Red Sox Exec Sells Coins

(Dallas, Texas) – The extraordinary gold coin collection of a Boston Red Sox executive set a half dozen records when it was sold for $19.2 million in Dallas Thursday night, November 3, 2005, by Heritage Galleries & Auctioneers of Dallas, Texas (www.HeritageCoins.com). Three of the coins were purchased for over $1 million each.

The collection of coins with historic links to President Theodore Roosevelt was assembled by Phillip H. Morse, a Vice Chairman and co-owner of the Red Sox.

“This was the first time three coins have exceeded $1 million each in one auction, and in addition to individual record prices for some pieces it was the world’s most valuable one-owner, single-session rare coin auction ever conducted,” said James Halperin, Co-Chairman of Heritage Galleries & Auctioneers.

“The collection of 214 early 20th century U.S. gold coins that Mr. Morse accumulated over the last 30 years averaged $90,000 per coin. There was incredible demand for them,” he said. “In addition to this sale, Mr. Morse will auction most of the duplicates from his collection worth over $1 million through Heritage next month.”

All of the coins from the Morse Collection sold Thursday night were designed by renowned sculptor, Augustus Saint-Gaudens, at the direct request of President Theodore Roosevelt who wanted to re-design the nation’s coinage. The Saint-Gaudens $20 denomination “Double Eagle” gold pieces were first issued in 1907 and today are considered by many numismatists as the most beautiful coins ever minted by the United States, according to Halperin.

The highest bid in the auction, $2,990,000, was paid by an anonymous investor for a specially-struck U.S. $20 gold piece with the date, 1907, in Roman numerals MCMVII, and known as an “ultra high relief” because of the elevated height of the design. Its sale price was a record for that specific type of coin, and tied for the third highest price ever paid for a coin at a public auction.

Representing a number of clients, Doug Winter of Pinnacle Rarities in Lakewood, Washington spent $5 million at the auction, including paying a record $1,897,500 for a $20 gold coin struck in 1927 at the Denver Mint.

“This was a once-in-a-lifetime opportunity to obtain great rare coins of absolutely unparalleled quality,” said Winter.

A former medical device manufacturer, Morse is founder of Heritage Creations, a company that provides products and services to golf courses and resorts worldwide.

The Morse Collection auction originally was scheduled to be held in Palm Beach, Florida in conjunction with a rare coin show there; however, just five days before the auction was scheduled to take place, the sale was moved to Dallas because of Hurricane Wilma.

Information about the sale can be obtained from Heritage Galleries & Auctioneers, 3500 Maple Ave., 17th Floor, Dallas, Texas 75219. Phone: (800) 872-6467. Online: www.HeritageCoins.com.

(via news-antique.com)

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