By Charles Morgan and Hubert Walker for CoinWeek Notes …..
Arthur B. Stewart was a coin collector originally from Pennsylvania but who later lived in Baltimore, Maryland. He was introduced to coin collecting at the age of 13 when his father bought him a small coin collection and enrolled him in the American Numismatic Association (ANA). At the time of his death, Stewart was the last known of the original 304 members of the ANA (#183), joining during its charter period of 1891-97.
A lawyer by training, Stewart practiced law and then became a successful businessman, serving as President of the Davis Coke and Coal Company and as director of a trust company and savings bank.
As a collector, Stewart focused primarily on United States type coins but did have small sections of pioneer gold, U.S. paper money, and foreign coins. During the 1920s and ’30s, he was an enthusiastic collector of commemorative half dollars. Although he did not own a 1928 Hawaii Sesquicentennial Half Dollar (which was scarce at the time due its distribution to the island), he assembled a fairly comprehensive set.
Following his passing on March 17, 1970, the Stewart estate hired Harmer, Rooke Numismatics, Ltd in New York to appraise the collection. A second appraisal was conducted in February 1971 by coin dealer William Anton, Jr. Ultimately, the family consigned the collection to Stack’s, which held a three-day unrestricted public auction of the collection at the New York Sheraton May 4-6, 1972.
Stewart’s 1875 Liberty Head Quarter Eagle Proof in “Brilliant Proof” realized $7,000 ($53,060 in 2024 inflation-adjusted dollars) and was the sale’s top earner. Stack’s described the coin as being a “splendid blazing gem.” The 1875 Quarter Eagle Proof is a rare coin with a mintage of just 20 pieces and probably no more than 10 known survivors. The image of the coin displays a shadow above the eagle’s head. Unfortunately, we are unable to match this image to any of the known survivors.
Other highlights included Stewart’s 1873-CC Liberty Seated Dollar, which sold for $5,500 ($41,690 adjusted), his 1861-D Gold Dollar at $5,250 ($39,795 adjusted), and a “Brilliant Uncirculated” 1795 Flowing Hair Half Dollar that sold for $2,900 ($21,982). Also sold were complete sets of Peace Dollars, Washington Quarters through 1966, and a run of Proof Sets from 1937 through 1942.
The catalog cover is printed on heavy paper stock and features black-and-white photographs of seven highlights from the Stewart Collection, including a 1795 Flowing Hair Half Dollar, a 1796 Draped Bust, Small Eagle Dollar, and an 1824 Capped Bust Quarter. Of the Stewart sale, former Stack’s President wrote that it was Harvey Stack one of the most significant offerings of the year.
The overall layout of the catalog is typical for Stack’s during this period. For those wishing to review the contents or add to their collections, copies of the Arthur B. Stewart catalog can be acquired on eBay and from numismatic booksellers. Examples in above-average condition with the Prices Realized pamphlet sell for about $15 to $20.
Stewart’s coins ranged in grade from heavily circulated to Gem Brilliant Uncirculated. Many of the sale’s more consequential coins are illustrated, but image quality from this period is generally too poor to allow for photo matching of coins and none of the currency notes or foreign coins are illustrated.
Select Coins Retaining the Stewart Collection Pedigree
Coin auction sales from the Internet Age allow for much easier pedigree construction. Sadly, many pedigrees from before 2000 have been lost.
Of the 1,808 lots in the Stewart sale, only 16 can be found in Stack’s Bowers’ online archives, while only one is referenced by Heritage.
Three-Cent Silvers
Stewart’s Half Cent section was sparse and his Large Cent sections were typical of a non-specializing collector of the period. Many of his holdings were in circulated condition. Stewart did have a number of Indian Head Cent Proofs, as well as several Mint State Red Lincoln Cents from 1909 through the ’60s. The Stack’s cataloger described his 1914-D Lincoln Cent as being “skillfully cleaned and now starting to tone.”
Two Three-Cent Silver coins from the Stewart Collection were purchased by collector Jerome S. Reznick. Reznick and the “Naples Bay Collector“, whom we will discuss later, are the primary figures responsible for the retention of the Stewart pedigree on coins from this sale.
1856 Three-Cent Silver
Stewart’s 1856 Three-Cent Silver was not illustrated in the catalog, but was described as being “Brilliant Uncirculated, fully frosty,” with “some peripheral weakness as usual.” As illustrated in the Stack’s Bowers offering of August 18, 2023, we observe dark mottled toning and silver-gold patina on what the more recent cataloger notes are “original surfaces.” Jerome Reznick paid $85 for the coin. Today this coin is graded PCGS MS64+ CAC.
- PCGS MS64+ CAC #46823373: As “Brilliant Uncirculated.” “The Arthur B. Stewart Collection,” May 4, 1972, Lot 172 – $85. As PCGS MS64+ CAC #46823373. “The Jerome S. Reznick Collection,” Stack’s Bowers, August 18, 2023, Lot 6142 – $2,880.
1865 Three-Cent Silver Proof
Reznick also purchased Stewart’s 1865 Three-Cent Silver Proof. The coin is darkly toned today, with antique green and blue along the periphery with apricot centers. Stack’s described the toning as light and iridescent in the 1972 catalog. This was the second-most-expensive Three-Cent Silver in the sale. The most expensive was Stewart’s 1858 in “Brilliant Proof.” We have been unable so far to match that coin with specimens auctioned by today’s leading firms.
- PCGS PR63 #46671959: As “Brilliant Proof.” “The Arthur B. Stewart Collection,” May 4, 1972, Lot 180 – $250. As PCGS PR63 #46671959. “The Jerome S. Reznick Collection,” Stack’s Bowers, August 18, 2023, Lot 31027 – $960.
Shield Nickel
1878 Shield Nickel Proof
Stewart’s five-cent nickel collection largely focused on Proofs for the Shield and Liberty Head nickel series and Mint State coins for the Buffalo Nickels. Only the 1866 and 1877 Shield Nickel Proofs are illustrated in the catalog, but Stewart’s 1878 Shield Nickel Proof was purchased by Reznick and sold by Stack’s Bowers in 2023. Stack’s described the Proof Only issue as being a “Brilliant Proof” with “pale gold toning.”
- PCGS PR65 CAC #46666962: As “Brilliant Proof.” “The Arthur B. Stewart Collection,” May 4, 1972, Lot 248 $225. As PCGS PR65 #46666962. “The Jerome S. Reznick Collection,” Stack’s Bowers, August 18, 2023, Lot 6166 – $1,200.
Liberty Seated Dime
Stewart’s collection of Half Dimes and Dimes was more comprehensive than his copper and minor coin holdings and included numerous early dates and varieties. These sections were not comprehensive and included several circulated to About Uncirculated pieces, along with a smattering of Mint State coins from the early 1800s and onward.
Five of Stewart’s Liberty Seated Dimes were illustrated (1838-O “No Stars”, 1863, 1865, 1873 “With Arrows”, and a beautifully-toned 1889-S). All except the 1873 were in Brilliant Uncirculated. The 1873 was described as being a “Brilliant Proof.”
1889-S Liberty Seated Dime, Small S
The Stewart 1889-S Liberty Seated Dime is the only dime that retains its connection to the sale. The 1889-S is slightly better than a common date, and this coin–with its vivid blue toning along the periphery–caught the attention of Tom Bender, a connoisseur of 19th-century United States coins.
- PCGS MS64 CAC #82124078: “The Arthur B. Stewart Collection,” May 5, 1972, Lot 644 – $150. As “Gem Brilliant Uncirculated.” Stack’s, October 19, 2005, Lot 715 – $4,312.50. “The Bender Family Collection,” Heritage Auctions, December 18, 2022, Lot 7093 – $1,080. Darkly toned with cobalt and purple along the periphery and reddish centers.
Twenty-Cent Piece
Stewart assembled a complete run of Twenty-Cent Pieces by date and mintmark.
1878 Twenty-Cent Piece
His 1878 Twenty-Cent Piece is described as being a “slightly impaired Proof” with “even iridescent toning.” When Stack’s offered this coin in its January 2007 auction, the firm described it as a “Brilliant Proof 55.” We have been unable to locate a more recent appearance of the coin.
- “The Arthur B. Stewart Collection,” May 5, 1972, Lot 783 – $410. As “Brilliant Proof-55.” Stack’s, January 16, 2007, Lot 5779 – $2,875.
Barber Half Dollar
After striking out in our attempt to locate Stewart’s “Brilliant Uncirculated” 1795 Flowing Hair Half Dollar (Lot 968), we were pleasantly surprised to connect a lost pedigree of one of Stewart’s Barber Half Dollars.
1907-D Barber Half Dollar
Likely one of the 10-finest known, the Stewart 1907-D Barber Half Dollar is not illustrated in the catalog and is described simply as being a “beautiful frosty specimen” in “Brilliant Uncirculated Condition.” Stack’s offered the coin with its Stewart pedigree intact in October 2006, but by the time the coin was placed in the Eugene H. Gardner Collection by Joe O’Connor, the pedigree was lost. Now it’s regained.
- PCGS MS66+ CAC #16509910: “The Arthur B. Stewart Collection,” May 5, 1972, Lot 1100 – $190. As “Gem Brilliant Uncirculated.” Stack’s, October 18, 2006, Lot 1365 – $10,925. Joe O’Connor to Eugene H. Gardner via sale, May 2012. As PCGS MS66+ CAC #16509910. “The Eugene H. Gardner Collection, Part IV,” Heritage Auctions, October 28, 2015, Lot 98758 – $9,400.
Silver Dollars
More than 200 lots of silver dollars made up a large portion of the sale’s third session, which was held on May 6, 1972.
Many of Stewart’s early dollars were fairly worn. He did not own a 1794 in any grade, and his 1795 was described as being “Fine… bordering on Very Fine.”
1799 Draped Bust Dollar with Houck’s Panacea Counterstamp
One of his most interesting early dollars was a well-worn 1799 Draped Bust Dollar that features a counterstamp for Houck’s Panacea. Houck’s Panacea was an alcoholic elixir marketed in the 1830s by Baltimore businessman Jacob Houck. Promised as a cure for over 30 common maladies, those consuming the potion were simply drinking their problems away as the Panacea’s primary ingredient was rye whiskey. Houck likely disrespected hundreds of coins with his counterstamp, most were dated from the 1820s. Americana specialist John F. Ford purchased this unusual early date for his collection.
- NGC F15 #2602537-017: As “Fine.” “The Arthur B. Stewart Collection,” May 6, 1972, Lot 1294 – $230. As NGC F15 #2602537-017. John F. Ford; Stack’s Bowers, August 14, 2013, Lot 21746 – $7,050.
1866 Liberty Seated Dollar Proof
Liberty Seated Dollars were primarily produced for export and were discontinued in favor of a true export silver dollar in 1873. Finding Mint State examples of these issues was an incredibly difficult task for collectors, even during Stewart’s era. As a result, nearly all of his Liberty Seated Dollars were well-worn. An exception was his 1842 Liberty Seated Dollar, which exhibits two areas of dark toning encroaching upon the fields from the lower rim of the obverse. We have not been able to match this coin, but the “Naples Bay Collector” was the high bidder on two of Stewart’s Proof issues.
- PCGS PR64CAM #40385433: As “Brilliant Proof.” “The Arthur B. Stewart Collection,” May 6, 1972, Lot 1336 – $290. As PCGS PR64CAM #40385433. “The Naples Bay Collection,” Stack’s Bowers, November 13, 2020, Lot 8033 – $5,040.
1869 Liberty Seated Dollar Proof
- PCGS PR66+CAM #40385434: As “Brilliant Proof.” “The Arthur B. Stewart Collection,” May 6, 1972, Lot 1341 – $460. As PCGS PR66+CAM #40385434. “The Naples Bay Collection,” Stack’s Bowers, November 13, 2020, Lot 9137 – $22,800.
1870-CC Liberty Seated Dollar
The 1870-CC Liberty Seated Dollar is a tough Carson City issue that is overshadowed by the 1873-CC. The cataloguers felt that Stewart’s examples qualified as “Brilliant Uncirculated.” The Naples Bay collector was the winning bidder of the 1870-CC, paying $575.
The Naples Bay Collector was a Stack’s regular, quite active in the George F. Scanlon sale of 1973.
Unfortunately, this did not qualify as Mint State when reviewed by PCGS and CAC, but is instead what one might call a “super slider”.
- PCGS AU58 CAC #40385435: As “Brilliant Uncirculated.” “The Arthur B. Stewart Collection,” May 6, 1972, Lot 1346 – $575. As PCGS AU58 CAC #40385435. “The Naples Bay Collection,” Stack’s Bowers, November 13, 2020, Lot 9138 – $24,000.
1884-CC Morgan Dollar
The 1884-CC Morgan Dollar is considered a ho-hum coin thanks to the distribution of much of its mintage in the GSA sales. Arthur B. Stewart acquired his before this distribution, as he had passed away before the first GSA offerings. His 1884-CC is typical with light tarnish. Its connection to the Stewart is owed to the Naples Bay collector’s fastidious record keeping.
- PCGS MS63 #40385438: As “Brilliant Uncirculated.” “The Arthur B. Stewart Collection,” May 1972, Lot 1436 – $42.50. As PCGS MS63 #40385438. “The Naples Bay Collection,” November 17, 2020, Lot 11637 – $240.
Trade Dollar
Stewart’s “Brilliant Uncirculated” 1878-CC Trade Dollar was a Top 20 coin that featured “frosty mint luster, with satin-like surfaces.” The image represented the coin as having dark toning along the bottom of the reverse, with less intense toning above and to the left of the eagle’s right wing. We did not find a coin with this toning pattern among any of the Mint State or AU coins listed at Stack’s Bowers or Heritage.
We are, however, able to track Stewarts’s 1874-S Trade Dollar, which is not illustrated in the catalog but is described as “Brilliant Uncirculated” with “Full shimmering mint lustre.” This coin was purchased at the sale by A.J. Vanderbilt for $150 and sold on March 22, 2018, for $2,040.
1874-S Trade Dollar
- PCGS MS63 CAC #14618510: As “Brilliant Uncirculated”. “The Arthur B. Stewart Collection,” May 6, 1972, Lot 1452 – $150. As PCGS MS63 CAC #14618510. “The A.J. Vanderbilt Collection,” Stack’s Bowers, March 22, 2018, Lot 10288 – $2,040.
Quarter Eagle
1880 Liberty Head Quarter Eagle
Reznick purchased this 1880 Liberty Head Quarter Eagle, described correctly as being in About Uncirculated Condition, but with frosty surfaces and a strong strike.
- PCGS AU58 #46672618: As “About Uncirculated.” “The Arthur B. Stewart Collection,” May 6, 1972, Lot 1683 – $210. As PCGS AU58 #46672618. “The Jerome S. Reznick Collection,” Stack’s Bowers, August 23, 2023, Lot 31656 – $1,500.
Half Eagle
Collecting gold coins before President Richard Nixon ended the Government’s prohibition on private ownership of gold bullion was a bureaucratic headache. As a result of this and the costs associated with gold coins, many collectors’ holdings of the era were not as robust as they might have been otherwise. Stewart’s 1800 Capped Bust Half Eagle is one of the seven coins featured on the catalog’s cover illustration.
1800 Capped Bust Half Eagle, BD-2
Described as “Brilliant Uncirculated.” The coin was purchased by gold coin specialist Harry W. Bass, Jr. and retained in his core collection, which was on long-term loan to the American Numismatic Association, where it served as the centerpiece of the ANA Money Museum at the association’s Colorado Springs headquarters. When the Bass Foundation decided to dispense of the collection in 2022, the coin was graded MS62 by PCGS.
- PCGS MS62 #46092619: As “Brilliant Uncirculated.” “The Arthur B. Stewart Collection,” May 6, 1972, Lot 1743 – $950. As PCGS MS62 #46092619. “The Harry W. Bass, Jr. Core Collection, Part I,” Heritage Auctions, September 29, 2022, Lot 11035 – $22,800.
Fractional Gold
Three California Fractional Gold Coins rounded out the Stewart catalog. Collector Dr. Dexter Seymour acquired two of them.
1871-G Round Twenty-Five Cents, BG-838
- PCGS AU58 #27236725: As “Uncirculated.”The Arthur B. Stewart Collection,” May 6, 1972, Lot 1807 – $32.50. As PCGS AU53 #27236725. “The Dr. Dexter Seymour Collection,” Stack’s Bowers, May 9, 2013, Lot 1239 – $346.63.
1870-G Round Fifty Cents. BG-1022
- PCGS AU53 #27236726: As “Extremely Fine.” The Arthur B. Stewart Collection,” May 6, 1972, Lot 1808 – $37.50. As PCGS AU53 #27236726. “The Dr. Dexter Seymour Collection,” Stack’s Bowers, May 9, 2013, Lot 1241 – $411.25.
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