1796 $2 1/2 Stars MS65 NGC. Breen-6114, Bass-3003, BD-3, R.5. BD Die State b. This is the only Gem quality 1796 With Stars ...
Bid InformationFor your convenience, the bid information on this page automatically refreshes with the most up to date data so you don't have to refresh/reload this page.
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: 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).
- 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.
The Mint Act of 1792 authorized all of the gold and silver coins that would eventually be struck by the young Philadelphia Mint. After property was acquired, construction of the actual buildings was completed, and all was ready to produced the Nation's first coinage, copper, silver, and gold. Despite completion of the physical components and acquisition of the necessary equipment, coinage of gold and silver could still not be accomplished as the bonding requirement for key employees was too strict. These employees were unable to meet the original requirement of $10,000 bond to insure against possible loss.
Rittenhouse approached Congress with a request to reduce this amount, which they eventually did. The new requirement was $5,000 bond, a more reasonable figure for the time. It was understood that steps would be put in place for these bonded employees to only have access to a limited amount of gold and silver at any one time, further reducing the risk to the government. Finally, all was set for production of precious metals coinage. Silver dollars and half dollars were coined for the first time late in 1794, followed by other silver denominations. Half eagles and eagles came next, with the first gold coins struck in July 1795, and finally the quarter eagles were produced beginning in September 1796 with the No Stars issue. Even after all was set for production of gold coins, few quarter eagles were produced. The denomination of choice for depositors were the larger half eagles and eagles.
Creation of the early quarter eagle design is generally attributed to Robert Scot, the first Chief Engraver of the Philadelphia Mint.
A bust of Liberty faces right, draped and capped, with the 1796 date below and LIBERTY above. A total of 16 stars are arranged with eight to the left and eight to the right, each oriented point-to-point. Only a few early U.S. coins have stars oriented in this manner as the usual orientation has a single point toward the border.
The reverse has a large, Heraldic eagle patterned after the Great Seal of the United States. A ribbon in the eagle's beak extends left and right, bearing the inscription E PLURIBUS UNUM. The eagle holds a bundle of arrows (eight are visible) in its dexter claw and an olive branch in its sinister claw. A shield on the eagle's breast consists of eight vertical stripes and nine horizontal crossbars. Above the eagle's head is a row of clouds (seven or eight, depending on the viewer's perspective) and 16 stars in a seemingly random placement. The statutory legend UNITED STATES OF AMERICA follows the border clockwise, from 7:30 to 5:30.
Individual Die Characteristics
Notable features of this die pair include the digit 6 overlapping the bottom edge of the drapery on the obverse and the raised die file lines through TATE on the reverse. The 8x8 star arrangement on the obverse is somewhat inconsistent with a wide space between star 1 and the hair curl, enough to permit a ninth star on the left, which would have eliminated the crowded appearance of the stars on the right.
The Gem 1796 With Stars quarter eagle that we are pleased to present is from the famous Byron Reed Collection. Both sides are sharply detailed with bright yellow-gold color displaying greenish tendencies. The fields are fully prooflike, suggesting the possibility that this may have been a special strike, although we hesitate to declare it a specimen strike or presentation piece. A few faint abrasions on each side are hardly significant, and obviously did not concern the graders at NGC.
This is an early die state, although a light bulge appears in the left obverse field, usually seen on later die state pieces of various coins. A faint die crack extends right from the digit 6 and another crack connects the stars on the left. The lower hair curls are mostly complete, indicating that this example was struck prior to die lapping.
Roster of Mint State Pieces
The eight pieces listed in this roster is by no means complete as pedigree research in early gold coinage is seriously lacking. The Harry Bass coin, considered AU58 by some observers, is almost certainly a full Mint State example, thus included here. The other Mint State example offered in the present sale is almost certainly one of the following, although we have not been able to make a conclusive match.
MS65 NGC. This coin. Byron Reed Collection; Durham Western Heritage Museum; Christie's and Spink America (10/1996), lot 41.
MS63 NGC. John Whitney Walter (Stack's, 5/1999), lot 1790; Bowers and Merena (11/2002), lot 3063; Bowers and Merena (3/2004), lot 2512.
MS63. Stack's (2/1974), lot 495; Jimmy Hayes Collection; Auction '84, lot 1365; Auction '89, lot 1356.
MS63. Smithsonian Institution.
MS62 NGC. Heritage (11/2005), lot 2363.
MS61. John Whitney Walter (Stack's, 5/1999), lot 1791.
MS61 PCGS. Charles T. Steigerwalt (5/1907); John H. Clapp; Clapp Estate; Louis E. Eliasberg, Sr.; Eliasberg Estate (Bowers and Ruddy, 10/1982), lot 80; Long Beach Connoisseur (Bowers and Merena, 8/1999), lot 337; Cincinnati Collection (Heritage, 1/2005), lot 8761.
AU58 prooflike. Fred Sweeney (10/24/1972); Harry W. Bass, Jr. Bass Sylloge number 3003 and now on display at the American Numismatic Association.
Walter Breen recorded three different pieces as "presentation pieces" in his Proof Encyclopedia. These included lot 2496 in the June 1912 Henry Chapman sale of the George Earle Collection, a coin that appeared in the 1875 sale of the M.I. Cohen Collection, an example that appeared as lot 12 in the 1886 sale of the Dr. Edward Maris Collection, and a piece sold in the 1974 "Winter Sale."(Registry values: P10) (NGC ID# 25F3, PCGS# 7647)
Service and Handling Description: Coin/Currency (view shipping information)