Coin Collecting News » Bowers and Merena

Coin Rarities & Related Topics: The Fun Has Begun

Greg Reynolds — Wed, 05 Jan 2011 13:35:16 +0000

News and Analysis on scarce coins, coin markets, and the coin collecting community #34

A Weekly Column by Greg Reynolds

While the Summer ANA Convention includes a wide variety of items of interest to collectors of U.S. coins, paper money, tokens and medals, plus some coins of the world, the Winter FUN Convention is the leading event of the year in the field of rare U.S. coins. Today’s discussion will be a little shorter than usual as I am busy in Tampa viewing coins, witnessing events and gathering information during FUN week. Yes, the winter FUN Convention formally begins on Thursday, at the Tampa Convention center. Coin related events, however, have already occurred.

I. B&M Pre-FUN Auction

I attended the Bowers & Merena pre-FUN auction on Tuesday at the Grand Hyatt Hotel, which is near the Tampa Airport. In last week’s column, I discussed the fact that Bowers & Merena and Stack’s are in the process of merging. The new Stack’s-Bowers president, Chris Napolitano, was in attendance. It was made clear that QDB and Chris Karstedt would continue to play roles in Stack’s-Bowers. Brad Karoleff, the longtime auctioneer for B&M, and Melissa Karstedt, an auctioneer at Stack’s, served as auctioneers during Tuesday night. Unfortunately, as this auction did not finish until well into Tuesday night, there was not time for me to thoroughly analyze this event.

On Tuesday, the lot viewing room for the B&M auction was packed. There were, at times, people waiting for seats in a fairly large room on the main floor of a very large hotel. My sources tell me that lot viewing attendance was excellent on Sunday and Monday as well, and that there were many collectors and dealers viewing at Heritage’s lot viewing room at the Tampa Convention center on Monday and Tuesday. So far, there seems to be even more interest in the FUN auctions than there was last year. It is too early, however, to draw a conclusion on the topic of collector interest in FUN week auctions.

In my column of Dec. 8, I raised the topic of FUN auctions, and I then provided explanations as to the general importance of January FUN auctions. My column of Dec. 8 is primarily about Jim O’Neal’s landmark set of Indian Head Half Eagles ($5 gold coins) and I remind readers that I wrote a two part series on O’Neal’s Eagles ($10 gold coins) in 2009. Please also read my article about the Jan. 7, 2010 Platinum Night event. (As usual, clickable links are in blue.)

In my column of Dec. 22, I focused upon the Henry Miller collection, the core of which Heritage will auction on Thursday, during Platinum Night. On Dec. 15, I wrote about the Malibu set of Proof Liberty Seated Quarters. The collector known as ‘Malibu’ also consigned Proof Liberty Seated halves and silver dollars to Tuesday night’s event, plus a few other coins. As I earlier suggested, his set of Proof Liberty Seated Quarters is far more spectacular than his respective sets of halves and dollars. I was delighted to finally have the opportunity to view all of his Liberty Seated Quarters, Half Dollars and Dollars.

It is not practical to write here about the whole auction or even about all of the coins from the consignment of the second part of the Malibu collection, As the Proof Liberty Seated Quarters from the 1860s were really special, perhaps the best ever collection of these, I will discuss several of them here.

II. 1860s Proof Liberty Seated Quarters

I like the Malibu Proof 1865 quarter, though not nearly as much as I expected to like it. I agree with its ‘Proof-66 Cameo’ certification, and I respect its CAC sticker, though I have seen better Pr-66 Liberty Seated Quarters including other coins in the Malibu collection. The price realized of $12,650 is certainly a retail level price and a successful auction result.

Actually, the next lot, #511, another Proof 1865 quarter, though not part of the Malibu collection, was probably a better value. It is PCGS certified Proof-64 Cameo, and, like the Malibu 1865 Quarter, has a CAC sticker of approval. In my view, it is just beautiful and may be undergraded. This coin’s toning, which is definitely natural, is stunning, especially when this coin is tilted under a light. It realized $2415, I believe.

I really like the Malibu 1866, which is PCGS certified ‘Pr-64 Cameo,’ and is CAC approved. About it, Jeff Ambio says, “very colorful, quite smooth for the grade and” Jeff regards its toning as likely to be “original.” In my (this writer’s) view, the Malibu 1866 was dipped decades ago, and then naturally retoned, probably while in a coin album. It sold for $2186. (Keep in mind that these are preliminary auction results and will occasionally include errors. The auction house will post final, audited prices realized in the near future.).

The Malibu 1867 is exceptional. It is also PCGS certified ‘Pr-66 Cameo’ and it has a CAC sticker of approval. It was not one of Ambio’s favorite coins in the set, but it is one of mine. The wonderful natural toning is more than very attractive and this coin is technically impressive as well in that it has few surface imperfections. If my memory serves correctly, Laura Sperber was the successful bidder and the price was $8050, which is a good value.

Jeff Ambio and I are strongly in agreement in relation to the Malibu 1869 quarter. “This one is definitely original,” Ambio declares, “no worries here, just a lovely and solidly graded Gem.” Indeed, the Malibu 1869 is more than very attractive and the toning is definitely natural. It is PCGS certified Proof-66 and CAC approved. The reported price for this coin, as lot #516, is $4543.

The price realized of $11,500 for the Malibu 1870 was extremely strong. It is NGC certified PF-67 and it has a CAC sticker. Though the obverse (front of the coin) has an absolutely stunning look, it has some imperfections as well. The reverse (tail) has really neat steel blue toning, but it is not spectacular. In my opinion, this coin should not be worth a premium, though I admit that I like it. I would hope that non one figures that it should grade 68, though a casual glance at the obverse, without a magnifying glass, may give the impression that it should grade 68.

III. Barber Quarters

Though not particularly rare, and not candidates for finest known status, three Proof Barber Quarters in this auction captured my attention, largely because of their wonderful natural toning. I am referring to two 1892s and an 1894.

The first, lot #553, is PCGS certified Proof-66 Cameo. The variety, blend, and evenness of its natural toning are incredibly pleasant. The orange-russet, brownish-russet, green and other shades cannot be described in words. It sold for $2415, a high price for a poor person, though hardly a vast sum in the field of rare U.S. coins. This coin would be a good value for a connoisseur of U.S. coinage.

A second 1892, this one NGC certified PF-66, and CAC approved, has heartwarming tones of russet, green and gray. It has probably never been dipped or significantly cleaned. Plus, I suggest that it grades in the high end of the 66 range. This coin, as lot #554, garnered $2990. Lot #557, a PCGS certified Pr-66 1894 is terrific, too, and was reasonable at $2140.

As an aside, I note that a 1901-S quarter, a representative of the key date in the series, realized $20,987.50. It is PCGS graded Very Fine-20.

IV. Malibu Halves

The Malibu set of Proof Liberty Seated Half Dollars was nowhere near as nice, overall or in terms of the respective certified grades of the individual coins, as his corresponding set of quarters. Even so, there were many very attractive coins in the set and there was intense bidding for some of these at the auction.

There was a long bidding contest for the Malibu 1876, lot #738, which seemed to start at around $10,000 and ended at $16,100. The two ‘with arrows’ issues of the 1870s caused the most commotion. Both are PCGS certified ‘Pr-65 Cameo.’

It seemed that at least four people bid on the Malibu 1873 ‘With Arrows’ half before it sold for $18,400. My tentative impression is that the successful bidder was a Southern California dealer, who is almost always very active at B&M auctions. The 1874, lot #734, went to Laura Sperber for $16,100.

The Malibu 1879 half is really cool, though I could not get quite as excited about it as did the cataloguer. It is PCGC certified ‘Pr-67 Cameo’ and it is CAC approved. To some extent, it has a traditional ‘black and white Proof’ look. It does, though, exhibit even russet toning on and around the outer devices and periphery. It is sharply struck and has minimal imperfections. It is lighter in actuality than it appears to be in the online catalogue images. There is certainly no doubt about the assigned 67 grade and it may be the finest known Proof 1879 half. It sold for $18,400. The next lot, #747, another 1879 half that is PCGS certified ‘Pr-63′ went for $1092.50.

One of my favorite Malibu Liberty Seated Halves is the 1885. It is PCGS graded 67 and is CAC approved. It just has to be seen to be appreciated. The toning is incredibly pleasing and well balanced. A telephone bidder captured this prize for $12,650.

One of the reasons why I am focusing upon the Malibu collection is that many of the other coins are dealer-consignments or miscellaneous anonymous consignments rather than carefully assembled collections. There were a wide variety of coins in this auction.

One of the most important coins in this auction was an 1875 Quarter Eagle ($2½ gold coin), sold as lot #1350. Fewer than fifty 1875 business strikes survive, hardly any in high grades. This one is NGC graded AU-58 and I like it. It is an appealing coin. While it has some imperfections, it may be very difficult to find an 1875 business strike Quarter Eagle that is of higher quality than this one. Although the reported price of $18,975 seems high, this amount is a sound value from a logical perspective.

Next week, I will be writing about coins in the Heritage auction. I am very much looking forward to viewing them. I will also walk around the bourse floor and see rare coins that are available or on display for other reasons. The rest of the week will be even more fun.

LOOKING FORWARD TO A BIGGER 2011 – IS BIGGER BETTER?

Laura Sperber — Mon, 27 Dec 2010 16:36:42 +0000

Hot Topics by Laura Sperber – Legend Numismatics

Consolidation in reverse! I expected a few firms to fold and smaller dealers to shut. Out of the blue comes the mega merger of Stacks and Bowers and Merena. I was not so shocked because for the last 3 years it had been no secret I tried to talk the owners into selling Stacks to Legend. The apparent loss would have been too great and doing a deal this way, they get a shot at some stock that could go up. Regardless, I feel it was a tragic end to once powerful and glamorus dealership.

It is my strong opinion, in this mergers case, bigger is NOT better for the coin market. Why? We already have one mega monster firm who obviously has reached their limits-Heritage. They know they can’t expand any more with in coins, so they did the smartest thing, branched out into other areas. I give them tons of credit for that because it seems as they grow, they do not forget their roots and promote coins to this new crowd.

To satisfy two large auction companies with huge staffs, where are all the coins going to come from? These firms need expensive coins to generate large fees. If these firms on their own were not getting much prior, where are the coins going to come from after the merger? Think about how big each firms overheads are. Will fees rise? Will coin values artifically inflate because of excessive tiny demand with each auction?

This new mega merger concerns me. My goal in going after Stacks was not to make it bigger-just better. In my opinion, the potential of Stacks combining with Legend was huge. I believe it would have greatly benefited collectors. I do admit, I was nervous about where the consignments would come from, but Legend has sold OVER $600,000,000.00 RETAIL so we have some contacts. I have always viewed owning an auction company as a natural extension for us and our customers. Unfortunately, I do not have the time or energy to try again to enter the auction field from scratch. I saw the demise of Stacks as inevitable. I would have loved to have fixed it. It is frustrating to me ownership decided to end the misery this way. When I was told about it I was angry for one second and have moved on. Now I just wonder if bigger is really better? And how will it effect the marketplace?

I do wish The B+M team good luck in their merger. Greg Roberts, CEO of Spectrum is one of the sharpest executives in this business.

FUN

My prediction is that FUN will be a good show. Out of the clear blue, collectors were buying strong in December-a time when they normally fade away. Yet again, only supply was the problem. So if nothing else, dealers will need to replenish at FUN.

Gold coins are still screaming crazy hot. Prices are NOT moving up, but collectors do want them. We think 2011 will be the tell tale year for gold. It will be interesting to say the least.

The Heritage Sale will be insane-espcially the RARE PROOF GOLD. The best way to determine how the market is-watch what the really FRESH material does. The B+M Sale has the Malibu Collection. I predict strong prices for that too. The demand is clearly bigger than the supply of great coins right now. Thats why I am so perplexed at how TWO HUGE auction houses can survive and thrive. Maybe I just do not know economics.

LEGEND AND THE MARKET

2010 was a surprisngly good year for us. Legend was profitable. We sold $45,000,000.00 worth of coins to collectors. That figures does NOT include our auction representation. I am also extemely proud to say we sold over 10,000 INDIVIDUAL McClaren coins (that is a ton of coins!). Those ranged from $100.00 to $2,000.00 each. Our market is really the highest graded rarities, but with McClaren, we sold as many smaller coins as anyone. We are NOT just a dealer who sells expensive coins! Legend definately was a market leader in most catagories.

In 2011, I can promise Legend will NOT look to get bigger. I have turned down requests to grow. Our formula is perfect or close to it. We will probably add a person, but our plans are to be BETTER, not bigger. I really do not see the room to grow. I had trouble supplying coins to collectors in 2010, so I have no idea where I would find additional coins to cover a larger overhead.

Financially, we are as big as anyone. Maybe thats why we buy tens of millions of dollars from the public each year quickly and quietly. If any size deal comes up (try us on a $100 million), Legend can easily buy it. We are one of the biggest market makers of CAC coins. We are no nonsense when it comes to how we deal. We are also loyal as heck to people who are the same to us (we have MANY customers who date back to the late 80’s still active with us). Unlike other firms, George and I have been partners since 1986, and Bruce since 1997. If you notice, most other firms are revolving doors trying to act stable. There is something to be said for longevity of a partnership in the coin field. The only thing we lack, the ablitity to make up good stories to fool people. Sorry, thats just not our style. Also, you can find a copy of our Mission Statement on our web site.

My point, the beginning of 2011 you will see many changes with dealers. Currently, there are a few bigger retail dealers who are operating pretty much dead broke. You WILL see them fail, so do NOT be surprised. There will be a consolidation-which will be healthy. I was just stunned that an expansion (Stacks and B+M) could try and happen in this enviornment.

Back to looking out the window. Since I started writing this over 4 inches of snow have piled up (an hour and half) ! The winds are now easily 40 MPH plus. Can’t see the beach. Nothing like a good blizzard to stimulate me to write a Hot Topics!

Everything said in this article is the sole opinion of the author and not any other member of Legend Numismatics.

Any comments or questions please feel free to email me at: lsperber1@hotmail.com.

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

Bowers and Merena — Mon, 20 Dec 2010 18:48:02 +0000

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
* Lot 722, 1865 Seated Liberty Half Dollar, Proof-67, Cameo (NGC), From the Malibu Collection
* Lot 1261, 1856 Pattern Flying Eagle Cent, Snow-4, Rarity-7+, Proof-63 (PCGS), From the G. Edward Reahl, Jr. M.D. Collection, Part II
* Lot 1351, 1879 Liberty Quarter Eagle, Proof-67 Cameo (NGC)
* Lot 1359, 1899 Liberty Quarter Eagle, Proof-68 Ultra Cameo (NGC)
* Lot 1383, 1911-D Indian Quarter Eagle, MS-65 (NGC)
* Lot 1412, 1854-D Three-Dollar Gold Piece, AU-55 (PCGS)
* Lot 1423, 1873 Three-Dollar Gold Piece, Closed 3, MS-61 (PCGS)
* Lot 1458, 1859-C Liberty Half Eagle, Winter Variety 1 (27-M), MS-63 (PCGS)
* Lot 1459, 1860-D Liberty Half Eagle, Winter 38-FF, MS-64 (NGC)
* Lot 1489, 1911 Indian Half Eagle, Proof-66 (NGC)
* Lot 1544, 1907 Indian Eagle, Wire Rim, MS-67 (PCGS), Secure Holder
* Lot 1556, 1913 Indian Eagle, Proof-66 (NGC)
* Lot 1584, 1876 Liberty Double Eagle, Proof-63 Cameo (PCGS)
* Lot 1609, 1905 Liberty Double Eagle, Proof-64 (NGC)
* Lot 1634, 1911 Saint-Gaudens Double Eagle, MS-67 (NGC)

All lot descriptions and images can be viewed online at the firm’s web site by visiting www.bowersandmerena.com and printed catalogs are available upon request by calling 800-458-4646. Bidding is open and pre-auction bids can be placed through the firm’s web site, by email at auction@bowersandmerena.com, via fax at 949-253-4091, by calling 800-458-4646 or by postal mail addressed to Bowers and Merena, Tampa Bay January 2011, 18061 Fitch, Irvine, CA 92614. Lots viewing will be conducted at the Grand Hyatt Tampa Bay in the White Ibis Room on Jan. 2-4.

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

Greg Reynolds — Wed, 15 Dec 2010 04:27:48 +0000

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.

II. Proof Liberty Seated Quarters

I have always found Proof Liberty Seated Quarters to be among the most appealing of all U.S. coins. The Liberty Seated motif on the quarter, to my eyes, looks better than similar obverse central images on the Liberty Seated Half Dollar and silver dollar. Besides, completing such a set of Proof Liberty Seated Quarters is not difficult and is much less costly than corresponding sets of halves and silver dollars.

For one of the least rare dates of the ‘With Motto’ type in Proof-65, a quarter might cost around $2000, a half around $4000, and a dollar around $15,000. These are ballpark figures and should not be narrowly interpreted. Also, Proof ‘With Motto’ Liberty Seated Quarters that grade less than ‘65′ will cost less than $2000, sometimes much less, and Proofs that truly grade above 65 will cost much more.

As for the Malibu Set of Proof Liberty Seated Quarters, twenty four different dates in the set have been consigned to this Jan. 4th auction. The quarters consigned seem to be consistent with the set as it is itemized in the PCGS set registry, except for the Malibu 1870 quarter, which is in an NGC holder. The Malibu 1870 is NGC certified as Proof-67 and is CAC approved.

The CAC, which was founded by John Albanese in 2007, is not affiliated with the PCGS or the NGC. The CAC approves or rejects coins that are already graded and encapsulated by the PCGS or the NGC. Several quarters in the Malibu set are CAC approved.

The Malibu set listing of Proof Liberty Seated Quarters in the NGC registry lists three Proof Liberty Seated Quarters that were not consigned to this auction. Two of these are PCGS certified and are not listed as parts of the Malibu Set in the PCGS registry, an 1861 that is PCGS certified Proof-64 and an 1862 that is PCGS certified Proof-65. Both are said to have been added to this Malibu set on March 4, 2009. Additionally, an 1859 quarter that is NGC certified Proof-66 is also indicated as being part of the Malibu Set of Proof Liberty Seated Quarters. Maybe these three coins will be in a future B&M auction, though it would have made sense for them to have been part of this set in the Jan. 4th auction.

Oddly, while this Malibu set in the NGC Registry includes two PCGS graded quarters that are not in the corresponding listing in the PCGS Registry, the listing in the NGC registry omits some of the quarters that are in the PCGS Registry. Evidently, the NGC listing was not fully updated or errors were made. As listed, the Malibu set of 1858 to 1891 Proof Liberty Seated Quarters ranks fourth in the NGC Registry.

Though I have not seen most of the coins included, my ‘gut’ impression and information from my sources suggest that the Malibu Set of Proof Liberty Seated Quarters is very impressive and desirable overall. In the PCGS Registry, the Malibu set is the seventh “All-Time Finest” in its category, and the fourth “All-Time Finest” of sets that were actually registered by their respective owners. Keep in mind that it is only about two-thirds complete. (NGC certified coins are not permitted in the PCGS Registry, though PCGS certified coins are allowed in the NGC Registry.)

Certainly, the Malibu collector could have made this set 100% complete, and it would rank higher, in both registries, had he done so. His spending on coins in general and the fact that other more difficult Malibu sets were more complete suggests that the Malibu collector could easily afford to finish a set of Proof Liberty Seated Quarters dating from 1858 to 1891. In November, his set of Standing Liberty Quarters realized megabucks, including six figure individual coins. (See my column of Nov. 17th.)

In the PCGS Registry, the Malibu set has a weighted grade point average of “66.41.” Malibu has just two Proof Liberty Seated Quarters that have a PCGS designation of ‘Deep Cameo.’ Unfortunately, in my view, the PCGS grants two bonus points to a Proof Liberty Seated coin’s respective grade if it has a ‘Deep Cameo’ designation and one point for a not as deep ‘Cameo’ designation.

Such bonus points are typical of formulas that determine scores in PCGS Registry Set competitions. For most of the history of coin collecting, there was not a belief that a Proof coin with a deep cameo contrast is more desirable than a Proof with neat blue and russet toning and no such contrast. A recent emphasis on such contrasts has encouraged dealers to immerse Proof coins in acidic solutions, standard dipping, in hopes of bringing about a sharper contrast by burning and stripping the surfaces. (Please see my three part series on naturally toned coins, part 1 – part 2 – part 3, and my column of Sept. 8, to gain an understanding of dipping.)

Beautiful toning on silver coins is sometimes stripped away with the aim of getting a ‘Deep Cameo’ designation from the PCGS or an ‘Ultra Cameo’ designation from the NGC. This is a tragedy; such toning often developed gradually in the holdings of great collections over a period of decades and may be destroyed in seconds. The PCGS should deduct points from registry listings of Proof silver coins that have been artificially brightened.

Unlike many 19th century Proof silver coins that have received a ‘Deep Cameo’ designation, Malibu’s two quarters with this designation do NOT appear, via online images, to have been artificially brightened. Indeed, I doubt that either was dipped in recent years. Among most sophisticated collectors, coins with both substantial natural toning and a ‘Deep Cameo’ contrast are more highly regarded than dipped white coins with a ‘Deep Cameo’ contrast.

The Malibu 1875 is PCGS certified ‘PR-65 Deep Cameo’ and is CAC approved. It features neat shades of russet toning. The Malibu 1882 quarter is PCGS certified ‘PR-64+ Deep Cameo.’ Thick and rich toning on the obverse (front) suggests that this coin has not been dipped in decades and maybe never was dipped. It is a cool coin.

Overall, the respective scores of the Malibu Set of Proof Liberty Seated Quarters in the PCGS and NGC registries do not accurately reflect the quality of the coins in this set. Of course, it is fair for a set registry to incorporate rarity, certified grades, special designations and completeness in a total score, not just quality. Nevertheless, consider that many of Malibu’s quarters are naturally and wonderfully toned. Competing sets with many artificially brightened coins may score higher or nearly as high in a set registry. Also, the Malibu Set is missing some coins that are not difficult to find and a ‘complete’ set of mostly less appealing coins may thus have a higher total score. So, as Malibu did not complete this set, it is impossible to draw a firm conclusion as to how great it could have been.

III. ‘No Motto’ Liberty Seated Quarters

One of the more important quarters in this set is the 1863. It is PCGS certified Proof-66 and is in a PCGS ‘Secure’ holder. (Please read my two part series on the PCGS SecurePlus program to attain an understanding of the meaning and significance of a ‘Secure’ holder: part 1, part 2.) A large number of coins in the Malibu collection are in PCGS ‘Secure’ holders.

The Malibu 1863 quarter has a distinctive pedigree as it was earlier part of the Benson collection. The Benson collection was ‘off the market’ for decades before it was auctioned by the Goldbergs in 2001 and 2002. Generally, advanced ‘coin doctors’ (unethical surgeons) did not have the opportunity to tamper with coins that were ‘off the market’ since the 1940s. Moreover, a large percentage of the coins in the Benson collection had never been substantially cleaned and showed no signs of having been dipped. Many had (and hopefully still possess) pleasant natural toning. The “Benson” collector purchased a set of Proof quarters, dating from 1858 to 1916, intact from a widely known coin dealer in 1944.

This Malibu-Benson 1863 is one of a very small number, probably five to seven, of different Proof 1863 quarters that the PCGS has graded 66. Furthermore, the PCGS has not assigned a grade higher than 66 to a Proof 1863 quarter. The images suggest that this coin’s toning is both natural and impressive, though I would have to examine this coin in actuality to form my own opinion regarding its quality and eye appeal. The PCGS price guide values a Proof-66 1863 quarter at $11,500.

The Malibu 1864 Liberty Seated Quarter is PCGS certified ‘PR-64+ Cameo’ and is in a ‘Secure’ holder. It is CAC approved. When the CAC approves a coin that is certified as grading “64+,” such approval does not necessarily mean that CAC experts agree with the ‘+’ grade. In this case, it means that CAC experts regard the grade of this coin as being either in the middle OR the high end (+ area) of the 64 grade range.

This 1864 quarter may turn out to be an excellent value for a collector who wishes an attractive, naturally toned ‘No Motto’ Proof Liberty Seated Quarter, but does not wish to spend the amount required for a 65 grade coin. The PCGS price guide values this coin at $3500, though I would not be shocked if it sold for more than $3500. A ‘65′ grade representative of this issue would be worth somewhere between $4750 and $8000, depending upon its individual characteristics.

Other than the one mysterious, unique 1866 ‘No Motto’ quarter, which I have seen, the last issue of the ‘No Motto’ quarter type was dated 1865. The Malibu 1865 quarter is PCGS certified ‘Proof-65 Cameo’ and is in a ‘Secure’ holder. In addition, it has a sticker of approval from the CAC, which means that experts at the CAC have determined that its grade is in the middle or high end of the 65 range. The Malibu 1865 is probably one of the ten finest known Proof 1865 quarters. Jeff Ambio tells me that “it is beautiful, a fully original Gem.” Jeff emphasized the term ‘gem’ in this context. The online images of this coin are certainly appealing.

IV. Types of Liberty Seated Quarters

Except the 1853 ‘Arrows & Rays’ issue, which is a distinct one-year type, Proof quarters minted from 1840 to 1865 are of the ‘No Motto’ type, as the motto, “In God We Trust,” was added to the reverse (back of the coin) in 1866. ‘No Motto’ Proof quarters are rarer than ‘With Motto’ Proof quarters. Collectors assembling relevant type sets typically demand one ‘No Motto’ Liberty Seated Quarter and one ‘With Motto’ Liberty Seated Quarter. Type collectors often demand additional types of Liberty Seated Quarters as well, representatives of the ‘No Drapery’ (1838-40), 1853 Arrows & Rays, and 1873-74 ‘Arrows’ issues. Proofs of the ‘No Drapery’ and 1853 issues are so rare, however, that these are almost unobtainable. Business strikes of these two types are not hard to locate.

So, the pre-1866 Proofs in the Malibu set of Liberty Seated Quarters are generally scarcer and more valuable than the ‘With Motto’ Proofs. The Malibu Proof 1874 ‘With Arrows’ Quarter, however, is of a distinct subtype and is probably the most valuable quarter in this Malibu set.

For coins of the same quality, more or less, AND with the same certified grade, each Proof ‘No Motto’ issue of the 1860s tend to be roughly equal in value. Such rough equality in value is also largely true of ‘With Motto’ Proof Liberty Seated Quarters that date from 1866 to 1873 and from 1875 to 1891. At some point in 1873, arrows were added to the obverse (front) design of Liberty Seated Quarters. In 1873 and 1874, Proofs (and business strikes) of this ‘With Arrows’ subtype were struck and these command a strong premium over the typical ‘No Motto’ Proof issues. These 1873 and 1874 ‘With Arrows’ issues are often included in type sets.

The Malibu Collection contains a Proof 1874 ‘With Arrows’ Quarter, but not an 1873. The Malibu 1874 is PCGS certified ‘Proof-65+ Cameo’ and is in a ‘Secure’ holder. The PCGS price guide values this coin at $10,500. The B&M cataloguer states that “the toning is simply outstanding, both sides awash in a target-like distribution of sea-green, cobalt-blue, reddish-lavender and golden-apricot colors.”

Someone who does not wish to collect Proof Liberty Seated Quarters ‘by date’ could assemble a post-1860 type set of just three quarters, or a type set of all Liberty Seated coins. Collecting ‘by type’ is less expensive and less time consuming than collecting ‘by date.’ Until a collector feels sure that he wishes to focus upon particular series, collecting ‘by type’ may be fun and educational.

It is a good idea to learn about the coins of coins that interest the respective collector before spending megabucks on very rare dates. Additionally, it is not unusual to mix business strikes and Proofs in type sets. So, a type collector may easily control his budget and may learn about a variety of coins while building a type set of one denomination or one time period, in one or more metals.

Wa She Wong Collection of Chinese and Other Asian Coins Tops $10.7 Million at Hong Kong Auction

Bowers and Merena — Tue, 14 Dec 2010 17:27:10 +0000

Exclusive NGC-graded sale marks most important array of Chinese coinage offered at auction in 20 years

Over 300 anxious bidders filled the live auction floor for the highly anticipated sale of the Wa She Wong Collection and other Asian Coins on Dec. 3-4. The Hong Kong auction, presented by Ponterio & Associates, a division of Bowers and Merena Auctions, featured 1,107 lots with total sales reaching $10.7 million.

“A collection of Chinese coinage of this magnitude has not come to market in over 20 years and it surely did not disappoint,” said Rick Ponterio, executive vice president of Bowers and Merena. “We saw such spirited bidding, the sale of the first 487 lots took an astounding 11 hours with many of the lots selling for multiple times their estimated value.”

Drawing worldwide attention, the collection is a compilation of Wa She Wong’s lifelong passion for collecting which contained multiple rarities missing from major exhibits including many scarce pattern coins that were never released into general circulation. Headlining the collection, the 1890 Kwantung Mint Specimen Set, lot 220, began with an estimated value of $300,000 and realized a staggering $718,750. The set represents a landmark in Chinese minting as the first silver coinage produced with modern machinery.

Another important coin was the extremely rare “Flying Dragon” Szechuan 30 Cash Struck in Copper, lot 311. Opening at $12,500, lively bidding quickly brought the coin to a final selling price of $460,000. “The buyer had been searching for this rarity, one of only two known in private hands, for more than 30 years. The two other examples known to exist are housed in public museum collections,” said Ponterio.

All major rarities in the collection were certified by the Numismatic Guarantee Corporation (NGC), a market leader in grading Chinese coins, and pedigreed as “Wa She Wong Collection” on individual holders. Additional highlights of the Wa She Wong Collection include:

Lot 3, 1920 “Yuan Shi Kai” Dollar Struck in Gold, MS-64 (NGC), realized $138,000

Lot 27, 1911 “Long-Whisker” Dragon Pattern Dollar Struck in Silver, MS-65 (NGC), realized $431,250 (Ex: Kann Collection)

Lot 130, 1844 Changchow Military Rotation Dollar, AU-50 (NGC), realized $103,500

Lot 139, 1909 Honan Pattern 20 Cash Struck in Copper, AU-55 BN (NGC), realized $126,500

Lot 147, 1930 Hunan Pattern 500 Cash Struck in Copper, MS-63 BN (NGC), realized $103,500

Lot 162, 1897 Kiangnan Dollar, Plain Edge, Proof-66 Cameo (NGC), realized $373,750

Lot 172, 1899 Kiangnan 50 cents, AU Details (NGC), realized $172,500 (Ex: Kann Collection)

Lot 219, 1888 Kwantung Mint Specimen Set, Seven Three Reverse Pattern, K-16/20 (NGC), realized $546,250

Lot 234, 1898 Shensi Mint Specimen Set, K-156/159 (50¢, 20¢, 10¢, 5¢), realized $258,750

Lot 340, 1935 Shensi Soviet Dollar, Large Hammer & Sickle, XF Details (NGC), realized $92,000

Lot 475, 1921 British Trade Dollar, AU-55 (NGC), realized $43,700

In day two of the sale, Asian coins and paper money also performed very well. A standout coin in these sessions was lot 1123, a 1929 Austrian Pattern “Sun Yat Sen” Dollar, MS-61 (NGC), which realized $207,000. This rarity was discovered as part of the Richard Platch Estate, an engraver at the Vienna Mint that was responsible for several important Chinese patterns. Additional highlights from day two of the sale include:

Lot 1039, 1897 Kiangnan Dollar, Ornamental Edge, MS-62 (NGC), realized $103,500

Lot 1195, 1912 Shandong Gaobianbao 50 Tael, High-Sided Sycee Ingot, Choice Very Fine, realized $86,250

Lot 2138, Banque De L’Indo-Chine 5 Piastres Specimen, Gem Uncirculated 66 EPQ (PMG), realized $57,500

Additional material from the Wa She Wong Collection will be offered at Ponterio & Associates’ next Hong Kong sale in August 2011 and the company is currently accepting consignments of Chinese and other Asian coins and paper money.

The Wa She Wong sale wraps-up an outstanding week of auctions in Hong Kong for Spectrum Group International. Spectrum Wine Auctions’ sale on Dec. 5 realized $4.4 million – the highest since the company formed a year ago, and John Bull Stamp Auctions hosted its largest sale ever Nov. 25-28 with $3.5 million in total sales.

Bowers and Merena’s next auction is the January 2011 Tampa Bay Rarities Sale which is scheduled for Jan. 4, immediately preceding the FUN Show in Florida. The sale will feature Part II of the impressive Malibu Collection. Ponterio & Associates’ next auction is the January N.Y.I.N.C. Auction scheduled for Jan. 7-8 in New York.

For a complete list of auction highlights and prices realized, visit the firm’s web site at www.bowerandmerena.com or call 800-458-4646.

For more information about Bowers and Merena and Ponterio & Associates, or to consign to an upcoming auction, call 800-458-4646. For media inquiries, ask for Director of Operations, Brian Kendrella. Complete prices realized for all past auctions are available at www.bowersandmerena.com.