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This Week in Coin News October 5, 2013
In This Issue:
Nearly $17.5 million in rare US coins sell in Long Beach
Seldom Seen Selections: The Finest Certified 1796 Quarter
Website Tips: Phone Bidding
This Week's Top Ten
Coin Buyer Wanted - Dallas Office
Reduced Auction Commissions When You Resell Your Winnings!
Employment Opportunities
Around Heritage Auctions
Instant Quiz
Is It Time To Sell?
Current Auctions
Newsletter Archive
Last Issue
Nearly $17.5 million in rare US coins sell in Long Beach
1879 Flowing Hair $4 gold piece
1879 Flowing Hair $4 gold piece
The September 25-October 2 Long Beach auctions are complete, with US coins crossing the block for a total of nearly $17.5 million. This auction, along with auctions of currency and world & ancient coins, was held in conjunction with the Long Beach Coin & Collectibles Expo. Overall, the Heritage Long Beach auctions brought in nearly $36 million. All prices include Buyer’s Premium.

The top lot among US coins was a 1879 Flowing Hair $4 gold piece, or Stella. This ever-popular coin, technically a pattern, is hugely popular both because of its listing in the Red Book and its odd denomination. It was originally envisioned as a trade coin designed for interstate commerce, but the idea was abandoned as impractical. This example, graded Proof 65 Cameo by PCGS, crossed the block at $193,875.

Our Long Beach offerings included a complete 1912 gold proof set originally acquired directly from the Mint. The early part of the 20th century saw considerable experimentation with proof finishes as the mint moved away from the familiar reflective finish seen on earlier (and again on later) proof coinage. Gold coins were minted with a dull matte or sandblast finish beginning in 1908, and while this change proved to be unpopular with collectors at the time, these coins today are both quite rare and generally very well preserved. Each of the coins in this set graded Proof-66 or Proof-66+. The coins were offered individually, realizing a total of $358,375, with the PR66+ double eagle selling for $164,500.

Three examples representing the three distinct varieties of the extremely rare proof 1864 cent with L on ribbon were offered in this auction, and all three sold for six-figure prices. Only twenty examples of this issue, in any variety, are traced today. An example of the Snow-PR2 variety graded Proof-65 Red by NGC sold for $141,000, while a Snow-PR1 example graded Proof-66 Brown by PCGS sold for $129,250. The unique Snow-PR3 coin, graded Proof-64 Red by PCGS realized $123,375. In addition, a pattern example of this coin struck in aluminum, graded Proof-65 Cameo by PCGS, sold for $88,125.

Just a few of the many other highlights of this auction included:
1831 25C Large Letters PR66 NGC 1831 25C Large Letters PR66 NGC
1915-S Panama-Pacific 50 Dollar Round, MS64 NGC 1915-S Panama-Pacific 50 Dollar Round, MS64 NGC
Kellogg & Humbert 17.12-Ounce Gold Ingot Recovered from the S.S. Central America Kellogg & Humbert 17.12-Ounce Gold Ingot Recovered from the S.S. Central America


Our next US coin auction, scheduled for November 1-3 in New York, is scheduled to open soon for bidding at HA.com/Coins!

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Seldom Seen Selections: The Finest Certified 1796 Quarter
1796 25C MS67+ * NGC. CAC
1796 25C MS67+ * NGC. CAC
It is our privilege to offer the finest certified 1796 quarter as a part of the Selections from the Eric P. Newman Collection Part II Signature Auction to take place 2013 November 15 – 16 in New York City. This coin has been graded MS67+ by NGC, and it also bears the star designation for outstanding eye appeal. One look at the images will show you why.

The Mint Act of April 2, 1792 specified five silver denominations, half dimes, dimes, quarters, half dollars, and silver dollars. The half dollars and silver dollars first appeared in 1794, the half dimes in 1795 (although dated 1794), and the dimes and quarters in 1796. The two largest denominations were important trade coins and were the most requested denominations of the Bank of the United States. The smaller denominations were added to supply the late 18th century commerce with desperately needed small change.

The Philadelphia Mint coined 5,894 quarter dollars during the second quarter of 1796 with deliveries dated April 9, May 27, and June 14. Another small delivery of 252 coins was dated February 28, 1797. The total of 6,146 coins was accomplished through the use of two obverse dies and one reverse die. Current rarity ratings for the two varieties indicate that as many as 700 examples survive. NGC and PCGS have certified 510 pieces in all grades with an average grade slightly below VF30.

The current standard reference is Early Quarter Dollars of the United States Mint, 1796-1838, by Rory R. Rea, Dr. Glenn Peterson, Bradley S. Karoleff and John J. Kovach, Jr., published in 2010, and hereinafter identified as Early Quarter Dollars. The authors estimate that 56 to 75 Mint State 1796 quarters survive. That survival estimate is likely quite accurate.

Rumors have circulated for nearly seven decades that there was once a hoard of Mint State 1796 quarters owned by "Col." Green. The size of the hoard, according to the rumors, ranged from nearly 100 coins to 200 coins. The rumors began with Abe Kosoff who reported seeing nearly 100 pieces when Green's collection was dispersed. Those rumors are false, and Ned Green never owned any quantity of 1796 quarters. His original inventory survives, and lists exactly six Mint State Draped Bust quarters, most likely a date set including one 1796, and one each of the 1804 through 1807 issues, including the overdate. Green formed an extremely large collection, and never sold anything. Had he been in possession of a hoard of 1796 quarters, they would have appeared in his inventory. Collectors can now bid with confidence, knowing that there is no hidden hoard of Mint State 1796 quarters. The Eric P. Newman Numismatic Education Society is retaining a Choice Mint State example of the Browning-1 die marriage, plated in Early Quarter Dollars of the United States Mint, to illustrate the first U.S. quarter dollar.

Eric P. Newman's 1796 B-2 quarter dollar, earlier from the "Col." E.H.R. Green Collection, is a remarkable specimen. The strike is nearly full, showing weakness on a few hair strands at Liberty's forehead, and on the eagle's head and breast. However, the sharpness of this specimen equals or exceeds any other specimen seen. The devices are squared and appear as three-dimensional objects resting on the flat fields, rather than gradually rising out of the fields without distinct boundaries. The edge reeding is crisp and bold, suggesting that a special planchet was chosen for this specimen.

Evidence of double striking is noted on both sides, including many of the obverse dentils, the date, and LIBERTY. The reverse also shows evidence of double striking on many of the legend letters, especially on STATES OF. Fine finishing lines are evident, primarily on the obverse. The strike shows nearly perfect centering, and there is no evidence of adjustment marks to even the slightest degree on this specimen. The fields on both sides are fully and deeply mirrored, including evidence of mirrored finish between the dentils.

The die state is early, with a delicate die crack from the border to star 14. That crack is unlisted in the literature, and likely not visible on lower grade coins. A short die line or crack connects the upper points of star 3 into the field. The frequently encountered die cracks at ERTY are not present on this specimen. The reverse shows a delicate crack through the tops of OF that is also unrecorded in the literature. Die state analysis shows that the 1796 B-2 quarters were struck before the B-1 pieces, and this example was one of the earliest strikes from the B-2 die pair. It is one of the first 1796 quarter dollars produced at the Philadelphia Mint. The evidence points to the Newman specimen as the finest existing 1796 quarter dollar, and it should be designated as a Specimen strike.

The Newman 1796 quarter ranks as the most beautiful surviving example and exhibits quintessential Wayte Raymond album toning, gorgeous gunmetal-blue at the borders, gradually changing through orange-gold to nearly brilliant silver at the centers. The authors of Early Quarter Dollars of the United States Mint chose this coin to illustrate the cover of their book. It is also the plate coin for the die marriage on page 8. The present cataloger has been involved with some of the most important collections to appear in the past quarter century, and chooses this 1796 quarter dollar from the Eric P. Newman Collection as the most beautiful American silver coin that exists today.

Items being sold are from the extensive collection of Eric P. Newman Numismatic Education Society (a Missouri not-for-profit corporation) and have been assembled over a period of 90 years. Proceeds of the sale of all items will be used exclusively for supplementing the Society's museum operations and scholarly numismatic research efforts and for the benefit of other not-for-profit institutions selected by Eric P. Newman Numismatic Education Society for public purposes.

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Website Tips: Phone Bidding
If you've ever been to a Heritage Signature auction, you've probably noticed people near the front of the room, hard at work during the floor session taking bids over the phone from people all around the country and sometimes around the world. Now, there is a way to sign up for this service without leaving your computer.



On the individual item page for each lot where phone bidding is available, you will see a small telephone icon, along with a link that says "Request to Phone Bid". To sign up, simply click on the link.



This will bring up the familiar Heritage registration page, but with a twist. You will still need to enter your username (or e-mail address) and password, but there is also a place for you to enter the phone number where you can be reached the day of the auction. This will allow us to contact you before the auction to best help you bid on — or even pass on — the lot you want.

We recommend that phone bidding be used in conjunction with a proxy bid from the Heritage website. We will have the amount of any proxy bids you might have placed from the Heritage website available, in order to ensure that you cannot bid against yourself. Indeed, it is common for people who have signed up for phone bidding to be on the phone with a Heritage representative when their Internet proxy bid wins the lot!

Please note also that phone bidding is not necessarily available for all lots. The auction must include a floor session, of course, but there is often a minimum dollar amount for the item. For coins, phone bidding is limited to lots valued in excess of $4000, as determined by the current bid. Other Heritage venues will vary; please check the lot you are interested in to find out more.

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This Week's Top Ten
1913 5C Liberty PR64 NGC
1913 5C Liberty PR64 NGC
The ten highest valued 20th century P-mint coins to sell in Heritage auctions, one per issue:
  1. 1913 5C Liberty PR64 NGC. Realized $3,737,500
  2. 1907 Ultra High Relief, $20 Lettered Edge PR69 PCGS. Realized $2,990,000
  3. 1907 $10 Satin PR67 NGC. Realized $2,185,000
  4. 1921 $20 MS66 PCGS. Realized $1,092,500
  5. 1907 $20 Small Edge Lettering PR68 PCGS. Realized $920,000
  6. 1907 $20 High Relief, Wire Rim MS69 PCGS. Realized $575,000
  7. 1933 $10 MS65 PCGS. Realized $552,000
  8. 1907 $20 High Relief, Flat Rim PR69 NGC. Realized $534,750
  9. 1907 $10 Rolled Edge MS67 PCGS. Realized $460,000
  10. 1907 $10 Wire Rim, Plain Edge, Judd-1902, formerly Judd-1774A, R.8, PR62 NGC. Realized $359,375

Do you have a suggestion for a future top ten list? Send it to us!

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Announcements

Coin Buyer Wanted - Dallas Office

Heritage Auctions is seeking talented numismatists with a broad range of expertise to join our Dallas office. If you have a good working knowledge base of U S. coins and currency and are comfortable dealing with the public, we have openings for permanent positions as a buyer. Duties will include dealing with walk-in clients, evaluating and purchasing coins and currency, working local coin shows, and accepting Auction consignments. Pay will be commensurate with numismatic experience.

If you are interested in this position, please contact Jobs@HA.com.

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Reduced Auction Commissions When You Resell Your Winnings!

When you win any lot worth with a hammer price of $1,000 or more (or $2,500 for Art and Nature & Science lots), you will receive a coupon that entitles you (or your heirs) to re-consign that lot to Heritage at a reduced seller's commission. Selling through Heritage is a convenient and hassle free way to maximize your return (find out why). Maybe you'll need to make room in your collection for something better, perhaps your collecting tastes will change, or maybe it will be your heirs that benefit; but be sure to save the coupon, which could be worth hundreds or thousands of dollars.

  • Coins: 0% Seller's Commission for all items $1K or more.
  • Comics: 50% of the usual Seller's Commission for all items between $1K & $10K, and 0% for items $10K and over.
  • All Other Categories: 50% of the usual Seller's Commission for everything else over $1K ($2,500 for Art & Natural History).

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Employment Opportunities

As the fastest growing American-based auction house, financially rock-solid Heritage Auctions continues to grow and seek the best talent in the industry. If you are a specialist or have strong general collectibles knowledge, we want to hear from you. These specialists will, in some cases, head new departments and in others will enhance existing department expertise. We have positions open at our headquarters in Dallas as well as at our new state-of-the-art galleries in prime locations in both Midtown Manhattan and Beverly Hills.

Heritage is seeking to hire the world's best specialists in the following categories:

  • Asian Art Specialist
  • Classic Cars Specialist
  • Coin Buyer
  • Decorative Arts & Design Specialist
  • European Art Specialist
  • Modern & Contemporary Art Specialist: (New York, Beverly Hills)
  • World Coins Director: Hong Kong

If you are interested and feel you have the qualifications we seek, please email your resume and salary history to Experts@HA.com.

We are also seeking to fill the following corporate positions:

  • Client Data Specialist part-time
  • Client Services Representative
  • Currency Cataloger
  • Currency Consignment Director
  • e-Publishing Expert
  • Graphic Designer
  • Housekeeping
  • Interns
  • Maintenance Assistant
  • Shipping Associate
  • Web Marketing Specialist

If you are interested in applying for one of these Corporate positions, please apply here.

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Around Heritage Auctions

Fluorite Specimen May Bring $200,000+ As Part II Of The Hoppel Fine Mineral Collection

Fluorite accented by crystals of Baryte, Sphalerite, and Calcite
A monumental purple cube of Fluorite accented by crystals of Baryte, Sphalerite, and Calcite — a rare discovery from the Elmwood Mine near Carthage, Tenn. — is expected to sell for $200,000+ as Part II of the record-setting Hoppel Collection, returns Oct. 19-20 at Heritage Auctions. Headlining the 519-lot Nature & Science Signature® Auction, the Hoppel Collection set the mineral world on fire and claimed several records following its nearly $4 million June debut.

"The spring opener was just a taste of the treasures in the Hoppel Collection," said James Walker, Director of Nature & Science at Heritage. "This round presents the very best examples of common minerals as well as rarities you'd only ever see in museums or in the very best private collections around the world. The Fluorite is a world class, drop-dead gorgeous specimen and many of the specimens should go on exhibit in a museum."

Legrandite
Leading the top examples is a large and rare spray of golden Legrandite discovered in Durango, Mexico, which is expected to sell for $150,000+. An enormous bright yellow Sicilian Sulfur crystal expected to bring $80,000+. A near gemstone-quality example of cobalt blue Azurite surrounded by rust orange Pyrite and Sulfides may bring $25,000+. Brilliantly reflective crystal faces of Hematite encased in Andradite Garnet and Calcite are expected to bring $20,000+.
Tourmaline
The auction holds specimens from every continent (except Antarctica) including a Tourmaline displaying colorful sprays of blue and pink crystals towering 13 inches tall, which is expected to fetch $55,000+. A gem-quality Aquamarine tipping in at an astounding 5,021.5 carats, is expected to sell for $35,000+ and a seldom seen but very fine Imperial Topaz gemstone from the Southeast Region of Brazil, is expected to bring $32,000+.
Dioptase on Calcite
A particularly large specimen of dark orange Scheelite pyramids, discovered in a remote mountain district near the heart of a Chinese panda preserve, and surrounded by a complex field of bladed Muscovite Mica crystals may bring $15,000+. A dazzling example of sparkling green Dioptase on Calcite may sell for $15,000+.

Like twigs beneath a coating of winter ice, an unusual transparent layer of Fluorite covering silvery prisms of Stibnite may cross the block for $12,000+ and a striking green specimen of Pyromorphite may fetch $12,000+. A stunning example of double-peaked Calcite crystals jutting from a sea of rust red microcrystals from China's famed Leiping Mine may bring $10,000+.

The event also features a non-floor session presenting of more than 100 high-quality specimens and "a few sleepers we through in just to make sure people are paying attention," Walker said.

More information about nature & science auctions.

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Instant Quiz
Trivia

1. What was the date of the last New Orleans mint double eagle?
       A) 1860
       B) 1861
       C) 1878
       D) 1879
       E) 1906


2. Who designed the Standing Liberty quarter?
       A) Adolph A. Weinman
       B) Anthony De Francisci
       C) Augustus Saint-Gaudens
       D) Hermon MacNeil
       E) James Earle Fraser



Last week's question:

1. For how many years were Franklin half dollars minted?
Correct Answer: B) 16 (67%).

2. When did Canada change the size of their cent from large to small?
Correct Answer: C) 1920 (25%).

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Is it Time to Sell?

Your next consignment opportunity for US coins is our 2013 December 5 - 8 US Coins Signature Auction in Houston. Take advantage of Heritage's unparalleled marketing reach and expose your coins to the largest possible buyer base - over 800,000 bidder members on site in Houston and throughout the world at HA.com.

The October 22 consignment deadline will be here before you know it, so call our Consignment Hotline at 1-800-872-6467 x1000 today!

2013 December 5 - 8 US Coins Signature Auction - Houston
Consignment Deadline: October 22, 2013

David Mayfield
Vice President, Numismatic Auctions
David@HA.com
1-800-US-COINS ext. 1000

Interested in Selling?
What's My Coin Worth?
Consign to a Heritage Auction

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Current Auctions
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Sunday Internet Coin Auction Sunday Internet Coin Auction #131341
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October 5 - 7 The Estate and Gentleman Collector Auctions #5144 October 5 - 7 The Estate and Gentleman Collector Auctions #5144
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October 17 - 18 Manuscripts Grand Format Auction - New York #6102 October 17 - 18 Manuscripts Grand Format Auction #6102
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October 24 March of Dimes Signature Chefs Auction Dallas #550 October 24 March of Dimes Signature Chefs Auction Dallas #550
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October 25 Vintage Guitars & Musical Instruments Signature Auction - Dallas #7088 October 25 Vintage Guitars & Musical Instruments Signature Auction - Dallas #7088
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Sunday Internet Comics Auction Sunday Internet Comics Auction #121340
Closes October 6
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Sunday Internet Sports Collectibles Auction Sunday Internet Sports Collectibles Auction #151340
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Sunday Internet Movie Poster Auction Sunday Internet Movie Poster Auction #161340
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Tuesday Internet Watch & Jewelry Auction Tuesday Internet Watch & Jewelry Auction #171341
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