1827/3 25C Restrike PR63 PCGS....

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$55,200.00 Bid Source: Live: Floor bidder

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Landmark 1827/3 Restrike Quarter, B-2, PR63
One of Perhaps 15 Silver Restrikes Known

1827/3 25C Restrike PR63 PCGS. B-2. Walter Breen and other researchers theorize that, despite a recorded original mintage of 4,000 pieces for this fabled rarity, most (or perhaps all) of those coins were actually dated 1825. Breen pegged the number of Originals coined at 12, although that number is uncertain. Apparently 10 or so Originals can be accounted for today, with perhaps 15 silver Restrikes and a few copper pieces.
As the rarity of this issue was recognized early on, the Mint produced Restrikes in at least two different striking periods ("Period One/Class II" and "Period Two/Class III"), distinguishable by different die states. The so-called Period One Restrikes show little die rust and are struck over Bust quarters. The Eliasberg specimen, the example Bowers and Merena offered in their 1992 Somerset sale, and possibly one other piece belong to this category. Many numismatists believe that those coins were struck in the late 1850s, roughly the same time period as the 1804 silver dollar Restrikes. But that fails to explain how Bust quarters would have been apparently available at so late a date, nor why the advanced die rust on the so-called Class III or Period Two Restrikes seems to indicate a striking date that is much later yet.
A telling note exists in the Breen 1992 update to the Browning classic, The Early Quarter Dollars of the United States 1796-1838:

"Die states: I. Relatively unrusted dies; Uncirculated or dull Proof. Issue of 1858-early 1859.
II. Heavily rusted dies. Proofs. Issues of 1859-1860, silver, copper."

While Walter Breen occasionally indulged in flights of imaginative thinking, acceptance of his premise here requires the numismatist to believe that the original 1827/3 obverse die lay around for 32 years or so without rusting much, then acquired a great deal of rust in a period of one year between the two striking periods!
A more logical, but, admittedly, equally undocumented explanation might be that the first Class II/Period One Restrikes were made in the early 1830s, when Bust quarters were still common and little rust would have accumulated on the obverse die, and that the later Class III/Period Two restrikes were produced in the late 1850s or early 1860s--a period when many clandestine rarities emanated from the Mint--by which time extensive oxidation of the obverse die had taken place. (Of course, if one assumes that the Mint had Bust quarters available as late as the 1850s, it could equally be that the Period One Restrikes were produced then, and that the Period Two pieces could have been produced, say, in the early 1870s.)
In his 1992 revision of the Browning reference, Walter Breen identified 14 pieces, including four examples from Period One, and 10 examples from Period Two. Neither the NGC nor PCGS population data break down the Restrikes according to Period One or Period Two, and in any case it is likely that this classic numismatic rarity has seen more than its share of crackouts, crossovers, resubmissions, and duplications in the certified coin data.
The die rust visible on both sides of the present example (and the lack of overstriking) marks it as a Period III/Class II Restrike. The surfaces are deeply toned, with a significant presence of red beneath the deep gray patina that covers each side. The deep color combined with light hairlining tends to dull the reflectivity that was undoubtedly present on this piece when it was produced. The piece is sharply but not quite fully struck. It is interesting to contrast the die rust present on the obverse and reverse. There is little seen on the obverse, save for a bit around the date, but a significant scattering of rust is observed over the reverse.
The simultaneous auction offerings of both Original and Restrike 1827/3 quarters in one sale marks this as another landmark occasion for Heritage, as it would for any numismatic firm, and one that should be observed closely by the entire industry.

Coin Index Numbers: (NGC ID# 23SA, PCGS# 5374, Greysheet# 5076)

Weight: 6.74 grams

Metal: 89.24% Silver, 10.76% Copper

View Certification Details from PCGS