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January 27, 2006
This Week In Coin & Currency News
Heritage Presents Our 2006 11th Annual Auction Survey
Jules Reiver Collection Auction Opens With A Bang!
Found Treasures: Almost, But Not Quite
Website tips: How to enter multiple coins into My Collection simultaneously
Numismatic Glossary
Help Wanted: Numismatist
Around Heritage Auctions
Coin Club Outreach Program
Instant Quiz: Test your numismatic knowledge
Is It Time To Sell? 2006 April Atlanta, GA (ANA) Signature Auction
Current Auctions: 2006 February Long Beach Signature Auction, 2006 January Dallas, TX The Jules Reiver Collection Online Session, 2006 February Long Beach Online Session, Exclusively Internet Auction, Continuous Internet Auction, Internet Currency Auction, Fine Art Monthly Auction, Amazing Sports Auction, Internet Movie Poster Auction, Amazing Comics Auction
Weekly Specials: Don't miss out on a great deal

Announcements
Heritage Presents Our 2006 11th Annual Auction Survey
You Can Win a Certified Brilliant Uncirculated $20 High Relief!

Welcome to Heritage's 11th Annual Auction Survey! You can win a Certified Brilliant Uncirculated $20 High Relief, free gold coins, and other valuable prizes:

  • Grand Prize: Certified Brilliant Uncirculated $20 High Relief!
  • Second Prize: Five winners can auction up to $100,000 of their coins for free (no seller's commission).
  • Third Prize: Ten winners can auction up to $50,000 of their coins for free (no seller's commission).
  • Mint State Saints: In addition to the Grand Prize, there are three more ways to win!
    • Provide your ANA member number. You will then be entered in a special drawing, with one Saint given away for every 1000 members responding.
    • Provide your e-mail address. A special bonus drawing will be held.
    • Or enter to win on our website: HeritageGalleries.com/Coins
  • All respondents receive a coupon to auction one coin valued above $1,000 free of seller's commission ? a $50+ value!
  • Plus, anyone who fills out the survey and requests it, will receive a free copy of "The Collector's Handbook" on estate planning ? the PNG Book of the Year and the NLG Award for Extraordinary Merit.

Heritage is America's #1 Numismatic AuctioneerTM. In 2006, Heritage is the official auctioneer for F.U.N., the ANA in Atlanta, all three Long Beach Expos, both Palm Beach shows, and Central States in Columbus, OH. On our world-famous website, you'll find Signature Auctions, OnLine Auctions, Exclusively Internet auctions, Continuous Internet Auctions, Heritage Currency Auctions of America Signature Auctions, Heritage World Coin Auctions, and Internet Currency auctions. Free members-only services such as MyWantList,TM MyCollection,TM and MyHeritageTM are available on our award-winning website, HeritageGalleries.com/Coins. Come visit to view full-color photographs of coins and currency, starting bids, pop reports, our Permanent Auction Archive, and current pricing resources!

By answering all of these questions fully, you can help Heritage provide more record-breaking events in 2006 and beyond. And remember, one lucky respondent who fully answers this confidential survey will:

WIN a CERTIFIED BRILLIANT UNCIRCULATED $20 High Relief!

Your confidential, completed survey must be received at Heritage by March 3, 2006, to participate in the drawings. Only one entry per person is eligible to win. Thank you, and good luck!

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Collector News
Jules Reiver Collection Auction Opens With A Bang!

Heritage Auction Galleries opened our Signature Auction of the Jules Reiver Collection of US Coinage on January 24, 2006 in our Dallas headquarters. This auction, held with no reserves, has realized $2,116,287 through its first two sessions, with 1,927 total bidders participating, 148 of them successfully, for 668 total lots.

This auction has been tremendously popular with the public. Our lot viewing sessions have been consistently full, and bidding sessions have been standing room only. Interest has been so strong that WFAA, Channel 8 in Dallas, sent a camera crew to cover last night's session. Needless to say, Mr. Reiver's family has been thrilled with the results of the auction so far.

"I am amazed by the prices these coins are bringing," said Mark Borckardt, Senior Cataloger for Heritage and lead cataloger for this auction. "One early copper dealer attending the sale said that even the low-value material is bringing 'all the money.' The important rarities in the Reiver Collection are bringing prices that have never been seen before in the copper market. We all felt that the Rasmussen Collection we sold last year did extremely well, but comparatively, I feel the Reiver Collection is exceeding all expectations, and will make prices at the Rasmussen sale seem like bargains."

Jules Reiver was a fascinating man. A World War II hero who was awarded the Bronze Star, he was a passionate numismatist who assembled probably the most complete collection that has ever existed of early US copper and silver coinage by die variety and die state. Mr. Reiver was also an author, writing the authoritative reference on Half Dollars minted 1836-39 and books and articles on several other series.

The first two sessions, covering Half Cents and Large Cents minted before 1816, represented only a portion of his collecting efforts, with remaining sessions set to cover many other series of US coins.

Auction highlights so far include:

Images, descriptions, and prices realized from this auction, as well as all previous Heritage auctions, are available in the Permanent Auction Archives.

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Found Treasures: Almost, But Not Quite

The towel you see flying through the air is the one I'm throwing in on lot 21954 in the Reiver auction. My collecting style tends to go along the lines of "Pack Rat", but I have set a few numismatic goals, and one of them is to put together a type set of Draped Bust, Heraldic Eagle US silver coinage, all in VF condition, or higher if the pocketbook could handle the stress.

I have long owned the half dollar, the dollar (which I bought a year or two before the price tripled), and the quarter. None of these coins is a slouch by any standards, and the half and dollar reside in old green label PCGS holders and are awfully nice for their assigned grades. Unfortunately, like most collectors with a little experience in the hobby, I've learned that completing a worthwhile numismatic goal is not simply a case of throwing money at the hobby; it often takes hard searching as well.

I was reasonably familiar with the Heritage website even before I was hired here, and my personal wantlist has long had both Half Dimes and Dimes of the appropriate dates, but limited to VF condition. Sound easy to find? It isn't. I like problem-free coins whenever possible, which can make searching tough. But what really limits me is not the price - OK, the price for these pieces is stiff, but it's not the main consideration - it's the sheer availability. VF coins of these series simply aren't out there, especially problem-free (for that matter, quarters in the same grade are also quite tough; I still don't know how I managed to find the one I own). Heritage has probably offered no more than three or four coins that fit my criteria in the five years I've been searching the website, and many of those are better dates, which means more expensive. There are nicer coins that come up for auction. I can't afford them. There are worse coins that come up for auction. I don't want to pay that kind of money and get lesser quality. So I waited.

And, while doing a cursory check of the Reiver auction catalog, I found the one I wanted. "1803 H10C V-2, LM-3, R.3. Reiver state a. Large 8 VF25 NGC," said the header for the piece. I went to the website, tracked the coin, which had not yet opened for bidding, and put in a note that said, "MINE!!!" When bidding opened, I was only too happy to drop a $2,000 bid on this coin; never mind that I've never spent more than $750 on a coin in my life.

A couple of days ago, I decided to visit lot viewing to actually see my would-be found treasure. I checked out the box and looked at this piece - and liked what I saw. VF25 is the grade assigned to the coin by NGC, but it is really a beauty for the grade, with attractive gray color and nice detail. It would fit in perfectly alongside my other coins in the type set. Hmmm. Would $2,000 take it? Check bank account... raise bid to $2,200, $2,530 with the Buyer's Premium. But that's it. Any higher, and I guess it's gone to a better home. Greysheet on this coin is $1,250 in VF; Numismedia Wholesale is roughly $1,650 in VF25. At twice Greysheet and almost $1,000 over Numismedia it would seem that I'm bidding stupid money. Heck, it's $1,800 (VF) in the Red Book, and the Red Book is always high. My bid has to be enough, doesn't it?

This morning (Thursday) the bad news came. Open MyBids - my bid $2,200, current bid $2,400. Sniff. It's gone. Somebody has a nice coin for his collection, but that somebody isn't me. I may wander down to the auction during Friday's session just to see what the final damage is, but I won't have a bidder number, or at least not my own.

Oh, and if you're wondering whether I saw the VF Draped Bust/Heraldic Eagle dime in the Long Beach auction, the answer is yes. I'll be the high bidder for as long as it takes this article to come out.

This 1803 Half Dime realized $3220 in Floor Bidding during Friday's session of the Jules Reiver Collection Signature Auction.

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Website Tips: How to enter multiple coins into My Collection simultaneously

If you wish to enter a large group of coins of the same type into My Collection, choose to enter the coins by denomination. You will see this choice at the top of the "Add to Collection" screen. Assuming that you have a number of Indian Head Cents, you can choose the denomination "Indian Head Cents" in the drop-down box. You will see something like this:

Check all the coins you wish to enter, noting the grade and the grading service as appropriate. You can choose a default grade and/or grading service for your coins, and this can come in handy in saving you some steps whether you have a collection of PCGS-graded MS-66 coins or a Whitman album full of raw Good-4 coins.

Here, I've checked a raw 1860 cent in VF-30 condition and a PCGS-graded 1864 Bronze in MS-61 Brown. To get to further listings of the type, you can proceed through all the pages corresponding to the type by clicking on the "Next>>" link, or you can choose to go directly to the page that contains your coin by entering the date of your coin in the "Jump to date:" box and clicking "Go". If the remaining coins in your collection are the 1872, 1877, and everything from 1900 to 1909-S, you might want to jump to the first three coins individually and then page through the rest of the listings when you can check a group of coins simultaneously.

When you have checked every coin in this type in your collection, click on "Add to Collection". When you do this, you will be taken directly to the main listing for your MyCollection.

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Numismatic Glossary:

Mintage: The total number manufactured of a particular coin. High mintage means that many were manufactured; Low mintage means that few were. While a high mintage coin will often be considered common and a low mintage might be considered rare, it is by no means a hard and fast rule. Carson City Dollars in particular have virtually no relationship between mintage and availability, and a number of relatively high mintage Saint-Gaudens Double Eagles were melted in such huge quantities that they are major rarities today. Mintage figures may also be affected by outside sources. Some mintage figures are net mintages, which means that a large number of coins were manufactured and a significant portion were melted before release. Others may have a somewhat casual relationship between the year the figures are reported for and the date which appears on the coin; with an obvious example being the 1804 dollar, mintage 19,570, but whose figure almost certainly reflects only coins minted bearing the 1803 date.

Fiat Currency Money intended to circulate not based on any intrinsic value, but based on the value assigned to it by its issuer. Virtually all of today's money is fiat currency, even though it was almost unknown 150 years ago. Not intended to be confused with money used to purchase certain Italian cars, although come to think of it, the Lira has been fiat currency for some time.

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Announcements

Help Wanted: Numismatist

Heritage Auction Galleries, Dallas, Texas is seeking a talented numismatist for our sales department. Duties include assisting dealers and collectors and auction consignors in person and by telephone, evaluating prospective purchases, in Dallas and shows and conventions. Salary commensurate with numismatic skills and sales experience.

Please contact Paul Minshull at Paul@HeritageGalleries.com with your background and experience.

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Around Heritage Auctions

The Henry Luhrs & Lincoln Library Collection

Heritage Auction Galleries will present an incredible collection of Lincolniana, manuscripts, autographs, rare books, and Americana in their February 21 & 22 Signature Auction in Dallas (with simulcast in New York City). Anchored by the Henry Luhrs & Lincoln Library Collection, this spectacular $5 million event contains one of the most significant offerings of Lincolniana in decades, but is also remarkable for the wide range of material included - from a leaf of the Gutenberg Bible to a JFK pardon for a Marijuana conviction! According to Americana Director Tom Slater, "The Luhrs Collection is one of the most significant and extensive to be auctioned in years, and will almost certainly be the most important manuscript event held in 2006."

"The Luhrs Family Collection," continued Slater, "is the work of a 'Collector's collector,' a man of sophisticated and varied tastes, but always with an eye for the interesting item - nearly 10,000 of them! The result was an eclectic, wide-ranging collection, deepest in autographs of American Presidents and historical figures, but also including an incredibly diverse selection from other collectible categories. Significantly, every item has been off the market for at least forty years - and some for eighty years!

Henry Luhrs collected from the 1930s to 1960. He purchased from the most famous dealers of the day, a "who's who" of the Americana and autograph field defining 'pedigree': Philip C. Duschnes; Walter R. Benjamin Autographs; Goodspeed's Book Shop; King V. Hostick; Parke-Bernet Galleries; John Heise Autographs; and the Carnegie Book Shop."

A Bound Collection of Letters and Documents from the Federal Constitutional Convention of 1787, estimated $100,000-$150,000, is one of the finest items of Americana to be sold in recent memory. This extremely important bound collection contains letters and documents signed by all 55 delegates to the Federal Constitutional Convention of 1787. When they met in Philadelphia on May 25, 1787, no one could have guessed that they would produce an entirely new form of government - one which has endured for more than two centuries. These are all neatly tipped-in on pages housed in a custom pair of large red morocco folio volumes, circa 1890, with engraved portraits of the delegates. Every Founding Father is included, from George Washington of Mt. Vernon, who signed the Constitution, to George Mason of Gunston Hall, who didn't sign, but whose protests led to the Bill of Rights.

An important George Washington document, a three-page letter written as Commander and Chief of the Continental Army at the end of the American Revolution, April 14, 1783, on settling the Army's financial accounts with the states before the Army was disbanded. Washington states: "as I consider it of the utmost importance both for the ease and quiet of the Army, as well as in point of Oeconomy to the Public, that this business should be effected with all the dispatch that it is possible to give it, I have procured from the Pay Master Genl. the enclosed minutes of what he judges necessary to obtain from the States, as part of the ground of his settlement." Copies of this letter, each signed by General Washington, were sent to Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island. Estimate: $60,000-$80,000.

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Coin Club Outreach Program

In a move to help strengthen the coin hobby and increase membership in America's coin clubs, Heritage has created the Coin Club Outreach program.

The Coin Club Outreach program features a speaker's bureau to deliver presentations at coin club meetings, promotional items to be offered to clubs to help generate revenue and enlist new members, and access to the Heritage website and mailing list of over 150,000 active coin and currency enthusiasts. Anyone interested in scheduling a speaker for a coin club or other collector group is invited to contact:

David Lisot, Director
Heritage Coin Club Outreach
DavidL@HeritageGalleries.com
1-800-872-6467 ext. 303

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Heritage Interactive
Instant Quiz

NEW: Instant quizzes and polls twice a week at www.HeritageGalleries.com/Coins!

Answer these quick questions and see how you stack up against your peers.

1. Roughly what was the assayed fineness of Mormon gold coins?
       .986
       .917
       .900
       .866
       .800


2. In 1860, a restrike of the 1804 cent was minted using genuine US Mint dies. From what year was the reverse die used for this coin?
       1803
       1804
       1809
       1820
       1857



Last week's questions:

1. The 1970-S Small Date Cent variety is also known as which of the following?
Correct Answer: High 7 (32%). It's also known as the Level 7 variety.

2. Voyageur refers to the reverse of which Canadian coin denomination?
Correct Answer: Silver Dollar (51%).

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Is It Time To Sell?

The Atlanta ANA Advantage

Heritage delivers for you all of the advantages needed to achieve top market prices in our 34th Official ANA Auction...

  • The hottest rare coin market ever
  • A numismatic venue of tradition — Atlanta
  • The incredible demand of motivated ANA visitors
  • Demand from 220,000+ registered bidder-members on our website
  • Our exclusive Permanent Auction Archives enshrine your collection
  • Marketing your consignment to the world
  • Our exclusive Interactive Internet bidding systems to maximize prices
  • Award-winning catalogers and the best images on the web or in print
  • The most experienced ANA auctioneer

Only Heritage, the world's numismatic auction leader, delivers all of these advantages, making this a truly exceptional selling opportunity. This was the same decision made by the consignor of the magnificent Duke's Creek Collection of Dahlonega Gold. Great anchor collections like this ensure that the attention of the numismatic world will be focused on Atlanta and on your coins.

To participate in this auction, please call our Consignor Hotline today: 1-800-872-6467, ext. 222

2006 April Atlanta, GA (ANA) Signature Auction
Sale on April 7 to April 9, 2006
Consignment Deadline: February 23, 2006

Leo Frese
Director of Consignments
Leo@HeritageGalleries.com
1-800-US-COINS ext. 222 (24 hour voice mail)

Interested in Selling?
What's My Coin Worth?
Get the Most Money for Your Collection
Consign to a Heritage Auction

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Current Auctions

Internet
Only
Auctions


Rare Coins
Closes Tue. Jan. 31
at 10:00 PM
View Lots
Rare Coins
Closes Sun. Jan. 29
from noon to 10:00 PM
View Lots
Rare Currency
Weekly Format
Closes Tues. Jan. 31
at 10:00 PM
View Lots

Rare Coins
Location: Long Beach, CA
Auction: 2006 February Long Beach Signature Auction #400
Auction Dates: February 9-11, 2006
Note: Internet Absentee Bidding Ends at 10 PM CT the night before the floor session of any particular lot.
Browse Lots by Category

Rare Coins
Location: Dallas, TX
Auction: 2006 January Dallas, TX The Jules Reiver Collection Online Session #391
Auction Dates: January 30, 2006
Note: Internet Absentee Bidding Ends between 6 PM and 10 PM CT.
Browse Lots by Category

Rare Coins
Location: Long Beach, CA
Auction: 2006 February Long Beach Online Session #401
Auction Dates: February 13, 2006
Note: Internet Absentee Bidding Ends between 6 PM and 10 PM CT.
Browse Lots by Category

HeritageGalleries.com/FineArt
Paintings, Silver, Art Glass and Antiques and more...
Closes Sunday, January 29, 2006 at 5:00 PM
View current auctions.

HeritageGalleries.com/Sports
Sports cards, autographs, collectibles, and more...
Closes Sunday, January 29, 2006 at 10:00 PM
View current auctions.

HeritageGalleries.com/MoviePosters
Movie posters, lobby cards and more...
Closes Sunday, January 29, 2006 at 10:00 PM
View current auctions.

HeritageGalleries.com/Comics
Comics, comic art and more...
Closes Sunday, January 29, 2006 at 10:00 PM
View current auctions.


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Weekly Specials

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E-mail of the Week

I continue to be impressed with the prices realized from the several auctions that have now closed. I am also impressed with all of your and your colleagues' efforts regarding the listings of my wife's numismatic material. I plan to write a letter to Steve Ivy regarding what is panning out to be a very postive experience once all the auctions have been cleared, and I'll continue to keep the owner of the other (better) half of the collection informed in case he should decide to sell.

I was particularly impressed with the prices realized for the foreign coins in the 2006 January New York Signature Auction.

K.H., Pennsylvania




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