The landmark sale of the Eric P. Newman Collection Part II shattered expectations when it realized a total of nearly $23.4 million, or more than 50% above the presale estimate, when it was sold by Heritage Auctions in New York on November 15 and 16. The 1,827 coins, all certified by Numismatic Guaranty Corporation® (NGC®), were selected from the collection of noted numismatic writer and researcher Eric P. Newman.
The top lot in Newman Part II was a phenomenal 1796 Quarter graded NGC MS 67 +★ that sold for $1,527,500—a new record for a silver minor coin and the second coin from the Newman Collection to sell for more than $1 million. The finest known example of this coveted first-year issue, it was purchased by Newman for only $100 from the estate of “Colonel” E.H.R. Green in the early 1940s.
Including the 1796 Quarter, a remarkable 46 coins in the sale broke the psychologically significant $100,000 barrier.
“These outstanding results are a clear indication of the strength of the rare coin market and of NGC-certified coins in particular,” says NGC Chairman Mark Salzberg. “Recent auction results have shown that collectors of the finest and rarest coins place considerable weight on NGC grading.”
Many of the most significant results in Newman Part II came from his Early Bust Dollars. Among them was the $910,625 price for the NGC MS 66 +★ , 1795 Draped Bust, Off Center Dollar, which now holds the record for the highest price ever paid at auction for a 1795 Dollar. Newman’s 1799 7×6 Stars Dollar graded NGC MS 67 realized an impressive $822,500, a record price for its date. Both pieces were originally purchased by Newman from the Green estate for $75 and $30, respectively.
Newman’s exceptional No Motto Seated Liberty Quarters also achieved a number of record-breaking results. These selections were led by his 1840-O No Drapery Quarter, which at NGC MS 67 ★ is a full two points above the next finest example. It sold for $329,000 or more than 12 times the previous auction record for this date. The finest known Proof 1861 Quarter, graded NGC PF 68 ★ Cameo, sold for $188,000. The previous auction high for a Proof 1861 Seated Liberty Quarter was $16,100.
Another notable specimen was Newman’s 1838 No Drapery Quarter graded NGC MS66+ , which sold for $141,000. This result was nearly triple the price paid for a higher graded example of this date just four years ago.
“Mr. Newman had an amazing eye for rarity and quality that was far ahead of his time,” adds Salzberg, chairman of NGC. “His incredible understanding of these nuances enabled him to assemble one of the greatest collections in history. We feel very privileged to have been chosen to certify selections from such a monumental collection.”
Other important prices realized include $470,000 for the 1796 16 Stars Half Dollar graded NGC MS 63 and $646,250 for the 1795 Flowing Hair, Three Leaves Dollar graded NGC MS 65. An attractively toned 1807 Quarter graded NGC graded MS 66 ★ captured $411,250, while a unique Proof 1818 Quarter graded NGC PF 67 sold for $381,875.
“NGC’s accurate and consistent grading of the Eric P. Newman Part II coins gave our buyers the confidence to spend record sums at auction. As always, NGC did a fantastic job and exceeded our expectations at every stage of the process.”
Jim Halperin, Co-Chairman, Heritage Auctions
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“The monumental sale of Eric P. Newman Part II showed that there is incredible market demand for NGC-certified coins. In fact, despite bidding more than $10 million on the NGC-certified coins in the auction, I was successful with only 1% of my bids. Without a doubt this sale is a game-changer for NGC and the rare coin market.”
John Albanese, President, Certified Acceptance Corporation (CAC)
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“The NGC-certified Eric P. Newman Part II sale was a resounding success and I was impressed by the accuracy of NGC’s grading. It’s not easy to assign grades to coins that are the finest known, but I think NGC hit the mark. Collectors voted with their pocketbooks and clearly agreed with the NGC grades by paying record sums for the NGC-certified coins in the sale.”
Laura Sperber, Co-President, Legend Numismatics
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“After certification by NGC the Eric P. Newman Part II coins realized an extraordinary $23.3+ million, all of which will be used for charitable purposes. We could not be more pleased with NGC’s grading and the results of the sale.”
Stuart Levine, Adviser to Eric P. Newman Numismatic Education Society
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Newman is well known among numismatists for his scholarly contributions, and his generosity is further shown by the donation of all proceeds from the sale to charitable pursuits.
The next installment of the Eric P. Newman Collection will be sold by Heritage Auctions in New York, January 14 to 16, 2014. The highly anticipated Newman Part III is also certified by NGC and will include selections from Newman’s world coin collection.
EPNNES Foundation Statement
Items being sold are from the extensive collection of Eric P. Newman Numismatic Education Society (a Missouri not-for-profit corporation) and have been assembled over a period of 90 years. Proceeds of the sale of all items will be used exclusively for supplementing the Society’s museum operations and scholarly numismatic research efforts and for the benefit of other not-for-profit institutions selected by Eric P. Newman Numismatic Education Society for public purposes.
