Lot 428
1796 S-119 R3 Draped Bust. PCGS graded MS-63 Brown. CAC Approved. Choice frosty medium steel brown and light chocolate. Hints of very faded mint red remain in protected areas, especially on the reverse. No spots, stains, or contact marks. Essentially as struck. The only defects are some of the usual microscopic planchet chips scattered over the portrait and in the field to the left, but there are far fewer than normally seen on this variety. This example is clearly superior to the Breen plate coin, which shows far more planchet chips. Nicely struck E-MDS, Breen state II, with sharp die clashmarks on both sides but no crumbling in the dentils at TAT in STATES. Called MS61 and "Among the better ones seen" by Del Bland. Most likely from the famous Nichols Hoard of mint state early cents that was disbursed before 1863. Researchers have traced the hoard to a bag of cents purchased directly from the mint in 1797 by Benjamin Goodhue, a former member of the Continental Congress. A descendant of Goodhue, David Nichols, distributed the cents at face value, possibly as many as 1000 pieces. The hoard included 1796 S-119, 1797 S-123, and 1797 S-135 die varieties (all three of which are represented in this sale of the Ralls collection). Our grade is MS62+, close to MS63. The attribution and Ralls provenance are shown on the PCGS label. PCGS population 3; 1 finer in 64. (PCGS # 35870) .
Estimated Value $10,000-UP.
Ex Morris Geiger-Louis Helfenstein, Lester Merkin 8/1964:9-Art Lovi, Stack's 9/1968:9-unknown-1971 ANA Sale, Stack's, lot 8-unknown-Stack's 4/1983:1037-John Whitney-Eric Streiner 7/7/1992-Dennis Mendelson 4/23/1993 (via Tom Reynolds)-Dr. Philip W. Ralls.
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| Realized $21,738 |
