The Summer 2022 Global Showcase Auction

29.6 MB·English

by  Stack's Bowers

The Summer 2022
Global Showcase Auction
Th
e
S
u
m
m
e
r
2
0
2
2
G
lo
b
a
l S
h
o
w
c
a
s
e
A
u
c
t
io
n
•
U
.S
. C
o
in
s
&
N
u
m
is
m
a
t
ic
A
m
e
r
ic
a
n
a
A
u
g
u
s
t
2
2
, 2
3
, 2
5
, 2
7
& U.S. Coins & Numismatic Americana
2
9
- August 22, 23, 25, 27 & 29-31, 2022
3
1
, 2 Costa Mesa, CA
0
2
2
An ANA World’s Fair of Money® Auctioneer Partner
Stack’s Bowers Galleries
Upcoming Auction Schedule

Coins and Currency
Date Auction Consignment Deadline

July 27, 2022 Collectors Choice Online Auction – U.S. Coins & Currency visit StacksBowers.com
StacksBowers.com
August 10, 2022 Collectors Choice Online Auction – U.S. Coins & Currency visit StacksBowers.com
StacksBowers.com
August 22-26, 2022 Stack’s Bowers Galleries – U.S. Coins & Currency; visit StacksBowers.com
Ancient Coins and World Coins
Summer Global Showcase Auction • Costa Mesa, CA
August 31, 2022 Collectors Choice Online Auction – Around the Globe–World Banknotes visit StacksBowers.com
StacksBowers.com
September 13-14, 2022 Collectors Choice Online Auction – U.S. Coins & Currency August 22, 2022
Featuring a Colonial & Early American Coins Session
StacksBowers.com
September 20-21, 2022 Collectors Choice Online Auction – Tokens & Medals August 1, 2022
StacksBowers.com
September 27, 2022 Stack’s Bowers Galleries – World Paper Money visit StacksBowers.com
Official Auction of the Valkenburg Paper Money Show
October 3-6 & 7-11, 2022 Stack’s Bowers and Ponterio – Chinese & Asian Coins & Banknotes visit StacksBowers.com
Hong Kong
October 12, 2022 Collectors Choice Online Auction – U.S. Coins & Currency September 19, 2022
StacksBowers.com
October 19-21, 2022 Collectors Choice Online Auction – Ancient and World Coins August 31, 2022
StacksBowers.com
November 1-4 & 7-10, 2022 Stack’s Bowers Galleries – U.S. Coins & Currency Colonials & Numismatic
Official Auction of the Whitman Coin & Collectibles Expo Americana: August 11, 2022
U.S. Coins & Currency:
September 1, 2022
November 16, 2022 Collectors Choice Online Auction – U.S. Coins & Currency October 24, 2022
StacksBowers.com
December 14, 2022 Collectors Choice Online Auction – U.S. Coins & Currency November 14, 2022
Front Cover (top to bottom, left to right): Lot 1065: 1984 Benjamin F. Fairless Memorial Medal. Gold. Awarded to Paul A. Volcker. MS-67 (NGC); Lot 9334: 1814/3 Capped
Head Left Half Eagle. BD-1, the only known dies. Rarity-4+. EF-45 (PCGS). CAC; Lot 9357: 1860-C Liberty Head Half Eagle. Winter-1. MS-61 (NGC); Lot 4298: 1921-D Walk-
ing Liberty Half Dollar. AU-58 (PCGS). CAC; Lot 1029: Mexican War / Loss of the Somers Medal. By Charles Cushing Wright. Julian NA-24. Silver. MS-63 (NGC); Lot 9425:
1883-CC Liberty Head Double Eagle. AU-58 (PCGS); Lot 9042: 1873 Liberty Seated Silver Dollar. Proof-64+ Cameo (PCGS); Lot 9188: 1900 Morgan Silver Dollar. Proof-66
Cameo (NGC).
Back Cover (top to bottom, left to right): Lot 4155: 1866 Liberty Seated Quarter. Motto. Proof-66 (PCGS). CAC; Lot 9477: 1928 Saint-Gaudens Double Eagle. MS-66+ (PCGS).
CAC; Lot 9206: 1921 Peace Silver Dollar. High Relief. MS-66 (PCGS); Lot 1032: 1825 John Quincy Adams Indian Peace Medal. Silver. First Size. Julian IP-11, Prucha-42. Ex-
tremely Fine; Lot 9331: 1809/8 Capped Bust Left Half Eagle. BD-1, the only known dies. Rarity-3+. AU-53 (NGC); Lot 2076: 1814 Classic Head Cent. S-294. Rarity-1. Crosslet 4.
MS-62 BN (NGC); Lot 4258: 1893 Barber Half Dollar. Proof-67+ Cameo (PCGS). CAC; Lot 4238: 1842-O Liberty Seated Half Dollar. WB-4. Rarity-4. Medium Date, Medium
Letters (a.k.a. Reverse of 1842). MS-64 (PCGS). CAC.
Stack’s Bowers Galleries presents
The Summer 2022 Global Showcase Auction
U.S. Coins & Numismatic Americana
Featuring Selections from
The Augustana Collection
The Avrabanel Collection
The Cardinal Collection Educational Foundation
The Huber Collection
The Steven Jay Ball Collection
The Jones Collection
The David Lorenzo Collection
The Michael Mann Type Collection
The Pacific Rim Collection
The Paul A.Volcker Collection
August 22, 23, 25, 27 & 29-31, 2022
Griffin Studios
Stack’s Bowers Galleries Headquarters
1550 Scenic Avenue, Suite 150
Costa Mesa, CA 92626
California Office New York Office Philadelphia Office New England Office Hong Kong Office
1550 Scenic Avenue 470 Park Avenue 1735 Market Street P.O. Box 1804 Unit 1603, 16/F
Suite 150 New York, NY 10022 Suite 130 Wolfeboro, NH 03894 Mira Place Tower A
Costa Mesa, CA 92626 Tel: [phone] Philadelphia, PA 19103 Tel: [phone] No. 132 Nathan Road
Tel: [phone] Tel: [phone] Tel: [phone] Tel: [phone] Tsim Sha Tsui
Tel: [phone] Fax: [phone] Tel: [phone] Fax: [phone] Kowloon, HK
Fax: [phone] Tel: [phone]
Oklahoma Office Paris Office South Carolina Office
Tel: [phone] Telephone: [phone] Telephone: [phone]
www.StacksBowers.com
Copyright © 2022 Stack’s-Bowers Numismatics, LLC • All Rights Reserved
i
How to Bid
Internet Absentee or Proxy Bidding
Place absentee bids now at www.StacksBowers.com or use our iOS or Android apps on your mobile device or tablet.
Proxy bidding is enabled at midnight the day before the auction session closes live and is located on the lot description page.
Visit our Frequently Asked Questions page at www.StacksBowers.com/FAQ/OnlineBidding.aspx for more information.
Stack’s Bowers Galleries iBid Live
Bid live anywhere in the world, on your computer at www.StacksBowers.com or use our iOS or Android apps on your
mobile device or tablet.
Live Telephone Bidding
Phone Bidding must be arranged 24 hours before your session begins. Stack’s Bowers Galleries will ask for the lot numbers of
interest and will call you during the auction so you can place bids with our representative in real time. We regret that we can
only offer this service for lots estimated at $2,500 or more. If you wish to arrange live bidding by phone, contact Customer
Service at 800-458-4646 or 949.253.0916 or email [email protected].
Email, Fax and Mail Bidding
Use the enclosed bid sheet and email, mail or fax it to us. Email bids to [email protected]. If sending by mail, please
allow sufficient time for the postal service. Fax bids must be received 24 hours before your session begins. Fax bids to
844.645.7624. Please check that your fax bids are received by Stack’s Bowers Galleries.
Mail: Attn. Auction Department Fax: [phone] Email: [email protected]
Stack’s Bowers Galleries
1550 Scenic Avenue, Suite 150
Costa Mesa, CA 92626
United States
Live Bidding
In person live bidding will be allowed in accordance with COVID-19 directives and local mandates at the time of auction.
Reservations required.
Bank Wire Information:
For Domestic (U.S.) Banks, please direct your bank wire transfer to:
Payment Information
Bank Name: CIBC Bank USA Account Name: Stacks-Bowers Numismatics, LLC
ABA/Routing#: 0710-0648-6 Address: 120 South LaSalle Street
Please send all check, money order or
Account Number: 2612038 Chicago, IL 60603
cashier’s check payments to:
For Foreign Banks*, please direct your bank wire transfer to:
Stack’s Bowers Galleries Bank Name: CIBC Bank USA Account Name: Stacks-Bowers Numismatics, LLC
1550 Scenic Avenue, Suite 150 International Swift Code: PVTBUS44 Address: 120 South LaSalle Street
Account Number: 2612038 Chicago, IL 60603
Costa Mesa, CA 92626
United States *Bank wires sent from a foreign bank are subject to an international bank wire fee of $35. If an
international order will be settled using a different form of payment, please contact us by phone
For bank wire instructions, see information at or email to have the wire fee removed. If the wire will be sent in any currency other than USD,
Stack’s Bowers Galleries needs to be contacted prior to the transfer in order to arrange for an
right or contact our Accounting Department at
intermediary bank.
800.458.4646 or 949.253.0916.
IMPORTANT: Please have your bank add the
Invoice Number or Your Name on the wire information.
ii
The Summer 2022 Global Showcase Auction
U.S. Coins & Numismatic Americana
August 22, 23, 25, 27 & 29-31, 2022
Lot Viewing
Lot Viewing will be conducted at the Costa Mesa, CA offices (by appointment only): July 28-29 & August 1, 2022
1550 Scenic Avenue, Suite 150, Costa Mesa, CA 92626
Lot Viewing will be conducted at the New York City offices (by appointment only): August 5-9, 2022
470 Park Avenue, New York, NY 10022
Lot Viewing will be conducted at Loews Chicago O’Hare Hotel: August 15-19 2022 • 9:00 AM-5:00 PM CT
5300 N. River Road, Rosemont, IL 60018 • Louvre Ballroom 3
If you cannot view in person, we will have our professional numismatists on hand to answer questions via phone or email about
specific lots. Please email [email protected] to make arrangements.
Auction Location
Griffin Studios, Stack’s Bowers Galleries Headquarters
1550 Scenic Avenue, Suite 150
Costa Mesa, CA 92626
In person live bidding will be allowed in accordance with Covid-19 directives and
local mandates at the time of the auction. Reservations required.
Auction Details
Session 1 Session 2 Session 3* Session 4* Session 5
Numismatic Americana Early American Coins The Fairmont U.S. Currency U.S. Coins Part 1
Monday, August 22 Tuesday, August 23 Collection–JBR Set Wednesday, August 24 Small Cents to Half Dollars
9:00 AM PT 9:00 AM PT Tuesday, August 23 1:00 PM PT Thursday, August 25
Lots 1001-1152 Lots 2001-2089 Noon PT Lots 20001-20659 8:00 AM PT
Lots 3001-3554 Lots 4001-4343
Session 6* Session 7* Session 8* Session 9* Session 10
The Virginian Collection The Georgia Gold Rarities Night The Sydney F. Martin U.S. Coins Part 2
Classic Head Gold Coins Rush Collection Thursday, August 25 Collection Part 1 Silver Dollars to the End
Thursday, August 25 Dahlonega Mint Coins immediately following the Colonial & Early Saturday, August 27
1:00 PM PT Thursday, August 25 conclusion of Session 7 American Coins 2:00 PM PT
Lots 5001-5058 immediately following the Lots 7001-7310 Saturday, August 27 Lots 9001-9557
conclusion of Session 6 8:00 AM PT
Lots 6001-6150 Lots 8001-8262
Session 11* Session 12* Session 13* Session 14* Session 15*
U.S. Coins Part 1 U.S. Coins Part 2 U.S. Coins Part 3 U.S. Currency United States Mint
Internet Only Internet Only Internet Only Internet Only American Eagle
Monday, August 29 Tuesday, August 30 Wednesday, August 31 Wednesday, August 31 at Dusk and at Dawn
StacksBowers.com StacksBowers.com StacksBowers.com StacksBowers.com 35th Anniversary Auction
9:00 AM PT 9:00 AM PT 9:00 AM PT 9:00 AM PT Thursday, September 1
Lots 10001-10715 Lots 11001-11653 Lots 12001-12731 Lots 21001-21443 9:00 AM PT
Lots 1-700
*Please refer to our other Summer 2022 Global Showcase Auction catalogs for further offerings of Numismatic Americana,
U.S. Coins and Currency and Ancient and World Coins. Visit StacksBowers.com to view our Internet Only sessions.
Lot Pickup
Lot Pickup will be conducted at Stack’s Bowers Galleries Costa Mesa Headquarters (by appointment only).
iii
Dates, times and locations are subject to change.
The Stack’s Bowers Galleries Team
California Office: 949.253.0916
Accounting
[email protected]
Jeff Ambio
[email protected]
Wayne Berkley
Ext. 225 – [email protected]
Jeremy Bostwick
Ext. 224 – [email protected]
Q. David Bowers Lawrence R. Stack Greg Roberts Brian Kendrella
Devilyn Callian
Founder Founder CEO President
Ext. 231 – [email protected]
[email protected] [email protected] [email protected] [email protected]
Jeremy Carlson
Ext. 233 – [email protected]
Garrett Cleary
Ext. 343 – [email protected]
Chris Dahncke
Ext. 217 – [email protected]
Monica De Alba
Ext. 309 – [email protected]
Keni Drake
Ext. 257 – [email protected]
Christine Karstedt Jason Carter Andrew Glassman
Cassi East
Executive Vice President Executive Vice President Chief Financial Officer
Ext. 286 – [email protected] [email protected] [email protected] [email protected]
Nicholas Fritz
California Office: 949.253.0916 Philadelphia Office: 267.609.1804
Ext. 244 – [email protected]
Peter Treglia Vicken Aghazarian
Ron Gillio
Ext. 250 – [email protected] Ext.794 – [email protected]
[email protected]
Earle Van Alst Bobby Avena
Jessica Hayes
Ext. 340 – [email protected] Ext. 795 – [email protected]
Ext. 200 – [email protected]
Erin Whitson Mark Curcio
Kyle Hoyt
Ext. 235 – [email protected] Ext. 792 – [email protected]
Ext. 353 – [email protected]
Robert Witt Chris Maisano
Sarah Jackels
Ext. 344 – [email protected] Ext.793 – [email protected]
Ext. 296 – [email protected]
Brian Kendrella Erin Zirschky Virginia Office: 757.919.1240
Ext. 264 – [email protected]
Ext. 291 – [email protected] Devin Hipp
Maegan Lagow New York Office: 212.582.2580 Ext. 1241 – [email protected]
Ext. 322 – [email protected] Andrew Bowers Kyle Honoré
Atefeh Madi Ext. 5522 – [email protected] Ext. 1242 – [email protected]
Ext. 346 – [email protected] James McCartney Hong Kong Office: +011.852.2117.1191
Aris Maragoudakis Ext. 5455 – [email protected] Evan Lam
Ext. 279 – [email protected] Asha Ramcharan [email protected]
Eric Niño Ext. 5491 – [email protected] Nirat Lertchitvikul
Ext. 338 – ENiñ[email protected] Diana Rendon [email protected]
Benjamin Orooji Ext. 5517 – [email protected] Ping Lertchitvikul
Ext. 295 – [email protected] Mark Schimel [email protected]
Matt Orsini Ext. 5515 – [email protected] Crystal Ng
Ext. 214 – [email protected] Larry Stack [email protected]
Chris Ortega [email protected] Christine Pun
Ext. 248 – [email protected] Kevin Vinton [email protected]
John Pack Ext. 5513 – [email protected] Zhou Shou Yuan
Ext. 258 – [email protected] Vicken Yegparian [email protected]
Kyle Ponterio Ext. 5459 – [email protected]
Singapore:
Ext. 212 – [email protected] New Hampshire Office: 603.569.0823
Frederick Yow
Richard Ponterio Q. David Bowers [email protected]
Ext. 290 – [email protected] [email protected]
Paris: +33.6.14.32.3177
Steve Price Christine Karstedt
Ext. 260 – [email protected] Ext. 361 – [email protected] Maryna Synytsya
[email protected]
Daniel Roberts
Oklahoma Office: 800.817.2646
Ext. 226 – [email protected] Other Offices
Jason Carter
Lillian Ross Henrik Holt Christensen
Ext. 631 – [email protected]
Ext. 321 – [email protected] [email protected]
John Morgan
Gabriel Solares Ben Mahaffey
Ext. 632 – [email protected]
[email protected] [email protected]
Daniel Mitchell
Larry Stendebach Ext. 633 – [email protected] Consultants
Ext. 245 – [email protected]
Manning Garrett, John Kraljevich, Mike Ontko,
Jake Auernhammer
David Talk Ext. 634 – [email protected] Steve Tureen, Brad Yonaka
Ext. 323 – [email protected]
Photographed by: Karen Bridges, Gerry Bueno, Anthony Browning, Renee Ferguson, Christina Good, Jeremy Katz,
Carol Nguyen, Charlie Pech, Kristy Still, Keven Tran, Kristen Vu and Nicholas Weyand.
iv
The Stack’s Bowers Galleries Team
California Office
Richard Ponterio John Pack Peter A. Treglia Matt Orsini Ron Gillio Wayne Berkley
Executive Vice President Executive Director Director of Currency Director of World & Numismatic Acquisitions Vice President
[email protected] of Consignments [email protected] Ancient Numismatics Coordinator of Client Services
[email protected] [email protected] [email protected] [email protected]
Jeff Ambio Aris Maragoudakis Kyle Ponterio Ben Orooji Chris Ortega Steve Price
Vice President Director of World Senior Numismatist, Senior Numismatist, Numismatist, Director of Numismatic
of Numismatics Currency Auctions Consignment Director Auctioneer Lead Auctioneer Business Development
[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
East Coast Offices
Vicken Yegparian Mark Schimel James McCartney Andrew Bowers Bobby Avena Kevin Vinton
Vice President East Coast Retail Director Director of Consignments East Coast Sales Manager Head Numismatic Trader Senior Numismatist
of Numismatics [email protected] and Numismatics [email protected] [email protected] [email protected]
[email protected] [email protected]
Asian and European Offices
Nirat Lertchitvikul Ping Lertchitvikul Frederick Yow Zhou Shou Yuan Henrik Holt Christensen Maryna Synytsya
Director of Asian Operations Operations Manager Consignment Director Executive Consignment Senior Consignment Manager of European
[email protected] [email protected] Southeast Asia Director, China Director of Europe Operations
[email protected] [email protected] [email protected] [email protected]
Additional Expertise
John Kraljevich Julie Abrams Jeremy Bostwick Mark Curcio Devin Hipp Larry Stendebach
Senior Consultant Consignment Director Senior Numismatist Philadelphia Vice President Numismatist
[email protected] and Dealer Liason and Cataloger Store Manager [email protected] [email protected]
[email protected] [email protected] [email protected]
v
Welcome to the
Summer 2022 Global Showcase Auction

of United States Coins & Numismatic Americana
I am proud to welcome you to the Stack’s Bowers Specimen-66 BN (PCGS) and an important Specimen-
Galleries Summer 2022 Global Showcase Auction, pre- 62 (PCGS) 1826 Erie Canal Completion medal in silver,
sented as an Official Auctioneer Partner of the ANA HK-1000 variety.
World’s Fair of Money. Offered in the following pages is The Augustana Collection contains thousands of
an incredible selection of U.S. Colonial rarities, excep- coins from around the world accumulated over the
tional Federal coinage, and some of the most desirable course of nearly five decades. The goal of the collection
tokens and medals from the Numismatic Americana was to portray human progress over the last few centu-
category. The sale is marked by several significant col- ries. Offered in this catalog are the United States coins
lections which span a variety of numismatic categories that span from the extinct Charlotte and Dahlonega
and offer fresh, high-quality selections. mints to the work of Augustus Saint-Gaudens, reflect-
Passionate collectors of Numismatic Americana will ing America’s emergence on the world stage. Highlights
delight in an historic offering from the Collection of include an elusive MS-61 (NGC) example of the 1860-C
Paul A. Volcker, Jr., who served as the 12th Chairman Liberty Head half eagle and the 1925-S Saint-Gaudens
of the Federal Reserve from 1979 to 1987. In a career double eagle.
spanning nearly six decades including public service The Mocatta Collection was formed in the early
under five U.S. presidents, Volcker worked for private 1970s and has been held privately since. With a focus
and public firms as an esteemed economist and helped on high-end gold coins, this catalog features numerous
shape the nation’s economic policies. In these roles he premium quality Saint-Gaudens double eagles in grades
received numerous awards, medals, and commenda- of MS-64 (PCGS) and MS-65 (PCGS). Offered in our
tions from entities both domestic and foreign, which Rarities Night catalog are additional rarities from the
Stack’s Bowers Galleries is proud to offer at auction collection, including the finest known Proof 1825/4/1
to private collectors and museums. In addition to the $5 and numerous other world-class treasures.
awards, Volcker collected a small group of numis- The Avrabanel Collection is an exceptional cabinet
matic coins. This selection from the Volker Collection boasting some of the scarcest issues from the 19th and
is highlighted by an impressive 96 mm Benjamin F. 20th centuries. Spanning nearly every series released
Fairless Memorial medal in Gold and a historic Nelson by the U.S. Mint, it is highlighted by such rarities as an
A. Rockefeller Public Service Award Gold medal. elusive EF-40 (PCGS) 1860-S Liberty Seated quarter, a
A truly astounding selection is offered from the leg- bold EF-40 (PCGS) 1795 Draped Bust, Centered Bust
endary Cardinal Collection Educational Foundation. silver dollar, a Proof-64 (PCGS) CAC 1905 Liberty
Famous for its focus on top-quality Early American Head quarter eagle, and a near-Gem MS-64 (PCGS)
coins and medals, the selection in this catalog is 1901-S Liberty Head double eagle.
anchored by an incredible “1781” General Daniel The Pacific Rim Collection offers an impressive se-
Morgan, Battle of the Cowpens Bronze medal graded lection of silver dollars including such rarities as an
vi
1873 Liberty Seated silver dollar graded Proof-64+ Collection, Dahlonega gold treasures from the Georgia
Cameo (PCGS), a Proof-66 (NGC) 1874 trade dollar, Gold Rush Collection, and a comprehensive set of
and a MS-66 (PCGS) 1921 High Relief Peace dollar. Classic Head gold from the Virginian Collection.
The Jones Collection is a wide-ranging cabinet of We are also honored to present an exclusive selec-
rarities spanning from the very earliest issues to the re- tion of 35th Anniversary American Eagle coins on
naissance of U.S. coinage in the early 20th century. The behalf of the United States Mint as part of our Summer
selection in these pages is highlighted by a key-date 2022 Auction. These coins, deemed the American
1886-O Morgan silver dollar graded MS-64 (PCGS) Eagle at Dawn and at Dusk Coins, will be presented in
and an 1892-CC Liberty Head double eagle graded a dedicated catalog to recognize the importance of this
AU-58 (PCGS). unprecedented offering.
An impressive variety of top-quality coins are also Of course, a remarkable array of world-class U.S.
presented from the Huber Collection, featuring such coin and cryptocurrency treasures are also presented
outstanding items as a MS-64 (NGC) 1818 Capped in our stand-alone Rarities Night catalog.
Bust quarter, a MS-64 (PCGS) 1875 trade dollar, a On behalf of the entire Stack’s Bowers Galleries
Gem MS-65 (PCGS) 1888 three-Dollar gold piece, and team, I thank you for your interest in this historic event
a Gem MS-65 (PCGS) 1900 Lafayette dollar. and wish you the best of luck in your bidding!
Beyond these named collections, we are pleased to
offer numerous individual rarities including a historic Sincerely
AU-58 BN (NGC) “1781” Libertas Americana medal
in bronze, a ca. 1790s signed sketch by Augustin Dupre
(designer of the Libertas Americana medal), a 1825
John Quincy Adams Indian Peace medal in silver, a
MS-64 RB (NGC) 1787 Fugio cent, a stunning MS-65+ Brian Kendrella, President
RB (PCGS) CAC 1914-D Lincoln cent, a desirable
MS-64 (PCGS) CAC 1842-O Liberty Seated half dollar
with the Reverse of 1842, an exceptional 1814/3 Capped
Head Left half eagle graded EF-45 (PCGS) CAC, and a
Gem MS-66 (PCGS) 1899 Liberty Head eagle
This catalog is accompanied by several single-owner
collections offered in dedicated catalogs. These separate
catalogs include U.S. Colonial rarities presented from
the Sydney F. Martin Collection, Liberty Head gold
in our presentation of the JBR Set from the Fairmont
vii
Paul A. Volcker Biography
Born September 5, 1927 in Cape May, month and was re-nominated four years later by President
New Jersey to Paul Adolph and Alma Reagan. Under Volcker’s leadership, the Federal Reserve
Louise Klippel, Paul grew up in Teaneck helped curb inflation, which had risen to nearly 15% in March
New Jersey. He was active in student 1980 – three years later it had fallen below 3%. The Fed under
groups in high school, and developed a Volcker was also responsible for raising the federal funds rate,
keen understanding of economics and which resulted in extremely high interest rates during the
politics. early 1980s.
After graduating with honors from Paul Volcker left the Federal Reserve in 1987 and became
Princeton’s School of Public and Int- Chairman of Wolfensohn & Co., a prominent New York
ernational Affairs in 1949, he went on to Harvard University investment banking firm. Throughout the 1990s he remained
where he earned an M.A. in political economy from the active, serving as the Chairman of various committees and task
Graduate School of Public Administration. During the forces, among them the Independent Committee of Eminent
summers, he served as research assistant for the Federal Persons (Volcker Commission), the IFRS Foundation, the
Reserve Bank of New York. After attending Harvard, Volcker Group of Thirty. He received numerous awards from a variety
went on to study at the London School of Economics under the of organizations.
Rotary Foundation’s Ambassadorial Scholarships program. Under Barack Obama, Volcker was selected to head the
Upon his return to the United States in 1952, Volcker joined President’s Economic Recovery Advisory Board. He was
the staff of the Federal Reserve Bank of New York as a full- reported to be Obama’s choice for Secretary of the Treasury,
time economist. After five years there, he moved on to Chase but as he was over 80 by then, he was considered too old.
Manhattan Bank where he served as a financial economist. In In 2013, Volcker founded the Volcker Alliance, a nonprofit
1962 Volcker joined the U.S. Treasury Department as director organization to address the challenge of effective execution
of financial analysis and a year later, was appointed Deputy of public policies and to rebuild public trust in government.
Undersecretary for monetary affairs. He returned to Chase In 1954, Volcker married Barbara Bahnson, and they had
Manhattan Bank as vice president and director of planning two children. After Barbara’s death in 1998, he married Anke
in 1965. Dening in February 2010. Volcker died in New York City on
President Nixon appointed Volcker as Undersecretary of December 8, 2019, at age 92. To say he had a most distinguished
the Treasury for international monetary affairs, a position he career and a life well-lived, would be an understatement.
held for five years. During that tenure, he was instrumental
in eliminating the convertibility of gold to the dollar, ending
the Bretton Woods system which had been in place for just
over a quarter century. Following his work at the Treasury
Department, Volcker became President of the Federal
Reserve Bank of New York, a position he held from
1975 to 1979.
In July 1979, President Jimmy Carter nominated
Paul Volcker to server as chairman of the Board
of Governors of the Federal Reserve System;
he was confirmed by the Senate the following
viii