1834 $2 1/2 Capped Bust, BD-1, R.6, AU55 PCGS....

Click the image to load the highest resolution version.

Sold on Jul 14, 2022 for:

$144,000.00 Bid Source: Internet bidder

Get one of these:

Share this lot

Track Item Printable Auction Results

Sell One of These

Description

Auction Info

Guides & Info

Description

1834 Capped Bust Quarter Eagle, AU55
BD-1, With Motto, Green Label Holder
Fewer Than Two Dozen Examples Survive

1834 $2 1/2 Capped Bust, BD-1, R.6, AU55 PCGS. All extant 1834 quarter eagles with the motto "E. PLURIBUS UNUM" above the eagle are standout rarities in the U.S. gold series. They were famously struck just before Congress officially changed the weight and fineness of gold coins in June of that year. Virtually the entire 4,000-piece mintage remained in possession of the Chief Coiner and, with a few exceptions, those coins were never distributed. Rather, nearly all 1834 Capped Bust quarter eagles went straight to the melting pot. Any pieces that escaped into public hands were worth some 6.4% above face value (an immediate profit of about 16 cents per coin) -- reason enough for the Mint to make the Capped Bust type obsolete, replaced by the lighter weight Classic Head series with no reverse motto.

The 1834 With Motto is the rarest early quarter eagle in the series. While the issue has often existed somewhat in the shadow of other popular quarter eagles such as the 1796 No Stars, the 1841 Little Princess, the 1848 CAL., the rare 1854-S, and the proof-only 1863, times seem to be changing. In January 2019, an AU53 NGC example brought $138,001 in Heritage's FUN Signature sale as lot 4617, which is by far the current record price for an 1834 Capped Bust quarter eagle. All of which bodes well for the present coin that is one notch better on the grading scale, a Choice About Uncirculated coin certified AU55 PCGS in a green label holder. This example traces back to the excellent, multi-part Fairfield Collection presented by Bowers and Ruddy Galleries. There, it was described:

"One of the rarest coins in the series ... The present coin appears to either be an impaired Proof or an impaired prooflike Uncirculated example with the overall sharpness an characteristics of the AU grade. Prooflike surface abounds, including in a generous area within the shield stripes. A classic American rarity, the 1834 with-motto is deserving of much more fame than it has received in the past. It is several times rarer than any other quarter eagle of its era."

The fields are indeed reflective throughout both sides of this Choice AU specimen. The strike is sharp overall, although slightly weak at the centers where a few faint adjustment marks angle across the eagle's shield. Vibrant orange-gold color features lilac highlights on Liberty's portrait. Light field abrasions confirm a short stint in circulation. A pair of tiny digs above the top olive leaves serve as a useful pedigree marker when viewing the coin under magnification.

Heritage has handled this exact example once before as the finest of three 1834 With Motto quarter eagles consigned by the Diocese of Buffalo -- an amazing accumulation, probably never to be duplicated, from an anonymous benefactor who donated his immense collection to the Diocese. The most recent appearance we can document for this coin was in a 2004 ANR auction, almost 18 years ago. We anticipate a bevy of strong bids when this mostly prooflike, sharp, and attractive 1834 With Motto two-and-a-half dollar gold is called.
Ex: Arthur Lamborn; The Fairfield Collection (Bowers and Ruddy, 10/1997), lot 1461; Auction '80 (Paramount, 8/1980), lot 242 (color plate); The Dr., Byron C. Pevehouse & Lester Gann Davis Collections (American Numismatic Rarities, 10/2004), lot 698.
From The Allan H. Goldman Collection.

Coin Index Numbers: (NGC ID# BFWD, Variety PCGS# 45528, Base PCGS# 7674)

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.

View all of [The Allan H. Goldman Collection ]

View Certification Details from PCGS