Catalog: TOREX February 2008

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TOREX February 2008

Coins

the Canadian Coinoisseur

Canadian dollar (C $)

View all lots (items) in this auction

This is the official auction of the February Torex Show. In it are outstanding selections of Paper Money, Breton Tokens, Gold Coins, United States Coins, Maritime and Canadian Coins. The vast majority of the 1962 lots are offered without reserve. In the Paper Money are AU or better examples of the 1900 Four, 1924 Five, 1935 Small and Large Seal English Twenty and Hundred. There is a 1937 Thousand PMG Specimen-67 EPQ and an Uncirculated issued example. There are also three 0000001 notes and a strong selection of Canadian Chartered Bank Notes. Highlights among the Tokens are Breton 524 1838 Side View Halfpenny ICCS AU-50, Breton 530 Montreal & Lachine Railroad ICCS EF-45 and Breton 562 Molson ICCS VF-30. There is a VF example of Breton 925 North West Company 1820. There are over 100 lots of Gold, including 1908C and 1913C Sovereigns and 1880 Newfoundland Two. Session One ends with over 250 lots of United States coins, raw and certified, ranging from an 1877 Indian Cent in ICCS Poor to a 1977S Lincoln in PCGS PR-70 DCAM. Outstanding Newfoundland pieces are 1880 5 Cents PCGS MS-65, 1944C 10 Cents ICCS MS-65, 1894 20 Cents PCGS MS-65, 1919C 25 Cents PCGS MS-64 and 50 Cents 1881 PCGS MS-63. Canadian Large Cents include 1859 Wide 9/8 ICCS MS-63 Red, 1876 No H Pattern ICCS SP-65 Red and 1912 ICCS MS-66 Red. Among the 5 Cents are a superb 1889 PCGS MS-66 and a 1921 ICCS VF-30. There are three examples of the 1951 High Relief: PCGS SP-64, ICCS AU-50 and ICCS VF-30. Among the 10 Cents are 1875H ICCS AU-58, 1899 Small 99 PCGS MS-66, 1901 and 2000P ICCS MS-65. Included in the 25 Cents are 1875H ICCS SP-63, 1880H Wide 0 ICCS MS-62, 1901 PCGS MS-66 1905 PCGS MS-66, 1927 ICCS MS-64 and 1934 ICCS MS-65. The 50 Cents include 1872H ICCS AU-58, 1881H ICCS MS-63, 1890H ICCS VG-8 1937 ICCS MS-65 and an Uncirculated example of the 1946 Design in 6. Silver Dollars include 1935 ICCS MS-66, 1936 ICCS MS-65, 1948 PCGS MS-64 and 1953 NSF, 1953 SF, 1954, 1955, 1963 and 1965 T3 all ICCS MS-65.

Terms and Conditions

Terms & Conditions: IMPORTANT: You are strongly urged to thoroughly read the following Terms & Conditions. Placing a bid in this sale constitutes your acceptance of them. 
VIEWING OF LOTS: In the Cawthra Room, Hilton Toronto Airport Hotel from Noon to 9:00 PM on Thursday the 21st of February, then from 10:00 AM to 5:00 PM on Friday the 22nd of February and from 10:00 AM to 5:00 PM on Saturday the 23rd of February. 
CREDIT REFERENCES OR DEPOSIT: Potential bidders who do not have an established business relationship with Michael Walsh, or with the Canadian Coinoisseur, Inc., will be required to provide us with acceptable credit references prior to the sale. If such references are not provided, bids may be refused unless a deposit of 25% of the bidder’s total bids or an acceptable credit card guarantee is tendered to the Auctioneer prior to the sale. Any portion of the deposit not used will be promptly refunded. 
BIDDING PROCEDURE: Bids can be placed in person or through an agent at the auction or by mail (fax, email, post or courier) prior to the auction. Telephone bids are accepted if they are confirmed in writing by fax, mail, email or courier. Lots will be sold to the highest bidder. If there are identical bids, the earliest received will have priority. Unlimited or “buy” bids will not be accepted, nor will bids from minors. The auctioneer reserves the right to refuse bids deemed by him not to be made in good faith. Mail, courier and fax bids must reach our office in Vancouver by noon on Tuesday the 19th of February, and email bids must be sent so as to be received prior to noon on the day of the auction session. 
There will also be simultaneous on-line bidding on eBay LiveAuctions. Although not essential, a high-speed modem is recommended to keep-up with the floor bidding. Proxy bids can also be placed on eBay at any time up to approximately one hour before each session. Go to www.coinoisseur.com and follow the links to the auction. 
PURCHASER’S COMMISSION: For Floor Bidders and Mail Bidders, a Purchaser’s Commission of 15% will be added to the Hammer Price. For eBay Bidders, a Purchaser’s Commission of 20% will be added to the Hammer Price. The total of the Hammer Price and the Purchaser’s Commission will constitute the Selling Price. The additional 5% charge for eBay bidders is to compensate for the substantial additional work required to administer successful eBay bidders and to cover the 5% fee charged to us by eBay. 
CONDUCT OF THE AUCTION: The auctioneer will open the bidding at the higher of approximately 10% above the second highest mail bid or 10% below the consignor’s reserve. If there are no mail bids or reserve for a lot, the auctioneer will open bidding at about 40% of the catalogue value. If there are still no bids, the auctioneer will at his discretion, either call for an opening bid or proceed to the next lot. 
Bidding advances are at the discretion of the auctioneer, and will generally be in the range of 5% to 10%. Lots will be sold to the highest bidder acknowledged and accepted by the auctioneer. In any dispute between bidders and the auctioneer, the auctioneer’s decision shall be final. The auctioneer reserves the right to withdraw any lot for any reason at any time prior to its sale. Bidding will proceed at an average of 150 lots per hour. 
FOREIGN EXCHANGE: Bidding in this auction will be in Canadian dollars. Mail bids received from non-Canadian addresses will be deemed to be in Canadian dollars unless otherwise stated by the bidder on the bid sheet. For those wishing to bid in US dollars, bids will be converted at the exchange rates at which we can sell those bid amounts to our bank on Friday 22 February 2008. Normally we accept both Canadian and US dollars for account settlement; however, with the current instability of the US dollar, we may need to adjust the exchange rate between the date of the auction and the time of settlement and we reserve the right to refuse US dollars. 
CATALOGUE VALUES: All values listed are in Canadian dollars. For Canadian lots, they are taken from the Canadian Coin Dealer Newsletter Retail Price Guide, from Canadian Coin News Trends, from current and past Cornwell Report Valuation Guides and from the most recent Charlton Standard Catalogues. Foreign coin values are generally from Krause-Mishler Standard Catalogue of World Coins and were converted to Canadian dollars at the exchange rate current when this catalogue was prepared for printing. 
When calculating your bids, bear in mind that deep discounting is mostly on rather generic coins and on those of neutral or negative eye appeal. Condition-Rare pieces and those with above average eye appeal continue to be in demand, and to command strong prices. 
CHARLTON CATALOGUE NUMBERING SYSTEM: Throughout this catalogue, use is made of the Charlton Catalogue Numbering System for ease of reference by the bidder. The copyrights to this Numbering System and to these Numbers are the property of Charlton International Inc., which has granted us permission for this use. 
GRADING AND DESCRIPTION OF LOTS: Many of the more important coins in this sale have been independently graded by third party certification services, mostly ICCS, NGC and PCGS, the most recognised standards for Canadian coins. Census data used in the lot descriptions are from the most recent issue of the ICCS Population Report and from the PCGS and NGC on-line Population Reports. For some of the lots, in addition to the grade, you will see the following eye appeal descriptors: “+”, which is used to indicate Above Average Eye Appeal for the grade; “PQ”, which is used to indicate Premium Quality, or Well Above Average Eye Appeal; and “PQ+”, which is used to indicate Superb Eye Appeal. These terms, which can significantly affect the values of the coins, are used by the cataloguer (Michael Walsh) based on his personal skill and experience, and may or may not agree with the opinions of other experts. 
GRADING STANDARDS: The cataloguer has taken every reasonable measure to ensure that all of the lots in this sale are as described, bearing in mind that the grading of coins is a subjective art, and not an exact science. Among experts there are often differences of opinion on both the grading and eye appeal of coins. Descriptive terminology varies from observer to observer, and from cataloguer to cataloguer, and third party certification services vary in their grading standards. 
The bidder’s attention is directed to the PCGS Official Guide to Coin Grading and Counterfeit Detection, which is more easily referred to as the PCGS Grading Guide. The chapters titled “PCGS Grading Standards” and “Elements of a Coin’s Grade”, show that there are distinct differences between the grading standards of Canada and those of the American grading services. PCGS uses five elements to determine the grade of a coin: Wear or Contact Marks (circulated or Mintstate); Strike; Lustre; Color and Toning; and Eye Appeal. Canadian grading uses only the first three, preferring not to factor Toning and Eye Appeal into the grade. The Charlton Standard Catalogue of Canadian Coins says: “Toning is not a grading factor — unlike popular belief, the toning that might be present on a coin and which might add considerably to the coin’s overall eye appeal is not to be considered one of the grading elements. Toning is an enhancing feature that might affect the coins (sic) final price but not its grade.” According to Haxby and Willey’s Coins of Canada, “These toning features, while an integral part of a coin’s price, do not form part of its grade assignment.” 
In Canada, the Eye Appeal of a coin is assessed separately and then used to determine the value of the piece. The values published in the Trends pages in each issue of Canadian Coin News generally refer to pieces with neutral or average Eye Appeal. To these values, a premium is applied for the Eye Appeal to arrive at the market value of the coin. The Cornwell Report has during the past few years presented these values in tabular form, showing values for Average, Great and Superb Eye Appeal. The incremental increase from Average to Great Eye Appeal ranges from less than 15% to as much as 150%, making some pieces worth two-and-a-half times their ordinary value. Coins with truly Superb Eye Appeal are, according to the Cornwell Report, “priced as if at the next higher technical grade level, sometimes higher”. 
In the PCGS Grading Guide it is stated that they take Eye Appeal into consideration in grading a coin. Their grades are generally referred to as the “Market Grade” of a coin, and it is important to understand the implications of this as more and more Canadian coins become certified by PCGS. It seems that the American and Canadian grading systems each travel by different routes to arrive at the same destination. 
NGC and PCGS certify and guarantee a market grade, which includes the Technical Grade plus an Eye Appeal factor. ICCS certifies their opinion of the Technical Grade only, and leave the interpretation of a coin’s Eye Appeal factor to the owner of the coin, and often to a negotiated agreement between the buyer and the seller. This is why we very often see ICCS AU-58 coins selling for prices near, at or above MS-62 values, and PCGS MS-62 pieces cross-graded AU-58 by ICCS selling at those same MS-62 levels. Similarly, PCGS MS-66 pieces cross-graded by ICCS as MS-65 almost invariably have well above average eye appeal, and demand much stronger prices than for the ICCS Technical Grade alone.
In the final analysis, it comes down to a matter of deciding whether you want the Eye Appeal factor added in with the Technical Grade and guaranteed as a Market Grade, or whether you wish to simply have an opinion of the Technical Grade of the coin. Whatever your choice, remember that you are buying coins, not certificates or holders. Buy what you like, buy what captivates you, buy the coin based on your agreement with whatever is represented on the holder and by the seller. 
There are other coin certification services, such as ACG, ANACS, ICG, PCI and SEGS. Some of these services use grading parameters and standards that are different from those used by the major services and/or their consistency in applying their grading standards is not as predictable. Generally when cataloguing such pieces, we base the catalogue value on the grade of the coin rather than on the grade stated on the certificate. 
SIGHT SEEN & SIGHT UNSEEN: All of the preceding notwithstanding, there are two quite distinct markets in certified coins: the Sight Unseen market and the Sight Seen market. As its name implies, Sight Unseen refers to coins that are traded blind, based on the data on their certificates. These pieces usually trade at price levels that indicate low Eye Appeal or just-made-it-into-the-grade pieces, whether this is justified or not. While prices are generally low and there are sometimes bargains, caution is advised. 
Sight Seen pertains to those coins that are available for examination prior to completion of the transaction. Included in the this category are coins that are sold face-to-face; those that are sold to floor bidders in an auction where viewing is available; and those coins that are sent on approval or for pre-auction viewing. Prices for Sight Seen coins are generally stronger than for Sight Unseen. 
RETURN POLICIES: Bearing in mind the preceding paragraphs, and except where noted in the descriptions of some of the bulk lots, within five days of their receipt of lots, absentee bidders may return (in their intact holders) for refund any lots that are mis-attributed or incorrectly catalogued. Excepted from this are those bidders whose late invoice settlement causes such return to extend beyond twenty-eight days after the sale. Please note, certified coins cannot be returned for reason of a bidder’s disagreement with the grading; grading disputes need to be addressed to the certification company. 
All Floor Sales are final, and no returns will be accepted from any Floor Bidder (including those acting as agents for others). Also, all lots purchased by bidders who had the opportunity to view lots prior to the sale are final. 
KEEPING WITHIN A BUDGET: Many of you will be enticed by more pieces than your budget or current cash flow can comfortably encompass. To ensure that you stand a good chance of getting some of the pieces you want without exceeding your budget, send us a list of bids on all the lots that interest you, arranged in your order of priority, and stating your maximum total expenditure excluding Purchaser’s Commission and any applicable taxes. We will do our best to apply your bids in your sequence of priority, and keep you within budget. Bear in mind when arranging your priority list, that you might not get many of your top priorities if they are all near the end of the sale and all your lower ones are nearer the beginning. 
TITLE TO AND RISK OF THE LOTS: Title to all lots remains with the Auctioneer until paid for in full by the Purchaser, but each lot is held at the risk of its Purchaser from the time of sale. 
SALES TAXES: On all lots delivered to addresses outside Canada, no taxes are collected. On all lots delivered to New Brunswick, Newfoundland or Nova Scotia, HST of 13% of the Selling Price (the sum of the Hammer Price and the Purchaser’s Commission) is collected. On all lots delivered in Ontario, a total of 13% is collected for GST and PST, or 5% GST only if the bidder provides the Auctioneer with his valid Vendor Registration prior to the auction. On all lots delivered to the remainder of Canada, 5% GST is collected. 
LOT PICK-UP: Lots will be available for pick-up in the Cawthra Room from 11:00 AM to 3:00 PM on Saturday the 23rd and Sunday the 24th of February. 
SHIPPING & INSURANCE: All lots not picked-up after the sale will be shipped to their purchasers. We provide our own insurance through separate arrangements, and to be eligible for insurance all packages must have a postal or courier tracking number. Within Canada the purchaser will be charged $9.00 plus one third of one percent of the invoice value plus 25¢ per enclosed piece. For shipments to the USA, add $5.00 to the result of these calculations; for shipments to all other countries, add $10.00. If the purchaser waives insurance and accepts all risks, the package can be sent regular parcel post. 
ACCOUNT SETTLEMENT: Generally, for well established clients, your lots are shipped when your cheque is received. For new or infrequent clients, we must clear your cheque before shipping your lots. If you are in a rush, you might consider a Certified Cheque or Money Order, or you can deposit directly to our TD Canada Trust account from any TD Canada Trust branch in Canada. On all amounts not paid within one month of the auction, interest at 1% per month, calculated from the date of the auction, will be added.

Location of Items

Toronto, Ontario, Canada

Auction Currency

(C $) Learn more

Bid Increment Table

Minimum Value	Maximum Value	Expected Bid Increment
from C $0.00	to C $49.00	C $2.00
from C $50.00	to C $99.00	C $5.00
from C $100.00	to C $199.00	C $10.00
from C $200.00	to C $299.00	C $20.00
from C $300.00	to C $499.00	C $25.00
from C $500.00	to C $999.00	C $50.00
from C $1,000.00	to C $1,999.00	C $100.00
from C $2,000.00	to C $2,999.00	C $200.00
from C $3,000.00	to C $4,999.00	C $250.00
from C $5,000.00	to C $9,999.00	C $500.00
from C $10,000.00	and above	C $1,000.00
In live auctions, bid increments may change rapidly. The auction house may not follow the bid increment table at all times.

Buyer Premium Table

Minimum Value	Maximum Value	% Buyer's Premium
from C $0.00	to C $100,000.00	20%
from C $100,001.00	and above	20%

Expert Contact

Name:	Michael Walsh
Email:	mail@coinoisseur.com
Telephone Number:

Administrative Contact

Name:	Michael Walsh
Email:	mail@coinoisseur.com
Telephone Number:

Preview Information

12:00 to 9:00pm on Thursday the 21st and from 10:00am to 5:00pm on both Friday and Saturday the 22nd and 23rd of February at the Hilton Toronto Airport.

Auction House Requirements

Seller Requires all bidders to contact and obtain permission to bid.

Payment Conditions

Money Order/Cashiers Checks,Personal Checks,See Catalog description for payment methods accepted

Shipping Options

Seller ships internationally (worldwide).

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