By Laura Sperber - Legend Numismatics
We are still in shock. After going just about a full year with no big fresh coin deals other than in auctions (we consider the Sonnier Colored Morgans the last truly FRESH deal we purchased), here comes this monster deal out of no where.
This deal had such powerful rarities and had such mind blowing coins in it, we named it the "deal of the decade". Only the $40 million dollar Pattern Collection we originated and closed the sale of comes close. Considering all the deals we have ever done (including several for $5 million) to name this the "deal of the decade" shows how much it blew us away. The story behind this deal is pretty cool.
Our partner, Bruce Morelan accidentally stumbled on this deal. He regularly plays golf and cards with the owner. The owner lives about a mile away from Bruce's new home. At first, as they discussed coins, only a small group was offered. Each coin in the group was worth $10,000.00-$40,000.00. That small deal was done in probably less than 5 minutes.
We later found out, these were the cheapest coins the guy owned. As Bruce earned more trust and respect from the owner, then "the list" came out. We could not immediately understand why Bruce was so breathless. Then we saw it-the 1C 1793 Chain Ameri PCGS SP65BN, the incredible 1C 1856 FE PCGS PR67, 50C 1853 A/R PCGS PR65, a $1 1799/8 PCGS MS65, the 1893 PCGS PR69DC, and some PR Gold that's unbelievable! of course ALL of the coins were purchased prior to 1996 as investments. They had been hidden away in the mans attic since then.
Bruce had to have the 1793 for his monster Type set (he also has a 50C 1797 PCGS MS65+ and a PCGS MS63+$1 1794). It is one of the most famous Large Cents that exist. There is also a strong possibility (to be researched) that this coin is the very first regular issue US coin ever minted! It is fully proof like. Has unbelievable color. The strike is out of this world perfect! This magnificent specimen was valued at $2,000,000.00 in the transaction. The seller was tough and the negotiations were hard but fairly fast. It was less than a week and next thing we knew, we had to bank wire a sum in excess of $5,000,000.00! You better believe we couldn't do that wire fast enough!
We congratulate Bruce on finding the deal, his efforts to secure it, and for allowing us to be partners in it. Of course he kept the grand prize of the deal-the 1C 1793 Chain Ameri PCGS SP 65BN. an FYI: Both David Hall and John Albanese feel this is one of the greatest coins that exists. They were both like young numismatists gushing with excitement when they saw the coin again.
This deal had many coins we always wanted to own. We had been looking out for the 1856 PCGS PR67 CAC 1C for a very long time. Until now we never heard of the 50C 1853 PCGS PR65. Several of the coins are what we call "forgotten" rarities-we saw them on the pops, but always wondered where the coins went without a peep. Legend Numismatics is thrilled to have been able to acquire and now re-distribute these stunning coins to collectors. They are lost no more!
Think about this, after 25+ years of operations, only ONE Morgan has been deemed worthy of grading PR69 and one nearly a PR69! These were originally graded back in the early 1990's. They are as black and white, deeply mirrored as you will EVER see! Even though the person who owned them was an investor, he picked great monster coins. Both of these coins WOW us so much we have not been able to let them out of our sight.
LEGEND NUMISMATICS WILL BE DISPLAYING THE 1894 PCGS PR68+ DC/ CAC AT OUR BALTIMORE TABLE: 555.