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Auction 394 | Lot 3097 » Small Cents » Lincoln Cents
1926-S 1C MS65 Red PCGS. During the 1940s and 1950s, collectors retrieved numerous well worn 1926-S cents from circulation with the result that such pieces are quite common in today's market. About Uncirculated representatives are, however, quite elusive despite a mintage of more than 4.5 million pieces, and Mint State coins are few and far between. If one is fortunate enough to encounter a Mint State 1926-S, it will most likely be either fully lustrous and poorly struck, or sharply impressed and brown in appearance. According to David W. Lange (The Complete Guide to Lincoln Cents, 1996), the 1926-S emerges as perhaps the rarest issue in the series at the MS65 Red level.
This Condition Census specimen combines a fully lustrous, orange-gold and olive appearance with pinpoint striking definition. The eye appeal is superior to the typically encountered example and both sides are devoid of detectable marks. PCGS and NGC each report a single example in MS65 Red with none finer (11/05).
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 2575)
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Auction 394 | Lot 3319 » Silver and Related Dollars » Morgan Dollars
1892-S $1 MS66 PCGS. Only 1.2 million Morgan Dollars were coined at the San Francisco Mint in 1892, and many of these immediately went into circulation. Apparently most of these coins were immediately paid out and placed in circulation, for nearly all known examples today are well worn. In grades below XF, the '92-S is a plentiful and inexpensive issue. Those coins that grade XF or AU are scarce and more expensive. Mint State coins, regardless of numerical grade, are all but impossible to locate. In fact, in all Uncirculated grades, PCGS and NGC have only certified 96 examples of this issue, doubtless with multiple resubmissions. In Premium Gem, the condition of the piece in this lot, the services have seen five coins, and nine specimens finer. It is possible that nearly the entire mintage entered circulation. Occasional pieces would be found with other dates, but apparently not even a single bag of Mint State examples have been found since the late 1920s, when a bag (or possibly more) was paid out at the San Francisco Mint. This event went more or less unnoticed in numismatic circles.

In his 1993 Silver Dollars and Trade Dollars of the United States, David Bowers estimated the 1892-S Mint State population as follows: MS60 to MS62, 75 to 140 coins; MS63, 25 to 50 specimens; MS64, 10 to 20 pieces; and MS65 or better, 25 to 50 coins. Bowers went on to say that most Uncirculated '92-S dollars are well struck with good luster and minimal bagmarks, and that "High grade examples are usually a joy to behold."

The present coin displays smooth satin-like surfaces with glowing luster, and whispers of light dappled mauve patina in some of the peripheral areas. The remaining surfaces are essentially untoned. All of the design elements are well executed, with excellent delineation in the hair over Liberty's ear and in the eagle's breast feathers. Both sides are immaculately preserved, revealing no mentionable abrasions or spots. Two tiny marks on Liberty's upper chin may b (PCGS# 7218)
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Auction 394 | Lot 3004 » Colonials
1787 COPPER Nova Eborac Copper, Seated Right MS63 Brown PCGS. Breen-987. Struck from the later state of the dies with a significant die break on the reverse at the foot of Liberty, also the cinquefoil in that same area is very weak. After the ill-fated Seated Left variant, it appears engravers John Bailey and Gilbert Rindell still had not learned how to properly sink relief for striking coinage. This reverse was sunk too deeply, and as a result, the relief is usually softly defined. On this piece, however, it appears extra care was taken in its manufacture and the reverse is well brought up, except on the uppermost portions of the drapery.

The exceptionally fine condition of this coin was noted by Charles Bushnell, who covered the piece with a thin layer of shellac to preserve the color. Both obverse and reverse are slightly off center with extra flan on the left portion of each side and some of the lettering cut off on the right side. The surfaces are a lovely medium brown with faint portions of mint red still in evidence in the more protected areas. As already stated, the striking details are exceptionally strong on each side and there are no detracting abrasions or copper spots in evidence. This is the finest Nova Eborac graded by either of the major services, and in fact the closest coins in grade are three AU55s.
Ex: Charles Bushnell Collection (S.H. & H. Chapman, 11/20/1882), lot 893; Richard B. Winsor Collection (S.H. & H. Chapman, 12/16/1895), lot 166; John G. Mills Collection (S.H. & H. Chapman, 4/27/1904), lot 352; F.C.C. Boyd Estate. (PCGS# 475)
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Auction 394 | Lot 3013 » Large Cents
1793 Chain 1C AMERICA AU58 PCGS. S-3, Low R.3. Die State I, without clash marks near profile. A glossy and exquisitely detailed chocolate-brown near-Mint example of this famous early Large Cent type. A few tiny marks are found on the obverse field, a moderate mark on the jaw is all that requires singular mention. The reverse is uncommonly smooth aside from a pinscratch near the chain beneath STATES. This mark, while noticeable, is largely subdued by subsequent natural toning.
Chain Cents were struck only briefly in 1793, replaced by the more available Wreath Cent type, presumably due to contemporary criticism of the chain device. The March 18, 1793 edition of Philadelphia's
The Mail, or Claypoole's Daily Advertiser stated the opinion, "The chain on the reverse is but a bad omen for liberty." Only five die pairs were struck of the Chain type. Among these, Sheldon-3 is identified principally by the location of the 3 in the date, which is right aligned with the tip of the bust, and the location of the R in LIBERTY, which was entered high and tilted to the right. The variety, while scarce in all grades, can be obtained with patience in well worn and corroded condition, sometimes attributable only by the R in LIBERTY since the date may be faint or absent altogether. Sharp examples that retain their mint gloss are extremely rare, and in demand from both early copper specialists and determined type set collectors.
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 1341)
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Auction 394 | Lot 3017 » Large Cents
1793 1C Wreath Cent--Vine and Bars--MS64 Brown PCGS. S-9, B-12, R.2. This is easily the most plentiful of all 1793 Wreath Cents, and this is true in all grades. This is an early die state, and is a top-quality example for the variety. It is recorded as the tenth best in the Noyes Census, and tied with five others for fifth finest according to Del Bland. This is the Breen Large Cent Encyclopedia plate coin, and the reverse was illustrated in the 1879 monograph by Ed. Frossard. It also has a substantially continuous pedigree dating back over 130 years.

All of the Wreath Cents, a total of 63,353 coins, were produced in April and July 1793. Nearly all were coin in April, after which equipment failure prevented more production during May and June, as parts were repaired or replaced. The final 12,000 coins were produced in July.

The Wreath Cent is clearly the most recognized and the most popular of the 1793 coinage issues. Among the three large cent designs, it is also the most plentiful in Mint State grades. For the collector who simply wants a single example of our first copper coinage, this is an excellent candidate. Both sides have splendid olive-brown color with a few small splashes of steel and maroon patina. The surfaces have satiny luster throughout. Both sides have numerous tiny planchet defects or fissures.
George F. Seavey (William H. Strobridge, 1873); Lorin G. Parmelee; M.A. Brown (S.H. and H. Chapman, 4/1897), lot 743; George H. Earle, Jr. (Henry Chapman, 6/1912), lot 3362; Foster Lardner (United States Coin Co., 11/1914), lot 7; later, R.E. Naftzger, Jr. (A. Kosoff, 4/1956), lot 9; Dorothy Nelson (Stack's, 2/1976), lot 7; New England Rare Coin Galleries; Bowers and Merena (circa 1978-1979); later, 1987 ANA (Bowers and Merena, 8/1987), lot 27; Samuel H. Kaeppel (Bowers and Merena, 6/1991), lot 1155; Samuel H. Kaeppel (Bowers and Merena, 11/1991), lot 2005; Samuel H. Kaeppel (Bowers and Merena, 3/1992), lot 2371; later, to our present (PCGS# 1347)
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Auction 394 | Lot 3036 » Small Cents » Flying Eagle Cents
1856 1C MS65 PCGS. Snow-3. Die Stage A. The obverse die of this variety is easily identifiable by repunching on the 5 in the date, although one will need a loupe to discern this feature on the present example. This die was also used to strike coins of the Snow-1 and Snow-10 varieties. The most evident reverse diagnostics are the high leaves at the C and T in CENT. This reverse die was also used to strike Snow-8.

According to Snow (2001), examples of Snow-3 are the second most frequently encountered 1856 Flying Eagle Cents in today's market. This die pair was used from 1856 through early 1857. The first coins produced were copper die trial pieces (Judd-281, Pollock-213), of which only two examples are accounted for today. The Mint then struck 634-800 business strike 1856 Flying Eagle Cents of the Snow-3 die marriage using copper-nickel planchets. Snow asserts that these coins were prepared for two purposes: to test the press and dies in a simulated business strike run, and to provide examples of the proposed copper-nickel Cent to members of Congress.

The first copper-nickel examples of Snow-3 that emerged from the dies are prooflike in finish with moderately reflective mirrors in the fields. These coins are known as Die Stage A, and they can be easily mistaken for proofs by collectors who are not aware of the other diagnostics for Snow-3. All examples of this variety lack the completeness of strike that proof 1856 Flying Eagle Cents display. The present coin, while certainly sharp in overall detail, exhibits a little softness of strike over the eagle's breast feathers. In addition, the reverse devices, particularly the cotton leaves in the wreath, possess rounded edges. As befits the die stage, this coin displays moderately reflective fields. The color is a warm, original, honey-gold shade with swirls of medium tan and lilac patina here and there. Both sides are free of bothersome handling marks, although a tiny carbon fleck in the obverse field above the date is noted.(PCGS# 2013)
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Auction 394 | Lot 3040 » Small Cents » Flying Eagle Cents
1858/7 1C MS65 PCGS. Snow-1. Die Stage B. A rare Gem quality representative of this popular overdate Flying Eagle Cent, this coin exhibits a strike from a much later state of the dies. The wingtip is clearly detached, the corner of the 7 underdigit is all that remains, and the base of the errant 1 in the obverse field, while still perceptible under a loupe, is faint.

This is an aesthetically pleasing example with dominant honey-gold color over which splashes of pale reddish patina have gathered, mostly on the obverse. Both sides are equally free of bothersome carbon and there are no mentionable marks or impairments. The strike is a little uneven, but most major features are well defined. A tiny planchet indention is noted above the E of ONE, this being mentioned only for pedigree purposes. An important opportunity for the Small Cent specialist.
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 2022)
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Auction 394 | Lot 3048 » Small Cents » Indian Cents
1864 1C L On Ribbon MS66 Red NGC. The mint introduced a new obverse hub type for the Indian Cent in 1864 that would continue in use through 1886. Snow (1992) estimates that only 5 million coins of this new hub type were produced, a paltry total when compared to his estimate of 34 million examples for the 1864 Bronze No L variety. The coining staff at Philadelphia had difficulty mixing the new bronze alloy, and many With L examples display streaks over one or both sides. The present example, however, is free of all but a single streak of slightly deeper color at the left side of the obverse. The balance of the surfaces are awash with satiny textured, copper-golden luster. The razor sharp strike is noteworthy for this often indifferently produced type, and there are no abrasions of note. A few minor flecks of carbon are discerned on each side, but these hardly detract from this Gem's remarkable appearance. Census: 3 in 66, none are finer at either service (11/05). (PCGS# 2081)
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Auction 394 | Lot 3057 » Small Cents » Indian Cents
1872 1C MS66 Red PCGS. Ex: Ally Collection. Like the 1871, the 1872 was produced in limited numbers because the mint's supply of Half Cents and Large Cents for recoinage had dwindled to unacceptably low levels. The 1872, in turn, would also suffer from the melting that affected many late date Half Cents and Large Cents, as well as some of the earlier issues in this series. Apparently, the public redeemed many 1872 Cents in the 1873-1875 period, all of which were undoubtedly melted by the Mint to provide copper for its delivery of Cents in those years.

The 1872 is now regarded as a key date Indian Cent in all grades, particularly those above the Mint State threshold with any degree of original luster remaining. This is the first Gem (MS66) example with fully intact luster that we have ever handled. The obverse is sharply, nearly fully struck with original copper-golden luster and a richly frosted sheen. The reverse is equally as original with similar color. Some mottled russet-brown patina is sprinkled over each side lending a fully original appearance. The strike is slightly softer on the upper right portion of the reverse. Both sides are equally free of distracting blemishes. One of only two so graded examples at PCGS, with none finer (11/05).
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 2105)
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Auction 394 | Lot 3062 » Small Cents » Indian Cents
1882 1C MS67 Red PCGS. Eagle Eye Photo Seal, Card Included. Olive-gold centers are bounded by fire-red hues. Potent cartwheel luster sweeps across the unabraded surfaces, which are pristine aside from the most minute carbon flecks. A hint of lilac color is noted above the second S in STATES. The strike is very sharp, since only the top outline of the shield exhibits any indication of incompleteness of definition. Certified in a prior generation PCGS holder. The 1882 is scarce in full Red, even in MS64 and lower grades, since time has mellowed the original color of most Uncirculated survivors. It is remarkable for an example to combine full Red color with abrasion-free preservation. As of (10/05), tied with one other PCGS example as the finest certified, since NGC has not encapsulated any pieces above MS66 Red.
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 2144)
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Auction 394 | Lot 3074 » Small Cents » Indian Cents
1909-S 1C MS67 Red PCGS. Prior to producing its initial delivery of Lincoln cents, the San Francisco Mint struck 309,000 Indian cents in 1909. Only the second S-mint cent in U.S. coinage history, the '09-S also has the distinction of being the lowest mintage date in the business strike Indian cent series. Long regarded as a key date, the 1909-S is actually somewhat obtainable in most grades. While contemporary collectors have provided today's specialists with plenty of circulated and low grade Mint State examples from which to choose, however, the '09-S remains rare with full Red color, in grades exceeding MS64.

Sharply struck and impeccably preserved, this lovely Superb Gem boasts shimmering surfaces that project dazzlingly bright luster and display beautiful light reddish-tan and mint-green coloration. The slightly streaky toning produces a woodgrain effect, especially on the obverse, which serves to further enhance the already splendid eye appeal of the piece. A couple of faint carbon flecks are evident, on each side of the coin, but they are very small and consequently of little concern. This marvelous key date example is the only 1909-S Indian cent to be certified as MS67 Red, by either of the major grading services, and, as such, deserves serious attention from the specialist seeking to build a high grade Registry Set of this immensely popular series. Population: 1 in 67 Red, 0 finer (11/05).
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 2240)
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Auction 394 | Lot 3076 » Small Cents » Lincoln Cents
1909-S VDB 1C MS67 Red PCGS. A gorgeous Superb Gem of this famous and coveted series key. Beautiful orange color dominates peripheral areas, while the centers display luminous yellow-gold and olive color. The strike is essentially complete, since areas of sometime weakness, such as the shoulder, the AM in AMERICA, the O in ONE, and Lincoln's cheekbone and jaw do not exhibit the planchet abrasions seen on indifferently struck examples of the type. Coruscating luster dazzles the eye, and both contact and carbon is minimal. A glimpse of prooflike surface, as made, is noted to the east of the E in ONE. Encapsulated in a green label PCGS holder. Even beginning Lincoln Cent collectors have memorized the mintage of the 1909-S V.D.B. Cent: just 484,000 pieces, the lowest of the series, and the lowest of any regular issue Small Cent aside from the 1909-S Indian Cent. The desirability of the issue is increased by its quality; unlike many San Francisco issues from the teens and twenties, the 1909-S V.D.B. tends to come well struck from fresh dies with consistent color. Chief Engraver Charles Barber is often portrayed as a jealous (and even villainous) figure by imaginative numismatic writers, especially when the subject concerned designs from outside artists. Barber is frequently credited with the prompt removal of the 'prominent' V.D.B. initials from the reverse; they returned to the Cent on Lincoln's shoulder in 1918, after Barber's demise.
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 2428)
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Auction 394 | Lot 3082 » Small Cents » Lincoln Cents
1913-S 1C MS66 Red PCGS. A well known semi-key date from the 1910s, the 1913-S was produced in not overly generous numbers (6.1 million pieces) for a 20th century U.S. Cent. In addition to indifferent luster, many Mint State survivors are limited in grade by inadequate striking quality, with worn dies playing a role. Lest one despair of ever finding a high grade representative of this conditionally challenging issue, we call attention to the present example. The strike has a hint of softness on the upper left corner of the O in ONE and on portions of the AM in AMERICA, but the definition is sharp overall, and well above average for the issue. The straw-gold obverse is remarkably undisturbed by contact, and the reverse is predominantly peach in hue with glimpses of stone-gray color on the upper portion of that side. A singular carbon fleck above the N in CENT, and a solitary tick to the right of the T in CENT, can be used to pedigree this desirable premium Gem. Population: 2 in 66, 0 finer (10/05).
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 2467)
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Auction 394 | Lot 3088 » Small Cents » Lincoln Cents
1915-S 1C MS66 Red PCGS. Ex: Tom Mershon Collection. Orange-gold, glowing matte-like surfaces complement an exceptional strike on this choice and elusive S-mint rarity. A couple of toning flecks are noted with a glass near the back of Lincoln's coat, and a couple of reverse ticks-all of which do nothing to diminish the astounding quality of this piece. All legends are bold, as well as the date and mintmark, unlike the vast majority of branch mint examples from the teens and twenties. This is the last year of Victor D. Brenner's original Lincoln cent design-with more wrinkles on cheeks, coat, and forehead-which Charles Barber modified the following year, and this is a superb example. Unsurpassable quality for the Lincoln cent aficionado. Population: 5 in 66, 0 finer (11/05).
Ex: 2005 Central States Auction of The Tom Mershon #2 All-Time PCGS Registry Set of Lincoln Wheat Cents (Heritage, 5/05), lot 5319, where it realized $48,300.
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 2485)
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Auction 394 | Lot 3096 » Small Cents » Lincoln Cents
1925-S 1C MS65 Red PCGS. An often poorly produced S-mint issue of more than 26 million coins that, combined with an extremely low survival ratio in Mint State, has emerged as one of the most challenging Lincoln Cents in Gem condition. As is normally found on the occasional high grade representative, this elusive Gem example displays characteristic rich reddish-orange color. The strike is far superior to the typical Uncirculated survivor, being almost fully defined on the highpoints of the portrait and displaying strong peripheral lettering. Even the wheat stalks are razor sharp. A paper-thin blemish on Lincoln's cheek and another just above the 1 of the date are mentioned as pedigree markers. Seldom offered in this near-ultimate grade and a coin that is certain to be eagerly sought by collectors assembling high grade sets. Population: 11 in 65, 0 finer (11/05).
From The Joshua and Ally Walsh Collection of United States Cents. (PCGS# 2566)
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Auction 394 | Lot 3106 » Nickels » Shield Nickels
1880 5C MS65 NGC. "Dropped 8" variety, with repunched second 8. Breen states these are only found on proofs only, but in his book The Shield Five Cent Series Edward L. Fletcher Jr. says, "It would appear that the proof obverse die was used for business strikes also." This example is boldly defined with a thin veil of milky gray patina affecting both sides. A few minor imperfections in the upper reverse field appear to be mint-caused.

The 1880 Shield Nickel, with a business strike production of a mere 16,000 pieces, is a challenging issue at any level of preservation when located in something other than proof format. The odds of finding a Gem Uncirculated survivor therefore are miniscule. A similarly certified PCGS coin in last year's ANA Sale brought the impressive sum of $57,500. Census: 1 in 65 (PCGS population 3 in 65, 1 finer), 0 finer (11/05). (PCGS# 3810)
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Auction 394 | Lot 3116 » Half Dimes » Early Half Dimes
1805 H10C AU58 NGC. Ex: Price / LM Plate Coin. V-1, LM-1, the only variety, R.4. The 1805 is the final date in the Heraldic Eagle series and it is also the last half dime struck for 24 years. Only one die marriage is known for this date and high grade examples are extremely rare. It has been estimated that only 100 pieces are known of this date in all grades. As such, the 1805 is probably the second rarest date of the Heraldic Eagle type, only trailing the legendary 1802. As with many AU-MS coins over the past 30+ years, grading and provenance is somewhat uncertain and open to a certain amount of opinion. However, the finest known is clearly Lot 129 from Lester Merkin's 9/68 auction, which currently resides in an NGC MS65 holder. A Choice AU example appeared in the John Jay Pittman Collection. That coin "only" brought $14,300 when it was sold in 1997. Two of the five certified AU58 coins that were sold in 2002 and 2004 brought $21,850 and $43,700 respectively.

This piece is easily identifiable as the LM plate coin by the oval-shaped planchet void in the right obverse field in front of the neck of Liberty. The striking details are irregular, as seen on the LM plate (page 135), with strong definition on Liberty's hair curls and ribbon, but softness is seen along the front of Liberty's profile, and as one would expect, also on the stars, clouds, and tip of the eagle's right (facing) wing on the reverse. Both sides show deep, mottled blue, gray, and rose toning. The only other surface mark that is worthy of mention is a shallow scratch along the outline of the portrait of Liberty. (PCGS# 4272)
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Auction 394 | Lot 3125 » Dimes » Early Dimes
1796 10C MS66 NGC. JR-4, R.4, although not attributed as such on the NGC holder. This very scarce variety accounts for about 10% of the 1796 dimes encountered, according to the standard reference. On the obverse BERTY is closely spaced, with ER very close and TY touching. Star eight is far from the L, and star one is far from the curls. The 1796 is progressively closer from left to right, with the 9 close to the 6 and the 6 nearly touching the bust. On the reverse there are 17 leaves left (facing) and 13 right, with leaves touching the third E and second I in the legend. There is a leaf tip under the right side of the first A, but none under the third T. The right upright of N is recut at the top, and AME nearly touch. The left eagle's wing touches the rock.

This incredible specimen shows the obvious pride of workmanship present at the Philadelphia Mint for this first issue of Federal dimes. The fields show prooflike tendencies under the lovely, consistent sea-green and aqua toning that nestles in the peripheries, with silver-gray highpoints. The strike is bold, with all stars sporting their centrils. Liberty's hair is highly sculptural, with each strand of hair outlined and bold all along its length. The vertical line that marks the iris of Liberty's eye is plain, as are all drapery lines. There is a bold separation of the hair from the forehead. On the reverse, the eagle's breast and wings show pleasing feather detail. There is a clear delineation between the eagle's toes and the claws beneath. Close perusal under a glass reveals a small tick on the drapery and a couple of light scrapes in the right obverse field, none of them distracting or indeed even noticeable without magnification. Wispy die cracks join two of the points of star one with the drapery, while a third crack connects a third point to the rim. The reverse is essentially free of mentionable distractions. Even though a handful of other coins may grade technically as fine, it is highly doubtful that any of them s (PCGS# 4461)
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Auction 394 | Lot 3144 » Quarters and Twenty Cents » Early Quarters
1796 25C MS63 PCGS. B-2, R.3. This is the High 6 obverse with the top of the digit 6 nearly touching the drapery. The other variety of this date, B-1, has the digit 6 about centered between the bust and border. It is believed by most that the B-1 die combination was struck first, followed by this variety. Four deliveries totaled 6,146 coins, the generally accepted mintage figure for all 1796 quarters. It is likely that the delivery of April 9, 1796, consisting of 1,800 coins were all of the B-1 coins, and the remaining three deliveries of May 27, 1796 (2,530 coins), June 14, 1796 (1,564 coins), and February 28, 1797 (252 coins) were all the B-2 examples. One numismatist, Robert Hilt, switched the emission sequence, suggesting that all 6,146 coins were the B-2 variety, and the rare B-1 coins were struck in 1804!

This example is an intermediate die state. The obverse has an extremely faint die crack from the border, between two dentils, to the top of I in LIBERTY. Another die crack from the border to the nearby E, is virtually invisible above that letter, but quite strong below, continuing into Liberty's hair, to the curl behind her neck, and beyond. Other cracks and tiny die chips are visible on the obverse. With the exception of the eagle's head and nearby leaves, this is a sharply struck example. The fields on both sides are fully prooflike beneath warm sea-green, gold, and rose toning. Light hairlines are visible, especially in the fields, but these are hardly discernible without careful scrutiny.

Walter Breen discussed a hoard of these coins in the estate of Col. E.H.R. Green. He related information obtained from Abe Kosoff that the hoard consisted of about 200 Mint State examples, with nearly half of those having prooflike surfaces. Kosoff and Andre DeCoppet were reportedly responsible for the disbursement of those coins. While we certainly don't want to discount such a report, we consider Mint States examples to be much too rare for such a hoard. If this accumulatio (PCGS# 5310)
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Auction 394 | Lot 3145 » Quarters and Twenty Cents » Early Quarters
1805 25C MS64 PCGS. B-3, R.1. Die State V. This lovely near-Gem is sure to elicit strong bids from high grade type collectors and advanced specialists alike. The striking quality is superlative, with nearly all of Liberty's hair strands and the eagle's breast and wing feathers delineated. The obverse stars are relatively strong, but some of the reverse ones are weak, as are portions of the eagle's tail feathers. The design elements are generally well centered, and nearly all of the dentilation shows, which is slightly more bold on the reverse. The bold clashmarks (as struck) and peripheral die cracks (also as produced) that are diagnostic of Die State V are readily evident on both sides, most without a loupe. No adjustment marks are evident. A few inconsequential contact marks on Liberty's cheek and neck and in the lower left (facing) obverse field are all that seem to keep this coin from a higher grade, but the full, satin textured luster would easily support a Gem designation. Warm orange-tan peripheral iridescence frames silver-gray centers. This coin is identical in grade to the finest 1805 B-3 Quarter listed in Walter Breen's 1992 update of A. W. Browning's book The Early Quarter Dollars of the United States: 1796-1838. Combined PCGS and NGC population for all die marriages of this issue is seven coins in MS64 and three finer (11/05).
Ex: Superior 2/93, lot 434, where it realized $22,550.
From The JFS Collection, Part Three. (PCGS# 5313)
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Sold For: $46,000.00
Auction 394 | Lot 3149 » Quarters and Twenty Cents » Bust Quarters
1821 25C MS67 NGC. B-4, R.2. A later die state of the variety with a crack from the border through E of UNITED into the field near the scroll. Both sides have noticeable clash marks, especially around the eagle on the reverse. The mintage reported for the year was 216,851 coins, although some of those were from dies dated 1820. It would be almost impossible to speculate how many of each date were included in the total production figure. Mintage of the Capped Bust quarter dollars was sporadic at best. The following years are represented: 1815, 1818-1825, 1827, and 1828. Breen suggested that the public much preferred the Spanish 2 Reals silver pieces and other fractional units. The Spanish colonial pieces were much more familiar to most people of the young nation.

Designs were by John Reich, who redesigned all of the circulating coinage after he was hired in 1807. The quarters and half dimes were the last two denominations to adopt the new designs, in 1815 and 1829 respectively. Three obverse and five reverse dies were produced for a combination of six different die varieties. NGC has certified a total of 142 quarters dated 1821, in a variety of grades. Some of those were attributed, and others were not. The best B-4 variety grades just MS61, although the non-attributed examples included coins in a variety of grades. There is still only this one MS67 example.

This is a remarkable Superb Gem, reminiscent of coins from old-time collections, such as Eliasberg, Norweb, Garrett, and others. Both sides are sharply struck with all details exquisitely defined, save for just a few star centers. The surfaces are fully lustrous with a satiny texture. Pastel toning with rose-gold, blue, crimson, lilac, and olive-green coloration. An exceptional Superb Gem for the connoisseur. (PCGS# 5331)
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Auction 394 | Lot 3153 » Quarters and Twenty Cents » Bust Quarters
1836 25C PR67 NGC. B-2. An important early quarter, and rare as a proof. According to Breen's Encyclopedia (1988), five proofs are known. Only three pieces have been certified, the present example being the finest. Moreover, our records indicate that just three pieces have appeared in public sales within the last ten years.

This is a stunning coin in every regard with considerable eye appeal that should interest both collectors of early quarters as well as proof type collectors. The devices are silvery-white and frosted while the fields have extremely deep mirrored contrast. There are a few minor hairlines present beneath the iridescent gold, lilac, and blue toning that is seen around the margins. A couple of minute marks are noted in the field to the right of Liberty's ribbon. All details are virtually complete, including the star centers and the fine detail on the drapery clasp. The rims are sharp and the letters on the reverse legend are slightly doubled. A superb coin that combines appearance, rarity, and die state into an exciting and dramatic presentation. (PCGS# 5384)
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Sold For: $97,750.00
Auction 394 | Lot 3155 » Quarters and Twenty Cents » Seated Quarters
1853 25C Arrows and Rays MS67 NGC. For several years leading up to 1853, U.S. silver coins were worth more melted than in their coined form. This was good for bullion dealers at the time as it provided them with an "endless chain" of profit. However, it was distinctly bad for other commercial interests and common people who needed small denomination coinage to make change in their everyday transactions. For commercial usage in the early part of 1853, Quarters were best suited by default as Half Dimes and Dimes were too cumbersome to pay off debts and Half Dollars were not struck until May 21. As a result, after the Act of February 21, 1853 was passed to remedy the situation, the mint was closed to visitors and the coinage of copper was suspended. By the middle of April the Director was able to offer coins for sale, and in the first few weeks only Quarters were sold as they bridged the gap between the Three Cent Silver and the Gold Dollar.

These new Quarters weighed 96 grains, compared to the former 103 1/8 grain weight. To denote the reduction in weight, arrowheads were placed on each side of the date and rays were placed around the reverse. This design format lasted only one year, with a reminder of the reduced weight carried on through 1855 with arrowheads only. More than 15 million quarters were struck of the Arrows and Rays design and they were a smashing success. One Philadelphia paper reported that the mint had "fully overcome the complaint among the small dealers of a want of change." The new coins served their purpose excellently. For the first time since the establishment of the mint in 1793, the nation had an adequate supply of fractional coins of uniform quality.

This particular piece is one of the finest examples extant of this one-year type. All too often found with heavily toned surfaces, this is a brilliant coin with silky-smooth, satin-like mint luster. Fully struck throughout, each side is nearly abrasion-free. Both obverse and reverse display a granular (PCGS# 5426)
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Sold For: $48,875.00
Auction 394 | Lot 3158 » Quarters and Twenty Cents » Seated Quarters
1873 25C Arrows PR68 NGC. The fields are deeply reflective and the obverse possesses a warm russet and cobalt-blue edging around that side with elliptical area of brilliance over most of the portrait and a portion of the date. The reverse, on the other hand, displays an even steel-blue patina that yields to coppery-gold color about the periphery. The Mint Act of 1873 converted subsidiary coinage to the metric system, and in so doing slightly increased the weight of silver planchets. The arrows were a distinguishing mark to easily identify these coins from the old tenor silver pieces. Only 540 pieces were struck in the proof format, this being the single finest specimen certified by the two major services. Census: 1 in 68, 0 finer (11/05). (PCGS# 5574)
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Sold For: $34,500.00
Auction 394 | Lot 3162 » Quarters and Twenty Cents » Barber Quarters
1896-S 25C MS65 PCGS. Obverse 1, Reverse 1. The 1896-S Quarter has long been considered one of the three key issues in the Barber Quarter series, along with the even more challenging 1901-S and the lower mintage but less difficult 1913-S. The 1896-S was struck with only two sets of obverse and reverse dies. The Obverse 1, Reverse 1 pair seems to be the more available among the few certified high grade examples, and is best identified by the mintmark location, slightly closer to the D in DOLLAR than the R in QUARTER.
One can hardly imagine a more formidable challenge than assembling a set of Gem Barber Quarters. The 1896-S is one of the stoppers to such a collection, however, the present lot provides an exceptional opportunity to acquire a high quality Gem. The strike is penetrating, even on the usually problematic right shield corner, and the lustrous and mildly reflective fields are unperturbed by contact. Only a hint of gold color denies full brilliance. A gorgeous example of this famous rarity, the subject of avid chase even in barely identifiable condition. Population: 9 in 65, 1 finer (10/05).
From The Clearfield Collection. (PCGS# 5615)
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