The Norweb Collection - An American Legacy

More importantly, however, their grading system shows us that they were condition collectors primarily. Whenever possible, they bought coins graded Proof or Uncirculated. Coins in lower grades were later sold or traded, to upgrade the collection. Of course, some dates and types could not be found in Proof condition, and others were unknown in Uncirculated condition. In such cases, the Norwebs acquired the best possible condition specimens obtainable.

The first two recorded acquisitions from Elder in 1934 and Bolender in 1935 were of individual coins. This method, buying single coins from a few sources, continued through the rest of 1935. In early October of that year, for example, the Norwebs purchased an Uncirculated 1840 half dollar, Medium Letters variety (called "large letters" in their inventory), for $12.50 from Scott Stamp & Coin Company.

Scott Stamp & Coin Co. was located at 1 West 47th Street in New York City, on the same floor of that building as J.C., Morgenthau & Company. Scott Stamp & Coin Co. was run by Walter S. Scott and Wayte Raymond. Walter S. Scott was the chief auctioneer for J. C., Morgenthau & Co., and Wayte Raymond was, at the time, Morgenthau's chief cataloguer. Scott Stamp & Coin Company was the publisher of Scott's Standard Catalogue of Coins, the forerunner of Wayte Raymond's own Standard Catalogue and the Whitman Publishing Company's later Guidebook.

J.C. Morgenthau conducted coin auctions from 1932 until 1945. Their most famous sale was their last, the two part auction of Howard R. Newcomb's collection of large cents catalogued by Wayte Raymond.

Double Eagles

1861 Paquet Reverse