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Sale 36
Lot 2908
1796 Draped Bust Half Dollar. 16 stars. PCGS graded MS-64 Overton-102. Well struck with reflective surfaces. Only 1 finer which is graded MS66 in a Texas collection. The finest example we have ever handled in 50 years. PCGS serial number 06135942. The gorgeous Mint State coin offered in this sale is part of the illustrious, and very rare draped bust, small eagle series of early half dollar. This Type consists of only two dates, 1796 and 1797, each of which is represented by two die varieties. The 1796 issue with 15 obverse stars is Overton 101, that with 16 stars is categorized as Overton 102. The 16 stars coin was said to be made after the admission of Tennessee to the Union on June 1, 1796. Tennessee became the 16th state, hence, 16 stars.
Curiously, all 1796 and 1797 half dollars are thought to have been minted in 1797 as part of three deliveries. Mint records show that the first delivery was made on February 28, 1797 (60 coins), the second delivery on March 21 (874 coins), and the final one on May 26 (2,984 coins). Breen (Complete Encyclopedia of U.S. and Colonial Coins), makes the assumption that the February delivery contained those with 15 stars; while the coins minted in March included some 1796 with 15 stars and others with 16 stars. (Later production in May consisted mostly of 1797-dated pieces but may have included the last of the 1796's with 16 stars.)
Fewer than 4,000 small eagle half dollars were struck in 1796 and 1797 combined. Of these, no more than 5% exist in collectors' hands or in museum collection, the vast majority of which show extensive wear, often with retooling or plug-filled holes. This piece compares favorably with the very best survivors, and it is not far removed from the finest 1796 half dollar, the MS-66 graded by PCGS that now resides in a well known collection that may never be sold. A shimmering, pewter-gray to steel toned coin radiating mint prooflike glow on gorgeous almost gem quality silver surfaces. There are some adjustment marks criss-crossing the eagle's breast. Sharp detail on all devices is typical for this issue; however, with present Mint State 64 we see a wonderful crisp strike found on the stars, hair curls, and Liberty's drapery. The eagle, barring the inconstancies of the adjustment lines, shows great depth of detail, as do the supporting branches of the wreath, with laurel represented at the left, and a palm branch on the right. A marvel of preservation! (PCGS # 6058) .
Estimated Value $350,000 - 390,000.
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Lot 3787
1797 $5 Capped Bust. Small eagle, 16 stars. PCGS graded Breen 12-K. Rarity-5+. MS-61. Well struck and untoned. Nice reflective surfaces. 3,609 monted for all 1797 $5 gold coins. Pop 1; the finest and the only Mint State example graded at PCGS. Vibrant even warm yellow gold with abundant reflectivity in the fields on either side, not just at the peripheries but throughout the fields. Extensive cartwheel luster and strong aesthetic appeal results, as might be expected. Scattered light abrasions in the field account for the grade as assigned, but none are serious; we note a couple of tiny rough spots by the curl opposite the 3rd star which can used as an identifier. Well detailed and very attractive. The reverse shows an array of fine die cracks that intersect the rim at 5:00, 7:00, and 10:00. Considering that there have been only a few chances to buy a Mint State specimen at public auction in the last few decades, and no examples except the present one have been offered in this grade or higher, the coin should be mighty tempting to the advanced collector or specialist in the half eagle series. Of course, one specimen is impounded in the Bass Foundation collection and two more are in the collection of the Smithsonian Institution. In the end, the 1797 Small Eagle $5 stands as an key date in the series, with the opportunity to purchase one that is among the very finest known a milestone in collecting!
(Only four specimens of the 16 Star variety have been certified by NGC in all grades, and three additional specimens have been graded of the date without attribution. PCGS has this single specimen in Mint State. Serial #05054690.) (PCGS # 8068) .
Estimated Value $225,000 - 250,000.
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Lot 3008
1794. BB-1, B-1 Very Rare. PCGS graded VF-35 .PQ. Light to medium uneven grey toning on both sides. Better than average strike. Nice full date. Very few adjustment marks which normally plaque this date. Choice for the grade. Should be resubmited for upgrade. Compared to the 1794 dollar in NCS sharpness of EF, this coin has better details.
The silver dollars of 1794 are from a single pair of dies cut by Robert Scot, hired in November 1793 as Engraver on the basis of his work on bank-note plates. The head of Liberty is a copy of his 1794 cents, but without the cap. The planchets used on these coins were made from part of the Bank of Maryland's bullion deposit of July 18, 1794: 94,532 ounces of French minor coins containing 69,692.4 ounces silver; this had to be brought up to 900 Fine. (A good portion of the bullion used to strike coins in those days came from melted foreign coins.)
Because no press heavy enough for dollars had yet been built for the Mint, these heavy, thick coins were struck on the largest one at hand -- that originally were meant for cents and half dollars. Because so many of the new dollars were poorly struck, they were at once criticized for weakness of impression: "the touches of the graver are too delicate, and there is a want of that boldness of execution which is necessary to durability and currency" said the New Hampshire Gazette of December 2, 1794. The fault, however, was less in the die than in press weakness and axial misalignment. On most survivors, obverse and reverse dies were in nonparallel planes, making the left side of the coin weaker, especially at the date and the first star on obverse and with UNITED STATES also weak on the reverse. The present coin has much better definition in these areas and is recommended for this reason. In fact, specimens with all these details clear are very rare, forming only a tiny minority. The mintage figure of 1,758 is thought to represent the acceptable remainder of (probably) 2,000 coined on Oct. 15, 1794, the remaining impressions (242?) being rejected imperfectly made, and retained in the Coiner's Vault for subsequent use as planchets according to Julian {1978}, p. 51. (There is a single example of 1795 showing traces of overstriking on one of these weak 1794 dollars, according to the Breen encyclopedia.) (PCGS # 6851) .
Estimated Value $200,000 - 240,000.
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Lot 4426
Fr-377. 1890, $100 Coin Note. . Fr-377. . KL-843. PCGS Very Fine 30. This Watermelon Hundred is one of fewer than three dozen examples of its type in existence, and eight of those pieces are permanently in government hands. It possesses excellent centering, great colors, and the ornate back, from which the nickname of the note is derived, is beautifully clean. The "Watermelon" effect of the large zeros remains pronounced, as the ink quality is razor sharp. With the current tremendous emphasis on paper money collecting, it's a shame that only two dozen collectors comprise the exclusive group that may possess this stately type. This same note realized $74,800 in 1999, and should realize a bit more today.
Estimated Value $90,000 - 120,000.
The Brooklyn Collection.
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Lot 4233
1915-S Panama-Pacific Gold $50 Octagonal. PCGS graded MS-65 PQ. A splendid gem with impeccable clean surfaces. Can't see why this wasn't graded higher. Creamy gold surfaces eddy and churn with almost "frothy" luster on this handsome great big coin with the sharp corners. Soft-edged devices and lettering throughout the centers are typical on this issue due to the unique design of Minerva and the owl; only a small percentage of this year's production is found with enough convincing detail and sparkling luster to be called Gem and earn a grade of 65, and this is one such coin!
In 1915 visitors from all over the world populated on a veritable new city that had been constructed on the San Francisco waterfront. Taking a page out of the history of the 1876 Centennial Exhibition in Philadelphia) and another page from the 1892-1893 World's Columbian Exposition in Chicago, among others, the show's promoters made the Panama-Pacific International Exposition a showcase for marvels of science, engineering and the arts. The official reason d'être for the Expo was to honor San Francisco's rebirth from the devastating earthquake and fire of ten years before, and also to commemorate the opening of the Panama Canal.
The $50 octagonal is milestone in U.S. gold coinage, both as to size ($50 or two and one-half ounces of 900 Fine gold) and format (octagonal). On the octagonal issue there are 8 dolphins spaced around the inner border at the corners on either side. The design was the work of Robert Aitken, a noted sculptor. His bust of Minerva, goddess of the harvest, wears a Corinthian plumed helmet. For the reverse, an owl and pine branch. What a resplendent way to preserve the occasion than by this well struck MS65 gem housed in a PCGS holder! Pop 14; only one higher in 66. (PCGS # 7452) .
Estimated Value $120,000 - 130,000.
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Lot 4153
1931 $20 St. Gaudens. PCGS graded MS-65 PQ. A frosty gem coin. Well struck. Very popular date. Since virtually the entire extant population for 1931 falls into the Mint State grades, it is plain to see that this double eagle issue was never released for general circulation. Most of the 2,938,250 pieces originally minted were melted in the Mint, and today the 1931 is comparable in overall rarity to the highly respected 1932. Pop 28; 8 in 66; 1 in 67.
Among Saint-Gaudens pieces, the 1931 is considered to be one of the top seven rarest issues in the series, with precious few examples surviving the mass melting of the Roosevelt Administration in the 1930s. Experts have speculated over the years which of these later dated issues is now the rarest, and exactly how they should be ranked. The population figures by the major services can sometimes be misleading as to exact rarity as the same coin may have been submitted to both services at different times, or even the same service multiple times thus causing the published figures to be skewed.
The 1931 we present in this lot is a beautiful coin. Its surfaces display excellent mint frostiness, which is characteristic of this issue but not too often found other than baggy. The color shows a pretty combination of colors, from light to not quite medium yellow-gold color with subtle rose pink accents turning to the warm orange color of apricot. The design elements are sharply made, and include strong definition on the central devices, as well as in the less central regions such as the Capitol dome and most of the stars. The surfaces on both sides are immaculate for the issue; a handful of trivial marks here and there are not even worth the time it takes to give them individual mention. While copper stains often dog this issue like measles in a kindergarten, the present example reveals not even a single solitary spot, none whatsoever. What a treat it is for us to describe this 1931 double eagle for you. And what a pleasure it will be to some fortunate buyer who acquires possession of it! (PCGS # 9192) .
Estimated Value $85,000 - 95,000.
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Lot 3800
1833 $5 Capped Head. Small date. PCGS graded MS-63 PQ, Breen I-2. Old green holder. Well struck with semi prooflike surfaces Very rare variety. Should be sent in for regrade. This coin should be relisted by PCGS as a small date. Pop 3; 4 in MS64. Although 193,630 specimens of the 1833 Half Eagle were struck, probably all but a few thousand were consigned to the furnaces and melted. During this decade, gold coins were worth more in terms of intrinsic value than face amount, so a gain could be made by buying up freshly minted coins, melting them, and selling the bullion (even selling it back to the Mint). This state of affairs accounts for the rarity of virtually all half eagles of this era, despite large mintage figures. On August 31, 1834 the weight standard was revised, the coins reduced in weight slightly, and the crisis put to rest. From that point forward Half Eagles and other denominations circulated freely.
This "Premium Quality" specimen is in remarkable condition for so great a rarity. Exceptionally choice light greenish-yellow gold with pale coppery toning. Smooth and resplendent with satiny luster, a bit reflective in areas where the die was polished. The devices are frosty and very well defined everywhere but stars 1, 2 and 13; these bottom stars lie directly opposite the high relief wing-tips and were problematic on not just the 1833-dated half eagles. The eye appeal is simply beautiful. There are almost no marks on Liberty's frosted profile, her facial contours smooth and golden. The originality of the coin is immediately obvious and serves as an identifier for future collectors to admire and enjoy (PCGS # 8157) .
Three varieties of 1833 half eagles are known from a mintage of 193,620 coins. Mintages of half eagles were larger during this period in the 1830's, due primarily to quantities of gold shipped to the Philadelphia Mint from North Carolina and Georgia. This example has a small date on the obverse and period far from 5D on the reverse.
Estimated Value $50,000 - 75,000.
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Lot 3670
1808 $2.50 Capped Bust. NGC graded AU-58. Very popular date. Rare one year type coin. Mostly untoned. In 1808 John Reich was called on to modify the quarter eagle. In the previous year he had restyled the half dollar, creating what numismatists of a later generation would call the Capped Bust design. Now it was the quarter eagle's turn. The diameter remained the same as earlier, 20mm, but the obverse and reverse were changed. Liberty now faces left, wearing a cap secured by a band inscribed LIBERTY. Seven stars are on the left and six are on the right; the date 1808 appears below. The reverse depicts an eagle holding an olive branch and three arrows. The motto E PLURIBUS UNUM is on a band above. The inscription UNITED STATES OF AMERICA and the denomination 2 1/2 D are around the border. The denomination is stated for the first time on a quarter eagle. The mintage figure of 2,710 on its own would suggest an item of great numismatic desire, but the demand for the coin as the only year of its design has propelled it into the forefront of rarities among American gold coins. It is believed that only a few dozen remain in collectors hands and a few in museums, nearly all of which grade Very Fine or Extremely Fine. This is a handsome and lustrous AU58 which has strong details in the cap and hair curls, but characteristic flat stars and rim dentils, and the dies left behind a soft impression on the shield. A few light adjustment marks are present along the obverse rim and a tiny mark is noted on the cheek.
After 1808, quarter eagle mintage was suspended. It was not until many years later, in 1821, that the denomination was again struck, at which time a modified design was used. NGC #1785866-009. Pop 14; 15 finer.
Estimated Value $100,000 - 115,000.
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Lot 3669
1796 $2.50 Capped Bust. Stars. PCGS graded AU-55. Light gold toning including a toned spot at the cheek. Semi reflective surfaces. Very rare date. Only 432 coins struck. A highly lustrous example of this key issue with a nuance of pale orange toning on both sides, all of which is underpinned by full, only barely circulated freshness. Struck with fleeting weakness that imported a some rounded detail in the cap and hair, the eagle's chest feathers and shield lines.
This coin has two distinctions: It is the first ever to show the heraldic eagle, which would become standard on all silver and gold denominations 1798-1807; it is the earliest made showing 16 reverse stars honoring Tennessee's admission. During this whole decade, quarter eagles were coined only in isolated driblets of a few hundred or at most a few thousand pieces. In several of these years, each date represented a new design modification -- creating instant rarities and type coins. The problem is less why the coins are rare, why so few were made to begin with, but why any were struck at all. To judge from available Archives records, they were ordered by a few local banks (principally the Bank of Pennsylvania and the Bank of the United States). Between 1803 and 1833, the Mint's major output consisted of cents, half dollars, and half eagles; all other denominations had a kind of poor sister status -- seldom called for, few made, little welcome. Hence their rarity today in all grades. Pop 4; 6 in AU58; 1 in 61; 1 in 62; 1 in 63. (PCGS # 7647) .
Estimated Value $90,000 - 100,000.
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Lot 3910
1801 $10 Capped Bust. PCGS graded MS-64 T-25, Rarity 3. An intensely lustrous bright golden-yellow. Problem-free planchet. A beauty. Pop 35; 2 in 65. Well preserved with smooth, velvety luster and rich yellow-gold features, a superlative coin for the grade now matter how you look at it. A great deal of discussion also surrounds a coin's strike. This is especially important on an early Eagle struck in the opening years of the Mint. The 1801 presented here has excellent detail with no sign of weakness to the centers. The stars, too, are outstanding and bold. Liberty's hair shows bold smooth waves and includes the uniquely designed forehead roll of hair, plus nice folds and artistically formed "mob" cap on her head. The hair and cap come together nicely at the back so that one is never sure where the cap ends and the hair begins. Are those strands of hair looped up over the front of the cap? Again, this is a very attractive design. Nor is the coin waylaid by anything like marks, adjustment lines, or rim bruises; nothing of the kind, everything is outstanding.
Robert Scot's designs for the $10 gold piece copied those of the quarter eagle. Liberty's draped and capped effigy continued from 1795-97; the heraldic eagle derived from that of the Great Seal of the United States, but with the same blunder as on the smaller denominations: The warlike arrows are in the dexter or more honorable claw, outranking the olive branch for peace (PCGS # 8564) .
Estimated Value $70,000 - 80,000.
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Lot 4425
1890, $50 Coin Note. . Fr-376. . KL-722. PCGS Very Fine 20. Less than two dozen $50 Treasury Notes are known, and at least a half dozen of those are permanently impounded in government institutions or museums. Several CU examples are extant, most from a small run of low serial numbers--the number B1 note is in the ANA Museum. The known circulated examples range from VG to EF, with this note certainly in the top half. It is solid for the grade with good colors, impressive eye appeal, and no major flaws. In comparison with coins, rare type notes are veritable bargains. Any U.S. coin with less than a dozen and a half examples available for the type would be a legendary rarity, with values approaching seven figures. With a small number of Uncirculated examples of this type selling in the last few years for solid six figure numbers, this piece could prove to be quite a bargain for the astute collector.
Estimated Value $65,000 - 75,000.
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Lot 3735
1911-D $2.50 Indian. PCGS graded MS-65. Well struck with nice even gold toning. Popular key date to this series. Pop 13; 4 in 66. A thrilling example of this always-popular Indian quarter eagle rarity. This exception Mint State 65 specimen layered in rich shades of gold and apricot-orange and plus, it is very nicely struck, including the mintmark. Probably a good many are not as carefully struck as this piece, which the population statistics from the main grading services show. With no suggestion or even a whisper of weakness at the feathers or on the mintmark, this lovely specimen can only rank among the elite few in its category!
We know that at the time this coin was produced, an average auto assembly line worker at Henry Ford's River Rouge, Michigan plant earned approximately $2.50 per day, or one of these coins. At the same time, the price of a hardback book, either fiction or non-fiction, with simple dust jacket of paper, was priced at about $2.50 to $2.75. Yet, few 1911-D quarter eagles were made; and of those, fewer still, in fact, very few, ever got saved in pristine condition. For why do so when there were other things to do back then with a day's pay. That is why this coin is so significant in the series of Indian quarter eagles. And why bidders may very well "take it to the moon" when the bidding takes place (PCGS # 7943) .
Estimated Value $75,000 - 85,000.
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