Baltimore Bowers Auction 1901-S Quarter

DrPete · March 5, 2010 12:16AM

Just looked at the B&M website. Did the 01-S quarter in PCGS MS 68 really sell for $285K hammer? WOW!

doh · March 5, 2010 12:17AM

Seems like it should be worth more...cool coin

Edit: looks like pre-bidding is over, but there is still live bidding...

JBatDavidLawrence · March 5, 2010 3:57AM

Yes, it did sell last night. In fact, I was lucky enough to be the floor bidder.
Here's my blog from last night on Stella Coin News

sinin1 · March 5, 2010 4:01AM

congrats

toooo many http's in your link or restricted or both

Broadstruck · March 5, 2010 4:09AM

Stella Coin News Fixed Link

David Lawrence Rare Coins Acquires “King of Barber Coinage”

Posted by John Brush at 5 March, 2010, 12:19 am. 66 views
Categories: Brush's Blog, DLRC (David Lawrence Rare Coins), News, Uncategorized

While attending the Whitman Coin Expo in Baltimore, Maryland this week, I was lucky enough to be the designated bidder for David Lawrence Rare Coins (DLRC) at the show’s official auction by Bowers and Merena Auctions.

As the auction approached, the finest known 1901-S Barber Quarter was to be offered as lot 737. Graded by PCGS as MS-68, this item is undisputedly the nicest known specimen and was described by the Bowers and Merena cataloger as the “King of Barber Coinage”. Thankfully the item was to go off after dinner and I was able to attend the bidding for the coin that DLRC had examined. As the son of the author of the Complete Guide to Barber Quarters, John Feigenbaum was intrigued by the piece and thought that this coin would represent a great opportunity to continue the David Lawrence legacy of appreciating Barber Coinage.

As the auction moved along, the lots moved quickly to the Barber quarters and after a few other items sold, the 1901-S approached. After spirited bidding, the coin dropped for a total of $327,750 including the buyer’s premium. As enthusiastic as I was to be the bidder, I believe that John was even more excited as he was on the other end of the phone as we celebrated the victory.

If you had the opportunity to view the piece at the Bowers and Merena Auction lot viewing or have seen it previously, you understand the importance of this coin and realize that you are in the presence of greatness.

While there are certainly other items that we will be purchasing at the show, this piece will by far outshine anything else that we could possibly buy and we are truly excited to be the new owners of this finest-known PCGS example.

Broadstruck · March 5, 2010 4:15AM

I got a call from a friend of mine who viewed it in hand and he was bidding into the MS66 price range as he thought he could rip it in a bad economy.

The funny part is although he was enamored with this date and possible owning the finest example, he's not much of a coin collector but heavily into comic books.

MFH · March 5, 2010 4:46AM

Congratulations to John and the entire David Lawrence staff.

DrPete · March 5, 2010 4:52AM

Congrats to DLRC on what is obviously an outstanding coin! It sold for far more than I expected in this economy, yet can still be considered a bargain given its rarity and grade.

I had the opportunity to know David Feigenbaum Lawrence, John's father, only via the telephone, but I appreciated his help as I was first starting my mint state barber half collection, now a completed gem set. John has helped me along the way, as well, being the source my current keys, 1904-S PCGS MS 67 Norweb, and the 1904-O PCGS MS66 Eliasberg, both centerpieces of my set.

I think that DLRC buying this coin is a fitting tribute to David Lawrence. Well done!

As I think of the top Barber silver dimes/quarters/halves extant they include (my order partly based on my assessment of value, rarity, demand):

1. 1894-S barber dime(s), and one of these has been attributed to David's memory.
2. 1892-O micro O half Eliasberg, MS 68, currently in the collection of Dale Friend.
3. 1901-S MS 68, vide supra.

What a great story!

123cents · March 5, 2010 5:39AM

I was watching at home and saw that it sold for $285K but didn't know DLRC bought it. Congrats!

roadrunner · March 5, 2010 9:27AM

I'm surprised that a coin this rare and no doubt famous has no listed pedigree. It certainly doesn't match either the Eliasberg or Norweb coins. The price realized seems staggering to me, esp. in this market. But it does seem that the caviar of art, comics, cars, and coins are still fetching summer 2008 money. No deflation in that price!

The finest known 1901-s "was" probably the James Stack coin in 1988/1989 b.d. (before dipping). As a pristine original that coin originally graded MS66. After the dipping it was upgraded up to MS67 and realized $250K+ in the heated late 1980's coin market. The coin would have had to have blinding luster and near perfect surfaces to get a 67 grade back in the 1980's. In any case the finest known 1901-s quarter was probably "lost" to numismatics over 20 years ago (ad). I liked the James Stack coin much better when it was fully original.

Any chance the coin just sold is the James A. Stack coin? The auction photos from the 3/1975 and Auction '80 sales are so tiny there's no way to match up the few tiny marks to be sure.

roadrunner

dbldie55 · March 5, 2010 9:44AM

I watched the auction online. Watching tonights session now.

Aegis3 · March 5, 2010 11:16AM

roadrunner, the "B&M" coin was previously in Superior's May 1990 sale, lot 3701, there as NGC MS68. No prior pedigree is given there either. Obviously dipped, too. I too thought about checking the Stack catalog, but there's no way one could get an answer here one way or another.

Broadstruck · March 5, 2010 11:30AM

<< I'm surprised that a coin this rare and no doubt famous has no listed pedigree. It certainly doesn't match either the Eliasberg or Norweb coins. The price realized seems staggering to me, esp. in this market. But it does seem that the caviar of art, comics, cars, and coins are still fetching summer 2008 money. No deflation in that price!

The finest known 1901-s "was" probably the James Stack coin in 1988/1989 b.d. (before dipping). As a pristine original that coin originally graded MS66. After the dipping it was upgraded up to MS67 and realized $250K+ in the heated late 1980's coin market. The coin would have had to have blinding luster and near perfect surfaces to get a 67 grade back in the 1980's. In any case the finest known 1901-s quarter was probably "lost" to numismatics over 20 years ago (ad). I liked the James Stack coin much better when it was fully original.

Any chance the coin just sold is the James A. Stack coin? The auction photos from the 3/1975 and Auction '80 sales are so tiny there's no way to match up the few tiny marks to be sure.

roadrunner >>

Hopefully Sunnywood will chime in as I think I recall him mentioning something about the MS68 example in an older thread

roadrunner · March 5, 2010 1:11PM

roadrunner, the "B&M" coin was previously in Superior's May 1990 sale, lot 3701, there as NGC MS68. No prior pedigree is given there either. Obviously dipped, too. I too thought about checking the Stack catalog, but there's no way one could get an answer here one way or another.

The current look of the coin shows some obvious toning. If it was completely white in the 1990 Superior photo, that would be a good indication that it was recently dipped (ie probably the Stack coin). If memory serves me correct I believe Paramount (ie Dave Akers) bought the Stack coin in 1975 for $5500 and offered it in their summer catalog for around $7500. It showed up in Auction '80 where Renrob bought it for $80K. They finally bailed on it in the late 1980's for around $120K at which point it upgraded following the transaction and was "flipped" for over 2X that price. If I compare the 1975 Stack sale prices of the MS67/68 gem 1865-s and 67-s quarters that brought $1800/$2600, the 1901-s went for about 3X the base price. And that ratio would still be maintained today with either of those worth around the $100K mark and both still finest knowns.

Mr. Eureka, Mark Feld and others who were active in that 1990 market would probably know if this was the James Stack coin. Doesn't seem very likely to me that the James Stack coin could have been upgraded for another point at NGC in 1989/90 but certainly possible. NGC was quite conservative at that time at no doubt wouldn't have minded that coin in their holder rather than in PCGS plastic. But either service rarely gave out the 68 grade. I happened to look at a Jan '88 PCGS pop report I had and at that time out of about 1,400 MS Barber quarters submitted only 1 made the 68 grade. They've maintained a similar ratio over the past 20 yrs. And as of my last pop report in mid-2007, there was no 1901-s PCGS MS68 yet.

For coins that should still exist in original superb gem condition (like Barbers) to me they lose a step once their dipped.

roadrunner

bidask · March 5, 2010 1:19PM

<< I got a call from a friend of mine who viewed it in hand and he was bidding into the MS66 price range as he thought he could rip it in a bad economy.

The funny part is although he was enamored with this date and possible owning the finest example, he's not much of a coin collector but heavily into comic books. >>

Broadstruck · March 5, 2010 1:27PM

Here's a scan of the James Stack 1901-S from the Stack's March 1975 sale.

PCcoins · March 5, 2010 1:35PM

Are any images available of the ms68 quarter? Must be a stunner... and is this example blast white or toned?

Broadstruck · March 5, 2010 1:39PM

<< Are any images available of the ms68 quarter? Must be a stunner... and is this example blast white or toned? >>

The Finest-Known 1901-S Barber Quarter - A Beautiful, Original PCGS MS-68 with a Pop of Just 1/0

Description:

This is the undisputed "King of Barber Coinage," the rare and eagerly sought 1901-S Quarter. The San Francisco Mint struck a mere 72,664 Quarters in 1901, which snatched the record low mintage for the Barber series from the hands of the 1896-S (188,039 pieces produced). This record would remain intact until 1913, when the San Francisco Mint delivered a mere 40,000 Quarters. The 1901-S is much rarer than the 1913-S in all grades, however, for the issue was saved in far fewer numbers by the contemporary public.
Indeed, little interest seems to have been taken in the 1901-S Quarter at the time of its production, especially numismatic interest. What interest there was in the 1901-S seems to have been focused entirely on the issue's usefulness as a circulating medium of exchange. And circulate these coins did, many of the 72,664 pieces being lost in the process and most survivors displaying heavy wear. As with most issues in the various Barber coin series, in fact, the only 1901-S Quarters that are seen on a fairly regular basis in numismatic circles are low-grade pieces in AG, Good and VG.
Even at the lower reaches of the numismatic grading scale, however, the limited mintage guaranteed that the 1901-S would be a scarce coin in an absolute sense. Rarity increases exponentially through the Fine, VF, EF and AU grade levels, at which point we find ourselves at the Mint State portion of the grading scale. Here the 1901-S is very rare, the small number of such pieces known to exist having survived almost purely as a matter of chance.
Prior to producing this sale, this cataloger had never seen a 1901-S Quarter with the technical merits and eye appeal of this awe-inspiring Superb Gem. This is the single highest-graded 1901-S Barber Quarter known to PCGS, and the coin fully deserves every bit of honor that derives from this important standing. Both sides are totally and completely original with a full endowment of bright, frosty mint luster. The obverse is largely untoned, and we see only a few speckles of extremely faint champagne-pink iridescence scattered about near the rims. The center of the reverse is brilliant, that side of the coin also displaying a halo of iridescent reddish-apricot peripheral toning. The surfaces are essentially pristine (the reverse, in particular, seems to be completely devoid of marks), and they are certainly as close to this distinction as we have ever seen in an '01-S Quarter. The strike is also near perfect, both sides overall fully defined with extremely minor softness of detail confined to star 11 on the obverse.
Far and away the finest-known example of the rare, key-date 1901-S, this captivating Superb Gem belongs in the finest Barber Quarter collection. A once-in-a-lifetime opportunity for the PCGS Set Registry collector, and a coin that would also serve as the centerpiece in a more expansive numismatic cabinet.

PCGS Population: just 1; 0 finer. There are no 1901-S Barber Quarters certified finer than MS-67 in a NGC holder.

rld14 · March 5, 2010 1:42PM

<< Yes, it did sell last night. In fact, I was lucky enough to be the floor bidder.
Here's my blog from last night on Stella Coin News >>

Congrats and it's nice to see that the coin has a good home.

roadrunner · March 5, 2010 2:08PM

That photo of the B&M coin comes out much more colorful than what I saw when hitting the website. From that I'm not sure it has been dipped.

The Stack coin looks a bit splotchy/mottled which is why it probably got dipped to "earn" another 1 pt. That's where the services reward bright luster at the expense of losing orig surfaces. 10-20 yrs later when the unimpressive brown secondary toning starts to form is when you pay for the earlier sin.

roadrunner

Broadstruck · March 5, 2010 2:11PM

<< That photo of the B&M coin comes out much more colorful than what I saw when hitting the website. >>

The image they had posted earlier this week was very cartoon like and I guess it was worthy of better representation.

pursuitofliberty · March 5, 2010 2:33PM

Congratulations to John and all the DLRC team on that one ... and thanks for the copy and paste Broadstruck ... what a fantastic coin!!

DavidLawrence · March 8, 2010 4:17AM

Thanks guys! I still cannot believe that I finally secured this coin. My father was first offered the coin immediately after it was slabbed NGC MS68 back around June 1990 and we simply couldn't afford it. Ever since, I have wondered about its whereabouts and I was shocked to see it in this month's Bowers catalog.

In my opinion this is the single most important Barber quarter in existence. The finest known (by a long shot) of the rarest date. And the economy has really moved this coin into a far more reasonable price level than I would have dreamed of a few years ago. I think this piece would have brought $500-600k easily back in 2006.

Anyway, I'm very excited to own it and look forward to placing it in a great collection!

DavidLawrence · March 8, 2010 4:39AM

p.s. there's a little more info about this coin, and perhaps more to come, on the David Lawrence Blog site.

roadrunner · March 8, 2010 6:35AM

The Legend blog mentioned this coin over the weekend: While the 1901S has a semi murky history (its been regraded a few times), it is still the finest 1901S. .

Since DLRC mentions the coin was upgraded to NGC MS68 during the summer of 1990, it is very possible that this is the James Stack coin since that is somewhat close in time to when it was dipped/upgraded to MS67. This would fit with the multiple regrades Legend mentions. But it still needs confirmation. Another upgrade 1-2 yrs later in 1990 from 67 to MS68 is certainly possible as the services were just starting to let their guards down a bit in handing out MS68 grades.

roadrunner

Aegis3 · March 8, 2010 10:37AM

Are there any other pictures of the Stack coin other than from the March 1975 auction and Auction '80?

roadrunner · March 8, 2010 1:19PM

It would be nice if there were other large photos of the coin. I was digging around the old cats tonight and dug up the Auction '80 cat and Paramount fixed price list from Sept/Oct. 1975. The photos are of equal quality and certainly better than the James Stack auction photo. But neither is definitive. Either photo seems to show star, arrow, and claw weaknessess to a different extent....and they don't exactly match the current B&M photo. Paramount's (Akers) description of the Stack coin in late 1975 is pretty impressive describing the coin as having "flawless surfaces" and possibly being the finest MS Barber of any date they had ever seen. Paramount at that time had a good eye for plucking the monster rarities out of the various auctions. The toning was described as "magnificent and completely natural. Their asking price was $9950, just short of doubling the auction price....and we gripe about 30% markups today! But one must temper this with the fact that by 1975 very few gem sets of Barber and Seated coins had yet to hit the market. And most of the ones that did seemed to have had a date with AAA cleaners along the way. It wasn't until the 1980's and then TPG's that bought a ton of gem fresh better date MS Barbers and Seated coins out from hiding.

Also ran into the 1984 Emery-Nichols catalog and that 1901-s gem 25c realized $27,500, a good price for that time being only 2 yrs out of the 1982 doldrums. It shares some toning similarities to the current B&M coin considering 25+ yrs of additional maturing has occured since. But the striking on the eagle's claw and arrows seems a bit weaker here. In that sale the "MS 65" 1876-cc 20c fetched $66,000. Overall, the Stack coin seems a better match imo. If the Emery coin were a monster, one would think that a price closer to $40-$50K would have been achieved, after all the Stack coin fetched $80-90K in 1980. But a number of great coins auctioned in 1980 did fall back to 35% of their former highs by 1982-1986.

I remember when Renrob bought the Stack coin in 1980 it was highlighted in their printed coin list. I would not be surprised if there was a larger photo of the coin from that time. That cat is around here somewhere too. Someone on the board knows what the pedigree is since a major coin like this that upgraded in the 1988-1990 market was the big game in town. It was like gunfighters shooting it out with the TPG's for upgrades. And the gunfighters were winning. Rick Sear upgraded the Stack coin to 67. No doubt he knows whether it later upgraded to 68 in June 1990. I can think of another half dozen dealers who who would know the facts as well. Looking through some PCGS/NGC pop reports from that time period would also resolve the issue.

roadrunner

DrPete · March 9, 2010 1:03AM

Roadrunner,

Great work in trying to make the match. I bet if anyone knows David Akers well enough, he would be able to tell you straight up where this 01-S quarter came from and if it's the Stack coin.

WinLoseWin · March 13, 2010 5:06AM

Here is a scan of the lot description for the NGC-68 that was auctioned at $550,000 in Superiors May 1990 sale (which also had the King of Siam set at $3,190,000 at lower PCGS grades than now). Could not get the entire reverse pic without breaking the spine on the catalog.

This picture is black and white. For some reason there was no color picture included while lesser coins were in the color plates. Even in black and white it looks like there is no toning which fits with the stories noted here which I also heard at the time, that it was a former slabbed 67 which was dipped.

Assuming it is the same coin, it must have started to retone. Is it done? Can't see the little depressions or marks under the eye that show in the Bowers photo shown on page 1 of this thread, though that could just be the lighting. Does look like a dot above the eye may match. Those who have seen it both times would know for sure. Would not think there are 2 MS-68's since the NGC one is no longer in the pop listings.

The Auction '80 and Stack sale pic and Emory-Nichols pics just don't seem good enough determine if it was one of those. Some of the big players from then could probably confirm what coin it is.

One thing is certain, it was a better price for the buyer now than in the 1990 sale.

Aegis3 · March 13, 2010 5:13AM

To me, matching the Superior May 1990 with the present "B&M" coins was most convincing with the (carbon?) spots above the eagles arrows, running approximately SW-NE (not shown in the cropped image.) Maybe I should see if that page is loose in my copy of the catalog. Also, the Emery-Nichols coin is not a match in my opinion.

WinLoseWin · March 13, 2010 5:37AM

<< To me, matching the Superior May 1990 with the present "B&M" coins was most convincing with the (carbon?) spots above the eagles arrows, running approximately SW-NE (not shown in the cropped image.) >>

Yep, you are right. Looking at my catalog that is a definite match. Maybe that can be matched with the Stack or another specimen. Don't have my Auction '80 handy, perhaps someone can look for that marker.

So can both of these catalog statements be true? Did not see any mention of toning in 1990 or maybe it was light enough that it has really not changed.

1990

<< ...mint bloom which can only be likened to new fallen snow. Indeed, its bright white luster...

<< 

2010

<< Both sides are totally and completely original with a full endowment of bright, frosty mint luster. The obverse is largely untoned, and we see only a few speckles of extremely faint champagne-pink iridescence scattered about near the rims. The center of the reverse is brilliant, that side of the coin also displaying a halo of iridescent reddish-apricot peripheral toning.

<<

JCMhouston · March 13, 2010 5:45AM

Congrats to JB and the DLRC team, that was a very nice piece to pick up.

DavidLawrence · March 14, 2010 10:11PM

WinLoseWin: Thanks for the research! I have no doubt that this is the same coin and also that the coin hasn't toned much since 1990. The toning I see on the coin today matches the b&w image. It's just hard to see it without color in the photo. Ironically, the luster in the B&W image more closely reflects the amazing surfaces on the coin better than the color image we see in the Bowers image.

We will re-image the coin soon here at DLRC and post an updated image as soon as possible.

Thanks again.

DavidLawrence · March 15, 2010 10:07PM

Just listed the coin for sale on the site. I haven't had a chance to update Bower's image yet, but she's officially listed for sale.

1901-S Barber Quarter PCGS MS68

291fifth · March 15, 2010 11:46PM

Quite a markup.

Broadstruck · March 16, 2010 2:50AM

Shame this thread didn't initiate in the COIN SWAPS, TAGS AND GIVEAWAYS forum

dbldie55 · March 16, 2010 3:35AM

I received an email denoting the item was for sale. I suppose if I was interested, I would have bid on it, given it sold for well overt 100K less than the current asking price.

dizzyfoxx · March 16, 2010 3:40AM

<< 

<< Are any images available of the ms68 quarter? Must be a stunner... and is this example blast white or toned? >>

>>

It's a 68??? How about those four hits on the cheek, or is that just part of the image???

DrPete · March 16, 2010 3:52AM

The above image is magnified something like 7x's on my 14 inch monitor. It is understandable that small marks will be seen more easily. An MS68 coin is not MS70.

I do not begrudge DLRC one bit for purchasing the coin (at whatever price) and putting whatever price they want to sell it for. We can read above that the coin traded hands quite some time ago for over $500K and it's cheaper than that now. It's no wonder some dealers don't want the coins they sell to be tracked for what they paid for the coin, and this includes sometimes having the pedigree removed, even if Norweb or Eliasberg. I wish I could buy the coin.

DeepCoin · March 16, 2010 5:15AM

So do we know who the underbidder was?

rld14 · March 16, 2010 5:22AM

Something tells me that if Mr Feigenbaum doesn't sell this coin right away that he won't be too terribly upset over it

291fifth · March 16, 2010 6:00AM

<< Something tells me that if Mr Feigenbaum doesn't sell this coin right away that he won't be too terribly upset over it

>>

There is an awful lot of money tied up in it. Dealers must turn their inventory to survive. They can't allow themselves to become museum curators.

tradedollarnut · March 16, 2010 6:01AM

looks like it sold already

Broadstruck · March 16, 2010 7:02AM

<< looks like it sold already >>

Nope TDN you can still add it to your shopping cart on the DLRC site.

Labelman87 · March 16, 2010 7:29AM

Having just gone through this thread, I do not believe that the James A. Stack coin is the B&M coin. I had the privileged of viewing the entire collection in New York ( I was young, honest!). The lot sold for $5,500 and it was a beautiful piece. The collection was original and sensational. (For Barber collectors), the 1909-S Half (lot 630) was ... WOW. I tried my best to get it, but got stoned. I really would have liked to view Bower's piece in person.

P.S. I still have my auction notes inside the catalog.

_________________
Craig

Sunnywood · March 24, 2010 2:22PM

Congratulations to John Feigenbaum and his company, David Lawrence, on acquiring what appears to be a magnificent example of a key Barber. The Barber coinage has always been a specialty of John's firm.

The Bowers PCGS MS68 does not appear to me to be the James Stack coin. Also, there was no PCGS MS68 as recently as a few years ago when I sold my Barber quarter set. There were three PCGS MS67, and this is not one of them. They were Gene Gardner's coin, the Hugon coin, and the Eliasberg coin.

For many many years there was a single NGC MS68 (and no 67's) on the NGC census. If I am not mistaken, I remember that NGC MS68 as being a blast white coin, many years ago. It is possible the NGC MS68 was the James Stack coin (after being dipped). But I can't confirm that. More recently, an NGC MC67 was added to the NGC census. There were several dipped milky white '01-S quarters on the market for a while, in NGC holders, but I think those were 65/66.

I am a little puzzled that John says this is the same coin that was slabbed NGC MS68 in 1990. Of course it is MANY years ago that I saw that NGC MS68, but I seem to remember it as a dipped blast white coin, and that's how I have it in my notes, with at most very light toning on the reverse (much less than it now has). If John is right (and I think he would know best !!!), then the coin would have had to acquire the toning since 1990 (which is very possible), and got crossed relatively recently.

Irritatingly, I can't find my Boys Town catalog, so I can't confirm the match that some of you are seeing.

By the way, even high-end coins are ENDLESSLY recycled and resubmitted, dipped, retoned, and jockeyed into different holders. One also wonders if dipped white coins that were NCS'd and sat on the market for several years without a buyer could acquire toning to make them more marketable? Probably not the case with this coin, whose toning appears to me to be absolutely correct for an '01-S and original. Look at the pullaway at the Q in QUARTER, for example - a marker of a slowly and naturally acquired patina. And I have written elsewhere about the unique toning of 1901-S silver coinage.

Sorry I'm not of more help in adding certainty or detail to the provenance, but I haven't been following this series as closely for the last two years. By the way, interesting how the "rare" 1901-S has so many superb examples floating around ... there are half a dozen that could be called superb, and I am not including any of the awful dipped milky white coins. There are also plenty of AG/G/VG '01-S quarters .... it really seems to be rarest in the mid-range grades up to 63.

Best,
Sunnywood

.

Analyst · May 15, 2010 12:40PM

I believe that the answers to most of the questions posed in this thread may be found in my article about this coin. I provide an account of its history and information regarding other superb 1901-S quarters. Further, I explain why Feigenbaum bought the coin and I mention the dealer who negotiated with Feigenbaum to buy it. Also, I discuss grading issues. Comments, both positive and negative, are welcome and are appreciated.

Thanks

Article on PCGS graded MS-68+ 1901-S Quarter

Article on the Olsen-Hawn 1913 Liberty Nickel

Baltimore Bowers Auction 1901-S Quarter

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