By Doug Winter - CoinLink Content Partner

If you collect very rare or finest known coins, figuring out what to pay for an item that you need for your collection can be difficult. Here is a real-life example of how I came up with what I believe to be an accurate value for a one-of-a-kind coin.

The coin that we are going to use as our Coin Pricing Lab Experiment is the Finest Known 1860-C half eagle; an item that my firm recently handled.

When analyzing any complicated, rare issue, there are at least four things that I give major consideration to:

1. Establishing rarity

2. Determining comparables

3. Gauging the depth of the market

4. How nice is the coin for the grade and for the issue

So let’s take the scenario that I am bidding on this 1860-C half eagle at auction (as opposed to selling it by private treaty) and assisting Collector X. The first thing that I am going to help him with is a basic understanding of the rarity of the issue.

According to the soon-to-be-released third edition of my book on Charlotte gold coinage, the 1860-C half eagle is a moderately scarce issue with an estimated 125-150 pieces known. My best estimate is that there are seven to eight properly graded Uncirculated examples with one in MS64 (the present example) as well as at least two or three in MS63. I would suggest to Collector X that he remember that with as many as three known in MS63, the chances are pretty good that at least one will magically transform into a second MS64 in the future. And should this happen—and his coin is no longer “population 1 with none better”– it will lose value.

Most collectors eventually check out the PCGS and NGC population reports. As of April 2008, PCGS had graded a total of eleven 1860-C half eagles in Uncirculated while NGC had graded twenty-five (!) in Uncirculated for a combined total of thirty-six. Now, I would be quick to tell this collector that these figures are dramatically inflated by resubmissions and that virtually every 1860-C half eagle that I have seen in a PCGS or NGC slab below MS62 is debatable about whether or not it truly is Uncirculated. But there is no denying the fact that there are enough purported Uncirculated 1860-C half eagles out there to make this MS64 lose a bit of its luster. It is a scarce coin but not one that could be called a fundamental rarity as it is readily obtainable in circulated grades and even available in the lower Uncirculated grades from time to time. (more…)

News and Analysis:  scarce coins, coin markets, and the coin collecting community, #16

A Weekly Column by Greg Reynolds

Yes, there are more rarities, available in Boston this month, which should be discussed. In my columns over the last two to three months, I have covered many important rarities that sold or appeared in Boston, especially coins in the Heritage, B&M and Stack’s auctions. In my column just two weeks ago, I discussed rarities that were ‘on the floor’ at the ANA Convention in Boston, which was held from Aug. 10th to 15th. Even so, three additional coins are each extremely important in their own different and very distinctive ways.

Perhaps few collectors would be enthusiastic about all three of these, though I find all three to be intriguing. These are an Eliasberg 1795 Eagle ($10 gold coin), the gem quality Earle-Boyd-Manley Oak Tree Shilling (of colonial Massachusetts), and an 1806 quarter in Very Good condition that sold for $18,666! An expected retail price for a VG grade 1806 quarter would be in a range from $600 to $900.

I. Eliasberg 1795 $10 Gold Coin

To the best of my recollection at this moment, this Eliasberg 1795 Eagle is the second best 1795 Eagle that I have ever seen, and it has more eye appeal than the first best. Gold coins were first struck at the U.S. Mint in 1795. As the 1796 and 1797 dates, of the Bust – Small Eagle type, are much rarer, the 1795 Eagle is one of the most popular of all U.S. gold coin issues. Plus, the Eagle ($10 gold coin) was the largest denomination of all U.S. coins until 1850, and zero business strike Eagles were struck between 1804 and 1838. (Please see my columns of Aug. 18 and July 28th for comments on a Proof 1804 Eagle.) As 1795 Eagles were the first U.S. $10 coins and are of a scarce design type, collectors tend to be extremely enthusiastic about them.

Louis Eliasberg, Sr. formed the all-time greatest collection of U.S. coins. After his death, one of his sons consigned his U.S. gold coins to Bowers & Ruddy, which auctioned them in New York in Oct. 1982. This coin, which is thought to be the finest of Eliasberg’s 1795 Eagles, was later graded by the NGC as “MS-65.” At the ANA Convention in Boston, it was in Kevin Lipton’s display case. Kevin’s asking price is “$1 million”!

It was Kris Oyster who drew my attention to this 1795 Eagle. “It is just a magnificent coin, a lustrous gem,” Oyster says. “It is the best 1795 Eagle that I have ever seen. It has bold detail, frosty devices, and fantastic appeal. I [Oyster] was struck by it.” Oyster is the managing director of numismatics for DGSE, which operates stores in Texas and elsewhere. In 2007, DGSE acquired Superior Galleries, a name that is well known to coin collectors.

I (this writer) also like this 1795 Eagle, which has a terrific overall look. It is very brilliant, with strong cartwheel luster. Its soft grass green tint is particularly appealing. There are a significant number of contact marks and hairlines, most of which are not noticeable without a magnifying glass. My hunch is that it is the fourth or fifth finest known.

Originally, I had planned to compile a condition ranking for 1795 Eagles. This project, however, will have to be postponed. I wish to be contacted by those who have examined 1795 Eagles that grade MS-64 or higher. The two that the PCGS and the three that the NGC has graded MS-65 probably amount to just two to four different coins.

My guess is that the Garrett coin, the coin in the leading collection of pre-1840 gold, and the coin that is PCGS graded MS-66 are all the same 1795 Eagle. John Albanese reports that “Dave Akers submitted a beautiful 1795 Eagle” to the NGC “in the late 1980s.” I (this writer) suggest that it is the coin that the PCGS later graded MS-66. “It is just amazing,” Albanese exclaims. “We [at the NGC] were talking about for months afterwards.”

Saul Teichman attended the auctions of the Eliasberg and Garrett collections. He states that the “Garrett 1795 eagle was an awesome coin” that is (or was) similar in quality to a few superb pre-1840 Half Eagles in the Eliasberg collection, which Teichman found to be spectacular. “The Eliasberg 1795 Eagles did not strike me as being in that class. They were nice pieces but not like the Garrett coin,” Teichman relates. (more…)

Laura Sperber – Legend Numismatics

There is no magic wand or crystal ball that can tell you when the coin market will turn red hot again or when prices will finally rise across the board. Until then, there are many areas you can explore that we feel have awesome potential-and are actually completable.

GOLD BUGS READ THIS:

Its very interesting that we see the masses buying Saints in MS64 and higher. People have always enjoyed the feel of bigger gold. Because of this, many Gold Type coins have been drifting and actually have come down in value. WE SUGGEST YOU BUILD AN MS64 AND HIGHER GOLD TYPE SET. You can put in it whatever you want. So buy a slight better Gold Dollar for very little premium or buy an MS65 $3 Gold piece-of which we have seen so few around recently. All Indian Gold in GEM has actually fallen recently-and they are NOT easy coins to find.

ALL PROOF BARBERS

HELLO! We KNOW these are incredible values. For years we preached about PR64’s. They have since gone up and are ok, but you can do better in the higher grades. BUY PR 65-67 coins. You can build a COMPLETE 24 coin PR Barber 10C set in 66 for UNDER $60,000.00. Or how about a PR barber Quarter set in PR65? That about $50,000.00. The beauty is the coins look great and MOST have mintage’s of UNDER 1,000 pieces. We only own maybe one or two PR Barbers total-so do NOT accuse us of manipulating pr hyping a market to our benefit!

PROOF LIBERTY NICKELS

Do a PR65/66 Set. Even a semi mixed set of them should cost SUBSTANTIALLY UNDER $25,000.00! These are beautiful coins! You can’t go to a major show and finish the set in day, but you can build a set over a few months.

PROOF TWENTY CENT SET

There are ONLY 4 coins in this set-two of which are Proof ONLY! This set supplies it all: rarity, obsolete, beauty,and affordability. A set in PR64 can be built for UNDER $25,000.00. Or, go for the BEST and do a PR66 set: $50,000.00. Its all up to your tastes and budget.

WALKERS

We have learned from our McClaren Collection that the short set of Walkers (1941 PDS-1947 PD) in MS65/66 is probably one of the most popular collected areas in all of coins. Stunning GEM MS66 Walkers can be purchased for around $225-$275.00. Even the rare 1941S PCGS MS66 will only cost you $2,250.00 or so.

OUR ALL TIME FAVORITE RECOMMENDATION:

Build a Type set. A Type set is a representative of a series. It can contain the 50C 1905 PCGS MS68 we recently bought and sold for over $135,000.00, or it can contain an MS66 PL Morgan for $225.00. You simply pick the BEST examples you can afford and like. By building a Type set, opportunity does NOT pass by you. (more…)