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HERE WE GO AGAIN! A 1909VDB MPL IS UP FOR AUCTION
Steve
Posts: 3,313 ✭✭✭
It's been awhile but Heritage is auctioning off a PCGS holdered 1909VDB Matte Proof Lincoln cent in PR64RB at the Summer Fun show in Orlando this Thursday, July 12th. As of this writing 9 bidders have brought the price to $18,400 with the BP. You can follow the action here.
This coin is always of interest to Lincoln cent collectors who collect the PROOF versions of the series. It is the rarist available issue of a Lincoln cent issued by the US Mint as part of their normal distribution. Records show that 1,503 of these coins were struck at the US Mint on July 30th, 1909. Of that total, 1,194 were deemed "acceptable" by the coiner on August 2nd. Later, the US Mint reported that 420 coins had been "sold" to collectors. Whatever really happened to those original 1,503 we will never know. Obviously, many were distroyed (melted) initially because they were "no good" and this was the first striking of the proof version of the Lincoln cent. Some may have gone into circulation as supposed business strikes and ultimately were lost over the years. The bottom line is that today most collectors in the hobby recognize that less than 200 exist now. The combined pop reports from PCGS, NGC, ANACS and now ICG show exactly 200 have been holdered by those four grading services since 1986. Obviously many of those have been "cracked out" and resubmitted. My version was originally in an ANACS holder before I crossed it to PCGS. Any existing RAW example of this coin must have three key diagnostics in order to be accepted as a 1909VDB MPL. I doubt if there are more than a handful of those in collectors or dealers hands today because without certification they are not worth much. This coin is just not advertised for sale by any dealer because no dealers have them. They come to auction, like this example, maybe five to ten times a year and my guess is that if you want to acquire one for your collection of Lincoln cents you will need to pay five figures to get one.
Good luck to anyone going after this example on Thursday.
Steve
This coin is always of interest to Lincoln cent collectors who collect the PROOF versions of the series. It is the rarist available issue of a Lincoln cent issued by the US Mint as part of their normal distribution. Records show that 1,503 of these coins were struck at the US Mint on July 30th, 1909. Of that total, 1,194 were deemed "acceptable" by the coiner on August 2nd. Later, the US Mint reported that 420 coins had been "sold" to collectors. Whatever really happened to those original 1,503 we will never know. Obviously, many were distroyed (melted) initially because they were "no good" and this was the first striking of the proof version of the Lincoln cent. Some may have gone into circulation as supposed business strikes and ultimately were lost over the years. The bottom line is that today most collectors in the hobby recognize that less than 200 exist now. The combined pop reports from PCGS, NGC, ANACS and now ICG show exactly 200 have been holdered by those four grading services since 1986. Obviously many of those have been "cracked out" and resubmitted. My version was originally in an ANACS holder before I crossed it to PCGS. Any existing RAW example of this coin must have three key diagnostics in order to be accepted as a 1909VDB MPL. I doubt if there are more than a handful of those in collectors or dealers hands today because without certification they are not worth much. This coin is just not advertised for sale by any dealer because no dealers have them. They come to auction, like this example, maybe five to ten times a year and my guess is that if you want to acquire one for your collection of Lincoln cents you will need to pay five figures to get one.
Good luck to anyone going after this example on Thursday.
Steve
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Comments
How many MPL 1909 VDB coins do you think are in slabs and I one time or the other may come up for sale.
My guess would be 75 to 80 coins are in slabs.
If you are going to the Philly ANA show next month. If so PLEASE check out the MPL exhibit that will be on display. It is a exhibit showing the diagnostics of 39 MPL on display. It has all but the 1909 obveres die 2 that was in Mr. Albrecht book. But it does have some of the newly discovered dies in on display. I hope you make the show an enjoy it.
Empty Nest Collection
Matt’s Mattes
I know that there are currently 200 exactly 1909VDB MPL's that have been slabbed by PCGS, NGC, ANACS and ICG since 1986. Obviously almost all of the ANACS and ICG slabbed examples have either been broken out or crossed to PCGS or NGC. I also guess that about 50% of the 52 NGC's reported currently have been broken out or crossed to PCGS. In reality that percentage might be 60% but NGC does SOMETIMES report returned labels on their census report. So right now my guess is 25 NGC slabs are out there. As for PCGS, they currently report 119 slabbed and I'd say with the crack-outs and resubmits over the past 26 years maybe 90 are currently in PCGS slabs. So if we say 5 ANACS & ICG slabs still out there + 25 NGC + 90 PCGS we get a total of 120. The reason we don't see more on the market is very simple in my mind. Those collectors who own an example want to own that coin right now and are not looking to sell. Included in this group may be a few dealers who have examples for their own private collection. In the mix also may be collectors who trade with other collectors doing a "private treaty" transaction which only those involved know about. This is all speculation on my part, but one fact I am very confident about having watched the activity of this coin during the past twenty years and particularly the past ten years where information from the internet is so available. This is a very RARE coin that is not availble publically for sale except via periodic auctions. The fact that I own an example enhances my enjoyment and appreciation of the coin and I can fully understand why many, many collectors of Lincoln cents would also like to own an example but realize that today even if they could afford the five figure + asking price for an auction example there just isn't sellers out there who want to sell. Maybe, sometime in the future those lucky 120 coin owners may be ready to sell but my guess is it will be for a whole lot more money. JMHO.
Steve
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry