1883 Newburgh Centennial So-Called Dollar goes to the Moon! HK-134 var. HK-135b

Zoins

Abraham Demarest's So-Called Dollar for the 1883 Newburgh, New York Centennial recently sold for $9,000!

This seems like a super strong price that I wasn't expecting given a roughly $2,000 price back in 2017, although that one was admitedly raw.

Any thoughts on the price and this piece? Is this sale setting a price level or is it a flash in the pan?

1883 Washington's HQ at Newburgh Centennial - silver - HK-134 - by Abraham Demarest - PCGS MS 62 POP 0/1/0 - Ex. E. Pluribus Unum

• Cert: https://www.pcgs.com/cert/43456288
• Sale Nov 21, 2022 at $9,000: https://auctions.stacksbowers.com/lots/view/3-TWNHA/1883-headquarters-at-newburgh-centennial-medal-musante-gw-998-hk-134-var-silver-ms-62-pcgs

Stack's Bowers wrote:
41.7 mm. 571.5 grains. Dark gray silver with pastel rose and blue-green highlights in the prooflike fields. Sharply struck and pleasing with a bit of handling, but no serious marks. A very rare medal in silver, as it is unlisted in this composition. We have handled one other example, in March 2017. An impressive rarity with strong appeal from collectors of both Washington medals and so-called dollars.

1883 Washington's HQ at Newburgh Centennial - silver - HK-134 - by Abraham Demarest - SB MS PL

• Sale March 29, 2017 at $1,997.50: https://auctions.stacksbowers.com/lots/view/3-6Y3JQ/1883-washingtons-headquarters-at-newburgh-new-york-silver-371-grams-hk-134-var-musante-gw-998-var-prooflike-mint-state

Stack's Bowers wrote:
Unlisted in this metallic composition. Gorgeous multicolored patina over both sides, essentially flawless. An extremely appealing piece of great interest to Washingtoniana collectors as well as to so-called dollar specialists. Surely there will be some very aggressive bidding to determine who will take this beauty home!

ricko

That is a really nice medal. I was not familiar with this one.... Should have been, right in my area. Cheers, RickO

pcgscacgold

Really nice looking medal. I guess at least 2 people really wanted it this time. The system is flush with cash so I am not surprised when I see prices.

291fifth

Are we starting to see the "skyscraper effect" in the coin market? This "skyscraper effect" is a predictive of economic downturns. It says that when outsized skyscrapers start being built it signals a system too flush with cash that starts spending foolishly. Are outsized prices realized for coins and medals another such predictor?

keets

I learned a long time ago that "MS62" is a grade I should avoid. despite pictures that seem to indicate to the contrary, there are typically problems of some sort.

johnny9434

Love the looks of that one

Zoins

@johnny9434 said:
Love the looks of that one

I do too! Abraham Demarest did great work!

I wonder if he did this on his own or if it was commissioned.

Zoins

@291fifth said:
Are we starting to see the "skyscraper effect" in the coin market? This "skyscraper effect" is a predictive of economic downturns. It says that when outsized skyscrapers start being built it signals a system too flush with cash that starts spending foolishly. Are outsized prices realized for coins and medals another such predictor?

Here's some commentary from Laura which might apply:

Laura Sperber wrote:
There is ungodly sums to be spent out there. This is why we have been saying to take some profits. Once everyone’s tummies are full and the money stops flowing, it could be very rocky. We’ve seen this happen before.

Ref: https://www.legendnumismatics.com/market_reports/crazy-times-are-here/

Pioneer1

I don't quite understand why this piece went for $9K and the HK-23 Silver in the same sale went for much less. They are both Silver pieces. I have seen 3-4 Silver HK-23s... which I think have values in the $3k-$6k range easy.... and I have also seen 3 different silver HK-134 (call them HK-134b or HK-134 var). I've seen a dealer selling HK-134b in silver for $5800. The $9K price tag is too high IMHO. I would not buy that piece for $9K if offered. Having been to Newburgh NY and seen the house/grounds there this medal commemorates, it's not something that leaves me wanting the medal to be honest. Philadelphia is a different story historically however.

Zoins

@Pioneer1 said:
I don't quite understand why this piece went for $9K and the HK-23 Silver in the same sale went for much less. They are both Silver pieces. I have seen 3-4 Silver HK-23s... which I think have values in the $3k-$6k range easy.... and I have also seen 3 different silver HK-134 (call them HK-134b or HK-134 var). I've seen a dealer selling HK-134b in silver for $5800. The $9K price tag is too high IMHO. I would not buy that piece for $9K if offered. Having been to Newburgh NY and seen the house/grounds there this medal commemorates, it's not something that leaves me wanting the medal to be honest. Philadelphia is a different story historically however.

I agree the price seems high. The two things I can think of leading to a high price include:

1. The E. Pluribus Unum Collection is amazing. Many of these pieces are once in a generation to own and that may have carried over.
2. This is a Washingtonia cross over piece and I’ve been wondering if being sold in a Washingtonia collection (like E. Pluribus Unum and Baker) generates stronger prices than as part of a So-Called Dollar collection.

In both cases, there may be a "rising tide lifts all boats" with both the EPU provenance and the Washingtonia subject matter.

That being said, I'm not sure if the price is sustainable unless it reappears in such a seminal collection of Washingtonia.