Heritage Holds Second Highest-Grossing Coin Auction Ever!

DALLAS, TEXAS: Heritage Numismatic Auctions, Inc., (HNAI) held its most recent Signature Auction November 2-5, 2005 at their headquarters in Dallas, Texas, along with a special session spotlighting the collection of Phillip Morse. Originally scheduled to be held in Florida as Part of the Palm Beach Coin Show, the auctions were relocated to Dallas in the wake of Hurricane Wilma. $42,858,975 was realized over the two events, with 3,027 total bidders participating, 1,015 of them successfully, for 5,373 total lots. 76 lots were purchased after the auction by 58 bidders for a total of $214,634, although after-auction sales are still ongoing. A separate On-Line Session, held Monday, November 7, 2005, realized an additional $1,176,712, bringing the grand total of all three auctions to $44,035,687.

"In spite of the last minute relocation, these were exceptionally strong auctions," said Greg Rohan, President of HNAI. "The weekend was anchored by the exceptional Phillip Morse Collection, which set half a dozen records when it was sold for $19.2 million in Dallas Thursday night. This was the first time three coins have exceeded $1 million each in one auction, and in addition to individual record prices for some pieces, it was the world's most valuable one-owner, single-session rare coin auction ever conducted, with Mr. Morse's coins averaging $90,000 per coin. For those that missed out on this historic event, take heart: Heritage will offer the second part of the Phillip Morse Collection in our final numismatic auction of 2005 - in Dallas, December 12-14!."

"This event also set a record for the largest gross sales in a numismatic auction for a single day," Rohan said, "with more than $36 million realized on November 3, our Platinum Night session, which incorporated the main sections of the Phillip Morse & Jack Lee Collections. We couldn't be happier with these results."

The highest bid in the auction, $2,990,000, was paid for a specially struck U.S. $20 gold piece with the date "1907" in Roman numerals MCMVII, and known as an "ultra high relief" because of the elevated height of the design. Its sale price was a record for that specific type of coin, and tied (with a Brasher Doubloon sold by Heritage in January) for the third highest price ever paid for a coin at auction.

Representing a number of clients, Doug Winter of Pinnacle Rarities in Lakewood, Washington spent $5 million at the auction, including paying a record $1,897,500 for a $20 gold coin struck in 1927 at the Denver Mint.

"This was a once-in-a-lifetime opportunity to obtain great rare coins of absolutely unparalleled quality," said Winter.

Auction highlights included:

• 1907 Ultra High Relief, $20 Lettered Edge PR69 PCGS. REALIZED: $2,990,000.
• 1927-D $20 MS67 PCGS. REALIZED: $1,897,500.
• 1921 $20 MS66 PCGS. REALIZED: $1,092,500.
• 1907 $20 Small Edge Lettering PR68 PCGS. REALIZED: $920,000.
• 1921 $20 MS65 PCGS. REALIZED: $805,000.
• 1884 T$1 PR65 PCGS. REALIZED: $603,750.
• 1895-O $1 MS67 PCGS. REALIZED: $575,000.
• 1907 $20 High Relief, Wire Rim MS69 PCGS. REALIZED: $575,000.
• 1907 $20 High Relief, Flat Rim PR69 NGC. REALIZED: $534,750.
• 1933 $10 MS65 PCGS. REALIZED: $517,500.
• 1920-S $20 MS66 PCGS. REALIZED: $517,500.
• 1915-S 50C Panama-Pacific Set. REALIZED: $445,625.
• 1794 $1 AU55 NGC. REALIZED: $431,250.
• 1896-S $1 MS69 PCGS. REALIZED: $402,500.
• 1921 $20 MS64 PCGS. REALIZED: $402,500.

All Prices Realized include a 15% Buyer's Premium.

Images, descriptions, and prices realized from the Palm Beach Signature Auction, as well as all previous Heritage auctions, are available in the Permanent Auction Archives at the Heritage website.

To purchase a catalog for any Heritage Auction, please contact Nicole Jewell at Heritage Numismatic Auctions, Inc., 3500 Maple Avenue, 17th Floor, Dallas, TX, 75219 or visit HeritageCoins.com to order by credit card.