1796 $2 1/2 Stars MS62 NGC....
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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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- There is no penalty for paying off early.
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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.
The Eliasberg-Price Specimen
The exact reason why Robert Scot left the first quarter eagle obverse die "unfinished" may never be known. Researcher Robert Hilt believed that the star punch broke after adding 16 stars to the other 1796 obverse die, so the decision was made to harden the die without stars. This is illogical for more than one reason. Other theories make more sense, but none can be proven definitively. Could it be that the first die was accidentally hardened before the engraver realized that the die was incomplete? Stranger things happened in the early days of our first Mint! The Bass-Dannreuther reference opines that the stars were intentionally omitted from the die, but Mint officials later concluded that the final coins looked better with 16 stars occupying the obverse periphery; an uncomplicated and refreshingly rational theory. And since the new quarter eagles featured a radically different reverse design, the case could be made that the Mint was exploring alternative design concepts. Perhaps the No Stars variety was a pseudo-pattern, if you will.
An early Mint policy was to include one obverse star for each state of the Union. Since Tennessee became a state on June 1, 1796, the With Star pieces included in the January 1797 delivery of 1796 quarter eagles displayed 16 stars around the obverse periphery. It didn't take Mint Director Elias Boudinot long to conclude that the engravers would run out of die space if even a few more territories became states, so the following year the rule was to changed to a static 13-star obverse design, although there are a few exceptions. Some have speculated that the 16 stars were added to the No Stars obverse die; the logic being that the Mint would not have wantonly discarded a perfectly good die. This is unlikely for the simple reason that the die was already hardened and modification would have been possible, but challenging. Instead a new obverse die was prepared, as was the third reverse die for the year. The amazing point here is that by this time a mere 963 1796 BD-1 and BD-2 quarter eagles had been struck. Even within the estimated mintage of 432 BD-3 quarter eagles--minuscule by any standard--Bass and Dannreuther documented a staggering five die states, replete with clashing, die breaks, and lapping. The specimen offered here appears to be Bass-Dannreuther Die State b, as Liberty's lower hair curls have not been partially effaced from excessive lapping. However it is likely that this piece was struck with dies that were at least lightly serviced, as evinced by the semiprooflikeness of both the obverse and reverse fields.
Bass-Dannreuther estimate that only 40 to 50 1796 BD-3 quarter eagles have survived, regardless of condition. That is less than half of the suggested extant population of the No Stars type. Nonetheless, the No Stars variant has always been in demand due to the fact that it is major single-year type coin, undeniably making the 1796 Stars variety an underrated issue. The current offering is one of just a half dozen or so Mint State survivors known, although in terms of eye appeal it must rank close to the top of that short list. Fiery orange-gold coloration is illuminated by reflective fields on both sides and the resulting display is exhilarating. Unobtrusive adjustment marks on the reverse's central design elements result in a slight softness of Miss Liberty's portrait. Elsewhere the coin is sufficiently struck. The aesthetic qualities of the current offering are such that it was a cherished holding in the collections of more than one legendary numismatist, as evinced in the ensuing provenance listing.
Ex: Spedding Sale (S.H. & H. Chapman, 12/1894); J.H. Clapp; Clapp Estate (1942); Louis E. Eliasberg, Sr. (Bowers and Ruddy, 10/1982), lot 80; Long Beach Connoisseur Collection; Bowers and Merena (8/1999), lot 337; Heritage (1/2005), lot 8761; Ed Price Collection (Heritage, 7/2008), lot 1452.(Registry values: P10) (NGC ID# 25F3, PCGS# 7647)
Service and Handling Description: Coins & Currency (view shipping information)