Legend Purchases The Brian Sonnier Morgan Dollar Collection

Legend Numismatics is proud to announce the outright purchase of the Brian Sonnier Collection of colored dollars and CC GSA coins.

Brian is a long time collector (known to many as GSAGUY). You may have seen him set up at shows back in the early to mid 90’s to just display his coins.

He started his work on this incredible collection over 20 years ago. It did not matter whether it was a colored Morgan or a 91CC GSA, he had to have the best and wildest looking. The results are mind-boggling.

This collection blows away ALL other colored dollar sets that we have ever seen (yes, this collection in some ways is wilder than Sunnywood). There is every type of ORIGINAL coloration pattern. The colors mimic the wildest brightest rainbows-and yes, there are tons of reds and greens.

This was not a collection assembled overnight. Major collections were cherry picked, every auction was checked out, and he had several dealers always “on the hunt” so he could get the best of the best colored coins.

Unlike recent major colored collections to have hit the market, these coins are NOT near color misses or watered down grade wise. They also are not over graded as 95% of the collection was raw! And we did pay well in excess of $10,000.00 for more than one 80S-82S $1!!!!!!!!!

A small portion of his CC GSA collection was purchased in partnership with long time CC dealer Doug Sharpe (Aspen Rare Coins) of Sarasota Florida.

Doug as well has known Brian for many years. Since GSA’s were not our strong point, we knew Doug was the right dealer to assist us. As for the remainder of the CC’s, Brian loves them too much wanted to happily keep that part of his collection (believe us, we tried hard to buy them).

We thank Brian for keeping his promise to us over the years. Sitting at his dinning room table, the negotiations took minutes. It was tough for him to sell, but he knows the coins are going to be placed in the best homes. We have not stopped drooling and looking at the coins! Every single coin is a memorable MONSTER!

Additional Images and availability can be found on the Legend Numismatics Website

Related posts:

1. Legend Numismatics Sells The Sunnywood Toned Morgan Dollar Coin Collection
2. Lord Baltimore’s Morgan Dollar Set
3. Record Price for a Morgan Silver Dollar: More than $1 Million for an 1893-S

Philadelphia No Motto Half Eagles From the 1840’s: A Date by Date Analysis

By Doug Winter – RareGoldCoins.com

The Philadelphia mint began producing the familiar Liberty Head half eagle design in 1839. After a quick modification in 1840, this issue continued without change until 1866 when the motto IN GOD WE TRUST was added to the reverse.

The branch mint No Motto half eagles from the 1840’s are very popular with collectors. But their Philadelphia counterparts have lagged behind, both in price and level of demand. I would not be surprised to see this change a bit over the coming years given the fact that the Philadelphia issues are much more affordable and a complete “by decade” set from the 1840’s is within the budget of most gold coin collectors.

Here is a date by date analysis of the Philadelphia half eagles from the 1840’s, to assist new collectors.

1840: Mintage: 137,822.

This is one of the more common issues from this decade. There an estimated 400-500+ known and they are easily located in all circulated grades. In Uncirculated, the 1840 is scarce. I believe that there are around fifteen to twenty known with most in the MS60 to MS62 range. There is one Gem. It is originally ex Pittman I: 947 where it brought $41,250 as a raw coin. It last appeared as Heritage 2/06: 1853 where it sold for $43,125. It has been graded MS65 by both PCGS and NGC.

There are two varieties known. The more common has a Narrow Mill (or diameter) while the scarcer has a Broad Mill. The Broad Mill variety seems to be considerably harder to find in higher grades, especially in Uncirculated. The Broad Mill has an extremely distinct appearance and it is much easier to distinguish from the Narrow Mill than on the New Orleans and Dahlonega issues of this year.

1841: Mintage: 15,833.

The number of half eagles produced at the Philadelphia mint in 1841 is the fewest of the decade. This is the second scarcest date in this subset but it has an interesting grade distribution. There are an estimated 125-150 known and this issue is generally seen in Extremely Fine or in the MS62 to MS64 range.

There was a hoard of 1841 half eagles that was found a few decades ago. Most are in the MS63 to MS64 range and are characterized by sharp strikes, excellent luster and rich golden coloration. I have personally seen at least four MS64 examples and believe that there are a few more known. In all, probably 10 to 15 exist in Uncirculated. The finest is Bowers and Merena 12/04: 2635, graded MS65 by NGC, which sold for a record-setting $27,600. PCGS has not graded any pieces higher than MS64 and their current listing of eight examples is certainly inflated by resubmissions.

1842: Mintage: 27,432.

The 1842 is far and away the scarcest Philadelphia half eagle from this decade and it is an issue that is comparable in rarity to all but a handful of the branch mint half eagles from this era. There are two distinct varieties known: the Small Letters and the Large Letters.

Small Letters: This is the rarer of the two 1842 half eagles and it is by far the hardest coin to find in the Philadelphia half eagle series from the 1840’s. I regard it as one of the most underrated coins in the whole Liberty Head half eagle series. There are probably not more than fifty or so known with most in the VF to EF range. I doubt if more than ten exist in About Uncirculated. In Uncirculated, I am aware of just one piece, the Pittman I: 957 coin (which sold for a relatively cheap $17,600 back in 1997). I believe it appears as both an MS63 and an MS64 in the PCGS Population Report.

Large Letters: This is the more available of the two varieties but it is still a very scarce coin in all grades. There are as many as 75-100 extant with most in the VF to EF range. Properly graded AU examples are quite rare with probably no more than fifteen known. This variety is very rare in AU55 to AU58 and it appears to be unique in Uncirculated. The finest known is ex Milas: 442 and it is currently in a PCGS MS66 (it was once graded MS65 by PCGS). This is one of those “how the heck does that actually exist” coins and I would have to think it would be a six-figure item today if it came onto the market.

1843: Mintage: 611,205.

Beginning with this issue, the half eagle mintage figures from Philadelphia increased dramatically and this denomination became a workhorse issue in commerce. The 1843 is actually a bit scarcer than its large mintage figure would suggest. There are at least 750-1000+ in all grades; possibly quite a bit more when one factors in low-quality or damaged pieces. In all circulated grades this date is easily available although choice, original AU58’s are becoming harder to find. In Uncirculated there are an estimated three dozen known. I have never seen a Gem and just two or three that I regard as MS64. The highest graded is an NGC MS65 that sold as Lot 3380 in the Goldberg 9/09 auction for $25,300. The nicest I can recall was the Milas coin.

This issue has a distinctive appearance with most displaying frosty luster which is typically interrupted by extensive surface abrasions. The natural coloration ranges from deep orange-gold to a medium green-gold shade. Most are well struck and well produced.

1844: Mintage: 340,330.

This is a scarcer date than the 1843, which makes sense given its smaller mintage. There are at least 500-750+ in all grades but, as with all of these higher mintage issues from the 1840’s, there might be hoards overseas or large numbers of lower grade coins of which I am not aware. The 1844 is relatively available in Uncirculated with around three to four dozen known; mostly in the MS60 to MS62 range. This date is scarce in MS63, very rare in MS64 and exceedingly rare in Gem. By far the best I have seen is Stack’s 5/05: 1692, graded MS65 by PCGS, which brought $50,025. That coin, by the way, is one of the two or three best No Motto half eagles of any date that I am aware.

The 1844 half eagle is a well produced issue that can be found with excellent frosty luster, attractive rich green-gold color and a nice, sharp strike. Some pieces have excessive marks on the surfaces but the patient collector should be able to locate a really nice piece at an affordable price.

1845: Mintage: 417,099.

The 1845 is similar in overall rarity to the 1844. There are an estimated 500-750+. This is a more common date in higher grades than the 1844 with as many as four to five dozen extant in Uncirculated. Most grade in the MS60 to MS62 range. This is a rare issue in properly graded MS63 and an extremely rare one in MS64 with perhaps as few as four or five known. I am not aware of any Gem 1845 half eagles. The two best that I can recall seeing are Bass II: 943, graded MS64 by PCGS, which sold for $16,100 in October 1999 and Milas: 458, graded MS64 by NGC, which sold for $17,100 all the way back in October 1995.

This is another issue that is generally seen well made. Higher grade examples can show excellent thick, frosty luster and the natural coloration is often a very handsome medium to deep greenish-gold or canary yellow-gold.

1846: Mintage: 395,942.

In my experience, the 1846 is a tougher date than the 1843, 1844 or 1845. It is typically seen in lower grades than these other three issues and it is quite a bit scarcer in higher grades. There are around 500-700+ known. Two major varieties exist.

Large Date: This is by far the more common of the two varieties. It is common in VF and EF grades and only slightly scarce in the lower AU range. It becomes fairly scarce in AU58 and it is rare in Uncirculated. I have never personally seen one better than MS63 and only one or two in this grade. There are a number of MS63 and MS64 examples from the S.S. New York which have seawater surfaces.

Small Date: This is the scarcer of the two varieties. It has only been recognized by PCGS for a few years so the population figures are a bit on the low side. I think it is at least two to three times scarcer than the Large Date in circulated grades and much scarcer in Uncirculated. The highest graded 1846 Small Date is Stack’s 7/08: 2068, graded MS63 by NGC. It is from the S.S. New York and has sweater surfaces. It sold for $18,975.

1847: Mintage: 915,981.

The 1847 is the most common Philadelphia No Motto half eagle from the 1840’s by a fairly considerable margin. There are at least 1,500-2,500+ known in all grades and this estimate may actually be quite conservative. It is common in all circulated grades and fairly available in the lowest Uncirculated range with around 150-200 extant in Mint State. This date becomes scarce in MS63 and it is very rare in MS64. The finest known is a remarkable PCGS MS66 that is ex ANR 11/04: 1804 ($92,000), Pittman I: 981 ($110,000). A strong case could be made for calling this the finest No Motto half eagle of any date.

There are a number of interesting varieties known. A few exist with repunching on the date numerals, including one with a sharply repunched 7. There is also a fascinating misplaced date variety with a 7 located in the denticles well below the date. There is also a very interesting variety with the 7 punched in the throat of Liberty.

1848: Mintage: 260,775.

The number of half eagles made in 1848 is significantly less than in 1847 and this date is much scarcer. An estimated 500-700+ are known with most in the EF40 to AU50 range. Nice higher end AU coins are somewhat scarce and this date in rare in Uncirculated with two to three dozen known. The two best I am aware of are Bass II: 986 (graded MS64 by PCGS) that brought $24,150 in October 1999 and Milas: 471, graded MS64 by NGC, that sold for $23,100 in October 1999.

The appearance of this date tends to be different than that seen on the 1846 and 1847 half eagles. The surfaces are more striated (mint-made) and the luster is less “pillowy” and a bit more satiny in texture. The natural color is often a rich reddish-gold or orange-gold hue, unlike some of the earlier dates from this decade which are more green-gold in hue.

Related posts:

1. No Motto Philadelphia Half Eagles and Eagles: A New-Found Appreciation
2. The 1810 Half Eagles
3. Philadelphia Type One Double Eagles

The Norweb-Bass MS66 1911-D Quarter Eagle

The Norweb Collection was a legend while still owned by its namesake family, and while two decades have passed since the three auctions that dispersed most of it, time has only added to its importance to collectors.

Quality and rarity are the chief watchwords; no discussion of early copper, colonials, proof silver, or early and Southern-Western gold would be complete without acknowledging the Norweb influence and legacy. Rarities such as a Gem Proof 1829 Small Planchet half eagle and an 1885 Trade dollar stand out in the auction, as does the famed 1861 Paquet double eagle.

Similarly, Harry W. Bass, Jr. built his knowledge and his collection into formidable forces whose effects on current and future numismatists continue to unfold. While his study of early gold coinage is first to come to mind (especially to those who peruse the early gold listings in this catalog, which are attributed by Bass-Dannreuther numbers), though as with the Norwebs, he also had extensive holdings in Charlotte and Dahlonega gold, as well as classic proof gold.

With all of the emphasis on the two collections’ 18th and 19th century rarities, a number of important later pieces in both collections have gone under the radar of many enthusiasts. Doubtless the Norwebs’ 20th century holdings would be better-remembered if their 1913 Liberty nickel had been sold at auction and not turned over to the Smithsonian, for example. Similarly, the detailed note-taking of Bass did not extend to 20th century issues, which were less interesting to a student of die varieties than their forebears.

Yet both collections contained a number of important 20th century coins, both recognized at the time of auction and unheralded but now appreciated. The 1911-D quarter eagle Heritage is offering in their 2010 March Fort Worth, TX Signature ANA US Coin Auction was one of the former, a coin that attained considerable individual fame with its modern-era debut at the Norweb auction; it had been sold to the Norwebs by B. Max Mehl, likely in the late 1930s. It was graded MS64 by the auctioneers, who then went on to say, “We have never seen a finer specimen.”

From 1988 to 1999, it went from auction block to auction block, with a stay in between in the Bass collection. Its 1999 auction appearance took on a retrospective tone. It rated the MS64 grade of 1988 as “quite conservative” and readily agreed with the then-current PCGS grade of MS65. The 1999 description also took pains to note that while there were other coins graded MS65 known (and two graded MS66), “few can hold a candle to the Norweb-Bass coin.”

Between 1999 and January 2005, when Heritage first offered the Norweb-Bass 1911-D quarter eagle, it was elevated in grade from MS65 to MS66, putting it on a numeric par with the other two Premium Gems known to PCGS. Those three coins are still the only examples at that level in the PCGS Population Report with none finer, as the coin comes full circle again with another Heritage auction appearance.

The coin is instantly memorable, with sharp detail down to the often-weak pendants in the necklace, and even the mintmark is clear when the eye is focused on the area. The surfaces have potent luster of the type more commonly associated with the best type issues. The dominant color is yellow-gold, though a measure of peach-orange visits the reverse margins. Remarkably well-preserved with no marks of any consequence on the portrait; the clean cheek in particular is a revelation. In short, a coin that is sure to be held in high esteem for decades to come.

To be sold as Lot 2176 By Heritage on March 26, 2010

Related posts:

1. The 1845-O Quarter Eagle
2. The Rare and Undervalued 1826 Quarter Eagle
3. Historic 1854-S Quarter Eagle Highlights Heritage Auction

New Registry at NGC for Early U.S. Gold Coins Announced

The Numismatic Guaranty Corporation (NGC) has announced the addition of a new section to its registry for Early U.S. Gold Coins.

Noted as a pedigree collection and officially named American Independence, it will include Gold Quarter Eagles, Gold Eagles and Gold Half Eagles. It is the first time a new section has been added to the registry in years.

With this new designation, collectors will now be able to register and display photos of their early U.S. gold coins, interact with other collectors, and compete for awards and recognition.

The NGC is the largest coin registry of its kind, widely recognized as the definitive showcase of the world’s most valuable and important coins.

According to Scott Schechter, NGC Vice President, Sales & Marketing, “The newly-created early gold sets in the NGC Registry are definitely among the most difficult to complete. To attempt them is to undertake a long and serious pursuit. This underscores the achievement of the American Independence collection, which consists of high-grade and attractive examples of these challenging coins. As it continues to grow, it should be a milestone Registry collection.”

Tom Pilitowski is currently the exclusive representative of the American Independence collection and owner of U.S. Rare Coin Investments in Port Charlotte, Florida. “This new pedigree of Early U.S. Gold now makes these coins eligible for NGC grading and authentication,” Pilitowski said. “More importantly, it will bring attention to the historical significance of U.S. gold coins that date back to this country’s founding.”

Pilitowski is an expert on early U.S. gold coins and has formed many collections, ranging from an extremely rare 1795 9 Leave Eagle in MS-61 in what has been known as the Denver Collection to several sets of Early Half Eagles.

“American Independence is proving to be a high-quality collection that contains some of the most valuable early U.S. gold and silver rarities that were struck at the Philadelphia mint. It also includes Colonial coins that circulated in the 13 colonies at a much earlier time,” Pilitowski explained. “These coins are true Americana.”

Pilitowski has spent more than a year acquiring the coins for the collection from a full array of sources, ranging from private collectors to major auctions across the U.S.

Among his finds are a 1795 Half Eagle, a 1795 Eagle, a 1796 Eagle and a 1795 $10 Eagle gold piece minted when George Washington was still president. Eagles and half Eagles were designed by Chief Engraver Robert Scot and feature the national bird on one side and a woman wearing a cloth cap with the legend LIBERTY on the other. The woman is rumored to be Martha Washington, although that theory has never been confirmed. Nonetheless, Eagles represent the first time in U.S. history when a female was pictured on coins.

One of the most valuable pieces of the American Independence collection is a Massachusetts Pine Tree Schilling from 1652. It is from the pre-Federal era before the government mint was established when the U.S. colonies produced their own money.

According to Pilitowski, the coins currently in the collection are in a high state of preservation, almost uncirculated to uncirculated grades, making them all the more valuable.

“American Independence is an important collection that will take years to build and ultimately be worth millions of dollars,” Pilitowski said. “It will create exposure and recognition for early American gold coinage, a very special time in our county’s numismatic history.”

About U.S. Rare Coin Investments:

U.S. Rare Coin Investments is a high-end rare coin and gold coin dealer, working with seasoned collectors, dealers, as well as new investors. Established in 1979, the company is led by professional numismatist Tom Pilitowski, who has an excellent reputation based on his knowledge of numismatics and his widespread connections within the trade as well as with thousands of collectors. For more information, visit the U.S. Rare Coin Investments website at www.USRareCoinInvestments.com or call 1-800-624-1870.

Related posts:

1. PCGS To Dispaly All-Time Finest Registry Set of Early U.S. Half Dollars at FUN
2. Top Registry Set of $10 Gold Coins: The Jim O’Neal Collection of Indian Head Eagles (Part 2)
3. Some “Secret” Varieties of Early U.S. Gold Coins

Numismatic History: The Stetson Collection Gold Coin Hoard

One of the more interesting (and lesser known) gold coin auctions that I’ve attended was the sale of the Stetson Collection which was conducted by the old Bowers and Merena in May, 1993. This was an instance where the back story (or stories in this case) was nearly as interesting as the coins themselves.

Beginning in 1992, an amazing hoard of gold coins started to quietly enter the market. This hoard consisted of tens of thousands of coins dated from the late 1830’s through, I believe, the 1920’s. It included large quantities of semi-key St. Gaudens double eagles, extensive runs of Carson City eagles and double eagles, large quantities of New Orleans eagles from the 1880’s through the early 1900’s, sizable quantities of San Francisco rarities and much, much more.

It has never been revealed where these coins came from (although it is widely rumored that they came from an Eastern European central bank; given the time they were sold it would suggest that they were dispersed by a former Soviet bloc country in an attempt to infuse some Western capital).

This incredible hoard was dispersed over a number of years in a quiet, orderly fashion. Some of the coins went to dealers who sold them to marketers or specialists. Other coins were sold at auction. The first group of these coins to sell at auction was at the aforementioned Bowers and Merena sale and I can remember being extremely excited to have the chance to purchase some very important and very fresh coins.

Before I discuss the sale (and some events leading up to it) I’d like to discuss the appearance of the coins themselves. Because of the massive size of this hoard (and the intelligence of the individual who was masterminding its dispersal) these coins were, for the most part, kept original and dirty.

Many of them had the prototypical “euro-Grime” appearance which I describe as follows: extremely deep almost brassy orange-gold toning with a noticeable two-ton e appearance from blackish grime or dirt on the high spots. This appearance was almost certainly the result of the environmental conditions in which these coins were kept. On some coins, the look was very attractive. On others, it was pretty ugly and the coins needed to be dipped (or washed with soap and water at the very least).

When I learned about the sale I thought it was important enough to fly up to Wolfeboro, New Hampshire to view them in person. I made the flight arrangements, booked a room at the Wolfeboro Inn and set off to the Granite State. My flight from Dallas wound up getting into Boston late and I missed my connection to Manchester, New Hampshire so I wound up renting a car and driving. As I made my way up I-93 to New Hampshire it started to get extremely foggy and by the time I was within an hour of Wolfeboro, it was dark and almost impossible to see more than ten feet ahead of me.

Following the instructions I had received from Chris Karstedt (remember, this is many years before MapQuest or a GPS in the car) I slowly made my way across New Hampshire and finally made it onto the road that took me directly to Wolfeboro. About two miles from the town, I saw a very large and very dead deer in the middle of the road with a pool of blood surrounding it.

As I arrived at the Wolfeboro Inn, the first person I saw was dealer Ron Karp and he had a large ice pack clutched to his wrist. Ron, it turned out, had accidentally struck and killed the deer I had seen on the road a few minutes earlier and he was clearly in pain. As I recall, Ron would wind-up going to the emergency room of the Wolfeboro Hospital where he had his wrist (which was clearly broken) in a cast. For many years, every time I saw him, I thought of that dead deer splattered in the middle of the road…

The rest of the lot viewing session was less eventful and involved no dead deer but I do remember really liking the coins. My thoughts were that they were very undergraded in the catalog (and all were sold raw) and that a number of the coins were, at the time, Condition Census.

Two of my personal favorite coins in the sale were the 1849-O eagle graded “EF45” by B&M (this exact coin is currently in an NGC MS61 holder) and an 1852-O eagle graded AU55 (currently in a PCGS MS60 holder). I purchased the former for $6,875 which I thought was pretty reasonable and was ready to buy the latter for around $7,500-8,500. When it wound up bringing $22,000 I knew that I was in for a long night (incidentally this exact coin came up for auction in the 1999 ANA sale where I was able to buy it for $14,835. Sometimes, good things come to those who wait…)

The Liberty Head double eagles in the Stetson sale included some of the best Carson City pieces I have ever seen as well as some great Type One coins. I remember an incredible 1866-S No Motto that was graded AU53/55 in the catalog and which, by the conservative Doug Winter Standards of 1993 I called AU55+. This was back before most people knew just how rare this coin was in higher grades and this piece remains one of the two best 1866-S No Motto double eagles known. It brought a whopping $17,600 and would be worth around ten times this amount today.

Another coin that I’d love to turn the Way Back Machine to 1993 for was a nice Extremely Fine 1870-CC (graded VF35 or finer in the catalog) that sold for $57,200. I know this coin was graded EF40 by PCGS right after the sale; I’m guessing it would be at least a 45 today. The 1873-CC in the sale was incredible by the standards of this date and would grade at least MS62 today; it brought $34,100 in the Stetson sale and this was a record price for the issue that stood for many years.

I can remember purchasing an 1879-O double eagle in this sale that later graded AU55 at NGC for $12,100; today this same coin is easily worth 6 to 7 times this amount. A few of the other great double eagles in the sale that I didn’t purchase included an 1881 that I graded MS61 for $31,900, an extremely rare 1886 that I graded MS60 or better for $30,250 (this is a $100,000+ coin today) and a really nice AU58+ 1891 for $13,750. You need to realize that these were huge prices for these coins at the time and the very rare Type Three Philadelphia issues would remain significantly undervalued well into the late 1990’s/early 2000’s.

One other double eagle I remember fondly from this sale was a 1913-S that I graded “Superb Gem best I’ve seen!!!” according to my catalog notes. This coin sold for a then-remarkable $37,400 and I’d be curious to know what holder it resides in today.

After the huge success of the Stetson sale in May, the owner of this hoard placed more great coins in the B&M Tower Hill sale in September. This group included a nice date run of Liberty Head half eagles featuring some exceptional San Francisco pieces. These also sold for very strong prices although, as I recall, the sale itself lacked the electricity of the Stetson sale earlier that year.

The gold coins from this hoard continued to appear on the market in small to medium sized groups for another few years. I’m guessing that most have been dipped or changed so that they are no longer recognizable but if you own a nice New Orleans eagle from the 1850’s or a high grade CC double eagle, the chances are good they may have come from this hoard.

Related posts:

1. National Museum of American History Updates Preservation of National Numismatic Collection
2. Doug Winter Market Report: Gold from the Jackson, Tennessee Hoard Surfacing?
3. A Short Numismatic History of the United States

This 19th Century Cent Coin Design Lasted For Only One Year

By Dr. Thomas F. Fitzgerald – Republished with Permission from The California Numismatist [ Volume 5 Number 3]

The one-cent denomination is unique in our nation’s monetary history. It was first struck in 1793, the year that the Philadelphia Mint, located on Seventh St. between Market and Arch, began minting coins for the new nation. With the exception of 1815, this denomination has been struck every year from 1793 through the present day, a total of 214 years of one-cent coins. They may truly be called the “King of U.S. Coins.”

Yet during this tenure of 214 years, only in 1793 and in 1859 was there a change of design after only one year. The first year of minting one-cent pieces in 1793 included three major types while the other, in the middle of the 19th century, saw a change on the reverse after only one year. This is the story of that Indian Head one-cent design.

Note, this article speaks only about major design types, not metallic differences such as the zinc-steel cents of 1943 or the new composition of the present-day Lincoln cents.

The Need For A Change

The large copper cents were never popular and by the 1840s the resistance to them had increased significantly. It was said that they were just too heavy and too fi lthy. In addition, these large coppers were not legal tender at this time and many banks and stores refused to accept them. In 1850 Rep. Samuel Vinton, chairman of the House Ways and Means Committee, notified the Mint of a proposal to issue wing-shaped cents of a billon composition.

Meanwhile, Joseph Wharton, who held a monopoly of the nickel mines in the Western Hemisphere, was avidly promoting the use of nickel for coinage.

Beginning in 1853, when the cost of producing the large cents was more than one-cent each and the copper planchets were hard to obtain, various proposals for a new cent coin were tried. An alloy composed of copper, nickel and zinc, was struck. These attempts continued for several years through 1855. At the same time, Mint Director James R. Snowden feared that Congress, not the Mint, would make the decision regarding the replacement of the large cents with smaller coins. He was determined this prerogative should remain with him.

Finally, in 1856, Snowden decided on an alloy of 88% copper and 12% nickel for the new cents.

An image of James Longacre, designer of the Indian Head cent, from the gallery of hand-drawn art by artist, photographer, and numismatic author Charles Daughtrey. Charles maintains a Web site at www.cdaughtrey.com where signed and numbered limited editions of his prints of famous numismatic figures can be found. Charles also maintains sites at CopperCoins.com and LincolnCent.com. Charles can also be reached via e-mail at cd@coppercoins.com.

But there were problems with the new small cents. Perhaps the weak strikes of the Flying Eagle cents caused Mint Director Snowden to instruct James B. Longacre to prepare dies for a new one-cent piece to replace the Flying Eagle cents. By 1858, pattern-test coinage for a newly designed one-cent piece was undertaken by Longacre.

At least 12 different 1858-dated pattern cents were struck. On December 6, 1856, he wrote to Treasury Secretary Guthrie “I have caused a few hundred specimens of the proposed new cents to be struck.”

He proposed to send some of these coins to each member of congress and the new small cents were distributed on February 2, 1857 to the following government officials:

President Franklin Pierce – 4
Treasury Secretary Guthrie – 2
House of Representatives – 200

Two days later, on February 4th, Guthrie received 100 more of the new cents and 62 of these went to the Senate. Eventually at least 634 of these coins were distributed. Legislation was introduced and was passed on February 21, 1857 and the release date for the new cents was set for May 25, 1857.

The Indian Head Cent of 1859

Designer Longacre intended his Indian Head motif to be a depiction representing “Liberty” wearing an Indian headdress. He had previously utilized this idea of an Indian representing “Liberty” for his three-dollar gold piece, fi rst struck in 1854. Longacre modified this design, particularly the headdress, for the Indian girl on the new cent. It should be noted that the law at this time did not specifically require a depiction of “Liberty” on the obverse of these coins and gave the Director of the Mint latitude in the designs. In fact, the copper-nickel Indian Head Cents did not become legal tender until Public Law 89-81 was passed in 1865.

When a number of people questioned the use of the Indian, mint engravers explained this was a North American Indian girl. This idea continued to be popular into the 20th Century. However, the Indian on the gold coins of Pratt and Saint-Gaudens and James E. Fraser’s so-called “Buffalo” (really a bison) or Indian five-cent coin, depicted real Indians rather than a girl wearing an Indian headdress.

Mint Director Snowden was very impressed with the new “Indian Head” obverse for the one-cent piece. He wrote, “The obverse, it will be seen, presents an ideal of America – the sweeping plumes of the North American Indian giving it the character of North America.”

Snowden continued, “It contains the usual legend ‘United States of America’ with the word ‘liberty’ on the headband. The reverse is a plain wreath enclosing the denomination of the coin ‘One Cent.’”

Snowden wanted the new designs approved in order to have the dies prepared and ready to strike the new cent pieces by January 1, 1859.

The type of reverse for this cent is sometimes known as the “Olive Wreath” or “Laurel Wreath” type according to The Red Book. Richard Snow, in his book “Flying Eagle & Indian Cents,” describes this 1859 Indian-cent reverse as the “Olive Wreath” reverse and labels this type as “Variety One.”

Cornelius Vermeule, in his fine book: “Numismatic Art in America,” commented that Longacre’s depiction “with the fl owing hair and a few cascading feathers and a necklace” seemed more natural. According to Vermeule, “the coin became perhaps the most beloved and typically American of any piece great or small in the American series.” This writer points out that many others believe the gold coins designed by Bela L. Pratt and Augustus Saint-Gaudens at the beginning of the 20th Century are superior works of art.

Production of the 1859 One-Cent Coins

With the support of the Congress and the President, the new Indian Head design was approved and the Philadelphia Mint was ready to begin striking the new cents by 1859. The 1859 Indian Head cents, with a mintage of 36.4 million pieces, were all stuck at the mint in Philadelphia. This production of 1859 one-cent pieces was unprecedented, up to this time, in the history of the Philadelphia Mint. In fact, the minting of most other coins was cut short in order to strike the new cents. For example, almost as many 1859 Indian cents were made as the entire Flying Eagle varieties of the previous two years.

The obverse of this design was excellent for striking the coins in high relief because the Indian Head, in the center of the obverse, was opposite the portion of the reverse die that produced the laurel wreath on that side. However, it was soon apparent that the wreath on the reverse of these coins was weak. Perhaps this was due to the design or perhaps it was the consequence of overproduction. At any rate, this reverse design was abandoned after only one year, thus creating a one-year type coin and the subject of this article.

The Civil War Bring Changes

One year later, by 1860, for reasons that are not documented, the Laurel Wreath design on the reverse was discontinued. The Oak Wreath, small shield reverse was utilized on the Indian Head cents from 1860 through the end of the series in 1909. As for the 1859 Indian Head cents, author Richard Snow reports that these coins only circulated for three years before being hoarded during the Civil War coinage crisis. When they reappeared in large numbers late in 1863, they circulated for another 10 years before being melted in the 1870s.

Lincoln Cent Replaces the Indian Head Cent

At the start of the 20th Century, President Theodore Roosevelt took a deep interest in the design of the nation’s circulating coinage. Roosevelt was impressed by the artistry of Augustus Saint-Gaudens and together they set out to redesign the nation’s coins. This partnership created problems as the chief engraver of the mint, Charles E. Barber, believed the designs for the nations coins were his prerogatives.

The coinage law of 1890, that governed the designs of United States coinage, stated the designs of the existing coins had to be struck for at least 25 years before changes could be made without the approval of Congress. As a result, the designs of only three coins could be changed—the Indian Head Cent and the $10 and $20 gold pieces.

Saint-Gaudens undertook to redesign the $10 and $20 gold coins and the one-cent piece at the same time. Unfortunately, his critical health problems prevented him from completing this task. In fact, he had submitted new ideas for only the two gold pieces at the time of his death in 1907. As a result, the new designs of the gold pieces had to be completed by his assistant, Henry Hering. The one-cent denomination remained for a future artist.

Victor D. Brenner, who was born June 12, 1871 in Savly, Russia, migrated to the United States in 1890. While in America, Brenner developed an obsession about President Abraham Lincoln. As the centennial of Lincoln’s birth approached in 1909, the artist completed a number of portrait medals and plaques commemorating the Civil War President. President Theodore Roosevelt, with a deep interest in medals and coins, saw to it that Brenner received a commission to portray the President on a Panama Canal service medal. Roosevelt and Brenner became friends and an invitation was issued to Brenner to create a new design for a one-cent piece. There was some dispute over the proposed reverse of this new coin but on February 17, 1909, Victor Brenner submitted a new reverse that featured two stylized ears of wheat.

As the 200th anniversary of the birth of President Lincoln approaches, new design changes for the Lincoln cent are anticipated.

Related posts:

1. This 19th Century Cent Design Lasted For Only One Year
2. Building A High Quality 19TH and 20TH Century U.S. Gold Type Set: The BVG Theory
3. 19th Century South Carolina Currency Sale

The Twenty-Five Most Overlooked Early Seated Coins

By Ken Cable-Camilleis E-Gobrecht 2008 Volume 4, Issue 1

The following is a collector value assessment of coins within the portion of the Liberty Seated series spanning the years 1837 through 1852, all denominations. The foregoing analysis is based on several factors, including but not limited to the PCGS Population/NGC Census Reports, various pricing guides, and extensive personally compiled data and statistics related to general market presence. This compilation indicates, based on my observations and research, what in the realm of mainstream numismatics could be the 25 most underrated Seated coins within this period.

My research suggests that presently there are no overpriced Seated coins dated prior to 1853. I also surmise that most of the dimes and quarters minted from 1840 through 1851 are dramatically undervalued in the mainstream market. While working from such a large sample space of dates and varieties within the five Seated denominations covering the 16-year span of 1837-52, it was a tough call to narrow the field down to 25 specific coins that have especially captured my attention.

The reader should bear in mind that the coins enumerated in this work are not all “classic rarities” because current pricing may have already taken their rarity into consideration. They are simply coins that have received too little attention, or coins that can be obtained relatively cheaply. Some of these coins may already be recognized by LSCC members or other numismatic specialists as having been overlooked. Their market values are not, however, reflected in the most influential price guides, especially the Coin Dealer Newsletter “Greysheet” Quarterly (CDNQ) which since 1992 seems to have been the predominant buyer guide for Seated material.

Another observation is that most certified coins of 1837-52 are “market graded” for their assigned grade. Therefore, I have taken into consideration that many Seated coins of this period that are certified MS60 to MS62 may actually have cabinet friction, obtrusive field abrasions or hairline scratches, poorly struck stars and areas within devices, or wear which is confused with poor strike. I have even seen Seated coins slabbed MS63 to MS65 for which I would assign technical grades in the AU range! Choice pieces seem to represent less than 25% of third-party-graded Seated coins from 1837 through 1852, and even some that have few blemishes are not fully struck (that is, all 13 stars, full head/shield details, full eagle features, and anything else that is supposed to be struck up).

The notation “ATB” means across-the-board, that is, all grades from Good through mint state (and proofs where applicable), “MS” means MS60 or better business strike, and “GEM” means MS65 or better.

25. 1840-O No Drapery 25c, ATB. This is a cute coin. I’ve developed a soft spot for this one-year-one-mint style, for which a cameo-like effect is produced with the placement of devices against the backdrop of the fields. I have found this date somewhat tough to obtain problem-free. In MS64, it appears priced almost right, but considerable upward adjustments should be made for all circulated grades and the lower MS grades. I really enjoyed the article in the CDN Monthly Supplement for December 2007 by Larry Briggs on Seated quarters … as I’ve enjoyed his great publication work of 1991. I believe that most of the mint-state coins of this issue that came from the New Orleans hoard have environmental damage from having been buried in the ground, perhaps making them not certifiable by PCGS or NGC.

24. 1848 5c Medium Date, GEM. Although a relatively “high-pop” coin, my analyses suggest that this more common variety of the 1848 Philly half dime is not as easy to find in MS65 as has been believed. In fact, its O-mint counterpart appears on the market with much greater frequency.

23. 1845-O “No Drapery” 50c, ATB. This issue should be afforded the respect that it deserves. Long recognized as a major variety, although it is more available than once believed, present price guide values do not do it justice in the circulated grades. In true mint-state, it is quite the prize if it can be obtained at 150% of “sheet.”

22. 1844 10c, MS. Yes, the famous “Little Orphan Annie.” It’s on my list but low down because of its very high publicity. However, it still appears underpriced for its rarity and especially its difficulty to obtain choice.

21. 1841 25c, MS. It seems the entire run of Philly quarters from 1840 to 1852 offers tremendous potential for unworn pieces. Although the 1841 is somewhat more common than some of the other dates in this run, I feel it is a great buy if a properly graded example can be had at anything remotely approaching (150% to 200% of) today’s price levels.

20. 1846 $1, MS. This is a cool coin by any numismatist’s standards. It appears to be considerably undervalued in MS63 and above. Enough said.

19. 1841-O 50c, MS. This is a more difficult coin to procure than most people realize. Graded specimens now often come slightly worn or weakly struck on some stars or the eagle feathers/ legs, or have many abrasions. Solid and well struck mint-state specimens are an underappreciated value.

18. 1841 50c, MS. A similar argument applies to the 1841-P as to the 1841-O half, with the Philly issue being somewhat more of a challenge to locate. This is surely undervalued in all the MS grades!

17. 1846 25c, MS. A similar argument for this as for the 1841 quarter, even stronger in terms of the 1846 being underpriced, most especially at the MS63 and MS64 levels.

16. 1844 5c, GEM. You may be asking why this coin is even on my list. Despite its relatively reduced coinage of 430,000, the 1844 half dime has been perceived to be common and easily obtainable in just about any MS grade. My studies suggest, however, that they’re not so easy in MS65 and better, and data gathered suggest that the high pops posted for this date in choice and gem grades might be considerably inflated due to multiple submissions of the same coin. A personal statistical analysis suggests that the pops in GEM for this date are skewed with respect to other common dates. Somehow $900 in the CDNQ for an MS65 just doesn’t cut it – there is a great opportunity here!

15. 1841 10c, GEM. I have noted a handful of high-grade examples of this date and I’d say all but one are over-graded. Poor luster and abraded surfaces have been noted even on those slabbed MS65. True gem 1841-P dimes should trade at levels higher than for 1838, 1839, 1840, 1842, 1843 or 1845. If you can locate a properly (the operative word!) graded gem, I would consider “double sheet” a bargain! This should be at least a $6,000 coin.

14. 1852 25c, MS. This is a rather colorful issue in that 1852 marks off the last year of a long run of very limited quarter production, in this case just 177,060, and which largely went to the melting pot the next year in favor of reduced-weight silver coins, beginning in early 1853. The 1852-P quarter is somewhat more obtainable in choice grade than the 1850 and 1851 Philly issues. Nevertheless, it is extremely underpriced in MS63 and above. I have “coined” a name for this issue – the “California Gold Rush” quarter, and this is because the silver shortage peaking in 1853 was the result of the newfound abundance of gold driving up the price of silver.

13. 1850 $1, ATB. This is an issue that seems to have gone practically unnoticed. The track record of this coin in the mainstream market borders on pathetic. Long overshadowed by the very rare 1851 and 1852 issues, the 1850-P has been a real sleeper. Even in low circulated grades the 1850 $1 does not pop up as often as the deflated prices suggest. Consider this: only 7,500 were minted, and using the “conventionally wise” estimate of a 3% survival rate, I do the math and come up with a mere 225 coins – in all grades! Even though dollar coins were not reduced in weight in 1853, a considerably small percentage of them survived the turbulent economy of the 1850s and the Civil War years. As for mint-state pieces I surmise that pop data for PCGS and NGC represent far higher figures than the actual numbers graded. This is a profoundly overlooked value – in all grades!!

12. 1843-O 10c, ATB. Amen! Gerry Fortin’s article in Issue 100 of GJ (12/07) hits the nail on the head on this one as far as MS and high-grade circulated examples of this date are concerned. However, in the CDNQ the figure of $3,200 is tabulated for MS60 and no prices are listed for higher grades. I note that the PCGS Price Guide has the 1843-O in MS60 pegged at $7,500, with a jump to $20,000 in MS63. MS60 today is a seldom-used grade on silver coins, but a coin occasionally gets market-graded MS60 for some feature such as luster, a stronger strike for the date than typically seen, or a perception to have that euphemistic “eye appeal.” The bottom line on the 1843-O dime is yes, this date is extremely undervalued even at MS60 and most of the circ grades. I’ve personally not seen anything close to a true MS 1843-O, slabbed or otherwise, and perhaps never will. It is also noteworthy that even low-grade circulated 1843-O dimes don’t appear with the frequency that is suggested by their price structure, even from VF down to Good.

11. 1846 10c, ATB. For some reason this very scarce issue has received nowhere near the publicity and popularity of the 1844 dime. Yet, it is rarer than the 1844, comes from an original mintage less than half of the 1844 (31,300), and its pops are mostly lower than those for the 1844. In higher grades (XF and above, including proofs) the price structure of the 1846 dime is making noticeable progress but still has a very long way to travel northward. It is extremely rare as a mint-state business strike. (I did see “in the metal” back in 1996 one uncertified dime of 1846 that appeared in my opinion to be a low MS, unworn anyway.) Even in the low circ grades, noticeable “collector” potential exists for this date! I can picture even a lowly Good 1846 surpassing the value of a Good 1844 within the next 10 years. And in the relatively near future, I may assign the rank of the 1846 dime higher up on my list!

10. 1840-O No Drapery 10c, MS. This is a very common coin in all circ grades but gets surprisingly tough as we cross that “great divide” into MS territory. Very few mint-state pieces have been certified by PCGS or NGC, and I’ve not seen one. I’ve not seen a MS 1840-O from any of the more recently established grading firms either. The MS64 figure is approaching where it should be but the tag is extremely low for MS63. How about this for a statistic – the PCGS Price guide has the 1840-O at $9,500 in MS63 and the CDNQ has it lagging at $1,900 – one-fifth of the PCGS value! In comparing the 1840-O to the 1843-O in MS, herein lies somewhat of a paradox: we can say the 1840-O coin is more underrated than the 1843-O simply because the 1840-O is, at least, possibly available at a price. Good luck trying to find one choice and an MS62 would be a great catch!

9. 1851 25c, MS. It’s kind of a close call which is rarer in choice grade between the 1850 and 1851 Philly quarters. My stats suggest (as does Bob Foster in his excellent article in this month’s GJ) that the 1850 is a short step ahead of the 1851 in rarity in MS. Nevertheless, the 1851-P has been “cutting Z’s” and it’s time that we woke Miss Liberty up. Larry Briggs in his excellent date-by-date analysis in the December 2007 CDN Monthly Supplement uses the word “unappreciated” and notes that MS 1851s are rare!

8. 1852 50c, MS. WOW! This is an absolutely amazing value in MS63 and above. Likely attributable to the fact that like the quarter, many 1852 halves that escaped the furnaces and the fate of being made into 1853 “Arrows & Rays” halves did not make it into circulation. A cool mintage of 77,130 represents far and away the smallest output for any Philly half dollar issue since 1815. This date can go nowhere but up …way up! Grab any properly graded examples even if the “damage” is double sheet.

7. 1842 Large Date 25c, MS. Initially recognized as a scarce and semi-key date due to its low mintage of 88,000, the 1842-P has ample potential especially in the higher grades, and it is very tough to locate in select mint state. If an example surfaces at 50% to 100% over sheet, most especially an MS63 or better, my advice is “Carpe diem!” (Seize the day!)

6. 1850 25c, MS. The 1850-P is the “sleeper” closely associated with the 1842 and 1851 Philly quarters. I have noted only four pieces certified by PCGS and NGC (I believe these are four distinct coins), which is my third-lowest tabulation in a focused study of all Philadelphia quarters of 1831 through 1865. (Take note of my statistical notations below regarding the 1848 quarter.) The same comments addressed for the 1842 Large Date quarter apply to the 1850, in a somewhat stronger sense.

5. 1837 No Stars 5c, Proof. So now we’re into my “top five” and some serious opportunities. What we have here (or may wish we had!) is one of the very first Seated half dimes! On July 25, 1837, some few dozen proof half dimes were distributed to Mint personnel in their celebration of the first successful run of this denomination on the new Seated design. I find this to be a rather inspiring piece of historical information to tie to this key coin. If you have the wherewithal and the courage of your convictions, do not think twice if one of these is offered near double sheet. I feel that all Seated proofs dated before 1854 are dramatically undervalued, especially this one and that discussed below.

4. 1837 No Stars 10c, Proof. OH YES! This is pegged as the first dime to ever appear with the word DIME on it! A similar argument applies here as for the 1837 No Stars half dime, with an added flair or two. The release date of this dime was June 30, 1837, nearly a month before the half dime, making it America’s first Seated coin! (That is, if you exclude the Gobrecht dollar of 1836, which I still consider a pattern rather than a regular issue, even though it circulated in commerce.) Think on this also: both this and the No Stars half dime are a limited issue not only in mintage but also in design – 1837 marked the only year of No Stars proof coinage! I give the Proof dime slightly higher billing over the half dime mainly because I feel it is more underpriced across the grades from PF60 through PF65. Should be about a $15,000 coin in PF63, $25,000 in PF64 and $50,000 in PF65.

3. 1840 With Drapery 25c, MS. I would label the 1840 Philly quarter as the Rodney Dangerfield of the Seated subset of 1837-52 coins … it just “don’t get no respect,” at least not in the CDNQ. The rarity of the 1840-P quarter in high grades is absolutely mind-boggling! Bob Foster in his GJ article of this month points out that only 21 examples of this special date have been certified by the two leading grading services – in over 20 years of business … and how many of those 21 tabulations might be duplicate submissions? Helloooooo, is anyone listening?! Here are some noteworthy stats:

* The PCGS Price Guide has finally begun to recognize this issue in MS64, more than doubling in a two-week period in December 2007 from $6500 to $15,000, and the latest posting in MS65 is a leap to $27,500!!

* Unlike other coins of 1840, the features on the Philly quarter are often weakly struck, especially the eagle’s feathers and leg.

* The 1840 quarter is rarer than the highly coveted 1796 Draped Bust Small Eagle quarter in all Mint State grades, and rarer than most of the Capped Bust quarter dates of 1815- 38.

* Even the kingly Eliasberg collection did not have a circulation mint-state strike of 1840 at the time of its auction sale.

* Of hundreds of mint-state “No Motto” (1838-65) quarters I’ve examined (including Internet scans), many of which are choice, I’ve noted but three 1840-Ps (all slabbed), and two of these are overgraded and weakly struck, and in my opinion they were AU.

Not many realize this, but the 1840-P With Drapery quarter is not only a transitional design issue but also distinguishable by a rather subtle reverse feature. The eagle’s beak on the 1840-P is sharper than either that of the No Drapery quarters of 1838-40 or 1841 and later dates, and the eagle’s mouth is opened ever so slightly wider than on other dates. In my opinion triple sheet is a steal on this one for a solid well-struck MS63 or better, and I now estimate that only about ten 1840 quarters are known to exist at these choice levels. Larry Briggs’ mention of seven mint-state pieces that appeared in 1983 has now aroused my curiosity, especially since that time predates most certification services. Any information regarding the whereabouts of these coins today, including their grades and pedigrees if known, I would find interesting!

2. 1848 25c, MS. In my mind I’ve batted back and forth the question of which is the rarest Philadelphia Mint Seated quarter in true mint state, the 1840 or the 1848. While all the other dates are relatively “left in the dust,” these two issues have been neck-and-neck with each other for this top spot. The order of rarity for the thirteen Philly issues of the 1840-52 group in mint state appears to be something like: 1848, 1840, 1850, 1851, 1842, 1852, 1841, 1846, 1849, 1847, 1844, 1845, 1843.

My adoration for all the 1840-52 Seated quarters is based partly on the fact that their survival rate is so low because of the mass meltings that took place in 1853 to provide silver to coin to the reduced weight, and partly because the quarters had relatively low outputs to begin with. The 1840 and 1848 have pulled away from even the rest of the pack of Philly dates 1841-52. I’ve noted four MS 1848 pieces, and curiously they’re all choice! Perhaps this is just a fluke or (rather unlikely) one of these may be a duplicate of the one of the other three. I’ve decided to give top billing to the 1848 because it is even more underpriced than the 1840, and also because the 1848 is a Philadelphia-only issue, a feature I like. As with the 1840, triple sheet (or maybe even quadruple!) for choice graded 1848s that are “all there.” Even the PCGS Price Guide posting for 1848 in MS64 is only $7,500, half of the 1840 price! Good luck finding one now; I had at least two opportunities in the 1990s (“tripled dates”) and blew them because I did not recognize the potential of this date!

1. 1846 5c, ATB. We always save the best for last. No doubt about it, the 1846 half dime is a cool little coin! However, apparently many in the coin market have a “bigger is better” mind-set and just don’t care for such small coins. Although the 1846 half dime has made considerable progress in recent years and has been recognized by numerous specialists as a key date, it still has a long way to go pricewise. A very long way. I give this coin top billing of the entire 1837-52 Seated subset because it has what I perceive as the greatest discrepancy between published prices and market value.

The PCGS price guide is on the right track as its postings across all grades are considerably higher than those in the CDNQ. Here are some dramatic stats for this rare but little-publicized issue:

* The 1846 as a date is the rarest regular mint issue of the entire “Stars” subseries of Seated half dimes; its mintage of 27,000 by far eclipses its runner-up, the 1838-O at 70,000, and all other Stars issues are in the hundreds of thousands or millions.

* THE 1846 IS RARER THAN MOST OF THE EARLY HALF DIMES, INCLUDING 1794, 1795, 1797, 1800 AND 1803, AND HAS LOWER PCGS/NGC POPS THAN THESE DATES IN MOST GRADES.

* Only three circulation strikes of 1846 have been certified by the leading grading services as mint state (and perhaps even these don’t represent three distinct coins!). This is the only collectible date in the entire Seated series that is practically unobtainable as a mintstate circulation strike. I have never seen one of the one, two or three PCGS/NGC certified MS coins, yet I have seen multiples of every other issue in the 1838-59 “Stars” subseries (including scans of two examples of 1853-O No Arrows). In fact, since 1991 the only references to a mint-state business strike of 1846 that I’ve noted were on the Globus Collection that sold in 1999 and the more recent sale of the Law Collection, but in neither case was there mention of whether these 1846 coins were certified as MS pieces. Maybe someone has better info on either of these coins.

* Even high-grade circulateds of 1846 are very tough to find … I note in GJ Issue 95 (3/06, p. 27) that the Frog Run Farm example of 1846 was an XF40 that sold for $2,990, while “Greysheet” is a mere $1,900. Now, I think even that was a bargain!

* A truly choice specimen of 1846 half dime is more likely to be represented by a Proof, of which only nine have been graded by PCGS/NGC, from an estimated Proof mintage of twenty.

* The 1846 half dime is rarer than either the “Orphan Annie” dime of 1844 or her “sister” of 1846, across nearly all grades.

* The 1846 half dime is a “Philadelphia-only” issue and has been classified into two distinct and easily understandable varieties: V-1 for business strikes and V-2 for Proofs.

* In the very informative write-up by Leonard Augsburger in GJ Issue 96 (7/06) of the Glenn B. Hoidale Collection of Seated half dimes, he mentions that 1846 was one date Hoidale was not successful in obtaining.

* Last but not least … in GJ Issue 92 (3/05), in John McCloskey’s article “The 20 Greatest Seated Coins”, where he tabulates the votes received for this survey, sixteen of the top twenty voted coins are dated later than 1852 (mostly in the 1870s). Only the very rare and highly publicized 1851 and 1852 dollars surpassed the 1846 half dime, which made 18th place on the list, in votes for coins within the 1837-52 range, and the 1846 half dime was the only coin in the 1840s that made the top 20.

Above are some of the reasons the 1846 half dime is in my opinion the most underpriced Seated coin of the 1837-52 era if we average out across all grades. The 1846 Proof is presently priced no higher than other Proof issues such as 1845 or 1847, which seems like a situation too good to be true! In mint state and proof, the price structure of the 1846 half dime is behind by as much as tens of thousands of dollars. I can think of no other Seated coin that today has the upside potential of the 1846 half dime. The bottom line is, the market makers need to recognize this coin the way the Seated specialists do!

The above dissertation has been based on a focused study of early Seated coinage conducted over a period of 16 years. I hereby welcome any comments, suggestions, stories of exciting 1837-52 finds or purchases such as those on my “Top 25” list, or any other feedback related to these or other Seated coins of the 1837-52 era. I would also like to hear whether anyone feels I’ve overlooked (no pun intended) an 1837-52 issue that they feel should have made my top 25 overlooked issues.

Related posts:

1. Part Three of Phil Kaufman’s Early Seated Proof Sets to be Auctioned at Heritage’s Chicago Central States Event
2. Three 1876-CC Twenty Cent Coins Sell in Spring 2009; Fewer than Twenty are Known! (Part 1 – News & History)
3. Three 1876-CC Twenty Cent Coins Sell in Spring 2009; Less than Twenty are Known! (Part 2 – Rarity, Quality & Condition Rankings)

An Introduction to Commemoratives Coins

By Kathleen Duncan of Pinnacle-Rarities

This is the place to start learning if you’re unfamiliar with US Commemorative Coins.

What are commemorative coins, you ask?

Commemorative coins are coins issued by the US Mints to recognize the achievements of the Nation. The are coins, and not medals or medallions, because they are monetized, they have a face value and can be used as money, for example a half dollar coin. They differ from regular issue US Coin because they are are struck primarily for collectors, rather than to circulate as money although they are legal tender. Most commemorative coins were struck in conjunction with a large exhibition and festival where they were sold for collectors. The legislation allowing for the issuance of these coins normally also assigned an agency to oversee the distribution or sale. These coins were sold to collectors at a premium to their face value, say $1.00 for a half dollar coin. The two main uses of the proceeds of sale were to raise money for a monument to be built or to defray the costs of the celebration.

How to collect commemoratives.

Between 1892 and 1954, there were just 50 different silver commemoratives and nine different gold issues authorized by Congress and produced. Because many of these coins were issued for multiple years, were struck at the Philadelphia, Denver and San Francisco Mints, and were issued with subtle design variations, there are a total of 144 different silver coins and 13 gold commemoratives.

When collectors buy one coin of each design, they are assembling a Type Set. This is the most popular way to collect silver commemorative coins, the 50-coin set. Most collectors of gold commemoratives will purchase the nine gold dollars and two quarter eagles ($2.50 gold coins) and build a set of 11 coins. Excluded are the two scarce Panama-Pacific $50 issues – visit the Panama-Pacific Gold Commemoratives page by using the scroll-list above to learn why. With that said, there is no one way or best way to collect US commemorative coins. Collectors owe it to themselves to take ownership of their own collections. They should buy what they like and what is interesting to them. Many advanced collectors choose to buy only the five issue related to the Civil War, to buy the ten coins with ships on them, etc. There are nine issues that relate to the western United States, and this has always been a particularly interesting yet overlooked subset.

When a coin was issued at all three mints, in Philadelphia, Denver, and San Francisco, during the same year, the three coins together are called a PDS-Set. The Philadelphia coins do not have a mint mark, but the coins struck at Denver will have a small “D” and the coins struck at San Francisco will have a small “S” to identify their origin. Many collectors will choice to build a complete set by date and mint. For example, the Texas Half Dollar was issued from 1934 to 1938. In 1934, it was struck at just the Philadelphia Mint, but from 1935 to 1938 it was struck at all three Mints, creating a total of 13 coins. Collectors will set out to build a complete set in a particular condition. The variations in number produced, production quality, and handling means that some issue are harder to locate in better condition than others.

It should be mentioned here, even if just briefly, that many collectors of commemorative coins often place more emphasis on the visual appeal than the technical merit of the coins they purchase. Some collectors like especially lustrous white examples. Other collectors perfer coins that have a ring of color around their peripheries, caused when the silver in the coin reacted with oxygen and the sulphur-containing papers of the old coin albums. Most prized in today’s marketplace are coins with vibrantly colored original patina. Examples of these coins can be seen in throughout the site.

Why should you collect commemoratives?

This section will be brief. Collecting is a natural and often self-guided thing. No one can tell someone else what to collect. There must be a spark of interest to pursue such an involved and complex endeavor. But, it seems that there are three major reasons why people like commemoratives, 1. Historical Interest, 2. Aesthetic Appeal, 3. Scarcity and Value. Each is discussed below.

1. Historical Interest – There is a beautiful and succinct passage about commemorative coins in the Redbook, the authoritative one-volume reference guide to US coins, which seems to summarize things well:

“The unique position occupied by commemoratives in United States coinage is largely due to the fact that with few exceptions all commemorative coins have real historical significance. The progress and advance of people in the New World are presented in an interesting and instructive manner on the commemorative issues. Such a record of facts artistically presented on our gold and silver memorial issues appeals strongly to the collector who favors the historical side of numismatics. It is the historical features of the commemoratives, in fact, which created interest among many people who would otherwise have little interest in coins.”

These coins are tied directly and are a part of history. This is interesting.

2. Aesthetic Appeal – Many of the coins were designed in contest by important sculptors. The designs were at once of national and historical relevance, and among them are some of the most creative examples of the coinage art in the history of numismatics. They are beautiful objects in their own right.

3. Scarcity and Value – Many of these coins were issued in very small number. Fully seventy coins of the 144 Silver Commemorative series have an original mintage of under 10,000 pieces. None of these coins is overly abundant. Since many of them are available for a few hundred dollars in gem uncirculated condition, it’s easy to see why collectors and dealers alike call them the best values in the numismatic marketplace.

Having read this brief introduction, you’re more than ready to start exploring this series. You can also contact Pinnacle with your questions. Have fun with these unique historical coins.

Related posts:

1. Ten Most Significant U.S. Commemoratives Coins
2. COLLECTING STRATEGIES FOR CLASSIC COMMEMORATIVES
3. Blanchard & Company Interview With John Albanese About Silver Commemoratives

The Language of Coins – What is an Eagle?

What is an Eagle? According to my 1975 Webster’s New Collegiate Dictionary, it is a diurnal bird of prey noted for its strength, size, gracefulness, keenness of vision and powers of flight; the silver insignia of rank for an Army colonel or a Navy captain; or a member of the Fraternal Order of Eagles. In golf, it is the completion of a hole in two strokes less than par. In gold, it is a coin!

Specifically, my Webster’s says it is a ten-dollar gold coin of the U.S. bearing an eagle on the reverse. My 1969 American Heritage Dictionary goes so far as to call it a “former” gold coin of the United States having a face value of ten dollars, without specifying if it was “formerly gold” since transmuted into base metal, “formerly a coin” but now demonetized, or something that has ceased in an Orwellian way to have ever existed at all.

However, either antiquated edition might as well have been set in type by Gutenberg, as they both predate the current American Eagle one ounce gold coin first struck in 1986 with a face value of $50. This new coin left us with two different legal tender “Eagles” of different weights, sizes, finenesses (usually) and denominations, and hardly a day goes by at Berk’s that we do not have to explain the difference to a would-be customer.

How did the first Eagle come to be? The path is long and twisted. It began with the Articles of Confederation, approved by the Continental Congress on November 15, 1777, but not ratified by the states until March 1, 1781, which reserved for the newly-named “United States in Congress Assembled” the sole right to regulate the values, compositions and alloys of coins struck by itself or by the various states.

A central authority was certainly needed, as the paper money of the 13 states and the Republic of Vermont, which was generally based upon a promise to pay the bearer Spanish Milled Dollars or fractions thereof, valued the “Dollar” at anywhere from 4-1/2 to 8 state shillings per 8 Reales coin, and the money of one state was not easily convertible into the money of its neighbor.

On January 15, 1782, Robert Morris, then Superintendent of Finance, presented to Congress a plan to establish a Mint and a monetary system based upon the Spanish Dollar, that would be compatible with most of the paper money in circulation and could circulate alongside it. Morris’ plan, prepared in large part by his unrelated namesake and assistant Gouverneur Morris in anticipation of a Congressional request for same, divided the Dollar into 1,440 parts or units, this figure being the approximate number of one-quarter grains of pure silver in an 8 Reales, and a number more or less evenly divisible by the units of account used by the different states (except for South Carolina, where inflation had pushed the Dollar to 32-1/2 shillings).
From this ungainly figure a decimal coinage system of 1,000, 500 and 100 silver unit coins was to be derived, the coins being equivalent to nothing then in circulation. Although the Mint was approved in principle on February 21, 1782, little was done about it for the next ten years.

The Morrises’ decimal system was never approved, although a few patterns based upon this system were prepared in April of 1783 by craftsmen hired by Superintendent Morris for the Mint that did not happen. Curiously, the 100 unit coin, sometimes called a Bit, was also referred to as a Cent, taking the traditional usage of the Latin word centum to mean one hundred items rather than the modern usage of one-hundredth of an item.

At some later point in 1783, perhaps after consultation with Thomas Jefferson, Morris amended his proposal to make the 1,000 quarter-grain coin, now to be known as a Dollar or Ten Bits, the Unit of his system. The 100 quarter-grain Bit was also to be considered a Ten Pence coin, and a One Penny coin equal in value to 10 quarter grains of silver, though probably to be struck in copper, rounded out the lower end of his system.

At the upper end, however, he proposed a gold Ten Dollars or “Crown,” the name derived from a proposed design for it which showed an American Indian with bow and 13 arrows standing with his foot upon a crown, representing the American victory over the British monarchy. It is unclear whether the idea for the design and/or the name of the coin were his or Jefferson’s.

A variation of this design with the huntress Diana replacing the Indian, attributed by Breen to Jefferson, survives on the 1785 CONFEDERATIO Copper pattern with legend INIMICA TYRANNIS AMERICA. Though the Morrises continued to propose other systems with other names and units without success, they should probably be given credit for introducing both the decimal system and the Ten Dollar denomination to American coinage.

In June of 1783 Jefferson was elected to the Continental Congress, and soon thereafter appointed as chairman of a currency committee. He strongly recommended the Spanish Dollar itself rather than the Morris Dollar as the unit of account, being familiar to the people and commonly available.

He likewise recommended a decimal system for the fractional parts of the Dollar, as being easier to multiply and divide than the base eight Real system. To see his point, check the New York Stock Exchange quotes which to this day are given in dollars and eighths of a dollar, based upon the 8 Reales system still in effect when the NYSE was founded in 1792, and try to figure out what 147 shares of a stock valued at $37-3/8 per share is worth.

His original suggestion called for a gold $10 piece, a silver Dollar and Half Dollar, a silver Fifth and Tenth Dollar, and a copper Hundredth Dollar. The Dollar and Half Dollar would have been equal to the Spanish 8 and 4 Reales, while the Fifth or “Double Tenth” would be equal to the Spanish Pistareen and approximately equal to the French Livre which was familiar from French war loans. The Tenth and Hundredth had no equivalents, but were necessary to reinforce the decimal format.

Although the Grand Committee originally accepted Jefferson’s proposal as submitted, it made several modifications, mostly technical changes affecting weights and minting charges, before formally proposing it to Congress in May of 1785. The recommendations would have established a monetary system consisting of a gold $5 coin, being approximately equal to the British Guinea and several other useful foreign gold coins, a silver Dollar plus its fractions of 1/2, 1/4 (rather than 1/5), 1/10 and 1/20 dollars, and copper coins at 1/100 and 1/200th of a Dollar.

Apparently the Committee omitted the $10 denomination from Jefferson’s proposal because it was too large a denomination to be practical in day to day commerce, while adding the 1/200 Dollar at the urging of Morris who had been a merchant in private life and advocated coins of very small units of account as an accommodation to commerce.

Nevertheless, the Grand Committee of Congress on July 6, 1785, passed a resolution that included all of Jefferson’s proposed coins plus a few others. Perhaps as a political compromise, it included the historical requirement for both a $10 “Eagle” and a $5 “Half Eagle,” these names apparently derived from the specification that a picture of an eagle appear on each of them.

The bald eagle had been established as our national symbol on the Great Seal of the United States in 1782. The choice was not unanimous, as the great statesman Ben Franklin dismissed the eagle as a scavenger, and promoted the wild turkey as our national symbol! One can imagine the implications at a modern Thanksgiving. One Continental Congressman humorously suggested the goose for our Dollar and the gosling for its fractions!

Jefferson’s “Tenth” was called a “Disme” (which term Neil Carothers in “Fractional Money” traces to the late 16th Century) and its fractional part the “Half Disme”, while the “Fifth” became a “Double-Disme.” The 1/100th and 1/200th coins were named the “Cent” and “Half Cent.” The Quarter Dollar or 2 Reales equivalent proposed by the Grand Committee was rejected, but as the only coin ever struck to this system was the Fugio Cent of 1787 the point was moot.

After the new U.S. Constitution was ratified in 1788 and George Washington was sworn in as President in 1789, Secretary of the Treasury Alexander Hamilton was commissioned by Congress in April of 1790 to resolve the questions of the monetary system and a Mint. After extensive examination of the various foreign coinages in circulation in America, Hamilton decided that much of it had lost weight and therefore value due to wear and debasement.

For this reason, he recommended to Congress on January 28, 1791, that a Mint be established by the United States to be constructed in the United States, using a strict and somewhat impractical decimal system that included only a gold $10 Eagle, a gold $1 unit, an equivalent silver Dollar Unit, a silver Tenth Unit, a copper Hundredth Unit and a smaller copper coin half of that.

A bill incorporating most of Jefferson’s July 6, 1785, decimal system rather than Hamilton’s abbreviated system was passed on April 2, 1792 as “An Act Establishing a Mint and Regulating the Coins of the United States.” The four basic denominations named in the bill were the gold Eagle, the silver Dollar, the Disme and the Cent, in this usage believed to be a shortening of the French centime, or hundredth.

Added to these benchmark denominations were the Half Dollar and the Quarter Dollar, the latter again edging out Jefferson’s Double Disme, the pair intended to be equal to the Four Reales and Two Reales then in circulation. Their gold counterparts set at 10 times their values gave us the Half Eagle and Quarter Eagle, the latter a new innovation. At the lower end of the scale the Half Disme and the Half Cent equal to 1/10 and 1/100 of a Half Dollar were also added, while a Quarter Disme (about equal to the later silver three cents) and a Quarter Cent (a la the British Farthing, or four-thing) were not considered.

Only cents were struck in 1793, as the Mint had not yet obtained the security bonds necessary for its officers to handle precious metals. In 1794 the silver coinage began, though not without difficulties, and gold production did not begin until the following year as no gold was received in deposit until February 12, 1795.

Beginning in May of 1795, Chief Engraver Robert Scot proceeded under orders from outgoing Mint Director David Rittenhouse to engrave dies for a gold Eagle and Half Eagle. The first Half Eagles were delivered 200 years ago on July 31, and the first Eagles on September 22 of that year. The fineness of these coins had been previously set at 22kt or .9167 fine, as that was the fineness of the British Guinea and several other coins and they could be melted and recoined without being refined first.

The origin of the obverse design is unknown, and is perhaps just Scot’s reworking of the Cent design placing the cap on Liberty’s head rather than a pole or wand and adding a few drapery folds at the bust line for modesty’s sake. Popular legend says that the portrait is that of Martha Washington in the fashionable garb of the day, but this is unproven. The face is somewhat improved compared to the Cent, and Liberty wears a slight smile. The border is denticled, the edge reeded to discourage filing.

The reverse shows an eagle with outstretched wings holding an olive wreath upwards in its beak and a palm branch clutched in its talons. Breen states that it was copied from a First Century (probably B.C., though Breen uses A.D. in one reference) Roman cameo showing an eagle in profile holding an olive wreath and palm branch in similar style.

The legend UNITED STATES OF AMERICA surrounded the border, there being no indication of value on either coin. Like its British counterpart, the Guinea, the Half Eagle was expected to circulate at the current intrinsic value of its gold, which might or might not remain equivalent to five silver Dollars.

The first $10 reverse shows 13 leaves on the palm branch that may have referred to the original 13 colonies, but as this crowded the design a bit the number was reduced. The obverses of these issues bore 15 stars before Tennessee was admitted to the Union and 16 thereafter, plus the word LIBERTY which was crowded to the right a bit by the peak of the cap, and the date below the bust.

In 1797 a Heraldic Eagle reverse based upon the Great Seal of the United States replaced the eagle with wreath reverse. Much has been written elsewhere about the heraldic faux pas of placing the arrows of war in the eagle’s dominant right claw rather than the olive branch of peace, but it is likely that Scot simply did not know the difference. It is remotely possible that the positioning was a deliberate attempt to warn the warring European powers to leave us alone, but such an effort was likely to go unnoticed.

Coinage of the Eagle was suspended in 1804 when the government determined that they were undervalued relative to silver and were being exported and/or melted. The denomination resumed in 1838 with the Coronet Head design by Christian Gobrecht, which lasted 70 years until 1907.

Augustus Saint Gaudens beautiful Indian Head design replaced the Liberty Head in 1907, though the portrait is that of a Greek goddess with a headdress placed upon it. Coinage was suspended again in 1933 when Franklin Roosevelt took the country off the gold standard, and ordered virtually all of the gold coins in existence melted.

The Eagle returned in 1986 in the form of the American Eagle gold coin series, the one ounce coin having the face value of $50. The Half Eagle has a denomination of $25, while the Quarter Eagle is valued at only $10 (shades of Jefferson’s Fifth!). The Tenth Eagle is a sensible $5.

Created to replace the South African Krugerrand in the bullion trade, the American Eagles were deliberately set at the sizes and fineness of the South African coins. Because South Africa was a former British possession, all of its gold coins were made to British 22kt standards.

Without realizing it, Congress thus recreated the original 1795 fineness of the Eagle for the new American Eagle. Unfortunately, this is likely to be as close as we get to a recognition of the historic event of the first American gold coinage 200 years ago this Summer.

Republished with Permission from Harlan J Berk

Related posts:

1. Bald Eagle Commemorative Coins Available January 15
2. 2008 American Eagle Platinum Uncirculated Coins Now Available
3. 2007 American Eagle Platinum Proof and Unc. Coins Available July 17

David Lawrence Rare Coins Auctions to Offer the “Picky Collection” of Bust Coins

David Lawrence Rare Coin Auctions will be offering 94 coins from the “Picky Collection” in a special 2-week Internet Auction #461 closing March 11th.

This meticulous collection is the culmination of 25 years of numismatic searching. DLRC owner John Feigenbaum noted, “The Picky Collection is an AMAZING group of 90+ bust coins (mostly halves). We called it the “Picky Collection” as the collector was sooo fussy. It paid off as most of the coins CAC’d, giving it their seal of approval. If you love Bust coinage check this out.”

Feigenbaum continues..”Collectors are getting tired of hearing how there are now fresh coins out there…blah, blah, blah….But it’s really true. We haven’t seen anything like the regular flow of fresh coin collections coming from our clients in the last 18 months, like we had in years prior.

Many high-end quality pieces that are becoming harder and harder to find in the marketplace ! … John Feigenbaum

It’s hard to explain the phenomenon but collector’s are keeping the prized numismatic holding close to their chests. Prices have come down across the board in this time period, and I’m guessing folks don’t want to lose money on their collections. Sure, at a profit we’d see more sellers, and I think this fueled the activity in the late 1990’s.”

Bust Halves (71) make up the majority of the Picky Collection with an additional (6) Bust Dimes, (5) Bust Quarters, (5) Liberty Seated Half Dollars along with a few Early Gold pieces.

Each coin has its own unique look and charming characteristic as the owner was insistent upon in order to fit into his collection.

Highlights from this sale are numerous and include:

• 1880 10c PCGS/CAC AU53
• 1824/2 10c PCGS/CAC MS64
• 1795/1795 50c PCGS/CAC XF45 (O-112, 3 Leaves)
• 1802 50c PCGS/CAC XF40 ex: Meyer Collection
• 1802 50 PCGS Au53 ex: Pryor Collection
• 1805/4 50c PCGS AU58
• 1806 50c PCGS/CAC AU58 (6/Inverted 6)
• 1806/5 50c PCGS/CAC MS62
• 1811/10 50c NGC MS64
• 1837 Reeded Edge 50c NGC MS65
• 1799/8 $1 PCGS Au55 (15 Star Reverse)
• 1834 $5 PCGS MS62 (Plain 4)

Take minute to review each of the items from the “Picky Collection” and we think you’ll be impressed with the combination of quality and rarity that is offered.

Related posts:

1. David Lawrence Rare Coins Sells 1894-S Dime for Record-Breaking $1.9 Million
2. PCI Assets Purchased by David Lawrence Rare Coins
3. David Lawrence Auctions offering Classic 1802 Half Dime

Next Page »