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Sale 57
Lot 2131
1879 $4 Gold. Flowing hair. PCGS graded Proof 65. A magnificent Gold Stella with delicate golden overtones on both sides. Approximately 425+ specimens minted. It doesn't mean a thing, but there is a small toned spot at UN(UM) on the reverse. A vivid gleaming gold specimen with some wonderful accents of color in the fields and on the devices of both sides. Lightly cameo frosted motifs receive their support from the fine reflective fields which wag the light back and forth that strikes its surface, and accounts for the a pleasing contrast plus the high grade it deserves. The coin is a nicely struck one for the issue, with only a trace of soft detail in some of Liberty's hair curls above the temple. Better still, few of the usual mint-caused striations are found at the centers (these often plague the case on Stellas). Surfaces are virtually pristine. Devices, the same. The grade captures the spirit of this coin's originality. All in all, we are pleased to offer to bidders a marvelous opportunity to acquire a Gem Proof example of a rare and widely admired gold coin. Pop 26; 28 finer in 66 (PCGS # 8057) .
Historic note about the confusing Judd & Pollock numbering schemes: Judd called all 1879 Flowing Hair Stellas struck in gold "J-1635." Later research developed the theory 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 were the first 15 struck. Later, after interested parties requested samples 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 expensive non-destructive testing; the weights do differ slightly for the two metallic alloys.
Estimated Value $150,000 - 170,000.
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Lot 2702
1930-S $20 St. Gaudens. PCGS graded MS-65. A stunning gem example bursting with rich mint bloom colors throughout. The lovely natural rose & golden toning on both sides improves the already expansive beauty of this Gem quality example. An extremelyrare late-date Saint-Gaudens double eagle. The production run was a mere 74,000, serving to give an explanation of the low supply of coins to be had by collectors. Always difficult to obtain. There do not appear to be many abrasions that would bar this frosty double eagle from its lock-solid MS65 designation by the grading service. It is really quite spectacular! Since it is a full-bore Gem we see no need to persuade one and all to prepare a strict market price. There will be no slipping through the cracks with this one when it comes up for bidding. Besides the coin's smooth features, both sides show a precision strike that conforms well with what we know about other 1930-S $20 gold pieces, that this date was more carefully produced than other S-mint twenties in the Saint-Gaudens series. Identical to other issues in the late 1920s and early 1930s, this year was a heavily melted one. In the vein of the 1929, 1931, 1931-D, and 1932 from the standpoint of total number of coins known, the number saved was severely reduced after the great gold confiscation by the Federal government in 1933 (approximately $2.8 billion in gold valued at the then $20.67 per ounce fixed price).
As an MS65, the 1930-S is an extremely rare coin with very few pieces having been so graded by the major services. Of the highest order of rarity, this piece will be certain to spawn much interest at lot viewing and the price it finally realizes at the sale could be a revelation to many. Pop 8; 5 finer in 66 (PCGS # 9191) .
Estimated Value $150,000 - 160,000.
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Lot 2534
1907 $20 St. Gaudens. High relief, wire rim. NGC graded Proof 67. Star. A superb flawless pale golden gem with satiny smooth surfaces which are slightly reflective. Charles Barber was the Mint Engraver when the U.S. government, at the behest of Theodore Roosevelt, contracted with Augustus Saint-Gaudens to prepare designs for the proposed new $20 gold coin. It was Barber who supervised Proof MCMVII High Relief double eagle production. Some Proofs were later sold out of Barber's estate. The Mint undoubtedly struck other pieces for presentation purposes, probably at several different times throughout the final two months of 1907. (Saint-Gaudens had died in August 1907.)
According to sources, unlike the circulation strike High Relief double eagles minted with the Roman Numerals date, which received three impressions from the dies (some say up to five), apparently the Proofs were struck seven times by dies inserted into the Mint's hydraulic medal press in order to bring the features up to full detail. Many of the diagnostics of this beautiful issue in Proof are never found on the pieces meant for circulation.
The present Proof reveals random die polish lines (as prepared) in the fields. The grade confirms it as one of the finest Proof High Relief double eagles certified, and it is solidly within the top examples known for the issue. Both sides exhibit gorgeous surfaces and color, bold devices, no marks of any kind, and aesthetic appeal that leaves all others back in the dust. Both the obverse and the reverse are silent on the subject of bothersome spots or discolored toning, a fact that one expects for the grade. Every element, every intricate feature of the design, is crisply made, and the overall strike is for all intents and purposes full. This is truly a superb representative of Saint-Gaudens' High Relief $20 in Proof condition and is identified by the NGC serial number on the holder: 191009-001. Pop 4; 3 finer, 1 in 68, 1 in 68 star, 1 in 69.
Historic note: In the summer of 1907, Augustus Saint-Gaudens, who had been in failing health for some time, took a turn for the worse, and in August he died. Ironically, he never lived to see examples of his own double eagle design. After President Roosevelt had been appeased by the striking of 11,250 High Relief coins and an unknown number of Proofs of the same Type, the Mint obtained permission to revise its design, wherein the relief was lowered drastically, the Roman numerals purged from the obverse, and more familiar numeral punches used in their place. This was amenable to high-speed production and from then to the end of the series in 1933 Double Eagles were so made.
Today, the MCMVII issues of 1907 are highly cherished by collectors and are among the favorites in all American numismatics. Proofs are the crème de la crème of the year. It came as no surprise, then when the Treasury Department proposed issuing new gold bullion coins in 1986, no finer design could be devised than to recreate Augustus Saint-Gaudens' 80-year-old masterpiece. The mint even incorporated the Roman numerals.
Estimated Value $130,000 - 140,000.
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Lot 2630
1921 $20 St. Gaudens. NGC graded MS-62. A frosty example, lightly toned. Light bagmarks are noted on both sides, none of which are noteworthy. A mostly brilliant Brilliant Uncirculated example and well within the broad confines of the "Choice" category. Gleaming effervescent luster with its wisp toning boosts the visual attractiveness of the coin with its residual cartwheel frost. A few scattered marks as noted are to be found on the obverse, including some small ones at the thigh and another below the lowest bunch of leaves in the branch, while the reverse has a few marks on the main wing feathers.
Broadly speaking, there are three classes of double eagles: common dates (of which hundreds of thousands are known), scarce dates (with a few hundred to a couple of thousand available, but not always seen in every auction), and then we have the truly rare dates. 1921 exemplifies the latter class. A decidedly low mintage of 528,500 pieces was produced in the depths of the short, deep post-World War I business depression. Like other twenties in those days, most of the 1921 issue was kept in storage in U.S. Treasury vaults and presumably melted after 1933, with only a few score reaching actual circulation. Fewer still were preserved in Mint State grades (unlike the post-1929 rarities which all tend to be in Uncirculated condition). David Akers' research established that more than half of all extant specimens are in circulated grades, while most of the others grade no higher than Mint State 60. This coin's appreciably better status places it at High Rarity-7 in Akers' rarity scale.
In terms of total pieces known, the 1921 is fourth rarest in the Saint-Gaudens double eagle series after the 1907 Ultra High Relief, 1927-D, and 1933. Although there may be more 1921 double eagles in numismatic collections, the date is more difficult to find in Mint condition than even the widely admired 1930-S and 1931-D. That makes this attractive Mint State 62 an offering of considerable importance to 21st century gold specialists. Be forewarned: Bidders may be surprised to feel a shrewd kick in their estimates arising from the other savvy competitors in the room hoping to snag it when this piece crosses the auction block. Pop 15; 8 finer, 7 in 63, 1 in 64 (PCGS # 9172) .
Estimated Value $110,000 - 120,000.
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Lot 2420
1892 $20 Liberty. PCGS graded Proof 66 Deep Cameo. A magnificent Gem Proof with superb rich golden-orange peel surfaces that glitter with deep mirror surfaces and heavily frosted devices. Among the finest known 1892 Proofs.
With only 93 Proofs struck in 1892 (and an additional 4,000+ business strikes) the year is a noted rarity of the Liberty double eagle series. This is a gorgeous Proof example, as indicated above. The fields show unusual brilliance and sparkle in their depth, reflectivity which seems to go "black" when viewed at the correct angle; seen another way, the field almost ripples with "orange peel" effect, most amazing! For their part, the devices conspire to mesmerize the viewer with heavy frost set against the mirror surface. The contrast provides stunning beauty on both sides. Given the strictness required in achieving Proof 66 status, the surfaces are virtually flawless. We note original color free from copper stains or spotting. A magnificent Gem Proof and one to secure for a date or Proof type set of U.S. Gold. Pop 2 with none finer. (PCGS # 99108) .
Historic note: This is the type represented most often in Proof $20 Gold Type collections. It is by far the most durable production of the Type 3 modification by William Barber who introduced it in 1877. (Barber succeeded to the Engravership at James B. Longacre's death on January 1, 1869.)
Proofs were struck each year from 1877 to 1907. The only noticeable design change during the Type 3 period was the reverse hub of 1900-7, in which the back of eagle's neck is smooth. This is by Charles E. Barber, William Barber's son and successor. Explanation for the change remains unknown.
Estimated Value $110,000 - 120,000.
Ex Pittman Collection.
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Lot 2703
1931-D $20 St. Gaudens. PCGS graded MS-65. A well struck frosty gem specimen ablaze with delicate golden mint bloom colors. One of the finest graded of the date, and a rarity in all grades. Breen estimated two decades ago in his Encyclopedia that only 30-35 survived, but this number appears low to us now, since the combined NGC and PCGS Population Reports show more than 120 pieces graded in all grades. All the same, the coin presented is clearly one of the better specimens known, this radiant gem boasts luxurious golden frost around the periphery, enhanced by pleasing light rose shades in towards the centers. Minor handling marks but nothing to keep this from the rock-solid gem class it is in, as a strong glass will reveal. An opportunity for the advanced numismatist.
The rarity of the 1931-D should be readily evident after Akers referred to a group of fifteen to twenty examples that surfaced in the mid 1980s. While the coins in that "hoard" were sufficient to knock the 1931-D out of the same rarity class as the vaunted 1930-S, most of these graded no better than Choice MS63. Often the various grading services overshoot in their estimates or undershoot, but on this particular occasion they must have had their 20-20 spectacles focused, which resulted in their shooting squarely at the bull's eye and hitting it dead on target. A strong, quibble-free MS65, in other words. This leaves gemmier specimens like the one offered here as better condition rarities. The present naturally toned 1931-D $20 gold piece is among the most attractive of the late date issues we have offered in recent sales, primarily due to its spectacular aesthetic appeal! Pop 14; 3 finer in 66 (PCGS # 9193) .
Estimated Value $80,000 - 85,000.
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Lot 2718
1915-S Panama-Pacific Gold $50 Octagonal. NGC graded MS-65. Frosty and light golden toning. The surfaces on this handsome coin are judged by us to be bright gold in color, and quite lustrous, with the MS65 grade acting on behalf of its outstanding quality. Don't expect the usual halfhearted impression left by the striking of the dies that made this piece, for all Pan-Pacific $50 Octagonals we are glad to report were made with care and attention. They were struck on a special medal press shipped to San Francisco just for the striking ceremony. This is a very bold coin with sharp centers and all legends complete. A prestigious offering!
The obverse of both fifty dollar coins depicts the Roman goddess Minerva (same as the Greek goddess Athena), while the reverse displays an owl, said to be sacred to Minerva and a symbol of wisdom. Some suggest that the motifs alluded to the need for America to be watchful and prepared on the eve of this country's involvement in World War I, already raging in Europe. The basic round and octagonal designs were the same, everything from the outer text ring inward, though reduced in size for the octagonal piece. On both obverse and reverse Aitken placed an unbroken circle of dolphins into the spaces provided by the angled corners of the octagonal design. Dolphins were considered friends and guardians of sailors, and were symbolic of the new connection between the Atlantic and Pacific Oceans provided by the Panama Canal (PCGS # 7452) .
Estimated Value $100,000 - 110,000.
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Lot 2716
1915-S Panama-Pacific Gold $50 Round. NGC graded MS-65. Only 483 pieces struck. Bright satin finish, mimicking the light, swift flutter of a magical golden butterfly, the field glows serenely as when first issued. Difficult to imagine even in choice condition, this one has every hallmark of its desirable Gem 65 status, and then some. Something perhaps worth pausing to study as well is the fact that all devices were struck with the usual and desirable consistency of this year, that is, sharply by the dies, which then left behind bold elements of detail throughout. Full stylized leafy design on the helmet; wavy hair curls on Minerva (a.k.a. Athena); plus full pine cones, face and chest definition on the owl.
Five coins commemorating the Panama-Pacific International Exposition were produced, as well as an extensive range of private medals (refer to the Hibler-Kappen book of So-Called Dollars for these). The $50 gold pieces were by Robert Aitken, a sculptor from New York. "Cornelius Vermeule, in his Numismatic Art in America, Aesthetics of the United States Coinage, offers beautifully crafted commentary of Aitken's design" [as explained in a Pan-Pacific $50 gold description by the auction firm Heritage]:
"Robert Aitken tried to create modern, pseudo-Athenian coins, in an idiom of archaeological classicism popular among many American sculptors trained partly at the American Academy in Rome before and after the First World War. His ideas were laudable. There were a minimum of inscriptions, a classic Greco-Egyptian profile of Athena in full panoply, the date in roman numerals, and a naturalistic owl in a mass of Western pine cones. … In an overall view, the arresting feature of the giant gold coins is their archaistic treatment of details in relief. Athena's crest, wreath, curls, and aegis imitate the work of an ancient bronze… these coins were a tour de force, dated to be sure, but unusual enough in all respects to be worthy of what American numismatic art could achieve when creativity and mint technique worked in unison."
Estimated Value $100,000 - 110,000.
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Lot 2056
1855-D $1 Gold Indian. NGC graded MS-64. Well struck with a bold date and mint mark. Light clash marks on both sides as made and a touch of softness on the uppermost forehead curls. The luster is intense with traces of reflectiveness here and there. The rarest by far of all type two gold dollars.
Perhaps surprisingly for an issue with such a limited original mintage, the 1855-D was struck using two die marriages. The present Winter 7-I example (second 5 in date centered beneath A in DOLLAR) is one of the finest-known examples of both varieties, and it is an absolutely stunning representative. The '55-D typically displays varying degrees of striking irregularity in the center of the reverse that affects several of the letters in DOLLAR and the digits in the date. On this piece, however, one will see a sharply executed reverse strike that qualifies this piece as a Full Date example as defined by Doug Winter. In the 2003 book Gold Coins of the Dahlonega Mint: 1838-1861, the author states,
"Among specialists, full date 1855-D gold dollars trade for a strong premium; in some cases as much as thirty to fifty percent above the price level for a coin with a typical weak date."
The obverse impression is overall bold, and both sides possess pleasing color that blends orange-gold and green-gold shades. With satiny surface texture and a noteworthy lack of grade-limiting abrasions, this beautiful near-Gem comes highly recommended for both the Southern gold specialist and the advanced numismatic investor.
As the only Type 2 gold dollar from the Dahlonega Mint, the 1855-D is an understandably popular coin among collectors. It is also a very rare issue, the original mintage being a mere 1,811 pieces and the total number of survivors probably numbering no more than 70-80 distinct examples. Conditionally rare starting at the Choice EF grade level, Condition Census begins in AU55. The 1855-D is the overall rarest Dahlonega Mint gold dollar after only the 1861-D, and it is prime condition rarity in the D-mint portion of this series.
Supposedly because it was smaller and thicker than should have been, Mint Director Colonel James Ross Snowden ordered the gold dollar redesigned in 1854 to accomodate an increase in diameter to 15 millimeters. Although Chief Engraver Longacre dutifully carried out this request, his work caused striking problems on this occasion. His Type 2 designs were difficult to strike and wore down rapidly in circulation. These deficiencies affected all issues of this type, and they resulted in its replacement by the Type 3 pieces in 1856 (1857 for the San Francisco Mint).
Due to its brevity, there are only six issues in the Type 2 gold dollar series: 1854, 1855, 1855-C, 1855-D, 1855-O, and 1856-S. The '55-D is by far the rarest, followed by the '55-C, '56-S and '55-O. Even the "common" 1854 and 1855 are relatively scarce coins in an absolute sense that are quite rare in Mint State from a market availability standpoint.
The true origins of the gold dollar as a denomination lie in John Marshall's discovery of gold at Sutter's Mill in 1848. Although a coin of this face value had been proposed on several occasions in the past, and the Bechtlers actually struck examples in North Carolina beginning in the 1830s, Congress did not authorize the United States Mint to produce gold dollars until March 3, 1849. The primary reason Congress finally relented in that year was because the immense quantities of gold being mined in California forced silver coins out of circulation. Since few people in the United States of the late 1840s/early 1850s placed much trust in paper currency, the gold dollar was seen a logical replacement for the now-absent silver coinage in commercial channels.
This denomination remained in production from 1849-1889, during which time it appeared in three distinct types. The abolition of the gold dollar was included as part of the Mint Act of September 25, 1890, and it probably resulted from the (by then) long-established unpopularity of the denomination as a circulating medium of exchange. Many issues in this series are scarce, if not rare, chief among which are the 1849-C Open Wreath, 1855-D, 1856-D and 1861-D. Pop 3; none finer. Tied for finest graded at either service. (PCGS # 7534) .
Estimated Value $70,000 - 80,000.
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Lot 2132
1795 $5 Capped Bust. Small eagle. PCGS graded MS-62. Well struck on a problem-free planchet and shimmering with frosty mint luster. Delicately toned and a very impressive Small Eagle $5.00. Only 8,707 struck for our first half eagle. One of the most important early type coins for the advanced gold-collecting numismatist to acquire. The fields are not prooflike like some others of this issue but frosty, while the devices are also well frosted. The Philadelphia Mint took extra care to produce really beautiful gold coins for their first year of issue, and this one was nice enough to be saved for over 210 years! Very well struck by the dies, with no adjustment marks whatsoever, the only weakness we can find in the design is atop the eagle's breast (a usual high point that often fails to show all of the fine feathers). We do note minor hairlines from handling but the coin remains very eye appealing. PCGS has graded only a couple of dozen this high of the date. A solid coin for the grade, and worthy of a strong bid. Pop 30; 20 finer, 12 in 63, 6 in 64, 2 in 65 (PCGS # 8066) .
The BD-10 variety is a fairly available coin featuring the 1795 Small Eagle pairing, since this is the only use of this reverse, it must have incurred some damage, currently not reported by the Dannreuther reference, "so one can envision a coin with further cracking."
The only known obverse state with this combination has the obverse heavily lapped with most of the stars attenuated and the lowest curls next to star 1 quite thin. The L of LIBERTY appears to be slightly farther from the cap than on BD-9 (which shares the same obverse), and again the lapping thins letters, stars, hair, and other details.
Estimated Value $65,000 - 75,000.
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