Two rare early proof sets and a remarkable set of six pattern coins associated with the famous “Stella” coinage experiment are important collective highlights of Heritage’s Tampa FUN Platinum Night U.S. Coin Auction, Thursday, Jan. 6, 2011.

“All three of these sets have remained intact from the time of issue,” said Greg Rohan, President of Heritage. “It’s amazing to be able to see an 1834 proof set all at once, or the three coins of an 1846 proof gold set, or a six-coin set of Stella patterns. We understand that many collectors are interested in particular coins rather than sets, so we’ve chosen to offer the pieces from these sets as individual lots. It wouldn’t surprise me, though, if a single buyer were to keep one of the sets together.”

The earliest set is an 1834 eight-piece proof set, half cent through half eagle, with grades ranging from PR63 to PR65 NGC. While this proof set does not include the denominations included in diplomatic presentation sets of that year – namely the legendary 1804-dated silver dollar and gold eagle – it does include eight denominations, all extremely rare: the half cent, large cent, half dime, dime, quarter, half dollar, quarter eagle, and half eagle.

“Perhaps four or five of these non-diplomatic sets were issued,” said Rohan. “All the rest were broken up long ago. Depending on who buys these coins, this may literally be the last chance for collectors to bid on one of the non-diplomatic sets while it’s still intact.”

The second set, smaller but just as important in its own fashion, is a three-piece gold proof set from 1846. It contains the three gold denominations struck that year, the quarter eagle, half eagle, and eagle, and each coin is graded PR64 Cameo by NGC. The three-coin gold set was part of a larger 10-coin complete proof set that was last offered as part of the legendary John Jay Pittman Collection. The coins trace their origin all the way back to an 1892 sale by Ed Frossard.

“Today’s collectors have a chance to make these incredibly rare 1846 gold coins part of their collections,” said Rohan. “The half eagle, for example, is the only proof specimen not in a museum collection. We hope the winning bidders enjoy the same pride of ownership that Pittman displayed.”

Chronologically last, but of similarly momentous importance, is a set of five pattern pieces dated 1879 and 1880 and related to the famous proposed international trade coin, the four dollar or “Stella.” The first five coins, all very rare or extremely rare, were made of copper and later gilt. They grade PR62 to PR64 and include a Judd-1636 1879 Flowing Hair four dollar, a Judd-1639 1879 Coiled Hair four dollar, a Judd-1658 1880 Flowing Hair four dollar, a Judd-1661 1880 Coiled Hair four dollar, and the legendary Judd-1644 1879 quintuple stella – a trade-coin spin on the existing double eagle.

“All of these coins are of great importance,” said Rohan. “The gilt copper 1879 Flowing Hair Stella, for example, is far rarer than its gold counterpart, and the quintuple stella has one of the most illustrious reputations in the entirety of pattern collecting. Our lot viewing will offer a remarkable opportunity to see all five of these gilt copper patterns at one time.”

The last pattern is also gilt, but the base metal is aluminum rather than copper. It is a Judd-1637 1879 Flowing Hair four dollar, PR64 NGC, and it may be unique as a gilt coin.

“We have records of four non-gilt aluminum examples, all with illustrious pedigrees,” said Rohan. “Yet we have found no mention of another gilt aluminum example of the Judd-1637. It may well be a unique pattern of the highest importance.”

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

Related posts:

1. Three $4 Coil Hair Stella Pattern Coins to be offered by Heritage
2. Current gold $3 coin prices may present opportunities
3. Coin Profile: 1871 Standard Silver Pattern Proof Set to be sold in Baltimore

Designed and struck by Nicholas Veeder of Pittsburgh, PA in 1886 as a model for co-metallic coins and medals in an effort to demonstrate the practicality of using both Gold and Silver in the production of coinage.

Veeder published a booklet in 1885 titled “Co-metallism: A Plan for Combining Gold and Silver in Coinage, for Uniting and Blending their values in Paper Money and for Establishing a Composite Single Standard Dollar of Account” Quite a title !

According to reference books, the reaction at the time, to both the idea and the pattern itself were not positive, and many likened the coin to the “Goldoid” patterns previously produced in 1878.

For an interesting history of “The Patterns for International Coinage” , go to the USPatterns.com website for a summary excerpted from Stacks October 2000, 65th Anniversary Sale pages 160-161.

This is an R-8 coin, and it has been reported that the dies used to make this broke on the third impression. That has not be confirmed, but adds a bit to the mystery and unusual character of the coin.

The obverse shows a Sun and Rays on the Gold center insert with two beaded circles housing the words “Model for Cometallic Coins and Medals” On the outside border of the Silver portion of the coin reads “Republic of Eutopia” and the date 1886.

The reverse shows the Gold insert with the words “Gold 12.9/10 Grains with a beaded circle around, and then the lettering (separated)” A R G E N T O R U M Silver 206 1/4 Grs” On the outer edges of the coins are displayed the 12 signs of the Zodiac

Related posts:

1. Unusual Items: 1915 50C Pan-Pac Half Dollar in Gold
2. Unusual Items: 1874 Dana Bickford Ten Dollar Gold Coin
3. Unusual Items: 1836 Gobrecht Dollar, Judd-63 Name Below Base, Starless Obverse and Reverse

“These results are 20% percent higher than our pre-sale projections,” said Greg Rohan, President of Heritage Auctions. “The market for rare coins is, simply put, very strong. The best examples continue to command top prices and the top collectors are more than happy to acquire these examples.”

More than 4,380 bidders participated in the auction, both live on the auction room floor and via Heritage LIVE!™, the company’s proprietary live internet auction platform. The auction boasts a sell-through rate of 92% by value and 97% by number of lots.

Recent Heritage coin auctions have mostly seen examples of rare gold coinage taking the top slot, but the stunning 1879 $1 Washlady Dollar, Judd-1603, Pollock-1798, High R.6, PR66+ NGC, the finest known specimen, handily took top honors, finishing at $161,000 after a fierce bidding between advanced collectors. Between 12 and 15 examples are believed known of the Washlady dollar in both copper and silver. There is also one example known in white metal.

“In the late 19th century this design was not well received by dealers and collectors, and was apparently given the nickname of ‘Washlady’ by David Proskey around April 1891 at the Doughty Sale,” said Rohan. “The name stuck, but today the Washlady design is considered one of the most beautiful ever produced by the Mint.”

The equally rare and collector-coveted 1785 COPPER Connecticut Copper, African Head VF30 NGC. M. 4.2-F.6, W-2360, R.8., from The W. Philip Keller Collection of U.S. Colonials, took the second spot on the auction podium in Stamford, realizing $115,000, while a famous 1882 $20 AU53 PCGS, one of only 571 pieces struck – a coin so rare that even the Smithsonian Institution, keeper of the National Numismatic Collection, lacks an example of the issue – piqued the interest of numerous collectors of important gold with a final price realized of $80,500.

“While there are numerous double eagle issues from the late 1870s through early 1890s that boast extraordinarily low mintages,” said Rohan, “the 1882 is the absolute lowest-mintage of them all, at 571 coins. Any representative of this issue, in any grade, is an extraordinary rarity.”

A remarkable 1904 $20 PR65 Cameo PCGS was close behind the 1882 example with a final price of $74,750, a mark that was equaled in the auction by the finest known 1879 $1 Metric Dollar, Judd-1622, Pollock-1818, Low R.7, PR68 Cameo NGC, a highly desirable coin of great beauty and peculiar metallic composition (silver, copper, aluminum, and white metal) that drew considerable enthusiasm from collectors at the auction.

Further highlights include, but are not limited to:

1896 $10 PR66 PCGS. CAC. Ex: Trompeter: Realized: $63,250.

1861-O $20 AU53 PCGS. CAC: Realized: $54,625.

1796 50C 16 Stars Fine 12 PCGS Secure. O-102, High R.5: Realized: $52,900.

1909 $5 PR67 NGC. Roman Finish. Only two graded higher: Realized: $51,750.

1907 $20 Liberty PR64 Cameo PCGS: Realized: $43,125.

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

Related posts:

1. 1875 Walla Walla, WA $5 brings $161,000 to lead $5.1 million Heritage Memphis Currency Auction
2. Coin Rarities & Related Topics: The CoinFest, Washlady Dollar, 1861-O $20 gold coin, Connecticut Coppers
3. Bullock 1856-O double eagle brings $345,000 to headline $13.4 Million Heritage Long Beach Auction

Let us backtrack now, for a moment, to July 23, 1844. Mint Engraver Christian Gobrecht died suddenly on that date. Largely due to his political connections with John C. Calhoun as well as his skill as an engraver, Mint outsider James B. Longacre is hired to fill the position a couple of months later. Chief Coiner Franklin Peale and Mint Director Robert M. Patterson oppose the move and despise the man but are forced to accede to it. Despite his talent as an engraver, Longacre lacked skill as a die-cutter; the many reengraved, repunched, and blundered dates in U.S. coinage from 1844 to the early 1850s are evidence. Nonetheless, from 1844 to 1848, Longacre merely needed to add dates onto mechanically made dies; there were no new pattern or circulating coinage designs launched during that time.

An article by Doug Winter from The Numismatist of May 1982, titled “What Might Have Been: The Story of the Bouvet Eagle of 1849,” picks up the tale from there:

“When the Act of March 3, 1849 became law, the long period of inactivity at the Mint ended. This Act, which authorized the coinage of gold dollars and double eagles, meant that the Mint quickly had to design and produce new coins in these denominations. Mint Director Patterson had already decided that Longacre would never be able to perform this type of work, So he surreptitiously devised a plan that would get rid of Longacre once and for all. He would have Franklin Peale, on his scheduled trip to Europe in the summer of 1849, locate a suitable replacement for Longacre. In connection with his plan, Patterson used the design of the new gold dollar as a sort of litmus test for the fledgling Longacre. If Longacre failed, as Patterson confidently expected him to, he would petition for the removal of his Chief Engraver.”

No documentation of direct contact between Patterson and Bouvet survives, but Patterson is known to have contacted Charles Cushing Wright and other talented contemporary engravers about producing master dies for U.S. coinage.

The Winter article notes that the eagle design that Bouvet produced, at Peale’s request, was a failure:

“One thing that Peale failed to realize was that he had pressured Bouvet into executing his designs far too quickly. Although Bouvet was a legitimately fine engraver, his designs for the pattern eagle are sloppy. They show all the marks of an artist rushed by a bureaucrat. The eagle looks conspicuously malnourished while the portrait of Liberty is far too sedate. This coin was certainly not going to be the impetus behind Longacre’s removal from office.”

After a couple of false starts, Longacre managed to produce competent if undistinguished designs and dies for the new gold dollar and double eagle denominations. Longacre survived the opposition of Patterson, who died in office in 1851, and continued as chief engraver until his own death in 1869.

The present piece is the Pollock plate coin and the Judd plate coin through the seventh edition. It is easily recognized due to the small obverse rim bump at 3 o’clock, along with some stray contact marks on Liberty’s face and in the left obverse field. But those are mere quibbles compared to the marvelous historical appeal and impeccable provenance that attaches to this coin, a lineage that includes several of the most illustrious pattern collectors of all time. The piece is certified Token MS61 Brown by NGC, apparently a reference to its status as the only known U.S. pattern coin produced at the Paris Mint.

On the obverse the head of Liberty faces left, her hair somewhat pressed down on her head and resembling a skullcap. She wears a coronet inscribed LIBERTY. Her hair is bound into a double bun with a ribbon; a single rear lock cascades down onto the neck. Thirteen curious, eight-pointed stars ring the periphery. BOUVET F parallels the bust truncation.

On the reverse, a scrawny, spread-winged eagle occupies the center, shield on the breast, clutching the standard olive branches and arrows. A small laurel wreath appears above the eagle’s head. This piece is struck on a thicker planchet than the other Farouk example, and the edge of this piece is plain, while the other piece has CUIVRE (French for copper) and a pointing hand, the Paris Mint edge mark that was used from 1845-1860.

Related posts:

1. Ultra High Relief Double Eagle Pattern to be Sold by Stack’s: One of Just Two Known
2. Legend Numismatics Arranges $30+ Million Sale of Pattern Coins
3. United States Pattern Coins

A Weekly Column by Greg Reynolds

After discussing the Proof 1804 Eagle that has repeatedly sold privately for startling sums, I will discuss a few famous rarities that will be offered in Boston. Indeed, I have discussed other coins in these auctions in a few past columns. There are, though, a startling array of rarities in the upcoming auctions, and I have not yet covered the offerings of a “Proof-60” Kellogg $50 gold coin, two gold-plated Half Unions, and the worst known (though still attractive) 1854-S Quarter Eagle.

I. Proof 1804 $10 Gold Coin

As I have been writing extensively about famous rarities for years, I could hardly resist writing about the Proof 1804 Eagle ($10 gold coin) that was just sold by Laura Sperber to Bob Simpson, who is the leading collector of patterns and has landmark collections in other areas as well. Although the sale price has not been disclosed, it may be fair to assume that the price is between $2.5 million and $7.5 million.

There probably exist four Proof 1804 Eagles, and this one is NGC certified ‘Proof-65 Ultra Cameo.’ Further, this coin has been approved by the CAC. John Albanese, the founder of the CAC, and earlier of the NGC, was involved in enabling Simpson to acquire this coin. In 2007, a coin firm in upstate New York arranged for one of their clients to sell this coin to another one of their clients, for a reported price of “$5 million.” Coincidentally, the owner of this firm is also named Albanese, though he is not related to John.

This same upstate New York Albanese coin firm sold this same exact Proof 1804 Eagle earlier, in 2005, for a price that they reported to be “$2,274,000.” A famous collector, who refers to himself as “TradeDollarNut,” has publicly stated that he was offered this same coin, in 2001, for “$587,500.”

The value of many gold rarities has multiplied since 2001; a five to ten times increase in value is not unprecedented. Consider, as examples, the post-2005 values of many gold rarities that were included in the auctions, in 1999 and 2000, of the Harry Bass collection. It is not unusual for a Bass rarity to be worth multiples now of the price it then realized.

It is also true that this same 1804 Eagle was NGC certified ‘Proof-64 Cameo’ in 2001, or earlier, and remained so certified in 2003 and maybe later than 2003. At some point, it was PCGS graded “Proof-64.” Certainly by 2007, the NGC upgraded it to “Proof-65” with an “Ultra Cameo” designation.

How rare are Proof 1804 Eagles? It seems that there exist four, though it has been argued that there are only three. The Bass-Dannreuther book (Whitman, 2006) states “3 known,” but also indicates that the issue is “R-7+,” which means an estimate of four to six in existence. The “3” may have been a typographical error. The tenth edition of the Judd book (Whitman, 2009), which is the leading text on patterns and related pieces, lists this issue as Rarity-“8,” which means two or three or thought to exist. This same section, however, lists an auction result for a Proof 1804 Eagle that is incorrect. Oddly, the Judd book values a gold Proof 1804 Eagle at “$1,500,000.”

If there are just three, it would have impossible, in 2009 or 2010, for someone to purchase one for $1,500,000. The Eliasberg-Bass Proof 1804 Eagle is impounded in the Harry Bass Core Collection, for at least a long time, maybe forever. The ‘King of Siam’ 1804 Eagle remains in the ‘King of Siam’ Set, as far as I know. If the current owner were to dismantle the set, then the current owner would ask millions for the ‘King of Siam’ Proof 1804 Eagle.

As I just became aware of Legend’s sale of a Proof 1804 Eagle on Tuesday morning, I have not had time to research this issue before this column was posted. I am almost certain, however, that the Baldenhofer Proof 1804 Eagle exists and is different from the Eliasberg-Bass coin.

The Farish Baldenhofer collection of U.S. coins was auctioned by Stack’s in Nov. 1955. This is certainly one of the fifty greatest U.S. coin collections of all time. It could be plausibly argued that the Baldenhofer collection is one of the top twenty, ever.

The Baldenhofer Proof 1804 Eagle realized $2500 in 1955, a higher price than the result for his 1884 Trade Dollar, yet not close to the $4000 that Baldenhofer’s 1885 Trade Dollar brought. The cataloguer then remarked that the Baldenhofer Proof 1804 Eagle was earlier in the Colonel E.H.R. Green collection, but he wrongly states that it is the only existing Proof 1804 Eagle.

Jeff Garrett & Ron Guth, in their gold coin encyclopedia, list the Baldenhofer and Col. Green Proof 1804 Eagles as being separate coins. Though Garrett & Guth (2006) state that the Virgil Brand and Col. Green coins are the same, Breen (1988) maintains that the Brand and Col. Green 1804 Eagles are not the same. In contrast, Breen refers to the Baldenhofer and Col. Green coins as being the same and indicates that the Virgil Brand Proof 1804 Eagle was later handled by dealer Charles Green. Col. Green and Charles Green were not related, as far as I know. The 1982 Eliasberg catalogue listing of pedigrees for this issue is nearly identical to that of Breen. Who is primarily responsible for this list of pedigrees?

It is fair to guess that the Col. Green and Virgil Brand Proof 1804 Eagles are likely to be different coins. They each were actively collecting during the same time period, more or less. Evidence suggests that there exist four different Proof 1804 Eagles. One possibility is that one is, and has been for years, in the same collection that houses the Childs 1804 silver dollar.

Why were Proof 1804 Eagles not worth millions of dollars a long time ago? The Eliasberg 1804 silver dollar sold for $1,815,000 in April 1997 and the Childs 1804 dollar realized $4,414,000 in 1999.

It was not until the late 1980s that most collectors considered sets of business strikes and sets of Proofs to be completely different undertakings. Before, Proofs and business strikes were often mixed into the same sets. Indeed, adding a few Proofs to a set of business strikes was not considered to be a breaking of the rules. On the contrary, those who could afford to do so frequently did include Proofs in sets that consisted mostly of business strikes, of all denominations.

So, during the 20th century, a complete set of Eagles did not require a Proof 1804 Eagle. An 1804 business strike was sufficient. In the 20th century, though, most collectors would only have considered a set of silver dollars truly complete if it included an 1804 dollar, a Proof-only issue that was not minted in 1804. Note that I am here NOT referring to sets of Proof silver dollars; I am referring to how collectors then regarded a general set of silver dollars, of the entire denomination from 1794 to 1935. The only Proofs that were needed for completion are Proof-only dates; 1804 and 1895 dollars come to mind. So, during most of the 20th century, Proof 1804 Eagles were not needed for sets, other than the ‘King of Siam’ set, and Proof (or impaired Proof) 1804 silver dollars were needed for sets. Many collectors who could not afford one desired an 1804 dollar for this purpose.

As for whether the old tradition of mixing Proofs and business strikes in the same sets or the relatively new tradition of segregation makes more sense, there will never be a clear answer. While I wholeheartedly acknowledge that Proofs are of a different species than business strikes, there are a significant number of coins that seem to fall somewhere between the two categories, and other coins that will always be controversial as to whether they are Proofs or business strikes. Borderline cases raise important issues. Moreover, putting together sets of Proofs, for many 19th century types, is prohibitively expensive or not feasible. I favor mixing Proofs and business strikes into the same sets. In this regard, however, I admit that my viewpoint is in the minority. I am certain, though, that this change in tradition, or new paradigm of segregating Proofs and business strikes into different sets, is partly responsible for the substantial increase in value of Proof 1804 Eagles.

Perhaps a deeper question relates to whether 1804 silver dollars or Proof 1804 Eagles are really needed for bust or entire sets of these respective denominations. I know that David Queller thought of his silver dollar set as being much more “complete” after he acquired an 1804 dollar. In my view, though, someone who collects bust silver dollars should not need an 1804 silver dollar for a complete set. The 1804 silver dollar is in a different category, not solely because all 1804 dollars were probably struck as Proofs. They were struck in later time periods for different purposes. I am not suggesting here that the purposes were more or less important, just different.

Likewise, a set of Bust Eagles could be completed without a Proof 1804. Again, not because the Proof 1804 is a Proof, but rather because Proof 1804 Eagles were struck in 1834 or 1835 to be parts of Proof Sets that were to be gifts for foreign monarchs. If, hypothetically, Proof 1804 Eagles had been struck and sold to collectors circa 1804, then Proof 1804 Eagles would have had a different status and meaning than they do have.

It is true that the Proof 1804 Eagles have a “Plain” numeral four and the 1804 business strikes feature a “Crosslet” four. This, though, was always true and was always readily apparent. For most of the 20th century, most collectors and dealers determined that a set of Bust Eagles required just business strikes to be complete. This is still true, for a different reason. It was true because an 1804 business strike ‘filled the hole for the date’ and a Proof was thus not needed, though, in theory, could have been included in a set of business strike Eagles. It is now true because most collectors now segregate Proofs and business strikes and would not allow a Proof in a set of business strikes. Similarly, most PCGS Registry Set categories prohibit the mixing of Proofs and business strikes in one set.

Yes, Eliasberg had both a business strike and a Proof. It is very plausible that Virgil Brand and Col. Green also each had both Proof and business strike 1804 Eagles. As far as I know, Joseph Lilly never owned a Proof 1804 Eagle. The Smithsonian Institution does not have one.

How important are Proof 1804 Eagles? These will never be as famous as 1804 silver dollars, yet there are just three or four of them, while there exist fifteen 1804 dollars. Will the trend of valuing Proof 1804 Eagles as being in the same category as 1804 dollars, in terms of importance and value, become a tradition?

Either way, 1804 silver dollars will continue to be revered and worth millions. I agree with John Albanese in that even the worse known 1804 silver dollar is worth one million dollars or more. Most 1804 dollars are worth several million dollars each. In May 2008, Heritage auctioned the Queller 1804, a ‘Class I’ representative which was minted in 1834 or 1835. It realized $3,737,500. In April 2009, Heritage auctioned a ‘Class III’ 1804 silver dollar, which was minted at some point between the late 1850s and the mid-1870s. John Albanese was the successful bidder for $2.3 million. How much would a Proof 1804 Eagle realize, if offered unreserved at auction?

II. Kellogg $50 Gold Coin

In my column of June 30th, I discussed three Great Rarities that will be offered at auction in Boston. I was then unaware of two coins that have been since been catalogued and posted by Heritage, an 1854-S Quarter Eagle and an 1855 Kellogg $50 gold coin. As the Kellogg coin is a private issue, rather than a U.S. coin, it is debatable as to whether it is a Great Rarity in the sense that several U.S. coins are Great Rarities. It is certainly a very famous rarity.

In 2007, I wrote about Kellogg $50 pieces. I analyzed Mark Borckardt’s list of thirteen, made a couple of corrections, and attempted a condition ranking, which Borckardt did not seem to have done. I have personally examined eight of the privately owned eleven or twelve. As for the two in the Smithsonian, Jeff Garrett grades each of them as “Proof-62.”

In August, Heritage is auctioning a Kellogg fifty that is PCGS certified “Proof-60” and does not seem to have a recognized pedigree. Unless it is the coin that Superior (Goldbergs) auctioned in 1987, this is a Kellogg fifty that is not on the list of thirteen that Borckardt compiled in 2007 in order to catalogue the Kellogg fifty that Heritage offered in Jan. 2008.

I am certain that this is not one of the two that Stack’s auctioned in March 2005. I am almost certain that it is not an ‘upgrade’ of the PCGS certified Proof-53 Kellogg fifty that sold in Superior’s (Goldbergs’) session of Auction ‘90. Except the probably never certified Eliasberg coin, all the other privately owned Kellogg $50 gold pieces on Borckardt’s 2007 list have been PCGS or NGC graded 62 or higher. Therefore, it appears that this one is a newly emergent Kellogg fifty or a rediscovery of one that had been forgotten about or had been erroneously incorporated into the pedigree chains of one of the others. Either way, it is exciting. I believe that the Kellogg fifties are the only classic, Proof $50 gold coins that are available to collectors.

III. Pattern $50 Pieces

Patterns struck in copper of $50 gold piece are available to collectors; all are dated 1877. Fifty dollar denomination patterns of 1877 are termed ‘Half Unions.’ Only two struck in gold survive and both of these are in the Smithsonian. Quite a few copper and gold-plated copper patterns are owned by collectors. There are two in the upcoming B&M Boston auction.

There are two design varieties of 1877 Half Unions. One has a relatively larger head of Miss Liberty. Both of the Half Unions to be offered are gold-plated copper pieces. Furthermore, both are NGC certified with a CAC sticker of approval. The ‘Large Head’ variety is NGC graded 63 and the ‘Small Head’ variety 1877 Half Union is NGC certified “Proof-64+ Cameo.”

As this relatively ‘Small Head’ Half Union has received a plus grade, it must have been submitted to the NGC over the past two months or so. It was formerly in the Simpson collection. Simpson has a higher quality representative of this variety and does not desire a duplicate. As the only patterns of U.S. $50 coins, the Half Unions of 1877 are much more popular than many other patterns of the same era.

IV. 1854-S $2½ Gold Coin

A Great Rarity that is not mentioned in my June 30th column is an 1854-S Quarter Eagle in the Heritage ANA sale. There is no doubt about the fact that this is a Great Rarity.

I have seen several 1854-S Quarter Eagles and I am very much attracted to the issue. I have not yet, though, devoted an article to 1854-S Quarter Eagles. I will do so.

I wish to thank Adam Crum for showing me this very same 1854-S Quarter Eagle on two previous occasions. During those times, it was in an NCS holder, if it is the same coin. Assuming that it is so, the current notations of “scratched” and “cleaned” on the NGC insert are misleading. This coin is not severely scratched and it has more serious problems than having been cleaned, as the term is generally employed in the field of coin collecting. In the images, it almost looks like it is decaying. In actuality, however, it is much more attractive than it appears in pictures. It has a neat look. Of course, an expert would never regard it as a high quality coin. Even so, there are around a dozen 1854-S Quarter Eagles known. This one is pleasing enough and will be dramatically less expensive than the ones that are high in the condition rankings.

This 1854-S Quarter Eagle is especially significant in the history of coin collecting because it was formerly in the Atwater collection. As I pointed out in last week’s column, in relation to a 1797 half dollar, William Cutler Atwater built one of the twenty greatest U.S. coin collections of all time.

The NGC will place the above-mentioned Proof 1804 Eagle on display at the ANA Summer Convention in Boston. The many famous and otherwise interesting coins in the auctions will greatly contribute to a week of exciting coin events in Boston in August.

©2010 Greg Reynolds

Related posts:

1. Coin Rarities & Related Topics: an 1870-S Silver Dollar, an 1817/4 Half Dollar, and an 1854-O $20 gold coin
2. Coin Rarities & Related Topics: Eliasberg 1795 Eagle, Gem Oak Tree Shilling and 1806 quarter of the rarest variety!
3. Coin Rarities & Related Topics: Specimen 1853-O Eagle, Duckor-Price 1893-O and 1895-S Barber Half Dollars