News and Analysis:  scarce coins, coin markets, and the coin collecting community, #16

A Weekly Column by Greg Reynolds

Yes, there are more rarities, available in Boston this month, which should be discussed. In my columns over the last two to three months, I have covered many important rarities that sold or appeared in Boston, especially coins in the Heritage, B&M and Stack’s auctions. In my column just two weeks ago, I discussed rarities that were ‘on the floor’ at the ANA Convention in Boston, which was held from Aug. 10th to 15th. Even so, three additional coins are each extremely important in their own different and very distinctive ways.

Perhaps few collectors would be enthusiastic about all three of these, though I find all three to be intriguing. These are an Eliasberg 1795 Eagle ($10 gold coin), the gem quality Earle-Boyd-Manley Oak Tree Shilling (of colonial Massachusetts), and an 1806 quarter in Very Good condition that sold for $18,666! An expected retail price for a VG grade 1806 quarter would be in a range from $600 to $900.

I. Eliasberg 1795 $10 Gold Coin

To the best of my recollection at this moment, this Eliasberg 1795 Eagle is the second best 1795 Eagle that I have ever seen, and it has more eye appeal than the first best. Gold coins were first struck at the U.S. Mint in 1795. As the 1796 and 1797 dates, of the Bust – Small Eagle type, are much rarer, the 1795 Eagle is one of the most popular of all U.S. gold coin issues. Plus, the Eagle ($10 gold coin) was the largest denomination of all U.S. coins until 1850, and zero business strike Eagles were struck between 1804 and 1838. (Please see my columns of Aug. 18 and July 28th for comments on a Proof 1804 Eagle.) As 1795 Eagles were the first U.S. $10 coins and are of a scarce design type, collectors tend to be extremely enthusiastic about them.

Louis Eliasberg, Sr. formed the all-time greatest collection of U.S. coins. After his death, one of his sons consigned his U.S. gold coins to Bowers & Ruddy, which auctioned them in New York in Oct. 1982. This coin, which is thought to be the finest of Eliasberg’s 1795 Eagles, was later graded by the NGC as “MS-65.” At the ANA Convention in Boston, it was in Kevin Lipton’s display case. Kevin’s asking price is “$1 million”!

It was Kris Oyster who drew my attention to this 1795 Eagle. “It is just a magnificent coin, a lustrous gem,” Oyster says. “It is the best 1795 Eagle that I have ever seen. It has bold detail, frosty devices, and fantastic appeal. I [Oyster] was struck by it.” Oyster is the managing director of numismatics for DGSE, which operates stores in Texas and elsewhere. In 2007, DGSE acquired Superior Galleries, a name that is well known to coin collectors.

I (this writer) also like this 1795 Eagle, which has a terrific overall look. It is very brilliant, with strong cartwheel luster. Its soft grass green tint is particularly appealing. There are a significant number of contact marks and hairlines, most of which are not noticeable without a magnifying glass. My hunch is that it is the fourth or fifth finest known.

Originally, I had planned to compile a condition ranking for 1795 Eagles. This project, however, will have to be postponed. I wish to be contacted by those who have examined 1795 Eagles that grade MS-64 or higher. The two that the PCGS and the three that the NGC has graded MS-65 probably amount to just two to four different coins.

My guess is that the Garrett coin, the coin in the leading collection of pre-1840 gold, and the coin that is PCGS graded MS-66 are all the same 1795 Eagle. John Albanese reports that “Dave Akers submitted a beautiful 1795 Eagle” to the NGC “in the late 1980s.” I (this writer) suggest that it is the coin that the PCGS later graded MS-66. “It is just amazing,” Albanese exclaims. “We [at the NGC] were talking about for months afterwards.”

Saul Teichman attended the auctions of the Eliasberg and Garrett collections. He states that the “Garrett 1795 eagle was an awesome coin” that is (or was) similar in quality to a few superb pre-1840 Half Eagles in the Eliasberg collection, which Teichman found to be spectacular. “The Eliasberg 1795 Eagles did not strike me as being in that class. They were nice pieces but not like the Garrett coin,” Teichman relates. (more…)

On March 2nd and 3rd, Stack’s will present items from The Eliasberg & Krause Collections, along with many other important numismatics properties at the Sheraton Inner Harbor Hotel in Baltimore, Maryland.

The sale includes items from over 80 consignors and offers over 2,500 lots of coins, tokens, medals, and currency.

In addition to the pieces offered from the Eliasberg & Krause Collections, Stack’s will proudly feature the Peter Scherff Collection of Colonial Coins, the Alan Bleviss Collection of Civil War Tokens Part IV, and selections from the Collection of Jerry Byrne, Sr.

Session One: U.S. Tokens, Medals, and Americana; U.S. Coins

Lot 40 – Ohio, Ashland. (1861-65) Ella Buchanan. Watchmaker. Fuld Rarity-9. MS-62 (NGC).

A modest selection of Hard Times tokens leads us into Part IV of the Alan Bleviss Collection of Civil War Tokens. This particular offering from this immense collection features nearly 300 lots of Ohio store cards. One interesting piece is a rare brass Ella Buchanan token from Ashland that was struck over a McClellan for President token! Cleveland issues include a rare A. & H. token, a Rarity-9 copper piece that is graded MS-63 BN by NGC. Following this piece is a somewhat cryptic Brattin token in copper-nickel; these were probably issued by the watchmaker as repair receipts and not intended as a currency substitute. Urbana tokens feature a copper C. McCarty token in MS-63 (NGC) and an MS-64 RB (NGC) example of the rare Walker’s Ale Depot issue in copper.

Lot 505 – 1855 large cent. N-10. Rarity-5. Slanted 55.
Proof-66 BN (PCGS).

The second half of Session One is comprised of U.S. coins from half cents through quarters, silver and gold commemoratives, sets and errors. Half cents feature a wonderfully appealing and desirable 1794 C-2a example in AU-55 (PGS) from the Pittman Collection and large cents provide a startling high grade Proof 1855 N-10 example. This Slanted 55 variety is graded Proof-66 BN by PCGS, and no Proof of this date has been certified finer in any color designation by PCGS. (more…)

By Laura Sperber – Legend Numismatics

THE 2010 FUN SHOW

First, congratulations to the FUN people. Yet again they show that hard work and listening to what we all want can make for a great show. There are only three “MUST ATTEND SHOWS”, FUN, ANA Summer, and of course our own COINFEST. Attendance was as strong as we have ever seen it. The overall activity was healthy too.

LEGEND PAID $1,495,000.00 FOR THE $20 1927-D PCGS MS66!

We had our eyes on this coin since Heritage announced they had it in auction. But a funny thing happened in Decemeber.

Legend is proud to announce in December 2009 it bought and sold the Eliasberg $20 1927-D PCGS MS66. The purchase and sale were by private treaty. The buyer, a real collector happens to be new to coins. The Eliasberg coin is believed to be the FINEST 27-D in MS66.

The reason why we purchased the Heritage coin is 100% proof of what we have been saying. Really wealthy people are trolling for great value. The collector who bought the coin from us did it on our say so. We knew that by placing the Eliasberg coin, there was one less buyer for a 27-D. Thus, we took a “shot” on the coin in the sale and it worked. There is no question we got the “rip” of the auction. 27-D $20’s in MS66 are pretty much a $2 million dollar coin (although this coin is clearly not equal to the Eliasberg coin)! The last time we stalked a big coin like this, was about 4 years ago and we purchased a Ultra High Relief PCGS MS68 for $1.8 million out of a FUN Sale (of which we were immediately offered $2 million). Sometimes people are so confident a coin will bring x, they simply do not follow it.

Legend has now bought and placed THREE MS66 27D $20’s-The Dallas Bank coin (which mirrors the Eliasberg coin), The Eliasberg coin, and the Connecticut State Bank coin (this purchase). We do not think any other dealer comes close to having handled as many.

Also, with this sale, Legend has now placed million dollar coins with SIX DIFFERENT collectors! NO OTHER DEALER (not counting auctions) has come close to that either. Again, its not just bragging, its POWERUL proof as to the strength and more importantly confidence of the participants in today’s market. (more…)