They might as well make a movie about these most famous American rare coins. One specimen broke the $100,000 barrier and that was 30 years ago. The Eliasberg example blasted through the $1 million barrier. A Hawaii Five-0 episode featured one. Two were owned by a king. A reward of $1 million was offered in May for the "missing" Reynolds specimen, which led to its re-discovery after amazing publicity that crossed the U.S. as quickly as a Concorde. They stole the show at the recent 103rd ANA Convention in Baltimore where all five coins were exhibited for the first time in 83 years. And a very expensive and exclusive party was given for them the night before the 7/30- 8/3 ANA. The sale of the Eliasberg specimen for about $3 million, was announced at this "Nickel Party", creating more coast to coast publicity that is ongoing. Two numismatic writers are starting to call this "The Year of the Nickels."

As the new owner of the Eliasberg PCGS Proof 66 1913 Liberty Nickel, I have been asked to write an article for the Coin Dealer Newsletter on this most famous of American rare coins. As the owner/guardian/custodian of this numismatic treasure, I would prefer that someone else describe its position in our numismatic history in order to avoid "gilding the lily." Q. David Bowers, probably our most prolific numismatic writer, had this to say about the Eliasberg/Lee specimen in an article published in the 8/7 edition of The Telegraph newspaper, Nashua, NH. "It's the creme de la cr¨¨me, the rarest of the rare" and "the finest known specimen of a great American rarity." In an auction catalog Dave described it as follows: "This piece has glittering mirror surface and, perhaps, is the only specimen with this characteristic (the others exhibiting duller, more matte-like fields). In 1996 he wrote, "Of all American rarities, the 1913 Liberty Head nickel is probably the most famous."

Besides its now obvious status as what many consider to be the #1 rare U.S. coin, its pedigree is extremely important. It was owned by Louis Eliasberg Sr for decades. He was the only man to have ever assembled a complete collection of U. S. coins including dates, denominations and mint marks. This is an epic/unique task that no one, including Bill Gates or Warren Buffet, could accomplish today. For example, the Child's specimen of the 1804 silver dollar is in the strongest of hands, and may be held for the life of its owner, or longer. It might even be handed down to his heirs.

Allow me to quote from the April 27, 1953 issue of Life Magazine which dedicated four pages to Louis Eliasberg and his collection in a prime issue featuring the newly crowned Queen Elizabeth of England on its cover.

"Louis Eliasberg, who was born in Selma Ala, has been as successful at making money as collecting it. He started his business career as a runner for a bank and today, at 57, he is the millionaire president of a Baltimore commercial banking house, the Finance Co. of America, which he organized in 1919. {Note: This was the year that the first ads appeared seeking to buy any or all 1913 Liberty nickels.} He began collecting coins as a hobby in 1925, and as his business fortunes prospered he spent more and more time tracking down the choicest specimens."

"For years he has attended auctions throughout the country and on one occasion spent $100,000 on a collection. In 1950 two rare coins that would complete his own U.S. collection were at last put up for sale. [His 1913 Liberty nickel was acquired in 1948 from Abe Kosoff in a deal that included Eric Newman.] One was secretly bought for him by Morton Stack a Manhattan coin dealer. Eliasberg himself bought the other and finally became undisputed king of 25,000 numismatists in the U.S."

"He gave an affectionate response to questions about the worth of his coins. 'It's like your wife and children' he said. 'They're priceless. You don't set a value on them.' "

I can't help but compare our Louis Eliasberg, the "king of coin collectors," to another former owner of two of our treasured 1913 Liberty nickels, King Farouk of Egypt. Eliasberg was a mild mannered, self- made scholarly man who wore glasses and smoked a pipe. In contrast, Farouk inherited his throne and plundered his country's treasury to buy anything he fancied. This included a large coin collection that twice contained a 1913 Liberty nickel and the 1933 St Gaudens $20.00, (sold last summer for $7.59 mil.) a collection of pornography, and much more. This was a man who engaged in sordid practices that would have left our Elisasberg speechless had he heard of them. Eventually, his excesses caught up to him and he was overthrown by the military led by an Egyptian officer, Col. Nasser. Farouk was exiled and died of his excesses relatively young.

I have owned coins even rarer than this Eliasberg specimen, including a unique world-class numismatic treasure once owned by Farouk, but I wouldn't exactly brag about this pedigree. Oh well, I am considered somewhat eccentric and I suppose owning a coin that once belonged to a king is truly special. Yet, in my heart of hearts I always admire a decent self-made family man like Eliasberg, far more so than any king or queen for that matter.

Since so few numismatists attended the "Nickel Party" I should describe it for your interest. Dwight Manley, and I were driven to the party by a mutual friend in his armored car, which in itself was interesting. It was a modern glass building and we went up to the offices of Diamond International which publishes comic books, and which generously sponsored the party and provided the high security case which enclosed about $11 million in 1913 Liberty nickels at the ANA and the party.

The walls were lined with unique cartoon and super-hero art worth a lot of money. I was immediately attracted to the comic character, Scrooge McDuck, Donald's uncle. He was my childhood favorite, as he liked to swim in his pool filled with gold and silver coins¡­nickels would have been beneath him.

Security was tight with BIG guys with BIG guns and two police cruisers stationed outside. I wonder what they thought about being bodyguards for the nickels? Must have seemed strange to them. Even I felt it was a bit surreal being surrounded by comic book art and seeing for the first time a plate block of the world- famous "upside down" airmail stamps. I believe there are only seven of them known, so very rare, although not quite in the same league as our nickels.

The food was excellent and various notables were there. They included Jim Halperin, co- CEO of Heritage, Dave Bowers, John Albanese, founder of NGC and co-founder of PCGS, the editors of Coin World and Numismatic News, an heir of Louis Eliasberg, the newly retired head of the US Mint, and quite a few more. But no one from Coinage Magazine was present which was a real slipup in my opinion.

The food and drink were exceptional and the speeches went on and on. Dave Bowers volunteered to make the announcement that the Elisaberg/Manley specimen of the 1913 nickel was about to become the Eliasberg/Lee specimen. Dave graciously keep his announcement of my acquisition as short as he could make it. Then I handed Dwight the check and was dazzled by all the flashes. Dwight was offered a profit that night over and above the selling price, but he rejected it, as you would expect, as a deal is a deal.

The next day we learned that more numismatic history was made that same night when some top graders examined the "missing for 41 years" 1913 Liberty nickel declaring it to be authentic. I asked John Albanese about this and he said, "it was fairly easy to authenticate as all were struck from the same die and the ones that still have proof surfaces have a very similar look to them."

The buzz at the show was that the newly recovered specimen would most likely grade out as a Proof 61 or 62, making it the third finest of the three certified coins, assuming that it gets slabbed. There was a rumor circulating that a dealer was willing to pay about $2 million for it. Even the least of the five 1913 Liberty Head nickels is worth $1.4 million or more today.

Famed dealer, B. Max Mehl, spent millions on advertising his catalog and all copies offered to buy any of the 1913 Liberty nickels. He is credited with making the 1913 Liberty nickel the most famous coin in the world and with messing up various transit services as conductors searched their change for one. But even that may pale in comparison to the national publicity generated this year by the nickels. Besides countless newspapers and TV stations that featured the story on the missing 1913 nickel and the $1 million reward, it also went out on AOL. Their Gordon Anderson wrote about the "missing for 41 years 1913 nickel" and related "Nickel News," including the Eliasberg specimen.

Gordon Anderson has written two more stories about the nickels and the 1804 silver dollar, and both mentioned me, thank you very much. I contacted him after noticing an error in his original nickel story. Surprisingly, he responded and made the corrections. He told me that stories about coins were very popular so I said, "you must come to the ANA", which he did. In his latest stories, he quoted Dwight as saying "he might have undervalued the Eliasberg nickel," but neither of us could have foreseen all the PR the coins were about to get. I have been told that AOL alone reaches something like 30 million households, so the publicity generated this year is unprecedented although B. Max Mehl keep at it for decades. Between Mehl and the 2003 publicity, no coin in history will have received such coverage.

The heirs of George Walton, who was killed in a car accident, were told four decades back by a large New York City dealer that their nickel was bogus. Actually it was two votes that it was a fake and one that it was real. An early instance of consensus grading that went awry? Actually, this error made the family rich as it was worth only a few thousand then vs. about $2 million today. What an investment! I am very happy for them.

I am collecting 1913 Liberty nickel memorabilia and was able to buy at the ANA a plaster cast taken from the second best 1913 Liberty Nickel graded PR64 by PCGS. A kind collector gave me a copy of the 1953 Life Magazine signed by Louis Eliasberg. Then the relevant auction catalogs and¡­ I think I'm getting carried away as usual, but collectors and collector/dealers are like that. Right?

The mass media ask, "why did you buy this coin?" The quick answer is that it is the most famous and undervalued rarity in numismatics. {The Child's specimen of the 1804 dollar brought $4.19 million in 1999.) In what top area of collecting can one buy the #1 item for only $3 million? Top paintings? Best suit of armor? Finest piece of furniture? Every other #1 top collectible is either unavailable at any price or way too expensive. Coins are still cheap so they have their growth potential still ahead. After more than 40 years of selling quality rare coins as an investment, I feel that time and tide are finally on our side.

The complete answer is more complex. Our dollar has lost 89% of its purchasing power since 1945 and I don't want to be part of the "Baby Boomer Bummer" generation. After 40 years in the business I can almost hear the "termites" eating away at my retirement dreams. Frankly, I wouldn't mind being the only man in history to retire on a nickel.

My interest in coins began very young when I walked to my grandparents most summer days and grandpa put a nickel in my hand so that I could buy a bottle of Coke. Who would have ever guessed then that I would make numismatic history with another nickel in hand? The Hindus believe in a "circle or wheel of life." It seems that I have come full circle in my career although the legendary 1913 Liberty nickel saga will roll on forever. (For Grey Sheet Subscription info call: 310-515-7369)