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Sale 28
Lot 806
1792 Pattern Cent. Copper, reeded edge. No Silver Center. . Judd-2. Pollock-2 Rarity-7. PCGS graded VF-30 PQ. A monumental offering of this fantastic discovery piece! This 1792 Copper Cent has just come out of the woodwork and its history and path to the present are enshrouded in mystery. The technical qualities of this specimen are outstanding and characterized in brief by smooth, clean surfaces, pleasing coloration and honest and even wear. We feel that this example should most likely be considered the 3rd or 4th finest known of the nine specimens accounted for. The opportunity to purchase a coin of this caliber comes around very seldom, often decades in between, if ever at all.
The year 1792 was very significant for the beginning of our monetary system and our first Mint: George Washington selected David Rittenhouse to be the first Director of the Mint; a lot was purchased in Philadelphia with the sole intention of building the minting facilities on it; copper was purchased for coining on presses newly arrived from England; and several denominations of coinage were struck in silver and copper. Newly elected and hired, Mint personnel and authorities immediately started experimenting with design and logistical considerations such as the 1792 Silver Center Cent and fusible alloy cent. This fusible alloy concept, supposedly proposed by Henry Voigt, sought to circumvent the production of pure copper cents due to the large size their planchets would be, such as the 1792 Birch Cent. Therefore, Voigt thought that by mixing copper and silver together, a combination called billon, a smaller planchet size cent could be produced, and, indeed, a single confirmed fusible alloy cent (the Harmer-Rooke specimen) proves that production of this concept occurred. One obvious problem comes to mind with this idea: how could the public know any given cent had the right amount of silver alloyed with the copper? Even today it takes very expensive X-ray fluorescence equipment to determine this. Addressing this potential problem at the time, officials decided that the last thing our new coinage needed was the potential for claims of fraud via planchets not having the correct balance of # of a cent's worth of silver with ¼ of a cent's worth of copper. The fusible alloy cent was "vetoed" with a unanimous "you're fired".
Keeping all this in mind, all 1792 Judd-2 examples should be considered struck in pure copper unless tested by current equipment to determine whether or not traces of silver are present. Adding to the mystery and desirability of the present offering is the fact that until tested, it is possible that this specimen could be a fusible alloy example. The cataloguer of the Norweb Sale pointed out that of the 8 specimens traced at that time, only one, the Harmer-Rooke specimen, had been tested and confirmed to be a fusible alloy example.
The quality of this groundbreaking discovery is fantastic. Surfaces display a very light degree of porosity which is easy to come to terms with when weighed against the qualities of the rest of the coin. Device and legend detail is even and appears to be sharper than the designated grade of VF30. The delineation between the top of the forehead and beginning of the flowing hair is sharply defined. Planchet quality is very pleasing and above average. There is some dark verdigris that has settled into the letters and around the devices, frequently seen on these early copper patterns. No rim bruises are seen and the fields are remarkably free from scratches, ticks or hits. With regard to the dies, the N's in SCIENCE and INDUSTRY are missing feet on the lower right serif. The letters in the legend display bifurcation on their feet. The R in AMERICA has a long stem and the top of R is open, giving a "LIBKERY" appearance. On the reverse, the C in CENT is low and the second 0 of 100 touches the fraction bar.
In our Benson Sale Part I, February 2001, we were fortunate enough to have the opportunity to sell Condition Census example #4, the Lauder Specimen (PCGS VG-10). The cataloguer of the Norweb Sale, 11/88:3393, created a list of known specimens for the 1792 Copper Cent. We present that same list here in an attempt to illustrate how high up on the Condition Census this discovery piece is:
1) National Collection
2) Norweb, second finest
3) Garrett: 2348, ex-Maris, Seavey
4) Lauder: 234, Bowers and Ruddy's Rare Coin Review, #53
5) ANA Museum, ex Paramount's Century Sale, 1965:50; Pine Tree 2-21-1975:69
6) Harmer-Rooke 11-69; to a private collection, Good to Very Good, porous
7) Lohr (1961); River Oaks, Bower and Ruddy, 1976:909; Stack's 1-14-78:476, Good, porous
8) Crosby, Plate X, 12, the Appleton-MHS coin, now untraced
It is with great excitement that we offer this previously unknown example and one ranking near the quality of the Norweb and Garrett specimens. The early American copper patterns are not just rare coins; they are artifacts of our nation's birth and representatives of freedom and liberty and the American dream to succeed. To further illustrate the unquestionable connection between this coin and the founders of our great nation, we delve into the fantastic pedigree accompanying this specimen (PCGS # 11004) .
Estimated Value $250,000 - 350,000.
The present specimen comes from a family with direct ties to the Colonial and early national periods of our nation. The Wolcott family first arrived in America in 1636 when Henry Wolcott settled in Windsor, Connecticut. Mr. Henry Wolcott is known to have been an English gentleman of considerable fortune and his arrival to Connecticut marked the beginning of many generations of direct involvement and leadership in Connecticut public and financial affairs, as well as direct involvement in the creation of our nation's unity. While we could write an entire story about the influence that Henry Wolcott had on our early nation our focus is on Oliver Wolcott and Oliver Wolcott, Jr., for this is where the plot really thickens!
Oliver Wolcott was a 4th generation direct descendent of Henry Wolcott. Like his predecessors, he was involved in forming and forging the new identity of America. Born in 1726, Oliver Wolcott later graduated from Yale, was appointed to the position of Captain in the army in the French War, received service decoration for his duty at our northern frontiers, had a seat in the Second Congress in 1776, signed the Declaration of Independence and, lastly, served as the Lt. Governor of Connecticut. Throughout all of these achievements, he also managed to establish a family, and it is his son, Oliver Wolcott, Jr., that is perhaps the direct link to the beginning of this 1792 Copper cent's journey to its present offering in the year 2004. Oliver Wolcott, Jr. was born in Litchfield, Connecticut in 1760 and died in New York City in 1833. Throughout that time period, he amassed a resume just as impressive in its own right as his father's and continued the generational trend of direct involvement in the creation of our new nation. Yet it is his direct involvement with our newly created Treasury that is of vital importance to the journey of this coin. Oliver Wolcott, Jr. served as Comptroller of the U.S. Treasury from 1791-1795, and at the young age of 35, succeeded Alexander Hamilton as the 2nd Secretary of the Treasury by direct appointment by President George Washington! He held this position from February 3rd, 1795 through March 3rd, 1797 under President Washington then President John Adams continued his post until December 31, 1800. It is during this time period, 1791-1800, that one can speculate on all sorts of scenarios that led to the Wolcott family's coming into possession of this fabulous 1792 copper cent. Anyone who has studied early American numismatics can recite the facts about the establishment of our First Mint in the 1792-1793 time frame. Perhaps it is during this period that George Washington himself gave Oliver this cent. No one will ever know for sure, but the historical and genealogical facts surrounding this family and the subsequent surfacing of this Condition Census 1792 Copper issue will allow an endless speculation to occur over the journey this specimen has taken. We are thrilled to offer this groundbreaking specimen to our bidders and the numismatic community!
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Lot 2323
1799 $10 Gold Capped Bust. Large obverse stars. . Taraszka-19, Breen-4E; Rarity-3. PCGS graded MS-64 PQ. It is safe to say that if you have been looking for one of the finest Draped Bust, Heraldic eagles in existence, then you have found it. The surface preservation, technical perfection and eye appeal of this magnificent piece of artwork are unrivaled by any specimen we are aware of. It is almost incomprehensible that this coin could have managed to survive to the present day in such pristine quality. Both obverse and reverse surfaces are matched with regards to their deep yellow coloration. Olive and reddish-orange hues rest on top of unbroken, completely absorbing luster. Every star is boldly struck, like no other example we have seen. Every strand of Liberty's hair and facet of her portrait is full in definition and unscathed. The eagle on the reverse is fully defined on every portion and coated in a thick layer of shimmering, original frost. In all regards, this beauty is a gem coin, hands down!
It has been almost fifteen years since this eagle has appeared in the numismatic community and we gladly welcome it back. On its last appearance at major auction (Superior, October 7-9, 1990, Lot # 2129) it was pointed out by the cataloguer at that time that "It is highly improbable that you will ever see a more lovely early date U.S. Ten Dollar gold piece". Presented here in the same condition that it was in when it was picked up after that sale, the lot tag is still attached to the back of the old PCGS green label, fat letter holder. Population of 46 with 7 in 65 and 1 in 66. This coin should be sent in for regrade. (PCGS # 8562) .
Estimated Value $50,000 - 75,000.
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Lot 2145
1806 $2.50 Gold Capped Bust. 6 over 5. NGC graded MS-61. Offered here is one of the finest known examples of one of the toughest quarter eagles from U.S. numismatics! Only the 1804 13 Star Reverse is more rare than the 1806/5 and David Akers called this the third rarest date in the entire quarter eagle series. A mere 480 coins were reportedly minted for this variety and only 15 have been graded in all grades at NGC. Population 3; 3 in 62; 1 in 63 as finest graded. The present specimen displays frosty greenish-yellow gold surfaces with sparkling luster over nearly half of the obverse and the entire reverse. A huge plus for this rarity is the absence of any adjustment marks on either obverse or reverse and we note a single, hairline scratch vertically across the obverse device as the only real impairment. The obverse strike is above average with original frost still embedded in the recessed areas. The reverse displays the expected central strike weakness in the horizontal bars of the shield. Faint coppery hues are seen hugging the obverse and reverse periphery, strongest on the reverse. A monumental opportunity to acquire one of the rarest quarter eagles ever produced!
The overdate on this specimen is bold and can be seen in correct lighting without magnification. While the exact die marriage presented here is unquestionably one of the rarest in U.S. numismatics, the reverse die was used independently to strike several other issues during this time. For instance, this reverse die was used to strike quarter eagles of 1805 (Breen-1), 1806 (Breen-2), 1806 (Breen-2, this coin), 1807 (Breen-1) and the 1807 (JR-1) dimes. A "marathon" die to say the least and one which lasted over ten times longer than the average life expectancy of a die during this time.
There are several diagnostics that can be found on this obverse die. First, a fine die crack exists from the top of star 7 through the tops of LIB. Additionally, the two denticles near star 8 and 9 extend outward like "fangs" and the points of stars 8 and 9 at the 5:00 position are shortened.
A monumental opportunity to acquire one of the rarest quarter eagles ever produced!.
Estimated Value $80,000 - 110,000.
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Lot 2586
1907 $20 St. Gaudens. High relief. NGC graded Proof 64 PQ. A stunning example of America's most beautiful design in the ultimate proof condition! A specimen exceedingly close to gem condition with an original oily-gold sheen mixed with gorgeous straw-yellow coloration. The high relief nature of this design is so spectacular in this state of preservation that it is hard to put the coin down during viewing, the eye's naturally being drawn to the beauty. While the obverse displays some light hairlines, this is the only evidence of human intervention on this pinnacle of American, and worldwide, numismatic design. In fact, the raised die polish lines are so bold that the hairlines almost disappear when viewed with only 3x magnification. All surfaces shift with an intact skin of mint frost. A coin that will forever stand as one of the finest designs for numismatics throughout modern and ancient history! This fresh proof Saint Gaudens' double eagle last saw the numismatic marketplace as Lot # 2198 of the Superior Sale of the 1872 Amazonian Gold Pattern Set in October of 1990 where it brought $34,100. Today it is still housed in the same old NGC holder with the lot tag still on the back. NGC population of 51 in this grade with 37 finer.
Estimated Value $30,000 - 40,000.
Ex-Superior, October 7-9, 1990, Lot # 2198.
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Lot 2105
(1857) Kellogg & Humbert gold bar No. 363. 127.31 oz .890 Fine gold, value at time of issue $2342.23. A monumental and highly desirable gold bar from the S.S. Central America shipwreck. This treasure bar is a deep yellow gold and is quite lustrous with few traces of red oxidation. The lower right corner has been chipped away for assay purposes by the makers as on all genuine bars. As with other bars from these makers, the serial No. 363 is stamped on the otherwise blank back of the bar. This particular bar is plated in Q. David Bowers A California Gold Rush History on page 435.
An impressive large bar that would be the center of any numismatic gold collection. This bar is accompanied by the special leather edition of Q. David Bowers A California Gold Rush History.
Estimated Value $90,000 - 110,000.
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Lot 792
1776 Continental Currency. "CURRENCY". Pewter. . Newman 2-C, Rarity-3. PCGS graded MS-63 PQ. 239.4 gns. Twin olive leaf edge device. An astounding, prooflike example with light gray surfaces and touches of smoky toning. Fully mirrored fields emit yellow iridescence when tilted. The numerals of the sundial, the lettering and each ray surrounding the concentric circles containing "We Are One" are razor sharp, as if produced last year. A nice Extremely Fine example will generally leave someone new to the coin in awe, this example will leave someone who has handled dozens of these astounded, in shock, at its near-gem state and unbelievable detail. The mind can literally run for endless hours contemplating the characters of our past who had a hand in carrying this piece of treasure over the past 230 years. In today's numismatic marketplace, this issue is gobbled up as soon as one appears, ending up in the hands of collectors and dealers who see no need to sell any time soon. The present outstanding specimen presents the opportunity for someone to acquire what could quite possibly be the finest known example of this type! When catalogued as part of the Ford Sale (Lot #5, Part 1), this specimen was graded "Gem Brilliant Uncirculated. Prooflike" and we could not agree more. When considering the conditions under which this coin was produced and the current aged beauty, how could this piece be anything other than "gem". A magnificent rarity that should excite legions of collectors and dealers (PCGS # 794) .
Estimated Value $50,000 - 70,000.
Ex-John J. Ford; F.C.C. Boyd Collection; Hillyer Ryder; George H. Earle Collection.
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Lot 2106
(1857) Kellogg & Humbert gold bar No. 803. 39.74 oz .887 Fine gold, value at time of issue $728.66. A wonderful gold treasure bar and a very desirable example from these assayers of the California Gold Rush era. The bar itself is a deep yellow gold in color with the lustrous surfaces exhibiting dark red oxidation in the protected areas. This being a result of the coal from the steamer laying next to the cachet of bars at the bottom of the sea. The lower right corner has been chipped off for assay purposes, a feature on all genuine gold bars of the era. Also we note the control number of the bar No. 803 is also stamped on the back of the bar. This particular bar is plated in Q. David Bowers A California Gold Rush History on page 435.
This bar is accompanied by the special leather edition of Q. David Bowers A California Gold Rush History and the new owner will doubtless spend many hours discussing the epic tales of the discovery of gold in California, and the tragedy of the loss of life on the Central America wreck. Truly a fantastic historical relic which will be the centerpiece of a gold coin collection.
Estimated Value $50,000 - 60,000.
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Lot 805
1792 Copper Disme. . Judd-11. Pollock-12 Rarity-8. PCGS graded "Genuine". Our Grade MS-64 Brown. Unique Discovery Specimen With Cancellation Marks. The present specimen is undoubtedly one of the most intriguing and stunning coins that this firm has had the opportunity to handle. We begin with a description of the surfaces, which we note as Mint State 64 Brown. Light chocolate coloration with only the slightest darker brown tone on the high points. There is no evidence of wear of any sort and the entire coin has the appearance of a presentation piece. Obviously, one immediately sees the two large "X's" on the obverse with a small area near 5:00 on the obverse that is either a small portion of a third "X" or a planchet defect. On the reverse, there are areas of flatness that correspond to the marks on the obverse. Currently, the exact nature of these markings can only be speculated over and while we will attempt to do just that, feel free to come to your own conclusions. We feel the current coin is a presentation piece of the Plain Edge 1792 disme and that the coin possesses cancellation marks. Generally, the cancellation occurs on the die itself and therefore, the corresponding cancelled coins have raised marks where the metal would flow into the depressed cancelling marks on the die. From the historical information that is mentioned below, we know that a single obverse die of this design can be accounted for. Since both Plain Edge (Judd-11) and Reeded Edge (Judd-10) examples are known for the 1792 copper disme, it seems entirely possible that Plain Edge examples were struck, then rejected in favor of the production of reeded edge examples. Obviously, with only one die in existence, the coin itself had to be cancelled rather than the die. Since the roster of known examples of the Judd-10, Reeded Edge copper disme contains 14 specimens (one with whereabouts unknown) and not a single specimen has been documented with cancellation marks, it is a possibility that the Plain Edge was quickly discontinued after its initial striking. Prior to the appearance of this discovery coin, only 2 specimens of the Judd-11, Plain Edge 1792 copper disme were known. The first being the specimen previously owned by Adam Eckfeldt/U.S. Mint Collection, later to Dr. Edward Marris and sold in the Garrett Collection in 1981. The second example was the specimen sold by Empire Coin Co. in 1961, current location unknown.
The method of delivery of both cancellation marks appears to have come from the same tool, most likely a chisel. When measuring the central, most pronounced "X", the distance from the intersection of the lines to the end of each leg of "X" is 4.6mm. The second mark, further to the left and incomplete still allows for a single measurement to be made from the intersection to the end of one leg, once again measuring 4.6mm. Both marks are of the same depth and same character, with one side of the recessed area being vertical and the other spreading out more shelf-like. The third mark, closer to 5:00 on the obverse is questionable. It appears to be the same nature of the cancellation marks, especially when considering depth and form, but it is too incomplete. Here it is seems possible that a planchet defect occurred closest to the border and a single chisel mark was punched over it. On the reverse, the areas of flatness correspond with the areas of cancellation on the obverse. It seems that the first central cancellation punch would have produced the flatness seen over the majority of the eagle. The second punch produced the flatness seen towards the left, also causing the scrape marks seen on the flattened eagle as the reverse coin shifted from the force of the blow.
The coinage produced during the period just prior to the opening of America's first national minting facility has become the most coveted and romantic of American numismatics. Not a single appearance of a 1792 half disme, disme, cent, silver center cent, birch cent or Wright quarter dollar occurs without reflection on the birth of our nation's first mint and furthermore, the evolution of our monetary system and new nation. The striking of these 1792 pattern issues represents a commitment to the national coinage system first proposed by Robert Morris in 1785, later refined by Thomas Jefferson and officially accepted by Congress on July 6, 1785, when the unit of the United States decimal monetary system officially became the dollar. The dollar, with its underlying decimal counterparts, has gone on from that beginning to be the foundation of the modern worlds' economic heartbeat and is a symbol of the "superpower" status fo the United States of America.
When Congress approved the establishment of the first United States Mint in April of 1792, they acted quickly to make sure this first Mint would come to fruition. Proposals for a national mint had been made earlier, in 1782 and 1790, with nothing ever materializing and it was time to act. President George Washington selected David Rittenhouse to be the first Director of the Mint. A lot on Seventh Street in Philadelphia was purchased and prepared for the construction of the first national minting facility. On July 31, 1792, the cornerstone of America's first mint was laid by David Rittenhouse
At George Washington's request, a portrait of himself was not to be placed on the coinage of our country. Instead, a portrait emblematic of Liberty was developed and placed on these 1792 patterns. When viewing the 1792 disme obverse design, one cannot help but notice striking similarities between the issue and the 1793 half cent. Don Taxay, in The U.S. Mint and Coinage, cited evidence of the creation of the 1792 Disme and mentioned a certain individual by the name of B.L.C. Wailes who visited the Mint in 1829. Mr Wailes, after returning from a Mint visit, was recorded as stating,
"Mr. Eckfeldt, one of the Superintendents (the second in grade) is an artist and has been in the Mint from its first establishment. [He] made the first dye used in it."
Taxay went on to comment that the die mentioned by Mr. Wailes is most certainly the 1792 disme and since only one die can be associated with Mr. Eckfeldt (based upon the comments of Mr. Wailes), then the reverse die should be associated with Robert Birch. Further speculation on the connection between the 1792 disme obverse design and Adam Eckfeldt comes from the presentation of a 1793 half cent by Adam Eckfeldt to another individual as an example of his work. This event was mentioned by Walter Breen, Andrew Pollock III and Don Taxay, based on W. Elliot Woodwards' 1863 auction of a 1793 half cent. The passage quoted in Taxay's U.S. Mint and Coinage is as follows: "A peculiar interest attaches to this coin. Nearly sixty years since it was presented to a gentleman, by Mr. Adam Eckfeldt, as a specimen of his work, and has remained in the possession of the person to within a few days."
Regardless of the exact nature of this piece, the curiosity that it spawns and its near-gem appearance (when not taking into consideration the cancellation marks) make this one of the most interesting coins to come to the numismatic community in years. The discovery of this piece does not diminish the Rarity-8 status of the Plain Edge 1792 Copper Disme and in fact, enhances the variety by adding mystery to its production. Whether a collector of the most prominent early type coins or a collector already possessing some example of the 1792 pattern coinage, you will respect that this specimen is unique and intensely desirable as such!
Estimated Value $30,000 - 50,000.
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Lot 1692
1852 Liberty Seated Dollar. PCGS graded MS-60. As if offering a fresh 1851 dollar were not enough, we now present a fantastic and original example of another "classic" rarity, the 1852 dollar! At first glance, one is mesmerized by the soothing magenta, blue and golden hues. After enjoying the wonderful toning one will want to view the technical merits of this rarity much closer. The fields are semi-reflective and enchance the color. Strike weakness is noted on some of the stars and head of Liberty but most of the coin is bold, especially the eagle. Aside from a old scratch on Liberty's right arm and a scratch above star 12, the obverse is remarkably clean. On the reverse, all will appreciate the intensity of eagle's frosty and bold appearance. The iridescent tones from the obverse have now shifted to a more uniform mix of subtle gray and champagne. There are some old faint hairlines but they are subdued by rich toning. For identification, we note a small mint-made planchet depression just at the inside tip of the eagle's left wing. Horizontal die file marks are present within the left vertical stripes of the shield.
Only 1,100 silver dollars were produced at the Philadelphia Mint in 1852 and as with the 1851, every 1852 business strike dollar is rare! While the known population of the 1851 is mostly grouped within the AU58-MS64 grade range, the 1852 has examples evenly from XF40-MS65. We feel that this specimen is just shy of Condition Census for the issue. All will undoubtedly appreciate the originality and desirability of this stunning example. Currently, PCGS has graded a total of 25 coins in all grades. In mint state, PCGS has graded 1 in MS-60, 3 in MS-62, 1 in MS-63, 3 in MS-64 and 1 in MS-65 (PCGS # 6940) .
Estimated Value $20,000 - 25,000.
The Michael M. Magdic Collection.
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Lot 1654
1836 Pattern Dollar. Designer's name below base. Silver, plain edge. Restrike. . Judd-58. Pollock-61 Rarity-5. PCGS graded Proof 45 PQ. Die Alignment III. Name Below Base. A completely choice, stunning and extremely popular Gobrecht issue with" C.Gobrecht.F." found punched below the base. Coin aligned dies with the eagle flying horizontally, pellet below and above (Alignment III). Subtle gray surfaces accented with tones of steel blue, olive and champagne. Light friction on the breast, forearm, right knee and the breast of the eagle. On the reverse, a few dots of a waxy substance are attached to two of the stars, the N and D in UNITED. Technical merits and eye appeal are several points finer than the assigned grade of PR-45.
Extensive research by numismatic scholars has occurred on this issue and today it is believed that approximately 12 examples exist with C.GOBRECHT.F below their bases. Of these twelve, all are thought to be restrikes, those believed to have been struck in the late 1860's-1870's and characterized by Die Alignment III reverses and several diagnostic die cracks. While originals are rumored to exist in the Die Alignment I state, none have entered the modern numismatic marketplace.
The designer's name displays doubling (repunching) on all letters. Each digit of the date has a light outline. It is possible that this specimen is one of the first restrikes to be produced in the late 1860's. The reverse does not show the die cracks that are commonly found on those struck from the mid-1870's. For instance, UNITED STATES displays no die crack running through the letters at all. It takes 6-9X power magnification and a very trained eye to see a spine coming off the upright of the foot of L of DOLLAR and another spine off the lower left upright of the second L. The only complete die crack observable is an extremely delicate one that runs from L to A and it is very difficult to see. Additionally, NITED displays light bifurcation on the feet of the letters.
A magnificent opportunity to acquire a fresh and intriguing numismatic rarity! We urge all interest parties to view this lot closely or arrange for someone to view this lot for them. One of only 15 Judd-58 examples graded in all grades by PCGS (PCGS # 11217) .
Estimated Value $22,000 - 28,000.
The Michael M. Magdic Collection.
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