A full suite of numismatic auctions by Heritage Auction Galleries - U.S. coins, U.S. Currency, ancients & world coins, and tokens & medals - at the Long Beach Coin Expo have produced results of $34.8 million thus far, with Post-Auction sells expected to push the total well above $35 million. U.S. coins realized $16.5 million, U.S. Currency added $12.9 million, ancients & world coins are nearing $5 million, and tokens & medals contributed another half million dollars. Heritage’s Long Beach Signature® Auctions were held September 17-21, 2008. Complete auction results are now posted on Heritage’s HA.com website, including full-color images, descriptions, and prices realized for all of the Long Beach lots.

“Among the gold rarities included in the Long Beach auction,” commented Heritage President Greg Rohan, “we were especially pleased with the performance of Lot 3571, an 1879 $4 stella (Judd-1635, Pollock-1833) with Flowing Hair, certified by NGC as PR65 Cameo, which realized $204,125, a 1929 $20 certified by PCGS as MS66, with CAC approval, which realized $184,000, and a 1927-S $20, certified PCGS MS65, which realized $161,000. The pair of 1839-O Capped Bust, Reeded Edge Proof half dollars also excited bidders; Lot 2164: PR63 NGC, realized $149,500, and Lot 2163: PR62 NGC, brought $63,250. In spite of the turbulent week on Wall Street, the results of the Long Beach auction demonstrates that collectors are still very excited about numismatic items!”

“One of the most fascinating rarities in the auction,” concluded Rohan, “the newly discovered error 1831 quarter eagle struck on a dime planchet (Lot 3227) realized $46,000. Not a bad return for an item purchased as junk silver! Incidentally, our pre-auction publicity resulted in another well-circulated quarter eagle struck on a dime planchet coming into our offices — and of another date! We are in the process of authentication research, but we certainly expect numismatists to be more carefully examining their worn early dimes in the future!”

The anchor consignments in the U.S. coin catalog were: The Nora Bailey Collection; The Bell Collection; The Davis Conway Collection; The Morton J. Greene Collection; The Hamous Collection of California Gold; The Laredo Collection; The Malibu Collection; The Mississippi Collection; The Menlo Park Collection; The Nevada Collection of Seated Quarters; and The Sundance Collection. (more…)

By Greg Reynolds for CoinLink

On Sunday, Sept. 14, a 1796 Large Cent sold for $690,000 at an auction held at The Crowne Plaza Beverly Hills hotel. Before the mid 1850s, pennies were about the size of quarters.

This cent was consigned by the family of the late Ted Naftzger, who formed the all-time best collection of large cents. A selection from the Naftzger collection was a highlight of the auction extravaganza conducted by the firm of Ira & Larry Goldberg, a few days prior to the Long Beach Coin, Stamp & Collectible Expo. Naftzger’s ‘middle-date’ large cents will be auctioned at the same location in Feb. 2009.

The main reason why this auction result is astounding is that this coin is not rare. Moreover, the rarity of its variety, which is known as S-84, may not have played a substantial role in this Naftzger 1796 Liberty Cap realizing $690,000. All large cents of a particular die variety were struck from the same pair of dies, which are cylinders employed in a mechanical press to impart designs on prepared blank discs that are thus transformed into coins.

It is true that, if fewer than a dozen of a particular large cent die variety are known, then the rarity of the variety could be responsible for each being worth a large sum. There probably exist, though, between two hundred and four hundred 1796 Liberty Cap cents (S-84) that were struck from this same pair of dies.

One characteristic, of this (S-84) variety of 1796 Liberty Caps, is that numerals ‘1′ and ‘7′ are higher than numerals ‘9′ and ‘6′. Another characteristic relates to the proximity of a leaf to the ‘F’ in “OF” on the reverse (back of the coin). While specialists are very serious about such matters, most collectors have little interest in die varieties. Details of varieties are outside the scope of the present discussion. Most coin buyers collect ‘by date’ or ‘by type.’

There are at least fifteen hundred 1796 Liberty Cap cents, of all varieties, in existence. So, these are scarce, but not rare.

Many early large cents are corroded, damaged, or have other serious problems. The key factor regarding the value of this Naftzger 1796 Liberty Cap is its quality. (more…)

By Tim Shuck for CoinLink

Political favoritism, incompetence, corporate greed — phrases right out of news headlines regarding the current financial crisis. It would be easy to believe that the present situation is unique, unprecedented in our history, but that is likely not true. From 1893 to roughly the end of the century there was another crisis in the American economy. It has been estimated that as many as 15,000 businesses, 600 banks, and 74 railroads failed; and that 10%, perhaps even 20%, of American were unemployed in the worst of those years. Causes of that debilitating event included declining building construction; depressed agricultural production, at least partially attributable to adverse weather; an overbuilt and over capitalized railroad system; and (a numismatic connection at last) the gold standard and monetary policy. But, in a bizarre reversal of the situation today, the U.S. government was bailed out by private citizens.

The events that culminated in the Panic of 1893 had their start in the early 1870s. Following the end of the Franco-German War, Germany established a national gold standard and placed 8,000 tons of silver on the world market. The result was predictable: silver prices declined, particularly in reference to gold, at the same time vast amounts of the metal were being mined in the American West. There was one potential bright spot: silver was the preferred medium of payment in trade with the Orient, particularly China. To better position U.S. coins for that purpose, the U.S. Liberty Seated dollar was discontinued by the Mint Act of February 12, 1873, and a new, heavier Trade dollar was introduced.

But, with the availability of low-priced silver, coupled with a reduced need for silver by the Treasury for coinage, miners and other silver interests foresaw the inevitable result. Walter Breen describes their response: “the silver lobby and their ignorant partisans nationwide called the bill the “Crime of ‘73″. As if to add insult to injury, Congress in June 1874 demonetized all previous silver dollars and revoked their legal tender status” (Complete Encyclopedia of U.S. and Colonial Coins, 1988). Not about to give up, the silver lobby intensively lobbied Congress in the next few years, vying with those who instead favored a gold standard. Their persistence was rewarded on February 28, 1878, in the form of the Bland-Allison Act, which mandated a new silver dollar and the purchase by the Treasury of millions of dollars of silver bullion each month for the production of those coins.

The euphoria of this victory for silver was short lived. While the new Morgan dollars circulated in the West and South the rest of the country generally preferred paper money. At an international monetary conference, also authorized by Bland-Allison, European delegates rejected U.S. propositions for unrestricted silver coinage under a bi-metallic standard (silver and gold); which, unsurprisingly, would have further benefited silver interests. Nevertheless, U.S. silver dollar production continued apace even though the price of silver continued to decline under a glut of bullion. Sensing that something needed to be done (sound familiar?) Congress again acted, or perhaps reacted, producing the Sherman Act of July 14, 1890. (more…)

WASHINGTON - The Lincoln Memorial Reflecting Pool Plaza was the backdrop today for the unveiling, by United States Mint Director Ed Moy, of four new designs for the circulating 2009 Lincoln Bicentennial One Cent Coins. Abraham Lincoln Bicentennial Commission Co-Chairman Harold Holzer joined Director Moy for the unveiling.

Authorized by Public Law 109-145, the four new designs celebrate the bicentennial of President Abraham Lincoln’s birth, as well as the 100th anniversary of the production of the Lincoln cent (penny). The new designs will be issued in approximately three-month intervals throughout the year. The first redesigned penny, which will honor Lincoln’s birth and early childhood, will be put into circulation on February 12, 2009.

“This is a momentous occasion in the history of our Nation’s coinage because these designs represent the first change in the Lincoln cent in half a century,” said Director Moy. “These coins are a tribute to one of our greatest Presidents whose legacy has had a lasting impact on our country. He believed all men were created equal, and his life was a model for accomplishing the American dream through honesty, integrity, loyalty, and a lifetime of education.”

The four designs to be featured on the reverse of the Lincoln pennies represent four major aspects of President Lincoln’s life: his birth and childhood in Kentucky, his formative years in Indiana, his professional life in Illinois and his Presidency in Washington, D.C. The inscriptions on the reverse of the coins will be “United States of America,” “E Pluribus Unum” and “One Cent.” (more…)

By Laura Sperber - Legend Numismatics

“Lackluster” is how we would best describe activity at the show. Dealers definitely had some cash flow issues and we heard several major generic/bullion dealers had margin calls on gold while others battled just to pay their ANA auction bills. Take away the roll coaster ride of the financial markets and gold, and even with poorer cash flows, it was hard to distinguish this Long Beach Show from any other held during the same time period.

Typically, the fall show has always been the weakest. Attendance was surprisingly strong Thursday, but on Friday you roll a bowling ball down the isles. We really don’t think this show is a good representation to fully gauge the market, but we’ll try to comment on all significant happenings we saw.

CLEAR YOUR HEAD AND TAKE A DEEP BREATH

Too many people do not see what is happening. It is amazing to us how many people are in total denial that the roaring bull market is over for now. In our last Market Report we spooked many people (and had many dealers angry at us) for telling it like it is-that a correction was underway. What everyone failed to read was that the correction was occurring primarily in the following 3 areas: *”inferior”, *”product”, and *”widget” coins. These are clearly off by a full 10-20%. See the end of this report for our definitions of those areas.

The three groups listed rode the bull market harder and longer than they ever should have. They actually did hurt the pricing on “better’ and “rarer” coins for a long time as pieces lingered on the market and sapped cash flows. Now that a huge separation between quality and lesser coins is occurring (like with MS66 Saints, CAC stickered pieces are WHOLESALING for $2,750.00 while NON CAC coins are selling for $2,250.00) the better coins are finally free to move up in value with out being dragged down by an inferior piece.

There is no question, the truly rare and NICE coins are still bringing all the money and then some. So long as you have true quality and can sit through a potential short term correction, you will be fine and your coins will produce the sensational returns you expect. (more…)