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Stack's Ford 2 Auction: I was there, I bought coins (2nd coin added)
ColonialCoinUnion
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Installment 2 of the Ford collection went to auction last Tuesday in New York - 300+ lots of Washington medals, high end colonials, huge money flying through the air and a complete lack of a buffet dinner.
Among the noteworthy items were 7 Higley coppers which, in addition to their historical signficance and enthusiastic collector interest, ranged in grade from very worn, corroded and scratched to only slightly worn and scratched, an unholed Northwest Company Token (most are holded AND corroded, which is a nice combination), couple of Church Pennies, Immune Columbias, Confederatio Coppers, NY Indian coppers, etc. Basically, it was all of the colonial coins in the Redbook that no one can afford.
The crowd was not as dense (in terms of numbers, not intelligence) as Ford 1, which I think is attributable to the fact that Ford 1 featured specialized New Jersey and Vermont coins by die variety which appeal to specialists and generalists, while Ford 2 was mostly generalist material other than the medals. I guess. But the big time collectors and buyers were there in droves.
Anyway, prices started out nuts, with a few heavy hitters bidding the Washington silver Getz cents into the $200,000+ range. I had one of them pegged at about $50K, which was not quite right.
The Higleys went high for what they are, in my opinion. All brought $30,000+ I think (in my view, kind of a lot for coins in very rough shape - VG to F stuff, unevenly struck with some mondo-scratches on them). The best one brought a resounding $190,000 hammer to dealer Don Kagin- that one was XF, nice color, wonderful even strike but with some significant scratches in the obverse field. The second best one hammered for $85,000 and I would consider it to be F - VF with pitted surfaces. Nice color though and probably the most aesthetic of the group of 7. The others were snapped up by hungry collectors who depserately wanted the type and had evidently decided against buying a sportscar instead.
And on it went - amazing to see what happens when some of these rare coins come on the market. Most of the rare colonials in the offering exist in TOTAL populations of 20 coins or less - including the Church Pennies, NY Indians, Standish Barry, Immune Columbias, Confederatios, etc., so you either buy them now or wait another 5, 10 or 20 years for a significant offering to come on the market. At which time you'll pay much more.
Interestingly, the rarest coins in the sale brought 'relatively' low prices - the Chalmers Rings Shilling of which there are 5 known hammered for $150,000 I think, while the Maryland Penny (finest of 6 known), Large Head Non Vi Virtute Vici and Immunis Columbia Large Eagle (one of 3 known) went for less than other more common coins. My theory is that some of these coins are so rare as to be uncollectable, so a lot of people don't even consider them part of the colonial series - or know they can't afford them so don't even try.
All in all it was another landmark event.
See you at Ford 5 and 6 in October -
Among the noteworthy items were 7 Higley coppers which, in addition to their historical signficance and enthusiastic collector interest, ranged in grade from very worn, corroded and scratched to only slightly worn and scratched, an unholed Northwest Company Token (most are holded AND corroded, which is a nice combination), couple of Church Pennies, Immune Columbias, Confederatio Coppers, NY Indian coppers, etc. Basically, it was all of the colonial coins in the Redbook that no one can afford.
The crowd was not as dense (in terms of numbers, not intelligence) as Ford 1, which I think is attributable to the fact that Ford 1 featured specialized New Jersey and Vermont coins by die variety which appeal to specialists and generalists, while Ford 2 was mostly generalist material other than the medals. I guess. But the big time collectors and buyers were there in droves.
Anyway, prices started out nuts, with a few heavy hitters bidding the Washington silver Getz cents into the $200,000+ range. I had one of them pegged at about $50K, which was not quite right.
The Higleys went high for what they are, in my opinion. All brought $30,000+ I think (in my view, kind of a lot for coins in very rough shape - VG to F stuff, unevenly struck with some mondo-scratches on them). The best one brought a resounding $190,000 hammer to dealer Don Kagin- that one was XF, nice color, wonderful even strike but with some significant scratches in the obverse field. The second best one hammered for $85,000 and I would consider it to be F - VF with pitted surfaces. Nice color though and probably the most aesthetic of the group of 7. The others were snapped up by hungry collectors who depserately wanted the type and had evidently decided against buying a sportscar instead.
And on it went - amazing to see what happens when some of these rare coins come on the market. Most of the rare colonials in the offering exist in TOTAL populations of 20 coins or less - including the Church Pennies, NY Indians, Standish Barry, Immune Columbias, Confederatios, etc., so you either buy them now or wait another 5, 10 or 20 years for a significant offering to come on the market. At which time you'll pay much more.
Interestingly, the rarest coins in the sale brought 'relatively' low prices - the Chalmers Rings Shilling of which there are 5 known hammered for $150,000 I think, while the Maryland Penny (finest of 6 known), Large Head Non Vi Virtute Vici and Immunis Columbia Large Eagle (one of 3 known) went for less than other more common coins. My theory is that some of these coins are so rare as to be uncollectable, so a lot of people don't even consider them part of the colonial series - or know they can't afford them so don't even try.
All in all it was another landmark event.
See you at Ford 5 and 6 in October -
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Comments
Cameron Kiefer
roadrunner
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Al
<< <i>I bought coins >>
Soooo, what'da buy?
It was there for show only. Right now it appears to be the best 1 of 3 and
I am not ready for it to go to bid.
The C4 people have been extremely helpful in letting my find be known and I won't forget them when
I decide to let the piece go.
<< <i>
<< <i>I bought coins >>
Soooo, what'da buy? >>
OK. I'll reveal juuuuust a little bit so as to retain some drama here in the forum.
I bought this coin - lot 327:
Its a New York Theatre Token circa 1797. This example, which you can't see in the black and white picture, is a stunning Choice Unc. with about 50% of the original red remaining.
I had to have this coin for several reasons:
1) There are 15 known, of which this is the highest grade example with the most original color.
2) It is sufficiently rare that it bares the unusual distinction of being listed in the Redbook but UNPLATED.
3) It is a huge coin about the size of a Morgan Dollar with a really cool design - and as it is totally different in design and size to most other colonials it makes a nice addition to a collection.
4) Any other example that is close to this one in condition is unlikely to come onto the market again anytime soon - and if it did, it would be expensive.
So, theres one, anyway.
---------------------------------
"No Good Deed Goes Unpunished!"
"If it don't make $"
"It don't make cents""
I am truely impressed! Will you ever show us a color image?
Great report and killer coin. Congrat.'s. K
My 1866 Philly Mint Set
I was there also, even though I didn't even bid on anything. (The real rareties aren't in my budget, and though I'm facinated by colonial issues, I know too little to just jump in.) Yes, I went just to drool. I was floored by some of the hammer prices.
e-mail me here
WINNER:
POTD 8-30-05 (awarded by dthigpen)
POTD 9-8-05 (awarded by gsaguy)
GSAGUY Slam 12-10-04
<< <i>I was there also, even though I didn't even bid on anything. (The real rareties aren't in my budget, and though I'm facinated by colonial issues, I know too little to just jump in.) Yes, I went just to drool. I was floored by some of the hammer prices. >>
Where were you Goldfinger? I was in the back right corner of the room pressed against the wall so as to keep all of the action in front of me. Which, coincidentally, is exactly where I used to sit in all of my high school classes.
Described by Stack's as follows:
1787 Excelsior. New York State Arms obverse. Heraldic Eagle reverse. Variety with small eagle on obverse facing left. Cr.VII, 22; Br.979. Very Fine, or slightly better. 147.4 gns. 28.0 mm. 1.5 - 1.6 mm. thick. Both sides are toned in a light olive gold. The fields are smooth and hard, showing just microgranularity principally on the reverse. The obverse is well centered, with the eagle's head and the tops of its wings still on flan. The reverse is slightly off, to the top, but only the tops of a few of the letters in the legend run off the flan. New York Arms side fairly well struck, center of shield soft as usual; eagle side similarly well struck, center of shield soft, as made. Clear planchet cutter lip visible on the obverse at the left, partially at the right. Graded Very Fine by Ryder.
Ex F.C.C. Boyd Estate; earlier, ex Hillyer Ryder, Henry Chapman on February 16, 1909.
I bought this one becuase in my detailed census studies, I have found just a couple of examples that offer a nice combination of attractive color, surfaces, round planchet, sharpness, centered strike and originality without any nicks or scrapes or corrosion or defects, etc. Others are better struck but have other flaws, some without flaws are very dark, etc.
By my count, this coin is 3rd of 4th finest known of the Eagle left variety.
For comparison, I 've attached my census page of the PCGS AU55 coin sold at Goldberg in 2002. That coin was cleaned, more worn and had a large square hole in the middle of the reverse as shown (perhaps an old jewelry mount or something). Note also that Goldberg's description (enlarged below) is filled with inaccuracies as to population, census ranking, etc.
1787 New York "Excelsior" Copper. Eagle facing left. PCGS graded AU-55. Excelsior, the very name is part of the holy grail of United States Colonials, for it is tied directly to the famed Brasher Doubloon of the same date and to the die maker of each, John Bailey. Perfect light brown in color, the devices are generally well struck and enhanced by slightly darker hues in the fields that surround them. A touch of weakness on the small central shield, with the sun over the mountains and rays above weak, perhaps as much from die failure as strike. Quickly identifiable by a small dig at the center of the shield on the reverse, although we were unable to trace this one to any previous auctions. A classic rarity in any grade, and this particular coin is certainly one of the very finest known. Breen estimates that 15-20 are known, and that seems too high. Many of the great colonial collections of the past several decades did not have a specimen, and those that did often could only locate a rather low grade piece. These patterns were struck by John Bailey and possibly for Ephram Brasher as state coinage proposals for New York, they incorporate the State Arms of New York on the obverse, the reverse with the Great Seal of the United States loosely copied with a large eagle with outstretched wings, E PLURIBUS UNUM around, and 1787 below. These New York arms are found on that state's paper currency issue of April 18, 1786, as engraved by Peter Maverick (Breen). Their heraldic blazoning: "Sun rising over three mountains, sea in foreground, all proper; crest, eagle surmounts demi-globe on torse; dexter supporter, Liberty with cap and pole; sinister supporter, Justice, with scales." EXCELSIOR, or "More excellent, more noble," is the state motto: (Newman). As to rarity, PCGS has graded just two examples, this coin as by far the finest in AU-55, on one other grading EF-40. Although a different example, this one is very similar in grade to the Garrett coin offered in 1979. This particular coin is a later die state, and that may account for the central obverse weakness. Note the rim crumbling below the date and around the periphery. Many are poorly struck and off center, this one is well centered and rather sharp for the issue. Others are listed below. A foremost opportunity, and we feel this colonial is underrated and may prove to be far rarer than currently reported, once the pedigree chains are connected and further research is accomplished.
Cameron Kiefer
are superb in every respect
the ultimate in rarity and desirability
maybe i do not get around much? but the best overall i have seen in both cases
michael