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Rarity of Gem $10 Libs
RYK
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I have recently been doing some research into the acquisition of a Gem Liberty $10. Off the cuff, I would have thought that this would be an easy acquisition to make and that I would be able to select from a variety of coins from a smattering of dates. I could not have been more wrong!
Per the PCGS pop reports, there are a total of 65 pre-1899 With Motto Liberty $10's in 65 or higher. Yes, sixty-five coins for all years and mintmarks. From 1899 on, the numbers go up significantly and for whatever reason, the 1901 and 1901-S $10's dominate the high grade market as presumably they were not only among the most abundant, but also the best produced and preserved coins in the series. Dates with comparable total survival populations, like 1893, 1894 and 1907 have far, far fewer gem coins in existence (3, 1, and 16, respectively) compared to nearly 300 1901 and over 1000 1901-S coins in 65 or higher.
Currently, there are 8 PCGS gems listed on "Collectors Corner" and three are 1901's. In the Heritage FUN auction, arguably the biggest auction of the year, there will be four gem or greater examples offered, including this amazing 1905 in 7. In the entire series, there are a total of 18 coins in 7 and 3 higher. Considering the large number of coins that have been struck and exist, this is a very small number. I have decided that I will likely purchase a 19th century piece, PCGS/CAC of course, when the opportunity presents itself.
I do find it curious that one date accounts for such a disproportionate population of the highest grade coins. If anyone has any possible explanation, I would love to hear it.
Anyway, I was
Per the PCGS pop reports, there are a total of 65 pre-1899 With Motto Liberty $10's in 65 or higher. Yes, sixty-five coins for all years and mintmarks. From 1899 on, the numbers go up significantly and for whatever reason, the 1901 and 1901-S $10's dominate the high grade market as presumably they were not only among the most abundant, but also the best produced and preserved coins in the series. Dates with comparable total survival populations, like 1893, 1894 and 1907 have far, far fewer gem coins in existence (3, 1, and 16, respectively) compared to nearly 300 1901 and over 1000 1901-S coins in 65 or higher.
Currently, there are 8 PCGS gems listed on "Collectors Corner" and three are 1901's. In the Heritage FUN auction, arguably the biggest auction of the year, there will be four gem or greater examples offered, including this amazing 1905 in 7. In the entire series, there are a total of 18 coins in 7 and 3 higher. Considering the large number of coins that have been struck and exist, this is a very small number. I have decided that I will likely purchase a 19th century piece, PCGS/CAC of course, when the opportunity presents itself.
I do find it curious that one date accounts for such a disproportionate population of the highest grade coins. If anyone has any possible explanation, I would love to hear it.
Anyway, I was
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quantities of US gold, from 1974 to 1997,
the most common date of $10 Libs. were
those dates you mentioned:
1901-S 1901-P 1899-P
I've actually bought two orig. bags of
1901-S $10 Libs; these were the dates
that the European Banks held in quanity,
and still come into the US from the gold
importers...
U.S. gold was sent overseas to help the
European govts. after WW1, as I understand.
quantities of US gold, from 1974 to 1997,
the most common date of $10 Libs. were
those dates you mentioned:
1901-S 1901-P 1899-P
I've actually bought two orig. bags of
1901-S $10 Libs; these were the dates
that the European Banks held in quanity,
and still come into the US from the gold
importers...
U.S. gold was sent overseas to help the
European govts. after WW1, as I understand.
I have learned that some of these dates, even with relatively high mintages, are extremely rare in gem. I also see a big difference in quality between what is graded 65 and what is graded 64, though the 64's are very nice, as well. For some later dates, even the 63's are scarce despite high mintages and surviving populations.
I would think Legend would be a great source for a quality example.
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
The two Nawlins were both 62 with the 92-O a lock 63 with the current grading scheme. The '96 no doubt resides in an MS64 holder today, but not a gem.
Good luck as those are pretty coins when fully struck and near virgin surfaces.
<< <i>Werent there any in David Halls collection that was purchased by Legend?
I would think Legend would be a great source for a quality example. >>
Late last year, I did purchase a 1905 $10 in 5 from Legend. It is a very nice coin.
I also "accidentally" purchased an 1894 in 4 at the Heritage FUN sale during an iPad mishap, and I like it very much. The quality difference between the 64 and 65 is very obvious, though both are solid for their respective grades.
At the recent St. Louis show, there were a couple of 1901 (+/- S) coins in gem but no others that I can recall.
I also do not recall seeing a 19th century gem in PCGS/CAC 65, but I will likely buy it, if I can, when I see it. I would not buy an NGC-graded coin at this grade level.
Consider the Wells Fargo Saints - apparently, they spent most of their lives in one vault, which would probably account for the survival of a substantial number of high-grade coins.
On the other hand, coins that were moved (and/or counted) a number of times would have had that many more opportunities to pick of bag marks and dings. When you add in the large amount of US gold coins that were melted (it is estimated that 37% of all eagles minted were subsequently melted), I suspect that the survival of high-grade pieces was rather hit-or-miss.
Check out the Southern Gold Society