In addition to faring well in Internet sales during the month of June, CAC approved coins outperformed other certified coins in a live auction at a Long Beach Expo in California. Here are 10 examples, which were selected from a large number of results that could have been listed.
1. 1914-S $10 Gold Eagle in MS-64
On June 6, Heritage auctioned a CAC-approved MS-64 grade 1914-S $10 gold coin for $14,400. On May 16, Legend auctioned a PCGS-graded MS-64 1914-S $10 gold coin, without a CAC sticker, for $5,405. Back on January 14, 2019, Heritage auctioned two CAC-approved MS-64 grade 1914-S $10 gold coins and one PCGS-graded MS-64 1914-S $10 gold coin without a CAC sticker. The two with CAC stickers realized $13,200 and $12,000, respectively, while the non-CAC, PCGS-graded MS-64 coin went for just $5,280. Multiple instances suggest a CAC premium of well over 100%!
2. 1877 Three Cent Nickel in PF-65
On June 7, Heritage auctioned an NGC-certified Proof-65 1877 Three Cent Nickel with a CAC sticker for $3,120. In October 2018, Heritage auctioned a PCGS-certified Proof-65 1877 Three Cent Nickel without a CAC sticker for $2,760. In September 2018, GreatCollections sold a PCGS-certified Proof-65 1877 Three Cent Nickel without a CAC sticker for $2,772.
3. 1919-D Buffalo Nickel in MS-64
On June 7, a CAC-approved MS-64 1919-D Buffalo nickel was auctioned by Heritage for $1,860. In March 2019, Heritage sold a PCGS-graded MS-64 1919-D Buffalo nickel without a CAC sticker for $1,560.
4. 1894 Morgan Silver Dollar in MS-63
On June 7, Heritage auctioned an NGC-graded MS-63 1894 Morgan silver dollar with a CAC sticker for $45,60. The two previous lots in the same auction session were PCGS-graded MS-63 1894 Morgans without CAC approval. These two realized $3,840 and $3,600, respectively.
This CAC premium in June was not an anomaly. Heritage sold a PCGS-graded MS-63 1894 Morgan without a CAC sticker for $3,844.80 in April and a CAC-approved MS-63 1894 Morgan for $4,560 in March, the same price that the NGC-graded MS-63 1894 with CAC approval realized in June.
5. 1816 Large Cent in MS-62
On June 9, Heritage sold a CAC-approved MS-62 1816 large cent with a ‘brown’ (“BN”) designation for $900. On March 4, Stack’s Bowers sold a PCGS-certified ‘MS-62BN’ 1816 large cent without a CAC sticker for $660. In August 2018, Heritage sold a PCGS-certified ‘MS-63BN’ 1816 large cent without a CAC sticker for $780.00. Note: the non-CAC piece that sold for $780 was PCGS-graded MS-63, while the CAC-stickered coin that was just auctioned for $900 was PCGS graded MS-62!
6. 1947 Lincoln Cent in MS-67
On June 9, Heritage sold a CAC-approved MS-67 1947 Philadelphia Mint Lincoln cent with a ‘full red’ (“RD”) designation for $2,280. In January 2019, Heritage auctioned a PCGS-graded MS-67 1947 Lincoln cent, also with a ‘full red’ (RD) designation but without a CAC sticker, for $1,140 – exactly half as much as the just mentioned CAC-approved coin. Back in March 2018, Stack’s Bowers auctioned a PCGS-certified ‘MS-67RD’ 1947 cent without a CAC sticker for $1,440, less than two-thirds of the amount that the just-mentioned CAC-stickered ‘MS-67RD’ 1947 cent realized on June 9.
7. 1796 Dime in AU-55
On June 9, GreatCollections sold a CAC-approved AU-55 1796 dime for $18,112.50. Although auction results that are more than three years old are not usually employed for fair comparisons, auction appearances of AU-grade 1796 dimes are infrequent. Furthermore, market levels overall were higher in 2015 than they are in the present.
In March 2016, Heritage auctioned a PCGS-graded AU-58 (higher than AU-55) 1796 dime without a CAC sticker for $15,275, much less than the current auction result for a PCGS-graded AU-55 1796 dime with a CAC sticker. In October 2015, Heritage auctioned a PCGS-graded AU-55 1796 dime without a CAC sticker for $12,925. Back in February 2014, GreatCollections sold a different CAC-approved AU-55 grade 1796 dime for $18,719.80.
8. 1835 Dime in MS-64
On June 9, GreatCollections sold a CAC-approved MS-64 1835 dime for $4,123.12. At the Central States Convention in April 2019, Heritage auctioned a PCGS-graded MS-64 1835 dime without a CAC sticker for $3,360. At the FUN Convention in January 2019, Heritage sold another PCGS-graded MS-64 1835 dime without a CAC sticker for $2,640. Market levels for these have not risen since January. The CAC coin realized a large premium.
9. 1875-S Twenty Cent Piece in MS-64
On June 9, GreatCollections sold a CAC-approved MS-64 grade 1875-S Twenty Cent piece for $1,546.88. In March, Heritage auctioned a PCGS-graded MS-64 1875-S Twenty Cent piece without a CAC sticker for $1,170. On January 31, 2019, at a Long Beach Expo, Heritage auctioned another PCGS-graded MS-64 1875-S Twenty Cent piece, without a CAC sticker, for $1,140, much less than the amount that a CAC-approved 1875-S brought this month in a GreatCollections sale.
10. 1853 Arrows & Rays Quarter in MS-64
On June 9, GreatCollections sold a CAC-approved MS-64 grade 1853 Arrows & Rays quarter for $2,874.28. This result is consistent with the price realized, $2,820, for another CAC-approved MS-64 grade 1853 Arrows & Rays quarter in a Legend auction on January 27, 2019. Non-CAC PCGS-graded MS-64 1853 quarters have been bringing much less than $2,800 in Heritage auctions: $2,280 in early January 2019; $1,920 in November 2018; $2,280 in January 2018, and $2,160 also in January 2018.
I am a huge fan of CAC but you should not shun PCGS or NGC coins just because CAC has rejected them. PCGS and NGC employ expert graders. Both services guarantee to reimburse buyers for coins over-graded by their respective firms, as my experiences have proven. Just because a coin is not high-end for its grade — and thus not CAC-able — does not mean that you should refrain from buying it. A non-CAC MS65 is still nicer than a CAC MS64.