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Lot
4206

1840-O 25C No Drapery MS65 PCGS....

2013 April 24 - 28 CSNS US Coin Signature Auction - Chicago #1184

 
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Auction Ended On: Apr 25, 2013
Item Activity: 9 Internet/mail/phone bidders Number of Bidders
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Location: Renaissance Schaumburg Convention Center Hotel
1551 North Thoreau Drive
Schaumburg, IL 60173

Description:
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1840-O No Drapery Quarter, MS65
Single Finest PCGS-Certified

Possible New Orleans Hoard Coin
1840-O 25C No Drapery MS65 PCGS. Large O. Construction had begun for a new Meridien Hotel on Canal Street near the New Orleans French Quarter on October 29, 1982, when earthmoving equipment brought forth a treasure trove of silver coins. New Orleans coin dealer James H. Cohen reported certain details to Coin World slightly under one month later. No accounting exists of the hoard that is said to have contained considerable quantities of Spanish-American silver coins. For U.S. numismatists, New Orleans Mint Seated quarters were well represented. Most of those coins were 1840-O and 1841-O quarters, along with a single AU 1842-O quarter that suggests the date of burial.

In American Coin Treasures and Hoards (pp. 63-65), Q. David Bowers describes the typical piece from the New Orleans treasure: "Survivors from this hoard can be identified by having a somewhat matte-like surface, usually with some traces of gray or black in areas." The present Gem appears much like that description, with matte-like luster beneath medium gold toning over both surfaces, and splashes with minimal black and gray patina. Although undocumented as such, this piece is likely an extraordinary find from a famous hoard, considerably increasing its importance to numismatics today.

PCGS has certified 125 No Drapery quarters in all Mint State grades, but only 17 of those are 1840-O quarters, and the specimen offered here is the only MS65 of that issue, the single finest 1840-O No Drapery quarter that PCGS has certified. In fact, that grading service has only certified 11 submissions of the three-year design type in MS65 or better grades. We have offered just one other Gem example of this issue, a MS65 NGC coin that appeared a dozen years ago in our January 2001 FUN Signature sale.(Registry values: P6) (NGC ID# 23SG, PCGS# 5393)

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