Chinese Year of the Dragon 2000 Yuan Kilo Gold leads World Coins with $115,000; post-auction buying continues, expected to push total past $18 million

DALLAS, TX – When the hammer came down on the dramatic 1856-O $20 double eagle on Friday night, May 29, during Heritage Auction Galleries’ Signature® Long Beach U.S. Coin Auction, the $1,437,500 total (including 15% Buyer’s Premium) elicited a spontaneous ovation from the buzzing crowd in the Long Beach Convention Center

The combined totals for the Rare U.S. Coins and World Coins auction in Heritage’s annual start of summer event in California was approaching $18 million total as of Monday, June 1, with post-auction buying continuing to push the total even higher.

“To say that we’re pleased with these results is an understatement,” said Greg Rohan, President of Heritage Auction Galleries. “Everyone seems to be scrambling to figure out if the overall economy is improving or worsening; one thing is for certain, though: high quality rare U.S. and World coins are selling as well as ever and still provide one of the surest investment opportunities in the market.”

The 1856-O double eagle – certified Specimen-63 by PCGS – is the rarest New Orleans-minted double eagle, the finest known example of this famous American coin, and it certainly lived up to its billing. At more than $1.4 million, it is the most ever paid at auction for a New Orleans double eagle – or for any New Orleans-minted coin. Many specialists believe that this is the single most important New Orleans double eagle in existence, and one of the most important O-mint coins of any denomination.

The seven figure price is even more impressive when you consider the prices realized journey this particular coin has taken at Heritage Auction Galleries alone, where it has been sold twice before, bringing $310,500 in 2002 and $542,800 in 2004. (more…)

The status of the 1856-O double eagle as the rarest New Orleans twenty, from a paltry mintage of 2,250 pieces, was established as long ago as the Atwater Sale (B. Max Mehl, 6/1946). In lot 1338 of that celebrated catalog Mehl proclaimed, “1856 Strictly very fine; free from any nicks or dents. The rarest Double-Eagle of the New Orleans Mint. Smallest coinage, that of only 2250. Not in some of the largest collections of U.S. Gold. Not even in the recent Sale of ‘World’s Greatest Collection of U.S. Gold Coins.’ ”

Many specialists believe that this is the single most important New Orleans double eagle in existence, and one of the most important O-mint coins of any denomination. The coin offered here is the finest example known by a wide margin. Its special characteristics have earned this coin the Specimen designation, certified as such by PCGS. Doug Winter once believed this coin was a proof, but he later revised his opinion to coincide with the PCGS designation. As an issue, the 1856-O needs little introduction. It remains one of the few transcendent rarities among 19th century U.S. gold, recognized as such even by non-gold collectors.

The 1856-O is one of the classic rarities in U.S. gold coinage. It is both the rarest gold coin struck by the New Orleans Mint, and the rarest regular issue Liberty Head double eagle. The estimated number of survivors ranges from a conservative 10-12 (Breen) to as high as 20-30 (Winter). The issue is very rare in AU grades, and the present coin is the only Uncirculated example known. The example in the Bell Collection (Stack’s, 12/1944), lot 899 was cataloged as Uncirculated, but that coin is believed to be the Eliasberg specimen, which graded AU50 in the sale of that storied collection.

The present coin has an appearance unlike any other 1856-O double eagle. While weakness is generally found on O-mint double eagles from this era, including the 1856-O, this coin shows an amazing full strike in all areas and fully reflective fields, somewhat different from the finish seen on other New Orleans twenties from this period. Each star has satiny luster and shows shadowing, as though impressed with an extra blow from the die. Liberty’s hair details and the stars above the eagle are equally well brought up. (more…)

Rare Nicholas I Rouble and a solid gold “Money Chain” highlight the offerings

DALLAS, TX – International variety will be the name of the game at Heritage Auction Galleries Long Beach World Coin Auction , May 28-29 and 31, with an exceedingly rare 1770 Nuevo Reino Pillar Dollar anchoring the country and continent spanning collection. Of the two that aren’t already in private hands – or held by private institutions – this one is by far the more pristine. It’s estimated at $60,000-$80,000 and officially listed as a Carlos III Pillar 8 Reales 1770NR-VJ, KM39 (Date Unlisted), Calico 1000, Cayon Unlisted, MS64 NGC.

Until three years ago, no one even knew that the 1770 Nuevo Reino Pillar Dollar existed. That changed quickly, however, when an amazing stash of 14 coins was found during the bulldozing of a parking lot in Bogota that was being razed for a new building. Buried beneath the dirt and the decades was the old foundations of the Nuestra Senora del Pilar church.

The church, which existed from 1770 until 1948 when it was set ablaze during riots, was also a convent and school for girls. The church was eventually torn down and the area turned into a parking lot. When construction began on a new building three years ago and crews started digging, a small group of coins turned up – including the 14 1770 Nuevo Reino Pillars.

“The amazing thing about this Pillar Dollar,” said Cristiano Bierrenbach, Director of International Sales at Heritage, “is that we can actually trace it to the very day and place of its minting. The entire history of this coin, and the reason for which it was created, is right on its face.”

Under a special “Treasure” section, we have this “Money” chain, probably one of the largest ever recovered from a shipwreck, weighing more than 57 ounces of pure gold. The massive gold “Money Chain” from the Santa Margarita Wreck (circa 1620) , 407 solid links, more than 10 feet long, and weighing 57.55oz (1789.8 grams), 22 karat certainly meets the criteria for the lot most likely to inspire buyers; it’s hard to imagine that a heavier gold “money chain” exists.

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