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Searching for Gem Toned Dollars in Baltimore Auctions: Part 2
gemtone65
Posts: 901 ✭✭✭
(Continued from yesteray)
Saturday night I checked the closing internet prices on the pieces I remained interested in. Frankly, I didn't know how to get that information from the Superior site, so if anyone can help on this, please PM me. For Heritage, here were those "hammer" prices, which of course would be the opening bids on Sunday:
8461 ($2500); 8491 ($330); 8492 ($220); 8526 ($675); 8606 ($500)
Sunday morning I drove to Baltimore and first took another look at the 2 Superior lots: 338 and 354. Lot 338 was a PCGS66 1880-s with rainbow crescent on the left obverse. The more I looked, the more marks I saw. Lot 354 was a rainbow toned 1883-cc. It was graded PCGS65, but technically it was a 66. However, it had a black irregular toning spot (or non-toning spot) right in the middle of the face. I'm sure that's why it was downgraded. The colors were beautiful, but not as vibrant as the 1880-s. It was a tough call, because I've never seen a true rainbow CC for sale before. In the end, I decided I would pass, and moved on to look at the Heritage lots.
The only reason I can think for the high opening price for 2461 was that the coin was pictured on the back cover. The coin itself was lovely, but I'd seen it before at the Goldberg sale where it sold for only $675. I passed back then because the coin had grease stains on the reverse. I hate these imperfections, so I sure wasn't going to bid 4 times more than I wasn't prepared to bid less than a year ago. Pass. This coin would later sell at the internet high bid.
Lots 8491 and 8492 would prove to be the bargains in the sale. Both coins were about as good as it gets without being monsters. They were $1000 coins which, as it turned out, could be had for half that price. But, my goal this weekend was to obtain the best coins, not to get the best bargains. Also, I thought I could be more aggressive if I passed on these coins and waited for those I really wanted, which would come up a little later.
Lot 2526 was, to me, the star of all the gem toned Morgans. This 1882-s, PCGS65, contained many of the colors that usually take 5 coins to accumulate. The neon green covered the face perfectly. The coin resembled the piece GSAGuy posted here a few weeks ago, as well as one that Art R. posted several months ago.
I decided that I was prepared to bid up to a hammer of $2000 to get this coin. The bidding quickly escalated from $675 to $1200. At that point the bidding progressed between only me on the floor and an internet bidder. We went on until $1600, and at that point the internet bidder gave up -- thankfully.
The last coin I really wanted was 8606, an NGC65 ER 1885 piece with the most vibrant rainbow toning I've seen on such a coin. I decided my hammer bid limit would be $1500. Once again, bidding escalated quickly above $1000, finally coming to stop at $1150, where I was happily declared the high bidder.
So, on Sunday I wound up acquiring waht I believe are the 2 finest pieces from what Heritage called the Mark Mauer toned dollar collection. Mauer consigned many rainbow toned dollars to Heritage. I looked at them all, and bought what I thought were the best. It seems the market agreed -- my recollection is that these pieces brought the highest prices in Mauer's collection, with lot 8526 bringing 50% more than any other of his coins.
So, that's my story about this past weekend. Well, almost. I have a few more observations and activities to describe that you might find of interest, including my trip to dealer's day today at ANA, but mercifully I'll save them for next time.
Saturday night I checked the closing internet prices on the pieces I remained interested in. Frankly, I didn't know how to get that information from the Superior site, so if anyone can help on this, please PM me. For Heritage, here were those "hammer" prices, which of course would be the opening bids on Sunday:
8461 ($2500); 8491 ($330); 8492 ($220); 8526 ($675); 8606 ($500)
Sunday morning I drove to Baltimore and first took another look at the 2 Superior lots: 338 and 354. Lot 338 was a PCGS66 1880-s with rainbow crescent on the left obverse. The more I looked, the more marks I saw. Lot 354 was a rainbow toned 1883-cc. It was graded PCGS65, but technically it was a 66. However, it had a black irregular toning spot (or non-toning spot) right in the middle of the face. I'm sure that's why it was downgraded. The colors were beautiful, but not as vibrant as the 1880-s. It was a tough call, because I've never seen a true rainbow CC for sale before. In the end, I decided I would pass, and moved on to look at the Heritage lots.
The only reason I can think for the high opening price for 2461 was that the coin was pictured on the back cover. The coin itself was lovely, but I'd seen it before at the Goldberg sale where it sold for only $675. I passed back then because the coin had grease stains on the reverse. I hate these imperfections, so I sure wasn't going to bid 4 times more than I wasn't prepared to bid less than a year ago. Pass. This coin would later sell at the internet high bid.
Lots 8491 and 8492 would prove to be the bargains in the sale. Both coins were about as good as it gets without being monsters. They were $1000 coins which, as it turned out, could be had for half that price. But, my goal this weekend was to obtain the best coins, not to get the best bargains. Also, I thought I could be more aggressive if I passed on these coins and waited for those I really wanted, which would come up a little later.
Lot 2526 was, to me, the star of all the gem toned Morgans. This 1882-s, PCGS65, contained many of the colors that usually take 5 coins to accumulate. The neon green covered the face perfectly. The coin resembled the piece GSAGuy posted here a few weeks ago, as well as one that Art R. posted several months ago.
I decided that I was prepared to bid up to a hammer of $2000 to get this coin. The bidding quickly escalated from $675 to $1200. At that point the bidding progressed between only me on the floor and an internet bidder. We went on until $1600, and at that point the internet bidder gave up -- thankfully.
The last coin I really wanted was 8606, an NGC65 ER 1885 piece with the most vibrant rainbow toning I've seen on such a coin. I decided my hammer bid limit would be $1500. Once again, bidding escalated quickly above $1000, finally coming to stop at $1150, where I was happily declared the high bidder.
So, on Sunday I wound up acquiring waht I believe are the 2 finest pieces from what Heritage called the Mark Mauer toned dollar collection. Mauer consigned many rainbow toned dollars to Heritage. I looked at them all, and bought what I thought were the best. It seems the market agreed -- my recollection is that these pieces brought the highest prices in Mauer's collection, with lot 8526 bringing 50% more than any other of his coins.
So, that's my story about this past weekend. Well, almost. I have a few more observations and activities to describe that you might find of interest, including my trip to dealer's day today at ANA, but mercifully I'll save them for next time.
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Comments
Marty, just go to the heritage site and punch up lots 8526 and 8606 from the baltimore signature sale, I know they're heritage photos, but you'll get a pretty good idea what gt's talking about.
z
Very Beautiful coins.Congrats!
https://www.ebay.com/mys/active
Great coins, Im a little bit envious.
Camelot
I'm glad that you got the coins that you wanted at an acceptable price. You will be one of the lucky few at these auctions.
I finally got my nice for the grade, generic Braided Hair Large Cent in PC 5 RB from Heritage (posted it across the street) for reasonable $. People were looking for "bigger fish," and there were certainly plenty of them!
I wanted to bid on a nice PC MS 55 Bust $ at A.N.R., but with the opening hammer @ $6,550, I passed. The coin went for Unc. $. I also bid $4,900 hammer on a choice 1810 Classic Large Cent in PC 3 BN (very few of them are nice). I had the high bid going into the actual sale; the coin went for a $9,000 hammer, which is 5 BN $. Go figure.
"Seu cabra da peste,
"Sou Mangueira......."
GSAGUY
Again, congratulations!
You are definately methodical and know what you want, that's the way to do it. And if you have just half the coins I know you've purchased, you have one of the top collections around!
Thanks for the report. A very good example of the advantages of seeing coins in person, and Bidding from the floor.
Rainbow Stars