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TDN buys Daggett dime
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Legend Numismatics Purchases Famous 1894-S Daggett Specimen Dime
TDN Dime
- July 16, 2013
Lincroft, NJ – Legend Numismatics has purchased the famous 1894-S 10C PCGS BM PR64+ Daggett Specimen from David Lawrence Rare Coins for a sum in excess of $2 million, a record price for any dime.
While helping fulfill a collecting goal of Legend partner Bruce Morelan, the firm also believes classic rarities like this are still undervalued in today's marketplace. "We have no problem stocking a classic rarity like this. A classic Mercedes racecar sold last week for nearly $29,000,000.00. Paintings regularly sell for $10-$30,000,000.00. So a classic major numismatic rarity like this is cheap. In all the years Legend has bought and sold great rarities like the 94-S 10C, none have ever gone down in value. This coin was a no brainer for us to buy," said Laura Sperber, President of Legend Numismatics.
John Feigenbaum, President of David Lawrence Rare Coins, personally handled the transaction with Legend. According to Feigenbaum, "It was an easy negotiation and a pleasure because both parties believe in the rarity and extreme desirability of this historic coin. Laura and I have always treasured the 1894-S dime and it was logical to me that her firm would be a likely candidate to acquire this piece. I wish them great success with the coin."
There are many theories as to why 24 proof Dimes were minted in 1894 at San Francisco. Only 10 are confirmed to exist today and this coin is likely the third finest known. The most widely accepted theory is that the Mint Superintendent, John Daggett, had high ranking visitors he wanted to impress with special coins. No one knows for sure why he picked the Dime, except that he needed to balance a $2.40 deficit in the Mint ledger, so striking 24 dimes achieved dual purposes. After minting and distribution to his friends and guests, he gave 3 or 4 coins to his daughter, Hallie Daggett.
This story is one of the greatest in numismatic lore, and continues when Daggett's daughter Hallie eventually sold a couple gem examples, including this very coin, to Earl Parker, a coin dealer in California, around 1950. At the time, she told Parker that she originally spent one of her prized dimes to buy an ice cream cone. That coin is known today in Good-4 as the "Ice Cream Specimen" but has not traded hands publicly since 1981. 1894-S Dimes have long been considered one of the top major classic numismatic rarities, along with the 5C 1913 Liberty Nickel, and the 1804 $1. In fact, the coin is currently ranked #4 in the "100 Greatest U.S. Coins" (Third Edition, Garrett, 2008) -- behind the 1913 nickel, but ahead of the 1804 dollar, in importance.
TDN Dime
- July 16, 2013
Lincroft, NJ – Legend Numismatics has purchased the famous 1894-S 10C PCGS BM PR64+ Daggett Specimen from David Lawrence Rare Coins for a sum in excess of $2 million, a record price for any dime.
While helping fulfill a collecting goal of Legend partner Bruce Morelan, the firm also believes classic rarities like this are still undervalued in today's marketplace. "We have no problem stocking a classic rarity like this. A classic Mercedes racecar sold last week for nearly $29,000,000.00. Paintings regularly sell for $10-$30,000,000.00. So a classic major numismatic rarity like this is cheap. In all the years Legend has bought and sold great rarities like the 94-S 10C, none have ever gone down in value. This coin was a no brainer for us to buy," said Laura Sperber, President of Legend Numismatics.
John Feigenbaum, President of David Lawrence Rare Coins, personally handled the transaction with Legend. According to Feigenbaum, "It was an easy negotiation and a pleasure because both parties believe in the rarity and extreme desirability of this historic coin. Laura and I have always treasured the 1894-S dime and it was logical to me that her firm would be a likely candidate to acquire this piece. I wish them great success with the coin."
There are many theories as to why 24 proof Dimes were minted in 1894 at San Francisco. Only 10 are confirmed to exist today and this coin is likely the third finest known. The most widely accepted theory is that the Mint Superintendent, John Daggett, had high ranking visitors he wanted to impress with special coins. No one knows for sure why he picked the Dime, except that he needed to balance a $2.40 deficit in the Mint ledger, so striking 24 dimes achieved dual purposes. After minting and distribution to his friends and guests, he gave 3 or 4 coins to his daughter, Hallie Daggett.
This story is one of the greatest in numismatic lore, and continues when Daggett's daughter Hallie eventually sold a couple gem examples, including this very coin, to Earl Parker, a coin dealer in California, around 1950. At the time, she told Parker that she originally spent one of her prized dimes to buy an ice cream cone. That coin is known today in Good-4 as the "Ice Cream Specimen" but has not traded hands publicly since 1981. 1894-S Dimes have long been considered one of the top major classic numismatic rarities, along with the 5C 1913 Liberty Nickel, and the 1804 $1. In fact, the coin is currently ranked #4 in the "100 Greatest U.S. Coins" (Third Edition, Garrett, 2008) -- behind the 1913 nickel, but ahead of the 1804 dollar, in importance.
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Not really looking for much these days but if I were, it might be a toner.
<< <i>It was offered for about 1.4 million if I recall correctly...when it was posted on the DLRC website. Why would it sell for over 2 million?
It was offered at $2.5 million.
-Paul
congrat's
.
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"Money does not care about speeches on morality. Capital asks whether the rules will remain the same tomorrow. With inflation, people assume price is the problem, and propose regulation—but price is simply the message." - Martin Armstrong
Not really looking for much these days but if I were, it might be a toner.
<< <i>link to the ebay listing?
Link.
Looks like it got a bump from a 64 to 64+.
-Paul
Complete Set of Chopmarked Trade Dollars
Carson City Silver Dollars Complete 1870-1893http://www.pcgs.com/setregistry/showcase.aspx?sc=2722"
TD
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Unserious answer - Bruce Morelan?
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running like a water color in the rain...."
<< <i>Legend Numismatics Purchases Famous 1894-S Daggett Specimen Dime
TDN Dime
There are many theories as to why 24 proof Dimes were minted in 1894 at San Francisco. Only 10 are confirmed to exist today and this coin is likely the third finest known. The most widely accepted theory is that the Mint Superintendent, John Daggett, had high ranking visitors he wanted to impress with special coins. No one knows for sure why he picked the Dime, except that he needed to balance a $2.40 deficit in the Mint ledger, so striking 24 dimes achieved dual purposes. After minting and distribution to his friends and guests, he gave 3 or 4 coins to his daughter, Hallie Daggett.
This story is one of the greatest in numismatic lore, and continues when Daggett's daughter Hallie eventually sold a couple gem examples, including this very coin, to Earl Parker, a coin dealer in California, around 1950. At the time, she told Parker that she originally spent one of her prized dimes to buy an ice cream cone. That coin is known today in Good-4 as the "Ice Cream Specimen" but has not traded hands publicly since 1981. 1894-S Dimes have long been considered one of the top major classic numismatic rarities, along with the 5C 1913 Liberty Nickel, and the 1804 $1. In fact, the coin is currently ranked #4 in the "100 Greatest U.S. Coins" (Third Edition, Garrett, 2008) -- behind the 1913 nickel, but ahead of the 1804 dollar, in importance. >>
These coins are not proofs, they were struck for circulation. They were not called proofs until an auction house in the 1940s decided to call them proofs, believing this would bring more money. At the very most, they are called Specimen.
These coins were not given out to 8 individuals, 3 each, that is a Breen theory which is absolutely false.
Hailie Daggett did not receive 3 specimens in 1894. John Daggett (superintendent SF Mint was sick most of 1894). Robert Barnett was the acting superintendent. Hallie Daggett did not sell Earl Parker 2 specimens in 1948, also, Ben Daggett worked at the SF Mint in 1894, would you give valuable coins to an adult or 12 year old???? Claiming Hailie sold the coins was a theory evolved by Breen and others when Parker would not say who. I researched all facts, rumors, lives of those involved for the 1894-S Barber Dime book I wrote in 2005.
Kevin
Below is what I wrote in my book about this
The circumstantial evidence in general leans against Hallie owning or selling the two 1894-S dimes to Earl Parker. The author spoke with Ken Jordon from California recently. Mr. Jordon was the President of the Rosemont Coin Club starting in 1959. Mr. Jordon was with Guy Chapman when Earl Parker came to the coin show and offered the two 1894-S dimes for sale for $500 per dime. Mr. Jordon remembered the story that Earl Parker had told him, that he Mr. Parker had purchased the coin from a daughter of a banker who lived in Ukiah, CA. Mr. Jordon did not remember Hallie Daggett being mentioned. Mr. Jordon also remembered that it was from a banker's daughter, but did not remember hearing from Earl Parker the version that a banker's friend of Mr. Daggett asked Mr. Daggett to strike the coins and seven individuals received three coins each.
Dave Bowers knew Earl Parker back during the 1950s. Mr. Bowers asked Mr. Parker details about the story and stated that Mr. Parker was elusive. Mr. Bowers stated that Mr. Parker never mentioned Hallie Daggett as the source of the 1894-S dimes. Ken Bressett also knew Earl Parker back in the 1950s. Mr. Bressett stated that he did not remember Earl Parker ever mentioning Hallie Daggett or the banker friend's story.
In the February 1951 issue of the Numismatic Scrapbook Magazine, an article states that Wm. F. Bailey of San Francisco forwarded a newspaper clipping telling of the sale, by a non-collector, of two specimens of the 1894-S dime. According to the story, back in 1894, a banker in Ukiah gave three dimes to his little daughter and told her to save them as they would some day be valuable. Then recently the Ukiah woman sold two of them for $2,750.00 each. The woman stated that she looked high and low for the third specimen, but finally remembered that it was a hot day in 1894 when her father gave her those dimes and she visited an ice cream parlor on the way home. Ukiah is a town in California that is 115 miles north of San Francisco. This story did not mention Hallie Daggett as the source of the coins, and this story did not mention the banker's friend theory that a banker friend of John Daggett asked Mr. Daggett to strike 1894-S dimes.
Catbert: BM = Branch Mint ( Proof ).
TDN:
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<< <i>He is on a roll of a lifetime.........I would do the same thing if funds permitted!!
congrat's
whats that mean Stefanie?
He buys these, keeps them for a year or two and then sells them for a profit. I mean, its not like he's actually collecting them.
No offense intended Bruce but I expect that this coin will be hyped and then put up in another years or so for 3 million. After all, Feigenbaum did exactly the same thing except he didn't bother to wait.
The name is LEE!
Time for another luncheon at the office?
<< <i>We bought it for stock. But what's it matter? My goal is to have owned all the ultra rarities once in my lifetime. That's my personal goal and it doesn't mean you have to understand or agree with it. When I'm 85 and looking back on my numismatic career, I will get more satisfaction out of my accomplishments than if I bought and held what I could afford in that manner. >>
Thanks again for sharing with us this additional insight as it is fun being invited along for the ride, even if vicariously.
<< <i>I could not sell a coin like this if I owned it. >>
It was too great of an opportunity to pass up. The finest is not my favorite coin, the second finest is in the Simpson Collection for a long time. I have always been a true believer in the classic rarities. If I wasn't waist deep in another project, it would be a keeper.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
<< <i>We bought it for stock. But what's it matter? My goal is to have owned all the ultra rarities once in my lifetime. That's my personal goal and it doesn't mean you have to understand or agree with it. When I'm 85 and looking back on my numismatic career, I will get more satisfaction out of my accomplishments than if I bought and held what I could afford in that manner. >>
Like we say back home : " She comes from good stock ", if "we" is who I think "we" is.
Practice makes perfect & nobody is perfect. So, practice being nobody.
Not that I should be giving you advice, but don't EVER loan this to the ANA or donate it to them unless you want some random employee to walk off with it and no one to find out about it for years.
<< <i>
<< <i>I could not sell a coin like this if I owned it. >>
It was too great of an opportunity to pass up. The finest is not my favorite coin, the second finest is in the Simpson Collection for a long time. I have always been a true believer in the classic rarities. If I wasn't waist deep in another project, it would be a keeper. >>
Maybe I should pay attention since I always thought it was supposed to be buy low and sell high.
In this case, it'll be buy high and sell for even higher.............Just like DLRC did.
But, whatever. Hopefully folks are paying attention.
The name is LEE!
Looks like a really attractive example too.
Hope it makes it out to the Long Beach show sometime for display... would love to see it in person!
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700
I'm surprized that ten forum members did'nt get together
and ante up and buy it and hold it for 5 years and double
there money. I know I know you don't collect for investment
purposes, but this is one of the exeptions plus its purdy too!
Congrats to the new owners.
Steve
<< <i>
<< <i>
<< <i>I could not sell a coin like this if I owned it. >>
It was too great of an opportunity to pass up. The finest is not my favorite coin, the second finest is in the Simpson Collection for a long time. I have always been a true believer in the classic rarities. If I wasn't waist deep in another project, it would be a keeper. >>
Maybe I should pay attention since I always thought it was supposed to be buy low and sell high.
In this case, it'll be buy high and sell for even higher.............Just like DLRC did.
But, whatever. Hopefully folks are paying attention. >>
I'd guess you were saying the exact same thing when the 65 that is now a 66 sold for $1M in auction in 2005 .... And the same thing again when this very dime brought $1.5M in 2007.....
One does not buy classic rarities cheap - it just doesn't happen. And they rarely go down - in fact they are one of the best investments that exist.
<< <i>One does not buy classic rarities cheap - it just doesn't happen. And they rarely go down - in fact they are one of the best investments that exist. >>
And that says it all.
The name is LEE!
"Keep your malarkey filter in good operating order" -Walter Breen
SWEET!!
Are you going to pop that little 1894-S cardboard circle out of your Barber dime book now?