By Greg Reynolds for CoinLink

On April 29th and 30th, in Cincinnati, Heritage will auction the collection of “Joseph C. Thomas,” which features U.S. copper, nickel and silver coins, from the 1790s to the mid 20th century. As far as I know, the Thomas collection does not contain any gold coins. In terms of depth and quality, it is the best collection of U.S. silver coins to be sold at public auction since John J. Pittman’s U.S. coins were auctioned in October 1997 and May 1998. Thomas’s copper and nickel coins are also exemplary. Although a large number of Thomas’ 19th century coins are PCGS or NGC graded from 66 to 68, the focus here will be on extremely rare coins, not supergrade coins. As the Thomas collection will be sold, without reserves, the results will provide much information regarding current markets for rare and/or high quality, classic U.S. coins

If U.S. silver coins are analytically distinguished form entire collections, Joseph C. Thomas was certainly on his way towards assembling a collection that could have rivaled those of Eliasberg, Pittman, James A. Stack and the Norweb family. Many (or all?) of his coins were acquired over the past six years. If Thomas had continued collecting for five to seven more years, in the same manner he was acquiring coins during the period from 2004 to 2008, his collection could have become one of the fifteen finest of all time, in terms of U.S. copper, nickel and silver coins. As it is, his collection will become a significant factor in the history of coin collecting in the United States.

I do not know why Thomas stopped, or why he chose April 2009 as a time to sell. Moreover, “Joseph C. Thomas” may not be his real name. As it is the name that he has chosen for his coin collection, and because I never mention a collector’s unpublished name without his permission, it is the name that I will use when referring to this epic collection.

The Joseph C. Thomas collection will be best remembered for U.S. silver coins. The focus here is on U.S. silver coins that are extremely rare. It is true, however, that most of the excellent silver coins in the Thomas collection are not extremely rare. (more…)

By Greg Reynolds for CoinLink

In Part 1 of my series on the auction of the Naftzger Middle Dates, please find an overview of this collection, general remarks regarding die varieties, my probably not original view on defining types of Middle Date cents, and and a discussion of Naftzger’s cents from the year 1839. In Part 2, I talk about scarce dates and I list some of the high quality type coins in the Naftzger Middle Date collection. In Part 3, there is a broad interpretation of the results of the auction, and a discussion of the 1817 cent, with fifteen stars. In Part 4, there is an analysis of the prices realized of scarce dates from the 1820s. In Part 5, prices realized for Naftzger’s cents from the 1830s are discussed.

Most of the scarcest Middle Dates are in the 1820s. As large quantities of large cents dating from 1816 to 1820 were discovered long ago, these tend to be relatively common and are certainly not rare in 60 and higher grades. The only dates, as dates are defined by most collectors, in the Middle Date series that are probably truly rare, in all grades, are the 1823, the 1823/2 and the 1839/6. The 1823 is slightly rarer than her non-identical twin, the 1823/2 overdate. Naftzger had an excellent Proof 1823/2 cent that was sold privately, along with most of his Early Dates, during the Winter of 1992. Naftzger’s 1839/6 overdate cents are discussed in Part 2 and in Part 5.

Naftzger had the two finest known 1823s. One is PCGS certified 65BN and the other, 66BN. The grading services distinguish BN (Brown color) from RB (Mint Red & Brown) and RD (nearly full original Mint Red). M&G grade both these 1823s as 65. Greg Hannigan also “graded them both as 65,” and Hannigan maintains that the one that is PCGS certified 66BN is “just a tad better than the other one. There should not have been a big difference in price between the two.”

Chris McCawley reveals that “these are the only two truly uncirculated 1823s to have sold in [his] lifetime. The Gene Reale-Andy Hain 1823 is not quite Mint State, though it has nice luster.” (more…)

By Greg Reynolds for CoinLink

In Part 1 of my series on the auction of the Naftzger Middle Dates, please find an overview of this collection, general remarks regarding die varieties, my probably not original view on defining types of Middle Date cents, and and a discussion of Naftzger’s cents from the year 1839. In Part 2, I talk about scarce dates and I list some of the high quality type coins in the Naftzger Middle Date collection. In Part 3, there is a broad interpretation of the results of the auction, and a discussion of the 1817 cent, with fifteen stars. In Part 4, there is an analysis of the prices realized of scarce dates from the 1820s. In Part 5, prices realized for Naftzger’s cents from the 1830s are discussed.

On Sunday, Feb. 1, at the Beverly Hills Crowne Plaza Hotel, the firm of Ira & Larry Goldberg auctioned the late Ted Naftzger’s collection of U.S. cents that date from 1816 to 1839, the so called Middle Dates. Most of Naftzger’s Early Date large cents, and many of his Proof Middle Dates, were sold privately in 1992. Several important Naftzger Early Dates, however, were auctioned by the Goldbergs in Sept. 2008, including a pristine gem 1796. Naftzger’s Late Dates (1839-57) will probably be auctioned in September 2009. Although I expected record prices on Feb. 1, and some crazy bidding, I am stunned by the prices realized. An 1823 realized an astonishing $299,000 and many other Naftzger Middle Dates sold for astronomical prices, especially considering that Middle Date business strike large cents are not very rare.

The 1823 and her non-identical twin, the 1823/2 overdate, are the rarest Matron Head large cents, a type which was minted from 1816 to 1835. The Coronet Head large cents that were minted from 1835 to 1839 are of a distinctly different type (or subtype), though are still Middle Dates. The relative rarity of the 1835-39 type is the 1839/6 overdate, which is almost always collected as a distinct date. The best of Naftzger’s three 1839/6 cents realized an incredible $264,500. As far as I know, the previous auction record for an 1839/6, which was set in early 2005, is $14,950.

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