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Duty, Honor, Country – Vintage U.S. Military Insignia

This collection of vintage U.S. military insignia is typical of the high quality items still available to militaria enthusiasts today. The sterling silver pilot’s wings are World War II vintage, while the 10 karat gold-filled Second Lieutenant officer’s bars are from the Vietnam era. Notice the pleasing, undisturbed patina on the pilot’s wings, which helps confirm that they are genuine vintage insignia and not modern reproductions.

Duty, honor, country. These are the three timeless words that began five star general Douglas MacArthur’s farewell speech to the graduating West Point class of 1962. But they are more than just words. They are core concepts that have governed the motivation and behavior of generations of U.S. fighting forces. These noble ideas are exquisitely encapsulated in vintage U.S. military insignia – personal items that are rich with both martial history and tradition.

Military insignia are cloth patches or metal pins used to denote rank, affiliation or technical qualification. They are distinct from medals, like the Purple Heart or Bronze Star, which are awarded based on merit. This article will exclusively discuss vintage U.S. military insignia that are made from metal, with the term vintage in this case referring to the 1970s or earlier. These highly desirable pieces of Americana have witnessed the most pivotal moments in 20th century military history, including World War I, World War II, the Korean War, Vietnam and the depths of the Cold War.

Vintage U.S. military insignia were generally worn on a soldier’s lapel, collar or hat and were an integral part of the military uniform. They were especially prominent on the dress uniform, where the rich warmth of gold and the subtle glint of silver endowed an immaculate, polished appearance. However these impeccable devices not only complemented a soldier’s image, but also helped instill a deep sense of esprit de corps and sacred obligation.

For most of its existence, the United States did not maintain a large standing army. Instead the country only fielded a small peacetime force that radically expanded during wartime. For instance, the U.S. Army was only 98,000 strong in 1914, but quickly ballooned to around 4,000,000 troops just a few years later due to World War I.

It was only during World War II that the U.S. Armed Forces became a permanently large standing force. This was driven initially by the exigent need to defeat Nazi Germany and Imperial Japan. After World War II, the rise of communism forced the U.S. military to maintain its wartime footing in order to act as a global counterweight to aggressive Soviet expansion.

The United States Armed Forces has five branches – the Army, Air Force, Marine Corp, Navy and the often overlooked Coast Guard. The U.S. Air force is the newest of the armed services, having only come into being in 1947. Before this time, the Air Force did not officially exist. Instead, the responsibility for military aviation was divided among the U.S. Army, Navy, Marine Corp and Coast Guard. However, the United States Army Air Forces, or USAAF, was the most prominent of these pre-1947 air units.

Although they are rapidly becoming hot items in the militaria market, most vintage U.S. military insignia weren’t originally that rare. Millions of men and women served in the U.S. forces over the course of the 20th century and nearly all of them wore insignia of some description. However, the original ubiquity of vintage U.S. military insignia belies their true scarcity today.

It is estimated that only 558,000 of the 16.1 million Americans who served during World War II are still alive in 2017. As the veterans of this world-altering conflict have inevitably passed on, many of their military insignia have been accidentally lost or discarded. Sometimes the children or grandchildren of these veterans, not recognizing the historical value of these remarkable pins, simply threw them in the trash. And now that veterans from the Korean and Vietnam conflicts are also reaching advanced ages, vintage U.S. military insignia from the 1950s and 1960s are destined to soon become rarer as well.

Vintage Sterling Silver U.S. Air Force Insignia for Sale on eBay

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A wide range of materials have been used in vintage U.S. military insignia. The most common is probably brass or bronze that has been gilt or silver-plated, as appropriate. Brass has the advantage of being inexpensive and reasonably durable for field service. Less sturdy materials such as plastic or die cast zinc alloys have also occasionally been used during wartime when copper was in short supply.

Silver-filled and gold-filled metals are fairly common. Sterling silver was also readily employed, although its prevalence declined precipitously in the late 1960s due to the rising global price of silver. Very rarely, high-end pins were made from solid karat gold.

Perhaps the most commonly encountered vintage U.S. military insignia is the Honorable Service Lapel Pin, which was given to veterans who had been honorably discharged. It features a perched eagle within a ring about to take flight – usually rendered in gilt metal. This pin is colloquially known as the “Ruptured Duck”, ostensibly because the awkward eagle looks more like a misshapen duck than a majestic bird of prey.

The Honorable Service Lapel Pin’s original incarnation was in 1919 as a cloth patch. It allowed a veteran to continue wearing his military uniform after being discharged – something that was normally strictly forbidden by military regulations. This was particularly important in the immediate aftermath of World War II, when wartime shortages made civilian clothing difficult to procure. Most Honorable Service Lapel Pins were made from gilt brass, but plastic, die cast, sterling silver and karat gold examples all exist.

Vintage Sterling Silver Ruptured Duck Insignia for Sale on eBay

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One of the most highly coveted of all vintage U.S. military insignia is the U.S. Army parachutist’s badge, also commonly known as “jump wings”. This pin features a central parachute flanked by two feathered wings – all rendered in oxidized silver. The design was first created in 1941 as a way to recognize freshly trained U.S. Army paratroopers who had just qualified for this newly invented and highly demanding discipline.

The very first order of 350 jump wings was crafted by the Philadelphia luxury jeweler Bailey, Banks & Biddle. But over the years, many different private firms have manufactured these unique pins under official government contract. These pins are usually silver-filled or sterling silver.

There are several variations of the U.S. Army parachutist’s badge. In 1950, the Senior and Master parachutist’s insignia were authorized. Both of these pins are identical to the basic U.S. Army parachutist’s badge, except the former has a star on top of the central parachute and the latter has the same star within a wreath.

An unofficial modification that was frequently made to jump wings by many soldiers and vets was the addition of small bronze stars to represent the number of combat jumps conducted. The maximum number of these “combat jump stars” is always five. While not originally sanctioned by the U.S. military, this common practice was eventually made official in 1983. Vintage jump wings with bronze stars are highly desirable in the collecting community, so buyers should beware of fabricated examples.

Vintage Sterling Silver U.S. Army Paratrooper Insignia for Sale on eBay

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The U.S. Marine Corp’s Eagle, Globe and Anchor is also a ubiquitous symbol among vintage U.S. military insignia. While the eagle and fouled (tangled) anchor were used to represent the U.S. Marine Corp since the early 19th century, the current Eagle, Globe and Anchor design was only adopted in 1868. The Eagle, Globe and Anchor, also known among collectors and Marines as the EGA, consists of a globe showing the western hemisphere with a fouled anchor behind and an American bald eagle surmounting both.

While there was a lot of variation in EGAs through the late 1950s, by the early 1960s they had been standardized. Since that time, the Eagle, Globe and Anchor for enlisted men has been all gold in color while officers’ EGAs have been all silver except for the anchor and continents on the globe, which are gilt. Because the number of active Marine Corps members has always been small compared to the other U.S. Armed Forces, their pre-World War II insignia are relatively uncommon. A detailed, albeit dry, history of the Marine Corp EGA can be found here.

Vintage Sterling Silver U.S. Marine Corp Insignia for Sale on eBay

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Another attractive vintage U.S. military insignia that is quite popular with collectors and history buffs is the U.S. Navy’s Submarine Warfare pin. It shows a central, oncoming submarine flanked on either side by two sea monster-like dolphins. The Submarine Warfare insignia for officers are gilt while enlisted men’s pins are all silver in color. Because submarines are a relatively new technology, the U.S. Navy Submarine Warfare pin was only first designed and issued in 1924. Vintage examples of this desirable pin can be found in silver-plated (or gold-plated) bronze, silver-filled (or gold-filled) and sterling silver (or gold-filled over sterling silver).

It is also quite common to come across officer’s pins while searching for vintage U.S. military insignia. Although relatively simple in design, these important emblems of rank helped identify officers at a glance. Below is a list of military officer ranks and their associated insignia. I’ve included the equivalent U.S. Naval and Coast Guard ranks in parenthesis. All U.S. military branches – the Army, Air Force, Marine Corp, Navy and Coast Guard – share the same officer’s insignia:

Second Lieutenant (Ensign) – One vertical gilt bar
First Lieutenant (Lieutenant Junior Grade) – One vertical silver bar
Captain (Lieutenant) – Two vertical silver bars
Major (Lieutenant Commander) – A gilt leaf
Lieutenant Colonel (Commander) – A silver leaf
Colonel (Captain) – A silver eagle clutching arrows and an olive branch
Brigadier General (Rear Admiral – lower half) – One silver star
Major General (Rear Admiral – upper half) – Two silver stars
Lieutenant General (Vice Admiral) – Three silver stars
General (Admiral) – Four silver stars
General of the Army (Fleet Admiral) – Five silver stars in a circle

It is important to note that the very highest rank of General of the Army or Fleet Admiral has not been conferred on any member of the U.S. Armed Forces since World War II. As you can imagine, general’s stars are rather rare and highly coveted in the collecting community. Fakes abound and great caution is urged when looking to purchase these items. The novice (and perhaps even intermediate-level) vintage U.S. military insignia aficionado would do well to stick to the rank of colonel or lower.

Vintage Sterling Silver U.S. Navy Insignia for Sale on eBay

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A huge number of private companies have received official U.S. military contracts for pins over the decades. In addition, there have been a fair number of “unofficial” suppliers as well, especially for pre-World War II officer’s pins. As a result, it is not possible to list all of the different makers that one might encounter on vintage U.S. military insignia.

However, there are a handful of companies that manufactured a disproportionately large share of vintage pins. These include Balfour (often abbreviated LGB), Luxenberg, Amico (American Insignia Co.), Gemsco, H&H (Hilborn & Hamburg) and N.S. Meyer Inc. The aspiring vintage U.S. military insignia collector should take note that these makers are the most frequently faked too. I’ve found this militaria site to be a useful reference for legitimate hallmarks.

For the serious connoisseur, the ability to accurately date vintage U.S. military insignia is a requirement. One of the best ways to do this is via the attachment mechanism on the back of the pin. The two earliest types of fasteners are the screw back and the pin back. The screw back fastener employs a threaded post soldered onto the back of the pin which is secured via a (usually) brass retaining nut. This type of fastener first appeared in the 1890s and persisted until the World War II era. Likewise the pin back fastener, also known as the jeweler’s pin or safety pin fastener, was also used from the late 19th century straight through to World War II.

During the 1920s a new type of fastener, called the Phinney clutch (after its inventor), pull clutch, or piston clutch came into widespread use. This fastener used a small, smooth post secured by a mechanical brass clutch. The Phinney clutch was superior because its modestly-sized, smooth post did not make a large hole in uniforms, unlike the older screw back version. It was easier to use than the fussy pin back fastener as well.

However, in 1942 the B.A. Ballou Company of Rhode Island made a breakthrough in clutch technology. They developed the eponymous Ballou clutch, a fastener made entirely out of thin sheets of stamped brass. It was used on smooth posts, much like a Phinney clutch, except the user squeezed two tabs on either side of the clutch between his thumb and forefinger. The U.S. military loved the Ballou clutch because it was easy to use, cheap to manufacture and used very little brass during a period of intense wartime demand. The Ballou clutch rapidly displaced all other fastener types, which are only infrequently encountered after World War II. The patent on the Ballou clutch expired sometime during the 1950s or 1960s, allowing other firms to manufacture clones after that time.

It should be noted that the clutches of some vintage military insignia have, either accidentally or intentionally, been swapped out over time, making this a fallible dating method. However, screw back and pin back fasteners are very difficult to alter without leaving tell-tale evidence. Despite its drawbacks, the fastener type is still a key method for dating vintage U.S. military insignia.

Vintage Sterling Silver U.S. Coast Guard Insignia for Sale on eBay

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Another way to date more recent vintage U.S. military insignia is via date codes. These were alpha-numeric codes assigned to pin manufacturers that had received official military contracts. Sometime between 1953 and 1960, insignia contractors began using a code consisting of a single letter followed by a single number. For example, B-1 stood for Balfour. Around 1965, the code was changed to a single letter followed by double digits. For instance, M-22 represented N.S. Meyer. This code system is still in use today.

The U.S. Navy also adopted its own unique code system of a single letter, double digits and the letter “N”. The navy has used this code from 1974 until the present. It should be noted that these alpha-numeric codes only applied to official military suppliers; unofficial pin suppliers did not use them.

Quality counts when looking to invest in vintage U.S. military insignia. You want a damage-free pin with lots of crisp detail and little or no wear. Does the eagle on your World War II era Ruptured Duck pin look like he just lost a drunken bar fight? Then walk away and search for another, better example.

I personally believe that vintage U.S. military insignia made from precious metals are substantially more desirable than those that aren’t, all else being equal. However, most insignia collectors out there right now don’t agree with this assessment. They largely collect based on era, military branch or type. But I think that the use of precious metals grants an additional dimension of investability to vintage insignia that does not exist otherwise.

Therefore, I recommend buying solid sterling silver or (admittedly rare) karat gold examples. Prices for sterling silver vintage U.S. military insignia are hardly any higher right now than similar pieces in brass or silver-filled/gold-filled, but should have greater future return potential. While I don’t normally like gold-filled antiques or jewelry for investment purposes, I think that sterling silver vintage military pins with gold-filled trim are entirely acceptable.

In fact, a lot of vintage U.S. military insignia are gold filled over sterling silver, which is far superior to normal gold electroplating. This is sometimes abbreviated as GoS, or gold-on-silver. Keep in mind that you will have a very hard time finding affordable sterling silver or solid karat gold specimens from before World War II due to their rarity and desirability. For these earlier eras, any material is acceptable.

Vintage Sterling Silver U.S. Army Insignia for Sale on eBay

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It is vital to favor pins that have an even, undisturbed patina. This will help you avoid specimens that have been harshly cleaned as well as modern reproductions that are sometimes sold as vintage pieces. It also isn’t uncommon to find new-old-stock, or NOS, insignia from several decades ago in their original retail boxes. These will nearly always have some patina if they are truly as old as they claim.

Some collectors of vintage U.S. military insignia avoid NOS pins because they want items that were used in active service. I, however, am indifferent to this preference and believe the final choice is up to the individual collector.

The biggest challenge for the vintage U.S. military insignia aficionado is to avoid fakes, reproductions and fantasy pieces. This has become more of a problem over the past 10 to 15 years as the militaria collecting niche has absolutely exploded in popularity. This trend has been partly driven by the passing of the World War II generation and the melancholy realization that the remaining survivors will not be with us for much longer.

Unfortunately, persistently rising militaria prices have induced some unscrupulous profiteers to fabricate, modify or otherwise fake vintage insignia. Knowledge is the collector’s best defense against being defrauded. As already noted, don’t purchase a vintage pin that does not have a good, natural patina intact. Also, make sure that all parts of a pin are period appropriate, including the fastener. Familiarize yourself with the common manufacturers of the era you are interested in and their hallmarks. Lastly, buy only from reputable sources; this will help save you money and heartache in the long run.

Pricing for vintage U.S. military insignia can vary considerably depending on the pin’s age, condition, material and type. Higher-end materials, like sterling silver, command a surprisingly modest premium over more pedestrian metals like brass. Earlier military insignia, especially pieces from before World War II are especially desirable and expensive.

However, the collector’s market for these martial relics is still in its infancy, resulting in an inefficient market with wildly differing prices for similar pieces. Pricing can range from an unbelievably low $10 to $20 for a relatively common World War II era sterling silver Ruptured Duck pin to a few hundred for a desirable pair of early Army Air Corps wings. Only a few of the very rarest specimens exceed $500 in value, giving savvy collectors of modest means a unique opportunity to “buy the best of the best“.

It is shocking how undervalued high quality vintage U.S. military insignia are right now. This is one of those few categories of antiques where less than $100 is enough to start a meaningful collection. With a variety of attractive specimens available for around $50, duty, honor and country has never been a better investment.

Read more in-depth Antique Sage militaria investment guides here.

Silver Trade Dollars of East Asia – Visions of Imperialism Past

Here is a spread of early 20th century silver piastre trade coins from the colony of French Indo-China. Prices for these silver trade dollars, and others like them, have steadily risen over the past 10 years – particularly for problem free specimens in good condition.

In 1865 U.S. journalist Horace Greeley popularized the rallying cry “Go west, young man”. The phrase was originally meant to encourage the enterprising and ambitious to strike out for fortune in the rugged expanses of the Western United States. And yet, if you travel far enough west, you inevitably find yourself in the exotic and mysterious Far East.

In the 19th century, China, Japan, Korea and Southeast Asia were not only sources of curious philosophies and bizarre plants and animals, but also luxury goods of all descriptions. So it shouldn’t come as a surprise that the unfamiliar, yet beguiling, cultures of the Far East fascinated the West. Antique silver trade dollars – large coins minted to promote commerce in the region – perfectly exemplified this Western obsession with all things East Asian.

During the mid 19th century European trade with the Far East grew dramatically. Europe imported massive quantities of Chinese silk, porcelain and tea, along with many other East Asian luxury goods. However, the merchants of the Far East – and China in particular – would only accept silver bullion in exchange for their wares.

As the 19th century progressed and the European powers established colonial territories in East Asia, the need for standardized silver trade coins to facilitate commerce became acute. As a result, the greatest empires and nations of the age – France, Great Britain, Japan and the U.S. – all minted impressively heavy silver trade dollars for exclusive use in the distant Far East trade.

Although I use the phrase “silver trade dollars” as a catchall term in this guide, calling these coins silver trade crowns would be more technically accurate. A “crown” in coin collecting traditionally referred to an old British 5 shilling silver coin. However, the term has also been adopted by the collecting community to refer to any silver coin that is similarly large in size.

Foreign silver crowns are avidly sought by coin collectors due to their imposing dimensions and captivating designs. Silver trade dollars of the Far East are no exception to this rule. With diameters generally varying between 38 and 39 millimeters (1.5 to 1.54 inches), they are similar in size to the venerable U.S. silver dollar.

In addition, these East Asian trade coins were struck from high purity, 900 fine (90%) silver. They were among the largest, most splendid coins ever intended for general circulation. Nothing impresses a potential trade partner like a massive hunk of almost pure silver.

Tragically, these historic silver trade dollars were usually treated as common bullion. Although originally minted by the tens of millions, over the decades vast quantities have been damaged, excessively worn or melted down. Consequently, these artistically crafted treasures of a bygone era are not nearly as plentiful as official mintage figures would indicate, particularly for examples in better condition.

One of the most beautiful and iconic of these silver trade dollars is the French Indo-China piastre. Over a period of about 30 years in the late 19th century, France accumulated several territories that it eventually consolidated into French Indo-China. The present-day countries of Vietnam, Laos and Cambodia were all part of this colony. At the time, the French Empire was second only to the British Empire in terms of prestige.

In order to facilitate trade in French Indo-China, France introduced a new currency unit called the piastre de commerce. The piastre was minted to a standard of 24.49 grams (0.7875 troy ounces) of pure silver. The series ran from 1885 to 1928 and featured the personification of Liberty seated on the front.

The figure of seated Liberty on the coin looks uncannily like the Statue of Liberty in New York City’s harbor. This isn’t just a coincidence. France gave the famous landmark to the United States in 1886 as a gift for its (belated) 100th anniversary. The reverse has a simple, yet elegant, wreath surrounded by a legend with the coin’s weight and fineness.

In 1895 the weight of the French Indo-China piastre was slightly reduced to 24.30 grams (0.7812 troy ounces) of fine silver. However, the purity and design of the coin were left unaltered. The French Indo-China piastre was minted primarily in Paris, but coins dated 1921 and 1922 were struck in Birmingham, Osaka or Hanoi.

French Indo-China Silver Piastre Coins for Sale on eBay

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Another silver trade dollar that is extremely popular with collectors today is the British trade dollar. In the early 1890s, the British began looking for a new currency to promote commerce with China, as well as Britain’s expansive East Asian possessions. As a result, the British trade dollar was minted from 1895 to 1935. This coveted coin saw heavy circulation in Burma, British Malaya, British Borneo, Singapore and Hong Kong.

This attractive silver trade dollar shows Britannia – the personification of the mighty British Empire – standing proudly with her trident and shield on the obverse while the reverse displays the denomination in both the Chinese and Malay languages. The British trade dollar contained 24.26 grams (0.7800 troy ounces) of fine silver and was minted in both Bombay (present day Mumbai) and Calcutta (present day Kolkata).

British Silver Trade Dollars for Sale on eBay

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The Japanese also felt the need to maintain their commercial interests by striking a silver trade dollar. In 1897 Japan pulled over 20 million of its silver one yen coins from circulation and countermarked them with the Japanese word “gin” or silver. These demonetized coins were then exported as bullion pieces to the Imperial Japanese possessions of Taiwan, Korea and Manchuria. The “gin” countermark denoting these as special trade pieces was stamped on the reverse of the coins, to either the left of the denomination (indicating the Osaka mint) or the right (indicating the Tokyo mint).

The Japanese silver one yen coin contained 24.26 grams (0.7800 troy ounces) of fine silver and was struck from 1874 to 1897. It featured an Asian-style dragon on the obverse and the stately Japanese imperial crest, along with a wreath and the denomination on the reverse. These remarkable Japanese silver trade dollars were a far cry from the feudal-style, “samurai money” the Tokugawa shogunate had struck just a few decades before.

Japanese Countermarked Silver One Yen Coins for Sale on eBay

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Not to be outdone by its trade rivals, the United States also minted an East Asian silver trade dollar that is extremely popular with collectors today. But this silver trade coin had a story behind it.

In the early 1870s the United States had two problems. First, it needed to find a way to off-load massive quantities of silver that had been discovered in Nevada’s famous Comstock Lode. Second, the U.S. was worried about the competitiveness of its existing silver dollar in the Far East trade versus the preeminent coin of Chinese commerce at the time, the silver Mexican 8 reales. Foreign silver coins other than the Mexican 8 reales – like the U.S. dollar – were often significantly discounted in transactions.

As a way to address both problems at once, the U.S. authorized the striking of a special, slightly heavier version of the silver dollar. This resulted in the U.S. trade dollar, a coin struck from 1873 to 1885 that was intended to circulate solely in China and the Far East. The U.S. trade dollar showed Liberty seated on the front and an eagle with wings spread on the back of the coin. The coin was struck in Philadelphia, San Francisco and Carson City (in Nevada) to a standard of 24.49 grams (0.7874 troy ounces) of pure silver.

U.S. Silver Trade Dollars for Sale on eBay

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An ambitious connoisseur could assemble a very impressive traditional collection of these large, enticing silver coins by date and mint. Alternatively, one could assemble a good “short set” by acquiring a single example of each type of trade crown – a French Indo-China piastre de commerce, a British trade dollar, a “gin” countermarked Japanese yen and a U.S. trade dollar.

Another fine set would be a French Indo-China piastre from every decade of its production run – one from the 1880s, 1890s, 1900s, 1910s and finally the 1920s. This type of abbreviated set would work well with the British trade dollar as well.

Yet another variant would be collecting every different date of a U.S. trade dollar struck at a particular mint. A San Francisco U.S. trade dollar set would consist of six common-date coins and be eminently achievable. On the other hand, a Carson City set – although the same number of coins – would be substantially more challenging and expensive to assemble due to their lower mintages and high collector demand.

When purchasing silver trade dollars it is important to acquire coins in Very Fine (VF) or better condition. Coins in VF condition will retain most details on figures and devices, although the exact grading varies by the coin series. One potential exception to this rule is key date coins, where a lower grade may be acceptable.

For example, the 1878 Carson City U.S. trade dollar only had a mintage of 97,000 pieces. But according to U.S. mint records, 44,148 trade dollars were melted in that year. Almost all of these were undoubtedly 1878 issues from the Carson City mint. So it is likely that net issuance was only around 50,000 specimens, with many of those subsequently destroyed or heavily damaged. Therefore, unless your budget is unlimited, acquiring an 1878 Carson City trade dollar below VF condition may not only be acceptable, but your only realistic option.

The other primary consideration when choosing silver trade dollars is ensuring the coins are problem free. It is imperative to avoid pieces that are scratched, holed or damaged in any way. It is also wise to bypass coins that have been harshly cleaned at some point in their lives. A well-worn coin that is brilliantly lustrous is suspect and highly likely to have been cleaned. Instead, look for examples with original surfaces even if it means the coin is toned, dark or slightly tarnished.

Some trade pieces have chopmarks. These are Chinese characters stamped onto the coin by private Chinese banks or moneychangers to guarantee their silver content. In years past, chopmarked coins were considered damaged and thus traded at a discount to non-chopmarked examples.

However, this outdated opinion may be changing as the market for these attractive coins matures and becomes more sophisticated. At a minimum, chopmarks on a silver trade crown prove that the coin in question definitely circulated in the Far East – and more specifically the Chinese market.

With their impressive size, precious metal content and historical significance, silver trade dollars are highly desirable investments. In fact, as of early 2018, prices for these stunning coins have risen by almost 50% in just the last few years alone!

In spite of these rising prices, good examples of common date French Indo-China piastre and British silver trade dollars are still available in the $50 to $250 range. Countermarked Japanese one yen pieces run slightly more, with pricing starting at around $100. U.S. trade dollars are the most expensive of the group with common date varieties in reasonable condition trading for over $200.

Scarce or key dates of any of the series can cost anywhere from several hundred dollars to several thousands of dollars, depending on condition. Key dates of the U.S. trade dollar in particular are difficult to find and correspondingly expensive. However, even an abridged set of these celebrated Far East silver trade coins would constitute a magnificent and compelling tangible asset.

It has been more than 150 years since Horace Greely’s famous pronouncement to “Go west, young man”. With the rise of China in the modern age, Horace Greeley’s illustrious advice to seek fortune on the edges of the globe has stood the test of time. And there are few finer ways of honoring the spirit of that astute motto than by investing in the silver trade dollars of East Asia.

Read more in-depth Antique Sage rare coin investment guides here.

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Read more in-depth Antique Sage Japanese antiques investment guides here.

Old School Glamour – Vintage Cigarette Holders

Here is an example of a typical vintage cigar or cheroot holder, circa late 19th or early 20th century. This specimen is either made from amber or an early plastic like Bakelite or Galalith. The original, fitted case significantly enhances the investment desirability of the piece.

Nostalgia is a powerful emotion. It compels us to look fondly backward to a time in our life when things were simpler or better. Sometimes we can even be nostalgic for a time and place that we never experienced personally, like the cultural golden ages of pre-World War I Vienna or 1920s Paris. And few antiques are able to elicit nostalgia for bygone times, both experienced and imagined, like vintage cigarette holders. These luxury trappings were invariably at the fingertips of the wealthy, powerful and famous throughout the 20th century, allowing them to unapologetically smoke a cigarette and look great doing it.

A cigarette holder is a small, hollow, tubular device used as an intermediary between the smoker and his (or her) cigarette. Often made from the most precious materials available, vintage cigarette holders were objets d’art par excellence for the fashionable smoker. They embodied the highest principals of functional luxury for the liberated woman or urbane man during the first half of the 20th century.

The discerning gentleman who preferred to relax with the occasional cigar was not forgotten, however. Cigar holders, just as luxurious as their cigarette holder brethren, were also widely used from the late 19th century until the middle of the 20th century. In fact, this tobacco paraphernalia was almost a requirement in gentlemen’s clubs, billiard rooms and studies – anyplace men of refinement might gather to enjoy a leisurely cigar.

These personal tobacco accessories, the cigar holder and the cigarette holder, served two main purposes. First, they prevented nicotine staining of the fingers or gloves. If the cigarette holder contained a filter (a fairly common occurrence before the advent of filtered cigarettes) it would also help minimize any staining of the teeth. Second, a cigarette holder kept second hand smoke out of its users face. This was particularly helpful in social situations, like formal dinners, high society parties or the opera.

Cigarette smoking and, by extension, the use of cigarette holders, was a quintessentially 20th century affair. At the beginning of the century, in 1900, it is estimated that only 4% or 5% of tobacco users were cigarette smokers. All the others smoked cigars, pipes or used snuff. But that statistic changed rapidly during the first decades of the new century.

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The First World War, from 1914 to 1918, drove widespread adoption of cigarettes by men in the armed services all over the globe. Most belligerent countries during these conflicts, including Great Britain, Germany and the U.S., handed out cigarettes as part of their troops’ weekly ration packages. The Second World War merely reinforced this trend, firmly establishing cigarettes as the preeminent tobacco product. These two global conflicts, perhaps more than anything else, helped popularize and normalize smoking during the 20th century.

While pipe, cigar and cigarette smoking were originally considered a distinctly masculine pastime, women’s desire for liberation in the modern era led to their increased interest in smoking. Although regarded as unseemly and unladylike at the beginning of the 20th century, smoking also held an allure of illicitness via its association with jazz music, prohibition era drinking, underground gambling and even promiscuity. Indeed, it was the iconic female “flappers” of the rebellious 1920s who finally changed societal perceptions, legitimizing cigarette usage among women. Naturally, with increased smoking among women came the use of elegant and chic cigarette holders.

Smoking’s popularity reached its zenith in the middle of the 20th century, from the 1940s to the 1960s. During this period, almost everyone from the humblest housewife to the most powerful politician indulged in a relaxing cigarette occasionally. And the eye-catching, portable and ever stylish cigarette holder was omnipresent.

Old Hollywood starlets, in particular, have given us countless iconic images showing bejeweled cigarette holders languorously hanging from their lips. Marlene Dietrich, Greta Garbo and Rita Hayworth were just a few of the acclaimed celebrities from Old Hollywood to smoke cigarettes, usually with a magnificent cigarette holder.

Some other famous smokers of the era were 007 creator Ian Fleming, musician Nat King Cole and gonzo journalist Hunter S. Thompson. Even rebellious royalty luxuriated in smoking during this period. Great Britain’s Princess Margaret, Countess of Snowdon, was, scandalously, a smoker from her teenage years. But she often burnished her defiance through the glamorous use of high end cigarette holders.

In 1961 the celebrated movie Breakfast at Tiffany’s was released. This notable film featured the famous actress Audrey Hepburn portraying Holly Golightly, a young, sophisticated New York debutante who sported a trademark long cigarette holder. This character perhaps best exemplifies the apogee of mid-century cigarette culture and its indispensible companion, the cigarette holder.

However, during the 1960s and 1970s, more and more medical evidence began to point to the dangers of smoking. The resulting decline in tobacco use was slow at first, and many beautiful and functional cigarette holders were created during this time. But, inexorably, smoking gradually became associated with cancer, emphysema and other terrible diseases. By the early 1980s, cigarette use in the West was dying, and with it the need for glamorous cigarette holders. An era had ended.

Vintage cigarette holders were made from a wide range of different materials, from the unassuming to the opulent. Amber, the fossilized resin of ancient trees, was one of the most common materials used. Another substance frequently encountered is tortoiseshell which originates from the carapace of large turtle and tortoise species like the hawksbill sea turtle. Ivory, with its warm tones and creamy, off-white color was also popular. The simple, black elegance of jet, a gem quality coal, was, likewise, a favorite material for vintage cigarette holders.

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All of these prized natural materials were imitated by early plastics starting in the late 19th and early 20th century. The very first of these, celluloid, was occasionally used in the production of cigarette and cigar holders, but was discontinued as soon as other plastics became available due to its flammability. Casein formaldehyde, called Galalith, was another early synthetic plastic used in vintage cigarette holders. But perhaps the best known of all the early plastics was Bakelite, the trade name for phenol formaldehyde resin.

High quality vintage cigarette holders were often accented with the precious metals – gold, silver, or platinum. This would usually take the form of one or more simple bands near the middle or the tip of the cigarette holder. Vintage cigarette or cigar holders were even created from semi-precious stones like jade, lapis or agate, although this was less common.

Vintage cigarette holders were frequently made out of a combination of several different materials. In these cases, the organic gem materials and plastics mentioned before were reserved for the stem of the piece that would be held in the mouth. This is because these materials were thermally non-conductive and would keep the user from accidentally being burnt.

While humble cigarette holders that sold for less than a dollar were manufactured in profusion, the most desirable specimens today were produced by famous makers. Renowned luxury houses, such as Cartier, Buccellati, Van Cleef & Arpels, Tiffany & Co. and Boucheron, created some of the most sumptuous examples. But the famous Russian jewelry firm of Faberge is celebrated as perhaps the greatest maker of luxury antique cigar and cigarette holders.

A special mention is in order for Alfred Dunhill, a noted English tobacconist who founded the eponymous firm of Alfred Dunhill Ltd. While his company started as a generalist British luxury goods company, it soon developed a sterling reputation as a purveyor of fine tobacco accessories, including cigarette and cigar holders. Dunhill vintage cigarette holders were made to the highest standard, as evidenced by the fact that the company received a Royal Warrant as the tobacconist to the Prince of Wales in 1921. Alfred Dunhill Ltd. cigarette and cigar holders can often be identified at a glance by their characteristic “white dot” trademark.

High quality materials are a must when looking to invest in vintage cigarette holders. Precious metals like gold, silver and platinum, are often found on high end specimens. Other precious materials like tortoise shell, amber, ivory or jade are also usually indicative of a high quality cigarette holder.

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Early plastics, like Bakelite, have a neutral impact on the value of vintage cigarette holders. Instead, it is the workmanship and any accompanying materials that determine the item’s desirability. A simple antique cigarette holder made entirely from Bakelite will possess limited desirability, while a sumptuously crafted Bakelite specimen accented with gold and diamonds will be quite valuable.

Condition, of course, is an attribute of primary importance when investing in vintage cigarette holders. Modest wear, usually in the form of light tooth marks, is completely acceptable on the stem of an antique cigarette holder. This indicates it was used and treasured by a former owner. But cracks, chips, significant discoloration or other noticeable damage will greatly reduce the value of a piece. In addition, a vintage cigarette or cigar holder that comes in its original case is always more desirable than one that doesn’t.

A compelling collection of vintage cigarette or cigar holders can be assembled for a surprisingly small investment. Relatively modest specimens start at just under $100, while more elaborate examples are usually just a few hundred dollars. Interestingly, even the finest pieces rarely go for more than $1,000, which allows disciplined connoisseurs to dabble in the high end cheaply. One need not smoke to admire a fine vintage cigarette holder or antique cigarette case. These luxury goods from yesteryear give both the aspiring tobacciana collector and objet d’art aficionado a window into a splendid, nostalgic past.

Read more in-depth Antique Sage tobacciana investment guides here.

Edwardian Jewelry – A Gilded Age Investment

The delicacy of this 14 karat yellow gold, seed pearl and pink tourmaline brooch is typical of Edwardian jewelry. Notice the white gold millegrain settings around the tourmaline gems. These settings serve to emphasize the subtle pink color of the stones and are a hallmark of both Edwardian jewelry and the later Art Deco style.

In the modern age we have a certain fascination with the rich and famous. They somehow seem to inhabit a world apart from us – a world of palatial mansions, yacht outings and opulent fashion. And yet our current gilded age, as magnificent as it seems, is put to shame by one that preceded us. If history is any indication, few people knew how to throw, or attend, a high-class party like the Edwardians. And one of the ways the Downton Abbey set flaunted their substantial wealth was by wearing magnificent Edwardian jewelry.

Gossamer creations of unparalleled beauty, Edwardian jewelry is among the most prized objects on earth. Diamonds, sapphires and natural pearls drip graciously from platinum garlands, bows and ribbons. It possesses a refinement and elegance that elicits images of royalty and aristocrats. And, although only created for a short period of time, from 1900 to 1915, Edwardian jewelry still looms large in the imagination today.

The Edwardian era took its name from the reign of the British monarch King Edward VII, who ruled from 1901 to 1910. He ascended the throne on the death of his mother, Queen Victoria, who had ruled for an astonishing 64 years. Under Queen Victoria’s reign, Great Britain grew into the most powerful and wealthy country on earth, with a colonial empire unrivaled in both size and prestige.

However, Victoria was a traditionalist. In fact, she was often viewed as a slave to formality and ceremony. This was partially reflected in Victorian fashions, which were invariably elaborate, heavy and sometimes suffocating. Although the Victorian period was immensely prosperous, the upper class was constrained by the staid Victorian ethos espoused by the Great Queen. Conspicuous consumption was something one simply did not do in Victorian England.

King Edward VII’s ascension to the throne, however, brought a renewed sense of lightheartedness and enjoyment to high society. The new king and his wife, Alexandra, loved grand parties and were unrepentant socialites. King Edward VII led by example in this brilliant new era. He enjoyed gambling, overeating and womanizing. He even indulged in smoking both cigars and cigarettes, although not at the same time. In the Edwardian period it was perfectly acceptable to be rich and revel in it.

Although King Edward VII was the monarch of Great Britain, his lavish parties and hedonistic behavior established the spirit of the age in Continental Europe as well as America. In France, this period was known as the Belle Époque – the beautiful era. In the United States it was called the Gilded Age.

But regardless of the name used, the Edwardian era was a brilliant flourishing of culture, leisure and the arts. In many ways, the Edwardian period was the apogee of European imperialism and global dominance carried forward from the late 19th century. Great Britain and France both had extensive colonial possessions that spanned the globe, while Germany was a rapidly rising world power.

Then, just as a star burns brightest right before it is extinguished, Europe was plunged into the horrors of the First World War in 1914. The extravagant parties and opulent holidays abruptly ended. Even the luxurious frivolity of the fashion world stopped almost overnight. In the darkly prophetic words of the British Foreign Secretary Sir Edward Grey at the onset of the War, “The lamps are going out all over Europe; we shall not see them lit again in our life-time.”

Antique Edwardian jewelry was characterized by ribbon, bow, garland and heart motifs. However, unlike the contemporary Art Nouveau jewelry style, Edwardian jewelry didn’t adhere slavishly to naturalism. It wasn’t uncommon for Edwardian pieces to have geometric or linear elements, foreshadowing the future rise of Art Deco jewelry styles in the 1920s.

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The Edwardian stylistic movement, with its delicate yet dazzling appearance, was directly inspired by 18th century Rococo jewelry and the Louis XVI style. Pierced or filigree settings added a playful and airy sense that was absent from earlier Victorian jewelry. Fine Edwardian jewelry always possesses a delicacy and lightness that is not found in later Art Deco jewelry.

Diamonds and colored gemstones were often mounted in millegrain settings during the Edwardian period. Millegrain is a goldsmithing technique where the bezel around the perimeter of a stone is minutely beaded or ridged, giving the piece a rich, glittering look. It also wasn’t unusual for bezels in Edwardian jewelry to use a different, contrasting metal from the rest of a piece. Yellow gold bezels emphasized the richness of colored stones while white gold or platinum bezels accentuated the dazzling whiteness of diamonds.

The discovery of massive diamond deposits in South Africa in the 1870s led to increased availability of these coveted gemstones during the late 19th and early 20th century. Diamonds, formerly rare and reserved for the aristocracy, were quickly embraced by mainstream jewelers. As a result, diamonds were one of the preeminent gems of the period, often adorning Edwardian jewelry in profusion.

Most diamonds found in Edwardian jewelry are either old mine cut or old European cut diamonds. These older diamond cuts were hand-fashioned by highly skilled old world craftsmen in order to maximize the fire of these stones under low light conditions. Fire, otherwise known as dispersion, is when a diamond breaks light up into the spectral colors of the rainbow before returning it to the viewer’s eyes. These old cut diamonds possess a warmth, charm and charisma that complements Edwardian jewelry beautifully.

Another diamond cut often found in Edwardian jewelry is the rose cut. It is a flat-bottomed, faceted dome – sometimes irregular – that rises to a single point. The rose cut is actually a very old diamond cut, first originating in Europe in the middle of the 16th century. By the Edwardian period at the beginning of the 20th century, rose cut diamonds were usually used in less expensive pieces of jewelry. Edwardian jewelry was the last style of jewelry to feature the widespread use of rose cut diamonds.

Because of the extensive use of diamonds in Edwardian jewelry, white metals – primarily white gold and platinum – were de rigueur in these pieces. Platinum, in particular, became a hallmark of high quality Edwardian jewelry. Platinum has an extremely high melting point and can take a great deal of expertise to properly work. So although the rare white metal was known decades before the Edwardian period, the early 20th century was the first time platinum was commonly used in jewelry production.

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Platinum was uniquely suited for use in Edwardian jewelry. Unlike silver, platinum’s mesmerizing gray-white color doesn’t tarnish over time. In addition, platinum is incredibly strong compared to sterling silver or even karat gold.

As a result, jewelers were able to create profoundly complex yet magnificently diaphanous scrollwork, filigree and millegrain effects in platinum that would have been impossible in traditional silver-topped gold. As an added bonus, the new metal’s great strength allowed platinum Edwardian jewelry to be surprisingly light for its size. This was a reversal from earlier Victorian jewelry made from silver-topped gold, which was invariably bulky and heavy.

Another gem often mounted in Edwardian jewelry is pearls. The really interesting thing about good quality pearl jewelry from the Edwardian period – circa 1900 to 1915 – is that it exclusively employed natural pearls. This is because the cultured pearl industry, pioneered by the enterprising Kokichi Mikimoto, didn’t produce commercially viable harvests of round pearls until the late 1910s.

Natural saltwater pearls could only be harvested by highly trained oyster divers who would descend to the sea floor in search of wild mollusks. These divers would descend to depths of up to 100 feet without any breathing apparatus, risking not only drowning but also the dreaded bends. It is estimated that every ton of oysters collected would yield only a few high quality pearls.

It is incredibly significant that Edwardian jewelry was the last style of jewelry, historically speaking, to rely solely on natural pearls. Natural saltwater pearls have been prized for thousands of years for their luster, iridescence and otherworldly, almost ethereal appearance. Natural saltwater pearls were so rare that matched necklaces were only within the reach of the very wealthiest members of society. In fact, the renowned French jeweler Jacques Cartier reputedly traded a mere two necklaces of natural pearls for his flagship Fifth Avenue New York store location in 1916.

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Other gemstones often encountered in Edwardian jewelry are sapphire, aquamarine and ruby. Turquoise, peridot and amethyst were used in somewhat less expensive pieces. In any case, delicate, softly-colored pastel gems often found top billing alongside dazzlingly bright diamonds and platinum.

Edwardian jewelry provides a wealth of opportunities for the aspiring antiques investor. Along with the contemporary jewelry style of Art Nouveau, Edwardian jewelry was the first type of jewelry to look effectively modern. Unlike Victorian or Georgian jewelry, fine Edwardian jewelry can still grace the hand or neck of a gorgeous woman without looking dated.

When buying Edwardian jewelry for investment purposes there are a few rules to follow. Large, expensive gemstones like ruby, sapphire and diamonds were frequently mounted in important pieces and are very desirable. However, it is more common to find a multitude of smaller accent stones without a single large gem in more modest pieces. Although these less elaborate examples are still quite collectible, they will always be less valuable than a similar piece set with a large precious stone.

Pearl Edwardian jewelry represents a tremendous buying opportunity due to the fact that it is perhaps the single best source of affordable natural pearls left in the market today. As always, large, round pearls with good luster and no damage will be the most desirable. Seed pearls, split pearls and baroque pearls are also commonly found in Edwardian jewelry, but are significantly less desirable than large, fully round pearls. It should be noted that natural saltwater pearls were so rare that it wasn’t unusual for pearls used in antique jewelry to only be approximate matches for color, roundness and size. Allowances should be made for these natural variations.

As noted above, platinum is the premier metal for high end Edwardian jewelry. However, yellow gold was also frequently used. In addition, yellow gold topped with platinum or silver is also commonly encountered. It is recommended that the serious investor only entertain pieces made from 14 karat (58.3%) gold or better. Platinum used in jewelry, in contrast, is almost always 90% fine. All else being equal, a given example rendered in platinum will always be more desirable than a similar piece made in karat gold.

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A fine piece of Edwardian jewelry will always communicate an unmistakable delicacy and lightness that is innately appealing. Poorly made Edwardian jewelry will tend to be clunky or ponderous. The serious connoisseur will skip over these subpar examples.

Modern reproductions in the Edwardian style will often have similar shortcomings, projecting an awkward or clumsy aura. They will not only lack the subtlety and spontaneity of original pieces, but are also usually set with modern cut diamonds, which is a dead giveaway. These modern reproductions are unfit for investment purposes.

As usual, it is important to avoid buying damaged, broken, bent or otherwise compromised pieces of Edwardian jewelry if future investment performance is important. Pearls, especially, should be checked to ensure they haven’t pealed, cracked or discolored. Watch out for chipped gemstones or diamonds as well. They can be almost impossible to economically replace.

It is important to note that synthetic rubies and sapphires went into commercial production just before 1900. Because of this, the Edwardian period was the first time that synthetic gemstones were widely used in jewelry. However, just because a piece of jewelry employs synthetics, it doesn’t mean that it isn’t desirable. Synthetic gemstones were still very expensive and difficult to produce at the time. Therefore, it isn’t unusual to find them mounted in very fine settings – often as matching calibre cut stones – along with completely natural, high value gems, like diamonds and pearls.

Due to its tendency towards high intrinsic values, investment quality Edwardian jewelry can be quite expensive. Pricing for good quality, investable Edwardian jewelry generally starts at around $500 for simpler examples. Prices quickly escalate for more elaborate specimens or pieces mounted with large, valuable gemstones like diamonds, sapphires or rubies. Superlative examples can easily command sums of $10,000 or more.

The Edwardian period was an age of sophistication, elegance and grandeur. Its alluring combination of carefree leisure and tremendous wealth still inspires us today. Edwardian jewelry is a window into that past, embodying the zeitgeist and splendor of that pre-World War I golden age.

Read more in-depth Antique Sage vintage jewelry investment guides here.

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