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Finest-known 1893-S $1 Sold to Private Party by Legend Numismatics
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Rare Morgan Dollar Nets Over $1 Million
Jon Garner - October 31, 2008
Finest-known 1893-S $1 Sold to Private Party by Legend Numismatics
Legend Numismatics of Lincroft, New Jersey, has purchased and placed the finest-known 1893-S Morgan Dollar - graded MS67 by Professional Coin Grading Service (PCGS) - for a sum in excess of $1,000,000.00. The purchase price is believed to be the highest ever realized for a Morgan Dollar. This spectacular specimen's pedigree includes the famous Vermeule Collection (Stacks 2001) and Jack Lee 2.
According to Legend Numismatics Co-President Laura Sperber, the buyer, who wishes to remain anonymous, is a lifelong collector of Morgan Dollars who is rapidly accumulating a world-class set. The newly-purchased 1893-S is now his crown jewel. "His passion is to build the finest and most eye-appealing set possible," Sperber said. "Never in his wildest dreams did he think he could own an 1893-S Morgan in high grade, let alone in the ultimate state of preservation."
Renowned among Morgan collectors, this piece boasts outstanding cleanliness, strike and luster. Both the obverse and reverse have a moderate mix of beautiful original golden brown, tangerine and pale purple colors. Miss Liberty and the details are frosty and exhibit extremely sharp strikes. Her cheek is amazingly perfect.
This coin was sold to Legend Numismatics by Chris Napolitano of Summit Rare Coins in Minneapolis.
For further information, e-mail Laura Sperber at lsperber1@hotmail.com or call her at 732-935-1795.
PCGS Link
Jon Garner - October 31, 2008
Finest-known 1893-S $1 Sold to Private Party by Legend Numismatics
Legend Numismatics of Lincroft, New Jersey, has purchased and placed the finest-known 1893-S Morgan Dollar - graded MS67 by Professional Coin Grading Service (PCGS) - for a sum in excess of $1,000,000.00. The purchase price is believed to be the highest ever realized for a Morgan Dollar. This spectacular specimen's pedigree includes the famous Vermeule Collection (Stacks 2001) and Jack Lee 2.
According to Legend Numismatics Co-President Laura Sperber, the buyer, who wishes to remain anonymous, is a lifelong collector of Morgan Dollars who is rapidly accumulating a world-class set. The newly-purchased 1893-S is now his crown jewel. "His passion is to build the finest and most eye-appealing set possible," Sperber said. "Never in his wildest dreams did he think he could own an 1893-S Morgan in high grade, let alone in the ultimate state of preservation."
Renowned among Morgan collectors, this piece boasts outstanding cleanliness, strike and luster. Both the obverse and reverse have a moderate mix of beautiful original golden brown, tangerine and pale purple colors. Miss Liberty and the details are frosty and exhibit extremely sharp strikes. Her cheek is amazingly perfect.
This coin was sold to Legend Numismatics by Chris Napolitano of Summit Rare Coins in Minneapolis.
For further information, e-mail Laura Sperber at lsperber1@hotmail.com or call her at 732-935-1795.
PCGS Link
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I give away money. I collect money.
I don’t love money . I do love the Lord God.
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<< <i>Wow imagine that, there is a price on the PCGS site that is spot on.
They'll have to modify it to say "a little over in excess of $1,000,000" to make the buyer feel better, not that acquiring such a coin in the first place would leave one in need of up-cheering.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars
<< <i>I'm sure the collector was quite happy when PCGS removed the other MS67 from its pops [due to it being conserved at NCS and no longer worthy of the grade in PCGS's mind]. >>
Cool!
<< <i>I'm sure the collector was quite happy when PCGS removed the other MS67 from its pops [due to it being conserved at NCS and no longer worthy of the grade in PCGS's mind]. >>
If the coin was conserved at NCS... and it "was" in PCGS's pops.. it
must have been in a PCGS holder at one time.
Since it was cracked out and conserved.. no one bothered to send
back the label? PCGS had to find out about it through the grapevine
and remove it themselves?
<< <i>Since it was cracked out and conserved.. no one bothered to send back the label? PCGS had to find out about it through the grapevine and remove it themselves? >>
If I cracked this coin from a P67 holder, I'd sure as heck keep the tag to prove that it was a P67 at one time, and to potentially try to argue it back into that holder if it didn't 68 at NGC. Of course, now that it has been NCS'ed, it sounds like a moot point.
I can only imagine this coin residing in Sunnywood's set or in the California set. Either way, the owner would love to have the coin.
Maybe this is why Sunntwood retired his Barber Quarter set???
<< <i>I would love to see Sunnywoods......I mean " The New Owner's" new Toned 1893-S in MS-67
I can only imagine this coin residing in Sunnywood's set or in the California set. Either way, the owner would love to have the coin.
Maybe this is why Sunntwood retired his Barber Quarter set??? >>
Think the new owner will share a pic with us????
This thread is useless without pics!!!!
<< <i>Anyone notice the mintage change in the red book from 100,000 to 77,000 >>
Really?
Did someone do some research in the archives and find this new figure?
<< <i>
<< <i>I would love to see Sunnywoods......I mean " The New Owner's" new Toned 1893-S in MS-67
I can only imagine this coin residing in Sunnywood's set or in the California set. Either way, the owner would love to have the coin.
Maybe this is why Sunntwood retired his Barber Quarter set??? >>
Think the new owner will share a pic with us????
This thread is useless without pics!!!!
sunnywood didnt buy the coin, he has one in p65.
I saw the coin at ANA and it looked very nice!
Sunshine Rare Coins
sunshinecoins.com/store/c1/Featured_Products.html
1893-S Morgan thread with pictures ...
The Eliasberg coin is in the OP, but the Vermeule MS67 and the conserved Norweb NCS/NGC coin are pictured later in the thread.
For the record, I told Legend about ten times over the last five years that I wanted to buy the Vermeule coin for my toned Morgan set, but alas I didn't get a shot at it.
No matter, I am *quite* happy with the Eliasberg coin, and comparatively speaking, it was a bargain !! Just think of how much I saved !!!
Best,
Sunnywood
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>I can only imagine this coin residing in Sunnywood's set or in the California set. >>
I just called and spoke to "California". Not only is he not the buyer, he was surprised to learn that PCGS had graded an 1893-S in MS67.
<< <i>
For the record, I told Legend about ten times over the last five years that I wanted to buy the Vermeule coin, but alas I didn't get a shot at it.
>>
So much of collecting is about opportunity, not price or wealth. The coin was in very strong hands during that period. And then the purchaser just happens to be in the office the day that Legend finally acquires the coin.
TDN - very true. But I'm still going to growl at a few people next time I'm at a show.
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>I'm sure California knew perfectly well that there were two '93-S dollars in 67 by PCGS. Everyone who is into Morgans at that level would have known about the Norweb, Vermeule and Eliasberg specimens of the key date in the series. >>
I *hate* Morgans and even I knew that!
Sunnywoods picture thread says there is a Norweb coin that is MS67 and the Cornelius Vermuele that is MS67. Tell me exactly what happened.........did one get reslabbed and if so why would someone do that?
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PCGS delisted the Norweb coin as MS67, now that it has been conserved and slabbed MS67 by NGC. It is no longer graded MS67 by PCGS.
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>I don't get it guys, there are two in the MS67 condition right?
Sunnywoods picture thread says there is a Norweb coin that is MS67 and the Cornelius Vermuele that is MS67. Tell me exactly what happened.........did one get reslabbed and if so why would someone do that? >>
The Norweb coin [the other MS67] was conserved at NCS [the only reason to have done this to this coin is the hope for the almighty upgrade] and is now in an NGC holder. Because of the huge value difference between the holders for this coin, and PCGS's hate for NCS'd coins, I think we can safely assume that it won't be back in the PCGS holder anytime soon.
But I've seen it happen before, so I never say never.
<< <i>I'm sure California knew perfectly well that there were two '93-S dollars in 67 by PCGS. Everyone who is into Morgans at that level would have known about the Norweb, Vermeule and Eliasberg specimens of the key date in the series. >>
Some people don't fit the mold of what we presume/assume/expect, despite how we look at it. I've known "California" for several years. He's not a scholarly student of the series who researches history and provenance, nor does he care about it. He instead focuses on buying what he likes, what he can afford, and what he thinks has value. By the way, his comment to me when I told him that the sales price for this coin was over a million was, "I'd rather have the million."
<< <i>
<< <i>I'm sure California knew perfectly well that there were two '93-S dollars in 67 by PCGS. Everyone who is into Morgans at that level would have known about the Norweb, Vermeule and Eliasberg specimens of the key date in the series. >>
Some people don't fit the mold of what we presume/assume/expect, despite how we look at it. I've known "California" for several years. He's not a scholarly student of the series who researches history and provenance, nor does he care about it. He instead focuses on buying what he likes, what he can afford, and what he thinks has value. By the way, his comment to me when I told him that the sales price for this coin was over a million was, "I'd rather have the million." >>
Granted, that's everyone's personal decision - but it's not how the finest sets get built. IIRC, he's also passed on the MS68 1889-CC and a few other finest knowns. IMO, the great sets have the great coins for the tough dates. If you fail to step up and acquire the acknowledged finest known keys, your set will never make it to all time great status.
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>By the way, TDN and others, I just checked the PCGS online pop report, and they still show two coins graded MS67. So TDN, I'm not sure where you got your info ... ? >>
I have it on very good info. That online report is updated every 2 weeks, I believe?
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>Granted, that's everyone's personal decision - but it's not how the finest sets get built. IIRC, he's also passed on the MS68 1889-CC and a few other finest knowns. IMO, the great sets have the great coins for the tough dates. If you fail to step up and acquire the acknowledged finest known keys, your set will never make it to all time great status. >>
While he does have a great collection already, based upon how much know about him I feel extremely confident in saying that making it to all time great status in the opinion of the collecting world is not his objective. That may be the goal and priority of some collectors, but isn't it hugely unfair to automatically make the judgment that it also is -- or should be -- his?
Sunnywood also mentioned to me that the Norweb coin was dipped.......shouldn't that disqualify it? Wouldn't you guys compare dipping blasphemous like cleaning a coin as well?
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<< <i>
<< <i>Granted, that's everyone's personal decision - but it's not how the finest sets get built. IIRC, he's also passed on the MS68 1889-CC and a few other finest knowns. IMO, the great sets have the great coins for the tough dates. If you fail to step up and acquire the acknowledged finest known keys, your set will never make it to all time great status. >>
While he does have a great collection already, based upon how much know about him I feel extremely confident in saying that making it to all time great status in the opinion of the collecting world is not his objective. That may be the goal and priority of some collectors, but isn't it hugely unfair to automatically make the judgment that it also is -- or should be -- his? >>
I know very well it's not his goal. And that's fine.
Edited for clarity.
For anyone who is interested, the aforementioned '89-CC will be auctioned by Heritage at FUN, so you can see it at lot viewing.
Sunnywood
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>Wouldn't it be removed simply because it's no longer in a PCGS slab, regardless of whether or not NCS was involved? >>
Yes, if the tag was returned.
I once noted to NGC that an 1884 trade dollar that was on their pop report was now in a PCGS holder and provided a link to an image in the auction catalog. Their comment was that they wouldn't remove it from the pop report without the tag.
I think that there's about a dozen 1884 trade dollars now.
PCGS did the right thing. I checked the other thread and it just doesn't look right, not in the same class as the Eliasberg and Vermeule coins.
<< <i>IMO, the great sets have the great coins for the tough dates. If you fail to step up and acquire the acknowledged finest known keys, your set will never make it to all time great status. >>
I seem to rember that you passed on a TD that was of a higher grade when you were active in that set.
How do you explain the apparent conflict? I am sure you had a reason.
Thanks
Dan
Sometimes when you have a great set, people try to "make" coins and then take a shot at you, i.e. offer you the coin at a crazy price. It is quite likely that whoever owned or "made" that coin would have put a bullseye on TDN and taken a big shot at him, which he is way too smart to fall for. But I'm guessing he simply preferred the one he had. i have often passed up higher-graded coins because I liked mine better.
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>TDN-your quote-
<< <i>IMO, the great sets have the great coins for the tough dates. If you fail to step up and acquire the acknowledged finest known keys, your set will never make it to all time great status. >>
I seem to rember that you passed on a TD that was of a higher grade when you were active in that set.
How do you explain the apparent conflict? I am sure you had a reason.
Thanks
Dan >>
Dan - I was commenting a set that habitually bypasses the finest known key dates lacking greatness. In my set, I do have ALL the finest known key dates, so I needed that coin less to make my mark. And yes, I had several other reasons:
1) it wasn't a key date - in fact it was THE most common date in high grade
2) it wasn't a full grade better than mine
3) it had negative eye appeal compared to mine
4) mine was discovered in my home town back in 1990
5) the original seller played too many games which gave me a negative image of the coin
6) every set needs a 'beauty mark'
And even so it haunted me for quite some time. The allure of the mythical 'perfect set' is a mighty draw! If I had owned the two [non PCGS] coins that I know are better than my examples, I may have given in to temptation. But since I know in my heart my set isn't perfect in any case, I managed to reject it.
Thanks again
Dan
The 77,000 quantity is likely a mistake, nothing more.
<< <i>I think that there's about a dozen 1884 trade dollars now.
One of several such instances in the pop reports where the number of coins listed exceeds the number of known specimens, unfortunately.
<< <i>Re: Mintage change from 100,000 to 77,000 in Red Book.
The 77,000 quantity is likely a mistake, nothing more. >>
I've seen the 77K mintage from a couple of other sources. I'll try to find them and re-post...
The Vermeule auction contained wonderful proof sets from the 1860's and 1870's, shamelessly broken up by Stack's without even mentioning it in the catalog. In other words, the coins weren't grouped together, nor offered with a collective lot to give anyone the opportunity to keep the proof sets together. The individual coins were simply scattered throughout the catalog with their respective denominations. Most amazing in quality, perhaps, were the 1873 Arrows proofs. There were so many treasures in that catalog !! The coins were special because they were amazingly original, many having been collected from the Mint by the grandfather of the named consignor.
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>
<< <i>Granted, that's everyone's personal decision - but it's not how the finest sets get built. IIRC, he's also passed on the MS68 1889-CC and a few other finest knowns. IMO, the great sets have the great coins for the tough dates. If you fail to step up and acquire the acknowledged finest known keys, your set will never make it to all time great status. >>
While he does have a great collection already, based upon how much know about him I feel extremely confident in saying that making it to all time great status in the opinion of the collecting world is not his objective. That may be the goal and priority of some collectors, but isn't it hugely unfair to automatically make the judgment that it also is -- or should be -- his? >>
I agree with your statement, not knowing him nearly as well as you. I think he just loves Morgans, ones that appeal to him. Some he buys he by no means needs, just cant pass up an eye appealing morgan. He is definitely picky on eye appeal.
<< <i>
<< <i>
<< <i>Granted, that's everyone's personal decision - but it's not how the finest sets get built. IIRC, he's also passed on the MS68 1889-CC and a few other finest knowns. IMO, the great sets have the great coins for the tough dates. If you fail to step up and acquire the acknowledged finest known keys, your set will never make it to all time great status. >>
While he does have a great collection already, based upon how much know about him I feel extremely confident in saying that making it to all time great status in the opinion of the collecting world is not his objective. That may be the goal and priority of some collectors, but isn't it hugely unfair to automatically make the judgment that it also is -- or should be -- his? >>
I agree with your statement, not knowing him nearly as well as you. I think he just loves Morgans, ones that appeal to him. Some he buys he by no means needs, just cant pass up an eye appealing morgan. He is definitely picky on eye appeal. >>
It's about time one of the MS67 1893-S's sold. They haven't changed hands for a while.
"California" has been offered both of the MS67 graded examples and not only has he passed on buying either coin every time, he has vowed to pass on both coins for good because he does not consider either coin attractive. He would rather own a coin that is eye appealing and graded lower than a coin that carries a high numerical grade but is visually unappealing. Speaking of high graded Morgans, "California" is seeking the 1886-O in MS67DMPL, a coin that hasn't been seen in a very long time.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
The only detractions on my coin are some ticks on the portrait, which I suspect were acquired at some point after it was in the Clapp or Eliasberg collections. I don't think they are from a Mint hopper, because the fields are impossibly pristine, and the entire reverse is utterly flawless. Perhaps going in and out of cabinets, albums, displays, etc., or going on tour, somewhere along the line it experienced some excessive contact. Even so, the coin has a marvelous quality generally unknown for this date.
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)