The year 1968 saw important changes in the entire numismatic world. Attitudes toward precious metals shifted, several important collections entered themarket, the extensive J.K. Lilly Collection joined the National Numismatic Collection, and the public's interest in collecting both domestic and world coinsflourished, infusing the coin marketplace with renewed energy. Our success in the case regarding the restrictions on the importation of gold, also encouragedcollectors of world and ancient coins, increasing both buying and selling, which had a positive effect on the numismatic market.

Additionally, the revaluation of gold and silver helped build the public's interest in these metals. The Treasury revalued gold from $35 an ounce to $38.50and the value of silver rose about 20% of its original base price of $1.19 and kept climbing. Speculation in silver coins, such as dimes, quarters, halfdollars, and silver dollars became a driving force on the market and had a direct effect on the value of precious metal and circulating coins. Even silvercertificates were sold at a premium in the early part of 1968. All these factors had a positive effect as the general public searched through loose change,emptied their piggy banks and got more from the sale of the metal, than the face value. Coin dealers, hock shops and jewelers were inundated with peopleredeeming their silver coins.

Adding to the building excitement of the numismatic world was news of the Josiah K. Lilly Collection, a massive collection of gold coins. After we preparedan inventory, Schulman and Kosoff provided the appraisal and an initial market value was determined for the collection. The individual coins (in 1968 dollars),were valued at $4.5 million, but the collection as a whole was appraised at $5.5 million for its vastness and completeness. Now the executors were tasked withfinding a buyer or selecting an auctioneer. Dr. and Mrs. Clain-Stefanelli examined the collection with the intention of securing it for the National NumismaticCollection at the Smithsonian. They worked with several senators and congressmen and were able to convince them that acquiring the J.K. Lilly Collection, withits thousands of gold coins, would result in a world class national collection. In addition, they cautioned that allowing it to be lost or broken up by privateauction and sale would be foolhardy, as its scope could never be duplicated.

The Congress of the United States voted and acquired the collection for the initial appraisal of $5.5 million. To sweeten the deal for the estate, byproclamation the government "technically removed it from the estate" as if it had been gifted to the Smithsonian; the $5.5 million was credited to any taxesthat the estate owed. It was a great deal for all. I was part of the committee who helped the Smithsonian negotiate the deal. I was honored to be present atthe opening day of the exhibit; helping to secure this major addition to our national collection is a continued source of pride for me.

In the fall of 1968 the famous R.L. Miles, Jr. Collection of United States gold, silver and copper coins was consigned to us at Stack's. It had beenassembled over four decades, and many of the coins had been supplied by Stack's privately or through our public auctions.

With our help at Stack's, R.L. Miles Jr. assembled as complete a collection of United States coins, gold, silver, and copper as he could from the coins thatwere available during his collecting years. And, indeed, it grew into a major, comprehensive collection by the time it was to be offered by public auction.Miles had been nicknamed Skinny by his classmates in high school and college when he played on their football teams, and at Stack's we were permitted to usethis nickname with him. In my next article I will tell more of this great person and his marvelous collection.

To read the complete article, see:
Harvey Stack Remembers: Growing up in a Numismatic Family, Part48 (https://www.stacksbowers.com/News/Pages/Blogs.aspx?ArticleID=harvey-stack-remembers)

To read the earlier E-Sylum article, see:
HARVEY STACK'S NUMISMATIC FAMILY, PART 47(https://www.coinbooks.org/v22/esylum_v22n26a22.html)