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1876-CC $5 MS66 PCGS. CAC. Variety 1-A....
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Sold on Aug 24, 2022 for:
$780,000.00
Bid Source: HA.com/Live bidder
Description
1876-CC Liberty Half Eagle, MS66
Low-Mintage Branch Mint Rarity
Single-Finest Known Example
Ex: Eliasberg-Battle Born
1876-CC $5 MS66 PCGS. CAC. Variety 1-A. Ex: Eliasberg-Battle
Born-Bender. The 1876-CC claims the lowest mintage of any half
eagle from the Carson City Mint, at a meager 6,887 pieces. As might
be expected, the 1876-CC is an elusive issue in all grades today,
and Mint State specimens are prime condition rarities. Heritage
Auctions is privileged to present this magnificent Premium Gem, the
finest-known example by a full four grade points, in this important
offering.Striking the Coins
The Carson City Mint was unusually busy in 1876, but the famous Western facility concentrated most of its resources on the production of subsidiary silver coins, to meet the requirements of the Specie Resumption Act. As usual during this time period, gold coinage was focused on double eagles, which were used heavily in both foreign and domestic trade, throughout the year. No half eagles were struck until December, when the tiny 6,887-piece production took place. A single pair of dies was used to strike all the half eagles, with the date level and placed low in the field. The mintmark shows the two Cs closely spaced and level, and the edge of the arrow feather is positioned midway between the first and second C. A small, raised die lump is evident on Liberty's neck, just below the jaw. Many examples show light machine doubling on the denomination.
The Carson City Mint had been justly criticized for the quality (or lack thereof) of some of its coinage in 1875. Thankfully, the situation was much improved in 1876. The 1876 half eagle was well-produced, with few of the striking problems that plagued the 1875 issue. Rusty Goe attributes much of the improvement to Superintendent James Crawford, who hired General Machinist Joseph B. Harmstead in 1876 and Coiner Levi Dague in 1875. Crawford also acquired two new coin presses for the Mint by the summer of 1876, greatly improving operations in the overworked coinage department.
The 1876-CC on the Numismatic Scene
The coins were all released into circulation at the time of issue, and few high-quality examples were saved by contemporary collectors. There was little numismatic interest in branch mint issues before Augustus Heaton published his ground-breaking study, Coinage of the United States Branch Mints, in 1893. Even Heaton seems to have overlooked the low mintage and elusive nature of the 1876-CC, as his only comment on Carson City half eagles was, "No date is of small issue and all may be hopefully sought where western gold circulates."
Although numismatic interest was minimal, the 1876-CC did benefit from its status as a centennial-year issue. The United States Centennial was widely celebrated throughout the country in 1876, and it seems likely that some Carson City area residents saved examples of the well-made 1876-CC half eagle to commemorate that important anniversary. The fact that the coins were released just in time for use as Christmas gifts also probably contributed to their popularity. This would account for the fact that, despite its low mintage, the 1876-CC is not the rarest Carson City half eagle in today's market. In fact, the survival rate for the issue is relatively high, in the context of the series. In his acclaimed series reference, The Confident Carson City Coin Collector, Rusty Goe estimates the surviving population at 120-140 examples in all grades, about two percent of the reported mintage. Of course, the 1876-CC is still scarce-to rare in all grades today, and Mint State coins are virtually unobtainable. Currently, the leading grading services list four examples in Mint State grades. PCGS has certified one example in MS62, and the present coin in MS66, while NGC has graded a single specimen in MS61, and another coin in MS62 (6/22). There were no MS62 examples known to collectors when Goe published his reference in 2020, and it may be that both MS62 citations in the population data represent the same recently discovered coin.
Although the 1876-CC half eagle remained an undervalued issue for many years, some prominent coin dealers began to appreciate its rarity by the early 20th century. When Fort Worth coin dealer B. Max Mehl sold an example in lot 666 of his offering of the Charles Cowell Collection (11/1911), he noted:
"1876 About uncirculated; with semi-proof surface. Very rare. The rarest Half Eagle of this Mint. Seldom offered."
Prices realized for the 1876-CC remained relatively low until recent times, possibly because so few high-quality examples appeared at auction over the years. The 1876-CC has come into its own in recent years, however, and nice examples bring record prices whenever they are offered. The prices realized record for the issue belongs to the coin offered here, which realized a staggering $477,250 when it sold in lot 11007 of the Battle Born Collection in 2012. That price was higher than the totals realized for many other storied rarities in the same sale, like the MS64 PCGS 1873-CC No Arrows quarter ($460,000), the MS64 PCGS 1876-CC twenty cent piece ($460,000); and the AU53 NGC 1870-CC Liberty double eagle ($345,000). We expect this coin to continue its dominance of the prices realized record for the issue whenever it is offered.
The Present Coin
This remarkable specimen traces its history to a private transaction between prominent Philadelphia coin dealers S.H. and H. Chapman and Washington, D.C. collector John M. Clapp in 1893, the same year Augustus Heaton published his treatise on branch mint issues. Clapp was one of the few collectors who purchased coins directly from the Carson City Mint in the 1890s, but he had to depend on transactions with dealers and other collectors for the earlier issues. He recorded the purchase of this coin for $5.15 in his notebook, which he regularly updated until his death in 1906. The collection, including this piece, passed to his son, John M. Clapp, who was also an avid collector. The younger Clapp maintained the collection throughout his lifetime and many important specimens were acquired under his stewardship.
Baltimore super-collector Louis E. Eliasberg, Sr. purchased the Clapp Collection intact in a blockbuster transaction through Stack's in 1942. Eliasberg was the only numismatist to ever compile a complete collection of U.S. federal coins by date, mintmark, and major variety. Like the Clapp's, Eliasberg retained his collection until his death, in 1976. Bowers and Ruddy sold the U.S. gold portion of the collection in a memorable auction in 1982. The 1876-CC Liberty half eagle, in lot 540, was a highlight of the auction, realizing $26,400, more than any other CC-mint gold coin in the sale.
This spectacular Premium Gem was featured in a string of auctions by well-known dealers throughout the 1990s and early 2000s before it was acquired by the owner of the famous Battle Born Collection in 2002. The Battle Born Collection was a complete 111-piece collection of all the issues from the Carson City Mint. The Battle Born Collection was known for the outstanding quality of every coin in the collection and the 1876-CC Liberty half eagle was the owner's favorite piece. According to Rusty Goe, the owner seriously considered retaining this single coin when he sold the rest of his holdings at auction in 2012, but was finally persuaded to part with it. The coin did not disappoint, as it set the current auction prices realized record for the issue at that event. Tom Bender later acquired this delightful rarity for his PCGS Registry Set of Carson City coins in a private transaction.
Physical Description
Referring to this coin, respected U.S. gold specialist David Akers once said, "It is so much better than any other 1876-CC Half Eagle that to call it only the 'Finest Known' doesn't do it justice." Rusty Goe went a step further with his comment:
"Gold coin experts recognize this one-of-a-kind 1876-CC half eagle as not just the finest example known for this date, and not just the finest known half eagle of any of the nineteen dates issued at Carson City; but as the finest surviving gold coin of any denomination from that mint. Period."
This spectacular Premium Gem exhibits sharply detailed design elements and impeccably preserved yellow and rose-gold surfaces that radiate vibrant satiny mint luster throughout. A few hints of prooflike reflectivity are evident in the fields and around the devices. The diagnostic die lump on Liberty's neck is readily apparent and some light doubling shows on FIVE D. The overall eye appeal is simply terrific and the high quality within the grade is confirmed by CAC. This finest-known branch mint gold rarity is a Registry Set essential. This coin is pictured on PCGS CoinFacts. Population: 1 in 66, 0 finer. CAC: 1 in 66, 0 finer (7/22).
Ex: S.H. and H. Chapman; purchased by John M. Clapp in December 1893 for $5.15; John H. Clapp; Clapp Estate; Louis E. Eliasberg, Sr. in 1942, via Stack's; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 540, realized $26,400; Grand Central Sale (Herbert Melnick, 11/1983), lot 3165; Joe Kuehnert; Andy Lustig; Auction '89 (David Akers, 7/1989), lot 1395; Father Flanagan's Boys Home Sale (Superior, 5/1990), lot 5598; The May Auction (Superior, 5/1991), lot 1390; Bowers and Merena Galleries; Henry S. Lang, in June 1991; Lang Collection (Bowers and Merena, 7/2002), lot 613; Battle Born Collection (Bowers and Merena, 8/2012), lot 11007; realized $477,250; Al Adams; Rarities Auction (Stack's Bowers, 5/2015), lot 63; Bender Family Collection.
From The Bender Family Collection, Part I. (Registry values: P3)
Coin Index Numbers: (NGC ID# 25WX, PCGS# 8340, Greysheet# 9062)
Weight: 8.36 grams
Metal: 90% Gold, 10% 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 Bender Family Collection, Part I ]
The Confident Carson City Coin Collector
by Rusty Goe
The Carson City Mint’s celebrated legacy — replete with landmark achievements, setbacks, mysteries and tall tales — is covered in exacting detail in Goe’s three-volume set.
by Rusty Goe
The Carson City Mint’s celebrated legacy — replete with landmark achievements, setbacks, mysteries and tall tales — is covered in exacting detail in Goe’s three-volume set.
Auction Info
2022 August 22 - 28 US Coins Signature® Auction #1348 (go to Auction Home page)
Auction Dates
August, 2022
22nd-28th
Monday-Sunday
Bids + Registered Phone Bidders: 45
Lot Tracking Activity: N/A
Page Views: 3,377
Buyer's Premium per Lot:
20% of the successful bid per lot.
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