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Lot
2912

1859-O $10 AU50 PCGS....

2009 February Long Beach, CA Signature US Coin Auction #1122

 
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Auction Ended On: Feb 6, 2009
Item Activity: 9 Internet/mail/phone bidders
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Location:

Long Beach, CA

Description:
Desirable AU 1859-O Ten
1859-O $10 AU50 PCGS. The indisputable king of the 21 O-mint No Motto Liberty tens, and nearly the entire run of 37 eagles from that Southern mint through 1906, with a mintage of only 2,300 coins. Few pieces survived through the years and experts now believe that approximately 50 1859-O tens are extant in all grades. It is elusive overall; in high grade, however, it is out-and-out rare. Until the recovery of treasure from the S.S. Republic, this date was unknown in Mint State condition. Thanks to the salvage efforts of that Civil War-era shipwreck, a single Uncirculated 1859-O ten--now in an NGC MS62 holder--exists, although that coin is sequestered a California collection.
Realistically, collectors today have a small group of between five and 10 Almost Uncirculated pieces from which to choose. And, as one would expect, the competition is fierce. The auction record for this date was set in August 2006 when the Eliasberg specimen crossed the auction block in American Numismatic Rarities' sale of The Old West and Franklinton Collections. That piece--graded AU55 by PCGS--realized $52,900.
Bright lemon-gold luster is largely undimmed by the modest wear across the high points. Though the fields exhibit numerous wispy abrasions that account for the grade, the eye appeal is far better than one might expect. Important and notable.
From The Grand Lake Collection.(Registry values: N7079) (NGC ID# 2642, PCGS# 8629)

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