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All Posts Tagged With: "Paul Nugget"

Platinum Night was Golden; Bellwether Sale Sparks Markets for U.S. Coin Rarities

By Greg Reynolds for CoinLink

I. Introduction & Overview

In 2010, the annual FUN Platinum Night event was held on Thursday, Jan. 7. It is just one session in Heritage’s annual auction extravaganza, which is conducted in association with the Florida United Numismatists (FUN) Convention in Orlando. During this one night, however, an incredible selection of U.S. gold coins was offered. The total prices realized for Platinum Night alone was more than $25 million. The most famous coin in the sale is the Olsen-Hawn 1913 Liberty Nickel, which realized about $3.74 million.

olsen_1913_liberty_nickelAlthough Heritage conducts two to four Platinum Night events per year, the January FUN Platinum Night event is usually the most newsworthy. On, Jan. 7, three different items sold for more than one million dollars each, and there was an excellent offering of Brilliant Proof gold coins.

One of the most interesting coins in the sale is a Proof 1839 Half Eagle ($5 gold coin). It is NGC certified as Proof-61. This coin is, indisputably, a Proof. Many pre-1840 coins that are regarded as, or even certified as, Proofs, are questionable. Matt Kleinsteuber agrees, “it is definitely 100% Proof, other coins of the era are ambiguous” in regard to Proof status. Moreover, it is one of only two known Proof Half Eagles of this date. It was formerly in the collection of King Farouk. It brought $181,000.

Several past Platinum Night events have featured dazzling collections of U.S. silver coins and/or individual silver coins of tremendous importance. The Jan. 2010 event will be remembered primarily for business strike Saint Gaudens Double Eagles ($20 gold coins), Brilliant Proof gold coins, a Bickford $10 gold pattern, a few exceptional gold type coins, a neat run of 19th century quarters, some popular Mint Errors, and a 1913 Liberty Nickel. Please click here to read the article that I devoted to this 1913 Liberty Nickel. Therein, I cover the coin, its importance, and the auction action, in detail.

Since then, David Hall has told me that he “thought the 1913 Liberty nickel brought a good price. [$3,737,500] wasn’t a moon price, but it’s a $3 million dollar coin so an extra 25% is a lot of money.” Hall is the primary founder of the Professional Coin Grading Service (PCGS), and remains a force behind the PCGS and its parent company.

Adam Crum of Monaco Rare Coins agrees that the $3.74 million result is “a really strong price” for this nickel. Moreover, Crum remarks that, “for weeks, buyers of expensive gold coins were sitting on their hands waiting for the Platinum sale. The success of Platinum Night ignited a fire. On Friday, there was a mad rush nationwide for rare gold coins.” (more…)

Ten Underappreciated Early United States Gold Coins

By Doug Winter – RareGoldCoins.com

early_gold_dw_100509I’ve written numerous articles about Liberty Head gold coins that I think are clearly undervalued or underpriced. I’ve never really written one that’s focused on early United States gold coins for one simple reason: it’s hard to brand coins that trade for $10,000 and up (in most cases) as “undervalued.” That said, there are a number of issues whose price levels do not make sense given their rarity.

I’d like to thank my good friend Paul Nugget, from Spectrum East Numismatics, who helped me prepare this list and whose expertise in the area of pre-1834 gold is unrivalled.

Before we start, the basic question to answer here is why are these coins undervalued or underappreciated or “underwhatever?” I think the answer has to do with collecting patterns in the early gold series. Because of price considerations, most collectors who do focus on early gold do it from the standpoint of type collecting. This makes sense, especially in a denomination like half eagles that contains a number of spectacularly rare (and expensive) issues. Also, I have noted that many more early gold collectors focus on the pre-1807 issues by date (or even die variety) while the issues struck from 1808 to 1834 tend to less actively pursued as such.

Here is my list of ten underappreciated early US gold and the reasons why I think they qualify as such:

1. 1827 Quarter Eagle.

The short-lived Capped Head Left quarter eagle type was produced for only five years from 1821 to 1827. All five issues are scarce but pricing guides typically lump the 1821, 1824/1, 1825 and 1827 together and accord them similar values in virtually all grades. I think that the 1827 deserves to be priced at least 10-15% higher than the 1825.
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PNG Members Recover Coins from 2001 Theft

The only known Walking Liberty half dollar mistakenly struck on a five-cent denomination planchet was among the 12 stolen error coins recovered by PNG member-dealers. (Photos courtesy of Fred Weinberg, Inc.)

off_metal_walker_recoveredA dozen of the 44 U.S. error coins stolen from an Indiana motel room in 2001 have been recovered and returned to their delighted owner through the joint efforts of three Professional Numismatists Guild members. At the time of the theft eight years ago these coins were to be the foundation of a planned book about off-metal errors.

The recovered coins belong to collector and researcher Mark Lighterman of Sanford, Florida. They include what is believed to be the only known Walking Liberty half dollar struck on a planchet intended for five-cent pieces; one of three known Standing Liberty quarter dollars struck on a one-cent planchet; a unique 1858 Flying Eagle cent on a silver half-dime planchet; and a double denomination Indian cent on a previously-struck Barber dime. There is also a transitional error 1944-dated Washington quarter on a zinc planchet intended for 1943 cents.

The coins were stolen along with a camera, laptop computer and a collection of over 1,000 casino gaming chips from Lighterman’s motel room in Southport, Indiana when he was traveling to the Central States Numismatic Society convention in Indianapolis in April 2001.

The recovery was made by PNG member Paul Nugget of Spectrum East in East Meadow, New York; PNG associate member Andrew Glassman, President of Spectrum Numismatics International in Irvine, California; and PNG Board Member and former PNG President Fred Weinberg of Fred Weinberg, Inc. in Encino, California.
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