Heritage World Coin Auctions
NYINC Signature Sale 3037 Sess. 2-4 5 January 2015
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South Africa
Republic gold Proof Pattern 6 Pence 1897 PR63 Cameo NGC, KM4 (for type), Hern-ZP8, Kaplan-14. Reeded edge. 4.91gms. A monumental offering of this legendary South African issue, entirely unique in its existence, and off the market for many decades. Tracing its provenance back to the 1930s, this piece once existed in the Royle Baldwin Collection. Royle Baldwin, a member of the Baldwin numismatic family, assembled a matchless cabinet of many of the rarest and earliest trial pieces of South Africa. In this collection, the coins sat for approximately 70 years until the certified by NGC in 2006 (for more information on certification of the Royle Baldwin collection, please visit: http://www.ngccoin.com/news/viewarticle.aspx?IDArticle=374 . Tightly held over the interim, this offering will be the first time in history that this piece has crossed the block at public auction.Though its uniqueness is in many respects its most desirable attribute, this quality is most-certainly compounded by the outstanding beauty! Immediately identifiable as a carefully produced Proof striking, the fields retain high reflectivity. Pleasing cameo contrast is also on display, setting the raised devices starkly against the flat fields. Die polish blends with light handling to help define the grade, with a tiny mark in front of Kruger's mouth servings as an important identification marker. A true and unqualified "national treasure."When contemplating the value of a unique coin, the route one often has to take to arrive at a final number is a complicated one; that task is unquestionably further complicated when the coin, such as the present, has been off the market for decades with no relevant sales records to serve as a basis. History does allow us to make some comparisons however. For instance, the 1898 Sammy Marks "Tickey", or off-metal threepence in gold, of which 215 were struck, is encountered at auction from time to time. The latest sales record we have for that coin comes from September of 2013, when we sold an example graded SP64 by PCGS for $79,637.98. While the entire 215 coin mintage is unlikely to exist today, it's certainly no stretch to say the present gold sixpence is 100 times rarer than its threepence brethren. Another comparison piece is the "Single 9 Overstamp" 1898 pond. Like the present coin, that piece is unique, and actually a variety of the "99" Pond of which 120 were made. In 2010, this rarity is reported to have traded privately for over 20,000,000 Rand (this number is published as "multi-million Rand" in the Hern catalog, with other industry sources clarifying a more specific amount; 20,000,000 Rand was the equivalent of $2,700,000 at the 2010 average exchange rate). Finally, the 1892 halfcrown in gold is perhaps the most similar study-piece. That coin, also unique and of comparable appeal, brought £3600 in a 1963 Glendinnings auction when it last appeared on the market. At that time, an 1874 "coarse beard" pond, of which 174 were minted, brought approximately £100, an easily calculable ratio of 36 to 1. Today, with the average selling price for an unflawed Mint State "course beard" pond being around $80,000, that 36 to 1 ratio projects the gold halfcrown at over $2,500,000. In fact, in all three comparison pieces, if we apply the valuation multiples suggested by the data at hand, in each instance, we arrive at a number in the multi-millions! All considered, while the ceiling for this singular coin is justifiably stratospheric, at its modest starting bid, one thing is for certain; when the hammer falls, we will find where the true value lies.Given the unique nature of this coin, and the very real possibility that it again leaves the numismatic community for generations after this offering, we would like to wish all bidders vying for the ownership of this jewel the very best of luck. Krause catalog price(s) for this item: $6 in VF, $16 in EF, $42 in UNC.
Estimate: 250000-350000 USD
Republic gold Proof Pattern 6 Pence 1897 PR63 Cameo NGC, KM4 (for type), Hern-ZP8, Kaplan-14. Reeded edge. 4.91gms. A monumental offering of this legendary South African issue, entirely unique in its existence, and off the market for many decades. Tracing its provenance back to the 1930s, this piece once existed in the Royle Baldwin Collection. Royle Baldwin, a member of the Baldwin numismatic family, assembled a matchless cabinet of many of the rarest and earliest trial pieces of South Africa. In this collection, the coins sat for approximately 70 years until the certified by NGC in 2006 (for more information on certification of the Royle Baldwin collection, please visit: http://www.ngccoin.com/news/viewarticle.aspx?IDArticle=374 . Tightly held over the interim, this offering will be the first time in history that this piece has crossed the block at public auction.Though its uniqueness is in many respects its most desirable attribute, this quality is most-certainly compounded by the outstanding beauty! Immediately identifiable as a carefully produced Proof striking, the fields retain high reflectivity. Pleasing cameo contrast is also on display, setting the raised devices starkly against the flat fields. Die polish blends with light handling to help define the grade, with a tiny mark in front of Kruger's mouth servings as an important identification marker. A true and unqualified "national treasure."When contemplating the value of a unique coin, the route one often has to take to arrive at a final number is a complicated one; that task is unquestionably further complicated when the coin, such as the present, has been off the market for decades with no relevant sales records to serve as a basis. History does allow us to make some comparisons however. For instance, the 1898 Sammy Marks "Tickey", or off-metal threepence in gold, of which 215 were struck, is encountered at auction from time to time. The latest sales record we have for that coin comes from September of 2013, when we sold an example graded SP64 by PCGS for $79,637.98. While the entire 215 coin mintage is unlikely to exist today, it's certainly no stretch to say the present gold sixpence is 100 times rarer than its threepence brethren. Another comparison piece is the "Single 9 Overstamp" 1898 pond. Like the present coin, that piece is unique, and actually a variety of the "99" Pond of which 120 were made. In 2010, this rarity is reported to have traded privately for over 20,000,000 Rand (this number is published as "multi-million Rand" in the Hern catalog, with other industry sources clarifying a more specific amount; 20,000,000 Rand was the equivalent of $2,700,000 at the 2010 average exchange rate). Finally, the 1892 halfcrown in gold is perhaps the most similar study-piece. That coin, also unique and of comparable appeal, brought £3600 in a 1963 Glendinnings auction when it last appeared on the market. At that time, an 1874 "coarse beard" pond, of which 174 were minted, brought approximately £100, an easily calculable ratio of 36 to 1. Today, with the average selling price for an unflawed Mint State "course beard" pond being around $80,000, that 36 to 1 ratio projects the gold halfcrown at over $2,500,000. In fact, in all three comparison pieces, if we apply the valuation multiples suggested by the data at hand, in each instance, we arrive at a number in the multi-millions! All considered, while the ceiling for this singular coin is justifiably stratospheric, at its modest starting bid, one thing is for certain; when the hammer falls, we will find where the true value lies.Given the unique nature of this coin, and the very real possibility that it again leaves the numismatic community for generations after this offering, we would like to wish all bidders vying for the ownership of this jewel the very best of luck. Krause catalog price(s) for this item: $6 in VF, $16 in EF, $42 in UNC.
Estimate: 250000-350000 USD