June 2005 Torex Auction results
By Michael Walsh - Canadian Coinoisseur | Friday, 1 July 2005
Strong bidding on choice red cents, key dates and silver dollars contributed significantly to the success of my Torex® Auction on the 24th and 25th of June. As have been our previous five auctions, this one was also run simultaneously on eBay LiveAuctions and the sale was part of the Torex® Coin Show in the Radisson Admiral Hotel on Queen's Quay West on the downtown Toronto waterfront.
There were a total of 654 bidders for this sale, and they engaged in many long bidding battles that drove the prices of 140 of the lots beyond their catalogued value, with 14 of these selling for more than double catalogue. Many of the bidding battles were triangles, engaging mail, floor and online bidders, but in the end, the 531 internet bidders took 56.8% of the sold lots and made-up 29.5% of the prices realized. The 53 floor bidders won 31.6% of the sold lots and contributed 39.5% to the prices realized, while the mail bidders took 11.8% of the sold lots totaling 31% of the prices realized. A total of 243 bidders were successful, and they left only 17% of the lots unsold.
As we have seen in our previous sales, a large percentage of the online bidders in this auction were our traditional mail and floor bidders, but again we had many bidders who were new to us, and they contributed substantially to the auction.
The First Session, on Friday evening began with 100 lots of Paper Money, 98% of which sold. Among the highlights were a 1937 Two Dollar Osborne-Towers in AU-Unc, which sold for $649, a 1937 Gordon-Towers Hundred in EF which was bid up to 184% of catalogue on the floor and 1954 Devil's Face Fifty in AU, catalogued at $500 that brought $805 from a floor bidder. A 1937 eight-note Specimen Set with the Narrow Panel One, which catalogues $6,000, was hammered down to an internet bidder for $8,625 and a nine-note Multi-Coloured Series Specimen Set went to the internet for 128% of catalogue at $767.
In the World Crowns and Minors the results were mixed, twelve of the ninety lots did not sell and we had very soft support for pieces from the United States of Mexico. On the other hand, there was rather strong support for pieces from the United States of America, and significant among these were a Kentucky Cent Token in PCGS MS-63 Brown that sold to an internet bidder for just over its $1000 catalogue value, a 1917 Standing Liberty Quarter in PCGS MS-63 went to the internet for 118% of catalogue at $531, a 1927D Standing Liberty Quarter, also in PCGS MS-63, sold on the floor for 129% of catalogue at $322 and an 1876 Half in PCGS MS-60 attracted 14 bids and sold to the internet for 140% of catalogue at $561.
Support for better grade gold continued its soft trend, with 47% of the gold lots remaining unsold. Among those that sold were an 1822 British Sovereign in PCGS MS-64, which sold to an internet bidder for $3,068, a 1913C Canadian Sovereign in ICCS and PCGS MS-63 sold to the internet for $2,832 and a 1912 Canadian Ten Dollars in ICCS and PCGS MS-64 brought $5,463 from a floor bidder.
Among the sets, a 1908 Specimen Set with case from the Pittman Collection brought $2,008, a PCGS certified 1946 Specimen Set with case sold for $2,760 and a 1970 VIP Specimen Set with case went at $502. Lot 272, a group of four different varieties of the 1965 Proof-Like Set, sold for $472.
All but 12 of the 97 lots of Tokens and Medals sold. All three Magdalen Island Tokens in the auction sold, the CCCS VF-30 for 92% of catalogue at $460, the ICCS VF-20 for 61% of catalogue at $212 and good example with pitting sold for $42. A Nova Scotia and New Brunswick Success, CH NS-28A in EF brought 113% of catalogue at $283 and a Breton Token Ottawa group. Br 788, 798, 800 and 804 in AU and Unc sold for 201% of catalogue at $161.
The First Session concluded with 190 lots of Maritime Decimal coins. Price support for Maritime Decimal pieces continues to be rather weak; one-third of the lots failed to sell. Noteworthy among those that did sell were two of only three ICCS certified mintstate examples of the Newfoundland 1885 Cent; the one in MS-63 Trace Red brought 133% of catalogue at $2,990 and the one in MS-60 Brown reached 115% of catalogue at $1,150. A Newfoundland 1920 Cent in PCGS MS-65 Red and Brown, about 80% Red saw a protracted bidding battle on the floor that took it to 104% of catalogue at $5,175.
An 1870 Newfoundland Ten Cents piece in ICCS and PCGS MS-65 brought $13,800, an 1888 in ICCS AU-58, which is the solo highest graded example of the date, brought $4,600 and a 1903 in ICCS MS-60 sold for $1,495. Among the highlights in the Twenty Cents pieces were an 1876H in ICCS and PCGS MS-66, which sold for $12,650 and an 1894 Obverse 1 in ICCS MS-62 that brought $1,725. An 1885 Fifty Cents piece in ICCS and PCGS AU-58 sold for $2,760 and a 1908 Fifty Cents piece in ICCS MS-64 was bought on the floor for $1,150.
The Second Session of the June Torex® Auction was entirely devoted to Canadian Decimal coins, and it began with 289 lots of Canadian Large and Small Cents. It was here that the auction kicked into high gear, 87% of the lots sold, and 18% of them sold for more than 100% of catalogue, including ten lots that sold for more than double catalogue. Some of the significant results were an 1888 Large Cent graded as Choice Red Uncirculated that opened at $110 and after a very long bidding tussle sold to a floor bidder for 383% of catalogue at $1,150, an 1897 Large Cent in ICCS MS-65 Red brought 115% of catalogue at $2,070, a 1901 Large Cent catalogued as Choice Red Uncirculated sold more than 250% of estimate at $403, while a second similarly catalogued example brought 192% of catalogue at $307.
Among the Small Cents, a 1921 in Choice Red Uncirculated opened at $281 and was run up to 374% of catalogue in a battle among mail, internet and floor bidders, which eventually finished with a floor bidder at $1,495. A 1928 in Choice Red Uncirculated sold to a floor bidder for 652% of catalogue at $978 after a heated battle that started at $80. A pair of 1933 cents in PCGS MS-64 Red brought $1,003 and $748, which is 251% and 187% of catalogue, a 1948 A off Denticle in ICCS MS-65 Red brought 109% of catalogue at $1,093, a 1953 Shoulder Fold cent in ICCS PL-65 Heavy Cameo went for 210% of catalogue at $944 and a 1954 No Shoulder Fold cent in ICCS PL-65 Red was bought by a mail bidder for $1,380.
Some of the significant results in the Canadian Five Cents Silver were a 1909 Round Leaves in NGC MS-66, which brought $1,380, a 1915 in PCGS MS-64 that sold for $1,035 and a 1921 in VF-EF that sold for virtually full catalogue at $6,490. Among the Five Cents Nickel, Steel and Tombac, the 1926 Near 6 in ICCS and PCGS MS-63 brought 89% of catalogue at $1,770, a 1944 in ICCS MS-66 sold for more than 250% of catalogue for $260 and a 1945 Missing Chrome in ICCS MS-65 brought over 150% if catalogue at $307.
In the Canadian Ten Cents, an 1884 in ICCS and PCGS MS-64 sold for $27,600, a 1913 Broad Leaves in PCGS AU-58 brought $5,750 and a 1953 Shoulder Fold in ICCS PL-65 Heavy Cameo brought 239% of catalogue at $299.
Highlights among the nearly 120 lots of Twenty-Five Cents pieces were an 1874H in ICCS MS-64, which sold after a spirited bout among floor bidders for 230% of catalogue at $8,050, an 1889 in PCGS AU-58 and ICCS AU-55 brought $4,313, a 1906 Large Crown in ICCS MS-64 realized $4,888, a 1937 in PCGS MS-65 brought 148% of catalogue at $518 from a floor bidder and 2000 Millennium Mule went over catalogue to $518 to an internet bidder.
Among the Fifty Cents pieces, an 1881H in ICCS and NGC MS-63 brought $15,525, while a PCGS MS-63 example brought $11,500. An 1894 in PCGS MS-63 sold for $27,600, a 1913 in PCGS MS-65 went for $14,950 and a 1940 in ICCS MS-65 realized 92% of catalogue at $1,380. A 1953 Large Date Shoulder Fold in ICCS PL-65 Heavy Cameo sold for 144% of catalogue at $1,150 and a 2002P in a desk clock sold for $5,750 after a pitched battle among floor bidders.
The sale concluded with 139 lots of Silver Dollars, and the prices here continued to be very strong with 90% of the lots finding buyers, and most went for 75% and up. Some of the significant results were a 1936 in ICCS MS-65, which brought 144% of catalogue at $1,725, a 1946 Short Waterlines in ICCS MS-63 that sold for $518, 129% of catalogue and all five of the 1948 examples that brought from 75% to 94% of catalogue, including $2,990 for the example in PCGS MS-64. Other noteworthy results were a 1953 Shoulder Fold in ICCS PL-65 Heavy Cameo, which brought 122% of catalogue at $1,652 to an internet bidder, a 1960 in PCGS PL-68, which realized $1,725 and a 1967 Diving Goose in PCI MS-66 PL , which sold for 130% of catalogue at $978.
The auction ran very smoothly with Linda Robinson again expertly handling our online bidding interface with eBay LiveAuctions, and we were again lucky that there were no hitches or glitches in the internet connection. The facilities at the new Torex® venue are very well suited to this type of event and the management and security provided by Torex® for this event is the best I have experienced in Canada.
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