Legend-Morphy Rare Coin Auctions to Launch New Joint Venture with October 10 Sale of Fine Coins and Gold Nuggets

Rare 1911 $20 PCGS PR66+ expected to bring bids in excess of $100,000.

1783 Chalmers silver threepence PCGS AU53+. New-discovery coin. Est. $32,500-$37,500. Legend-Morphy Auctions image.

Denver, PA. – Legend-Morphy Rare Coin Auctions, a company formed in June by auction house owner Dan Morphy and coin dealer Laura Sperber, will launch its operation on October 10, 2012 with a 225-lot sale of rare coins and gold nuggets. The auction will be held at Morphy's gallery, located approximately 60 miles northwest of Philadelphia. It will commence at 6 p.m. Eastern Time. All forms of bidding will be available, including live via the Internet through Morphy Live.

The auction premiere will open with an exceedingly rare 1783 Chalmers threepence graded PCGS AU53+. Made from Spanish silver coins, the threepence was privately minted in Annapolis, Maryland by gold and silversmith John Chalmers. An influential member of his community, Chalmers served as a captain in the Continental Army and was later sheriff of Baltimore. It is believed that Chalmers produced his silver coins during the time that the Continental Congress was temporarily headquartered in Annapolis. A new discovery, the coin has been given an auction estimate of $32,500-$37,500.

The 1911 $20 PCGS PR66+ is one of only 100 pieces ever minted. It is expected to realize $100,000-$110,000. "It is the only coin of its type graded proof 66+," Legend-Morphy President Julie Abrams noted.

1911 $20 PCGS PR66+. One of only 100 pieces ever to be minted and only coin of its type graded proof 66+. Est. $100,000-$110,000.

A 1916/16 overdate nickel, which reflects a striking error at the mint, is one of the top lots of the sale. "This coin is especially rare in high grade," said Abrams. "It is estimated at $135,000-$150,000 but might even exceed that amount."

An 1863 proof set PCGS PR64-PR66 is a totally original matched set that carries a presale estimate of $20,000-$25,000. From the same era, an 1862 $3 PCGS PR63 comes with provenance from the Byron Reed collection. It could fetch $22,500-$25,000 on auction day.

An especially appealing coin to collectors is the 1915 $10 Indian-head gold piece with matte proof finish. It is estimated at $65,000-$75,000.

Other highlights include a 1939-D dime PCGS MS69FB whose condition is described by Abrams as "sheer perfection," est. $6,000-$6,500; a 1795 flowing-hair dollar, 3-leaves, graded PCGS XF40, est. $10,500-$11,500; and a 1912 $5 PCGS MS65 $10,000-$11,000.

An 1883 Hawaiian dollar PCGS MS65, with a finely detailed relief image of King Kalakaua I (the last reigning king of the Kingdom of Hawaii), was formerly in the Gerald Forsythe collection, the finest collection of Hawaiian coins ever assembled outside of the Aloha State. "Such dollars are extremely rare in great condition," Abrams said. It is estimated at $25,000-$27,500.

Large gold nugget, origin: Peru. Weight: 49.8 troy ounces; 994.9 dwt. Assay test: 98.4% gold. Provenance: In the ownership of a Houston numismatic company for 35 years; used as their mascot on catalog covers. Est. $80,000-$120,000. Legend-Morphy Auctions image.

Seven gold nuggets will be included in the sale. A large and impressive Peruvian nugget weighing a hefty 49.8 ozt, 994.9 dwt was the property of a Houston numismatic company for 35 years and served as the firm's corporate mascot on catalog covers. It comes to auction at Legend-Morphy with an estimate of $80,000-$120,000.

Legend-Morphy co-owner Laura Sperber commented that the premiere auction contains "many awesome pieces, such as the stunning $20 1911 PCGS PR66+, which is being offered with no reserve." Sperber continued: "I anticipate strong bidding on that coin and every other coin in the auction. To identify each coin in the sale that is actually owned by Legend, we've put small 'L's at the end of the appropriate catalog descriptions. That should give buyers additional confidence concerning the coins' quality."

Sperber's business partner, Dan Morphy, said he expects the Oct. 10 auction to attract new collectors who have been regular buyers in Morphy Auctions' past sales.

"I believe that collectors of the types of antiques auctioned at Morphy's are open to new fields of collecting. They're aware of how solid the coin-collecting hobby has been over many decades, and they're interested in learning how to get into it through an auction house they already know they can trust," said Morphy. "Bidders in Morphy's sales have become accustomed to a certain level of quality in terms of what is offered at our sales and in the customer service we provide, and that they're going to find that it's more of the same with Legend-Morphy."

For additional information on any coin or gold nugget entered in Legend-Morphy's Oct. 10 auction debut, call 717-335-3435 or e-mail [email protected]. All forms of bidding will be available, including in person, absentee, by phone or live via the Internet through Morphy Live. The auction gallery is located at 2000 N. Reading Rd., Denver, PA 17517. Further details may be viewed online at www.legendmorphy.com.