Both sets were 2002 Set Registry Award winners and the Circulation Strike set was inducted into the PCGS Set Registry Hall of Fame. This incredible collection of Trade Dollars is the finest ever assembled.
Collector and owner of the Legend Collection, Bruce Morelan, relates the following story:
"I started on the Legend Collection in 1995. I'd been away from coin collecting for a few years but was actively thinking about returning. I happened to see an MS63 1875 S/CC Trade dollar advertised by Legend Numismatics in an issue of Coin World that I had picked up at a local coin store.
"Trade dollars had always been one of my favorite series, ever since my great Grandmother had given me a circulated 1877-S that she'd kept in her teapot on the kitchen shelf. I remembered the 1875-S/CC as being a very rare coin, which hardly ever comes to market, and the price seemed quite reasonable for a PCGS certified coin. I called and asked if I could see the S/CC on approval and ended up purchasing the coin.
"Shortly thereafter, I purchased an 1873-CC in PCGS MS63 which happened to come on the market. I was now at a crossroads on only my second coin… Should I create a matched set of MS63 coins or go for the finest available (which is what the 73-CC happened to be at that time)?
"The event that tipped the balance was an 1875 PCGS MS68 Trade dollar coming up for auction, the only one graded at that time. Heritage Coin Auctions allowed me to view the coin prior to the auction and I fell head over heels! What an amazing coin! I offered $100,000 on the spot, but was told it had to go through the auction process. I was on pins and needles until I received the call from Legend informing me that we'd bought the coin. Of course, the final price ended up being in the range of $130,000, but at this point I was hooked. The goal was now to build the finest collection of Mint State Trade dollars ever!
"Over the next five years, we completed the Mint State set with high quality coins and slowly replaced lovely examples with even better coins that were finest or tied for finest known.
"I believe the goal to own the finest available Mint State examples has been accomplished, though I am always looking for that upgrade coin that may come along. In recent years we've added the Amon Carter 74-CC, the Vermeule 73-CC and several others. I believe there are few more upgrades out there and there's always the chance of a new discovery coin coming along! The set has recently been inducted into the PCGS Set Registry Hall of Fame. Every coin in the set is at least tied for finest graded at PCGS and an amazing 14 out of 18 are pop 1 coins.
"I remember the Eliasberg sale in 1997 as the first time I contemplated completing the proof series. Several high quality early dates came available at that sale and I ended up purchasing the 1873, 1875, 1877 and 1878 at the auction and bidding on the 1884 and 1885. The last two went for amounts that I just couldn't justify at the time. I realized then that the Mint State collection was my first priority and set the proofs aside for the time being.
"It wasn't until several years later, after the Mint State collection was largely complete, that we set our sights again on the 1885 Trade dollar. After a year of back and forth semi-active negotiations, the Childs 1804 dollar came up for sale. Knowing that Jay Parrino, the then current owner of the 1885 Trade dollar, would be very interested in the 1804 dollar, we were certain that if a deal could ever be made on the 1885, the time was now.
"With the aid of John Albanese, Legend finally negotiated a deal just prior to the auction. The gem of the Trade dollar set was now mine for the princely sum of $1,525,000! Jay ended up missing out on the 1804 dollar after much spirited bidding, but I'm left with the knowledge that I helped play a significant role in creating a world record price for that coin at auction.
"We slowly filled in the rest of the set, but after purchasing the 1885, it was easy sailing from there! Recently we acquired the Eliasberg 1884 and the two greatest proofs have been once again reunited in the Legend Collection."
Special thanks go to Bruce Morelan and Laura Sperber of Legend Numismatics for allowing PCGS to display these wonderful sets of coins. To view these breathtaking and historic dollars, you are cordially invited to stop by PCGS booth #807. Find out why the Legend Collection's Trade Dollar sets are number one in the PCGS Set RegistryTM!
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