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.

Among the items offered are:

• - The Asylum Journal, Volumes 1-36 (1980-2019)
• - Andrew C. Zabriskie's bound set of the American Journal of Numismatics, Volumes 1-41 (1866-1907)
• - Penny-Wise Journal, Volumes 1-37 (1967-2003), bound by John Ward, EAC #74
• - The Numismatist, Volumes 12-57 (1899-1944), in three groups
• - Early issues of the Guttag Bulletin, Volumes 1-5 (1923-1928)
• - NUMISMA by Ed Frossard, Volumes 1-9 (1877-1891), bound by the ANS
• - French Medals Bulletin, a substantial group, 1964-1986
• - Zabriskie's bound set of the American Numismatic & Archaeological Society (ANS) proceedings, 1878-1898
• - The Asylum Journal, Volumes 1-5 (1980-1987), bound with index
• - "The Penny" error coin journal by Emil DiBella, the first 32 issues, 1963-1965
• - The Numismatist: the 1963 Olympic Press reprint of the first six volumes (1888-1893)
• - Several early issues of the Colonial Newsletter, 1961-1962
• - "You Name It ?" and subsequent "The Flying Eaglet" journal, 1955-1958
• - Long runs of the TAMS Journal from 1961-2020
• - Cal Wilson's "The Repository", 1982-1988
• - Several long runs of programs from California coin conventions
• - A complete set of ANR's "Numismatic Sun"
• - Mason's "Coin and Stamp Collectors' Magazine", fourteen issues from 1869-1871
• - Nickel News Journal, complete 1987-1992
• - Both versions of the famous "Levick plate" of 1793 cents are represented in the sale!

These are now open for bidding on eBay, under seller name dwj-numismatic-library. All lots close the evening of Wednesday, February 11th, 2026. Link: https://www.ebay.com/usr/dwj-numismatic-library

Any questions can be asked through eBay, or by contacting me at dwj.library@gmail.com.

To read the earlier E-Sylum articles, see:
BRYCE BROWN SALE OF DICK JOHNSON LIBRARY (https://www.coinbooks.org/v28/esylum_v28n49a03.html)
BRYCE BROWN DICK JOHNSON LIBRARY SALE, PART II (https://www.coinbooks.org/v28/esylum_v28n52a02.html)

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.

Since 1913, the JCCIC has partnered with the Government Publishing Office (formerly, the Government Printing Office) to produce the inaugural ceremony tickets. Nearly all tickets are dispensed through the congressional offices of Senators and Representatives, with each member allocated a number to dispense among constituents. Tickets for dignitaries and others seated on or near the platform are managed by the JCCIC in coordination with the president's inaugural committee.

Beyond their functional role, inauguration tickets have become prized collectibles. Early printed examples are rare, particularly those predating the JCCIC era. Collectors often seek full, unused tickets, complete with stubs and envelopes, as well as various section colors and print variations. Perhaps unsurprisingly, the secondary market has grown in recent decades. For many, inauguration tickets serve not only as beautiful collectibles, but also as tangible connections to the pageantry and peaceful transition of presidential power.

The Chiarello Number

Despite the existence of a robust market for presidential inauguration tickets, there has yet to be a concerted effort to assemble a uniform and comprehensive catalog. This guide endeavors to fill that void by assigning each ticket a unique "Chiarello Number." The Chiarello Number consists of the year of issue, a capital letter denoting the color, and a number indicating the variety. For example, Chiarello Number 2025.Y2 refers to the second variety of the Yellow Ticket issued for the 2025 inauguration. A complete reference and price guide is included at the end of this volume.

Other Inaugural Collectibles

This guide has a narrow focus by design. It does not catalog presidential inaugural collectibles beyond those tickets issued to the public by the JCCIC. Collectors may yet be interested in the official presidential inaugural medals, the commemorative covers and license plates, and the parade and ball passes. Those items and more are detailed in other volumes.

For more information, or to order, see:
A Collector's Guide to Presidential Inauguration Tickets: Donald J. Trump - 2017 & 2025 (https://www.amazon.com/dp/B0GCVJLVMD)

To read the earlier E-Sylum articles, see:
NEW BOOK: OFFICIAL INAUGURAL MEDALS (https://www.coinbooks.org/v24/esylum_v24n02a03.html)
NEW BOOK: OFFICIAL INAUGURAL MEDALS, 2ND ED. (https://www.coinbooks.org/v24/esylum_v24n36a03.html)

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.

He also served as Professor of Classics at the University of Texas at Austin for more than thirty years, mentoring students in Greek history, archaeology, and numismatics. While in Austin, he married Lisa Kallet, also a distinguished ancient historian, with whom he co-authored The Athenian Empire: Using Coins as Sources, published in 2020 in the joint ANS-Cambridge University Press series, Guides to the Coinage of the Ancient World. She passed away in February 2025. Following their move to Oxford, England, in 2006, he was named an Honorary Research Associate of the Heberden Coin Room at the Ashmolean Museum at the University of Oxford.

To mark his retirement from the University of Texas at Austin, the ANS published a book in his honor, Agoranomia: Studies in Money and Exchange Presented to John H. Kroll, edited by one of his former students at the University of Texas, ANS Chief Curator Peter van Alfen, in 2007.

We express our deepest condolences to his family, friends, and former colleagues who had the privilege of knowing him, especially the countless students whom he taught during his long career. A full obituary will be published in the ANS Magazine at a later date.

To read the complete article, see:
In Memory of John H. Kroll (1938-2026) (https://numismatics.org/pocketchange/in-memory-of-john-h-kroll-1938-2026/)

Agoranomia: Studies in Money and Exchange Presented to John H Kroll
by Peter Van Alfen (Editor)

Offered to John H Kroll upon his retirement from the University of Texas at Austin, this volume features essays on Greek coinage, exchange, and polis economies from the Archaic to Hellenistic periods. Included in the collection are studies that explore aspects of Homeric and Archaic exchange, the law of sale, and cavalry costs. Other studies examine the social, economic and historical contexts of coinages from Abdera, Athens, "Lete," Lydia, Mylasa, and Side, and present new interpretative approaches to "cooperative" coinage and those from archaeological sites.

Table of Contents

• Hélène Nicolet-Pierre: Les Talents D'Homère;
• Raymond Descat: Argyrnetos: Les transformations de l'échange dans la Grèce archaïque;
• Robert W. Wallace: KUKALIM, WALWET, and the Artemision Deposit: Problems in Early Anatolian Electrum Coinage;
• Jonathan H. Kagan: Small Change and the Beginning of Coinage at Abdera;
• Selene Psoma: The "Lete" Coinage Reconsidered;
• Edward E. Cohen: A Legal Fiction: The Athenian Law of Sale;
• Catherine Grandjean: Athens and Bronze Coinage; Graham J. Oliver: Polis Economies and the Cost of the Cavalry in Early Hellenistic Athens;
• Richard Ashton and Gary Reger: The Pseudo-Rhodian Drachms of Mylasa Revisited;
• Andrew R. Meadows: Amyntas, Side, and the Pamphylian Plain;
• François de Callataÿ: Greek Coins from Archaeological Excavations: A Conspectus of Conspectuses and a Call for Chronological Tables;
• Emily Mackil and Peter G. van Alfen: Cooperative Coinage.

For more information, or to order, see:
Agoranomia: Studies in Money and Exchange Presented to John H Kroll (https://www.amazon.com/Agoranomia-Studies-Money-Exchange-Presented/dp/0897222989)

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.

To read the complete article, see:
Robert Schuman M.D. May 20, 1945 — January 19, 2026 (https://www.jenningscalvey.com/obituaries/robert-schuman)

To read the earlier E-Sylum article, see:
BOOK REVIEW: THE TRUE HARD TIMES TOKENS BY ROBERT SCHUMAN (https://www.coinbooks.org/esylum_v14n05a08.html)

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

Doug Mudd speaks at the ANA National Money Show in Dallas (March, 2016).

To watch the complete video, see:
Olympic Games: History and Numismatics (https://youtu.be/c155rOQEbAw)
Olympic Games: History and Numismatics (https://nnp.wustl.edu/library/book/554706)

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.

Developed by a team of experts in manufacturing, technology hardware, and software, QCG's breakthrough technology provides collectors with a science-based analysis that ensures consistent, repeatable results, a dramatic shift from the traditional grading process, which depends on individual interpretation, often resulting in different grades based who is reviewing the coins.

For generations, coin grading has relied on a handful of third-party graders. Collectors mail their coins away, wait weeks, and receive a subjective Sheldon Grade, which varies depending on the grader's opinion. QCG changes that paradigm with the OCS200, an IoT-based digital microscope that uses precision internal lighting and high-resolution imaging to analyze coins across five key grading areas: wear, surface preservation, luster, strike, and eye appeal.

Once scanned, QCG's proprietary software generates a detailed report in less than 15 minutes, emailed directly to the user. Each report includes the coin's unique digital fingerprint, featuring a Quantitative Sheldon Grade and current estimated value based on marketplace data.

"QCG isn't here to disrupt the art of coin collecting; it's here to make coin grading trustworthy, accessible, and affordable for all collectors," said QCG founder Richard Colonna. "Today, traditional coin grading depends heavily on subjective expertise, while QCG introduces a quantitative approach using scientific instrumentation to support and complement that process. Using a mixed-method approach of quantitative analysis and subjective interpretation in coin grading encourages greater confidence and clarity for each coin grade."

The QCG team, based in West Michigan, brings together decades of experience in manufacturing, software development, and optical technology. Their shared mission: to take the guesswork out of coin grading and build a more transparent, trustworthy standard for collectors worldwide.

With more than 139-million-coin collectors globally, the opportunity for growth and innovation is enormous. QCG's cloud-based platform allows individuals to scan and grade their own coins without relying on costly third-party submissions, building a global database of standardized, data-backed coin assessments.

"Each scan not only provides valuable, transparent, and visual insight," Colonna added, "but also contributes to a worldwide network of consistent coin evaluations, strengthening trust and accessibility across the hobby."

We are offering early supporters of our technology a machine for $795 from $1195, and we have also added a subscription model to our service plan, which will be part of our reward. The first 100 supporters will receive a 6-month free subscription, and the next 1000 pledges will receive a 2-month free subscription. Our subscription model allows the user to scan as many coins as they would like for the month. The regular service fee is $69 per month, but if you sign up for a yearly subscription its $29 per month.

About Quantitative Collectors Group

West Michigan-based Quantitative Collectors Group is a new era of quantitative collectible assessment. By blending technology, transparency, and trust, QCG invites coin collectors to embrace the future of numismatics, where accuracy meets accessibility. For more information or to support the campaign, visit www.qcgcoins.com.

To read the complete press release, see:
New Coin Grading Technology Comes to Orlando as Industry Gathers for Major U.S. Coin Show (https://smebusinessreview.com/wealth-and-investment-management/new-coin-grading-technology-comes-orlando-industry-gathers-major-us-coin-show)

For more information, see:
5 Minutes With Richard Colonna of Quantitative Collectors Group (https://dailynewsnetwork.com/2024/shows/5-minutes-with/5-minutes-with-richard-colonna-of-quantitative-collectors-group/)
Michigan man launches coin-grading device amid discontinuation of pennies (https://www.mlive.com/news/grand-rapids/2025/11/michigan-man-launches-coin-grading-device-amid-discontinuation-of-pennies.html)
Startup Spotlight: Quantitative Collectors Group (https://www.dbusiness.com/hustle-and-muscle-articles/startup-spotlight-quantitative-collectors-group/)

 

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)

Syria's New Banknotes
Regarding Syria's new banknotes, Jon Radel writes:

To read the earlier E-Sylum article, see:
Syria Unveils New Currency (https://www.coinbooks.org/v29/esylum_v29n04a25.html)

Bois Durci Information Sought
Brett Follmer writes:

To read the earlier E-Sylum article, see:
BOOK REVEW: BOIS DURCI, A NATURAL PLASTIC 1855-1927, BY GASTON VERMOSEN (https://www.coinbooks.org/esylum_v11n36a04.html)

Quick Quiz: Who won an Olympic medal AND a Nobel Peace Prize?

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.

https://boards.ngccoin.com/topic/440118-interesting-letter-tells-us-that-all-22-million-silver-dollars-stored-at-new-orleans-were-melted/#comment-9922166

I have to accept the fact that I can only accomplish a limited amount of research image origination, transcription, analysis, and dissemination preparation required to make a wide range of U.S. Mint documents available to others. The only funding for this comes from the Eric P Newman Numismatic Education Foundation (EPNNES via NNP), and my own small resources. I've encountered several people who might be potential successors, but they have been too early in their careers or do not possess the technical inquisitiveness to begin without appropriate guidance. I can provide that, but a candidate must be willing to climb what is a fairly steep curve of acquired experience and archival resource connections.

Potential candidates are welcome to inquire and discuss further.

Roger W. Burdette

 

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!

While the 1848 Proof Dollar has been apprehended, the 1801 and 1841 are still on the numismatic lam. Anyone fit to locate an example graded or stickered by CAC can still take advantage of the offer and claim the next $5,000 bounty upon DLRC's acquisition. Contact us with any information regarding these two coins by emailing coins@davidlawrence.com.

John Brush, President of DLRC and curator of the impressive D.L. Hansen Collection, declared, "As curator of the D.L. Hansen Collection, we are always on the lookout for rare pieces that fill obscure gaps in his collection. While his main set, the "US Collection of Regular Issues from 1792 to Present", is complete (minus the 1822 $5, of which only a single example is available to the public), there are proof and variety examples that can be obtained to further elevate the famed collection. I am thrilled to add this coin to the collection and would love to locate the other two as well! As we are always upgrading and adding to Hansen's number one set, if you come across a coin you believe would be a good fit, please reach out."

In addition to locating coins for the D.L. Hansen collection, DLRC is constantly looking for high-caliber pieces to feature in weekly internet auctions! If you have a collection, duplicates, or stale inventory that you are ready to move, consider consigning to an upcoming auction. DLRC is an industry-leader, hosting online auctions for more than 20 years. With a dedicated collector base, the most favorable rates in the business, and a proprietary "No Fee Guarantee", you owe it to yourself to contact DLRC.

Anyone interested in selling or consigning to these auction events should contact DLRC via email at coins@davidlawrence.com or by phone at 800-776-0560.

 

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.

To read the complete entry on the Newman Numismatic Portal, see:
Serial Numbering (https://nnp.wustl.edu/library/dictionarydetail/516727)

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.

The Miami Herald for Sunday, March 11, 1956, devoted a full page to the story. They reported that the events of the week drew 57 yachts from around the country.

The point I wish to make is that Loye Lauder did not shun publicity as reported in a 2018 auction catalog. As Mrs. Allison Laytham, she was active in the community of people who travelled up and down the East Coast in fancy yachts. That she formed her coin collection out of public view is totally understandable.

To read the earlier E-Sylum articles, see:
LOYE L. LAUDER (1911-1964) (https://www.coinbooks.org/v29/esylum_v29n03a20.html)
MORE ON LOYE L. LAUDER (https://www.coinbooks.org/v29/esylum_v29n04a11.html)
BIDDING AT THE LOYE L. LAUDER SALE (https://www.coinbooks.org/v29/esylum_v29n04a12.html)

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.

In 1940-42, he was working on a project for the W. P. A. Then he served as an artillery instructor during World War II.

He was married to Evelyn Boone with three sons including Philip E. Benedetti, Jr. (1945-2006). In the 1950 Census, he was working as a postal letter carrier. He joined the ANA in August 1959 as member 33839. His interests included 1793-1857 large cents. His son, Philip E. Benedetti. Jr. joined the ANA in November 1962 as member 46933.

In October 1962, the father placed an ad in The Numismatist as Pickwick Coin Co. of Darien, Connecticut. That ad included proof Indian Head cents dated 1864 through 1909. The Lauder sale included a long run of proof Indian Head cents.

In 1964, he exhibited an 1868 large cent pattern at the Central States Numismatic Society convention. An example of this coin was lot 526 in the Lauder sale.

In 1968 he was charged with tax fraud for underreporting his income in 1961, 1962 and 1964.

Benedetti was a frequent advertised in The Numismatist, Coin World and Numismatic Scrapbook Magazine. He changed his business name and mailing address several times.

In 1942, he was living at 17 Stillwater Street in Stamford, Connecticut.

In 1950, he was living at 446 Atlantic Street in Stamford. Connecticut.

In July 1959, he joined the ANA as Philip E. Benedetti, P. O. Box 34, Stamford, Conn.

In October 1962 to November 1965, he did business as Pickwick Coin Co, P. O. Box 34, Stamford, Conn, 06904.

In December 1965, it was Pickwick Coin Co., P. O. Box 1144, Darien, Conn. The name of his son was added. The street address was 1075 Boston Post Road.

In April 1965, he was Philip E. Benedetti at P. O. Box 34, Stamford, Conn. In April and December 1965, he ran ads under both names.

In February 1966, it was Philip E. Benedetti, P. O. Box 1144, Darien, Conn, 06821.

In January 1972 to January 1976, it was Philip E. Benedetti, P. O. Box 4818, Stamford, Conn, 06907.

In July 1978 to March 1979, it was Pickwick's Greenwich Coin & Stamp Gallery at 339 Greenwich Avenue, Greenwich, Conn 06830.

In 1981, Pickwick's Greenwich Coin Gallery was at 46 Linden Street in Norwalk, Connecticut.

In 1987, he lived in Norwalk, Connecticut

In 1998 to 2003, he was living in Westport, Connecticut.

He was a life member of the Professional Numismatists Guild (PNG) and a contributor to A Guide Book of United States Coins (Red Book). He ran his last ad in The Numismatist for the March 1979 issue. Benedetti died on August 6, 2010, at Golden Hill Health Care Center in Kingston, New York.

In the early 1960's, Benedetti had a partner named E. V. Boone. I was unable to find out anything about him.

The Numismatist for November 1964 had a two-page ad for Pickwick Coin Company. There also was a November 9, 1964, two-page ad in Coin World. These included a listing of many rare colonial coins and some copies also described as rare. Three were described as unique with an additional ten having five or fewer pieces known.

If a variety has five or fewer known, I thought I should be able to identify previous listings and subsequent listings for the piece. This proved to be difficult. I did not find such listings to confirm authenticity.

We have resources available in 2026 that were not available in 1964. Everything in the Pickwick ad should be in the Red Book and the Breen Encyclopedia.

One E-Sylum reader commented on the possibility he sold fake coins. "I am of the opinion it was a lack of knowledge or, at least, not wanting to know."

To read the earlier E-Sylum articles, see:
LOYE L. LAUDER (1911-1964) (https://www.coinbooks.org/v29/esylum_v29n03a20.html)
MORE ON LOYE L. LAUDER (https://www.coinbooks.org/v29/esylum_v29n04a11.html)
BIDDING AT THE LOYE L. LAUDER SALE (https://www.coinbooks.org/v29/esylum_v29n04a12.html)

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.

"Jeff has built what has become one of the leading rare coin firms in the United States," said Sabin. She added that Garrett has, "shared his incredible expertise and vast knowledge with countless others through the many books and other educational publications he has written and edited over the years."

Sabin also shared her admiration for Sperber, who "rose the ranks of the hobby at a time when few women were leading their own numismatic businesses." Sabin went on to say, "Laura redefined auction firms in the numismatic world and became an arbiter of quality not just by the coins she sold in her auctions but also the coins she helped procure for leading collectors."

As for Minshull, Sabin said, "there are few individuals in the numismatic sphere with the wholesale influence that Lee has. A major dealer across many actively traded areas of the marketplace, Lee's bidsheets and promotional campaigns have helped move entire genres of the American numismatic marketplace."

Jeff Garrett, who was born in Kentucky in 1958, started his numismatic journey as a child and attended his first American Numismatic Association (ANA) Convention in 1974 at the age of 16. Before long, he established Mid-American Rare Coin Galleries. He's been dubbed a "dealer's dealer" who serves as an authoritative voice in the hobby and has dedicated his time, talent, and treasure in giving back to the hobby.

Garrett has also authored, coauthored, and edited a multitude of numismatic books, including 100 Greatest U.S. Coins and Encyclopedia of U.S. Gold Coins 1795-1933, the latter of which he wrote with Ron Guth; Garrett also serves as the senior editor of the iconic A Guide Book of United States Coins, the annually revised volume popularly known as "The Red Book." Garrett has handled and authenticated some of the rarest coins. He has also worked with the National Numismatic Collection at the Smithsonian Institute in Washington, D.C., and serves on the museum's board of advisors. Garrett has served as president of the American Numismatic Association (ANA) and Professional Numismatists Guild. He also founded the Bluegrass Coin Club, which serves his fellow Kentuckian numismatists.

Laura Sperber launched her full-time professional numismatic career in 1978, becoming a fixture on bourse floors big and small around the United States. In 1986, she co-founded Legend Numismatics and, alongside her business partners George Huang and Bruce Morelan, helped the firm become one of the most successful of its time. Sperber's keen eye for quality earned her a client list that read like a "Who's Who" of the PCGS Set Registry Hall of Fame.

Among the collections Sperber helped assemble are the Bust and Trade Dollars of Bruce Morelan, the legendary Bob R. Simpson Collection, eye-appealing Shalor Collection of commemorative coins, and the Coronet Collection of Mint State Morgan Dollars. It was Sperber's eye for fine coins that compelled her to establish a boutique numismatic auction firm focusing on small-volume, high-quality lot marquees, which were offered under the Legend Rare Coin Auctions banner from 2012 to 2023. Amid her years at the top of the market, Sperber also served as an influential hobby figure who led the call for change in numismatics, including her fight against coin doctoring and advocacy for modernizing coin shows.

Lee Minshull was a prodigious young numismatist when he began his career as a coin dealer in 1973 at the age of 14. Among at least 20 other notable dealers born in 1959 (including fellow PCGS CoinFacts Coin Dealer Hall of Fame inductee Laura Sperber), Minshull netted $20,000 wholesaling bags of silver dollars he procured from banks during the decade's boom in silver prices and was named the American Numismatic Association's Young Numismatist of the Year in 1977. Minshull was a full-time mail-order dealer by the time he graduated from high school and soon joined Steve Ivy Rare Coins, where he ascended from working as a cataloger to becoming the head of the wholesale division. He later went on to work with fellow PCGS CoinFacts Coin Dealer Hall of Famer Kevin Lipton.

Ever the entrepreneur, Minshull eventually set out on his own to establish Lee Minshull Rare Coins, a firm now known as Minshull Trading that has international reach and handles transactions in market-making volume. One of Minshull's landmark campaigns happened in the wake of 9/11, when large hoards of coins were recovered from the Bank of Nova Scotia vaults located under the World Trade Center; Minshull is responsible for seven-figure donations to the World Trade Center Memorial Fund. Minshull's philanthropy extends to the educational realm, including his many contributions to "The Red Book" for more than 40 years and by providing a gold coin every year for the past 20 years to sponsor the ANA's Young Numismatist of the Year award. Minshull is currently pioneering the next generation of numismatic products as a partner in VaultBox, the industry-leading coin mystery box product, as well as through the launch of state-authorized Lone Star Coins and Gold Notes with the State of Texas.

For more information about these and other inductees in the PCGS CoinFacts Coin Dealer Hall of Fame, please visit https://www.pcgs.com/pcgscoinfacts/coindealerhof.

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.

Judging Criteria

Publications are rated on a scale of 1 to 5 (1 being poor, 5 being excellent) in the following areas: General appearance/appeal; consistency of format; neatness/readability; presentation of club-related news; presentation of numismatic/scholarly information; aptness/quality of illustrations; and originality/creativity. The size of the club and the amount of funds expended are not a factor in judging.

Entries can be emailed to Olivia McCommons at omccommons@money.org or mailed to:

Outstanding Club Publications Competition
ANA Publications Department
c/o Olivia McCommons
818 N. Cascade Avenue
Colorado Springs, CO 80903

Honors will be presented at the ANA World's Fair of Money® in Pittsburgh, Pennsylvania.

To view the submission guide online and to see past winners, visit money.org/outstanding-club-publications. For more information, contact omccommons@money.org.

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.

• Bill Fivaz Young Numismatist Literary Award: Ages 8-12. Article should display basic knowledge of a numismatic topic. Creativity and original conclusions are encouraged. Suggested length: 450-900 words.
• Q. David Bowers Young Numismatist Literary Award: Ages 13-17. Article should display advanced knowledge of a numismatic topic. Logically presented facts and original conclusions are encouraged. A bibliographic list of sources is recommended, but not required. Suggested length: 900-1,800 words.
• Kenneth E. Bressett Young Numismatist Literary Award: Ages 18-22. Article should display in-depth knowledge of a numismatic topic. Logically presented facts and original conclusions are required, as is a bibliographic list of sources. Inclusion of charts, graphs, tables or other illustrations is encouraged. Suggested length: 1,800-3,600 words.

Guidelines for Submissions

When submitting articles:

• Provide ANA member number, category of submission and contact information (email, phone number and address) on the first page.
• Include author's name and award category in the file name.
• Submissions created using AI are not permitted. All submissions will be reviewed for AI-generated content.
• Submissions are accepted in Microsoft Word or PDF format only.
• Up to three submissions per author are allowed.
• Submissions previously published in The Numismatist or on the Reading Room will not be accepted.

Article submissions will be evaluated by a panel of judges that includes well-known numismatists and authors Bill Fivaz, Mitch Sanders, and Kenneth Bressett.

Award Structure

The following prizes will be awarded in each of the age categories:

• First Place: Certificate and $500 cash prize, plus a $500 voucher to help build a personal library of numismatic books produced by Whitman Publishing. (International winners will be required to pay book shipping costs.)
• Second Place: Certificate, plus a $200 book voucher from Whitman Publishing.
• Third Place: Certificate, plus a $100 book voucher from Whitman Publishing.

Completed entries should be emailed to sstewart@money.org.

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.

"As an educational organization, the ANA is proud to present this scholarship opportunity to students," said ANA eLearning and Education Programs Manager Paula Knepper. "We hope this scholarship will encourage students to continue their study and involvement in numismatics and help them in their educational journey."

Besides holding membership in the ANA, applicants must be a graduating high school senior with a cumulative grade-point average of at least a 3.0. The winning students may use the scholarship at any two- or four-year college, university, or trade school within the United States.

Two letters of reference must be sent on the applicant's behalf. The authors of the references may not be family members. Reference letters must be submitted by the person writing the reference, not the scholarship applicant, and must be received at the ANA by March 13.

The first scholarship was graciously underwritten by Brain Fanton, ANA education and young numismatist committee chair and former ANA governor, and Walter Ostromecki Jr., former ANA governor and past president. Funds for future scholarships will be raised through donations.

Applications must be postmarked by March 13, 2026. Completed applications and references should be sent to:

ANA College Scholarship Committee
c/o Paula Knepper
818 N. Cascade Avenue
Colorado Springs, CO 80903

For additional information, contact Paula Knepper via email at pknepper@money.org or call 719-482-9852.

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.

In 1986, I suggested that forgeries of Trinovantian staters showed coins were used as money. Ancient Britons were aware of the problem and were taking steps to counteract it. Test cuts, to expose the base metal core, appeared on some of the fakes. Eight years later, Jeffrey May published yet another coin with test cuts and commented on how many forgeries were appearing.

Today, these forgeries are still not given enough attention. It's surprising how long it took for numismatists to identify them in the first place.

Ancient forgers – the most skilled of coin makers?

Perhaps it's not obvious that forgers must have had better skills than the workers in the official mints. Not only did they need to know alloys, flan production, die-cutting and striking, but they needed to duplicate all these skills using inferior materials to make their coins. Plus, once the fakes were made, they constantly had to pass inspection for size, weight, strike, colour and imagery.

This close inspection was seldom demanded of the coins made in the official mints. Once official coins were in mass-production, the die-cutters could become sloppy and the moneyers could get by with coins struck with broken dies, or struck too hard, weakly or off-center.

Perhaps the biggest challenge the forgers faced was avoiding flan cracks. It seems the official mints paid no attention to them. Large cracks appear on many genuine coins. The cracks expose the interiors of the flans and show the metal is correct. It's possible the official mints allowed them to pass as an anti-counterfeiting measure. It would make the work of the forgers difficult. They had to strike up the image without creating any flan cracks to expose the base metal core.

Today, most existing forgeries are just corroded lumps of copper missing their gold covering. It's easy to assume they were crude imitations, easily detected and quickly thrown away. The coin on the left is typical, it's lost all of its gold.

However, a few exist that show us how deceptive the ancient fakes once were. These rare survivors retain most of their original gold covering, revealing the skill of the ancient forgers.

We also now see that the ancient forgers worked to improve their forgeries, just as modern forgers do. When authenticators engage in counterfeit-detection work today, it sets off a race between the forgers and authenticators. Ancient forgers faced this same problem. They had no respite – people were watching.

The best surviving forgeries

The coin on the left is a genuine Gallic War stater, the other two are ancient forgeries. The fakes give us a glimpse of the way ancient forgers' worked to outwit their victims.

There's reason to believe the two forgeries might be products of the same workshop. They share the same manufacturing methods and the die-cutting is similar.

They're unusual because they have silver, not copper cores wrapped in gold. Silver cores would be denser, making it easier to get the weight right. The middle coin is ever so slightly bigger than the genuine coin, but it's too small to have the correct weight. Had the core been copper, it would have been lighter, still.

The coin on the right, presumably the later product from the workshop, is a bit bigger and it gets the weight right. Though most genuine Gallic War staters are 16-18mm in diameter, some can be as large as 19mm. The fake would not have been suspiciously large.

It shows other improvements – the colour is a bit yellower, closer to the genuine stater. The die-cutting is better, too. Note the horse's neck on the middle coin is stringy and there is too much separation between the two curves. On the third coin, the neck is almost perfectly cut. The coin on the the right would pass a quick visual inspection. But, if it got weighed, it would pass that test, too.

It's difficult to judge whether the forgery on the right is the same thickness as the genuine coin. But we can anticipate the forgers used thickness as another variable they could adjust. Anyone seeing and holding the two coins in ancient times would have been forced to detect a difference in specific gravity to unmask the forgery – an impossible task. There is one test cut on the coin. When the forgery was unmasked (in ancient times), it took considerable skill on the part of the authenticator. It would, however, be too much to suggest that someone in ancient Britain knew of Archimede's Principle (and could measure specific gravity). There's no way to prove such a tantalizing suggestion.

There is still the possibility that this coin is a modern forgery of an ancient forgery. This is unlikely, because first, both the forgeries have enough corrosion to suggest they are ancient objects. Second, both the fakes appeared between 1984 and 1986. The best Haselmere forgery of a Gallic War stater appeared in September 1986 – it was much inferior to the two ancient fakes. That Haselmere forgery has already been discussed in an earlier article.

As it stands today, the coin on the right is a masterpiece of the ancient forger's art.

To read the complete article, see:
The Earliest Ancient Forgeries : The Early Date and Surprising Extent of Counterfeiting in Ancient Britain (https://vanarsdellcelticcoinageofbritain.com/articles-numismatic_ccb3/van_arsdell_2025b_ccb3.html)

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:

The Panic of 1893 should never have happened. It was completely avoidable. The panic was forced upon the American people by the free silver movement that began in 1876. Free silver is the ability to bring silver bullion to a US Mint and have it turned into unlimited coinage with no seigniorage charge. Among the supporters of free silver were silver mine owners, farmers who thought that an expanded money supply would raise the price of their crops and debtors who hoped it would enable them to pay off their debts more easily. For true believers, silver became a symbol of economic justice for masses of Americans. However, it was a colossal sham perpetrated upon the citizenry. The movement was insidious and delusional.

Two pieces of silver legislation—the Bland-Allison Act of 1878 and the Sherman Silver Purchase Act of 1890—obligated the US Treasury to purchase (from February 28, 1878 to June 1, 1893) 443,705,811 ounces of silver (equal to 15,212 tons) at a cost to taxpayers of $451,790,831. From 1878 to June of 1893—a period of only 15 years— 419,332,305 silver dollars and their paper equivalencies (silver certificates and Treasury notes) were forced into circulation. The Treasury also purchased 123,911,185 ounces (uncoined) of fine silver, which cost taxpayers an additional $114,299,757.

Readers may assume that the purchase of that much silver and the striking of hundreds of millions of silver dollars (as well as the printing of vast amounts of paper currency) must have been due to a great financial and economic need. It was not. Not one single silver dollar, silver certificate or Treasury note was ever needed—period. It was merely a scheme driven by the free silver movement. The existing greenbacks, national bank notes and gold certificates in circulation were sufficient to maintain the US economy.

In October of 1893, Charles S. Smith wrote in the North American Review: "In my judgement [the panic] is to be attributed to unwise legislation with respect to the silver question; it will be known in history as the ‘Silver Panic,' and will constitute a reproach and an accusation against the common sense, if not the common honesty, of our legislators who are responsible for our present monetary laws."

The production of silver in the western mines soared during the 1870s, reaching 17,789,000 ounces in 1871, surging up to 27,650,000 ounces in 1873 and rising even further to 29,650,000 ounces by 1876. As production ramped up, the price began to fall. From 1834 to 1873, the official US bimetallic silver-to-gold ratio was 16:1. The Coinage Act of 1873 demonetized silver, making silver coinage subsidiary and eliminating the standard silver dollar that contained 371.25 grains of silver. The United States was now on the gold standard.

In 1871, Germany demonetized silver and adopted the gold standard. The early 1870s saw the Latin Monetary Union (France, Belgium, Italy, Switzerland and Greece) with a bimetallic ratio of 15.5:1. By 1873, the decreasing value of silver had made it profitable to mint silver in exchange for gold in the Union at their standard. The fear of an influx of silver coinage led the Union, in a Paris meeting of January 1874, to suspend the free coinage of silver in their mints, and by 1878, with the price of silver continuing its downward fall, the Union permanently suspended the free coinage of silver. All other European nations also suspended free coinage of silver in their mints.

After 1873, the silver standard remained only in Mexico, the Orient (China, Hong Kong, the Straits Settlements and the French colonies in Southeast Asia) and British India. In the West, silver coinage on a bimetallic standard was passe. However, one nation—the United States—endeavored a renaissance of silver coinage in a big way.

To read the complete article (and issue), see:
https://www.moaf.org/publications-collections/financial-history-magazine/155

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.

Heritage's February 2 Classic Silver & Gold Commemoratives U.S. Coins Showcase auction contains several lots with seldom-seen ephemera, but the most significant is lot 50338. It is perhaps the most complete assemblage of original York County half dollar ephemera modern collectors will ever see:

• An original York County Tercentenary Commemorative Coin Commission letter announcing the coinage of the York halves, including the envelope it was mailed in.
• An original order blank.
• An original Subscription Application for the coin.
• Two different order acknowledgements that confirm the price the coin was originally sold for.
• Three original cardboard five-slot holders, with one original tissue paper insert. That tissue paper insert is perhaps the rarest item in the group.
• Several original mailing envelopes.
• And finally, one of the 100 first strikes of the York half dollar suspended in a framed map of York County.

Today, materials like these come in the form of emails, web advertisements, and website order pages. Much of this is disregarded and deleted. 100 years ago, these materials were printed, and like today, most collectors simply threw them away once they received their coins. The ephemera that does survive, is a welcome window to numismatic history, and one few collectors will be able to personally enjoy.

To read the complete lot description, see:
Three-Piece Lot of 1936 York Half Dollars With Original Ephemera. This lot includes: 1936 50C York MS68 NGC; (https://coins.ha.com/itm/commemorative-silver/three-piece-lot-of-1936-york-half-dollars-with-original-ephemera-this-lot-includes-1936-50c-york-ms68-ngc-/a/60513-50338.s)

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.

His background in drafting, architectural design, and engineering is evident in every plate. Edges are crisp, proportions exact, and the geometry of each coin is treated with the seriousness of a technical blueprint. But unlike sterile technical drawings, Julian's pieces breathe; they carry atmosphere, weight, and a sense of the coin's journey through history.

Narrative Depth and Historical Sensitivity
Julian's art is not merely representational—it is interpretive. Each print is accompanied by a narrative placard that blends meticulous historical research with the drama of the coin's survival and significance. This transforms each drawing into a miniature exhibition: part illustration, part historical essay, part curatorial statement.

His treatment of coins such as the 1909-O Half Eagle, the 1861-O CSA Half Dollar, and other storied rarities demonstrates a deep respect for the objects' provenance and cultural meaning. Collectors praise his ability to elevate a coin from artifact to artwork, giving it a mythic presence without distorting its factual history.

Museum-Grade Production and Presentation
Julian's commitment to archival quality is not a marketing flourish—it is a defining feature of his practice. Each drawing is professionally scanned, digitally refined for fidelity, and printed on rag, museum-quality substrates using pigment-based inks designed for centuries of permanence.

Collectors consistently highlight the physical presence of his prints:

• "Incredible art… I kept the framing simple to keep the emphasis on the art."
• "Signed and numbered… a scarce and enduring collectible."

This emphasis on permanence aligns with Julian's broader artistic philosophy: art as legacy, not commodity.

A Multi-Year Codex of Numismatic Art
Since 2022, Julian has been engaged in an ambitious five-year project culminating in a comprehensive book documenting his commissioned works and new drawings through 2027. This long-form approach is unusual in contemporary illustration and positions his work closer to manuscript tradition than commercial art.

The forthcoming volume promises to be not just a catalog, but a curated record of artistic evolution, technical mastery, and numismatic scholarship.

Reception Among Collectors
Collectors describe Julian's work with a mixture of admiration and disbelief—particularly regarding his exclusive use of colored pencil, a medium many consider too unforgiving for such precision. His prints are framed, displayed, and treated as heirloom-grade objects. Several collectors note waitlists for commissions and emphasize the uniqueness of owning one of his limited editions.

Overall Assessment
Robert Julian's artwork represents a rare fusion of:

• Technical mastery
• Historical scholarship
• Archival production standards
• Narrative depth
• A disciplined, legacy-driven artistic philosophy

In a field where numismatic illustration is often treated as documentation, Julian elevates it to fine art. His drawings are not merely accurate—they are authoritative. They feel like artifacts in their own right, worthy of museum walls and private collections alike.

If his forthcoming book fulfills the promise of his current body of work, Julian will not simply be a numismatic artist—he will be one of the defining visual chroniclers of American coinage in the early 21st century.

To visit the artist's website, see:
https://www.robertjulianna.com/

To read earlier E-Sylum articles, see:
THE NUMISMATIC ART OF ROBERT JULIAN (https://www.coinbooks.org/v26/esylum_v26n34a20.html)
NUMISMATIC ARTWORK AT PNG DINNER (https://www.coinbooks.org/v28/esylum_v28n12a08.html)

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.

Following is a view of a 5-dollar note by Cuddy & Hughes that Emperor Norton signed and dated on 25 January 1871. This note, in the California Historical Society Collection at Stanford, appears to be the earliest known example that features the engraving of the Emperor. Alas, the Trust does not have a scan of this particular note, and the image of it that currently is online nearly 20 years old and of 20-year-old size (small) and quality (poor) . Shown here is the note exhibited at our bicentennial talk/exhibit Will the Real Emperor Norton Please Stand Up? held at the California Historical Society on 1 February 2018:

The following unsigned and undated remainder of the same Cuddy & Hughes note shows a much clearer view of the engraving of the Emperor. Oddly, the "I" following "Norton" in the curving title above the engraving is not in the same ornate font as the rest of the title. Was the printer lacking a capital "I" in that font, having already used one in the word "Imperial"? Towards the bottom right-hand corner — between the border and the signature field — the imprint "Cuddy & Hughes, Printers, 511 Sansome Street, S.F." suggests no particular relationship between the firm and the Emperor:

Here's a Cuddy & Hughes example from later in the same year — signed 17 August 1871. Note that the Cuddy & Hughes imprint — centered along the bottom edge, below the border — now identifies the firm as "Printers to His Majesty Norton I":

Although there are Cuddy & Hughes-imprinted notes as late as August 1877, John Cuddy and Edward Hughes dissolved their partnership in July 1876. This suggests that Emperor Norton must have had a stock of blanks that he continued to use until they ran out.

Perhaps the most important circumstantial evidence in dating the engraving is the fact that the earliest Cuddy & Hughes notes did not feature a depiction of the Emperor.

Here's the earliest-extant Cuddy & Hughes note — signed and dated 11 November 1870:

The absence of a Norton cameo on the November 1870 note and the presence of one by late January 1871 suggests that Cuddy & Hughes had a cut of the Emperor purpose-made sometime between November 1870 and January 1871.

Pretty clearly, the artist modeled the engraving of the Emperor on an 1867 photograph of the Emperor by Bradley & Rulofson:

To read the complete article, see:
The Ubiquitous But Enigmatic Life of An Early Engraving of Emperor Norton (https://emperornortontrust.org/blog/2026/1/18/the-ubiquitous-but-enigmatic-life-of-an-early-engraving-of-emperor-norton)

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.

Living in Japan, and aided by his wife's fluency, Pardee immersed himself in local markets, specialty dealers, and regional shows. These years account for the major strengths of the collection, with a particular focus on Japanese, Chinese, and Southeast Asian materials. He sought notes with clear historical context, strong engraving, and ties to specific places, events, and monetary systems, while also valuing artistic merit. Research anchored every acquisition, supported by an extensive reference library, detailed handwritten ledgers, and decades of correspondence with major players in the field of world paper money.

Going through part of the collection (which was displayed on custom album pages with many neat decorative elements made by Mr. Pardee himself), two notes from the Straits Settlements immediately stood out to me. They are a 1925 50 Dollars (Pick-12) in PMG Choice Very Fine 35, and a 1927 100 Dollars (Pick-13) in PMG Very Fine 30 EPQ. Both notes are fresh, crisp, and much nicer than typical seen for the issue. While they are not the highest denominations issued, the rarity of the higher denominations means that for most collectors, these two values are the highest that can be acquired in issued format (the $1000 saw very limited use in everyday circulation, and the $10,000 was only used for interbank transfers).

Both notes share a similar uniface design. On the front is a small portrait of King George V, with a larger vignette of a Malayan Tiger at the center. Text is in English, Chinese, and Malay. The notes were first printed by Thomas de la Rue in England in 1916, with sporadic issues over the next decade. The 1927 issue is the final of the series, and after this series no more denominations above $10 were issued by the Government of the Straits Settlements. Not surprisingly, problem-free survivors are rare, and especially so with the ‘EPQ' designation. The tropical climate of the region and high contemporary value of these notes meant that they were used and abused, not saved for later generations of collection. As such, we must mention that for the $100, this is the second finest example graded with ‘EPQ,' and the finest with the 1927 date, as the only finer example is dated 1925. As such, for the specialist collector of the region, these two notes are not to be missed.

To read the complete article, see:
A Stunning Pair of Straits Settlements Banknotes from the William J. Pardee Collection (https://stacksbowers.com/a-stunning-pair-of-straits-settlements-banknotes-from-the-william-j-pardee-collection/)

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.

He was overthrown during the U.S.-led invasion of Iraq and later was executed in 2006 after being convicted of crimes against humanity.

According to analysts, there is no known link between Trump and Saddam Hussein. However, Trump cited Saddam as an example during his 2016 election campaign to support his argument for taking "decisive" action against terrorism.

Savaya appeared to be leaning toward the U.S. president as he spoke to him, and he captioned the photo, "It was a great day... a great day with the greatest." He added, "It was my pleasure to see you, sir," referring to Trump.

However, the details of the meeting and the reason for placing the old Iraqi banknote in front of Trump remain unclear.

Some saw the photo as a political warning to Iraq's current authorities.

To read the complete article, see:
Banknote featuring former Iraqi President Saddam Hussein on Trump's desk sparks debate (https://www.turkiyetoday.com/world/banknote-featuring-former-iraqi-president-saddam-hussein-on-trumps-desk-sparks-debate-3213289)

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)

China's Digital Yuan

For years, the prevailing assumption among policymakers and market observers was that central bank digital currencies (CBDCs), especially China's digital yuan (e-CNY), would struggle to gain traction. Slow adoption, limited use cases, and public skepticism were expected to constrain their impact. New data from China, however, tell a different story.

Five years after its first pilot, the e-CNY remains the world's largest live central bank digital currency experiment. By the end of November 2025, it had processed more than 3.4 billion transactions worth roughly 16.7 trillion renminbi (about $2.3 trillion). That represents a more than 800 percent increase from 2023, according to new data released by the People's Bank of China (PBOC) at the end of December.

• China's digital yuan (the e-CNY) has grown over 800 percent since 2023, becoming the world's largest live central bank digital currency experiment, with cumulative transaction value exceeding $2.3 trillion by late 2025.
• To increase domestic adoption of the e-CNY, China has adopted a strategy of combining interest-bearing features and stablecoin-like functionality—while keeping the digital yuan sovereign and regulated.

To read the complete article, see:
What to watch as China prepares its digital yuan for prime time (https://www.atlanticcouncil.org/blogs/econographics/what-to-watch-as-china-prepares-its-digital-yuan-for-prime-time/)

Crypto Criminals

Cryptocurrency is now firmly in the mainstream, and as a result, our traditional understanding of physical threat and robbery needs to evolve accordingly.

It's difficult to determine exactly how prevalent "wrench attacks" are as few are publicly reported. But it appears as though these types of thefts are a small part of the growing issue of personal crypto thefts.

And many criminals rely on tried and trusted hacking or scam techniques that are becoming easier thanks to the abundance of data stolen in massive cyber attacks on companies.

Data is a common problem as Bitcoin millionaires are becoming so frequent, and there are stolen databases that are enriching the target list all the time," says Matthew Jones, founder of Haven, a crypto security firm.

A data breach at Kering, the parent company of luxury brands including Gucci and Balenciaga, is a case in point, according to one hacker interviewed by the BBC.

To read the complete article, see:
How crypto criminals stole $700 million from people - often using age-old tricks (https://www.bbc.com/news/articles/c93w30gl5jno)

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.

The team first analyzed the chemicals wafting from the collection, which includes books dating back to the 12th century, and the surrounding furnishings, which have barely changed since the library was completed in 1709. They used a process called gas chromatography-mass spectrometry, which helps separate, identify and quantify volatile organic compounds, to examine air samples they'd captured in the library.

"As an analytical chemist, I was able to characterize and quantify those molecules, but how people describe what they felt required a completely different approach," says Strlic. To whittle down the list of compounds identified by the mass spectrometer to the ones that humans can actually smell, the researchers next invited seven untrained "sniffers" into the cathedral library and asked them to describe its smell using a list of 21 adjectives commonly used to describe the compounds.

The list included words like green and fatty, which people frequently use to describe the smell of the chemical hexanal, and almond, which is associated with benzaldehyde. Both compounds are released by paper as it degrades. The sniffers were also invited to add any descriptors of their own.

One word that all sniffers used to describe the library wasn't particularly surprising: woody. Others that proved popular were smoky, earthy and vanilla. Such descriptors can help conservators assess the state of old paper, since papers that are slightly more acidic due to decay, for example, "smell more sweet," says Strlic. "And those that are stable smell more like hay."

Strlic and colleagues next matched the qualitative descriptors the sniffers had selected with their underlying chemical compounds to create a chemical "recipe" for the scent of the cathedral's library. Such recipes are published in scientific journals and stored in digital research repositories, so a chemist could theoretically whip up the smell of old books centuries from now, "even if, in the future, people no longer go to a library or no longer read physical books, and only receive all information digitally," says Strlic.

To read the complete article, see:
Recreating the smells of history (https://knowablemagazine.org/content/article/society/2026/recreating-the-smells-of-the-past)

Shenzhen Library Robotic Book Retrieval System

To watch the short video, see:
https://substack.com/@cpaxton/note/c-206202213?r=6bftv

 

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.

The new documents, along with earlier filings in other copyright cases against AI companies, show the lengths to which tech firms such as Anthropic, Meta, Google and OpenAI went to obtain colossal troves of data with which to "train" their software.

The Anthropic case was part of a wave of lawsuits brought against AI companies by authors, artists, photographers and news outlets. Filings in the cases show top tech firms in a frantic, sometimes clandestine race to acquire the collected works of humanity.

Books were viewed by the companies as a crucial prize, the court records show. In a January 2023 document, one Anthropic co-founder theorized that training AI models on books could teach them "how to write well" instead of mimicking "low quality internet speak." A 2024 email inside Meta described accessing a digital trove of books as "essential" to being competitive with its AI rivals.

But court records suggest that the companies didn't see it as practical to gain direct permission from publishers and authors to use their work. Instead, Anthropic, Meta and other companies found ways to acquire books in bulk without the authors' knowledge, court filings allege, including by downloading pirated copies.

In June, District Judge William Alsup found that Anthropic was within its rights to use books for training AI models because they process the material in a "transformative" way. He likened the AI training process to teachers "training schoolchildren to write well." The same month, District Judge Vince Chhabria found in the Meta case that the book authors had failed to show that the company's AI models could harm sales of their books.

But companies can still get in trouble for how they went about acquiring books. In Anthropic's case, the book-scanning project passed muster, but the judge found that the company may have infringed on authors' copyright when it downloaded millions of pirated books free before launching Project Panama.

Anthropic eventually bought millions of books, often in batches of tens of thousands, according to the filings. It relied on booksellers including used book retailers Better World Books and U.K.-based World of Books.

Anthropic's decision to begin acquiring and scanning physical books instead of downloading shadow libraries "turned out to be a smart call," he added. "This would be a good example of the company taking a more restrained approach and achieving legal compliance."

To read the complete article, see:
Inside an AI start-up's plan to scan and dispose of millions of books (https://www.washingtonpost.com/technology/2026/01/27/anthropic-ai-scan-destroy-books/)

ABOUT THIS ISSUE: FEBRUARY 1, 2026

Wayne Homren
Wayne Homren is the founding editor of The E-Sylum and a consultant for the Newman Numismatic Portal. His collecting interests at various times included U.S. Encased Postage Stamps, merchant counterstamps, Pittsburgh Obsolete paper money, Civil War tokens and scrip, Carnegie Hero Medals, charge coins and numismatic literature. He also collects and has given presentations on the work of Money Artist J.S.G. Boggs. In the non-numismatic world he's worked in artificial intelligence, data science, and as a Program Manager for the U.S. Department of Defense.

Garrett Ziss
Garrett Ziss is a numismatic collector and researcher, with a focus on American paper money and early U.S. silver and copper coins. He is also a part-time U.S. coin cataloger for Heritage Auctions. Garrett assists Editor Wayne Homren by editing and formatting a selection of articles and images each week. When he's not engaged in numismatics, Garrett is pursuing a Master's Degree in Quantitative Economics at the University of Pittsburgh.

Pete Smith
Numismatic researcher and author Pete Smith of Minnesota has written about early American coppers, Vermont coinage, numismatic literature, tokens and medals, the history of the U.S. Mint and much more. Author of American Numismatic Biographies, he contributes original articles to The E-Sylum often highlighting interesting figures in American numismatic history.

Greg Bennick
Greg Bennick (www.gregbennick.com) is a keynote speaker and long time coin collector with a focus on major mint error coins and US counterstamps. He is on the board of both CONECA and TAMS and enjoys having in-depth conversations with prominent numismatists from all areas of the hobby. Have ideas for other interviewees? Contact him anytime on the web or via instagram @minterrors.

John Nebel
Numismatist, photographer, and ANS Board member and Fellow John Nebel of Boulder, CO helped the ANA and other clubs like NBS get online in the early days of the internet, hosting websites gratis through his Computer Systems Design Co. To this day he hosts some 50 ANA member club sites along with our coinbooks.org site, making the club and our E-Sylum archive available to collectors and researchers worldwide.

Bruce Perdue
Encased coinage collector (encasedcoins.info) Bruce Perdue of Aurora, Illinois has been the volunteer NBS webmaster from its early days and works each week to add the latest E-Sylum issue to our archive and send out the email announcement.