KOTCT
Worldwide Coins & Bank Notes => Other World Coins => Topic started by: EgCollector on December 30, 2007, 09:56:40 PM
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Hi all, I just wanted to share this article with all forum members. Hope you enjoy :)
King Farouk the First of Egypt, who reigned from 1936 until 1952, was a prolific collector. His taste for the rare and unusual was the catalyst for his assemblage of a diverse collection of items from around the world, even including some unsavory "collectibles." His coin collection included an estimated 8,500 gold coins and medals. King Farouk made most of his coin purchases in the 1940s, in an era when a numismatic dollar (and an Egyptian pound) went a long way.
Several American dealers supplied the king with coins, but they soon discovered that a downside to selling to him was that it usually took a long time to receive payment, especially if the invoice totaled more than $10,000. The larger invoices had to be routed to the Egyptian treasury, significantly increasing the time it took for the payment to be received, whereas the king had the authority to authorize payment of the smaller invoices. Not surprisingly, the American dealers soon learned to limit the invoices to less than $10,000. When all was said and done, King Farouk had amassed one of the largest, most important collections of coins in the history of numismatics.
The King Farouk Auction: A Numismatic Legend
After the Egyptian military forced King Farouk to flee the country in 1952, the American coin dealers had a great interest in what was to become of the Farouk Collection. Abe Kosoff goes into great detail in his book concerning the pre-sale uncertainty and negotiations that took place. Eventually the Egyptian government established a sale date and the London firm of Baldwin & Co. was hired to describe the coins, with Sotheby & Co. publishing the catalog. The coins and medals volume was one of a set of Sotheby catalogs entitled The Palace Collections of Egypt , which offered several categories of the king's collectibles, but did not mention King Farouk by name.
Because Fred Baldwin had to catalog the coins in Cairo, under military guard, and in a short period of time, it was not possible to do the great collection justice. Due to its sheer size, most of the coins were sold in large lots (often with fifteen or twenty coins per lot), sorted by denomination, with a variety of dates and mintmarks. Thus, most lots had a combination of rare and common coins.
A number of well-known American dealers and collectors attended the sale in Cairo. Dealers in attendance included Abe Kosoff, Sol Kaplan, Bob Schermerhorn, James Randall, Paul Wittlin, and Hans Schulman. Prominent collectors included John J. Pittman, Gaston DiBello, and Ambassador & Mrs. R. Henry Norweb.
A number of factors prevented the coins from reaching their optimum value at the auction. These included the remote location, the uncertain financial arrangements, the political instability, the large lots, and the awkward manner in which the coins were presented for lot viewing. Collectors such as John J. Pittman realized the true opportunity to acquire important pieces at "fire sale" prices and made the most of it. Mr. Pittman reportedly took out a second mortgage on his residence to finance the trip and his purchases, which turned out to be among the most significant of his numismatic career.
The sale was complicated by the fact that King Farouk had outstanding bills in excess of $300,000 from dealer Hans Schulman. After much uncertainty and following negotiations with the Egyptian government, an arrangement was made whereby Mr. Schulman was issued a credit in the amount of the due bills, against which auction purchases could be made. In order to recover his financial interest, Mr. Schulman became a major buyer at the auction, often allowing other dealers to obtain coins from his repurchased lots.
After reading about the "cloak and dagger" surrounding the King Farouk auction, I was fascinated!I wanted to acquire a King Farouk piece that would fit my specialty, Dahlonega gold coins.
For further information, this is the article link
http://www.goldrushgallery.com/news/gumshoe.html
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I would like to own one of ANYTHING King Farouk had in his collection!!! Shoot, I would jump at the chance to have a piece of loose change he carried in his pocket if someone could prove it was actually from his pocket! ;D
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King Farouk was definitely an example of greed and excess, coins, women, food, power, etc.
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A man to be envied, but not necessarily imitated.
While I too would love to own even a small piece of such an incredible collection, I'm afraid I must content myself to own the coins that bear his portrait, instead. Of which I believe I have several.. I can't seem to resist the hexagonal 2 Piastres.
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Scottishmoney I am not real big on "FOOD" but 5 out of 6 ain't bad!
Now I wouldn't mind finding some silver from Egypt with King Tutankhamens death mask, Cleopatra, the Sphinx, and/or the Pyramids. I am aware of silver issues in the past and also like the two females representing the Upper and Lower Nile. The list could go on and on when it comes to Egypt, its history and its people! My problem with Egyptian coins is the fact they are NOT readily available over here and there are quite a few impressive silvers that have been struck. (Especially in the 90's)
Wonder if they have struck a coin with an Ankh on it?
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King Farouk was definitely an example of greed and excess, coins, women, food, power, etc.
You say that like it's a bad thing. ;)
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Like this one... only its made of clay not metal....
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A couple of pieces I am watching in a published auction right now are ex-Farouk pieces. I do not believe he could be classed as a collector per say, probably more like a hoarder-accumulator.
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Nohope is that ankh coin legitimate and, if it is, do you know the age of the piece? Very interesting!
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We are into the realms of Not sure here.
Its not something I own One of My Co workers is a history nut
He wanted to know if it was a coin as well.
I think the term is polished ware. I don't know if its a coin but polished ware used a lot of Egyptian symbols and most were made around the 5th Century BC
here is what Wikipedia has to say which would idicate its of Indian origin not Egyptian.
Northern Black Polished Ware culture (NBPW/NBP) of the South Asia (ca. 700 BC–200 BC) is an Iron Age culture, succeeding the Painted Grey Ware culture. It developed beginning around 700 BC, or in the late Vedic period, and peaks from circa 500 BC - 300 BC, coinciding with the rise of the Mauryan Empire.
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Thanks for the info. I am curious as to how your friend located that piece? Wouldn't mind doing a little digging for one of those. Very unique to say the least!
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King Farouk was definitely an example of greed and excess, coins, women, food, power, etc.
Mr.Scottishmoney:
I am really surprised by your 'differrent--wise way' of telling/interpreting King Farouk's way of life.
Mr.eg_collector, very interesting aritcle, indeed.
Mr.Nohope, we do have 'coins made out of clay' in India around 3rd B.C or even much earlier.
Sincerely
George
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My question George would be how would one know whether or not they are the REAL thing or modern day duplications? (counterfeits) And, just how available are such "clay" coins in todays market? I find this ankh clay coin very attractive but would like to know more about such coins and the history behind these artifacts.
Also has Egypt done a modern day coin or commemorative to the "ankh"?
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:D
Twoshades: There are many 'certifying' agencies in your country, for a nominal fee. So you can get them certified.
Clever forgery, can cheat even an experienced collector.
I burnt my fingers, once. From that incident, I never collect ancient coins.
George
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Well George the grading companies are just a little on the shady side at times and if they have doubts about any coin submitted all they have to do it put the coin in a little plastic bag (we call them body bags) and send it back to you BUT they keep your money for nothing. Probably the only business in North America that can keep the full amount for nothing renderd, other than their opinion, and I have a real problem with that. While I could see a few bucks for their precious opinion I fail to see the whole amount remaining with them UNLESS they start slabbing ALL coins and providing an explanation for a fake, counterfeit or damaged coin within the slab. This process would eliminate another collector from submitting the same fake again, as long as it remained in the slab, thus protecting other collectors in the future but it would eliminate the grading company from keeping your money again on the same fake coin. And quite honestly I don't think most of the grading companies have anyone qualified to make such a decision on ancient world coins! That my humble opinion!
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:D
Dear Twoshades:
I understood and appreciate your view on grading. If a well educated and rich country, like yours, I am unable to understand the reason, for doing such dis-service to coin identification/authentication.
Have you tried ANA certification/authentication service.
Will you attend the FUN convention. If yes, please contact Mr.Bill Fivaz, noted Author, Numismatist, Professor in Numismatics, Former ANA Governor etc.,
Kindly inform that you are friend of mine. Even without my name, he will help you.
No American has dis-appointed me. ALL THAT I APPROACHED, HAS HELPED ME, WILLINGLY., in my collection of U.S.Cons This is the main reason, for my collecting U.S.Coins
Kind regards
George