By Greg Reynolds for CoinLink

The Palakika collection was the highlight of Heritage’s Platinum Night event at the CSNS convention in St. Louis. Two of my previous articles covered the Palakika 1812 Half Eagle ($5 gold) and 1858 Eagle ($10). The most curious and noteworthy price realized was $63,250 for an 1893-S dime. An 1893-S in Good-04 condition could be purchased for less than $15!

This ‘Rarity of the Week’ is not literally rare. It is a scarcity. The 1893-S is not even one of the ten scarcest business strikes in the Barber Dime series, 1892 to 1916. The main, though not the only, objective here is to understand the reasons for the $63,250 result.

The Palakika 1893-S is graded MS-67 by the Professional Coin Grading Service (PCGS). While I have never seen it, I do know that it was so graded before 2003. Before the auction, the PCGS price guide estimated it to be worth $17,500. Previously, an 1893-S dime had never realized even close to that much at auction. Has an 1893-S ever sold for more than $10,000?

A collector, who is an expert in Barber dimes, informed me that the Palakika 1893-S is a mid-range MS-67. He examined it himself and also had another grading expert view it for him. He prefers that his name not be mentioned. According to him, while there is “not a chance” that it would upgrade to MS-68, it is a very appealing coin. I have not found anyone who disputes the MS-67 grade.

The Palakika 1893-S is said to have extremely attractive, natural toning, and appealing, underlying, cartwheel luster, especially on the reverse (back of the coin). One serious bidder already has a PCGS graded MS-66 1893-S, and wanted this one as an upgrade. (more…)

By Greg Reynolds for CoinLink
Half Eagles dated 1812 never seem to warrant much discussion. They are among the least rare of all early Half Eagles ($5 gold coins). Indeed, with so many very rare Half Eagles, including several Great Rarities, minted before and after 1812, those of this date have not gotten much respect.

People are starting to pay attention, now that an 1812 Half Eagle just sold, on May 10, in the Heritage Central States ‘Platinum Night’ event for a record $149,500! It is graded MS-65 by the Professional Coin Grading Service (PCGS). It was a highlight of the “Palakika” collection that also included an 1858 Eagle that sold for $276,000 and an 1893-S dime that brought an incredible $63,250!

Will this $149,500 result mean that 1812 Half Eagles will now gain status as a date? It will not. The result probably relates to the combination of the quality of the coin and its status as a representative of the Capped Bust Facing Left Type.

Bust Left Half Eagles, for the whole type, are extremely rare in gem quality, MS-65 and higher grades. The PCGS and the Numismatic Guaranty Corp. (NGC) together have probably only certified twenty to thirty-two different Bust Left Half Eagles in MS-65 and higher grades! Although it is not noted in the catalogue, Heritage auctioned this exact same PCGS graded MS-65 1812 in July 2003. It realized $54,625 then, a little more than a third of the May 2007 price.

Prices for early gold coins have risen considerably since July 2003. Increases in pertinent market prices, though, would not entirely account for the same coin realizing almost three times as much. In January 2007, Heritage sold another 1812 that was NGC graded MS-65 for $63,250. It is plausible that the NGC MS-65 1812 that was sold in January is inferior to the Palakika 1812, though I would like to see both coins before commenting upon the $86,250 difference in price. (more…)