August 2005 Coin Newsletter

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Despite the summer weather, late July and early August is a busy time at Spink, as this month’s newsletter reflects, with its mix of travel, dealing and cataloguing news. As soon as the last auction of the summer was over (the military medal auction of 20 July), Spink held its annual summer party, at which members of staff past and present, celebrated the end of a successful season with colleagues from our sister company here in London, Quaritch, the antiquarian booksellers. We celebrated a season which saw a record stamp auction on 9 and 10 March which totalled £3.4 million, and the record breaking Samuel King collection of English gold coins on 5 May which totalled £1.4 million.

Then it was off to the summer shows. The American Numismatic Association convention this year was held in San Francisco. Emily Read, Max Tursi and Joanne Chang attended, and were kept busy by a steady stream of visitors to the Spink table. At the same time Jeremy Cheek, David Guest and Hadrien Rambach attended the York coin fair. At both venues we were pleased to hear so much encouragement and good wishes for the continuing success of our numismatic department. With several new faces behind the counter it is good to know that Spink is still regarded as the bastion of the British numismatic trade.

Almost before the dust from these two trips had settled the August Numismatic Circular landed on subscribers’ doorsteps, and the orders flooded in. The English Hammered coins were yet again in demand and half the coins immediately sold, yet again demonstrating the market’s appetite for this series. In such an atmosphere it is easy to sell but, as everyone is finding, it is difficult to buy. English milled silver, tokens, and Greek coins have also sold well this month. The record number of requests for a single coin came for an As of Caligula in the name of Germanicus, temptingly priced at just £80.

Attention now turns to the various September auction catalogues. The first is already available, the catalogue of the McIntyre and Macmillan collections of Scottish banknotes. The auction is scheduled to be held in Edinburgh on 12 September. Encouraged by the success of the sale of the Pringle collection of Scottish banknotes in Edinburgh in May 2003, this will be our second auction in Scotland. The main autumn sale of banknotes in London on 30 September will include Part Three of the record breaking Karouni Collection of English banknotes. The catalogue will be available at the beginning of September. The sale coincides with the 35th World Paper Money Fair in London.

The Spink Coinex Auction will be held on Wednesday 28 and Thursday 29 September. This is a large and mixed sale with over 1,700 lots of ancient and world coins and commemorative medals. The first session contains 550 lots of ancient coins. One of the highlights of the Greek section is a Tetradrachm of Rhegion signed by Kratesippo (est. £4,000-6,000). There is also a Dekadrachm of Syracuse by Euainetos, though this is without signature (£5,000-7,000). A superb collection of Middle Eastern coins of the classical (pre-Islamic) period includes Persian, Sasanian, Graeco-Bactrian and Indo-Greek, as well as Indo-Scythian and Kushan coins. In the latter group is an interesting run of gold Staters, many in extremely fine condition.

The coins of the Aksumite kingdom form a very distinct series which has grown in popularity in recent years. In this year’s Coinex sale there are over 100 Aksumite coins offered in 49 lots. The last significant group of Aksumite coins offered in London was in the second part of the Dr. Anton Dreesmann collection, sold at Spink in July 2000. The proceeds of the 37 lots offered at that time we donated to Médecins Sans Frontièrs to aid their relief work in Ethiopia. The short introduction to that group gives a succinct introduction to the coins.

So little is known of this kingdom, which flourished for about 350 years, that it is not possible at present to date most of their king with any accuracy, and it is only through the unstinting efforts of a handful of scholars who have been studying the culture and coinage over the last few decades that now an order for their respective reigns has been tentatively arrived at. Yet, astonishingly, Aksum was the only sub-Saharan African state to issue its own independent coinage in ancient times. Indeed, at the time of its power, the issuing of gold coins, limited as it was to states with their own sovereignty, was confined to only Rome, Persia and the Kushan kingdom of North India/Afghanistan. Moreover, Aksum is particularly noteworthy for being only the second state (Armenia was the first) to make Christianity the official faith of the state, and was almost certainly the first to put the cross on its coins. It also introduced a totally novel feature to its coinage – gilding, hand applied, on the central portions or features of some silver and bronze issues.

The morning session ends with a good selection of Roman coins. One of the highlights is certainly the rare gold Aureus of Cassius (est. £8,000-10,000), which dates from the summer of 42B.C., just before he and Brutus were finally defeated at Philippi by the army of the Triumvirs. There are also gold coins of Vespasian, Titus, Antoninus Pius, Faustina Senior, Marcus Aurelius, Faustina Junior, Commodus, Caracalla, Gallienus, Constantine I, Constantine II, Constans, Constantius II, Julian II the Apostate, Valens,Gratian, Theodosius, and Honorius.

The Wednesday afternoon is devoted to world coins and medals, including an interesting collection of German coins and medals from an old European collection, an extensive group of Spanish coins including nearly 100 gold cobs, and a comprehensive collection of silver coins countermarked for use in the Philippines. Among the European coins is a scarce Presentation Taler of Strasbourg dated 1588 (est. £1,200-1,500). These coins were struck to commemorate a treaty of alliance between the free city of Strasbourg and the Swiss cantons of Zurich and Bern. One silver coin of Taler weight was given to each of the city councillors. Among the small group of medals are two ballooning medals. Always a popular subject, these two medals depict the ascent of the noted French aeronaut François Blanchard over Frankfurt in 1785 and Nürnberg in 1787.

The second day’s sale is of British and British Commonwealth coins. It includes the English coins from the collection of the late John Scaife, and the Ivor Lawrence collection of Victorian and 20th century coins. Among the hammered gold coins is a rare Angel of Henry VI (restored to the throne in 1470). Interest in the Angels has always been strong, and in the present market all English hammered is at a premium. This coin is estimated at £2,000-2,200. Among the silver in the morning session are two Groats of Richard III (1483-85). The coins of Richard III, the last of the Yorkist kings, immortalized as ‘The Hunchback king’ by Shakespeare, and killed at the Battle of Bosworth, are always sought after (ests. £1,200-1,500 and £1,000-1,200). In the small group of Scottish coins is a pretty Ducat or Bonnet piece of James V (1413-42), always a popular coin, showing a fine bearded portrait of the king wearing the distinctive flat bonnet (est. £4,000-5,000).

COINEX this year takes place in The Royal Victorian Dock. Spink are pleased to be sponsoring this event which is the 27th International show to be organized by the British Numismatic Trade Association. More details about the show are available here.

This month sees the publication of revised and enlarged edition of ‘Remember Nelson’, a guide to the campaign and commemorative medals, portrait medallions, and associated insignia 1797-2005, by Thomas A. Hardy. This inexpensive book which has a wealth of information not readily available elsewhere, has been republished by Spink for the Nelson Society to commemorate the bicentenary of the battle of Trafalgar. For more details and an order form click here.

Best wishes for the rest of the summer holidays, and, though many round the world might not be aware of the great sporting battle currently being waged here in England, we at Spink all look forward to the possibility of producing a ‘Return of the Ashes 2005’ commemorative medal.

Regards,

The Coin Department