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Lot 489
1794. "Head of 1794". NGC graded EF-40 Brown. When a coin collector hears the term Starred Reverse, only one image comes to mind: This rare Sheldon-48 1794 is one of the most well-known of all large cent varieties, even among those collectors who do not specialize in these handsome big copper cents. Of course, to the large cent enthusiast, this is a variety of unending popularity and desire. In Penny Whimsy, Dr. William Sheldon observed that "collectors mention it [the Starred Reverse] with religious awe." The numismatic mystery to solve is exactly why the stars on the reverse of this variety? Sheldon believed "they are put in with a light punch, and since they are far too light to have been intended as a border, it is perhaps more likely that they are the result of the whim of an idle hour at the Mint." There are 94 of them. The number of stars are connected to the year of the coin, it seems, but their rationale has yet to be explained.
This is one of the finer examples of this variety, a sharp NGC graded EF40. The obverse has medium steel to purplish brown with a few light hairlines including several through the lower bust, one crossing the face and nose to the rim; there is a tiny rim bruise above the cap and another two, smaller bumps, at the end of the pole and about the 3 o'clock position on the obverse. The date and LIBERTY are sharply impressed into the planchet, as is the main portrait with cap, showing all of the intricate hair curls, with only the topmost curls merged through normal circulation wear. The cheek is well rounded.
On the reverse, the color shades from light granular reddish brown all the way through steel iridescence and gray, with a few light marks and hairlines, plus weakness in some of the lettering of UNITED STATES OF AMERICA. The wreath, too, is lightly impressed by the die, but all leaves show plainly or are visible. The key elements of this rare variety, the 94 tiny stars, are laid out around the periphery within (and sometimes overlapped by) the thick points of the edge denticles.
At this grade level, the 1794 S-48 starred reverse is a landmark offering for the specialized collector. Pop 1; finest graded by NGC. Only a total of 4 graded at NGC.
This variety, with its 94 tiny stars within the denticles on the reverse, was discovered in 1877 by Henry Chapman in the presence of Dr. Maris and S.H. Chapman. The story of the discovery was recounted in 1926 by S.H. Chapman in his book, "United States Cents of the Year 1794".
Pete Smith, who has devoted a significant amount of time and effort to researching the 1794 Starred Reverse Cent, tracked 41 examples of this variety in 1986 and 56 examples in 2004. The finest S-48 examples grade variously from VF-35 to EF-45 depending on opinion; Early American Coppers collectors tend to be less forgiving with a large cent's grade. That is why you'll often see dual grading by an EAC cataloger, the "official grade" and the EAC grade. Then too, being a technician, an EAC grader's descriptions often read like a Doctor Quincy medical autopsy rather than the free-flowing gush of words which this rare, high grade Sheldon-48 cent obviously deserves.
Estimated Value $60,000 - 70,000.
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| Realized $92,000 |
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