Featured THE THOUGHTS OF AN OLD COLLECTOR

Oct 20th 2014

Auction and 1’000 words only

The auction room at the Bar au Lac in Zurich Switzerland was ready for the NAC auction. The dealers reserved their seats and the first lot started at 14:30 and was to finish at around 17:00. It was a Monday the dealers had flown in from all over the world at the weekend. There were very few collectors in the room in fact I think only 4 or 5 and the remainder were dealers with now the added internet and telephone bidders of both collectors and dealers.

The highlight of the Auction came early Lot 24 a CALIGULA Sestertia with a wonderful Tiber Patina, estimated at 250’000 CHF it opened at 325’000 CHF and sold at 600’000 CHF hammer price to a ‘hand clap’ ovation in the room. Roman BRONZES are the ‘darling’ of the true Roman coin collectors.

It should always be said that the top auction houses attract the finest coins available in the market and usual because of their name and credibility these auction houses are frequented by the worlds main collectors and dealers and fetch the strongest prices as in any art auction.

We cannot dismiss the different reasons that people fascination with money continues, whether history, art, or investment and was written about by Suetonius in his De vita Caesarum. ‘Pecunia non olet’

The market has changed requiring a higher level of quality for the collectors. There is a polarization between the finest pieces and the rest, like works of Art you have the ‘best and the rest’. The market cross-road has passed with the demand for FINEST quality and purchasing through the internet which has encouraged finer digital photography and the different quality of image portrayed via the high quality definition of the computer screens?

The major change since I last visited a sale room 5 years ago is internet bidding and that numismatic material can be anywere in the globe and today as there are no boundaries.

The demand for quality is now paramount. The communication between dealer’s requirements to meet collector’s requirements. The effect of digital photography that now shows every blemish of the coin and when it comes to bronzes the wonders and problems of a coin.

This short note to my children is focused to discuss early Roman bronzes, the period 1st-3rd cent AD the high Roman Empire. Although many millions of bronzes were struck few have survived in the condition being sort by todays discerning collectors. We need to understand what the meaning of wonderful condition is.

This is the secret to the future of these items as miniature works of art and propaganda coins since the days when they were struck.

We are dealing with a period from around 2000 years ago were most of the bronze coins that were to be put away in hoards and found from the early 1800’s. We know that the earliest hoards were found in very large amounts and they were just sent to the foundry to be melted for raw material as there was not a market for these base metal coins. We have no reason to believe that this did not continue until the end of the 1800’s. Then we have the introduction of fertilizers to the land and those coins which were dropped and lost were mainly 12-20cms under the earth were churned over with the tilling of the land were being destroyed by chemicals added to the earth.

This today leaved us with a dearth of material, we are lucky enough to have some coins with wonderful patination as some were lost in volcanic areas and areas that were not affected by modern chemicals.

Now let us bring us until today the year 2015. Roman bronzes over the last 40 years have become more popular not because they have a value exceeding the other base metals but because they are wonderful in the designs that are on the coins. The carry the portraits of the Emperors on one side and the fetes which they achieved on the other, the deities they worshipped, places they came from, architecture. Were they were struck, the propaganda they wished to portray to the people that stretched the whole Roman Empire. These pieces were created by the finest artisans of the period.

What are these wonderful bronzes? In the most Sestertius, Dupondius and Ass all being bronzes of different weights were the art of the early Roman Empire and until today date history.

We will not discuss the different Emperors or Empresses or the coins struck in different places only to say the ones with SC were struck by the order of Rome in Rome.

Why am I writing a short note to you today, this is not an academic work but a short introduction to the next phase of individuals that will be responsible to look after pieces of history for the next generation and for the world’s future heritage?

Now let us deal with the exciting change that is re-shaping the market, it is in fact a transition created by modern technology as mentioned earlier. We have this wonderful change of the ability to take digital photographs, the ability to have the colour that reflects the coins in its full beauty. Yes it will take longer to create this image but it will reflect the patina which are the colours the earth has given to the coin over the centuries.

We now move to the area that is demanding these changes, technology, and the ability to bid online, the opportunity to have your desired dealer to examine the coin you will consider to acquire and be able to discuss at a distance. This has started developing as mentioned at the beginning of this note.

The next requirement is what are collectors looking for, looking to the future, we understand that nothing remains unchanged. Even the hobby of ‘Kings’ Numismatics. As the market has matured were in the last 50 years individual were educated by dealers to look for wonderful smoothed fields that embellished the portraits and the propaganda on the reverse we are now witnessing a change to ‘purism’.

As all changes in art there are steps, the master I had was Dr.Leo Mildenberg who was a mentor of Jaxob Hirch who became the father of European numismatics post WW2. In the 1970’s he was already discussing his ‘purism’ that today is changing how the future will look in collecting the wonderful world of coins. Today Dr, Walker continues the tradition of Dr, Mildenberg and now Yves Gunzenreiner another generation is continuing under Dr Walker all from the same stable of Leu. We have a number of houses like NAC were the late Roberto Russo was a King at the time of Mildenberg, now there are several more to be noted.

It is not a secret but in fact today an open forum only to what we know already. We are returning to what can be considered as near as possible a ‘natural coin’. A coin that when found is only lighly washed in warm water, the earth is lightly brushed away to find the original beauty of the coin. The patination that took centuries to form is not removed or touched. The is not rebuilt, have epoxy, smoothed in the fields or engraved to highlight the coin.

We are now wishing to hold a piece of art as it was created in the days of the high Roman Empire.

 

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Interesting essay.

 

why nobody wants comment! was it too long

 

Its a interesting read. Its just most of us dont have deep pockets so we buy what we can afford and as I have mentioned in other posts, I sometimes find "perfect coins" boring to comment on. Of course a perfect coin is something to behold but they tend to leave with with "no words to describe", for me anyways.

With worn or faulted coins, there is more to talk about, the good & bad, and if there is something odd like Doug's recent Byzantine he posted with very heavy weight and so on. It may have been struck on a old sestertius. Or roman republics with scooping done to the flan, or even ancient graffiti.

With used coins, there is a sense of wonder, with "perfect", its "oh, pretty" and kinda thats it.

 

I agree 100% with what you have written regarding quality/price appreciation as it applies to most things in life - art, food, real estate, cars etc. I sense that folks here push back on any "commercial" oriented discussion vs. the historical/numismatic context as it focuses on speculation about future appreciation of the coins rather than the historical value.

For me, I consider both aspects - numismatic importance and quality I can afford. Overall, I prefer owning fewer coins, yet having better quality specimens at a higher price. The more you buy the more it becomes in part an investment.

There is never a limit as it is a function of budget for each - There are coins posted here that are worth more than my entire collection. Such is life and for me its a motivator rather than a distraction. Great collections inspire me. I can see where history driven collectors wish to broaden their collections to cover broader ground regardless of quality.

Thanks for this post.

 

It was a good and rather light hearted read. Not being a true collector of Roman coins like many here, I must admit the Roman bronze are among the most beautiful in all of antiquity..

 

I think this sums up my thought about the general reason for lack of response to the thread and perhaps the general view of the higher grade/priced items. I argue the opposite as voiced - to me, if I see a beautiful house, woman, painting, city, music... I feel captivated and inspired.

 

As do I (especially the woman part - I know, I'm a pig).

 

Rather than any "general view", what I see being highlighted here (in particular by what Mat and Zohar have expressed) is that different people are moved by and moved to comment on different things. Whether it's a coin or an essay, what floats your boat may not do the same for the next person.

Just speaking for myself, for every dirt cheap or super expensive coin I've seen posted here that may have made my eyes pop or my captured my imagination, there has been another dirt cheap or super expensive coin that has just made my eyes glaze over in boredom. Really nothing to do with grade or price.

 

=> and the part about the pig

 

That was a fantastic read and I truly appreciate the knowledge behind it. I try to seek out exceptional coins and other artifacts of types and series not yet widely pursued. Hopefully as time goes on the market will be kind to these items value.

 

Thank you for the wonderful and thoughtful write-up. As a non-coin collector, I always marvel at the passion and knowledge of the collectors at this site (especially the Ancient specialists).

That said, you may want to better define "the high Roman Empire." I think many people would consider the end of the height of the Roman Empire would be the death of Marcus Aurelius (AD 180), the last of the "five good Emperors." Others would consider the end of "the high Roman Empire" to be even 60 to 100 years earlier than that.

I agree that the third century is a very unappreciated (and poorly documented) period for its art and culture by historians. By AD 250, however, the Empire was at its nadir (and not its height) as a result of various stresses, including military struggles, economic disruption, and devastating disease. As you know better than I, the societal instability of this period was reflected in the typically lower quality of coins from this period.

Thank you, again, for the interesting write-up.

guy

 

Although the vast majority of the coins minted from mid of the third majority leave a lot to be desired in terms of style, exceptional coins were issued even in this period. And these are rather superior to the coins struck during the "high empire" period than in no way inferior.

I am thinking especially of issues from the mint of Trier, where one of the most skillful engraver in ancient times was engaged. As an exceptional and most well-known example, I want to carry out the famous Postumus aureus in the British museum depicting a frontal view portrait of this emperor.

In my modest opinion, this coin illustrates the two contrary sides of the issues during the decline of the empire in a tragic way. Whereas the reverse style can be regarded as - cautiously speaking - usual, the effigy of the emperor is of extraordinary workmanship that is clearly exceeding that of the issues known from the "high empire" period.

 

Too long, sorry.

 

Seeing the great Postumus, I am struck with its beauty but what I'd really like to know is why someone put a hole and a half in the location the did. Paired holes at the top usually suggest Indian use on clothing but at the bottom and one not completed leaves a question.

Does anyone remember Steve's old thread asking for a coin and a song? Please do not sing this at home.
Song:
Coins: http://www.forumancientcoins.com/dougsmith/feac59ugl.html

I do appreciate the pristine coins so much the rage of some of our members and more of the collecting public but I believe that the originator of the 70 point grading system was close to the relative values when he valued a perfect penny at 70 time the value of a basal one - not 70 times the value of one in a lower state of mint state. Dr. Sheldon of the 'Sheldon Scale' was a really interesting guy. His profession no longer accepts his theories in his professional life (intelligence is related to body shape) but he lives on as a coin grader. I really hope cable TV does his life when they look for a sequel to Showtime's current one on Masters and Johnson.
http://en.wikipedia.org/wiki/Ivy_League_nude_posture_photos
http://opinionator.blogs.nytimes.com/2011/11/11/up-against-the-wall/?hp&_r=0

Yes, great numismatists can be a bit odd.

 

and

There is no doubt that intellectual vigor (Galen, for example) and great artistic works were produced (see the coin above) despite the crisis and instability of the late second and third century.

Michael Grant (the great historian and numismatist) in his book "The Climax of Rome" would agree with your view. He felt the period from the accession of Marcus Aurelius in AD 161 to the death of Constantine in 337 was a period of "an artistic, literary, spiritual and political brilliance with unparalleled lavishness."

I feel that any government, no matter how dysfunctional or authoritarian, can sponsor an isolated brilliant venture (engraving a rare coin or even the Soviet ballet).

I think the exception, however, proves the rule. Great cultural achievements and artistic movements require a stable and supportive infrastructure.


guy

 

Hi All, guy great and what you write all correct. Marc what an indreible 3D portrait. Reading all your comments shows the depth of enjoyment by all. Please keep writing

jeff

 

Dear Jeff,

let me build the bridge to your valuable recommendation to focus exclusively on a combination of quality and rarity when regarding ancient coins as an investment.

These exceptional coins issued after the "high empire" excel in matching your criterias because they stand out from the masses. Since many collectors limit themselves to concentrating on the "high empire" period, one might be able to acquire for reasonable prices unique and important contemporary witnesses of "decline of the empire".

Greetings,

Marc

 

Hi Marc

great pieces are available to all, it is a just a hard job of using the internet to search and find and study the hobby. although there are the best pieces and the rest, this is the same in every walk of life. the difference with Roman Sestertius is when u hold a piece in your hand you are holding history, this is magnetic

jeff

 

For me, one decisive reason why sestertii are magnetic is that it is so challenging to find high quality items. One cannot stop looking for the perfect one since such item is not existing.