1832 $2 1/2 PR63 PCGS. BD-1, JD-1, R.8 as a Proof....

Click the image to load the highest resolution version.

Sold on Aug 10, 2023 for:

$336,000.00 Bid Source: Live: Phone bidder

Get one of these:

Share this lot

Track Item Printable Auction Results

Sell One of These

Description

Auction Info

Guides & Info

Description

1832 BD-1 Quarter Eagle, PR63
Apparently Unique in Proof Format

1832 $2 1/2 PR63 PCGS. BD-1, JD-1, R.8 as a Proof. Ex: Harry W. Bass, Jr. Collection. In one of the most impressive numismatic publications of recent times, John Dannreuther estimated that four proof 1832 quarter eagles were minted, and that only one is known today. His reference, United States Proof Coins, Volume IV: Gold, required two physical books to cover the topic. Published in 2018, Part One covers gold dollars to four dollar gold pieces, and Part Two covers half eagles to double eagles. Earlier authors had higher estimates of the existing population for these proofs. Dannreuther writes:

"This date is an ultra-rarity in Proof with only the Bass example currently reported. The Harry Bass Core Collection coin has been doubted by some, but its choice condition belies those who question its striking status, as it is a special coin. It was even questioned by Bass, who was very conservative in declaring coins Proofs, especially when they were very rare in that striking status. The other Proofs reported may not stand up to the more rigorous standards applied today."

Walter Breen listed four entries in his Encyclopedia of United States and Colonial Proof Coins: 1722-1977. His most recent entry was a coin offered in 1948. In his Complete Encyclopedia, Breen combined two of his earlier entries, listing three proofs: "Proofs: 1) Cohen, Winslow Lewis, Maris, choice. 2) Davis, Woodin, nicked. 3) Bell, 'Memorable,' Chadwick-Darnell: 157, nicked on cheek." Breen inexplicably decided that the Bell Coin (Stack's, 12/1944), lot 98 was a proof even though Stack's described the coin as "Brilliant Uncirculated" and the illustration in no way resembles a proof coin. He further decided that the coin Abe Kosoff offered in 1952 was the Memorable Collection coin, even thought there is no mention of that in the Chadwick-Darnell catalog.

In United States Gold Coins, An Analysis of Auction Records, Volume II, Quarter Eagles 1796-1829, David Akers recorded the Memorable Collection coin as the only proof that he had encountered, writing: "Proofs of this date are much rarer than those of the first three years of this type with no more than two or possibly three being known or reported."

In The Harry W. Bass, Jr. Museum Sylloge, published in 2001, Q. David Bowers wrote: "Only a handful of Proof specimens are known." More recently, in A Guide Book of Quarter Eagle Gold Coins, published in 2021, Bowers estimated a proof population of four to six coins. The PCGS Population Report at their website suggests "2 known???" There is no proof entry at the related PCGS CoinFacts website.

Jeff Garrett and Ron Guth published the second edition of their Encyclopedia of U.S. Gold Coins 1795 to 1833 in 2008. They wrote: "This is another date where fantasy and reality diverge, where true Proofs and Prooflike early strikes are difficult to tell apart. Because of the extreme rarity of Proofs of this date, there is intense pressure to elevate Prooflike examples to full Proof status."

Both sides of this Select proof are fully defined, showing all of the intricate die details. The reflective, mirrored fields frame satiny devices that show light contrast. Brilliant green-gold surfaces display splashes of light orange toning at the peripheries. This is an attractive example for a specialized collection.

The following record gives all entries of coins described as proof that are known to us, along with our comments:

1. PR63 PCGS. Superior Galleries (privately, 3/28/1978); Harry W. Bass, Jr. Foundation Collection. The present specimen.

Additional Appearances:
A. Robert Coulton Davis Collection (New York Coin & Stamp Co., 1/1890), lot 862, realized $4.50; William H. Woodin Collection (Thomas L. Elder, 3/1911), lot 947, realized $25. There was no mention of this coin as a proof in the Davis catalog where it was described as "1832 Very fine and sharp." Thomas Elder wrote in 1911: "1832 Proof, with slight nick. Very rare so fine. Wilson specimen, Uncirculated, sold for $28. Plate. Davis Collection." This example was plated in the Woodin catalog, although it impossible to accurately assess the striking status from that illustration.
B. Mendes I. Cohen Collection (Edward Cogan, 10/1875), lot 199, realized $4. Described as "1832 Fine proof."
C. Winslow Lewis Collection (W. Elliot Woodward, 5/1883), lot 2028, realized $11; Dr. Edward Maris Collection (H.P. Smith, 6/1886), lot 17, realized $5.75. Woodward wrote: "1832 Splendid proof; rare." H.P. Smith wrote: "1832 Proof from Lewis's sale, $11. A rare date, in uncirculated condition." Smith's description might be interpreted as saying that the coin was described as a proof in the earlier Woodward sale, but that he disagreed with that assessment. In his Complete Encyclopedia, Walter Breen combined this appearance with entry B.
D. W. Elliot Woodward (12/1885), lot 1043, realized $3. Described as "1832 Sharp, proof impression."
E. W. Elliot Woodward (12/1885), lot 1044, realized $3. Described as "1832 Another; proof, slightly haymarked." The term "Haymarked" is equivalent to the modern "Hairlined."
F. Memorable Collection (Numismatic Gallery, 3/1948), lot 92, realized $40. Described as "1832 Brilliant proof. Faint cheek lines." In his Complete Encyclopedia, Walter Breen inexplicably decided that the Bell Coin (Stack's, 12/1944), lot 98, was a proof even though Stack's described the coin as "Brilliant Uncirculated" and the illustration in no way resembles a proof coin.
G. Abe Kosoff (5/1952), lot 157. Described as "1832 Brilliant proof, and rare thus. Seldom offered in this condition." Although not plated with no mention of a prior provenance, Breen connected this piece to the Memorable Collection coin in his Compete Encyclopedia.(Registry values: P3)

Coin Index Numbers: (NGC ID# BFWK, PCGS# 7687, Greysheet# 8233)

Metal: 91.67% Gold, 8.33% Copper
Weight: 4.37 grams
AGW: 0.14oz

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.

View Certification Details from PCGS