Lot 1752
1839. No Drapery. One of two or three known in Proof. PCGS graded Proof 63. A fantastic example of this rarity! The coin has been through the gauntlet of graders at PCGS where they awarded it a choice PR-63 grade. This is the only example they have graded in proof. NGC also reports this coin as PR-63 as "Reed Hawn" and another as P. Kaufman, graded by that service as PF-62. This coin now offered is apparently the better of two graded.
Breen, in his Proof Encyclopedia enumerated only three examples. The first listed is in the Norweb collection, but this is in error, as the Norwebs did not have an example of this in Proof. Breen further notes appearances in the World's Greatest Collection Sale (January 1945), the 1946 ANA and 1948 ANA sales. With the Norweb pedigree removed, and none appearing in Eliasberg, it is probable that only 2 proofs exist. Plate matching is difficult as both are toned similarly. We do know that this is the Reed Hawn coin (Stack's 8/83:125) and prior to that it was likely in one or more of the sales in the 1940s. For future reference, this coin has a shallow planchet void just below the left elbow of Liberty in the left obverse field. On the reverse, there is a small planchet flake above the ME of AMERICA. Currently, the coin resides in PCGS holder #5782576.
As the other proof example is described as having a reverse die crack from the rim to the upper leaves through the eagle to the R of AMERICA, of which this coin shows no trace of that crack, this coin was obviously struck first. We note a light die crack through the base of HALF DOL. which continues up through the tops of MERICA. There is no trace of the obverse crack to the base of the 1 as noted in the Worlds Greatest Collection Sale or in the other crack noted above.
What makes this coin so special is the fact that is a one year type coin. The "No Drapery" designation is just one aspect of the design, the rock on which Liberty is seated is much larger and closer to the first star than the rock on the modified 1839 design. The actual mintage is unknown, but the no drapery coins represent a small fraction of the with drapery pieces for the year.
When examined with a strong glass we note minor hairlines in the fields. These are toned over with delicate antique gray tones and hints of blue. The strike is, of course, exceptional, and all the devices are brought up completely. Die polishing on the fields is complete, including between the pales and gules in the shield. The coin is a no-nonsense proof, and any numismatist would agree after briefly viewing the coin.
A foremost opportunity for the advanced specialist to purchase this one year proof rarity.
Estimated Value $200,000 - 250,000.
Ex: Stack's Reed Hawn Sale, 8/73:125.
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