LOT #3040 |
Current Bid: $145,000
1796 25C B-2, R.3, MS64 NGC. CAC....
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Description
1796 B-2 Quarter, MS64 CAC
Superlative, Prooflike Example
Highly Desirable One Year Type
Early Die State of the First Quarter Variety
1796 25C B-2, R.3, MS64 NGC. CAC. Mustard coloration
dominates surfaces that are interspersed with hints of silver.
Around the periphery, a russet-brown ring encircles the entire
obverse as well as most of the right half of the reverse.
Electric-blue can be found gracing the dentils, with hints of
sage-green present as well. The surfaces are nearly flawless, as
the near-gem grade suggests. While it is not noted on the holder,
this superlative survivor exhibits significant prooflike
reflectivity on both sides. Almost all strands of hair are
fully-defined on the obverse, with reverse weakness confined to the
eagle's breast and head. This stunning combination of attributes
combine to create a choice, CAC-approved beauty that will be the
centerpiece of type and specialist collections alike.In the early days of the quarter denomination, production occurred only sporadically. This denomination was one of the last authorized by the Mint Act of 1792 to be introduced, with the first delivery occurring on April 9, 1796. After the final 1796 quarter fell from the press in early 1797, no additional examples were made until 1804, with another significant gap from 1808 through 1814. The reason for these gaps was the continuous inflow of Spanish Colonial 2 reales coins from Latin America, which had an equivalent face value. Once Spain started losing her colonial holdings in the New World after 1810, this supply started to dry up, and only then did the quarter denomination take off. This began with an order from the Planters Bank of New Orleans in 1815, stemming from a paucity of 2 reales, which kicked off the Capped Bust quarter type.
Many examples of the denomination's inaugural year were saved, with a survival rate of about 10%. The reason for this is unclear, as 25 cents was a significant portion of the common man's pay in 1796, and these coins were minted for private depositors and therefore likely intended for circulation. The high survival rate spans the grade distribution, with dozens of Mint State examples known. However, despite this, the demand for this issue well outpaces supply. This is a one-year type coin that therefore appeals to type collectors, date collectors, Red Book collectors, and series specialists alike. Of course, collectors who demand the best will gravitate towards the higher end Mint State examples, with the present offering's CAC approval significantly adding to its desirability.
Many of these Mint State coins likely trace their origins to a hoard that was discussed in Abe Kosoff Remembers, a compilation of his Coin World columns, with additional information. It is believed that Col. E.H.R. Green had a hoard of 100 Uncirculated and prooflike examples of both die marriages. Kosoff saw the group when the collection was dispersed in the 1930s and 1940s by dealers James G. MacAllister and Burdette G. Johnson, with the former handling these coins specifically. Rea et al. surmises that some or all of this hoard, if it existed, came from the Virgil Brand collections, as both Green and Brand had hoarding tendencies. Given the description of Uncirculated examples as well as prooflike coins, it is likely that the present example came from that hoard due to its beautiful, prooflike surfaces.
The B-2 die marriage was the first produced of the date, and therefore the first ever die pairing of the denomination, as determined by the deterioration of the shared reverse. The present offering does not exhibit any of the deterioration noted in either the Rea et al. or Tompkins quarter books, making it also one of the earliest quarters produced by the U.S. Mint.
From The Hawkeye Collection.
Coin Index Numbers: (NGC ID# 23RA, Variety PCGS# 38920, Base PCGS# 5310, Greysheet# 212663)
Weight: 6.74 grams
Metal: 89.24% Silver, 10.76% Copper
View all of [The Hawkeye Collection. ]
Auction Info
2025 October 2 - 5 GACC US Coins Signature® Auction #1386 (go to Auction Home page)
Proxy Bidding Ends
October
2nd
Thursday
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Auction Dates
October
2nd-5th
Thursday-Sunday
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Dallas, TX 75261
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