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Sale 39
Lot 2387
1798/7 $10 Capped Bust. 9 stars left, 4 right. . T-9, High Rarity 4. PCGS graded MS-62. Encased in PCGS holder 10757716. A fully lustrous example with only the faintest of horizontal adjustment marks thru the center portions of the obverse. Only 900 minted. Of that, a tiny number of survivors, exceedingly few in fact, are in mint state, with the remainder scattered in the Very Fine to About Uncirculated grade ranges. The obverse and reverse of this piece present a balanced composition. The obverse is sharply struck throughout the hair and cap with excellent stars and rim dentils. Luster, while subdued, is satin-like and fresh golden color. The reverse, reminiscent of the obverse, is certainly just as sharply defined with nice frosty luster. As readers can clearly see in the photograph, the eagle's wings are well brought up and only a little breast feather definition over the shield is lacking, as usual. The date is of great importance to the advanced collector. In choice Mint State 62, it becomes a landmark offering never to be overlooked. A moster coin! PCGS Pop 1; none finer. (PCGS # 8560) .
Minor change came with the eagles of 1798. The expansion of the Union was at such a pace as to threaten to overwhelm coinage designs in the future if a star was added to the design for each new state. This led the Mint director to order a standardization of stars to 13 (for the original Colonies), beginning in 1798 on the eagle.
Two arrangements of stars are found in 1798, one die with nine left and four right, and one die with seven and six. All of the 1798 eagles are actually overdates: 1798/7, with the 8 punched into the die over a 7. No perfect date 1798 capped bust eagles are known.
The total mintage of 900 1798/7 capped bust eagles with the 9x4 star arrangement makes this the second rarest of the capped bust eagles by mintage. Long considered to be very rare, enough recent appearances seem to support a population of closer to 100 rather than Breen's suggested 18-20 known (per his Encyclopedia).
Estimated Value $150,000 - 175,000.
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Lot 1423
1794 Flowing Hair Half Dollar. . O-101. PCGS graded AU-58. Nice original light even toning. Sharply struck with only a few faint planchet adjustment marks on the obverse. The sought-after first year of the flowing hair half dollar type an in truly magnificent state of preservation. On the opening day of December 1794, Chief coiner Henry Voigt delivered 5,300 half dollars, followed by 18,164 more on February 4, 1795 (from 1794-dated dies). These comprised two separate die varieties. A low mintage even by contemporary standards, this is combined with a low survival rate for the 1794 coins, making this a scarce date, and one prized by specialized half dollar collectors. The O-101 die pairing has 21 berry reverse (split 10 left and 11 right), the only reverse with this arrangement.
While collectors refer to O-101 as "the most plentiful of all 1794 die marriages," that hardly fits the picture of high-end examples like this. A very remarkable specimen! Encased in PCGS holder 10945262. Pop 1: The only Overton 101 graded at PCGS.
1794 is noted from the so-called "Whiskey Rebellion" in western Pennsylvania and other inland regions of the new country. The frontier farmers objected to a tax on whiskey when whiskey itself was their medium of exchange. Silver half dollars like this 1794 rarely turned up in the interior. And the cost of sending grain to eastern markets was more than the grain would bring, so the farmers converted it to whiskey which could be easily stored, transported, and traded. Tax collectors were tarred and feathered or met with shotguns when they tried to collect the tax. One farmer and his neighbor welcomed excise officers with generous servings of Jamaica ginger laced with whiskey. The genial hosts remained hospitable until the officers passed out, then slipped off and hid the still. President Washington ordered Federal troops to put down the "acts" that he said amounted to treason. With General "Light-Horse Harry" Lee in command, the army restored order. Some of the leaders were arrested and taken to Philadelphia for trial. Only 2 were ever convicted, and they were pardoned by the President. The new Government boasted that it could enforce laws enacted by Congress. Well, sort of.
Estimated Value $100,000 - 125,000.
Ex Dr. Hesselgesser.
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Lot 2728
1921 $20 St. Gaudens. PCGS graded MS-63. Well struck with lovely golden toning. Popular key date. A date missing from most collections. Treasury Department records indicate that the Philadelphia mint struck slightly more than half a million double eagles in 1921. While it is not know what became of most of these coins (rumors are they were melted), numismatists know that the 1921 is one of the premier rarities in the Saint-Gaudens $20 gold series. To this day, the 1921 compares favorably to the similarly spellbinding 1920-S, although the nod goes to the Philadelphia Mint issue in higher grades in terms of rarity. Approximately half of the known population is in circulated condition.
This beautiful Choice Mint State 63 is well struck on the obverse with a satin-like sheen that yields strong cartwheel luster properties. On the reverse, none of the eagle's feathers are soft, which is most unusual since 1921-dated pieces tend to be weak on the upper wing edges and breast detail. Rich peach-orange to orange-gold colors merge splendidly over the surfaces of both sides. Several tiny abrasions are not unusual for a coin in MS63 grade, but fortunately there are no marks of distinction which require amplification. What does deserve repetition, however, is this date's unusual rarity in the grade. A bidding opportunity for either the double eagle or 20th century gold specialist! Housed in PCGS holder 21895703. Pop 9; 6 finer; 3 in 64; 2 in 65; 1 in 66. (PCGS # 9172) .
Useless bit of trivia: In 1921 two now-forgotten Hollywood movies aired, one titled "Wet Gold" and the other "Mary-Find-The-Gold." Also in 1921, the famous Newmont Mining Company was founded.
Estimated Value $175,000 - 200,000.
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Lot 2822
1930-S $20 St. Gaudens. PCGS graded MS-64 PQ. Well struck with lovely golden toning. A popular key date. There do not appear to be many abrasions that would bar this frosty double eagle from a near-Gem grade, which is why we call attention to the fact by issuing our seldom-used "Premium Quality" designation. In addition to smooth features, both sides display a precision in the strike that verifies the 1930-S as one of the more painstakingly struck S-mint dates in the Saint-Gaudens series. Fully pulsating with lovely orange-gold color, the surfaces are free of bothersome striking incompleteness and show only slight signs of contact. A heavily melted issue, the 1930-S is rarer than the 1929, 1931, 1931-D, and 1932 from the standpoint of total number of coins known. A mere 74,000 pieces struck. It seems that only the legendary 1927-D is significantly more elusive as an Uncirculated coin. PCGS number 21895689. Pop 15; 14 finer; 9 in 65; 5 in 66. (PCGS # 9191) .
Estimated Value $120,000 - 135,000.
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Lot 2227
1873 $3 Gold. Open 3. PCGS graded Proof 65 Deep Cameo. In PCGS holder 10757712. A glittering untoned Gem Cameo Proof. The extremely rare 1873 Open 3 Proof is one of three Proof-only dates in the $3 gold series. There are 1873 Closed 3 $3 pieces known in both business strike and Proof format, but the Open 3 is strictly found in Proof only. Some confusion surrounds the history of these. The only archives record was 25 Proofs struck in February, with no indication of any business strikes.
Current opinion seems to lean toward the belief that all 1873 $3 gold pieces were made in that year, and that they should all be pronounced Original issues; that is, no Restrikes. What is most crucial in understanding the availability of the 1873 Open 3 pieces, regardless whether just 25 of these were made, or some larger number, is that the rarity of this issue must be emphasized. Recent publications by Dave Bowers and Doug Winter suggest a mintage of 40 to 50 Proofs, with approximately 13 to 18 of those in existence.
The pristine example offered in this lot is, without question, a glorious Gem Proof. Not just any Gem Proof, however, but one displaying "deep" cameo contrast over both sides. The surfaces are glittering mirrors whose golden sparkle is fully lustrous. By way of distinction, the devices, the frosty devices, stand in bold contrast. The entire composition of the coin, therefore, consists of brilliant yellow-gold color mirrors, slightly deeper on the obverse, providing background for the frosted devices. A few tiny hairlines are visible on each side. A lint mark is visible on this example, as well, between the T and A of STATES, which can be used as an identifier, plus at the upper left leaf in the wreath, a small flake in the metal, as struck. For purposes of understanding the coin's rarity in high grade, little further needs to be said other than to reveal the latest (12/06) census figure: Pop 2; none better. (PCGS # 98037) .
Walter Breen in his encyclopedia gives a learned account of the origin (and later extinction) of this odd-sounding denomination: "The usual story has it that $3 gold coins were made only so long as the letter rate remained 3¢, being discontinued when it was changed again, and perhaps in part because of the letter rate change. Whether or not this was the intention of Congress, nevertheless $3's saw little postal use in the West and South, as they were minted in Dahlonega and New Orleans only in 1854, and in San Francisco for circulation only 1855-57 and 1860. Three's thus represent relics of an interesting but abortive experiment: today they are among the most highly coveted of American gold coins. No specific reason was advanced for their discontinuance, though low mintages 1879-89 (testifying to little public demand) may have had something to do with it."
According to published reports, even so late as the 1930s the Treasury was melting $3 gold pieces as they were received. This was in line with President Franklin Roosevelt's 1933 demonetization order. Since the denomination ceased actively circulating in 1889, the Treasury had nearly fifty years in which to separate out any pieces which flowed through. Is it any wonder, then, why this denomination is one of the rarest, regardless of date, mint, or state or preservation?
Estimated Value $90,000 - 100,000.
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Lot 2097
1855-D $1 Gold Indian. NGC graded MS-64. Coin is encased in NGC holder 1891934-005. Well struck with clash marks as made. Complete full date and sharp mint-mark. Lustrous honey color gold. A landmark rarity. Probably the finest known. Perhaps surprisingly for an issue with such a limited original mintage, the 1855-D was struck using two die marriages. The present Winter 7-I example is perhaps the finest-known example of both varieties, and it is an incredibly stunning representative. The '55-D typically bring to minds varying degrees of striking incompleteness in the center of the reverse that affects several of the letters in DOLLAR as well as the digits in the date. On this piece, however, we see a sharply executed reverse strike that qualifies this piece as a Full Date example as defined by Doug Winter. In the 2003 book Gold Coins of the Dahlonega Mint: 1838-1861, the author states,
"Among specialists, full date 1855-D gold dollars trade for a strong premium; in some cases as much as thirty to fifty percent above the price level for a coin with a typical weak date."
The obverse impression is overall bold, while both sides possess agreeable color that blends orange-gold and green-gold shades. The satiny surface texture and a noteworthy lack of grade-limiting abrasions, combine to create this beautiful near-Gem, a coin that comes highly recommended for both the Southern gold specialist and the advanced numismatic portfolio.
As the only Type 2 gold dollar from the Dahlonega Mint, the 1855-D is an understandably popular coin among collectors. It is also a very rare issue, the original mintage being a mere 1,811 pieces. The total number of survivors probably numbers no more than 70 to 80 distinct coins. A rare date starting at the Choice Extremely Fine grade level, Condition Census begins in About Uncirculated 55. The 1855-D is the overall rarest Dahlonega Mint gold dollar after only the 1861-D, and it is prime condition rarity in the D-mint portion of this series.
Supposedly because it was smaller and thicker than should have been, Mint Director Colonel James Ross Snowden ordered the gold dollar redesigned in 1854 to accommodate an increase in diameter to 15 millimeters. Chief Engraver Longacre dutifully carried out this request. His work was uncharacteristically careless on this occasion. His Type 2 dies were difficult to strike properly, and the coins wore down in circulation. These deficiencies affected all issues of this type, from all mints, and they resulted in its replacement by the Type 3 design soon after.
Due to its brevity, there are only six unique issues in the Type 2 gold dollar series: 1854, 1855, 1855-C, 1855-D, 1855-O, and 1856-S. The '55-D is by far the rarest, followed by the '55-C, '56-S and '55-O. Even the "common" 1854 and 1855 dates are relatively scarce in an absolute sense, and are quite rare in Mint State from a market availability standpoint.
The origins of the gold dollar as a denomination lie in John Marshall's discovery of gold at Sutter's Mill in 1848. Although a coin of this face value had been proposed on several occasions in the past, with Patterns made and the Bechtlers actually striking examples in North Carolina beginning in the 1830s, Congress did not authorize the United States Mint to produce gold dollars until March 3, 1849. The reason Congress relented that year was because the immense quantities of gold being mined in California forced silver coins out of circulation. Few people in the United States of the late 1840s or early 1850s placed much trust in paper currency, especially out West, the gold dollar was seen a much-needed replacement for the now-absent silver coinage in commercial channels.
This denomination remained in production from 1849-1889, during which time it appeared in three distinct types. The abolition of the Gold Dollar was included as part of the Mint Act of September 25, 1890, and it probably resulted from the (by then) long-established unpopularity of the denomination as a circulating medium of exchange. Many issues in this series are scarce, if not rare, chief among which are the 1849-C Open Wreath, 1855-D, 1856-D and 1861-D. Pop 3; none finer at NGC. (PCGS # 7534) .
Estimated Value $120,000 - 130,000.
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Lot 1566
1796 Draped Bust Dollar. Small date, large letters. PCGS graded MS-60 BB-61; B-4. PCGS holder 05670934. Lovely even light golden toning. A lovely example with nearly full luster on its somewhat toned surfaces. Evenly struck in with virtually no marks noted with a glass. The devices were struck with such force and energy by the dies that all design elements show boldly, and this is most exciting for the collector of draped bust, small eagle silver dollars. In short, this handsome Mint original piece is very nicely struck, just as well preserved, and positioned to become quite a centerpiece in someone's bust dollar collection because it lacks the usual dull flat strike on the eagle's breast and knee. Pop 1: none finer; The Finest Known. (PCGS # 6859) .
Small wide date; all of the figures of date evenly spaced wide apart. 6 leans to the left. Highest wave of hair under serif at left bottom of E; second highest wave under upright of R. End of hair tress touches only one (the innermost) point of star 1. The curly lock closest to the date barely misses the star point to the right of the innermost point of star 1 (magnification may be necessary to tell this; on BB-66, the curly lock touches not only the tip of the innermost point of star 1, but also the point to the right of it). On BB-63, star 1 points to the space between two denticles (on BB-66 it points to a denticle). A point of star 15 points to the middle of the drapery folds (on BB-66 it points to a spot high on the drapery folds). This obverse bears a close resemblance to the obverse of BB-66, and specimens should be compared to it. The R in LIBERTY shows beginning signs of failure at the lower right tip. Of the four 1796 obverses, this die was cut next to the last.
Estimated Value $150,000 - 165,000.
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Lot 2237
1796/5 $5 Capped Bust. Small eagle. . BD-1, Breen-9I, Miller-16, the only known dies. Rarity-4+. NGC graded MS-62. Coin is encapsulated in NGC holder 1891975-006. Slightly reflective surfaces. Light scattered marks, free from adjustment marks. A lovely BU representative of this scarcer Small Eagle five, both sides exhibit bright, yellow-gold color with deeper green-gold undertones perceptible at indirect angles. The strike is nicely centered on the defect-free planchet. Further, it is also sharply executed over virtually all elements of the design. Magnification reveals modest hints of semi-reflective flash from the fields as the viewer rotates the coin under a light. The reflective quality serves to enhance what is already a high level of pleasing eye appeal. A definite find for the better-date Type buyer seeking a representative of this, one of the greatest rarities in the U.S. half eagle series.
There is only one known die marriage of the 1796 issue, and its obverse is an overdate that employs an unused 1795-dated die of the Close Date variety. Although archive records indicate 6,196 half eagles were delivered in 1796, there is some discussion as to whether these all bore that date. Walter Breen (1988) opines that these coins were dated 1796/5, and he further states that an additional 623 coins delivered in 1797 were also struck using this die marriage. If true, the author's theory would yield a mintage of 7,253 pieces for the 1796/5. Breen's suggested mintage figure for this issue fails to hold up when one considers that, if accurate, the 1796/5 would have been produced in nearly as great a quantity as the 1795 Small Eagle. This cannot possibly be the case, first and foremost because the 1796/5 is much rarer than the 1795 Small Eagle, a disparity that cannot be explained merely by the fact that the former issue was saved in greater numbers as the first U.S. half eagle. Additionally, the Mint required 12 die marriages to produce the 1795 Small Eagle fives but, as previously stated, there is only a single known variety of the 1796/5.
We believe that many of the 6,196 Half Eagles struck in 1796 were actually from 1795-dated dies. A few may have been dated 1796/5, nonetheless, and strong candidates would be those struck at the end of the year. We also find it likely that some 1796/5 examples were delivered in early 1797. Until further information becomes available, it seems probable that the original mintage figure is fewer than 6,196 pieces. Survivors number just 80 to 100 coins.
Pop 5; 6 finer; 2 in 63; 3 in 64; 1 in 65. (PCGS # 8067) .
This, America's earliest gold design, was struck during President Washington's second administration. Few people realize that Washington was one of the Mint's cheerleaders, as it were, seeing the organization through its darkest early days when congress wasn't overly keen on having such a high-cost facility funded by taxpayer money. Why, just holding a coin like this 1796/5 half eagle in one's hand brings forth a vision of those halcyon days when America was fresh out of the nest and struggling to survive, while the rest of the world seemed large and menacing. That we survived, and that this gold piece survived, is witness to the power of an idea: that a people are fully capable of guiding their own destiny.
Estimated Value $100,000 - 120,000.
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Lot 2825
1932 $20 St. Gaudens. NGC graded MS-65. A lovely example of the very rare date. A tiny mark in the left obverse field. A date missing in most collections. In terms of condition rarity, the 1920-S and 1921 are identified as the two most important condition rarities in the Saint-Gaudens double eagle series. However, the 1932 is far more elusive from the perspective of total number of examples known, with only as few as 70 pieces believed extant in various grades. The 1932 tends to be carefully preserved with a much higher proportion of Gems known versus the total census than the other late-date keys of the series. This is a gorgeous, fully frosted Gem that reveals brilliant yellow-gold surfaces blending to peach-orange plus a faint overlay of reddish patina. The only marks of distinction are a couple on Liberty's left blouse (from the viewer's angle), with a few other marks, equally insignificant, on the eagle's tail. Pop 10; 5 in 66.
Rumblings of a worldwide monetary crisis were first felt in 1928-29 as stock markets began to plunge. But the real panic began in the summer of 1931 when first Austria, then Germany, followed by Great Britain "defaulted" on their creditors by "going off the gold standard." This international bankruptcy left American institutions to face the rising onslaught alone. In 1932, immediately following the Presidential election in November, a flood of bank withdrawals of gold hit the Treasury department as well as the Federal Reserve banks. Few knew it at the time, but America's descent into the abyss of national bankruptcy was only weeks away. This 1932 twenty is one of the last permissible dates in the series to own (the 1933 twenties are all subject to confiscation, with the sole exception of a single coin in collector's hands).
Estimated Value $90,000 - 110,000.
Ex Dr. Hesselgesser.
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Lot 2240
1798 $5 Capped Bust. Large eagle, large 8, 14 stars. . Breen Encyclopedia-6427, Breen-2C. NGC graded MS-60. For purposes of tracing this coin's future whereabouts, it resides in NGC holder 4066491-002. Early die state without the rim breaks above ES and OF. Free from problems, such as adjustment marks. That final note about the adjustment marks is a key point when evaluating this extremely rare variety. In the early years of the 1800s, mint workers weighed each and every gold or silver planchet before sending it to the coiner for striking. Gold, in particular, is valuable; it would have been nonsensical to issue overweight coinage. Therefore, the mints hired "adjusters" (usually women) who weighed each planchet. Any that they found overweight were filed down with a steel file, either near the rim or across the center of the planchet. The resulting parallel "adjustment marks" remained visible in many cases, even after the coin was struck. This handsome 1798 half eagle is free from such marks.
This lustrous coin, which also happens to be the finest certified by NGC and the only Mint State example we've ever seen, has a few small abrasions on the neck and in Liberty's hair consistent with the grade. Similar to the obverse, on the reverse are found a very few light marks, again consistent with MS60 quality, but generally less distinguishing than expected. All this is perhaps obvious from the photos. What we need to emphasize too is that the strike is unusually crisp and detailed for the 1798 14 star reverse variety, with the outstanding sharp metal flows into the deepest recesses of the dies on both sides. After five minutes of silent and intense thought and inspection spent with this handsome 1798 half eagle rarity, prospective bidders will find many things to like about it and will desire to own it. Pop 1; none finer (PCGS # 8080) .
The engraver of the reverse die added an extra star, unwittingly creating a unique type coin for modern collectors. The 1798 14 Stars variety is rare and highly desired today. Possibly 20 to 25 examples of this variety exist, usually circulated. (So popular was it with one collector that there were four of these owned by Texas numismatist, Harry Bass!) Walter Breen attempted to justify star counts in relation to the number of states in the union at any given time. He had difficulty explaining this count of 14 stars, which was likely a simple engraving blunder. This is considered a separate design type and popular among collectors, but rarely offered for sale.
Estimated Value $70,000 - 80,000.
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