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Lot
5522

1793 1C Liberty Cap, S-13, B-20, Low R.4, AU55 PCGS Secure....

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

 
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Auction Ended On: Aug 7, 2014
Item Activity: 10 Internet/mail/phone bidders
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Location: Donald E. Stephens Convention Center
5555 N. River Road
Rosemont, IL 60018
Description:

1793 S-13, B-20 Cent, AU55
Exceptional Provenance
Fourth Finest 1793 Liberty Cap Cent
1793 1C Liberty Cap, S-13, B-20, Low R.4, AU55 PCGS Secure. There are only about 300 surviving 1793 Liberty Cap cents in all grades from a mintage usually reported as 11,056 pieces. Furthermore, the typical survivor is low quality, usually AG to Fine. Del Bland and Bill Noyes each grade this example XF45, and we agree with that EAC grading assessment. Based on EAC grading and the Bland Census, this piece is tied for the fourth finest 1793 Liberty Cap of any variety, and only 21 pieces appear in that roster for grades of VF30 or finer. Noyes also ranks this piece in a fourth place tie among all varieties of 1793 Liberty Cap cents, and records 19 pieces that grade VF30 or finer. The average certified grade of 130 submissions of 1793 Liberty Cap cents is just 17.4. PCGS and NGC combined have graded two Mint State pieces and three AU55 examples, with average certified grade figures always biased toward higher grades.

William Strobridge called this piece a "proof" in 1871:

"Has the cap of Liberty behind the head. A proof impression, quickly rescued from circulation, but not until it had received sundry microscopic scratches on the principal side; the rev. is strictly fine proof; on the
whole much the finest 'Liberty Cap' which the writer remembers to have seen; highly desirable and rare."


Plated in the Beckwith Collection, Samuel Hudson Chapman wrote:

"Uncirculated except for a few very minute nicks and the slightest rubbing of the hair on obverse. Magnificent impression with margin outside of borders on obverse and reverse."


Dr. William H. Sheldon cataloged the Dupont Sale in 1954, and called this piece Uncirculated:

"Uncirculated. One of the six top examples and as sharp and bold as any known. Magnificent light olive and golden brown. Reverse is just a shade away from mint red. Few minute nicks on cheek and hair, and one above T on obverse rim. Reverse is flawless, the slight roughness in center a result of rust on the die; this is visible on several other 12-L's in similar condition. From the Beckwith collection, Lot 3, at $330.00 in 1923. Just about equal to the Cleneay-Bement-Ellsworth-Atwater coin, now in the Eliasberg collection, which brought a runaway price of some $2000.00 in 1946. Fully equal to the Dr. French, Clapp, Sheraton and Hines coins, all of which can be graded between 55 and 60 in condition."


Sheldon's commentary about comparison with other coins is interesting. Apparently he was not aware that this coin is the Dr. French coin, and that the Sheraton and Hines coins represented a single specimen, a coin that Sheldon himself purchased indirectly from Hines, via Carl Wurtzbach, and sold to the owner of the Sheraton collection. Sheldon's "top six" coins include the Atwater-Eliasberg Mint State coin, the Hines-Sheraton AU, the present XF45 example, and the Clapp-ANS XF specimen. He was apparently unaware of the Garrett AU example.

This attractive piece has a few marks on Liberty's cheek and elsewhere, as past descriptions have mentioned. However, it is highly attractive with exceptional eye appeal. Please reddish-brown surfaces show slight reflectivity, with some of the marks undoubtedly remaining from the planchet before it was struck. The advanced collector must give this piece careful consideration as it may not reappear for many years. Only 11 collectors have owned this coin since 1871, an average tenure of 13 years each. Our EAC grade XF45.
Ex: Dr. Charles Clay (England); William H. Strobridge (12/1871), lot 703; George M. Parsons; Lorin G. Parmelee (New York Coin & Stamp Co., 6/1890), lot 676; Ed Frossard; Henry Beckwith Collection (S.H. Chapman, 4/1923), lot 3; Henry Chapman; Dr. George P. French (B. Max Mehl, 1929 FPL), lot 15; H.A. Stoddard; B. Max Mehl; Charles J. Dupont (Stack's, 9/1954), lot 22; Dorothy Nelson (TAD Collection, Stack's, 2/1976), lot 9; later, Stack's (1/1997), lot 414; Anthony Terranova; Dr. Eugene Sherman; Anthony Terranova; Massachusetts Collection.
From The Collection of Oliver Jung. (Variety PCGS# 35489, Base PCGS# 1359)

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