1818 25C MS66 PCGS....

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Colorful Premium Gem B-3 1818 Quarter

1818 25C MS66 PCGS. B-3, R.2. Breen Die State II, the usual state with a clashed reverse die and diminished left feet on the 1s in the date. The radial crack through the lowest head is relatively heavy.
This is a magnificent Premium Gem with gorgeous cherry-red, lime-green and canary-gold toning. The luster is comprehensive, and the surfaces are undisturbed aside from a few wispy grazes. All stars are razor-sharp, and the only detectable incompleteness of design is relegated to the area near the upper left shield border. Encapsulated in a first generation holder.
According to Walter Breen in his 1992 revision of the 1925 A.W. Browning reference, B-3 began its life as an 1818/15 overdate, "visible on the thick raised parts of [the] final 8." That initial die state is extremely rare, and Breen knew of only two examples in 1992. The left feet of the 1s in the date, which apparently were in lower relief than the remainder of the date, are intact on the initial die state. The die was lapped, probably to remove clashmarks, which also removed the traces of the underdate and most of the left feet of the 1s. The reverse die was apparently unmodified, despite its obvious clashmarks on the field between the eagle and the scroll.
Needless to say, Jules Reiver, whose extensive collection included die states in addition to die marriages, never managed to secure an example of that important initial state. Should one ever appear at auction, it would likely sell for a price similar to that of a unique die variety.
Among PCGS-certified 1818 quarters, the only one graded higher than the present lot is the Eliasberg Browning-2 example, which last appeared at auction in August 1999. One of the pieces graded MS66 by PCGS is a Browning-4 from our December 2005 Dallas auction. Although the variety of the third MS66 PCGS example is unknown, it is highly probable that the present piece is the finest 1818 Browning-3 in a PCGS holder. Population: 3 in 66, 1 finer (4/08).
From The Silbermünzen Collection.(Registry values: P2)

Coin Index Numbers: (NGC ID# 23RH, PCGS# 5322, GSID# 5062)

Metal: 89.24% Silver, 10.76% Copper
Weight: 6.74 grams
ASW: 0.19338oz
Mintage: 361,174

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