Coin Collecting News

By Doug Winter – RareGoldCoins.com

The presence of a number of important Type Three Proof Liberty Head double eagles in the upcoming 2011 FUN auction got me to thinking about . What are these coins, why are they important and do they deserve the market premiums they enjoy?

A Proof-only coin is an issue that exists only in a Proof-only format where business strikes could have been produced as well. These coins exist in a variety of denominations but for this blog, we’ll focus on the ones in various United States gold series.

Some of the most famous Proof-only gold coins are the double eagles from 1883, 1884 and 1887. The mintage figures for these dates are 92, 71 and 121 respectively. I believe that there are around twenty 1883 double eagles known, maybe fifteen 1884’s and as many as thirty to thirty five 1887’s.

There are two ways to look at these coins. The commonly accepted way is to consider them solely as a date. In other words, even though there are many Proof double eagles that are rarer than these three, there are no other Type Threes that compare to the 1883 and 1884 in terms of the total number known. If a date collector wants to buy an 1883 for his set of Type Three double eagle he has to buy a Proof. This is different than a rare date like the 1881 or the 1882 that exists in dual formats; i.e., as business strikes and Proofs, and thus presents the collector with two options.

Collectors who are new to double eagles might balk at having to pay $150,000-200,000 for a nice 1883 double eagle when they can purchase a Proof of comparable rarity from this era for half as much–or less. Why, they wonder, does a Proof-only issue get such a high premium?

The mistake that they are making is to compare the 1883 to, say, an 1880. They need to look at the rarity of the 1883 on an absolute level. The 1883, from the standpoint of total number known, is even rarer than such celebrated issues as the 1854-O and the 1856-O; two issues that now sell for $300,000-500,000. If the Type Three series were to ever become as popular with date collectors as the Type One series currently is, the current prices for Proof-only issues such as the 1883, 1884 and 1887 could double or triple. Continued

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.” Continued

Sale features outstanding selection of Mexican and ancient coinage and Italian banknotes

Ponterio & Associates, a division of Bowers and Merena Auctions, is pleased to present the January 2011 N.Y.I.N.C. Auction at the Waldorf Astoria in New York on Jan. 7-8. The auction will feature 2,558 lots including Part I of the Len Novotny Collection of Mexican Coinage, the Michael Demling Collection of Ancient Coinage, David Ian Wright Collection of Italian Banknotes and a superb selection of Fussli specimens.

“After wrapping up our December Hong Kong auction with the Wa She Wong Collection, we are excited to offer another extremely diverse selection of ancient and world coins and paper money,” said Rick Ponterio, executive vice president of Bowers and Merena. “Sure to be the center of attention, the 1854 Guatemala 8 Reales, lot 1036 and graded AU-55 by NGC, is perhaps the rarest crown-sized type coin for all of Latin America.”

Shortly after the production of this coin, the Republic of Guatemala adopted the decimal system and began producing coinage in Pesos and Centavo-equivalent denominations. This marks the coin as the first, last and only 8 Reales produced by the Republic of Guatemala.

Another anchor of the sale is lot 827, an extremely rare and important 1897 Anhwei Pattern Dollar, graded MS-62 by PCGS. “This particular specimen is clearly intended for special presentation purposes as it exhibits a bold, full-bodied strike with all special characters and sharp details,” said Ponterio.

Furthering the significance of the piece, the short-lived Anhwei mint only produced silver coinage for approximately two years before operations ceased and the mint was dismantled.

Additional coin and paper money highlights of the auction include:

· Lot 116, 1784/3 Mexico 8 Escudos, Key Charles III Proper Portrait, Choice Extremely Fine

· Lot 131, 1823 Mexico 8 Escudos, Hookneck Eagle, AU-55 (NGC)

· Lot 258, 1835 Belgium 40 Francs, MS-64 (NGC)

· Lot 357, 1850 Costa Rica ½ Onza, SP-61 (NGC), (Ex: Fredrick Mayer Collection)

· Lot 464, 1883 Honduras 10 Pesos, , AU-50 (NGC)

· Lot 549, 1926 Italy 50 Lire, MS-64 (NGC)

· Lot 550, 1926-R Italy 20 Lire, MS-65 (PCGS)

· Lot 2031, 264 B.C. Siculo-Punic Silver Dekadrachm, Time of First Punic War, Sicilian Mint, Choice Very Fine

· Lot 2536, 1892 Bank of Greece 100 Drachmai, P-45

· Lot 2611, 1913 Imperial Bank of Persia 2 Tomans, P-2, About Uncirculated, Consecutive pair

· Lot 2613, 1890-1923 Imperial Bank of Persia 1,000 Tomans Specimen, P-10s, Choice Uncirculated

The first day of the two-day auction will feature Part I of the Len Novontny Collection of Mexican Coinage and an array of world gold coins, world crowns and minors. The second day will host the Michael Demling Collection of Ancient Coinage, David Ian Wright Collection of Italian Banknotes, and ancient and world paper money including Fussli specimens. Lot viewing will be conducted before the sale at the Waldorf Astoria in the Morgan Suite, floor 18, Jan. 5-8. Continued