2021 Was Record Year for Million-Dollar Rare Coins
The market for high-grade, rare United States coins soared in 2021. A record 22 U.S. coins sold at auction for $1 million or more and hundreds of other historic coins and banknotes priced from $1,000 and up set new records, according to the Professional Numismatists Guild (PNG). e PNG is a nonpro t organization composed of many of the country’s top rare coin and paper money dealers.
Based on responses to a year-end PNG questionnaire, the aggregate prices realized for all U.S. rare coins sold at major public auctions in 2021 totaled more than $551 million, compared to nearly $369 million in 2020. Public auctions of U.S. banknotes in 2021 totaled more than $50.5 compared to $50.6 million in 2020, bringing the combined aggregate auction sales of rare U.S. coins and paper money in 2021 to nearly $602 million.
“Spectacular prices were realized for superb quality, historic, rare coins and banknotes as the numismatic market soared online and as collectors and dealers began to return to in-person shows and conventions across the country,” said PNG President Richard Weaver.
e most valuable rare coin sold in 2021 was a 1933 double eagle (U.S. $20 denomination gold coin) owned by shoe designer Stuart Weitzman. It brought $18.9 million at a Sotheby’s auction, setting a record price for any rare coin.
“In addition to the 22 U.S. coins that sold for $1 million each or more at auction, about a dozen others reportedly changed hands in private transactions. e previous record year for million-dollar U.S. coin sales was 17 in 2015,” said Weaver. “Also, at least 10 rare coins from other countries were sold for $1 million or more by U.S.-based auction houses in 2021.”
Participating auction firms were Alex Cooper Auctioneers, Bonhams, Early Cents Auctions, Ira & Larry Goldberg Auctioneers, GreatCollections Coin Auctions, Heritage Auctions, David Lawrence Rare Coins, Legend Rare Coin Auctions, Scotsman Coin & Jewelry, Sotheby’s and Stack’s Bowers Galleries.
e most valuable rare coin sold in 2021 was a 1933 double eagle owned by shoe designer, Stuart Weitzman. It brought $18.9 million at Sotheby’s auction, setting a record price for any coin.”
PCGS RECLASSIFIES EARLY AMERICAN FUGIO CENT AS REGULAR ISSUE FEDERAL COIN
The Fugio Cent has long been one of the most enjoyed early American collectibles, and now numismatists can count it as the earliest of all United States regular-issue coins. Professional Coin Grading Service (PCGS) is announcing the groundbreaking reclassification after an exhaustive study carried out by a team of leading numismatic experts.
“The Fugio Cent is one of the most popular coins from the early Federal period, so it’s a big deal when new research sheds enough light to completely reshape the hobby’s understanding of an iconic coin like this,” says PCGS President Stephanie Sabin. “By officially recognizing the Fugio Cent as a regular-issue circulating coin based on the overwhelming evidence presented by our numismatic experts, we help enhance the hobby’s understanding of this important coin and its foundational role in the early United States monetary system.”
Among the evidence for reclassification is a measure passed by the Board of Treasury on April 21, 1787, noting that Fugio Cents were to be “of the federal standard” per weight standards stipulated in the 1786 report for United States gold, silver and copper coins. As part of these standards, cents were to contain 157.5 grains of pure copper. When Congress authorized the contract for Fugio Cents on this date, the intent was to produce coins that were needed in commerce. The reclassification of the Fugio Cent means PCGS will list them among regularissue coinage, under the heading of “Federal Contract Coinage,” and they will retain their position among PCGS Colonial Registry Sets.