1837 LM-5 Capped Bust half dime in PCGS 63 Prooflike makes a tenfold gain
Bikergeek
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This coin sold in February 2020 for $2,160. Now it's sold for $21,600.
Can someone help me understand why?
My (infrequently updated) hobby website Groovycoins.com
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I think the most likely explanation, by far, is that at least two bidders thought the coin was a Proof. And if so, that they didn’t see it before the previous sale.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
So much for due diligence
Maybe someone will be looking for a refund
Mike
My Indians
Dansco Set
More times than not, when an auction coin sells for far in excess of what would be expected from its grade and attribution or designation, I believe that the top bidders have done their due dilligence.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Not a series I am familiar with, but some weakly struck reverse elements and a debate if proofs even exist from this year would make me think it's more likely an early business strike.
And this NGC Specimen 64 dime sold for $72,000 at Stack's Bowers.
A very difficult year for Proof half dimes and dimes.
That NGC Specimen-64 actually looks like a proof!
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
Mark…what would be the tell-tale features that would distinguish this coin from being a proof? Thanks!
Agree with you Typekat about the dime. It may wind up in a Proof holder in the future.
Nice coin, no wonder it brought that premium.
Message sent.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Is it a proof or is it mint state? To me, even if certified as a proof I would reject the coin. A weakly struck reverse like that on a "proof"? No thanks.
The 1837 specimen dime and PL half dime would make a great pair!
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I sold a CBHDime earlier this year on GC Auction that I had hopes of $6-800 and sold for $1200, while not truly comparable it still shows what a couple or few bidders can do to a auction amount. Great coin, regardless.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
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Can you share on here? I am curious as well
Because it turns out that I know both the buyer and the seller I don’t feel that it would be proper to discuss the coin. Otherwise, I’d be happy to.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
It is pretty common place amongst the JRCS ie the collector experts of the capped bust half dime series that the 1837 LM-5 isn't known in proof. In addition the strike is incredibly weak on the reverse, and thus the adage if it walks like a duck......blah blah blah, then it isn't a proof. Now maybe a TPG may possibly call it proof like but that is another meaningless description of classic American coins presumably invented to increase value.
Sorry, but I would rather have this one. The grade is MS-65, CAC. When I look at it with a 10X, I can't get over the relief on a business strike coin which is so small. Most examples of these type that you see were struck with damaged a clashed dies which don't show this level of detail.
The coin in the OP has some die polish marks which would not please me.
BTW, my photos don't do this coin justice.
:“a TPG may possibly call it roofline”;
?
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
thanks, fixed, I meant proof like
That's a true fact! Breen said that there were 6 1837 proofs - all of the LM-1 marriage - but Logan and McCloskey said in their 1998 book that they hadn't seen any of those.
I've stayed away from the Capped Bust half dime proofs. To me, the distinction between a really nice early-struck coin and a "proof" is hard to make, and I would be too cautious to expend tens of thousands on a coin designated "proof" - by anyone.
My (infrequently updated) hobby website Groovycoins.com
In addition, since there are no mint records to the contrary and proofs made for collectors didn't start until 20 or so years later as shown in the mint's own records. There are certain bust coinage that looks far and above the rest when it comes to PL surfaces, a small fraction have been described as presentation pieces, and correctly so imo. Those special examples do stand out above the rest and I would opine that it is fair to call them as such, presentation pieces but if it ain't one of those it ain't a proof and just because 2 auction buyers fight over a nice example of a bust coin with some proof like characteristics and pay ten times the value of a nonprooof example doesn't add one stitch of credibility to the inflated purchase price. But what it does add in no uncertain terms is just uncertainty imho. I wish those guys good fortune but in this case the fortune hunter again imo didn't strike silver.
Must have been nice to have DuBois personally assemble a collection of coins for you in 1838:
For me personally - and I have seen the OP coin at least twice in-hand - the PL designation fits best.
On the web: http://www.earlyus.com
Thank you for reporting, good to know