The following post is pulled from Coin World editor Steve
Roach’s Market Analysis column in the Aug. 11 issue.
Midwest Summer Sale, held July 18, 2014, in St. Louis, brought
$1,124,107. Among the lots offered were several 1793 Flowing Hair,
Wreath cents. It is a scarce one-year large cent type that is in
demand from both early copper aficionados and type collectors.
buying this type of early copper, a buyer has to often balance a
variety of issues inherent in a hand-produced copper coin more than
two centuries old.
Here is one of three from recent
auctions that showcase the varied market for this tough issue below
The coin: 1793 Wreath cent, Very Fine
The price: Unsold at an estimate of $9,000 to
The story: Mid-range 1793 Wreath cents in
grades including Very Fine have wide variances in the prices that they
bring at auction. Some are gorgeous, with smooth chestnut brown
surfaces while others might have light porosity or rim damage that is
not substantial enough to put the coin into a net-graded holder, but
still impacts the appeal.
The most handsome VF-20 pieces
might bring $12,000 at auction, and an example in the Scotsman auction
was estimated at the $9,000 to $13,000 level.
The ANACS VF-20 piece,
a Lettered Edge variety (S-11b), went unsold.
catalog entry notes that the coin has details that stand up
“unexpectedly well” to the finest known example of the variety, “with
the most obvious difference noticeable in the lack of deeper fine
lines within the broadest portion of the tresses.”
description fleshes out the compromises that often go into this
mid-range grade, writing, “attractive chestnut-brown patina goes a
long way to making the eye-appeal what it is, and by comparison to the
usual parade of corroded examples, any collector would be delighted to
add a caramel-smooth and bold example such as this to his set. A
couple of rim dings will be noted on the obverse, but they go with the
territory at the commercial VF grade level.”
offered a third 1793 Wreath cent, graded Professional Coin
Grading Service About Uncirculated 50, that also went unsold, at
an estimate of $32,000 to $40,000.
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