Dr. Greg Pineda Philippine Collection -- Ultra Rare 1903 One Centavo PR66 RED (Full Blazing Red) by JAA USA/Philippines Collection

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Full Blazing Red GEM PROOF One Centavos are ULTRA RARE and this specimen is the finest that has been offered in many years. In the past five years this is the first time that I have seen a PR66 Red One Centavo offered at a major auction. As soon as I saw this rare beauty I knew that it had to be mine.

 

All One Centavo proofs in full red are truly special coins. This is clearly demonstrated by the NGC and PCGS population reports. If you look at the total number of One Centavo proofs graded by NGC and PCGS, for the entire One Centavo series, 27.6% are BN, 52.8% RB, and only 19.6% RD.

 

Full Red Gem Proofs represent an even smaller percentage of the total number of certified coins (14.7% in PF65 RD and above, and 7.1% in PF66 RD and above).

 

The actual number of certified Red Gems is incredibly small. For the entire One Centavo series NGC and PCGS combined have certified only thirty-nine PF65 RD, twenty-six PF66 RD, nine PF67 RD, and one PF68 RD specimen. In fact I believe that the actual number of certified Red Gems may be considerably smaller than the population reports indicate as crossovers and coins resubmitted in the hopes of obtaining a higher grade have undoubtedly resulted in some specimens being counted more than once.

 

Reviewing the Proof One Centavo series by date we can see how rare these coins actually are in PF65 RD or higher:

1903 (Mintage 2,558): 7 PF65 RD, 8 PF66 RD, 5 PF67 RD, 1 PF68 RD, Total (PF65 RD - PF68 RD) 21

1904 (Mintage 1,355): 6 PF65 RD, 5 PF66 RD, Total (PF65 RD - PF66 RD) 11

1905 (Mintage 471): 3 PF65 RD, 3 PF66 RD, 1 PF67 RD, Total (PF65 RD - PF67 RD) 7

1906 (Mintage 500): 7 PF65 RD, 1 PF66 RD, Total (PF65 RD - PF66 RD) 8

1908 (Mintage 500): 16 PF65 RD, 9 PF66 RD, PF67 RD 3, Total (PF65 RD - PF67 RD) 28

 

One Centavo proofs in PF65 RD and above appear in major auctions even less frequently than these minuscule numbers would suggest. In fact until the Pineda auction no full red One Centavo proofs were offered at major auctions for at least a decade. In the past ten years I have seen only two full red GEMs offered by any of the major Philippine dealers and both examples were PF65 RD.

 

Incredibly the Dr. Greg Pineda Philippine Collection Auction offered three Full Red One Centavo proofs:

Lot # 5460 - 1903 Proof Set (included a PR65 RD One Centavo)

Lot # 5461 - 1905 Proof Set (included a PR67 RD One Centavo)

Lot # 5701 - 1903 Group (included a PR66 RD One Centavo)

 

Lot # 5461, the1905 proof set, was definitely out of my price range. Even without a Peso the six coin proof set had an estimated price of $5,000.00 to $7,000.00. It eventually sold for hammer price of $6,200.00 ($7,130.00 with buyer's premium). Since bidding on the 1905 proof set was out of the question I focused my attention upon on lot # 5701 and its gorgeous 1903 PR66 RD One Centavo.

 

Estimating the fair market value of a coin as rare as the 1903 One Centavo in PR66 RD is a very difficult task. The Allen catalog only lists prices for proof coins up to PF65. Furthermore the Allen catalog prices for PF65 coins are for RB specimens not Full Red coins. The newly published 2012 edition of the Allen catalog lists the 1903 One Centavo in PF65 at $250. Previous editions of the Allen catalog have suggested that certified PF66 coins should be priced from 60% to 90% higher than the listed PF65 price and that Full Red Bronze proof coins may be priced at 50% to 75% more than the prices listed. Using those criteria a 1903 PF66 RD One Centavo would have a FMV of $600 - $830. The asking prices for full red GEM proofs, on the rare occasions that they have been offered by Philippine dealers, has been in line with this estimate. Philippine Coins.com currently lists a 1904 PR65 RD One Centavo for $736.00 and would certainly expect more for a full blazing red PR66.

 

The auction catalog listed an estimated price of $350 - $550 ($402.50 -- $632.50 with buyer's premium) for lot # 5701. Given the ultra rarity of the 1903 One Centavo in PR66 RD I fully expected the hammer price for this exceptional specimen to be at least $700.00 ($805.00 buyer's premium)

 

Lot number 5701 also contained three very unattractive low to mid grade dogs (1903 Half Centavo PR64 BN, 1903 Five Centavos Proof Genuine (cleaned), and 1903 Ten Centavos PR62) which the auction house inexplicably bundled with the ultra rare 1903 PR66 RD One Centavo. Although technically the three barkers have a book value of $245.00 they are far below the quality that I am collecting at and will be difficult to sell or trade. The details graded 1903 Five Centavos is unnaturally bright. The 1903 Ten Centavos (PR62) is grossly over graded and should have been details graded due to significant scratches on the reverse. I would say that the neither of these coins have any FMV. The 1903 Half Centavo (PR64 BN) probably has a FMV of about $100.00 if you can find a buyer. Since I would have never bid on any of the additional coins in this bundle if they had been offered individually their book value was not considered in my estimate of the lots FMV.

 

The final hammer price for lot number 5701 was $525.00 ($603.75 with buyer's premium). I consider that to be a bargain price for an ultra rare PR66 RED One Centavo.

 

The auction catalog describes this specimen as "a fabulous coin, just a wonderful beauty". When my coins from the Dr. Greg Pineda Philippine Collection arrived I was thrilled to find that my 1903 PR66 RD One Centavo was even more fabulous than described. It is full blazing red, absolutely gorgeous!

 

I am truly delighted to add this exceptional coin to my collection.

 

The 1903 PR66 RD One Centavo has a combined NGC/PCGS population of eight with only six specimens graded higher. At PR66 RD this coin has a grade rarity of R-9 (ULTRA RARE).

 

I have added this coin to the following Registry Sets:

 

USA/Philippines Type Set (Expanded Edition) http://coins.www.collectors-society.com/WCM/CoinCustomSetView.aspx?s=9238

 

One Centavo http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=51347

 

USA-Philippines, Proof http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=51344

 

USA-Philippines, Complete http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=68602

 

The attached picture really does not do this coin justice. It fails to capture the blazing red color of this spectacular coin. Unfortunately the holder was scuffed when it arrived. What appears to be scuff marks in the fields are actually on the slab. The coin itself has pristine deep mirror fields.

 

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