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Electric Peak

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Journal Entries posted by Electric Peak

  1. Electric Peak

    I Got One!

    By Electric Peak,

    After my last post, did you think I wouldn't?
    The fourth and final chunk of the Dan Holmes collection of large cents (his "late dates", 1840-1857) was auctioned by McCawley & Grellman / Goldberg Sunday. I had three targets going into that and today's Goldbergs' sessions.
    First, I had my eye on an 1846 cent graded 66RB by NGC in today's session. It would be an upgrade to my 65RB. It had a low estimate of $800, and I figured a bid of $2000 might be enough, given that the hammer prices go very roughly 2x the low estimates for early copper in Goldberg's catalogs. Last night I wrote this coin off when the website was updated saying the starting bid was $4499 (presumably a reserve). I thought the consignor would be more likely to win a big lottery jackpot than get anything close to that amount. The coin is nice, but not that nice...
    Second, I had in mind to get a nice VF-XF complete late date set (one per year) from the Holmes collection. I had the coins picked out, but the prices were just a bit too high for my taste as things got going. So I abandoned that idea without getting any.
    Third, I was thinking of getting raw coins cheaper than their market value would be for the grades at which I think they could be slabbed. Unless I became particularly attached to such a coin, I would just try to slab it and sell it for a profit.
    As it turned out, I couldn't watch the Sunday Holmes session in its entirety. When I was able to get back to it late in the evening, there were 50 or so lots left. With that 1846 out of the picture, I started looking for Category 3 possibilities. An 1856 cent, removed from a 66RB NGC slab came up. The low estimate was $400. I figure the coin could fetch 2-4 times that much in the slab. I clicked the bid button at $500 and again at $550 after an intermediate floor bid. Crickets. The coin will be mine soon. I'll drop it off with NGC at the next Baltimore show. Even a 65RB result would be a break even at worst, I think.
    Today, the consignor of the 1846 cent did hit the jackpot. The starting bid was adjusted to $3500, and a lone internet bid snatched the coin away. I hope the new owner enjoys it.
    Here's the 1856 cent. The edge tick is a little distracting, but it's pretty nice otherwise! Happy collecting to all!

  2. Electric Peak
    Not me, but my workplace. We're up to three now.
    For quite awhile, my father-in-law has been writing books about biomedical-oriented Nobel Prize winning research in Chemistry and Medicine and the scientists who won. The book on chemistry prize winners is at the publisher, and my father-in-law has been somewhat distressed that he might have to write another chapter quickly for this year's winner(s). All that made me think that there is a guy where I work who is sure to win the physics prize someday. Despite his relative youth, I thought "why not this year?"
    Sure enough, Tuesday morning we got the exciting news that he, Adam Riess, shares this year's physics prize with two others. They led two competing groups that discovered that the expansion of the universe is accelerating.
    I work at the Space Telescope Science Institute (STScI) as a software systems engineer, in a role that involves regular interaction with many of the local scientists, including Adam. I've helped him with some work details in the past, and have had limited social interaction surrounding a common interest. Currently, I'm working on adding a new observing capability for the Hubble Space Telescope, one that Adam plans to use in a nicely imaginative way. So I was happy to congratulate him personally via email, and later with a handshake at a reception held in his honor.
    As some of you know, there was an article about Nobel Prize medals several months ago in The Numismatist. They aren't the sort of thing one expects to be able to collect. I'm hoping Adam will bring his medal (to be received in December) to work so we can all see it up close. I'll let you know...
    But before I can do that, there are coin shows to attend! I'm planning on going to the ANA in Pittsburgh next week, and of course the Baltimore show next month. I have my eyes on a few things, and I'll let you know if I get my hands on them too...
    Until then, happy collecting to all!
  3. Electric Peak
    Do your homework...
    In my last journal entry, I wrote about the two half dimes I'll soon be receiving from the latest Heritage auction. This entry is about the catalog descriptions for one of them, the 1848 Medium Date in an NGC MS66 slab.
    In the past, I've written about auction experiences and have encouraged readers to attend live auctions. I've also written about my pre-auction preparations. One thing I haven't written much about is the catalog descriptions (other than to praise Bob Grellman for his large cent descriptions in Goldberg catalogs). While the descriptions provided may be useful, at least for pricier coins, you can't let that be your only guide.
    Back to the 1848 half dime. The description in the latest Heritage catalog ends with "Ex: Rod Sweet Collection (Bowers and Merena, 3/2004), lot 1089, which realized $3,910." Indeed, that is all correct. It's the information that's not there that concerns me. As many of you know, Heritage provides a good amount of data related to the coins they offer: generally decent photos (typical quality improved in recent months); price guides; population info; Heritage auction records; etc.
    For the 1848 half dime, the auction records for the date and variety, include only one previous sale of an MS66, a little under two years ago in December 2009. That coin was also in an NGC slab. Given the 1/0 NGC population info, it doesn't take a rocket scientist to think, "hey, that might be the same coin". Clicking the link and comparing photos, let's just say the suspicion was not difficult to confirm.
    So why did the new Heritage lot description not include the 2009 Heritage sale along with the 2004 Bowers & Merena sale in the provenance list? Perhaps it was the price realized: $2625, barely 2/3 of the 2004 B&M result. After all, any auction company wants to sell items at the highest price possible. So highlighting the older $3910 result and not the recent $2625 result is not necessarily unexpected.
    Of course, I can't prove that this was a deliberate attempt to deceive. It is possible that the two Heritage appearances were not described by the same person, or that that person simply did not recall the 2009 instance. When I sold several large cents with Heritage a couple years ago, they simply took provenance info I gave them and put it in the catalog. That could be the case for last week's sale, with the seller holding back the 2009 sale result.
    Further in Heritage's defense, I have noticed that subsequent appearances of the same coin typically have nearly identical catalog descriptions, as if the later cataloger knows of the prior sale and saves work by copying the description. In the case of my 1848 half dime, the two Heritage descriptions are totally different, as if the later writer really was unaware of the earlier sale.
    Regardless of the reason for the omission of the 2009 sale from the 2011 description, the lesson is clear. Look at all the available information, digging if necessary, before spending a lot of money on a coin. Fortunately for us, and to their credit, Heritage helps by providing a lot of easily accessible information to supplement the photos and descriptions. The price history of an individual coin, and of ones like it, tells a story that should be considered when buying. Pay attention to the story and you'll make fewer mistakes and have fewer regrets.
    And be sure you really like the coin itself...

  4. Electric Peak

    Cut Bids Win!

    By Electric Peak,

    Yes, I'm still spending a lot on silver...
    I picked up two half dimes in Heritage's Thursday afternoon auction session. This silver addiction may be getting worse.
    After the two or three weeks of pre-sale absentee bidding, only one coin that fits my primary collecting goal was still at what I thought was an acceptably low bid level for me to consider pursuing. One other coin of interest, but one that might be considered a duplicate, also still seemed accessible.
    Coming up on three years ago, I 'won' an 1848 Large Date half dime in a B&M auction. This is a really cool variety, with oversize date digits that overlap the base of the rock. As NGC MS66, it's a pop 1/0 coin, with the same pop info for PCGS. The Medium Date version for the date comes with the same population info for MS66 and above. In Thursday's auction, the NGC MS66, formerly part of the Sweet Collection, was sold.
    My plan for that coin was to bid no higher than the next increment, and less if possible. (The starting bid was an odd amount, and I didn't know ahead of time if a cut bid would be accepted in that case. But at least the odd amount indicates that it is the high bidder's maximum and the next bid takes over.) While I think it will be nice to have superior examples of both Red Book varieties, my main goal is a basic date/MM set. So I didn't want to spend too much for a "duplicate". When it came up, the cut bid button was enabled, and I immediately clicked. My bid was accepted, and there was no advance. One down.
    The next lot was the first of two MS66 examples of the 1853 with Arrows. This one is clean and very sharp, with only a hint of die clashing. (The following lot was nice, but struck from worn & clashed dies - so much so that it looked a bit mushy and less desirable to me.) The starting bid seemed low to me. Had I not gotten the previous lot, I would have been willing to bid up to a few increments higher. But I did get the previous lot, and money is a little tight (long story...). So, even though this coin was my primary target, I had to limit myself to a single bid, and wouldn't be too disappointed not to win it. When it came up, I waited a couple seconds to see if there would be any activity. There was none, so I clicked the cut bid button again. As with the previous lot, there was no advance. Two for two!
    I immediately killed the window and went back to work. Even though I think I did well on those two coins, I didn't want to think about how much money I had just spent. At least the actual payment won't be for another two months, the credit card billing cycle being what it is.
    Anyway, here's the 1853 w/Arrows. Happy collecting to all!

  5. Electric Peak
    Another lovely little lady will soon be mine.
    The current Heritage auction has, as usual, a number of coins that fit my collecting goals and, more or less, my budget. A few Capped Bust half dimes and a few Seated Liberty half dimes topped the list. Early on, I made the decision to focus on a colorful piece dated 1869 that's in an NGC MS67 slab.
    I did my usual price guide and auction result investigations, decided on a maximum bid that fits in the budget, and entered it. Because that date is near the end of the half dime run, that meant forgetting about all the earlier dates unless someone outbid me during pre-sale absentee bidding.
    Auction results for such coins are few. The most recent one is almost two years old. That coin is pretty, but with a few spots and weakly struck in the usual places. The next two back, from 2008, are nearly white but more fully struck. They sold for more. The coin of interest is pretty well struck and original, and so I set that max bid to be what I thought was a "mildly aggressive" amount - with a good chance of winning, but by no means a certainty.
    At the end of pre-sale bidding, I still had the high bid, which was significantly below my maximum. So I waited until last night to watch the live auction on-line. I was very pleased to see it hammered with no further advance. So it will soon be mine (and is already in my Registry sets).
    Over the years, I've had very few cases of coins won at auction and seen only on-line being disappointments in hand. Given the unexpectedly low price, I do have a little fear in that regard.
    I'm still quite busy with work and trying to spend time with my wife. So I'm behind on journal writing. This one comes now only because I'm at work and storms last night knocked out just about everything. Our unsecured wireless network has come up, allowing me to get this out, but everything I need to work is still down.
    In any case, here's the new coin. Happy collecting to all!

  6. Electric Peak
    Yes, I'm still here and still spending too much.
    Hello friends. It's hard to believe it's been more than two months since I wrote a journal entry. The day after my last one, I discovered all the songs of Paper Airplane, the new 'album' from Alison Krauss & Union Station, available on the web, more than a week before the official release. Their music (and some other bluegrass) has become another passion in the past few years. One of the songs made me think that I really need to spend more time with my wife in the evenings, so I have been. But tonight I'm free to spend some time updating things here.
    One thing I had not mentioned last time was a non-coin purchase at the April show in Baltimore. At the Liberty Seated Collectors Club meeting, Len Augsburger mentioned that he and Joel Orosz would be signing copies of their new book next to the Whitman area. The book is "The Secret History of the First U.S. Mint". As I have written, Craig Sholley has been giving very interesting talks about the early days of the U.S. Mint at EAC meetings. So I decided to get a copy of the new book. I'm making slow progress, but enjoying it, and learning.
    Since that early April show I have made a few more purchases, including three coins at the June show in Baltimore. I'll try to post something about them soon. But for now, I'll catch you up with a photo of the 1831 half dime I picked up at the April show.

  7. Electric Peak
    Another Baltimore show winds down.
    I'm in my office on a Saturday morning, avoiding both work and the coin show in Baltimore. More temptation would not be a good idea right now. As of yesterday, I have spent 75% of my annual numismatic "budget" in just three months. Any more immediate discretionary spending will put the family finances in an uncomfortable state.
    The funny thing is that this comes a couple months after my wife changed jobs, getting 50% higher pay in the process, and as I look ahead five months to my last home mortgage payment. Things look so good that it has to be okay to spend on coins, right? Maybe this is a little like our elected officials feel - except that "their income" isn't going up, and their projected expenses aren't going down...
    Anyway, about the show... I've been distracted lately, and completely missed the first two Stack's-Bowers auction sessions - the ones that included items of interest to me. So I went to the show Thursday at noon with the idea that I could spend some money there.
    The first order of business, however, was to investigate the fate of that 1856 large cent that I thought I had "won" in Goldbergs' sale of the Dan Holmes collection. I had been told that it was sold to a prominent EAC dealer via live floor bid. I know which such dealer buys the most at those sales. I went to his table first. The coin was not there. At his suggestion, I later checked his website. The coin was not listed there either.
    Next up, NGC. Enjoyment of several of my large cents has been impaired by badly scratched and scuffed holders. (Many in EAC would say any holder is bad for enjoyment and study, but I value the protection slabs provide.) So I submitted them for the Show Reholder service. It felt a little uncomfortable walking around with so much valuable stuff, but they are safely home for a day of enjoyment, and will soon be locked up again. I liked them before, but they look really good now!
    After dropping off the coins, I scanned most dealer tables. There was no sign of the 1856 cent at the tables of the few other possible buyers. As usual, I asked to see a number of coins, took notes, got asking prices, etc. Several coins seemed like reasonable deals, but three rose to the top: An AU55 1821 cent (to fill a "hole" in my middle dates set); an MS64BN 1829 cent (to upgrade my 61); and an MS66 1831 half dime.
    The 1829 cent is just too expensive. I was already overspent, and would need to get the dealer to agree to a payment plan (as he has before). The other two coins were just $50 different, just about at the limit of what I can handle now.
    That evening, I got online to check out recent auction results, price guides, etc. The 1831 half dime rose to the top of my "best deal" list, with the 1821 cent a close second. I really want to fill that last hole in my large cent registry set, but I decided that I'd add to my hoard of silver if I'd get anything at all.
    Friday morning started with the Liberty Seated Collectors Club meeting. It included an interesting presentation about a 1902 project by the mint to study metal loss, by date, of circulated coins being turned in to the mint for recoining. There were some expected trends, peculiar features in the data resulting from the California gold rush, and possible indications of early collector habits. This should be a fascinating study once it is completed.
    When the show opened at 10AM, I went to a couple dealers I had missed the day before, and finally back to see if I was really bonding with the 1831 half dime. This time, I had Logan & McCloskey with me, enabling a quick variety attribution (LM-7, rarity 2) and determination of a very late die state. Aside from those particulars, the coin is beautiful: essentially "white" (the way I prefer, though likely indicative of past dipping), highly lustrous, virtually unmarked, and very well struck.
    I could not find this coin in Heritage's auction archive, and haven't got the time to hunt on other sites, so I don't yet have photos to share. The NGC slab is older looking with a low 6-digit number, so the coin was probably certified a couple decades ago.
    It was one of those peculiar finds: The dealer did not seem to have much business, and did not have a lot on display. Most of what was offered was mid-grade gold. The half dime was one of just two 19th century silver coins that I noticed. But there it was - a really nice, high grade Capped Bust half dime at a pretty fair price.
    So now I'm planning to go back to the show just for the EAC meeting. I'd like to go to look at more coins, but I have to avoid the temptation. Besides, I have some large cents to enjoy...
    Happy hunting to all!
  8. Electric Peak

    Got Greenie?

    By Electric Peak,

    Out of the wallet and into the collection...
    From the comfort of my home, listening to a new Bluegrass CD ("Daybreak" by Sierra Hull), I just watched a portion of tonight's Heritage auction session in Sacramento. I had what I expected to be a winning bid already placed on an 1857-O half dime. It's NGC graded MS 66, and unlike my other half dimes, has a relatively boldly colored obverse.
    The toning isn't quite as smooth as I'd like, but I think it's pretty anyway. It's blue in the center, but the dominant color over the majority of the area is green. The reverse is essentially untoned except for the rim. It appears to be pretty well struck, with hints of weakness in Liberty's head. No significant contact marks are apparent.
    As the lot came up, I was still the high bidder, with the starting bid well below my maximum. After a couple live bids, I still had the high bid, and the coin will soon be mine! The only down side is that I won't have as much money for the upcoming Baltimore show...
    Occasionally a large cent will be toned in a distinctly greenish hue, and therefore lovingly called a "greenie". There were several nice examples in the Naftzger and Holmes collections. But I'm glad to be adding a nice silver greenie to my collection. (Are there any affectionate names like that for nickel or silver coins with attractive, colorful toning?)
    Anyway, here's hoping we all can responsibly continue to part with some green to get some nice coins!

  9. Electric Peak

    200K

    By Electric Peak,

    I took Texan's Coins' advice
    The first several coins I obtained for my Seated Liberty Half Dime Registry set were all graded MS66. So I decided to name the set "Route 66", only to find that the name had already been taken. But I knew that I wouldn't be able to afford (or even find) every date & mint mark in 66, so "Route ~66" was the next best thing. Shortly after giving the set that name, I got my first non-66. It's a nice 1841, graded MS67 (see a few journal entries back). But balance has been restored. I "won" a MS65 half dime in today's Teletrade auction.
    When I looked at the Teletrade site in the past, I'd usually look only at the Large Cent offerings. Although it isn't hard to use their search capability to see the half dimes, I was always annoyed that there's no front page link to a list of available half dimes. But now that there's little left for me to do with those middle and late date large cent sets, I have begun to focus more on the half dimes. So I did the search at Teletrade and was drawn to an 1850-O gem that had been part of the collection of John Jay Pittman. (And this was before Texan's Coins posted his Interesting Idea...)
    As readers of my journals know, I own several large cents that used to belong to luminaries in the early American copper community. But this coin is pedigreed to a more broadly recognized numismatic name. What's most important to me though, is that (based on the available photos) I really like the coin. Its history is a bonus, but could cause some to be willing to bid extra for it, possibly too much for my taste.
    But what is too much for this coin? It's a low population issue (10/4, NGC & PCGS combined), with no Heritage auction records for a MS65 in more than 5 years, and no records for higher grades. Current price guides list it somewhat higher than the old Heritage results.
    In the end, I was the winner of the lot, for a bit less than the maximum I had entered. Now I'm eager to receive her and introduce her to a growing family of tiny silver coins!
    The title of this post indicates that this addition to my Registry holdings moved me up 9 spots and made me the 277th member currently to have at least 200,000 total registry points. I've been ranked higher in the not-too-distant past, so a number of others have recently or will soon also move past that milestone. Wherever you are on this journey, I hope you're enjoying it as much as I am!

  10. Electric Peak
    No, not the importance of the Peter Sellers movie...
    As you may recall, recently I was a little excited about a nice purchase from the Dan Holmes Collection of Late Date Large Cents, sold a couple weekends ago by M&G/Goldberg.
    It seemed to me that I should have gotten a bill by now, so I checked the website. The results page showed my bid amount as the winning bid, but in the "My Purchases" area, there was nothing. So I called.
    Apparently there was some website glitch. Despite the fact that it told me I had won the lot during the live bidding, their records show that the lot was won by a floor bidder who is a prominent EAC dealer.
    So there's a good chance I'll see the coin in Baltimore in a couple months, if it doesn't get sold in Sacramento or some non-show transaction before then. I'll tell him the story. But now the buyer's premium will be higher, I fear.
    So... As I have written before, it is worthwhile going to the actual auction venue if you want to be sure your bids are properly executed. But how many of us have the free time and travel money to go to all the significant auctions?
  11. Electric Peak

    Gone Wild Followup

    By Electric Peak,

    Clarification of my point...
    I've gotten a few responses to my previous post about the recent auction result at Heritage for a 1945-S walking half. One was a comment from a currency collector saying it's a nice coin. A friend pointed out another offered by a dealer for $29K. The third was worded such that I'm not sure if the writer is similarly amazed at the $37K result or not.
    Anyway, I was simply observing the large discrepancy in Heritage's results for the 45-S half in MS67, depending on grading company. Here's a better summary of those results: In the past 3 years, Heritage has sold 9 in NGC holders, results ranging from $1725 to $2875, averaging about $2064. During the same period, they have sold 3 in PCGS holders, results being $21,850, $17,250, and $37,375, averaging almost $25,500.
    The $2875 NGC and the $37,375 PCGS were back-to-back lots the other night. Looking at just those two coins, their surface quality appears similar (hard to tell everything from photos...), the PCGS one is noticeably better struck, and has toning that is currently popular, while the NGC coin is "white". Certainly those factors make some difference in price, but that much?
    I understand that the market may have decided that PCGS may be grading these coins more conservatively than NGC. But I have trouble believing it would lead to more than a factor of 10 difference in price.
    So I was left wondering what else could cause such price differences. My conclusion was that it could be demand from PCGS registry collectors, who currently have no more than 6 potentially available specimens, while NGC registry collectors have 22-ish additional examples out there.
    I'm no expert on Walking Liberty half dollars or the market for them. This just struck me as something worthy of discussion. If you think I'm missing some relevant information that can explain the observed price difference, I'd like to hear it.
    To see old comments for this Journal entry, click here. New comments can be added below.
  12. Electric Peak
    A crazy auction result.
    In last night's Heritage auction session, one of the Walkers I had my eye on, before bidding got insane, was a 1945-S PCGS MS67 CAC. The price guides, as quoted on the Heritage site, say the following: Numismedia retail, $2600; Numismedia Wholesale $2000; Numismedia PCGS (nmp), $1875; PCGS Price Guide $19,500 (Yes, $19.5K).
    That last number is strikingly high, but recent Heritage results justify the price guide number. My guess is that it has to do with the PCGS registry. The 1945-S Walker in PCGS MS67 is a pop 6/0 coin. The coin in question is colorfully toned. Last night's result: $37,375.
    So if you can find a really nice 1945-S Walker in NGC MS67 for a couple Gs, you might think about getting it and crossing it...

    To see old comments for this Journal entry, click here. New comments can be added below.
  13. Electric Peak
    is when it's time to sell...
    When the dust settled after the Goldberg auction earlier this week, I had not spent too much money. So of course I had to remedy that situation. I had in mind several coins in the current Heritage auction. There was an AU 1823 cent (out of my range, but hey, I can dream), a few MS67 Walkers (one will be the subject of another journal), and some half dimes.
    Among the old silver five cent pieces that hadn't already been bid beyond my current ability to pay, were an 1830 MS65PL, an 1841 MS67, and an 1862 PR67Cam. They were up for sale last night. The 1830 just didn't speak to me enough, due to a couple scratches apparent in the photos, so I let it go without a bid. The 1841 would break my pattern of only 66s in my MS Seated Liberty set, but I have to face the fact that I'm not going to get a lot of them that nice. But 67 is a favorable departure from the existing trend. When the lot came up, I clicked the bid button immediately, but was beaten by a prior book bid. Without thinking to enter a cut bid, I clicked the bid button again and won the lot. The 1862 went unsold, and is tempting me, but I really can't afford any more right now.
    After that, I started entering info about my new purchase into my collection spreadsheet. And because Heritage provides slab photos, I could enter the coin in the registry immediately also. When I tried, I got a message that it was still in another member's set. So I decided to see which set that was.
    I found it in the #3 ranking set. That set was complete (except for the unique 1870-S, of course), but I was surprised to see that the 1841 was the single highest graded coin in that set. Having completed that search, I went back to Control Panel and noticed that my points and rank had improved, so I immediately went back to the set rankings page to find that the former owner had not only already released the 1841, but had deleted the whole set. So I had gotten the last look at it. Looking at the Heritage catalog, it appears that he had indeed sold the entire collection.
    Over the past several years I have sold a number of my coins after purchasing upgrades. My goal had always been to build a quality collection of large cents, rather than one of those great variety & die state collections about which I've written. So parting with most of the upgraded coins has not been a problem for me. But at this point in my collecting journey, I can't even think about parting with my top coins, and certainly not selling off a whole set.
    I know many people will build a set, sell it, and start building another. But with the recent big copper sales, I'm faced with the reality of health problems or death leading to the sales of collections. Dr. Bill Duffy's registry bio mentions only his long-time effort in collecting half dimes. His registry presence is now limited to some nice sets of dimes. Whatever his reason for selling, I wish him the best.
    Here's the 1841 half dime.

  14. Electric Peak
    A sweet little purchase
    Although my primary numismatic interest is those grand old large cents, those of you who read my posts know I also have an interest in anything with "half" in the denomination, especially half dimes. I picked up another from Heritage's Long Beach auction a few weeks ago.
    When I was nearing completion of my initial collecting goal (the late date large cents, one per date), I started on another goal, a set of proof half dimes (1858-1873). That seemed like another achievable goal: 16 coins, none of which is especially difficult to find. In a year and a half I had gotten five, though one proved to be a mistake (body-bagged as improperly cleaned, and has a gouge I didn't notice in the auction photo, hidden in the wreath). But toward the end of that period, I snatched up an 1857 MS66 half dime pretty cheap, and shifted gears to collecting nice MS capped bust and seated half dimes. That was three years ago.
    The set of proof half dimes had been neglected for those years, during which I've focused on building & upgrading my large cent sets, getting the MS half dime sets going, and adding a few other odds and ends. But I never stopped looking at the proof half dime offerings.
    Well, one caught my eye in the Long Beach auction, and I wound up getting it. It's a PR65 Cameo, CAC approved, little beauty from 1864. It is essentially untoned and is very well struck. On the reverse of these coins (1860-1873), the upper-left part of the wreath and the ribbon are frequently poorly defined, even on proofs. The opposing features on the obverse can be poorly defined as well. I refuse to buy such coins. Unfortunately, the holder is beat up a bit, so the photo doesn't really show the coin well. But at least the quality of the strike is apparent.
    With all the buzz about gold and silver, I thought I'd add the following. A seated liberty half dime has about 0.039 troy ounce of silver. At today's price ($24.68/t.o.), that's about $0.96. I paid a bit more than that...

  15. Electric Peak

    Great Opportunity

    By Electric Peak,

    ... to own part of a great collection of early copper
    This Sunday, January 30, 2011, starting at noon Pacific time, Goldbergs will be auctioning off the fourth and final installment of the Dan Holmes collection of U.S. Large Cents, his "late dates".
    The collection has at least one example of every die variety of late date large cent from 1840 to 1857, except the unique 1851 N-42, whose owner apparently has no intention to sell (see the catalog for a story...). So it is more complete than the Naftzger late dates were. Many varieties are represented by more than one die state. Many are condition census pieces - among the finest known of their varieties (or of die state if not in the overall variety census). For the most part, these coins are not as nice as the Naftzger coins, but they're still pretty good! There are also a few patterns and contemporary counterfeits. In all, there are 687 coin lots, plus a "super deluxe" copy of the catalog.
    The average low estimate is $718. Only 89 lots have low estimates of $1000 or more. 443 lots have low estimates of $250 or less. Some are as low as $20 and are not awful coins. My point here is that collectors of every economic level have a chance to own part of this great collection.
    Be advised that ~90% of these coins are not in slabs. In fact, many have been removed from slabs, which is not uncommon among nice coppers owned by members of Early American Coppers, of which Dan is a past president. But all the proofs are in PCGS holders, as are some of the mint state pieces.
    Check out http://www.goldbergcoins.com/ to see the catalog. It is another wonderful bit of numismatic work put together by Bob Grellman. The descriptions are more informative than those in most other auction catalogs. They are also more trustworthy when it comes to describing the coins' flaws.
    To all - Enjoy this and the other auction sessions associated with the upcoming Long Beach show, and good luck.
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  16. Electric Peak

    That's Just Wrong

    By Electric Peak,

    These points changes are crazy.
    Like many others, my registry points and rank just changed, due to Indian & Lincoln cents point changes. On the strength of my four no-so-special RD cents, I gained almost 1900 points, but dropped 27 in rank.
    I don't have a problem with points adjustments. I have requested some myself, e.g., when my pop 1/0 1842 cent got fewer points than "easily" obtainable 1850s large cents in the same grade. What I'd like to see is a more comprehensive re-evaluation of points based on the slabbed populations. I know it would virtually impossible to assess this, but frequency of opportunity to obtain each coin/grade would also be a useful factor in assigning points.
    I do not think dollar value should be a factor. That said, I have the following observations about my points changes: My 1942-D MS67RD is now 1008 points, pop. ~1800/2. Among my large cents, my 1818 and 1844 (both MS64BN) have similar points, but much smaller populations, 133/15 and 30/9, respectively. And they have Numismedia retail values ~7x that of the 1942-D cent.
    Of course other factors are in play. The absolute grade should count for something, no matter how common it is for a particular issue. The number of higher graded examples should also be a factor. Both of those factors weigh in favor of my cheap 1942-D cent over those two large cents.
    But even the certified populations can be misleading. The number of resubmissions and the number of cracked-out and not resubmitted coins (not uncommon for large cents) can't easily be tracked. PCGS Secure may help with the former problem. And with most coins, there's going to be an "underpopulation" of lower grade examples because it makes little financial sense to slab them.
    Anyway, those are my quick observations & thoughts on the matter. I just wonder if we're going to see waves of this sort of thing as collectors of different series complain about their favorite items being undervalued in the registry.
  17. Electric Peak
    that aren't so empty any more...
    As I mentioned in an earlier post, my father-in-law recently bought several 1 oz. gold Maple Leafs for my wife's birthday. They came in soft plastic flips. I decided that I'd rather store them more conveniently and safely in original tubes if I could find them.
    I did manage to find a company that sells them, so I put the two that would be required in the cart and tried to checkout. At that point the $50 minimum purchase was announced, so I added a 2010 MS70 First Strike ASE to the order. The price was okay, but made it steeper than I was expecting for two empty plastic coin tubes. At least the tubes are no longer empty...
    But man, those Maple Leafs are susceptible to contact marks! That's what you get for .9999 fine (i.e., soft) gold. Unfortunately, my father-in-law can't get past the purity factor. I tried to explain that American Eagles contain the same amount of gold and are just as easy, if not easier to sell when the time comes. So when his dealer ran out of Buffaloes, he had to get the Maple Leafs.
    Since then, he has decided to get himself more Maple Leafs. I mentioned to him that I had gotten tubes for my wife's coins, and he asked me to order more for him. So now I have a 2006 MS70 First Strike Buffalo on the way. (Yes, that more than covers the $50 minimum! We're sort of celebrating my wife's new job with higher salary...)
    Anyway, here's my addition to the family album. It's a shot I took of myself a few years ago at the summit of Half Dome in Yosemite. It was a terrific late-November day for a long, but memorable hike.

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  18. Electric Peak
    But the presentation has been improved...
    Those of you who follow the annual Registry Awards and the journals are aware that I was honored this year with one of the Best Presented Sets awards for 2010. A couple days ago I wrote a journal in response to that. In it, I described the format and content of the descriptions I provided for each coin. My goal has been to update the descriptions of all my registered coins to that standard. I knew I wasn't yet done, but I gave myself an unpleasant surprise this evening.
    I decided to look at those descriptions that had been so honored. I was shocked to see that most of them were missing the auction catalog descriptions (when available) and my "stories" of how and when I acquired the coins. Some even lacked my descriptions. All of them did have the information mentioned in the award citation, however. Apparently, I had added all that information the coins in my middle dates set, but not the late dates!
    So, this evening I have remedied the situation. I have added the "necessary" information to the descriptions of each coin in my late dates large cents set. The value to CS members may not have increased very much with this update, but at least now the presentation of the set might be closer to being worthy of the award it received.
    The coins themselves continue to be a joy to own...
    Best wishes to all!
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  19. Electric Peak
    Congratulations to all the Registry Award winners.
    Today was a big day at work. In late 2009, a loved and respected leader at the Space Telescope Science Institute passed away. An annual award in his memory was set up, and the first honorees were named today. They are two of my friends, with whom I work closely on a regular basis. In the words of another co-worker, the selection committee chose wisely.
    With the events of the day in the back of my mind, I got home, went grocery shopping, made and ate dinner, and finally went to the computer to take care of end-of-week business and to check email.
    One email immediately caught my attention. It was from a Collectors Society friend. "Oh yeah", I thought, "Today is the announcement of the Registry awards." I figured that if my journals were worthy of an award last year, that the judges must have decided that more of the same was worthy again. So the message surprised me: I was being congratulated for my large cent collection.
    I logged in, and sure enough, my set of late date large cents has a new icon. Last year, I did try to improve the descriptions of my coins and provide photographs of all of them. Many descriptions remain to be done, and many of the pictures could be better. But I was able to finish descriptions of all my large cents.
    My goal was to provide a common format for all the descriptions. They start with the basics of service and grade, with any CAC approvals noted. Then variety, die state, and condition census data are provided. After that, I generally have two or three more sections: The first gives my description of the coin. The second tells the story of how I acquired it. The third, if present, gives more of my thoughts about it, or an auction catalog description. I will try to update more of my coins' descriptions to that format in the coming year.
    To the judges: Thank you.
    To all the award winners: Congratulations!
    To all who make this an interesting, informative, and enjoyable place to spend some time: Thank you! You are the heart and soul of this Society.
    Happy New Year, and Happy Collecting to all...
    And yes, I have bought more silver...
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  20. Electric Peak
    and another beginning...
    It has been a great year for me and my collection. I added only ten coins this year, but I'm very happy with every one of them.
    Because I'm "done" with the late date Large Cents, and nearly done with the middle dates, there wasn't too much activity there: I bought one upgrade in each of those sets, plus the 1828. Nevertheless, large cents are still my favorites. And there is still some excitement coming: The final installment of the Dan Holmes collection (late dates) will be sold by the Goldbergs at the end of January. I'm short on cash for the time being, but will try to pick up a nice cheap one just to have one from that great collection.
    Next on my favorites list are the half dimes. I added only two this year: a nice 1853 no arrows; and a pretty 1864 cameo proof. My half dime sets will probably see the lion's share of activity (i.e., dollars spent) in the coming years.
    I surprised myself a little with the other five coins. I fancy myself as a collector of high quality, "affordable", older American coins, but purchased a Mercury dime, two Walking Liberty half dollars, an a couple gold Buffaloes! In addition to the large cents and half dimes, I do want to build a nice type set, to which the dime and a half contributed. But I'm feeling the urge to build sets of those lovely 20th century coins as well.
    Gold has surged well beyond the prices I paid for the MS70 buffaloes. And I, like others, think precious metal prices will continue to rise. This year, my father-in-law added to my (well, my wife's...) modest holdings of gold. He had some CDs that matured and used the proceeds to buy some buffaloes and maple leafs for her. I tried to talk him into American Eagles when his favored company ran out of buffaloes, but he insisted on the four nines.
    Also on the good fortune front, my wife got a new job, which starts in January. A year ago she finished her MBA, and finally got it to pay off. The bottom line is a 50% higher salary. With that, and with paying off our house in several months, there may be more to spend on coins! But we're also talking about silly things like other ways to save for retirement (which is frighteningly close) and some serious home improvements.
    The Lord has blessed us this year, and I pray that His blessing will be upon you as well. Happy collecting to all, and Happy New Year!
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  21. Electric Peak
    Do I have the 'buy silver' thing down yet?
    After getting all the photographing done and posting about my new 1828 cent, I almost forgot to share my other new purchase, an 1853 no arrows half dime.
    Those of you following the prices of gold and silver - and reading the journals! - know that the price ratio recently fell below 50. Prior to 1850, the ratio had been 15 1/2. But all the new gold from California upset things, effectively raising the price of silver. As a result, silver coins were largely removed from circulation to be melted, their bullion value being greater than the coins' face value.
    To solve the problem, the weight of minor silver coinage was reduced early in 1853. Coins produced under the new standard had arrows placed before and after the date. In 1856 the arrows were no longer used to indicate the reduced weight, but the coins remained light...
    Only 135,000 1853 no arrows half dimes were minted, compared to the 13,210,020 - almost 100 times as many - made with arrows that year. Considering that many without arrows probably were destroyed, it's a little surprising that the populations and prices are not as grossly different. For grades 63 and above, combined NGC+PCGS populations are 5 or 6 to 1 (more with arrows), but the price ratio (PCGS guide) is about 3 at MS63, about 1 1/4 at MS66, and actually reverses to less than 1/2 at MS67 despite a consistent population ratio. I guess these numbers say something about what coins were deliberately saved at the time!
    Anyway, here's my $1.24 worth of MS66 silver. The photo doesn't capture the nice color of the toning, which is nicely reddish. But you get the idea.
    Merry Christmas to all! (And if you celebrate a different holiday - have a happy one...)

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  22. Electric Peak
    I finally took pictures of a bunch of recent acquisitions.
    I've been behind with posting photos of recent registry additions. Saturday night I got the camera out and got a few dozen done. Only the freebie state quarters from paid membership a few years back and several modern proof commemoratives remain without mug shots.
    The attached photo is the obverse of one of my acquisitions from the recent Baltimore show. I obtained an 1853 No Arrows half dime, and this 1828 N-6 large cent.
    During the early years of the U.S. Mint, when a die broke or was worn out and needed to be replaced, there were occasions when the replacement die had been sitting around for awhile and had developed rust pits. In some cases, a die rusted during the course of its use. The latter case applies to the obverse die used to strike this cent.
    According to "The Cent Book" by John Wright, early N-7 strikes show that the obverse die had little or no rust pitting, while later strikes have evidence of die rust scattered all over. This die remained in use after the N-7 reverse die was retired. The N-6 variety is a mating of this used obverse die and a new reverse die. Apparently nothing was done to reduce the effect of the rust, and Wright says of the N-6 variety that "high grade examples do look really impressive with the rust lumps all over the obverse."
    I would imagine that there was at least one gap in the production of N-7 cents during which the rusting occurred. According to Wright, the N-7 reverse die showed evidence of rusting along with the obverse die, supporting that supposition. It seems implausible to me that it could have occurred during a continuous run of cent production. In any case, here's my newest copper baby, lumps and all.

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  23. Electric Peak
    Could she get a job at NGC or PCGS?
    After every purchase, I show off the new acquisition(s) to my wife. She typically feigns interest, and makes comments about my coins being "rubbed-off" and "rusty". Now I can understand a critical EAC eye calling a couple of my low MS certified coins AU, but "rubbed-off" is a little harsh. As for "rusty", I hasten to point out that in the early years of the U.S. Mint, sometimes rusty dies were used, producing coins with tiny lumps. My new 1828 N-6 cent is such a coin.
    After the recent Baltimore show, I had my middle date set at home for awhile. During that time, I convinced my wife to examine them, and rank them. She was amazingly willing to do this. She did not see the slab grades or CAC stickers during this exercise. The results were interesting, at least to me.
    The following table has the coins listed according to her ranking, best to worst. The date is in the first column and the TPG (P or N) and grade are in the second and third. Other notes follow. For a couple dates I have duplicates. For them, the Newcomb variety is given with the date.
    20 N 66BN CAC-reject
    37-9 N 65BN CAC-reject
    39 N 65BN CAC
    37-10 P 66RB Naftzger
    32 N 66BN
    38 P 66RB Naftzger
    34 P 66BN Naftzger
    31 P 65BN Naftzger
    33-2 P 65RB Naftzger
    36 P 66RB Naftzger
    18 N 64BN CAC
    35 N 66RB
    27 N 64BN CAC
    33-3 N 64BN Rasmussen, CAC-reject
    28 N 64BN
    16 N 64BN
    19 N 64BN
    26 N 64BN
    17 P 65BN
    25 P 63BN
    22 P 62BN CAC-reject
    30 N 66BN Rasmussen
    24 P 63BN
    29 N 61BN Adam
    23 P VG10
    Clearly, her eye is similar to that of the graders. But there are a couple notable (mis?)placements. #3 in the list is a 65BN-CAC coin that she placed above all of my Naftzger coins and seven of eight 66s. Indeed, it is a nice coin, with an interesting acquisition story, but I would not have ranked it quite so high. It is mark-free, but not as lustrous as several of the nice coins ranked lower. I think she was critical of minor flaws that are more apparent on coins with significant "red" color, thus elevating this coin in her rankings.
    Fourth from the end is a 66BN coin, placed below all of the 65s and 64s, a 63, and the 62 CAC-reject! Part of the problem may be that the holder is badly scuffed. The coin does lack the outstanding luster the other 66s have, but makes up for that with a sharp strike and very clean surfaces.
    Overall though, I think she did pretty well. Her two top choices are also my top picks. They are truly wonderful coins. (I have written before about not understanding why the 65BN 1837 N-9 did not get a CAC sticker.)
    On the subject of CAC, I made the following observations. My wife did rate the two 64BN/CAC pieces ahead of the other five 64s (three of which I owned last year & did not submit to CAC because I thought they were not as nice as the three I did submit). The 1818 64BN/CAC scored ahead of a 66RB, with the 1827 64BN/CAC right behind, and the 1839 65BN/CAC was #3 in these standings. So the CAC coins did well in this exercise.
    What does it all mean? Probably not much. But it's interesting to consider TPG (in)consistency vs. my wife's dispassionate, all-at-the-same-time examination. And it's a nice way to share the hobby with my wife, who still doesn't understand why anyone would want to collect this stuff. However, she did say she'd like to take more of these quizzes with my other coins!
  24. Electric Peak
    Screw Press, that is...
    Picking up in the middle of my last post... At the Baltimore show on Thursday, during my journey across the bourse, I noted several coins I would consider buying. After the 1828 cent previously mentioned, an MS66 1853 no arrows half dime and an MS67/CAC 1945-D walker struck my fancy. They rose to the top of the list after checking recent auction results and price guides. There were several other nice coins, but the asking prices were just too high.
    I was ready to enter the show at 10 AM Saturday. My first stop was the dealer who had previously had the 1828 and 1829 ex-Holmes large cents I wanted. He was there and confirmed that he had already sold both. So I headed over to Chris McCawley's table and bought the 1828 he had. It's a solid MS64 (market standards), but probably not PQ for the grade. Nevertheless, it looks better to me every time I see it. But it will soon be residing more securely with its siblings - where I can't enjoy it as frequently.
    After spending most of my available cash, and chatting a little, I wandered around the floor noting a few more potential purchases and checking out the 1853 half dime again. But prudence temporarily took over. I told myself that I had better just go out for lunch and avoid further temptation. All that was left for the day would be the usual Region 3 EAC meeting at 1 PM of the Saturday of each Baltimore show.
    While eating my meatball sub with spinach, the strange insanity many of us feel took hold. When I was done with lunch, I marched back in and bought the half dime. It's a lovely, well-struck piece with smooth reddish toning in the obverse field, and more subtle golden toning on the reverse. I couldn't find either newp in auction records, so I have no photos yet.
    So, after putting myself in a deeper hole, I headed up to the EAC meeting and greeted the small crowd of usual suspects. But the group eventually grew larger than usual. Normally, the EAC meetings feature introductions, announcements, show-and-tell, and some discussion of topics of interest. This meeting was different. Our region chairman had gotten Craig Sholley to give us an encore of a presentation given at the Boston ANA on screw presses in the early U.S. Mint. The talk was very informative. The basic idea is pretty simple, but seeing old 'engineering diagrams', drawings of presses in use, and getting more detailed explanation of how the presses were designed and operated, made this an especially valuable meeting.
    Finally - No, I don't mind Jackson borrowing my previous post's title. And I hope he buys that 39-S walker. He knows he wants it! And when he tells us about it, I'll know I'm in good company - as fellow collectors who spend more than we ought! But if we're careful in our choices, they'll provide enjoyment now and should pay off in the end.
    Best wishes to all for the upcoming holiday season!
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  25. Electric Peak
    You didn't think I'd miss it, did you?
    Yes, I attended the latest Baltimore show, and had another minor misadventure along the way. This time, I could manage only two days: Thursday and Saturday. There is simply too much going on at work for me to have taken Friday off as well.
    On Thursday, I arrived shortly after 10 AM, when lot viewing for the Bowers & Merena auction opened for the day. I was considering a handful of coins in the auction, and always enjoy looking at lots of nice coins (pun intended). Foremost among them was an 1890 MS63 half dollar, which I need to complete an 1890 set (all 64-ish, P-mint, non-gold) for my younger son's high school graduation present. He's a junior in college now... The coin was pretty nice, especially the colorful toning on the reverse. I wrote "GFI" (go for it) in the catalog. There are limits, however. Based on recent auction results for 1890 halves, I decided a bid of $1800 would be my limit. (This would make the half dollar more costly than the other five coins combined.)
    During lot viewing, one other coin struck my fancy: a brilliant and beautiful 1917 Type I Standing Quarter in MS67FH, for my type collection. By the time I was done with the auction material, it was past noon, and I could enter the bourse. Both auction coins of interest were in a session starting at 6 PM, so I had plenty of time to scan the offerings of dealers.
    My first dealer stop was to see if those two ex-Holmes large cents I mentioned in an earlier post were still available. I really liked, and could now afford the MS63BN 1828, and might be willing to stretch for the MS64BN (ex NGC 65) 1829 instead. The dealer was not as his table, and those two coins were not in his case (which typically has sparse offerings). So I went to Chris McCawley's table next.
    Chris had a lovely 1825 cent (an ex-Holmes MS64BN that would be a nice upgrade to my 63), an AU55 1821 (that would nicely fill an empty registry set "hole"), and an MS64BN 1828 (to upgrade an "improperly cleaned" example I acquired raw in a B&M auction a few years ago). The 1821 was okay, but didn't really speak to me. Being that I have a decent 1825, the 1828 was first on my list. After chatting with Chris for awhile, I continued my usual sweep of the floor, having looks at coins of potential interest, and taking notes on who had what for how much. Along the way, I made a small purchase: I picked up a nice VG 1818 cent for my old Whitman album collection.
    After dinner at home, I periodically checked the progress of the auction on-line,but I prefer to be present at the live auction if possible. The quarter was about 750 lots into the session. At 8:30, about 500 had been sold, so they were going at about 200 lots per hour, with 250 to go before the quarter. It takes me about 30 minutes to drive in, park, and walk to the Convention Center. So I left at 9, drove in without incident, managed to get a parking space right across the street, walked into the VIP suite about 9:25 only to find that I missed it by 12 lots. They had really picked up the pace for that hour! Almost right away, Steve Deeds accidentally unplugged his laptop, causing a several minute delay. Why couldn't that have happened five (or more) minutes earlier?
    So I waited around until after 11 for the 1890 half dollar to come up. It opened at $1550. I raised my card for $1600, Steve bid $1700 for the book, I raise my card again for $1800. At that point, Steve could only say he had a prior $1800, meaning the absentee bidder's secret maximum had been reached and took precedence over my bid. Now there was no apparent other activity in the room, or live on the internet. In such circumstances, the smart play is to cut the next bid, meaning to bid only half an increment higher at the risk of not being able to bid beyond that. Even though $1800 was my preset limit, I figured fifty bucks more was okay, and I called out "cut". I would finally have the 1890 set completed! Alas, some bozo in the room bid $1900, and I lost it (the coin, not my cool). And so the quest continues...
    Saturday was a much better day. More about that next time! Until then, happy collecting to all!