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All Posts Tagged With: "Martin Logies"

Coin Rarities & Related Topics: 1794 Silver Dollar sells for $1,207,500, and More Auction News

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #13

A Weekly Column by Greg Reynolds

Herein, I comment upon the prices realized for three rarities in the August 2010 B&M auction that I discussed in recent columns. Also, I mention that, in September, the Goldbergs will be offering a 1795 Reeded Edge cent in a PCGS “Genuine” holder, and it is not yet clear whether this is a new discovery a re-appearance of one of the six and a half that I have discussed in three writings over the past year, mostly recently in my column of June 23rd.

Yes, the Heritage Platinum Event is being held tonight and I have already covered, in many recent columns, coins that will be offered. Moreover, I recently wrote a two-part series on Dr. Steven Duckor’s Barber Halves. (Please click to read part 1 and part 2. As usual, clickable links are in blue.) Duckor’s set is the greatest set of business strike Barber Halves that has ever been assembled. It is the main attraction of tonight’s auction, though many other terrific coins are included. The collection of Dr. and Mrs. Claude Davis is particularly noteworthy, and was covered in my column of July 21st. Also, one-year type coins in the Heritage auction that belong to Davis and other consignors are analyzed in my column of July 7th.

I. Boyd-Cardinal 1794 Silver Dollar

It has already been widely reported that the Boyd-Cardinal 1794 sold, on Saturday, Aug. 7, for $1,207,500, at a hotel in Boston. Please click to see my discussion of this coin in my column of June 23rd. Since I wrote about the consignor, the Cardinal Collection Educational Foundation, and its curator, Martin Logies, in my June 23rd column, and will do so again, my remarks today will be limited to the price, especially since I have not learned anything about the buyer.

Although the B&M auction went really well, and other coins brought very strong prices, I was not impressed by the result for this 1794 silver dollar. Firstly, in May, the finest known 1794 dollar sold for a reported price of “$7.85 million” and this point was very widely published in a large number of news forums throughout the nation and even in various parts of the world. Secondly, this very same 1794 dollar was auctioned by ANR for $1,150,000 on June 30, 2005. Although rare coin price levels are not near the peaks reached in the first seven or eight months of 2008, current rare coin prices, in most areas, are substantially higher than those that prevailed in the middle of 2005.

Third, in his cataloguing of this coin for Bowers & Merena, Jeff Ambio studiously reveals that the 1794 dollars that are of higher quality than this one are unlikely to be available in the near future. I am not sure that Ambio should have employed the term “impounded” to refer to each of these. The Stellar-Rogers 1794 is probably the second finest known 1794 dollar, and other coins from the Stellar Type Set have been sold recently. Please see my inaugural column. Even so, I agree with Jeff’s point that it is unlikely that the Stellar-Rogers 1794 dollar will be sold soon. Furthermore, Ambio is being fair in asserting that the Jimmy Hayes 1794, which is likely to be the third finest known, will probably not be sold for a very long time. Ambio’s remarks regarding the Oswald-Norweb 1794 were revealing to me. While I guessed that it is the 1794 dollar that is PCGS graded MS-64, I was not certain. I had no idea that the owner of the Oswald-Norweb 1794 almost sold it recently and then decided to keep it in his family for the foreseeable future.

Although it has been years since I saw the Oswald-Norweb 1794, I suggest that there is a good chance that it is of higher quality than the Boyd-Cardinal 1794. A leading collector, who refers to himself as “TradeDollarNut”, has publicly asserted that the Oswald-Norweb 1794 is a full grade-increment above the Boyd-Cardinal 1794. My hunch is that the difference is more on the level of a third or a half a grade. It is true that the Oswald-Norweb piece has mint caused imperfections on the obverse (front) that are quite noticeable and a little bothersome. I remember being very impressed with the originality of the Oswald-Norweb 1794. I hope that it remains as original as it was when I examined it. A high degree of originality is not a priority, however, for many silver dollar collectors, and I am certain that a large number of silver dollar collectors would prefer the Boyd-Cardinal 1794 to the Oswald-Norweb 1794, which might not be available for a long time, anyway. The Boyd-Cardinal 1794 reflects light in livelier manner, as I remember. (more…)

Coin Rarities & Related Topics: 1794 Silver Dollar, 1795 Reeded Edge Large Cent, and selected coins in the Summer FUN Auction

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #6

A Weekly Column by Greg Reynolds

Herein, I discuss an assortment of rarities ‘in the news,’ the NGC graded “MS-64” 1794 dollar, a newly re-emergent 1795 Reeded Edge Cent, an 1882 $20 gold coin, 1865 $2½ coins, and 1865 quarters. The 1795 Reeded Edge Cent is certainly much rarer than most collectors realize and many have forgotten that the finest known Holmes-Naftzger 1795 Reeded Edge set an auction record for a copper coin or pattern, and is the only copper to sell for more than $1 million at auction. Another representative of this issue was just encapsulated by the NGC.

Today’s primary item is the ‘news’ that the Boyd-Cardinal 1794 dollar has been consigned to the B&M pre-ANA Boston auction. Additionally, I will discuss a few coins that will be sold as part of an upcoming Heritage auction, which will be held in conjunction with the Summer FUN Convention in Orlando, July 8th to 10th. Though it would make far more sense to hold it in Fort Lauderdale or in West Palm Beach, where it has been since its inception in 2007, I expect the Summer FUN Convention to be a success.

My comments about a handful of coins are not meant to constitute an analysis of this sizeable Heritage auction, which includes desirable U.S. coins of almost all types. The offerings are particularly strong in so-called small denomination coins, Indian Cents, Lincoln Cents, Two Cent pieces, Three Cent Silvers, Three Cent Nickels, and Five Cent Nickels. Further, this auction contains a large number of early 20th century gold commemoratives. Additionally, there are numerous better-date gold coins of several denominations. Also, the Kallenberg collection of Proof Washington Quarters is the first “All-time Finest” in the PCGS registry in the category of a “Basic Set” that covers Proofs from 1936 to the present.

II. Boyd-Cardinal 1794 Silver Dollar

I have been informed by Martin Logies that the Cardinal Collection Educational Foundation has consigned the Boyd-Cardinal 1794 dollar to the B&M August auction. This coin is graded “MS-64” by the NGC. When it was last auctioned, on June 30, 2005, it was so graded. This coin is widely regarded as the fourth or fifth finest 1794 silver dollar.

Logies is the director of the Cardinal Collection Educational Foundation. Recently, in May, he was prominent ‘in the news’ when this foundation acquired the finest known 1794 dollar from Steve Contursi for a reported price of “$7,850,000”! The Carter-Contursi-Cardinal 1794 is certified as Specimen-66 by the PCGS. It was specially prepared. (more…)

Video: Interviews with Martin Logies and Steve Contursi on the Sale of the 1794 Silver Dollar

The Neil/Carter/Contursi specimen 1794 Flowing Hair silver dollar was sold in May for $7,850,000, setting a new record as the world’s most valuable rare coin. Graded PCGS Specimen-66, it is the finest known 1794 dollar and believed by several prominent experts to be the first silver dollar ever struck by the United States Mint.

It was sold by Steven L. Contursi, President of Rare Coin Wholesalers of Irvine, California, to the nonprofit Cardinal Collection Educational Foundation (CCEF) in Sunnyvale, California. Collector and numismatic researcher Martin Logies represented the foundation of which he is a director and its numismatic curator. The private sale was brokered by Greg Roberts, President and Chief Executive Officer of Spectrum Group International of Irvine, California.

From 2004 to 2009, the coin was a featured exhibit at the American Numismatic Association’s Edward C. Rochette Money Museum in Colorado Springs, Colorado, and was displayed at a half dozen ANA World’s Fair of Money and National Money Show conventions around the country.

The 1984 Stack’s auction lot description in the Carter Collection sale stated, “It is perfectly conceivable that this coin was the very first 1794 Silver Dollar struck!” Over the decades, various numismatic researchers have stated a similar belief including Walter Breen, Jack Collins, John Dannreuther, David Hall and Logies who is author of the book, The Flowing Hair Silver Dollars of 1794.

David Lisot of CoinTelevision.com interviewed both the buyer, Martin Logies, Curator Cardinal Collection Educational Foundation and the seller, Steve Contursi, President of Rare Coin Wholesalers at the Long Beach Expo earlier this month.

CoinLink is pleased to be able to provide both of these interviews:

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Buyer of the 1794 Dollar for $7.85 Million: Martin Logies, Curator – Cardinal Collection Educational Foundation [9:18]

CCEF maintains several web sites to provide information about early American coins, including www.EarlyUSCoins.org and www.EarlyDollars.org that features an interactive “treasure hunters” guide for easily attributing early U.S. silver dollars by die variety. Another web site is planned, www.CCEFlibrary.org, that will be devoted to providing the public with access to the foundation’s extensive numismatic library.

“Of all the rarities I have seen or heard of, there is no doubt in my mind that this is the single most important of all, the very first silver dollar. This is the coin that has it all,” said Logies. (more…)