1792 H10C Half Disme, Judd-7, Pollock-7, R.4, AU55 PCGS....
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Minimum Next BidBid increments determine the lowest amount you may bid on a particular lot. Normally, bids must be at least one bidding increment over the Current Bid. However, podium, fax, phone and mail bidders submit bids at various times without knowing the current bid and must be on-increment or at a half increment (called a Cut Bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment.
Internet bids are required only to bid the increment past the Current Bid, or more. Internet bids greater than one increment over the Current Bid can be any whole dollar amount.
It is possible under several circumstances for winning bids to be between increments. It is also possible for an existing bid to be outbid by less than a full increment, sometimes by only $1. This usually happens when two bidders feel that a lot is worth about the same amount, but one places an off-increment bid. Generally when this happens, the Current Bid was much lower than the high secret maximum bid when the off-increment bidder placed his bid.
For example: On Tuesday, you bid $1500 against Bidder A's Maximum Bid of $1000, raising Current Bid to $1100. Then on Thursday, Bidder B, seeing a Current Bid of $1100, guesses the final price and decides to bid $1501, outbidding your Maximum Bid by $1. You would now have to bid $1600 through Heritage Internet bidding or $1550 on Heritage Live (if available for the auction) to possibly win that lot. Next time, maybe you'll bid $1502 and outbid Bidder B by $1!
Number of BiddersThis number represents the number of individual bidders prior to the close of Internet bidding on each lot. An individual who bids more than once is still counted only once. During the live session, only the winning bidder is included in this number, although detailed records are kept of all forms of bids.
Reserve (If Any) Not Posted Yet:
Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.
Consignor Has Not Yet Submitted a Reserve:
Although the consignor's agreement allows a reserve on this lot, the deadline for submitting such a reserve has elapsed. If consignor submits a reserve post-deadline and the item fails to meet that reserve, we may charge the consignor a higher reserve fee.
This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
Reserve Not Met:
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
Our Auction Results Archives now allow our members to make anonymous offers on items that may not be auctioned again for some time. Please note that the winner of this Heritage auction lot may or may not still own this item and may or may not be willing to sell.
Heritage retains 10% (minimum $40 per lot) of the total price as its commission (compared with a 12%-25% Buyer's Premium charged on auction transactions), from which Heritage absorbs all credit card/PayPal costs. This service is free to the buyer (no Buyer's Premium), includes a 7 day return policy, and protects the identity of both parties. Because no Buyer's Premium is charged on Make Offer to Owner transactions, auction consignment discount coupons are invalid.
Our software allows offers and counter-offers, but we suggest making your best offer the first time as most owners will not respond to low offers at all. You will receive a response or no-response email from Heritage within 72 hours.
What's This?The owner of this item has indicated that they would sell this item at the amount, although their acceptance of your offer is required before the item can be purchased.
BP - Buyer's Premium per LotA Buyer's Premium will be added to each successful bid. For this sale: 17.5% of the successful bid (minimum $14) per lot. Please see #2 in our Terms & Conditions.
Not SoldThis indicates an item that did not sell at auction because it did not receive bids equal to or greater than the reserve (minimum bid) amount set by the consignor, or the opening bid.
Opening Bid:Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
Extended Payment Plan
Available on select items as noted on the item page in the bidding area.
- Minimum invoice total is $2,500.
- You may take up to four (4) months to pay the balance (monthly payments of at least 1/4th of invoice total).
- Interest is calculated at only 1% per month (12% annually) on the unpaid balance, and must be kept current.
- Minimum down payment is 25% within two weeks of the sale date. All down payments made beyond this 2 week window will require a 35% down payment, and the term will be shortened to 3 months.
- Subject to a refundable 3% set-up fee, which will be paid as part of your 1st monthly installment. This fee will be refundable upon completion of the plan if the following conditions are satisfied:
- All payments (including the down payment) must be made on-time per your specific EPP schedule (there will be a brief grace period).
- All payments must be made using one or a combination of the following payment methods: cash, check, cashier's check, eCheck, money order, or bank draft.
- There is no penalty for paying off early.
- Non-dealers only
- With pre-approved credit application
All traditional sales policies still apply. Due to the nature of the business and market volatility, there is no return privilege once you have confirmed your sale, and penalties can be incurred on cancelled orders.
- Get pre-approved by filling out a credit application.
- Bid normally and win some lots.
- Heritage will maintain possession of all the lots until paid in full. Therefore, you must notify us of your intent to use our Extended Payment Plan on or before the day of the auction. All pre-shipped material must be returned to Heritage in order for the plan to be in effect.
- When you get your electronic invoice, select "other" from the payment options.
- Send an e-mail to EPPGroup@HA.com indicating the invoice number and your intention to use the Extended Payment Plan.
Note: This offer may not be available on some items.
Terms and Conditions
Extended Payment Plan for Heritage Owned Inventory Items(excludes Virtual Bourse, Comic Market and Virtual Sports Show)
- Minimum invoice total is $2,000.
- You may take up to 6 months to pay the balance (monthly payments of at least 1/6th of invoice total).
- Minimum down payment is 20%.
- Payments (including the down payment) must be made on-time per your specific EPP schedule (there will be a brief grace period).
- Payments must be made using one or a combination of the following payment methods: cash, check, cashier's check, eCheck, money order, bank draft, bank wire or PayPal.
- There is no penalty for paying off early.
- Non-dealers only
SMS Alerts- Receive a text message approximately 35 lots ahead of your item being up for bidding at auction, with a link to bid in Heritage Live in the text message. Haven't registered? Visit MyProfile to sign-up for free by entering your mobile number. The green icon indicates Live Bidding Text Alerts are on for that lot. Live Bidding Text Alerts are only available for lots in live sessions.
Note: The extra increment won't be placed until the item is up for live bidding, so it is possible that you could be outbid by a bid placed prior to live bidding, such as another proxy bid, live proxy bid, mail bid, etc., which could result in your losing the lot by that one increment. For the same reason, it is also possible that a currently losing bid with bid protection placed could potentially win the lot once the lot is subject to live bidding and the Bid Protection increment(s) is placed.
Storied U.S. Mint First Circulation Issue
Unlike the 15 examples of the 1804 silver dollar known, the 1792 half dismes survive in the amount of possibly 100 or so pieces. The combined PCGS and NGC population reports currently total 121 submissions, undoubtedly including duplicates.
Even though the 1792 half disme is designated with a Judd pattern reference number, there is little doubt that, unlike the other 1792-dated coins which appear to have been struck in far fewer numbers, the 1792 silver half dismes were intended to circulate, as President Washington's famous numismatic comment to Congress in November 1792 (before the U.S. Mint officially opened) points out: "There has been a small beginning in the coinage of half dismes; the want of small change in circulation calling first attention to them."
Frank Stewart (1873-1948), the owner of Frank H. Stewart Electric Co., a Philadelphia electric-supply company in the early 20th century, is crucial as the preserver of much of the surviving history of the first U.S. Mint or "Ye Olde Mint," as the sign on the Philadelphia main building read for many years. Stewart is the central figure in The Secret History of the First U.S. Mint by Joel Orosz and Leonard Augsburger, subtitled "How Frank H. Stewart Destroyed -- and Then Saved -- a National Treasure." Stewart tried and failed to preserve some of the original, dilapidated Mint buildings before leveling them to expand his burgeoning business.
We cannot recommend strongly enough the work of Orosz and Augsburger to those interested in the early Mint or the 1792 half dismes and other early Mint products. It would be a severe injustice to try to synopsize or encapsulate their work -- a long, intricate, and fascinating read, and a model of impeccable original research -- for our purposes here. It must suffice to say that Stewart considered the 1792 half dismes key to the history of the first U.S. Mint -- so crucial that Stewart not only obtained two examples for the Old Mint Collection, he also made them the central subject of a painting he commissioned, Washington Inspecting the First Money Coined by the United States, by John Ward Dunsmore.
The authors write:
"A coin of such distinctiveness must be of abiding interest to numismatists, and this observation is amply borne out in the marketplace. Every one of the surviving half dismes, no matter how dismal their state of preservation, is eagerly sought by collectors. Adding to the allure of these diminutive pieces of silver is the assertion by chief coiner Adam Eckfeldt, as recorded in a memorandum by Philadelphia numismatist John A. McAllister Jr., that President George Washington deposited silver 'Bullion or Coin' in the amount of $100, from which the coins were struck. The McAllister memorandum lacks independent corroboration; thus, there is no way of knowing whether the 'Martha Washington half disme,' as it was known even before McAllister's memorandum surfaced, truly owes its provenance to the first president or to someone else entirely."
Many of the other facts surrounding the 1792 half dismes have evaporated in the mists of time, including conclusive evidence of who designed them, exactly how many were produced, and the circumstances of their distribution. But an examination of the surviving populations shows that the survivors are bifurcated in grade: Many low-grade circulated survivors exist -- clearly coins that circulated for a good while -- and yet some notable high-grade Uncirculated specimens survive, coins that appear to have taken a far different route to the present day.
For example, the Dr. Judd Gem Uncirculated example, later sold in Auction '80 (Paramount, 8/1980), lot 592, and as part of the Jimmy Hayes Collection (Stack's, 10/1985), lot 3, reportedly had a pedigree that Dr. Judd had traced back to the collection of first Mint Director David Rittenhouse.
Orosz and Augsburger have documented that "Rittenhouse at one time had owned a significant number of the half dismes," perhaps eight or nine, according to a letter Stewart received in 1915 from Dr. George S. Gerhard, a distant relation of Rittenhouse through his daughter Elizabeth. A few other pieces may have been handed down through Adam Eckfeldt, the aforementioned chief coiner.
A roster we developed for the former Floyd T. Starr Specimen-67 PCGS coin in our Central States Signature (Heritage, 4/2006), lot 1860 -- a coin that realized $1,322,500 -- showed some 27 separate examples of the 1792 half disme from Gem Uncirculated to AU. But notice in the certified population reports that there are clusters of examples around VF or so, AU58, and MS64. Clearly, these are coins that have seen more than one pathway from then to now.
It is always a privilege at Heritage to be able to offer multiple examples in a single sale of so historic an issue. The present Choice AU PCGS coin is an especially attractive example whose surfaces are toned in deep shades of gray, sea-green, and rose. The high points are lighter silver color, especially on the point of the bust and the eagle's breast. The center of Liberty's cheek displays faint, crisscrossing planchet adjustment marks, but none of the often-seen planchet flaws appear on either side. The strike is slightly soft in the centers, on Liberty's hair and the breast feathers. No pedigree markers appear, save for a minor horizontal mark above the eagle's head. Population: 7 in 55, 22 finer (9/12).(Registry values: P9) (PCGS# 11020)
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