The Harry W. Bass, Jr. Collection — Part IV

Welcome to The Sale!

by Q. David Bowers

On behalf of the consignor, the Harry W. Bass, Jr. Research Foundation, and with the appreciation of the entire Bowers and Merena Galleries organization I welcome you to Part IV in our series of presentations, ringing down the curtain on a series of auction events without precedent in the annals of American numismatics.

The present sale includes all regular gold denominations from dollars to double eagles. Circulation strikes are the emphasis for dollars, quarter eagles, and three-dollar pieces. Half eagles and eagles offer incredible circulation strikes as well as truly memorable Proofs. Double eagles mainly consist of circulation strikes, but the Proof 1881 will dazzle even the most advanced specialist!

John Dannreuther, well known researcher in the gold series, contributed several paragraphs of appreciation to our previous Bass catalogues. Now that these sales are history, we have invited him to share a further appreciation for the present sale—adding to our own perspective.

Contemplation and Enjoyment

While the Bass Collection coins have been in our care and custody, I and the other numismatists on our staff have enjoyed looking at them carefully. Often, inspection by even a low-powered magnifying glass will reveal a wealth of interesting details. Two double eagles of the same date can have the numerals in significantly different positions—higher or lower than on the other. On a half eagle the "C" mintmark may have been entered into the working die so lightly that the coin could be mistaken for a Philadelphia (mintmarkless) piece, absent close inspection. A quarter eagle may have interesting die cracks, while a gold dollar may have clash marks.

In today’s numismatic world, many people simply look at a coin—particularly a certified one—and say, "That is MS-63. I need an MS-63. I’ll buy it." This is fine, but numbers are only a part of the "personality" of a coin. Harry W. Bass, Jr., who was as technically minded as any numismatist I have ever met, used numbers. For his own notes he jotted down, "MS-63," or "EF-45," or whatever. However, that was just for record keeping. Beyond that he spent a long time examining every aspect of a coin—every feature. Along the way he discovered many interesting new varieties. He is credited amply in Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins for many such finds.

As Harry considered rare coins to be an excellent store of value, he often examined a coin quickly to be sure it was attractive and interesting, bought it, and then put it away to study at leisure. Harry’s life was filled with interesting things to do, interesting people, and interesting hobbies—and there were more opportunities than hours or days or years available. Because of this, we have discovered a few unrecorded varieties among the coins he once owned—and, in each instance, have recorded our observations as part of our catalogue descriptions.

Cataloguing has been done by Mark Borckardt, Frank Van Valen, Beth Piper, and John Kraljevich, Jr. Of course, I’ve had my share of enjoyment (for "work" is play when doing such things) in the catalogue preparation process. Regarding the photographs, if there is anyone who does a finer job than our own Doug Plasencia, I do not know of him or her. And, many others helped as well-and are appropriately credited on a special page.

Returning to the idea of studying coins and enjoying them in the process, the same excitement experienced by Harry Bass and by our staff can be experienced by you. Each coin has its own characteristics, its own "personality" waiting to be discovered. A glorious advantage is that today there are many interesting and rare die varieties that can be purchased for little if any premium over the price level of the basic date or mintmark. Date repunchings, mintmark position variations, misplaced dates, unusual logotype positions, and fascinating die states all beckon to the numismatist equipped with a magnifying glass and possessed of an intellectual curiosity. This is particularly true of the Liberty Head $5, $10, and $20 coins, of which the Bass IV sale includes many.

Further, Harry W. Bass, Jr., considered a circulation strike of a coin to be a different variety than a Proof. Thus, whenever possible, examples of each were acquired for a given Philadelphia Mint date. In many instances, circulation strikes are far rarer than Proofs—and several such pieces are listed in the pages to follow (check the 1875 $5 for starters—an amazing coin!).

Further, if either a business strike (a coin intended for circulation use) or a Proof existed with tiny differences in die characteristics, examples of each variety were acquired. Still further, to determine rarity, die state (the progress of a die, including cracks, relapping, clashing, etc.), often multiple specimens of the same variety were acquired. The result is a collection—and an auction presentation—with no equals in the history of American numismatics.

Looking to the Future

Part IV of the Bass Collection will soon be history. In the meantime, a sylloge, or museum-style catalogue, is being prepared to showcase many of the items retained by the Harry W. Bass, Jr. Research Foundation—among which are early gold coins 1795-1834 by die varieties. For the first time in numismatic history, a single reference will contain detailed illustrations of multiple denominations together with historical, numismatic, and other information.

The American Numismatic Association (ANA) Money Museum in Colorado Springs is creating a new exhibit area to showcase certain items from the "core collection" retained by the Harry W. Bass, Jr. Research Foundation. Included will be many gold coins—with emphasis on the issues 1795-1834, but with a type set of later issues and a glorious set of three-dollar gold (highlighted by the unique 1870-S). Paper money, patterns, and certain other series will be featured as well. The ANA plans that images of certain pieces will be digitized and made available to interested collectors and researchers. At the museum itself there will be tours and special displays.

Although plans are still being formulated as these words are being written, the target date for the opening is hoped to be the second week of July 2001. We’ll be helping with many things including the sylloge. If you’d like to learn more about the ANA or the exhibit or if you’d like to contribute to the ongoing expansion of the Museum and Library, contact the ANA at 818 North Cascade Avenue, Colorado Springs, CO 80903-3279, or e-mail them at ana@money.org. Say that we "sent" you.

Program for the Bass IV Sale

Gold coins offered in the present Sale IV include (in order of appearance) the following:

Session I, Monday Evening, November 20: This session will commence with Lot 1, in the gold dollar section, and will continue to Lot 576 of the half eagles.

Session II, Tuesday Morning, November 21: The second and final session will begin with Lot 577, the 1797 Heraldic Eagle $10, and will continue to the last lot in the sale, a beautiful and rare 1931-D double eagle, Lot 981.

The site will be the Helmsley Park Lane Hotel at Central Park South, one of New York City’s favorite stopping places—just a few paces from Fifth Avenue and the shopping and entertainment district. It’s that season of the year—and the stores and shops will be a-glitter with lights, spangles, and holiday decorations—an especially nice time to be there.

Only a few steps away, at the southeast corner of Central Park, is the Sherman Victory Monument by Augustus Saint-Gaudens, erected in 1903. The goddess Victory in the ensemble was the artist’s model for his memorable double eagle design of 1907—the MCMVII $20 of which several beautiful pieces are included in the present catalogue. In our last sale, Part III, we spent about a half hour there—taking pictures—as did the Calhoun family and Bass Foundation contingent (new digital cameras make it especially easy).

Formation of the Collection

The present catalogue brings to the auction venue the fruits of over three decades of numismatic connoisseurship and inquiry, the fourth sale in our memorable series.

Harry Wesley Bass, Jr., became interested in rare coins as an adult, with his first purchases taking place in 1966 and his first in-person auction attendance in 1967. From that time until his untimely passing in 1998, Harry was a major figure in American numismatics.

While his interests were many, and while our Part I Sale in May 1999 showcased his important paper money, copper, silver and gold coins, and tokens and medals, his two major loves were his gold coins and his library. The present Sale IV brings the third offering of his gold coins to the auction forum and completes our presentation.

Of inquisitive mind and with a generous measure of enthusiasm, Harry soon determined to learn as much as possible about numismatics. Drawing upon experience gained in the family oil business, in participation in politics on behalf of the Republican Party in Texas, in his work in Colorado ski resorts with Vail Associates and the development of Beaver Creek, and upon other knowledge, he commenced with great vigor. Harry was never anyone to do something half-way!

At the outset, he was attracted by nineteenth century gold coins. Anyone who has explored this fascinating pursuit will agree that there is something quite special to learn—after years of being in the social and business world—that there exist United States coins, made of gold, that at one time were familiar in banking and commercial circles, but which today are so rare that few have seen them. Upon further investigation, Harry learned that this series of coins, while in many instances scarce or rare, also included many pieces that were very inexpensive. In the 1960s it was possible to buy some of the more plentiful dates of $20 gold coins for less than $100 each.

As a first order of organized activity—after the thrill of discovering the American gold series—he set about building a definitive reference library on American numismatics (which has been featured in a series of memorable auctions by George Frederick Kolbe). Within a few years he had accomplished the feat of building one of the finest holdings of numismatic books and catalogues ever gathered by a private collector—and in later times he added to his holdings. Thus, from virtually the outset, Harry knew what he was looking for and could recognize the rarity of a gold coin based upon its past appearances.

I recall that when I first met Harry—and this was probably about 1969 or 1970—he impressed me with all that he knew about coins. We talked on and on about history, old-time auction catalogues, great collections of the past, and the availability of certain varieties in high grades. If I remember correctly, Harry did not ask about the coin market, price predictions, and the like. He loved the coins themselves, and prices—ever changing—were what they happened to be at any given time and would take care of themselves. Many specimens for which Harry paid record prices proved in the long run to be some of the most astute financial investments possible. The beautiful part is that along the way he enjoyed his purchases and the pleasures they provided.

Acquisition Strategy

Harry also realized at an early time that a listed price for a rarity represented either what such a piece had sold for sometime in the past, or was a ballpark estimate put down by a cataloguer who had to come up with some figure, but could find no market data. Thus, equipped with the knowledge found deep in his library, he knew that if a particular gold coin or other desired specimen was listed at, say, $1,000, but that during the past 100 years only three or four had come on the market, and none recently, he could bid $2,000, or $5,000, or even $10,000 to acquire an example at auction, and then own it, while everyone else was waiting to buy one at the catalogue price! Of course, after Harry bid and bought the item for $10,000, and had it in his possession, the next round of published price guides would list it at $10,000. In a way, Harry would be home free, while others were scratching their heads in bewilderment!

On the other hand, if an item was listed at $1,000, but Harry found that each year a half dozen of them were sold at auction and even more were held in the private stocks of dealers, he could bide his time and wait for a piece that was just right, typically just right in terms of quality. These were the days before we had MS-61, MS-62, etc., or certification services, and one person’s "superb gem" might be another’s "almost Uncirculated." In time, this undefined grading caused Harry to do several things: First, he learned on his own everything that he needed to know. As well as any dealer I ever met, Harry had a keen eye and knew the gem from the so-so, the pristine from the cleaned. Further, he chose to buy from dealers and others in whom he placed trust, based upon his experience with them. He also used grading numbers, and liked them, but for his own record keeping and as a guide—he never was ruled by them.

Today, even a casual glance at the catalogue pages to follow, and at the coins themselves during the lot viewing time prior to the sale, will reveal that Harry’s coins were in the vast majority "high end" pieces.

The Collection Grows

With a connoisseur’s eye and with a generous purchase budget, Harry Bass acquired many important coins and other numismatic items, working closely with Dallas dealer Mike Brownlee (who for part of his numismatic career traded as the Goliad Corporation) as well as with other leading professionals all over America. The listing of sources ("pedigrees") in the present catalogue will demonstrate vividly how wide Harry cast his net for purchases, as dozens of names are given.

Over a period of time, many important properties were offered to him by dealers, who realized that Harry would make an instant decision for any item that filled his needs, and would pay for it promptly. In addition, he was an active participant in person and through agents at virtually every important auction conducted during the past several decades, from the 1960s up to the time of his unfortunate passing on April 4, 1998.

I recall that during our presentation of the Eliasberg Collection of U.S. Gold Coins in 1982, Harry came to our lot viewing at the sale in New York City, brought his magnifying glass and loupe, and spent several days making notes of die varieties, particularly for gold issues of the early era in American coinage, 1795-1834. He brought his coins with him to the sale, so he could compare them side-by-side with the Eliasberg specimens. Along the way, during this and other sales, and during visits to private collections, museums, coin dealerships, and conventions, he acquired much knowledge concerning this specialty. After a while, the experts would consult him to enrich and enhance their knowledge!

At the time of his passing, the Bass Collection and the holdings of the Harry W. Bass, Jr. Research Foundation included the most extensive collection of United States gold coins ever formed. While it did not have each and every date and mintmark, it was (and still is) highlighted by the unique 1870-S $3 and many other great rarities, many of which are among the finest of their kind or are the very finest. Sometimes even a landmark rarity would be acquired in duplicate, and his array of multiple specimens of certain Proof gold rarities is, in a word, impressive.

Time and again, Harry was in the right place at the right time. Along the way his cabinet attained immense proportions—immense in quality, immense in importance, immense in interest.

Philanthropy and Outreach

In Texas, Harry Bass was the administrator of two non-profit foundations. The Harry Bass Foundation, created by his father, has for a long time supported various Dallas area activities including religious and charitable institutions, hospitals, and museums. A separate foundation, the Harry W. Bass, Jr. Research Foundation, was set up to advance research and scholarship in certain areas of United States coinage including literature, patterns, and gold coins, with particular interest in outreach on the Internet and electronic media, as well as engage in significant philanthropic endeavors in other fields. Among its beneficiaries is the American Numismatic Society, New York City, with which Harry had close connections for a long time. For years he served as a councilor of the Society, and from 1978 through 1984 he was the Society’s president.

In recent times, the Foundation has been arranging with the American Numismatic Association in Colorado Springs to display many important items, as noted earlier in the present introductory pages. Already, through the Foundation’s website and through the listings in our auction catalogues, much information has been shared with a worldwide circle of numismatists and historians.

To further its philanthropic objectives, the Harry W. Bass, Jr. Research Foundation commissioned our firm to showcase at public sale many important items from its vast and impressive holdings. Parts I to III are history, and the catalogue for Part IV is now in your hands. No effort has been spared to make the series of catalogues a fine memorial to Harry’s efforts and also references of lasting numismatic importance and value.

In addition to the auction presentations, our organization has commenced working closely with the Harry W. Bass, Jr. Research Foundation to collate Harry’s notes and create the aforementioned sylloge, or catalogue raisonné of the items retained by the Foundation as well as notes on many other pieces. Along the way, the sylloge will contain information about Harry Bass’ life, connoisseurship, the history and background of the series he collected, and much other information that should prove to be of interest, value, and importance. While various series will be showcased in the sylloge, its focal point will be American gold coinage of the 1795-1834 era. The volume will present historical, numismatic, pictorial, and technical information not hitherto available from a single source. Further announcements concerning the sylloge will be made at a later date.

In the Pantheon of Numismatics a special place has been reserved for Harry and his memory, and generations from now he will still be remembered as one of the foremost figures in our field. The sylloge will share Harry’s knowledge and enthusiasm with the numismatic world.

Appreciation

I express my deep gratitude to Doris (Mrs. Harry) Bass, Michael Wylie, David Calhoun, and Michael Calhoun—the trustees of the Harry W. Bass, Jr. Research Foundation—for consigning these memorable gold coins and other items to us. The staff members of the Foundation, including Ed Deane, Georga Peraza, and others, have been of great help in many ways.

In addition to the numismatists who have worked with coin study and descriptions and our five-star photographer, I express my appreciation to others, including:

John Pack, our auction director, helped with research and technicalities. Cheryl Perry and Beth Piper kept track of many details.

Aspects of typography and layout were accomplished by our Graphic Arts Department including Roberta French, Robert Lawrence, and Jennifer Meers.

Chris Karstedt worked continuously with the David Calhoun and the Harry W. Bass, Jr. Research Foundation in the selection, presentation, publicity, and other aspects of the present coins and catalogue.

What did I do? I guess the answer is a bit of all and everything, working with the cataloguers and researchers listed above, plus creating some of the catalogue descriptions, adding introductions, text, and commentaries, and acting as editor.

The Sale and You

Looking toward the present Sale, I thank each and every one of you who has acquired the present catalogue, reads through it, and participates in a truly once-in-a-lifetime opportunity. If you are a specialist in one of the gold series showcased, welcome. However, part of being a numismatist is having a generous measure of intellectual curiosity. Indeed, throughout his lifetime, Harry Bass’ objective was to acquire items that interested him, not what someone else wanted him to buy. I hope that in perusing the pages you will find many items to pique your interest and, perhaps, start a new specialty in American gold coins, the crème de la crème series of United States coinage and financial history.

As the years go by, the pedigree "From the Bass Collection" on a numismatic item will give it a special cachet.

I have enjoyed each and every one of the coins in the catalogue during the catalogue preparation process—and, forever, I will enjoy the memories associated with them. How lucky you are to be a potential buyer at the sale. You have an appointment with numismatic destiny!

Sincerely,

Q. David Bowers, President

Bowers and Merena Galleries