Lot 4096
1906-D. Broadstruck out of the collar. PCGS graded MS-65. This coin is simply stunning, not only is it broadstruck, but it is in superb condition too. The surfaces are pristine, with no bagmarks or other problems. As to the grade, a few wispy hairlines kept it from even a higher grade point number according to Rick Montgomery, President of PCGS, who also stated it was "the finest quality gold mint error that I have ever seen".
Error specialist Fred Weinberg stated "from the standpoint of condition, it is certainly one of the top five or six gold mint errors to surface in the past 30 years." He went on to say, "This is an extremely rare denomination to find broadstruck out of collar," adding "There is absolutely zero evidence of reeding, which is good. It shows that the planchet was lying completely on top of the collar when it was struck."
Normally the collar keeps the coin from expanding outward during the striking process, in this case the collar was below the planchet, so when it was struck by the dies the coin expanded outward, increasing the diameter. Naturally, the coin was weighed at PCGS and it is the correct weight for the planchet of 16.718 grams.
The year 1906 is important for Denver, it is the first year coins were struck at the new Mint there, and this obviously wasn't their best effort. Researchers contacted the Denver Mint to see if there was any record of this error being struck or discussing the coin, and after exhaustive research, no written record of the coin was found in the archives. Apparently this coin was struck and went through normal channels, landing in Europe for a few decades before discovery. This coin was found in Europe about 30 years ago and purchased by Ed "The Hawk" Shapiro and has appeared a couple of times since then. The coin has been in a specialized collection for some time and has resurfaced recently. Once sold, it likely will disappear for many years, again, to a very cherished place in a specialized collection.
Gold error coins are far more rare than silver or copper. The mints were more careful, and inspection much more rigorous for these important coins. Hence, very few escaped into circulation, and precious few are found today. Even worn errors are highly valued, and seldom offered. No similar error has been offered recently, the closest we could find is an 1895 half eagle in MS-64 that was 20 percent off-center which realized $29,000 at a Kingswood Auction.
We note some recutting on the 6 in the date, it is likely just repunching, although some have called this an overdate. We doubt if an accurate determination can be made, as there is not much evidence to work with. Make sure you view this coin as words fail to describe how awe inspiring it is. A foremost opportunity for the most advanced specialist.
Estimated Value $20,000 - 30,000.
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