19th Century Coins
1811 Old Copper
2014 SOLD for $ 1.12M including premium by Goldberg
2017 SOLD for $ 1M including premium by Stack's Bowers
2020 WITHDRAWN
PRE 2020 SALE DISCUSSION
The half cent is the smallest denomination authorized by the Coinage Act of 1792. This coin in pure copper is definitively interrupted by the Coinage Act of 1857. The production, entirely made in Philadelphia, is not regular, with many missing years.
The fourth and penultimate figure, identified as the Classic Head, appeared in 1809 which was also the year of the highest production, 1,154,572 units, which however only correspond to $ 5,770 in face value. The production fell to 215,000 units in 1810 and to 63,140 units in 1811. The latter year was divided into two varieties cataloged as C-1 and C-2. The production is stopped after 1811 and will not be restarted until 1825, without changing the figure.
The Tettenhorst collection, known as the Missouri Cabinet, had gathered 226 half cents. Its sale by Goldberg on January 26, 2014 rekindled the interest of collectors for this small denomination. We will know later that D. Brent Pogue had bought the most important lots.
The very rare coins that have significantly preserved red areas of the original copper have often far exceeded their estimates. They are identified by the suffix RB, for Red and Brown, assigned by the certification companies. The coins identified below have been graded by PCGS.
The best result in the sale of the Missouri Cabinet was recorded on a 1794 half cent graded MS-67 RB, sold for $ 1.15M including premium. This unit was sold for $ 940K including premium by Stack's Bowers in the third Pogue sale on February 9, 2016.
1796 is the year of the lowest production. The coin graded MS-65+ RB from the Missouri Cabinet was sold for $ 720K including premium by Goldberg.
In the auction of the Missouri Cabinet, the 1811 C-1 half cent graded MS-66 RB was sold for $ 1.12M including premium over an estimate of $ 200K. It is one of the most remarkable of its denomination for its color including about 20% of the original red on the obverse and 10% on the reverse. It was sold for $ 1M including premium by Stack's Bowers on March 31, 2017 in the fifth Pogue sale. It will be sold by Heritage in Dallas on April 23, lot 3628.
The half cent is the smallest denomination authorized by the Coinage Act of 1792. This coin in pure copper is definitively interrupted by the Coinage Act of 1857. The production, entirely made in Philadelphia, is not regular, with many missing years.
The fourth and penultimate figure, identified as the Classic Head, appeared in 1809 which was also the year of the highest production, 1,154,572 units, which however only correspond to $ 5,770 in face value. The production fell to 215,000 units in 1810 and to 63,140 units in 1811. The latter year was divided into two varieties cataloged as C-1 and C-2. The production is stopped after 1811 and will not be restarted until 1825, without changing the figure.
The Tettenhorst collection, known as the Missouri Cabinet, had gathered 226 half cents. Its sale by Goldberg on January 26, 2014 rekindled the interest of collectors for this small denomination. We will know later that D. Brent Pogue had bought the most important lots.
The very rare coins that have significantly preserved red areas of the original copper have often far exceeded their estimates. They are identified by the suffix RB, for Red and Brown, assigned by the certification companies. The coins identified below have been graded by PCGS.
The best result in the sale of the Missouri Cabinet was recorded on a 1794 half cent graded MS-67 RB, sold for $ 1.15M including premium. This unit was sold for $ 940K including premium by Stack's Bowers in the third Pogue sale on February 9, 2016.
1796 is the year of the lowest production. The coin graded MS-65+ RB from the Missouri Cabinet was sold for $ 720K including premium by Goldberg.
In the auction of the Missouri Cabinet, the 1811 C-1 half cent graded MS-66 RB was sold for $ 1.12M including premium over an estimate of $ 200K. It is one of the most remarkable of its denomination for its color including about 20% of the original red on the obverse and 10% on the reverse. It was sold for $ 1M including premium by Stack's Bowers on March 31, 2017 in the fifth Pogue sale. It will be sold by Heritage in Dallas on April 23, lot 3628.
1815 Shortage of Metals in Philadelphia
2016 SOLD for $ 820K including premium
On 16 February 1815, the US Senate ratified the Treaty of Ghent which ended the War of 1812. This conflict had challenged the final liberation of the United States against the British ambitions and the control of an international trade disturbed by the blockades of the Napoleonic wars.
The metals do not circulate any more. Copper, silver and gold are no longer available for the Philadelphia Mint whose business is extremely slowed down. The reserves ran dry. The currency emissions are no more resulting from federal decisions but the production line accepts some operations to change bullion in coins on orders from private investors.
In such conditions, it is assumed that individuals were using for their transactions the Spanish silver coins and the Portuguese gold coins whose circulation were to remain legal until 1857. The extreme rarity of the 1815 US coinage demonstrates the fragility of the American economy and the weakness of the autonomy of the United States despite the satisfactory conclusion of the war.
Only one gold coin operation is carried out in 1815, on a coordinated order between two private depositors and the Bank of Pennsylvania who each brought some gold to turn it into half eagles of $ 5. In less than one hour on November 3, 1815, 635 pieces are produced with a single pair of dies.
The rarity of this coin has become legendary. Unknown to the numismatists until the mid-nineteenth century, the 1815 half eagle was regarded in the 1880s as the rarest regular issue of the USA. Although some coins have surfaced in the following century, this variety remains a treasure.
On February 9 in New York, Stack's Bowers in association with Sotheby's sells the finest known example of 1815 half eagle, graded MS65 by PCGS with a rich color between deep yellow and orange. It is estimated $ 750K, lot 3149.
The metals do not circulate any more. Copper, silver and gold are no longer available for the Philadelphia Mint whose business is extremely slowed down. The reserves ran dry. The currency emissions are no more resulting from federal decisions but the production line accepts some operations to change bullion in coins on orders from private investors.
In such conditions, it is assumed that individuals were using for their transactions the Spanish silver coins and the Portuguese gold coins whose circulation were to remain legal until 1857. The extreme rarity of the 1815 US coinage demonstrates the fragility of the American economy and the weakness of the autonomy of the United States despite the satisfactory conclusion of the war.
Only one gold coin operation is carried out in 1815, on a coordinated order between two private depositors and the Bank of Pennsylvania who each brought some gold to turn it into half eagles of $ 5. In less than one hour on November 3, 1815, 635 pieces are produced with a single pair of dies.
The rarity of this coin has become legendary. Unknown to the numismatists until the mid-nineteenth century, the 1815 half eagle was regarded in the 1880s as the rarest regular issue of the USA. Although some coins have surfaced in the following century, this variety remains a treasure.
On February 9 in New York, Stack's Bowers in association with Sotheby's sells the finest known example of 1815 half eagle, graded MS65 by PCGS with a rich color between deep yellow and orange. It is estimated $ 750K, lot 3149.
1820 A Too Long Reign
2020 SOLD for $ 440K before fees
George III has an incurable mental illness in 1810, and his health will deteriorate over time. The Prince of Wales, later George IV, assures the regency.
During this period, the final victory over the Napoleonic empire led the United Kingdom to the brink of financial ruin. The reform of 1816 defines a new currency, named sovereign or pound, which takes reference to a gold standard. The silver money is devalued and the guinea becomes outdated.
To engrave the new coinage, the Royal Mint hires Benedetto Pistrucci, an Italian medalist recently arrived in London. The gold sovereign features on the obverse the laureate head of an earlier portrait of the king and on the reverse a dynamic image of St George slaying the dragon.
They must now prepare the highest denominations. The 5-sovereigns succeeds to the 5-guineas, the last issue of which was dated from 1753. The creation of a double sovereign is also decided. These two references have the same design, based on the sovereign of 1817 with a rejuvenation of the king's face and the replacement of the saint's broken spear by a sword.
In early 1820, the dies are ready for the two new denominations. The king's death on January 29 forces the project to be canceled. The production is limited to 25 5-pound and 60 2-pound gold coins. Each of these values exists in two variants : the edge is either plain or inscribed in raised letters celebrating the 60th year of this too long reign.
A five pounds pattern coin with lettered edge, graded PR63 Deep Cameo by PCGS despite a scratch behind the tail of the horse, with a rich orange peel color, was sold for £ 360K including premium by Spink on May 14, 2015 over a lower estimate of £ 100K. It is estimated $ 425K for sale on January 19 in New York by Baldwin's of St James's, lot 169 linked here on the NumisBids bidding platform.
The lot 170 of the next sale, estimated $ 70K, is the highest graded copy of the two pounds pattern, certified PR64 Ultra Cameo by NGC. It has also the inscribed edge.
The gold double sovereign of George IV was released for circulation in 1823, followed two years later by the five-sovereigns.
The participation of William Wyon in 1820 in the retouching of Pistrucci's drawing is possible. The fact remains that the Una and the Lion by Wyon which will symbolize in 1839 the new reign of Victoria is undoubtedly a feminization of this heroic St George.
RESULTS
£ 5 : SOLD for $ 440K before fees
£ 2 : unsold
During this period, the final victory over the Napoleonic empire led the United Kingdom to the brink of financial ruin. The reform of 1816 defines a new currency, named sovereign or pound, which takes reference to a gold standard. The silver money is devalued and the guinea becomes outdated.
To engrave the new coinage, the Royal Mint hires Benedetto Pistrucci, an Italian medalist recently arrived in London. The gold sovereign features on the obverse the laureate head of an earlier portrait of the king and on the reverse a dynamic image of St George slaying the dragon.
They must now prepare the highest denominations. The 5-sovereigns succeeds to the 5-guineas, the last issue of which was dated from 1753. The creation of a double sovereign is also decided. These two references have the same design, based on the sovereign of 1817 with a rejuvenation of the king's face and the replacement of the saint's broken spear by a sword.
In early 1820, the dies are ready for the two new denominations. The king's death on January 29 forces the project to be canceled. The production is limited to 25 5-pound and 60 2-pound gold coins. Each of these values exists in two variants : the edge is either plain or inscribed in raised letters celebrating the 60th year of this too long reign.
A five pounds pattern coin with lettered edge, graded PR63 Deep Cameo by PCGS despite a scratch behind the tail of the horse, with a rich orange peel color, was sold for £ 360K including premium by Spink on May 14, 2015 over a lower estimate of £ 100K. It is estimated $ 425K for sale on January 19 in New York by Baldwin's of St James's, lot 169 linked here on the NumisBids bidding platform.
The lot 170 of the next sale, estimated $ 70K, is the highest graded copy of the two pounds pattern, certified PR64 Ultra Cameo by NGC. It has also the inscribed edge.
The gold double sovereign of George IV was released for circulation in 1823, followed two years later by the five-sovereigns.
The participation of William Wyon in 1820 in the retouching of Pistrucci's drawing is possible. The fact remains that the Una and the Lion by Wyon which will symbolize in 1839 the new reign of Victoria is undoubtedly a feminization of this heroic St George.
RESULTS
£ 5 : SOLD for $ 440K before fees
£ 2 : unsold
Happy #StGeorgesDay from #Spink #Coins!
— Spink & Son (@SpinkandSon) April 23, 2020
Along with the 200th Anniversary of the first 5 Pounds we chose a #GeorgeIII, Pattern Five Pounds, 1820.
Only 25 made depicting St George and the Dragon as designed by Benedetto Pistrucci.
Sold in May 2015 for £360,000#numismatics #coins pic.twitter.com/rOcJjDSwvn
1822 The Emperor Pedro
2014 SOLD 500 K$ including premium
In 1807, Napoléon's armies invaded Portugal. The royal family moved to Brazil, where they tried to manage a new regime under the name of Reino Unido de Portugal, Brasil e Algarves.
The fall of the French Empire made the situation even more complex. In 1821 King Joao VI came back to Portugal to try to oppose the liberal revolution. During the fourteen years of exile, the dependence of the two territories had been reversed. For the first time, a European country, Portugal, was de facto considered by its ruling dynasty, the Braganza, as a colony of an American country, Brazil.
King Joao reluctantly entrusts the regency of Brazil to his eldest son the crown prince Pedro. This young man aged 23 is impetuous and womanizer, and despite being intelligent his political training had been neglected.
The crisis broke out on the following year when the Portuguese Cortes tried to impeach the powers of Pedro. The prince, who had spent his youth in Brazil, tears his Portuguese cuff in emitting the grito do Ipiranga on September 7, which will be commemorated as Brazilian national day.
Pedro is no longer in control of events. Separatists nominated him as Emperor under the name of Pedro I on 12 october 1822 and the coronation ceremony took place on 1 December of the same year.
Hastily conceived in order to be available on coronation day, the gold coin of 6400 Reis with the effigy of the new Emperor is the first coinage of the independent Brazil. It was produced in only 64 units to be provided to the main dignitaries.
It is extremely rare on the market. The coin for sale on January 5 in New York by Heritage is in superb condition, graded AU55 (Almost Uncirculated) by NGC, with a deep orange color. It is estimated $ 200K. Here is the link to the catalog.
POST SALE COMMENT
Great result for this interesting coin : $ 500K including premium.
The fall of the French Empire made the situation even more complex. In 1821 King Joao VI came back to Portugal to try to oppose the liberal revolution. During the fourteen years of exile, the dependence of the two territories had been reversed. For the first time, a European country, Portugal, was de facto considered by its ruling dynasty, the Braganza, as a colony of an American country, Brazil.
King Joao reluctantly entrusts the regency of Brazil to his eldest son the crown prince Pedro. This young man aged 23 is impetuous and womanizer, and despite being intelligent his political training had been neglected.
The crisis broke out on the following year when the Portuguese Cortes tried to impeach the powers of Pedro. The prince, who had spent his youth in Brazil, tears his Portuguese cuff in emitting the grito do Ipiranga on September 7, which will be commemorated as Brazilian national day.
Pedro is no longer in control of events. Separatists nominated him as Emperor under the name of Pedro I on 12 october 1822 and the coronation ceremony took place on 1 December of the same year.
Hastily conceived in order to be available on coronation day, the gold coin of 6400 Reis with the effigy of the new Emperor is the first coinage of the independent Brazil. It was produced in only 64 units to be provided to the main dignitaries.
It is extremely rare on the market. The coin for sale on January 5 in New York by Heritage is in superb condition, graded AU55 (Almost Uncirculated) by NGC, with a deep orange color. It is estimated $ 200K. Here is the link to the catalog.
POST SALE COMMENT
Great result for this interesting coin : $ 500K including premium.
1825 A US Coin from only Two Units known
2008 SOLD 690 K$ including premium
Heritage sells an interesting coin on July 31 in Baltimore under number 1955. The interest to stop for a moment on this subject is that all details are given to justify its rarity, and that the price of this specimen has been traced over all its recent transactions.
It is codified under the reference 1825/4 $5 AU50 by NGC (NGC is a normative service). It is a piece of $ 5 with a branched eagle on obverse and a rather ugly Liberty on reverse.
From a low mintage, the fate of this model was settled in the early years when the money producers observed that the value of its raw metals (ratio silver-gold 18 / 1) was more interesting than its currency value. Tens of thousands of coins of several models were then melted, and there are currently only two survivors of our model, including that which is for sale.
Sold $ 140 K in 1978, it came down at auction in two steps to $ 105 K (1992). The commerce sold it $ 275 K and it got $ 240 K at auction in 1999. Heritage auctions it now with a reserve price of 600 K $. If it is sold, it will mean that the market has changed considerably over the past decade, and that the scarcity tops over all other characteristics.
POST SALE COMMENT
The auction house had well targeted its estimate. This coin of 1825 was sold for 690 K$ including fees.
It is codified under the reference 1825/4 $5 AU50 by NGC (NGC is a normative service). It is a piece of $ 5 with a branched eagle on obverse and a rather ugly Liberty on reverse.
From a low mintage, the fate of this model was settled in the early years when the money producers observed that the value of its raw metals (ratio silver-gold 18 / 1) was more interesting than its currency value. Tens of thousands of coins of several models were then melted, and there are currently only two survivors of our model, including that which is for sale.
Sold $ 140 K in 1978, it came down at auction in two steps to $ 105 K (1992). The commerce sold it $ 275 K and it got $ 240 K at auction in 1999. Heritage auctions it now with a reserve price of 600 K $. If it is sold, it will mean that the market has changed considerably over the past decade, and that the scarcity tops over all other characteristics.
POST SALE COMMENT
The auction house had well targeted its estimate. This coin of 1825 was sold for 690 K$ including fees.
1827 Pattern Quarter Ruble of Nicholas I
2013 SOLD for CHF 2.05M before fees by Sincona
The quarter ruble in silver dated 1827 has no other historical interest than its extreme rarity. It is a pattern coin made in Saint Petersburg. In the Russian denomination, it is a polupoltinnik, of the same value as the regular 25 kopeck silver coin. Its illustration is not remarkable, on one side five lines of text under the crown, on the other side the double-headed eagle. The edge is dotted.
An example described as brilliant uncirculated with attractive patina was sold by Sincona on October 14, 2013 for CHF 2.05M before fees from an estimate of CHF 80K, lot 533.
In addition to the auction history listed in the catalog for this specimen, I found two other events in a Russian database in English. One of them, apparently unsold in 1929, may be the same coin. The other, in 1927, was severely deformed by clipping.
The effigy of the emperor Nicholas I does not appear on Russian coins at that time, in accordance with the tradition established by Paul I and Alexander I. Russian coins dated 1827 with this portrait are novodels. However, it appears regularly on the Polish zloty and its multiples from 1826.
An example described as brilliant uncirculated with attractive patina was sold by Sincona on October 14, 2013 for CHF 2.05M before fees from an estimate of CHF 80K, lot 533.
In addition to the auction history listed in the catalog for this specimen, I found two other events in a Russian database in English. One of them, apparently unsold in 1929, may be the same coin. The other, in 1927, was severely deformed by clipping.
The effigy of the emperor Nicholas I does not appear on Russian coins at that time, in accordance with the tradition established by Paul I and Alexander I. Russian coins dated 1827 with this portrait are novodels. However, it appears regularly on the Polish zloty and its multiples from 1826.
1835 1804 Eagle
2022 SOLD for $ 2.3M by Heritage
The second batch of two 1804 presentation eagles of the Plain 4 variety was minted in April 1835, They were intended for the emperors of Japan and Cochin China. The sets were never delivered due to the untimely death of Roberts during the expedition.
One of these eagles never surfaced, as its stories of ownership and sales do not rely upon facts.
The other coin of that batch was in 1869 the discovery coin of the Plain 4 1804 eagle. Its history had not been suspected before the surfacing of the full Siam set in 1962. Nobody including the US pattern referencer Dr Judd had appreciated that the gold proof technology was not available in 1804.
That discovery coin has a prestigious provenance including among others Parmelee, Woodin, Eliasberg and Bass. It was kept since 2000 at the ANA headquarters on loan from.the Harry W. Bass Core Collection.
Recently graded PR63 by PCGS, it will be sold by Heritage on September 29, 2022, lot 11066. The Bass collection of about 450 US gold coins is deaccessioned to benefit Dallas-based nonprofits supported by the Harry W. Bass Jr. Foundation with an emphasis on early childhood education and literacy.
One of these eagles never surfaced, as its stories of ownership and sales do not rely upon facts.
The other coin of that batch was in 1869 the discovery coin of the Plain 4 1804 eagle. Its history had not been suspected before the surfacing of the full Siam set in 1962. Nobody including the US pattern referencer Dr Judd had appreciated that the gold proof technology was not available in 1804.
That discovery coin has a prestigious provenance including among others Parmelee, Woodin, Eliasberg and Bass. It was kept since 2000 at the ANA headquarters on loan from.the Harry W. Bass Core Collection.
Recently graded PR63 by PCGS, it will be sold by Heritage on September 29, 2022, lot 11066. The Bass collection of about 450 US gold coins is deaccessioned to benefit Dallas-based nonprofits supported by the Harry W. Bass Jr. Foundation with an emphasis on early childhood education and literacy.
From Museum to Auction, Celebrated Harry W. Bass Jr. Collection Makes Golden Debut at Heritage Auctions.
— Heritage Auctions (@HeritageAuction) September 9, 2022
The first of several sales benefitting Dallas nonprofits kicks off with 'one of the most spectacular gold rarities in the entire American series'.
□ https://t.co/1lnYeUyNd3 pic.twitter.com/qxHcD62ISG
1838 The Enigma of the 1838-O Half Dollar
2013 SOLD 735 K$ including premium
The accounting documents of the United States Mint are accurate and detailed. The basic of their numismatics is simple: the inspected samples must match the official records. Some exceptions struck by the official US mints are among the most prestigious coins to the American collectors and the reconstitution of their story equals the best thrillers.
The New Orleans mint has not edited any half dollar coin in 1838. Yet nine 1838-O samples are identified. They are all in first strike (proof) quality. The puzzle is now closed out by a recent study, unquestionable and documented, published by the numismatists of Heritage.
1838 is the key year when production of federal coins is decentralized. Three provincial plants are created: Charlotte in North Carolina, Dahlonega in Georgia, New Orleans in Louisiana.
In the old mint of Philadelphia, they do everything to achieve a success. The decision is made to mark the origin of the strike: C for Charlotte, D for Dahlonega, O for New Orleans.
The first two of these plants will use the local gold, and the program of activities of the third is the only one to include a silver coinage. Philadelphia therefore tested a half dollar marked 1838-O before shipping its dies to Louisiana.
The year is very bad, due to equipment malfunction and serious epidemics, and no half dollar is struck in Louisiana in 1838. In early 1839, when the problems are resolved, the hardware of the new vintage is not yet ready and the first tests of half dollars are still using the 1838-O dies.
Our nine coins are regular, without being able to discriminate whether they come from the 1838 Philadelphia pattern or from the 1839 New Orleans novodel.
One of the best, graded PR64 by PCGS, was sold $ 630K including premium by Heritage in June 2005. It is listed again in the sale held from 9 to 13 January by Heritage in Orlando. Here is the link to the catalog.
The New Orleans mint has not edited any half dollar coin in 1838. Yet nine 1838-O samples are identified. They are all in first strike (proof) quality. The puzzle is now closed out by a recent study, unquestionable and documented, published by the numismatists of Heritage.
1838 is the key year when production of federal coins is decentralized. Three provincial plants are created: Charlotte in North Carolina, Dahlonega in Georgia, New Orleans in Louisiana.
In the old mint of Philadelphia, they do everything to achieve a success. The decision is made to mark the origin of the strike: C for Charlotte, D for Dahlonega, O for New Orleans.
The first two of these plants will use the local gold, and the program of activities of the third is the only one to include a silver coinage. Philadelphia therefore tested a half dollar marked 1838-O before shipping its dies to Louisiana.
The year is very bad, due to equipment malfunction and serious epidemics, and no half dollar is struck in Louisiana in 1838. In early 1839, when the problems are resolved, the hardware of the new vintage is not yet ready and the first tests of half dollars are still using the 1838-O dies.
Our nine coins are regular, without being able to discriminate whether they come from the 1838 Philadelphia pattern or from the 1839 New Orleans novodel.
One of the best, graded PR64 by PCGS, was sold $ 630K including premium by Heritage in June 2005. It is listed again in the sale held from 9 to 13 January by Heritage in Orlando. Here is the link to the catalog.
1838 The Gobrecht Eagle
2021 unsold
The gold coinage, limited after 1804 to half-eagles and quarter-eagles, experienced new developments from 1834, based on a devaluation of silver from 15: 1 to 16: 1 against gold and then a new alloy. The eagle was not restarted until 1838 : the government remained cautious about this denomination for limiting its melting by speculators.
The eagle was completely redesigned in 1838 by Gobrecht, who had previously created the new silver dollar. The image of Liberty, tilted from the axis of date and stars, seems to be leaning forward. This first variety is rare, with only 7,200 units minted in 1838 and 25,801 in 1839. From the end of 1839, the figure is straightened and slightly modified. The new Liberty regains her pride but is less pretty.
Since 1820, the mint was maintaining its know how in the proof polishing of gold coins, with extremely low quantities. For the eagle, the first proofs, in 1834 and 1835, are the four pieces of Roberts' journey, made in the design interrupted in 1804.
The proof eagles in Gobrecht's first design are extremely rare. Three 1838 and three 1839 have survived, including one from each year in the collection of the Smithsonian.
An 1838 proof eagle graded PR65 Cameo by PCGS will be sold by Heritage in Dallas on January 21, lot 4109. An 1839 proof eagle from the type of 1838 graded PR67 Ultra Cameo by NGC was sold for $ 1.6M including premium by Heritage in January 2007.
The eagle was completely redesigned in 1838 by Gobrecht, who had previously created the new silver dollar. The image of Liberty, tilted from the axis of date and stars, seems to be leaning forward. This first variety is rare, with only 7,200 units minted in 1838 and 25,801 in 1839. From the end of 1839, the figure is straightened and slightly modified. The new Liberty regains her pride but is less pretty.
Since 1820, the mint was maintaining its know how in the proof polishing of gold coins, with extremely low quantities. For the eagle, the first proofs, in 1834 and 1835, are the four pieces of Roberts' journey, made in the design interrupted in 1804.
The proof eagles in Gobrecht's first design are extremely rare. Three 1838 and three 1839 have survived, including one from each year in the collection of the Smithsonian.
An 1838 proof eagle graded PR65 Cameo by PCGS will be sold by Heritage in Dallas on January 21, lot 4109. An 1839 proof eagle from the type of 1838 graded PR67 Ultra Cameo by NGC was sold for $ 1.6M including premium by Heritage in January 2007.
1839 Proof Eagle
2007 SOLD for $ 1.6M by Heritage
The gold coinage, limited after 1804 to half-eagles and quarter-eagles, experienced new developments from 1834, based on a devaluation of silver from 15: 1 to 16: 1 against gold and then a new alloy. The eagle was not restarted until 1838 : the government remained cautious about this denomination for limiting its melting by speculators.
The eagle was completely redesigned in 1838 by Gobrecht, who had previously created the new silver dollar. The image of Liberty, tilted from the axis of date and stars, seems to be leaning forward. This first variety is rare, with only 7,200 units minted in 1838 and 25,801 in 1839. From the end of 1839, the figure is straightened and slightly modified. The new Liberty regains her pride but is less pretty.
Since 1820, the mint was maintaining its know how in the proof polishing of gold coins, with extremely low quantities. For the eagle, the first proofs, in 1834 and 1835, are the four pieces of Roberts' journey, made in the design interrupted in 1804.
The proof eagles in Gobrecht's first design are extremely rare. Three 1838 and three 1839 have survived, including one from each year in the collection of the Smithsonian.
An 1838 proof eagle graded PR65 Cameo by PCGS passed at Heritage on January 21, 2021, lot 4109. An 1839 proof eagle from the type of 1838 graded PR67 Ultra Cameo by NGC was sold for $ 1.6M by Heritage in January 2007, lot 3657.
The eagle was completely redesigned in 1838 by Gobrecht, who had previously created the new silver dollar. The image of Liberty, tilted from the axis of date and stars, seems to be leaning forward. This first variety is rare, with only 7,200 units minted in 1838 and 25,801 in 1839. From the end of 1839, the figure is straightened and slightly modified. The new Liberty regains her pride but is less pretty.
Since 1820, the mint was maintaining its know how in the proof polishing of gold coins, with extremely low quantities. For the eagle, the first proofs, in 1834 and 1835, are the four pieces of Roberts' journey, made in the design interrupted in 1804.
The proof eagles in Gobrecht's first design are extremely rare. Three 1838 and three 1839 have survived, including one from each year in the collection of the Smithsonian.
An 1838 proof eagle graded PR65 Cameo by PCGS passed at Heritage on January 21, 2021, lot 4109. An 1839 proof eagle from the type of 1838 graded PR67 Ultra Cameo by NGC was sold for $ 1.6M by Heritage in January 2007, lot 3657.
1839 Victoria and the Lion
2017 SOLD for $ 376K including premium
William Wyon is since 1828 the chief engraver at the Royal Mint. In 1834 he realized a portrait of the presumptive heiress of the British throne, Princess Alexandrina Victoria aged 15 years.
In June 1837, the still unmarried young woman became Queen Victoria. Wyon realizes the portrait with the young head that is used on the British coins from 1838 and on the postage stamps from their first emission in 1840. The very broad dissemination of this figure contributes to bring back an undeniable sympathy of the public tired with the scandals of the previous generations of the Royals.
The £ 5 gold coin of 1839 is Wyon's masterpiece. The obverse has the young head, inscribed 'Victoria DG (for Deo Gratias) Britanniarum Regina FD (for Fidei Defensor)'. The reverse stages Una and the Lion with Victoria in the role of Una and the inscription 'Dirige Deus Gressus Meos' (May the Lord direct my steps).
Una is the allegory of the True Church in a 1590 poem by Spenser. The re-use of this figure by Wyon to symbolize the hope of a healthy and strong redirection of the British monarchy will remain highly popular in England throughout Victoria's reign.
At that time the practice is already taken to use the first striken coins of a new monetary edition for presentation and for selling to numismatists. On January 13 in New York, Stack's Bowers sells as lot 2477 a complete set of the fifteen coins issued by the Royal Mint in 1839, from farthing to sovereign, in proof condition.
It is evident that this collection was gathered from the origin and has never been separated. The coins have a matching patina suggesting that they have been stored for a long time in the same box and they were inspected at the same time by NGC which graded them from Proof-63 to Proof-66. The £ 5 Victoria-Una is a magnificent Proof-63 Ultra Cameo piece. The lot is estimated in excess of $ 200K.
In June 1837, the still unmarried young woman became Queen Victoria. Wyon realizes the portrait with the young head that is used on the British coins from 1838 and on the postage stamps from their first emission in 1840. The very broad dissemination of this figure contributes to bring back an undeniable sympathy of the public tired with the scandals of the previous generations of the Royals.
The £ 5 gold coin of 1839 is Wyon's masterpiece. The obverse has the young head, inscribed 'Victoria DG (for Deo Gratias) Britanniarum Regina FD (for Fidei Defensor)'. The reverse stages Una and the Lion with Victoria in the role of Una and the inscription 'Dirige Deus Gressus Meos' (May the Lord direct my steps).
Una is the allegory of the True Church in a 1590 poem by Spenser. The re-use of this figure by Wyon to symbolize the hope of a healthy and strong redirection of the British monarchy will remain highly popular in England throughout Victoria's reign.
At that time the practice is already taken to use the first striken coins of a new monetary edition for presentation and for selling to numismatists. On January 13 in New York, Stack's Bowers sells as lot 2477 a complete set of the fifteen coins issued by the Royal Mint in 1839, from farthing to sovereign, in proof condition.
It is evident that this collection was gathered from the origin and has never been separated. The coins have a matching patina suggesting that they have been stored for a long time in the same box and they were inspected at the same time by NGC which graded them from Proof-63 to Proof-66. The £ 5 Victoria-Una is a magnificent Proof-63 Ultra Cameo piece. The lot is estimated in excess of $ 200K.
Outstanding results for Lot 2477, the Iconic “Una and the Lion” Proof Set https://t.co/waIXVPbLlS pic.twitter.com/SwkAna6Bta
— Stack's Bowers (@StacksBowers) January 23, 2017
Why is this #coin known as the Una & the Lion issue? Find out here. https://t.co/A82e7Dem2g pic.twitter.com/7ZbJWFUtp1
— Paul Fraser (@PFCollectibles) January 10, 2017
1849 Gold Rush !
2010 SOLD 218 K$ including premium
PRE SALE DISCUSSIOn
It is no coincidence, of course, if the gold rush in California and the
first issue of American gold coins of $ 1 are from the same year, 1849.
A copy is being sold by Heritage Auction Galleries in Long Beach on February 5. It is estimated $ 300K.
This price may seem high for a regular issue. The explanation is related to the production site. Marked 1849-C, it was struck at the plant in Charlotte, North Carolina, whose production had been low on that year. Only four 1849-C $ 1 coins are currently located. The image is shared in the press release of the auction house.
Carolina had its gold rush 14 years before California, and it probably continued in 1849 to handle local extractions.Before the $ 1 gold coins, the Charlotte mint had already produced half eagles ($ 5) and quarter eagles ($ 2.5).
POST SALE COMMENT
Heritage had been cautious in assessing this lot below the data provided from their usual databases. Once again, it was correct. This coin has been sold 218 K $ including premium.
It is no coincidence, of course, if the gold rush in California and the
first issue of American gold coins of $ 1 are from the same year, 1849.
A copy is being sold by Heritage Auction Galleries in Long Beach on February 5. It is estimated $ 300K.
This price may seem high for a regular issue. The explanation is related to the production site. Marked 1849-C, it was struck at the plant in Charlotte, North Carolina, whose production had been low on that year. Only four 1849-C $ 1 coins are currently located. The image is shared in the press release of the auction house.
Carolina had its gold rush 14 years before California, and it probably continued in 1849 to handle local extractions.Before the $ 1 gold coins, the Charlotte mint had already produced half eagles ($ 5) and quarter eagles ($ 2.5).
POST SALE COMMENT
Heritage had been cautious in assessing this lot below the data provided from their usual databases. Once again, it was correct. This coin has been sold 218 K $ including premium.
1849 A Private Bank in San Francisco
2014 unsold
Stephen Wright arrived in California in 1847, attracted by the lucrative opportunities in the lumber trade. In March 1848, two months after the discovery of gold in Sutter's property, the most famous rush starts.
Wright understands that the participation in the circulation of currency is a source of wealth. He creates in San Francisco the Wright & Co company soon to be known as the Miners Bank of Savings of Alta California and begins to issue paper money.
The feverish unrest in the region accelerates the organization of the State of California. The issue of notes by private operators will soon be prohibited. Wright gets on 7 August 1849 the authorization to produce gold alloy coins of $ 5 and 10.
Assayers had good reasons to be suspicious. A report issued in December 1849 revealed that a $ 10 piece of the Miners Bank contained only $ 9.65 of metal. Customers were requiring discounts and Wright could not maintain his company. Because of their denomination at $ 10 considered as fraudulent, almost all coins made by the Miners Bank were melted.
The case of Wright is not isolated. The State of California understands the risk and prohibits private coin operations in April 1851. Honest assayers such as Wass and Molitor earn their good reputation in that new period.
On August 6 in Chicago, Stack's Bowers sells a $ 10 coin of the Miners Bank, lot 13295. This piece is in a beautiful condition, graded MS65 by NGC.
Wright understands that the participation in the circulation of currency is a source of wealth. He creates in San Francisco the Wright & Co company soon to be known as the Miners Bank of Savings of Alta California and begins to issue paper money.
The feverish unrest in the region accelerates the organization of the State of California. The issue of notes by private operators will soon be prohibited. Wright gets on 7 August 1849 the authorization to produce gold alloy coins of $ 5 and 10.
Assayers had good reasons to be suspicious. A report issued in December 1849 revealed that a $ 10 piece of the Miners Bank contained only $ 9.65 of metal. Customers were requiring discounts and Wright could not maintain his company. Because of their denomination at $ 10 considered as fraudulent, almost all coins made by the Miners Bank were melted.
The case of Wright is not isolated. The State of California understands the risk and prohibits private coin operations in April 1851. Honest assayers such as Wass and Molitor earn their good reputation in that new period.
On August 6 in Chicago, Stack's Bowers sells a $ 10 coin of the Miners Bank, lot 13295. This piece is in a beautiful condition, graded MS65 by NGC.
1850 Two Quarter Dollars
2008 Sold 460 K$ including premium by heritage
2013 SOLD 260 K$ including premium
The proof coins are the first units of a production, struck with new dies.
They are of course the subject of a special attention, if only to verify that everything is correct. Initially, specimenswere kept for some time by the directors of the plant. They were made directly available to collectors from the late 1850s.
When they are uncirculated, these coins approach perfection. The original color of the metal can be rich and varied, easy in this case to distinguish from the rest of the production. When they have a low face value and so were not intended to be hoarded, the survivors may be extremely rare.
Tomorrow on August 9 in Rosemont IL, Heritage sells two proof quarter dollars (25 cents) respectively dated 1850 and 1855, coming from the same collection.
The earlier is gorgeous with shimmering colors from bright blue to orange. It is graded PR68 by NGC. Such a condition is hard to exceed, especially for a small coin of that time. Here is the link to the catalog. It had been sold for $ 460K including premium by Heritage on January 10, 2008.
The 1855 specimen is graded PR64 by NGC. It is also almost perfect, but the colors are more common. It is particularly rare because it was minted in San Francisco. Here is the link to the catalog. This 1855-S had been sold for $ 276K including premium by Heritage on August 12, 2011.
POST SALE COMMENT
The two coins did not reach their previous price. For such specimens that are unique of their kind orbest in their class, the price goes up when a collector chooses a theme and falls when he sells. This sector of the market is not speculative.
Here are the results including premium: $ 260K for the 1850 quarter and $ 180K for the 1855-S.
They are of course the subject of a special attention, if only to verify that everything is correct. Initially, specimenswere kept for some time by the directors of the plant. They were made directly available to collectors from the late 1850s.
When they are uncirculated, these coins approach perfection. The original color of the metal can be rich and varied, easy in this case to distinguish from the rest of the production. When they have a low face value and so were not intended to be hoarded, the survivors may be extremely rare.
Tomorrow on August 9 in Rosemont IL, Heritage sells two proof quarter dollars (25 cents) respectively dated 1850 and 1855, coming from the same collection.
The earlier is gorgeous with shimmering colors from bright blue to orange. It is graded PR68 by NGC. Such a condition is hard to exceed, especially for a small coin of that time. Here is the link to the catalog. It had been sold for $ 460K including premium by Heritage on January 10, 2008.
The 1855 specimen is graded PR64 by NGC. It is also almost perfect, but the colors are more common. It is particularly rare because it was minted in San Francisco. Here is the link to the catalog. This 1855-S had been sold for $ 276K including premium by Heritage on August 12, 2011.
POST SALE COMMENT
The two coins did not reach their previous price. For such specimens that are unique of their kind orbest in their class, the price goes up when a collector chooses a theme and falls when he sells. This sector of the market is not speculative.
Here are the results including premium: $ 260K for the 1850 quarter and $ 180K for the 1855-S.
1851 An Octagonal Gold Coin
2008 SOLD 460 K$ including premium
PRE SALE DISCUSSION
An octagonal gold U.S. coin of 50 dollars is announced by Bowers and Merena for the sale of September 13 in Beverly Hills, lot 681.
The press release links to the referenced lot in the catalogue, a feature that I had already appreciated in one of the most direct competitors of this auction house.
The characteristic of this coin is that it is in mint condition. No one of this type (known as Augustus Humbert) has apparently never been seen in such a perfect condition. Other mint coins are known, but due to production conditions at that time they are generally tarnished. This coin previously unknown on the market appears with a luster that the boss of the auction house considered impossible for this model.
Dating back to 1851, it is contemporary of the gold rushes of California.
It is a true pleasure, even for the layman, to view this remarkable item of unusual shape with maximum magnification on the site of the auction house.
I did not find the estimate in the catalogue, but the current bid is 250 K $.
POST SALE COMMENT
Prices have climbed up to 460 K $ including fees. So it is what we have to pay for an old US coin of gold rush time, of unusual shape, in such an exceptional condition that we can talk about perfection. Good.
REVISITING
This coin is catalogued as Humbert $50 Gold. Reeded Edge. K-5. Rarity-5. 880 THOUS. MS-65 * (NGC)
Reference : CoinNews before and after the above sale.
An octagonal gold U.S. coin of 50 dollars is announced by Bowers and Merena for the sale of September 13 in Beverly Hills, lot 681.
The press release links to the referenced lot in the catalogue, a feature that I had already appreciated in one of the most direct competitors of this auction house.
The characteristic of this coin is that it is in mint condition. No one of this type (known as Augustus Humbert) has apparently never been seen in such a perfect condition. Other mint coins are known, but due to production conditions at that time they are generally tarnished. This coin previously unknown on the market appears with a luster that the boss of the auction house considered impossible for this model.
Dating back to 1851, it is contemporary of the gold rushes of California.
It is a true pleasure, even for the layman, to view this remarkable item of unusual shape with maximum magnification on the site of the auction house.
I did not find the estimate in the catalogue, but the current bid is 250 K $.
POST SALE COMMENT
Prices have climbed up to 460 K $ including fees. So it is what we have to pay for an old US coin of gold rush time, of unusual shape, in such an exceptional condition that we can talk about perfection. Good.
REVISITING
This coin is catalogued as Humbert $50 Gold. Reeded Edge. K-5. Rarity-5. 880 THOUS. MS-65 * (NGC)
Reference : CoinNews before and after the above sale.
1852 Humbert
2013 SOLD for $ 1.06M by Heritage
The responsibility of the assayer is to guarantee the weight and composition of ingots and coins in precious metals. In the early stage of the Californian gold rush in 1849, the private company of Moffat & Co. acquires a very good reputation.
The U.S. government has the permanent desire to control the wealth. At the end of 1850 Augustus Humbert, a manufacturer of watch cases in New York, is promoted to the official position of U.S. Assayer. In 1851 the newly created U.S. Assay Office in San Francisco is headed by Moffat with Humbert as the assayer.
Humbert is the central figure of this operation, which will be dissolved in 1853 to create the San Francisco Mint. Gold coins of $ 50, 20 and 10 are issued.
On September 13, 2008, Bowers & Merena sold for $ 460K a spectacular octagonal $ 50 coin madein 1851. It is the best known regular coin of Humbert type, graded MS65 by NGC.
Test pieces not intended for circulation (pattern coins) were also produced. Made in 1852, an almost perfect specimen graded MS68 by NGC was sold for $ 1.06M by Heritage on April 25, 2013, lot 4058. This $ 10 coin is attributed to Humbert by a large inscription on the reverse.
After this period in government service, Augustus Humbert continued until 1860 as a partner of Kellogg. In 1857, the sinking of the SS Central America will immerse a Kellogg & Humbert ingot weighing 80 pounds which was sold for $ 8M in a private sale in 2001.
The U.S. government has the permanent desire to control the wealth. At the end of 1850 Augustus Humbert, a manufacturer of watch cases in New York, is promoted to the official position of U.S. Assayer. In 1851 the newly created U.S. Assay Office in San Francisco is headed by Moffat with Humbert as the assayer.
Humbert is the central figure of this operation, which will be dissolved in 1853 to create the San Francisco Mint. Gold coins of $ 50, 20 and 10 are issued.
On September 13, 2008, Bowers & Merena sold for $ 460K a spectacular octagonal $ 50 coin madein 1851. It is the best known regular coin of Humbert type, graded MS65 by NGC.
Test pieces not intended for circulation (pattern coins) were also produced. Made in 1852, an almost perfect specimen graded MS68 by NGC was sold for $ 1.06M by Heritage on April 25, 2013, lot 4058. This $ 10 coin is attributed to Humbert by a large inscription on the reverse.
After this period in government service, Augustus Humbert continued until 1860 as a partner of Kellogg. In 1857, the sinking of the SS Central America will immerse a Kellogg & Humbert ingot weighing 80 pounds which was sold for $ 8M in a private sale in 2001.
1853 New Year's Day in New Orleans
2017 SOLD for $ 520K including premium
The Californian gold rush has the immediate effect of unbalancing the parity between gold and silver. From 1850 to 1852 the price of silver in a coin is greater than its monetary value. It is tempting to acquire silver coins for melting and survivors are rare. An amusing combination of circumstances is at the origin of the rarest of these variants, the half dollar 1853-O no arrows no rays.
On January 1, 1853, the officers of the New Orleans plant celebrate the new year by launching a small production. On the next day a commentator reports in a local paper that he has seen the new silver half dollars as well as some twenty dollar gold coins.
No government likes to waste its money. The Mint Act of February 21, 1853 decides a 7% reduction in the weight of silver for the half dollar. To identify them without weighing, both faces are slightly modified : arrows are added around the figures of the year as well as rays in the background behind the eagle.
The 1853-O no arrows no rays suddenly became non-compliant with government regulations. They will not be identified in a ledger.
Four examples are known. These coins had circulated : the discovery coin that surfaced in 1881 is the only one in very fine condition, graded VF-35 by PCGS. This unit was sold for $ 320K including premium by Stack's in October 2006. It will be sold on August 3 in Denver by Stack's Bowers, lot 2099.
The regularity of this 1853-O is beyond doubt. It used the same reverse die as for the 1852-O and it is certain that the die of the 1853 obverse was received from the Philadelphia Mint at the end of the previous year according to the usual practice. Its identification with the festive production of January 1 is very likely.
The scarcity of the 1853-O half dollar no arrows no rays is legendary. One of the other three units was the penultimate entry into the Eliasberg collection. Eliasberg completed his fabulous collection of all regular US varieties in November 1950 by purchasing his last missing item, the 1873-CC No Arrows Liberty Seated dime which still remains unique in its variant. This coin was discussed earlier in this column.
On January 1, 1853, the officers of the New Orleans plant celebrate the new year by launching a small production. On the next day a commentator reports in a local paper that he has seen the new silver half dollars as well as some twenty dollar gold coins.
No government likes to waste its money. The Mint Act of February 21, 1853 decides a 7% reduction in the weight of silver for the half dollar. To identify them without weighing, both faces are slightly modified : arrows are added around the figures of the year as well as rays in the background behind the eagle.
The 1853-O no arrows no rays suddenly became non-compliant with government regulations. They will not be identified in a ledger.
Four examples are known. These coins had circulated : the discovery coin that surfaced in 1881 is the only one in very fine condition, graded VF-35 by PCGS. This unit was sold for $ 320K including premium by Stack's in October 2006. It will be sold on August 3 in Denver by Stack's Bowers, lot 2099.
The regularity of this 1853-O is beyond doubt. It used the same reverse die as for the 1852-O and it is certain that the die of the 1853 obverse was received from the Philadelphia Mint at the end of the previous year according to the usual practice. Its identification with the festive production of January 1 is very likely.
The scarcity of the 1853-O half dollar no arrows no rays is legendary. One of the other three units was the penultimate entry into the Eliasberg collection. Eliasberg completed his fabulous collection of all regular US varieties in November 1950 by purchasing his last missing item, the 1873-CC No Arrows Liberty Seated dime which still remains unique in its variant. This coin was discussed earlier in this column.
1855 Acid Shortage in San Francisco
2014 SOLD 560 K$ including premium
In California, the gold rush began in 1848. The transformation from bullion to coins requires a control which is provided from 1851 by the creation of the U.S. Assay Office in San Francisco.
It is urgent to create a plant managed by the government for thwarting the initiatives of private companies tempted to have a light hand on the gold rate, and furthermore too poorly equipped to maintain a reliable production.
The opening of the San Francisco Mint in 1854 was necessary but not sufficient. The main issue of the first months is the procurement of the acids needed to adjust the gold titration to the legal values.
In March 1855, the situation is no longer acceptable. Bankers and merchants commissioned the private company Wass, Molitor & Co to issue gold coins. These assayers had a successful experience of coin minting in 1852 and had acquired a reputation for honesty uncommon among private operators.
The government accepted the circulation of the Wass Molitor coins but called them back for exchange against official units when the San Francisco Mint resumed its nominal operations. The surviving 1855 Wass Molitor coins are extremely rare.
It was recently discovered that a Wass Molitor $ 20 coin is unique with Large Head observe and a reverse previously only known on the Small Head variant.
It has little circulated, which is rare in this issue produced for immediate use, and is graded AU53 by NGC. It is interesting to note that the titration 900 for 1000 is inscribed on the reverse as if it were an ingot. It will be sold on April 24 in Chicago by Heritage, lot 14006 in the catalog.
This apparently successful operation has not ensured the fortunes of Wass and Molitor who left California immediately afterward, perhaps bankrupted at the restart of the official mint.
POST SALE COMMENT
Very good result for this coin from the Californian gold rush : $ 560K including premium.
It is urgent to create a plant managed by the government for thwarting the initiatives of private companies tempted to have a light hand on the gold rate, and furthermore too poorly equipped to maintain a reliable production.
The opening of the San Francisco Mint in 1854 was necessary but not sufficient. The main issue of the first months is the procurement of the acids needed to adjust the gold titration to the legal values.
In March 1855, the situation is no longer acceptable. Bankers and merchants commissioned the private company Wass, Molitor & Co to issue gold coins. These assayers had a successful experience of coin minting in 1852 and had acquired a reputation for honesty uncommon among private operators.
The government accepted the circulation of the Wass Molitor coins but called them back for exchange against official units when the San Francisco Mint resumed its nominal operations. The surviving 1855 Wass Molitor coins are extremely rare.
It was recently discovered that a Wass Molitor $ 20 coin is unique with Large Head observe and a reverse previously only known on the Small Head variant.
It has little circulated, which is rare in this issue produced for immediate use, and is graded AU53 by NGC. It is interesting to note that the titration 900 for 1000 is inscribed on the reverse as if it were an ingot. It will be sold on April 24 in Chicago by Heritage, lot 14006 in the catalog.
This apparently successful operation has not ensured the fortunes of Wass and Molitor who left California immediately afterward, perhaps bankrupted at the restart of the official mint.
POST SALE COMMENT
Very good result for this coin from the Californian gold rush : $ 560K including premium.
1856 Direct from Grandpa's Treasure
2010 SOLD 345 K$ including premium
PRE SALE DISCUSSIONHeritage Auction Galleries is organizing a coin auction in Long Beach from September 22 to 26. The first lot introduced and illustrated in the weekly news shared by the auction house is valued at $ 220K. It caught my attention in this group for two reasons: its origin and the history of similar pieces at auction.
It is a double eagle in gold dated 1856-O, manufactured in New Orleans from the model used since 1850. On one side, it shows Miss Liberty. The design of the other side is based on the official Great Seal of the United States. The O revealing the location is above the N of Twenty.
The collector died in 1923. His gold coins, known only to his family, now reappear. The arrival of a treasure is an exciting pleasure for specialists and collectors.
This copy of the 1856-O has been little circulated and has retained its original shine, which is an important quality for the gold from that time.
The article published by Heritage, which I linked above, provides ten references of prices obtained by them on New Orleans double eagles. The year 1856 is the most prestigious: a perfect specimen has reached $ 1.43 million including premium on May 28, 2009.
POST SALE COMMENT
The pre-sale press release issued later than my article announced an estimate of $ 300K. The result, $ 345K including premium, is consistent with this expectation.
Here is the link to this release, where the illustration of the coin is easier to find than through the link in my above discussion.
It is a double eagle in gold dated 1856-O, manufactured in New Orleans from the model used since 1850. On one side, it shows Miss Liberty. The design of the other side is based on the official Great Seal of the United States. The O revealing the location is above the N of Twenty.
The collector died in 1923. His gold coins, known only to his family, now reappear. The arrival of a treasure is an exciting pleasure for specialists and collectors.
This copy of the 1856-O has been little circulated and has retained its original shine, which is an important quality for the gold from that time.
The article published by Heritage, which I linked above, provides ten references of prices obtained by them on New Orleans double eagles. The year 1856 is the most prestigious: a perfect specimen has reached $ 1.43 million including premium on May 28, 2009.
POST SALE COMMENT
The pre-sale press release issued later than my article announced an estimate of $ 300K. The result, $ 345K including premium, is consistent with this expectation.
Here is the link to this release, where the illustration of the coin is easier to find than through the link in my above discussion.
1858 A Collectible Eagle
2020 SOLD for $ 480K including premium
The very first units of a new production are the most beautiful. The intact dies allow a striking of the greatest sharpness. Quite naturally, Mint officials began to keep them aside to offer them to selected friends.
When the production of the gold eagle was restarted in 1838, a distinction was made between these first coins, designated as proof strikes, and circulation strikes. For this designation, all proof strikes were made in Philadelphia while the circulation strike was shared between Philadelphia and New Orleans. Until 1858 inclusive, the number of proof eagles is estimated at less than 5 per year.
The first collectors already preferred the most magnificent specimens, of course. Proof sets are assembled for them with a copy of each denomination of silver and copper coins, from half cent to dollar. A complete 1856 proof set was sold for $ 200K including premium by Heritage in February 2016. In 1858 the Mint director advertised for the first time the sale of such sets to the public.
In 1858 a pioneer collector named George Seavey managed to extend his proof set to include the six denominations of gold coins, from dollar to double eagle. Maintained intact by the next owner, this proof set was dispersed in 1890.
The proof eagle from the Seavey set is in a stunning state of conservation, graded PR64 Ultra Cameo by NGC. It will be sold by Heritage in Dallas on April 23, lot 3823.
This unit is the best among the four proof eagles of 1858 that survived, and it is the only one in private hands. These coins were made to be collected. That figure of 4 may constitute the total quantity of the production.
That year 1858 marked the dawn of the modern collection, with the founding of the Philadelphia Numismatic and Antiquarian Society and of the American Numismatic Society and the establishment of the first American professional business of coin sales by Edward Cogan.
When the production of the gold eagle was restarted in 1838, a distinction was made between these first coins, designated as proof strikes, and circulation strikes. For this designation, all proof strikes were made in Philadelphia while the circulation strike was shared between Philadelphia and New Orleans. Until 1858 inclusive, the number of proof eagles is estimated at less than 5 per year.
The first collectors already preferred the most magnificent specimens, of course. Proof sets are assembled for them with a copy of each denomination of silver and copper coins, from half cent to dollar. A complete 1856 proof set was sold for $ 200K including premium by Heritage in February 2016. In 1858 the Mint director advertised for the first time the sale of such sets to the public.
In 1858 a pioneer collector named George Seavey managed to extend his proof set to include the six denominations of gold coins, from dollar to double eagle. Maintained intact by the next owner, this proof set was dispersed in 1890.
The proof eagle from the Seavey set is in a stunning state of conservation, graded PR64 Ultra Cameo by NGC. It will be sold by Heritage in Dallas on April 23, lot 3823.
This unit is the best among the four proof eagles of 1858 that survived, and it is the only one in private hands. These coins were made to be collected. That figure of 4 may constitute the total quantity of the production.
That year 1858 marked the dawn of the modern collection, with the founding of the Philadelphia Numismatic and Antiquarian Society and of the American Numismatic Society and the establishment of the first American professional business of coin sales by Edward Cogan.
Historic 1858 Proof Liberty Eagle Gold Coin Offered at Heritage Auctionshttps://t.co/Wba703UkqF #HACoins #Coins #Numismatics pic.twitter.com/WES76weG07
— Heritage Auctions - Coins (@heritagecoins) March 26, 2020
Novodel of the 1802 Dollar
2008 SOLD for $ 920K by Heritage
A coin is identified as a novodel when its marked date is largely outdated by the time of its manufacture. This practice known for rubles is rarer for dollars. The silver $ 1 novodels retain this element of mystery that fascinates American collectors.
In 1876 a dealer exhibits four proof coins respectively marked 1801, 1802, 1803 and 1804, in mint condition, similar but not fully correlated with the original coinage. The 1804 specimen was from the so-called Class III, regarded as regular because it was made in an official mint.
The novodels dated 1801, 1802 and 1803 have not delivered their mystery. We do not know who created them, when or why, but they are not counterfeits. Were they made for presentation, and if so for whom? Are they simply some test coins performed during the development of new variants, or for testing some equipment?
Four specimens are known of the 1802 $ 1 silver novodel. They all have an auction history.
The highest price went to a coin graded PR65 Cameo, for $ 920K by Heritage on April 17, 2008, lot 2088. Another coin in the same grade, certified by PCGS, was sold for $ 850K by Heritage on August 3, 2012, lot 5181.
The other two coins are graded PR64 by PCGS. One of them was sold for $ 410K by Heritage on October 18, 2012, lot 4594, and the other one for $ 350K by Stack's Bowers on March 31, 2017, lot 5042.
In 1876 a dealer exhibits four proof coins respectively marked 1801, 1802, 1803 and 1804, in mint condition, similar but not fully correlated with the original coinage. The 1804 specimen was from the so-called Class III, regarded as regular because it was made in an official mint.
The novodels dated 1801, 1802 and 1803 have not delivered their mystery. We do not know who created them, when or why, but they are not counterfeits. Were they made for presentation, and if so for whom? Are they simply some test coins performed during the development of new variants, or for testing some equipment?
Four specimens are known of the 1802 $ 1 silver novodel. They all have an auction history.
The highest price went to a coin graded PR65 Cameo, for $ 920K by Heritage on April 17, 2008, lot 2088. Another coin in the same grade, certified by PCGS, was sold for $ 850K by Heritage on August 3, 2012, lot 5181.
The other two coins are graded PR64 by PCGS. One of them was sold for $ 410K by Heritage on October 18, 2012, lot 4594, and the other one for $ 350K by Stack's Bowers on March 31, 2017, lot 5042.
1861 The Confederate Coinage
2015 SOLD for $ 650K including premium
As far as coins were concerned, 1861 was starting normally. The dies of the new year had been sent to the New Orleans mint and the production had begun. The secession of the southern states immediately raised the delicate issue of a production with equipment and metals owned by the federal state.
The Treasury Secretary of the new Confederate government, Christopher G. Memminger, feared the cost of production of an autonomous coinage and did not make it a priority. The project of a half dollar in April 1861 will be the only example of a trial for a Confederate silver coinage.
This half dollar is designed by the substitution of a new die on the front side, showing the coat of arms with the seven stars of the secessionist states. The rest of it is unchanged, including the stars on the reverse side reminding the thirteen original states of the Union.
On the following month, the Confederate government closed the factory in New Orleans, claiming a stock shortage that was a false argument, perhaps just to hide the fact that the remaining federal property could serve as a war treasure. The new die of the half dollar was in high relief, perhaps easier to create for the tooling but much more difficult for coin production. The project fell into oblivion, without regret for anyone.
A first coin surfaced in 1879. A former official of the New Orleans mint was consulted and said that only four units had been made. The other three reappeared later.
Two of the four are in private hands. One of them, graded PR30 by NGC, was sold for 880K including premium by Heritage on January 8, 2015. It was probably the specimen which had been presented to President Jefferson Davis. The other one, graded PR40 by NGC, is for sale on March 26 by Stack's Bowers in Baltimore, lot 2583.
The Treasury Secretary of the new Confederate government, Christopher G. Memminger, feared the cost of production of an autonomous coinage and did not make it a priority. The project of a half dollar in April 1861 will be the only example of a trial for a Confederate silver coinage.
This half dollar is designed by the substitution of a new die on the front side, showing the coat of arms with the seven stars of the secessionist states. The rest of it is unchanged, including the stars on the reverse side reminding the thirteen original states of the Union.
On the following month, the Confederate government closed the factory in New Orleans, claiming a stock shortage that was a false argument, perhaps just to hide the fact that the remaining federal property could serve as a war treasure. The new die of the half dollar was in high relief, perhaps easier to create for the tooling but much more difficult for coin production. The project fell into oblivion, without regret for anyone.
A first coin surfaced in 1879. A former official of the New Orleans mint was consulted and said that only four units had been made. The other three reappeared later.
Two of the four are in private hands. One of them, graded PR30 by NGC, was sold for 880K including premium by Heritage on January 8, 2015. It was probably the specimen which had been presented to President Jefferson Davis. The other one, graded PR40 by NGC, is for sale on March 26 by Stack's Bowers in Baltimore, lot 2583.
1862 El Dorado
2010 UNSOLD
PRE SALE DISCUSSION
Coin collectors enjoy riddles. A gold coin from South America, estimated $ 400K, should specially interest them.
Dated 1862, it is a large piece of 28 mm in diameter weighing just under 16 grams. It is marked on behalf of the Republica del Ecuador with a Republican motto, and located in Quito. It shows the portrait of the Libertador, Simon Bolivar, who had died 32 years before but remained the undisputed hero of South America where he had assured the decolonization.
This coin of 50 FR (Francos) is known in only one copy. At the time, Ecuadoran currencies were the real and the escudo. The best hypothesis is that this coin was a model that has not been followed, or a copy from a very small edition for international trade.
It is amusing to note that the model remained unknown to numismatists until being introduced in a sales catalog (at fixed price) in 1956. Now this single sample which was in the same collection since 1970 comes back to the market atHeritage in New York on January 3.
Coin collectors enjoy riddles. A gold coin from South America, estimated $ 400K, should specially interest them.
Dated 1862, it is a large piece of 28 mm in diameter weighing just under 16 grams. It is marked on behalf of the Republica del Ecuador with a Republican motto, and located in Quito. It shows the portrait of the Libertador, Simon Bolivar, who had died 32 years before but remained the undisputed hero of South America where he had assured the decolonization.
This coin of 50 FR (Francos) is known in only one copy. At the time, Ecuadoran currencies were the real and the escudo. The best hypothesis is that this coin was a model that has not been followed, or a copy from a very small edition for international trade.
It is amusing to note that the model remained unknown to numismatists until being introduced in a sales catalog (at fixed price) in 1956. Now this single sample which was in the same collection since 1970 comes back to the market atHeritage in New York on January 3.
1867 When the British desired China
2011 SOLD 300 K$ before fees
PRE SALE DISCUSSION
In the nineteenth century, the British are at the door of China. The Opium War forever destabilized the Qing empire. A very interesting silver coin keeps the memory of this difficult period.
On one side, it is in English (one tael, Shanghai, Hong Kong, 1867) and decorated with the coat of arms of the British Isles inside the collar of the Garter. On the other side, it is Chinese (1 liang, Shanghai) with the beautiful figure of a dragon from the front.
It was struck in Hong Kong, which was already a British possession. The aim was to involve the central government to normalize the currency throughout the Chinese empire. The tael or liang, judiciously chosen, was a weight unit standardized in Shanghai.
The project was rejected, and very few of these coins have survived. One can imagine the economic power that the British would have won from this initiative if it had been successful.
A piece in excellent condition has been sold U.S. $ 195K by Champion in Hong Kong on June 22, 2008. It is again for sale, estimated US $ 150K, by Classical Numismatic Group. The sale takes place in New York on January 4 and 5.
POST SALE COMMENT
$ 300K before fees for this remarkable specimen from one of the darkest pages of the history of the Qing. Knowledge of coins enables to remember history.
In the nineteenth century, the British are at the door of China. The Opium War forever destabilized the Qing empire. A very interesting silver coin keeps the memory of this difficult period.
On one side, it is in English (one tael, Shanghai, Hong Kong, 1867) and decorated with the coat of arms of the British Isles inside the collar of the Garter. On the other side, it is Chinese (1 liang, Shanghai) with the beautiful figure of a dragon from the front.
It was struck in Hong Kong, which was already a British possession. The aim was to involve the central government to normalize the currency throughout the Chinese empire. The tael or liang, judiciously chosen, was a weight unit standardized in Shanghai.
The project was rejected, and very few of these coins have survived. One can imagine the economic power that the British would have won from this initiative if it had been successful.
A piece in excellent condition has been sold U.S. $ 195K by Champion in Hong Kong on June 22, 2008. It is again for sale, estimated US $ 150K, by Classical Numismatic Group. The sale takes place in New York on January 4 and 5.
POST SALE COMMENT
$ 300K before fees for this remarkable specimen from one of the darkest pages of the history of the Qing. Knowledge of coins enables to remember history.
1868 Last Chance for the Hong Kong Mint
2007 SOLD 90 K£ by Spink
2014 UNSOLD
PRE 2014 SALE DISCUSSION
Hong Kong became British in 1847. The circulation of a local currency did not initially interest the colonials. In 1863, the Royal Mint decided to establish a currency based on a new name, the Hong Kong dollar. A factory was installed in Hong Kong in 1866.
The new currency was not welcomed and financial problems accumulated. The production included a value in bronze of one cent and five silver denominations: 5, 10 and 20 cents, half dollar and dollar.
The mil, a holed bronze coin, was not maintained but attests to the difficulty of adjusting the colonial currency to the local need. Conversely, bigger values than one dollar were not scheduled. Even the name was still a matter of confusion. A 1867 pattern coin (already discussed in our column) made in Hong Kong for the use of Shanghai is a tael in English and a liang in Chinese.
In 1868, the financial situation is no longer sustainable, and coins of that year are extremely rare. Doubts were even issued on the existence of 5 to 10 cents of that year.
In 2007, a complete set of the five silver denominations of 1868 with the name and portrait of Victoria suddenly appeared to the amazement of the specialists. In a presentation box, they are prototypes in proof condition, and certainly patterns. It was sold as a single lot by Spink on 27 September 2007 for £ 90K. At that time, the pound was more expensive than now.
The set including the five coins and the box is for sale on August 18 in Hong Kong by Stack's Bowers, lot 40068, estimated USD 225K. The coins were graded PR 61 to PR63 by NGC.
Sold in 1868 to a trading house, the machinery of the Hong Kong mint will be sent to Japan in 1871 to produce the coins of the first modern currency of that country, the yen.
Hong Kong became British in 1847. The circulation of a local currency did not initially interest the colonials. In 1863, the Royal Mint decided to establish a currency based on a new name, the Hong Kong dollar. A factory was installed in Hong Kong in 1866.
The new currency was not welcomed and financial problems accumulated. The production included a value in bronze of one cent and five silver denominations: 5, 10 and 20 cents, half dollar and dollar.
The mil, a holed bronze coin, was not maintained but attests to the difficulty of adjusting the colonial currency to the local need. Conversely, bigger values than one dollar were not scheduled. Even the name was still a matter of confusion. A 1867 pattern coin (already discussed in our column) made in Hong Kong for the use of Shanghai is a tael in English and a liang in Chinese.
In 1868, the financial situation is no longer sustainable, and coins of that year are extremely rare. Doubts were even issued on the existence of 5 to 10 cents of that year.
In 2007, a complete set of the five silver denominations of 1868 with the name and portrait of Victoria suddenly appeared to the amazement of the specialists. In a presentation box, they are prototypes in proof condition, and certainly patterns. It was sold as a single lot by Spink on 27 September 2007 for £ 90K. At that time, the pound was more expensive than now.
The set including the five coins and the box is for sale on August 18 in Hong Kong by Stack's Bowers, lot 40068, estimated USD 225K. The coins were graded PR 61 to PR63 by NGC.
Sold in 1868 to a trading house, the machinery of the Hong Kong mint will be sent to Japan in 1871 to produce the coins of the first modern currency of that country, the yen.
1876 A Coin for Nevada
2019 sold for $ 460k including premium
The quarter dollar annoyed the supporters of the decimal system. Under the impetus of a Nevada senator who had made a fortune in the silver mines, the Congress authorized the production of the 20-cent coin in 1875. It will be a total failure.
The West sees an opportunity to support the mining activity after the stopping of the silver dollar and to end the bad practice of using a 1/8 dollar unit modeled on the former colonial real. The East does not see any benefit in this change. In Philadelphia they do not converge on a design for the new currency. It will be almost identical to the quarter except for the rim which is smooth instead of reeded.
As a logical consequence of these diverging interests, most of the production is made in the West : in 1875, 1,155,000 units are minted in San Francisco and 133,290 in Carson City, compared to 37,000 struck in Philadelphia.
It is out of question for the Congress to abolish the quarter dollar. Users are furious about the risk of confusion between the two coins. San Francisco stops producing the 20 cents. Philadelphia maintains a limited activity for use as a souvenir at the Centennial Exhibition.
Carson City, capital of Nevada, persists. Although the unpopularity of the new denomination did not allow to empty the reserves, a production of 10,000 pieces is launched on the date of 1876. Before being one of the rarest, it is already the most mediocre. The only used set of dies generate a very visible doubling of the image on the obverse.
Due to the remaining coins of 1875, 1876 is not released for circulation. The denomination is stopped in 1878, with the order to melt the stocks. Less than twenty 1876-CC 20 cents survive. Many are in very good condition although the circulation was not immediately banned.
A coin certified MS 65 by PCGS was sold for $ 560K by Stack's Bowers in January 2013. At Heritage, a difference of two grades did not have a flagrant effect on prices : $ 470K for an MS 64 in June 2014 to be compared with $ 460K for an MS 66 in April 2009. These results include the premium.
On August 15 in Rosemont IL, Stack's Bowers sells as lot 5182 a 1876-CC 20 cents graded MS 65 by PCGS.
The West sees an opportunity to support the mining activity after the stopping of the silver dollar and to end the bad practice of using a 1/8 dollar unit modeled on the former colonial real. The East does not see any benefit in this change. In Philadelphia they do not converge on a design for the new currency. It will be almost identical to the quarter except for the rim which is smooth instead of reeded.
As a logical consequence of these diverging interests, most of the production is made in the West : in 1875, 1,155,000 units are minted in San Francisco and 133,290 in Carson City, compared to 37,000 struck in Philadelphia.
It is out of question for the Congress to abolish the quarter dollar. Users are furious about the risk of confusion between the two coins. San Francisco stops producing the 20 cents. Philadelphia maintains a limited activity for use as a souvenir at the Centennial Exhibition.
Carson City, capital of Nevada, persists. Although the unpopularity of the new denomination did not allow to empty the reserves, a production of 10,000 pieces is launched on the date of 1876. Before being one of the rarest, it is already the most mediocre. The only used set of dies generate a very visible doubling of the image on the obverse.
Due to the remaining coins of 1875, 1876 is not released for circulation. The denomination is stopped in 1878, with the order to melt the stocks. Less than twenty 1876-CC 20 cents survive. Many are in very good condition although the circulation was not immediately banned.
A coin certified MS 65 by PCGS was sold for $ 560K by Stack's Bowers in January 2013. At Heritage, a difference of two grades did not have a flagrant effect on prices : $ 470K for an MS 64 in June 2014 to be compared with $ 460K for an MS 66 in April 2009. These results include the premium.
On August 15 in Rosemont IL, Stack's Bowers sells as lot 5182 a 1876-CC 20 cents graded MS 65 by PCGS.
1876 The Gold of a Grand Duke
2014 SOLD 380 K$ including premium
The three first sons of Tsar Alexander II were much different one another. The eldest, the Tsarevich Nicholas, had all the qualities to become a great emperor but died prematurely in 1865. The new heir, later Alexander III, had an indecisive temperament with no charism.
The third son, the Grand Duke Vladimir Alexandrovich, was an excessive character with a booming voice, loving art and good life but displeased by any criticism. The most visible prince of the then younger generation of the dynasty, he married in 1874 and moved into a brand new palace built for him in St. Petersburg.
Russia had then no history on large gold coins and Vladimir was not the heir to the throne. However, a gold coin of 25 rubles is struck in 100 units in 1876 to honor his 30th birthday to happen on the following year. It is beautifully illustrated with the two-headed eagle. A medal would have been more logical but the extravagant Grand Duke was certainly trying to display his originality.
An uncirculated coin graded PR62 by PCGS is estimated $ 200K, for sale by Baldwin's in New York on January 9.
Very large gold coins will remain exceptional until the end of the Romanov dynasty. Only three types, all of them at later dates, can be compared with the coinage of the Grand Duke : the 25 rubles of 1896, the 37.5 rubles of 1902 and another 25 rubles in 1908.
POST SALE COMMENT
This exceptional Russian gold coin was sold for $ 325K before fees.
The result is $ 380K including premium.
The photos of the coin, both sides, is included in the post sale release shared by AuctionPublicity.
The third son, the Grand Duke Vladimir Alexandrovich, was an excessive character with a booming voice, loving art and good life but displeased by any criticism. The most visible prince of the then younger generation of the dynasty, he married in 1874 and moved into a brand new palace built for him in St. Petersburg.
Russia had then no history on large gold coins and Vladimir was not the heir to the throne. However, a gold coin of 25 rubles is struck in 100 units in 1876 to honor his 30th birthday to happen on the following year. It is beautifully illustrated with the two-headed eagle. A medal would have been more logical but the extravagant Grand Duke was certainly trying to display his originality.
An uncirculated coin graded PR62 by PCGS is estimated $ 200K, for sale by Baldwin's in New York on January 9.
Very large gold coins will remain exceptional until the end of the Romanov dynasty. Only three types, all of them at later dates, can be compared with the coinage of the Grand Duke : the 25 rubles of 1896, the 37.5 rubles of 1902 and another 25 rubles in 1908.
POST SALE COMMENT
This exceptional Russian gold coin was sold for $ 325K before fees.
The result is $ 380K including premium.
The photos of the coin, both sides, is included in the post sale release shared by AuctionPublicity.
1880 Birth of the Yen
2017 SOLD for $ 305K including premium
The Japanese were weary of their backward civilization. The beginning of the Meiji era in 1867 is an opportunity to join the modern world.
A new monetary system is mandatory to terminate the archaic coinage of the Tokugawa period. The name of the new currency, the yen simply meaning 'round coin', clearly demonstrates the extent of the Japanese delay behind the other currencies in the world. The final closure of the British mint in Hong Kong in 1868 is a boon for the Japanese who acquire this excellent production equipment and install it in Osaka.
Pattern coins are made in Meiji year 3. The gold coins of 20 yen and 10 yen are convincing. Their figures, with on one side dragons centered within a perimeter of inscriptions and on the other side a radiant sun flanked by banners and chrysanthemums, will be reused for several years. The new system becomes official in Meiji year 4.
A prestigious release of proof coins is carried out in Meiji year 13, 1880 of our calendar, including in small quantities all the denominations in gold, silver and copper except the very small rin worth one thousandth of a yen. This set of 13 varieties was certainly intended for remaining as groups for the use of presentation. No complete set has been kept in private hands and the individual coins have become scarce due to the meltings linked to the tragic events of the 20th century.
The two largest gold coins are the most interesting. The collection of Dr. Jacobs, dispersed by Heritage in September 2011, included a 20 yen year 13 graded PF 63 by NGC that sold for $ 230K including premium, and a 10 yen year 13 in same grade, sold for $ 253K including premium.
A collector gathered 11 coins year 13 among the possible 13. This collection is dispersed by Heritage in New York on January 9. The 20 yen graded PF 64 Cameo by NGC is estimated $ 180K, lot 34340. The 10 yen in the same magnificent grade is estimated $ 150K, lot 34339.
Lot 34338 is the highly rare 1880 5 yen. It is graded PF65 Cameo by NGC and estimated $ 150K.
RESULTS INCLUDING PREMIUM :
20 yen : $ 305K
10 yen : $ 270K
5 yen : $ 118K
A new monetary system is mandatory to terminate the archaic coinage of the Tokugawa period. The name of the new currency, the yen simply meaning 'round coin', clearly demonstrates the extent of the Japanese delay behind the other currencies in the world. The final closure of the British mint in Hong Kong in 1868 is a boon for the Japanese who acquire this excellent production equipment and install it in Osaka.
Pattern coins are made in Meiji year 3. The gold coins of 20 yen and 10 yen are convincing. Their figures, with on one side dragons centered within a perimeter of inscriptions and on the other side a radiant sun flanked by banners and chrysanthemums, will be reused for several years. The new system becomes official in Meiji year 4.
A prestigious release of proof coins is carried out in Meiji year 13, 1880 of our calendar, including in small quantities all the denominations in gold, silver and copper except the very small rin worth one thousandth of a yen. This set of 13 varieties was certainly intended for remaining as groups for the use of presentation. No complete set has been kept in private hands and the individual coins have become scarce due to the meltings linked to the tragic events of the 20th century.
The two largest gold coins are the most interesting. The collection of Dr. Jacobs, dispersed by Heritage in September 2011, included a 20 yen year 13 graded PF 63 by NGC that sold for $ 230K including premium, and a 10 yen year 13 in same grade, sold for $ 253K including premium.
A collector gathered 11 coins year 13 among the possible 13. This collection is dispersed by Heritage in New York on January 9. The 20 yen graded PF 64 Cameo by NGC is estimated $ 180K, lot 34340. The 10 yen in the same magnificent grade is estimated $ 150K, lot 34339.
Lot 34338 is the highly rare 1880 5 yen. It is graded PF65 Cameo by NGC and estimated $ 150K.
RESULTS INCLUDING PREMIUM :
20 yen : $ 305K
10 yen : $ 270K
5 yen : $ 118K
Japanese Proof Collection Star of Heritage NYINC 2017 Signature Auction on @CoinWeek https://t.co/hoqEV1DZv7 pic.twitter.com/CES0DmPqSq
— Heritage Auctions - Coins (@heritagecoins) December 12, 2016
1886 Ruble Pattern
2014 SOLD for CHF 1.5M by Sincona
Imperial rubles are traditionally in silver. The use of gold is late and exceptional. The most prestigious are the pattern coins, often prepared at the beginning of a new reign. The earliest of these unreleased pieces had no face value and are not very different from a medal.
On 9 October 2012, Sincona sold for CHF 3.6M before fees a pattern coin made in 1740 with the figure of the baby Tsar Ivan VI. A coin dated 1766 for Catherine II was sold for $ 800K before fees by Baldwin's on January 5, 2012.
Catherine's successor, Paul I, interrupted the tradition of offering the portrait of the Tsar on the coinage.
However, during the confusion that followed the death of Alexander I in 1825, a test piece was struck with the effigy of the apparent heir, Grand Duke Constantine, who had not yet confirmed his refusal to reign. This Constantine ruble is the most prestigious currency in the Russian numismatics. One of them was sold for $ 525K before fees by Baldwin's and M & M on January 15, 2004, a very high price for that time.
In the second specialized Sincona auction from 14 to 16 October 2013, the highest results were achieved for pattern rubles with the two-headed eagle: CHF 1M before fees for the 1808 coin and CHF 2.05M before fees for the 1827 coin.
In 1886, the portrait of Tsar Alexander III will come back onto the silver rubles and two medalists are in competition. A pattern coin from one of the non accepted models was sold for CHF 1.5M by Sincona on 13 and 14 October, 2014. Both sides of this beautiful piece are shown in the article posted by Numismatic News.
On 9 October 2012, Sincona sold for CHF 3.6M before fees a pattern coin made in 1740 with the figure of the baby Tsar Ivan VI. A coin dated 1766 for Catherine II was sold for $ 800K before fees by Baldwin's on January 5, 2012.
Catherine's successor, Paul I, interrupted the tradition of offering the portrait of the Tsar on the coinage.
However, during the confusion that followed the death of Alexander I in 1825, a test piece was struck with the effigy of the apparent heir, Grand Duke Constantine, who had not yet confirmed his refusal to reign. This Constantine ruble is the most prestigious currency in the Russian numismatics. One of them was sold for $ 525K before fees by Baldwin's and M & M on January 15, 2004, a very high price for that time.
In the second specialized Sincona auction from 14 to 16 October 2013, the highest results were achieved for pattern rubles with the two-headed eagle: CHF 1M before fees for the 1808 coin and CHF 2.05M before fees for the 1827 coin.
In 1886, the portrait of Tsar Alexander III will come back onto the silver rubles and two medalists are in competition. A pattern coin from one of the non accepted models was sold for CHF 1.5M by Sincona on 13 and 14 October, 2014. Both sides of this beautiful piece are shown in the article posted by Numismatic News.
1894 A Few Dimes after the Panic
2020 SOLD for $ 1.5M including premium
The official records of the US Mint provide the data of production and release with the utmost accuracy, necessary to prevent embezzlement. There is no doubt that in 1894 the total production of 10 cent silver dimes in San Francisco was limited to 24 units of which 5 were sent to Philadelphia for destructive testing.
That year was disrupted by the financial panic of 1893. Users wanted only gold, to the detriment of silver and paper money. Federal gold reserves were emptied and silver was piling up and depreciating. The need for silver coins decreased, especially for fragmentary denominations.
Procedures were applied. The San Francisco plant had received in November and January the pairs of dies for the production of the 1894 dimes. The production of dimes continued with the dies marked 1893 until the production of the 24 pieces on June 9, three weeks before the end of the fiscal year.
The factory managers did not appreciate that they had created the greatest scarcity of the US regular coinage. The logic of their decision remains unknown. They were not prestige pieces made on polished planchets. None were sold to a collector despite an insistent request from some of them to constitute complete series. They were no longer in the cashier's inventory in January 1895.
The treasure hunt was on. Nine pieces will be found.
Four units in excellent condition constitute two groups. The collector John H. Clapp owned two, presumably acquired new from a factory worker. One of them, graded PR66 by PCGS, was sold for $ 2M including premium by Heritage on January 7, 2016.
Two other coins were purchased in 1949 by a dealer to an old woman identified as the daughter of a California banker. They gave rise to the legend that she had received three from her father when she was a a child but immediately used one of them to buy ice cream.
The better of the latter two coins, graded PR66 by NGC, was sold for $ 1.04M including premium by Heritage in January 2005. It will be sold by Heritage in Dallas on September 17, lot 10055. The other coin, graded PR63 by PCGS, was sold for $ 1.32M including premium by Stack's Bowers on August 15, 2019.
That year was disrupted by the financial panic of 1893. Users wanted only gold, to the detriment of silver and paper money. Federal gold reserves were emptied and silver was piling up and depreciating. The need for silver coins decreased, especially for fragmentary denominations.
Procedures were applied. The San Francisco plant had received in November and January the pairs of dies for the production of the 1894 dimes. The production of dimes continued with the dies marked 1893 until the production of the 24 pieces on June 9, three weeks before the end of the fiscal year.
The factory managers did not appreciate that they had created the greatest scarcity of the US regular coinage. The logic of their decision remains unknown. They were not prestige pieces made on polished planchets. None were sold to a collector despite an insistent request from some of them to constitute complete series. They were no longer in the cashier's inventory in January 1895.
The treasure hunt was on. Nine pieces will be found.
Four units in excellent condition constitute two groups. The collector John H. Clapp owned two, presumably acquired new from a factory worker. One of them, graded PR66 by PCGS, was sold for $ 2M including premium by Heritage on January 7, 2016.
Two other coins were purchased in 1949 by a dealer to an old woman identified as the daughter of a California banker. They gave rise to the legend that she had received three from her father when she was a a child but immediately used one of them to buy ice cream.
The better of the latter two coins, graded PR66 by NGC, was sold for $ 1.04M including premium by Heritage in January 2005. It will be sold by Heritage in Dallas on September 17, lot 10055. The other coin, graded PR63 by PCGS, was sold for $ 1.32M including premium by Stack's Bowers on August 15, 2019.
1894-S Barber Dime, PR66
— Heritage Auctions - Coins (@heritagecoins) August 26, 2020
'The Rarest Dime Ever Minted'
Lot No. 10055 I September 17 Important Selections from The Bob R. Simpson Collection, Part I No. 1310https://t.co/lBx8z4WOVB #USCoin #BarberDime pic.twitter.com/Q63aBzmghk
1884 Last Report for the Trade Dollar
2020 SOLD for $ 550K including premium
The trade dollar was created in 1873 at the same time as the gold standard. The production of these coins for circulation ceased in 1878. The proof coins, intended for collectors and most often inserted in silver proof sets, were managed in Philadelphia until 1883. 979 trade dollars were produced in 1883, an output very comparable to 865 proof coins in 1873.
The Philadelphia Mint begins preparing 1884 in a similar process. The end-of-year report will declare the production of 264 pieces, delivered to the cashier in January. Shortly after the delivery, the Treasury Department bans the production and sale of new trade dollars. The cashier returns 254 pieces which are melted. None is kept for the archives. The dies are destroyed in January 1885. The model will become legendary, especially since a copper impression was known.
The existence of surviving units is revealed when six coins are sold by the dealer John Haseltine, in 1907 and 1908. They come from proof sets assembled by his late father-in-law William Idler for his personal collection. Idler, a jeweler in Philadelphia, had also been a pioneer in the numismatic trade, in direct contact with the factory. With a secret temper, he did not reveal his treasures.
It appears that Colonel Snowden, Superintendent of the Philadelphia Mint, had acquired the ten missing pieces, most likely before the order to cancel the operation, presumably to transfer six to Idler and keep the rest of it for himself.
This act was completely legal : mint employees could buy new coins at their face value. The relationship with collectors explains the survival of test pieces whose model was rejected, such as the stella coiled hair of 1879 and 1880.
The other four coins surfaced later, with no apparent connection to the Idler-Haseltine team. The ten missing pieces defined from the figures in the ledgers are thus known. They are all in private hands. Nine of them are graded PR63 and higher, and the last one is PR50.
A 1884 trade dollar graded PR66 by NGC was sold for $ 1.14M including premium by Heritage on January 10, 2019. Another one, graded PR64+ Cameo by PCGS, will be sold by Stack's Bowers in Baltimore on March 19, lot 3215. The next lot is a more mysterious and even rarer 1885 trade dollar, which will be the subject of another article in this column.
The Philadelphia Mint begins preparing 1884 in a similar process. The end-of-year report will declare the production of 264 pieces, delivered to the cashier in January. Shortly after the delivery, the Treasury Department bans the production and sale of new trade dollars. The cashier returns 254 pieces which are melted. None is kept for the archives. The dies are destroyed in January 1885. The model will become legendary, especially since a copper impression was known.
The existence of surviving units is revealed when six coins are sold by the dealer John Haseltine, in 1907 and 1908. They come from proof sets assembled by his late father-in-law William Idler for his personal collection. Idler, a jeweler in Philadelphia, had also been a pioneer in the numismatic trade, in direct contact with the factory. With a secret temper, he did not reveal his treasures.
It appears that Colonel Snowden, Superintendent of the Philadelphia Mint, had acquired the ten missing pieces, most likely before the order to cancel the operation, presumably to transfer six to Idler and keep the rest of it for himself.
This act was completely legal : mint employees could buy new coins at their face value. The relationship with collectors explains the survival of test pieces whose model was rejected, such as the stella coiled hair of 1879 and 1880.
The other four coins surfaced later, with no apparent connection to the Idler-Haseltine team. The ten missing pieces defined from the figures in the ledgers are thus known. They are all in private hands. Nine of them are graded PR63 and higher, and the last one is PR50.
A 1884 trade dollar graded PR66 by NGC was sold for $ 1.14M including premium by Heritage on January 10, 2019. Another one, graded PR64+ Cameo by PCGS, will be sold by Stack's Bowers in Baltimore on March 19, lot 3215. The next lot is a more mysterious and even rarer 1885 trade dollar, which will be the subject of another article in this column.
1885 The Treasures of Colonel Snowden
2020 SOLD for $ 1.32M including premium
The 1885 trade dollar was not documented in period and was not referred in the ledgers of the Philadelphia Mint. Physically, this coin is identical to the 1884 trade dollar except for the date. It was made in Philadelphia using factory production methods and cannot be a novodel.
The ban on continuing to produce the 1884 trade dollar came just after the January delivery to the cashier of a first batch covering about a quarter of the annual quantity needed for silver proof sets. The 1884 dies, however, were not destroyed until January 1885, as if the factory had been waiting for a government counter-order. There was a precedent, the 1878 muddle, when the production of circulation trade dollars was restarted on bad arguments after being banned.
Five 1885 trade dollars have survived. Unknown to the factory cashier, they were probably test pieces for a production that was never authorized, which would explain the omission of internal records. Meanwhile the Democrat Grover Cleveland had become president, and the position of the Superintendent of the Philadelphia Mint, the Republican A. Loudon Snowden, was becoming untenable. He resigned, or was forced to resign, in June 1885.
In 1908 the dealer John Haseltine announced at the ANA Convention the existence of the 1884 trade dollar, which some numismatists close to the factory had supposed. The 1885 trade dollar was still unsuspected at that time.
Snowden used to keep samples from plant operations during his superintendence. In 1909 he needed money and sold to the collector William Woodin through Haseltine the jewel of his treasure, the only two $ 50 gold coins made in 1877 for a project of union ($ 100) and half union ($ 50) in the context of the development of the gold standard. The project had been abandoned for reasons of technical feasibility.
The fact that the two half unions were still in private hands caused an uproar, and the sale was canceled after a legal action. Snowden took back the two pieces which were immediately returned to the Mint by donation or confiscation. After an amicable settlement, Snowden, unable to pay Woodin in cash, gave him his hoard in 1910.
This transaction was not the subject of an inventory but there is no doubt that the four 1884 trade dollars which had not belonged to Haseltine and the five 1885 trade dollars were part of the lot. All of these pieces were brought to the market by associates of Woodin between 1911 and 1915.
The highest ranked 1885 trade dollar, graded PR66 by NGC, was sold for $ 3.96M including premium by Heritage on January 10, 2019. Another coin, graded PR64 by PCGS, will be sold on March 19 in Baltimore by Stack's Bowers, lot 3216.
The ban on continuing to produce the 1884 trade dollar came just after the January delivery to the cashier of a first batch covering about a quarter of the annual quantity needed for silver proof sets. The 1884 dies, however, were not destroyed until January 1885, as if the factory had been waiting for a government counter-order. There was a precedent, the 1878 muddle, when the production of circulation trade dollars was restarted on bad arguments after being banned.
Five 1885 trade dollars have survived. Unknown to the factory cashier, they were probably test pieces for a production that was never authorized, which would explain the omission of internal records. Meanwhile the Democrat Grover Cleveland had become president, and the position of the Superintendent of the Philadelphia Mint, the Republican A. Loudon Snowden, was becoming untenable. He resigned, or was forced to resign, in June 1885.
In 1908 the dealer John Haseltine announced at the ANA Convention the existence of the 1884 trade dollar, which some numismatists close to the factory had supposed. The 1885 trade dollar was still unsuspected at that time.
Snowden used to keep samples from plant operations during his superintendence. In 1909 he needed money and sold to the collector William Woodin through Haseltine the jewel of his treasure, the only two $ 50 gold coins made in 1877 for a project of union ($ 100) and half union ($ 50) in the context of the development of the gold standard. The project had been abandoned for reasons of technical feasibility.
The fact that the two half unions were still in private hands caused an uproar, and the sale was canceled after a legal action. Snowden took back the two pieces which were immediately returned to the Mint by donation or confiscation. After an amicable settlement, Snowden, unable to pay Woodin in cash, gave him his hoard in 1910.
This transaction was not the subject of an inventory but there is no doubt that the four 1884 trade dollars which had not belonged to Haseltine and the five 1885 trade dollars were part of the lot. All of these pieces were brought to the market by associates of Woodin between 1911 and 1915.
The highest ranked 1885 trade dollar, graded PR66 by NGC, was sold for $ 3.96M including premium by Heritage on January 10, 2019. Another coin, graded PR64 by PCGS, will be sold on March 19 in Baltimore by Stack's Bowers, lot 3216.
"Rare coins are big business."? https://t.co/szyTfM41o6 #FoxNews
— Hostetter Auctions (@ShermAuctions) February 17, 2020
1889 The Eliasberg Pedigree
2013 SOLD 880 K$ including premium
We will never imagine better than the Eliasberg collection. Not only Louis E. Eliasberg Sr. gathered a sample of each variant of the official coinage of the United States, but also he was often able to acquire the best available copy.
Even for the common issues, the most perfect piece is always coveted. This is especially true for coins made in Carson City (CC), Nevada, which was all along its period of activity from 1870 to 1893 a very small mint once equipped with only one press.
Eliasberg had an almost perfect copy of the 1889-CC Morgan Silver Dollar. This variant was made after four years ofsuspension of the factory due to a questionable profitability. For an unidentified reason, 70 to 90% of the 350 000 units were immediately melted, making the survivors one of the rarest variants among Morgan dollars.
The 1889-CC $ 1 from the Eliasberg collection is graded MS-68 by PCGS and its condition is far surpassing any other example. Its brilliance is great and the tone is superb.
After more than half a century in the Eliasberg collection, it was sold for $ 460K by Bowers and Merena in April 1997. It was later sold for $ 530K including premium at Bowers and Merena in January 2001 and at the same price by Heritage on January 9, 2009.
It returns on sale on August 15 in Chicago by Stack's Bowers Galleries, successor to Bowers and Merena.
POST SALE COMMENT
Coins in exceptional condition are always prized by collectors. This silver dollar was sold for $ 880K including premium, well beyond its previous results.
Even for the common issues, the most perfect piece is always coveted. This is especially true for coins made in Carson City (CC), Nevada, which was all along its period of activity from 1870 to 1893 a very small mint once equipped with only one press.
Eliasberg had an almost perfect copy of the 1889-CC Morgan Silver Dollar. This variant was made after four years ofsuspension of the factory due to a questionable profitability. For an unidentified reason, 70 to 90% of the 350 000 units were immediately melted, making the survivors one of the rarest variants among Morgan dollars.
The 1889-CC $ 1 from the Eliasberg collection is graded MS-68 by PCGS and its condition is far surpassing any other example. Its brilliance is great and the tone is superb.
After more than half a century in the Eliasberg collection, it was sold for $ 460K by Bowers and Merena in April 1997. It was later sold for $ 530K including premium at Bowers and Merena in January 2001 and at the same price by Heritage on January 9, 2009.
It returns on sale on August 15 in Chicago by Stack's Bowers Galleries, successor to Bowers and Merena.
POST SALE COMMENT
Coins in exceptional condition are always prized by collectors. This silver dollar was sold for $ 880K including premium, well beyond its previous results.
1890-1908 Kwangtung Dollar
2021 SOLD for $ 580K by Heritage
The Kwangtung Mint was created in the 12th year of the Guangxu emperor, 1887 CE. Equipment and dies were commissioned to the Heaton Mint in Birmingham, England.
In 1889 the first release included as its highest denomination a silver dollar whose inscribed weight was 7 mace and 3 candareens, which was 1 candareen more than the widely circulating Mexican 8 reales. The failure of that emission was immediate because the users went to hoard it for its excess of silver. This first modern Chinese coin was repealed and most were melted. A survivor graded MS 64+ by NGC was sold for $ 230K by Heritage on June 27, 2019, lot 30101.
The next pattern was a come back to the expected silver weight of 7 mace and 2 candareens. A specimen coin in copper was sold for $ 150K by Heritage on August 22, 2016, lot 29052.
A design change was made in 1890. The English inscriptions identifying the Kwang-Tung make and the 7-2 weight were transferred from the side with the imperial mark to the dragon side. This new design will then be used for all the dragon silver dollars including in the provincial mints established from 1897. It is known as the 'standard pattern' while the previous design is the 'reverse pattern'.
Dollar coins with the Guangxu mark were minted until 1908. None of them is dated. The single finest standard pattern ranked by PCGS is an SP 67 whose magnificent visual appeal is without equivalent in its style. It was sold for US $ 580K by Heritage in Hong Kong on June 24, 2021, lot 38213.
In 1889 the first release included as its highest denomination a silver dollar whose inscribed weight was 7 mace and 3 candareens, which was 1 candareen more than the widely circulating Mexican 8 reales. The failure of that emission was immediate because the users went to hoard it for its excess of silver. This first modern Chinese coin was repealed and most were melted. A survivor graded MS 64+ by NGC was sold for $ 230K by Heritage on June 27, 2019, lot 30101.
The next pattern was a come back to the expected silver weight of 7 mace and 2 candareens. A specimen coin in copper was sold for $ 150K by Heritage on August 22, 2016, lot 29052.
A design change was made in 1890. The English inscriptions identifying the Kwang-Tung make and the 7-2 weight were transferred from the side with the imperial mark to the dragon side. This new design will then be used for all the dragon silver dollars including in the provincial mints established from 1897. It is known as the 'standard pattern' while the previous design is the 'reverse pattern'.
Dollar coins with the Guangxu mark were minted until 1908. None of them is dated. The single finest standard pattern ranked by PCGS is an SP 67 whose magnificent visual appeal is without equivalent in its style. It was sold for US $ 580K by Heritage in Hong Kong on June 24, 2021, lot 38213.
1892 Gold in Transvaal
2012 UNSOLD
PRE SALE DISCUSSION
The discovery of the most important natural resources of the world has forever changed the social and political stability in the south of Africa. In 1886 Johannesburg was founded on the extraordinary gold deposit of the Transvaal.
President Kruger tries to defend the Transvaal against the British greed. His republic is called Zuid-AfrikaanscheRepubliek. The currency is the pound, spelled pond.
In 1892, a gold coin of one pond is issued bearing the portrait of the President, whose profile shows off the lush white beard. A copy in mint condition, graded PR65 NGC, is estimated $ 300K, for sale by Heritage in New York on January 3. This specimen has all the qualities of proof coins, including the beauty of the print and the so-called orange-peel texture.
The catalog reveals the reason for the rarity of this issue, estimated at ten copies only.
The realization was entrusted to an engraver of Berlin mint, who put his initials, OS, on the shoulder of the President.But the word Os, in Afrikaans, is the equivalent of Ox in English. Imagine the anger of Kruger.
The discovery of the most important natural resources of the world has forever changed the social and political stability in the south of Africa. In 1886 Johannesburg was founded on the extraordinary gold deposit of the Transvaal.
President Kruger tries to defend the Transvaal against the British greed. His republic is called Zuid-AfrikaanscheRepubliek. The currency is the pound, spelled pond.
In 1892, a gold coin of one pond is issued bearing the portrait of the President, whose profile shows off the lush white beard. A copy in mint condition, graded PR65 NGC, is estimated $ 300K, for sale by Heritage in New York on January 3. This specimen has all the qualities of proof coins, including the beauty of the print and the so-called orange-peel texture.
The catalog reveals the reason for the rarity of this issue, estimated at ten copies only.
The realization was entrusted to an engraver of Berlin mint, who put his initials, OS, on the shoulder of the President.But the word Os, in Afrikaans, is the equivalent of Ox in English. Imagine the anger of Kruger.
1893 the morgan dollars
2017 unsold
The Morgan dollar was created in 1878 after the recognition by the US government of the failure of the bimetallism. It takes its name from the assistant engraver of the US Mint who designed it, George T. Morgan. In the two following decades this model accompanied one of the most severe financial crises of the United States, aggravated by the growing debt of the Western farmers.
The silver mining industry is pushing up the price of that metal. The Sherman Silver Purchase Act of 1890 obliging the federal government to buy a considerable amount of silver does not curb the crisis. Many banks go bankrupt.
The Morgan dollar is a circulation currency that nobody hoards. Its productions are active but often canceled by counter-orders that generate immediate melting or stocks that will be melted later. The Morgan dollar 1889-CC (Carson City) is a typical example. An almost perfect example graded MS-68 by PCGS was sold for $ 880K including premium by Stack's Bowers on August 15, 2013.
In 1893 the gold reserves fell to their critical threshold with the risk that gold certificates could not be any more exchanged. Due to the financial panic the Morgan dollar 1893-S (San Francisco) is extremely rare in mint state.
An 1893-S remained in a superb condition. Graded MS-67 by PCGS, it was probably chosen in the factory by a collector for the unusual sharpness of its strike and remained in his descendance until it was sold by Stack's in September 2001 for $ 414K including premium.
This coin had not been included in the auctions of the Coronet collection of Morgan dollars by Legend Rare Coin in 2015. This operator had attempted a private sale with a price tag at $ 2M. This offer was discussed at that time in an article shared by Coin World.
It is now estimated $ 1.3M for sale by the same auction house in Philadelphia on October 26, lot 388. Legend Rare Coin is the official auctioneer of the PCGS Members Only Show.
The silver mining industry is pushing up the price of that metal. The Sherman Silver Purchase Act of 1890 obliging the federal government to buy a considerable amount of silver does not curb the crisis. Many banks go bankrupt.
The Morgan dollar is a circulation currency that nobody hoards. Its productions are active but often canceled by counter-orders that generate immediate melting or stocks that will be melted later. The Morgan dollar 1889-CC (Carson City) is a typical example. An almost perfect example graded MS-68 by PCGS was sold for $ 880K including premium by Stack's Bowers on August 15, 2013.
In 1893 the gold reserves fell to their critical threshold with the risk that gold certificates could not be any more exchanged. Due to the financial panic the Morgan dollar 1893-S (San Francisco) is extremely rare in mint state.
An 1893-S remained in a superb condition. Graded MS-67 by PCGS, it was probably chosen in the factory by a collector for the unusual sharpness of its strike and remained in his descendance until it was sold by Stack's in September 2001 for $ 414K including premium.
This coin had not been included in the auctions of the Coronet collection of Morgan dollars by Legend Rare Coin in 2015. This operator had attempted a private sale with a price tag at $ 2M. This offer was discussed at that time in an article shared by Coin World.
It is now estimated $ 1.3M for sale by the same auction house in Philadelphia on October 26, lot 388. Legend Rare Coin is the official auctioneer of the PCGS Members Only Show.
1894-S Dime
2020 SOLD for $ 1.5M including premium
The official records of the US Mint provide the data of production and release with the utmost accuracy, necessary to prevent embezzlement. There is no doubt that in 1894 the total production of 10 cent silver dimes in San Francisco was limited to 24 units of which 5 were sent to Philadelphia for destructive testing.
That year was disrupted by the financial panic of 1893. Users wanted only gold, to the detriment of silver and paper money. Federal gold reserves were emptied and silver was piling up and depreciating. The need for silver coins decreased, especially for fragmentary denominations.
Procedures were applied. The San Francisco plant had received in November and January the pairs of dies for the production of the 1894 dimes. The production of dimes continued with the dies marked 1893 until the production of the 24 pieces on June 9, three weeks before the end of the fiscal year.
The factory managers did not appreciate that they had created the greatest scarcity of the US regular coinage. The logic of their decision remains unknown. They were not prestige pieces made on polished planchets. None were sold to a collector despite an insistent request from some of them to constitute complete series. They were no longer in the cashier's inventory in January 1895.
The treasure hunt was on. Nine pieces will be found.
Four units in excellent condition constitute two groups. The collector John H. Clapp owned two, presumably acquired new from a factory worker. One of them, graded PR66 by PCGS, was sold for $ 2M including premium by Heritage on January 7, 2016.
Two other coins were purchased in 1949 by a dealer to an old woman identified as the daughter of a California banker. They gave rise to the legend that she had received three from her father when she was a a child but immediately used one of them to buy ice cream.
The better of the latter two coins, graded PR66 by NGC, was sold for $ 1.04M including premium by Heritage in January 2005. It was sold by Heritage for $ 1.5M including premium on September 17, 2020, lot 10055. The other coin, graded PR63 by PCGS, was sold for $ 1.32M including premium by Stack's Bowers on August 15, 2019.
Another coin graded PR64+ by PCGS was sold for $ 1.55M including premium by Stack's in October 2007.
That year was disrupted by the financial panic of 1893. Users wanted only gold, to the detriment of silver and paper money. Federal gold reserves were emptied and silver was piling up and depreciating. The need for silver coins decreased, especially for fragmentary denominations.
Procedures were applied. The San Francisco plant had received in November and January the pairs of dies for the production of the 1894 dimes. The production of dimes continued with the dies marked 1893 until the production of the 24 pieces on June 9, three weeks before the end of the fiscal year.
The factory managers did not appreciate that they had created the greatest scarcity of the US regular coinage. The logic of their decision remains unknown. They were not prestige pieces made on polished planchets. None were sold to a collector despite an insistent request from some of them to constitute complete series. They were no longer in the cashier's inventory in January 1895.
The treasure hunt was on. Nine pieces will be found.
Four units in excellent condition constitute two groups. The collector John H. Clapp owned two, presumably acquired new from a factory worker. One of them, graded PR66 by PCGS, was sold for $ 2M including premium by Heritage on January 7, 2016.
Two other coins were purchased in 1949 by a dealer to an old woman identified as the daughter of a California banker. They gave rise to the legend that she had received three from her father when she was a a child but immediately used one of them to buy ice cream.
The better of the latter two coins, graded PR66 by NGC, was sold for $ 1.04M including premium by Heritage in January 2005. It was sold by Heritage for $ 1.5M including premium on September 17, 2020, lot 10055. The other coin, graded PR63 by PCGS, was sold for $ 1.32M including premium by Stack's Bowers on August 15, 2019.
Another coin graded PR64+ by PCGS was sold for $ 1.55M including premium by Stack's in October 2007.
1894 The Price of an Ice Cream
2019 SOLD for $ 1.32M including premium
In November 1894 the annual report of the director of the San Francisco Branch Mint indicates the production of 1,491,425 dimes during the fiscal year that ended on June 30. One year later the next annual report gives the figure of 24 dimes. Factory records confirm that a production of 24 units was carried out on June 9, 1894. 5 of them were subjected to destructive testing.
A prominent collector wanted an uncirculated example of each denomination produced in San Francisco in 1894. His demand is satisfied except for the dime. The factory manager wrote to him on November 9, 1894 : "We have no coinage dimes 1894". This collector is tenacious : he will acquire before 1900 two of the best specimens, currently graded PR66 and PR65. The former was sold for $ 2M including premium by Heritage on January 7, 2016.
The currently known population is 9 units, including 7 in condition equal to or better than PR60. They were struck with the same dies and their surface condition is consistent. The planchets and dies were not specially polished, showing that the operation was not designed for prestige.
Obviously all the coins struck before June 9, 1894 had used the dies at the date of 1893. The best hypothesis is the realization of tests with the new dies of 1894, pending a production order that will never come. The 19 coins put into circulation were probably shared among several employees before their future scarcity could be identified. The November 9 letter means that they were already out of stock.
Two of the nine surviving pieces appeared together in the late 1940s, bought by a dealer to an old lady. This 1894-S dime was one of the most remarkable types of the regular US coinage. The purchaser generates a legend : the lady had three pieces when she was a girl but had innocently used one of them to buy an ice cream. This story has not been consolidated by direct testimony.
One of these two coins is graded PR66 by NGC. The other, graded PR63 by PCGS, will be sold by Stack's Bowers in Rosemont IL on August 15, lot 5178. Numismatists sometimes enjoy charming tales : a circulated coin in Good 4 condition has been nicknamed The Ice Cream Specimen.
A prominent collector wanted an uncirculated example of each denomination produced in San Francisco in 1894. His demand is satisfied except for the dime. The factory manager wrote to him on November 9, 1894 : "We have no coinage dimes 1894". This collector is tenacious : he will acquire before 1900 two of the best specimens, currently graded PR66 and PR65. The former was sold for $ 2M including premium by Heritage on January 7, 2016.
The currently known population is 9 units, including 7 in condition equal to or better than PR60. They were struck with the same dies and their surface condition is consistent. The planchets and dies were not specially polished, showing that the operation was not designed for prestige.
Obviously all the coins struck before June 9, 1894 had used the dies at the date of 1893. The best hypothesis is the realization of tests with the new dies of 1894, pending a production order that will never come. The 19 coins put into circulation were probably shared among several employees before their future scarcity could be identified. The November 9 letter means that they were already out of stock.
Two of the nine surviving pieces appeared together in the late 1940s, bought by a dealer to an old lady. This 1894-S dime was one of the most remarkable types of the regular US coinage. The purchaser generates a legend : the lady had three pieces when she was a girl but had innocently used one of them to buy an ice cream. This story has not been consolidated by direct testimony.
One of these two coins is graded PR66 by NGC. The other, graded PR63 by PCGS, will be sold by Stack's Bowers in Rosemont IL on August 15, lot 5178. Numismatists sometimes enjoy charming tales : a circulated coin in Good 4 condition has been nicknamed The Ice Cream Specimen.
1895 The Russian Shift to the Gold Standard
2014 SOLD 235 K$ including premium
Sergei Witte was an able administrator of the Russian railways, highly motivated by the modernization of the country. Tsar Alexander III appointed him Minister of Finance in 1892 and he retained that position for the first nine years of the reign of Nicholas II.
In the 1870s, the major countries had begun a financial globalization by adopting the gold standard. The great advantage of this system compared to the gold-silver bimetallism was to end the risk of fluctuation between the two metals and other issues concerning their parity. This reform favored international trade and industries.
Russia had not followed. Witte endeavored to catch up.
In 1895, prototypes of gold coins were prepared in three denominations : imperial, 2/3 imperial and 1/3 imperial. Entry into the system required a devaluation of one third of gold against the ruble.
This reform will not be easily accepted by the Russians. Officials cautiously imagined a new monetary unit, the Russ, to replace the ruble. An Imperial is 15 Russ, but has the weight of a previous 10 rubles coin.
Five groups of these three pattern coins are known. Two of them were disassembled, and two are held in institutions.
The fifth set is offered in three lots in the sale of Stack's Bowers in Chicago on August 7. Each unit has been graded by NGC. The Imperial of 15 Russ graded Proof 63 is estimated $ 150K, lot 1547. The 10 Russ coin was graded Proof 65 Cameo thanks to its glossy surface. It is estimated $ 100K, lot 1546. The 5 Russ graded Proof 65 is estimated $ 100K, lot 1545.
In 1897, the mass production of new gold coins begins with the three originally planned denominations along with a fourth worth 1/2 imperial, all with the same engraved figures as for the Russ pattern coins : the portrait of Nicholas II and the two-headed eagle. The government has waived to change the name of the currency but the ruble had lost in this process one third of its value in gold.
POST SALE COMMENT
These three pattern coins with a high historical interest have far exceeded their estimates. Here are the results including premium : $ 235K for the Imperial, $ 210K for the 2/3 Imperial and $ 176K for the 1/3 Imperial.
In the 1870s, the major countries had begun a financial globalization by adopting the gold standard. The great advantage of this system compared to the gold-silver bimetallism was to end the risk of fluctuation between the two metals and other issues concerning their parity. This reform favored international trade and industries.
Russia had not followed. Witte endeavored to catch up.
In 1895, prototypes of gold coins were prepared in three denominations : imperial, 2/3 imperial and 1/3 imperial. Entry into the system required a devaluation of one third of gold against the ruble.
This reform will not be easily accepted by the Russians. Officials cautiously imagined a new monetary unit, the Russ, to replace the ruble. An Imperial is 15 Russ, but has the weight of a previous 10 rubles coin.
Five groups of these three pattern coins are known. Two of them were disassembled, and two are held in institutions.
The fifth set is offered in three lots in the sale of Stack's Bowers in Chicago on August 7. Each unit has been graded by NGC. The Imperial of 15 Russ graded Proof 63 is estimated $ 150K, lot 1547. The 10 Russ coin was graded Proof 65 Cameo thanks to its glossy surface. It is estimated $ 100K, lot 1546. The 5 Russ graded Proof 65 is estimated $ 100K, lot 1545.
In 1897, the mass production of new gold coins begins with the three originally planned denominations along with a fourth worth 1/2 imperial, all with the same engraved figures as for the Russ pattern coins : the portrait of Nicholas II and the two-headed eagle. The government has waived to change the name of the currency but the ruble had lost in this process one third of its value in gold.
POST SALE COMMENT
These three pattern coins with a high historical interest have far exceeded their estimates. Here are the results including premium : $ 235K for the Imperial, $ 210K for the 2/3 Imperial and $ 176K for the 1/3 Imperial.
1898 THE MYSTERY OF THE GOLD TICKEY
2009 UNSOLD
PRE SALE DISCUSSION
In South Africa, Tickey was the familiar name of the coin of 3 pence. This piece was made of silver. Yet it is a gold Tickey which is presented in November 4 by Stephan Welz in association with Sotheby's.
The history of this foundry is known. It was produced in 1898 with the same dies as the silver coins of same value. The equipment had been loaned for one day by the government to Sammy Marks who issued 215 copies, probably using his own gold.
This is a coin and not a token or medal, because at that time in that country the material was not taken into account for the authorization of circulation.
But why doing by yourself what already exists as a regular coin? Historians have no satisfactory explanation for the initiative of Marks. This man of humble origin was established for 30 years in South Africa, where he made his fortune and had become an influential friend of President Kruger. Also of strong personality, he was familiar with Rhodes and Barnato who competed together for control of gold and diamonds.
I conclude that gold was the symbol of the wealth of the country, its financial value was minor for Marks, and he wanted to do an operation both prestigious and original. The gold Tickey of Sammy Marks looks like a one-off operation in the history of money.
The copy presented by Stephan Welz is guaranteed as authentic by its perfect similarity with the silver Tickey. It is estimated 120 K ZAR.
In South Africa, Tickey was the familiar name of the coin of 3 pence. This piece was made of silver. Yet it is a gold Tickey which is presented in November 4 by Stephan Welz in association with Sotheby's.
The history of this foundry is known. It was produced in 1898 with the same dies as the silver coins of same value. The equipment had been loaned for one day by the government to Sammy Marks who issued 215 copies, probably using his own gold.
This is a coin and not a token or medal, because at that time in that country the material was not taken into account for the authorization of circulation.
But why doing by yourself what already exists as a regular coin? Historians have no satisfactory explanation for the initiative of Marks. This man of humble origin was established for 30 years in South Africa, where he made his fortune and had become an influential friend of President Kruger. Also of strong personality, he was familiar with Rhodes and Barnato who competed together for control of gold and diamonds.
I conclude that gold was the symbol of the wealth of the country, its financial value was minor for Marks, and he wanted to do an operation both prestigious and original. The gold Tickey of Sammy Marks looks like a one-off operation in the history of money.
The copy presented by Stephan Welz is guaranteed as authentic by its perfect similarity with the silver Tickey. It is estimated 120 K ZAR.
1898-1899 Mace and Candareens
2018 SOLD for $ 440K including premium
The Sino-Japanese war for the control of Korea ends in April 1895 in a military and economic disaster for the Qing dynasty, more threatened than ever by foreign intrusions. The young Guangxu Emperor was only a puppet to Empress Dowager Cixi. However he tries to modernize China on the Meiji model.
In 1897 the American company Ferracute is awarded a contract to supply and install coin presses in the Chinese provinces at the request of the imperial government. The material is sent without delay and the transfer of technology is successfully carried out in 1898 in Szechuen to produce silver coins and the small brass coin, the tsen colloquially named cash.
For silver the biggest denomination corresponds exactly to one US dollar. The word dollar does not appear, replaced by the weight in the units of the Chinese decimal system, mace and candareen, subdivisions of the tael.
That Chinese dollar is marked in English letters 7 mace and 2 candareens while the half dollar is 3 mace and 6 candareens. The emitting province is indicated on the same side which is centered on the effigy of a dragon. The other side is inscribed in Chinese characters.
Some other provinces immediately follow Szechuen with the same conception. Also in 1898 Guangxu attempted to start an ambitious reform program which was halted by a military coup organized by Cixi. These events culminated in 1899 in the Boxer War. Curiously the provincial coinage of American origin was to survive this xenophobic phase.
The sale by Heritage in Hong Kong on June 28 (June 27 in US time) includes three rarities in splendid condition, graded by NGC.
The 'dragon dollar' 1898-1899 'Cheh-Kiang Province' graded MS66 is estimated $ 500K, lot 30074. The half dollar of same period and same province graded MS67 is estimated $ 100K, lot 30073. The 1899 half dollar 'Kiang Nan Province' graded MS62-Prooflike is estimated $ 250K, lot 30088.
RESULTS INCLUDING PREMIUM :
Kiang Nan half dollar SOLD for $ 310K
Cheh-Kiang half dollar SOLD for $ 106K
Cheh-Kiang dollar : SOLD for $ 440K
In 1897 the American company Ferracute is awarded a contract to supply and install coin presses in the Chinese provinces at the request of the imperial government. The material is sent without delay and the transfer of technology is successfully carried out in 1898 in Szechuen to produce silver coins and the small brass coin, the tsen colloquially named cash.
For silver the biggest denomination corresponds exactly to one US dollar. The word dollar does not appear, replaced by the weight in the units of the Chinese decimal system, mace and candareen, subdivisions of the tael.
That Chinese dollar is marked in English letters 7 mace and 2 candareens while the half dollar is 3 mace and 6 candareens. The emitting province is indicated on the same side which is centered on the effigy of a dragon. The other side is inscribed in Chinese characters.
Some other provinces immediately follow Szechuen with the same conception. Also in 1898 Guangxu attempted to start an ambitious reform program which was halted by a military coup organized by Cixi. These events culminated in 1899 in the Boxer War. Curiously the provincial coinage of American origin was to survive this xenophobic phase.
The sale by Heritage in Hong Kong on June 28 (June 27 in US time) includes three rarities in splendid condition, graded by NGC.
The 'dragon dollar' 1898-1899 'Cheh-Kiang Province' graded MS66 is estimated $ 500K, lot 30074. The half dollar of same period and same province graded MS67 is estimated $ 100K, lot 30073. The 1899 half dollar 'Kiang Nan Province' graded MS62-Prooflike is estimated $ 250K, lot 30088.
RESULTS INCLUDING PREMIUM :
Kiang Nan half dollar SOLD for $ 310K
Cheh-Kiang half dollar SOLD for $ 106K
Cheh-Kiang dollar : SOLD for $ 440K
Auction alert: This 1898-99 China Chekiang Silver Dollar, graded NGC MS 66, is part of a @HeritageAuction sale in Hong Kong this month. Bidding is already at $260,000 and expected to go higher. Auction website: https://t.co/CH4dOtGMJs ... Article: https://t.co/U99LUw8lCz pic.twitter.com/AnB5LzEcqC
— NGC (@NGCcoin) June 11, 2018
Heritage World & Ancient Coins and World Currency Auctions Reach $4.38 Millionhttps://t.co/sNqImAazer pic.twitter.com/vxZGdNdw3S
— Heritage Auctions - Coins (@heritagecoins) July 9, 2018
Amazing Mint State Example of the Rarest Kiangnan Coin | Up for auction now! #CoinCollecting #Numismatics https://t.co/LZM5S1Lw1K pic.twitter.com/G8WhRIi7oK
— Heritage Auctions - Coins (@heritagecoins) June 22, 2018
