Wednesday, May 27, 2020

The Snob Appeal of Antiques




QUESTION: I’ve been buying most of my antiques at flea markets and in shops. The dealers are usually very nice and helpful. But when I’ve gone to antique shows, especially higher-end ones sponsored by one charity or another, I find the dealers helpful but the showgoers off-putting. Why is that? What makes some of them think that I shouldn’t be there just because of my appearance?

ANSWER: Antiques have a long history of appealing to the wealthier set, especially those high-end antiques produced before 1830—what many call “authentic”antiques. In 1930, the U.S. Congress formulated a law which stipulated that all antiques had to be 100 years old or older. So at the time, 100 years old meant 1830, the date selected because of its relevance to the start of the Industrial Age.

When the law passed, the country was in the midst of the Great Depression, so only the very wealthy could afford antiques. It had been that way for well over a century. But after World War II, prosperity came to more people. By the 1960s, the wealthy were still purchasing and collecting those “authentic” antiques, but another type of antique came on the market—the furniture and accessories belonging to the Victorians. And since these were 100 years old, they certainly were antique according to the law, but antique experts and the wealthy didn’t consider them “real” antiques.

The snobbery towards antiques and antique collecting continued as unknowing novices followed articles in “American Home” magazine and bought not-so-good-looking pieces of Victorian and early 20th century furniture at flea markets and used furniture stores, stripped them down, and painted them with “antiquing” paints. Oh the horrors!

As the decades of the latter half of the 20th century continued, more and more old objects came on the market through yard and garage sales and flea markets. Now everyone with a little extra cash and a little knowledge of antiques and collectibles could get in on the act.

The wealthy who frequented the high-end shows stayed right where they were, but now some of those not-so-wealthy collectors began to go to the them for the hefty price of a ticket. Most didn’t buy anything, but they learned a lot. Unfortunately, the wine-glass toting buying patron of these shows still looked down their noses at the newbees.

There are generally three types of antique shows out there---the friendly firehouse or school show, the more elegant hotel show, and the high-end show.

You’ll find the first of these, the friendly firehouse or school show, held in a local fire company hall or the all-purpose room of an elementary school once or twice a year. Here, you’ll find lots of affordable antiques and collectibles. Prices range from as low as a few dollars up to perhaps three figures. Dealers, mostly from the surrounding region, tend to sell only at shows or out of their homes.

The more elegant hotel show comes around usually once a year and features finer items. Tables often display a myriad of small objects—Japanese Imari porcelains, Wedgewood, fine English majolica, and Staffordshire ware, along with small pieces of furniture, trunks, stained glass lamps, and so on. Dealers tend to come from a wider area, including surrounding states while prices range from two to four digits, with finer items selling for several thousand dollars.

High-end shows are extravagant affairs, both in goods and prices, and feature dealers from all over the country. For some patrons of these shows, nothing says they’ve made it better than bragging about how much they’ve spent on an antique, whether it be a piece of fine 18th-century furniture or a diamond necklace that once belonged to a princess. Patrons at these shows often think nothing of whipping out their checkbooks and writing checks for $30,000 to $40,000 for an Empire sofa or as much as a quarter million for an 18th-century Philadelphia secretary in the Chippendale style.



Many of these shows are vetted, which means the promoters guarantee everything sold there as authentic. Where’s the fun in that? Part of the thrill of the antique hunt is being able to tell for yourself if a piece is real or not by the knowledge you’ve amassed about it beforehand, especially when the dealer doesn’t have a clue. But when someone pays six figures for a piece of furniture, they damn well want to know it’s the real McCoy.

Collecting antiques and collectibles is for everyone—young, old, and in-between. There’s something out there for those in every economy level. Let the snobs look down on you in your jeans and trendy T-shirt. How do they know you didn’t just inherit a cool million from daddy.

To read more articles on antiques, please visit the Antiques Articles section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the over 30,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about  La Belle Epoque in the 2020 Spring Edition, online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques and More Collection on Facebook.

Wednesday, May 20, 2020

Early Bank Notes Reveal a History of Our Country



QUESTION: My dad collected old currency and coins. Some of the currency is quite old and doesn’t look anything like today’s money. What can you tell me about this bill? And why is it so different from the currency we use today?

ANSWER: American banknotes have not always been green. In the mid-19th century, banknotes contained a rainbow of colors. By examining these paper artifacts, Collectors can take a tour of America circa 1800.

Prior to the Civil War. the U.S. government didn't regularly issue paper money. But people still needed to use some form of currency, so banks issued their own paper money—bank notes.



Many types of notes circulated during this era, known as the golden age of U.S. currency, which generally began in the late 18th century and lasted until the Civil War. The most common type of note, the "demand note," entitled the bearer to a certain monetary amount. Individuals would deposit something of value in the bank (usually herd current stock), and the bank would issue to the individual on-demand notes that he or she could use as a vehicle of exchange to purchase items from a merchant who could then redeem the note with the bank, that "on demand" would exchange the bank for gold or silver coins issued by the federal government.



A bank's capital, which often appears on the banknote, (capital $1,000,000), guaranteed the value of these notes, and for this reason, two officials often signed each note to ensure that a greater amount in banknotes was nut issued than the bank could cover. Private hanks and public banks, which obtained a charter to operate, and savings banks, which operated under a different set of rules, all issued the demand note. Some demand noted contained a space in which a bank official wrote a payee's name and thus allowed a bank to specify the identity of the hearer, who would endorse the note by signing its often blank reverse as one would endorse a modern cheek. Other types of notes circulated as well. Post notes worked like bonds and were redeemable only after a predetermined time noted on the bill (e.g. "redeemable after six months").



Private merchants also issued notes, sometimes referred to as scrip, which they used to pay employees. Some laborers were paid only in scrip, which was generally redeemable only at company 'stores. This often led to the economic enslavement of laborers who "owed their soul to the company store." Railroads, shipping lines and many other type, of merchants issued notes to their employees.


While the bank note system worked, poor or dubious business practices threatened the integrity of the private and state banking system that ran amok in the first half of the 19th century.

Most of the time, banks were honest. But stories of fraud were rampant. banks that issued more money than their capital guaranteed and banks with a phantom capital, or no money to guarantee their notes.

This led to the distrust of unfamiliar hanks, and as a result, the notes did not work well for inter-state banking. A merchant in one state wouldn’t honor a bank note from an unfamiliar bank in another.

With so many different bank notes circulating, the proliferation of fakes or counterfeit notes was inevitable. The sheer number of issuers and varieties of notes issued—more  than 1,600 banks in 34 states collectively issued more than 10,000 varieties—provided the hungry counterfeiter with a virtual smorgasbord.

The word counterfeit refers to an illegally replicated note. Some genuine notes had their denominations altered; consequently, the alteration raised the value of the note, hence the name "raised note." A variation on this theme, the "altered" note also appeared. An altered note was a genuine note altered to look like another bank's product. The more artistically inclined produced original designs and added a legitimate hank's name on the notes, thus creating a spurious note.

In fact, so many counterfeit notes circulated—some 55.000 varieties—that bank officials began to stamp or handwrote the word “counterfeit” across the surface of the note.

During the Civil War, the U.S.Congress took action to end private issuance of banknotes. Congress passed legislation that forbade the private issuance of currency, and the federal government began issuing its own notes. Banks could still issue currency bearing their own name, but to do so, they needed to obtain a charter from the federal government, which entitled them to issue notes, known as National Bank Notes, supplied by the federal government.



The new notes led to the modern association of money with the color green. This relative lack of variety could make the counterfeiter's job much harder, though, and the number of attempted counterfeits dwindled.



The most interesting aspect of obsolete banknotes is the detailed and often colorful vignettes they contain, which collectively offer a lithographic history of American culture. Each bank note told a story. A $1 note from The Merchants and Planters Bank f Savannah. Ga., for examplel, contained the image of a covered wagon. When the note was issued in the 1830s, the covered wagon would have been the preeminent mode of transportation taken by settlers traveling to the Western territories.



Scrip from the Delaware Mine on Michigan's Upper Peninsula features the image or a copper finer wielding a pickax. A $5 note from the. Bank of the Commonwealth in Richmond, 'a., contain, the image of planters standing next to the barrel of tobacco—one of the crops that drove Virginia's economy in the antebellum era. Moments frozen in time, dense images offer the closest thing possible to a photograph of 19th century life.

To read more articles on antiques, please visit the Antiques Articles section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the over 30,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about  La Belle Epoque in the 2020 Spring Edition, online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques and More Collection on Facebook.



Thursday, May 14, 2020

The Symbol Out in Front



QUESTION: Way back when, my grandfather owned a 1925 Packard. My father says he loved that car, so much so that he removed the hood ornament from it and kept it as a souvenir when the car no longer worked, and he took it to the junkyard. He gave it to my father, who, in turn, gave it to me. It now sits proudly on my desk. It’s a real beauty, but is it worth anything or am I just being sentimental?

ANSWER: Your hood ornament, a Packard cormorant, is something very special. If you haven’t noticed, cars don’t come with them anymore. At the time your grandfather owned his car, hood ornaments were all the rage. Every car had one—some were extremely elaborate, more like works of art.

Collectors refer to these hood ornaments as automobile mascots. They began as radiator caps at the turn of the 20th century. Automakers added decorative touches to differentiate their vehicles from others during an era when there were 3,000 automobile manufacturers in the U.S. There are now only a handful.

Back when drivers had to negotiate muddy roads and weren’t sure if they’d get back home, St. Christopher, the patron saint of travelers, supposedly brought them good luck. He also protected them from robbers, who prayed on unsuspecting motorists. If you owned a car back then, you had some money.

Birds, chosen by auto makers to convey quick flight, became a common ornament theme. Packard chose a cormorant. Ford chose a quail for its Model A’s and Duesenberg, a stylized bird.

Many collectors consider the stork, used by European automaker Hispano-Suiza, to be the most distinctive and collectible. The stork commemorates French World War I ace Joseph Vuillemin, who had a stork painted on his airplane.

Some auto makers chose to use graceful ladies. Moon Motor Co., a now defunct St. Louis manufacturer, had the Greek goddess Diana on its cars to appeal to women. The glass lady hood ornaments crafted by Lalique before World War II are worth $1,000 to $10,000 depending on subject matter, condition and rarity.

Bugatti Royale selected an elephant balancing on a ball to demonstrate agility. World War I ace pilot Eddie Rickenbacher used an airplane mascot before his auto business failed in the 1920s. Chevrolets also sported airplanes in 1932. Designers for the Lincoln chose a greyhound mascot to dispel rumors that the auto was slow.

Some mascots invented in that time still exist, including Mercedes-Benz's three-point star and the Mack Truck bulldog. The height of hood ornament use was the 1920s and early '30s. By the mid-'30s, they began to fade as the Streamline Moderne movement, which emphasized aerodynamics and eschewed features that slowed down vehicles, caught on. But Mercedes held on to its mascot anyway. The company cared more about prestige than it did aerodynamics.

Other ornaments, such as Cadillac’s Lady, Rolls-Royce’s Flying Lady, Packard’s Cormorant, Desoto’s Explorer and Imperial wings, lasted through the 1950s, though they were much smaller than their  predecessors.

Collecting hood ornaments began in the 1940s when the owners of great old cars like the 1920s Rolls and Packards began scrapping them. Some of the first collectors visited junkyards, armed with screwdrivers and pliers, to hunt for mascots among the wrecks, for which they paid a dollar or so. Today, it’s almost impossible to find them in junkyards—junkyard owners know their value. Today, a typical Chevrolet mascot from the 1950s costs $100.

The AACA Museum in Hershey, Pennsylvania, has a tremendous collection of hood ornaments. Read more about it in #TheAntiquesAlmanac.

To read more articles on antiques, please visit the Antiques Articles section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the over 30,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about  La Belle Epoque in the 2020 Spring Edition, online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques and More Collection on Facebook.




Friday, May 8, 2020

Insurance and Antiques



QUESTION: I’ve been collecting antiques and such for a number of years. Do I need extra insurance or will my homeowner’s policy cover what I have?

ANSWER: As a collector, you’ll want to take care to see that your treasures are adequately insured. And even if you have coverage, you may find that coverage you purchased several years ago leaves you financially vulnerable today.

Most collectors use one of three types of insurance—that found in a standard homeowner's policy, special endorsements to that policy, or a "floater" policy for valuables such as art and antiques.

The policy that covers your home includes insurance for your personal property as well as the structure it's housed in, usually at 50 percent of the amount of coverage for the dwelling. This means that if you have insured your house for $150,000, your belongings are protected for up to $75,000.

Is this amount sufficient for your collection as well as all your other belongings? That all depends on what your collection contains. If you have a small collection of "collectibles" or less expensive items, the coverage in your homeowner's policy is probably enough. But keep in mind that standard policies usually fix limits on certain types of items such as currency, documents, silver, and jewelry. You should read your policy carefully to see if these limitations affect your collection.

The coverage in homeowner's policies is "unscheduled," that is, it groups all of your goods together rather than listing and valuing them separately. Should a theft or fire occur, it’s your responsibility to prove ownership and the value of the items in your collection. The insurance company will then calculate your losses on the "actual cash value" of those items, figuring in depreciation. If you collect anything other than certifiable antiques, complications can arise over the settlement.

Your insurance company may deem "old and worthless" items you consider “vintage.” So you should keep receipts and other records, especially for less expensive "collectibles" and offbeat items—be sure to print out receipts for anything you purchase at online auction sites. Though claims adjusters are usually on target, any documentation will help —the more the better.

Even if you decide to work within the limits of your standard homeowner policy, you may find that increased coverage is necessary. While that $75,000 may sound like a lot of insurance, you’d be surprised how quickly the normal, everyday contents of a house add up, leaving only partial coverage of your losses.

To remedy this problem, most policies offer the option of a special "endorsement" which allows for a higher percentage of personal property coverage for an additional fee. If you have a collection of any size or value, you’ll probably want to take inventory of your home's entire contents to see whether you should purchase such an endorsement.

Finally, you can also purchase a separate policy to cover valuables such as art, antiques, silver, and the like. And in this case, silver means Sterling, not plate. These policies, known generally as "floaters," cover "scheduled," or listed, items. Each item is listed separately with its own value, usually by means of a written professional appraisal. Those cheap or free online appraisals just won’t do. The benefits of floaters are that each items is covered for its full replacement value because ownership and value are  pre-established, In addition, most floaters will protect the collection against loss as well as theft, a benefit not available through most homeowner's policies.



The cost of such a floater will of course depend on where you live and what you’re insuring. Very portable items of recognizable value command the highest rates. For instance, the amount for jewelry is always higher than for artwork. Prices may also be lower if you store your collection—or part of it—in a safe or safety deposit box, or if your home has a security alarm system. If your collection is worth more than $50,000, your insurance company will probably insist that you install such a system.

To read more articles on antiques, please visit the Antiques Articles section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the over 30,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about  La Belle Epoque in the 2020 Spring Edition, online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques and More Collection on Facebook.