1786 COPPER Connecticut Copper, Hercules Head AU50 PCGS....

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Sold on Apr 29, 2010 for:

$86,250.00 Bid Source: Live: Floor bidder

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Description

Extremely Rare 1786 Connecticut Copper, AU50
Miller 5.3-B.2, Four Known

1786 COPPER Connecticut Copper, Hercules Head AU50 PCGS. M. 5.3-B.2, High R.7. There are only four examples known of this extremely rare variety, and the present specimen is tied for the second finest of those four coins. While the Ford specimen is technically finer, this piece is easily the more desirable coin for its eye appeal. Auction appearances are infrequent. The present sale represents only the fifth auction appearance of this variety in 35 years.
The obverse is the popular Hercules Head, die 5.3, that is normally encountered with reverse die N, and rarely also with reverse die G. Although the obverse is frequently encountered, the B.2 reverse die is only known on this single die marriage, and the severe buckling of the reverse explains its rarity.
The four known examples are:
1. Mint State, flawed. The Miller plate coin. Henry C. Miller (Thomas Elder, 5/1920), lot 1838; John J. Ford, Jr. (Stack's, 5/2005), lot 256. In the Ford catalog, Michael Hodder called this piece the finest known for technical grade, second finest for eye appeal.
2. AU50 PCGS. The present specimen and unknown until its appearance here.
3. AU50. Col. James W. Ellsworth; John Work Garrett; Johns Hopkins University (Bowers and Ruddy, 10/1980), lot 1345.
4. VF. 1975 EAC Sale (Pine Tree, 2/1975), lot 62; McLaughlin and Robinson (9/1986), lot 30; Perkins Collection (Stack's, 1/2000), lot 228.
This specimen has steel-brown verdigris with traces of corrosion at the lower part of the obverse, with the remaining obverse surfaces and all of the reverse a pleasing golden-brown. The reverse has a small planchet lamination at about 3 o'clock. It also has considerable cartwheel luster on the higher points of the die bulge.
Here is an amazing opportunity for the specialist. The Ford coin realized $80,500 in 2005 and the Perkins coin realized $21,850 in 2000. Older auction prices of the Garrett and 1975 EAC appearances are meaningless in today's numismatic environment.

Coin Index Numbers: (NGC ID# 2B2H, PCGS# 334, Greysheet# 132)

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