Numismatic Rarities in Relocated Auction There are more than $35 million (!) worth of coins consigned to this auction, which ensures that the eyes of the entire numismatic community will be focused on Heritage during the first week of November. We're proud to present our latest Platinum Night Session as part of this auction, featuring some of the finest and rarest coins in existence. There are several important anchor consignment, starting with the Philip H. Morse Collection of Saint-Gaudens Coinage, the most valuable single session one-owner coin auction of all time. As if that isn't enough, Jack Lee's incredible silver dollar collection leads the list of over 230 additional consignments for this auction. Both of these incredible collections have been profiled in depth in previous week's editions of Coin News. We're very pleased to offer Part Two of the Napa Valley Collection, the first part of which sold in our Palm Beach Signature auction earlier this year. This time, we're offering the Gem Deep Mirror Prooflike and other Carson City Morgan dollars from this exceptional collection. This collector has been seriously pursuing a wide range of numismatic items for more than three decades, after an early introduction to rare coins as a youngster. He has been especially interested in the great series from the nineteenth and early twentieth centuries, preferring their history, their beauty, and the challenge of finding specimens in high grade. The consignor has always sought the highest grade he could afford, with particular emphasis on luster and strike. Highlights of the Napa Valley Collection, Part II include: 1879-CC $1 MS65 Deep Mirror Prooflike NGC. 1889-CC $1 MS64 Deep Mirror Prooflike NGC. 1892-CC $1 MS65 Deep Mirror Prooflike PCGS. The wonderful dimes of the Brooke and Paige Pennington Collection of Mercury Dimes deserve special mention. Each and every dime in the collection features a full strike, and the set is ranked as #17 Current Finest on the PCGS Registry, Mercury Dimes Full Bands Basic Set, Circulation Strikes (1916-1945). We're very proud to present it to the numismatic community. Highlights of the Brooke and Paige Pennington Collection of Mercury Dimes include: 1916-D 10C MS66 Full Bands PCGS. 1917-D 10C MS65 Full Bands PCGS. 1918-D 10C MS65 Full Bands PCGS. 1918-S 10C MS66 Full Bands PCGS. 1945 10C MS65 Full Bands PCGS. The Petosky Collection reflects the wide-ranging numismatic interests of the consignor," Rohan added, "with specimens ranging from Flying Eagle cents to double eagles, with strengths in Mercury dimes - his 1916-D is MS63 PCGS! - and Morgan dollars, highlighted by a most attractive matched set, with an AU50 1893-S certified by PCGS. His pursuit of Morgans harkens back to the 1964 releases, when for two weeks, he received his paycheck in silver dollars. Later, when the CC hoard was released, he picked up additional specimens. He acquired his 1895-S Morgan by trading six rolls of circulated silver dimes during the Hunts' great run-up of silver. As the consignor achieved greater business success, he began to buy from the major dealers. His serious pursuit of higher quality Mercury dimes began in the nineties after decades of circulation collecting and trading. Highlights of the Petosky Collection include: 1856 1C PR40 PCGS. 1916-D 10C MS63 PCGS. 1889-CC $1 AU53 PCGS. 1893-CC $1 MS63 PCGS. 1893-S $1 AU50 PCGS. 1903-S $1 MS64 PCGS. The consignor of the Sounder Collection began collecting coins more than 30 years ago in a somewhat typical fashion, pushing coins into blue Whitman albums. After a 15-year hiatus, he returned to the hobby in 1999 and gravitated toward Registry quality coins. He first sought Walking Liberty half-dollars, and Proof coins of all denominations dated 1936 to 1942. His collection later expanded to include Proof examples of Lincoln cents and Buffalo nickels through 1916, and each reflects the consignor's dedication to building the highest quality Proof sets. Highlights of the Sounder Collection of Proof Registry Sets include: 1911 1C PR66 Red PCGS. 1913 5C Type One PR68 NGC. 1936 5C Type Two--Brilliant Finish PR68 NGC. 1940 5C Reverse of 1940 PR68 PCGS. 1936 10C PR68 NGC. 1936 25C PR67 NGC. Dr. Stephen Winarick's interest in rare coins started at the age of nine, when he accompanied his grandmother and aunt on an antiques shopping trip to Fonda, New York. Sitting at an antique desk in one shop, he opened the drawer and found two double eagles and a handful of Indian cents. The dealer sold him all the coins for $40. Dr. Winarick's eye for quality also started at this young age, because when he returned home, he noticed that one of the Saints had a gash on the reverse, and he returned it to the dealer! He still has the other. After attending medical school, he sold his first collection, but never lost his interest in old coins. He started buying seriously again in 1989, and by the early 1990s, was focused on buying American gold coins. He especially liked the $2.50 and $5 Indians, completing both sets, and then began to pursue early gold. His eye for quality never dimmed, as will be apparent to anyone perusing these exceptional specimens. Highlights of the Dr. Stephen Winarick Collection include: 1854 G$1 Type Two MS63 NGC. 1911-D $2 1/2 MS63 NGC. 1874 $3 MS63 PCGS. 1802/1 $5 MS61 NGC. 1809/8 $5 MS62 NGC. 1810 $5 Small Date, Large 5 MS60 PCGS. Other featured consignments to the Palm Beach Signature Auction include the The Daniel D. Biddle Collection of Washington Quarter Registry Sets, The Ross Bailey Collection, The Hensley Collection, The Kallenberg Registry Set of Walking Liberty Half Dollars, The Lexington Collection, and The New Zealand Collection. Additional Auction highlights include: 1853 $20 MS63 NGC. 1862 $20 MS64 NGC. The Finest Known. 1792 H10C Judd-7, Pollock-7, R.4, MS63 NGC. 1919-D 50C MS65 PCGS Ex: Jack Lee Collection. 1796 $2 1/2 Stars MS62 NGC. 1796 $10 MS62 PCGS. 1920-S $10 MS65 NGC. 1889 $20 PR66 Ultra Cameo NGC. Complete Type Set of Commemoratives, MS66-67 PCGS. This auction is open for bidding now at HeritageCoins.com! Back to Top

Heritage is pleased to offer for sale the legendary 1884 Trade Dollar, one of only 10 specimens known, in our Platinum Night session on Thursday, November 3. This is the Clint Hestor "Menjou"-Baldenhofer-Wolfson-French coin, and one of the finer examples known.

The idea of having a competing coin to circulate in the orient was hatched during the early 1870s. At first, patterns were coined of "commercial dollars" which were to serve this purpose. Other countries produced their own silver coins for overseas trade, and America had not addressed this important issue.

By the time 1873 rolled around, Congress decided to mint a new coin called a "Trade Dollar" and the appropriate legislation was passed. Compared with regular issue silver dollars then current, the new silver content was increased slightly to 420 grains in order for them to compete with other foreign coins then in circulation as trade coins. Coinage began in earnest, and it is worth stating that the western mints were the primary benefactors of this new coin. Both the Carson City and San Francisco Mint churned out millions of the new Trade dollars, many for export overseas to the orient (those mints being much closer to this important trade region than the Philadelphia Mint).

Many of the coins sent overseas received "chop marks", or merchant punches showing who accepted them in trade. In addition to those Trade dollars sent overseas, a number circulated in America. In fact, the heavier Trade dollars were preferred to the earlier Seated dollars as they contained more silver. This fact was important and fruitful for Trade dollars, until later in 1875 and 1876 when the price of silver fell to levels well below face value.

From the beginning in 1873 Trade dollars were legal tender and thus circulated freely through the United States. In 1876 the market value for silver had fallen so precipitously that silver could be purchased on the open market for nearly a ten percent discount and then turned over to the mints for coinage. Such a spread is hard to beat, and anyone paying attention had a virtual license to coin money. All the silver that could be purchased was no doubt gathered up, sent to the mints, coined into Trade dollars, and all for a tidy profit of nearly ten percent.

Congress rose to the challenge and demonetized the Trade dollar, thus closing the doors to this market abuse. However, very soon it was back to the old monopolistic ways of insiders and mine owners demanding special favors, for the Sherman Silver Act would be passed in February 1878, and the mine owners of the Nevada Mother Lode would continue dancing in the streets of Carson City. The trough of silver could be filled for decades from the mines, and the Federal government would shell out billions to the mine owners' monopoly.

With the passage of the Sherman Act and the demonetization of the Trade dollar, demand fell for this issue, and business strikes halted as 1878 drew to a close. Nothing was done to officially kill the coin, so when 1879 rolled around, the normal orders from proofs were filled for collectors with new Trade dollars from 1879. This trend continued through 1883, with proofs being coined in sufficient numbers to satisfy demand. Something changed in 1884, and serious inside dealings took place. No 1884 Trade dollar proofs were coined for the public, but 10 pieces were coined for special interests very quietly. In 1885 another 5 pieces were coined, and these were apparently the last Trade dollars struck at the Philadelphia Mint.

Obtaining an 1884 Trade Dollar has always been a great challenge, and years may go by between offerings. The present example is apparently the fourth finest known of the ten produced, and is the only PR65 reported by either grading service. The obverse and reverse are brilliant white with just a trace of dark toning near the devices visible with a loupe. On the obverse we note a curling lint mark low and left of star three, touching the lower left point and curving up toward the rim above the outer point of that star, in the general shape of a question mark. There are also three tiny nicks near the inside point of the eleventh star. For further plate matching, the reverse has a tiny graze in the field left of the U in UNITED and a minute speck in the field below the E of AMERICA.

All in all, this is a beautiful coin which is stark white save for a hint of dark gold as noted along the left wing of the eagle. The fields, devices and surfaces are wonderfully clean for the grade, and this coin has all the appeal one would expect for a Gem Proof were it a common date. Of course, the 1884 Trade dollar is hardly a common date.

Ex: Mint official; William K. Idler; Captain John W. Haseltine and Stephen K. Nagy; Unknown intermediaries; Clint Hester; Numismatic Gallery's Menjou Sale (June, 1950), lot 2040; Benjamin Stack; W.G. Baldenhofer; Stack's Farish Baldenhofer Sale (November, 1955), lot 1039; Stack's Fairbanks Sale (Ben Koenig) (December, 1960), lot 698; Stack's Samuel Wolfson Sale, (May, 1963), lot 1541; Jack Klausen; Joel Rettew; Quality Sales Corporation, Carlson-Shipley Sale, (November, 1976), lot 426; Bowers and Merena's Arnold-Romisa Sale (September, 1984), lot 2342; John N. Rowe, III; L.R. French, Jr.; Stack's French Sale (January, 1989), lot 201; Anthony Terranova; Larry Whitlow; Jay Parrino; Superior Auction (2000?); Legend Collection; current consignor.

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As you're no doubt aware if you've participated in them, Heritage Signature Auctions consist of Internet bidding combined with a live auction session, sometimes here in Dallas, and sometimes at locations around the country. One of the questions we're often asked by both bidders and consignors is how to keep track of what an item actually sells for during the live session. Now, live from New York (or Dallas, Palm Beach, or San Francisco), Heritage will give you hammer prices as they happen!

To see live hammer prices, go to the home page for the Heritage Signature Auction that interests you. From HeritageCoins.com, click on the catalog image for the auction; from other portals you will first need to click on the catalog image on the left of the home page, then when a similar image opens on the right, click on that. This will bring you to a possibly familiar page much like the following:

Now, though, all you will need to do is scroll down, and you'll see a listing of five lots - the most recent three to sell, with hammer price, and the next two to come to the block, with the current opening bid:

Every five seconds or so, this page will automatically update. Just watch as the lots sell!

These results are updated at the site of the auction as soon as they happen, and are the only live results to tie directly into our official records.

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Strike-through: A coin struck with a foreign object of some kind between the planchet and the die. This leaves a depression or a lack of features in the coin where the foreign object was located during the strike. Coins can be struck through grease, dirt, cloth, stray pieces of metal, and I've heard that even duct tape can get into the works. Lintmarks, generally found or noticed on proof coins, are technically strike-throughs. Sometimes the foreign object will remain lodged in the coin after striking. Strike-throughs are relatively common and rarely bring a premium unless dramatic.

Store card: A kind of token used to advertise a merchant's business. Many circulated freely along with other Hard Times and Civil War tokens, and are very collectible.

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