The Burgess Lee Berlin, M.D., J.D. Collection of Important United States Rarities yielded several striking trophy issues that brought high bids at Heritage’s Jan. 4 Platinum Night auction at the Florida United Numismatists convention auction in Tampa. As of Jan. 9, Heritage’s Jan. 3 to 8 U.S. coin auctions held at the 2018 FUN show totaled about $41 million.
The collector wrote in the catalog introduction, “I decided to collect coins that were difficult to acquire, otherwise known as keys, condition rarities, and coins I regarded as beautiful sculptures,” adding, “I especially enjoyed the hunt for these special coins, as many were elusive and evaded detection, or they were held in very strong hands.”
Collectors’ Clearinghouse author Mike Diamond identifies a new kind of error. Also inside this issue, protecting your paper money collection from mold and advice for participating in online auctions.
In addition to the top Platinum Night lot (a $750,000 1880 Flowing Hair Stella gold $4 pattern graded Proof 67 Cameo by Numismatic Guaranty Corp.), the Burgess Lee Berlin collection produced another striking trophy issue: an octagonal 1915-S Panama-Pacific International Exposition gold $50 commemorative coin graded MS-66+ by Professional Coin Grading Service that brought $288,000.
The high denomination issue was also produced in a round format and both types had a maximum authorized mintage of 1,500 coins each. However, when originally offered at $100, these coins were extremely expensive, and the eventual total mintage was much less: 645 octagonal pieces and 483 in the round format. The remaining 1,017 examples were melted.
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While the issue enjoys a high survival rate, many have been wiped, cleaned or otherwise damaged, so the typical $50 “Pan-Pac” is graded MS-62 or MS-63. Examples are rare in MS-65 and elusive any finer. PCGS has graded four in MS-66 with a single one in MS-66+ (though NGC has graded several in MS-67). The coins were struck on a 14-ton hydraulic press that was shipped to the San Francisco Mint specifically to strike these $50 coins.
The design, by sculptor Robert Aitkin, depicts Minerva on the obverse and an expressive owl on the reverse. Writing on this issue in his book Numismatic Art in America, Cornelius Vermeule observed, “These coins were a tour de force, dated to be sure, but unusual enough in all respects to be worthy of what American numismatic art could achieve when creativity and Mint technique worked in unison.”
A round example from the Berlin collection, graded MS-66 by NGC, sold for $204,000. Despite the lower mintage for round examples, collectors tend to gravitate toward the more exotic octagonal Pan-Pac $50 coins.