Tom Mershon Collection of Lincoln Cents Sells for More Than Mere Pennies!

Dallas, TX: Heritage Numismatic Auctions, Inc (HNAI) held the first session of their latest Signature Auction on May 4, 2005 in St. Louis, MO as Official Auctioneer of the Central States Numismatic Society convention. This initial session featured the Tom Mershon #2 All-Time Registry Collection of Lincoln Wheat Cents, which realized $1,107,262.55 so far, for 134 lots out of 151 lots offered. Although 17 lots did not meet reserve, it is expected that a substantial amount of these will sell in Heritage's online After Auction.

"The Tom Mershon Collection of Lincoln Cents is the finest to ever be auctioned," said Greg Rohan, President of HNAI. "It is currently ranked on the PCGS Registry (Lincoln Cents Basic Set, Circulation Strikes; 1909-1958) as the #2 All-Time Finest and the #2 Current Finest. It is also the #2 All-Time Finest and the #2 Current Finest Lincoln Cents with Varieties, Circulation Strikes (1909-1958) Registry set."

The entire Central States auction, including both coins and currency, is expected to realize between $15 and 20 million. The auction, which runs through Saturday, May 7, may be viewed on-line by visiting HeritageCoins.com.

Highlights of the Tom Mershon Collection included:

1909-S VDB 1C MS67 Red PCGS. Perhaps the brightest jewel in the crown of the Lincoln Cent set is the '09-S VDB. This lower mintage (484,000 pieces) date has long been recognized by collectors, numismatists, and even neophytes to the hobby as being the "one to have" in your set. Although it is not as rare as some other dates, it is still recognized as a very elusive high grade coin. This piece is a superbly preserved representation as it is fully lustrous and possessed of bright golden-red color, just as it should be. The strike is bold with full definition of the wheat lines and other details. Lincoln's hair and beard are also quite well struck, however the V.D.B. at the lower reverse is curiously soft. This coin should be included in the finest of Lincoln Cent sets. It is the single finest example Heritage Galleries has had the pleasure to offer at public auction since we began keeping records. Population: 9 in 67, none are finer at either service (3/05).
From The Tom Mershon #2 All-Time PCGS Registry Set of Lincoln Wheat Cents.(#2428) (Registry values: N7079) REALIZED: $92,000.

1921 1C MS68 Red PCGS. This impeccable early Lincoln Cent has a 50/50 chance (since only two are certified as such) of being the Superb representative sold way back in our April 1994 Indianapolis Bullet Sale, a coin described as a "breathtaking 1921 Lincoln. The surfaces incorporate everything ones looks for in a copper coin...strike, luster, incredible color, and immaculate surfaces." We would add that the obverse displays beautiful orange accents on the highpoints of Lincoln's portrait. Population: 2 in 68, 0 finer (3/05). From The Tom Mershon #2 All-Time PCGS Registry Set of Lincoln Wheat Cents.(#2533) (Registry values: N1793) REALIZED: $55,200.

1925-S 1C MS65 Red PCGS. An often poorly produced S-mint issue of more than 26 million coins that, combined with an extremely low survival ratio in Mint State, has emerged as one of the most challenging Lincoln Cents in Gem condition. As is normally found on the occasional high grade representative, this elusive Gem example displays characteristic rich reddish-orange color. The strike is far superior to the typical Uncirculated survivor, being almost fully defined on the highpoints of the portrait and displaying strong peripheral lettering. Even the wheat stalks are razor sharp. A paper-thin blemish on Lincoln's cheek and another just above the 1 of the date are mentioned as pedigree markers. Seldom offered in this near-ultimate grade and a coin that is certain to be eagerly sought by collectors assembling high grade sets. Population: 10 in 65, 0 finer (3/05). From The Tom Mershon #2 All-Time PCGS Registry Set of Lincoln Wheat Cents.(#2566) (Registry values: N4719) REALIZED: $54,625.

1955/55 1C Doubled Die MS65 Red PCGS. A shortage of circulating Cents during the summer of 1955 set the stage for the production of this, perhaps the most popular error in all of U.S. numismatics. The increased demand for Cents this year forced the Philadelphia Mint to speed up its production schedule and, correspondingly, to diminish its quality control. As a result, an obverse die that had accidentally rotated between blows from the working hub slipped past the inspection team and ended up on the press. Mated with a properly prepared reverse die, this obverse produced between 20,000 and 24,000 Doubled Die Cents between midnight and 8 o'clock in the morning one day during the summer of 1955. The error was not discovered until after these coins had been mixed with other properly produced 1955 Cents. Since he did not want to destroy 10 million Cents in order to stop the Doubled Die examples from leaving the Mint, Chief Coiner Sydney C. Engel decided to let them pass. The first example was discovered by the public in Massachusetts late in 1955, and the error became popular within a few years. While obtainable with patience in the XF-AU grades, the 1955/55 Doubled Die is truly rare at the finer levels of Mint State preservation. Among the finest certified coins extant, this lovely Gem is bursting with full, multicolored luster. Cherry-red and pink-red shades are both in evidence, but we are hard pressed to find even a single carbon fleck or abrasion that is out of context with the assigned grade. Like most 1955/55 Doubled Die Cents, this coin is boldly, if not sharply struck in all areas. NGC and PCGS combined report just 22 coins in MS65 Red, with a lone MS66 Red NGC example finer (3/05). From The Tom Mershon #2 All-Time PCGS Registry Set of Lincoln Wheat Cents.(#2827) (Registry values: N7079) REALIZED: $48,300.

1914 1C MS67 Red PCGS. Simply incredible quality in a 1914 Lincoln Cent. We had an appearance of a similarly certified example in the Heritage September Long Beach Sale last year, that example realized nearly $44,000! One glance at this coin at it becomes immediately obvious that the grade is certainly justified. Both sides are ablaze with shimmering luster and fiery orange-red color. The strike and surface quality are just as impressive with no visible marks, spots, or mentionable post-striking impairments. To date (3/05), only three examples have been certified MS67 at PCGS, NGC has not seen any this high. If you require only the finest quality, this example will easily fit your collection. From The Tom Mershon #2 All-Time PCGS Registry Set of Lincoln Wheat Cents.(#2470) (Registry values: N1793) REALIZED: $48,300.

Images, descriptions, and prices realized from all of Heritage's previous sales are available in the Permanent Auction Archives at the Heritage website.

Heritage Numismatic Auctions Inc headquarters is located at 3500 Maple Avenue, 17th Floor, Dallas, Texas, 75219, 800-872-6467.