News and Analysis regarding scarce coins, coin markets, and the coin collecting community #9

A Weekly Column by Greg Reynolds

I. Summer Topics

Today’s main discussions are about Carson City Half Eagles and commemorative silver coins. I admit that I am not a specialist in either area. I will not, however, limit my writings to my favorite topics, as other coins ‘make news’ and are important in a variety of ways. I aim to write for a wide audience. Plus, I have a fondness for most all rare coins and I learn when I prepare to write. I enjoy researching rare coins of almost every kind.

Typically, the coin business is relatively slow between the Spring Long Beach Expo and the Summer ANA Convention. Collectors and dealers often vacation, or are just less active, during this period.

The relatively new, Summer FUN Convention is moderately successful, though it makes far more sense to hold it in West Palm Beach or Fort Lauderdale. It was in West Palm Beach for three years and I attended all three events, which seemed successful. The Summer FUN Convention was developing a following in Southern Florida. Was it a good idea to move it to Orlando?

Many wealthy coin collectors live in Southern Florida, which is much more densely populated in general than Central Florida. As people are not eager to travel to Florida in the middle of the summer, a Southern Florida location, for a coin show, makes more sense in the summer than does Orlando, which is a city that has evolved into a destination for travelers. Besides, people elsewhere are more likely to have relatives, friends or business ties in Southern Florida than in Orlando. Consider the populations, wealth and business activities in the metropolitan areas of Fort Lauderdale and Miami!

Boston seems to be a good choice for a Summer ANA Convention. Many (though not all) rare coin sales are exempt from sales tax in Massachusetts. There are thousands of serious coin collectors within driving distance of Boston and hundreds more who may fly to Boston. Certainly, it is a city with attractions for girlfriends, spouses or kids. Besides, in relation to the founding of the United States, and the pre-revolutionary period, Boston is of tremendous historical importance.

It has been a very long time since an ANA Convention has been held in New England. Further, there are no longer any regularly held, first tier coin conventions in Massachusetts or the State of New York. CoinFest is held, annually each autumn, in Stamford (CT). In my view, CoinFest has been very successful and may eventually become a first tier event. It would be better if the fourth CoinFest, in October, were not scheduled within a week of the Fall Baltimore Expo. Could its time frame be moved a week or two earlier?

In August, both pre-convention shows will attract collectors. While the “Boston 2010” show at the Park Plaza Hotel has received some recent attention, the Bay State Coin Show has been a tradition in Boston for decades. The special summer Bay State Coin Show will be at the Radisson Hotel, at Park Square, from Friday, Aug 6th to Sunday, Aug 8th.
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As a part of the upcoming 2010 August Boston, MA Signature ANA Coin Auction, Heritage will present the Witham Collection of Capped Bust Half Dollars. Bust half variety collectors will go nuts when they examine the over 170 examples in this famed collection.

Stewart P. Witham, a prominent numismatist at mid-century, specialized in half dollars in general, and Capped Bust Halves in particular. Mr. Witham was the cofounder of the Bust Half Nut Club, holding BHNC membership #1. His coins were purchased from many of the important dealers of the day.

Mr. Witham sold his collection of Capped Bust Halves circa 1983. Our consignor purchased the Collection that year, although he is uncertain about how many hands it may have passed through before it reached him. When Witham’s rarer coins appear in pedigree lists, their descriptions typically end with: “The whereabouts of this coin is unknown.” While that statement may have been true for the numismatic community at large, it was a source of some irony to the consignor.

The consignor has held the Collection intact for more than a quarter century now. Originally acquired as a hedge against inflation, the consignor carefully protected the coins, understanding their historical significance. In point of fact, he never actually touched the coins — when he removed them from their envelopes to appreciate his acquisition, he always wore cotton gloves. Over the years, he became increasingly interested in their history. He would research them over the web, and often would find himself holding a Witham coin and comparing it to the “whereabouts unknown” image. His favorite coin was the 1817/4 O-102 rarity, with only nine known survivors, which is now graded VF20 by PCGS.

The Collection has remained in Pennsylvania for the last 27 years, but the consignor wishes to remain anonymous. Where the coins will be this summer is a certainty — on the auction block in Boston selling to someone who most likely holds a substantially higher BHNC membership number!

A few of the other highlights of this collection include:

* 1807 Capped Bust Half Dollar Large Stars, 50 Over 20, O-111, R.6 VF30 PCGS
* 1812/1 Half Dollar, O-101, R.5 Large 8 Genuine PCGS
* 1817 Half Dollar, O-104, R.6 Genuine PCGS
* 1823 Half Dollar, O-109, High R.5 AU58 PCGS
* 1827 Half Dollar, O-137, R.6 VF30 PCGS
* 1827 Half Dollar, O-124, R.5 AU58 PCGS
* 1827 Half Dollar, O-144, High R.5 AU55 PCGS
* 1828 Half Dollar, O-105, R.5 MS62 PCGS
* 1830 Half Dollar, O-114, R.5 MS62 PCGS
* 1833 Half Dollar, O-115, High R.5 VF35 PCGS

This auction, along with auctions of rare world coins and rare currency, will post for bidding soon at HA.com/Coins. Previews are available now!

By Ken Cable-Camilleis E-Gobrecht

The following is a collector value assessment of coins within the portion of the Liberty Seated series spanning the years 1837 through 1852, all denominations. The foregoing analysis is based on several factors, including but not limited to the PCGS Population/NGC Census Reports, various pricing guides, and extensive personally compiled data and statistics related to general market presence. This compilation indicates, based on my observations and research, what in the realm of mainstream numismatics could be the 25 most underrated Seated coins within this period.

My research suggests that presently there are no overpriced Seated coins dated prior to 1853. I also surmise that most of the dimes and quarters minted from 1840 through 1851 are dramatically undervalued in the mainstream market. While working from such a large sample space of dates and varieties within the five Seated denominations covering the 16-year span of 1837-52, it was a tough call to narrow the field down to 25 specific coins that have especially captured my attention.

The reader should bear in mind that the coins enumerated in this work are not all “classic rarities” because current pricing may have already taken their rarity into consideration. They are simply coins that have received too little attention, or coins that can be obtained relatively cheaply. Some of these coins may already be recognized by LSCC members or other numismatic specialists as having been overlooked. Their market values are not, however, reflected in the most influential price guides, especially the Coin Dealer Newsletter “Greysheet” Quarterly (CDNQ) which since 1992 seems to have been the predominant buyer guide for Seated material.

Another observation is that most certified coins of 1837-52 are “market graded” for their assigned grade. Therefore, I have taken into consideration that many Seated coins of this period that are certified MS60 to MS62 may actually have cabinet friction, obtrusive field abrasions or hairline scratches, poorly struck stars and areas within devices, or wear which is confused with poor strike. I have even seen Seated coins slabbed MS63 to MS65 for which I would assign technical grades in the AU range! Choice pieces seem to represent less than 25% of third-party-graded Seated coins from 1837 through 1852, and even some that have few blemishes are not fully struck (that is, all 13 stars, full head/shield details, full eagle features, and anything else that is supposed to be struck up).

The notation “ATB” means across-the-board, that is, all grades from Good through mint state (and proofs where applicable), “MS” means MS60 or better business strike, and “GEM” means MS65 or better.

25. 1840-O No Drapery 25c, ATB. This is a cute coin. I’ve developed a soft spot for this one-year-one-mint style, for which a cameo-like effect is produced with the placement of devices against the backdrop of the fields. I have found this date somewhat tough to obtain problem-free. In MS64, it appears priced almost right, but considerable upward adjustments should be made for all circulated grades and the lower MS grades. I really enjoyed the article in the CDN Monthly Supplement for December 2007 by Larry Briggs on Seated quarters … as I’ve enjoyed his great publication work of 1991. I believe that most of the mint-state coins of this issue that came from the New Orleans hoard have environmental damage from having been buried in the ground, perhaps making them not certifiable by PCGS or NGC.

24. 1848 5c Medium Date, GEM. Although a relatively “high-pop” coin, my analyses suggest that this more common variety of the 1848 Philly half dime is not as easy to find in MS65 as has been believed. In fact, its O-mint counterpart appears on the market with much greater frequency. (more…)