Demand was strong and so were prices overall in the first sessions of the auction, starting Jan. 24, of the collection formed by Jules Reiver.

Reiver spent about 70 years forming his collection before he died in February 2004. He focused on copper and silver coins issued between 1793 and 1839, collecting by die varieties and die states, amassing more than 5,000 significant issues. Experts agree this collection will never be duplicated in scope. Some collectors may be able to duplicate this feat in individual series, but not in all the many series Reiver collected.

Heritage Galleries & Auctioneers was selected to auction this collection, and the company did so as a stand-alone auction at its Dallas headquarters, rather than in conjunction with a major show. Despite this event's discrete nature, hundreds of collectors and dealers trekked to Dallas to bid in the five-day sale, and it attracted thousands of bidders participating by phone, fax, mail, Internet and dealer representation. Nearly 2,000 bidders participated during the first session of large cents, with about 75 percent of the coins selling to floor bidders.

The sale of this collection offered a very good read on market demand by specialized variety collectors, in comparison to those buyers who go after mainly high-powered gem quality coins. Most of the coins in this collection were circulated, and many had problems, like cleaning, small scratches, corrosion, etc. But, even so, demand was strong, and so were prices overall.

Sure, the usual rarities of a major auction were selling for tens of thousands of dollars each, such as the unique Reiver discovery piece – an NC-7 1797 Draped Bust cent variety (NC means "noncollectible," a coin of extreme rarity) that brought $32,200. Many coins sold, though, for around $100 to several hundred dollars each.

The sale of this collection illustrates a growing trend that's just beginning to emerge in the market. Collectors are being drawn to rarity, not in the traditional sense, like going after famous trophies, such as the 1804 silver dollars and 1913 Liberty 5-cent coins, but obscure rarities, such as the rare varieties Reiver collected. Such coins are being increasingly sought after because the available supply of high-condition gem quality coins, still very popular, has be-come a much scarcer commodity in today's market than during past years.

Dealer Julian Leidman, a longtime friend of Jules Reiver and involved in the sale of this collection, remarked that Jules would be very happy at the sale results, and would be delighted to know that his coins are being dispersed to many other specialist collectors who appreciate what he had collected. Leidman also added that he believed some of the prices were shockingly high, but a few bargains were mixed in as well.

Numerous examples of these coins will undoubtedly not be found in the market for years to come. Consequently, in the future it may be difficult for collectors to find current valuations for many of these obscure varieties that Coin Values does not list. One useful resource is the Heritage auction archives, available on the company's web site. Coin Values is in the process of adding many more varieties, in many series, but we do not expect to add many of the very rare and obscure examples contained in the Jules Reiver Collection.

A RARE 1797 Draped Bust cent, NC-7 variety, from the Jules Reiver collection brought $32,200 at Heritage's Dallas auction. In a growing trend, collectors seek rarity, not in the traditional sense, but obscure rare varieties such as Reiver collected.