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Coin Rarities & Related Topics: The Fun Has Begun

Greg Reynolds — Wed, 05 Jan 2011 13:35:16 +0000

News and Analysis on scarce coins, coin markets, and the coin collecting community #34

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.

The Three Kings: The Proof-Only Double Eagles Dated 1883, 1884 and 1887

Doug Winter — Mon, 27 Dec 2010 15:04:54 +0000

By Doug Winter – RareGoldCoins.com

Continuing my fascination with Proof-only issues, I’d like to discuss the rare Proof-only double eagles dated 1883, 1884 and 1887. These issues are not all that well-known outside of Type Three Liberty Head collectors and I think they merit more than a passing mention.

Beginning in 1881, production of double eagles at the Philadelphia mint became little more than an afterthought. And it would remain as such until 1888. In 1883, there were no business strikes produced. The Mint did strike 92 Proofs; ostensibly for the limited numbers of collectors who were interested in Proof double eagles at this point in time.

The Mint struck considerably more Proof 1883 double eagles than they were able to sell and it is believed that as many as half of the original mintage was melted later in the year. Of the four dozen or so that were distributed to collectors and dealers, around twenty at most are known today. This figure includes at least three that are impounded in museums and another two or three that are impaired.

The 1883 is the second rarest collectable Liberty Head double eagle, trailing only the 1884 (I consider the 1849 and the 1861 Paquet reverse non-obtainable and do not include them). Despite this coin’s indisputable rarity, it is only fairly recently that the 1883 became known as a major rarity. Prices for this issue had remained fairly stagnant for many years, hovering in the $75,000-100,000 range. This only changed in 2004 when Heritage sold an example for $172,500. Today, a Gem is worth at least $200,000-225,000.

There are a small number of Gems that have been graded by the services and at least one has been slabbed as PR66 by NGC. I know of six or seven Gems and the two nicest that I have personally seen are Heritage 1/06: 3580 (graded PR65 Ultra Cameo by NGC) and Heritage 1/04: 3224 (graded PR65 Deep Cameo by PCGS and possibly also ex Dallas Bank collection).

There are a few diagnostic criteria that make this an easy issue to authenticate. All show roughness on the back of the eagle’s neck and fragmentation of the fleur de lys beneath its beak. These die markers do not exist on any business strike reverses of this era.

The 1884 is the rarest of these three Proof-only issues. A total of 71 were struck and it is possible (although unconfirmed) that a few were melted as unsold, given the fact that so many Proofs dated 1883 suffered this fate. There are slightly fewer than twenty known. I wrote in 2000 that 15-17 exist and I think this number might be a tiny bit on the low side. A total of twelve have sold at auction since 2000 but this includes a number of coins that have sold more than once.

The current auction record is $264,500 which was set by ANR 8/06: 1644, a coin graded PR66 Cameo by NGC. It had sold two years earlier (as Heritage 1/04: 3225) for $149,500.

The 1884 is much rarer in Gem than the 1883. I do not believe that a full-blown Gem exists and most that I have seen are in the PR63 to PR64 range. For some reason, this date was not as well handled as the 1883 or 1887 and most show signs of having been cleaned.

There are some interesting die characteristics for this issue that make it very easy to identify. All known examples show an uneven pattern of frost on Liberty’s face. It is thick on the right half of the neck and near the ear but it is quite light on the neck. This is why none have ever been designated as “deep cameo” or “ultra cameo” by PCGS or NGC. In addition, all 1884 double eagles have a noticeable diagonal die line just to the left of the Y in LIBERTY.

There is no question that, as a date, this is the rarest collectable Liberty Head double eagle. Given this fact, it seems fairly reasonably priced at current levels.

The last of the Three Kings is the 1887. This issue has a mintage of 121 struck. I believe that, as in 1883, a number went unsold and were later melted. My best guess is that around half were released to collectors and that there are 25-30 known today.

The 1887 tends to come better preserved than the 1883 and 1884 and it is more available in Gem than the other two Proof-only dates. There are around six to eight Gems known. The finest is an incredible NGC PR67+* Cameo that will be sold in the upcoming Heritage 2011 FUN auction. The current auction record for this issue is $161,000 that has been acheived twice (Goldberg 9/08: 1295 and Heritage 1/07: 3145) but this mark is certain to be broken by the aforementioned Heritage coin.

There are no major die characteristics seen on Proof 1887 double eagles. This tends to be a very well made issue and many of the examples that exist show excellent contrast between the frosted devices and the mirror fields.

The three Proof-only Liberty Hesd double eagles from the 1880’s are among the more interesting and desirable United States issues from the 19th century. I believe that they are all highly undervalued, considering how few are known for each isssue. As I have said in other recent blogs, if the Type Three series were to become more active among date collectors, these three issues would be considered true “stoppers” and would show dramatic increases in price.

Coin Rarities & Related Topics: The Henry Miller Collection

Greg Reynolds — Wed, 22 Dec 2010 05:32:37 +0000

News and Analysis on scarce coins, coin markets, and the coin collecting community #32

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.

Bullock 1856-O double eagle brings $345,000 to headline $13.4 Million Heritage Long Beach Auction

Heritage Auctions — Thu, 30 Sep 2010 12:03:57 +0000

Gold remains in high demand as it reaches world record $1,300 an ounce high

The recently discovered Bullock specimen of the 1856-O double eagle, XF45+, NGC, was the unabashed star of the Sept. 23-26 Heritage Auctions September Long Beach, CA Signature® U.S. Coin Auction, as it soared to $345,000 amidst spirited bidding. The auction realized an impressive $13.4 million total, with almost 5,000 bidders vying for the 7,385 lots, translating into a 93% sell-through rate by value and 96% by total number of lots.

Overall the auction affirmed the continued strength of gold in an up-and-down global market – with spot gold prices reaching $1,300 and on Friday, Sept. 24 – with fully seven of the top 10 lots coming in the form of the precious metal.

“We were all quite impressed overall with how these coins performed,” said Greg Rohan, President of Heritage Auctions. “Collectors continue to respond enthusiastically to the best and rarest examples, as evidenced by the heated competition for the Bullock 1856-O double eagle. We don’t expect to see a drop-off in gold demand as the year comes to a close and we hold our last few auctions of 2010.”

The 1856-O $20 XF45+ NGC, Ex: Bullock, one of perhaps 20 or fewer commercially available examples, made front-page news in the July 26, 2010 Coin World, with a headline proclaiming “1856-O gold double eagle surfaces in Ohio.” The coin was part of a “small accumulation of gold coins held by a family in Ohio for nearly 100 years,” and is now further distinguished by its $345,000 and its spot at the top of the roster in the Long Beach Auction.

Always popular when they come to auction, Kellogg & Humbert S.S. Central America gold ingots continued to capture collector imaginations, and superb final prices realized, at Long Beach when an astounding 114.65 ounce (9 pounds) “Very Large Size” Kellogg & Humbert Gold Assayer’s Ingot, 114.65 Ounces , brought $253,000 from an advanced collector, while a 23.35 Ounce Kellogg & Humbert S.S. Central America Gold Ingot, considered “small to medium-sized,” captured great attention at a final price of $80,500.

Nineteenth century gold continued its dominance at the top of the auction, with the single finest 1891 Carson City $10 MS65 NGC bringing $74,750. The same final price was realized by a spectacular 1848 $2-1/2 CAL. MS61 NGC, a sublime quarter eagle gold coin made from some of the earliest gold mined during the California Gold Rush.

Further highlights include, but are not limited to:

1796 50C 16 Stars VF25 PCGS. O-102, High R.5.: Realized $69,000.

1895 $1 PR64 Deep Cameo PCGS: Realized $60,375.

1876 $3 PR64 Cameo NGC: Realized $54,625.

1886 $20 XF45 NGC: Realized $54,625.

1874-CC 10C Arrows AU50 PCGS. CAC: Realized $50,313.

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

Coin Rarities & Related Topics: 1856-O Double Eagles and other Great Rarities that I have seen

Greg Reynolds — Wed, 22 Sep 2010 12:45:31 +0000

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #19

A Weekly Column by Greg Reynolds

This week, I wish to focus upon the topic of viewing Great Rarities. This topic relates to several key concepts:

(1) To understand and appreciate Great Rarities, there is a need to see them.

(2) Viewing Great Rarities is important for coin enthusiasts, especially for those who cannot afford them. At a major art museum, most of the people viewing paintings cannot afford to buy such paintings or commensurable ones. They may still learn a great deal by seeing and interpreting works of art. Coin enthusiasts can and should learn about coins and examining Great Rarities is part of a learning process.

(3) Of course, I realize that many coin enthusiasts do not have the time or the resources to travel to view many Great Rarities. I hope that this is a reason, among other reasons, why coin enthusiasts read my columns and articles. Indeed, I hope that readers care about my interpretations of important coins, as I have devoted innumerable hours to viewing, analyzing, and writing about Great Rarities.

(4) I strongly maintain that, to be qualified to analyze coins, there is a need to carefully examine them. Further, to become an expert, there is a need to direct questions to experts, and I often do so. Certainly, viewing coins and asking questions are not the only criteria to qualify someone to analyze Great Rarities. These activities, though, are crucial to attaining knowledge in the field of rare U.S. coins.

(5) Though digital images of coins are sometimes wonderful, and imaging technology, along with its implementations, continues to improve, there is a great deal about many coins that cannot be seen in pictures. It is necessary to view actual coins to understand them. This will always be true.

(6) My comments below regarding many of the Great Rarities that I have seen are not meant to be boastful. Rather, such discussions relate to my qualifications and I wish to share my enthusiasm for Great Rarities with others.

Why discuss the topic of viewing Great Rarities now? While viewing the 1856-O Double Eagle ($20 gold coin) that Heritage will auction in Long Beach, I thought about the number of 1856-O Double Eagles that I have personally examined and then about some recent open discussions among coin enthusiasts regarding the “coolest” coins that each has held in his or her hands. I have seen at least seven different 1856-O Double Eagles.

I. 1856-O $20 Gold Coins

In the official auction for the Sept. Long Beach (CA) Expo, Heritage will offer a recently discovered 1856-O Double Eagle that is NGC graded “EF-45+.” In regards to how circulated, early New Orleans Mint Double Eagles are typically graded by the NGC, the “45+” grade is fair. I must admit, though, that there are several 1856-O Double Eagles that I like more than this one. Even so, this coin is sharply struck for the 1856-O issue and has minimal noticeable contact marks. It may not be easy to find a better one. All 1856-O Double Eagles, which I have seen, have been cleaned and/or dipped at one time or another. Type One (1850-66) Double Eagles have surged in popularity over the last ten years, and prices for rare dates of this type rose dramatically from 2003 to 2008.

“The two key collectible Type One Double Eagles are the 1854-O and the 1856-O. These have appreciated in value more than virtually any other United States gold coin in the last five to seven years,” declared Doug Winter in Oct. 2008.

In 2007, I wrote an article about 1856-O Double Eagles and I then focused upon a PCGS certified 1856-O that B&M auctioned in March 2007. On July 31, 2009, Heritage sold two 1856-O Double Eagles in one Platinum Night event. One of the two very much appealed to me. It is PCGS certified EF-45 and has a CAC sticker of approval. It has nice color and a great overall look. It scores particularly high in the category of originality.

Just weeks earlier, also in Los Angeles County, Heritage sold the special striking, ‘Specimen-63′ 1856-O in the official auction of the Spring 2009 Long Beach Expo. For years, I had dreamed about viewing that coin, and I was not disappointed. It is truly astounding. It is perhaps the most memorable and important of all New Orleans Mint gold coins.

In March 2007, I concluded that there exist between fifteen and twenty-three 1856-O Double Eagles. I emphasized that my estimate was consistent with David Akers‘ pertinent statements, especially those published in 1990 and 1997. On a few occasions, Heritage cataloguers have estimated that there are from twenty to twenty-five known. Doug Winter believes that there are between twenty and thirty.

I have not found evidence that there are as many as twenty. I really believe that a small number of 1856-O Double Eagles have each appeared two to six times at auction over the past quarter century. Especially during the period from 1988 to 2004, many of the same 1856-O Double Eagles bounced around dealers and were often consigned to auction, sometimes without selling. In the early 2000s, markets for Type One Double Eagles began to skyrocket as a large number of collectors became interested, partly due to the extensive marketing (in part organized by Adam Crum) of the coins found in the shipwreck of the S. S. Central America. Thousands of Type One Double Eagles were discovered in this shipwreck. For some relevant information, please see my recent article on Prooflike 1857-S Double Eagles.

II. What is meant by ’seeing a rarity’?

There is a tremendous difference between seeing a coin in a display case and actually examining the coin ‘in-hand’. Display cases usually allow for the viewing of only one side of each coin, typically the obverse (front). At major coin conventions, however, coins are sometimes displayed such that both the obverse and reverse (back) may be viewed. Coins may be mounted vertically in cases with clear panels in the front and back, and sometimes at the sides as well.

When a coin is held in one’s hands, it can be tilted at various angles. A variety of characteristics are apparent at some angles, though not at others. Furthermore, to really appreciate and even begin to understand a specific coin, there is a need to see how light is reflected at different angles. Generally, coins are very much three-dimensional objects. Photographs and digital images are two dimensional.

Much additional information about many coins can be gathered by tilting and rotating. The finer points of coin examination cannot be adequately explained; it is a skill must be learned gradually. Moreover, many attributes of coins can never be fully articulated. Consider, though, that a coin that seems at first to have a dull lifeless surface may, when tilted under a light, exhibit amazing luster or very much reflective fields. For many coins, the tilting at some angles will reveal characteristics that are startlingly different from those revealed when the same coin is tilted at other angles, or under different kinds of light sources.

So, when I say that I saw a coin, what do I mean? I would not be referring to having seen a coin while it is in a display case, unless I explicitly say so. Sometimes, though, viewing a coin in a display case can be an enjoyable and rewarding experience. Certainly, it is usually much better than not having seen the coin at all.<–nextpage–>

Though an observer usually cannot tilt the coin while it is in a display case, an observer can tilt his (or her) head and thus see the coin from more than one angle. By all means, I recommend viewing Great Rarities and other important coins when these are on display in cases. Such viewings can be fascinating, fun and educational. Even so, I feel that I would be cheating my readers if I wrote only about coins that I saw in display cases. I strongly maintain that, to understand and truly appreciate coins, close examination is necessary.

In earlier eras, before my time, it was routine for collectors and dealers to actually hold unprotected, very rare U.S. coins. When coins were in flips or 2×2[inch] envelopes, collectors and dealer would literally remove the coins and hold them (hopefully) by their edges. In the present, except for heavily circulated coins and/or some early copper coins, such examining of totally raw rare U.S. coins does not occur often, on bourse floors or in auction lot viewing rooms. In regards to colonials and world coins, however, totally raw coins are still handled often.

For rare and/or very valuable coins, I suggest that handling them in a raw and thus totally unprotected form is not a good idea. I have seen expert dealers drop PCGS and NGC holders containing coins, and dropping raw coins would be much more likely to be damaging to the coins. Furthermore, perspiration, saliva, and foreign elements on hands, as well as biological matter on hands or in breath, can be harmful to coins. In many cases, the harm will not be evident for hours, days, or weeks until after the harm is done. I really believe that, except in unusual circumstances, such as examination by those employed by grading services, coins should be viewed while residing in clear plastic holders. Coins not certified by the PCGS or the NGC may be placed in hard plastic holders of the type made by Capital Plastics, or in other relatively clear encasements that are expertly designed not to harm coins.

Therefore, when I say that I have held a coin, I usually mean that I have held it while it is in a relatively clear plastic holder. In another words, I have held the respective holder containing the coin, in my hands, where I have tilted it and rotated it. Exceptions relate to coins in museums and early copper. Well before Walter Husak’s early large cents were auctioned in Feb. 2008, and before these were submitted to the PCGS, Husak showed many of his large cents to me. It was an exciting experience. Two of his 1794 cents that have been traced to Lord St. Oswald are just phenomenal. I will never forget that I saw them, raw.

III. Super Great Silver Rarities

In regards to Great Rarities that I have held and closely examined, in plastic holders, usually PCGS or NGC holders, there are too many to list. For brevity, I will mention here those silver rarities for which fifteen or fewer of the respective coin issue are known to exist, and 1913 Liberty Nickels. Also, I am limiting this discussion to U.S. coins, and excluding patterns, colonials, world coins, and territorials, all of which would require a good deal of additional explanation.

For a coin issue to be a Great Rarity, twenty-five or fewer must be currently known to exist, including business strikes, Proofs and all die varieties. There are, though, a substantial number of Great Rarities for which fifteen to twenty-five are known. I am not aiming to list, in this column, every Great Rarity that I have ever seen. I wish to share my enthusiasm and excitement regarding my opportunities to carefully examine the rarest of Great Rarities. Besides, coins for which fewer than fifteen are known are often (though not always) more famous than those for which fifteen to twenty-five are known.

Due to fortuitous circumstances, I have closely viewed eight of the nine known 1870-S silver dollars. None are in museums. I have written about most of them, including one that was just auctioned in Boston. (Reminder, clickable links are in blue.) In 2007, I wrote about the Stack’s auction of the Farouk 1870-S, and, this summer, about the re-appearance of the Richmond-Lee 1870-S.

Since I avidly collected Barber Dimes as a kid, I have dreamed of 1894-S dimes. I have closely viewed the finest known James A. Stack 1894-S on three occasions. I last wrote about it in 2007, ‘Which are the Finest 1894-S Dimes?‘. It is PCGS certified as Proof-66. Including this one, I have closely examined six 1894-S dimes. There are just ten known in the present. Two others have been widely reported, though may not be genuine.

The Simpson, Norweb-Lovejoy, and Eliasberg 1894-S dimes are all clear in my mind, as is the unnamed one that Stack’s auctioned in Oct. 2007, which I wrote about. Plus, I have also seen the 1894-S dime that is PCGS graded Good-04, and I like it.

As a child, I also dreamed of owning a 1913 Liberty Nickel. While I have only seen the obverse (front) of the Norweb-Smithsonian 1913 Liberty Nickel in a display case, I have held (in plastic holders) and closely examined the other four. I have written about 1913 Liberty Nickels several times, most recently when Heritage auctioned the Olsen-Hawn 1913 in Jan. 2010.

The 1913 Liberty Nickel, the 1894-S dime and the 1804 silver dollar are probably the most famous coins. I have held at least five 1804 dollars, the Childs, ‘King of Siam’, Eliasberg, Mickley-Hawn-Queller and Carter-French coins.

Of the three unique business strike U.S. coins that are not in the Smithsonian, I have seen all three. Unfortunately, I have never actually held the 1870-S Three Dollar gold piece; I just saw it in a display case. For more than a few minutes, I held and carefully examined the unique 1873-CC ‘No Arrows’ Dime. It is one of my favorite coins.

I wish to thank Laura Sperber for enabling me to spend considerable time examining the unique 1870-S half dime at the October 2007 CoinFest event. It is a pleasing coin. I am convinced that the 1873-CC ‘No Arrows’ Dime and the 1870-S half dime are business strikes.

In contrast to the above-mentioned business strikes, all 1838-O half dollars were struck as Proofs, though a few did circulate. Of the fewer than fifteen known, I have seen too many to remember at the moment.

I do remember that I have seen only three 1817/4 halves. New discoveries have recently expanded the list of 1817/4 half dollars, though there still must be less than a dozen known. I carefully studied the three that I have seen, including the finest known Eliasberg 1817/4 on more than one occasion. In my June 30th column, I wrote about the 1817/4 half that Heritage just auctioned in Boston, and I mentioned the successful bidder in my column of Aug. 18.<–nextpage–>

Yes, I have seen 1853-O ‘No Arrows’ halves, though I believe there is more to this topic than has been reported. I will address it at another time.

Though the status of the 1866 ‘No Motto’ silver dollars is not clear, it is possible that these were minted in late 1865. Only two are known. I have very closely examined one and I saw both the obverse and the reverse of the other in a display case. I also saw an 1866 ‘No Motto’ quarter and half dollar. This quarter is widely believed to be unique. It may be, though, that these Philadelphia Mint 1866 ‘No Motto’ silver coins are fantasy strikings, rather than coins, made much later than 1866.

One of my favorite Great Rarities, which is certainly not as famous as it should be, is the 1873-CC ‘No Arrows’ Quarter. These are definitely business strikes and there are four to six in existence. I very much like the finest known James A. Stack 1873-CC ‘No Arrows’ quarter, which is another of my favorite coins. I am fond of the Eliasberg piece as well.

The 1842 ‘Small Date’ Quarter is a Proof-only issue and I have certainly examined four of them. There are probably six in existence. These are attractive and have not received much attention.

IV. Great Gold Rarities

While I did not dream about gold rarities when I was a kid, I became very interested in them as an adult. I have never seen the two rarest, privately owned gold rarities, both of which are Half Eagles ($5 gold coins), the 1854-S and the Eliasberg 1822. There are also representatives of these two dates in the Smithsonian. In general, there are just too many Great Rarities in gold, which I have seen, to even mention indirectly in a column. Even if the list is limited to rarities for which fifteen or fewer are known, there are still too many to mention.

Indeed, I have seen countless Great Rarities in the Capped Head Half Eagle series, including several of dates for which fewer than fifteen are known. Unlike most Great Rarities, these are not famous, at least not currently. A hundred years ago, the 1815 and 1822 Half Eagles, along with 1804 dollars, were perhaps the most famous of all U.S. coins. Traditions change.

Among all U.S. coin types, the series of Capped Head Half Eagles is the most difficult to even 80% complete. The combination of the difficulty involved of collecting this series and the fact that the design is not among the most attractive of all U.S. coin issues has resulted in Capped Head Half Eagles being overlooked by most coin enthusiasts, even by those who could afford to collect many of them.

Bust Half Eagles are more avidly collected than Capped Head Half Eagles. The 1798 ’small eagle’ issue is the rarest early Half Eagle that has the status of a distinct date, which collectors can own. There are varieties of other dates that are rarer and there are a couple of unique major varieties of 1797 Half Eagles in the Smithsonian. The whole series of Bust Half Eagles would require a separate discussion. The complexity of the series has limited the fame of rare Bust Half Eagles.

A few Quarter Eagles are very famous. Unfortunately, I have yet to write an article about 1854-S Quarter Eagles ($2½ coins), which are among my favorite gold coins. At the moment, I remember holding and viewing seven of them, most recently one that Heritage auctioned in Boston, which is discussed in my column of July 28th. Moreover, I have a crisp recollection of the finest known Bass-Parrino 1854-S, which stands above the others. Overall, though, my favorite 1854-S is the coin that Heritage auctioned in July 2009. Though it has wear, it scores very high in the category of originality and it has a neat look overall.

The Proof-only 1863 Quarter Eagle is not nearly as famous as the 1854-S, and the extent of its rarity is not clear, at least not to me. There is a chance that fewer than fifteen exist. The best one that comes to my mind is the Richmond 1863 that DLRC auctioned in July 2004. I remember it as being a very appealing coin. I have seen others, including one with disheartening problems. Along with a particular widely recognized variety of 1804 Quarter Eagles, the 1854-S and the 1863 are the rarest Quarter Eagles.

Which is the rarest Double Eagle? It seems clear that there exist only two 1861 Philadelphia Mint Double Eagles with the new reverse that was designed by Anthony Paquet. The status of this issue is debatable. If it is to be considered a separate date in the Type One Double Eagle series, then these two are among the rarest of all U.S. gold coins, in or out of the Smithsonian. Both pieces are privately owned. Fortunately, I have had the opportunity to hold, and closely examine, each. Curiously, these two are very different from each other, in terms of finish and luster.

Saint Gaudens Double Eagles are the most popular and widely recognized U.S. gold coins. Certainly, there are fewer than fifteen known 1927-Denver Mint Double Eagles. I have closely examined all those 1927-D Saints that have been PCGS or NGC certified, except the PCGS graded MS-66 Eliasberg piece. Though the Duckor 1927-D is not one of the two finest known, it has a wonderful look. I will remember it forever. The finest known Charlotte-Parrino-Morse 1927-D is nearly flawless, but is not as exciting as at least a couple of the others.

There exist Proof and business strike 1875 Eagles, and there are probably more than fifteen in total. This date is the rarest Eagle that is needed to complete a set. Proof 1804 Eagles, of which I have closely examined two, are in their own distinct category.

Are there are other dates in U.S. coin series that I have forgotten at the moment, for which fifteen or fewer exist? In columns during the summer, I discussed 1795 Reeded Edge cents, and I consider these to be experimental pieces rather than regular issues.