Legend Rare Coin Auctions' August 3rd Market Report
Let us start by thanking everyone who made last week’s Regency Auction 27 a huge success, with 91% of the lots sold going directly to collectors! With a week passed, we have had a chance to review the results. The observations made here are generalizations of what we see happening in the overall market for U.S. rare coins.
First, PCGS/CAC coins are experiencing the highest amount of demand. The biggest buyers are demanding these, thus prices have remained strong and have gotten stronger. As these coins disappear into the “giant black hole” of collections, prices will keep going up when great examples come to the market. Coins that are not PCGS/CAC are seeing more mixed results. Quality and eye appeal is KEY. Legend Rare Coin Auctions strives to offer only the very best quality examples in our sales. That is why we vet, or perhaps a better term is “curate” the consignments to our sales. No other auction firm does that! That is what makes our boutique auctions (whether Regency or Premier Session) different, you know that the quality has been approved by a team of bourse floor trained experts—you really can bid with confidence!
When a great collection is consigned, the specialists flock! Take a look at the results of the RanJack Morgan dollars we just sold. The room was standing room only for those coins. Fierce bidding wars broke out over many of the coins, with collectors bidding beyond moon money for many coins. We noticed that collectors were actively bidding on patterns from the Steven Cook Collection. While not the highest grade coins, these were in the price range for many numismatists, and we had a record number of winning bidders for patterns, including first time buyers, and old timers we have not seen in a long time. When people who were active years ago come back into a market, you know that now is the time to start a collection.
Looking out over the next few weeks, the ANA show, the biggest and traditionally most important coin show of the year is coming up. We have reviewed the auction catalogs that are being put out for that one event. With the sheer volume of material coming out—U.S., World, Ancient Coins and U.S. and World Paper money auctions—how many acres of forest were cut just for the printing of those phone books. There are well over 16,000 lots being sold over the course of ANA week! How can anyone focus on the all of the auctions AND a bourse floor. Clearly coins will fall through the cracks. Not only that, but there are so many lower quality coins between the good coins. Who wants to sift through hundreds of coins to find the few ones to focus on?
At the ANA, you will see the difference. Come to our table, we will have on display highlights of our September Regency Auction. Anchored by the Kontantine Collection of Capped Bust Half Dollars (see press release below) and the Hallett Collection of Mercury Dimes, each of these sets was assembled by dedicated collectors. They were not just buying grades on plastic. Other great highlights will also be on display. Compare what is in our Regency Auction, to what is in your typical coin auction, let us say, there really is a difference!
Consignments are still being accepted for the September Regency Auction, but space is limited and quickly filling up. See us at the ANA to consign, Julie, Greg, and Jessica will be at tables 523, 525, 527 and walking the floor accepting consignments. We will begin posting highlights shortly, so be prepared to be amazed!
August Premier Session is going to be posted on August 9 for bidding. This has a great selection of coins at all price points from around $500 to $12,000 and has a great selection of collector oriented coins. We are offering a complete set of Peace dollars, all graded by PCGS and most are CAC. Not only that, but quality and eye appeal wise, they are all there and then some. Every coin has been vetted by Laura Sperber and approved by her for inclusion in the sale. You know that even if a coin in the sale is not CAC it has passed muster by her. You know how tough she can be!
Legend Rare Coin Auctions to Offer The Konstantine Collection of Capped Bust Half Dollars, the #1 Collection of Capped Bust Half Dollars with Major Varieties, 1807-1836 on the PCGS Set Registry.
Fabulous collection features many Condition Census and Finest Known examples.
(Lincroft, NJ—July 30, 2018)—Legend Rare Coin Auctions today announces with great honor and pride that the Kontantine Collection of Capped Bust Half Dollars will be auctioned in Regency Auction 28, on September 26, 2018, the official auction of the PCGS Members Show. Anchoring the firm’s second two-day Regency Auction, this world class collection was very carefully assembled by a very astute specialist collector over several years. The Konstanine Collection includes many finest known or high Condition Census pieces, many pedigreed to some of the greatest collections ever assembled. The composition for the Registry Set is made up of the 73 major varieties of Capped Bust half dollar listed in A Guide Book of United States Coins, struck from 1807 to 1836 when the Lettered Edge type was discontinued.
In the Introduction to the Collection, Legend wrote of the Capped Bust series and the Konstantine Collection in particular:
In all of American Numismatics, the Capped Bust Half Dollar is one of the most popular series to collect and has delighted collectors for ages. Looking at the series, there is a lot to like. It combines a beautiful, charming design, large size, precious metal content, and a history that goes back to where America began to “grow up.” Because of their place in a larger economic sense, Capped Bust half dollars, perhaps more than any other 19th century type, is widely available to collectors in all qualities, making them a wonderful specialty whether your budget allows for six figure purchases, or a more modest three-figures. There are attractive coins in all ranges where you can build a collection that will be both meaningful to you as the collector, and impressive for even the unacquainted to enjoy.
The Konstantine Collection currently ranks as the #1 PCGS Registry Set of the Red Book listed varieties, an assemblage of 73 different coins, and is 100% complete. To be #1, you know that the coins are going to be high grade, and the collector was diligent in buying not just high-grade coins, but high quality for the grade as well. As you read the descriptions, you will find coins pedigreed to other great collections of the past: Eliasberg, Norweb, Pogue, Gardner, Newman, Link, and others. It becomes apparent as you review each of the coins in the collection, that the collector carefully selected coins that would appeal to a very wide range of collectors, with wonderful quality coins that will fit in nearly every budget. Once the hammer falls on the final lot, the Konstantine Collection will rightly join its place among the great collections of Capped Bust half dollars.
Legend Rare Coin Auctions is proud and honored to offer this amazing collection in Regency Auction 28. It is the hope of the consignor and Legend Rare Coin Auctions that each of these 73 coins finds itself in another world-class collection. Whether you are interested in just a single, magnificent gem for a type set, an interesting representative of a date, or need that Condition Census Overton variety for your specialized die variety set, there is no doubt that the Konstatine Collection will have something for you.
“We are very excited to sell this world class collection,” exclaims senior numismatist, Greg Cohen, who cataloged the collection. “There are several varieties that are listed that are major rarities in the collection, difficult to locate in any grade; completing this set can be a Herculean task. While the majority of the coins are Mint State, there are a number of coins that are circulated, making this a true collector’s set”
Of the major varieties that are rarities in the series, regardless of condition, the following stand out:
1807 O-111B. The Bearded Goddess. PCGS AU53 CAC.
1812/1 O-101A. Large 8. PCGS AU50
1815/2 O-101A. PCGS MS63
1817/4 O-102. PCGS VF35 Ex Pogue
1830 O-114. Large Letters Reverse. PCGS XF45
“There are many coins that may be described as ‘irreplaceable,’” Cohen continued. “While some of the coins are known primarily to serious students of the series. There are many coins that are considered among the finest or the finest for the variety, those coins, while not necessarily rare in the absolute sense are extremely so in the condition that are contained in the Konstatine Collection and are fabulous coins for collectors of high grade type to include in their sets. The coins that fall into this category, you can clearly tell, were selected with care to include only very eye appealing coins.”
Among these highlights are:
1807 O-114. Large Stars. PCGS MS65 CAC
1808 O-103. PCGS MS67 CAC
1814 O-103. PCGS MS66+ CAC
1824/1 O-101. PCGS MS64+ CAC
1830 O-106. Small 0. PCGS MS65+ CAC
1836 O-104A. PCGS MS65 CAC
Highlights of the Konstantine Collection will be on display at Legend’s table at the upcoming American Numismatic Association’s World’s Fair of Money, August 13-18, tables 523, 525, 527. Highlights will also be on display at the September Long Beach Expo, September 5-8, table 601. The entire collection will be available for viewing in Legend’s offices by appointment only. For more information about this collection, call or email 732-935-1168, .
Consignments are still being sought for this important numismatic event, but space is limited. Contact a consignment specialist today.