Legendary 1936 Canadian Dot Cent brings $402,500

Heritage Auctions’ World Coins division kicked off 2010 with a bang over the New Year’s weekend at the Waldorf Astoria in Manhattan, setting an in-house record total with its $11 million+ Signature® World Coin Auction, Jan. 3-4, with the most famous Canadian coin in existence, the best of three known George V 1936 Dot Cents, leading all coins with a final price realized of $402,500. All prices include a 15% Buyer’s Premium.

“We don’t see any weakness in the World Coin market right now,” said Cristiano Bierrenbach, Director of International Sales at Heritage Auctions. “It almost seems strange to say it, but it’s true. Usually one area or another will show some kind of slowdown, but there were a record amount of bidders vying for almost every coin in this auction, especially The Canadiana Collection, as the more than 90% sell-through rate indicates.”

The Canadiana Collection did indeed top all entries into auction and set coin collectors across Canada, and the world, abuzz with its stunning array of offerings. In the process of realizing $3.85 million total, it made international news with the sale of the legendary 1936 Dot Cent, KM28, Specimen 66 Red PCGS, Ex: Belzberg, the finest of three known, as mentioned above.

Long considered essentially uncollectible since noted numismatist John Jay Pittman had held all three known examples from 1961 until his death, these coins were struck in 1937 prior to the creation of coinage dies for George VI but never released for circulation. Since first re-appearing on the market more than a decade ago, and now well-scattered, the three 1936 Dot Cents create great excitement whenever one appears on the auction block.

While it didn’t garner the same level of media attention as the Dot Cent, a simply beautiful 1934 Australian Proof Set, also featuring George V, KM-PS11, comprising KM22-27, certified and graded by PCGS, generated high interest and spirited bidding from collectors of Australian coins, ultimately bringing more than four times its low estimate of $60,000 to settle at $276,000. (more…)

UPDATE: Legendary 1936 Dot Cent–Finest of Three Known had been sold to an identified buyer for  $402,500.

Pre-sale estimates of the coin valued it at around $300,000. The penny was part of one of the most valuable Canadian coin collections ever offered at auction, however while the 1936 penny is certainly among the priciest Canadian coins ever sold, it did not a new record for the country. A 1911 Canadian silver dollar — one of only two known to exist — was sold in 2003 to a Canadian collector for $1.1 million

Heritage’s  2010 January Signature World Coin Auction features quite a number of great coins, but none are as famous as the legendary Canadian 1936 Dot Cent. This coin, struck in 1937 prior to the creation of coinage dies for George VI but never released for circulation, has seen its reputation grow exponentially since its discovery.

In early 1936, Great Britain’s George V passed away and was succeeded by his son King Edward VIII. As was common practice, for the remainder of 1936 the coinage continued to have the effigy of King George V. Toward the end of the year, and throughout the British Commonwealth coinage, models were made and dies produced with the effigy of King Edward VIII, but upon Edward’s abdication the dies were no longer valid and a severe shortage of Canadian 1, 10, and 25 Cent pieces arose in early 1937.

Because of the shortage, Canada was forced to continue producing coins dated 1936 with the portrait of King George V. Canadian authorities felt a need to distinguish this 1937 mintage from the 1936 production and a small Dot was placed on the reverse of the 1, 10, and 25 Cent coins. The dot is under the date on the 1 Cent coin, and under the bow on the wreath of the 10 and 25 Cent coins.

History tells us that only the 25 Cent piece was placed in circulation and that three pieces of the Dot Cents, and four pieces of the Dot 10 Cents are the only surviving examples. (more…)