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Sale 37
Lot 2561
1851 U.S. Assay Office $50 "slug", 887 THOUS. Reeded edge. NGC graded MS-62. Nice luster and scarce in mint state. An solid Mint State in all regards and one of the most historic artifacts of the California Gold Rush: real money used by the businessmen and trading houses that propelled California into the front pages of the news around the world. The satiny surfaces are alight with sizzling gold luster, the strike is clear-cut with clarity on most of the marginal lettering, and the eye appeal is nothing short of exceptional. This is the form of gold taken from the ground, with a purity of 887 Thous. Fine gold. The ideal was to make these .900 Fine, but due to a lack of parting acids the private minters (and later the U.S. Mint) had difficulty refining all the gold bullion that flooded in. So the workaround was to bring the fineness to an acceptable (for exchange purposes) 887.
The $50 octagonal "slug," called an adobe in local trade was a mainstay of California commerce in the first years of the gold rush. Such pieces were used in large transactions, being the coin of choice in payment for shipments to local merchants such as John Sutter, who had a trading post near Sacramento. Curiously, paper money was illegal in the state (under the Constitution of 1850), and lesser denomination gold coins were not readily available. Octagonal $50 pieces were last minted in 1851 and 1852, but were continued in use for much of the rest of the decade gaining wide acceptance. Pop 3; none higher.
Estimated Value $100,000 - 120,000.
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Lot 2555
1915-S Panama-Pacific Gold $50 Round. NGC graded MS-65 P.Q. Lovely toning on both sides. In 1915 visitors from all over the world congregated at a new city that had been built of lath and plaster on the San Francisco shore front. Building upon the experience offered by the 1876 Centennial Exhibition (Philadelphia), 1892-1893 World's Columbian Exposition (Chicago), the 1900 Paris Exposition, the 1904 St. Louis World's Fair, and other such events, the Panama-Pacific International Exposition showcased the latest technology, art, history, and discoveries in science. The official job of the Exposition was to celebrate San Francisco's rebirth from the 1906 earthquake and fire, but also to observe the opening (in August 1914) of the Panama Canal.
Today the five different coins issued in connection with the Panama-Pacific International Exposition stand as the high-water mark among American commemoratives. The $50 round is among the most impressive in U.S. federal coinage, both as to size ($50 or two and one-half ounces of 900 Fine gold) and prestige (purchase price was $100). On the round issue (another type was struck on an 8-sided planchet) the artistry was by Robert Aitken, noted sculptor and coin designer whose handiwork presents Minerva, goddess of the harvest, wearing a Corinthian plumed helmet. Aitken used a more homegrown device for his reverse, a "wise" owl perched upon a pine branch. And what a resplendent way to preserve the occasion than by this well struck MS65 housed in NGC holder #1519999-006. Reddish to tawny-gold in color with a satiny perfection, the surfaces reveal none of the often-seen scattered obverse abrasions, they are sleek and glowing. That being the case, this date is also difficult to find fully struck. The present coin retains nice detail to the design on the helmet as well as complete feather definition on the owl's breast and wings, all from a strictly above-average strike. Only 483 coins minted. Pop 38; 22 finer.
Estimated Value $120,000 - 130,000.
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Lot 1474
1805 Draped Bust Dime. 4 berries. . JR-2. NGC graded JR-2. MS-67 Star
Star. Wonderful blue and gold toning on both sides. The finest we have ever seen for this date.
Similar in overall quality to the all-brilliant MS67 in the ANR June 2004 sale, but an even more spectacular Gem because of its color. To say that this 1805 dime stands tall and peacock-lovely by virtue of its fabulous deep radiant blue toning is only a start, and despite aesthetic appearances, it is only part of the story. A key feature, but not the only major aspect. The most beautiful quality is that this specimen is far above average in strike, dancing with shimmering mint luster (Elvis Presley shaking his hips could not keep up with its vibrating cartwheel glow). And finally, the coin is remarkable for the 1798-1807 years with draped bust obverse and heraldic eagle reverse, which usually are poorly struck. The present coin is as close to razor-sharp in its details as any serious buyer could want. Most features are strongly defined, and we can say without indecision or faltering that not one in twenty 1805 dimes of this type, regardless of condition, regardless of provenance, can match it in this honor. There are no heavy clash marks present, which is unusual. A remarkable specimen, therefore, tied with one other for finest certified by NGC. A coin that combines high grade, remarkable color, aesthetic appeal without peer, and rarity. Watch this one top the charts! (NGC serial #1972936-001.)
The Draped Bust obverse is by Robert Scot. Reverse with Heraldic Eagle motif. The denomination is not stated on this coin, nor does it appear until the 1809 capped bust series replaces the heraldic eagle Type.
Comments: Dimes of this design circulated heavily in the eastern states during the Jeffersonian period, with the consequence that most seen in the market today are worn. The few Mint State coins, if of decent quality, can be called scarce. (Interestingly, a few reverse dies used to coin dimes of this type were also used to make gold quarter eagles due to their similar diameter, a hint of the frugality we see time and again at the early U.S. Mint.) Pop 2; none finer.
Estimated Value $90,000 - 110,000.
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Lot 1397
1918/7-D Buffalo Nickel. PCGS graded MS-64. Boldly struck with nice lovely toning on both sides. Should be cracked out and submitted for a MS-65 grade. Important rarity. Due to the economy's almost insatiable need for small circulating coins during the final boom years of World War I, "The War to Make the World Safe for Democracy," the Engraving Department at the Philadelphia Mint was snowed under in the production of both 1917 and 1918-dated nickel dies in the final months of 1917. In order to produce as many working dies to the branch mint at Denver as quickly as possible for the facility's 1918 production, the Philadelphia Mint took a 1917-dated obverse die and, without realizing its mistake, gave it a second impression from a 1918-dated hub. The Denver Mint took this obverse die, paired it with a reverse die (that has a slightly left leaning D mintmark -- diagnostic), and produced an unknown but fairly small number of 1918/7-D Buffalo nickels. Most examples seen today grade Very Good or Fine, and it is likely that the overdate went unnoticed until years after its release.
PCGS lists more than several dozen Mint State 1918/7-D nickels in its Population Report, several of which probably represent resubmissions. This near-Gem is bettered by only three Mint State 65 examples, but judging by aesthetic standards, its eye appeal alone earns its place in the Condition Census for this key overdate. Sharp and lustrous, extremely sharp, in fact; the surfaces are smooth enough to handle an even higher grade. Warm russet to orange colors put the last touches on this coin's long list of affirmative qualities. A highlight of the present sale, we think bidders will agree, and among the more beautifully toned 1918/7-D nickels our auction firm has handled in a long while. Pop 27; 3 in 65. (PCGS # 3939) .
Estimated Value $75,000 - 95,000.
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Lot 3225
1896 Morgan Dollar. NGC graded Proof 69 Ultra Cameo. A perfect snow white gem! Over the years, we have been consigned several spectacular Proof 1896 Morgan Dollars. Few of them can compare to this lovely piece, however. Certainly among the most impressive is the NGC-certified 69 Ultra Cameo grade on the holder's insert. One hundred percent struck over all elements of the design, both sides are most noteworthy for the razor-sharp detail they possess. The surfaces combine two qualities. The fields are mirror-deep to a point almost beyond comprehension. At direct light angles, this looks almost black, as though looking into a Black Hole in space in some fantastic sci-fi movie. Meanwhile, the devices are ultra frosted by the dies. Silky smooth in texture, both sides are expertly preserved and readily deserving of the Proof 69 designation for the ultimate in perfection. To cap it all, everything is glistening white.
Collectors who want the ultimate in a Proof Morgan Dollar for inclusion in a type set will likely be on hand and their bid cards (or computer keyboards) at the ready when bidding begins. NGC #2087204-001. Only 762 proofs minted. Second finest: 1 in 69 Star. (PCGS # 7331) .
Estimated Value $60,000 - 65,000.
The Greenhill Collection.
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Lot 2562
1852 U.S. Assay Office $50 Gold, 887 THOUS. NGC graded MS-61. Nice light golden toning. Usual amount of light marks on both sides. A frosty golden well struck example with strong underlying luster and rich brownish gold highlights on both sides. Nicely struck for the date, including the eagle's chest and wings, with the shield vertical stripes complee but not the orizontals, certainly a Territorial $50 coin that gets honorable mention where fullness of design is concerned. The corners are very choice. An historic gold "slug" from the California gold rush days. Pop 1; 3 finer in 62.
Estimated Value $55,000 - 60,000.
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Lot 2248
1930-S $10 Indian. PCGS graded MS-65 PQ. Popular semi key date. Lovely rich golden toning. Mint records list 96,000 1930-S eagles as being produced, a total that is greater than the mintage figures of four other S-mint issues in this series: 1908-S, 1911-S, 1913-S, and 1915-S but when balanced against the P and D mint figures in the mint records, 96,000 seems minuscule. The 1930-S was not released into circulation. There was a banking panic on; for this reason, it is significantly rarer than these other dates in terms of total number of coins known. The 1930-S is a heavily melted issue, and the few extant examples are Mint State. This is a well struck coin whose surfaces display finely detailed features with bright satin frost. Both sides are glow in original orange-gold shades, and the often-seen alloy spots minimally present. A nearly distraction-free Gem MS65 of this crucial Indian eagle rarity, one of the highlights of the sale. Pop 17; 3 in 66; 1 in 67. (PCGS # 8883) .
Estimated Value $55,000 - 60,000.
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Lot 2235
1907 $10 Indian. Wire rim, periods. PCGS graded MS-65 P.Q. A rare and popular transitional issue, one of a mere 500 pieces made without intentions of circulation, technically making the Wire Edge ten a pattern (Judd-1774). This issue was the closest the mint came to reproducing the ten-dollar design as conceived by Augustus Saint-Gaudens and Theodore Roosevelt. The presently offered coin has subtly variegated coloration and only the smallest marks, none of them singular or important. The die polishing marks (common to all specimens) are more pronounced on the reverse fields and overall the coin has a bright satiny sheen. The strike is strong as well, with clear definition to the high points of Liberty and her plume of feathers, as well as a nice, strong relief look to the eagle.
The Saint-Gaudens $10 coinage that was introduced to the American public in late 1907 bore on the obverse a female wearing an Indian war bonnet, said by some, according to researcher Q. David Bowers, "to have been taken from the portrait of his mistress, Davida Clark, with whom he is alleged to have had a child (although biographers have never been able to confirm this). The bonnet or headdress is inscribed LIBERTY on a band, 13 stars are in an arc above, and the date is below.
"The reverse depicts a perched eagle with UNITED STATES OF AMERICA above, the motto E PLURIBUS UNUM to the right, and the denomination expressed as TEN DOLLARS below. The eagle on the new 1907 $10 was directly copied from the motif Saint-Gaudens used on the 1905 presidential inaugural medal for Theodore Roosevelt. Later, Bela Lyon Pratt used essentially the same motif for the reverse of the new $2.50 and $5 coins of 1908.
"As President Roosevelt personally objected to the use of the name of the Deity on coins, the Indian issues of 1907 and certain issues of 1908 lack IN GOD WE TRUST. Coinage of the type was effected at Philadelphia in 1907 and 1908 and also in Denver the latter year."
Only 500 coins minted. Pop 43; 15 finer. (PCGS # 8850) .
Estimated Value $50,000 - 55,000.
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Lot 2234
1907 $10 Indian. Wire rim, periods. PCGS graded MS-65 P.Q. Nice even toning. Many early catalogs put this Wire Edge coin in the Pattern section of a sale in times past, but now this issue is widely thought of as an integral part of the desirable Indian Eagle series. Only 500 pieces were produced, and they are the truest depiction of Augustus Saint-Gaudens' original conception for this impressive 20th century gold series. This is a vibrant example of the issue in that the strike is bold in the centers and leaning toward softness at the borders. Both sides glow with satin luster consisting of alternating honey-gold and orange-gold displays. Striations or raised die finish lines (as struck) are scattered in the fields, but the surfaces are smooth enough to call for consideration at the full-Gem 65 grade level. A lovely coin that will form the centerpiece of any advanced gold collection. Pop 43; 15 finer. (PCGS # 8850) .
Estimated Value $50,000 - 55,000.
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Lot 4835
1890, $50 Coin Note. . Fr-376. . KL-722. PCGS Apparent Very Fine 25. Multiple Restorations. Quite nice clean red seal and serial number color; the bluish green back shows quite excellently against the white background while the peripheries show some tight but complete margins, most significant among them being the left and right. On the back, the margins, due to the narrower design, show more completely. In spite of the restorations, this note has been quite carefully handled otherwise, and all handling marks or smudges are light. Overall, compares quite favorably in apparence with the specimen we sold in our May 31, 2006 Pre-Long Beach Sale, lot 4425 in PCGS Very Fine 20 which realized $103,500.
Of the 20 examples listed in Gengerke's census, six are held institutionally in the collections of the American Numismatic Association, the Smithsonian Institution, the Federal Reserve Bank of San Francisco, and the Federal Reserve Bank of Richmond. Of the 14 held privately, this example holds a respectable position in terms of grade. Four grade Uncirculated, another is tied with this one at EF, and all of the remaining pieces are lesser. The most recent authoritative references indicate that only 25 notes remain outstanding on U.S. Treasury books, thus it is possible that it will be a long time before any others come to light, if ever. Rarely available and certain to attract much bidding interest. The new owner will be delighted with this prize.
The portrait of William H. Seward is featured on the face. Seward was the negotiator instrumental in the purchase of Alaska from Russia. He served as the U.S. Secretary of State from 1860-1869.
Estimated Value $45,000 - 50,000.
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