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All Posts Tagged With: "Large Cents"

Coin Rarities & Related Topics: The Sept. Goldbergs Coin Auction in Southern California

News and Analysis on scarce coins, coin markets, and the coin community #18

A Weekly Column by Greg Reynolds

For decades, the Long Beach (CA) Coin, Stamp and Collectible Expo has been a major event for coin collectors. The third Long Beach Expo of 2010 will start on Sept. 23 and end on Sep. 25. As usual, Heritage will conduct the official auction. Earlier, in Los Angles County, the firms of Bonhams and of the Goldbergs will also conduct auctions. The Goldbergs will offer a very wide variety of coins on Sept. 19th, 20th and 21st at the Beverly Hills Crowne Plaza.

I. Eliasberg 1893-S $5 Gold Coin

At the ANA Convention in Boston, I was fortunate to have the opportunity to closely examine some of the coins in the upcoming Goldbergs auction. One of my favorites is an 1893-S Half Eagle ($5 gold coin) that was formerly in the Louis Eliasberg collection, which is the greatest collection of U.S. coins that was ever formed.

Many gold coins with an Eliasberg pedigree are of tremendous quality, and this 1893-S is one of them. It is PCGS graded MS-66, and was certified at some point in the mid 1990s. I grade it as 66+. Furthermore, it has a sticker of approval from the CAC, which indicates that experts at the CAC determined that its grade is at least in the middle of the 66 range.

This 1893-S Half Eagle has great luster and an excellent strike. It is wonderfully brilliant. This coin has almost no contact marks or hairlines. The inner fields exhibit some pleasant, natural light green toning.

The 1893-S Half Eagle is somewhat common in grades up to MS-62, in which range it is valued only slightly higher than the most common Liberty Head ‘With Motto’ Half Eagles. In MS-63 and MS-64 grades, an 1893-S Half Eagle commands a substantial premium. In MS-65 and higher grades, it is an extreme condition rarity. At most, one half dozen true gems exist, and probably not even that many. This Eliasberg 1893-S is the only 1893-S that is graded MS-66 by the PCGS or the NGC, and none have been certified as grading higher than MS-66. There is certainly a good chance that it is the finest known.

In MS-66 grade, the PCGS price guide values this 1893-S at $22,500 and very common dates at $7500. A rival price guide at Numismedia.com values a MS-66 grade 1893-S, which must be this one, at $20,150. An old green PCGS label, an Eliasberg pedigree, and a CAC sticker all have the potential to bring about a price that is higher than would otherwise be realized. This coin, though, speaks for itself. It is exceptionally attractive and a delight to view.

II. Carter 1797 ‘small eagle’ $10 Gold Coin

In the upcoming Goldbergs auction, the re-appearance of the NGC graded MS-63 1797 ‘Small Eagle’ Eagle is newsworthy. Gold coins were first struck at the U.S. Mint in 1795. The major varieties of the first type of Eagles that are collected as if they were distinct dates are: the 1795 with thirteen leaves on the branch, the 1795 with nine leaves on the branch, the 1796, and the 1797 ‘small eagle’. This first type has a bust of Miss Liberty on the obverse (front) and a relatively small eagle on the reverse (back). The second type of Eagles, which date from 1797 to 1804, have the same general obverse (front) design along with a much different reverse (back) design. The new reverse features a large or heraldic eagle. It is not just the size of the eagle that is different; the style of the eagle and other reverse design devices are also different. (more…)

Cardinal Collection of US Large Cents On Display in Boston

Bowers and Merena Sponsor display of this Multi-Million dollar collection ranked the Finest Registry Set

The number one-ranked collection of United States large cents in both the PGCS and NGC Set Registry listings will be publicly displayed for the first time in Boston, August 10 – 13, 2010, at the American Numismatic Association World’s Fair of Money. The historic coins from the Cardinal Collection Educational Foundation include some of the finest known examples of large cents struck from 1793 to 1857.

The foundation’s exhibit is co-sponsored by Bowers and Merena Auctions (www.BowersAndMerena.com) and Collateral Finance Corporation (www.cfccoinloans.com), and will be displayed at the Bowers and Merena booth, #1017, during the five-day show.

“This is a truly amazing collection, valued at millions of dollars. There are 77 large cents and each is among the very finest known for its respective date and type. Many of them are simply the finest known, period,” said Greg Roberts, CEO of Bowers and Merena.

This 1793 Chain Cent (S-2), graded PCGS MS65BN, is one of the highlights of the multi-million dollar Cardinal Collection Educational Foundation large cents collection that will be displayed August 10 – 13, 2010 by Bowers and Merena Auctions and Collateral Finance Corporation at the ANA World’s Fair of Money in Boston.  (Photo by PCGS)

While supplies last, visitors to the exhibit can receive a free, 40-page illustrated booklet published by the foundation, “Portraits of Liberty,” that describes the history of U.S. large cents.

Highlights of the exhibit include:

1793 Chain Cent (S-2) graded PCGS MS65BN that set a world’s record in 2005 as the most valuable U.S. cent;

1793 Wreath Cent, PCGS MS69BN, the single highest-graded 18th century U.S. coin of any date of denomination;

1794 Liberty Cap “Head of 1793” Cent, PCGS MS64BN, described by Logies as “the single finest representative work of early Mint engraver, Joseph Wright;”

1803 Draped Bust Cent, PCGS MS66RB, acclaimed by the Early American Coppers society as tied for the finest known Draped Bust cent of any date or variety;

the record-setting 1842 Braided Hair Cent from the Naftzger Collection, PCGS MS65RD, widely acknowledged as the finest existing “Petite Head” type;

and another record-setting coin from the Naftzger Collection, an 1852 Braided Hair Cent, graded PCGS MS65RD, and acknowledged as the finest existing cent from its era.

“The Cardinal Collection Educational Foundation is a non-profit educational organization that focuses on the study and publication of information about early coinage of the United States of America. The foundation is delighted at the opportunity for thousands of people to see these superb-quality, early American cents in person in Boston with the valued assistance of Bowers and Merena and Collateral Finance Corporation,” said Martin Logies, a director of the Sunnyvale, California-based foundation. (more…)

PCGS at Boston ANA: On-Site Grading, Award-Winning Proof Copper on Display

At this year’s American Numismatic Association World’s Fair of Money convention in Boston held August 10 – 14, visitors will be treated to a number of museum-quality exhibits of historic rare coins. At booth #105, Professional Coin Grading Service will display an amazing numismatic treasure of early proof copper.

PCGS will provide on-site authentication and grading services at the show including show specials for on-site submissions. And booth visitors can enjoy some of the finest known proof Half Cents, Large Cents, Indian Head Cents and matte proof Lincoln Cents from the award-winning ESM Collection.

Assembled by Illinois collector Pete Miller, the ESM Collection ranks among the all-time finest of its kind in several PCGS Set RegistrySM categories, according to BJ Searls, PCGS Set Registry Manager.

“The ESM Collection is a numismatic treat. Many of the coins in this collection are extremely rare and seldom appear on the market. When they do, they are auction highlights,” said Don Willis, President of PCGS, a division of Collectors Universe, Inc. (NASDA Q: CLCT).

“It staggers me that these coins could stay in that kind of condition for so long,” Miller exclaimed. “They are all red or close to red. Most are well over 100 years old and they look almost brand new, even colorwise.”

Miller’s “top five” personal favorites are:

* 1832 Large Cent, graded PCGS PR64RD
* 1848 Large Cent, PCGS PR65CA
* 1847 Half Cent, PCGS PR64RD
* 1843 Half Cent, PCGS PR64CA
* 1842 Half Cent, PCGS PR65RD

“The weighted Grade Point Average for the ESM Collection is an astounding 65.974,” Searls explained. “These coins were once owned by such astute collectors as Eliasberg, Naftzger, Norweb, Pittman, Parmelee, Atwater, Garrett, Anderson-Dupont, Byron Reed and others. Pete Miller has graciously arranged with PCGS to display many of the coins in his set in Boston.” (more…)

Coin Rarities & Related Topics: 1793 Half Cents, Chain Cents, Wreath Cents, 1808 Quarter Eagles — one-year type coins in general

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #8

A Weekly Column by Greg Reynolds

I. Today’s Theme Is On One-YearType Coins

Although some expensive coins that appeal to advanced collectors will be discussed below, this column is largely introductory in nature. Learning about one-year type coins is important. Furthermore, many are not expensive, and may be especially reasonable in modest grades. In addition, one-year type coins are important elements in the history of U.S. coinage. Moreover, knowledge of one-year type coins is central to understanding the relative values of many significant classic U.S. coins. My aim here is not to provide a lesson on type coins. Rather, I am mentioning some one-year type coins in the upcoming Boston ANA auction in August and discussing the general significance of these issues.

One-year type coins have always fascinated me. These are both the most common and the rarest dates of their respective types. As a kid, I dreamed of owning all one-year type coins. I remember my acquisition of an 1859 Indian Cent. I was eight or nine years old at the time and I was thrilled. I was later able to obtain other one-year type coins that are accessible to low-budget collectors, 1883 ‘No Cents’ Liberty Nickels, 1913 ‘Buffalo on Mound’ Nickels, and 1909 VDB cents, though it is debatable as to whether 1909 VDB cents are really one-year type coins. In circulated grades, 1853 ‘Arrows & Rays’ quarters and halves can be obtained by non-affluent collectors. The ‘Arrows & Rays’ and just ‘Arrows’ issues, though, are sometimes regarded as subtype coins rather than full type coins. Likewise, 1839 ‘No Drapery’ Halves are typically thought of as a one-year subtype as the design of these is not substantially different from that of the Liberty Seated ‘No Motto’ half dollar type that was adopted later in 1839.

As usual, I am discussing coins that were minted prior to 1934. Types of so called ‘modern issues’ constitute a different topic. Most rare or at least somewhat scarce U.S. coin issues were minted prior to 1934. In the upcoming Heritage ANA Auction in Boston, there will be offered a sizeable number of pre-1934 one-year type coins.

II. Half Cents of 1793

Among the most popular of all U.S. coins are the copper coins of 1793. While some patterns were made in 1792 at a private location, including half dimes which circulated, 1793 is the first true year of the U.S. Mint.

As U.S. silver coins were not minted until 1794 and gold coins not until 1795, only copper coins were struck in 1793, half cents and large cents. The half cents of 1793 are a one-year design type, and three different types of large cents were struck during this same year, Chain Cents, Wreath Cents and Liberty Cap Cents. Chain Cents and Wreath Cents are certainly each one-year types.

It is debatable as to whether 1793 Liberty Cap Cents are a one-year type. The PCGS and some large cent experts regard 1793 Liberty Caps as a one-year type; the NGC and other experts view Liberty Cap Cents dating from 1793 to 1796 as all being of the same design type. The main difference between 1793 Liberty Cap Cents and those Liberty Cap Cents dating from 1794 to 1796 is that the 1793s have beaded borders while the later Liberty Caps have dentilated borders. Dentils, which are sometimes called denticles, are tooth-like devices near the edge. Dentils are different from beads, which are sort of like oval buttons. (more…)

Coin Grading: NGC Certifies Rare S-79 1795 Reeded Edge Liberty Cap Cent

Among early United States cents one of the rarest and most mysterious is Dr. William H. Sheldon’s variety number 79 having a reeded edge, an example of which has just been certified by Numismatic Guaranty Corporation.

Only eight pieces are confirmed to exist, and this one has been off the market for some 30 years. Its last public appearance was in a 1977 auction by the now-defunct Numismatic and Antiquarian Service Corporation of America (NASCA). NGC has graded and encapsulated this remarkable coin as having Fine Details with corrosion.

Aside from its rarity, S-79 is an intriguing variety on several counts. It possesses a reeded edge, the only large cent of any type to have such an edge device. Its obverse is unique to this die marriage, though it is similar in most respects to those of other 1795 cents. Where things really get odd, however, is that this cent variety was coined using a reverse die shared only with several varieties of 1796-dated cents. It was thus almost certainly coined well into that year and possibly as late as 1797. The U. S. Mint is known to have employed dies of earlier dates for as long as they remained serviceable, and this appears to be the case with S-79.

The reason for applying a reeded edge is entirely undocumented. This edge device evidently was used well after the December 1795 order reducing the weight of cents in response to the rising price of copper. The thinner planchets that resulted from this weight reduction precluded usage of the lettered edge device common to some 1793 cents, all those dated 1794 and the early issues dated 1795, which is why most 1795 cents and all 1796 cents have plain edges.

The only comparable instance of an unusual edge device occurs with the two die marriages of 1797-dated cents having “gripped” edges. These show a series of shallow cuts on their edges that were imparted by the edge milling machine. Perhaps they were contemporary with the extremely rare reeded edge cents dated 1795, as the U. S. Mint experimented to find a suitable replacement for edge lettering. Again, no documentation is known which would verify this theory.

The rare S-79 just certified by NGC is a previously-known specimen, though it has not been seen in the marketplace since its last recorded sale in 1977. It appears in fourth place in the condition censuses published by both William C. Noyes (United States Large Cents 1793-1814) and Walter Breen (Walter Breen’s Encyclopedia of Early United States Cents 1793-1814, edited by Mark R. Borckardt).

Though the variety was evidently known to collectors as early as 1862, this particular specimen was discovered by famed dealer Henry Chapman and included in his auction of June 1916, where it brought the grand sum of $1.75! It later passed through the collections of several legendary numismatists, including Howard R. Newcomb, Henry C. Hines and Dr. Sheldon himself.

The coin was submitted to NGC by Silvertowne of Winchester, Indiana. Owner David Hendrickson is delighted to be able to handle this great rarity. “It’s such a wonderful experience to come across a coin which has remained extremely rare despite a century and a half of searching by collectors,” Hendrickson said. “We at Silvertowne are proud to become a part of this cent’s distinguished pedigree.”
(more…)

Exceptional Early Copper Coin Collection Exhibit To Highlight Long Beach Expo

The Cardinal Type Collection of Early Copper, a multi-million dollar display of over two dozen high-grade early American copper pieces including items from an all-time finest PCGS Set Registry collection, will be exhibited at the Long Beach Coin, Stamp & Collectibles Expo, June 3 – 5, 2010. The show will be held in the Long Beach, California Convention Center, 100 S. Pine Ave.

1793 S-2 cent, PCGS MS65BN, Cardinal Collection:  This 1793 Chain "AMERICA" (Sheldon-2 variety) large cent, graded PCGS MS65BN, is one of the highlights of the Cardinal Collection of Early Copper that will be displayed at the Long Beach Expo, June 3 - 5, 2010. “This special exhibit is a superb collection of historic and rare private coinage from 1787 to 1792 and early items from the Philadelphia Mint from 1793 up to 1852. The collection was assembled by Martin Logies and will be exhibited courtesy of Bowers & Merena Auctions,” said Ronald J. Gillio, Expo General Chairman.

Highlights of the exhibit include the following coins that were part of the 2009 PCGS Best of Registry winner for Large Cents Basic Set:

1793 Chain AMERICA S-2 variety formerly in the Beckwith, Collins and Naftzger Collections and graded PCGS MS65BN;

1793 Wreath, Vine and Bars Edge formerly in the Naftzger Collection, PCGS MS69BN;

1794 Head of 1793 formerly in the Garrett Collection, PCGS MS64 BN;

and 1803 No Stems S-243, PCGS MS66RB, formerly in the Helfenstein and Naftzger Collections.

1794 Head of 1793 cent, PCGS MS64 BN, Cardinal Collection:  Formerly in the famous Garrett Collection, this 1794 "Head of 1793" variety large cent graded PCGS MS64BN is one of the highlights of the Cardinal Collection of Early Copper that will be displayed at the Long Beach Expo, June 3 - 5, 2010.During the three-day Long Beach Expo more than 1,000 dealers will be buying and selling rare coins, paper money, stamps, postcards, historic documents, antiques, estate jewelry and other collectibles. Some dealers will provide free, informal appraisals for visitors.

A free gold coin door prize will be awarded each day to a lucky, registered visitor, and a children’s treasure hunt will be held on Saturday, June 5. A half dozen educational programs and collectors’ clubs meetings will be conducted during the show and will be open to the public.

Heritage Auction Galleries of Dallas, Texas (www.HA.com), the world’s largest collectibles auction house and the official auctioneer of the Long Beach Expo, will hold a public auction of U.S. coins in conjunction with the show.

(more…)

Historic 1793 S-3 Chain Cent To Be Sold by Heritage

This Chain cent appeared on the April 1869 Levick plate, the first photographic plate of large cents that appeared in the American Journal of Numismatics.

This lovely 1793 Chain cent, like most early coins, has considerable character and individuality. It combines outstanding technical quality with an historic provenance that dates back nearly 150 years, one of the longest ownership records of any Chain cent known today.

This Chain cent appeared on the April 1869 Levick plate, the first photographic plate of large cents that appeared in the American Journal of Numismatics. The Levick plate was also the first systematic attempt at the classification of large cent varieties. Twelve obverse dies and 10 reverse dies were illustrated in an arrangement of 15 different varieties. The photography was by Joseph N.T. Levick, with the descriptions and arrangements by Sylvester S. Crosby. The achievement was remarkable for the time, as only seven additional die marriages have been discovered in the 141 years since that publication.

R.W. Julian wrote in an article on the 1793 cents in the May 1990 issue of Coins magazine: “There is probably more fascination with the 1793 issues of the Philadelphia Mint than any other coinage of this country, yet the average collector knows little of this far-off year.”

The 1793 Chain cents, beginning with the famous Chain AMERI cent, were the first federal coins actually struck at the U.S. Mint early that year. The entire production of 36,103 coins (of all five known varieties), took place in early March, although R.W. Julian, Walter Breen, and others speculated that some may have been minted on February 22, marking President Washington’s birthday. (more…)

The Perfect Auctions-The Holmes And Nafzger Large Cent Sales

By Laura Sperber – Legend Numismatics

“The perfect auctions” we are talking about are the Dan Holmes and Ted Nazfger Large Cent auctions that just took place in Beverly Hills. Ira and Larry Goldberg (and staffs) did a spectacular job of organizing and auctioning these once in a life time sales.

ln_market_090909The results from these two sales let no one down-they were phenomenal and totally mind blowing! Prices realized and collector participation more than proved the coin market is starved for quality and has very strong and deep legs.

Last time we wrote about the middle date Nafzger Sale, we named it “the perfect storm”. We knew the coin that auction had sold ridiculously cheap and time would prove it out. The reasons why that sale had weaker results: the sale was held the same day (during) the Super bowl, the Goldberg’s Internet site crashed, the economy was seriously more uncertain than it is today, and a few new collectors to the series had just started. Its totally amazing how all these factors did a total reversal to yield some of the most amazing results ever and produce two greatly historical auctions.

THE DAN HOLMES SALE

The crowd was standing room only and was comprised mostly of serious collectors. There wasn’t just a buzz before the sale began, you could feel and jolt of electricity when you walked in the room. From our point of view we did not see the typical “crack out and coin docs” we run into at every show. Thank goodness they do not know how to work on anything than other than a white dollar or a gold coin. In fact, very few “main line” dealers like us attended.

It was a battle every lot to buy anything. The room was littered with deep pocketed individuals who came to buy. In the end, we witnessed at least FOUR collectors who spent OVER $1,000,000.00 each and several under bidders who had tried to do the same. Legend spent a lowly $300,000.00 for ourselves, and teamed up with a another dealer to buy another $600,000.00 worth of treasures. There were many “unknown” faces who came out of hiding for this sale and they were as aggressive as someone you’d see who attends every show and auction. (more…)