Legend Buys Dexter/Pogue 1804 Dollar From Lipton and Albanese

Famous coin now part of “Super Collector” Bruce Morelan’s early American dollars set

(Lincroft, NJ) – The Class I Dexter/Pogue specimen 1804 Draped Bust U.S. silver dollar purchased at auction on Friday night, March 31, 2017, for $3,290,000 jointly by Kevin Lipton of Beverly Hills, California and John Albanese of Bedminster, New Jersey, was sold by them less than 48 hours later. Graded PCGS Proof 65, it was bought on Sunday afternoon, April 2, 2017, by Laura Sperber of Legend Numismatics in Lincroft, New Jersey on behalf of well-known collector Bruce Morelan, owner of the all-time finest set of early American dollars listed in the PCGS Set Registry®.

Collector Bruce Morelan now is adding the Dexter-Pogue specimen 1804 Draped Bust dollar to his PCGS Set Registry® all-time finest set of early American dollars. (Photo by Donn Pearlman.)

“John and I bought the coin (at the Stack’s Bowers auction at the Whitman Baltimore Expo) in a moment of opportunity. We didn’t have any customers for it Friday night; we just thought at $3.3 million that it was the best buy of a high value rare coin in the last 20-plus years,” Lipton explained.

Then the offers started coming in.

“We purchased this coin on spec and were really quite shocked that our book bid of $2.8 million (plus buyer’s fee) was successful.  We both thought it would sell for $4 million or more Friday night. By Sunday, we had six interested parties who were calling, sending emails and texts wanting to buy the coin from us. Kevin and I are pleased it’s going to a good home,” said Albanese.

Sperber negotiated the sale on Sunday morning on behalf of Morelan. The purchase price was not disclosed.

“It is a hell of a coin and a hell of a deal for Super Collector Bruce Morelan,” stated Sperber. “After Friday night’s auction, I suggested we probably need this coin in his early American dollars set. The negotiations with John and Kevin took only a few minutes to work out and everyone involved is happy.”

Morelan also was surprised at the winning bid price for the coin at the auction.

“I was shocked when the coin sold so low. I’m happy to pick it up for a few incremental bids over that level.  While the coin is not necessary for the circulation strike early dollars set, it certainly is complimentary to my set and collection as a whole,” Morelan said.

Among the world’s most famous rare coins, only 15 1804-dated silver dollars are known today, and eight of them are categorized as Class I, including the Dexter/Pogue specimen.

No silver dollars dated 1804 actually were struck that year. Researchers believe the surviving Class I examples were made by the United States Mint in the 1830s to be given as diplomatic gifts for a State Department mission to the Far East and Asia. Decades later, Mint employees made a handful of other, similar examples of 1804-dated dollars for collectors.
 

Less than 36 hours after John Albanese and Kevin Lipton were the winning bidders for the Class I Dexter-Pogue 1804 Draped Bust silver dollar, PCGS Proof 65, it was purchased from them by Laura Sperber of Legend Numismatics on behalf of “Super Collector” Bruce Morelan. (Photo image courtesy of PCGSCoinFacts.com.)

Statement from Kevin Lipton

President, Kevin Lipton Rare Coin, Inc., Beverly Hills, California

April 1, 2017

Somewhere over Topeka, Kansas Friday night, while I was flying back to Los Angeles from Baltimore, John Albanese and I jointly purchased the Dexter/Pogue 1804 Draped Bust dollar for $3,290,000. This is actually the second time I’ve owned this historic rare coin. I purchased it with Hugh Sconyers for a then-record price of $990,000 on behalf of the American Rare Coin Fund at Auction ’89 in Chicago in 1989.

I bought the coin this time strictly the way I buy everything: on a basis of opportunity. In my opinion, this was the best buy of a high value rare coin in the last 20-plus years. It was a moment of opportunity. I don’t have any customers for it, I just want to enjoy it now.

When opportunity knocks, you have to be there to answer. I was expecting this coin to sell for between $4 and $5 million, and was stunned at this kind of opportunity to acquire it for less than $3.3 million.

John (Albanese) and I have been friends and have done business together for decades. He is one of the most respected numismatists in the world, and was an original co-founder of both PCGS and NGC as well as CAC. We are both excited and happy now to own one of the world’s most famous rare coins.

Dexter/Pogue 1804 dollar was purchased by Kevin Lipton and John Albanese at the Stack’s Bowers auction in Baltimore

WASHINGTON, D.C. – The United States Mint (Mint) will begin accepting orders for the 2017 American Liberty 225th Anniversary Gold Coin (product code 17XA) on April 6 at noon Eastern Time (ET).

Struck in conjunction with the Mint’s 225th anniversary, this unique coin portrays allegorical Liberty as an African-American woman. Its obverse (heads) design depicts a profile of Liberty wearing a crown of stars, with the inscriptions “LIBERTY,” “1792,” “2017,” and “IN GOD WE TRUST.” The reverse (tails) design depicts a bold and powerful eagle in flight, with eyes toward opportunity and a determination to attain it. Inscriptions include “UNITED STATES OF AMERICA,” “E PLURIBUS UNUM,” “1OZ .9999 FINE GOLD,” and “100 DOLLARS.”

Produced at the West Point Mint, this one-ounce, .9999 fine 24-karat gold coin is encapsulated and placed in a custom designed, black wood presentation case. A special 225th anniversary booklet which is the Certificate of Authenticity, accompanies each coin.

Pricing will be based on the Mint’s pricing schedule for products containing gold. These products are priced according to the range in which they appear on the United States Mint Numismatic Gold, Commemorative Gold, and Platinum Product Pricing Grid. Current pricing information is available at http://catalog.usmint.gov/coins/gold-coins/.

Orders will be accepted at https://catalog.usmint.gov/ and at 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may order at 1-888-321-MINT. Information on shipping options is available at https://catalog.usmint.gov/customer-service/shipping.html.

To maximize availability of this historic coin to the public, the Mint is not imposing a household order limit. The Mint will also accept orders at its sales counters in Washington, DC; Philadelphia; and Denver. Sales will be open to all members of the public, including dealers. Mintage is limited to 100,000 units.