Introduction
In the realm of numismatics, there are rare coins, and then there are coins so rare, so steeped in mystery, they‘ve become the stuff of legend. The 1913 Liberty Head nickel is the quintessential example, a numismatic icon that has captured the imaginations of collectors for over a century.
On the surface, it‘s an unassuming coin – the same Liberty Head design that graced the 5-cent denomination for 30 years, with one key difference: the 1913 date. That tiny detail on just five known examples has made the 1913 Liberty Head nickel one of the most coveted, most valuable, and most enigmatic coins in all of numismatic history.
As a lifelong coin collector and numismatic scholar, I‘ve been fascinated by the 1913 Liberty nickels since I first learned of their existence. These coins are shrouded in a mystery that may never be fully solved, with origins that have confounded experts for generations. But their allure is undeniable. They stand as the ultimate trophies in 20th century numismatics, the pinnacle of rarity and desirability.
In this comprehensive guide, we‘ll dive deep into the incredible history of the 1913 Liberty Head nickels, the five individual specimens and their provenance, leading theories on their creation, and their unparalleled significance to coin collecting. Whether you‘re a seasoned numismatist or simply captivated by their story, the 1913 Liberty Head nickels are a window into the thrilling, complex, and endlessly fascinating world of rare coins.
The End of An Era: Liberty Head Nickels in 1912
To understand why the 1913 Liberty Head nickels are so anomalous, we need to rewind the clock to 1912, the final year of the Liberty Head nickel series. These 5-cent pieces, with their iconic left-facing portrait of Lady Liberty designed by Charles E. Barber, had been a staple of American pocket change since 1883.
But after a three-decade run that saw only minor design tweaks, the US Mint was ready for a change. The Taft administration had been pushing for more aesthetically striking coinage designs, and the humble nickel was a prime candidate for a refresh.
Mint officials commissioned sculptor James Earle Fraser to create a brand new nickel design, and the now-classic Buffalo nickel was born. Fraser‘s obverse featured a stoic Native American profile, while the reverse depicted an American bison, evoking the fading West. It was a bold and modern look, a stark contrast to the staid Liberty Head motif.
The Buffalo nickel was slated to debut in February 1913, and the US Mint began steps to retire the Liberty Head design for good. The final Liberty Head nickels were struck in December 1912, with the last coins intended for circulation delivered on December 26th.
Mint records clearly indicate that no Liberty Head nickels were coined at all in 1913. With the new Buffalo nickels taking over production, there would have been no need. The Liberty Head nickel had officially passed into history… or so everyone thought.
The Emergence of the 1913 Liberty Nickels
Fast-forward to 1920, and the numismatic world was abuzz with a startling discovery. At that year‘s American Numismatic Association convention in Chicago, a man named Samuel Brown made a surprising claim: he had possession of five Liberty Head nickels dated 1913, a year that should not exist for the series.
Brown wasn‘t just any ordinary collector. He had been employed at the Philadelphia Mint from 1903 to 1913, including a stint as a clerk in the Coining Division, raising immediate suspicion he may have had something to do with the coins‘ curious existence.
News of Brown‘s revelation quickly spread through the collecting community. Noted numismatist Augustus G. Heaton was among the first experts to examine the coins in person, and he made a key observation. While the coins had pristine, prooflike surfaces, they lacked the sharpness and detail of regular proof coins of the era.
This led Heaton to suggest they may have been test pieces or experimental strikes rather than true proofs. But the question remained – why would the Mint have bothered to strike any 1913-dated Liberty Head nickels at all, let alone special test pieces, with the design already discontinued?
By 1924, Brown had managed to acquire all five known specimens. Their next stop would be the collection of Colonel E.H.R. Green, son of the famously wealthy Hetty Green. A renowned numismatist in his own right, Col. Green purchased the five coins from dealer Stephen K. Nagy, sparking a new chapter in their history.
The Five Legendary Specimens
Since their initial discovery, each of the five 1913 Liberty Head nickels has taken on an identity of its own, tied to the prominent collectors and dealers who have held them over the years. As the coins have changed hands, their stories have grown richer and their values have soared. Let‘s examine each of the five legendary specimens in turn:
The Eliasberg Specimen
Considered the finest of the five coins, the Eliasberg specimen is named for Baltimore banker Louis E. Eliasberg, Sr., who amassed one of the most comprehensive US coin collections ever assembled. Eliasberg acquired his 1913 Liberty nickel in 1948 from numismatist Abe Kosoff, who had purchased it from F.C.C. Boyd‘s estate for $2,350.
When Eliasberg‘s collection was sold in 1996, the 1913 nickel was a star of the sale. It realized an astounding $1,485,000, then a record for any 5-cent piece. But the Eliasberg coin was far from done making history. In 2007, it became the first 1913 Liberty nickel to cross the $5 million threshold, selling in a private treaty transaction to a California collector.
The Olsen Specimen
Like the Eliasberg coin, the Olsen specimen boasts an illustrious pedigree. It‘s named for Fred Olsen, who purchased the coin in 1944 for $3,750. But the Olsen nickel‘s history stretches back even further, to none other than King Farouk of Egypt.
The coin had been slated for inclusion in Farouk‘s extensive collection in 1933, but export restrictions scuttled the deal. Regardless, the "King Farouk Specimen" nickname stuck. The Olsen nickel would go on to even greater fame in 1973, when it guest-starred on an episode of the hit TV show "Hawaii Five-O."
The Olsen specimen last appeared at public auction in 2010, where it brought a impressive $3.7 million. It remains one of the most publicized and recognizable of the five 1913 Liberty nickels.
The Norweb Specimen
The Norweb specimen takes its name from the Norweb family, whose scion Ambassador R. Henry Norweb was a major figure in numismatics. Norweb purchased the coin privately in 1949 for $2,000. It would stay in the family for decades, a highlight of their vast collection.
In 1978, the Norwebs donated their coin collection, including the 1913 nickel, to the Smithsonian Institution in Washington, D.C. It remains a centerpiece of the Smithsonian‘s National Numismatic Collection today, ensuring public access to one of these famed rarities.
The Walton Specimen
No 1913 Liberty nickel has quite the same mystique as the Walton specimen. The coin‘s story reads like a numismatic fairytale, complete with a decades-long disappearance and a triumphant rediscovery.
The Walton specimen first came to prominence in George O. Walton‘s collection. Walton was an avid numismatist who purchased the coin in the mid-1940s for $3,750. Tragically, Walton was killed in a car crash en route to a coin show in 1962, with the 1913 nickel in tow.
Following the crash, the coin was presumed lost. It would be some 40 years before the truth came to light in a surprise ending worthy of Hollywood. In 2003, Walton‘s heirs brought the coin to the ANA convention in Baltimore, where expert authentication confirmed it was the long-missing fifth example.
The Walton coin‘s first auction appearance in 2013 was a momentous occasion. It realized over $3.1 million, cementing its place in the 1913 Liberty nickel pantheon.
The McDermott Specimen
Last but certainly not least is the McDermott specimen, named for collector J.V. McDermott. The coin first came to the hobby‘s attention in 1920, and was later purchased by Texas dealer B. Max Mehl for $900.
The McDermott coin would eventually find a permanent home with the American Numismatic Association. In 1989, the ANA purchased the specimen from Aubrey and Adeline Bebee for $46,000. It has been a featured exhibit at the ANA‘s Money Museum in Colorado Springs ever since.
While its recent sale prices may not match the other specimens, the McDermott coin holds a special place as perhaps the most publicly accessible 1913 Liberty nickel. Its display at the ANA headquarters allows collectors a rare up-close look at one of these legendary coins.
Enduring Mysteries: Origins of the 1913 Nickels
With the individual histories of the five 1913 Liberty nickels well-documented, we return to the central question that has vexed numismatists for generations: where on earth did these coins come from?
The prime suspect in their creation has long been Samuel Brown, the former Philadelphia Mint employee who first brought the coins to the collecting community‘s attention in 1920. Brown worked at the Mint from 1903 to 1913, giving him opportunity and potential access to create the coins.
One popular theory suggests Brown may have struck the coins himself or collaborated with others at the Mint to create them, then kept them hidden until leaving the Mint‘s employ. But this is purely speculative, with no concrete evidence behind it.
Other hypotheses propose the coins could have been struck as test pieces or die trials in late 1912 in advance of the shift to the Buffalo design. However, there are no Mint records indicating any such test strikes, which one would expect for official experimentation.
Another possibility is that the coins were deliberately struck as clandestine rarities for some well-connected coin collector, perhaps even at the behest of a Mint official. This theory suggests an unscrupulous employee may have used their position to secretly create the coins for personal profit.
We may never know the full story behind the 1913 Liberty Head nickels. In the absence of any official Mint documentation, their origins remain a tantalizing enigma. But one point is agreed upon by numismatic experts – these coins are indisputably genuine strikes from authentic Mint dies, not counterfeits or fantasies.
An Unparalleled Numismatic Legacy
Regardless of their precise origins, the 1913 Liberty Head nickels have secured a singular status in numismatics. They are the ultimate coins of legend, the rarest of the rare, with a cachet that transcends even their immense monetary value.
The five 1913 Liberty nickels stand alongside other numismatic icons like the 1804 Draped Bust silver dollar and the 1933 Saint-Gaudens double eagle as "trophy coins," the most celebrated rarities of the hobby. Their mystique and desirability have endured for over a century, captivating each new generation of collectors.
Acquiring just one of the five specimens is a crowning achievement for any numismatist, a feat accomplished by only a handful of the most prominent collectors in the hobby‘s history. Their elusiveness has made them the ultimate numismatic prize.
The sale prices these coins have achieved in recent decades are astounding, even in the rarefied world of high-end numismatics. All five rank among the most valuable coins ever sold, and those values show no signs of slowing.
Consider that Louis Eliasberg purchased his specimen for $2,350 in 1948. That coin realized $5 million in 2007, representing a return on investment of over 212,000% in under 60 years. Few collectibles in any field can boast that caliber of price appreciation.
| Specimen | Year | Sale Price |
|---|---|---|
| Eliasberg | 2007 | $5,000,000 |
| Olsen | 2010 | $3,737,500 |
| Walton | 2013 | $3,172,500 |
Table 1. Recent sale prices for 1913 Liberty Head nickel specimens
It‘s no exaggeration to call the 1913 Liberty Head nickel a "million dollar coin." All five examples have consistently sold in the seven-figures for the past three decades. The most recent sales, all north of $3 million each, suggest the market‘s appetite for these rarities is only growing.
Advice for Collectors: The Rarity Mindset
For most numismatists, owning a genuine 1913 Liberty Head nickel will remain an impossible dream. These coins trade so infrequently and at such stratospheric prices as to be unattainable for all but the wealthiest collectors.
But in a broader sense, the 1913 Liberty nickels offer important lessons for numismatists at every level of the market. They illustrate the incredible power of rarity in driving collector demand. There is simply no substitute for genuine scarcity when it comes to numismatic value.
Collectors can apply this "rarity mindset" to their own numismatic pursuits. While not every collector can afford multi-million dollar rarities, focusing on truly scarce issues within one‘s collecting budget is a time-tested strategy. This may mean seeking out key dates, low mintages, or condition rarities in a given series.
Building a collection around rarity requires patience, diligence, and often substantial financial resources. But as the 1913 Liberty nickels demonstrate, the most elusive coins are also often the most rewarding to own, both financially and emotionally.
Another key lesson of the 1913 Liberty nickels is the importance of provenance in numismatics. The complex and fascinating ownership histories of these five coins are fundamental to their identity and allure.
As a collector, researching and documenting the provenance of important coins can add great depth and context to a collection. Tracing a coin‘s history through past owners, auction appearances, and key collections can greatly enhance its significance and appeal.
Conclusion: A Numismatic Legend for the Ages
In the final analysis, the 1913 Liberty Head nickel stands as the ultimate numismatic icon, a coin that has transcended its humble 5-cent denomination to achieve legendary status. It is the quintessential American rarity, a coin that combines scarcity, mysterious origins, and a larger-than-life presence in the hobby.
The five known examples have become more than just coins – they are enduring symbols of numismatic history, each with its own rich story and legacy. From the record-setting Eliasberg specimen to the long-lost Walton coin, these nickels are characters in a real-life numismatic drama.
For collectors, the 1913 Liberty Head nickel represents the pinnacle of our hobby, the ultimate achievement in coin collecting. It is a reminder of the incredible passion, dedication, and financial commitment that numismatics can inspire.
Even for those of us who may never own one of these fabled rarities, the 1913 Liberty Head nickel will endure as an object of fascination, a coin that captures our imaginations and ignites our numismatic dreams. It is a coin for the ages, an irreplaceable piece of our shared numismatic heritage. The 1913 Liberty Head nickel is, quite simply, the stuff of numismatic legend.
