Legend Rare Coin Auctions continued to enjoy success in achieving massive prices for rainbow toned Morgan dollars at its latest Regency Auction XX, held Jan. 26 as part of the Professional Coin Grading Service Member’s Only show in Las Vegas, Nev.

Collectors prize Morgan dollars displaying all of the colors of the rainbow, and the Northern Lights Collection includes many of the finest examples ever seen. More dollars from the collection are set to be offered in Legend’s Regency Auction XXI on May 18 at Harrah’s in New Orleans, which will also include additional Standard Silver patterns from the collection of Bob Simpson.  

Here is one of the three lots profiled in this latest Market Analysis:

The Lot:

1870 Standard Silver pattern dime, Proof 64

The Price: 

$1,233.75

The Story:

The standout consignment in the auction was Texas businessman Bob Simpson’s offering of 85 Standard Silver patterns from his vast pattern collection. The patterns were part of a proposal to support the redemption of fractional currency notes with coins that contained less silver than contemporary circulating coins. Legend principal Laura Sperber said after the sale, “It was exciting to see the extremely enthusiastic bidding — especially in a series that has been overlooked for so long!”

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It is a vast but relatively unpopular area, and the Standard Silver pattern series provides opportunities for collectors because many are relatively affordable.

Among these was an 1870 Standard Silver dime, listed as Judd 850 in United States Pattern Coins by J. Hewitt Judd, graded Proof 64 by PCGS. It sold for $1,233.75, a bit below the pre-sale low estimate of $1,250. Both sides showed deep toning and Legend described the overall eye appeal as “okay.”

More Eye-Catching Coins Sold at Regency Auction XX:

Does Liberty have ‘freckles’? She does on this toned Morgan dollar: The price paid for this toned 1881-S Morgan dollar is roughly 50 times what a typical MS-66 Prooflike example might sell for.

‘Wow’-worthy, rainbow-toned Morgan dollar tops $19,000 in recent auction: Legend’s auctions are well-known for showcasing rainbow toned Morgan dollars, which are growing in popularity with collectors. This one is remarkable.