1854-S $2 1/2 -- Repaired -- PCGS Genuine. VF Details....

Description

1854-S Liberty Quarter Eagle, VF Details
Rare Introductory S-Mint Issue
Only 246 Pieces Struck, Ex: Atwater

1854-S $2 1/2 -- Repaired -- PCGS Genuine. VF Details. The 1854-S quarter eagle is one of the landmark rarities in U.S. numismatics. Among gold coins struck for circulation and so used, only three issues have a lower reported mintage: the 1875 eagle, the 1875 half eagle, and the 1841-O half eagle (unknown in any collection). Of the 246 pieces minted, just 13 are traced today, all in circulated grades.

The 1854-S was unknown until the early 20th century. Edgar Adams offered this account in the May 1911 issue of The Numismatist:

" ... for the benefit of especially the quarter eagle collectors the long-sought-for 1854 $2.50 gold piece from the San Francisco Mint has come to light and is now in the collection of Mr. H.O. Granberg of Oshkosh, Wisconsin."

In terms of sharpness, the piece offered here was once considered one of the finest known of this extremely rare issue, in spite of some acknowledged problems. It was listed as the #2 piece on Walter Breen's Census. A couple of planchet depressions are seen in the upper left obverse field. Images from earlier auction appearances show hairlines across the flan flaws, but they are less evident now due to the repair work noted by PCGS. A distinctive slender mark above star 13 is a primary identifier that remains visible. The strike details are a bit soft on each side, with less definition on the reverse, as always.

On the left side of the obverse and the lower reverse, there are numerous shallow cracks in the planchet that remain visible even after the repair work. Under magnification, they have a "dry creek bed" appearance. At the time the San Francisco Mint opened in 1854, there was a shortage of parting acids on the West Coast, which caused the mint to cease gold coinage on several occasions. Our theory is that the network of cracks seen on this piece may have something to do with impurities in the ore from which the coin was struck. Regardless, this coin presents an opportunity for the serious numismatist to own one of the rarest and most underrated of all U.S. coins in any metal produced as a circulating medium in the United States.
Ex: Atwater Collection (B. Max Mehl, 6/1946), lot 2072; Grant Pierce Collection (Stack's, 5/1965), lot 1154; R.L. Miles Collection (Stack's, 10/1968), lot 166; 1973 ANA (Jess Peters, 8/1973), lot 826; 1974 MANA (Kagin's 304th Sale, 11/1974), lot 1547; Arthur Lamborn; Fairfield Collection (Bowers and Ruddy, 10/1977), lot 1544; Scott-Kinnear Collection (Sotheby's, 10/1982), lot 13; Long Beach Signature (Heritage, 10/1995), lot 5527; Long Beach Signature (Heritage, 9/2005), lot 4337; Boston ANA Signature (Heritage, 8/2010), lot 3424; Rarities Night (Stack's Bowers Galleries, 8/2011), lot 7614; Americana Auction (Stack's Bowers, 1/2013), lot 13292; ANA Signature (Heritage, 8/2019), lot 3843, as AU Details - Scratches, Cleaned - NGC; Dallas Signature (Heritage, 12/2022), lot 3584, as VF Details - Repaired - PCGS. Illustrated in Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins. This lot was unplated in the Atwater catalog. However, B. Max Mehl described the coin: "On the upper left obverse field there is a slight indentation or probably a tiny nick." This matches later plates of the piece and no others in the roster.(Registry values: P2)

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.