Coins & Money

Why Yes, $15+ Million IS a Strong Coin & Currency Auction!

It is easy enough to get hung up thinking about multi-million sports cards and comic books selling in auctions. But what about numismatics, or coins in specific? The Long Beach Coin and Currency Auctions ending October 10 have seen their final tally come out to $15.787 million.

According to Heritage Auctions, some 5,116 bidders participated in the Long Beach Expo US Coins Signature Auction the and US Currency Signature Auction. Collectors Dashboard wanted to do a head to summary of coins versus currency notes for collectors and investors to get an idea of what the demand is on each.

Of those 5,116 bidders, there were 2,893 who bid on coins and 2,223 who bid on currency.

The coins event came to $8,393,786 in total sales and the Expo’s currency event saw $7,393,823 in total sales.

The coin category was led by a historic 1870-CC $20 XF40 PCGS that sold for $360,000.00.

A $10,000 1934 Federal Reserve Note (Fr. 2231-G) basically doubled its pre-auction estimate at $240,000.00 in the currency auctions. ($10,000 bill image from Heritage Auctions)

$10,000 Bill

Heritage also noted that there were 100% sell-through rates by value and by lots sold for coins, as well as 99.8% by value and 99.96% by lots which sold for currency.

In short, just about everything sold for more than sellers were willing to take to pass these treasures on to the next buyer.

There are many highlights from the auction. The data provided below has been shortened and summarized.

1870-CC double eagle was counted as a new discovery that was passed down for several generations in a family and was completely unknown to the collecting world. Heritage noted that only about 60 of these coins have survived from the small 1870 mintage of just 3,789 pieces which are known in all grades.

A 1915-S $50 Panama-Pacific 50 Dollar Round MS65 PCGS (Panama-Pacific International Exposition) had 68 bids and ended at $180,000. The round version of this coin was released in octagonal form and the round version is more rare and more valuable in high grade.

A 1794 50C O-105, T-3, High R.4, AU58+ PCGS sold for $168,000. Only about 800 are believed to have survived the last 200+ years in all grades.

1932 $20 MS65 PCGS had over 50 bids for a final price of $156,000 with a note that all but 250 of the 1932 double eagles reportedly struck were kept in the Philadelphia Mint vaults before being melted under President Roosevelt’s Gold Recall order of 1933. This example is believed to be one of about 95 which survive in all grades.

Of the 1776 Continental Dollars – a near-Gem example sold for $150,000 — 1776 $1 Continental Dollar (Pewter, EG FECIT, MS64 PCGS. Newman 3-D, W-8460, R.4).

1926 $1 MS67 PCGS (James E. Blake Collection) sold for $120,000, a record for the most ever paid for a 1926 Peace Dollar.

Other top lots in the auction were listed as follows:

  • 1831 25C Small Letters, B-1, R.8 as a Proof, PR66 NGC. CAC: $144,000
  • 1931-D $20 MS64 PCGS. CAC: $132,000
  • 1878-S 50C WB-101, Die Pair 1, R.5, MS63 PCGS: $117,000
  • 1925-S $20 MS65 NGC: $102,000
  • 1794 H10C V-3, LM-3, R.4, MS66 NGC: $102,000

Greg Rohan, President of Heritage Auctions, said:

The demand for rare and desirable coins and currency continues to grow, which was reflected in the results for both coins and currency in this auction. People looking for high-end coins and notes came away from this event with exceptional items to bolster their collections.