1918/7-D 5C MS65 PCGS....
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It is possible under several circumstances for winning bids to be between increments. It is also possible for an existing bid to be outbid by less than a full increment, sometimes by only $1. This usually happens when two bidders feel that a lot is worth about the same amount, but one places an off-increment bid. Generally when this happens, the Current Bid was much lower than the high secret maximum bid when the off-increment bidder placed his bid.
For example: On Tuesday, you bid $1500 against Bidder A's Maximum Bid of $1000, raising Current Bid to $1100. Then on Thursday, Bidder B, seeing a Current Bid of $1100, guesses the final price and decides to bid $1501, outbidding your Maximum Bid by $1. You would now have to bid $1600 through Heritage Internet bidding or $1550 on Heritage Live (if available for the auction) to possibly win that lot. Next time, maybe you'll bid $1502 and outbid Bidder B by $1!
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Consignor Has Not Yet Submitted a Reserve:
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This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
Reserve Not Met:
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
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Not SoldThis indicates an item that did not sell at auction because it did not receive bids equal to or greater than the reserve (minimum bid) amount set by the consignor, or the opening bid.
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Extended Payment Plan
Available on select items as noted on the item page in the bidding area.
- Minimum invoice total is $2,500.
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- Subject to a refundable 3% set-up fee, which will be paid as part of your 1st monthly installment. This fee will be refundable upon completion of the plan if the following conditions are satisfied:
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Terms and Conditions
Extended Payment Plan for Heritage Owned Inventory Items(excludes Virtual Bourse, Comic Market and Virtual Sports Show)
- Minimum invoice total is $2,000.
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Note: The extra increment won't be placed until the item is up for live bidding, so it is possible that you could be outbid by a bid placed prior to live bidding, such as another proxy bid, live proxy bid, mail bid, etc., which could result in your losing the lot by that one increment. For the same reason, it is also possible that a currently losing bid with bid protection placed could potentially win the lot once the lot is subject to live bidding and the Bid Protection increment(s) is placed.
Satiny Surfaces, With an Extraordinary Strike
Tied for Finest Certified
One unintended consequence of this extra Mint activity was the production of several important overdates in the coinage of 1918. Both the quarters of the San Francisco Mint and the nickels of the Denver Mint are known in overdate varieties, and each variety is a prized rarity to collectors today. The overdate dies were created by a hubbing error that occurred in late 1917, when dies dated 1917 were still in use and dies for the next year were hurriedly manufactured. In The Complete Guide to Buffalo Nickels, David Lange describes the likely sequence of events:
"In sinking a working die, two or more impressions had to be taken from a working hub. Between each impression, the developing die was taken to the furnace to be annealed, or softened, since the first impression caused the metal to become workhardened. It was then ready for another impression. Amid the haste to produce new dies, a working die that had already been impressed with a hub dated 1917 was then either inadvertently or intentionally given another impression from a hub dated 1918. The result was an overdate."
The overdate feature went unnoticed by numismatists of the early 20th century and the coins circulated extensively for a long period before it was discovered. Exactly when the error was first noticed is unclear. David Lange references an appearance on March 15, 1930, in an auction held by dealer Paul Lange of The Hobby Shop. Q. David Bowers notes an appearance in a Barney Bluestone catalog in 1931. Neither of these events was widely noticed by the numismatic fraternity, and the issue languished in obscurity until the late 1930s when collecting Buffalo nickels became widespread. By the time of the Adolphe Menjou Sale (Numismatic Gallery, 6/1950), catalogers had become familiar with the variety. Lot 597 of that sale reads, "1918 over 17 D. Only fine but rare, lists in very fine condition at $50.00."
An important step in the developing popularity of the coin was its listing in the first edition of the Guide Book of United States Coins 1947. The Guide Book was actually published in 1946, but had the following year's date on the cover. The variety was listed on page 88 as "1918D over 7." The price was listed as $40.00 in fine and $150.00 in Uncirculated. The popularity of the Guide Book ensured that knowledge of the variety would spread and its value would increase accordingly.
The exact mintage of 1918/7-D Buffalo nickels is unknown, but Bowers estimates an original production figure of about 100,000 pieces. Because the coins circulated for so long before the variety was noticed, the great majority of the surviving population is in lower circulated grades. The typical example seen today is in the VG-VF range. Many example doubtless exist in grades below VG, and more than 100 specimens have been graded, but the overdate is difficult to detect because of wear on the date. Coins grading AU are seldom encountered, and Mint State specimens are rare. The number of surviving specimens in Mint State grades is another mystery. Population data in the lower Uncirculated grades has been distorted by resubmissions. Walter Breen guessed possibly six specimens survive in Uncirculated grades, but that estimate is certainly too low. Lange estimates approximately two dozen example are extant in Mint State grades, a more reasonable figure. We would not be surprised if the real total was larger still, say around 35-40 pieces. The two major grading services have certified a total of seven specimens at the Gem level, with four at NGC and three at PCGS. Neither service has graded an example in any higher grade (11/09).
All 1918/7-D nickels are from the same die pair. The present coin shows fine traces of a die crack extending from the braid across the Indian's face. A few specimens from an early die state are reported without the die break, but the feature is generally considered diagnostic. The coin offered here is truly a magnificent specimen. The warm, thick, satiny surfaces are lightly toned, with a pale overlay of gold and occasional hints of lilac. The considerable visual appeal is augmented by the amazingly sharp strike, which imparts nearly full detail to all design elements. The only mark of distinction is a glancing, diagonal mark on the bison's body, between the withers and the hump. The high technical grade, intense aesthetic appeal, and fascinating history of this coin combine to make this offering one of the most desirable examples of 20th century coinage.(Registry values: N14284) (NGC ID# 22RJ, PCGS# 3939)
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