I'm a coin expert - most valuable pieces sold at auction, including the 'big three' for $13million

Publish date: 2024-03-04

AMERICAN coins may be worth much more than their original value.

Ian Russell, president of GreatCollections coin auctions, recently sat down with The U.S. Sun and shared his most valuable collectibles.

The Australian-born coin enthusiast has been in the business his whole life.  

As a teenager, he started working in a stamp shop, but just a few years later found himself working at an auction house in Australia dealing with coins and paper money.

Now he's president of one of the largest auction websites, a company he started 11 years ago with his wife.

"I spend most of my days looking at coins or talking to people about coins," Ian half-jokingly told The U.S. Sun.

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But even though he's been to hundreds of coin shows and typically auctions up to 5,000 per week, Ian is never done studying.

"We're always learning, we're always seeing new and wonderful coins. There are new discoveries that come out," he said.

HIGH PRICED SALES

GreatCollections has had some impressive sales in the last few years.

Recently, a collection of Lincoln pennies sold for $7.7million after Stewart Blay, a numismatist and a sculptor, passed away.

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This was huge for the auction site as Ian said the last record for a Lincoln cent collection was likely less than a million dollars.

“The collection is probably the most striking realization because the coins are so modern and nothing has ever come close to it,” Ian said.

Just one of the coins, the 1958 Lincoln cent, was so rare and valuable due to its severe doubling on some of the lettering.

This particular penny sold for a record $1,136,250 after 117 bids.

The site also handled the private sale of America’s first silver dollar which was sold for $12million.

Rare coin experts believe that this is the first silver dollar ever struck by the United States Mint - which led to its high price.

Ian has also seen two 1913 nickels - both valued at over $4million.

In fact, one of them was worth $4.2million as there are only three in private hands and only five were minted.

The obverse on the 1913 Liberty Head Nickel features Lady Liberty wearing a crown with stars above her head.

While the reverse showcases a large V in the middle which is also why it's known as the V nickel.

This coin is so valuable because of its error - the U.S. Mint forgot to place the word CENTS on it making it ripe for scammers to pass them off as higher values.

THE BIG THREE

Back in 2021, GreatCollections acquired three coins that each set a record in price.

Dubbed the big three, the total price was $13.35million and was completed on Thanksgiving.

The coins were:

Collector Bruce Morelan owned the coins and acquired them individually over the past years.

Only a few collectors over the past century have owned all three, including Louis Eliasberg, Col. E.H.R. Green, Dr. Jerry Buss, and Bruce Morelan.

“This record-breaking deal was consummated in less than 24 hours, after a 10-minute conversation with Laura on the day before Thanksgiving," Ian said.

The value of those coins can be attributed to their high grade and low mintage.

COLLECTING FOR BEGINNERS

For those looking to start collecting or selling, Ian recommended starting small.

“The highest end of the numismatic market is not the normal part of the market,” Ian said.

This means looking for coins that are available for $100, $300, $500, or less.  

Consider an 1880s Morgan silver dollar that contains a little over three-quarters of an ounce of silver in uncirculated condition. 

Ian said collectors can buy those points for around $60 and you’re getting a piece of history.

While they're not necessarily rare because they're plentiful, the value of the coins has actually performed quite well over the last 20 years.

Another series of coins to collect is called the seated Liberty series, which was produced in the 1919 century prior to the Morgan dollars.

Modern coins are a great collector's item also.

In 2021, the U.S. Mint produced Morgan and Peace Silver Dollars.

As the Morgan dollar stopped being minted in 1921, these marked the 100th anniversary of its last year.

It also marked the first year of minting of the Peace Dollar.

The coins come in a set but Ian said some folks bought just one of the coins for around the $100 mark but are now worth over $1,000 due to condition and demand.

"We had clients that bought 10 coins from demand and maybe five of them graded 70 and $1,000 silver coins now,” Ian said.

BUYING AND SELLING TIPS

When it comes to buying and selling, there are a few things to consider.

Firstly, make sure that you get your coin graded and appraised - even if it is of low value.

This will ensure that what you have is indeed valuable and is an indicator to other buyers that you are legitimate.

Plus, grading your coin by a third party may even help you with pricing your coin higher.

Another important tip is to do your research.

This includes buying from reputable sources, learning market values, and understanding any risks when buying.

One of the biggest risks new collectors make is thinking they are getting a great deal.

This is why understanding prices and what makes coins valuable is so important.

OTHER COIN SITES

While GreatCollections offers a variety of coins and other valuables, there are plenty of other sites to check out.

Heritage Auctions is another major player in the collectible game and has thousands of items up for auction on a daily basis.

Much like GreatCollections, some of the items from Heritage Auction have recently sold for record prices.

This includes an 1870-S Three Dollar Gold which sold for an impressive $5.5million due to its rarity.

Another great site is Stack’s Bowers as it is known for its rare coins.

The company has been around for nearly one century and includes a catalog and sales of some of the most valuable U.S. coin and currency collections.

WHAT MAKES A COIN VALUABLE?

While grades and errors are among the popular factors to determine a coin’s worth, the U.S. Mint can also add value.

Rarity is a nice selling point for collectors so pricing may come down to how many are produced.

Sometimes, if the Mint produces too many coins, it will get criticism. 

Funnily enough, it will also get criticized for underproducing. 

More often than not, if one coin sells out too quickly, the next issue the Mint will likely produce too many.

For example, Ian said the Mint got it right in 2021 when it produced the Morgan and Peace Silver Dollars.

Ian feels these coins have the right mintage as their price has gone up around the world.

“It's a very fine line, they have to predict in advance. I used to say that whatever they will do, it'll be a mistake,” Ian said.

THE AUCTION PROCESS

GreatCollections was started as a way to improve how coins and paper money are sold at auction.

Collectors can buy and sell at many places and platforms, but very few ensure safe transactions while keeping both parties confidential.

The company has weekly auctions where bidders can purchase tons of certified coins.

"They range in value from $20, $50, right up to coins worth $1million or more and everywhere in between," Ian said.

GreatCollections deals with thousands of collectors every month, either in bidding or in consigning.

Read More on The US Sun

The U.S. Sun revealed the exact details to look for to find rare pennies.

Plus, a rare $2 bill sold for over $19,000 due to a specific doubling error.

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