Important News! CoinLink has merged..... Visit our NEW Site www.CoinWeek.com

BREAKING NEWS:....... Vist Our NEW Site at CoinWeek.com

Category: US Coins

Coin Rarities & Related Topics: The Henry Miller Collection

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. (more…)

Malibu Collection Part II Anchors Bowers and Merena’s January 2011 Rarities Sale

Nearly 1,700 lots to cross the auction block in Tampa, FL immediately prior to  FUN

Bowers and Merena, one of the world’s preeminent auctioneers for rare coins and currency, will conduct the January Rarities Sale as its first event of 2011. The single-session sale on Jan. 4 at the Grand Hyatt Tampa Bay will offer nearly 1,700 lots of rare and desirable United State and Colonial-era coinage.

“It is and honor and thrill to start my career with Bowers and Merena with such an important sale,” said Chris Napolitano, President of Bowers and Merena. “Our January 2011 Rarities Sale will be presenting a wide selection of United States, Colonial and Territorial coins which range from affordable collector coins to world-renowned absolute and condition pieces.”

Headlining the sale is Part II of the Malibu Collection. “The first part of this impressive Malibu Collection helped propel our Official Auction of the November Whitman Coin & Collectible Baltimore Expo to the forefront among numismatic events of 2010. Part II promises the same rarity, quality and eye appeal that we have come to expect from the collection,” said Napolitano.

Highlights from the Malibu Collection include lot 855, one of the finest-known 1866 Motto Seated Dollars in PCGS Secure Proof-66 Deep Cameo, as well as lot 594, an important strike and condition rarity 1918-S Standing Liberty Quarter certified MS-67 Full Head by NGC with a combined pop of just 2/0 by PCGS and NGC.

“From U.S. minors to patterns, bidders will also enjoy Part II of the G. Edward Reahl, Jr. M.D. Collection and the Abingdon Collection,” said Napolitano.

Additional highlights in the sale include:

* Lot 48, 1883 Hawaii Eighth Dollar, Proof-62 Cameo (PCGS), Secure Holder
* Lot 59, Undated (Circa 1616) Sommer Islands Twopence, BMA Type I, Small Star Below Hog, AG-3 (PCGS)
* Lot 73, 1776 Continental Dollar, CURENCY, Pewter, MS-63 (NGC)
* Lot 302, 1924-S Buffalo Nickel, MS-66 (NGC)
* Lot 304, 1925-D Buffalo Nickel, MS-66 (PCGS), Secure Holder (more…)

Coin Profiles: Unique 1834 Original Half Dollar O-104, Ex: Brand, Norweb

1834 Capped Bust Half Dollar PR65 NGC. O-104, Unique as a Proof.

Only a few proof 1834 half dollars are known, mostly restrikes from the dies used to produce the Crushed Lettered Edge coins. In the catalog of the George “Buddy” Byers Collection (Stack’s, 10/2006), the cataloger enumerated these Overton varieties used to produce the Crushed Lettered Edge restrikes, of which at least 10 pieces survive in all: O-101, O-103, O-104, O-106, O-114, and O-122.

The cataloger also included five Overton varieties known for the 1834 proof half dollars, each unique original coins, that were not CLE restrikes. Those varieties include: O-101 (Large Date, Large Letters, ex: Floyd Starr), O-103 (Large Date, Large Letters; in the King of Siam set), O-104 (the present piece, from the Norweb Collection), O-106 (Large Date, Small Letters; the Byers coin), and O-114 (Small Date, Small Letters; Bowers and Merena, 8/1991, lot 2268). Each one of those unique proof original half dollars is much, much rarer than the 1834 Crushed Lettered Edge restrikes.

The present coin is one of those original pieces, unique as far as we can determine. The catalogers in the Norweb Collection sale described it in this way:

“1834 O-104. Large Date, Small Letters. Proof-64/65. A glittering gem specimen with full Proof surface on all areas, including within the shield stripes on the reverse. This piece is breathtakingly beautiful and is toned a delicate blend of muted rainbow colors, ranging from magenta at the center, to electric and gunmetal blue, to gold at the borders.

“Perhaps unique as a die variety; Walter Breen did not know of other examples, but he was aware of this one, as he participated in the sale of it to Mrs. Norweb. “Here is a superb gem coin, a half dollar for the ages.”

Technical Description: Large Date, Small Letters. The 4 in the date is tall and recut, with the 18 wider than 834. The 4 is higher. The Overton reference describes the date “with an open 3 and extra tall tapered 1” a half-millimeter from the drapery, “the closest of any large date 1834.” On the reverse the top of the C in the denomination is close to the olive stem. The I is centered left of the crossbar of the T. This die lacks the die lump normally seen on business strikes under TE, providing evidence that this proof was struck first. The thin left stand of the M is joined at its base to the center stand. (more…)

Historic proof sets and ‘Stella’ pattern coins present momentous opportunities for collectors at FUN

1834 and 1846 proof sets from private collection released as part of Heritage’s Jan. 6 FUN Platinum Night offerings in Tampa, FL

Two rare early proof sets and a remarkable set of six pattern coins associated with the famous “Stella” coinage experiment are important collective highlights of Heritage’s Tampa FUN Platinum Night U.S. Coin Auction, Thursday, Jan. 6, 2011.

“All three of these sets have remained intact from the time of issue,” said Greg Rohan, President of Heritage. “It’s amazing to be able to see an 1834 proof set all at once, or the three coins of an 1846 proof gold set, or a six-coin set of Stella patterns. We understand that many collectors are interested in particular coins rather than sets, so we’ve chosen to offer the pieces from these sets as individual lots. It wouldn’t surprise me, though, if a single buyer were to keep one of the sets together.”

The earliest set is an 1834 eight-piece proof set, half cent through half eagle, with grades ranging from PR63 to PR65 NGC. While this proof set does not include the denominations included in diplomatic presentation sets of that year – namely the legendary 1804-dated silver dollar and gold eagle – it does include eight denominations, all extremely rare: the half cent, large cent, half dime, dime, quarter, half dollar, quarter eagle, and half eagle.

“Perhaps four or five of these non-diplomatic sets were issued,” said Rohan. “All the rest were broken up long ago. Depending on who buys these coins, this may literally be the last chance for collectors to bid on one of the non-diplomatic sets while it’s still intact.”

The second set, smaller but just as important in its own fashion, is a three-piece gold proof set from 1846. It contains the three gold denominations struck that year, the quarter eagle, half eagle, and eagle, and each coin is graded PR64 Cameo by NGC. The three-coin gold set was part of a larger 10-coin complete proof set that was last offered as part of the legendary John Jay Pittman Collection. The coins trace their origin all the way back to an 1892 sale by Ed Frossard.

“Today’s collectors have a chance to make these incredibly rare 1846 gold coins part of their collections,” said Rohan. “The half eagle, for example, is the only proof specimen not in a museum collection. We hope the winning bidders enjoy the same pride of ownership that Pittman displayed.”

Chronologically last, but of similarly momentous importance, is a set of five pattern pieces dated 1879 and 1880 and related to the famous proposed international trade coin, the four dollar or “Stella.” The first five coins, all very rare or extremely rare, were made of copper and later gilt. They grade PR62 to PR64 and include a Judd-1636 1879 Flowing Hair four dollar, a Judd-1639 1879 Coiled Hair four dollar, a Judd-1658 1880 Flowing Hair four dollar, a Judd-1661 1880 Coiled Hair four dollar, and the legendary Judd-1644 1879 quintuple stella – a trade-coin spin on the existing double eagle. (more…)

Three Big Rarities Offered at FUN Auctions

By Steve Roach – First published in the Jan. 3, 2011, Special Edition of Coin World – Rare Coin Market Report

For the past few years, arguably the main annual event for the rare coin market has been the massive Heritage auctions at the Florida United Numismatists convention, a major coin show that will take place during the first week of the new year in Tampa Jan. 6 to 9.

The multiday auctions and the packed bourse floor at FUN set the tone of the market for at least the year’s early months, as dealers reposition their inventories, and collectors make their first buys of the year.

Some expensive coins were sold at the 2010 FUN Heritage auction, including $3,737,500 realized for one of finest known examples of the 1913 Liberty Head 5-cent coin, tying the third-place record for the largest sum ever paid at auction for a single U.S. coin.

Two other million-dollar coins traded hands in the 2010 Heritage FUN auctions: a 1927-D Saint-Gaudens gold $20 double eagle graded Mint State 66, which sold for $1,495,000, and an 1874 Dana Bickford gold $10 eagle pattern in Proof 65 deep cameo, which sold above expectations for $1,265,000.

In total, more than $36.5 million in coins traded hands at the 2010 Heritage official FUN coin auctions.

While the new year’s first auction lacks an obvious million-dollar superstar on the level of the 1913 Liberty Head 5-cent piece, three exceptional coins could prove dazzling.

Perhaps the most noteworthy is an 1852-O Coronet $20 double eagle graded MS-65. It is the finest known example of the date and the catalog description states that it is “quite likely the finest New Orleans twenty of any date.”

In 2009, a Specimen 63 1856-O Coronet double eagle realized $1,437,500. In addition, 1850 to 1866 New Orleans Mint double eagles enjoy a healthy popularity.

Since the offered 1852-O Coronet double eagle has been off the market for more than 30 years, it’s anyone’s guess as to what this grand condition rarity will bring.

Another New Orleans Mint gold coin may also soar – the finest collectible 1909-O Indian Head $5 half eagle, graded MS-66. The lot description counts 19 examples graded MS-64 to MS-66 and the issue is the key to the series. The offered example last sold publicly in May 1998 as part of the Thaine B. Price Collection for $374,000, where it was described by auctioneer David Akers as “the finest collectible example of the rarest issue in the entire series.” (more…)

NGC Certifies Historic Cache of Saint-Gaudens Double Eagles

These coins were part of a family’s possessions during World War II exile and remained together for more than 65 years.

NGC has certified a very interesting group of Saint-Gaudens Double Eagles that have remained in the possession of a family since prior to World War II. When purchased in Europe last month, their unusual history was revealed to the buyer. During the turbulent period prior to World War II, these coins were a trove meant to sustain a family through the worst possible situation.

Just subsequent to the Nazi invasion of this family’s home country in 1940, each of these coins was sewn into the lining of a leather coat. With great risk, they were spirited out to a safe-haven neutral country, where they have been kept ever since.

According to the gold buyer, who relayed the history of these coins to NGC, the family in possession of the coins elected to sell them this year because gold had risen to record price levels. The group of 200 coins has been encapsulated with the pedigree WWII EXILE HOARD.

While other US gold coins come from caches with similar histories, several features contribute to the significance of this group. When they arrived at NGC, many of the coins still had bits of leather still adhering to the coins’ rims.

At the submitter’s request, professionals at Numismatic Conservation Services expertly removed the leather so that the coins would be eligible for certification. Their unconventional storage imparted a number of the coins with a delicate reddish patina that was left untouched during conservation.

Another unusual feature is the uniformly high grade of these coins. Each graded from MS 63 to MS 67, with seven coins achieving this highest grade and a greater number grading each MS 66 and MS 66+. All are dated 1924 and 1925, with over three-quarters being from the latter date.

Coin Rarities & Related Topics: The Malibu Collection of Proof Liberty Seated Quarters, with information for beginning and intermediate collectors

News and Analysis of scarce coins, coin markets, and the coin collecting community #31

A Weekly Column by Greg Reynolds

I. The Malibu Collection

In Tampa, on Tuesday, Jan. 4, B&M will auction the second part of the Malibu Collection, among other consignments. The focus here is on Malibu’s collection of Proof Liberty Seated Quarters dating from 1863 to 1891.

This sale will occur almost exactly two months after B&M auctioned the first part of the Malibu Collection, in Baltimore. In my column of Nov. 17, I reviewed the sale of the Malibu set of Standing Liberty Quarters. On Nov. 4, B&M also auctioned Malibu’s business strike Liberty Seated Half Dollars and silver dollars. On Jan. 4, B&M will auction Malibu’s sets of Proof Liberty Seated Quarters, Proof Liberty Seated Half Dollars and Proof Liberty Seated Dollars, plus a few other coins from the Malibu collection, as well as a wide variety of items from other consignors.

This Jan. 4 auction will be conducted just prior to the FUN Convention. Please see last week’s column for a discussion of FUN Convention auctions and a review of the O’Neal Collection of Indian Head Half Eagles that Heritage will offer. (As always, clickable links are in blue.)

Since the collector who formed the Malibu collection has not granted permission for his name to be mentioned, the code name Malibu is employed for his overall collection, sets of specific series, and the collector himself. Other coins from the Malibu Collection may be auctioned in Baltimore in March. Most of the coins in the Malibu collection are, or were, included in set listings in the PCGS and NGC Registries.

Besides Malibu’s set of Standing Liberty Quarters, which was complete and excellent, each of his sets seems to be a ‘work in progress’ with some missing dates that are not difficult to find. It is sad that his sets of Proof Liberty Seated coins were not completed as he seems to have had both the budget and the dedication to ‘complete’ sets of ‘later date’ Liberty Seated Proof Quarters, half dollars and silver dollars, those dating from 1858 onwards.

Starting in 1858, Proof Sets were publicly offered by the U.S. Mint each year. Before then, Proof coins were released quietly to collectors and dealers who had contacts at the Philadelphia Mint or elsewhere in the U.S. Treasury Dept. While Proof sets were not available to collectors every year prior to 1858, my impression is that these were often available to collectors who took the initiative to seek Proof coins.

Generally, it is customary to define a set of each series of Proof Liberty Seated silver coins, or of Proof Liberty Head gold coins, as a collection of one of each issue from 1858 onwards. Pre-1858 Proofs tend to be much rarer, and a set of all Proof Liberty Seated coins would not be feasible.

Clearly, the Malibu collector was in the process of assembling sets of Proof quarters and halves dating from 1858 to 1891, and of Proof Liberty Seated Dollars dating from 1858 to 1873, which was the last year of Liberty Seated Dollars. The Malibu 1858 to 1891 set of Proof Liberty Seated Halves contains twenty seven Proofs of different dates, and a second Proof 1887 Half Dollar. This half set is missing eight dates.

A set of Proof Liberty Seated Dollars consists of sixteen dates and the Malibu set has eleven plus a duplicate Proof 1873 dollar. The PCGS and the NGC Registries ignore the 1866 ‘No Motto’ Proofs of quarters, halves and silver dollars, as these are mysterious strikings about which little is known, and were not available to the public. While the Malibu sets of halves and silver dollars are important, and will receive much attention when auctioned on Jan. 4th, the topic here is his set of Proof Liberty Seated Quarters. (more…)

Coin Profile 1804 Bust Quarter, Single Finest Certified B-1, Ex: Colonel Green

Colonel Edward Howland Robinson Green (better known as Col. E.H.R. Green or, more simply, Col. Green), was the son of Henrietta Howland Robinson Green, née Henrietta Howland Robinson (1834-1916). She, too, is known more simply as Hetty Green, and even more familiarly as the “Witch of Wall Street.” Hetty Green was connected on the Howland side of her family to one of the great merchant families of New England. She grew up in a Quaker household, noted for its austerity.

Upon their deaths in 1865, her father and maternal aunt willed to her a total of about $10 million. Even after her 1867 marriage to Edward H. Green, she kept her finances separate, managing them herself with single-minded monomania. Her father and grandfather had educated her in finance from early childhood, and she dedicated herself to expanding that fortune. As her wealth increased, she continued to live with her son and daughter in modest surroundings, avoiding all social contacts or displays of wealth. In time she became a major force on Wall Street, despite which she often appeared in public in shabby garb and sought medical treatment for herself at charity clinics. She left an estate valued at more than $100 million when she died in 1916, reputedly the world’s richest woman.

“Extremely rare grade and one of two finest known of just three, possibly four known in full Mint State. Certainly the most famous specimen and long thought to be clearly the finest.”

The most often-repeated story concerning her penury is that concerning her son Edward, whom she refused to take for medical treatment, resulting in the need for his leg to be amputated. Col. Green was born the year following Hetty’s marriage to Edward Green, during his parents’ tour of Europe.

By age 25, Col. Green had been admitted to the bar and become president of the Texas Midland Railroad (his mother Hetty had owned many railroad stocks during her lifetime). He was active in Texas Republican politics, served as chairman of the Texas Republican State Committee, and was a director of the St. Louis Exposition of 1904. In order to maintain a Texas residence, he kept a suit of clothes and one of his wooden legs in a “fine residence” in Terrell, Texas. He died at age 68 in Lake Placid, New York.

At the time of his death–with a total estate valued at more than $40 million–his coin collection was valued at an estimated $5 million, along with a stamp collection worth $3.5 million. Green’s numismatic holdings included at least seven different 1838-O half dollars, a Brasher doubloon, all five of the 1913 Liberty nickels, and a staggering hoard of 1796 quarters, said to number more than 200 pieces. (more…)

Scott Travers’ ‘Survival Manual’ Now Available in Seventh Edition

(New York, NY) – Gold and grading share the spotlight in The Coin Collector’s Survival Manual, Seventh Edition, the just-released latest edition of the perennial hobby bestseller by award-winning author Scott A. Travers. Published by Random House, this thoroughly updated 400-page book also contains two new and timely fact-filled chapters; one on buying and selling gold coins and other precious metal items, the other on recent innovations in coin grading.

With gold scaling record-high price levels, Travers examines the impact the precious metals boom is having on the rare coin market. Citing one expert’s prediction that gold might soar to $10,000 an ounce, he shows why this is not far-fetched. A new section of the book looks at possible negative effects for collectors and dealers if burdensome IRS 1099 reporting requirements are not changed before their scheduled implementation in 2012.

Travers also provides pointers on how to avoid being victimized when buying or selling valuables containing precious metal, and goes behind the scenes to show in detail how buyers determine the value of gold and silver in items they buy from the public. Travers reveals insider secrets for getting the most money when selling gold and silver coins, jewelry or “scrap.”

He cautions that high-profile gold buyers who advertise extensively often pay rock-bottom prices, “luring cash-starved victims with slick TV commercials or eye-catching newspaper ads promising ‘top dollar’ for the gold that’s sitting idle in their jewelry boxes or drawers.”

A new chapter titled “A Grade Leap Forward” explores what Travers calls “the new math of coin grading” – the enhancement made possible in early 2010 when the Professional Coin Grading Service introduced its PCGS Secure Plus™ system and added intermediate “plus” (+) designations to coins at the high end of their grade level. The Numismatic Guaranty Corporation of America (NGC) soon began offering similar grading.

Exclusive first-time photographs show the differences between “regular” and “plus” grades.

Travers also explains how Secure Plus™ combats coin “doctoring” and shares insiders’ tips on how to get the greatest value when buying and selling PCGS and NGC plus-grade coins.

Hundreds of never-before-published digitized coin images give readers a clear look at subtle grading nuances and ways to detect altered coins. In a beefed-up color section, surprising photos reveal how the same coin was given different grades by leading services. It also shows examples of difficult-to-detect doctored and altered coins, plus endangered coins rescued from harm’s way through proper conservation.

Exclusive color photographs pinpoint how to distinguish between Morgan dollars and Saint-Gaudens Double Eagles that are Mint State-65 and Mint State 65+ — a small difference in grade that can make a significant difference in marketplace value. (more…)

Coin Rarities & Related Topics: O’Neal Collection of Indian Head $5 Gold Coins

News and Analysis on scarce coins, coin markets, and the coin collecting community #30

A Weekly Column by Greg Reynolds

I. FUN Auctions

During the Jan. 2011 FUN Platinum Night auction in Tampa, Heritage will offer Jim O’Neal’s set of Indian Head Half Eagles ($5 gold coins). This set is the “All-Time Finest” in the PCGS Registry and contains many individual coins that are at or near the top of the condition rankings for their respective dates. Many other rare U.S. coins, including some Great Rarities, will be auctioned during the Platinum Night event and I will cover those soon.

Since 2005, the Heritage FUN Convention auction has been the leading auction of the year for U.S. coins. Indeed, four of the last six January FUN auctions have been phenomenal.

A few days before the start of the FUN Convention at the Tampa Convention Center, B&M will conduct a pre-FUN auction at a nearby hotel. The Malibu collection will be included. Traditionally, pre-FUN auctions have featured especially choice and rare coins as well.

While the winter Florida United Numismatists (FUN) Convention is typically in Orlando, it was in Fort Lauderdale in 2005 and will be in Tampa in January 2011. The Fort Lauderdale area is a more sensible location, as Southern Florida is densely populated. Fort Lauderdale is close to especially affluent areas in Palm Beach and Miami-Dade counties. Plus, there are many snowbirds in Southern Florida, people who otherwise live in the Northeastern States.

To attain a better understanding of FUN auctions, or at least to get a flavor for them, please see my articles relating to 2009 and 2010 events: The Jan. 2010 Platinum Night, $3,737,500 for a nickel, the O’Neal Collection of Indian Head Eagles, Queller Collection of Patterns, and Jay Brahin’s $20 gold coins.

When the Jim O’Neal collection of Indian Head (or Saint Gaudens) Eagles ($10 coins) was the opening feature of the Jan. 8, 2009 Platinum Night event, the room was packed. Afterwards, a few experts in attendance indicated to me that prices were higher than expected. Prices were much higher than I expected, as I was not overwhelmed by O’Neal’s Eagles. My preliminary impression is that I will be much more enthusiastic about O’Neal’s Indian Head Half Eagles ($5 pieces), which will be sold during the Jan. 6, 2011 Platinum Night event.

II. O’Neal’s Half Eagles

It now seems that Jim O’Neal’s set of business strike Indian Head Half Eagles is the most famous collection that will be auctioned at the Jan. 2011 FUN Convention. For years, this has been the “finest” such set in both the PCGS and NGC registries. Although the PCGS ranks it ahead of the Dr. Thaine Price and Dr. Duckor sets of Indian Head Half Eagles, my belief is that the Duckor collection was finer. I have yet, however, to see most of the coins in the O’Neal set. The Duckor set of Indian Half Eagles was auctioned by the firm of David Akers as part of the Auction ’90 event, in the Chicago area.

Dr. Thaine Price’s collection was also auctioned by Akers’ firm. All of the Price collection was sold on the evening of May 19, 1998, and it was overshadowed by the epic Pittman II event that was held the same week at the same location. In most other situations, the offering of the Thaine Price collection would have been considered an amazing event of epic proportions. Dr. Duckor admits that he takes his Thaine Price catalogue with him on vacations to Hawaii, “probably fifteen times” so far. “Akers did a great job.”

The sets of Thaine Price and Steven Duckor were assembled during an era when grading standards were tougher than standards were in the late 1990s and in the early part of the 2000s. Even so, there is no doubt that this O’Neal set contains some of the greatest and most important Indian Head Half Eagles. (more…)

The Jim O’Neal Collection of $5 Indians readies for auction in Heritage FUN U.S. Coin event

Finest known 1909-O half eagle headlines the Jan. 6 Platinum Night auction of this PCGS Registry Set All-Time Finest in Tampa, FL

DALLAS, TX — The finest collectible 1909-O Indian half eagle, MS66 PCGS, the Mitchelson-Clapp-Eliasberg-Price example – designated by legendary numismatist David Akers as “The Coin” – will provide some New Year’s fireworks on Thursday, Jan 6, 2011, when it comes up for auction as part of Heritage’s Tampa FUN Platinum Night U.S. Coin Auction. This magnificent coin is the principal highlight of The Jim O’Neal Collection of $5 Indians, the #1 All-Time Finest set of its kind graded by PCGS.

“This is the fourth major collection from Mr. O’Neal that Heritage has had the distinct pleasure to handle, starting with his U.S. currency collection in 2005,” said Greg Rohan, President of Heritage Auctions. “ His incredible $5 Indian Registry Set stands alone in terms of quality, and the advance buzz from collectors is considerable, to say the least. A high grade mint state set of $5 Indians is easily the most daunting challenge facing collectors of 20th Century gold.

The O’Neal specimen of the 1909-O Indian half eagle, the only Indian Head gold coin ever minted in New Orleans and the rarest issue in the set, has an unimpeachable provenance from J.C. Mitchelson to John H. Clapp, Louis E. Eliasberg, Sr., Dr. Thaine B. Price before reaching O’Neal. The Clapp Notebook recording acquisitions of coins in that collection indicates that Mitchelson sold the coin to Clapp in June 1909. That means that Mitchelson almost certainly ordered the coin directly from the Mint and, given that it is well-known that the 1909-O half eagles were coined in February or March 1909, this piece may well have been among the first coins minted.

Going one year earlier, among the most luminous of the O’Neal coins is a 1908-S half eagle MS68, PCGS, the single highest PCGS-graded mint state $5 Indian of any date. While specific information about this coin’s origin dates back only five years, it may date back to a small hoard of high-quality pieces once owned by legendary businessman and collector Virgil Brand.

The finest certified example of a 1911-D half eagle, MS65+ PCGS, CAC, one of several famous gold issues bearing that date and mintmark, continues the top offerings of the collection.

“It’s rare to find a 1911-D half eagle with a smooth surface, period,” said Rohan, “let alone one as gorgeous, glossy and appealing as this particular example. It’s the #1 coin of its kind for good reason and we anticipate spirited competition to take it home in Tampa.”

A stunning 1913-S half eagle, MS66 PCGS, the finest known example certified by PCGS and likely the finest of its kind – certainly, in the absolute sense, one of the great condition rarities of the series – rounds out the top offerings in The O’Neal Collection. The coin’s provenance, which includes a long stay in the famous Dr. Thaine B. Price Collection, indicates that this example has only been offered publicly on two previous occasions, in 1998 and 1999.

Which Civil War Gold Coins Will Be Promoted in 2011?

I don’t consider myself to be a real pro when it comes to rare coin promotion but even I know a no-brainer when I see it. 2011 marks the 150th anniversary of the beginning of the Civil War. As sure as the sun will rise tomorrow, you can bet that rare coin promotion gurus who are far more clever than I have been preparing for this event for some time.

So if you are Joe Coin Promoter and you are gearing up for the Civil War Sesquicentennial in 2011, what kind of gold coins can you get enough of to do a promotion? Let’s go denomination by denomination and figure this out.

I. Gold Dollars

Only two mints made gold dollars in 1861: Philadelphia and Dahlonega. The 1861-P is common and cheap; the 1861-D is rare and expensive. The 1861-D is unpromotable; it is too rare to accumulate in quantity and is already too expensive. A clever dealer could probably stealthily buy 40-50 1861-P gold dollars in lower Mint State grades over the course of a year and have enough coins to promote. He could probably find as many 1862-P gold dollars and maybe have as many as 100 coins in total. I would have to wonder, though, if the intended audience for this promotion would get excited about gold dollars as they are small, common and not really “sexy.” As a collector I’d probably avoid stockpiling any Civil War gold dollars to ride the coattails of a promotion.

II. Quarter Eagles

Two mints made quarter eagles in 1861: Philadelphia and San Francisco. The 1861-S is unheralded but scarce and I doubt if you could put together a group of more than three or four over the course of a year. The 1861-P is common in grades up to MS63 and it might be possible to accumulate enough to promote. I like the promotional possibilities of this issue and it might not be a bad idea for a collector to buy a few MS62 to MS63 pieces and see if prices increase in the next few years. None of the other Civil War Philadelphia issues can be found in enough quanity to promote. The San Francisco issues are all rare but it might be possible to put together a rag-tag group of circulated examples.

III. Three Dollar Gold Pieces

You couldn’t promote threes in Uncircirculated as all of the Civil War issues are rare enough and expensive enough to preclude this. But you might actually be able to acculate a few dozen nice circulated pieces. This promotion actually makes sense to me as the three dollar denomination is odd and interesting and it would appeal to non-collectors. It is also out of favor right now so the possibility of buying a fair quantity exists. The 1861-64 dates are all moderately scarce but available in the EF-AU range for less than $4,000 per coin. As a promotion bandwagon jumper, these three dollar gold pieces kind of make sense to me. (more…)

The Finest New Orleans Double Eagle Gold Coin to be Sold at FUN

The upcoming 2011 January Tampa FUN Signature & Platinum Night US Coin Auction features what is probably the finest New Orleans twenty of any date. Easily the finest known 1852-O double eagle, this Gem has been off the market since the early 1970s, when our consignor purchased it through a private treaty transaction with Stack’s.

This coin has long been unavailable for study by most modern researchers, although Doug Winter was aware of it when he wrote the first edition of New Orleans Mint Gold Coins: 1839-1909 in 1992. At that time, Winter considered the specimen in the Dallas Bank Collection the finest known 1852-O, with this coin listed in the number two spot. Like the present coin, the Dallas Bank specimen had only been examined by a few specialists during the 1990s.

After the collection was sold in 2001, Winter had the opportunity to view the coin, and he determined that the present specimen is actually superior to the Dallas Bank example. Jim Halperin, Co-Chairman of Heritage Auction Galleries, had the opportunity to study this coin many years ago, and he always believed it was special. Halperin states that this coin is “By far the best condition New Orleans twenty I have ever seen.” Discounting the SP63 PCGS 1856-O double eagle, a coin that many consider a full proof, no other New Orl eans Mint twenty has been certified in any grade above MS63 by NGC or PCGS.

In 1852 the New Orleans Mint produced a generous mintage of 190,000 Liberty Head double eagles, largely due to the influx of gold from the California gold fields. Because of its substantial mintage, the 1852-O is one of the more available Type One double eagles from the New Orleans Mint. Winter estimates a surviving population of 900-1100 pieces in all grades. Most examples seen are in lower circulated grades, and the issue becomes scarce in AU55 and quite rare in Mint State. Due to the availability of the 1852-O in AU, the date is always in demand from mintmark type collectors, seeking a high grade example for their collections.

Of course, the Miller collection coin is in a class of its own as a condition rarity. No 1852-O double eagle of comparable quality has been offered at auction since the Dallas Bank specimen came on the market, nearly a decade ago. In 2006, a PCGS graded MS62 specimen realized $48,875 as lot 5580 of the Denver Signature Auction in 2006, but even that coin clearly lacked the quality of this magnificent Gem, which grades a full three points higher.

As the finest known specimen of the date, with claims to the title of finest New Orleans business strike double eagle, it might be fair to compare this coin to the finest known specimens of other issues offered at auction recently. Considered as a date, the 1852-O is not in the same rarity category as the 1856-O, the classic rarity of the series, but the rarity of the 1852-O in MS65 is just as great as the rarity of the 1856-O in SP63. (more…)

Low Mintages To Create New Modern Rarities

By Steve RoachThe Rare Coin Market Report Blog

The U.S. Mint’s Dec. 1 announcement that it is placing tighter than expected mintage limits on the new 2010 America the Beautiful 5-ounce .999 fine silver bullion quarter dollars may result in the creation of some new modern rarities.

The large (3 inches in diameter) and undoubtedly impressive coins will surely be in hot demand, especially with such limited supplies.

The bullion issues are made available to authorized dealers who then resell the coins to the market. The mintages are strictly limited to not more than 33,000 of each design – a sharp decline from the 100,000 previously announced. The Mint will charge its distributors $9.75 per coin above the price of silver.

Uncirculated examples will be offered for sale directly to collectors during the first quarter of 2011. With mintage limits of 27,000 per coin, the 2010 issues seem destined to be modern classics, as the coins relate to circulating coins, are likely affordable to many collectors, and are simply big and flashy.

Of course, the long-term demand is largely dependent on whether collectors take to the large silver coins and seek to build sets.

Time will tell about the long-term popularity of these coins, but in the meantime, the lower-than-expected mintages should provide great action for speculators and spectators alike.

The American Eagle silver bullion coins provide a comparison point, having as key to the series the Proof 1995-W American Eagle with a mintage of 30,125 pieces. Examples of that issue regularly sell for $3,000.

Collectors’ difficulties in acquiring Proof 2010-W American Eagle silver bullion coins, with strict 100-coin per household ordering limits, have already created a robust aftermarket for these coins.

On eBay, ready-to-ship examples have been regularly selling for $55.

At least one major market-maker is offering $49 a coin for 100-coin confirmed orders of Proof 2010-W American Eagle silver coins. At an issue price of $45.95, this allows a profit of nearly $300 for dealers, and provides the market-maker a large group of coins to market during the holidays.

NGC Launches New Coin Price Guide Powered by NumisMedia

Powerful resource includes over five years of historical data and dynamic charting tools.

Numismatic Guaranty Corporation (NGC) has released a new online price guide, the NGC Coin Price Guide, powered by NumisMedia.

The price guide is now available to all NGC website visitors for free at www.NGCcoin.com. It includes five years of accurate coin pricing data for nearly all US coins, and collectors can analyze coin prices using dynamic graphing tools and ranking filters. Many of these features are entirely new to the numismatic marketplace.

For example, the performance of up to five different coins can be viewed on a single graph. Innovative trend spotting tools allow users to rank coin performance based on criteria they supply to gain unique insight into the value of collectable US coins.

The rare coin values shown in the NGC Coin Price Guide are independently compiled and edited by NumisMedia based on real, documented market transactions.

Since 2005, NumisMedia has served as the official price guide of NGC and the NGC Collectors Society. NumisMedia is the industry’s most accurate, impartial report of US coin values. The online guide constitutes the most comprehensive pricing available for US coins, including prices for the full range of AU and MS grades, as well as prices for a broad number of modern issues.

“Tools this powerful simply were not available to coin collectors before today,” comments Mark Salzberg, NGC chairman. “Since the price guide is free, we’re offering everyone complete access to the most advanced way to assess rare coin valuation trends. NGC is providing the ultimate means for collectors to make better purchasing decisions and build better collections.”

The NGC Coin Price Guide launched November 30, 2010. The price guide is part of a suite of collecting resources available on NGC’s Web site, including a US coin encyclopedia, US coin variety attribution guide, and US coin grading guide. Earlier this year, NGC launched a comprehensive coin collection management portal. Like the price guide, it is a free resource available to the numismatic community.

The Fab Five Type Three $20 Liberty Head Double Eagles

By Doug Winter – RareGoldCoins.com

There are five ultra-low mintage Type Three Liberty Head double eagles that were produced for circulation during the 1880’s and 1890’s. These five issues have not necessarily received the attention that the so-called Fab Five late date St. Gaudens double eagles (the 1929, 1930-S, 1931, 1931-D and 1932) have but they are now popular with collectors and have risen dramatically in value over the last decade.

The 1881, 1882, 1885, 1886 and 1891 double eagles have a combined mintage of just 5,911. There are a number of possible reasons as to why these issues were made in such limited quantities. The first is that the Philadelphia mint was primarily interested in making silver dollars in these years and a majority of their efforts went towards these coins. I don’t find this plausible as mintage figures for other gold denominations during these years were high; as an example the mint made nearly four million eagles in 1881 alone.

The second was that there was limited demand. This is certainly possible but it does not explain why mintage figures for double eagles during these years at the San Francisco mint tended to exceed one million per annum. Another reason is that the United States economy was slow or worse during most of these years.

In looking at these dates in terms of overall rarity (the total number known) and high grade rarity (rarity in AU50 and higher grades), I rank the Fab Five as follows:

I. Overall Rarity
1. 1882
2. 1881
3. 1886
4. 1891
5. 1885

II. High Grade Rarity

1. 1881
2. 1882
3. 1886
4. 1891
5. 1885

Let’s take a look at each of these dates and discuss their overall and high grade rarity, Condition Census levels, the numbers graded by PCGS and NGC and record prices realized at auction.

I. 1881 Double Eagle

A total of 2,199 were struck of which an estimated three to four dozen exist today. There are none that I know of that grade lower than EF and around seven to ten are known in this grade range. The majority of the examples known are in the AU grades with around twenty-six to thirty-four accounted for.

I am aware of two in Uncirculated and they are as follows:

1. PCGS MS61. Heritage 4/09: 2762 ($120,750), ex Heritage 10/08: 3091 ($138,000), Heritage 1/07: 3203 ($138,000).

2. PCGS MS61. Heritage 6/04: 6363 ($57,500), probably ex Heritage 1997 ANA: 7843 ($29,325; where graded MS60 by PCGS).

The record auction price for this date is $138,000 which was set twice by the coin listed first in the Condition Census above. PCGS, as of December 2010, has graded 24 examples in all grades with just two in Uncirculated (both MS61). NGC has graded 19 in all grades with three in Uncirculated (an MS60 and two in MS61). I believe that the populations for AU coins are inflated by resubmissions. The 1881 is the rarest of the Fab Five is higher grades. (more…)

The Record-Setting Sale of an 1875 Half Eagle: What Does it Portend?

By Doug Winter – RareGoldCoins.com

In the Bowers and Merena November 2010 Baltimore auction, a business strike 1875 half eagle sold without a lot of fanfare for a lot of money. I think this was one of the most significant individual sales in the rare gold coin market in 2010 and I’d like to spend a bit of time analyzing both the coin that was sold and the significance it portends for both the Liberty Head half eagle series and the rare gold market as a whole.

The 1875 is the rarest collectible Liberty Head half eagle. (The 1854-S is rarer but with no pieces likely available to collectors in the near future, I regard this issue as “non-collectible.”) Only 200 business strikes were produced and the number of pieces known has generally been estimated to be in the area of ten. I think this estimate is reasonably accurate although I think the actual number known could be as low as seven or eight.

The 1875 is unknown in Uncirculated and most of the examples that exist are in the EF40 to AU50 range. PCGS has graded five coins including an EF40 and two each in AU50 and AU53 while NGC has graded four: one in EF45 and three in AU55. I believe that these figures are inflated by resubmissions and the total number of distinct 1875 half eagles in slabs is four or five. There have been 10 auction appearances since 1991. Six have occurred since 2000 but this includes a number of reappearances of the same coin(s).

The coin in the Bowers and Merena auction was graded AU55 by NGC and it appeared to have been the same coin that was offered as DLRC’s Richmond I: 1444 back in July 2004 where it brought a record-setting $86,250. There had been no other 1875 business strikes that had been available since the Goldberg 2/07: 2335 coin that brought $74,750.

The Bowers coin was part of an interesting set of 1875 gold coinage called the “Kupersmith Once in a Lifetime” collection. Terrible name but an interesting and impressive set with examples of the rare Philadelphia gold dollar, quarter eagle and three dollar gold piece from this year but, curiously without the very rare 1875 business strike (or Proof) eagle. (more…)

Higher premiums don’t seem to hinder demand for Silver American Eagle Coins

By Steve Roach – the Rare Coin Market ReportCoin World

While bullion markets continue their wild fluctuations, demand for American Eagle 1-ounce silver bullion coins remains vibrant.

In October, the United States Mint increased the premium charged to its authorized purchasers for American Eagle silver bullion coins from $1.50 to $2 per coin. The premium was increased in 2009 from $1.40 to $1.50 per coin and in 2008 from $1.25 to $1.40 per coin.

While Proof American Eagle silver coins may be purchased directly from the Mint, the Mint sells the silver bullion coins only to dealers in minimum 25,000-coin shipments.

However, the premium increase seems to have had no noticeable impact on demand, as the Mint has sold more than 30 million silver American Eagles thus far in 2010, eclipsing 2009’s sales record of 28,766,500 pieces.

Surely silver hitting 30-year highs including a flirtation with $29 earlier in November has helped keep demand for the attractive and easily portable silver American Eagles robust. Demand for the coins throughout the holiday gift-giving season will mean that 2010 sales figures will continue to climb.

Proof 2010-W American Eagle silver coins went on sale Nov. 19, priced at $45.95, with a 100-coin household limit.

The Mint’s Web site already warns customers of possible ordering delays on Nov. 19, due to the deluge of customers who are likely to order in light of “unusually high demand.”

Until Proof 2010-W coins enter the marketplace, wholesalers are paying up to $57 for earlier Proof American Eagle silver coins in original Mint packaging.

Grading service population reports show that 2010 American Eagle silver bullion coins are extremely well-produced. Of the 44,160 graded by Professional Coin Grading Service so far this year, a whopping 36,470 pieces have received Mint State 70 grades. Currently PCGS MS-70 2010 silver American Eagles are selling in online auctions for $60 to $100, while certified MS-69 representatives can be found for around $35 and uncertified examples are seen at $30.

In large quantities, 2010 American Eagle silver bullion coins are available from wholesale dealers at silver spot price plus $2.60 per coin.

Coin Profiles: Monumental 1795 $10 Gold Eagle, 13 Leaves Featured in Heritage Fun Sale

This 1795 13 Leaves eagle, BD-1, certified MS64 NGC, is a monumentally important coin in both aesthetic and historic terms. The obverse of the BD-1 variety is attributed by the 1 close to the lowest lock of hair, with a closely spaced date and the flag of the 5 overlying the drapery. Star 11 is quite close to the Y adjacent, which shows two tiny “lumps” (a die line, in reality) on the left outside serif. The stars are arranged 10 and five (as on all five 1795 Bass-Dannreuther varieties), with the right-side stars cramped tightly together. This is the only pairing that employs this particular obverse.

The 13 Leaves reverse shows a palm leaf virtually touching the left bottom of the U in UNITED, and the tip of the branch stem just about bisects the bottom of the last A in AMERICA.

As mentioned, the obverse this variety is unique to this die marriage. The reverse, on the other hand, is shared with the BD-2, slightly rarer at High R.4. John Dannreuther writes in Early U.S. Gold Coin Varieties:

“Bass had a State c/b of this variety that was sold in Bass III. There likely, as noted, is a later state of this obverse die, as this variety is its only use. The obverse die broke or received some other fatal injury to cause it to be retired.”

The obverse of this example shows about the same state of die advancement as the Bass coin, with a light die crack running from the rim above star 10, through star 9 and downward through all left-side stars, continuing from there to the bottoms of the 1 and 7 in the date before terminating just below the 9. Another wispy die crack runs from a point of star 13 through the upper part of star 14 and the center of star 15 before ending at the forward bust tip.

The determination of the reverse die state (or stage) is more problematic; light planchet adjustment marks appear in most of the areas diagnostic for die states. Suffice it to say that no cracks are obvious among those enumerated in Bass-Dannreuther.

More important than the die state–which in any case matters to some specialists-researchers a great deal and to many type collectors little at all–is the enormous aesthetic appeal of this coin, which we believe surpasses the Bass III coin mentioned. The orange-gold surfaces show vibrant, prooflike luster throughout both sides, a trait that some Mint State specimens do show. Dannreuther writes in this regard: (more…)

Thoughts on the Simpson Dime Sale

By Jason Feldman – The E-Gobrecht

The Simpson dimes were being broken up. [ Heritage Long Beach Sale #1144] This would be a great opportunity to upgrade dimes in an advanced Seated Dime collection. The big problem was there were so many coins that few buyers would be able to purchase them all and no one did surface who did. Even more amazing are some of the coins left in the collection like a MS66 1844 Dime. Legend (Numismatics) has made available to me so many wonderful dimes that news of this sale created euphoria.

It would come as no surprise that most of the coins were either crossed over to PCGS at the same or in many cases a lower grade. Seeing the secure plus holders and Simpson pedigree would make this obvious. There was a lot bidding research needed prior to bidding. There were cases where buying too many coins early would limit the ability to chase coins later. One the highlights of the sale being a simply gorgeous 1872-S, I was not the only one to think so as the coin went to the moon.

One of my regrets of the sale was not being able to purchase the 1845-O dime in mint state. This is a very rare opportunity indeed but as a rule if you set a maximum bid and exceed it by 10% you have to know to stop. Being the under bidder was really not satisfying and maybe a higher bid was warranted. Another highlight of the sale was a gem 1860-S. Prior to the sale, Laura (of Legend Numismatics) and I spoke as to where the coin would sell. It was another on my short list. I think we both underestimated the demand for this coin. It went far over preauction estimates but I don’t doubt it to be well worth the hammer price $40,250. A nice return on investment considering one sold for roughly $7,000 in 1994.

One of the interesting notes about these coins is how many were not picked up by Seated Dime registry collectors but rather a just collectors and dealers. I know one dealer picked up roughly 10% of the coins and most all have been sold. There were many bargains in this sale too. Mostly the coins following the Simpson dimes went too cheap. One example is an 1858-O is a MS64 PCGS holder population 1 with 8 finer sold for just under $3,000 while the Simpson PCGS MS65 population 7 with one finer soared to $9,200. With the grade covered it was not really possible to call either coin much better than the other.

Some of the real steals in the Simpson collection came in the coins in NGC holders. The obvious assumption is these are coins that on a given day did not cross over at PCGS. A good many of them did regrade at NGC. In the case of the ultra-rare 1853-O MS64 the coin was simply overgraded. The coin did have a wonderful and original look to it but just had too many marks to be graded higher than MS62 in my opinion. The coin could easily be traced back with little effort to its previous holder. In general the ultra high grade trophy coins were the ones hitting the moon. Clearly one of two mint state 1845-O Dimes should be worth more than a other coins that sold in the low $20,000’s. This was a sale where knowledge was king. (more…)

Coin Rarities & Related Topics: The B&M Auction of the Malibu Collection of Standing Liberty Quarters

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #27

A Weekly Column by Greg Reynolds

I. The Malibu Collection

In Baltimore, on Thursday, Nov. 4, 2010, B&M auctioned the ‘Malibu’ collections of Standing Liberty Quarters (SLQs), Liberty Seated Halves and Liberty Seated Dollars. Though I have a strong affinity for Liberty Seated coins, I will focus here on this collector’s Standing Liberty Quarters (SLQs), as his set of SLQs is phenomenal.

Since the collector who formed the Malibu collection wishes to remain anonymous, Malibu will be employed here as the code name of this collector and of his collections of specific series. All the Malibu collections auctioned in Novembers were of business strikes. In January, B&M will auction the Malibu collections of Proof Liberty Seated Quarters and Liberty Seated Halves, in Tampa, just prior to the winter FUN Convention.

II. Malibu SLQ Registry Set

Among the collections that Malibu has formed so far, the Malibu set of Standing Liberty Quarters (SLQs) is the most famous. In the category of “Basic” sets of Standing Liberty Quarters with Full Heads on Miss Liberty, the Malibu collection is the second “All-Time Finest” in the PCGS registry.

All of the quarters in Malibu’s set have a ‘Full Head’ designation from the PCGS, and the FH indicator is best referred to as part of the grade, though it is technically a designation that is considered separately from the numerical grade. An MS65FH SLQ is generally considered to be ‘of a higher grade’, so to speak, then an MS-65 grade SLQ of the same date with a weakly struck head, which is typical for most dates of SLQs. For some SLQ issues, only a very small percentage of those struck have a full head (FH).

In the PCGS registry, the Malibu Collection of Standing Liberty Quarters (SLQs) has a weighted grade point average of “67.92.” Relatively scarce SLQs are weighed more than relatively less scarce dates. The rules of the PCGS registry provide for “bonus points” that are awarded to SLQs with FH designations.

The sixth “All-Time Finest” Basic SLQ set in the PCGS registry was formed by Pat McInally, who was the lead punter for the Cincinnati Bengals during the football seasons from 1976 to 1985. In 1977, 1978 and 1980, he caught a significant number of passes. In the NFL, it is very unusual for a punter to also be a regular receiver. McInally’s SLQ set had a “Weighted GPA” of “67.59.” While “67.59” not nearly as high as the “Weighted GPA” of the Malibu SLQ set, “67.92,” it is impressive. Also, Malibu’s set is the #2 SLQ set in the NGC registry as well, though Malibu did not fully update his listing in the NGC registry and some SLQs that were just auctioned are not listed.

Both the PCGS and the NGC registries provide the most weight to the scarcest dates. Generally, the 1916, the 1918/7-S and the 1927-S are the queens of the SLQ series, closely followed by the 1923-S and then the 1921. The 1919-D and the 1919-S are very rare with a FH, but not rare without. The 1920-S SLQ issue is also relatively rare with a FH.

In the PCGS registry, the “Basic” SLQ sets do not include the 1918/7-S overdate, though the ‘variety’ SLQ sets do. It seems that, according to the PCGS, the 1918/7-S is the only ‘major variety’ in the SLQ series. In my view, the 1918/7-S is an overdate that has the status of a distinct date; it should not be referred to as a ‘major variety.’

In any event, Malibu’s set is ‘100% FH’ in accordance with the rules for ‘Basic’ sets of SLQs in the PCGS registry. The #1 SLQ set is ‘91.89% Full Head’ because three SLQs in the set, including a 1927-S, lack a FH. The Malibu SLQ set is thus the “All-Time Finest” in the PCGS registry that is ‘100% FH.’ Indeed, on the PCGS ‘all-time’ list of Basic sets of SLQs, the Malibu set is one of only five sets that are both ‘100% Complete’ and ‘100% FH’! (more…)

The DWN Rare Gold Coin Market Heat Index: 2010

By Doug Winter – RareGoldCoins.com

As someone who is pretty attuned to the strengths and weaknesses of the rare gold coin market, I can accurately rate how well (or poorly) a specific series is performing. 2010 was an interesting year for gold coins. We saw tremendous price increases in gold bullion but many areas of the coin market were flat. In the first annual DWN Rare Gold Coin Market Heat Index (cue sizzling sound effect…), I am going to discuss the relative position(s) of the most commonly traded areas of the market.

This totally non-scientific study is keyed to the following ratings, which go from 1 to 10:

1. This series is so cold you couldn’t give the coins away
2-5: This series ranges from ice cold to moderate strength
6-9: This series ranges from strong to very strong
10: This series is en fuego

And without further ado, let’s talk hot or cold gold…

I. Gold Dollars

There is pretty solid overall collector support for gold dollars. While there do not appear to be many specialists working on complete sets, there are a number of collectors working on focused subsets; i.e., Dahlonega dollars, Civil War issues, etc. I would say that Type One branch mint dollars are probably the strongest overall segement of this market and the weakest is, clearly, high grade non-branch mint Type Two coins.

In the Type Three series, I am noticing some strength in very high quality Philadelphia issues from the 1870’s and 1880’s. In most cases, the coins that are the strongest are PCGS graded MS67 and better pieces with great eye appeal. The Charlotte and Dahlonega market is very bifurcated. Top quality original pieces in all grades are very strong while overgraded, non-original pieces are hard to sell even at a serious discount.

OVERALL RATING: 5. This denomination is collector-driven and reasonably strong as of the end of 2010. The coins showing the greatest demand include the very rare Dahlonega issues (1855-D, 1856-D and 1861-D), mintmarked Type Two coins in “collector grades” and Finest Known or high Condition Census Type Three issues graded by PCGS and approved by CAC.

II. Quarter Eagles

This is perhaps the most mixed denomination in the entire U.S. gold oeuvre as the heat index ranges from borderline frigid to pretty toasty. Early quarter eagles are showing mixed collector support. These coins are still undervalued when compared to other early gold denominations but they are no longer “cheap.” Some weak auction results for overgraded 1796 No Stars and 1808 quarter eagles have lowered Trends but nice examples of these two significant dates are still in demand. Collectors of early quarter eagles are looking for value. They want either very rare issues that are underpriced (such as the 1826/5 or the 1834) or coins that are choice and original. (more…)

One of the finest 1895 Morgan dollars known headlines Heritage Houston U.S. Coin Auction

Early U.S. coins and classic proofs to provide holiday cheer to numismatists at the Money Show of the Southwest, Dec. 2-3

Early U.S. coinage and classic proofs, among them one of the finest known 1895 Morgan dollars, are the twin strengths of the Heritage Auction Galleries December 2010 U.S. Coin Auction, to be held in conjunction with the Money Show of the Southwest in Houston, TX. Floor sessions are Dec. 2-3.

“With Featured Collections such as The W. Philip Keller Collection of U.S. Colonials and The Eagle Harbor Collection, Part Two lined up, we knew this auction was going to be heavy on early U.S. coinage,” said Greg Rohan, President of Heritage. “The many great proof coins we’re going to offer were more of a surprise, though definitely a welcome one.”

Perhaps the most surprising lot of them all is an 1895 Morgan dollar graded PR68 Ultra Cameo by NGC. This example from what is arguably the most famous Morgan dollar issue combines great condition with immense popular demand. It is estimated at $90,000+.

“For many years, collectors believed that there were business strike 1895 Morgan dollars out there waiting to be discovered, and in the meantime, they collected proof examples to fill the gap,” said Rohan. “Today, there is growing acceptance that the business strikes may never be found, but this has hardly dampened enthusiasm for the proofs.”

Just 880 proof Morgan dollars were struck in 1895 for inclusion in the year’s silver proof sets. Perhaps half that number survive today, but only a handful of those coins are in a condition approaching the PR68 Ultra Cameo level.

On the early coinage side, the most prestigious pedigree belongs to a 1793 Wreath cent with Vine and Bars edge, S-5, B-6, graded MS61 Brown by PCGS. It is estimated at $50,000+.

“This coin has been well-recognized and important to collectors for more than a century,” said Rohan. “It was first highlighted in the auction catalog for the Dr. Charles Clay Collection, sold all the way back in 1871. After that, it passed through a series of famous hands, including W. Eliot Woodward, Lorin G. Parmelee, and Wayte Raymond. We expect another name with plenty of future appeal to add this prestigious and carefully preserved coin to his or her collection.”

In addition to proof silver, proof gold is also well-represented in this auction by an 1876 three dollar gold piece graded PR63 by PCGS, a proof-only issue with an official mintage of just 45 pieces, among the most elusive Philadelphia dates in the series. This Select example was certified early in the history of PCGS, and no mention is made on the holder of the coin’s obvious cameo contrast. It is estimated at $40,000+. (more…)

What Gold Coins Do CAC Stickers Add the Most Value to?

By Doug Winter – RareGoldCoins.com

After two+ years of being traded on the open market, I think few collectors and dealers would argue the statement that CAC stickering has added considerable value and liquidity to many types of United States gold coinage. But are we now able to determine with a decent degree of accuracy which coins are most affected by a CAC (or the absence of a sticker)? Let’s take a look at some areas of the gold coin market and see how CAC is adding value.

One of the areas that CAC has added the greatest amount of value is in the St. Gaudens double eagle market. The impact is seen two ways. The first is with common “generic” issues in MS65 and MS66. One of the main reasons why the premium for non-CAC certified MS65 Saints is so low when compared to MS64 coins is that most of the coins in MS65 holders are not significantly better than those graded MS64.

What CAC has done is to identify those coins graded MS65 that are nice quality and which are “real” 65’s. Currently, non-CAC Saints in MS65 trade for around $2,300. Those with CAC stickers are worth at least 10-15% more. They are also quite liquid and can be sold even when dealers have extensive numbers of non-CAC coins in stock. Non-CAC MS66 Saints are currently worth around $2,750-2,850 per coin. The premium for MS66 Saints with CAC stickers is at least $750-1,000 per coin. Given the fact that the stickered MS66 coins I have seen are very nice (as compared with the non-stickered coins which range from inferior for the grade to decent) this premium makes sense.

Another area where CAC stickered coins are selling for a significant premium is in the better date Saint market. Let me pick a random issue: the 1927-S in MS64. This coin has a current bid of $70,000 in this grade and a bona-fide Gem is worth double this. The quality of 1927-S double eagles varies greatly and there are coins that are very low end and hard to sell for $55,000 and coins that are very high end and worth over bid. I can’t recall having ever seen a 1927-S in MS64 with a CAC sticker but if I had a PCGS/CAC coin that I liked I’d quote $75,000+.

Early gold (i.e. gold coins struck from 1795 to 1834) is area that has shown itself to be influenced by CAC stickers. I don’t like every single piece of CAC-stickered early gold that I see but I like at least 90% of the coins. Compare this to non-CAC early gold where probably 50-60% (or more) of the coins offered at auction or through dealer’s websites are not, in my opinion, nice for the grade. I find this to be especially true with early gold in the MS63 and MS64 grades. As an example, an 1812 half eagle in MS64 with a CAC sticker is currently worth around $40,000. The same coin in the same grade that is not stickered and which is not a CAC-quality coin, in my opinion, might be hard to sell for $32,500. More and more collectors of coins like this are demanding that they be CAC stickered and the premium for the pieces that have the Green Bean is at least 10-15% and climbing.

Because so many Proof gold coins have been doctored over the years, CAC-stickered pieces are currently garnering high premiums. This is more so with Matte Proofs than Brilliant Proofs. I can’t remember seeing more than a few Matte Proof gold coins in the last two years that weren’t doctored to the point that they weren’t even the right color. When the few remaining fresh pieces come onto the market, they realize strong prices. As an example, Stack’s just sold at auction a lovely 1913 Matte Proof gold set. All four coins were CAC stickered and all four brought exceptional prices. I see similarly graded washed-out NGC Matte Proof gold from time to time and it brings Greysheet prices or lower; these superb, vibrant Gems brought numbers that were way over “sheet.” (more…)

Coin Rarities & Related Topics: Stack’s auction of the W. L. Carson Collection of Proof Coins

News and Analysis regarding scarce coins and coin markets #26

A Weekly Column by Greg Reynolds

The current topic is the W. L. Carson collection, which features Proof U.S. coins. It was auctioned by Stack’s in Baltimore last week. B&M also conducted a major auction in Baltimore, which included the Malibu Collection. Next week, I will discuss the Malibu Collection. This ‘Malibu’ collector formed one of the all-time best collections of Standing Liberty Quarters. He also had an excellent run of Liberty Seated Halves, as well as some important Liberty Seated silver dollars.

Some may wonder why I am focusing on collections rather than on the most expensive coins in these two auctions. I write about a wide variety of coins, not just expensive ones. For discussions of modestly priced coins, please see some of my recent columns: Advice for Beginning Collectors, The 1933/34 dividing line and Collecting Modern Coins.

Importantly, the most expensive coins in an auction are sometimes consigned by dealers or non-collecting speculators. In the grand scheme of the history of coin collecting, consignments from collectors (or the beneficiaries of deceased collectors) have much more significance than dealer-consignments. Moreover, collector-consignments tend to realize higher prices at auction, especially in instances where the coins consigned have been ‘off the market’ for seven years or more, and thus constitute ‘fresh material.’ Bidders become more enthusiastic about coins in very good collections than about coins that are consigned by dealers or entirely unknown parties. Noteworthy collections are central to the culture of coin collecting.

I. W. L. Carson Collection

Most (or all) of the coins in the W. L Carson collection have been ‘off the market’ for decades. This collection contained more than six hundred coins, including, but not limited to, early copper, circulated key-date Lincolns, and choice vintage commemoratives. The core of the collection, however, is Carson’s Proof sets dating from 1856 to 1915.

As best as I can tell, all of the pre-1916 Proofs in the Carson collection are PCGS certified. Most are PCGS graded and a large number have stickers of approval from the CAC, which approves or rejects coins that have already been graded by the PCGS or the NGC.

I hypothesize that Carson aimed to assemble Proof sets, from 1856 onwards, in copper, nickel and silver. Three of his sets included gold, 1888, 1906 and 1913.

Unfortunately, Carson’s level of knowledge was not great, at least not when he started buying Proof coins, and he bought some problematic coins, including non-Proofs that were probably represented to him as Proofs. I further hypothesize that he learned a good deal, received advice from an expert advisor and/or purchased many coins from honest, knowledgeable dealers, as he did obtain a large number of choice or gem Proof coins dating from the 1860s to 1915. Though Carson also had Proof sets dating from 1936 to 1942, and from 1950 to 1964, these are beside my discussion of the core of his collection. At the center of the core is a complete 1888 Proof Set.

II. 1888 Proof Set

Yes, W. L. Carson had a complete 1888 Proof Set, with copper, nickel, silver and gold coins. The Indian Cent is in a PCGS Genuine Holder. Carson probably did not know that it had problems when he acquired it. After all, other coins in the set are choice. (Coins that grade 63 or higher are termed ‘Choice.’ Coins that grade 65 or higher are gems.) (more…)

US Mint to Begin Selling Mount Hood Quarters Next Week Followed by Ceremonies

WASHINGTON – Quarter-dollar coins honoring Mount Hood National Forest in Oregon will enter into circulation on November 15. At noon Eastern Time (ET) the same day, the United States Mint will begin accepting orders for collectible bags and two-roll sets containing the new coin. The bags are priced at $35.95 each, and the two-roll sets are priced at $32.95 each. The Mount Hood National Forest quarter is the fifth coin released in the America the Beautiful Quarters® Program.

The bags and rolls contain circulating quality coins that were struck on the main production floors of the United States Mint facilities at Denver and Philadelphia. The two-roll set includes one roll each of 40 coins-one each bearing the “P” and “D” mint marks. The distinctive packaging displays the name of the national park or site, state abbreviation, mint of origin and “$10,” the face value of its contents. Each canvas bag contains 100 coins and bears a tag denoting the mint of origin, name of the national park or site, state abbreviation and “$25,” the face value of its contents.

Orders will be accepted at the United States Mint’s Web site, http://www.usmint.gov/catalog, or at the toll-free number, 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers may order at 1-888-321-MINT. A shipping and handling fee of $4.95 will be added to all domestic orders.

Mount Hood’s last major eruption was in 1790, 15 years before Lewis and Clark’s expedition to the Pacific Northwest. But on Wednesday, November 17, the public is invited to witness an eruption of a different kind, as thousands of new quarter-dollar coins struck in honor of Mount Hood National Forest are released during a ceremony in nearby Portland, Oregon. The ceremony will take place at 10:30 a.m. Pacific Time (PT) at the World Forestry Center located at 4033 SW Canyon Road in Portland.

The ceremony will include a coin exchange at which members of the public may swap their currency for $10 rolls of Mount Hood National Forest quarters at face value. Children 18 years old and younger will receive a free quarter to commemorate the event. Those unable to attend will be able to view a live broadcast of the ceremony at http://www.americathebeautifulquarters.gov.

The United States Mint will host a coin forum on the evening prior to the launch ceremony. It will be held Tuesday, November 16, from 5:30 to 6:30 p.m. PT at Cheatham Hall, World Forestry Center. This public forum will give collectors and others an opportunity to meet with United States Mint Deputy Director Andy Brunhart and discuss the future of the Nation’s coinage.

The coin’s reverse (tails side) design depicts a view of Mount Hood with Lost Lake in the foreground. Inscriptions on the reverse are MOUNT HOOD, OREGON, 2010 and E PLURIBUS UNUM. The reverse was designed and sculpted by United States Mint Sculptor-Engraver Phebe Hemphill. The coin’s obverse (heads side) design features the 1932 portrait of George Washington by John Flanagan, restored to bring out subtle details and the beauty of the original model. Inscriptions on the obverse are UNITED STATES OF AMERICA, LIBERTY, IN GOD WE TRUST and QUARTER DOLLAR.

Note: To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of November 15, 2010, noon ET, shall not be deemed accepted by the United States Mint and will not be honored.

Through the Numismatic Glass: The 1792 Half Disme

By Dr. Thomas F. Fitzgerald – The California Numismatist Spring 2010

The need of a national system for the coinage of the United States was dealt with by the Congress. Benjamin Franklin, Thomas Jefferson and Alexander Hamilton favored the adoption of the decimal system for the young nation’s monetary system. These leaders adopted ideas from Europe. The French referred to this system as “La Disme.” It was from these European roots that the concept of “tenths” or “La Disme,” anglicized later to “dime,” came to our coinage.

A Congressional resolution on July 6, 1785 adopted the dollar as the monetary unit of the United States. Subsequent resolutions, in 1786 and 1787, specified each of the coins that were authorized by the Congress. The adoption of the Constitution of the United States on September 17, 1787 reserved the authority to coin money and regulate its value to the Congress.

The United States in 1791

In 1791, Vermont had joined the original 13 states. The army, consisting of about 5,000 men, was fully engaged fighting the Indians in the Northwest Territory. However, there was no navy and an annual tribute was paid to the Barbary Pirates. The nation’s settlers had begun their migration westward. There was an obvious need to establish the financial system that had been authorized by the Congressional Acts of 1786 and 1787.

The Mint Act of April 2, 1792

Apparently Washington, for international reasons, wanted silver coinage struck as soon as possible; he believed this would establish the authority of the new nation among the nations of the world.

The 1792 Mint Act, that had specified the details of the nation’s monetary system, was followed by President Washington’s actions to establish the mint. On April 14, 1792, he appointed David Rittenhouse of Philadelphia, the most renowned scientist in America, director of the Mint.

On June 1st, clock maker Henry Voight was appointed acting chief coiner. A little over a month later, on July 9, 1792, President Washington authorized the coinage of half dismes. Just four days later, on July 13, 1792, Secretary of State Thomas Jefferson recorded the following in his household account book: “rec’d from the mint 1500 half dismes of the new coinage.” It should be noted that the “new mint” did not begin to strike U.S. coins for circulation until 1793.

The Dies Are Prepared For The Half Disme

British medalist William Russell Birch designed and engraved a single set of dies. He probably used letter punches supplied by Jacob Bay, a Germantown, Pennsylvania, maker of printing types. The obverse of the 1792 half disme portrays the head of “Liberty” facing left, with the date 1792 below. The motto LIB.PAR. OF SCIENCE & INDUSTRY (Liberty parent of science and industry) around the border. The reverse bears an eagle flying left with the denomination HALF DISME in two lines, with a five-pointed star in the exergue below. The legend UNI. STATES OF AMERICA encircles the eagle.

The coinage machinery was in the cellar of saw-maker John Harper while the new mint was being prepared. It was here, at the corner of Cherry and Fifth Streets, where these pieces were struck. They used a private coin press owned by John Harper.

In 1844 John McAllister interviewed Adam Eckfeldt about the minting of these coins. Eckfeldt was the only surviving member of the mint who was presented when these coins were struck. He stated:

“These coins were struck expressly for Gen. Washington, in the extent of One Hundred Dollars, which sum he deposited in bullion or coin, for the purpose Mr. E. things that Gen. W. distributed them as presents. Some were sent to Europe but the greater number, he believes, were given to friends of Gen. W. in Virginia. No more of them were coined. They were never designated as currency. The Mint was not, at the time, fully ready to being put into operation.”

The striking of these coins was noted by President Washington in his fourth annual address on November 6th, 1792. He stated, “There has been a small beginning of the coinage of the half dismes: the want of small coins in circulation calling the first attention to them.”

Although Washington used the coins as presentation pieces, most, if not all, surviving pieces bear evidence they were circulated. (more…)

Finding Numismatic History in Unlikely Places

By Dan Duncan – Pinnacle-Rarities

Ezra Meeker – Champion of the Oregon Trail

Over the summer months our numismatic travels took us to great historical cities like Boston and Philadelphia. And this week we travel to Baltimore, another city rich in early Americana. Of course, across the nation there are local historical sites and, more specifically, sites of numismatic interest. Over the last 200 plus years, our mints have aided the extraction from a number of precious metal lodes. Now many of the once thriving businesses are gone, with a few remaining as mint and mining museums or historical landmarks.

Each place chronicles a rich history founded in capturing natural resources and refining them into tangible representations of our history. Living in the Northwest, we are thousands of miles from any of these sites. While some old mines exist in the state, the real history of Washington State lies in the old growth forests. The “American” history of the region is for all intent and purpose quite young. But, sometimes you don’t have to look far to find a piece of numismatic lore right in your own back yard.

Recently we took the family to a large state fair located in the city of Puyallup (pyoo-al-uh p). One of the town’s principal founders was a pioneer who travelled to the Oregon Territory in the mid-nineteenth century. He eventually settled in the foothills of Mt. Rainier. This man was Ezra Meeker. His contributions to the northwest are many, but he is best remembered nationally for his extensive work on having the Oregon Trail marked.

According to the Meeker Mansion website, “Ezra Meeker became the self-appointed champion of the Oregon Trail in 1906, when at the age of 76, accompanied by two oxen, a wagon, a driver and a dog, he made his way from his front yard to Washington D.C., by way of New York City.”

Meeker first took the Oregon Trail as a young man in 1852. A true pioneer, Ezra was lured by the promise of the new territories. Finally settling in a valley below Mt. Rainier, Meeker cleared his own land and eventually became an internationally successful hops farmer. His travels included a stint in Europe and a couple forays into the Alaskan territories.

Meeker was obviously impacted by his early trip out west. He had a connection to the Oregon Trail. He recognized it as a part of American history and felt it should be cherished and preserved. In his mid-seventies, he harnessed his oxen and retraced his steps from some 50 odd years ago in a Conestoga wagon. He deemed this trip the Oregon Trail Monument Expedition Trip. During this trip he promoted the trail awareness, lectured, handed out pamphlets and eventually gained a lot of publicity. Meeker met with Teddy Roosevelt, who agreed in principle to in some way recognize the Oregon Trail, but the bill died in Congress.

After returning to his home, Meeker wrote an acclaimed book on the subject entitled The Lost Trail, Meeker again braved the 2,000 mile trail with an ox drawn wagon in 1910. He was again to promote its preservation, but this time he intended to map the route. He was in favor of a transcontinental railroad along a similiar course, which he also intended to lobby for. Despite completing the trail, and the map, his second trip was somewhat of a failure. When he arrived out East he was contacted by the Senate and told not to come to D.C. After some other tribulations, he found his way back to Washington State. He continued to campaign, worked on a movie, lectured and published another book – Ox Team Days. Eventually he’s instrumental in the formation of the Oregon Trail Memorial Association. Through that organization he petitioned Congress getting final approval for the Oregon Trail Commemorative in 1926. The proceeds from the distrubution were used to mark the trail. (more…)