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No takers for Canada

DSCN3297crop.jpgIt wouldn?t fit in anyone?s pocket.

Nobody took home the big Canadian $1 million gold coin offered in Teletrade?s Aug. 16 auction.

?While the big Canadian coin did not sell ? it came very close ? the  reserve was $2 million, and the bid was up to $1,950,000,? reported Teletrade President Ian Russell.

The 100-kilogram coin, created by the Royal Canadian Mint in part to highlight availability of .99999 fine gold in its Maple Leaf bullion coin offerings, contains more than $2 million in gold.
Another example of the 220-pound (3,215 troy ounces) coin was displayed at the American Numismatic Association convention in Milwaukee, Wis., Aug. 8-12.

Reportedly six of the big gold coins have been sold by private treaty since introduction in May. RCM has estimated that it might make 10 of them, though no formal maximum mintage is set.

The piece was put up for bids Aug. 16 to promote a new service, Teletrade Direct, a way for collectors and investors to purchase gold, silver or platinum bullion items. Among offerings are Canadian Maple Leaf and U.S. American Eagle and Buffalo bullion coins.

Teletrade?s Premier Plus auction of mostly U.S. coins realized about $220,000, with an average per-lot price around $1,900, Russell said.
?Dollar gold pieces sold very well, as did patterns and silver dollars,? Russell said.

Top pieces in the auction included a 1908 gold $2.50 graded Proof-65 by Numismatic Guaranty Corp., which went for $18,480. Sale catalogers wrote, ?The unpopularity of this proof finish among contemporary collectors meant that most of the 236 pieces reportedly struck were probably melted as unsold at year?s end.?

An 1879 Morgan dollar pattern in copper, Judd 1614, graded Proof-64 Red Cameo by Professional Coin Grading Service, realized $8,736.
Bringing $8,288 was a proof 1880 Morgan dollar in NGC Proof-66 Cameo.
An 1856-D gold dollar in PCGS AU-50 traded for $7,168. Catalogers noted that PCGS had certified five 1856 gold dollars from the Dahlonega Mint at this grade, and 33 finer.

davesmillion.jpgAn 1870 half dollar pattern, Judd 948, in NGC Proof-65 Brown, fetched $6,048. Catalgers said NGC has certified two examples of this pattern, both at this grade.

Buyer fees of 12 percent are included in sale prices reported here.
Teletrade?s next Premier Plus auction is scheduled for Oct. 4.

For more information about this sale or to consign to a future Teletrade auction, call (800) 949-2646, or e-mail info@teletrade.com.

The firm?s Web site, where it conducts most of its auctions, can be viewed at www.teletrade.com. The new bullion service has its own site, www.TeletradeDirect.com.

Teletrade is a division of Spectrum Numismatics International.

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