PCGS Collectors Corner: Reed Hawn

PCGS_SocialMedia · December 11, 2020 12:53PM

Few collectors have the privilege of seeing their name listed among legendary pedigrees on a PCGS holder, yet Reed Hawn has done just that. A legendary collector whose numismatic background stretches back to the 1950s, Hawn began collecting coins from pocket change at the age of nine.

He sold his first collection at the age of 24 in 1973, bringing record prices and standing-room-only crowds. Then, in January 1974 and still only in his mid-20s, Hawn achieved one of his biggest numismatic dreams in scoring “The King of American Coins,” the Class I 1804 Dollar.

Full article available here: https://www.pcgs.com/news/collectors-corner-reed-hawn

Jimnight · December 11, 2020 1:24PM

Nice story!

scubafuel · December 11, 2020 3:32PM

Pretty interesting that the 1804 has a reeding mark on the reverse. How the heck did someone bounce another coin off that one?

savitale · December 11, 2020 4:03PM

Maybe it’s just jealousy talking, but when I read a statement like: “He sold his first collection at the age of 24 in 1973, bringing record prices and standing-room-only crowds. Then, in January 1974 and still only in his mid-20s, Hawn achieved one of his biggest numismatic dreams in scoring “The King of American Coins,” the Class I 1804 Dollar.” my immediate reaction is, “so what?”

Here is an individual born to a extremely wealthy Texas oil family who was enabled to buy the most valuable of coins when he was little older than a child. He made have been a great guy, and perhaps went on to other great accomplishments, but I’m not particularly impressed by these ones.

MFeld · December 11, 2020 5:02PM

@savitale said:
Maybe it’s just jealousy talking, but when I read a statement like: “He sold his first collection at the age of 24 in 1973, bringing record prices and standing-room-only crowds. Then, in January 1974 and still only in his mid-20s, Hawn achieved one of his biggest numismatic dreams in scoring “The King of American Coins,” the Class I 1804 Dollar.” my immediate reaction is, “so what?”

Here is an individual born to a extremely wealthy Texas oil family who was enabled to buy the most valuable of coins when he was little older than a child. He made have been a great guy, and perhaps went on to other great accomplishments, but I’m not particularly impressed by these ones.

The below quotes from a CoinWeek article lead me to believe that Mr. Hawn didn’t just indiscriminately throw gobs of money at rare coins. And that despite his wealth, he probably deserves considerable respect as a collector.

“ Both father and son had keen eyes for quality and rarity. They assembled a number of complete sets, including some duplication as a result of upgrading specimens as they found better ones. They looked for examples that were boldly struck and pleasing to the eye. Their endeavors led to an assemblage they were proud of and Reed and his Dad did show them to fellow collectors.”

“The Reed Hawn Collection of United States Coins was outstanding, an assemblage not duplicated for many years. The items were carefully acquired, after years of research, from the many great collections that were marketed during that time.”

“ Each coin was hand selected to complement the others so that, when it was sold, it would be considered outstanding as a collection.”

drddm · December 11, 2020 5:48PM

Wow, talk about an accomplished collector, and at such an early age!

I couldn’t be any happier owning one of his amazing coins.

Dave

Zoins · December 11, 2020 6:44PM

He had a great collection, but it also sounds like he had almost unlimited funds at an early age, unlike say John Jay Pittman. I wonder how much money other great collectors like Pogue, Simpson, Morelan, Newman, Gardner and others had access to in their early 20s? Rather than highlighting his age, it probably makes sense to compare his collection to others with similar budgets, regardless of age.

Does he still collect or when did he stop collecting? This thread from 2003 couldn't figure out if he was still collecting back then.

https://forums.collectors.com/discussion/202114/what-is-reed-hawn-doing-now

MFeld · December 11, 2020 6:53PM

@Zoins said:
He had a great collection, but it also sounds like he had almost unlimited funds at an early age, unlike say John Jay Pittman. I wonder how much money other great collectors like Pogue, Simpson, Morelan, Newman, Gardner and others had access to in their early 20s? Rather than highlighting his age, it probably makes sense to compare his collection to others with similar budgets, regardless of age.

Does he still collect or when did he stop collecting? This thread from 2003 couldn't figure out if he was still collecting back then.

https://forums.collectors.com/discussion/202114/what-is-reed-hawn-doing-now

Here’s a Greysheet interview that was published in May of last year:
https://www.greysheet.com/news/story/a-lighter-shade-of-grey-legendary-numismatist-reed-hawn-discusses-the-art-of-buying-selling-super-rarities

Zoins · December 11, 2020 7:26PM

@MFeld said:

@Zoins said:
He had a great collection, but it also sounds like he had almost unlimited funds at an early age, unlike say John Jay Pittman. I wonder how much money other great collectors like Pogue, Simpson, Morelan, Newman, Gardner and others had access to in their early 20s? Rather than highlighting his age, it probably makes sense to compare his collection to others with similar budgets, regardless of age.

Does he still collect or when did he stop collecting? This thread from 2003 couldn't figure out if he was still collecting back then.

https://forums.collectors.com/discussion/202114/what-is-reed-hawn-doing-now

Here’s a Greysheet interview that was published in May of last year:
https://www.greysheet.com/news/story/a-lighter-shade-of-grey-legendary-numismatist-reed-hawn-discusses-the-art-of-buying-selling-super-rarities

Great interview. It mentions he sold his collection in 1993. I wonder if he collected after that.

Here's the 1993 catalog:

https://media.stacksbowers.com/VirtualCatalogs/CatalogLibrary/reedhawncollecti1993stac.pdf

Reed Hawn said:

People ask me, ‘why in the world would you sell coins like the 1804 dollar?’ And I said because it’s an investment. And when you spend that kind of money coins, it really is an investment, and I bought those coins to make money.

This makes a lot of sense and makes his collecting more relatable to me. I know people were trading / controlling $10M of stock part-time when they were in college. I can see this as an investment activity between father and son.

Reed Hawn said:

If I walked into the door of Superior, they’re going to know what I’m there for. I sat there quietly and didn’t even raise my hand until the last few minutes. And there’s a psychology to that. And raising your hand at the right time, maybe doesn’t scare the other dealers, but it shows you’re in a position to snap up a coin. And, Julian Leidman turned around to me after and said, “I knew you were going to make a run on that coin!” But there really is a whole psychology of walking into an auction room and bidding on a coin. And it got to the point where I knew how to do that really good – when to raise my hand, not to raise my hand.

I like these stories a lot. I'm an online / Internet bidder but I like the personal connections made in the trading room.

Reed Hawn said:

You’ve got to have people around you who you can trust. I told my grown children this. You need to get yourself some good people who you can rely on and trust completely and ask them for counsel. I mean, when you’re buying and selling million-dollar coins, you need advice. That’s where mentors come in, and for me it was guys like Abe Kosoff and Jerry Cohen.

I'm a big believer of this. I like some of the people I work with to be like consultants and even friends. I'm glad to hear he worked with Abe Kosoff who is one of the dealers I like learning about. I like that PCGS has QDB's book on Kosoff online.

Reed Hawn said:

There’s passion in the hobby. The guy who buys his 1931-S Lincoln cent is going to love that coin just as much as I do my 1804 dollar. But when you’re talking about ultra-rarities, things are different. When you hold those coins, there’s a different feel to them. An aura. When you hold a coin worth a million dollars, you’re holding something very special. And that’s something that people who are involved with coins appreciate.

I think this is more true when the coins are raw because you are directly holding them, can feel the weight of them and there are consequences to your actions. I like holding raw pieces. In a slab, a coin is a bit like a picture in a frame, but one that you can tilt. Of course, some still look amazing in a slab, but there's no consequences of dropping it or other potential calamity.

Overall, great interview. I do wonder if still collects today, or even after 1993.

tradedollarnut · December 11, 2020 7:31PM

I got out of the Navy in late 1989 with a negative net worth. No family money here

Pretty interesting that the 1804 has a reeding mark on the reverse. How the heck did someone bounce another coin off that one?

Looks to have been in circulation for some time

Zoins · December 11, 2020 7:54PM

@tradedollarnut said:
I got out of the Navy in late 1989 with a negative net worth. No family money here

I have a lot of respect for that. It makes something like the 1804 dollar and 1913 nickel that much sweeter.

I had enough family money for an education but not much beyond that.

Zoins · December 11, 2020 11:21PM

Here are the TrueViews for the two Reed Hawn coins posted above and the CoinFacts photo of his 1913 Liberty Nickel, also previously owned by @tradedollarnut!

1804 Draped Bust Dollar Class I - PCGS PR62 POP 1/3 - Mickley-Hawn-Queller-Hansen

1823 Capped Bust Half Dollar - PCGS AU58 POP 137/259 - Hawn-Queller

1913 Liberty Nickel - PCGS PR64 Est POP 3/1/1 - Olsen-Farouk-Hawn-Morelan

https://www.pcgs.com/coinfacts/coin/1913-5c-liberty/3912

Sunshine Rare Coins · December 12, 2020 7:05AM

Nice Trio!

DCW · December 12, 2020 7:31AM

I cant fault anyone for being born into money, much the same as I wouldn't judge anyone for growing up in poverty. Nobody chooses how we come into this world; it's what we do here once we've arrived.
But it certainly is more interesting to learn of someone who turns the ordinary into something extraordinary.

Zoins · December 12, 2020 8:20AM

@DCW said:
I cant fault anyone for being born into money, much the same as I wouldn't judge anyone for growing up in poverty. Nobody chooses how we come into this world; it's what we do here once we've arrived.
But it certainly is more interesting to learn of someone who turns the ordinary into something extraordinary.

There's nothing wrong with being born into money. He seems like a very thoughtful and dedicated collector. I enjoyed reading his interview a lot.

His accomplishments at a young age just need to be put in context with his assets at a young age is all. It's still amazing to put together such a collection at such a young age, after all, how many young wealthy people do that? It's just not something most can accomplish.

ricko · December 12, 2020 8:37AM

He obviously put his resources to good use. Through intelligent collecting, he built valuable collections, which he turned into profit - justly earned. Cheers, RickO

Zoins · December 12, 2020 8:41AM

I'd love to hear why it seems he got out of collecting in 1993.

Cuprinkor · December 12, 2020 5:05PM

It's important to recognize quality when one sees it. It sounds like he possessed this trait. Good for him

MFeld · December 22, 2020 2:36PM

@savitale said:
Maybe it’s just jealousy talking, but when I read a statement like: “He sold his first collection at the age of 24 in 1973, bringing record prices and standing-room-only crowds. Then, in January 1974 and still only in his mid-20s, Hawn achieved one of his biggest numismatic dreams in scoring “The King of American Coins,” the Class I 1804 Dollar.” my immediate reaction is, “so what?”

Here is an individual born to a extremely wealthy Texas oil family who was enabled to buy the most valuable of coins when he was little older than a child. He made have been a great guy, and perhaps went on to other great accomplishments, but I’m not particularly impressed by these ones.

The below article leads me to believe that Mr. Hawn didn’t just indiscriminately throw gobs of money at rare coins. And that despite his wealth, he probably deserves considerable respect as a collector.

https://coinweek.com/education/numismatic-history/incredible-coin-collections-reed-hawn/

MFeld · December 22, 2020 2:36PM

Deleted, as once is enough.

MFeld · December 22, 2020 2:36PM

Deleted for the same reason.

tradedollarnut · December 22, 2020 2:55PM

If you say something enough times on the internet, it becomes the truth.

MFeld · December 22, 2020 3:17PM

Thanks for making me aware of my above posts in triplicate, now edited.

Thanks for making me aware of my above posts in triplicate, now edited.😉

Crypto · December 22, 2020 4:00PM

@MFeld said:

@savitale said:
Maybe it’s just jealousy talking, but when I read a statement like: “He sold his first collection at the age of 24 in 1973, bringing record prices and standing-room-only crowds. Then, in January 1974 and still only in his mid-20s, Hawn achieved one of his biggest numismatic dreams in scoring “The King of American Coins,” the Class I 1804 Dollar.” my immediate reaction is, “so what?”

Here is an individual born to a extremely wealthy Texas oil family who was enabled to buy the most valuable of coins when he was little older than a child. He made have been a great guy, and perhaps went on to other great accomplishments, but I’m not particularly impressed by these ones.

The below article leads me to believe that Mr. Hawn didn’t just indiscriminately throw gobs of money at rare coins. And that despite his wealth, he probably deserves considerable respect as a collector.

https://coinweek.com/education/numismatic-history/incredible-coin-collections-reed-hawn/

I would say the point that “didn’t just indiscriminately throw gobs of money” is basically you agreeing with the point the PP made.

While respect for hitting the target overall with the hobby, one doesn’t then get credit for buying the gun, the membership to the club or getting driven to the range.

If the point is that an 1804 dollar is a pinnacle coin without exception = elite status? Maybe not if the only real challenge to entry is the price because there is no wrong 1804 dollar. If the collector didn’t earn their money, what needs to be lauded at them as a collector for buying one?

Zoins · December 22, 2020 6:06PM

@Crypto said:

@MFeld said:

@savitale said:
Maybe it’s just jealousy talking, but when I read a statement like: “He sold his first collection at the age of 24 in 1973, bringing record prices and standing-room-only crowds. Then, in January 1974 and still only in his mid-20s, Hawn achieved one of his biggest numismatic dreams in scoring “The King of American Coins,” the Class I 1804 Dollar.” my immediate reaction is, “so what?”

Here is an individual born to a extremely wealthy Texas oil family who was enabled to buy the most valuable of coins when he was little older than a child. He made have been a great guy, and perhaps went on to other great accomplishments, but I’m not particularly impressed by these ones.

The below article leads me to believe that Mr. Hawn didn’t just indiscriminately throw gobs of money at rare coins. And that despite his wealth, he probably deserves considerable respect as a collector.

https://coinweek.com/education/numismatic-history/incredible-coin-collections-reed-hawn/

I would say the point that “didn’t just indiscriminately throw gobs of money” is basically you agreeing with the point the PP made.

While respect for hitting the target overall with the hobby, one doesn’t then get credit for buying the gun, the membership to the club or getting driven to the range.

If the point is that an 1804 dollar is a pinnacle coin without exception = elite status? Maybe not if the only real challenge to entry is the price because there is no wrong 1804 dollar. If the collector didn’t earn their money, what needs to be lauded at them as a collector for buying one?

From Reed Hawn's own words, his coins were an investment, so any accolades can be tied to return on investment. What was the annualized return on his 1804 dollar?

Of course, this is his perspective and benchmark, and not necessarily to be used for or relevant for others.

Elcontador · December 23, 2020 12:17AM

"When you hold a coin worth a million dollars, you’re holding something very special. And that’s something that people who are involved with coins appreciate."

He's right. I don't buy or sell much now. I go to shows to see people I otherwise wouldn't see, and to hold some amazing coins in my hands. Like some 1794 MS 64 BN Strawberry Cents, the most beautiful Unc. Draped Bust $ I've ever seen, and an all there 1895 O Barber Dime in Gem. I'll never own these coins, but I definitely appreciate them.

PCGS Collectors Corner: Reed Hawn

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