By Doug Winter - www.raregoldcoins.com

For most of the first part of the 20th century, branch mint coins were overlooked by all but a small number of collectors. Assembling specialized sets of coins from Charlotte and the other branch mints really did not begin in earnest until the late 1950’s/early 1960’s. One of the first collectors to specialize in high grade examples of Charlotte coins was Stanley Elrod from Matthews, North Carolina. Elrod began collecting coins from his “local mint” in the 1960’s and would go on to assemble at least three complete sets.

The last of these was clearly the finest set of Charlotte coins ever assembled. It included a number of finest known and Condition Census pieces. It was first offered for sale as a complete set in the mid-1980’s but serious negotiations regarding its sale did not begin until the end of that decade. It was eventually sold to a consortium of dealers who later sold it intact to California dealer/collector/investor Hugh Sconyers.
For the next few years, Sconyers added to the collection. He was able to include a number of coins that were significantly finer than the original Elrod coins but which, at the same time, were of similar quality and appearance to the Elrod coins that were retained. In the middle part of the 1990’s, Sconyers decided to sell the collection and it was purchased by Winthrop Carner, a New York dealer who specialized in rare gold coins. Carner proceeded to break up the collection and began selling coins to an eager audience of new collectors. The majority of the coins went to two collectors: William Miller from Michigan and Paul Dingler from North Carolina.

Carner later sold the remainder of the Elrod collection back to Sconyers who then quietly brokered the coins to other collectors through a small number of dealers.

In February 1999, some of the Elrod coins were offered for sale as part of the Miller collection in the Heritage Long Beach auction. The pieces in the Dingler collection remain off the market and the other Elrod coins are owned by a number of collectors and investors.

The Elrod collection was unquestionably the finest set of Charlotte coins ever formed. Elrod was fortunate to begin collecting these coins at a time when he had little competition and nice, original Charlotte coins could still be found from time to time.

The Elrod pedigree carries a great deal of weight among Charlotte collectors as it is an assurance that a coin is not only among the finest known examples of its respective issue but that it is choice and original as well.

By Doug Winter - www.raregoldcoins.com

Byron Reed was born in upstate New York in 1829. He moved to Omaha, Nebraska in 1856 and by the early 1860’s, he had become an important figure in this new settlement. After the end of the Civil War, Omaha became an important gateway to the West and its economy boomed. Reed, who was one of the major landowners in this city, became very rich and assumed a prominent position in the business and political affairs of both the city and the state.

Byron Reed began to collect coins (as well as art, manuscripts and other objects) in the mid 1870’s and continued his purchases until he died in 1891. After his death, the collection was willed to the City of Omaha and the Omaha Public Library. It was later placed in the Western Heritage Museum where part of it is now on display.
A portion of the collection was sold Spink’s/Christie’s in October 1996 in order to raise funds for the renovation, expansion and endowment of the Western Heritage Museum. As with all museum collections, the announcement of this sale was met with controversy. A decision was made to replace the coins that were sold with similarly dated but lower value examples.

The Byron Reed sale contained 407 lots of coins and it realized over $5 million. The strengths of the sale included proof gold coins and superb pre-1834 gold issues.

Highlights of the Reed sale included an Uncirculated 1796 With Stars quarter eagle that brought $232,000, a Gem Uncirculated 1864 quarter eagle at $132,000, a Gem 1828/7 half eagle that realized $159,500, a Gem 1829 small planchet half eagle at $374,000, a Gem 1832 twelve stars half eagle at $297,000 and a three coin partial proof set of 1875 gold issues that sold for $352,000.

Unlike some of the other great “name” collections that have been sold in recent years, the Reed sale represented just a small part of his holdings. There are many other great coins in this collection that are now on public display in Omaha and the estimated value of the entire coin collection is a conservative $25 million+.

The coins from the Reed collection are noteworthy for their originality. The silver coins from this collection were poorly stored and, unfortunately, they are so deeply toned that they have no eye appeal. The gold coins luckily avoided this fate and were characterized by nice color and good eye appeal.

By Doug Winter - www.raregoldcoins.com

John Jay Pittman was different from the other collectors in this group. He did not come from great wealth nor did he have unlimited funds to buy coins with. His forte was an uncanny ability to spot good value and the ability to determine underpriced areas in the market before they became “fashionable” or fully priced.

Pittman was born in 1913 and went to work for Kodak in Rochester, New York in 1936. He began collecting in the early 1940’s and became very active towards the middle part of that decade. Pittman’s single most brilliant decision as a collector was to attend the sale of the famous King Farouk collection that was held on behalf of the Egyptian government in Cairo in 1954. At this sale, Pittman spent a considerable amount of money and actually wound up taking a second mortgage on his home to finance his purchases. When one considers what these coins sold for some forty five years later, it is clear that this great financial risk was amply rewarded.

David Akers Numismatic Auctions was chosen to sell the collection. The first Pittman sale was held in October 1997 and it featured 1264 lots of coins including half cents, large cents, small cents, minor coins, nickels, half dimes, dimes, gold dollars, half eagles, double eagles, territorial gold coins and proof sets. The total price realized for this sale was $11.8 million. Some of the highlights included a complete 1843 proof set that sold for $412,500, an 1844 proof set that realized $440,000 and an 1859 proof set that brought $426,250. Other notable coins included a Proof 1833 half eagle that brought $467,500 (Pittman paid $635 for this coin at the Farouk sale in 1954), a Gem Proof 1835 half eagle at $308,000 (this piece cost $140 in the Memorable sale of 1948) and a Gem Proof 1836 half eagle that realized $198,000 (Pittman purchased this as part of a large group of coins for $483 in the Farouk sale.

The second Pittman sale was held in May 1998. It consisted of 869 lots and the total price realized was $12.2 million. Included in this memorable offering were quarter and half dollars, silver dollars, quarter eagles, three dollar gold pieces, half eagles, eagles, proof sets, and miscellany. Some of the highlights included a Gem Proof 1852 quarter at $176,000 (it cost Pittman $50 in 1953), a Proof 1839 With Drapery half dollar for $132,000 (Pittman paid $725 for this in 1961), a complete 1845 proof set which brought $756,250, an 1846 proof set that sold for $522,500 and a Gem Proof 1838 eagle that brought $550,000 (Pittman bought this coin as part of a four coin lot at the Farouk sale in 1954 for $590).

The final Pittman sale will be held in August 1999. It consists of his foreign coins and its estimated value is $10-15 million. Assuming that this sale brings in the middle of this range, the entire Pittman collection will have brought over $35 million.

Coins from the Pittman sale are notable for their originality and superb coloration. These coins are very highly prized by collectors and a Pittman pedigree will, no doubt, become greatly desirable in the future.

By Doug Winter - www.raregoldcoins.com

Harry Bass was a Dallas collector who specialized in United States gold coins. His collection was unique in that it was concerned with die varieties of specific issues. Bass was a keen student and had more technical knowledge about varieties of United States gold coins than anyone else. What made his collection all the more impressive is that most issues were represented not only by multiple examples but numerous Finest Known or Condition Census pieces.

In the middle part of the 1990’s, Bass announced that he was creating a foundation (the Harry Bass Research Foundation or HBRF) that was dedicated to numismatic scholarship and would contain his coins. The Foundation was responsible for creating groundbreaking research sites on the Internet and contains excellent reference sets of pattern coinage and paper money.

Bass died in 1997 and it was soon announced that the majority of his collections would be sold at auction by Bowers and Merena. The first Bass sale was held in May 1999 and it contained paper money, pattern coinage, colonials, a small number of regular issue copper and silver coins and miscellany.

The major value of the Bass collection is its gold coinage and Bowers and Merena has announced that these coins will be offered in two sales. The first is to be held in October 1999 while the second is scheduled for May 2000.

It is expected that these two sales will contain between 4000 and 5000 lots and they have an estimated value of $25 million. When these sales are completed they should break many records and the Bass collection will rank as among the most valuable ever sold at auction.

The Bass coins are being sent to PCGS and will be specially designated by this firm with the bass pedigree. It is certain that many of the coins will be removed from the PCGS holders and sent to NGC. The Bass pedigree will certainly be recognized by this grading service as well.

The Bass collection is one of the last great “old time” collections that will be sold and it is probable that coins with the Bass pedigree will be revered by future collectors.