By Greg Reynolds for CoinLink

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. (more…)

by Greg Reynolds for CoinLink

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. (more…)

DGSE Companies, Inc. (Amex: DGC- News), which wholesales, retails and auctions fine watches, jewelry, diamonds, precious metal and rare coin products via traditional and internet channels, today announces the Superior Galleries release of the first of a series of reference books, Superior Galleries – Introduction to Rare Coins and Precious Metals.

This 124 page book was written by Superior Galleries to provide numismatic and precious metals investors with foundation material essential to successful participation in these dynamic markets. Abundant historical and factual material is covered, and the book is well illustrated with pictures of important coins, prominent places in numismatic history, graphs and charts.

Included are five chapters: A Brief History of U.S. Coins, Coin Collecting Events & Coin Hoards, Precious Metals & Markets, The Hobby of Collecting, and The Future of Coin Collecting. Subsequent publications will explore a broad range of numismatic and precious metals topics.

This is a must-read reference for anyone with an interest in numismatics. Copies may be purchased directly from Superior Galleries for $19.95, www.sgbh.com, or contact Paul Song, Senior Vice President, Auctions, 818-444-8699, or 800-545-1001.