Heritage auctioned the half cents from the Ellsworth collection on May 29, 2008. This auction was the 4th time that Heritage has sold an important collection of Early American Coppers since 2000 (the other sales being the Rasmussen, Reiver, and Husak large cents). I have known "Col. Steve" since he launched his career as a dealer of early coppers in the mid-1990's. His pleasant personality and exceptional story-telling ability make it easy to spend time with Col. Steve. His extensive inventory and marketing style can make it hard to leave his table without at least one new addition to your collection! I was fortunate enough to go along with Col. Steve on a Civil War battlefield tour near Fredericksburg, VA during the 2001 EAC convention, and I can tell you that if you ever get such an opportunity, you must take it - he is an extremely knowledgeable and engaging guide.
The sale of the Ellsworth half cents consisted of only 120 lots, but there were many highlights none-the-less. The undisputed star was the Ellsworth 1796 C2 (with pole) in PCGS AU55. This remarkable coin (LOT 1647) was hammered down for an astounding $120,000. There was not a 1796 C1 (no pole) coin in the set. Also missing was the famous 1802/0 C1 (with REV of 1800). However, the 1802/0 C2 (with REV of 1802) in PCGS VF30 hammered for $8000 (LOT 1653). Some of the notable rarities in the sale included: 1795 C6b (Thick Planchet, R6) in VG8, 1804 C4 (Crosslet 4, w/ stems, R5) in VG8, 1805 C2 (Small 5, stems, High R5) in G6, 1806 C3 (Small 6, stems, R6) in G4, and 1809 C1 (R5) in VG8.
There were also some coins in the Ellsworth collection that were not particularly rare, but which I found to be interesting: The 1794 C5a (R4) in PCGS AU55 was hammered for $9500. The 1795 C1 (Lettered Edge, R2) was PCGS MS62, with a remarkable series of planchet fissures across the OBV - it was hammered for $11,000. The 1795 C5b (plain edge, no pole, R4) had a provenance that went all the way back to Lorin Parmelee in 1890! The Ellsworth 1832 C2 (in AU55) was once in the famous Roger Cohen collection (the Cohen half cents were sold by Superior in 1992, but I did not see any coins from this particular auction in the Ellsworth set). The beautiful Ellsworth 1831 (proof-only issue) in NGC PF65 BN (LOT 1735) brought a winning bid of $14,000. There were other proof-only dates among the Ellsworth set, although he did not complete the proof series (1842, 1845, 1846, and 1847 are missing). The die-state collection of 1804 C6 (Spiked Chin) was also quite fascinating, comprising a total of 16 different coins!
The catalogue from the Ellsworth collection features very nice color photos of most lots, and excellent detailed descriptions. The catalogue should be considered for inclusion in your early copper library.
Sunday, June 29, 2008
Monday, April 28, 2008
A tribute to 1799 S189
The inspiration for this posting comes from the latest addition to my collection of early cents. This humble copper coin, dated 1799 marks the end of my 3-year-long quest to upgrade this date. It is a coin that anyone with familiarity in this series can appreciate, both for its simple beauty, and for its outstanding rarity (in nice condition).
This is not my first 1799 - actually, it is the 5th one I have owned. What sets this coin apart from all the others (besides the price, which was considerable) is:
1. The quality of the planchet - smooth medium chocolate brown. The sort of surfaces that are normal on any cent from the 20th century, but not at all common in the 18th century, and decidedly scarce in 1799.
2. The strong date - as a large cent specialist will tell you, with a 1799 Sheldon-189, you generally get your choice of a "strong date" or a strong LIBERTY". The axial misalignment of the dies generally assured that no coins were stuck that year with BOTH the date & the word LIBERTY strong. This coin has an exceptionally strong date and correspondingly weak LIBERTY. I prefer this to the alternative.
3. The REV die chip. Not every 1799 Sheldon-189 exhibits the triangular shaped die-chip on the reverse, between the words ONE & CENT. At some point in the REV die's life, this chip was ejected from the steel die, and all subsequently-made coins show this small die chip. It is one of the "hallmarks" of a genuine 1799 (some coins also show some die crumbling at the dentilation on the rim between the word "OF" and the word "AMERICA". This coin does not show the rim crumbling well, but it is often visible on late-state coins).
There are just two varieties of 1799 American large cents available to collectors, and both of them are very scarce. The famous overdate (S188) is R4 (with an estimated extant population of less than 200 coins), while the normal date (S189) is R2 (with a total population estimate of 600 to 2000 coins).
A genuine 1799 cent (any variety, in any condition) represents the Mt. Everest of most large cent collections. Among all early-date (1793-1814) large cents, there are other particular varieties that are more rare (for example, the 1794 S15). However, if one is building a large cent date collection, there are common varieties available for almost every date (including 1794). The glaring exceptions are 1799 & 1804. 1804 cents are scarce. The things that differentiate 1804 and 1799 (in my opinion) are the quality of the copper and the quality of the strike. An 1804 cent has a good chance of being struck on an average (or better) planchet, while a 1799 most likely will have poor surface quality. Likewise, an 1804 cent will have a high probability of being well struck, while a 1799 has only a 50/50 chance (at best) of a decent strike.
When it comes to 1799 large cents, there are a lot more frogs to kiss than handsome princes!
I am not done collecting large cents. I may (one day) obtain a rarer coin than this one. I also might one day buy a coin that costs more than this one. However, this coin has done two things for me, simultaneously:
> It has enabled me to complete my large cent date set, with every coin in reasonable condition.
> It has enabled me to say I am now a "serious collector" (by current $ standards).
Sunday, February 17, 2008
The Sale of the Walt Husak Collection
Wow! I am still a little stunned by the magnitude of this event in Long Beach last Friday night.
After the long build-up, and the beautiful 414 page catalogue, and the long wait to view each & every coin, and much personal speculation about how the bidding might go, I am happy to report that it was all worth it, and then some!
Walt's sale met all of my expectations, and produced a lot of awesome surprises. I can say it was my privilege to be present.
The rare coin field produces very few stars, but after this sale, we must count Walter Husak among the luminaries in our hobby.
Sheldon, Naftzger, Paschal, Loring, Brown, Robinson, Rasmussen, and now... Husak!
I can't say enough good things about this man, or his collection. A true gentleman & family man who used his passion for Large Cents (and a few million dollars) to create a real thing of beauty - a personal vision translated into cuprous reality!
For breadth, how about 292 of the 295 originally enumerated Sheldon varieties? (301 coins altogether, with edge variations) Does it matter that he did not obtain the S15, or the S79, or S80? Not really. The truth is that he could have gotten them, but probably not in high enough condition to fit with the rest of the set (or, perhaps not at a price that seemed prudent to pay). For quality, how about 55 condition-census pieces dated 1794? (out of 57 1794 coins in the sale) How about 21 finest-known coins for 1794 alone?! Now THAT is passion!
There were enough highlights from this auction to fill a small book. I just want to mention some of the coins that were significant to me. For all the prices realized, I will refer you to the Heritage auction site. You might even be able to get their perspective on the sale. The web address is: http://coins.ha.com/common/auction/
Two coins were notable for the prices they realized. These were LOT 2014 (1793 S13 Liberty Cap, CC-2) and LOT 2050 (1794 S48 Starred Reverse, CC-1). Each of these coins was hammered down for $550,000! The Sheldon-13 traces its ownership back to Joseph J. Mickley (whose collection was sold in 1867) and is 2nd finest known, behind the Eliasberg coin. The Sheldon-48 is the finest known of a very scarce (pop. est. ~60) and famous variety. The coin showed up in a Spink & Son (London) price list in 1972, and was prominently featured in the sale of John W. Adams' collection (Bowers & Ruddy, 1982). The one 1793 chain cent certified mint-state by PCGS in the sale (LOT 2002, S3, PCGS MS62) brought a winning bid of $220,000. The most modestly priced 1793 cent in this sale was LOT 2011 (S-11b in EAC F15) which was hammered for just $8500. The new owner of this coin can feel very good about this purchase. This sale had precious few bargains, but this coin was one. Another early surprise was LOT 2019 (a 1794, head-of-93, S18b graded MS63 by PCGS, and CC-4) which brought an astonishing $220,000 bid!
The momentum swung into high gear during the sale of the 1794's, with bids seemingly coming from everywhere - the floor, the internet, the book, and the phones. Every lot was hotly contested. Many budgets were strained as EAC collectors contended with investors for the best pieces. One coin that I was especially fond of was LOT 2066 (the finest known Sheldon-64, in PCGS MS65). It was bid to $130,000. The single finest known 1794 cent in existence (LOT 2069, S-67, in PCGS MS67 RB) brought an amazing $425,000 winning bid. This shimmering cent traces its pedigree to the Lord St. Oswald collection.
The 11 pieces in the Husak set of 1796 Liberty Caps would be worthy of a museum. I doubt if I will ever see such a stellar group again. After the sale of the 96 Liberty Caps, the investors seemed to be satisfied, and the focus returned to the hard-core EAC collectors who are the backbone of this series. As the sale moved on to the 1796 draped bust cents, the awesome S-93 (LOT 2094, PCGS MS 65 RB, and CC-1) was bid to $140,000. I had not seen any '96 draped bust other than a S-119 (Nichol's find variety) with this kind of eye appeal. Prices for the 1797 and 1798 cents were about in line with my expectations. The 1799/8 Overdate cent (LOT 2192, S-188 in EAC VF25, CC-5) went for $42,500 (less than its prior sale price in 2000). However, the next lot (LOT 2192), the famous 1799 S-189 "Abbey Cent" was bid to $140,000.
Momentum remained strong throughout the draped bust cents (1796-1807). I was a bit surprised when the 1801 S218 cent (LOT 2221, an R5 variety with 3-errors rev.) failed to meet its reserve of $24,000. Personally, I liked this coin a lot! Another coin that really impressed me was the 1803 S-263 (LOT 2266). This coin is the finest known for the variety, although not uncirculated (EAC AU50). Apparently I was not the only lover for this cent, as it soared to $16,000 vs. "book value" of $5000. This lot illustrates how difficult it is to use "the book" to estimate the value of a really nice cent (particularly in this type of sale).
Before I close, I think I should commend Heritage for the excellent way they conducted this auction. Sam Foose (with help from Bob Merrill) called the sale with great professionalism and personality. The catalogue will become a valuable Large Cent reference, and is a collectible in its own right. The venue was perfect for the auction, and all systems worked very well (almost all the time). All in all, it was a memorable night!
After the long build-up, and the beautiful 414 page catalogue, and the long wait to view each & every coin, and much personal speculation about how the bidding might go, I am happy to report that it was all worth it, and then some!
Walt's sale met all of my expectations, and produced a lot of awesome surprises. I can say it was my privilege to be present.
The rare coin field produces very few stars, but after this sale, we must count Walter Husak among the luminaries in our hobby.
Sheldon, Naftzger, Paschal, Loring, Brown, Robinson, Rasmussen, and now... Husak!
I can't say enough good things about this man, or his collection. A true gentleman & family man who used his passion for Large Cents (and a few million dollars) to create a real thing of beauty - a personal vision translated into cuprous reality!
For breadth, how about 292 of the 295 originally enumerated Sheldon varieties? (301 coins altogether, with edge variations) Does it matter that he did not obtain the S15, or the S79, or S80? Not really. The truth is that he could have gotten them, but probably not in high enough condition to fit with the rest of the set (or, perhaps not at a price that seemed prudent to pay). For quality, how about 55 condition-census pieces dated 1794? (out of 57 1794 coins in the sale) How about 21 finest-known coins for 1794 alone?! Now THAT is passion!
There were enough highlights from this auction to fill a small book. I just want to mention some of the coins that were significant to me. For all the prices realized, I will refer you to the Heritage auction site. You might even be able to get their perspective on the sale. The web address is: http://coins.ha.com/common/auction/
Two coins were notable for the prices they realized. These were LOT 2014 (1793 S13 Liberty Cap, CC-2) and LOT 2050 (1794 S48 Starred Reverse, CC-1). Each of these coins was hammered down for $550,000! The Sheldon-13 traces its ownership back to Joseph J. Mickley (whose collection was sold in 1867) and is 2nd finest known, behind the Eliasberg coin. The Sheldon-48 is the finest known of a very scarce (pop. est. ~60) and famous variety. The coin showed up in a Spink & Son (London) price list in 1972, and was prominently featured in the sale of John W. Adams' collection (Bowers & Ruddy, 1982). The one 1793 chain cent certified mint-state by PCGS in the sale (LOT 2002, S3, PCGS MS62) brought a winning bid of $220,000. The most modestly priced 1793 cent in this sale was LOT 2011 (S-11b in EAC F15) which was hammered for just $8500. The new owner of this coin can feel very good about this purchase. This sale had precious few bargains, but this coin was one. Another early surprise was LOT 2019 (a 1794, head-of-93, S18b graded MS63 by PCGS, and CC-4) which brought an astonishing $220,000 bid!
The momentum swung into high gear during the sale of the 1794's, with bids seemingly coming from everywhere - the floor, the internet, the book, and the phones. Every lot was hotly contested. Many budgets were strained as EAC collectors contended with investors for the best pieces. One coin that I was especially fond of was LOT 2066 (the finest known Sheldon-64, in PCGS MS65). It was bid to $130,000. The single finest known 1794 cent in existence (LOT 2069, S-67, in PCGS MS67 RB) brought an amazing $425,000 winning bid. This shimmering cent traces its pedigree to the Lord St. Oswald collection.
The 11 pieces in the Husak set of 1796 Liberty Caps would be worthy of a museum. I doubt if I will ever see such a stellar group again. After the sale of the 96 Liberty Caps, the investors seemed to be satisfied, and the focus returned to the hard-core EAC collectors who are the backbone of this series. As the sale moved on to the 1796 draped bust cents, the awesome S-93 (LOT 2094, PCGS MS 65 RB, and CC-1) was bid to $140,000. I had not seen any '96 draped bust other than a S-119 (Nichol's find variety) with this kind of eye appeal. Prices for the 1797 and 1798 cents were about in line with my expectations. The 1799/8 Overdate cent (LOT 2192, S-188 in EAC VF25, CC-5) went for $42,500 (less than its prior sale price in 2000). However, the next lot (LOT 2192), the famous 1799 S-189 "Abbey Cent" was bid to $140,000.
Momentum remained strong throughout the draped bust cents (1796-1807). I was a bit surprised when the 1801 S218 cent (LOT 2221, an R5 variety with 3-errors rev.) failed to meet its reserve of $24,000. Personally, I liked this coin a lot! Another coin that really impressed me was the 1803 S-263 (LOT 2266). This coin is the finest known for the variety, although not uncirculated (EAC AU50). Apparently I was not the only lover for this cent, as it soared to $16,000 vs. "book value" of $5000. This lot illustrates how difficult it is to use "the book" to estimate the value of a really nice cent (particularly in this type of sale).
Before I close, I think I should commend Heritage for the excellent way they conducted this auction. Sam Foose (with help from Bob Merrill) called the sale with great professionalism and personality. The catalogue will become a valuable Large Cent reference, and is a collectible in its own right. The venue was perfect for the auction, and all systems worked very well (almost all the time). All in all, it was a memorable night!
Monday, February 11, 2008
The Goldberg's Pre-Long Beach Copper Sale
I just made it home from the Goldberg's auction of Early American Copper in Beverly Hills (Feb. 10, 2008) and I thought I would post some of the highlights while they are still fresh.
This sale did not offer much for colonial or half cent experts, but there were over 750 lots of Large Cents up for grabs.
Attendance was very good, with every seat in the large ballroom at the Crown Plaza taken when the 1st lot of the session was called. Many copper devotees came out, in addition to the "usual suspects". I suppose this happened because there are actually two large copper events in Southern Cal. this week - the Goldberg sale, and the Walt Husak sale (this Friday in Long Beach).
While the Husak collection features many condition-census pieces (the top 6 coins for any variety), the Goldberg auction was rich in scarce varieties, with most of the coins in low grades. The affordable nature of the material made it popular with both collectors & dealers, and bidding was active.
Some of the highlights (and surprises, for me) include:
+ A high-grade 1793 wreath cent with lettered edge (S-11C) discovered only last year in England was hammered for $42,500, which failed to meet the pre-sale estimate of 50,000-75,000.
+ A low-grade example of the famous Starred Reverse cent (1794 S-48) went to an absentee bidder for $16,500. Although the coin is dark & corroded, the "stars" are plainly visible.
+ A beautiful 1794 S-61 (PCGS AU55) was hammered for $17,000 (vs. a high estimate of $12,500), after a furious round of bidding.
+ A very rare 1794 NC-9 (the 2nd finest of just 4 known) was hammered to one of the "Boys of '94" for $32,000. He will now have something to show off at EAC'08!
+ A remarkable run of six 1799 cents in a row were sold, with the lowest grade coin (just FR2) bringing a wininng bid of $1400. 1799's are popular!
+ For middle-date enthusiasts, there was an EF45 example of 1817 N-7 (with full "mouse top") that was hammered for $2800 (vs. a high estimate of $1500). I loved this coin, but I dropped out long before the end!
+ The sale featured two key-date 1823's in VF (one N-1 and one N-2), and they both cracked the $1000 mark.
+ An 1822 N-6 in AU58, with a pedigree that includes both Floyd Starr and Herman Halpern brought a winning bid of $3100. It is a very nice cent!
+ The late-date cents (1840-1857) featured a number of coins that were pedigreed to the famous Robbie Brown. My personal favorite among these was LOT 1590 - an 1846 N-1 in MS-60+ with shimmering iridescent overtones. This cent received lots of bids from lots of us, but the winner got it for $825 (plus buyer's fee))! What an awesome cent!
All-in-all, It was a memorable sale, and a nice prelude to the sale of Walt's magnificent collection.
This sale did not offer much for colonial or half cent experts, but there were over 750 lots of Large Cents up for grabs.
Attendance was very good, with every seat in the large ballroom at the Crown Plaza taken when the 1st lot of the session was called. Many copper devotees came out, in addition to the "usual suspects". I suppose this happened because there are actually two large copper events in Southern Cal. this week - the Goldberg sale, and the Walt Husak sale (this Friday in Long Beach).
While the Husak collection features many condition-census pieces (the top 6 coins for any variety), the Goldberg auction was rich in scarce varieties, with most of the coins in low grades. The affordable nature of the material made it popular with both collectors & dealers, and bidding was active.
Some of the highlights (and surprises, for me) include:
+ A high-grade 1793 wreath cent with lettered edge (S-11C) discovered only last year in England was hammered for $42,500, which failed to meet the pre-sale estimate of 50,000-75,000.
+ A low-grade example of the famous Starred Reverse cent (1794 S-48) went to an absentee bidder for $16,500. Although the coin is dark & corroded, the "stars" are plainly visible.
+ A beautiful 1794 S-61 (PCGS AU55) was hammered for $17,000 (vs. a high estimate of $12,500), after a furious round of bidding.
+ A very rare 1794 NC-9 (the 2nd finest of just 4 known) was hammered to one of the "Boys of '94" for $32,000. He will now have something to show off at EAC'08!
+ A remarkable run of six 1799 cents in a row were sold, with the lowest grade coin (just FR2) bringing a wininng bid of $1400. 1799's are popular!
+ For middle-date enthusiasts, there was an EF45 example of 1817 N-7 (with full "mouse top") that was hammered for $2800 (vs. a high estimate of $1500). I loved this coin, but I dropped out long before the end!
+ The sale featured two key-date 1823's in VF (one N-1 and one N-2), and they both cracked the $1000 mark.
+ An 1822 N-6 in AU58, with a pedigree that includes both Floyd Starr and Herman Halpern brought a winning bid of $3100. It is a very nice cent!
+ The late-date cents (1840-1857) featured a number of coins that were pedigreed to the famous Robbie Brown. My personal favorite among these was LOT 1590 - an 1846 N-1 in MS-60+ with shimmering iridescent overtones. This cent received lots of bids from lots of us, but the winner got it for $825 (plus buyer's fee))! What an awesome cent!
All-in-all, It was a memorable sale, and a nice prelude to the sale of Walt's magnificent collection.
Wednesday, January 30, 2008
So, it begins...
Greetings, and welcome to my blog, dedicated to Early American Copper coinage.
I am new to web logging, but I hope I can produce content that will be fun for me to write, and interesting to the reader.
The current buzz among collectors of Early American Copper is about the sale of the Walt Husak collection of U.S. Large Cents.
Follow this link to the sale lot listing WALT_HUSAK_auction.
This event promises to be a HUGE numismatic event. You can bet that I am planning to attend!
I am new to web logging, but I hope I can produce content that will be fun for me to write, and interesting to the reader.
The current buzz among collectors of Early American Copper is about the sale of the Walt Husak collection of U.S. Large Cents.
This event promises to be a HUGE numismatic event. You can bet that I am planning to attend!
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