A Weekly Column by Greg Reynolds

While the Summer ANA Convention includes a wide variety of items of interest to collectors of U.S. coins, paper money, tokens and medals, plus some coins of the world, the Winter FUN Convention is the leading event of the year in the field of rare U.S. coins. Today’s discussion will be a little shorter than usual as I am busy in Tampa viewing coins, witnessing events and gathering information during FUN week. Yes, the winter FUN Convention formally begins on Thursday, at the Tampa Convention center. Coin related events, however, have already occurred.

I. B&M Pre-FUN Auction

I attended the Bowers & Merena pre-FUN auction on Tuesday at the Grand Hyatt Hotel, which is near the Tampa Airport. In last week’s column, I discussed the fact that Bowers & Merena and Stack’s are in the process of merging. The new Stack’s-Bowers president, Chris Napolitano, was in attendance. It was made clear that QDB and Chris Karstedt would continue to play roles in Stack’s-Bowers. Brad Karoleff, the longtime auctioneer for B&M, and Melissa Karstedt, an auctioneer at Stack’s, served as auctioneers during Tuesday night. Unfortunately, as this auction did not finish until well into Tuesday night, there was not time for me to thoroughly analyze this event.

On Tuesday, the lot viewing room for the B&M auction was packed. There were, at times, people waiting for seats in a fairly large room on the main floor of a very large hotel. My sources tell me that lot viewing attendance was excellent on Sunday and Monday as well, and that there were many collectors and dealers viewing at Heritage’s lot viewing room at the Tampa Convention center on Monday and Tuesday. So far, there seems to be even more interest in the FUN auctions than there was last year. It is too early, however, to draw a conclusion on the topic of collector interest in FUN week auctions.

In my column of Dec. 8, I raised the topic of FUN auctions, and I then provided explanations as to the general importance of January FUN auctions. My column of Dec. 8 is primarily about Jim O’Neal’s landmark set of Indian Head Half Eagles ($5 gold coins) and I remind readers that I wrote a two part series on O’Neal’s Eagles ($10 gold coins) in 2009. Please also read my article about the Jan. 7, 2010 Platinum Night event. (As usual, clickable links are in blue.)

In my column of Dec. 22, I focused upon the Henry Miller collection, the core of which Heritage will auction on Thursday, during Platinum Night. On Dec. 15, I wrote about the Malibu set of Proof Liberty Seated Quarters. The collector known as ‘Malibu’ also consigned Proof Liberty Seated halves and silver dollars to Tuesday night’s event, plus a few other coins. As I earlier suggested, his set of Proof Liberty Seated Quarters is far more spectacular than his respective sets of halves and dollars. I was delighted to finally have the opportunity to view all of his Liberty Seated Quarters, Half Dollars and Dollars.

It is not practical to write here about the whole auction or even about all of the coins from the consignment of the second part of the Malibu collection, As the Proof Liberty Seated Quarters from the 1860s were really special, perhaps the best ever collection of these, I will discuss several of them here.

II. 1860s Proof Liberty Seated Quarters

I like the Malibu Proof 1865 quarter, though not nearly as much as I expected to like it. I agree with its ‘Proof-66 Cameo’ certification, and I respect its CAC sticker, though I have seen better Pr-66 Liberty Seated Quarters including other coins in the Malibu collection. The price realized of $12,650 is certainly a retail level price and a successful auction result.

Actually, the next lot, #511, another Proof 1865 quarter, though not part of the Malibu collection, was probably a better value. It is PCGS certified Proof-64 Cameo, and, like the Malibu 1865 Quarter, has a CAC sticker of approval. In my view, it is just beautiful and may be undergraded. This coin’s toning, which is definitely natural, is stunning, especially when this coin is tilted under a light. It realized $2415, I believe.

I really like the Malibu 1866, which is PCGS certified ‘Pr-64 Cameo,’ and is CAC approved. About it, Jeff Ambio says, “very colorful, quite smooth for the grade and” Jeff regards its toning as likely to be “original.” In my (this writer’s) view, the Malibu 1866 was dipped decades ago, and then naturally retoned, probably while in a coin album. It sold for $2186. (Keep in mind that these are preliminary auction results and will occasionally include errors. The auction house will post final, audited prices realized in the near future.).

The Malibu 1867 is exceptional. It is also PCGS certified ‘Pr-66 Cameo’ and it has a CAC sticker of approval. It was not one of Ambio’s favorite coins in the set, but it is one of mine. The wonderful natural toning is more than very attractive and this coin is technically impressive as well in that it has few surface imperfections. If my memory serves correctly, Laura Sperber was the successful bidder and the price was $8050, which is a good value.

Jeff Ambio and I are strongly in agreement in relation to the Malibu 1869 quarter. “This one is definitely original,” Ambio declares, “no worries here, just a lovely and solidly graded Gem.” Indeed, the Malibu 1869 is more than very attractive and the toning is definitely natural. It is PCGS certified Proof-66 and CAC approved. The reported price for this coin, as lot #516, is $4543.

The price realized of $11,500 for the Malibu 1870 was extremely strong. It is NGC certified PF-67 and it has a CAC sticker. Though the obverse (front of the coin) has an absolutely stunning look, it has some imperfections as well. The reverse (tail) has really neat steel blue toning, but it is not spectacular. In my opinion, this coin should not be worth a premium, though I admit that I like it. I would hope that non one figures that it should grade 68, though a casual glance at the obverse, without a magnifying glass, may give the impression that it should grade 68.

III. Barber Quarters

Though not particularly rare, and not candidates for finest known status, three Proof Barber Quarters in this auction captured my attention, largely because of their wonderful natural toning. I am referring to two 1892s and an 1894.

The first, lot #553, is PCGS certified Proof-66 Cameo. The variety, blend, and evenness of its natural toning are incredibly pleasant. The orange-russet, brownish-russet, green and other shades cannot be described in words. It sold for $2415, a high price for a poor person, though hardly a vast sum in the field of rare U.S. coins. This coin would be a good value for a connoisseur of U.S. coinage.

A second 1892, this one NGC certified PF-66, and CAC approved, has heartwarming tones of russet, green and gray. It has probably never been dipped or significantly cleaned. Plus, I suggest that it grades in the high end of the 66 range. This coin, as lot #554, garnered $2990. Lot #557, a PCGS certified Pr-66 1894 is terrific, too, and was reasonable at $2140.

As an aside, I note that a 1901-S quarter, a representative of the key date in the series, realized $20,987.50. It is PCGS graded Very Fine-20.

IV. Malibu Halves

The Malibu set of Proof Liberty Seated Half Dollars was nowhere near as nice, overall or in terms of the respective certified grades of the individual coins, as his corresponding set of quarters. Even so, there were many very attractive coins in the set and there was intense bidding for some of these at the auction.

There was a long bidding contest for the Malibu 1876, lot #738, which seemed to start at around $10,000 and ended at $16,100. The two ‘with arrows’ issues of the 1870s caused the most commotion. Both are PCGS certified ‘Pr-65 Cameo.’

It seemed that at least four people bid on the Malibu 1873 ‘With Arrows’ half before it sold for $18,400. My tentative impression is that the successful bidder was a Southern California dealer, who is almost always very active at B&M auctions. The 1874, lot #734, went to Laura Sperber for $16,100.

The Malibu 1879 half is really cool, though I could not get quite as excited about it as did the cataloguer. It is PCGC certified ‘Pr-67 Cameo’ and it is CAC approved. To some extent, it has a traditional ‘black and white Proof’ look. It does, though, exhibit even russet toning on and around the outer devices and periphery. It is sharply struck and has minimal imperfections. It is lighter in actuality than it appears to be in the online catalogue images. There is certainly no doubt about the assigned 67 grade and it may be the finest known Proof 1879 half. It sold for $18,400. The next lot, #747, another 1879 half that is PCGS certified ‘Pr-63′ went for $1092.50.

One of my favorite Malibu Liberty Seated Halves is the 1885. It is PCGS graded 67 and is CAC approved. It just has to be seen to be appreciated. The toning is incredibly pleasing and well balanced. A telephone bidder captured this prize for $12,650.

One of the reasons why I am focusing upon the Malibu collection is that many of the other coins are dealer-consignments or miscellaneous anonymous consignments rather than carefully assembled collections. There were a wide variety of coins in this auction.

One of the most important coins in this auction was an 1875 Quarter Eagle ($2½ gold coin), sold as lot #1350. Fewer than fifty 1875 business strikes survive, hardly any in high grades. This one is NGC graded AU-58 and I like it. It is an appealing coin. While it has some imperfections, it may be very difficult to find an 1875 business strike Quarter Eagle that is of higher quality than this one. Although the reported price of $18,975 seems high, this amount is a sound value from a logical perspective.

Next week, I will be writing about coins in the Heritage auction. I am very much looking forward to viewing them. I will also walk around the bourse floor and see rare coins that are available or on display for other reasons. The rest of the week will be even more fun.

©2011 Greg Reynolds

Related posts:

1. Coin Rarities & Related Topics: The Malibu Collection of Proof Liberty Seated Quarters, with information for beginning and intermediate collectors
2. Coin Rarities & Related Topics: The B&M Auction of the Malibu Collection of Standing Liberty Quarters
3. Coin Rarities & Related Topics: The Henry Miller Collection

The groups of coins from both nations individually represent possibly the most complete sets of Japanese and Korean coins and currency ever assembled, and most likely the most important numismatic offerings of both countries in the last half century.

Collectors will not have to wait 10 months to get a look at these amazing coins, however, as highlights will be on display at the New York International Numismatic Convention, at the Waldorf-Astoria, Jan. 6-9, 2011, in conjunction with our New York Signature World and Ancient Coin Auction. This appearance will be the beginning of a “world tour” for the coins, as they visit the Chicago International Coin Fair, April 13-16, 2011, heading to Tokyo in May and coming home for the ANA World’s Fair of Money in Chicago, Aug. 15-21, 2011.

“Collections such as Dr. Jacobs’ is what we live for here at Heritage,” said Cris Bierrenbach, Vice President of International Numismatics at Heritage. “Handling the incredible Asian rarities that Dr. Jacobs dedicated his numismatic life to is a great honor to us. The World Coin department at Heritage, along with our entire company, will be working hard to produce a catalog and an auction that match the fantastic accomplishments of Dr. Jacobs in Korean and Japanese numismatics. The next 10 months are going to be a great ride.”

In 1953, Dr. Jacobs (along with Cornelius Vermeule) wrote the first English language book on Japanese numismatics that covered both ancient and modern coins. It was also the first publication (in any language) to catalog Japanese coins by date and type. That book opened up the world of Japanese (and modern Korean) coinage to western collectors.

The principle highlight of the auction comes from the Korean collection: a unique set of 1909 Korean gold in 5, 10 and 20 Won denominations — the only other set in existence is in the collection of the Bank of Japan.

“The vast majority of these coins, and the core of the collections, were purchased in the 1940s and 1950s,” said Bierrenbach, “during Dr. Jacobs’ time in Asia. He also added significantly to his collection when he worked with Robert Friedberg at Capital Coin of New York in the 1950s. So the vast majority of the ultra rarities have been in his collection for 50+ years.”

Related posts:

1. Avarae Global Buys Japanese Gold Coin Collection
2. Avarae investing its time in Japanese coins
3. $7 Million of World & Ancient Coins Sold at NYINC

Spectrum Group International, Inc. (SPGZ.PK) announced today that its subsidiary Bowers and Merena Auctions, one of the world’s pre-eminent auctioneers of rare coins and currency, has entered into an agreement with Stack’s, the oldest rare coin retail and auction company in the U.S., to combine their operations.

The new company, which will be known as Stack’s-Bowers Numismatics, with a world coin division to be known as Stack’s-Bowers and Ponterio, will be owned 51% by Bowers and Merena Auctions and 49% by Stack’s. The closing, which is subject to the satisfaction of customary conditions, is expected to take place in early 2011.

Greg Roberts, president and chief executive officer of Spectrum Group (SGI), commented, “We believe that this combination, once consummated, will create a major player in the coin industry. Stack’s had over $65 million in aggregate sales in 2010 and between them, the two companies have handled many of the significant coin collections that have sold at public auction, including the Eliasberg Sales, the Norweb Sales and the Ford Collections.”

Bowers and Merena Auctions president Chris Napolitano, who will serve as president of the combined company, said, “I am honored and excited to lead this new venture, which combines two of the leading names in our industry. We consider Stack’s to be the crown jewel of coin auction houses and with this partnership, we have assembled a numismatic team that we believe to be unequaled in the industry. We look forward to continuing and expanding Stack’s auction and retail locations in mid-town Manhattan, which serve not only the greater New York metropolitan area but also the entire east coast.”

Added Mr. Roberts, “A significant factor for SGI in pursuing this merger was the opportunity to partner with Charles, Joel and Harold Anderson and the rest of the Anderson family, who own a controlling interest in Stacks. For years I have enjoyed a strong personal and professional relationship with the Andersons and now look forward to a long-lasting association with the family through Stack’s-Bowers Numismatics. We intend to continue the long tradition that the Stack family developed over many decades in New York. For years it has been a goal of ours to have a presence in NYC. With this partnership, we will achieve that goal at one of the most famous and prestigious addresses in the numismatics industry: 123 West 57th Street, New York, New York.”

Joel Anderson commented, “We are looking forward with great enthusiasm to the successful combination of these two fine companies. Both have rich histories of service with integrity to the numismatic community and together their combined resources and talents will bring new levels of service and value to the numismatic market. In addition, Charles, Harold and I have assembled some nice collections and we are pleased that Stack’s-Bowers Numismatics will be there for us when the time comes to sell.”

Concluded Mr. Roberts, “Consistent with our goal of creating long-term value for our shareholders, we have made the decision to focus our energy on growing our core trading and numismatics businesses, and this transaction is a key part of that strategy. For those same reasons, we have entered into an agreement to sell our arms and armor auction company, Greg Martin Auctions, back to Greg Martin and his partners, following its January auction in Las Vegas. Under Mr. Martin’s leadership, we have every expectation that Greg Martin Auctions will continue its tradition of providing expert appraisal and auction services to collectors of antique firearms.”

ABOUT SPECTRUM GROUP INTERNATIONAL, INC.

Spectrum Group International, Inc., named to the Fortune 500 list in 2010, is a global trading and collectibles network. We are a trader of precious metals and an auctioneer of coins, stamps, wine, and antique arms, armor and historical memorabilia, serving both collectors and dealers. We are also a merchant/dealer of certain collectibles. Our collectibles offerings span the price spectrums from modest to ultra-high end. Furthermore, we offer loans to coin dealers, collectors and investors back by their precious metals, rare coin and other collectibles as collateral.

Our Trading business is conducted through A-Mark Precious Metals, Inc. and its subsidiaries. A-Mark is a full-service precious metal trading company, and an official distributor for many government mints throughout the world. A-Mark products include gold, silver, platinum and palladium for storage and delivery in the form of coins, bars, wafers and grain, and our services include financing, leasing, consignment, hedging and various customized financial programs. A-Mark’s subsidiary, Collateral Finance Corporation, which is the official Numismatic Lender of the American Numismatic Association, provides financing on a wide array of bullion and numismatic products.

Our Collectibles business operates as an integrated network of leading companies concentrating on numismatic (coins) and philatelic (stamps) materials, and rare and fine vintage wine. We have offices and auction houses in North America, Europe and Asia. In addition to traditional live auctions, we also conduct Internet and telephone auctions.

Our Collectibles companies in the philatelic field are auction houses H.R. Harmer Global Philatelic of Irvine, California, Corinphila Auktionen of Zurich, Switzerland, Heinrich Köhler Auktionshaus of Wiesbaden, Germany, Corinphila Veilingen B.V., Amstelveen, Netherlands, and John Bull Stamp Auctions, Ltd of Hong Kong. Spectrum Group’s Collectibles companies in the numismatics field include Bowers and Merena Auctions (rare coin and currency auction house), Ponterio & Associates (world and ancient coins and currency auction house), Teletrade (online coin auctions) and Spectrum Numismatics International (wholesale rare coin dealer), all based in Irvine, California. Spectrum Wine Auctions is engaged in the sale by auction of rare and fine vintage wine.

Related posts:

1. Bowers And Merena Auctions To Reopen Direct Buying & Selling Division, Bowers And Merena Rare Coin Galleries
2. BOWERS AND MERENA AUCTIONS NAMES MATTHEW QUINN DIRECTOR OF CURRENCY AUCTIONS
3. Chris Napolitano Named President of Bowers and Merena Auctions

A Weekly Column by Greg Reynolds

I. FUN Auctions

Two weeks ago, I wrote about Jim O’Neal’s set of Indian Head Half Eagles ($5 gold coins), which will be auctioned during the Jan. 6, 2011 FUN Platinum Night auction in Tampa. During the FUN Convention, Heritage will auction a wide variety of items, including the Henry Miller collection. Miller specialized in Proof gold coins and many of his coins will also be sold during this Platinum Night event. He also had business strikes. The topic here is the Henry Miller collection.

To attain some understanding of FUN Platinum Night events, please see my column two weeks ago and my articles concerning coins auctioned in Jan. 2009 and 2010: The Jan. 2010 Platinum Night, $3,737,500 for a nickel, the O’Neal Collection of Indian Head Eagles, and Jay Brahin’s $20 gold coins.

II. Henry Miller

Henry Miller collected coins for decades before passing in 2009. He lived and worked in New York City. Miller collected Proof Liberty Head Double Eagles ‘by date’ and gold coins from many other series mostly ‘by type.’ Though Miller had a few pre-1834 Half Eagles and some early 20th century gold coins, he generally focused on U.S. gold coins of the second half of the 19th century. Additionally, he had an accumulation of ‘not rare date’ Liberty Head and Saint Gaudens Double Eagles. Also, Miller had a complete 1887 Proof Set, copper, nickel, silver and gold, which Eric Streiner regards as “a fantastic set.”

Eric Streiner remembers Miller’s coins though he has not seen any of them for more than a dozen years. Streiner “knew the guy quite well. Miller really liked his coins. He spent a lot of time looking at his coins,” Streiner recounts. Eric emphasizes that Miller was an enthusiastic collector.

Eric reports that “Miller bought most of his coins in the 1970s from dealers in the New York area, many from Stack’s. He bought some at auction, but mostly he bought coins privately,” Streiner says. “He bought a few coins in the mid 1990s,” Eric adds.

Streiner relates that, “in the late 1980s or early 1990s,” Eric arranged for Miller’s coins to be submitted to the NGC for grading and encapsulation. Streiner remembers that Miller contacted him through Stack’s. At the time, Eric was a very young dealer who had a reputation as a grading wizard. I (this writer) heard many stories, some clearly verifiable, of Eric spotting coins that were undergraded, or not clearly graded, by other coin dealers.

John Albanese recollects that, “a long time ago, probably in the late 1980s, [he] had lunch at a seafood restaurant with Eric Streiner and Henry Miller, who was a really nice guy.” Albanese is glad to have had the opportunity to view Miller’s Proofs again. Recently, Heritage sent many of Miller’s Proof coins to the CAC.

John Albanese was the sole founder of the NGC in 1987. Mark Salzberg, the largest current shareholder in the NGC, joined Albanese as a partner in 1988. Ten years later, Albanese sold his shares in the NGC to Salzberg. In 2007, John founded the CAC, which evaluates the quality of coins that are already graded and encapsulated by the PCGS or the NGC. Submitted coins may be approved or rejected. Approved coins receive a CAC sticker.

Both Albanese and Streiner were very impressed by the quality of Miller’s coins. Streiner, “even around twenty years later,” recalls Miller’s coins “as great pieces, nice original stuff, mostly gem, definitely good eye appeal.” Indeed, John and Eric separately emphasized that Miller’s Proof gold coins tend to be “original,” meaning that these have never been dipped, substantially cleaned, or doctored.

Though Streiner “hates to say it,” Eric is concerned that “some of these coins might lose their original surfaces, after the auction”! Some dealers will dip or doctor them in efforts to get higher grades assigned.

I (this writer) suggest that collectors bid on many of Miller’s coins at the auction for several reasons, one of which would be to prevent dippers and coin doctors from buying them. Proof 19th century gold coins with natural toning and mostly to fully original surfaces are wonders to behold. In addition to Proof Double Eagles, the Miller collection contains a wide variety of gold type coins, some of which are not expensive.

III. 1823 $5 Gold Coin

An 1823 Half Eagle ($5 gold coin) is expensive and is the leading business strike in the Henry Miller collection. It is a prized type coin. Capped Head Half Eagles are the most difficult series of all U.S. coins to even 80% complete. Though the 1823 is one of the least rare dates of the whole type, there may be fewer than eighty known in all grades, including those that are ungradable.

It is my belief that there are fewer than forty true gems known for the whole Capped Head, Large size type, which was minted from 1813 to 1829. The data published by the PCGS and the NGC include some multiple counts of individual coins. The Miller 1823 may be the second finest known 1823 Half Eagle. It is the only 1823 Half Eagle that is NGC graded MS-65 and none have been assigned a higher grade by the PCGS or the NGC.

Miller’s 1823 has a CAC sticker of approval. Albanese remarks that “I [John] remember really liking the coin; it is mostly original and just beautiful. One of my favorite early gold coins seen over the last few years,” Albanese declares.

IV. Type Coins

While his 1823 Half Eagle is the most important, Miller had many gold type coins. The Miller collection, according to Heritage cataloguers, contains high grade business strikes of all three types of One Dollar Gold pieces, plus several Proof Gold Dollars of the third type. The most newsworthy of Miller’s One Dollar Gold pieces is his 1864, which is NGC certified Proof-64 Cameo and has a CAC sticker. (Please see last week’s column for a brief discussion of ‘Cameo’ designations.) Albanese was very impressed with this 1864.

Quarter Eagles ($2½ gold coins) are not really well represented in the Miller collection. His one business strike is worth noting. It is an 1848 with the ‘Cal.’ imprint on the reverse (back). For one year only, and only on Quarter Eagles, the Philadelphia Mint identified a relatively small number of gold coins as having been made from gold that was mined in California. The ‘California Gold Rush’ had just begun. Miller’s 1848 is NGC graded MS-64 with a star for eye appeal

All of Miller’s Proof Quarter Eagles have CAC stickers. He had at least five Proof Liberty Head Quarter Eagles and one Proof Indian Head Quarter Eagle, a 1913 that is NGC certified Proof-65.

Miller’s 1875 is NGC certified ‘Proof-64 Cameo.’ In fact, the Heritage website suggests that the Miller collection contains two such 1875 Quarter Eagles, lot #5035 and #5036, though the ‘print’ catalogue indicates that only one of these two is from the Miller collection. Either way, there seem to be two Proof 1875 Quarter Eagles in the upcoming Platinum Night event.

Proof 1875 Quarter Eagles are particularly important, as these are not only extremely rare in their own right, corresponding business strikes are very rare. As fewer than fifty business strikes survive with hardly any in choice condition, collectors of high quality business strike Quarter Eagles often demand Proofs.

A ‘64′ grade business strike 1875 would be much more difficult to obtain, if one could be obtained at all. Miller’s Proof 1864 Quarter Eagle is even more important than a Proof 1875.

Business strike 1864 Quarter Eagles are even rarer than business strike 1875 Quarter Eagles. While Proof 1864s are not quite as rare as Proof 1875s, the combined business strike and Proof total of 1864s is less than the respective combined total of 1875 Quarter Eagles. Most collectors are not aware of the extreme rarity of 1864 Quarter Eagles. The number known of Proofs and business strikes combined is less than forty-six, maybe substantially less.

Generally, Albanese has a high regard for Proof 1864 Quarter Eagles, which, he says, “come really nice. They were made very well, as good as any current Proof Gold coin that you will see. Collectors very much like them, they come with amazing contrast. They are similar to Proof 1896 and 1897 Quarter Eagles,” John explains. “For a Proof Liberty Head Quarter Eagle for a type set,” a collector may wish for an 1864, an 1896 or an 1897. Albanese emphasizes that Proofs of these dates tend to be special, with “great contrast and a lot of cool frost.” Also, Albanese mentions that 1864 Quarter Eagles are “popular as a Civil War date.”

Albanese finds that the Miller Proof 1864 Quarter Eagle is exceptional for its NGC assigned grade of “65.” It received a coveted CAC ‘Gold’ sticker. Typically, CAC stickers are green.

Miller made considerable progress towards a set of Proof Three Dollar Gold pieces, though I am not sure that he ever planned to complete such a set. As already noted, he had a complete 1887 Proof set. It may be true that Miller, at one time, planned to build gold Proof sets of certain dates, like 1861, 1863, 1864 and 1873. He has Proofs of multiple denominations of some of these dates.

In any event, Three Dollar Gold coins were minted from 1854 to 1889. The Miller collection contains Proofs of the following dates: 1858, 1861, 1863, 1864, 1868, 1870, 1876, 1881 and 1887.

As for Proof Half Eagles, Miller may have obtained his 1873 to serve as a type coin. I hypothesize that Miller’s Proof 1881 Half Eagle was part of an 1881 Proof gold set, though this set is not mentioned as such in the Heritage catalogue. Miller had a Proof 1881 One Dollar Gold piece, a Proof 1881 Quarter Eagle, a Proof 1881 Three Dollar gold coin, a Proof 1881 Half Eagle, a Proof 1881 Eagle and a Proof 1881 Double Eagle. Clearly, he had a set.

As for Eagles ($10 gold coins), Miller had four Proof Liberty Head Eagles and one Proof Indian Head Eagle, a 1914. His 1887 Eagle, NGC PF-65 Cameo with a CAC sticker, is part of his 1887 Proof set. As just mentioned, his 1881, NGC PF-65 with a CAC sticker, is part of an 1881 Proof gold set.

His Proof 1861 Eagle is PCGS graded Proof-65 and also has a CAC sticker. It is extremely rare as a Proof, though business strike 1861 Eagles are not rare. As best as I can tell, Miller has just one business strike Eagle, a 1908.

Most of the coins in the Miller consignment are Double Eagles. He had numerous business strikes from the 1850s, including some important New Orleans Mint issues. His two 1852-O Double Eagles have received much attention, as has his 1857-O, which is NGC graded MS-62 and has a CAC sticker.

The Miller collection contains numerous Liberty Head and Saint Gaudens Double Eagles of common dates and slightly better dates, mostly in grades from MS-61 to MS-64. These do not seem to fit into Miller’s collecting strategies, and may have been impulse purchases. Streiner insists that Miller was not collecting such coins and may have bought them “on whim” or “for bullion” related purposes.

The most important Philadelphia Mint business strike Double Eagle in the Miller collection is an 1881 that is NGC graded AU-55 and has a CAC sticker of approval. Tentatively, I suggest that there are less than fifteen 1881 Proofs and fewer than eighty-five business strikes, for a total of less than one hundred 1881 Double Eagles in existence.

V. Proof $20 Gold Coins

The Henry Miller collection will be best remembered for its awesome run of Proof Liberty Head Double Eagles. “A lot of Proof coins in the Miller collection have their original skin,” Albanese found. John remarks that the Miller Proof Double Eagles from the “1860s were fantastic.”

The following is a list of Proof Liberty Head Double Eagles in the Miller collection that are NGC graded and have CAC stickers: 1860 (64), 1863 (64), 1864 (65), 1865 (64), 1867 (65+), 1870 (64), 1874 (64), 1880 (63), 1881 (65), 1882 (64), 1885 (66), 1886 (64), 1888 (64), 1892 (65).

I am here omitting designations of ‘Cameo’ as many of these were certified before NGC introduced the ‘Ultra Cameo’ designation and because I strongly maintain that a Proof with a cameo designation is not necessarily superior to a Proof of the same grade without such a designation. Buyers are placing too much weight on Cameo and Ultra Cameo designations. When evaluating or just appreciating a Proof coin, there are several other factors to consider besides the extent of the contrast between the devices and the fields. A coin WITHOUT a strong cameo contrast may be more attractive and/or of higher quality than a coin of the same date, type and certified grade, with a cameo designation.

Miller’s 1887 is NGC certified “Proof-67+*” and does not have a CAC sticker. Most of Miller’s Proof Double Eagles are in holders that are more than fifteen years old. This 1887 Double Eagle is in a holder that was issued within the last few months. It has been upgraded by the NGC. It is an important coin because 1887 Double Eagles are a Proof-only date and are extremely rare. There are no business strike 1887 Double Eagles. So, a collector who wishes to own an 1887 Double Eagle must buy a coin that was struck as a Proof.

Henry Miller seems to have had the best collection of Proof Liberty Head Double Eagles that has ‘come to light’ in a long time. The upcoming Platinum Night event will probably be very exciting.

©2010 Greg Reynolds

Related posts:

1. Coin Rarities & Related Topics: Stack’s auction of the W. L. Carson Collection of Proof Coins
2. Coin Rarities & Related Topics: O’Neal Collection of Indian Head $5 Gold Coins
3. Coin Rarities & Related Topics: The Malibu Collection of Proof Liberty Seated Quarters, with information for beginning and intermediate collectors

Bowers and Merena, one of the world’s preeminent auctioneers for rare coins and currency, will conduct the January Rarities Sale as its first event of 2011. The single-session sale on Jan. 4 at the Grand Hyatt Tampa Bay will offer nearly 1,700 lots of rare and desirable United State and Colonial-era coinage.

“It is and honor and thrill to start my career with Bowers and Merena with such an important sale,” said Chris Napolitano, President of Bowers and Merena. “Our January 2011 Rarities Sale will be presenting a wide selection of United States, Colonial and Territorial coins which range from affordable collector coins to world-renowned absolute and condition pieces.”

Headlining the sale is Part II of the Malibu Collection. “The first part of this impressive Malibu Collection helped propel our Official Auction of the November Whitman Coin & Collectible Baltimore Expo to the forefront among numismatic events of 2010. Part II promises the same rarity, quality and eye appeal that we have come to expect from the collection,” said Napolitano.

Highlights from the Malibu Collection include lot 855, one of the finest-known 1866 Motto Seated Dollars in PCGS Secure Proof-66 Deep Cameo, as well as lot 594, an important strike and condition rarity 1918-S Standing Liberty Quarter certified MS-67 Full Head by NGC with a combined pop of just 2/0 by PCGS and NGC.

“From U.S. minors to patterns, bidders will also enjoy Part II of the G. Edward Reahl, Jr. M.D. Collection and the Abingdon Collection,” said Napolitano.

Additional highlights in the sale include:

* Lot 48, 1883 Hawaii Eighth Dollar, Proof-62 Cameo (PCGS), Secure Holder
* Lot 59, Undated (Circa 1616) Sommer Islands Twopence, BMA Type I, Small Star Below Hog, AG-3 (PCGS)
* Lot 73, 1776 Continental Dollar, CURENCY, Pewter, MS-63 (NGC)
* Lot 302, 1924-S Buffalo Nickel, MS-66 (NGC)
* Lot 304, 1925-D Buffalo Nickel, MS-66 (PCGS), Secure Holder
* Lot 722, 1865 Seated Liberty Half Dollar, Proof-67, Cameo (NGC), From the Malibu Collection
* Lot 1261, 1856 Pattern Flying Eagle Cent, Snow-4, Rarity-7+, Proof-63 (PCGS), From the G. Edward Reahl, Jr. M.D. Collection, Part II
* Lot 1351, 1879 Liberty Quarter Eagle, Proof-67 Cameo (NGC)
* Lot 1359, 1899 Liberty Quarter Eagle, Proof-68 Ultra Cameo (NGC)
* Lot 1383, 1911-D Indian Quarter Eagle, MS-65 (NGC)
* Lot 1412, 1854-D Three-Dollar Gold Piece, AU-55 (PCGS)
* Lot 1423, 1873 Three-Dollar Gold Piece, Closed 3, MS-61 (PCGS)
* Lot 1458, 1859-C Liberty Half Eagle, Winter Variety 1 (27-M), MS-63 (PCGS)
* Lot 1459, 1860-D Liberty Half Eagle, Winter 38-FF, MS-64 (NGC)
* Lot 1489, 1911 Indian Half Eagle, Proof-66 (NGC)
* Lot 1544, 1907 Indian Eagle, Wire Rim, MS-67 (PCGS), Secure Holder
* Lot 1556, 1913 Indian Eagle, Proof-66 (NGC)
* Lot 1584, 1876 Liberty Double Eagle, Proof-63 Cameo (PCGS)
* Lot 1609, 1905 Liberty Double Eagle, Proof-64 (NGC)
* Lot 1634, 1911 Saint-Gaudens Double Eagle, MS-67 (NGC)

All lot descriptions and images can be viewed online at the firm’s web site by visiting www.bowersandmerena.com and printed catalogs are available upon request by calling 800-458-4646. Bidding is open and pre-auction bids can be placed through the firm’s web site, by email at auction@bowersandmerena.com, via fax at 949-253-4091, by calling 800-458-4646 or by postal mail addressed to Bowers and Merena, Tampa Bay January 2011, 18061 Fitch, Irvine, CA 92614. Lots viewing will be conducted at the Grand Hyatt Tampa Bay in the White Ibis Room on Jan. 2-4.

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