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Are nice early dollars undervalued?
TahoeDale
Posts: 1,785 ✭✭✭
I think so.
I was somewhat set back by the price realized for a 1798 small eagle 13 stars in AU 58, from the recent Goldberg sale in LA. I was at the sale, when this very nice coin hammered at $310,000.
I have collected early dollars, on 2 different ocassions-- between 1995 and 2000, and then from 2004 til today. Many more knowledgeable collectors have/will come to appreciate the extreme demand for the rare and eye-appealing examples.
A little research- PCGS has graded less than 11,000 draped bust and heraldic eagle reverse dollars( in all grades) dated between 1795 and 1803. Only @ 275 have graded AU 58, with many dates having no or only a few MS examples.
And before this last sale, and even perhaps today, many might be bought for less than 15 to $20,000. Once PCGS reviews the recent sale, we should see substantial increases in the guides.
Just to relate to other series the 11,000 pop of this entire series, PCGS has graded 10,000 Walkers in AU 58, with hundreds of thousands higher. Over 11,000 1909 VDB rds have been graded.
While the walkers and lincolns above are common coins, it demonsrates how a little increased demand in the ED series can affect prices. When a variety like the 1798 13 stars small eagle has a pop of 2 in 58, and 1 in MS, it will get real expensive to own one.
And there are additional varieties that are similarly rare.
I was somewhat set back by the price realized for a 1798 small eagle 13 stars in AU 58, from the recent Goldberg sale in LA. I was at the sale, when this very nice coin hammered at $310,000.
I have collected early dollars, on 2 different ocassions-- between 1995 and 2000, and then from 2004 til today. Many more knowledgeable collectors have/will come to appreciate the extreme demand for the rare and eye-appealing examples.
A little research- PCGS has graded less than 11,000 draped bust and heraldic eagle reverse dollars( in all grades) dated between 1795 and 1803. Only @ 275 have graded AU 58, with many dates having no or only a few MS examples.
And before this last sale, and even perhaps today, many might be bought for less than 15 to $20,000. Once PCGS reviews the recent sale, we should see substantial increases in the guides.
Just to relate to other series the 11,000 pop of this entire series, PCGS has graded 10,000 Walkers in AU 58, with hundreds of thousands higher. Over 11,000 1909 VDB rds have been graded.
While the walkers and lincolns above are common coins, it demonsrates how a little increased demand in the ED series can affect prices. When a variety like the 1798 13 stars small eagle has a pop of 2 in 58, and 1 in MS, it will get real expensive to own one.
And there are additional varieties that are similarly rare.
TahoeDale
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Comments
The high grade, top pop or nearly so, versions are like anything else. Big bucks when 2 or 3 bidders go after them. The catalogs will never be able to be accurate on them. Especially from auction results, too erratic. All TPG 58s are not preserved equal. The great ones will be bring new high dollars, the mediocre will bring catalog or less. Probably true of any coin not available by the roll.
If by nice you only mean high AU, then yes they are scarce. But in lower grades like VF-XF, I recall going to shows back in the late '80's and seeing plenty of bust dollars. Like many other coins, they have since dried up from the bourses - but they are still around.
Walkers are definitely widely date collected, and while there are MANY thousands in high AU and MS, the vast majority of these are from the later years. Dates like 19D, 20D, 21D, 21S and 23S are quite scarce above XF, and rare in AU58; demand exceeds supply and they are priced accordingly.