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Lot
2251

1840-O 10C No Drapery MS65 PCGS....

2009 April-May Cincinnati, OH (CSNS) US Coin Auction #1124

 
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Auction Ended On: Apr 30, 2009
Item Activity: 8 Internet/mail/phone bidders
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Location:

Duke Energy Center
525 Elm Street
Cincinnati, OH 45202

Description:
Spectacular Gem 1840-O No Drapery Dime
1840-O 10C No Drapery MS65 PCGS. Small O Mintmark. The year 1840 marked the issuance of the last official No Drapery dimes, with a majority of the Philadelphia coins and all of the New Orleans examples for the year falling into that category. The mintage for the 1840-O No Drapery dime is well in excess of 1.1 million pieces, and as a result, lower-grade examples are little distinguished from their peers.
In high-level circulated condition, however, the issue pulls away from the pack as its high attrition rate takes hold, and in Mint State, it is well-established as a condition rarity relative to nearby Philadelphia issues. A glance at the PCGS Population Report is most enlightening: just 37 1840-O No Drapery dimes appear, the second-lowest population for the category, behind only the 1838 Partial Drapery variant. Of the 37 pieces certified, only 10 of them are in Mint State grades, and the MS65 survivor offered here stands alone as the finest (3/09).
The 1840-O No Drapery issue is infamous for poor strikes, but one would never know it by looking at the obverse of this Gem: The stars, shield, and hair are all sharp. Only the reverse shows a touch of weakness at the left side of the bow, partly obscured by scratches on the holder that do not affect the coin itself. The luster is excellent, with primarily pale silver-gray centers and gold-orange and violet-blue peripheral elements. Minimally marked, with outstanding eye appeal.
From The Joseph C. Thomas Collection.(Registry values: N2998) (NGC ID# 2382, PCGS# 4574)

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