1993 Stetson Collection Sale

One of the more interesting (and lesser known) gold coin auctions that I’ve attended was the sale of the Stetson Collection which was conducted by the old Bowers and Merena in May, 1993. This was an instance where the back story (or stories in this case) was nearly as interesting as the coins themselves.

Beginning in 1992, an amazing hoard of gold coins started to quietly enter the market. This hoard consisted of tens of thousands of coins dated from the late 1830’s through, I believe, the 1920’s. It included large quantities of semi-key St. Gaudens double eagles, extensive runs of Carson City eagles and double eagles, large quantities of New Orleans eagles from the 1880’s through the early 1900’s, sizable quantities of San Francisco rarities and much, much more. It has never been revealed where these coins came from (although it is widely rumored that they came from an Eastern European central bank; given the time they were sold it would suggest that they were dispersed by a former Soviet bloc country in an attempt to infuse some Western capital).

This incredible hoard was dispersed over a number of years in a quiet, orderly fashion. Some of the coins went to dealers who sold them to marketers or specialists. Other coins were sold at auction. The first group of these coins to sell at auction was at the aforementioned Bowers and Merena sale and I can remember being extremely excited to have the chance to purchase some very important and very fresh coins.

Before I discuss the sale (and some events leading up to it) I’d like to discuss the appearance of the coins themselves. Because of the massive size of this hoard (and the intelligence of the individual who was masterminding its dispersal) these coins were, for the most part, kept original and dirty. Many of them had the prototypical “euro-Grime” appearance which I describe as follows: extremely deep almost brassy orange-gold toning with a noticeable two-ton e appearance from blackish grime or dirt on the high spots. This appearance was almost certainly the result of the environmental conditions in which these coins were kept. On some coins, the look was very attractive. On others, it was pretty ugly and the coins needed to be dipped (or washed with soap and water at the very least).

When I learned about the sale I thought it was important enough to fly up to Wolfeboro, New Hampshire to view them in person. I made the flight arrangements, booked a room at the Wolfeboro Inn and set off to the Granite State. My flight from Dallas wound up getting into Boston late and I missed my connection to Manchester, New Hampshire so I wound up renting a car and driving. As I made my way up I-93 to New Hampshire it started to get extremely foggy and by the time I was within an hour of Wolfeboro, it was dark and almost impossible to see more than ten feet ahead of me.

Following the instructions I had received from Chris Karstedt (remember, this is many years before MapQuest or a GPS in the car) I slowly made my way across New Hampshire and finally made it onto the road that took me directly to Wolfeboro. About two miles from the town, I saw a very large and very dead deer in the middle of the road with a pool of blood surrounding it.

As I arrived at the Wolfeboro Inn, the first person I saw was dealer Ron Karp and he had a large ice pack clutched to his wrist. Ron, it turned out, had accidentally struck and killed the deer I had seen on the road a few minutes earlier and he was clearly in pain. As I recall, Ron would wind-up going to the emergency room of the Wolfeboro Hospital where he had his wrist (which was clearly broken) in a cast. For many years, every time I saw him, I thought of that dead deer splattered in the middle of the road...

The rest of the lot viewing session was less eventful and involved no dead deer but I do remember really liking the coins. My thoughts were that they were very undergraded in the catalog (and all were sold raw) and that a number of the coins were, at the time, Condition Census.

Two of my personal favorite coins in the sale were the 1849-O eagle graded “EF45” by B&M (this exact coin is currently in an NGC MS61 holder) and an 1852-O eagle graded AU55 (currently in a PCGS MS60 holder). I purchased the former for $6,875 which I thought was pretty reasonable and was ready to buy the latter for around $7,500-8,500. When it wound up bringing $22,000 I knew that I was in for a long night (incidentally this exact coin came up for auction in the 1999 ANA sale where I was able to buy it for $14,835. Sometimes, good things come to those that wait...)

The Liberty Head double eagles in the Stetson sale included some of the best Carson City pieces I have ever seen as well as some great Type One coins. I remember an incredible 1866-S No Motto that was graded AU53/55 in the catalog and which, by the conservative Doug Winter Standards of 1993 I called AU55+. This was back before most people knew just how rare this coin was in higher grades and this piece remains one of the two best 1866-S No Motto double eagles known. It brought a whopping $17,600 and would be worth around ten times this amount today.

Another coin that I’d love to turn the Way Back Machine to 1993 for was a nice Extremely Fine 1870-CC (graded VF35 or finer in the catalog) that sold for $57,200. I know this coin was graded EF40 by PCGS right after the sale; I’m guessing it would be at least a 45 today. The 1873-CC in the sale was incredible by the standards of this date and would grade at least MS62 today; it brought $34,100 in the Stetson sale and this was a record price for the issue that stood for many years.

I can remember purchasing an 1879-O double eagle in this sale that later graded AU55 at NGC for $12,100; today this same coin is easily worth 6 to 7 times this amount. A few of the other great double eagles in the sale that I didn’t purchase included an 1881 that I graded MS61 for $31,900, an extremely rare 1886 that I graded MS60 or better for $30,250 (this is a $100,000+ coin today) and a really nice AU58+ 1891 for $13,750. You need to realize that these were huge prices for these coins at the time and the very rare Type Three Philadelphia issues would remain significantly undervalued well into the late 1990’s/early 2000’s.

One other double eagle I remember fondly from this sale was a 1913-S that I graded “Superb Gem best I’ve seen!!!” according to my catalog notes. This coin sold for a then-remarkable $37,400 and I’d be curious to know what holder it resides in today.

After the huge success of the Stetson sale in May, the owner of this hoard placed more great coins in the B&M Tower Hill sale in September. This group included a nice date run of Liberty Head half eagles featuring some exceptional San Francisco pieces. These also sold for very strong prices although, as I recall, the sale itself lacked the electricity of the Stetson sale earlier that year.

The gold coins from this hoard continued to appear on the market in small to medium sized groups for another few years. I’m guessing that most have been dipped or changed so that they are no longer recognizable but if you own a nice New Orleans eagle from the 1850’s or a high grade CC double eagle, the chances are good they may have come from this hoard.

The Henry Lang Collection of Carson City Gold Coinage: An Analysis And Appreciation Part Two: Eagles (1880) - Double Eagles

In their July 31st Rarities Sale, Bowers and Merena auctioned off one of the finest specialized groupings in recent history: the Henry Lang collection of Carson City gold coinage. A close look at this collection is very revealing about the current state of the Carson City market and about high end 19th century gold coinage in general. These coins were mostly purchased in the early 1990's and were notable for their "fresh" original surfaces and overall high quality. Many were undergraded by today's standards, due to the fact that both PCGS and NGC were especially conservative regarding Carson City gold coinage when these pieces were first graded.

In the descriptions below, "Trends" values refer to the July 29th edition of Coin World Trends while "Bid" refers to the June 2002 edition of Coin Dealer Newsletter Greysheet. When the expressions "No Trends" or "No Bid" is used, this refers to instances where one of these publications does not list a value for a specific date in a specific grade.

All prices realized listed below include the 15% buyers charge which is applied to all lost sold by the auction house.

EAGLES (1880-1893)

1880-CC: Lot 636, graded Mint State-61 by NGC. This was the best example of this date that I had ever seen. I graded it MS-62 and thought it could even grade MS-63 on the right day. It sold for $19,550, which is easily a record price for this date.

1881-CC: Lot 637, graded Mint State-63 by NGC. I bought this coin for $26,450 which seems expensive (Quarterly bid for an MS-63 is $16,000) until one realizes that it is now in an NGC MS-64 holder. This is the finest 1881-CC eagle I have ever seen and one of the best coins in the collection from the standpoint of condition.

1882-CC: Lot 638, graded Mint State-61 by NGC. I have never seen another Uncirculated 1882-CC eagle. I loved this coin and it was the eagle I most wanted to buy out of this collection. I did wind up purchasing it for $20,700 and it immediately upgraded to MS-62 at NGC.

1883-CC: Lot 639, graded Mint State-60 by NGC. This is one of just two known Uncirculated examples of this underrated date. I graded it Mint State-61 to Mint State-62. I thought it would be a hotly-contested lot but was very surprised that it sold for a record $17,250 (CDN bid is $10,500 while Trends is $11,500).

1884-CC: Lot 640, graded Mint State-60 by PCGS. This coin was bought back at $9,200. I did not really care for it as the surfaces had a few too many abrasions. But it was a really Uncirculated coin and one of around a half dozen known of this date. At $7,500 or so, I would have been more interested.

1890-CC: Lot 641, graded Mint State-63 by NGC. This was the shocker of the late date eagles. It sold for an incredible $18,400. Bid is $10,000 while Trends is $16,000. Clearly, at least two people graded this coin Mint State-64. If the buyer is right, this will become a highest graded coin. If he is wrong, he made a very expensive mistake as a nice MS-63 is worth $9,000 or so.

1891-CC: Lot 642, graded Mint State-64 by NGC. A really nice borderline gem and one of the best examples of this common date that I have seen. But it opened at a robust $9,000 ($10,350 with the buyer's premium) and there were no takers in the audience.

1892-CC: Curiously, there was no example of this date in the Lang collection.

1893-CC: Lot 643, graded Mint State-60 by NGC. The crowd was probably too busy buzzing about the next lot (the 1870-CC double eagle) to pay attention to this lovely and very underrated piece. It went unsold.

Overall Analysis: The Lang collection of Carson City eagles contained some magnificent coins. I thought that prices for the coins from the 1870's were, for the most part, quite strong. Buyers realized that many of these coins were unlikely to improved upon in the next few years, so the finest known or high Condition Census pieces went for very strong prices. The coins from the 1880's were amazing and buyers bid accordingly. Auction records were set for the 1880-CC, 1881-CC, 1882-CC and 1883-CC. The coins from the 1890's went more reasonably, although the 1890-CC was a surprise and a world record.

DOUBLE EAGLES (1870-1893)

1870-CC: Lot 644, graded Extremely Fine-40 by PCGS. In recent years, this has been an incredibly popular issue and prices have risen accordingly. The Lang coin was one of the sharpest I had ever seen I thought it would upgrade to EF-45. But I was stunned that this coin brought $149,500. I would guess that Mr. Lang paid less than half this amount and he was, no doubt, pleased with the result.

1871-CC: Lot 645, graded About Uncirculated-58 by NGC. This was a great coin that only a handful of viewers appreciated. Most examples show dense abrasions and have been repeatedly cleaned. This was a lovely "slider" that was crisp and original. I bought it for $20,700 and thought it was a sensational purchase.

1872-CC: Lot 646, graded Mint State-61 by NGC. This was another lovely early date CC double eagle. It had superb color, great luster and lovely color. It sold for $26,450, which is just a bit higher than MS-60 Trends. I think this was a great value as it is the finest known and it could well upgrade to MS-62.

1873-CC: Lot 648, graded "net MS-60" by Bowers and Merena. This coin was unencapsulated due to a large mint-made planchet flaw and spotting on the obverse. It still sold for $14,950 and I'm sure that the dealer who purchased it is confident that he can get it graded at PCGS or NGC.

1874-CC: Lot 649, graded Mint State-61 by PCGS. Few people realize just how rare this date is in high grades. Apparently all of the people "in the know" were in the room as this coin brought a remarkable $17,250. This is more than double MS-60 Trends (and more than triple MS-60 bid!).

1875-CC: Lot 650, graded Mint State-63 by NGC. Most higher grade 1875-CC double eagles have been cleaned or dipped at one time. This was a superb, fully original piece that was very high end for the grade. I paid $14,375 for it and quickly resold it to a type collector who wanted a single choice Carson City double eagle for his set.

1876-CC: Lot 651, graded "net AU-58" by Bowers and Merena due to having been cleaned. This sold for $4,830.

1877-CC: Lot 652, graded Mint State-62 by NGC. This coin was bought back at $23,000 which was a bit of a surprise as I thought it would bring in the $22,500-25,000+ range. It is probably the finest known and important CC double eagles of this quality are seldom offered for sale.

1878-CC: Lot 653, graded About Uncirculated-58 by PCGS. I thought this was a very nice coin but did not think it would upgrade. It sold to a dealer for $12,650. With Trends at $11,500 in AU-58 and $20,000 in MS-60, this individual clearly believed this coin had a realistic chance of upgrading.

1879-CC: Lot 654, graded Mint State-60 by NGC. There were some noticeable spots on the upper obverse but I still liked this coin a lot and thought it was better than its indicated graded, It sold for $24,150 (Trends is $22,500 in MS-60) so I obviously was not the only person who felt this way.

1882-CC: Lot 655, graded AU-58 by PCGS. This coin sold for a very strong $5,290, which is full Mint State-60+ money for the date. I thought it was a nice 58 but not better.

1883-CC: Lot 656, graded Mint State-63 by PCGS. The 1883-CC is a date that is almost never seen above MS-62. This coin is one of just two graded MS-63 by PCGS with none better. It brought $18,400, which is a strong but not absurd price, given that Trends is $22,000. In my opinion, buying a great coin like this for a bit more than 80% of Trends is a very fair value in today's market.

1884-CC: Lot 657, graded Mint State-62 by PCGS. Trends for this date in MS-62 is $6,500. This coin sold for a healthy $7,475.

1885-CC: Lot 658, graded AU-58 by PCGS. This was a very nice coin that I felt was accurately graded. It sold for $9,250. With AU-58 Trends at $7,250 and MS-60 at $10,750, the new owner clearly graded this coin at least Mint State-60.

1889-CC: Lot 659, graded "MS-64" by Bowers and Merena. This coin was oddly presented as it was one of just two pieces in the Lang collection that wasn't a "no-grade" but was not encapsulated by PCGS or NGC. I graded this piece MS-62 to MS-63 and it was passed on by the bidders at an aggressive opening bid of $15,000.

1890-CC: Lot 660, graded "MS-63" by Bowers and Merena. This was the other piece in the collection that was raw but was capable of being graded. I agreed with B+M's grade and was prepared to pay in the $10,000-12,000 range. The final bid was a very strong $17,250.

1891-CC: Lot 661, graded Mint State-61 by NGC. People who viewed this lot were divided on its quality. I liked it but many people were not crazy about the heavily spotted obverse. Despite the spots, the coin brought $17,250, which is well above CDN MS-60 bid ($10,000) and MS-60 Trends ($12,500).

1892-CC: Lot 662, graded Mint State-62 by NGC. This was a very nice coin for the grade and with a huge jump in Trends between MS-62 and MS-63 ($8,000 to $21,000) it was inevitable that there would be some serious bidding. At $11,500, this piece will either be a great deal for its new owner (if it upgrades) or it will be an all-time record for the date in MS-62.

1893-CC: Lot 663, graded Mint State-63 by PCGS. This was among the nicer 1893-CC double eagles I had ever seen. It brought a very strong $16,100. With MS-63 Trends at $10,000 it was obvious that the successful bidder was hoping for an upgrade to Mint State-64.

Part Two of this article will contain an analysis of the Lang collection's eagles dated 1880-1893 and all of the double eagles from 1870 to 1893.

The Henry Lang Collection of Carson City Gold Coinage: An Analysis And Appreciation Half Eagles - Eagles

In their July 31st Rarities Sale, Bowers and Merena auctioned off one of the finest specialized groupings in recent history: the Henry Lang collection of Carson City gold coinage. A close look at this collection is very revealing about the current state of the Carson City market and about high-end 19th century gold coinage in general. These coins were mostly purchased in the early 1990's and were notable for their "fresh" original surfaces and overall high quality. Many were undergraded by today's standards, due to the fact that both PCGS and NGC were especially conservative regarding Carson City gold coinage when these pieces were first graded.

In the descriptions below, "Trends" values refer to the July 29th edition of Coin World Trends while "Bid" refers to the June 2002 edition of Coin Dealer Newsletter Greysheet. When the expressions "No Trends" or "No Bid" is used, this refers to instances where one of these publications does not list a value for a specific date in a specific grade.

All prices realized listed below include the 15% buyers charge which is applied to all lost sold by the auction house.

HALF EAGLES

1870-CC: Lot 607, graded MS-61 by NGC. I loved this coin but it was very flatly struck on the neck. Bid is $80,000 and this coin sold for $77,625. In retrospect, this was a very good deal as it is one of just three known Uncirculated examples of this major rarity.

1871-CC: Lot 608, graded AU-55 by NGC. One of the nicer examples of this date I have seen in some time. I graded it solid AU-58. Bid is $8,750 in AU and $45,000 in MS-60 with no Trends listed over EF-45. The coin sold for $14,950 which is a solid price for the issue.

1872-CC: Lot 609, graded AU-50 by PCGS. Very undergraded and a solid AU-55+ to AU-58 in my opinion. Probably the best 72-CC half eagle I have ever seen with a great strike and superb color over very lustrous surfaces. I purchased this coin for $25,875.

1873-CC: Lot 610, graded AU-53 by PCGS. A solid coin for the grade and accurately graded by today's standards. Bid is $20,000 in AU while Trends is $32,500. This brought $18,975 which seems a touch cheap.

1874-CC: Lot 611, graded AU-50 by NGC. Undergraded; I thought it was a nice AU-55. Bid is $6,500 in AU while Trends is $11,500 in AU-50 and $16,500 in AU-55. This piece brought $10,350. It would have brought more except that there are currently a few other nice 74-CC half eagles on the market.

1875-CC: Lot 612, graded AU-55 by PCGS. I couldn't decide whether I liked this coin or not. I thought it might upgrade to 58 but it was a touch on the dull side. It brought $16,100 with Bid at $8,400 in AU and Trends at $12,250 in AU-50.

1876-CC: Lot 613, graded MS-65 by PCGS. I didn't have to decide about this coin...I loved it and thought it was the single best CC gold coin that I had ever seen. In fact, I grade it MS-67 by today's standards. I purchased this coin for $138,000 and genuinely believe it was fantastic value. I would have paid considerably more and feel that this will be a $250,000 coin the next time it becomes available.

1877-CC: Lot 614, graded AU-58 by NGC. This was the second best 77-CC half eagle I had ever seen and I graded it MS-61. It was a lovely coin that I really wanted to buy but I was outbid by a Florida dealer who paid a solid $29,900. Bid for an MS-60 is $38,000. This is an example of a price that will seem strong to someone who did not view these coins but was probably a good value in the long run.

1878-CC: Lot 615, graded AU-55 by NGC. This was one of the few disappointments for me in the sale. It had a funky orange-gold color which appeared to be artificial. It still brought $24,150, which is a strong price for a date that is bid at $14,500 in AU. Had this coin been choice for the grade, however, it would have brought over $30,000.

1879-CC: Lot 616, graded AU-58 by NGC. I thought this was a nice coin for the grade but I did not see it as Uncirculated. I was obviously wrong, as it brought a strong $10,925. If this coin "works" for the dealer who bought it, it was a purchase, as a Mint State-60 to 61 example is worth $15,000+. If it stays in an AU-58 holder, it's a truly bad deal as it is worth $6,000+.

1880-CC: Lot 617, graded MS-61 by NGC. A really nice coin for the grade which I thought had a solid shot to grade MS-62. I bought it for $11,500. Unlike nearly every 1880-CC I have seen that was graded MS-60 or MS-61 by the services, this one was a real "BU" coin with no evidence of wear.

1881-CC: Lot 618, graded AU-58 by NGC. This was my favorite "sleeper" lot in the half eagle section. I thought it was a very high end MS-61 and easily one of the best I had ever seen. It brought a very strong $17,250; Trends is $13,250 in AU-58 and $20,000 in MS-61 while MS-60 Bid is $16,500. An expensive coin but well worth it.

1882-CC: Lot 619, uncertified due to having been cleaned. An ugly coin that was out of place among the other lovely half eagles in the Lang collection.

1883-CC: Lot 620, graded MS-61 by PCGS. I graded it an MS-62 but didn't like the noticeable scrape in the left obverse field. This coin brought $29,900, which I thought was among the strongest prices in the sale. MS-60 trends is $18,500 while MS-60 Bid is $14,500. This coin was purchased by a very smart dealer but I'm not exactly certain how he's going to make money on this purchase...

1884-CC: Lot 621, graded AU-55 by PCGS. I graded it AU-58 with no chance of being called Mint State. At least two people disagreed with me as this coin brought an incredible $11,500, which is nearly triple the current Trends listing of $4,500 in AU-55.

1890-CC: Lot 622, graded MS-65 by NGC. A really lovely gem example that was one of the nicest common date CC half eagles I have ever seen. It was bought back by the consignor at its opening bid of $14,000. I thought this coin was worth $20,000+ and regretted not buying it as soon as the lot closed.

1891-CC: Lot 623, graded MS-64 by NGC. Bid in MS-64 is $4,350 and this nice example sold for $4,083.

1892-CC: For some odd reason, there was no 1892-CC half eagle in this collection.

1893-CC: Lot 624, graded MS-64 by NGC. I haven't seen many better 1893-CC half eagles than this but I have a hard time getting excited by this date. It brought $14,950 which I thought was the right price considering its quality. Bid is $13,500 in MS-64.

EAGLES (through 1879)

1870-CC: Lot 625, graded EF-45 by NGC. This was the nicest EF example of this date that I have seen in a number of years. It brought $26,450, which is a strong price but not unreasonable when one considers how rare and undervalued this issue is. Bid is $18,000 in EF while Trends is $25,000 in EF-40.

1871-CC: Lot 626, graded MS-62 by NGC. This was one of my favorite coins in the sale. It was a superb, very high end coin with claims to an MS-63 grade and it is easily the finest known 1871-CC eagle. I bought it for $66,125 which I thought was good value given the rarity and quality that this one-of-a-kind coin represents.

1872-CC: Lot 627, graded AU-55 by PCGS. I graded this coin AU-58 and feel it is the finest known example of this rare date. It sold to a collector bidding on the phone for $41,400. This is a strong price but when one considers that this is a finest known coin that will probably never be improved on, it is hard to "overpay."

1873-CC: Lot 628, graded AU-53 by NGC. This coin was reserved for $24,000 and did not sell. A second example, Lot 629, was graded EF-45 by NGC and it brought a very strong $17,250 (Trends is $18,500 in EF-45). This coin will probably wind-up in an AU-50 or AU-53 holder but was not especially nice.

1874-CC: Lot 630, graded MS-64 by NGC. This was the highlight of the Lang collection eagles. It sold for $103,500 to the same dealer who had sold it to Mr. Lang in the mid-1990's. I thought this was a very strong price for this coin but would add that this is another coin, like many in this collection, that truly represents one-of-a-kind quality.

1875-CC: Lot 631, graded AU-53 by PCGS. I wasn't wild about this coin because of its abraded surfaces but did like its originality. It sold for $20,700. Quarterly Bid is $20,000 in AU-50. I consider this to be a strong price for the coin, as I recently sold a similar quality PCGS AU-53 to a collector for 20% less.

1876-CC: Lot 632, graded AU-58 by NGC. This coin was just a bit bright from a dipping but it was very "meaty" with quite a bit of luster visible. I bought it for $29,900 which I thought was a strong price but not out of line for a coin that was the third finest known example of a rare issue. Bid is $12,000 in AU and $45,000 in MS-60.

1877-CC: Lot 633, graded AU-55 by PCGS. I graded this coin AU-58 and consider it the second finest known example of a rare and very underrated issue. It sold for $24,150. At the sale, I thought it was expensive but upon reflection I think this was a good value for the collector who purchased it. Bid is $11,000 in AU (too low) and $40,000 in MS-60.

1878-CC: Lot 634, graded AU-55 by NGC. I graded this coin AU-58 and thought it was either the first or second finest that I had ever seen. It brought $19,550 which I thought was an extremely good value. Trends is $20,000 in AU-50 while Bid is $16,000 in AU. The extreme originality of this coin made it worth considerably more than these published levels.

1879-CC: Lot 635, graded AU-53 by PCGS. I graded this coin AU-53 to AU-55 and thought it was well above average for the date and grade. It sold for $25,300 which I thought was a very strong price, given the fact that Bid is $16,500 in AU.

Part Two of this article will contain an analysis of the Lang collection's eagles dated 1880-1893 and all of the double eagles from 1870 to 1893.