Buyers break the catalogue at Torex

By Bret Evans

Michael Walsh expressed pleasure with the results from his February Torex sale, held Feb. 22 "Over 83 per cent of the lots sold and the total prices realized averaged over 86 per cent of catalogue," Walsh told Canadian Coin News. "More than 350 of the lots sold at prices in excess of catalogue value, 32 of them selling at over double catalogue.

"I had a total of 741 bidders registered for the sale, with 158 of them successful in winning lots" said Walsh. "Of the 61 floor bidders, 51 of them were successful, taking 47.8 per cent of the lots and 58.7 per cent of the value of the auction. There were 491 registered online bidders, but only 147 of them were successful in winning lots, taking 37.7 per cent of the lots and 25.4 per cent of the value. The strength of the floor and online bidding made over two-thirds of the mail bidders unsuccessful. Only 60 of the 189 mail bidders won lots, taking 14.5 per cent of the lots and 15.9 per cent of the value."

The Friday evening session opened with paper money. "Prices started out strong, and just kept on that way", said Walsh.

Among the paper highlights are: lot 29, a Dominion of Canada 1900 $4 DC-16 in AU catalogued at $8,500, which sold to a floor bidder for $12,650 after a bidding battle with an online bidder; lot 66, a 1924 Queen Mary $5 in AU, catalogued at $11,500 sold to a floor bidder for $19,550 after a bidding tussle with a telephone bidder; lot 92, a 1935 French $1,000 in VF catalogued at $9,000 sold to a floor bidder at $14,950; lot 127, a 1937 $1,000 in Uncirculated catalogued at $12,000 sold to a floor bidder for $17,250 and Lot 243 a 1909 Royal Bank of Canada $5 CH 630-10-04-14 in VF, catalogued at $2,000 sold for more than twice catalogue at $5,100 to an online bidder.

Tokens followed the paper, and the strong prices continued. Some of the notable results are: lot 273, an 1838 Side View Halfpenny, LC-10A3 in ICCS AU-50 catalogued at $3,000 sold to a floor bidder for $$4,025; lot 283, a Molson Thick Flan, LC-16A1 in ICCS VF-20 catalogued at $750 sold to a floor bidder for $1,150; lot 284, a Molson Thin Flan LC-16A3 in ICCS VF-30 catalogued at $900 sold to a floor bidder for $1,200; lot 349, a Breton 925 North West Company 1820, Brass, holed graded VF corroded and cleaned, catalogued at $4,000 sold to a floor bidder for $6,900.

Among the more than 100 lots of gold, lot 543, a 1914 Canadian $5 in ICCS MS-60 sold to a mail bidder for 87 per cent of catalogue at $1,092; lot 549, a 1908C Canadian Sovereign in PCGS SP-64 catalogued at $7,500 brought $8,050 from a floor bidder and Lot 629, a US 1908 Motto Eagle graded as Choice Uncirculated and catalogued at $1,000 sold to an internet bidder for $1,680.

Among the World Coins, there were over 250 lots of U.S. coins. These sold strongly at an average of over 86 per cent of catalogue value. Some of the highlights here are lot 703, an 1858 Flying Eagle, Small Letters graded as Uncirculated, which sold for over 150 per cent of catalogue at $402.50; lot 746, a 1977-S Lincoln Cent in PCGS PR-70 Deep Cameo catalogued at $1,500 sold to a mail bidder for $2,300; lot 811, a 1916-D Barber Quarter in NGC MS-65 sold for over 95 per cent of its catalogue of $900 to a floor bidder; and lot 953, an 1867-S half graded as Uncirculated sold to a floor bidder at $1,207.50, more than triple its catalogue value.

The second session was entirely devoted to Maritime and Canadian Decimal coins. Among the Maritime highlights were lot 945, an 1862 New Brunswick 20-cents in ICCS MS-66, which sold to a floor bidder for $13,225; lot 994, a 1946C Newfoundland 5 cents in ICCS AU-50 brought 98 per cent of its catalogued value of $2,000 from a floor bidder; and lot 1007, a 1944C Newfoundland 10 cents in ICCS MS-65 sold to a floor bidder for $3,450.

Canadian copper continued its recent strong showing. Standouts among the large cents are lot 1126, an 1859 Wide 9 Over 8 in ICCS MS-63 Red and Brown, sold to a floor bidder for $2,185, more than 120per cent of catalogue; lot 1150, an 1884 Obverse 2 in PCGS MS-64 Red sold to a floor bidder for $2,990, more than double catalogue; lot 1161, an 1891 Small Date Large Leaves, obverse 3 in ICCS MS-60 Brown sold to a mail bidder for $1,380; lot 1170, an 1895 in PCGS MS-64 Red sold to a floor bidder for nearly double catalogue at $1,840; lot 1192, a 1907H graded as Choice Red and Brown Uncirculated sold at $1,840, more than four times its catalogued value; lot 1209, a 1913 in ICCS MS-66 Red sold for $4,800 on a catalogue of $5,000.

George VI and Elizabeth pieces in gem condition continued from previous strengths. Some examples are: ;ot 1405 a 1937 Matte 5-cents in PCGS SP-67 catalogued at $250 sold for $660; lot 1411, a 1944 5-cents in ICCS MS-66 sold for $299, nearly 150per cent of catalogue; lot 1526, a 1957 10-cents in ICCS PL-66 Heavy Cameo sold for $312, more than double catalogue; lot 1366 a 1944 25-cents in ICCS MS-65 sold for $690, more than 150 per cent of catalogue; lot 1672, a 1948 25-cents in ICCS MS-66 sold for 240 per cent of catalogue at $960; lot 1683, a 1954 25-cents in ICCS MS-65, which was catalogued at $350, sold for $1,200; lot 1700, a 1962 25-cents in ICCS MS-65 Ultra Heavy Cameo sold for $977.50; and Lot 1707, a 1965 in ICCS MS-66 brought more than triple catalogue at $977.50.

Significant among the 50-cents pieces was lot 1775, the 1937 in ICCS MS-65, which was catalogued at $1,000, opened at $1,300 and after a protracted bidding battle among mail, floor and internet bidders, finally sold to a floor bidder at $4,312.50; lot 1784, a 1946 Design in 6 graded as Uncirculated sold over catalogue at $2,160 and all of the Elizabeth pieces in ICCS MS-65 sold for between 109 per cent and 207 per cent of catalogue.

"Again this auction, Silver Dollars were hot", said Walsh. The 1948s all sold between 89.4 per cent and 102.2 per cent of catalogue, the 1950 in ICCS MS-66 sold for 138 per cent of catalogue at $690; the 1950 Short Waterlines in ICCS MS-65 sold for 320 per cent of Trends at $2,880; the 1952 No Waterlines in ICCS MS-65 sold for 138 per cent of Trends at $2,070; the 1954 in ICCS MS-65 sold for more than 250 per cent of Trends at $4,025; the 1955 in ICCS MS-65 sold for more than 168 per cent of Trends at $2,530; the 1957 One Waterline in ICCS MS-64 sold for $600; the 1963 in ICCS MS-65 sold for more than 270 per cent of Trends at $2,040; and the 1965 Type 3 in ICCS MS-65 Heavy Cameo sold for more than 192 per cent of Trends at $1,440.

A few significant results from older Canadian pieces are: lot 1453, an 1875H 10-cents in ICCS AU-58 catalogued at $6,500 sold to a floor bidder for $10,350; lot 1506, a 1934 10-cents in ICCS MS-65 catalogued at $3,000 sold to an internet bidder for $3,120; lot 1551, an 1880H Wide 0 25-cents in ICCS MS-62 sold to a floor bidder for 96 per cent of catalogue at $12, 075; lot 1578, an 1894 25-cents piece PCGS MS-63 sold to a floor bidder for 89 per cent of catalogue at $2,760; lot 1646, a 1936 25-cents piece in ICCS MS-65 sold at $805, 161 per cent of catalogue; and lot 1740, a 1890H Obverse 4 50-cents in ICCS VG-8 sold for 98.6 per cent of catalogue at $1,380.

April 1 to April 14, 2008 issue of Canadian Coin News