U.S. rare coins saw soaring results in 2013


TEMECULA, Calif. —  From a multi-million dollar nickel to a $10 million silver dollar, the market for high-quality, historic United States rare coins established unprecedented records in 2013 for the number of coins that sold for $1 million or more and the highest price paid for any rare coin, according to a year-end tabulation by the Professional Numismatists Guild. The PNG is a nonprofit organization composed of many of the country’s top rare coin and paper money dealers.

“We estimate the overall coin market in the U.S. at about $5 billion in 2013. That includes auctions and private transactions made at coin shows, by mail order, online and at coin stores, but does not include numismatic bullion items or the modern coins sold directly by

Humbert coin

This 1852, K-10, MS68, Humbert coin, finest business strike California gold piece, U.S. Assay Office gold coin, sold by Heritage Auctions, $1,057,500.(Photo courtesy Heritage Auctions)

the United States Mint,” said Terry Hanlon, PNG president.

Why did the market for high-quality, historic rare U.S. coins do so well in 2013? “Over the course of this year we continued to see the precious metals market decline and the stock market rise. The U.S. and other world economies, specifically the Eurozone, are seeing an economic recovery, however temporary it may be. A growing interest in rare coins is typical in this type of environment. The same for fine art, which is booming right now. Rare coins and fine art seem to coincide with one another in this economic environment,” said Hanlon.

“Smart investors and collectors see a good buying opportunity with some of their profits taken from the increase in stocks being reinvested in rare coins. There’s also the continuing interest in hard assets with the confidence that rare coin values will grow with the success of the economic conditions, even as the precious metals themselves may be declining,” he explained.

“The prices realized for U.S. coins at public auctions this past year totaled nearly $393 million, the highest aggregate total anyone can recall,” said Hanlon.

“There was incredible competition for so-called ‘trophy coins,’ with 11 U.S. coins selling at auctions for more than $1 million each in 2013. One historically significant coin, believed by many to be the first silver dollar struck by the United States Mint in 1794, sold for $10 million. That’s the highest confirmed price ever paid for any rare coin,” stated Hanlon. A 12th U.S. coin also crossed the seven-figure mark in a private transaction conducted by a PNG member-dealer.

This article originally appeared in Antique Trader magazine
Learn about subscribing to Antique Trader for just $1 an issue, and even less when you subscribe to the NEW digital edition of the magazine! Check out subscription options>>

The most valuable U.S. coins purchased by winning bidders at auctions in 2013 were:

1794 Flowing Hair silver dollar, $10,016,875 (Stack’s Bowers Galleries)

1804 Type I silver dollar, $3,877,500 (Heritage Auctions)

1913 Liberty Head nickel, $3,172,500 (Heritage Auctions)

1880 Coiled Hair gold $4 denomination Stella, $2,574,000 (Bonhams)

Humbert coin

The reverse of the 1852 Humbert $10, identifies it as from Augustus Humbert’s personal collection. (Photo courtesy Heritage Auctions)

1796 silver quarter-dollar, $1,527,500 (Heritage Auctions)

1792 silver half disme, $1,410,000 (Heritage Auctions)

1796 silver dollar, $1,175,000 (Heritage Auctions)

1783 Nova Constellatio Quint Type II, $1,175,000 (Heritage Auctions)

1852 Humbert $10 gold coin, $1,057,500 (Heritage Auctions)

1792 half disme, $1,145,625 (Stack’s Bowers Galleries)

1879 Coiled Hair gold $4 Stella, $1,041,300 (Bonhams).

The 12th U.S. rare coin that changed hands for more than $1 million in 2013 was an 1894 San Francisco Mint dime that sold for more than $2 million in a private sale conducted by David Lawrence Rare Coins.

A year-end survey by PNG of auction houses in the United States indicates they sold an aggregate total of $392.8 million of U.S. rare coins in public auctions in 2013:

Heritage Auctions, $236.5 million

Spectrum Group International (Stack’s Bowers Galleries and Teletrade), $105 million

Goldberg Coins & Collectibles, $21.1 million

Bonhams, $13.5 million

Legend-Morphy Rare Coins, $7.2 million

David Lawrence Rare Coins, $5.5 million

Scotsman, $2.8 million

Krueger & Krueger, $1.2 million.

Editor’s Recommendation: Investing in Collectible Coins Value Pack

Furniture detectiveThis limited-edition value pack couples some of the best coin resources in the business together. The four books and two digital audio seminar recordings cover the issue of collecting coins for investment purposes in a manner that is easy to understand, and inspiring.

Plus, this value pack is just $32.70, which is a savings of 70% off the retail value.
Learn more >>

All prices include the buyer’s premium, if any, to reflect the actual total prices paid by the winning bidders. The PNG survey did not include 2013 auctions of paper money or coins produced by other countries (“world coins”), two areas of the numismatic marketplace that also experienced record prices for many items.

Founded in 1955, the Professional Numismatists Guild is composed of many of the country’s top rare coin and paper money dealers. PNG member-dealers must adhere to a strict code of ethics in the buying and selling of numismatic merchandise. A complete listing of PNG member-dealers is available online at www.PNGdealers.org.

For a copy of “The Pleasure of Numismatics,” an informative, 10-page illustrated educational booklet about collecting rare coins, paper money, tokens and medals, send $1 to: Professional Numismatists Guild, 28441 Rancho California Rd., Suite 106, Temecula, CA 92590.

For additional information on the Professional Numismatists Guild, visit www.PNGdealers.org or call the PNG headquarters in Temecula, California, at 951-587-8300.

More Related Posts from Antique Trader: