Michael Hodder and Q. David Bowers
June 30, 1955
Dear Paul:
We are always glad to hear from you when anything special comes your way.
On the first three of the half eagles offered, only the 1829 Large Letters is missing, and that item went at such a sky-high figure that it is not on our want list at current quotations. The Small Letters type we picked up at Cairo.
Many thanks as always,
Yours sincerely,
Hon. R. Henry Norweb
July 12, 1955
Dear Friends:
I just purchased the largest collection of National Bank notes in the United States. At one time you indicated that you might be interested in Ohio notes, and this collection contains a beautiful selection. Considering the face value of this collection the premium is not too great, and if you are interested in the entire unit of Ohio I'll be happy to send it down for your examination. Naturally you are under no obligation to purchase it.
Art joins me in extending you personal regards.
Sincerely, Paul Kagin
July 20, 1955
Dear Paul:
Thank you for your letter of the 12th about the Ohio notes.
What long memories you two have! Yes, we are interested in currency of this series for educational purposes, but the notes we are picking up should come from banks from the Western Reserve area, as indicated on the attached memorandum.
With personal regards, Very sincerely,
Hon. R. Henry Norweb
August 22, 1955
Dear Art:
Until yesterday I had fully expected to see you at the [ANA] Convention [in Omaha] about various and sundry matters. In the last few hours the unpleasant prospect of a guided missile base being set up on or adjoining our home has knocked all our ideas out of the window. So instead of heading West tonight, as intended, I am Washington bound.
The currency came special delivery today, and I expect on my return later in the week to go through the Ohio notes to see what the Historical Museum could afford to add to its collection of Western Reserve bank notes.
As for the three colonial pieces offered in your letter of August 11th, I was going to make a deal with you at Omaha to get them as a birthday present for my wife. I am accordingly enclosing my check for $1,000, but would like to know if you could help me dispose of our duplicate Pine Tree sixpence Noe-32. Details of this would have to be arranged later since I would want this purchase to come as a surprise. However, I am hoping that you could come up with a fair offer for this piece that will help reduce the overhead.
Very sincerely,
Han. R. Henry Norweb
August 29, 1955
Dear Art:
With this letter I am returning most of the bills you sent on approval. Of the notes with historical vignettes only one was in good enough condition to warrant adding to the collection. There were many clean crisp specimens and a lot to be sure, but either we had them already, or they were not of the type that would add to the exhibit.
I was sorry to have to miss Omaha, especially since my trip to Washington was not particularly availing. It looks very much as though we are going to have to live with a big Nike site as our next-door neighbor.
Yours very truly,
Hon. R. Henry Norweb
May 10, 1956
Dear Art:
Just a brief note to tell you that we appreciated your offer to stop over in Cleveland earlier this week. If we did not take advantage of your kind suggestion it was chiefly because of our reluctance to inconvenience you when our own thinking in terms of the collection had not yet cleared. As you know, Mrs. Norweb and I are still mulling over the thought of branching out into currency and as yet have not found the answer. In the circumstances then it seems to me the most effective way to approach it would be for you to give us an idea of what exactly is in the lot so that we could determine for ourselves the extent to which we might become involved.
Making our decision more difficult at the present time is a tremendous backlog of work still confronting 'us by way of cataloguing and digesting several substantial recent acquisitions.
With personal regards, Very sincerely,
Hon. R. Henry Norweb
May 23, 1956
Dear Art:
We are still at two minds about the paper money and that being the case I am returning (separately) the lot that you kindly sent us for inspection. I am sure that some day there will be a meeting of the minds on this score, but at the moment this is not the case.
With regard to the Birch Cent, after seeing the coin I am the more puzzled at the value placed upon it. It is really not in first class condition, with scratches along the face and in the field as well as a sizable edge nick. In making a price I wonder if you took these demerits fully into account.
Good, bad, or indifferent, I can tell you that I have every intention of getting the coin as an anniversary gift; but I would be a lot happier about it if I could get away from the feeling that the price is still somewhat out of line.
Sincerely yours,
Hon. R. Henry Norweb
May 28, 1956
Dear Art:
Over the weekend I managed to give a little time to the problem of the Birch Cent and came across the enclosed item [which was not included in the file with the present letter]. This approach is on the basis of the Sheldon evaluations and is an interesting exercise in mathematics. According to the Sheldon formula: 40x30x1 1/2 for rarity equals $1,800. When it has served its purpose, please return the article for the files.
Very sincerely,
Hon. R. Henry Norweb
May 29, 1956
Mr. R. Henry Norweb:
Thanks very much for forwarding the article as it is very interesting. It also bears out my theory that it is an actual coin and not a pattern. As for the rarity, I believe it to be as such. Your mathematics for the average Condition Census coins is correct, that is for the third, fourth, or fifth finest known. In practice, the finest known, or second finest known brings from double to triple the book value. This was borne out by the Dupont Sale and the Clarke Sale which recently took place.
Placing the value of this item on what it should actually bring at auction I would say this coin would bring closer to $3,500 than it would to your figure of $1,800. I honestly believe I am conservative in my value. I'm almost certain that I would not have any difficulty of selling this coin at my price of $2,500. Since almost every large cent collector needs this coin you could see what a large potential there is and of course having only the single specimen it is just a matter of offering it around. I feel morally obligated to offer Mrs. Norweb the first chance at all colonials and early United States coins that come through my hands, and that was the reason I gave you first refusal. In view of the special occasion I thought that I was being more than fair in giving you a 5% discount, since I feel that I can obtain the original price without any difficulty.
With regard to the "book value" I know for a fact that Dr. Sheldon has paid more than his own book value for coins. This is also true of his associate, Dr. Paschal, who was an important buyer of cents at both the Dupont and Clarke sales.
Art Kagin