As we went about reviewing the activity in the series covered in this Quarterly issue, one trend became quite apparent: the volume of $10 Liberty coins, especially the low mintage
PRESS RELEASE: Sale of Exquisite Japanese Proof Collection Set to Star in Heritage’s NYINC 2017 Signature Auction
**Japanese Meiji Year 13 (1880) proof coins-possibly the most complete set in the world-will be auctioned in Heritage Auctions’ World Coins Signature Auction at the 45th New York International Numismatic Convention, January 8-9, 2017**
**NEW YORK** – Heritage Auctions’ will be offering one of the most coveted Japanese collections at the [2017 New York International Numismatic Convention](https://coins.ha.com/c/auction-home.zx?saleNo=3051&ic=breadcrumb-coins-121913-interior), January 8-9 at the Waldorf-Astoria Hotel. Just a handful of proof coins were produced by the Japan Mint in 1880 for use only in presentation sets.
“Ornate and sharply struck, they are often listed amongst the most beautiful Japanese coins in existence,” said Cristiano Bierrenbach, Executive Vice President of International Numismatics. “Proofs were struck for 13 types, and 11 are present in this collection. It is believed to be the most complete set of Meiji Year 13 proofs outside of the Japanese Mint Museum.”
A [20 Yen Gold PF64 Cameo NGC](https://coins.ha.com/itm/japan/world-coins/coming-soon-/p/3051-13004.s?ic4=GalleryView-Thumbnail-071515) leads the consignment. It is one of the rarest Japanese coins of any era, with less than 10 of the original 103-piece mintage thought to exist. Records indicate an example of this issue has only sold once this century, a PF63 NGC example from the Norman Jacobs Collection realized $230,000 in 2011. The piece features fully mirrored fields and exceptionally crisp details, particularly within the dragon motif and kanji characters.
Only twice in the past two decades have collections of Meiji Year 13 proof coins been offered for public auction. “It’s tremendously exciting to be offering these proofs,” said Cristiano Bierrenbach, Executive Vice President of International Numismatics at Heritage Auctions. “The Pittman sale in 1999 and the Norman Jacobs sale in 2011 attracted bidders from all over the world, and this collection is superior in both quality and completeness.” Between 5 and 15 pieces of each type are thought to exist, as many were destroyed or melted down during the Empire of Japan’s 14 consecutive years of war from 1931 to 1945.
Also starring is a [10 Yen Gold PF64 Cameo NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13003.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=1). Records indicate this is the finest example ever offered at public auction in the West. Although slightly more were struck than the 20 Yen Proof (136), the 10 Yen piece is generally considered more scarce, with only 5 pieces known. An example also sold from the Norman Jacobs Collection, reaching $253,000.
A [5 Yen Gold PF65 Cameo NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13002.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=2) is expected to attract considerable interest from collectors. Although the 5 Yen gold coin was a common circulation strike, the 1880 proof strike is easily the rarest of the gold Year 13 set. Just 79 were minted, and an example has not been offered publicly in 17 years. The [2 Yen Gold PF66 Cameo NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13001.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=3) offered is the finest Meiji Year 13 proof of any denomination or composition known. This example exhibits extraordinarily crisp details and full luster. This is also the rarest pattern offered in the set. Struck periodically between 1876 and 1892, total production of the type was 304. 87 were produced in 1880, and this is believed to be only the third time an example of this rarity has been offered to the public in the West.
Leading the silver offerings is a [1 Yen PF65 NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13005.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=4). This example is believed to be one of the rarer strikes from this already low-mintage set. During the first years of the Meiji Era, 1 Yen coins were produced in both gold and silver. Gold coins were intended to be used domestically, while the silver issues depicting both the composition (.900) and weight in grains (416) were intended for international trade. While circulation examples of the silver 1 yen pieces are quite common, this is the first time Heritage has offered a proof-struck example.
The sale will give collectors an opportunity to purchase two uncirculated proofs from the set for the first time since 1999. The silver [50 Sen PF63 NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13006.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=5) offered is one of approximately 5-6 survivors from the original mintage of 179. A silver [5 Sen PF64 NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13010.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=8) is one of 10-12 thought to exist. A total mintage of 77 not only makes this not only the least-produced coin in the 1880 set, but also the scarcest 5 Sen coin in the denomination’s 76-year history.
*Also featuring in the set:*
Ã· [Silver 20 Sen PF63 NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13007.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=6). One of 96 struck.
Ã· [Silver 10 Sen PF63 NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13011.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=7). One of 77 struck.
Ã· [Copper 2 Sen PF63 BN NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13009.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=9). First proof-strike example to be offered by Heritage.
Ã· [Copper Ã½ Sen PF64 BN NGC](https://coins.ha.com/itm/coming-soon-/p/3051-13008.s?ic3=ViewItem-Auction-Preview-BrowseSearchResults-120115&lotPosition=10). Believed to be the first offered publicly since 1999.
Altogether, the 11-coin collection is expected to realize more than $1 million.
*Heritage Auctions is the largest auction house founded in the United States and the world’s third largest, with annual sales of more than $800 million, and over one million online bidder members. For more information about Heritage Auctions, and to join and receive access to a complete record of prices realized, with full-color, enlargeable photos of each lot, please visit [HA.com](https://www.ha.com/).*
*Want to get the up-to-the-minute updates and breaking news stories about Heritage Auctions? Follow us on [HA.com/Facebook](https://www.facebook.com/HeritageAuctions/) and [HA.com/Twitter](https://twitter.com/heritageauction). To view an archive of Heritage press releases go to: [HA.com/PR](https://www.ha.com/heritage-auctions-press-releases-and-news.s?type=surl-press). To link to this release on your blog or Website: [HA.com/PR-3067](https://www.ha.com/heritage-auctions-press-releases-and-news/sale-of-exquisite-japanese-proof-collection-set-to-star-in-heritage-s-nyinc-2017-signature-auction.s?releaseId=3067).*
Hi-Res images available:
Eric Bradley, Public Relations Director
469-271-2849 or [firstname.lastname@example.org](mailto:email@example.com)
This week’s Bluesheet sees updates across most series reflective of sight-unseen exchange bidding from CCE and CDN Exchange. Gold commems are in demand
As reported by the AFP, a Frenchman who inherited a big house from a dead relative got more than he bargained for when he discovered a glittering treasure trove of
The final two major U.S. currency auctions of the year are now in the books, with Stacks Bowers and Lyn Knight holding auctions in November. Both auctions had strong sell-through rates, an indicator of both demand and realistic expectations on part of their respective consignors.
Stacks Bowers was up first, with their auction in Baltimore. This sale saw ten different notes achieve the five-figure level, with the group a good mix of various types. Unsurprisingly, a small-size large denomination note was the topper – in this case a series 1934 $5,000 from the Chicago district. Graded PMG XF40 Net, it brought $64,625. In large size type, a PCGS CU66PPQ $2 Educational note brought $14,100 to lead the way. Another lot worthy of attention was a Fr.97 series 1875 $10 Legal Tender graded F12 which sold for $6,169.
####WORLD CURRENCY SHARES THE SPOTLIGHT WITH U.S. NOTES
Lyn Knight’s auction in conjunction with the PCDA convention had 14 five-figure notes-but interestingly-eight of them were U.S. notes and six of them were world currency. The overall sale topper was an 1864 $20 Compound Interest Treasury note, PCGS VF30 Apparent, at $28,200. Second place overall went to a serial number matched denomination set of the Bahamas 1965 Decimal issue, which sold for $26,438. A gem series 1869 $2 Legal Tender in a PCGS holder brought down $23,500, while the always popular and in demand $100 large size National-in this case a series 1882 brown back from the state of North Dakota-sold for $21,150. Close on the heels of this result was a 1937 Canadian $50 with a rare signature combination graded PCGS CU66PPQ which sold for $19,975. It is fascinating to see prices realized for world notes in lockstep with U.S. notes at a major auction.
Heritage has three auctions coming in the near future: a world paper money sale in Hong Kong December 7th through the 9th, and both a U.S. currency and world currency sale in Florida at the FUN show in early January.
####WORLD BANKS PLAY MONEY GAMES
Aside from collectible currency, paper money in general has been very much in the news lately. Months ago the European Central Bank announced the discontinuation of the 500 Euro note, and much more recently the Swedish central bank (Sveriges Riksbank) took steps to issue “virtual currency” which would effectively end the issuance of coins and notes. Ironically, the Riksbank was the first western central bank to issue paper money in the 1660s.
Even more impactful, on November 8 the nation of India demonetized their two highest denomination notes in circulation: the 500 and 1,000 rupee. This recall is causing mass chaos as the citizenry rush to exchange the outmoded notes into new currency, with extraordinarily long waits and restrictive daily limits the norm. Intrepid antiques and collectibles dealers in India are reportedly gathering the various signature and series varieties of the now obsolete notes.
What do actions like these mean for the future of collectible paper money? Is it a net positive or negative? One argument is that if less paper money in used in everyday transactions, the currency will fall from the public consciousness and collecting it will be negatively impacted. On the other hand, many of us scarcely use coinage in our daily lives but the rare coin market remains relevant.
The keys for the long term success of the collectible currency market are two things that go hand in hand: confidence on the part of buyers and availability of information. Add to this transparency and honesty in dealing. Unfortunately, the sharp increases in the value of world notes over the past five years have led to the nefarious doctoring and restoration of notes which is often not disclosed at the time of selling. When a dealer buys a note- particularly from a public auction – in a certain grade and then the note reappears later on the market in a higher grade, the entire market is undermined and the effect is long-term damage to the credibility of rare paper money as a whole. Fortunately, the amount of information about paper money is increasing each day, allowing for a better investment with fewer traps.
**BY PATRICK IAN PEREZ,** EDITOR