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Sale 26
Lot 1700
$10 Gold Liberty. 1846. PCGS graded Proof 64 Cameo Eliasberg. We are delighted to offer this most magnificent and exceedingly rare No Motto proof eagle! A truly superb specimen that has passed quietly through the hands of the most dedicated numismatists and collectors over the past century. A vibrant orange-peel gold specimen with fully mirrored fields behind impressive frosty and cameo devices. Liberty's device is of superb gem qualtiy with not a single mark to be found. With regards to the eagle, spotless as well. Original sparkling gold luster in the periphery and fields. Faint and undistrubing hairilines are on both the obverse and reverse, typcial of the few early proofs that are known. The only element keeping this piece from technical gem status is a hairline scratch that goes diagonally downwards in field, just right of star 3. With magnification the obverse die displays 5 short raised die lines coming of the border, left of star 3, as made. The 4 in the date has a "squared" front and the inner portion is slightly filled.
When the Eliasberg Collection was presented by Bowers & Merena in 1982, the cataloguer at that time reported a roster of known specimens that we feel is still accurate to date. The roster as reported by that cataloguer is as follows (quoted):
1)" The example presently in the Smithsonian Institution, formerly in the Mint Cabinet where it was placed at the time of issue."
2) "The Pittman coin. Part of a cased set of 1846 Proof coins owned by famed numismatist John Jay Pittman"
3) "The specimen offered here, believed to have been part of the John H. Clapp Collection"
4)"A specimen exhibited by the American Numismatic Society in 1914. It still remains in that collection"
When attempting to understand the rarity and significance of a No Motto proof eagle from the 1840's, it helps to note some population statistics and make several comparisons to other known rarities. Mintage figures for the proof eagles from the 1840's are not absolute but current estimates place the figure at approximately 5 pieces per year. The combined population figures at PCGS and NGC report that 13 different proof eagles from the 1840's have been graded. Out of this number (13), we know for certain that there is a resubmission error relating to the this 1846 $10 (the NGCPF64 Cam being this coin now in a PCGS holder) and most likely another resubmission error with regards to the 1845 $10. Therefore it is more realistic that a maximum of only 10-12 proof eagle's from the entire decade exist at NGC and PCGS, combined. Note that this figure of 10-12 proofs does inclue any specimens that are currenltly held in the Smithsonian Institute or American Numismatic Society.
In comparison to this superb 1846 $10 in near-gem proof and proof eagles from the 1840's, the famous 1804 Silver Dollar has a well documented roster of 15 specimens (thoroughly documented by Bowers & Merena when they presented the Childs' Specimen in August, 1999.)spanning the three "Classes" of that issue. Assuming that examples of proof eagle's from the 1840's do exist in the Smithsonian Institute, ANS and/or some other entity, this would place the total number of proof eagles existing from this decade at a number only slightly larger than the legendary 1804 Silver Dollar. A separate comparison would be the Parmalee example of the unique 1844-O branch mint proof eagle. Currently held by an east coast dealer and being offered at a price well over $1 million, this unique issue is from the same time frame as this fantastic 1846 but unique in the fact that it was struck at the New Orleans Mint (the only pre-1933 United States eagle ever struck in proof at any branch mint).
The bottom-line is that the offering of this 1846 $10 PCGSPR64CAM, a coin from the famed collection of Louis E. Eliasberg, Sr., is monumental! An opportunity for one to purchase a masterpiece from American Numismatics, an important representation of American heritage and the Finest Known proof 1846 eagle! PCGS has graded only 2 examples of this date in proof in its' existence and this piece is the finest known (PCGS # 88782) .
Estimated Value $350,000 - 400,000.
Ex-Louis E. Eliasberg, Sr., 1982. Previously from the John H. Clapp Collection, 1942. Earlier from an Elmer S. Sears sale, December 1921.
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