By Greg Reynolds for CoinLink

On April 15, in the Chicago area, B&M auctioned an 1882 Shield Nickel for $27,600, probably a record for a Shield Nickel minted after 1867. The Proof 1867 With Rays Nickel is a rarity; the Proof 1882 Shield Nickel is not rare, though it is scarce.

After hearing some of the most sophisticated experts in the field rave about this nickel, I found I could not resist writing about it, even though I have never seen it.

This 1882 is PCGS certified Proof-68, on a scale that ends at 70. Late 19th century Proof Nickels usually grade from 62 to 66. It is the only 1882 Nickel that is PCGS certified as Proof-68, though the NGC reports four in this grade, as of April 28.

The PCGS price guide values an 1882 Proof-68 Shield Nickel at $8500, and the Numismedia online price guide gives a figure of just $6700. So, $27,600 is quite a price.

Dave Schweitz is a specialist in nickel and silver coins that grade 66 or higher. He declares that this 1882 is “definitely the best Shield Nickel that” he has “ever seen, a very high end 68. It is the ultimate Proof type Shield Nickel.”

Matt Kleinsteuber is a grader and trader for NFC coins. He asserts that this 1882 “is the highest quality Shield Nickel that” he has “ever seen, from a technical standpoint. Even so,” Kleinsteuber believes that “the price was high,” much more than he was willing to pay.

There was some speculation among the auction participants as to whether it would qualify for a 69 grade from NGC. Charles Browne does not think it should. “As pretty as it is,” states Browne, “it would need a little more eye appeal to be [accurately graded] 69.”

Browne is a former PCGS grader, as is Schweitz. Further, Browne is a current instructor in advanced grading courses offered by the ANA. Charlie has more than twenty-five years of experience in serious bidding for high grade, rare coins at auctions. (more…)

By Greg Reynolds For CoinLink

Several of the highest graded Washington Quarters were sold by B&M in an auction on April 15 in the Chicago area. The Marquette-Yakima collection was the number one collection in the NGC registry of Washington Quarters. With the addition of about twenty supergrade common quarters, and some submissions of NGC graded coins to PCGS, it could have been very competitive in the PCGS registry.

The $143,750 result for the Marquette-Yakima 1932-D quarter has already been reported on CoinLink and elsewhere. The purpose here is to itemize several of the gem quarters in the sale, and to discuss the rationale for current prices for such quarters. Do Superb Washington Quarters constitute logical price values for quarter collectors?

The Marquette-Yakima 1932-D is the only 1932-D quarter that the PCGS has graded MS-66. None have been certified as grading MS-67 or higher. The 1932-D has the second lowest mintage of any business strike in the series, 436,800, and has always been the hardest to find in MS-64 and higher grades.

According to Kathleen Duncan, a collector purchased this specific 1932-D from Pinnacle Rarities in the mid 1990s, and that collector consigned it to an August 2001 Heritage auction. HA.com lists the price realized as $89,125.

Actually, $89,125 in 2001 is, in some sense, am amount greater than $143,750 in 2008. Rare coin markets were extremely weak in 2001. The prices of many coins have since tripled. Indeed, some early gold coins have quadrupled in value. Yet, the most famous and valuable Washington quarter has gone up only 38%, and all the while the State Quarter program continued to receive national attention.

Charles Browne, David Schweitz, and Matt Kleinsteuber are all expert graders and competitive bidders on the auction circuit. Browne was the successful bidder for this 1932-D. Neither Schweitz nor Kleinsteuber bid on it. When interviewed separately, each told me that “this is the prettiest 1932-D quarter that I have ever seen.” Yes, all three employed almost the exact same sentence, and no one was prompted by me to say anything of the sort.

Laura Sperber is an active buyer of gem quality coins and a force at major auctions. She declared that this 1932-D “was low end but its stunning color more than made up for it.” Furthermore, she asserted that “it went kind of cheap.” She thus expected the price realized to be higher. (more…)

by Greg Reynolds for CoinLink

On April 15, B&M auctioned an excellent group of Buffalo Nickels. The core of the offering was a selection of gem quality pieces from the Colorado collection of Buffalo Nickels, which was one of the finest collections of Buffaloes ever assembled. These nickels were ‘off the market’ for many years.

Most of the Buffalo Nickels in the B&M sale were not from the Colorado collection. The following NGC graded MS-66 nickels were from the Colorado collection: a 1918-S, a 1919-S, a 1923-S, a 1926-S, and a 1927-S. NGC graders awarded both the 1926-S and the 1927-S a star for eye appeal. These will be discussed below. Additionally, the NGC graded MS-66 1925-D in this auction is not from the Colorado collection, and the PCGS graded MS-65 1925-D is from the Colorado collection.

In all my years of reporting on coin auctions, it never occurred to me that a 1926-S Buffalo Nickel would ever realize more than $300,000! I was astounded that the Colorado 1926-S in this auction sold for $322,000!

To provide an idea of the reasons why certain Buffalo Nickels are worth great sums, it is necessary to discuss the relative scarcity of certain dates, and to mention some factors involved in completing sets of Buffalo Nickels in high grades. It will also be helpful to mention some past prices. One implication is that the $276,000 price for the 1916 “Doubled Die” Buffalo, in this auction, is not surprising. (more…)

IRVINE, Calif. – Bowers and Merena, realized an impressive $5.9 million with its 1,000-lot Chicago Rarities Sale. The auction was conducted in a single session on April 15, 2008, with Internet bidding taking place prior to the sale through the Bowers and Merena website, www.bowersandmerena.com.

“We are very pleased with the excellent results achieved by this sale,” stated Bowers and Merena president Steve Deeds. “It is an honor for us to be trusted with the sale of such important numismatic rarities in a dynamic market. My heartfelt thanks goes out to all of our consignors without whose support we could not maintain Bowers and Merena’s position as America’s preeminent numismatic auctioneer. And, of course, I cannot forget our loyal bidders—you also have my sincerest thanks for contributing to another successful Bowers and Merena Rarities Sale. May you cherish and enjoy your recent acquisitions for years to come.”

An impressive selection of Buffalo Nickel rarities led the way in prices realized for this sale. The exceedingly rare 1916 Doubled Die Obverse in NGC MS-64 (lot 196) sold for $276,000; a condition rarity 1918-S certified MS-66 by NGC (lot 205) traded hands for $125,350; the probable finest-known 1926-S in NGC MS-66 * (lot 218) realized a record price of $322,000; and an equally important 1927-S that is also graded NGC MS-66 * (lot 219) crossed the auction block at $125,350.

The Marquette-Yakima Registry Set of Washington Quarters—the #1 set on the NGC Registry—also resulted in significant prices realized. The highlight of the set is definitely the 1932-D in PCGS MS-66 offered as lot 322. A pop 1/0 coin, this beautifully toned Gem brought $143,750—the highest price ever paid for an example of this key-date issue. Other top-of-the-pop rarities from this Registry Set include a 1943-S in PCGS MS-68 (lot 360) that traded for $23,000; a very pretty 1954-S in the same grade (lot 393) that brought $10,350; and a unique 1961-D graded MS-67 at PCGS (lot 403) whose realized price is $18,975.

Additional highlights from the Chicago Rarities Sale include:

* Lot 529, 1870 Seated Dollar NGC Proof-67 * Cameo, realized $60,375
* Lot 567, 1884-S Morgan Dollar NGC MS-64, realized $105,800
* Lot 602, 1895 Morgan Dollar NGC Proof-66 Cameo, realized $86,250
* Lot 711, 1851 Augustus Humbert $50 Gold, Reeded Edge, 880 THOUS, NGC MS-62, realized $149,500
* Lot 774, 1910 Indian Quarter Eagle NGC Proof-67, realized $57,500
* Lot 981, 1920-S Saint-Gaudens Double Eagle PCGS MS-62, realized $69,000 (more…)