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My Newest Top Pop Acquisition by JAA USA/Philippines Collection

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  • Member: Seasoned Veteran

USA-Philippines proof coins are very special treasures. When these much sought after coins are offered in the marketplace, it is generally at one of the major auctions held in conjunction with a national coin show. Imagine my surprise when I found a Top Pop (NGC Population 1/0, Combined NGC/PCGS Population 6/0) 1905 PF66RB One Centavo on eBay. The coin was offered by Aspen Coins in an eBay auction that ended 12/3/2012.


The 1905 USA-Philippines Proof Set had a mintage of only 471 making it the lowest mintage USA-Philippines Proof Set. Over the years improper cleaning and storage has greatly reduced the pool of GEM Quality survivors particularly for the bronze coins.


This specimen is unique in that it is the only 1905 One Centavos that NGC has graded PF66RB. NGC graded a single specimen PF66RD but no specimens have graded higher. The combined NGC/PCGS population for the 1905 One Centavo in Proof 66RB is six specimens with none graded higher.


As soon as I saw this coin on eBay I put it on my watch list and placed a bid. Given the rarity of this coin I expected fierce bidding and a final sale price well above book value. The 2012 7th Edition of U.S./Philippine Coins (better known as the Allen catalog) lists the 1905 One Centavo in PF65 at $650.00. Although Allen does not give prices for grades higher than PF65 a general rule of thumb is that proof 66 coins have a FMV 60% to 90% higher than the PF65 book price. Given this guideline the FMV for a 1905 One Centavo in PF66RB should be between $1040 and $1235.00. Of course Top Pop coins sell for whatever the market will bear and frequently sell for well above this guideline.


My bid of $1040 was at the low end of FMV so I expected that I would be outbid at any time. Every day I checked my computer expecting to see that I had been outbid. To my surprise not only was I not outbid but the final hammer price for this Top Pop beauty was only $420.00. Wow a PF66 coin at well below the PF65 price. To say that I got a great bargain would be the understatement of the century.


The specimen is certainly among the best surviving examples of this rare proof coin and well deserving the 2243 Registry points it was awarded.


I have added this coin to the following competitive Registry Sets:


1905 Proof Set: http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=143085&;Ranking=ngc


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


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


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



See more journals by JAA USA/Philippines Collection

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Beautiful coin! And it sounds like you got it for a great price. :golfclap:


For collectors like us, that collect coins out of the mainstream, there are fewer hard core collectors that scour the web for coins on a regular basis. These types of coins are not the target of the large body of coin collectors, and bargains can be found for those that are patient and persistent.


It may be that the seller would have done better at a site like Heritage, that might attract a wider audience for these types of coins. Regardless, his loss is your gain. There are occasionally inefficiencies in the coin market that can result in outstanding deals like yours.



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