Superior Galleries selling coins at Overstock.com
BEVERLY HILLS, Calif.–(BUSINESS WIRE)–March 28, 2005–Superior Galleries, Inc. (OTCBB:SPGR) announced today that it has begun marketing rare coins through Overstock.com® Auctions™ (NASDAQ:OSTK).
Silvano DiGenova, CEO of Superior Galleries, said, “We are excited about our relationship with Overstock and we believe that both our and Overstock Auctions’ growing presence in Internet auctions and commerce will assist us in expanding our online revenues.”
Currently, Superior has over $3 million of rare coin product available through Overstock.com Auctions. Among the rare coins currently up for auction is the famous 1794 Flowing Hair Dollar. This coin is the USA’s first dollar and a symbol at the time of our viability as a nation. Not only is this one of the finest coins capping any collection for the serious collector, it’s also an important piece of American history. Mr. DiGenova further commented that “coins are, as in the quote from the James Earl Jones video, ‘like holding history in your hands.’”
All known strikes of this romantic issue were made on October 15, 1794. The designs were by Robert Scot, hailing originally from England, who also personally cut the dies. This remarkable specimen is ranked as the 9th Finest Known in existence by Martin A. Logies in his recent book “The Flowing Hair Dollars of 1794, A Historical and Population Census Study,” published August 2004. Provenance should also note that the coin was once donated in 1926 by Louis B. Hungerford to the Connecticut Historical Society, where it remained until 1983. This specimen is the finer of only two 1794 dollars in any PCGS About Uncirculated grade, the other example (AU-53) traded dealer to dealer within the last year for a reported $350,000. Accordingly, the value for this finer example is estimated at $400,000 - $600,000.
“The rare coins category is one of the most popular and successful categories on Overstock Auctions,” said Holly MacDonald-Korth, vice president of auctions at Overstock.com. “Superior Galleries is a great addition to Overstock Auctions’ community and one of the many fine sellers that are helping Overstock.com Auctions grow into a thriving marketplace for coins and other rare objects. I encourage anyone who collects or is interested in rare coins to take a look at Superior’s impressive collection.”
When buying coins online, Mr. DiGenova advises collectors to ensure the coins have been graded by the Professional Coin Grading Service or the Numismatic Guarantee Corporation. He also suggests that collectors buy from dealers that are members of the Professional Numismatic Guild (PNG), an ethics body that accepts only bona fide coin dealers.
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