Wells Fargo^®Nevada Gold Coin Hoard Unveiled

from the article in the October 17th, 1997 edition of
the COIN DEALER newsletter

The Market in Depth

Silver...Nevada...Comstock Lode...LaVere Redfield Silver Dollars...

To dealers, these terms have become synonymous with rare coins and the hobby. Now, we can add Gold to that list. After much speculation and anticipation, the quantity and quality of original Gold coins from the Wells Fargo Nevada Gold Collection are beginning to surface. CDN has learned that the Wells Fargo Nevada Gold hoard of coins contains more than 15,000 Gold coins that were acquired approximately in 1917. These coins remained in their bags for decades until the early 1970s, when they were opened up, counted and resealed. They were purchased in 1997 by Spectrum Numismatics. Further, approximately 50 percent of them have already been retailed to investors and collectors. We also understand that this collection is of exceptional quality and that currently, 1908 No Motto $20 Saint-Gaudens Gold coins are being professionally graded and sold. Mark Salzberg, president of NGC said, "It is hard to comprehend the scope and quality of this incredible hoard." Rick Montgomery, President of PCGS said, "The quality is amazing." They were both talking about 1908 No Motto $20 Saint-Gaudens Gold coins from the Wells Fargo Nevada Gold hoard. The professional grading services were so impressed by the quality and quantity that each service has assigned a special notation on the holder to identify the pedigree of these coins.

These Gold coins are presently being sold by Greg Roberts, President of Spectrum and were pedigreed through a unique licensing agreement with Wells Fargo & Company. Undoubtedly, a hoard of this nature will have an affect on price, surviving mintage figures and on the hobby itself. This hoard is expected to have a positive effect on the long-term coin market and $20 Gold coin collectors. The long run benefits may be measured by an increasing collector base. Availability is a very important ingredient for continued success and growth of the rare coin market. The fact is, the total mintage for No Motto $20 Saint-Gaudens Gold coins compared to the number of Motto examples is very small, accounting for a less than one out of twelve ratio. The No Motto $20 is a desirable Type for collectors but that is only the beginning. The exceptional quality of this collection is likely to bring additional collector dollars into the market. This deluge of quality coins can stimulate more interest in collecting $20 Saint-Gaudens.