Legend Rare Coin Auctions presented their 32nd Regency Auction, conducted as the official auction for the PCGS Members Show in New Orleans. Featuring over 630 lots, this auction included a separate session for silver dollars, held Wednesday, May 15, while type coins and gold were offered on Thursday, May 16. Important collections were offered, including the Pug Collection, the Issaquah Estate, selections from the Vanderbilt Collection, the Wolverine Collection, the Northern Lights Collection of Proof Buffalo Nickels, and other very impressive properties from many different consignors.
The auction began with tremendous strength when lot 1, a very stunning finest known silver plug that was close to Mint State 1795 silver dollar, sold for $129,250.
This very important coin has a pedigree that dates back to the late 1800s, and has been thought to possibly have been the first 1795 silver dollar struck. However, the top grossing coin of the auction was lot 493, the famed “Supernova” 1857-S double eagle from the wreck of the S.S. Central America.
Because of its intense, natural toning and lofty MS67 grade, this coin has been the “poster coin” for the entire second round of S.S. Central America. It garnered a record price of $282,000. All prices realized include the auction’s 17.5% buyer’s premium.
“We knew this sale was going to be very successful,” said LRCA President Julie Abrams. “From very early on interest from potential bidders was intense. From the moment lots were posted to our website, bidders were out in force with presale bids.”
Adding to this commentary, Terryann Catalupo, the auction director, said, “we had multiple lot viewing opportunities around the country, including highlights at the Central States Convention and a full lot viewing at PCGS’s Public Friday event, as well as appointments in our office, and these events were all packed. This came out once we set up lot viewing in New Orleans as well, with standing room only and a line waiting to view coins. All told, we yet again achieved record registrations and bidder participation.”
“This crowd joined us both nights in the auction room, bidding in person,” Ms. Abrams continued. “One collector commented to me how the bidding action reminded him of the “old days” when you had to personally attend the sales. It was great to see! The venue helps, as New Orleans is an under served area for its collectors, so whenever the PCGS Members’ Show comes to town, the local collectors come out in droves.”
“The market right now is very quality focused,” said Laura Sperber, the firm’s partner and founder. “We have always been quality focused, but we are seeing that now, coins that are all there are bringing very strong bidding. The strength of the bids was directly linked to the quality. Of course, PCGS/CAC coins brought the most consistently strong bidding. Also, freshness counts. The coins of the Issaquah Estate collection did very well, as most of those had been off the market for a decade or more. Wolverine Collection coins, likewise, if they were older purchases that were PCGS/CAC did very well. The numbers speak for themselves, just look at these highlights:”
Lot 1. $1 1795 B-3, BB-11. Silver Plug. PCGS AU55 CAC. From the Pug Collection, realized $129,250
Lot 17. $1 1857 PCGS MS64 CAC. From the Issaquah Estate, realized $34,075
Lot 22. $1 1863 PCGS MS64 CAC. From the Issaquah Estate, realized $21,150
Lot 36. $1 1925-S PCGS MS65 CAC. From the Issaquah Estate, realized $36,425
Lot 67. $1 1878 7TF, Reverse of 1878. PCGS MS66 DMPL, realized $37,600
Lot 75. $1 1879-S Reverse of 1878. PCGS MS65+. Realized $19,388
Lot 86. $1 1881-CC PCGS MS67+ CAC. From the Coronet Collection, II realized $28,200
Lot 92 $1 1882-CC PCGS MS66+ DMPL CAC Realized $18,800.00
Lot 144. $1 1893-CC PCGS MS65 CAC. From the Coronet Collection, II realized $152,750
Lot 181. $1 1921-D PCGS MS67 CAC. From the Vanderbilt Collection, ex Coronet, realized $31,725
Lot 199. 1C 1871 PCGS PR66 RD CAC. From the Wolverine Collection, realized $10,575
Lot 227. 10C 1893-O PCGS MS67 CAC. From the Wolverine Collection, ex Eliasberg/Simpson, realized $9,400
Lot 250. 1C 1857 Flying Eagle. PCGS MS65+ CAC. Realized $18,213
Lot 280. 1C 1907 PCGS PR67 RD. Realized $22,913
Lot 311. 5C 1895 PCGS PR68. Realized $73,438
Lot 342 5C 1942 TYII PCGS PR68 CAC $5,640.00
Lot 348. H10C 1837 No Stars, Small Date. PCGS MS67+ CAC. Realized $36,425
Lot 374. 10C 1942/1-D PCGS MS66+ FB CAC. Realized $73,438
Lot 384. 25C 1806/5 PCGS MS64+ CAC. From the Pug Collection, realized $73,438
Lot 412. 25C 1964-D PCGS MS68 CAC. Realized $27,025
Lot 424. 50C 1873 Arrows. PCGS PR66 DCAM CAC. Realized $55,813
Lot 493. $20 1857-S PCGS MS67 CAC “SUPERNOVA” from the S.S. Central America, realized $282,000
Lot 531. $5 1904 PCGS PR67+ CAM CAC. Realized $102,813
Lot 536. $10 1879-O PCGS AU55. Realized $36,425
Lot 550. $10 1907 Wire Rim. PCGS MS65+ CAC. From the Pug Collection, realized $105,750
Lot 605. 50C 1936-D Columbia. PCGS MS68+ CAC. Realized $15,863
Lot 612. 50C 1921 Missouri 2X4. PCGS MS66+ CAC. Realized $31,725
“Right now, the market is starved for great, quality coins,” explained Laura Sperber. “Today, it does not matter if you are buying a $600 classic commemorative or the absolute finest graded Superb Gem rarity, you have to pay up for quality. This is especially true in this current two-tier market. Add to that PCGS has really tightened up, you know that prices for high end coins not only must go up, but actually are in venues like auctions.”
“Consignors rushed over to tell us how amazed their coins did in the sale, that they have already sent us coins for our June Regency Auction. After 32 Regency Auctions,” continued Julie Abrams, “buyers and sellers have come to expect consistently great coins and results from our small, boutique auctions, which offer top-quality and strictly vetted U.S. coins. During the two-day Regency Auction, yet again, neither side was left disappointed.”
Legend Rare Coin Auctions’ next Regency Auction, number 33, will be held on June 27 in Las Vegas. It will be a “do not miss” numismatic event!
All images courtesy of Legend Auctions.