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Sale 36
Pre-Long Beach Coin and Currency Auction
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Lot 3669 |
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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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| Realized
$123,625 |
Lot 3670 |
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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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| Realized
$126,500 |
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