1877 $50 Half Union, Judd-1549, Pollock-1722, R.7, PR67 Brown PCGS....

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Description

1877 Half Union, Judd-1549, PR67 Brown
Extremely Rare 50 Dollar Pattern in Copper
Only Non-Gilt Example in Private Hands
Ex: Sieck-Queller-Simpson

1877 $50 Half Union, Judd-1549, Pollock-1722, R.7, PR67 Brown PCGS. Ex: Simpson. The 1877 half union, Judd-1549, is one of the most famous rarities in the U.S. pattern series. U.S. Patterns.com has confirmed the existence of just seven different examples, of which four have been gilded at some time, possibly before they left the Mint. Of the three non-gilt examples, two are included in institutional collections at the Connecticut State Library and the Smithsonian Institution. Heritage Auctions is privileged to present the finest-known example of this iconic pattern issue, and the only non-gilt specimen in private hands, in this important offering.

Origin of the Half Unions
The concept of a fifty dollar U.S. gold coin originated during the heady days of the California Gold Rush. The economy of the region was rapidly expanding and coinage was always in short supply. Hard-pressed California businessmen petitioned the government for both a $50 coin and a $100 piece called, respectively, the half union and union. The following is from our description of lot 4788 of the FUN Signature (Heritage, 1/2022):

"By the time the San Francisco Mint opened in 1854, most of the familiar Assay Office fifty dollar slugs (struck with semi-official status in 1851 and 1852) had either been exported to pay off large transactions or turned in to be melted for smaller denomination coins that were more convenient for everyday purchases. Since paper money was nonexistent in the California economy during the Gold Rush era, the need for larger denomination gold coins was keenly felt by merchants and bankers who conducted large transactions in the course of their business. These businessmen petitioned Senator William Gwin and Secretary of the Treasury James Guthrie to authorize the striking of fifty dollar gold coins of the same shape and fineness as the United States double eagle. Gwin introduced a bill to provide for the minting of large denomination gold coinage as follows:

'That there shall be coined and issued by the United States, or by such of the branch mints as the Secretary of the Treasury shall direct, a gold coin of the weight of 2,580 grains, of the value of one hundred dollars, and another of the weight of 1,290 grains, of the value of fifty dollars, each of which coins shall be of the standard fineness now prescribed by law for the gold coins of the United States.'

"Gwin's bill passed in the Senate on June 16, 1854, but it failed in the House. The private San Francisco firm of Wass, Molitor & Co. struck large numbers of fifty dollar gold pieces in 1855 to serve the purpose the half unions were intended for and the large gold coins were never officially issued by the United States.

"Many years later, in 1877, the half union patterns were struck at the Philadelphia Mint during the directorship of Henry Richard Linderman. Linderman was a clerk at the Mint in 1855, and may have remembered the half union proposal from his early days in government service. He had many patterns struck for unofficial reasons during his later terms as Mint Director and formed a spectacular collection of his own, mostly of pattern and restrike issues. The half unions were apparently a pet project of Linderman's as there was no pressing need for the large gold coins in 1877."

Patterns for the half union were struck using two obverse designs, paired with a single reverse. The two obverse designs were mainly differentiated by the size of the central portrait of Liberty. Both Large and Small Head designs were struck in gold, with one example of each variety known, and copper, with fewer than a dozen pieces of each variety extant. Further from our 2022 lot description:

"Impressions from the dies for the half union were reportedly sent to Linderman on August 30, 1877, so the patterns must have been struck in late August. The two gold half unions weigh 1289.1 and 1287.3 grains respectively, in line with the specifications outlined in Gwin's 1854 bill. Mint correspondence of the time indicates that Mint personnel feared such large gold coins would be especially vulnerable to rim filing and being hollowed out and filled by base metal, such as lead. The project was soon abandoned as impractical."

Design

Diameter: 2 inches; thickness: 1/8 inch. The William Barber Small Liberty Head design. Liberty faces left, with coronet bearing her name, its top border ornamented with beads and four stars along the bottom (a key feature in differentiating between the varieties in early auction descriptions). Her hair is thick and wavy, and a B in the field just below the truncation (unusually, not on the neck) stands for Barber. Thirteen stars ring the border, with date 1877 below. The star and letter punches are from the same set used on contemporary double eagles. One notes that IN GOD WE TRUST, as on the Judd-1547, is clearly hand-punched: IN GOD WE is not in a regular arc, and some of the letters are tilted slightly left or right from their intended positions. The Small Head shows the tip of the coronet below star 6, while the Large Head shows the tip between stars 5 and 6, and the date is considerably further away from the bust truncation on the Small Head. The two lowest curls on Liberty are rounded, rather than pointed as on the Large Head. The reverse (same as the Large Head) is also basically the same as the contemporaneous double eagle, but detailed differently, the most obvious difference being two small decorative elements at the rim on each side, between UNITED STATES OF AMERICA and the denomination FIFTY DOLLARS. Struck in copper with a reeded edge. The majority of known specimens have been gold plated, possibly in the Mint. This design was also struck in gold (Judd-1548), with a single example known in the National Numismatic Collection at the Smithsonian Institution.

The 1877 Half Unions in the Numismatic Market
The half unions were marketed to favored dealers and collectors and began appearing in public offerings by the late 1880s. The first auction appearance of any half union seems to be the Large Head specimen in lot 421 of the Charles White Collection (H.P. Smith, 4/1887), where the cataloger notes it was "the first and only one ever offered." The Small Head pieces began appearing shortly afterward, when an example was offered in lot 1417 of the Vicksburg Collection (W. Elliot Woodward, 9/1888):

"1877 Pattern for Fifty Dollar gold piece. Head of Liberty wearing a starred coronet, thirteen stars on the border; rev., eagle displayed, the American shield on his breast, constellation of thirteen stars in pointed oval above, within this IN GOD WE TRUST, near the border, UNITED STATES OF AMERICA, FIFTY DOLLARS; copper proof, excessively rare."

The coin was plated and described as having a starred coronet, confirming its status as a Small Head example.

Five years later (12/1/1893), super-collector Virgil Brand purchased examples of both the Large and Small Head half unions from B.H. Collins, a Treasury official and coin dealer from Washington, D.C. It is possible that the Brand Small Head half union was the same coin offered earlier in Woodward's 1888 sale, as neither piece was gilt, but that cannot be definitely established. It is also tempting to think that these citations represent early appearances of the coin offered here but, again, that cannot be confirmed (thanks to Saul Teichman for much of the information on these early auction appearances).

The 1877 copper half unions were listed in R.C. Davis' seminal pattern reference as Davis-412 (Large Head) and Davis-413 (Small Head), making knowledge of the pieces widespread among early pattern collectors, but he did not list the unique gold half unions, as he believed they had been melted. As it happens, the gold half unions (Judd-1546 and Judd-1548) were actually purchased for their bullion value by Chief Coiner (and future Superintendent of the Philadelphia Mint) A. Louden Snowden before they could be destroyed. Snowden retained these coins for many years, along with many other patterns and rare proof issues that he acquired during his years of service. He eventually sold the two gold half unions, using dealers John W. Haseltine and Steven Nagy as intermediaries, to prominent coin collector and future Secretary of the Treasury William Woodin, circa 1909, for a staggering price of $10,000 each. This transaction was published in The Numismatist and other venues, creating a massive controversy. Most members of the general public felt outraged that these national treasures had been privately sold, instead of being retained for the Mint Cabinet. After protracted negotiations, Woodin agreed to return the gold half unions. Snowden kept the money Woodin had paid him, but he gave Woodin a hoard of other patterns and delicacies he had acquired in exchange. The half unions were returned to the Mint and are part of the National Numismatic Collection at the Smithsonian Institution today. The effects of this controversial series of events were wide ranging. William Woodin changed the focus of his collecting, from U.S. gold coinage to patterns. He sold the majority of his fabulous collection of U.S. gold through New York coin dealer Thomas Elder in 1911 and spent years researching and cataloging the extensive hoard of patterns he acquired from Snowden, along with his close associate Edgar Adams. This resulted in their landmark pattern reference United States Pattern, Trial, and Experimental Pieces, published in 1913. As a result of all the publicity, which inevitably spread to the copper issues after their inclusion in the Adams-Woodin reference, the 1877 half unions were catapulted to the front rank of U.S. pattern issues, and they remain there today. Examples are always in demand and eagerly pursued on the rare occasions when any example is publicly offered.

The Present Coin
The first auction appearance we can conclusively link to the present coin is in lot 3748 of the Million Dollar Sale (Harmer Rooke, 11/1969), where the cataloger called it "one of the highlights of the entire pattern series." It has been featured in many famous pattern collections since that time. At its last appearance, in lot 1888 of the Queller Family Collection, Part II (Heritage, 1/2009), this coin realized a record price for the issue of $575,000. About this coin, the cataloger of the ANA Convention Auction simply said in 1981, "No finer specimen could exist."

Unfortunately, population data for this issue is inflated by resubmissions and crossovers. We believe the two PR67 Brown citations in the NGC Census and the single PR67 Brown specimen in the PCGS Population Report all represent this single coin, as it was graded PR67 Brown NGC in its appearance in the Queller sale in 2009 and is pictured on both PCGS CoinFacts and on the NGC Coin Explorer.

This piece is an incredible Superb Gem example of what is arguably the most impressive U.S. pattern available in the numismatic marketplace today, regardless of price. Both sides are essentially free of even the smallest distractions and show lovely oil-slick iridescence beneath the dominant brown patina. The strike is unassailable. Overall eye appeal is terrific. This coin is the only available non-gilt example of this rare, historic pattern. It has been off the market for 15 years and it may well be that long before it becomes available again, once this lot has passed. The discerning collector will bid accordingly. Population: 1 in 67 Brown, 0 finer (11/23).

Roster of Non-Gilt 1877 Small Head Half Unions, Judd-1549
1. PR67 Brown PCGS. Million Dollar Sale (Harmer Rooke, 11/1969), lot 3748; Robert Marks Collection (Bowers and Ruddy, 11/1972), lot 1085; Austin Collection (Bowers and Ruddy, 5/1974), lot 1115; Fairfield Collection (Bowers and Ruddy, 10/1977), lot 124; "Rudy" Sieck; ANA Convention Auction (Bowers and Ruddy, 7/1981), lot 2418; Steve Ivy; Martin Paul; Mark Feld; Auction '82 (Paramount, 8/1982), lot 1826; The Lemus Collection; Queller Family Collection Part Two (Heritage, 1/2009), lot 1888; realized $575,000; Bob R. Simpson Collection. The present coin.
2. Proof (Uncertified). National Numismatic Collection at the Smithsonian Institution.
3. Proof (Uncertified). Possibly Matthew Stickney Collection (Henry Chapman, 6/1907), lot 579; J.C. Mitchelson; Connecticut State Library, by bequest in 1911.
Important Selections from The Bob R. Simpson Collection, Part XI.

Coin Index Numbers: (NGC ID# 2AEX, PCGS# 61893, Greysheet# 14686)

View all of [Important Selections from The Bob R. Simpson Collection, Part XI ]

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