1802 $2 1/2 BD-3, R.5, MS65 NGC....

Description

1802 BD-3 Quarter Eagle, MS65
The Finest Known Example of This Date
Pale-Gold and Green-Gold Surfaces

1802 $2 1/2 BD-3, R.5, MS65 NGC. Bass-Dannreuther Die State b/b. Pale gold surfaces take on a slightly greenish tinge, which combined with significant mint luster, provides a splendid, original patina. Hairlines are minimal and none stand out, consistent with the Gem grade. Weakness is confined to the center of both sides.

All 1802 quarter eagles are listed as having the 1802/1 overdate. However, given that no quarter eagles were made in 1801, let alone since 1798, most researchers have doubted the validity of the overdate, and physical evidence bears out these assertions.

Overdate or not, the quarter eagles of this year contained a feature shared with only two other dates of early quarter eagles - three die marriages. Mintages across the entire series were extremely low, peaking at just 6,812 coins with the 1807 issue. Productions of this magnitude therefore didn't require multiple die marriages from sheer numbers alone, as the average die life during this era was several times this maximum figure. In the case of the 1802, Bass-Dannreuther suggest that frequent interruptions in production were the catalyst of the multiple marriages, which each have different reverses. For example, the BD-2 die marriage is quite rare, with that reference estimating a surviving population of only 30 to 35 examples. However, there is no known terminal die state for this marriage, with the only deterioration being a small crack from the rim to the first S in STATES.

As further proof of Bass-Dannreuther's production interruption theory, that non-terminal reverse die, along with the die used for the present BD-3 die marriage, were subsequently used multiple times to strike both quarter eagles and dimes. In one of the most interesting episodes in Early U.S. Mint history, Heraldic Eagle reverse dies were used on both the quarter eagle and dime denomination. This was possible because the two denominations had similar diameters and there was no indication of value anywhere on the reverse until the introduction of the Capped Bust design. The present reverse die was first used on the 1802 JR-1 dime, followed by the 1802 BD-3 quarter eagle, 1803 JR-5 dime, and 1803 JR-1 dime. Therefore, multiple reverse dies would have been available for use across the two denominations, and intermittent productions of quarter eagles would make it likely that the press operator would select a different die each time. After 1821, the quarter eagle denomination was very unpopular due to it being more than a day's wages, but less convenient for bank and business transactions than the higher-denominated half eagle. Therefore, they were only struck when requested, which is reflected in the single die marriage known for 10 of the 11 dates.

On account of all of this, there is also very little variation in die state for the 1802 BD-3 quarter eagle. The present example is Bass-Dannreuther Die State b/b, which has a small crack from the tip of the right wing to the rim. The authors also list a prime die state, b/a, which lacks this crack, although it has not been seen.

The present example is the single finest 1802 quarter eagle of any die marriage to have survived the last 222 years to the present day. The census skews heavily towards BD-3, with only 2 of the 8 finest examples hailing from the most common die marriage of the year, BD-1. BD-2, the rarest pairing, is not represented.

Roster of 1802/1 Quarter Eagles
1. MS65 NGC. BD-3. Rarities Sale (Bowers and Merena, 1/2003), lot 605, $50,600; Freedom Collection (Heritage, 1/2007), lot 3386, not sold; Long Beach Signature (Heritage, 2/2007), lot 4279, $161,000; Baltimore Sale (Bowers and Merena, 11/2010), lot 4777, $161,000; U.S. Rare Coins Special Offerings (Heritage, 12/2021), $490,875. The present coin.
2. MS64+ PCGS CAC. BD-3. Pittsburgh Elite (Superior, 8/2004), lot 921, $103,500; FUN Signature (Heritage, 1/2011), lot 5020, $172,500; McCoy Family Collection (Heritage, 1/2016), lot 5529, $199,750.
3. MS64+ NGC. BD-3. ANA Auction (New England Rare Coin Auctions, 7/1979), lot 54, $11,000; Ed Price Collection (Heritage, 7/2008), lot 1458, $60,375; CSNS Platinum Night (Heritage, 4/2011), lot 5324, $115,000; Long Beach Signature (Heritage, 2/2022), lot 3140, $150,000. This coin was misattributed as a BD-1 in the Heritage 2011 catalog and was mistakenly attributed to Stack's 1/2005:3139 in the Heritage 7/2008 catalog.
4. MS64 PCGS. BD-1. Lawrence C. Licht Collection (Stack's, 3/2005), lot 2074, $115,000; Paul Nugget, sold privately in 6/2005; D. Brent Pogue Collection, Part I (Stack's Bowers & Sotheby's, 5/2015), lot 1120, $211,500.
5. MS64 NGC. BD-3. CSNS Signature (Heritage, 5/2005), lot 8419, $103,500; Long Beach Signature (Heritage, 9/2005), lot 4295, $115,000.
6. Very Choice to Gem Brilliant Uncirculated Uncertified. BD-3. A.H. Baldwin & Son, sold privately in 3/1954 for 25 Pounds (the equivalent of $70); John Jay Pittman Collection, Part II (according to David Akers, "JJP purchased this coin on his return from the Farouk sale when he stopped in England for a short visit.") (David W. Akers, 5/1998), lot 1714, $66,000; New York ANA (Superior, 8/2002), lot 1812, $37,375; Pittsburgh Elite (Superior, 8/2004), lot 922; Americana Sale (Stack's, 1/2005), lot 3139, $92,000.
7. MS64 NGC. BD-1. Pre-Long Beach (Goldberg Auctions, 6/2004), lot 2397, $50,600; Chicago ANA (Stack's Bowers, 8/2011), lot 7596, not sold.
8. MS64 NGC. BD-3. CSNS Signature (Heritage, 4/2002), lot 6835, $52,900.
9. Six additional, demonstrably different examples have been certified at the MS63 level by PCGS and NGC.
From The Colorado Collection.

Coin Index Numbers: (NGC ID# 25F6, Variety PCGS# 45508, Base PCGS# 7650, Greysheet# 213450)

Weight: 4.37 grams

Metal: 91.67% Gold, 8.33% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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