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Dr. Greg Pineda Philippine Collection - 1906 Ten Centavos PCGS PR66 (1714 Registry Points)

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JAA

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"Evenly and beautifully blue toned obverse, more brilliant but lovely shades of golden toning on reverse. An exquisite offering of a rare coin"

One item that was high on my want list from the Pineda Collection was a beautifully toned large size Ten Centavos in PR66 or above. The Pineda auction actually had four coins that met that criterion. They were Lot # 5560 -1903 Ten Centavos PR66 (1278 Registry Points), Lot #5564 -- 1904 Ten Centavos PR66 (1423 Registry Points), Lot # 5572 -- 1906 Ten Centavos PR67 (2134 Registry Points), and Lot # 5573 -- 1906 Ten Centavos PR66 (1714 Registry Points).

I ruled out bidding on Lot #5560 the 1903 PR66 since I already own a very nice 1903 PR65.

My first choice was the stunning 1906 PR67. The auction catalog listed an estimated price of $500 - $800 for this SUPERB GEM beauty but I knew from the get go that the take home price on that coin would be many times that estimate. Although I was in the mix during the initial on-line bidding the price quickly rose beyond my modest budget. Not surprisingly the final hammer price on the 1906 PR67 was $3,000. ($3450 with buyer's premium)

After I dropped out of the bidding for the 1906 PR67 my plan B was to bid on Lot #5564 a very attractive 1904 PR66. Since I did not want to pay more than FMV for a1904 PR66 I dropped out of the bidding when the price hit $500. The 1904 PR had a final hammer price of $500. ($575. With buyer's premium).

My plan C after dropping out of the bidding for the 1904 PR66 Ten Centavos was to bid on Lot # 5573 the 1906 Ten Centavos PR66.

My one reservation on bidding on this coin was that the on-line picture was not very attractive and did not appear to live up to the description in the auction catalog. I quickly put aside my reservations since I know how difficult it is for even experienced numismatic photographers to capture the beauty of toned proofs and I assume that the currency auction house (Lynn Knight Currency Auctions) that conducted the Pineda auction probably did not have a lot of experience photographing coins. This belief was reinforced when I looked up several of the coins pictured in group lots on the Lynn Knight web site and was unable to evaluate any of the coins in the lots even at maximum magnification. When I looked up the same coins at the PCGS Certification Verification site the PCGS images were far superior and had no difficulty capturing the beauty of the coins.

Another reason that I trusted the catalog description over the photograph is that I know and respect the individual who wrote the description. All of the descriptions in the auction catalog were written by the well known Philippine expert and author Neil Shafer. Neil is perhaps the world's foremost authority on Philippine notes and coins and has literally written the book on these subjects. Neil's book "United States Territorial Coinage for the Philippine Islands" is the definitive reference book on U.S. Philippine coins. I am very confident that if Neil thinks this coin is exquisite that it must have knock-out eye appeal.

The 1906 PR66 Ten Centavos was listed in the auction catalog as having an estimated price of $400 - $600. Based upon what I have seen similar coins sell for I would estimate the FMV at closer to $830.00. I placed an internet bid of $400 fully expecting to be outbid prior to the live auction. To my surprise when internet bidding closed one hour prior to the live auction I was still high bidder at $400.00. When the live auction started I participated via "Knight Live". When my lot came up I expected spirited bidding on this coin but surprisingly there were no "Knight Live" or Floor bidders and I took home my prize for a final hammer price of $400. ($460 with buyer's premium).

Clearly this is another terrific bargain on a rare and beautiful coin. I can't wait to enter it in my Registry Sets particularity my USA/Philippine Type Set which will go up by 689 points. http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=51257

Once my coin arrives I plan to send it to PCGS for high resolution True-View photographs. In the mean time I will have to make due with the less than flattering auction house photo.

The 1906 Ten Centavos is a PROOF ONLY ISSUE with a mintage of only 500 coins. The combined NGC/PCGS Population is 17/14 (NGC Population 5/4, PCGS Population 12/10)

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