Coin collection brings a chunk of change

TRENTON, N.J. — An anonymous buyer has paid more than $30 million for a collection of rare U.S. prototype coins, some from the 1700s, that never went into circulation, according to the dealer who brokered the deal.

The collection consists of about 1,000 coins that collectors refer to as pattern coins, trial designs that never went into production because the U.S. Mint chose other designs.

"This collection is an incredible collection. ... These were some of the first coins ever, ever struck by the United States government," said Laura Sperber, a partner in Legend Numismatics, of Lincroft, N.J., which brokered the deal last week.

The seller wanted to remain anonymous, and the buyer agreed to be identified only as "Mr. Simpson, a Western states collector," Sperber said.

"Both the buyer and the seller are very competitive people. And they're very successful in their careers, and they both love the romance and collectibility of coins," she said.

The coins span 1792 to 1942. Highlights include test designs for the first pennies made in 1792 and six coins from 1872 that are often referred to as "Amazonian" patterns because the female figure portraying liberty is much stronger and regal looking than earlier versions.

It took the seller about 10 years to assemble the collection, Sperber said.

Gathering such a large collection of pattern coins is difficult because so few were created. Also, they were usually supposed to stay in the possession of the Mint because they were the rejects.

Independent, third-party experts have verified the collection, Sperber said.

Many of the coins bear depictions of a woman representing Liberty and not the profile of a former president, as displayed on coins currently circulating.

Until 1909, when Abraham Lincoln's face was placed on the penny, presidents weren't allowed on coins. At the time the first coins were minted in 1792, putting the nation's leader on a coin seemed too similar to the practice of kings being displayed on European coins.

Sperber would not say how much her company earned for brokering the deal but said she hopes news of the sale will get more people interested in collecting coins.

"They're historical. They're beautiful works of art," Sperber said. "They're just plain neat."