By Greg Reynolds for CoinLink

On Nov. 14, the firm of Robert Siegel, operated by Scott Trepel, auctioned an ‘Inverted Jenny’ 24¢ U.S. airmail stamp, of 1918, at the firm’s galleries in midtown Manhattan. It is an error of the first official U.S. airmail stamp. The airplane in the center was mistakenly printed upside down.

This stamp has been independently authenticated, but it was not independently graded. Trepel grades it as ‘Extremely Fine’ with “only a trace of a hinge.”

Trepel was also the auctioneer when the Siegel firm set the auction record for a philatelic item, something relating to postage, a little more than two years ago. On Oct. 19, 2005, the only existing plate numbered block of four ‘Inverted Jenny’ stamps sold for $2,970,000.

In September, Jay Parrino, a famous coin dealer, sold a different ‘Inverted Jenny’ privately for exactly $1 million. It has Very Fine grade centering along with a never hinged original gum on the reverse. Parrino sold it to a Hollywood movie mogul who started buying stamps from Jay when they were both kids. He has also collected coins.

On Nov. 14, the bidding action was intense. As the price realized includes a 15% buyer’s fee, the same as at coin auctions, it makes logical sense to adjust all bids to incorporate the ‘buyer’s fee.’

Bidding started at around $335,000. More than five bidders, at least one by telephone, were involved as the level rose to above $400,000.

I was glad to see another coin expert at the event. Greg Rohan, President of Heritage Auction Galleries, came to bid on this ‘Inverted Jenny.’ Rohan’s first bid was $460,000.

A telephone bidder came back with a bid of about $490,000. Rohan then pushed the level well above $500,000. A New York City stamp dealer, who asked that his name not be mentioned, waved himself in at nearly $550,000 ($475k+15% = $546,250).

The phone bidder returned with a $575,000 bid. This amount almost tied the previous auction record for a single ‘Inverted Jenny’ when the Siegel firm auctioned a different single on June 3, 2005, for $577,500. In the original sheet, the ‘Inverted Jenny’ (in position #57) that was auctioned in June 2005 was right next to the one that was auctioned on Nov. 14, 2007, at position #58. Long ago, a dealer who owned the whole sheet noted the position numbers of each of the one hundred ‘Inverted Jenny’ stamps. (more…)

By Greg Reynolds for CoinLink

Only one 1870 San Francisco Mint half dime is known to exist. It was on display on Oct. 27 & 28 at the first CoinFest, at the East Greenwich (CT) Civic Center. Please see my separate article about the CoinFest event. Most collectors have either never heard of the 1870-S half dime or do not know much about it.
The most famous coins are not the rarest. Almost all collectors know about 1909-S VDB and 1914-D Lincolns, 1877 Indian Cents, 1913 Liberty Nickels, 1894-S, 1895-O and 1916-D dimes, 1901-S and 1913-S quarters, 1916 and 1918/7-S Standing Liberty Quarters, and other key dates in series that are avidly collected. Moreover, 1804 silver dollars are the most famous of all coins. As fifteen 1804 dollars are known, there are quite a few other coins that are rarer. Most collectors are not familiar with the rarest U.S. coins.

There are three, privately owned U.S. coins that are each unique. Before itemizing the three, it makes sense to emphasize that I am referring to privately owned coins. There are unique pieces in the Smithsonian, and these are more complicated, for at least two reasons. Most unique pieces in the Smithsonian are patterns rather than true coins. Those unique pieces that are definitely true U.S. coins are not necessarily distinct dates. The issue of whether a particular die variety is a separate date is often controversial. There is no doubt that the three privately owned unique U.S. coins are true coins and are distinct dates.

Read Full Story in the Coin Guide Section of CoinLink

By Greg Reynolds for CoinLink

The first CoinFest was held on Oct. 27 & 28 at the Eastern Greenwich (CT) Civic Center. The unique 1870-S half dime was prominently exhibited near the entrance, and is the topic of a separate article that will appear on CoinLink. The show was organized and promoted by Jon Lerner, proprietor of Scarsdale Coin. Laura Sperber is co-owner of CoinFest.

A large number of serious collectors came to the CoinFest, along with hundreds of casual browsers. Lerner declared that “more than 1800 people attended.” Also, there were free numismatic magazines, educational speakers, and a young numismatist program. On the whole, the atmosphere at CoinFest was lively.

The bourse was sold out, and dealers came from far away to offer coins. Don Willis’s Premium Quality Numismatics, for example, is based in Southern California.

Although dealer Robert Riemer is a specialist in Morgan dollars and commemoratives, he found that “early 20th century U.S. gold coins were” his “best sellers at CoinFest.” Indeed, he “sold 90% of the gold coins” that he brought with him. “The Connecticut coast has waited a long time to have a coin show of its own,” Riemer adds, “and it was very well done.” (more…)