I have been involved in the numismatic field for more than four decades. In that time, I’ve had the privilege to catalog common coins and rarities, analyze the U.S. coin market via public and private sales, and maintain one of the most respected price guides and newsletters for U.S. coins.
In the course of a year, hundreds of millions of dollars’ worth of collector coins hit the auction blocks via live sale and Internet-only venues. Since the advent of third-party independent grading nearly 30 years ago, today’s dealers, astute collectors and the novice hobbyist can all take advantage of population reports and mull over related census data for coins they wish to acquire. The major grading services PCGS and NGC also supply price guides and track auction results from all of the industries major players.
The 1808 Capped Bust Quarter Eagle graded PCGS MS 65 thundered to $2,350,000 on May 19 in New York.
It is the finest-known and rarest type gold coin was the big noise-maker at the first part of the sale of the D. Brent Pogue Collection.
Now, given the transparency of the certified coin market, coins appearances can be tracked through auction sales. In many instances over the last decade or so, both icon and type coins readily recirculate amongst the major auction houses. Sometimes the exact coin will make an appearance every year or so, sometimes with even more frequency than that. Given decades of certification, the trail is easy to follow, and coins that are truly rare immediately stand out, courtesy of the low population of that particular coin. After all, there are only a limited number of truly rare coins to compete for. Accordingly, given their finite nature, it has become increasingly difficult to find a sale that truly offers both collector and dealer an assortment of “fresh to the market,” eye-appealing and rare coins.
Certainly there are instances when powerful and impressive pedigreed collections come to market, such as the fabulous Garrett, Norweb, Eliasberg cabinets, etc., and most recently sales featuring coins by Newman and Gardner have made noise in the marketplace. Currently, all eyes in numismatic nation are on the D. Brent Pogue collection.
A collection amassing a total of 650 coins is not huge in number, yet this collection contains nothing but the finest-known and rarest U.S. coins… period. Coins from all the legendary cabinets had been meticulously purchased at auction or direct sale. Several decades of hard work and research brought this ultimate cabinet to fruition. Through Mr. Pogue’s unrelenting desire and his family’s Dallas real estate resources, he was able to put together perhaps the greatest collection of rarities to appear at one time. Pogue is a numismatic scholar in this new certified and electronic trading age and had the assets to procure extraordinary U.S. coins, and took benefit of opportunities in the marketplace over the last several decades. Now, according to Mr. Pogue, that his and his family’s mission is complete, it is time to share these phenomenal coins with collectors.
“In my mind, the collection is complete,” said Pogue. “Some of these coins have been off the market for 35 or 40 years. It’s time to share them with the numismatic community.” The entire collection of 650 coins has been graded by PCGS, and each label prominently features “D. Brent Pogue Collection.”
Well, the first session of this historic sale—held in a joint venture by Stacks Bowers and Sotheby’s—took place in New York City on May 19. In total 128 fabulous coins from the first of seven scheduled sales featured a complete run of the most exquisite and finest-known Half Dimes (1792-1837) ever to cross the auction block at one time, including what is considered by many to be the first U.S. coin: the 1792 half disme. The Sale followed up with a spectacular run of early federal quarters, half dollars and gold quarter eagles. When the spring sale concluded just before 10 p.m., all 128 coins found new homes while generating an astounding $25.3 million. Sixty-five coins—just over half of the sales contingent—realized six figures and three rarities soared over the $1-million elite benchmark. The average price paid per lot was nearly $198, 000. This is totally mind-boggling, as well as record-setting.
Leading the pack is what has to be considered the most phenomenal and rarest U.S. gold type coin, the 1808 Capped Bust Quarter Eagle. Of the original mintage of only 2,710 coins, it is estimated that only approximately 125 coins remain today in all states of preservation. Of this total, approximately 20 coins grade as mint state and the Pogue coin ranks as the highest-graded specimen, PCGS MS 65. Dazzling, beautiful and rare, this golden gem roared to an astounding $2,350,000 sales price, a record price realized for any quarter eagle denomination. It also established a record price for 19th century U.S. gold coin ever sold at auction.
Spectacularly toned 1796 Draped Bust Quarter dollar (graded PCGS MS 66) soared to $1,527,500. This first-year type coin is rare in all grades.
With an original delivery from the Philadelphia mint of 6,146 coins, it is estimated that fewer than 700 coins remain, and only one coin is graded a single point higher than this example.
A well-struck and spectacularly toned 1796 Draped Bust Quarter Dollar graded PCGS MS 66 thundered to $1,527,500. This first-year type coin is rare in all grades with an original delivery from the Philadelphia mint of 6,146 coins, it is estimated that only around 700 coins remain in all states of preservation today. Only one example is designated a single grading point higher than this dynamic example which just sold in N.Y.
Next coin advancing to the million-dollar club is what has to be considered the rarest U.S. silver type coin is the Draped Bust Small Eagle reverse Half-Dollar. Struck in 1796 and 1797, the total quantity minted for both years and varieties amounted to a total of 3,918 coins. Today, there are probably fewer than 300 of these impressive coins for collectors to compete for in all states of preservation. In the just-concluded Pogues sale, the finest-known and—in my opinion—the most utterly fantastic eye-appealing coin of any era, was the 1797 Draped Bust Small Eagle reverse Half-Dollar graded PCGS MS 66, which found a new home at $1,527,500.
A few of the other fabulous prizes in the sale:
• 1792 Half Dime PCGS MS 64 $440,625 this historic coin actually appeared to be a steal;
• 1800 Draped Bust Half Dime PCGS MS 68 $381,875 phenomenal and exquisite the finest known example;
• 1834 Capped Bust Half Dime PCGS MS 66 $4,994 A dazzling white Ultra-Gem representative, which incidentally was the lowest price coin at this session;
• 1822 Capped Bust Quarter PCGS PR 67 $246,750;
• 1834 Capped Bust Quarter PCGS PR 67 Cameo $329,000;
• 1794 Flowing Hair Half Dollar PCGS MS 64 $763,750;
• 1796 Draped Bust Half-Dollar small Eagle 16 stars PCGS MS 66, the finest-known example of this date. Well-known dealer Kevin Lipton was the lucky bidder for this rarity and said he was ecstatic about this pickup;
• 1796 Draped Bust Quarter Eagle no stars PCGS MS 62 $822,500;
• 1796 Draped Bust Quarter Eagle stars PCGS MS 62 $440,625;
• 1798 Draped Bust Quarter Eagle PCGS MS 65 $763,750;
A totally stunning and the finest-known 1797 Draped Bust Half-Dollar small Eagle (graded PCGS MS 66).
It easily gained passage into the elite, million-dollar club by way of her $1,527,500 price realized in the Big Apple.
As chairman emeritus of Stacks Bowers and numismatic legend Q. David Bowers opined at the sale, “These sales will be very good for the coin market; very few people in numismatic history have ever put together a collection like this. It will be a once-in-a-lifetime opportunity to own some of these coins. A record price now will be a bargain in 10 years.”
It is amazing to consider that this is the inaugural sale. Expectations, chatter, enthusiasm and the bar will remain high until the next installment of the Pogue Collection scheduled for September 30 in New York is in sight. Ah yes, it will most certainly be a memorable autumn in New York.
Until next time, happy collecting!
Jim Bisognani has written extensively on U.S. coin market trends and values and was the market analyst and writer for a major pricing guide for many years. He currently resides in New England and frequently attends major coin shows and auctions.
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