1879 $20 Liberty Head Quintuple Stella, Judd-1643, Pollock-1843, High R.7, PR63 Cameo PCGS....

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1879 Metric Double Eagle Pattern, PR63 Cameo
Famous Quintuple Stella, Judd-1643
Only Four Examples In Private Hands
Ex: Hubbell-Garrett-Trompeter

1879 $20 Liberty Head Quintuple Stella, Judd-1643, Pollock-1843, High R.7, PR63 Cameo PCGS. The 1879 Metric twenty dollar gold pattern, popularly known as the quintuple stella, is a premier rarity in the U.S. pattern series. Only five examples are known to collectors, and one of those coins is forever impounded in the National Numismatic Collection at the Smithsonian Institution. Despite its rarity, attractive design, and close relationship to the always popular four dollar stellas, we believe the quintuple stellas have been somewhat overlooked and undervalued in the past and the issue has a lot of room to grow in this red-hot market for rare numismatic treasures. A comparison with another twenty dollar pattern issue is revealing.

In his series reference on Saint-Gaudens double eagles, Roger Burdette compiled a roster of 20 known Ultra High Relief double eagles, listed as Judd-1907 through Judd-1909 in the standard pattern reference. In January 2015, a PR68 PCGS example sold for $2.1 million in a Heritage auction. A year later, in May 2016, a PR64 Deep Cameo PCGS example of the quintuple stella realized $1.88 million at a Legend Regency auction, approximately 88% of the price realized by the Ultra High Relief. In February 2021, a PR68 NGC example of the Ultra High Relief sold for $3.6 million in a Heritage auction, and there have been reports of private sales in excess of $4 million. With the extra focus on rare trophy coins we have seen in the market over the last year, we believe this spectacular quintuple stella (which is four times as rare as the Ultra High Relief) will at least keep pace with the advance of the Ultra High Relief, and may better it.

Design
The obverse has the Liberty Head from the regular issue double eagle, although it does not appear to be struck from the Type Three hub used for regular issue pieces. The standard diagonal die line from the hair to the left side of Y is not present, as it is on all regular issue pieces of the Type Three design. The legend is a variation of the legend on the four dollar stella: * 30 * G * 1.5 * S * 3.5 * C * 35* G * R * A * M * S *. The date is positioned below the bust. The reverse is similar to the regular issue piece with an eagle and shield design, the legend E PLURIBUS UNUM on the scroll work to the left and right. Around, the legend UNITED STATES OF AMERICA, and below, the denomination TWENTY DOLLARS. An oval of stars and a glory of rays above the eagle contain the motto DEO EST GLORIA. This motto that is different from the IN GOD WE TRUST inscription on the regular design. Struck in gold with a reeded edge. The design was also struck in copper (Judd-1644) with about a dozen specimens known, at least five of which have been gilt.

Patterns for International Coinage
Even the casual numismatist or collector is aware of the experiment in international coinage that is represented by the four dollar gold stellas (Judd-1635, Judd-1638, Judd-1657, and Judd-1660). Although those pieces have traditionally been collected with the pattern series, they have been listed in the Guide Book since its first publication in 1946, and they are considered by many collectors to be regular-issue gold coins. John Dannreuther lists all four varieties of the 1879 and 1880 stellas in his new reference United States Proof Coins, Volume IV: Gold. He notes:

"Although technically a pattern, the Stella has been collected with the regular issues since it was issued ... It was popular at the time and today is one of the most popular United States gold coins."

Not nearly so well-known are the "quintuple stellas," the 20-dollar version of the same coinage issue. The quintuple stellas were supposedly struck in Dr. William Wheeler Hubbell's metric gold alloy of 85.71% gold, 4.29% silver, and 10.00% copper, but USPatterns.com notes they are not aware of any elemental analysis that has ever been performed on the coins to test their composition.

In the Journal of Numismatic Research (Spring 2015), Roger Burdette notes the metric gold coinage was reported favorably to the House of Representatives on January 21, 1879 and a February 4, 1879-dated letter from Acting Mint Director Robert Preston to the Philadelphia Mint acknowledged receipt of three examples:

"Your letter of the 3rd inst., notifying this office of the shipment by Adams' Express Co. of three specimens of the Metric Double Eagle pieces for the House Committee on Coinage has been received. The coins have also been delivered by the express company."

Roger Burdette believes two other examples were struck at the same time for the Mint Cabinet. Another letter from Acting Director Preston on June 4, 1880 reports:

"There were only five Metric double eagles struck, and none of which are in the possession of this office, and as the dies have been destroyed, no more can be struck."

The 1887 Mint Collection pattern inventory by James McClure records the two quintuple stellas, but no gold specimens of this issue are mentioned in Louis Comparette's 1912 catalog of the Mint Collection. It seems all five of the 1879 quintuple stellas eventually made their way into collector's hands, but a single example has been donated back to the National Numismatic Collection by Stack's in recent times. All five pieces of the original mintage can be accounted for today (see roster below). Like the four dollar stellas, the 1879 Metric double eagle never progressed beyond the pattern stage.

As John Dannreuther notes, collecting the rare stellas is extremely popular with present-day collectors. The 1879 Flowing Hair stella (Judd-1635) is not difficult to locate, but examples are relatively expensive. The 1879 Coiled Hair stella (Judd-1638) is much more elusive, with only 12-14 examples known. The 1880 Flowing Hair stella (Judd-1657) has a surviving population of 18-20 specimens, and the 1880 Coiled Hair stella (Judd- 1660) has a surviving population of only 11-13 coins. The 1879 Metric double eagle would be a natural complement to an advanced collection of stellas. With only five examples known, it would be the rarest piece in such a collection, though possibly not the most expensive. The PR67 NGC specimen of the 1880 Coiled Hair stella in the Tacasyl Collection sold for $2,570,000 in 2013. The highest price ever realized at auction for an 1879 quintuple stella is $1,880,000, indicating how undervalued the issue has been in the past. We believe the quintuple stella is long overdue for a breakout in the present market and would not be surprised to see a record price realized set when this coin crosses the auction block. This coin would be a wonderful capstone to a collection of rare and popular stellas.

The Present Coin
The coin offered here is the discovery coin for the issue. It was presented to Dr. William Wheeler Hubbell, the inventor of the special alloy for the international coinage program. It first appeared at auction in Philadelphia coin dealer John W. Haseltine's famous "Type Table" auction in 1881, just two years after its striking. Haseltine provided a lengthy description of the coin in lot 1490 of that sale:

"1879; Metric Gold Double Eagle or $20 Piece; obv., the head of Liberty; 13 stars interspersed with 30 G - 1.5 S - 3.5 C - 35 Grams; rev., spread eagle; "United States of America; Twenty Dollars;" motto, "Deo Est Gloria," emblazoned; struck by resolution of Congress and the only one issued; this is the first and only coin extant of the metric system of this denomination; there were 5 struck at the United States Mint, 3 in gold and 2 in copper; the copper specimens are in the Mint Cabinet; the other 2 gold pieces are in the Treasury Department, at Washington, which the Secretary of the Treasury positively refused to issue to any one; therefore, this is the only specimen issued, which was granted to Mr. W.W. Hubbell, the inventor; color, orange gold; weight 25 grammes; very beautiful; one of the rarest and most interesting coins in the world; it is limited to $300."

Haseltine was an insider, with excellent connections at the Mint. He seems to have had access to important information about the coin and may have seen the letter from Acting Director Roberts acknowledging the receipt of the three quintuple stellas sent to Congress. Curiously, he was not aware of the two gold specimens in the Mint Cabinet. In any case, while authorities undoubtedly opposed releasing the quintuple stellas to collectors at the time of striking, all five examples eventually reached the numismatic marketplace.

The manner in which the coins became available to collectors is not known, but prominent dealer H.P. Smith handled the lion's share of examples sold in the 19th century. In addition to handling this coin twice, his New York Coin & Stamp firm offered the only other specimen of the quintuple stella to appear at auction in the 19th century in their Robert Coulton Davis auction in 1890. After his death, the Chapman brothers auctioned his collection and found another specimen in his holdings. He certainly had a strong affinity for this ultra-rare pattern issue.

The present coin made its second auction appearance in lot 458 of Smith's catalog of the Hebbeard Collection, where he repeated much of the information Haseltine had published in his "Type Table" sale. Smith had a reputation as a dour businessman, but he was not without a sense of humor. In the Hebbeard lot description for this coin he mentioned the extremely high reserve placed on it in Haseltine's sale and added:

"Owing to the now prevailing fashion of limiting rare coins when offered at auction, this piece is limited at Nineteen Dollars and Ninety-Nine cents."

This coin next appeared at another H.P. Smith sale, in lot 230 of the famous Dr. Edward Maris Collection (6/1886). Maris was well-known for his fabulous collection of patterns and New Jersey coppers. Smith called the quintuple stella "one of the most valuable coins in the sale." Prominent numismatist H.P. Newlin purchased the coin at the Maris sale, acting as agent for T. Harrison Garrett.

This remarkable quintuple stella was a highlight of the famous Garrett Collection, which was formed by the Garrett family over several generations. The Garrett's were wealthy Baltimore merchants and businessmen who were the principle stockholders of the B. & O. Railroad, of Monopoly board game fame. This coin remained in the Garrett Collection for nearly 100 years, before the collection was auctioned in a series of blockbuster auctions by Bowers and Ruddy.

This coin was later owned by proof gold specialist Ed Trompeter, before appearing in lot 1594 of the FUN Signature (Heritage, 1/2007), where it realized a strong price of $862,500. We look forward to seeing it set a new record in Orlando.

Physical Description
This example is an extraordinary Select proof with brilliant yellow-gold surfaces that exhibit some attractive orange highlights. Nearly every feature is sharply defined; only a few stars along the left obverse border show a touch of softness on the centers. The design elements are richly frosted, creating bold cameo contrast with the deeply mirrored fields. A few light hairlines keep this coin out of the choice proof category. The following tiny blemishes combine to positively identify the pedigree of this example: a tiny nick on Liberty's eye brow, a minute flake below the 3 in 30, a small planchet flake between G and star 3, a small mark below the upper serif of E in TWENTY, and a tiny blemish at the right curve of the final S in STATES. All of these marks are clearly visible in the Garrett catalog plate, the Trompeter catalog plate, and on the present coin. The overall visual appeal of this piece is simply terrific.

This lot represents an opportunity of overwhelming importance for the advanced pattern collector. Judd-1643 is an extremely rare pattern issue, with a surviving population of just four examples available to collectors. It is one of the few pattern coins struck in gold and it has a close relationship with the perennially popular four-dollar stellas of 1879 and 1880. This specimen has an amazing unbroken pedigree, back to the day it was made, one of only a few American coins with such a complete provenance. It may be many years before another example of this landmark pattern rarity becomes available. The discerning collector should bid accordingly.

Roster of 1879 Quintuple Stellas, Judd-1643
This roster is based on the listing on USPatterns.com.
1. PR63 Cameo PCGS. U.S. Mint; Dr. William Wheeler Hubbell; John W. Haseltine; "Type Table" Catalog (John W. Haseltine, 11/1881), lot 1490; Hebbeard Collection (H.P. Smith, 4/1883), lot 458; Dr. Edward Maris Collection (H.P. Smith, 6/1886), lot 230; T. Harrison Garrett; Robert and John Work Garrett; John Work Garrett (circa 1919); Garrett Estate; Johns Hopkins University; Garrett Collection, Part II (Bowers and Ruddy, 3/1980), lot 1097; Ed Trompeter; Moreira Collection (Superior, 1/1989), lot 4026; FUN Signature (Heritage, 1/2007), lot 1594, realized $862,500. The present coin.
2. PR64 Deep Cameo PCGS. Virgil M. Brand; Amon Carter, Sr. and Jr. (Stack's, 1/1984), lot 635; Ed Trompeter; Trompeter Collection (Superior, 2/1992), lot 138; Heritage Inventory (2/1999); Bob R. Simpson; Regency Auction (Legend Numismatics, 5/2016), lot 377, realized $1,880,000 to Heritage Auctions President Greg Rohan, acting as agent for a long-time Heritage client.
3. Proof. Virgil M. Brand; Adolphe Menjou Collection (Numismatic Gallery, 6/1950), lot 1818; King Farouk; Palace Collections of Egypt (Sotheby's, 2/1954), lot 294; ANA Convention Auction (Abe Kosoff, 8/1958), lot 1676; Auction '79 (Stack's, 7/1979), lot 950; Stack's; Smithsonian Institution (via gift of Stack's).
4. PR64+ Deep Cameo PCGS. Virgil M. Brand; Olsen Collection (B. Max Mehl, 11/1944), lot 624; Wilkison Collection; Paramount; A-Mark; Metropolitan New York Sale (New England Rare Coin Auctions, 4/1980), lot 391; 65th Anniversary Auction (Stack's, 10/2000), lot 1626; Southern collection, Bob R. Simpson Collection. Illustrated on USPatterns.com and also in Encyclopedia of U.S. Gold Coins 1795-1933 by Jeff Garrett and Ron Guth.
5. PR64 Cameo PCGS. H.P. Smith Collection (S.H. & H. Chapman, 5/1906), lot 1444; John Story Jenks Collection (Henry Chapman, 11/1921), lot 5680; Elmer Sears (possibly as agent for the next); J.M. Clapp; Clapp Estate; Louis E. Eliasberg, Sr.; Eliasberg Estate; Eliasberg Collection, Part I (Bowers and Merena, 5/1996), lot 313; Chicago Rarities Sale (Bowers and Merena, 4/2008), lot 734.

Additional Appearances
A. Waldo Newcomer; "Colonel" E.H.R. Green; offered by B.G. Johnson to F.C.C. Boyd in a January 1944 invoice for $1,250. Probably the coin in number 3 above, but not confirmed.
B. Charles Steigerwalt; purchased by Virgil Brand in 1894 for $100, Brand journal number 12582; Armin Brand; sold to B.G. Johnson on 12/1/1937. Possibly the coin in number 2, 3, or 4 above.
C. Robert Coulton Davis Collection (New York Coin & Stamp, 1/1890), lot 1127. Possibly the coin in number 5 or B above.
D. Stephen Nagy; Purchased by Virgil Brand in 1907 for $150, Brand journal number 38942. Possibly the coin in 2, 3, or 4 above.
E. Stephen Nagy; Purchased by Virgil Brand in 1907 for $150, Brand journal number 38943. Possibly the coin in 2, 3, or 4 above.
Note: One of the coins in D or E above went to Horace Brand and the other was no longer in the collection when the brothers split their inheritance.

Coin Index Numbers: (NGC ID# 26X9, PCGS# 862022, Greysheet# 373252)

View Certification Details from PCGS