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Amazing Early Gold NEWP

ProofmorganProofmorgan Posts: 777 ✭✭✭✭✭
in U.S. Coin Forum

This piece is everything the early gold collector could dream of:

-Completely Fresh
-Completely Original
-Tremendous Eye Appeal
-Significant Historical Provenance

This piece was originally purchased from a bank by Judge Jacob Burnet in 1829. Burnet was a significant political figure in Ohio and notably was called to the U.S. Senate to fill the vacated seat left when William Henry Harrison became president. This piece was given to his daughter and passed from generation to generation of prominent family members until most recently becoming available for sale via auction. This was stored, unmolested in the accompanying storage envelope for well over 100 years. The note and gold leaf edge of the envelope are remarkable. The auctioneer removed it from the envelope, which was found in the pictured coin cabinet (along with other raw proof morgan and trade dollar pieces). I did purchase the cabinet as well to complete the package. The auctioneer sent the coin to NGC and I have since received the blessing by PCGS and CAC at a somewhat conservative MS63.

The time leading up to this auction was an experience in itself. I collaborated with a dealer friend and we went back and forth on the piece for weeks. Trying to place a value on it, weighing the competition, was it something to keep or sell, etc. This included multiple previews and hours of research. Furthermore, the auctioneer was bound by a non-disclosure agreement so could only confirm that Judge/Senator Burnet owned it. I then took it as a personal detective mission to figure out the lineage of the coin. Using Burnet and the initials on the envelope (dated via the initals back 120 years or so), I was able to trace down every previous family member-owner. This was quite the task, hitting some dead ends, getting some breaks, and using the process of elimination, I was eventually able complete the puzzle....this was extremely rewarding. All of this was pre-auction so I likely broke the rule of not becoming to attached to an auction lot. As you can imagine, the auctioneer had become very familiar with me by this point.

This piece was offered in a local auction, but did not go without significant local and larger dealer attention. As the auction grew closer and closer, the price kept reaching higher and higher. To the point where my dealer friend had no interest because there was no profit to be made at that level for him. A day before the auction, the price had surpassed any auction record for the current grade and well into the next grade. It was pushing my comfort zone to say the least. I attended the live auction, during Covid-19, which was amazing that the auction company was able to pull this off in coordination with the hotel. It was very well done, I might add. I planned to have the opening bid as I was already maxed out going into the night and hoped the book bid was the maximum for the current high bidder. After I placed my bid, the auctioneer immediately had a book bid to best me. I sat there knowing that would likely be the end of the line. BUT, this auction company has a loophole in which if an online or mail bid is matched by someone at the live auction the preference is given to the live bidder. Just when I was down and out, the auctioneer looked at me and said "Can you match?" (at the next increment). The attendees got into it and chants of "Do it!" could be heard. I lifted my bidder card in the air, with authority, the lot coin was mine! The attendees cheered and clapped. The auctioneer gave his gratitude and was very pleased that I had won the lot, knowing my personal investment in it and also knowing it would go to a good home. I had beat out a large dealer with likely intentions to commercialize and in my mind destroy the coin.

I hope you enjoy the attached images, this coin and the whole process has been a rewarding experience and takes me to the root of what I believe the study and hobby of numismatics represents.

Collector of Original Early Gold with beginnings in Proof Morgan collecting.
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