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Sale 34
Lot 1058
1879 $4 Gold. PCGS graded Proof 65 Deep Cameo PQ. Lovely gold toning and well struck. A bright gold specimen with no toning or reddish copper spot. The deeper highlights on the design devices show wonderful frosty motifs while the mirror fields account for a pleasing cameo appearance. This is noted on the holder as "deep cameo." A nicely struck coin for the issue, with only a hint of weakness in Liberty's hair locks above her ear. Faint mint-caused striations are seen at the centers, as is always the case on Stellas; we are not aware of very many exceptions to the rule. A wonderful look of originality gives an added aura to the coin since there are no blemishes of note. All in all, we are presented here with a true gem Proof 65 example of a rare and popular issue, a coin by a long way deserving its assigned grade. The coins one from a mintage of 700+ pieces (the Guide Book lists the mintage as 425), made for distribution to congressmen and sale to collectors (not to forget private profit by Mint officials or other "insiders.") While the mintage of the 1879 Flowing Hair Stella seems outsized in contrast to the other three issues of the design type (1879 Coiled Hair, 1880 Flowing Hair, and 1880 Coiled Hair), the demand for Stellas of any date or style is always greater than the marketable supply, for it is an issue that, once purchased, tends to remain in a collection or estate for years. As far as the present specimen goes, it is among the finest examples of the date reported. We could go on and on with its other admirable virtues, but let's cut to the quick by stating categorically that the present piece is a ready-made pick for a collection of "registry" quality coins. An exceptional specimen of one of America's most esteemed rarities! Pop 9; 2 in 66 DCAM, 1 in 67 DCAM, Probably many repeats in these numbers. (PCGS # 98057) .
Estimated Value $175,000 - 200,000.
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Lot 831
1877 Pattern Fifty Dollars or "Half Union". Judd-1549. Copper (gilt), reeded edge. NGC graded Proof 64. Possibly the finest copper known. PCGS graded 2 in PF-63. Only 3 known. Two graded by NGC PF63 and PF64. Copper, gilt. Reeded edge. Light hairlines in the field, but essentially mirrorlike. Well struck and with excellent contrast. A beautiful example of a pattern variety that is unobtainable in gold, accessible only in copper or copper gilt, and rare as such. The current piece was struck as copper and then was gold plated very early, possibly at the mint (as was done every now and then), possibly not. The record is ambiguous. Fewer than 10 different examples have been traced today of Judd-1549, making the present coin a rarity in an absolute sense. Interestingly, more gilt examples of Judd-1549 are known than are copper pieces (while for J-1547, the opposite is true). Although today classic "trophy coins" have a way of bouncing around on the market and appearing more frequently than their rarity indicates, most 1877 pattern $50 pieces have remained rather quiet.
The $50 Half Union, as it was called, was the result of a proposal made to create a large gold coin for commerce, in view of quantities of bullion being available from California. The denomination has precedence in that decades earlier in 1851 and 1852 octagonal $50 "slugs" were produced in San Francisco, and in 1855 the famous Wass, Molitor, & Co. and the rare Kellogg & Co. $50 pieces were made in round format. The thought in 1877 was to have the $100 be called the Union, and the $50, as here, called the Half Union.
The design and dies were made by Chief Engraver William Barber, who inserted his initial B below the curl at the back of the neck truncation. The portrait of Liberty is instantly familiar as the same motif, in various reductions, was used on his other patterns, notably dollars through and including 1880. The head of Liberty superficially resembles that on current $20 pieces, but is strictly Barber's own work, with stylistic variations and with the coronet of an unusual configuration. The date 1877 is from the four-digit logotype used to produced double eagles this year. The stars around are small and are no doubt standard punches used on a smaller denomination.
The reverse is directly inspired by the contemporary $20 piece, designed by James B. Longacre in 1849, but here in larger size and adapted for the $50. Appropriate lettering is around the border as illustrated. The motto IN GOD WE/TRUST was probably entered into the die by hand, rather than being part of a hub. The alignment is rather irregular, the top line is not in a true arc, the D is distant and tilts to the right, and so on. The devil is in the details, they say, and often the examination of a seemingly routine pattern or regular die from this era of the 19th century will reveal many irregularities.
As to the $50 pattern, there are two different obverse dies, both combined with the reverse here. One striking of each was made in gold, and given to the Mint Collection. However, it seems that in the early 1890s Philadelphia dealer John W. Haseltine somehow persuaded the curator of the Mint Cabinet to part with them, after which they landed in Haseltine's inventory. The same gold impressions reappeared on the market in the next decade when he and Stephen K. Nagy sold them to William H. Woodin. A great furor arose, well delineated in the numismatic press of the time, and the two gold strikings were returned to the Mint. Today they are among the treasures in the National Numismatic Collection at the Smithsonian Institution.
The number of copper pieces struck was not recorded, but must have been quite low, judging from the rarity of such pieces today. The presently offered coin reflects not only an idea that might have been, but wasn't, but also is desirable for the $50 denomination (the toughest value to acquire for a type set of patterns), its rarity, and its fame.
Estimated Value $200,000 - 220,000.
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Lot 1059
1879 $4 Gold. Flowing hair. NGC graded Proof 66. This is the historic pattern issue struck in gold, a resplendent 1879 $4 Flowing Hair "Stella", Judd-1635, Pollock-1832, Rarity-6. The history of the four dollar gold piece, or "stella," is ingrained in the late 19th century desire to produce U.S. coinage that would be acceptable on the international market. The dual denomination $5-25 francs pattern coinage of 1868 (Judd-656 through 659) is one of the earliest attempts in that direction. It was followed by Dana Bickford's 1874 pattern eagle (Judd-1373 through 1378) and, finally in the metric 1879-1880 Stellas. The Flowing Hair Liberty designed by Charles E. Barber, assistant engraver at the mint, was struck in two alloys in 1879. Twenty five coins (Pollock-1832) were produced in the metric alloy of 85.71% gold, 4.29% silver, and 10.0% copper. The Mint delivered these pieces to Congress as part of three-piece pattern sets. Increased demand for representations of the new denomination resulted in the production of a further 400 coins (Pollock-1833) in the standard alloy of 90.0% gold and 10.0% copper.
This piece is certainly among the finest ever recorded, as seen from the lack of heavy die striations in the central portion of the obverse that tend to weaken this area of most known 1879 flowing hairs. The fields are deeply mirrored and glassy with gorgeous mint frostiness on the devices, which gives the coin a noticeable cameo contrast. The usual tiny luster grazes that accompany many Proofs of this type are completely absent here, nor are there any errant specks of grease or orange copper areas -- thereby setting up an impression of first-class preservation and eye-appeal! The coin is housed in an NGC holder with its protective, non-tarnish material and is sure to be a hit with advanced bidders to the sale. Pop 9; 2 better at this level. (PCGS # 8057) .
As envisioned by Honorable John A. Kasson, United States minister to Austria in 1879, the $4 gold or Stella, was named for the star that dominates the reverse design (Latin: stella=star). Kasson also served as chair of the Committee of Coinage, Weights, and Measures earlier in his congressional career. He was a steadfast advocate of the United States developing a coinage that would be valued and weighed metrically, as used in Europe, and would thus pass at a par with such well-used world gold issues as the Spanish 20 pesetas, Austrian eight florins, Italian 20 lire, Dutch eight florins, and the French 20 francs. The Committee of Coinage, Weights, and Measures took up Kasson's proposal, advancing the suggestion that a name "suitable for the four-dollar coin would be 'one stella' analogous to one eagle, both the star and the eagle being national emblems on our coins."
Kasson's proposal did not break new ground, as mentioned above. Foreign exchange rates of the time were seldom regular, and even a denomination such as Kasson's proposed $4 coinage would never precisely fit the exchange rates of the day nor match the coins of Europe it sought to compete with -- it would still require some agency to make exchange computations and give change using other smaller denominations. Despite this, Kasson's $4 denomination was greeted with congressional interest. Both Charles E. Barber and George T. Morgan were responsible for designs of the $4 gold piece. Those designed by Barber bore a portrait of Liberty with hair loose and flowing, today called the "Flowing Hair" type, as offered here, while Morgan's design showed a more austere Liberty, hair tightly coiled and coiffed, the "Coiled Hair" type.
Estimated Value $170,000 - 200,000.
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Lot 1468
1827 Capped Bust Half Dollar. NGC graded Proof 68. Needle sharp with mirrored surfaces all overlaid with gorgeous natural pinkish and pale violet multi-color tone. Pop 1. It seems that a number of proof singles as well as sets were struck in 1827. The most famous of these, of course, are the quarters with their association with Joseph Mickley, an early coin collector. Even though it has been avowed that as many as seven proof 1827 halves may exist, it appears that there are actually only four distinct coins known today, all of which are from the O-121 dies. They are:
1. The Norweb '88 coin (PCGS PR66).
2. The Eliasberg II coin, this piece (NGC PR68).
3. The Auction '90 coin (PCGS PR66).
4. The piece that appeared in Heritage's 2001 Santa Clara Signature Sale (NGC PR64).
This handsome Eliasberg specimen is a nearly flawless proof striking. The fields are deeply reflective, and shine brightly through the multiple layers of toning. The only variation in the fields is an unfinished area in the obverse die just above Liberty's cap. The surfaces are beautifully toned, each side being well balanced in color and brightness. Magnification shows tiny specks of rose, lilac, blue, and golden iridescence. The striking details are absolutely complete in all areas, which is an attribute that is not always a given on proofs from this era. There are no hairlines or distracting contact marks on either side of this magnificent coin. In fact, as far as pedigree identifiers, the most obvious link to the photo in the Eliasberg catalog is a small speck of darker color in the left obverse field.
This is a numismatic classic that has been in some of the great collections of the 20th century.
Estimated Value $120,000 - 130,000.
George H. Earle Collection (Henry Chapman, 6/12), lot 2927, where it brought $5.50 and was tersely described as, "Proof. Sharp, even impression. Superb example.;" John H. Clapp; Clapp Estate, 1942, to Louis E. Eliasberg, Sr.; Eliasberg II (Bowers and Merena, 4/97), lot 1831, where it realized $110,000.
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Lot 1053
1875 $3 Gold. NGC graded Proof 64 Cameo. Only 20 struck all in proof. Key date to the $3 series. An important Rarity. Blazing gold Proof. Of all the famous issues in the Three Dollar gold series, only the unique 1870-S tops the Proof-only 1875 for fame and reputation, the 1875 being the first issue from the series to eclipse the $100,000 barrier, well over 30 years ago. The Mint listed its coinage as 20 Proofs, but today we recognize that the figure is slightly understated since the number of pieces known is estimated at above 30 coins. The reddish-golden surfaces exhibit full, watery brilliance and contrast that must be considered minimal, in spite of the "Cameo" designation it received. Wispy hairlines are scattered throughout, the most noticeable located in the fields and virtually absent on the delicate cheek contour. These, however, are both short and relatively unobtrusive.
According to research published by Bowers, "In 1916, Frank G. Duffield, editor of The Numismatist, sought to unravel the mystery surrounding the 1873, 1875, and 1876 $3 pieces, for which Mint reports stated that, respectively, just 25, 20, and 45 pieces had been made, all in Proof finish. And yet, especially for the 1873, it seemed that more were around than officially stated. Readers were invited to contact Duffield with regard to the pieces they owned, but response was negligible, as most numismatists collected in private and did not necessarily want to share their knowledge. Even the better known numismatists of the era who owned such pieces did not answer the challenge. Accordingly, the matter was soon dropped. Pop 3; 1 in 65 Cameo, NGC has graded only 7 in total.
In later years it became apparent that somewhat more than 20 1875 Proofs were struck. Some have suggested that these might be called restrikes but as all are from the same die pair and appear to have essentially the same characteristics and most probably were actually struck in 1875 (but not recorded), the point is moot. Today, the 1875 stands as an icon, a beacon to the $3 series, the particular date to which the eye gravitates when a display is presented."
Estimated Value $80,000 - 100,000.
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Lot 1216
1909 $5 Indian. NGC graded Matte Proof 66. Well struck and very choice. Pop 1; Only one grade by NGC. Unusual with a Matte finish, granular, very similar to the 1908 but slightly lighter in color. Traces of knife-rim at top obverse, bottom reverse; Breen 6806.
The only one ever reported at the time it was offered in DiBello, since then a second example has surfaced and sold in Bowers' September 1995 sale, PCGS Proof 64. Curiously, this DiBello sale record was mentioned in a well-known book on Half Eagles, but without mention of the coin's being matte rather than the regular "Roman" finish. We sold a similar matte Proof 1909 quarter eagle in 1975 ANA:1459; the corresponding eagle and double eagle have not turned up. In the DiBello sale, Stack's cataloger commented about this Half Eagle: "This is the first example of this date in the dull matte Proof finish we have encountered or could find record of." In both its auction appearances, the cataloger described this coin as unique. We find no reason to disagree.
Possibly two known:
(1) This piece, ex Gaston DiBello:1004, $775 (May 14-16, 1970); later Stack's session of Auction '81:1868, $17,000, ex Trompeter collection, NGC Proof 66
(2) Bowers 9/95: 1436, PCGS Proof 64.
Estimated Value $150,000 - 175,000.
DiBello, Trompeter Collections.
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Lot 890
$2.50 Gold Capped Head. 1831. NGC graded Proof 64 Cameo. Deeply reflective fields that are straw yellow with a small amount of russet toning in the periphery. Stunning with every detail razor sharp! A very lustrous example with lighter yellow and frosty devices standing out against the mirrored fields. Some faint hairlines on the obverse and reverse. Identified by two tiny tick marks at the top of the cheekbone, a small horizontal lint mark between star 4 & 5 near denticles and a second mint-made impression diagonally cross the legs of R in LIBERTY.
The narrative for the 1831 business strike quarter eagle in Gem condition, the following lot, discusses the rarity of these early Capped Bust quarter eagles. Characterized by small mintages that later met melting and all sorts of other obstacles, this series of U.S. gold rarely exists in any uncirculated grade. Proofs are even more rare, the 1831 having an estimated mintage figure of 10 coins!
NGC has graded three 1831 quarter eagles in proof, a Proof 63, Proof 64 Cameo (this coin) and a single Proof 66 as finest. PCGS has graded three coins as well, 2 specimens in Proof 62 and a single Proof 66 as finest. It is possible these figures are high by a case or two of resubmission inflation.
Estimated Value $130,000 - 150,000.
From Stack's sale of the "J.F. Bell" (Jake Shapiro) Collection in 1944, Lot 97; Numismatic Gallery's sale of the "Memorable" Collection, March 1948, Lot 91.
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Lot 1229
1796 $10 Capped Bust. PCGS graded Taraszka-6, Breen 1-A. Rarity-4. MS-62. Well struck with prooflike surfaces. Lightly toned. The surfaces are somewhat rough. Even yellow gold with halos of brownish gold toning around legends and devices. Somewhat reflective in the fields and retaining much of its original luster although as mentioned the surface is a little rough. The fields on both sides show a substantial smattering of tiny natural planchet chips, as struck and really not affecting the grade. Very few marks, hairlines, or post-striking flaws are noted -- in large part a byproduct of the safe storage of this piece in the years since it was snatch from a bank or treasure box by some early day collector. Indeed, the coin is exceptionally well struck, as sharp as any 1796 Small Eagle $10 eagle we have offered, with more than usual detail at the extreme central obverse and nicely bold strike on the eagle. For instance, concerning the latter feature, the eagle's breast is nearly fully struck, again which is as nice as any specimen in existence. An important opportunity to acquire high grade 1796 $10, a coin with significant rarity, one of just 4,146 struck and representing the only die variety of this date. Pop 3; 2 in 63; none better. (PCGS # 8554) .
Estimated Value $120,000 - 130,000.
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Lot 1069
1824 $5 Capped Head. PCGS graded MS-64. Well struck. Frosty with rich mint bloom color. One of the rarities of the early half eagle series, the date 1824 always comes to mind as one seldom seen, and rarely offered. This particular one is bathed in lovely light coppery gold tones, with splendid luster and ample mint flash. PCGS has graded 12 this high, with a single coin graded higher as MS-65, and most of the others range from low-end Mint States to Extremely Fine. A single pair of dies were apparently used to coin these. It is noteworthy that this reverse was used to coin half eagles from 1821, 1822, 1823 and 1824. This particular coin is very sharply struck with no signs of weakness anywhere to be found. It can likely be traced by a tiny tick left of Liberty's ear, and a small metal "flake" in the field on the reverse below T of UNITED. Half eagles have long been the great challenge among United States coins for the number of extremely rare coins struck over several decades and the regal appearance of the few Mint State specimens. This particular coin comes with a lot of charm and character to please the experienced collector. Pop 12; 1 in 65 as finest. (PCGS # 8132) .
Estimated Value $70,000 - 80,000.
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Lot 834
1879 Pattern Dollar. Silver, reeded edge. PCGS graded Proof 65. Lovely multicolor rainbow toning on both sides. The exquisite Schoolgirl Pattern, struck in silver with a reeded edge. A bust of Liberty faces left, and her hair is combed back and is tied with a ribbon. In the hair, a hair band inscribed LIBERTY, which is placed much higher than on most other Liberty head designs. A string of pearls is around her neck. E PLURIBUS UNUM and the date are separated by thirteen stars, similar to the Morgan Dollar obverse border although E PLURIBUS is higher on this pattern. The reverse features a defiant eagle standing with raised wings on a wide scroll inscribed IN GOD WE TRUST. The conventional heraldic olive branch and arrows are on opposite sides of the scroll. UNITED STATES OF AMERICA and ONE DOLLAR are arranged along the border much like on the regular issue Morgan Dollar.
The Schoolgirl design is widely acknowledged to be one of the most impressive Pattern designs. Credited to George T. Morgan, who was a relatively new arrival at the U.S. Mint. Competition between Morgan and Charles Barber led to several interesting designs in 1879, with the Schoolgirl, Washlady, and Stella patterns among the most notable of these. The present example is razor-sharp and boasts magnificently preserved mirror surfaces. Gorgeous honey-gold colors outline the borders and devices with their dappled effect, while the fields and portrait mainly display medium pearl-gray to bright silvery patina. The eye appeal of this lovely Gem Proof 65 is truly exceptional, and its rarity is unquestioned.
Pop 2; 1 in 66. PCGS has graded only 6 pieces in total (PCGS # 61986) .
Estimated Value $100,000 - 125,000.
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