mint bags, several of which realized prices in the mid-four figure range. Smith further notes that he has uncovered many references to Mint bags in U.S. Mint papers at the National Archives and hopes to include this new information in a revised edition of his The Incomplete Guide to United States Mint Coin Bags. Numismatists have collecting in their DNA, and the tendency to pursue associated items such as sample slabs, Whitman boards, or in this case coin bags, is not the least surprising.

Image: Virtual logo of the Old Bag Collectors Club. No bags were harmed in the creation of this artwork.

Link to Journal of the Old Bag Collector's Club:
https://nnp.wustl.edu/library/publisherdetail/549372

Link to The Incomplete Guide to United States Mint Coin Bags:
https://nnp.wustl.edu/library/book/625311

VIDEO: OLYMPIC GAMES: HISTORY AND NUMISMATICS

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DIGITAL COIN GRADING MICROSCOPE LAUNCHES

Coin collecting enters a new era this January as Quantitative Collectors Group, or QCG, brings its groundbreaking, science-based coin grading technology to the annual Florida United Numismatists (F.U.N.) Coin Show — the largest coin collecting event in the United States. Taking place January 8–11, 2026, at the Orange County Convention Center, the event will feature QCG's OCS200 on display as the company begins its launch phase ahead of a broader market rollout in February, offering media and collectors an early look at a device designed to enhance subjectivity and introduce unprecedented speed, consistency, and transparency to the numismatic marketplace.

Grand Rapids, Michigan-based entrepreneur Richard Colonna has developed a first-of-its-kind device designed to transform how coin collectors grade and value their currency. The OCS200, introduces a cutting-edge, technology-driven approach that provides the foundation for subjective coin grading, making it faster, more consistent, and more accessible than ever before.

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NOTES FROM E-SYLUM READERS: FEBRUARY 1, 2026

Notes from Bob Rhue
Bob Rhue writes:

To read the earlier E-Sylum articles, see:
TREASURE TALK WITH BOB EVANS, EPISODE 11 (https://www.coinbooks.org/v29/esylum_v29n04a13.html)
BOOK REVIEW: NEPTUNE'S FORTUNE (https://www.coinbooks.org/v29/esylum_v29n04a02.html)

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BURDETTE SEEKS NUMISMATIC RESEARCH ASSOCIATE

Searching for American Numismatic Research and Imaging Associate

Some of you – dealers and collectors – know that about 25 or 30 years ago I decided to concentrate on collecting American Numismatic information from original sources rather than acquire coins. It was a conscious decision, and one I have not regretted. I've lost count of the discoveries made, the myths exposed, the strange fascinating truths found when bias and ignorance are copied generation upon generation.

The time is at hand when the processes, techniques and intellectual basis for this must be passed to others – or potentially vanish. If you look at the following post on the NGC message board, you can get a tiny slice of the range and depth of material collected, analyzed, and immediately available. Notice the options presented for responding to questions including both available digitally and known but yet to be scanned.

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DLRC AWARDS $5,000 BOUNTY FOR RARE PROOF DOLLAR

Wanted! Dead or Alive!

He didn't win a game show or even last week's Powerball, but Caden Dore stood proudly nevertheless, holding an oversized check for $5,000! In August 2025, DLRC (formerly David Lawrence Rare Coins) posted a bounty on three Proof Silver Dollars on behalf of the D.L. Hansen Collection. The three coins—dated 1801, 1841, and 1848—are the lone missing pieces from the Proof Silver Dollar Collection. After a protracted search of more than 6 years, the first of the three pieces has been tracked down!

At the recent FUN Show in Orlando, Florida, Mr. Dore was rewarded with the bounty as DLRC successfully acquired the 1848 Seated Dollar, graded by PCGS as Proof 62. The coin now resides proudly in the D.L. Hansen Collection, and Mr. Dore traveled home with an additional $5,000!

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VOCABULARY TERM: SERIAL NUMBERING

Serial Numbering. Consecutive numbering of medallic items in a limited issue to indicate that a quantity, not greater than that announced, has been issued. When all consecutive numbers in a series are not used (as 1–60, 65–70, 100-110 for example), this is known as interrupted numbering. Occasionally the year of issue, a trademark, other lettering or symbols appear with the serial number. If the piece is reeded and space is desired for numbering, the reeding may be eliminated in an area for the edge marking; such an area is called interrupted reeding. Serial numbers should be included with other edge lettering; as a number alone leads to confusion. For machine numbering the zeros are used ahead of the number; and 006 is confused with 900 as there is no orientation without other lettering. Numbering can be applied to the edge of a medallic item by hand (hand numbered), or by machine (numbering head). See edge lettering and numbering.

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LOYE LAUDER'S SELECTIVE SECRECY

Before I drop the subject, I would like to post one more photograph of Loye Lauder.

In 1956, the Florida yacht set participated in a social event, "Key Largo Anglers' Club Goes to Hawaii." The club was decorated in Hawaii themed huts and a pit for a pig roast. Guests came in costumes from various periods. A group of ten howling cannibals showed up with their dinner in a cooking pot.

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PHILIP ERNEST BENEDETTI (1917-2010)

Philip E. Benedetti specialized in colonial coins and early American copper coins. He was the primary dealer for Loye L. Lauder. During the years she collected, she lived nearby in Greenwich, Connecticut. He also helped Theodore T. Gore assemble his collection.

Philip Benedetti was born at Hill Station, Pennsylvania, on March 15, 1917, the son of Angelo (a/k/a Fermenio Angelo Benedetti (1883-1987)) and Laura (a/k/a Lauroma Maria Petroni) Benedetti. His Coin World obituary gives his place of birth as Hill Station, PA. His WWII enlistment card gives his place of birth as Hills, PA.

He began collecting coins at the age of twelve with a 1786 colonial coin. At the time he was earning money selling papers and shining shoes.

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PCGS INDUCTS THREE TO COIN DEALER HALL OF FAME

Professional Coin Grading Service (www.PCGS.com) is enshrining the names of three new inductees to its time-honored PCGS CoinFacts Coin Dealer Hall of Fame. The honors, which have been awarded since 2010 and includes dozens of legendary numismatic figures, grow longer this year with the inclusion of Mid-American Rare Coin Galleries, Inc., founder Jeff Garrett, Legend Numismatics co-founder Laura Sperber, and wholesale market maker Lee Minshull.

"It's hard to imagine the modern numismatic marketplace without the likes of Jeff Garrett, Laura Sperber, and Lee Minshull," said PCGS President Stephanie Sabin. "Jeff, Laura, and Lee all play significant roles in shaping the culture and dynamics of the numismatic industry today," Sabin continued.

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2026 ANA CLUB PUBLICATIONS COMPETITION OPEN

The American Numismatic Association (ANA) is accepting submissions for the 2026 Barbara J. Gregory Outstanding Club Publications competition. Awards will be presented in three categories: local, regional, and specialty (due to the evolving nature of publishing, the electronic category has been eliminated since nearly all publications are now offered virtually).

The contest is open to clubs that issued newsletters or journals on a regular basis during 2025, are current with their ANA dues, and do not have an elected ANA officer or an ANA employee as editor or assistant editor.

Submissions for all categories must include just three samples of publications from 2025 and can be either mailed or emailed. Also required are the category of submission (local, regional, or specialty); the editor's name; and the name, address, phone number, and email address of the submitter. Completed submissions must be postmarked or emailed no later than April 1.

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2026 ANA YN LITERARY AWARDS SUBMISSIONS ACCEPTED

Young writers can hone their skills and submit articles based on a numismatic topic for the chance to win awards. Submissions for the American Numismatic Association's (ANA) annual Young Numismatist Literary Awards competition are being accepted through April 1. The awards were established to encourage young writers in three age groups, all of whom compete for cash awards and numismatic books.

Eligibility

To compete in this year's competition, participants must be ANA members. Submitted articles will focus on a numismatic topic of the competitor's choice.

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APPLY FOR ANA COLLEGE SCHOLARSHIP

Applications for the Gerome Walton Memorial College Scholarship provided by the American Numismatic Association (ANA) are being accepted through March 13. The scholarship fund was established in 2014 to provide a graduating high school senior who is also a member of the ANA with $1,000 to use at the post-secondary school of the student's choice. Scholarship winners will be chosen based on numismatic merit.

Up to two scholarships may be awarded annually. Students with a full class schedule, who maintain a B average throughout their higher education, can receive the $1,000 scholarships for up to four years.

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THE EARLIEST ANCIENT FORGERIES

The Earliest Ancient Forgeries
The Early Date and Surprising Extent of Counterfeiting in Ancient Britain
By Robert D. Van Arsdell

British rulers began striking their own gold staters around 70-60 bc. Almost immediately, counterfeiters made fakes of them. Every coin-issuing tribe was targeted by counterfeiters – some by multiple workshops. Most heavy staters (over 6.0 grammes) are known in plated versions. The phenomenon is so widespread and intensive it deserves special study.

Researchers are investigating the way Britain came to use money. The role of counterfeiting must be an integral part of the study of monetization.

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THE SILVER PANIC OF 1893

A well-circulated 1893-S (San Francisco Mint) Bland silver dollar. After the British closed their mints in India to the free coinage of silver on June 26, 1893, the intrinsic value of a silver dollar dipped to 52 cents. That was the lowest value to which silver had ever fallen.

Eric writes:

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YORK COUNTY TERCENTENARY COIN EPHEMERA

Much of what numismatists know about the classic commemorative series comes from studying contemporary records, past numismatic writings, or surviving pieces of original ephemera relating to the coins and their distribution. The latter is the area perhaps least well studied, as the material itself is often rare or even unknown to survive. Types of ephemera range from simple distribution envelopes to presentation cases, from order forms to mailing envelopes, and even special coin-specific ephemera for pieces individually distinguished at the time they were struck or distributed. There is ephemera from the Mint as well as that from distributors, from commissions and committees as well as prominent contemporary numismatists. The list goes on almost ad nauseam.

The rarest distribution holders, envelopes, and the like tend to be those related to early issues in the commemorative series when the coins were often distributed without much fanfare. Among the later issues, especially those widely distributed, the rarest ephemera is often not the holders or boxes, but the peripheral papers, letters, order forms, and the like which were typically thrown away by contemporary collectors. Some of this material is extremely rare.

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THE NUMISMATIC ARTWORK OF ROBERT JULIAN

Critical Review of the Numismatic Artwork of Robert Julian
(Based on publicly available information and published descriptions)

Robert Julian's numismatic artwork stands out as one of the most disciplined and conceptually mature bodies of coin-focused illustration available today. His work occupies a rare intersection: the precision of technical drafting, the sensitivity of classical drawing, and the narrative richness of numismatic history. This combination gives his pieces a presence that feels both archival and alive.

A Mastery of Technical Precision
Julian's drawings are executed entirely in archival colored pencil, a medium that demands patience, control, and an almost obsessive attention to detail. Collectors and reviewers note that his renderings achieve "absolute fidelity" to the coins they depict. The surfaces, relief, luster, and minute die characteristics are reproduced with a level of accuracy that rivals high-resolution photography—yet the work retains the warmth and intentionality of hand-drawn art.

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THE EMPEROR NORTON SCRIP NOTE ENGRAVING

SURELY no single artistic depiction of Emperor Norton has been reproduced more times, over a longer period, than the "cut" of the Emperor that featured on the fronts of his promissory notes.

Numismatic scholars estimate that, in total, more than 3,000 of these notes were printed. Nearly all of them — including all of those signed and dated between January 1871 and the Emperor's death in January 1880 — featured the same engraving of him.

The two note printers of record are Cuddy & Hughes, who printed the extant notes Emperor Norton signed and dated between November 1870 and August 1877, and Charles A. Murdock & Co, who printed those signed and dated between January 1878 and January 1880.

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STRAITS SETTLEMENTS BANKNOTES

Our offices around the world are hard at work putting the finishing touches on the April 2026 Hong Kong (SAR) Auction. As always, this sale includes a wide assortment of Chinese and Asian coins and paper money, as well as other selections from around the world. In the paper money section of the catalog, we will be offering selections from the William J. Pardee Collection, including two rarities from the Straits Settlements that are the subject of this blog.

The William J. Pardee Collection reflects more than six decades of disciplined, research-driven collecting guided by a lifelong interest in history and paper money. Built patiently over time, it balances broad geographic scope with focused depth in periods of political, military, and economic transition. Pardee's background shaped this approach. Born in New Haven, Connecticut, he served during World War II aboard the USS Wisconsin, later attending the U.S. Naval Academy and commissioning into the U.S. Air Force during its formative years. Extended overseas assignments, particularly in Japan during the 1950s and again from 1969 to 1974, exposed him to foreign currencies.

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SADDAM HUSSEIN BANKNOTE ON TRUMP'S DESK

Many Iraqis have been preoccupied in recent hours by a photo posted on Tuesday by U.S. Special Envoy to Iraq Mark Savaya on his X account. It appeared to show an old banknote featuring a picture of former Iraqi President Saddam Hussein. The old banknote is a 5-dinar note.

The image showed Trump seated across a table holding several red caps bearing one of his favorite slogans, "America is back," with a cup of soft drink in front of him, as well as an old Iraqi banknote.

Saddam Hussein was the president of Iraq from 1979 until 2003, ruling the country through an authoritarian regime.

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LOOSE CHANGE: FEBRUARY 1, 2026

Bust Half Dollars in the China Trade

It is known to researchers and hobbyists alike that early U.S. dollars (Flowing Hair and Draped Bust) were employed in the China trade. Such coins, however, were secondary in comparison to the massive amount of Spanish-American dollars exported by U.S. merchants to the Celestial Empire to purchase goods like tea, silk, porcelain, nankeens, and spices. Nonetheless, the vast majority of U.S. silver dollars dated 1794 to 1803 were indeed sent to China in trade.

However, the export of American silver dollars became a problem—a big problem. Very few, if any, dollars were circulating domestically. Bullion dealers and merchants brought Spanish-American dollars to the Philadelphia Mint to turn them into new U.S. dollars—without any seigniorage charge. That was because merchants were trading U.S. dollars in the West Indies for heavier Spanish-American dollars at par. The U.S. dollars had 371.25 grains of fine silver, while the foreign dollars had 373.5 to 374 grains, and even up to 377.25 grains. Then, after having the new U.S. dollars struck, they brought them to the West Indies to trade for more of the Spanish-American dollars. This process resulted in merchants realizing a profit via arbitrage, which drained the U.S. of domestic silver dollars.

The United States silver dollar was a failure. The drain of dollars—due to export and arbitrage in the West Indies—was so extensive that the U.S. Mint suspended their production. That was in 1804 after the completion of striking the 1803 issue. This change was brought about by the presidential administration to halt the export of dollar coins. This new policy was not authorized by any law; mint officers simply stopped minting Draped Bust dollars. The official deathblow of the silver dollar was in 1806, when President Thomas Jefferson formally ended their production.

One would assume that the silver arbitrage in the West Indies would end, now that the production of silver dollars was over. However, that was not the case. Writes economist J. Laurence Laughlin, "[A]lthough the coinage of the United States silver dollar was discontinued… a profit was still realized by importing Spanish[-American] dollars, because two half-dollars served the same purpose as a dollar piece did before, containing, as they did, as much pure silver as the dollar piece. And our silver continued to be coined and exported."

To read the complete article, see:
No Dollars? Capped Bust Half Dollars in the China Trade (https://www.greysheet.com/news/story/no-dollars-capped-bust-half-dollars-in-the-china-trade)

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PRESERVING THAT SPECIAL LIBRARY SCENT

Despite their potential to enrich our understanding of history and art, smells are rarely conserved with the same care as buildings or archaeological artifacts. But a small group of researchers, including Strlic and Leemans, is trying to change that — combining chemistry, ethnography, history and other disciplines to document and preserve olfactory heritage.

Some projects aim to safeguard a beloved smell before it disappears. When the library in London's St. Paul's Cathedral was scheduled for renovation, for example, Strlic and his UCL colleague Cecilia Bembibre set about documenting the historic library's distinct smell.

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AI CREATED BY DESTRUCTIVE DIGITIZATION

In early 2024, executives at artificial intelligence start-up Anthropic ramped up an ambitious project they sought to keep quiet. "Project Panama is our effort to destructively scan all the books in the world," an internal planning document unsealed in legal filings last week said. "We don't want it to be known that we are working on this."

Within about a year, according to the filings, the company had spent tens of millions of dollars to acquire and slice the spines off millions of books, before scanning their pages to feed more knowledge into the AI models behind products such as its popular chatbot, Claude.

Details of Project Panama, which have not been previously reported, emerged in more than 4,000 pages of documents in a copyright lawsuit brought by book authors against Anthropic, which has been valued by investors at $183 billion. The company agreed to pay $1.5 billion to settle the case in August, but a district judge's decision last week to unseal a slew of documents in the case more fully revealed Anthropic's zealous pursuit of books.

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ABOUT THIS ISSUE: FEBRUARY 1, 2026

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