@FlyingAl said:
Ultimately it will depend on the series. Several series simply had more coins put away to be discovered later.
I expect proofs have more "jewels" left than business strike coins.
I've seen both. One of the more interesting was a 1905 gold proof set that grandma had bought right from the Mint. It stayed in the family for 110 years, only coming out at occasional family gathering... until the year the new puppy chewed the coins. Lol. Turn they decided to sell them. [2 were unharmed].
It's hard to know how much is left. But most estates I see are still raw because they were either low value or put away pre-2000.
I saw 2 amazing raw copper collections. A US that was all AU or better and a 400 year run of UNC and proof UK copper. The UK set is still raw and in the family, they only wanted an insurance appraisal.
@MFeld said:
Below is a link to a “jewel” that had been lurking, recently surfaced, got graded and was auctioned by Heritage (just last week). Many of you would be very surprised to see some of the coins that surface for the first time in decades.
1851 Double Eagle, MS65+
Fresh to Market, Endorsed by CAC
The Sole Finest Known
1851 $20 MS65+ PCGS. CAC. The United States double eagle was introduced for regular circulation in 1850 after the denomination was authorized in 1849. In essence, these coins were originally intended as a means of converting the vast quantities of gold coming out of California after 1848 into usable coinage in an efficient manner. According to Q. David Bowers (2014), "Double eagles used more than 75% of that metal." The coins were employed in domestic commerce, but they were just important in international trade, if not more. Once received overseas, twenty dollar gold pieces were valued strictly for their intrinsic value, melted, and recoined.
In the case of the 1851 double eagle, the Mint struck nearly 2.1 million coins -- almost doubling output over the previous year. However, writing for doubleeaglebook.com, Doug Winter estimates that only 2,500 to 3,500+ examples of the 1851 Philadelphia twenty survive in all grades with the population fairly evenly distributed across the VF to AU grade levels. Perhaps 200 or 300 representatives exist in Mint State. Nearly all of those Uncirculated coins fall within the MS60 to MS62 range, though small quantities exist in MS63 and MS64. To date, two or three near-Gems have held the position of finest known. That is until this spectacular Gem came to light.
When asked about the origin of this incredible condition rarity, our consignor relayed the following information:
"My great-grandfather lived in Marblehead Massachusetts & owned a general store. When Roosevelt requested gold coins be returned to the Federal government, he put his coins in a safe deposit box.
"My grandmother & mother saved the coins. They were passed on to ... me."
So, what we have here is a top-graded second-year double eagle that is as fresh to market as can be. The coin is miraculously well-preserved and affirmed by both PCGS and CAC for its quality within the grade. Rich yellow-gold surfaces show complete detail on Liberty's portrait and the eagle. Evidence of die polish appears in the fields, though light cracks encircle the reverse. Fulsome luster and a minimum of abrasions account for the unmatched technical assessment. Expect a new world record price to be set when this piece crosses the block. Population: 1 in 65 (1 in 65+), 0 finer. CAC: 1 in 65, 0 finer (10/22).(Registry values: N1)
Coin Index Numbers: (NGC ID# 268H, PCGS# 8904)
Weight: 33.44 grams
Metal: 90% Gold, 10% Copper
My question is how/why was the coin so well preserved from 1851 until 1932?
There is nothing unusual about it. Even excluding ancient coinage, it's not hard to find European coins much older in comparable quality.
There is something unusual about it - its state of preservation compared to every other graded example. It’s not a European coin, so your comparison is largely irrelevant.
I took his point to be that if a 500 year old coin survived in MS65/66, it isn't so shocking for a 170 year old coin. > @yspsales said: @MFeld
What percentage guesstimate of US coins up for bid at major auctions are " fresh " material?
As in never been seen before?
Or even 20+ year old material?
I think a major show auction would meet the definition of jewel.
Not buying the @WCC Stack claim of shadowy grey market cabal of collectors sending previous unknown collections into numismatic black holes.
Based on your parameters, the percentage of “fresh” coins in a random sale is typically very low. However, from time to time, there are groups of such coins scattered in sales or even smaller sales that are comprised entirely of “fresh” coins.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I believe there are more "jewels" still hidden away than most of us realize. That's mainly because as a group we aren't in a position to see things that do show up and find themselves placed in collections with nobody knowing aside from the buyer, seller and the dealer who brokers the sale.
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I made a 1929 $2.5 in MS 65 about 2 months ago. Conditional rarity. $8k piece. I bought it from a coin shop labeled as a MS 63 (raw).
I think there are bunches out there!
Surf
I've seen both. One of the more interesting was a 1905 gold proof set that grandma had bought right from the Mint. It stayed in the family for 110 years, only coming out at occasional family gathering... until the year the new puppy chewed the coins. Lol. Turn they decided to sell them. [2 were unharmed].
It's hard to know how much is left. But most estates I see are still raw because they were either low value or put away pre-2000.
I saw 2 amazing raw copper collections. A US that was all AU or better and a 400 year run of UNC and proof UK copper. The UK set is still raw and in the family, they only wanted an insurance appraisal.
Based on your parameters, the percentage of “fresh” coins in a random sale is typically very low. However, from time to time, there are groups of such coins scattered in sales or even smaller sales that are comprised entirely of “fresh” coins.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
That’s pretty sweet! Got a picture?
My YouTube Channel
I believe there are more "jewels" still hidden away than most of us realize. That's mainly because as a group we aren't in a position to see things that do show up and find themselves placed in collections with nobody knowing aside from the buyer, seller and the dealer who brokers the sale.
https://forums.collectors.com/discussion/comment/13354964#Comment_13354964
It looks like it was never clarified on that thread, but I’m pretty sure that gouge was a planchet defect prior to strike. Nice coin
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