1835 $2 1/2 HM-1, JD-1, High R.7 as a Proof, PR67 Deep Cameo PCGS. ...

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1835 Quarter Eagle, HM-1, PR67 Deep Cameo
The Finest Proof Classic Head Quarter Eagle
Ex: Earle-Clapp-Eliasberg

1835 $2 1/2 HM-1, JD-1, High R.7 as a Proof, PR67 Deep Cameo PCGS. Ex: Harry W. Bass, Jr. Collection. Both dies are perfect with no clash marks, die cracks, or signs of lapping. Only one obverse die was created in 1835 and that die appeared on all three varieties. The M in AMERICA is broken on this variety and represents the second use of the reverse die following 1834 HM-4. Another 1834 reverse die, with AM in AMERICA widely spaced, reappeared on 1835 HM-2. The third reverse die, with AM closely spaced and that M perfect, was created in 1835 for HM-3.

The new Classic Head design is a radical departure from the previous design. Liberty no longer wears a cap, and the reverse lacks the motto E PLURIBUS UNUM. Introduced in 1834, the Classic Head design coincided with the weight reduction authorized for the gold coins that was intended to promote circulation. Previously, the gold value of quarter eagles and half eagles was actually greater than the face value.

Proof Classic Head quarter eagles are known for each date in the series from 1834 to 1839. In his proof gold encyclopedia, John Dannreuther identifies eight proofs of 1834, four of 1835, seven of 1836, four of 1837, one of 1838, and four of 1839, a total of 28 coins. Additional appearances may represent a few other proofs, but the total population is likely less than three dozen examples for the Classic Head type. The Smithsonian Institution has four proofs and one is held in the British Museum.

This example from the Eliasberg Collection with an earlier provenance to the George H. Earle Collection is the finest certified proof Classic Head quarter eagle, the only one to garner the PR67 numerical grade, and one of just four PCGS submissions boasting the Deep Cameo designation.

The Eliasberg cataloger called this coin "Choice Brilliant Proof-65" and wrote further:

"Tiny lint mark as made in the field to the right of F in OD on reverse. Deeply and sharply struck.

"Exceedingly rare. Walter Breen notes that Wayte Raymond reported five examples, Breen himself verifies three, and David Akers cites five auction appearances (which may include duplications of the same coin). To say that fewer than a half dozen exist would seem to be correct, and perhaps the number is closer to three or four.

"The number originally minted in Proof is nowhere recorded. As there was no special reason (such as a new design) for coining them, apart from inclusion in year sets, it could well be the case that fewer than 10 were made.

"One of the more outstanding quarter eagles in the present offering."

The Eliasberg Collection included proofs of 1834, 1835, 1836, and 1837. Harry W. Bass, Jr. purchased all four of those coins. The 1834 and 1835 proofs were retained as type coins for the core collection, while the 1836 and 1837 were sold in May 2000. A case might have been made to retain all four of those proofs as type coins due to the different head styles illustrated in Daryl J. Haynor's Classic Gold Coins 1834-1839.

Both sides of this Superb Gem Deep Cameo proof are exquisite. The central obverse and reverse design elements are weakly defined on this piece, as they are on most examples of the type. The brilliant yellow-gold fields are deeply mirrored and contrast remarkably well with the frosted, lustrous devices. Minor struck through defects on the reverse are as minted. Glimpses of mirrored surface are seen within the devices where those elements are on the same level as the fields, including the spaces between the vertical stripes in the shield on the reverse.

The opportunity to bid on and acquire a proof 1835 quarter eagle represents an important numismatic event. This is the first auction appearance since May 1998 and only the fifth in more than 100 years! Ron Guth's census, below, shows previous auction appearances of 1835 proof quarter eagle in 1890, 1904, 1911, 1912, 1946, 1948, 1982, and 1998.

Roster of 1835 JD-1 Proof Quarter Eagles
1. PR67 Deep Cameo PCGS. George H. Earle Collection (Henry Chapman, 6/1912), lot 2525; John H. Clapp Collection, sold intact via Stack's in 1942; Louis E. Eliasberg, Sr. Collection (Bowers and Ruddy, 10/1982), lot 102, $30,800; Harry W. Bass, Jr. Foundation Collection (HBCC# 1009). The present coin.
2. PR65 NGC. Lorin G. Parmelee Collection (New York Coin & Stamp Co., 6/1890), lot 1046, $16; John G. Mills Collection (S.H. & H. Chapman, 4/1904), lot 549; William H. Woodin Collection (Thomas Elder, 3/1911), lot 954; F.C.C. Boyd Collection ("World's Greatest Collection") (Numismatic Gallery, 1/1946), lot 102; Memorable Collection (Numismatic Gallery / Abe Kosoff & Abner Kreisberg, 3/1948), lot 96; John Jay Pittman Collection, Part II (David Akers, 5/1998), lot 1719, $176,000.
3. PR64 Deep Cameo Uncertified (grade per John Dannreuther). Mint Cabinet Collection, presumably transferred from Adam Eckfeldt in 1838; National Numismatic Collection at the Smithsonian Institution.

Additional Examples
A. Brilliant Proof Uncertified. J.F. Bell (Jacob Shapiro) Collection (not plated) (Stack's, 12/1944), lot 102; Davis-Graves Collection (plated, but a poor image) (Stack's, 4/1954), lot 685. This example is questionable because Jacob Shapiro sold coins in the 1944 "J.F. Bell" Collection and the 1948 "Memorable" Collection. It seems reasonable that it might be the same coin. There was no pedigree mentioned in the Davis-Graves Collection, but somehow that connection was made and repeated by Breen and Akers.
B. PR65 PCGS. Unidentified grading event. Dannreuther suspected that this might have been either the Pittman coin (#2 above) or the Davis-Graves example (A).
C. Proof. B. Max Mehl (12/1922), lot 102; Virgil Brand (journal #125165). Mehl described this piece as a "Perfect Brilliant Proof."
From The Harry W. Bass, Jr. Core Collection, Part II.

Coin Index Numbers: (Variety PCGS# 97711, Base PCGS# 7711, Greysheet# 197934)

Weight: 4.18 grams

Metal: 89.92% Gold, 10.08% Copper

View Certification Details from PCGS