Q. David Bowers
It didn't exceed $14,000 or even come close, but for a mintmark variety of a gold coin the realized figure of $5,250 was certainly generous at the time.
Eagles or $10 issues commenced with a 1795, described as Uncirculated with rubbing, which brought $190. The greatest highlight of the $10 series was a Proof 1858, described as follows:
"1858. One of the real rarities in the United States gold, the 1858 eagle has not been offered in years. The outstanding sales of the Dunham, Flanagan, Grinnell, Bell, Higgy, etc. collections did not have a specimen in any condition. This example is a perfect Brilliant Proof. It is our considered opinion that this coin will easily sell for more than $1,000."
Easily sell for more than $1,000 it certainly did, and when the hammer came down a new record of $3,750 had been set!
Close on the heels of this came a Proof 1875, another important key date, which fetched $700.
The last Philadelphia Mint coin in the $10 series, an Uncirculated 1933, brought $375. Branch mint $10 pieces were highlighted by an Uncirculated 1920-S at $250 and a similarly-graded 1930-S at $265.
Double eagles included many outstanding pieces. A Proof 1858 brought $600, followed by a Proof 1859 at $375 and, in due course, the rare Proof 1883 at $1,375. An example of the Proof 1887 $20 brought $575, and many later Proofs brought from about $200 upward. An example of the MCMVII High Relief double eagle, described as Uncirculated, brought $130, about in line with values at the time. An Uncirculated 1921 fetched $825 and was one of the most expensive of the later double eagle issues, exceeded only by the Uncirculated 1926-S at $1,100 and the Uncirculated 1926-D at $1,300.
The sale of the World's Greatest Collection secured a good reputation for the Numismatic Gallery, and from this point on consignments came easily. The hard work and diligence of Abe Kosoff and Abner Kreisberg paid off handsomely, and many other famous cabinets soon came their way.
In the meantime, F.C.C. Boyd, owner of the World's Greatest Collection, continued his activity in numismatics, emphasizing early colonial coins, colonial paper money, tokens, store cards, and other pieces. By the time of his death 11 years later, his holdings of these early series were unrivaled.
The background to the gold portion of the World's Greatest Collection and the exciting sale of the 1841 quarter eagle were later recalled by Abe Kosoff in his Coin World column:
"Sometime after cataloguing had been started and the date for the auction sale was being considered, Fred Boyd and I were lunching, when he asked if I would be happier if I owned the gold collection rather than just selling it for his account. He realized, he said, that I spent almost all my commission from the silver sale on promotion of that sale.
"I acknowledged that he was quite right, we had spent $9,000 out of the $11,000 on commissions on catalogues, advertising, circulars, and so on, and we had sold the silver coins in four sections at four different times. Fred was offering us an opportunity to make up for those efforts by offering us the gold collection.
"I readily agreed to the price he set, except the Boyd promised the four gold $4 stellas to someone if and when he ever sold the gold coins. 'So, we will leave the stellas out of the deal, and since the set has been valued at $2,000, just take that as an allowance. The balance you can pa whenever you feel like it-after the sale, if you wish,' Boyd said.
"On my return to the office, a check in parties payment was posted-we now owned the collection. No sooner done than the telephone rang was J.F. Bell of Chicago. Bell was a frequent called several times a week-sometimes several times day. 'Anything new?' he inquired.
"I told him about the gold collection. That day he called twice again, and the next morning waiting on the doorstep when we arrived for the stay of business was J.F. Bell. He wanted the collection-the price was in six figures. We offered him several options but we would not break up the collection which is what he really wanted t to do.
"Most attractive to him were two of the option:
1. An outright purchase of the entire collection and, 2. A half interest in the collection which would then be sold as per plans which had progressed toward that end.
"Finally he decided to purchase the whole collection if we would accept a check for 10 % an three promissory notes for the balance, payable in equal installments in 30, 60, and 90 days. H: credit was A-1, so the deal was arranged on the: basis. The notes were prepared, and as he We signing them and the check, a messenger came in with a package from Charley Ryan, a dealer friend. The package contained a note and a coin $50 Kellogg & Co. rarity. I was to call Charley which I preceded to do, and the coin was ours-think for $1,750.
"I showed it to Bell, he bought it for $2,250 or $2,500-1 don't recall exactly. He added the $2,500 to the check, and we wound up the transaction with him taking the coins back to Chicago.
"Thirty days later, J.F. Bell called to tell us he was going to have some difficulty meeting the notes. He was okay for the first one, but some business commitments would prevent his paying the next two. We were prepared to extend the period of time for him, but he had other ideas He now wanted a second option, namely to have a half interest in the collection. He would return the coins, we would catalogue the collection. He would pay the first note plus the difference, an additional 10 % of the purchase price, to give him a 50% equity. When the sale takes place I will be in better shape and will buy what I need,' he reflected.