1787 Massachusetts Half Cent, Ryder 4-B, W-5930, R.5, MS64+ Brown PCGS. CAC....

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1787 Massachusetts Half Cent, MS64+ Brown
Condition Census Ryder 4-B

1787 Massachusetts Half Cent, Ryder 4-B, W-5930, R.5, MS64+ Brown PCGS. CAC. Equivalents. Crosby 4-B; Ryder 4-B; Whitman-5930. Rarity. McGuigan: Low R.6 (25 to 30 known). Packard: R.4 (119-158 known). Hodder (Ford): R.5 (46 to 60 known). Whitman: URS-7 (33 to 64 known).
Auction Survey. Our survey of 790 appearances of 1787 Massachusetts half cents includes 55 auction entries for Ryder 4-B, suggesting an R.5 rarity rating. The Ryder 4-B combination appears slightly more often than Ryder 3-A.
Obverse 4. The long fletchings join the left serif of the E, and they are positioned directly below that serif. That position is diagnostic for Obverse 4. A medium-size arrowhead joins the Indian's tunic. The star is rotated counterclockwise and its northeast ray points to the border above the Indian's head. The upper part of the bow is separated from the N. Obverse 4 appears with reverse dies B, C, and D.

Reverse B. The eagle's beak is doubled and that is diagnostic for Reverse B. Each S is open with the serifs separated from the curves. The date is closely spaced. MAS is also closely spaced while the remaining letters are widely spaced. Most of the arrow shafts are close to the eagle's tail. The center arrow joins the eagle's wing tip and the upper leaf is close to the other wing. The lowest arrow points well below the period. The left end of the doubled exergue line extends well past the 1 and the right end extends well past the second 7. The right upright of the M is over the wing tip and a leaf is below the center of that letter. Reverse B is unique to this die marriage.
Surfaces. Delicate blue and mahogany toning appear on the fully lustrous chestnut-brown surfaces of this Choice Mint State half cent. Portions of the Indian's waist band and tunic are indistinct, typical of the variety, and of Massachusetts half cents in general. The denomination is fully readable although EN of CENT are a trifle weak. The shield shows partial horizontal and vertical lines.
Die State. This is the usual obverse die state that has a curved die crack from the base of the bow through the Indian's right leg. There are no other apparent obverse or reverse die anomalies. This Ryder 4-B shows a slightly earlier die state than the 4-C in the next lot.
Condition Census. Two slightly finer examples graded MS65 NGC appeared in our January 2015 sale of the Donald G. Partrick Collection. One of those is the Eliasberg coin. The present example is the third finest known to us, edging out four examples that are certified MS64, and visually finer than the imperfectly struck ANS coin.

Appearances. Illustrated at PCGS.com.
PCGS Population (9/21). PCGS has certified 24 1787 Massachusetts half cents of all varieties as MS64 Brown, three as MS64+ Brown, one as MS64+ Red and Brown, and 12 finer.
Commentary. The Ryder 4-B die combination has been cataloged as an important rarity in the series, although the number of auction appearances suggests that it is scarce, but not rare. The order of rarity for the 11 varieties, based on our auction review, starting with the rarest is: 1787 4-D, 1787 6-A, 1787 6-D, 1788 1-A, 1787 3-A, 1787 4-B, 1787 1-D, 1787 2-A, 1787 5-A, 1787 4-C, and 1788 1-B.
McGuigan Commentary. Choice medium brown surfaces. Among the half dozen or so finest known examples of this very rare variety.
Provenance. Ex: Anthony J. Terranova (2/1981).
Personality. New York coin dealer Anthony J. "Tony" Terranova has been active in the numismatic scene since the 1970s, specializing in colonial coins and historical medals. After working for a mutual fund in the late 1960s and while working for a commodities exchange in the early 1970s, Tony began dealing in coins part-time in 1972 and made it his full-time career, starting with Neil Berman in 1975. Tony has operated his own rare coin business since 1978. He is known for his superb quality inventory and personal collections.
From The James R. McGuigan Half Cent Collection.

Coin Index Numbers: (Variety PCGS# 688342, Base PCGS# 296)

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