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All Posts Tagged With: "Classic Rarities"

Coin Rarities & Related Topics: Bowers & Merena auction, Proof 1876-CC dime, and $150 million for the CAC

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #5

A Weekly Column by Greg Reynolds

I. Today’s Theme

I will not be discussing the most expensive or the rarest coins that are coming ‘on the auction block’ this week. Rather, I have selected a few that I find to be both newsworthy and particularly interesting. Admittedly, these are expensive. I continue to insist, though, that an understanding of rare coins, and of the values in the coin collecting community, requires knowledge of coins that most collectors cannot afford.

Suppose that this column was geared towards art enthusiasts rather than coin enthusiasts. Would it then make sense to discuss only the paintings that most art collectors could afford? Collectors who cannot afford great and culturally important paintings enjoy learning about them and often learn to apply their knowledge of famous painting to their interpretations of a wide variety of not-so-famous paintings. Likewise, coin enthusiasts, in general, appreciate coins that are great, famous, very rare and/or important to the culture of coin collecting.

Please see my discussions below of the following coins. The 1851-O trime is the only Three Cent Silver issue that was not struck at the Philadelphia Mint. Indeed, it is curious that the New Orleans Mint struck this denomination, as the Branch Mints tended not to manufacture small denomination coins in the 19th century. The Hawaiian Eighth-Dollar is certainly extremely rare and extremely curious. The 1926-S nickel issue is just incredibly difficult to find in MS-65 or MS-66 grade. As I discussed one in last week’s column, I could not resist mentioning another, as B&M will auction it this week in Baltimore. Similarly, I discussed a rare and historically important King James II English gold coin last week and B&M will auction a coin of the same design type this week. Plus, the unique Proof 1876-CC dime is one of the most exciting coins of all.

II. The CAC Surpasses $150 Million Level

It is widely known that the CAC approves (or rejects) submitted coins that are already graded by the PCGS or the NGC. Approved coins receive a green sticker, or, in rare instances, a gold sticker. It is not as widely known that the CAC will make sight unseen commitments to pay competitive prices for CAC approved coins. These are not ‘low ball’ bids. As of June 15, the CAC has purchased $154 million of coins, almost all of which are CAC approved.

The CAC was founded by John Albanese in Oct. 2007. CAC purchases have thus been averaging more than $4.7 million per month. The $150 million level was reached in early June.

Albanese was the sole founder of the Numismatic Guaranty Corp (NGC) in 1987. Around Dec. 1998, he sold his shares in the NGC to Mark Salzberg, who is the current NGC Chairman. (For more discussion of the CAC, please see my articles on CoinFest, Jay Brahin’s Coins, the PCGS graded MS-68+ 1901-S quarter, the 20th Century Gold Club, and Dr. Duckor’s quarters.)

Although the CAC has acquired thousands of coins that are valued at under $5000 each, the CAC has approved and acquired some very famous coins. Among others, the Eliasberg 1870-S silver dollar and the finest known, Rogers-Madison 1796 ‘No Stars’ Quarter Eagle ($2½ gold coin) come to my mind.

III. Unique Proof 1876-CC Dime

Laura Sperber, of Legend Numismatics, acquired the unique Proof 1876-CC dime from a New Jersey dealer in early June. On Saturday, June 12, she sold it for an amount in excess of $200,000. It “went into a collection of Proof Seated Dimes,” Sperber reveals. It is certified as Proof-66 by the PCGS and has a sticker of approval from the CAC. (more…)

America’s Forgotten Coin Rarities: The 1842 Quarter Eagle

By Doug Winter –

In the second part of this series on coins that I believe are truly rare but not fully appreciated I am turning my focus on an issue that is very interesting to me: the 1842 quarter eagle.

1842 is, in general, an interesting year for quarter eagles. Four mints produced these coins: Philadelphia, New Orleans, Charlotte and Dahlonega. The mintage figures ranged from a low of 2,823 at Philadelphia to a high of 19,800 at New Orleans. With the exception of the 1842-O, all four are quite scarce in any grade and each is very rare in high grades.

Although it is not the most highly valued quarter eagle dated 1842 (that honor goes to the 1842-D), the 1842 is the rarest, both in terms of overall and high grade rarity. There are an estimated 35-45 known in all grades with most in the Very Fine to Extremely Fine range. I believe that there are six to eight in properly graded About Uncirculated and I think this date is unique in Uncirculated.

The most recent PCGS/NGC population figures show a combined total of fifty graded. This includes two in Uncirculated (more on these in a moment…) and eighteen in About Uncirculated. The population figures are, as usual, inflated, especially the AU coins listed by NGC.

This is generally a well made issue which shows good overall detail at the centers and borders. The luster tends to be semi-reflective but most 1842 quarter eagles are either worn to the point that they show no luster or they have been stripped and display little if any original surface. Most of the pieces I have seen have been abraded and at least a few are either damaged from having been scratched or show evidence of rim filing. The natural coloration is a bright yellow gold. (more…)