A coin that was the result of the perfect confluence of partisan politics and poor planning in Reconstruction-era America, an 1876-CC twenty-cent graded MS64 NGC, is among the highlights of the Heritage Auction Galleries Baltimore Signature® US Coin Auction, March 28 – 31. The coin, from The Belle Collection of Carson City Coinage, is one of less than 20 known surviving examples from a mintage of 10,000.

From an mintage of about 10,000 coins, the current estimate of surviving examples, including the “Maryland Hoard” of seven to nine pieces discovered in the 1950s, is 16 to 18 coins. The 1876-CC twenty cent piece was known as a special and incredibly rare coin as early as 1893, when Augustus Heaton published his famous Mint Marks pamphlet that changed American numismatics forever.

The introduction of the ill-fated twenty cent piece occurred at the nexus of partisan politics and poor planning. Thomas Jefferson’s original coinage recommendation from the mid-1780s envisioned denominations of a half dollar, fifth of a dollar, tenth dollar, 20th dollar, and 100th dollar or cent. There was no quarter dollar in the Jefferson scheme. However, as adopted per the recommendation of Robert Morris, superintendent of finance for the Continental Congress, the quarter dollar was introduced instead of the fifth dollar.

According to Rusty Goe’s The Mint on Carson Street, “For over 80 years, quarter dollars were one of the nation’s primary subsidiary coins. They served their purpose well–until a shortage of 1/20th dollars (or half dimes) in the West and parts of the South caused chronic problems in the nation’s retail markets. Customers using quarters to pay for items priced at ten cents often received only a dime in return. Merchants claimed to be out of smaller denominations. (more…)

The obverse features the familiar Liberty Seated design used for regular-issue coinage in 1865. The reverse design consists of the traditional perched eagle motif, with the addition of the scroll and motto IN GOD WE TRUST. The reverse design was not adopted for regular coinage of this denomination until 1866. Struck in aluminum with a reeded edge. Sold at the 2009 January Orlando, FL Heritage FUN Auction #1121 Lot: 1639 for $46,000

It is possible that Judd-431 was struck in 1865 as a die trial piece, but it seems unlikely. There is no discernible reason to test the transitional pattern dies in such an exotic and expensive metal in 1865. Walter Breen noted that the obverse die was different from any of the regular-issue No Motto proofs produced in that year. It is most likely that Judd-431 is a fantasy piece, created for sale to collectors at a later date.

Whatever its origin, the extreme rarity of this issue is not in doubt. Andrew Pollock, the latest Judd reference, and USPatterns.com all list this coin as unique. Robert Coulton Davis was aware of the issue and listed it as number 198 in his pioneering work on patterns in 1885. There was no example of Judd-431 in the R.C. Davis Collection (New York Coin and Stamp, 1/1890) at the time it was sold. Davis must have known about the coin from another source. The piece was also missing from the Parmelee Collection, Woodin’s consignment at the 1914 ANS Exhibition, the King Farouk Collection, and the Lohr Collection. (more…)

Dallas, TX – Gold rarities in all denominations led prices realized in Heritage’s Official Auction of the February 2009 Long Beach Coin Expo. Some 6500 lots from 280 consignors were included in the auction, presented by Heritage Auction Galleries. The auction took place Feb. 5-8, 2009 in Long Beach, Calif. Prices Realized have been posted by Heritage Auction Galleries on its Web site at www.HA.com. The totals are expected to increase substantially as Post Auction Buys and the non-floor session continues.

“Long Beach was especially rich in gold rarities, across all series,” said Heritage President Greg Rohan. “Exceptional coins were contributed by our anchors, many of Registry quality. The Grand Lake Collection was especially rich in gold pre-Civil War issues – especially the coins of Dahlonega and Charlotte. The four-generation Pasadena Collection started with a box of coins set aside by the owner of a general store in Pennsylvania. Part One of the Ed Lepordo Collection featured a complete type set (1793–to-date), impressive Large cents, and other series from two dozen NGC Registry sets. Additional selections from The Jack Lee Estate Collection were also included.”

Bidder usage of the HERITAGE Live! bidding system, allowing global bidders to directly compete in the floor bidding via the Internet, continued to rise; of the 4,500 bidders participating in Long Beach, 16% of those successful participated through HERITAGE Live!™.

Among the most exciting items sold in Long Beach were: Lot 3020: 1861-S $20 Paquet AU58 NGC, Realized $161,000 (among the most favored and storied coins in U.S. numismatics); Lot 2685: 1824 $5 MS63 PCGS. Breen-6482, BD-1, High R.5, Realized $126,500; and Lot 1515: 1794 $1 Fine 12 PCGS. B-1, BB-1, R.4, Realized $89,125 (one of only about 125 survivors known, from The Grand Lake Collection).

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