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Lot
5546

1795 H10C V-5, LM-8, R.3, MS66 PCGS Secure. CAC....

2014 August 5, 7 & 9 ANA US Coins Signature Auction - Chicago #1208

 
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Auction Ended On: Aug 7, 2014
Item Activity: 9 Internet/mail/phone bidders
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Location: Donald E. Stephens Convention Center
5555 N. River Road
Rosemont, IL 60018
Description:

1795 Half Dime, MS66
V-5, LM-8, Multicolor Toning
1795 H10C V-5, LM-8, R.3, MS66 PCGS Secure. CAC. A die crack nearly bisects the obverse between the Y in LIBERTY and the 7 in the date, continuing across Liberty's nose, cheek, and neck. The obverse die is shared with LM-9, but LM-8 has a berry pair beneath the first T in STATES, and LM-9 shows a berry near the first S in STATES.

This pristine representative exhibits exceptionally attractive apple-green, cobalt-blue, and lavender patina. The surfaces are glossy with luster, and the strike is bold apart from select portions of the eagle's wings and belly. Although LM-8 ranks among the most accessible die varieties for the second and final Flowing Hair date, the variety is unquestionably rare at the MS66 level. Our auction archives list only a single finer example, the MS67 Prooflike NGC coin offered later in the following lot. Those in pursuit of the highest graded early silver type set must consider the present Premium Gem.

One wonders how an early Federal silver coin could have survived in such lofty condition. One possibility is that it was saved by Elias Boudinot, the third Mint Director who held his office between October 1795 and July 1805. Boudinot was known to deposit silver bullion with the Mint and request payment in small silver denominations, not because he needed assay service or silver coin, but to help keep Mint employees occupied. Boudinot would melt most of the coins and deposit the bullion again, but especially given his position, he must have been tempted to set aside a few better-made examples for posterity.
From The Collection of Oliver Jung. (Variety PCGS# 38592, Base PCGS# 4251)

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