Author: Baldwins

Twice a year, Baldwin’s produces a Fixed Price List (FPL) – a catalogue containing some of the finest numismatic material available anywhere in the world. The release is always a highly anticipated event, and so far the digital version has been browsed almost 10,000 times.

We always get asked a great deal of questions about our FPL, so we felt that the time was right to now ‘lift the lid’ and answer as many of those queries as we can.

If you have a question that we haven’t yet addressed, feel free to ask it below and we’l feature the best in our next newsletter.

 

 

So where does all this material come from?

Our team of world-class experts begin collecting items for the FPL months (and often more) well in advance of publication. We quite literally scour the globe in pursuit of top-quality items to feature. We attend all the major fairs and conventions, from Berlin to Tokyo to New York to Hong Kong.

We also monitor and attend coin auctions all over the world, and if we do manage to grab a bargain it enables us to offer items at very attractive prices.

 

Do you own all the items on the Fixed Price List?

We certainly do. Whilst we do sometimes sell on behalf of clients, every item featured on our FPL is owned by A H Baldwin & Sons Ltd.

Items that are consigned to us are generally sold at our numerous auctions around the world. For those looking to consign, click the ‘auctions’ tab above to see why our auction processes consistently get the best results for our consignors.

 

How are the items selected?

When it comes to our FPL, we take great pains to ensure that there is truly something for everyone.

We understand that the numismatic world is a richly varied and often eclectic one. For every high-level collector willing to spend six or seven figures each year on their collection, we know that there are a dozen equally committed collectors who perhaps operate on a more modest budget.

Our goal is to make this bi-annual catalogue as inclusive as possible – that’s not to say that there are not some highly exclusive items on the list.

In every category we feature a number of these exclusive items, but we also include a number of others that can add significant value to a collection without having to sell the car or re-mortgage the house.

 

I’ve seen that coin cheaper on another website…

If you happen to find a bargain, then after your own due diligence, by all means go for it!

As we all know, numismatics is not a precise science, and the bars and restuarants surrounding every fair and convention anywhere in the world are always awash with stories of burned fingers and bargains that turned out not-to-be.

Much of the stock that we feature on our FPL is high quality and highly specialised, and the prices we set are what our specialists feel are both realistic and reasonable for that ‘specific’ item rather than any other items in that series.

 

So just how are the prices calculated?

A large number of factors are taken into consideration when setting the prices, including (but not limited to) current market trends, popularity, provenance and rarity, combined with our specialists’ unrivalled knowledge of the numismatic world.

A very considerable amount of research is also conducted for each and every item to make sure we get it 100% right.

The prices that we set are commensurate with market value – we monitor Prices Realised and trends from all over the world on a constant basis.

Over the past 142 years plus, we have built a significant reputation of being one of the most respected numismatic dealing houses in the world – its a reputation that we want to keep. And the best way to do that? To offer you the best possible prices that we can.

 

These prices – are they really ‘fixed’?

This one we get asked a lot – and the short answer is: Yes, they are.

That being said, once the FPL has been current for a month, we are often willing to entertain sensible offers, and we will always reply.

 

Why do you only produce Fixed Price Lists twice a year?

The compilation of these catalogues takes a huge amount of time and some considerable effort – work often begins as much as six to eight months ahead of publication. By limiting the number of releases to only two a year, it enables us to present only the very best that the numismatic world can offer and retains that level of exclusivity that so many of you have come to expect from Baldwin’s.

 

My area of interest isn’t featured this time. Why not?

There are a number of reasons why this could be the case. It could be that we were unable to source items of sufficient quality to include, or that space limitations meant that we had to omit certain sections this time around.

Its worth noting that any items that don’t quite make it onto our FPL (for whatever reason) are always available through the website. Simply click on the ‘buy’ tab above to start browsing.

 

Got a question that isn’t featured here? Let us know below and we’ll get back to you!

The best questions will be featured on our next newsletter.

 

This Friday (19 February) sees the 469^th anniversary of the Crowning of Edward VI at Westminster Abbey – with the young King coming to the throne at the rather tender age of just 9 years.

Despite his obvious immaturity, Edward was oft regarded as something of an intellectual, and he took a personal interest in the affairs of the Mint, a fact revealed by his own diaries.

In 1551, Edward was just 13 years old, and his involvement with the Mint produced one of the rarest and finest Gold Sovereigns produced at any time within the British Isles. Indeed, in his Tudor Coinage (pub. 1978), Christopher Challis suggests that this coin was perhaps for the use of the King himself.

 

Edward VI (1547-53), Fine Gold Sovereign of Thirty Shillings, Southwark Mint. Bold very fine and very rare.

 

This particular coin once adorned the cabinets of the British Museum in London, but was sold at private Treaty at some unrecorded time in the past.

Its rarity is beyond question – this is what is believed to be one of just eight examples currently in private hands. It was issued at a 30-Shiling face value, 23carat and 3 ½ grains fineness (0.995 fine gold), and weighs in at 240 grains (15.552g). These exquisite coins were issued for a mere six months, and feature the Mintmark of an ostrich head attributed to the then Treasurer Edward Peckham – a reference both to his surname and a nod to his family arms which featured the same symbol.

Edward VI passed away at the (still very young) age of 16 from tuberculosis, and left behind a particularly contentious (even by the standards of the time and his parents Henry VIII and Jane Seymour) succession. And of course, one of the finest and rarest Gold Sovereigns that you can own.

The Edward VI Fine Gold Sovereign of Thirty Shillings is available from our Fixed Price List for £250,000.

The iconic Waldorf Astoria in Manhattan was the venue for the annual New York Sale, held over the course of three evenings on 5-6-7 January 2016.
The New York Sale is an integral part of the NYINC (New York International Numismatic Convention), which attracts collectors and dealers from all over the world who flock to New York City to view, buy and admire the range of fabulous coins from all quarters of the globe and all periods of history.
The three New York Sale auction evenings began at 7pm, with enthusiastic bidders staying long into the night to bid on lots that included the magnificent Sunrise Collection of Parthian Coins; the Alexander White III Collection of Byzantine and Medieval Coins; a fabulous selection of ancient and world coins, as well as a hugely popular Russian coins, medals and orders auction.
In total, the three auctions realised just over $4M, and the large variation of available lots made for some truly exceptional realisations.

The auctions were also remarkable for the happenstance of a truly unique event when a stunned auction room bore witness to a New York Sale first (and probably the entire auction world) when the auctioneer gave away a lot for free, prompting the first ever Prices Realised released that contains the word ‘gratis’!

 

As always, Baldwin’s also set the standard for live auction interaction, with the live broadcast through their website as well as a fully interactive Twitter feed, that was viewed by over 20,000 people and saw dozens get directly involved with the action.

 

To view the coinsweekly.com website, click on the logo below:

It is a date that is oft circled in the calendar – tickets booked; hotels researched; catalogues attained; spouses placated with promises of shopping and fine dining – the International Coin Convention.

An event highly anticipated by professional numismatists, dealers and casual collectors alike. We attend in our hundreds (often thousands), hoping to bag that missing item in our collection, or perhaps discover that elusive bargain for a price you just know is less than the coin is worth…

But what really goes on at these conventions? How does the whole thing, well, work? Just what happens behind the scenes?

The iconic Waldorf Astoria in Manhattan, the spectacular venue for this year’s International Coin Convention held in January.

 

Venue is important for many reasons, and not just for the obvious requirements of space and accessibility. There is also the prestige that accompanies this timeless avocation. Ma’s Bed and Breakfast next to the Post Office is not really going to cut it. Displaying multi-million dollar/pound collections in a basement is unlikely to appeal to those with a fine eye and an expertise in spotting die variations in a Charles I Triple Unite.

Once the venue has been suitably found, booked and secured, the real hard work begins. Preparations for a show such as the New York International Coin Convention start more than a year in advance – at this year’s show, for example, standholders were encouraged to book their place ready for 2017 due to demand.

The Starlight Lounge on the 18^th Floor of the Waldorf Astoria in New York certainly fitted the bill as far as prestige was concerned, but it wasn’t just a matter of ‘turn up and go’.

 

Before the show – the Starlight Lounge the day before the standholders arrive.

 

The room is prepared well in advance by a skilled team, ensuring that space is maximised for both standholders and attendees.

The stands are often prepared the night before the show opens to the public, and readied the next morning. It is a matter of course that there is a tangible sense of excitement throughout the room as the queues start to build up outside.

 

 

Get Set….Ready….

 

 

GO!!!….

 

When the doors do open, the work behind the scenes continues, often unseen by those browsing, buying or selling. With such a large amount of people (not to mention the value of the coins and other numismatic material on display), safety is paramount, and a full team of security is always on duty.

For those who attend, the show generally finishes around five/six pm. Then, routes are planned towards nearby bars and restaurants to further discuss collections before rescuing spouses from their shopping expeditions and arguing about who has spent the most money.

For the standholders and the behind-the-scenes team, it doesn’t quite end there. The displays are carefully dismantled and items secured ready for the next day before we make our way to join those who remain in the bars and restaurants (as well as those who have already lost the aforementioned arguments) to talk about the one thing we all have in common.

On the final day of the show, as the last of the attendees slowly filter through the exit, the hard work continues. At this stage, the room, so meticulously kempt by the expert team throughout the show starts to look a little different, as the standholders begin to disassemble the stalls.

 

After the show, as the last of the attendees leave, the dismantling process begins…

 

Cash is reconciled; coins, medals, banknotes and more is carefully catalogued, stored and readied for the journey home. Items are packed into crates for transatlantic flights, strongboxes are securely fastened and the room buzzes with the unmistakable sound of people removing tablecloths and checking under tables to ensure that nothing (or anyone) is left behind.

When the doors finally close, we make our way to the awaiting planes, trains and automobiles. Tired but happy that we’ve reignited old acquaintances and made some new friends on the way, secure in the knowledge that we’ll do it all again next year. And you know what? We wouldn’t have it any other way……

 

 

 

 

The Auction: the sale of goods to the highest bidder. Indeed, the word itself derives from the Latin ‘augeo’, which means ‘I increase’ or ‘I augment’. It’s a model that dates back to Babylon in 500 BC, where auctions of women for the purposes of marriage were held annually.

Thankfully for all concerned, things have moved on a bit since then.

Throughout the ages, there have been a number of iterations – in the 17^th and 18^th Centuries, for example, there was the ‘Candle Auction’, whereby bidding would only end when the candle burnt itself out (Samuel Pepys records a number of instances where the admiralty sold ships ‘by an inch of a candle’).

The process today is fairly straightforward, even with the advent of the internet bid. The auctioneer collects bids in increments until the highest price offered is reached. If an item generates no interest or the price offered does not hit the reserve, the item is ‘passed’ or ‘unsold’.

What never happens is that the auctioneer simply gives away an item for free without asking for any bids.

Or does it?

The extremely rare Gold Medal (50 Ducats) commemorating the Opening of the Naval Dockyard in Kronstadt from 1752 that sold for $327,600 (inc. BP) at The New York Sale

 

That is precisely what happened on 7^th January 2016 at the Waldorf Astoria in New York, the iconic venue for the annual New York Sale.

The bidding for lot 2122, the rare gold Medal (50 Ducats) displaying Elizabeth r and the Opening of the Naval Dockyard in Kronstadt from 1752 was, as you might expect for such a showcase item, a very competitive affair.

The estimate for the medal was $200,000, and rather than waiting for a candle to burn down, the more modern method of accepting higher and higher bids was employed by the auctioneer, until the final bid of $327,600 (including Buyer’s Premium) eliminated all under-bidders and the hammer finally fell.

What happened next was unprecedented in an auction room (candle or no), as the auctioneer, so pleased with the price realised for the gold medal, decided on the spot to give away the next lot free to the buyer!

This prompted the unusual and, we believe, unique appearance of the word ‘gratis’ to appear on a Prices Realised sheet.

For certain, this was a complete first in our auction room, and to the best of our knowledge has never happened before.

An odd occurrence for sure, but have you ever seen an auctioneer give away a free item in a coin auction? Was it out of sheer generosity and goodwill? What is the strangest thing you have ever seen in a coin auction?

Tell us below…..

In the days of Pirates and volatility on the high seas, the Spanish Armada ferried precious metals, jewels and rare items between the Spanish colonies in the Caribbean and the Spanish mainland. In a fit of marketing brilliance, given the state of the world, someone thought it would be a good idea to name the route ‘The Spanish Treasure Fleet’. Rather than the far more sensible ‘The Spanish insert-name-of-really-dull-item-here Fleet’. Especially as, at the time, the Spanish Armada and the Spanish colonies themselves were being looked upon with rather envious eyes – particularly from the French, English and Dutch navies.

Remarkably, over the course of two centuries, very few fleets were actually lost, and majority of those that were mostly succumbed to poor weather or bad seamanship rather than any confrontation.

In fact, the only time that the fleet was captured was at Matanzas Bay, Cuba, by the Dutch Admiral Piet Heyn.

The story of that capture plays out like the plot of a Hollywood movie, and was remarkable for many reasons – not least of which was the fact that Admiral Heyn managed to take the fleet without the loss of a single life.

Lot 1004: Netherlands, Admiral Piet Heyn (1578-1629), Silver Medal depicting the capture of the Spanish Fleet at Matanzas Bay, Cuba, 1628, 58.41g, 58.87mm, unsigned. Good very fine and very rare. Guide Price: $20,000

The fleet was due to sail to the colonies in two separate flotillas, one departing from Venezuela and one from Mexico (one guesses that their security team was more adept than their marketing team). Whilst the flotilla moored in Venezuela was awaiting departure, they were already being eyed by the Dutch. A Dutch cabin boy, having drunk more than his fill in the bars of Blanquilla, became lost in the port on his way back to his ship. Captured by the Spanish, he was coerced into giving up the Dutch plans.

The Spanish flotilla in Venezuela was therefore forewarned, but there was no time to get word to their comrades in Mexico.

The Dutch fleet, led by Admiral Heyn, pursued the remaining Spanish ships and eventually forced them into the Bay of Matanzas, where, finding themselves utterly outnumbered without their colleagues languishing in Venezuela, had no choice but to surrender. On 9^th September, 1628, they did so, with only minimal shots fired  – none of which actually hit their target.

Admiral Heyn captured 11,509,524 Guilders of gold, silver, and expensive trade goods – a booty that would go on to fund the Dutch navy for the next 8 years.

Upon his return to the Netherlands he was hailed as a hero, and when facing the adoring crowds of home, would utter perhaps the most illustrative and damning quote of any wartime; a quote that rings as true today as it did 400 years ago.

“Now they praise me because I gained riches without the least danger; but earlier, when I risked my life in full combat they didn’t even know I existed.”

The medal, for sale in our New York Auction, is forged from the recovered treasure.

 

 

We get told this all the time: bigger is definitely better. Bigger cars with bigger fuel tanks and bigger engines; bigger meals; bigger coffee mugs; bigger houses with bigger rooms for all our bigger stuff.

And of course, something that applies to every single person reading this right now – bigger collections!

For the coin collector, we tend to think of a bigger collection (or a larger collection, depending on your view of semantics) as simply one that is taking those inexorable steps towards completion. One that is always growing. Perhaps steadily, perhaps slowly, but definitely expanding; a collection that is ‘bigger’ than it was last year.

We think of our collections in terms of overall size, or perhaps in the rising value that dwells within,  but rarely in the size of the actual items within it. Perhaps we should….

In the world of the Mughal Empire, they certainly thought that bigger was better. These ‘gigantic’ coins are unrivalled in terms of majesty and size. The coin (a silver 10-rupees) in our New York auction is such an example – one of only 2 known examples.

Lot 1101: Mughal, Nawabs of Surat; Shah Alam II (AH 1173-1221; 1759-1806 AD) Silver 10-rupees, Hijiri, AH 1185, Year 6, 115.6g, 45mm. Incredibly rare and one of only two known specimens. Guide Price: $300,000

Shah Alam II inherited a crumbling Empire, with frequent attacks from the Emir of Afghanistan, who made constant gains throughout Alam II’s reign. Indeed, a popular joke at the time was that Alam II’s Empire ‘reached from Delhi to Palam’. With Palam being a suburb of Delhi.

The origins of this coin are well documented (it was minted at Surat, a large and popular port city on the banks of the River Tapti), but its purpose is somewhat less known. Perhaps it was meant as a last hurrah of a dwindling Empire. Perhaps it was, as many commentators have noted, simply a way of storing bullion (such as a gold or silver bar of today). Perhaps it was indeed designed to be a form of currency. Perhaps it is just the last reminder of that which was once magnificent.

Or perhaps it was always meant to sit at the heart of a growing collection, for no other reason than Bigger is Better….

 

Throughout the world of numismatics, there are (arguably) few coins that can match the distinction of the of the Charles I Triple Unite.

Even those new to the genre may well know the name – it is the numismatic equivalent of the Penny Black or Spiderman #1. The crowning jewel of any collection.

It’s allure is undebatable, and yet the basis of this appeal is a contentious issue. The coin was struck for only 3 years towards the end of the reign of Charles I, and yet remains instantly recognisable and eminently collectable today. So just what is its appeal?

Is it perhaps that Charles I’s reign was so short? Or maybe because it was such a memorable and remarkable period in British history? Remember, remember, the Guy Fawkes plot is still commemorated today; the dissolution of Parliament led to the English Civil War.

Or is it more aesthetic than that? There can be little argument that, in all its varieties, it is a stunningly beautiful item – a definitive talking point to sit at the centre of a well-presented collection?

Perhaps it is none of these things, or a combination of all. Or perhaps it is simply that they are rare enough that finding a good fine version takes some considerable effort…

 

The Charles I gold Triple Unite (lot 1035), 1642 (27.1g), Oxford Mint, for sale in our New York Auction XXXVII on 6th January 2016. Starting Price: $65,000

 

What do you think? What is the greatest appeal of the Triple Unite? Tell us below….

In the 1^st Century AD, at the heart of the Roman Empire, PR would have been a very different thing than it is today. There are ways that Royals, celebrities, singers present themselves in our modern age that we have come to take for granted – the flashy and colour-rich centre pages of the morning newspaper; the rolling 24-hour news; the glossy magazines that owe more to the airbrush than the skill of the photographer. In short, there are a myriad of ways to present an image – to get the public to perceive you in a certain way.

But all of these publicity processes are very recent phenomena. If they didn’t exist, just how would we be made aware of some starlet’s new plastic surgery or smug fashion disaster?

Bring in the coins.

In 217AD, the reign of Macrinus began in Rome. It would have been extremely unlikely that the common Roman citizen of the time would have had the first idea who he was (especially as Macrinus was often lambasted for never actually visiting Rome during his tenure, a fact that would eventually play a significant part in his downfall). For the everyday man-in-the-street, the image of the Emperor upon the coin they kept in their pocket was perhaps the only way of knowing just what their leader actually looked like.

The image of Macrinus on this Medallic Sestertius highlights the fact that vanity and media image was as pertinent then as it is now – note the closely cropped beard and handsome profile, in contrast to many of the surviving busts and statues that show a much longer-faced and hirsute figure.

Macrinus’ reign, although short, was significant for a number of reasons – firstly, he led numerous attacks on the Parthian Empire before eventually suing for peace (a peace that would cost the Roman Empire an eye-watering 2 million sestertius); he was the first Emperor to come from the lower-ranked Equestrian rather than the prevailing Senatorial class; and probably most importantly for the numismatist, it was he who increased the amount of silver in the denarius from 51.5% to 58%, effectively completely revaluing the Roman currency.

A lasting legacy, and one that impacts all our collections of Roman coins today. An impact that will definitely last longer than those bright and photoshopped pages in the centre pages of the morning newspaper….

 

The Macrinus (AD 217-218) AE Medallic Sestertius (32.27g) is Lot 912 in our New York Auction XXXVII, on the 6th January 2016. Starting Price: $20,000.

 

 

Here at A H Baldwin & Sons Ltd, tens of thousands of items pass through our salesroom every year and each and every one of them possesses its own unique and fascinating history. Unearthing that history, delving through the sheen and lustre to discover the stories and narratives beyond, is a relished task for our team of specialists who catalogue, grade and value items from all over the world and all periods of human history.

Discovering the rich, varied, and often poignant backgrounds of a particular item is more often than not the most rewarding and satisfying element to our job.

We can, for instance, in almost all cases, tell where a certain coin came from. Most items themselves will willingly surrender their own clues as to their heritage. Others may take a little more persuading to give up their secrets. Even in the cases where considerable research is required, we can usually tell, for example, where a coin was minted; we can tell when it was produced; and very often by whom and for what purpose.

It is extremely rare, however, that we able to say, with some considerable degree of accuracy, that a particular 370-year old coin was born on the dinner tables and cutlery drawers of a city in the North of England.

 

 

The coin in question is a silver Three Shillings from 1645, and one of a selection of obsidional, or ‘siege’ coins going under the hammer in our auction on September 24 at our London Auction Room.

The period was, as the historians amongst us will know, the English Civil War of 1642-1649, when many cities across England came under siege from Cromwell’s forces.

The vagaries of the war – how it came to be and the political and regnal manoeuvring that led to ‘letting loose the dogs of war’ – have been much documented. For the numismatist, however, one of the most fascinating aspects of the period was the emergence of the obsidional coin.

When a city came under siege, the flow of money (just as the flow of food, water and other amenities) was severely restricted, and provisions had to be made in order to pay the garrisons trapped alongside the residents inside the city walls. To this end, new coins were created, produced, and distributed amongst the soldiers.

In October 1644, General Alexander Leslie, the 1^st Earl of Leven, after the successful storming of Newcastle, travelled west to lay siege to Carlisle. The city was blockaded until surrendering on 25 June 1645, and during that relatively short period no coinage was permitted to enter or leave the city. A solution had to be found so that the forces on the inside could receive their wages, and that solution was to create entirely new coins that could be used as currency.

A shortage of physical money in the pocket is something that, in modern days, is difficult to contemplate. With so many transactions conducted electronically we have developed a tendency to take it for granted, and any shortage of coinage is generally due to poor fiscal management rather than any shortage of supply! In the case of Carlisle in 1644, it was the lack of raw materials that presented the problem. Coins are made of metal, and Carlisle, like so many cities, is distinctly short on mines. The solution was to request the donation of plate, from the townsfolk themselves, that could be melted down and turned into coinage.

From this donated plate, coins of two denominations were minted – the Three Shilling piece and the Shilling piece, the former being the rarer (and therefore producing the lower survival rate). Examples of both feature in our auction.

We know that in Carlisle exactly 1,162 pounds of plate was donated, and we also know that 21 of those pounds was lost in ‘meltynge and working’, giving us a fair idea of just how many of these coins were produced. In fact, we know a great deal about the siege of Carlisle and what went on behind those barricaded walls, and for this we are indebted to a young man named Leslie Tullie. His ‘Narrative of the Siege of Carlisle’ still exists, and contains much of great interest to the historian – not least his meticulous recording of all the plate donated. For example:

                                                                                                        Oz.

Will Atkinson: A trencher salt & three spoones                                   012-1/2-0

Julian Aglionby: one boule                                                                 008-1/2-0

Edmond Kidd: two boules                                                                  015-3/4-0

Mary Carlile: one bowle and 8 spoones                                             015-3/4-0

 

Amongst the many wonderful things that the complete list of over one hundred and eighty-three pieces that were donated (along with numerous pieces of broken plate) tells us is that whilst Mr Tullie himself is not listed, his mother is: she donated five spoones. Given the young Mr Tullie’s enthusiasm for events (his painstaking records given as evidence), one can only imagine the conversations that took place in that household regarding the future of those spoones!

The story in Carlisle was played out in many other townships across England as the Civil War continued. Obsidional coinage was also produced in Newark and Pontefract. As well as the Carlisle coins, our auction also features some intriguing besieged coinage from these cities – from Newark the Silver Halfcrown (1646); the Silver Shilling (1645); the Silver Ninepence (1646) and the Silver Sixpence (1646); and from Pontefract we have a Silver Shilling from 1648, along with a fascinating example of the same that was produced after the execution of Charles I.

Coins such as these appear on the market extremely rarely – primarily due to their scarcity, but also because their extreme high levels of collectability mean that their owners are infrequently inclined to part with them. These exquisite coins going under the hammer at our auction are a rare and wonderful chance to own a part of English history that is as intriguing as it is unique, leaving us to speculate on the contents of our own cutlery drawers, and ponder the reaction of the good folk of Carlisle in 1644 were they around to be told that their same would one day sell at auction for an estimated £30,000…..