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Sale 51
Lot 1592
1933 $10 Indian. PCGS graded MS-65 PQ. Well struck with exquisite natural toning. This incredible gem shimmers with original mint bloom colors. A remarkablly clean example, free from the cuts on the cheek that seem to plague others. The Key Date to the entire Indian Eagle series. An example in our Ohringer Part II Sale, Sept. 2008, lot 1285, NGC MS-65 realized $450,000. This gem being offered is a finer quality example.
Unlike the pre-1920 Indian tens which have a satiny finish, the 1933-dated coins (of which almost all known examples are Mint State) display decidedly frosted mint luster. This piece has, in addition to a golden-orange hue, shades of natural reddish-gold color from the 10% copper alloy used to improve wearability of America's .900 Fine gold coins. The surfaces are exceedingly clean even for a Gem, with virtually no abrasions on the face and neck, and only two slight contacts from stacking at the eagle's wing below the P in PLURIBUS. The design details are razor-sharp throughout, as expected, the 1933 issue being one of the best made $10 gold pieces in the series. A landmark and most spectacular coin for the rarities connoisseur.
In 1933, Franklin Roosevelt assumed leadership of a nation in despair. Banks were closing across the country. Among the country's myriad problems, commodity price deflation had driven many Americans to the point of desperation. One strategy Roosevelt adopted in an attempt to address the commodity price problem was a year-long manipulation of gold. He would attempt to induce inflation, thus raising prices, particularly commodity prices. Roosevelt's strategy moved through three phases.
Immediately upon assuming office, Roosevelt instructed the U.S. Treasury to cease honoring requests from Americans to exchange their paper dollars for gold. This was the first step in removing America from the gold standard. Dollars would, he hoped, remain in circulation and be available for commodity purchases. With prices continuing to drop, however, the President convinced Congress to make unenforceable all contract clauses calling for payment in gold, a common payment requirement in both government and private contracts of the time. This would reduce pressures upon the Treasury to release more gold into the economy. Prices continued to fall. In a final attempt to mitigate the country's economic depression through gold manipulation, Roosevelt and his advisors tried to circumvent market forces by personally manipulating the price that the U.S. Government would pay to buy gold still in circulation. By driving up gold's value, the Administration hoped to pull the metal from the marketplace, to be replaced by paper currency. By January 1934, Roosevelt had revalued the gold price to $35 an ounce from the $20.67 it had been before. (From "Gold Follies of 1933.")
Now, on to the coin: Following its huge mintage of 4,463,000 pieces in 1932, attesting to the panic hoarding then going on, the Philadelphia Mint opened 1933 with a decent supply of 312,500 eagles in January and February. A few of these coins, perhaps 30-40 pieces, were legally released through ordinary channels at this time. The aforesaid presidential order concerning gold withdrawals not only arrested gold coin production, but drove the Philadelphia Mint to melt all residual 1933 eagles. Fewer than 30 came to light in an east coast hoard circa 1952, according to sources. Although a few more individual specimens have since turned up in French and Swiss banks, the 1933 still holds top honors as the rarest Indian eagle in all grades. Pop 7; none finer at PCGS (PCGS # 8885) .
Estimated Value $450,000 - 500,000.
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Lot 1433
1879 $4 Gold. Coiled hair. NGC graded Proof 63. A Classic American Rarity that always causes excitiment when offered for sale. Only 12 known. This particular specimen shows horizontal striations on the obverse through Liberty's hair and we also note that the reverse die is slightly rotated counter clockwise by about 15 degrees. Identifiable by a small lintmark just by Liberty's hair braid which is useful for tracing the provenance. There is also a short lintmark the links the 1 in the date to the neck point above. A very rare and impressive coin for the advanced numismatist.
Reflective, Prooflike bright greenish yellow gold fields sport cameo contrast from the devices. A few minor hairlines and other minute blemishes are evident. On the reverse there is a small pit in the planchet close to the dentils and right of the final A of AMERICA, in addition to this there are three short lint marks surrounding that same letter. It is suggested that just 10 examples were struck, although a few more may have been made unofficially given the recorded population data. It has not known for certain who designed the star-reverse die for all four-dollar gold coins. Obverse: large date logotype that appears identical to the Flowing Hair Stellas. Reverse die: D in UNITED is widely doubled, the original placement above final position and most prominent on the post of that letter.
The coiled hair design was George T. Morgan's landmark design. It incorporates a bust of Liberty with her hair in braid bunched at the back of her head with a small crown inscribed LIBERTY above her forehead. The obverse inscription matched the Flowing Hair design and stands for 6 grams of gold.3 silver and .7 copper, which was the metric alloy, these being America's second metric coins after the Shield nickel or 5-gram five-cent pieces of 1866-1883. It is believed that most of these were struck using standard mint 90 percent gold and 10 percent copper. This particular specimen has appeared in several auctions over the years.
According to the Heritage sale description of this piece earlier in the decade, "In the Report of the Director of the Mint for fiscal year ended June 30, 1867, Henry R. Linderman discussed the concept, stating that problems included some countries emphasizing gold and others silver. The three principal moneys of the world were the American dollar, the British pound sterling, and the French franc. Linderman observed that it would be necessary to bring them into harmony. He foresaw that a coin of about the $5 denomination would be useful, but that it would have to be made lighter or heavier in certain countries. As an example, if the weight of the British sovereign were to be used, then the American $5 gold coin would have to be made lighter, causing a legal problem in America with regard to the fulfillment of contracts payable in gold coins of specific standard. He recalled that this ground had been covered before, and that the Mint had written to the Department of the Treasury on December 31, 1862, and that nothing new had been learned since."
"It would be important to also note that many powers were at work trying increase their sales of silver to the mints, as silver as a metal had little industrial value and was almost exclusively for coinage. Reps. Richard P. "Silver Dick" Bland, John Adam Kasson and William Darrah Kelley had high hopes of promoting a new international coin which would use some of their abundant silver. Of course, the mints would purchase their silver at artificially inflated prices. Their prodding resulted in the metric alloys proposed in these Stellas. One can only imagine the consternation at the Philadelphia Mint that now had to alloy gold with additional silver and copper, and these $4 stellas had to be prepared using alloys different from all other gold coinage of their day." Pop 3; 4 finer with 2 in 65, 2 in 66 (PCGS # 8058) .
Estimated Value $275,000 - 300,000.
Ex:Bowers and Ruddy, 5/1972: 521 $29,000; Sotheby's, 9/1982: 250 $61,600; Stack's, 10/27/1983: 57 $74,800; Bowers 8/1995: 307 $137,500; Heritage 9/1998: 7105; Heritage 1/2005 FUN.
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Lot 140
1823 N-2 R2 PCGS graded MS66BN. PCGS graded MS-66 Brown. Virtually flawless frosty bluish steel brown with mellowed mint red showing through in the fields and protected areas, especially on the obverse suggesting this piece is close to a "Red & Brown" designation. The satiny mint frost is unbroken and the eye appeal is spectacular. The only marks are a long but shallow nick in the field between stars 8 & 9 and a speck of darker toning in the field under the right edge of star 5. E-MDS with a thin rim cud at star 5 extending down halfway to star 4. Sharply struck except for weakness on stars 1-3. Struck very slightly off center to K-10 and the reverse is rotated 40 degrees CCW from a perfect head-to-foot die orientation. Called MS65 choice and tied for CC#1 with the preceding piece in the Noyes census, his photo #21818. Bland says MS65 and tied for CC#1 as well. Our grade is MS65. Today marks the first public offering of this remarkable cent. If you missed the previous lot, then this may be your only opportunity to acquire a gem mint state example of the 1823 normal date cent. Good luck! PCGS Population 1; none finer.
Estimated Value $25,000-UP.
Ex Earle M. Cole-Abe Kosoff.
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Lot 437
1839/6 N-1 R3+ PCGS graded MS65BN. PCGS graded MS-65 Brown. Overdate 9 over 6. Lustrous bluish steel and light chocolate brown with generous traces of slightly faded mint color remaining on the obverse and at least a third of the bright original mint color showing on the reverse. The fields are covered with attractive satiny mint frost and the eye appeal of this cent is outstanding. The only marks are a pair of microscopic ticks just right of the date, a few more on the cheek, and a sprinkling of dark toning caused by shallow planchet impurities at IC in AMERICA. Sharply struck EDS without any hint of the obverse die crack from the dentils over star 3 to the nose and eye. The overdate is very sharp, the portrait is fully struck, and the dentils are crisp all the way around on both sides. The stars do not show their radial lines, but they never do on any die state of this variety. Called MS65 and CC#1 by 15 points in the Bland census. Noyes says MS63 in one of his lists, MS60 in another, but CC#1 by at least 15 points in both lists, his photo #28679. Our grade is MS63. This cent is a highlight of the remarkable Naftzger collection. An indispensable piece for anyone trying to assemble a mint state "Redbook" collection of Middle Date (1816-39) Large Cents. PCGS Population 1; none finer.
Estimated Value $50,000-UP.
Ex Henry Chapman-Dr. Thomas Hall (circa 1909)-Virgil Brand-B. G. Johnson (St. Louis Stamp & Coin Co.) 11/26/1941-James Kelly-C. David Pierce, Hollinbeck Stamp & Coin Co. 1945 FPL, lot 108-C. David Pierce-Abe Kosoff 1947 ANA Sale, lot 909.
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Lot 1572
1907 $10 Indian. Rounded rim, periods. PCGS graded MS-65 PQ. A coin of virtual perfection thus our Premium Quality designation. Here is a superb satiny mint gem with immaculate surfaces throughout and all is enhanced by a touch of golden sunset toning. Although the PCGS population lists 17 finer, we cannot imagine that is the actual case and thus this splendid gem is worthy of a premium bid. A mere 50 were struck.
Flawless revolving gold surfaces combine with an essentially perfect strike to make this a breath-taking Gem specimen of the first date and type of the Saint-Gaudens design. Edges are raised and boldly defined with a "rolled" look not seen on other 1907-dated issues. The rim is there to protect legends and devices from wear in circulation and during stacking in bank coin trays. The announcement that this coin was never handled or in circulation should come as no surprise, for the glow from the surface is rich with vibrancy and life, metaphorically speaking. Around the inner margin are 13 stars and, on the reverse, the usual legend (but without IN GOD WE TRUST); and the somewhat indistinct detail convinced Mint Superintendent John S. Landis that it made the coins look ''sweated,'' (his word) or super-heated to ''sweat'' measurable amounts of gold from genuine coins. The coin itself is identifiable from the few others in this grade by a pair of tiny marks on the right leg of the eagle (one is horizontal and below it, a slightly larger diagonal contact mark). You can generally tell a coin's character from its features. And collectors who have an instinct for "character" will spot it in this coin in a heartbeat. Put simply, this spectacular rarity is destined to be a centerpiece in some high-quality gold collection featuring only the finest and rarest treasures in American numismatics. Pop 16; 17 finer, 14 in 66, 3 in 67 (PCGS # 8851) .
Augustus Saint-Gaudens' so-called "Indian" Head Eagles are more properly a concoction of his creative genius having to mold itself to the political realities of coin design. Read some of Walter Breen's acidic commentary on how this special coin came about: "For the new eagle design, Augustus St. Gaudens [sic] (in consultation with Pres. Theodore Roosevelt) decided to use not a standing figure but a head, feeling that the heroic effect of any standing figure, as chosen for the double eagle, would be lost in smaller diameter. The President disgusted beyond measure at what he called our 'atrociously hideous' coinage, had asked St. Gaudens to design replacements.
The profile St. Gaudens chose originated in a figure of Nike ('Victory'), part of his Gen. Sherman Monument (1905), ultimately inspired by a Hellenistic Wingless Victory on the temple of Zeus Soter. at Pergamon. At Pres. Roosevelt's insistence, and for no other reason, St. Gaudens gave this head a nationalistic character by the absurd addition of a feathered war bonnet, such as neither Ms. Liberty nor any Native American woman would have ever worn."
Estimated Value $200,000 - 225,000.
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Lot 246
1830 N-10 R7 (as a Proof) PCGS graded PR65BN. PCGS graded Proof 65 Brown. Iridescent bluish steel and light chocolate brown with traces of very faded mint color showing on both sides. The fields are reflective with no spots and only a trace of microscopic hairlines. No spots or stains. The only marks are a microscopic tick on the right edge of the nostril and a tiny tick or planchet void on the jaw. Sharply struck. A very rare proof large cent with excellent eye appeal. Called Proof-60+ in the Loring census of proof large cents. Noyes photo #20620. Our grade is Proof-64. PCGS Population 1; none finer.
Estimated Value $25,000-UP.
Ex London, England-Jerry A. Bobbe 8/86.
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Lot 1524
1798/7 $10 Capped Bust. 9 stars left, 4 right. PCGS graded MS-62. Well struck with semi reflective surfaces on both sides. Some adjustment lines on the obverse. Highly lustrous. A wonderful coin.
The eagles of 1798 are rarely offered in Mint State grade at public auction, and we are very pleased to be able to offer this stunning Mint State 62 9x4 stars specimen. This lovely example shows the usual greenish-gold tint common to early tens. The obverse has a number of very shallow, horizontal adjustment marks. Because they are so shallow they could be mistaken roller marks (seen on much later issues such as Morgan silver dollars), but since they cover most of that side, and are present on both the devices as well as in the fields, they can only be adjustment marks. Needless to say, they do little to detract from the coin's gleaming overall quality because they are so trivial; nevertheless, we feel mention should be made for accuracy's sake. Slightly weak in the center of the obverse only, the reverse are well impressed everywhere, and there are no obvious or distracting marks or edge bumps that one could speak negatively about. All in all a spectacular 1798 9x4 stars Early Capped Bust Eagle. Pop 1; none finer at PCGS (PCGS # 8560) .
Historic note: Robert Scot's designs for this denomination copied those of the quarter eagle and half eagle. Liberty's fully shaped, draped and capped effigy continued from 1795-97; the heraldic eagle derived from that of the Great Seal of the United States, continued as on the other denominations with the same mistake: the warlike arrows are in the dexter or more honorable claw, outranking the olive branch for peace.
The Eagles of 1798 have only 13 reverse stars, evidently immediately following Mint Director Boudinot's decision to stop adding a new star for every new state.
The two great rarities of this period are the two varieties dated 1798/7. The two deliveries of [900] and [842], Feb. 17 and 28, 1798, are believed to comprise, respectively, Breen-6836 with stars 9 + 4, and Breen-6837 with stars 7 + 6. Coinage of eagles was interrupted thereafter until May 14, 1799. Early breakage of both obverse dies may have been why.
Estimated Value $190,000 - 200,000.
Breen-6836, BD-1.
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Lot 1520
1796 $10 Capped Bust. PCGS graded MS-62. Boldly struck on a slightly porous planchet with partial reflective surfaces. Glancing over the surfaces, we see impressive soft, smooth luster that radiates its way through the somewhat delicately toned overlay of even light green-gold toning. We look up and down this coin, from side to side and on obverse and reverse, and what do we see? A very pleasing specimen, unsullied and bold. With just the barest hint of weakness near the top portion of the reverse (eagle's neck feathers, and one leg). No contact marks to speak of, and the most saturated toning seems to be confined to the immediate areas around the main design and legends; the coin is remarkably mark-free. This specimen shows every bit of detail on Liberty's profile, and has simply outstanding beauty for a coin from this decade. Very atypical, its visual appeal is far above average. It is far better looking than its grade might suggest, and certainly only a few eagles from this early scarce issue could be considered prettier. A charming specimen of this significant Capped Bust, Small Eagle rarity. Be a sportsman and give it a big bid! Only 4,146 minted. Pop 3; 2 finer in 63. (PCGS # 8554) .
Historic note: Just one die variety is known for the 1796 capped bust eagle. The obverse stars total 16, reflecting Tennessee's admittance as a new state, arranged 8 + 8. LIBERTY is positioned higher on the obverse than on the 1795 varieties, starting from the peak of Liberty's cap (farther left than on the 1795 coin) and ending adjacent her forelocks. The palm branch on the reverse now bears 11 leaves instead of 13 or nine as in 1795. The mintage is 4,146.
Estimated Value $150,000 - 160,000.
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Lot 139
1823 N-2 R2 PCGS graded MS65BN. PCGS graded MS-65 Brown. Highly lustrous light bluish steel brown with 10% of the original mint red remaining. The only marks are a few tiny ticks on the jawline, a microscopic speck of carbon over the right side of star 10, and a collection of barely visible ticks at the lower left of the O in ONE. None of these marks is at all significant and the eye appeal of this cent is truly outstanding. A very subtle area of slightly darker toning surrounds star 8. Early die state without any hint of crumbling in the dentils at stars 4-5. Called MS65 choice and tied for CC#1 in the Noyes census, his photo #21730. Bland says MS65 as well and tied for CC#1. Our grade is MS65. A highlight of this fabulous collection and an extremely rare opportunity to obtain a truly mint state example of the normal date version of 1823. Comes with a very long list of prior owners who were numismatic luminaries in their day. PCGS Population 1; 1 finer in 66BN.
Estimated Value $35,000-UP.
Ex Joseph J. Mickley-W. Elliot Woodward 10/28/1867:2021-Richard B. Winsor-S. H. & H. Chapman 12/1895-John G. Mills, S. H. & H. Chapman 4/27/1904:1309-S. H. & H. Chapman 12/1904-Colonel James W. Ellsworth-Wayte Raymond-William Cutler Atwater, B. Max Mehl 6/11/1946:62-Leonard M. Holland, Pennypacker Auction Centre 5/8/1959-Louis Helfenstein, Lester Merkin 8/14/64:97 (via Richard Picker).
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Lot 1758
1915-S Panama-Pacific Gold $50 Round. NGC graded MS-65. A wonderful untoned gem example that is intensely lustrous throughout. One of only 483 minted. As nice an example we have ever seen.
The Pan-Pac $50 round is one of the most incredible coins ever conceived and offered for sale; it is replete with symbolism, though the symbolic connotations are lost on modern day collectors for the most part. Stuck on the dawn of America's involvement in the European "Great War," the Greek helmet is lifted back on Minerva's head in a ready but not fully combative pose, similar to the helmeted head seen on the famous Corinthian staters of ancient times featuring Pegasus the flying horse. The owl on the reverse signifies watchfulness. This is a resolutely gorgeous Gem example, then, and one of the few full MS65s we think deserves a "Premium Quality listing. When was the last time you dreamed of owning a solid Gem $50 Round of this type. Now is your chance. The surface is immaculate, which is only to be expected. The luster envelops all areas with a smooth, bright, satiny embrace. This coin has clearly been well preserved since the day it was sold to a fortunate collector back in nineteen-and-fifteen. Extremely desirable in such Gem condition.
Estimated Value $110,000 - 120,000.
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Lot 1763
1915-S Panama-Pacific Gold $50 Octagonal. NGC graded MS-65. Only 645 pieces struck. A hint of light gold tone. Frosty. Velvety to satin-like fields almost stagger under the weight of its highly lustrous golden elegance and color. At best, it is not easy to find such luster on one of these mighty gold pieces, the largest ever minted up to that time by the United States of America. So too crisp definition on the main devices counts for a lot. Mathematically exact standards are seen everywhere in the artistic design.
The choice of both round and octagonal formats for this commemorative, which (as usual with public opinion) also came in for criticism at the time, consciously reflected the use of both Humbert octagonal $50 coins and Wass-Molitor round fifties as a major part of California's circulating medium in the 1850s. Pop 40; 10 finer, 6 in 66, 4 in 67 (PCGS # 7452) .
Estimated Value $100,000 - 110,000.
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Lot 1526
1801 $10 Capped Bust. PCGS graded MS-64. Consistered the most common early eagle thus ideal for a type set. A gorgeous well struck example on a problem-free planchet and loaded with frosty mint luster thoughout.This beauty sparkles with original mint bloom colors of sunset gold. We have seen many 1801 eagles and a curiosity of this obverse die is that it often shows a number of short "spines" in the cap of Liberty -- which are die clash marks from the vertical lines from the shield. The striking quality on this piece is rather striking in its sharpness, if readers will overlook the pun, and shows amazing detaill. This is rare for any early ten insofar as there is complete definition on Liberty's hair waves, the cap, and also on the eagle's breast feathers just above the shield on the reverse (a spot where weakness occurs more often than collectors would like to admit). The mint luster is rich with satiny frost. There is a nice overlay of patina on each side, as described above. Very smooth surfaces are noted, the most obvious evidence of this coin's careful preservation. Sure to be of great interest to collectors who buy early Capped Bust gold, this issue is almost unavailable any finer. Pop 34; 3 in 65 (PCGS # 8564) .
Estimated Value $100,000 - 110,000.
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