Rare Coins & Currency – Page 5 – The Intelligent Collector Magazine

Jackson, Calhoun Divided in Office, United on Currency

The Confederate States T1 $1000 Montgomery Issue note, showing John C. Calhoun on left and Andrew Jackson on right, is an iconic rarity in the American paper money canon. This example realized $76,375 at an October 2015 Heritage auction.

By Jim O’Neal

“Posterity will condemn me more because I was persuaded not to hang John C. Calhoun as a traitor than for any other act in my life.” – Andrew Jackson in his final days before death

Such was the relationship of President Jackson and his Vice President John Caldwell Calhoun. Calhoun had also served as vice president in the previous administration of John Quincy Adams (1825-1829) and then won reelection in 1828 as he wisely switched to the more popular Jackson.

He thus became the second vice president to serve under two presidents, following in the footsteps of George Clinton (Thomas Jefferson and James Madison).

However, a series of disagreements between Jackson and Calhoun totally destroyed their tenuous relationship and Calhoun resigned in late 1832 before completing his term. This was a first for the vice presidency that would not be repeated until much later when Spiro Agnew was forced out over criminal actions.

One small irony is that Jackson/Calhoun are the only president/vice president to be featured together on currency printed in the United States. In 1861, the Confederate States of America issued a series of $1,000 bank notes with portraits of the two men featured prominently.

And there they shall remain together for a long time.

Intelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

Vietnam Exemplifies the Sad Results of False Expectations

This South Vietnam, National Bank of Vietnam 1000 Dong ND (1955-56), is one of Vietnam’s most coveted currency designs. It realized $32,900 at an April 2015 Heritage auction.

By Jim O’Neal

The war in Vietnam was a continuation of a war that had been going on since the end of WWII. After the Japanese surrender, the French attempted to take back their former colony, but Vietnamese nationalists (led by communist Ho Chi Minh) defeated the French at the Battle of Dien Bien Phu in 1954.

In the peace settlement, Vietnam was divided into two separate states at the 17th parallel – North (a communist state) and South (a Western-backed democracy) with a DMZ in the middle to keep them apart.

However, the Viet Minh infiltrated the South, which the U.S. feared would lead to a takeover, followed by an Asian “domino” outcome. The response was a ramp-up in military aid, advisors and limited support troops. The first 3,500 combat troops landed in early 1965 and steadily increased to 200,000. By November 1967 (despite war protests), there were nearly 500,000 fighting the Viet Cong and North Vietnamese army (NVA).

To counter the protests, General William Westmoreland claimed the U.S. was winning and President LBJ stood on the deck of the U.S.S. Enterprise and declared the war would continue “not many more nights.” It was late 1967.

Within weeks, the Tet Offensive would highlight the absurdly misplaced optimism of these words.

It started early in the morning of Jan. 31, 1968. The sounds of firecrackers were heard and assumed to just be Tet, the annual Vietnamese celebration heralding the beginning of the lunar New Year, “The Year of the Monkey.” All over Vietnam, similar celebrations were going on.

It was actually a massive attack by the communists on the South, and the surprise trapped many noncombatants, especially journalists, who quickly relayed the news home; vivid reports made front pages around the world with scenes of carnage shown nightly on television.

After the first few days, TV legend Walter Cronkite reportedly blurted, “What the hell is going on? I thought we were winning the war!” It mattered little that within weeks the North Vietnamese were being pushed back with heavy losses. The dramatic images stuck in people’s minds.

The combined impact of the offensive and images would ultimately force President Johnson not to seek reelection – a shocking result for the leader and his advisers, given the fact the offensive would end with an American victory, the devastation of the Viet Cong as a fighting force, and a severe mauling of the NVA.

It was a heavy price to pay for the faulty military propaganda and lying to the public that the war was “almost” won. Setting false expectations always leads to sad endings – but leaders persist, yet today.

Tubman, Jackson on Same Bill Provides Example of Delicious Irony

Andrew Jackson appears on this rare $10 1923 Legal Tender. This same portrait was used when Jackson appeared on the $20 bill in 1928.

By Jim O’Neal

As a longtime admirer of Alexander Hamilton, I was relieved when the Treasury Secretary announced that Harriet Tubman would join Andrew Jackson on the $20 bill instead of the $10. However, I wonder if everyone realizes just how much delicious irony is involved in conjoining these two American icons, effectively, forever.

Tubman … born into slavery, army nurse, spy, suffragette and martyr to her cause.

Jackson … first president born in a log cabin and to ride on a railroad train, plantation slave owner (the Hermitage) and first man elected to the House from Tennessee. Strong opponent of “paper money,” as well as the Second National Bank and bitter enemy of its powerful President Nicholas Biddle.

Then again, Jackson has been a rich source of trivial factoids since he became the only president to serve in both the Revolutionary War (a 13-year-old courier captured by the British and held as a POW with his brother) and the War of 1812. His famous victory in the Battle of New Orleans actually occurred after the war had ended.

His marriage to Rachel Donelson Robards caused a major controversy since she apparently never formally divorced her first husband due to a misunderstanding. Jackson (a well-known duelist) was forced to defend her honor and he always blamed her early death on the gossip and intrigue that ensued. In fact, she never actually became First Lady since she died on Dec. 22, after his election to the presidency but before the formal inauguration in March the following year.

A fictionalized version of their life together appeared in 1950 after Irving Stone published his historical novel The President’s Lady. The book was later made into a movie starring Susan Hayward and Charlton Heston. In 1958, Heston would play Jackson again in The Buccaneer, the only movie Anthony Quinn ever directed.

A second controversy occurred in 1830 when as president he signed the Indian Removal Act, which required the “Five Civilized Tribes” (Chickasaw, Choctaw, Muscogee-Creek, Seminole and Cherokee) to relinquish their rights as autonomous nations in the Southeast U.S. and relocate to federal land west of the Mississippi River. States in the North had simply killed the Indians and taken their lands, but this was considered at the time a more legal and humane way to gain control of large areas of valuable land. States in the South, especially Georgia, enthusiastically supported this action for obvious reasons.

President Jackson sincerely believed this would be better for the Indian tribes and promised to pay all “moving expenses” and guaranteed their new lands would remain in their control. We all know how this ended up and “The Trail of Tears” describes this dark period of American history.

Maybe the many Indian-owned casinos represent a small down payment for the debt we still owe these original Americans. If not, Harriet will be close enough to Andrew to remind him occasionally for a long time!

History Tends to Overlook the Man Who Originated Gerrymandering

John Trumbull’s famous painting *The Declaration of Independence* adorns the reverse of the current $2 bill. Somewhere in the group is Elbridge Gerry.

By Jim O’Neal

“If everyone here was a Gerry, the Liberties of America would be safe against the Gates of Earth and Hell.” – John Adams, July 15, 1776, letter to James Warren, the Second Continental Congress

Adams was praising Elbridge Gerry. Anytime the delegates from the middle colonies started to waver over the issue of independence, Gerry was there to persuade them that such a provocative action was needed to secure the future of America.

Elbridge Thomas Gerry was only 12 years younger than George Washington and was admitted to Harvard College at age 13. He earned B.A. and M.A. degrees. He then divided his time between the family garment business and both state and federal governance.

Gerry served in the U.S. House of Representatives during the first and second Congresses (1789-1793). Earlier, after being elected to the Second Continental Congress, he signed the Articles of Confederation and the Declaration of Independence, but was one of three men – in addition to George Mason and Edmund Randolph – who refused to ratify the U.S. Constitution. Gerry was stubbornly adamant that it should include a Bill of Rights to provide protection to individuals.

History proved him correct and our current Bill of Rights is foundational for many of the freedoms we now take for granted.

Then as governor of Massachusetts (1810-12), he approved a redistricting plan that ensured Democratic-Republican domination of the state. The shape of one of the new districts resembled that of a salamander, prompting Benjamin Russell, editor of the Boston Gazette, to coin the term “gerrymander.” This has entered our political lexicon to signify redistricting for political advantage.

Thomas Jefferson had been elected president in 1800 and again in 1804. Aaron Burr was VP during his first term and George Clinton (the first governor of New York) served as VP in the second term, 1805-09. Clinton was also elected VP in 1808 with James Madison and thus became the first VP to serve two presidents (John Calhoun would later match this feat). However, Clinton died on April 20, 1812, before the election and there was no provision to replace him.

When James Madison was nominated for his second term in 1812, the Democratic-Republican party selected the old reliable Elbridge Gerry to be his running mate (after John Langdon declined). They were both elected, however Gerry died in November 1814 after serving only about 21 months.

Thus James Madison earned the dubious distinction of being the only president to have two vice presidents die in office. No one particularly cared due to the nature of the job and its insignificance.

Elbridge Gerry was buried in the Congressional Cemetery in Washington, D.C. He is the only signer of the Declaration of Independence to be buried in the nation’s capital. He had married a much younger woman – Ann Thompson (James Monroe was best man) – and she holds the distinction of being the last surviving widow of any signer of the Declaration.

Today, gerrymandering has become an art form and voting districts are sliced and diced by ZIP code to create discrete groups of like-minded voters. Political junkies are in broad agreement that this results in major advantages to incumbent officeholders and significantly limits challengers from opposing parties.

Despite Mr. Gerry’s name now only remembered as a tactical political activity, a few avid paper-money fans (including moi) know that Elbridge Gerry is included in John Trumbull’s famous painting The Declaration of Independence that adorns the reverse of the current $2 bill (1976-), with Thomas Jefferson on the obverse. There are several earlier $2 bills with both Hamilton and Jefferson, as well as a National Bank note known as a “Lazy Deuce” due to an odd design.

The Trumbull painting is sometimes confused with the signing of the Declaration when in fact it depicts the five-man drafting committee presenting it to Congress on June 28, 1776. Oddly, there are only 42 of the 56 attendees depicted. But Elbridge Gerry is there for sure.

Now you know.

P.S. One theory is that John Trumbull could not get good resemblances of the 14 missing attendees. Good enough for me.

What Can Rome Teach Us About the End of Empires? Plenty

This Roman coin was minted A.D. 477-480 in the name of Emperor Julius Nepos, who ruled near the end of the Western Roman Empire. It realized $12,925 at an April 2014 Heritage auction.

By Jim O’Neal

The Roman Empire was established around 510 B.C. and by the third century extended across millions of square miles … to the Rhine and Danube rivers in the south, Spain in the west and beyond Constantinople (Istanbul) in the east.

Throughout this vast territory, they paved roads, constructed towns/cities, built aqueducts to water them and, importantly, provided Roman governance.

The city of Rome itself had public baths, sewer systems, glorious buildings, flourishing arts and poetry, and literally was the center of Western civilization. Our Western system of law, cultures and languages derive directly from Ancient Rome.

Yet in A.D. 476, Rome ended up being ruled by a 12-year-old boy – Romulus Augustus – and a downward spiral accelerated. The minting of coins fell dramatically. The famous Roman pottery stopped being made. Local economies declined as did the population of Europe.

The Dark Ages, which would last until A.D. 1,000, had begun.

The 18^th-century historian Edward Gibbon wrote a famous masterwork, The History of the Decline and Fall of the Roman Empire, that describes in fascinating detail the many events that contributed to this remarkable ending. It includes the Visigoths, the Vandals, the Huns (including Attila) and the Romans themselves. They had become lazy, content, self-satisfied and they made a fatal mistake. They started using mercenaries for protection, forces that were prone to corruption and available to anyone willing to pay more.

Later historians write that the fall of the Romans and their empire was “noiseless” and that the power of Rome was lost due to prolonged strife, and war was too widespread and relentless to control … especially for a series of weak leaders who had grown too inept to govern.

Gibbon’s book is a wonderful read for those with the time and patience to pore through. It contains valuable lessons for current and future leaders of the United States and others who naively believe “it could never happen here.”

All one has to do is contrast the England of 1900 with the Great Britain of today to see the result of slow rot.

King Charles’ Baker Reminds Us that Small Things Can Lead to Huge Events

This “Elephant & Castle” 1/2 Crown, showing British King Charles II and minted 15 years after the Great Fire of London, realized $35,250 at a September 2014 auction.

By Jim O’Neal

Thomas Farynor, baker for England’s King Charles II, usually doused the fires in his oven before going to bed. But, on Saturday, Sept. 1, 1666, he forgot and at 2 a.m. was awakened by fire engulfing his house.

Farynor lived on Pudding Lane near Thames Street, a busy thoroughfare lined with warehouses that ran along the river wharves. It was typical of London streets … very narrow and crammed with houses made of timber.

As the flames spread and people awoke and started scrambling to escape, nearby Fish Street Hill exploded into fire as piles of straw were ignited.

Samuel Pepys climbed to the top of the Tower of London to get a better view. At 7 a.m., he described how an east wind suddenly turned into a gale and whipped the fire into a raging conflagration. The Great Fire of London was out of control.

As early as 1664, writer John Evelyn had warned of the danger of such an event due to so many open fires and furnaces in such a “wooden … and inartificial congestion of houses on either side that seemed to lean over and touch each other.” Everyone was too busy to worry about it.

There were fire engines for emergencies, but they were rudimentary and privately owned. There was no official London fire brigade. In the chaos, any pumps that did get into service were hampered by large crowds clogging the streets dragging furniture in a vain attempt to salvage valuables.

The other strategy was fire breaks, which consisted of pulling down buildings with huge iron hooks and quickly clearing the debris to create barren areas. However, the fire was moving so quickly that it blazed through the debris before it could be cleared.

Back on the Tower of London, Pepys observed “an infinite great fire headed right at London Bridge.”

London Bridge spanned the Thames River and was an extraordinary structure … lined with homes and shops separated by a passageway only a few yards wide. The fire attacked the bridge greedily, leaping from rooftop to rooftop as people frantically fled.

By Sunday evening, boats carrying people swarmed across the river where onlookers lined the shore mesmerized by the enormous blaze.

On Monday, a powerful wind drove the fire through London. Houses, churches and buildings were all consumed as the blaze continued to rage. An East India warehouse full of spices blew up and the smoke carried the smell of incense across the city.

Finally, by Wednesday, the wind subsided and 200,000 Londoners looked in astonishment at their great city, now turned to ash … 13,000 houses, 87 churches, St Paul’s Cathedral, the Royal Exchange, Customs House, all city prisons and the Great Post Office were all destroyed.

The mystic Anthony Wood said, “All astrologers did use to say Rome would have an end and the Antichrist come, 1666, but the prophecie fell on London.”

All because a baker forgot to put out his oven.

We all know what Smokey the Bear would say.

Gettysburg Symbolizes Horror of War, Quest for Equality and Freedom

This 1936 50-cent coin (MS68 PCGS), commemorating the 75th anniversary of the Battle of Gettysburg, sold for $48,875 at a May 2007 Heritage auction.

By Jim O’Neal

People who read about American history are aware of the Battle of Gettysburg and President Lincoln’s Gettysburg Address. They are less familiar with the details of these famous events.

In early May of 1863, the Battle of Chancellorsville in Virginia pitted an outnumbered Robert E. Lee against “Fighting Joe” Hooker, whose Army of the Potomac was twice the size of Lee’s army. However, the Confederate general won the battle by outmaneuvering Hooker, which resulted in Lincoln replacing him.

Chancellorsville was also where General Thomas “Stonewall” Jackson (Lee’s right arm) was killed.

Buoyed by success, General Lee then turned north into Pennsylvania with plans to capture Harrisburg and then surround Washington, D.C. This would change the entire war. However, on July 1, 1863, the Union Army – now under General George Meade – blocked Lee at the crossroad town of Gettysburg. This is where the famous battle occurred.

The fighting raged over three days and was highlighted by southern General George Pickett’s famous charge on July 3 where his division suffered staggering casualties and forced Lee’s entire army to retreat. “Pickett’s Charge” became known as the “high water mark” of the Confederacy as the South slowly spiraled downward over the next two long years.

When General Meade finally moved south after Lee’s retreat, he advised Lincoln, “I cannot delay to pick up the debris on the battlefield.”

And quite a battlefield horror it was.

Eight thousand bodies and the corpses of 3,000 horses still lay unburied across the ridges and farmland of Gettysburg. Burial resources were scarce and the most they could do was lightly cover the bodies with dirt. The horses were burned in great piles south of the town.

Soon, relatives of Union soldiers began to scavenge through the shallow graves looking for loved ones. Arms, legs and even heads were left protruding and the horror was magnified when crows, pigs and flies descended looking for food.

Something had to be done and the job fell to William Saunders, a cemetery landscape architect. Then came the task of digging up the dead, identification and reburial.

Saunders shaped the Soldiers’ National Cemetery at Gettysburg (now called Gettysburg National Cemetery) and it was here on Nov. 19, 1863, that President Lincoln uttered the 272 words that became so well known.

The main speaker for the event was Harvard President Edward Everett, who droned on for two hours before Lincoln in a 13,000-word speech. The next day, Everett wrote to Lincoln: “I should be glad, if I could flatter myself, that I came as near to the central idea of the occasion, as you did in two minutes.”

Amen.