Collectors called the shots Feb. 28 at Legend-Morphy’s $1.73M PCGS Las Vegas saleMarch 6th, 2013 by admin
Heavy Internet bidding contributed to consistent above-estimate prices
LAS VEGAS – Coin connoisseurs from throughout the country gathered at the elegant Venetian/Palazzo hotel for Legend-Morphy Rare Coin’s Feb. 28 Regency Auction, which tallied an outstanding $1.73 million (all prices quoted inclusive of 15% buyer’s premium). Legend-Morphy brought its A-game, offering a carefully handpicked selection of coins in a boutique-style, 334-lot sale held in association with the PCGS Members Only Coin Show.
Collectors liked what they saw and bid aggressively, both before and during the event.
“The pre-auction online bidding activity greatly exceeded our expectations,” said Legend-Morphy’s president, Julie Abrams. “That, combined with heavy attendance at the preview, gave us every reason to believe the auction would be a success.”
Boasting exceptional eye appeal, an H10C 1796/5 PCGS MS64+ CAC exhibited fully struck details, pristine surfaces, light semi-proof-like mirrors and strong luster. With provenance from the Eliasberg collection – the only known complete collection of half dimes – the rare coin was offered without reserve and estimated at $65,000+. Bidders showed no hesitation in pushing the final price to $92,000, making it the top lot of the sale.
Landing in the runner-up position was a $20 1909-D PCGS secure MS66 CAC, ex Dr. Steven Duckor collection. A totally original coin, exceptionally clean and satiny on both sides, it sold for $80,500.
Another crowd favorite was a 1798 $1 Small Eagle 15 Stars B-2, BB-81 PCGS secure AU55+. “This particular coin came from the personal collection of a major bust dollar dealer and is extremely rare in ‘choice AU’ or higher,” said Legend-Morphy partner Laura Sperber. It made a strong showing at the Feb. 28 auction, garnering $51,750.
“Penny wise” collectors were all over an exceptionally high-quality 1C 1909 VDB PCGS secure PR64 BN CAC. Considered the ultimate example of a matte proof Lincoln, it streaked past its estimate of $15,000+ to settle at $27,600.
Offered without reserve and pre-auction guidance of $20,000-$22,500, a much-sought-after 1796 25C PCGS F12, was described as “picture perfect” and “superb gem fine 12.” A problem-free coin in original pewter with hints of golden brown, its details and depiction of Miss Liberty were “just what they are supposed to be – nicely struck,” said Sperber. The 18th-century numismatic treasure concluded its bidding run at $29,900.
A magnificent multicolored Peace Dollar was entered in the sale with a $6,000-$7,000 estimate and Sperber’s catalog notation that it was “easily the finest colored 1923S and possibly one of the finest colored Peace Dollars that exist.” The coin handily surpassed expectations to sell for $11,500.
There was great excitement over a 1C-$1 1901 proof set PCGS PR64-66 from the Buckeye Commander Collection. Every coin in the set was high end, with matched original colors and spectacular clarity and reflectivity. Offered without reserve, it was bid to $21,850 against an estimate of $17,500-$20,000.
“There was intense interest in this auction, and absentee bidding was strong,” said Legend-Morphy partner Dan Morphy. “That reflects very favorably on the trust coin buyers have placed in our operation. They know how selective we are and that we bring only the finest-quality coins to the auction marketplace.”
Sperber, Morphy and Abrams all commented on the valuable feedback they received from customers at their second Las Vegas Regency event.
“The comment I heard most often was how much they appreciate our boutique approach and the carefully chosen high-end offerings in our auctions,” said Abrams. “Customers also appreciate that we produce a beautiful hardbound catalog and that we’re so attentive and available to answer their questions at the preview.”
The Legend-Morphy team has already begun work on the next Regency Auction, which will be held April 11th at the Bellagio in Las Vegas.
“Although the April 11th sale is already full, we are accepting quality consignments for our July auction,” Sperber noted.