New Rarest Large Cent Variety - 1798 S-156, R-5+

Omegaraptor

Not too long ago I won this piece on Ebay for about $40 plus shipping. I am somewhat surprised it did not go for more, but at the same time I am not surprised that probably many collectors couldn’t ID the variety. I think I’ve looked at enough large cents that I can tell the difference between the 1795 style reverse and the 1797 style reverse with minimal detail - even just a few wreath leaves is enough.

This coin is one of the varieties with the reverse of 1795/6, which there are only three for 1798 (one uncommon, two rare to very rare). Interestingly, this die was previously used to strike 1796 Liberty Cap cents.

Most of the ~40-45 known examples of S-156 are in very low grade. Due to its status as a desired subtype on top of its rarity, this variety commands large premiums.

This one sold at a Goldberg auction a few years ago for $518. I think the market for rare Sheldons has gone cold since then however. I’ll hold onto my example for now.

Nysoto

Congrats and nice coin. I have also noticed some reduced attention to very rare R-5+ to R-7 varieties on early US coins.

BillJones

The market for these rare varieties in low grade is probably dependent on how many collectors are looking to complete the Sheldon variety set. At one time, that was thought to be impossible, but since then a number of collectors have done it. Dr. Sheldon wrote that completing the set was something like shooting 18 holes in one on a golf course. He also spoke in terms of the number varieties one had times the grade of each piece on his 1 to 70 grading scale.

I have not been to an EAC convention in a while, but the last time I attended the annual meeting, the list had gotten up to eight or ten people who had done it. The list has got to be much longer now.

Omegaraptor

@BillJones said:
The market for these rare varieties in low grade is probably dependent on how many collectors are looking to complete the Sheldon variety set. At one time, that was thought to be impossible, but since then a number of collectors have done it. Dr. Sheldon wrote that completing the set was something like shooting 18 holes in one on a golf course. He also spoke in terms of the number varieties one had times the grade of each piece on his 1 to 70 grading scale.

I have not been to an EAC convention in a while, but the last time I attended the annual meeting, the list had gotten up to eight or ten people who had done it. The list has got to be much longer now.

I was just at EAC 2023 but I did not ask, unfortunately.

I am aware that some large cent variety collectors focus on specific dates. I am generally a 1796 collector and have six varieties of 1796. This is one of the “keys” for 1798 along with S-144 and S-178, although I don’t know how many 1798-specific collectors there are.

Walkerguy21D

Interesting pickup.

I think Steve Ellsworth specialized in 1796 cents, had them all, plus duplicates, likely temporarily flooding the market when he started selling them off a couple years ago.

As far as 1798, there’s a forum member who specialized in these, but hasn’t posted in years. He’s now very active on the national show circuit and has broadened out his inventory to where copper is now only a small part….though he usually sets up adjacent to Tom Reynolds.

Omegaraptor

@Walkerguy21D said:
Interesting pickup.

I think Steve Ellsworth specialized in 1796 cents, had them all, plus duplicates, likely temporarily flooding the market when he started selling them off a couple years ago.

As far as 1798, there’s a forum member who specialized in these, but hasn’t posted in years. He’s now very active on the national show circuit and has broadened out his inventory to where copper is now only a small part….though he usually sets up adjacent to Tom Reynolds.

I got to show Steve some of my 96s including my 1796 S-106 cent, the one I cherried off Ebay for $36. He told me he could double my money right now, and then further offered to triple it…

Also showed him my “world’s worst” S-99, which he actually complimented and disagreed on its status. At least it has smooth surfaces and part of the 1796 date!

Cool guy. He actually recognized me from a previous show.

Eddi

Omegaraptor, that is a very nice find, very scarce and for a very good price.

I don;t participate in US auctions, so I don;t follow how EAC prices are evolving.
From what little I have seen, however, it seems to me that some R-5 - R-6 varieties languish, while others of comparable rarity always command very strong prices: S-148 vs S-50, S-51, S-145, or, S-164 vs S-165, being two examples.

I am still happy when I can pick-up a scarce or rare Sheldon, specially when the price is right, for example this S-124, R-5+ which I picked up for about 70-80 euros some time ago.