Duvall 4-E Variety is Just the Second Reported Specimen

DLRC Auctions is proud to offer this week the second known example of the rare Duvall 4-E variety of the Lafayette dollar. This variety was thought to be unique until the discovery of this coin, which has been graded AU58 Cleaned by Dominion Grading Service (DGS).

According to John Feigenbaum, President of David Lawrence Rare Coins, the coin has “the initial appearance of a mint state coin but the luster is almost too nice and lacks the frosty surfaces of a true mint state. The coin has virtually no wear and has been very lightly cleaned to show evidence of wipe lines upon close examination in proper lighting. The only significant mark on either side of the coin is a 3 mm scratch on Washington’s cheek. Without the mishandling, this coin might have otherwise graded MS63.”

The consignor took advantage of DLRC’s relationship with DGS to initially have the coin graded, and then offered for immediate auction at DLRC Auctions. According to Vice President Win Callender, this relationship offers clients “the best of both worlds” as a truly efficient means for collectors to sell their (previously) uncertified coins.

Bidding Closes on Monday Evening

This rare variety is offered at lot #1425 in DLRC Auctions Monday Night sale which closes at 8 pm, October 6. Lot bids and details can be found at this link: Lot 1425 1900 $1 DGS AU58 Lafayette - Duvall 4-E. There are also 1980 more lots in Auction #289 with offerings from Colonial Coins through California Gold, and everything in between.

The Duvall 4-E Variety

The Duvall 4-E variety is distinctive because of the unique positioning of the olive branch on the reverse. The right side of the branch terminates over the numeral 9 of 1900. All other known varieties see this branch end over the right side of the first 0 in 1900. Prior to the appearance of this coin, the existence of Duvall 4-E was thought to be unique.

The only other known Lafayette dollar of this die variety was sold in August 2007 by Heritage Numismatic Auctions as part of their Signature ANA Auction. (Lot 2090). It was graded MS60 by ANACS and realized $18,400 to a phone bidder. According to the Heritage lot description, that coin was “well struck with dusky chestnut, aqua, and plum-mauve patina. Both sides unusually free from marks, particularly on the portraits.” Based on the description of marks, these are clearly not the same coin.

As CoinLink reported on September 19th, NGC had Certified a Unique Russian 1755 Pattern 20 Rouble. That same coin is going to be sold in London Next month. Below is an article written in the Wealth Bulletin previewing that sale.

“The coin world’s answer to Damien Hirst’s art sale at Sotheby’s is set to take place on November 6, when a rare 1755 Russian 20-rouble gold coin goes up for auction at London’s Cavendish Hotel.

The coin was once owned by Grand Duke Georgii Mikhailovich, a 19th century member of the Russian royal family. It is being sold by St James’s Auctions, in association with coin dealer AH Baldwin & Sons.

Baldwin managing director Ian Goldbart said he expects the item to beat the record price for a non-US coin, currently held by a Polish 100 ducat, which fetched $1.48m early this year.

Goldbart said that the soaring price of precious metals is a factor behind a surge in demand for gold coins this year, on the back of growing demand for bullion. The price of gold, currently $879 an ounce has soared following the collapse of investment bank Lehman.

Gold exchange-traded funds have enjoyed record demand, although discriminating wealthy investors, nervous of the covenant of banking custodians, are increasingly keen to put bullion in their own vaults.

But Goldbart said that the key factor behind demand for coins was their scarcity: “Coins of the quality of the Russian 20-rouble almost never become available,” he said. “The coin last changed hands in 1950.” He said rare coins have only recently started to rise in value, adding: “Unlike Hirst’s art, they aren’t increasing in number.”

No reserve price is being quoted for the 20-rouble coin, but Goldbart said it could fetch between $2m and $3m, due to the item’s rarity.”

Heritage Auction Galleries President Greg Rohan and Co-Chairmen Steve Ivy and Jim Halperin donated $15,000 in support of educational initiatives offered by the American Numismatic Association. Rohan, Ivy and Halperin each presented personal checks in the amount of $5,000 on behalf of Heritage to ANA Executive Director Larry Shepherd on Sept. 20 at the Long Beach (Calif.) Coin, Stamp & Collectible Expo.

“We are thrilled that the top officers at Heritage have once again come forward in support of our educational mission,” Shepherd said. “This generous donation will help fund programs such as Summer Seminar, Coins in the Classroom, and classes offered across the country through our School of Numismatics.”

In a joint statement, Rohan, Ivy and Halperin said: “The ANA is the foremost, fundamental resource for our hobby. We are proud to be lifetime members, we support the ANA’s important education mission and we encourage all members to contribute whatever they can to assist the Association.”

Heritage Auction Galleries is based in Dallas, and is the world’s largest collectible auctioneer. The company is a longtime supporter of ANA educational efforts. For more information, visit www.HA.com

With little fanfare, an important group of half eagles and eagles were sold at the recent Heritage Long Beach auction. I was intrigued by the source of this group of coins and since the Heritage catalog had nothing about their origin, I decided to do a little digging. What I found out is extremely interesting for any collector of No Motto Liberty Head gold.

The coins that initially got me intrigued were a small group of eagles produced between 1844 and 1847. The two coins that I thought were especially interesting were an 1846 eagle graded MS62 by NGC (Lot 3852) and an 1846-O eagle graded MS62 by NGC (lot 3858). I am pretty aware of all the high grade examples of these two dates and the two coins in the Heritage sale were unknown to me.

But what really got my interest were some of the secondary coins surrounding these two eagles. Lot 3851 in the Heritage sale was another 1846 eagle. This would also have graded MS62 except for the fact that it had hairlines from a cleaning and also a slight “environmental damage” sort of appearance which, in my opinion, looked liked the result of having been buried at one time. Another odd coin appeared as Lot 3857. This was an 1846-O eagle that had the sharpness and details of an MS62 but which had a dull and very grainy reverse with a very “ED” appearance.

My first reaction was that these coins might have been from shipwreck; specifically from the S.S. New York which contained some high quality gold from this era. But why, I asked myself, would coins from this wreck not be packaged in the special NGC holder that designated these coins as being from the shipwreck? After all, the recent Stack’s 7/08 sale of these coins had conclusively proven that the S.S. New York pedigree added considerable value.

The answer to the mystery was solved when I looked at Lot 3851 in the Heritage sale. This was an 1846 eagle with Uncirculated details but which had reverse rim damage at 2:00. When I saw this damage I thought “backhoe.” And when I thought “backhoe damage” I thought “Jackson, Tennessee hoard.” (more…)

Over 315 DGS-graded Coins Available for Bidding

Virginia Beach, VA – The numismatic staff of DLRC Auctions is excited to announce the current sale of the Block Island Collection – an assembly of 432 certified coins and paper money items from a life-long collector. 317 of the coins were submitted to Dominion Grading Service (DGS) prior to their sale in this auction as part of the new campaign by DLRC and DGS to give customers the full service experience when the time comes to sell their collections.

According to Win Callender, DLRC Vice President, who handled this consignment, “the Block Island Coin and Currency Collection hails from a long-time client who began collecting as a child and represents an assemblage 60 years in the making. As a young boy, he saw a 1901-S quarter in a strong XF grade and wondered why the retail price, $40, was so much higher than the others. That experience helped launch a lifetime of interest in numismatics. There are many wonderful collector coins in this collection that seldom come to market. For example, two 1901-S quarters, great runs of Liberty Seated halves and Barbers and loads of key dates. He also amassed a wonderful collection of currency, all graded by CGA or PMG, ranging from large size type, to nationals, to small size silver certificates. There are over 90 fresh notes and are all reserved at great prices.”

As of this press release, over 310 lots have met their modest reserve in this sale. According to DLRC President, John Feigenbaum, “the bidding on this sale has been tremendous and encouraging. The consignor was extremely fair with his reserves and many of the lots of multiple bids over the reserve amount. And there are still many bargains. Collectors are really attracted to the new DGS holders which go to great lengths to accurately describe the typical problems seen on collector coins, like light cleaning. Collectors can fill some very difficult holes without spending a fortune in a sale like this.” (more…)