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…)

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…)

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…)