by Greg Cohen – Stacks

One of the many highlights of Stacks upcoming New York International Sale is a lovely and rare 1830 RA P 8 Escudos of Argentina. This is a key date example of the classic Sunface design, the second rarest date in the series.

This piece hails from the Porteño Collection, a small but high quality offering of Argentine coinage, and displays pleasing original gold surfaces with only light wear. This specimen was uncertified when offered in Heritage’s January 2007 sale, and was recently submitted to NGC for encapsulation where it was graded EF-45.

In his 1962 work, Argentine numismatist and researcher, Jorge Ferarri was able to track fewer than 10 examples of this date. In Calico’s “Onza” book, it is simply described as “Extremely Rare.” Even in the current information age, we can only positively identify two examples that have traded at auction in the past five years.

These include: the example in the October 2008 Spink-Smythe sale (which later appeared in the Ponterio New York International 2010 sale) and this example (ex Heritage NYINC 2007). Curiously, this date was missing from our (ANR’s) sale of the Eliasberg World Gold Collection, Goldberg’s sale of the Millennia Collection, our Kroisos Collection Sale, and other important recent sales of quality Argentine coins. While there are probably examples in museums in Argentina, the number available to the collecting public is quite small indeed.

Another stunning Argentine rarity offered as part of the Porteño Collection is an 1836 Rosas portrait 8 Escudos struck in silver. Called an “ensayo” or essay in Hector Carlos Janson’s book, research conducted by our consignor shows that the 1836 8 Escudos was supposed to be an 8 Soles piece, and thus the silver strikings (which are nearly as rare as the gold) are the officially struck coins.

There are four known examples struck in gold, including the Eliasberg-Clapp coin we offered in the Eliasberg World Gold Collection in 2005. Regardless of whether these are official strikes or essay pieces, they are extremely rare. The last silver specimen to sell at public auction was the AU-50 (NGC) that appeared in the Millennia Collection sale. The Porteño Collection example is sharper than the Millennia coin; unfortunately, it has been polished, and is now residing in an AU Details (NGC) holder.

Stack’s is proud to be able to offer these rarities to the collecting public—for the advanced Argentine coin collector, this is an opportunity not to be missed.

The following is from the Stack’s Auction Catalog description offering this raw 1914 Gold Eagle as Lot 1228 in the upcoming August 8th Boston auction.:

“Here is a most curious coin. The strike is clearly that of a Proof, with a high fin or wire edge around most of the extreme edge and the familiar textured fields (imparted by finely acid etched dies) and bountifully struck devices. However, there is no matte finish that normally is present on Proof eagles of this year, none whatsoever.

Philadelphia Mint records note a mere 50 pieces were produced in Proof in 1914 of the eagle denomination, likely including the present coin. The finish is the Roman style finish that first appeared on the unique 1907 Rolled Edge, Periods example, popping up again on perhaps four of the Proofs of 1908 and on all the Proof eagles of 1909-1910 (aside from a couple of unusual Matte pieces coined in those two years).

Apparently the mint was trying out various finishes through the brief and fleeting run of Proof eagles. As noted in Renaissance of American Coinage 1905-1908 by Roger Burdette the method of Proof manufacture seems to point to a single step being left out on this particular coin; that of course being the matte process which imparts the darker finish to the coin through sandblasting, applied as a final step prior to sale.

Essentially, the gold Proofs of 1908 to 1915 were initially struck as Satin Proofs, using newly hubbed dies that produce lustrous non-mirror surfaces—the so called Roman Finish Proofs seen in 1909-10.

The Matte Proofs have an additional step, the application of a powder which produces the matte finish over the entire coin. Clearly this 1914 was a manufactured Proof struck in the normal Roman finish of 1909-10, but did not have the final matte process applied. Each coin was carefully inspected, and perhaps this particular coin was found faulty for some minor reason and set aside. Reportedly, excess Proofs that did not merit the sandblasting and matte process were placed in circulation. This may be such a coin.

Another possibility is that in 1914 one person requested a satin finish style and this particular coin was struck to fill the order, as this too would account for the present coin. Notice the edge of the coin, the chiseled stars and boldly defined edge characteristics are decidedly different than any Mint State coin, with a precision reserved only for Proofs. The devices and rims are full and sharp, the entire surface has the slightly textured appearance unique to Proofs. Compared with a normal 1914 Proof eagle, this lacks only the microscopic facets and the darker, coarser finish as produced by bronzing matte powder. It would seem unlikely that this unusual finish (for 1914) came about by some casual blunder by the coiner with such a small order to fill of 50 coins, and those being the all important Proofs, presumably this coin would not have escaped unnoticed.

Similar one-off gold Proofs exist for 1907, 1908, 1909 and 1910 for the eagle series, and in the double eagles, multiple Proof finishes are known for 1907, 1908 and 1910 as well as a special striking as late as 1921.

Clearly unusual strikings were anything but unusual during this period. In our modern world the opinions of the third party grading services are highly prized. This particular coin was submitted to both NGC and PCGS in the past and neither service could render an opinion as to what to call it as it did not fit into the normal categories of the other known sandblast Proofs of 1914. (more…)

Stacks hosted an American paper currency auction on Tuesday, June 29th, 2010 in New York. 

The 781 lot sale was anchored by The 52 Collection: Part I. This collection was carefully assembled over two decades by Bruce Roland Hagen (currently a professional numismatistwith Stacks), which features American obsolete currency proofs, engraver’s sample sheets, Federal proofs and related items that emphasize the artistry and security of American paper currency from Colonial times to the 1920s.

Two highlights from the sale include:

Silver Certificate. 1895. Five Dollars. Face Essay Proof. Similar to Fr.268. Choice AU. SOLD $18,400

No plate letter. Printed on India paper, mounted on new card. Imprint of Bureau of Engraving and Printing. Virtually the same design used on the Series of 1896, series date at right and concealed in lower right filigree curl by Morgan’s signature. Wide full-length vignette of Electricity Presenting Light to the World engraved by G.F.C. Smillie. This version slightly different from the 1896 final version. Darker printing and the bulb held aloft is differently shaped. Hessler SCE16 FD, page 111.The Hessler Plate Note. Rarity-7. This is a complex series of proofs and essays. This example matches the Hessler Plate Note for this sub-variety best for the details around the light bulb. This is a very desirable essay from the earlier dated, 1895 series and a magnificently printed example. The note was last sold in November 1990 and has been off the market since that time, housed in this private collection. Very light central fold in the India paper and handling. Looks like a Gem. A showpiece and highlight in this collection of Federal Proofs.

The Bank of St. Louis, St. Louis, Missouri. Ten Dollars. 1850s. Proof. Gem Uncirculated. SOLD $20700

Plate B. Printed on India paper, mounted on original archive book card. Imprint of Danforth, Wright & Co., Philad. & New York. Deep red lathe tint overall with protector TEN bottom center upon micro-lettered repeating TEN pattern. Top center, long line of steamships at the water’s edge being unloaded, amazing perspective running up the riverbank. Lower left, man dressing leather. Lower right, portrait of Col. O. Fallon. Upper left corner, X counter with snowflakes. Upper right corner, 10 counter with petal cycloidals. Haxby MO-50 G4aa Unlisted, different imprint and red tinting. Rarity-7. Certainly not the rarest full color proof in the auction, but debatably one of the central vignettes. Yet another classic American image of the 1850s period, a reminder of Mark Twain’s prose and legacy in the canon of American literature. Every feature of the note is in perfect harmony, from the rich color to the vignettes and intricate counters. There were only four examples on the original sheet this came from in the 1990 ABN sale, which was plated in color in the sale catalogue on page 140. One position is locked into a private collection. The “A,” top position proof from this former ABN Sale sheet realized $4,600 at Schingoethe Part 3 in Memphis, 2005. In the five years since that Memphis sale, stellar looking rarities such as this have generally shown some upside along the way.