Important News! CoinLink has merged..... Visit our NEW Site www.CoinWeek.com

BREAKING NEWS:....... Vist Our NEW Site at CoinWeek.com

All Posts Tagged With: "US Coins"

US Mint to Begin Selling Mount Hood Quarters Next Week Followed by Ceremonies

WASHINGTON – Quarter-dollar coins honoring Mount Hood National Forest in Oregon will enter into circulation on November 15. At noon Eastern Time (ET) the same day, the United States Mint will begin accepting orders for collectible bags and two-roll sets containing the new coin. The bags are priced at $35.95 each, and the two-roll sets are priced at $32.95 each. The Mount Hood National Forest quarter is the fifth coin released in the America the Beautiful Quarters® Program.

The bags and rolls contain circulating quality coins that were struck on the main production floors of the United States Mint facilities at Denver and Philadelphia. The two-roll set includes one roll each of 40 coins-one each bearing the “P” and “D” mint marks. The distinctive packaging displays the name of the national park or site, state abbreviation, mint of origin and “$10,” the face value of its contents. Each canvas bag contains 100 coins and bears a tag denoting the mint of origin, name of the national park or site, state abbreviation and “$25,” the face value of its contents.

Orders will be accepted at the United States Mint’s Web site, http://www.usmint.gov/catalog, or at the toll-free number, 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers may order at 1-888-321-MINT. A shipping and handling fee of $4.95 will be added to all domestic orders.

Mount Hood’s last major eruption was in 1790, 15 years before Lewis and Clark’s expedition to the Pacific Northwest. But on Wednesday, November 17, the public is invited to witness an eruption of a different kind, as thousands of new quarter-dollar coins struck in honor of Mount Hood National Forest are released during a ceremony in nearby Portland, Oregon. The ceremony will take place at 10:30 a.m. Pacific Time (PT) at the World Forestry Center located at 4033 SW Canyon Road in Portland.

The ceremony will include a coin exchange at which members of the public may swap their currency for $10 rolls of Mount Hood National Forest quarters at face value. Children 18 years old and younger will receive a free quarter to commemorate the event. Those unable to attend will be able to view a live broadcast of the ceremony at http://www.americathebeautifulquarters.gov.

The United States Mint will host a coin forum on the evening prior to the launch ceremony. It will be held Tuesday, November 16, from 5:30 to 6:30 p.m. PT at Cheatham Hall, World Forestry Center. This public forum will give collectors and others an opportunity to meet with United States Mint Deputy Director Andy Brunhart and discuss the future of the Nation’s coinage.

The coin’s reverse (tails side) design depicts a view of Mount Hood with Lost Lake in the foreground. Inscriptions on the reverse are MOUNT HOOD, OREGON, 2010 and E PLURIBUS UNUM. The reverse was designed and sculpted by United States Mint Sculptor-Engraver Phebe Hemphill. The coin’s obverse (heads side) design features the 1932 portrait of George Washington by John Flanagan, restored to bring out subtle details and the beauty of the original model. Inscriptions on the obverse are UNITED STATES OF AMERICA, LIBERTY, IN GOD WE TRUST and QUARTER DOLLAR.

Note: To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of November 15, 2010, noon ET, shall not be deemed accepted by the United States Mint and will not be honored.

The Baltimore Coin Show – Legend Numismatics Market Report

Yeah, this is broken record: Mary Counts, David Chrenshaw, Lori Hamrick and team did it again. They put on one of the BEST shows. Our ONLY complaint (and we know many other people felt the same way) was out of their control: $13.00 for a sandwich and soda? That was DRECKY! We spoke to David Chrenshaw who pulled out a note pad of issues to work on and showed us he was on it. At no other show have we EVER seen managers who really want to absorb information to make it better. Guess that’s why we were told attendance was up a decent % this show.

Hidden GEM at the show: there is a full time massage therapist in the lobby. With all the stress on the bourse, taking a break for 10 minutes and getting a massage was so relaxing and helpful.

LEGEND SPENDS $2,000,000.00

We did not realize how much we spent until we got home and added it up. This figure includes The Stacks and Bowers Sales, and the spending damage we did on the bourse floor. Keep in mind, this is real money. Legend would not put up its own money or endanger our customers monies if we felt the market was weak or had issues.

At the Stacks sale there was an interesting group of fresh proof coins. Legend by far did the most buying. We proudly purchased (and saved them from the coin doctors) the $10 1913 PCSG PR66 CAC ($80,500.00)+$20 1913 PCGS PR65 CAC ($103,500.00). One day we would LOVE to tell you where they went as it would PROVE the depth and reach of the US coin market all over the world! Other highlight purchases: the $10 1888 PCGS PR65 Cameo and the $20 1906 PCGS PR65 Cameo. All these went to different collectors.

Prices were very strong at the Stacks sale. The nicer the coins, the stronger the premiums went. We saw some coins sell for prices as much as 3 grades higher! The marketplace is starved for fresh coins.

The Bowers Sale was crazy. We had sold many of the MS Seated Half Dollars to the collector who formed the Malibu Collection. We figured there might be a little softness and we could get some good deals. NOT! We bought ONLY about 3 halves-and the 43O PCGS MS65 CAC we sold to a collector at lot pick up! The prices were “moon” money and beyond. You had two clear cut collectors competing, us (we were buying for collectors NOT building sets), another high end dealer representing a collector, and at least one party who LOVES rare CAC stickered coins and is not specifically a Seated Half Collector (we did confirm this individual was bidding). It is interesting to note that a NON Seated half Collector would pay such strong prices. This party thinks “outside the box”. His coin purchases from this sale over the years will be as astute just as if he were building one of the finest collections of Seated Halves. He understands, you can’t be scared to stretch when great coins with low to no pops are available.

Our highlight purchases from Bowers included the monster 1851 PCGS MS62 Slug (ex Amon carter) $316,250.00. Of all of our auction purchases, this was the ONLY coin we really stole. We had been prepared to pay up to $400,000.00 hammer! We also purchased the ultra rare and grossly undervalued $3 1877 PCGS PR65 DCameo CAC. We’re helping build a PR $3 collection that is now only 4 coins short of completion! We had to pay up, but we bought just about ALL the CAC MS 64 Seated Dollars for addition to a collection we are exclusively building. The gorgeous 25C 1916 PCGS MS67+ CAC was one we lost on. It sold for $195,500.00 in Bowers. The same coin at the 2010 ANA Boston auction (less than 3 months ago) brought $149,500.00. It was simply a coin that fell thought the cracks at ANA (everyone thought it would go for crazy money, so why bother bidding). At BOTH auctions, Legend was the under-bidder! We still regret not buying the coin-for inventory! (more…)

Rationing of American Gold and Silver Eagle Bullion Coins A Thing of the Past. Again.

GainesvilleCoins Blog

This September after more than two years, the United States Mint lifted the rationing of American Gold and Silver Eagle bullion coins. By law, the Mint is required to produce enough of both type of coin to meet public demand, but when they cannot supply enough coins, they resort to meeting as much demand as possible – by allocating the coins on a weekly basis.

The irony is that time and again the U.S. Mint imposes this limitation until it has sufficient coins to satisfy public need, at which time it ends the rationing, and consumers rush to buy the coins, draining the Mint’s resources within weeks or months.

The first time that the U.S. Mint imposed its ”allocation” program was in February of 2008, following a several-weeks’ suspension of Silver Eagles. This allocation rationed the amount of bullion coins amongst authorized purchasers, and the note of the Mint state simply said, “The unprecedented demand for American Eagle Silver Bullion Coins necessitates our allocating these coins on a weekly basis until we are able to meet demand.”

Last year’s rationing of both the gold and the silver bullion coins ended in June 2009 but, as predicted, demand soon shot up, forcing the November 2009 suspension of sales -soon resumed under the all-too-familiar allocation program.

By March of 2010 the rationing had ended for Gold Eagle coins, and by this September, the Silver Eagle coins became fully available.

It seems unlikely, given the U.S. Mint’s unsteady history, that the allocation program for both Gold and Silver Eagle bullion coins will not soon come around again.

Through the Numismatic Glass: The 1792 Half Disme

By Dr. Thomas F. Fitzgerald – The California Numismatist Spring 2010

The need of a national system for the coinage of the United States was dealt with by the Congress. Benjamin Franklin, Thomas Jefferson and Alexander Hamilton favored the adoption of the decimal system for the young nation’s monetary system. These leaders adopted ideas from Europe. The French referred to this system as “La Disme.” It was from these European roots that the concept of “tenths” or “La Disme,” anglicized later to “dime,” came to our coinage.

A Congressional resolution on July 6, 1785 adopted the dollar as the monetary unit of the United States. Subsequent resolutions, in 1786 and 1787, specified each of the coins that were authorized by the Congress. The adoption of the Constitution of the United States on September 17, 1787 reserved the authority to coin money and regulate its value to the Congress.

The United States in 1791

In 1791, Vermont had joined the original 13 states. The army, consisting of about 5,000 men, was fully engaged fighting the Indians in the Northwest Territory. However, there was no navy and an annual tribute was paid to the Barbary Pirates. The nation’s settlers had begun their migration westward. There was an obvious need to establish the financial system that had been authorized by the Congressional Acts of 1786 and 1787.

The Mint Act of April 2, 1792

Apparently Washington, for international reasons, wanted silver coinage struck as soon as possible; he believed this would establish the authority of the new nation among the nations of the world.

The 1792 Mint Act, that had specified the details of the nation’s monetary system, was followed by President Washington’s actions to establish the mint. On April 14, 1792, he appointed David Rittenhouse of Philadelphia, the most renowned scientist in America, director of the Mint.

On June 1st, clock maker Henry Voight was appointed acting chief coiner. A little over a month later, on July 9, 1792, President Washington authorized the coinage of half dismes. Just four days later, on July 13, 1792, Secretary of State Thomas Jefferson recorded the following in his household account book: “rec’d from the mint 1500 half dismes of the new coinage.” It should be noted that the “new mint” did not begin to strike U.S. coins for circulation until 1793.

The Dies Are Prepared For The Half Disme

British medalist William Russell Birch designed and engraved a single set of dies. He probably used letter punches supplied by Jacob Bay, a Germantown, Pennsylvania, maker of printing types. The obverse of the 1792 half disme portrays the head of “Liberty” facing left, with the date 1792 below. The motto LIB.PAR. OF SCIENCE & INDUSTRY (Liberty parent of science and industry) around the border. The reverse bears an eagle flying left with the denomination HALF DISME in two lines, with a five-pointed star in the exergue below. The legend UNI. STATES OF AMERICA encircles the eagle.

The coinage machinery was in the cellar of saw-maker John Harper while the new mint was being prepared. It was here, at the corner of Cherry and Fifth Streets, where these pieces were struck. They used a private coin press owned by John Harper.

In 1844 John McAllister interviewed Adam Eckfeldt about the minting of these coins. Eckfeldt was the only surviving member of the mint who was presented when these coins were struck. He stated:

“These coins were struck expressly for Gen. Washington, in the extent of One Hundred Dollars, which sum he deposited in bullion or coin, for the purpose Mr. E. things that Gen. W. distributed them as presents. Some were sent to Europe but the greater number, he believes, were given to friends of Gen. W. in Virginia. No more of them were coined. They were never designated as currency. The Mint was not, at the time, fully ready to being put into operation.”

The striking of these coins was noted by President Washington in his fourth annual address on November 6th, 1792. He stated, “There has been a small beginning of the coinage of the half dismes: the want of small coins in circulation calling the first attention to them.”

Although Washington used the coins as presentation pieces, most, if not all, surviving pieces bear evidence they were circulated. (more…)

7 Ways to Improve Your Coin Collection

By Doug Winter – RareGoldCoins.com

Someone recently asked me a question that I thought was interesting and that merited a detailed response. To paraphrase this question, they basically asked me this: can you tell me some ways that I can improve my collection while spending little or no money?

Are there any actual ways that you can make your collection better without dropping a lot of coin (bad pun intended)? I believe that there are and here are a few that came to mind:

1. Bring Out Your Dead. Every collector has them. Duds. Bad deals. Low end duplicates. You know what I’m talking about: the Dead Zone of your collection. These coins may represent more value than you realize. As an example, I recently had a relatively expensive double eagle in stock that a collector wanted for his set but he had no extra money at the time. I had him send me a list of the dead coins he owned; bullion, generic Saints, Morgan dollar rolls, etc. The value of his “stuff” was considerably more than he realized and he was actually in a nice profit position on his bullion. The choice to trade spillage for one nice, rare coin was easy for him to make. And the good news was that he had enough money left over so that he can actively pursue another neat coin or two.

2. Attribute Your Coins. If you collect series like Bust half dollars or large cents you are probably already a die variety collector and all of your coins are properly attributed. But what if you are a collector of early half eagles and you have never bothered to attribute your coins to Bass-Dannreuther variety numbers? And what if one of your supposedly common half eagles turns out to be a very rare die variety that is worth a 30-50% premium? Seems like a no brainer to me. Even if you collect a series for which there is no standard reference work, it makes sense to examine your coins with a 10x glass and see if anything interesting is happening. Who knows, maybe you’ll discover a previously unknown mispunched date or a cool double date that has not been recorded.

3. Invest $500 to $1000 in improving your library. If you collect early gold coins you probably own the Bass Dannreuther book and a few other standard references. But do you own pertinent auction catalogs? It has long been my belief that one of the best uses of your money is a good library. You’ll get more enjoyment out of your coins if you know more about them and there is no better way to learn about a series, especially one that is somewhat obscure, than reading books and catalogs. If you don’t know which books or catalogs to pursue, ask a specialist dealer which ones he refers to or, better yet, contact a numismatic literature dealer and ask for some suggestions.

4. Improve your peripherals. If you are using an old, slow computer you are missing out on the “full experience” when it comes to coins. Not everyone has the luxury of owning a sporty, brand-new computer but with the price of monitors having dropped so considerably in the last few years treat yourself to a 16 inch or 18 inch flat screen monitor. It’s just a few hundred bucks and it sure beats viewing coin images on an old, low resolution screen. Spend some money on a good quality new magnifying glass and a high quality lamp to view your coins as well. You’re looking at $50-100 for a world-class loupe and around $100-150 for a professional quality halogen coin lamp. (more…)

Finding Numismatic History in Unlikely Places

By Dan Duncan – Pinnacle-Rarities

Ezra Meeker – Champion of the Oregon Trail

Over the summer months our numismatic travels took us to great historical cities like Boston and Philadelphia. And this week we travel to Baltimore, another city rich in early Americana. Of course, across the nation there are local historical sites and, more specifically, sites of numismatic interest. Over the last 200 plus years, our mints have aided the extraction from a number of precious metal lodes. Now many of the once thriving businesses are gone, with a few remaining as mint and mining museums or historical landmarks.

Each place chronicles a rich history founded in capturing natural resources and refining them into tangible representations of our history. Living in the Northwest, we are thousands of miles from any of these sites. While some old mines exist in the state, the real history of Washington State lies in the old growth forests. The “American” history of the region is for all intent and purpose quite young. But, sometimes you don’t have to look far to find a piece of numismatic lore right in your own back yard.

Recently we took the family to a large state fair located in the city of Puyallup (pyoo-al-uh p). One of the town’s principal founders was a pioneer who travelled to the Oregon Territory in the mid-nineteenth century. He eventually settled in the foothills of Mt. Rainier. This man was Ezra Meeker. His contributions to the northwest are many, but he is best remembered nationally for his extensive work on having the Oregon Trail marked.

According to the Meeker Mansion website, “Ezra Meeker became the self-appointed champion of the Oregon Trail in 1906, when at the age of 76, accompanied by two oxen, a wagon, a driver and a dog, he made his way from his front yard to Washington D.C., by way of New York City.”

Meeker first took the Oregon Trail as a young man in 1852. A true pioneer, Ezra was lured by the promise of the new territories. Finally settling in a valley below Mt. Rainier, Meeker cleared his own land and eventually became an internationally successful hops farmer. His travels included a stint in Europe and a couple forays into the Alaskan territories.

Meeker was obviously impacted by his early trip out west. He had a connection to the Oregon Trail. He recognized it as a part of American history and felt it should be cherished and preserved. In his mid-seventies, he harnessed his oxen and retraced his steps from some 50 odd years ago in a Conestoga wagon. He deemed this trip the Oregon Trail Monument Expedition Trip. During this trip he promoted the trail awareness, lectured, handed out pamphlets and eventually gained a lot of publicity. Meeker met with Teddy Roosevelt, who agreed in principle to in some way recognize the Oregon Trail, but the bill died in Congress.

After returning to his home, Meeker wrote an acclaimed book on the subject entitled The Lost Trail, Meeker again braved the 2,000 mile trail with an ox drawn wagon in 1910. He was again to promote its preservation, but this time he intended to map the route. He was in favor of a transcontinental railroad along a similiar course, which he also intended to lobby for. Despite completing the trail, and the map, his second trip was somewhat of a failure. When he arrived out East he was contacted by the Senate and told not to come to D.C. After some other tribulations, he found his way back to Washington State. He continued to campaign, worked on a movie, lectured and published another book – Ox Team Days. Eventually he’s instrumental in the formation of the Oregon Trail Memorial Association. Through that organization he petitioned Congress getting final approval for the Oregon Trail Commemorative in 1926. The proceeds from the distrubution were used to mark the trail. (more…)

Coin Rarities & Related Topics: The CoinFest, Washlady Dollar, 1861-O $20 gold coin, Connecticut Coppers

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #25

A Weekly Column by Greg Reynolds

I. The CoinFest

The fourth annual CoinFest was held in Stamford (CT) from Oct. 28th to Oct. 30th. For the first time, Heritage conducted the official CoinFest auction and this auction was very successful. Below, I discuss specific coins that were sold in the auction. Also, the exhibit of Gerry Fortin‘s collection of Liberty Seated dimes added luster to the CoinFest. Listings of Fortin’s dimes may be seen in the PCGS and NGC registries.

In my view, bourse floor displays and trading activity were much more impressive at the second and third CoinFest events, in 2008 and 2009. This is partly because the scheduling of the show was then better. This year’s event was just too close to the better established Baltimore Expo and related auction events. Lot viewing in Baltimore for a Stack’s auction started less than forty-eight hours after CoinFest closed. More importantly, this year’s security policies at CoinFest were just too aggressive.

A lot of collectors who attend coin shows do not know that a particular show’s owners are nice people, and, whether a show’s owners are nice or not, collectors often do not wish to be placed on mailing lists or on any other kind of list. Over the last ten years, it has become common for marketing firms and other firms to keep relatively secret databases regarding consumers and to trade such information. Adults certainly should not have to reveal their home addresses or their ages. A list owned by nice people may be sold to nasty people in the future, or stolen by computer hackers.

Indeed, collectors should be able to anonymously attend coin shows. They should have the right not to be bothered and the right not to have their personal information scrutinized. Like identity theft, an individual’s privacy can be invaded without him knowing about it.

Collectors who attend coin shows know that they are likely to be video recorded, which is a sufficient deterrent for wrongdoing, and video recording should be the limit to privacy invasions. The very rare attendee who causes trouble because of severe psychiatric problems is not going to be deterred by aggressive security policies. Moreover, a criminal who is planning to follow dealers from the show is certainly not going to attend the show and be video recorded. Such a criminal will wait outside or use binoculars from a distance.

Aggressive security policies do more harm than good, and when collectors tell their collecting friends about such policies, coin show attendance drops. Besides, I strongly recommend that a collector who attends a coin show keep his driver’s license in his car or in a hotel safe (as people often do with passports in Europe). If a collector is robbed after walking from a coin show, he would not wish for the thief to get his driver’s license, too, which could lead to problems more serious than a loss of a few coins.

Coin show personnel, security or otherwise, should not be asking collectors for ID or pressuring people to reveal their home addresses. Before a few years ago, this was never done at a coin show, for good reason.

II. Washlady Silver Dollar

The Washlady Dollar is one of the most famous of all U.S. pattern issues. In 1879, there were also minted Washlady dimes, quarters and half dollars. These designs were considered and never adopted for regular U.S. coinage. Though the Washlady patterns are of silver denominations, these were struck in copper as well. Copper is much less expensive than silver. On Oct. 29, Heritage auctioned one of the finest known Washlady Dollars in silver. (more…)

1879 ‘Washlady’ dollar brings $161,000 to lead $9.42 million Heritage COINFEST auction

Rare U.S. Coins continue to provide for steady, even stellar prices in a crawling national economy, as evidenced by Heritage’s $9.42 million COINFEST Signature® U.S. Coin Auction, held Oct. 27-30 at the Marriot Hotel & Spa in Stamford, CT, and by the auction’s top lot, a magnificent 1879 Washlady dollar, which brought $161,000.

“These results are 20% percent higher than our pre-sale projections,” said Greg Rohan, President of Heritage Auctions. “The market for rare coins is, simply put, very strong. The best examples continue to command top prices and the top collectors are more than happy to acquire these examples.”

More than 4,380 bidders participated in the auction, both live on the auction room floor and via Heritage LIVE!™, the company’s proprietary live internet auction platform. The auction boasts a sell-through rate of 92% by value and 97% by number of lots.

Recent Heritage coin auctions have mostly seen examples of rare gold coinage taking the top slot, but the stunning 1879 $1 Washlady Dollar, Judd-1603, Pollock-1798, High R.6, PR66+ NGC, the finest known specimen, handily took top honors, finishing at $161,000 after a fierce bidding between advanced collectors. Between 12 and 15 examples are believed known of the Washlady dollar in both copper and silver. There is also one example known in white metal.

“In the late 19th century this design was not well received by dealers and collectors, and was apparently given the nickname of ‘Washlady’ by David Proskey around April 1891 at the Doughty Sale,” said Rohan. “The name stuck, but today the Washlady design is considered one of the most beautiful ever produced by the Mint.”

The equally rare and collector-coveted 1785 COPPER Connecticut Copper, African Head VF30 NGC. M. 4.2-F.6, W-2360, R.8., from The W. Philip Keller Collection of U.S. Colonials, took the second spot on the auction podium in Stamford, realizing $115,000, while a famous 1882 $20 AU53 PCGS, one of only 571 pieces struck – a coin so rare that even the Smithsonian Institution, keeper of the National Numismatic Collection, lacks an example of the issue – piqued the interest of numerous collectors of important gold with a final price realized of $80,500.

“While there are numerous double eagle issues from the late 1870s through early 1890s that boast extraordinarily low mintages,” said Rohan, “the 1882 is the absolute lowest-mintage of them all, at 571 coins. Any representative of this issue, in any grade, is an extraordinary rarity.”

A remarkable 1904 $20 PR65 Cameo PCGS was close behind the 1882 example with a final price of $74,750, a mark that was equaled in the auction by the finest known 1879 $1 Metric Dollar, Judd-1622, Pollock-1818, Low R.7, PR68 Cameo NGC, a highly desirable coin of great beauty and peculiar metallic composition (silver, copper, aluminum, and white metal) that drew considerable enthusiasm from collectors at the auction.

Further highlights include, but are not limited to:

1896 $10 PR66 PCGS. CAC. Ex: Trompeter: Realized: $63,250.

1861-O $20 AU53 PCGS. CAC: Realized: $54,625.

1796 50C 16 Stars Fine 12 PCGS Secure. O-102, High R.5: Realized: $52,900.

1909 $5 PR67 NGC. Roman Finish. Only two graded higher: Realized: $51,750.

1907 $20 Liberty PR64 Cameo PCGS: Realized: $43,125.

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

Coin Profile: Norweb Specimen of the 1796 15 Stars Small Eagle Half Dollar Highlights B&M Sale in Baltimore

A Prooflike NGC MS-63; Tied for Condition Census #3

The Half Dollars that the United States Mint delivered in 1797 differed from the previous issues for this denomination from 1794 and 1795. For in late 1796 Mint personnel adopted Robert Scot’s Draped Bust, Small Eagle design that had already been used in the production of 1795-dated Silver Dollars for use on the Half Dollar. The delivery of 1797 amounted to a mere 3,918 pieces, the first 934 or so examples having been struck from one of two 1796-dated obverse dies.

Surprisingly for a denomination that otherwise proved extremely popular with contemporary bullion depositors, no more Half Dollars were ordered until 1801, at which time the Large Eagle variant of the Draped Bust type became current. The Draped Bust, Small Eagle Half Dollar, therefore, became an instant numismatic rarity–a two-year type with a combined mintage of just 3,918 pieces. Survivors of both dates are very scarce-to-rare in all grades, and they never fail to cause a stir among advanced collectors whenever the coins make an appearance at auction.

The 1796-dated Half Dollar delivery was achieved through the use of two obverse dies and a single reverse die in two marriages. O-101 is easy to distinguish from O-102 as the former variety exhibits only 15 stars at the obverse border. There are fewer than 100 different examples of the O-101 die marriage believed extant, an estimate that allows us to further estimate the mintage for this variety at just 569 pieces. The phenomenal Choice Unc that we offer here traces its pedigree to the fabulous Norweb Collection–as well as other important numismatic cabinets–and it is tied for Condition Census #3 for the die marriage with only two other MS-63s of which we are aware:

1. Ex: Benjamin H. Collins (1/1896); J.M. Clapp; John H. Clapp; Clapp estate (1942); Louis E. Eliasberg, Sr.; The Louis E. Eliasberg, Sr. Collection (Bowers and Merena, 8/1997), lot 1673; Denver, CO Signature & Platinum Night Auction (Heritage, 8/2006), lot 5222. PCGS MS-63.

2. Ex: Four Landmark Collections Sale (Bowers and Merena, 3/1989), lot 1990; The Allison Park Collection Sale (American Numismatic Rarities, 8/2004), lot 418; Long Beach Signature Auction (Heritage, 6/2005), lot 6209; The Southwest Collection (Heritage, 2/2008), lot 528. NGC MS-63.

3 – Ex: Waldo C. Newcomer; Colonel E.H.R. Green; The T. James Clarke Collection (New Netherlands’ 47th Sale, 4/1956), lot 1195; The Norweb Collection (Bowers and Merena, 11/1988), lot 3024; The Dennis Irving Long Collection (Bowers and Merena, 1/1990), lot 256; 65th Anniversary Sale (Stack’s, 10/2000), lot 876; The Frog Run Farm Collection Sale (American Numismatic Rarities, 11-12/2004), lot 1236. NGC MS-63, the present example.

This coin is fully prooflike in finish and, in fact, the coin was cataloged as a “Proof” in New Netherlands’ 1956 sale of the T. James Clarke Collection. Numismatic scholarship having advanced considerably since the 1950s, we now know that this coin does not qualify as a proof in the strictest sense of the term. On the other hand, the fields are so well mirrored, the strike is so superior for a product of the early United States Mint and the surfaces have been so carefully preserved that we find it likely that this coin was specially prepared for presentation or other important purposes. (more…)

Coin Rarities & Related Topics: Collecting Modern Coins

News and Analysis on coins, coin markets, and the coin collecting community #24

A Weekly Column by Greg Reynolds

The purpose this week is to put forth clear, constructive points regarding the collecting of modern U.S. coins. Readers who are already familiar with modern coins may wish to skip to section three, where John Albanese, Jeff Ambio and I provide advice and guidelines for collecting modern coins.

Before the rare U.S. coin auction climate starts to heat up again, I am continuing to address issues that are of interest to beginning and intermediate collectors. This week, I am revisiting the topic of modern coins, partly because many readers last week falsely and unfairly concluded that I was condemning modern coins. I was not saying that only pre-1934 coins should be collected and I was not referring to the artistic elements of the designs of coins minted after 1934. I was discussing the FACTS that distinguish classic from modern U.S. coins.

Indeed, there is a need to clarify some matters relating to recommendations for collectors and values in the marketplace. Last week, I wrote a two part series on 1933/34 being the dividing line between classic coins and modern U.S. coinage. (Please click to read part 1 or part 2.) Two weeks ago, I covered dealer recommendations regarding modestly priced coins for beginning and intermediate collectors.

Jeff Ambio certainly understood my central points last week. Ambio is the author of three books regarding U.S. coins and is one of the leading cataloguers of coin auction lots. In regards to “the 1933/34 diving line, I [Jeff] agree with your basic contention that coins minted prior to that period are much scarcer than those minted after. I [Jeff] also agree with your opinion that collectors paying huge sums of money for post-1934 coins in high grades should reconsider their buying strategies.”

The collecting of State Quarters is discussed in the second section. Strategies for collecting modern coins are addressed in the third section.

I. Commonality of Modern Coins

Although post-1934 coins are generally extremely common in contrast to pre-1934 U.S. coins, people who very much like post-1934 coins and enjoy collecting them should do so. Last week, in part 2, I emphasized that people should not spend large sums on a post-1934 coin solely because such a coin is, or is claimed to be, a condition rarity.

Indeed, I am against the rather common practice of spending thousands of dollars for common coins. For example, auction records reveal that a considerable number of businesses strike Roosevelt dimes have each sold for thousands of dollars.

Generally, I am very concerned about people spending even $35 over face value or bullion (‘melt’) value for a very common coin. Mint errors and recognized unusual varieties are different topics. I am herein referring to standard issues. I am aware that the 1955/1955 Double Die cent is scarce overall. It is, though, a mint error, or, at least, an accidental issue. U. S. Mint officials did not plan in advance for the numerals and some other devices of these cents to be doubled. Errors and unusual varieties require separate discussions, and tend to be exceptions to rules. (more…)

Coin Profile: Roman Finish 1909 Half Eagle Gold Coin

The proof five dollar coinage of 1907 through 1909 provides quite an object lesson in the evolution of Mint technology and consumer tastes. The 1907 Liberty Head proof, last of the series, was produced in a mostly brilliant or “semibrilliant” proof format that was introduced in 1902; as a result, most proof gold from 1902-1907 lacks much cameo contrast–half eagles or otherwise.

The 1908 gold coins of the new Bela Lyon Pratt and Augustus Saint-Gaudens designs were launched with a new “matte” proof format that was all the rage in European mints of the era. The Robert Loewinger reference, Proof Gold Coinage of the United States, offers this:

“The [matte proof] process originally started in Belgium and was popularized in the Paris Mint. The finish was applied after striking and was made by sandblasting the coins at different forces and speeds with different sizes of grains of sand. Also pickling the coins in a weak acid was another technique that was used on these coins after striking.”

We are unsure how widespread the “pickling” was, but the sandblasting was a well-known, widespread Mint technique that produced a granular (sometimes fine, sometimes coarser), usually dark, subdued finish to the product, a function of the lack of normally reflective surfaces. The matte proof coins of 1908 are usually dark, brownish-gold to olive-brown, and they were extremely unpopular with collectors accustomed to a more brilliant finish.

The Mint in 1909 reverted to a lighter Roman or satin finish for proof gold. The updated Akers Handbook offers these thoughts:

“The proof 1909 introduced the Roman Gold proofing method in the Indian Half Eagle series, although at least one specimen was prepared using the dark matte finish of 1908. Despite having brighter, flashier surfaces than the proof 1908, the proof 1909 still failed to gain wide acceptance among the contemporary public The Mint melted many examples at year’s end. Interestingly, even though most survivors present as overall smooth, the issue has the lowest average grade in the entire proof Indian Half Eagle series.”

A  PR67 piece is being offering in the current 2010 October Stamford Coinfest Signature US Coin Auction #1145, and is one of the nicest survivors of the proof 1909 half eagle mintage, recorded as 78 pieces. It is one of six so graded at NGC, with but two coins finer.

Bowers and Merena Nov Baltimore Coin Auction Features over 3500 Lots

Bowers and Merena will conduct the official auction of the November 2010 Whitman Coin & Collectibles Baltimore Expo. Scheduled for November 4-5 at the Baltimore Convention Center, the sale will present more than 3,500 lots of important United States coins and currency.

“We are thrilled to continue our long-standing and successful partnership with the Whitman Coin & Collectibles Baltimore Expo,” said Greg Roberts, CEO of Bowers and Merena. “This year’s official auction of the November Expo ranks as one of Bowers and Merena’s most important Baltimore auctions of all time. With more than 3,500 lots, our catalog for U.S. coins and currency offers something for everyone, from collectors and dealers on a strict budget to advanced numismatists seeking the finest-known examples of some of the rarest and most famous coins ever struck in the United States Mint.”

Three consignments in particular stand out as defining the importance of the upcoming Baltimore auction. The Kupersmith Once-in-a-Lifetime Collection is a truly amazing offering, the likes of which is rarely seen in even the most prestigious sales, that has at its core six of the rarest gold coins struck in the Philadelphia in 1875. Nearly impossible to assemble such a collection in any grade, the consignor remained committed to quality and selected only the highest-graded examples that he could find, many of which are actually top-of-the-pop.

“Needless to say, it is difficult for us to single out one coin in this collection for each piece qualifies as a highlight, although special recognition must go to the 1875 Three-Dollar Gold Piece in NGC Proof-66 Ultra Cameo,” said Roberts. A pop 1/0 coin at both PCGS and NGC, this coin also ranks as the finest of perhaps just 10 original strikings of the proof-only 1875 Three-Dollar. Not to be overlooked and in addition to the 1875-dated gold set, the Kupersmith Collection will also be presenting a selection of rare proof and business strike Three-Dollar gold pieces, the proofs of which comprise the highest-ranked set on the NGC Registry.

The Malibu Collection offers the #2 collection of Standing Liberty Quarters with full-head designation on the PCGS Set Registry. “Nearly all of the Standing Liberty Quarters in the Malibu Collection are either top-of-the-pop or tied for finest certified, and plus-designated coins are figured prominently throughout the set. Of particular note are the low-mintage 1916 in PCGS MS-67 FH (Pop: 2/1), the conditionally challenging 1919-D in PCGS MS-66+ FH (Pop: 1/0) and the key-date 1927-S in PCGS MS-65+ FH (Pop: 1/2),” said Roberts. Other selections from the Malibu Collection include impressive runs of Seated Liberty Half Dollars and Silver Dollars that feature many key-date and/or conditionally rare pieces. (more…)

W. Philip Keller Colonoal Coin Collection Leads Heritage COINFEST Auction

Locked in a Pennsylvania vault for 43 years, one of the most comprehensive collections of colonial and early American coins ever to reach public auction, The W. Philip Keller Collection of U.S. Colonials, is the principle highlight of the upcoming Rare U.S. Coin auction, Oct. 28-31 in conjunction with COINFEST in Stamford, CT.

Mr. Keller apparently stopped actively collecting around 1966, with intermittent purchases through the early 1970s, and stored his collection in a bank vault where it was discovered nearly 40 years later by his surprised family after he died last year, who knew that Mr. Keller was a collector, but had no idea of the depth, or value, of his collection.

This is Heritage’s first official auction with COINFEST, and we couldn’t be more thrilled. Fittingly enough, our debut at this New England venue is filled with a variety of colonial and early American coins, including dozens of different Connecticut coppers struck shortly after independence.

One of those Connecticut coppers is a 1785 African Head Connecticut copper, the extremely rare Miller 4.2-F.6 variety, graded VF30 by NGC. It is estimated at $40,000+, but could go significantly higher.

There are two varieties of the African Head Connecticut copper, one relatively common, the other extremely rare. This piece is one of the rare variety, one of just two or three known. Its appearance at COINFEST is truly a once-in-a-generation opportunity. Keller bought most of his collection from leading dealers and auctioneers in the 1950s and 1960s, and this African Head copper has been in Keller’s collection, and thus off the market, since 1966.

Another anchor consignment of the auction is The Diotte Collection, which spans U.S. Mint history from some of the earliest issues to noted modern rarities. Its chief highlight is a 1797 half dollar, O-102 variety, graded Fine Details by NCS. It is estimated at $50,000+.

The half dollars of 1796-1797 are among the most prized U.S. type coins regardless of grade. Just four varieties were struck between the two years, all of them are very scarce to very rare, and the 1797 O-102 variety is the most elusive of them all.

In addition to colonials, pattern coinage is among the strengths of this auction. In a relatively small but impressive selection, the most prominent piece is an 1879 “Washlady” dollar struck in silver, Judd-1603 variety, graded PR66+ by NGC. It is estimated at $50,000+.

This design’s nickname was originally an insult. In 1891, just a dozen years after this pattern was struck, David Proskey called it the ‘Washlady,’ a negative reference to how Liberty’s hair appeared. Today, however, the ‘Washlady’ is considered one of the most beautiful patterns ever produced, and the very rare examples struck in silver are especially sought-after.

The 20th century has its share of highlights as well, led by a 1909 half eagle, graded PR67 by NGC. Like other gold proofs of that year, it has a distinct semi-bright finish sometimes called “Roman gold,” which tried to find a balance between the mirrored proofs of the 19th century and the dull-finished matte proofs that were popular in Europe but had received a disastrous reception among U.S. coin collectors. The “Roman gold” experiment failed, but survivors from the issue’s mintage of 78 half eagles are popular with modern numismatists. It is estimated at $55,000+.

A more conventional mirrored proof offered is a 1904 double eagle graded PR65 Cameo by PCGS. Just 98 proof $20s were struck in 1904, and most of them lack the contrast that was often seen on pre-1902 specimens. Thanks to its Cameo status and solid all-around preservation, it is one of the most important representatives of its issue. It is estimated at $60,000+.

Additional highlights include, but are not limited to:

Coin Rarities & Related Topics: Coins Minted After 1934 tend to be Very Common, 1793 to 1933 is the Classic Era – Part 2

News and Analysis regarding scarce coins, coin markets, and the coin collecting community, #23-Part2

A continuation of a Weekly Column by Greg Reynolds

Usually, this column is published each Wednesday morning and not at other times. I came to believe, however, that this week’s topic is of tremendous importance and warrants two parts. [Click Here to View Part One] My survey of sophisticated collectors and expert dealers, shockingly, indicated that, while most realized that 1933/34 is the traditional dividing line between classic and modern U.S. coinage, few remembered or ever knew the primary reason. U.S. coins minted before 1934 are much scarcer than U.S. coins minted after 1934. Indeed, though there are a few exceptions, regular issue U.S. coins minted after 1934 are common.

From the perspective of a collector, this is the most important and clearest dividing line in the whole history of U.S. coinage. As the basis for this dividing line is not well understood, I feel compelled to explain and prove its importance. I presented logical points and evidence in part 1, and I provide more evidence herein. I then discuss one major reason why it is imperative to emphasize this dividing line now; many people are spending substantial or even vast sums for very common coins, usually without really understanding the factors involved and the traditions of coin collecting in the U.S.

IV. Walking Liberty Half Dollars

As the somewhat recent sharp rises in the price of silver has affected the values of circulated Walking Liberty Half Dollars, it makes sense here to consider those that grade AU-50 or higher. As no Walkers were minted in Philadelphia that date from 1922 to 1933, it may not be suitable to analyze comparative values for Philadelphia Mint halves in terms of the 1933/34 dividing line. Therefore, I refer to Denver and San Francisco Mint halves. Of all the Denver Mint Walkers minted prior to 1934, the 1929-D is the least expensive and the least scarce.

In AU-50 grade, a 1929-D half is worth about three to more than ten times as much as any Denver Mint half dating from 1934 to 1945, with one exception, the 1938-D. The 1938-D is the only regular issue exception, of the half dollar denomination, to the 1933/34 dividing line between relatively scarce U.S. coins and relatively common coins. The 1938-D half is scarce, much more so than any other Denver Mint half dollar issue in the 1930s or later.

In regard to San Francisco Mint halves, there is no such exception. In AU-50 or higher grades, any pre-1934 S-Mint Walker is worth substantially more, usually from two to more than ten times as much, than any San Francisco Mint Walker from 1934-S to the last S-Mint Walking Liberty Half, 1946-S. In relative terms, pre-1934 San Francisco Mint halves are ‘very scarce’ and post-1934 San Francisco halves are quite common. (more…)

Coin Rarities & Related Topics: Coins Minted After 1934 tend to be Very Common, 1793 to 1933 is the Classic Era – Part One

News and Analysis regarding scarce coins, coin markets, and the coin collecting community, #23

A Weekly Column by Greg Reynolds

Last week’s column was about dealer recommendations for new collectors who seek coins valued at $250, more or less, with consideration of a few that are valued at more than $1000. Among the experts that I interviewed, no one suggested buying coins minted after 1934. This column is devoted to an exploration of the topic of the 1933 to 1935 time period being a dividing line between classic and modern U.S. coins. This is not my opinion; it is an objective reality. Conclusive evidence will be provided herein.

A review of coin related publications in the 1960s, ’70s, ’80s and ’90s would suggest this dividing line. Indeed, quite a few dealers in classic U.S. coins used to include a statement relating to the years ‘1793 to 1933’ in their ads and pricelists. Almost always, leading auction firms emphasized coins in the 1793 to 1933 time period and still do so.

Why discuss this dividing line now? I am concerned about the amounts paid for condition rarities of the post-1934 era. I do not have a problem with a collector paying a large sum of money for a condition rarity if the coin issue in general is at least moderately scarce. It is wonderful that someone paid $138,000 for the Duckor 1904-S half dollar, which is PCGS graded MS-67. (Please click to read my two part series on Dr. Duckor’s halves, part 1 or part 2.) A low grade 1904-S half could be obtained for less than one hundred dollars. The 1904-S date, though, is scarce in general. The PCGS and the NGC together have certified less than two hundred different 1904-S halves, and probably more than two thousand uncertified 1904-S halves exist. Certainly, there are fewer than five thousand in existence, in all grades. For post-1934 coins, however, people often spend vast amounts for superb gem quality coins when hundreds of thousands or literally millions exist of the same respective coin issue.

If millions of a coin issue exist overall or thousands in MS-65 grade, how much should a MS-67 or higher grade representative of the same coin issue be worth? There is not an easy answer to the question. Of course, supply and demand determine prices in relatively free markets. I am not challenging the truthfulness of current price levels for supergrade modern coins. I am wondering whether the buyers have thought carefully about their demands. I am also wondering whether many sellers of post-1934 coins are, sometimes implicitly, misleading buyers, or are ignorant themselves. Anyone who can afford an inventory may become a coin dealer. In any event, in order to understand the distinction between classic U.S. coins and modern issues, there is a need to learn about both and about the dividing line between classic coins and modern issues.

I. The 1793-1933 Tradition

Referring to U.S. coins minted from 1793 to 1933 as classic coin issues is not arbitrary and it is not an accidental tradition. When polling dealers and collectors, I became aware that everyone seemed to remember the tradition of referring to 1933 or 1934 as a dividing line, but no one recollected the origins or meaning of the tradition. The true reason is that pre-1934 coins (with few exceptions) are much scarcer than post-1934 coins. (more…)

A Numismatically Significant 1859-D Quarter Eagle

By Doug Winter – RareGoldCoins.com

I recently bought and sold a seemingly innocuous 1859-D quarter eagle that had a great degree of numismatic significance. Before I explain why, let me give you a little background on the specific coin and on this issue in general.

This 1859-D quarter eagle has been graded as Fine-15 by PCGS. It is the single lowest graded example of this date seen by either service. In looking back through my records, I have seen very few that grade below Extremely Fine and certainly can’t recall a non-damaged Fine example.

The example I sold is problem-free and actually quite attractive despite its extensive wear. It shows nice natural coloration and the obverse is a full Very Fine from the standpoint of detail.

This is the final quarter eagle produced at the Dahlonega mint. But, for all intents and purposes, the death knell for this denomination at the Dahlonega mint had been spelled as early as 1854 when mintages figures declined precipitously from the 1840’s. In 1856, only 874 were struck; making this the lowest mintage figure of any coin ever produced at this branch mint. In 1857-D, the mintage increased to 2,364 but no quarter eagles were made in 1858. 1859 saw a resumption of the denomination but only to the tune of 2,244 coins. None were struck in 1860 and when the mint closed in 1861, no further plans had been made to coin quarter eagles.

The 1857-D and 1859-D are interesting issues among the quarter eagles from this mint. The grade distribution is different for these issues than for nearly all other coins from Dahlonega. The coins from the 1840’s and early 1850’s have what I regard as a typical distribution of survivors: most are in the VF-EF range with AU coins being scarce to rare and Uncirculated coins being very rare to extremely rare.

But in 1857 and 1859, the distribution curve looks different. These two dates are almost never seen in grades below EF and are most often seen in About Uncirculated. Both are rare in Uncirculated but not as much so as their very low mintage figures would suggest. There are as many as ten Uncirculated 1859-D quarter eagles known as well as another four or five dozen in About Uncirculated. This doesn’t seem like a lot of coins but when you consider that there are only 150 or so known from the original mintage, the fact that nearly half grade AU or better suggests that this issue didn’t circulate as freely as the quarter eagles from the 1840’s.

I had long believed that the 1859-D was an issue that saw very little circulation. The existence of the coin shown above is proof that at least a few examples did circulate. I don’t believe that this Fine-15 example was a pocket piece as it shows all the hallmarks of extensive natural circulation. Ironically, it is more rare in this grade than it is in Uncirculated and, to my way of thinking, this is one of the neater Dahlonega quarter eagles to have come up for sale this year: a highly circulated example of a date that was hitherto believed to have never seen extensive circulation. Considering that this coin cost its new owner well under $2,000 I think it is an amazing piece of Southern gold history.

Coin Rarities & Related Topics: Advice for beginning and intermediate collectors of U.S. coins

News and Analysis regarding scarce coins, coin markets, and the coin collecting community, #22

A Weekly Column by Greg Reynolds

Until CoinFest occurs at the end of the month, there will not be a live event conducted by any of the four leading auction firms of rare U.S. coins. Plus, I am not aware of any private sales of newsworthy rarities over the last week. So, this is a good time to address another topic. Often, I hear about collectors who have decided to start acquiring U.S. coins and who are unsure as to how to proceed.

Sometimes, adults who collected coins as kids wish to return. In many other instances, people who have never before bought a rare or very scarce coin wish to get started. Further, people who collect paintings, sculptures, baseball cards, antique silver objects, or rare books, frequently find themselves drawn to coins. This week’s theme of suggestions for beginners will, I hope, be of interest to many intermediate collectors as well.

I. U.S. Coins valued from $250 to $1000

The focus here is on advice for a collector who seeks U.S. coins valued at over $250 each. Of course, I realize that not everyone can afford to pay $250 for a coin. I am not ignoring people who cannot. I strongly believe, though, that collectors who buy $10 to $100 coins may learn by reading this column. In order to understand the coins that a collector owns, the collector needs to understand coins that he (or she) cannot afford. It is important for all collectors to learn about the values and traditions relating to the coin collecting community. Besides, I will devote a future column or article to coins valued in the $10 to $100 range.

Advice and suggestions put forth here are geared towards a collector who is just starting, though may be of use to any collector who is willing and able to spend $250 or more per coin. Suppose he (or she) has decided to collect U.S. coins and thus will not be considering (at least not yet) colonials, territorials, patterns, or world coins. Also, further suppose this collector is not likely to will spend hours studying books on die pairings or other technical matters.

In general, the average collector spends a limited amount of time reading about coins, and is much more likely to read articles than books. Indeed, most collectors I know do not take the time to read entire books on coins, though I would recommend doing so.

Most collectors wish to have fun. It is true, however, that beginning collectors tend to enjoy coins more after they spend a few weeks or months learning.

So, herein, consider a collector who plans, over a period of years, to buy plenty of coins in the $250 to $1000 range, plus a few that cost more or less. Such a collector is flexible. On occasion, this collector may spend $1000 to $3000 per coin. The emphasis here, though, is on getting started collecting U.S. coins in the $250 to $500 range.

Rather than focus on my own advice, I have asked experts to provide their respective opinions. I selected experts who are knowledgeable about a wide variety of U.S. coins in copper, nickel, silver and gold, and have each played different roles in the coin business. Moreover, it is beneficial for collectors to be aware of the views of several experts, especially from highly qualified people that may not be available to most collectors. Below, please find recommendations from John Albanese, Kris Oyster, Nick van der Laan, and Andy Lustig.

Before putting forth detailed recommendations from these four, I relay Ira Goldberg‘s more general advice. Ira is a partner in the Goldbergs auction firm and he has been a leader in the coin auction business for decades. (more…)

What’s It Worth? How dealers determine the value of a Rare Coin.

By Vic Bozarth – Bozarth Rare Coin Market Report

How are rare coin prices determined? Often the question dealers will ask is: “I know what Greysheet (Coin Dealer Newsletter bid) is, but what can I ‘really’ get for it?”

In this month’s Rare Coin Market Report, I will explain how I determine the value of an individual coin. Most often I will use a variety of different pricing sources to determine the value of a coin.

The most utilized source of rare coin pricing information among dealers are the variety of Coin Dealer Newsletter publications including Greysheet, Bluesheet, Monthly Summary, and the Quarterly Supplements. Dealers also use CCE, which is the Certified Coin Exchange. Coin World Trends, Collectors Universe prices, Redbook, and Coin Prices are also utilized.

In the last several years auction prices realized have become one of the most useful and often misunderstood sources of pricing information. Let me explain a little bit about all of these different sources before I explain how I use them.

CDN’s multiple publications include the Greysheet, Bluesheet, Monthly Summary, and Quarterly price sheets.

The Greysheet and Bluesheet are weekly publications and list many of the most frequently traded U.S. rare coins, BUT the values they list vary significantly.

Basically Greysheet lists sight seen bids for attractive coins. Bluesheet lists sight unseen bids for coins that might not be that attractive although they are graded correctly. Because I am looking for attractive coins, I often have to pay Greysheet bid or more for an attractive coin. If someone offers me a coin I don’t particularly like I am going to check the ‘bid’ on Bluesheet to see what the ‘basal’ value really is.

Depending on the particular coin the difference between the Greysheet and Bluesheet can vary as much as 70%. Yes, 70%!

CDN Monthly Summary is published each month and includes more of the frequently traded U.S. rare coins by date and grade including the early twentieth century gold series and most of the classic twentieth century collector series.

One of the three different CDN Quarterly issues come out every month and the three include all the other U.S. rare coin series by date. The Quarterly One issue contains half cents through quarters. The Quarterly Two contains halves through $3 gold coins. The Quarterly Three contains prices for $5 Liberty through $20 Liberty Gold Coins.

All prices for the Monthly Summary and Quarterly price sheets are for sight seen coins. There is also a supplement included with each month’s Quarterly Supplement that has prices for Proof coins not listed in the Quarterly Supplements. (more…)

W. Philip Keller Collection of U.S. Colonials leads Heritage COINFEST Auction

Oct. 28-31 auction in Stamford, CT features one of the most important offerings of early American coinage in decades

DALLAS, TX — Locked in a Pennsylvania vault for 43 years, one of the most comprehensive collections of colonial and early American coins ever to reach public auction, The W. Philip Keller Collection of U.S. Colonials, is the principle highlight of the upcoming Heritage Auctions Rare U.S. Coin auction, Oct. 28–31 in conjunction with COINFEST in Stamford, CT.

Mr. Keller apparently stopped actively collecting around 1966, with intermittent purchases through the early 1970s, and stored his collection in a bank vault where it was discovered nearly a 40 years later by his surprised family after he died last year, who knew that Mr. Keller was a collector, but had no idea of the depth, or value, of his collection.

“This is Heritage’s first official auction with Coinfest, and we couldn’t be more thrilled,” said Greg Rohan, President of Heritage. “Fittingly enough, our debut at this New England venue is filled with a variety of colonial and early American coins, including dozens of different Connecticut coppers struck shortly after independence.”

One of those Connecticut coppers is a 1785 African Head Connecticut copper, the extremely rare Miller 4.2-F.6 variety, graded VF30 by NGC. It is estimated at $40,000+, but could go significantly higher.

“There are two varieties of the African Head Connecticut copper, one relatively common, the other extremely rare,” said Rohan. “This piece is one of the rare variety, one of just two or three known. Its appearance at COINFEST is truly a once-in-a-generation opportunity. Keller bought most of his collection  from leading dealers and auctioneers in the 1950s and 1960s, and this African Head copper has been in Keller’s collection, and thus off the market, since 1966.”

Another anchor consignment of the auction is The Diotte Collection, which spans U.S. Mint history from some of the earliest issues to noted modern rarities. Its chief highlight is a 1797 half dollar, O-102 variety, graded Fine Details by NCS. It is estimated at $50,000+.

“The half dollars of 1796-1797 are among the most prized U.S. type coins regardless of grade,” said Rohan. “Just four varieties were struck between the two years, all of them are very scarce to very rare, and the 1797 O-102 variety is the most elusive of them all.”

In addition to colonials, pattern coinage is among the strengths of this auction. In a relatively small but impressive selection, the most prominent piece is an 1879 “Washlady” dollar struck in silver, Judd-1603 variety, graded PR66+ by NGC. It is estimated at $50,000+.

“This design’s nickname was originally an insult,” said Rohan. “In 1891, just a dozen years after this pattern was struck, David Proskey called it the ‘Washlady,’ a negative reference to how Liberty’s hair appeared. Today, however, the ‘Washlady’ is considered one of the most beautiful patterns ever produced, and the very rare examples struck in silver are especially sought-after.”

The 20th century has its share of highlights as well, led by a 1909 half eagle, graded PR67 by NGC. Like other gold proofs of that year, it has a distinct semi-bright finish sometimes called “Roman gold,” which tried to find a balance between the mirrored proofs of the 19th century and the dull-finished matte proofs that were popular in Europe but had received a disastrous reception among U.S. coin collectors. The “Roman gold” experiment failed, but survivors from the issue’s mintage of 78 half eagles are popular with modern numismatists. It is estimated at $55,000+.

A more conventional mirrored proof offered is a 1904 double eagle graded PR65 Cameo by PCGS. Just 98 proof $20s were struck in 1904, and most of them lack the contrast that was often seen on pre-1902 specimens. Thanks to its Cameo status and solid all-around preservation, it is one of the most important representatives of its issue. It is estimated at $60,000+. (more…)

Fast Profits Not Guaranteed At Auction

By Steve Roach – Rare Coin Market Report

While many dealers continue to grumble about weak bourse action at the recently finished back-to-back Long Beach, Calif., and Philadelphia coin shows, in which a review of the dealer bourse lists seem to show a clear bifurcation between West and East coast dealers, the market continues to be robust in the auction sector.

In the official Heritage Auction Galleries Long Beach sale, the top lot was an Extremely Fine 45+ 1856-O Coronet gold $20 double eagle that surfaced in Ohio and was the cover story of the July 26 Coin World. It brought $345,000.

The Heritage auction realized $13.4 million total.

The next two top lots were large gold ingots; further evidence for the market’s insatiable appetite for gold.

Heritage has had a curious auction history in the last two years with 1856-O double eagles, with five auction appearances in the past two years. The recent auction price seems to break what has been a downward trajectory for the issue in auction results.

In January 2009, an EF-45 example sold for $276,000 and the same coin sold again in July 2009, for $253,000. In October 2008, an AU-58 example sold for $576,150 and that same example brought $460,000 in July 2009.

Perhaps too many auction appearances skewed bidders’ sense of its rarity. Heritage estimates that fewer than 20 are available for collectors and the most recently offered example, held by a family in Ohio for nearly 100 years, was as “fresh-to-market” as they get.

For top rarities, the perception of rarity can be almost as important as actual rarity to justify six- and seven-figure prices.

The next week, Stack’s Philadelphia Americana sale realized a very healthy $9,676,867.

One of the highlights, a Proof 65 Cameo 1887 Coronet gold $5 half eagle, brought $97,750, a bit less than it realized at auction in January 2007 where it brought $103,500 when offered as part of the Robert J. Loewinger Collection (pictured above, left).

Results like this serve as a cautionary tale that even at the top-end of the market with coins of superlative quality and absolute rarity, quick profits are not a guarantee

First published in the October 25, 2010, issue of Coin World

Coin Rarities & Related Topics: 1796 quarter, San Francisco Liberty Seated Dimes, 1931 Denver Mint $20 gold coin

News and Analysis regarding scarce coins, coin markets, and the coin collecting community, #21

A Weekly Column by Greg Reynolds

Last week’s column was devoted to cents and half cents. This week, I am writing about a few silver coins and a 1931-D Saint Gaudens Double Eagle ($20 gold coin). Though 1931-D Saints may be extremely rare or almost so, the 1796 quarter and San Francisco Mint Liberty Seated dimes that I mention below are condition rarities rather than being extremely rare in absolute terms.

Recently, I have written about coins that are extremely rare in all grades, thus in absolute terms. In my column of Sept. 22, I wrote about the NGC graded “EF-45+” 1856-O Double Eagle that Heritage sold in September. It realized $345,000, which is a very strong price. Last week, I wrote about the 1795 Reeded Edge cent that the Goldberg’s auctioned for $322,000, even though it does not merit a numerical grade and is in a PCGS genuine holder. Early in the summer, in my column of June 30th, I wrote about Great Rarities that were then to be auctioned in Boston. I followed up with ‘news’ regarding these same Great Rarities in later columns, including my column of Aug. 11. As few collectors may own extremely rare coins, condition rarities, especially of coins that are scarce in absolute terms, should receive a great deal of attention and news coverage.

I. Choice 1796 Quarter

I really liked the 1796 quarter in the most recent Stack’s auction, which was conducted a few days ago in Philadelphia. I would admit that I was more enthusiastic about the Norweb 1796 in the Heritage ANA Auction in Boston. This one, though, is livelier. (As always, clickable links are in blue.)

This 1796 quarter was formerly in the official auction of the Summer 1976 ANA Convention in New York, a convention that reportedly drew more than 25,000 people. At a later time, it was PCGS graded MS-63. I thought that it was undergraded. Yes, there are some very small, though of medium depth, contact marks in the field to the viewer’s right on the obverse (front of the coin). Further, there is a significant small scratch near the last star. Additionally, there are minor hairlines on the eagle on the reverse (tail of the coin). These, though, are imperfections that can be consistent with a 64 grade, especially for a coin that has a lot of eye appeal and other positive characteristics.

This 1796 quarter is very attractive and even more so when it is tilted under a light. It has full, naturally reflective surfaces. At some angles, this coin nearly dazzles. While it is not unusual for a 1796 quarter to be semi-prooflike and some are very prooflike, this one has more personality than most other uncirculated 1796 quarters.

Some experts wondered about the naturalness of the pinkish-russet, blue and green shades. I maintain that the toning is natural. This coin may have lived in several envelopes, cabinets and/or albums, since 1796. It may possibly have been dipped at some point in the middle of the 20th century. (more…)

Coin Collecting: Thoughts on Originality?

By Doug Winter – RareGoldCoins.com

“Originality.” It’s one of the most overused terms in all of numismatics. And it’s one of the most misunderstood as well. Given the choice, I believe that most people would rather own an “original” coin instead of one that has clearly had its appearance changed in recent years. With the help of some good quality images, I’d like to show some of the characteristics that I equate with “originality” and offer some suggestions on how to judge if a coin is original or not.

1844-D Quarter eagleThe first coin that we are going to look at is an 1844-D quarter eagle graded AU55 by NGC. (Disclosure: this coin is currently in my inventory and it is currently for sale. I am not using this coin as an example in the hope that someone will buy it as I am certain someone will and I don’t need to go to this much trouble to sell it. I am using it to illustrate this report because I believe it represents what I believe is complete originality.)

One other quick topic before we review this 1844-D quarter eagle. My definition of an “original” coin is one that appears to have never been cleaned, lightened or in any way altered. I would be quick to point out that the flaw in this definition is that, of course, there is no way to make such a comment without having had access to this particular coin at all times since 1844.

There is always the possibility that, in the 1850’s or the 1860’s (or even the 1960’s), it may have been lightly cleaned. But there are some things to look for on a coin that I think gives a reasonably good assurance that it hasn’t been messed with. The most obvious is hairlines. If a coin has been improperly cleaned at one time, it is going to show hairlines. These may range from subtle to very obvious. If a coin has nice seemingly “original” color but it shows noticeable hairlines, this probably means that it was cleaned years ago and has subsequently retoned. Such a coin may have a natural appearance but, from the standpoint of semantics, it can’t truly be called “original.” You can also look for areas of cloudiness or haze. If a coin has these, the chances are good that something has been applied to the surfaces at one time.

In looking at this coin, there are a few points to note. The first is its depth of coloration. Take a look at the color on the obverse and the reverse and note how the hues in the fields are richer than in the protected areas. On coins with natural color this is generally going to be the case. On a coin that may have been dipped at one time, you are going to see the opposite; the color tends to be lighter at the centers and deeper at the peripheries. Also, note how on this 1844-D quarter eagle there is color present even on the high spots and relief detail. A coin that has been cleaned or dipped typically lacks color on these areas as they are the first places that the original color is lost. Finally, note the depth and intensity of the color. On natural coins, the color is “sharp” in hue and depth. On dipped or cleaned coins, the color tends to be “fuzzier” and less intense. (more…)

Gold’s astounding ride

By Steve Roach – Rare Coin Market Report Blog
First published in the Oct. 18, 2010, issue of Coin World

Gold continues to astound as it broke the $1,300 ounce level for the first time on Sept. 28, closing in New York at $1,306.60 an ounce.

The next day, gold hit a high of $1,313.20 before closing at $1,308.50.

In a nice contrast to the previous week’s House Subcommittee hearings focused on fighting fraud in the sale of gold coins, the Sept. 29 Wall Street Journal featured a front-page story that was overwhelmingly positive about gold’s potential to top $1,500 next year.

It focused on investors’ growing desire to hold actual gold in the form of coins and bars.

Reports by numerous analysts and banks seem to share a bullish view for gold, evidenced by a Sept. 28 report by Deutsche Bank that stated that $1,600 an ounce gold would not be surprising for 2012 and that gold would not be in a “bubble” until hitting $2,000.

The recent bull run-up in gold prices has been attributed to many things: continued uncertainty in the real estate market; concern about the value of currencies, especially China’s; low consumer confidence in the United States; and general concern about large central banks’ ability to control the money supply adequately.

But to collectors, one thing is clear: gold coins are much more expensive than they were in 2000, in large part due to the price of gold rising 353 percent over that time.

The increased threat of intrusive federal regulations in the coin industry, such as the recently introduced Coin and Precious Metal Disclosure Act (H.R. 6149) have done little to dampen the public’s appetite for gold coins.

But dealers have responded vocally to fight multiple pieces of legislation that could affect the coin market, forming political action committees aimed at fostering better communication between the coin community and legislators.

Many dealers reported that gold was the lone bright spot in the market at the recently completed Long Beach Coin, Stamp & Collectables Expo, where several market-makers elected to stay home, instead budgeting to attend the Whitman Coin and Collectibles Philadelphia Expo, another major show, scheduled for the following weekend.

THE ZÜRICH COLLECTION TO ANCHOR BOWERS AND MERENA’S BALTIMORE AUCTION

Bowers and Merena will feature the important and extremely rare proof gold coins from the Zürich Collection in the Official auction of the November 2010 Whitman Coin & Collectibles Baltimore Expo.

“We are extremely honored to include the Zürich Collection among the anchor consignments in our upcoming November Baltimore Auction,” stated Bowers and Merena CEO Greg Roberts. “Assembled by a collector who is a connoisseur of rare classic proof gold coinage, the Zürich Collection was assembled over a period of many years. Our consignor spent a lot of time and effort acquiring these coins, passing on many other pieces that did not meet his strict standards for technical quality and eye appeal. The result is a collection replete with stunning examples of both proof Liberty gold coinage and 20th century proof gold rarities, many coins of which are among the finest certified for their respective issues.”

Continued Roberts: “The core of the Zürich Collection is a selection of proof Liberty Double Eagles dated 1878 through the series’ end in 1907. The stand-out highlight in this group is the 1878 Double Eagle certified Proof-64 Cameo by NGC. With a surviving population of only nine specimens from a tiny mintage of just 20 coins, the 1878 is one of the rarest and most underrated issues in the entire proof Liberty Double Eagle series. The issue is particularly underrated relative to the proof Type I and Type II Double Eagles of the late 1860s and 1870s, many issues of which are equally as rare as the 1878 yet priced much higher in today’s market. The proof 1878 in the Zürich Collection, therefore, represents a particularly important bidding opportunity for the astute collector.”

Roberts concluded: “Additional Proof Liberty Double Eagle rarities in the Zürich Collection include two Gem-quality examples of the 1892—a date that is also an important rarity in business strike format—one of the two finest-certified 1897 Twenties in NGC Proof-66 Ultra Cameo and several Cameo-finish specimens from the early 20th century including a 1902 and 1906, both of which are the finest certified for their respective issues. The Zürich Collection is also well represented in other classic proof gold series, and we note the presence of an elusive 1876 Gold Dollar in PCGS Proof-64 Deep Cameo, the finest-certified proof 1884 Liberty Half Eagle in NGC Proof-66 Ultra Cameo, a sandblast proof 1913 Indian Half Eagle in NGC Proof-67 and a 1908 Motto Saint-Gaudens Double Eagle in NGC Proof-66 that was struck with the characteristic dark matte finish of the issue. Finally, the Zürich Collection also features a complete set of business strike Indian Quarter Eagles in MS-64, centered around the key-date 1911-D certified by NGC.”

Highlights of the Zürich Collection include:

• 1911-D Indian Quarter Eagle, MS-64 (NGC)
• 1876 Gold Dollar, Proof-64 Deep Cameo (PCGS), PCGS Population: 2/1
• 1884 Liberty Half Eagle, Proof-66 Ultra Cameo (NGC), Combined PCGS and NGC Population: 1/0
• 1913 Indian Half Eagle, Proof-67 (NGC)
• 1878 Liberty Double Eagle, Proof-64 Cameo (NGC), One of Just Nine Examples Confirmed Extant from a Mintage of 20 Coins
• 1892 Liberty Double Eagle, Proof-66 Ultra Cameo (NGC), Combined PCGS and NGC Population: 6/0
• 1892 Liberty Double Eagle, Proof-65 Cameo (NGC)
• 1897 Liberty Double Eagle, Proof-66 Ultra Cameo (NGC), Combined PCGS and NGC Population: 2/0
• 1902 Liberty Double Eagle, Proof-66 Cameo (NGC), Combined PCGS and NGC Population: 1/0
• 1906 Liberty Double Eagle, Proof-66 Cameo (NGC), Combined PCGS and NGC Population: 2/0
• 1907 Liberty Double Eagle, Proof-64 Cameo (NGC)
• MCMVII (1907) Saint-Gaudens Double Eagle, High Relief, Wire Rim, Proof-64 (NGC)
• 1908 Saint-Gaudens Double Eagle, Motto, Proof-66 (NGC) (more…)

Coin Market: Full Band Roosevelt Dimes

By Steve Roach – Rare Coin Market Report

The market for full bands Roosevelt dimes is one dominated by a handful of specialists who are willing to spend big for the right coin.

Numismatic Guaranty Corp. calls circulation-strike Roosevelt dimes with both the upper and lower pair of bands on the torch showing full separation, having a complete and unbroken line dividing the bands, “full torch” (abbreviated as FT), while Professional Coin Grading Service calls them “full bands” (FB).

Both services began to recognize the designation in 2003 and the popularity of registry sets has fueled four-figure prices for condition rarities.

For example, on Sept. 6, a 1953-S Roosevelt dime graded Mint State 68 full torch by NGC realized $2,600 during an auction conducted by Teletrade.

Earlier this year, a 1951-D Roosevelt dime graded MS-68 full bands by PCGS (pictured above) sold for a very strong $4,600 while a stunning and beautifully toned 1949-D PCGS MS-68 full bands from the same consignor realized $3,105 at a Heritage Auction Galleries sale.

The market for high-end Roosevelt dimes is not entirely dependent on a full bands/torch designation.

At a Sept. 9, 2009, Heritage auction, a 1963-D Roosevelt dime graded MS-68 (without a full bands designation) realized a whopping $5,175.

The market for full bands Roosevelt dimes is the most robust for the series’ silver issues, produced from 1949 to 1964, although the occasional copper-nickel clad issue can soar, such as a NGC MS-68 full torch 1965 dime that brought $805 at a March 25 Heritage auction.

In the PCGS Registry, 137 registered sets are listed, consisting of the 48 Roosevelt dime circulation strikes from 1949 to 1964, with the top four sets 100 percent complete.

Many of the issues are unknown in grades finer than MS-67 full bands and the current No. 1 set contains each issue in MS-67 full bands and finer, with several MS-67+ full bands and a single MS-68 FB.

The owner of the No. 1 set has posted pictures of all but two of the coins in his set, named “close to perfect,” online. Browsing through them gives an introduction to the many different looks that Mint State Roosevelt dimes can have.

Bullock 1856-O double eagle brings $345,000 to headline $13.4 Million Heritage Long Beach Auction

Gold remains in high demand as it reaches world record $1,300 an ounce high

The recently discovered Bullock specimen of the 1856-O double eagle, XF45+, NGC, was the unabashed star of the Sept. 23-26 Heritage Auctions September Long Beach, CA Signature® U.S. Coin Auction, as it soared to $345,000 amidst spirited bidding. The auction realized an impressive $13.4 million total, with almost 5,000 bidders vying for the 7,385 lots, translating into a 93% sell-through rate by value and 96% by total number of lots.

Overall the auction affirmed the continued strength of gold in an up-and-down global market – with spot gold prices reaching $1,300 and on Friday, Sept. 24 – with fully seven of the top 10 lots coming in the form of the precious metal.

“We were all quite impressed overall with how these coins performed,” said Greg Rohan, President of Heritage Auctions. “Collectors continue to respond enthusiastically to the best and rarest examples, as evidenced by the heated competition for the Bullock 1856-O double eagle. We don’t expect to see a drop-off in gold demand as the year comes to a close and we hold our last few auctions of 2010.”

The 1856-O $20 XF45+ NGC, Ex: Bullock, one of perhaps 20 or fewer commercially available examples, made front-page news in the July 26, 2010 Coin World, with a headline proclaiming “1856-O gold double eagle surfaces in Ohio.” The coin was part of a “small accumulation of gold coins held by a family in Ohio for nearly 100 years,” and is now further distinguished by its $345,000 and its spot at the top of the roster in the Long Beach Auction.

Always popular when they come to auction, Kellogg & Humbert S.S. Central America gold ingots continued to capture collector imaginations, and superb final prices realized, at Long Beach when an astounding 114.65 ounce (9 pounds) “Very Large Size” Kellogg & Humbert Gold Assayer’s Ingot, 114.65 Ounces , brought $253,000 from an advanced collector, while a 23.35 Ounce Kellogg & Humbert S.S. Central America Gold Ingot, considered “small to medium-sized,” captured great attention at a final price of $80,500.

Nineteenth century gold continued its dominance at the top of the auction, with the single finest 1891 Carson City $10 MS65 NGC bringing $74,750. The same final price was realized by a spectacular 1848 $2-1/2 CAL. MS61 NGC, a sublime quarter eagle gold coin made from some of the earliest gold mined during the California Gold Rush.

Further highlights include, but are not limited to:

1796 50C 16 Stars VF25 PCGS. O-102, High R.5.: Realized $69,000.

1895 $1 PR64 Deep Cameo PCGS: Realized $60,375.

1876 $3 PR64 Cameo NGC: Realized $54,625.

1886 $20 XF45 NGC: Realized $54,625.

1874-CC 10C Arrows AU50 PCGS. CAC: Realized $50,313.

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

The Dilemma of the Placeholder – Coin Collecting Strategy

By Doug Winter – www.RareGoldCoins.com

PlaceholderIf 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. (more…)

Fall’s Busy Coin Show Schedule

By Steve Roach – Rare Coin Market Report

When gold hits record levels, coin shows get a bit more press and attendance than they normally do, and in the next two months four major shows and hundreds of local shows will cater to a public curious about how they can buy into or cash out of gold at $1,300 an ounce.

After the American Numismatic Association World’s Fair of Money in August, there is a typical lull in the market and an absence of major shows until the Long Beach (Calif.) Coin, Stamp & Collectibles Expo in September, this year held Sept. 23 to 25 with an official auction by Heritage Auction Galleries and a pre-Long Beach auction by Ira and Larry Goldberg.

Then, the following weekend on the East Coast is the Whitman Coin and Collectibles Philadelphia Expo, Sept. 30 to Oct. 2, with an official auction by Stack’s and an official pre-auction by Bowers and Merena Auctions.

While the three-times-a-year Long Beach Expo is well established, the Philadelphia Expo (held just once before) has provided an alternative to dealers who wanted a major early-fall show but did not want to set up business in California for tax nexus issues.

Next on the big show calendar is Coinfest, in Stamford, Conn., from Oct. 28 to 30. With a New York City area location, the show has quickly grown in influence, perhaps evidenced by Heritage Auctions’ sale there.

Following Coinfest is the Whitman Baltimore Expo, Nov. 4 to 7, which like the Long Beach Expo is also held three times annually. It has an official sale by Bowers and Merena Auctions.

The continued vitality of these shows is a sign that they are viewed as useful by both dealers and collectors, and continue to be profitable for the sponsors.

On the auction results front, at Bonhams and Butterfields Sept. 20 coin auction, an uncertified 1889-CC Morgan dollar sold for $87,750 against an estimate of $27,000 to $30,000 (pictured above).

It was cataloged as “Brilliant Uncirculated,” but the price realized suggested a coin between Mint State 64 and MS-65. With MS-64 coins bringing $60,000 and an MS-65 possibly worth as much as $350,000, it will be interesting to see where the coin ends up.