Beverly Hills Sale Captures $7 Million-Baltimore Expo Underway

It’s the week before the Thanksgiving holiday and dealers and the coin market in general have a lot to be thankful for this year. Buoyed by an aggressive metals market and the US Mint’s wildly popular Silver Eagle program, the numismatic arena is once again the scene of brisk business.

As this article posts, I will be in Baltimore along with throngs of other dealers and collectors attending the Whitman Expo, November 17-20. The Expo is anchored by a sizable five session host auction by Stack’s Bowers, which is sure to be host to heated rivalry between determined dealers and competitive collectors. Some notable NGC-certified entries include:

• 1831 Original Classic Half Cent NGC PF 45 BN
• 1806/5 Draped Bust Quarter NGC MS 64
• 1799 Draped Bust Dollar NGC MS 63
• 1876 Three Dollar Princess NGC PF 65 Cameo
• 1879 Flowing Hair $4 Stella NGC PF 64 Cameo
• 1795 Small Eagle Draped Bust Half Eagle NGC MS 61
• 1870-CC Liberty $20 NGC XF 45
• 1920-S Saint-Gaudens $20 NGC MS 63

A few days prior to my departure from the West Coast, Beverly Hills was the scene of impassioned activity as over 3,600 lots generated nearly $7 million in Heritage’s inaugural Beverly Hills Signature auction held November 8-10. A diverse group of prime numismatic offerings were on the block. Everything from Colonials, early Federal issues, and superb high-grade material from all series was offered to floor and Internet bidders.

Not a surprise, the top NGC performers at the sale were all gold coins. Number one was a superb 1911 Indian Quarter Eagle graded NGC PF 68. This coin is tied with two dozen other examples for the title of finest graded Indian Head Quarter Eagle at NGC. This scintillating specimen, on the cusp of perfection, is a joy to behold and certainly a prize for the new owner. Next on the list was a tie at $48,875 between a desirable and quite flashy 1895 Morgan Dollar graded NGC PF 64 Cameo and an 1856 Type III Gold Dollar graded NGC PF 65 Ultra Cameo. The latter, pedigreed to the Simpson collection, is a breathtaking deeply mirrored Cameo accented by an exquisite orange-gold patina. Some of the NGC highlights of this inaugural Beverly Hills extravaganza included:

• 1795 Plain Edge, No Pole Liberty Cap Half Cent NGC VF 30 $2,760
• 1883 Indian Head Cent NGC MS 67 RD $5,463
• 1794 Flowing Hair Half Dime NGC AU 58 $11,270
• 1797 16 Star Draped Bust Half Dime NGC AU 58 $9,200
• 1896-O Barber Dime NGC MS 65 $6,900
• 1882 Seated Liberty Quarter NGC MS 68 $10,350
• 1884 Seated Liberty Quarter NGC PF 68 14,375
• 1901-S Barber Quarter NGC F 12 $14,950
• 1903 Barber Quarter NGC PF 68 $7,475
• 1919-D Walking Liberty Half NGC MS 63 $16,100
• 1921-S Walking Liberty Half NGC MS 61 $17,250
• 1857 Seated Liberty Dollar NGC MS 64 $14,950
• 1882 Trade Dollar NGC PF 66 Ultra Cameo $16,100
• 1895 Morgan Dollar NGC PF 64 Cameo $48,875
• 1855-C Type II Gold Dollar NGC AU 58 $13,800
• 1856 Type III Gold Dollar NGC PF 65 Ultra Cameo $48,875
• 1839-O Classic Head Quarter Eagle NGC MS 63 $26,450
• 1911 Indian $2 ½ NGC PF 68 $51,750
• 1911-D Indian $5 NGC MS 62 $16,100
• 1909-D Indian $10 NGC MS 65 $24,150
• 1913 Indian $10 NGC PF 65 $44,563
• 1857-S Liberty $20 NGC MS 66 $20,125

The immensely popular 2011 25th Anniversary Silver Eagle sets, which were sold out in record time by the US Mint on October 27, have officially made it into wholesale and retail channels. Demand is blistering hot for sealed sets as well as any sets for that matter with bids running on the electronic networks for as much as $740 per sealed set and in some instances transactions for over $4,000 are reportedly being paid for sealed boxes of five sets. eBay has reported single “opened sets” selling for as much as $900. For those of you lucky enough to have these five-piece sets in your possession, consider having them encapsulated and graded by NGC. Sealed sets submitted will be pedigreed as 25th Anniversary Set. However, remember only those coins in sealed sets will qualify for this pedigree.

There are still some non-bullion areas within the numismatic playing field that seem somewhat neglected and underrated. One such area is Classic Silver Commemoratives. A quick glance at the NGC US Coin Price Guide confirms a plethora of minus signs, albeit minor ones, with only a scant few mustering a positive upswing. This series, which boasts appealing designs, historic themes, and low mintages, has always been a popular one with collectors. With careful planning and prudent buying, MS 65 and above coins that are well struck and exhibit original and attractive toning can be purchased for fractions of their all-time highs. With continued demand for quality and variety, many of these regionally themed classics seem to be forgotten.

To some it might seem like ancient history and to others more like a nightmare when you compare present market values of the Classic Silver Commemoratives with those virtual all-time highs set a little over 20 years ago. For example let’s look at a perennial favorite, the 1922 Grant With Star Half Dollar. Designed by famed sculptress Laura Gardin Fraser, here is a coin with a scant original mintage of 4,256 pieces. The NGC Census reveals a total of 1,220 coins graded with the lion share in MS 64 (576), MS 65 (214), MS 66 (45), MS 67 (7) and none awarded a higher grade. In the early summer of 1989 NGC’s MS 67 examples were quoted sight unseen at $64,000, MS 66 representatives were exchanging hands at $38,500 and a full Gem (MS 65) was trading for $21,250. Today, according to the NGC US Coin Price Guide they are valued at $40,200, $13,100 and $6,690 respectively. Does this mean that the 1922 Grant With Star is a bad investment or fallen from favor? In my opinion the answer to both is no. The MS 67 has held a higher percentage of its all-time high. The fact that only seven coins have been graded as such has helped to solidify its market share. However, in 1989 the MS 66 coin with 45 examples was trading at three times today’s price.

With under 300 specimens combined in MS 65 and MS 66 for the Grant With Star and hundreds of thousands of collectors vying for examples, the fact that they can be secured in the current market place at levels substantially lower than their recorded highs appears to be a coup for today’s collector. There are several other examples within Classic Silver Commemoratives in the same grades that reveal similar scenarios. For others within the series with sizable populations, demand can be cyclical as these issues can be promoted by telemarketers and inventoried in sufficient quantity. This is where judgment and market analysis come into play for individual coins such as the aforementioned Grant With Star, the Missouri, Hawaiian, Hudson, Spainish Trail or Lafayette all of which seem to be veritable bargains compared to the market peaks.

As with any market, no one can be sure of selling at an all-time high or purchasing at an historic low. I strongly believe that careful accumulation and acquisition of keys within this series (and the same holds true with most series for that matter) will reward the fastidious numismatist down the road. As always, rarity and grade are key. Next time you’re at a show or on the Internet, keep your eyes open for these gem quality examples. Until the next installment, have a great holiday.

Jim Bisognani has written extensively on US coin market trends and values and was the market analyst and writer for a major pricing guide for many years. He currently resides in Southern California and frequently attends major coin shows and auctions.