Irwin Waldman’s Numismatic Gold Coin Collection

Irwin Waldman’s famous numismatic coin collection was auctioned off in New York on September 1, 2011 to realize more than $850,000. Of the 212 lots, 155 were single US gold coins. He had collected these numismatic gold coins over some decades and had so far acquired Liberty Head Quarter Eagles, Half Eagles, Eagles and Double Eagles from the 1900 to 1908 time period, in addition to Indian Head gold coins.

Collecting numismatic coins is like owning a piece of the history of your country because each of the coins, each denomination and each series has a story behind it. Coin collectors take great pride in collecting, sourcing, researching and organizing their collections. Waldman did not own any great rarities but had a cohesive and organised collection which eventually raked in profits for him, according to journalist Greg Reynolds of www.CoinWeek.com. The numismatics are graded according to rarity, condition and circulation. The premium charged above the gold prices has to do with the design and markings of the coins. Waldman’s collection had some typical collector lots that coin connoisseurs long to own.

Some gold coins from Irwin Waldman’s Collection:

Auctions like Irwin Waldman’s bring to light some golden collections that are a rarity and delight to own. Numismatists have great pride in their collections as they have procured them with much ambition and excitement. Numismatics is more about stories, human passion and history than the value of actual gold. Crude pre-historic coins have also been testament to this tradition of preserving and taking pride in the design and markings of a coin.

1870 Double Eagle: The Philadelphia mint Double Eagle that was graded NGC MS-63 brought Irwin Waldman $46,100. The coin is one of the four finest coins of this collection to exist today. The coin was in excellent condition, the luster was intact and the texture of the coin was appealing.

Liberty Heads: Graded MS-61, the 1866-S $20 Liberty Head was sold for $21,950. It is not a rare coin in circulated grades, albeit a very elegant one. Other Liberty Heads from Waldman’s collection like the 1867, 1869, 1872 and 1902 coins were also sold for substantially high prices for middle range coins.

Indian Head: Waldman’s Proof Indian Head Quarter Eagles collection was complete except for the 1912 and 1914 mint issues. In this series, the key business strike is the 1911 Denver Mint issue. Waldman had two of those, both of which are NGC graded, one as MS-63 and the other as AU-58. The first sold for $16,775 and the second, $4987.50. His set of Indian Head Half Eagles ($5 gold coins) is missing several dates. The one rarity in this collection was a 1913-S that was graded MS-64. Other proofs were also part of this collection but sold at unremarkable prices.

Waldman’s collection also had several world coins and other numismatics that are to be auctioned off at a later date. Recently a controversial last lot of uncirculated 1933 Double Eagles have come to light and they have been valued at $7.6 million / coin. On display at the Federal Reserve Bank of New York, they are testament to the passion with which numismatists collect. Collectors think nothing of spending their savings over a coin that they must have because it is much more than gold to them. It is the ownership of a rare and unique story, solely theirs.

But with the advent of technology coin collection too is not without its scams, it is easy to create precise dies and make copies of coins and procures customers via the internet. Therefore, unless you are an expert coin collector who can look at metal quality and knows both sides of the coin, intimately, so to speak, make sure you deal only with extremely trustable and reliable dealers. Look for necessary certification; conduct all possible tests so that you do not end up investing your life savings in junk.