A Weekly Column by Greg Reynolds

I. The Malibu Collection

In Baltimore, on Thursday, Nov. 4, 2010, B&M auctioned the ‘Malibu’ collections of Standing Liberty Quarters (SLQs), Liberty Seated Halves and Liberty Seated Dollars. Though I have a strong affinity for Liberty Seated coins, I will focus here on this collector’s Standing Liberty Quarters (SLQs), as his set of SLQs is phenomenal.

Since the collector who formed the Malibu collection wishes to remain anonymous, Malibu will be employed here as the code name of this collector and of his collections of specific series. All the Malibu collections auctioned in Novembers were of business strikes. In January, B&M will auction the Malibu collections of Proof Liberty Seated Quarters and Liberty Seated Halves, in Tampa, just prior to the winter FUN Convention.

II. Malibu SLQ Registry Set

Among the collections that Malibu has formed so far, the Malibu set of Standing Liberty Quarters (SLQs) is the most famous. In the category of “Basic” sets of Standing Liberty Quarters with Full Heads on Miss Liberty, the Malibu collection is the second “All-Time Finest” in the PCGS registry.

All of the quarters in Malibu’s set have a ‘Full Head’ designation from the PCGS, and the FH indicator is best referred to as part of the grade, though it is technically a designation that is considered separately from the numerical grade. An MS65FH SLQ is generally considered to be ‘of a higher grade’, so to speak, then an MS-65 grade SLQ of the same date with a weakly struck head, which is typical for most dates of SLQs. For some SLQ issues, only a very small percentage of those struck have a full head (FH).

In the PCGS registry, the Malibu Collection of Standing Liberty Quarters (SLQs) has a weighted grade point average of “67.92.” Relatively scarce SLQs are weighed more than relatively less scarce dates. The rules of the PCGS registry provide for “bonus points” that are awarded to SLQs with FH designations.

The sixth “All-Time Finest” Basic SLQ set in the PCGS registry was formed by Pat McInally, who was the lead punter for the Cincinnati Bengals during the football seasons from 1976 to 1985. In 1977, 1978 and 1980, he caught a significant number of passes. In the NFL, it is very unusual for a punter to also be a regular receiver. McInally’s SLQ set had a “Weighted GPA” of “67.59.” While “67.59” not nearly as high as the “Weighted GPA” of the Malibu SLQ set, “67.92,” it is impressive. Also, Malibu’s set is the #2 SLQ set in the NGC registry as well, though Malibu did not fully update his listing in the NGC registry and some SLQs that were just auctioned are not listed.

Both the PCGS and the NGC registries provide the most weight to the scarcest dates. Generally, the 1916, the 1918/7-S and the 1927-S are the queens of the SLQ series, closely followed by the 1923-S and then the 1921. The 1919-D and the 1919-S are very rare with a FH, but not rare without. The 1920-S SLQ issue is also relatively rare with a FH.

In the PCGS registry, the “Basic” SLQ sets do not include the 1918/7-S overdate, though the ‘variety’ SLQ sets do. It seems that, according to the PCGS, the 1918/7-S is the only ‘major variety’ in the SLQ series. In my view, the 1918/7-S is an overdate that has the status of a distinct date; it should not be referred to as a ‘major variety.’

In any event, Malibu’s set is ‘100% FH’ in accordance with the rules for ‘Basic’ sets of SLQs in the PCGS registry. The #1 SLQ set is ‘91.89% Full Head’ because three SLQs in the set, including a 1927-S, lack a FH. The Malibu SLQ set is thus the “All-Time Finest” in the PCGS registry that is ‘100% FH.’ Indeed, on the PCGS ‘all-time’ list of Basic sets of SLQs, the Malibu set is one of only five sets that are both ‘100% Complete’ and ‘100% FH’!

III. Type One Standing Liberty Quarters

The most famous date in the series of SLQs is the 1916. In addition to being the first year of issue, it is the first issue of a two-year type. A breast of Miss Liberty is exposed on the first type of SLQs, which were minted in 1916 and 1917. Evidently, people were offended. She is well covered on the SLQs of the second type, which were minted from 1917 to 1930. A subtype that was minted from 1925 to 1930 is sometimes referred to as a third distinct type, but it really involved just minor modifications of the design.

The Malibu 1916 is PCGS graded MS-67FH and it has a sticker of approval from the CAC. All of the Malibu SLQs are PCGS graded and all have a ‘FH’ (Full Head) designation from the PCGS. Many of these quarters have a sticker of approval from the CAC.

The PCGS has certified only two 1916 SLQs as MS-67FH. Only one 1916 SLQ has received a higher grade from the PCGS, one that is graded MS-67+ FH, which, curiously, was sold in this same auction, though it was not part of the Malibu collection.

The Malibu 1916 SLQ (“MS-67 FH” with CAC) sold for $115,000 and, less than an hour later, the Brandon Smith, PCGS graded MS-67+ FH 1916 SLQ sold for $195,500. Dr. Brandon Smith consigned this 1916 SLQ to the Heritage ANA Auction in Boston in Aug. 2010. It was then graded 67, not 67+. To some extent, I discuss the Dr. Brandon Smith collection in my column of July 21.

The Brandon Smith 1916 also has a sticker of approval from the CAC. Jeff Ambio regards it as “awesome.” I find it interesting that, at the Jan. 2000 FUN Convention, this same Brandon Smith 1916, then in the collection of an anonymous “East Coast collector,” was auctioned by Heritage for $89,125.

This Brandon Smith 1916 quarter had a CAC sticker when it was graded 67FH and it had one after it was upgraded to 67+ FH. If a PCGS graded 67 coin has been approved by the CAC, this means that experts at the CAC have determined that, in their view, the coin’s grade is in the middle OR ‘high end’ of the 67 grade range. The CAC will not approve (or reject) plus grades from the PCGS or the NGC. In another words, if a coin that is PCGS graded 67+ has a CAC sticker of approval, then PCGS graders determined that this coin’s grade is in ‘high end’ of the 67 grade range, while CAC experts are only asserting, via a sticker, that its grade is in the middle OR ‘high end’ of the 67 range. Put differently, CAC experts may approve a 67+ grade coin even if they conclude that its grade is just a mid range 67 and does not merit a 67+ grade. Moreover, the PCGS started using plus grades in 2010 and a coin that was PCGS graded 67 at an earlier time may have then been determined to merit a grade in the low end, mid range or high end (+) of the 67 range. Here, the grade 67 is used as an example to illustrate points that apply to many numerical grades.

While 1916 SLQs are scarce in all grades, Type One 1917s are common. Indeed, the Malibu 1917 Philadelphia Mint Type One quarter is one of the least scarce coins in the Malibu collection. It is important, though, as a type coin. Dozens have been graded MS-67FH by the PCGS. The Malibu Type One 1917 realized $3795.

There is widescale demand for 1917 Type One SLQs. In addition to collectors seeking to complete sets of SLQs, tens of thousands of collectors seek to assemble type sets that include one Type One SLQ and one Type Two SLQ.

IV. 1917 Type Two SLQ

The 1917 Philadelphia Mint Type Two quarter is much more of a condition rarity and is much less significant as a type coin than its Type One counterpart. The Malibu Type Two 1917 is one of just seven graded ‘67FH’ by the PCGS and the PCGS has not assigned a higher grade to a 1917 Type Two quarter. Further, it has a sticker of approval from the CAC. It sold for $19,550. In contrast, a 65FH grade 1917 Type Two SLQ would be worth, at most, $1000.

The PCGS price guide value was $17,000 before it was increased to $19,500 after this coin sold at auction. This exact same Malibu 1917 Type Two SLQ was auctioned by Heritage for $18,400 in Jan. 2007, though it was not then owned by Malibu. By late 2006, just five had been PCGS graded 67FH. Now, there are seven. In my view, the market for this coin was a little stronger in Jan. 2007 than it is now. Interestingly, a different Type Two 1917, with the same certification, was auctioned by Heritage for $17,250 in Nov. 2005. Markets for MS-66 and higher grade SLQs probably peaked a few years ago. In my view, $19,550 is a strong price for this coin, in Nov. 2010.

Mark Feld “would have guessed” that this Malibu 1917 would realize $18,400 now. I asked him, however, before I knew that the exact same coin sold for $18,400 in 2007, and he may not be aware of this point. Additionally, Feld maintains that this coin is “nice for the grade” and he recommended it to one of his collector-clients. Also, as the CAC did not formally begin operations until Oct. 2007, it could not have had a CAC sticker in Jan. 2007.

Feld was employed as a full-time grader for the NGC from 1991 to 1998. Earlier, he was a buyer for David Hall’s firm, a cataloguer and auctioneer for Heritage, and a salesman for Steve Ivy Rare Coins. Since 2004, Mark has been his own boss. Feld viewed the Malibu collection of SLQs and made recommendations to his clients.

V. Key SLQs in the Malibu Collection

In high grades with a ‘Full Head,’ one of the most elusive dates in the SLQ series is the 1919-Denver Mint issue. The PCGS has graded four as 66FH, just one, the Malibu coin, as 66+ FH, and none at a higher level. This coin is thus of tremendous importance to a collector who is forming a set that is, or will be, entered into the PCGS Registry.

Jeff Ambio, the cataloguer, is aware of “no other 1919-D that even comes close to this coin.” Ambio has catalogued several gem quality sets of SLQs, including the James Lull set that B&M auctioned in August 2006. The Malibu 1919-D and the Lull 1919-D are the same coin. It realized $80,500 in 2006, when it was graded 66, not 66+. The PCGS did not introduce plus grades until March 2010.

Feld likes this 1919-D, too. He “would have guessed $97,750 on this one.” The $109,250 result is certainly a noteworthy price for a 1919-D quarter.

The Malibu 1923-San Francisco Mint quarter (67FH) brought a little less, $20,700, than Feld expected, $23,000. In contrast, Ambio concludes that the result is “extremely strong.” Feld “thought it was extremely attractive, but just short of a FH.” The online images are certainly appealing.

The James Lull 1923-S, which is NGC certified 67FH with a star for eye appeal, sold for $20,700 in 2006. It is clearly a different coin.

I have always thought of the 1926-Denver Mint issue as being one of the most difficult of all SLQs to find in high grade, especially with a full head (FH). In an encyclopedia that was published in 1988, researcher Walter Breen asserted that the 1926-D SLQ with a FH is rarer than the 1926-S with a FH.

The Malibu 1926-D (66FH) was auctioned for $31,625 on Nov. 4, 2010, $31,050 in Aug. 2004, and $27,025 in Sept. 1998, which must have been an astonishing price in 1998! I wonder if the number of 1926-D quarters that have been PCGS graded 66FH increased substantially over the last dozen years. An increase in the supply of a good will have a downward effect on price, though prices may still rise if the demand increases enough to more than offset the effects of an increase in supply. Also, my sources suggest that there are at least three 1926-D quarters that are of distinctively higher quality than the Malibu 1926-D SLQ.

The Malibu 1926-S brought almost as much, $28,750, as the 1926-D, $31,625. The Malibu 1926-S (66FH with CAC) is also formerly in the ‘Chicagoland’ collection of SLQs. Like the Chicagoland-Malibu 1926-D, Heritage auctioned the Chicagoland-Malibu 1926-S in Aug. 2004. It then realized $32,200. Curiously, a different PCGS graded 66FH 1926-D SLQ was sold by Heritage for even more, $34,500, in Jan. 2000, when coin markets overall were very weak.

In Jan. 2000, only six 1926-S SLQs had been certified by the PCGS as 66FH. By July 2004, nine had been. Now there are ten, an increase of only one sine July 2004. So, there may not have been any grade-inflation in regard to 66FH 1926-S SLQs since 2004, as the one addition could have been a never before certified 1926-S or one that was earlier graded by the NGC.

As for the Malibu 1926-S, Jeff Ambio remarks that “the strike is so-so, but better than average for a ‘26-S. The surfaces are [naturally] smooth, and the luster on this coin is quite nice.” Overall, Ambio was not thrilled about this coin and did not think of it as one of the prizes in the Malibu collection

I (this writer) suspect that buyers of superb SLQs have become more sophisticated than they were a few years ago, or have hired expert advisors. So, some of the coins that seem to bring not so strong prices may not be that great.

The James Lull 1926-S (also 66FH) realized $40,250 in the B&M Denver ANA auction in 2006. Is it of higher quality than the Malibu 1926-S SLQ?

Though the 1926-D and the ‘26-S are rare in 65 and higher grades with a FH, the 1927-S is both rare with a FH and scarce overall, in any grade. Indeed, the 1927-S is the scarcest SLQ minted after 1918. Even an Extremely Fine grade 1927-S (EF-40) may retail for more than a thousand dollars. The Lull 1927-S, which is PCGS graded 65FH, sold for $126,500 in 2006.

It is interesting that in 2006, in the present, and, presumably, during the interim, there has been a PCGS population of just two 1927-S SLQs in 66FH and none have received a higher grade from the PCGS. There are also just two that are PCGS certified 65FH.

The Malibu 1927-S is the only one to have received a 65+ FH grade. It was thus graded or upgraded in 2010. Also, the PCGS has graded four 1927-S quarters as 67 and twenty-nine as 66, without a FH designation. Many 1927-S quarters have flat heads.

The Malibu 1927-S (65+ FH) sold for $149,500. “This coin, I really like,” Ambio declares, “especially for s ‘27-S. [Jeff] cannot imagine a nicer 65 FH ‘27-S out there. It has magic white surfaces, there are hardly any marks, and the luster is booming. Nice FH strike as well,” according to Ambio.

Though the 1928-D is nowhere near as scarce as the 1927-S overall, Full Head 1928-D quarters that grade over 63 are truly rare. Feld recommended the Malibu 1928-D to a collector-bidder. “This one had a great overall look to it,” Feld says. It brought $17,825, though Mark “would have guessed $17,250, but it was a really tough one to figure,” Feld relates.

Jeff Ambio finds that “this is a very strong coin, and price, for the 1928-D issue. I [Jeff] really like this piece. The only soft striking detail [Ambio] can see is on the innermost shield rivets.” The online images suggest to me (this writer) that the obverse (front) of this coin has appealing multi-colored toning.

The Malibu ‘28-D is graded 66+ FH and has a sticker of approval from the CAC. The PCGS has graded two 1928-D quarters as 67 FH. On of these two, the ‘Chicagoland’ collection coin, was auctioned by Heritage for $27,600 in Jan. 2003. The other 67FH ‘28-D was also sold by Heritage, shortly afterwards in Feb. 2003 for $24,150. It was in the “Hans Poetsch Collection.”

The Lull ‘28-D, PCGS graded 65 FH, is sharply struck as well, though not to the same extent as the Malibu ‘28-D quarter. The Lull coin sold for $4370 in 2006.

Feld and Ambio indicate that the Malibu 1928-D is especially choice for a 66 grade SLQ. So, the $17,825 price may be both strong and fair. One of the 67FH graded coins would probably have cost more than twice as much, if it were in a major coin auction over the last few months.

Mark Feld states that the Malibu 1930 (67FH with CAC) is a “great looking toned coin that appears not to have been dipped.” Feld is “partial to toned pieces and biased against color-free ones, especially those that have been dipped. [Mark] would have guessed $5175 on this one.” It went for $6325. It is a common date and it is one of probably twenty different coins that is graded 67FH by the PCGS.

The Malibu collection contained an astonishing nineteen different dates of SLQs that are each PCGS graded 67 or higher. Moreover, this Malibu set had very highly ranked representatives of the better dates. As 1921 is a key date, I should mention the Malibu 1921, which is graded 66+ FH and has a CAC sticker. It sold for $10,925. Even an AU-55 grade 1921 SLQ is worth more than a thousand dollars!

Though the Malibu set of SLQs is extremely important and will be remembered for a long time, it would have made sense for this collector to acquire a 1918/7-S and make the inclusion of a 1918/7-S clear in the PCGS Registry and/or elsewhere. The presence of a 1918/7-S would have given this set a higher place in the minds of SLQ enthusiasts and researchers.

©2010 Greg Reynolds

Related posts:

1. Coin Rarities & Related Topics: The Malibu Collection of Proof Liberty Seated Quarters, with information for beginning and intermediate collectors
2. Coin Rarities & Related Topics: Stack’s auction of the W. L. Carson Collection of Proof Coins
3. Coin Rarities & Related Topics: The Henry Miller Collection

If you collect a set (or sets) and are competing in the Set Registry, the chances are good that you’ve struggled with the Dilemma of the Placeholder. Let’s examine the Pros and Cons of buying a placeholder coin and try to decide whether this is a smart collecting strategy or not.

First off, let’s define what a “placeholder coin” is. I view a placeholder coin as one that you buy as a stop gap. As an example, say that you are assembling a set of Indian Head eagles. One of the few dates that you are missing is a 1911-D. One comes up for sale at auction in a grade lower than what you really want. You decide to buy it anyway because of the fact that it a) fills a gaping hole in your set and b) gives you a sufficient number of Registry Set points that you move up a notch and pass Collector X. Was this is a smart purchase or not?

Let’s look at the pros of buying a placeholder coin. The first is the measure of satisfaction that filling a really nagging hole can give. There is nothing more frustrating for our hypothetical collector than seeing a big ol’ ugly blank every time he looks at his set inventory – especially if he has a nice date run before and after the missing coin. Coin collecting is a very emotional hobby and the Karmic Value of filling a hole is hard to put a value on.

Another pro is the fact that a Placeholder coin might grow in appeal on the owner. I’m going to assume that as a collector you are smart enough to not buy something truly hideous and to at least hold out for a moderately attractive placeholder. You might learn that your placeholder is actually so rare that it represents the only coin that you are likely to have a shot to buy.

For some collectors a placeholder coin represents a practical decision. Let’s say for example that you are assembling a gold type set from the 19th and 20th centuries and that you don’t have the ability to spend $100,000+ on a nice 1808 quarter eagle. In this case, a decent looking coin in, say, an NCS holder with EF sharpness but with signs of an old cleaning at $40,000-50,000 might be a savvy purchase; especially given the fact that an uncleaned 1808 quarter eagle in this price range might take years and years to locate.

For every pro there is a con, so now let’s look at the cons of buying placeholder coins. To my way of thinking, the biggest con about a placeholder coin is the fact that you know you are going to have to replace it. Unless the market goes up in your series, you are probably going to lose money on it when you sell it. Let’s say, for example, that Collector Z buys the mythical 1911-D eagle we discussed above. He purchases one for $10,500 that’s decent but not really a great looking coin due to the presence of some marks on the obverse. A year later he finds the right coin and it’s going to cost him $27,500. Unless Collector Z has a buyback or “trade up” agreement with the dealer he bought it from he’s probably going to take a 10-15% hit on the coin. Let’s say he’s sells it at auction and nets $9,250; a loss of $1,250. This brings the actual cost of his new coin to $28,750.

Another con about collectors buying placeholder coins is that it teaches them bad collecting habits. I’m a big believer in buying the right coin the first time. I’ve seen some collectors “self-churn” themselves as they buy a 1911-D eagle first in MS61, then upgrade to an MS62 then upgrade to an MS63 and so on. As I just mentioned above, there are transaction costs that will hit you in the wallet every time you upgrade. It also flies in the face of something that I try to teach new collectors: be patient and wait for the right coin. The Coin Gods like to play games with impatient collectors and I can’t tell you the number of times I’ve seen a collector settle on an inferior coin only to have the absolutely perfect coin come along a week, a month or a year later.

So, the bottom line: placeholder coins, yes or no? I’d say in the majority of cases “no”. The exception would be if you are buying something that is so readily liquid and has a tight enough buy/sell spread (a coin like a $50 Pan-Pac Round) that even a short-term hold isn’t likely to have negative impact on its value.

Doug Winter
www.raregoldcoins.com
For more information on U.S. gold coins please contact me via email at dwn@ont.com

Related posts:

1. The Numismatic Double Play: Revisiting A Buying Strategy for US Gold Coins.
2. U.S.’s dilemma: It costs 1.7 cents to make a penny
3. Smart Coin Collecting 101: Avoiding the Churn

The consignor of Joshua II did it, and did it convincingly, and with the same style that characterizes his many other Registry leading collections. This set has a collecting background measured in decades, with such uniform quality across the series that the hard work of collecting is almost unimaginable. Heritage has been proud to offer many other collections, of equal quality and note, from this distinguished numismatist. s.

As might be expected from such a high quality set, many of the coins are the finest known of their date. In addition, every circulation strike dime has obtained with the Full Bands designation, and 46 of the 79 coins have the CAC affirmation as well. Each coin grades at least MS66, with the 1939-D, a date called “the quintessential type coin” by David Lange, reaching an astounding MS69 to go along with its full bands. Of course, the overall quality of this set is by no means limited to type coins; the key date 1916-D grades MS67 with full bands, and is one of only seven known in the grade from PCGS with none finer.

A collection like this has innumerable highlights; these are just a few:

• 1918-S 10C MS67 Full Bands PCGS. CAC. Two in this grade, none finer.
• 1919-D 10C MS66 Full Bands PCGS. CAC. Five in this grade, none finer.
• 1919-S 10C MS66 Full Bands PCGS. CAC. Two in this grade at PCGS, one finer.
• 1920-S 10C MS67 Full Bands PCGS. CAC. Three in this grade, none finer.
• 1924-S 10C MS66 Full Bands PCGS. Two in this grade at PCGS, none finer.
• 1925-S 10C MS67 Full Bands PCGS. CAC. Four in this grade at PCGS, none finer.
• 1926-S 10C MS67 Full Bands PCGS. CAC. Two in this grade, none finer.
• 1931-S 10C MS67 Full Bands PCGS. CAC. Five in this grade at PCGS, none finer.
• 1937-S 10C MS68 Full Bands PCGS. CAC. The single finest certified example of the date.
• 1942/1 10C MS66 Full Bands PCGS. FS-101. Six in this grade at PCGS, none finer.
• 1942/1-D 10C MS66 Full Bands PCGS. CAC. FS-101. Unsurpassed at PCGS.

Related posts:

1. Heritage to Offer Two Spectacular Mercury Dimes at the Platinum Night Auction Tomorrow
2. The Finest $10 Indian Head Eagle Gold Coin Registry Set: The Simpson Collection
3. PCGS To Dispaly All-Time Finest Registry Set of Early U.S. Half Dollars at FUN

On Wed., Aug 11, during the Platinum Night event of the Summer 2010 ANA auction in Boston, the all-time greatest collection of Barber Half Dollars will be auctioned. This set was assembled and consigned by Dr. Steven Duckor.

I. Overview

Here in part 1, I will introduce Dr. Duckor’s collection, mention the last two coins that were added, focus on his 1904-S half, and discuss the evolution of his set of Barber halves. In part 2, the historical and cultural importance of this set will be analyzed, along with references to other landmark sets of Barber Halves, including those of Thaine Price, Louis Eliasberg and the Norweb family. Plus, there will be some additional information in at least one of my Wednesday morning columns. Please read tomorrow’s column.

All of Dr. Duckor’s coins are authenticated, graded, and encapsulated by the Professional Coin Grading Service. During the Spring, the entire set was re-evaluated by the PCGS under the new SecurePlus™ program. Twenty-seven of Duckor’s halves received plus grades, Duckor himself reports, and “one coin fully upgraded to the next grade.”

In accordance with the rules of the PCGS registry, Duckor’s primary set has a “weighted” grade point average of “66.776.” With inclusion of the rare and recognized 1892 Micro O variety, his GPA drops a little to “66.72” The second ‘current finest’ set is owned by Dr. Peter Shireman and it is third on the “all-time” list. My guess, though, is that the Thaine Price collection is superior to that of Shireman. In accordance with current grading criteria, some of Price’s coins would merit higher grades than these received in the 1990s.

I am not referring to Dr. Duckor’s set of Barber Half Dollars as the ‘all-time’ best because it is the number one “All-Time Finest” in the PCGS registry, though this is so. I am referring to it as the greatest collection of business strike Barber Halves of all time because it is superior to any other, better than those that were disbursed before the PCGS was founded, and better than those that include a mix of PCGS and NGC certified coins. I have spent considerable time researching and analyzing the topic of business strike Barber Half Dollars.

Actually, so few collectors have even attempted to assemble gem quality, complete sets of business strike Barber Halves, it was not that difficult to determine that the Duckor collection is the greatest of all time. References to other sets of Barber Halves are central to an understanding of Dr. Duckor’s set. In terms of the culture of coin collecting, Dr. Duckor’s set of Barber Halves is perhaps the most important collection to be auctioned in Boston this August, even though tens of millions of dollars worth of rare coins, including several wonderful collections, will be sold.

Unfortunately, I am not able here to extensively discuss many of the individual Barber Halves in the collection. The objectives of this two-part series are to explain the importance of this set, to provide information about its evolution, to relate it to other sets of Barber Halves, and to discuss the meaning of this set in the context of the history and traditions of coin collecting in the United States. I will mention a few specific Barber Halves in my weekly columns, starting tomorrow.

Mark Borckardt, surely, did an admirable job of cataloguing Dr. Duckor’s coins. I strongly recommend that collectors read the catalogue. Even collectors who cannot afford these halves will find the catalogue to be educational and interesting. In order to understand the coins that a collector possesses, it is necessary for him or her to learn about coins that are not affordable.

Of course, it is theoretically possible that a higher quality set of Barber Halves could have existed, or may be tucked away somewhere. It is also theoretically possible that there could exist multiple, undiscovered, gem quality 1894-S dimes, 1804 dollars, 1870-S Three Dollar gold pieces, 1927-D Saints and 1964-D Peace Dollars. Some possibilities, however, are just too remote to be worth considering. Besides, while Barber Halves are not rare in absolute terms, several dates are extremely rare in MS-65 and higher grades. Most of the gems of these key dates have been tracked. It is remotely possible, though not plausible, that there is (or ever was) a secret collection that is of higher quality than the Duckor set of Barber Halves.

II. The Duckor 1904-S

Perhaps the three most valuable coins in Dr. Duckor’s set of Barber Halves are his 1892 Micro O, his 1896-O and his 1904-S. While the 1892 Micro O is very scarce in all grades, and, of course, rare in high grades, it is a variety of the 1892-O date. Dr. Duckor emphasizes that the “two dates that are the rarest Barber halves in MS-65, or higher [grade], are the ‘96-O and the ‘04-S.”

Much attention will be paid to the Duckor 1904-S. It is one of only two that is PCGS graded MS-67, and it is the only certified MS-67 grade 1904-S to have received a sticker of approval from the CAC. Curiously, of the five top 1904-S halves listed in Borckardt’s condition ranking, I have seen all but this one. While I have viewed much of Dr. Duckor’s set, for one reason or another, I never saw the Duckor 1904-S.

The other PCGS graded MS-67 1904-S is in the collection of Dr. Peter Shireman. It was earlier in the Norweb family collection, and was auctioned in Nov. 1988. It then realized $17,050, an exorbitant price at the time. I have seen this coin and I was impressed by the toning. I would like to see it again before commenting upon its grade. It certainly has natural toning and no significant flaws.

The Emery-Nichols-Thaine Price-Hugon 1904-S is NGC graded MS-67. I have examined it on more than one occasion. In his 1998 catalogue of the Thaine Price collection, David Akers states that “it was undoubtedly purchased by S. Benton Emery directly from the Mint and thus has had only a couple of owners in the past ninety-four years.” My impression is that Akers is referring to four owners, Emery, Nichols, himself and Thaine Price. Yes, my belief is that this is another of many Barber Halves that Akers obtained directly at the auction of the Emery-Nichols collection for Akers’ personal collection. Later, he sold it to Thaine Price, I guess.

The first time that I saw this coin I graded it as 66+. Years before the PCGS or the NGC considered formally using plus grades, coin enthusiasts did so on their own. The second time, I concurred that it merits a MS-67 grade. Dr. Duckor agrees, and states that “it is an absolutely solid 67”! He does believe, though, his 1904-S is of higher quality, and it might very well be. Duckor thought that the Emery-Nichols-Price 1904-S “went cheap” at the Jan. 2005 auction of the Hugon collection, where it realized $92,000.

The Eliasberg 1904-S was obtained by J. M. Clapp directly from the San Francisco Mint. It was in the “Stellar” collection at one time. Please see my inaugural column for a little discussion of the “Stellar” collection. The Eliasberg 1904-S was in the Dale Friend collection when Friend’s set of Barber Halves was auctioned by Heritage in Jan. 2009. It is PCGS graded MS-66 and has a CAC sticker of approval. I like it. In my view, its grade is in the middle of the 66 range. Moreover, it is more than very attractive. It realized $80,500 in Jan. 2009.

The PCGS price guide values a 1904-S half in MS-67 grade at $110,000, and the Numismedia guide provides a value of $117,000. The Duckor 1904-S was earlier in the collection of James A. Stack, Sr., which is one of the fifteen all-time greatest collections of U.S. coins. My understanding is that David Akers purchased it at the 1975 auction of James A. Stack’s quarters and halves, or soon afterwards, for his own collection. In 1992, Akers sold it to Dr. Duckor. The late James A. Stack, Sr. is not related to the Stack family that founded the Stack’s coin firm. He had some really terrific Barber Halves. It will be interesting to see how much the Duckor 1904-S will realize at auction in August.

III. The Evolution of Duckor’s collection

Dr. Duckor began collecting Barber halves in 1991. By then, he had many years of experience as an advanced coin collector. Moreover, Duckor was mentored by one of the most knowledgeable dealers of all time, David Akers. While Akers is widely recognized as an expert in gold coins, Akers was also a specialist in Barber Halves and devoted years to studying them. My research suggests, though Akers might deny it, that Akers was personally and very seriously collecting Barber Halves in the 1980s and sold, over time, much of his collection to Duckor. Akers also sold many gem quality Barber Halves to Thaine Price.

In addition to acquiring a sizeable portion of his Barber Half collection from Akers, Dr. Duckor cherrypicked coins from the Hugon, Thaine Price and Dale Friend collections. Indeed, Duckor bought a large number of Barber Half Dollars at the May 19, 1998 auction of the Thaine Price collection.

David Akers catalogued the Thaine Price collection and this catalogue is a wonderful reference for Barber Halves and early 20th century gold coins. While I have referred to it innumerable times, I was surprised when Dr. Duckor told me that he has “taken” his copy of the Thaine Price auction catalogue “on every trip to Hawaii over the last dozen years.”

During the eighteen or so years that Duckor collected Barber Halves, he frequently upgraded; he replaced coins with higher quality representatives of the same respective dates. In 2002, Dale Friend traveled to meet Duckor and they arranged trades at the bank that houses Dr. Duckor’s collection. Generally, Dr. Duckor sold duplicates.

Dr. Duckor’s Barber Half set was initially completed in 2002. “Between 1998 and 2002,” Duckor recounts that he “did not buy any coins. [He still] needed a 1909-S. [Dr. Duckor] flew to New York to see the 1909-S in the Queller sale.” Stack’s auctioned David Queller’s collection of half dollars in Oct. 2002, at which time Duckor finished his set. The Queller-Duckor 1909-S was earlier in the James A. Stack, Sr. collection.

In fact, several Barber Halves in the Queller collection were earlier in the James A. Stack, Sr. collection and these brought substantial sums at the auction of Queller’s halves. For example, the Queller 1904-O, earlier in the James A. Stack collection, brought $25,300, a stunning price for a 1904-O at the time, or at any time. The bidders at the Queller sale, which included many expert graders, must of thought that some of the J. A. Stack – David Queller Barber Halves were of astonishing quality for their respective dates.

Also, Duckor “met Stewart Blay for the first time at the Queller sale in 2002.” Blay is a legendary collector of small cents and Barber coins, and is widely recognized as an expert grader of most copper and silver series of U.S. coins

Dr. Duckor’s 1911-S half is also from the Queller collection, though it was acquired years after the 2002 Queller sale. It sold for $14,950 in 2002. It is now PCGS graded “MS-67+” and is valued at “$25,000” in the PCGS price guide.

Dr. Duckor feels fortunate to have been “able to get the 1915-S in PCGS 67 at the May 2008 Long Beach Heritage auction from the Silbermunzen collection, which was off the market for almost 20 years!”

The Silbermunzen collection will be best remembered for 19th century quarters. It was curious that it contained a superb 1915-S half. From 1991 to early 2008, Dr. Duckor could not find a 1915-S that he graded higher than MS-65. I saw the Silbermunzen-Duckor 1915-S. It has neat blue and russet toning and no significant marks. It was the second to last Barber Half that he obtained.

The “last coin” for this set was acquired by Dr. Duckor in early 2009. Previously, Dr. Duckor purchased the Thaine Price 1905 half at the May 1998 auction. The Thaine Price 1905 is PCGS graded MS-67.

“More than fifteen years ago,” Duckor recounts, “David Akers called [Duckor] and said that [Akers] saw the most incredible Barber Half that [Akers had] ever seen.” Duckor promptly inquired and Akers indicated that it was “already sold to Jay Parrino and that it [was] in the Knoxville collection.” In 2009, Duckor “was offered” this same 1905 half, which was NGC graded MS-68. Dr. Duckor “got it crossed”; it became PCGS graded MS-68. In 2010, it was PCGS graded “MS-68+.” Before the implementation of the SecurePlus program in 2010, the PCGS did not award plus grades.

The “Knoxville” collection is the all-time best type set of U.S. silver coins. Jay Parrino guided a collector in the building of this set in the late 1980s and early 1990s. In 2003, Parrino sold all the coins in this set. The collector, who owned the ‘Knoxville’ set, does not, and probably never did, live in Knoxville, Tennessee.

The Knoxville 1905 is thus the last addition to Dr. Duckor’s set of Barber Halves. As far as I know, it is the only Barber Half Dollar of any date that is PCGS certified as “MS-68+”!

Dr. Duckor feels “fortunate” to have been collecting during an era when most of the greatest Barber Halves were available to him. The availability of these halves, and their sources, will be discussed in Part 2, along with general references to the business strike Barber Halves in the Eliasberg, Norweb, Emery-Nichols and Thaine Price collections. The topic of segregating business strikes from Proofs will be analyzed.

©2010 Greg Reynolds

Related posts:

1. All-Time Greatest Collection of Barber Half Dollars to be Auctioned in Boston, Part 2
2. Heritage to Offer The Witham Collection of Capped Bust Half Dollars at Boston ANA
3. Dr. Duckor’s Barber Quarter Coin Collection to be Auctioned

Noted as a pedigree collection and officially named American Independence, it will include Gold Quarter Eagles, Gold Eagles and Gold Half Eagles. It is the first time a new section has been added to the registry in years.

With this new designation, collectors will now be able to register and display photos of their early U.S. gold coins, interact with other collectors, and compete for awards and recognition.

The NGC is the largest coin registry of its kind, widely recognized as the definitive showcase of the world’s most valuable and important coins.

According to Scott Schechter, NGC Vice President, Sales & Marketing, “The newly-created early gold sets in the NGC Registry are definitely among the most difficult to complete. To attempt them is to undertake a long and serious pursuit. This underscores the achievement of the American Independence collection, which consists of high-grade and attractive examples of these challenging coins. As it continues to grow, it should be a milestone Registry collection.”

Tom Pilitowski is currently the exclusive representative of the American Independence collection and owner of U.S. Rare Coin Investments in Port Charlotte, Florida. “This new pedigree of Early U.S. Gold now makes these coins eligible for NGC grading and authentication,” Pilitowski said. “More importantly, it will bring attention to the historical significance of U.S. gold coins that date back to this country’s founding.”

Pilitowski is an expert on early U.S. gold coins and has formed many collections, ranging from an extremely rare 1795 9 Leave Eagle in MS-61 in what has been known as the Denver Collection to several sets of Early Half Eagles.

“American Independence is proving to be a high-quality collection that contains some of the most valuable early U.S. gold and silver rarities that were struck at the Philadelphia mint. It also includes Colonial coins that circulated in the 13 colonies at a much earlier time,” Pilitowski explained. “These coins are true Americana.”

Pilitowski has spent more than a year acquiring the coins for the collection from a full array of sources, ranging from private collectors to major auctions across the U.S.

Among his finds are a 1795 Half Eagle, a 1795 Eagle, a 1796 Eagle and a 1795 $10 Eagle gold piece minted when George Washington was still president. Eagles and half Eagles were designed by Chief Engraver Robert Scot and feature the national bird on one side and a woman wearing a cloth cap with the legend LIBERTY on the other. The woman is rumored to be Martha Washington, although that theory has never been confirmed. Nonetheless, Eagles represent the first time in U.S. history when a female was pictured on coins.

One of the most valuable pieces of the American Independence collection is a Massachusetts Pine Tree Schilling from 1652. It is from the pre-Federal era before the government mint was established when the U.S. colonies produced their own money.

According to Pilitowski, the coins currently in the collection are in a high state of preservation, almost uncirculated to uncirculated grades, making them all the more valuable.

“American Independence is an important collection that will take years to build and ultimately be worth millions of dollars,” Pilitowski said. “It will create exposure and recognition for early American gold coinage, a very special time in our county’s numismatic history.”

About U.S. Rare Coin Investments:

U.S. Rare Coin Investments is a high-end rare coin and gold coin dealer, working with seasoned collectors, dealers, as well as new investors. Established in 1979, the company is led by professional numismatist Tom Pilitowski, who has an excellent reputation based on his knowledge of numismatics and his widespread connections within the trade as well as with thousands of collectors. For more information, visit the U.S. Rare Coin Investments website at www.USRareCoinInvestments.com or call 1-800-624-1870.

Related posts:

1. PCGS To Dispaly All-Time Finest Registry Set of Early U.S. Half Dollars at FUN
2. Some “Secret” Varieties of Early U.S. Gold Coins
3. A Look at Early U.S. Gold Coins