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Current News and Analysis
of the United States
Rare Coin Market

Major Auctions Headline Month of August

July 29, 2013

Idler/Bebee Class III 1804 Bust Dollar

Idler/Bebee Class III
1804 Bust Dollar

     Many coin dealers are finishing up vacations while others are preparing for the ANA World’s Fair of Money in Chicago, Illinois, August 13-17. This annual show takes place in a major city every year and is always one of the great numismatic events.

     The ANA will be displaying some superb rarities for the public to view. Among them will be the Idler/Bebee Class III 1804 Bust Dollar, the Bebee 1913 Liberty Head Nickel, and the Rittenhouse 1792 Half Disme.

     The 1804 Dollar is probably the most recognized of all U.S. rarities, with the 1913 Nickel a very close second. Both coins always attract lots of attention when they are up for auction; while they are not for sale at this show, they will still be the highlights of the many exhibits.

     The Half Disme was the first coin authorized by the Mint Act of 1792. This exhibition coin belonged to the first Director of the U.S. Mint, David Rittenhouse. In January of this year, another 1792 Half Disme, graded SP67 PCGS, realized $1.41 million as part of the Heritage FUN Signature Auction in Orlando. The mintage of these coins is roughly estimated at 1,500-3,000, though it is likely that only 200-300 of them survive to this day.

     Stack’s Bowers Galleries hosts the official auction for this year’s ANA. With so many potential highlights, including a long list of non U.S. numismatic material, this will surely attract many elite collectors and will likely set some new price records. Included in the sale will be a 1908 S $10 Gold Indian in NGC MS69. It is described as nearly flawless and should attract many Registry collectors. Also, there is a truly rare 1933 $10 Indian in PCGS MS64. Since this date is so infrequently offered, most dealers expect some very competitive bidding.

     Another of the many rarities to be offered is the 1889 CC Morgan Dollar in PCGS MS68. This is the Eliasberg, Jack Lee coin and it is by far the best this date has to offer. NGC has certified one coin in MS67 and there are a total of six coins certified as MS65. For more information on this upcoming sale please check the Stack’s Bowers Galleries website.

     In the week prior to ANA, Heritage Auctions will conduct a sale at the Hyatt Rosemont Hotel. The obvious highlight of this sale is the 1804 Bust Dollar. This is the Mickley-Hawn-Queller Class I Dollar in PCGS PR62. It sold in 1993 for $475,000 and then again in May 2008 for $3,737,500 by Heritage. Other highlights include a 1795 $10 Gold 13 Leaves in NGC MS65, a 1797 $10 Gold Small Eagle in NGC MS63, and an 1884 CC Morgan Dollar PR66 Cameo certified by NGC. The Platinum Night Sale will be a strong prelude to the ANA and should attract lots of bidding activity. For more information visit the Heritage Auctions website.

     This week’s charts are covered with adjustments in most series. Half Dollars through Silver Dollars are showing signs of a steady to rising market with lots of increases in most grades.

     The better date Seated Half Dollars are not lasting long in inventories and dealers are increasing their buy prices to tempt sellers. The 1863 S in MS63 jumped to $2,150 Market and $3,850 in MS64. The 1871 CC moved higher in grades Fine through AU50 with the latter now at $4,425 Market. The 1874 CC advanced in MS60 and MS61, now at $12,500 and $14,250, respectively.

     There has been no letup in the Dollar Market we mentioned last week. There are lots of increases throughout all the charts with many aggressive buyers. The only downturn is for the most common date Morgan Dollars, in MS63 through MS65, where prices have retreated just slightly due to excess inventory on the market.

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