Coin Collecting News » Proof Coinage

The Three Kings: The Proof-Only Double Eagles Dated 1883, 1884 and 1887

Doug Winter — Mon, 27 Dec 2010 15:04:54 +0000

Continuing my fascination with Proof-only issues, I’d like to discuss the rare Proof-only double eagles dated 1883, 1884 and 1887. These issues are not all that well-known outside of Type Three Liberty Head collectors and I think they merit more than a passing mention.

Beginning in 1881, production of double eagles at the Philadelphia mint became little more than an afterthought. And it would remain as such until 1888. In 1883, there were no business strikes produced. The Mint did strike 92 Proofs; ostensibly for the limited numbers of collectors who were interested in Proof double eagles at this point in time.

The Mint struck considerably more Proof 1883 double eagles than they were able to sell and it is believed that as many as half of the original mintage was melted later in the year. Of the four dozen or so that were distributed to collectors and dealers, around twenty at most are known today. This figure includes at least three that are impounded in museums and another two or three that are impaired.

The 1883 is the second rarest collectable Liberty Head double eagle, trailing only the 1884 (I consider the 1849 and the 1861 Paquet reverse non-obtainable and do not include them). Despite this coin’s indisputable rarity, it is only fairly recently that the 1883 became known as a major rarity. Prices for this issue had remained fairly stagnant for many years, hovering in the $75,000-100,000 range. This only changed in 2004 when Heritage sold an example for $172,500. Today, a Gem is worth at least $200,000-225,000.

There are a small number of Gems that have been graded by the services and at least one has been slabbed as PR66 by NGC. I know of six or seven Gems and the two nicest that I have personally seen are Heritage 1/06: 3580 (graded PR65 Ultra Cameo by NGC) and Heritage 1/04: 3224 (graded PR65 Deep Cameo by PCGS and possibly also ex Dallas Bank collection).

There are a few diagnostic criteria that make this an easy issue to authenticate. All show roughness on the back of the eagle’s neck and fragmentation of the fleur de lys beneath its beak. These die markers do not exist on any business strike reverses of this era.

The 1884 is the rarest of these three Proof-only issues. A total of 71 were struck and it is possible (although unconfirmed) that a few were melted as unsold, given the fact that so many Proofs dated 1883 suffered this fate. There are slightly fewer than twenty known. I wrote in 2000 that 15-17 exist and I think this number might be a tiny bit on the low side. A total of twelve have sold at auction since 2000 but this includes a number of coins that have sold more than once.

The current auction record is $264,500 which was set by ANR 8/06: 1644, a coin graded PR66 Cameo by NGC. It had sold two years earlier (as Heritage 1/04: 3225) for $149,500.

The 1884 is much rarer in Gem than the 1883. I do not believe that a full-blown Gem exists and most that I have seen are in the PR63 to PR64 range. For some reason, this date was not as well handled as the 1883 or 1887 and most show signs of having been cleaned.

There are some interesting die characteristics for this issue that make it very easy to identify. All known examples show an uneven pattern of frost on Liberty’s face. It is thick on the right half of the neck and near the ear but it is quite light on the neck. This is why none have ever been designated as “deep cameo” or “ultra cameo” by PCGS or NGC. In addition, all 1884 double eagles have a noticeable diagonal die line just to the left of the Y in LIBERTY.

There is no question that, as a date, this is the rarest collectable Liberty Head double eagle. Given this fact, it seems fairly reasonably priced at current levels.

The last of the Three Kings is the 1887. This issue has a mintage of 121 struck. I believe that, as in 1883, a number went unsold and were later melted. My best guess is that around half were released to collectors and that there are 25-30 known today.

The 1887 tends to come better preserved than the 1883 and 1884 and it is more available in Gem than the other two Proof-only dates. There are around six to eight Gems known. The finest is an incredible NGC PR67+* Cameo that will be sold in the upcoming Heritage 2011 FUN auction. The current auction record for this issue is $161,000 that has been acheived twice (Goldberg 9/08: 1295 and Heritage 1/07: 3145) but this mark is certain to be broken by the aforementioned Heritage coin.

There are no major die characteristics seen on Proof 1887 double eagles. This tends to be a very well made issue and many of the examples that exist show excellent contrast between the frosted devices and the mirror fields.

The three Proof-only Liberty Hesd double eagles from the 1880’s are among the more interesting and desirable United States issues from the 19th century. I believe that they are all highly undervalued, considering how few are known for each isssue. As I have said in other recent blogs, if the Type Three series were to become more active among date collectors, these three issues would be considered true “stoppers” and would show dramatic increases in price.

Coin Profiles: Unique 1834 Original Half Dollar O-104, Ex: Brand, Norweb

Heritage Auctions — Mon, 20 Dec 2010 13:12:36 +0000

1834 Capped Bust Half Dollar PR65 NGC. O-104, Unique as a Proof.

Only a few proof 1834 half dollars are known, mostly restrikes from the dies used to produce the Crushed Lettered Edge coins. In the catalog of the George “Buddy” Byers Collection (Stack’s, 10/2006), the cataloger enumerated these Overton varieties used to produce the Crushed Lettered Edge restrikes, of which at least 10 pieces survive in all: O-101, O-103, O-104, O-106, O-114, and O-122.

The cataloger also included five Overton varieties known for the 1834 proof half dollars, each unique original coins, that were not CLE restrikes. Those varieties include: O-101 (Large Date, Large Letters, ex: Floyd Starr), O-103 (Large Date, Large Letters; in the King of Siam set), O-104 (the present piece, from the Norweb Collection), O-106 (Large Date, Small Letters; the Byers coin), and O-114 (Small Date, Small Letters; Bowers and Merena, 8/1991, lot 2268). Each one of those unique proof original half dollars is much, much rarer than the 1834 Crushed Lettered Edge restrikes.

The present coin is one of those original pieces, unique as far as we can determine. The catalogers in the Norweb Collection sale described it in this way:

“1834 O-104. Large Date, Small Letters. Proof-64/65. A glittering gem specimen with full Proof surface on all areas, including within the shield stripes on the reverse. This piece is breathtakingly beautiful and is toned a delicate blend of muted rainbow colors, ranging from magenta at the center, to electric and gunmetal blue, to gold at the borders.

“Perhaps unique as a die variety; Walter Breen did not know of other examples, but he was aware of this one, as he participated in the sale of it to Mrs. Norweb. “Here is a superb gem coin, a half dollar for the ages.”

Technical Description: Large Date, Small Letters. The 4 in the date is tall and recut, with the 18 wider than 834. The 4 is higher. The Overton reference describes the date “with an open 3 and extra tall tapered 1″ a half-millimeter from the drapery, “the closest of any large date 1834.” On the reverse the top of the C in the denomination is close to the olive stem. The I is centered left of the crossbar of the T. This die lacks the die lump normally seen on business strikes under TE, providing evidence that this proof was struck first. The thin left stand of the M is joined at its base to the center stand.

The coin realized $28,600 in the Norweb sale, a remarkably strong price for the time. We would add little to that glowing description–which is nonetheless completely accurate–except to say that the surfaces are little changed in 22-plus years, and to mention that the strike is virtually complete in all areas, save for trifling weakness on some peripheral obverse stars and the tops of 50 and C on the reverse. For the most advanced half dollar specialist, this coin could form the start of a marvelous adventure, trying to acquire as many different proof Overton varieties of the year as possible. Almost certainly the rarest single coin in this incredible set. Census (all varieties): 2 in 65, 1 finer (11/10).

Ex: Virgil Brand Collection; New Netherlands Coin Company (11/1954); Mrs. R. Henry Norweb, Jr.; Norweb Collection (Bowers and Merena, 11/1988), lot 3107, which realized $28,600. (#6217)

This coin will be sold on Platinum Night by Heritage at the 2010 Fun Auction as lot # 5332

Historic proof sets and ‘Stella’ pattern coins present momentous opportunities for collectors at FUN

Heritage Auctions — Mon, 20 Dec 2010 12:36:22 +0000

1834 and 1846 proof sets from private collection released as part of Heritage’s Jan. 6 FUN Platinum Night offerings in Tampa, FL

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.

Proof-Only Gold Coins

Doug Winter — Mon, 20 Dec 2010 12:07:17 +0000

By Doug Winter – RareGoldCoins.com

The presence of a number of important Type Three Proof Liberty Head double eagles in the upcoming 2011 FUN auction got me to thinking about . What are these coins, why are they important and do they deserve the market premiums they enjoy?

A Proof-only coin is an issue that exists only in a Proof-only format where business strikes could have been produced as well. These coins exist in a variety of denominations but for this blog, we’ll focus on the ones in various United States gold series.

Some of the most famous Proof-only gold coins are the double eagles from 1883, 1884 and 1887. The mintage figures for these dates are 92, 71 and 121 respectively. I believe that there are around twenty 1883 double eagles known, maybe fifteen 1884’s and as many as thirty to thirty five 1887’s.

There are two ways to look at these coins. The commonly accepted way is to consider them solely as a date. In other words, even though there are many Proof double eagles that are rarer than these three, there are no other Type Threes that compare to the 1883 and 1884 in terms of the total number known. If a date collector wants to buy an 1883 for his set of Type Three double eagle he has to buy a Proof. This is different than a rare date like the 1881 or the 1882 that exists in dual formats; i.e., as business strikes and Proofs, and thus presents the collector with two options.

Collectors who are new to double eagles might balk at having to pay $150,000-200,000 for a nice 1883 double eagle when they can purchase a Proof of comparable rarity from this era for half as much–or less. Why, they wonder, does a Proof-only issue get such a high premium?

The mistake that they are making is to compare the 1883 to, say, an 1880. They need to look at the rarity of the 1883 on an absolute level. The 1883, from the standpoint of total number known, is even rarer than such celebrated issues as the 1854-O and the 1856-O; two issues that now sell for $300,000-500,000. If the Type Three series were to ever become as popular with date collectors as the Type One series currently is, the current prices for Proof-only issues such as the 1883, 1884 and 1887 could double or triple.

One Proof-only issue that I have always found interesting is the 1863 quarter eagle. Only 30 were made and this is one of the major rarities in the entire quarter eagle series. In the Liberty Head design it is the third rarest issue, trailing only the 1854-S and the 1841. The 1863 is an issue that has alot going for it; most notably its charismatic Civil War issuance. It has been a heralded rarity for well over a century. Values have steadily risen for the 1863 over the last decade and I expect this issue to become more and more sought-after in the future.

Another Proof-only issue is the 1887 half eagle. It has a mintage of 87 and an estimated thirty or so survive. Unlike the 1863 quarter eagle, this is a date that doesn’t “feel” like it should be a Proof-only coin; especially given the fact that many of the other Philadelphia half eagles of this era are common in business strike format.

What I think hurts the 1887 most in terms of its appeal is that Liberty Head half eagles are not currently a series that are actively collected by date. The 1887 feels like an overvalued date to me, given that a Gem is worth over $100,000 as compared to less than half this amount for comparable Proofs of this era that aren’t Proof-only.

Two of the most interesting Proof-only issues are the 1875 and 1876 three dollars. Both are less rare than their original mintage figures of 20 and 45 would suggest and this is due to the fact that restrikes exist for both issues. I find the 1875 to be a very intriguing issue because of the magic of the date 1875 as a Proof. Every Proof 1875 issue has an exceptionally low original mintage and at least two denominations (the half eagle and eagle) are virtually unobtainable as business strikes.

Back to the Proof-only Type Three issues. When I first became interested in US gold coins, these three issues were heralded rarities and they were bringing $25,000 and higher back when 25 grand could buy you some serious rare Liberty Head double eagles. The 1883, 1884 and 1887 have certainly increased in value over the years but not at the pace of the rare Type Ones or, ironically, even at the pace of the formally-overlooked business strike rarities of the Type Three series.

It will be interesting to see how the next appearances of the rare Proof-only gold issues that I’ve mentioned are met by an increasingly rarfity-driven coin buying audience. My hunch is that we will see very strong prices on most of these coins and that they represent good value for the collector or investor who fancies true blue-chip numismatic items.

Coin Rarities & Related Topics: The Malibu Collection of Proof Liberty Seated Quarters, with information for beginning and intermediate collectors

Greg Reynolds — Wed, 15 Dec 2010 04:27:48 +0000

News and Analysis of scarce coins, coin markets, and the coin collecting community #31

A Weekly Column by Greg Reynolds

I. The Malibu Collection

In Tampa, on Tuesday, Jan. 4, B&M will auction the second part of the Malibu Collection, among other consignments. The focus here is on Malibu’s collection of Proof Liberty Seated Quarters dating from 1863 to 1891.

This sale will occur almost exactly two months after B&M auctioned the first part of the Malibu Collection, in Baltimore. In my column of Nov. 17, I reviewed the sale of the Malibu set of Standing Liberty Quarters. On Nov. 4, B&M also auctioned Malibu’s business strike Liberty Seated Half Dollars and silver dollars. On Jan. 4, B&M will auction Malibu’s sets of Proof Liberty Seated Quarters, Proof Liberty Seated Half Dollars and Proof Liberty Seated Dollars, plus a few other coins from the Malibu collection, as well as a wide variety of items from other consignors.

This Jan. 4 auction will be conducted just prior to the FUN Convention. Please see last week’s column for a discussion of FUN Convention auctions and a review of the O’Neal Collection of Indian Head Half Eagles that Heritage will offer. (As always, clickable links are in blue.)

Since the collector who formed the Malibu collection has not granted permission for his name to be mentioned, the code name Malibu is employed for his overall collection, sets of specific series, and the collector himself. Other coins from the Malibu Collection may be auctioned in Baltimore in March. Most of the coins in the Malibu collection are, or were, included in set listings in the PCGS and NGC Registries.

Besides Malibu’s set of Standing Liberty Quarters, which was complete and excellent, each of his sets seems to be a ‘work in progress’ with some missing dates that are not difficult to find. It is sad that his sets of Proof Liberty Seated coins were not completed as he seems to have had both the budget and the dedication to ‘complete’ sets of ‘later date’ Liberty Seated Proof Quarters, half dollars and silver dollars, those dating from 1858 onwards.

Starting in 1858, Proof Sets were publicly offered by the U.S. Mint each year. Before then, Proof coins were released quietly to collectors and dealers who had contacts at the Philadelphia Mint or elsewhere in the U.S. Treasury Dept. While Proof sets were not available to collectors every year prior to 1858, my impression is that these were often available to collectors who took the initiative to seek Proof coins.

Generally, it is customary to define a set of each series of Proof Liberty Seated silver coins, or of Proof Liberty Head gold coins, as a collection of one of each issue from 1858 onwards. Pre-1858 Proofs tend to be much rarer, and a set of all Proof Liberty Seated coins would not be feasible.

Clearly, the Malibu collector was in the process of assembling sets of Proof quarters and halves dating from 1858 to 1891, and of Proof Liberty Seated Dollars dating from 1858 to 1873, which was the last year of Liberty Seated Dollars. The Malibu 1858 to 1891 set of Proof Liberty Seated Halves contains twenty seven Proofs of different dates, and a second Proof 1887 Half Dollar. This half set is missing eight dates.

A set of Proof Liberty Seated Dollars consists of sixteen dates and the Malibu set has eleven plus a duplicate Proof 1873 dollar. The PCGS and the NGC Registries ignore the 1866 ‘No Motto’ Proofs of quarters, halves and silver dollars, as these are mysterious strikings about which little is known, and were not available to the public. While the Malibu sets of halves and silver dollars are important, and will receive much attention when auctioned on Jan. 4th, the topic here is his set of Proof Liberty Seated Quarters.

II. Proof Liberty Seated Quarters

I have always found Proof Liberty Seated Quarters to be among the most appealing of all U.S. coins. The Liberty Seated motif on the quarter, to my eyes, looks better than similar obverse central images on the Liberty Seated Half Dollar and silver dollar. Besides, completing such a set of Proof Liberty Seated Quarters is not difficult and is much less costly than corresponding sets of halves and silver dollars.

For one of the least rare dates of the ‘With Motto’ type in Proof-65, a quarter might cost around $2000, a half around $4000, and a dollar around $15,000. These are ballpark figures and should not be narrowly interpreted. Also, Proof ‘With Motto’ Liberty Seated Quarters that grade less than ‘65′ will cost less than $2000, sometimes much less, and Proofs that truly grade above 65 will cost much more.

As for the Malibu Set of Proof Liberty Seated Quarters, twenty four different dates in the set have been consigned to this Jan. 4th auction. The quarters consigned seem to be consistent with the set as it is itemized in the PCGS set registry, except for the Malibu 1870 quarter, which is in an NGC holder. The Malibu 1870 is NGC certified as Proof-67 and is CAC approved.

The CAC, which was founded by John Albanese in 2007, is not affiliated with the PCGS or the NGC. The CAC approves or rejects coins that are already graded and encapsulated by the PCGS or the NGC. Several quarters in the Malibu set are CAC approved.

The Malibu set listing of Proof Liberty Seated Quarters in the NGC registry lists three Proof Liberty Seated Quarters that were not consigned to this auction. Two of these are PCGS certified and are not listed as parts of the Malibu Set in the PCGS registry, an 1861 that is PCGS certified Proof-64 and an 1862 that is PCGS certified Proof-65. Both are said to have been added to this Malibu set on March 4, 2009. Additionally, an 1859 quarter that is NGC certified Proof-66 is also indicated as being part of the Malibu Set of Proof Liberty Seated Quarters. Maybe these three coins will be in a future B&M auction, though it would have made sense for them to have been part of this set in the Jan. 4th auction.

Oddly, while this Malibu set in the NGC Registry includes two PCGS graded quarters that are not in the corresponding listing in the PCGS Registry, the listing in the NGC registry omits some of the quarters that are in the PCGS Registry. Evidently, the NGC listing was not fully updated or errors were made. As listed, the Malibu set of 1858 to 1891 Proof Liberty Seated Quarters ranks fourth in the NGC Registry.

Though I have not seen most of the coins included, my ‘gut’ impression and information from my sources suggest that the Malibu Set of Proof Liberty Seated Quarters is very impressive and desirable overall. In the PCGS Registry, the Malibu set is the seventh “All-Time Finest” in its category, and the fourth “All-Time Finest” of sets that were actually registered by their respective owners. Keep in mind that it is only about two-thirds complete. (NGC certified coins are not permitted in the PCGS Registry, though PCGS certified coins are allowed in the NGC Registry.)

Certainly, the Malibu collector could have made this set 100% complete, and it would rank higher, in both registries, had he done so. His spending on coins in general and the fact that other more difficult Malibu sets were more complete suggests that the Malibu collector could easily afford to finish a set of Proof Liberty Seated Quarters dating from 1858 to 1891. In November, his set of Standing Liberty Quarters realized megabucks, including six figure individual coins. (See my column of Nov. 17th.)

In the PCGS Registry, the Malibu set has a weighted grade point average of “66.41.” Malibu has just two Proof Liberty Seated Quarters that have a PCGS designation of ‘Deep Cameo.’ Unfortunately, in my view, the PCGS grants two bonus points to a Proof Liberty Seated coin’s respective grade if it has a ‘Deep Cameo’ designation and one point for a not as deep ‘Cameo’ designation.

Such bonus points are typical of formulas that determine scores in PCGS Registry Set competitions. For most of the history of coin collecting, there was not a belief that a Proof coin with a deep cameo contrast is more desirable than a Proof with neat blue and russet toning and no such contrast. A recent emphasis on such contrasts has encouraged dealers to immerse Proof coins in acidic solutions, standard dipping, in hopes of bringing about a sharper contrast by burning and stripping the surfaces. (Please see my three part series on naturally toned coins, part 1 – part 2 – part 3, and my column of Sept. 8, to gain an understanding of dipping.)

Beautiful toning on silver coins is sometimes stripped away with the aim of getting a ‘Deep Cameo’ designation from the PCGS or an ‘Ultra Cameo’ designation from the NGC. This is a tragedy; such toning often developed gradually in the holdings of great collections over a period of decades and may be destroyed in seconds. The PCGS should deduct points from registry listings of Proof silver coins that have been artificially brightened.

Unlike many 19th century Proof silver coins that have received a ‘Deep Cameo’ designation, Malibu’s two quarters with this designation do NOT appear, via online images, to have been artificially brightened. Indeed, I doubt that either was dipped in recent years. Among most sophisticated collectors, coins with both substantial natural toning and a ‘Deep Cameo’ contrast are more highly regarded than dipped white coins with a ‘Deep Cameo’ contrast.

The Malibu 1875 is PCGS certified ‘PR-65 Deep Cameo’ and is CAC approved. It features neat shades of russet toning. The Malibu 1882 quarter is PCGS certified ‘PR-64+ Deep Cameo.’ Thick and rich toning on the obverse (front) suggests that this coin has not been dipped in decades and maybe never was dipped. It is a cool coin.

Overall, the respective scores of the Malibu Set of Proof Liberty Seated Quarters in the PCGS and NGC registries do not accurately reflect the quality of the coins in this set. Of course, it is fair for a set registry to incorporate rarity, certified grades, special designations and completeness in a total score, not just quality. Nevertheless, consider that many of Malibu’s quarters are naturally and wonderfully toned. Competing sets with many artificially brightened coins may score higher or nearly as high in a set registry. Also, the Malibu Set is missing some coins that are not difficult to find and a ‘complete’ set of mostly less appealing coins may thus have a higher total score. So, as Malibu did not complete this set, it is impossible to draw a firm conclusion as to how great it could have been.

III. ‘No Motto’ Liberty Seated Quarters

One of the more important quarters in this set is the 1863. It is PCGS certified Proof-66 and is in a PCGS ‘Secure’ holder. (Please read my two part series on the PCGS SecurePlus program to attain an understanding of the meaning and significance of a ‘Secure’ holder: part 1, part 2.) A large number of coins in the Malibu collection are in PCGS ‘Secure’ holders.

The Malibu 1863 quarter has a distinctive pedigree as it was earlier part of the Benson collection. The Benson collection was ‘off the market’ for decades before it was auctioned by the Goldbergs in 2001 and 2002. Generally, advanced ‘coin doctors’ (unethical surgeons) did not have the opportunity to tamper with coins that were ‘off the market’ since the 1940s. Moreover, a large percentage of the coins in the Benson collection had never been substantially cleaned and showed no signs of having been dipped. Many had (and hopefully still possess) pleasant natural toning. The “Benson” collector purchased a set of Proof quarters, dating from 1858 to 1916, intact from a widely known coin dealer in 1944.

This Malibu-Benson 1863 is one of a very small number, probably five to seven, of different Proof 1863 quarters that the PCGS has graded 66. Furthermore, the PCGS has not assigned a grade higher than 66 to a Proof 1863 quarter. The images suggest that this coin’s toning is both natural and impressive, though I would have to examine this coin in actuality to form my own opinion regarding its quality and eye appeal. The PCGS price guide values a Proof-66 1863 quarter at $11,500.

The Malibu 1864 Liberty Seated Quarter is PCGS certified ‘PR-64+ Cameo’ and is in a ‘Secure’ holder. It is CAC approved. When the CAC approves a coin that is certified as grading “64+,” such approval does not necessarily mean that CAC experts agree with the ‘+’ grade. In this case, it means that CAC experts regard the grade of this coin as being either in the middle OR the high end (+ area) of the 64 grade range.

This 1864 quarter may turn out to be an excellent value for a collector who wishes an attractive, naturally toned ‘No Motto’ Proof Liberty Seated Quarter, but does not wish to spend the amount required for a 65 grade coin. The PCGS price guide values this coin at $3500, though I would not be shocked if it sold for more than $3500. A ‘65′ grade representative of this issue would be worth somewhere between $4750 and $8000, depending upon its individual characteristics.

Other than the one mysterious, unique 1866 ‘No Motto’ quarter, which I have seen, the last issue of the ‘No Motto’ quarter type was dated 1865. The Malibu 1865 quarter is PCGS certified ‘Proof-65 Cameo’ and is in a ‘Secure’ holder. In addition, it has a sticker of approval from the CAC, which means that experts at the CAC have determined that its grade is in the middle or high end of the 65 range. The Malibu 1865 is probably one of the ten finest known Proof 1865 quarters. Jeff Ambio tells me that “it is beautiful, a fully original Gem.” Jeff emphasized the term ‘gem’ in this context. The online images of this coin are certainly appealing.

IV. Types of Liberty Seated Quarters

Except the 1853 ‘Arrows & Rays’ issue, which is a distinct one-year type, Proof quarters minted from 1840 to 1865 are of the ‘No Motto’ type, as the motto, “In God We Trust,” was added to the reverse (back of the coin) in 1866. ‘No Motto’ Proof quarters are rarer than ‘With Motto’ Proof quarters. Collectors assembling relevant type sets typically demand one ‘No Motto’ Liberty Seated Quarter and one ‘With Motto’ Liberty Seated Quarter. Type collectors often demand additional types of Liberty Seated Quarters as well, representatives of the ‘No Drapery’ (1838-40), 1853 Arrows & Rays, and 1873-74 ‘Arrows’ issues. Proofs of the ‘No Drapery’ and 1853 issues are so rare, however, that these are almost unobtainable. Business strikes of these two types are not hard to locate.

So, the pre-1866 Proofs in the Malibu set of Liberty Seated Quarters are generally scarcer and more valuable than the ‘With Motto’ Proofs. The Malibu Proof 1874 ‘With Arrows’ Quarter, however, is of a distinct subtype and is probably the most valuable quarter in this Malibu set.

For coins of the same quality, more or less, AND with the same certified grade, each Proof ‘No Motto’ issue of the 1860s tend to be roughly equal in value. Such rough equality in value is also largely true of ‘With Motto’ Proof Liberty Seated Quarters that date from 1866 to 1873 and from 1875 to 1891. At some point in 1873, arrows were added to the obverse (front) design of Liberty Seated Quarters. In 1873 and 1874, Proofs (and business strikes) of this ‘With Arrows’ subtype were struck and these command a strong premium over the typical ‘No Motto’ Proof issues. These 1873 and 1874 ‘With Arrows’ issues are often included in type sets.

The Malibu Collection contains a Proof 1874 ‘With Arrows’ Quarter, but not an 1873. The Malibu 1874 is PCGS certified ‘Proof-65+ Cameo’ and is in a ‘Secure’ holder. The PCGS price guide values this coin at $10,500. The B&M cataloguer states that “the toning is simply outstanding, both sides awash in a target-like distribution of sea-green, cobalt-blue, reddish-lavender and golden-apricot colors.”

Someone who does not wish to collect Proof Liberty Seated Quarters ‘by date’ could assemble a post-1860 type set of just three quarters, or a type set of all Liberty Seated coins. Collecting ‘by type’ is less expensive and less time consuming than collecting ‘by date.’ Until a collector feels sure that he wishes to focus upon particular series, collecting ‘by type’ may be fun and educational.

It is a good idea to learn about the coins of coins that interest the respective collector before spending megabucks on very rare dates. Additionally, it is not unusual to mix business strikes and Proofs in type sets. So, a type collector may easily control his budget and may learn about a variety of coins while building a type set of one denomination or one time period, in one or more metals.