Q. David Bowers
"Further review shows that commemorative half dollars have been growing in popularity and increasing in value consistently these past five years. Monthly auctions have proved very popular and perhaps we will re-introduce this feature-again, time permitting. A slump in prices (December 1949) saw a Panama-Pacific set at $1,160 from $1,250 and a stella at $490 (from $525). A 1936 Proof set was offered at $44, down from $52.50 (now $62.50). The Williams Collection of territorial gold-a special monthly issue-brought wonderful results in January 1950. And so on through the years. Every second issue, it seems, had Abe Kosoff heading East-and now again.
"Really, they have been five grand years, and speaking of anniversaries, April 1, 1953 was the start of the 10th year for the two AK's as partners, and come September, Kosoff will be starting his 25th year as an active professional numismatist. To all who have helped us enjoy this thus-far-brief interlude, our sincere thanks. We hope we may be permitted to serve you for a long time."
The Baker Hotel in Dallas was the site of the 1953 American Numismatic Association convention. Just as the Michael F. Higgy Collection sale in 1943 was a turning point in the market, the American Numismatic Association convention held in Dallas a decade later was subsequently viewed as a jumping-off spot for a strong market rally. The convention sale, conducted by the Numismatic Gallery, saw 800 mail bidders and over 250 floor competitors establish many record prices. A report in The Numismatist noted:
"So spectacular was the floor bidding that one old-timer remarked that the Monday night session was phenomenal-the most remarkable auction session in numismatic history. For one who had attended the big ones run by Henry Chapman, Tom Elder, Wayte Raymond, and in Europe, this was indeed a superlative."
Lot No.1 in the sale was an 1856 Flying Eagle cent, a coin which was a tradition to initiate Numismatic Gallery auctions. In Uncirculated grade the piece fetched $230. Another 1856 Flying Eagle cent, Lot 44, fetched $280, a new record price. A type set of commemorative half dollars fetched $460, while a set of silver three-cent piece brought $300, a Fine 1796 half dollar went to a new home at $300, and an Uncirculated 1901- dime realized $190. An example of the 1838-O half dollar rarity was bid up to $3,500, with the mor common 1839-O bringing a respectable $60.
The market was on the upswing, and about the same time the Hillyer Ryder Collection, catalogue by John Jay Ford, Jr. and sold by the Net Netherlands Coin Company, New York City, also saw many record prices. Prime players in 195 were Art and Paul Kagin, who operated the Hollinbeck Coin Company in Des Moines. The were strong buyers at the 1953 ANA convention sale, paying many "unheard of" prices for such things as high-grade Barber silver coins of the 1892-1916 era. Buying competition was intense it was a sellers' market, and in the United State the stage was set for a round of activity that would last for the next several years.
In 1953 the American Numismatic Association's annual convention was held at the Baker Hotel, Dallas, Texas. The auction was conducted by the Numismatic Gallery, as the above advertisement indicates. ("The Numismatic Scrapbook Magazine," July 1953)
The first page of a two-page report on the American Numismatic Association convention auction held by the Numismatic Gallery at the ANA convention in Dallas, August 1953. ("The Numismatist," November 1953)