Coin Universe Weekly Market Report - June 20, 2000

The Paul S. Mory, Sr., Collection will be auctioned later this week by Bowers & Merena Galleries, but as spectacular as that sale is it has to share the spotlight with one of the greatest coin finds of all time, the double denomination Washington quarter/Sacagawea dollar. This sensational mint error is believed to be the first muling of two different denominations in the history of United States coinage, and it has already been certified by the Professional Coin Grading Service (PCGS) as unquestionably authentic. The believed-to-be-unique mint error was graded MS66 and will be offered at auction by Bowers & Merena at the ANA convention in Philadelphia, PA, in August 2000. The error exhibits a Washington statehood quarter obverse paired with a Sacagawea dollar reverse, meaning that the coin is without a date. The value of the coin is estimated to be in excess of $50,000. Q. David Bowers appeared on the Today show and CBS Network News on June 16 to discuss this highly publicized coin. The error was discovered by a newspaper editor in Arkansas as he went through an uncirculated roll of Sacagawea dollars.

Meanwhile, the Mory Collection is scheduled for June 22-23 in conjunction with the MidAmerica Coin Expo in Chicago, Illinois. This sale features many landmark copper issues along with (as the catalogue so aptly states) “one of the most brilliant, most dazzling presentations of early California gold ever made.” Highlights of the sale include the finest known 1813 Large cent of the Sheldon-293 variety that is catalogued as MS65RB. This coin is believed to be the finest known by four full grading points and it graces the cover of the catalogue. There are no less than five 1799 (or 1799/8) Large cents in the sale, six 1793 Chain cents, seven 1793 Wreath cents and multitudinous other rarities. The private issue gold coins feature a large selection of Bechtler issues, plus an 1855 Kellogg $50 in PCGS Proof 62, a unique 1849 Pacific & Co. gold dollar, $10 gold pieces from both Dubosq & Co. and Baldwin & Co. and many other treasures.

Kingswood Coin Auctions’ Sale XIII is scheduled for June 22, and that means NOW IS THE TIME to act on this highly significant sale. Kingswood XIII includes such rarities as an 1839/8 $10 gold piece in PCGS MS64, an 1899 $10 gold piece in PCGS Proof 67, an 1860 $20 Liberty in PCGS Proof 64 from the Trompeter collection, a 1911 $2½ Indian in PCGS Proof 67, a vast array of top-quality type coins and silver dollars, and much, much more.

Gold coins are showing strength in all areas, reports Greg Roberts of Spectrum Numismatics, International. The Santa Ana, California, company is one of the nation’s largest rare coin wholesalers. “The $20 High Relief [issued in 1907 with a Roman numeral date] is hot in all grades,” Roberts said, “and they sell quickly in any condition from MS61 through MS66. The $20 St. Gaudens pieces in MS63, MS64 and MS65 have warmed up as well, as have $10 Indians in MS63 and MS64. In non-gold issues the hottest coin at the moment is the MS65 Morgan dollar, with lots of interest at current levels.”

“This is a great buying opportunity,” said James L. Halperin of Heritage Rare Coin Galleries of Dallas, Texas, one of the world’s largest rare coin companies. “It is my opinion that coins will never again be at the low prices of today. Coins have picked up dramatically in the Internet in the past few weeks, which is an important and bullish sign. The sell-through percentage [coins offered versus those actually sold] was down to around 37% at the market bottom, and it has rebounded quickly to a strong 60%.”

Halperin was also pleased with recent auction results. “There was a 1933 $10 Indian in PCGS MS65 in our Long Beach sale that sold for $207,000,” he said. “After the 1841 quarter eagle (PCGS Proof 64) sold for only $178,500 in the Bass sale, I was concerned that the ’33 $10 might falter, but the price showed amazing strength.”

The Lyn Knight Currency Auctions Memphis sale realized a record $6,558,858 in its June 17 auction, becoming the largest grossing sale in the history of currency auctions. Be certain to check out related stories on this landmark sale right here at this website.

-- Bruce Amspacher

Finest Known Sheldon-293 1813 Large Cent MS65 RB

Finest Known Sheldon-293 1813 Large Cent MS65 RB