Member Journal Entry:

Naftzger, 2 of 6

Posted: 3/3/2009 11:05:49 PM | Views:589

One of the finest 1833 N-2 cents

My continuing notes from the Goldberg's sale of the Naftzger middle date large cents...

Having settled in to the bidding, and 'winning' an 1831 cent, my next target was a nice 1832 to upgrade my MS63. There were five candidates, two of which I expected to go for 5 figures (they did), preceded by three I might be able to get. For some unknown reason, I stopped bidding on the first, an MS66BN (this, and almost all of the Naftzger cents are in PCGS slabs), at about two thirds of my preset maximum. The next bid won, as no new bidder jumped in to challenge the one I had been going back and forth with. (Most lots started at or below the low estimates. Bids went up through a series of smaller than standard increments. Thus, the auctioneer kept himself busy and progress was slow, which you may recall kept me from missing the whole event.) The next lot, an MS65BN, went for more than my maximum. My last chance at an 1832, another MS66BN, went to another bidder for what I had set as my maximum.

Having been shut out of the 1832s, I jumped on the first 1833, a nice MS65RB, whose "red" is mostly on the obverse. Two other bidders and I were being recognized repeatedly in turn. When my maximum came, it was the next bidder's turn. I decided to bid one more time when my turn came. That bid won. The final 1833 cent, an MS66BN and a nice coin, sold for less than half as much, but I like mine better. And because cents earlier than the 1840s are especially scarce with any original color, the registry gives more points for a 65RB than a 66BN.

There is a "condition census" for each die variety. Two prominent copper experts have compiled independent censi. This coin is MS65+ and tied for CC#1 in the Bland census, MS65 and tied for CC#2 in the Noyes census. During the auction, I was sitting next to Bill Noyes, who commented to me that this coin was a bargain. Having gone past my maximum, and making this my most expensive coin (to be equaled later in the sale), I was not thinking it was so cheap. He explained that it was a bargain compared to the two 5 figure common variety 1832s of similar quality (but in MS66RB slabs) that had just sold for 4x and 6x what I paid for this 1833. So I felt a little better.

Anyway, here it is! It is highly lustrous, with much red on the obverse, with a mostly brown reverse. There are a few minor spots of darker toning, but they do not detract much from the beauty of this cent.

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