Current Newsletter
17 April 2008
There
was very strong bidding in my February Torex®
Auction, which I conducted on the 22nd and 23rd of
February in
Toronto
. Over 83% of the lots sold and the total prices realized averaged over 86% of
catalogue. More than 350 of the lots sold at prices in excess of catalogue
value, 32 of them selling at over double catalogue.
I had a
total of 741 bidders registered for the sale, with 158 of them successful in
winning lots. Of the 61 floor bidders, 51 of them were successful, taking 47.8%
of the lots and 58.7% of the value of the auction. There were 491 registered
online bidders, but only 147 of them were successful in winning lots, taking
37.7% of the lots and 25.4% of the value. The strength of the floor and online
bidding made over two-thirds of the mail bidders unsuccessful. Only 60 of the
189 mail bidders won lots, taking 14.5% of the lots and 15.9% of the value.
The
Friday evening session commenced with paper money; prices started out strong,
and just kept on that way. Among the paper highlights are: Lot 29, a Dominion of
Canada 1900 Four DC-16 in AU catalogued at $8,500, which sold to a floor bidder
for $12,650 after a bidding battle with an online bidder; Lot 66, a 1924 Queen
Mary Five in AU, catalogued at $11,500 sold to a floor bidder for $19,550 after
a bidding tussle with a telephone bidder; Lot 92, a 1935 French Thousand in VF
catalogued at $9,000 sold to a floor bidder at $14,950; Lot 127, a 1937 Thousand
in Uncirculated catalogued at $12,000 sold to a floor bidder for $17,250 and Lot
243 a 1909 Royal Bank of Canada Five Dollars CH 630-10-04-14 in VF, catalogued
at $2,000 sold for over 250% of catalogue at $5,100 to an online bidder.
Tokens
followed the paper, and the strong prices continued. Some of the notable results
are: Lot 273, an 1838 Side View Halfpenny, LC-10A3 in ICCS AU-50 catalogued at
$3,000 sold to a floor bidder for $$4,025; Lot 283, a Molson Thick Flan, LC-16A1
in ICCS VF-20 catalogued at $750 sold to a floor bidder for $1,150; Lot 284, a
Molson Thin Flan LC-16A3 in ICCS VF-30 catalogued at $900 sold to a floor bidder
for $1,200; Lot 349, a Breton 925 North West Company 1820, Brass, Holed graded
VF corroded and cleaned, catalogued at $4,000 sold to a floor bidder for $6,900.
Among
the more than 100 lots of gold, Lot 543, a 1914 Canadian $5 in ICCS MS-60 sold
to a mail bidder for 87% of catalogue at $1,092; Lot 549, a 1908C Canadian
Sovereign in PCGS SP-64 catalogued at $7,500 brought $8,050 from a floor bidder
and Lot 629, a US 1908 Motto Eagle graded as Choice Uncirculated and catalogued
at $1,000 sold to an internet bidder for $1,680.
Among
the World Coins, there were over 250 lots of US coins. These sold strongly at an
average of over 86% of catalogue value. Some of the highlights here are Lot 703,
an 1858 Flying Eagle, Small Letters graded as Uncirculated, which sold for over
150% of catalogue at $402.50, Lot 746, a 1977-S Lincoln Cent in PCGS PR-70 Deep
Cameo catalogued at $1,500 sold to a mail bidder for $2,300, Lot 811, a 1916-D
Barber Quarter in NGC MS-65 sold for over 95% of its catalogue of $900 to a
floor bidder and Lot 953, an 1867-S Half graded as Uncirculated sold to a floor
bidder at $1,207.50, more than triple its catalogue value.
The
second session was entirely devoted to Maritime and Canadian Decimal coins.
Among the Maritime highlights were Lot 942, an 1864 New Brunswick Large 6 Five
Cents piece in ICCS EF-40 that brought !,265 on a catalogue of !,000; Lot 945,
an 1862 New Brunswick 20 Cents piece in ICCS MS-66, which sold to a floor bidder
for $13,225, Lot 994, a 1946C Newfoundland 5 cents in ICCS AU-50 brought 98% of
its catalogued value of $2,000 from a floor bidder and Lot 1007, a 1944C
Newfoundland 10 cents in ICCS MS-65 sold to a floor bidder for $3,450.
Canadian
copper continued its recent strong showing. Standouts among the Large Cents are
Lot 1126, an 1859 Wide 9 Over 8 in ICCS MS-63 Red and Brown sold to a floor
bidder for $2,185, more than 120% of catalogue, Lot 1150, an 1884 Obverse 2 in
PCGS MS-64 Red sold to a floor bidder for $2,990, more than double catalogue,
Lot 1161, an 1891 Small Date Large Leaves, Obverse 3 in ICCS MS-60 Brown sold to
a mail bidder for $1,380, more than 125% of catalogue, Lot 1170, an 1895 in PCGS
MS-64 Red sold to a floor bidder for nearly double catalogue at $1,840, Lot
1192, a 1907H graded as Choice Red and Brown Uncirculated sold at $1,840, more
than four times its catalogued value and Lot 1209, a 1913 in ICCS MS-66 Red sold
for $4,800 on a catalogue of $5,000.
George
VI and Elizabeth pieces in gem condition continued from previous strengths. Some
examples are Lot 1405 a 1937 Matte 5 Cents in PCGS SP-67 catalogued at 250 sold
for $660, Lot 1411, a 1944 5 Cents in ICCS MS-66 sold for $299, nearly 150% of
catalogue, Lot 1526, a 1957 10 Cents in ICCS PL-66 Heavy Cameo sold for $312,
more than double catalogue, Lot 1366 a 1944 25 Cents in ICCS MS-65 sold for
$690, more than 150% of catalogue, Lot 1672, a 1948 25 Cents in ICCS MS-66 sold
for 240% of catalogue at $960, Lot 1683, a 1954 25 Cents in ICCS MS-65, which
was catalogued at $350, based on CCN Trends, sold for $1,200, Lot 1700, a 1962
25 Cents in ICCS MS-65 Ultra Heavy Cameo sold for $977.50 and Lot 1707, a 1965
in ICCS MS-66 brought more than triple catalogue at $977.50. The nickel 25 Cents
pieces, Lots 712 to 723 all sold between 98.6% and 260% of catalogue.
Significant among the 50 Cents
pieces was
Lot
1775, the 1937 in ICCS MS-65, which was catalogued at the CCN Trends value of
$1,000, opened at $1,300 and after a protracted bidding battle among mail, floor
and internet bidders, finally sold to a floor bidder at $4,312.50.
Lot
1784, a 1946 Design in 6 graded as Uncirculated sold over catalogue at $2,160
and all of the
Elizabeth
pieces in ICCS MS-65 sold for between 109% and 207% of catalogue.
Again this auction, Silver
Dollars were hot. The 1948s all sold between 89.4% and 102.2% of catalogue, the
1950 in ICCS MS-66 sold for 138% of catalogue at $690, the 1950 Short Waterlines
in ICCS MS-65 sold for 320% of CCN Trends at $2,880, the 1952 No Waterlines in
ICCS MS-65 sold for 138% of CCN Trends at $2,070, the 1954 in ICCS MS-65 sold
for more than 250% of CCN Trends at $4,025, the 1955 in ICCS MS-65 sold for more
than 168% of CCN Trends at $2,530, the 1957 One Waterline in ICCS MS-64 sold for
more than 266% of CCN Trends at $600, the 1963 in ICCS MS-65 sold for more than
270% of CCN Trends at $2,040 and the 1965 Type 3 in ICCS MS-65 Heavy Cameo sold
for more than 192% of CCN Trends at $1,440. I catalogued these pieces at the
current CCN Trends prices, knowing full well that they would all sell for much
higher values. I think that a serious re-working of Trends is required, based on
my last few auctions, and on those by my colleagues.
A few significant results from
older Canadian pieces are: Lot 1453, an 1875H 10 Cents piece in ICCS AU-58
catalogued at $6,500 sold to a floor bidder for $10,350, Lot 1506, a 1934 10
Cents piece in ICCS MS-65 catalogued at $3,000 sold to an internet bidder for
$3,120, Lot 1551, an 1880H Wide 0 25 Cents piece in ICCS MS-62 sold to a floor
bidder for 96% of catalogue at $12, 075, Lot 1578, an 1894 25 Cents piece PCGS
MS-63 sold to a floor bidder for 89% of catalogue at $2,760, Lot 1646, a 1936 25
Cents piece in ICCS MS-65 sold at $805, 161% of catalogue and 1740, a 1890H
Obverse 4 50 Cents piece in ICCS VG-8 sold for 98.6% of catalogue at $1,380.
At
an average selling price of over 86% of catalogue, and with over 83% of the lots
selling, I have 69 happy consignors to this sale.
Cheers,
Michael
