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Features of this Issue:
• The Most Expensive Coin in the World: 1933 Double
Eagle: Prashant Kulkarni
• The Lion and its creator-John Flaxman: R. Vaidyanadhan
• Evolution of the 25 Paise Coin (1/4 Rupee): Pawan Kumar
• Three new commemorative coin sets released: Sanjay
Kansal
• New Commemorative Coins of “10 Years of Indian
Council of Medical Research”: Ravi Shankar Sharma
• N.G.S. Grading Scale for Coins Your Complete Monthly Newspaper for Coins, Paper Money, Antiques, Collectibles & Stamps

Reesha Books International • N.G.S. - Numismatic Guarantee Service of India (India’s 1st Grading Service) Sr. No. 28 • Year 3 • Issue 12
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2 Floor, 203 Fine Mansion, D. N. Road, Near Narsinha Lodge, Above Café Shaheen, Fort, Mumbai 400001 December 1, 2011 • Pg. 12 • ` 25
Tel: +91-22-2263 4360 • Mobile: 0 9594 647 647 • 0 77 3838 4585 • Download Free at www.NGSofIndia.com Editor: Dr. Dilip Rajgor

The Most Expensive Coin in the World: 1933 Double Eagle

By Prashant Kulkarni
In 1933, the President of the United States of America, Franklin
D. Roosevelt stopped the coinage of gold and made it illegal to own the
metal (although coin collectors could retain their pieces). With one
exception, no 1933 double eagles were ever legally released, although
some were stolen from the government, and over the years several were
recovered.
In the summer of 2002, a 1933 Double Eagle was auctioned off
for $ 75,90,020(1), which shattered the old record of $ 41,40,000 paid at a
public auction for an 1804 silver dollar. This piece is unique as the only
1933 double eagle the U.S. government has deemed legal for its citizens
to own (having been negotiated as such through terms of a U.S. treaty
with a foreign government). Even illegal instances of the 1933 double of collapse. The nation's banking system, especially, was teetering on the
eagle would be worth hundreds of thousands of dollars, but it would be edge of oblivion with several states, led by Michigan, declaring bank
illegal for a U.S. coin dealer to broker a deal with one of these coins. holidays to prevent frenzied "runs" which could bring down healthy as
There is no other date of St. Gaudens double eagle that is worth a well as weak institutions.
significant fraction of this extraordinary coin. In fact, a complete The reason for this lay in America's reliance, along with most other
uncirculated set of all other St. Gaudens double eagles could be put Western countries, on the Gold Standard. This involved every dollar of
together for just over three million dollars (less than half the price paid currency being backed up by a fixed amount of physical gold held by the
for the 1933), including the extremely rare, ultra-high relief, proof government at a set exchange rate. However, with stocks and bonds
pattern. Without the rare pattern, the set would be less than $ 7,50,000. rendered worthless, the only thing that seemed to have any intrinsic value
was gold. People therefore took to hoarding it in huge quantities, nervous
History of the 1933 Double Eagle
(2)
depositors and businesses withdrawing funds and even sending vast sums
July 30, 2002 was a brutal day in Manhattan, flags wilting abroad to help see them through the crisis. As the country began to
listlessly in the still heat, the air so thick and wet that it seemed you might hemorrhage gold, the government soon realized that if it couldn't staunch
be able to chew it. Outside Sotheby's auction house, a long line of the flow, it would fatally undermine the nation's first tentative steps
limousines stretched into the distance, their engines idling with the air towards recovery.
conditioning on, the exhaust fumes pooling into a choking grey fog. One of the newly elected President's first acts, therefore, was the
Unusually, only one item was to be auctioned that night - a passing of Presidential Proclamation 2039 on March 6, 1933 as part of his
legendary $20 gold coin minted in 1933 but never officially released into famous "100 Days". This order declared a bank holiday and forbade the
public circulation. But then little about this coin was usual, from its payment, hoarding and export of gold. It was followed up on the 5 April
dramatic theft from the Philadelphia Mint, to its ownership by an by the much more draconian Executive Order 6102, which required the
Egyptian King, to its eventual seizure in a New York hotel room in an actual surrender to the Federal government of all privately held gold
operation that was the culmination of a fifty year investigation by US coins, bullion and certificates. Failure to comply was punishable by a fine
or imprisonment (incredibly, this Order was only repealed by Congress in
law enforcement agencies.
1974.)
Hopes were therefore high that the coin would break the previous
The public response to the measures was overwhelming, with some
world record of $4.1 million paid in August 1999 for an 1804 silver
$300 million eventually being turned into the Federal Reserve Bank. And
dollar. Certainly the omens were good, the bidding opening at $ 2.5
yet, despite the passing of these Orders, later enshrined in the 1934 Gold
million with bidders having had to prove their ability to pay just to
Reserve Act, the relentless wheels of government bureaucracy continued
qualify for a paddle. But the auctioneers were taking nothing for granted
to turn.
- if the coin's extraordinary seventy year journey had shown anything, it
was its breathtaking flair for the unexpected. Rather than down tools, the Philadelphia Mint, not having not been
instructed otherwise, pursued its normal minting programme and struck
It was a journey that could trace its roots back to the Wall Street some 4,45,500 Double Eagles between March and May 1933, despite
Crash on October 29, 1929, otherwise known as Black Thursday. For it these coins now being effectively illegal to own.
was on that day that the delirious optimism of the 1920s, the easy-living
The inevitable consequence was that none of them were ever
era of Coolidge Prosperity, rising stock markets and the Charleston gave
actually issued to the public, the last shipment of gold coins having left the
way to the industrial paralysis, business failure, widespread
mint on March 6th. Instead 4,45,000 1933 Double Eagles were transferred
unemployment and bread lines of the Great Depression.
to Mint Vault F, Cage 1 with the remaining 500 coins being set aside for
By 1933, the situation had deteriorated even further. Wall Street the Assay Commission meeting scheduled for the 14 and 15th February
was on its knees, having reached its lowest ebb the previous September. 1934.
Factories stood idle, businesses stagnated, commodity prices dived and The Assay Commission was a citizen's board set up in 1792 to
vicious dust storms were turning America's crop-lands into a vast, sterile examine the nation's coins for purity and weight, based on the ancient
desert. Nearly 14 million Americans, a quarter of the country's work "Trial of the Pyx." The Commission destroyed nine out of the five
force, were unemployed with no Social Security safety net to fall back hundred coins in their assay, with another twenty coins destroyed in an
on. Aimlessly, they roamed the streets, looking in vain for work. internal Mint assay. A further two coins were sent to the Smithsonian to be
Franklin D Roosevelt, winner of the November 1932 election, added to the National Numismatic Collection's complete record of
was therefore inaugurated as the 32nd President of a country on the brink American coins.
Continued on page 2
Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 2/12 Gullak

The balance of 469 coins were returned to the Pyx box in the Cashier's vault
at the Mint. Then, in September 1934, all gold coins remaining in the Mint were
Forthcoming Book - February 2012
declared "uncurrent" and eventually, between February 6 and March 18 1937, all
4,50,469 Double Eagles were finally melted into gold bars. "Coins of India
The King Farokh Collection in Egypt
Specialized
This was thought to be the end of the matter, until in February 1944 a
diplomatic officer of the Royal Legation of Egypt applied for an export license for a Study with Valuation
1933 Double Eagle from the Treasury under an exemption to the Roosevelt
Executive Order that allowed the export of rare coins. (1835-2011)"
He was acting on behalf of King Farouk of Egypt, dubbed the "playboy king"
and a voracious collector in a wide range of fields including stamps, jewels, art,
early razor blades, aspirin bottles and, especially, coins. Using a network of
international agents, Farouk had rapidly built up an 8,000 piece collection believed
by many to be the greatest private coin collection in the world.
The Treasury sought the guidance of Mint Director Nellie Tayloe Ross who
consulted Theodore Belote, the curator of rare coins at the Smithsonian. Belotte By
rapidly confirmed the coin's value to collectors but, perhaps because of the presence Prof (Dr.) V.K. Gupta,
of two examples in the collection, failed to recognise that the coin had never been Neha Gupta & Varun Nischal
regularly issued. A few days later, the coin was on its way to Egypt by diplomatic
pouch.
The Theft discovered
Pre Publication Price:
At roughly the same time, Ernest A. Kehr, the stamp and coin columnist for Rs. 1,200 + 50/- Postage/Packing etc.
the New York Herald Tribune, noticed that Stack's, the famous coin house, was Draft/Cheque payable at par at New Delhi
selling the "celebrated collection" of Colonel James Flanagan. Among the last lots in favour of Vijay Kumar Gupta
was a 1933 Double Eagle described in the catalogue as "excessively rare" and "the
first one that ever came up in any public auction.”
Intrigued, Kehr approached the Mint, asking them how many 1933 Double Contact:
Eagles had been released to the public. The answer was categorical: none. But faced Prof (Dr.) V.K. Gupta
with Kehr's evidence the Mint's acting director, Leland Howard, had no choice but 140 S.F.S. Flats, Ashok Vihar,
to notify Frank Wilson, the chief of the Secret Service, that at least one and possible Phase-4, Delhi - 110052 INDIA
more coins had been stolen from the Mint.
Led by Special Agent Harry W Strang, a powerfully built man with a ruddy, Mob: +91-98109 55593 Ph: +91-11-2730 5000,
pleasant face, the authorities attended the auction and seized the coin. Further +91-11-2730 2506
questioning of the seller revealed that he believed that up to eight other coins were Email: [email protected] / [email protected]
circulating in the market although he had no idea where they had come from.
The trail eventually led to Israel Switt of Philadephia's Jeweler's Row, a
dealer well known to the authorities for violations of the 1934 Gold Reserve Act.
Under questioning, he admitted to selling nine coins.
Agent Strang, since joined by the equally dogged George Drescher, moved
the focus of their investigation to lower level and former employees of the
Philadephia Mint. They quickly uncovered that a small cadre, known as The Four
Horsemen, had unofficially "run" the Mint during the thirties. They consisted of
one-time foreman of the Weigh Transfer Room, George A. McCann, Assistant Valuation of Coins, Organizing, Display & Deciphering
Superintendent Ralph Roland, Chief Clerk Fred Chaffin and Assayer Chester "Doc"
Ziegler. Sanjay Gosalia
The spotlight shifted to McCann. Not only had he had exclusive access to the +91 98190 82223
469, 1933 Double Eagles returned from the February 1934 meeting of the Assay
Commission, but investigators soon discovered that McCann's bank balance had 9/15, Morarji Velji Bldg, 1st Floor, No. 30,
been swollen with a series of payments that his salary alone could not account for. Dr. M.B. Velkar Street, Kalbadevi,
Mumbai 400002 INDIA
That wasn't all. Stories began to surface from some of McCann's former Mint
colleagues about an attempt to hide the theft of $10,000 in scrap gold and even more E-mail: [email protected]
damning was the fact that McCann had already been arrested and jailed for stealing Tel: +91-22-6610 6726
"uncurrent" silver coins from the Mint.
McCann denied any involvement with the theft but the Secret Service was
convinced they had got their man. They bought charges against him and Switt but
Santosh Kumar Lahoti
when Strang took his evidence to the US attorney in Philadelphia, the US Buying Autographs, Autographed First Day Covers,
Department of Justice said it couldn't prosecute either of them because the statute of Autographed Special Covers, Signed Photographs,
limitations had run out. letters of famous persons
But Strang was not to be deterred. With three Double Eagles already seized,
he set about recovering the others. A further four were surrendered during the course
of 1945 with an eighth won back through the courts in 1947 and a ninth seized in "Shree Sadan"
26, P K Tagore Street, Kolkata-700 006
1952 from the famous collection of Louis Eliasberg, who had the only complete Tel: 033 2543 6471 • 2530 5293 • Cell: 93310 12533
collection of American coins outside of the Smithsonian. And then, in what would E-mail: [email protected]
today be considered an act of cultural vandalism, all nine coins were melted down. Website: www.autographindia.com
The Farouk Sale
But one coin remained at large, resting within King Farouk's vast coin
collection at Koubbeh Palace in Cairo. Although this was well known to Strang and
his team, political considerations led the Treasury not to pursue their case, choosing
instead to bide their time. Continued on page 3
Gullak Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 3/12

The Egyptian Revolution in 1952 provided the opportunity they had been
Zubayr Khan waiting for. In late 1953 the revolutionary leaders, led by Gamal-Abdel Nasser,
decided to auction off Farouk's collection to help finance their military and social
programs. Sotheby's was appointed to handle the massive sale of what was
officially known as the Palace Collections of Egypt and which was set to last for
nine days.
The Double Eagle was included within Lot 185. Alerted to this and under
pressure from the Secret Service, the US State Department instructed the American
Embassy in Cairo to request the coin's return. At some stage before the auction, the
Egyptians agreed to withdraw the coin from the auction. However, they never
turned it over. Instead it simply vanished.
In the years after the Farouk auction, rumours of sightings of the 1933
Double Eagle regularly circulated amongst the numismatic community. It was
reported to have surfaced in first Switzerland and then later France. But they
remained rumours, with no firm evidence.
Then, in the early 1990s, a London coin dealer called André de Clermont,
developed a relationship with a mysterious Egyptian jeweller who occasionally
surfaced in London with rare coins to sell - coins that, de Clermont soon realised,
were an uncanny match to remnants of the Farouk collection. Over time it
Specialist in transpired that the jeweller was a family friend of a colonel in Nasser's army. A coin
collector, the colonel had acquired some of Farouk's unsold holdings after the
Islamic Coins of India auction and following his recent death the family was now trying to sell off the
coins.
By this stage de Clermont had teamed up with Stephen Fenton, another coin
Cell: 0 98198 15301 dealer brought in to provide financing and valuation advice. Eventually, after over
E-mail: [email protected] a year of doing business with the jeweller, they dared to ask him about the 1933
Double Eagle. To their excitement, the jeweller confirmed that the family had the
• [email protected] coin. They knew it was valuable, the colonel having kept it in the original envelope
from the 1954 auction and marked it "Rare." However, it seemed that they had not
Mumbai: R. No. 28, 3rd flr, 283, Afshar Bldg, yet decided whether to sell it or not. In de Clermont's words, "He just said, 'If it
Above Canara Lunch Home, comes, it comes.'"
Shahid Bhagat Singh Marg, Back from the Dead
Fort, Mumbai 400001 And come it did in late Summer 1995. Again according to de Clermont, the
jeweller simply called to say he was in town and that he had some coins to sell.
New Delhi: B-593, Avantika, Sector 1, When he got to his hotel, the jeweller took out the 1933 Double eagle and said
"Here it is." After much haggling, Fenton bought the coin along with a few others
Rohini, Near Rohini Book Centre, for $ 2,20,000, his agreement with de Clermont entitling him to a share of any
New Delhi 110085 profits he made on a re-sale.
Continued on page 4
Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 4/12 Gullak

With the coin in a safety deposit box, Fenton set about selling it on. Given the
rarity and value of the piece, Fenton worked through agents to try and find a suitable
buyer. One of the people he got in touch with was Jasper Parrino, a dealer based in
Kansas City, Missouri. Parrino in turn called Jack Moore, a peripheral figure in the
coin world but one who had access to at least one important client.
Moore was also, as it turned out, a government informant, and he
immediately contacted the FBI who pointed him in the direction of the Treasury.
Their interest was immediate - even after sixty years, they wanted their coin back.
Moore agreed to co-operate with them to recover the coin in a sting operation from
Parrino's unnamed source.
So began a long period of haggling, with Moore and Parrino negotiating over
the price and payment terms. Eventually a deal was struck. Moore's so-called client
would match the asking price of $1.5 million. But he would only take delivery of
the goods in the US. Unless Parrino's client (i.e. Fenton) was willing to bring the
coin over from Europe, there was no deal.
On February 8, 1996, Stephen Fenton, accompanied by Parrino, met Moore
at the Waldorf Astoria hotel in New York. Moore was accompanied by two men,
supposedly his buyer and a coin expert but in reality two Secret Service agents. As
Fenton handed over the coin for inspection, agents burst into the room, seized the
coin and arrested him and Parrino on charges of conspiring to embezzle and convert
to their own use property of the United States.
Old Coins &
Fenton fought the charges and in April 1996, prosecutors dismissed the
criminal complaint. However, the government still had the coin, locked in a vault at
Paper Money Dealer
7 World Trade Centre, and had no intention of letting it go. Assistant US attorney
Jane Levine bought a forfeiture action against Fenton, eventually adding a claim for
title. She had precedent on her side, the earlier 1947 case having established the
government's right to 1933 Double Eagles stolen from the Mint.
The Settlement Tel: 079-2535 9361
Fenton's defense was built around his assertion that his coin was different
Office: Room No. 35, Hotel Radhey,
from any other Double Eagle, by virtue of it having been granted an export license Gandhi Road, Ahmedabad 380001
in 1944. His argument was that by giving the export license and then failing to seek
the coin's return for several years after, the government had implicitly
acknowledged Farouk's legal title to the coin. Res: E202, Satyam Status, Opp. Chandan farm,
In the end, after five years of legal to-ing and fro-ing, a Solomonic settlement Near Sharnam 7, Satellite, Jodhpur,
was reached: neither side would own the coin. Instead it would be auctioned and the Ahmedabad 380015
Continued on page 5
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Fort Office: 2 Floor, 203 Fine Mansion, Near Narsinha Lodge, D. N. Road, Fort, Mumbai 400001
Tel: +91-22-2263 4360 | Cell: +91-9594 647 647
Gullak Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 5/12

proceeds split between the two parties. Fenton would give up his title to an auction in 2006. But the Philadelphia trial promised to revive the
the coin, important to the government in case any other Double Eagles fascinating story of the 1933 Double Eagles, which were minted just as
surfaced, and they in turn would accept that coin could legally be owned the U.S. was coming off the gold standard and were never supposed to
by a private individual. have made their way into private hands. The daughter and sons of a
The Auction Philly jeweler named Israel Switt claimed to have found 10 1933
Double Eagles in Switt's safe deposit box long after his death; the U.S.
The Sotheby’s was appointed as the auctioneer for the coin. A
government asserted the coins had been stolen from the Mint and sued
chilled hush descended over the audience as the bidding started.
to get them back in a forfeiture action.
Although twelve people had qualified for paddles in the end, by the time
the coin passed the previous record for a single coin, only two were left - That result was foreordained by Judge Davis's omnibus
a tall man bidding on behalf of a client on the phone and the head of evidentiary ruling on July 5, just before the trial started. Israel Switt's
Sotheby's books and manuscripts division, bidding on behalf of a client. descendants, the Langbord family, wanted to keep the focus of the case
on the chaos surrounding the recall of gold coins, and contradictory
At $6.6 million, the bidder with the cell phone dropped out.
instructions the Mint received about handling the half-million 1933
Auctioneer Redden gave fair warning, before bringing down his gavel
Double Eagles that had been minted before it was deemed illegal for
with a dramatic flourish. The total price, including the 15% buyer's
Americans to own gold. Their aim was to show that in those tumultuous
premium, came to $7.59 million. The whole sale had lasted only nine
times, coins might legitimately have slipped out of the Mint.
minutes.
Government prosecutors, on the other hand, wanted to bring in
But, that was not the end of the story. In a final twist, a further
evidence of Israel Switt's suspected.
cheque for $20 was needed to complete the sale. In exchange, the
Treasury issued an official Certificate of Transfer, the only one ever The trial ended this week when jurors sided with the
issued for a 1933 Double Eagle. It officially turned the coin from a gold government, finding that prosecutors Jacqueline Romero and Nancy
disc into legal US tender. Rue proved the coins had been stolen. Judge Legrome Davis must still
rule on whether the government or Switt's family owns the coins, but
Finally, after seventy years on the run, its journey was over.
that ruling is considered a formality: The 10 1933 Double Eagles will
For several years, the King Farouk Double Eagle was on display return to the U.S. government”.
at the Federal Reserve Bank near Ground Zero, Just a few months
It is rumored that the Government of the US is not going to
before the collapse of the World trade centre it was removed and shifted
destroy the 10 pieces but it will put it on display at important locations.
to the Fort Knox.
Notes:
Another 10 coins discovered
1. Courtesy en.wikipedia.org/wiki/1933_Double_Eagle
Alison Franknel reported on 22/7/2011 about the discovery of 10
more coins. The same is reproduced in his own words.(3) 2. Courtesy http://www.jamestwining.com/learn-more/the-double-
eagle/double-eagle-history.
“A couple weeks back, I wrote about the start of a Philadelphia
federal court trial to determine ownership of 10 exceedingly rare 1933 3. Courtesy new sand insight.
Double Eagle gold coins. Granted, I have a particular affection for the thomsonreuters.com/Legal/News/2011/0
case because I wrote a book about the legal furor around another 1933
Double Eagle, which ended with the coin being sold for $7.6 million at --- ---

AMIT ASHOK SURANA

NUMISMATIST - JEWELLERY DESIGNER - ART DEALERS

SPECIALISED IN INDIAN
OLD COINS, TOKENS, BANK NOTES
SILVERWARE
OFFICE NO. 17 1ST FLOOR, J. R. SHETTY BUILDING, 72 NAKODA STREET,
PYDHONIE, MUMBAI - 400 003. INDIA. TEL: 022 - 2345 2927
MOBILE : AMIT : 91 98193 81833, ASHOK: 91 98200 81833
EMAIL : [email protected] / [email protected]
website: www.suranaart.com
Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 6/12 Gullak

Evolution of the 25 Paise Coin (1/4 Rupee)

By Pawan Kumar

No longer a legal tender: The road has finally come to an end for
the humble 25 paise coin. The Reserve Bank of India is 1875
withdrawing from circulation coins of 25 paise and below from
June 30, 2011. Coins of denomination of 25 paise and below will
not be accepted for exchange at the bank branches from July 1, 1890s: While Queen Victoria was adding to her years in real
2011 onwards. We trace the history of the 25 paise coin from the life, she also put in a bit of weight on the her image on the coins.
British era to contemporary India.

1890

1900s: The new century also witnessed a change on the British

monarchy. Following the death of his mother Queen Victoria,
Edward VII was crowned as the King of the United Kingdom
and also as the Emperor of India. All new coins issued during
the time bore his name and face.
1830s: The first of the quarter rupee coins were issued in India
during the reign of William IV. The coins were made of silver.

1909

1835 1910s: A new design of coins were introduced in 1919 that

sought to replace the existing silver quarter rupee coins. The
1840s: The longest reigning monarch of the United Kingdom, new equivalent of the quarter rupee coin was the 4 aana coin,
that was made from cupro-nickel instead of silver. The rising
Queen Victoria also held the title of the Empress of India. silver prices following the First World War necessitated this
During her reign a number of quarter rupee coins were issued. change. These coins had the effigy of King George V.
Soon after her ascent to the throne, a silver quarter rupee coin
was issued in India. The coins featured the bust of a young
Queen Victoria. She was made the queen soon after her 18th
birthday
Ramesh K. Velunde
Hetal Coin Centre

1840

1870s: The coins issued later in Queen Victoria's reign had a B2F Shree Ganesh CHS, M.P. Mill Compound,
more mature looking bust of the queen. The one-fourth rupee Tardeo, Mumbai 400034
coins were made of silver.
Mobile: 0 98205 54787 Res: 022-2352 6433
Gullak Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 7/12

1920 1950

1920s: George V was crowned the King in 1910. He was also the Late 1950s: Another major landmark in the history of the 25
first reigning British Monarch to tour India. The 4 aana coins paise coin happened following the introduction of the decimal
introduced in 1919 didn't gain popularity and soon the quarter series in accordance with the Indian Coinage Act that came into
rupee coins had to be brought back\ force from April 1, 1957. The 19 mm 25 paise coins were called
'25 naye paise'. The tern 'naye paise' was used for wider public
recognition of the new coinage system and was discontinued
from June 1, 1964 when the term 'naye' was dropped. The coins
weighed 5 grams and were made of nickel.

1925

1930s: King George VI was the last of the British monarchs to

rule over India. His predecessor Edward VIII abdicated the
throne in order to marry divorced American socialite Wallis 1959
Simpson. There were no coins issued for Edward VIII. While
coins of other denominations went for a design change, the 1970s: By the late 1960s, Indians had become used to the new
quarter rupee coins continued, with only a new monarch coinage system. The text 'rupaiye ka chautha bhag' (one fourth
replacing the old. of a rupee) was also replaced by 25 paise. While other coins of
lower denominations underwent a major change and moved to
aluminium, the 25 paise coin didn't change much.

1939
Early 1950s: Following the Independence of India the currency 1972
system continued with the British series of coins till the
establishment of the Indian Republic. The first coins of Late 1980s to the 2000s: In 1988 the 25 paisa coin went steel
independent India were introduced on August 15, 1950 and it and was made of ferratic stainless steel. It was a little heavier
included the quarter rupee coin made of nickel. The coins had than its predecessor at 2.83 grams but was of the same size. The
the words 'char aana' embossed in Devnagri script and had the last 25 paise coins seen in popular circulation were minted in
Ashoka Emblem on one side. the year 2002.

Piyush
Agrawal
+91 98222 20826, 93255 68570

2002

An Exclusive Shop for all A new symbol: In July 2010 the Government of India unveiled
your Numismatic Needs the new symbol for the Indian Rupee and designer D Udaya
Golcha Marg, Main Road, Sadar, Nagpur - 440 001 (India) Kumar also designed a new symbol for the Paisa. But with the
Tel: (O) (0712) 3253888, (R) (0712) 2546096 25 paise going out of circulation we are unlikely to see the
E-mail: [email protected] image above anywhere.
Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 8/12 Gullak

R
Gullak Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 9/12

Three new commemorative coin sets released

By Sanjay Kansal
GOI recently released three sets of medical research. It is also one of the oldest
Commemorative Coins in a short span of one medical research bodies of world. The coins
month: are in denomination of Rs 100 & Rs 5 and
Centenary of Civil Aviation: President minted by Mumbai mint. The reverse of the
of India Pratibha Patil released commemorative coins have the logo of ICMR (a lamp
coins on 100 years of civil aviation in India in surrounded by the words ICMR and
Mumbai on 17 Oct 11. The coins minted by Centenary Year).
Mumbai Mint are in denomination of Rs 100 & 150 years of CAG: Third set of coins was
Rs 5. These are the first commemorative coins to released on the occasion of 150 years of
have the new Rupee symbol. These coins have the logo of Controller & Auditor General of India. CAG is the apex body &
centenary celebrations (profile of a plane flying over numeral supreme audit institution of India which audits the accounts of
100). On 18 Feb 1911, French pilot Henry Piquet flew a small GOI and its affiliated organizations. CAG is in the limelight this
Humber biplane from Allahabad to Naini; a distance of 6 miles. year due to their path-breaking reports which exposed mind
Earlier this year; India Post issued stamps and miniature sheets boggling corruption on Commonwealth Games, 2G Spectrum,
during the Indepex on the same subject. purchase of aircraft by Air India and irregularities in Oil & Gas
Centenary of ICMR: Second set of coins were released on sector. The coins are in denomination of Rs 5 & Rs 150. The coins
the occasion of 100 years of Indian Council of Medical Research. were released in New Delhi on 16 Nov 11 by Pranad Mukherji.
These were released by Health Minister Gulab Nabi Azad in New Incidentally, this is the third coin of Rs 150 after Rabindranath
Delhi on 15 Nov 11. ICMR is the apex body in India for bio Tagore & 150 years of Income Tax to be released by Pranab dada.

Hansraj M. Jain
Cell: 0 98207 07107, 98209 11457

Dealers & Collectors of Old Coins & Notes

Govt of India UNC & Proof Sets
Specialist in Fancy Notes Sets, Birthday Notes,
Any Numerological & Lucky Number Notes
British India Notes & Coins,
271/273, Mumbadevi Road, 2nd Floor, Zaveri Bazar, Mumbai 400002
Off: 022-2342 9200, 022-2345 7866, 2343 8580
Fax: 022-2345 3438 • Email: [email protected]
Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 10/12 Gullak

The Lion and its creator – John Flaxman

By R Vaidyanadhan

The famous lion and the palm tree engraved by famous British
sculptor and engraver John Flaxman first adopted for the pattern mohurs of
the Bombay Presidency in 1828.
Later the same was adopted for gold double and single mohurs of
William and Victoria till 1854.
He was born in York, England, in 1755 but spent most of his working
life in London. A notable exception to this was the formative period he spent
in Rome, studying ancient art and working on a number of commissions
between 1788 and 1794.
Starting his career creating designs for the world-famous Wedgwood
potters, Flaxman went on to create sculptures and illustrations in a
Neoclassical style. In reaction to the over-zealous decoration incorporated in
the Rococo style which came before this period, Flaxman's work comprised
of clean lines, minimalist surroundings and heavy influence from Ancient
Roman and Greek sources.
A success in his own lifetime, Flaxman established a good reputation
and became the Royal Academy's first professor of sculpture in 1810. He
was a sickly child and spent much of his early youth in his father's plaster cast
workshop. There he studied Classical Literature and honed his skills as a
sculptor.
At the age of 27 Flaxman married Anne Denman, who went on to
assist him throughout his career. She was well-educated and a devoted
companion.
In 1787, Flaxman travelled to Rome, originally for two years, to
study all things antique. However, the artist found much success in Rome and
earned many commissions, and he didn't leave until 1794. During his time in
Rome Flaxman started to create what would become known as his academic
groups such as The Fury of Athamas and Cephalus and Aurora. SADAT Mobile : 98692 70268
Rome also inspired the creation of illustrations for historical and epic
tales. These included, The Odyssey and The Iliad and The Tragedies of
Aeschylus. These publications were known to encourage the spread of
Neoclassicism in England and Flaxman's use of clean lines and simple
composition helped to cultivate his reputation as an artist more than anything
else. 1800 onwards Flaxman's reputation as a sculptor grew as he produced a Buying & Selling of Old Coins,
range of works. One of his most famous is the Monument to Lord Nelson in Notes, Stamps & Medals
St. Paul's Cathedral which was created by Flaxman between 1808 and 1818
B-17/107, Sultanabad Sadan, Behram Baug, Jogeshwari (W)
and can still be seen there today. Mumbai - 400 102.
Flaxman died in 1826 at the age of 71. E-mail :- [email protected]

9424063770
8349764966

INDORE HOBBY HOUSE

G-2, Mahaveer Regency, Plot No. 3-B, Brajeshwari Annex,
Near Bangali Square, Indore - 16.
• [email protected]
Gullak Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 11/12

Calendar of Events 2011-12

Month Date Place Event Venue
December 9-11 Pune Coinex-Pune 2011 Sankalp Hall, LBS Rd, Near Deccan (Basti Solanki 98230 88865)
December 17-19 Indore Seminar on Mint , Money & Market Academy of Indian Numismatics, 115, Kailash Park,
Manoramaganj, Indore (Prof. S. K. Bhatt 0731-2493931)
December 22-25 Kolkata Mudra Utsav 2011 Numismatic Society of Calcutta at Haldiram Banquet Hall,
Ballygunge ([email protected])
January 6-8 Coimbatore Coimbatore Coin & Currency Fair Kamalam Doraiswamy Hall, 225, Sastri Road, Ramnagar,
1st National Exhibition - 2012 Near Central Bus Stand, Coimbatore (Prabhu - 094437 21245 )
January 21-23 Jamshedpur Jam Coin 2012 Tulsi Bhavan, Near Gopal Maidan, Bistpur, Jamshedpur
(Monoj Singh 093348 09149)
January 21-22 Tiruvananthapuram South Indian Numismatic Society 2012 ASI, Trissur Circle ([email protected])
January 26-29 Nagpur NagMoney 2012 Numismatic Research Institute (Ramteke)
February 3-5 Calicut Mudra 2012 Corporation Jubilee Hall (Rajesh Nair 09847755123)
February 17-19 Bangalore 2nd National Numismatic Exhibition Bell Hotel, Near City Railway Station, Opp Majestic Bus Stand,
Bangalore (Marudhar Arts - 080-6532 9800)
March 2-4 Ahmedabad Coinex 2012 Sushilaben Ratilal Hall, SDVP, Swastika Char Rasta, Opp. Choice
Hote, C G Road, Navarangpura (Gujarat Coin Society)

N.G.S. Grading Scale for Coins

Grade Numerical Adjectives Description MS 60 Prime Mint State
Grades AMS 50, 55, 58 - Almost Mint
MS 70 Treasure Mint State State
MS 69 Royal Mint State XF 40, 45 - Extremely Fine
VF 25, 30, 35 - Very Fine
MS 68 Star Mint State
F 12, 15 - Fine
MS 67 Diamond Mint State
VG 8, 10 - Very Good
MS 66 Gem Mint State G 4, 6 - Good
MS 65 Jewel Mint State P 1 - Poor
MS 64 Pearl Mint State + Plus Grade - Eye Appeal for
MS 63 Brilliant Mint State XF & above
MS 62 Superb Mint State (T) - Type Weakly struck
MS 61 Choice Mint State coins

Rates of Advertisements in Gullak The Gullak Team - 2011

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1/8 Page Inside pages 90 x 80 mm Rs. 8,400/- K. K. Sevak Hyderabad

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Sr. No. 28 • Year 3 • Issue 12 • December 1, 2011 • Page 12/12 Gullak

Releasing Soon ... New Books Available

The Revised Standard
Reference Guide to
Indian Paper Money

By
Kishore Jhunjhunwalla
&
Rezwan Razack
Rs. 2,200/-
Size: A4; No. of Images: 2150
Pages: 16 intro plus 4 inside covers plus 609.
Paper: New Evolution from Italy with online Varnish
while printing.
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collectors software.
the Bahmanis
Price: Rs. 5000/- or USD 125
The first copies of The Revised Standard Reference Guide
by D. Raja Reddy
to Indian Paper Money will be available from December
2011.
Rs. 200/-
To reserve your copy of this limited edition, contact:
Currencies and Coins : E-mail: [email protected]

100 Rupees & 5 Rupees Commemorative Coin is issued to Sole Selling Agent
Commemorate "10 Years of Indian Council of Medical
Research" On 15.11.2011 By Union Health Minister Shri Gulam Also Available:
ŸPhila India 2011-12
Nabi Azad At Pusa Campus, New Delhi. Ÿ Coin Sets of India
Ÿ
Indian Paper Money
By Ravi Shankar Sharma Ÿ Coin Postcards

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Lot # 27: Rs. 2,25,000

Lot # 168: Rs. 40,000 Lot # 108: Rs. 1,50,000 Lot # 232: Rs. 1,25,000

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Our Forthcoming Auctions: OSWAL ANTIQUES

No. 29 Pune - Saturday, 10th Dec. 2011 6.00 pm Shop No. 2, Chandra Mahal, St. Paul Street, Dadar, Hindmata, Mumbai 400014. India
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Edited by Dr. Dilip Rajgor. Published, Printed & Owned by Parul Rajgor and published from Reesha Books International, 7-8-9, Gupta Niwas,
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ISSN 0975-8062 • The opinions expressed in articles & objects offered for sale are neither corroborated by the editor nor by the publisher. Readers use their judgement.