Collector Grade Liberty Seated Quarters Shine in GFRC Online Auctions

While the post-ANA convention auctions featured any number of multi-million dollar rarities such as theChilds-Pogue 1804 dollar, which realized $7.68 million, or the Simpson 1794 dollar ($6.6 million),collector-grade material is also drawing exceptional interest among Liberty Seated set builders. Struck inwidely varying quantities from 1836 to 1891, the Liberty Seated series presents a number of challengesto collectors building date and mintmark sets of these 19th century economic workhorses. The dime,quarter, and half dollar series are particularly extensive, with Guide Book sets consisting of over ahundred examples. Many of these are lower mintage issues that do not trade at significant premiumsover prices, making the Liberty Seated series especially attractive for fans of rarity.

Following the trend of the overall numismatic market, eye appeal has become more of a determinant ofvalue in recent years, especially with the advent of the Certified Acceptance Corporation (CAC), whichcertifies PCGS or NGC-slabbed coins as premium for the grade. Collectors and dealers are noticing higherprices for CAC-certified examples, and published price guides for CAC-approved coins fulfill demand forthe latest market data. This is especially important for Liberty Seated coinage, small change whichgenerally saw extensive circulation. Many survivors are lower grade or exhibit surface problems such asscratches or environmental damage.

As a result, the Liberty Seated coinage market is beginning to exhibit bifurcation, with exceptional piecesdrawing increasingly strong premiums. A recent sale of CAC-approved Liberty Seated quarters, featuringthe Tenafly Collection and conducted by GFRC Auctions is illustrative. This sale, which closed on August28, included a nearly complete set of CAC-certified, collector grade Liberty Seated quarters with anaverage grade in the EF40 range. A noteworthy example was a CAC-approved 1867-S quarter gradedVF20 by PCGS, which sold for $3,250, vs. a CDN CAC valuation of $1,800. The appeal of this example isobvious, with smooth, coin-grey surfaces and even, natural toning. While PCGS has certified 87 pieces inall grades, CAC has approved only ten, and bidders responded accordingly, driving the price to a recordlevel for the grade.

Another notable example from this sale was the 1872 quarter, graded AU50 by PCGS and certified byCAC. The mintage of this issue was ample, at 182,000 pieces, of which PCGS has certified 142 examples.CAC, in contrast, has been much more selective and includes only 14 examples in its census. This piecesold for $1,113, vs. a CDN CAC value of $673. A Civil War issue, the 1863 quarter, with a similar mintage(191,600 coins), also sold strongly. Certified AU53 by PCGS and CAC-approved, this piece sold for $1,450,while the CDN CAC guide lists it at $568. Again, a low CAC population, 29 pieces in all grades, appears tobe an important factor in the auction result.

GFRC Auctions president Gerry Fortin noted

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