Important Selections from The Bob R. Simpson Collection, Part IV
I am a little late with posting purchases from the Bob R. Simpson Part IV sale hosted by Heritage Auctions back in February. The Hansen team purchased several items in the sale. When adding together, they represented a fairly nice purchase. Some coins in tracking the additions that I logged along the way, 1880 25C PR68+ POP 1/0, 1883 10C PR68+ POP 1/0, 1890 25C PR67+ CAM POP 2/0, 1902 50C PR68CAM POP 1/0, and 1906 25C PR68 POP 3/1 to list a few. As you can see, the focus was picking up nice low pop proofs from the Simpson collection. Also, I will mention here, Mr. Simpson broke bad and purchased at least 22 patterns in the last two sales. The best being the aluminum version, 1871 J1177 $20 POP 1/0 that realized $60,000. I think the coins were purchased for fun more than anything else. I don’t except to see the D.L. Hansen Collection to place much focus on patterns anytime soon.
The coin from the sale that I going to focus on today is not the most expensive purchase. I like the coin for the Hansen Collection. It has become part of the two cent copper collection. The Collection is all-time finest in all categories: Basic, Major Varieties, Proofs, and Major Varieties Proofs. I cannot say for sure, but this may the only series that this is true at this point. PCGS describes the comprehensive set as: The Shield Two Cent is a unique denomination, a one-time design (although similar to the Shield nickel) and a beauty of a set when it's completed. Challenges in the major variety set include the circulation strike 1864 Small Motto, 1867 Doubled Die, and 1872. Proofs include the extremely rare 1864 Small Motto and the both closed and open 3 issues from 1873.
The D.L. Hansen Collection is complete for this 24-piece MS and Proof set. Of the 24 pieces, the set has 13 finest certified by PCGS with nine currently PCGS POP 1/0 specimens. The coin purchased in the Bob Simpson sale, 1865PR66+CAM was the ninth. This is the link to the two cents collection.
1865 Two Cents Copper, PR66+ CAM, CAC, Ex: Bob Simpson
Expert Ron Guth comments: In 1865, employees at the Philadelphia Mint struck off 500 Proof Two Cent pieces. Apparently, they are all of the Plain 5 variety, and at least two different die varieties are known. A high percentage of the mintage survives today -- PCGS alone has certified over 250 Proofs. Red-Brown seems to be the most common format and most Proofs are of the Brilliant version. Cameo Proofs are very rare and Deep Cameo Proofs are exceedingly rare, if they exist at all.
Although Mr. Guth gives large numbers for the mintage, and the number been certified by TPG companies, the Heritage auctioneer sheds some light for the Cameo grade. Full red coins form a minority of the proof 1865 two cent piece survivorship, and only 11 of those pieces have qualified for a Cameo designation at PCGS. The Collection has a 1865 CAM PR66CAM POP 3/1 that was serving in this slot in the top set. The new Simpson coin is just a half grade better, but the red toning on the Simpson coin is truly amazing.
Heritage described the coin as: This Plus-graded Premium Gem is the single finest Red Cameo example at PCGS, ranking it as the single most important coin for Registry collectors. The strike is sharp, and the deeply reflective fields display deep copper-red and gold hues with strong contrast. I will post the image of the coin and let you be the judge. It makes me wonder what the coin in hand would be like.
The coin realized $16,200 in the sale. It is surprising the coin did not bring the auction record. The record is $16,800 that was realized in a 2017 Heritage Auction for 1865 PR66 Red PCGS, CAC Approved. That record coin is housed in an Old Green Holder, so the jury may still be out of that one.
Provenance: Important Selections from The Bob R. Simpson Collection, Part IV / US Coins Signature (Heritage 2/2021), lot 3012, realized $16,200, D. L. Hansen Collection.
1865 Two Cents Copper, PR66+ CAM PCGS POP 1/0, CAC Approved Certification #40276535, PCGS #83629 PCGS Price Guide Value: $17,500 / Realized $16,200 EX: Bob Simpson
It is an interesting little obsolete denomination. I know we have discussed Hansen’s Legend HOF Proof Set., but not so much for his business set. He has a condition census business strike set that when joined with this #1 Proof set; he is top of the leaderboard for Three Cents Silvers with the number #1 – 46 piece combo set. The Hansen Set is almost a full GPA Weighted better the #2 All-Time Finest Set.
PCGS describes the 46-piece set as: This is our smallest coin. It's also the only one struck in 75% silver (that's the "type one" of 1851-53 only). There are lots of tiny mintages in the series, many condition rarities, three different types and a lot of history. 1873 is a "Proof-only" issue with no circulation strikes being issued. the 1851-O is the only date in the series that has a mintmark. The "type one" coins of 1851-53 in proof are uncollectible due to their extreme rarity and are not included in the Registry sets. How rare are they? PCGS has graded one 1851 (a beautiful Proof 66 from the Eliasberg collection) and zero examples of 1852 and 1853. In fact, no 1853 Proofs are believed to exist! The "type two" coins of 1854-58 are quite a formidable task, as well. There are just over 30 examples of the 1858 certified in PR65 or better, and 1858 is considered the "common date" of the second type!
One of the first things you will notice is the set is bottom heavy (Proofs). The 46 piece complete Three Cents Collection has 24 mint state specimens and 22 proofs. In the 22 piece proof set, the D.L. Hansen set has 13 sole finest PCGS Specimens (59%) and five are tied finest. This new purchase is Mr. Hansen’s first POP 1/0 mint state specimen in the 24 piece set. The coin was purchased in last Bob Simpson sale.
The Bob Simpson Three Cent Silvers Basic Set, Circulation Strikes (1851-1872) has been the finest PCGS registry set from 2015 to 2020. The set was not only good but super good. The set was broken in the past Simpson sales. So how good were the coins in the set? When the set was broken last fall, the rating was 68.671. As some of you know, few of the Simpson coins were reevaluated prior to sale. Several of the Simpson Three Cent Silvers received grade bumps. I analyzed the Simpson set as it appeared in auction. So at the end of the day, the set had 13 sole finest PCGS Specimens (54%) and five are tied finest. As you can see, the Simpson Mint State and Hansen Proof were very similar in quality. So what has happened to the 13 sole finest coins that were in the Simpson set?
Mr. Simpson held on the three of the sole finest. Over the five previous sales, three others were identified as going into other registry sets, one each in the Black Cat, Good Trime, and D.L. Hansen Collection. The other seven sole finest PCGS POP 1/0 specimens were sold and where they ended up is known. Were some were purchased by Simpson, did Legend buy some, investors, or other unknown buyers? They have not showed up in the registry or in the market place.
The final rating for this set would have been 69.17 if Mr. Simpson had kept the coins after the upgrades. With the one PCGS POP 1/0 coin that Mr. Hansen purchased, his set now shows finest all-time. It is a little sad for Mr. Simpson and the work that Legend done to put this great set together and now it will be lost in the historic perspective of the registry. It is what it is.
1872 Three Cents Silver MS68, CAC, Ex: Simpson
This is an amazing coin that is the best and finest specimen available. Expert Ron Guth comments: The 1872 Three Cent Silver was the last date made for circulation, and it has the lowest mintage of any date in the entire series. This makes it very popular with date collectors, but the demand for this date also makes it pricey. Expect to find semi-Prooflike, well-struck examples. This date has more survivors than some of the other dates, and enough Mint State examples survive to indicate that collectors put them aside as the last-year-of-issue souvenirs. The finest example is the PCGS MS67+ featured above (and now residing in the Simpson Collection). The last statement can be revised to state, the finest example is the PCGS MS68 (and now residing in the Hansen Collection).
The 1872 Three Cent Silver MS68 coin was purchased in Heritage’s February 2021 US Coins Signature Auction of Important Selections from The Bob R. Simpson Collection, Part IV. The coin was described as: Just 1,000 circulation-strike three cent silver pieces were produced in 1872, with a proof mintage approaching that number at 950 coins. While the proofs are frequently encountered, few of the circulation strikes survive, and none of them can equal this piece. NGC has never examined an MS67 or better example. This Superb Gem is amazing, featuring a bold strike with frosty devices and satiny fields, exhibiting noticeable contrast. Both sides are brilliant with delicate gold toning. This beauty will be a centerpiece in a high-grade collection.
The coin realized $57,600 with the PCGS Price Guide Value of $65,000. There have been no previous pedigrees confirmed. The Hansen new coin does have the CAC sticker. The coin broke the ice for being the first PCGS POP 1/0 coin that Mr. Hansen purchased in the series. There were ten POP 1/0 specimens offered in the series of Simpson sales. D.L. Hansen purchased only one which I find a little interesting. This may be a nice series to watch to see what going to happen in the future.
Provenance: Important Selections from The Bob R. Simpson Collection, Part IV / US Coins Signature (Heritage 2/2021), lot 3016, realized $57,600, D. L. Hansen Collection.
1872 Three Cent Silver, MS68 PCGS POP 1/0, CAC Approved Certification #40276541, PCGS #3693 PCGS Price Guide $65,000 / Realized $57,600 Ex: Bob Simpson
@Currin said: Latest Upgrade from the BigMo Civil War Collection
This upgrade is for the year 1862. You may recall that Mr. Hansen purchased four 1862 circulating strike coins from the BigMo sale. All four of them were impressive PCGS POP 1/0 specimens! This coin was not purchased by Mr. Hansen in the sale, and I have concluded the reason because at that time the coin was not a PCGS POP 1/0 specimen. For the 1862 Half Dollar, The Hansen Collection had a very nice specimen. The 1862 MS66, Certification #06504652 specimen is currently a PCGS POP 4/1 CAC Approved specimen. At the time of the sale, the Hansen pedigreed coin was a PCGS POP 5/0 CAC Approved specimen. This is a case where I am not sure the Hansen duplicate is a common duplicate. The coin’s destiny was this collection until a coin was graded better a few months ago. You judge for yourself on the replaced coin. Thoughts?
There has been a lot of work on the 1862 date set. With this upgrade, there are now five PCGS POP 1/0 specimens that have been added to the #1 registry 1862 set from the BigMo Collection. I wonder if this is the greatest set of 1862 ever assembled. The PCGS Registry indicates, yes. PCGS describes the 1862 set as: As the war progressed, mintages and issues declined precipitously. The three Southern mints in Charlotte, Dahlonega and New Orleans were lost to the United States, so only two mints remained in operation – Philadelphia and San Francisco. The toughest coins in the Silver set will be the "S" mint Dime (MS65 POP 1/0 CAC Approved) and Quarter (MS64+ POP 1/0 CAC Approved) in high grade, and of course the Seated Dollar (MS65 POP 3/0 CAC Approved) is costly in top condition. The gold follows a familiar pattern, with all coins but the Gold Dollar (MS67 POP 7/4 CAC Approved) tough in high grade. The Half Eagles (POP 2/0 and POP 1/0) and Eagles (POP 2/0 and POP 2/2) in particular are virtually unknown in Mint State, with only a few pieces known. A small handful of $20s (POP 2/0 and POP 1/0) salvaged from the Brother Jonathan and Republic shipwrecks are known.
In the 20 coin 1862 set, ten are non-gold. These ten are not just good, they are real good. For example with this update, a PCGS Pop 4/1 specimen is replaced, which is just a minor improvement. The grade range is MS64+ to MS68. Five of the coins (50%) are PCGS POP 1/0 specimens! There are two others that are tied for finest certified by PCGS (70%). The final three are Conditional Census TOP Five (100%). The highest POP coin is the 1862 Small Cent MS67, POP 11/4. I would not be surprised at some point to see another upgrade.
There are also ten gold coins in the 1862 set. The grade range is AU58 to MS67. Three of the coins (30%) are PCGS POP 1/0 specimens! There are two others that are tied for finest certified by PCGS (50%). The four of the five final coins are Conditional Census TOP Five (90%). The highest POP coin and only non-condition census specimen is the 1862 $2.50 MS63 POP 13/6. The single FINEST graded by PCGS and tied with just a single MS64+ at NGC is being offered in the BigMo Part 2 sale in a couple weeks. It is very possible this 20 piece set could be all Condition Cenus before the clock strikes midnight on December 3rd. Either way, this is a very nice set of gold.
1862 50C MS66+, CAC Approved, EX: Gardner/BigMo
Our Expert Ron Guth described this coin as: Despite a relatively low mintage, the 1862 Half Dollar can be found in nice condition with relative ease. This is refelcted in the PCGS CoinFacts Condition Census, where the lowest grade among the best Top Ten coins is MS65 and the top examples are four PCGS MS66s. The new Hansen coin is one of the four MS66s and first appeared in The Eugene H. Gardner sale hosted by Heritage. The coin was described as: Satiny surfaces radiate soft mint luster and considerable eye appeal. The toning is rich and comprehensive, with lively amber-gold color intermingled with sky-blue accents and lilac overtones. The strike is full on the figure of Liberty and the surrounding stars, while the reverse is bold except for minor blending on the eagle's left (facing) leg and talons. Few marks are seen anywhere on the smooth and attractive surfaces. In this 2015 sale, the coin realized $18,800. This falls short of the auction record for the date. There are two NGC MS67 specimens. One of the NGC MS67 specimens holds the auction record of $28,200 in a 2013 Heritage sale. PCGS has not placed a value on the newly graded MS66+ coin. With the value for a MS66 given as $17,500, what will the value be for a MS66+, CAC?
As stated before, the coin was offered in the BigMo Civil War Collection, Part 1 Sale hosted by Legends Auctions on 7/16/2020. The coin was listed as a PCGS MS66, CAC with catalog description: This coin was the last 1862 PCGS MS66 CAC piece to sell in any major auction, when it brought $18,800 in May 2015. Let us say that again; $18,800 back in May 2015. It's 2020 now and NONE have sold via auction since. That is a powerful statement as to the rarity of this date and grade. A side note: this coin was sold way back in 2001 to Gene Gardner from our sister company Legend Numismatics; 19 years this coin pretty much has been off the market, impounded in the Gardner then BigMo Collections! Good luck!
I don’t think Mr. Hansen was interested in the coin due to having a MS66, CAC specimen in his collection. There was no hint the coin was an upgrading candidate, and was described by Legend Rare Coin Auctions as: No question this is a delicious VERY HIGH END GEM. 158 years old and it looks as good as ever! Tied for FINEST graded at PCGS, this SUPERB example is a very special Civil War era numismatic relic. Immaculate surfaces have fewer lines and ticks than the old green tag holder in which it resides. There is a generous amount of satiny luster that softly glows under the iridescent toning. Both sides have a thicker, yet even mix of totally original reddish gold, honey gold, forest green, blue, and pale purple colors. Miss Liberty and the details are exceptionally struck. The eye appeal is superb!
Legend RCA estimated the range on to coin from $17,500 to $20,000. It does not appear anyone but the buyer saw the potential in this coin. The coin underachieved realizing only $15,275 in the Legend sale. Someone saw potential in the coin and sent it to PCGS for upgrading. The coin came back with a MS66+, and now in the D.L. Hansen Collection as PCGS POP 1/0 specimen. Very nice upgrade and a nice pedigree.
1862 Half Dollar MS66+, CAC, Ex: Gardner/BigMo PCGS POP 1/0, CAC Approved Certification #07454710, PCGS #6307 PCGS Value Guide: Unknown / realized Unknown Provenance: Purchased directly from Legend Numismatics (1/2001) by Eugene Gardner; The Eugene H. Gardner Collection, (Heritage 5/2015), lot 98479, realized $18,800; The BigMo Civil War Collection, (Legend 7/2020), lot #28, realized $15,275; The D.L. Hansen Collection (11/2020)
That newly made 66+ sure isn't the best one out there. It looks a bit scuffy, toning probably subdues the luster, and some high point friction on knee/leg. There has only been one CAC 67 of this date, the ex-Evergreen NGC-67
coin that was stickered in Nov 2008 when CAC did their first formal show with stickering coins. I submitted 2 boxes of coins that day with the 1862 50c being one of them. I have no clue why PCGS will not cross this coin - it was tried 5X over 8 years under my tenure. During that time I was able to look at all PCGS/NGC MS67 CAC No Motto halves (4-PCGS and 2-NGC) and I felt the 1862 was in the top 2-3 of them. It surely was the freshest looking coin with the best "frost-on-frost" luster. A couple of those 67's were dipped out. Today CAC has raised the total number from 6 to 11 for No Motto MS67's. The additional 5 specimens include a 2nd 1860, a 2nd and 3rd 1864, and 2 1866-s NM. 7 dates are now represented (50, 59-0, 60, 62, 64, 65, 66-s). The 59-s doesn't currently have a CAC 67 but does have a CAC 68 (ex-Eliasberg).
The last time I noticed the Evergreen 1862 was in the Jim O'Neill collection where it set a record of $28,200 (April 2013). The Hansen PCGS66 (#2 coin) has the same "look" as this Evergreen coin. Would not be surprised if they came from the same source/hoard. Every grader of note I ever showed the Evergreen 1862 to felt it was solid 67....that included David Hall and Charlie Brown. But NGC biases run deep in the general market. JA liked the coin enough to sticker it at the very start of CAC's career. Eventually, the coin should end up as a PCGS MS 67 CAC and take the #1 spot it deserves. There's no doubt in my mind it's superior to any of the PCGS 66's and the other non-CAC NGC-67. O'Neill/Heritage auction link below.
This was written in the past weekend’s Legend Market Report: Its nice to have a lull to catch up and rest. The next explosion of the coin market will be the week of April 20-24th when its auction time. Judging by the eye balls, registrants and early bidding, we fully expect our Regency 44 sale to set many record prices-ditto for the Heritage sales. This temporary lull is a great time for collectors to step back, assess their goals, clean out their duplicates, and set their sights on adding to their collections. You have seen a lull the past couple weeks with my D.L. Hansen Updates. There has been a significant purchase made, but I am waiting on a press release before posting any updates on the purchase. Will we see any significant purchases from the Legend and Heritage sale this week? Only time will tell.
Today, I did see a nice little upgrade to the Hansen Civil War Collection. Legends wrote: Last, think about this, there are NO quality coins available currently. The word NO is a pretty definitive number. There are some people that may say this new Hansen coin purchased in the Great Collections Auction is not a “quality coin” because it does not have a CAC sticker. In my opinion, it is a nice upgrade in a high quality collection.
The D.L. Hansen Circulation Strikes Set is certainly amazing. The 110-piece set with gold may the finest ever assembled. The set grade range is XF45 to MS68+. There are two coins with grades below AU53, 1864 $2-1/2 POP 5/9 and 1864-S $10 POP 4/9. There are 66 coins GEM or better (60%) and 84 coins Choice or better (76.4%). The set has 55 coins that are certified finest by PCGS (50%) with 32 sole finest certified by PCGS (29%). The set has only fourteen coins that are not PCGS POP Top Five. The coin purchase in Sunday’s night auction replaced an 1863-S 50C MS64 PCGS Pop 18/13 coin.
Expert Ron Guth commented: The 1863-S Half Dollar is relatively common in circulated grades, moderately scarce in Mint State, but very rare above MS64. This scenario is typical of most San Francisco Mint issues of the period because of their distance from the East Coast and the relatively few collectors who cared about mintmarks. The luster on 1863-S Half Dollars is usually brilliant to satiny. The strike quality is generally good, but sometimes the stars at the top of the obverse can be weak...the same is true of the denticles on both sides. One might expect these coins to be "baggy" from excessive transporting, but such is not the case.
Coin Facts Rarity and Survival Estimates for coin in MS65 or better is one. NGC reports two MS65 with one MS66 finer. PCGS shows two MS65. Therefore, it appears Coin Facts estimate is probably a little off. This Great Collections sale is the first time a MS65 PCGS has appeared in auction. Also, the NGC MS66 has never appeared in auction. The two MS65 NGC specimens have appeared in auction five times between 1998 and 2014. In the Heritage June 2014 Eugene H. Gardner Sale, the Ex: Benson III/Robert Blaugrund specimen set the Auction Record of $9,106.25. The Hansen MS65 PCGS specimen realized $17,499.38 with buyer’s fees. I don’t think Auction Records obtained in Great Collections Auctions are updated on the PCGS website.
There is not any additional pedigree known for the Hansen coin. The coin has a mostly untoned appearance and look to have a good strike. I cannot find any recent offerings in the marketplace for the coin. It does not appear to be the same coin from the Gardner sale. The Hansen and Gardner coins are the only two coins that I can find images and confirmed. This is certainly a nice upgrade to the D.L. Hansen Collection.
Provenance: Internet Sale, (Great Collections 4/2021), GC Item ID: 968842, realized $17,499.38 (Auction Record), D.L. Hansen Collection.
1863-S Seated Liberty Half Dollar, MS65 PCGS POP 2/0, Tied with one other as finest by PCGS Certification #41235682, PCGS #6310 PCGS Price Guide Value: $18,500 / Realized $17,499.38
Many of us can only dream of owning a St. Gaudens Double Eagle Proof. I know that I never will. They are gorgeous, and don’t cost anything to look at them. I would have a hard time grading these coins, because they all look near perfect. I even have a hard time finding identification marks. They are not cheap, but a complete set (1908-1915) only requires eight coins. PCGS describes the set as: Want to get famous? Put together a set of these amazing, gorgeous, incredible, remarkable, indescribable, sensational coins! The ultimate in coin design, issued in Matte and Roman Finish Proof. The highest mintage coin in the set is only 167 pieces (!) and at present only one set can be assembled in PR65 or better condition. Don't worry, though, as a PR64 set or a mixture of PR64 and PR65/better coins would also be nothing short of spectacular.
Dell Loy Hansen has made remarkable accomplishments in the first five years in building his collection. One accomplishment that is unfinished is completing this little eight coin set. The set is currently 62.5% completed (five out of eights coins). As we know, Mr. Hansen is not just filling holes, rather he is upgrading along the way. This is a case where we see an upgrade. He replaces a PR65 PCGS POP 8/8 coin valued at $100,000 with a condition census coin valued at $155,000. The registry has six Pre-PCGS Era Complete Collections of St. Gaudens Double Eagle Proofs: Smithsonian National Numismatic Collection (Top Set), Louis Eliasberg, Sam Bloomfield, Garrett, Waldo Newcomer and Ed Trompeter Collection. If Mr. Hansen can obtain the last three coins, The D.L. Hansen Collection will be able to join this who’s who group of great collectors.
1908 $20 “Motto, Matte” PR66
Expert David Akers comments: All proofs of 1908 have the motto on the reverse. They are the most common of the Saint-Gaudens proofs and I estimate that 30-35 specimens exist. With one exception, all 1908 proofs are of the matte or sandblast variety whose color may vary from light yellow green to dark olive. The one exception mentioned is the unique satin finish specimen (similar to the 1909 and 1910 proofs) from the Boston Museum of Fine Arts that appeared in Stack's 1976 ANA sale.
The mintage of this coin was 101 examples. PCGS reports survival estimates to be 73 specimens. About half of them (35), is estimated to be GEM. PCGS have graded 16 in GEM condition, with five PR66 and three better. The two finest PCGS specimens are graded PR67.
The new Hansen coin is a PCGS POP 5/3. The coin can be traced to two auctions. The first was Heritage’s February 2011 Long Beach Signature US Coin Auction. The coin was marketed as: Contact-Free 1908 With Motto Twenty, PR66, A Splendid Specimen of This First-Year Type. In this auction, the coin was in a NGC PR66 holder and described as: The 1908 With Motto proofs of the new Augustus Saint-Gaudens design--here as modified by Mint Engraver Charles Barber--are the first of the double eagle denomination that collectors of average means stand a chance of obtaining, as all of the earlier proof strikings are highly elusive and expensive. The heavy matte finish on these coins--of all denominations--was as unpopular in its day as it is popular with legions of collectors today. A total of 101 matte proofs were reportedly made of the 1908-dated twenty dollar issue, although a few pieces are also certified with a satin or Roman finish; clearly, this was a time of Mint experimentation with the various finishes known on several denominations, including both the new Saint-Gaudens and Bela Pratt designs. Coupled with the large, impressive twenty dollar denomination and in splendid technical and aesthetic condition, this Premium Gem first-year-of-type proof coin should prove to be a rare prize for some lucky bidder. The surfaces appear free of any contact, although there are a couple of rim irregularities on the upper left of the reverse, but these appear to be of Mint origin as the matte texture covers them. Consistent honey-gold color is seen over each side except for a suggestion of deeper brownish-gold at the lower obverse, below the date. The strong collector demand for proof gold in higher grades certainly shows no sign of abating. The coin was from The Mesquite Collection and realized $60,375.
The coin was crossed over to a PCGS holder and appeared in Heritage’s January 2020 FUN US Coins Signature Auction in Orlando. The coin’s description was slightly modified: This delightful Premium Gem proof is in splendid technical and aesthetic condition. The surfaces appear free of any contact, although there are a couple of rim irregularities on the upper left of the reverse. These appear to be of Mint origin as the matte texture covers them over. Consistent honey-gold color is seen over each side except for a suggestion of deeper brownish-gold at the lower obverse, below the date. The design elements are sharply detailed and eye appeal is outstanding. Collector demand for proof gold in higher grades is currently strong and certainly shows no sign of abating. The coin was from The HFW² Collection and realized $96,000.
Recently, the coin made a couple appearances for sale on websites. I found an offer from Park Avenue Numismatics with ask of $139,860. Also, LCR Coin located in Dripping Springs, TX listed the coin with a similar asking price. It appears the coin at some point hit the wholesale market where it was picked up David Lawrence Rare Coins. The coin was sold to Mr. Hansen in a private transaction for an undisclosed amount. The coin makes a nice addition to the collection.
Provenance: The Mesquite Collection / Long Beach Signature US Coin Auction (Heritage 2/2011 as PR66 NGC), lot 4753, realized $60,375; The HFW² Collection / FUN US Coins Signature Auction (Heritage 1/2020 as PR66 PCGS), lot 4569, realized $96,000; Purchased in private transaction (David Lawrence Rare Coins 4/2021), D.L. Hansen Collection.
So the purchase and the sale by DLRC are two separate events and not DLRC representing Hansen in the acquisition? I'm curious if DLRC searches on behalf of DH for open DH collection slots or just opportunistically buys coins independently that happen to be of interest to DH?
Seated Half Society member #38 "Got a flaming heart, can't get my fill"
The Gerald Forsythe Collection of PCGS Indian Head Proof Eagles, Part 1
The collection starts with the 1908 Indian Head, With Motto $10 eagle graded Proof 67+ by PCGS that is tied with one other as the finest-certified at PCGS. Forsythe’s 1913 eagle is graded Proof 67 and is tied with two others for top honors at the service. Coin World 4/2021
This announcement published Mar 31, 2021 in Coin World magazine: Legend Rare Coin Auctions will present the Gerald R. Forsythe Collection of Proof Indian Head gold $10 eagles at its Regency Auction 44, as part of the Professional Coin Grading Service Member’s Only Show in Las Vegas on April 21. Legend writes, “This Hall of Fame set is the ALL TIME #1 Professional Coin Grading Service Registry Set, with a weighted GPA of 66.2. Every one of the eight coins in this amazing set is Certified Acceptance Corp. approved and ultra-high end in terms of visual and technical quality.” The eight coins in the Forsythe Indian Head $10 eagle set are each graded by PCGS and carry green CAC stickers acknowledging quality within the grade. Legend calls the offering, “A highlight of the entire numismatic year in 2021,” advising bidders, “While lesser grade Proofs might appear at auction from time to time, a complete set, well matched in terms of quality and eye appeal, with CAC approval is an opportunity that cannot be missed!”
This set does not have a long term standing in the registry as do some of the other Forsythe sets assembled by Legends. The registry set was created the morning of 6/29/2020 just in time to receive the 2020 "Best of the Registry" icon. The Far East Eagle Registry set held the honor from 2012-2018. The finest current set of Indian Head Proof Eagles may not be listed in the registry, an outstanding set in the Tryant Collection. The Trayant coins are a mixture of PCGS and NGC coins, therefore not easy to make a comparison.
The eight coins from the Forsythe Proof set had a rating of 66.824 GPA with Top Bonuses. The set had one PCGS certified sole finest, 1910 PR67+, and two others tied for finest graded by PCGS. All but one coin was PCGS condition top five. The exception was the 1912 PR66 PCGS POP 6/5. The set grade range was PR65 (1914) to pair of PR67+, including the 1910 POP 1/0 sole finest by PCGS.
The eight coins realized $1,609,750 in the Legend Regency Auction 44. That is approx. $201,218 realized per coin. All eight coins realized six figures with the 1910 POP 1/0 realizing $376,000. The D.L. Hansen purchased 50% of the collection (4 out of 8). The four coins purchased by Mr. Hansen realized $687.375. The Hansen Collection now has seven of the eight coins needed with 1910 date missing.
1914 Indian Head Proof Eagle, PR65, CAC, Ex: Gerald Forsythe Collection
The mintage given for the 1914 Indian Head Proof Eagle is 50 examples. Coin Facts survival estimates 30 specimens, with 16 GEM 65 or Better. The PCGS PR65 population is ten, with one PR65+ and the sole finest PR66+. The Hansen/Forsythe PR65 Specimen has a POP of 8/2. The NGC population of GEM coins is 28! There are nine PR65, nine PR66, nine PR67, and a sole PR68. I would expect some of these are resubmits. The Tyrant Specimen is one of the NGC PR67 specimens.
The Legend Auctioneer described the coin as: We searched all over the world for coins for the Far East Eagle set (Forsythe's predecessor). A 1914 is extremely rare in GEM. This coin is a wonder example. Most important, this coin is totally original. It has moderate sandblast surfaces. When using a strong loupe, you can see a few very minor imperfections. There is a small light stain in the headdress. Both sides are a more moderate deep gold color. Of course Miss Liberty and every detail stand out with razor sharp strikes. The eye appeal is all there for this GEM! There are just two coins finer, neither of which has ever sold in auction. The last PCGS CAC piece to sell in auction brought $84,000 in April 2018. For sure this is a rare opportunity.
This is one of the four coins from the Gerald Forsythe Collection of PCGS Indian Head Proof Eagles purchased by the Hansen team. The coin was not an easy purchase. Legend estimated the coin would realize $75,000 to $85,000. PCGS Price Guide values the coin as $80,000 which may have been the foundation of the Legend estimate. When the dust settled, the coin realized $129,250 resulting in a nice premium.
We discussed a few weeks ago that Mr. Hansen purchased #1 Forsythe Liberty Head Nickels (circulating strikes). In this recent purchase, Mr. Hansen purchased 50% of the Forsythe Indian Head Proof Eagles. The recent sales have provided the opportunity for Mr. Hansen to improve many of his sets and to add some important pieces to some other proof sets.
Provenance: Henry Miller; Far East Eagle Registry Set; Gerald R. Forsythe / Regency 44 Auction (Legend 4/2021), lot 373, realized $129,250, D.L. Hansen Collection.
1914 Indian Head Proof Eagle, PR65 PCGS POP 8/2, CAC Approved Certification #37917401, PCGS #8896 PCGS Price Guide $80,000 / Realized $129,250 Ex: Gerald Forsythe Collection
The Gerald Forsythe Collection of PCGS Indian Head Proof Eagles – Part II
Only eight coins comprise the $10 Indian set in proof, but they’re eight coins filled with challenge and rarity. PCGS Registry.
This set is unique in an odd sort of way. I think the Indian Head Proof Eagles are popular and highly desirable, although I would say 90% or more of collectors could only dream of owning one, must less the set of eight. Still, I think there is a substantial group that could assemble a set, including a handful of our forum members. With that said, there just not the many publicly known current collections and maybe that is the key. The only collector with a published set that owns all eight is the Tyrant. Current Dell Loy Hansen owes seven of the eight. Gerald Forsythe was one of the few, but his set and fame was broken up this past week. Are there others? Was Bob Simson ever in this game? I think he still is. If I recall correctly, Laura Sperber once said that Mr. Simpson Proofs was complete from some date in 1880s to 1915. They were not all PCGS certified which creates the registry problem. I don’t recall seeing any Indian Head Proof Eagles offered in the first five sales, so it appeared he is holding on to the rare set.
PCGS describes the set as: Only eight coins comprise the $10 Indian set in proof, but they’re eight coins filled with challenge and rarity. From the lowest mintage coin (71 for 1913) to the highest mintage coin (204 for 1910) the facts remain the same: these coins are RARE. The $10 Indians proofs are matte or Roman finish, depending on the date, as is true of the other gold coins of this era. Even the most “common” date (the 1908) has seen less than 20 pieces certified in Proof 65 or better. The mintage figures for the 1910 have been brought into question, as its relatively high mintage of 204 isn’t indicative of its rarity. PCGS has graded only 20 pieces in nearly 15 years! If I am doing my math correctly, PCGS wrote this about twenty years ago. In today population report, PCGS have graded 216 for all dates (avg. 27 per date). I am comfortable in stating that many of the 216 are resubmittals.
The PCGS All-Time Leaderboard for the Indian Head Proof Eagles lists ten complete collections with the D.L. Hansen Collection as eleventh due to one coin is missing. The Hansen set is the only current set listed in the registry. Of the ten all-time sets, only three are listed to be assembled during the PCGS Era, Gerald Forsythe, Far East Eagle, and Ed Trompeter. If completed, the Hansen Collection could become number four. When adding the last coin (1910), the Hansen set could jump into #2 spot on the all-time finest list only trailing the recent retired Gerald Forsythe set.
1909 Indian Head Proof Eagle, PR66, CAC Approved, Ex: Gerald Forsythe Collection
The mintage given for the 1909 Indian Head Proof Eagle is 74 examples. Coin Facts survival estimates 57 specimens, with 28 GEM 65 or Better. The PCGS PR65 population is nine, with three graded PR66 and one graded PR66+. The sole finest is the monster MS68 specimen. The coin is PCGS graded sole finest for Indian Head Proof Eagle in all dates. The coin is the most desirable type coin. The Hansen/Forsythe PR65 Condition Census PCGS Top Five Specimen has a POP of 3/2. The NGC population of GEM coins is 27! There are twelve PR65, eight PR66, six PR67, and a sole finest PR68. I would expect some of these are resubmits. The Tyrant Specimen is one of the NGC PR67 specimens.
The Legend Auctioneer described the coin as: Another absolute stunning Proof Indian. We have no idea why PCGS only graded this coin PR66. It sure looks much better to us (NO promises)! Impeccable surfaces are clean and sleek. The satin finish just oozes all over. There is a strong glowing luster. A deeper yellow gold color is even all over. There are NO spots, flecks, or discolorations. Every detail is pinpoint sharp in strike. The eye appeal is dazzling! ONLY 78 were minted. There are just two graded finer. There are no auction records for any PR66 ever being sold. The current Collectors Universe Value is $105,000. This coin represents a once in many years opportunity. Legends makes no promises on the coin being upgradable, but does indicate that could be the case. The coin was estimated to bring $100,000 to 110,000, but realized almost doubled that estimated. Does anyone have opinions on the PR66 grade?
This is the second of the four Gerald Forsythe Indian Head Proof Eagles purchased by the Hansen team. As mentioned, the coin realized also twice what was estimated. PCGS Price Guide values the coin as $105,000 which as I have stated before, may have been the foundation for the Legend estimate. The coin realized $199,750; with only three of the Gerald Forsythe Indian Head Proof Eagles bring more: 1910 PR67+ CAC ($376,000), 1908 Mott, Matte, 67+ CAC ($235,000) and the Hansen purchase of the 1913 PR67 CAC ($217,375).
We will continue the discussion in future postings. In the first two coins, we saw the Mr. Hansen having to pay a 62% and 90% premium above the PCGS Value guide prices. As we have seen the past year and half, the Hansen team will not pay above what they consider a “fair price”. You be the judge why he remained in the bidding for these coins. Is the Proofs Gold just underpriced by that much? Is the two coins under graded per PCGS current standards? Three of the four coins are filling slots with missing coins? Did one or more of these factors play a part in winning bids? However you dice it, the coins are great additions to this great collection. Congratulations to Mr. Hansen.
Provenance: Gerald R. Forsythe / Regency 44 Auction (Legend 4/2021), lot 368, realized $199,750, D.L. Hansen Collection.
1909 Indian Head Proof Eagle, PR66 PCGS POP 3/2, CAC Approved Certification #37917396, PCGS #8891 PCGS Price Guide $105,000 / Realized $199,750 Ex: Gerald Forsythe Collection
Perhaps you should have included as a side note that the PCGS Registry set includes only those minted from 1908. 1907 Rolled edge proofs exist and have been certified by PCGS and if they were included in the registry set composition, then there would be practically no 100% completions of the set........except possibly for Simpson who does own a 2007 Rolled Edge $10 Eagle.
The Gerald Forsythe Collection of PCGS Indian Head Proof Eagles – Part III
WOW, WOW, WOW! To find a 1915 so fresh and original is very, very rare. Legend 4/2021
The purchase of the four coins placed the D.L. Hansen collection three steps closer in completing a set of 20th century proof gold. To do so, is not easily done. Being the Eagle set is only eight coins, it is easy to determine values from the PCGS Guide Price. The problem is that I don’t think the guide price is correct. According to price realized, the Gerald Forsythe Collection of PCGS Indian Head Proof Eagles should be valued at $1,609,750. According to PCGS Guide Price, the set valued is $1,185,000. This would indicate the eight-piece CAC Approved set realized a 36% premium. So, you can see just the Basic Indian Head Proof Eagles can be an expensive start to the 20th Century Proof Gold Collection.
The Hansen Collection remains without a 1910 example. It is not that Mr. Hansen did not want the Gerald Forsythe 1910 PR67+ specimen. The bidding was strong and the only way to be stated, Mr. Hansen was outbid. I do not know who won the coin, but I guessing the Tryant may have been a player as well. His 1910 specimen is a PCGS PR65, so he could very well be content with what he has, but would not be surprise to see this coin as an upgrade to his Eagle Collection. PCGS Guide Price valued the 1910 at $200,000. The coin realized $376,000, the most pricy coin in the Legend Regency Auction 44. This price realized was a whopping 88% premium. The coin was very important to someone besides Mr. Hansen.
As can be seen in the screenshot image, three coins were new additions: 1909, 1913, and 1914. The 1915 was an upgrade to a previous 1915 PR65, Cert #40002873. Five of the Hansen coins are solid PCGS Top Five Condition Census, with the 1913 PR67 tied with two other coins as finest by PCGS. The coin that I will feature today is the 1915 upgrade.
1915 Indian Head Proof Eagle, PR66, CAC, Ex: Gerald Forsythe Collection
The mintage given for the 1915 Indian Head Proof Eagle is 75 examples. Coin Facts survival estimates 41 specimens, with 16 GEM 65 or Better. The PCGS PR65 population is six, none PR65+, five at PR66 and the sole finest PR66+. The Hansen/Forsythe PR66 Specimen has a POP of 5/1. The POP 1/0 is the PR66+ specimen from The Spectacular 1915 Proof Set that sold in the Heritage January 2021 FUN US Coins Signature Auction. The coin realized $132,000. Mr. Hansen paid $141,000 for the Gerald Forsythe specimen. The POP 1/0 is not CAC Approved. Do you think Mr. Hansen was wise to pass up on the POP 1/0 for less cost? The NGC population of GEM coins is 19. There are seven PR65, nine PR66, and three PR67. As stated before, I would expect some of these are resubmittals. The Tyrant 1915 Specimen is one of the NGC PR67 specimens.
The Legend Auctioneer described the coin as: WOW, WOW, WOW! To find a 1915 so fresh and original is very, very rare. This coin is tied for second FINEST known. We consider this coin to be VERY HIGH END! Remarkable original sandblast Matte surfaces are a delight to behold all over. Only when using a strong glass can you see a few faint small shiny areas. Nothing is visible to the naked eye. The color is a moderate deep gold. Miss Liberty and the entire strike are just incredible. Even the stars on the rim stand out! The eye appeal of this SUPERB GEM is fantastic! Only 75 were minted. PCGS has graded only a PR66+ higher. No PCGS CAC piece has ever been sold via auction. In fact, the last piece to sell that way was a non CAC which brought $99,875.00 12/2014! 7 LONG years ago. What is this worth today? We shall find out. Be prepared to pay much more then $99,000.00! This maybe your only chance to obtain a PCGS CAC PR66.
The purchase of the Gerald Forsythe 1915 Indian Head Proof Eagle is a new Auction Record, even though a PCGS POP 1/0 specimen just sold a couple months before. Legend estimated the coin would realize $100,000 to $120,000. PCGS Price Guide values the coin as $115,000 which may have been the foundation of the Legend estimate. As stated, the coin realized $141,000 resulting in a nice premium.
We will conclude the discussion on the new purchases from Gerald R. Forsythe Collection in the next posting. It appears Mr. Hansen, John Brush, and his team is always looking ahead in making decisions on purchases. Does he have his eyes on an upcoming 1910 opportunity, or will he just have to patiently wait for another high end example to hit the market. It should be fun to watch and see.
Provenance: Gerald R. Forsythe / Regency 44 Auction (Legend 4/2021), lot 374, realized $141,000, D.L. Hansen Collection.
1915 Indian Head Proof Eagle, PR66 PCGS POP 5/1, CAC Approved Certification #37917402, PCGS #8897 PCGS Price Guide $110,000 / Realized $141,000 Ex: Gerald Forsythe Collection
The Gerald Forsythe Collection of PCGS Indian Head Proof Eagles – Part IV
Today we are wrapping up the Indian Head Proof Eagles purchased in the Gerald Forsythe sale hosted by Legend Rare Coin Auctions. This has been a fun little eight-piece set. We should come back at least one more time when the last coin (1910) is added. I thought I would wrap up today with a discussion that you have not seen before. PCGS has a little boutique set that we have not discussed before. The set requires 32 pieces, 20th Century Gold Series (1908-1915) Proof set. PCGS describes the set as: The 20th Century Gold Series Set of proofs consists of the 8 issues made in proof for the $2-1/2 Indian, $5 Indian, $10 Indian, and $20 St. Gaudens series. These proofs were issued from 1908 to 1915. They have long been collected as "Matte Proof Gold" sets, but this is somewhat of a misnomer in that while the 1908 and 1911 to 1915 issues were Matte proofs, the 1909 and 1910 issues are actually Roman Finish proofs. Each of the four 8 coin series is a challenge and the combined complete set is a difficult set to assemble. Some of the issues have original mintages as low as only 50 coins struck. The key dates in each series are the 1914 and 1915, along with the 1909 and 1910 Roman Finish proofs. But all of these 32 coins are truly rare.
Mr. Hansen is the only active player in this set registry. Are there currently others not in the registry? I am not sure. Bob Simpson was once a player, but I don’t think he is anymore. He still have his eagles, but not sure he still have the other series. The registry lists three non-PCGS era collectors, Louis Eliasberg, Waldo Newcomer and the Garrett Collection. Ed Trompeter is listed as the only PCGS Era collector. Have there been more, I would think so. Are there any today, maybe.
The D.L. Hansen Collection is completed for $2-1/2 Indian Proofs. In fact he has two completed registry sets that rank #2 and #4 on the PCGS All-Time Finest Leaderboard. In the $5 Indian Proof set, he is missing the 1911. Ruth Guth describes the coin as: The Matte Proof 1911 $5 is a very rare and desirable coin with a most unusual finish. With the right addition, the Hansen Collection set can obtain the #1 All-Time Spot. I have detailed the $10 Indian Proof Set in the last few days. As a remainder, the only coin missing is the 1910. The St. Gaudens $20 Set requires the most work. Three coins are still needed, 1910, 1911, and 1913.
The Hansen Collection has 27 of the required 32 coins to complete the 20th Century Gold Series set. He added three with the recent purchase from the Gerald Forsythe sale. We will need to watch and see if any other opportunities are out there.
1913 Indian Head Proof Eagle, PR67, CAC, Ex: Gerald Forsythe Collection
The mintage given for the 1913 Indian Head Proof Eagle is 71 examples. Coin Facts survival estimates 46 specimens, with 17 GEM 65 or Better. The PCGS PR65 population is four. In addition, there are four in PR66, three in PR67 and none finer. The Hansen/Forsythe PR67 Specimen has a POP of 3/0. The NGC population of GEM coins is 20! There are seven PR65, six PR66, five PR67, and two graded PR68. I would expect some of these are resubmits. The Tyrant Specimen is a NGC PR66 specimen which only inferior grade comparing the four Hansen/Forsythe Specimens.
The Legend Auctioneer described the coin as: Even those that are not brilliant Proofs, sometimes they can still be outstanding. This coin is beyond that, and is tied with just two other coins for FINEST KNOWN! We also say this coin is VERY HIGH END! Marvelous sandblast finish surfaces are uninterrupted. The surfaces beneath are perfect. As typical for the date (from the alloy mix) both sides enjoy an original deeper olive gold color. There are NO flecks or discolorations anywhere. Miss Liberty and every detail are needle sharp in strike and boldly stand out. The eye appeal is attention grabbing! There is no auction record for any PCGS PR67 ever selling. Somehow the current Collectors Universe Value is $195,000. The rarity of ANY Matte Proof $10 in such a lofty grade like this is UNDER-rated. These simply to NOT exist with a CAC bean. If you seek a Type coin, a great piece for a $10 set, or if you just buy super rare coins, then this is your piece! Good luck! The auctioneer noted there are only two CAC Approved specimens and this coin could very well be both.
Legend estimated the coin would realize $175,000 to $200,000. PCGS Price Guide values the coin as $195,000. The coin realized $217,375 which was the third highest price for a Forsythe Eagle realized.
The Hansen participation in last week’s Legend Regency Auction 44 appeared to have concentrated on coins from only two collections. First, the Gerald R. Forsythe Eagles and the other was the Boylston Collection of Half Dollars. There were two or three fun purchases from that sale that we can look into in the next few days.
Provenance: Gerald R. Forsythe / Regency 44 Auction (Legend 4/2021), lot 372, realized $217,375, D.L. Hansen Collection.
1913 Indian Head Proof Eagle, PR667 PCGS POP 3/0, CAC Approved Certification #37917400, PCGS #8895 PCGS Price Guide $195,000 / Realized $217,375 Ex: Gerald Forsythe Collection
Beyond my budget, but as a matter of curiosity, when I see photos and descriptions such as this I wonder: what holds the grade back? I assume there are minute imperfections that the TV doesn't capture and are too trivial to mention in an auction catalogue - but wow, sure looks perfect in the photograph. Are these held to a higher standard perhaps?
The Boylston Collection of Seated Half Dollars, Part I
The group carries a CU Value of over $1,000,000 - Legend Rare Coin Auctions 3/23/2021
In mid-March, Legend Rare Coin Auctions announced a collection that was to be consigned for sale: This past weekend we were consigned the Boylston Collection of Seated Half Dollars. This collection includes both Proof and Business Strike 50C pieces that were collected over multiple decades. The group we were consigned consists of over 150 coins, about 50 of which are Proof. Nearly all the proof coins are CAMEO, and the collection includes such rarities as 1862 NGC PR66CAM, and an 1873 NGC PR66CAM ARROWS. Of the mint states, highlights include an impressive 1842-O 50C PCGS MS64+ Med Date. Rev 1842 CAC, an 1857-S 50C PCGS MS66, 1870-S 50C PCGS MS65, and 1875-CC 50C PCGS MS66+. There are so many more highlights that could be named, we are incredibly excited to see the collection auctioned off in April. Overall, the group carries a CU Value of over $1,000,000. This collection is incredibly fresh, and should bring intense bidding.
As you may be aware, The D.L. Hansen Collection currently has the PCGS Registry All-Time Finest set. The collection made this achievement in September 2017 when passing Louis Eliasberg on the All-Time Leaderboard. The Boylston Collection had a few coins that could improve the Hansen set. Legend wrote on the sale result: This week saw the close of our Regency Auction 44, and what an auction it was. The 408 lots that comprised the sale sold exceedingly well, easily eclipsing an average price realized of $10,000, and setting at least twenty auction record prices. These results were anchored by the incredibly strong performance of the half dollars in the auction, including the Boylston Collection of Seated Liberty Halves, which realized six auction record prices on its own. Highlights from that set include Lot 33, the 50C 1857-S PCGS MS66 CAC, which realized a record $91,062.50, which was also more than 20% above our estimate of $55,000, and Lot 54, the 50C 1870-S PCGS MS65 CAC, which realized $67,562.50, again well above our estimate of $45,000…. All told, the half dollars in the auction set nearly a dozen auction record prices just within that denomination. The D.L. Hansen Collection was successful in adding both of the coins mentioned in Legend post auction sale.
In reviewing the updates the past couple weeks, the Hansen Collection purchased approx. fifteen Boylston coins. Just keep in mind, only seven was purchased to improve the top set. They are shown below. You may note there are eight coins in the screenshot. The 1863-S Seated Liberty Half Dollar, MS65 specimen was purchased in a Great Collections Auction on 4/2021. I reported on this coin a couple weeks ago.
The top seller as reported by Legends is PCGS POP 1/0 sole finest certified by PCGS. The other top seller is PCGS POP 2/0. There was one PCGS Pop 1/0 specimen purchased by Mr. Hansen that was not mentioned in the Legend report, the 1870-S specimen. I will feature this coin today.
1870 Seated Liberty Half Dollar, MS67, Ex: Boylston Collection
Expert Ron Guth describes this date as: At 633,900 coins, the 1870 Half Dollar has just a slightly lower mintage than the 1869-S of the previous year. However, because it was from an Eastern Mint, the 1870 Half Dollar is much more common in most grades. In Mint State, the 1870 is slightly more common than the 1869-S but usually sells for much less, making it seem like an excellent value. The initial quality of the 1870 Half Dollars was good. The luster is usually frosty, bagmarks are minimal, and the strike is strong, if not full. All in all, this is a great representative of the With Motto type.
With a mintage of 633,900, Coin Facts survival estimates 700 specimens, with 6 GEM 65 or Better. The PCGS MS65 population is five, with one MS65+. The grade then jumps to MS67 before the sole finest is seen. The Hansen/ Boylston MS67 Specimen has a POP of 1/0 and according to Legends next highest grade at either PCGS or NGC is two points lower! The coin has appeared in auction at least three times in the past decade.
The first appearance was Heritage January 2014 FUN US Coin Signature Auction in Orlando. At the sale, the coin was described as “Tied With One Other for Finest Known”. I wonder what happen to that coin. The new Hansen coin was described as: A Superb Gem example of this early With Motto issue. The surfaces exude bright, frosted mint luster. The obverse is attractively toned with even golden color covering most of that side. The reverse, however, is largely brilliant and displays the original mint luster to its best effect. The devices are fully struck throughout. The only blemishes on either side are a small cluster of four tiny milling marks in the lower right obverse field. PCGS and NGC have each assigned the MS67 grade to one example, with none finer (11/13). Housed in an old green label holder. I think the coin remains in the OGH. The coin was consigned from The Usibelli Collection and realized $28,750.
Just a few months later, the coin appeared once again in Heritage October 2014 Eugene H. Gardner Collection II US Coins Signature Auction in New York. In this appearance, the coin is described with the same summary as the previous sale, but with an additional clarification on the POP: The sole finest by two grade points at PCGS. NGC reports one MS67 as well, also finest by two points. The population reports provide stark evidence of how rare this unheralded issue is in Superb Gem. The two coins listed (and they are not the same coin) are head and shoulders above their nearest rivals for "finest known." This coin is housed in an old green label holder and gets extra "wow" points for its smoothly frosted surfaces and bold eye appeal. The current NGC Population stills lists a MS67 which make me wonder about the Legend statement: The next highest grade at either PCGS or NGC is two points lower! In my research, I believe this other coin may be from the Greenhill Collection that sold as MS66 NGC in a 2006 Goldberg Auction and may be in a NGC MS67 holder today.
In the Boylston sale held 4/21/2021, Legend Rare Coins Auction describes the coin as: The SINGLE FINEST KNOWN at PCGS! Housed in an OGH, this superb gem exudes originality. Even, peach and golden toning caresses the obverse, while the reverse is mostly white with just a dusting of gold. The color does nothing to diminish the MAGNIFICENT mint bloom and luster noted throughout. Razor sharp motifs are enhanced by thick swaths of mint frost. With strong magnification one mark is noted in the field near star 13. The next highest grade at either PCGS or NGC is two points lower! The extreme rarity of this date in GEM status is clearly evidenced in the population reports. Just 10 examples graded MS-65 or finer and who knows how many of those represent resubmissions? PCGS Price Guide is $26,000. The last time this coin sold at auction was as part of the Eugene H. Gardner Collection Part II in October 2014 where it fetched $19,975. That was a much weaker market. We expect this coin to soar in price when it crosses the block. If you’re building a PCGS Registry Collection, this is your one and only shot to add this fabulous piece to your collection. Worthy of a top shelf collection!
It is no doubt that I agree this coin is worthy of top self. The coin over achieved an auction estimate of $17,000.00 - $20,000. PCGS Price Guide values the coin at $27,000 and the coin is from The Eugene H. Gardner Collection. The coin is in an OGH, but is not CAC Approved. In the Legend Auction of the sale of the Boylston Collection of Seated Half Dollars, the coin realized $29,375, Auction Record. This is a without doubt a great addition to this top shelf collection!
Provenance: The Usibelli Collection / FUN US Coin Signature Auction (Heritage 1/2014), lot 5252, realized $25.850; The Eugene H. Gardner Collection II US Coins Signature Auction (Heritage 10/2014) lot 98508, realized $19.975; The Boylston Collection (Legend 4/2021) lot 53, realized $29,375(Auction Record), D.L. Hansen Collection.
1870 Seated Liberty Half Dollar, MS67 PCGS POP 1/0, Finest Certified by 1.5 points at PCGS Certification #08337229, PCGS #6327 PCGS Price Guide $26,000 / Realized $29,375 Ex: Boylston Collection / The Eugene H. Gardner
The Boylston Collection of Seated Half Dollars, Part II
More than half of the 19th century is represented in these historic coins and you’ll find that most of them are tough to find in any condition. PCGS Registry
There is not many collectors will to take on completing this set. In more than twenty years of the PCGS registry, one set has been completed and that one belongs to Dell Loy Hansen. There are 30 current sets in the works with ten sets more than 85%. There appear to be a point that many collectors cannot go further. The biggest show stopper of all is the 1853-O No Arrows. PCGS describes this set as: Start with the beautiful No Drapery half dollar of 1839 and finish with a run of popular low-mintage dates. In between you’ll encounter such major rarities as the 1853-O No Arrows, 1870-CC and 1878-S. This series began nearly a quarter of a century before the Civil War and didn’t end until 26 years after the surrender at Appomattox. Yes, more than half of the 19th century is represented in these historic coins and you’ll find that most of them are tough to find in any condition.
In addition, the Hansen set is not only complete, but is very high quality as well. The set has a GPA 64.03 with 64.89 with bonuses. It has the finest known 1853-O No Arrows specimen. The VF35 PCGS specimen is the finest of only four known examples. . The coin is valued by PCGS Price Guide at $550,000. The specimen is traced to John W Haseltine 1881; L Colvin Randell Collection; J W Garrett; John Hopkins gift; Queller family Oct. 2002; Jim Grey sale 2004; George "Buddy" Byers Collection 2006; Sale to D L Hansen August 2017. It last appeared in a Stacks Bowers Auction in 2017 and realized $517,000.
The 1853-O No Arrows may the most valuable specimen in the Liberty Seated Half Dollars Basic Circulation Strikes (1839-1891) Set, but it is not the only six figure coin. After a quick assessment, I believe are four or five others. The second most valuable coin in this set is the 1870-CC MS64 PCGS Pop 1/0 sole finest specimen. The majority coins are the finest certified by PCGS. After the purchase of six top coins from Boylston Collection, the current Hansen set have 67 PCGS finest certified (59.3%), with 35 sole finest PCGS Pop 1/0 (31%). The coin that I will feature today is the 1870-S POP 2/0 specimen.
1870-S Seated Liberty Half Dollar, MS65, CAC, Ex: Boylston Collection
Expert Ron Guth describes this date as: In 1870, employees at the San Francisco Mint produced over one million Half Dollars. This was larger than the Half Dollar production at the Philadelphia and Carson City Mints combined. Nonetheless, because of the great distance between the San Francisco Mint and collectors back East, very few 1870-S Half Dollars ended up in collections. This is best illustrated by comparing the 1870-S with the 1871, which has a slightly larger mintage than the 1870-S. However, far more Uncirculated examples of the 1871 have survived compared with the 1870-S. This large discrepancy can be attributed to the presence of far more collectors surrounding the Philadelphia Mint. Less than two dozen Mint State 1870-S Half Dollars exist. Most grade MS62. Gems are extremely rare and none are known above MS65.
With a mintage of over one million 1870-S half dollars, Coin Facts survival report estimates minuscule 400 specimens, with 3 GEM 65. The PCGS MS65 population is two, with none better. The Hansen/ Boylston MS65 Specimen have a POP of 2/0. The current NGC Population report has three certified as MS65 with none higher. I personally do not believe there are five GEM specimens. There have been ten MS65 specimens auctioned in last 25 years, starting with the Eliasberg Specimen in 1997 and appearing four times. Legend recent comment on this coin: Pedigreed to the illustrious Louis Eliasberg, Sr. Collection as well as the Richard Genaitis Collection October 2001, Eugene H Gardner Collection, October 2014.
The first appearance was Bowers & Merena April 1997 Louis E. Eliasberg, Sr. II Auction. At the sale, the coin was described as “Prooflike”. The coin made the next appearance in the Richard Genaitis Sale in Heritage October 2001 Long Beach Signature Auction. It was described as: Despite a mintage of just over a million pieces, the specie-hungry West put the vast majority of 1870-S Half Dollars to heavy commercial use. As a result, even AUs and average Mint State pieces can be a real challenge to locate despite their modest valuations in price guides. This offering of a sparkling Gem example undoubtedly represents one of the finest pieces extant. Both obverse and reverse display vibrant, semi-reflective luster that is partially tamed by soft golden accents. The coin was offered in an Old Green Holder realizing $6,038.
The coin appeared once again in Heritage October 2014 Eugene H. Gardner Collection II US Coins Signature Auction in New York. In this appearance, the coin was described as: Housed in a green-label PCGS holder, this offering of a sparkling Gem example undoubtedly represents one of the finest pieces extant. Both obverse and reverse display vibrant, semireflective luster that is partially tamed by soft golden accents. The term semi-reflective luster was once again used by Heritage in their description. They do not go as far as using the prooflike term. It makes you wonder how this coin would be reassessed if it was sent in again. In this sale, the coin makes a huge jump in value. It realized $55,812.50 compared to the $6,038 in the previous Genaitis Sale. The coin had the CAC Approved sticker in the Gardner sale.
In the Boylston sale held 4/21/2021, Legend Rare Coins Auction describes the coin as: MARVELOUS QUALITY and among the finest known for the date! A prize for the specialist. A presentation coin appearance with the mirroring in the fields. EXPLOSIVE cartwheel luster and mint bloom bounce off of nearly immaculate surfaces. Just the faintest whisper of champagne gold toning lends to the originality and aesthetic appeal of the coin. This example must have been one of the first off the dies as it also has a superb strike and is free of the weak striking characteristics generally associated with the date. One very small mark is seen with magnification above the eagle’s right wing. There is a crazy, pick up sticks array of raised die lines scattered across Liberty’s profile which one would assume were lathe marks, but they do not follow any type of arc like pattern. Truly an intriguing anomaly that deserves further study and will appeal to the student of numismatics. The coin last traded at auction in October 2014 for $55,813. As we know, the coin market is currently in a bull run and top notch GEM coins in any series are exceedingly difficult to come by. Don’t let this important moment pass you by. This coin represents an amazing opportunity to obtain one of the finest extant examples with an incredible pedigree. Destined for a WORLD CLASS CABINET. Congratulations in advance to the winning bidder.
The coin realized $67,562.50. As mention in the Legend post press release, the coin did realize a nice premium. I will discuss the last coin in this series in the next posting.
Provenance: Louis E. Eliasberg, Sr. (Bowers & Merena 4/1997) lot 2013, realized $15,400; Richard Genaitis (Heritage 10/2001) lot 6991, realized $6,038; The Eugene H. Gardner Collection II / US Coins Signature Auction (Heritage 10/2014) lot 98510, realized $55,812.50; The Boylston Collection (Legend 4/2021) lot 54, realized 67,562.50 (Tied Auction Record set in 2014 for the Usibelli Specimen), D.L. Hansen Collection.
1870-S Seated Liberty Half Dollar, MS65 PCGS POP 2/0, CAC Approved Certification #02626919, PCGS #6329 PCGS Price Guide $55,000 / Realized $67,562.50 Ex: Boylston Collection / The Eugene H. Gardner/ Louis E. Eliasberg, Sr.
Hey Currin - when are you going to post DL Hansen’s purchase of the
Pete Miller collection of Proof
Half Cents and Large Cents ?
Those are some fantastic coins !
The Boylston Collection of Seated Half Dollars, Part III
A prestigious provenance of owners including David Queller (2002) and Eugene Gardner - Legend Rare Coin Auction 44
Today, we will wrap up the Seated Liberty Half Dollars purchased in the Boylston sale. If you have been watching the posting on Hansen watch, you will know the Seated Half Dollars are just one set in the overall collection that Dell Loy Hansen is building. Actually, he has already built probably 95% of the collection, but the sets continue to improve when coins from other collections come available. As with the Boylston Collection of Seated Half Dollars, Mr. Hansen had the opportunity to improve a few of the coins, and he successful did so with seven specimens. I mentioned earlier, D.L. Hansen Collection achieved the Registry All-Time Finest Seated Liberty Half Dollar set in September 2017 when passing Louis Eliasberg on the All-Time Finest Leaderboard. The set was a great set in fall of 2017, and he could have pulled a stop on the set. When the set achieved first place all-time in 2017, it had a GPA of 61.290. This set consists of 113 coins; Mr. Hansen logged 175 swaps since achieving first place status on September 2017. This means little over 150% of the coins have been replaced which equates every coin replaced about one and one-half times. The set has improved to a GPA of 64.886. This is not a study that I have attempted to analyzed, but I would call this as normal without digging deeper. Naturally, this rate for upgrades does not cross the board for all sets. Example, I think early coinage and gold will have a lower upgraded rate.
Just a couple months ago I shared this view for this first time. I updated the chart. The only major change is the Seated Half Dollars crossed the MS64 threshold and now 64.03. Is a GPA of 65 possible? I am not sure, but if I had to guess, I don’t think the set is done yet. There are only three replaceable coins below the choice GEM, MS63. They are 1871-CC (XF45), 1872-CC (AU50), and 1855-S Arrows (MS62). There are 13 coins that are not PCGS Top Five Condition Census, so there is some room there.
As for the Half Dollars Collection, the collection does have room for upward improvement in three of the series, #7 ATF - Flowing Hair / Draped Bust (1794-1807), #6 ATF - Capped Bust (1807-1839), and #4 ATF - Walking Liberty (1916-1947). In the Legend Rare Coins Auction that we have discussed the past couple weeks, Mr. Hansen passed on the opening bid ($3.06 Million with buyer fees) for the Forsythe Set. The purchase with Hansen’s existing coins would have compelled the set to first place. Interesting, The Lulu Collection, the #1 all-time finest PCGS Walking Liberty Half Dollars Short Set will be featured in the upcoming June 2021 Costa Mesa Auction hosted by Stacks Bowers. This 20 lot set has 19 coins finest certified by PCGS with four sole finest POP 1/0. If the Forsythe Set is offered individually, and now with the Lulu set, I would not be surprised to see some upward movement in the Walking Liberty. The top spot may not be a Hansen goal, but upgrades are.
Let’s circle back to the Seated Liberty Half Dollars. Legend Auction recently released: Our two day sale begins with 181 lots from the second part of the Boyleston Collection. Containing a wide range of Mint State and Proof Seated Liberty quarters and half dollars and a selection of Seated Liberty half dollar patterns, this second part will delight the most advanced collector, as well as the beginner, and everyone in between. Coins pedigreed to famed collections like Richmond, Dick Osburn, Pittman, and others connect the present owner to owners of generations past. There are common coins, condition rarities, and ultra rare Proofs from the 1840s. When it comes to Seated Liberty Half Dollars, certainly Dell Loy Hansen falls in the most advanced collector. I am not sure how many coins are in the second part that would improve the collection. Lastly, I do have a Boylston coin to feature today.
1857-S Seated Liberty Half Dollar, MS66, CAC, Ex: Boylston Collection
Expert Ron Guth describes this date as: The 1857-S Half Dollar is a low-mintage date that is scarce in all grades and rare in Mint State. Only three dates in the 1850s have lower mintages: 1853-O No Arrows, 1852, and 1852-O. Price-wise, the 1857-S compares favorably with 1852-O and 1856-S, but on the high-end, it really takes off. The best 1857-S Half Dollar is a PCGS MS66 that sold recently out of the Gene Gardner collection for $61,687.50. This impressive coin is finest known by a full two points.
With a mintage of only 158,000, Coin Facts survival estimates 450 specimens, with twelve mint states, and only one GEM MS65 or Better. The PCGS MS65 population is zero, with one MS66. Ron Guth statement remains correct today; the finest known coin is a full two points better that the other two PCGS MS64 specimens. The only oddity, James B. Pryor coin with an estimated grade of MS65 appeared in a 1996 Bowers & Merena sale. Maybe a little more research is warrantied.
The Hansen/ Boylston MS66 Specimen have a POP of 1/0 and has appeared in auction at least three times in the past two decades. First in October 2002 in a Stacks Auction for the The Queller Family Collection. The coin was described as uncertified GEM BU. It realized $25,300. Stacks noted the coin previously appeared in Stack's Auction, 2/76, lot 710. There are no other details available.
The next appearance was Heritage June 2014 Signature Auction of The Eugene H. Gardner Collection of US Coins in New York. At the sale, the coin was described as “Finest Certified by Two Points”. This still leaves me questioning the James B. Pryor coin. The new Hansen coin was described as: A frosty, silver-white example with a dusting of russet-brown toning at the margins on the obverse and some larger areas of coloration on the reverse. Bright silver luster visits the fields and central devices for nice flash when the coin is rotated under light. A few tiny marks in the field near Liberty's shoulder and above the eagle's head are minor and do not detract from this boldly struck Premium Gem example. Flatness on star 8 is the only area of strike that is not crisp and full. Just nine Mint State coins are reported by PCGS and NGC combined, underscoring the rarity of this low-mintage San Francisco issue. This example is head and shoulders above the others in terms of numeric grade and technical quality. Original surfaces show exceptionally few flaws, and the coin retains much of its just-minted freshness. The coin was CAC Approved and realized $61,687.50.
In the Boylston sale held 4/21/2021, Legend Rare Coins Auction describes the coin as: FINEST KNOWN! Breathtaking originality. Delicate wisps of amber and gold toning accent remarkably clean fields rolling with mint bloom and frost when you twirl the coin in the light. Exceptional strike with all of the design elements fully struck up. If not for a tick or two near star 5, this coin would be completely flawless. Exceedingly rare in Mint State grades. This piece blows away any other examples of the date and mint, with MS-64 being the next highest grade. In fact, a mere 11 total Mint State pieces have been graded at PCGS and NGC combined! Medium S. Blundered Date. It is interesting to note this is also an example of the highly prized blundered date variety. Remnants of a 1 punched far to the left of the date in the field are clearly visible to the naked eye. The next highest grade is 2 MS64 PCGS examples. A prestigious provenance of owners including David Queller (2002) and Eugene Gardner. This piece last sold in June 2014 where it brought $61,688. We predict this coin will fetch a world record price and experience a fierce bidding battle as well it should! When only the finest will do, this is the coin for you! Soon to take it’s rightful place in a fantastic collection. Congratulations in advance to the lucky winning bidder.
The coin over achieved an auction estimate of $55,000 - $60,000. PCGS Price Guide values the coin at $65,000 and has a pedigree that Legend calls “Prestigious Provenance”. The coin is CAC Approved. In the Legend Auction of the sale of the Boylston Collection of Seated Half Dollars, the coin realized $91,062.50, Auction Record. Legend predicted the coin would Soon to take it’s rightful place in a fantastic collection. That could not be more true!
Provenance: (Stack's 2/76), lot 710; David Queller Collection / Anniversary Sale (Stack's, 10/2002), lot 557, realized $25,300; The Eugene H. Gardner Collection / Signature Auction (Heritage 6/2014), lot 30502, realized $61,687.50; The Boylston Collection (Legend 4/2021) lot 33, realized $91,062.50 (Auction Record), D.L. Hansen Collection.
1857-S Seated Liberty Half Dollar, MS66 PCGS POP 1/0, CAC Approved Certification #50030065, PCGS #6292 PCGS Price Guide $65,000 / Realized $91,062.50 Ex: Boylston Collection / Eugene H. Gardner / David Queller
We have seen several Seated Liberty Half Dollar Upgrades in the past few weeks. The most recent, we spent a few days looking at the Boylston Collection of Seated Half Dollars that Dell Loy Hansen purchased in Legend Rare Coin Auction 44 hosted on 4/21/2021. The Hansen Collection improved seven top set coins from the sale. Also, we saw an 1863-S MS65 Seated Liberty Half Dollar, tied with one other as finest by PCGS. The coin was purchased from a Great Collections internet sale in April. Now, we will see one more upgrade to this series. This coin is a MS65+, sole finest at PCGS specimen that is also CAC approved. Can it get better? Yes, the coin is also a branch San Francisco mint specimen from the Civil War series.
As you should be aware if you have been watching for some time now, The Hansen Collection of Civil War US Regular Issues is probably the finest that has ever been assembled. He also has a fantastic grouping of Civil War proofs, but they have not been completed, so I will not yet go as far to say that too is the finest ever assembled. We will have to watch and see if one day that statement can be definitively.
Civil War Set with Gold, Circulation Strikes (1861-1865) is a 110-piece set that PCGS describes as: This challenging set represents four years of our country's most trying times, the Civil War. It is a sampling of all denominations including some very tough silver issues: the 1861-S and 1864-S Seated quarters and most all the Seated dollars. Many of the gold issues are downright rare including the 1864-S Liberty Head $10. Completing this set will be an accomplishment as well also an historic representation of a difficult war that took place over 150 years ago. I thought this would be a good time to take a look at the half dollars in this set.
The Civil War half dollars consist of eleven coins. Mr. Hansen replaced the 1862-S with a coin from the Boylston Collection. As stated, he replaced the 1863-S from an Great Collections Auction in April, and now he replaces the 1865-S with a coin purchased in what I believe to be a private transaction. You judge the quality of the subset. There are five coins that are PCGS certified as sole finest and another five tied for PCGS finest. There is only one coin that can upgrade this collection from the 45 Million coins certified by PCGS. I know, this statement is a little misleading, so let me clarify, there is only one coin that can upgrade this collection from the 4,152 Civil War half dollars certified by PCGS. That coin is the 1861-S 50C MS66+ Sole finest specimen that I do not have any information on. For the CAC fans in the room, all but two are approved. Does anymore need to be said?
1865-S Seated Liberty Half Dollar, MS65+
Expert Ron Guth commented: The 1865-S Half Dollar is a somewhat scarce date in most grades, but it is particularly elusive in Mint State. In the past, the PCGS Population Reports showed a large number of MS64 examples, but those were discovered to be resubmissions and were removed. Thus, this date continues to be a true condition-rarity in better Mint State grades. Wiley-Bugert have uncovered three different die varieties for this date, based primarily on repunching (if evident) and different mintmark positions. The 1865-S Half Dollar is usually well struck in the centers, but often shows weakness in the stars at the top of the obverse.
With a mintage of 675,000, Coin Facts survival estimate is only 450 specimens. They estimate for coin in MS65 or better is none which is certainly incorrect. In 60 or Better, the estimate is 35. NGC reports one MS65 with none finer. The NGC coin appeared in a September 2017 Goldberg Auction were it was described as Pop 2; tied for the finest examples graded at both services. The coin is stated to be Housed in an old holder with CAC Approved. Oddly, Heritage lists a sale for an 1865-S 50C, Small Wide Broken S, WB-101, Die Pair 1, MS65 NGC. The coin sold in 2019, and realized $14,400. It has since been deleted from NGC. It is not the same coin that was sold by Goldberg Auction. I am thinking there could possibly be two NGC MS65 coins although the POP report indicates only one because of the deletion.
PCGS population report shows one MS65 and one MS65+. It is possible that the coins could be the same specimen. In the past decade, a GEM 1865-S half dollar has appeared in auction five times. The two NGC coins in the Goldberg and Heritage sale and the new Hansen PCGS coin has appeared three times. If there is a second MS65 PCGS, it has never appeared in public auction.
The first appearance was in Heritage April 2011 Rosemont CSNS Signature & Platinum Night US Coin Auction. The coin was slated to be an Extremely Late Die State. A lot of detail was given on the die state of the coin: The 1865-S half dollar is a condition rarity in the Seated Liberty series, and this Gem is equal to the finest that PCGS and NGC have certified. The present piece is the latest die state seen, with additional cracks that are unlisted in Bill Bugert's specialized reference: A Register of Liberty Seated Half Dollar Varieties, Volume I, San Francisco Branch Mint. The obverse die appears on WB-5 and WB-6, while the reverse die appears on WB-4 and WB-5. The obverse has heavy clash marks, and all of the cracks recorded for WB-5 and WB-6, along with an additional crack diagonally through the field left of the date. There is also a bold die chip on Liberty's left (upper) thigh. The reverse is also the latest seen with additional unrecorded die cracks. The following additional cracks are noted: from the eagle's beak through the field toward the first S, from the top of the right (facing) wing into the field well below the first A in AMERICA, from the final A through all three arrowheads, and through the base of DOL to the period after L and turning sharply to a dentil below the lower arrowhead. The late die state of both dies suggest that this might be a remarriage of WB-5, following production of WB-6. With this much information given on the die state, there was not as much on the appearance: This amazing Gem has slight peripheral weakness with stronger central details. The surfaces are remarkable with light silver at the centers, within a frame of vivid gold and iridescent toning. The coin graded as MS65 PCGS sold for an Auction Record of $92,000 which still stands a decade later. In 2011, the coin already had the CAC sticker.
The second appearance was in Heritage May 2015 US Coins Signature sale of The Eugene H. Gardner Collection III. In this sale, the coin was stated to be Lustrous WB-102, Sole Finest at PCGS. In 2015, Heritage commented on the current conditions of the population: A half dozen MS64 coins support the single MS65 example (the present coin) at PCGS. Likewise, NGC shows a single MS65 piece and 14 submissions in MS64, although this issue is known for multiple submissions in an effort to upgrade into the elite Gem category. They also commented: This coin is seemingly unimprovable for the issue according to our archives and database of auction appearances. It is, of course, the only Gem example we have ever offered, and this is its second appearance at Heritage, having been acquired by Gene Gardner in 2011 from our Central States sale. The coin is emblematic of our consignor's pursuit of the finest quality for the different Seated series -- an accomplishment that has not been equaled in numismatic history and likely will not be repeated in the future. It appeared that Mr. Gardner purchased the coin in 2011 for $92,000. For some reason, the coin lost some if its mojo and only realized $42,300. Ouch!
In the third and final appearance in Heritage August 2019 ANA U.S. Coins Signature Auction in Chicago, IL, the coin lost more Mojo. The coin was stated to be: Lustrous, Originally Toned, Ex: Gardner, Tied for Finest Certified. There is not much additional information given in the description that we have not already seen. The coin was pedigreed to The Perfection Collection. This time the auctioneer stated population as: PCGS Population: 2 in 65, 0 finer. CAC: 3 in 65, 0 finer (6/19). With a growth MS65 specimens and CAC population, the coin took a second big lost by realizing $25,200. Ouch Again!
Certainly situations can change two years. Presently, the coin is certified MS65+, sole finest at both grading services, and was able to retain the CAC sticker to boot. The coin recently appeared for sale by Rare Coin Wholesalers. It had an ask price of $65,950. The Mojo is Back! I believe the coin was either purchase by Mr. Hansen in a private transaction or possibly by deal through David Lawrence Rare Coins. Either way, the finest specimen is now in the Hansen Collection. It has been fun watching the Liberty Seated half dollars. We are done now, unless Mr. Hansen buys more. We will have to watch and see.
Provenance: Rosemont CSNS Signature & Platinum Night US Coin Auction (Heritage 4/2011 as PCGS MS65 CAC Cert # 19277856), Lot 5149, realized $92,000 (Auction Record); US Coins Signature sale of The Eugene H. Gardner Collection III (Heritage 5/2015 as PCGS MS65 CAC Cert # 19277856), Lot 98482, realized $42,300; Perfection Collection / ANA U.S. Coins Signature Auction (Heritage 8/2019 as PCGS MS65 CAC Cert # 19277856), lot 3760, realized $25,200; Private Purchase (Rare Coin Wholesalers 4/2021 as PCGS MS65+ CAC Cert # 39820332), D.L. Hansen Collection
The D.L. Hansen Collection continues the uphill climb in Early American Copper. We have seen a little advance in past few months on a series for a long time was just not going anywhere. I reported a couple months ago that "I have not seen Mr. Hansen having a keen interest of EAC series until recently". If you recall, we saw a peeked interest during the sale of ESM coppers business strikes. Then we saw the purchase of the coin that Denis Loring (Penny-Wise, January 1981), described as: "The most awesome large cent I've ever seen." The 1811 Large Cent MS65RD was purchased in the Heritage FUN US Coins Signature Auction. It is from The Oliver Jung Collection.
This new upgrade is not as awesome as the 1811 Large Cent MS65RD but it is a nice coin. It replaces an AU58+ BN, Cert #26170455. The Hansen PCGS Registry Set: Half Cents Basic, Circulation Strikes (1793-1857), remains in all-time 5th place. Mr. Hansen has been stuck in this spot since early 1997.
As you can see, Mr. Hansen still has work to do before he can start the climb in ranking. He is currently about a half rating point behind #4 – The Half Sense Collection (retired in 2019). The top current EAC Half Cent Collectors are High Desert and copper specialist Jim McGuigan. Mr. McGuigan set has been honored with the PCGS Hall of Fame, and has been the top set for most of two decades. The High Desert recently moves into first place in the registry.
The Hansen set has a couple coins that pull down the set rating. Prior to this update, there were three coins graded less than MS62BN. The lowest grade is the rare 1802 VF20BN specimen, and two About Uncirculated: 1811 AU55BN and 1797 AU58+BN. The 1797 is being upgraded in this posting which remains only two. Actually just one, the 1802 is impossible in mint state.
1797 Half Cent, “1 Above 1”, MS64BN
Expert Ron Guth Comment: This was the only use of the obverse die. Initially, the 1 of the date was punched too high, then punched again in the proper position. The reverse die of this variety was also used earlier on: 1797 Cohen 2. The Eliasberg 1797 1 over 1 Half Cent (Lot 409), formerly in an NGC MS65BN holder was graded PCGS MS64BN in July 2009. The Bushnell-Jackman-Foxfire-Pogue is the finest certified. This D. Brent Pogue MS66RB Specimen realized $223,250 in the 2016 Stacks Bower Sale. The coin is currently in High Desert Collection. The number two coin is the Cogan - Brand - Tettenhorst (Missouri Cabinet) – Morelan Specimen. In the Legend 10/2020 sale of the Bruce Morelan Collection, it realized $176,250. The coin is currently in Black Cat Collection. Therefor, the top two specimens are in strong hands.
The number three coin may be The Eliasberg Specimen formerly in an NGC MS65BN holder and was crossed to PCGS MS64BN in July 2009. I believe this coin may have been recently regraded to MS64+BN PCGS. The coin last sold in 2006 for $115,000. I am not sure the location of this coin. The next coin may be the MS65★ Brown NGC Specimen from the Donald G. Partrick Collection. The coin sold last month in Heritage’s Central States US Coins Signature Auction for $156,000. I am not sure the lucky winner of this coin. The next two coins are a pair of MS64BN PCGS. The Showers - Tettenhorst Specimen in currently in the Jim McGuigan Collection and the other MS64BN PCGS was the recent purchase by Dell Loy Hansen. The coin is traced to the Half Sense Collection assembled by Stuart Blay. To round out my list of Choice of better 1797 Half Cent, “1 Above 1” Specimens, the seventh and final specimen is a MS63BN PCGS with no additional information known.
Other than Stuart Blay, the Hansen coin does not have a long established pedigree that I can trace . Its only auction appearance that I can find is the Heritage January 2018 FUN U.S. Coins Signature Auction in Tampa, FL. The coin was offered as: 1797 C-1, B-1 Half Cent, MS64 Brown, 1 Above 1 Obverse, Struck over a TAL Copper. The population was given as 3 in 64 Brown, 2 finer (11/17). The auctioneer presented a lot of detail on the die: Breen Die State I, Manley Die State 2.0. Ron Manley, in The Half Cent Die State Book 1793-1857, notes that the earliest die state has "a faint crack from the rim extends to the pole end." We see no evidence of that crack on this early die state example that also has no trace of a bulge left of the L in LIBERTY. However, a die crack is visible through the B in LIBERTY that Breen identified for his Die State III, supposedly appearing after the bulges left of the L. This variety is rare in the early die state, and the present Mint State piece shows all aspects of the die engraving, and in this case, blundered engraving. The die state is virtually identical to the spectacular Eliasberg coin, although that piece shows no evidence of undertype.
The coin is given EAC grade MS60 by the auctioneer. It was described as: This impressive near-Gem shows obvious undertype from a Talbot, Allum & Lee copper, primarily visible in the right obverse field. Additional evidence of the undertype appears on Liberty's head, the cap, and in the left obverse field. This lovely Choice Mint State example displays full cartwheel luster on its chocolate-brown surfaces with lighter tan on the obverse. Trivial marks on each side prevent a higher grade. Although the 1797 1 Above 1 Cohen-1 half cent is the most plentiful of the year, only a handful of Mint State pieces are known including this example that is clearly a candidate for the Condition Census. I am not sure I agree it is clearly a candidate for the Condition Census. I think is a borderline top five candidate as I described in my list of known specimens. In the 2018 Heritage Auction, it realized $24,000. I am guessing Mr. Blay was the buyer, but I don't know for sure.
The coin was recently offered for sale by Rare Coin Wholesalers. It was described as: 1 ABOVE 1 VARIETY. A MS66 GRADED BROUGHT $299,000 AT AUCTION IN 2014. A TOTAL OF TWO COINS GRADE HIGHER. PCGS POP on MS64BN “1 Above 1” is actually 2/3, so technically there are three coins graded higher, and counting the Partrick NGC specimen, there are four. The ask price on the coin was $85,000. The Hansen EAC progress will be interesting to watch in the future. Soon, you will see some proofs that will blow your mind.
Provenance: FUN US Coins Signature Auction (Heritage 1/2018), Lot 4730, realized $24,000; Stuart Blay's Half Sense Registry Set; Purchased in Private Transaction (Rare Coin Wholesalers 5/2021), D.L. Hansen Collection.
1797 Half Cent, “1 Above 1”, MS64BN PCGS, POP 2/3 (Variety) - POP 3/4 (For Date) Certification #39547536, PCGS #1042 PCGS Price Guide: $85,000 / Unknown Ex: Stuart Blay's Half Sense Registry Set
Great to see Eugene Gardner represented in the collection. Nice coin too!
It would certainly be nice to know just how many Gardner coins are in the Hansen Collection. I am confident it is more than a bucket full.
It would be great to see this for coins from all major collections.
I emphatically disagree. As estimable a collector as Mr. Forsythe might be, his slabs rate as a distraction to the handling and viewing of the coin itself. These are also an imposition on any other collector for both storage and display purposes.
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." - Geo. Orwell
Great to see Eugene Gardner represented in the collection. Nice coin too!
It would certainly be nice to know just how many Gardner coins are in the Hansen Collection. I am confident it is more than a bucket full.
It would be great to see this for coins from all major collections.
I emphatically disagree. As estimable a collector as Mr. Forsythe might be, his slabs rate as a distraction to the handling and viewing of the coin itself. These are also an imposition on any other collector for both storage and display purposes.
These are two different items. Coins don’t have to be in the original slabs to appreciate the provenance.
"It staggers me that these coins could stay in that kind of condition for so long. They are all red or close to red. Most are well over 100 years old and they look almost brand new, even colorwise." - Peter Miller 7/14/2010.
Peter Miller is a PCGS Hall of Fame Collector in Specialized Area category. His specialty is Half Cents and Cents, both Mint State and Proofs, including Major Varieties. He assembled an U.S. Half Cents & Cents Complete Set with Major Varieties, Circulation Strikes and Proof (1793-2017), the only person to accomplish that feat. His 815-piece set is best described by PCGS as: A complete set of cents and half cents (with major varieties) from 1793 to date in Mint State and Proof is one of the more massive undertakings in the Set Registry, consisting of over 800 coins. Aside from the extremely rare Proof Large Cents of the 1820s and 1830s, you have some extreme business strike rarities such as the 1796 Half Cent, the 1793 Strawberry Leaf Wreath Cent, the 1794 Starred Reverse Cent, the 1799/8 Cent, the Jefferson Head cent of 1795, the 1793 Liberty Cap cent and at least two dozen more major rarities to contend with. So far, only one person has managed to complete this huge undertaking, but several more are well on their way. A very rewarding set if you have the time, patience and money. Also not mentioned, his collection included one of the three known 1958 Doubled Die Obverse Cents. In addition, the set included the sole finest 1793 Wreath Strawberry Leaf Cent that is currently in the D.L. Hansen Collection.
The collection was retired in 2018 and many of his coins were sold in auctions by Stacks Bowers starting with the Small Cents in 2018. The sale was split with 171 lots in March and 69 lots in August. The highlight of the March, 2018 sale was the 1958 Doubled Die Obverse, MS-64 RD (PCGS), realizing $336,000. The coin is currently in the High Desert Collection. The highlight of the August, 2018 sale was the 1865 Indian Cent, Fancy 5, MS-66 RD (PCGS), CAC. The coin realized incredible $66,000. The location of this coin is not currently known. In 2019, there was one Stacks Bowers sale in August for Proof Small Cents. The sale offered 61 lots and the highlight was the 1864 Indian Cent, Bronze, L on Ribbon. Proof-65 RD Cameo (PCGS) that realized $84,000.
The Half Cents Circulating Strikes were sold in March 2020. The sale was 55 half cents and a couple of small cents totaling 67 lots. There were six lots that sold for more than $50,000 with the highlight being the 1797 Liberty Cap Half Cent, Gripped Edge, Good-6 (PCGS). The coin realized $90,000. August 2020 was the big sale when 147 Large Cents were offered in 150 lots. This sale saw nine coins realizing six figures with the highlight, 1793 Flowing, Strawberry Leaf. VG-10 (PCGS) realizing $660,000. The coin can be found today in the D.L. Hansen Collection. Total over 500 lots have appeared in Stacks Bowers sales in 2018, 2019, and 2020. In a press release, SBG wrote: The incredible ESM Collection of United States Large Cents realized over $4.6 million in the Stack's Bowers Galleries August 2020 Las Vegas Auction. There was no mention of what the five sales realized totally.
People that follow these sales have been waiting anxiously to see when the Peter Miller Half and Large Cents Proofs will hit the auction block. If you watch the Hansen updates, you now know that will not happen. Stuart Blay posted a few days ago:
@RedCopper said:
Hey Currin - when are you going to post DL Hansen’s purchase of the
Pete Miller collection of Proof
Half Cents and Large Cents ?
Those are some fantastic coins !
.
The Hansen sets were updated about four weeks ago with coins that Stuart mentions. I was waiting to see if a press release was forthcoming, because the purchase was well worth one. The Hansen team from DLRC appeared to have purchased the entire Peter Miller Half and Large Cent Proofs (ESM Registry Sets). I have not been able to confirm, but it appear to have been about 75 coins. In a PCGS article from 2010 when the proof coins were on display in the PCGS booth, it was shared that:
So, let’s start with the 1843 Half Cent, PCGS PR64CAM. With a mintage of 21, Coin Facts survival estimates 18 specimens, with 2 GEM 65 or Better. This coin is not a PR65, rather a PR-CAM. There are only three half cents that has been certified CAM by PCGS. I don’t mean three 1843, I am saying there are only three for all Half Cent dates! The three are the 1841 PR65CAM, 1843 PR64CAM, and 1843 PR65CAM. The 1843 PR65CAM is the Greensboro Specimen that sold in Heritage’s 2014 Auction, realizing $73,437.50. I do not believe the Hansen/Miller PR64CAM specimen has appeared in auction. I know the coin has been in the Miller Collection for more than a decade. The 1843 Half Cent Proof can be found in both original and restrike. The Miller Collection had both and now the Hansen Collection will have both.
The original can be recognized by: Large berries in the wreath identify this as an Original 1843 half cent, actually struck that year, rather than a Restrike produced in the 1860s, identified by small berries. (HA 2012). There is not much additional information available on this coin. I will be discussing the Dell Loy Hansen purchase of The Peter Miller EAC Proofs in more details over the next few posting. Keep watching.
Provenance: Peter Miller (ESM HOF Registry Set), Private Purchase of Peter Miller EAC Half and Large Cent Proofs (David Lawrence Rare Coins 4/2021), D.L. Hansen Collection.
1843 1/2C ORIGINAL, PR64CAM PCGS POP 1/1, Only Three Half Cents Certified CAM by PCGS Certification #08644597, PCGS #91268 PCGS Price Guide $30,000 / Unknown, purchased as set Ex: Peter Miller (ESM HOF Registry Set)
I think DLH has acquired a couple of outstanding early quarter eagles as upgrades. I think he bought the Simpson 1831 in 66+ PL and perhaps an 1829 (possibly the monster in 67). Any news on this. My apologies if my info is inaccurate.
Will D L Hansen step up and buy
the 1933 Saint ?
No question in my mind it will be
the highest price paid for any U. S.
coin in auction.
My prediction is it will not be won
by Mr. Hansen
@RedCopper said:
Will D L Hansen step up and buy
the 1933 Saint ?
No question in my mind it will be
the highest price paid for any U. S.
coin in auction.
My prediction is it will not be won
by Mr. Hansen
It seems like Hansen has passed on a number of high priced rarities. What is the most expensive coin he has purchased?
@RedCopper said:
Will D L Hansen step up and buy
the 1933 Saint ?
No question in my mind it will be
the highest price paid for any U. S.
coin in auction.
My prediction is it will not be won
by Mr. Hansen
My prediction is that the 1933 Wetizman Double Eagle will sell for the highest price paid for any U.S. coin period, at auction or private treaty, for the 2nd time in its history
@Boosibri said:
I think Hansen will be remembered for the coins he passed on vs the oodles of coins he bought.
I think it depends on what your perspective is and if you've seen the set or not.
If one sees the set, I think one will be blown away by just how many coins there are and not soon forget it.
If one hasn't seen the set, it's easy to just focus on a small number of coins, if only because it's easier to discuss a few things than many things.
I could argue that the same could be said for say many great collections, even Tyrant. For example, it's much easier for me to list the coins Tyrant doesn't have than to list the ones he does have. It's seeing the coins together as a set that makes Tyrant memorable.
Who would remember coins dude passed on? Almost seems like someone looking for something to be negative about. There is no time ever that I have looked at someones set and said I wonder what coins this guy passed on. That thought would never and I mean never even cross my mind.
"The ESM Collection is a numismatic treat. Many of the coins in this collection are extremely rare and seldom appear on the market. When they do, they are auction highlights," - Don Willis 7/14/2010.
Peter Miller’s Award-Winning Proof Copper was seen on display at the 2010 Boston ANA. At this year's American Numismatic Association World's Fair of Money convention in Boston held August 10 - 14, visitors will be treated to a number of museum-quality exhibits of historic rare coins. At booth #105, Professional Coin Grading Service will display an amazing numismatic treasure of early proof copper. Booth visitors can enjoy some of the finest known proof Half Cents, Large Cents, Indian Head Cents and matte proof Lincoln Cents from the award-winning ESM Collection. Assembled by Illinois collector Pete Miller, the ESM Collection ranks among the all-time finest of its kind in several PCGS Set RegistrySM categories, according to BJ Searls, PCGS Set Registry Manager.
BJ Searls continued her description of the collection by saying: The weighted Grade Point Average for the ESM Collection is an astounding 65.974," Searls explained. "These coins were once owned by such astute collectors as Eliasberg, Naftzger, Norweb, Pittman, Parmelee, Atwater, Garrett, Anderson-Dupont, Byron Reed and others. Pete Miller has graciously arranged with PCGS to display many of the coins in his set in Boston." I have not done a deep dive to compare the Hansen set with the Miller set, but Hansen’s U.S. Half Cents & Cents Complete Set with Major Varieties, Proof (1817-present) has a weighted Grade Point Average of 66.57. PCGS describes the 233 piece proof set as: Proof cents must easily rank near the top of the numismatic spectrum for beauty and rarity. They typically tone in rich, iridescent colors and choice examples are few and far between. Remembering that Proof coins were not generally sold to the public before the late 1850s, nearly all of the Large Cents in this set will be extremely difficult to find. An original 1852 Half Cent Proof is also a major rarity, and locating one of those will be quite a challenge. In the small cent realm, the 1856 Flying Eagle is a key, as is the 1864-L bronze Indian cent and the 1909-VDB Lincoln. Given the extreme rarity of the early Large Cent Proofs, this is no easy set. But as ESM and D. L Hansen have shown us, it can come close to completion. The description mentions the original 1852 Half Cent Proof, although it is not required in the set. Mr. Hansen does not have the coin and I do not think Mr. Miller had one either.
Yesterday, I showcased the 1843 Half Cent, Original, PR64CAM. We will continue the half cent discussion. According to registry set changes, the Hansen Collection improved the half cents proofs with eleven upgrades. One was the 1843 Half Cent, Original, PR64CAM previously mentioned. There was one sole finest PGGS POP 1/0 specimen, 1849 Small Date, Original PR64RD and one tied for finest, 1835 PR64RD. Eight of the other nine are PCGS Condition Census Top Five. The only coin that is not in the Top Five is the 1831 Original, PR62BN. This is a POP 2/5 coin that is valued at $60,000. The coin was one of two upgraded coins that were not RB or RD designated.
Today featured coin is the 1832 PR65RB Specimen from the Pittman Collection. The coin replaces the 1832 PR64+BN CAC, Certification #11837312. The previous coin is a POP 1/1 specimen for brown designation (BN). The future of the coin is unknown.
1832 Half Cent, RB PR65RB, Ex: Pittman / Miller
With a mintage of 30, PCGS estimates the survival of about 20 -30 coins. This seems a little high due to only six coins have been certified by PCGS in 35 years. There are three certified BN, with the finest a sole PR65. Also, there are three certified RB, with the sole finest PR66RB. There are no certified Red 1832 Half Cent Proofs by PCGS. The sole finest PR66RB is the Tettenhorst - Newman - Missouri Cabinet Specimen that sold in 2014 by Goldbergs for $212,750. The coin is currently in the High Desert Collection. The Pittman –Miller –Hansen Specimen has appeared in auction once in a David Akers Auction in 1997.
In the 1997 David Akers Auction for the John Jay Pittman I sale, the coin was graded PR65 by PCGS and realized a modest $4,950. For comparison with other PR65 specimens, in a 2020 Heritage sale of the Bob Simpson PR65BN specimen, the coin realized $40,800. The Simpson coin is currently in Dr. Charles Link’s Early American 1832 Proof Set. Also, the Donald G. Partrick PR65BN NGC specimen sold in a recent April Heritage Auction for $26,400. There is not much additional information available on this coin. The next posting we will wrap up the half cents with a look at coins that was purchased that Mr. Hansen did not have an example in his collection. Keep watching.
Provenance: John Jay Pittman (David Akers 10/1997) Lot #141, realized $4,950; Peter Miller (ESM HOF Registry Set), Private Purchase of Peter Miller EAC Half and Large Cent Proofs (David Lawrence Rare Coins 4/2021), D.L. Hansen Collection.
1832 Half Cent, PR65RB PCGS POP 1/1 Certification #04809261, PCGS #1196 PCGS Price Guide $75,000 / Unknown, purchased as set Ex: Pittman / Miller
@ironmanl63 said:
Who would remember coins dude passed on? Almost seems like someone looking for something to be negative about. There is no time ever that I have looked at someones set and said I wonder what coins this guy passed on. That thought would never and I mean never even cross my mind.
Tough to be the greatest when you pass on the greatest coins.
@ironmanl63 said:
Who would remember coins dude passed on? Almost seems like someone looking for something to be negative about. There is no time ever that I have looked at someones set and said I wonder what coins this guy passed on. That thought would never and I mean never even cross my mind.
Tough to be the greatest when you pass on the greatest coins.
@Boosibri said:
I think Hansen will be remembered for the coins he passed on vs the oodles of coins he bought.
Hasn't every collector passed on some of the greatest coins? Even the greatest collectors. Maybe you should send dude a list of the coins you think he should buy and in what order. Because if you do not approve of his oodles of purchases well I don't know if he can keep collecting.
Maybe you could name some of the coins Simpson passed on. How about Pogue. TDN. Any collector for that matter. Because we worry about what coins other collectors pass on. LOL.
Paul Miller's ESM Collection is amazing. It's well worth remembering that these coins are in the Hansen collection. Can we say this about many other top collections?
The Hansen Collection is a tremendous achievement, but naturally, the closer it gets to completeness and perfection, the more any missing coins, or coins Hansen has passed on, will stand out. For example, the United States Philippine coins, which were prominently included in the Eliasberg Collection, are not yet being recognized in the Hansen Collection.
@RegistryCoin said:
The Hansen Collection is a tremendous achievement, but naturally, the closer it gets to completeness and perfection, the more any missing coins, or coins Hansen has passed on, will stand out. For example, the United States Philippine coins, which were prominently included in the Eliasberg Collection, are not yet being recognized in the Hansen Collection.
Everyone has their own take on Hansen and Eliasberg. As Hansen gets closer to completeness, my focus is on what it will take to finish the set the way he has defined it.
As much as I love USPI coins, that's not what I would personally focus on. It doesn't matter too much to me if Hansen has USPI or not, as those coins were not legal tender in the US proper.
I do think it would be great to acquire the 1822 Brand-Eliasberg-Pogue half eagle at some point.
I also love how he has Mormon gold, and at higher grades than Eliasberg.
“As much as I love USPI coins, that's not what I would personally focus on. It doesn't matter too much to me if Hansen has USPI or not, as those coins were not legal tender in the US proper.”
Zoins- To be clear, you are saying Justin was not accurate when he wrote this passage in the July, 2018 article he published with PCGS? Is that your position Zoins?
“The Only Dual-Nationality Coins in U.S. History
Standard U.S. coinage was not useful for the impoverished Philippines because the denominations were too high. Two years later, in 1903, a dual national coinage (U.S. and the Philippines) was released. These coins were the only coins ever minted that were legal tender in the U.S. and another country.
At first, the coins were minted in Philadelphia and San Francisco ("S" mint mark). Then Denver got into the act on lower-denomination U.S. Philippine coins. Finally, in 1920, the U.S. opened a Mint in Manila, the only U.S. mint ever established outside the U.S. Coins from the Manila Mint carry an "M" mint mark. No collection of U.S. mint marks is complete without this "M" mint mark unique to the U.S. Philippine series.
These coins were denominated in pesos and centavos, and were made to standards which were either identical to those of United States coins or microscopically smaller (0.002%). Yet, the silver dollar-sized peso, legally convertible to U.S. gold and silver coinage, was valued at only 50 cents USD. The 50 centavo was valued at 25 cents, and so forth.”
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
@wondercoin said:
“As much as I love USPI coins, that's not what I would personally focus on. It doesn't matter too much to me if Hansen has USPI or not, as those coins were not legal tender in the US proper.”
Zoins- To be clear, you are saying Justin was not accurate when he wrote this passage in the July, 2018 article he published with PCGS? Is that your position Zoins?
“The Only Dual-Nationality Coins in U.S. History
Standard U.S. coinage was not useful for the impoverished Philippines because the denominations were too high. Two years later, in 1903, a dual national coinage (U.S. and the Philippines) was released. These coins were the only coins ever minted that were legal tender in the U.S. and another country.
At first, the coins were minted in Philadelphia and San Francisco ("S" mint mark). Then Denver got into the act on lower-denomination U.S. Philippine coins. Finally, in 1920, the U.S. opened a Mint in Manila, the only U.S. mint ever established outside the U.S. Coins from the Manila Mint carry an "M" mint mark. No collection of U.S. mint marks is complete without this "M" mint mark unique to the U.S. Philippine series.
These coins were denominated in pesos and centavos, and were made to standards which were either identical to those of United States coins or microscopically smaller (0.002%). Yet, the silver dollar-sized peso, legally convertible to U.S. gold and silver coinage, was valued at only 50 cents USD. The 50 centavo was valued at 25 cents, and so forth.”
Wondercoin
My position is the position of the US Congress. In my quick read of US law, the coins were mentioned as legal tender in the Philippine Islands, not the United States. Did Justin provide a reference to US law for his statement that the coins were legal tender in the United States? Do you believe the coins would be accepted for legal tender commerce in say a retail establishment in San Francisco or Los Angeles? If US law does not say the coins are legal tender in the United States, then I don't think it would be accurate to say they are.
Here is the beginning of the act I am referencing. The full text is here. It does mention that the coinage is convertible to US currency but being convertible is not the same as legal tender and the conversion is managed by the Philippine government, not the US government.
At the time, the Philippines were under US Administration but were not formally part of the United States. This is also a reason why the Manila Mint was not created as a US Branch Mint but the Congressional Act authorized the Philippine government to create a Mint. See more in this thread:
The act to authorize the Philippine government to create a mint specifically says use of the coins is to be "for use in said islands" with no mention of the United States. More here.
This is very different from the US creating a Mint in the US which Congress just does. Congress doesn't authorize a state or other entity to create a mint. See the following for Dalles City:
Justin has surely spent more time looking into this than I have, so if he can point to US law authorizing legal tender status in the United States, I would change my view. If no such reference can be found, it may be worthwhile to amend the article for accuracy.
Zoins. The subject coins were legal tender in the Philippines for both the “public debts” and the “private debts”. If, hypothetically, the Philippine government owed a US Mint “x” amount for producing their coins as authorized under the Act and the Philippine government could satisfy that US debt by using the subject coins to pay, wouldn’t that make the coins “legal tender” in the US as well? I haven’t spent any time today heavily researching the question. I just had this thought come to mind. When it’s not 2:00 a.m., I will also ask Justin for his source. It’s probably best that I not wake him up to address this “urgent” question. 😂
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
@wondercoin said:
Zoins. The subject coins were legal tender in the Philippines for both the “public debts” and the “private debts”. If, hypothetically, the Philippine government owed a US Mint “x” amount for producing their coins as authorized under the Act and the Philippine government could satisfy that US debt by using the subject coins to pay, wouldn’t that make the coins “legal tender” in the US as well? I haven’t spent any time today heavily researching the question. I just had this thought come to mind. When it’s not 2:00 a.m., I will also ask Justin for his source. It’s probably best that I not wake him up to address this “urgent” question. 😂
Wondercoin
US law says the USPI coins are "legal tender for all debts, public and private, in the Philippine Islands." I'm looking for similar text saying the coins are legal tender in the United States. It's as simple as that.
I don't support the hypothetical posed here because that is a government to government transaction and there could be other considerations at play. I do support my example of using the coins to pay for a meal at a restaurant in San Francisco or Los Angeles and having said restaurant deposit it in their local bank, but only for use like territorial coinage, not official legal tender status, which I still think needs to come from explicit (not implicit) authorization of Congress.
It's a very interesting topic. For an example, I wanted the Manila Mint to be considered a Branch Mint of the United States Mint in Philadelphia but after participating in the thread above and reading US law, I was convinced that it is not. US law explicitly calls the Denver Mint a "branch mint", but no such text is used for the law authorizing the Manila Mint.
And yes, please don't wake him at 2:00am. He'll think we're both nuts!
“I don't support the hypothetical posed here because that is a government to government transaction. I do support my example of using it to pay for a meal in San Francisco or Los Angeles.”
Why do you support the private debt only example (meal in SF or LA) but not the public debt example when both public and private debts were mentioned? In fact, if I recall, the Act requires the Philippines to pay the costs associated with the US Mint producing their coins. If these coins are not legal tender to pay that public debt to the US, you are saying bi-National coins with the United States listed on the very coins would not be accepted by the United States as legal tender to pay the public debts. You could be right, but that would make no sense that coins of the United States of America would not be acceptable to pay debts owed to the United States of America.
Maybe I should wake Justin up at 2:40 a.m.! 😉
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
Comments
Important Selections from The Bob R. Simpson Collection, Part IV
I am a little late with posting purchases from the Bob R. Simpson Part IV sale hosted by Heritage Auctions back in February. The Hansen team purchased several items in the sale. When adding together, they represented a fairly nice purchase. Some coins in tracking the additions that I logged along the way, 1880 25C PR68+ POP 1/0, 1883 10C PR68+ POP 1/0, 1890 25C PR67+ CAM POP 2/0, 1902 50C PR68CAM POP 1/0, and 1906 25C PR68 POP 3/1 to list a few. As you can see, the focus was picking up nice low pop proofs from the Simpson collection. Also, I will mention here, Mr. Simpson broke bad and purchased at least 22 patterns in the last two sales. The best being the aluminum version, 1871 J1177 $20 POP 1/0 that realized $60,000. I think the coins were purchased for fun more than anything else. I don’t except to see the D.L. Hansen Collection to place much focus on patterns anytime soon.
The coin from the sale that I going to focus on today is not the most expensive purchase. I like the coin for the Hansen Collection. It has become part of the two cent copper collection. The Collection is all-time finest in all categories: Basic, Major Varieties, Proofs, and Major Varieties Proofs. I cannot say for sure, but this may the only series that this is true at this point. PCGS describes the comprehensive set as: The Shield Two Cent is a unique denomination, a one-time design (although similar to the Shield nickel) and a beauty of a set when it's completed. Challenges in the major variety set include the circulation strike 1864 Small Motto, 1867 Doubled Die, and 1872. Proofs include the extremely rare 1864 Small Motto and the both closed and open 3 issues from 1873.
The D.L. Hansen Collection is complete for this 24-piece MS and Proof set. Of the 24 pieces, the set has 13 finest certified by PCGS with nine currently PCGS POP 1/0 specimens. The coin purchased in the Bob Simpson sale, 1865PR66+CAM was the ninth. This is the link to the two cents collection.
https://www.pcgs.com/setregistry/two-three-cents/two-cents-major-sets/shield-two-cents-major-varieties-circulation-strikes-proof-1864-1873/alltimeset/149859
1865 Two Cents Copper, PR66+ CAM, CAC, Ex: Bob Simpson
Expert Ron Guth comments: In 1865, employees at the Philadelphia Mint struck off 500 Proof Two Cent pieces. Apparently, they are all of the Plain 5 variety, and at least two different die varieties are known. A high percentage of the mintage survives today -- PCGS alone has certified over 250 Proofs. Red-Brown seems to be the most common format and most Proofs are of the Brilliant version. Cameo Proofs are very rare and Deep Cameo Proofs are exceedingly rare, if they exist at all.
Although Mr. Guth gives large numbers for the mintage, and the number been certified by TPG companies, the Heritage auctioneer sheds some light for the Cameo grade. Full red coins form a minority of the proof 1865 two cent piece survivorship, and only 11 of those pieces have qualified for a Cameo designation at PCGS. The Collection has a 1865 CAM PR66CAM POP 3/1 that was serving in this slot in the top set. The new Simpson coin is just a half grade better, but the red toning on the Simpson coin is truly amazing.
Heritage described the coin as: This Plus-graded Premium Gem is the single finest Red Cameo example at PCGS, ranking it as the single most important coin for Registry collectors. The strike is sharp, and the deeply reflective fields display deep copper-red and gold hues with strong contrast. I will post the image of the coin and let you be the judge. It makes me wonder what the coin in hand would be like.
The coin realized $16,200 in the sale. It is surprising the coin did not bring the auction record. The record is $16,800 that was realized in a 2017 Heritage Auction for 1865 PR66 Red PCGS, CAC Approved. That record coin is housed in an Old Green Holder, so the jury may still be out of that one.
Provenance: Important Selections from The Bob R. Simpson Collection, Part IV / US Coins Signature (Heritage 2/2021), lot 3012, realized $16,200, D. L. Hansen Collection.
1865 Two Cents Copper, PR66+ CAM
PCGS POP 1/0, CAC Approved
Certification #40276535, PCGS #83629
PCGS Price Guide Value: $17,500 / Realized $16,200
EX: Bob Simpson
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Three Cent Silver Update
It is an interesting little obsolete denomination. I know we have discussed Hansen’s Legend HOF Proof Set., but not so much for his business set. He has a condition census business strike set that when joined with this #1 Proof set; he is top of the leaderboard for Three Cents Silvers with the number #1 – 46 piece combo set. The Hansen Set is almost a full GPA Weighted better the #2 All-Time Finest Set.
PCGS describes the 46-piece set as: This is our smallest coin. It's also the only one struck in 75% silver (that's the "type one" of 1851-53 only). There are lots of tiny mintages in the series, many condition rarities, three different types and a lot of history. 1873 is a "Proof-only" issue with no circulation strikes being issued. the 1851-O is the only date in the series that has a mintmark. The "type one" coins of 1851-53 in proof are uncollectible due to their extreme rarity and are not included in the Registry sets. How rare are they? PCGS has graded one 1851 (a beautiful Proof 66 from the Eliasberg collection) and zero examples of 1852 and 1853. In fact, no 1853 Proofs are believed to exist! The "type two" coins of 1854-58 are quite a formidable task, as well. There are just over 30 examples of the 1858 certified in PR65 or better, and 1858 is considered the "common date" of the second type!
https://www.pcgs.com/setregistry/two-three-cents/three-cent-silvers-major-sets/three-cent-silvers-major-varieties-circulation-strikes-proof-1851-1872/alltimeset/157273
One of the first things you will notice is the set is bottom heavy (Proofs). The 46 piece complete Three Cents Collection has 24 mint state specimens and 22 proofs. In the 22 piece proof set, the D.L. Hansen set has 13 sole finest PCGS Specimens (59%) and five are tied finest. This new purchase is Mr. Hansen’s first POP 1/0 mint state specimen in the 24 piece set. The coin was purchased in last Bob Simpson sale.
The Bob Simpson Three Cent Silvers Basic Set, Circulation Strikes (1851-1872) has been the finest PCGS registry set from 2015 to 2020. The set was not only good but super good. The set was broken in the past Simpson sales. So how good were the coins in the set? When the set was broken last fall, the rating was 68.671. As some of you know, few of the Simpson coins were reevaluated prior to sale. Several of the Simpson Three Cent Silvers received grade bumps. I analyzed the Simpson set as it appeared in auction. So at the end of the day, the set had 13 sole finest PCGS Specimens (54%) and five are tied finest. As you can see, the Simpson Mint State and Hansen Proof were very similar in quality. So what has happened to the 13 sole finest coins that were in the Simpson set?
Mr. Simpson held on the three of the sole finest. Over the five previous sales, three others were identified as going into other registry sets, one each in the Black Cat, Good Trime, and D.L. Hansen Collection. The other seven sole finest PCGS POP 1/0 specimens were sold and where they ended up is known. Were some were purchased by Simpson, did Legend buy some, investors, or other unknown buyers? They have not showed up in the registry or in the market place.
The final rating for this set would have been 69.17 if Mr. Simpson had kept the coins after the upgrades. With the one PCGS POP 1/0 coin that Mr. Hansen purchased, his set now shows finest all-time. It is a little sad for Mr. Simpson and the work that Legend done to put this great set together and now it will be lost in the historic perspective of the registry. It is what it is.
1872 Three Cents Silver MS68, CAC, Ex: Simpson
This is an amazing coin that is the best and finest specimen available. Expert Ron Guth comments: The 1872 Three Cent Silver was the last date made for circulation, and it has the lowest mintage of any date in the entire series. This makes it very popular with date collectors, but the demand for this date also makes it pricey. Expect to find semi-Prooflike, well-struck examples. This date has more survivors than some of the other dates, and enough Mint State examples survive to indicate that collectors put them aside as the last-year-of-issue souvenirs. The finest example is the PCGS MS67+ featured above (and now residing in the Simpson Collection). The last statement can be revised to state, the finest example is the PCGS MS68 (and now residing in the Hansen Collection).
The 1872 Three Cent Silver MS68 coin was purchased in Heritage’s February 2021 US Coins Signature Auction of Important Selections from The Bob R. Simpson Collection, Part IV. The coin was described as: Just 1,000 circulation-strike three cent silver pieces were produced in 1872, with a proof mintage approaching that number at 950 coins. While the proofs are frequently encountered, few of the circulation strikes survive, and none of them can equal this piece. NGC has never examined an MS67 or better example. This Superb Gem is amazing, featuring a bold strike with frosty devices and satiny fields, exhibiting noticeable contrast. Both sides are brilliant with delicate gold toning. This beauty will be a centerpiece in a high-grade collection.
The coin realized $57,600 with the PCGS Price Guide Value of $65,000. There have been no previous pedigrees confirmed. The Hansen new coin does have the CAC sticker. The coin broke the ice for being the first PCGS POP 1/0 coin that Mr. Hansen purchased in the series. There were ten POP 1/0 specimens offered in the series of Simpson sales. D.L. Hansen purchased only one which I find a little interesting. This may be a nice series to watch to see what going to happen in the future.
Provenance: Important Selections from The Bob R. Simpson Collection, Part IV / US Coins Signature (Heritage 2/2021), lot 3016, realized $57,600, D. L. Hansen Collection.
1872 Three Cent Silver, MS68
PCGS POP 1/0, CAC Approved
Certification #40276541, PCGS #3693
PCGS Price Guide $65,000 / Realized $57,600
Ex: Bob Simpson
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
That newly made 66+ sure isn't the best one out there. It looks a bit scuffy, toning probably subdues the luster, and some high point friction on knee/leg. There has only been one CAC 67 of this date, the ex-Evergreen NGC-67
coin that was stickered in Nov 2008 when CAC did their first formal show with stickering coins. I submitted 2 boxes of coins that day with the 1862 50c being one of them. I have no clue why PCGS will not cross this coin - it was tried 5X over 8 years under my tenure. During that time I was able to look at all PCGS/NGC MS67 CAC No Motto halves (4-PCGS and 2-NGC) and I felt the 1862 was in the top 2-3 of them. It surely was the freshest looking coin with the best "frost-on-frost" luster. A couple of those 67's were dipped out. Today CAC has raised the total number from 6 to 11 for No Motto MS67's. The additional 5 specimens include a 2nd 1860, a 2nd and 3rd 1864, and 2 1866-s NM. 7 dates are now represented (50, 59-0, 60, 62, 64, 65, 66-s). The 59-s doesn't currently have a CAC 67 but does have a CAC 68 (ex-Eliasberg).
The last time I noticed the Evergreen 1862 was in the Jim O'Neill collection where it set a record of $28,200 (April 2013). The Hansen PCGS66 (#2 coin) has the same "look" as this Evergreen coin. Would not be surprised if they came from the same source/hoard. Every grader of note I ever showed the Evergreen 1862 to felt it was solid 67....that included David Hall and Charlie Brown. But NGC biases run deep in the general market. JA liked the coin enough to sticker it at the very start of CAC's career. Eventually, the coin should end up as a PCGS MS 67 CAC and take the #1 spot it deserves. There's no doubt in my mind it's superior to any of the PCGS 66's and the other non-CAC NGC-67. O'Neill/Heritage auction link below.
https://coins.ha.com/itm/seated-half-dollars/1862-50c-ms67-ngc-cac/a/1184-4274.s?hdnJumpToLot=1&x=0&y=0
Great to see @roadrunner posting
Latin American Collection
A beautiful Half Dollar!
Civil War Era Half Dollar Update
This was written in the past weekend’s Legend Market Report: Its nice to have a lull to catch up and rest. The next explosion of the coin market will be the week of April 20-24th when its auction time. Judging by the eye balls, registrants and early bidding, we fully expect our Regency 44 sale to set many record prices-ditto for the Heritage sales. This temporary lull is a great time for collectors to step back, assess their goals, clean out their duplicates, and set their sights on adding to their collections. You have seen a lull the past couple weeks with my D.L. Hansen Updates. There has been a significant purchase made, but I am waiting on a press release before posting any updates on the purchase. Will we see any significant purchases from the Legend and Heritage sale this week? Only time will tell.
Today, I did see a nice little upgrade to the Hansen Civil War Collection. Legends wrote: Last, think about this, there are NO quality coins available currently. The word NO is a pretty definitive number. There are some people that may say this new Hansen coin purchased in the Great Collections Auction is not a “quality coin” because it does not have a CAC sticker. In my opinion, it is a nice upgrade in a high quality collection.
The D.L. Hansen Circulation Strikes Set is certainly amazing. The 110-piece set with gold may the finest ever assembled. The set grade range is XF45 to MS68+. There are two coins with grades below AU53, 1864 $2-1/2 POP 5/9 and 1864-S $10 POP 4/9. There are 66 coins GEM or better (60%) and 84 coins Choice or better (76.4%). The set has 55 coins that are certified finest by PCGS (50%) with 32 sole finest certified by PCGS (29%). The set has only fourteen coins that are not PCGS POP Top Five. The coin purchase in Sunday’s night auction replaced an 1863-S 50C MS64 PCGS Pop 18/13 coin.
https://www.pcgs.com/setregistry/complete-sets/complete-specialty-sets/civil-war-set-gold-circulation-strikes-1861-1865/alltimeset/150789
1863-S Seated Liberty Half Dollar, MS65
Expert Ron Guth commented: The 1863-S Half Dollar is relatively common in circulated grades, moderately scarce in Mint State, but very rare above MS64. This scenario is typical of most San Francisco Mint issues of the period because of their distance from the East Coast and the relatively few collectors who cared about mintmarks. The luster on 1863-S Half Dollars is usually brilliant to satiny. The strike quality is generally good, but sometimes the stars at the top of the obverse can be weak...the same is true of the denticles on both sides. One might expect these coins to be "baggy" from excessive transporting, but such is not the case.
Coin Facts Rarity and Survival Estimates for coin in MS65 or better is one. NGC reports two MS65 with one MS66 finer. PCGS shows two MS65. Therefore, it appears Coin Facts estimate is probably a little off. This Great Collections sale is the first time a MS65 PCGS has appeared in auction. Also, the NGC MS66 has never appeared in auction. The two MS65 NGC specimens have appeared in auction five times between 1998 and 2014. In the Heritage June 2014 Eugene H. Gardner Sale, the Ex: Benson III/Robert Blaugrund specimen set the Auction Record of $9,106.25. The Hansen MS65 PCGS specimen realized $17,499.38 with buyer’s fees. I don’t think Auction Records obtained in Great Collections Auctions are updated on the PCGS website.
There is not any additional pedigree known for the Hansen coin. The coin has a mostly untoned appearance and look to have a good strike. I cannot find any recent offerings in the marketplace for the coin. It does not appear to be the same coin from the Gardner sale. The Hansen and Gardner coins are the only two coins that I can find images and confirmed. This is certainly a nice upgrade to the D.L. Hansen Collection.
Provenance: Internet Sale, (Great Collections 4/2021), GC Item ID: 968842, realized $17,499.38 (Auction Record), D.L. Hansen Collection.
1863-S Seated Liberty Half Dollar, MS65
PCGS POP 2/0, Tied with one other as finest by PCGS
Certification #41235682, PCGS #6310
PCGS Price Guide Value: $18,500 / Realized $17,499.38
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
St. Gaudens Double Eagle Proof
Many of us can only dream of owning a St. Gaudens Double Eagle Proof. I know that I never will. They are gorgeous, and don’t cost anything to look at them. I would have a hard time grading these coins, because they all look near perfect. I even have a hard time finding identification marks. They are not cheap, but a complete set (1908-1915) only requires eight coins. PCGS describes the set as: Want to get famous? Put together a set of these amazing, gorgeous, incredible, remarkable, indescribable, sensational coins! The ultimate in coin design, issued in Matte and Roman Finish Proof. The highest mintage coin in the set is only 167 pieces (!) and at present only one set can be assembled in PR65 or better condition. Don't worry, though, as a PR64 set or a mixture of PR64 and PR65/better coins would also be nothing short of spectacular.
Dell Loy Hansen has made remarkable accomplishments in the first five years in building his collection. One accomplishment that is unfinished is completing this little eight coin set. The set is currently 62.5% completed (five out of eights coins). As we know, Mr. Hansen is not just filling holes, rather he is upgrading along the way. This is a case where we see an upgrade. He replaces a PR65 PCGS POP 8/8 coin valued at $100,000 with a condition census coin valued at $155,000. The registry has six Pre-PCGS Era Complete Collections of St. Gaudens Double Eagle Proofs: Smithsonian National Numismatic Collection (Top Set), Louis Eliasberg, Sam Bloomfield, Garrett, Waldo Newcomer and Ed Trompeter Collection. If Mr. Hansen can obtain the last three coins, The D.L. Hansen Collection will be able to join this who’s who group of great collectors.
1908 $20 “Motto, Matte” PR66
Expert David Akers comments: All proofs of 1908 have the motto on the reverse. They are the most common of the Saint-Gaudens proofs and I estimate that 30-35 specimens exist. With one exception, all 1908 proofs are of the matte or sandblast variety whose color may vary from light yellow green to dark olive. The one exception mentioned is the unique satin finish specimen (similar to the 1909 and 1910 proofs) from the Boston Museum of Fine Arts that appeared in Stack's 1976 ANA sale.
The mintage of this coin was 101 examples. PCGS reports survival estimates to be 73 specimens. About half of them (35), is estimated to be GEM. PCGS have graded 16 in GEM condition, with five PR66 and three better. The two finest PCGS specimens are graded PR67.
The new Hansen coin is a PCGS POP 5/3. The coin can be traced to two auctions. The first was Heritage’s February 2011 Long Beach Signature US Coin Auction. The coin was marketed as: Contact-Free 1908 With Motto Twenty, PR66, A Splendid Specimen of This First-Year Type. In this auction, the coin was in a NGC PR66 holder and described as: The 1908 With Motto proofs of the new Augustus Saint-Gaudens design--here as modified by Mint Engraver Charles Barber--are the first of the double eagle denomination that collectors of average means stand a chance of obtaining, as all of the earlier proof strikings are highly elusive and expensive. The heavy matte finish on these coins--of all denominations--was as unpopular in its day as it is popular with legions of collectors today. A total of 101 matte proofs were reportedly made of the 1908-dated twenty dollar issue, although a few pieces are also certified with a satin or Roman finish; clearly, this was a time of Mint experimentation with the various finishes known on several denominations, including both the new Saint-Gaudens and Bela Pratt designs. Coupled with the large, impressive twenty dollar denomination and in splendid technical and aesthetic condition, this Premium Gem first-year-of-type proof coin should prove to be a rare prize for some lucky bidder. The surfaces appear free of any contact, although there are a couple of rim irregularities on the upper left of the reverse, but these appear to be of Mint origin as the matte texture covers them. Consistent honey-gold color is seen over each side except for a suggestion of deeper brownish-gold at the lower obverse, below the date. The strong collector demand for proof gold in higher grades certainly shows no sign of abating. The coin was from The Mesquite Collection and realized $60,375.
The coin was crossed over to a PCGS holder and appeared in Heritage’s January 2020 FUN US Coins Signature Auction in Orlando. The coin’s description was slightly modified: This delightful Premium Gem proof is in splendid technical and aesthetic condition. The surfaces appear free of any contact, although there are a couple of rim irregularities on the upper left of the reverse. These appear to be of Mint origin as the matte texture covers them over. Consistent honey-gold color is seen over each side except for a suggestion of deeper brownish-gold at the lower obverse, below the date. The design elements are sharply detailed and eye appeal is outstanding. Collector demand for proof gold in higher grades is currently strong and certainly shows no sign of abating. The coin was from The HFW² Collection and realized $96,000.
Recently, the coin made a couple appearances for sale on websites. I found an offer from Park Avenue Numismatics with ask of $139,860. Also, LCR Coin located in Dripping Springs, TX listed the coin with a similar asking price. It appears the coin at some point hit the wholesale market where it was picked up David Lawrence Rare Coins. The coin was sold to Mr. Hansen in a private transaction for an undisclosed amount. The coin makes a nice addition to the collection.
Provenance: The Mesquite Collection / Long Beach Signature US Coin Auction (Heritage 2/2011 as PR66 NGC), lot 4753, realized $60,375; The HFW² Collection / FUN US Coins Signature Auction (Heritage 1/2020 as PR66 PCGS), lot 4569, realized $96,000; Purchased in private transaction (David Lawrence Rare Coins 4/2021), D.L. Hansen Collection.
1908 $20 “Motto, Matte” PR66
PCGS POP 5/3
Certification #28482537, PCGS #9205
PCGS Coin Guide Value: $155,000 / Asked $139,860
Ex: The HFW² Collection
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Nice to see all the great provenances getting incorporated into the Hansen Collection
So the purchase and the sale by DLRC are two separate events and not DLRC representing Hansen in the acquisition? I'm curious if DLRC searches on behalf of DH for open DH collection slots or just opportunistically buys coins independently that happen to be of interest to DH?
"Got a flaming heart, can't get my fill"
The Gerald Forsythe Collection of PCGS Indian Head Proof Eagles, Part 1
The collection starts with the 1908 Indian Head, With Motto $10 eagle graded Proof 67+ by PCGS that is tied with one other as the finest-certified at PCGS. Forsythe’s 1913 eagle is graded Proof 67 and is tied with two others for top honors at the service. Coin World 4/2021
This announcement published Mar 31, 2021 in Coin World magazine: Legend Rare Coin Auctions will present the Gerald R. Forsythe Collection of Proof Indian Head gold $10 eagles at its Regency Auction 44, as part of the Professional Coin Grading Service Member’s Only Show in Las Vegas on April 21. Legend writes, “This Hall of Fame set is the ALL TIME #1 Professional Coin Grading Service Registry Set, with a weighted GPA of 66.2. Every one of the eight coins in this amazing set is Certified Acceptance Corp. approved and ultra-high end in terms of visual and technical quality.” The eight coins in the Forsythe Indian Head $10 eagle set are each graded by PCGS and carry green CAC stickers acknowledging quality within the grade. Legend calls the offering, “A highlight of the entire numismatic year in 2021,” advising bidders, “While lesser grade Proofs might appear at auction from time to time, a complete set, well matched in terms of quality and eye appeal, with CAC approval is an opportunity that cannot be missed!”
This set does not have a long term standing in the registry as do some of the other Forsythe sets assembled by Legends. The registry set was created the morning of 6/29/2020 just in time to receive the 2020 "Best of the Registry" icon. The Far East Eagle Registry set held the honor from 2012-2018. The finest current set of Indian Head Proof Eagles may not be listed in the registry, an outstanding set in the Tryant Collection. The Trayant coins are a mixture of PCGS and NGC coins, therefore not easy to make a comparison.
The eight coins from the Forsythe Proof set had a rating of 66.824 GPA with Top Bonuses. The set had one PCGS certified sole finest, 1910 PR67+, and two others tied for finest graded by PCGS. All but one coin was PCGS condition top five. The exception was the 1912 PR66 PCGS POP 6/5. The set grade range was PR65 (1914) to pair of PR67+, including the 1910 POP 1/0 sole finest by PCGS.
The eight coins realized $1,609,750 in the Legend Regency Auction 44. That is approx. $201,218 realized per coin. All eight coins realized six figures with the 1910 POP 1/0 realizing $376,000. The D.L. Hansen purchased 50% of the collection (4 out of 8). The four coins purchased by Mr. Hansen realized $687.375. The Hansen Collection now has seven of the eight coins needed with 1910 date missing.
1914 Indian Head Proof Eagle, PR65, CAC, Ex: Gerald Forsythe Collection
The mintage given for the 1914 Indian Head Proof Eagle is 50 examples. Coin Facts survival estimates 30 specimens, with 16 GEM 65 or Better. The PCGS PR65 population is ten, with one PR65+ and the sole finest PR66+. The Hansen/Forsythe PR65 Specimen has a POP of 8/2. The NGC population of GEM coins is 28! There are nine PR65, nine PR66, nine PR67, and a sole PR68. I would expect some of these are resubmits. The Tyrant Specimen is one of the NGC PR67 specimens.
The Legend Auctioneer described the coin as: We searched all over the world for coins for the Far East Eagle set (Forsythe's predecessor). A 1914 is extremely rare in GEM. This coin is a wonder example. Most important, this coin is totally original. It has moderate sandblast surfaces. When using a strong loupe, you can see a few very minor imperfections. There is a small light stain in the headdress. Both sides are a more moderate deep gold color. Of course Miss Liberty and every detail stand out with razor sharp strikes. The eye appeal is all there for this GEM! There are just two coins finer, neither of which has ever sold in auction. The last PCGS CAC piece to sell in auction brought $84,000 in April 2018. For sure this is a rare opportunity.
This is one of the four coins from the Gerald Forsythe Collection of PCGS Indian Head Proof Eagles purchased by the Hansen team. The coin was not an easy purchase. Legend estimated the coin would realize $75,000 to $85,000. PCGS Price Guide values the coin as $80,000 which may have been the foundation of the Legend estimate. When the dust settled, the coin realized $129,250 resulting in a nice premium.
We discussed a few weeks ago that Mr. Hansen purchased #1 Forsythe Liberty Head Nickels (circulating strikes). In this recent purchase, Mr. Hansen purchased 50% of the Forsythe Indian Head Proof Eagles. The recent sales have provided the opportunity for Mr. Hansen to improve many of his sets and to add some important pieces to some other proof sets.
Provenance: Henry Miller; Far East Eagle Registry Set; Gerald R. Forsythe / Regency 44 Auction (Legend 4/2021), lot 373, realized $129,250, D.L. Hansen Collection.
1914 Indian Head Proof Eagle, PR65
PCGS POP 8/2, CAC Approved
Certification #37917401, PCGS #8896
PCGS Price Guide $80,000 / Realized $129,250
Ex: Gerald Forsythe Collection
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
The Gerald Forsythe Collection of PCGS Indian Head Proof Eagles – Part II
Only eight coins comprise the $10 Indian set in proof, but they’re eight coins filled with challenge and rarity. PCGS Registry.
This set is unique in an odd sort of way. I think the Indian Head Proof Eagles are popular and highly desirable, although I would say 90% or more of collectors could only dream of owning one, must less the set of eight. Still, I think there is a substantial group that could assemble a set, including a handful of our forum members. With that said, there just not the many publicly known current collections and maybe that is the key. The only collector with a published set that owns all eight is the Tyrant. Current Dell Loy Hansen owes seven of the eight. Gerald Forsythe was one of the few, but his set and fame was broken up this past week. Are there others? Was Bob Simson ever in this game? I think he still is. If I recall correctly, Laura Sperber once said that Mr. Simpson Proofs was complete from some date in 1880s to 1915. They were not all PCGS certified which creates the registry problem. I don’t recall seeing any Indian Head Proof Eagles offered in the first five sales, so it appeared he is holding on to the rare set.
PCGS describes the set as: Only eight coins comprise the $10 Indian set in proof, but they’re eight coins filled with challenge and rarity. From the lowest mintage coin (71 for 1913) to the highest mintage coin (204 for 1910) the facts remain the same: these coins are RARE. The $10 Indians proofs are matte or Roman finish, depending on the date, as is true of the other gold coins of this era. Even the most “common” date (the 1908) has seen less than 20 pieces certified in Proof 65 or better. The mintage figures for the 1910 have been brought into question, as its relatively high mintage of 204 isn’t indicative of its rarity. PCGS has graded only 20 pieces in nearly 15 years! If I am doing my math correctly, PCGS wrote this about twenty years ago. In today population report, PCGS have graded 216 for all dates (avg. 27 per date). I am comfortable in stating that many of the 216 are resubmittals.
The PCGS All-Time Leaderboard for the Indian Head Proof Eagles lists ten complete collections with the D.L. Hansen Collection as eleventh due to one coin is missing. The Hansen set is the only current set listed in the registry. Of the ten all-time sets, only three are listed to be assembled during the PCGS Era, Gerald Forsythe, Far East Eagle, and Ed Trompeter. If completed, the Hansen Collection could become number four. When adding the last coin (1910), the Hansen set could jump into #2 spot on the all-time finest list only trailing the recent retired Gerald Forsythe set.
1909 Indian Head Proof Eagle, PR66, CAC Approved, Ex: Gerald Forsythe Collection
The mintage given for the 1909 Indian Head Proof Eagle is 74 examples. Coin Facts survival estimates 57 specimens, with 28 GEM 65 or Better. The PCGS PR65 population is nine, with three graded PR66 and one graded PR66+. The sole finest is the monster MS68 specimen. The coin is PCGS graded sole finest for Indian Head Proof Eagle in all dates. The coin is the most desirable type coin. The Hansen/Forsythe PR65 Condition Census PCGS Top Five Specimen has a POP of 3/2. The NGC population of GEM coins is 27! There are twelve PR65, eight PR66, six PR67, and a sole finest PR68. I would expect some of these are resubmits. The Tyrant Specimen is one of the NGC PR67 specimens.
The Legend Auctioneer described the coin as: Another absolute stunning Proof Indian. We have no idea why PCGS only graded this coin PR66. It sure looks much better to us (NO promises)! Impeccable surfaces are clean and sleek. The satin finish just oozes all over. There is a strong glowing luster. A deeper yellow gold color is even all over. There are NO spots, flecks, or discolorations. Every detail is pinpoint sharp in strike. The eye appeal is dazzling! ONLY 78 were minted. There are just two graded finer. There are no auction records for any PR66 ever being sold. The current Collectors Universe Value is $105,000. This coin represents a once in many years opportunity. Legends makes no promises on the coin being upgradable, but does indicate that could be the case. The coin was estimated to bring $100,000 to 110,000, but realized almost doubled that estimated. Does anyone have opinions on the PR66 grade?
This is the second of the four Gerald Forsythe Indian Head Proof Eagles purchased by the Hansen team. As mentioned, the coin realized also twice what was estimated. PCGS Price Guide values the coin as $105,000 which as I have stated before, may have been the foundation for the Legend estimate. The coin realized $199,750; with only three of the Gerald Forsythe Indian Head Proof Eagles bring more: 1910 PR67+ CAC ($376,000), 1908 Mott, Matte, 67+ CAC ($235,000) and the Hansen purchase of the 1913 PR67 CAC ($217,375).
We will continue the discussion in future postings. In the first two coins, we saw the Mr. Hansen having to pay a 62% and 90% premium above the PCGS Value guide prices. As we have seen the past year and half, the Hansen team will not pay above what they consider a “fair price”. You be the judge why he remained in the bidding for these coins. Is the Proofs Gold just underpriced by that much? Is the two coins under graded per PCGS current standards? Three of the four coins are filling slots with missing coins? Did one or more of these factors play a part in winning bids? However you dice it, the coins are great additions to this great collection. Congratulations to Mr. Hansen.
Provenance: Gerald R. Forsythe / Regency 44 Auction (Legend 4/2021), lot 368, realized $199,750, D.L. Hansen Collection.
1909 Indian Head Proof Eagle, PR66
PCGS POP 3/2, CAC Approved
Certification #37917396, PCGS #8891
PCGS Price Guide $105,000 / Realized $199,750
Ex: Gerald Forsythe Collection
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Perhaps you should have included as a side note that the PCGS Registry set includes only those minted from 1908. 1907 Rolled edge proofs exist and have been certified by PCGS and if they were included in the registry set composition, then there would be practically no 100% completions of the set........except possibly for Simpson who does own a 2007 Rolled Edge $10 Eagle.
OINK
One of the really neat things about the Gerald Forsythe collections is the Rarities holders. I wonder if Dell Loy will be going in this direction?
It is a bit unfortunate that the CAC sticker is placed over Lady Liberty's face on the insert when there's so much unused space.
The Gerald Forsythe Collection of PCGS Indian Head Proof Eagles – Part III
WOW, WOW, WOW! To find a 1915 so fresh and original is very, very rare. Legend 4/2021
The purchase of the four coins placed the D.L. Hansen collection three steps closer in completing a set of 20th century proof gold. To do so, is not easily done. Being the Eagle set is only eight coins, it is easy to determine values from the PCGS Guide Price. The problem is that I don’t think the guide price is correct. According to price realized, the Gerald Forsythe Collection of PCGS Indian Head Proof Eagles should be valued at $1,609,750. According to PCGS Guide Price, the set valued is $1,185,000. This would indicate the eight-piece CAC Approved set realized a 36% premium. So, you can see just the Basic Indian Head Proof Eagles can be an expensive start to the 20th Century Proof Gold Collection.
The Hansen Collection remains without a 1910 example. It is not that Mr. Hansen did not want the Gerald Forsythe 1910 PR67+ specimen. The bidding was strong and the only way to be stated, Mr. Hansen was outbid. I do not know who won the coin, but I guessing the Tryant may have been a player as well. His 1910 specimen is a PCGS PR65, so he could very well be content with what he has, but would not be surprise to see this coin as an upgrade to his Eagle Collection. PCGS Guide Price valued the 1910 at $200,000. The coin realized $376,000, the most pricy coin in the Legend Regency Auction 44. This price realized was a whopping 88% premium. The coin was very important to someone besides Mr. Hansen.
As can be seen in the screenshot image, three coins were new additions: 1909, 1913, and 1914. The 1915 was an upgrade to a previous 1915 PR65, Cert #40002873. Five of the Hansen coins are solid PCGS Top Five Condition Census, with the 1913 PR67 tied with two other coins as finest by PCGS. The coin that I will feature today is the 1915 upgrade.
1915 Indian Head Proof Eagle, PR66, CAC, Ex: Gerald Forsythe Collection
The mintage given for the 1915 Indian Head Proof Eagle is 75 examples. Coin Facts survival estimates 41 specimens, with 16 GEM 65 or Better. The PCGS PR65 population is six, none PR65+, five at PR66 and the sole finest PR66+. The Hansen/Forsythe PR66 Specimen has a POP of 5/1. The POP 1/0 is the PR66+ specimen from The Spectacular 1915 Proof Set that sold in the Heritage January 2021 FUN US Coins Signature Auction. The coin realized $132,000. Mr. Hansen paid $141,000 for the Gerald Forsythe specimen. The POP 1/0 is not CAC Approved. Do you think Mr. Hansen was wise to pass up on the POP 1/0 for less cost? The NGC population of GEM coins is 19. There are seven PR65, nine PR66, and three PR67. As stated before, I would expect some of these are resubmittals. The Tyrant 1915 Specimen is one of the NGC PR67 specimens.
The Legend Auctioneer described the coin as: WOW, WOW, WOW! To find a 1915 so fresh and original is very, very rare. This coin is tied for second FINEST known. We consider this coin to be VERY HIGH END! Remarkable original sandblast Matte surfaces are a delight to behold all over. Only when using a strong glass can you see a few faint small shiny areas. Nothing is visible to the naked eye. The color is a moderate deep gold. Miss Liberty and the entire strike are just incredible. Even the stars on the rim stand out! The eye appeal of this SUPERB GEM is fantastic! Only 75 were minted. PCGS has graded only a PR66+ higher. No PCGS CAC piece has ever been sold via auction. In fact, the last piece to sell that way was a non CAC which brought $99,875.00 12/2014! 7 LONG years ago. What is this worth today? We shall find out. Be prepared to pay much more then $99,000.00! This maybe your only chance to obtain a PCGS CAC PR66.
The purchase of the Gerald Forsythe 1915 Indian Head Proof Eagle is a new Auction Record, even though a PCGS POP 1/0 specimen just sold a couple months before. Legend estimated the coin would realize $100,000 to $120,000. PCGS Price Guide values the coin as $115,000 which may have been the foundation of the Legend estimate. As stated, the coin realized $141,000 resulting in a nice premium.
We will conclude the discussion on the new purchases from Gerald R. Forsythe Collection in the next posting. It appears Mr. Hansen, John Brush, and his team is always looking ahead in making decisions on purchases. Does he have his eyes on an upcoming 1910 opportunity, or will he just have to patiently wait for another high end example to hit the market. It should be fun to watch and see.
Provenance: Gerald R. Forsythe / Regency 44 Auction (Legend 4/2021), lot 374, realized $141,000, D.L. Hansen Collection.
1915 Indian Head Proof Eagle, PR66
PCGS POP 5/1, CAC Approved
Certification #37917402, PCGS #8897
PCGS Price Guide $110,000 / Realized $141,000
Ex: Gerald Forsythe Collection
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
The Gerald Forsythe Collection of PCGS Indian Head Proof Eagles – Part IV
Today we are wrapping up the Indian Head Proof Eagles purchased in the Gerald Forsythe sale hosted by Legend Rare Coin Auctions. This has been a fun little eight-piece set. We should come back at least one more time when the last coin (1910) is added. I thought I would wrap up today with a discussion that you have not seen before. PCGS has a little boutique set that we have not discussed before. The set requires 32 pieces, 20th Century Gold Series (1908-1915) Proof set. PCGS describes the set as: The 20th Century Gold Series Set of proofs consists of the 8 issues made in proof for the $2-1/2 Indian, $5 Indian, $10 Indian, and $20 St. Gaudens series. These proofs were issued from 1908 to 1915. They have long been collected as "Matte Proof Gold" sets, but this is somewhat of a misnomer in that while the 1908 and 1911 to 1915 issues were Matte proofs, the 1909 and 1910 issues are actually Roman Finish proofs. Each of the four 8 coin series is a challenge and the combined complete set is a difficult set to assemble. Some of the issues have original mintages as low as only 50 coins struck. The key dates in each series are the 1914 and 1915, along with the 1909 and 1910 Roman Finish proofs. But all of these 32 coins are truly rare.
Mr. Hansen is the only active player in this set registry. Are there currently others not in the registry? I am not sure. Bob Simpson was once a player, but I don’t think he is anymore. He still have his eagles, but not sure he still have the other series. The registry lists three non-PCGS era collectors, Louis Eliasberg, Waldo Newcomer and the Garrett Collection. Ed Trompeter is listed as the only PCGS Era collector. Have there been more, I would think so. Are there any today, maybe.
The D.L. Hansen Collection is completed for $2-1/2 Indian Proofs. In fact he has two completed registry sets that rank #2 and #4 on the PCGS All-Time Finest Leaderboard. In the $5 Indian Proof set, he is missing the 1911. Ruth Guth describes the coin as: The Matte Proof 1911 $5 is a very rare and desirable coin with a most unusual finish. With the right addition, the Hansen Collection set can obtain the #1 All-Time Spot. I have detailed the $10 Indian Proof Set in the last few days. As a remainder, the only coin missing is the 1910. The St. Gaudens $20 Set requires the most work. Three coins are still needed, 1910, 1911, and 1913.
The Hansen Collection has 27 of the required 32 coins to complete the 20th Century Gold Series set. He added three with the recent purchase from the Gerald Forsythe sale. We will need to watch and see if any other opportunities are out there.
1913 Indian Head Proof Eagle, PR67, CAC, Ex: Gerald Forsythe Collection
The mintage given for the 1913 Indian Head Proof Eagle is 71 examples. Coin Facts survival estimates 46 specimens, with 17 GEM 65 or Better. The PCGS PR65 population is four. In addition, there are four in PR66, three in PR67 and none finer. The Hansen/Forsythe PR67 Specimen has a POP of 3/0. The NGC population of GEM coins is 20! There are seven PR65, six PR66, five PR67, and two graded PR68. I would expect some of these are resubmits. The Tyrant Specimen is a NGC PR66 specimen which only inferior grade comparing the four Hansen/Forsythe Specimens.
The Legend Auctioneer described the coin as: Even those that are not brilliant Proofs, sometimes they can still be outstanding. This coin is beyond that, and is tied with just two other coins for FINEST KNOWN! We also say this coin is VERY HIGH END! Marvelous sandblast finish surfaces are uninterrupted. The surfaces beneath are perfect. As typical for the date (from the alloy mix) both sides enjoy an original deeper olive gold color. There are NO flecks or discolorations anywhere. Miss Liberty and every detail are needle sharp in strike and boldly stand out. The eye appeal is attention grabbing! There is no auction record for any PCGS PR67 ever selling. Somehow the current Collectors Universe Value is $195,000. The rarity of ANY Matte Proof $10 in such a lofty grade like this is UNDER-rated. These simply to NOT exist with a CAC bean. If you seek a Type coin, a great piece for a $10 set, or if you just buy super rare coins, then this is your piece! Good luck! The auctioneer noted there are only two CAC Approved specimens and this coin could very well be both.
Legend estimated the coin would realize $175,000 to $200,000. PCGS Price Guide values the coin as $195,000. The coin realized $217,375 which was the third highest price for a Forsythe Eagle realized.
The Hansen participation in last week’s Legend Regency Auction 44 appeared to have concentrated on coins from only two collections. First, the Gerald R. Forsythe Eagles and the other was the Boylston Collection of Half Dollars. There were two or three fun purchases from that sale that we can look into in the next few days.
Provenance: Gerald R. Forsythe / Regency 44 Auction (Legend 4/2021), lot 372, realized $217,375, D.L. Hansen Collection.
1913 Indian Head Proof Eagle, PR667
PCGS POP 3/0, CAC Approved
Certification #37917400, PCGS #8895
PCGS Price Guide $195,000 / Realized $217,375
Ex: Gerald Forsythe Collection
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Beyond my budget, but as a matter of curiosity, when I see photos and descriptions such as this I wonder: what holds the grade back? I assume there are minute imperfections that the TV doesn't capture and are too trivial to mention in an auction catalogue - but wow, sure looks perfect in the photograph. Are these held to a higher standard perhaps?
The Boylston Collection of Seated Half Dollars, Part I
The group carries a CU Value of over $1,000,000 - Legend Rare Coin Auctions 3/23/2021
In mid-March, Legend Rare Coin Auctions announced a collection that was to be consigned for sale: This past weekend we were consigned the Boylston Collection of Seated Half Dollars. This collection includes both Proof and Business Strike 50C pieces that were collected over multiple decades. The group we were consigned consists of over 150 coins, about 50 of which are Proof. Nearly all the proof coins are CAMEO, and the collection includes such rarities as 1862 NGC PR66CAM, and an 1873 NGC PR66CAM ARROWS. Of the mint states, highlights include an impressive 1842-O 50C PCGS MS64+ Med Date. Rev 1842 CAC, an 1857-S 50C PCGS MS66, 1870-S 50C PCGS MS65, and 1875-CC 50C PCGS MS66+. There are so many more highlights that could be named, we are incredibly excited to see the collection auctioned off in April. Overall, the group carries a CU Value of over $1,000,000. This collection is incredibly fresh, and should bring intense bidding.
As you may be aware, The D.L. Hansen Collection currently has the PCGS Registry All-Time Finest set. The collection made this achievement in September 2017 when passing Louis Eliasberg on the All-Time Leaderboard. The Boylston Collection had a few coins that could improve the Hansen set. Legend wrote on the sale result: This week saw the close of our Regency Auction 44, and what an auction it was. The 408 lots that comprised the sale sold exceedingly well, easily eclipsing an average price realized of $10,000, and setting at least twenty auction record prices. These results were anchored by the incredibly strong performance of the half dollars in the auction, including the Boylston Collection of Seated Liberty Halves, which realized six auction record prices on its own. Highlights from that set include Lot 33, the 50C 1857-S PCGS MS66 CAC, which realized a record $91,062.50, which was also more than 20% above our estimate of $55,000, and Lot 54, the 50C 1870-S PCGS MS65 CAC, which realized $67,562.50, again well above our estimate of $45,000…. All told, the half dollars in the auction set nearly a dozen auction record prices just within that denomination. The D.L. Hansen Collection was successful in adding both of the coins mentioned in Legend post auction sale.
In reviewing the updates the past couple weeks, the Hansen Collection purchased approx. fifteen Boylston coins. Just keep in mind, only seven was purchased to improve the top set. They are shown below. You may note there are eight coins in the screenshot. The 1863-S Seated Liberty Half Dollar, MS65 specimen was purchased in a Great Collections Auction on 4/2021. I reported on this coin a couple weeks ago.
The top seller as reported by Legends is PCGS POP 1/0 sole finest certified by PCGS. The other top seller is PCGS POP 2/0. There was one PCGS Pop 1/0 specimen purchased by Mr. Hansen that was not mentioned in the Legend report, the 1870-S specimen. I will feature this coin today.
1870 Seated Liberty Half Dollar, MS67, Ex: Boylston Collection
Expert Ron Guth describes this date as: At 633,900 coins, the 1870 Half Dollar has just a slightly lower mintage than the 1869-S of the previous year. However, because it was from an Eastern Mint, the 1870 Half Dollar is much more common in most grades. In Mint State, the 1870 is slightly more common than the 1869-S but usually sells for much less, making it seem like an excellent value. The initial quality of the 1870 Half Dollars was good. The luster is usually frosty, bagmarks are minimal, and the strike is strong, if not full. All in all, this is a great representative of the With Motto type.
With a mintage of 633,900, Coin Facts survival estimates 700 specimens, with 6 GEM 65 or Better. The PCGS MS65 population is five, with one MS65+. The grade then jumps to MS67 before the sole finest is seen. The Hansen/ Boylston MS67 Specimen has a POP of 1/0 and according to Legends next highest grade at either PCGS or NGC is two points lower! The coin has appeared in auction at least three times in the past decade.
The first appearance was Heritage January 2014 FUN US Coin Signature Auction in Orlando. At the sale, the coin was described as “Tied With One Other for Finest Known”. I wonder what happen to that coin. The new Hansen coin was described as: A Superb Gem example of this early With Motto issue. The surfaces exude bright, frosted mint luster. The obverse is attractively toned with even golden color covering most of that side. The reverse, however, is largely brilliant and displays the original mint luster to its best effect. The devices are fully struck throughout. The only blemishes on either side are a small cluster of four tiny milling marks in the lower right obverse field. PCGS and NGC have each assigned the MS67 grade to one example, with none finer (11/13). Housed in an old green label holder. I think the coin remains in the OGH. The coin was consigned from The Usibelli Collection and realized $28,750.
Just a few months later, the coin appeared once again in Heritage October 2014 Eugene H. Gardner Collection II US Coins Signature Auction in New York. In this appearance, the coin is described with the same summary as the previous sale, but with an additional clarification on the POP: The sole finest by two grade points at PCGS. NGC reports one MS67 as well, also finest by two points. The population reports provide stark evidence of how rare this unheralded issue is in Superb Gem. The two coins listed (and they are not the same coin) are head and shoulders above their nearest rivals for "finest known." This coin is housed in an old green label holder and gets extra "wow" points for its smoothly frosted surfaces and bold eye appeal. The current NGC Population stills lists a MS67 which make me wonder about the Legend statement: The next highest grade at either PCGS or NGC is two points lower! In my research, I believe this other coin may be from the Greenhill Collection that sold as MS66 NGC in a 2006 Goldberg Auction and may be in a NGC MS67 holder today.
In the Boylston sale held 4/21/2021, Legend Rare Coins Auction describes the coin as: The SINGLE FINEST KNOWN at PCGS! Housed in an OGH, this superb gem exudes originality. Even, peach and golden toning caresses the obverse, while the reverse is mostly white with just a dusting of gold. The color does nothing to diminish the MAGNIFICENT mint bloom and luster noted throughout. Razor sharp motifs are enhanced by thick swaths of mint frost. With strong magnification one mark is noted in the field near star 13. The next highest grade at either PCGS or NGC is two points lower! The extreme rarity of this date in GEM status is clearly evidenced in the population reports. Just 10 examples graded MS-65 or finer and who knows how many of those represent resubmissions? PCGS Price Guide is $26,000. The last time this coin sold at auction was as part of the Eugene H. Gardner Collection Part II in October 2014 where it fetched $19,975. That was a much weaker market. We expect this coin to soar in price when it crosses the block. If you’re building a PCGS Registry Collection, this is your one and only shot to add this fabulous piece to your collection. Worthy of a top shelf collection!
It is no doubt that I agree this coin is worthy of top self. The coin over achieved an auction estimate of $17,000.00 - $20,000. PCGS Price Guide values the coin at $27,000 and the coin is from The Eugene H. Gardner Collection. The coin is in an OGH, but is not CAC Approved. In the Legend Auction of the sale of the Boylston Collection of Seated Half Dollars, the coin realized $29,375, Auction Record. This is a without doubt a great addition to this top shelf collection!
Provenance: The Usibelli Collection / FUN US Coin Signature Auction (Heritage 1/2014), lot 5252, realized $25.850; The Eugene H. Gardner Collection II US Coins Signature Auction (Heritage 10/2014) lot 98508, realized $19.975; The Boylston Collection (Legend 4/2021) lot 53, realized $29,375(Auction Record), D.L. Hansen Collection.
1870 Seated Liberty Half Dollar, MS67
PCGS POP 1/0, Finest Certified by 1.5 points at PCGS
Certification #08337229, PCGS #6327
PCGS Price Guide $26,000 / Realized $29,375
Ex: Boylston Collection / The Eugene H. Gardner
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
The Boylston Collection of Seated Half Dollars, Part II
More than half of the 19th century is represented in these historic coins and you’ll find that most of them are tough to find in any condition. PCGS Registry
There is not many collectors will to take on completing this set. In more than twenty years of the PCGS registry, one set has been completed and that one belongs to Dell Loy Hansen. There are 30 current sets in the works with ten sets more than 85%. There appear to be a point that many collectors cannot go further. The biggest show stopper of all is the 1853-O No Arrows. PCGS describes this set as: Start with the beautiful No Drapery half dollar of 1839 and finish with a run of popular low-mintage dates. In between you’ll encounter such major rarities as the 1853-O No Arrows, 1870-CC and 1878-S. This series began nearly a quarter of a century before the Civil War and didn’t end until 26 years after the surrender at Appomattox. Yes, more than half of the 19th century is represented in these historic coins and you’ll find that most of them are tough to find in any condition.
In addition, the Hansen set is not only complete, but is very high quality as well. The set has a GPA 64.03 with 64.89 with bonuses. It has the finest known 1853-O No Arrows specimen. The VF35 PCGS specimen is the finest of only four known examples. . The coin is valued by PCGS Price Guide at $550,000. The specimen is traced to John W Haseltine 1881; L Colvin Randell Collection; J W Garrett; John Hopkins gift; Queller family Oct. 2002; Jim Grey sale 2004; George "Buddy" Byers Collection 2006; Sale to D L Hansen August 2017. It last appeared in a Stacks Bowers Auction in 2017 and realized $517,000.
The 1853-O No Arrows may the most valuable specimen in the Liberty Seated Half Dollars Basic Circulation Strikes (1839-1891) Set, but it is not the only six figure coin. After a quick assessment, I believe are four or five others. The second most valuable coin in this set is the 1870-CC MS64 PCGS Pop 1/0 sole finest specimen. The majority coins are the finest certified by PCGS. After the purchase of six top coins from Boylston Collection, the current Hansen set have 67 PCGS finest certified (59.3%), with 35 sole finest PCGS Pop 1/0 (31%). The coin that I will feature today is the 1870-S POP 2/0 specimen.
1870-S Seated Liberty Half Dollar, MS65, CAC, Ex: Boylston Collection
Expert Ron Guth describes this date as: In 1870, employees at the San Francisco Mint produced over one million Half Dollars. This was larger than the Half Dollar production at the Philadelphia and Carson City Mints combined. Nonetheless, because of the great distance between the San Francisco Mint and collectors back East, very few 1870-S Half Dollars ended up in collections. This is best illustrated by comparing the 1870-S with the 1871, which has a slightly larger mintage than the 1870-S. However, far more Uncirculated examples of the 1871 have survived compared with the 1870-S. This large discrepancy can be attributed to the presence of far more collectors surrounding the Philadelphia Mint. Less than two dozen Mint State 1870-S Half Dollars exist. Most grade MS62. Gems are extremely rare and none are known above MS65.
With a mintage of over one million 1870-S half dollars, Coin Facts survival report estimates minuscule 400 specimens, with 3 GEM 65. The PCGS MS65 population is two, with none better. The Hansen/ Boylston MS65 Specimen have a POP of 2/0. The current NGC Population report has three certified as MS65 with none higher. I personally do not believe there are five GEM specimens. There have been ten MS65 specimens auctioned in last 25 years, starting with the Eliasberg Specimen in 1997 and appearing four times. Legend recent comment on this coin: Pedigreed to the illustrious Louis Eliasberg, Sr. Collection as well as the Richard Genaitis Collection October 2001, Eugene H Gardner Collection, October 2014.
The first appearance was Bowers & Merena April 1997 Louis E. Eliasberg, Sr. II Auction. At the sale, the coin was described as “Prooflike”. The coin made the next appearance in the Richard Genaitis Sale in Heritage October 2001 Long Beach Signature Auction. It was described as: Despite a mintage of just over a million pieces, the specie-hungry West put the vast majority of 1870-S Half Dollars to heavy commercial use. As a result, even AUs and average Mint State pieces can be a real challenge to locate despite their modest valuations in price guides. This offering of a sparkling Gem example undoubtedly represents one of the finest pieces extant. Both obverse and reverse display vibrant, semi-reflective luster that is partially tamed by soft golden accents. The coin was offered in an Old Green Holder realizing $6,038.
The coin appeared once again in Heritage October 2014 Eugene H. Gardner Collection II US Coins Signature Auction in New York. In this appearance, the coin was described as: Housed in a green-label PCGS holder, this offering of a sparkling Gem example undoubtedly represents one of the finest pieces extant. Both obverse and reverse display vibrant, semireflective luster that is partially tamed by soft golden accents. The term semi-reflective luster was once again used by Heritage in their description. They do not go as far as using the prooflike term. It makes you wonder how this coin would be reassessed if it was sent in again. In this sale, the coin makes a huge jump in value. It realized $55,812.50 compared to the $6,038 in the previous Genaitis Sale. The coin had the CAC Approved sticker in the Gardner sale.
In the Boylston sale held 4/21/2021, Legend Rare Coins Auction describes the coin as: MARVELOUS QUALITY and among the finest known for the date! A prize for the specialist. A presentation coin appearance with the mirroring in the fields. EXPLOSIVE cartwheel luster and mint bloom bounce off of nearly immaculate surfaces. Just the faintest whisper of champagne gold toning lends to the originality and aesthetic appeal of the coin. This example must have been one of the first off the dies as it also has a superb strike and is free of the weak striking characteristics generally associated with the date. One very small mark is seen with magnification above the eagle’s right wing. There is a crazy, pick up sticks array of raised die lines scattered across Liberty’s profile which one would assume were lathe marks, but they do not follow any type of arc like pattern. Truly an intriguing anomaly that deserves further study and will appeal to the student of numismatics. The coin last traded at auction in October 2014 for $55,813. As we know, the coin market is currently in a bull run and top notch GEM coins in any series are exceedingly difficult to come by. Don’t let this important moment pass you by. This coin represents an amazing opportunity to obtain one of the finest extant examples with an incredible pedigree. Destined for a WORLD CLASS CABINET. Congratulations in advance to the winning bidder.
The coin realized $67,562.50. As mention in the Legend post press release, the coin did realize a nice premium. I will discuss the last coin in this series in the next posting.
Provenance: Louis E. Eliasberg, Sr. (Bowers & Merena 4/1997) lot 2013, realized $15,400; Richard Genaitis (Heritage 10/2001) lot 6991, realized $6,038; The Eugene H. Gardner Collection II / US Coins Signature Auction (Heritage 10/2014) lot 98510, realized $55,812.50; The Boylston Collection (Legend 4/2021) lot 54, realized 67,562.50 (Tied Auction Record set in 2014 for the Usibelli Specimen), D.L. Hansen Collection.
1870-S Seated Liberty Half Dollar, MS65
PCGS POP 2/0, CAC Approved
Certification #02626919, PCGS #6329
PCGS Price Guide $55,000 / Realized $67,562.50
Ex: Boylston Collection / The Eugene H. Gardner/ Louis E. Eliasberg, Sr.
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Hey Currin - when are you going to post DL Hansen’s purchase of the
Pete Miller collection of Proof
Half Cents and Large Cents ?
Those are some fantastic coins !
The Boylston Collection of Seated Half Dollars, Part III
A prestigious provenance of owners including David Queller (2002) and Eugene Gardner - Legend Rare Coin Auction 44
Today, we will wrap up the Seated Liberty Half Dollars purchased in the Boylston sale. If you have been watching the posting on Hansen watch, you will know the Seated Half Dollars are just one set in the overall collection that Dell Loy Hansen is building. Actually, he has already built probably 95% of the collection, but the sets continue to improve when coins from other collections come available. As with the Boylston Collection of Seated Half Dollars, Mr. Hansen had the opportunity to improve a few of the coins, and he successful did so with seven specimens. I mentioned earlier, D.L. Hansen Collection achieved the Registry All-Time Finest Seated Liberty Half Dollar set in September 2017 when passing Louis Eliasberg on the All-Time Finest Leaderboard. The set was a great set in fall of 2017, and he could have pulled a stop on the set. When the set achieved first place all-time in 2017, it had a GPA of 61.290. This set consists of 113 coins; Mr. Hansen logged 175 swaps since achieving first place status on September 2017. This means little over 150% of the coins have been replaced which equates every coin replaced about one and one-half times. The set has improved to a GPA of 64.886. This is not a study that I have attempted to analyzed, but I would call this as normal without digging deeper. Naturally, this rate for upgrades does not cross the board for all sets. Example, I think early coinage and gold will have a lower upgraded rate.
Just a couple months ago I shared this view for this first time. I updated the chart. The only major change is the Seated Half Dollars crossed the MS64 threshold and now 64.03. Is a GPA of 65 possible? I am not sure, but if I had to guess, I don’t think the set is done yet. There are only three replaceable coins below the choice GEM, MS63. They are 1871-CC (XF45), 1872-CC (AU50), and 1855-S Arrows (MS62). There are 13 coins that are not PCGS Top Five Condition Census, so there is some room there.
As for the Half Dollars Collection, the collection does have room for upward improvement in three of the series, #7 ATF - Flowing Hair / Draped Bust (1794-1807), #6 ATF - Capped Bust (1807-1839), and #4 ATF - Walking Liberty (1916-1947). In the Legend Rare Coins Auction that we have discussed the past couple weeks, Mr. Hansen passed on the opening bid ($3.06 Million with buyer fees) for the Forsythe Set. The purchase with Hansen’s existing coins would have compelled the set to first place. Interesting, The Lulu Collection, the #1 all-time finest PCGS Walking Liberty Half Dollars Short Set will be featured in the upcoming June 2021 Costa Mesa Auction hosted by Stacks Bowers. This 20 lot set has 19 coins finest certified by PCGS with four sole finest POP 1/0. If the Forsythe Set is offered individually, and now with the Lulu set, I would not be surprised to see some upward movement in the Walking Liberty. The top spot may not be a Hansen goal, but upgrades are.
Let’s circle back to the Seated Liberty Half Dollars. Legend Auction recently released: Our two day sale begins with 181 lots from the second part of the Boyleston Collection. Containing a wide range of Mint State and Proof Seated Liberty quarters and half dollars and a selection of Seated Liberty half dollar patterns, this second part will delight the most advanced collector, as well as the beginner, and everyone in between. Coins pedigreed to famed collections like Richmond, Dick Osburn, Pittman, and others connect the present owner to owners of generations past. There are common coins, condition rarities, and ultra rare Proofs from the 1840s. When it comes to Seated Liberty Half Dollars, certainly Dell Loy Hansen falls in the most advanced collector. I am not sure how many coins are in the second part that would improve the collection. Lastly, I do have a Boylston coin to feature today.
1857-S Seated Liberty Half Dollar, MS66, CAC, Ex: Boylston Collection
Expert Ron Guth describes this date as: The 1857-S Half Dollar is a low-mintage date that is scarce in all grades and rare in Mint State. Only three dates in the 1850s have lower mintages: 1853-O No Arrows, 1852, and 1852-O. Price-wise, the 1857-S compares favorably with 1852-O and 1856-S, but on the high-end, it really takes off. The best 1857-S Half Dollar is a PCGS MS66 that sold recently out of the Gene Gardner collection for $61,687.50. This impressive coin is finest known by a full two points.
With a mintage of only 158,000, Coin Facts survival estimates 450 specimens, with twelve mint states, and only one GEM MS65 or Better. The PCGS MS65 population is zero, with one MS66. Ron Guth statement remains correct today; the finest known coin is a full two points better that the other two PCGS MS64 specimens. The only oddity, James B. Pryor coin with an estimated grade of MS65 appeared in a 1996 Bowers & Merena sale. Maybe a little more research is warrantied.
The Hansen/ Boylston MS66 Specimen have a POP of 1/0 and has appeared in auction at least three times in the past two decades. First in October 2002 in a Stacks Auction for the The Queller Family Collection. The coin was described as uncertified GEM BU. It realized $25,300. Stacks noted the coin previously appeared in Stack's Auction, 2/76, lot 710. There are no other details available.
The next appearance was Heritage June 2014 Signature Auction of The Eugene H. Gardner Collection of US Coins in New York. At the sale, the coin was described as “Finest Certified by Two Points”. This still leaves me questioning the James B. Pryor coin. The new Hansen coin was described as: A frosty, silver-white example with a dusting of russet-brown toning at the margins on the obverse and some larger areas of coloration on the reverse. Bright silver luster visits the fields and central devices for nice flash when the coin is rotated under light. A few tiny marks in the field near Liberty's shoulder and above the eagle's head are minor and do not detract from this boldly struck Premium Gem example. Flatness on star 8 is the only area of strike that is not crisp and full. Just nine Mint State coins are reported by PCGS and NGC combined, underscoring the rarity of this low-mintage San Francisco issue. This example is head and shoulders above the others in terms of numeric grade and technical quality. Original surfaces show exceptionally few flaws, and the coin retains much of its just-minted freshness. The coin was CAC Approved and realized $61,687.50.
In the Boylston sale held 4/21/2021, Legend Rare Coins Auction describes the coin as: FINEST KNOWN! Breathtaking originality. Delicate wisps of amber and gold toning accent remarkably clean fields rolling with mint bloom and frost when you twirl the coin in the light. Exceptional strike with all of the design elements fully struck up. If not for a tick or two near star 5, this coin would be completely flawless. Exceedingly rare in Mint State grades. This piece blows away any other examples of the date and mint, with MS-64 being the next highest grade. In fact, a mere 11 total Mint State pieces have been graded at PCGS and NGC combined! Medium S. Blundered Date. It is interesting to note this is also an example of the highly prized blundered date variety. Remnants of a 1 punched far to the left of the date in the field are clearly visible to the naked eye. The next highest grade is 2 MS64 PCGS examples. A prestigious provenance of owners including David Queller (2002) and Eugene Gardner. This piece last sold in June 2014 where it brought $61,688. We predict this coin will fetch a world record price and experience a fierce bidding battle as well it should! When only the finest will do, this is the coin for you! Soon to take it’s rightful place in a fantastic collection. Congratulations in advance to the lucky winning bidder.
The coin over achieved an auction estimate of $55,000 - $60,000. PCGS Price Guide values the coin at $65,000 and has a pedigree that Legend calls “Prestigious Provenance”. The coin is CAC Approved. In the Legend Auction of the sale of the Boylston Collection of Seated Half Dollars, the coin realized $91,062.50, Auction Record. Legend predicted the coin would Soon to take it’s rightful place in a fantastic collection. That could not be more true!
Provenance: (Stack's 2/76), lot 710; David Queller Collection / Anniversary Sale (Stack's, 10/2002), lot 557, realized $25,300; The Eugene H. Gardner Collection / Signature Auction (Heritage 6/2014), lot 30502, realized $61,687.50; The Boylston Collection (Legend 4/2021) lot 33, realized $91,062.50 (Auction Record), D.L. Hansen Collection.
1857-S Seated Liberty Half Dollar, MS66
PCGS POP 1/0, CAC Approved
Certification #50030065, PCGS #6292
PCGS Price Guide $65,000 / Realized $91,062.50
Ex: Boylston Collection / Eugene H. Gardner / David Queller
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Another Seated Liberty Half Dollar Upgrade
We have seen several Seated Liberty Half Dollar Upgrades in the past few weeks. The most recent, we spent a few days looking at the Boylston Collection of Seated Half Dollars that Dell Loy Hansen purchased in Legend Rare Coin Auction 44 hosted on 4/21/2021. The Hansen Collection improved seven top set coins from the sale. Also, we saw an 1863-S MS65 Seated Liberty Half Dollar, tied with one other as finest by PCGS. The coin was purchased from a Great Collections internet sale in April. Now, we will see one more upgrade to this series. This coin is a MS65+, sole finest at PCGS specimen that is also CAC approved. Can it get better? Yes, the coin is also a branch San Francisco mint specimen from the Civil War series.
As you should be aware if you have been watching for some time now, The Hansen Collection of Civil War US Regular Issues is probably the finest that has ever been assembled. He also has a fantastic grouping of Civil War proofs, but they have not been completed, so I will not yet go as far to say that too is the finest ever assembled. We will have to watch and see if one day that statement can be definitively.
Civil War Set with Gold, Circulation Strikes (1861-1865) is a 110-piece set that PCGS describes as: This challenging set represents four years of our country's most trying times, the Civil War. It is a sampling of all denominations including some very tough silver issues: the 1861-S and 1864-S Seated quarters and most all the Seated dollars. Many of the gold issues are downright rare including the 1864-S Liberty Head $10. Completing this set will be an accomplishment as well also an historic representation of a difficult war that took place over 150 years ago. I thought this would be a good time to take a look at the half dollars in this set.
The Civil War half dollars consist of eleven coins. Mr. Hansen replaced the 1862-S with a coin from the Boylston Collection. As stated, he replaced the 1863-S from an Great Collections Auction in April, and now he replaces the 1865-S with a coin purchased in what I believe to be a private transaction. You judge the quality of the subset. There are five coins that are PCGS certified as sole finest and another five tied for PCGS finest. There is only one coin that can upgrade this collection from the 45 Million coins certified by PCGS. I know, this statement is a little misleading, so let me clarify, there is only one coin that can upgrade this collection from the 4,152 Civil War half dollars certified by PCGS. That coin is the 1861-S 50C MS66+ Sole finest specimen that I do not have any information on. For the CAC fans in the room, all but two are approved. Does anymore need to be said?
1865-S Seated Liberty Half Dollar, MS65+
Expert Ron Guth commented: The 1865-S Half Dollar is a somewhat scarce date in most grades, but it is particularly elusive in Mint State. In the past, the PCGS Population Reports showed a large number of MS64 examples, but those were discovered to be resubmissions and were removed. Thus, this date continues to be a true condition-rarity in better Mint State grades. Wiley-Bugert have uncovered three different die varieties for this date, based primarily on repunching (if evident) and different mintmark positions. The 1865-S Half Dollar is usually well struck in the centers, but often shows weakness in the stars at the top of the obverse.
With a mintage of 675,000, Coin Facts survival estimate is only 450 specimens. They estimate for coin in MS65 or better is none which is certainly incorrect. In 60 or Better, the estimate is 35. NGC reports one MS65 with none finer. The NGC coin appeared in a September 2017 Goldberg Auction were it was described as Pop 2; tied for the finest examples graded at both services. The coin is stated to be Housed in an old holder with CAC Approved. Oddly, Heritage lists a sale for an 1865-S 50C, Small Wide Broken S, WB-101, Die Pair 1, MS65 NGC. The coin sold in 2019, and realized $14,400. It has since been deleted from NGC. It is not the same coin that was sold by Goldberg Auction. I am thinking there could possibly be two NGC MS65 coins although the POP report indicates only one because of the deletion.
PCGS population report shows one MS65 and one MS65+. It is possible that the coins could be the same specimen. In the past decade, a GEM 1865-S half dollar has appeared in auction five times. The two NGC coins in the Goldberg and Heritage sale and the new Hansen PCGS coin has appeared three times. If there is a second MS65 PCGS, it has never appeared in public auction.
The first appearance was in Heritage April 2011 Rosemont CSNS Signature & Platinum Night US Coin Auction. The coin was slated to be an Extremely Late Die State. A lot of detail was given on the die state of the coin: The 1865-S half dollar is a condition rarity in the Seated Liberty series, and this Gem is equal to the finest that PCGS and NGC have certified. The present piece is the latest die state seen, with additional cracks that are unlisted in Bill Bugert's specialized reference: A Register of Liberty Seated Half Dollar Varieties, Volume I, San Francisco Branch Mint. The obverse die appears on WB-5 and WB-6, while the reverse die appears on WB-4 and WB-5. The obverse has heavy clash marks, and all of the cracks recorded for WB-5 and WB-6, along with an additional crack diagonally through the field left of the date. There is also a bold die chip on Liberty's left (upper) thigh. The reverse is also the latest seen with additional unrecorded die cracks. The following additional cracks are noted: from the eagle's beak through the field toward the first S, from the top of the right (facing) wing into the field well below the first A in AMERICA, from the final A through all three arrowheads, and through the base of DOL to the period after L and turning sharply to a dentil below the lower arrowhead. The late die state of both dies suggest that this might be a remarriage of WB-5, following production of WB-6. With this much information given on the die state, there was not as much on the appearance: This amazing Gem has slight peripheral weakness with stronger central details. The surfaces are remarkable with light silver at the centers, within a frame of vivid gold and iridescent toning. The coin graded as MS65 PCGS sold for an Auction Record of $92,000 which still stands a decade later. In 2011, the coin already had the CAC sticker.
The second appearance was in Heritage May 2015 US Coins Signature sale of The Eugene H. Gardner Collection III. In this sale, the coin was stated to be Lustrous WB-102, Sole Finest at PCGS. In 2015, Heritage commented on the current conditions of the population: A half dozen MS64 coins support the single MS65 example (the present coin) at PCGS. Likewise, NGC shows a single MS65 piece and 14 submissions in MS64, although this issue is known for multiple submissions in an effort to upgrade into the elite Gem category. They also commented: This coin is seemingly unimprovable for the issue according to our archives and database of auction appearances. It is, of course, the only Gem example we have ever offered, and this is its second appearance at Heritage, having been acquired by Gene Gardner in 2011 from our Central States sale. The coin is emblematic of our consignor's pursuit of the finest quality for the different Seated series -- an accomplishment that has not been equaled in numismatic history and likely will not be repeated in the future. It appeared that Mr. Gardner purchased the coin in 2011 for $92,000. For some reason, the coin lost some if its mojo and only realized $42,300. Ouch!
In the third and final appearance in Heritage August 2019 ANA U.S. Coins Signature Auction in Chicago, IL, the coin lost more Mojo. The coin was stated to be: Lustrous, Originally Toned, Ex: Gardner, Tied for Finest Certified. There is not much additional information given in the description that we have not already seen. The coin was pedigreed to The Perfection Collection. This time the auctioneer stated population as: PCGS Population: 2 in 65, 0 finer. CAC: 3 in 65, 0 finer (6/19). With a growth MS65 specimens and CAC population, the coin took a second big lost by realizing $25,200. Ouch Again!
Certainly situations can change two years. Presently, the coin is certified MS65+, sole finest at both grading services, and was able to retain the CAC sticker to boot. The coin recently appeared for sale by Rare Coin Wholesalers. It had an ask price of $65,950. The Mojo is Back! I believe the coin was either purchase by Mr. Hansen in a private transaction or possibly by deal through David Lawrence Rare Coins. Either way, the finest specimen is now in the Hansen Collection. It has been fun watching the Liberty Seated half dollars. We are done now, unless Mr. Hansen buys more. We will have to watch and see.
Provenance: Rosemont CSNS Signature & Platinum Night US Coin Auction (Heritage 4/2011 as PCGS MS65 CAC Cert # 19277856), Lot 5149, realized $92,000 (Auction Record); US Coins Signature sale of The Eugene H. Gardner Collection III (Heritage 5/2015 as PCGS MS65 CAC Cert # 19277856), Lot 98482, realized $42,300; Perfection Collection / ANA U.S. Coins Signature Auction (Heritage 8/2019 as PCGS MS65 CAC Cert # 19277856), lot 3760, realized $25,200; Private Purchase (Rare Coin Wholesalers 4/2021 as PCGS MS65+ CAC Cert # 39820332), D.L. Hansen Collection
1865-S Seated Liberty Half Dollar, MS65+
PCGS POP 1/0, CAC Approved
Certification #39820332, PCGS #6314
PCGS Price Guide Value: $55, 000 / Purchase Price Unknown
Ex: Gardner / Perfection
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Great to see Eugene Gardner represented in the collection. Nice coin too!
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It would certainly be nice to know just how many Gardner coins are in the Hansen Collection. I am confident it is more than a bucket full.
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
It would be great to see this for coins from all major collections.
The 1865-S Half Dollar is a Wow coin.
Early American Cooper Upgrade
The D.L. Hansen Collection continues the uphill climb in Early American Copper. We have seen a little advance in past few months on a series for a long time was just not going anywhere. I reported a couple months ago that "I have not seen Mr. Hansen having a keen interest of EAC series until recently". If you recall, we saw a peeked interest during the sale of ESM coppers business strikes. Then we saw the purchase of the coin that Denis Loring (Penny-Wise, January 1981), described as: "The most awesome large cent I've ever seen." The 1811 Large Cent MS65RD was purchased in the Heritage FUN US Coins Signature Auction. It is from The Oliver Jung Collection.
This new upgrade is not as awesome as the 1811 Large Cent MS65RD but it is a nice coin. It replaces an AU58+ BN, Cert #26170455. The Hansen PCGS Registry Set: Half Cents Basic, Circulation Strikes (1793-1857), remains in all-time 5th place. Mr. Hansen has been stuck in this spot since early 1997.
As you can see, Mr. Hansen still has work to do before he can start the climb in ranking. He is currently about a half rating point behind #4 – The Half Sense Collection (retired in 2019). The top current EAC Half Cent Collectors are High Desert and copper specialist Jim McGuigan. Mr. McGuigan set has been honored with the PCGS Hall of Fame, and has been the top set for most of two decades. The High Desert recently moves into first place in the registry.
The Hansen set has a couple coins that pull down the set rating. Prior to this update, there were three coins graded less than MS62BN. The lowest grade is the rare 1802 VF20BN specimen, and two About Uncirculated: 1811 AU55BN and 1797 AU58+BN. The 1797 is being upgraded in this posting which remains only two. Actually just one, the 1802 is impossible in mint state.
1797 Half Cent, “1 Above 1”, MS64BN
Expert Ron Guth Comment: This was the only use of the obverse die. Initially, the 1 of the date was punched too high, then punched again in the proper position. The reverse die of this variety was also used earlier on: 1797 Cohen 2. The Eliasberg 1797 1 over 1 Half Cent (Lot 409), formerly in an NGC MS65BN holder was graded PCGS MS64BN in July 2009. The Bushnell-Jackman-Foxfire-Pogue is the finest certified. This D. Brent Pogue MS66RB Specimen realized $223,250 in the 2016 Stacks Bower Sale. The coin is currently in High Desert Collection. The number two coin is the Cogan - Brand - Tettenhorst (Missouri Cabinet) – Morelan Specimen. In the Legend 10/2020 sale of the Bruce Morelan Collection, it realized $176,250. The coin is currently in Black Cat Collection. Therefor, the top two specimens are in strong hands.
The number three coin may be The Eliasberg Specimen formerly in an NGC MS65BN holder and was crossed to PCGS MS64BN in July 2009. I believe this coin may have been recently regraded to MS64+BN PCGS. The coin last sold in 2006 for $115,000. I am not sure the location of this coin. The next coin may be the MS65★ Brown NGC Specimen from the Donald G. Partrick Collection. The coin sold last month in Heritage’s Central States US Coins Signature Auction for $156,000. I am not sure the lucky winner of this coin. The next two coins are a pair of MS64BN PCGS. The Showers - Tettenhorst Specimen in currently in the Jim McGuigan Collection and the other MS64BN PCGS was the recent purchase by Dell Loy Hansen. The coin is traced to the Half Sense Collection assembled by Stuart Blay. To round out my list of Choice of better 1797 Half Cent, “1 Above 1” Specimens, the seventh and final specimen is a MS63BN PCGS with no additional information known.
Other than Stuart Blay, the Hansen coin does not have a long established pedigree that I can trace . Its only auction appearance that I can find is the Heritage January 2018 FUN U.S. Coins Signature Auction in Tampa, FL. The coin was offered as: 1797 C-1, B-1 Half Cent, MS64 Brown, 1 Above 1 Obverse, Struck over a TAL Copper. The population was given as 3 in 64 Brown, 2 finer (11/17). The auctioneer presented a lot of detail on the die: Breen Die State I, Manley Die State 2.0. Ron Manley, in The Half Cent Die State Book 1793-1857, notes that the earliest die state has "a faint crack from the rim extends to the pole end." We see no evidence of that crack on this early die state example that also has no trace of a bulge left of the L in LIBERTY. However, a die crack is visible through the B in LIBERTY that Breen identified for his Die State III, supposedly appearing after the bulges left of the L. This variety is rare in the early die state, and the present Mint State piece shows all aspects of the die engraving, and in this case, blundered engraving. The die state is virtually identical to the spectacular Eliasberg coin, although that piece shows no evidence of undertype.
The coin is given EAC grade MS60 by the auctioneer. It was described as: This impressive near-Gem shows obvious undertype from a Talbot, Allum & Lee copper, primarily visible in the right obverse field. Additional evidence of the undertype appears on Liberty's head, the cap, and in the left obverse field. This lovely Choice Mint State example displays full cartwheel luster on its chocolate-brown surfaces with lighter tan on the obverse. Trivial marks on each side prevent a higher grade. Although the 1797 1 Above 1 Cohen-1 half cent is the most plentiful of the year, only a handful of Mint State pieces are known including this example that is clearly a candidate for the Condition Census. I am not sure I agree it is clearly a candidate for the Condition Census. I think is a borderline top five candidate as I described in my list of known specimens. In the 2018 Heritage Auction, it realized $24,000. I am guessing Mr. Blay was the buyer, but I don't know for sure.
The coin was recently offered for sale by Rare Coin Wholesalers. It was described as: 1 ABOVE 1 VARIETY. A MS66 GRADED BROUGHT $299,000 AT AUCTION IN 2014. A TOTAL OF TWO COINS GRADE HIGHER. PCGS POP on MS64BN “1 Above 1” is actually 2/3, so technically there are three coins graded higher, and counting the Partrick NGC specimen, there are four. The ask price on the coin was $85,000. The Hansen EAC progress will be interesting to watch in the future. Soon, you will see some proofs that will blow your mind.
Provenance: FUN US Coins Signature Auction (Heritage 1/2018), Lot 4730, realized $24,000; Stuart Blay's Half Sense Registry Set; Purchased in Private Transaction (Rare Coin Wholesalers 5/2021), D.L. Hansen Collection.
1797 Half Cent, “1 Above 1”, MS64BN
PCGS, POP 2/3 (Variety) - POP 3/4 (For Date)
Certification #39547536, PCGS #1042
PCGS Price Guide: $85,000 / Unknown
Ex: Stuart Blay's Half Sense Registry Set
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
I emphatically disagree. As estimable a collector as Mr. Forsythe might be, his slabs rate as a distraction to the handling and viewing of the coin itself. These are also an imposition on any other collector for both storage and display purposes.
These are two different items. Coins don’t have to be in the original slabs to appreciate the provenance.
The Peter Miller EAC Proofs, Part I
"It staggers me that these coins could stay in that kind of condition for so long. They are all red or close to red. Most are well over 100 years old and they look almost brand new, even colorwise." - Peter Miller 7/14/2010.
Peter Miller is a PCGS Hall of Fame Collector in Specialized Area category. His specialty is Half Cents and Cents, both Mint State and Proofs, including Major Varieties. He assembled an U.S. Half Cents & Cents Complete Set with Major Varieties, Circulation Strikes and Proof (1793-2017), the only person to accomplish that feat. His 815-piece set is best described by PCGS as: A complete set of cents and half cents (with major varieties) from 1793 to date in Mint State and Proof is one of the more massive undertakings in the Set Registry, consisting of over 800 coins. Aside from the extremely rare Proof Large Cents of the 1820s and 1830s, you have some extreme business strike rarities such as the 1796 Half Cent, the 1793 Strawberry Leaf Wreath Cent, the 1794 Starred Reverse Cent, the 1799/8 Cent, the Jefferson Head cent of 1795, the 1793 Liberty Cap cent and at least two dozen more major rarities to contend with. So far, only one person has managed to complete this huge undertaking, but several more are well on their way. A very rewarding set if you have the time, patience and money. Also not mentioned, his collection included one of the three known 1958 Doubled Die Obverse Cents. In addition, the set included the sole finest 1793 Wreath Strawberry Leaf Cent that is currently in the D.L. Hansen Collection.
The collection was retired in 2018 and many of his coins were sold in auctions by Stacks Bowers starting with the Small Cents in 2018. The sale was split with 171 lots in March and 69 lots in August. The highlight of the March, 2018 sale was the 1958 Doubled Die Obverse, MS-64 RD (PCGS), realizing $336,000. The coin is currently in the High Desert Collection. The highlight of the August, 2018 sale was the 1865 Indian Cent, Fancy 5, MS-66 RD (PCGS), CAC. The coin realized incredible $66,000. The location of this coin is not currently known. In 2019, there was one Stacks Bowers sale in August for Proof Small Cents. The sale offered 61 lots and the highlight was the 1864 Indian Cent, Bronze, L on Ribbon. Proof-65 RD Cameo (PCGS) that realized $84,000.
The Half Cents Circulating Strikes were sold in March 2020. The sale was 55 half cents and a couple of small cents totaling 67 lots. There were six lots that sold for more than $50,000 with the highlight being the 1797 Liberty Cap Half Cent, Gripped Edge, Good-6 (PCGS). The coin realized $90,000. August 2020 was the big sale when 147 Large Cents were offered in 150 lots. This sale saw nine coins realizing six figures with the highlight, 1793 Flowing, Strawberry Leaf. VG-10 (PCGS) realizing $660,000. The coin can be found today in the D.L. Hansen Collection. Total over 500 lots have appeared in Stacks Bowers sales in 2018, 2019, and 2020. In a press release, SBG wrote: The incredible ESM Collection of United States Large Cents realized over $4.6 million in the Stack's Bowers Galleries August 2020 Las Vegas Auction. There was no mention of what the five sales realized totally.
People that follow these sales have been waiting anxiously to see when the Peter Miller Half and Large Cents Proofs will hit the auction block. If you watch the Hansen updates, you now know that will not happen. Stuart Blay posted a few days ago:
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The Hansen sets were updated about four weeks ago with coins that Stuart mentions. I was waiting to see if a press release was forthcoming, because the purchase was well worth one. The Hansen team from DLRC appeared to have purchased the entire Peter Miller Half and Large Cent Proofs (ESM Registry Sets). I have not been able to confirm, but it appear to have been about 75 coins. In a PCGS article from 2010 when the proof coins were on display in the PCGS booth, it was shared that:
Miller's "top five" personal favorites are:
1832 Large Cent, graded PCGS PR64RD
1848 Large Cent, PCGS PR65CA
1847 Half Cent, PCGS PR64RD
1843 Half Cent, PCGS PR64CA
1842 Half Cent, PCGS PR65RD
.
https://www.pcgs.com/news/pcgs-at-boston-ana-on-site-grading-award-winning-proof
1843 Half Cent, Original, PR64CAM
So, let’s start with the 1843 Half Cent, PCGS PR64CAM. With a mintage of 21, Coin Facts survival estimates 18 specimens, with 2 GEM 65 or Better. This coin is not a PR65, rather a PR-CAM. There are only three half cents that has been certified CAM by PCGS. I don’t mean three 1843, I am saying there are only three for all Half Cent dates! The three are the 1841 PR65CAM, 1843 PR64CAM, and 1843 PR65CAM. The 1843 PR65CAM is the Greensboro Specimen that sold in Heritage’s 2014 Auction, realizing $73,437.50. I do not believe the Hansen/Miller PR64CAM specimen has appeared in auction. I know the coin has been in the Miller Collection for more than a decade. The 1843 Half Cent Proof can be found in both original and restrike. The Miller Collection had both and now the Hansen Collection will have both.
The original can be recognized by: Large berries in the wreath identify this as an Original 1843 half cent, actually struck that year, rather than a Restrike produced in the 1860s, identified by small berries. (HA 2012). There is not much additional information available on this coin. I will be discussing the Dell Loy Hansen purchase of The Peter Miller EAC Proofs in more details over the next few posting. Keep watching.
Provenance: Peter Miller (ESM HOF Registry Set), Private Purchase of Peter Miller EAC Half and Large Cent Proofs (David Lawrence Rare Coins 4/2021), D.L. Hansen Collection.
1843 1/2C ORIGINAL, PR64CAM
PCGS POP 1/1, Only Three Half Cents Certified CAM by PCGS
Certification #08644597, PCGS #91268
PCGS Price Guide $30,000 / Unknown, purchased as set
Ex: Peter Miller (ESM HOF Registry Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Great post. I am very impressed by the quality and depth of your research.
Seems like good value for a coin like that 1/2C proof assuming it sold for around priceguide
I think DLH has acquired a couple of outstanding early quarter eagles as upgrades. I think he bought the Simpson 1831 in 66+ PL and perhaps an 1829 (possibly the monster in 67). Any news on this. My apologies if my info is inaccurate.
Will D L Hansen step up and buy
the 1933 Saint ?
No question in my mind it will be
the highest price paid for any U. S.
coin in auction.
My prediction is it will not be won
by Mr. Hansen
It seems like Hansen has passed on a number of high priced rarities. What is the most expensive coin he has purchased?
My prediction is that the 1933 Wetizman Double Eagle will sell for the highest price paid for any U.S. coin period, at auction or private treaty, for the 2nd time in its history
I think Hansen will be remembered for the coins he passed on vs the oodles of coins he bought.
Latin American Collection
I think it depends on what your perspective is and if you've seen the set or not.
If one sees the set, I think one will be blown away by just how many coins there are and not soon forget it.
If one hasn't seen the set, it's easy to just focus on a small number of coins, if only because it's easier to discuss a few things than many things.
I could argue that the same could be said for say many great collections, even Tyrant. For example, it's much easier for me to list the coins Tyrant doesn't have than to list the ones he does have. It's seeing the coins together as a set that makes Tyrant memorable.
Who would remember coins dude passed on? Almost seems like someone looking for something to be negative about. There is no time ever that I have looked at someones set and said I wonder what coins this guy passed on. That thought would never and I mean never even cross my mind.
The Peter Miller EAC Proofs, Part II
"The ESM Collection is a numismatic treat. Many of the coins in this collection are extremely rare and seldom appear on the market. When they do, they are auction highlights," - Don Willis 7/14/2010.
Peter Miller’s Award-Winning Proof Copper was seen on display at the 2010 Boston ANA. At this year's American Numismatic Association World's Fair of Money convention in Boston held August 10 - 14, visitors will be treated to a number of museum-quality exhibits of historic rare coins. At booth #105, Professional Coin Grading Service will display an amazing numismatic treasure of early proof copper. Booth visitors can enjoy some of the finest known proof Half Cents, Large Cents, Indian Head Cents and matte proof Lincoln Cents from the award-winning ESM Collection. Assembled by Illinois collector Pete Miller, the ESM Collection ranks among the all-time finest of its kind in several PCGS Set RegistrySM categories, according to BJ Searls, PCGS Set Registry Manager.
BJ Searls continued her description of the collection by saying: The weighted Grade Point Average for the ESM Collection is an astounding 65.974," Searls explained. "These coins were once owned by such astute collectors as Eliasberg, Naftzger, Norweb, Pittman, Parmelee, Atwater, Garrett, Anderson-Dupont, Byron Reed and others. Pete Miller has graciously arranged with PCGS to display many of the coins in his set in Boston." I have not done a deep dive to compare the Hansen set with the Miller set, but Hansen’s U.S. Half Cents & Cents Complete Set with Major Varieties, Proof (1817-present) has a weighted Grade Point Average of 66.57. PCGS describes the 233 piece proof set as: Proof cents must easily rank near the top of the numismatic spectrum for beauty and rarity. They typically tone in rich, iridescent colors and choice examples are few and far between. Remembering that Proof coins were not generally sold to the public before the late 1850s, nearly all of the Large Cents in this set will be extremely difficult to find. An original 1852 Half Cent Proof is also a major rarity, and locating one of those will be quite a challenge. In the small cent realm, the 1856 Flying Eagle is a key, as is the 1864-L bronze Indian cent and the 1909-VDB Lincoln. Given the extreme rarity of the early Large Cent Proofs, this is no easy set. But as ESM and D. L Hansen have shown us, it can come close to completion. The description mentions the original 1852 Half Cent Proof, although it is not required in the set. Mr. Hansen does not have the coin and I do not think Mr. Miller had one either.
Yesterday, I showcased the 1843 Half Cent, Original, PR64CAM. We will continue the half cent discussion. According to registry set changes, the Hansen Collection improved the half cents proofs with eleven upgrades. One was the 1843 Half Cent, Original, PR64CAM previously mentioned. There was one sole finest PGGS POP 1/0 specimen, 1849 Small Date, Original PR64RD and one tied for finest, 1835 PR64RD. Eight of the other nine are PCGS Condition Census Top Five. The only coin that is not in the Top Five is the 1831 Original, PR62BN. This is a POP 2/5 coin that is valued at $60,000. The coin was one of two upgraded coins that were not RB or RD designated.
Today featured coin is the 1832 PR65RB Specimen from the Pittman Collection. The coin replaces the 1832 PR64+BN CAC, Certification #11837312. The previous coin is a POP 1/1 specimen for brown designation (BN). The future of the coin is unknown.
1832 Half Cent, RB PR65RB, Ex: Pittman / Miller
With a mintage of 30, PCGS estimates the survival of about 20 -30 coins. This seems a little high due to only six coins have been certified by PCGS in 35 years. There are three certified BN, with the finest a sole PR65. Also, there are three certified RB, with the sole finest PR66RB. There are no certified Red 1832 Half Cent Proofs by PCGS. The sole finest PR66RB is the Tettenhorst - Newman - Missouri Cabinet Specimen that sold in 2014 by Goldbergs for $212,750. The coin is currently in the High Desert Collection. The Pittman –Miller –Hansen Specimen has appeared in auction once in a David Akers Auction in 1997.
In the 1997 David Akers Auction for the John Jay Pittman I sale, the coin was graded PR65 by PCGS and realized a modest $4,950. For comparison with other PR65 specimens, in a 2020 Heritage sale of the Bob Simpson PR65BN specimen, the coin realized $40,800. The Simpson coin is currently in Dr. Charles Link’s Early American 1832 Proof Set. Also, the Donald G. Partrick PR65BN NGC specimen sold in a recent April Heritage Auction for $26,400. There is not much additional information available on this coin. The next posting we will wrap up the half cents with a look at coins that was purchased that Mr. Hansen did not have an example in his collection. Keep watching.
Provenance: John Jay Pittman (David Akers 10/1997) Lot #141, realized $4,950; Peter Miller (ESM HOF Registry Set), Private Purchase of Peter Miller EAC Half and Large Cent Proofs (David Lawrence Rare Coins 4/2021), D.L. Hansen Collection.
1832 Half Cent, PR65RB
PCGS POP 1/1
Certification #04809261, PCGS #1196
PCGS Price Guide $75,000 / Unknown, purchased as set
Ex: Pittman / Miller
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Tough to be the greatest when you pass on the greatest coins.
Latin American Collection
O.K.
Hasn't every collector passed on some of the greatest coins? Even the greatest collectors. Maybe you should send dude a list of the coins you think he should buy and in what order. Because if you do not approve of his oodles of purchases well I don't know if he can keep collecting.
Maybe you could name some of the coins Simpson passed on. How about Pogue. TDN. Any collector for that matter. Because we worry about what coins other collectors pass on. LOL.
Paul Miller's ESM Collection is amazing. It's well worth remembering that these coins are in the Hansen collection. Can we say this about many other top collections?
The Hansen Collection is a tremendous achievement, but naturally, the closer it gets to completeness and perfection, the more any missing coins, or coins Hansen has passed on, will stand out. For example, the United States Philippine coins, which were prominently included in the Eliasberg Collection, are not yet being recognized in the Hansen Collection.
Everyone has their own take on Hansen and Eliasberg. As Hansen gets closer to completeness, my focus is on what it will take to finish the set the way he has defined it.
As much as I love USPI coins, that's not what I would personally focus on. It doesn't matter too much to me if Hansen has USPI or not, as those coins were not legal tender in the US proper.
I do think it would be great to acquire the 1822 Brand-Eliasberg-Pogue half eagle at some point.
I also love how he has Mormon gold, and at higher grades than Eliasberg.
“As much as I love USPI coins, that's not what I would personally focus on. It doesn't matter too much to me if Hansen has USPI or not, as those coins were not legal tender in the US proper.”
Zoins- To be clear, you are saying Justin was not accurate when he wrote this passage in the July, 2018 article he published with PCGS? Is that your position Zoins?
“The Only Dual-Nationality Coins in U.S. History
Standard U.S. coinage was not useful for the impoverished Philippines because the denominations were too high. Two years later, in 1903, a dual national coinage (U.S. and the Philippines) was released. These coins were the only coins ever minted that were legal tender in the U.S. and another country.
At first, the coins were minted in Philadelphia and San Francisco ("S" mint mark). Then Denver got into the act on lower-denomination U.S. Philippine coins. Finally, in 1920, the U.S. opened a Mint in Manila, the only U.S. mint ever established outside the U.S. Coins from the Manila Mint carry an "M" mint mark. No collection of U.S. mint marks is complete without this "M" mint mark unique to the U.S. Philippine series.
These coins were denominated in pesos and centavos, and were made to standards which were either identical to those of United States coins or microscopically smaller (0.002%). Yet, the silver dollar-sized peso, legally convertible to U.S. gold and silver coinage, was valued at only 50 cents USD. The 50 centavo was valued at 25 cents, and so forth.”
Wondercoin
My position is the position of the US Congress. In my quick read of US law, the coins were mentioned as legal tender in the Philippine Islands, not the United States. Did Justin provide a reference to US law for his statement that the coins were legal tender in the United States? Do you believe the coins would be accepted for legal tender commerce in say a retail establishment in San Francisco or Los Angeles? If US law does not say the coins are legal tender in the United States, then I don't think it would be accurate to say they are.
Here is the beginning of the act I am referencing. The full text is here. It does mention that the coinage is convertible to US currency but being convertible is not the same as legal tender and the conversion is managed by the Philippine government, not the US government.
At the time, the Philippines were under US Administration but were not formally part of the United States. This is also a reason why the Manila Mint was not created as a US Branch Mint but the Congressional Act authorized the Philippine government to create a Mint. See more in this thread:
https://forums.collectors.com/discussion/1047324/when-was-the-manila-mint-generally-accepted-as-a-u-s-branch-mint
The act to authorize the Philippine government to create a mint specifically says use of the coins is to be "for use in said islands" with no mention of the United States. More here.
This is very different from the US creating a Mint in the US which Congress just does. Congress doesn't authorize a state or other entity to create a mint. See the following for Dalles City:
Justin has surely spent more time looking into this than I have, so if he can point to US law authorizing legal tender status in the United States, I would change my view. If no such reference can be found, it may be worthwhile to amend the article for accuracy.
Zoins. The subject coins were legal tender in the Philippines for both the “public debts” and the “private debts”. If, hypothetically, the Philippine government owed a US Mint “x” amount for producing their coins as authorized under the Act and the Philippine government could satisfy that US debt by using the subject coins to pay, wouldn’t that make the coins “legal tender” in the US as well? I haven’t spent any time today heavily researching the question. I just had this thought come to mind. When it’s not 2:00 a.m., I will also ask Justin for his source. It’s probably best that I not wake him up to address this “urgent” question. 😂
Wondercoin
US law says the USPI coins are "legal tender for all debts, public and private, in the Philippine Islands." I'm looking for similar text saying the coins are legal tender in the United States. It's as simple as that.
I don't support the hypothetical posed here because that is a government to government transaction and there could be other considerations at play. I do support my example of using the coins to pay for a meal at a restaurant in San Francisco or Los Angeles and having said restaurant deposit it in their local bank, but only for use like territorial coinage, not official legal tender status, which I still think needs to come from explicit (not implicit) authorization of Congress.
It's a very interesting topic. For an example, I wanted the Manila Mint to be considered a Branch Mint of the United States Mint in Philadelphia but after participating in the thread above and reading US law, I was convinced that it is not. US law explicitly calls the Denver Mint a "branch mint", but no such text is used for the law authorizing the Manila Mint.
And yes, please don't wake him at 2:00am. He'll think we're both nuts!
“I don't support the hypothetical posed here because that is a government to government transaction. I do support my example of using it to pay for a meal in San Francisco or Los Angeles.”
Why do you support the private debt only example (meal in SF or LA) but not the public debt example when both public and private debts were mentioned? In fact, if I recall, the Act requires the Philippines to pay the costs associated with the US Mint producing their coins. If these coins are not legal tender to pay that public debt to the US, you are saying bi-National coins with the United States listed on the very coins would not be accepted by the United States as legal tender to pay the public debts. You could be right, but that would make no sense that coins of the United States of America would not be acceptable to pay debts owed to the United States of America.
Maybe I should wake Justin up at 2:40 a.m.! 😉
Wondercoin