COIN MARKET INSIDER • VOLUME 33 • ISSUE 42

FROM THE GARAGE TO THE AUCTION BLOCK

Fresh-to-the-market coins that had been stored in a Boston garage for decades brought the results in a recent auction to $987,789 in September 2023.

Some of the items in the collection were mailed and postmarked as far back as 1942 but remained unopened to this day, including letters from the United States Mint.

The collection was put together in the 1940s, ’50s, and ’60s by the grandfathers of the consignors, who discovered it in a garage. Much of the material in this collection has never been offered at auction before, and the aggressive bidding underscored the significance of this collection.

Among the highlights of the Showcase Auction were unopened boxes of U.S Mint Proof sets.

Box of 25 mint-sealed Proof sets soared to $60,000.

1952 box of 50 unopened mint-sealed sets brought $28,800.

1951 box of 25 sets drew a winning bid of $27,600.

1909 Half Eagle MS66 NGC brought $26,400.

Box of 100 1955 Proof sets sold for $16,200.

1945 Wells Fargo Original BU Roll of Half Dollars sold for $12,000.

Box of 25 1954 Proof Sets that went for $11,400.

Box of 25 1955 Proof Sets that garnered $10,200.

NUMISMATICS PERFORM WELL,
DOLLAR RALLY WEIGHS ON GOLD

Gold is down to 6.5-month lows while the dollar is in rally mode, but most segments of numismatic coins continue to perform admirably. Many times, you will see the financial media tie the price of gold bullion and rare coins together, yet history shows that is often NOT the case.

The Sydney F. Martin Collection’s offerings at auction continue to impress, with the latest installment in August 2023, as part of the Global Showcase Auction, at the ANA World’s Fair of Money, bringing $3,817,668.

Leading the offering was a 1758 Louisbourg Taken gold medal, classified as Betts-410 in C. Wyllys Betts’s book American Colonial History Illustrated by Contemporary Medals. Just a few of these gold medals are known to exist. This MS-63 example features complex imagery and the sale price was an improvement on the $74,750 it realized in 2009, realizing $180,000 at auction in 2023.

HIGH-DENOMINATION BANKNOTES DEMAND

High-denomination banknotes have reached higher prices in auctions recently. Even five years ago, a price of $480,000 for a 1934 series $10,000 banknote would have been unthinkable. A little over half that price was realistic. But today, it is not a huge surprise, given the consistent interest shown in banknotes with the largest denominations.

The Friedberg 2231-A $10,000 note from the Boston Federal Reserve Bank realized that price of $480,000, graded Choice Uncirculated 64 EPQ by Paper Money Guarantee, tied for the highest grade among the 18 ever rated by PMG

The $10,000 note, serial number A00000185A, was off the market since 2005 when a bidder paid $66,125 for it at auction. The starting bid this time was more than twice that, at $137,500.

Track & Price records 16 known examples of $10,000 bills from the Boston bank, making them slightly scarcer than those from Chicago, of which 18 are recorded. Only a year ago, at auction, a Chicago note, also in PMG Choice Uncirculated 64, sold for $300,000. This current $10,00 graded Choice Uncirculated 64 EPQ note realized a whopping $480,000 in 2023. Further providing evidence that the Top End of collectibles of many varieties continues to shine.