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Lot
5427

1862-S $10 MS61 NGC....

2011 April Rosemont CSNS Signature & Platinum Night US Coin Auction #1154

 
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Auction Ended On: Apr 28, 2011
Item Activity: 10 Internet/mail/phone bidders
3,292 page views
Location: Donald E. Stephens Convention Center
5555 N. River Road
Rosemont, IL 60018
Description:
1862-S Liberty Eagle, MS61
Newly Discovered Specimen
Only Certified Mint State Example
1862-S $10 MS61 NGC. As of this writing, this coin does not appear on the NGC Census, but it should stand out when that listing is updated in a few days. This specimen is the finest certified 1862-S Liberty eagle at either of the leading grading services by a full three points (3/11). The coin surfaced at the recent Sacramento ANA National Money Show, where the owner walked it through grading at NGC and consigned it to Heritage. The coin was apparently preserved by a single family for many years, and we can find no previous auction appearances for it.
The 1862-S ten dollar gold piece boasts a low mintage of just 12,500 pieces. The entire mintage was released into circulation at the time of issue, and no specimens were saved for numismatic purposes. Collector interest in mintmarked coins did not develop until the 1890s, decades after the 1862-S was released and subjected to the rigors of circulation. Most examples seen grade no better than VF. The coin in the Eliasberg Collection was a VF30, while the Norweb and Smithsonian examples both graded XF45. The Harry Bass coin was tied for finest certified when it sold in May 2000, but even that remarkable piece fades in comparison with the coin offered here, as it only graded AU55 at the time. The fact that even one specimen of the tiny mintage survived in Mint State condition is a numismatic miracle.
The present coin is a well struck Mint State example, with just the slightest softness showing on some of the obverse stars. Fine detail is present on the strands of Liberty's hair and the eagle's claws. The surfaces are a light greenish-gold and retain much original mint luster. The surfaces also reveal a number of minor, grade-consistent contact marks, none worthy of individual mention. As the finest known 1862-S, this recently discovered specimen should find a home in the finest collection of Liberty eagles.(Registry values: N1) (NGC ID# 264A, PCGS# 8636)

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