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 COIN HOARDS 
 
 By SYDNEY P. NOE 
 
 THE AMERICAN NUMISMATIC SOCIETY 
 BROADWAY AT 156th STREET 
 NEW YORK 
 1920 
 
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NUMISMATIC 
 
 NOTES & MONOGRAPHS 
 

 Digitized by the Internet Archive 
 in 2016 with funding from 
 Getty Research Institute 
 
 
 
 https://archive.org/details/coinhoards01noes 
 

The Sacking of a City, from a Burgundian Tapestry. 
 
COIN HOARDS 
 
 BY 
 
 SYDNEY P. NOE 
 
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 The Library 
 
 M ° Unt Holyo ke Cc 
 
 THE AMERICAN NUMISMATIC SOCIETY 
 BROADWAY AT 156th STREET 
 NEW YORK 
 1920 
 
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 COPYRIGHT 1920 BY 
 
 THE AMERICAN NUMISMATIC SOCIETY 
 
 Press of T. R. Marvin & Son, Boston 
 
 fHE GETTY CENTER 
 LIBRARY 
 
COIN HOARDS 
 
 i 
 
 COIN HOARDS 
 
 By Sydney P. Noe 
 
 There is no branch of numismatics 
 which would have a greater appeal to 
 the average man than the study of hoards 
 and treasure trove. To some it will 
 cause surprise that such material should 
 need study. Not so to the archaeologist 
 or the historian, who often has had reason 
 to be grateful for the data supplied by 
 coin finds. The presentation of some of 
 the causes of hoarding and of the\ deduc- 
 tions we may draw from recovered buried 
 treasure is submitted that the value of 
 some of these results may be made clearer. 
 
 We Americans, probably because we are 
 without many opportunities of such a 
 nature this side of the water, find this 
 subject of especial interest. To be sure, 
 the treasuries of the Incas of Peru which 
 
 ! 
 
 1 
 
 NUMISMATIC NOTES 
 
 
2 
 
 COIN HOARDS 
 
 
 have been unearthed included the precious | 
 metals in many forms but nothing that! 
 has been identified as currency. The 
 tumuli of the Maya and Aztec civiliza- 
 tions of Central America will some day 
 yield rich returns to the investigator, but 
 the material heretofore secured is archaeo- 
 logical or ethnological, and, like that of 
 Peru, has included little of a numismatic 
 nature. In both cases, the finds are more 
 closely analogous to those of ancient 
 Egypt where the accounts often prove 
 more thrilling than fiction. It stimulates 
 the imagination to read of unrifled tombs 
 where lie haughty princesses of long ago. 
 Their jewels and the implements of their 
 daily life were placed near at hand in 
 readiness for the after-world, but food and 
 drink were considered more necessary 
 than gold. Only with the burials of the 
 later and least interesting period does 
 numismatic material occur. This is owing 
 to the fact that the early money of the 
 Egyptians consisted of bullion in an un- 
 minted form whose exchange value was 
 determined by weight. During the Per-j 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 3 
 
 sian domination, the darics and sigloi of 
 the invaders seem to have been in use to 
 a limited degree, but finds show also that 
 the early coinage of the Greeks circulated 
 to a much more considerable extent. 
 
 Although finds of coin do not occur in 
 this country as frequently as in Europe, 
 one of the basic causes of these burials, 
 hoarding, is not so foreign to our experi- 
 ence as might be supposed. Only when a 
 hoard has been buried is there a chance of 
 its becoming treasure trove and we are not 
 accustomed to burying our savings. Civil- 
 ization has accustomed us to other means 
 of safekeeping, and experience has ap- 
 proved them satisfactory. In the cities, 
 our savings are placed in banks or safe 
 deposits. Let there be a run on the bank, 
 however, and we see a return to primitive 
 conditions — deposits are withdrawn as 
 quickly as possible ; and until confidence in 
 some other institution overcomes the dis- 
 trust caused by the failure, money is 
 hoarded just as carefully as it was in the 
 time of the Greeks and Romans. When 
 we turn from a section remote from city 
 
 
 AND MONOGRAPHS 
 
 
4 
 
 COIN HOARDS 
 
 
 life, to districts far removed from the 
 conveniences which civilization affords, 
 there is little difference from the procedure 
 of the Ancients. Among the miners, hid- 
 ing gold-dust becomes a necessity. So 
 even to-day hoarding is not as exceptional 
 a thing as it is thought. 
 
 In its essence, hoarding is a habit. Al- 
 though paper money and banks have made 
 it much less common, one of its milder 
 forms tends to confirm it as an instinct 
 only a little less deeply rooted than that of 
 preservation of life itself. There is hardly 
 one of us who has not caught himself 
 picking from a handful of change some of 
 the new pieces designed by Weinman, 
 MacNeill and Fraser and spending first 
 the corresponding specimens of the earlier 
 and far less attractive coinage. It must 
 be conceded that this is a very mild form 
 of hoarding, but so universal is this 
 tendency and so far reaching is it in its 
 results, that economists have formulated 
 it as a law. It is known as Gresham’s 
 Law and was so named after the Com- 
 mercial Adviser of Queen Elizabeth. 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 “In every country where two kinds of legal 
 money are in circulation, the bad money always 
 drives out the good.” 
 
 That this was merely a re-expression of 
 something recognized by the Greeks we 
 learn from Aristophanes (Frogs vv 718- 
 726, Brunck’s ed.), who, using the practice 
 to point a moral, says 
 
 “The public has often seemed to us to treat 
 the wisest and ihe best of our citizens just as 
 it does old and new coins. For we do not use 
 (spend) the latter (new, uncirculated coins) 
 at all except in our own houses or abroad, 
 though they are of purer metal, finer to look at, 
 the only ones that are well coined and round ; 
 on the contrary, we prefer to use (spend) vile 
 copper pieces, struck and stamped in the most 
 infamous fashion.” 
 
 The explanation of our preference for 
 new or fine coins, offered by the distin- 
 guished French economist Gide (Political 
 Economy, Veditz’ Second American Edi- 
 tion, 1909, p. 238), is worth quoting: 
 
 “Money is not destined, like other wealth, 
 either for our consumption or for production, 
 but solely for exchange. Of two fruits, we pre- 
 fer the more luscious ; of two watches, the 
 
 AND MONOGRAPHS 
 
6 
 
 COIN HOARDS 
 
 
 one that keeps the better time. But of two 
 pieces of money, unequal in quality, it matters ! 
 little to us whether we use the one or the other ; 
 they are not for our personal use, but only 
 employed to pay our creditors and our trades- 
 men. Hence, it would be foolish to use the 
 better money for this purpose ; on the contrary, 
 it is to our interest to choose the worse, and 
 this is precisely what we do. Our choice is 
 of course conditioned upon the assumption that 
 the creditor or tradesman shall not have the 
 right to refuse inferior money ; in other words, 
 the bad money must have paying power as well 
 as the good. When this is the case, i.e. when- 
 ever both kinds of money are legal tender, 
 Gresham’s law is applicable. 
 
 “This explains why bad money continues in 
 circulation, but not why good money disappears. 
 Where does the good money go ? It disappears 
 in three different ways : by hoarding, payments 
 abroad, sales by weight.” 
 
 Now, since hoarding is one of the initial 
 causes of coin burials and, consequently, 
 of coin finds, it may be well to consider it 
 further. Let us bear in mind that al- 
 though Gide was writing from the stand- 
 point of modern rather than of ancient 
 history, the universality of the practice 
 makes his words applicable to very early 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 7 
 
 periods, and coin finds confirm this. To 
 quote further : 
 
 “When people want to put money aside for 
 possible emergencies, i.e. when they want to 
 keep it for themselves, they do not pick out 
 the bad pieces to save. On the contrary, they 
 choose the best, because these offer the best 
 security. The panic-stricken people who wished 
 to hoard money during the French Revolution 
 did not waste their time saving depreciated 
 paper money. — the so-called assignats, — 
 but laid aside gold coins. The contemporaries 
 of our Revolutionary War did not save the next 
 to worthless ‘ continental ’ paper money, but 
 whatever metallic money they could get hold 
 of. Banks do the same thing, preferring to 
 increase their supply of good rather than that 
 of poor money. In this manner a considerable 
 amount of the good money may disappear from 
 circulation.” 
 
 Gide’s conclusions, moreover, are worth 
 repeating. We find good money being 
 driven out by bad. 
 
 a) “Whenever worn money is in circulation 
 with newly coined money. It was in this case 
 that the law was first discovered by Sir Thomas 
 Gresham. New coins had been struck to take 
 the place of those in circulation, which were 
 greatly depreciated (far more by clipping than 
 
 
 AND MONOGRAPHS 
 
 
8 
 
 COIN HOARDS 
 
 
 by wear) ; and it was noted with dismay that 
 the new coins disappeared speedily, while the 
 old ones seemed to be more abundant than 
 ever. Unless a government resorts to frequent 
 recoinages, it will encounter great difficulties 
 in replacing old and abraded coins by new ones. 
 
 b) “Whenever light money is in circulation 
 together with good money or even when good 
 money is in circulation together with heavy 
 money, in this case the lighter money drives 
 out the other.” 
 
 A singular working out of Gresham’s law 
 has occurred in France as a result of the 
 late war. Because of the let-up in silver 
 production, without any diminishing of the 
 demand, the value of silver had risen until 
 the bullion value of silver coins in our own, 
 and in most of the European countries, was 
 above the face value of the coin. As a 
 result, the silver pieces have been disap- 
 pearing from circulation, the melting pot 
 being their presumable destination. As 
 each issue of the French mint appeared, 
 the coins were speedily absorbed and seen 
 no more. 
 
 To meet this condition, a rather novel 
 plan was announced by the French mint on 
 
 
 NUMISMATIC NOTES 
 
 - - 1 
 
COIN HOARDS 
 
 9 
 
 April 15, 1920. Instead of continuing the 
 issuing of silver coins, the French Chambers 
 of Commerce are putting out a token coin- 
 age, guaranteeing the redemption of these 
 metal tokens by deposits at the Bank of 
 France. Not only should this reduce the 
 incentive to hoarding and make the melt- 
 ing of the new coins no longer profitable, 
 but it should gradually bring a reduction 
 in the price of silver by decreasing the 
 demand. 
 
 Since May 1920 the price of silver has 
 fallen considerably. One contributing 
 cause is doubtless the changing of the 
 standard for India from a silver to a gold 
 basis, thus eliminating one of the largest 
 markets for silver. The action of the 
 French authorities as described above is 
 probably another contributing element as 
 is also the decision of Great Britain to 
 reduce the quantity of silver in subse- 
 quent coinages. With the incentive to 
 return to the pre-war mining output, 
 the supply is likely to become normal. 
 All these factors have doubtless con- 
 tributed towards the fall in the price. 
 
 1 
 
 AND MONOGRAPHS 
 
 
IO 
 
 COIN HOARDS 
 
 
 With this fall, inducement to hoarding 1 
 passes and a return to usual conditions 
 will in all likelihood follow gradually. 
 
 If during the stringency, however, some 
 peasant of rural France, distrusting the 
 banks and fearing a panic, should have 
 buried his savings, this hoard would afford 
 a true reflection of these conditions. The 
 currency from which it would be possible to 
 make his savings, could not but evidence ' 
 the scarcity of coined money in circulation, 
 and in countless ways, the measures to 
 which the French financial authorities 
 were driven to meet conditions, would be 
 demonstrated. It is this unconscious 
 testimony of coin finds, as I trust we shall 
 see, that provides us with some of our 
 most valuable information. 
 
 BURYING 
 
 Only hoards that are buried are likely to 
 become treasure trove. Therefore, it is 
 with imperishable metallic currency that 
 we are concerned. As we have seen, mod- 
 ern conditions have tended to remove the 
 incentives to hoarding. These circum- 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 1 
 
 11 
 
 stances have so become a part of our daily- 
 life that it requires an active imagination 
 to conceive the contrasts under which 
 the ancient peoples lived. Every man 
 was his own banker. The Greeks and 
 Romans did have bills of credit and 
 bankers of standing. A few transactions 
 were arranged through bankers without a 
 transfer of money, but owing to the diffi- 
 culties of travel and the need for protec- 
 tion in even the most highly civilized 
 sections, the guarding of one’s wealth was 
 a very important part of the civic life. 
 They had much less money to handle and 
 this increased rather than lessened the 
 care with which it was guarded. It is 
 recorded that the Greek soldier received 
 as his pay a daric for a month’s service. 
 
 In a very interesting lecture by the emi- 
 nent Dr. George Macdonald, read before 
 the Royal Philosophical Society of Glasgow 
 in 1903, he analyzes three of the causes why 
 hoards are buried, as assigned in the Di- 
 gest : Profit, Safety and Fear. Reasoning 
 very carefully, Dr. Macdonald points out 
 that only in the event of the death of the 
 
 
 AND MONOGRAPHS 
 
 
12 
 
 COIN HOARDS 
 
 
 owner, would any hoard buried either for 
 profit or safety, be likely to have been un- 
 earthed. With the third motive, Fear, j 
 however, we have a different reaction, and 
 fear was an ever-present element in the 
 life of the ancient people. 
 
 We cite two of Dr. Macdonald’s illustra- 
 tions : 
 
 “When Cassius captured Rhodes, he confis- 
 cated not only all the bullion belonging to the 
 state or dedicated in the temples, but the gold 
 and silver of all private citizens as well. The 
 result promised to be disappointing. For, i 
 Appian tells us, when the alarm was first 
 given, the citizens had gone and concealed most j 
 of their money. Cassius, however, was not to 1 
 be over-reached. He offered large rewards for| 
 the discovery of hidden hoards, and inflicted 
 the death penalty on those who had concealed ! 
 them. When the Rhodians saw that the victor 
 was not to be trifled with, they begged for an 
 extension of the time for the surrender of their 
 property. This was granted, and thereupon, 
 says Appian, a very much larger quantity of 
 money was forthcoming — ‘ some digging it 
 up from holes in the ground, others drawing 
 it from the bottom of wells, others again produc- 1 
 ing it from graves.’ What happened at Rhodes 1 
 in 42 b.c., must often have happened elsewhere, j 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 13 
 
 The laws of ancient warfare took little regard 
 of the rights of private property, and in times 
 of danger a most natural instinct would lead 
 men to bury their treasure underground, see- 
 ing that it would no longer be safe in their 
 houses. When the storm burst, some of those 
 who had thus concealed their goods would 
 be slain or carried into captivity, leaving un- 
 claimed deposits to be turned up centuries 
 afterwards by the spade of the workman or the 
 plough of the peasant. 
 
 “I said that the instinct to bury treasure 
 underground in times of danger is a most 
 natural one. ... I suppose that everyone 
 will agree that there never was a more ‘human’ 
 man than Mr. Samuel Pepys. His diary for 
 the early days of June, 1667, reflects the alarm 
 caused throughout London and all over Eng- 
 land by the Dutch raid on the Thames. On 
 the 10th their ships were at Sheerness, ‘and we 
 do plainly at this time hear the guns play.’ 
 Again on the 13th. ‘No sooner up but hear 
 the sad news confirmed of the Royale Charles 
 being taken by them, and now in fitting by 
 them . . . and turning several others ; and 
 that another fleet is come up into the Hope. 
 Upon which newes the King and the Duke of 
 York have been below (London Bridge) since 
 four o’clock in the morning, to command the 
 sinking of ships at Barking Creeke, and other 
 places, to stope their coming up higher : which 
 put me into such a fear, that I presently resolved 
 
 
 AND MONOGRAPHS 
 
 
14 
 
 COIN HOARDS 
 
 
 of my father’s and wife’s going into the country : 
 and, at two hours’ warning, they did go by 
 coach this day, with about Thirteen Hundred 
 Pounds in gold in their night bag. Pray God 
 give them good passage, and good care to hide 
 it when they come home ! But my heart is 
 full of fear. They gone, I continued in fright 
 and fear what to do with the rest.’ A little 
 later in the day he decided. ‘ I did, about 
 noon, resolve to send Mr. Gibson away after 
 my wife with another 1,000 pieces, under colour 
 of an express to Sir Jeremy Smith.’ I shall 
 not quote further, but simply refer you to the 
 Diary for the sequel. The money was duly 
 buried in the garden as Pepys had instructed, 
 but the manner of doing it was not at all to his 
 mind, and led to one of the little matrimonial 
 differences which he so faithfully records. Under 
 dates, Oct. ioth, nth, 12th, of the same year, 
 you will find full details as to the troubles he 
 encountered in digging it up again.” 
 
 As an additional illustration of the rea- 
 sons for secreting treasure, I submit the 
 evidence offered by a Burgundian tapestry, 
 dating from 1400-1450, in the possession 
 of the Metropolitan Museum of Art. The 
 subject is the sacking of a city. From the 
 analogy which the incidents offer to the 
 description of the sacking of Jerusalem as 
 
 
 NUMISMATIC NOTES 
 
Container of the Southants Hoard. 
 
Detail of Burgundian Tapestry. 
 
 3.V" 
 
COIN HOARDS 
 
 i 5 
 
 given by Josephus, it is somewhat hesitat- 
 ingly identified as such, and the presence 
 of a portable tabernacle, possibly intended 
 to represent the Ark of the Covenant, lends 
 color to this identification. 
 
 Whether the intended subject is the 
 sacking of Jerusalem or not need hardly 
 concern us at present. More pertinent is 
 the close following of the description given 
 by Josephus fWars of the Jews, Book V, 
 Chapters io and 13). The distinguished 
 historian relates that after the capture 
 of Jerusalem, many of the Jews swallowed 
 pieces of gold and jewelry to prevent them 
 from falling into the hands of the Romans. 
 The conditions which resulted when this 
 knowledge came to the ears of the Roman 
 general are such as were depicted in the 
 tapestry. The chest of golden vessels 
 should be noted as well as the host appar- 
 ently awaiting treatment similar to that 
 accorded the kneeling figure in the central 
 foreground. The frontispiece enables 
 us to dispense with a description of the 
 gruesomeness of the scene. One won- 
 ders whether the victims may not have 
 
 
 AND MONOGRAPHS 
 
 
16 
 
 COIN HOARDS 
 
 
 served as a terrible example in the hope 
 that there would result an unearthing of 
 treasure similar to that described in con- 
 nection with the capture of Rhodes. 
 Certainly, there seems to be a free passing 
 of coin from hand to hand. 
 
 That such conditions were far from un- 
 common in those early days we may well 
 believe. What wonder then that the sav- 
 ings of the people were buried ? When for 
 any reason the owner succumbed in battle 
 or as a victim of chance, his hidden savings 
 have become the source from which we now 
 derive so much benefit. 
 
 FINDINGS 
 
 In considering conditions which conduce 
 to hoarding, as well as the reasons for the 
 burial of the hoards once they have been 
 made, an interesting question arises as to 
 whose property such a hoard is when it is 
 discovered. What have been the laws re- 
 garding treasure trove throughout the 
 countries of Europe in which finds are 
 common ? 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 i 7 
 
 We have a very satisfactory knowledge 
 of the Roman law, and it is interesting to 
 I note that the Romans considered the ques- 
 tion with characteristic thoroughness. The 
 very liberal law established by Hadrian is 
 known to us in what is practically its actual 
 wording. According to its ruling, a private 
 individual became the owner of treasure 
 discovered on his property. If, however, 
 he discovered the treasure on another per- 
 j son’s land, the finder shared equally with 
 the owner in the division, and this held 
 |good even though the land on which the 
 discovery was made belonged to the State. 
 The laws varied with the changing Em- 
 perors, most of them claiming a portion of 
 any treasure discovered. A brief summary 
 of the laws among the Romans was pub- 
 lished in the Numismatic Chronicle, 1902, 
 by Messieurs A. Blanchet and H. A. 
 Grueber. 
 
 During the Middle Ages, the King 
 claimed a right to treasure unearthed in 
 his dominions, although sometimes his 
 rights were assigned in behalf of one to 
 whom the land had been given in fief. 
 
 
 AND MONOGRAPHS 
 
 
i8 
 
 COIN HOARDS 
 
 
 Thus, Henry II granted to the Monastery 
 of Ramsey 
 
 “To receive sac and soc (the right of holding 
 a court), thol and theam (market and the issue 
 of the bondsmen), forstal (the intercepting on 
 the highway), blodwith (a fine paid as a com- 
 pensation for bloodshed) and the finding of 
 treasure ; and likewise all other privileges which 
 belong to the King.” 
 
 The decrees of St. Louis assigned treasure 
 trove of gold to the King, but of silver to 
 the Baron. The working out of this, how- 
 ever, is very indefinite and we may well be- 
 lieve that except with finds of exceptional 
 value no word ever reached the ears of the 
 authorities. 
 
 For England, Blackstone’s definition 
 will bear quotation as the foundation 
 principle : 
 
 “Treasure is where any money, coin, gold, 
 silver, plate, or bullion, is found hidden in the 
 earth, or other private place, the owner thereof 
 being unknown. And in such a case, the treas- 
 ure found belongs to the Crown ; but if he that 
 hid it be known or afterwards found out, the 
 owner, and not the Sovereign, is entitled to it. 
 It is the hiding, and not the abandonment, | 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 19 
 
 that gives the King the property ; for if a man 
 scatters his treasure into the sea or upon the 
 surface of the earth, it belongs not to the Sov- 
 ereign, but to the first finder. Formerly, 
 indeed, treasure trove, whether hidden, lost, 
 or abandoned, belonged to the finder ; but 
 afterwards it was judged expedient, for the 
 purposes of the State, and particularly for the 
 coinage, to allow part of what was so found to 
 the King — which part was assigned to be all 
 hidden treasure, as distinguished from such as 
 was either casually lost or designedly abandoned 
 by the former Ovmer.” 
 
 It is the working out of the later adaptation 
 of this excellent English law which has 
 provided the material for the exceptionally 
 complete arrangement of the early coinage 
 of the British Isles. England is in advance 
 of most other European countries in this 
 regard. Under the present laws, the 
 Crown claims the right to treasure trove, 
 but a fairly liberal offer is made to the 
 finder who fully and promptly reports 
 a discovery and turns the whole of it over 
 to the authorities. The basis of the find- 
 ers’ reimbursement is no longer the bullion 
 ! value of pieces comprised in the find, but 
 their antiquarian value. This has re- 
 
 
 AND MONOGRAPHS , 
 
 I 
 
1 
 
 20 
 
 COIN HOARDS 
 
 
 suited in making it to the interest of the 
 finder to report his discovery to the author- 
 ities. Thereby, he receives much more 
 than would be the case if he merely melted j 
 it for its metal content, a procedure pre- 
 ferable under the former conditions be- 
 cause it dispensed with the interference of 
 the authorities. When a find is received 
 at the Treasury, it is forwarded to the 
 British Museum and there classified. 
 Pieces desired for the National Collection 
 are set aside and paid for at their market 1 
 value ; the remainder, also, is valued 
 and returned to the Treasury for such dis- 
 posal in the coin market as seems wise. 
 The result of this procedure is that finds 
 come to the British Museum in their en- 
 tirety. Being able to study them with the 
 knowledge that the complete hoard is pres- 
 ent is a consideration difficult to overesti- 
 mate. 
 
 In France, under a law of 1887, the 
 State assumes ownership of every object 
 found in its domain upon consideration of 
 refunding one-half its value to the finder. 
 In Italy, also, the State possesses the right 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 21 
 
 of preemption, but as the indemnity offered 
 by the State is small, the result is unsatis- 
 factory. Finds of treasure instead of 
 being reported are concealed from the 
 authorities, and any scientific benefit that 
 would come from knowledge of the con- 
 tents is thus lost. Although in Asia 
 Minor excavations have been carried out 
 on a broad scale, the officiousness of the 
 Turks has made it difficult to derive 
 much information regarding finds unless 
 they are small enough to escape the atten- 
 tion of the officials. 
 
 Receptacles in which hoards are hidden 
 vary widely. The smaller hoards are 
 usually found in earthen jars ; often, they 
 are broken in the finding, but the protec- 
 tion they have afforded accounts for the 
 unusual condition in which some of the 
 ancient coins come down to us. Some- 
 times the vessel is of bronze, and if the 
 soil be a dry one, the oxidation of the jar 
 may not have advanced to such an extent 
 that its contents are affected. In one case 
 the jar had so disintegrated that the 
 weight of the gold coins it contained was 
 
 
 AND MONOGRAPHS 
 
 
22 
 
 COIN HOARDS 
 
 | 
 
 
 greater than it could stand, and the gold 
 pieces fell like Danae’s shower when it 
 was raised. In another case, a small 
 hoard was found protected by a horn, and 
 in one other instance, about a pint of small 
 coins was discovered in a leathern bagl 
 further protected by a broken iron pot. 
 Hoards have sometimes been brought to 
 light by the washing away of a river bank 
 or the blowing down of a tree. One of the 
 strangest discoveries was made when an old 
 oak beam which had been stacked away for 
 years after its removal from a demolished 
 building was split for firewood ; a hole j 
 which was filled with English gold coins 
 was disclosed, and a little further along in s 
 the same beam a second hole also filled with 
 gold coins was found. As may be imag- i 
 ined, this brought a very pretty question 
 as to the ownership of the coins. In the 
 British Isles, finds have been discovered 
 in wooden boxes, but these are hardly 
 likely to last over very many centuries. 
 Like bags of cloth, they vanish, leaving! 
 the material they contain subject to the 
 action of the soil. 
 
 
 NUMISMATIC NOTES 
 
Container of the Vourla Hoard. 
 
COIN HOARDS 
 
 23 
 
 The places in which hoards are found 
 vary almost as much as the containers for 
 them. One might think that remote and 
 secluded hiding places would be sought, 
 and this is often true. One find was buried 
 in the crater of an extinct volcano. An- 
 other was found eight feet below the sur- 
 face of the bed of a river while excavating 
 for a new bridge at Bologna. In this case, 
 it was surmised that the owner must have 
 been drowned and that a change in the bed 
 of the river had accumulated that amount 
 of earth. During the war of 1914-1918, 
 several hoards were discovered in digging 
 trenches. 
 
 The difficulties of concealing some of 
 these hoards must have been considerable, 
 for the hoard of Brescello is said to have 
 contained eighty thousand aurei, all 
 struck between the years 708 and 716 
 of the Roman era. Finds are frequently 
 discovered while digging foundations in 
 the modern survivals of ancient cities. 
 Frequent finds have been made in this 
 way at Taranto. The varying conditions, 
 manifold forms and peculiar circumstances 
 
 
 AND MONOGRAPHS 
 
 1 
 
24 
 
 COIN HOARDS 
 
 
 which surround each coin find, make them 
 fascinating subjects of study. They are 
 being utilized more and more by numis- 
 matists but even yet their value is not 
 fully realized. 
 
 CONDITION 
 
 From the specimens which we see in 
 the cabinets of collectors, we are apt to 
 form a very incorrect opinion of the condi- 
 tion of coins when they occur in hoards. 
 Gold coins show effects of burial least. 
 None of the soil acids have sufficient 
 strength to affect gold, and any incrusta- 
 tions are easily removable. Only when 
 in very rare cases the mass has been sub- 
 jected to compression sufficient to flatten; 
 or deface the pieces, are the gold coins 
 likely to show change. 
 
 With silver the condition is in contrast, 
 but when the hoard is protected by an 
 earthen or metal container, and when it 
 is buried in a soil that is not moist and 
 which does not contain chemical agents, 
 especially sulphur or chlorine, the surface of 
 the piece would in all probability not show 
 
 
 NUMISMATIC NOTES 
 
Encrusted stater of Alexander the Great, 
 American Numismatic Society’s Collection, 
 
COIN HOARDS 
 
 25 
 
 any very considerable change. If, how- 
 ever, the burial is made in a volcanic 
 region, the pieces are often found massed 
 together and it is all but impossible to 
 separate them. Often the silver shows 
 pittings or other surface imperfections, 
 but usually enough of the coins are legible 
 to enable the classification of the others. 
 Some of the thin incuse staters of Magna 
 Graecia show a crystalline transforma- 
 tion of the metal. As a result, the coins 
 are so brittle that they break easily. 
 
 As for bronze in its many forms, (brass, 
 aurichalchum, copper and pieces plated 
 with a light coating of silver) — it suffers 
 most of all. Whenever any moisture 
 is present, oxidation soon takes place, 
 and frequently the bronze coins in a hoard 
 will be matted together into a hopeless 
 mass. Often, they are covered with 
 verdigris, and sometimes it is impossible 
 to free them from the accretions. Occa- 
 sionally, however — and this is especially 
 true with the many forms of Roman 
 bronzes — they take on a patina which 
 age alone can give. In some places there 
 
 
 AND MONOGRAPHS 
 
 
26 
 
 1 
 
 COIN HOARDS 
 
 
 results a beautiful turquoise blue, in others 
 a rich warm green, while elsewhere a 
 deep brown tone is acquired. Occasion- 
 ally lead pieces are found, but, unless they 
 have been very carefully protected, they 
 oxidize and crumble. 
 
 In dating coin finds, a great deal of 
 stress is laid upon the condition of the I 
 pieces. Those which show the least signs 
 of wear are likely to be the latest in the 
 find. The term fleur-de-coin (flower of 
 the die, literally) is used to indicate a 
 piece which shows no sign of wear, and 
 which is, therefore, approximately as 
 it appeared when it left the die. Here, 
 Gresham’s law comes into play again, 
 for in making a hoard under ordinary 
 conditions, the brightest and freshest 
 pieces are the ones which would be re- 
 tained; and as bright coins are likely 
 to be the most recent, the burial of thei 
 hoard is presumably to be dated within - 
 a short time after such pieces were struck. 
 If there occur pieces of one or more cities 
 whose coinages have been chronologi- 
 cally arranged, and the fleur-de-coin pieces 
 
 
 NUMISMATIC NOTES 
 
Mass of encrusted Roman bronze coins. 
 American Numismatic Society’s Collection. 
 
COIN HOARDS 
 
 2 7 
 
 in the hoard confirm one another, then 
 there is strong evidence for dating the 
 burial shortly after such coins were struck. 
 With the absence of contradictory evi- 
 dence on the part of other pieces in the 
 find, one may with confidence rely upon 
 the conclusions thus reached. 
 
 Obviously, some of the most important 
 deductions drawn from coin finds are 
 chronological. The reason is apparent 
 when we recall that not until a late period 
 were the Greek coins dated, and that the 
 Roman coins of the Imperial period are 
 dated according to the annual Tribunician 
 Power conferred upon the Emperor. The 
 Consular issues, of course, are without 
 such dating, and in placing these in their 
 proper order, finds have been an indis- 
 pensable aid. The indications of style 
 are too slight to serve as criteria, and the 
 long list of moneyers includes too many 
 names of those who never achieved enough 
 distinction to entitle them to a place in 
 historical records. Hoards of these de- 
 narii are of frequent occurrence. With 
 the coming of the Goths and Vandals, and 
 
 
 AND MONOGRAPHS 
 
 I 
 
28 
 
 COIN HOARDS 
 
 
 throughout the Dark Ages, the coinage 
 of Europe is rarely dated, with the excep- 
 tion of the dinars and dirhems of the 
 Arabs. These are dated from the year 
 of the Hejira (the Flight of Mahommed, 
 622 a.d.), and as they circulated widely > 
 throughout the Christian as well as in 
 the Moslem world from 800-1400 a.d., 
 they aid greatly in placing the other coins , 
 with which they are found. 
 
 It is hardly necessary to point out the 
 value of having the coins of a city or 
 State arranged in consecutive order. 
 With the Greeks, such arrangement 
 demonstrates their artistic growth from 
 an archaic to a fine style and thence to the 
 decadence of Hellenistic times, for, as 
 has been said again and again, Greek coins 
 form the grammar of Greek Art. The 
 history of the innumerable city states 
 is clarified, especially when the names of 
 the local magistrates begin to appear, 
 as on the late Athenian tetradrachms ! 
 (229 b.c. to the time of Augustus). In 
 addition, there are valuable sidelights ; 
 on the life of the people. Coins late in a 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 29 
 
 series will frequently afford an explana- 
 tion of types used centuries before. A 
 single instance of the classifying value of 
 finds is submitted. 
 
 For many years it has been an open 
 question whether the coins of Lacedaemon 
 with the archaic votive statue of Apollo and 
 some of the succeeding types belonged to 
 Sparta or to Alaria in Crete, the AA under 
 the second attribution being considered 
 retrograde. The authorities were divided, 
 
 1 and the style offered no assistance. Within 
 the past twenty years, a hoard found in 
 | Sparta has definitely established that these 
 i coins have nothing to do with Crete. 
 
 Aside from these reasons, the chrono- 
 | logical ordering is desirable if only for the 
 dating of further finds. It is to classi- 
 fications such as have been outlined above, 
 that we turn for information in approxi- 
 j mating the dates of new finds — Heads 
 1 coinage of Syracuse for Sicily ; of Boeotia 
 Tor Central Greece; Gardner’s ‘Elis’; 
 Evans’ ‘Horsemen of Tarentum’ for 
 i Magna Graecia ; Mommsen and Haeber- 
 lin for Pre-Imperial Rome ; Sir John 
 
 1 
 
 1 
 
 AND MONOGRAPHS 
 
 
1 ■ 
 
 ! 30 
 
 1 
 
 COIN HOARDS 
 
 
 Evans for Early British Coinage ; Schlum- 
 berger for the Bracteates — all these are 
 of greatest importance in establishing a 
 date for the burial of a hoard in which 
 occur any pieces of the respective series 
 of which they treat. These wonderful 
 arrangements are edifices into which have 
 been built all the knowledge and experi- 
 ence of their authors. Not always is 
 the reasoning which has governed the 
 arrangement given ; in many cases it 
 would unduly burden the reader. The 
 stanchness of the whole, however, is its 
 best claim to consideration as a sound 
 piece of construction. Style, fabric, types, 
 peculiarities of inscription, magistrates’ 
 and artists’ signatures — all these internal 
 evidences are utilized to the fullest extent, 
 while external data, obtained from con- 
 temporary writers or monumental inscrip- 
 tions, is combined with information de- 
 rived from finds and hoards, to bring about 
 the final result. The ordering of these 
 bits requires the nicest logical discrimi- 
 nation and a freedom from bias such as 
 few investigators possess. 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 3i 
 
 The confirmative value of finds can 
 best be demonstrated by a supposititious 
 case. If we assume three finds each 
 containing coins of one city, and assume 
 again that all three may be dated from 
 the issues of other cities included in the 
 finds, and that these datings mark an 
 interval of fifty years, it is evident that 
 the types occurring in Find B, which are 
 not in A, are likely to have been issued 
 during the interval of fifty years which 
 separates them. This will, also, hold for 
 Find C as compared with B. By arrang- 
 ing these pieces in three groups, it will be 
 seen that we have a criterion of style 
 enabling the interpolation of other types 
 which do not occur in these finds. With 
 information from other sources and the 
 internal evidences of the coins themselves, 
 we may by all these means arrive at an 
 ordering which will meet with general 
 ! acceptance. 
 
 Commercial lessons which we may 
 draw from hoards promise to be of very 
 j great value, but, with comparatively 
 few exceptions, they have not yet been 
 
 ' ! 
 
 AND MONOGRAPHS 
 
 ' 
 
32 
 
 COIN HOARDS 
 
 
 realized. The whole matter of commerce 
 has hardly been given sufficient weight 
 in our consideration of the early coinages. 
 Babelon shows (Traite, Tome I, Parte I, 
 pp. 23, 24) that it has been possible to 
 mark out the commercial routes of the 
 mediaeval merchants from the evidence 
 provided by finds, coupled with the con- 
 firmation which the geography of the 
 country supplies. Thus, we know from 
 the hoards of oriental coins throughout 
 Austria, Russia and Sweden the overland 
 route which the Arabs took to reach a 
 far-away Scandinavian market. One of 
 such of these finds numbered over eleven 
 thousand Arab dinars. 
 
 Monsieur A. Blanchet has given an 
 admirable demonstration of this use of 
 finds in his very carefully studied essay, 
 ‘ Recherches sur l’lnfluence Commerciales 
 de Massalia, en Gaule et dans ITtalie 
 Septentrionale, J Revue Beige 1913. He 
 lists and describes 117 different finds in 
 which the coins of Marseilles, which began 
 as a Greek colony, occur. From the 
 evidence of these finds, he is able to sketch 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 33 
 
 not only the growth of the commercial 
 influence of the metropolis of Southern 
 Gaul, but to demonstrate the successive 
 steps in its growth. This is possible be- 
 cause the neighboring people imitated 
 the type of Massalia, and by locating the 
 occurrence of these imitations, he is able 
 to define the limits reached by the mer- 
 chants of this city; and from the types 
 imitated, approximately the time their 
 influence reached this section. His con- 
 clusions are borne out by the coincidence 
 that the finds occur along the line of the 
 least geographical resistance. 
 
 Most of the deductions which we have 
 been discussing as having been drawn 
 ifrom finds of coins are quasi -historical, 
 and because it is very difficult to distin- 
 guish between the information drawn 
 from the finds and that derived from the 
 coins themselves, it seems unwise to insist 
 upon that point in this connection. Let us 
 bear in mind that the ancient coins, espe- 
 cially with the Greeks and Romans, are 
 each of them a historical document. We 
 have for an illustration the confirmative 
 
 1 
 
 AND MONOGRAPHS 
 
 

 COIN HOARDS 
 
 
 value of the findings of various hoards of 
 coins along the line of the wall built by 
 the Romans across the northern part of 
 England to prevent the incursions of the ! 
 Piets. These have contributed to the 
 discovery of traces of that wall. In its I 
 political phases, finds have clarified some 
 of the many troublesome questions as 
 to the extent of the mediaeval principali- 
 ties in Germany and Central Europe. 
 
 ANADOL FIND 
 
 There are a number of finds of great 
 importance to the history of numismatics, 
 and a brief mention of some of these will 
 not be out of place. One such occurred 
 near Anadol, a little town in Bessarabia, 
 in 1895. Some peasants, when excavat- 
 ing, discovered a bronze vase containing 
 nearly a thousand gold coins of the period 
 of Alexander the Great. What was more 
 important than the number, was the 
 fact that among the 979 pieces which were 
 secured for the Coin Cabinet of the 
 Hermitage, there were 457 varieties, and 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 35 
 
 of these, 174 had not been previously 
 recorded. The addition to our knowledge 
 of symbols and monograms was very 
 considerable, and Muller’s work on this; 
 coinage was made obsolete by the Anadol 
 Find. 
 
 AURIOL HOARD 
 
 ■■ 
 
 This find was made in 1867. It con- 
 sisted of 2130 silver coins all uninscribed 
 and all of the Archaic Greek style. They 
 were discovered in an earthen vase. 
 Auriol is only a short distance from Mar- 
 seilles. The question arose immediately 
 — were these then the earliest coins of 
 that Greek Colony ? Although numis- 
 matists have not been able to agree in 
 their conclusions about the find, Monsieur 
 Babelon’s resume of the evidence is made 
 with his characteristic thoroughness, and 
 there is slight reason for doubting the date 
 he assigns for the burial (later than 480 
 b.c. and probably between 470 b.c. and 
 460 b.c.). Fortunately, a selection of 
 almost all the varieties was secured 
 for the Paris Cabinet where they are avail- 
 
 j 
 
 AND MONOGRAPHS 
 
 
36 
 
 COIN HOARDS 
 
 able for study. Monsieur Babelon’s ac- 
 count includes the record of finds of simi- 
 lar coins, and his position with regard to 
 them is in all probability the one which 
 
 will have the widest acceptance. 
 
 . 
 
 Le Tresor d’Auriol, et les Principales Trou- 
 vailles de Monnaies Grecques Primitives en Occi- 
 dent. Traite — Vol. I, Part 2, pp. 1569-1584. 
 
 BOSCOE REALE FIND 
 
 Sometimes the circumstances surround- 
 ing a find date it absolutely, and then 
 we have a very different angle of approach. 
 
 Bosco Reale lies on a slope of Mount 
 Vesuvius and, together with Pompeii and 
 Herculaneum, was buried in the eruption 
 of 79 a.d. One of the villas was unearthed 
 in 1895 in an unusual state of preserva-j 
 tion. The wall paintings of the cubiculum 
 of a neighboring estate excavated a few 
 years later are now exhibited in the 
 .'Metropolitan Museum of Art, New York 
 ‘City. The portion of the treasure con- 
 sisting of well-preserved vessels of silver 
 in high relief was purchased and given 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 37 
 
 to the Louvre. This treasure of silver 
 vessels and jewelry was discovered in one 
 of the small rooms in the villa, and not far 
 away there lay a stretched-out body — 
 perhaps the owner, possibly only a faithful 
 slave left on guard. As part of the treas- 
 ure, there was a small chest containing 
 more than a thousand aurei ranging from 
 the issues of Augustus to those of Domi- 
 tian. Knowing that the catastrophe took 
 place in the year 79 , we have a valuable 
 indication of the types which passed cur- 
 rent at that date. It was noticeable that 
 the pieces of Augustus and Tiberius were 
 more numerous than would have been 
 expected and that they were worn smooth 
 through circulation while those of the 
 other and later Emperors were in the 
 finest condition. We have here, then, a 
 burial which was accidental rather than 
 due to fear, and not in the strictest sense 
 a hoard at all. Presumably, it consisted 
 of the “ready money” in possession of the 
 owner of the estate. 
 
 
 AND MONOGRAPHS 
 
 
3 « 
 
 COIN HOARDS 
 
 
 VICARELLO HOARD 
 
 Some hoards suggest that they have 
 been buried for reasons which do not give 
 evidence of fear as the determining motive. 
 Such a one was the hoard of Vicarello 
 unearthed as long ago as 1852, on the site 
 of some hot springs which seem to have 
 been noted for their healing qualities from 
 very early times. The hoard consisted 
 not only of the heavy early bronze coinage 
 of Rome and Central Italy, but coins of 
 the South Italian Greek cities as well. 
 The interval covered by the pieces in the 
 find was great; and the probability is 
 very strong that we have in this case 
 offerings made to the Divinity of the 
 hot springs by those who had benefited 
 there. Whether or not the accumulation 
 was the result of a practice such as 
 maintains today among travellers in Rome 
 who drop their small coin into the waters 1 
 of the Fountain of Trevi we cannot be 
 sure, but this seems likely. The occur- 
 rence of the early crude bronze pieces of 
 the Romans among the others has been 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 39 
 
 accepted as prima facie evidence of their 
 use as currency. Macdonald gives an- 
 other instance of a similar nature — the 
 find in Coventina’s Well at Carrawburgh, 
 a station on the line of Hadrian’s wall. 
 
 SAIDA FIND 
 
 Saida is a small port on the Syrian coast 
 of the Mediterranean and was the site 
 of a find of which an entirely satisfactory 
 explanation has never been offered. In 
 the garden of a country estate, in 1820, a 
 find was exhumed, which from report 
 seems to have been of considerable size. 
 Such was the fear of the authorities, 
 however, that the hoard was secretly 
 sold to jewelers and probably the greater 
 part of it was melted. Twenty-three 
 years later, in 1852, in the same garden, 
 a second find was made within a few feet 
 of the site of the first. There were three 
 leaden vases, each containing about twelve 
 hundred gold pieces. The local authori- 
 ties put into prison those who were sus- 
 pected of having had anything to do with 
 
 
 AND MONOGRAPHS 
 
 
40 
 
 COIN HOARDS 
 
 
 the discovery, but their high-handed 
 procedure obtained for them only about: 
 eighteen hundred pieces, which were sent 
 to Constantinople. The total number of 
 pieces in the lot must have been over 
 three thousand ; they included staters 
 and double staters of Alexander and 
 staters of Philip II. In 1863, that is, 
 eleven years later, a third discovery was 
 made in this same garden within a short 
 distance of the spot on which the other 
 two were discovered. As with the second 
 find, the money was enclosed in three 
 vases of lead of the same size as the others 
 but different in shape. Each contained 
 about twelve hundred pieces. Two held 
 staters of Alexander the Great only; the 
 third, other staters as well. Had it beeni 
 possible to secure these three hoards 
 intact and to have had an accurate de- 
 scription of them, it is very probable that 
 we could have arranged the gold coinage 
 of Alexander the Great completely. 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 4 i 
 
 BLACKMOOR HOARD 
 
 This find consisted of close to thirty 
 thousand coins which were enclosed in 
 two earthen pots near Woolmer Common 
 in Hampshire. Evidences of a battle in 
 the neighborhood, together with its size, 
 lend color to the conjecture that this may 
 have been the military chest of Allectus, 
 the successor of the “Emperor ” of Britain, 
 and that it was buried just previous to 
 his last fight, 296 a.d. The hoard is in- 
 teresting because of the number of pieces 
 of the two emperors whose coins were the 
 latest of those present. Of Allectus, there 
 were ninety, comprising ten varieties, and 
 of his predecessor, Carausius, 545 speci- 
 mens, comprising 160 varieties. The reign 
 of each was brief — presumably, most 
 of their issues were present in the find. 
 
 ECONOMY HOARD 
 
 It may seem fitting to close with the 
 account of an American hoard which 
 offers some points of contrast with those 
 already mentioned. 
 
 
 AND MONOGRAPHS 
 
 
42 
 
 COIN HOARDS 
 
 
 The town of Economy, Pa., is situated 
 on the Ohio River not far from Pittsburgh. 
 It was the home of a community known 
 as the Harmonists, established by George 
 Rapp about 1803 at Harmony, Butler 
 County, Pa. After removing to Indiana 
 and back again, one branch of it settled 
 in Economy. Among its members were 
 Bernhard Muller, and two of the sons of 
 Robert Owen who had been connected 1 
 with the Indiana community. Rapp died 
 in 1847. Through prosperous business 
 management the community had accumu- 
 lated a sum which was estimated at nearly 
 $500,000 at the time of the Civil War. 
 From the beginning they had manifested 
 a distrust of banks and banking institu- 
 tions, and a large part of this sum was in ; 
 bullion, the remainder being in govern- 
 ment bonds. 
 
 In 1863, during the Civil War, the raids i 
 of the Confederate General Morgan in 
 Kentucky, Indiana, and Ohio caused the 
 secreting of this accumulation in an under- 
 ground vault ; and it seems to have re- 
 mained hidden until 1878, when the in- 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 43 
 
 vestment of a large sum in a railroad then 
 being constructed brought it out of con- 
 cealment. 
 
 The accumulation contained a large 
 number of comparatively rare dollars and 
 half-dollars amounting to $75,000, ac- 
 cording to information which there is very 
 little reason to doubt. There were eight 
 hundred dollars of 1795, thirty of 1798 
 with the small eagle, two 1796 half-dollars 
 and one of 1797. In addition, there were 
 French, Spanish, and American pieces 
 to a value estimated at $12,600. It will 
 be recalled that these pieces circulated 
 freely almost up to the time of the Civil 
 War. 
 
 This hoard would have been an ideal 
 one for numismatic treatment because it 
 afforded evidence of the circulation within 
 a definite period of the pieces included. 
 Unfortunately, with the exception of the 
 record of the rare mint issues, no informa- 
 tion regarding the remainder seems to 
 have been preserved. 
 
 In presenting this material, the effort 
 has been to give a general idea, rather 
 
 
 AND MONOGRAPHS 
 
 
44 
 
 COIN 
 
 HOARDS 
 
 than specific or scientific treatment, of this 
 phase of numismatics. It is hoped that 
 analyses of several finds to be published 
 later will give a further demonstration 
 of the value of hoards and treasure trove. 
 
 BIBLIOGRAPHY 
 
 Aristophanes. Frogs (vv. pp. 718-726, 
 Brunck’s edition). 
 
 Babelon, Ernest. Le Tresor d’Auriol, et les 
 Principales Trouvailles de Monnaies Grecques 
 Primitives en Occident. Traite, Tome I, Part 2, 
 pp. 1571-1584. 
 
 Blanchet, Adrien. Recherches sur l’ln- 
 fluence Commerciales de Massalia en Gaule et 
 dans l’ltalie septentrionale. Revue Beige de 
 Numismatique, 1913, pp. 291-398. 
 
 Blanchet, Adrien. Les Tresors de mon- 
 naies Romaine et les invasions Germaniques en 
 Gaule. Paris, 1900. 
 
 Blanchet, Adrien, & Grueber, H. A. Treas- 
 ure-Trove. Its Ancient and Modern Laws. 
 Numismatic Chronicle , 1902, p. 148. 
 
 Evans, Sir Arthur J. The Horsemen of Ta- 
 rentum. Numismatic Chronicle, 1889, pp. 1-228. 
 
 Evans, Sir John. The Coins of the Ancient 
 Britons, 1864. 
 
 Gardner, Percy. Coins of Elis. Numis- 
 matic Chronicle, 1879, pp. 221-273. 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 Gide, Charles. Principles of Political Econ- 
 omy (Veditz’ Second American ed. 1909, p. 238). 
 Haeberlin, F. J. Aes Grave. 2 v. 1910. 
 Head, Barclay V. On the Chronological 
 Sequence of the Coins of Syracuse, 1874. 
 
 Josephus. Wars of the Jews, Book V, 
 Chs. 10 and 13. 
 
 Macdonald, George. Coin-Finds and how 
 to interpret them. (In Proceedings of the Royal 
 Philosophical Society of Glasgow, v. 34, 1902- 
 1903, p. 282.) 
 
 Mommsen, Theodore. Histoire de la Mon- 
 naie Romaine. 4 v. 1865-75. 
 
 Muller, C. L. Numismatique d’ Alexandre 
 le Grand. 1855. 
 
 Schlumberger, G. L. Les Bracteates d’Al- 
 lemagne. 1875. 
 
 HOARDS ARRANGED AS TO SITES 
 
 Anadol, Rumania, 1895. 
 
 Pridik, E. Statures d’or trouves a Anadol 
 . . . Bulletin de la Commission Imperiale 
 Archeologique (Russe), 3. livr. pp. 58-92. 
 Rivista Italiana Numismatica , 1895, p. 407. 
 
 Auriol, France, 1867. 
 
 Babelon, Ernest. Le tresor d’Auriol. 
 Traite des monnaies grecques et romaines, 
 v. 1, 1907. pt. 2, pp. 1575-1618. 
 
 Blancard, Louis. Le tresor d’Auriol. 
 
 AND MONOGRAPHS 
 
46 
 
 COIN HOARDS 
 
 
 Blanchet, Adrien. Traite des monnaies 
 Gauloises, pp. 227, 544. 
 
 Chabouillet, A. Revue Numismatique, 1869, 
 p.348; 1874, p. 164. 
 
 Blackmoor, England, 1873. 
 
 Selborne. On a hoard of Roman coins found 
 at Blackmoor, Hants. Numismatic Chron- 
 icle, 1877, v. 17, p. 90. 
 
 Bosco Reale, 1894. 
 
 Blanchet, Adrien. Recherches sur la circu- 
 lation de la monnaie en or sous les empereurs 
 Romains. In Revue Beige de Numis., 1899, j 
 P- 277. 
 
 Canessa, Cesare. Le Tresor monetaire de 1 
 Boscoreale. In Le Musce, 1909, p. 259. 
 11 Ripostiglio di Bosco Reale. In Rivista 
 Ital. Numis., 1895, p. 494. 
 
 Economy, Pennsylvania, 1878. The Econ- 
 omite Treasure, Scott’s Coin Collector’s 
 Journal, 1881, p. 47. 
 
 Vourla, Asia Minor, 1911. 
 
 Gardner, Percy. Note ori' the coinage of 
 the Ionian Revolt. Journal of Hellenic 
 Studies, v. 33, 1913, p. 105. 
 
 Jameson, Robert. Trouvaille de Vourla, 
 monnaies grecques des VI e et V e siecles. 
 In Revue Numis., 1911, p. 60. 
 
 VlCARELLO, 1852. 
 
 Garrucci, R. Le monete dell’ Italia antica, 
 p. 4. 
 
 
 NUMISMATIC NOTES 
 
COIN HOARDS 
 
 47 
 
 -i 
 
 Sambon, Luigi. Recherches sur les monnaies 
 de la presqu’ile Italique, pp. 26, 29. 
 
 Southants, England. 
 
 Hill, George Francis. A hoard of Roman 
 and British coins from Southants. Numis- 
 matic Chronicle, 1911, p. 42. 
 
 Saida, Syria, 1829, 1852, 1863. 
 
 Rouvier, Jules. Revue des etudes grecques, 
 1899, v. 12, p. 380. Revue Numismatique, 
 1865, pp. 3-25. The treasure trove at 
 Sidon, American Journal of Numismatics, 
 v. 4, p. 76. (For same article, see Numis- 
 matic Chronicle, 1865, p. 179.) 
 
 Waddington, W. H. Trouvailles de Saida 
 et de Marmara. Revue Numis., 1865, 
 p. 1. (For same article, see his Melanges 
 de Numismatiques, p. 33.) 
 
 1 
 
 
 AND MONOGRAPHS 
 
 
GETTY CENTER LIBRARY 
 I 3 3125 00885 6037 ' 
 
PUBLICATIONS 
 
 The American Journal of Numismatics, 
 1866 -date. 
 
 Monthly, May, 1866-April, 1870. 
 
 Quarterly, July, 1870-October, 1912. 
 
 Annual, 1913-date. 
 
 With many plates, illustrations, maps and tables. 
 Less than a dozen complete sets of the Jour- 
 nal remain on hand. Prices on application. 
 Those wishing to fill broken sets can secure 
 most of the needed vblumes separately. An 
 index to the first 50 volumes has been issued 
 as part of Volume 51. It may also be pur- 
 chased as a reprint for $3.00. 
 
 The American Numismatic Society. Catalogue 
 of the International Exhibition of Contempo- 
 rary Medals. March, 1910. New and revised 
 edition. New York. 1911. xxxvi, 412 
 pages, 512 illustrations. $10.00. 
 
 The American Numismatic Society. Exhibition 
 of United States and Colonial Coins. 1914. 
 vii, 134 pages, 40 plates. $1.00. 
 
PUBLICATIONS 
 
 Ernest Babelon. Les Medailles Historiques du 
 Regne de Napoleon le Grand, Empereur et 
 Roi. Paris. 1912. Folio, lx, 430 pages 
 printed in three tones, a special border for 
 every page. Illustrating two hundred unpub- 
 lished drawings of Napoleonic medals, .... 
 byChaudetand Lemot for .... the French 
 Institute. $ 20.00 . 
 
 Agnes Baldwin. The Electrum Coinage of 
 Lampsakos. 1914. 36 pages. 2 plates. $1.00. 
 
 Edward T. Newell. The Seleucid Mint of An- 
 tioch. 1918. 137 pages. 13 plates. $5.00. 
 
 Edward T. Newell. Tarsos under Alexander. 
 1919. 47 pages. 8 plates. $2.50. 
 
 Bauman L. Belden. War Medals of the Con- 
 federacy. 1915. 12 pages. 1 plate. $1.00. 
 
 Bauman L. Belden. United States War Medals. 
 1916. 72 pages. 9 plates. $ 2.00 . 
 
 Edgar H. Adams and William H. Woodin. 
 United States Pattern, Trial and Experimen- 
 tal Pieces .... issued by the U. S. Mint 
 from 1792 up to the present time. 1913. 204 
 pages. Ulus. Cloth, $3.00.