Semi-PL Bust Dollar - my first Garrett coin
fluffy155
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Anyone who began collecting in the early-mid 1980s as I did was familiar with the Garrett collection. The Redbook and various coin magazines of the 80s were full of references to the record prices brought, the sale having occurred at the peak of the 1980 coin market. The bulk of the Garrett collection of standard US coins was sold by 27 March in 1980, and the US coin market collapsed on April 17th so the records stood for quite some time. Naturally any large collection of US coins is going to contain more common pieces alongside the rarities, but as a kid the idea of owning a coin with a Garrett provenance seemed a bit unobtainable.
When I saw a nice 1799/8 bust dollar from the Garrett collection pop up on GC I was fortunate to place the highest bid, and after purchasing it I have enjoyed looking back through its history on the Newman portal... being able to trace a coin's ownership back to the mid-19th century added a bit of additional spice to ownership.
Garrett had listed the coin as AU50 semi-prooflike in their catalog, and it sold for a rather eye-watering $5250 in 1980. Garrett bought it in 1879 from Scott & Company at a Leavitt & Co. auction for a rather more reasonable $2; it was described simply as being in "Very Good" condition in those pre-Sheldon times. The October issue of the American Journal of Numismatics commented on the auction, saying that the prices realized were quite low.
Here is the coin, as imaged by Great Collections. The surfaces are more lustrous than prooflike but there is definitely a bit of prooflike flash to them. The photo is a good representation of the appearance in hand but understates the luster a bit (the TrueView shows a little more luster, but it's washed out and pink-hued). I think the 53 grade is a bit low, it looks much nicer than many of the 55s I've seen but CAC apparently didn't agree as it only qualified for the standard green sticker.
In any case, I'm quite happy with the purchase, and though I arguably overpaid for it I didn't do as badly as the buyer in 1980 (adjusted for inflation). I wish I could afford more coins with a traceable history, looking through old journals has been quite a treat!
If anyone else has any Garrett coins I'd love to see them, I'm sure there are a few of them banging around here whether the super-rarities or more pedestrian coins.
Comments
Fantastic coin and write up!
Unfortunately for me, I’ll have to live vicariously, as this is about as close to anything associated with the Garrett Collection I’ll probably ever own:
Impressive piece with a killer pedigree and history, Very nice!
Your hobby is supposed to be your therapy, not the reason you need it.
Oh my goodness! That’s a dream coin indeed. Outstanding!!!
Having fun while switching things up and focusing on a next level PCGS slabbed 1950+ type set, while still looking for great examples for the 7070.
Holy Cow! What a coin and writeup!
In honor of the memory of Cpl. Michael E. Thompson
Congratulations on acquiring an iconic piece. That would be the centerpiece of most collections.
Thanks for sharing it.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
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What a great coin and wonderful write up! Congratulations!! A special moment in collecting for you, I'm sure!
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Arguably my favorite provenance , but I have yet to lock one up. There’s quite a few pioneer pieces bearing the Garrett name that I would like to add, should they become available. Congrats on a fabulous aquisition, I hope it yields plenty of joy while it’s under your stewardship.
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A perfect acquisition for a myriad of reasons. You just cannot go wrong with such a purchase. I am also a fan Garrett Family collectibles , btw what did it end up selling for on GC's?
Interesting tidbits about the Garrett Family.....the grandfather of John W. Garrett (the 1979 coin sale) was T. Harrison Garret who perished in a boating accident in 1888.
Robert Garret, the son of T. Garrison Garrett and father of John Garrett, won America’s 1st Olympic Gold Medal ever in 1896, in discus throwing.
Oh my, what a tremendous coin. Enjoyed the backstory as well. Big congrats! 🙂
Wow amazing coin and love the history of it.
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Very interesting lineage. Thanks for sharing. And a fantastic coin BTW.
I owned one coin that was in the Garret Sales, and 1802 over 0 half cent. I sold it many years ago. It was listed in Breen's "finest known list" which has since been discredited. It is a nice coin, but not among the top ten for the 1802, C-2 variety.
The Garret Sales were not a happy time for me as a collector. The economy was eaten up with hyperinflation and the Wall Street types were dumping millions into the coin market. The results from the Garret Sales were outrageous. If you had a high middle class income, you couldn’t afford anything. I worked on a set of Two Cent pieces in “real” EF. Believe me, that is a challenge.
Some dealer friends of mine bought a 1914 Proof set for $14,000. When the bubble broke, they were lucky to bail out at $12,000. The price got below $5,000 before the correction was complete. If you were making $25,000 a year, that was a good job. So losing that kind of money was serious.
With a coin with the look & provenance like this one, “overpay” is relative & to me, a non issue. Thanks for sharing this with us; it’s a beautiful piece with a great backstory!
“The thrill of the hunt never gets old”
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Congratulations! A coin that I would be proud to own.
Thanks for all of your kind comments! I ended up paying ~$14k. The original holder was pretty badly chipped, so Ian was kind enough to send it to PCGS and CAC for a re-holder and re-sticker before shipping it to me.
https://greatcollections.com/Coin/1537920/17998-Draped-Bust-Silver-Dollar-13-Reverse-Stars-PCGS-AU-53-CAC-Green-OGH-Garrett-Collection
@BillJones yes I can see why 1979-1980 would be a difficult time all around, and not just for collectors; taking a big financial hit in that economy would have been tough. I looked through a lot the catalog and even the common stuff went for ridiculous money, and I'm sure a lot of smaller collectors/dealers were buried for a long time.
@DeplorableDan The pioneer pieces in that auction are amazing, not my area but who hasn't lusted after a $50 slug?
Congratulations. Great coin with a fantastic provenance.
Well struck, clean coin with luster visible in the protected areas. Looks original. Haven't looked at these since I got my type coin a good 10 years ago. It's also a 53 w a sticker (1802 wide date).
Look at Coinfacts to see the difference between a 53 and a 55. Could there be a few tick marks that don't show up in the image? In terms of wear, this coin from the image appears undergraded, but many of these are net graded for an assortment of reasons.
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Nice coin, what the hell happened to that holder ? Can’t do anything without losing the OGH
Good old Jimmy Carter years - Hypo inflation combined with gas lines ... I wonder what the value for that 1914 Proof set would be now if it were reassembled. Presuming it has been broken up since then?
This is my one Garrett piece.
Ex: John Work Garrett Collection (Stack's, 3/1976)/lot 602;
Paramount's session, Aug 1982 Auction '82 / lot 1814;
Charmont Sale (Steve Ivy, 8/1983)/lot #4586;
Milton R. Friedberg Collection (C.A.A., 1/1997), lot 1128;
David Cassel Collection / ANA Signature (Heritage, 8/2015), lot 595.
Heritage Jan 2020 FUN - Orlando / Lot #5874
That 1914 Proof set was an original set with the toning on the silver a perfect match. If you broke up that set, you are throwing money away. It’s the type set you submit as a group and get consecutive serial numbers. Then it’s sold as a set. In other words, the set is worth more than sum of the parts.
enjoy it in good health, i like