Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The early part of the 20th century was a time of great creativity in the design of U.S. coinage. August Saint-Gaudens’ double eagle was introduced in 1907, along with his Indian Head eagle. Victor D. Brenner’s Lincoln cent, commemorating in 1909 the centennial of the President’s birth, broke new ground- it was the first use of a presidential portrait on a circulating coin. A few years later, in 1913, James Earl Fraser’s Indian Head, or Buffalo, nickel was introduced, followed shortly thereafter in 1916 by Adolf A. Weinman’s Winged Liberty Head (Mercury) dime and Liberty Walking half dollar and Hermon A. MacNeil’s Standing Liberty quarter. In the same time period, the 1915 Panama-Pacific International Exposition produced several silver and gold commemoratives, including the Charles E. Barber/ George T. Morgan allegorical quarter eagle (one of Barber’s most creative works), and Robert Aitken’s equally symbolic round and octagonal fifty dollar gold pieces. Following the acclaim received for Saint-Gaudens’ stunning efforts on the ten and twenty dollar gold pieces, President Theodore Roosevelt turned his attention to the other two gold denominations, the quarter eagle and the half eagle (production of one dollar gold coins ended in 1889).

The Liberty Head quarter eagle had been minted since 1840, the Liberty Head half eagle since 1839. Saint-Gaudens died in 1907, and though he had done some work for the smaller denomination gold coins, the designs for the two denominations remained unfinished. Dr. William Sturgis Bigelow, a physician and art collector from Boston, had admired Egyptian reliefs displayed in the Boston Museum of Fine Arts. A close friend of President Roosevelt, Bigelow promoted the idea of using a sunken design on American coins, and Roosevelt agreed. Bigelow apparently contacted and persuaded a fellow Bostonian and former student of Saint-Gaudens, sculptor Bela Lyon Pratt, to create designs for the gold coins. Pratt used the same portrait on both denominations, a realistic image of a native American chief. The reverse displayed a bold standing eagle, a virtual copy of and perhaps tribute to the design Saint-Gaudens had used both on a Roosevelt inaugural medal and the Indian Head eagle. The use of an Indian on the coin followed the appearance of G.F.C. Smillie’s portrait of a Sioux Chief on the 1899 $5 silver certificate, but the imagery may also have been recognition of Roosevelt’s frontier heritage.

Not everyone approved of the designs, however, and Philadelphia coin dealer Samuel H. Chapman was one of the most vigorous in opposition. The incuse design, with devices and legends below the fields of the coin, promised to reduce wear on the features, but some thought the recessed areas would collect dirt and thus become a disease source. Others found fault with both the portrait and the eagle, though Mint Engraver Charles E. Barber, ever conscious of the technical necessities of coin production, had modified Pratt’s original eagle design. Claims that the coins could be easily counterfeited or wouldn’t stack properly (an odd comment given the fact that the coins were rimless and had no design high points above the flat field) did not sway the President, and the new design was implemented. The Indian Head quarter eagle was minted yearly though 1915, after which production stopped, and then again from 1925 through 1929, an apparent victim of the economic stress following the stock market crash of that year.

The obverse is dominated by a left-facing somewhat determined portrait of a native American chief wearing a full-feathered war bonnet. LIBERTY is at the top, and the date at the bottom. Six five-point stars are placed to the left along the coin edge, and seven to the right. The designer’s initial, B.L.P. are located below the portrait and above the date. The reverse displays a standing eagle facing to the left, perched upon a bundle of arrows with an entwined olive branch. UNITED STATES OF AMERICA, the words separated by centered dots, is at the top, and the denomination 2 ? DOLLARS is at the bottom. E PLURIBUS UNUM, each word on a separate line, is to the left of the eagle, IN GOD WE TRUST, also with each word on a separate line, is to the right. Indian Head quarter eagles were minted at Philadelphia and Denver; the D mintmark is located just to the left of the arrowheads. All design features except the D mintmark are incuse, recessed below the field, with no design elements higher than that flat surface.

Tens of thousands of business strike Indian Head quarter eagles have been certified per date, though counts are higher for the examples produced in the 1920s. Prices are modest for most dates through MS62, expensive to Gem, and very expensive finer; 1914 pieces are very expensive as MS62 and finer. The 1911-D, considered a key date, is expensive to XF40, very expensive to MS64, and extremely expensive as Gem and finer. Matte proofs were made from 1908 through 1915, and a few hundred examples have been certified. The matte finish was not popular with collectors at the time of issue, and many unsold pieces were later melted by the Mint. Indian Head quarter eagle proofs are expensive, very expensive as Select proof and finer.

Specifications:
Designer: Bella Lyon Pratt, reverse possibly influenced by the designs of Augustus Saint-Gaudens
Circulation Mintage: high 722,000 (1913), low 55,680 (1911-D)
Proof Mintage: high 682 (1910), low 100 (1915; none produced after 1915)
Denomination: $2.50
Diameter: 18 mm, reeded edge
Metal Content: 90% gold, 10% copper
Weight: 4.18 grams
Varieties: None identified except for the 1911-D, Weak D, referring to a faint mintmark impression.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
Encyclopedia of U.S. Gold Coins 1795-1933, Jeff Garrett and Ron Guth, Whitman Publishing.
A Handbook of 20th Century United States Gold Coins 1907-1933. David Akers/ Jeff Ambio. Zyrus Press.
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
The U.S. Mint and Coinage. Don Taxay. Arco Publishing
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 05/10/2009

Major design types are usually supplemented with variations such as coins with and without arrows, rays, drapery or mottoes. A complete collection is impossible for all but the most wealthy so compromises and hard choices must be made. Some think that type collecting is the most enjoyable specialty in U.S. coin collecting.

United States Type Coins

Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

The half cent coin was produced in the United States from 1793-1857. The half-cent piece was made of 100% copper. It was slightly smaller than a modern U.S. quarter, with a diameter of 23.5 mm (0.93 inch). Although it is the lowest face value coin ever produced by the United States, given nineteenth century price levels, it was approximately equal to a dime today, in terms of purchasing power.

Opinion varies as to whether or not this should be considered as a separate type or included in the 1794-97 Type. Q David Bowers in his book on US Type Coins (Whitman 2005) considers this as a single year type coin, so who are we to disagree.

Very difficult to locate in higher grades.

Nine different varieties are known for the 1794 half cent coinage, with six additional sub-varieties that are distinguished by either large or small edge letters. Few survive in Mint State grades.

Specifications:

Designer: Robert Scot
Mintage: 81,600
Denomintion: $0.005
Diameter: ±23.5 millimeters
Metal content: Copper – 100%
Weight: 104 grains (6.74 grams)
Varieties: Lettered (“TWO HUNDRED FOR A DOLLAR”)

Additional Resources :
Early American Coppers Club

“Unique 1873-CC dime sells” by William T. Gibbs, COIN WORLD, pages 3 and 80

Last Updated : 03/20/2008

Photos and text used with permission and courtesy of Heritage Rare Coin Auctions

Description:The rare so-called “Cheerios” variety, made from a prototype (some would say pattern) reverse hub with fine detail on the eagle’s tail feathers. The regular issue Sacagawea dollar has smooth tail feathers. All known examples of this variety (except for a few gold pieces that took a trip on the space shuttle) have come from Cheerios cereal boxes, which helped the U.S. Mint promote the new Sacagawea mini-dollar. Only one in a hundred of the boxes contained a dollar coin.

The coin above was recently auctioned by Heritage in the March Phoenix, AZ (ANA) Signature Auction #1102 lot # 1274 for the record price of $23,000

NGC announced the “discovery” coin in this 6/22/2005 article;

“NGC Certifies Pattern Sacagawea Dollar”

On Monday, June 20, 2005, NGC certified a pattern 2000-P Sacagawea Dollar struck from dies made with experimental hubs. While similar to the final design, the reverse’s eagle device shows considerably greater detail than that seen on circulation and proof issues struck from the adopted dies and is very easy to identify. The story of this coin is emerging as one of the most fascinating numismatic discoveries to come to light in some time, as this coin can be distinguished from virtually every other pattern coin of the twentieth century in an important way – a relatively large number of 5,500 were produced and then dispersed through non-numismatic channels.

The tale begins with a marketing campaign that sought to promote the re-issuance and redesign of the dollar coin. The US Mint undertook a mass market media blitz. They popularly dubbed the coin the “golden dollar” and partnered with many companies to raise awareness of the new coin. Although primarily a millennium celebration, one such promotion was conducted with General Mills. A single example of the first 10,000,000 Lincoln cents struck bearing the date 2000 was included inside every marked box of Cheerios that year. One in every 2000 boxes included a cent coin and a Sacagawea Dollar. According to a General Mills promotional release, “during the month of January, the only place to get either coin [was] in a box of Cheerios.” We know this is true statement regarding the Sacagawea Dollar, as it was not released to Federal Reserve Banks until January 26, 2000, and Wal-Mart (another company participating in promotional distribution) did not release them until January 30, 2000.

To have coins delivered to General Mills in time for their promotion, the Mint struck 5,500 coins in late summer or early fall of 1999. Full scale production of the finalized Sacagawea Dollar began over a month later on November 18, 1999. During the intervening time tests of the design were still ongoing at the Mint. NGC has confirmed with Mint officials that a total of 16 design variations were sculpted during this process. A design variation other than the final 16th edition was used to strike the first delivery of these coins, the “Cheerios” coins. It is believed that, when full scale production was being considered, a design flaw was discovered prompting the Mint to reduce detail for mass production of dies.

The discovery coin was submitted to NGC at the Long Beach Coin Show in February 2005 by collector Pat Braddick. In discussion with Mike Wallace, who operates a website devoted to the Sacagawea Dollar, www.smalldollars.com, Braddick learned that he might have something special. Dave Lange, NGC Director of Research, was on hand to examine the coin. Lange immediately hypothesized that the coin had been struck from prototype dies and more closely resembled the plasticine models sculpted by Mint Engraver Tom Rogers. Lange had viewed these models at the Philadelphia Mint in March, 2000 in the presence of Rogers, who told him that alterations had been made to the design before mass production began.

When the coin arrived at NGC, resident expert in Mint production, Dave Camire, began an extensive research process to uncover the source of this coin’s unusual attributes. He was aided in his research by Tom DeLorey, a coin dealer with Harlan J. Berk, Ltd. DeLorey first identified and reported feather variations on the Sacagawea Dollar’s reverse in January, 2000. Subsequent research by NGC and DeLorey revealed that this same reverse was used by the West Point Mint to strike 39 Sacagawea Dollars in 22 karat gold in June, 1999. Just 12 of these gold 2000-W dollars are still extant, and are housed at Fort Knox. They have been given the reference number J-2190 for inclusion in the most recent edition of the standard pattern reference by J. Hewitt Judd and edited by Q. David Bowers, United States Pattern, Experimental & Trial Pieces. DeLorey also submitted a second 2000-P Sacagawea Dollar in April of this year, this one still in its original Cheerios holder. The complete history, as related above, was at long last finally pieced together.

The pattern Sacagawea Dollar is easy to distinguish from a circulation issue upon examining its reverse. The eagle’s wings and tail show intricate feather detail, including raised central feather shafts and numerous veins. These details are absent on the adopted design on which the central tail feather shows an incuse shaft.

NGC has designated these coins as patterns because of a broad confluence of information surrounding their production. They were produced for testing purposes and inadvertently, in a small release, were distributed for a specialized promotion, not for general circulation. They were minted prior to mass circulation production. The dies employed had not completed their final testing phase, and modifications were made to accommodate the circulation production process. The only other known use of this reverse die was on the pattern gold 2000-W Sacagawea Dollar.

This is unquestionably one of the most intriguing new finds in the annals of modern coinage. They fact that they are just now being recognized, five years after their release, is surprising to many experts. A mad rush to locate other specimens is already underway. With 5,500 examples widely dispersed, who knows where they will turn up. Let the treasure hunt begin!

Additional Resources :
* NGC Article: NGC Certifies Pattern Sacagawea Dollar

* An EXCEPTIONAL explanation and in depth history of the Cheerio’s Dollar can be found on www.smalldollars.com.
SACAGAWEA DOLLAR PATTERN -REVERSE OF 1999

Last Updated : 03/10/2008

Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

Frank A. Leach was superintendent of the U.S. Mint in San Francisco from 1897 to 1907. He assumed the title of Mint director in Washington in 1907 after the resignation of George E. Roberts from the post, and moved there in time to assume his new duties by Oct. 1, 1907. As the following excerpt shows, Leach was a crucial figure in the production of the Saint-Gaudens coinage. Leach wrote his memoirs titled Recollections of a Newspaper Man–A Record of Life and Events in California, published in 1917 by Samuel Levinson of San Francisco. Bowers and Merena Galleries republished a portion of that work in 1987 as Recollections of a Mint Director. Some excerpts from that text follow, dealing with the circumstances surrounding production of the High Relief issues:

“Another very important matter was in hand in the bureau when I arrived at Washington, which was soon to cause me some anxiety, and that was the perfection of President Roosevelt’s scheme for new designs for all the gold coins of our country. There were a number prominent people in the East, especially in New York and Boston, who some time before began an agitation for an improvement in appearance of all our coinage. The President quickly became the leading spirit of the movement. The prevalent idea in this undertaking was that the design and execution of our coinage were inferior and inartistic when compared with those of ancient Greece; and as the coins used by a nation are one of the most enduring records of the art and mechanical skill of its age, our government should make an issue of coinage that would leave to future generations and ages something that would more truthfully and correctly reflect the artistic taste and mechanical ability of our day than the coinage then in use, unchanged for so many years.”

Leach then makes a surprising comment concerning what he considers to be the derivative nature of the Saint-Gaudens coinage–at least in their relief, if not in their design–and expresses his concerns with the practicability issues involved in producing the Ultra High Relief and High Relief designs:

“The admiration for the ancient Greek coins unwittingly influenced those gentlemen to suggestions that were imitative rather than original. They wanted the designs for the proposed coinage to be brought out in high relief, or with medallic effect, like the designs on the ancient coins. The commercial use and requirements seemed to have been lost sight of in the enthusiasm of producing a highly artistic coin; but in all probability none of the leading spirits in the movement was familiar with the use of metallic money, and did not understand that the proposed high relief would make the face of the coins so uneven that the pieces would not ’stack,’ which was a condition fatal to the practicability of the idea.

“It was early in the year 1905 that President Roosevelt authorized the Director of the Mint to conclude a contract with the famous sculptor, Saint-Gaudens, to supply designs in high relief for the $20 and $10 gold coins. This was accomplished in July, but no designs were finally perfected that met the approval of the President until the early part of 1907. … Dies from the model were made at the Philadelphia mint. On trial, the dies gave such a high relief to the figures on the design that all efforts to produce a perfect or satisfactory coin on the regular coining presses were ineffectual. A medal press was then resorted to, that the beauty of the design might be studied and preserved in the shape of a coin, but even by this process it required about twelve blows or impressions in the press for each piece, with an annealing process between each stroke of the process. … Nineteen pieces only from this model were struck on the medal press, and these were subsequently given to mint and Washington officials connected with the work.

“There were some who thought that by reducing the diameter of the piece to about the size of a ‘checker,’ with a corresponding increase in the thickness, the much desired high relief might be struck on the ordinary coin press; accordingly dies were made and several pieces struck, when it was discovered that the coinage act, passed in 1890, prohibited the change of the diameter of any coin. Thirteen pieces were struck from this small die for the thick or checker pieces, but with the exception of two coins placed in the cabinet or collection of coins at the Philadelphia mint, all of these pieces were melted and destroyed on account of the improper or illegal dimensions.

“Saint-Gaudens then attempted to facilitate the work of coinage by supplying another or second set of models with the relief reduced to some extent, but satisfactory results were not obtained on the regular coinage presses. He then made a third model with still further and greater reduction of the high relief. The failure gave rise to considerable friction between the artist and the mint authorities. The President had become impatient and began to think that the mint officials were not showing a zeal in the work that promised results. It was at this stage of undertaking that I came into the office of Director. Before I had become familiar with my surroundings the President sent for me. In the interview that followed he told me what he wanted, and what the failures and his disappointments had been, and proceeded to advise me as to what I should do to accomplish the purpose determined upon in the way of new coinage. In this talk he suggested some details of action of a drastic character for my guidance, which he was positive were necessary to be adopted before success could be had. All this was delivered in his usual vigorous way, emphasizing many points by hammering on the desk with his fist. This was my first interview with the President, and it was somewhat embarrassing for me to oppose his views, but I felt that it was essential to my success that I should be untrammeled by any interference in the plans that I should adopt to secure the production of the new coinage. I determined then and there that if I could not have free rein in the matter I would not attempt the work. In my reply to the President I finally made the wisdom of my position clear to him. I explained to him how I had not yet had time to look into the matter and locate the causes of failure, consequently could not say what was necessary to correct them. At any rate, I would have to insist that these were matters of details that should be left to my judgment.

” ‘All you want, Mr. President,’ I said, ‘is the production of the coin with the new design, is it not?’
” ‘Yes,’ said he.
” ‘Well, that I promise you.’

“He said he guessed I was right in my attitude in the matter, but I think he was not very confident of my getting results, for when a few days later I laid upon his desk a sample of beautifully executed double eagles of the Saint-Gaudens design, he was most enthusiastic in his expressions of pleasure and satisfaction. I certainly believed him when he declared he was ‘delighted.’ He warmly congratulated me on my success, and was most complimentary in his comments.

” ‘Now,’ he said, ‘I want enough of these coins within thirty days to make a distribution throughout the country, that the people may see what they are like.’ I replied that we would be able to meet with his desire, although I explained that the issue would have to be struck on medal presses from the second design model, but that in a few weeks later, we would have dies completed from model No. 3 with lower relief, so that the coins, when made, would meet the requirements of the bankers and business men in ’stacking,’ etc., and these could be struck on the regular coin presses in the usual way. The pleasure of the President was manifested in the heartiness of his thanks. I had every medal press in the Philadelphia mint put into operation on these coins with an extra force of workmen, so that the presses were run night and day. The officers of the mint entered into the spirit of the work cut out for them, putting zest into the operations which assured me that the issue of the new double eagles, so greatly desired by the President, would be made on time. In fact, we delivered to the Treasurer of the United States 12,153 double eagles, representing $243,060, which was considerably more than asked of us, several days ahead of time.”

As the fascinating and historic Leach account makes clear, the MCMVII Ultra High Relief coins were an instant rarity, and those coins today are all but unobtainable, as only 19 or 20 pieces were struck. In this way the Ultra High Relief coins are in the same class as other legendary rarities, say 1894-S Barber dimes or 1804 silver dollars. But the High Relief coins are in quite a different class. While retaining much of the original relief desired, the MCMVII High Relief coins are not particularly rare as a type, and nice specimens are within the means of many collectors. And while the Ultra High Reliefs are pattern pieces, the High Reliefs are regular-issue coinage. Mint Director Leach had the pieces struck to satisfy President Roosevelt’s desires for high relief coinage that would emulate Classical Greek coinage, all the while fully realizing that the design was still impractical for modern, one-blow circulation coinage.

“Modern” circulating coinage of the era was produced on high-speed steam-powered coin presses, not the hydraulic medal presses used for the Ultra High Relief and High Relief coinage. The High Relief coins required only three blows of the medal press, not the seven or more blows required to fully articulate the Ultra High Relief design. Although the estimates for the number of pieces coined vary (and estimates for the number of blows required), Leach’s documentation of more than 12,000 pieces appears essentially correct, according to modern research.

A so-called “Wire Rim” protruded around the outer extremity of the coins, which resulted from excessive metal flow between the die face and collar during the striking process. Unlike today’s collectors who consider the Wire Rim to be a highly collectible variety, Mint officials considered it to be a striking deficiency. This “flaw” in the striking process was corrected around mid-December, and subsequent High Relief double eagles possessed what became known as a Flat Rim.

Specifications:

Designer: Augustus Saint-Gaudens
Mintage: 19 to 22 pieces
Denomintion: $20.00
Diameter: ±34 millimeters
Metal content: Gold – 90% Copper – 10%
Weight: ±516 grains (±33.4 grams)
Varieties: Lettered

Additional Resources :

Last Updated : 02/17/2008

Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

Of the 373 1865 proof silver dollars that have been certified as of (1/08) by both NGC and PCGS combined, the current coin stands above all others with regard to state of preservation and technical grade. A smattering of examples exist at the PR66 and PR67 levels, but only one, the piece offered here, has been awarded the seemingly unattainable grade of PR68. The fields are deeply mirrored and the devices display significant mint frost which yields an unacknowledged cameo contrast beneath the multiple layers of toning. Rose and sea-green toning are seen over each side to varying degrees of intensity. The devices are fully struck in all areas, as one would expect. What is unexpected, however, are the extraordinarily clean surfaces. We simply do not see any defects on this coin.

Although 46,500 Seated dollars dated 1865 were struck for circulation, the number of survivors is comparable to that of the 500 proof coins produced that same year. According to Bowers in his seminal work on the subject, Silver Dollars & Trade Dollars of the United States (1993), the reason for this fact is twofold: most of mintage of 1865 business strike dollars were exported to Central and South America whereas the full production of 500 proof pieces were distributed with the 1865 silver proof sets. Today fewer than 400 business strikes are extant, with the vast majority of those survivors in circulated grades. Approximately the same number of proof examples are available today, based on a thorough review of auction records, population data and independent analyses of numismatic researchers. The problem encountered by advanced collectors of business strike Seated dollars, however, is the fact that few Mint State pieces dated 1865 exist. The inclusion of a high grade proof specimen into one’s regular issue collection is often a tempting, and sometimes the only option.

Breen (1977) claims to have seen one of the 1865 proof sets as produced by the Mint: “I have since seen one in original case of issue, black morocco, lined with blue satin and aquamarine plush … .” When contemplating how an 1865 proof silver dollar could have survived 143 years in Superb Gem condition, it is easy to visualize a piece that was struck with great care under perfect conditions and immediately placed into one of the original proof set cases as described by Breen. While most of the early sets were disassembled over the years and handled with less than perfect care, this proof dollar was under the constant custodianship of an astute numismatist, or put away and forgot about throughout the decades. Whatever the case may be, numismatists of our time rejoice in the fact that this coin has defied the odds.

Regardless of state of preservation or ranking in the Condition Census, all 1865 proof Seated dollars are imbued with historical significance. 1865 was the final year of the Civil War, but it is important to note that all 500 proof silver dollars of this date were issued between February 25 and March 24. Mere days later and approximately 300 miles to the south, General Robert E. Lee surrendered his Confederate Army to Union commander Ulysses S. Grant on April 9, 1865 at Appomattox Court House, Virginia. The current piece has not changed since the instant it was struck and, as such, is a time capsule of America’s history and a numismatic masterpiece.

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The Indian Head one-cent coin was produced by the United States Mint from 1859 through 1909. It was designed by James Barton Longacre, the Engraver at the Philadelphia Mint.

The obverse of the coin shows UNITED STATES OF AMERICA, an Indian head facing to the left, wearing a feather bonnet. The word LIBERTY is shown on the band across the bonnet, and shows the production date below.

The coin’s reverse side shows ONE CENT within a laurel wreath. In 1860 the reverse design was changed slightly, showing ONE CENT within an oak wreath, with three arrows inserted under the ribbon that binds the two branches of the wreath. Above and between the ends of the branches is the shield of the United States. As such, the 1859 Indian Head Cent is a One Year Type Coin which enjoys continuing popularity among Indian Head Cent collectors and type collector alike.

The coins that were struck between 1859 and 1864 were composed of 88 percent copper and 12 percent nickel, as required by law. In 1864, the weight of the coins was reduced from 72 grains to the present weight of 48 grains, and the alloy changed to 95 percent copper and 5 percent tin and zinc. Research in 1863 indicated that bronze was an excellent alloy for minor coins, and so the copper-nickel alloy was discontinued. Total production of the Indian Head cent was 1,849,648,000 pieces.

The Director of the Mint, James Ross Snowden, wrote a letter on November 4, 1858, to Secretary of the Treasury Howell Cobb, suggesting that a change be made in the design of the Flying Eagle cent. He pointed out that the relief of that coin was too high, and that the design did not seem too acceptable to the public. Snowden submitted models for a new design, and Secretary Cobb gave his approval to what later became the Indian Head Cent.

According to records at the United States Mint, the design of the Indian Head cent became official on January 1, 1859, and was first released into circulation early that year. When the coin was first produced, Longacre’s initials did not appear on the coin, but beginning in 1864, a small “L” was added.

There is a popular rumor about the design of this coin, which states that Mr. Longacre used his daughter as his model for the Indian likeness on the cent. Unfortunately, this information has not been authenticated in United States Mint files.

Initially, the production of the five-cent nickel and the one-cent bronze coin was limited by law to the Philadelphia Mint. An Act of Congress passed on April 24, 1906, provided for the making of these denominations at other Mint facilities.

The manufacture of the Indian Head cent at the San Francisco Mint in November 1908 marked the first time this denomination of coins was minted outside of Philadelphia. One-cent coin production did not begin at the Denver Mint until 1911.

Specifications:

Designer: James B. Longacre
Mintage: 36,400,000 – Proof 800
Denomintion: $0.01
Diameter: 19 millimeters
Metal content: Copper – 88% Nickel – 12%
Weight: 72 grains (4.67 grams)
Varieties: Plain

Additional Resources :

Last Updated :01/18/2008

Photos and descriptions used with permission and courtesy of Heritage Currency Auctions

The $1000 “Grand Watermelon” note pictured above is, as of this date, the most expensive US banknote ever sold. A world’s record price of $2,255,000 was paid for this note, more than double the previous record. Heritage Auction Galleries of Dallas, Texas (www.HA.com) brokered the private transaction between two collectors.

The only other known red seal Grand Watermelon is in the museum at the Federal Reserve Bank of San Francisco.

According to Greg Rohan of Heritage, “This note is graded PMG VF-35. It is pedigreed to the famous Albert A. Grinnell collection and was sold at auction by Barney Bluestone for $1,230 in November 1944. The anonymous seller of the record-breaking bill is described as “a private collector who owned the note for a number of years, and the anonymous buyer is very advanced and sophisticated East Coast collector of art and rare currency.”

The portrait on Grand Watermelon notes is of Civil War-era General George Gordon Meade who commanded Union Army troops at the Battle of Gettysburg. The Grand Watermelon notes are at the top of the list in the recently-published reference book, The 100 Greatest American Currency Notes, by Q. David Bowers and David Sundman.

Photos and descriptions used with permission and courtesy of Heritage Currency Auctions

A NewYork Times article from March 12, 1989 gives some general background on “Watermelon” notes, in this case one being sold in the Stack’s auction of the Howard W. Gunlocke Collection :

The bills are called ”Grand Watermelons” from the design on the reverse. Large numerals fill the middle and the zeros in the hundred-dollar and thousand-dollar notes are shaped and colored like large succulent watermelons, oblong and dark green with black streaks. Of course, the not-so-grand hundred dollar bill is known as the ”Watermelon”.

While ”Watermelon” notes are pretty, they have a rather nefarious past. Forget that the bills were printed at a time when most of the people would never earn a thousand dollars a year.

By looking closely, a clever little phrase can be seen on the front. Just to the right of the portrait of Gen. George Meade and just under the large gothic script reading ”One Thousand Dollars” are the words ”in coin.”

It is this little phrase that caused so much trouble and the early demise of the ”Watermelon” notes.

When miners suddenly struck silver within the great Comstock Lode in Nevada in the late 1800’s, the newly-rich silver barons lobbied Congress for some way to absorb the massive amounts of silver that were being unearthed.

Congress responded to the silver lobby by passing the Bland-Allison Act of 1878. That act ensured that the Treasury would buy two million dollars of silver each month at the highest market rate.

In the 1890’s, after more than 10 years of the Treasury propping up the silver market, the silver lobby wanted even more.

Thus was born the Legal Tender Act of July 14, 1890. In it, Congress legislated that a new issue of ”Treasury Notes” would be created, notes that could be used only for the purchase of silver.

Both Treasury Notes and Silver Certificates purchased silver from the silver barons but only the Treasury Notes could be redeemed in coin – gold coin. Silver Certificates could only be redeemed in silver.

Holders of large amounts of silver could now sell their bullion to the Treasury at the highest prevailing price and receive the lovely ”Grand Watermelons” in return.

These notes could then be used to buy gold coin from the Treasury. Because of the relative disparity in bullion values, anyone with large holdings of silver could make a fortune selling these Treasury Notes for gold.

By 1893, when Congress finally negated the benefits of the Treasury Notes, many fortunes had been made and the reserves at the United States Treasury were seriously depleted.

Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

[Editors Note] This coin was auctioned at the Heritage Long Beach Signature Sale #460  lot 600 on February 13, 2008. Purchase price $632,500.

What defines a classic American numismatic rarity? Is it an extremely low mintage figure, or are certain coins considered classics because of their combination of a beautiful design, historical significance, and limited availability? Perhaps it is the mystique surrounding special coins, such as the 1913 nickel, 1804 dollar, or the 1933 double eagle that account for their status as classic rarities and their accompanying multi-million dollar price tags. By all of the above attributes, the 1838-O is a classic and, unequivocally, one of the most celebrated and sought-after properties in America’s numismatic history. However, it is the mystery surrounding the 1838 O-mint halves that tends to elicit the most intrigue from collectors, dealers, and researchers alike.

First of all, how many were struck? The generally accepted mintage figure is 20 coins, based upon a handwritten note that accompanied the 1838-O half dollar sold as lot 583 in the June 1894 Friesner Collection by Edouard Frossard. As recorded in Breen (1988), the handwritten note was inscribed as follows: “The enclosed specimen coin of the U.S. branch mint at New Orleans is presented to Pres. Bache by Rufus Tyler the coiner. It may be proper to state that not more than 20 pieces were struck with the half dollar dies of 1838.”

Alexander D. Bache was the first president of Girard College in Philadelphia and, according to research by Karl Moulton, Tyler’s prior chemistry professor at the University of Pennsylvania, thus providing a motive for the gift from Tyler. As a side note, Girard College was founded in 1833 but did not technically open until 1848. Nonetheless, Bache was president, in a limited capacity, of the college when he received the 1838-O half specimen. The current disposition of this particular specimen is unknown and not included in the pedigree roster below, suggesting that an additional example of this rare issue may be extant.
The 1838-O half sold as lot 655 in the June 1890 auction by New York Coin and Stamp Co., now identified as the Norweb coin, included the following note in that catalog: “We have seen a letter from Dr. Riddell, superintendent N.O. Mint, 1838, which accompanied a similar half dollar, in which it was stated that only four half dollars of this date and mintage were issued …”

There are two problems with the aforementioned letter: Dr. John Riddell was never the superintendent of the New Orleans Mint, but rather the melter and refiner, and the term of that position did not commence until 1839, so it is likely that the letter referenced in the 1890 sale was referring to specially prepared 1839-O half dollar coins. Since we have traced 11 1838-O halves, the notion that only four coins were struck is obviously incorrect, therefore it is easier to accept the suggested mintage of 20 pieces. One went to Bache and another to the Mint Cabinet Collection, but what was the destination of the other 18 examples?

Researchers generally agree that the remaining coins were distributed as gifts or souvenirs by mint officials. So are the 1838-O halves proof coins, business strikes, or die trial pieces? If the 1838-O halves were distributed as proofs, several pieces were not handled as such over time. The Boyd, Empire, and Anderson-Dupont specimens are all considered circulated or impaired proofs, grading in the PR40 to PR50 range. Even the Smithsonian example from the Mint cabinet is a cleaned coin.

Proof half dollars from prior years exist in Gem or better condition so it is curious that the finest 1838-O half graded is a PR64. Breen (1988) claims that his research in the National Archives in 1951 yielded a reference stating that “a few” halves were struck “to test a press.” This seems logical, considering that the New Orleans Mint was merely months old when the 1838-O halves were struck in the first quarter of 1839.

It is well known that the first coins struck at the new branch mint were dimes and half dimes, and the smaller press used for those issues broke twice. The challenges with the implementation of a new, larger steam press to strike the half dollars must have been considerable. However, everyone agrees that the first O-mint halves certainly look like proof issues and there is no official record that 20 pieces were struck for circulation. The fact that most of the extant examples display mirrored fields could be explained by the fact that the newly installed dies had been freshly lapped and neither proofs nor die trial pieces would have been recorded in 1839.

Interestingly, the reverses of all known 1838-O halves display some degree of die deterioration. In fact, the faint breaks visible on most of the known 1838-O halves are similar, if not identical, to the die breaks observed on the 1839-O JR-1 halves. In addition, the number of dentils, 140, and their orientation to the reverse lettering match perfectly. Further study is essential before making a definitive claim, but it is likely that the two issues share the same reverse. It is possible that the dentils were part of the master dies used to create the working dies, thus explaining the identical positional match.

A mystery yet to be resolved is why a proof coin would be struck from damaged dies. Were the dies broken during the production of the master dies, or were some coins, whereabouts unknown, struck before the 20 die trial pieces mentioned by Tyler? The argument regarding the status of branch mint proofs is tiresome and will likely continue into the unforeseeable future. Sentiments converge, however, on the fact that any 1838-O half dollar is an extraordinary coin to behold, both in terms of beauty and absolute rarity.

The Atwater specimen, is not only special because of its rarity, but also because of its wonderful state of preservation. Some specialists believe that this coin is the finest known of the 11 traced examples, despite the grade assigned by PCGS. The fields are deeply mirrored and the strike is as strong as one would expect on a proof coin. Signs of cabinet friction are absent, and it is likely that the three obverse marks (right of star 5, left of star 9 and at the base of Liberty’s throat) have limited the grade.

Exclusive of the three marks, which shall forever serve as immediate pedigree markers, the Atwater specimen is awe-inspiring. This coin is perhaps best explained by the legendary B. Max Mehl in his June 1946 sale of the Atwater 1838-O half dollar, as quoted in the August 1973 Stack’s sale of the Reed Hawn Collection, lot 122:

“Until last year I have not had a single specimen of this great rarity offered in any of my sales during all my numismatic experience of 45 years. In my sale of the Ryan Collection, June 1945, the first specimen I have ever offered at auction brought $1,875.00. It was a purple proof. The one offered here is a brilliant Gem proof, and in my opinion, and as far as I know, no finer specimen exists or could exist. According to my records, there are only seven specimens known. It is therefore considered, and rightly so, one of the very greatest of all United States silver coins – barring none – not even the 1804 dollar. It is a rarity which will add luster and much value and of course great pride of ownership to any collection of U.S. coins. It is a thrilling coin to look at and a still greater coin to own.”

The “purple proof” that Mehl mentions in the above description is the Neil specimen which was most recently sold as part of the Queller Collection by Stack’s in October 2002. It realized $184,000 in that sale. It is likely that the first U.S. half dollar coin to reach the million dollar mark will be an 1838-O half and, considering the current renaissance in classic U.S. numismatic rarities, it may happen sooner than later. The Baldenhofer specimen was sold at Heritage’s June 2005 Long Beach sale for $632,500, and an impaired proof considered to grade PR40, the Boyd coin near the bottom of the condition census, realized a price of $220,000 at the October 2006 auction of the Byers Collection by Stack’s. The specimen offered here provides a rare opportunity for the connoisseur to acquire a legendary coin that holds a permanent position on the landscape of classic American numismatic rarities and is perhaps unimprovable in terms of quality.

The following roster is a modification of the list included in our June 2005 sale of the Baldenhofer specimen. It is a continuation of the roster published in the 1997 catalog of the Eliasberg sale by Bowers and Merena, although we must note that the pedigree information provided here may be incomplete or include errors. With the aforementioned disclaimer being made, we are confident that the current roster is the most accurate and up-to-date list available.

An in-depth study of 1838-O halves would be required to improve upon the list, and even then it would not likely be completely accurate. Errors found in previous catalogs have been propagated throughout the past century and some ownership information has simply been lost to time. The order of coins in the roster is an approximation of the Condition Census, not including the Smithsonian specimen, which would likely fall somewhere in the middle.

Of course grading is subjective and specialists may have different opinions on the exact placements. It is also possible that the coins listed as “uncertified,” such as the Cox and Neil specimens, may actually be encapsulated. As of the time of the current sale such information was not available.

The combined data from the NGC Census Report and the PCGS Population Report of 1838-O halves indicates that five pieces have been graded at the PR64 level, with four achieving a PR63 designation and one certified as PR45. Based on the roster of known specimens, it is probable that the population data represents resubmissions of the same coin or coins.

Three of the coins in the roster are missing grades. To complete the list we should include the following:

Cox Specimen: Brilliant Proof.
Empire Specimen: PR40 Uncertified.
Guggenheimer Specimen: PR40 Uncertified.

1. Smithsonian Specimen. PR60 Cleaned. Superintendent, New Orleans Mint; Mint Director Robert M. Patterson; Mint Cabinet Collection, formed in June 1838; Smithsonian Institution.

2. Eliasberg Specimen. PR64 NGC. Stack’s (1942); Louis E. Eliasberg, Sr. (Bowers and Merena, 4/1997), lot 1911.

3. Norweb Specimen. PR64 NGC. J.N.T. Levick; W. Elliot Woodward; R. Coulton Davis; Lorin G. Parmelee (New York Coin and Stamp Co., 6/1890), lot 655; James B. Wilson (Thomas Elder, 10/1908), lot 346; Albert Fairchild Holden; Emery May Holden (Mrs. R. Henry Norweb); Norweb family (Bowers and Merena, 11/1988), lot 3119; unknown intermediary; Andrew Lustig.

4. Atwater Specimen. PR63 BM PCGS. The present piece. Col. E.H.R. Green; William Cutler Atwater (B. Max Mehl, 6/1946), lot 555; unknown; Reed Hawn Collection (Stack’s, 8/1973), lot 122; Auction ‘79 (Superior’s session, 8/1979), lot 1569; James Bennett Pryor Collection (Bowers and Merena, 1/1996); Doug Noblet; Bowers and Merena (10/2000); Heritage to Madison Collection via private treaty (9/2005); Sid and Alicia Belzberg Collection.

5. Baldenhofer Specimen. PR64 BM PCGS. Col. E.H.R. Green; W.G. Baldenhofer (Stack’s, 11/1955), lot 708; Robert Pelletreau (Stack’s, 3/1959), lot 782; Jerome L. Cohen; Lester Merkin; Q. David Bowers; Charles Jay (Stack’s, 10/1967), lot 181; Dr. E. Yale Clarke (Stack’s, 10/1975), lot 253; Julian Leidman; Bryan Collection (NASCA, 11/1977), lot 708; Julian Leidman; Auction ‘82 (Paramount’s session, 8/1982), lot 1689; unknown intermediary; Long Beach (Heritage, 6/2005), lot 6244.

6. Cox Specimen. Brilliant Proof. Col. E.H.R. Green; Burdette G. Johnson; Wayte Raymond; J.G. Macallister; Charles M. Williams (the likely owner); Numismatic Gallery; Adolphe Menjou Collection; R.E. Cox, Jr. (Stack’s, 4/1962), lot 1873; Empire Coin Co. (Q. David Bowers and James E Ruddy); Hazen B. Hinman, Century Collection (Paramount, 4/1965), lot 1151; unknown intermediary; Bowers and Ruddy Galleries (Rare Coin Review #17); Ellis H. Robison (Stack’s, 2/1982), lot 1605; Marvin Browder.

7. Neil Specimen. PR60 Uncertified. Waldo C. Newcomer; Henry Chapman; Col. E.H.R. Green; Maurice Ryan; B. Max Mehl (May 1945), lot 936; Will W. Neil (B. Max Mehl, 6/1947), lot 580; James Aloysius Stack (Stack’s, 3/1975), lot 415; Julian Leidman; New York City Collection; 1982 ANA Sale (Steve Ivy, 8/1982), lot 2320; Anthony Terranova; Kevin Lipton; George W. Vogt (Colonial Coins); Auction ‘84 (RARCOA, 8/84), lot 1666; David Queller Collection (Stack’s, 10/2002), lot 446. The enlarged reverse in the Queller Catalog is incorrect, and is actually the 1836 Reeded Edge half dollar.

8. Boyd Specimen. PR40 Uncertified. Col. E.H.R. Green; Wayte Raymond; F.C.C. Boyd; “World’s Greatest Collection” (Numismatic Gallery, 4/1945), lot 410; 1971 ANA Sale (Stack’s, 8/1971), lot 805; Dr. George J. Oviedo (Stack’s, 9/1983), lot 830; George Byers Collection (Stack’s, 10/2006), lot 1097.

9. Anderson-Dupont Specimen. PR50 Uncertified. Col. E.H.R. Green; Anderson-Dupont sale (Stack’s, 11/1954), lot 2104; Mr. Gottschalk; 1957 ANA Sale (Federal Coin Exchange, 8/1957), lot 1535A; “TAD” Collection (Stack’s); Julian Leidman; Steve Ivy; Manfra, Tordella, and Brookes; 1983 ANA Sale (Kagin’s, 8/1983), lot 2494; Mid-American (5/1985), lot 392; 1986 ANA Sale (Kagin’s, 8/1986), lot 4657A; H.W Blevins (Superior, 6/1988), lot 3567; Bowers and Merena (3/1989), lot 2000; Vintage Auctions (8/1989), lot 202.

10. Empire Specimen. PR40 Uncertified. New Orleans private collection; Ferguson Haines; (S.H. & H. Chapman, 10/1888), lot 483; Col. E.H.R. Green; Charles A. Cass/Empire Collection (Stack’s, 11/1957), lot 1344; “Empire Collection” (Stack’s, 11/1957), lot 1344; New Netherlands Coin Company; Jerome L. Cohen; Kreisberg-Schulman (4/1967), lot 1065; Kreisberg Mail Bid Sale (6/1970), lot 1044.

11. Guggenheimer Specimen. PR40 Uncertified. Fred S. Guggenheimer (Stack’s, 10/1953), lot 830.

The present coin has light, even, pleasing steel-gray and pale blue toning over fully reflective surfaces. The devices on each side are intricately detailed. The coin is suggestive of a PR64 or even better coin. (Without the marks, which actually look slightly worse in the photo than in person, it would easily grade PR64 or PR65.)

Photos used with permission and courtesy of Heritage Auction Galleries

Description:

In 1856, a newly durable gold dollar was released by the Mint. Dubbed “the Large Head type,” Longacre’s new design was very similar to that of the Small Head type, but the size of the Indian head on the obverse increased, while at the same time it became more flat. The headdress changed location as well, and the details of the face were slightly altered.

The new type was minted continuously at Philadelphia, but in certain years quantities were also produced at Charlotte, Dahlonega, and San Francisco.

In addition, proofs were minted at Philadelphia from 1859 on. The quantity of proofs minted each year ranges from an estimated 15 in 1856 to 1,779 in 1889. In total, the quantity of coins minted each year ranges from 420 in 1875 to 1,764,396 in 1856. Production of the gold dollar was discontinued in 1889, but the coin continued to circulate in some areas until the country abandoned the gold standard in the early 1930s.

Specifications:

Designer: James Barton Longacre
Mintage: All Years 5,327,443 Proofs – estimated 8700
Denomintion: $1.00
Diameter: ±14.3 millimeters
Metal content: Gold – 90% Copper – 10%
Weight: ±25.8 grains (±1.7 grams)
Varieties: Reeded

Additional Resources :

Last Updated : 01/18/2008