The auction sale of Part One of selections from the collection of Bob Simpson was recently conducted by Heritage on September 17th in Dallas. While the sale was not notable for its number of gold coins, there were some important pieces included; coins which we will focus on in this blog.

The coin market in the US is reaching a tricky quandary in this unique time in history. With literally hundreds of six-figure, and as many as a dozen seven-figure coins coming up for sale in the next few months, can the market absorb all of these?

If the first Simpson sale is any indication, the demand for really good coins remains stronger than most observers—me included—realize.

In my opinion, prices ranged from pretty strong to very strong on the US gold in the first Simpson sale. Let’s look at a few series—and a few specific coins—to analyze the prices realized.

GOLD DOLLARS

Two old friends of mine, the finest known 1849-C Closed Wreath graded MS64 by PCGS and approved by CAC and an 1852-O graded MS65 by PCGS and approved by CAC began a small but impressive selection of gold dollars. I had sold both to Steve Duckor and they were later purchased by Simpson in the 2015 sale which featured the Duckor gold dollar set.

*1849-C Closed Wreath $1.00 PCGS MS64 CAC, courtesy of Heritage*

The 1849-C had last sold for an aggressive $49,300. It brought $48,000 this time around which I think is a very solid price for the issue. The 1852-O cost Simpson a record-setting $37,600 and it brought $33,600. Again, I think this a ton of money for this specific coin.

The Simpson sale featured two important Dahlonega gold dollars: one of the two finest known 1855-D, graded MS64 by PCGS and an 1861-D graded MS64+ by PCGS and, in my opinion, among the finest known.

Simpson acquired his 1855-D dollar from the Stack’s 1/2009 sale where he paid $143,750. Eleven years later, the coin brought a nearly identical $144,000 including the premium. In my opinion, this coin was hurt by its lack of a CAC sticker and the fact that it has a weak 8 in the date; collectors seem to prefer examples with a full date.

*1861-D $1.00 PCGS MS64+, courtesy of Heritage*

The 1861-D is the single highest graded numerically of this fabled date by PCGS and it had brought $149,500 (as an NGC MS65) back in the Heritage January 2008 auction. This time around, it sold for $180,000.

One final gold dollar is worth looking at. Lot 10117 was a PCGS/CAC MS66+ 1875, a coin famous for its low mintage of just 400 business strikes. The coin was purchased for $109,250 in the Heritage 2/2010 auction; a price which, at the time, I thought was approaching “crazy money.” This time around, it brought just $72,000.

You can infer that the gold dollars went weakly based on what Simpson paid and these were surely not close to his best performers. I still think that given the current market for high quality gold dollars, these prices were quite strong.

QUARTER EAGLES

This denomination was not of much interest to Bob Simpson, although he had a very nice set of Indian Head issues. He had just two early quarter eagles in the sale but, man, they were exceptional.

*1808 $2.50 PCGS MS63 CAC, courtesy of Heritage*

The first was his 1808 graded MS63 by PCGS and approved by CAC. This is a very significant one-year type and there are only two pieces known which unequivocally qualify as Uncirculated: this piece and the famous Pogue MS65 which brought $2.35 million when last sold at auction in May 2015.

I was the successful bidder of this coin at $576,000 as I acted as agent for an east coast specialized collector. I thought the price was just right; not a bargain but not too aggressive. Simpson had paid $517,000 for this coin in late 2008 and that was before the huge price realized by the Pogue Gem

*1831 $2.50 PCGS PL66+, courtesy of Heritage*

The second was a fantastic Gem 1831 graded MS66+ by PCGS and designated as “PL” by this service. It was odd that Heritage had sent this coin to PCGS for redesignation so close to the date of the sale that the catalog didn’t properly note its “new” grade. At any rate, it sold for $240,000 which I felt was very strong for the date and for the type.

Simpson’s 1911-D, graded MS65+ and approved by CAC, realized $87,000. Only a month ago, Legend Auctions had sold a PCGS MS65 CAC for $64,625. In this instance, the addition of a “plus” grade was worth nearly $25,000.

In every great collection, there are winners and losers and the PCGS MS66 1929, lot 10134, was most certainly in the latter category. It had last realized a startling $54,625 as Heritage 3/2010: 2197. This time it limped to a new home at $20,400. This is likely due to the fact that the population of this date in MS66 has increased enough to fill the few Registry Sets that need one and also due to its lacking CAC approval. Add to this the fact that a collector can find this date in PCGS/CAC MS65 for around $5,000 which strikes me as MUCH better value.

INDIAN HALF EAGLES

If you were thinking of beginning a really world-class set of this challenging series, you couldn’t have chosen a better time to start than at the Simpson sale. While not complete, the offering was really exceptional with a number of Condition Census pieces present.

Lot 10145, the 1908-S graded MS68 by PCGS, was acquired by Simpson in the Heritage 2012 ANA for $164,500. It sold last week in Dallas for $192,000. Had this coin been approved by CAC, it likely would have flown past the $250,000 level.

The 1913-S, graded MS66 by PCGS, sold for $180,000. It had last realized $258,000 in January 2013. Here was another famous and important coin that, with a CAC sticker, would have brought considerably more.

*1914 $5.00 PCGS MS66 CAC, courtesy of Heritage*

I was blown-away by the price realized by the 1914, graded MS66 by PCGS and approved by CAC. The coin was the object of a street brawl between two bidders on Heritage Live and it hit a new price record for the date of $168,000. But a few seconds of Internet searching led me to discover that this coin had cost Simpson a hefty $126,500 back in 2011. Given the relative availability of this date in MS65, I’m somewhat surprised that PCGS has still only graded a single coin in MS66 and if this ever happens (and the coin is actually really nice), this condition rarity could lose some luster.

*1916-S $5.00 PCGS MS66+ CAC, courtesy of Heritage*

Lot 10151, a 1916-S graded MS66+ by PCGS and approved by CAC, remains the single best example of this date I’ve seen. It last sold for $92,000 in January 2012; it brought a very strong $132,000 in the Simpson sale.
And lastly, an exceptionally nice PCGS/CAC MS65 which cost Simpson $51,700 back in 2005 brought $102,000 this time.

Lessons learned from this small but important group of Indian Head eagles? Whenever possible, buy PCGS/CAC examples and study changes in populations as these are still mostly grade rarities whose populations can be adversely influenced by new coins coming onto the market. And when great collections are offered, do what Bob Simpson did and cherrypick the very best coins for your set.

The first Simpson sale brought over $14 million and there are lots more great coins to come.

For more information on auction representation at the Simpson sale or at any other auction, please feel free to contact me at (214) 675-9897 or by email at dwn@ont.com.

Featured Inventory