Coin buyers 'temper their portfolios against tumult of financial markets'
A $1.3m coin was among the record sales scored at Heritage Auctions recent Platinum Night sale
A supreme numismatic rarity has sold for $1,322,500 at Heritage Auctions August 11-12 Signature® U.S. Coin & Platinum Night.
The piece in question was a unique 1855-S $3 PR64 Cameo NGC, CAC coin. It emerged as the top lot in the sale held at the Marriott-Chicago O'Hare.
The coin was formerly of the legendary Golden Gate collection.
The sale was another impressive coup for Heritage as the coin markets continue to buzz in 2011's second half. Overall, the sale realised more than $31.345 million, with even more generated by post-auction sales.
According to Heritage, around 5,154 bidders and collectors took part to compete for 7,370 lots. In the end, 91% of these sold by total lot value and 95% by total lots.
"These are great results with strong showings in every corner of the market," said Greg Rohan, President of Heritage Auctions.
"Collectors are continuing to come to Heritage to pursue the top rarities that we gather for each auction and non-traditional buyers are looking to temper their portfolios against the tumult of world financial markets.
"The combination resulted in final figures that were nothing short of remarkable."
Other highlights in the sale included an 1893-S Morgan Silver Dollar, MS67 NGC, from the Norweb and Jack Lee Collections, and the highest-graded NGC-Certified specimen.
It took the second spot in the auction with a $546,250 price realised, proving that Morgan Dollars remain ever-popular at the world's top auctions.
All above prices included 15% Buyer's Premium.
These results aren't the only tricks Heritage has up its sleeve.
The auctioneer will also be selling what it has called "a coin that most only dream of ever seeing," the rarest of the Chinese regular circulation issue Dragon Dollars, in September.
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Image: Heritage Auctions