Bluesheet: LEGEND AUCTION SOLID, MARKET FIRMING UP

As we previewed in last week’s issue, the Legend Rare Coin Auctions Regency XVII sale was held in New Orleans with overall strong results. Gold coins led the way as far as top lots are concerned, with the 1879 Quintuple Stella pattern at $1,880,000, a 1915-S Pan-Pac $50 Octagonal graded PCGS MS63 at $79,315, a Gem 1907 $10 Indian Wire Edge at $61,690, and a 1900 $2½ Liberty graded PCGS/CAC PR68+ Deep Cameo at $58,750.

The most expensive non-gold coin was a PCGS MS66 graded 1937-D 3 Legged buffalo, which realized $55,815. This price is in line with other recent sales of this coin, and it is also one of the coins that differs in price significantly depending on which holder the coin is in, PCGS or NGC, as shown by our Bluesheet numbers. In the past four years, there have been six PCGS MS66 graded examples to sell at live auction, between $51,750 and $64,625, for an average of $55,940. (This average does not include the PCGS/CAC MS66+ that brought $88,125 last December.) One could conclude from this example that the gem 3-legger has weathered the price volatility of the last half decade quite nicely. (See table 1)

Another 20th century coin to sell – a common issue in an uncommon grade – was a 1940 Walking Liberty Half graded PCGS/CAC MS68, which brought $7,638. With attractive bluish-green toning, it is a pleasure to look at. One other result worth a mention from the Legend sale is the $4,230 realized by an 1830 Small 0 Capped Bust half dollar graded PCGS/CAC AU58+. This coin has a population of over 380 and would normally trade in the $800 to $1,200 range, but this specimen’s perfect colorful target toning and attractive surfaces brought out multiple bidders. It shows that five and six figure coins are not the only things buyers get excited about in today’s rare coin marketplace. Carefully chosen, original coins reward the collectors patience when it comes time to sell.

NEW SIGHT-UNSEEN BIDS REFLECTED IN POSITIVE SIGNS THIS WEEK
A number of sight unseen bids are reflected this week in the Morgan dollar series, along with the usual updates to gold type and $20 Saint Gaudens. Look for additional updates in Proof Like Morgans and Silver Commems in next weeks issue.