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The 1913 nickel was pressed without the approval of the U.S. Mint, which had switched the five-cent piece’s design from that of lady Liberty to the profile of a Native American. Only five managed to make their way into the public domain, the most expensive of which was bought for $3.7 million—though it’s believed that if one were found in mint condition, it could be worth $20 million alone.
Legendary 1913 Liberty Nickel
King of 20th Century Coins
Olsen Specimen
Olsen-Farouk-Hydeman-Buss-Hawn
Hawaii Five-O Star
Most Famous of Five Known
1913 5C Liberty PR64 NGC.
The Olsen Specimen
Recently dubbed "The Mona Lisa of Rare Coins," the Olsen specimen is the second finest of just five known examples and is currently graded PR64 NGC. It was the first 1913 Liberty Head nickel offered for sale in a public auction, and the only specimen that professional numismatist B. Max Mehl ever handled, despite his extensive advertising campaign that promoted the famously rare coin. It also holds the record as the first coin to break the $100,000 price barrier in 1972, while another 1913 nickel, the Eliasberg specimen, became the first coin to break the $1,000,000 price barrier some 24 years later. It is certainly possible that a 1913 Liberty nickel, perhaps the Olsen specimen, will someday become the first coin to break the $10,000,000 price barrier.
Jeff Garrett and Ron Guth, authors of The 100 Greatest U.S. Coins, noted in the 2009 third edition that the Olsen specimen "has been viewed ... by more people than any other." In A Guide Book of Shield and Liberty Head Nickels, Q. David Bowers describes the Olsen specimen as the most famous of all 1913 Liberty Head nickels. "This particular coin is probably the most highly publicized of the five specimens," writes Bowers.
John Dannreuther considers it to be the second of five 1913 Liberty nickels struck. His detailed analysis, discussed later, indicates that the Smithsonian specimen was the first coin struck, followed by the Olsen specimen, and then the other three. Of those three coins (another specimen is in the ANA) in private hands today, the Olsen specimen was struck before the other two. A professional numismatist from Memphis, Tennessee, Dannreuther is well respected among his peers for his critical eye and careful reasoning. He was one of six numismatists chosen for the authentication team when the Walton specimen of the 1913 nickel reappeared in 2003, after a 40-year absence.
Describing it in his 1961 catalog of the Edwin Hydeman Collection, Abe Kosoff stated that it "is a superb coin, sharply struck, as choice a specimen as could possibly be attained. It has been handled with utmost care, a statement which, unfortunately, cannot be made of two of the pieces." In 1985 the Superior cataloger wrote that the coin has "a needle-sharp strike with partial wire rims and slightly prooflike surfaces; all overlaid with a uniform matte-like gray finish and completely free from nicks and scratches." Eight years later, Stack's offered the Olsen specimen as part of the Reed Hawn Collection, paraphrasing the earlier Superior description: "Pleasing and uniform matte gray surfaces free from disfiguring marks. Partially reflective prooflike surfaces and a needle-sharp strike with raised wire rims in places."
Bowers, himself once an owner of the Olsen specimen, calls it "a very nice coin in a lower Mint State classification." However, NGC and PCGS have both graded the coin PR64. While there is a difference of opinion among some about terminology, the difference between a Mint State designation and a proof designation for an issue with just five pieces known is moot.
Past owners of the Olsen specimen, beginning with Fred Olsen, include Egyptian King Farouk, department store owner Edwin Hydeman, Los Angeles Lakers owner Dr. Jerry Buss, Texas oilman and numismatist Reed Hawn, and Dwight Manley, distributor of the S.S. Central America treasure. The current owner desires anonymity, but would certainly hold his own with those before him. The provenance is impressive, and the next collector who owns this coin will be in good company. In Million Dollar Nickels, Ray Knight observes: "Owning one of these treasures automatically elevates the holder upon a pedestal of honor in the numismatic community."
The Olsen specimen is sharp and complete in its design definition. Every star on the obverse is fully defined, Liberty's hair detail is crisp, and the individual agricultural elements are sharp. Similarly, every element of the wreath on the reverse is bold, down to the individual kernels in each ear of corn. The surfaces are fully pleasing and attractive, with uniform surfaces that show exceptional mirrored reflectivity. The surfaces are pristine, without any marks. Only a slight matte appearance separates this piece from a full PR65 grade.
The current offering is only the 12th time that any 1913 Liberty Head nickel has been offered at public auction since their first auction appearance in November 1944.
A Starring Role
After the Olsen nickel broke the $100,000 price barrier, it became the "central character" of a Hawaii Five-O episode appropriately titled "The $100,000 Nickel." The genuine Olsen specimen was only used for the close-up shots during filming. For all other scenes the nickel had its own "stunt double."
Hawaii Five-O was a popular television police series starring Jack Lord as Steve McGarrett, the head of the elite state police unit in Hawaii. His partner and second in command was Danny "Danno" Williams, played by James MacArthur. Nearly every episode ended with McGarrett saying to Williams, "Book 'em, Danno." The series was broadcast on CBS from September 1968 to April 1980 and was filmed almost exclusively in Hawaii, one of the big draws for its fans.
The plot of "The $100,000 Nickel," originally aired on December 11, 1973, involved a coin convention and auction held at the Ilikai Hotel in Honolulu. A 1903 Liberty nickel was carefully altered to 1913 and used in a sleight-of-hand trick to steal the real 1913 nickel. Victor Buono played Eric Damien, a thief who orchestrates the robbery. With the switch detected before Damien can leave the hotel, he drops the coin into a vending machine, expecting to recover it later. Meanwhile, money from the vending machine was already collected, and a struggle ensued for the coin. That struggle resulted in coins being scattered over the ground, whereupon a young boy picked up the nickel and later spent it. Finally, after passing through many hands, the nickel was returned to its owner, apparently unharmed during its ordeal.
The publicity shot that is reprinted here shows Victor Buono inspecting the 1913 Liberty nickel. However, Buono is holding the magnifying glass between the nickel and the camera while he is inspecting the reverse of the coin.
Victor Charles Buono was born in San Diego, California, on February 3, 1938, and died in San Bernardino, California, on January 1, 1982. He was raised in San Diego and graduated from St. Augustine High School. His introduction to the performing arts came at the hand of his maternal grandmother, Myrtle Glied, a vaudeville performer. He first appeared on network TV in 1959. He also appeared in a number of movies, including Who's Minding the Mint?.
The King of 20th Century Coins
While the 1804 silver dollar rightfully holds the title The King of Coins, there is no doubt that the 1913 Liberty Head nickel is the King of 20th Century Coins. The 1913 nickel holds the number one position in the third edition of 100 Greatest U.S. Coins. Garrett and Guth comment: "Twenty years ago, if you asked any collector or dealer to name the three most valuable American coins, the response would most likely have been the following: 1804 Silver Dollar, 1894-S Dime, and 1913 Liberty Head Nickel. Today the 1913 Liberty Head nickel has taken the lead, gaining the top position in the 100 greatest U.S. coins." The dynamics of the rare coin market have changed in recent years. According to Garrett and Guth, the 1913 Liberty head nickel's "recent surge in popularity may be due in part to the publicity that has attended its last few appearances."
Each time a 1913 Liberty Head nickel breaks a previous price barrier, and it has happened twice with prices entering six figures and later seven figures, the fame of this rarity becomes even greater. A starring role in television increases its fame, as does each story, article, auction appearance, or book about the coin. It has even appeared in comic books and children's publications, such as Weekly Reader. Sprinkle in a little mystery, and the 1913 Liberty Head nickel makes its case as the most famous rarity in numismatics.
Sam Brown and His Nickels
Samuel W. Brown is considered the mastermind behind the 1913 Liberty Head nickels. Brown was employed at the Philadelphia Mint from December 1903 through November 1913, putting him at the right place and time. He was also the first person to make any reference to the possible existence of such coins, in the form of a small advertisement in the December 1919 issue of The Numismatist to purchase examples. Further, Brown was the first person to publicly share any of the coins in the form of a coin convention exhibit, just a few months later. Although circumstantial, the evidence points a finger directly at Sam Brown, likely with the assistance of one or more accomplices.
Brown worked as a clerk or storekeeper, according to his employment transcript, resigning to enter business for his own account. He was born in Brownstown, Pennsylvania, circa 1879, and died in North Tonawanda, New York, in June 1944. It seems that Brown was always well liked and respected. After resigning from the Mint, he relocated to North Tonawanda late in 1913, where he was associated with Wayne Fahnestock in the Frontier Chocolate Company. He was later associated with the Pierce-Brown Company and retired in 1924 at the age of 45. He was a Mason and a past master of Sutherland Lodge No. 826. Brown also served as district deputy grandmaster of the Niagara Orleans district and as a member of the Shrine club and the Ismailia temple. Serving several terms on the Board of Education, he was mayor of North Tonawanda in 1932 and 1933.
Ray Knight comments: "The mysterious Mr. Brown confounds understanding. Just when you think you have him pegged as a crafty, scheming thief, he conducts the rest of his life in what appears to be a completely exemplary manner."
The Hobbs Episode
The authors of Million Dollar Nickels observe: "The whole affair of the 1913 Liberty nickels would possibly never have come up--and the coins may never have been created--had it not been for The Hobbs Episode."
Treasury Secretary Franklin MacVeagh had an opportunity to make a permanent mark on the U.S. coinage before his term expired in 1913. The nickel was the only coin whose design could be changed under the 25-year law that states coin designs must remain in production for 25 years before they can be changed. MacVeagh served as Secretary of the Treasury from March 8, 1909, to March 5, 1913. After seeing James Earle Fraser's designs for the Buffalo nickel, he awarded Fraser the commission. In his annual report, Mint Director George Roberts stated about the Buffalo design: "The coin is distinctively characteristic of America, and in its execution promises to take high artistic rank among the coinages of the world." Everything was coming along smoothly, and the Buffalo nickel was about to become a reality--until the Hobbs episode began.
Hobbs Manufacturing Company began business as a manufacturer of paper box machinery, originally in Lynn and Boston, relocating to Worcester, Massachusetts, in 1891. In 1910 the firm began production of vending machines for postage stamps, railroad ticket sales, and change-making.
Officials from Hobbs Manufacturing found the new Indian/Buffalo nickel entirely unsatisfactory, demanding change after change to the Fraser design. Fraser sent a set of Hobbs-approved models to Charles Barber, who received them on December 26, 1912. He went to work reducing them and preparing dies, with test strikes minted on January 7, 1913. Hobbs was still unsatisfied and demanded more changes. Another six weeks of meetings and changes took place until MacVeagh had had enough. He certainly wanted the Buffalo nickel released before his term expired, and a meeting with Hobbs representatives on February 15, 1913, put an end to the episode. MacVeagh advised Roberts to proceed with production of the new nickels, and production finally commenced on February 21. All of the delays provided an opportunity for a special coinage.
Production Fact and Fiction
Much of what we know or think we know about the 1913 Liberty Head nickel remains undocumented. It seems that factual accuracy has never been a concern of numismatists in the past. John Dannreuther sums up the problem: "Once a rumor is repeated and put into print, it becomes fact. When one person repeats it and the next guy repeats it and the next guy repeats it, it becomes absolute fact. Then it becomes part of numismatic lore." Fortunately, the approach of 21st century numismatic research is a fresh look at past lore and legends. Instead of assuming that a story is correct, current research is verifying the source material and eliminating the speculation.
There has been considerable discussion about how and when the 1913 Liberty nickels were made. The coins made their first public appearance in 1920, in the possession of Samuel W. Brown. Circumstantial evidence points to Brown, although it is unlikely that he actually struck the five coins himself. He was a clerk or storekeeper at the Mint, rather than a coiner or someone with knowledge of coin production. Brown almost certainly had one or more accomplices, but who were they?
In Million Dollar Nickels, the authors devote an entire chapter, "Covert Origins," to the mystery of their production. The truth may never be known, as the facts are most likely buried with those responsible. Some have speculated that the coins were made late in 1912, while others suggest early 1913, and some have even said that they could have been made as late as 1919, although the latter is highly improbable.
Lee Hewitt made several suggestions in the March 1958 issue of Numismatic Scrapbook Magazine:
1. They were struck to exchange for coins needed for the Mint cabinet.
2. The coiner and engraver were merely amusing themselves when they struck the coins.
3. They were struck exclusively for a wealthy collector.
Five years later in September 1963, Hewitt suggested they were die trials. Don Taxay responded that they were made expressly for Brown, and that they are fantasy pieces. In 1968, Clyde Mervis reported that the coins were die trials, and that a worker carelessly tossed the coins in a desk drawer where they remained for an unspecified period of time. David Bowers and Walter Breen have both mentioned possible accomplices. In the Eliasberg catalog, Bowers went so far as to suggest it may have been George Morgan.
There have been a number of individuals identified as possible accomplices, from engraver Charles Barber to assistant engraver George T. Morgan, numismatist Stephen Nagy who supposedly had ties to the Mint, to an unidentified security guard who was reportedly fired in 1918. In Million Dollar Nickels, the authors suggest that Brown may have been an accomplice for someone else. "A different angle must consider that Brown was not the mastermind of the deed that someone else put in motion and he was only a cog in the plan. He may only have assisted in the plot. He may not have even been present when the coins were struck but received them at a later time, perhaps much later."
The 1910 Federal Census provides us with names of two others who might have been accomplices, although we are now introducing further speculation. In 1910 Brown was a workman at the U.S. Mint, residing at the boarding house of Carrie Corn, at 1611 South Oxford St. Two other boarders at the same residence, Henry B. Shuman and a Mr. Wenger, were both machinists at the Mint. In 1920 Shuman was listed as a "counter of money" at the Mint, while Wenger is not further identified.
The most likely time of production was the last two weeks of 1912 or the first week of 1913. Before the December 13 order to do nothing about the 1913 nickels came from Mint Director Roberts, Mint employees would have no reason to think that 1913 Liberty Head nickels would be out of the ordinary. Within a week after the first of January, the dies would most likely have been destroyed. The actual dies were probably a pair intended for proof coin production, already given the special polishing necessary for proofs. The striking was rushed, as indicated by the reverse die that was loose in the press. Each of the five coins has a slightly different amount of detail on the reverse, and the difference is attributed to a reverse die that was not firmly seated in the coning press.
For nearly 90 years, everything that has been discussed about the origins of the 1913 Liberty Head nickels is pure speculation, or educated guess at the best. There are only a few facts to aid in a solution to the mystery:
1. Dies for 1913 Liberty nickels were made in the last two months of 1912. We know this as records show 10 sets of 1913 Liberty nickel dies were shipped to San Francisco on November 25, 1912. Philadelphia Mint proof dies would have been made about the same time.
2. Mint Director George Roberts told his staff on December 13, 1912, to do nothing about the five cent coinage until new designs are ready.
3. The first Buffalo nickels were coined on February 21, 1913.
4. Five different 1913 Liberty Head nickels exist, and each shows some degree of reflectivity or mirrored surface.
5. Samuel W. Brown first exhibited the coins in 1920, after advertising to purchase them in December 1919.
6. Brown worked at the Mint from 1903 until 1913, when he resigned in November.
Emission Sequence
Because the reverse die was not fully seated in the coin press and each coin has slightly diminished reverse detail, it is actually possible to determine with a high degree of accuracy the order that each coin was struck. That is exactly what John Dannreuther did on the night of July 30, 2003.
As part of the six-person authentication team studying all five 1913 Liberty nickels, Dannreuther compared the existing reverse detail on each coin. The key location is the bottom of the wreath, including the ribbon bow and the two ears of corn. The photographic evidence is more difficult to place in order than the actual coins, but clearly the Smithsonian, Olsen, and Eliasberg coins were struck before the Walton and McDermott coins. Dannreuther concluded that the Smithsonian coin was first, followed in order by the Olsen, Eliasberg, Walton, and McDermott specimens.
Early Provenance Period
Samuel Brown; August Wagner; Stephen K. Nagy (circa 1924); Wayte Raymond (circa 1924); Col. E.H.R. Green; Col. Green Estate (12/1941); Eric P. Newman and Burdette G. Johnson.
All five 1913 Liberty Head nickels remained together from the day they were made until 1943 when Eric Newman became the last collector to own the five coins. Different numismatic observers have varied opinions regarding the early provenance of the five coins. According to Knight: "It hasn't always been easy to figure who the owners really are. Constructing a reliable pedigree for the 1913 Liberty Head nickels becomes an article of faith for certain periods in the provenance records."
The name Samuel W. Brown appears at the beginning of every provenance record constructed for each of the five known 1913 nickels. Circumstantial evidence clearly points to Brown as the first owner of these nickels, although others were likely involved in their production. We do know that all five coins remained together for many years, from the day they were struck until Eric Newman dispersed them individually in the 1940s.
In his Guide Book to the series, Dave Bowers suggests that Stephen K. Nagy may have been involved as a Brown accomplice, and that Nagy retained ownership of the coins until 1924. Aside from mentioning personal conversations with Nagy, Bowers provides no other documentation.
August Wagner advertised the five coins for sale late in 1923 and early in 1924. It is unclear whether Wagner actually owned the coins at that time, or if he had them on consignment from the true owner.
Wayte Raymond handled the coins circa 1924, placing them with his most important client, Col. E.H.R. Green. Raymond was most likely a dealer intermediary in the transaction rather than an actual owner of the coins. Various sources give different dates for the transaction, normally between 1924 and 1926.
Colonel Edward Howland Robinson Green was the son of Hetty Green, the famous "Witch of Wall Street" who at one time was considered the richest woman in the world. Col. Green was an avid collector of many things. At one time, for example, he owned the entire sheet of "Inverted Jenny" airmail stamps, a philatelic rarity of noted fame. The coins passed into his estate in 1936 and remained there for several years.
Working with his mentor, Burdette G. Johnson, St. Louis collector Eric P. Newman acquired the five coins in December 1941 for $2,000. The total purchase price was less than Samuel Brown offered to pay for the coins in 1919.
Newman made the initial contact with executors of the Col. Green estate through his desire to acquire a rare U.S. demand note from St. Louis. The response was that he would have to buy all of the Missouri currency, which he did. He and B.G. Johnson formed a partnership to acquire additional portions of the Green Collection, eventually including all five 1913 Liberty Head nickels. Two of the coins were purchased on December 16, 1941, for $500 each, and the other three were purchased on December 29, 1941, for $333 each. The dates represent receipt of payment by the Green estate executors.
Newman retained the finest piece (the Eliasberg specimen) for his own collection and sold the other four through Johnson. Two pieces were sold to James Kelly on March 11, 1943, for $750 each, another was sold to Kelly on March 17, 1943, for $750, and one piece was sold to F.C.C. Boyd on April 22, 1943, for $1,000. Transaction dates are from copies of Johnson's original invoices in Newman's possession.
The Olsen Specimen
Recently dubbed "The Mona Lisa of Rare Coins," the Olsen specimen is the second finest of just five known examples and is currently graded PR64 NGC. It was the first 1913 Liberty Head nickel offered for sale in a public auction, and the only specimen that professional numismatist B. Max Mehl ever handled, despite his extensive advertising campaign that promoted the famously rare coin. It also holds the record as the first coin to break the $100,000 price barrier in 1972, while another 1913 nickel, the Eliasberg specimen, became the first coin to break the $1,000,000 price barrier some 24 years later. It is certainly possible that a 1913 Liberty nickel, perhaps the Olsen specimen, will someday become the first coin to break the $10,000,000 price barrier.
Jeff Garrett and Ron Guth, authors of The 100 Greatest U.S. Coins, noted in the 2009 third edition that the Olsen specimen "has been viewed ... by more people than any other." In A Guide Book of Shield and Liberty Head Nickels, Q. David Bowers describes the Olsen specimen as the most famous of all 1913 Liberty Head nickels. "This particular coin is probably the most highly publicized of the five specimens," writes Bowers.
John Dannreuther considers it to be the second of five 1913 Liberty nickels struck. His detailed analysis, discussed later, indicates that the Smithsonian specimen was the first coin struck, followed by the Olsen specimen, and then the other three. Of those three coins (another specimen is in the ANA) in private hands today, the Olsen specimen was struck before the other two. A professional numismatist from Memphis, Tennessee, Dannreuther is well respected among his peers for his critical eye and careful reasoning. He was one of six numismatists chosen for the authentication team when the Walton specimen of the 1913 nickel reappeared in 2003, after a 40-year absence.
Describing it in his 1961 catalog of the Edwin Hydeman Collection, Abe Kosoff stated that it "is a superb coin, sharply struck, as choice a specimen as could possibly be attained. It has been handled with utmost care, a statement which, unfortunately, cannot be made of two of the pieces." In 1985 the Superior cataloger wrote that the coin has "a needle-sharp strike with partial wire rims and slightly prooflike surfaces; all overlaid with a uniform matte-like gray finish and completely free from nicks and scratches." Eight years later, Stack's offered the Olsen specimen as part of the Reed Hawn Collection, paraphrasing the earlier Superior description: "Pleasing and uniform matte gray surfaces free from disfiguring marks. Partially reflective prooflike surfaces and a needle-sharp strike with raised wire rims in places."
Bowers, himself once an owner of the Olsen specimen, calls it "a very nice coin in a lower Mint State classification." However, NGC and PCGS have both graded the coin PR64. While there is a difference of opinion among some about terminology, the difference between a Mint State designation and a proof designation for an issue with just five pieces known is moot.
Past owners of the Olsen specimen, beginning with Fred Olsen, include Egyptian King Farouk, department store owner Edwin Hydeman, Los Angeles Lakers owner Dr. Jerry Buss, Texas oilman and numismatist Reed Hawn, and Dwight Manley, distributor of the S.S. Central America treasure. The current owner desires anonymity, but would certainly hold his own with those before him. The provenance is impressive, and the next collector who owns this coin will be in good company. In Million Dollar Nickels, Ray Knight observes: "Owning one of these treasures automatically elevates the holder upon a pedestal of honor in the numismatic community."
The Olsen specimen is sharp and complete in its design definition. Every star on the obverse is fully defined, Liberty's hair detail is crisp, and the individual agricultural elements are sharp. Similarly, every element of the wreath on the reverse is bold, down to the individual kernels in each ear of corn. The surfaces are fully pleasing and attractive, with uniform surfaces that show exceptional mirrored reflectivity. The surfaces are pristine, without any marks. Only a slight matte appearance separates this piece from a full PR65 grade.
The current offering is only the 12th time that any 1913 Liberty Head nickel has been offered at public auction since their first auction appearance in November 1944.
A Starring Role
After the Olsen nickel broke the $100,000 price barrier, it became the "central character" of a Hawaii Five-O episode appropriately titled "The $100,000 Nickel." The genuine Olsen specimen was only used for the close-up shots during filming. For all other scenes the nickel had its own "stunt double."
Hawaii Five-O was a popular television police series starring Jack Lord as Steve McGarrett, the head of the elite state police unit in Hawaii. His partner and second in command was Danny "Danno" Williams, played by James MacArthur. Nearly every episode ended with McGarrett saying to Williams, "Book 'em, Danno." The series was broadcast on CBS from September 1968 to April 1980 and was filmed almost exclusively in Hawaii, one of the big draws for its fans.
The plot of "The $100,000 Nickel," originally aired on December 11, 1973, involved a coin convention and auction held at the Ilikai Hotel in Honolulu. A 1903 Liberty nickel was carefully altered to 1913 and used in a sleight-of-hand trick to steal the real 1913 nickel. Victor Buono played Eric Damien, a thief who orchestrates the robbery. With the switch detected before Damien can leave the hotel, he drops the coin into a vending machine, expecting to recover it later. Meanwhile, money from the vending machine was already collected, and a struggle ensued for the coin. That struggle resulted in coins being scattered over the ground, whereupon a young boy picked up the nickel and later spent it. Finally, after passing through many hands, the nickel was returned to its owner, apparently unharmed during its ordeal.
The publicity shot that is reprinted here shows Victor Buono inspecting the 1913 Liberty nickel. However, Buono is holding the magnifying glass between the nickel and the camera while he is inspecting the reverse of the coin.
Victor Charles Buono was born in San Diego, California, on February 3, 1938, and died in San Bernardino, California, on January 1, 1982. He was raised in San Diego and graduated from St. Augustine High School. His introduction to the performing arts came at the hand of his maternal grandmother, Myrtle Glied, a vaudeville performer. He first appeared on network TV in 1959. He also appeared in a number of movies, including Who's Minding the Mint?.
The King of 20th Century Coins
While the 1804 silver dollar rightfully holds the title The King of Coins, there is no doubt that the 1913 Liberty Head nickel is the King of 20th Century Coins. The 1913 nickel holds the number one position in the third edition of 100 Greatest U.S. Coins. Garrett and Guth comment: "Twenty years ago, if you asked any collector or dealer to name the three most valuable American coins, the response would most likely have been the following: 1804 Silver Dollar, 1894-S Dime, and 1913 Liberty Head Nickel. Today the 1913 Liberty Head nickel has taken the lead, gaining the top position in the 100 greatest U.S. coins." The dynamics of the rare coin market have changed in recent years. According to Garrett and Guth, the 1913 Liberty head nickel's "recent surge in popularity may be due in part to the publicity that has attended its last few appearances."
Each time a 1913 Liberty Head nickel breaks a previous price barrier, and it has happened twice with prices entering six figures and later seven figures, the fame of this rarity becomes even greater. A starring role in television increases its fame, as does each story, article, auction appearance, or book about the coin. It has even appeared in comic books and children's publications, such as Weekly Reader. Sprinkle in a little mystery, and the 1913 Liberty Head nickel makes its case as the most famous rarity in numismatics.
Sam Brown and His Nickels
Samuel W. Brown is considered the mastermind behind the 1913 Liberty Head nickels. Brown was employed at the Philadelphia Mint from December 1903 through November 1913, putting him at the right place and time. He was also the first person to make any reference to the possible existence of such coins, in the form of a small advertisement in the December 1919 issue of The Numismatist to purchase examples. Further, Brown was the first person to publicly share any of the coins in the form of a coin convention exhibit, just a few months later. Although circumstantial, the evidence points a finger directly at Sam Brown, likely with the assistance of one or more accomplices.
Brown worked as a clerk or storekeeper, according to his employment transcript, resigning to enter business for his own account. He was born in Brownstown, Pennsylvania, circa 1879, and died in North Tonawanda, New York, in June 1944. It seems that Brown was always well liked and respected. After resigning from the Mint, he relocated to North Tonawanda late in 1913, where he was associated with Wayne Fahnestock in the Frontier Chocolate Company. He was later associated with the Pierce-Brown Company and retired in 1924 at the age of 45. He was a Mason and a past master of Sutherland Lodge No. 826. Brown also served as district deputy grandmaster of the Niagara Orleans district and as a member of the Shrine club and the Ismailia temple. Serving several terms on the Board of Education, he was mayor of North Tonawanda in 1932 and 1933.
Ray Knight comments: "The mysterious Mr. Brown confounds understanding. Just when you think you have him pegged as a crafty, scheming thief, he conducts the rest of his life in what appears to be a completely exemplary manner."
The Hobbs Episode
The authors of Million Dollar Nickels observe: "The whole affair of the 1913 Liberty nickels would possibly never have come up--and the coins may never have been created--had it not been for The Hobbs Episode."
Treasury Secretary Franklin MacVeagh had an opportunity to make a permanent mark on the U.S. coinage before his term expired in 1913. The nickel was the only coin whose design could be changed under the 25-year law that states coin designs must remain in production for 25 years before they can be changed. MacVeagh served as Secretary of the Treasury from March 8, 1909, to March 5, 1913. After seeing James Earle Fraser's designs for the Buffalo nickel, he awarded Fraser the commission. In his annual report, Mint Director George Roberts stated about the Buffalo design: "The coin is distinctively characteristic of America, and in its execution promises to take high artistic rank among the coinages of the world." Everything was coming along smoothly, and the Buffalo nickel was about to become a reality--until the Hobbs episode began.
Hobbs Manufacturing Company began business as a manufacturer of paper box machinery, originally in Lynn and Boston, relocating to Worcester, Massachusetts, in 1891. In 1910 the firm began production of vending machines for postage stamps, railroad ticket sales, and change-making.
Officials from Hobbs Manufacturing found the new Indian/Buffalo nickel entirely unsatisfactory, demanding change after change to the Fraser design. Fraser sent a set of Hobbs-approved models to Charles Barber, who received them on December 26, 1912. He went to work reducing them and preparing dies, with test strikes minted on January 7, 1913. Hobbs was still unsatisfied and demanded more changes. Another six weeks of meetings and changes took place until MacVeagh had had enough. He certainly wanted the Buffalo nickel released before his term expired, and a meeting with Hobbs representatives on February 15, 1913, put an end to the episode. MacVeagh advised Roberts to proceed with production of the new nickels, and production finally commenced on February 21. All of the delays provided an opportunity for a special coinage.
Production Fact and Fiction
Much of what we know or think we know about the 1913 Liberty Head nickel remains undocumented. It seems that factual accuracy has never been a concern of numismatists in the past. John Dannreuther sums up the problem: "Once a rumor is repeated and put into print, it becomes fact. When one person repeats it and the next guy repeats it and the next guy repeats it, it becomes absolute fact. Then it becomes part of numismatic lore." Fortunately, the approach of 21st century numismatic research is a fresh look at past lore and legends. Instead of assuming that a story is correct, current research is verifying the source material and eliminating the speculation.
There has been considerable discussion about how and when the 1913 Liberty nickels were made. The coins made their first public appearance in 1920, in the possession of Samuel W. Brown. Circumstantial evidence points to Brown, although it is unlikely that he actually struck the five coins himself. He was a clerk or storekeeper at the Mint, rather than a coiner or someone with knowledge of coin production. Brown almost certainly had one or more accomplices, but who were they?
In Million Dollar Nickels, the authors devote an entire chapter, "Covert Origins," to the mystery of their production. The truth may never be known, as the facts are most likely buried with those responsible. Some have speculated that the coins were made late in 1912, while others suggest early 1913, and some have even said that they could have been made as late as 1919, although the latter is highly improbable.
Lee Hewitt made several suggestions in the March 1958 issue of Numismatic Scrapbook Magazine:
1. They were struck to exchange for coins needed for the Mint cabinet.
2. The coiner and engraver were merely amusing themselves when they struck the coins.
3. They were struck exclusively for a wealthy collector.
Five years later in September 1963, Hewitt suggested they were die trials. Don Taxay responded that they were made expressly for Brown, and that they are fantasy pieces. In 1968, Clyde Mervis reported that the coins were die trials, and that a worker carelessly tossed the coins in a desk drawer where they remained for an unspecified period of time. David Bowers and Walter Breen have both mentioned possible accomplices. In the Eliasberg catalog, Bowers went so far as to suggest it may have been George Morgan.
There have been a number of individuals identified as possible accomplices, from engraver Charles Barber to assistant engraver George T. Morgan, numismatist Stephen Nagy who supposedly had ties to the Mint, to an unidentified security guard who was reportedly fired in 1918. In Million Dollar Nickels, the authors suggest that Brown may have been an accomplice for someone else. "A different angle must consider that Brown was not the mastermind of the deed that someone else put in motion and he was only a cog in the plan. He may only have assisted in the plot. He may not have even been present when the coins were struck but received them at a later time, perhaps much later."
The 1910 Federal Census provides us with names of two others who might have been accomplices, although we are now introducing further speculation. In 1910 Brown was a workman at the U.S. Mint, residing at the boarding house of Carrie Corn, at 1611 South Oxford St. Two other boarders at the same residence, Henry B. Shuman and a Mr. Wenger, were both machinists at the Mint. In 1920 Shuman was listed as a "counter of money" at the Mint, while Wenger is not further identified.
The most likely time of production was the last two weeks of 1912 or the first week of 1913. Before the December 13 order to do nothing about the 1913 nickels came from Mint Director Roberts, Mint employees would have no reason to think that 1913 Liberty Head nickels would be out of the ordinary. Within a week after the first of January, the dies would most likely have been destroyed. The actual dies were probably a pair intended for proof coin production, already given the special polishing necessary for proofs. The striking was rushed, as indicated by the reverse die that was loose in the press. Each of the five coins has a slightly different amount of detail on the reverse, and the difference is attributed to a reverse die that was not firmly seated in the coning press.
For nearly 90 years, everything that has been discussed about the origins of the 1913 Liberty Head nickels is pure speculation, or educated guess at the best. There are only a few facts to aid in a solution to the mystery:
1. Dies for 1913 Liberty nickels were made in the last two months of 1912. We know this as records show 10 sets of 1913 Liberty nickel dies were shipped to San Francisco on November 25, 1912. Philadelphia Mint proof dies would have been made about the same time.
2. Mint Director George Roberts told his staff on December 13, 1912, to do nothing about the five cent coinage until new designs are ready.
3. The first Buffalo nickels were coined on February 21, 1913.
4. Five different 1913 Liberty Head nickels exist, and each shows some degree of reflectivity or mirrored surface.
5. Samuel W. Brown first exhibited the coins in 1920, after advertising to purchase them in December 1919.
6. Brown worked at the Mint from 1903 until 1913, when he resigned in November.
Emission Sequence
Because the reverse die was not fully seated in the coin press and each coin has slightly diminished reverse detail, it is actually possible to determine with a high degree of accuracy the order that each coin was struck. That is exactly what John Dannreuther did on the night of July 30, 2003.
As part of the six-person authentication team studying all five 1913 Liberty nickels, Dannreuther compared the existing reverse detail on each coin. The key location is the bottom of the wreath, including the ribbon bow and the two ears of corn. The photographic evidence is more difficult to place in order than the actual coins, but clearly the Smithsonian, Olsen, and Eliasberg coins were struck before the Walton and McDermott coins. Dannreuther concluded that the Smithsonian coin was first, followed in order by the Olsen, Eliasberg, Walton, and McDermott specimens.
Early Provenance Period
Samuel Brown; August Wagner; Stephen K. Nagy (circa 1924); Wayte Raymond (circa 1924); Col. E.H.R. Green; Col. Green Estate (12/1941); Eric P. Newman and Burdette G. Johnson.
All five 1913 Liberty Head nickels remained together from the day they were made until 1943 when Eric Newman became the last collector to own the five coins. Different numismatic observers have varied opinions regarding the early provenance of the five coins. According to Knight: "It hasn't always been easy to figure who the owners really are. Constructing a reliable pedigree for the 1913 Liberty Head nickels becomes an article of faith for certain periods in the provenance records."
The name Samuel W. Brown appears at the beginning of every provenance record constructed for each of the five known 1913 nickels. Circumstantial evidence clearly points to Brown as the first owner of these nickels, although others were likely involved in their production. We do know that all five coins remained together for many years, from the day they were struck until Eric Newman dispersed them individually in the 1940s.
In his Guide Book to the series, Dave Bowers suggests that Stephen K. Nagy may have been involved as a Brown accomplice, and that Nagy retained ownership of the coins until 1924. Aside from mentioning personal conversations with Nagy, Bowers provides no other documentation.
August Wagner advertised the five coins for sale late in 1923 and early in 1924. It is unclear whether Wagner actually owned the coins at that time, or if he had them on consignment from the true owner.
Wayte Raymond handled the coins circa 1924, placing them with his most important client, Col. E.H.R. Green. Raymond was most likely a dealer intermediary in the transaction rather than an actual owner of the coins. Various sources give different dates for the transaction, normally between 1924 and 1926.
Colonel Edward Howland Robinson Green was the son of Hetty Green, the famous "Witch of Wall Street" who at one time was considered the richest woman in the world. Col. Green was an avid collector of many things. At one time, for example, he owned the entire sheet of "Inverted Jenny" airmail stamps, a philatelic rarity of noted fame. The coins passed into his estate in 1936 and remained there for several years.
Working with his mentor, Burdette G. Johnson, St. Louis collector Eric P. Newman acquired the five coins in December 1941 for $2,000. The total purchase price was less than Samuel Brown offered to pay for the coins in 1919.
Newman made the initial contact with executors of the Col. Green estate through his desire to acquire a rare U.S. demand note from St. Louis. The response was that he would have to buy all of the Missouri currency, which he did. He and B.G. Johnson formed a partnership to acquire additional portions of the Green Collection, eventually including all five 1913 Liberty Head nickels. Two of the coins were purchased on December 16, 1941, for $500 each, and the other three were purchased on December 29, 1941, for $333 each. The dates represent receipt of payment by the Green estate executors.
Newman retained the finest piece (the Eliasberg specimen) for his own collection and sold the other four through Johnson. Two pieces were sold to James Kelly on March 11, 1943, for $750 each, another was sold to Kelly on March 17, 1943, for $750, and one piece was sold to F.C.C. Boyd on April 22, 1943, for $1,000. Transaction dates are from copies of Johnson's original invoices in Newman's possession.
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