1857 $2 1/2 MS68 PCGS....

Description

1857 Liberty Quarter Eagle, MS68
Single-Finest Known Example

1857 $2 1/2 MS68 PCGS. The large-sized copper cents and half cents were discontinued after 1857, and nostalgia for the old coppers sparked the first widespread interest in coin collecting in the United States. The number of coin collectors soon increased exponentially and an organized numismatic community was rapidly established, with full-time coin dealers holding regular auctions and coin collecting clubs springing up in the major cities. The American Numismatic Society was formed the following year and the U.S. Mint began its program of commercial proof set offerings. Although the larger denomination gold issues were too expensive for the average collector, the quarter eagle was within the reach of many numismatists, and the coins were avidly collected in the 19th century. Because the specifications for gold coinage were properly adjusted in 1834, before Liberty quarter eagles were first produced (1840), the coins were not subject to the catastrophic exportation and melting experienced by the old-tenor U.S. gold issues. Most dates were available to 19th century collectors, commanding only small premiums when they appeared at auction. An Uncirculated example of the 1857 was offered in lot 924 of the Heman Ely Collection (W. Elliot Woodward, 1/1884), where it realized $3, a typical price for the time.

The availability of the 1857 is much different today. Although an adequate mintage of 214,130 quarter eagles was accomplished in 1857, the issue is scarce in all Mint State grades today, and examples are very rare above the MS65 grade level. PCGS has graded just a single specimen in MS66, another in MS67, and this single specimen in MS68, while NGC has graded no coins finer than MS66 (10/16). The coin offered here set the auction prices realized record for the issue when it sold in 2012 for $54,625.

The present coin is the finest-certified example of this important issue, from the watershed year in American numismatic history. Nearly vertical die polishing striations are visible in selected areas, creating intense satiny mint luster on both sides. The design elements are sharply rendered in most areas but, as on the great majority of high-grade examples we have seen, a touch of softness shows on the eagle's left (facing) leg. The vivid yellow and orange-gold surfaces are impeccably preserved and a single alloy spot above the eagle's head is the only pedigree marker. Eye appeal is terrific. Population: 1 in 68, 0 finer (10/16).
Ex: ANA Convention Auction (Stack's Bowers, 8/2012), lot 11661, realized $54,625.
From The Fenn Family Collection, Part III.(Registry values: P2)

Coin Index Numbers: (NGC ID# 25JC, PCGS# 7782, Greysheet# 8279)

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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