News and Analysis regarding scarce coins, coin markets, and the coin collecting community #13

A Weekly Column by Greg Reynolds

Herein, I comment upon the prices realized for three rarities in the August 2010 B&M auction that I discussed in recent columns. Also, I mention that, in September, the Goldbergs will be offering a 1795 Reeded Edge cent in a PCGS “Genuine” holder, and it is not yet clear whether this is a new discovery a re-appearance of one of the six and a half that I have discussed in three writings over the past year, mostly recently in my column of June 23rd.

Yes, the Heritage Platinum Event is being held tonight and I have already covered, in many recent columns, coins that will be offered. Moreover, I recently wrote a two-part series on Dr. Steven Duckor’s Barber Halves. (Please click to read part 1 and part 2. As usual, clickable links are in blue.) Duckor’s set is the greatest set of business strike Barber Halves that has ever been assembled. It is the main attraction of tonight’s auction, though many other terrific coins are included. The collection of Dr. and Mrs. Claude Davis is particularly noteworthy, and was covered in my column of July 21st. Also, one-year type coins in the Heritage auction that belong to Davis and other consignors are analyzed in my column of July 7th.

I. Boyd-Cardinal 1794 Silver Dollar

It has already been widely reported that the Boyd-Cardinal 1794 sold, on Saturday, Aug. 7, for $1,207,500, at a hotel in Boston. Please click to see my discussion of this coin in my column of June 23rd. Since I wrote about the consignor, the Cardinal Collection Educational Foundation, and its curator, Martin Logies, in my June 23rd column, and will do so again, my remarks today will be limited to the price, especially since I have not learned anything about the buyer.

Although the B&M auction went really well, and other coins brought very strong prices, I was not impressed by the result for this 1794 silver dollar. Firstly, in May, the finest known 1794 dollar sold for a reported price of “$7.85 million” and this point was very widely published in a large number of news forums throughout the nation and even in various parts of the world. Secondly, this very same 1794 dollar was auctioned by ANR for $1,150,000 on June 30, 2005. Although rare coin price levels are not near the peaks reached in the first seven or eight months of 2008, current rare coin prices, in most areas, are substantially higher than those that prevailed in the middle of 2005.

Third, in his cataloguing of this coin for Bowers & Merena, Jeff Ambio studiously reveals that the 1794 dollars that are of higher quality than this one are unlikely to be available in the near future. I am not sure that Ambio should have employed the term “impounded” to refer to each of these. The Stellar-Rogers 1794 is probably the second finest known 1794 dollar, and other coins from the Stellar Type Set have been sold recently. Please see my inaugural column. Even so, I agree with Jeff’s point that it is unlikely that the Stellar-Rogers 1794 dollar will be sold soon. Furthermore, Ambio is being fair in asserting that the Jimmy Hayes 1794, which is likely to be the third finest known, will probably not be sold for a very long time. Ambio’s remarks regarding the Oswald-Norweb 1794 were revealing to me. While I guessed that it is the 1794 dollar that is PCGS graded MS-64, I was not certain. I had no idea that the owner of the Oswald-Norweb 1794 almost sold it recently and then decided to keep it in his family for the foreseeable future.

Although it has been years since I saw the Oswald-Norweb 1794, I suggest that there is a good chance that it is of higher quality than the Boyd-Cardinal 1794. A leading collector, who refers to himself as “TradeDollarNut”, has publicly asserted that the Oswald-Norweb 1794 is a full grade-increment above the Boyd-Cardinal 1794. My hunch is that the difference is more on the level of a third or a half a grade. It is true that the Oswald-Norweb piece has mint caused imperfections on the obverse (front) that are quite noticeable and a little bothersome. I remember being very impressed with the originality of the Oswald-Norweb 1794. I hope that it remains as original as it was when I examined it. A high degree of originality is not a priority, however, for many silver dollar collectors, and I am certain that a large number of silver dollar collectors would prefer the Boyd-Cardinal 1794 to the Oswald-Norweb 1794, which might not be available for a long time, anyway. The Boyd-Cardinal 1794 reflects light in livelier manner, as I remember. (more…)

by Greg Reynolds

In part 1, I introduced Dr. Duckor’s set of Barber Halves, mentioned the last two coins that he added, focused on his 1904-S half, and discussed the building of his set of Barber halves. Here in part 2, the historical and cultural importance of this set will be analyzed, with references to other landmark sets of Barber Halves. In my last weekly column, on Wed. Aug 4th, I discussed two other halves in Dr. Duckor’s set, both of which were previously in the Thaine Price collection, his 1893-O and 1895-S. (As usual, clickable links are in blue.)

IV. Gem Sets of Business Strike Barbers

Only a small number of collectors have attempted to assemble a set of gem quality Barber Half Dollars. These were minted from 1892 to 1915. Barber Dimes and Quarters were also first minted in 1892, though these continued until 1916. In low grades, Good-04 to Fine-12, a set of Barber Halves is easy to complete. Without consideration of the 1892 Micro O variety, Numismedia.com suggests that a whole set, in Good-04 grade, could be assembled for around $2500.

Generally, many collectors choose Barber Halves over Barber Quarters because a set of Barber Halves is easier to complete. An 1896-S quarter may cost as much as $1000 in Good condition, while a 1901-S quarter could easily cost more than $5000. So, kids and other beginners are often discouraged from Barber Quarters because they are concerned that they will never be able to complete a set. In grades of MS-65 and higher, though, Barber Halves are much more expensive than the quarters overall.

In many instances, when a collector becomes wealthy, he (or she) returns to some of the series that he collected when he had far less money, often to coin types that he collected as a kid or as a relatively young adult. As sets of circulated Barber Halves have been completed by so many collectors, I am surprised that so few advanced, wealthy collectors have sought to complete sets of gem quality Barber Halves. Such a quest may be very exciting.

Yes, gem quality Barber Halves have been worth significant sums of money since the late 1980s. From then to the present, however, it has often been type coin collectors and speculators that have demanded gem quality Barber Halves. Over the last century, there have been very few collectors, who strongly focused upon completing sets of gem quality, business strike Barber coins.

A perusal of catalogues of auctions of especially great collections from the 1940s to the 1970s demonstrates that minimal attention was given to Barber Halves. It seems that, in decades past, collectors of half dollars felt an obligation to include Barber Halves because traditional rules stipulate that a collection of classic half dollars should include all the dates that the respective collector could afford. In the traditions of coin collecting in the U.S., completion is a value of a high order.

Only in rare instances was a collection of business strike Barber Halves a focus. In addition to being the foremost researcher of U.S. Patterns, Saul Teichman has engaged in a tremendous amount of general research regarding great collections. “One point to remember is that Barber Halves were no big deal in the 1960s and early 1970s,” Teichman remarks, “many of these were under $100 in gem grade back then.”

Several of those who built the greatest U.S. coin collections of all time did, in fact, very much appreciate Barber Halves. Their respective collections featured numerous gem quality Barber Halves. (more…)

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #12

A Weekly Column by Greg Reynolds

After covering rarities in the upcoming Boston auctions for weeks, I saved the most awestriking collection for last. Dr. Steven Duckor’s collection of Barber Halves is the greatest of all time for this series. Please read the two part series that I wrote about the importance and depth of this set. Click here to see Part 1, which was published yesterday. Part 2 will be posted soon. As those articles deal with the collection as a whole, with discussion of only a few specific coins, I will mention some additional Barber Halves in the Duckor collection in my columns, including commentary on the 1893-O and 1895-S below.

Just recently, I noticed that one of the most interesting Liberty Head U.S. gold coins will be in the upcoming Stack’s auction, which will be held on Sunday, Aug. 8 at the Boston Park Plaza Hotel. It is an 1853-O Eagle that is NGC certified as ‘Specimen-61.’

I. Specially Struck 1853-O $10 Gold Coin

This 1853-O Eagle (U.S. $10 gold coin) is incredibly interesting. I very much enjoyed examining it. I have never seen another coin that very much resembles the texture and other characteristics of this 1853-O Eagle. I wish to thank Adam Crum of Monaco Rare Coins for enabling me to spend considerable time viewing this coin in 2008. It is one of five or so 19th century gold coins that has received a Specimen designation from the NGC, and the only Liberty Head Eagle to be so designated.

As far as I know, the only other Branch Mint gold coin that has received a Specimen designation by the NGC is the 1856-O Double Eagle that has been certified as SP-63 by both the PCGS and the NGC, and has a CAC sticker of approval. It sold privately for $1.8 million in March, as I reported in my inaugural column. It is important to point out, though, that 1856-O Double Eagles are Great Rarities overall, and any 1856-O Double Eagle is worth more than $150,000.

There is a unique Proof 1844-O Eagle, though that coin merits a separate discussion. Earlier this year, I wrote an article about the Proof 1907-D Double Eagle.

The late researcher Breen strongly believed that this 1853-O Eagle is a ‘Branch Mint Proof.’ Breen is probably the foremost U.S. coin expert of all time. In my view, however, it is not a Proof, but is fairly termed a “Specimen” striking.

Breen declared that this 1853-O Eagle is a Proof in two different books, which appeared more than ten years apart. In 1977, is encyclopedia of Proof coins was published, and, in 1988, a giant book was published that covered Proofs and business strikes, and other strikings, of all U.S. coins plus many colonial and territorial issues. Many of the coins that are listed as Proofs in 1977 are not listed as such in 1988. Breen never saw a good number of the coins that he listed as Proofs in 1977. Later, he changed his view of the status of some of these when he actually saw them or when he heard more about them from reliable sources. Moreover, between 1977 and 1988, he may have changed his mind about the Proof status of some coins that he had seen before 1977. Breen certainly did not change his mind about this 1853-O Eagle. He was certain that it is a Proof.

It is true that most experts now have come to believe that some of the coins that Breen labeled as Proofs in 1977 are really just Prooflike. Coins that are clearly not Proofs yet have mirrored surfaces are often termed ‘Prooflike,’ especially if such coins are well struck and/or have extra-smooth fields.

Prooflike coins are usually early business strikes from new dies or later business strikes that were struck from worn dies after they were extensively polished. Even though this 1853-O Eagle clearly has reflective surfaces, Prooflike would not be a correct attribution for it. The dies employed to strike it were not just polished; they were prepared much differently from the ways in which dies were prepared for routine strikings.

This 1853-O is very sharply struck. Quite a few other New Orleans Mint Eagles of the period are sharply struck as well. The characteristics of the design elements of this 1853-O, however, go beyond being sharply struck. Many of the design elements are in relatively higher relief than the corresponding design elements on business strikes. (more…)