1796 $2 1/2 No Stars MS61 PCGS. CAC....
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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).
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: 15% of the successful bid (minimum $9) 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).
- 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:
- There is no penalty for paying off early.
- Non-dealers only
- With pre-approved credit application
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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).
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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.
Die State. An obverse crack curves up into the field from the border at 9 o'clock. Another joins the bases of BERT, a third extends from the bottom right corner of the E to the cap, and a fourth extends from the bottom of the L well into the cap. The lower hair strands are mostly complete with only slight evidence of die lapping. The reverse has an intermittent die line from the right (facing) wing through the tops of AMERIC.
Condition Census. Possibly as many as 10 Mint State examples are known, including the present specimen.
Appearances. We are unaware of previous appearances in literature or auction catalogs.
Obverse Die. The 6 is upright with the 1, 7, and 9 each leaning right. The 1 is slightly closer to the curl than to the border and it is shorter than the other digits. The 7 and 9 are more closely spaced than other digits. LIBERTY is widely spaced with LI and BE wider then IB. The lower left side of I is slightly recut. ER are on a higher base line than other letters.
State a. Perfect, does not exist in this marriage. State b. Lightly cracked through the bases of LIBER. State c. Cracked from the border about 9 o'clock, turning upward toward the cap. State d. Lapped with the lowest curls incomplete. The crack of state c continues through the cap to T and Y. The die line from E to R is no longer visible.
Reverse Die. Star 15 is below horizontal to the right of star 8. The legend is well spaced with all letters of UNITED close to the border, and all letters of STATES OF close to the clouds. The left upright of E is over the space between two clouds. AM are widely spaced and the final A is close to the claw and stem but touches neither. The branch has four berries with only one inside. The inner leaf of the lowest outside pair entirely overlaps the stem. The lowest of eight arrows is below the center of the left base of N. The longest arrow is below the outside right edge of the same letter. Stars are evenly spaced in rows of seven, seven, one, and one. Only star 3 touches the left curve of cloud 4.
State a. Perfect.
Heritage Commentary. Rated High R.6 by Walter Breen in his New Varieties monograph in the late 1960s. Breen recorded the mintage of 1796 quarter eagles as 963 examples without stars, including coins from Warrants 75 and 77, and 432 with stars from the delivery of January 14, 1797, Warrant 80. Since Warrant 79 was dated December 22, 1796, all gold coins minted after that date would have been included in the January 14, 1797 delivery. Breen's estimates seem reasonable; however, supporting documentation has not been located, and probably does not exist.
Several high grade examples are known including Mint State coins with prooflike surfaces, called presentation pieces by Breen. He further explained that the existence of these high grade coins was the result of many being saved as novelties from the first year of the denomination. At the time, however, setting aside a coin valued at $2.50 was certainly an expensive novelty. Due to striking characteristics, this variety is often overgraded.
Consignor Commentary. I was very pleased when Stu Levine offered me this coin in 2001. I hesitated for a while only because this was the highest priced quarter eagle I had purchased. Then (and now) I believed that it is in or close to the Condition Census. My view is that PCGS was a bit conservative in grading the coin. It is one of several very high quality quarter eagles that I obtained from or through Stu.
Provenance. Purchased from Stuart Levine (8/2001).
From The Ed Price Collection.(Registry values: P10) (NGC ID# 25F2, PCGS# 7645)
Service and Handling Description: Coins & Currency (view shipping information)