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<p>[QUOTE=&quot;calcol, post: 2429326, member: 77639&quot;]Watched the Pogue auction at Stacks-Bowers yesterday.&nbsp; 1804 $1 was hammered &quot;sold&quot; for about $10.6 million and 1822 $5 was hammered &quot;sold&quot; for about $7.3 million.&nbsp; Shortly after the auction ended, prices realized were posted and both coins were labeled as &quot;passed&quot;.&nbsp; There could be a number of reasons for this, like a title dispute, authenticity doubts, bidder unable to pay, etc..&nbsp; However, it&#039;s exceedingly likely there was a hidden reserve on both coins, which is what is said in the popular press.</p><p><br /></p><p>Stacks-Bowers terms and conditions allow this, but it leaves a bad impression.&nbsp; No way that I could begin to bid in this range.&nbsp; But some of the bidders had to have given a lot of thought to how much they would pay and what assets would be liquidated to pay for the coin.&nbsp; The bidding process for both coins was prolonged as bidders had a tough time deciding whether to raise their bids as the total rose.&nbsp; The high bidders on the two coins must have been shocked to find out after the auction that they weren&#039;t going to get the coins after all. I know it&#039;s hard to feel sorry for folks that can spend millions on coins, but the same thing could happen with $500 coins in an auction.&nbsp; It&#039;s also possible that some bidders were museums or other non-profits rather than collectors or dealers.</p><p><br /></p><p>Reuters news agency described the 1804 $1 as being over 200 years old .... a reasonable assumption.</p><p><br /></p><p>Stacks-Bowers has stated the coins will not be in a future auction and will be returned to Pogue.&nbsp; My speculation is that Pogue has standing private offers on the coins and wanted to see if he could get more at auction; hence, the reserves.&nbsp; It would have been better if the reserves had been announced prior to the auction though.[/QUOTE]</p><p><br /></p>

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