It was founded by Isadore Goldberg about 1930. Superior Stamp & Coin and Superior Galleries were operated by the Goldberg family until the early 1990s. It was later owned by A-Mark and then Tangible Asset Galleries (TAGZ).

In 2007, Superior Galleries was purchased by the Dallas Gold & Silver Exchange (DGSE). In 2009 and 2010, a series of changes were implemented, including the closing of the longstanding auction division.

Coin business veteran Aaron Ware has been named the ‘Numismatic Manager’ of Superior. DGSE has long been very active in markets for ‘high end’ watches, jewelry, and bullion. At the relatively new location in Woodland Hills, CA, Superior deals in a variety of valuable goods, including, of course, coins, paper money, and other numismatic objects.

For more information about the DGSE and the acquisition of Superior Galleries, click here to read Greg Reynolds’ interview of Kris Oyster, the managing director of numismatics for all DGSE companies.

Aaron Ware reminds everyone that “coins are a major portion of the business. We do have a resident expert in diamonds and high-end watches. Our focus is on U.S. coins; we will stock American coins and paper money from colonial times to the present.”

From 1993 to 1998, Ware and Tony Mitchell owned a coin store, Classic Coin and Bullion, in Reno, Nevada. Next, Ware was a partner in a coin store in Carson City, OldMint Coins. During most of the last decade, Aaron was Director of Operations for Northern Nevada Coins. Ware specializes in Carson City Mint coins and in silver dollars, “stuff that you would expect to see often in Nevada.” Over the years, he gained experience in “all series of U.S. coins,” from the 1790s to current issues. Now, at Superior, he has “shifted focus a little. We don’t see as much CC gold, and we do see a lot more early gold.” Already, at Superior, Ware has handled a fair number of pre-1840 U.S. gold coins, some of which are now available.

Ware has chosen not to collect coins because he does not wish “to compete with the customers.” He does “collect stuff [relating to] World’s Fairs and Expos, tickets, brochures, books, and primarily medals.”

As for the future of Superior, Ware says, “Now that we are no longer in the auction business, [the emphasis] is on offering a large and diverse inventory at very competitive fixed prices. We have brought old Superior clients back and we have rapidly been expanding our customer base.” While the old Superior offered mostly, expensive, high grade coins, Ware reports that “we offer coins in all grade ranges, everything from nice Almost Good coins all the way up to MS-67+ coins; we are now able to serve the needs of all variety of collectors.” Ware is “really pleased to be at the vanguard of a new era at Superior Galleries.”

Related posts:

1. Superior Galleries to Auction Roadrunner Collection
2. Superior Galleries Realizes Strong Prices in April 10, 2008 Santa Clara Elite Auction
3. Superior Galleries Realizes Exceptional Prices in February 11-12, 2008 Beverly Hills Elite Auction

Superior Galleries

The following notice was posted on the Superior Galleries web site by Superior President and CEO Don Ketterling:

“Dear Friends and Clients of Superior,

We are all facing challenging economic times which require resourcefulness and creativity. Although these decisions re in the long term best interest of all concerned, they are often not easy. Such is the case with our recent decision to suspend all our auction activities beginning with the April 2 Santa Clara Sale.

The current market conditions have forced us to reassess where our strengths lie both in terms of our business model and also for our client’s best interests. Every auction company is experiencing reduced revenue and declining consignments which coupled with reduced buyer activity spells unacceptable results for auction prices and. most importantly our client/consignors.

Our immediate goals are to focus on our rare coin. precious metals and jewelry departments, all of which are vital, growing and profitable. We continue to seek talented and experienced individuals for all these activities and forecast a vibrant and exciting second half of 2009. On a personal note, I would like everyone to know that Superior stands ready as a valuable resource for all our clients and colleagues.

Sincerely,
Don Ketterling
President & CEO
Superior Galleries, Inc.”

Related posts:

1. Superior Galleries Realizes Strong Prices in April 10, 2008 Santa Clara Elite Auction
2. Superior Galleries Realizes Exceptional Prices in February 11-12, 2008 Beverly Hills Elite Auction
3. Superior Galleries to Auction Roadrunner Collection

The JHF collection of silver Roosevelt dimes which will be auctioned off in January has a rich history behind them. When the PCGS Set Registry was in its infancy stage in 1999 (literally consisting of a paperback book prepared once a year with nothing online), Mitchell Spivack registered the #1 set of silver Roosevelt dimes. That same year, Steven Heller registered the #3 set of dimes. The dimes that were part of Spivack’s #1 finest registry set of 1999 were collected by him throughout the 1980s and 1990s. In 2000, Spivack’s silver Roosevelt dime collection was consolidated with Heller’s set and he agreed to continue to assist Heller with improving the collection from there. After a few years of improving the set even further, the entire collection was then sold to the current owner of the JHF collection, who has been registering the set as the #1 collection at PCGS for the past four years. In addition, during the past 10 years, another avid Roosevelt dime collector, Nick Cascio, assembled a top quality set of silver Roosevelt dimes, which was eventually purchased and also became part of the JHF collection. The JHF collection represents what is now the finest collection of silver Roosies ever – a collection which spans 3 decades of pursuing the most beautifully toned and fully struck silver examples available.

Paul Song, Senior Vice President of Auctions is working closely with Mitchell Spivack JHF’s agent regarding this landmark sale. Spivack had this to say on behalf of himself and the JHF collection:

“We are delighted to have Superior handling this auction consignment for us. Many coins in this collection range from nicely toned to some of the most amazingly toned silver Roosevelt dimes (or frankly any 20th century silver toned coins) out there. Superior’s outstanding photographic techniques have the ability to capture and reproduce the colors of these great coins. They have agreed to prepare a special separate full color auction catalog to showcase this great collection. It should be a great event and the special catalog Superior is preparing will contain relevant pedigree information for future generations of Roosevelt dime collectors to enjoy.”

Selected highlights of this important collection will be on display at Superior’s upcoming Santa Clara Sale, November 13, 2008, and at the Baltimore Convention November 20-22, 2008. The date of Superior’s Orlando Elite Coin Auction is January 4, 2009. For further information, contact Paul Song, Senior Vice President of Auctions, info@sgbh.com , or call 800-545-1001.

Related posts:

1. Superior Galleries to Auction Roadrunner Collection
2. Coin Market: Full Band Roosevelt Dimes
3. Superior Galleries Realizes Exceptional Prices in February 11-12, 2008 Beverly Hills Elite Auction

In September, the Southern California rare coin auctions and the Long Beach Expo were lively and demand for rare coins was strong. There are three Long Beach Coin, Stamp & Collectible Expos each year, and Heritage conducts the official auctions. Prior to each Expo, Superior Galleries, the Goldbergs, and sometimes B&M, separately conduct coin auctions in the Beverly Hills area.

On the bourse floor, one leading wholesale firm had almost exactly the same total revenue for rare coins, along with almost the same profit margin, at the Sept. 2008 Long Beach Expo as at the Sept. 2007 event. The year 2007 was very good for the coin business, and the year 2008 is as well.

While the overall U.S. economy seems to be slowing, and is plagued by problems in financial sectors, coin markets were very healthy in September, and probably still are in October. External factors did not heavily influence the auction results. Prices realized and bidder enthusiasm was, for the most part, a function of the quality, importance and pedigrees of the coins being offered.

While I have, in so many reviews, focused on the details of coin auctions and the coins included, I am here putting forth a few broad analytical points regarding notions of collector-consignments, pedigrees and fresh material. Of course, there are other factors that that play roles in the prices realized in coin auctions. I discus the other factors in other articles.

For a coin to be ‘fresh,’ it needs to have been ‘off the market’ for at least five years. In some cases, ten years or more are required for material to be viewed as ‘fresh’ by potential, leading bidders.

A real exciting lot in the Superior auction was an 1839 ‘Type 1′ $10 gold coin, in large part because it was clearly part of a consignment of fresh material. I am not certain that a collector consigned it, though it is clear that it was not consigned by one of the leading dealers on the auction circuit. It could have been consigned by an estate, an investor, or someone who just bought this coin ‘on a whim’ a long time ago.

The first type of Liberty Head Eagles (U.S. $10 gold coins) is often called the ‘Type of 1838′ as opposed to the regular 1839 to 1866 ‘No Motto’ issues which are of the so called ‘Type of 1840.’ (Yes, Eagles of 1838 and 1839 are often categorized, correctly in my view, as a separate design type. Please see my article on 1839 Eagles)

This 1839 ‘Type 1′ Eagle was in a first generation PCGS holder (and thus it was certified at some point from 1986 to ‘89 or so). It was graded “MS-60,” and I emphasize “was” as it has probably been upgraded. Moreover, regardless of its grade, it is a sharply struck, attractive example of a rare type.

Indeed, coins of this type are extremely rare in grades above MS-60. At the January 2005 FUN Platinum Night event, the finest known business strike of the type, an 1839 that is PCGS graded MS-66, brought $402,500.

In the September Superior sale, bidders were eagerly anticipating this lot. A minute or two before this 1839 Eagle came ‘on the block,’ I could hear people talking about it and/or stirring in their seats.

One widely read wholesale price guide values an MS-60 grade 1839 ‘Type of 1838′ Eagle at $10,000 and an MS-63 at more than $30,000. Collectors, however, are typically willing to pay much more than wholesale levels for rare coins that they need for their respective sets. Besides, as high grade coins of this type tend to trade at auction rather than on networks or among dealers at shows, wholesale price guides may be wrong. After a heated, though brief, bidding contest, this 1839 Eagle sold, to a floor bidder, for $50,600. Bidding excitement and a strong result stemmed, in part, from the fact that this Eagle was consigned by a collector, or at least not a dealer, and it was part of a consignment of ‘fresh material.’

Consider the 1876-CC Twenty Cent piece that realized $264,500 in this same Superior auction. (Please click here to see an earlier article of mine regarding this coin.) The consignor acquired it in 1986. It was clearly part of a complete collection of Twenty Cent pieces. It realized more than it would have if a dealer had consigned it, or if it had been auctioned within the past five years. Collectors like to hear about and read about collections being sold. Unfortunately, the consignor chose to remain anonymous. I believe that on average, though not always, collections will realize more at auction if collector-consignors reveal their names and some information about their collecting objectives and habits. Such information about the owner of a coin provides the respective coin with more of a history and adds to the identity of the coin.

Bidding went wild on Sunday, Sept. 14, when the Goldbergs auctioned the Ray Rouse collection of half cents and an important selection from the Ted Naftzger collection of large cents. Please see the articles that I have already written about the Rouse 1796 ‘No Pole’ half cent and the Naftzger 1796 Liberty Cap cent, which set an auction record for a copper numismatic item of any kind. In terms of die varieties of half cents, the Rouse collection was phenomenal. The Naftzger collection, when it was intact, was the best all-time collection of large cents. In many instances, I have seen high quality, rare early copper coins fail to sell at major auctions, and those unsold copper coins were usually consigned anonymously. The fact the Rouse and Naftzger coins were part of landmark collections greatly contributed to collector participation. The enthusiasm of the bidders in the room created a special and intense aura.

Almost all of Rouse’s half cents had circulated, and many of them are of somewhat low quality. Even so, collector enthusiasm pushed the auction total for his collection to more than $1.28 million. From the Naftzger collection, just forty-four early large cents (without a Chain cent) yielded almost $2.9 million!

A collection, however, does not have to be one of the best of all time in its respective field in order to generate bidder enthusiasm. It just has to be logically and carefully assembled in accordance with the pertinent values and traditions of coin collecting, which evolve over time. Registry sets are a relatively new tradition, which has become integrated into the cultural framework of coin collecting in the U.S.

Of course, anonymous consignments will, in many cases, bring very high prices. I am theorizing about results ON AVERAGE, not about any one or even any thousand single instances. In the B&M sale, there was a 1931-S Buffalo Nickel that is PCGS graded MS-67. It realized $63,250 after opening at around $48,000. The previous auction record for a 1931-S nickel was probably not much more than $10,000. Typically, PCGS graded MS-66 1931-S nickels sell at auction for between $1200 and $1900. In this case, it may have been the grade of the coin that mattered the most. This nickel does have a dazzling look.

Some bidders strongly desired this 1931-S, for a registry set or for some other purpose, and probably did not care about the consignor. It may, possibly, have brought even more money had it been part of a very famous collection of Buffalo Nickels, but I am not arguing that is so.

I realize that not every bidder is going to care about the issues that I raise. I have had thousands of conversations with collectors about auctions, though, and I am convinced that a large number of collectors are dramatically more enthusiastic about auctions of great collections and are minimally interested (if it all) in offerings of completely anonymous, unnamed consignments with no mention of pedigrees. Likewise, they tend to be ‘turned off’ if an offered coin has been ‘on the market’ for a considerable length of time.

Click Here to Read Part 2 of this Article

©2008 Greg Reynolds

Related posts:

1. Fresh Material, Pedigrees and September Coin Auctions — Part 2
2. Heritage’s September Long Beach Signature Auctions Soar Past $25 Million; $27 Million Expected
3. PEDIGREES AND NUMISMATICS

On Monday, Sept. 15, an appealing Uncirculated 1876-CC Twenty Cent piece will be the star of an auction by Superior Galleries at The Tower Beverly Hills hotel. This coin is graded “MS-62” by the Professional Coin Grading Service (PCGS). The ‘CC’ mintmark indicates that it was manufactured at the Carson City, Nevada Mint. I tentatively estimate that there are between eighteen and twenty-six 1876-CC Twenty Cent pieces in existence, so it is likely to be a Great Rarity!

The Superior Catalog provides the following background: “Carson City Mint records state that 10,000 pieces were coined for general circulation, although demand for this unpopular denomination was anything but brisk. It was our Centennial year, and most of the coinage produced in 1876 shows special care in preparation, although the blundered (die doubled) obverse here shows a decided lack of attention to detail. The public rejection of the new twenty cent piece was immediate and unrelenting, thus on May 19, 1877, Mint Director Henry Linderman instructed the Carson City Mint Superintendent James Crawford, “You are hereby authorized and directed to melt all 20-cent pieces you have on hand, and you will debit ‘Silver Profit Fund’ with any loss thereon.” This amounted to 12,359 coins dated 1875 and 1876 – the amount on hand March 1, 1877. Very few 1876-CC pieces escaped this fate and this particular issue became an instant rarity as virtually the entire mintage was lost. Of course, collecting coins by mintmarks was many years away and few collectors paid any attention to obtaining more than a single example from a given year of any particular denomination.

The 1876-CC twenty cent piece is one of the great American numismatic classics and is a coin that puts any collection on the map – each offering becomes an important numismatic event. The 1876-CC twenty cent piece earned place as number 16 in The 100 Greatest U. S. Coins by Jeff Garrett and Ron Guth, placing it among some rarified company; it is arguably one of the most sought-after American coins.”

A Western collector consigned a complete set of business strike Twenty Cent pieces, and four Proof Twenty Cent pieces. His set of Proofs is practically complete as well, as the Proof 1875-San Francisco Twenty Cent piece is an exotic and extremely rare issue that is not typically included in sets of Proof Twenty Cent pieces. This ‘Comstock’ collection contains the four Philadelphia Mint Proofs.

All of the Twenty Cent pieces in the Comstock collection are PCGS certified: 1875 Philadelphia (MS-63), 1875-CC (MS-63), 1875-San Francisco (MS-63), 1876 Philadelphia (MS-62), 1876-CC (MS-62), 1875 Proof (63 with Cameo contrast), 1876 Proof (63), 1877 Proof (65 Cameo), and 1878 Proof (61). In 1877 and 1878, Twenty Cent pieces were minted only in Proof format.

The Comstock 1876-CC was purchased by the consignor from veteran dealer Fred Weinberg in 1986. Weinberg is best known as a leading dealer in Mint errors.

The Comstock 1876-CC is certainly attractive. Unlike some coins that are PCGS or NGC graded MS-62, it is definitely uncirculated as this term was defined throughout the 20th century. There is no significant wear or friction on the highpoints. Plus, this coin does not have any serious problems.

The few light scratches, hairlines and contact marks are of the sort that an expert might associate with an MS-63 grade not an MS-62 grade. It does not have completely original mint bloom, but most MS-63 grade silver coins do not either. The reverse, which is the back of the coin, is of higher quality than the obverse (front). The eagle is neatly frosty. Indeed, except for a minor weak area at the top of the left wing, the eagle is very sharply struck and has a cool look.

The Comstock 1876-CC is appealing overall. It is mostly white or whitish. There is some orange-russet and tan toning about the numerals and about stars 7 to 13 (if counted left to right).

On the whole, MS-63 would be a fair grade for this 1876-CC. Moreover, I like the coin. Collectors pay megabucks for Great Rarities of other denominations that have all sorts of problems or are just not attractive. This is a pleasant coin, and the 1876-CC Twenty Cent piece is one of the most famous rarities in the history of coin collecting in the U.S.

As for the Comstock 1875 Philadelphia Mint business strike, plenty of very faint hairlines and two or three scratches keep it from grading MS-64. Otherwise, it is sharply struck and very attractive. Most of the imperfections are not visible without a magnifying glass. It is a nice, mid-range MS-63 grade coin. If the reverse could be graded by itself, it would probably merit an MS-64 grade. It would not shock me if some experts grade the whole coin as MS-64, though I contend that its PCGS grade of MS-63 is accurate and I hope that it stays in its current holder. I did not feel completely comfortable about the Comstock 1875-CC.

The 1875-S Twenty Cent piece is not rare. More than one million were minted, and thousands exist. I like the Comstock 1875-S. It is moderately brilliant with areas of light natural toning. Though some design details are not sharply struck, the weak areas should not be interpreted as wear. There is no wear. It is truly uncirculated. Crossing hairlines are very faint, and this coin has some underlying original mint luster. Though PCGS has graded more than two hundred distinct 1875-S Twenty Cent pieces as MS-63, this is one of the better ones.

The Comstock 1876 Philadelphia Mint Twenty Cent piece is sharply struck and attractive. Its grade is a high end MS-62, or possibly 63, though I certainly would not count on a 63 grade upon re-submission. In any event, for the collector who does not want to spend a lot more money for a higher grade 1876, this coin may be a very good value.

The Proof-63 Cameo 1875 is okay. My guess is that most knowledgeable collectors would feel comfortable about it.

I did not feel comfortable about the Comstock Proof 1876. The Comstock Proof 1877 is almost very attractive, has full strong mirrors and probably makes the 65-grade.

It is clear that the Comstock collector was aiming for completeness rather than for quality. Some of these issues are easy to find in higher grades. Even so, I am puzzled as to why the Comstock set was not entered into the PCGS set registry.

For business strikes in the PCGS registry, there are two categories for Twenty Cent pieces, and two for Proof Twenty Cent pieces. A fifth category includes all business strike and Proof issues of this denomination.

There are fourteen entrants in the business strike category where the ‘76-CC is not required, and just two in the category that requires a ‘76-CC. One of these two entrants does not seem to be serious. The other is the collector known as “Driftwood.” He has the only complete set of business strike Twenty Cent pieces in the PCGS registry, though the Comstock collection certainly qualifies, is complete, and could have been entered at any time.

In the NGC registry, the 1876-CC date is listed in the sole category of business strike Twenty Cent pieces, though a coin of this date is not required for a ‘complete’ set. It is said to be for “non-competitive display only.” The collector known as “EHS” seems to be the only entrant in the NGC registry who has an 1876-CC Twenty Cent piece. The EHS 1876-CC is PCGS graded MS-64 and was added to the NGC registry in July 2005.

The EHS 1876-CC Twenty Cent piece is not the same coin that was auctioned in October 2007, which I then discussed on CoinLink. That 1876-CC, also PCGS graded MS-64, is (or recently was) in the possession of Adam Crum, principal of Monaco Rare Coins. Crum handled another one this year, an NGC graded MS-65 1876-CC, for which Monaco paid more than $500,000 in a private transaction in April.

The 1876-CC Twenty Cent piece is a legendary rarity. Someone who could afford one could also easily afford to complete the set. This design type is attractive and is noticeably different from the design of Liberty Seated Quarters. Moreover, completing a set of an entire denomination, however short, must be satisfying. Plus, the four Philadelphia Mint Proofs are not really hard to find. Besides, Twenty Cent pieces are fun conversation pieces. When I tell people about them, they are puzzled and pleasantly curious.

©2008 Greg Reynolds

Related posts:

1. 1876-CC Twenty Cent being Offered by Heritage in Baltimore
2. Three 1876-CC Twenty Cent Coins Sell in Spring 2009; Fewer than Twenty are Known! (Part 1 – News & History)
3. Three 1876-CC Twenty Cent Coins Sell in Spring 2009; Less than Twenty are Known! (Part 2 – Rarity, Quality & Condition Rankings)