Sperber buys 1804 $1 from Lipton & Albanese for Morelan!
Halfsense
Posts: 600 ✭✭✭
This just in....
April 3, 2017
Legend Buys Dexter/Pogue 1804
Dollar From Lipton and Albanese
Famous coin now part of “Super Collector”
Bruce Morelan’s early American dollars set
(Lincroft, NJ) – The Class I Dexter/Pogue specimen 1804 Draped Bust U.S. silver dollar purchased at auction on Friday night, March 31, 2017, for $3,290,000 jointly by Kevin Lipton of Beverly Hills, California and John Albanese of Bedminster, New Jersey, was sold by them less than 48 hours later. Graded PCGS Proof 65, it was bought on Sunday afternoon, April 2, 2017, by Laura Sperber of Legend Numismatics in Lincroft, New Jersey on behalf of well-known collector Bruce Morelan, owner of the all-time finest set of early American dollars listed in the PCGS Set Registry®.
“John and I bought the coin (at the Stack’s Bowers auction at the Whitman Baltimore Expo) in a moment of opportunity. We didn’t have any customers for it Friday night; we just thought at $3.3 million that it was the best buy of a high value rare coin in the last 20-plus years,” Lipton explained.
Then the offers started coming in.
“We purchased this coin on spec and were really quite shocked that our book bid of $2.8 million (plus buyer’s fee) was successful. We both thought it would sell for $4 million or more Friday night. By Sunday, we had six interested parties who were calling, sending emails and texts wanting to buy the coin from us. Kevin and I are pleased it’s going to a good home,” said Albanese.
Sperber negotiated the sale on Sunday morning on behalf of Morelan. The purchase price was not disclosed.
“It is a hell of a coin and a hell of a deal for Super Collector Bruce Morelan,” stated Sperber. “After Friday night’s auction, I suggested we probably need this coin in his early American dollars set. The negotiations with John and Kevin took only a few minutes to work out and everyone involved is happy.”
Morelan also was surprised at the winning bid price for the coin at the auction.
“I was shocked when the coin sold so low. I'm happy to pick it up for a few incremental bids over that level. While the coin is not necessary for the circulation strike early dollars set, it certainly is complimentary to my set and collection as a whole,” Morelan said.
Among the world’s most famous rare coins, only 15 1804-dated silver dollars are known today, and eight of them are categorized as Class I, including the Dexter/Pogue specimen. 
No silver dollars dated 1804 actually were struck that year. Researchers believe the surviving Class I examples were made by the United States Mint in the 1830's to be given as diplomatic gifts for a State Department mission to the Far East and Asia. Decades later, Mint employees made a handful of other, similar examples of 1804-dated dollars for collectors.
Photo courtesy of PCGSCoinFacts.com.
Comments
Looks like TDN finally snagged his 1804. Keeping a low profile doesn't hurt. It could have cost them a lot more if they actively bid on it during the sale, though we will never know. While not officially a "REG" set coin for early dollars, it is for all intents and purposes, part of a "complete" 1794-1804 dollar set. Congrats.
Looking for confirmation of the OP's post and can't find anything on Google or at Legend on this.
I honestly had no intention of buying the coin until in the midst of the discussion yesterday here on the chat room. I had expected it to either not sell (like the Childs coin) or fetch near $5M (like the Pogue 1794$1). It wasn't until it struck me what an incredible opportunity was presenting itself that I woke up and discussed making an offer with Laura.
A high grade Class I 1804 dollar has always been a dream coin of mine. I have now accomplished just about everything that I ever set out to do in numismatics.
OK. I'd call that confirmation.
Glad you finally got your prize that has eluded you for a number of years. Patience is often the best virtue. Sometimes the best deals show up when you least expect it. And it shows that not every big player is in on the action during the auction. You just never know. Nice book ends for your dollar set: 1794 SP66 and 1804 PF65. Went to the perfect home.
Congrats, I'm sure you and Legend will do well in whatever you decide to do with it. Besides, saying you own the King of Coins does have a nice ring to it after all.
Andrew Blinkiewicz-Heritage
Congrats. The most incredible dollar set just got one coin better.
What is the bid increment at that rarefied level?
Do you suppose that others were thinking similarly, let it go cheap and then go after it?
$200,000. There was a $100k cut bid by a forum member right before it sold at $2.8M hammer. I don't know at what level the increment would increase.
Congratulations on a fantastic acquisition!
Congratulations!
Here's a warning parable for coin collectors...
beautiful !
I don't think that was an intentional strategy by anyone - I think my thoughts prior to the auction were the consensus. I truly believe whatever was done to not let the Childs coin sell cost them $2M on this coin. But thanks!
I know they had multiple offers - we were in quickly with a clean offer. JA, Laura and I have done multimillion dollar deals quickly and effectively before so he knew it was no jerk around. Luckily, it was accepted
O.K. Now you just need the 1804 restrike; the apparent mint made 1804 electrotype and each of the 1801, 1802. 1803 restrikes.
"To Be Esteemed Be Useful" - 1792 Birch Cent --- "I personally think we developed language because of our deep need to complain." - Lily Tomlin
And don't forget to stamp an M on one of the clouds.
"To Be Esteemed Be Useful" - 1792 Birch Cent --- "I personally think we developed language because of our deep need to complain." - Lily Tomlin
Honestly, I don't even consider the other proofs desirable. At least the Class I 1804 had a legitimate purpose for being struck
It was Laura who convinced me that although it wasn't needed for the set, that it really was complimentary to the set enough to warrant pursuing.
Well there goes the house.....
Congrats, I forgot to bid on that
Just kidding about the bidding part.
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
The 1804 originals were struck years/decades ahead of the 1801-1803 Proofs. And some/all of the 1804 originals had an intended "official" purpose in presentation sets, US mint holdings, etc..
In my lifetime I have now owned all of the non gold coins on this list.
https://www.pcgs.com/SetRegistry/u-s-coins/famous-u-s-coins/ten-most-famous-united-states-ultra-rarities/978
WTG Bruce. Sure was some coins across the board that went for considerably less than they should have. Congrats to you and Laura and to John & Kevin too.
Nah, stamp a 'T' on one cloud and an 'N' on another and the deed is done. A decade from now, people might wonder who the mysterious 'TDN' ( or another permutation of the letters) was.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Congrats on an amazing acquisition
Latin American Collection
Congrats on getting the big one!
Just checked the cert number on CAC, didn't get a sticker while the sticker man owned it...
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
He still hasn't seen it in hand
Fantastic. Congrats. This is one of the granddaddies of numismatic accomplishments.
In looking on the CAC site, I couldn't find any listings for a stickered 1804 dollar.
Compliments on the complement!
That is surprising. Some people on this forum claim that JA has seen every coin of any significance. Hmmm.
In looking on the CAC site, I couldn't find any listings for a stickered 1804 dollar....not that that is surprising.
Buying site unseen. Isn't that a bad thing.
Just the East Wing and he will have to eat in more and cut back on Starbucks. TDN Austerity Plan. It's worth it
I had an impulse purchase myself yesterday. Wayfarer Ray-Bans...........$190+ tax
Congrats Bruce! I LOVE your style. What an addition.
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
awesome. enjoy the coin
Now don't get all depressed that there's nothing left to do.
Couldn't have gone to a better home!! Congrats Bruce.
How on earth would one consider one of 8 coins struck in the mid-1830s with a fantasy date of 1804 to be a part of a "complete" 1794-1804 dollar set?
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My sets: [280+ horse coins] :: [France Sowers] :: [Colorful world copper] :: [Beautiful world coins]
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congrats..I am shocked that a forum member could afford such a purchase.... I am gonna start being nicer to people here
So glad it ended up in the right hands! Hearty congrats, TDN. Amazing accomplishment.
Lance.
Dude, I have to admit that's pretty hardcore. Congrats!
--Severian the Lame
Congratulations Bruce. A great coin deserving of belonging to a great set and a great collector. But please don't tell me that this was the impulse buy of the year......
OINK
Congrats, TDN!
Tom
Congratulations Bruce. A prize addition to your collection and legacy in numismatics.
Whitman Brands: President/CEO (www.greysheet.com; www.whitman.com)
PNG: Executive Director (www.pngdealers.org)
wasn't it about 48 hours ago that the coin was viewed as an MS63+ and sort of frowned on by the new owner and several members?? add to that the top bid of $2million by TDN.
how did the opinion of the coin change so fast and does everyone still think it is an MS63+ or is it nicer today.
Fwiw, I agree with Andy's assessment of PR64-
They are ALL overgraded by two points so this one is better than par for the course. I have always found this example to be pleasing and have never stated otherwise.
My bid at auction was not reflective of my assessment of its value - I was doing what they did tho a notch lower. I truly expected the coin to be bought back after the last escapade
Ya, I'm gonna have to brush up on my manners--bowing, genuflecting, and gaze-averting.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Bruce....do you plan on keeping it in the current holder?
Good question. I know for a fact Pcgs won't do a reholder - they wouldn't for the 1794 - unless I waive all liability. We shall see - maybe at some point I do that and travel to Pcgs in order to see the two coins raw.
Wow ... It takes money to make money, that's for sure!
ANA LM
USAF Retired — 34 years of active military service! 🇺🇸
Very impressive, it looks like everyone connected to this superlative rarity came out satisfied.
Keets;
My opinion of the quality of the coin has not changed. 1804 dollars, however, are legends in the history of coin collecting here in the U.S. Many of us dreamed about them when we were kids. Regardless of its quality, this is a genuine Class I 1804 dollar with a fairly well documented chain of custody.
Back in 2013, I quoted Scott Travers regarding grades and quality of 1804 dollars. His remarks are illuminating, IMO.
There are only 5 privately owned Class I 1804 dollars. The Childs-Pogue and Mickley-Hawn-Queller-Greensboro pieces may not be available for a long while. The King of Siam coin is in an expensive set, to put it mildly. This was a good time to buy a Class I 1804.
CoinHack:
I did not say that JA never saw it. This 1804 dollar was never submitted to CAC, which was founded in 2007.
Roadrunner:
Indeed, this is not surprising at all. As far as I know, only two 1804 dollars have been submitted to CAC, among the 8 that are privately owned.
DoubleDie55:
No one requested my opinion. JA told me that he and Kevin figured that they had little chance of winning the coin for 3.29, and that it definitely would be a good deal for that price. I believed JA when he said that he thought it was very unlikely that he and Kevin would be successful in acquiring this coin in the Pogue V sale.
As I said in my auction review, the Dexter-Dunham-Pogue 1804 dollar is receiving a disproportionate share of publicity. It is an anomaly, which is NOT indicative of the general contents or enormous success of the Pogue V sale. The major news story is the very strong to extremely strong results for large cents.
The Marvelous Pogue Family Coin Collection, part 14: Successful Third Auction Given Uncertain Market Conditions