by Greg Reynolds for CoinLink

The FUN Convention is the leading event for rare U.S. coins, and Heritage devoted an entire evening to the auction of one collection of U.S. Patterns. On Wed., Jan. 7, 2009, at the Orlando Convention Center, the Queller collection of pattern, experimental, trial, and fantasy pieces was sold without reserves.

• Part 1 - An overview of the sale of the Queller collection and a definition of patterns in general, along with discussions of $50 gold denomination patterns and the famous Washlady patterns of 1879.
• Part 2 - Famous patterns and a few ‘not so famous’ silver dollar (or trade dollar) patterns.
• Part 3 – Discussions of 1792 cent patterns, relatively inexpensive items in the sale, patterns of gold denominations, and my favorite piece in the Queller pattern collection.

Pattern enthusiasts become energized when some of the most famous patterns are auctioned. The Schoolgirl Silver Dollar patterns are extremely famous. This design is found only on silver dollar size pieces dated 1879; there are no Schoolgirl dimes, quarters, or halves.

Queller’s copper Schoolgirl realized $37,375. While other copper Schoolgirls have realized considerably more in past auctions, those are of much higher quality than this one. In my opinion, this price is a little high, in terms of market prices for patterns. The Queller copper Schoolgirl is at, or near, the bottom of the condition rankings. Perhaps all Schoolgirl patterns are logically undervalued, however, when the rarity and fame of the issue is considered. There are probably fewer than thirty Schoolgirl dollars in all metals. There may be more than two thousand 1893-S Morgan Dollars. (Please see my article on an 1893-S that sold for more than $1 million.) It would be both interesting and exciting to own any of the Schoolgirl patterns, regardless of metal or grade.

Queller’s silver Schoolgirl is NGC certified “Proof-65 Cameo.” According to Saul Teichman, “there are at least fourteen different Schoolgirl dollars in silver.” Though the Queller Schoolgirl is not among the top three or four known, it is colorful and flashy. It has full, strongly mirrored fields. It looks much different in actuality than it does in the catalogue pictures. It has to be seen to be interpreted.

When it was offered by B&R in the July 1981 ANA auction, this Schoolgirl did not sell. Coin markets were very weak at the time. The consignor then, William “Rudy” Sieck, would not let it go for $28,000. Sieck and Queller were friends, and Sieck sold it privately to Queller, not long after that auction, for considerably more than $28,000.

On Jan. 7, 2009, bidding opened at nearly $70,000. Laura Sperber quickly bid more than $80,000. A telephone bidder pushed the level beyond $90,000. I believe someone on the floor bid about $105,000. Steve Contursi then grabbed the Queller Schoolgirl for $115,000. (more…)

by Greg Reynolds for CoinLink

The FUN Convention is the leading event for rare U.S. coins, and Heritage devoted an entire evening to the auction of one collection of U.S. Patterns. On Wed., Jan. 7, 2009, at the Orlando Convention Center, the entire Queller collection of pattern, experimental, trial, and fantasy pieces was sold without reserve.

• Part 1 - An overview of the sale of the Queller collection and a definition of patterns in general, along with discussions of $50 gold denomination patterns and the famous Washlady patterns of 1879.
• Part 2 - Famous patterns and a few ‘not so famous’ silver dollar (or trade dollar) patterns.
• Part 3 – Discussions of 1792 cent patterns, relatively inexpensive items in the sale, patterns of gold denominations, and my favorite piece in the Queller pattern collection.

The most expensive item in the collection is a proposed $50 gold denomination piece. The primary U.S. Mint in Philadelphia never regularly issued $50 gold coins. These were considered. Patterns of $50 gold coins were made, probably for Treasury Department officials and U.S. Congressmen. It is likely that at least some Mint officials would like to have produced $50 gold coins, and many influential Americans probably wanted them to be issued. One of the purposes of such patterns is to show people what a $50 gold coin would look like and to ’show off’ proposed designs for $50 gold coins. Only two $50 gold patterns that are actually struck in gold are known to exist, and both of these are in the Smithsonian. Several copper patterns are known, some of which were gold-plated at the Philadelphia Mint. There are two varieties that are subtly different. Queller had the first variety in gilt, meaning that it is gold-plated, and the second variety in copper. All $50 gold patterns are dated 1877.

The gilt $50 pattern sold for $207,000. Bidding for the copper one started at $115,000. A New York dealer was still involved as the bidding surpassed $240,000. As the level reached $400,000, the contest became a duel between Laura Sperber, of Legend Numismatics, and Larry Hanks. It is widely believed that both Sperber and Hanks were representing collectors. Later, Sperber stated that she expected the coin to sell for between $287,500 and $400,000. She battled Hanks until she captured the coin for a record $575,000. No $50 gold denomination pattern has ever sold, at auction, for anywhere near as much. This result is also a record for any copper pattern. Veteran dealer Chris Napolitano, who is a major player on the auction circuit, had estimated that it would “sell for around $350,000.”

The $8.36 million total is astonishing. Andy Lustig remarked that he expected the Queller collection to realize $6.9 million. Lustig has been a dealer, a collector, and a recognized expert in patterns for more than twenty years. He was the successful bidder for a small number of patterns at the sale. Andy “expected to spend three times” the amount that he did.

Lustig declares that the “sale brought solid prices across the board, with few bargains. There was none of the discounting that [he] expected to see, given the vastness of the offering and the weakness of the general market. In fact, all of the big surprises were on the upside, with many coins bringing two to three times” the prices that Lustig “expected.” (more…)

The Official Auctions of the FUN 2009 Convention in Orlando began on Wednesday, Jan. 7, and spectacular results have already been posted in Heritage’s first Pattern Night session featuring The Lemus Collection – Queller Family Collection Part Two.

Containing 465 different Patterns, the collection was so extensive that it warranted a special catalog, and posted prices realized totaling $8,361,219. The Lemus Patterns were followed by a further session of patterns from the holdings of more than 600 consignors participating in Heritage’s FUN auctions, which brought in an additional $650,000. As additional sessions take place in Heritage’s $50 million, 15,000+ lot auction, results will be posted on its Web site (www.HA.com).

“We expected FUN 2009 to be amazing,” said Heritage President Greg Rohan, “and so far we’re thrilled. We’re just incredibly excited about the coins and notes we’re bringing to the eager buyers in Orlando. FUN started just days after we presented our $7 million auction of Ancient and World Coins at the New York International Numismatic Convention. FUN is the world’s largest coin show, and Heritage is the world’s largest numismatic auctioneer; these events are always exciting!”

Featured Lemus-Queller rarities at FUN included:

Lot 1500: 1792 Pattern Cent, Judd-1, Pollock-1, High R.6, VF30 NGC. Realized: $253,000.

With a design most likely by Henry Voight, the patterns of 1792 are the rarest series of patterns ever struck, and each is a classic of U.S. coinage in its own right. This exclusive series includes the silver center cent, Birch cent (two varieties), half disme, disme, and the Eagle on Globe quarter. Of these five issues, only the half disme and disme ever circulated. From The Lemus Collection, Queller Family Collection Part Two.

Lot 1501: 1792 Birch Cent, Judd-5, Pollock-6, R.8, Fair 2 NGC. Realized: $86,250

On the obverse Liberty faces right, and the name BIRCH is seen on the truncation of her neck; most likely designed by William Russell Birch. Struck in copper with a lettered edge reading TO BE ESTEEMED BE USEFUL. From The Lemus Collection, Queller Family Collection Part Two. (more…)