1879 Flowing Hair stella leads the way with $161,000; strong prices signal optimism in the market

With a sell-through rate of 90% by lot and 88% by dollar value, and almost 3300 bidders, Heritage Auctions’ Oct. 23-24 Dallas Signature® U.S. Coin Auction soared to $8.7 million total. All prices include a 15% Buyer’s Premium.

The impressive tally is a good sign for the coin market and provides strong momentum as the numismatic world prepares for the January FUN auctions, long a solid indicator of the overall strength of the business and a benchmark by which to judge the coming year.

“We saw some very strong prices in some unexpected areas,” said Greg Rohan, President of Heritage Auctions. “The rare coin market seems to be almost fully recovered in many areas, and perhaps even headed for record price levels next year.”

A stunning 1879 Flowing Hair stella struck in gold, Judd-1635, Pollock-1833, PR65 NGC was the top lot of the Heritage Auctions event, with a price realized of $161,000 for this international trade coinage pattern, which bears a Flowing Hair portrait of Liberty by Charles Barber. Demand for the issue is far greater than the supply; only a few hundred of the gold 1879 Flowing Hair stellas were minted and distributed, mainly to interested members of Congress.

A 1925-S $20 MS66 NGC Saint-Gaudens double eagle, one of the prime condition rarities in the series, illustrated the continued demand for prime examples of these numismatic masterpieces, and that collectors are willing to pay significant sums to obtain the best specimens as it realized $149,500. The 1925-S is more available to collectors in circulated condition than Mint State, unusual for mintmarked double eagles of the time period, and high-grade survivors are prized rarities. The 1925-S in the Dallas auction is tied for the fourth best known of its kind.

Collectors were also closely following a 1927-S $20 MS66 NGC in the Dallas auction, and the result was spirited bidding that resulted in a $109,250 total. In today’s market, the 1927-S double eagle is somewhat overshadowed by its close cousin, the 1927-D, though 50 years ago the 1927-S was thought to be the greater rarity. Probably only 160-170 specimens of the 1927-S double eagle survive today. (more…)