Ted Binions Silver Dollars Sold
Posted by Dena Tahmoosh-Skeffington on 1/15/2002
(Santa Monica, CA) Ted Binion's fabled collection including over 100,000 high quality U.S. silver dollars has been sold for over three million dollars. Goldline International, Inc. (Goldline.com) of Santa Monica, California has been appointed its exclusive worldwide marketing agent by the purchaser with some coins to be sold in auction.
Ted Binion, the controversial former casino owner who met an untimely and mysterious death, made his larger-than-life reputation as a businessman in Nevada. Building on his father's start, he helped develop Binion's Horseshoe Casino in Las Vegas into an internationally recognized brand. His coins were kept in a secret underground vault in the Nevada desert.
The Binion coins were authenticated and certified by the Numismatic Guaranty Corporation (NGC), one of the nation's leading independent facilities for the inspection, authentication and grading of collector and investor coins. At the completion of their process, NGC sealed each silver dollar into a tamperproof plastic holder showing the coin's year and mint of issue, plus the coin's grade. A coin's grade is important because it is the primary determinant of the coin's market value.
Mark Salzberg, President of NGC, said, "This is the greatest collection of silver dollars that NGC has ever authenticated."
NGC has also included a unique certification sealed into each protective holder for the historic coins. Each Binion silver dollar features a special NGC pedigree label that for the first time is in a color (green) and depicts three cowboys from the Old West. Each label also reads, Binion Collection and BinionCollection.com to further identify the pedigree and to offer collectors a website with additional information about the collection. "These coins are dripping with amazing originality and historical importance," said Salzberg. He added, "Less than one out of every 1,000 coins NGC grades has a pedigree. Pedigrees add to the collectibility of a coin because they identify it from a historical perspective."
"The coins of the Binion Collection offer an opportunity for both novices and sophisticated collectors to acquire coins for their collections," said Mark Albarian, President and CEO of Goldline. "The price range is affordable-many coins are available for less than $50 with the most expensive over $10,000." The Binion Collection should be good for the U.S. rare coin market. Salzberg also remarked, "Collections like these bring interest to the coin market. People that never thought about collecting and investing in coins will make a decision to do so because of the press surrounding the Binion Collection."
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