The fourth D. Brent Pogue Collection sale of rare coins took place Tuesday, and 61 ultra-rare specimens brought in a total of $16.7 million. But perhaps the bigger story concerned what didn’t sell.
A phone bid for the star of the show, the fabled 1804 Draped Bust Silver Dollar (PF68 PCGS), hit $10.575 million, the most ever offered for a coin but it wasn’t enough. The seller declined to part with the numismatic treasure for that amount.
Considering that the Pogue family paid a then-record price of $4.14 million for the coin in 1999, the owners are still sitting on top of a significantly appreciating investment, with a provenance that includes the Sultan of Muscat and the Childs family. One of a total five of its kind, it is considered one of the rarest coins in the world.
Owner says no to more than $7 million: A similar surprise occurred with the second-most-illustrious coin on the block, the 1822 Capped Head Left Half Eagle, certified at AU50 by PCGS and the only available privately owned specimen. Once part of the Eliasberg Collection, the gold coin attracted a phone bid of $7.285 million that the seller ultimately rejected.
Once again, the Pogue family has more than reaped a return on its investment, with the coin last selling at auction for a then-record $687,500 in 1982.
Together, the two coins had been expected to sell for between $18 million and $27 million. Still, the sale, which featured coins from 1793 to the 1830s, saw some big numbers elsewhere.
2 coins top $1 million mark: Two coins hit seven figures each, for example. A 1795 Draped Bust Dollar graded Specimen 66 by PCGS sold for $1.057 million, while an 1833 Capped Head Left Half Eagle (PF67 PCGS) beat pre-sale estimates by hitting $1.351 million.
Another coin almost breached the $1 million mark: An 1825/4 Capped Head Left Half Eagle, certified at MS66 by PCGS, commanded $940,000.
In all, 19 coins topped the $100,000 level; nine coins broke $200,000; one coin sold in the $300,000 range; three coins surpassed the $400,000 mark; one fell in the $500,000 range; two ended up in the $600,000 range; two topped the $700,000 barrier; and three coins finished in the $800,000 realm. Eighteen specimens weighed in at less than $100,000, running from $21,150 for an 1839-D Liberty Head Half Eagle (AU58 PCGS) to $99,875 for an 1839-O Capped Bust Half Dollar (MS66 PCGS).
A fifth and final Pogue Collection sale is set for September of this year. It remains to be seen whether the 1804 dollar and 1822 half eagle will be available then, but clearly their owners have strong hands. Their investment in these two jewels has long since paid off, and they’re holding out for some truly astounding prices.
With the three prior Pogue sales having already brought in $68.577 million in addition to the almost $17 million garnered this week, the Pogues are indeed sitting pretty thanks to their longstanding investment in top-quality numismatic standouts.