Legend Rare Coin Auctions presented their 32nd Regency Auction, conducted as the official auction for the 2019 PCGS Members Show in New Orleans. Featuring over 630 lots, this auction included a separate session for silver dollars, held Wednesday, May 15, while type coins and gold were offered on Thursday, May 16. Important collections were offered, including the Pug Collection, the Issaquah Estate, selections from the Vanderbilt Collection, the Wolverine Collection, the Northern Lights Collection of Proof Buffalo Nickels, and other very impressive properties from many different consignors.
The auction began with tremendous strength when a finest known silver plug that was close to Mint State 1795 silver dollar, sold for $129,250. This coin has a pedigree that dates back to the late 1800s and has been thought to possibly have been the first 1795 silver dollar struck. However, the top grossing coin of the auction was the famed “Supernova” 1857-S double eagle from the wreck of the S.S. Central America. Because of its intense, natural toning and lofty MS67 grade, this coin has been the “poster coin” for all of the second round of S.S. Central America. It garnered a record price of $282,000. All prices realized include the auction’s 17.5% buyer’s premium.
“We knew this sale was going to be very successful,” said LRCA President Julie Abrams. “From very early on interest from potential bidders was intense. From the moment lots were posted to our website, bidders were out in force with presale bids.”
“We had lot multiple lot viewing opportunities around the country, including highlights at the Central States Convention and a full lot viewing at PCGS’s Public Friday event, as well as appointments in our office, and these events were all packed,” Terryann Catalupo, the auction director, said. “This came out once we set up lot viewing in New Orleans as well, with standing room only and a line waiting to view coins. All told, we yet again achieved record registrations and bidder participation.”
“This crowd joined us both nights in the auction room, bidding in person,” Abrams continued. “One collector commented to me how the bidding action reminded him of the ‘old days’ when you had to personally attend the sales. It was great to see! The venue helps, as New Orleans is an underserved area for its collectors, so whenever the PCGS Members’ Show comes to town, the local collectors come out in droves.”
“The market right now is very quality focused,” said Laura Sperber, the firm’s partner and founder. “We have always been quality focused, but we are seeing that now, coins that are all there are bringing very strong bidding. The strength of the bids was directly linked to the quality. Of course, PCGS/CAC coins brought the most consistently strong bidding. Also, freshness counts. The coins of the Issaquah Estate collection did very well, as most of those had been off the market for a decade or more. Wolverine Collection coins, likewise, if they were older purchases that were PCGS/CAC did very well. The numbers speak for themselves, just look at these highlights.”
Highlights from the auction included a $1 1795 B-3, BB-11. Silver Plug. PCGS AU55 CAC for $129,250; a $1 1857 PCGS MS64 CAC for $34,075; a $1 1925-S PCGS MS65 CAC for $36,425; a $1 1878 7TF, Reverse of 1878. PCGS MS66 DMPL for $37,600; a $1 1893-CC PCGS MS65 CAC, II for $152,750; a $1 1921-D PCGS MS67 CAC for $31,725; a 5C 1895 PCGS PR68 for $73,438; and a H10C 1837 No Stars, Small Date. PCGS MS67+ CAC for $36,425.
Sales also included a 10C 1942/1-D PCGS MS66+ FB CAC for $73,438; a 25C 1806/5 PCGS MS64+ CAC for $73,438; a 50C 1873 Arrows. PCGS PR66 DCAM CAC for $55,813; a $20 1857-S PCGS MS67 CAC “SUPERNOVA” from the S.S. Central America for $282,000; a $5 1904 PCGS PR67+ CAM CAC for $102,813; a $10 1879-O PCGS AU55 for $36,425; a $10 1907 Wire Rim. PCGS MS65+ CAC for $105,750; and a 50C 1921 Missouri 2X4. PCGS MS66+ CAC for $31,725.
“Right now, the market is starved for great, quality coins,” added Sperber. “Today, it does not matter if you are buying a $600 classic commemorative or the absolute finest graded Superb Gem rarity, you have to pay up for quality. This is especially true in this current two-tier market. Add to that PCGS has really tightened up, you know that prices for high end coins not only must go up, but actually are in venues like auctions.”
“Consignors rushed over to tell us how amazed their coins did in the sale, that they have already sent us coins for our June Regency Auction. After 32 Regency Auctions,” continued Abrams, “buyers and sellers have come to expect consistently great coins and results from our small, boutique auctions, which offer top quality and strictly vetted U.S. coins. During the two-day Regency Auction, yet again, neither side was left disappointed.”
Legend Rare Coin Auctions’ next Regency Auction, number 33, will be held on June 27, 2019 in Las Vegas. To consign to an upcoming auction, visit legendauctions.com and contact a consignment specialist today.
