This lovely 1793 Chain cent, like most early coins, has considerable character and individuality. It combines outstanding technical quality with an historic provenance that dates back nearly 150 years, one of the longest ownership records of any Chain cent known today.

This Chain cent appeared on the April 1869 Levick plate, the first photographic plate of large cents that appeared in the American Journal of Numismatics. The Levick plate was also the first systematic attempt at the classification of large cent varieties. Twelve obverse dies and 10 reverse dies were illustrated in an arrangement of 15 different varieties. The photography was by Joseph N.T. Levick, with the descriptions and arrangements by Sylvester S. Crosby. The achievement was remarkable for the time, as only seven additional die marriages have been discovered in the 141 years since that publication.

R.W. Julian wrote in an article on the 1793 cents in the May 1990 issue of Coins magazine: “There is probably more fascination with the 1793 issues of the Philadelphia Mint than any other coinage of this country, yet the average collector knows little of this far-off year.”

The 1793 Chain cents, beginning with the famous Chain AMERI cent, were the first federal coins actually struck at the U.S. Mint early that year. The entire production of 36,103 coins (of all five known varieties), took place in early March, although R.W. Julian, Walter Breen, and others speculated that some may have been minted on February 22, marking President Washington’s birthday.

Julian continued: “The dies were finished around the second week of February 1793 and trial strikes made to see that they worked on the Mint presses. Almost certainly there was a special ceremony connected with these trial strikes, and it has been suggested that it was held Feb. 22, a well known date in American history. Washington’s birthday was celebrated even during his lifetime, and what better way to mark the formal beginning of coinage than by holding a ceremony on that special day?”

Based on delivery figures for those coins, and the current rarity of each variety, it is thought that S-3 represented almost half of the entire Chain cent mintage, or nearly 18,000 coins. However, the Chain cents proved unpopular with the public. Commentary ranged from “Liberty in chains” to a bad omen.

n his Large Cent Encyclopedia, Breen quoted a letter that appeared in a Philadelphia newspaper on March 18, 1793: “The American Cents (says a letter from Newark) do not answer our expectations. The chain on the reverse is but a bad omen for liberty, and Liberty herself appears to be in a fright.”

After the supply of copper blanks was exhausted, Mint Director David Rittenhouse ordered a change to the new Wreath design, perhaps in reply to the adverse public criticism. The first Wreath cents were coined less than a month after the last Chain cents.

Of course, today, public dissatisfaction is hardly the case, as the Chain cents are at once the most popular large cents ever produced, and highly desired as the first of their kind. The opportunity to acquire a high grade example of any variety seldom comes along, and the present offering should be considered with extreme enthusiasm.

Every Mint State 1793 Chain cent that appears on the market is subject to heavy bidding pressure. There are few pieces available, and they are unable to meet the demand for these amazing coins. The combined NGC and PCGS Census includes the following: MS67 Brown (2); MS66 Red and Brown; MS66 Brown; MS65 Red and Brown; MS65 Brown (5); MS64 Brown (3); MS63 Brown (7); MS62 Brown (4); MS61 Brown (2), and MS60 Brown. Resubmissions reduce the number of certified coins to a net population well below the 27 coins listed here. For example, the present specimen represents both an MS64 Brown and an MS63 Brown in the list above.

Both sides have splendid sepia surfaces with frosty cartwheel luster. A tiny rim bruise below the 7, and another smaller rim bruise left of the date, positively match those seen on the Levick Plate coin. Slight weakness at the center of the obverse, with minutely diminished detail on the chain, account for the conservative XF45 grades that Bill Noyes and Del Bland have given this coin.

The certification services consider the worth of any coin, with PCGS grading this coin MS63 Brown. Earlier, when it appeared in the 2003 American Numismatic Rarities sale, it was graded MS64 Brown NGC. In each auction appearance since 1956, this 1793 cent has realized a higher price than in its previous appearance. The combination of an historic U.S. coin, an ever-increasing auction price record, and remarkable preservation makes this a true showpiece, a coin that will be the centerpiece of its next collecting residence.

Ex: Colin Lightbody (Edward Cogan, 12/1866), lot 536; Mortimer Livingston Mackenzie (Edward Cogan, 6/1869), lot 624; L. Bayard Smith; later, Arthur L. Gray; Ted and Carl Brandts (Celina Coin Co.); T. James Clarke (10/1954); R.E. Naftzger, Jr.; Abe Kosoff (4/1956), lot 4, $700; Stack’s; Dorothy Nelson (Stack’s, 2/1976), lot 3, $8,500; Ed Hipps; Steve Ivy (11/1978), lot 7, $13,250; Robert E. Bender; 1988 ANA (Heritage, 7/1988), lot 43, $22,000; Anthony Terranova; Kevin Lipton; American Numismatic Rarities (7/2003), lot 105, $115,000. The obverse was illustrated on the Levick Plate for variety 2.(Registry values: N10218) (#1341)

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2. Liberty Cap 1793 Large Cent Brings Record $632,500
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The Frederick Collection will be featured in a dedicated catalog, and will feature both exceptional pedigrees (and many prior auction flips) and his extensive notes on his varieties.

The late Mr. Frederick was an enthusiastic and long-standing member of the Bust Half Nut Club (BHNC), which was established in the late 1960s, and he took very seriously their dedication to collecting, studying, and sharing information about Bust Halves.

He also shared that group’s fascination with die states. Incidentally, owning 100 different Bust die marriages is required for BHNC membership; Mr. Frederick had no problems on that score! With 443 varieties (including two specimens and the discovery coin of the 1833 O-115), his collection ranks third currently in the BHNC census by completion and overall grade.

In a tradition that we would like to encourage with such variety-based collections, Mr. Frederick’s working copy of the Overton reference will be sold after his coins!

Don Frederick was born in Manhattan, grew up in Bayside, New York, and attended Tufts University in Boston. The fascination with rare coins that started as a young boy lasted his entire life. Even though he was clearly dedicated to Bust halves, he loved all coins, especially the early Federal issues, and this auction also includes more than three hundred of them.

Heritage was honored to sell Bayside Part One, Mr. Frederick’s collection of 120 halves minted 1794-1807, in our 2008 Baltimore ANA Auction; the Bust Halves in Part Two equal the earlier offerings in beauty and rarity.

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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

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“When I had the pleasure of inspecting the collection,” said Cristiano Bierrenbach, Heritage Director of International Sales, “I was impressed by the accomplishment of our consignor, who in a short time was able to assemble a complete cabinet with very few missing pieces. Many of the coins not included in the collection are found only in museums!”

One of the highlights of the collection is the group of counterstruck coins, with more than 30 pieces, many of which are very difficult to find. The collection also includes a complete set of 960 Reis, including very rare varieties, as well as three pieces from Minas Gerais, the three patacoes of the second empire (1832, 1833, and 1834), various Minas counterstamps on rare Hispanic 8 Reales, and a complete collection of Cruzados (!), including the extremely rare 1200 Reis of 1839 and 100 Reis of 1844.

Our Brazilian offerings in this auction do not end with the silver rarities from the Paulistana Collection; we will be offering dozens of gold rarities as well, including two 3200 Reis coins, a 1000 Reis dated 1727-M, an extremely rare 2000 Reis dated 1703-R, and more than 30 pieces of 6400 Reis from Rio and Bahia.

To sum it up, if you are interested in the fascinating coinage of Brazil, this auction has something for you. Just a few of the highlights of this auction will include:

• 960 Reis Counterstamp on 1789 Carlos III 8 Reales of Mexico.
• 1844 100 Reis.
• 1843 400 Reis.
• 1848 500 Reis.
• 1818-M 640 Reis.
• 1843 800 Reis.
• 1810-M 960 Reis, Inverted Reverse.
• 1822-B 960 Reis.
• 1834-R 960 Reis.
• 1839 1200 Reis.
• 1763-R 1600 Reis.
• 1703-R 2000 Reis.
• 1749-R 3200 Reis.

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Nearly every series has its key date(s), important coins that are required to complete a collection. However, throughout the entire panorama of American coinage, there are a few issues that stand out as major rarities. Among the most important is the 1849-C Open Wreath gold dollar, of which there are just four confirmed examples, with a fifth piece rumored. Heritage will present the XF45 NGC piece, the third finest of the four known coins. The 1849-C is peerless in the field of Southern mint gold coins struck in Charlotte, North Carolina; Dahlonega, Georgia; or New Orleans, Louisiana.

In fact, the 1849-C Open Wreath gold dollar has few peers among all regular issue U.S. gold coins. The unique 1870-S three dollar piece is a special issue; the 1797 Heraldic Eagle half eagles with 16 stars and 15 stars on the obverse are each unique in the Smithsonian Institution; the 1822 half eagle has just three known (including two in the Smithsonian Institution); the 1854-S half eagle has just three known; the 1861 Paquet double eagle has just two known; and the 1933 double eagle has just one in collectors’ hands, but 13 are known. Any of those coins would easily bring seven figures if offered at auction today. There are a few additional million-dollar coins, but none are in the same rarity category as the 1849-C Open Wreath gold dollar.

The 1849-C Open Wreath has had difficulty keeping pace with other major rarities. The current auction record for any example of this issue was established in July 2004, when the finest known example realized $690,000. That was a time when eight other coins had already broken the seven-figure barrier.

Doug Winter writes in the third edition of Gold Coins of the Charlotte Mint 1838-1861 that “this variety remains underpublicized among non-specialists. Among Charlotte collectors, it has assumed near-mythic proportions.” The time is right for the 1849-C Open Wreath gold dollar to make its own place among auction records for rare coins–and the time is also right for the forward-looking collector to add this coin to his or her collection.

As with most major rarities, the provenance of the known 1849-C Open Wreath gold dollars is subject to continual refinement. The NGC Census Report lists this coin and two others, an MS63 Prooflike piece and one that grades Fine 15. A single AU58 coin appears on the PCGS Population Report, and all four certified coins are listed in our roster:

1. MS63 Prooflike NGC.

Richmond Collection (David Lawrence, 7/2004), lot 1005, $690,000; to a partnership of Heritage Rare Coin Galleries, Martin Paul, and Steve Contursi; sold to a private collector in 2005 for a sum reportedly close to $1 million. Winter writes that this coin “is said to be ex: New Netherlands inventory in the 1950s.”

2. AU58 PCGS.

The discovery coin for the 1849-C gold dollar. Waldo Newcomer; Belden Roach Collection (B. Max Mehl, 2/1944), lot 1083; Charles Williams Collection; Robert Schermerhorn Collection; 1956 ANA Sale (James Kelly, 8/1956), lot 1571; later, a Midwestern Collection; Auction ‘79 (Stack’s, 7/1979), lot 749, $90,000; New England Rare Coin Galleries; private collection; 1982 FUN Sale (New England Rare Coin Auctions, 1/1982), lot 1350, $55,000; Southern Collection; Kevin Lipton; Winthrop Carner; North Georgia Collection (1999 FUN Sale, Heritage, 1/1999), lot 7722, unsold; Doug Winter and Hancock and Harwell; James Blanchard & Co.; a North Carolina Collection (Heritage, 4/2006, lot 1520, unsold. The 1944 Mehl catalog of the Roach Collection is apparently the earliest record of the variety in print. The March 1951 issue of The Numismatist carries a notice from Robert Schermerhorn that he acquired his coin “about eight years ago.” Since the Charles Williams Collection was not sold until 1950, Q. David Bowers questions that portion of the provenance.

3. XF45 NGC.

New England Rare Coin Galleries, circa 1978-1979; a Delaware Collection; later, Jefferson Coin and Bullion, to a private collector. This is the present specimen, and its first auction appearance, and to the best of our knowledge its first plated appearance.

4. Fine 15 NGC.

The reverse is scratched and shows traces of an old jewelry mounting. “McReynolds” prior to 1956; Leo Young; Charles Southwick; 1974 GENA Sale (Pine Tree Auctions, 9/1974), lot 1952, $35,000; Elrod Collection (Stack’s, 5/1986), lot 1330, $25,850; a California Collection (via Winthrop Carner for a reported $150,000); Heritage Rare Coin Galleries (1997); William Miller Collection; Long Beach Sale (Heritage, 2/1999), lot 6086, unsold; 2000 FUN Sale (Heritage, 1/2000), lot 7549, $86,250; Ashland City Collection (Heritage, 1/2003), lot 4607, $97,750; a North Carolina Collection (via Doug Winter).

In addition to those four coins, Doug Winter records the possible existence of a fifth piece that “was supposedly owned by a Connecticut dealer back in the 1960s or 1970s.” Bowers published his own take on the roster of known specimens, giving each of the five coins a distinctive name, although he gives little other information useful for tracing the pedigree of the different coins. He listed the Newcomer specimen (our number 2), the New Netherlands specimen (our number 1), the McReynolds specimen (our number 4), the Lumadue specimen owned by Connecticut dealer Donald Lumadue (the coin Winter mentions), and the Private Collection coin (our number 3, the present piece).

Waldo Newcomer (1867-1934), the famous early 20th century collector, was the first to recognize this important variety, sometime before 1933. Most of the Newcomer Collection was sold to B. Max Mehl in 1931, although remnants of the collection were offered at auction by J.C. Morgenthau in 1939.

All past authors have written that the reason for the change from the Open Wreath to the Close Wreath is unknown. It is virtually certain that the Open Wreath coins were struck before the Closed Wreath coins, and delivery records suggest the date was July 3, 1849.

In A Guide Book of Gold Dollars, Q. David Bowers writes that “two examples were sent to Mint Director Robert Maskell Patterson in Philadelphia, who replied that the coins were not well made, that the milling was too prominent, and that, in any event, new dies were being sent.” The exchange appears to indicate why the change took place from the Open Wreath to the Close Wreath, and why so few of the former pieces were made.

Although two pairs of dies were sent to Charlotte in June 1849, it seems that only one pair was used. All known 1849-C Open Wreath gold dollars have the same characteristics. Doug Winter describes them: “The star opposite the tip of Liberty’s nose has a short right point and it is weaker than the other stars. The leaf below the 1 in the date is hollow while the tip of the leaf below the 9 is partly detached. The ribbons are incomplete due to die lapping. A tiny die file mark can be seen above the RI in AMERICA.”

Described in print for the first time, this splendid Choice XF piece has a slight greenish appearance with traces of yellow luster visible in the protected areas around the design motifs, letters, and stars. Light wear has flattened the hair strands below the coronet and over the ear, with all other details quite sharp. As Mint Director Patterson mentioned, the obverse and reverse borders are prominent. Trivial surface marks are seen to some degree on each of the known specimens, including this piece, with a prominent mark below Liberty’s chin that will serve for future identification.

The current offering is the 13th time that an 1849-C Open Wreath gold dollar has appeared for public competition in any auction sale since 1944, an average of once every five years. Offerings have taken place in 1944, 1956, 1974, 1979, 1982, 1986, 1999 (2), 2000, 2003, 2004, 2006, and now in 2010.

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Heritage Auctions’ World Coins division kicked off 2010 with a bang over the New Year’s weekend at the Waldorf Astoria in Manhattan, setting an in-house record total with its $11 million+ Signature® World Coin Auction, Jan. 3-4, with the most famous Canadian coin in existence, the best of three known George V 1936 Dot Cents, leading all coins with a final price realized of $402,500. All prices include a 15% Buyer’s Premium.

“We don’t see any weakness in the World Coin market right now,” said Cristiano Bierrenbach, Director of International Sales at Heritage Auctions. “It almost seems strange to say it, but it’s true. Usually one area or another will show some kind of slowdown, but there were a record amount of bidders vying for almost every coin in this auction, especially The Canadiana Collection, as the more than 90% sell-through rate indicates.”

The Canadiana Collection did indeed top all entries into auction and set coin collectors across Canada, and the world, abuzz with its stunning array of offerings. In the process of realizing $3.85 million total, it made international news with the sale of the legendary 1936 Dot Cent, KM28, Specimen 66 Red PCGS, Ex: Belzberg, the finest of three known, as mentioned above.

Long considered essentially uncollectible since noted numismatist John Jay Pittman had held all three known examples from 1961 until his death, these coins were struck in 1937 prior to the creation of coinage dies for George VI but never released for circulation. Since first re-appearing on the market more than a decade ago, and now well-scattered, the three 1936 Dot Cents create great excitement whenever one appears on the auction block.

While it didn’t garner the same level of media attention as the Dot Cent, a simply beautiful 1934 Australian Proof Set, also featuring George V, KM-PS11, comprising KM22-27, certified and graded by PCGS, generated high interest and spirited bidding from collectors of Australian coins, ultimately bringing more than four times its low estimate of $60,000 to settle at $276,000.

“This is just an absolutely spectacular set, possibly the finest known and certainly the highest certified,” said Warren Tucker, Director of World Coins at Heritage Auctions. “It’s certainly very rare and now it’s the centerpiece for a very advanced collection.”

Also from The Canadiana Collection, a stunning 1921 Canadian 50 Cents, KM25a, MS66 PCGS, Ex: Bass-Belzberg-Brown, known as the ‘King of Canadian Coins,’ and also featuring England’s King George V, proved very popular with collectors on its way to a final price realized of $218,500, while the much-heralded 1936 Canadian Dot 10 Cents Specimen 68, KM23a, Specimen 68 PCGS, Ex: Pittman, lived up to its billing as the finest known survivor of the issue as collectors bid the coin up to a price of $184,000.

Further highlights of the auction include, but are not limited to:

Victoria Canadian 50 Cents 1890H, KM6, MS64 PCGS, Ex: Alston-Grossman: One of the most coveted issues in Canadian numismatics and the rarest entry in the incredibly difficult Victoria 50 Cents series, with a mintage of only 20,000 coins. One of only two Mint State examples known, both survivors of the renowned Heaton Hoard discovered in 1974-75. Realized: $149,500.

Victoria Canadian 50 Cents 1871-H, KM6, MS67 PCGS, Ex: Brown-Grossman: With only 45,000 pieces coined, the 1871-H Victoria 50 Cents, the first Heaton production, has the lowest mintage among the early-series issues. This phenomenal Superb Gem coin has the dual distinction of being not only the single finest graded of the issue by three grade points, it is also the single finest PCGS-certified example of the entire Victoria 50 Cents type (7/09). Realized: $120,750

South African Republic gold Pond 1874, Friedberg 1a, KM12, MS64 NGC, fine beard variety: The famed Burgers Pond, portrait of President Thomas François Burgers. 695 were struck in Birmingham, England. Few of this small number have survived, and many extant are damaged from jewelry use. An astounding example. Realized: $97,750.

People’s Republic of China gold 20 oz. 1500 Yuan 1989: Commemorating the 40th Anniversary of the People’s Republic, National emblem above city view/Government official giving speech at ceremony, value below, KM259, Gem Proof in the original sealed government plastic package. The first example Heritage has seen of this seldom offered issue. Realized: $92,000.

Cuban Republic gold 20 Pesos 1916, KM21, Proof 63 PCGS, extremely rare Proof only date with a total mintage of 10 pieces: One of the great rarities of the Latin gold series, and missing in the collections of the ANS and Smithsonian. Realized: $88,002.

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Other exceptional coins include: 1920-S (MS64 PCGS); 1921 (MS64 PCGS); 1927-S (MS66 PCGS); 1930-S (MS65 PCGS. CAC); 1931-D (MS66 PCGS); and 1932 (MS66 PCGS). Behind these exceptional coins are dozens of others that are merely spectacular. (At one time, Mr. Muller had named this The Ferrari Collection, and some of the inserts still bear that appellation).

Ralph P. Muller’s fascination with rare coins has lasted more than half a century, reaching back to his early youth. Working on a newspaper route, he set aside any coins that he encountered that piqued his interest. Even as a youngster, he also collected other interesting things.

As he entered adulthood and began his restaurant businesses, he would still look through the cash receipts for interesting coins. He attended coin shows and auctions and began to buy coins, always becoming better educated and more experienced.

In business for himself throughout, his numismatic purchases had to wait for the most profitable times. Having achieved financial success, he became serious about coins over the last two decades.

The double eagles of Augustus Saint-Gaudens became his greatest desire for many reasons, summarized as their being “the premier collectible series” for Mr. Muller. They are, “without question, the most beautiful American coin,” and the challenge of assembling a complete set was a constant source of motivation.

Many of the coins were obtained with the assistance of David Hunt, whom he thanks for years of effort. Mr. Muller, reflecting on his own recipe for success, offers a few thoughts to the next generation of serious collectors: patience, giving yourself enough time for quality specimens to come on the market; pacing, making sure that you don’t overextend yourself financially and diminish the pleasure; dedication, making a sincere effort to assign your collection the attention appropriate to its importance; and finally, don’t give up!

Mr. Muller has also allowed us the privilege of selling one additional non-numismatic item, being offered in our Holiday Gift catalog: a statue of Mickey Mouse cast from one hundred pounds of pure gold. But that’s another story or two.

Here are just a few of the highlights of this outstanding collection:

* 1909/8 $20 MS66 PCGS.
* 1920-S $20 MS64 PCGS.
* 1921 $20 MS64 PCGS.
* 1925-D $20 MS65 PCGS.
* 1927-D $20 MS66 PCGS.
* 1927-S $20 MS65 PCGS. CAC.
* 1929 $20 MS65 PCGS.
* 1930-S $20 MS65 PCGS. CAC.
* 1931 $20 MS65 PCGS.
* 1931-D $20 MS66 PCGS.
* 1932 $20 MS66 PCGS.
* 1908 $20 Motto PR67 NGC.
* 1912 $20 PR67 NGC.
* 1913 $20 PR67 NGC.
* 1914 $20 PR67 NGC.

The 2010 January Orlando, FL FUN US Coin Auction is open for bidding now at HA.com/Coins.

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Pre-sale estimates of the coin valued it at around $300,000. The penny was part of one of the most valuable Canadian coin collections ever offered at auction, however while the 1936 penny is certainly among the priciest Canadian coins ever sold, it did not a new record for the country. A 1911 Canadian silver dollar — one of only two known to exist — was sold in 2003 to a Canadian collector for $1.1 million

Heritage’s  2010 January Signature World Coin Auction features quite a number of great coins, but none are as famous as the legendary Canadian 1936 Dot Cent. This coin, struck in 1937 prior to the creation of coinage dies for George VI but never released for circulation, has seen its reputation grow exponentially since its discovery.

In early 1936, Great Britain’s George V passed away and was succeeded by his son King Edward VIII. As was common practice, for the remainder of 1936 the coinage continued to have the effigy of King George V. Toward the end of the year, and throughout the British Commonwealth coinage, models were made and dies produced with the effigy of King Edward VIII, but upon Edward’s abdication the dies were no longer valid and a severe shortage of Canadian 1, 10, and 25 Cent pieces arose in early 1937.

Because of the shortage, Canada was forced to continue producing coins dated 1936 with the portrait of King George V. Canadian authorities felt a need to distinguish this 1937 mintage from the 1936 production and a small Dot was placed on the reverse of the 1, 10, and 25 Cent coins. The dot is under the date on the 1 Cent coin, and under the bow on the wreath of the 10 and 25 Cent coins.

History tells us that only the 25 Cent piece was placed in circulation and that three pieces of the Dot Cents, and four pieces of the Dot 10 Cents are the only surviving examples.

The 1936 Dot cent was long considered essentially uncollectible, since noted numismatist John Jay Pittman had held all three known examples from 1961 until his death, but the three-part auction of his collection brought all three back onto the market: the first in October 1997 and the other two (including this piece) in August 1999. The three 1936 Dot Cents, now well-scattered, generate great excitement whenever one appears on the auction block.

This exceptional rarity, graded Specimen 66 Red by PCGS was lightly lacquered at the Mint to preserve the original Mint color and prevent damage to the coin’s surfaces. This seems to have been successful as the coin is basically flawless with full golden-red original color. There are a few light brownish streaks, which appear to be from aging of the lacquer rather than toning of the coin. Also apparent are a few noticeable striations caused by heavy polishing of the die prior to striking the coins. This is the finest of the three pieces extant.

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The Bickford pattern ten dollar gold piece, known to pattern collectors as Judd-1373, is one of the most celebrated issues in the U.S. pattern series. Only two examples are known, placing the issue at the pinnacle of rarity. Both known examples have been meticulously preserved, and their size, attractive design, and majestic gold composition combine to make them breathtakingly beautiful numismatic patterns. The rich and mysterious history shared by these pieces adds to their irresistible appeal.

The Design

On the obverse, a fresh-faced, youthful Liberty faces left, with her hair tied back and wearing a diadem, ornamented with six stars, reading LIBERTY. UNITED STATES OF AMERICA rings the rim; the date 1874 is below. Liberty has an olive wreath tied around her neck. On the reverse a rope design forms six separate cartouches around the rim. In the center is the Latin word UBIQUE “everywhere,” with 16.72 GRAMS 900 FINE in three lines. In the cartouches are the coin’s exchange values in various international currencies: DOLLARS 10; STERLING 2.1.1; MARKEN 41.99; KRONEN 37.31; GULDEN 20.73; FRANCS 51.81. Struck in gold, with a reeded edge. The diameter is the same as a twenty dollar, but the planchet is thinner.

Bickford’s Proposal

Dana Bickford’s proposal for an international coinage captured the public’s attention in the mid-1870s. The following article explaining the situation was originally published in The Coin and Stamp Journal in Kansas City, Missouri (February 1876 issue). It has been reprinted in several sources since that time:

“The leading journals throughout this country and Europe are discussing the necessity for an ‘international coin,’ having been aroused to its importance by a resolution offered in the Senate by Senator Sherman. But Mr. Sherman’s plan will meet with the same difficulty that our government has contended with for years, viz., to obtain a coin having a relation of value to the present coins of other nations, without having their denominational value and design changed. This difficulty has been overcome, and to Mr. Dana Bickford, of New York City, the original inventor of the automatic knitting machines, belongs the honor.

“Mr. Bickford, while traveling in Europe, experienced the difficulties and inconveniences that European travelers are subjected to, of having to provide money current in each country he visited, and at times ignorant of its value in our money. Having upon one occasion been particularly annoyed, he determined, if possible, to overcome the difficulty, and being a man of great inventive capacity, was not long in arriving at his present plan, and designed a coin that shows on its face its value in our money and that of the principal commercial nations of the world.

“The United States and foreign governments have endeavored for years, and spent thousands of dollars, to perfect a system of ‘international coinage,’ but have been unable to get a coin that would prove acceptable to the principal nations, as each one has a peculiar design for its coin, which it is unwilling to change entirely. With Mr. Bickford’s coin this difficulty is removed, as each government can fully display its design and value on one side, and on the other show the value of the coin in the currencies of the different nations, also the fineness of the metal and number of grammes without altering their values, and but slightly changing designs.

“Shortly after Mr. Bickford returned from Europe he called on Dr. Henry R. Linderman, the director of the Mint, and submitted to him his design for an international coin. After carefully examining it the director was so impressed with its importance, and the great saving the adoption of such a coin would be to our government, that with his usual foresight and penetration he at once ordered sample coins struck off at the Philadelphia Mint, which proved entirely satisfactory and practical. It is not generally known that the annual expense to our government for recoinage and waste on coin entering this country from abroad is half a million dollars, and the same waste and expense is incurred by foreign governments.”

Unfortunately, Bickford’s idea was ahead of its time, and more than a century would pass before his dream was at least partially realized by the euro.

An Unknown Rarity

The Bickford pattern ten dollar gold pieces, Judd-1373, were not known to numismatists of the 19th century. The design was struck in copper, aluminum, and nickel compositions, as well as gold, with both plain and reeded edges. Examples of the design in copper appeared in various auction catalogs of the period, but even the greatest pattern collections of the era did not include an example of Judd-1373. Robert Coulton Davis published the first important work on U.S. pattern coins in the Coin Collector’s Journal in 1885, where he described both plain and reeded edge varieties of the design in copper, but he was unaware of the strikings in other metals.

The issue remained closeted in the early 20th century. A five-page article was published in the Numismatist in July 1906 that described the Bickford patterns in copper, but made no mention of the gold striking. Numismatists remained unaware of the existence of these patterns until the publication of United States Pattern, Trial, and Experimental Pieces, by Edgar Adams and William Woodin in 1913. Listed as number 1366 in that reference, the authors revealed the following information about the gold Bickford pattern eagles for the first time:

“Gold. Reeded Edge. (Only two specimens known in this metal, one of which is in the collection of W.W.C. Wilson of Montreal, Canada, and the other is owned by William H. Woodin of New York City.)”

Pattern collectors were amazed to learn of the existence of the familiar Bickford patterns in a precious metal variant, as the copper pieces had been well known since their date of striking. The dramatic tale of their discovery is still being pieced together today. In his United States Gold Patterns (1975) David Akers offers two possible sources for the new patterns. The first scenario involves the activities of William Idler, an old-time coin dealer with particularly good connections at the Mint. Idler’s collection was being marketed by his son-in-law, John W. Haseltine, at the time. Alternatively, Akers suggests the coins may have been part of the hoard of patterns William Woodin received in the famous exchange for the gold half union patterns.

Haseltine and Idler

William Idler was a Philadelphia coin dealer of the 1860s who enjoyed a special relationship with the staff and officials of the Mint. He used his contacts to secure examples of many pattern delicacies and restrikes that were not available to other numismatists. His prize possession was a Class Three 1804 dollar that he used to make electrotypes for favored clients. When he died in 1901, his holdings and numismatic contacts passed to his son-in-law and fellow coin dealer, Captain John W. Haseltine.

Haseltine developed his Mint connections to an even greater degree than Idler. He became the Mint’s marketing pipeline for all the 1801, 1802, and 1803 proof restrike dollars, as well as most of the Class Three 1804 dollars made in the 1870s. He continued to market patterns and restrikes throughout his career, obtaining examples directly from the Mint, or selling specimens from Idler’s collection. In the early 20th century, he was responsible for the first appearances of the 1884 and 1885 Trade dollars.

In time it became popular to assume that any newly discovered numismatic phenomenon probably originated with the activities of Haseltine or Idler in conjunction with greedy Mint officials. While these suspicions were often well grounded, modern numismatists have learned that clandestine deals were not the exclusive property of these two gentlemen. Writing mainly about the contemporary scandal of the half union patterns in the Numismatist in July 1910, Edgar Adams hints that the nefarious parties were not Haseltine and Idler, but someone much closer to the Mint:

“It has been generally stated, usually as a supposition, that the unknown coins that have recently come to light were from the Idler collection. The senior Mr. Idler, who died some years ago, was a dealer who was supposed to have a very considerable stock and, also, favorable opportunities at the mint. The Idler stock passed to other hands and has been quietly marketed. When the great unknowns were heralded, the conclusion was jumped at that they were ‘from the Idler collection,’ some explanation was necessary, and as this served quite well, it was left to pass uncorrected. The Idler collection had some good things, but not the good things that most interest Uncle Sam. No, they did not come from the Idler collection, they never were that far away from home.”

Clearly, Adams knew the source of the half union patterns, and many other hitherto unknown pieces, such as the Bickford gold eagles, was not the infamous Idler- Haseltine dynasty, but someone even more intimately associated with the Mint.

Woodin’s Trade

One of the greatest stories in American numismatics involves the sale and recovery of the 1877 fifty dollar half union patterns by the Mint in the early 20th century. The fabulous trade William Woodin supposedly transacted with Mint officials to secure their return is almost certainly the conduit by which the gold Bickford pattern eagles entered the numismatic marketplace. However, like most good stories in numismatics, the details of Woodin’s trade have been deliberately obscured to protect the guilty. Only in recent times have the full details of the transaction emerged from the shadows.

The traditional story, as outlined in an article by Edgar Adams in the July 1909 Numismatist, tells of Woodin purchasing the two half unions from Haseltine for $10,000 each, a record price for any coin at the time. The publication of this story resulted in much public dissatisfaction, as it was generally felt the coins were national treasures that should never have been sold to a private individual. The government threatened legal action to recover the coins and, after much maneuvering, a settlement was agreed to in which Woodin returned the half unions to the Mint in exchange for “three crates” of pattern coins, with Haseltine acting as the middleman. William Woodin became the premier collector of patterns in the country at one stroke. His giant pattern windfall included specimens of many issues that were extremely rare, or even unknown before that time. As Akers posited, the two Judd-1373s were undoubtedly part of this treasure. However, many details of this classic numismatic tale have proven to be false.

Even though Adams named Haseltine as the seller of the half union patterns in his 1909 article, his own words in 1910 show that he knew the real source was someone much closer to the Mint. Noted pattern researcher Saul Teichman has recently uncovered the true source of the half union patterns, and the identity of the individual who reimbursed Woodin when the deal was reversed. Haseltine was merely the front man acting as agent for former Chief Coiner A. Louden Snowden. Noting a gap in the Mint’s pattern collection corresponding to Snowden’s tenure there, Teichman believes Snowden acquired many patterns during his time at the Mint, essentially paying bullion prices for the rare pieces. As Teichman says:

“If one looks at the Mint collection, there is a gap with regard to coins from 1874-1877. This is probably not an accident. I believe all of the gold patterns from the 1872 Amazonian set, the two Bickfords, the two 1875 Sailors Head sets, the two 1876 double eagles in addition to the two 1877 half unions come from Snowden as well as most of the 1877 half dollars and the silver 1876 dollar patterns.”

Teichman also refers to a June 7, 1910 letter from Woodin’s attorney to U.S. Attorney Henry W. Wise that establishes Snowden as the owner of the half unions at the time of the transaction, and explains how he came to possess them in the first place. The letter was sold in George Kolbe’s sale of the Ford Library, and has been reprinted on the USPatterns.com website. We excerpt from the letter:

“Col. Snowden, who had originally purchased these coins from the Director of the Mint in Philadelphia by depositing the bullion value and the charge for pattern pieces to save them from being melted down, in the course of negotiations between himself and Dr. Andrew, Director of the Mints, came to an agreement with the latter over all matters in dispute between them, and proposed to Mr. Woodin to repay him the $20,000 he had paid for these pieces, in order that he might carry out his arrangement with Dr. Andrew. Mr. Woodin after numerous visits to Philadelphia and Washington and conference with Dr. Andrew, both there and in this city, decided to accept this offer, returned the 50’s to Col. Snowden, and I thereupon notified Mr. Pratt, as did Mr. Woodin, that the incident was closed.”

So, as Teichman’s research confirms, Snowden was the source for the coins. Having obtained the half unions in a questionable deal during his years of service at the Mint, he was the individual who had to restore them to the Mint and repay Woodin for his loss. The only means for him to do this was to hand over to Woodin all the patterns he had acquired over the years, including the Bickford eagle patterns in gold. Interestingly, there was even a cover story in place to explain the absence of the half unions after Snowden acquired them. Robert Coulton Davis was aware the gold coins existed when he published his seminal work on patterns, but he was told they had been melted:

“One specimen of each of these patterns was struck in gold and placed in the coin cabinet at the Philadelphia Mint. But afterward, as no appropriation had been made for them, they were melted up, much to the regret of those interested in coins, for they were the only coins of this denomination in gold that have ever come from the United States Mint.”

Of course, Snowden later claimed he purchased the patterns to prevent them from being melted. Once the mystery of their first appearance is solved, the further history of these remarkable patterns is well documented (see roster below). It is interesting to note Woodin did not display an example of Judd-1373 in the 1914 ANS Exhibition, even though their existence had first been published in his book the previous year. Perhaps he was gun-shy after his experience with the half unions, and did not want to further advertise his ownership of the rare gold patterns. Another striking circumstance is the lack of early auction appearances. Neither specimen was offered at public auction until 1979, a full 66 years after their discovery.

Roster of Bickford Pattern Eagles in Gold, Judd-1373

1. Ex: Philadelphia Mint in 1874; A. Louden Snowden; William H. Woodin; Waldo Newcomer; Newcomer consigned the coin to Wayte Raymond in 1932 but it did not sell; returned to Newcomer; F.C.C. Boyd; Dr. J.H. Judd; Abe Kosoff; Illustrated History of United States Coinage (Kosoff, 1962), lot 467; acquired in a trade by Dr. John Wilkison in 1962; sold to Paramount, 9/1973; A-Mark in 1976; repurchased by Paramount in 11/1978; Auction ‘85 (Paramount, 7/1985), lot 1306, realized $82,500; Randolph S. Rothschild; 68th Anniversary Sale (Stack’s, 10/2003), lot 1118, realized $276,000; Judd and Akers plate coin. The present coin.

2. Ex: Philadelphia Mint in 1874; A. Louden Snowden; possibly William H. Woodin; W.W.C. Wilson; sold through F.C.C. Boyd to Virgil Brand in 1919 for $2,000 (Brand Journal number 90921); Brand Estate; sold by Abe Kosoff to Dr. John Wilkison for $8,000 in the 1940s; sold to Paramount, 9/1973; A-Mark in 1976; repurchased by Paramount in 11/1978; Auction ‘79 (Paramount, 7/1979), lot 184, did not sell; later sold to Julian Leidman; ANA Convention Sale(Bowers and Ruddy, 7/1981), lot 2433, realized $90,000; Ed Trompeter; Trompeter Collection (Superior, 2/1992), lot 137, realized $198,000; Baltimore Auction (Superior, 7/1993), lot 695, realized $154,000; Bob Cohen; sold to Harlan White in 1994; the Holecek Family Trust; 65th Anniversary Sale (Stack’s, 10/2000), lot 1621; a Southern collection; Simpson Collection.

Related posts:

1. Unusual Items: 1915 50C Pan-Pac Half Dollar in Gold
2. Unusual Items: 1836 Gobrecht Dollar, Judd-63 Name Below Base, Starless Obverse and Reverse
3. Unusual Items: First Bicentennial Ike Dollar “Waffle” Coin Found

Of the 4800+ lots, 1300 will be part of the non-floor session to close online on Monday January 11, 2010 starting at 12pm CST.

The four day auction will commence on Thursday evening, Jan. 7 at 6 p.m., with an array of Colonial Currency, Obsolete Bank Notes, Confederate Currency, and Canadian and World Currency.

The Colonial Currency offering is again significant with major rarities including, a Vermont February 1781 2s6d PCGS Apparent Very Fine 30.

In Obsolete Currency, collectors will have an opportunity to bid on collections from Alabama, Arkansas, and Maryland, each the finest offerings for their respective states in many years, including a Little Rock, AR- State of Arkansas $5 Oct. 27, 1877 Cr. UNL Rothert UNL, a likely unique Cahawba, AL- State of Alabama $50 April 19, 1821 Cr. UNL Rosene UNL, and from Maryland, Cumberland, MD- Cumberland City Bank $5 G2 Shank 30.4.3P Proof.

Finally, Canadian and World currency will be highlighted by, the French text BC-4 $2 1935 PMG Gem Uncirculated 65 EPQ, a BC-11 $25 1935 PCGS Very Choice New 64PPQ, and a chartered bank note rarity, Halifax, NS- The Bank of Nova Scotia $100 1929 Ch # 550-28-40.

The Cocoa Beach Collection anchors the second session and is the largest and finest offering of Fractional Currency since the Thomas O’Mara Collection was offered by Heritage in 2005. Many of the notes have pedigrees tracing them to the O’Mara and Milt Friedberg Collections.

Of the Fractional rarities in Session Three collectors have the opportunity to bid on, a Fr. 1241 10¢ First Issue Vertical Strip of Four PMG Choice Uncirculated 64 EPQ, another uncut strip, Fr. 1280 25¢ First Issue Vertical Strip of Four PMG Gem Uncirculated 66 EPQ, Negative Essay Denomination Set in Blue Milton 2E5R.2c, 2E10R.5c, 2E25R.1b, 2E50R.1e PMG 64, 62, 64 and 65 EPQ, and a stunning Fr. 1296 25¢ Third Issue PMG Superb Gem Unc 67 EPQ stand out.

The Cocoa Beach Collection also features three beautiful shields, including a very rare and very high grade pink shield, Fractional Currency Shield, With Pink Background. This session also includes a nice sampling of Encased Postage and Military Payment Certificates.

The afternoon of Friday Jan. 8 at 2 p.m., Small Size Currency and Error Notes will be offered. It is anchored by the Rocky Manning Collection, five ultra high denomination notes, and more than two dozen $500 and $1000 Star Notes.

The Rocky Manning Collection was assembled over a couple of decades and each note was hand selected by Mr. Manning. Highlights from the Small Size session include, Manning’s Fr. 1506* $2 1928E Legal Tender Note. PCGS Choice New 63PPQ, the newly discovered and unique Fr. 2200-H* $500 1928 Federal Reserve Note. PCGS About New 53, and a never before offered Richmond Fr. 2211-E* $1000 1934 Federal Reserve Note. PMG About Uncirculated 55.

Friday evening’s session begins at 7 p.m. and includes about 800 National Bank Notes highlighted by selections from the Don C. Kelly Collection of Ohio National Bank Notes.

Kelly is the esteemed researcher and author of National Bank Notes, A Guide With Prices, the authoritative reference on the subject, used extensively by collectors and dealers since it was first published nearly three decades ago. National Bank note highlights include, a Cleveland, OH – $50 1875 Fr. 444 The Commercial NB Ch. # 807, an Oakland, CA – $10 Original National Gold Bank Note Fr. 1151 The First National Gold Bank Ch. # 2248, and a Denver, CT – $20 Original Fr. 427 The Colorado NB Ch. # 1651.

The floor sessions of the auction will conclude with the Saturday evening offering of Large Size Type Notes starting at 6 p.m.

A wide array of notes, including finest known and scarce Friedberg numbers will be offered. Leading the Large Size Notes, a Fr. 808 $5 1915 Federal Reserve Bank Note PCGS Gem New 66PPQ, a Fr. 1132-K $500 1918 Federal Reserve Note PMG Extremely Fine 40 EPQ, And a Fr. 1217 $500 1922 Gold Certificate PMG Choice Very Fine 35 EPQ.

Related posts:

1. 1870 $100 National Gold Note Highlights Currency in Official ANA Auction
2. Heritage to Auction Thomas M. Flynn Collection of United States and Canadian Currency
3. Bowers and Merena Realizes More Than $6.2 million At Official Auction of the Baltimore Coin and Currency Convention