BILL GIBBS ON THE POGUE IV SALE

For some observers, the failure of bidders to meet the reserves for the 1804 dollar and 1822 half eagle in the Pogue IV auction was a sign of trouble for the market in high-end coins. However, the real story appears to be that of a collecting family that could not bear to part with two of their favorite coins, even with an offered total price of nearly $18 million.

The 1804 dollar received a final bid that, with the 17.5 percent buyer's fee, would have totaled $10,575,000, a world's record for any coin. The 1822 half eagle garnered a final bid that, with the buyer's fee, would have totaled $7,285,000, a bid surpassed among gold coins by only the 1933 double eagle that brought $7,590,000 in 2002. Both prices would have well exceeded what the Pogue family paid for the coins ($4.14 million for the dollar in 1999 and $687,500 for the half eagle in 1982). But still, no sale.

Christine Karstedt, executive vice president of Stack's Bowers Galleries, said that in the end, the sentimental value outweighed the financial reward and the family decided to keep the coins instead of accepting the bids.

The 1822 half eagle has been part of the Pogue Collection since the current owner, Brent Pogue, was a teen. His father, Mark, who started the collection, had purchased the coin while Brent competed in a track meet with his high school team, though the younger Pogue had examined the coin during lot viewing.

The younger Pogue wrote about the family's purchase of the gold coin in his introduction to the book The 1822 Gold Half Eagle by Q. David Bowers. He noted in that introduction that the two coins the family has elected to keep are among his personal favorites.

To those who choose to focus on just these two coins and see the situation in a negative light, look at the bigger picture. After four auctions, the Pogue Collection has raised $85,318,218.50. That's a record already for any single collection, and its sale is not over.

The Pogue Collection was clearly assembled over the decades by a family of collectors with a deep admiration of early U.S. coins. Who can blame them for deciding to keep a couple of the greatest coins in American numismatics?

To read the complete article, see:
IN THE END, THE SENTIMENTAL VALUE OUTWEIGHS THE FINANCIAL REWARD (www.coinworld.com/voices/bill-gibbs/2016/05/in_the_end_the_sent.html#)

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