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Lot
1523

1839 P50C Half Dollar, Judd-97 Restrike, Pollock-107, High R.7, PR64 NGC....

2009 January Orlando, FL FUN Auction #1121

 
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Auction Ended On: Jan 7, 2009
Item Activity: 9 Internet/mail/phone bidders
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Location:

Orange County Convention Center
North/South Building
9400 Universal Blvd.
Orlando, FL 32819

Description:
Splendidly Toned Near-Gem Judd-97
1839 'Backward Head' Half Dollar
One of Four or Five Known
Tied for Finest Certified
1839 P50C Half Dollar, Judd-97 Restrike, Pollock-107, High R.7, PR64 NGC.
Design.
The Backward Head design. The obverse is much like that found on the regular-issue 1839 gold eagles, with a rounded tip on the forward edge of the bust truncation and a pointed tip on the rear edge--but the entire head faces backward from that on the eagle, right rather than left. Thirteen stars ring the rim, with date 1839 below. The reverse is from the regular-issue Seated Liberty die, Large Letters, as used from 1842 through 1853. Struck in silver with a reeded edge.

Commentary.
In the 1976 ANA sale the cataloger described this coin as, "Brilliant Proof. Deep blue obverse, pink and russet iridescent toning on the reverse. An extremely rare coin, high Rarity 8, with no recent records." The 1989 cataloger quoted the above while adding, "In our opinion today the Rarity 8 rating stands intact. The only other specimen offered in two decades was the example in Rarcoa's session of Auction '81, lot 327. No specimen was included in the Olsen, Garrett, Malcolm Jackson, Crouch, or even Woodin collections. The only earlier record we have was the Farouk Sale, lot 1733."

It appears from the census below that today we should rate the piece as High R.7 rather than R.8, as perhaps five or even a half-dozen pieces might exist. This still puts the variety in the stratosphere of the super-rare, with--a little numismatic perspective here, please--far fewer known survivors than the 1933 double eagle or the 1804 silver dollar.

USPatterns.com says, "Stewart Witham noted 146 reeds [the edge reeding] on these, which according to a reed count listing from Bill Bugert of the Liberty Seated Collectors Club, means they were likely struck some time between 1854 & 1860 although this reed count was also used in 1869 and 1870."

Physical Description.
The splendid original toning present in the 1976 description above is still much in evidence, perhaps a bit more mellowed but just as stunning. This near-Gem boasts a sharp strike, particularly on the reverse, that is equally appealing. NGC Census: two in PR64. PCGS Population: one PR64, one PR62 (10/08).

Census.
We believe that only four or five separate specimens exist (including one in the Smithsonian), with most of the older appearances representing duplications:
1. Anderson Dupont (Stack's, 11/1954), lot 2416; River Oaks (Bowers and Ruddy, 11/1976), lot 964; Auction '81 (RARCOA), lot 327; Morris Evans Collection-Rarities Sale (Bowers and Merena, 8/1998), lot 2037, which realized $12,650. PR64.
2. ANA (Stack's, 8/1976), lot 3598; Rarities Group; James A. Stack, Sr. Collection (Stack's, 11/1989), lot 716. The present specimen.
3. Superior (5/2003), lot 3469, $32,200. PR64 PCGS.
4. Numismatics, Ltd.; Harry W. Bass, Jr. via private treaty sale (8/1974); Bass Collection (Bowers and Merena, 5/1999), lot 1155. PR62 PCGS.
5. Chase Manhattan Bank; Smithsonian Institution. 191.3 grains, 1.204-in. diameter, coin alignment.
Other Appearances.
A. Virgil Brand; Illustrated History (Kosoff, 1962), lot 119.
B. King Farouk; Palace Collections of Egypt (Sotheby's, 5/1954), lot 1733. XF.
From The Lemus Collection, Queller Family Collection Part Two. (PCGS# 11416)

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