1858 Flying Eagle Cent PR 66CAM sells for 312% of Guide!
Zoins
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I was reviewing the Legend Market Report recently and they mentioned a 1C 1858 SL PCGS PR66 Cameo with a PCGS price guide value of $50,000, they put in a $70k hammer bid, and it ended up at $156k all in!
Is this a sign of an overall strong market or an anamoly? Of course this a condition rarity top pop in CAM.
From Laura:
Laura said:
Just look at the 1C 1858 SL PCGS PR66 Cameo. The coin is a Pop 1 PCGS CAC. It’s been off the market for many years. The Collectors Universe guide is $50,000.00. Our hands were shaking when we placed a $70,000.00 hammer bid. Before we could blink, the lot closed at $156,000.00, all in! That was not a solitary, higher-priced example. In the auctions we witnessed, many coins that should be worth, say, $4,000.00 were selling for $6–$8,000.00. We know that for the majority of the coins we purchased, we had to go above and beyond the sheets and price guides.
- Blog: https://www.legendnumismatics.com/market_reports/christmas-in-november/
- Lot: https://coins.ha.com/itm/proof-flying-eagle-cents/1858-1c-small-letters-pr66-cameo-pcgs-cac-snow-pr4-pcgs-2044-/a/1378-3635.s?ic4=ListView-ShortDescription-071515
Of note, the price guide is still $50k and it's not published in a Registry Set at present:
Comments
I would say the former. I think you answered your own question there.
Young Numismatist • My Toned Coins
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When’s the last time it sold? Guides can simply be outdated.
Regardless, condition rarity top pops with CAC have been going for high prices for years now.
Coin Photography
PCGS Pop 1 combined with CAC Pop 1 can be a very different animal even in weaker markets. So I would not view that alone as an indicator of the market.
More relevant regarding the overall market would be the described situations "In the auctions we witnessed, many coins that should be worth, say, $4,000.00 were selling for $6–$8,000.00." And that depends on if it was in multiple areas or in a specialized area or focused on a particular collection.
"To Be Esteemed Be Useful" - 1792 Birch Cent --- "I personally think we developed language because of our deep need to complain." - Lily Tomlin
That particular auction had some stupid nice FEC and IHC Proofs. I was backed out of everything I was thinking of bidding on. This particular coin sold for what it did likely for it being the top pop. Every coin in that consignment went big though. The 1856 FECs were fun to watch live.
I'm not sure I answered my own question as I'm not sure about other coins recently. Laura did mention she noted other coins selling for strong prices in the excerpt I posted. I was asking about other observations
Not sure of last sale. It was from the Greensboro Collection? Is the collector or primary dealer for that collection known?
Additionally, it's interesting that the PCGS cert page doesn't list any related HA auctions, even though HA lists the PCGS cert page.
Gorgeous coin.
Question though.
Does the PCGS rule that only RD proof copper is eligible to receive a CAM or DCAM designation not apply to Flying Eagle proof cents?
The photo of the coin does not show RD to me.
FE’s do not grade with color designations. Nor do IHC CN’s.
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BTW, I have boug> @SanctionII said:
This coin is Copper-Nickel, not bronze. It is not designated as a RD/RB/BN as it is not the same composition. The composition changed in 1864, so all small cents 1857-1863 and some 1864s will grade without a color designation.
Thanks for the education folks.
I was in at $85k hammer 😢
Empty Nest Collection
No single coin result ever tells you anything about the overall market.
All comments reflect the opinion of the author, even when irrefutably accurate.
Guides are guides… they are not set in stone. Further, I suspect guides may not be reflective of the fact coins within the same grade are not created equal.
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Whatever.
Some coins are priced for billionaires. It gets tiresome after a while. I’d be happy with a decent looking PR-64.
This can be more true if there's only 1 coin in the grade, as is here!
Here's a PR64 CAC, courtesy of @DLHansen
I looked at it......................
Does that count?
Mike
My Indians
Dansco Set
IMO, this spotted one is not even close to the 66. I don't check auctions but this is the nicest FE I've seen in my life. To me it looks like a pattern strike. Is my problem that I haven't seen enough high grade FE or is this a super coin?
Did you see it in hand?
When you viewed it, is that an area of environmental damage next to the N in united?
Here is mine at PF64+. Im thrilled with this one, it looks great for the grade!
on line
Mike
My Indians
Dansco Set
@redraider: hey Jonathan, I’ll see your PR64+ (beautiful) & raise it to my PR65:
Also a beauty & not a lot of difference!
“The thrill of the hunt never gets old”
PCGS Registry: Screaming Eagles
Copperindian
Copperindian II
Indy Eagles
Gold Rush
Retired sets: Soaring Eagles
Copperindian
Nickelodeon
Early Walkers
Successful transactions: redraider, winesteven, renomedphys, splitaces, oreville, ajaan, Cent1225, onlyroosies, justindan, blitzdude, DesertMoon, johnnyb, Heubschgold, SunshineRareCoins, ParadimeCoins, ndeagles, Southern_Knights, pcgsregistrycollector
I like the look of this PR65 more than the PR66CAM. While not cameo, it looks just as eye appealing. A steal when compared to the 66CAM.
The 58 is a monster cameo. The price was quite impressive. I thought the coins went for strong money. I was an underbidder on three of the Indian cents. I was saving my money for the proof buffalos.
Does anybody know about the Greensboro Collection? This was something like the 11th installment.
Proof FE cents, when REALLY nice, are wonderful coins - not surprised that it went for strong money.