Extremely Rare Kublai Khan Sells for $64,900

[CoinLink News] – Ponterio & Associates, a division of Bowers and Merena Auctions, realized $1,608,082 as the Official Auctioneer of the June 2010 Whitman Coin & Collectibles Baltimore Expo. The three-session sale, occurring June 17-19, featured ancient and foreign coins and paper money. Bowers and Merena added an additional $6,438,778 in sales with its five-session auction.

“Ponterio & Associates’ Official June 2010 Baltimore Auction resulted in strong bidder competition and equally strong prices realized for ancient and foreign coins and foreign paper currency,” said Rick Ponterio, executive vice president of Ponterio & Associates. “Iranian bank notes proved particularly popular in this auction, as did Chinese coinage and world gold coins in general.”

The most notable sale was lot 8278, an extremely rare Kublai Khan, the fifth Great Khan and grandson of Genghis Khan, 50 Tael Sycee Ingot. Issued in Year 14 (A.D. 1273) of China’s Yuan Dynasty, the piece realized $64,900. Leading the way among foreign bank note offerings, lot 7409, an Iranian First Series Toman, 1.6.1920, P-1b, Choice Uncirculated, sold for $17,700.

Additional ancient and foreign coin and paper currency highlights in the Ponterio & Associates June 2010 Baltimore Auction include:

* Lot 6037, Greece, 10 Lepta, 1831, cf.KM-12, cf.Geo-13, Chase-411-F.e, missing first “H” in “KYBEPNHTHE,” Very Fine, realized $8,850
* Lot 6089, Mexico, Charles II (1665-1700), Escudo, 1879 (J), Fr-5, KM-50, Very Fine, realized $8,850 (the first dated gold coin of Mexico)
* Lot 6551, Great Britain, William III (1694-1702), 5 Guineas, 1701, Fr-310, S-3456, KM-508, NGC XF-45, realized $10,325
* Lot 6601, India, Travancore, Sovereign, ME1057/1881, Fr-1403, KM-32, NGC MS-63, realized $9,853
* Lot 6750, Transylvania, 10 Ducats, 1605, Fr-305, KM-18, Resch-2a, NGC VF-30, realized $16,520
* Lot 7410, Iran, 1 Toman, 12.2.1924, P-1b, Extremely Fine, realized $9,440
* Lot 7420, Iran, 5 Tomans, 30.3.1925, P-13, Choice Very Fine, realized $9,440
* Lot 7422, Iran, 10 Tomans, 11.10.1927, P-14, Very Fine, realized $11,800
* Lot 8086, Ptolemaic Egypt, Ptolemy II (285-246 B.C.), AV Octadrachm, Alexandria Mint, after 265 B.C., Choice Very Fine, realized $10,030
* Lot 8286, China, Kiangnan, Dollar, 1898, L&M-215, Y-145a.18, “WU HSU” reversed, PCGS XF-45, realized $9,440
* Lot 8719, Venezuela, 5 Bolivares, 1888, Y-24.1, NGC MS-62, realized $20,650. (more…)

Coins of the first three Edwards & Richard II by Bruce Lorich

English hammered gold coins are so captivating in their designs, which invariably include intricate symbolism and Latin abbreviations of Biblical quotations favored by the respective monarchs, that many collectors focus too much on the coin designs, without understanding the historical motivations behind the coinages. Seen in their historical context, though, the coins become rich with meaning and a real reason for owning them occurs. A superb source of this information is C.H.V. Sutherland’s English Coinage 600-1900 (published 1973), which I condense here.

Prior to the 14th century, gold was rare in England. Almost no earlier gold coins exist. In the reign of Edward III (1327-77), the next to last Plantagenet King, this all changed. All the silver coinage types continued, with little alteration other than title, as they had been under Edward I and II. A complicated system of privy-marks developed under the first Edward, called “Longshanks” because of his unusual height. A wicked man who waged war in Scotland, he set up numerous mints to issue large amounts of silver coins, and died leaving England a wealthy nation.

For 20 years the nation suffered under the second Edward but the coinage continued the same types, and the ongoing war with France had been disastrous for the national treasury.

Edward III had the qualities of his grandfather, and his 50-year reign ended with the following inscription engraved on his tombstone: “The glory of the English, the flower of kings past, a pattern for kings to come.” It was well deserved, for many challenges and even the Black Plague were overcome during his rule. Defying the French, he kept the title “King of France” on his coins, slaughtered them in a naval victory at Sluys in 1340, and expanded England’s horizons into international trade.

This latter development was the reason behind the first sizable gold coinage for the nation. Alliance with the Low Countries (Holland) had military value, but it also meant a new trade of England’s wool for foreign goods and money. Edward I had forged a trade agreement in 1274 while crusading in Europe. But this commerce was held back because Flanders used a gold-backed currency, England a silver-backed one, and the exchange rate between the two metals varied too much for merchants on both sides of the trade to be happy. Sutherland calls it bi-metallic disharmony. For this reason, Edward III introduced gold coins similar enough to those of Flanders to make trade exchanges equitable.
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News and Analysis regarding scarce coins, coin markets, and the coin collecting community #4

A Weekly Column by Greg Reynolds

I. Today’s Theme

While both the Goldbergs and Heritage auctions contained a significant number of appealing coins that attracted collectors, both firms had much more exciting offerings in their respective Southern California auctions in the Springs of 2007, 2008 and 2009. Moreover, as John Albanese has emphasized, much of the demand in current coin markets is for Eagles ($10 coins) and Double Eagles ($20 gold coins).

Albanese is the founder of the CAC, and was the sole founder of the NGC. He finds that, this year, there has been “less demand for silver coins dating after 1837.” From my (this writer’s) perspective, demand for rare silver coins has fallen since the January 2010 FUN Convention, though will probably rise again soon.

There will be more exciting offerings of rare silver coins, in Boston in August, than there have been from February to June. Exciting offerings may spark collectors. Plus, relative prices for Eagles and Double Eagles will not increase, forever. Collectors will tend to gravitate towards other areas.

For decades, Jim McGuigan has been a specialist in U.S. coins dating from 1793 to the late 1830s. Jim finds that “things really slowed down after Sept. 2008.” This year, McGuigan says, there has “not been a lot of good pre-1840 stuff coming up at auction; when a good coin does come up, it usually does pretty well. 1793 half cents and large cents are as strong as ever. 1794 to 1796 [dated] coins are still pretty good” in terms of demand, McGuigan observes. The market for early coins that are not very rare is weak. “Randall Hoard large cents,” for example, “are easy to buy,” Jim points out. These are high grade, often appealing uncirculated, large cents, dating mostly from 1818 to 1820.

Demand is not great for Liberty Seated coins and Barber coins, I conclude. Matt Kleinsteuber, of NFCcoins, asserts that “this [Spring] was not a good time to auction” a collection of “gem Buffalo Nickels.” Matt twice put forth a similar point to me before the Heritage Long Beach auction.

Trading volume in common gold coins continues to be large. High End gold rarities, which are not necessarily expensive, are extremely difficult to find. (Please refer to my article on the Widening Gap for a definition of ‘high end.’)

Below, I discuss an 1854-O Double Eagle that sold at the Long Beach (CA) Expo. I devote considerable space to Dan Holmes’ Middle Dates as numerous collectors have expressed interest in reading about this event. Even collectors who do not collect large cents like to read about a comprehensive and famous collection that was built over many years by a dedicated coin enthusiast.

I talk about coins in the Goldbergs and Heritage Southern California auctions that I find to be newsworthy. Sometimes, coins are mentioned as examples to illustrate larger points. It is never possible for me to discuss all the very interesting or otherwise newsworthy coins in a major auction. (more…)