By Doug Winter – RareGoldCoins.com

In the Bowers and Merena November 2010 Baltimore auction, a business strike 1875 half eagle sold without a lot of fanfare for a lot of money. I think this was one of the most significant individual sales in the rare gold coin market in 2010 and I’d like to spend a bit of time analyzing both the coin that was sold and the significance it portends for both the Liberty Head half eagle series and the rare gold market as a whole.

The 1875 is the rarest collectible Liberty Head half eagle. (The 1854-S is rarer but with no pieces likely available to collectors in the near future, I regard this issue as “non-collectible.”) Only 200 business strikes were produced and the number of pieces known has generally been estimated to be in the area of ten. I think this estimate is reasonably accurate although I think the actual number known could be as low as seven or eight.

The 1875 is unknown in Uncirculated and most of the examples that exist are in the EF40 to AU50 range. PCGS has graded five coins including an EF40 and two each in AU50 and AU53 while NGC has graded four: one in EF45 and three in AU55. I believe that these figures are inflated by resubmissions and the total number of distinct 1875 half eagles in slabs is four or five. There have been 10 auction appearances since 1991. Six have occurred since 2000 but this includes a number of reappearances of the same coin(s).

The coin in the Bowers and Merena auction was graded AU55 by NGC and it appeared to have been the same coin that was offered as DLRC’s Richmond I: 1444 back in July 2004 where it brought a record-setting $86,250. There had been no other 1875 business strikes that had been available since the Goldberg 2/07: 2335 coin that brought $74,750.

The Bowers coin was part of an interesting set of 1875 gold coinage called the “Kupersmith Once in a Lifetime” collection. Terrible name but an interesting and impressive set with examples of the rare Philadelphia gold dollar, quarter eagle and three dollar gold piece from this year but, curiously without the very rare 1875 business strike (or Proof) eagle. (more…)

Malibu, Kupersmith and Zürich collections excite bidders

Bowers and Merena, one of the world’s preeminent auctioneers for rare coins and currency, saw spirited bidding as the Official Auctioneer of the November 2010 Whitman Coin & Collectibles Baltimore Expo. Nearly 3,900 lots of rare U.S. coins and currency crossed the auction block in the Nov. 4-6 sale and realized $11.6 million. Ponterio & Associates, Bowers and Merena’s world and ancient coin division, brought over 2,900 lots and added an additional $1.6 million to the sale.

“With the selection of U.S. and foreign collections presented, this year’s November Baltimore Auction ranks as one of our most important auctions yet,” said Greg Roberts, CEO of Bowers and Merena Auctions. “Even our optimistic appraisals were far surpassed, especially those in the fabulous Malibu Collection, which was comprised of the #2 collection of Standing Liberty Quarters with full-head designation on the PCGS Set Registry and an awe-inspiring array of Seated Liberty coinage.”

The Malibu Collection of Standing Liberty Quarters, featured lot 1750, the key-date 1916 in PCGS/CAC MS-67 FH that sold for $115,000, lot 1760, the finest-known 1919-D in PCGS MS-66+ FH, that brought $109,250 and lot 1776, the pop 1/2 example of low mintage 1927-S in PCGS/CAC MS-65+ FH sold for an impressive $149,500.

The 1882 Half Dollar, one of only three Motto Seated Half Dollars certified MS-68 by PCGS and verified by CAC, lot 2074, traded hands at $74,750. Finally, the amazing Stack-Pryor-Malibu Specimen of 1855 Arrows Seated Half Dollar in PCGS/CAC MS-66, lot 2018, realized $54,625.

Leading the way among gold coin highlights, the Kupersmith Once-in-a-Lifetime Collection of 1875-dated gold coinage featured many of the rarest and most significant pieces of the sale. The proof-only 1875 Three-Dollar gold piece, certified Proof-66 Ultra Cameo by NGC with a pop 1/0 sold for $253,000. The business strike 1875 Liberty Half Eagle offered as lot 5043, an even rarer issue, went for an impressive $149,500. Certified AU-55 by NGC, the coin represents the finest grade available among the 10 coins believed to exist from a 200-piece issue.

Another anchor in the Baltimore Auction was the Zürich Collection which almost exclusively contains rare, high-grade proof Liberty Double Eagles. A beautiful gem, the 1892 Double Eagle in NGC Proof-66 Ultra Cameo from the collection netted $103,500 as lot 5392. (more…)

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #27

A Weekly Column by Greg Reynolds

I. The Malibu Collection

In Baltimore, on Thursday, Nov. 4, 2010, B&M auctioned the ‘Malibu’ collections of Standing Liberty Quarters (SLQs), Liberty Seated Halves and Liberty Seated Dollars. Though I have a strong affinity for Liberty Seated coins, I will focus here on this collector’s Standing Liberty Quarters (SLQs), as his set of SLQs is phenomenal.

Since the collector who formed the Malibu collection wishes to remain anonymous, Malibu will be employed here as the code name of this collector and of his collections of specific series. All the Malibu collections auctioned in Novembers were of business strikes. In January, B&M will auction the Malibu collections of Proof Liberty Seated Quarters and Liberty Seated Halves, in Tampa, just prior to the winter FUN Convention.

II. Malibu SLQ Registry Set

Among the collections that Malibu has formed so far, the Malibu set of Standing Liberty Quarters (SLQs) is the most famous. In the category of “Basic” sets of Standing Liberty Quarters with Full Heads on Miss Liberty, the Malibu collection is the second “All-Time Finest” in the PCGS registry.

All of the quarters in Malibu’s set have a ‘Full Head’ designation from the PCGS, and the FH indicator is best referred to as part of the grade, though it is technically a designation that is considered separately from the numerical grade. An MS65FH SLQ is generally considered to be ‘of a higher grade’, so to speak, then an MS-65 grade SLQ of the same date with a weakly struck head, which is typical for most dates of SLQs. For some SLQ issues, only a very small percentage of those struck have a full head (FH).

In the PCGS registry, the Malibu Collection of Standing Liberty Quarters (SLQs) has a weighted grade point average of “67.92.” Relatively scarce SLQs are weighed more than relatively less scarce dates. The rules of the PCGS registry provide for “bonus points” that are awarded to SLQs with FH designations.

The sixth “All-Time Finest” Basic SLQ set in the PCGS registry was formed by Pat McInally, who was the lead punter for the Cincinnati Bengals during the football seasons from 1976 to 1985. In 1977, 1978 and 1980, he caught a significant number of passes. In the NFL, it is very unusual for a punter to also be a regular receiver. McInally’s SLQ set had a “Weighted GPA” of “67.59.” While “67.59” not nearly as high as the “Weighted GPA” of the Malibu SLQ set, “67.92,” it is impressive. Also, Malibu’s set is the #2 SLQ set in the NGC registry as well, though Malibu did not fully update his listing in the NGC registry and some SLQs that were just auctioned are not listed.

Both the PCGS and the NGC registries provide the most weight to the scarcest dates. Generally, the 1916, the 1918/7-S and the 1927-S are the queens of the SLQ series, closely followed by the 1923-S and then the 1921. The 1919-D and the 1919-S are very rare with a FH, but not rare without. The 1920-S SLQ issue is also relatively rare with a FH.

In the PCGS registry, the “Basic” SLQ sets do not include the 1918/7-S overdate, though the ‘variety’ SLQ sets do. It seems that, according to the PCGS, the 1918/7-S is the only ‘major variety’ in the SLQ series. In my view, the 1918/7-S is an overdate that has the status of a distinct date; it should not be referred to as a ‘major variety.’

In any event, Malibu’s set is ‘100% FH’ in accordance with the rules for ‘Basic’ sets of SLQs in the PCGS registry. The #1 SLQ set is ‘91.89% Full Head’ because three SLQs in the set, including a 1927-S, lack a FH. The Malibu SLQ set is thus the “All-Time Finest” in the PCGS registry that is ‘100% FH.’ Indeed, on the PCGS ‘all-time’ list of Basic sets of SLQs, the Malibu set is one of only five sets that are both ‘100% Complete’ and ‘100% FH’! (more…)