Central States Show Report

Proofmorgan · April 30, 2017 8:28AM

Wednesday:

I had a pair of uneventful flights from the Northernmost part of Maine and made it to the Renaissance for about 3pm. The venue is very spectacular and convenient. I must say that I never planned to attend a Central States and was only there for the Hutchinson Gold, but I would likely go back.

I made it to lot viewing and had my eye on the Hutchinson Gold pieces, specifically the 1806 $5 and the 1823 $5.

The 1806 $5 was the BD-3 variety with R7 rarity. Only 7 examples are known. For some background, I was shut out at FUN on the 58 CAC example from the same collection for 20K and was still not over it. The piece in the CS auction was a 62 CAC and touted as "Possibly the finest known". I'll be honest, I think the Bass piece stuck at the ANA is likely the finest known, but it hasn't been graded and who knows if it will ever become available. Anyways, the 62 CAC had my head spinning and I was a little perplexed. The coin was very proof-like with a coating of light orange skin. A look not typically seen on early gold, but it had the CAC sticker and had no obvious signs of manipulation. It just seemed so PQ that it was hard to believe.

The 1823 $5 was outside of my core collection, but an amazingly original early half eagle in a 62 CAC rattler was hard to resist. The fact that this piece made it so long without being dipped and re-graded blew my mind. In my opinion the coin was a technical 62, but the color and originality was out of this world. Original gold is just disappearing.

I finished the night with some Lou Malnati's Chicago Pizza to say I tried deep dish. It was pretty good, but heavy.

My fiance and I spent the night in a "Tree House" in Schaumburg through AirBnB. The whole set up was impressive and I would recommend it to anyone with a sense of adventure.

Thursday:

I decided to be cheap and go the public route for the show. I was actually pleasantly surprised at the size. I hoped it was a bit smaller and manageable than FUN or Baltimore and it was. It was nice to be able to take my time and get through the bourse completely in just a couple/few hours (Keep in mind I am very targeted on what I am looking for). I was able to speak to some of my favorite dealers, discuss the auction, and browse some pieces. There was surprisingly a few original early gold pieces, but nothing that really fit into my collection. I previewed some of the Regency lots, sold one of my early $5s to free funds for the auction, and picked up a beautiful Morgan in 65PL CAC Fatty for my father back home who wanted a nice Morgan.

I went back to view the Hutchinson gold lots a second time, viewing for both myself and a fellow board member.

We then headed to Chicago to Smith and Wollinsky's for lunch, went to visit the planetarium, and headed back just in time for the auction though rush our traffic. Although the Renaissance is a very convenient location, it can quickly become time consuming and expensive if you plan to visit the City.

The Auction:

I had decided that the 1806 $5 would be the key piece I would pursue. It boiled down to the eye appeal and the fact that I do not think I'll ever get a chance at a similar piece again. The 1823 $5 was 2nd in line if I did not win the 1806 $5. I placed a book bid earlier in the day for 1.5 increments over the previous bid for the 1806. When the lot came up, it was hyped (It owns 3 whole pages in the platinum night catalog). Quickly my bids were bested and the coin was almost on the way out. I felt the same feeling as FUN and knew I wouldn't let it happen again. I signaled a cut bid, not realizing the most recent bid was actually a cut. The auctioneer explained that was not allowed and asked if I wanted the next increment (same value as a cut). I signaled yes and won the lot.

The 1823 $5 came up and actually went at somewhat of a bargain, even after receiving bids from many of the major dealers. My hopes are that it simply gets re-holdered and not dipped or manipulated. It truly was a rare specimen of originality in a nice date.

Overall the quality gold sold for strong money, but I was a bit more impressed with the FUN lots as a whole.

Friday:

I walked the Bourse and talked about the auction with a few dealers. I was congratulated on my win. It was the opinion of many that the 1823 $5 was the piece that went too cheap. I headed over to pick up the 1806 $5 and then went for one last walk through and called it a show.

We then headed to Shaw's Crab House for lunch and back to the City. We went up the Hancock Building to the observatory, did the "Tilt", had a drink, and then wandered around for dinner options. We settling on a nice italian spot that was a great experience and on a whim bought tickets to the Lewis Black show at the Chicago Theatre. The performance was good, but unfortunately interrupted by a couple inconsiderate individuals in the crowd when the material became political. This distraction ended up consuming about 25% of the performance.

We then called it a night and flew back home safely on Saturday.

Overall a great smaller show that seems more relaxed and convenient than any other I have ever been to. I would recommend it to all.