This past weekend we had more coins from the collection of Eric P. Newman which promised to offer both top rarities and lots of "more" affordable pieces. You can read a little bit about the collection below but the interesting takeaway and the focus of my post is that many of these coins traded at really high prices (much more than what they were really worth) only because people bought the pedigree!
Im sure if the buyers "HOLD" these coins for 5+ years they will be ahead of the game...but anyone looking for a quick flip will surely be disappointed.... We always attend major auctions and if you want eyes and ears at these events, feel free to drop me a email.....
Here is a little about the actual sale from my previous newspaper article I wrote.....
The majority of the coins to be offered in the Nov. 15 and 16 Newman sale in New York City have been off the market for more than half a century.
“Many of these historic treasures have been in Newman’s possession since he obtained them directly from the estate of another legendary collector, Colonel E.H.R. Green, more than 70 years ago,” said Jim Halperin, co-chairman of Heritage Auctions, which will conduct the auction, the firm’s second offering of Newman coins.
Newman, 102, amassed his collection over more than 90 years.
Newman is a retired St. Louis lawyer and business executive who is well-known in numismatics as a collector, researcher and award-winning author. Newman began his numismatic collecting at 7 years of age.
Today, Newman is the only surviving person to have owned all five examples of the fabled 1913 Liberty Head 5-cent coin.
Newman acquired 1,030 of the items to be offered in the November sale from the Green estate in the late 1930s and early 1940s.
While many of the former Green coins to be offered in November are big ticket items, the auction also offers quite a few inexpensive coins that collectors can chase that still carry the Newman legacy, and some the Green pedigree as well, Halperin said.
The 1,827 Newman lots in the auction have an overall estimated value of more than $15 million.
All of the coins to be offered have been certified by Numismatic Guaranty Corp. and encapsulated with a special grading label identifying the Newman Collection pedigree.