Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

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Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

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Sydney Mint gold £5 coin sells for $US660,000 at auction in US

Now that's impressive!! :D Very deep pockets :)



https://www.smh.com.au/national/sydney-mint-gold-5-coin-sell ... 57edw.html


An 1887 Australian gold £5 coin struck at Sydney Mint has sold at auction in Dallas, Texas, for $US660,000, equivalent to $867,600 in Australian dollars.


coin.jpg


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The “proof” coin, one of three in existence (Museums Victoria has one), was specially struck for presentation purposes and was never intended to be circulated. The price is the second highest figure for an Australian coin sold at auction.

It was sold to an Australian collector who lives in California and who, as they say, wishes to remain anonymous.

An 1887 Australian gold £5 coin struck at Sydney Mint sold at auction in Dallas, Texas, on Friday morning for $US660,000.

Ian Russell, president of coin experts Great Collections, was instructed to bid by telephone on behalf of the buyer, who watched online as the bidding climbed on the Heritage Auctions website on Friday morning (Australian time).

One side of the coin, which is 36.02mm in diameter, shows St George and the dragon with a small “S” signifying Sydney Mint below the horse’s hoof. The reverse is of Queen Victoria wearing the imperial crown.

Mr Russell, speaking from Irvine near Los Angeles, said: “This is a coin off the market for more than 20 years and I don’t think anyone knew where it was. It is in a league of its own.

Bidding opened at $US210,000 and there were multiple bids in $10,000-$25,000 increments right up to the final bid.

“My instructions from my bidder were to buy the coin. He gave me some parameters but this was a coin he wanted to have and thought this was the last opportunity because they so rarely trade. I felt confident although I expected a lot of competition.”

Of the buyer he added: “Because of COVID, he hasn’t seen the coin physically. He’s not a movie star or something like that. He knew he had won because it was within the parameters we had discussed. We messaged each other.”

And what did he say? “Thank you.”

The auction, over March 25-27, is of what was known as the Paramount world coin collection. The same coin was sold previously at part of what was known as the Jay Pittman Collection in 1998 for $US103,500. Before that is sold in 1953 when it realised $US700.

Jim Noble of Noble Numismatics in Sydney said the price was second only to a 1921 Sydney Sovereign sold in 2012 for £780,000 at auction in London.

He said: “It is a record for that coin. I sold the other example in 1979 for about $70,000. I don’t know who the buyer in America is. I was actually bidding on the coin myself for someone but we were knocked out in the pre-bidding.”

He said the coin market was strong.
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Re: Sydney Mint gold £5 coin sells for $US660,000 at auction in US

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Capture.JPG



A larger image above.

Ozzie coin, Ozzie owner, via Ozzie bidder.

Buyer Ian Russell is a long time member here. I'll ask if he has anything to add. :)

Ian used to work for Stanley Gibbons Sydney.

We used to do large wholesale phonecard deals. :mrgreen:

He now runs a huge coin company in California.
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Re: Sydney Mint gold £5 coin sells for $US660,000 at auction in US

Post by Global Administrator »

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Can anyone with some spare time and patience spend 10 mins to find the link to the Heritage Auctions lot?

And hopefully an even better image. :lol:

Wasted 10 mins trying to see it, signed up for the ''QUICK access'' and totally gave up. What idiots. Dumbest auction ''access'' I have ever seen.
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Re: Sydney Mint gold £5 coin sells for $US660,000 at auction in US

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Re: Sydney Mint gold £5 coin sells for $US660,000 at auction in US

Post by greatcollections »

Global Administrator wrote:
26 Mar 2021 22:00
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Image



A larger image above.

Ozzie coin, Ozzie owner, via Ozzie bidder.
And Ozzie auctioneer at the podium (that they scheduled on purpose for that group of items).

Hi Glen

The British 1937 King Edward VIII 5 Pounds in Gold sold for US$2.28 million today. Meanwhile, at another firm last night, a 1822 $5 gold U.S. coin sold for US$8.4 million. Coincidentally, a big week in coins over here.

- Ian
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Re: Sydney Mint gold £5 coin sells for $US660,000 at auction in US

Post by Global Administrator »

greatcollections wrote:
27 Mar 2021 09:19

And Ozzie auctioneer at the podium (that they scheduled on purpose for that group of items).

Who was that Ian .. is David Graham still on the scene - he must be on a serious old age pension if he is!

Great to see coins going gangbusters there. :D

Glen
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Re: Sydney Mint gold £5 coin sells for $US660,000 at auction in US

Post by greatcollections »

Global Administrator wrote:
27 Mar 2021 10:28
greatcollections wrote:
27 Mar 2021 09:19

And Ozzie auctioneer at the podium (that they scheduled on purpose for that group of items).

Who was that Ian .. is David Graham still on the scene - he must be on a serious old age pension if he is!

Great to see coins going gangbusters there. :D

Glen

I don't know the auctioneer's name, but she definitely had an Australian accent. (I still remember what an Australian accent sounds like, even though I've been here for 20+ years now).

Lost touch with David, which is a shame - meeting David at "Australia 99", got me my interview at GMAI!
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Re: Sydney Mint gold £5 coin sells for $US660,000 at auction in US

Post by Global Administrator »

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USA 1822 $5 half eagle $US8.22m Stacks 3-21.jpg



Well knowing Graham. he is still tinkering on the edges of the hobby somewhere! :lol:

Your note about this $US8.4 million half Eagle this week is interesting - the 1933 $20 Gaudens Double Eagle below coming up at Sotheby's, on same sale as the now heavily vandalised 1856 1c British Guiana stamp, needs to cross a pretty high bar to set the coin record!

I've expect well over $US10 million invoice on that - do you agree?


March21-USA $20 1933 coin.jpg


Wrote about it this month -

https://www.glenstephens.com/snapril21.html

A far "sexier" looking coin to me anyway (Liberty looks like she has done 20 rounds with Mike Tyson!) and both are unique in private hands, so will be interesting. :lol:


A 19th century coin sold for $8.4 million Thursday at a Las Vegas auction, becoming the most valuable U.S. Mint gold coin ever auctioned.

The 1822 half eagle, a $5 coin with only three copies in existence, was sold at the Stack’s Bowers Galleries Las Vegas Auction. This copy is the only one in private hands, according to statement from the gallery.

“There are only three known specimens, two of which are permanently impounded in the National Numismatic Collection in the Smithsonian Institution,” Stack’s Bowers Galleries said in the statement.

“The Pogue-Eliasberg specimen sold by Stack’s Bowers Galleries is the only example in private hands and represents a unique opportunity to own this issue. Most of the great figures in American numismatics never possessed one, and many have been born and died without ever having had the chance to compete for one at auction.”

The half eagle was previously bought in 1982 and 1906, according to the gallery, which estimated its worth at $5 million last month.

The gallery attempted unsuccessfully to sell the coin in 2016 at an auction where bidding reached $6.4 million.

Thursday’s sale surpassed the prices paid for the 1933 double eagle, the previous record holder, which sold for $6.6 million in 2002, according to a statement from the U.S. Mint.
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Re: Sydney Mint gold £5 coin sells for $US660,000 at auction in US

Post by greatcollections »

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Personally, I prefer the 1822 $5 over the 1933 Saint, although both are obviously great American rarities. It will be very interesting to see what it brings when auctioned in a few months alongside the British Guiana and Inverted Jenny block.

"heavily vandalised", that seems like a harsh description. When I first heard he added his initials, it reminded me of some collections we handled at SGA back in the day - but then I heard he added a logo of a shoe...
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Re: Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

Post by Global Administrator »

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There is a worrying rumour this egotistical Nu Yoik vandal Stuart Weitzman, will engrave the Double Eagle with his initials and a woman's Roman sandal as shown - the $1000 sandals paid for him to be able to buy it.



Capture.JPG
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1-Weitzman-OR.JPG
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Re: Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

Post by greatcollections »

Global Administrator wrote:
28 Mar 2021 03:27
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There is a worrying rumour this egotistical Nu Yoik vandal Stuart Weitzman, will engrave the Double Eagle with his initials and a woman's Roman sandal as shown - the $1000 sandals paid for him to be able to buy it.



Image.


Image
For someone who couldn't link to a coin image, you sure have some tech skills with editing images!

Now that I've seen the reverse of the stamp, perhaps your description was accurate. I had a vision of a tiny tiny tiny impression of his initials and a tiny tiny tiny tiny shoe.
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Re: Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

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greatcollections wrote:
28 Mar 2021 06:15

Now that I've seen the reverse of the stamp, perhaps your description was accurate. I had a vision of a tiny tiny tiny impression of his initials and a tiny tiny tiny tiny shoe.



So not tiny, tiny. tiny -- sadly! Weitzman appears to be an egotistical vandal.

He only wrecked it recently just before he offered it for dale. As was cheerfully filmed ding it by all sorts of folks who should know better like Donald Sundman, owner of Mystic, and senior NPM staffers. NONE were wearing cotton gloves or using tweezers even.

As I wrote in my current Stamp News column -
= = = = =


Money cannot buy wisdom.


One of the more fascinating aspects of the famed British Guiana 1856 1¢ Black on Magenta stamp is the reverse side, which shows the personal owner marks of several of its famous (and infamous) owners over the past Century. Few stamps exhibit so many owner marks. No stamp in history has ever COST this much of course!

The new owner of the mega-million British Guiana stamp decided recently to flamboyantly add his initials to the reverse of it. Nothing really unusual about that, as many past owners have done that just that - see photo nearby and index of those markings. Stampboards has videos of this pen vandalism taking place - tinyurl.com/1cVandal

Stuart Weitzman does not really collect stamps. He designed expensive women’s shoes. So his brainstorm was not just to initial the back of the stamp at far left with “SW”, but to also add a large stylised woman’s Stiletto shoe under and beside his SW initials. Brilliant stuff. Both he and his off-siders in the videos, handled this unique stamp without tweezers or cotton gloves.



March21-British Guiana reverse Weizman signature.jpg
Just SO subtle, Mr. Weitzman.



Having apparently far more money than sense, Weitzman appears to have executed this vandalism using heavy pressure, with a sharp HB pencil or even a metallic ink ball pen. See photo of it nearby. Watching him clumsily sign it on the video was disturbing. He seemed there to have zero clue about the history of the stamp.

The final leg of the “W” he has used such pressure the stamp paper looks to have nearly been punctured. I have grave fears the next time this stamp is scanned, this heavy graffiti will show through on the face, on this very thin paper. Very clever behaviour. Hopefully will have cost him a million dollars deducted from bids.

We are all but temporary custodians of any stamp or cover or coin we own, and this kind of dopey stuff is infuriating - to me anyway. Sure, he can slice it all into little pieces if he really wishes, as it is right NOW his plaything, but such an over-the-top defacement was excessive to most who commented.

Thank Goodness for philately that Donald Trump did not choose to buy it - he’d likely have used a black Sharpie marker pen - on the FRONT! If these guys bought one of the 17 existing copies of the Magna Carta would they also go scrawling stiletto heel graffiti all over that too?

Anyway, what is done is done, and hopefully now that Weitzman has already tired of it, someone with a bit more common sense will own it, and not repeat the same wanton ego madness. The different markings you see on reverse are outlined in this list - most of them are very discreet -

1. Two strikes of Count Philipp von Ferrary's famous "trefoil" owner's mark. One impression is very faint, at lower left. It sold for then $US32,500 in 1922.

2. A large faint "H" of new owner, American Billionaire Arthur Hind at top - said to have burnt a second copy sold to him. "It is now STILL unique".

3. A small "FK" of Finbar Kenny, the manager at Macy's Stamp Department, who brokered the sale by Hind's widow to Fred Small for $US45,000 in 1940.

4. Large, ornate 17 pointed star of Anna Hind, placed OVER her 30 year older husband's "AH" cloverleaf, who had largely cut her out of his will.

5. A small discreet shooting star lower right, added by Australian born WWI Gallipoli hero, Frederick Small, who owned it under total secrecy from 1940-1970.

6. A pencilled "IW" by Irwin Weinberg, head of a group of investors who bought it 1970 for $US280,000 at Siegels, and later sold it to du Pont via Siegel Auctions.

7. A large soft pencilled "J E d P", initials of the late John E. Du Pont who bought it for $US935,000 in 1980, and died in prison. His heirs sold it in 2014.

8. Vandal scrawl added 2019 of "SW" and a vertical stiletto squiggle in heavy pencil or metallic ink pen, by NY shoe designer, Stuart Weitzman who paid $US9.48m.


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Re: Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

Post by Pampstamp »

The coin market seems to be going gangbusters!! :D

https://www.smh.com.au/national/highest-auction-price-worldw ... 580lr.html

Two Australian coins sold for about $1.5 million each in Monaco on Saturday,13/6/21 which ranks as the highest auction prices of Australian coins worldwide, according to an international coin expert.

Lot 104, a £5 coin minted in Melbourne in 1921 and one of a strike of just seven coins, sold for €992,000 ($1.56 million including a 24 per cent buyer’s fee). It is described by auctioneers MDC Monaco as: “An exceptional coin, the rarest type of 5 pounds! This is the finest known specimen.”

In 1921 the Melbourne Mint struck seven copies of the five pound coin, which was modelled on an earlier coin designed by engraver Joshua Payne in 1852 following the gold rush in 1851. Another coin is believed to be held at the Victoria Museum in Melbourne.

Lot 123, a George V Sovereign minted in Sydney in 1920 showing St George and the dragon, sold for €942,400 ($1.48 million including buyer’s fee). The catalogue states: “This is the only graded coin and the most beautiful of the four minted known. This is the only specimen strike known. There are just three other coins known of normal striking. It is the greatest rarity of the sovereign series.”

It states the coin is the result of a private commission from Jacob Garrard (a politician in NSW serving as Secretary for Public Works) for his wedding anniversary on April 15, 1920.

“With his seven children, his wife and him, we can assume that nine coins were minted, each having received a coin and only four coins are known to exist today, this one being the most beautiful,” the catalogue says.

Ian Russell, president of coin experts Great Collections in Irvine, California, said the sale prices rank as the highest realisations of Australian coins worldwide.

“In our weekly auctions of certified coins, we’re seeing a record number of new bidders and prices up across the board, it’s not just the uber high end part of the market that has increased.”

Jim Noble of Noble Numismatics in Sydney said he had previously sold examples of both coins and agreed they were “extraordinary prices”.

He said the buyer was likely to be in the US. Of the £5 coin, he said: “When I sold one in 1977 it went for $16,000 which was a pretty high price then. Then I sold it again in the ′80s because the buyer decided to sell it, it went for $43,000. A Sovereign was sold in 2002 for $800,000.”

The auction came three days after Sotheby’s sold a 1933 $20 gold piece issued by the United States for almost $19 million – an all-time record for a coin.
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coins 6a.jpg
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Re: Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

Post by greatcollections »

Global Administrator wrote:
28 Mar 2021 03:27
.
There is a worrying rumour this egotistical Nu Yoik vandal Stuart Weitzman, will engrave the Double Eagle with his initials and a woman's Roman sandal as shown - the $1000 sandals paid for him to be able to buy it.
Glen,

I was able to 100% confirm the rumour stated above is not true.

GreatCollections to display 1933 Saint-Gaudens at Chicago ANA
https://www.greatcollections.com/kb/The-Worlds-Most-Valuable ... 421-4.html

1933_saint-gaudens_ian_russell.jpg
Last edited by CMJ on 01 Aug 2021 22:21, edited 1 time in total.
Reason: Externally hosted image(s) corrected
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Re: Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

Post by Global Administrator »

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Quite a scoop Ian. :lol:

Amazing that big shows are occurring there - on August 10 I probably will not be able to legally go to my corner supermarket, so tight are lockdown laws here! Military were called out here today to police that.

Glen


Sponsored by the American Numismatic Association, the 2021 Chicago World’s Fair of Money will be open to the public in Hall A of the Donald E. Stephens Convention Center in the Chicago suburb of Rosemont, Illinois, August 10-14. The acclaimed 1933 Double Eagle will be displayed at the GreatCollections booth, #400, for the first four days of the five-day show which runs from Tuesday, August 10, to Saturday afternoon, August 14.
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Re: Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

Post by polisciguy2011 »

It's not just the ANA show that weekend--the APS (American Philatelic Society) show is going on from Aug. 12-15, and in the same convention center. Certainly a chance to see a lot of numismatic and philatelic rarities, but social distancing is going to be interesting.
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Re: Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

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Since the well-publicised introduction of the new version of the board last year, all images should be uploaded directly to Stampboards which is a very simple process. Images should no longer be linked to from any external image hosting site(s) or other websites as these then need to be manually converted by the volunteer moderator team.

Here, is a link to a tutorial showing how images should be added.

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Re: Sydney Mint 1887 Gold £5 coin sells for $US660,000 at auction in US

Post by banknoteguy »



Just updating this thread with good images of the 1887-S 5 Pound coin sold by Heritage that Glen asked for.


This image shows the mint mark better than the main image but still needs a zoomed image to see the mint mark clearly (just below this image)

1887-S 5 Pounds Heritage Mar21 main2.jpg

1887-S 5 Pounds Heritage Mar21 blowup.jpg


And here is the Heritage lot description
1887-S 5 Pounds Heritage Mar21 lot desc.jpg


I have used the Heritage site for over 20 years and it has evolved to what I find is one of the very best auction web-sites of any out there. The live auction bidding just works. The archives are unmatched. The images are generally quite good but images can fool you. Anyone bidding on such expensive items should view the item in hand.


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