1876-CC 20C MS64 PCGS....
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Minimum Next BidBid increments determine the lowest amount you may bid on a particular lot. Normally, bids must be at least one bidding increment over the Current Bid. However, podium, fax, phone and mail bidders submit bids at various times without knowing the current bid and must be on-increment or at a half increment (called a Cut Bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment.
Internet bids are required only to bid the increment past the Current Bid, or more. Internet bids greater than one increment over the Current Bid can be any whole dollar amount.
It is possible under several circumstances for winning bids to be between increments. It is also possible for an existing bid to be outbid by less than a full increment, sometimes by only $1. This usually happens when two bidders feel that a lot is worth about the same amount, but one places an off-increment bid. Generally when this happens, the Current Bid was much lower than the high secret maximum bid when the off-increment bidder placed his bid.
For example: On Tuesday, you bid $1500 against Bidder A's Maximum Bid of $1000, raising Current Bid to $1100. Then on Thursday, Bidder B, seeing a Current Bid of $1100, guesses the final price and decides to bid $1501, outbidding your Maximum Bid by $1. You would now have to bid $1600 through Heritage Internet bidding or $1550 on Heritage Live (if available for the auction) to possibly win that lot. Next time, maybe you'll bid $1502 and outbid Bidder B by $1!
Number of BiddersThis number represents the number of individual bidders prior to the close of Internet bidding on each lot. An individual who bids more than once is still counted only once. During the live session, only the winning bidder is included in this number, although detailed records are kept of all forms of bids.
Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.
Although the consignor's agreement allows a reserve on this lot, the deadline for submitting such a reserve has elapsed. If consignor submits a reserve post-deadline and the item fails to meet that reserve, we may charge the consignor a higher reserve fee.
This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
What's This?The owner of this item has indicated that they would sell this item at the amount, although their acceptance of your offer is required before the item can be purchased.
BP - Buyer's Premium per LotA Buyer's Premium will be added to each successful bid. For this sale: 17.5% of the successful bid (minimum $14) per lot. Please see #2 in our Terms & Conditions.
Not SoldThis indicates an item that did not sell at auction because it did not receive bids equal to or greater than the reserve (minimum bid) amount set by the consignor, or the opening bid.
Opening Bid:Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
Extended Payment Plan
Available on select items as noted on the item page in the bidding area.
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Terms and Conditions
Extended Payment Plan for Heritage Owned Inventory Items(excludes Virtual Bourse, Comic Market and Virtual Sports Show)
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Fabled Numismatic Rarity
Ex: Eliasberg Collection
Variety: From The Mint on Carson Street, by Rusty Goe (2003):
"The most significant die characteristic of the 1876-CC 20-cent piece is the doubled LIBERTY on the shield. Correlating to this is doubling on some of the stars at the left rim, as well as the first letters in TWENTY on the reverse. The letters in the mintmark are spaced wider apart than on any 'CC' issue, with the first 'C' being above the Y in TWENTY, and the second 'C' being located on the other side of the arrow feathers almost directly above the C in CENTS."
Population Data (5/14): Seven examples of this rare issue have been seen by NGC, including three MS64 and four MS65. PCGS reports 15 grading events: one coin is listed at AU58, while the others are in Mint State grades ranging from MS61 to MS66. Five pieces MS64, three are MS65, and two coins are MS66.
Heritage Commentary: In February 1874, Senator John Percival Jones of Nevada introduced a bill in Congress calling for the production of a silver twenty cent piece. First minted in 1875, the denomination's size and design led to widespread confusion with the Seated Liberty quarter. Nevertheless, U.S. Mint Director Henry R. Linderman understood the political pressure that the Mint faced to produce as many coins as possible from the Comstock Lode silver. Accordingly, he instructed James Crawford, superintendent of the Carson City facility, to maintain ample supplies of the denomination on hand. Since many of the 133,290 twenty cent pieces struck in Carson City in 1875 had already been released into circulation, Crawford authorized the production of another 10,000 pieces in 1876. Struck sometime during the first week of May, the majority of these coins remained in the Mint's vaults until May 1877.
On May 19, 1877, Director Linderman wrote to Crawford:
"You are hereby authorized and directed to melt all 20-cent pieces you have on hand, and you will debit 'Silver Profit Fund' with any loss thereon."
It can be assumed that nearly all 1876-CC twenty cent coins were melted soon after the issuance of this directive from Washington, resulting in the destruction of almost all of the 10,000 pieces produced. Somehow, as frequently occurs under similar circumstances, a few of the coins were held back and escaped the melting pot. The most likely explanation for the pieces saved would be the small number sent to the Assay Commission in Philadelphia. In 1957 a hoard of eight to 10 Gem Uncirculated examples was discovered in Baltimore, Maryland, essentially doubling the known population of this famous rarity. Some have speculated that those coins may have represented all or part of the sample originally sent to the Assay Commission. Since there are a handful of worn and impaired pieces known, it is possible that some were paid out from the mint, and presumably circulated in the Carson City area. For example: John Seagraves Peck, a wagon maker from Virginia City, Nevada, acquired an example in 1876, allegedly from a contact at the Carson City Mint. The coin was held by Peck's family for 133 years until it was sold at auction by Bowers and Merena in 2009. That example has been graded AU58 by PCGS.
The first known auction appearance of this famous rarity occurred at the sale of the Robert Coulton Davis Collection by the New York Stamp and Coin Company, in January 1890. Presented as lot number 1506, the coin in question was described in the auction catalog as:
"1876 c c mint: sharp, brilliant, uncirc. We know of no duplicate of this mintage."
That coin sold for $7.00.
On June 12, 1899, the collection of Dr. S.L. Lee was auctioned by J.W. Scott & Company. Included was an 1876-CC twenty cent piece, purchased by noted collector John M. Clapp. That coin was later purchased as part of the John H. Clapp Estate by Louis Eliasberg, Sr., and it is the same example offered here.
The following comments were made by Edgar H. Adams in the March 1911 volume of The Numismatist:
"Mr. Elmer S. Sears is exhibiting one of the greatest prizes of the mintmark field-an Uncirculated specimen of the extremely rare 20-cent piece of 1876, of the Carson City Mint. The piece is remarkable for the fact that although 10,000 are said to have been struck at the Nevada mint in that year, still not more than four pieces can now be located."
One of the coins referenced by Adams is the current specimen, which would eventually be purchased by Eliasberg in 1942. This coin shattered previous records when it sold for $148,500 in 1997 as part of the famed Eliasberg auction sale conducted by Bowers and Merena. More recent auction results have included the sale of the Battle Born Collection, conducted at the 2012 ANA Convention, where an MS64 example was sold for $460,000; and a Gem PCGS specimen offered by Stack's Bowers in their January 2013 Rarities Night sale, where it realized the record price of $564,000. Serious collectors considering the purchase of this fabulous example from a historic collection should plan to bid accordingly.
Provenance: S.L. Lee Collection (J.W. Scott & Co., 6/12/1899); John H. Clapp Estate, 1942; Louis E. Eliasberg, Sr. Collection (Bowers and Merena, 4/1997), lot 1353. (Registry values: N1) (NGC ID# 23R9, PCGS# 5300)
Service and Handling Description: Coins & Currency (view shipping information)