I know it's a bit late to be asking this, but is anybody going to go to the Dan Holmes Collection Part IV auction of Late Date Large Cents http://64.60.141.198/php/toc_auc.php?site=1&lang=1&sale=62 tomorrow (Sunday, January 30th, 2011)? While Part I brought over $15,000,000 for Dan's early date large cents, I don't think you'll see any of the late date coins bringing anywhere close to the Part I prices. In any case, I'll be there as I have my eye on a couple of large cents.
Mum's the word. For now. In the meantime, he has some very nice proof large cents...all of the ones below are before 1846!!! Take a look at this one: http://64.60.141.198/php/lot_auc.php?site=1&lang=1&sale=62&lot=19 Or this one: http://64.60.141.198/php/lot_auc.php?site=1&lang=1&sale=62&lot=32 And a third: http://64.60.141.198/php/lot_auc.php?site=1&lang=1&sale=62&lot=66 And a fourth! http://64.60.141.198/php/lot_auc.php?site=1&lang=1&sale=62&lot=89 And probably the nicest of the lot: http://64.60.141.198/php/lot_auc.php?site=1&lang=1&sale=62&lot=101 Man I'd love to own a proof. Then from the stratosphere all the way to something like this coin which should go for under $100: http://64.60.141.198/php/lot_auc.php?site=1&lang=1&sale=62&lot=160 There's a little bit of everything in this sale.
The last of the Dan Holmes Large Cents were sold yesterday. The net for 689 lots was $1.1 million, not bad for late date large cents. The auction started at noon and finished around 9:30 PM. Many of the major players in Early American Copper were there. The highest price (including the 15% buyers commission) was $57,500 for Lot 171, an 1846 N-24 R7+ Tall Date Proof-Only. PCGS graded Proof 65 Red & Brown. Its provenance goes back to 1890. Typical prices were twice to three times the catalog estimates. It was fun to watch the internet bidders beat each other up trying to get one of the low estimate ($30 or less) coins. Most of the time the hamper price was $100 or more. The lowest hammer price was $45 (twice). I picked up two lots (1852 N-5 & 1844 N-3), beating out Chris McCawley on the 1844. If you are interested in attributing large cents, get all four of the Holmes catalogs from Goldberg. They are beautiful and are an excellent reference. I prefer the spiral bound version. Supposedly, it cost $125,000 to print just the catalog for the large date (IV) sale.
I had several pieces I was interested in but I couldn't be there in person and I couldn't be at the computer during the auction to do my bidding so I had to bid ahead of time. Since I have limited free cash I only wound up bidding on a single coin, lot 619. I felt this was the most attractive cent in the sale in my price range. It was estimated at $200 and was at $150 when I bid $450 on it. It opened for floor bidding to me at $260.....and closed at $552. I'm kind of glad I wasn't at the auction. It apparently ran so slowly it would have driven me crazy. Most major auctions tend to move at about 100 - 135 lots an hour. EAC sales can hit 180 - 200 lots per hour. This sale was only averaging 72 lots per hour. Only about half normal speed. The lot I would have REALLY liked was lot 115. Estimated at$500 this was graded as a MS-64 Brown by PCGS. But Walter Breen and Denis Loring, who is the current recognized expert of proof large cent both called this coin a proof. It is currently listed as a PF-50 on the proof large cent census. It brought $2,900.
Awesome Large Cents It was probaby in 1994 that Harold Cudahy offered me a proof large cent (from the 1850s) for $1,000. At that time, I would have been making payments to him for a few months. The coin was raw and I really did not know the series. I was low on funds. Putting all these facts together, I didn't buy it. I have been kicking myself ever since.
Isn't it funny how we remember the ones that got away a lot more than the ones we got? I have quite a few, "wish I would have bought that" bitter memories.
18 coins I was interested in, and I got shut out. Second auction in a row. Given I didn't have eyes at the auction I didn't bid strongly, so I suppose I got what I deserved -- nothing.
Well I stay away from highly publicized auctions Leadfoot. I find that most coins go for more than they are worth due to bidding wars. A friend bought a coin that was sold in a famous auction 20 years ago for just 30% of its price then. I know there isn't the gradn excitement of a famous sale, but give me a lightly advertised sale anyday. At least there you are paying for coins, not notoriety. Buy one of those 18 in a couple of years at a lower price.
Normally, I wouldn't bid when the numbers get above twice the estimate. However, I wanted one of Dan's coins and was willing to pay a premium for the Provenance. The other advantage of going to the auction was the ability to actually see the coins. That allowed me to avoid at least two coins that looked much better in the catalog than under a good incandescent light. The 1852 shown in my original post looked OK in the catalog, but has much more eye appeal than many of the red & brown coins that surrounded it. Next is Long Beach where I will be in the hunt for key date half cents. Does anybody have any copper dealers they might recommend (besides Doug Bird, Tom Reynolds, Shawn Yancy and Chris McCawley)?
Butternut (Steve Ellsworth). Don't expect to find a deal, but you rarely will in any EAC dealer's case. After attending FUN (and I would expect something similar in LB) I was kind of surprised at the amount of slabbed copper in other dealer's case. The last FUN I attended a few years ago, there wasn't nearly so much. So I guess I'm saying to stop by ALL dealers tables, even ones you might not expect to find nice copper, and you might be surprised like I was.
Thanks for reminding me about Butternut, he is definitely on my list to see on Thursday. I talked to Steve at the Holmes IV, but I don't know which lots he won. As far as pricing, most EAC dealers I know of (except for Jack Beymer) tend to price according to Copper Quotes by Jack Robinson. Jack was also at Holmes IV and said that the next edition of CQR is due out in time for the upcoming EAC convention (Portland, Oregon this May).
NOTE: Shawn will only be at LB on Thu and Fri. He's leaving Saturday and will not be at the show on Sat.
