Records Smashed with PCGS-Certified Coins at Holmes and Naftzger Auctions

(Beverly Hills, California) – Early American copper coins certified by Professional Coin Grading Service (PCGS) sold for record prices in the auctions of the Dan Holmes Collection of early date large cents (1793 – 1814) and the Ted Naftzger Collection of late date large cents (1840 – 1857), held September 6 and 7, 2009. The eagerly-awaited auctions were conducted in Beverly Hills, California by Ira & Larry Goldberg Auctions in association with McCawley and Grellman Numismatic Auctions.

"This was the first time a large cent has ever sold for over $1 million in a public auction," said Don Willis, President of PCGS.

Ira Goldberg summed up the enormity of the two sales from the auctioneers' point of view. "These two sales, held over 24 hours, probably represent the historic highpoint by which all other large cent auctions will be measured by. It was indeed an historic event. This large cent event certainly represents a highlight in our careers."

A 1795 Reeded Edge (Sheldon-79) cent from the Holmes Collection, graded PCGS VG10, sold for $1,265,000. It is the finest of only seven known specimens. The previous record for a 1795 Reeded Edge variety was $405,500 for an example that graded Good-4 and sold at a Bowers and Merena auction last November.

A second coin, the finest known and only mint state 1799 (S-189), graded PCGS MS61, nearly broke the million dollar mark at $977,500.

Late date large cents from the Naftzger Collection also brought substantial prices.

The finest known proof 1841 (Newcomb-1), graded PCGS PR65 Red and Brown, that had been in the Naftzger Collection for over 60 years sold for $31,500. A blazing red gem 1848 (N-9), graded PCGS MS65 Red, with a pre-sale estimate of $3,000 brought $28,750.

All prices realized include the 15 percent buyer's premium.

"The bidding was so spirited and competitive that the auction pace was only about 60 lots an hour compared to 100 to 200 lots called per hour at other coin auctions. There were over 125 people in attendance, plus all the bidders on the phone and Internet," said Willis.

"The vast majority of bidders were collectors, and in some cases dealers placing bids on behalf of clients. So, most of these coins now are going straight into the hands of collectors. That's very encouraging for the hobby."

A complete list of prices realizes can be found online here. Additional information on early, middle and late date large cents – as well as thousands of other U.S. coins – can be found at the new PCGSCoinFacts at www.PCGSCoinFacts.com.