The Business of Numismatics: May 2026 Greysheet Editor's Letter

The Stack’s Bowers Spring Showcase sale, which was mentioned in our prior issue, had 22 lots that reached six-figure territory, led by an 1882 Proof Liberty Head double eagle in the lofty grade of PCGS/CAC PR66DCAM which sold for $810,000.

Unsurprisingly, a bronze 1943-S Lincoln cent set a record for the grade, and nearly an overall record for the date, when a PCGS/Gold CAC AU55 example sold for $456,000. This same coin sold in 2016 for $211,500. The overall price record for the 1943-S cent struck on a bronze planchet is $504,000 for the PCGS/CAC MS63BN Simpson Collection example, which was last sold publicly in November 2020.

I thought the last of the 22 lots to reach six figures was noteworthy, as it is a somewhat esoteric but nonetheless beautiful item. At $102,000 was an 1895 Hawaii Princess Kaiulani "4 Dolphins"medal struck in copper. Part of a group of medals privately struck by British numismatist Reginald Huth, this particular medal is thought unique in copper, and thankfully is wonderfully preserved, grading PCGS PR65BN. When this medal was last traded in January 2018, it brought $66,000, showing that the allure of the short-lived Kingdom of Hawaii certainly resonates with collectors.

Finally, one of the more interesting lots in the Spring Showcase auction, from a market perspective, was lot number 3030, which was set number 82 of the 2025 Omega Lincoln cents. As most will recall, all 232 sets were auctioned just over three months prior. First time around this set sold for $52,500, while this time—now sporting green CAC stickers—it sold for $69,000. It is important to note, though, that the original sale of the sets did not have a buyer’s premium, as has been standard when the items are being sold on behalf of the United States Mint. With the buyer’s premium factored into the price second time around, we find that the hammer was very close to the original $52,500. Nonetheless, a 31.4% return on the "all in" price is encouraging.

A short couple of weeks after the Stack’s Bowers Spring Showcase sale came a U.S. Coins Signature Auction from Heritage which saw total prices realized reach $11.9 million. Gold led the way in this sale with the top nine lots being gold coins or ingots. The top lot, a 1796/5 Bust Right half eagle graded NGC MS64 sold for $256,200. This same coin sold just a handful of months ago, in October when it realized $252,000. There were three early California gold ingots sold in this sale, all recovered from the S.S. Central America. With the gold spot price being where it is, it is always interesting to check the prices relative to the melt value of the bars. The first bar was 26.30 Troy ounces and sold for $146,400. On the day of the sale (which was a Thursday), the gold spot price was right about $4,497, giving this bar a melt value of $118,271. The next bar was 18.6 Troy ounces and sold for the same amount, $146,400, while its melt value was less at $83,644. The difference between the two bars is the assayer, as the first was from Kellogg & Humbert while the second was from Justh & Hunter. Just as we have seen with gold coinage, the high gold price had shaved down some of the numismatic value of gold items.

Sincerely,

Patrick Ian Perez, patrickp@whitmanbrands.com