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1796 1C Liberty Cap. MS62 Brown PCGS. S-83, B-4, R.4....
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Sold on Feb 15, 2008 for:
$43,125.00
Bid Source: Live: Floor bidder
Description
The Finest Known 1796 S-83 Liberty Cap Cent
1796 1C Liberty Cap. MS62 Brown PCGS. S-83, B-4, R.4. Bland AU55; tied for CC-1. Noyes AU55; tied for CC-1. Photo #21365. Our EAC Grade AU55.Equivalents. Proskey 9; Doughty 73; Gilbert E; McGirk 2C; Ross 3B; Clapp-Newcomb E; EAC 4; Encyclopedia 1682; PCGS #1392.
Variety. Curved date, widely spaced; RT well above forelock. Leaf touches left base of F. The obverse appears on S-83. The reverse appears on S-82, S-83, and S-84. Plain Edge.
Surfaces. Frosty chocolate and steel-brown surfaces with splashes of lighter tan, faded from original mint red. This is a delightful piece with excellent design details and exceptional eye appeal.
Die State II. Cracked through ERTY, with small die chips where the crack intersects some of the letters. Eventually, this die crack forms an extremely rare terminal die state with a rim break over ERTY.
Appearances. The obverse is illustrated in Early American Cents and Penny Whimsy. The obverse and reverse are illustrated in Noyes (1991 and 2007).
Census. Bland and Noyes both rate this example as one of the finest known, tied with two others for top honors. One of the others is in the ANS Collection, so this piece and the Charles Dupont specimen are the only two available to collectors.
Commentary. Grading continues to be a moving target, as illustrated by this piece and others that are near it in the census. In Penny Whimsy, Sheldon graded this coin MS65, the same grade recorded by Noyes in his 1991 reference. Perhaps because Bland only graded it AU55, Noyes reduced his own grade to AU55 in his 2007 reference. The Ellsworth-ANS coin, second finest known, was graded MS60 by Sheldon, AU55 by Noyes in 1991 and 2007, and AU55 by Bland. Third finest known is the Dupont coin, graded AU55 by Sheldon, AU55 by Noyes in 1991, AU55 by Bland, and lowered to XF45 by Noyes in 2007.
In the 1999 catalog of the Whitney Collection, the cataloger discussed grading opinions at that time: "Breen graded it Gem Uncirculated. Both Sheldon and Noyes graded it 65 and looking at the coin it's not hard to see why. NGC once graded it 62 and again, knowing what factors this service takes into account when grading copper, it's not hard to see why they came up with a 62 grade. EAC net grades the coin AU-55, which just goes to show how tough EAC net grade standards are, especially on great coins like this. No one will argue that the coin is Uncirculated, from a technical wear point of view. The short obverse scratch probably accounts for the EAC net grade, which would have been AU-59.9999 if there were such a recognized grade. The lack of mint red color and the scratch account for NGC's 62 grade. Breen, Sheldon, and Noyes are closest to reality here, we feel, since their grade reflects the facts that the coin has no wear, great color, super sharpness, and nearly full luster."
While we have discussed grading issues at length, the most important factor to remember is the position of this coin in the Census. By all accounts, Sheldon, Bland, Noyes on two different occasions, and our own opinion, it is tied for the finest known Sheldon-83 cent, regardless of the grading number that is assigned, or who assigns it.
Provenance. Virgil M. Brand; Carl Wurtzbach; Charles R. Mathewson (1944); Dr. William H. Sheldon (4/1972); R.E. Naftzger, Jr. (2/1992); Eric Streiner; John Whitney (Stack's, 5/1999), lot 1710, $24,150; Anthony Terranova.
Personality. John Whitney Walter, known in the hobby as John Whitney, is also known as "Mr. 1796" for his amazing collection of coinage bearing that date. Stack's sold the collection in May 1999, producing one of the earliest full-color auction catalogs. An incurable collector, he is interested in virtually anything historic. Whitney works in the "electronic 'special systems' field (security, telephone, computer, audio, video, and industrial controls) and in real estate construction and property management," according to the Stack's catalog of his collection.
Coin Index Numbers: (NGC ID# 223V, Variety PCGS# 35756, Base PCGS# 1392, Greysheet# 77499)
Weight: 13.48 grams
Metal: 100% Copper
View all of [The Walter J. Husak Collection ]
Auction Info
2008 February Long Beach, CA Signature Coin Auction #460 (go to Auction Home page)
Auction Dates
February, 2008
14th-16th
Thursday-Saturday
Bids + Registered Phone Bidders: 25
Lot Tracking Activity: N/A
Page Views: 918
Buyer's Premium per Lot:
15% of the successful bid per lot.
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