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Sale 13
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Lot 685
1796 Draped Bust Quarter Dollar. NGC graded MS-63. Here is the poster coin for the Benson collection as it embodies the rich toning seen on virtually all of the coins from this group. Note the especially bright centers and rich, iridescent blue tones at the rims. As to the strike, it is full for this variety, the eagle's head is characteristically weak, as nearly always seen for this variety.
Quarters were first issued in 1796, and were not struck again until 1804. Further, the draped bust, small eagle reverse type was issued in very sparing quantities, and perhaps 500 exist today in all grades. The combined PCGS and NGC population reports show less than 50 graded in various mint state grades. This coin resides solidly in the choice category, with its regal toning and prooflike fields. Liberty's hair, and the eagle's feathers, are especially well struck. Liberty's hair is as boldly rendered as we can imagine. We do note moderate hairlines on the delicate fields from an ancient cleaning, and these apparently limited the grade. This particular coin is identifiable by a tiny mint caused rectangular planchet flake nestled in the field between the back of Liberty's curls across from the fourth star. Free of adjustment marks or other detractions, this stunning beauty will certainly be the highlight of an advanced collection.
In the summer of 1795 the new Mint Director Henry William DeSaussure arrived at the Philadelphia Mint with two goals that he immediately addressed, the first was to coin gold for circulation, and the other was to improve Robert Scot's flowing hair designs then in use. While the necessary bond was being met that allowed coinage of gold to begin, DeSaussure engaged the famed portraitist Gilbert Stuart to submit drawings that could replace the unpopular flowing hair designs. Stuart submitted a sketch of the local beauty Anne Willing to the Mint around August of 1795, and by October two obverse dies were prepared for silver dollars. John Eckstein, and assistant engraver at the Mint, had translated Stuart's drawing into the now familiar draped bust design. Eckstein also is credited with the small eagle reverse design. During this period, the Mint had prepared dies that employed 15 stars, representing the 15 states then in the new union. By 1796, Tennessee was prepared to join the union as a state, and this was officially accomplished on June 1, 1796. However, the two new quarter obverse dies both used only 15 stars, apparently having been engraved prior to the official notice. The new quarter denomination was struck on four different occasions, beginning April 9, 1796, and continuing until February 28, 1797. Two die varieties were coined, and this is the more common of the two.
Many of the new quarters were saved as the first of their kind, and several known have prooflike surfaces which have long been considered special strikings, presentation coins, or simply proofs, although no Mint record yet discovered confirms a special striking. Col. E. H. R. Green (son of the millionaire Hetty Green) collected coins early in the last century and amassed a staggering hoard of 1796 quarters. It is believed that Green obtained over 200 1796 quarters, at least half of which were prooflike, as seen here. The late Abe Kosoff and Andre DeCoppet dispersed these quarters in the 1940s, and it is reasonable to assume that this coin came from the Green hoard.
A rarity in all grades, and this one is certain to draw considerable attention. An American classic, in choice condition with magnificent eye appeal.
Estimated Value $25,000-UP.
From the Benson collection and purchased from James G. Macallister on February 8, 1945 for $140.00 as "Proof".
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| Realized $37,950 |
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