Weekly Market Report: S. S. Central America Coins and Ingots Soar At 169-lot Christie's Sale

By Bruce Amspacher - December 19, 2000

1855-S $20 Liberty MS66 (PCGS) - believed to be the finest known

An 1855-S $20 Liberty, certified by the Professional Coin Grading Service (PCGS) as MS66 and believed to be the finest known, was the star of the sale as Christie's held a one-day auction on December 14, 2000 in New York City. Every offering in the 169-lot sale was a treasure recovered from the S. S. Central America, the famed "Ship of Gold" that sank to the bottom of the Atlantic Ocean in 1857. The incredible condition of the 1855-S was not lost on the bidders, as the rare Double Eagle opened for $74,750 and was quickly bid to an all-time record for the date of $120,750.

The number of lots in the sale was extremely small in comparison to most rare coin auctions held these days, but the bidding was active from beginning to end, with frenzied activity in evidence in some areas. A Blake & Co. gold ingot with a face value of $218.28 sold for $46,000, an 1855 Wass, Molitor & Co. $50 gold piece in AU50 realized $48,875, an 1850 Dubosq & Co. $10 in XF40 was bid to $63,250 and an 1856-S $20 Liberty in MS66 soared to $57,500. With those kind of individual results it easy to see why the final prices realized for the auction reached $2,214,785!

The remarkable sale was a three-way effort from Christie's, Bowers & Merena Galleries, and the California Gold Marketing Group, headed by Dwight Manley. Q. David Bowers wrote the coin descriptions and most of the lots were certified by PCGS. Anthony Wilson of Christie's noted: "The sale was extremely well attended. There was a huge amount of interest in the majority of the lots, and bidding by fax and phone was worldwide, although most of the winning bidders were from the United States. It was a memorable event."

Richard S. Montgomery, PCGS president, echoed Wilson's feelings about how memorable the coins were. "PCGS was honored to have been chosen to certify these special coins from the S. S. Central America. There were some truly unique treasures in this offering, such as the 1856-S quarter eagle in MS67 to name but one."

More market news

"There is no getting around the fact that things are a little slow," says John Dannreuther of JDRC, Inc., in Memphis, Tennessee. "I anticipate that the F. U. N. show [January 3-6, 2000] will be good and maybe even great because by that time everyone's batteries will be recharged.

"Not only is this traditionally a slow time for coins, but there's also a threat of a recession hanging over the market. Even if that happens it should be short-lived and nothing like we saw in 1981-82."

What's the best area of the market? "I was in Phoenix last week and went into a local coin shop. The dealer told me he could sell a roll of 1916-D dimes in various grades if they were available. That seems to be the way it is all across the country. There is tremendous demand for so-called collector coins and there's no sign of it slowing," Dannreuther continued. "Meanwhile, though, many of the $10,000+ coins have become tougher and tougher to sell."

Auction action, 2001 style

The Bowers & Merena Rarities Sale is one of the main attractions of next year's F. U. N. show which is now only weeks away. There is a dazzling array of spectacular numismatic items in this sale, including numerous fresh offerings that haven't been on the market for decades.

Copper specialists will have a field day in the Bowers & Merena sale, with four 1793 Chain cents, three 1793 Wreath cents and two 1793 Liberty Cap cents going on the block. There are also two 1799 Large cents up for consideration, two 1804 examples and many others. There is also a nice grouping of Pattern coinage, an MS63 1859-S silver dollar and an outstanding selection of Morgan dollars, featuring the finest known 1889-CC from the Eliasberg and Jack Lee collections. For more information or to bid online, click here.

Heritage Numismatic Auctions is also conducting a major sale in conjunction with F. U. N., featuring the magnificent "NFL Set" of Morgan dollars that was assembled by noted collector and former National Football League star Gregg Bingham.

Bruce Amspacher has been a professional writer since the 1950s and a professional numismatist since the 1960s. He won the OIPA sportswriting award in 1958 and again in 1959, then spent eight years in college studying American Literature. This background somehow led him to become a professional numismatist in 1968. Since then he has published hundreds of articles on rare coins in dozens of publications as well as publishing his own newsletter, the “Bruce Amspacher Investment Report,” for more than a decade. His areas of expertise include Liberty Seated dollars, Morgan and Peace dollars, United States gold coins, sports trivia, Western history, modern literature and the poetry of Emily Dickinson. In 1986 he was a co-founder of the Professional Coin Grading Service (PCGS).