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Lot
30402

1838 25C No Drapery PR63 PCGS Secure. Briggs 1-A....

2014 June 23 The Eugene H. Gardner Collection of US Coins Signature Auction - New York #1213

 
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Auction Ended On: Jun 23, 2014
Item Activity: 7 Internet/mail/phone bidders
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Location: Ukrainian Institute of America at The Fletcher-Sinclair Mansion
2 East 79th Street
New York, NY 10075

Description:

1838 No Drapery Quarter, PR63
Only Known Proof 1838 Seated Quarter
First Year of Design
1838 25C No Drapery PR63 PCGS Secure. Briggs 1-A. "Once-in-a-lifetime opportunity" is a phrase that is bandied about far too often in the numismatic community. However, in the case of the unique proof 1838 Seated Liberty quarter, the phrase is justified. Prior to its appearance in our 2013 FUN Signature, the last time this coin appeared for sale at public auction was in 1957. This is the only specimen recorded in Walter Breen's Encyclopedia of United States and Colonial Proof Coins, 1722-1989, where the author noted that "Wayte Raymond knew another." In the Complete Encyclopedia of U.S. and Colonial Coins, the same author wrote simply that there was "only one proof reported." Unless or until the other piece, the one that Wayte Raymond knew about, turns up, we submit that this 1838 Seated quarter is unique as a proof.

This specimen, which Breen cited in his Proof Encyclopedia, appeared in the Anderson-Dupont sale (Stack's, 11/1954) as lot 1815, and later in the Edgar A. West consignment (Stack's, 5/1957) as lot 667. Breen incorrectly attributed the West sale to Abe Kosoff. The present specimen clearly matches the plates in both the Dupont catalog and the West consignment.

In 1954, Stack's described the coin as "Brilliant gem Proof. Unlisted in the Breen monograph on Proofs. Probably unique in this condition." Although shy of a Gem, this Select proof is so much more than a mere brilliant proof. Every individual design element is bold, including full stars, complete head details, and a full sandal on the obverse, to the sharp claws, arrow feathers, leaf venation, and eagle feathers on the reverse. Both sides of this beautiful piece exhibit broad, squared rims with deep, mirrored fields and satin reliefs. Those fields, while showing faint hairlines and contact marks, display fine Mint-made striations, up to the right on the obverse and up to the left on the reverse. Similar striations are often encountered on 19th century proof coins. The surfaces show hints of heather with splashes of golden-lilac and pale blue gathering near the peripheries.

Overemphasizing the importance of this opportunity will prove difficult. It is a unique proof of the 1838 No Drapery Seated Liberty design, the first year of issue for the Seated Liberty quarters. Collectors of proof Seated Liberty coinage may have no other opportunity to acquire this issue. This is the ultimate addition to a first-year type collection, representing the Gobrecht design as well as the three-year No Drapery subtype. In April 2008 we offered the Phil Kaufman specimen of the 1839 No Drapery proof quarter, also unique, a coin that realized $517,500. We consider this 1838 even more important than that 1839 proof quarter.

Variety: Briggs 1-A, Open Claws Reverse.

Population Data (5/14): The present lot is the only proof 1838 certified by either major grading service.

Heritage Commentary: Christian Gobrecht succeeded William Kneass as the new chief engraver of the Philadelphia Mint in 1836, and soon completed his iconic Seated Liberty obverse. The new design appeared on silver dollars in 1836, and on other denominations from 1837 to 1839. Following production of Capped Bust quarters during the first several months of 1838, the Mint switched to the Seated Liberty design. Gobrecht combined the Seated Liberty obverse, which he made famous over the previous couple of years, with the older-style eagle reverse, similar to the Kneass design that appeared on the earlier Capped Bust quarters and half dollars.

Mint Director Robert Maskell Patterson sent 20 examples of the new-design quarters to Treasury Secretary Levi Woodbury on September 13, 1838. In his 1977 Proof Encyclopedia, Breen comments that Patterson "did not" call them specimens. A decade later in his Complete Encyclopedia, Breen writes that "the term 'specimens' was Patterson's." The manufacturing method of those 20 coins remains unknown, although we might surmise that they were special pieces, perhaps proofs, and they were certainly struck on the Thonnelier steam presses that were installed at the second mint about two years previously.

Production of the first regular issue, business strike Seated quarters began on September 29, 1838. Most likely, that production followed the approval of Woodbury, who earlier examined the 20 specimens that were sent to him on September 13, and likely struck that same day. If that is the case, and if this Select proof specimen is one of the 20 coins, we might assume it was struck on September 13, 1838.

Provenance: Anderson-Dupont Sale (Stack's, 11/1954), lot 1815; Edgar A. West Consignment (Stack's, 5/1957), lot 667; Orlando FUN Signature (Heritage, 1/2013), lot 5596. (PCGS# 5527)

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