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Electric Peak

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Journal Entries posted by Electric Peak

  1. Electric Peak
    Accessorizing with 1837
    I really love my NGC MS65BN 1837 N-9 cent. I paid a lot for it at the time (four years ago), and I'm still glad I did. Within my collection, only my 1820 N-13 competes with its beauty. But I upgraded the date to an MS66RB in the Naftzger sale anyway.
    In my auction planning, I had three 1837 cents in mind out of 43 available for the date. The first of the four was a really nice N-7/8 in MS67BN. Of course, it sold for more than my preset max, and more than I had left to spend. (I had already gone past my max on the 1833, and would again a few lots from here, but there is a hard limit...)
    The sale included eleven examples of the N-9 die variety, with good reason. During the service of the die pair, several cracks appear and grow at different times. Ted Naftzger assembled a nice sequence of die states. Ten of them are in high MS grades. The first is an AU example of the scarce earliest state. My example is of a fairly late state, and is a couple tiny ticks on the jaw away from brown perfection. My lot viewing notes indicate over and over that, to my tastes, my coin is better than the Naftzger examples of the variety. So I didn't pursue another N-9, even though five of them had higher slab grades than mine.
    I passed over a nice N-10 in a MS66RB slab because I didn't think it deserved the RB designation. As it turned out, it would have been relatively cheap registry points, but something inside me said not to get it. The next lot was target #2, another N-10, this one in an MS66BN holder. It sold for 50% over my maximum.
    Two lots later was target #3, the fourth and final N-10 available. It's graded MS66RB by PCGS, and MS65 by the EAC-style standards of the catalogers. It is tied for CC#1 in the Bland census, and tied for CC#2 in the Noyes census. It became mine for a couple bid increments over my max, and tied the 1833 as most expensive coin in my collection. I don't really remember anything about the actual bidding.
    The N-10 is known as the "Accessory N" variety because traces of a stray N appear punched in the leaves below the N in UNITED. My example is a late/terminal die state with a series of cud breaks from star 13 clockwise to star 1. The accessory N is not as clear as in earlier die states. About two thirds of the original color remains on both sides, which are significantly flowlined. The luster is great, and there are only a few trivial marks and spots.

  2. Electric Peak

    Off the Podium

    By Electric Peak,

    What's with the obscured sets?
    I just logged on to check out the latest journals and noticed that my three large cent sets (middle dates, late dates, & all) have all dropped from #3 to #4. No one had been close behind. The newcomer ahead of me is now #1 in two of those three categories. That's fine by me, as I never had any hope of being #1 in any of them. Even though there is a part of me that feels the competitive drive, I just don't have the time or money.
    What bothers me is that the sets that recently appeared are all obscured. Those sets obviously have to have some pretty nice coins. (Given the timing, all I can assume is that many Holmes and Naftzger coins are included.) I just think it would be nice for the rest of us to be able to appreciate the set, if only by seeing what dates & grades are represented. The total scores just don't do it for me. Of course, decent photos would also be nice, and descriptions can say why the coins are special to the owner.
    Anyway, I'll be going through a period with no new acquisitions. I need to let my numismatic allowance build up again after record spending this year. During this time, I'll try to improve the descriptions of my registered coins. Happy collecting to all.
  3. Electric Peak

    I Forgot the Coin

    By Electric Peak,

    "You must enter a Teaser."
    Whitman launched a new coin expo in Philadelphia. The show is probably winding down as I type. I drove up from Baltimore with my wife on Friday to see some of the sights and check out the show.
    We parked at 5th & Arch, next to Ben Franklin's grave site and across Arch from the Mint. We started with the Mint. The last time I was there was in the 1970s, when a large collection - the Eliasberg collection if I remember correctly - was on display in the lobby. After 30+ years, the place seemed pretty familiar.
    Next, we went a short distance to the Liberty Bell and got our free tickets for the Independence Hall tour. While waiting for our tour time, we checked out the portrait gallery in the Second Bank of the United States and the Supreme Court chamber in the old city hall building. After the tour, we visited neighboring Congress Hall. Every American should be educated about this stuff, and I recommend the visit.
    After lunch, we made our way several blocks to the PA Convention Center for the show. Near the entrance I saw early copper dealer Tom Reynolds, and went to his table to say hello. He told me that Thursday was pretty busy, but I could see that Friday was not. I was on the bourse floor from about 2:00 until 5:00. During that time it seemed like there was little activity. I've been attending all the Baltimore shows for the past 5 years, and have never seen such a light crowd there.
    What may be bad for dealers is good for me. I was able to navigate easily and check out every table. I never had to wait for a dealer to finish with another dealer or customer. I was scanning for my usual targets: high quality middle & late date large cents, bust and seated half dimes, and the elusive 1890 half dollar.
    Nice large cents were present in great abundance, numerous dealers having pieces from the recent Holmes and Naftzger sales in their display cases. Greg Hannigan (who placed the $1.1 million bid for the S-79 for a collector client) had the two ex-Holmes Strawberry Leaf cents on display. So now I've seen all three non-museum examples. It's pretty cool to see famous coins up close.
    There were quality half dimes in surprising abundance as well. A couple struck me as being really nice and pretty good deals. My wife kept trying to get me to buy one (Is there something unusual there?), but I just don't have the money now, having exhausted my supply getting one of the Naftzger coins a couple weeks ago.
    That brings me to the title of this post. One of the reasons I wanted to go to this show was to sell the 1841 cent I upgraded with that Naftzger purchase. In the rush to get going in the morning, I forgot to put it in my pocket. So now I'll have to wait until the November Baltimore show.
  4. Electric Peak

    Naftzger Late Dates

    By Electric Peak,

    Yes, it's slightly old news...
    Last Sunday's sale of the Holmes early date large cent collection was followed Monday by the sale of the Naftzger late dates. I wish I had been able to attend, as I did the Naftzger middle dates in February. Nevertheless, there was opportunity to place absentee bids and bid live on-line. Despite reports of problems with live bidding in February, I had none on Monday, and saw that other internet bidders were being recognized. Indeed, the underbidder on the lot I won was an internet bidder.
    The sale included 706 lots of metal (a few lots were things like fakes and what I'd call mint scrap) plus some books. The pre-sale low estimates on the 706 lots totaled just south of $700,000, or less than $1000 per lot. The final tally, including buyers premium, was over $2.7 million, $3850 per lot (average), ($1840 median). Three lots sold for more than $50,000, the top price of $92000 going for an 1852 N-24 in PCGS PR65RB. 168 lots sold for less than $1000.
    My late date set is complete, with all in MS65 or higher except for the 1841 and 1844. Those dates would be my targets. At this point in my collecting, I won't upgrade to less than 65 in the 1840s. The Naftzger collection included several potential upgrades for the 1841 (mine is MS62), and one for 1844 (mine is MS64). My current numismatic allowance is about $2000, but I could afford to spend as much as $5000 and wait for awhile to spend again! I had no assets easily convertible to cash to tap as I did in February.
    My observation in February was that people are willing to pay for color, so I thought the low estimate of $2000 on a 66RB was unrealistic, and it sold for $13,800. That would be followed by two 65RB coins, also with $2000-up estimates, and my last chance would be a 65BN estimated at $1000-up. I was a bit discouraged when the first 65RB went for $8625 because I thought the other one was even better. The second 65BN sold over my limit, at $6038. That left the 65BN, which I was able to get at just over my allowance.
    If sticking to my pre-sale plan, I would have bid one more time if necessary, so I think I got a good deal. However, the underbidder was not one of the dealers in the room, so they may not think so. Nevertheless, I'm pleased because I'll soon have a nice coin to replace in the set. 1841 in nice mint state has been tough to find for a few years now, although several proofs seem to be available each year.
    Being that I planned to spend up to $5000, I still had my sights set on the last 1844 in the sale, a pretty 65BN. With its estimate of $1000-up, I was hopeful that results would be similar. But 1844 is another date that's tough to find this nice, and this particular coin has a bit of original color and is CC#1 for its variety. My planned limit came and went, and the lot eventually sold for $9200!
    We may never see a collection like this again. Ted Naftzger's middle and late date collection was regarded as the finest ever assembled. If you haven't seen the coins, I encourage you to visit the Goldbergs' web site and check them out. Their protography is excellent, and the lot descriptions by Bob Grellman are much better than usual major auction house descriptions. The middle dates are in their archive section (sale 51), and the late dates (sale 54) is still available from their home page.
  5. Electric Peak
    For you copper junkies
    I just thought I'd pass this along for anyone who is interested. It's a video on YouTube of the Goldbergs' auction call for the sale of Dan Holmes' 1795 S-79 reeded edge cent, which became the first copper coin to sell for over $1 million. This was Sunday afternoon. They say that applause at an auction means that someone paid too much...
    Here's a link to the lot description:
    http://www.mkjassociates.com/cgi-bin/ilgvulot.pl?site=1&sale=54&lot=128
    (After initial posting, I noticed that the whole URL is not part of the link as displayed in the journal entry. You may need to copy & paste the whole URL into your browser rather than click the link.)
    And here's the link to the auction video:

  6. Electric Peak
    The most complete variety set sold in LA!
    The Dan Holmes collection of large cents is being sold by the Goldbergs. The Early Dates were sold Sunday (9/6/09), starting at 1PM LA time, and going well into the evening. (One thing I think I mentioned in my 'coverage' of the Naftzger Middle Dates earlier this year is that the Goldbergs' auctions move slowly - barely better than a lot per minute.) Unfortunately, I was not able to attend this sale in person, but did follow it live on-line.
    This collection is notable in that it is the most complete variety collection ever assembled. It includes examples of all 295 numbered Sheldon varieties, including sub-varieties (e.g., for different edge devices, bringing the total to the full 302 recognized varieties. In addition, the collection includes examples of 52 of the 53 so-called 'not collectible' varieties. The one missing NC variety is unique, and in the ANS collection, but has recently been displayed with the Holmes collection for true completeness. In addition, the Holmes collection includes multiple examples of many varieties, usually in different die states. Many of these coins are among the finest known of their respective varieties & die states. It is truly a fabulous collection.
    Pre-sale low estimates totaled $6.9 million, and the preliminary results were nearly $15.1 million - averaging about $26,650 per lot. The most expensive lot made some news. Lot 128 was the finest known (in a VG10 PCGS slab; VG8 by McCawley & Grellman EAC-style grading standards) 1795 Sheldon-79 reeded edge cent, estimated at $250,000-UP, and hammered at $1.1 million, or $1,265,000 with buyer's premium. I believe this is the first copper numismatic item to break the $1 million mark.
    The only certified mint state 1799 cent (NGC MS62, but AU55 according to M&G) was hammered down at $850,000 ($977,500 including "juice"). There were numerous other highlights, including two of the four known Strawberry Leaf 1793 cents. If you are interested, I expect that the on-line catalog and results will remain available on the Goldbergs' web site (http://www.goldbergcoins.com/index.shtml). Their photography is excellent.
    As I write this, the Goldbergs' (also in association with M&G) sale of the Naftzger Late Date large cents is in progress. I'll post another journal about that (including my new purchase!) in the coming days.
    I wish Dan Holmes and family the best, and the family of Ted Naftzger as well.
  7. Electric Peak
    Getting back in the game
    Wow, it's been almost two months since I wrote a journal entry. Work has been keeping me very busy. I'm a software systems engineer working primarily in support of the Hubble Space Telescope (HST).
    As many of you probably are aware, a terrific crew of astronauts recently completed a highly successful HST servicing mission. This being one of the last space shuttle missions, and the last with any connection to me, I decided to go to see the launch of Atlantis. (Like many who have worked on the project, I received an invitation to view the launch from a site at the Kennedy Space Center.) I was named after Alan Shepard and grew up following the manned space missions. I made scrapbooks from newspaper and magazine articles, and space-themed school art projects. I went on to get a PhD in astronomy. This stuff has shaped my life. Anyway, the launch was spectacular - well worth the trip.
    The checkout of all the new and repaired hardware is underway. So far, so good, but much remains to be done before the publicity pictures, not to mention regular science data, are obtained and released.
    So how does this relate to coins? The bottom line is that it is the source of my numismatic allowance - your tax dollars at work! But deeper than that, just as my interest in space started when I was young, so did my love of coins. My earliest coin memory is that of being jealous that my great aunt was giving old coins to my older brother and not me. Eventually, for Christmas when I was 12, he gave me most of his collection. It wasn't particularly extensive or valuable, but it was a special gift I'll always remember.
    Over these last two months work has kept me quite busy, but I have acquired two more coins that are now in the registry - a PF70DC nickel and an MS67RD wheatie. But as I get a little more time to enjoy our hobby again, and let the allowance accumulate a bit, I have my sights on another pricier target in an upcoming auction. I'm hoping to see it in hand during the upcoming Baltimore show and to own it not too long after that. Wish me luck!

  8. Electric Peak
    Naftzger cents are still available if you have the $$$.
    We had another good show in Baltimore two weeks ago. One of the things I wanted to do was see if I could find any of the Naftzger middle date large cents. I had looked over the auction results and identified a few that I'd consider buying if I could find them. It was no surprise that Chris McCawley (CVM) had quite a few for sale. While a couple tempted me, none were among the select few I was looking for. I found several others in a couple other dealers' cases, but they weren't on my list either. All of the ones I saw have been so noted in my Naftzger spreadsheet.
    My primary business at the show was to view lots in the Bowers & Merena and Heritage auctions. One of the large cent dates I was hoping to upgrade in the Naftzger sale was 1819. CVM had a nice MS64BN for sale, but for more than I had left to spend. The B&M auction included another (not Naftzger) that looked good to me, and I was able to get it in the Thursday evening session for less than 1/3 the asking price for CVM's Naftzger coin. Because it was less than $1000, I would have had to pay 6% Maryland sales tax to pick it up at the show, so I had B&M ship it for less. It arrived today, and is now happily in the company of her sisters.
    That purchase and other recent purchases left me with several duplicates. There were some half dimes in the Heritage auction that caught my eye, so I decided to try to sell the duplicates at the show so that I could afford something. I took my lesser 1819, 1834, 1836, 1838, 1846, and 1855 with me when I went back to the show on Saturday. (Work is demanding these days, and I had to work Friday. Maybe I'll write more about my job another time.) I won't drag this out - I was able to sell them all, split among three dealers, for a total amount that was actually more than I had planned to ask for them.
    The Saturday evening Heritage session was in a small room in a hotel a couple blocks from the show. I got there early and had some of the food provided. I sat through the early copper as usual. But few of the usual crowd were there. It may have been that there wasn't much to attract them, or perhaps the fact that the show was over and dealers were already leaving town kept attendance low. After the cents were sold, the "crowd" dwindled from a maximum of perhaps 20 down to a handful during the nickels. When the half dimes came up, I was the only non-Heritage person in the room! That didn't last long, though. One dealer (from whom I bought my 1835 cent) came back.
    Having sat through 700 plus lots, my target 1832 half dime came up. With a single bid, it was mine. Although it was more than $1000, in which case I'd normally pick up the lot(s) the next morning since there would be neither tax nor shipping charges, Heritage was not having lot pickup in town. This coin also arrived today. But she is lonely. She's my only capped bust half dime, and will never have quite the same circle of friends that my large cents enjoy, or that my seated Liberty half dimes hopefully will.
    So here I am, happy with my two new acquisitions, but with my numismatic funds nearly depleted. And what comes to my attention? Heritage's next signature auction has quite a few nice large cents and half dimes. Don't expect a story about any of them.

  9. Electric Peak
    An auction experience to remember.
    Please forgive me for some repeated material...
    At the 2008 Summer ANA show in Baltimore, I was chatting with Bob Grellman at Chris McCawley's table. Bob suggested that I attend the February 1, 2009 (yes, Super Bowl Sunday) Goldberg auction of Ted Naftzger's middle date large cents. Some of the Naftzger early and middle dates were available for viewing at the Goldbergs' table, and I saw how much nicer they are than most other middle dates I've seen.
    As the weeks and months passed, Bob's suggestion stayed with me, and I started thinking seriously about going. I resolved to save my numismatic allowance for a shot at one or two of the wonderful cents. I managed to get through the December 2008 Baltimore show without buying, but soon succumbed to an MS67BN 1855 cent and an MS66 1838 half dime in a Heritage auction. With the allowance savings depleted, I would have to find another source of money.
    When I was young I inherited 60 shares of AT&T. After the breakup of AT&T, and various AT&T and baby Bell stock splits, mergers and spin-offs, I had stock in several companies. Over the years I had sold some here and there to help pay for my son's ski race training, home improvements, and some 2006 FUN acquistions. All I had left was about 950 shares of AT&T. I sold it all to fund purchases of Naftzger cents, and made sure I would be able to cover the tax consequences of the sale.
    Having taken that step, I started serious planning for the auction. I created a spreadsheet to summarize pertinent information from the catalog. For every lot, I listed date, variety, die state, slab grade, EAC grade (as given for the catalog by McCawley & Grellman), condition census rank, and various price guidelines. I also had columns for my lot viewing comments and for the eventual hammer prices. This spreadsheet proved to be a valuable tool during the auction.
    Before leaving for LA, I had decided on my general priorities: upgrading my 1819 and getting a nice 1828. I had a few examples picked out based on catalog photos and descriptions, but I knew that in-hand examination is highly desirable. I also knew that it would be prudent to be prepared for the possibility that I might not get any of the highest priority lots, and to have contingency plans for later lots. At lot viewing the day before the auction, I carefully looked at each lot and wrote brief notes on a copy of the spreadsheet. That night, I went over everything one last time, deciding which lots to pursue for each date and what dollar limit I should put on each.
    My quantitative criteria were: high EAC grade, high slab grade, and high position in the condition census. Of course, the coins also had to pass my own visual selection criteria. I look for even color, paucity of blemishes like contact marks and spots, good strike, and good luster. I especially dislike fingerprints. I can tolerate some as-struck imperfections, but try to avoid them as well.
    Due to my own stupidity, I was late to the auction. I had missed the 1819 and 1828 I wanted. I later saw that the ones I wanted sold for more than my maximums, but I'm still upset with myself 8+ weeks later. Anyway, I had to settle in and make good use of the spreadsheet and planning I had done. My previous six journals give some details about the auction and the lots I bought.
    Normally I stay toward the back of the room so I can see what's going on, including who I'm bidding against. This time the room was fairly full, and I found a seat in the front half next to Bill Noyes, a noted early copper personality. He and I chatted quietly a little bit throughout the rest of the auction. While bidding, I was not looking to see who the other bidders were. So I was not my usual solitary, cicumspect self. That was okay though, as I was able to get what my later analysis suggests were six comparatively good deals. The interaction with Bill was enjoyable too.
    Since the auction, I've done a couple things. I entered all the hammer prices into the spreadsheet, added a column for the total prices, and added summary information (e.g., total & average prices for the sale). I plan to take the spreadsheet with me to shows in case I find some of the lots that got away. I'll want to have all that information handy when considering any of these coins that might become available.
    The really loony thing I've done is to save copies of all the catalog photos from the Goldberg website. The catalog is great, but only the priciest lots got large images there. The actual digital images are all the same decent size, and their quality is excellent. I plan to use them as a personal reference in addition to The Cent Book by John Wright. They make a great screen saver too.
    Regarding the Registry: My six Naftzger cents were worth over 14,000 points, replacing coins that were about 6000 points. That pushed my middle date set to #2 by a few hundred points, and my overall rank under 300 for the first time. I have just sold some of my duplicates (details to come in another journal), and have slipped back to #3 and 300+ in the process.
    I also noticed that the #1 middle date set has 5 ex-Naftzger additions. Because they were added to that set with the Newcomb number attributions, I could determine exactly which lots 4 of them were, and narrowed the 5th to two possible lots. Those 5 coins cost about four times what my 6 coins did. Like I wrote in my bio, I can't really compete with the big boys, though I do spend more than many collectors do.
    As I've written before, I think going to live auctions is a valuable experience. There's something special about being able to participate in lot viewing when many top quality coins are for sale. This is especially true in cases like the Naftzger sale, when an entire session is devoted to one great collection of several hundred coins that are among the best of their kind. (If you're interested, the online catalog is still available at http://www.mkjassociates.com/cgi-bin/ilgvutoc.pl?sale=51) Participation in the actual sale is exciting as well. This was one I will remember fondly for a long time.

  10. Electric Peak
    Last but not least - 1838
    1838 was a date I'd been wanting to upgrade for awhile. I had bought an MS64BN in Heritage's auction during the 2004 Pittsburgh ANA show. It's a nice coin overall, but a couple wisps of lighter toning, probably remnants of a fingerprint, appear on the portrait and are a little distracting.
    After getting the subjects of my previous five journals, I still had enough money for one more coin of similar quality. I'm happy with my 1839 N-3 Head of 38 (part of the "middle dates") and N-8 Petite Head (part of the "late dates"), and was pretty sure I wouldn't be able to afford a nice Booby Head or Silly Head from the Naftzger offerings. So I removed the 1839s from serious consideration.
    In my final pre-sale prep, I had picked out two potential target 1838s: a really nice MS67BN N-4 (the same variety I already had), which I didn't really expect to get; and a nice MS66BN N-7 that had a lot of red for a BN designation. Given the previous purchases, I didn't think I'd have enough for either one. The N-4 did sell for plenty, and I was re-planning in real time given the limited funds still available.
    Up came an MS66RB N-6, with EAC-style grade MS65, tied for CC#2 and CC#3 in the Bland and Noyes censi, respectively. I didn't have a specific maximum written down, but my early guidelines would allow a hefty price. I ended up "winning" it with a bid only 60% of the maximum I had planned for the N-7, which sold for quite a bit more. Given that both are common varieties and that my N-6 has more red color, I think this worked out well.
    After the winning bid, I leaned toward Bill Noyes, who had been chatting with me a little during the sale, and said, "Well, that wiped me out."
    Like the other five Naftzger cents I obtained, this one has great luster. Other than being toned mostly brown (but with enough red to deserve the RB designation and 65 EAC grade), the surfaces are virtually pristine. The strike is weak in most of the stars, as is typical for 1838 cents in the marketplace. All this is consistent with my lot viewing notes that say simply, "nice". When unqualified, as here, that means a superior coin.
    This ends my series on the individual purchases. I plan to write one more journal with some "final" thoughts on my Naftzger middle dates auction experience.

  11. Electric Peak
    A Boring First Journal
    After 25 years, I realized I had some money to resume collecting. I decided to get some gold, which I could never previously afford. But at my first show, I fell in love again with large cents. I decided to assemble a date set from 1816 to 1857 as nice as I could afford. Before too long, I was stretching for some pretty pricey pieces (for me that means into 4 figures), and strayed with another old favorite, half dimes.
    After filling holes as fast as I could at the MS64-65 level, I decided that it's better to accumulate the coins more slowly, and get only the very best I can afford. Unfortunately, sometimes I decide to get a lesser piece because I'm too impatient to save enough for a better one in my drive to fill holes. And worse, prices for quality early copper have started to take off. But my efforts have gotten me the #3 middle & late date sets in the NGC registry.
    I'm hoping to get a few cents from the Naftzger middle dates collection. After that, the last couple large cent dates may be tough to get nice, and I plan to work at a matched set of white or lightly toned mint state seated half dimes.
    I use the registry as off-site documentation of my collection. But I see its value for shared enjoyment and appreciation as well. To that end, I have supplied descriptions and photos of all my coins. Over time, I hope to learn to take better pictures, and may add to some of the descriptions.
  12. Electric Peak
    Skipping to 1836
    After getting my 1834 cent in the Naftzger middle dates sale, I took a breather. I had spent half my available funds on three nice coins, and I didn't have a target 1835 in mind. I already had an MS66RB that I bought after seeing it at the Summer 2005 Baltimore show. And frankly, none of the Naftzger 1835s appealed to me enough to put money into them. None of them had a slab grade as high as mine either. So I waited more than 50 lots before bidding on some 1836s.
    The coin I upgraded is a nice N-6, the variety with a cud at 1:00, over star 8. It's an MS63BN, but quite nice for the grade. My primary target was an N-3 graded MS66BN. N-3 is the variety usually seen with a cud at 11:00, over star 6, making a nice pair with the N-6. I was also looking at a really nice MS66RB early die state N-3 without the cud. Both sold for more than my preset maximums.
    The only remaining 1836 of interest to me was an MS66RB N-6. It stands alone as CC#1 in both the Bland census and the Noyes census for the variety. And it is that nice. The bidding got going, but happily for me, did not last long. I was the high bidder at just over half my preset maximum!
    The coin has more brown than red on both sides, but certainly has enough red to merit the RB designation. The strike and luster are quite good. There are no contact marks to speak of, but the hair under the L appears to be incomplete due to a planchet flaw. As is typical of my coin photographs, the photo seems to emphasize the tiniest imperfections, which you'd hardly notice without very close scrutiny. The tiny light marks are dust, and the line between the date and star 1 is on the holder. This really is a superior coin.

  13. Electric Peak
    The finest 1834 N-2 cent?
    Next up - 1834. The 1834 cent I was looking to upgrade was purchased raw from an ANR auction a few years ago. It's an N-2 that I got into an NGC slab as MS64BN, pretty much as expected. It's a nice coin, with interesting color on the reverse, but subdued obverse luster and a few minor marks.
    Prior to the Goldberg's auction of the Naftzger middle dates, I had picked out four candidate 1834s I thought I'd have a shot at getting. I figured the MS67BN N-4 would be out of reach. It was - hammering at $15,500, plus juice. The prime target was an MS66RB N-1 with a low estimate of $4000. I dropped out shortly after that amount, and it finally sold for $22,000, plus juice. The big lesson for that lot, and the whole session in general, is that significant red usually commands a big premium.
    There were three MS66BN N-2 coins in the sale. The first and second of the three were tied at CC#2 in the Bland census, and tied at CC#1 in the Noyes census. The third one appears in the Noyes census tied at CC#4. I was after the first one. At lot viewing it was plain to me that it was the best of the three, followed by the third and then the second - all in agreement with the order of EAC style grades assigned by McCawley & Grellman for the catalog. The round robin got going again, and I feared I would lose it. But my pre-determined maximum bid came on my turn, and that was it!
    Had I failed to get that lot, my next target was another MS66BN, this one an N-3. It sold for 20% less than mine, but I'm okay with that. This is a nice coin, but doesn't rank quite as highly in the censi for its variety, and doesn't have color or eye appeal quite as nice as mine. Failing that, I may have settled for trying to get a nice MS65BN N-4, but I would have been reluctant to spend as much as it would have taken for a coin not all that much nicer than what I was upgrading.
    So here it is, what may be the finest 1834 N-2. According to my taste and the catalog grades of M&G, it's the better of the two coins in the sale tied as CC#1 in the Noyes census. The CC#1 Bland census specimen was not in the sale, so there might be one finer one out there. Nevertheless, this one is "nice", my understated term for a superior coin. Certainly it isn't perfect, but its flaws are trivial and I have no complaints. Have a look...

  14. Electric Peak
    One of the finest 1833 N-2 cents
    My continuing notes from the Goldberg's sale of the Naftzger middle date large cents...
    Having settled in to the bidding, and 'winning' an 1831 cent, my next target was a nice 1832 to upgrade my MS63. There were five candidates, two of which I expected to go for 5 figures (they did), preceded by three I might be able to get. For some unknown reason, I stopped bidding on the first, an MS66BN (this, and almost all of the Naftzger cents are in PCGS slabs), at about two thirds of my preset maximum. The next bid won, as no new bidder jumped in to challenge the one I had been going back and forth with. (Most lots started at or below the low estimates. Bids went up through a series of smaller than standard increments. Thus, the auctioneer kept himself busy and progress was slow, which you may recall kept me from missing the whole event.) The next lot, an MS65BN, went for more than my maximum. My last chance at an 1832, another MS66BN, went to another bidder for what I had set as my maximum.
    Having been shut out of the 1832s, I jumped on the first 1833, a nice MS65RB, whose "red" is mostly on the obverse. Two other bidders and I were being recognized repeatedly in turn. When my maximum came, it was the next bidder's turn. I decided to bid one more time when my turn came. That bid won. The final 1833 cent, an MS66BN and a nice coin, sold for less than half as much, but I like mine better. And because cents earlier than the 1840s are especially scarce with any original color, the registry gives more points for a 65RB than a 66BN.
    There is a "condition census" for each die variety. Two prominent copper experts have compiled independent censi. This coin is MS65+ and tied for CC#1 in the Bland census, MS65 and tied for CC#2 in the Noyes census. During the auction, I was sitting next to Bill Noyes, who commented to me that this coin was a bargain. Having gone past my maximum, and making this my most expensive coin (to be equaled later in the sale), I was not thinking it was so cheap. He explained that it was a bargain compared to the two 5 figure common variety 1832s of similar quality (but in MS66RB slabs) that had just sold for 4x and 6x what I paid for this 1833. So I felt a little better.
    Anyway, here it is! It is highly lustrous, with much red on the obverse, with a mostly brown reverse. There are a few minor spots of darker toning, but they do not detract much from the beauty of this cent.

  15. Electric Peak

    Naftzger, 1 of 6

    By Electric Peak,

    The big purchase has arrived.
    As I lay in bed last Friday morning - sick in bed and taking off from work, a knock at the door woke me. I wasn't expecting the package from Goldberg's until after the weekend, but it occurred to me that it might be here. I rushed downstairs to the door, in pajamas, and without either variety of corrective lenses. Sure enough, it was the mail man with my six now ex-Naftzger middle date large cents.
    Of course I had seen them, held them, a few weeks before. But now I can add personal enjoyment to the general appreciation of how nice these coins really are.
    Just now I finally took pictures of them to post in the registry. Unfortunately, my camera always seems to highlight every imperfection, and these new photos are a bit noisy.
    The coins are really quite nice to the naked eye and under my 10x loupe.
    I'll post a journal for each of the six new coins.
    The first is an MS65BN 1831 N-6. It's the only one of the six I saw last Summer during the ANA show, at which time I more or less rejected this cent due to a "hint of wear". When I examined it again during lot viewing, I rejected that earlier criticism, and put this on my list of potential purchases.
    During the auction, the earlier 1831 65BNs, which I also liked, sold for more than I was willing to pay. So I was pleased to get this one for half my limit, and to see the other "acceptable" 65BNs go for more. There were several 1831s with higher PCGS and EAC grades, but most of those had issues (like fingerprints) or sold for way more than I would pay, or both. I'm quite happy with this one, even though it's the lowest graded coin of the six.

  16. Electric Peak

    Attend an Auction

    By Electric Peak,

    Not always fun, but potentially useful
    Yes, I had fun at the Goldbergs' auction of the Naftzger middle date large cents (followed by the sale of the March Wells early dates). I encourage everyone who collects the kind of stuff that appears in auctions associated with the larger coin shows to attend live auction sessions if you can. I attend many in Baltimore, and occasionally make trips to others.
    The auction company photos available on the internet and in catalogs are usually good, but are no substitute for in-hand examination during pre-sale lot viewing. The catalog descriptions frequently do not tell enough about the coins, and sometimes are not correct. It's not uncommon for me to be surprised at how nice a photo is and how bad the in-hand experience is - and vice versa.
    There are other reasons to attend as well. Although some companies offer live internet bidding, complete with audio and video, the connections are not always good enough. Even with FiOS at home, I've had instances of clicking the bid button and being informed that the lot had been closed/sold. On the other end, I've been at live floor events where the auctioneer clearly delays to wait for internet bidders, and other times the internet bidders seem to be disregarded, with comments like "They should be here"!
    If you do not participate in a live auction, in person or on-line, then you have no contingency option. If you have, say,
    $2000 to spend, and enter absentee bids on two lots, $1000 each,
    but would be willing to bid more, a problem can arise. If the first lot goes for $1100, now you have $2000 to spend, but no way to increase the second $1000 bid, which might also fail by a small amount. By being at the event, you can adjust to such situations. That was a big part of my planning for the Naftzger collection sale.
    Yes, there's usually also live bidding by phone, but that seems like a hassle, and some companies only do it for high dollar lots or high pre-sale absentee bidders.
    Beyond all that, being at the actual event allows you to size up the competition. I have learned to recognize when certain dealers are done bidding, allowing me to make a cut bid (bidding half way from the current bid to the next amount being sought by the auctioneer, at the risk of not being allowed to bid further on that lot). I've saved some money on a couple occasions that way, and never ended up losing a lot that sold for less than I was willing to pay.
    And back to lot viewing - It's not every day that you get to hold the finest 1793 Strawberry Leaf cent, 1804 silver dollar, or 1913 Liberty nickel, for example, in your hand.
    A live floor auction may not be the most exciting thing in the world, but if you're personally involved, it can be fun. And it's a worthwhile experience if you normally participate by other means.
  17. Electric Peak

    Now That Was Fun!

    By Electric Peak,

    I may have to change my name.
    This past summer, at the ANA show in Baltimore, the Goldbergs had some of the Ted Naftzger early & middle date large cents on display. His middle dates are the best set of die varieties ever assembled, with many finest known examples. His early dates were sold in September, his late dates will be sold later this year, and his middle dates were just sold Sunday - yes, during the Super Bowl.
    During the ANA show, Bob Grellman suggested to me that it would be good to go LA just to see the whole collection. That little seed grew. I figured I could use some frequent flyer miles and sell some stock (all I had left, actually), and maybe even "win" some nice coins.
    For more than a month I studied the catalog and various price guides. I made the perfect plan to use the available funds to get a nice 1828 and upgrade two or three other dates. I targeted lots that have high slab and EAC grades, and that are near the top of the condition census for their varieties. I had contingency plans in place in case a priority lot went for too much to another bidder. Of course, I refined my plans after taking careful notes during lot viewing on Saturday.
    Game Day: Short story shorter - I was two and a half hours late to the auction. Thankfully, the pace was slow. Although my two highest priority dates were already gone, half the lots remained. (I later found out that the earlier lots I wanted were sold for more than I was willing to pay anyway.) I quickly gathered myself and got into the bidding.
    1829 cents were in progress. I had one in mind. It would be my most expensive coin by far if I got it near my preset maximum of $7500. I got blown away, as it sold for $44,000 plus juice. There were several other lots that were sold for crazy high prices, but many lots went for more reasonable amounts. In the end, I was able to upgrade six dates!
    Being a sports fan, I was then pleased to find that the auction venue had a "public" TV where I caught the last few minutes of the Super Bowl. Being from Baltimore, I'm not so sure I liked the outcome, but it looks to have been an exciting game.
    When the dust had settled, I had spent as much in two and a half hours as I've been spending in a year for the past three years. It'll be awhile before I have more to spend. My usual numismatic allowance is now being set aside to cover the additional tax burden of the sale of stock... Look for more journals about the new coins!
  18. Electric Peak
    ...and they're better than I expected.
    Late last night I checked my email and saw notification from Heritage that my recently "won" lots had been shipped. They had been sent via FedEx overnight. The FedEx site indicated the package would be delivered by 10:30 this morning, and would require a signature. Because I would be at work, I asked my son to be alert for the knock at the door.
    When I got home from work, there they were - two slabs in a little box, inside a bigger FedEx box, inside an even bigger FedEx box. Usually the auction companies send my coins via USPS in an envelope, sometimes without requiring a signature. It may have something to do with the value of the contents. I'm grateful for the extra packaging, though, and for the signature requirement. It beats the time Heritage sent me my 1842 MS67BN large cent via FedEx or UPS without the notification email, and without signature requirement. After several weeks that included notifying the Registry of the missing coin, my wife found a rain-soaked box under our deck steps... Fortunately, the coin was unharmed.
    The two new coins are gorgeous. I was anticipating slight disappointment with the 1855 MS67BN cent. The photos Heritage provided were not very good, but I took a chance anyway. The coin is actually quite lovely, and I am well pleased. The 1839 MS66 half dime is stunning. It has better luster than all my other half dimes, is fully struck, and the surfaces are virtually unmarked. The only mark of any significance could almost pass as a bracelet on Miss Liberty's left wrist.
    Today (and most days), I am a very happy collector.
  19. Electric Peak

    What a Relief?

    By Electric Peak,

    The Mint needs a better web server.
    As many of you probably know, the 2009 Ultra High Relief $20 gold coins were made available today at noon. I decided to order one. After getting help to reset my online mint password, I got on the site at noon. There must have been many other customers with the same idea. Pages loaded very slowly. After an hour, I gave up, having clicked as far as "Add to Cart". I decided to try with my other computer at work. It took 20 minutes, but it worked! Now all I have to do is wait a couple weeks for the beauty to be shipped...
  20. Electric Peak

    Two New Gems

    By Electric Peak,

    I can't seem to save money.
    Regarding my previous (first) journal: It's been five years since I started collecting again. You'd think that with a Ph.D. in astronomy I'd be able to count to five correctly the first time...
    For months I've had in mind to save money for one of the up-coming pre-Long Beach auctions. But I keep spending anyway. Yesterday I upgraded one of my late date large cents to a 67BN, and today I added a very nice MS66 seated half dime, both from the Heritage auction in Orlando. The former is still listed in someone else's set, so it won't appear in my registry set for a week or so. So now I'll need to sell something in order to get anything from next month's auction.