Patience and Persistence: Building an Award Winning Liberty Seated Dime PCGS Registry Set

1
Patience and Persistence Building an Award
Winning Liberty Seated Dime PCGS Registry Set

• Gerry Fortin
• ANA Numismatic Theatre
• August 7, 2009

2
Why Share This Presentation?

• Supporting LSCC efforts to attract new membership
• Publicity for the collecting of Liberty Seated
  coinage and its challenges
• Proud of collection and wish to share personal
  insights about set building
• Historical coins have investment value and can be
  a diversification strategy..imagine having fun
  while pursuing long term investingsure beats the
  emotional ride of stock market

3
Gerry Fortins Bio?

• Knowing the collector allows insights into the
  formation of his sets..
• Gerrys parents were second generation Canadian
  immigrants father, a textile mill worker and
  mother, a sales clerk
• Gerry started working at 13 to raise monies for
  state university educationfirst person in family
  history to enjoy secondary schooling
• After graduation with BSEE, employed by IBM,
  National and Fairchild Semiconductor and now,
  CSMC Technologies in Wuxi, China
• Expertise in engineering, operations, marketing
  and sales, business development and program
  management

4
Set Building Imperatives!

• The Liberty Seated Dime collection is active part
  of a retirement investment strategy..
• Patience, persistence and a long term
  outlookdont rush a project of this magnitude
• Significant collections can take several decades
  to build hard to fathom in todays instant
  gratification society
• Each coin is a financial investment do the
  homework and select the best possible coins that
  you can afford
• Eye appeal, originality, full strikes and PQ for
  the assigned grade investment value

5
The Liberty Seated Dime Sets

• Registry set dime purchases starting 1988 through
  2009 a 21 year journey..
• Multiple PCGS awards including 3 Best Classic Set
  awards (2007-2009), a Best Presented Set award
  (2006) and a Most Improved Set award (2005)
• Awards for best Date and Basic Set, Circulation
  Strikes, best With Varieties Sets, with and
  without the 1873-CC No Arrows
• PQ examples are a priority! Purposely took
  several NGC downgrades into PCGS holder to
  exhibit PQ coins
• PCGS illustrates the set as, The Number One
  Finest Set of All Times but I humbly
  disagree.probably the best set of all times is
  the Eugene Gardner set which features a
  combination of NGC and PCGS certified coins

6
The Set Building Journey

• Liberty Seated Dime with Varieties set requires
  121 coins which includes six major design changes
  and production at four minting locations
• Major Design Changes
• No Stars, Stars/No Drapery, With Drapery and
  Stars, With Legend and inclusion of arrows at
  date during 1853-1855 and again in 1873-1874
• Minting Locations
• Philadelphia, New Orleans, San Francisco and
  Carson City

7
The Set Building Discussion

• Primary Design and Mint Emphasis Areas
• No Drapery design, With and Without Stars has
  always been a favorite
• Grade rarity of 1840s and 1850s New Orleans
  coinage and Carson City 1871 through 1874 key
  dates
• San Francisco Civil War era coinage 1861 through
  1867
• Balance of presentation to focus on selected
  Philadelphia mint highlights

8
No Drapery DesignNo Stars and With Stars1837 -
1840
9

• 1837 Large Date PCGS 23 in MS65, 8 graded
  higher
• F-101c..A spectacular variety with obverse and
  reverse die clashing combined with fully cracked
  obverse die
• This is the finest variety example to my
  knowledge
• Chris Pilliod highlighted this dime during its
  1999 Heritage appearance missed it then but
  bought when resurfaced in 2007

10

• 1837 Small Date PCGS 4 in MS65, 3 graded
  higher
• F-104 variety with clashed reverse die from
  previous Large Date pairing
• Much rarer than the Large Date is same grade
• Incredible surfaces, toning and strike
• Purchase from Heritage 2003 Fall Long Beach sale

11

• 1838-O PCGS 11 in MS64 5 graded higher
• www.seateddimevarieties.com website trademark
  coin
• One of the marquee dimes in the set originality,
  bold strike and rarity
• Purchased from Eugene Bruder in 2002 in ICG MS65,
  took downgrade to PCGS MS64no attempts to
  upgrade just PQ!

12

• 1838 Small Stars PCGS 8 in MS65 none graded
  higher
• Late die state example with circular die crack
  through stars and date
• Stars punch intended for half dimes but
  mistakenly used for one dime obverse die
• Purchased from Heritage 2004 Pittsburg ANA
  Auction none certified MS65 after 2004

13

• 1839 PCGS 13 in MS65 19 graded higher
• Common in Mint State
• Patiently waited years to find the right example
  to match other No Drapery dimes
• Located this gem through RCNH June 2006

14

• 1839-O PCGS 1 in MS65 4 graded higher
• Only 1 graded higher at time of purchase in
  2006?
• Much more difficult to locate in Mint State than
  Large O variety
• Needle sharp strike and excellent eye appeal,
  could be the finest example of Small O variety.
  a marquee specimen

15

• 1840 No Drapery PCGS 4 in MS65 7 graded
  higher
• Moderately available in higher grade Mint State
• Like the 1839 date, waited many years to upgrade
  MS63 entry
• Purchased in NGC MS66 holder during 2009 FUN show
  and took downgrade to MS65
• F-107 obverse with delicate needle strike and eye
  appeala PQ coin for assigned grade

16

• 1840-O PCGS 3 in MS62 5 graded higher rare
  in Mint State
• From Lovejoy collection, Stacks 1990 Extremely
  rare Small O of 1839 variety
• Purchased in 1993 from Becker Kuehnert via
  mailed flyer
• Took 5 seconds to call BK after receiving
  flyerluckily there was short mail transport time
  from NH to Maine!!!

17
Grade RaritiesNew Orleans 1843 1853Carson
City 1871 - 1874
18

• 1842-O PCGS 2 in MS64 1 graded higher Mint
  State rarity
• New Orleans 1842 dimes are notorious for weak
  strike details due to lapped dies and/or having
  micro defects
• Top pop example purchased during 2003 from Jim
  ODonnell finest known at time of purchase

19

• 1843-O PCGS 1 in AU53 2 grade higher!
• Single die pair and extensive circulation
• Grade rarity similar to 1871-1874 Carson City key
  dates
• Wonderful originality as most EF or better 1843-O
  dimes have problems
• A sincere thank you to Kevin Zietler for
  providing opportunity in 2003 to add this piece
  to registry set

20

• 1845-O PCGS 1 in AU55 3 graded higher!
• Like the 1843-O, another New Orleans grade rarity
  that is under recognized
• Spectacular strike, originality and Pittman
  collection provenance
• Thank you Kevin Zietler for providing opportunity
  in 2003 to purchase your 1843-O and 1845-O PCGS
  AU55 dimes

21

• 1849-O PCGS 5 in MS64 none graded higher
• 1849-O examples are notorious for poor strikes or
  lapped dies.Jim ODonnell despised 1849 New
  Orleans dimes
• Strong strike for Large O variety, the toning is
  spectacular
• Purchased in 2006 from Legend when only 2
  examples graded MS64.where did the other 3 come
  from so quickly???

22

• 1850-O WA PCGS 4 in AU53 15 graded higher
• Rare in Mint State total of 7 graded
• Most Mint State specimens seen are Small O
  reverse
• Last Mint State coin to appear at Heritage
  auction MS65 in 2001
• This PCGS entry is a filler for date/mintmark
• Attempting to cross NGC specimen.see next slide

23

• 1850-O NGC MS67 Star

• Finest certified
• Purchased 2004 Pittsburg ANA from Jason Carter
• Attempting PCGS cross at 2009 ANA

24

• 1851-O WA PCGS 1 in AU53 10 graded higher
• Another rarity in Mint State
• Heritage archives lists three mint state
  examples ANACS61 (1996), NGC64 (1997) and NGC65
  (1999)excluding MS60 grade
• Current PCGS dime is filler AU53
• One unsuccessful attempt to cross NCG MS63 example

25

• 1851-O WA NGC MS 63
• Monster strike and balanced eye appeal
• Initial cross attempt failed in 2008

26

• 1853-O WA PCGS 2 in MS63 4 graded higher
• Under appreciated rarity in Mint State
• Waited over 10 years to locate an acceptable Mint
  State specimen
• Eliasberg specimen finally re-entered market in
  2008 via Superior
• Wonderful obverse strike that is typically flat
  on head and Stars 6-8 (Obverse 1, F-101 through
  F-103)

27

• 1871-CC PCGS 3 in EF45 6 graded higher
• Locating original examples of 1871-CC through
  1874-CC dimes with no porosity, problems or
  re-coloring is significant accomplishment and
  requires much patience!
• Purchased during 2005 CSNS Heritage auction via
  Dick Osburn as agent from Tim Cook Collection
• Several individuals who attend lot preview
  reported that Tims 1871-CC dime was gem for
  grade and finest coin in his collection!

28

• 1872-CC PCGS 7 in EF45 2 graded higher
• Extremely rare in AU and Mint State
• Finding problem free circulated examples is major
  challenge
• From Heritage 2003 NY Signature sale
• Strong details for EF45 grade even gray toning
  over essentially problem free surfaces

29

• 1874-CC PCGS 5 in EF45 4 graded higher
• The key date for any Liberty Seated Dime
  collection critical acquisition for a top PCGS
  registry set
• Finding problem free circulated examples is major
  challenge
• Trivia Acquired from Heritage 2003 September
  Long Beach sale in ANACS holder. Won the lot
  with internet bid of 24,600 while the hammer
  price was 24,500. I was incredibly lucky (with
  pricing research) to win this gem circulated
  example. Coin immediately crossed to PCGS.

30
With Legend DesignSan Francisco 1861 1872
31

• 1861-S PCGS 2 in MS62 3 graded higher
• Very rare in Mint State few examples seen are
  typically in MS61-62 gradesmost lack luster
• Delicate Type 1 obverse details that wear quickly
• Purchased at 2004 FUN show, the Heritage sale
• Well struck and reasonable example of low mintage
  S mint date

32

• 1862-S PCGS 1 in MS63 2 graded higher
• Extremely rare in Mint State
• Norweb, Bolen and Richmond collections excellent
  pedigree
• Purchased from the 2005 DLRC Richmond sale
• Strike and originality originally in NGC
  holder and crossed first attempt

33

• 1863-S PCGS 2 in MS64 2 graded higher
• Very rare in Mint State
• Reed Hawn, Lovejoy and Frog Run collections
• Frog Run Collection ANR 2004 Baltimore sale
  after private Wolfsboro showing with Frank Van
  Valenclearly the finest dime in the Frog Run
  collection and residing in NGC MS63 holder
• Trivia High bid seconds before Frank V.V. hammer
  after watching vigorous bidding between Legend,
  JJ Teaparty and Jason Carter

34

• 1864-S PCGS 4 in MS64 2 graded higher
• Most available of the Civil War San Francisco
  mint years, 1861-1867
• Originality, full struck and excellent eye
  appeal an adequate selection for registry set
• Private 2003 transaction with Mike Atkins

35

• 1865-S PCGS 2 in MS63 2 graded higher
• Marquee dime in registry setobverse proof-like
  from deeply basined die, reverse mainly frosty
  luster
• Extremely rare example of F-101 variety with full
  head! Nearly all F-101 come with flat heads.
• Eliasberg pedigree. Heritage 1997 FUN sale via
  Chris Pilliod as floor agent.

36

• 1866-S PCGS 1 in MS65 none graded higher
• F-101 variety with weak S mint mark. Often
  mistaken for 1866 Philadelphia specimen by those
  with limited Seated experience
• Investment grade specimen with balanced
  attributes of eye appeal, strike and original
  surfaces remaining Top Pop in set
• Heritage March 2006 Palm Beach sale the last
  purchased example of the 1861-1867 S mints to
  complete the series in desired Mint State range

37

• 1867-S PCGS 4 in MS64 2 graded higher
• Once again, very rare in Mint State
• Purchased from ANR March 2005 Kennywood sale
• Excellent matching eye appeal with 1864-S, 1865-S
  and 1866-s dimes

38

• 1870-S PCGS 7 in MS65 2 graded higher
• More available in high grade Mint State due to a
  hoard surfacing in the 1980s. Low mintage issue
  of 50,00 pieces.
• Purchased in 2001 from Jim ODonnell.

39

• 1872-S PCGS 5 in MS64 2 graded higher
• Another Seated dime date that is under
  appreciated in Mint State one die pair and
  mintage of 190,000 pieces
• Acquired from Heritage CSNC 2005 sale
  outstanding dime from the Tim Cook collection
• Once again, eye appeal, originality and strike
  parameters are present an investment grade coin

40
Other Special HighlightsWith Stars Design
Philadelphia 1841 1859With Legend
DesignPhiladelphia 1860-1891
41

• 1841 PCGS 5 in MS65 1 graded higher
• Probably the finest example of F-104 repunched
  184 die variety
• Purchased in late 2002 via Heritage Santa Clara
  sale
• Dime fully meets criteria original surfaces,
  strike and eye appeal.simply a lovely gem!

42

• 1846 PCGS 2 in AU58 and 2 MS63 examples
• Key date for series in AU55 or better
• Incredible strike and eye appeal
• Purchased during 2004 from RCNH while making
  China flight connection in Chicago OHare
• Trivia I had chance to buy one of the MS63
  examples years ago but passed as 25,000 offer
  price seemed too expensive. Today this dime sits
  in EHG collection!

43

• 1847 PCGS 3 in MS63 3 graded higher
• 1847 rarity in Mint State is under appreciated
• Interesting cut away base die variety F-102
• Excellent strike, originality and eye appealno
  need to upgrade!
• Purchased during 2002 from Alpine Numismatics

44

• 1849 PCGS 7 in MS64 2 graded higher
• 1849 rarity in Mint State is under appreciated
• Excellent strike but wished the coin was toned
• Purchased in 2000 from Jason Carter in NGC MS64
  holder.four years later it crossed

45

• 1850 PCGS 20 in MS64 4 graded higher
• Fairly available in Mint State so picking a great
  example is the challenge.
• Pittman coin purchased via Park Avenue
  Numismatics in 2003
• I simply love the strike and eye appeal!

46

• 1852 PCGS 34 in MS64 19 graded higher
• Common in Mint State so picking a great example
  is the challenge.
• Obtained from Heritage CSNS 2005 auction
• Again, I love the strike, toning and eye appeal!
• Repunched date adds a little icing to the cake

47

• 1857 PCGS 19 in MS65 2 graded higher
• Common date for With Stars design
• Strike, originality and eye appeal are all
  therea gem example that was worth the wait
• Purchase during 2006

48

• 1865 PCGS 2 in MS67 none graded higher
• Difficult in Mint State but more available than
  10,500 piece mintage would suggest
• Registry coin is clearly one of the finest
  available with proof like surfaces and reverse
  die striation lines
• Purchased from Jim ODonnell during 2004 FUN show
  after long search for higher grade Mint State
  example

49

• 1868 PCGS 3 in MS65 1 graded higher
• The 1868 date is an enigma mintage of 464,000
  with 12 known obverse dies and low population in
  PCGS Mint State holders.
• This dime is one of the few in the registry set
  without full head details but balanced eye appeal
  due to strong luster.
• Originally appeared in Heritage 2001 Long Beach
  sale from Gulf Coast collection. Re-sold May
  2002 and purchased from Jason Carter in 2003
  after PCGS cross.

50

• 1869 PCGS 5 in MS64 8 graded higher
• Two separate date punches Long Flag 1 and Short
  Flag 1 digit
• Nearly all Mint State examples are from Long Flag
  1 obverse dies and come well struck and proof
  like
• During 1999, purchased from Chris Pilliod in ICG
  MS64 holder first PCGS cross attempt several
  years later successful

51

• Additional Highlights
• San Francisco 1856 1859
• New Orleans 1860
• Other Gems

52

• 1856-S PCGS 2 in MS62 6 graded higher rare
  in Mint State
• First year for San Francisco dime coinage
• Frog Run Collection ANR 2004 Baltimore sale
  after private Wolfsboro showing with Frank Van
  Valenan experience not to be forgotten
• Again strike is incredible with lightly toned
  surfaces

53

• 1858-S PCGS 3 in AU55 8 graded higher rare
  in Mint State
• More difficult San Francisco year than 1856
  finding problem free and original examples takes
  much searching
• Another Tim Cook dime from the Heritage CSNS 2005
  sale
• Strike is there along with original surfaces..no
  need to upgrade to Mint State example

54

• 1859-S PCGS 4 in AU55 4 graded higher
  extremely rare in Mint State
• Occasionally seen in AU grades but quality of
  specimens vary due to irregular reverse fields
• Purchased from Jim ODonnell during 2000 ANA
  summer show
• Is there a need to upgrade this AU example and at
  what cost?

55

• 1860-O PCGS 3 in VF30 15 graded higher
• Problem free original surfaces is a major
  challenge for 1860-O date as most come with
  porosity or minor corrosion
• ATed examples can be certified by leading TPGs,
  caution is a must!
• Most difficult to locate an example that is as
  original as this VF30 specimen.but holding back
  the registry set score!
• Purchased from Brian Greer in early 1999 typical
  Brian coin!

56

• 1875-CC IW PCGS 10 in MS66 none graded higher
• In Wreath variety more available in high grade
  Mint State than Below Wreath same situation as
  circulated examples
• Another registry set marquee dime with
  spectacular strike and originality in OGH no
  attempts to upgrade
• Private purchase during early 2003

57

• 1876 PCGS 17 in MS66 3 graded higher
• Common in Mint State challenge is locating top
  quality example
• Neat variety with long die scratch across
  Libertys lower gown quality consistent with
  investment attributes
• Acquired during 2004 via Pinnacle Rarities

58

• 1881 PCGS 5 in MS66 none graded higher
• Low mintage of 24,975 pieces
• 1881 date much tougher than 1879 or 1880 in Mint
  State
• 2003 acquisition via eBay

59

• 1884 PCGS 31 in MS66 21 graded higher
• Very common in Mint State once again the
  challenge is locating superior example for the
  grade and investment monies
• Registry coin exhibits incredible toning and eye
  appeal
• A 2004 acquisition from Mike Printz at Larry
  Whitlow

60

• 1891-S PCGS 7 in MS66 2 graded higher
• Difficult to locate in high end Mint State grade
• Last date and mintmark ending the Liberty Seated
  Dime series
• Dime is excellent bookend specimen superior
  strike and surfaces with light toning
• Acquired privately via Darrell Low during
  2005.Darrell still owes me dinner as part of the
  purchase ?

61

• End of Presentation
• Thank you for the kind attention
• Plans are in place to display the set at the
  November 2009 Baltimore show
• This presentation can be viewed and downloaded at
  www.seateddimevarieties.com