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Sale 44
Lot 2432
1795 $10 Capped Bust. 13 leaves. . BD-5, Taraszka-5, Breen-6830. NGC graded MS-64. Rarity 5. Set in NGC holder with certification number 1951316-002. Well struck and intensely lustrous with semi-reflective frosty mint surfaces throughout. Date is widely spaced on this variety (one of four 13 leaf varieties of 1795), with the bust over the tip of the 5, star 11 away from Y. On the reverse, the leaf tip furthest from U of UNITED and pointed to its left side. These are the keys to identification of BD-5. The coin itself is very carefully struck and retains all of its pleasing original luster. Lending further to the unimpeachable eye appeal is the semi reflective quality on both sides. In Early U.S. Gold Coin Varieties by John W. Dannreuther, estimated mintages are given for each variety, and as a bonus to prospective buyers, the number of survivors for each variety: "BD-5 is the second scarcest variety among the five of 1795 with perhaps 35 to 45 examples still extant."
Only a few examples remain in Mint State grades, enough so that collectors of means will have a reasonable chance of obtaining a choice specimen of the small eagle reverse design given patience and close attention to the occasional auction sale offerings. A fair number of the Mint quality survivors have prooflike fields, much as this coin does. We cannot fail to see this coin becoming anything other than the highlight of a major rarities collection. Because 1795 is the initial issue of the denomination, the importance of this handsome Mint State 64 example will be established for all eternity. Pop 4; 2 finer in 65 (PCGS # 8551) .
Estimated Value $400,000 - 440,000.
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Lot 2177
1839-O. Capped Bust Half Dollar. NGC graded Proof 65. Georgeous irridescent hues of violet and blue. Exceedingly rare branch mint Proof. Not listed by PCGS. Rarity-7. One of five or fewer known. A fantastic example of this extraordinarily rare branch mint Proof. The surfaces are toned iridescent blue and dark champagne color with traces of rich green and purple-laden russet blended together. Not a thing to report that would tend to limit the technical grade, and, as the photographs clearly show, the coin's overall appeal its tops in its class. For identification, there is a minute nick below Liberty's chin on the upper throat. The coin is encased in NGC holder with certification number 1720540-001. The piece is struck with the one die pairing found on the other Proofs as well as most of the circulation 1839-O mint half dollars. On this early Proof state the obverse shows no indications of a later die crack that developed through the stars. The Mintmark is bold, as well as being double-punched along the lower curve. Although apparently both dies cracked very early in the production run of the Branch Mint Proofs, with the 1838-O coins being struck from this same reverse die (prior to the striking of the 1839-O Proofs), this example shows no signs of die deterioration. It may have been one of the first 1839-O Proofs minted.
The Breen Encyclopedia (1988) lists "5 known Proofs." Stack's which offered a "Choice Brilliant Proof" 1839-O in its October 2006 sale, kindly provides the following up-to-date provenance listing of the 4 known specimens as derived from Breen's earlier Proof Encyclopedia (1977):
1) Ex Stack's Sale, September 1992, lot 358; Krouner Collection (Lester Merkin, February 1971, lot 736); Stack's Sale, October 2006.
2) Proof, deeply toned. Planchet defect over eagle's head. F.C.C. Boyd ''World's Greatest Collection'' (Numismatic Gallery, May 1945, lot 411; Allenburger Collection (B. Max Mehl, March 1948); R. E. Cox Collection (Stack's, April 1962, lot 1875).
3) Reported by Breen in Philip G. Straus Collection (1951). Not later sold in New Netherlands #53, June 1959 or Stack's, May 1959. Not seen. Medal turn die alignment.
4) This Specimen. Private collection, possibly #1 or #3 above or another specimen--Robison Collection (Stack's, February 1982, lot 1607).
Pop 1; none finer @ NGC.
Estimated Value $300,000 - 350,000.
Ex: Robison Collection.
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Lot 2357
1879 $4 Gold. Flowing hair. NGC graded Proof 67 Cameo. Encased in NGC holder 1888601-002. Well struck and fully golden color. A very popular key type coin. A few faint lines in the fields. Only 425 Proofs struck. A bright reddish gold specimen with some deeper accents on the design devices, most notable in Liberty's hair near the ribbon. Cameo frosted motifs supported by mirror fields account for a pleasing two-tone appearance and the grade it has earned. Justifiably so! Indeed, it is a nicely struck coin for the issue, with only a hint of softness in some of Liberty's hair curls above her ear and brow. Faint mint-caused striations are often seen at the centers, as is always the case on Stellas; we are unaware of any exceptions so let this be your guide. Surfaces are pristine. Devices are pristine. The grade captures the essence of this coin's originality. All in all, we are presented here with a fantastic Gem Proof example of a rare and widely admired issue. From a reconstructed mintage of perhaps 700+ pieces (the Guide Book lists the total as 425), made for delivery to congressmen and later sale to collectors, not to mention as a side-line profit-making enterprise for Mint officials. While the total issued of the 1879 Flowing Hair $4 gold "Stella" is sizeable when compared to the other three Pattern Stella designs (1879 Coiled Hair: perhaps two dozen made -- Mint records suggest 10 pieces; 1880 Flowing Hair: 15 in the Mint records; 1880 Coiled Hair: 10 in the Mint records), collectors cannot seem to get enough of them. Demand for $4 gold coins swells by the year. The present example is tied with six others of the 1879 Flowing Hair in Proof 67 Cameo, with 2 higher (sporting the "star" assignment). At this point, we could take you on a long, historic journey of background data concerning the importance of the $4 coinage, its origins and the hanky-panky associated with their distribution. But we'll leave numismatists to discover the history themselves by means of the Judd pattern book, the Walter Breen encyclopedia, and other specialized editions dealing with gold coins. We'll leave readers with this brief assessment and summary: An exceptional specimen of one of America's most strikingly original (and beautiful) rarities!
Historic note concerning the Judd very scarce. Pollock number schemes: Judd called all 1879 Flowing Hair Stellas struck in gold "J-1635." Later research turned up the fact that the gold Stellas were produced in two different finenesses, to which Pollock assigned different numbers. The first, P-1832, represents pieces struck in 85.71 fine gold, 4.29 fine silver, and 10.0 fine copper. It is believed that these coins were the first 15 struck. Later, after more and more interested parties asked for examples of the new Pattern design, some 400 or more additional pieces were made on .900 fine gold planchets, those being designated P-1833. Students of the series find it difficult to distinguish between them other than by means of specific gravity testing; the weights differs slightly for the two metallic alloys. Pop 7; 2 finer in 67 Star. (PCGS # 8057) .
Estimated Value $275,000 - 325,000.
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Lot 2789
Henry Hentsch, San Francisco Gold Bar. No. 3219. 181.70 oz. 912 Fine. $3425.53. This is the 3rd largest of the 33 ingots recovered from the S.S. Central America treasure. This Henry Hentsch gold ingot is a beautiful example of the sunken treasure recovered from the now world-famous shipwreck. This ingot displays sharply defined stampings on the face, assay chips or cuts on the lower left corner of the face (to determine the fineness of 912), and the separate serial or control number "3219" on the back. All would agree this remarkable ingot must appear about as it did on the day of its manufacture during the historic gold rush era.
Gold ingots of Henry Hentsch barely made a sonar echo on the screen and were virtually unheard of before the discovery of the S. S. Central America group. Historical accounts tell us that Henry Hentsch arrived in California from Switzerland in 1854. He established a banking house in San Francisco. In 1856, assay services were added. The business continued until 1873, when it formed a part of the Swiss-American Bank.
Note: Sotheby's, which sold several Hentsch bars in 1999 within a tight serial number range (3067-3229), observed that the Hentsch bars "had a matte finish quite unlike that of any other bar in the S.S. Central America discovery." On behalf of this rare type of ingot, the present Henry Hentsch bar will find a welcome home in the collection of a historian and numismatic connoisseur. Comes with a Special edition book written by Q. David Bowers.
Estimated Value $350,000 - 450,000.
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Lot 2739
1915-S. Panama-Pacific International Exposition Set. Set in the original box of issue with paperwork. The set contains: a silver half dollar,a $1 gold, a $2.5 gold, a $50 octagonal gold, and a $50 round gold. Coins will grade from MS60-MS65. An outstanding set by all measures, the silver half dollar is naturally toned to a medium antique silver hue by its long residence in the velvet-lined box. The luster on these varies somewhat from frost on the dollar to more satiny surface on the half dollar and the two $50 pieces, while the $2.50 has a characteristic unique on a gold commemorative in having fine raised swirl lines in the fields. This was expressly done when the dies were prepared for striking.
The five thematic coins issued for the Panama-Pacific International Exposition stand at the apex of American commemoratives. In all, 60,000 half dollars were coined, of which 34 were kept back for assay. Of the 59,966 pieces available, 27,100 were eventually sold while the remainder were destroyed later at the Mint. 25,034 gold dollars were coined, of which 34 were used for assay and the balance all sold. 10,017 $2.50 gold pieces were struck, of which 17 were set aside for assay, leaving 10,000 available. Of these there were 6,750 sold and the rest were melted.
Turning next to the two prestige denominations in the set, there were 1,509 of the octagonal $50 pieces made, of which nine were used for assay, 646 were actually sold and the remainder went to the melting pot. There were 1,510 round $50 pieces including 10 for assay. Just 483 were sold.
All the Pan-Pacific coins were struck at the San Francisco Mint and bear the "S" mintmark. For the coining of the massive $50 pieces an hydraulic press weighing 14 tons, with a striking power of 450 tons, ordinarily used at the Philadelphia Mint for the minting of medals, was shipped by rail to the San Francisco Mint.
The octagonal $50 gold piece, the largest coin ever authorized by Congress, and the first minted since 1852 of any other shape than round, was made a prominent occasion at the mint.
Prices were as follows: half dollars, $1 each or six for $5. Gold dollars, $2 each, or six for $10. $2.50 gold pieces, $4 each, or six for $20. $50 gold pieces, either shape, $100 each. Complete sets that were mounted in leather cases sold for $200. That both shapes of the $50 pieces were of similar design was probably done as an economy measure.
In the years since the close of the Panama-Pacific Exposition, these commemoratives have become highly prized by numismatists. Today, the large and impressive $50 coins are especially admired, and it is always an occasion when a set in the original plush-line box cross the auction block. Lot of 5 coins.
Estimated Value $100,000 - 115,000.
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Lot 1986
1805 Draped Bust Dime. 4 berries. NGC graded MS-67. Star. Housed in NGC holder 1972936-001. Wonderful blue toning on both sides. Fully struck and one of the finest known for this date. Similar in overall quality to the all-brilliant MS67 in the ANR June 2004 sale, but an even more spectacular Gem because of its color. To say that this 1805 dime stands tall and peacock-lovely by virtue of its fabulous deep radiant blue toning is only a start, and despite aesthetic appearances, it is only part of the story. A key feature, but not the only major aspect. The most beautiful quality is that this specimen is far above average in strike, dancing with shimmering mint luster (Elvis Presley shaking his hips could not keep up with its vibrating cartwheel glow). And finally, the coin is remarkable for the 1798-1807 years with draped bust obverse and heraldic eagle reverse, which usually are poorly struck. The present coin is as close to razor-sharp in its details as any serious buyer could want. Most features are strongly defined, and we can say without indecision or faltering that not one in twenty 1805 dimes of this type, regardless of condition, regardless of provenance, can match it in this honor. There are no heavy clash marks present, which is unusual. A remarkable specimen, therefore, tied with one other for finest certified by NGC. A coin that combines high grade, remarkable color, aesthetic appeal without peer, and rarity. Watch this one top the charts! (NGC serial #1972936-001.)
The Draped Bust obverse is by Robert Scot. Reverse with Heraldic Eagle motif. The denomination is not stated on this coin, nor does it appear until the 1809 capped bust series replaces this heraldic eagle Type.
Comments: Dimes of this design circulated heavily in the eastern states during the Jeffersonian period, with the consequence that most seen in the market today are worn. The few Mint State coins, if of decent quality, can be called scarce. (Interestingly, a few reverse dies used to coin dimes of this type were also used to make gold quarter eagles due to their similar diameter, a sense of the frugality we see time and again at the fledgling U.S. Mint.) Pop 2: None finer at NGC. (PCGS # 4477) .
Estimated Value $80,000 - 90,000.
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Lot 2359
1796/5 $5 Capped Bust. Small eagle. . BD-1, B. 9-I, Miller-16, the only known dies. Rarity-4+. NGC graded MS-61. Well struck with wonderful clean and lustrous surfaces. Free from adjustment marks and other defects. A lovely Brilliant Uncirculated representative of this scarcer small eagle $5 gold piece, both sides exhibit award-winning yellow-gold color with faint traces of green-gold overtones discernible at certain angles. The strike is nicely centered on the planchet, and best of all, it is also sharply executed over virtually all elements of the design. Modest hints of semi-reflectivity flash from the fields as the coin rotates under a light, and they enhance already pleasing eye appeal. A definite find for the better-date type collector seeking a representative of this, the premier type in the U.S. half eagle series. Pop 2; 11 finer, 5 in 62, 2 in 63, 3 in 64, 1 in 65 (PCGS # 8067) .
Historical note: There is only one known die marriage of the 1796 Half Eagle, and its obverse is an overdate that employs an unused 1795-dated die of the Close Date variety. Although federal records indicate that 6,196 Half Eagles were delivered in 1796, there is some question as to exactly which date these coins bore. Walter Breen (1988) opines that all were 1796/5, and he further asserts that an additional 623 coins delivered in 1797 were also struck using this die marriage. If true, the author's theory would yield a total mintage figure of 7,253 pieces for the 1796/5.
Breen's suggested mintage figure for this issue fails to hold up when one considers that, if accurate, the 1796/5 would have been produced in nearly as large a quantity as the 1795 small eagle. This cannot be possible. The 1796/5 is much rarer. Additionally, the Mint required 12 die marriages to strike the 1795 Small Eagle but, as previously stated, there is only a single known variety of the 1796/5.
We believe that many of the 6,196 Half Eagles struck in 1796 were may have been from 1795-dated dies. A few of these were likely dated 1796/5, nonetheless, and strong candidates would be those pieces struck toward the end of the year.
The Half Eagle has the distinction of being the first gold coin struck in the United States Mint. Production begin in 1795, and it remained fairly steady through the denomination's end in 1929. For much of its life, the Half Eagle was the most popular gold coin with banks and other bullion depositors, and it was definitely favored over the quarter eagle and eagle during the early decades of Philadelphia Mint operations.
Estimated Value $100,000 - 110,000.
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Lot 2340
1854 $3 Gold. PCGS graded Proof 63 Cameo. PCGS holder number 05944935. A georgeous choice proof displaying rich greenish-golden surfaces throughout. Extremely rare in Proof. In its last auction appearance in a January 2007 Heritage sale, the cataloger described the surface condition as follows: "The present example offers luscious orange-gold fields with considerable contrast present. The S in STATES is lower than the E, without the deeply impressed lettering characteristic of the other Proof die. A couple of light scrapes are noted on Liberty's cheek, and a couple of dark toning spots on the obverse: one in back of the eye, and one behind the headdress. On the reverse a similar dark spot occurs at the bottom of the 1, and a patch of light yellow-gold patina is noted through DO in DOLLARS. A delectable early Proof example of this historic and unusual denomination."
It appears two different pairs of Proof dies were used to strike Proofs in 1854. One has the ES in STATES on a level curve, and the lettering is deeply impressed into the die. On this piece from the second die, the S is slightly lower than the E, with the lettering not as deep. Although the exact number of Proof 1854 $3 survivors remains to be enumerated, there is no doubt that this issue is exceedingly rare. In fact, this is the finest specimen that we have been privileged to offer. Pop 2; 2 finer in 64 (PCGS # 88017) .
Estimated Value $80,000 - 90,000.
Ex Dr. Robert J. Loewinger Collection.
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Lot 2545
1861-S $20 Liberty. Pacquet reverse. PCGS graded AU-53 CAC Verified. PCGS certification #12243417. A very scarce date. Mostly untoned with luster a-plenty around the stars and legends and clearly evident within the devices. Identifiable by a small mark on the neck and another between the lowest curl and the 61 in the date. Rims are outstanding.
The Paquet reverse was not generally recognized as a variety until the 1930s. A number of pieces were located in Europe some two decades years later, and while these have increased the population of Paquet $20 gold modestly, but the Type still remains the scarcest S-mint double eagle. The reduced protective rim on the reverse was the primary reason for the cancellation of Anthony Paquet's modifications. This led to undue wear on the coins, which is one reason so few high grade examples are available. This particular specimen shows a number of small abrasions
Anthony C. Paquet, assistant engraver to Longacre, modified the reverse design, supposedly as an improvement. Lettering is in a taller and narrower font, which proved unacceptable after a few were struck in Philadelphia. Today, just three of these survive. In San Francisco, 19,250 examples were minted before orders were received to discontinue use of the reverse die. Thus, a highly collectible rarity was created. The example shown here is among the finest AU survivors from the San Francisco coinage. Pop 9; 7 finer; 5 in 55; 2 in 58. (PCGS # 8936) .
Estimated Value $80,000 - 90,000.
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Lot 2743
1915-S Panama-Pacific Gold $50 Round. PCGS graded MS-63. Lightly toned and an impressive gold coin. Always in demand. Only 483 coins struck.
In 1915 visitors from all over the world converged on a veritable new city that had been built of lath and plaster on the San Francisco shore front. Following upon the tradition established by the 1876 Centennial Exhibition (Philadelphia), 1892-1893 World's Columbian Exposition (Chicago), the 1900 Paris Exposition, the 1904 St. Louis World's Fair, and other events, the Panama-Pacific International Exposition showcased marvels of technology, art, history, and science.
After the event ended, nearly everything was torn down. An exception was the Palace of Fine Arts, which, while never intended to be a permanent structure, survived to be used to store fire engines and other municipal equipment. In recent times it has been restored. This building in 1915 housed the numismatic exhibit of the Exposition. Under its huge dome was Farran Zerbe's Money of the World display and, after the fair's closing, his concession to sell the remaining Panama-Pacific coins by mail order.
America's fairs and expos usually revolve around a theme. For 1915, the fair organizers honored the discovery of the Pacific Ocean (1513) and the aforementioned completion of the Panama Canal (1914) as the dual anchor points for their theme. A series of 5 coins was struck for the occasion, including complete sets mounted in metal frames or leather cases sold for $200. Many sales were made to banks and other novices; for this reason, high grade examples, especially of the two $50 gold denominations, are a challenge to find. The larger the denomination, the harder to locate. Some were also carried as souvenir pieces, in fact. When all was said and done, only 483 Round $50 gold pieces were sold. And it can be assumed (though no separate records were kept in this regard) that numerous specimens in the hands of the public were melted after the federal government seized America's gold coins in 1933. We estimate there are 200 or so of the round $50 pieces remaining.
Today the five different coins issued in connection with the Panama-Pacific International Exposition stand as the high-water mark of American commemoratives. The $50 round is legendary in U.S. federal coinage, both for its size ($50 or two and one-half ounces of 900 Fine gold) and dimensions. The artistry was by Robert Aitken, noted sculptor and coin designer whose handiwork presents Minerva, goddess of the harvest, wearing a Corinthian plumed helmet. Aitken used a more down-home emblem for his reverse, a "wise" owl perched upon a pine branch. Curiously, the wisdom of owls is much overrated. According to the trainers who worked the various owls in the Harry Potter series of movies, owls are little more than flying sharks - sophisticated eating machines with only enough brains to get along with. They're downright unfriendly and almost impossible to train to do tricks. Nevertheless, Minerva's owl is golden and beautiful, and we'll just say "wise", on this foremost of all U.S. commemorative gold pieces! What a spectacular way to preserve the occasion than by this well struck, satin-gem Mint State 65 certified by America's top-tier grading firm, NGC (Numismatic Guarantee Corporation). Pop 120; 88 finer; 79 in 64; 9 in 65. (PCGS # 7451) .
Estimated Value $60,000 - 65,000.
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