Wednesday, March 18, 2015

Rick’s Pedigree Coins - Pedigrees & Hoards: The Cleveland Wall of Greed Hoard

The following article is copied from an article I wrote for CoinWeek and was published on March 18, 2015.  Anyone interested in coins or currency should bookmark CoinWeek and read it weekly – great information and it is free.


By March 18, 2015 

Pedigrees & Hoards: The Cleveland Wall of Greed Hoard

pedigreegreed
By Rick Bretz for CoinWeek…

In case you have not figured it out yet, the reason I like “Pedigrees & Hoards” are because of the stories. For me, it is so much more fun to relate a story to coin collecting than to just try to fill holes in an album or slots in an NGC box. And now I am going to tell a story about the “Cleveland Wall of Greed Hoard” and in my next article about “The Miami Beach Mansion Hoard”. I am going to refrain from getting philosophical about the hoards and will let you draw your own inferences.

As the story goes, in 2006 a realtor in the business of house flipping purchased a home that was in need of remolding before it could be sold and she contracted an old school chum in the construction business to improve the eye-appeal. While renovating the bathroom, the contractor discovered several bundles of old currency wrapped in pre-WWII Cleveland Plain Dealer newspaper with the name “P Dunne” written on it. After the money was retrieved from the wall, inspected and counted it came to $186,000 with an estimated numismatic value of approximately $500,000. Many of the bills were dated in the 1920’s and were rare Cleveland Federal Reserve notes.

Now the greed set in. Instead of splitting the money and going about their ways, the realtor offered the contractor a mere 10% of the find. And then to further stiff the contractor, she stopped returning his calls and ignored him. The contractor was forced to consult a lawyer and then things really spun out of control.

The first thing that was done was to find out more about this “P Dunne” and investigations found that he was a successful Cleveland business man in the 1940’s that previously lived in the house. Upon his death in 1968, he left his estate to his sister-in-law, Agatha Gannon, without any mention of the hidden money. Agatha lived in the house until her death in 1974 and had no clue about the hidden treasure. She was unmarried at the time of her death and lived alone. She left her estate to 21 nieces and nephews. From here, the lawyers tracked down 7 living nieces and nephews and 50 other relatives that wanted to file a claim for a share of the proceeds. And the lawyers got busy.
wallofgreednote3
During this process, the realtor never relinquished the money. The case finally made it to court to determine who got the money. When asked about the money, the realtor explained that it was stored at her mother’s home in South Carolina and all but $18,000 disappeared. So the arguing by the realtor that the money belonged to her because she owned the house, the arguing by the contractor that the money was his because he found it, and the arguing by the heirs that it belonged to them – – well, it just did not matter much anymore. Almost all of it was gone and no one seems to know where – – or were not talking. And it looks like the remainder of the Wall of Greed currency would dwarf the expenses.

Fortunately, at some point the remainder of the Wall of Greed currency made it to a currency dealer and PCGS authenticated the hoard. I tried to contact PCGS to inquire as to who submitted the hoard for authentication, how much was submitted and when it was submitted. It has been three weeks and counting and no response from PCGS.

Interestingly, under the “finders keepers” law in Ohio the contractor was entitled to all the money if no rightful heirs claimed it. But if that had happened, we would not have had the “Wall of Greed” story to laugh at and shake our heads about.

Tuesday, March 10, 2015

Rick's Pedigree Coins - Pedigrees & Hoards: The Binion Hoard

The following article is copied from an article I wrote for CoinWeek and was published on March 9, 2015.  Anyone interested in coins or currency should bookmark CoinWeek and read it weekly – great information and it is free.

 

Pedigrees & Hoards: The Binion Hoard

binionbbretzfeature
By Rick Bretz for CoinWeek….

The Binion Hoard offers the collector a variety of ways to collect coins, currency, and memorabilia like ashtrays, dice, gambling equipment, photos, casino chips, etc. A collector could assemble a traditional date/mintmark set, or he could choose to assemble a set of the various souvenir items available. But first, who was Ted Binion, and what is the Binion Hoard? In case you missed the Court TV documentary about him and didn’t read any of the several books written about him or his father, here it is in a nutshell:

Recipe for Tragedy

Benny Binion: Father of Ted Binion.
Benny was involved in gambling and other racketeering activities in Dallas, Texas from around 1924 to 1946. In 1946 and just ahead of the law, Benny relocated his family to Las Vegas, where he became involved in gaming activities. In 1951, Benny purchased the El Dorado Club and Apache Club and opened them as Binion’s Horseshoe Casino.

Ted Binion: Youngest son of Benny.
Early in his life, Ted worked different jobs in Binion’s Horseshoe Casino and became well respected for his gaming knowledge. As he matured, he started associating with “undesirable” persons and eventually lost his casino license. This had a devastating effect on the younger Binion, as he loved the gaming industry and being part of the casino’s operations. Things got worse when Ted met Sandy Murphy, a stripper in Las Vegas, and he became more dependent on drugs and alcohol.
Ted had a fondness for silver bars and silver coins. He especially liked silver dollars, and stored them in the vault at the Horseshoe as well as at his residence. When he permanently lost his gaming license he was forced to remove his silver dollars from the Horseshoe.

Sandy Murphy
A California transplant to Las Vegas, she was working as a stripper in a popular Vegas club where she met Ted. Shortly after they made each other’s acquaintances, Sandy moved in with Ted and enjoyed all the amenities that his wealth could provide.
She was 23. Ted was 55.

During Sandy’s time living with Ted, she developed and maintained a romantic relationship with one Rick Tabish.

Rick Tabish
A traveling contractor (sometimes working, sometimes not) that befriended Ted. Tabish was married with two daughters while having a relationship with Sandy Murphy. When Ted needed a place to store/hide his silver dollars, Tabish was hired to bury the silver in an underground vault in Pahrump, Nevada, on property that Ted owned. As the story goes, Binion and Tabish met by chance–that “chance” having been arranged by Sandy.
biniondollarod

Timeline

July 4, 1998: The vault was completed and filled with 46,000 pounds of silver.
Sept. 16, 1998: During a telephone conversation, Ted told his lawyer that he wanted Sandy removed from his will. In later testimony, Ted’s lawyer stated that the younger Binion said:
Take Sandy out of the will if she doesn’t kill me tonight. If I’m dead you will know what happened.
Sept. 17, 1998: Paramedics were called to the Binion home. Ted was found dead of a suspicious drug overdose.
Sept. 19, 1998: Rick Tabish was caught at 2 A.M. digging up Binion’s buried treasure, estimated to be worth $7 million. Also found was a note from Sandy Murphy to Tabish, professing her love for him and revealing the combination for the underground storage vault.
Tabish and Murphy were eventually charged for the murder of Ted Binion.

What Happened to the Treasure?

Spectrum Numismatic International (SNI) purchased the coins in November 2001 for $3 million. Marketing of the coins was assigned to Goldline International, Inc. There were over 100,000 Morgan and Peace silver dollars, and an unspecified number of silver half dollars. The coins were authenticated and graded by Numismatic Guaranty Corporation (NGC), and a unique white and green label was designed for the pedigree.

Population Statistics

Before I get into the technical features of population statistics, I’d like to offer a salute to NGC and the service they provide to the collecting public. PCGS, ANACS and ICG are also involved in the pedigree authentication process and provide valuable services to the collector. However, NGC seems to have the leading edge in this collecting niche. And because of NGC’s reputation in the industry, SNI selected the company to validate the Binion Hoard.
So with that having been said, we can proceed to the population reports. The last NGC Binion silver dollar population report that I’ve seen was contained in the October 2009 NGC Census Report and covered just silver dollars that received “hard” grades. No population reports were available for “soft” graded coins, or for coins merely authenticated as from the hoard and not graded. The 2009 report shows 28,788 Morgan silver dollars receiving official “hard” grades.
While population reports change over time (for a variety of reasons), I believe that the 2009 report is directionally correct and provides insight into the rarity of certain dates and mintmarks. It also provides the Binion collector with a valuable tool for determining the pedigree premium when purchasing a Binion coin.

Appearance & Grading

Eye appearance: Compared to other hoards, collections and general population coins, Binion silver dollars do not have great (or in many cases even good) eye appeal. This is largely due to the storage and handling of the coins received while under Binion ownership and their subsequent storage as evidence by the State of Nevada. In both cases, the coins were commodities (evidence) and not collectibles. They were transferred in work trucks, tossed about like lumps of coal and industrial equipment was used to load and unload the coins.
Grading: NGC-labeled Binion coins fall into three grading categories.
binionngc
Coins in the first category were authenticated as being from the hoard and graded. Graded coins have a specific and defined grade–a “hard” grade–like MS63 or AU55.
Coins in the second category were authenticated and received “soft” grades. Examples of soft grades are “Uncirculated” or “Brilliant Uncirculated”. No numeric grade is assigned. Coins in this group are less desirable than “hard”-graded coins.
Coins in the third category were authenticated as from the Binion hoard but did not receive a grade. Many hard-to-find dates fall into this category. While they’re the least desirable to the refined collector, in many cases the rarity of the date/mintmark still creates a market premium for the coin.

Collecting Binion Silver Dollars

For clarification, there were other silver coins in the hoard besides silver dollars. Some very nice silver coin sets–with an example apiece of a Roosevelt dime, Washington quarter, Kennedy half and Peace dollar–have been assembled. But the most popular way to collect coins from the Binion hoard is the traditional way of assembling a set with as many date/mintmarks that you can find.
Assembling a set by date and mintmark has become more difficult as time passes, with the rarer coins residing in private collections–from which they may not resurface for many years. Most of the Binion coins available now are the most common of date/mintmark varieties; however, an experienced collector occasionally will dissolve their collection and rare varieties will suddenly appear at auction.