Jim Bisognani: World Rarities are Roaring

I am attempting to keep my fingers warm by typing away at a brisk pace this January, so please excuse any unintended typos. It is steadily snowing here in New Hampshire, and it is darn cold! No surprise there.

The first month of the new numismatic campaign, too, is nearing a close. To no coindexter's surprise, we have witnessed millions of dollars' worth of our prized metal discs bought, sold and traded. New homes have been awarded to a superb supporting cast of both US and world coins at the stalwart FUN and NYINC host auctions presented by Heritage.

These two namesake sales reported a robust $59,412,752. In fact, as of today, another seven internet-only Heritage sales totaled an additional $6,097,003 in coins alone, advancing the proceeds through January 22 to a total of $65,509,755! It wasn't all that many moons ago that sale proceeds of this magnitude would have represented a whole year's worth of sales from every major auction company in the US.

While coindexters of modest means clamor for moderately priced and quality collector coins for their collections, the so-called trophies of numismatics are still being courted with accelerated fervor. Per a recent press release from Heritage, "Just when some people thought the marketplace for numismatic trophies might be starting to soften, given the flurry of record prices we've set over the last few years, our bidders once again delivered some staggering results," said Todd Imhof, Executive Vice President at Heritage Auctions. I concur with his statement.

Yet, leading the NGC-certified contingent wasn't a US coin, but this ultra-rare Great Britain 1663 Charles II Silver Pattern "Petition" Crown graded NGC MS 62, which realized $960,000. This monumental rarity has perhaps fewer than 20 examples in all states of preservation remaining, seven of which are permanently impounded in museums and various public institutions. To date, only three of these coins have been graded by NGC; this one, a circulated example graded XF 40 and the other graded MS 63.

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The name "Petition" arises from the attempt of the esteemed engraver Thomas Simon "petitioning" Charles II to become chief engraver. No, Simon didn't get the gig as the King preferred the work of the Roettiers brothers, who had supported Charles while he was exiled in Holland. However, we do have this romantic, classically-rendered antiquity to admire for generations to come — Thomas Simon's sales pitch, as it were — engraved on the coin's edge. It reads as follows:

THOMAS SIMON • MOST • HVMBLY • PRAYS • YOUR • MAJESTY TO • COMPARE • THIS • HIS • TRYALL • WITH • THE • DVTCH • AND • IF • MORE | TRVLY • DRAWN & • EMBOSS'D • MORE • GRACE: FVLLY • ORDER'D • AND • MORE • ACCVRATELY • ENGRAVEN • TO • RELIEVE • HIM

A truly fascinating and superbly executed design, which boldly captures the every nuance of the royal subject. Ah, if we could only have circulating coins like this one today!

In total, over a dozen NGC-certified world coins easily eclipsed six figures in Heritage Auctions' NYINC Platinum Session World & Ancient Coins Signature Auction, which ended on January 8. 

Meanwhile, the Heritage FUN Signature auction of US coins claimed a solid $40,468,470. Nine NGC-certified coins captured well over $100,000 each, led by this stunning 1906 Liberty Double Eagle graded NGC PF 66, which realized $264,000. Of the scant original Proof delivery of 94 examples, there are probably less than half of them that remain. Within the standard Proof designation, this example stands alone as the finest. This coin — the highly-popular, second-to-last year of this issue — last appeared at the same FUN venue nearly 14 years ago, where it realized $80,500!

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The diverse and exciting FUN auction featured 2,599 lots, equating to an average per lot of nearly $15,600. Still a relatively high rent district for most "average" collectors, though. Of course, yours truly — whose fingers are still fighting off frostbite — was compelled to delve into these figures a bit closer.

I came up with the following somewhat-revealing data as to the supply chain of upper echelon US coins.

As it pertains to the Heritage 2024 FUN auctions, the total realized was the lowest since FUN 2016, which realized $33,858,272. The average price per lot was the lowest since FUN 2020 ($10,770). Yet, before coindexters infer that the good ship "Coin a Lot" is beginning to take on water, I can offer this very telling data as it pertains to recent FUN auctions: The real culprit here is the lack of the higher echelon "trophy" coins. Specifically, those that sell for six figures or more.

Considering that the previous three Heritage FUN auction sales averaged a tad over $60 million in proceeds, the missing element this year are the coins that realized over $100,000.

For the past three years, the average number of coins in the FUN sale that exceeded that threshold is a "healthy" 93. Only 46 of these coins were sold at FUN 2024. That figure is the fewest since FUN 2017, where 37 were sold. That, my friends, explains why the total proceeds are down. The fact is, more high-end coins are being sold as they come to market, and the majority are being placed in longer term holdings. This, of course, makes it difficult to cultivate a new crop annually — or now, semi-annually.

As my dealer friend Terry said, "If I can't find them, I can't sell them." Terry can be profound, but obviously, taking up some of the slack in this market are true world rarities that have been coming into their own over the last decade, especially after COVID-19.

Here is another bold example: Stack's Bowers' January 2024 NYINC Ancient & World Coin auction realized a total of $10,688,951. There has also been an additional $3,257,568 in online coin sales, which brings the overall total to $13,946,519.

In total, seven NGC-certified coins easily eclipsed six figures. The top price realized was for this ultra-rare 1897 Russian 10 Roubles graded NGC MS 61, which roared to $360,000.

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Representing Imperial Russia, this 10 Rouble example represented the last year of the short three-year run of this type. Although the mintages for the 1895, 1896 and 1897 10 Roubles coins is listed at 125, there are certainly fewer examples around today. According to the NGC Census, there are only three certified examples: one graded AU 58, this coin graded MS 61 and one MS 64. This rarity belies the modest grade as the strike and surfaces are indeed exemplary. Truly a world rarity of the first order.

Finally, one of yours truly's favorites was this moderately priced (1560-61) Elizabethan Shilling graded NGC AU 58, which realized $5,280. The attractive steely gunmetal surfaces and nearly full strike impart life to Elizabeth I, I dare say! This example is definitely rare, especially in this state of preservation — at present, it is the finest-known example, according to the NGC Census.

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Well, my fellow coindexters, I hope the new year will bring you many opportunities to add great finds to your collections. Whether US, world coins or ancients, have fun!

Until next time, be safe and happy collecting!