US Coins

Eagle cent realizes $15k+: Market Analysis

This 1858 Flying Eagle, Large Letters cent graded Proof 65 sold for $15,275 at Heritage’s FUN auction in Tampa.

Original images courtesy of Heritage Auctions

Second of three segments from Steve Roach highlighting Proof coins from the Kling Family Collection offered in January's FUN auction:

In a general sense, the market has cooled recently for 19th century Proof type coins, though key issues remain popular with buyers. Heritage’s Jan. 6 to 11 auctions held during the Florida United Numismatists show in Tampa included an important collection of these generally gorgeous and low-mintage coins. The Kling Family Collection of Proof coins was put together over many years and here are three coins from that collection that showcase the diversity of the Kling Collection and the market for 19th century Proof coins.

The Coin:
1858 Flying Eagle cent, Large Letters obverse, Proof 65

The Price:

The Story:
The Flying Eagle cent was struck for just three years, starting with the scarce 1856 pattern and continuing with more extensive production for circulation in 1857 and 1858. The Kling Collection’s 1858 Flying Eagle cent graded Proof 65 by Professional Coin Grading Service sold for $15,275. For reference, at a 2004 Heritage sale it brought $16,675 and in 2010 it realized $16,100.

Of the Large Letters obverse and the High Leaves reverse variety, it is listed as Snow PR1 in Rick Snow’s catalog on the series and has an Eagle Eye Photo Seal. Approximately 100 Proof Indian Head, Large Letters cents were struck, of which Snow estimates around 50 survive today.

A Small Letters obverse also exists for 1858 Flying Eagle cents, and the next lot was an 1858 Small Letters obverse, Snow PR1, graded Proof 64 by NGC that sold for $6,168.75, a bit less than the $8,625 it sold for when offered at an October 2011 Heritage auction.

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