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(March 25, 2020) – Known as “The King of American Coins,” an 1804 United States Draped Bust Dollar certified by Professional Coin Grading Service (www.PCGS.com) as PCGS PR55 was sold for $1,440,000 by Stack’s Bowers Galleries on March 20, 2020. The Class III 1804 silver dollar was from the estate of the prominent late collector D. Brent Pogue and previously had been in a dozen other great collections, including those of the Garrett family and Johns Hopkins University in Baltimore.
The buyer is Blake Duncan of Houston-based U.S. Coins, who bought the coin for a client who wishes to remain anonymous.
“The 1804 Dollars are well-known for their rarity and historic significance among collectors as well as many non-collectors,” PCGS President Brett Charville remarked.
Because of the health concerns due to the virus pandemic, the auction was relocated from the planned site of the Spring Whitman Expo in Baltimore, Maryland, to the Stack’s Bowers Galleries headquarters in Santa Ana, California. “Even with virtually no bidders physically present on the auction floor and the sudden economic uncertainty – things nobody could have predicted just a few weeks earlier – the outstanding sale of this 1804 Draped Bust Dollar unequivocally demonstrates that collectible coins graded by PCGS have perennial value, security, and liquidity,” stated Charville.
Although dated 1804, the coin was struck sometime between 1859 and the late 1870s, according to researchers. There are only 15 known genuine 1804 U.S. dollars, and only six of them are Class III examples. One of those six is permanently housed in the National Numismatic Collection at the Smithsonian Institution in Washington, D.C.
The 1804 Draped Bust Dollar first gained prominence after a handful of Class I examples were included in special coin sets given to heads of state as diplomatic gifts on behalf of President Andrew Jackson during the 1830s.
While the 1804 Draped Bust Dollar stole the spotlight at the Stack’s Bowers Galleries March 2020 D. Brent Pogue Collection Part VII auction, it wasn’t the only PCGS-graded coin to cross the seven-figure threshold. The 1854-S Liberty Head Half Eagle, a gold coin with a face value of five dollars and the first such coin struck at the San Francisco Mint, realized $1.92 million at that same sale. Graded AU58+ by PCGS, the gold coin was once in the famed Louis Eliasberg Collection and had not been offered for sale for nearly 40 years.
About Professional Coin Grading Service
Professional Coin Grading Service (PCGS) is the premier third-party coin and banknote grading company that was launched in 1986. Over nearly 35 years, PCGS has examined and certified some 43.3 million U.S. and world coins, medals, and tokens with a combined value of more than $37.2 billion. For more information about PCGS products and services, including how to submit your coins for authentication and grading, please visit www.PCGS.com or call PCGS Customer Service at (800) 447-8848.
The March 24, 2020 consumer/investor advisory statement below is from Doug Davis, Director of the Anti-Counterfeiting Task Force of the non-profit Anti-Counterfeiting Educational Foundation (www.ACEFonline.org). Mr.Davis is a former Texas police chief.
The 11-year low in silver and the uncertainty of the economy during the COVID-19 crisis has triggered the rush to buy silver across the United States. The Anti-Counterfeiting Task Force (ACTF) has been monitoring the situation closely and within the last several days has identified the launching of 18 new websites and different platforms selling counterfeit coins and precious metals. The manufacturers of counterfeit coins and precious metals, along with criminal networks and enterprises are seizing the opportunity to target collectors, investors and the elderly who are seeking an alternative to conventional investments.
ACTF, in partnership with U.S. Treasury Office of Inspector General and different levels of Customs Border and Protection, are analyzing and evaluating intelligence to identify the sources of manufacturing and the businesses or individuals who are importing counterfeit coins and precious metals into the U.S. marketplace with the intent to defraud.
Data gathered and analyzed from these sites and platforms which have been identified, shows they are utilizing a variety of tactics to exploit, advertise and promote specifically counterfeit silver and bullion coinage. Their strategy is to immediately entice the novice and uneducated into the world of numismatics and precious metals, in order to capitalize on market fluctuations and fear of the current world crisis.
Individuals who are considering the purchase of coins and precious metals should only deal with reputable, knowledgeable experts, such as members of the Accredited Precious Metals Dealers program (www.APMDmembers.org) and the Professional Numismatist Guild (www.PNGdealers.org).
Buyers should also be cognizant of the numerous red flags employed by criminal opportunists that show a pattern of misrepresentation with the intent to defraud the buyer, such as:
- Pricing well below spot or melt
- Morgan and Peace Dollars $2.99 with picture and description indicating you will be receiving an uncirculated coin
- Silver Eagles below spot – proof and uncirculated
- Carson City Dollars $19.95 using picture of NGC Certified GSA. Raw coin also pictured with no CC mintmark. The raw coin will be shipped.
- Statements such as our boss is taking 50,000 silver dollars out of his personal collection to sell.
- Contact information shows China address
- Several sites using Australian address
- Copy not stamped on obverse or reverse
ACTF encourages collectors, dealers and the general public to report counterfeit coins and precious metals by using the report form at www.ACEFonline.org.
The efforts of the Anti-Counterfeiting Task Force are supported entirely by donations made to ACEF, a non-profit corporation. Monetary contributions may be made online at acefonline.org/donate or by check made out to ACEF and mailed to ACEF, 28441 Rancho California Rd., Ste. 106, Temecula, CA 92590. For additional information about donating, contact ACEF Executive Director Bob Brueggeman at info@ACEFonline.org.
More states issue stay-at-home orders to mitigate spread of COVID-19
The Industry Council for Tangible Assets has been contacted by many members who are requesting information on whether dealers may be exempt from “stay at home” orders, based upon the dealer inclusion in Section 352 of the Patriot Act.
ICTA’s executive director, Jimmy Hayes, was an author of the Louisiana Bank Code and a former commissioner of financial institutions. Under Jimmy’s guidance we are advising dealers that “stay at home” executive orders from governors and mayors are currently being issued under their state-authorized powers. It is essential for each dealer to determine what their own state or city has issued and carefully read the exemption language.
Several of those who contacted ICTA had been told that their compliance with the money-laundering requirements of the Patriot Act somehow gave them the status of a “financial institution” or similar banking or lending institution.
This is not correct. Section 352 defines a financial institution under the Bank Secrecy Act SOLELY TO DETERMINE WHAT BUSINESSES ARE REQUIRED TO FOLLOW THE MONEY-LAUNDERING PROVISIONS. This definition is limited to money-laundering purposes and does not make, say, a bullion dealer a financial institution for any other purpose.
Any state order that refers only to “banks, financial institutions, etc.” would require that those seeking an exemption are defined as such institutions under state law. The bottom line is that the definition is up to the state issuing the executive order, and that no provision of federal law dealing with money laundering or other activities applies.
Very Important Note: Any information in this news release is provided to assist coin dealers and is not intended to be used as a substitute for actual advice from a professional tax or legal adviser.
Gregory Closes ANA Chapter in April
After 38 years at the American Numismatic Association (ANA), The Numismatist Editor-in-Chief Barbara Gregory will retire next month. Her legend as the longest-running editor-in-chief at the ANA began in 1988. She also is the first female to hold the position. In mid-April, she passes the editorial responsibilities to current ANA Managing Editor Caleb Noel, who has worked for the numismatic publication since 2015.
A native of Upstate New York, Gregory earned a bachelor’s degree in English from Alfred University in New York State’s Southern Tier. Her passion for publishing and editing was first ignited in high school, where she worked on the yearbook and newspaper staffs. Her passion continued through college, where she was a typesetter and editor of the college newspaper.
Before joining the ranks of the ANA as an editorial assistant in 1981, she worked previously as an assistant medical illustrator for the University of Rochester (New York) School of Medicine and Dentistry; a typesetter/layout artist for a Syracuse, New York, graphics firm and assistant editor of Aeronautics Digest, a quarterly journal produced by the United States Air Force Academy Department of Aeronautics in Colorado Springs, Colo.
Since Gregory has taken charge, the hobby publication has seen significant improvements throughout the years. Those changes include being the first hobby periodical to switch to desktop publishing, providing online access of the magazine to members (including a complete archive of all back issues), printing every edition in color and placing The Numismatist in Barnes and Noble across the nation. She also has been in charge of organizing and moderating the Legacy Series interviews with notable hobbyists at conventions since 2015.
Gregory leaves the magazine in competent hands. Noel graduated from the University of Colorado where he earned a degree in art history in 2015. His ANA journey began when he accepted an internship with the Edward C. Rochette Money Museum in 2013. Gregory invited Noel to work in the Publications Department in February 2015, and he was hired on full-time six months later.
“I have been fortunate to work with many wonderful and talented editors in my 38 years at the ANA, but Caleb is the first to grasp all the ins and outs of magazine production,” said Gregory. “He is a knowledgeable hobbyist, a brilliant wordsmith and grammarian; an accomplished photographer; an imaginative graphic designer; and a good-humored and diplomatic professional.”
Although the publication is passing to new hands, The Numismatist will not change in quality or scholarship. However, the editorial department has been tasked with reducing expenditures, which will result in a smaller staff and slimmer magazine. Despite this, the department will continue to publish engaging and informative content to the standard members expect.
The American Numismatic Association is a congressionally chartered, nonprofit educational organization dedicated to encouraging the study and collection of coins and related items. The ANA helps its 25,000 members and the public discover and explore the world of money through its vast array of instructional and outreach programs, as well as its museum, library, publications and conventions. For more information, call 719-632-2646 or visit money.org.