My first live experience at Platinum Night
BillJones
Posts: 33,881 ✭✭✭✭✭
I arrived for the show on Tuesday, bought an early bird badge and went to look at auction lots. Heritage really handles the auction viewing very well. There was no waiting in line once I had gotten my registration and very little waiting to see the lots. I checked out the “regular auction” which had a few lots that interested me, and then I moved on the Platinum lot viewing area.
The coins were all high priced as you might expect, but it really saddened me to see the number of pieces in “genuine” and “net grade” holders. These were pieces that could not be graded because of major problems. A few of the problems were due to stuff like jewelry mount removed and the like, which could have been decades or a century ago, but more than few were due to numismatic abuse from moving or removing metal on the surface of the coins. I kept asking myself, “What did those coins look like before the coin doctors got a hold of them?”
I picked out three lots that interested me for bidding and then went home to do some research. The next day I rechecked the three lots and decided that one had issues that prompted me not to bid on it. Then I did some more research.
For the night of the auction I decided to bid on one lot live and the other via an Internet bid. The live bid lot was one where I had some flexible ideas about how much I’d bid. For the second one I had number in mind that was record price for the coin in question, and I didn’t want to get on the wrong side of the bidding back and forth, so I staked my territory. If my bid was tied, I’d have a small leg up because I’d have to be out bid by either $2,500 for a cut bid or $5,000 for a “full bid.”
The auction was very fast paced given the dollar amount for the lots. One had best know what they were willing to pay because a bid could go up by $10,000 in the blink of an eye. I won my first lot with a live bid. And as if I were a prophet, my second lot was tied on the floor, but the floor bidder would go no further. Later I found out that he was bidding for a client who had the same idea I did about the price.
It was certainly an interesting experience. I don’t know when I’ll have another chance to do it, but at least I did get my feet wet in the world of high priced coins sold at auction. I have spent large amounts at bourse tables in the past, but this was my first really big auction.
The coins were all high priced as you might expect, but it really saddened me to see the number of pieces in “genuine” and “net grade” holders. These were pieces that could not be graded because of major problems. A few of the problems were due to stuff like jewelry mount removed and the like, which could have been decades or a century ago, but more than few were due to numismatic abuse from moving or removing metal on the surface of the coins. I kept asking myself, “What did those coins look like before the coin doctors got a hold of them?”
I picked out three lots that interested me for bidding and then went home to do some research. The next day I rechecked the three lots and decided that one had issues that prompted me not to bid on it. Then I did some more research.
For the night of the auction I decided to bid on one lot live and the other via an Internet bid. The live bid lot was one where I had some flexible ideas about how much I’d bid. For the second one I had number in mind that was record price for the coin in question, and I didn’t want to get on the wrong side of the bidding back and forth, so I staked my territory. If my bid was tied, I’d have a small leg up because I’d have to be out bid by either $2,500 for a cut bid or $5,000 for a “full bid.”
The auction was very fast paced given the dollar amount for the lots. One had best know what they were willing to pay because a bid could go up by $10,000 in the blink of an eye. I won my first lot with a live bid. And as if I were a prophet, my second lot was tied on the floor, but the floor bidder would go no further. Later I found out that he was bidding for a client who had the same idea I did about the price.
It was certainly an interesting experience. I don’t know when I’ll have another chance to do it, but at least I did get my feet wet in the world of high priced coins sold at auction. I have spent large amounts at bourse tables in the past, but this was my first really big auction.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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I give away money. I collect money.
I don’t love money . I do love the Lord God.
Here are the two coins:
The Reduced Sized Capped Bust half eagle (1829 - 34) is one of the "sleepers" in the complete gold type set. In his guide book on U.S. Type Coins, Dave Bowers estimated that there are at most 750 of these coins left out of mintage of 668,203, which is a survival rate of little more than one tenth of one percent. Among the survivors
Bowers noted that many are nicked up and unattractive. I might add that many of them are “no grade” coins can not get a clean bill of health from the leading grading services.
While this piece is far from original and perfect, it is reasonably attractive, it did not cost me $75,000 to $100,000 which is the going rate for “perfect” ones in Choice but not Gem Mint State. This was one of the three type coins I need to complete my set.
The second piece is a combination of a long time fascination with the Dahlonega, Georgia mint, obverse mint marks and a lost opportunity when I was a young collector. The Dahlonega mint has long been of great interest to me because of its unusual location and the lore of the first American gold rush. This piece was made during the first year of that mint’s existence, and it bears the Classic Head design which one of my favorites.
When I was young collector living in Northern New Jersey a dealer there had this piece or one very much like it for sale at the local shows. The price at that time was under $2,000, but the coin had no takers. I was working with a limited budget, and my main focus was on early U.S. coins. That coin was sold eventually, and I’ve heard that it was subsequently graded and is among the finest known.
This piece is one of two examples that PCGS has graded MS-63 with none higher. It has a stronger strike than many of the Philadelphia mint pieces that I have seen, and is very nice for the MS-63 grade. As such I was ready to pay a record price for it (relative to other auction results I could find in Coin Facts), and I was not surprised when the competition forced me to do just that.
rainbowroosie April 1, 2003
U.S. Type Set
Cashback from Mr. Rebates
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The Reduced Sized Capped Bust half eagle (1829 - 34) is one of the "sleepers" in the complete gold type set. In his guide book on U.S. Type Coins, Dave Bowers estimated that there are at most 750 of these coins left out of mintage of 668,203, which is a survival rate of little more than one tenth of one percent. Among the survivors
Bowers noted that many are nicked up and unattractive. I might add that many of them are “no grade” coins can not get a clean bill of health from the leading grading services.
>>
Hard to consider a coin that regularly sells for 30k+ in low uncirculated grade a "sleeper."
It's probably not overvalued though; they are really rare. I think the 1834 is a little more common than the other dates; the 1830 and 1831 are very infrequently seen, and the 1829 is a classic rarity with around 6 known.
There is a huge quality difference in the ones known... ranging from legitimate proofs to bent, scratched, whizzed, polished, jewelry pieces. If I ever get one it'll probably be one of the latter damaged pieces, as nice specimens are way out of my price range. Circulated specimens are pretty much unheard of... This is one coin type that does nothing for me from a historical standpoint, these coins hardly circulated and were mostly used by domestic and international banks; nor is the face of Liberty all that aesthetically pleasing, however they are cool because they are rare!
<< <i>This is one coin type that does nothing for me from a historical standpoint, these coins hardly circulated and were mostly used by domestic and international banks; nor is the face of Liberty all that aesthetically pleasing, however they are cool because they are rare! >>
Yes, I agree, but if I'm to complete the gold type set, this piece is a requirement.
When I said "sleeper," I meant that it does not get the press that the 1796 No Stars or 1808 quarter eagles get, or most any other early gold type for that matter, but it's only a bit easier to find that the rarest types. Most collectors hardly recognize this as a type coin because it is seen so infrequently, and as you said it does not have much of a history connected to it. Nearly all of the mintage was struck and then shipped overseas to be melted. End of story.