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Type Live Webcast Auction
Price Realized Lot Was Passed
Date Sold 10/26/2017


Lot # 388
Estimate 1,300,000.00 - 1,500,000.00 USD
Group - Category Coins & Paper Money - Coins - US
Lead $1 1893-S PCGS MS67 CAC
Description
Legend Rare Coin Auctions is proud to have been consigned the world's most valuable Morgan Dollar! Pedigreed back to the San Francisco mint in 1893, the Vermuele-Jack Lee-Coronet 1893-S is the undisputed FINEST KNOWN example of the rarest, and most important circulation strike Morgan dollar. Everything about this coin is SUPERB! The first time it ever sold, was in the Stack's November 2001 sale of the Cornelius Vermeule III Collection, where, as lot 548 it was described as: "This is a simply incredible 1893-S Dollar. It surpasses every other specimen seen by the cataloguer and is rivalled only by the magnificent Norweb coin...It is a challenge to adequately describe the gorgeous appearance of this coin. If we employed all the superlatives necessary to do justice to its magnificent colors and surfaces which we might be criticized for saying too much. That is until the coin is actually seen in person. Then, the reader would know that worlds almost fail to do justice to the superb quality of this coin. The obverse and reverse are as satiny smooth as one could ever hope for from a common date Philadelphia Mint coin, let alone a great rarity of this importance. The piece is beautifully toned in a pleasing combination of deep russet, gold, iridescent blue and pale green. The fields are pristine with nary a mark to be seen anywhere. The strike is as sharp as ever seen..." Today, the quality is still as mesmerizing as it was 16 years ago. The luster, with its satiny brilliance brings out not just the dominant hues, but also the subtle shades throughout the surfaces. After handling many damaged, low grade, circulated pieces, you have to sit and marvel at how lucky we are that Cornelius Vermeule put this coin away at the time of mintage, and cherished as a family heirloom until his grandson, Cornelius Vermeule III sold the collection in 2001. Vermeule, was a lifelong numismatist, having worked for Stack's early on in his career, then becoming the curator of antiquities at the Boston Museum of Fine Arts. He also authored several numismatic references that are still used today, some fifty-sixty years after being published. At the time this coin was sold by Stack's it was uncertified, and called SUPERB GEM BRILLIANT UNCIRCULATED, and the cataloguer noted that it rivaled the then PCGS-graded MS67 Norweb coin, which before this coin was offered was considered the finest known. Since that time, the Norweb coin, has been conserved, and the originality of the coin has been lost. PCGS has not regraded that coin as an MS67, and currently resides in an NGC MS66 encapsulation. Other impressive examples of this rare date include the PCGS MS65 CAC coin, ex Randall-Clapp-Eliasberg-Stellar-Sunnywood-Simpson. Each of these coins can trace their provenance back to the cashier's window at the San Francisco mint. The 1893-S, like all the dollars struck that year are lower mintage issues, as the nation battled a serious financial panic. San Francisco struck 100,000 silver dollars for general circulation where they would remain in commerce for many years. Any bags that were stored, unlike other dates, were melted under the 1918 Pittman Act. No large holdings of 1893-S in mint state have ever come out. The technical qualities of this SUPERB GEM are beyond your wildest imagination. This cataloger, was a young numismatist in the summer of 2001 when the Vermeule collection was being prepared for auction (originally to be held on September 11, 2001). One summer afternoon before classes started up again, he walked into Stack's where one of their numismatists came over and said, "Greg, do you want to see something really cool?", and brought over this coin, raw (not even in a flip) on a velvet tray for me to view. For a 17 year old, that left a major impression, and planted a seed for the future. PCGS 1, NGC 0, CAC 1. This coin has only sold in auction one time before, way back in November 2001, where it sold for a then record $414,000. In October, 2014, Legend Rare Coin Auctions proudly sold the Eliasberg-Sunnywood-Simpson PCGS MS65 for $646,250. Our consignor purchased this coin via private treaty sale from Legend Numismatics in October 2008 for a price "in excess of $1,000,000," again a record. While we sold the rest of the Coronet Collection in 2015, this coin was being offered for direct sale, with an asking price of $2,000,000. The Coronet Collector has decided that now is the time to sell the coin. We believe that the record books will have to be completely re-written when this SUPERB GEM crosses the block. A true trophy for any advanced Morgan dollar collector. This is an important opportunity that should not be taken lightly. It could be a very long time before another true GEM 93-S is offered. Good luck to all bidders, and a hearty congratulations in advance to the winning bidder, your name is now added to one of the most famous coins in the entire U.S. series! Cert. Number 28286119 PCGS # 7226
Name The Regency Auction XXIII
Auctioneer Legend Rare Coin Auctions, LLC
Type Live Webcast Auction
Date(s) 10/26/2017
October 26, 2017- 5:30pm ET
Preview Date/Time Lot Viewing: Tuesday, October 24th 3PM-6PM ET | Location: Ormandy Ballroom - By Appointment Wednesday, October 25th 9AM-6PM ET | Location: Ormandy Ballroom Thursday, October 26th 9AM-4:30PM ET | Location: Ormandy Ballroom Thursday, October 26th AUCTION ROOM | 5:30PM ET | Location: Ormandy Ballroom Pre Assembly Lot Pickup & Settlement: Friday, October 27th 9AM-11AM ET | Location: Ormandy Ballroom On Location Phone Number (732)233-0719 Preliminary lot viewing is available by appointment only. Please call (732)935-1168 to schedule an appointment.
Checkout Date/Time Lot Pickup & Settlement: Friday, October 27th 9AM-11AM ET | Location: TBA
Location 237 S. Broad St
Philadelphia, PA 19107
Buyer Premium 17.50% Buyers Premium
Description
Double Tree Philadelphia, PA Lot Viewing: Tuesday, October 24th 3PM-6PM ET | Location: Ormandy Ballroom - By Appointment Wednesday, October 25th 9AM-6PM ET | Location: Ormandy Ballroom Thursday, October 26th 9AM-4:30PM ET | Location: Ormandy Ballroom Thursday, October 26th AUCTION ROOM | 5:30PM ET | Location: Concerto (3rd Floor of Hotel) Lot Pickup & Settlement: Friday, October 27th 9AM-11AM ET | Location: Ormandy Ballroom On Location Phone Number (732) 233-0719 Preliminary lot viewing is available by appointment only. Please call (732) 935-1168 to schedule an appointment.
Auction Terms & Conditions This is a public auction, conducted in accordance with these Terms and Conditions of Sale, by Legend Rare Coin Auctions (hereinafter referred to as “LRCA"). By bidding on any lot offered by LRCA, the bidder indicates acceptance of the following Terms and Conditions of Sale. Bidders are to comply with the Terms and Conditions of Sale, posted on LegendAuctions.com, at the time of the auction in which they are participating. BUYER'S PREMIUM A 17.50% buyer’s premium will be added to all successful bids, and is payable by the winning bidder as part of the total purchase cost. SALES TAX All sales are subject to applicable state and local taxes. Any lots that are picked up and/or delivered in the state of Nevada are subject to applicable state and local taxes. BIDDING All Bidders must meet Auctioneer's qualifications to bid. Any Bidder who is not a client in good standing of the Auctioneer may be disqualified at Auctioneer's sole option and will not be awarded lots. Such determination may be made by Auctioneer in its sole and unlimited discretion, at any time prior to, during, or even after the close of the Auction. To ensure the safety of all our bidders Legend Rare Coin Auctions reserves the right to request a minimum of two industry references and/ or a bank letter of credit for all new bidders. International bidders that are unknown to Legend Rare Coin Auctions will be required to deposit 25% of their anticipated expenditures. Please contact a Legend representative at least 48 hours in advance of bidding for approval and payment instructions for all purchases. Auctioneer reserves the right to exclude any person from the auction. PAYMENT All merchandise must be paid for within TEN (10) days of the date of sale. We reserve the right to cancel any unpaid order after that time and to ban the bidder from future sales. Credit cards (Visa, MasterCard and Discover) are accepted for auction payments up to $2,500.00 per invoice. Invoices and/or balances over $2,500.00 must be paid via personal or certified check, money order, or wired funds. Personal checks, money orders and cashier's checks may be held for up to 10 business days in order to allow time for them to clear appropriate banking channels. Please email info@legendauctions.com for bank-wiring instructions and/or to provide numismatic references. INTERNATIONAL BUYERS Foreign buyers, unknown to us, are required to deposit 25% of their anticipated expenditures before bidding. Please contact us in advance of bidding for bank wiring instructions. EXTENDED PAYMENT TERMS For all items $15,000.00 and over, LRCA is now offering Extended Payment Terms. Please advise us at least 48 hours before bidding or purchasing the item in question. Pre-approval is required. TERMS 30/60/90 " A 1/3 down payment is due within five days of purchase date. " Additional 1/3 payment due within 30 days of purchase date. " Additional 1/3 payment due within 60 days of purchase date. Interest is due on the outstanding balance after 30 days, at the rate of .83% per month (10% annually). No interest is calculated for the first 30 days and there is no penalty for paying off early. LRCA will maintain possession of item(s) until paid in full. Additional terms and conditions for Extended Payment Terms by Legend Rare Coin Auctions: All sales are final. No returns will be accepted for any items using Extended Payment Terms. In the event that the buyer defaults, LRCA reserves the right to cancel the sale, re-offer the item(s) at a future LRCA sale under the buyer's name, with a minimum bid of 50% of sale price. 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Bidders acknowledge that coin grading is not an exact science, that it can be subjective and inconsistent and that it is possible that two parties might assess or grade the same coin differently. LRCA makes every effort to accurately describe all items offered in its sales. All items will be available for preview prior to the auction. SHIPPING Shipping costs will be billed separately and are non-refundable. Items will usually ship within 5-10 business days after payment has been received and/or funds have cleared. Coins will be shipped via Fed Ex or USPS or transported via armored carrier. The shipping charge includes fees for our third-party insurance coverage, as well as any costs incurred through the USPS or Federal Express. Any shipments made via armored carrier (Brinks, Dunbar, etc.) will be calculated and assessed at the time of shipment. INTERNATIONAL SHIPPING It is not possible for LRCA to ship to some countries. Please email questions to info@legendauctions.com. Payment for all international orders is required in US funds. Please contact julie@legendauctions.com for bank wiring instructions. Customs requirements for each country are the responsibility of the buyer. All packages shipped outside of the United States will include the required customs declaration and full value of the invoice. BIDS VIA TELEPHONE An absentee bidder may also participate live, during the auction, via telephone. Requests for phone bidding must be received at least three days prior to the auction date. Please fill out our phone bidding request form online or call 732-935-1168 to request a call from one of our representatives during the live auction. LRCA cannot guarantee phone lines, but will make every effort to accommodate those who wish to participate via this method. RIGHTS AND RESPONSIBILITIES The auctioneer will determine the highest bidder. The auctioneer, alone, has the right to reopen the bidding for an item, if deemed necessary. LRCA and its representatives reserve the right to remove any attendees who impede the preview and/or the auction. Title to all merchandise shall pass to the winning bidder after receipt of good funds by LRCA. Bidders will be held responsible for their bids, including those bids placed incorrectly. PLEASE VERIFY BIDS BEFORE SUBMITTING THEM. In order to have a bid removed or corrected, bidder must contact LRCA prior to start of the auction. Bidder waives auctioneer's responsibility and holds LRCA harmless for failure to recognize, accept, receive or execute any lost or missing bids by internet, telephone, email, floor bid, fax, mail or other means. LRCA reserves the right to postpone or cancel an auction without notice. Lots may be withdrawn at LRCA's discretion, without prior notice. Lots may carry a reserve. A reserve is a price below which the auctioneer will not sell an item, or will re-purchase the item on behalf of the consignor or for LRCA. LRCA permits bids to be placed by the auctioneer, or an employee of the auctioneer, up to the pre-determined reserve set by the consignor. Legend Rare Coin Auctions' partner, Legend Numismatics, reserves the right to bid on items, for its own account and for the accounts of its clients. --------------------------------------------- ------------------------------------------ Terms Of Use

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Your bid must adhere to the bid increment schedule.
Bid Amount Bid Increment
0.00 - 199.00 10.00 USD
199.01 - 999.00 25.00 USD
999.01 - 1,999.00 50.00 USD
1,999.01 - 4,999.00 100.00 USD
4,999.01 - 9,999.00 250.00 USD
9,999.01 - 19,999.00 500.00 USD
19,999.01 - 39,999.00 1,000.00 USD
39,999.01 - 99,999.00 2,500.00 USD
99,999.01 - 199,999.00 5,000.00 USD
199,999.01 - 399,999.00 10,000.00 USD
399,999.01 - 999,999.00 25,000.00 USD
999,999.01 - 1,999,999.00 50,000.00 USD
1,999,999.01 - 9,999,999.99 100,000.00 USD
Currency USD
Buyer Premium 17.50% Buyers Premium
Payment Terms
SALES TAX All sales are subject to applicable state and local taxes. Any lots that are picked up and/or delivered in the state of New Jersey are subject to applicable state and local taxes. PAYMENT All merchandise must be paid for within TEN (10) days of the date of sale. We reserve the right to cancel any unpaid order after that time and to ban the bidder from future sales. Credit cards (Visa, MasterCard and Discover) are accepted for auction payments up to $2,500.00 per invoice. Invoices and/or balances over $2,500.00 must be paid via personal or certified check, money order, or wired funds. Personal checks, money orders and cashier's checks may be held for up to 10 business days in order to allow time for them to clear appropriate banking channels. Please email info@legendauctions.com for bank-wiring instructions and/or to provide numismatic references. E-Check is available, call our office to setup. INTERNATIONAL BUYERS Foreign buyers, unknown to us, are required to deposit 25% of their anticipated expenditures before bidding. Please contact us in advance of bidding for bank wiring instructions. Extended Payment Terms For all items $15,000.00 and over, LRCA is now offering Extended Payment Terms. Please advise us at least 48 hours before bidding or purchasing the item in question. Pre-approval is required. TERMS 30/60/90 " A 1/3 down payment is due within five days of purchase date. " Additional 1/3 payment due within 30 days of purchase date. " Additional 1/3 payment due within 60 days of purchase date. Interest is due on the outstanding balance after 30 days, at the rate of .83% per month (10% annually). No interest is calculated for the first 30 days and there is no penalty for paying off early. LRCA will maintain possession of item(s) until paid in full. Additional terms and conditions for Extended Payment Terms by Legend Rare Coin Auctions: All sales are final. No returns will be accepted for any items using Extended Payment Terms. In the event that the buyer defaults, LRCA reserves the right to cancel the sale, re-offer the item(s) at a future LRCA sale under the buyer's name, with a minimum bid of 50% of sale price. Any down payments or subsequent installments will be applied to the balance due, together with any deficit relating to the resale of the items. If there is any balance owed to the buyer, LRCA will remit this to buyer within 30 days of sale date. In addition to these terms, all of our standard Terms and Conditions shall govern the sale and use of Extended Payment Terms. RETURN POLICY All lots are sold “as is.” Lots graded by PCGS, NGC or other third-party grading services, or any lot viewed by the buyer or anyone on buyer’s behalf prior to the auction, may not be returned. This is not an approval sale. All sales of lots to the highest bidder are final. Bidders are strongly advised and encouraged to research any lots upon which they plan to bid, and to determine bids, based upon their own evaluation. Bidders assume all risks concerning and related to the grade, quality, appearance, condition, history and origin of any lot. Bidders acknowledge that coin grading is not an exact science, that it can be subjective and inconsistent and that it is possible that two parties might assess or grade the same coin differently. LRCA makes every effort to accurately describe all items offered in its sales. All items will be available for preview prior to the auction.
SHIPPING Shipping costs will be billed separately and are non-refundable. Items will usually ship within 5-10 business days after payment has been received and/or funds have cleared. Coins will be shipped via Fed Ex or USPS or transported via armored carrier. The shipping charge includes fees for our third-party insurance coverage, as well as any costs incurred through the USPS or Federal Express. Any shipments made via armored carrier (Brinks, Dunbar, etc.) will be calculated and assessed at the time of shipment. INTERNATIONAL SHIPPING It is not possible for LRCA to ship to some countries. Please email questions to info@legendauctions.com. Payment for all international orders is required in US funds. Please contact julie@legendauctions.com for bank wiring instructions. Customs requirements for each country are the responsibility of the buyer. All packages shipped outside of the United States will include the required customs declaration and full value of the invoice.