Coin Collecting News

Rare U.S. Coins continue to provide for steady, even stellar prices in a crawling national economy, as evidenced by Heritage’s $9.42 million COINFEST Signature® U.S. Coin Auction, held Oct. 27-30 at the Marriot Hotel & Spa in Stamford, CT, and by the auction’s top lot, a magnificent 1879 Washlady dollar, which brought $161,000.

“These results are 20% percent higher than our pre-sale projections,” said Greg Rohan, President of Heritage Auctions. “The market for rare coins is, simply put, very strong. The best examples continue to command top prices and the top collectors are more than happy to acquire these examples.”

More than 4,380 bidders participated in the auction, both live on the auction room floor and via Heritage LIVE!™, the company’s proprietary live internet auction platform. The auction boasts a sell-through rate of 92% by value and 97% by number of lots.

Recent Heritage coin auctions have mostly seen examples of rare gold coinage taking the top slot, but the stunning 1879 $1 Washlady Dollar, Judd-1603, Pollock-1798, High R.6, PR66+ NGC, the finest known specimen, handily took top honors, finishing at $161,000 after a fierce bidding between advanced collectors. Between 12 and 15 examples are believed known of the Washlady dollar in both copper and silver. There is also one example known in white metal.

“In the late 19th century this design was not well received by dealers and collectors, and was apparently given the nickname of ‘Washlady’ by David Proskey around April 1891 at the Doughty Sale,” said Rohan. “The name stuck, but today the Washlady design is considered one of the most beautiful ever produced by the Mint.”

The equally rare and collector-coveted 1785 COPPER Connecticut Copper, African Head VF30 NGC. M. 4.2-F.6, W-2360, R.8., from The W. Philip Keller Collection of U.S. Colonials, took the second spot on the auction podium in Stamford, realizing $115,000, while a famous 1882 $20 AU53 PCGS, one of only 571 pieces struck – a coin so rare that even the Smithsonian Institution, keeper of the National Numismatic Collection, lacks an example of the issue – piqued the interest of numerous collectors of important gold with a final price realized of $80,500.

“While there are numerous double eagle issues from the late 1870s through early 1890s that boast extraordinarily low mintages,” said Rohan, “the 1882 is the absolute lowest-mintage of them all, at 571 coins. Any representative of this issue, in any grade, is an extraordinary rarity.”

A remarkable 1904 $20 PR65 Cameo PCGS was close behind the 1882 example with a final price of $74,750, a mark that was equaled in the auction by the finest known 1879 $1 Metric Dollar, Judd-1622, Pollock-1818, Low R.7, PR68 Cameo NGC, a highly desirable coin of great beauty and peculiar metallic composition (silver, copper, aluminum, and white metal) that drew considerable enthusiasm from collectors at the auction.

Further highlights include, but are not limited to:

1896 $10 PR66 PCGS. CAC. Ex: Trompeter: Realized: $63,250.

1861-O $20 AU53 PCGS. CAC: Realized: $54,625.

1796 50C 16 Stars Fine 12 PCGS Secure. O-102, High R.5: Realized: $52,900.

1909 $5 PR67 NGC. Roman Finish. Only two graded higher: Realized: $51,750.

1907 $20 Liberty PR64 Cameo PCGS: Realized: $43,125.

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

Branch Mint Half Dimes Start With ‘O’
Numismaster
When the 1838-O half dime was produced it was the first half dime to be issued at a mint other than the main facility in Philadelphia. It would be the start of an interesting group of frequently lesser known coins as the branch mint Seated Liberty half dimes are not heavily collected but they are a fascinating group to study and with limited collector demand they are also a collection of early silver coins that are usually at very affordable prices.
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November 2010 Coin Collecting Calendar
Coin Update News
The following events related to coins and coin collecting will take place during the month of November 2010. The schedule for the month is packed with three different coin shows, two coin launch ceremonies hosted by the US Mint, and a flurry of new US Mint products. The month begins with the Whitman Coin & Collectibles Expo held in Baltimore, Maryland. Grading firms PCGS and NGC will both be available at the show for on-site grading. The official auction for the show will be held by Bowers and Merena.
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Prices Reflect Not Only a Coin’s Grade…Quality Matters, Too
Rare Coin Market Report
New and experienced collectors alike are often confused when they see two coins in the same grade selling for very different prices at auction. Dealers are quick to say that the coins that sell for more are nice for the grade, while those that don’t sell for the high end of expectations are at the low end of the grade. But when it comes to the higher end of the market, the answer can be both supply alongside the merits of the coin itself.
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Disabled Veterans Silver Dollar Commemorative Coins End Dec. 13, 2010
Silver Coins Today
The proof and uncirculated Disabled American Veterans Silver Dollar Commemorative Coins will go off sale on Dec. 13, 2010, the United States Mint revealed Monday. The U.S. Mint placed the remaining 2010 commemorative silver coins on its “Last Opportunity” website page indicating they are to be discontinued at 5:00pm ET on the 13th. The $1 silver commemoratives were authorized by Public Law 110-277 and honor the service of disabled veterans who made enormous personal sacrifices while serving their country.
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ANA Chooses Civil War Theme
Numismatic News
With the Civil War sesquicentennial next year, the American Numismatic Association has selected the theme “Blue, Gray and Greenbacks” for National Coin Week, slated April 17-23, 2011. The beginning of the observance will be almost on the April 12 anniversary date of the 1861 Fort Sumter bombardment, which began the war.
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25 Year-Old French Underwater Gold Theft Resolved
The E-Sylum
Three amateur divers in 1985 stole a dish of Roman coins and gold from the “treasure of Lava. The testimony of one of the robbers, who was arrested last Thursday. After 25 years of investigation, the Department of underwater archaeological research and submarine (DRASSM) of the Ministry of Culture and Communication have laid hands on a dish and Roman gold coins from the “treasure of Lava “.
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The Swiss Helvetia (1897 – 1949) embodies Switzerland’s status as a financial center of the world. The coin’s long standing reputation among investors and collectors illustrates its outstanding beauty and quality. The Swiss Helvetia, like other European gold coins, has a rich and lengthy heritage.

Ancient Origins

The name “Helvetia” comes from the name of Switzerland during Roman times. Julius Caesar conquered the Helveti in 58 BCE, but the name for the currency was resurrected during the Helvetic Republic, when a standardized coinage was reestablished. Prior to 1798, approximately 75 different entities were minting coins in Switzerland. Each entity had its own corresponding monetary system, so there were at least 860 circulating coins in the country.

The Helvetic Republic lasted from 1798 to 1803. Its goal was the unification of the numerous cantons of Switzerland. During that period the government introduced a normalized currency based on the Berne thaler. These francs were equal to 1.5 French francs. Although the Helvetic Republic soon ended, the new monetary system served as a model for various cantons in the newly formed Swiss Confederacy.

Currency in Transition

The country’s regions readopted their individual currency systems, with some modifications. Between 1803 and 1850, approximately 22 cantons minted coins, but less than 15% of the circulating currency was local. The remaining 85% was foreign, acquired during Swiss mercenaries’ exploits. Private banks started printing currencies to supplement coinage. By 1848 the Swiss monetary system included over 8000 different currency types. This trend of accepting foreign money has endured to this day; many businesses in Switzerland still accept international denominations as payment.

The Swiss federal governments sought to end this complication with a new Federal Constitution of 1848, which specified that only the federal government could produce and issue money. Two years later the first Federal Coinage Act made the franc the official monetary unit for Switzerland. The franc would replace any other currency used by the various cantons. The term “Helvetia” resurfaced as a name for the franc, recalling the country’s ancient origins.

Since 1850, the Swiss Helvetia has undergone only one devaluation, in 1936. The coin’s value dropped 30%, along with that of the US dollar, the British pound, and the French franc. Like the rest of the industrialized world, Switzerland chose to abandon the gold standard that year. The value of the Swiss Helvetia has remained strong ever since.

Swiss Helvetias as Investments

Sometimes called “Vrenelis” after their obverse design, Swiss Helvetias minted in the late nineteenth and mid-twentieth century have gained popularity among investors. Their exquisite design and outstanding condition make them a natural choice.

On the coin’s obverse is a portrait of “Vreneli” the fabled “Swiss Miss” of the Alps. The reverse features the Swiss Coat of Arms and the wreath of the Republic. They are generally available in brilliant uncirculated quality. The excellent luster and engraving of the Swiss Helvetia supplement the coin’s intrinsic value. Investors who seek a unique and historical precious metal will find the Swiss Helvetia a wise and interesting addition to their portfolios. Continued