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Blanchard sells 1843 proof set

An 1843 three-coin gold proof set once owned by the late John Jay Pittman has been sold by Blanchard and Co., Inc., of New Orleans to an unnamed buyer at an undisclosed price.

The set is comprised of Liberty Head $2.50, $5 and $10 denominations. The firm says that it is the finest set known, with the coins graded gem proof cameo by Numismatic Guaranty Corp.

An original presentation box from President John Tyler, who lived in the White House 1841-1845, houses the set.

“This set is one of the most desirable of any sort,” said Donald W. Doyle Jr., chairman and CEO of Blanchard, on May 26.

“With an estimated five-coin mintage for each denomination, finding a collection of this rarity, condition and provenance is so rare that it took us less than a week to place with one of our clients.

He further elaborated about market conditions in general that choice historical numismatic items continue to be in high demand.

The gold set is called one of two known intact sets and traces its provenance to the Pittman collection. He was a former president of the American Numismatic Association who built his collection primarily in the 1950s-1970s, according to Blanchard, spending about $100,000 overall. The collection was sold in a series of auctions in the 1990s and the combined prices realized totaled approximately $30 million.
Pittman owned a 10-piece 1843 proof set, which also included nongold denominations.

“This is a national treasure,” Doyle said.

“To be able to hold a set like this – one that has no equal – is like going back in time.  It’s exhilarating.”

Blanchard and Co., Inc., is located at 909 Poydras St., Suite 1900, in the New Orleans central business district.  For more information, visit the Web site at www.BlanchardGold.com.

There is also a toll-free number: (800) 880-4653.

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