The groups of coins from both nations individually represent possibly the most complete sets of Japanese and Korean coins and currency ever assembled, and most likely the most important numismatic offerings of both countries in the last half century.

Collectors will not have to wait 10 months to get a look at these amazing coins, however, as highlights will be on display at the New York International Numismatic Convention, at the Waldorf-Astoria, Jan. 6-9, 2011, in conjunction with our New York Signature World and Ancient Coin Auction. This appearance will be the beginning of a “world tour” for the coins, as they visit the Chicago International Coin Fair, April 13-16, 2011, heading to Tokyo in May and coming home for the ANA World’s Fair of Money in Chicago, Aug. 15-21, 2011.

“Collections such as Dr. Jacobs’ is what we live for here at Heritage,” said Cris Bierrenbach, Vice President of International Numismatics at Heritage. “Handling the incredible Asian rarities that Dr. Jacobs dedicated his numismatic life to is a great honor to us. The World Coin department at Heritage, along with our entire company, will be working hard to produce a catalog and an auction that match the fantastic accomplishments of Dr. Jacobs in Korean and Japanese numismatics. The next 10 months are going to be a great ride.”

In 1953, Dr. Jacobs (along with Cornelius Vermeule) wrote the first English language book on Japanese numismatics that covered both ancient and modern coins. It was also the first publication (in any language) to catalog Japanese coins by date and type. That book opened up the world of Japanese (and modern Korean) coinage to western collectors.

The principle highlight of the auction comes from the Korean collection: a unique set of 1909 Korean gold in 5, 10 and 20 Won denominations — the only other set in existence is in the collection of the Bank of Japan.

“The vast majority of these coins, and the core of the collections, were purchased in the 1940s and 1950s,” said Bierrenbach, “during Dr. Jacobs’ time in Asia. He also added significantly to his collection when he worked with Robert Friedberg at Capital Coin of New York in the 1950s. So the vast majority of the ultra rarities have been in his collection for 50+ years.”

Related posts:

1. Avarae Global Buys Japanese Gold Coin Collection
2. Avarae investing its time in Japanese coins
3. $7 Million of World & Ancient Coins Sold at NYINC

The Simpson dimes were being broken up. [ Heritage Long Beach Sale #1144] This would be a great opportunity to upgrade dimes in an advanced Seated Dime collection. The big problem was there were so many coins that few buyers would be able to purchase them all and no one did surface who did. Even more amazing are some of the coins left in the collection like a MS66 1844 Dime. Legend (Numismatics) has made available to me so many wonderful dimes that news of this sale created euphoria.

It would come as no surprise that most of the coins were either crossed over to PCGS at the same or in many cases a lower grade. Seeing the secure plus holders and Simpson pedigree would make this obvious. There was a lot bidding research needed prior to bidding. There were cases where buying too many coins early would limit the ability to chase coins later. One the highlights of the sale being a simply gorgeous 1872-S, I was not the only one to think so as the coin went to the moon.

One of my regrets of the sale was not being able to purchase the 1845-O dime in mint state. This is a very rare opportunity indeed but as a rule if you set a maximum bid and exceed it by 10% you have to know to stop. Being the under bidder was really not satisfying and maybe a higher bid was warranted. Another highlight of the sale was a gem 1860-S. Prior to the sale, Laura (of Legend Numismatics) and I spoke as to where the coin would sell. It was another on my short list. I think we both underestimated the demand for this coin. It went far over preauction estimates but I don’t doubt it to be well worth the hammer price $40,250. A nice return on investment considering one sold for roughly $7,000 in 1994.

One of the interesting notes about these coins is how many were not picked up by Seated Dime registry collectors but rather a just collectors and dealers. I know one dealer picked up roughly 10% of the coins and most all have been sold. There were many bargains in this sale too. Mostly the coins following the Simpson dimes went too cheap. One example is an 1858-O is a MS64 PCGS holder population 1 with 8 finer sold for just under $3,000 while the Simpson PCGS MS65 population 7 with one finer soared to $9,200. With the grade covered it was not really possible to call either coin much better than the other.

Some of the real steals in the Simpson collection came in the coins in NGC holders. The obvious assumption is these are coins that on a given day did not cross over at PCGS. A good many of them did regrade at NGC. In the case of the ultra-rare 1853-O MS64 the coin was simply overgraded. The coin did have a wonderful and original look to it but just had too many marks to be graded higher than MS62 in my opinion. The coin could easily be traced back with little effort to its previous holder. In general the ultra high grade trophy coins were the ones hitting the moon. Clearly one of two mint state 1845-O Dimes should be worth more than a other coins that sold in the low $20,000’s. This was a sale where knowledge was king.

The extreme rarity of the 1863 Dime in Gem Mint state is grossly under-rated. Some of the seven graded PCGS MS65 coins were the same coin in an attempt for an upgrade. I have been able to locate a sole PCGS MS66 and this MS65 in all auction results.

The finest coin ever sold in any Heritage sale ever was this MS65, the only other PCGS coin to sell in UNC was a lone MS63. With only one MS65 being auctioned it becomes very doubtful that there are six other MS65 coins out there. Just two PCGS Uncirculated coins ever sold by Heritage, the NGC coins are seemingly more available but there is at least two coins that should be proofs graded MS by NGC. Seeing there are the same dies used this becomes something of a judgment call but if a coin is fully prooflike, full struck, highly reflective and a full wire rim I believe PCGS would call these proofs.

Many business strikes seem to lack some of the details of the fully struck proofs. Any way you look at it, Gem 1863 dimes are very few are far between. Another amazing rarity is the 1851-O that sold cheap in NGC MS64, PCGS does not even list a price in grades higher than MS64 which is $4500.

According to CoinFacts, the finest known is a NGC MS65 followed by a sole PCGS MS64 and the lone NGC MS64 coin auctioned off in the Simpson sale (NGC lists the population as two but it appears to be the same coin), followed by the NGC MS63. There is a lone PCGS MS62 and NGC. Why these coins remain so cheap compared to the San Francisco of the 1850’s is something; when others figure out could result in a significant increase in price. All it takes is one or two people trying to find a Mint State example to drive the prices up on these substantially. Neither the number 1 or 2 PCGS sets have a mint state example of this date. The NGC registry shows the number 1 set with a MS65 followed by a MS63 in the #2 set.

While many of the coins in the Simpson set were among the finest known, this set was also assembled in a fairly short period of time. The cream of the crop really did go the moon but ultimately the coins sold themselves. They generally sold for more money than would have been estimated prior to the sale. The NGC coins sold a tad on the weak side and a few of the rarer New Orleans coins sold too cheap, even factoring in a downgrade at PCGS. The prices for Seated Dimes posted on PCGS values show many have been dramatically increased.

The “top-pop” coins were extremely strong showing that even if a coin is very rare in MS62-64 a coin of comparable rarity will bring far more if its grade is MS65 or better.

While in the end I did not get many of the coins I had hoped to, still it would be hard to complain with the coins I did. It was a wonderful event from start to finish.

Related posts:

1. The Finest $10 Indian Head Eagle Gold Coin Registry Set: The Simpson Collection
2. 1802 Half Dime Rarity to Be Offered in Cincinnati by Heritage
3. Learning from the Simpson Collection

Early U.S. coinage and classic proofs, among them one of the finest known 1895 Morgan dollars, are the twin strengths of the Heritage Auction Galleries December 2010 U.S. Coin Auction, to be held in conjunction with the Money Show of the Southwest in Houston, TX. Floor sessions are Dec. 2-3.

“With Featured Collections such as The W. Philip Keller Collection of U.S. Colonials and The Eagle Harbor Collection, Part Two lined up, we knew this auction was going to be heavy on early U.S. coinage,” said Greg Rohan, President of Heritage. “The many great proof coins we’re going to offer were more of a surprise, though definitely a welcome one.”

Perhaps the most surprising lot of them all is an 1895 Morgan dollar graded PR68 Ultra Cameo by NGC. This example from what is arguably the most famous Morgan dollar issue combines great condition with immense popular demand. It is estimated at $90,000+.

“For many years, collectors believed that there were business strike 1895 Morgan dollars out there waiting to be discovered, and in the meantime, they collected proof examples to fill the gap,” said Rohan. “Today, there is growing acceptance that the business strikes may never be found, but this has hardly dampened enthusiasm for the proofs.”

Just 880 proof Morgan dollars were struck in 1895 for inclusion in the year’s silver proof sets. Perhaps half that number survive today, but only a handful of those coins are in a condition approaching the PR68 Ultra Cameo level.

On the early coinage side, the most prestigious pedigree belongs to a 1793 Wreath cent with Vine and Bars edge, S-5, B-6, graded MS61 Brown by PCGS. It is estimated at $50,000+.

“This coin has been well-recognized and important to collectors for more than a century,” said Rohan. “It was first highlighted in the auction catalog for the Dr. Charles Clay Collection, sold all the way back in 1871. After that, it passed through a series of famous hands, including W. Eliot Woodward, Lorin G. Parmelee, and Wayte Raymond. We expect another name with plenty of future appeal to add this prestigious and carefully preserved coin to his or her collection.”

In addition to proof silver, proof gold is also well-represented in this auction by an 1876 three dollar gold piece graded PR63 by PCGS, a proof-only issue with an official mintage of just 45 pieces, among the most elusive Philadelphia dates in the series. This Select example was certified early in the history of PCGS, and no mention is made on the holder of the coin’s obvious cameo contrast. It is estimated at $40,000+.

A 20^th century highlight in the proof gold category comes with a 1901 double eagle graded PR66 Cameo by NGC. Proof twenty dollar gold pieces are among the most prestigious series for U.S. collectors. Just 92 proof double eagles were struck for the first year of the 20^th century, a relatively late date in the series, and few of those massive twenty dollar gold coins have survived with their mirrored surfaces so carefully preserved as this example. It is estimated at $75,000+.

Additional highlights include, but are not limited to:

Lot 3613, a 1796 16 Stars Obverse half dollar, O-102, graded VG10 by PCGS with CAC sticker: An attractive example of the Draped Bust, Small Eagle half dollar type, a “key series” for type collectors which contains just four die pairs, all of them individually rare. Estimate: $45,000+.

Lot 3835, an 1879 Trade dollar graded PR68 Cameo by NGC with CAC sticker: The first of several proof-only Trade dollar issues struck at Philadelphia, offered in the highest technical grade recorded. Estimate: $40,000+.

Lot 4401, an 1809/8 half eagle, BD-1, graded MS64 by NGC: An important and high-end example of this scarce early gold date. Estimate: $40,000+

Lot 4461, an 1892 half eagle graded PR67 Ultra Cameo by NGC: A remarkably high-end example of 19^th century proof gold, one of just 92 specimens produced. Estimate: $60,000+.

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

Related posts:

1. Proof 1884-CC Morgan Dollar Headlines Heritage’s Houston Auction
2. Finest Lincoln Cent Collection, Registry Rarities in Heritage’s December Houston Coin Auction
3. All-Time Finest Lincoln Cent Set in Houston Auction

A Weekly Column by Greg Reynolds

I. The CoinFest

The fourth annual CoinFest was held in Stamford (CT) from Oct. 28th to Oct. 30th. For the first time, Heritage conducted the official CoinFest auction and this auction was very successful. Below, I discuss specific coins that were sold in the auction. Also, the exhibit of Gerry Fortin’s collection of Liberty Seated dimes added luster to the CoinFest. Listings of Fortin’s dimes may be seen in the PCGS and NGC registries.

In my view, bourse floor displays and trading activity were much more impressive at the second and third CoinFest events, in 2008 and 2009. This is partly because the scheduling of the show was then better. This year’s event was just too close to the better established Baltimore Expo and related auction events. Lot viewing in Baltimore for a Stack’s auction started less than forty-eight hours after CoinFest closed. More importantly, this year’s security policies at CoinFest were just too aggressive.

A lot of collectors who attend coin shows do not know that a particular show’s owners are nice people, and, whether a show’s owners are nice or not, collectors often do not wish to be placed on mailing lists or on any other kind of list. Over the last ten years, it has become common for marketing firms and other firms to keep relatively secret databases regarding consumers and to trade such information. Adults certainly should not have to reveal their home addresses or their ages. A list owned by nice people may be sold to nasty people in the future, or stolen by computer hackers.

Indeed, collectors should be able to anonymously attend coin shows. They should have the right not to be bothered and the right not to have their personal information scrutinized. Like identity theft, an individual’s privacy can be invaded without him knowing about it.

Collectors who attend coin shows know that they are likely to be video recorded, which is a sufficient deterrent for wrongdoing, and video recording should be the limit to privacy invasions. The very rare attendee who causes trouble because of severe psychiatric problems is not going to be deterred by aggressive security policies. Moreover, a criminal who is planning to follow dealers from the show is certainly not going to attend the show and be video recorded. Such a criminal will wait outside or use binoculars from a distance.

Aggressive security policies do more harm than good, and when collectors tell their collecting friends about such policies, coin show attendance drops. Besides, I strongly recommend that a collector who attends a coin show keep his driver’s license in his car or in a hotel safe (as people often do with passports in Europe). If a collector is robbed after walking from a coin show, he would not wish for the thief to get his driver’s license, too, which could lead to problems more serious than a loss of a few coins.

Coin show personnel, security or otherwise, should not be asking collectors for ID or pressuring people to reveal their home addresses. Before a few years ago, this was never done at a coin show, for good reason.

II. Washlady Silver Dollar

The Washlady Dollar is one of the most famous of all U.S. pattern issues. In 1879, there were also minted Washlady dimes, quarters and half dollars. These designs were considered and never adopted for regular U.S. coinage. Though the Washlady patterns are of silver denominations, these were struck in copper as well. Copper is much less expensive than silver. On Oct. 29, Heritage auctioned one of the finest known Washlady Dollars in silver.

According to Saul Teichman, this Washlady Dollar “is probably the third finest behind the Bass Foundation and Parrino coins, the latter is illustrated on the uspatterns.com website. Many have been cleaned over the years.”

This Washlady dollar is NGC certified as “Proof-66+,” which means that it was graded (or regraded) by the NGC over the last six months. While I (this writer) am not convinced that it merited a plus grade, personally I agree that it deserves a 66 grade and I really like the piece.

The toning is completely natural and the colors are entertaining. Shades of blue, brownish-russet, orange-russet and gray, among others, caught my attention. At a glance, this Washlady seems a little subdued and is attractive to very attractive. When tilted under a lamp at particular angles, however, this pattern comes very much alive. The reverse (back of the coin) then exhibits spectacular mirrored surfaces with fluorescent blue peripheral toning, purple outer fields, and orange-russet inner fields.

I have had the good fortune of being able to examine at least four Washlady Dollars in silver. I certainly liked the ‘Jones Beach’ coin when I saw it in 2007. It has a very pleasing creamy-gray color, with other natural tones. I remember thinking that there was no doubt that it deserved its grade of 65 by the NGC. The ‘Jones Beach’ piece sold for $40,250 to bidder #468 in Jan. 2007. Andy Lustig bid well over $30,000. The ‘Jones Beach’ collection contained a great group of Washlady patterns, among other treasures.

The Queller collection of patterns, which Heritage auctioned in Jan. 2009, was dramatically more extensive than the ‘Jones Beach’ collection of patterns, which was sold two years earlier, also at a FUN Convention in Orlando. The ‘Jones Beach’ collection, though, has been overlooked. It contained many terrific patterns and some really cool ones. Also, it contained more gold patterns that were actually struck in gold than did the Queller collection.

The Rothschild collection of patterns, which Stack’s auctioned in 2003, has also been overlooked. It featured Washlady pieces and other famous patterns, plus some gold patterns struck in gold. It did not have the depth, though, of the Jones Beach or Queller collections.

Please see my three part series on the Queller collection, part 1, part 2 and part 3.  Queller’s Washlady Dollar in silver was a respectable 64 grade piece. It realized almost $30,000 in Jan. 2009.

I am puzzled by Saul Teichman’s conclusion that “the Washlady patterns in both silver and copper [each] have a survival rate of over one dozen for all denominations.” The PCGS and the NGC together have certified only six Washlady Dollars in silver, and this total may amount to just three to five different coins. After considering the ones that I have seen and auction records of those that I probably have not seen, I cannot currently imagine a total of even eight. I suppose that there may be two that have never been auctioned. Could there really be as many as eleven Washlady dollars in silver?

Also, Teichman wonders if he knows “who owned the Washlady and the other dollar patterns and probably the 1877 half. These have been off the market for some thirty-five years or so.” Teichman is the foremost researcher in the field of U.S. patterns.

In addition to this Washlady Dollar, which was designed by Charles Barber, Teichman is referring to two dollar-size patterns and a half dollar pattern, in this same auction, which were designed by George Morgan, who designed the regular issue Morgan silver dollar. I (this writer) am not comfortable with either of these two dollar-size patterns. I am, however, very impressed by the 1877 Morgan half dollar pattern in this auction.

I am referring to the quality of this half dollar pattern, rather than the design, though the design is noteworthy. The obverse (front) is very similar to the standard Morgan silver dollar, except that there is a ring of beads that, more or less, separates the Morgan head of Miss Liberty from ‘E PLURIBUS UNUM’ [From Many Arose One] and the numerals of 1877. The reverse is a little unusual, and features an eagle that is unlike any eagle on a 19th century, regular U.S. coin issue. This half dollar pattern is fairly or perhaps conservatively graded 65 by the NGC. It has never been dipped or substantially cleaned. Indeed, it has very pleasing natural toning. A pattern enthusiast could examine this coin for a long time without becoming bored. It realized $23,000.

Returning to the Washlady Dollar, Laura Sperber, who was present, competed against ‘Heritage Live’ and telephone bidders to capture the piece for $161,000! This result is certainly, far and away, an auction record for a Washlady Dollar. I was surprised.

The Rothschild-Queller Shield Earring Quarter, which is of commensurable rarity, sold for $126,500 in Jan. 2009. (See Queller’s patterns, part 3.) Famous dollar-size patterns are usually (though not always) worth considerably more than corresponding or analogous patterns of dimes, halves, or quarters, which I personally like more. The $161,000 price for a Washlady Dollar is not absurdly high, though it is extremely strong. Sperber reports that this piece will now become part of the Simpson collection, which already contains a Washlady dollar. Bob Simpson has the all-time best collection of U.S. patterns.

III. 1861-O Double Eagle

In this same Heritage auction at CoinFest, there was an 1861-O Double Eagle that is PCGS graded AU-53 and has a sticker of approval from the CAC. A collecting boom regarding Liberty Head Double Eagles, especially those of the first type dating from 1850 to 1866, has been going on for years. When coin markets started sliding in August 2008, demand for scarce or rare Liberty Head Double Eagles certainly held up better than demand for most other series of U.S. coins. This specific coin is not just another New Orleans Mint Liberty Head Double Eagle. I believe that it is special.

Coins of this date in particular and Type One New Orleans Mint Double Eagles in general tend to be ‘a mess,’ full of contact marks and scratches, with surfaces that have been impaired by cleaning and/or dipping, or worse modifications. Many are dull or have been very much artificially brightened. A pristine, original coin in this category would be an amazing find.

This 1861-O is much better than most Type One New Orleans Mint Double Eagles. Its color is mostly original. Indeed, it is a pleasing blonde with natural light green overtones. This coin has been extensively lightly cleaned, but it has been cleaned to a much lesser extant than more than eighty-five percent of surviving New Orleans Mint Liberty Head Double Eagles.

This 1861-O is almost very attractive overall and very attractive plus for an AU-53 Type One Double Eagle. It is moderately to very brilliant, and is lustrous. Indeed, the reverse (tail) has really neat cartwheel luster. The missing detail is from honest wear, rather than from a very weak strike or from a byproduct of a cleaning or other deliberate treatment. This coin does not have any serious problems.

Is 53 a high grade for an 1861-O Double Eagle? Consider that the 1861-O Double Eagle is a case where there are many certified representatives of a coin issue between EF-45 and MS-61 (inclusive) and there are none graded higher. Pre-1880 Branch Mint gold coins in this grade range are difficult to grade, anyway. Contact marks of varying severity, the effects of cleanings, and other issues must be balanced with an interpretation of the actual degree of wear, which itself can be masked by weak strikes and the cleaning (or mishandling) of the highpoints of a coin. For a coin issue where choice mint state representatives may not exist, there is often a strong incentive to keep re-submitting coins, sometimes after artificial brightenings, to the two leading grading services, in hopes of receiving higher grades.

The slightly more than two hundred 1861-O Double Eagles that have been certified by the PCGS and the NGC amount to less than one hundred different coins. Certainly there are at least another thirty that would not qualify for numerical grades from the PCGS or the NGC, though both services are lenient in regards to assigning numbers to low-grade New Orleans Mint Type One Double Eagles. Furthermore, there could be ten to twenty that merit numerical grades, yet have never been submitted to the PCGS or the NGC. In sum, I strongly doubt that there are as many as one hundred and seventy 1861-O Double Eagles, in all states of preservation.

As any coin issue for which fewer than two hundred and fifty survive is very rare, 1861-O Double Eagles are certainly very rare. Plus, these are very popular. The U.S. Civil War started in 1861. Though most were likely to have been struck by the Federal Government, some 1861-O Double Eagles were struck by an independent State of Louisiana and a few were probably stuck by the CSA.

This 1861-O realized $54,625 on Oct. 29th. This result beats both the PCGS price guide and Numismedia.com retail value estimates. It is true that 1861-O Double Eagles that have been certified as grading “AU-55” or “AU-58” have realized more than $54,625, but I find this AU-53 1861-O to be more appealing than some of those that have been graded as “AU-55” or “58”! This coin has minimal problems, nice color and a really neat look. It is exceptional for a certified AU-53 1861-O Double Eagle.

IV. Connecticut Coppers

This auction will be best remembered for the Philip Keller collection of colonials, which included, in addition to many other items, two hundred and seventy different varieties of Connecticut copper coins and eighty three New Jersey coppers. As I have minimal knowledge of the die varieties of colonial copper coins, I asked Greg Hannigan to comment. He actively deals in such items. Also, he has personal roots in Connecticut.

As “for the auction on Thursday night, it was very busy with phone, internet and floor bidders and went very strong,” Hannigan concludes. “The floor not packed at all, mostly just the usual suspects. However, [there were] also five or six serious collectors bidding strong. The tougher variety colonial coins [in this auction] were the key varieties of Connecticuts, Fugios and New Jerseys, which brought much higher prices then we have seen in the past. Of course, there were a few exceptions,” Hannigan explains. The “key varieties” tend to be those for which there are five to twenty pieces known to exist.

Some are even rarer. A 1785 Connecticut Copper with an “African Head,” lot #3179, is one of just three known. It is NGC graded Very Fine-30. I will not attempt to explain the pair of dies that were used to strike this coin. Hannigan’s “guess was it was going to sell for $80,000 or so, which [would have been] strong. It could have sold for $45,000. But, it opened at about $55,000 and sold for $115,000,” Hannigan observed.

Hannigan mentions three specific Connecticut coppers for which four to twelve are known to exist. “All three [are] very rare and went very strong,” Hannigan asserts. One, lot #3188, is a 1787 Connecticut Copper with a small head that is facing to the right and has a particular variation of the standard lettering on the reverse (back of the coin). The NGC determined that it does not merit a numerical grade and has ‘Good’ level “details.” Heritage cataloguer Mark Borckardt grades it as Good-04, in accordance with the standards of early copper specialists, and Hannigan agrees with this Good-04 grade. It is not a coin of tremendous quality. Hannigan was surprised that it “sold for almost $10,000”!

The next Connecticut Copper that Hannigan cites, sold as lot #3197, is said to be corroded and is certified by the NGC as having the details of a Good grade coin. Borckardt grades it as Almost Good-03. It realized $4600, many multiples of the price of a similar coin of a relatively common variety.

The third Connecticut Copper, which Hannigan mentions in the context of varieties for which four to twelve are known, is particularly important because the obverse (front) die used to strike it was later extensively modified and used to strike coins that look very different. Note that it has “environmental damage” and has ‘Very Good’ level details, according to the NGC. It was earlier in a January 1972 Bowers & Ruddy auction. It sold, as lot 3200, for $6325. “All three of these non-pictured [in the print catalogue], damaged and details coins,” Hannigan exclaims, went for more than double of what I [Hannigan] thought they would bring!”

The Keller collection is just too extensive to discuss in just a few paragraphs. I am glad that Greg Hannigan provided a few examples of rare and interesting Connecticut Coppers that realized surprisingly high prices. Also, there were a wide variety of colonial and U.S. coins in this auction. It was my intention here to discuss a few that are unusually interesting.

©2010 Greg Reynolds

Related posts:

1. 1879 ‘Washlady’ dollar brings $161,000 to lead $9.42 million Heritage COINFEST auction
2. Coin Rarities & Related Topics: an 1870-S Silver Dollar, an 1817/4 Half Dollar, and an 1854-O $20 gold coin
3. Coin Rarities & Related Topics: 1794 Silver Dollar sells for $1,207,500, and More Auction News

Mr. Keller apparently stopped actively collecting around 1966, with intermittent purchases through the early 1970s, and stored his collection in a bank vault where it was discovered nearly 40 years later by his surprised family after he died last year, who knew that Mr. Keller was a collector, but had no idea of the depth, or value, of his collection.

This is Heritage’s first official auction with COINFEST, and we couldn’t be more thrilled. Fittingly enough, our debut at this New England venue is filled with a variety of colonial and early American coins, including dozens of different Connecticut coppers struck shortly after independence.

One of those Connecticut coppers is a 1785 African Head Connecticut copper, the extremely rare Miller 4.2-F.6 variety, graded VF30 by NGC. It is estimated at $40,000+, but could go significantly higher.

There are two varieties of the African Head Connecticut copper, one relatively common, the other extremely rare. This piece is one of the rare variety, one of just two or three known. Its appearance at COINFEST is truly a once-in-a-generation opportunity. Keller bought most of his collection from leading dealers and auctioneers in the 1950s and 1960s, and this African Head copper has been in Keller’s collection, and thus off the market, since 1966.

Another anchor consignment of the auction is The Diotte Collection, which spans U.S. Mint history from some of the earliest issues to noted modern rarities. Its chief highlight is a 1797 half dollar, O-102 variety, graded Fine Details by NCS. It is estimated at $50,000+.

The half dollars of 1796-1797 are among the most prized U.S. type coins regardless of grade. Just four varieties were struck between the two years, all of them are very scarce to very rare, and the 1797 O-102 variety is the most elusive of them all.

In addition to colonials, pattern coinage is among the strengths of this auction. In a relatively small but impressive selection, the most prominent piece is an 1879 “Washlady” dollar struck in silver, Judd-1603 variety, graded PR66+ by NGC. It is estimated at $50,000+.

This design’s nickname was originally an insult. In 1891, just a dozen years after this pattern was struck, David Proskey called it the ‘Washlady,’ a negative reference to how Liberty’s hair appeared. Today, however, the ‘Washlady’ is considered one of the most beautiful patterns ever produced, and the very rare examples struck in silver are especially sought-after.

The 20th century has its share of highlights as well, led by a 1909 half eagle, graded PR67 by NGC. Like other gold proofs of that year, it has a distinct semi-bright finish sometimes called “Roman gold,” which tried to find a balance between the mirrored proofs of the 19th century and the dull-finished matte proofs that were popular in Europe but had received a disastrous reception among U.S. coin collectors. The “Roman gold” experiment failed, but survivors from the issue’s mintage of 78 half eagles are popular with modern numismatists. It is estimated at $55,000+.

A more conventional mirrored proof offered is a 1904 double eagle graded PR65 Cameo by PCGS. Just 98 proof $20s were struck in 1904, and most of them lack the contrast that was often seen on pre-1902 specimens. Thanks to its Cameo status and solid all-around preservation, it is one of the most important representatives of its issue. It is estimated at $60,000+.

Additional highlights include, but are not limited to:

• 1796 16 Stars half dollar, O-102, Fine 12 PCGS Secure.
• 1878-S Trade dollar MS67 NGC.
• 1915-S Panama-Pacific Round fifty dollar, MS64 NGC, CAC.
• 1915-S Panama-Pacific Octagonal fifty dollar, MS64 PCGS, CAC.
• 1882 double eagle, AU53 PCGS.
• 1907 Liberty double eagle, PR64 Cameo PCGS.
• 1931 double eagle, MS63 PCGS.

Related posts:

1. W. Philip Keller Collection of U.S. Colonials leads Heritage COINFEST Auction
2. 1879 ‘Washlady’ dollar brings $161,000 to lead $9.42 million Heritage COINFEST auction
3. Capped Bust Quarter Leads Heritage Auction