by Greg Reynolds for CoinLink

Bowers & Merena, a division of Spectrum Numismatics, conducted an auction on the evening of Jan. 8, just before the start of the Florida United Numismatists (FUN) convention in Orlando. An impressive number of choice U.S. coins were packed into a relatively small 670 lot auction. The room was almost full at 6:30 PM, shortly after the bidding started. Although this auction did not include Great Rarities or epic collections, the quality and aesthetic characteristics of many of the choice and gem grade, scarce U.S. coins are impressive.

The evening ended on a strong note when a 1931 Saint Gaudens Double Eagle ($20 gold coin) sold for $101,200. All prices realized include the 15% buyer’s fee that is standard at all major coin auctions. Generally, participants factor this 15% fee into the calculations of their bids.

This 1931 Double Eagle is graded MS-65 by the Professional Coin Grading Service (PCGS). Charles Browne was the successful bidder. He is a grader, analyst and buyer for a Mid-Atlantic coin firm. Browne says that this “is a nice, flashy coin,” and its grade “is a mid range 65.”

Matt Kleinsteuber was not quite as enthusiastic as Browne about this 1931 Saint. He concluded that “it makes the 65-grade, mostly due to its originality and freshness.”

I like this 1931. It just about has the aesthetic characteristics of a 66 grade Saint, along with the level and magnitude of contact marks that might be associated with a high end 64 grade Saint. It has never been cleaned, and probably has never been dipped. It is a very attractive coin with rich original luster, especially on the reverse (back). Its obverse (front) is mostly a neat pale beige-gold and glitters when tilted under a light. Browne and I both feel that this Saint has “personality” in addition to “originality.” Browne asserts that most experts “would agree that this coin is always a 65, never a 66!”

There was a notable run of rare date Saints in this auction. One is a 1927-S Saint that is graded MS-63 by the Numismatic Guaranty Corp. (NGC). It brought a strong price of $51,750. Another strong price was $55,200 for a 1929. It is NGC graded MS-64, and is average for this certified grade.

Charles Browne has more than thirty years of experience in the coin business. He is a former PCGS grader and is a current instructor at ANA grading seminars. For the 1925-S Saint, PCGS graded MS-64, he confirmed my conclusion that it is an “okay 64.” There are a small number of noticeable scratches and the color is commensurate with a 64 grade. The price of $43,125 was a little high, but within a reasonable range.

Browne is extremely enthusiastic about the 1913-D Saint, PCGS graded MS-66. “It is an exceptional coin, and is original. For a mintmarked early teen-date Saint, it is exceptionally free of marks, has great color and a lot of eye appeal.” Browne adds that it is possibly “the best 1913-D that I have ever seen, a real 66!” Although I liked the coin, I am not nearly as enthusiastic about it as is Browne. Laura Sperber, another veteran dealer, “did not like it.” Opinions about coins will never be unanimous. It is indisputable that it is a bright coin with very few hits. It sold for $34,500.

The highest priced Saint in the sale was a 1907 High Relief that is NGC certified “Proof-67.” It brought $138,575.

An 1800 Eagle ($10 gold), NGC certified ‘MS-61 Prooflike,’ is interesting. The reverse has full mirror surfaces. Browne determined that it is fairly graded. I am not thrilled by it. But, it is curious for what it is; it certainly caught my attention. A floor bidder took it for $43,700, which I take to be a high price for this specific coin.

There were two 1801 Eagles of the same die variety, and each realized the same price, $21,850. The first is NGC graded “AU-58″ and the second is PCGS graded AU-55.

Two Proof Half Eagles ($5 gold coins) that were earlier in the landmark collection of Harry Bass were featured in this sale. An 1871, NGC certified “Proof-65 Cameo” sold for $65,550 to bidder #361. Laura Sperber, of Legend Numismatics, was the successful bidder for an 1874, NGC certified “Proof-66 Ultra Cameo.” At $126,500, it is not cheap for a Proof Liberty Half Eagle. In Proof format, though, 1874 is an extremely rare date. It would be very difficult to find another Proof 1874 Half Eagle, and this could be the finest privately owned piece.

While it is true that 1881 is a fairly common date in the Liberty Head Half Eagle series, I really like the 1881in this sale, which is NGC graded MS-64. It has very appealing natural toning, and pleasing luster. It sold for $2875, a deservedly strong price for a premium quality MS-64 grade 1881.

Browne was the top bidder for a 1912-S Half Eagle, PCGS graded MS-64, for $24,725. It is very rare in this grade. It is naturally toned. Only one 1912-S has been certified as MS-65.

Two of my favorite coins in the whole sale are 1838 and 1839-O dimes. These both have terrific natural toning.

The 1838 ‘Large Stars’ is NGC graded MS-67. It is very attractive plus and very sharply struck. It has never been dipped. There is no way to describe how the light brownish-russet colors blend with various shades of green, patches of blue, and touches of tan and gray. It is not dark, nor is it very brilliant. This coin’s toning is even and balanced. The reverse is nearly flawless and certainly grades at least MS-67 on its own. Unfortunately, there are two patches of very short scratches in the obverse fields, one on the left near her elbow and the other on the right between her knee and the stars. These scratches are thin and small and are not really distracting. Most collectors would not even notice them.

Though it is not close to being perfect, this 1838 dime probably still makes the 67-grade. I asked Sperber about this 1838 more than once, and she firmly maintains that it merits its 67-grade. She was not the top bidder. While I understand how someone might think otherwise, the terrific natural look of this dime is very memorable and its personality seems to demand a 67-grade. It brought a reasonable $6038, a price which is certainly in the range of values for a 67-grade dime of this date. I have no idea who bought it.

As for the 1839-O in this sale, it is of the variety with ‘No Drapery’ and a Large O, and is PCGS graded MS-67. This dime has excellent detail. The reverse is virtually flawless with incredibly cool toning. There are approximate circles of brownish-russet, red, bright blue, and apricot. At and near the center of the reverse, there are patches of lighter colors along with small areas of silver luster. I could not find any contact marks or scratches on the reverse, even under twenty-times magnification!

The center of the obverse is mostly white and is moderately brilliant. There is a rich mix of blue, greenish-blue and green in the obverse outer fields with russet hues blended in ‘here and there.’ Mottled orange russet tones cover parts of the obverse inner fields, close to some of the stars.

The reverse, by itself, probably grades 68. In my opinion, this dime’s grade is a solid 67 overall. Legend Numismatics bought it for $35,650. Sperber says Legend “would have paid at least $10,000 more for this 39-O,” if it had been necessary to do so.

There were some rare, circulated coins in this auction, including a decent example of the very rare 1871-CC dime. It is NGC graded AU-50, and is almost attractive. It brought $21,850.

A 1796 quarter, as a one-year type coin and the first year of quarters, always attracts attention. The one in this sale is PCGS graded Good-04, and just barely qualifies for that grade. At a glance, it did not seem to have any significant problems. It brought $11,213. A PCGS graded Good-06 1901-S quarter, which is the key date in the Barber Quarter series, garnered $6325. Neither of these two prices are surprising in any way.

For the last thirty years, Morgan dollars have been popular with a large number of collectors. In this auction, there were several scarcer date Morgans. Browne was “startled” that the 1884-S in this auction, PCGS graded “MS-64,” went for $109,250. He was even “more surprised” that the 1892-S in this auction, PCGS graded “MS-64,” brought $120,750, which Browne regards as “a very high price for this particular dollar.” Other Morgans went for strong prices as well. A key condition rarity in MS-63 and higher grades is the 1889-CC. A PCGS graded “MS-64″ 1889-CC realized $71,300. An 1894-O, PCGS graded “MS-65,” garnered $48,300. The Morgans did well for their respective consignors.

After the 1913 Liberty Nickel, the most famous nickel rarity is the Proof 1867 ‘With Rays.’ Shield Nickel. There were two in this auction, a PCGS certified “Proof-62″ nickel that realized $18,400 and a PCGS graded Proof-65 nickel, which has orange, red, pink and champagne toning. I am not overwhelmed by it. Browne comments that it is a “normal, good looking Proof Shield Nickel.” He adds that “its grade is a mid-range Proof-65.” Kleinsteuber is much more enthusiastic about it.

Matt Kleinsteuber is a grader, analyst and buyer for NFC coins, and he attends almost every major coin auction in the whole nation. He declares that this Shield Nickel has “wonderful original color” and he “loves the coin.” Ian Russell, chief operating officer of B&M, acted as agent for a telephone bidder who captured this rare nickel for $78,200 (=$68,000+15%). Later, Kleinsteuber exclaimed, “I wish I had bought it.”

The most shocking price realized at this auction was $143,750 for a 1913-D (Type 2) Buffalo Nickel. It is NGC graded “MS-68″ and it is a colorful coin with no noticeable marks or scratches. Browne said that it is “beautiful”! He fully agrees with the 68 grade, though he was surprised by the auction result. Sperber was “not impressed” by this nickel and she boldly asserts that “it is not worth it.” I am not certain how to interpret the coin or the price.

For this ‘13-D, a Virginia dealer bid for the famous collector Gerald F., who has multiple sets of Buffalo Nickels. He has more than one PCGS registry set and a completely separate NGC registry set, which this coin has joined. Although 1913-D (Type 2) Buffalo Nickels are relative rarities in the Buffalo Nickel series, these are not very rare in absolute terms. Certified MS-67 grade 1913-D (Type 2) nickels have recently been auctioned for less than $20,000. Certified MS-66 grade nickels of this date, of which there are many, tend to realize around $3000 at auction. An AU-50 grade1913-D (Type 2) could be obtained for less than $250.

The coin in this auction that received the most pre-sale publicity is a 1927-S quarter which is PCGS certified ‘MS-65′ with a ‘Full Head’ designation. For reasons unknown, Standing Liberty Quarters were typically struck with flat or otherwise weakly detailed heads. Without a ‘Full Head’ designation, this coin would be worth less than $15,000. Charles Browne said that it was “a very nice coin” and that he likes its “cartwheel luster.” As best as I could tell, this coin did not have any significant contact marks or scratches. The $161,000 result is high, but not shocking. Browne asserts that “this coin is worth it.”

As I already reported in my article on Unusual Items in Orlando Auctions, a 1944-D cent, mistakenly struck on a 1943-vintage steel planchet, sold for $105,800. It is PCGS graded MS-62.

There is never space to write about all the worthwhile coins in a major auction. Of course, there are attractive, fairly graded, important coins that I have not mentioned. Additionally, I hope that I have provided worthwhile clues as to how coins are graded and otherwise analyzed. I also hope that I convey enthusiasm for coins in my articles. This auction was both successful and enjoyable.

©2008 Greg Reynolds