The Business Of Numismatics: July 2024 Greysheet Editor's Letter

Gold truly glittered in the Heritage Central States Signature U.S. coin auction, helping the total prices realized reach $27.8 million. Aside from a copper pattern, the top 15 highest priced lots in the sale were struck from the yellow metal that is dominating the headlines these days. Speaking of that copper piece, it was a unique Gobrecht dollar restrike pattern dated 1839 (J-109). Featuring no name on base, a plain edge, and stars on both obverse and reverse—the easiest way to know it is a restrike—the coin is graded PCGS PR64RB and realized $360,000. Interestingly, the Heritage catalog states that the coin’s last public auction appearance was in August 1941, while our own standard reference, United States Pattern Coins, 10th Edition, records an appearance at a Kagin’s auction in 1972. Pattern coinage has been a hot topic within Whitman Brands, as we are planning a major overhaul of the standard reference. Working in conjunction with the leading researchers and dealers in the field, we hope to bring it up to date with the most current information and pricing, especially.

Going back to gold coinage—and patterns—the leading lot of the Central States sale was the unique gold Half Eagle pattern dated 1863, with God Our Trust Motto. Certified PCGS/CAC PR64 DCAM, it sold for $810,000. Both aforementioned patterns were from the Simpson Collection, and another significant offering pedigreed to this enormous collection in the sale were early Bust Eagles. Three of these fell within the top six lots of the auction, led by a 1795 13 Leaves graded PCGS MS64+ at $600,000. This was followed by a 1796 graded PCGS/CAC MS62+ which sold for $360,000, and finally a very attractive 1799 Large Stars Obverse graded PCGS/CAC MS65 also at $360,000. These prices were fair to moderate, and while no price records were set, they did not sell cheaply either. Rounding out the Central States highlights was a beautiful run of Proof Saint-Gaudens double eagles. Two of the pieces graded NGC PR67, the first of these a 1913 that brought $252,000. The last NGC PR67 to sell of this date realized $168,000 in January 2019, and while this most recent sale is a record for the grade it was not a record for the coin overall, as that goes to a PCGS/CAC PR66 sold in 2021 for $336,000. The other NGC PR67 Saint was dated 1914 and brought $228,000, this easily a record for the coin as no prior example had sold in the six-figures. In an extremely uncommon occurrence, a pair of Proof 1908 Motto Saints were sold in back-to-back lots, one grading NGC PR67 and the other PCGS PR66+. The PR67 narrowly won out, selling for $222,000 versus $216,000 for the 66+. Both prices would have been records for the coin, emphasizing the strong price appreciation for rare United States gold coinage.

Steady is the best way to describe this summer market. A typical quiet period is generally the case in the lead up to August and the ANA World’s Fair of Money, as people take some time off and prepare for the second half of the year. In the context of the wider economic environment rare coins have more than held their own, and I do not expect this to change dramatically throughout the rest of 2024.