The first-ever public display of the one-of-a-kind set of 1943 bronze Lincoln cents from the Denver, Philadelphia and San Francisco Mints will be hosted by Professional Coin Grading Service and Legend Numismatics, Inc. during the first three days of the Florida United Numismatists convention in Tampa, Florida, January 6, 7 and 8, 2011.

The unprecedented exhibit marks the first time the complete set has been included in the PCGS Set RegistrySM. It also marks the fulfillment of a boyhood dream of the collector who owns the coins, Texas business executive Bob R. Simpson, Co-Chairman of the Texas Rangers baseball club.

“A total of nine off-metal World War II-era Lincoln cents from Mr. Simpson’s collection will be displayed at the PCGS booth (#102) at the FUN convention,” said Don Willis, President of PCGS, a division of Collectors Universe, Inc. (NASDAQ:). “There’s the unique set of three 1943 bronze-planchet cents, a set of three 1944 cents on zinc-coated steel planchets, and three wartime Lincoln cents erroneously struck on silver planchets apparently intended for the production of dimes.”

Simpson wanted to own a 1943 bronze cent error since he was a teenager, and now owns the only-known 1943-D bronze cent as well as other wrong-planchet, wartime cents. All will be exhibited at FUN.

Zinc-coated steel was used for producing cents in 1943 to conserve copper for other uses during World War II, but a small number of coins were mistakenly struck on bronze planchets left over from 1942. In 1944 the Mint resumed use of copper for cent production using recycled ammunition shell cases; however, a small number were mistakenly struck on zinc-coated steel planchets intended for use only on 1943-dated cents.

“Mr. Simpson is the first collector to ever assemble a complete P-D-S set of bronze-planchet 1943 Lincoln cents,” said Laura Sperber, President of Legend Numismatics. “When he recently saw all three coins together for the first time, he said, ‘This is incredible!’ Now, he’s graciously agreed to publicly display them.”

Sperber said that when he was a youngster, Simpson thought he’d actually found a 1943 copper cent in circulation. “But it was not authentic. He still has that in his desk drawer.”

The unique 1943-D bronze cent was purchased by Simpson in September for a record $1.7 million through Legend Numismatics after four years of negotiations with the coin’s anonymous former owner who donated all the proceeds to charity. It is the highest price ever paid for a United States cent.

“It was always special to buy each coin for this set, and until I had all the coins together I just did not realize how important and unreal this project really was! I’m as excited as any collector can be to see this amazing display,” Sperber said.

“Not only is Mr. Simpson’s Set of Off-Metal Cents the All-Time-Finest, it’s the absolute finest possible given the scarcity of the coins,” said BJ Searls, PCGS Set Registry Manager. “Photos of Mr. Simpson’s 1943 bronze and 1944 steel cents can be viewed online in the PCGS Set Registry for ‘Lincoln Cents Off-Metal Strikes, Circulation Strikes (1943-1944)’. The one-of-a-kind complete set has a weighted grade point average of 62.89.” (more…)

News and Analysis on  coins, coin markets, and the coin collecting community, #20

A Weekly Column by Greg Reynolds

I had originally intended to write this week about a variety of coins that were offered in the recently concluded Southern California auctions by the Goldbergs and Heritage. News regarding auction results, however, has been superseded by a 1943-D copper cent selling privately for a reported price of “$1.7 million.” So, I will discuss this piece, some of the early copper in the Goldbergs auction, and the 1811/0 overdate large cent that Heritage sold. This column is devoted to copper.

I. 1943-Denver Mint Copper Cent

In 1943 only, in order to allocate more copper for purposes relating to World War II, U.S. cents were made of zinc coated steel and have a whitish-steely appearance. Probably by accident, a few were struck in copper, almost certainly on planchets (prepared blanks) that were leftover from 1942. Perhaps a few copper planchets were temporarily stuck in the hoppers and became loose over time. Likewise, some 1944 cents were accidentally struck on steel planchets dating from 1943.

I am very skeptical of claims that any of these off-metal strikings were intentionally made. It is possible that U.S. Mint employees may have discovered one or more such errors and intentionally released them from the premises. These are, though, probably true errors. In the 1940s, it would have been extremely difficult, perhaps impossible, for U.S. Mint employees to strike their own fantasy pieces.

Ten or eleven 1943 Philadelphia Mint copper cents and five to seven San Francisco Mint 1943 coppers are known. Curiously, only one 1943-Denver Mint copper cent is believed to exist. It is PCGS graded MS-64 and Laura Sperber sold it to a collector for “$1.7 million.”

Stewart Blay feels “the price has been inflated because the buyer seeking the coin is a billionaire. He loves coins. He wanted to own it and eventually paid what the owner was willing to accept.” Blay is the leading collector of Lincoln Cents and is a long-time participant in coin markets. Stewart also collects silver coins.

A price of “$1.7 million” is, by far, a record price for a Lincoln Cent and for a Mint Error of any kind. For the same collector, Sperber was responsible for the previous record of $373,750 that a 1944-S steel cent realized in the Summer 2008 ANA Auction, which was conducted by Heritage in Baltimore. Furthermore, a 1943-S copper cent was sold privately, a day or so earlier, at the Summer 2008 ANA Convention. I focus on both coins in a two part series that I wrote shortly after this convention ended (Part 1).

Sperber reveals that this “deal really was four years in the making. We agreed to terms in late July. The deal closed Sept 16th.” A total of $2 million, she says, was paid for three items, this 1943-D, a 1944 Philadelphia Mint steel cent and a 1942 pattern cent in “white metal.” This collector is “not seeking” patterns, Sperber relates, “the white metal pattern was just part of the deal.”

Sperber used to collect these off-metal strikings herself. The building of this set “started when” Laura sold this collector her “personal 1943-S PCGS AU-58” copper cent, “which he still has.” She and this collector “have been working on [a set of 43-PDS coppers and 44-PDS steels] for about five years.” Sperber maintains that “completing the 1944 [three piece steel] set was a very underrated piece of work.” I (this writer) point out that there are only two or three known 1944-S steel cents and Sperber acquired the finest 1944-S steel in 2008, as I then reported (in part 2).

Much background information regarding the rarity and importance of 1943 coppers and 1944 steel cents may be found in my two part series in 2008: part 1, part 2.  I also discussed then the reasons why 1943 coppers and 1944 steel cents are extremely popular.

To save time and space, I usually refer to all coins, patterns, and errors that are at least 90% copper as being ‘copper.’ The distinction between copper and bronze, which is usually 95% copper, is beside all points put forth herein. (more…)

By Laura Sperber – Legend Numismatic Market Report

You may have noticed the past two weeks or so we have been saying and doing little with our web site. NEWPS have been minimal and Market Reports and Hot Topics have slowed. We can now tell you why. We have been super busy traveling completing deals-not just any deals, deals that are at world record prices and that include some of the rarest coins on earth! We are now finally back home and are pleased to make the following announcement:

LEGEND NUMISMATICS HAS BOUGHT AND SOLD THE UNIQUE 1C 1943D COPPER FOR $1,700,000.00!

We actually purchased a 3 coin coin deal for $2,000,000.00. We figured the 1943D at $1.7 million cost. The other two coins in the deal were the finest 1944 P Steel cent PCGS MS64, and a 1C 1942 PCGS 65 made out of white metal. Yes, you have read this right-3 pennys for $2 million dollars!

The 1943D and the 1944P are both now part of the ONLY COMPLETE PDS sets for their metals. The steel cent collection is by far the finest, as are the coppers. We are hoping to display both these sets at the PCGS table at FUN 2011.

Hard to believe, but Legend tried unsuccessfully for four years to buy the 1943D. The seller in the end was still reluctant. However, we can state ALL of the monies he received from the sale are going to a pet charity project of his. The seller (who wishes to remain anonymous) was represented by Lincoln Cent Specialist Andy Skrabalack of Angel Dee’s.

Our customer is thrilled to own the 1943D. Ever since he heard the coin existed, we had been sent on a mission to acquire it. His desire to own the complete and only PDS copper set came from his finding what he thought was a 1943 copper when he was young. Sadly, this piece was found to be a fake. Still he keeps this coin in his desk draw. He believes 43 Coppers are one of the ultimate classic rarities (and so do we). While the price we paid was stiff, the monies went to a good cause and the coins are now locked away in a great home.

Legend Numismatics has handled MANY million dollar plus classic rarities over the years. The 1943D really is one special highlight for us. We thank the seller and congratulate the new owner. For us, it really has been a career highlight.

WHAT ELSE DID WE TRAVEL FOR?

We have now flown several coast to coast trips over the past 2 weeks. There have also been stops in Dallas, NYC, and Denver in between.

One exciting collection we purchased was a spectacular Pattern Collection. When we got the call we were like, “oh great, more patterns”. This deal turned out to be an incredible “old time” collection with the majority of the coins being raw. Highlights included Earring Quarters, Amazionan Dollars, and several R-8 Seated patterns. These coins will be sent in for grading shortly. We did not grade anything less than PR65! ALL of the coins have been off the market for at least 20+ years. Guess we can never have enough great Patterns!

Besides patterns, we also bought and sold a 50C 1919D PCGS MS65. The price was in excess of $200,000.00. This sale now completes what maybe the second finest Walker set assembled (no, its NOT registered). (more…)