1854-S $2 1/2 XF45 PCGS. CAC....

Description

1854-S Liberty Quarter Eagle, XF45 CAC
Legendary San Francisco Rarity
Third Finest of Only 14 Known
Finest of Two With CAC Approval

1854-S $2 1/2 XF45 PCGS. CAC. The 1854-S Liberty quarter eagle is one of the landmark rarities of the United States gold series. The coin was created during the height of the California Gold Rush, in the infancy of the San Francisco Mint, and released into circulation far from any numismatic eyes that might have taken notice. Of the 246 pieces struck, most disappeared over the course of decades in the hard-money West, such that, as far as numismatists were concerned for the next half century, the coin's existence amounted to no more than a notation on the 1854 Mint reports. In 1910, however, an example was discovered, and its existence was publicized by Edgar Adams 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."

The phantom rarity had emerged. Today, just 14 examples of the issue are known, and the 1854-S ranks as the rarest Liberty quarter eagle issue, being even rarer than the famed 1841 Philadelphia coin. Heritage is pleased to offer here the third finest known example of this coveted San Francisco legend.

Creation of the Rarity, April 1854
During the first few years of the California gold rush, commerce was unorganized. Available coinage included those few coins that might have been carried from the East by miners seeking their fortune. Spanish colonial silver coins, including eight reales and fractional pieces provided the majority of small change in the region, while private firms began making various gold pieces from the material that was mined. Private firms produced pieces mostly ranging from five dollars to 50 dollars, while some firms also produced small fractional gold pieces of 25 cents, 50 cents, and one dollar. In addition, individuals carried sacks of gold to exchange for necessities. Paper money did not exist in the region, and in fact was prohibited.

The San Francisco Mint began operations in 1854, after its establishment by Congressional Legislation per the Act of July 3, 1852. After all preparations were made, and the Mint building as renovated from the Moffat & Co. firm was completed, operations finally began on April 3, 1854 with the new branch mint opening to receive gold deposits. The first coins were struck less than two weeks later, on the 18th of the month, when a token delivery of 178 double eagles was produced; the following day, on the 19th, the first delivery of eagles (260 pieces) and a run of 268 half eagles were produced; finally, on the 20th, a delivery of 246 quarter eagles was produced. Dan Owens has suggested these small initial mintages were intended to test the die sets and presses. (Die clashing evident on most of the surviving quarter eagles, and variations in the strike sharpness over such a small coinage, would seem to support the idea that the mint was finetuning the presses during the small 246-piece quarter eagle coinage.)

Through the remaining months of 1854, gold coin production consisted primarily of gold dollars, eagles, and double eagles. Mintage totals included 14,632 gold dollars (all of the Liberty design), 123,826 eagles, and 141,468 double eagles. Counting the token quantities of 246 quarter eagles and 268 half eagles coined during the die tests, this production amounted to $4,084,207 face value in gold coins, utilizing 197,573 ounces of gold. Additional gold received at the Mint was formed into bars for export to London and other markets, although much of the gold destined for export was shipped to the newly created New York Assay Office. Those depositors who desired to use their gold locally requested coins, while others who wished to export their gold requested bars.

These production figures clearly indicated the need for larger denomination gold coins, as well as the need for small change. Initial production of gold coinage in April 1854 included examples of all current denominations except for the three dollar piece. After this initial production, including all the quarter eagles and half eagles, larger eagles and double eagles were produced through the end of the year, in response to the demands of those who deposited gold at the Mint for coinage.

While the problems of commerce were not completely solved, and private firms such as Kellogg and Wass-Molitor continued to produce gold pieces for a short period, establishment and operations of the San Francisco Mint did much to solve the commercial problems of the region. It was a period of economic change in the fast-paced and ever-evolving Gold Rush. And unbeknownst to the miners and merchants, two of the rarest gold coins in U.S. numismatics had just been produced: the 1854-S quarter eagle and half eagle.

The Rio Rancho 1854-S Quarter Eagle
The small number of known 1854-S quarter eagles emerged from the numismatic woodwork over the course of more than a century, with most showing up when age-old family collections finally emerged onto the market. The specimen presented here arrived on the scene in Superior's October 1974 catalog of the Rio Rancho Collection (lot 89). It was one of two 1854-S coins in that offering, the other being lot 90, which today is the VF30 NGC piece. At the time, the Lot 90 specimen had been a recent acquisition, purchased only a year before the Rio Rancho auction, but the Lot 89 specimen - that offered here - had been held by the same family for at least 75 years prior to its offering in the 1974 sale.

The Rio Rancho XF45 PCGS coin is solidly the third finest known in the entire 1854-S census. The only finer pieces are the Bass-Pogue AU50 PCGS coin and the recently emerged AU50 NGC piece. NGC lists a second XF45 coin, which has made one auction appearance, in 2005, but which is not CAC endorsed. The Smithsonian piece is considered XF as well, but it is unavailable to collectors.

The Rio Rancho specimen is also the finer of just two 1854-S coins known with CAC endorsement. The coin exhibits attractive old-time patina with smooth olive-gold and deeper orange patina. The surfaces have a few faint hairlines that are consistent with most lightly circulated gold coins but are otherwise exceptional for their quality. Slight central weakness of the design details is also evident, which is a characteristic seen on several of the known examples of this date. A faint scrape at the left side of the first S in STATES and a tiny tick mark between the right wing tip and the first A of AMERICA both positively identify the coin's pedigree but are hardly distracting. In fact, while most 1854-S coins are heavily abraded, and one impaired with a Details grade, this piece stands out as one of the two or three cleanest examples, with natural and problem-free surfaces. Moreover, while most of the other known examples have been repeatedly regraded, and often upgraded, this coin has only ever been certified once; its XF45 grade and CAC green label reflect a nearly two decade-long history of being near the top of the known population. This is an 1854-S quarter eagle that will not merely give its next owner pride of acquisition, but also something beautiful to behold. It has been off the market for nearly two decades. May its next owner so equally cherish and preserve it.

The Number of Known Specimens
Since the discovery of the first 1854-S quarter eagle in 1910, the known population has gradually ticked upward as previously undocumented examples emerged from the woodwork, often decades apart. However, in recent years, a population of 12 pieces has been generally accepted. Even the recent 100 Greatest U.S. Coins, sixth edition, by Jeff Garrett (2024), where the 1854-S claims the 93rd rank, states, "the population known does not exceed 12."

Many numismatists have attempted rosters of known specimens, but the earliest results were plagued with errors and omissions. The cause of the difficulty was always the same factors: poor plate quality for many appearances of specific coins, rampant regrading events, and misinformation in lot descriptions. In 2007, when we first handled the present Rio Rancho coin, we compiled what was at the time the first accurate roster of these coins, enumerating the 12 distinct pieces then known. Since then, numerous regrades and a new discovery have reintroduced the age-old challenge of correctly counting the number of examples known, such that some lot descriptions -- even from the last few years -- have relied on general survival estimates. A few years ago, updates to our own roster became impacted by mistakes in the PCGS CoinFacts census, resulting in a few inaccuracies regarding grade and rank of known specimens. However, we have now addressed this: The following roster reflects a complete re-study of the 1854-S quarter eagle and its known examples, adding the previously uncounted AU50 NGC coin and the newly emerged VG Details James A. Stack, Sr. coin, updating the rankings to reflect the most recent confirmed grades, and bringing the provenance for each piece up to current knowledge.

In total, 14 distinct specimens are known to us, ranging in grade from the Good 6 Discovery Coin to the AU50 Bass-Pogue piece. Most are believed to be currently PCGS-certified, with all eight of the coins on the current PCGS Population Report and two PCGS Details coins accounted for in the roster. The current NGC Census lists seven pieces, three of which are accounted for in the roster and one of which is a confirmed duplication; the remaining three coins on the NGC Census may be additional duplications from unconfirmed crossovers; however, with the emergence of the AU50 NGC coin in late 2024, and the VG Details Stack coin, we recognize the (likely remote) possibility that yet another piece may come to light in the future. We also recognize that some grades will likely continue to shift (and may have already) as these coins continue to be resubmitted to the grading services. Unlikely future events notwithstanding, our roster below serves as a benchmark for the 1854-S quarter eagle's population that reflects all information currently available to us (11/25). An appendix of 10 Additional Appearances following the list of 14 documented specimens represents unplated or poorly plated catalogs that could not be positively matched to a known provenance chain.

Roster of 1854-S Liberty Quarter Eagles
1. AU50 PCGS. F.C.C. Boyd; World's Greatest Collection (Numismatic Gallery, 1/1946), lot 242; Jacob Shapiro (a.k.a. J.F. Bell); Memorable Collection (Numismatic Gallery, 3/1948), lot 222; either Charles Williams or Clinton Hester, per Walter Breen; Adolphe Menjou Collection (Numismatic Gallery, 6/1950), lot 1326; 51st Sale (New Netherlands, 6/1958), lot 837; later, Harry W. Bass, Jr.; Bass Collection, Part II (Bowers and Merena, 10/1999), lot 472; Pre-FUN Auction (Superior, 1/2004), lot 792; D. Brent Pogue Collection, Part VII (Stack's Bowers, 3/2020), lot 7325, realized $384,000. Bass' acquisition records indicate he acquired this coin in October 1974 from an unknown source (possibly Stack's). Past rosters have incorrectly included the Superior Rio Rancho offering (lot 89, just below) in this pedigree chain. Plated in 100 Greatest U.S. Coins, sixth edition.
2. AU50 NGC. Rarities Night (Stack's Bowers, 8/2024), lot 3286. Apparently on the NGC Census since at least 2015, as evidenced by the holder generation, but not previously appearing at auction.
3. XF45 PCGS. CAC. Rio Rancho Collection (Superior, 10/1974), lot 89; Long Beach Signature (Heritage, 2/2007), lot 4325. Reportedly owned by the same family for at least 75 years prior to its 1974 offering. The present coin.
4. XF45 NGC. C.L. Lee Family Collection (American Numismatic Rarities, 9/2005), lot 1128. Reportedly held by several generations of the C.L. Lee family since the late 1850s.
5. XF45, per Garrett and Guth. Josiah K. Lilly; National Numismatic Collection at the Smithsonian Institution, by bequest. Prior provenance unknown, but probably from Stack's. Illustrated in David Akers' Auction Analysis of Quarter Eagles and in the Encyclopedia of U.S. Gold Coins, by Jeff Garrett and Ron Guth.
6. VF35 PCGS. CAC. Auction '86 (Paramount, 7/1986), lot 1867; Chicago Sale (RARCOA, 8/1991), lot 937; R.M. Phillips; Los Angeles Signature (Heritage, 7/2009), lot 1224; D.L. Hansen Collection, per the PCGS verification page.
7. VF35 PCGS. Davis-Graves Collection (Stack's, 4/1954), lot 825; Norweb Collection, Part II (Bowers and Merena, 3/1988), lot 2025; Moreira Collection, Part III (Superior, 1/1989), lot 3724; Richmond Collection, Part I (DLRC Auctions, 7/2004), lot 1149; Pittsburgh Signature (Heritage, 10/2011), lot 4692; Baltimore Auction (Stack's Bowers, 11/2013), lot 2173; Central States Signature (Heritage, 4/2018), lot 4314; D.L. Hansen PCGS Registry Set, per the set's pedigree info, but the Hansen Registry Set coin could conceivably be #6 above instead with mismatched provenance. Plated on NGC Coin Explorer.
8. VF30 NGC. Belden Roach Collection (B. Max Mehl, 2/1944), lot 1001; Gilhousen Collection (Superior, 2/1973), lot 184; Rio Rancho Collection (Superior, 10/1974), lot 90; Dr. Franklin Altany (Paramount, 2/1977), lot 589; Windsor Collection (Abner Kreisberg Corp., 11/1981), lot 307; Long Beach Signature (Heritage, 2/2005), lot 7584; Allen H. Goldman Collection / Long Beach Signature (Heritage, 7/2022), lot 3214, where it sold for $288,000; FUN Signature (Heritage, 1/2023), lot 3827; ANA Signature (Heritage, 8/2023), lot 3155.
9. VF20 PCGS. Ezra Cole Collection (Bowers and Merena, 1/1986), lot 2546; Jascha Heifetz Collection (Superior, 10/1989), lot 4037; Boy's Town Collection (Superior, 5/1990), lot 5431; May Sale (Stack's, 5/2006), lot 2220; J.A. Sherman Collection (Stack's, 8/2007), lot 3115; Baltimore Signature (Heritage, 7/2008), lot 1902; Showcase Auction (Stack's Bowers, 11/2024), lot 3102.
10. VF Details - Repaired - PCGS. 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.
11. Fine 12 PCGS. Public Auction Sale (Abner Kreisberg and Hans M.F. Schulman, 2/1960), lot 2592; Wolfson Collection (Stack's, 10/1962), lot 165; S. Hallock DuPont (Sotheby's, 9/1982), lot 85; 19th Grand Central Convention (Herbert Melnick, 11/1983), lot 2762; 400th Sale (Stack's, 1/1988), lot 366; Broadus R. Littlejohn, Jr. Collection (Schuyler Rumsey, 2/2012), lot 345; Denis Loring and Donna Levin. Described in the 1960 Kreisberg-Schulman catalog as, "The obverse is just about Very Fine, Reverse Fine." The piece is illustrated, but the catalog quality renders the plate difficult to match. Previously, the connection between the Kreisberg-Schulman coin and the Wolfson coin was considered likely but not confirmed; however, renewed study of the early plate with the roster of known specimens leaves little doubt that it is the same coin.
12. VG10 PCGS. 1979 ANA (New England Rare Coin Auctions, 7/1979), lot 82; Auction '81 (Paramount, 7/1981), lot 1405; E. George Elliott Collection, Part II (Stack's, 5/2000), lot 1194; Central States Signature (Heritage, 5/2022), lot 3941, realized $360,000.
13. VG Details -- Mount Removed -- PCGS. James A. Stack, Sr. Collection, Part II (Stack's Bowers, 2/2026), lot 23008.
14. Good 6 PCGS. The discovery specimen. Possibly B. Max Mehl; H.O. Granberg; Waldo Newcomer, per the Newcomer Inventory (thanks to John Dannreuther for this information), Elmer Sears; John H. Clapp, in 1915; Louis E. Eliasberg, Sr.; The United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 170; Stetson Collection (Bowers and Merena, 5/1993), lot 587; Donald E. Bently Collection (Heritage, 3/2014), lot 30266.

Additional Appearances
A. About Fine. Lewis C. Gehring Collection (Thomas Elder, 8/1921), lot 488.
B. Fine. Sale 418 (J.C. Morgenthau, 10/1940), lot 339.
C. XF. A specimen in Waldo Newcomer's collection. The Newcomer Inventory indicates he traded the lower grade discovery coin, which he purchased from Granberg, along with $200 in cash, for this piece (thanks to John Dannreuther for this information).
D. VG. A specimen in "Colonel" E.H.R. Green's collection, according to Eric P. Newman's viewing notes.
E. Good. Another coin in "Colonel" Green's collection, per Eric P. Newman's notes (thanks to Saul Teichman for this information).
F. Very Fine. J.F. Bell Collection (Stack's, 12/1944), lot 240. Illustrated in the catalog but unmatched to any above. The catalog description calls the piece "Strictly very fine." The piece illustrated appears XF or even finer by today's standards and is most likely either the Smithsonian example or the AU50 NGC coin surfaced in 2024, but an exact match of the plates is impossible. Possibly also the Bass-Pogue coin, although in that coin's 1946 appearance, Kosoff referred to the Bell specimen as though it was a different piece.
G. Very Fine. King Farouk; Palace Collections of Egypt (Sotheby's, 2/1954), lot 278. This was a group lot that offered 15 different quarter eagles, described as "Some very fine." The 15 coins constituted a complete 1853-1856 set of quarter eagles including mintmarked issues. Individual coins were unplated. Breen provided an earlier pedigree for this coin from Waldo Newcomer and Col. E.H.R. Green, but that is unverified today. Breen also named "J.F. Bell" as an owner and gave it a later pedigree to Gilhousen, et al. (number 8 in our list above). Gaston DiBello's annotated copy of the sale recorded Paul Wittlin as the purchaser of this lot and evaluated Farouk's 1854-S as "funny."
H. AU. Pennsylvania Sale (Kagin's, 2/1947), lot 2449.
I. XF. Texas Sale (Kagin's, 12/1951), lot 1693.
J. XF. Arizona State Invitational Coin Convention (Vintage Auctions, 10/1988), catalog not available for comparison.(Registry values: P2)
From The Presidio Collection.

Coin Index Numbers: (NGC ID# 25J3, PCGS# 7773, Greysheet# 8375)

Weight: 4.18 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.

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