by Greg Reynolds for CoinLink

Of course, in Orlando, mainstream U.S. coins received more bids and attention than unusual numismatic items. After all, the Winter FUN Convention bourse, the official Heritage auction, and the pre-convention auctions altogether amount to the premier event of the year for high quality U.S. coins. Nevertheless, it is worth noting, and curious, that very unusual items realized high prices and generated much conversation this year. These items are well outside the paths that U.S. coin collectors tend to follow.

As I just wrote an article about it, I will not here discuss the Madison Collection’s 1792 ‘fusible alloy’ cent pattern, which is certainly cool and unusual. It sold, during Heritage’s Platinum Night event of Jan. 10, for $603,750.

The Proof 1876-CC dime is also something cool and unusual that will not be explained here. It may be the only Proof Carson City Mint dime. Please see my pre-auction article about this 1876-CC dime. At the Superior Auction in Orlando, on Jan. 5, a central New Jersey dealer was the successful bidder. He later sold a half interest in this dime to Rare Coin Wholesalers. It realized an impressive $178,250.

As the Superior auction event drew to a close, on the night of Jan. 6, five ring-shaped gold patterns were sold, all graded Proof-65 by the Professional Coin Grading Service (PCGS), though they do vary in quality. These were minted in 1852, three years after the U.S. began minting gold dollars in 1849. Four of the five were patterns for gold dollar coins, and are each of a different design. One piece seems to be a pattern for a gold half dollar!

While collectors often feel that gold dollars are cute, the people who used them for commerce in the mid 19th century thought that they were too small. From 1849 to 1854, gold dollars were a half-inch wide, which is considerably smaller than a dime. Since 1837, dimes have been seven-tenths of an inch in diameter. The width of gold dollars could have been greatly increased, while still having the same amount of gold and same percentage of gold, by minting ring-shaped gold dollars that have empty centers.

Four of the five gold dollar patterns in the Superior auction were earlier in the John Wilkison collection, and the Wilkison name is noted on the PCGS holders. Wilkison formed the greatest all-time collection of gold patterns that were actually struck in gold. Most patterns of gold denominations were struck in copper, as copper is much less expensive than gold. The Wilkison collection was distributed by David Akers more than a quarter-century ago.

On Jan. 6, 2008, Legend Numismatics was the successful bidder for all five of these ring-shaped gold patterns, on behalf of the collector known as ‘Simpson.’ Laura Sperber, a partner of Legend, exclaimed that seeing these five ring-shaped gold patterns “together was mind boggling”! Further, she declared that there “was no way that we weren’t going to get them.” These realized from $34,500 to $69,000 each, with a total for the five of $227,700.

Sperber was a frustrated underbidder when Stack’s sold an 1838 Gobrecht dollar in copper, on Jan. 7. One report suggests that a specialist in Gobrecht dollars bought it.

Gobrecht silver dollars are dated 1836, 1838 and 1839, though some were minted years later. The obverse design is similar to the design of Liberty Seated silver dollars, which were minted from 1840 to 1873. There are numerous varieties of Gobrecht dollars, several of which fall into the category of patterns, broadly defined.

Saul Teichman, an expert in patterns, has stated that only two 1838 copper Gobrecht dollars are known to exist. The other is in a museum in Nebraska, along with the remainder of the Byron Reed collection. This one, that Stack’s just auctioned, is PCGS certified “Proof-63.” Previously, Stack’s auctioned it in 1994 for $22,000, and Sotheby’s auctioned it in 1996 for $16,500, according to Teichman.

On Jan. 7, 2008, this 1838 Copper Gobrecht realized $529,000, an astounding price, even if it is the only privately owned example of this variety. There are a substantial number of patterns for which only one to three exist. Indeed, there are quite a few that are unique. None of these patterns, for which only one to three exist, has realized more than $500,000 at auction, as best as I can remember.

Among patterns for which only one to three exist, most of those that would be currently valued at more than $500,000 are gold patterns struck in gold. I mention the auction record for a pattern, which was set when an 1879 Quintuple Stella was sold, in my very recent article on the ‘Fusible Alloy’ 1792 cent that sold on Platinum Night for $603,750.

If this ‘Fusible alloy’ 1792 cent is made of copper, then it broke the auction record for a copper numismatic item, which was set three days earlier when Stack’s auctioned this 1838 Gobrecht dollar in copper. If this 1792 cent pattern is made in the historical ‘fusible alloy’ and is thus 25% silver, or is less than 90% copper for some other reason, then this 1838 Gobrecht dollar holds the auction record for a copper numismatic item, as far as I know.

In any event, $529,000 is an amazing record for a Gobrecht dollar. The fact that a Gobrecht dollar in silver has never been auctioned for as much as this Gobrecht dollar in copper is extremely curious. After all, silver dollars are usually thought of as being 90% silver. This may be the first time that an off-metal striking has realized a price far in excess of the last known price of the most valuable corresponding U.S. coin. Off-metal strikings have always fascinated advanced collectors, but are usually not needed for sets.

Some patterns are struck in several metals. Consider the 1869 ‘Standard Silver’ pattern half dollar. The traditional metal for a half dollar is, of course, silver. Strikings in aluminum and copper are clearly off-metal strikings, though the copper pieces may actually be die trials of patterns. The silver 1869 ‘Standard Silver’ half dollar patterns are not extremely rare. Aluminum and copper strikings are extremely rare, but may be obtained by a collector who has patience. Only one, however, is known in brass, which is a combination of copper and zinc and tends to be green in color. Generally for 19th century patterns, pieces struck in brass, when they exist, are much rarer than copper or aluminum strikings.

This unique brass 1869 ‘Standard Silver’ design half dollar pattern was in the Jan. 7th Stack’s auction. It is PCGS graded Proof-63 and it sold for $40,250, which is perhaps a better value than $529,000 for an 1838 copper Gobrecht dollar. Consider that coin collectors see copper coins often. Further, numerous copper patterns and die trials exist of various issues including many dollar-size copper pieces. Is a U.S. coin denomination in brass something more cool and unusual?

The most famous sets of off-metal strikings are the 1868 Proof sets in aluminum. These contain all copper, nickel, silver and gold denominations in aluminum.

Of the surviving aluminum sets, the Garrett set is the most famous as it resided in the epic Garrett family collection for decades and was auctioned with much fanfare in 1979. It was and still is accompanied by a 19th century case. Most of the pieces are of gem quality. All are very attractive. It is startling to see, in aluminum, an Indian Cent, a Two-Cent piece, a Three Cent Nickel, and a Shield Nickel, along with all silver and gold denominations. Looking at all the pieces at the same time is captivating. This Garrett set is now certified by the Numismatic Guaranty Corp. (NGC). At the 2008 FUN Convention, Bob Green, of Park Avenue Numismatics, sold this Garrett 1868 set to Rare Coin Wholesalers of Dana Point, California.

Off-metal strikings that are cool, in a different way, are 1944 steel cents. Most kids get started in coin collecting by putting Lincoln cents in designed folders or albums. All regularly issued U.S. cents of 1943 were intended to be struck in zinc-coated steel, and were intended to be so only in 1943. As steel cents look so much different from copper or bronze cents, these are particularly alluring to beginning coin collectors, and continue to be on the minds of advanced collectors as well. Cents that were accidentally struck in steel in 1944 are rare errors.

There was a MS-62 grade 1944-D cent in zinc coated steel in both the B&M and Heritage Orlando auctions. The one in the B&M auction is PCGS graded MS-62, and had earlier received the same grade from NGC. It realized $105,800. The one in the Heritage auction is NGC certified MS-62, and sold for $92,000. Though of the same grade, these two errors had markedly different appearances.

Even more curious than 1944 Steel cents are errors involving dies for U.S. coins and foreign blanks. A prepared blank is a planchet, and a planchet is struck in a coinage press with dies to produce a coin. The U.S. Mint has, over the years, contracted with many foreign governments to strike coins for their respective nations. On Heritage’s Platinum Night, two errors sold that relate to both foreign coinage and U.S coins.

Consider the use of regular dies for a 1942 Mercury Dime used on a planchet that was meant to become an Ecuador Five Centavos coin. The result is curious and enticing. The planchet is probably brass, a mix of copper and zinc. It may also contain traces of other metals. The toning on this piece is curiously and markedly different from toning found on U.S silver or copper coins. Although there are an extremely small number of brass U.S. patterns, U.S. coins were never minted in brass, unless it is technically argued (probably erroneously) that the copper-plated zinc cent planchets in use since 1982 are brass.

The yellow and green colors of this brass Mercury dime error captured my attention, and seem to be natural. I do not remember ever seeing a vividly toned, gem quality brass coin. After seeing so many Mercury dimes, which are 90% silver and 10% copper, this error was astounding. Indeed, its distinct toning was spellbinding. It is conservatively NGC graded MS-65. It sold for $14,375, and is certainly worth it to a connoisseur of unusual numismatic items.

The most oddly curious coin that was sold in Orlando this year is a Proof 1973-S Eisenhower Dollar. A coin-shaped area encompassing most of Eisenhower’s head is indented in the surface of the obverse (front). A planchet (prepared blank disc), originally intended for use to mint a foreign coin, somehow ended-up on top of the Eisenhower dollar planchet in the coinage press.

Matt Kleinsteuber, an analyst, grader and buyer for NFC coins, remarks that “Ike errors are generally scarcer than other modern errors.” He adds that this is “the neatest kind of Ike dollar error.” Kleinsteuber attends almost every major coin auction, and views most of the rare coins that are auctioned.

As this 1973-S Eisenhower dollar was struck, this foreign planchet was impressed into the dollar planchet. An image of most of Eisenhower’s head was struck on this foreign planchet, which was originally intended to become a copper (or mostly copper) coin of a Latin American nation. This foreign copper piece that features Eisenhower’s face survives, along with the indented Proof 1973-S dollar. This pair of errors is thus one numismatic item. Both parts are PCGS graded “Proof -67,” with the Eisenhower’s head on the foreign planchet receiving an “RB” designation. This ‘Red and Brown’ designation does not convey its terrific natural toning, which features blue and orange hues. The whole item, really a pair, is oddly very attractive and fascinating. Kleinsteuber described it best when he said that it is “an amazing error that is wickedly cool”!

Though not unusual in the sense that mint errors are unusual, an 1848-CAL Quarter Eagle is markedly different from a typical 1848 Quarter Eagle or any other U.S. gold coin. These must be among the most unusual of regular issue U.S. coins. On fewer than fifteen hundred 1848 Quarter Eagles, the letters CAL. were imparted into the reverse, above the eagle’s head and below the last three letters of ‘STATES.’ Other than these 1848 Quarter Eagles, the U.S. Mint did not use any such stamp on any other gold coins. In Superior’s Orlando auction, there was an 1848-CAL. Quarter Eagle that is fairly NGC graded AU-55, and sold for $60,375.

At Heritage’s Platinum Night, on Jan. 10, there was an 1848-CAL. Quarter Eagle that is NGC certified MS-68 with a “star” for additional eye appeal. It definitely has a lot of eye appeal. I have seen another, though, that I believe is of higher quality. Moreover, this coin has a finish that is different from all other 1848-CAL. Quarter Eagles that I remember examining. While it is not a Proof, it has some Proof characteristics, in terms of the frosting of design elements, the sharpness of some (not all) details, and some of the relationships between its design elements and adjacent fields.

At least two 1848-CAL. Quarter Eagles have been catalogued as Proofs, decades ago. This particular coin may very well have been one of those that were so catalogued. Though not a Proof, it is different, and may be special in an important way. At the very least, it is semi-prooflike; it could be some kind of specimen striking. I hope that, someday, I have the opportunity to see it again. It was part of the Madison collection, which includes an incredible U.S. type set. This Quarter Eagle went for $345,000 to a floor bidder.

While unusual and cool numismatic items are often not practical to collect, these tend to be fun to learn about, talk about, and view. These serve an educational purpose and make numismatics more interesting for everyone.

Related posts:

1. Unusual Items: Martha Washingtom Die Trials
2. Unusual Items : Unique Quarter Eagle Struck on 3 Cent Nickel Planchet
3. Unusual Items: Unique “Six Cents” Coin
4. Unusual Items: 1836 Gobrecht Dollar, Judd-63 Name Below Base, Starless Obverse and Reverse
5. Unusual Items: 1906 Indian Cent. Struck in Gold
6. The 2008 Fun Orlando Auctions – An Overview
7. Unusual Items: Experimental Alluminum Alloy 1942 Cent Judd-2079
8. Unusual Items: 1792 Birch Cent
9. Unusual Items: 1874 Dana Bickford Ten Dollar Gold Coin
10. Unusual Items: 1903 Louisiana Purchase Cardboard Die Trial