1808 $2 1/2 BD-1, R.4, MS63 NGC....

Description

1808 Quarter Eagle, BD-1, MS63
High Condition Census
Important One-Year Type
Among the 100 Greatest Coins

1808 $2 1/2 BD-1, R.4, MS63 NGC. Bass-Dannreuther Die State c/a. Stunning, white-gold surfaces are blanketed with sumptuous luster that dances across the surfaces of this Select Mint State survivor. Slightly deeper areas are present around the outer design elements, particularly the obverse stars, for a pleasing complement. Light hairlines are present, although they are not distracting and do not disturb the luster. This example can be identified by a thin scratch between the 18 in the date and a hairline in front of the mouth. The portrait and hair detail on the obverse as well as the neck feathers and shield on the reverse are sharply defined. The only points of weakness are found near the rims, comprising the insides of stars 1 through 3 and 8 through 11, and on the reverse, the tops of TED and MERIC and the tips of the feathers.

The presence of this striking pattern traces back to the design, with its large likeness of Liberty on a small planchet. Weak rims are sporadically seen on the prior and subsequent design types, but disappeared almost completely when the Closed Collar was introduced to the quarter eagle in 1829. However, this weakness is not detectible on first glance on this coin, as the eye is drawn towards the strong central elements, and, of course, the also strongly-struck magic combination of the 1808 date and the 2 1/2 D. denomination.

The Bass-Dannreuther reference on early gold lists three die states for the single die marriage of this year: State a has no cracks, State b has a crack from the top of the cap through the stars on the right, and State c adds a crack through the date. State a is unknown, and Bass and Dannreuther suspect that the die cracked very early on, or even during its manufacture. If the latter is true, then State a of course would not exist, although that is impossible to confirm. Most surviving coins hail from State b, as does this example.

After its introduction on the half dollar and half eagle in 1807, the new Capped Bust design was brought to the quarter eagle and cent (the latter as the similar Classic Head) in 1808. While the design lasted until the late 1830s on silver coins and the mid-1810s on the half eagle and cent, there was never another quarter eagle issue minted with this design, making it a one-year type. The next striking of quarter eagles did not occur until 1821, at which point the design changed to the Capped Head motif introduced on the half eagle in 1813. The reason for this lapse in quarter eagle production was unpopularity, as the denomination was trapped in an economic "no man's land" -- it was too small to be used for bank transactions or foreign trade, as it was more convenient to do so with half eagles, and was too large to be used in everyday circulation, as daily wages and the cost of daily goods was significantly below $2.50. This resulted in the low mintages and sporadic production that plagued this denomination during its early years.

Compounding the collecting pressure on this issue is its low mintage of 2,710 pieces, of which Bass-Dannreuther estimate between 125 and 150 survive. This makes it the rarest type coin in the entire cosmos of American numismatics and places intense collecting pressure on the few remaining pieces. Both quarter eagle collectors and the growing number of type collectors must acquire an example for their collections. Furthermore, a thorough pedigree search has located only twelve Mint State survivors to satisfy Registry Set collectors, of which the present offering is the fourth finest. All of these factors set the stage for sky high collector demand for this amazing and historic quarter eagle. Listed among the 100 Greatest U.S. Coins.

1808 BD-1 Quarter Eagle, (the only known die pair) Condition Census
1. MS65 PCGS. Lorin G. Parmelee Collection (New York Coin & Stamp Co., 6/1890), lot 856; John Story Jenks Collection (Henry Chapman, 12/1921), lot 5792; "Colonel" E.H.R. Green Collection; (B. Max Mehl, 5/1950), lot 11; Dr. J. Hewitt Judd Collection; Dr. Herbert Ketterman Collection, sold privately in 1982; James A. "Jimmy" Hayes Collection; Auction '84 (Stack's, 7/1984), lot 1372, $99,000; Auction '89 (David W. Akers, 7/1989), lot 1361, $231,000; D. Brent Pogue Collection, Part I (Stack's Bowers & Sotheby's, 5/2015), lot 1128, $2,350,000.
2. MS63 PCGS CAC. Atlanta Signature (Heritage, 8/2001), lot 7585, $73,600; Oliver Jung Collection (American Numismatic Rarities, 7/2004), lot 84, $322,000; (Stack's, 3/2007), lot 1441, $425,500; (Stack's, 11/2008), lot 4176, $517,500; Bob R. Simpson Collection (Heritage, 9/2020), lot 10122, $576,000.
3. MS63 NGC. Springdale Collection (Superior, 5/2006), lot 992, $218,500; (Bowers and Merena, 11/2010), lot 4781, $316,250. The present offering.
4. MS63 NGC. Purchased privately from Kevin Lipton in February 2006; The Bayfield Collection / Dallas Signature (Heritage, 11/2023), lot 3120.
5. MS63 NGC. Auction '90 (Superior, 8/1990), lot 1252, $77,000; ANA Signature (Heritage, 8/2012), lot 5286, $223,250.
6. MS63 NGC. Larry H. Miller Collection (Stack's Bowers, 12/2020), lot 1115, $276,000.
7. MS62 PCGS. Abner Kreisberg (3/1972), lot 1163; Harry W. Bass, Jr. Foundation Collection (HBCC# 3017), exhibited at the Dwight Manley Money Museum at ANA headquarters until 2022; Harry W. Bass, Jr. Core Collection, Part II (Heritage, 1/2023), lot 9006, realized $372,000.
8. MS62 PCGS CAC. Rarities Sale (Bowers and Merena, 8/2004), lot 1433, $207,000; FUN Signature (Heritage, 1/2007), lot 3392, $287,500; Madison Collection / FUN Signature (Heritage, 1/2008), lot 3069, $322,000; Central States Signature (Heritage, 4/2009), lot 2672, not sold.
9. MS62 PCGS. ANA Sale (Heritage, 7/1993), lot 7288, $33,000.
10. MS62 PCGS. " ... from an old Henry Chapman sale"; Richard Picker; Public Coin Auction (Stack's, 6/2001), lot 350, $43,700.
11. MS62 NGC. Stack's Bowers (11/2019), lot 3134, realized $174,000.
12. Brilliant Uncirculated Uncertified. 60th Anniversary Sale (Stack's, 10/1995), lot 1431, $33,000.
From The Penny Arcade Collection.

Coin Index Numbers: (NGC ID# BFVZ, Variety PCGS# 45515, Base PCGS# 7660, Greysheet# 74467)

Metal: 91.67% Gold, 8.33% Copper
Weight: 4.37 grams
AGW: 0.14oz
Mintage: 2,710

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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