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Sale 63
Lot 867
1794 B-1, BB-1 Rarity 4. PCGS graded AU-58 PQ. CAC Approved. Housed in a new secure plus holder. Pop 1; 6 finer, 1 in 62+, 1 in 63+, 1 in 64, 2 in 66, and 1 in SP66. A marvelous example of this extremely important United States coin! Iridescent blue and green shades can be seen tucked into the devices beautifully. The date is quite bold. According to Martin Logies (the author of the book "The 1794 Dollar"), this could easily qualify as a MS61. While adjustment marks are evident on both sides, they aren't distracting but rather add to the sensational originality.
Silver dollar mintages were small throughout 1794-1803 because little demand existed domestically for this coin. The first United States Mint struck coins to order, for the most part. Bankers and others deposited silver and gold with the Mint, which the Mint's workers turned into coinage and then delivered to the owners of the precious metals.
Those depositing silver with the Mint in the first years showed a preference for the more convenient half dollars than for the silver dollars, ordering more of the smaller denomination than the larger. As best as we can understand, the silver was too large for small transactions but too small for convenient transportation or storage of large sums. Many 1794-1803 silver dollars were melted.
Striking silver dollars that were only going to be melted (or exported) was wasteful of the Mint's production capacity. Production of this denomination ceased after 1803, possibly under the orders of President Jefferson. The halt in production for the silver dollar proved more than temporary. It wouldn't be struck for circulation again until 1840, at the second Philadelphia Mint.
In the Beginning.
In 1794, the mint did not have a coining press powerful enough to strike Dollar-size coins, the largest being used for Large Cents and Half Dollars. Therefore, this Half Dollar press was employed to strike the first American Silver Dollars. It was soon revealed that it could not fully strike the design on the left side of the coin (the dies being slightly misaligned). Although the left hand stars and upper portion of the left side reverse letters are normally weakly impressed, they are completely visible to the naked eye.
All known strikes of this issue were made on October 15, 1794. The designs were by Robert Scot, originally from England, who also personally cut the dies. All silver specimens known to us show weakness in the strike at the left obverse and reverse, as described, due to skewing or oblique alignment of the dies; the unique copper specimen with lettered edge, apparently intended as a Proof or Pattern, does not show this skewing and therefore may have been struck first or on a separate occasion. It is conceivable that a few silver strikes were made before the skewing occurred and thus would have a full strike at the left sides, but we cannot recall having seen any, nor do we have any record of sale of such a specimen (PCGS # 39972) .
Historic Note: Mint records indicate that only 1,758 silver dollars were minted in the initial year of production, 1794. Of that number probably no more than 90-100 pieces are believed extant today in all grades. This coin has very little actual wear, but there are innumerable adjustment marks around each side that detract somewhat from its overall desirability. The adjustment marks that are so prevalent were commonly done in the early days of the mint to planchets that were overweight. A file was drawn across the surface and excess metal removed by this method until the planchet was brought down to the desired weight. It was a crude method, but such practices give early American coins an undeniable charm. This piece is most readily identifiable by a toning spot in the exergual area above the space between the 1 and 7 in the date. The unique configuration of the peripheral adjustment marks also help identify this as the Connecticut Historical Society specimen.
Estimated Value $500,000 - 600,000.
Ex: CT Historical Society/Hesselgesser Collection.
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Lot 710
1792 Half Disme in Silver with Reeded Edge Judd-7, Breen-1360. PCGS graded AU-55 PQ. Very attractive glossy light steel and gunmetal gray with lustrous bright silver in the protected areas. Subtle bluish steel overtones enhance the eye appeal of this outstanding piece. The obverse fields display a bit of reflectivity while the reverse fields are frosty. There are no marks on either side, just the barest hint of friction on the highest points of the portrait. The obverse is well centered on the planchet while the reverse is off a bit to the bottom, as usual. Struck in medal turn, head-to-head. While many of the surviving examples of our tiny Half Disme display obvious adjustment marks (where a file was used to remove a tiny amount of metal from an overweight planchet prior to striking), the planchet for this example is nearly flawless. A strong glass reveals a few faint adjustment marks in the center on both sides where there was not enough planchet metal to completely fill the dies. As a result the chest of the eagle is not filled out (which is also typical of these tiny pieces). The Half Disme has the distinction of being the first United States silver coin made for general circulation, although some researchers suggest these pieces may have been patterns for our initial silver coinage (hence the Judd-7 pattern designation). However, President George Washington stated in his fourth Annual Address of 6 November 1792, "There has been a small beginning in the coinage of half dismes, the want of coins in circulation calling the first attention to them." The fact that we encounter so many well-circulated examples today attests to their use in general commerce. George Washington provided the silver for these pieces, about $100 worth, that was used to produce approximately 1500 of these tiny Half Dismes (the remainder of the silver apparently being scrap). The planchets were prepared and delivered to the minting facility by Thomas Jefferson, and the coins were struck in the cellar of saw maker John Harper. Harper's tiny "mint" was located a few blocks from the first US Mint in Philadelphia, which was under construction at the time. It would be difficult to overstate the historic significance of these tiny United States coins, and this lot offers an outstanding opportunity to own a truly beautiful example. (For more details regarding the history and significance of these tiny coins, see the report written by Joel Orosz and Carl Herkowitz in the ANS American Journal of Numismatics #15 in 2003.) PCGS population 7; 21 finer.
Estimated Value $100,000 - 125,000.
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Lot 894
1799 Irregular Date B-15, BB-152 Rarity 3. PCGS graded MS-64 PQ. Housed in a new secure plus holder. Pop 1; none finer at PCGS for the variety. Absolutely phenomenal cartwheel luster! This coin has anything that even the most discerning collector could ever dream of. The dazzling eye appeal truly sets this beauty apart from the rest. While viewing this astounding creation one can hardly turn away. With such pizzazz this marvelous example is deserving of a strong bid. An opportunity to own such a fantastic piece is few and far between.
This charming, Finest Known example includes the famous "Blundered Stars Reverse" with a line star pattern on the reverse (only 1799 of this style).
The obverse first appears in 1799 BB-151 and is known in numismatic circles as the Irregular Date. The obverse die was used to strike 1799 BB-151 (first use), BB-152 (intermediate use), and BB-153 (final use).
The Reverse is from 1798. Struck from the same die as BB-123 and BB-124 of the 1798 dollars, the 5 berries are the smallest of any variety of the 1799 date (just like BB-164 has the largest berries of any variety of the 1799 date). A die crack joins the stem end to the border below. As mentioned above, this is a significant variety as the only 1799 dollar with a "line pattern " of stars on the reverse. Most seen are very weakly struck on the reverse stars (but not as weak as on 1798 BB-124, on which the weakness was caused by an extensively damaged lower right obverse die being opposite on the coin). Far right edge of A is over cloud 3. Reverse die used to strike 1798 BB-123 (earliest state), BB-124 (intermediate state, now relapped); and 1799 BB 152 (latest state) (PCGS # 40045) .
Estimated Value $120,000 - 140,000.
Ex: Cardinal/Hesselgesser Collection.
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Lot 1575
1804 Crosslet 4. NGC graded MS-63. A far better than average strike with full hair detail. Untoned and shimmering with mint luster. Very rare date. The final year of the series, the 1804 capped bust eagles are rarer than the mintage of 3,757 might suggest: Breen estimates a survival rate of a "little over 1 percent." Just one variety is known for the "original" 1804 eagles. (A second "variety" of 1804 eagle was struck in 1834 for inclusion in sets of U.S. coins being used as diplomatic gifts by American officials.)
The 1804, is, by a strange happenstance, not the final business strike issue in this series, as that honor goes to the very rare 1803 BD-6 die marriage. The Mint employed only a single die marriage to produce this issue, although the astute bidder will recognize that there is also a BD-2/Plain 4 variety reported for the 1804 in the 2006 book Early U.S. Gold Coin Varieties: A Study of Die States, 1795-1834 by John W. Dannreuther and Harry W. Bass, Jr. BD-2, however, is not part of the currency strike Capped Bust Right Eagle series but rather it is a Proof restrike from the 1830s that the Mint prepared for use in special Proof sets such as those presented to the King of Siam and the Sultan of Muscat.
But to return to the coin in this lot. The 1804 BD-1/Crosslet 4 Eagle is a very scarce variety with an extant population of just 80-100 pieces in all grades. At the Choice Mint State 63 level, the coin that we are offering here is near the top of Condition Census for the variety. A mostly green-gold piece, both sides do brighten to more of a yellow-gold sheen when the surfaces dip into a light as the coin is gently tilted by the observer. Direct angles also call forth a vibrant, satiny texture that accents an overall sharp strike. There really are no areas of memorable lack of detail -- although a few are present, nonetheless -- and we are also unable to locate more than the expected number of abrasions for the assigned grade including a slight chatter run of four dots below the 9th star. A few shallow grazes over Liberty's portrait are noted for accuracy, but a faint adjustment marks over the reverse shield are as struck. Pop 5; 1 in 64.
Estimated Value $130,000 - 140,000.
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Lot 1884
1915-S Panama-Pacific $50 Octagonal. PCGS graded MS-65 CAC Approved. Rich golden mint bloom color adds to its appeal. A gorgeous Premium Quality example confirmed by CAC. Only 645 struck. One of only a handful of Gem quality examples of this massive coin we offer bidders this time around. A satiny specimen with strong fundamental luster and gleaming fresh surfaces throughout. Boldly struck, too, in fact totally so -- with such strikingly full devices on both side that special mention is merited. Indeed, the design detail of the present coin easily rivals that of a higher-grade specimen.
During preparations for the Panama-Pacific Exposition's opening, the Philadelphia Mint shipped a 14-ton hydraulic press to the fairgrounds for the specific purpose of striking these large $50 gold pieces. (Research has not been able to ascertain how they managed it: probably the press went disassembled by ship.)
On June 15, the first octagonal pieces were struck at a ceremony which attracted VIP's from all over the country. This had been arranged by Farran Zerbe, then possibly the best known numismatist in the country. Zerbe had the political influence to have himself put in charge of the Exposition's Coin and Medal Department, which was named in the authorizing act as responsible for distributing the commemorative coins. Zerbe set up his own collection (over 20,000 specimens after he included additions) in a trellised display area of the Palace of Liberal Arts on the Exposition grounds labeling it Zerbe's Unique Money of the World. It became one of the more popular displays, and the Panama-Pacific Commemorative coins, each with its own story appended, were probably seen by several million visitors between the Exposition's opening February 20 and its close on December 4, 1915. Pop 18; 1 in 66 (PCGS # 7452) .
Estimated Value $120,000 - 130,000.
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Lot 2446
Aitolia, Aitolian League, c. 250-225 BC. AR Stater (or Didrachm; 10.06 g). Young male head right wearing oak-wreath. Reverse: Warrior with hanging petasos, standing left, right foot on rock, holding spear. De Laix (Antiquity VI) group I, issue 19; Dewing (type) 1469-1470. Obverse and reverse doubling. Very Fine to Extremely Fine.
This very rare magisterial variety is known from only one die pairing; the obverse style is quite different from others. The magistrate's name on the reverse is also observed on Aitolian gold staters.
Estimated Value $750 - 850.
Ex CNG 78 (14 V 08), lot 504.
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Lot 2426
Sicily, Syracuse, c. 405-400 BC. AR Dekadrachm (43.26 g) signed by the artist Euainetos. Charioteer driving fast quadriga left, holding kentron in right hand, reins in left; above, Nike flying right crowning charioteer; below exergual line, cuirass, shield, greaves, helmet and horizontal spear. Reverse: Head left of Arethusa wearing necklace and drop earring, surrounded by four dolphins; below lower dolphin, [E]YAINE. Gallatin R. VI/C. XIII, 6 (this coin). Only 8 specimens cited for this reverse die. Toned an even, attractive purplish-grey. Extremely Fine.
This beautiful, imposing and very well-provenanced dekadrachm is one of the relativey few from a signed reverse die which retains the signature. So often, signatures are entirely off the flan.
Estimated Value $60,000 - 80,000.
Ex Hirsch Sale XXI, 1908, Consul Weber 684.
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Lot 2865
Greece. 100 Drachmai, 1935. Fr-19; KM-76. Apparently minted in England in 1940. George II, 1935-1947. Head left. Reverse: Value. On the re-establishment of the Kingdom. Proof only issue. Mintage of only 140 pieces. Very Rare. NGC graded Proof 65 Cameo.
Estimated Value $45,000 - 50,000.
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Lot 3106
Russia. Peter I, 1682-1725. Novodel Ruble struck in Gold, 1705 (Moscow). Fr-76 (62); Sev-12; Bitkin-532; Diakov-page 87, part 1. 44.22 grams. Laureate, cuirassed youthful bust right. Reverse: Crowned, double-headed eagle with scepter and orb. Plain edge. Sharply struck with all details bold, Peter's hair curls in higher than normal relief. The surfaces are fully prooflike on both sides, with the devices softly lustrous to frosty matte and the fields reflective with an almost watery texture. Undoubtedly a high gift of state, the coin has been carefully preserved, with minimal marks or hairlines. The reverse die shows faint radiating cracks. This is one of the most important of all Russian coins!
Struck in gold to the weight of 13 Ducats, 44.22 grams, and created from the dies of the novodel ruble of 1705 (Sev-185), this is the plate coin shown in Bitkin and Diakov which appeared in both the 1977 Soderman and the 1991 Goodman auctions and is the only specimen appearing at public auction in over 25 years. Severin mentions this particular specimen (his number 12) as well as another weighing 40.4 grams, making this one of only two known examples. He also mentions a gold 1707 rouble (no. 18) and a 1723 in 12-ducat weight, each presumably unique. NGC graded MS-63.
Among Peter's numerous reforms, he caused his country's coinage system to change from being the most old-fashioned in Europe to being the most up to date. His was the first coinage to employ the decimal system (dividing the Ruble into one hundred smaller units, of copper Kopecks). Part of his reform involved devaluation, which made, for the first time, the Russian Ruble equivalent in its buying power to the Polish, Saxony and Silesian thalers which had seen such free circulation within the country before. It is said that, when the first Ruble coins bearing Western-style Arabic dates were struck in 1707, it was Peter himself operating the coin press!
Estimated Value $250,000-UP.
Ex Dr. Robert D. Hesselgesser Collection (5/30 - 6/1/05), lot 1751; Goodman Collection (Superior, Feb. 1991), lot 4; and Soderman Collection (Swiss Bank, Feb. 1977); Illustrated in Money of The World, coin 115. Ex Millennia, Lot 802.
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Lot 3459
Greenland. Dollar (Piastre), 1771 (struck in 1774). Dav-411a; Salv-51; Hede 21, Schou 6; KM-411.2. Copenhagen mint. "ISLAND' variety, with small central crown. Struck by the Danish Asia Company in imitation of the Pillar Dollar design. Crowned arms of Denmark. Reverse: Between two crowned pillars, the arms of Denmark and Norway under royal crown; below, three islands surrounded by sea, and the names: ISLAND, GRÕNLAND, and FERÕ; date between to spiral-shaped florals. Specimen Strike, thus superbly sharp with 99% of the detail present. Nicely toned, lightly iridescent. Extremely Rare. Among the finest known examples. NGC graded MS-66.
Of this issue only 543 pieces were struck in 1771, with the bulk of the issue being restruck in 1774. Discerning between the two emissions by die combination analyses, it has has been determined that only 5 of the 1771 strikes are known. Of 1774 mintage, which comprised some 44,900 pieces, only 20 pices are known to have survived. Of these, half are in museum collections. Truly one of the ultimate classic numismatic rarities. This self same coin being used to illustrate the issue in the website by Niels J. Jensen & M. Skjoldager, Dansk Mønt ("Danish Coins") at www.gladsaxegymnasium.dk.
Estimated Value $150,000 - 175,000.
Ex Irving Goodman Collection; Millenia Collection. Hesselgesser;Formerly in the collection of the noted Danish numismatist, and director of the State Collections, Peter Christian Hauberg (1844-1928), auctioned off in 1929; Illustrated in Money of the World, coin 156.
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Lot 3586
Peru. 8 Reales, No Date (c. 1568-1571), P-R (Lima). WR-1; KM-13; Sellschopp 1; Calbeto 243; Guttag 3993; Dasi 126. (Francisco del Rincon, assayer). 26.70 grams. Philip II, of Spain, 1554-1598. Crowned arms of Castille and Leon; assayer's initial at left. Reverse: Crowned pillars over waves, motto between; value below. Choice even strike, perfectly centered on very round flan. Very fine old collection toning. Of the highest rarity, and the utmost historical interest for New World numismatics. This is among the finest of little more than a handful of known examples.
It is thought that from 7 to 10 examples at most, in any grade, exist. The coin's fame and desirability rests on the fact that it was the first crown-size coin of South America. Francisco del Rincon opened the first mint in the Americas in Mexico City in 1536. NGC graded AU-55.
Lima was founded by the conquistador, Francisco Pizarro in 1535. He named it the city of the kings. It became home to the Viceroyalty of Peru, and an important religious center as well. In fact, Lima was the second city of the New World behind Mexico City. Its mint was opened in 1568. The first 8 Reales coins struck there are great rarities. As stated by Wayte Raymond, "Of the greatest rarity and interest."
Estimated Value $150,000-UP.
Ex F.C.C. Boyd Collection. This coin is the Wayte Raymond plate coin (F.C.C. Boyd); and so too for Dasi (copied from the Coin Collector's Journal, Jan.-Feb. 1947, page 13). This coin's only auction appearance was in the Superior A.N.A Sale, August 1975, lot 2022, selling against a $2000 estimate for an astounding, at the time, $23,000. A similar but somewhat lesser example (lot 20) sold in 1988, at the Swiss Bank Coins of Peru Auction, October 1988, for an even more astounding $120,600! Illustrated in Money of the World, coin 145. Ex Millennia, Lot 1150.
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