Early American regulated $15 gold coin sells for $152,750

18 May

A unique, early American regulated $15 gold coin marked by Boston goldsmith Joseph Edwards, Jr. drew intense bidding during Daniel Frank Sedwick, LLC’s Treasure, World, US Coin & Paper Money Auction 23, held online May 15-16, 2018.

The coin’s rarity stems from a small IE countermark on a plug in what was once a Lima, Peru, cob 8 escudos dated 1741V. The NGC slab label denoted the coin’s grade of XF 40 as well as its unique association with Joseph Edwards, Jr. The coin, accompanied by an article on its history and pedigree to the Julius Brown sale of 1911, sold for $152,750 on a $100,000 and up estimate.

regulated

Lot 83 – USA, regulated $15, Joseph Edwards plug and countermark (Boston, ca. 1780) on a Lima, Peru, cob 8 escudos, 1741V, extremely rare, NGC XF 40, ex-Brown (Chapman, 1911).

Daniel Sedwick, president of Daniel Frank Sedwick, LLC, said the regulated $15 gold coin first appeared on the market in the 1911 sale, where the significance of the regulation mark went unnoticed. The coin sold for just $19 then.

“It was especially rewarding to see an exceptional result on lot 83, the first gold cob 8 escudos known to be regulated to a $15 standard with the mark of Joseph Edwards, Jr,” he said. “A record number of bidders propelled prices to strong levels in many areas, but particularly in gold cobs and shipwreck ingots, our specialties.”

Overall, the auction featured 2,001 lots and realized $1.65 million. All prices listed include a 17.5 percent buyer’s premium.

Lima

Lot 18, an NGC-graded MS 62 Lima, Peru, cob 8 escudos dated 1712M from the 1715 Fleet which sank off of the east coast of Florida.

The majority of top-selling gold cobs were those recovered from the 1715 Fleet, which sank off the east coast of Florida. Lot 18, an NGC-graded MS 62 Lima, Peru, cob 8 escudos dated 1712M sold for $25,850 on a $12,500 to $20,000 estimate. Another high performer was an NGC-graded MS 61 Mexico City, Mexico, cob 8 escudos dated 1715J (lot 6) that went for $18,800 on a $10,000 to $15,000 estimate.

Shipwreck ingots attracted interest as a trio of Atocha (1622) silver “loaf” bars (lots 243-245) in Class Factors 0.7, 0.9 and 1.0 (the highest quality) sold for $30,000, $32,500, and $48,500 respectively. Another Atocha ingot, a cylindrical “piña” ingot (lot 246), brought in $30,550 while a half-cut gold finger bar (lot 238) from the “Golden Fleece wreck” sold for $31,725.

Atocha

Lot 243, a Class Factor 1.0 silver bar weighing 88 troy pounds, 3.84 troy ounces found in the Atocha shipwreck.

Agustín García-Barneche, vice president of Daniel Frank Sedwick, LLC, was equally enthusiastic for shipwreck coins as well as world gold and silver coins.

“Our spring auction resulted in energetic bidder competition, especially in our Shipwreck and Latin America coin sections,” he said. “We positioned our company in a market that allows us to reach and attract consignors and bidders of Latin American numismatics.”

Latin American coin highlights in the World Gold Coins section included an NGC-graded XF details Costa Rican 8 escudos dated 1828F (lot 152) sold for $10,575 on a $8,000 to $12,000 estimate. In World Silver Coins, a Costa Rican 8 reales with an 1846JB 2-reales counterstamp and a “8” countermark on a Guatemala cob 8 reales (lot 1143) sold for $8,225 on a $7,000 to $10,000 estimate. Another rarity sold was a Mexico City, Mexico, pillar 8 reales dated 1733MF and graded NGC AU 53 (lot 1319) which blazed past its $2,000 to $3,000 estimate to reach $4,406.

Other top lots include:

  • Lot 1, a Mexico City, Mexico cob 8 escudos, undated but with visible assayer’s mark J from the 1715 Fleet graded NGC MS 61 sold for $10,869.
  • Lot 5, a Mexico City, Mexico 1714J cob 8 escudos from the 1715 Fleet graded NGC MS 63 sold for $10,810.
  • Lot 15, a Lima, Peru 1711M cob 8 escudos from the 1715 Fleet sold for $20,562.
  • Lot 194, a Mexico City, Mexico 1823JM Iturbide 8 escudos plated in James Bevill’s book The Paper Republic (2009) sold for $7,050.
  • Lot 242, a silver “tumbaga” bar weighing 2,801 grams from the “Tumbaga” wreck (ca. 1528) sold for $9,400.
  • Lot 466, a large clump of encrusted cob 8 reales weighing 1,266 grams from the 1715 Fleet sold for $6,462.
  • Lot 470, a Mexico City, Mexico cob 4 reales from the Whydah (1717) sold for $13,630.
  • Lot 608, an 1856-S Liberty Head double eagle graded NGC UNC details / sea salvaged from the “Fort Capron treasure” (1857) sold for $3,819.
  • Lot 878, a Potosi, Bolivia 1666E cob 8 reales Royal sold for $10,575.
  • Lot 989, a Santo Domingo, Dominican Republic enriched billon 11 maravedis sold for $8,225.
  • Lot 1568, a San Juan, Puerto Rico, Banco Español 20 pesos specimen (ca. 1889) graded PMG Gem UNC 65 EPQ sold for $1,410.
  • Lot 1599, a small, 7” piece of gold “olive blossom” chain from the 1715 Fleet sold for $4,759.

Full auction results can be viewed online at auction.sedwickcoins.com. Daniel Frank Sedwick, LLC is accepting consignments for their Treasure, World, U.S. Coin and Paper Money Auction 24 through Aug. 20, 2018. The sale will be held at the Disney Springs Doubletree in Orlando, Florida on Nov. 1-3, 2018. For more details, please contact Daniel Frank Sedwick, LLC by email at office@sedwickcoins.com.

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