Dr. Greg Pineda Philippine Collection - 1905 Five Centavos PR 65 by JAA USA/Philippines Collection

[CSJournals-migration]

The 1905 Five Centavos is a PROOF ONLY ISSUE with a miniscule mintage of only 471 coins. Of the 471 pieces made, this has to be one of the very best. It is beautiful!

 

I was very pleased to be the high bidder on this outstanding piece in last week's Dr. Greg Pineda Philippine Collection Auction. All Philippine proof coins are rare particularily in GEM quality but none are rarer or more alusive than 1905 proof coins.

 

The 2008 Allen guide book lists the 1905 Five Centavos in PF65 at $550.00 however FMV as reflected on most Philippine dealers price lists is $610.00. The auction catalog listed the estimated price range as $350.00 - $650.00.

 

Since the Minimum opening bid for this auction was set at 60% of the low estimate the opening bid for this coin was $210.00. About a week prior to the live auction I placed an online bid of $210.00 expecting to be quickly outbid. Much to my surprise when online bidding closed one hour prior to the start of the life auction I was still high bidder at $210.00.

 

When the live auction started I participated through Knight Live. When this lot came up late in the auction I was prepared to pay up to FMV but was surprised and delighted to be the high bidder at only $300.00. Clearly this was a terrific bargain on a rare and beautiful coin. I can't wait to enter it in my Registry Sets for an impressive 1623 points.

 

NGC Population 3/6, PCGS Population 7/5, Combined NGC/PCGS Population 10/11

 

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[coin928]

Spectacular coin. Congratulations on this one!

 

I was amazed at how low the 1905 proof coins sold for. I already have a 1905, so I bid on one of the 1906 proof 5 centavos, all of which sold for FMV or above. I too was the high bidder going into the live auction but I was quickly outbid beyond my max bid.

 

My hope is that some of the coins from this auction will start appearing on eBay over the next few months.

 

I look forward to seeing your other winners from this auction.

 

BTW, the 2012 7th edition of "U.S./Philippine Coins" in now available. I bought mine from "coinden" on eBay. The 1905 PR65 5 Centavos is now listed at $625, so you did even better than you thought!

[delta]

It might be noted that many of the graded/slabbed coins in the Pineda auction were recent submissions to PCGS. The explanation for this is apparently not that Dr Pineda preferred PCGS to NGC for any numismatic reason, but only that he himself was located in southern California in the vicinity of PCGS, so after making arrangements, could throw everything into his vehicle and drive over to deliver to PCGS, while in comparison, NGC being about 3000 miles away in Florida, submitting to them would have involved enormous expenses for shipping and insurance as well as a greater time lag.