Legacy II sale off to a soaring start

There were many highs at the G.F. Landon sale  — the first of four days of the Canadian Legacy Sale II, featuring more than 3,200 lots and $6 million-worth of coins, tokens, medals and banknotes.

With the small Osgoode Room of Toronto’s Hilton Hotel filled to capacity, Session One began with 12 lots of Dominion of Canada banknotes, eight of which sold to the same bidder. These lots included an 1897 DC-12 — one of only 11 ever made — that sold for $3,000 (before premiums and taxes) below its original estimate of $12,000.

However, prices didn’t stay low for long. The Canadian tokens did reasonably well, especially the bulk lots that exceeded estimated by two or three times. However, as auctioneers reached the red-hot U.S. coins, prices began soaring at high altitudes.

The Liberty Seated 1872 10-cent piece, with a (PCGS) graded Mint State-67+, realized $15,125 including buyer’s premium. Described as beautiful, multi-hued and having medium-heavy toning, lot No. 373 had an original estimate of $4,000. This was common throughout the auctioning of the U.S. pieces, which often sold for at least double their estimates.

“I would’ve liked to have bid on more, but prices went stratospheric — especially for the U.S. stuff,” said Van Coskun, a Canadian collector with about 20-years’ experience in numismatics.

“Pricing was aggressive.” he said. “Even though I bid on a lot — I probably spent about $20,000 or more — there is more to spend. There’s some really good stuff in this auction.”

Charles “Chuck” Moore, co-organizer of the Legacy Sale and president of Moore Numismatic Auctions, said he expected the U.S. material would sell high and called the evening an overwhelming success.Moore said while this quantity and quality of U.S. coins has never been seen before, the Canadian material is also incredible.

This 1915 ICCS Mint State-67 Large Cent sold at the Landon sale for $9,750, plus buyer’s premium, well above the $3,750 estimate.

This 1915 ICCS Mint State-67 Large Cent sold at the Landon sale for $9,750, plus buyer’s premium, well above the $3,750 estimate.

“The hordes of Canadian coins are very unusual, going back to the Victorian era,” he said. “Occasionally, 20 pieces would show up of a penny dated 1901, but in this case, there are probably 1,500 Canadian Victorian-era pennies in Mint-State condition.”

The Canadian five and 10 cent pieces, overall, underperformed against estimates perhaps because by the time they hit the floor, the auction was already into the wee hours of the morning.

Some of the other sale highlights included (buyer’s premium not included):

·         Lot 648, a 1900 Plain, ICCS Mint State-65, Red Cent: sold for $6,000, double estimate;

·         Lot 707, 1908 ICCS Mint State-66 Red centre. Lot of two. Sold for $4,000 with an  $2,500 estimate;

·         Lot 747, described as “the solo ‘finest’ ICCS grade 1915 Large Cent. Sold for $9,750 with an $3,750 estimate;

·         Lot 855, a rare Ten Cents, 1893 Round Top 3, sold for $47,500 with an estimate of $100,000;

·         Lot 866, a 1896 Ten Cents ICCS Mint State-67 sold for $12,000 with an estimate of $20,000:

·         Lot 879, a 1900 Ten Cents ICCS Mint State-67 sold for $9,750 close to its $10,000 estimate;

·         Lot 963, a 1904 Fifty Cents ICCS Mint State-64 sold for $37,500 exceeding its $30,000 estimate.

For a complete listing of sale prices from the Landon sale, click here.

Look for full coverage of the Landon sale in the next issue of Canadian Coin News.

Day two of the four-day Canadian Legacy Sale II continues tonight with the Victoria North Collection.

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