|
Sale 8
|
|
press UP arrow key to increase the zoom ratio.
press DOWN arrow key to decrease the zoom ratio.
press RIGHT arrow key to increase the zoom window size.
press LEFT arrow key to decrease the zoom window size.
|
|
Lot 1196
1861 Indian Head Cent. PCGS graded Proof 64 Brown. The origin of the Confederate cent is as follows: in 1861 an official of the Confederate States of America contacted the jewelry firm of Bailey & Co (later Bailey, Banks and Biddle) and requested a die cutter who could make a C.S.A. cent. Robert Lovett, Jr. was selected, and he was a logical choice, as he had extensive experience with die engraving. Lovett employed the head of Minerva, which he had used on an earlier one cent sized token from 1860, and employed a wreath of distinctive Southern agricultural products, including a bale of cotton at the bottom. Lovett struck twelve coins with his dies, employing the then current Union alloy of copper and nickel used on Indian cents. Lovett soon had second thoughts, and fearing arrest by Union authorities for aiding the Confederates, he canceled the project and concealed the dies and dozen coins.
After the war ended, Lovett took one of the coins and used it as a pocket piece. One day in 1873, Lovett accidently spent the Confederate cent at a Philadelphia bar. The barkeep recognized the piece as unusual and showed the coin to a numismatist friend. Or so the story goes. In any event, Edward Maris, a prominent Philadelphia collector learned of the coin and its source. Maris contacted Lovett and purchased not only the other coins, but the dies too.
Soon Capt. John W. Hazeltine and his associate J. Colvin Randall learned of the coins and dies, and procured them from Maris or possibly from Lovett (if Maris hadn't purchased the dies). A plan was hatched to coin restrikes, and Peter Kinder (a medalist and die sinker) of Philadelphia was engaged for this purpose. A pamphlet was produced which stated that seven gold, twelve silver and 55 copper restrikes had been made, with the dies breaking on the 55th copper strike. No copper nickel restrikes were made to preserve the integrity of the original dozen coined by Lovett.
In 1961 Robert Bashlow, a New York entrepreneur took the rusted and broken dies and had copies made by the transfer process. These pieces have irregular surfaces, and are quite unlike the 1874 restrikes. Our thanks to Bowers and Merena (Eliasberg II) for the above.
PCGS has only graded this example and one other (EF-40) of this important issue. Perhaps the others are tied up in collections, or simply haven't been graded as of yet. The surfaces show a few minute spots, and there is one small low area in the field below ES of STATES. About twenty percent of the original mint red can be seen in the lettering and devices. Beautiful in color and a gem in surface quality, which is simply amazing for a coin of such importance.
Estimated Value $7,500-UP.
Ex: Ira S. Reed 7/28/45 for $50.
|
| |
| Realized $12,075 |
|
