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All Posts Tagged With: "Platinum Night"

Coin Rarities & Related Topics: The Henry Miller Collection

News and Analysis on scarce coins, coin markets, and the coin collecting community #32

A Weekly Column by Greg Reynolds

I. FUN Auctions

Two weeks ago, I wrote about Jim O’Neal’s set of Indian Head Half Eagles ($5 gold coins), which will be auctioned during the Jan. 6, 2011 FUN Platinum Night auction in Tampa. During the FUN Convention, Heritage will auction a wide variety of items, including the Henry Miller collection. Miller specialized in Proof gold coins and many of his coins will also be sold during this Platinum Night event. He also had business strikes. The topic here is the Henry Miller collection.

To attain some understanding of FUN Platinum Night events, please see my column two weeks ago and my articles concerning coins auctioned in Jan. 2009 and 2010: The Jan. 2010 Platinum Night, $3,737,500 for a nickel, the O’Neal Collection of Indian Head Eagles, and Jay Brahin’s $20 gold coins.

II. Henry Miller

Henry Miller collected coins for decades before passing in 2009. He lived and worked in New York City. Miller collected Proof Liberty Head Double Eagles ‘by date’ and gold coins from many other series mostly ‘by type.’ Though Miller had a few pre-1834 Half Eagles and some early 20th century gold coins, he generally focused on U.S. gold coins of the second half of the 19th century. Additionally, he had an accumulation of ‘not rare date’ Liberty Head and Saint Gaudens Double Eagles. Also, Miller had a complete 1887 Proof Set, copper, nickel, silver and gold, which Eric Streiner regards as “a fantastic set.”

Eric Streiner remembers Miller’s coins though he has not seen any of them for more than a dozen years. Streiner “knew the guy quite well. Miller really liked his coins. He spent a lot of time looking at his coins,” Streiner recounts. Eric emphasizes that Miller was an enthusiastic collector.

Eric reports that “Miller bought most of his coins in the 1970s from dealers in the New York area, many from Stack’s. He bought some at auction, but mostly he bought coins privately,” Streiner says. “He bought a few coins in the mid 1990s,” Eric adds.

Streiner relates that, “in the late 1980s or early 1990s,” Eric arranged for Miller’s coins to be submitted to the NGC for grading and encapsulation. Streiner remembers that Miller contacted him through Stack’s. At the time, Eric was a very young dealer who had a reputation as a grading wizard. I (this writer) heard many stories, some clearly verifiable, of Eric spotting coins that were undergraded, or not clearly graded, by other coin dealers.

John Albanese recollects that, “a long time ago, probably in the late 1980s, [he] had lunch at a seafood restaurant with Eric Streiner and Henry Miller, who was a really nice guy.” Albanese is glad to have had the opportunity to view Miller’s Proofs again. Recently, Heritage sent many of Miller’s Proof coins to the CAC.

John Albanese was the sole founder of the NGC in 1987. Mark Salzberg, the largest current shareholder in the NGC, joined Albanese as a partner in 1988. Ten years later, Albanese sold his shares in the NGC to Salzberg. In 2007, John founded the CAC, which evaluates the quality of coins that are already graded and encapsulated by the PCGS or the NGC. Submitted coins may be approved or rejected. Approved coins receive a CAC sticker.

Both Albanese and Streiner were very impressed by the quality of Miller’s coins. Streiner, “even around twenty years later,” recalls Miller’s coins “as great pieces, nice original stuff, mostly gem, definitely good eye appeal.” Indeed, John and Eric separately emphasized that Miller’s Proof gold coins tend to be “original,” meaning that these have never been dipped, substantially cleaned, or doctored.

Though Streiner “hates to say it,” Eric is concerned that “some of these coins might lose their original surfaces, after the auction”! Some dealers will dip or doctor them in efforts to get higher grades assigned. (more…)

Coin Profiles: Unique 1834 Original Half Dollar O-104, Ex: Brand, Norweb

1834 Capped Bust Half Dollar PR65 NGC. O-104, Unique as a Proof.

Only a few proof 1834 half dollars are known, mostly restrikes from the dies used to produce the Crushed Lettered Edge coins. In the catalog of the George “Buddy” Byers Collection (Stack’s, 10/2006), the cataloger enumerated these Overton varieties used to produce the Crushed Lettered Edge restrikes, of which at least 10 pieces survive in all: O-101, O-103, O-104, O-106, O-114, and O-122.

The cataloger also included five Overton varieties known for the 1834 proof half dollars, each unique original coins, that were not CLE restrikes. Those varieties include: O-101 (Large Date, Large Letters, ex: Floyd Starr), O-103 (Large Date, Large Letters; in the King of Siam set), O-104 (the present piece, from the Norweb Collection), O-106 (Large Date, Small Letters; the Byers coin), and O-114 (Small Date, Small Letters; Bowers and Merena, 8/1991, lot 2268). Each one of those unique proof original half dollars is much, much rarer than the 1834 Crushed Lettered Edge restrikes.

The present coin is one of those original pieces, unique as far as we can determine. The catalogers in the Norweb Collection sale described it in this way:

“1834 O-104. Large Date, Small Letters. Proof-64/65. A glittering gem specimen with full Proof surface on all areas, including within the shield stripes on the reverse. This piece is breathtakingly beautiful and is toned a delicate blend of muted rainbow colors, ranging from magenta at the center, to electric and gunmetal blue, to gold at the borders.

“Perhaps unique as a die variety; Walter Breen did not know of other examples, but he was aware of this one, as he participated in the sale of it to Mrs. Norweb. “Here is a superb gem coin, a half dollar for the ages.”

Technical Description: Large Date, Small Letters. The 4 in the date is tall and recut, with the 18 wider than 834. The 4 is higher. The Overton reference describes the date “with an open 3 and extra tall tapered 1” a half-millimeter from the drapery, “the closest of any large date 1834.” On the reverse the top of the C in the denomination is close to the olive stem. The I is centered left of the crossbar of the T. This die lacks the die lump normally seen on business strikes under TE, providing evidence that this proof was struck first. The thin left stand of the M is joined at its base to the center stand. (more…)

The Most Important Coin I’ve Ever Handled

By Mark Borckardt

During 30 years as a full time professional numismatist, I have had the opportunity to examine and handle many of the most important rarities in the American series, including two Brasher doubloons, all five 1913 Liberty nickels, two 1894-S dimes, and four 1804 silver dollars. I have handled 80 of the 100 greatest U.S. coins according to the study published by Jeff Garrett and Ron Guth.

Last week I had the pleasure of examining and researching a coin that I believe carries more numismatic and historical importance than any of those coins mentioned above, or any other coin that I have ever handled. It is the 1907 Wire Rim Indian eagle with a plain edge. Only two plain edge specimens were struck, and they were the first Indian eagles ever created, to fulfill the wish of a dying man.

Augustus Saint-Gaudens was near death in the middle of July 1907. Dies for the Indian eagles had already been created, but the collar containing 46 stars was not completed. For that reason, the two plain edge coins were minted, one was sent to President Theodore Roosevelt, and the other was sent to Saint-Gaudens. The sculptor passed away a couple weeks later on August 3.

Roger W. Burdette has traced the issue in his reference Renaissance of American Coinage 1905-1908 (Seneca Mill Press, LLC, 2006), and Michael F. Moran has also examined the issue in his 2008 reference Striking Change — The Great Collaboration of Theodore Roosevelt and Augustus Saint-Gaudens. In a July 28, 2008 Coin World article, P. Scott Rubin writes: “I received an important e-mail from Roger W. Burdette … that this coin was ‘…one of two plain edge pattern pieces struck in July 1907.’ Just as important, he informed me that one of the specimens went to Secretary of the Treasury Cortelyou and the other went to Augustus Saint-Gaudens… I learned that this was the only coin similar to those issued to the public designed by Saint-Gaudens that the artist saw before his death.” While we are unable to say with certainty that the present piece was the coin sent to Saint-Gaudens, it almost certainly is. The coin that went to Cortelyou was forwarded to President Roosevelt who returned it to the Mint. In all likelihood, the Cortelyou-Roosevelt coin was melted, as it does not appear among coins at the Smithsonian Institution.

It is thought that President Roosevelt returned the coin he received, and it is also believed that the coin sent to Saint-Gaudens was retained by the artist. It is my belief that the coin I handled is the exact coin that Saint-Gaudens received. Since all other Indian eagles and all double eagles of his design were minted after his death, this single coin seems to be the only coin of his own design that Saint-Gaudens ever saw in person.

This plain edge 1907 Wire Rim Indian eagle will be offered for sale as lot 3561 in the Platinum Night session of Heritage’s 2010 ANA auction in Boston. The Platinum Night session is scheduled for 6:00 PM EST on Wednesday, August 11. I hope to see many of you there, and hope that those unable to attend will be watching this historic offering on HA.com/live.

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…)

Brahin’s Syrup to be Auctioned at FUN: Select Group of Saint Gaudens $20 Gold Coins

by Greg Reynolds for CoinLink

On Thursday, Jan. 7, 2010, Heritage’s long awaited Platinum Night event at the FUN Convention in Orlando will include a marvelous array of choice and rare U.S. coins. It is part of a larger auction extravaganza that is held in conjunction with one of the two most important coin conventions of the year, that of the Florida United Numismatists (FUN) organization.

brahin_121809_reynoldsThe famous collector Jay Brahin has consigned a select group of Saint Gaudens Double Eagles ($20 gold coins) to be sold on Platinum Night. The most valuable piece from the Brahin collection is a 1927-S Saint that is graded MS-66 by the Professional Coin Grading Service (PCGS).

Brahin’s consignment is of just seven coins, yet these are particularly significant. These seven constitute his entire current collection of Double Eagles and were very carefully selected by him. Jay reveals that he had “no intention of selling is coins, but I [Jay] am selling for personal reasons that are completely unrelated to coins or coin markets. I would have liked to have held these coins for a decade or more. Coins are art to me, and I am proud to have obtained these coins. I love the thrill of the hunt. Finding the coin is more gratifying than selling it.”

Brahin started “collecting coins as a kid.” He “filled coin albums with cents, nickels, dimes and quarters. During vacations, I [Jay] would work $20 in change several times over in one day, by going back and forth to the bank. Over the period of a summer day, I would go to a bank eight or nine times. It was fun. I loved it. I fell off the collecting wagon, but I never lost my love of coins.”

As a teenager, Brahin had other interests. Later in life, in 2002, Jay returned to coin collecting. He “always wanted to own a Saint when [he] was a kid.” So, he “turned to Saints.” Jay saw “Dr. Duckor’s Saint set on the PCGS registry, which was then blocked from view, but his e-mail address was briefly posted. I wrote to him and said I was an admirer of his Barber Half set; I inquired about his Saints. Later, we talked about the philosophy of collecting.” (more…)

Brahin Collection of Key Date Saint Gaudens $20 Gold Coins to be sold on Platinum Night at Fun

The Jay Brahin Collection, a selection of seven key date Saint-Gaudens Double Eagles assembled by a collector with a keen eye for quality will be offered as a part of Heitage’s Platinum Night festivities at 2010 January Orlando, FL FUN US Coin Auction, taking place January 6-10 in Orlando and over the Internet at www.HA.com/Coins.

1920-s_saint_Brahin_funJay Brahin’s name is well known to both the numismatic and investment communities. Although he can trace his first interest in rare coins back to the 1960s, he became a serious numismatist after the Millennium. His rise to the upper echelon of gold collectors was rapid, but it was based on three decades of investment acumen as a personal portfolio manager.

He quickly developed personal relationships with the key players and dealers in American gold, and his list of friends is a Who’s Who of American numismatics. The search for quality was the natural result of old business lessons and this new expert advice, and following old traditions.

Mr. Brahin also gives back to the coin community, currently serving as President of the 20th Century Gold Club. He has also become a sought after resource for books and articles on twentieth century gold coins, and his opinions can be found in the Wall Street Journal as well as CoinLink.

All seven coins in the collection are graded by PCGS, and all seven coins have received CAC stickers signifying that they are among the very best examples of their grade. (more…)