Nearly all of the offerings from Stack’s Bowers Galleries and
Sotheby’s in continued auctions featuring “Masterpieces of United
States Coinage” from the collection of Texas collector D. Brent Pogue
soared in 2016, with two notable exceptions.
The expected stars in the fourth installment of the D. Brent Pogue
Collection on May 24, 2016 — the finest known 1804 Draped Bust silver
dollar and the only collectible 1822 Capped Head gold $5 half eagle —
both failed to meet their reserves and did not sell.
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Pogue’s Class I or Original 1804 dollar is named the Sultan of
Muscat-Watters-Brand-Childs-Pogue specimen. Graded Proof 68 by
Professional Coin Grading Service, it is well-known as “the finest
known example of the King of American coins.”
The bidding opened with auctioneer Melissa Karstedt seeking a bid of
$7.6 million. It slowly moved to $7.8 million and Karstedt said,
“We’ve got a thinker on the phone.” A cut-bid increment of $7.9
million followed with a bid of $8 million. Karstedt then asked,
“Anyone want to yell anything out?” Bids of $8.2 million, $8.4
million, $8.5 million, $8.6 million came next, with Karstedt adding,
“Don’t forget any of you can bid while we’re waiting.” The prized
dollar was ultimately passed at $9.2 million, and had it found a
bidder at that level, with its 17.5 percent buyer’s fee it would have
realized $10.81 million and set a record for a coin at auction.
Six lots later, an 1822 Capped Bust $5 half eagle graded PCGS About
Uncirculated 50 also failed to sell after reaching bidding of $6.4
million. The offering was truly “once in a lifetime” as the auctioneer
noted — it last sold in October 1982 as part of the auction of gold
coins from the Louis E. Eliasberg Sr. Collection by Bowers and Ruddy
Galleries where it brought a record-setting $687,500 — but the reserve
was just too high in 2016. It is the only collectible example, as the
other two are housed in the National Numismatic Collection at the
The remaining 61 coins offered in the Pogue IV auction brought more
than $16.7 million.
Earlier in the year, on Feb. 9, 2016, the Pogue III sale took place
in New York, where the auction realized more than $17.1 million. At
Pogue III, a 1793 Flowing Hair, Chain cent, which Sotheby’s auctioneer
David Redden described at the podium as the finest circulation strike
example of this scarce one-year type, brought just under $1 million.
The coveted cent was graded MS-65 red and brown by PCGS and featured
the AMERICA, No Periods reverse (the Sheldon 3 die variety). Also at
Pogue III, the finest known 1815 Capped Head gold $5 half eagle,
graded PCGS MS-65, sold within expectations at $822,500.
The total of the first four Pogue auctions now stands at
$85,318,218.50, firmly establishing the Pogue Collection as the most
expensive coin collection ever to sell at auction.
The next Pogue sale — Pogue V — is set for March 31 at the Carriage
House of the Evergreen Museum and Library in Baltimore, coinciding
with the Spring Whitman Coins and Collectibles Expo. It will be the
first Pogue auction held outside of Manhattan. The highlight of Pogue
V is the famed Dexter Class I 1804 Draped Bust dollar graded Proof 65.
Read all of our Coin World Top 10 of 2016 series:
- U.S. Mint issues gold Centennial coins
- Pogue IV auction tops $16 million
- Rare English gold coin found in toy
- Boutique bullion trend catches on worldwide
- Langbord 1933 double eagle case rolls on
- 1974-D aluminum cent returned to U.S. Mint
- Treasury announces new Federal Reserve note
- 1964 Morgan dollar tooling uncovered
- American Liberty silver medal released
- U.S. Mint plans yearlong 225th anniversary party